Interim Report
Clavister AB (publ)
Org. No. 556917-6612
April - June 2026
Key Metrics | |||||
(MSEK) | Q2 2026 | Q2 2025 | H1 2026 | H1 2025 | 2025 |
Order Intake | 57.0 | 76.2 | 370.0 | 186.5 | 320.0 |
Order Intake Growth | -25.1 % | 51.5 % | 98.3 % | 111.3 % | 23.4 % |
Annual Recurring Revenue (ARR) at EoP | 142.8 | 136.6 | 142.8 | 136.6 | 140.6 |
ARR Growth | 4.5 % | 9.3 % | 4.5 % | 9.3 % | 4.8 % |
Net Sales | 89.2 | 54.8 | 161.0 | 108.1 | 219.2 |
Net Sales Growth | 62.9 % | 22.2 % | 48.9 % | 21.7 % | 14.4 % |
Gross Profit | 76.0 | 45.2 | 135.0 | 85.9 | 173.7 |
Gross Margin | 82.5 % | 81.1 % | 81.7 % | 78.2 % | 77.4 % |
EBITDA | 24.6 | 6.7 | 38.6 | 13.3 | 35.2 |
Adjusted EBITDA | 27.1 | 9.1 | 42.2 | 15.9 | 39.3 |
Adjusted EBITDA Margin | 30.4 % | 16.6 % | 26.2 % | 14.7 % | 17.9 % |
EBIT | 12.6 | -4.8 | 15.1 | -9.3 | -8.9 |
Adjusted EBIT | 15.1 | -2.4 | 18.7 | -6.7 | -4.7 |
Adjusted EBIT Margin | 17.0 % | -4.5 % | 11.6 % | -6.2 % | -2.2 % |
Net Result | 10.0 | -15.9 | 11.4 | -12.7 | 5.3 |
Result per Share | 0.03 | -0.05 | 0.03 | -0.04 | 0.01 |
Summary of the Quarter
Highlights from the Quarter
Net sales reached a new quarterly high of 89.2 (54.8) MSEK, corresponding to a record quarterly growth of 62.9 %.
EBIT improved significantly to 12.6 (-4.8) MSEK, while profit after tax improved substantially to 10.0 (-15.9) MSEK.
Total order backlog, following quarterly order intake of 57.0 (76.2) MSEK, amounted to 642
(375) MSEK.
Additional order from the Norwegian Defence Materiel Agency amounting to 14 MSEK.
Highlights from the first 6 months
Net revenue reached a new half-year high of 161.0 (108.1) MSEK, corresponding to record half-year growth of 48.9 %
EBIT improved significantly to 15.1 (-9.3) MSEK, while profit after tax improved substantially to 11.4 (-12.7) MSEK.
Order intake amounted to 370.0 (186.5) MSEK, an increase of 98.3 %.
A 280 MSEK tactical communications contract was awarded by the Norwegian Defence Materiel Agency.
Material Post-Closing Events
After the end of the period, financing with Swedbank was increased from 90 MSEK to 130 MSEK, enabling the repayment of 26 MSEK in deferred taxes and strengthening liquidity through a five-year financing structure.
+62.9 % +4.5 %
Net Sales ARR
30.4 %
Adjusted EBITDA Margin
Clavister AB
Comments by the CEO
The second quarter was characterised by record growth and significantly improved profitability. Net sales increased by 63 percent to 89 MSEK and EBIT improved to 13 MSEK. With a substantial order backlog, an extensive sales pipeline and improved earnings, we are well positioned to continue developing both the civilian and defence businesses.
Strong Growth and Improved Profitability
The gross margin amounted to 82.5 percent, compared with
81.1 percent in the previous year. This is particularly positive given the higher proportion of defence deliveries, which often include a larger hardware component, and demonstrates the strength of our combination of proprietary software, licence revenues and complementary hardware.
EBITDA amounted to 25 (7) MSEK, while adjusted EBITDA amounted to 27 (9) MSEK, corresponding to a margin of 30 percent. Adjusted EBIT improved to 15 (-2) MSEK and profit after tax amounted to 10 (-16) MSEK. The improvement demonstrates the operating leverage in our business model, with higher volumes and a continued high gross margin translating clearly into earnings, despite continued investments in sales and delivery capabilities.
Order Backlog Providing Good Visibility
At the end of the quarter, the order backlog amounted to 642 MSEK, compared with 375 MSEK in the previous year. Of the order backlog, 226 MSEK is expected to be delivered and invoiced over the next twelve months. This provides us with good visibility and enables us to plan expertise, procurement and deliveries with a longer lead time.
Order intake amounted to 57 MSEK, compared with 76 MSEK in the previous year. The decrease was mainly due to the comparison period including several multi-year contracts without direct equivalents during the quarter. Over the last twelve months, order intake amounted to 503 MSEK, which provides a more representative picture of a business in which larger contracts can vary significantly between quarters.
Improved Earnings and Temporary Increase in Working Capital Cash flow from operating activities before changes in working capital improved to 23 MSEK, compared with 4 MSEK in the previous year, driven by stronger underlying earnings.
Cash and cash equivalents decreased during the quarter, primarily due to increased working capital tied up as a result of the high level of delivery activity, continued investments and a contractual bank loan repayment of 10 MSEK. The development mainly reflects timing differences between project costs and customer payments, as well as reduced debt.
After the end of the period, our financing with Swedbank was increased from 90 MSEK to 130 MSEK. The purpose is to bring forward the repayment of 26 MSEK in tax deferrals, which would otherwise have fallen due in 2026 and 2027, and replace them with a five-year commercial credit facility. This provides us with greater capacity to manage fluctuations in working capital as we continue to grow.
The delivery project for the Norwegian Defence Materiel Agency has so far placed a burden on cash flow, as customer payments are made upon agreed milestones. The first payment milestone is expected to be reached during the autumn and result in a cash inflow of at least 60 MSEK.
Together with improved earnings, this gives us strong financial flexibility to invest in continued growth.
Civilian Business - Stable Core with Multiple Growth Avenues Net sales from the civilian business were broadly stable during the quarter compared with the previous year, despite variations in hardware deliveries, while annual recurring revenue (ARR) increased by 5 percent.
The civilian business is the stable core of Clavister's business model. It is built on a broad customer base, long-standing customer relationships and a high proportion of recurring licence revenues, providing stability and predictabilit.
Clavister's strategic focus is on customer groups operating critical societal functions. The need for cybersecurity among these groups continues to increase as a result of a deteriorating security environment, growing cyber threats and extensive regulatory requirements. For an increasing number of public authorities and critical infrastructure operators, digital sovereignty has also become a factor in evaluations and procurement processes, creating greater opportunities for European suppliers to gain market share.
Public administration is a clear growth area. Our firewall solutions are already used by a number of municipalities and government agencies. At the same time, our identity and access management solutions are reaching an increasingly broad customer base through established reseller channels. This creates two avenues for growth: winning new customers and broadening the offering to existing customers. With a large addressable market beyond our current customer base, we see good opportunities to gradually strengthen our position.
The energy sector is another clear growth area. We already have ongoing and growing deliveries to some of the largest energy companies in both Germany and Sweden. One example is LEAG, Germany's second-largest electricity producer, where our solutions help protect business-critical environments. Deliveries are growing as the solutions are deployed across more parts of customers' operations.
We have gradually built an extensive pipeline in the civilian business, comprising larger end customers and resellers than we have historically been able to attract. At the same time, the size and complexity of these opportunities result in longer sales cycles, which may create variations in order intake and net sales between individual quarters.
The combination of recurring revenues, a large sales pipeline and a scalable, partner-driven model provides us with good conditions for clear and long-term growth in the civilian business.
Defence Business - More Platforms and Growing Volumes Net sales in the defence business increased by almost 370 % to 47 MSEK. The development was primarily driven by increasing deliveries under awarded defence projects.
A central part of our strategy is to have Clavister's technology embedded in a growing number of defence platforms. At the
end of the quarter, Clavister was a commercial supplier to six defence platforms, with the company's technology integrated into each platform. Our target is to be present in at least ten defence platforms by the end of 2027.
Several of the six platforms are still at an early stage in terms of production and delivery and therefore currently make only a limited contribution to net sales. The growth potential lies both in winning additional platforms and in increasing volumes within the programmes where our technology is already integrated.
The CV90 combat vehicle is a clear example. Clavister's CyberArmour product has been selected for integration into the platform, and through existing programmes we have established a strong position together with BAE Systems Hägglunds. Once our technology has been integrated, opportunities for additional deliveries arise as the programmes expand to include more vehicles, more variants and additional user nations.
A particularly interesting development is the multinational initiative for a joint so-called "Nordic Edition" of the CV90. If the initiative results in new vehicle orders, it could create additional business opportunities, as our existing technology can be reused across a larger delivery base. It is still too early to assess the scope and timing, but the initiative illustrates the platform's long-term potential.
Another important area is cybersecurity for tactical communications environments. The 280 MSEK contract with the Norwegian Defence Materiel Agency has entered an active implementation phase. During the quarter, we also received a 14 MSEK order through the exercise of additional options. This underlines the contract's long-term potential and its importance as a reference for other defence customers.
Our proprietary European technology and our ability to deliver in environments with exceptionally high requirements for security, performance and availability are the common denominator. Solutions and experience can be reused in new projects, creating a scalable defence business with several drivers of long-term growth.
Outlook
Following a strong second quarter, we enter the remainder of 2026 with a substantial order backlog, improved profitability and a strengthened market position. Our focus is on executing the contracts we have won to a high standard, capturing the growth potential in the civilian business and continuing to scale up the defence business.
Clavister is well positioned. The civilian business contributes stability and recurring revenues, while the defence business provides strong growth leverage. The businesses have different sales and delivery patterns, but are built on the same technology and reinforce one another through shared investments, expertise and references.
Our ambition for the coming three-year period remains unchanged: to grow clearly faster than the overall cybersecurity market while maintaining an average gross margin of around 80 percent. We also intend to reinvest a significant share of future positive cash flows to accelerate growth and strengthen our market position.
Finally, I would like to extend my sincere thanks to our employees, customers and partners. Your expertise, commitment and trust are essential to our continued development.
Örnsköldsvik, Sweden, August 20, 2026 John Vestberg, CEO and President
Comments on Financial Statement
Order Intake
Total order intake for the quarter amounted to 57.0 (76.2) MSEK, a year-on-year decrease of 25.1 %. The decrease is mainly explained by several multi-year contracts won last year for which there are no similar deals in the current period.
During the past twelve-month period, order intake amounted to 503 MSEK.
The order book balance on 31 June 2026 amounted to 642.0 (375.0) MSEK. Most of the order book balance relates to contracts within the defence and telecom sector where, according to the current plan, deliveries will occur continuously up to and including 2029. For the coming twelve- month period, an estimate of 225.7 MSEK of the order backlog will be realised, based on currently known delivery plans.
Deferred revenue from prepaid contracts and prepaid consulting services amounted to 75.6 (76.2) MSEK, whereof
52.4 (55.3) MSEK will be recognized as revenue during the coming twelve-month period.
Net Sales
Net sales for the quarter amounted to 89.2 (54.8) MSEK, a year-on-year increase of 62.9 %. The increase is explained by
Figure 2. Net sales development 2022 - 2026 Q2.
NET SALES BY TYPE
the won contract with the Norwegian Defence Materiel Agency and with increased deliveries to the CV90 deals.
Adjusted for currency effects net sales amounted to 89.3 (56.3) MSEK, an increase of 58.6 %. In addition to SEK, sales are also made in EUR and USD.
Figure 1. Order intake development 2022 - 2026 Q2.
Sales of products and licenses are a major part of net sales, amounting to 82.9 MSEK, or 92.9 % of net sales, while revenue from professional services amounted to 6.3 MSEK.
Professional services are services related to the company's products, for example configuration and optimisation services as well as advanced installation services.
2026 Apr - Jun | 2025 Apr - Jun | Y/Y (%) | 2025 Jan - Dec |
82,902 | 48,724 | 70 % | 195,936 |
6,304 | 6,036 | 4 % | 23,290 |
89,206 | 54,760 | 63 % | 219,226 |
(TSEK)
Product and license revenue Professional services
Net Sales
Figure 3. Net sales development civilian and defence business 2023-2026 Q2.
Net sales for the quarter relating to the defence business amounted to 45.6 (9.9) MSEK, a year-on-year increase of
369.7 %. The increase is partly explained by the won contract with the Norwegian Defence Materiel Agency as well as increased deliveries to the defence sector.
Annual Recurring Revenue
Annual recurring revenue on 30 June 2026 amounted to
142.8 (136.6) MSEK, a year-on-year increase of 4.5 %.
The increase is primarily explained by an increase in won contracts over the last twelve-month period.
Figure 4. Development of ARR 2022 - 2026 Q2.
Please note that ARR for Q4 2025 has been adjusted and therefore does not correspond to the figures reported in Q4 2025 report.
Deals providing recurring license revenue are the norm in Clavister's sales. An exception is sales to the defence sector, which currently predominantly consists of sales with a high proportion of non-recurring revenue and a lower proportion of recurring revenue.
Gross Margin and Gross Profit
Gross margin amounted to 82.5 (81.1) %.
The change in margin is explained by the variations in product mix, where the period was affected by an increased volume of hardware deliveries within the defense business while the gross margin was supported by the contract awarded by the Norwegian Defence Materiel Agency.
Gross profit for the quarter amounted to 76.0 (45.2) MSEK, an increase of 68.1 %.
Figure 5. Development of Gross Profit 2022 - 2026 Q2.
Operating Expenses
Total operating expenses (OPEX) amounted to -59.2 (-49.2) MSEK, whereof personnel expenses amounted to -38.6 (-37.8) MSEK and other external expenses amounted to -20.6 (-11.4) MSEK.
Figure 6. Development of OPEX 2022 - 2026 Q2.
The quarter was impacted by items affecting comparability of
-2.5 (-2.4) MSEK. Most of the items affecting comparability relate to the ongoing legal dispute with FortifiedID AB. Adjusted for items affecting comparability, operating expenses amounted to -56.7 (-46.8) MSEK, an increase of 21.2
%.
Other external expenses consist mainly of marketing, IT and communication and external consultants. Expenses for external consultants have increased in the period related to the won contract with the Norwegian Defence Materiel Agency.
Operating Result
EBITDA amounted to 24.6 (6.7) MSEK. Adjusted for non-recurring expenses EBITDA amounted to 27.1 (9.1) MSEK.
Figure 7. Development of EBITDA 2022 - 2026 Q2.
Depreciation and amortisation amounted to -12.0 (-11.5) MSEK, whereof -1,0 (-1.1) MSEK is attributed to IFRS 16.
EBIT amounted to 12.6 (-4.8) MSEK. Adjusted EBIT amounted to 15.1 (-2.4) MSEK.
Financial Net
Financial income and expenses amounted to -2.6 (-11.0) MSEK. The change is explained by the amortisation of the EUR-denominated loan from the EIB at the end of 2025, in favour of a loan denominated in SEK. As a result, there is no impact from foreign exchange effects on long-term borrowings in net financial items in the current period, whereas such impact was present in the comparative period. The change in the loan structure also results in lower interest expenses.
The financial net consists of the following non-cash items; currency revaluations for long-term liabilities 0 (-6.4) MSEK, long-term interest to lenders 0 (-1.9) MSEK and costs for warrants as well as costs related to long-term liabilities -0.1 (-0.8) MSEK.
The financial net consists of the following items impacting cash-flow; interest on factoring, short-term interest to lenders, currency effects on amortisation and interest income -2.4 (-2.0) MSEK and interest in leasing contracts under IFRS 16
-0.1 (0.0) MSEK.
Tax
Tax for the period amounted to 0 (0) MSEK.
Result after tax
Result after taxes amounted to 10.0 (-15.9) MSEK.
Investments in Intangible Assets
Capitalised costs for development work amounted to 9.7 (10.8) MSEK, whereof 7.8 (10.7) MSEK refers to capitalised development expenses. The decrease is attributable to reduced capitalization of development expenditure, as development activities are being carried out under the awarded tactical communications contract.
CAPITALIZED DEVELOPMENT
TSEK | 2026 Apr - Jun | 2025 Apr - Jun | (%) | 2025 Jan-Dec |
Capitalization of | ||||
development costs | 9,732 | 10,827 | -10 % | 39,944 |
Amortization of | ||||
capitalized development | ||||
costs | -10,166 | -9,875 | 3 % | -37,442 |
Change in capitalization of development costs | -434 | 952 | 2,502 |
Shareholders' Equity and Liabilities
Equity amounted to 107.3 (-39.5) MSEK. Equity for the parent company Clavister AB amounted to 428.9 (304.5) MSEK.
Interest-bearing Liabilities
On 30 June 2026, interest-bearing liabilities amounted to
135.9 (142.5) MSEK, distributed between long-term liabilities of 89.2 (110.8) MSEK and short-term liabilities of 46.7 (31.7) MSEK. The interest-bearing liabilities also include a debt to the Swedish Tax Authority of approximately 26.2 MSEK for previously received COVID-19 support.
Financial Net Debt
On 30 June 2026, the financial net debt amounted to -94.2 (-88.4) MSEK. The decrease in net debt is primarily explained by the issue proceeds received.
Cash Flow
Cash flow from operating activities before working capital changes amounted to 23.3 (3.8) MSEK.
Cash flow from operating activities amounted to -6.7 (-0.7) MSEK. The change is explained by an improved cash flow from operating activities before changes in working capital, increased outflows from inventory and increased binding in
operating receivables, as well as increased payments from operating liabilities.
Cash flow from investing activities amounted to -10.0 (-10.8) MSEK, whereof capitalisation of development costs amounted to -9.7 (-10.8) MSEK.
Cash flow from financing activities amounted to -10.0 (1.8) MSEK. During the period, repayment of 10 MSEK has been made to Swedbank relating to the commercial bank loan.
Change in cash position was -26.8 (-9.7) MSEK. Cash balance amounted to 41.7 (54.1) MSEK on 30 June 2026.
Impairment Testing
No need for impairment has been identified during the first quarter of 2026.
Personnel and Organisation
On 31 March 2026, the number of full-time equivalent employees (FTE) amounted to 121 (111). Hired personnel corresponded to 22 (8) people at the end of the period.
Disputes and Litigations
The Swedish Patent and Market Court of Appeal has issued its judgment in the case between PhenixID AB and FortifiedID AB. The Court overturned the previous ruling of the Patent and Market Court and found that FortifiedID had intentionally misappropriated PhenixID's trade secrets by acquiring and using portions of PhenixID's source code in violation of the Swedish Trade Secrets Act.
As a result of the judgment, FortifiedID has been prohibited, under penalty of a SEK 1 million fine, from using or disclosing the source code in question. FortifiedID has also been ordered to pay damages of SEK 750,000 plus interest to PhenixID and
to bear the cost of publishing information regarding the judgment.
As of June 30, 2026, the judgment has not yet become final and binding, and both parties have appealed it to the Supreme Court as of July 8, 2026. The Supreme Court will subsequently decide whether to grant leave to appeal.
Transactions with Related Parties
No significant business transactions between related parties and Clavister have occurred during the reporting period.
Risks and Uncertainties
Please see the Annual Report 2025 and the Clavister website, where an extensive summary is provided of risks and uncertainties in the business that could significantly affect the results and share performance.
Material Post-Closing Events
After the end of the period, the Company's financing with Swedbank was increased from 90 MSEK to 130 MSEK. The purpose is to bring forward the repayment of tax deferrals amounting to 26 MSEK, which otherwise would have fallen due in 2026 and 2027, and replace them with a commercial loan with a five-year maturity.
Ambitions and Planning Assumptions
The ambition for the coming three-year period is revenue growth that clearly exceeds the overall growth of the cybersecurity market.
The expectation is to be able to maintain an average gross margin of 80 % with some fluctuation between periods depending on the product mix at any given time.
The intention is to reinvest a significant portion of future cash flows to accelerate growth and capture larger market shares.
(TSEK) | 2026 Apr - Jun | |
Net sales | 89,205 | |
Other revenue | 2,960 | |
Total revenue | 92,165 | |
COGS | -16,149 | |
Gross profit | 76,016 | |
Cap. Dev. Expenses | 7,800 | |
Staff costs | -38,564 | |
Other external costs | -20,621 | |
EBITDA | 24,631 | |
Depreciation and amortization | -11,988 | |
EBIT | 12,643 | |
Financial items | -2,588 | |
Result after financial items | 10,055 | |
Taxes | -80 | |
Net profit - loss | 9,975 | |
Average number of shares before dilution | 371,426,499 | |
Average number of shares after dilution | 386,348,098 | |
Earnings per share before dilution, SEK | 0.03 | |
Earnings per share after dilution, SEK | 0.03 | |
Net profit relating to | ||
Shareholders of the Parent Company | 9,975 | |
Total results of the Group: | ||
Net profit (loss) end of the period | 9,975 | |
Other profit | 139 | |
Net profit (loss) | 10,114 |
Condensed Consolidated Income Statement
2025 2026 2025 2025
Apr - Jun Jan - Jun Jan - Jun Jan - Dec 54,760 161,023 108,112 219,225
932 4,235 1,787 5,322
55,692 165,258 109,899 224,547
-10,504 -30,226 -23,965 -50,820
45,188 135,032 85,934 173,727
10,701 16,046 20,080 38,403
-37,792 -78,046 -71,490 -135,794
-11,401 -34,441 -21,221 -41,138
6,696 38,591 13,303 35,198
-11,537 -23,472 -22,589 -44,091
-4,841 15,119 -9,286 -8,893
-11,035 -3,675 -3,423 -15,833
-15,876 11,444 -12,709 -24,726
0 -86 0 30,029
-15,876 11,358 -12,709 5,303
308,688,362 371,426,499 299,776,524 315,282,426
335,330,023 386,101,760 332,062,400 329,584,759
-0.05 0.03 -0.04 0.02
-0.05 0.03 -0.04 0.02
-15,876 11,358 -12,709 5,303
-15,876 11,358 -12,709 5,303
3 155 -106 -125
-15,873 11,513 -12,815 5,178
Condensed Consolidated Balance Sheet
(TSEK) | 2026-06-30 | 2025-06-30 | 2025-12-31 |
Assets Non-current assets | |||
Goodwill | 66,697 | 66,697 | 66,697 |
Intangible assets | 108,039 | 110,860 | 110,904 |
Property, Plant & Equipment | 3,484 | 1,217 | 2,048 |
Right of use assets | 9,058 | 14,071 | 12,304 |
Deferred tax asset | 30,000 | 0 | 30,000 |
Other long-term receivables | 1,159 | 1,122 | 1,159 |
Total non-current assets | 218,437 | 193,968 | 223,112 |
Current assets | |||
Inventories | 8,590 | 11,376 | 11,100 |
Current receivables | 100,512 | 72,144 | 70,890 |
Cash and bank balances | 41,741 | 54,087 | 95,930 |
Total current assets | 150,843 | 137,606 | 177,919 |
Total assets | 369,280 | 331,574 | 401,031 |
(TSEK) | 2026-06-30 | 2025-06-30 | 2025-12-31 |
Equity and liabilities Equity | |||
Equity | 107,324 | -39,485 | 94,086 |
Total equity | 107,324 | -39,485 | 94,086 |
Liabilities Long-term liabilities | |||
Convertible debentures | 9,882 | 9,511 | 9,690 |
Liabilities to credit institutions | 70,000 | 161,510 | 80,000 |
Lease liabilities | 5,075 | 10,125 | 8,566 |
Deferred tax liabilities | 142 | 216 | 142 |
Long-term liabilities | 4,233 | 26,220 | 15,228 |
Total long-term liabilities | 89,333 | 207,582 | 113,626 |
Current liabilities | |||
Liabilities to credit institutions | 20,000 | 0 | 20,000 |
Lease liabilities | 4,723 | 4,726 | 4,605 |
Accounts payable | 14,811 | 9,680 | 14,646 |
Other liabilities | 28,592 | 35,719 | 32,622 |
Deferred revenues | 75,576 | 76,235 | 87,204 |
Accrued expenses and deferred income | 28,921 | 37,117 | 34,243 |
Total current liabilities | 172,623 | 163,477 | 193,319 |
Total liabilities | 261,956 | 371,059 | 306,945 |
Total equity and liabilities | 369,280 | 331,574 | 401,031 |
Condensed Statement of Changes in Equity
(TSEK) | 2026 Apr - Jun | 2025 Apr - Jun | 2026 Jan - Jun | 2025 Jan - Jun | 2025 Jan - Dec |
Equity, beginning of period | 95,485 | -81,221 | 94,086 | -84,185 | -84,185 |
Cash issue | 0 | 62,887 | 0 | 62,887 | 230,031 |
Issue expenses | 0 | -5,278 | 0 | -5,372 | -15,464 |
Receivables relating to warrants | 1,725 | 0 | 1,725 | 0 | -41,474 |
Other total income for the period | 141 | 3 | 157 | -106 | -125 |
Result for the period | 9,975 | -15,876 | 11,358 | -12,709 | 5,303 |
Equity, end of period | 107,324 | -39,485 | 107,324 | -39,485 | 94,086 |
(TSEK) | 2026 Apr - Jun | |
Profit (loss) before taxes | 10,055 | |
Reversal of depreciation and write-downs | 11,988 | |
Other adjustments for non-cash items, etc * | 96 | |
Paid taxes Cash flow from operating activities before | 1,103 | |
working capital changes | 23,242 | |
Changes in inventories | 1,167 | |
Changes in operating receivables | -15,158 | |
Changes in operating liabilities** | -15,982 | |
Cash flow from operating activities | -6,732 | |
Acquisition of Property, Plant and Equipment | -306 | |
Investment of capitalized development work | -9,732 | |
Other acquisition of financial fixed assets | 0 | |
Cash flow from investing activities | -10,038 | |
Borrowings** | -10,645 | |
Amortization of leasing liabilities | -1,112 | |
New share issue, incl transaction cost | 1,725 | |
Cash flow from financing activities | -10,032 | |
Change in Cash Position | -26,801 | |
Cash, beginning of period | 68,543 | |
Cash, end of period | 41,741 |
Condensed Consolidated Cash Flow Statement
2025 2026 2025 2025
Apr - Jun Jan - Jun Jan - Jun Jan - Dec
-15,876 11,444 -12,709 -25,477
11,537 23,472 22,589 44,091
7,831 192 -2,066 5,700
284 -716 171 243
3,776 34,393 7,985 24,557
-2,143 2,510 5,336 5,612
-13,200 -29,622 -7,997 -5,993
10,841 -17,679 -1,095 11,216
-726 -10,399 4,228 35,392
0 -1,739 -151 -1,154
-10,827 -18,166 -21,171 -40,563
0 0 0 -36
-10,827 -19,905 -21,322 -41,753
-54,808 -23,483 -67,646 -150,217
-956 -2,126 -1,897 -3,796
57,609 1,725 57,514 173,094
1,846 -23,884 -12,029 19,081
-9,707 -54,188 -29,123 12,720
63,794 95,930 83,210 83,210
54,087 41,741 54,087 95,930
* "Other adjustments for non-cash items, etc " consist of interest convertible loans and for the comparative periods also exchange rate gains/loss for loans in other currencies.
Condensed Income Statement for Parent Company Clavister AB
(TSEK) | 2026 Apr - Jun | 2025 Apr - Jun | 2026 Jan - Jun | 2025 Jan - Jun | 2025 Jan - Dec |
Net sales | 2,250 | 2,252 | 4,501 | 4,502 | 9,005 |
Total revenue | 2,250 | 2,252 | 4,501 | 4,502 | 9,005 |
Staff costs | -3,185 | -5,932 | -8,100 | -10,431 | -13,444 |
Other external costs | -1,475 | -1,465 | -3,115 | -2,416 | -4,808 |
EBITDA | -2,410 | -5,145 | -6,714 | -8,345 | -9,247 |
Financial items | -1,816 | -251 | -3,424 | -506 | -1,170 |
Result after financial items | -4,226 | -5,396 | -10,138 | -8,851 | -10,417 |
Group contribution paid | 0 | 0 | 0 | 0 | 18,800 |
Taxes | 0 | 0 | 0 | 0 | 74 |
Net result | -4,226 | -5,396 | -10,138 | -8,851 | 8,457 |
Condensed Balance Sheet for Parent Company Clavister AB
(TSEK) | 2026-06-30 | 2025-06-30 | 2025-12-31 |
Assets Fixed assets Shares in group companies | 479,155 | 475,155 | 475,155 |
Receivables from group companies | 50,516 | 4,945 | 34,908 |
Total fixed assets | 529,671 | 480,100 | 510,063 |
Current assets Current receivables | 2,708 | 463 | 1,354 |
Cash and bank balances | 3,902 | 25,555 | 43,630 |
Total current assets | 6,610 | 26,017 | 44,985 |
Total assets | 536,281 | 506,117 | 555,047 |
Equity and liabilities Equity Equity | 428,937 | 304,462 | 437,350 |
Total equity | 428,937 | 304,462 | 437,350 |
Liabilities Long-term liabilities Convertible debentures | 9,882 | 9,511 | 9,690 |
Liabilities to credit institutions | 70,000 | 0 | 80,000 |
Liabilities to Group companies | 0 | 179,462 | 0 |
Deferred tax | 142 | 216 | 142 |
Other long-term liabilities | 448 | 2,589 | 1,518 |
Total long-term liabilities | 80,473 | 191,778 | 91,351 |
Current liabilities | |||
Liabilities to credit institutions | 20,000 | 0 | 20,000 |
Accounts payable | 471 | 919 | 836 |
Other liabilities | 2,816 | 2,665 | 2,881 |
Accrued expenses and deferred income | 3,584 | 6,293 | 2,629 |
Total current liabilities | 26,871 | 9,876 | 26,346 |
Total liabilities | 107,344 | 201,654 | 117,697 |
Total equity and liabilities | 536,281 | 506,117 | 555,047 |
Notes
Note 1 Accounting Policies
Act) and RFR 2. The same accounting principles and methods | SHAREHOLDERS* | 2026-06-30 | shares |
of computation are followed in this interim financial statement, as in the most recent annual financial statements 2025. A description of the definitions used in the report can be found | P-A Bendt Försäkringsaktiebolaget Avanza Pension | 60,180,000 21,847,243 | 16.2% 5.9% |
on the company's website: Key Metrics. | Union Investment | 18,500,000 | 5.0% |
This report has been prepared in accordance with IAS 34, Interim Financial Reporting, ÅRL (the Swedish Annual Accounts
Note 2 Segment Reporting
A business segment is a part of the Group which operates independently and can generate revenue and incur costs and
THE 10 LARGEST
Number of shares
% of total number of
price according to the Black & Scholes model and has therefore not affected the Group's Income statement by any charges.
There is one warrant program with a total amount of warrants of 19,801 related to former loan financing which mature in 2026.
Holders of warrants will be entitled to subscribe for one new share in the company for each warrant. The total number of issued and open warrants amounts to 16,269,801.
Warrants
the operating result is reviewed by the Group's chief operating
Number
Redeemed/
Share
decisionmaker and for which there is separate and individual financial information available. Management reviews the Group's business performance from a net sales perspective, totally and broken down into separate geographical markets. Costs are not reviewed on a geographical market instead from a total and functional cost base breakdown. Management reviews the Group's operating result as a whole and therefore the Group is considered to be a segment in the interim report.
Note 3 Shareholders and Shares
The share capital amounts to 37,142,650 SEK, with a par value of 0.1 SEK per share. Clavister's shares are listed on Nasdaq First North. There is only one type of share in existence. Each share represents one vote at the General Meeting.
On 30 June 2026, the number of shareholders amounted to 12,174. The registered number of shares on 31 December 2025, amounted to 371,426,499 according to The Companies Registration Office.
Companies Registration Office
Finserve Nordic AB | 16,706,485 | 4.5% |
Staffan Dahlström | 12,225,286 | 3.3% |
Swedbank Robur Funds | 9,206,645 | 2.5% |
Cajory Defence AB | 8,434,895 | 2.3% |
Tagehus Holding AB | 6,600,186 | 1.8% |
ÖstVäst Capital Mangement | 5,571,138 | 1.5% |
Polar Capital LLP | 5,208,933 | 1.4% |
Övriga aktieägare | 206,945,688 | 55.7% |
Shares registered under the |
as of 2026-06-30 371,426,499 100.0%
Additional shares potentially issued in 2025 through 2029, due to warrants and
convertible loan 18,052,333 Number of shares after full
dilution 389,478,832
*Source: Modular Finance AB. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen).
Note 4 Share-Related Programs (Warrants) and Convertible Loan
Warrants
There is two current incentive program addressed to personnel with a total of 16,250,000 warrants. 12,500,00 warrants mature in 2027 and 3,750,000 mature in 2029. Pricing is based on the Black & Scholes option-pricing model. Payment of the warrant options has been made in accordance with the extrapolated
issued Due Open Price
TO 2016 - 2026-11-28 | 19,801 | 0 19,801 | 0.10 |
TO 2024 - 2027-06-30 | 12,500,000 | 0 12,500,000 | 2.00 |
TO 2026 - 2029-06-30 3,750,000 0 3,750,000 6.39
16,269,801 0 16,269,801
Convertible Loan
The issued convertible loan amounts to 10 MSEK and matures on May 31, 2027, with a conversion price of 5.61 SEK. At potential conversion there will be an additional 1,782,532 shares. The interest rate is based on STIBOR 90 +2.5%.
Convertible loan | Number issued | Redeemed/ Due | Open | Share Price |
Convertible loan 2027-05-31 | 1,782,532 | 0 | 1,782,532 | 5.61 |
Total | 1,782,532 | 0 | 1,782,532 | 5.61 |
Note 5 Pledged Assets
GROUP
(TSEK) | 2026-06-30 | 2025-06-30 | 2025-12-31 |
Pledged accounts receivable | 3,518 | 5,067 | 5,355 |
Pledged shares in subsidiaries | 157,706 | 82,160 | 132,557 |
Other pledged assets | 1,400 | 1,400 | 1,400 |
Total | 162,624 | 88,627 | 139,313 |
PARENT COMPANY
Note 7 Alternative Performance Measures
Clavister uses various key figures, including alternative performance measures (APMs), for internal analysis purposes and for external communication of the operations' results, performance, and financial position.
The aim of these APMs is to illustrate the performance measures tailored to operations that, in addition to the other key figures, enable various stakeholders to more accurately assess and value Clavister's historical, current, and future performance and position.
ALTERNATIVE
PERFORMANCE MEASURES
(TSEK) | 2026-06-30 | 2025-06-30 2025-12-31 |
Pledged shares in Group companies | 479,155 | 105,550 475,155 |
Total | 479,155 | 1015550 475,155 |
(TSEK)
2025
57,049
142,768
2026
Apr - Jun
Apr - Jun
2025
Jan - Dec
Note 6 Contingent Liabilities
GROUP
(TSEK) | 2026-06-30 | 2025-06-30 | 2025-12-31 |
No Contingent liabilities | 0 | 0 | 0 |
Total | 0 | 0 | 0 |
PARENT COMPANY
(TSEK) | 2026-06-30 | 2025-06-30 2025-12-31 |
Parent company guarantee | 0 | * 0 |
Total | 0 | * 0 |
* The parent company guarantee secures the liability to the Europeant Investment Bank (EIB), for further information on amount, refer to "Liabilities to credit institutions" in the Group Balance Sheet.
Order intake
Annual recurring revenue (ARR)
76,212 320,045
136,586 140,579
Note 8 Financial Metrics
TSEK | 2026 | 2025 | 2026 | 2025 | 2025 |
Apr - Jun | Apr - Jun | Jan - Jun | Jan - Jun | Jan - Dec | |
Net sales (TSEK) | 89,205 | 54,760 | 161,023 | 108,112 | 219,225 |
Total revenue (TSEK) | 92,165 | 55,692 | 165,258 | 109,899 | 224,547 |
Gross profit (TSEK) | 76,016 | 45,188 | 135,032 | 85,934 | 173,727 |
Gross margin (%) | 82.5% | 81.1% | 81.7% | 78.2% | 77.4% |
EBITDA (TSEK) | 24,631 | 6,696 | 38,591 | 13,303 | 35,198 |
Operating profit (TSEK) | 12,643 | -4,841 | 15,119 | -9,286 | -8,893 |
Net profit (loss) (TSEK) | 9,975 | -15,876 | 11,358 | -12,709 | 5,303 |
Earnings per share (SEK) before dilution | 0.03 | -0.05 | 0.03 | -0.04 | 0.01 |
Earnings per share (SEK) after dilution | 0.03 | -0.05 | 0.03 | -0.04 | 0.01 |
Price per earnings (SEK) | N/A | N/A | N/A | N/A | 203.57 |
Equity per share | 0.29 | -0.13 | 0.29 | -0.13 | 0.25 |
Number of shares before dilution at the end of the period | 371,426,499 | 309,522,083 | 371,426,499 | 309,522,083 | 371,426,499 |
Number of shares after dilution at the end of the period | 389,478,832 | 339,410,507 | 389,478,832 | 339,410,507 | 385,728,832 |
Average number of shares before dilution | 371,426,499 | 308,688,362 | 371,426,499 | 299,776,524 | 315,282,426 |
Average number of shares after dilution | 386,348,098 | 335,330,023 | 386,101,760 | 332,062,400 | 329,584,759 |
Number of employees at the end of period (FTE) | 121 | 111 | 121 | 111 | 112 |
Average number of employees (FTE) | 116 | 108 | 116 | 108 | 108 |
Number of employees and external resources at end of period | 143 | 119 | 143 | 119 | 122 |
Equity/assets ratio (%) | 24,% | Negative | 24,% | Negative | 23% |
Quick ratio (%) | 39% | 38% | 39% | 38% | 86% |
Net debt (-), Net cash (+) (TSEK) | -94,159 | -88,440 | -94,159 | -88,440 | -66,635 |
Report Information
Financial Calendar
Interim Report Jul - Sep 2026
12 November 2026
Interim Report Oct - Dec 2026 11 February 2027
Interim Report Jan - Mar 2027 13 May 2027
Interim Report Apr - Jun 2027 19 August 2027
The Share
Exchange: Nasdaq First North Symbol: CLAV
ISIN Code: SE0005308558
Investor Relations David Nordström, CFO
Phone: +46 (0)660 29 92 00
E-mail: ir@clavister.com https://www.clavister.com
Commissioned Research ABG Sundal Collier
Phone: +46 (0) 8 566 286 89
E-mail: simon.jonsson@abgsc.se https://www.introduce.se/foretag/clavister/start
Certified Adviser FNCA Sweden AB https://www.fnca.se
Auditor PwC Sverige
Authorised Public Accountant: Claes Sjödin E-mail: claes.sjoedin@pwc.com https://www.pwc.se
Any forward-looking statements in this report are based on Clavister's best assessment at the time of the report. Actual result may materially different. Clavister does not publish any forecasts.
The CEO ensures that the interim report gives a true and fair view of the Group's and the Parent Company's business, position and results and describes significant risks and uncertainties faced by the company and the companies included in the Group.
This interim report has not been subject to review by the Company's auditor.
Örnsköldsvik, Sweden, 20th of August 2026 John Vestberg
CEO and President