Interim report
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Interim Financial Report Second Quarter and Half-year 2026 SEE MORE. KNOW MORE.
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Q2 Highlights • An underlying revenue growth* of 1.6 % for the quarter and 4.1 % for the first half year, in a stabilising market. • Strengthened customer relationships through successful participation at China Medical Equipment Fair (CMEF) and the addition of a new customer in China. • Exploring opportunities with BeamWorks within AI-driven quantitative imaging. • Successful completion of a major OEM’s supplier audit under the IEC 62304 stand- ard, related to interventional devices. • Further advanced the transformation towards quantitative imaging through sustained investment and technology development. Q2 Financial Data • Revenue of 35.3 MSEK (28.6), up 23.6%. • EBITDA amounted to 12.4 MSEK (2.3) with an EBITDA margin of 35.1% (7.9). • Adjusted EBITDA amounted to 15.7 MSEK (5.1) with an adjusted EBITDA margin of 44.4% (17.8).** • Cash flow from operating activities was 10.6 MSEK (1.5). • Earnings per share were 0.12 SEK (0.00). • Adjusted earnings per share were 0.16 SEK (0.04).** H1 Financial Data • Revenue of 63.8 MSEK (54.9), up 16.4%. • EBITDA amounted to 15.2 MSEK (0.6) with an EBITDA margin of 23.9% (1.2). • Adjusted EBITDA amounted to 21.5 MSEK (7.2) with an adjusted EBITDA margin of 33.7% (13.2).** • Cash flow from operating activities was 14.9 MSEK (1.8). • Earnings per share were 0.13 SEK (–0.04). • Adjusted earnings per share were 0.21 SEK (0.05).** ContextVision AB Second Quarter and Half-year 2026 2026 * Adjusted for the refined assessment of the timing of revenue recognition and translational FX effects. ** ContextVision adjusts for investments in Data Quality to facilitate analysis of the underlying business. The investments amounted to 3.3 MSEK in Q2 and 6.3 MSEK for the half year 2026. 2ContextVision l Q2 Report 2026
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Continued underlying growth and strengthened customer relationships in a stabilising market Revenue for the second quarter of 2026 amounted to 35.3 MSEK (28.6), an increase of 23.6% compared to Q2 2025. As communi- cated in Q1 2026, ContextVision has refined the assessment of the timing of revenue recognition for certain customer contracts. In addition, a translational FX effect of –2.9% had a negative impact on sales, corresponding to –0.7 MSEK. Adjusted for these items, underlying revenue growth for the quarter amounted to approxi- mately 1.6%. For the first half of the year, with the equivalent, adjustment the underlying growth amounted to 4.1%. This is con- sistent with our view of a market that remains broadly stable. Adjusted EBITDA for the second quarter amounted to 15.7 MSEK (5.1), excluding investments in Data Quality of 3.3 MSEK, corre- sponding to a margin of 44.4% (17.8%). The improvement in profitability reflects the combination of increased revenue as explained above, and continued cost discipline. R&D spend remained flat year-on-year, reflecting our continued commitment to the long-term technology roadmap, while more efficient resource allocation within sales and marketing supported improved cost efficiency. Across the industry, we continue to observe pricing pressure as customers increasingly favor high-end rather than premium product configurations. We view this primarily as a reflection of more value-conscious purchasing behavior rather than weakening under- lying demand. The reinforcement of customer relationships remained a priority in the second quarter, particularly in markets where procurement The second quarter of 2026 was a quarter of continued disciplined execution as we continued to strengthen the foundations for long-term growth. While market conditions remained stable, we deepened customer relationships, strengthened our presence in China, and continued to build the organisation to support the next phase of our transformation toward quantitative imaging. Dr. Dr. Gerald Pötzsch Chief Executive Officer ContextVision AB continues to be made cautiously. During the quarter, we partici- pated in the China Medical Equipment Fair (CMEF), one of the region’s leading events. ContextVision was one of only two Swedish companies exhibiting at the fair, reflecting our strong position within advanced medical imaging software. Our presence at CMEF pro- vided a valuable opportunity to deepen existing customer relation- ships, engage with new prospects, and introduce our clinically focused product portfolio. As we anticipate an eventful second half of the year, a significant portion of our efforts during the second quarter focused on advan- cing our long-term technology roadmap and strengthening the part- nerships that support our strategic ambitions. Our discussions with BeamWorks Inc. continued during the quarter. Our intention is that a potential collaboration will become an important building block in our long-term strategy within quantitative imaging and AI-driven diagnostics. In parallel, a major OEM successfully completed a supplier audit of ContextVision as part of its implementation of the IEC 62304 standard. The completion of the audit further reinforces our position as a trusted software development partner to leading global OEMs. Looking ahead, building on the organisational changes communi- cated and implemented in the first quarter, we enter the second half of 2026 with stronger technical leadership and a more customer- centric sales organisation, which we believe will support improved conversion rates and create more opportunities for sales. The Annual General Meeting (AGM) in May saw the appointment of Homer Pien as a new member of the Board, bringing extensive experience from leading global technology and healthcare organisa- tions that will be highly valuable as we advance our transformation towards quantitative imaging. With a stable financial position pro- viding both financial strength and strategic flexibility, we remain committed to disciplined capital allocation while continuing to invest in our long-term ambition to lead the transition toward quantitative imaging. 3ContextVision l Q2 Report 2026
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ContextVision’s approach Healthcare systems globally are undergoing structural change. An aging population, rising prevalence of chronic diseases, and increas- ing resource constraints are placing significant pressure on diagnos- tic capacity. In this environment, the need for cost-efficient, robust, and accessible imaging solutions is becoming increasingly urgent. The ambition is to evolve from image enhancement to enabling quantifiable diagnostics through AI-driven parameters and digital biomarkers. Quantitative imaging represents an important shift, from interpretation based primarily on visual assessment to measur- able quantitative outputs, that ensures consistency, scalability, and broader accessibility in care, directly supporting clinical decision making. The shift will leverage our expertise in signal processing as we move into quantitative imaging, starting with metabolic dysfunc- tion-associated steatotic liver disease (MASLD) diagnostics. With 194 million people in the USA alone suffering from one or more chronic conditions¹, there is significant market potential for technol- ogies that facilitate early detection, enhance efficiency, improve outcomes, and reduce the burden on healthcare systems. Looking specifically at MASLD, it currently affects 38% of all adults and 7–14% of children and adolescents globally,² underscoring the demand for early and accurate diagnostic solutions. Building a research ecosystem to advance MASLD diagnostics ContextVision’s clinical development program for liver disease diag- nostics was initiated at the University of Washington in late 2025. By the end of the first quarter of 2026, nine patients had been enrolled and scanned, generating clinical data for analysis and continued development. During the second quarter, a new research ultrasound system with improved protocols has been installed at UW. The upgrade successfully passed the required additional acoustic measurements at an external test and certification lab so that further patients will be scanned after the second quarter. In parallel, preparations have continued to expand the clinical program to Linköping University (LiU). The clinical program is complemented by collaborations with the University of Waterloo’s Laboratory on Innovative Technology in Medical Ultrasound (LITMUS), InPhase Solutions AS and AMRA Medical. Together, these collaborations provide complementary expertise and imaging capabilities supporting the development and evaluation of quantitative ultrasound biomarkers for MASLD. Evolution of portfolio and revenue model The ambition to provide a Companion Diagnostic tool requires a structured evolution of ContextVision’s product portfolio and revenue model. With implementation, the revenue model would tran- sition from a perpetual license-based structure to a usage-based (pay-per-use) framework aligned with efficient clinical utilization. 1) Watson, K.B., et al. Trends in Multiple Chronic Conditions Among US Adults, By Life Stage, Behavioral Risk Factor Surveillance System, 2013–2023. Prev. Chronic Dis. 2025 Apr 17;22:E15 2) Younossi, Z.M., et al. Epidemiology of metabolic dysfunctionassociated steatotic liver disease. Clinical and Molecular Hepatology 2025;31(Suppl):S32-S50 The transition to AI-enabled quantitative imaging Revenue per scan Perpetual license in relation to systems Price in relation to procedural reimbursement Price in relation to treatment cost READ – Visualization Disease specific Image enhancement tailored to disease features Value DETECT – Screen Aid to detect abnormalities in susceptible regions of interest MEASURE – Diagnosis Quantifiable features derived from multiparametric biomarkers GUIDE – Treatment, Companion Diagnostic Staging of disease and monitoring of treatment response 4ContextVision l Q2 Report 2026
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Key Performance Indicators Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Revenue (KSEK) 35,334 28,597 63,846 54,872 110,277 EBITDA (KSEK) 12,396 2,269 15,234 640 7,223 EBITDA margin % 35.1% 7.9% 23.9% 1.2% 6.5% Adjusted EBITDA (KSEK) 15,683 5,094 21,529 7,249 19,107 Adjusted EBITDA margin % 44.4% 17.8% 33.7% 13.2% 17.3% Operating result (KSEK) 10,883 491 11,895 –2,632 417 Operating margin % 30.8% 1.7% 18.6% –4.8% 0.4% Adjusted operating result (KSEK) 14,170 3,316 18,191 3,977 12,301 Adjusted operating margin % 40.1% 11.6% 28.5% 7.2% 11.2% Result after financial items, profit (KSEK) 11,095 353 12,234 –2,683 1,050 Profit margin % 31.4% 1.2% 19.2% –4.9% 1.0% Adjusted result after financial items, profit (KSEK) 14,382 3,178 18,529 3,926 12,935 Adjusted profit margin % 40.7% 11.1% 29.0% 7.2% 11.7% Net result (KSEK) 8,787 288 9,637 –2,767 787 Adjusted net result (KSEK) 12,074 3,112 15,933 3,843 12,671 Earnings per share before and after dilution (SEK) 0.12 0.00 0.13 –0.04 0.01 Adjusted earnings per share before and after dilution (SEK) 0.16 0.04 0.21 0.05 0.17 Adjustment for investment in Data Quality (KSEK) 3,287 2,824 6,295 6,609 11,884 Equity ratio % 76.5% 74.8% 76.5% 74.8% 73.8% Cash flow from operating activities (KSEK) 10,615 1,509 14,907 1,793 4,441 Cash and cash equivalents at end of period (KSEK) 78,472 70,432 78,472 70,432 69,826 Second Quarter and Half-year 2026 Financial information Revenue • ContextVision’s revenue revenue in the second quarter amounted to 35.3 MSEK (28.6). This represents an increase of 23.6% compared to the same quarter previous year. The increase is primarily driven by the refined assessment of the timing of revenue recognition. • The refined assessment of the timing of revenue recognition for certain customer contracts had a positive effect on sales of 6.3 MSEK. This effect was partially offset by translational FX effects of –0.7 MSEK. For further information on the refined assessment, refer to note 2. • Revenue for the half year amounted to 63.8 MSEK (54.9). The increase is primarily explained by the above-mentioned refined assessment of the timing of revenue recognition, as well as higher license sales. • The currency exchange rates had an effect on sales of –2.9% in the quarter and –4.3% on the half year. Expenses • Other external costs for the second quarter amounted to 7.6 MSEK (8.4). For the half year, other external costs amounted to 17.1 MSEK (18.5). Other external costs consist to a large extent of general and administrative costs, R&D and invest- ments in Data Quality. The decrease despite higher invest- ments in the Data Quality initiative is explained by strength- ened cost control. 5ContextVision l Q2 Report 2026
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• Employee benefits amounted to 15.3 MSEK (16.4) for the second quarter. For the half year, employee benefits amounted to 30.9 MSEK (31.7). • Other operating expenses amounted to 0.8 MSEK (1.8) for the second quarter and 1.7 MSEK (4.2) for the half year. • Total operating expenses amounted to 26.2 MSEK (29.1) for the second quarter and 54.9 MSEK (59.4) for the half year. Earnings • Adjusted EBITDA reached 15.7 MSEK (5.1) in the second quarter, up 207.9% from the same quarter last year. The adjusted EBITDA margin was 44.4% (17.8). The increase compared to the same quarter last year is primarily attrib- uted to higher revenue, driven by the refined assessment of the timing of revenue recognition. Transactional FX had an effect of 0.5 MSEK in the second quarter. • For the half year, adjusted EBITDA amounted to 21.5 MSEK (7.2) with an adjusted EBITDA margin of 33.7% (13.2). The increase of 197.0% is primarily attributed to higher reve- nue, driven by the refined assessment of the timing of reve- nue recognition, as well as higher license sales. Transactional FX had an effect of 0.5 MSEK on the half year. • The adjusted operating result was 14.2 MSEK (3.3) in the second quarter, an increase of 327.4% compared to the same quarter last year. The adjusted operating margin was 40.1% (11.6). • For the half year the adjusted operating result amounted to 18.2 MSEK (4.0). The adjusted operating margin was 28.5% (7.2). • The adjusted net result was 12.1 MSEK (3.1) for the second quarter and 15.9 MSEK (3.8) for the half year. • The adjusted earnings per share was 0.16 SEK (0.04) for the second quarter and 0.21 SEK (0.05) for the half year. Cash flow and financing • The cash flow from operating activities was 10.6 MSEK (1.5) for the second quarter and 14.9 MSEK (1.8) for the half year. • The cash flow from investing activities amounted to 0.6 MSEK (–0.9) for the second quarter and –1.6 MSEK (–4.1) for the half year. • The cash flow from financing activities was –1.7 MSEK (–0.9) for the second quarter and –4.7 MSEK (–1.6) for the half year. • The cash flow in the second quarter was 9.5 MSEK (–0.2) and 8.6 MSEK (–3.9) for the half year. The cash balance at the end of the period was 78.5 MSEK (70.4). • Equity at period end amounted to 99.4 MSEK (91.3), giving an equity ratio of 76.5% (74.8). Significant events during the quarter • On May 12, 2026, ContextVision held its Annual General Meeting (AGM), at which Homer Pien was elected to the board of directors. Significant events after the quarter • There have been no significant events after the end of the quarter. Previously reported significant events in 2026 • On February 18, 2026, the Board of Directors of Context- Vision approved an extension of the share buy-back program until the Annual General Meeting (AGM) on May 12, 2026. • On March 2, 2026, ContextVision announced the appoint- ment of Marco Marien Voormolen as Chief Technology Officer (CTO) and a new member of the management team. • On March 26, 2026, ContextVision announced a strategic research and development collaboration with BeamWorks Inc., a South Korea-based medical AI company. Financial instruments • The Group’s financial instruments consist of cash and bank deposits, accounts receivable (trade), accounts payable and other short-term liabilities related to operations. • The Group no longer holds any derivatives. Employees and management • At period end the Group had 39 (44) employees of which 19 (19) are dedicated to research and development. Two employees are located in the USA and one in China. Long-term Incentive Program • ContextVision has long-term share-based incentive pro- grams (LTIP) that run over a three-year period. The LTIP has been implemented as an incentive program for senior execu- tives and other employees, with the purpose of promoting long-term value creation and personal shareholding in the company. • There are currently two programs, LTIP 2024 and LTIP 2025. Allotment of performance shares requires that the participant remains employed throughout the vesting period and that the specified performance conditions are met. In both programs, allocation is based 50 percent on each of the two performance conditions: Total Shareholder Return (TSR) and EBITDA. EBITDA is assessed as the accumulated out- come over the duration of each program. • LTIP 2024 covers a vesting period from January 15, 2025 to March 31, 2028 and comprises four participant catego- ries and a total of 1,214,033 shares. The potential dilution if all shares in the incentive program were to be allocated amounts to a maximum of 1.57%. During the second quar- ter, a cost of 0.1 MSEK (0.0) was recognized related to LTIP 2024. The cost for half year was 0.2 MSEK (0.2). 6ContextVision l Q2 Report 2026
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• LTIP 2025 covers a vesting period from January 15, 2026 to March 31, 2029 and comprises three participant catego- ries and a total of 1,375,785 shares. The potential dilution if all shares in the incentive program were to be allocated amounts to a maximum of 1.78%. During the second quar- ter, a cost of 0.2 MSEK (0.0) was recognized related to LTIP 2025. The cost for the half year was 0.4 MSEK (0.0). • The total cost for both programs for the second quarter amounts to 0.3 MSEK (0.0). The total cost for the half year was 0.6 MSEK (0.2). • To secure the commitments under LTIP, ContextVision repurchases its own shares in accordance with resolutions adopted at each Annual General Meeting. During the first quarter, ContextVision repurchased 252,631 shares. The total number of shares held in treasury amounts to 2,857,877. ContextVision group • The group consists of ContextVision AB (publ.), company registration number 556377-8900, with shares registered at the Oslo Stock Exchange, as parent company and ContextVision Inc Corp registration number 36-4333625 State of Illinois, USA, as a wholly owned subsidiary. • Operations in the group are conducted primarily in the parent company and consist of research and development, sales, marketing and administrative functions. Risks & uncertainties • ContextVision’s major risk factors include business risks connected to the general global financial situation, to the level of healthcare investment in different markets, currency exchange risks, the company’s ability to recruit and keep qualified employees and the effect of political decisions. • There are risks related to higher energy prices, supply chain issues and inflation that may affect ContextVision. • ContextVision is to a low extent directly affected by tariffs, but may indirectly be affected by tariffs as they pose a risk for customers. • The company’s risk factors are described in more detail in the 2025 annual report. The risks and uncertainties have not changed significantly since then. Basis of preparation • The consolidated financial statements for the second quarter that ended June 30, 2026, have been prepared in accord- ance with the Annual Accounts Act (Sw ÅRL), IAS 34 Interim Financial Reporting and recommendation RFR 1 of the Swedish Sustainability and Financial Reporting Board (RFR), and with regard to the Parent Company, RFR 2. • The accounting currency of the Parent company is the Swedish krona which also is the functional currency for the group. All amounts, if nothing else is stated, are presented in SEK thousand. The amounts in tables and reports do not always sum up exactly to the total amount due to rounding. The purpose is that each amount should equal its origin and rounding differences can therefore occur. New and changed accounting policies • No new or changed accounting policies have had effect on the accounting for the period. IFRS 18 Presentation and Disclosure of Financial Statements has been adopted and replaces parts of IAS 1. The standard is to be applied for financial years beginning on or after January 1, 2027. ContextVision assesses that IFRS 18 will affect the pres- entation and disclosures in the financial statements. The company is currently analysing the new requirements and evaluating their impact. 7ContextVision l Q2 Report 2026
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The 10 largest shareholders as per June 30, 2026 No of shares (%) Monsun AS 23,000,000 29.7% Martin Hedlund 8,566,660 11.1% Sven Günther-Hanssen 8,516,670 11.0% T auri AS 3,883,275 5.0% DNB Carnegie Investment Bank AB 3,860,406 5.0% Svenska Handelsbanken* 3,333,106 4.3% Bras Kapital AS 2,954,154 3.8% MP Pensjon PK 2,528,023 3.3% J.P Morgan SE 2,000,000 2.6% Danske Bank A/S 1,500,000 1.9% Others 17,225,206 22.3% T otal outstanding shares 77,367,500 100.0% *Of these, a total of 2,857,877 shares were repurchased by ContextVision AB as part of the share buyback program. The board of directors and the CEO assurance • We confirm to the best of our knowledge that the con- densed set of financial statements for the period April 1 to June 30, 2026 and the first half year 2026 has been pre- pared in accordance with the Annual Accounts Act (Sw ÅRL), IAS 34 Interim Financial Reporting, and gives a true and fair view of the Group’s assets, liabilities, financial position and result for the period viewed in its entirety, and that the interim management report, to the best of our knowledge, includes a fair review of any significant events that arose during the three-month period and their effect on the three- month and half year financial report, and any significant related-party transactions. • This report has not been reviewed by the company’s auditors. Stockholm, 2026-08-27 Olof Sandén – Chairman of the board Martin Ingvar – Member of the board Christer Ljungberg – Member of the board Homer Pien – Member of the board Gerald Pötzsch – CEO of ContextVision AB 8ContextVision l Q2 Report 2026
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Presentation and reporting dates This quarterly report will be published on the company’s website on August 27, 2026. There will be a virtual recording released on August 27, 2026. Please follow the link: www.contextvision.com/investors/webcast/ Please visit www.contextvision.com for further information or use ir@contextvision.se to send a question directly to management. Reporting dates Q3 report November 5, 2026 Q4 and 12 months report February 18, 2027 ContextVision fast facts • ContextVision is a software company that specializes in image analysis, signal processing and artificial intelligence for ultrasound, X-ray and MRI equipment. • ContextVision is the global market leader within image enhancement and drives the transformation to quantitative imaging. ContextVision is a renowned software partner to leading medical imaging manufacturers all over the world. • The parent company is based in Sweden, with local rep- resentation in the U.S., Japan, China and South Korea. • ContextVision is a spin-off from the Image Processing Laboratory at Linköping University, Sweden. The corporate identity was established in 1983 with the first OEM agree- ment in radiology in 1987. • The parent company’s share has been traded on the Oslo Stock Exchange since 1997, under the ticker CONTX. The group offers: • More than 40 years of experience in developing software for image-based applications within the medical field. • Unprecedented image enhancement products for Ultrasound, Radiography and MRI. • Continuous reinvestment in R&D that ensures timely and rewarding upgrade paths. • Strong customer relationships and support to ensure partnership success. • ContextVision’s imaging technology enables the company’s customers to provide superior digital imaging solutions for hospitals and clinicians. Such solutions promise more rapid and accurate diagnoses, reduced operator eye fatigue, and ultimately, a greater return-on-investment for medical imaging users. For more information please contact: Richard Hallström, CFO Phone +46 (0)8 750 35 50 9ContextVision l Q2 Report 2026
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KSEK Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Net results for the period 8,787 288 9,637 -2,767 787 Other comprehensive income Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax) Differences in the conversion of foreign operations 47 -112 125 -318 -382 T otal other comprehensive income, after tax 47 -112 125 -318 -382 T otal comprehensive income for the period 8,834 176 9,762 -3,084 405 T otal comprehensive income for the period attributable to: Shareholders of the Parent Company 8,834 176 9,762 -3,084 405 KSEK Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Operating income Revenue 35,334 28,597 63,846 54,872 110,277 Other income 1,752 981 2,904 1,876 2,771 T otal operating income 37,086 29,578 66,750 56,748 113,049 Operating expenses Goods for resale -661 -776 -1,380 -1,439 -2,906 Other external costs -7,646 -8,410 -17,149 -18,512 -35,584 Employee benefits -15,275 -16,367 -30,905 -31,670 -61,630 Depreciation, amortization and impairment of tangible and intangible fixed assets -1,846 -1,778 -3,671 -3,509 -7,042 Other operating expenses -775 -1,756 -1,749 -4,250 -5,469 T otal operating expenses -26,203 -29,087 -54,855 -59,380 -112,631 Operating results 10,883 491 11,895 -2,632 417 Financial items Financial income 302 15 569 181 1,028 Financial costs -90 -153 -231 -232 -395 T otal financial items 212 -138 339 -51 633 Results after financial items 11,095 353 12,234 -2,683 1,050 T ax on results for the period -2,316 -72 -2,613 -102 -280 Deferred tax 7 6 16 19 17 Net results for the period 8,787 288 9,637 -2,767 787 Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Earnings per share (SEK) before and after dilution 0.12 0.00 0.13 –0.04 0.01 Average number of shares 74,561,349 76,126,043 74,874,600 76,126,043 75,997,811 Operating margin (per cent) 30.8 1.7 18.6 –4.8 0.4 Equity ratio (per cent) 76.5 74.8 76.5 74.8 73.8 Financial Highlights for the Group Consolidated Statement of Profit or Loss Consolidated Statement of Comprehensive Income 10ContextVision l Q2 Report 2026
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Consolidated Statement of Change in Equity in Summary Consolidated Statement of Cash FlowConsolidated Statement of Financial Position in Summary KSEK June 30, 2026 June 30, 2025 Full year 2025 Assets Capitalized expenditure for development work 1,736 2,777 2,256 T angible fixed assets 8,511 9,089 7,946 Right-of-use assets 10,629 9,069 12,411 Deferred tax assets 53 - 1,535 Financial fixed assets 1,535 2,104 37 Inventories 1,227 1,179 1,059 Current receivables 27,841 27,478 29,788 Cash and cash equivalent 78,472 70,432 69,826 T otal assets 130,004 122,127 124,858 Equity and liabilities Equity 99,425 91,346 92,160 Deferred tax liabilities - 200 - Non-current lease liabilities 7,383 6,553 9,157 Other non-current liabilities 15 - 4 Current lease liabilities 3,502 2,225 3,432 Other current liabilities 19,679 21,804 20,105 T otal equity and liabilities 130,004 122,127 124,858 KSEK Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Opening balance 91,218 91,149 92,160 94,257 94,257 T otal comprehensive income for the period 8,834 176 9,762 -3,084 405 Repurchase of own shares -873 - -2,957 - -2,812 Share-based payments 245 -3 459 172 309 Reclassification - 24 - - - Closing balance 99,425 91,346 99,425 91,346 92,160 KSEK Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Operating activities Operating result 10,883 491 11,895 -2,632 417 T otal operating result 10,883 491 11,895 -2,632 417 Adjustment of items not included in the cash flow 1,807 1,687 3,934 3,127 6,494 Interest received 302 15 569 181 1,028 Interest paid -90 -153 -231 -232 -395 Income tax paid -671 -2,694 -1,521 -7,257 -4,271 Cash flow from operating activities before change in working capital 12,231 -654 14,647 -6,813 3,273 Changes in working capital Change in inventories 166 738 -168 -87 33 Change in current receivables 1,909 4,939 855 10,327 4,853 Change in current liabilities -3,691 -3,514 -427 -1,634 -3,718 Cash flow from operating activities 10,615 1,509 14,907 1,793 4,441 Cash flow from investing activities Investments in tangible assets -27 -857 -2,202 -4,101 -4,239 Disposals of tangible assets 600 - 600 - - Deposits paid/received - - - - 569 Cash flow from investing activities 573 -857 -1,602 -4,101 -3,670 Cash flow from financing activities Payment of lease liabilities -854 -862 -1,702 -1,630 -2,503 Repurchase of own shares -873 - -2,957 - -2,812 Cash flow from financing activities -1,727 -862 -4,659 -1,630 -5,315 Cash flow for the period 9,461 -210 8,646 -3,938 -4,544 Cash and cash equivalent Cash and cash equivalent at the beginning of period 69,011 70,642 69,826 74,370 74,370 Cash and cash equivalent at end of period 78,472 70,432 78,472 70,432 69,826 11ContextVision l Q2 Report 2026
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KSEK Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Operating income Revenue 35,334 28,597 63,846 54,872 110,277 Other income 1,752 981 2,904 1,876 2,771 T otal operating income 37,086 29,578 66,750 56,748 113,049 Operating expenses Goods for resale -661 -776 -1,380 -1,439 -2,906 Other external costs -9,948 -10,796 -21,716 -23,429 -45,515 Employee benefits -14,024 -15,031 -28,407 -28,862 -56,392 Depreciation, amortization and impairment of tangible and intangible fixed assets -956 -886 -1,889 -1,725 -3,527 Other operating expenses -775 -1,756 -1,749 -4,250 -5,469 T otal operating expenses -26,364 -29,245 -55,142 -59,704 -113,809 Operating results 10,722 333 11,608 -2,957 -760 Financial items Financial income 302 15 569 181 1,028 Financial costs -2 -82 -47 -83 -95 T otal financial items 300 -67 523 98 933 Results after financial items 11,023 267 12,131 -2,859 173 Appropriations T ax allocation reserve - - - - 680 T otal appropriations - - - - 680 Results before tax 11,023 267 12,131 -2,859 853 T ax on results for the period -2,307 -39 -2,584 -34 -121 Net results for the period 8,716 228 9,547 -2,893 732 KSEK Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Opening balance 89,407 89,246 90,445 92,215 92,215 T otal comprehensive income for the period 8,716 228 9,547 -2,893 732 Repurchase of own shares -873 - -2,957 - -2,812 Share-based payments 245 -3 459 172 309 Reclassification - 24 - - - Closing balance 97,495 89,495 97,495 89,495 90,445 KSEK Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Net results for the period 8,716 228 9,547 -2,893 732 Other comprehensive income Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax) T otal other comprehensive income, after tax - - - - - T otal comprehensive income for the period 8,716 228 9,547 -2,893 732 KSEK June 30, 2026 June 30, 2025 Full year 2025 Assets Capitalized expenditure for development work 1,736 2,777 2,256 T angible fixed assets 8,511 9,089 7,946 Financial fixed assets 1,752 2,321 1,752 Inventories 1,227 1,179 1,059 Current receivables 27,606 28,184 29,556 Cash and bank 77,723 69,386 68,589 T otal assets 118,554 112,936 111,158 Equity and liabilities Equity 97,495 89,495 90,445 Untaxed reserves - 680 - Non-current liabilities 15 - 4 Current liabilities 21,045 22,761 20,710 T otal equity and liabilities 118,554 112,936 111,158 Parent Company Balance Sheet in Summary Parent Company Change in Equity in Summary Parent Company Statement of Comprehensive IncomeParent Company Income Statement 12ContextVision l Q2 Report 2026
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Revenue by Country Revenue by Product Note 1 Revenue The note concerns both the Group and the Parent Company. KSEK Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Korea 5,955 5,471 11,800 10,783 17,724 China 11,946 12,052 22,450 22,125 40,545 Japan 6,004 3,151 9,021 5,068 10,457 USA 7,310 3,551 13,054 8,310 20,052 Sweden - - - - - Other countries 4,118 4,372 7,521 8,585 21,500 T otal 35,334 28,597 63,846 54,872 110,277 KSEK Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 XR 6,982 4,075 11,540 7,654 17,632 US 25,274 21,360 46,360 41,347 80,339 MR 1,372 1,630 3,208 2,380 4,764 Other (IRV , CT, Mammo) - 10 - 213 662 Services 1,707 1,522 2,738 3,278 6,880 T otal 35,334 28,597 63,846 54,872 110,277 Note 2 Refined assessment of revenue recognition timing under IFRS 15 KSEK Reported Q2 2026 Reported Q2 2025 Comparable Q2 2025 if restated Reported H1 2026 Reported H1 2025 Comparable H1 2025 if restated Revenue from affected contracts 10,754 4,115 10,958 14,291 5,965 14,397 T otal revenue 35,334 28,597 35,440 63,846 54,872 63,304 During the half year of 2026, ContextVision refined its assessment of the timing of revenue recognition for certain customer contracts. Three contracts were affected. Under the updated assessment, revenue from these contracts is recognized at distinct points in time, each corre- sponding to the moment when a specific performance obligation is fulfilled. In H1 2025, these revenues were recognized over time. The change aligns the accounting more closely with the transfer-of-control principle under IFRS 15. ContextVision has not restated the comparative figures presented in the report. To support users in understanding the updated assessment, the estimated impact on Q2 2025 and H1 2025 revenue for the affected contracts is presented below. The adjustment relates solely to the timing of revenue recognition between the quarters and has no impact on the total revenue recognized for the full financial year. The change affects only the allocation of revenue between quarters, and cash flows remain unaffected. ContextVision considers that the updated assessment provides a more true and fair representation of the revenue pattern for these contracts. 13ContextVision l Q2 Report 2026
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Note 3 Adjustment for items not included in the cash flow Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Depreciation, amortization and impairment of tangible and intangible assets 1,846 1,778 3,671 3,509 7,042 Other non cash flow items -39 -91 263 -382 -548 T otal 1,807 1,687 3,934 3,127 6,494 Note 4 Related party transactions No related party transactions have taken place during the second quarter or the half year 2026. 14ContextVision l Q2 Report 2026
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Key Performance Indicators Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 EBITDA and EBITDA margin Net results (KSEK) 8,787 288 9,637 –2,767 787 Financial items (KSEK) –212 138 –339 51 –633 T axes (KSEK) 2,308 66 2,596 83 263 Depreciation, write-down and profit/loss on disposal (KSEK) 1,513 1,778 3,338 3,272 6,805 EBITDA (KSEK) 12,396 2,269 15,234 640 7,223 Net sales (KSEK) 35,334 28,597 63,846 54,872 110,277 EBITDA margin % 35.1% 7.9% 23.9% 1.2% 6.5% Adjusted EBITDA and Adjusted EBITDA margin Adjustment for investment in Data Quality (KSEK) 3,287 2,824 6,295 6,609 11,884 Adjusted EBITDA (KSEK) 15,683 5,094 21,529 7,249 19,107 Net sales (KSEK) 35,334 28,597 63,846 54,872 110,277 Adjusted EBITDA margin % 44.4% 17.8% 33.7% 13.2% 17.3% Operating margin Operating result (KSEK) 10,883 491 11,895 –2,632 417 Net sales (KSEK) 35,334 28,597 63,846 54,872 110,277 Operating margin % 30.8% 1.7% 18.6% –4.8% 0.4% Adjusted operating result and Adjusted operating margin Operating result (KSEK) 10,883 491 11,895 –2,632 417 Adjustment for investment in Data Quality (KSEK) 3,287 2,824 6,295 6,609 11,884 Adjusted operating result (KSEK) 14,170 3,316 18,191 3,977 12,301 Net sales (KSEK) 35,334 28,597 63,846 54,872 110,277 Adjusted operating margin % 40.1% 11.6% 28.5% 7.2% 11.2% Q2 2026 Q2 2025 H1 2026 H1 2025 Full year 2025 Profit margin Result after financial items (KSEK) 11,095 353 12,234 –2,683 1,050 Net sales (KSEK) 35,334 28,597 63,846 54,872 110,277 Profit margin (%) 31.4% 1.2% 19.2% –4.9% 1.0% Adjusted profit and Adjusted profit margin Result after financial items, profit (KSEK) 11,095 353 12,234 –2,683 1,050 Adjustment for investment in Data Quality (KSEK) 3,287 2,824 6,295 6,609 11,884 Adjusted profit (KSEK) 14,382 3,178 18,529 3,926 12,935 Net sales (KSEK) 35,334 28,597 63,846 54,872 110,277 Adjusted profit margin % 40.7% 11.1% 29.0% 7.2% 11.7% Earnings per share and Adjusted earnings per share Net results (KSEK) 8,787 288 9,637 –2,767 787 Average number of shares 74,561,349 76,126,043 74,874,600 76,126,043 75,997,811 Earnings per share before and after dilution (SEK) 0.12 0.00 0.13 –0.04 0.01 Adjustment for investment in Data Quality (KSEK) 3,287 2,824 6,295 6,609 11,884 Adjusted earnings per share before and after dilution (SEK) 0.16 0.04 0.21 0.05 0.17 Equity ratio Equity at period end (KSEK) 99,425 91,346 99,425 91,346 92,160 T otal assets (KSEK) 130,004 122,127 130,004 122,127 124,858 Equity ratio % 76.5% 74.8% 76.5% 74.8% 73.8% Key performance indicators 15ContextVision l Q2 Report 2026
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Definitions ContextVision presents certain financial measures in the finan- cial statements that are not defined under IFRS. ContextVision believes that these measures provide useful supplementary information to investors and the management as they allow for evaluation of ContextVision’s performance. Because not all com- panies calculate the financial figures in the same way, these are not always comparable to measures used by other companies. Key Performance Indicator (KPI) Explanation of KPI Explanation of use EBITDA Earnings before interest, taxes, depreciation, amortization and profit/loss on disposal EBITDA is used as an indicator of the group’s underlying operating profitability and ability to generate cash from operations. EBITDA margin Earnings before interest, taxes, depreciation, amortization and profit/loss on disposal, as a percentage of revenue EBITDA margin is used as an indicator of the group’s underlying operating profitability and ability to generate cash from operations, expressed as a percentage of revenue. Adjusted EBITDA Earnings before interest, taxes, depreciation, amortization and profit/loss on disposal adjusted for investments in Data Quality Adjusted EBITDA is used as an indicator of the group’s underlying operating profitability, adjusted for investment in Data Quality, and ability to generate cash from operations. Adjusted EBITDA margin Earnings before interest, taxes, depreciation, amortization and profit/loss on disposal adjusted for investments in Data Quality, as a percentage of revenue Adjusted EBITDA margin is used as an indicator of the group’s underlying operating profitability, adjusted for investment in Data Quality, and ability to generate cash from operations, expressed as a percentage of revenue. Operating margin Operating result as a percentage of revenue Operating margin shows the group’s underlying profitability and cost efficiency, expressed as a percentage of revenue. Adjusted operating result Operating result adjusted for investments in Data Quality Adjusted operating result shows the group’s underlying profitability and cost efficiency, adjusted for investment in Data Quality. Adjusted operating margin Operating result adjusted for investments in Data Quality, as a percentage of revenue Adjusted operating margin shows the group’s underlying profitability and cost efficiency, adjusted for investment in Data Quality, expressed as a percentage of revenue. Profit margin Result after financial items as a percentage of revenue The profit margin shows the group’s results per SEK revenue and is of interest for both the group and for investors. Adjusted profit Result after financial items adjusted for investments in Data Quality The adjusted profit shows the group’s results per SEK revenue adjusted for investments in Data Quality and is of interest for both the group and for investors. Adjusted profit margin Result after financial items adjusted for investments in Data Quality as a percentage of revenue The adjusted profit margin shows the group’s results per SEK revenue adjusted for investments in Data Quality and is of interest for both the group and for investors. Earnings per share after tax Net result for the period after tax per average number of shares outstanding. Earnings per share shows the group’s results in relation to average number of shares and provides investors with additional information regarding the group’s profitability. Adjusted earnings per share after tax Net result for the period after tax adjusted for investments in Data Quality per average number of shares outstanding. Adjusted earnings per share shows the group’s results in relation to average number of shares adjusted for investments in Data Qualit, and provides investors with additional information regarding the group’s profitability. Solidity (Equity ratio) Equity at the period end as a percentage of total assets The equity ratio shows the group’s long-term ability to pay its debts and is a complement to other key figures. It helps investors assess the possibility of dividends. 16ContextVision l Q2 Report 2026
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ALTUMIRA® ContextVision’s image enhancement for X-ray systems. Altumira is designed with AI technology (deep learning) in combi- nation with ContextVision’s leading GOP technology. ARTIFICIAL INTELLIGENCE (AI) Artificial Intelligence is the intelligence exhibited by machines or software. It is also the name of the academic field that studies how to create computers and computer programs with intelligent behavior. DATA QUALITY Our aim is to transfer from image quality to data quality by building organ specific applications through machine-aided interpretation. DEEP LEARNING Deep learning is the latest highly powerful technology within machine learning: machine learning with deep neural networks. GOP® (GENERAL OPERATOR PROCESSOR) ContextVision’s methodology and technology base for image analysis and image enhancement, detecting structures in an image and relating them to their wider context in order to increase visualization accuracy. GOPICE® ContextVision’s real-time 3D volumetric image enhancement product, for OEM embedded software. GOPVIEW®/ PLUSVIEW® The family names for ContextVision’s older 2D product lines of OEM-embedded software. HANDHELD ULTRASOUND A small ultrasound unit that can be held in the hand when performing the examination, e.g. smartphones and tablet-based systems. IMAGE ANALYSIS Processing a digital image in order to describe/classify its contents or to extract quantitative measurements. IMAGE PROCESSING A generic term used to describe the computation of digital images, typically to enhance or analyze them. IMAGE QUALITY To improve the visual quality of a digital image by increasing the visibility of relevant structures, as in edge/contrast enhancement and the suppression of noise or artifacts. MACHINE LEARNING Machine learning is the study of computer algorithms that improve automatically through experience. MAMMOGRAPHY An X-ray method used to examine the human breast MODALITY A device that generates internal images of the body, such as X-ray, ultrasound, magnetic resonance imaging, and computed tomography. MRI (MAGNETIC RESONANCE IMAGING) A non-invasive procedure, generated by variations in strong magnetic fields, to visualize internal organs or structures. OEM The acronym for Original Equipment Manufacturer. POCUS Point-of-care Ultrasound. Refers to portable Ultrasound products that may be used where the patient is located. RIVENT® ContextVision’s product family in image enhancement for ultrasound. RIVENT/RIVENT PLUS® ContextVision’s image enhancement product for 2D ultrasound with extended processing capabilities. RIVENT 3D® ContextVision’s image enhancement product for 3D ultrasound. RIVENT® MOBILE ContextVision’s 2D image enhancement products tailored for handheld ultrasound units. US (ULTRASOUND) An imaging procedure where images are created from echoes of high-energy sound waves (ultrasound). XR (X-RAY) A diagnostic device in which radiation is used to create images for examination of soft and hard tissue, such as muscle and bone. Glossary 17ContextVision l Q2 Report 2026
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ContextVision is a software company specialized in image analysis and artificial intelligence. As the global market leader within image enhancement, we are a trusted partner to leading manufacturers of ultrasound, X-ray and MRI equipment around the world. Our expertise is to develop powerful software products, based on proprietary technology and artificial intelligence for image-based applications. Our cutting-edge technology helps clinicians accurately interpret medical images, a crucial foundation for better diagnosis and treatment. The company, established in 1983, is based in Sweden with local representation in the U.S., Japan, China and Korea. ContextVision is listed on the Oslo Stock Exchange under the ticker CONTX. For more information, please visit www.contextvision.com SEE MORE. KNOW MORE.