Slide 1: Closing 2025 with a record quarterly high
Q4 and Year-end report 2025 Closing 2025 with a record quarterly high Investor Conference Call February 12, 2025 CEO Lars Højgård Hansen CFO Thomas Larsson IRO Michael Peterson 1
Slide 2: Financial highlights
Financial highlights • INVISIO's strongest quarter ever, despite Revenue SEK m Operating margin, % prolonged US government shutdown and stronger Swedish krona. 684 15% QoQ 32.8 +- 0 p.p. QoQ • Strong order intake across key markets. • Solid and stable underlying gross margin trend. Order intake SEK
Slide 3: Operational highlights
Operational highlights Five (+two)-year frame- SEK 121m framework SEK 190m order for New management work agreement with agreement, via radio Intercom and team role focused on Dutch Defense Ministry manufacturer, with dismounted soldier Strategy & New worth SEK 365m Irish Defense Forces systems from
Slide 4: Solid underlying order intake
Solid underlying order intake • Strong Q4 underlying order intake of SEK SEK million SEK million 659.5m (549.3). 800 2 500 • Full-year order intake of SEK 1,804.7m +20.1% (1,970.7). 2 000 • Trend towards higher number of items per 600 order as we continue to evolve into a system supplier. 1 500 • Co
Slide 5: Robust order book
Robust order book • Order book of SEK 854.1m (830.8) at SEK million SEK million end of Q4. 1 200,0 1 000,0 • SEK 37.8m of third-party radio order +2.8% remains on order book. 900,0 1 000,0 • Strong foundation from order book, 800,0 with majority of orders expected to be 700,0 800,0 delivered in Q1 a
Slide 6: Record high revenue in Q4
Record high revenue in Q4 • Q4 was the strongest quarter ever, despite prolonged US government shutdown and SEK million SEK million stronger Swedish krona. • Revenue totaled SEK 684.0m (594.1) and SEK 700,0 +15.1% 2 000,0 722m in comparable currencies. 1 800,0 • Full-year revenue of SEK 1,737.1m (1,
Slide 7: Solid underlying gross margin
Solid underlying gross margin % • Gross margin of 59.8 percent (60.4) in Q4. 70 • Full-year gross margin, excluding radio order, of 59.1 percent (60.9). The deviation reflects changes in product and customer 65 mix and impact of currency conversion and -0.6 pp tariffs. 60 • Growing share of new prod
Slide 8: INVISIO is following the investment plan
INVISIO is following the investment plan SEK million SEK million, R12 • Forward-looking investments in operating expenses (OPEX) are tracking the investment 200 +12.9% 800 plan and long-term trend. 180 700 • OPEX increased 12.9 percent in Q4 vs same 160 period last year. 600 140 • Full-year OPEX up
Slide 9: Strong sales drive EBIT margin in Q4
Strong sales drive EBIT margin in Q4 • Strong Q4 revenue supported operating margin, which was 32.8 percent (32.8). % • Full-year operating margin of 17.8 percent (22.3). 40 Change mainly reflected higher increase in forward-looking investments compared 35 0.0 p.p. to revenue. 30 • An increasingly a
Slide 10: Inventory – a competitive advantage
Inventory – a competitive advantage • Inventory value SEK 289.7m (272.3) at end SEK million of Q4. 400 • Maintaining significant inventory enables 6.4% INVISIO to promptly deliver large volumes, 350 provided product configurations match 300 customer's order. • Fast deliveries a significant competiti
Slide 11: Cash flow
Cash flow • Cash flow from operating activities of SEK SEK million SEK million 54.8m (22.9) in Q4. 200 450 • Full-year cash flow from operating activities of SEK 330.9m (157.0). Difference reflects 350 unusually large increase in trade receivables in 150 December 2024. 250 • Cash and cash equivalent
Slide 12: Proposed dividend of SEK 3.00
Proposed dividend of SEK 3.00 • Board of directors proposes a dividend of SEK 3.00 per share (2.30) for 2025. • Objective is to pay between 25 and 50 percent of profit after tax as a dividend over time. • The proposed dividend raises the dividend payout ratio to 48 percent for latest five-year perio
Slide 13: Operations
Operations Q4 2025 13
Slide 14: Framework agreement with Netherlands Ministry of Defense
Framework agreement with Netherlands Ministry of Defense • Agreement to run initially for five years, with option for two one-year extensions. • Worth up to SEK 365m. • Covers delivery of INVISIO headsets, multiple control unit models, and intelligent cables. • Expected to generate significant reven
Slide 15: Order from Irish Defense Forces
Order from Irish Defense Forces • Order worth SEK 121m received from Irish Defense Forces, via radio supplier. • Covers delivery of INVISIO headsets, multiple control unit models, and intelligent cables. • Deliveries began in Q4 2025 and will be completed in Q1 2026. • More orders are expected durin
Slide 16: SEK 190m order from European customer
SEK 190m order from European customer • Order includes INVISIO Intercom system and dismounted soldier systems, providing seamless communication capabilities for both mounted and dismounted users. • Deliveries began in Q4 2025 and are expected to be completed in Q1 2026. Q4 2025 16
Slide 17: Increased interest from US Coast Guard (USCG) contract
Increased interest from US Coast Guard (USCG) contract • Largest framework agreement to date – a true company milestone – worth up to SEK 930m. • Contract signed for INVISIO Intercom system combined with new INVISIO Link and headsets, controllers and intelligent cables. • To be installed on more tha
Slide 18: Strengthened management team
Strengthened management team Lars Højgård Thomas Larsson Joakim Birgersson Mathias Rosvall Roger Kristiansson Vibeke Lillie Ray Clarke Jan Larsen Hansen Skaaby Gadsbøl CFO SVP Strategy & VP Sales and SVP Sales North SVP R&D CEO since 2007 New Growth Marketing ROW VP Operations VP Global Quality Amer
Slide 19: Full year 2025
Full year 2025 Highlights The figures Revenue SEK m 1,737.1 +5% YoY (Excl. radio order) Strengthened offering Continued investments UltraLynx acquisition New customers and (T30, H-series, INVISIO LinkTM) in organization major orders and Operating margin, % framework agreements 17.8 (22.3) Order book
Slide 20: Market outlook
Market outlook • Highly uncertain geopolitical landscape continues to keep defense and security issues high on the agenda … • … adding to fundamental need for modern communications equipment in many countries. • These factors lead us to expect continued high demand in 2026 and for several years to c
Slide 21: Calendar 2026
Calendar 2026 Q1 May 6, 2026 AGM May 6, 2026 Q&A Q2 Jul 17, 2026 Q3 Oct 27, 2026 Contact and further information: ir@invisio.com Q4 2025 21
Slide 22: Thank you
> = Protection Thank you at work, = a i. SS eee —
Slide 23: Appendix
Appendix INVISIO°
Slide 24: Condensed consolidated income statement
Condensed consolidated income Data per share statement and consolidated statement of comprehensive income 4 Full year 8% Full year SEK mil Note 2025 2024 2026-2024 Note 2026 2024 +2026 2024 Revenue 2 684.0 5941 1.7371 1.8067 Earnings per share for the period, SEK 360 3N6 47272 Cost of goods sold “27
Slide 25: Condensed consolidated statement of financial position
Condensed consolidated statement of financial position Dec3t, Dee 31, Dec3t, Dec 31, SEK mi Note 2028 2028 SEK million Note 2028 2026 ASSETS ‘SHAREHOLDERS’ EQUITY AND LIABILITIES Non-current assets Shareholders’ equity 1737 1,029.0 Goodwill 863 29 Non-curront Capitalized development costs 3 1821 150
Slide 26: Condensed consolidated statement of cash flows
Condensed consolidated statement of cash flows On Full year 4 Full year SEK million Note 2025 2024 == 20262024 = SEK million. Note 2026 2024 ~— 20282024 Operating activities Financing activities Profit before tox 2168 2017, 290.9 4074 New issue by exercise of employee stock options = = 106.0 - Adjus