Slide 1: Positioned for an eventful 2025
Q1 2025 Positioned for an eventful 2025 Investor Conference Call May 6, 2025 CEO Lars Højgård Hansen CFO Thomas Larsson IRO Michael Peterson
Slide 2: Financial highlights
Financial highlights Revenue SEKm Operating margin, % 335 8.2 • Revenue rose 9% quarter over quarter, despite the intake and delivery of a large SEK 115 million order in Q4 2024. +9% QoQ -8.2 pp QoQ • The difference in order intake and order book reflects typical defense market volatility and a larg
Slide 3: Operational highlights
Operational highlights Acquisition of Updated market Tariffs UltraLYNXTM estimate Q1 2025 3
Slide 4: Order intake
Order intake • Order intake in the quarter totaled SEK 264.1 SEK million SEK million million (673.1), and 438.1 excluding radio order. 800 2,500 • Continued inflow of small and mid-size orders. -61% • Industry-specific volatility and seasonality. 673.1 2,000 600 1,500 400 438.1 1,000 264.1 200 500 Q
Slide 5: Revenue
Revenue • Revenue was SEK 334.8 million (308.2) in Q1, SEK million SEK million an increase of 9 percent QoQ. 700.0 2 000.0 +9% • In comparable currencies, revenue totaled 1 800.0 SEK 337.3 million. 600.0 1 600.0 • In Q4 2024, INVISIO received and delivered 500.0 a SEK 115 million order. 1 400.0 1 20
Slide 6: Order book
Order book • The order book at end of Q1 stood at SEK million SEK million SEK 742.7 million (1,025.1) 1 200.0 1 000.0 -28% • Excluding the third-party radio order, the 900.0 1 025.1 order book was SEK 676.4 million (790.1) 1 000.0 800.0 • The majority of the order book is expected SEK 790.1 m excl.
Slide 7: Stable gross margin
Stable gross margin • The gross margin was 58.7 percent (61.0) in Q1. % • The reduction in margin was primarily due to lower- 70 margin deliveries made through third parties. • The margin nevertheless remains strong over time, 65 -2.3 pp averaging 60.4 percent over the last four quarters (excluding
Slide 8: Continued stable underlying OPEX trend
Continued stable underlying OPEX trend • Operating expenses (OPEX) followed the long- SEK million SEK million, R12 term trend and growth plan. 200 700 +23% • Investments in product development and the sales organization were the main drivers. 168.9 600 • Group headcount has expanded 15 percent 150 1
Slide 9: Margins
Margins • The operating margin was 8.2 percent (16.4) in Q1. % • The lower margin is mainly explained a slightly lower 35 -8.2pp gross margin as well as higher operating expenses 30 arising from our forward-facing investments. 25 • The operating margin over time should exceed the financial target of
Slide 10: Inventories
Inventories • Inventory value was SEK 289.0 million (252.0) at SEK million the close of the period. 350 • The higher inventory level is a direct result of a +15% strategic management decision. 300 289.0 • A significant inventory enables INVISIO to promptly 252.0 250 deliver large volumes, provided t
Slide 11: Cash flow
Cash flow • The high cash flow from ongoing operations SEK million SEK million is mainly due to payments of trade 200 350 receivables arising from strong sales in 178.1 Q4 2024. 150 250 100 150 50 50 16.7 0 -50 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3 Q4 Q4 Q1 Q1 Q2 Q2 Q3 Q3
Slide 12: Operations
Operations Q1 2025 12
Slide 13: A flexible and future-proof platform for the modern soldier system
Our vision A flexible and future-proof platform for the modern soldier system The modern soldier system is a complex network of radios, weapon sights, navigation tools and sensors from various suppliers with unique standards. These devices must seamlessly be able to share data, audio and power. 13 Q
Slide 14: UltraLynx expands our value proposition and will catalyze product development
Extra Port UltraLynx expands our value UltraLYNX proposition and will catalyze product development V60 II ADP End User Device Extra Port • The acquisition aligns with INVISIO’s strategic vision to expand and enhance future product offerings. Battery • UltraLYNX will act as a catalyst for the develop
Slide 15: Annual addressable market reaches SEK 25 billion
Annual addressable market reaches SEK 25 billion (14) • A more mature market means more potential users: Estimated annual market value Updated Previous % diff. Modernization programs, driven by increased (SEK billions) estimate estimate digitalization and equipment obsolescence, are creating Persona
Slide 16: Tariffs
Tariffs • Tariffs create some uncertainty about future market conditions. • Historically, defense equipment has either been tariff-exempt or subject to very low rates. • To minimize potential risks, INVISIO has long-term strategies in place, including preparations for production in the US. 16 Q1 202
Slide 17: Summary
Summary • INVISIO is committed to playing a more central role in the development of modern soldier systems, an ambition further reinforced by the acquisition of UltraLynx . • With a strong order book and favorable market conditions, we look forward to a year of continued high activity and profitable
Slide 18: Upcoming events
Upcoming events Q1 May 6 Q2 July Q&A 18 Q3 Oct 23 Q4 Feb 12, 2026 Contact and further information: ir@invisio.com 18
Slide 19: Thank you
> = Protection Thank you at work, = a i. SS eee —
Slide 20: Appendix
Appendix INVISIO°
Slide 21: Condensed consolidated income statement and comprehensive income
Condensed consolidated income Data per share statement and consolidated statement of comprehensive income Jan-Mar Full yeor Jan-Mar Full year SEK million Note 2025 2024 2024 Note 2026 2024 2024 Revenue 2 334.8 308.2 1,806.7 Earning hate for the period, SEK 0.64 179 672 Cost of goods sold 138.4 120.2
Slide 22: Condensed consolidated statement of financial position
Condensed consolidated statement of financial position Mor31, Mart, Dee, Mors, Marat, Beet, SEK milion Note 2026 2026 202% SEK milion Note 2028 2026 2026 ASSETS SHAREHOLDERS’ EQUITY AND LIABILITIES ieeumel oats Shareholders’ equity 9977937 4028.0 Non-current liabilities iar pebiser) Sea Total long-t
Slide 23: Condensed consolidated statement of cash flows
Condensed consolidated statement of cash flows Jan-Mar Full year Jan-Mar Full year SEK million Note 2025 2024 2024 SEK million Note 2025 2024 2024 Operating acti Financing activities tax paid % ° Cash flow from financing activities -3.9 “27 70.7 Cash flow from operating activities CASH FLOW FOR THE