Interim report
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Interim Report Clavister AB (publ) April – June 2025
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2 Clavister AB 2 Interim Report April – June 2025 Summary of the Quarter Highlights from the Quarter Order Intake grew by 52 %. Net Sales grew by 22 % and ARR grew by 9 %. Total Order Book Balance of 375 MSEK at the end of the quarter. Highlights from the first 6 months Significant defence order of 68 MSEK from BAE Systems for delivery of Clavister CyberArmour to the CV90 platform. Material Post-Closing Events Clavister signs a partnership agreement with Saab. Key Metrics (MSEK) Q2 2025 Q2 2024 H1 2025 H1 2024 2024 Order Intake 76.2 50.3 186.5 88.3 259.4 Order Intake Growth 51.5 % 13.1 % 111.3 % 11.5 % -20.1 % Annual Recurring Revenue (ARR) at EoP 136.6 125.0 136.6 125.0 137.6 ARR Growth 9.3 % 11.0 % 9.3 % 11.0 % 14.4 % Net Sales 54.8 44.8 108.1 88.8 191.7 Net Sales Growth 22.2 % 16.7 % 21.7 % 18.7 % 19.3 % Gross Profit 45.2 36.6 85.9 72.8 156.7 Gross Margin 81.1 % 79.2 % 78.2 % 79.7 % 79.0 % EBITDA 6.7 5.2 13.3 12.8 31.5 Adjusted EBITDA 9.1 5.7 15.9 13.9 36.0 Adjusted EBITDA Margin 16.3 % 12.3 % 14.5 % 15.2 % 18.1 % EBIT -4.8 -6.6 -9.3 -10.3 -12.8 Adjusted EBIT -2.4 -6.1 -6.7 -9.1 -8.3 Adjusted EBIT Margin -4.4 % -13.2 % -6.1 % -10.0 % -4.2 % Net Result -15.9 -10.1 -12.7 -33.5 -56.0 Result per Share -0.06 -0.04 -0.04 -0.24 -0.35 16.3 % Adjusted EBITDA Margin +22.2 % Net Sales +9.3 % ARR
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3 Clavister AB 3 Interim Report April – June 2025 Comments by the CEO The second quarter of 2025 was another step forward on Clavister’s growth journey. In a world where geopolitical uncertainty is becoming the norm, the demand for sovereign European cybersecurity is accelerating – and Clavister continues to be a trusted partner at the centre of that shift. With a 52 % increase in order intake and 22 % growth in net sales, we are steadily moving toward our vision of being Europe’s most relevant cybersecurity provider. Robust Growth Across All Areas Net sales reached 54.8 MSEK, a 22 % year-on-year increase (25 % when adjusted for currency effects). Annual recurring revenue (ARR) grew 9 % to 136.6 MSEK, supported by solid performance in our civil business. Order intake for the quarter was 76.2 MSEK, with growth seen across all business lines. Our order backlog now stands at 375 MSEK, and deferred revenue at 76 MSEK, providing healthy visibility and predictability for future periods. Our backlog extends into 2029, proof of the long-term relevance of our solutions. In addition to the robust growth, we are seeing deeper engagement from our partner network. Several of our resellers and technology partners expanded their own investment in Clavister solutions during the quarter, further strengthening our market presence and laying the groundwork for continued organic growth. These relationships are built on trust and long- term collaboration – qualities that are becoming increasingly important in an era of rapid technological and geopolitical change. Continued Momentum in Civil Business The accelerating geopolitical instability and the drive for digital sovereignty are reshaping procurement strategies across public and private sectors. Governments, agencies, and enterprises are increasingly turning to European suppliers to secure their critical digital infrastructure. This shift is not only policy-driven but also grounded in the strategic need to reduce dependency on non-European technology providers. Against this backdrop, Clavister is seeing a steady increase in inbound requests – from long-term partners, new channels, and end-customers – particularly within mission-critical environments. These inquiries span across sectors where security and resilience are paramount, with a growing urgency to strengthen cyber defences. One sector that stands out is the energy industry, which faces growing regulatory and operational pressure to secure its operations against cyber threats. This quarter, as an example, we added another major German energy provider to our customer base – a strong win in one of Europe’s most critical infrastructure verticals. While the market opportunity is significant, the transition to European suppliers does not happen overnight. Many of these engagements involve large-scale infrastructure projects that take time to design, coordinate and implement. This means the pace of change is measured, but the partnerships we are building will be stronger and longer lasting. Accelerating Innovation: AI and PASAD Innovation is still at the heart of Clavister’s strategy – and in the second quarter, we reached an important milestone for our AI capabilities. The United States Patent and Trademark Office (USPTO) has officially granted a patent for our PASAD (Process Aware Stealthy Attack Detection) AI technology, following the earlier “Intention to Grant” from the European Patent Office (EPO) PASAD is an advanced anomaly detection system that can spot everything from zero-day attacks to hardware degradation. Crucially, PASAD operates entirely at the edge: training and inferring locally, without needing the cloud, making it ideal for mission-critical and highly secure environments. Securing patents in both Europe and the U.S. both protects our technology and reinforces our leadership in cybersecurity innovation. RSG-200 – Tactical Cybersecurity at the Edge During the quarter, we launched the Clavister CyberArmour RSG-200, a ruggedised security gateway built specifically for tactical and mobile deployments. Designed for use in military vehicles, mobile command posts, and unmanned systems, the RSG-200 combines a compact form factor paired with the full feature set of Clavister’s proven firewall software. Our first order on this new product came from a Northern European nation, which will fit the RSG-200 into selected vehicles as part of a defence modernisation effort to boost cyber resilience. Defence: New Partnership with Saab After the quarter closed, we signed a new partnership with Saab, one of the Nordic region’s top defence and security companies. The collaboration aims to develop next-generation solutions for secure, real-time communication that can seamlessly operate across multiple information domains – even up to NATO Secret. This will enable reliable and protected information sharing, even in the most demanding and sensitive operational environments. This partnership strengthens our growing reputation as a cybersecurity partner of choice in the European defence sector and complements ongoing business with BAE Systems and other major defence contractors.
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4 Clavister AB 4 Interim Report April – June 2025 Operating Performance and Financial Health Our gross margin for the quarter came in at 81.1 %, showing the strength of our business model and the continued shift toward higher-value products and services. Mix of software and hardware changes can cause quarterly variations, but our steady growth in ARR should keep margins strong. Our adjusted EBITDA margin improved to 16.3 %, up from 12.3 % a year ago, while adjusted EBIT improved to -2.4 MSEK, compared to -6.1 MSEK a year ago. We are doing selected investments in sales and marketing to keep up momentum and capture growth opportunities while continuing to drive toward sustainable profitability. Cash flow from operations before changes in working capital came to 3.8 MSEK. Our financial net debt has been reduced substantially compared to the prior year, following repayments of the EIB loan using proceeds from the TO8 and TO9 warrant programs. Interest-bearing liabilities now stand at 143 MSEK, down from over 320 MSEK a year ago. These reductions, together with our operational improvements, give me strong confidence in the long-term development of our balance sheet. We continue to target a sales growth (CAGR) of at least 20 % for 2025 through 2027. Our ambition for the full year 2025 is unchanged – to achieve an EBITDA margin of at least 20 %, positive EBIT, and positive operational cash flow. Outlook The landscape of European cybersecurity is in the middle of a fundamental transformation. Governments and organisations face rising pressure to harden their digital infrastructure – and to do so with European suppliers. Clavister has a unique position to meet this challenge, with innovative but proven technology, deep customer relationships, and a growing ecosystem of strategic partnerships. We look to the future with confidence. With a strengthened balance sheet, a clear strategic direction, and a team of dedicated colleagues, we are well-positioned to meet the opportunities and challenges ahead. Our focus remains on delivering value to our customers and shareholders, while contributing to Europe’s digital independence. We remain confident in our path and committed to profitable, long-term growth. Thank you to our customers, partners, employees, and shareholders for your continued trust and support. Örnsköldsvik, August 21, 2025 John Vestberg, CEO and President
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5 Clavister AB 5 Interim Report April – June 2025 Comments on Financial Statement Order Intake Total order intake for the quarter amounted to 76.2 (50.3) MSEK, a year-on-year increase of 51.5 %. The increase is explained by a general increase within the firewall business as well as within the defence area. During the past twelve-month period, order intake amounted to 358 MSEK. The order book balance on 30 June 2025 amounted to 375 (232.7) MSEK. Most of the order book balance relates to contracts within the defence and telecom sector where, according to the current plan, deliveries will occur continuously up to and including 2029. Deferred revenue from prepaid contracts and prepaid consulting services amounted to 76.2 (66.5) MSEK, whereof 55.3 (48.9) MSEK will be recognized as revenue during the coming twelve-month period. Net Sales Net sales for the quarter amounted to 54.8 (44.8) MSEK, a year-on-year increase of 22.2 %. All businesses contributed to the growth in the quarter, with the largest growth coming from the Telecom and Defence businesses. Adjusted for currency effects net sales amounted to 56.3 (45.1) MSEK, an increase of 24.8 %. In addition to SEK, sales are also made in EUR and USD. Figure 1. Order intake development 2021 – 2025 Q2. Sales of products and licenses are a major part of net sales, amounting to 48.7 MSEK, or 89.0 % of net sales, while revenue from professional services amounted to 6.0 MSEK. Professional services are services related to the company’s products, for example configuration and optimisation services as well as advanced installation services. Figure 2. Net sales development 2021 - 2025 Q2. NET SALES BY TYPE (TSEK) 2025 2024 Y/Y 2024 Apr - Jun Apr - Jun (%) Jan - Dec Product and license revenue 48,724 39,553 23 % 168,065 Professional services 6,036 5,294 14 % 23,598 Net Sales 54,760 44,848 22% 191, 663
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6 Clavister AB 6 Interim Report April – June 2025 Annual Recurring Revenue Annual recurring revenue on 30 June 2025 amounted to 136.6 (125.0) MSEK, a year-on-year increase of 9.3 %. Figure 3. Development of ARR 2022 – 2025 Q2. The increase is primarily explained by an increase in won contracts over the last twelve-month period. Deals providing recurring license revenue are the norm in Clavister’s sales. An exception is sales to the defence sector, which currently predominantly consists of products with a high proportion of non-recurring revenue and a lower proportion of recurring revenue. Gross Margin and Gross Profit Gross margin amounted to 81.1 (79.2) %. The change in margin is explained by the variations in product mix. Gross profit for the quarter amounted to 45.2 (36.6) MSEK, an increase of 23.5 %. Figure 4. Development of Gross Profit 2021 – 2025 Q2. Operating Expenses Total operating expenses (OPEX) amounted to -49.2 (-41.4) MSEK, whereof personnel expenses amounted to -37.8 (-32.0) MSEK and other external expenses amounted to -11.4 (-9.3) MSEK. The change in expense mix is partly explained by a changeout of external consultants to own employees, some new recruitment of employees to critical positions, restructuring within the organization and a controlled increase in cost compared to the same period previous year. Figure 5. Development of OPEX 2021 – 2025 Q2. The quarter was impacted by non-recurring expenses of -2.4 (-0.5) MSEK. Adjusted for non-recurring expenses, operating
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7 Clavister AB 7 Interim Report April – June 2025 expenses amounted to -46.8 (-40.9) MSEK. Most of the non- recurring expenses relate to a restructuring within the organization, and a smaller part relates to the ongoing legal dispute with FortifiedID AB. Other external expenses consist mainly of marketing, IT and communication and external consultants. Operating Result EBITDA amounted to 6.7 (5.2) MSEK. Adjusted for non- recurring expenses EBITDA amounted to 9.1 (5.7) MSEK. Figure 6. Development of EBITDA 2021 – 2025 Q2. Depreciation and amortisation amounted to -11.5 (-11.9) MSEK, whereof -1.0 (-1.1) MSEK is attributed to IFRS 16. EBIT amounted to -4.8 (-6.6) MSEK. Adjusted EBIT amounted to -2.4 (-6.1) MSEK. Financial Net Financial income and expenses amounted to -11.0 (-3.5) MSEK. The quarter saw strong exchange rate movements, with SEK weakening against EUR. Given the Group’s liabilities in EUR, this results in negative exchange rate effects in the financial net. The financial net consists of the following non-cash items; currency revaluations for long-term liabilities -6.4 (4.7) MSEK, long-term interest to lenders -1.9 (-4.0) MSEK and costs for warrants as well as costs related to long-term liabilities -0.8 (-0.1) MSEK. The financial net consists of the following items impacting cash-flow; interest on factoring, short-term interest to lenders, currency effects on amortisation and interest income -2.0 (-3.7) MSEK and interest in leasing contracts under IFRS 16 0.0 (-0.4) MSEK. Result after tax Result after taxes amounted to -15.9 (-10.1) MSEK. Investments in Intangible Assets Capitalised costs for development work amounted to 10.8 (10.4) MSEK, whereof 10.7 (10.0) MSEK refers to capitalised development expenses. CAPITALIZED DEVELOPMENT 2025 2024 2024 TSEK Apr - Jun Apr - Jun (%) Jan-Dec Capitalisation of development costs 10,827 10,372 4 % 40,934 Amortisation of capitalsed development costs -9,875 -10,158 -3 % -37,742 Change in capitalisation of development costs 952 214 3 192 Shareholders’ Equity and Liabilities Equity amounted to -39.5 (-120.8) MSEK. Negative group equity is not an issue from a Companies Act perspective. Equity for the parent company Clavister Holding AB amounted to 304.5 (207.7) MSEK. Interest-bearing Liabilities On 30 June 2025, interest-bearing liabilities amounted to 142.5 (320.8) MSEK, distributed between long-term liabilities of 110.8 (261.5) MSEK and short-term liabilities of 31.7 (59.3) MSEK. The decrease is explained by the amortisations made to the EIB. During the current quarter, an additional 54.8 MSEK was amortized. Financial Net Debt On 30 June 2025, the financial net debt amounted to -88.4 (-190.4) MSEK. The reduction of the financial net debt is primarily explained by the received net proceeds from the TO9 rights issue. Cash Flow Cash flow from operating activities before working capital changes amounted to 3.8 (1.3) MSEK. Cash flow from operating activities amounted to -0.7 (4.3) MSEK. The change is mainly explained by an increased inventory and an increase of account receivables which is, to a large extent, offset by increased operating liabilities. Cash flow from investing activities amounted to -10.8 (-10.6) MSEK, whereof capitalisation of development costs amounted to -10.8 (-10.4) MSEK. Cash flow from financing activities amounted to 1.8 (-1.0) MSEK. During the period, received proceeds from the rights issue TO9 amounted to 57.6 MSEK. The received proceeds have, in accordance with earlier communication, been used to amortise the loan to EIB, amortisation amounted to -54.8 MSEK.
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8 Clavister AB 8 Interim Report April – June 2025 Change in cash position was -9.7 (-7.3) MSEK. Cash balance amounted to 54.1 (129.9) MSEK on 30 June 2025. Impairment Testing No need for impairment has been identified during the first quarter of 2025. Personnel and Organisation On 30 June 2025, the number of full-time equivalent employees (FTE) amounted to 111 (105). Hired personnel corresponded to 8 (10) people at the end of the period. Disputes and Litigations A legal dispute is ongoing with the legal entity Fortified ID AB, as well as some of the former employees of PhenixID AB, which the group has reason to believe has infringed on intellectual property rights owned by the fully owned subsidiary PhenixID AB. Please see the Annual Report 2024 for more information. Transactions with Related Parties No significant business transactions between related parties and Clavister have occurred during the reporting period. Risks and Uncertainties Please see the Annual Report 2024 and the Clavister website, where an extensive summary is provided of risks and uncertainties in the business that could significantly affect the results and share performance. Material Post-Closing Events After the end of the reporting period, Clavister announced a partnership with Saab. The cooperation aims to enhance Saab’s existing cross-domain solutions with cutting-edge firewalls from Clavister. Ambitions and Planning Assumptions The expectation is an increase in sales growth for the full year 2025 compared to 2024. For the years 2025-2027, the intention is to achieve sales growth of at least 20 % (CAGR). For 2025, Clavister intends to make selected sales and marketing investments to continue accelerating our sales growth. Clavister’s ambition for the full year 2025 is to, despite these investments, achieve an EBITDA margin of at least 20 %, positive operating profit (EBIT) and a positive operational cash flow. Clavister’s long-term ambition is to provide industry-leading profitability and Free Cash Flow.
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9 Clavister AB 9 Interim Report April – June 2025 Condensed Consolidated Income Statement (TSEK) 2025 2024 2025 2024 2024 Apr - Jun Apr - Jun Jan - Jun Jan - Jun Jan - Dec Net sales 54,760 44,848 108,112 88,847 191,663 Other revenue 932 1,330 1,787 2,463 6,668 Total revenue 55,692 46,178 109,899 91,310 198,331 COGS -10,504 -9,628 -23,965 -18,512 -41,676 Gross profit 45,188 36,550 85,934 72,798 156,655 Cap. Dev. Expenses 10,701 10,027 20,080 20,746 37,946 Staff costs -37,792 -32,025 -71,490 -62,930 -125,807 Other external costs -11,401 -9,333 -21,221 -17,859 -37,335 EBITDA 6,696 5,219 13,303 12,755 31,460 Depreciation and amortization -11,537 -11,862 -22,589 -23,094 -44,285 EBIT -4,841 -6,643 -9,286 -10,339 -12,825 Financial items -11,035 -3,497 -3,423 -23,127 -43,314 Result after financial items -15,876 -10,140 -12,709 -33,466 -56,139 Taxes 0 -7 0 -17 157 Net profit - loss -15,876 -10,147 -12,709 -33,483 -55,982 Average number of shares before dilution 288,559,847 226,121,410 288,559,847 141,325,882 162,063,982 Average number of shares after dilution 333,608,569 324,001,485 333,845,214 196,808,193 196,347,411 Earnings per share before dilution, SEK -0.06 -0.04 -0.04 -0.24 -0.35 Earnings per share after dilution, SEK -0.06 -0.04 -0.04 -0.24 -0.35 Net profit relating to Shareholders of the Parent Company -15,876 -10,147 -12,709 -33,483 -55,982 Total results of the Group: Net profit (loss) end of the period -15,876 -10,147 -12,709 -33,483 -55,982 Other profit 3 -30 -106 -5 -52 Net profit (loss) -15,873 -10,177 -12,815 -33,488 -56,034
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10 Clavister AB 10 Interim Report April – June 2025 Condensed Consolidated Balance Sheet (TSEK) 2025-06-30 2024-06-30 2024-12-31 Assets Non-current assets Goodwill 66,697 66,697 66,697 Intangible assets 110,860 109,739 110,044 Property, Plant & Equipment 1,217 655 1,222 Right of use assets 14,071 17,896 16,110 Other long-term receivables 1,122 986 1,122 Total non-current assets 193,968 195,974 195,195 Current assets Inventories 11,376 20,803 16,711 Current receivables 72,144 49,534 64,145 Cash and bank balances 54,087 129,907 83,210 Total current assets 137,606 200,243 164,067 Total assets 331,574 396,217 359,263 (TSEK) 2025-06-30 2024-06-30 2024-12-31 Equity and liabilities Equity Equity -39,485 -120,837 -84,185 Total equity -39,485 -120,837 -84,185 Liabilities Long-term liabilities Convertible debentures 9,511 9,164 9,332 Liabilities to credit institutions 161,510 283,768 218,574 Lease liabilities 10,125 15,001 12,022 Deferred tax liabilities 216 285 216 Long-term liabilities 26,220 32,037 39,704 Total long-term liabilities 207,582 340,255 279,847 Current liabilities Liabilities to credit institutions 0 13,347 0 Lease liabilities 4,726 3,338 4,726 Accounts payable 9,680 9,196 15,648 Other liabilities 35,719 48,145 33,176 Deferred revenues 76,235 66,488 69,894 Accrued expenses and deferred income 37,117 36,284 40,157 Total current liabilities 163,477 176,799 163,601 Total liabilities 371,059 517,054 443,448 Total equity and liabilities 331,574 396,217 359,263
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11 Clavister AB 11 Interim Report April – June 2025 Condensed Statement of Changes in Equity (TSEK) 2025 2024 2025 2024 2024 Apr - Jun Apr - Jun Jan - Jun Jan - Jun Jan - Dec Equity, beginning of period -81,222 -110,469 -84,185 -228,882 -228,882 Cash issue 62,887 23 62,887 169,614 215,346 Issue expenses -5,278 -215 -5,372 -28,082 -28,082 Non-registered issue 0 0 0 0 588 Share-based compensation 0 0 0 0 12,880 Other total income for the period 3 -30 -106 -5 -52 Result for the period -15,876 -10,147 -12,709 -33,483 -55,982 Equity, end of period -39,485 -120,837 -39,485 -120,837 -84,185
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12 Clavister AB 12 Interim Report April – June 2025 Condensed Consolidated Cash Flow Statement (TSEK) 2025 2024 2025 2024 2024 Apr - Jun Apr - Jun Jan - Jun Jan - Jun Jan - Dec Profit (loss) before taxes -15,876 -10,140 -12,709 -33,466 -56,139 Reversal of depreciation and write-downs 11,537 11,862 22,589 23,094 44,285 Other adjustments for non-cash items, etc * 7,831 -592 -2,066 14,188 19,501 Paid taxes 284 210 171 48 493 Cash flow from operating activities before working capital changes 3,776 1,340 7,985 3,864 8,141 Changes in inventories -2,143 1,614 5,336 -4,549 -458 Changes in operating receivables -13,200 -3,321 -7,997 -440 -15,015 Changes in operating liabilities** 10,841 4,659 -1,095 -1,920 11,884 Cash flow from operating activities -726 4,292 4,228 -3,045 4,552 Acquisition of Property, Plant and Equipment 0 -105 -151 -115 -896 Investment of capitalised development work -10,827 -10,372 -21,171 -21,696 -40,935 Other acquisition of financial fixed assets 0 -100 0 -100 -219 Cash flow from investing activities -10,827 -10,577 -21,322 -21,912 -42,049 Borrowings** -54,808 0 -67,646 -23,660 -104,216 Amortization of leasing liabilities -956 -831 -1,897 -1,669 -1,588 New share issue, incl transaction cost 57,609 -192 57,514 141,532 187,851 Cash flow from financing activities 1,846 -1,023 -12,029 116,202 82,047 Change in Cash Position -9,707 -7,308 -29,123 91,246 44,549 Cash, beginning of period 63,794 137,215 83,210 38,661 38,661 Cash, end of period 54,087 129,907 54,087 129,907 83,210 * "Other adjustments for non-cash items, etc " consist of exchange rate gains/loss for loans in other currencies, interest rate not affecting the cash flow, interest convertible loans and, capitalised expenses associated with loans.
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13 Clavister AB 13 Interim Report April – June 2025 Condensed Income Statement for Parent Company Clavister AB (TSEK) 2025 2024 2025 2024 2024 Apr - Jun Apr - Jun Jan - Jun Jan - Jun Jan - Dec Net sales 2,252 2,251 4,502 4,503 9,005 Total revenue 2,252 2,251 4,502 4,503 9,005 Staff costs -5,932 -3,364 -10,431 -6,116 -12,496 Other external costs -1,465 -1,059 -2,416 -2,129 -6,081 EBITDA -5,145 -2,172 -8,345 -3,742 -9,571 Financial items -251 -219 -506 -707 -29,923 Result after financial items -5,396 -2,391 -8,851 -4,449 -39,495 Group contribution paid 0 0 0 0 23,900 Taxes 0 0 0 0 69 Net result -5,396 -2,391 -8,851 -4,449 -15,526
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14 Clavister AB 14 Interim Report April – June 2025 Condensed Balance Sheet for Parent Company Clavister AB (TSEK) 2025-06-30 2024-06-30 2024-12-31 Assets Fixed assets Shares in group companies 475,155 462,274 475,155 Receivables from group companies 4,945 0 19,900 Total fixed assets 480,100 462,274 495,055 Current assets Current receivables 463 1,419 728 Cash and bank balances 25,555 39,786 5,563 Total current assets 26,017 41,205 6,291 Total assets 506,117 503,480 501,346 Equity and liabilities Equity Equity 304,462 207,677 255,798 Total equity 304,462 207,677 255,798 Liabilities Long-term liabilities Convertible debentures 9,511 9,164 9,332 Liabilities to Group companies 179,462 276,462 224,462 Deferred tax 216 285 216 Other long-term liabilities 2,589 2,487 3,659 Total long-term liabilities 191,778 288,398 237,669 Current liabilities Accounts payable 919 483 2,552 Other liabilities 2,665 4,522 2,754 Accrued expenses and deferred income 6,293 2,399 2,573 Total current liabilities 9,876 7,404 7,878 Total liabilities 201,654 295,803 245,547 Total equity and liabilities 506,117 503,480 501,345
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15 Clavister AB 15 Interim Report April – June 2025 Notes Note 1 Accounting Policies The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and interpretations of the IFRS Interpretations Committee (IFRS IC) as adopted by European Union (EU). This report has been prepared in accordance with IAS 34, Interim Financial Reporting, ÅRL (the Swedish Annual Accounts Act) and RFR 2, Accounting for legal entities, issued by the Swedish Financial Reporting Board. The same accounting principles and methods of computation are followed in this interim financial statement, as in the most recent annual financial statements 2024. Note 2 Segment Reporting A business segment is a part of the Group which operates independently and can generate revenue and incur costs and the operating result is reviewed by the Group’s chief operating decisionmaker and for which there is separate and individual financial information available. Management reviews the Group’s business performance from a net sales perspective, totally and broken down into separate geographical markets. Costs are not reviewed on a geographical market instead from a total and functional cost base breakdown. Management reviews the Group’s operating result as a whole and therefore the Group is considered to be a segment in the interim report. Note 3 Shareholders and Shares The share capital amounts to 30,592,208 SEK, with a par value of 0.1 SEK per share. Clavister Holding’s shares are listed on Nasdaq First North. There is only one type of share in existence. Each share represents one vote at the General Meeting. On 30 June 2025, the number of shareholders amounted to 11,479. The registered number of shares on 30 June 2025, amounted to 309,522,083 according to The Companies Registration Office. THE 10 LARGEST SHAREHOLDERS* Number of shares 2025-06-30 % of total number of shares P-A Bendt AB 57,127,173 18.5 % Försäkringsaktiebolaget Avanza Pension 23,194,204 7.5 % Alcur Fonder AB 10,208,719 3.3 % ÖstVäst Capital Management 9,762,166 3.2 % Cajory Defence AB 8,827,148 2.9 % Staffan Dahlström 8,521,583 2.8 % Finserve Nordic AB 7,773,601 2.5 % Union Investment 7,432,061 2.4 % Nordnet Pension Insurance 6,703,142 2.2 % Tagehus Holding AB 6,600,186 2.1 % Other Shareholders 163,372,100 52.8 % Shares registered under the Companies Registration Office as of 2025-06-30 309,522,083 100.0 % Additional shares potentially issued in 2025 through 2038, due to warrants and convertible loan 29,888,424 Number of shares after full dilution 339,410,507 *Source: Modular Finance AB. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedish Financial Supervisory Authority (Finansinspektionen). Note 4 Share-Related Programs (Warrants) and Convertible Loan Warrants There are two current incentive programs addressed to personnel with a total of 12,725,500 warrants. These warrants mature in 2025 and 2027. Pricing is based on the Black & Scholes option-pricing model. Payment of the warrant options has been made in accordance with the extrapolated price according to the Black & Scholes model and has therefore not affected the Group’s Income statement by any charges. There are additionally six warrant programs with a total amount of warrants of 15,380,392 related to loan financing. 19,801 warrants mature in 2026 and 15,360,591 warrants mature in 2038. Holders of warrants will be entitled to subscribe for one new share in the company for each warrant. The total number of issued and open warrants amounts to 29,888,424. Warrants Number issued Redeemed/ Due Open Share Price TO 2016 - 2026-11-28 19,801 0 19,801 0.10 TO 2017 - 2038-04-30 1,770,079 0 1,770,079 0.10 TO 2018 - 2038-04-30 36,703 0 36,703 0.10 TO 2020 - 2038-04-30 101,805 0 101,805 0.10 TO 2021 - 2038-04-30 1,605,331 0 1,605,331 0.10 TO 2022 - 2038-04-30 242,796 0 242,796 0.10 TO 2025 - 2038-04-30 11,603,877 0 11,603,877 0.10 TO 2022 - 2025-06-30 225,500 0 225,500 10.95 TO 2024 - 2027-06-30 12,500,000 0 12,500,000 2.00 28,105,892 0 28,105,892 Convertible Loan The issued convertible loan amounts to 10 MSEK and matures on May 31, 2027, with a conversion price of 5.61 SEK. At potential conversion there will be an additional 1,782,532 shares. The interest rate is based on STIBOR 90 +2.5%. Convertible loan Number issued Redeemed/ Due Open Share Price Convertible loan 2027-05-31 1,782,532 0 1,782,532 5.61 Total 1,782,532 0 1,782,532 5.61
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16 Clavister AB 16 Interim Report April – June 2025 Note 5 Pledged Assets GROUP (TSEK) 2025-06-30 2024-06-30 2024-12-31 Pledged accounts receivable 5,067 6,466 7,120 Pledged shares in subsidiaries 82,160 80,183 88,484 Other pledged assets 1,400 1,400 1,400 Total 88,627 88,049 97,004 PARENT COMPANY (TSEK) 2025-06-30 2024-06-30 2024-12-31 Pledged shares in Group companies 105,550 101,550 101,550 Total 105,550 101,550 101,550 Note 6 Contingent Liabilities GROUP (TSEK) 2025-06-30 2024-06-30 2024-12-31 No Contingent liabilities 0 0 0 Total 0 0 0 PARENT COMPANY (TSEK) 2025-06-30 2024-06-30 2024-12-31 Parent company guarantee * * * Total 0 0 * The parent company guarantee secures the liability to the Europeant Investment Bank (EIB), for further information on amount, refer to "Liabilities to credit institutions" in the Group Balance Sheet. Note 7 Alternative Performance Measures Clavister uses various key figures, including alternative performance measures (APMs), for internal analysis purposes and for external communication of the operations’ results, performance, and financial position. The aim of these APMs is to illustrate the performance measures tailored to operations that, in addition to the other key figures, enable various stakeholders to more accurately assess and value Clavister’s historical, current, and future performance and position. ALTERNATIVE PERFORMANCE MEASURES (TSEK) 2025 Apr - Jun 2024 Apr - Jun 2024 Jan - Dec Order intake 76,211 50,335 259,441 Annual recurring revenue (ARR) 136,586 124,951 137,625 Note 8 Definitions Adjusted EBIT – EBIT adjusted for non-recurring expenses. Adjusted EBITDA – EBITDA adjusted for non-recurring expenses. Annual Recurring Revenue (ARR) – Total sum of the annual value of all active licenses and support contracts as per the quarter end date. These revenues are expected to continue in the future. Unlike one-off sales, these revenues are predictable, stable and can be counted on to occur at regular intervals going forward with a relatively high degree of certainty and with a relatively low cost of sales. Cash OPEX – Operational expenditures, including capitalized R&D, with a cash-flow impact. Contract Renewals – Total net sum of renewals of existing license agreements in the period. LTV (Life-Time Value) – The total value of a customer contract during the total lifespan of the contract. Order Book Balance – The net value of orders recorded and not recognized as revenue. Recording of orders is only done for orders that meet certain criteria and the order book balance is monitored continuously. Revenue is recognized in accordance with the revenue recognition principles (as described in the annual report 2022). Adjustments of the net order book value may occur from time to time due to for instance currency fluctuations, cancellations, or other minor adjustments of previously recorded orders. Order Intake – Total net sum of all legally binding customer orders in the period together with the net sum of all contract renewals in the period. TCV (Total Contract Value) – The entire revenue generated by one single customer contract.
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17 Clavister AB 17 Interim Report April – June 2025 Note 9 Financial Metrics TSEK 2025 2024 2025 2024 2024 Apr - Jun Apr - Jun Jan - Jun Jan - Jun Jan - Dec Net sales (TSEK) 54,760 44,848 108,112 88,847 191,663 Total revenue (TSEK) 55,692 46,178 109,899 91,310 198,331 Gross profit (TSEK) 45,188 36,550 85,934 72,798 156,655 Gross margin (%) 81.1% 79.2% 78.2% 79.7% 79.0% EBITDA (TSEK) 6,696 5,219 13,303 12,755 31,460 Operating profit (TSEK) -4,841 -6,643 -9,286 -10,339 -12,825 Net profit (loss) (TSEK) -15,876 -10,147 -12,709 -33,483 -55,982 Earnings per share (SEK) before dilution -0.06 -0.04 -0.04 -0.24 -0.35 Earnings per share (SEK) after dilution -0.06 -0.04 -0.04 -0.24 -0.35 Price per earnings (SEK) N/A N/A N/A N/A -7.03 Equity per share -0.13 -2.20 -0.13 -2.20 -0.31 Number of shares before dilution at the end of the period 309,522,083 226,121,410 309,522,083 226,121,410 267,597,610 Number of shares after dilution at the end of the period 339,410,507 329,201,485 339,410,507 329,201,485 328,279,921 Average number of shares before dilution 288,559,847 226,121,410 288,559,847 141,325,882 162,063,982 Average number of shares after dilution 333,608,569 324,001,485 333,845,214 196,808,193 196,347,411 Number of employees at the end of period (FTE) 111 105 111 105 103 Average number of employees (FTE) 108 105 108 104 103 Number of employees and external resources at end of period 119 115 119 115 111 Equity/assets ratio (%) Negative Negative Negative Negative Negative Quick ratio (%) 38% 45% 38% 45% 90% Net debt (-), Net cash (+) (TSEK) -88,440 -198,282 -88,440 -198,282 -151,918
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18 Clavister AB 18 Interim Report April – June 2025 Report Information Financial Calendar The Share Exchange: Nasdaq First North Symbol: CLAV ISIN Code: SE0005308558 Investor Relations David Nordström, CFO Phone: +46 (0)660 29 92 00 E-mail: ir@clavister.com www.clavister.com Commissioned Research ABG Sundal Collier Phone: +46 (0) 8 566 286 89 E-mail: simon.jonsson@abgsc.se www.introduce.se/foretag/clavister/start Certified Adviser FNCA Sweden AB www.fnca.se Auditor PwC Sverige Authorised Public Accountant: Claes Sjödin E-mail: claes.sjoedin@pwc.com www.pwc.se Any forward-looking statements in this report are based on Clavister’s best assessment at the time of the report. Actual result may materially different. Clavister does not publish any forecasts. The CEO ensures that the interim report gives a true and fair view of the Group's and the Parent Company's business, position and results and describes significant risks and uncertainties faced by the company and the companies included in the Group. This interim report has not been subject to review by the Company’s auditor. Örnsköldsvik, Sweden, 21st of August 2025 John Vestberg CEO and President Interim Report Jul - Sep 2025 6 Nov 2025 Interim Report Oct - Dec 2025 12 Feb 2025 Release of Annual Report 2025 27 Apr 2026 Interim Report Jan - Mar 2026 7 May 2026