2025 Annual Report

Aker Security's GSOC

Cyviz is next level collaboration. We bring communication, control, and interaction together, powered by advanced technology but driven by one important thing: People. Cyviz makes life better by simplifying the complex, ensuring work is more immersive, productive, and ultimately

more enjoyable.

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Contents

Our Business

Key Figures Global Presence

Letter from the CEO

Board of Directors' Report

People & Culture

Business Development & Strategy

Research & Development (R&D) Environmental, Social, and Governance (ESG) Outlook

Financials

Consolidated Financial Statements Cyviz Group

Financial Statements Cyviz AS

Independent Auditor's Report

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Inside Aker Security's Global Security Operations Center

Cyviz in Brief

Cyviz AS (the "Company") was established in 1998 and is headquartered in Sandnes, Norway. The Company is listed on Euronext Growth at the Oslo Stock Exchange (ticker: CYVIZ) and is the parent company in the Cyviz group.

Cyviz is a global technology and platform provider of high-quality, intuitive solutions for Corporate Spaces, Command & Control, and Innovation & Envisioning, powered by our in-house developed hardware and software, unique methodology, and expertise.

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The technology and platform provider serves global enterprises and governments with the highest requirements for usability, security, and quality. The cross-platform experience Cyviz delivers to manage and control systems and resources across the enterprise makes Cyviz the preferred choice for customers with complex needs.

The Company has 100% ownership of the following subsidiaries: Cyviz LLC (US), Cyviz Limited (United Kingdom), Cyviz BV (The Netherlands), and Cyviz Pte Ltd (Singapore), which all together represent "Cyviz" or the " Cyviz Group". Cyviz is also represented with a branch office in the United Arab Emirates.

Our Business | People | Strategy | R&D | ESG | Outlook | Financials

High Impact Solutions

Cyviz is a global technology and platform provider, delivering high-quality, intuitive solutions for Command & Control, Corporate Spaces, and Innovation & Envisioning, powered by our in-house developed hardware and software, unique methodology, and expertise.

CORPORATE

SPACES

COMMAND & CONTROL

INNOVATION & ENVISIONING

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‌Key Figures

Rolling 12-month trend

Gross Profit (MNOK)

37

36 36

30 30

25 28

21

-39%

32

28

21 22

9

-3 -2

-7

-11

-16 -15

-26 -28

282 289 295

314

306

-4%

315 307

315 302

EBITDA (MNOK)

Order Intake (MNOK)

710

775

+2%

676

626 632

642

589

561

659

620 641

609

631

517

435 445

402

342

307

238

179

102

280

257

220

185

147

142 156

122

122

100

286

Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25

Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25

Q4-20 Q1-21 Q2-21 Q3-21 Q4-21 Q1-22 Q2-22 Q3-22 Q4-22 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25

MNOK Gross Profits

MNOK EBITDA

Experience of Next Level Collaboration

Global Fortune 500 Customers

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‌Business Highlights 2025

Microsoft Corporation -

multiple regions

Cyviz continue to be a strategic technology partner for Microsoft for several key projects around the world (USD 5.3 mil+)

Saudi Electricity Company (SEC) -

Saudi Arabia

SEC continues to trust Cyviz for its critical visualization needs, with multiple project valued at USD 2.6 mil+

Pennsylvania State ARL - US Cyviz has secured multiple strategic win with one of the leading research institutes in USA (USD 1.5 mil+)

Utility Conglomerate - US Cyviz has been chosen by a large Texas based utility conglomerate for multiple visual collaboration projects worth more than USD 17.6 mil+

Defense Deals - Europe Cyviz has become a trusted partner for a European defence customer's multiple mission critical projects (USD 8 mil+)

Aker BP - Norway

Cyviz remains Aker BP's chosen technology partner for several projects ( USD 8.6 mil+) across Norway

Environment Agency - UAE Cyviz has been entrusted with the opportunity to build a high-end Emergency Centre in Abu Dhabi (USD 1.3 mil+)

Defense

15%

Europe

35%

MEAP 21%

Government

Other

13%

2%

9%

51%

Energy

Corporate

10%

44%

North America

Technology

ORDER INTAKE 2025 | VERTICALS ORDER INTAKE 2025 | REGIONS

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Global Presence

The Company has Cyviz Experience Centers (CEC) in Atlanta, Dubai, Edinburgh, Oslo, Riyadh, Singapore, and Stavanger.

Stavanger

Oslo

With employees at 15 locations across three regions worldwide, Cyviz has a strong local presence in our markets.

Cyviz is among the leading providers of visualization and collaboration technologies worldwide, with key global accounts including Microsoft, Aker BP, SWISS, IBM, DNV, Smart Innovation Norway, and Accenture.

Portland

Atlanta

Houston

Chicago

Tampa

Edinburgh

Global Support Centre

London Utrecht

Paris

Riyadh

Qatar

Dubai

Delhi

Singapore

• Cyviz Experience Centers (CEC)

• Partner Showrooms

• Microsoft Technology Centers incorporating Cyviz

• Selected Cyviz Customer Locations

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Selected Cases in 2025

Aker Security

Global Security Operations Center

Aker Security collaborated with Cyviz to establish a Global Security Operations Center (GSOC), creating an operational nerve center that integrates real-time data from multiple sources to enhance global threat monitoring and crisis management.

Microsoft

Immersive Suite Amsterdam

Microsoft's Immersive Suite uses a seamless 360-degree video wall and one-touch controls to provide high-impact storytelling and digital transformation experiences for enterprise clients.

A Military Command Center Inside a Container in 24 Hours

Cyviz has demonstrated the future of rapid deployment by transforming a standard shipping container into a sophisticated, ballistic-proof military command center in just 24 hours.

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Letter from the CEO

2025 has been a year of execution, transition, and continued strategic focus for Cyviz. Building on the foundations laid in 2024 and 2025, we are progressing our transformation into a more scalable, software-enabled business, while continuing to deliver mission-critical solutions to customers with complex operational needs.

Throughout 2025, we've seen solid underlying demand across our core markets. Performance has varied between regions, reflecting both geopolitical uncertainty and shifting customer investment cycles. At the same time, our global footprint, diversified customer base, and strong project execution capabilities have allowed us to maintain momentum and position the company for future growth. A key development during 2025 has been the continued advancement of our software platform and recurring revenue model. Increased adoption of our Cyviz Software Platform by large global customers, combined with ongoing

enhancements to user experience, APIs, and scalability, strengthens our ability to grow annual recurring revenue over time. This transition is central to our long-term strategy and supports a more predictable, resilient business model.

Our partner ecosystem also continues to play an increasingly important role. By expanding our partner channel and standardizing offerings, we're extending our reach into new markets while improving operational efficiency. This approach enables Cyviz to scale globally without compromising quality or security and reinforces our position as a trusted platform provider for customers with high requirements. Defense and public sector remain strategic growth priorities for Cyviz.

Increasing investment in European defense capabilities, driven by geopolitical developments and modernization initiatives, is reinforcing demand for secure, standardized, and future-proof command and collaboration solutions. With a long-standing

track record in delivering mission-critical environments to government and defense customers, we are well-positioned to support evolving needs through close collaboration with partners and stakeholders. Investments in product development, digital platforms, and scalability are balanced with financial discipline, supported by a healthy order backlog and a growing pipeline. Our progress is driven by our people, whose commitment and collaborative culture remain a defining strength of Cyviz. With a clear strategy and strong execution capabilities, we are well placed to continue building a more scalable, software-led company that supports customers in their most critical operations.

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Thank you to our colleagues, customers, partners, and shareholders for your continued trust and support in 2025.

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Financial Review

(Numbers for the corresponding period in 2024 are in parentheses)

The Cyviz Group (The Group) had revenues of NOK 564 million in 2025 (NOK 595 million). The parent company, Cyviz AS, reported revenues of NOK 357 million in 2025 (NOK 482 million). Order intake for 2025 was NOK 631 million (NOK 620 million), which is an increase of 2% from 2024. At year-end, the backlog was solid at NOK 376 million (NOK 381 million).

The Group reported an operating profit of NOK 1.3 million in 2025 (NOK 4.6 million), and Cyviz AS reported an operating profit of NOK 0.7 million in 2025 (NOK 31.9 million). Revenue and profit for the year were impacted by the delayed execution of two projects in the Middle East, which reduced order intake by approximately NOK 140 million and revenue by NOK 100 million.

The Group reported consolidated net financial expenses of NOK 16.8 million in 2025 (NOK 6.4 million), and Cyviz AS reported net financial

expenses of NOK 29.5 million in 2025 (NOK 37.9 million). The Group's net financial expenses in 2025 were largely driven by a net currency loss of NOK

13.7 million in the first half of the year.

The consolidated tax expense was NOK 1.2 million in 2025 (income of NOK 12.4 million). For Cyviz AS, the tax expense amounted to NOK 0.7 million (income of NOK 12.7 million). In 2024, Cyviz AS recognized a deferred tax asset of NOK 13.0 million as continued positive performance makes its future utilization likely. This asset remains unchanged in the 2025 accounts.

By the end of 2025, the Group had NOK 29.7 million (NOK 51.4 million) of tax losses carried forward, of which NOK 13.0 million is recognized in the balance sheet (NOK 13.0 million).

The Group reported a consolidated net loss of NOK

16.7 million in 2025 (net profit of NOK 10.7 million). For Cyviz AS, the reported net loss was NOK 29.4 million in 2025 (net profit of NOK 6.7 million).

The Group reported a consolidated net cash flow from operating activities of NOK 28.8 million in 2025 (NOK 36.2 million), while the parent company's net cash flow from operating activities was NOK 39.1 million in 2025 (NOK 40.9 million).

Consolidated net cash flow from investing activities amounted to NOK 40.5 million in 2025 (NOK -35.8 million). For Cyviz AS, the amount was NOK -57.4 million in 2025 (NOK -48.4 million). Investments in 2025 were mainly related to product development of Cyviz' Monitoring & Remote Management platform, and ongoing upgrades to the company's ERP system.

For the Group, net cash flow from financing activities was NOK 16.6 million in 2025 (NOK 12.7 million), mainly driven by an increase in the Revolving Credit Facility of NOK 17.0 million and the repayment of long-term loans to Innovasjon Norge of NOK 2.0 million. Financing cash flow also includes a share issue of equity of NOK 1.1 million.

At the end of 2025, the total assets for the Group were NOK 331.2 million (NOK 311.9 million), and for Cyviz AS, total assets were NOK 310.9 million (NOK 298.7 million). The Group's total equity at the end of 2025 was NOK 100.9 million (NOK 110.7 million), corresponding to an equity ratio of 30.7%. Cyviz AS' equity was NOK 119.8 million at the end of 2025 (NOK 144.3 million), corresponding to an equity ratio of 38.5%. At the end of 2025, the Group's cash and cash equivalents were NOK 18.0 million (NOK 13.1 million), and for Cyviz AS, NOK

3.0 million (NOK 5.2 million).

By the end of 2025, both the Group and Cyviz AS had net interest-bearing debt of NOK 59.6 million (NOK 44.7 million).

The Board of Directors believes that the financial statements give a satisfactory representation of the results in 2025 and the financial position at year-

end 2025.

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‌People & Culture

People Vision - People Function as an Enabler Cyviz continues to invest in people, culture, and organizational development as key enablers of long-term value creation. The People function supports the execution of strategic priorities, ensuring the organization has the capabilities required to deliver on the company's ambitions and respond to changing market needs.

People development is one of Cyviz' four must-win battles and a central component of the four-year strategy. Our ambition is to provide a workplace where employees develop, perform, and contribute to sustainable results.

In 2025, the People function played an important role in supporting ongoing transformation initiatives, including organizational development, refining our operating model, and continuing improvements to core processes. Clear alignment, disciplined execution, and strong engagement across the organization remain essential to securing long-term performance.

Organizational Optimization

In 2025, Cyviz continued to reinforce the organizational structure introduced in 2024. The structure has been further supported by a more systematic approach to strategic workforce planning, ensuring alignment between capabilities, business needs, and long-term growth ambitions.

The three-region model, Europe, North America, and the Middle East/APAC, remains the foundation for combining global coordination with proximity to customers. The matrix integration of corporate functions has continued to strengthen standardisation, improve operational consistency, and support more effective resource utilisation.

The Subject Matter Expert (SME) structure has been further embedded across the organization, contributing to greater harmonization, reduced siloing, and more efficient knowledge sharing.

Throughout these developments, Cyviz has maintained a clear focus on safeguarding the company's cultural DNA while strengthening cross-organizational cooperation.

Organizational Development

Cyviz continued to build organizational capability through targeted development initiatives in 2025.

The performance management framework remains the foundation for structured performance dialogues, goal setting, and ongoing development. In 2025, values were further integrated into performance assessments, ensuring clearer expectations for leadership behaviour and collaboration.

Cyviz' Learning Platform implemented in 2025, now provides a global platform for structured competence development and more consistent access to learning resources across regions.

Succession planning efforts were further strengthened during the year, with a focus on developing a broader leadership pipeline and improving long-term organizational resilience.

Culture and Engagement

A strong, responsible, and performance-oriented culture remains a priority for Cyviz. Following the pulse surveys conducted to assess the impact of the new organizational structure, the Company returned to its full annual employee engagement survey in 2025. The results provided clear insights into organisational strengths and areas for improvement. Employee engagement remained strong, with a score of 82 out of 100, reflecting a solid foundation for collaboration across the Organisation. Employee well-being also remained a key focus for leadership teams throughout the year. Overall employee satisfaction increased from 3.9 in 2023 to 4.4 in the 2025 survey.

In 2025, renewed emphasis was placed on the Company's values, reflecting their central role in strengthening the culture and supporting the performance framework. The Company continued to reinforce clear expectations regarding behaviour, decision-making, and leadership.

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People & Culture

The well-being of Cyviz' employees remains a top priority. In 2025, our commitment to a healthy work environment is reflected in the continued low rates of sick leave, accounting for 1 % of total working hours. Zero work-related injuries were reported, further demonstrating our commitment to the safety, health, and engagement of our workforce.

Cyviz recognizes diversity as an important contributor to stronger decision-making and improved business outcomes. Ensuring a strong talent pipeline, therefore, includes a continued focus on improving gender balance across the organization. At year-end 2025, Cyviz employed 164 people, comprising 27 women and 137 men, representing 23 nationalities. The Board of Directors comprised three women and two men.

The Executive Leadership Team consisted of eight members, including one woman.

Leadership Development

Leadership development remains a key enabler of

Cyviz' transformation and long-term growth,

ensuring we reinforce our organizational structure. In 2025, the Executive Leadership Team (ELT) continued its development program, focusing on transformational leadership and strengthening strategic execution. The leadership development program for midlevel managers progressed as planned, ensuring consistency across leadership levels and supporting the development of the next generation of leaders.

164 23

Employees (FTEs)

Nationalities

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Professionalizing People Processes

Cyviz continued to digitalize and professionalize core People processes in 2025. The implementation of a Human Resources Information System (HRIS) was successfully completed at the end of 2025, establishing a single source of truth for employee data and supporting more efficient processes across the full employee lifecycle.

Together with the Learning Platform and strengthened People processes, the HRIS supports a more integrated, data-driven, and scalable approach to managing and developing Cyviz' global workforce.

The "Faces of Cyviz" represent our competence, personality, and background diversity.

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‌Business Development & Strategy

Scaling Cyviz for the Future

Cyviz continues to execute on the strategic decision to evolve into a technology and platform-led company in the coming years. This transformation marks an evolution in how we scale our business, expand our market reach, and deliver value to customers, as our focus will shift to working primarily with partners. However, this does not mean moving away from our project business entirely. We continue to serve our most strategic customers, focusing on our largest accounts, where we aim to enhance efficiency, drive profitability, and leverage best practices in design, installation, and system standardization. This will ensure that our customers benefit from optimized, scalable solutions, while Cyviz increases operational efficiency and long-term growth.

A key part of our strategy is a significant expansion in our global partner ecosystem, enabling us to

scale Cyviz solutions beyond our direct project business and enter new geographies and verticals. To achieve this, we have continued to develop and evolve two key business lines that will drive our growth trajectory: 1) Our Cyviz Core Technology packages (CCT) - Enabling Partners to Scale Cyviz Solutions. We have created 3 distinct CCT packages (for small, medium , and large spaces) that allow our selected partners to deploy Cyviz solutions, by integrating our core products with standardized

best-in-class third-party equipment. These CCT packages include our in-house developed hardware and software, enabling partners to deliver high-impact collaboration spaces with the same level of quality and innovation that Cyviz is known for.

During 2025 we have signed a total of 15 new partnerships across all the regions. With a partner-first approach, we are expanding our addressable market, entering new geographies and industries

that Cyviz has not previously served, and increasing brand awareness and global presence. 2) The Cyviz Software Management Platform - A New Era in AV Management. While Cyviz customers have been using our management software for over five years to manage their Cyviz AV spaces, we have now expanded its capabilities and applications to support all AV spaces, and not only Cyviz. We have been investing over the past 3 years in building new software applications to enhance our existing software management platform, making it a "single pane of glass" capable of managing any AV space, regardless of size, complexity, or technology used. We can also monitor other types of devices (such as IT, building management devices) that are connected to the same networks. We have also invested in developing and setting up a secure cloud infrastructure with a new architecture that enables us to deliver world-class software solutions and services from the cloud.

Key enhancements to the platform include:

• New and expanded software agents to support

  third-party devices and ecosystems

• AI-powered monitoring and predictive maintenance, reducing downtime

• Scalable deployment models, available as a cloud-based SaaS solution or on-premises

• Subscription-based business model, aligning with industry trends toward managed services

To accelerate adoption, Cyviz has already signed agreements with 30 partners across the US, Europe, the Middle East, Africa, and Asia who will integrate our Software Management Platform into their managed services offerings.

We have also managed to migrate two of our most strategic customers to our cloud, and have started

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Business Development & Strategy

to provide our software management capabilities to 6 brand new customers during 2025. This represents a key element of our shift towards recurring revenue and software-led growth.

Strategic Alliances and Partnerships

2025 was a year of continued momentum in strategic alliances, strengthening Cyviz' global market presence and deepening our alignment with leading technology ecosystems, including Microsoft's rapidly advancing AI platform vision.

Key highlights include:

• Global Strategic Alliance with IBM Cyber Ranges: Our collaboration with IBM expanded with additional cyber-range deployments in North America and Europe, with new opportunities progressing in the Middle East. Amazon Web Services (AWS) joined the partnership alliance along with Cyviz, IBM, and Cloud Range Cyber.

• New Global Partnership with Alleo for Visual Collaboration Software. We developed a new global strategic alliance with Alleo to complement our

next-level solution for high-impact spaces. The Alleo software platform extends the Cyviz solution by enabling multi-user, interactive touch collaboration, a robust content management system with templates, and a superior, equitable experience for remote and hybrid teams. Cyviz and Alleo combined technologies are now being used for innovation & experience centers at KPMG, Visa, Accenture, U.S. government defense agencies, and other new Fortune 500 accounts. We have integrated our software management platform with Alleo and plan to deepen the product integration.

Expanding Strategic Customer Relationships

• Accenture Connected Innovation Centers (CICs) Successfully won the two initial Accenture Connected Innovation Center (CiC) projects in

  Chicago and New York City, which will serve as a reference for the global rollout to many new CiCs in the next few years.

• Microsoft AI-First Strategy. Microsoft is a key strategic customer and technology partner. Cyviz technology is now deployed to over 40 Microsoft Hub Envisioning Theaters worldwide. Cyviz continues to develop and ensure compatibility with the latest Microsoft Teams Rooms systems from certified device partners including HP Poly, Logitech, Shure, Lenovo, Yealink, and Dell. Cyviz is actively incorporating the latest AI technologies from Microsoft including Copilot Studio, Azure AI Foundry, and GitHub Copilot. Cyviz software is now listed on the Microsoft Azure Marketplace, improving global accessibility for enterprise customers and aligning with Microsoft's unified, AI-driven marketplace strategy.

• KPMG Ignition Centers - Completed rollout of the new innovation & experience centers to 6 sites in North America. Cyviz is being used to provide highly interactive workshops for Fortune 500 and government clients. Cyviz plans to expand its footprint with additional centers in North America and Europe.

A Clear Path to Growth

Looking ahead, Cyviz is positioning itself to become the global leader in AV technology and collaboration solutions. Our growth strategy is centered on

a) further strengthening our software solutions and SaaS offerings while expanding and evolving our Core Technology, b) enabling integrators and technology providers to deploy Cyviz solutions and driving broader market adoption, and c) expanding into new verticals, such as Defense, and beyond AV, with new applications in cybersecurity, AI-driven workplaces, and mission-critical environments.

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‌Research & Development (R&D)

In 2025, Cyviz continued to make significant investments in research and development (R&D) to advance its Core Technology, strengthen its competitive edge, and support its transition towards a technology and platform-driven business model. Our R&D activities were primarily carried out at our technology hubs in Stavanger, Norway, and Edinburgh, Scotland, where 27 dedicated employees focused on innovation, technology, and expanding our product portfolio.

Achievements in 2025

We made important progress in advancing our Monitoring & Management Platform, successfully migrating two strategic global accounts to our cloud, onboarding six new customers, and beginning the migration of existing customers onto the new solution. This represents a key milestone in delivering centralized, remote management capabilities to our customer base as part of our continued transition toward a platform-driven model.

We also invested significantly in developing a modernized user interface for the platform and developed new software agents to expand support for third-party devices and ecosystems, broadening the applicability of our software beyond Cyviz-native environments.

We continued developing our Cloud Infrastructure, initiated in 2024, with a focus on extending its capabilities and ensuring scalability to support the growing number of customers migrating to the new solution. As part of this effort, we invested in strengthening our security posture through compliance initiatives, penetration testing, and adopting a secure software development lifecycle.

We developed source-exclusivity features in our Core Technology, an access-control layer that governs which content sources are available in a control room environment.

Developed to serve the requirements of our most demanding turn-key customers, we see strong relevance for this capability across the broader command and control room market. We also invested in building new integration capabilities into our Core Technology to enable closer alignment with strategic software partners such as Alleo, supporting our goal of delivering more complete and complementary solutions to customers.

We designed Cyviz Flex, a new proprietary hardware platform purpose-built to run Cyviz software. Initially supporting our Room Control and Monitoring & Management solutions, the platform is designed to serve as the foundation for future software development. Cyviz Flex is expected to be available from Q2/Q3 2026. This investment is in line with our continued strategy to strengthen our proprietary hardware and software stack, creating a more integrated and streamlined solution offering.

Research & Development (R&D)

In 2025, we initiated a broad effort to standardize our solution offerings. This work will continue into 2026 and is expected to simplify how both Cyviz and our partners deliver solutions, resulting in improved efficiency and more consistent customer experiences.

In Q4, we adopted AI-assisted software development, initially within the Monitoring & Management team. This approach has contributed to both improved development efficiency and a shift in how we build software, enabling us to increase our development capacity. We have also begun incorporating AI-powered features into our product offering, including predictive maintenance and enhanced monitoring capabilities, to keep pace with broader changes in the software industry.

NOK 31.6 million was allocated to R&D in 2025 (NOK 22.2 million in 2024), supported by NOK 4.2 million in SkatteFUNN subsidies.

Looking ahead, Cyviz R&D will continue to invest in maturing our Software Management Platform, with a focus on scalability, security, and expanding capabilities for both Cyviz and partner-deployed solutions. AI will be an increasing area of focus, both as a driver of development efficiency and as a source of new product capabilities. The standardization effort initiated in 2025 will remain a priority as we work to simplify delivery and accelerate partner adoption.

‌Environmental, Social and Governance (ESG)

ESG & Sustainability

Environmental, social, and corporate governance (ESG) principles are integral to Cyviz' strategy. They guide the approach to addressing the needs and enhancing value for our stakeholders, including employees, customers, partners, suppliers, and investors.

Incorporating ESG principles into business operations is recognized as a means of fostering innovation, managing risks, and securing a competitive edge, thereby enhancing overall business value. Cyviz has published an environmental statement on its website with commitments to reducing the negative environmental impact of its operations, products, and services: https://www.cyviz.com/sustainability.

Cyviz offers a unique platform for seamless remote participation, collaboration, and content management, directly helping our customers reduce their carbon footprint and promote virtual engagement as a work form.

Our products and solutions have long duration, and software updates for one customer will benefit the services to all customers.

Cyviz supports the United Nations Sustainable Development Goals (SDG's), including SDG 9 Industry, Innovation & Infrastructure and SDG 13 Climate Action.

Cyviz conducted a double materiality assessment in 2023 based on the principles stated in the Corporate Sustainability Reporting Directive (CSRD).

The double materiality assessment mapped material impacts Cyviz has across its value chain and identified material risks and opportunities driven by stakeholder expectations and ESG megatrends. The assessment resulted in some targets and plans with ESG strategies for 2025 and 2027, outlining ambitions and actions for their realization.

In 2025 EU made regulatory changes to CSRD as part of the Omnibus initiative with revised thresholds and reporting requirements.

Consequently, Cyviz is out of scope for CSRD-reporting as of date. Following these regulatory changes, Cyviz is revising its ESG ambitions 2025/2027.

Last year, Cyviz made group-wide carbon footprint assessments based on 2023 and 2024 numbers, respectively. Based on these assessments, Cyviz also made specific product carbon footprint reports

("service-level accounting emissions") for one of its major customers. During 2026, Cyviz will make similar assessments and reports based on 2025 numbers.

Going forward, Cyviz will continue to take the following actions;

• Focus on delivery of solutions for today and tomorrow, which in themselves

  enable its customers to reduce their carbon footprint. Furthermore, Cyviz will focus on improving its products and services, to reduce its own and its customers' environmental footprint

• Examine its current ESG impact to establish a solid foundation that will enable Cyviz to set realistic goals and identify actions, including an emission reduction plan, based on regulatory requirements and requirements from stakeholders.

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Environmental, Social and Governance (ESG)

As described in the Cyviz Code of Conduct and the Cyviz Supplier Code of Conduct, the Group strives to incorporate sustainable practices throughout our supply chain, reduce waste, and promote energy efficiency. By design, our products may replace business travel and increase efficiency and collaboration for our customers. We encourage continuous improvement in our processes and foster innovation to create improved solutions for our customers.

Transparency Act (TA)

Cyviz performs an annual assessment of exposure within its own organization, our suppliers, and the use of our products. Cyviz issued a TA-report in June 2025 which is available on the Cyviz website: https://www.cyviz.com/sustainability.

A prequalification process for suppliers is established, requiring all potential suppliers to

provide detailed information about their operations, including quality control practices and ethical standards. This documentation undergoes review, and final approval from the Head of Supply Chain is needed before beginning relationships with new suppliers or adding them to the ERP system.

Furthermore, these suppliers must adhere to the Cyviz Supplier Code of Conduct, laying out Cyviz' expectations.

A substantial part of Cyviz' products is hardware and electronics. A simplified illustration of the value chain shows where the risk of negative impact on social conditions is considered inherently high. Due to consumer authority guidelines ("the closer to the risk, the more responsibility"), we focus on our supply chain and distribution.

Audit processes have been developed to verify Cyviz suppliers' compliance with human rights and proper working conditions. These audit processes are under review for desktop audits for various types of manufacturers, suppliers, and partners.

Cyviz has established procedures for reporting and handling incidents and concerns of misconduct, including whistleblowing.

The efforts and developments regarding the TA during the 2025/2026 period will be documented in the Cyviz 2026 TA report, which will be available on Cyviz' website by the end of June 2026.

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Risk Management

The Group is exposed to various types of risk, including:

• Financial risks related to currency, liquidity, interest rate, and credit;

• Operational risks related to health, safety, and environment (HSE) and supply chain; and

• Technology risks, especially related to cybersecurity.

The Group conducts extensive international trade across multiple currencies. As a result, a significant portion of its cash flows is denominated in foreign currencies. To limit currency exposure, the Group implemented a currency exchange policy in 2025 and is assessing further steps, including hedging strategies, to further mitigate currency risk.

Liquidity risk relates to the Group's ability to meet its financial obligations as they fall due. The Group actively manages this risk through continuous liquidity forecasting. As of year-end 2025, the Group's interest-bearing debt consisted of a Revolving Credit Facility (RCF) with DNB Bank ASA with a credit limit of NOK 75.0 million and a NOK

3.0 million loan from Innovation Norway. The RCF is subject to certain conditions, including maintaining earnings and pledged asset values above predefined levels, and an equity ratio of at least 30%. At year-end 2025, the Group was within all RCF covenants including equity ratio, which was 30.7%.

The Group is exposed to interest rate fluctuations due to its interest-bearing debt, which is subject to floating reference rates.

Cyviz primarily serves large, blue-chip customers with strong financial standings, resulting in low default rates historically. However, some geographical regions have experienced longer collection periods, and the Group has implemented a stricter collection regime, incorporating Letters of Credit and similar financial instruments in some regions. Additionally, enhanced system support and tighter internal follow up of accounts receivable have been introduced to improve collection efficiency and reduce risk exposure.

The geopolitical risk in the market further increased in 2025, which affected the risks related to business operations, supply chains, and cybersecurity. With respect to business priorities and focus on potential partners and customers, Cyviz is monitoring the situation closely. Contingency plans are developed for different scenarios, and Cyviz has increased monitoring and awareness related to cybersecurity. Cyviz has the health and safety of our people and our partners as a top priority. Cyviz AS holds and maintains Directors' and Officers' Liability Insurance for its Board members and Company officers. The insurance includes controlled subsidiaries, is issued by a reputable insurer, and is considered reasonable in coverage. It covers personal legal liabilities, including defense and legal costs, for directors and officers of Cyviz AS and its subsidiaries.

Going Concern

The global geopolitical situation, particularly the outbreak of war in the Middle East, has affected activity in the region in the first quarter of 2026

. The Group has an overdraft facility with covenants related to EBITDA and the equity ratio. The Group was in compliance with all covenants at year-end 2025; however, the equity ratio was close to the covenant threshold. The limited headroom, combined with increased geopolitical uncertainty, creates a risk that all covenants may not be met in Q1 2026, which could impact the going concern assessment. In response, Management and the Board of Directors have initiated a cost-reduction program which is being implemented. In addition, the Company has received approval for a covenant waiver for the first three quarters of 2026.

Furthermore, the Group has secured an extended drawing facility of MNOK 25, with any drawn amount falling due on 30 September 2026.

Utilization of this facility is subject to certain metrics being met. According to section § 4-5 of the Norwegian Accounting Act, the Board of Directors confirms that the financial statements have been prepared on the assumption of a going concern.

22

‌Outlook

As Cyviz enters 2026, we do so with a solid order backlog and continued demand across key markets and regions. Activity levels are expected to increase as projects postponed during 2025 are executed, supported by ongoing momentum in order intake and a growing pipeline.

The global operating environment remains characterized by heightened geopolitical uncertainty, including ongoing conflicts and tensions in the Middle East. Such developments continue to affect market conditions, customer investment decisions, and project execution timelines. The impact so far is isolated to the region where the conflict is. Over time, as conditions normalize, we do expect a positive pickup in demand for cybersecurity solutions, control rooms, and advanced operation centres.

Cyviz continuously monitors the geopolitical

Our global customer base and expanding partner ecosystem support our strategic transition towards a more scalable, software-led business model. The Cyviz Software Management Platform continues to gain traction, contributing to growth in annual recurring revenue through increased adoption by customers and partners.

Expansion of the partner channel and further development of standardized service and subscription-based offerings remain central to this transition. Europe and North America continue to represent important markets, while execution of delayed projects is expected to contribute to improved activity levels going forward.

Defense remains a strategic growth priority, driven by increasing European investments and demand for

With an established track record in delivering mission-critical environments, Cyviz is well-positioned to support government and defense customers. With a clear strategic direction and a disciplined approach to growth, Cyviz is well-equipped to navigate market dynamics and geopolitical uncertainty while continuing to build a resilient, scalable business.

Sandnes, 30 April 2026

Ingeborg Molden Hegstad (sign) Board member

Nini Eugenie Høegh Nergaard (sign) Board member

Asta E. Stenhagen (sign) Board member

Patrick Hegge Kartevoll (sign) Board member

landscape and maintains a disciplined approach to

risk management and operational resilience.

secure, standardized, and future-proof command and collaboration solutions.

Rune Syversen (sign) Chairman of the Board

Espen K. Gylvik (sign) CEO

23

Our Business | People | Strategy | R&D | ESG | Outlook | Financials

Consolidated Financial Statements Cyviz Group

25

Our Business | People | Strategy | R&D | ESG | Outlook | Financials

Consolidated Financial Statements Cyviz Group

NOK 1 000

Note

31.12.2025

31.12.2024

Share capital Share premium

Other paid-in equity Total paid-in capital Retained Earnings

Total equity

14,15

15

15

15

14 311

152 147

7 561

174 019

-73 084

100 935

14 257

150 591

3 466

168 314

-57 655

110 659

Non-current liabilities

Provisions

Long-term interest bearing loans Total non-current liabilities Current liabilities

Overdraft facility Contract liabilities Accounts payable Public duties payable Other current liabilities Total current liabilities Total liabilities

Total equity and liabilities

16

9

6 537

3 000

9 537

6 243

5 000

11 243

9

56 638

43 362

86 448

9 119

25 117

220 684

230 221

331 156

39 653

42 159

54 692

6 094

47 368

189 967

201 210

311 868

Sandnes, 30 April 2026

Rune Syversen Chairman of the Board

Patrick Hegge Kartevoll Board Member

Ingeborg Molden Hegstad Board Member

Asta Ellingsen Stenhagen Board Member

Nini Eugenie Høegh Nergaard Board Member

Espen Kristian Gylvik CEO

26

Our Business | People | Strategy | R&D | ESG | Outlook | Financials

Consolidated Financial Statements Cyviz Group

Note 1 - General accounting policies

Basis for preparation

The consolidated financial statements have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles in Norway (NGAAP). The financial statements have been prepared on the basis of going concern. As described in Note 18, the Board of Directors has implemented measures to address the business impact of the war in the Middle East and considers these measures sufficient to support the going concern assumption.

The comparable 2024 financial information has been restated following the identification of errors in 2025.

Together with previously identified unadjusted items for 2024, these errors were assessed as material. Consequently, NOK 8 million has been recognised as an expense in Other operating expenses for 2024, with a corresponding reduction in Net profit and Retained earnings. The figures for 2025 have not been impacted.

Group composition

In addition to the parent entity, Cyviz AS, the Group also includes the subsidiaries Cyviz LLC, Cyviz Ltd, Cyviz Pte Ltd and Cyviz BV incorporated in US, UK, Singapore, and the Netherlands, respectively. The consolidated financial statements show these units as one single economic entity.

The consolidated financial statements have been prepared in accordance with uniform policies by converting the

subsidiaries to the same principles as the parent company.

Classification of items in the statement of financial position

Assets intended for long-term ownership or use are classified as non-current assets. Assets associated with the normal operating cycle are classified as current assets. Receivables are classified as current assets if they fall due within one year. Analogue criteria are applied to liabilities. Non-current liabilities also include next year's installments.

Foreign currency translation

The functional currency of the parent entity is NOK. For consolidation purposes, the results and financial positions of all the Group's entities that have a functional currency other than NOK are translated using the exchange rates prevailing at the end of each reporting period. Income and expenses are translated into NOK using the exchange rates at the transaction date. Exchange differences arising from this translation are recognized directly in equity.

Statement of cash flows

The cash flow statement is prepared using the indirect method. Interest received and paid is presented as cash flows from operating activities. Cash and cash equivalents consist entirely of bank deposits.

Note 2 - Revenues

Significant accounting policies

Cyviz generates its revenues from delivery of goods and software licenses, installation services, and software and service subscriptions. Revenue for goods and software licenses is recognized at the time of delivery. Delivery is defined as the time when risk and control of the goods are transferred to the customer. Revenue for installation services is recognized when performed. Revenue for software and service subscriptions is recognized over the agreement period.

Recognition of revenue related to construction contracts is based on percentage of completion of overall contract activity. Percentage of completion is calculated as incurred cost in percentage of expected total cost, where the total cost is reassessed on an ongoing basis.

27

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Consolidated Financial Statements Cyviz Group

Note 3 - Government grants

Significant accounting policies

The group receives government grants in relation to its research and development activities. When such grants are received to carry out certain activities or compensate specific expenses, the grant is recognized in the income statement over the same period as the associated costs. Grants that compensate the group for the cost of an asset are deducted from the asset's acquisition cost when it is recognized in the statement of financial position.

SkatteFUNN

SkatteFUNN is granted by The Research Council of Norway and is received as a deduction in tax payable or a cash payment, to the extent there is no tax payable to deduct it from. Cyviz AS has been granted SkatteFUNN for its development activities. As these projects meet the criteria for recognition as assets, the grant is deducted from the acquisition cost. Refer to note 6 for further information about these development projects.

Note 4 - Long-term contracts

Note 5 - Personnel expenses, remunerations

Significant accounting policies

Personnel costs are expensed as the employees earn the right to the payment of wages for hours worked. Payments to defined contribution pension are expensed over the period in which the employees earn the right to the deposit. Personnel costs related to research and development projects are capitalized to the extent that the conditions for this are met.

Expenses related to share option schemes for employees are accounted for in accordance with NRS 15A and based on

measurement of the options at the grant date using the Black-Scholes model.

Pensions

The company has established a defined contribution scheme for its employees in Norway in accordance with the requirements of the Norwegian Act on Mandatory Occupational Pensions ("OTP"). Employees in other countries are covered by similar schemes in accordance with local requirements.

Capitalized personnel costs

(amounts in NOK 1000)

Wages

Social security tax

Capitalized development costs Other personnel costs

Total

2025

175 609

16 842

-11 485

24 067

205 032

2024

168 423

17 329

-10 118

24 494

200 128

Number of employees

(average FTE for the period)

Norway Other Total

Key management compensation1)

(amounts in NOK 1000)

Salary

Bonus

Other benefits

Total

2025

52

112

164

2024

38

120

158

CEO

2 808

900

167

3 875

Board of Directors

1 740

0

0

1 740

Reference is made to note 6 for further information regarding development projects.

Included in short-term liabilities

Deferred revenue, invoice amount in excess of earned 149 3 020

Result items relating to long-term contracts

Total revenue recognized 351 647 183 976

Estimated contract gross profit 193 065 92 477

1) No loans or financial guarantees are granted to the Board of Directors or executive management. 28

Our Business | People | Strategy | R&D | ESG | Outlook | Financials

Consolidated Financial Statements Cyviz Group

Share option program

Share options held by management and board members

Number of options Role

Espen Kristian Gylvik 151 822 CEO

Option Program 2 (OP2)

A share issue related to the Share Option Program 2 (OP2) was announced on 12.05.2025. The share issue was finalized and approved in the Norwegian Register of Business Enterprises on 18.06.2025. This share issue is reflected in the equity statement as of 30.06.2025, resulting in an equity increase of NOK 1 076 625.

Option Program 3 (OP3)

Valuation assumptions for share options established in 2022

Fair value of the option at grant date (NOK)

13.14

13.87

14.70

Valuation assumptions for share options established in 2024

Fair value of the option at grant date (NOK)

9.47

11.45

12.21

Specification of auditor's remuneration

(amounts in NOK 1000, excl. of VAT) 2025 2024

Statutory audit fee 2 852 2 156

Technical compilation 121 150

Other non-auditing services 685 507

Total 3 658 2 813

A third share option program was established in 2024 for the Company's management and employees with a maximum aggregate size corresponding to a number of 595 000 new shares in the Company. In 2025, OP3 was expanded with 1 500 options corresponding to a total number of 596 500 new shares in the Company. The share options vest with one third on 15 December 2025, one third on 15 December 2026, and one third on 15 December 2027, The options may be exercised in whole or in part within defined expiry dates, contingent on employment at the exercise dates and in 2028 at the latest. The strike price for new shares under the program remains at NOK 26.70 per share.

Employee Share Purchase and Option Program (ESPP)

Cyviz AS launched a share purchase and option program in 2024, allowing employees to subscribe for shares at an 11% discount (NOK 27.44 per share) with a 12-month lock-up. Every fourth share held until the exercise window opens in 2026 grants an option for one additional share at NOK 1.10, subject to continued employment.

Share options outstanding

(amounts in NOK 1000) Number of options

Outstanding options 31. December 2024 New options granted

Exercised options Expired

Forfeited / terminated options

Outstanding options 31 December 2025

Vested and exercisable at 31. December 2025

766 735

29 000

-49 500

-108 500

-27 864

609 871

198 826

Option costs recognized as personnel expense amounts to TNOK 4 095 in 2025 (2024: TNOK 1.046). 29

‌Consolidated Financial Statements Cyviz Group

Note 6 - Intangible assets

Significant accounting policies

Expenditures on development activities are recognized as assets to the extent that they are part of projects generating identifiable intangible assets, of which future economic benefits can be attributed. Expenses related to projects not meeting these criteria are charged to the income statement as they accrue. When there are indications of impairment, an estimate of value in use is calculated. An impairment loss is recognized in the income statement to the extent the carrying amount exceeds the value in use.

Capitalized development costs

Specification of development expenses

Specification of intangible assets

The Group has capitalized TNOK 31 615 related to development of its visualization technology in 2025. The work is mainly performed by Cyviz' own employees in Sandnes, Norway, and in the subsidiary Cyviz Ltd in Edinburgh, Scotland. Cyviz AS has all the commercial rights to the developed products. Annual depreciation is calculated and recognized in the income statement from the time when the products are fully developed and ready for commercial use. Expenses related to ongoing upgrades related to the company's ERP system have also been capitalized in 2025.

Note 7 - Property, plant & equipment

Significant accounting policies

Specification of leases for premises

(amounts in NOK 1000) Offices in Norway Offices in UK

Offices in USA

Offices in Middle East and Asia

Total lease expense

Annual payments

5 020

353

843

6 297

12 513

Remaining term

1-3 years

1-2 years

1-2 years

1-2 years

Property, plant & equipment are recognized in the statement of financial position at cost less accumulated depreciation and impairment losses. The cost price of such assets is the purchase price including expenses directly attributable to the purchase of the asset. Expenditures incurred after the asset has been put into use, such as ongoing daily maintenance, are recognized as expenses in the period in which they were incurred, except for expenditures expected to generate future economic benefits that are recognized as a part of the asset. Leases for premises are treated as operating leases, with lease payments recognized as expense as they occur.

30

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Consolidated Financial Statements Cyviz Group

Note 8 - Income tax

Significant accounting policies

The income tax expense in the income statement includes the tax payable for the period and changes in deferred tax. Tax payable and deferred tax are calculated using tax rates and tax legislation that have been enacted at the end of the reporting period. Deferred tax is calculated on all temporary differences between tax base and amount recognized in the statement of financial position. In addition, deferred tax is calculated on tax loss carryforward at the end of the reporting period. Deferred tax assets are only recognized to the extent that it is probable that future taxable income will be generated against which the tax asset can be utilized. Deferred tax assets and deferred tax liabilities are offset if there is a legally enforceable right to offset them.

Basis for recognition of deferred tax asset

Specification of income tax expense

Based on an overall assessment of the company's historical earnings and the outlook for future taxable profits, the deferred tax assets were derecognized in 2019. However, due to improved profitability and positive future earnings projections, the company reassessed this position and recognized deferred tax assets again in 2024. No further deferred tax assets were recognized in 2025.

Note 9 - Interest bearing loans

Significant accounting policies

Non-current interest-bearing loans are initially measured at face value, less admission costs, and subsequently measured at amortized cost. Differences between face value and carrying amount are amortized linearly over the period of maturity. As long as the Company complies with the loan terms and the agreed maturity reaches beyond twelve months, interest-bearing loans are classified as non-current liabilities. Next year's payments are included in non-current liability and not presented separately. If the loan terms are breached, the lender may demand immediate repayment, in which case the liability is reclassified to current liabilities.

Overdraft facility

Cyviz has established an overdraft facility with a limit of NOK 75 million. The main lending term is that the drawn amount shall not exceed the sum of 60% of account receivables <90 days and 50% of inventory. In addition, the equity ratio shall be a minimum of 30%, and the rolling 12-month EBITDA at a minimum of NOK 15 million measured quarterly. At year-end 2025, the Group reported an equity ratio of 30.5%, which is above the 30% requirement in the facility agreement. As of 31 December 2025, the Group was in compliance with all financial covenants. As described in Note 18, the Group is approaching certain covenant thresholds in early 2026, and measures have been implemented to address this.

Innovation Norway

Cyviz has two loans to Innovation Norway from 2019 and 2020. The loans are serial loans and are repaid over 7 years. The loans carry annual interest rates, currently at 7.70% and 7.45%.

Pledged assets 31

Accounts receivable, fixed assets and inventories are pledged as security for the overdraft facility and the loan from Innovation Norway.

Our Business | People | Strategy | R&D | ESG | Outlook | Financials

Consolidated Financial Statements Cyviz Group

Specification of interest-bearing loans

Specification of movements in interest-bearing loans

Carrying amount of assets pledged as security

Note 10 - Inventories

Significant accounting policies

The inventory of purchased goods is recognized at the lower of purchase cost and net realisable value. A provision for obsolescence and slow-moving items is recognized to reduce the carrying amount of inventories to their estimated net realisable value.

Note 11 - Receivables

Significant accounting policies

Accounts receivable and other receivables are recognized in the statement of financial position at face value, after deduction of expected loss. Provision for loss on receivables is estimated on the basis of an individual assessment of each receivable.

32

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Consolidated Financial Statements Cyviz Group

Note 12 - Financial instruments

Market risk

Market risk arises from market price movements and their potential impact on future performance of the business. Cyviz faces exposure to fluctuations in exchange rates due to its operations spanning international markets and its engagement in transactions across multiple currencies. Cyviz is also exposed to currency risk due to a group account arrangement allowing for positions in different currencies. Presently, Cyviz has not implemented formal hedging instruments to mitigate this exposure. However, foreign currency positions are converted into NOK in accordance with the Group's policy to reduce long currency exposure in currencies other than NOK.

Credit risk

As a global enterprise, Cyviz is exposed to potential risks arising from international client relationships. This includes risks related to payment delays, customer insolvency, or unforeseen political and economic conditions in the respective countries. To manage this credit risk, Cyviz conducts thorough credit assessments of international clients before entering into contracts. Furthermore, Cyviz closely monitors credit risk through ongoing assessment of client financial health and the general conditions in the affected markets. Despite these measures, Cyviz is aware that credit risk cannot be entirely eliminated, and therefore, will continue to implement necessary strategies and measures to manage and mitigate this risk effectively.

Liquidity risk

Liquidity risk refers to the potential unavailability of funding sources for the Company's business activities. As a project-based organization with several long-term contracts, Cyviz experiences fluctuations in revenue and cash flows. Long-term contracts, while providing stability and revenue visibility over extended periods, also introduce variability in cash flows due to milestone-based payments and project completion timelines. Consequently, the nature of these contracts exposes Cyviz to liquidity risk. To mitigate the impact of these fluctuations, Cyviz has secured an overdraft facility from DNB. Management diligently assesses and monitors the Company's liquidity position to ensure sufficient levels of liquidity to support ongoing operations. For further information regarding the overdraft facility, please refer to Note 9. The Group's liquidity position has been subject to increased

pressure following challenging market conditions. Reference is made to Note 18 for further information regarding events after the balance sheet date and the measures implemented by the Board of Directors and management.

Note 13 - Bank deposits and restricted cash

Significant accounting policies

Cash and cash equivalents include all cash, bank deposits and other liquid investments that can be immediately converted into cash with negligible exchange rate risk. To the extent that overdraft facilities are used, the amount drawn is presented as current borrowing in the statement of financial position.

Note 14 - Share capital and shareholder information

Significant shareholders per 31.12.25

All shares have equal voting and dividend rights. In addition to the currently outstanding shares, Cyviz AS also has 609 871 options outstanding (refer to note 5 for more information).

33

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Consolidated Financial Statements Cyviz Group

Note 15 - Equity Note 17 - Related parties

There are no related-party transactions in 2025.

Note 18 - Events after the reporting period

1. Adjustments have been made related to (i). Reference is made to note 1, and (ii) the share premium from the share issue in Q4 2024

2. Reference is made to note 5 for details about this share issue.

The global geopolitical situation, particularly the outbreak of war in the Middle East, has affected activity in the region in the first quarter of 2026. The Group has an overdraft facility with covenants related to EBITDA and the equity ratio. The Group was in compliance with all covenants at year-end 2025; however, the equity ratio was close to the covenant threshold. The limited headroom, combined with increased geopolitical uncertainty, creates a risk that all covenants may not be met in Q1 2026, which could impact the going concern assessment.

In response, Management and the Board of Directors have initiated a cost-reduction program which is being implemented. In addition, the Company has received approval for a covenant waiver for the first three quarters of 2026. Furthermore, the Group has secured an extended drawing facility of MNOK 25, with any drawn amount falling due on 30 September 2026. Utilization of this facility is subject to certain metrics being met. Despite a more uncertain risk environment, the Board of Directors believes that the measures implemented support the going concern assumption.

Note 16 - Provisions and other current liabilities

Significant accounting policies

Provisions and other current liabilities mainly relate to goods or services received, wages to employees or other expenses related to performed activities. Amounts that fall due within the next twelve months are classified as current liabilities and measured at nominal value. Amounts that fall due later than twelve months are classified as non-current and discounted when the effect of this is considered material.

Non-current provisions

Non-current provisions relate to end-of-service gratuity earned by employees working in the United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA). The employee will generate a sum for payment for each year of employment by the company in accordance with applicable laws in UAE and KSA. The obligation is settled through cash payment on termination of the employment. The schemes are regarded as unfunded defined benefit schemes measured at settlement value. Service cost, payments and remeasurements are recognized net as personnel expense.

34

Our Business | People | Strategy | R&D | ESG | Outlook | Financials

Statement of cash flows

Financial Statements Cyviz AS

Income statement

Financial income and expenses

Other financial expenses -109 -688

NOK 1 000 Note 2025 2024

Cash flows from operating activities

Cash flows from financing activities

Proceeds from capital increase 17 1 610 1 508

*MNOK 18.7 in 2024 reclassified from purchase of fixed assets to change in accounts payable.

35

Our Business | People | Strategy | R&D | ESG | Outlook | Financials

Financial Statements Cyviz AS

Rune Syversen Chairman of the Board

Patrick Hegge Kartevoll Board Member

Sandnes, 30 April 2026

Ingeborg Molden Hegstad Board Member

Asta Ellingsen Stenhagen Board Member

Nini Eugenie Høegh Nergaard Board Member

Espen Kristian Gylvik CEO

36

Our Business | People | Strategy | R&D | ESG | Outlook | Financials

Financial Statements Cyviz AS

Note 1 - General accounting policies Note 2 - Revenues

Basis for preparation

The separate financial statements have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles in Norway (NGAAP). The financial statements have been prepared on the basis of going concern. As described in Note 19, the Board of Directors has implemented measures to address

the business impact of the war in the Middle East and considers these measures sufficient to support the going concern assumption.

The functional currency of the company is NOK, and all amounts are presented in thousands of NOK (TNOK), unless

otherwise stated.

Classification of items in the statement of financial position

Assets intended for long-term ownership or use are classified as non-current assets. Assets associated with the normal operating cycle are classified as current assets. Receivables are classified as current assets if they fall due within one year. Analogue criteria are applied to liabilities. Non-current liabilities also include next year's installments.

Statement of cash flows

The cash flow statement is prepared using the indirect method. Interest received and paid is presented as cash flows from operating activities. Cash and cash equivalents consist entirely of bank deposits.

Significant accounting policies

Cyviz generates its revenues from delivery of goods and software licenses, installation services, and software and service subscriptions. Revenue for goods and software licenses is recognized at the time of delivery. Delivery is defined as the time when risk and control of the goods are transferred to the customer. Revenue for installation services is recognized when performed. Revenue for software and service subscriptions is recognized over the agreement period.

Recognition of revenue related to construction contracts is based on percentage of completion of overall contract activity. Percentage of completion is calculated as incurred cost in percentage of expected total cost, where the total cost is reassessed on an ongoing basis.

37

Our Business | People | Strategy | R&D | ESG | Outlook | Financials

Financial Statements Cyviz AS

Note 3 - Related Parties

There were immaterial transactions with related parties other than group entities in 2025.

Note 5 - Personnel expenses, remunerations

Significant accounting policies

Personnel costs are expensed as the employees earn the right to the payment of wages for hours worked. Payments to defined contribution pension are expensed over the period in which the employees earn the right to the deposit. Personnel costs related to research and development projects are capitalized to the extent that the conditions for this are met.

Expenses related to share option schemes for employees are accounted for in accordance with NRS 15A and based on measurement of the options at the grant date using the Black-Scholes model.

Pensions

The company has established a defined contribution scheme for its employees in Norway in accordance with the requirements of the Norwegian Act on Mandatory Occupational Pensions ("OTP"). Employees in other countries are covered by similar schemes in accordance with local requirements.

Capitalized personnel costs

Reference is made to note 6 for further information regarding development projects.

Note 4 - Long-term contracts

(amounts in NOK 1000)

2025

2024

Accrued income, not invoiced

Retained payments according to contract

985

0

8 674

0

Deferred revenue, invoice amount in excess of earned

115

3 020

Total revenue recognized

Estimated contract gross profit

223 767

131 530

182 263

91 710

1) No loans or financial guarantees are granted to the Board of Directors or executive management. 38

Our Business | People | Strategy | R&D | ESG | Outlook | Financials

Financial Statements Cyviz AS

Share option program

Option Program 2 (OP2)

A share issue related to the Share Option Program 2 (OP2) was announced on 12.05.2025. The share issue was finalized and approved in the Norwegian Register of Business Enterprises on 18.06.2025. This share issue is reflected in the equity statement as of 30.06.2025, resulting in an equity increase of NOK 1 076 625.

Option Program 3 (OP3)

A third share option program was established in 2024 for the Company's management and employees with a maximum aggregate size corresponding to a number of 595 000 new shares in the Company. In 2025, OP3 was expanded with 1 500 options corresponding to a total number of 596 500 new shares in the Company. The share options vest with one third on 15 December 2025, one third on 15 December 2026, and one third on 15 December 2027, The options may be exercised in whole or in part within defined expiry dates, contingent on employment at the exercise dates and in 2028 at the latest. The strike price for new shares under the program remains at NOK 26.70 per share.

Option costs recognized as personnel expense amounts to TNOK 3.246 in 2025 (2024 : TNOK - 289). 39

Our Business | People | Strategy | R&D | ESG | Outlook | Financials

Financial Statements Cyviz AS

Note 6 - Intangible assets Note 7 - Property, plant & equipment

Significant accounting policies

Expenditures on development activities are recognized as assets to the extent that they are part of projects generating identifiable intangible assets, of which future economic benefits can be attributed. Expenses related to projects not meeting these criteria are charged to the income statement as they accrue. When there are indications of impairment, an estimate of value in use is calculated. An impairment loss is recognized in the income statement to the extent the carrying amount exceeds the value in use.

Capitalized development costs

The Company has capitalized TNOK 49 008 in connection with the development of its visualization technology in 2025. The work is mainly performed by Cyviz' own employees in Sandnes, Norway and in the subsidiary Cyviz Ltd in Edinburgh, Scotland. Cyviz AS has all the commercial rights to the developed products. Annual depreciation is calculated and recognized in the income statement from the time when the products are fully developed and ready for commercial use. Expenses related to ongoing upgrades related to the company's ERP system have also been capitalized in 2025.

Significant accounting policies

Specification of property, plant & equipment

(amounts in NOK 1000)

Cost 01.01. Additions

Cost 31.12.

54 915

570

55 485

Accumulated depreciation 01.01. Depreciations for the year

Accumulated depreciation 31.12.

42 885

3 693

46 578

Book value 31.12.

8 906

Economic useful life

Depreciation schedule

3-10 years

Linear

Specification of leases for premises

(amounts in NOK 1000) Annual payments Remaining term

Offices in Norway

Offices in Middle East and Asia

Total lease expense

5 020

5 124

10 143

1-3 years

1-2 years

Property, plant & equipment are recognized in the statement of financial position at cost less accumulated depreciation and impairment losses. The cost price of such assets is the purchase price including expenses directly attributable to the purchase of the asset. Expenditures incurred after the asset has been put into use, such as ongoing daily maintenance, are recognized as expenses in the period in which they were incurred, except for expenditures expected to generate future economic benefits that are recognized as a part of the asset. Leases for premises are treated as operating leases, with lease payments recognized as expense as they occur.

Specification of development expenses

(amounts in NOK 1000) 2025 2024

Visualization technology 53 189 41 191

Government grants -4 181 -3 968

Total research and development expenses 49 008 37 223

Capitalized as intangible assets 49 008 37 223

Charged to income statement 0 0

Specification of intangible assets (amounts in NOK 1000) Development Licenses, patents etc. Total Cost 01.01. 196 549 26 663 223 212

Additions 49 008 3 686 52 694

Cost 31.12. 245 557 30 349 275 906

Accumulated depreciation 01.01.

Depreciations for the year

Accumulated depreciation 31.12.

132 333

22 032

154 365

14 966

4 830

19 796

147 299

26 862

174 161

Book value 31.12.

Economic useful life Depreciation schedule

91 192

5 years Linear

10 552

5 years Linear

101 744

40