Micro Systemation Ab Class B · OMXSTO:MSAB_B
Micro Systemation Ab Class B — MSAB — Investor Day (May 2026)
54 slides from Micro Systemation Ab Class B's investor day presentation, May 7, 2026
Slide 1: Capital Markets Day 2026
Capital Markets Day 2026 Stockholm, Sweden May 7, 2026
Slide 2: Welcome
Welcome 09:00 Unlocking Global Leadership: Road to 2030 Peter Gille, CEO A Scalable Business Tony Forsgren, CFO 10:00 Break Peter Gille Tony Forsgren CEO CFO 10:20 A Growing Market. A Proven Product. A Commercial Organization Ready to Scale. Mårten Blixt, CCO Staying Ahead in an Accelerated Tech Rac
Slide 3: Unlocking Global Leadership: Road to 2030
Unlocking Global Leadership: Road to 2030 Peter Gille CEO 3
Slide 4: The global leader in mobile forensics
The global leader in mobile forensics MSAB is a global leader in mobile forensics with expertise in the extraction and analysis of data from mobile devices. The company develops advanced software solutions that serve as an established standard for many customers when securing digital evidence in cri
Slide 5: Supporting digital investigations worldwide
Supporting digital investigations worldwide
Slide 6: Solid foundations on which to scale the business
Solid foundations on which to scale the business 2023 XRY Pro is launched, MSAB’s premiere extraction tool that enables access to the most challenging mobile devices. 2015 Micro Systemation AB rebranded to MSAB. XRY now supports +16,000 models and is sold to +100 2003 countries. First XRY stations d
Slide 7: Road to 2030
Road to 2030 01. 02. 03. A clearly defined strategy for growth, A scalable business An excellent and unique market with a concrete plan to execute position 04. 05. Industry leading products that are World-class tech organization competitive and only getting stronger backed by a strong leadership tea
Slide 8: Evolving investigative needs creating opportunity
Evolving investigative needs creating opportunity Growing data Growing device Increasing legal Geopolitical complexity & and regulatory Impact of AI in volumes fragmentation& encryption requirements mobile forensics digital sovereignty trends
Slide 9: Trusted. European. Differentiated. A unique position in a growing market.
Trusted. European. Differentiated. A unique position in a growing market. Approximated market shares Others 15% 15% • Leading extraction capabilities • Only European company • High barriers of entry due to need for specialist expertise • Growth opportunity is significant 25% Magnet 45% Cellebrite So
Slide 10: Law Enforcement, Customs & Border, Military & Defense, Government, Private Sector
Law Enforcement Customs & Border Military & Defense Government Private Sector
Slide 11: Investigators & Analysts, Forensic Examiners, Frontline Personnel, Managers
Investigators & Analysts Forensic Examiners Frontline Personnel Managers
Slide 12: UK Counter Terrorism Policing
“ We have been using MSAB products since the very beginning, when XRY first came out. I can say hand on heart, throughout that entire time you have never let us ” down. UK Counter Terrorism Policing
Slide 13: A complete ecosystem for digital investigations
A complete SOFTWARE FRONTLINE ecosystem Extract more data, faster while for digital maintaining legal certainty XRY Kiosk are Pl investigations Analyze data faster and at w for easier with higher precision Soft XRY Tablet m MSAB Collaborate in real time with multiple investigators on joint Product X
Slide 14: Growth Avenues
Growth Avenues Geographies Verticals Products Win share in existing markets Military & Defense Easy to deploy triage solution for Frontline Emerging markets Private Malware detection 14
Slide 15: A Scalable Business
A Scalable Business Tony Forsgren CFO 15
Slide 16: MSAB’s 2030 Financial Goals
MSAB’s 2030 Financial Goals Net sales of approx. SEK 1 billion with EBITA of at least SEK 200 million 25% to 50% dividend of net result
Slide 17: A new standard for financial discipline
A new standard for financial discipline Improved financial organization Established data transparency Standardized processes and workflows Revised product catalogue & pricing strategy A platform set for growth and scalability
Slide 18: Our current revenue model and how timing shapes the numbers
Our current revenue model and how timing shapes the numbers Our current revenue model What the market sees: Volatile revenue from quarter to quarter Net sales per quarter (mSEK) 147 141 120 115 118 109 107 105 108 84% 16% 70 90 76 87 94 87 93 79 94 81 101 Revenue recognized Split over 65 on Day 1 co
Slide 19: Annual Contract Value: a new KPI that captures underlaying business growth
Annual Contract Value: a new KPI that captures underlaying business growth 8% 8% 16% 8% 8% Current way of Sample of a 1- 8% 8% Annual Contract Value (ACV): Distributes total recognizing year contract 8% 8% 8% revenue value distributed value of software contract evenly over the 84% evenly 8% 8% contr
Slide 20: ACV applied: Q1 2026 shows +38% growth of contract base vs Q1 2025
ACV applied: Q1 2026 shows +38% growth of contract base vs Q1 2025 Annual Contract Value (mSEK) +38% • A snapshot is taken with data form the reporting month, where revenue from active 436 contracts is summarized and multiplied by 12 405 415 months 325 330 316 324 • Calculations based on software sa
Slide 21: New sales are the engine. Everything else follows.
New sales are the engine. Everything else follows. Growth pillars critical to expanding the business: 54% 54% 53% 49% 49% • Gaining new customers primarily Renewals 56% 66% from new verticals and customers from APAC and Emerging Markets • Upselling XRY Pro to existing customers (4x price point vs 47
Slide 22: Stabilized high gross margin provides a stable platform for growth
Stabilized high gross margin provides a stable platform for growth Gross Margin 94% 93% 93% 90% 88% 84% 92-94% A high and stabilized gross margin enables scalability. 2021 2022 2023 2024 2025 Q1 2026 (R12) 22
Slide 23: Sales growth without proportional cost increase
Sales growth without proportional cost increase Personnel costs Other external costs 23% • In line with our strategy to continuously invest in our products: • Internally generated investments are expensed as R&D personnel costs • External purchases of exploits (code) are capitalized OPEX and depreci
Slide 24: Established platform and growth model validated. MSAB is ready to scale.
Established platform and growth model validated. MSAB is ready to scale. High and stabilized gross Favorable product mix with strong Net Sales margin with strong cash conversion from XRY L&P to XRY Pro flow (4x price point) OPEX Implemented new pricing Clear growth strategies to expand in strategy w
Slide 25: Strong operational leverage and high cash conversion
Strong operational leverage and high cash conversion • Cash generation business model (mSEK) 2021 2022 2023 2024 2025 & payments upfront EBITDA 57 32 56 61 86 • Light balance sheet and receives upfront payments, resulting in Change in NWC -50 23 32 -11 27 strong cash flow generation Operating cash f
Slide 26: Capital now directed toward growth, not just returns.
Capital now directed toward growth, not just returns. Capital Allocation – from returning value to creating it. Dividends • Past capital allocation has largely consisted of CAPEX dividends M&A • Shareholders were rewarded with an average dividend payout ratio of 109% over 2022– 2024. (Proposed for 2
Slide 27: A Growing Market. A Proven Product. A Commercial Organization Ready to Scale.
A Growing Market. A Proven Product. A Commercial Organization Ready to Scale. Mårten Blixt CCO
Slide 28: A Market with Strong Structural Tailwinds
A Market with Strong Structural Tailwinds What is driving growth Data explosion 10 - 12% Mobile devices generate exponentially more data per investigation Encryption and complexity Sophisticated device security raises the bar for extraction Annual market growth through 2032 Geopolitical realignment
Slide 29: MSAB in the Competitive Landscape
MSAB in the Competitive Landscape Approximated market shares What this means for us Others A stable three- vendor race Customers typically use all three vendors concurrently. Churn in the market is low. 15% 15% No single tool wins every case Device coverage rotates: on a given smartphone update, any
Slide 30: Why Customers Choose MSAB
Why Customers Choose MSAB European and Trusted Frontline Advantage Swedish - listed, European- headquartered Strongest frontline portfolio in the market Compliant with EU data protection regulations Purpose- built for decentralized extraction The European alternative for sensitive government procure
Slide 31: Who We Serve Today
Who We Serve Today Revenue by end customer segment Anchored in trust, diversified by design Public safety at our core Law Enforcement 48% Law Enforcement, Military and Defense, and Customs/Border together represents 68% revenue. The heritage and foundation of our brand. Government 19% Civil governme
Slide 32: From First Sale to Full Platform
From First Sale to Full Platform Once we win a customer, we grow with them. DAY ONE UPGRADE EXPAND PLATFORM XRY XRY Pro XAMN UNIFY Extraction Advanced capabilities Analytics Enterprise platform Next generation platform. Deeper Our entry product. Core forensic extractions, broader device Analysis and
Slide 33: How a Typical Deal Comes Together
How a Typical Deal Comes Together Law Enforcement Customs and Border Defense Enterprise Who Who Who Who Corporate security, insurance Forensic labs and frontline officers Border control and customs agencies Intelligence and Defense units companies, banks, compliance teams Need Need Need Need From co
Slide 34: Where the Growth Sits
Where the Growth Sits All three regions have meaningful growth potential. EMEA Americas APAC Foundation market Scale market Emerging market 54% of MSAB revenue 28% of MSAB revenue 17% of MSAB revenue WHAT IS DRIVING GROWTH WHAT IS DRIVING GROWTH WHAT IS DRIVING GROWTH ● European- first procurement f
Slide 35: Three Engines of Growth
Three Engines of Growth Strong where it counts. Growing where it matters. 1 Account Growth 2 New Markets 3 New Verticals Upsell and competitive wins Geographic whitespace Beyond the forensic lab Upgrade to XRY Pro APAC Frontline Police Customers move from XRY to XRY Pro for enhanced Fastest growing
Slide 36: Where We Go From Here
Where We Go From Here The market 10 to 12% annual growth through 2032, driven by trends that play directly to our strengths: Local supplier preference, trust, and frontline capability. is moving in our direction Our base More than 1,000 active customers across more than 100 countries. Anchored in La
Slide 37: Staying ahead in an accelerated tech race
Staying ahead in an accelerated tech race Tomas Taesler CPO 37
Slide 38: Complete solutions for mobile forensics
XRY Pro Complete solutions XRY XRY Pro Express XRY Frontline UNIFY Collaborate for mobile forensics XAMN Pro XEC Director XAMN Viewer
Slide 39: Getting the Data
wae © oee Getting the Daty IMANSYANS}
Slide 40: Field
Field MSAB Frontline Solutions XRY Tablet and XRY Express enable on-the-spot extraction. 40
Slide 41: Police Station
Police Station When immediate intervention is not required, officers bring the device to the local police station for extraction with an XRY Kiosk.
Slide 42: Forensic Lab
Forensic Lab Forensic experts use XRY Pro to extract data from more challenging devices.
Slide 43: XRY vs. XRY Pro differentiation
XRY vs. XRY Pro differentiation Pro Unlocked Androids Locked Androids Unlocked iOS – limited Unlocked iOS – complete Feature phones RAM Accessories
Slide 44: Investigator’s Office
Investigator’s Office Investigators use XAMN Pro to efficiently process and contextualize extracted data, including evidence from third-party sources.
Slide 45: Filter, Search, Tagging
Filter Transcriptions Search Time tracking Tagging Conversations Grouping Content recognition Translations People connections Geo location
Slide 46: Investigators’ Offices
Investigators’ Offices UNIFY Collaborate, secure and efficient investigator team real time collaboration and centralized evidence storage
Slide 47: Accelerated AI powered analysis
Specialized AI applications enables Accelerated AI powered analysis automatic triage of large data volumes in search of evidence Current and on roadmap • AI powered content recognition in pictures & videos (ie. guns, drugs, face recognition, CSAM mtrl. …) • Language Models used for data processing (
Slide 48: Accelerated AI powered R&D
Accelerated AI powered R&D Research • Large Language Models enables faster and more capable data access capability research • Elevate our research specialist competence Development • Agentic engineering enables increased productivity in application SW development • Maximize the value from our data a
Slide 49: The Court
The Court Evidence is reviewed at the Prosecutor’s Office or presented in court using XAMN Pro.
Slide 50: Network Management
Network Management MSAB tools are securely managed from one central location with XEC Director. KTE XRY XAMN Centralized management XRY XRY KTE
Slide 51: Key Investment Themes
Key Investment Themes Quick Triage Cloud deployment Data access capability research Portfolio simplification AI-augmented analysis Client network scalability
Slide 52: MSAB Mobile Forensic Suite
MSAB Mobile Forensic Suite Data Data analysis & Centralized Collaboration extraction visualization management & secure storage
Slide 53: Road to 2030
Road to 2030 01. 02. 03. A clearly defined strategy for growth, A scalable business An excellent and unique market with a concrete plan to execute position 04. 05. Industry leading products that are World-class tech organization competitive and only getting stronger backed by a strong leadership tea
Slide 54: Capital Markets Day 2026
Capital Markets Day 2026 Stockholm, Sweden May 7, 2026