Invisio Ab · OMXSTO:IVSO
Invisio Ab — Q3 2025 Earnings Presentation
25 slides from Invisio Ab's earnings presentation, Oct 23, 2025
Slide 1: Strong underlying order intake but delivery delays
Q3 2025 Strong underlying order intake but delivery delays Investor Conference Call October 23, 2025 CEO Lars Højgård Hansen CFO Thomas Larsson IRO Michael Peterson 1
Slide 2: Q3 financial highlights
Q3 financial highlights • Strong underlying intake of small and medium-sized Revenue SEKm Operating margin, % 291 -1 orders • Delivery delays negatively impacted revenue and profit • Delays primarily due to customer requests for -17.2% QoQ -17.4 pp QoQ coordinated deliveries of INVISIO systems with
Slide 3: Operational highlights
Operational highlights 10 year-agreement Launch of INVISIO T30 Five (+two)-year with US Coast Guard and INVISIO H-series framework agreement with Netherlands MoD Q3 2025 3
Slide 4: Solid underlaying order intake
Solid underlaying order intake • Strong underlying order intake in Q3 of SEK SEK million SEK million 479.9m (503.1) 800 2,500 • Order intake R12 of SEK 1,694.6m -4.6% • Continued good inflow of small and medium- 2,000 sized orders 600 1,500 400 1,000 200 500 Q3 2025, SEKm 479.9 Q3 Q4 Q1 Q2 Q3 Q4 Q1
Slide 5: Robust order book
Robust order book • Order book of SEK 887.0m (866.7) at end of Q3 SEK million SEK million • SEK 37.7m of third-party radio order remains 1 200.0 1 000.0 2.3% on order book 900.0 • Majority of order book expected to be 1 000.0 800.0 delivered in Q4 2025 and Q1 2026 700.0 800.0 600.0 600.0 500.0 400.0
Slide 6: Revenue impacted by delivery delays
Revenue impacted by delivery delays • Q3 revenue totaled SEK 291.3m (351.7) SEK million SEK million • Customer requests for coordinated deliveries of 700.0 2 000.0 -17.2% INVISIO systems with related products from other 1 800.0 suppliers caused shipment delays – and hence lower 600.0 revenue in Q3 1
Slide 7: Solid underlying gross margin
Solid underlying gross margin • Gross margin of 57.0 percent (57.7) in Q3 % • Product margins were satisfactory, but approx. 70 SEK 4m of higher tariff costs impacted gross margin 65 • Gross margin remains strong, averaging 59.3 -0.7 pp percent over the last four quarters (excluding 60 third-party r
Slide 8: Steady long-term OPEX trend
Steady long-term OPEX trend • Operating expenses (OPEX) followed the long- term trend and growth plan, totaling SEK SEK million, R12 SEK million 169.2m (145.5) 200 800 • Investments in product development and +16.3% organization the main drivers 180 700 • Headcount up 16 percent (44 employees) in 16
Slide 9: Delivery delays impacted margins
Delivery delays impacted margins • Operating margin of -1.1 percent (16.3) in Q3 % • Due mainly to lower revenue during quarter 35 -17.4 pp • Operating margin R12 of 17.0 percent at end 30 of quarter 25 20 15 10 5 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0 Q3 EBITDA, % Q3 EBIT,
Slide 10: Inventory – a competitive advantage
Inventory – a competitive advantage • Inventory value SEK 343.4m (303.4) at end of Q3 SEK million • Increase reflected delivery delays and strategic 400 decisions +13.2% 350 • Maintaining significant inventory enables INVISIO to promptly deliver large volumes, provided product 300 configurations mat
Slide 11: Cash flow
Cash flow • Cash flow from operating activities was SEK SEK million SEK million 105.8m (152.6) 200 450 • The decrease was primarily due to the negative result during the quarter 350 150 250 100 150 50 50 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 0 -50 Cash flow, SEKm 105.8 (152.
Slide 12: Operations
Operations Q3 2025 12
Slide 13: Ten-year contract with US Coast Guard (USCG)
Ten-year contract with US Coast Guard (USCG) • Our largest agreement to date – a true company milestone • An important entry point to a new and expanding user group • Contract signed for INVISIO Intercom system combined with new INVISIO Link and headsets, controllers and intelligent cables • To be i
Slide 14: Framework agreement with Netherlands Defense Ministry
Framework agreement with Netherlands Defense Ministry • Agreement to run initially for five years, with an option for two one-year extensions • Worth up to SEK 365m • Covers delivery of new T30 and X7 headsets and several different control unit models and intelligent cables • First orders expected i
Slide 15: T30 headset – a milestone of versatility and flexibility
T30 headset – a milestone of versatility and flexibility • The T30 offers unmatched versatility and flexibility, strengthening INVISIO's ability to serve the high-volume defense segment • Complements existing product portfolio and incorporates all technical innovations and performance found in other
Slide 16: INVISIO H-series expands our value proposition and will catalyze product development
INVISIO H-series expands our value proposition and will Extra port catalyze product development UltraLYNX • H-series aligns with INVISIO’s strategic vision to expand and enhance future product offerings V60 II ADP End user Extra port • Will act as a catalyst for development of future device innovati
Slide 17: Strong interest in INVISIO Link wireless solution
Strong interest in INVISIO Link wireless solution • INVISIO Link provides wireless access to INVISIO intercom system • Expanded capabilities deliver enhanced mobility, flexibility, interoperability and functionality for mission-critical users • Represents product category that will be a cornerstone
Slide 18: Major INVISIO shareholders – William Demant increases stake
Major INVISIO shareholders – William Demant increases stake Other 36.5% William Demant Fonden, 20.3% (+2% vs. Q2 2025) SEB Funds, 9.7% Swedbank Robur Fonder, 8.1% Fidelity Investments (FMR), 2.3% Novo Holdings A/S, 2.5% Arbejdsmarkedets Tillægspension (ATP), 5.7% C WorldWide Asset Management, 2.8% H
Slide 19: Summary
Summary • We expect market activity to remain high for several years to come • Modernization needs continue to be significant • Sharply increased military budgets expected to gradually impact market ever more clearly • Investments in last few years have broadened product portfolio and customer base
Slide 20: Calender
Calender Q4 Feb 12, 2026 Q1 May 6, Q&A 2026 Q2 Jul 17, 2026 Q3 Oct 27, 2026 Contact and further information: ir@invisio.com Q3 2025 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 consolidated statement of comprehensive income
Condensed consolidated income Data per share statement and consolidated statement of comprehensive income Full Full 93 Jan-Sep year 93 Jan-Sep vear SEK million Note 2025 202k 20252024 2024 Note 2025 202k 202520242024 Revenue 2 23 3517 1053112126 1.8067 Earnings per share for the period, SEK -0.09 08
Slide 24: Condensed consolidated statement of financial position
Condensed consolidated statement of financial position Sep 30, Sep 30, Dec 31, Sep 30, Sep 30, Dec 31, ‘SEK million Note 2025 2024 2024 ‘SEK million Note 2025 2024 2024 ASSETS SHAREHOLDERS’ EQUITY AND LIABILITIES CoE Shareholders’ equity 4,030.6 845.8 1,029.0 S18 Gh Nor-current I d g m5 u280 Lease l
Slide 25: Condensed consolidated statement of cash flows
Condensed consolidated statement of cash flows Full Full Q3 Jan-Sep year Q3 Jan-Sep year SEK million Note 2025 2024 202520242024 = SEKmmillion 2025 2024 20252024 2024 Operating activitios Finaneing activities Profit before tax -33 637 744-2087 4074 New ieoue by exercice of employee stock optior 27 —