Slides
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1 Q3 2025 Strong underlying order intake but delivery delays Investor Conference Call October 23, 2025 CEO Lars Højgård Hansen CFO Thomas Larsson IRO Michael Peterson
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22Q3 2025 Q3 financial highlights Order intake SEKm Order book SEKm Revenue SEKm 480 887 291 -4.6% QoQ* Operating margin, % -1 -17.4 pp QoQ 2.3% QoQ* -17.2% QoQ • Strong underlying intake of small and medium-sized orders • Delivery delays negatively impacted revenue and profit • Delays primarily due to customer requests for coordinated deliveries of INVISIO systems with related products from other suppliers • The order book was significantly strengthened by delayed deliveries • Healthy gross margin despite some impact from tariffs • Lower EBIT margin due to revenue decrease
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33 Q3 2025 10 year-agreement with US Coast Guard Operational highlights Five (+two)-year framework agreement with Netherlands MoD Launch of INVISIO T30 and INVISIO H-series
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44 0 500 1,000 1,500 2,000 2,500 0 200 400 600 800 Solid underlaying order intake • Strong underlying order intake in Q3 of SEK 479.9m (503.1) • Order intake R12 of SEK 1,694.6m • Continued good inflow of small and medium- sized orders SEK million SEK million Q3 2025 479.9 (503.1) Q3 2025, SEKm -4.6% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2021 2022 2023 2024 2025 Order intake Order intake excl. third-party radio delivery Order intake R12
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5 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 1 000.0 0.0 200.0 400.0 600.0 800.0 1 000.0 1 200.0 Q3 2025 • Order book of SEK 887.0m (866.7) at end of Q3 • SEK 37.7m of third-party radio order remains on order book • Majority of order book expected to be delivered in Q4 2025 and Q1 2026 SEK million SEK million Robust order book 2.3% 887.0* (866.7) Q3 2025, SEKm *Including third-party radio order 2020 2021 2022 2023 2024 2025 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Order book Orderbook excl. third-party radio Order book R12
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66 0.0 200.0 400.0 600.0 800.0 1 000.0 1 200.0 1 400.0 1 600.0 1 800.0 2 000.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 Revenue impacted by delivery delays • Q3 revenue totaled SEK 291.3m (351.7) • Customer requests for coordinated deliveries of INVISIO systems with related products from other suppliers caused shipment delays – and hence lower revenue in Q3 • Delays in inbound deliveries caused minor delays in outbound deliveries, reflecting increased complexity of INVISIO’s systems • In comparable currencies, revenue was SEK 314.0m 2020 2021 2022 2023 2024 Q3 2025 2025 SEK million SEK million -17.2% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q3 Q4 Q1 Q2 291.3 (351.7) Q3 2025, SEKm Q3 Revenue Revenue excl. third-party radio delivery Revenue R12 Q2
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7 40 45 50 55 60 65 70 Q3 2025 • Gross margin of 57.0 percent (57.7) in Q3 • Product margins were satisfactory, but approx. SEK 4m of higher tariff costs impacted gross margin • Gross margin remains strong, averaging 59.3 percent over the last four quarters (excluding third-party radio deliveries) • Broader product portfolio with increasing mix of new products will continue to support a strong gross margin Solid underlying gross margin % 57.0 (57.7) Q3 2025, % -0.7 pp Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Gross margin Gross margin R12 2020 2021 2022 2023 2024 2025 Gross margin excl. third-party radio
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8 0 100 200 300 400 500 600 700 800 0 20 40 60 80 100 120 140 160 180 200 Q3 2025 • Operating expenses (OPEX) followed the long- term trend and growth plan, totaling SEK 169.2m (145.5) • Investments in product development and organization the main drivers • Headcount up 16 percent (44 employees) in last four quarters • Several new products announced and/or launched recently: • T30 – headset • H-series – smart hubs for soldier systems (UltraLYNX acquisition) • INVISIO Link – intercom system wireless solution • INVISIO V60 Gen II ADP – bridges audio, data and power • X7 – in-ear headset • INVISIO Control – intercom system app • INVISIO Intercom Switch • INVISIO Intercom Loudspeaker • Several product upgrades 2020 2021 2022 2023 2024 2025 SEK millionSEK million SEK million, R12 Steady long-term OPEX trend +16.3% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Operating expenses Operating expenses, R12
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9 -10 -5 0 5 10 15 20 25 30 35 Q3 2025 %• Operating margin of -1.1 percent (16.3) in Q3 • Due mainly to lower revenue during quarter • Operating margin R12 of 17.0 percent at end of quarter -1.1 (16.3) 5.0 (20.7) Q3 EBITDA, % Q3 EBIT, % Delivery delays impacted margins -17.4 pp Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 EBIT margin EBITDA margin, R12 EBIT margin, R12 2020 2021 2022 2023 2024 2025
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10 0 50 100 150 200 250 300 350 400 Q3 2025 • Inventory value SEK 343.4m (303.4) at end of Q3 • Increase reflected delivery delays and strategic decisions • Maintaining significant inventory enables INVISIO to promptly deliver large volumes, provided product configurations match customer's order • Fast deliveries a significant competitive advantage in current market conditions • Inventory consists mainly of standard products SEK million Inventory – a competitive advantage +13.2% 343.4 (303.4) Inventories, SEKm Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2021 2022 2023 2024 2025
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11 -250 -150 -50 50 150 250 350 450 -100 -50 0 50 100 150 200 Q3 2025 SEK million SEK million 105.8 (152.6) Cash flow, SEKm • Cash flow from operating activities was SEK 105.8m (152.6) • The decrease was primarily due to the negative result during the quarter Cash flow Cash flow from operating activities Cash flow from operating activities, R12 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2021 2022 2023 2024 2025
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1212 Q3 2025 Operations
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1313Q3 2025 Ten-year contract with US Coast Guard (USCG) • Our largest agreement to date – a true company milestone • An important entry point to a new and expanding user group • Contract signed for INVISIO Intercom system combined with new INVISIO Link and headsets, controllers and intelligent cables • To be installed on all small USCG boats • Agreement worth up to SEK 930 million • First order to be delivered in 2025
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1414 Framework agreement with Netherlands Defense Ministry • Agreement to run initially for five years, with an option for two one-year extensions • Worth up to SEK 365m • Covers delivery of new T30 and X7 headsets and several different control unit models and intelligent cables • First orders expected in 2025 Q3 2025
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1515 T30 headset – a milestone of versatility and flexibility • The T30 offers unmatched versatility and flexibility, strengthening INVISIO's ability to serve the high-volume defense segment • Complements existing product portfolio and incorporates all technical innovations and performance found in other models • T30 can be used in wide range of situations and by people in different roles – including those not yet equipped with own radio • T30 expected to contribute significantly to growth from 2026 Q3 2025
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16 • H-series aligns with INVISIO’s strategic vision to expand and enhance future product offerings • Will act as a catalyst for development of future innovative and cutting-edge products INVISIO H-series expands our value proposition and will catalyze product development End user device Tactical radio Tactical radio Battery Laser range finder UltraLYNX V60 II ADP Extra port Extra port Q3 2025
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17 17 Strong interest in INVISIO Link wireless solution • INVISIO Link provides wireless access to INVISIO intercom system • Expanded capabilities deliver enhanced mobility, flexibility, interoperability and functionality for mission-critical users • Represents product category that will be a cornerstone of future growth • INVISIO Link and H-series smart hub and T30 headset were main attractions at DSEI in London and AUSA in Washington, D.C. Q3 2025
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1818 Major INVISIO shareholders – William Demant increases stake Q3 2025 William Demant Fonden, 20.3% (+2% vs. Q2 2025) Swedbank Robur Fonder, 8.1% Arbejdsmarkedets Tillægspension (ATP), 5.7% Capital Group, 5.7% Vanguard, 3.5% Handelsbanken Fonder, 2.9% C WorldWide Asset Management, 2.8% Novo Holdings A/S, 2.5% Fidelity Investments (FMR), 2.3% Other 36.5% SEB Funds, 9.7%
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19 Summary • We expect market activity to remain high for several years to come • Modernization needs continue to be significant • Sharply increased military budgets expected to gradually impact market ever more clearly • Investments in last few years have broadened product portfolio and customer base – and further expanded our expertise • From this strong position, we now look forward to capitalizing on the opportunities offered by an increasingly active market Q3 2025
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2020 Q&A Q4 Feb 12, 2026 Calender Q2 Jul 17, 2026 Q3 Oct 27, 2026 Q1 May 6, 2026 Contact and further information: ir@invisio.com Q3 2025
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21 Thank you
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22 Appendix
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23 Q3 2025 23
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24Q3 2025
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25Q3 2025