Interim report
Page 1
ww Ready for What’s Next Interim report January–September 2026
Page 2
Strong sales and order intake Key events during the quarter • Awarded a multi-year contract covering all branches of the Canadian Armed Forces, with a potential value of up to SEK 450 million. • Customer activity in the U.S. recovered during the quarter, resulting in higher revenue and order intake compared to the first half of the year. Key events after the quarter • INVISIO appoints Alan Hunter as Chief Information Officer and member of Group Management, with responsibility for AI, IT security and digitalization. Demand for INVISIO’s systems remained strong during the third quarter. Revenue increased by 40 percent and order intake by 18 percent compared to the corresponding quarter last year. Supporting this progress were a recovery in the U.S. market and increased deliveries of new products. During the quarter, INVISIO was also awarded a multi-year contract by the Canadian Armed Forces with a potential value of up to SEK 450 million. Profitability improved year on year, supported by higher sales volumes and a relatively stable operating cost base. The market outlook remains favorable, driven by rising defense spending and continued modernization of defense capabilities. Lars Højgård Hansen, CEO SEK million Q3 Jan–Sep ∆ % Full year 2026 2025 ∆ % 2026 2025 2025 Revenue 408.1 291.3 40 1,351.4 1,053.1 28 1,737.1 Gross profit 228.4 166.0 38 734.2 604.5 21 1,013.9 Gross margin, % 56.0 57.0 54.3 57.4 58.4 EBITDA 51.8 14.5 pos. 202.7 136.9 48 377.8 EBITDA margin, % 12.7 5.0 15.0 13.0 21.8 Operating profit 32.2 –3.2 pos. 150.2 84.6 78 308.8 Operating margin, % 7.9 –1.1 11.1 8.0 17.8 Net profit 30.6 –4.2 pos. 117.3 51.7 pos. 218.1 Earnings per share, SEK 0.66 –0.09 pos. 2.54 1.12 pos. 4.72 Cash flow from operating activities 91.9 105.8 –13 161.0 282.3 –43 330.9 Order intake 565.5 479.9 18 1,179.0 1,145.3 3 1,804.7 Order book 647.7 887.0 –27 647.7 887.0 –27 854.1 INVISIO Interim report January–September 2026 2
Page 3
Strong sales and order intake CEO’s comments During the third quarter we continued to see strong demand for our systems. Revenue increased by 40 percent to SEK 408 million (291) and order intake rose 18 percent to SEK 566 million (480) compared to the corresponding quarter of 2025. Performance for the first nine months was also strong. Revenue totaled SEK 1,351 million (1,053), up 28 percent year on year. Overall, our performance reflected a continued high level of market activity, a gradual recovery in the U.S. and increasing deliveries of our new products. In Q3, the gross margin was 56.0 percent (57.0), with the reduction primarily reflecting customer mix, tariff costs and temporarily higher costs for certain electronic components. The underlying product margin remained strong. To ensure future deliveries, INVISIO has increased purchases of selected strategic components and built up inventories where appropriate. The company has also worked closely with its manufacturing partners to strengthen component supply. The operating (EBIT) margin improved year on year despite the impact of a lower gross margin. The order book amounted to SEK 648 million (887) at the end of the period, reflecting sales and a high pace of deliveries during the quarter. Recovery in the U.S. The effects of the earlier partial U.S. government shutdown and reorga- nizations within the U.S. Department of Defense have now eased sig- nificantly. As a result, both order intake and revenue increased mark- edly during the quarter. This trajectory supports our previous assessment that the lower order intake and revenue during the first half of the year were primarily attributable to postponed purchases rather than any weakening of underlying demand. Multi-year contract with the Canadian Armed Forces During the quarter, INVISIO was awarded a contract through a local partner to supply tactical hearing protection and communication sys- tems to the Canadian Armed Forces. The contract has an initial term of two years, with an option to extend for an additional three years. It cov- ers all branches of the Canadian Armed Forces and has a total potential value of up to SEK 450 million. No order volumes are guaranteed. Strong demand for new products Interest in our new products remains strong and delivery volumes are gradually building. To support the expected increase in demand, during the quarter we secured additional production capacity for the INVISIO T30 with drone detection capability. Demand for our new systems also reflects a broader market trend, with customers increasingly seeking integrated, future-proof solu - tions. The increasing need to integrate voice, data and power across dismounted and vehicle-based systems continues to support adop - tion of our solutions. Our broad product portfolio and extensive inte - gration expertise position us well to support customers in moderniz - ing their communication and soldier systems. Strengthening our capabilities in AI and security Used responsibly, AI has the potential to create significant value across INVISIO, from product development and customer engagement to oper- ational efficiency. To lead our work in this area, in early Q4 we appointed Alan Hunter as Chief Information Officer (CIO) and a member of group management. His role will be to strengthen IT security, increase employee productivity through AI and automation, improve business resilience and provide enhanced digital support to drive growth. Continued favorable market conditions We remain confident about the future. Market activity is expected to remain high for many years, driven by extensive modernization needs and defense spending increases that are expected to translate into progressively stronger demand. The investments we have made in recent years have strengthened our product portfolio, broadened our customer base and increased our ability to meet the market’s growing requirements. The recovery in the U.S., the strong interest in our new systems, and the significant framework agreements we have recently secured give us confidence in the future and provide a solid foundation for continued growth. Lars Højgård Hansen, CEO 7.9% Operating margin, Q3 2026 SEK 648m Order book, Q3 2026 SEK 408m Revenue, Q3 2026 18.4% Operating margin, R12 23.6% Revenue growth, R12 SEK 566m Order intake, Q3 2026 INVISIO Interim report January–September 2026 3
Page 4
Order intake, revenue and profit Q3 2026 Revenue increased by 40 percent to SEK 408.1 million (291.3). Higher delivery volumes contrib - uted to the revenue increase, assisted by a recov - ery in the U.S. market, where revenue totaled SEK 133.1 million (84.6) during the quarter (see Note 2 for further information). In comparable currencies, revenue was SEK 408.0 million. Order intake increased by 18 percent to SEK 565.5 million (479.9), reflecting strong demand for INVISIO’s systems across several key markets. The order book stood at SEK 647.7 million (887.0) at the close of the period. The majority of the order book is expected to be converted into revenue over the next two to three quarters. Gross profit increased by 38 percent to SEK 228.4 million (166.0), corresponding to a gross margin of 56.0 percent (57.0). The lower margin primarily reflected customer mix, tariff costs and temporarily higher costs for certain electronic components. The underlying product margin remained strong. To support future delivery capa - bility, INVISIO has secured selected strategic com - ponents, has increased inventory levels where appropriate and is continuing to work closely with manufacturing partners to improve component availability and sourcing conditions. Operating expenses totaled SEK 196.3 million (169.2). Operating expenses have been largely unchanged over the last three quarters despite continued revenue growth. Compared to the com - parative quarter, operating expenses increased by approximately 16 percent, in line with INVISIO’s growth strategy. EBITDA was SEK 51.8 million (14.5), and the EBITDA margin improved to 12.7 percent (5.0). Research and development costs of SEK 12.7 million (19.9) were capitalized during the quarter. The depreciation and amortization expense was SEK 19.6 million (17.7). The depreciation and amortization expense arising from completed development projects was SEK 8.2 million (7.0). Of the remaining SEK 11.4 million (10.7), SEK 3.7 million (3.6) related to amortization of other intan - gible assets, SEK 3.7 million (3.8) to lease amorti - zation, and SEK 4.1 million (3.2) to depreciation of tangible fixed assets. (See Note 3.) Operating profit (EBIT) was SEK 32.2 million (–3.2), corresponding to an operating margin of 7.9 percent ( –1.1). Despite strong revenue growth and stable operating expenses the operating margin (EBIT) was negatively impacted by the lower gross margin. Net financial items were SEK 4.8 million (0.0). Profit before tax was SEK 36.9 million (–3.3) and net profit for the period totaled SEK 30.6 million (–4.2). Earnings per share were SEK 0.66 (–0.09). Order intake, Q3 2026 and R12 (SEK m) (Q1 2024 includes a SEK 235 million radio order*) 0 400 0 Q3 Q3 Q3 Q3 Q3 202620252022 2023 2024 Order intake Order intake, R12 800 2,000 1,000 +17.8% Order book, Q3 2026 and R12 (SEK m) (Q1 2024 includes a SEK 235 million radio order*) 0 600 0 500 Q3 Q3 Q3 Q3 Q3 202620252022 2023 2024 Order book Order book, R12 1,200 1,000 –27.0% Revenue, Q3 2026 and R12 (SEK m) (Figures for Q2 2024 include a SEK 235 million radio order*) 0 400 0 Q3 Q3 Q3 Q3 Q3 202620252022 2023 2024 800 2,000 Revenue Revenue, R12 1,000 +40.1% Gross margin, Q3 2026 and R12 (%) (Figures for Q2 2024 include a SEK 235 million radio order*) 40 55 70 Q3 Q3 Q3 Q3 Q3 202620252022 2023 2024 Gross margin Gross margin, R12 –1.0 pp Operating expenses, Q3 2026 and R12 (SEK m) 0 100 0 400 200 800 Q3 Q3 Q3 Q3 Q3 202620252022 2023 2024 Operating expenses, R12 Operating expenses +16.0% Operating margin, Q3 2026 and R12, and EBITDA margin, R12 (%) –15 15 45 0 Q3 Q3 Q3 Q3 Q3 202620252022 2023 2024 EBIT margin EBIT margin, R12 EBITDA margin, R12 +9.0 pp Övriga världen Nordamerika Europa inkl Sverige Rest of the world 9.1% North America 32.6% Europe incl. Sweden 58.3% Revenue by geographical market, Q3 2026 (%) * For further information, refer to the press release published on March 12, 2024 INVISIO Interim report January–September 2026 4
Page 5
First nine months of 2026 Revenue for the nine months ended September 30 totaled SEK 1,351.4 million (1,053.1), an increase of 28 percent compared to the corresponding period last year. In comparable currencies, revenue was SEK 1,383.7 million, an increase of 31 percent. Order intake totaled SEK 1,179.0 million (1,145.3). At the end of the period, the order book stood at SEK 647.7 million (887.0). Gross profit increased by 21 percent to SEK 734.2 million (604.5), corresponding to a gross margin of 54.3 percent (57.4). The lower gross margin primarily reflected sales associated with a customer’s onward donation in Q1 to a third party that was transacted at a reduced price, as well as final deliveries in Q2 related to the radio order* received in early 2024. Customer mix, tariff costs and temporarily higher costs for certain electronic components also had a negative impact on the gross margin during the third quarter, while the underlying product margin remained strong. Mea - sures have been taken to support future delivery capability, including strategic component pur - chases and increased inventory levels. Operating expenses for the first nine months of the year totaled SEK 584.0 million (519.9). The increase of 12 percent compared to the corre - sponding period of 2025 was in line with the stra - tegic plan that has positioned INVISIO to take advantage of business opportunities arising from a more active market. Operating expenses remained broadly unchanged during the period despite con - tinued revenue growth. Depreciation and amortization expense was SEK 52.5 million (52.3). Development costs of SEK 46.5 million (53.2) were capitalized during the period. EBITDA was SEK 202.7 million (136.9), resulting in a margin of 15.0 percent (13.0). Operating profit for the period totaled SEK 150.2 million (84.6) and the operating margin was 11.1 per- cent (8.0). The improvement was primarily driven by higher revenue. Net financial items totaled SEK 5.9 million (–10.4), with this improvement due mainly to favorable for- eign exchange effects. Profit before tax was SEK 156.1 million (74.1) and net profit for the period totaled SEK 117.3 million (51.7). Earnings per share were SEK 2.54 (1.12). Cash flow, investments and financial position Q3 2026 Cash flow for the quarter totaled SEK 76.2 million (64.1). The increase from Q3 2025 largely reflected lower cash outflows from investing activities, including lower investments in property, plant and equipment. Cash flow from operating activities was SEK 91.9 million (105.8). The decrease from the comparative quarter was mainly due to working capital move - ments related to the timing of invoicing and cus - tomer payments. Inventory value was SEK 402.0 million (343.4) at the close of the period. This increase is in line with INVISIO’s expectations of a continued positive development in demand and also reflects selected strategic component purchases to support deliv - ery capability. Cash flow from investing activities was SEK –14.1 million (–42.3). Cash flow from financing activities was SEK –1.7 million (0.6). Capitalized development expenses totaled SEK –12.7 million (–19.9). Net investments in property, plant and equip - ment were SEK –1.5 million (–21.8). First nine months of 2026 Cash flow for the period January 1 to September 30, 2026, totaled SEK -35.1 million (145.1). The decrease from the comparable period previous year was primarily driven by lower cash flow from financing and operating activities, partly offset by lower cash outflows from investing activities. Cash flow from operating activities was SEK 161.0 million (282.3). The decrease mainly reflected a significantly lower positive contribution from operating receivables, related to the timing of invoicing and customer payments. Cash flow from investing activities in the first nine months was SEK –53.5 million (–130.5), with the change mainly attributable to the UltraLynx acquisition in the comparative period. Capitalized development expenses totaled SEK –46.5 million (–53.2) and net investments in prop - erty, plant and equipment were SEK –7.6 million (–40.1). Cash flow from financing activities was SEK –142.6 million (–6.7). The decrease primarily reflected the absence of proceeds from the exer - cise of employee stock options and a higher divi - dend payment in 2026. Cash, cash equivalents and financial position INVISIO has a solid financial position. At the close of the period, group cash and cash equivalents totaled SEK 373.3 million (376.4). Equity was SEK 1,228.1 million (1,030.5), equal to an equity/assets ratio of 72 percent (73). –100 0 –200 0 100 200 Q3 Q3 Q3 Q3 Q3 202620252022 2023 2024 200 400 Cash flow from operating activities Cash flow from operating activities, R12 –13.1% Cash flow from operating activities, Q3 2026 and R12 (SEK m) * For further information, refer to the press release published on March 12, 2024 INVISIO Interim report January–September 2026 5
Page 6
Other information Parent company The parent company reported revenue in Q3 of SEK 2.2 million (1.9) and an operating loss of SEK 5.1 million (-3.8). Net financial income was SEK 4.3 mil - lion (9.4). At the close of the period, the parent company's cash and bank balances were SEK 211.1 million (206.4). Equity stood at SEK 698.3 million (613.3), yielding an equity/assets ratio of 99 percent (99). The parent company had 1 employee (1). Employees Group employees, expressed as full-time equiva - lents, totaled 336 (318) at the close of the period. Of these, 270 were male (261) and 66 were female (57). The increase in headcount over the past year included an equal number of male and female employees, which contributed to a higher share of women in the workforce. Like many technology companies, INVISIO has a relatively low ratio of female employees. The stated objective is for both genders to be represented among the final candidates in all recruitment pro - cesses. The long-term goal is to achieve greater gender parity within the organization. Material risks and uncertainties A variety of external and internal factors may impact the group’s business activities and earn - ings. INVISIO has a continuous process for identi - fying risks and evaluating how each should be managed. Risks are grouped as follows: market- based; operating; sustainability and climate- related; and financial. For a more detailed descrip - tion of these risks, please refer to the 2025 annual report. Financial targets Given an increasingly active market in which future revenue is expected to increase faster than the total cost base, the company updated its operating margin target in Q3 2025. Stockholm, October 30, 2026 Søren Skou Chair of the Board of Directors Cecilia Daun Wennborg Director Nicklas Hansen Director Christian Kløve Director Martin Krupicka Director Hannu Saastamoinen Director Charlott Samuelsson Director Lars Højgård Hansen President and CEO Growth The target is to achieve average annual revenue growth of at least 20 percent over time. Profitability The target is to achieve an average annual operat - ing (EBIT) margin of at least 20 percent over time. Dividend The target is to pay an annual dividend of between 25 and 50 percent of profit after tax over time. Financial instruments The fair value of the group’s financial assets and liabilities is estimated to be equal to book value. Nomination committee for the 2027 AGM Ahead of the annual general meeting (AGM) to be held in 2027, the nomination committee comprises Niels Jacobsen, appointed by William Demant Invest, Elisabet Jamal Bergström, appointed by SEB Asset Management, and Oscar Bergman, appointed by Swedbank Robur Funds, together with Søren Skou, Chair of the Board of Directors. Shareholders wishing to submit proposals to the nomination committee may do so by email to ir@ invisio.com or by regular mail to: Nomination Com - mittee, INVISIO AB, Box 151, 201 21 Malmö, Swe - den. Proposals should be received no later than December 31, 2026, to ensure that the nomination committee has time to consider them. AGM INVISIO’s AGM for the 2026 fiscal year will be held in Stockholm on May 3, 2027, at 16:00. Shareholders wishing to have a matter consid - ered at the AGM may send their request in writing by email to ir@invisio.com or by letter to: Board of Directors, INVISIO AB, Box 151, 201 21 Malmö, Sweden. All requests must be received at least seven weeks before the meeting in order to be included in the notice to attend and on the AGM agenda. INVISIO Interim report January–September 2026 6
Page 7
INVISIO in brief INVISIO’s core business is to use its close knowledge of customer needs and its innovative capacity to develop and market advanced communication systems that help users communicate effectively in noisy and challenging environments while benefiting from full hear - ing protection. The company is also improving its body-worn soldier system solutions through intelligent systems integration. Tactical communication for dismounted and in-vehicle users at defense and public safety organizations INVISIO is a global leader in communications technology for profes - sionals in mission-critical environments. Our systems enable teams to stay connected, protected and effective, even in the most demanding and noisy environments. INVISIO’s modular, scalable plug-and-play solutions include headsets, control units, intercom systems, smart hubs, and software for dismounted and in-vehicle users as well as for command functions. The solutions are marketed under the INVISIO and Racal Acoustics brands. A growing niche market INVISIO primarily serves customers in the defense, law enforcement and security industries in the U.S. and Europe and selected countries in Asia. The company estimates the total addressable market for per - sonal communications equipment and the INVISIO Intercom system to be worth around SEK 25 billion annually. More information can be found in the press release issued on February 13, 2025. Around 80 percent of revenue comes from European and U.S. defense customers. However, we see steadily increasing business opportunities in the law enforcement and security markets, as well as in new geographical markets. Sales primarily through own channels Sales operations are directed from the head office in Copenhagen and by sales offices in the U.S., France, Italy, UK, Canada, Estonia, Sweden and Thailand. A global network of partners and resellers also sells the group’s products. Large contracts are usually subject to procurement processes. These procedures are often time-consuming due to customers’ extensive testing routines and administrative workflows. INVISIO has long-term framework agreements with customers in the U.S., Canada, UK, Australia, Sweden, Denmark and the Netherlands, among others. Uneven order and revenue flows and variable delivery times Order intake and sales can fluctuate between quarters and the com - pany’s development should therefore be evaluated over a longer time frame than a single quarter or year. For INVISIO branded prod - ucts, deliveries usually take place within two to six months. For Racal Acoustics solutions, it is not uncommon for an initial part-delivery to be made within six months and for remaining deliveries to be com - pleted only after one to three years, in line with the customer’s roll- out plans and vehicle deliveries. INVISIO estimates that around 80 percent of the order book will be converted into revenue over the next two to three quarters. Focus on the core business INVISIO focuses on development and sales, subcontracting produc - tion to European contract manufacturers. Outsourcing gives the group the flexibility to manage fluctuations in order volume effectively. High growth with solid profitability INVISIO is a growth company whose target is, over time, to achieve average annual revenue growth of at least 20 percent and an aver - age annual operating margin of 20 percent or more. Despite the impact of the COVID-19 pandemic, revenue increased by an annual average of 27 percent between 2021 and 2025, while the operating margin averaged 17 percent. The share is listed on Nasdaq Stockholm in the Large Cap segment. Growth in three dimensions INVISIO is an innovative growth company that focuses on prod - uct development and sales. The company’s ambition is to further strengthen its global leadership position by expanding into new geographic markets, continuing to broaden the product portfolio and adding new user groups. The target is to achieve average annual revenue growth of at least 20 percent over time. B roa d ened custom er o/uniFB00er G eographical expansion New user groups South America Middle East South - east Asia Europe and U.S. Communication and hearing protection Users in the field Soldier system integration Integration of radio, data and power INVISIO Intercom system In-vehicle users Law enforce - ment Fire- fighters, coast guard INVISIO Interim report January–September 2026 7
Page 8
Auditor’s review report To the board of directors of INVISIO AB corp. reg. no. 556651-0987 Introduction We have conducted a limited review of the con - densed interim financial information (interim report) for INVISIO AB as of September 30, 2026, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accor - dance with the International Standard on Review Engagements ISRE 2410, “Review of Interim Finan - cial Information Performed by the Independent Auditor of the Entity.” A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review proce - dures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing stan - dards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant mat - ters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, pre - pared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent com - pany in accordance with the Annual Accounts Act. Malmö, October 30, 2026 Öhrlings PricewaterhouseCoopers AB Johan Rönnbäck Authorized Public Accountant This is a translation of the Swedish original. In the event of any differences between this translation and the Swedish original, the latter shall prevail. INVISIO Interim report January–September 2026 8
Page 9
Condensed consolidated income statement and consolidated statement of comprehensive income Data per share SEK million Note Q3 Jan–Sep Full year 2026 2025 2026 2025 2025 Revenue 2 408.1 291.3 1,351.4 1,053.1 1,737.1 Cost of goods sold –179.6 –125.3 –617.2 –448.6 –723.2 Gross profit 228.4 166.0 734.2 604.5 1,013.9 Operating expenses* 3 –196.3 –169.2 –584.0 –519.9 –705.1 Operating profit 32.2 –3.2 150.2 84.6 308.8 Net financial items 4.8 0.0 5.9 –10.4 –17.9 Profit before tax 36.9 –3.3 156.1 74.1 290.9 Income tax 4 –6.3 –1.0 –38.7 –22.4 –72.8 Profit for the period 30.6 –4.2 117.3 51.7 218.1 OTHER COMPREHENSIVE INCOME Items that may subsequently be reclassified to profit or loss Translation differences from foreign operations for the period 24.9 –13.7 61.9 –63.1 –90.1 Comprehensive income for the period 55.5 –17.9 179.3 –11.4 128.0 Attributable to parent company shareholders * Operating expenses include a depreciation and amortization charge of 3 –19.6 –17.7 –52.5 –52.3 –69.1 Note Q3 Jan–Sep Full year 2026 2025 2026 2025 2025 Earnings per share for the period, SEK 0.66 –0.09 2.54 1.12 4.72 Earnings per share after dilution, SEK 0.66 –0.09 2.54 1.11 4.70 Equity per share, SEK 26.59 22.32 26.59 22.32 25.42 Equity per share after dilution, SEK 26.59 21.99 26.59 21.99 25.05 Equity/assets ratio, % 72 73 72 73 73 Number of shares, thousands 46,180 46,180 46,180 46,180 46,180 Average number of shares outstanding, thousands 46,180 46,180 46,180 46,180 46,180 Average number of shares outstanding after dilution, thousands 46,180 46,858 46,180 46,858 46,858 Share price at close of period, SEK 242.20 315.00 242.20 315.00 263.00 9INVISIO Interim report January–September 2026
Page 10
Condensed consolidated statement of financial position SEK million Note Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 ASSETS Non-current assets Goodwill 60.2 57.5 56.3 Capitalized development costs 3 219.4 174.5 182.1 Other intangible assets 3 71.4 87.7 76.9 Property, plant and equipment 3 62.4 63.4 64.7 Right-of-use assets 3 61.9 69.4 68.3 Non-current deposits for rent 6.7 6.5 7.0 Deferred tax assets 4 28.3 19.4 21.0 Total non-current assets 510.3 478.4 476.3 Current assets Inventories 402.0 343.4 289.7 Trade receivables 330.3 139.3 352.9 Other current receivables 98.2 83.3 87.5 Cash and cash equivalents 373.3 376.4 400.3 Total current assets 1,203.8 942.4 1,130.3 TOTAL ASSETS 1,714.1 1,420.8 1,606.6 SEK million Note Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders’ equity 1,228.1 1,030.5 1,173.7 Non-current liabilities Lease liabilities 60.5 70.7 65.8 Deferred tax liabilities 4 54.2 41.0 49.7 Total non-current liabilities 114.7 111.7 115.5 Current liabilities Trade payables 178.3 115.8 120.6 Lease liabilities 13.1 8.3 8.3 Other current liabilities 179.8 154.5 188.5 Total current liabilities 371.3 278.6 317.4 TOTAL EQUITY AND LIABILITIES 1,714.1 1,420.8 1,606.6 SEK million Note Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Opening balance 1,173.7 1,029.0 1,029.0 New issue through exercise of employee stock options — 106.0 106.0 Employee stock option program 13.6 11.8 15.6 Dividend –138.5 –104.9 –104.9 Comprehensive income 179.3 –11.4 128.0 Closing balance 1,228.1 1,030.5 1,173.7 10INVISIO Interim report January–September 2026
Page 11
Condensed consolidated statement of cash flows SEK million Note Q3 Jan–Sep Full year 2026 2025 2026 2025 2025 Operating activities Profit before tax 36.9 –3.3 156.1 74.1 290.9 Adjustments for non-cash items 20.5 25.9 60.6 80.9 102.5 Income tax paid 1.5 2.2 –45.2 –26.5 –54.6 Cash flow from operating activities before changes in working capital 59.0 24.8 171.4 128.6 338.8 Changes in inventories –50.4 –43.7 –81.6 –96.6 –53.8 Changes in operating receivables 74.7 126.2 33.6 281.1 50.8 Changes in operating liabilities 8.7 –1.6 37.6 –30.8 –5.0 Cash flow from changes in working capital 33.0 80.9 –10.4 153.7 –8.0 Cash flow from operating activities 91.9 105.8 161.0 282.3 330.9 Investing activities Capitalized development costs –12.7 –19.9 –46.5 –53.2 –71.5 Investments in other intangible assets — 0.3 — –35.4 –29.2 Purchases of property, plant and equipment –1.5 –21.8 –7.6 –40.1 –45.7 Acquisition of financial assets — –0.9 0.6 –1.9 –2.5 Cash flow from investing activities –14.1 –42.3 –53.5 –130.5 –148.9 SEK million Note Q3 Jan–Sep Full year 2026 2025 2026 2025 2025 Financing activities New issue through exercise of employee stock options — 2.7 — 106.0 106.0 Repayment of lease liabilities –1.7 –2.1 –4.1 –7.8 –9.7 Dividend paid — — –138.5 –104.9 –104.9 Cash flow from financing activities –1.7 0.6 –142.6 –6.7 –8.6 Cash flow for the period 76.2 64.1 –35.1 145.1 173.4 Cash and cash equivalents at start of period 291.9 315.0 400.3 242.4 242.4 Translation differences in cash and cash equivalents 5.2 –2.7 8.1 –11.2 –15.6 Cash and cash equivalents at close of period 373.3 376.4 373.3 376.4 400.3 11INVISIO Interim report January–September 2026
Page 12
Condensed parent company income statement SEK million Note Q3 Jan–Sep Full year 2026 2025 2026 2025 2025 Revenue 2.2 1.9 11.2 5.5 7.4 Operating expenses –7.3 –5.7 –23.6 –20.8 –30.0 Operating loss –5.1 –3.8 –12.4 –15.3 –22.6 Net financial items* 4.3 9.4 226.7 175.8 174.9 Profit/loss before tax –0.8 5.7 214.3 160.5 152.3 Income tax — — — — — Profit/loss for the period –0.8 5.7 214.3 160.5 152.3 * Of which dividends from subsidiaries — — 222.6 164.3 174.2 12INVISIO Interim report January–September 2026
Page 13
Condensed parent company balance sheet SEK million Note Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 ASSETS Non-current assets Other intangible assets 6.4 7.2 6.8 Interests in group companies 358.3 340.9 344.7 Total non-current assets 364.7 348.1 351.5 Current assets Receivables from group companies 125.4 61.8 95.5 Other current receivables 3.7 4.1 5.1 Cash and bank balances 211.1 206.4 164.4 Total current assets 340.2 272.4 265.0 TOTAL ASSETS 704.9 620.5 616.5 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders’ equity Restricted equity 67.8 67.8 67.8 Non-restricted equity 630.6 545.5 541.1 Total shareholders' equity 698.3 613.3 608.9 Current liabilities Trade payables 2.2 1.2 1.9 Liabilities to group companies 1.2 3.4 2.9 Other current liabilities 3.2 2.6 2.8 Total current liabilities 6.6 7.2 7.6 TOTAL EQUITY AND LIABILITIES 704.9 620.5 616.5 SEK million Note Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 PARENT COMPANY STATEMENT OF CHANGES IN EQUITY Opening balance 608.9 439.9 439.9 New issue through exercise of employee stock options — 106.0 106.0 Employee stock option program 13.6 11.8 15.6 Dividend –138.5 –104.9 –104.9 Profit for the period* 214.3 160.5 152.3 Closing balance 698.3 613.3 608.9 * Of which dividends from subsidiaries 222.6 164.3 174.2 13INVISIO Interim report January–September 2026
Page 14
Notes Note 1 Accounting and valuation principles This interim report was prepared in accordance with IAS 34, the Swedish Financial Reporting Board’s Recommendation RFR 1, Supplemen - tary Accounting Rules for Groups, and the Annual Accounts Act. The parent company’s accounts were prepared in accordance with RFR 2, Accounting for Legal Entities, and the Annual Accounts Act. The accounting policies applied are consistent with those described in INVISIO’s 2025 annual report. New standards No new or amended standards or interpreta - tions effective for fiscal years beginning on or after January 1, 2026, are expected to have any significant impact on the group’s financial statements. INVISIO is currently assessing the impact that IFRS 18 Presentation and Disclosures in Finan - cial Statements, issued by the IASB, will have on the Group’s financial reporting. The stan - dard is effective for reporting periods begin - ning on or after 1 January 2027. Note 2 Revenue by geographical area SEK million Q3 Jan–Sep Full year 2026 2025 2026 2025 2025 Sweden 31.8 9.5 144.7 40.4 68.9 Europe 206.1 162.8 789.7 493.5 1,031.8 North America 133.1 84.6 311.4 446.0 536.2 Rest of the world 37.1 34.4 105.6 73.1 100.2 Total 408.1 291.3 1,351.4 1,053.1 1,737.1 Note 3 Depreciation and amortization SEK million Q3 Jan–Sep Full year 2026 2025 2026 2025 2025 Amortization of capitalized development costs 8.2 7.0 19.1 21.8 28.4 Amortization of other intangible assets1) 3.7 3.6 10.8 11.1 14.6 Depreciation of property, plant and equipment 4.1 3.2 11.8 9.5 13.2 Depreciation of right-of-use assets (leases) 3.7 3.8 10.8 10.0 12.1 Impairment of property, plant and equipment — — 0.1 — 0.8 Total 19.6 17.7 52.5 52.3 69.1 1) Refers to the amortization of enterprise systems and of intangible assets such as customer relationships, technologies and trademarks arising from the acquisition of Racal Acoustics. Note 4 Ta x Deferred tax assets arising from tax-loss carry - forwards are recognized to the extent that it is probable that future taxable profit will be avail - able against which the unused tax losses and unused tax credits can be utilized. An individual assessment is made of each subsidiary in terms of historical performance and scope for utiliz - ing the tax-loss carryforwards. The group’s total tax-loss carryforwards were SEK 208.0 million (191.9) at September 30, 2026, of which none were recognized as a deferred tax asset. Unused tax-loss carryforwards relate mainly to the parent company and cannot be recognized at present. All tax-loss carryforwards can be carried forward indefinitely. SEK million Sep 30, 2026 Sep 30, 2025 Deferred tax assets Tax asset attributable to other temporary differences 28.3 19.4 Closing balance 28.3 19.4 Deferred tax liabilities Tax liability attributable to capitalized development costs in Denmark –36.5 –30.1 Tax liability attributable to other temporary differences –18.1 –11.3 Tax asset attributable to temporary differences in Denmark 0.4 0.4 Closing balance –54.2 –41.0 14INVISIO Interim report January–September 2026
Page 15
Financial key figures, alternative performance measures and other definitions INVISIO’s financial statements include financial key figures that are specified in current finan - cial reporting rules, alternative performance measures (APMs) as defined by ESMA, and other key figures related to the business. The APMs are relevant for investors who want to deepen their understanding of the company’s results and financial position. Definitions and reconciliation of the APMs that are not directly reconcilable with the financial statements can be found below. Reconciliation is against the closest comparable IFRS financial measure. Average number of shares outstanding Weighted average of the number of shares outstanding during the period. Average number of shares outstanding after dilution Weighted average of the number of shares outstanding during the period, plus a weighted number of shares that would be added if all potential shares giving rise to dilution were converted into shares. Only the option pro - grams whose issue price is below the average market price of the shares during the period can lead to a dilutive effect. Earnings per share Profit for the period divided by the average number of shares outstanding. Earnings per share after dilution Profit for the period divided by the average number of shares outstanding after dilution. EBIT (operating profit) Operating profit after depreciation, amortization and impairment losses. INVISIO treats EBIT as synonymous with operating profit. EBITDA Operating profit before depreciation, amortiza - tion and impairment losses. Equity/assets ratio Equity as a percentage of total assets (balance sheet total). Equity per share Equity divided by the number of outstanding shares, adjusted for unregistered share issues. Equity per share after dilution Shareholders’ equity divided by the number of shares outstanding after dilution. Gross margin Gross profit as a percentage of total revenue. Key figures excluding third-party radio system order The figures for reported revenue, gross profit, gross margin, order intake and order book excluding the third-party radio order do not include the financial effects of reselling third- party products. Sales of these products, which have lower margins, are not part of INVISIO’s core business. Net financial items Financial income less financial expenses. Number of employees at close of period The number of employees on the date of the last payroll payment for the period. Number of shares Number of shares outstanding at the close of the period. Number of shares after dilution Weighted average of the number of shares outstanding during the period plus a weighted number of shares that would be added if all potentially dilutive shares were converted to shares. Only the option programs whose issue price is below the average market price of the shares during the period can lead to a dilutive effect. Operating expenses Selling and marketing expenses, administrative expenses and development expenses. Operating margin Operating profit as a percentage of total revenue. Profit margin Profit as a percentage of total revenue. 15INVISIO Interim report January–September 2026
Page 16
Reconciliation of alternative performance measures SEK million Q3 Jan–Sep Full year 2026 2025 2026 2025 2025 Gross profit A 228.4 166.0 734.2 604.5 1,013.9 Operating expenses B 196.3 169.2 584.0 519.9 705.1 EBIT (operating profit/loss) A–B 32.2 –3.2 150.2 84.6 308.8 SEK million Q3 Jan–Sep Full year 2026 2025 2026 2025 2025 EBIT (operating profit/loss) A 32.2 –3.2 150.2 84.6 308.8 Depreciation, amortization and impairment of intangi- ble assets and property, plant and equipment B 19.6 17.7 52.5 52.3 69.1 EBITDA A+B 51.8 14.5 202.7 136.9 377.8 SEK million Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Shareholders’ equity A 1,228.1 1,030.5 1,173.7 Number of shares, thousands B 46,180 46,180 46,180 Equity per share, SEK A/B 26.59 22.32 25.42 SEK million Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 Shareholders’ equity A 1,228.1 1,030.5 1,173.7 Number of shares after dilution, thousands B 46,180 46,858 46,858 Equity per share after dilution, SEK A/B 26.59 21.99 25.05 16INVISIO Interim report January–September 2026
Page 17
Overview — last nine quarters SEK million 2024 2025 2026 R12 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Revenue 351.7 594.1 334.8 426.9 291.3 684.0 430.5 512.8 408.1 2,035.4 Cost of goods sold –148.9 –235.3 –138.4 –184.8 –125.3 –274.7 –196.5 –241.0 –179.6 –891.9 Gross profit 202.8 358.8 196.4 242.1 166.0 409.3 233.9 271.8 228.4 1,143.5 Operating expenses –145.5 –164.0 –168.9 –181.9 –169.2 –185.2 –194.5 –193.2 –196.3 –769.2 Operating profit/loss 57.3 194.8 27.5 60.2 –3.2 224.2 39.4 78.6 32.2 374.4 Net financial items –3.6 6.8 2.6 –13.0 0.0 –7.4 0.3 0.9 4.8 –1.5 Profit/loss before tax 53.7 201.7 30.1 47.2 –3.3 216.8 39.7 79.4 36.9 372.9 Income tax –14.8 –44.0 –5.7 –15.8 –1.0 –50.3 –10.8 –21.6 –6.3 –89.0 Profit/loss for the period 38.9 157.7 24.4 31.4 –4.2 166.4 28.9 57.9 30.6 283.7 Cash flow from operating activities 152.6 22.9 178.1 –1.5 105.8 54.8 47.9 21.2 91.9 215.8 Order intake 503.1 549.3 264.1 401.3 479.9 659.5 335.0 278.5 565.5 1,838.5 Order book 866.7 830.8 742.7 705.3 887.0 854.1 750.5 497.5 647.7 687.5 Group employees, expressed as full-time equivalents 274 273 294 312 318 314 326 334 336 328 Gross margin, % 57.7 60.4 58.7 56.7 57.0 59.8 54.3 53.0 56.0 56.2 Operating margin, % 16.3 32.8 8.2 14.1 –1.1 32.8 9.2 15.3 7.9 18.4 Profit margin, % 11.0 26.5 7.3 7.4 –1.5 24.3 6.7 11.3 7.5 13.9 Equity/assets ratio, % 69 72 75 72 73 73 74 72 72 73 Earnings per share, SEK¹) 0.85 3.46 0.54 0.68 –0.09 3.60 0.63 1.25 0.66 6.15 Equity per share, SEK1) 18.55 22.57 21.88 22.52 22.32 25.42 26.51 25.32 26.59 25.96 1) Before dilution > An explanation of the key figures can be found on page 80 of the 2025 annual report. 17INVISIO Interim report January–September 2026
Page 18
Invitation to telephone conference on November 2 at 10:00 CET INVISIO invites the media, investors and analysts to a conference call on Monday, November 2, at 10:00am CET at which CEO Lars Højgård Hansen will present INVISIO’s interim report for Q3 2026. The call will be held in English, starting with a brief presentation of the report followed by a question-and-answer session. A link to the recording and presentation will be published on INVISIO’s website about one hour after the call. Registration Pre-registration is required if you wish to participate in the call. After registration, a phone number and conference ID will be provided. A “call me” feature will also be available. Please register 5–10 minutes prior to the scheduled time to facilitate a timely start. Registration link https://service.flikmedia.se/teleconference/?id=5004784 Audiocast To follow the presentation online, please use this link: https://invisio.videosync.fi/2026-11-02-q3 Financial calendar Year-end report 2026 February 11, 2027 Interim report January–March 2027 May 3, 2027 AGM 2027 May 3, 2027 Interim report January–June 2027 July 20, 2027 Interim report January–September 2027 October 27, 2027 Past interim and annual reports are available at https://corp.invisio.com. Public disclosure This is information that INVISIO AB is obliged to disclose pursuant to the EU Market Abuse Regulation. The information was released for public disclosure, through the agency of the CEO, on October 30, 2026, at 11:00 CET. For further information, please contact Lars Højgård Hansen, CEO | +45 5372 7722, lhh@invisio.com Thomas Larsson, CFO | +45 5372 7735, thl@invisio.com Michael Peterson, Director Investor Relations and Corporate Communications +45 5372 7733, mpn@invisio.com Postal address INVISIO AB | Box 151, 201 21 Malmö, Sweden INVISIO AB is a Swedish limited company listed on Nasdaq Stockholm. The share is traded under the IVSO ticker and the ISIN code is SE0001200015. You can find INVISIO at invisio.com INVISIO Interim report January–September 2026INVISIO Interim report January–September 2026 18