Clavister Ab · OMXSTO:CLAV
Clavister Ab — Q4 2025 Earnings Presentation
19 slides from Clavister Ab's earnings presentation, Feb 12, 2026
Slide 1: Year-end Report October – December 2025
Year-end Report Clavister AB (publ) Org. No. 556917-6612 October – December 2025
Slide 2: Summary of the Quarter
2 Summary of the Quarter Key Metrics Highlights from the Quarter Continued improvement in operating profit. (MSEK) Q4 2025 Q4 2024 2025 2024 Order Intake 99.4 133.7 320.0 259.4 26 MSEK follow-on order from BAE Systems Hägglunds for Clavister CyberArmour for the CV90 platform. Order Intake Growth
Slide 3: Comments by the CEO
3 Comments by the CEO Clavister concludes 2025 at a time when cybersecurity has customers seeking European alternatives in cybersecurity. This continue for approximately 36 months, followed by a four-year become one of Europe’s most strategic priorities. The changed is a direct result of the ongoing
Slide 4: Delivery postponements and outlook
4 This type of contract illustrates how cybersecurity and secure At year-end, cash and cash equivalents amounted to 95.9 We expect to be able to maintain an average gross margin of communications are today an integrated part of Europe’s MSEK and net debt was reduced to negative 66.6 MSEK. This 80 %,
Slide 5: Comments on Financial Statement
5 Comments on Financial Statement Order Intake Adjusted for currency effects net sales amounted to 62.4 Total order intake for the quarter amounted to 99.4 (133.7) (58.5) MSEK, an increase of 6.7 %. In addition to SEK, sales are MSEK, a year-on-year decrease of 25.7 %. The decrease is also made in E
Slide 6: Annual Recurring Revenue
6 NET SALES BY TYPE Annual Recurring Revenue Gross Margin and Gross Profit 2025 2024 Y/Y 2025 2024 Annual recurring revenue on 31 December 2025 amounted Gross margin amounted to 73.8 (76.7) %. (TSEK) Jan - to 144.2 (137.6) MSEK, a year-on-year increase of 4.8 %. Oct - Dec Oct - Dec (%) Jan - Dec The
Slide 7: Operating Expenses
7 Operating Expenses Operating Result The financial net consists of the following non-cash items; Total operating expenses (OPEX) amounted to -47.8 (-48.6) EBITDA amounted to 9.2 (8.1) MSEK. Adjusted for non- currency revaluations for long-term liabilities 1.0 (3.4) MSEK, MSEK, whereof personnel exp
Slide 8: Investments in Intangible Assets
8 Investments in Intangible Assets Cash flow from operating activities amounted to 23.2 (5.6) subsidiary PhenixID AB. Please see the Annual Report 2024 Capitalised costs for development work amounted to 10.8 MSEK. The change is mainly explained by an improved cash for more information. (11.5) MSEK,
Slide 9: Ambitions and Planning Assumptions
9 Ambitions and Planning Assumptions The ambition for the coming three-year period is revenue growth that clearly exceeds the overall growth of the cybersecurity market. The expectation is to be able to maintain an average gross margin of 80 % with some fluctuation between periods depending on the p
Slide 10: Condensed Consolidated Income Statement
10 Condensed Consolidated Income Statement (TSEK) 2025 2024 2025 2024 Oct - Dec Oct - Dec Jan - Dec Jan - Dec Net sales 60,621 59,043 219,225 191,663 Other revenue 2,758 2,349 5,321 6,668 Total revenue 63,379 61,392 224,546 198,331 COGS -16,599 -14,224 -50,819 -41,676 Gross profit 46,780 47,168 173,
Slide 11: Condensed Consolidated Balance Sheet
11 Condensed Consolidated Balance Sheet (TSEK) 2025-12-31 2024-12-31 (TSEK) 2025-12-31 2024-12-31 Assets Equity and liabilities Non-current assets Equity Equity 94,087 -84,185 Goodwill 66,697 66,697 Total equity 94,087 -84,185 Intangible assets 110,903 110,044 Property, Plant & Equipment 2,048 1,222
Slide 12: Condensed Statement of Changes in Equity
12 Condensed Statement of Changes in Equity (TSEK) 2025 2024 2025 2024 Oct - Dec Oct - Dec Jan - Dec Jan - Dec Equity, beginning of period -39,230 -125,387 -84,185 -228,882 Cash issue 167,145 45,755 230,031 215,346 Issue expenses -10,092 0 -15,464 -28,082 Repurchase of warrants -41,474 0 -41,474 588
Slide 13: Condensed Consolidated Cash Flow Statement
13 Condensed Consolidated Cash Flow Statement (TSEK) 2025 2024 2025 2024 Okt - Dec Okt - Dec Jan - Dec Jan - Dec Profit (loss) before taxes -12,312 -17,562 -24,727 -56,139 Reversal of depreciation and write-downs 10,863 11,303 44,091 44,285 Other adjustments for non-cash items, etc * 7,081 3,163 5,7
Slide 14: Condensed Income Statement for Parent Company Clavister AB
14 Condensed Income Statement for Parent Company Clavister AB (TSEK) 2025 2024 2025 2024 Oct - Dec Oct - Dec Jan - Dec Jan - Dec Net sales 2,253 2,251 9,005 9,005 Total revenue 2,253 2,251 9,005 9,005 Staff costs -1,169 -3,622 -13,444 -12,496 Other external costs -1,270 -2,777 -4,807 -6,081 EBITDA -
Slide 15: Condensed Balance Sheet for Parent Company Clavister AB
15 Condensed Balance Sheet for Parent Company Clavister AB (TSEK) 2025-12-31 2024-12-31 Assets Fixed assets Shares in group companies 475,155 475,155 Receivables from group companies 35,329 19,900 Total fixed assets 510,483 495,055 Current assets Current receivables 1,354 728 Cash and bank balances
Slide 16: Notes
16 Notes Note 1 Accounting Policies & Scholes model and has therefore not affected the Group’s The consolidated financial statements have been prepared in % of total Income statement by any charges. accordance with the International Financial Reporting THE 10 LARGEST Number of shares number of Stand
Slide 17: Note 5 Pledged Assets
17 Note 5 Pledged Assets Note 7 Alternative Performance Measures Contract Renewals – Total net sum of renewals of existing GROUP Clavister uses various key figures, including alternative license agreements in the period. performance measures (APMs), for internal analysis purposes (TSEK) 2025-12-31 2
Slide 18: Note 9 Financial Metrics
18 Note 9 Financial Metrics TSEK 2025 2024 2025 2024 Oct - Dec Oct - Dec Jan - Dec Jan - Dec Net sales (TSEK) 60,621 59,043 219,225 191,663 Total revenue (TSEK) 63,379 61,392 224,546 198,331 Gross profit (TSEK) 46,780 47,168 173,727 156,655 Gross margin (%) 73.8 % 76.8 % 77.4 % 79.0 % EBITDA (TSEK)
Slide 19: Report Information
19 Report Information Financial Calendar Release of Annual Interim Report Interim Report Interim Report Report 2025 Jan - Mar 2026 Apr - June 2026 July - Sept 2026 27 Apr 2026 7 May 2026 20 August 2026 12 November 2026 The Share Any forward-looking statements in this report Exchange: Nasdaq First No
Clavister Holding AB (publ.) — Q4 2025 Earnings Presentation on 6ix