Slides
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Strong sales and order intake Investor Conference Call November 2, 2026 Lars Højgård Hansen, CEO Power Point temp late - Janua ry 20 26 1
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• Revenue increased by 40 percent in Q3 and by 28 percent in the first nine months of the year • Clear recovery in the U.S., supporting business activity during the quarter • Contract signed with Canadian Armed Forces –strengthens long-term growth potential • Continued defense modernization and digitalization trends support long-term demand for advanced tactical communications Strong sales and order intake Q3 2026 Order intake Order book Revenue 566 SEK m 648 SEK m 408 SEK m +18% YoY Operating margin 7.9% +9 p.p. YoY -27% YoY +40% YoY Operating margin, R12 18.4% Revenue, R12 2,035 SEK m Financial highlights +24% YoY +8.4 p.p. YoY 2
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0 500 1,000 1,500 2,000 2,500 0 200 400 600 800 • Revenue increased by 40 percent to SEK 408m (291) • Revenue in North America increased to SEK 133m (85) in Q3 • Revenue for 9 months increased by 28 percent and totaled SEK 1,351m (1,053) • Strong sales across key markets • High demand for newly launched products, especially for the INVISIO T30 headset Q3 2026 U.S. recovery supports revenue growth SEK million 2022 2023 2024 2025 2026 408.1 (291.3) Q3 2026, SEK m Revenue Revenue excl. third-party radio delivery Revenue, R12 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1Q4 Q1 Q2 Q3 +40% 3
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0 500 1,000 1,500 2,000 2,500 0 200 400 600 800 • Order intake increased by 18 percent to SEK 566m (480) - the highest level ever recorded for a third quarter • U.S. customer activity recovered following the weaker first half • Recovery supports our assessment that earlier weakness reflected postponed purchases rather than weaker underlying demand • Order intake supports continued revenue generation in coming quarters Q3 2026 High order intake 565.5 (479.9) Q3 2026, SEK m SEK million +18% Order intake 2022–2026 Order intake Order intake excl. third- party radio delivery Order intake R12 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 4
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0 200 400 600 800 1,000 0 200 400 600 800 1,000 1,200 • Order book of SEK 648m (887) at quarter-end • Order book increased by SEK 150m in Q3 compared to Q2 2026 • Majority of order book is expected to convert into revenue in the next two to three quarters Q3 2026 Order book development 647.7 (887.0) Q3 2026, SEK m SEK million -27% Order book 2022–2026 Order book Order book excl. third-party radio delivery Order book R12 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 5
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50 52 54 56 58 60 62 64 • Gross profit increased by 38 percent to SEK 228m (166) in Q3 • Gross margin was 56.0 percent (57.0) • Lower margin primarily reflected customer mix, tariff costs and temporarily higher costs for certain electronic components - Customer mix approx. –1.5 p.p. - Tariffs approx. –1.0 p.p. - Electronic components approx. –1.5 p.p. • To secure future deliveries, INVISIO increased purchases of selected strategic components and inventory levels where appropriate Q3 2026 Solid underlying product margin % 56.0 (57.0) Q3 2026, % -1 p.p. Gross margin 2022–2026 Gross margin Gross margin excl. third- party radio delivery Gross margin, R12 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 6
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0 200 400 600 800 0 50 100 150 200 • Operating expenses broadly unchanged over the past three quarters, despite continued revenue growth • Operating expenses up 16 percent year on year at SEK 196m (169) • Cost development remains aligned with long-term growth strategy • Group employee headcount of 336 (318) Q3 2026 Stable cost base SEK million +16% Operating expenses 2022–2026 Operating expenses Operating expenses, R12 196.3 (169.2) Q3 2026, SEK m Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 7
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-5 0 5 10 15 20 25 30 35 • EBIT margin improved to 7.9 percent (–1.1) • EBITDA margin increased to 12.7 percent (5.0) • Higher sales and a relatively stable cost base supported profitability • Rolling 12-month EBIT margin improved to 18.4 percent • The target remains an average annual EBIT margin of at least 20 percent over time Q3 2026 Improved profitability year on year % 12.7 (5.0) EBITDA, % 7.9 (-1.1) EBIT, % Q3 2026 +9 p.p. Margins 2022–2026 EBIT margin EBIT margin excl. third- party radio delivery (R12) EBITDA margin, R12 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 8
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0 50 100 150 200 250 300 350 400 450 • Inventory stood at SEK 402m (343) at quarter-end • Increase reflects preparations for expected order intake in future quarters and measures to secure future deliveries • Our ability to deliver rapidly remains an important competitive advantage Q3 2026 Inventory aligned with expected future demand 402.0 (343.4) Q3 2026, SEK m SEK million +17% Inventory 2022–2026 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1Q4 Q1 Q2 Q3 2022 2023 2024 2025 2026 9
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-250 -150 -50 50 150 250 350 450 -50 0 50 100 150 200 • Cash flow from operating activities was SEK 92m (106) • The year-on-year decrease mainly reflected the timing of invoicing and customer payments • Cash and cash equivalents of SEK 373 million (376) at quarter-end • Equity/assets ratio of 72 percent (73) Continued positive cash generation Q3 2026 SEK million Cash flow from operating activities Cash flow from operating activities, R12 91.9 (105.8) Q3 2026, SEK m Cash flow 2022–2026 2022 2023 2024 2025 2026 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q2 Q3 Q4 Q1Q4 Q1 Q2 Q3 10
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11 Operations
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• Contract awarded (through local partner) for tactical hearing protection and communication systems • Covers entire Canadian Armed Forces • Initial two-year term, with an optional three-year extension • Potential value of up to SEK 450m, with no guaranteed order volumes Multi-year contract with Canadian Armed Forces Q3 2026 12
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• High customer activity across U.S. Army segments • Continued focus on modernization and operational effectiveness • Growing interest in integrated soldier systems and connected capabilities Q3 2026 AUSA 2026: Continued focus on connected capabilities 13
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• The new CIO Alan Hunter will be responsible for leading the Group’s digital agenda: • Strengthen IT security and business resilience • Increase productivity through AI and automation • Enhance digital support for growth • Alan Hunter brings more than 25 years of experience in IT strategy, governance and digital transformation • Joins INVISIO on December 1, 2026 Q3 2026 INVISIO appoints Chief Information Officer to Group Management 14
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• Favorable market conditions supported by strong European demand and the U.S. recovery • Increasingly networked military and public safety operations are making secure tactical communication more mission-critical • Demand shift continues toward integrated and interoperable solutions • INVISIO is well placed to capture these opportunities through our growing portfolio, close customer relationships and scalable operating platform Summary 15 Q3 2026
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Q&A 16 Q4 Feb 11, 2027 Upcoming events Q2 July 20, 2027 Q3 Oct 27, 2027 Q1 May 3, 2027 Contact and further information: ir@invisio.com
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Appendix
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