Invisio Ab · OMXSTO:IVSO
Invisio Ab — Q2 2025 Earnings Presentation
25 slides from Invisio Ab's earnings presentation, Jul 18, 2025
Slide 1: High levels of market activity continue
Q2 2025 High levels of market activity continue Investor Conference Call July 18, 2025 CEO Lars Højgård Hansen CFO Thomas Larsson IRO Michael Peterson 1
Slide 2: Financial highlights
Financial highlights • The positive trend continued in the second quarter. Revenue SEKm Operating margin, % 427 14 Revenue totaled SEK 426.9 million (552.7). • Excluding the impact of third-party radio sales, revenue was SEK 399.4 million (389.0). -22.8% QoQ -3.9 pp QoQ • The gross margin for the qu
Slide 3: Operational highlights
Operational highlights Significant order Updated financial Strong increase in from new large target defense investments customer in Europe Q2 2025 3
Slide 4: Strong revenue
Strong revenue • Revenue in Q2 totaled SEK 426.9 million SEK million SEK million (552.7). 700.0 2,000.0 -22.8% • During Q2 we delivered a SEK 27.5 million 1,800.0 portion of the third-party radio order. 600.0 552.7 1,600.0 • Excluding the impact of third-party radio 500.0 sales, revenue was SEK 399.
Slide 5: Solid order intake
Solid order intake • Order intake in Q2 totaled SEK 401.3 million SEK million SEK million (245.2). 800 2,500 • Order intake R12 at SEK 1,717.8 million. +63.7% • Continued inflow of small and mid-sized orders. 2,000 • Industry-specific volatility and seasonality. 600 1,500 401.3 400 1,000 245.2 200 5
Slide 6: Most of the order book to be delivered in H2
Most of the order book to be delivered in H2 • The order book at end of Q2 stood at SEK 705.3 SEK million SEK million million (719.4). 1,200.0 1,000.0 -2% • Following the part-delivery of third-party radios 900.0 in Q2, around SEK 38 million of this order 1,000.0 remains in the order book. 800.0 • E
Slide 7: Stable underlying gross margin
Stable underlying gross margin • The gross margin was 56.7 percent (46.6) in Q2 2025. % • The gross margin for the third-party radios delivered in Q2 2025 was just over 10 percent. 70 • Excluding this radio order delivery, the gross margin was 59.8 percent (63.2). 65 -3.4 pp 63.2 excl. radio • The g
Slide 8: Continued stable OPEX trend
Continued stable OPEX trend • Operating expenses (OPEX) followed the long- SEK million SEK million, R12 term trend and growth plan. 200 700 15.3% • Investments in product development and the 181.9 organization were the main drivers. 157.7 600 • Group headcount has grown 15 percent 150 500 (39 people
Slide 9: Margins
Margins • The operating margin was 14.1 percent (18.0) % in Q2. 35 -3.9 pp • The lower margin is mainly explained a slightly 30 lower gross margin and by higher operating expenses arising from forward-facing 25 investments. 20 18.0 • The operating margin R12 stood at 19.9 percent 14.1 15 at end of t
Slide 10: New EBIT margin target
New EBIT margin target • The board of directors has updated the financial target for INVISIO's financial targets the operating margin. Growth • The new target is to achieve an average annual operating Achieve average revenue growth of at least 20 margin of at least 20 percent over time. percent per
Slide 11: Inventories
Inventories • Inventory value was SEK 306.4 million (274.0) at SEK million the close of the period. 350 • The higher inventory level is a direct result of a +11.8% strategic management decision and in line with 300 expected deliveries. 250 • A significant inventory enables INVISIO to promptly delive
Slide 12: Cash flow
Cash flow • Cash flow from operating activities was SEK SEK million SEK million –1.6 million (–35.3). The main factors 200 450 behind this change were changes in operating receivables and lower profit. 350 150 • In accordance with IFRS 16, the new office lease in London is included in the cash flow
Slide 13: Operations
Operations Q2 2025 13
Slide 14: SEK 145 million order from new European customer
SEK 145 million order from new European customer • Order including the new INVISIO X7 in-ear headset, INVISIO Control Units and intelligent cables. • The new European customer is of significant size. • Deliveries are to be completed during 2025. 14 Q2 2025 14
Slide 15: Expanding the capability of the intercom system
Expanding the capability of the intercom system • INVISIO Link provides wireless access to the INVISIO intercom system. • Expanded capability will deliver enhanced mobility, flexibility, interoperability and functionality for mission-critical users. • Two additional new products adding to the produc
Slide 16: Strong increase in defense investments in Europe
Strong increase in defense investments in Europe NATO Readiness 2030 16 Q2 2025 16
Slide 17: Tariffs
Tariffs • Tariffs create some uncertainty about future market conditions. • Higher US tariffs had a negative impact of about SEK 4 million in the first six months of the year. • Historically, defense equipment has either been tariff-exempt or subject to very low rates. • To minimize potential risks,
Slide 18: Expanding business require efficient facilities – new London office
Expanding business require efficient facilities – new London office • In line with our growth plans, Racal Acoustics will be relocating our UK office to a new, more modern and flexible facility in Croxley, just outside London. • The move will take place during the second half of September. 18 Q2 202
Slide 19: Summary
Summary • INVISIO continued to perform strongly in Q2 as the company recorded solid revenue inflow and order intake. • We received a major order from a new European customer for our personal communication system equipped with the new world-leading INVISIO X7 in-ear headset. • The investments into th
Slide 20: 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 20
Slide 21: Thank you
> = Protection Thank you at work, = a i. SS eee —
Slide 22: Appendix
Appendix INVISIO°
Slide 23: Condensed consolidated income statement and statement of comprehensive income
Condensed consolidated income Data per share statement and consolidated statement of comprehensive income Full Full oz Jan-Jun year 2 Jan-Jun oar SEK million Note 2026 2024 20252024 2024 2025 2024 20252024 2024 Revenue 2 4269 8627 7617 __860.9_1,8067 __Earnings per share for the period, SEK O68 1621
Slide 24: Condensed consolidated statement of financial position
Condensed consolidated statement of financial position Jun30, Jun 30, Dee at, Jun30, Jun 30, Dee at, SEK million Note 2028 2026 2024 SEK million Note 2025 ‘2024 2026 ASSETS SHAREHOLDERS’ EQUITY AND LIABILITIES Nomcurrent assets Shareholders’ equity 1040.1 805.3 1,029.0 Geoodtill 592 610 629 Noweurre
Slide 25: Condensed consolidated statement of cash flows
Condensed consolidated statement of cash flows Full Full Jan-Jun year a2 Jan-Jun year SEK million 2025 2024 2025 2024 2024 =~ SEK million 2025 2024 2028-2024 2024 Operating activities Financing acti Profit before tax 1008 74 1520 407 —_Now iscuo by oxerciso of Adjustments for narveash items 205 55.0