Slides
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Q3 2025 report Crister Fritzson, CEO Cecilia Höjgård Höök, CFO 6 November, 2025
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•Tillväxt i Americas men avvaktande marknad i EMEA och APAC •Växande intresse för lösningar för icke-managerade (internet- och molnbaserade) nätverk •Stärkt produktportfölj inom media, med ett flertal nya funktionslanseringar •Växande behov av GNSS-oberoende tidssynkronisering AGENDA HIGHLIGHTS BUSINESS OVERVIEW 01 02 FINANCIALS03 SUMMARY04 Q&A05
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3 Highlights Q3 2025 After a challenging start to the year, demand has now stabilized, with higher sales as a result, in comparable currencies in line with the same period last year Significant improvement in earnings compared with the first two quarters of the year was driven by increased sales, the cost-savings program, and seasonally effects We have launched the world’s first media-ready 400G solution, showcasing Net Insight’s technological leadership and ability to deliver high-efficient solutions for flexible media production In time synchronization, we’re seeing continued strong momentum, with growing customer engagement and increasing market interest. Two new mobile operators began evaluating our time synchronization solution during the quarter A key event during the quarter was the Turkish 5G license auction, prompting Türk Telekom to resume expanding its national time synchronization network
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BUSINESS REVIEW 4
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5 Media: Enhanced offering with expanded capacity • We are the partner that enables our customers to produce and distribute live content flexibly and cost-effectively • We strengthening our leadership position with the launch of the world’s first media-ready 400G IP platform, which lowers total cost of ownership (TCO) and boosts capacity for premium services, already in demand from several major customers, deliveries start around year-end. • During the quarter we further strengthened our Cloud media platform with several new features, as more efficient video compression and built-in network security, and at IBC we received “Best of Show”. • The unique combination of high-capacity solutions and flexible cloud-based solutions broadens our customer offering and provides a strong foundation for continued growth.
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• The need for GPS-independent time synchronization continues to grow, and Net Insight’s solution fully meets growing demand from operators and public authorities for security, precision, and reliability in networks • Two more mobile operators started evaluating our time sync solution, now being tested in close to 30 customer projects; around half have moved to pilots or network installations. • The customer dialogs and pilot projects initiated since last year’s launch are progressing well; several operators moving to commercialization phase • As previously communicated, we expect some of these customers to begin rollouts at the end of this year or in early 2026. • During the quarter, we enhanced our portfolio with several new features, including GPS attack detection on the system which attracted strong interest at Jammertest 2025, the world’s largest realistic jamming test environment 6 Time Synchronization: Strengthened position in GPS-independent time synchronization
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FINANCIALS 7
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8 Return to normalized revenue levels despite strong FX-headwinds 110 127 142 115 110 126 176 143 130 144 156 147 125 162 134 2022 2023 2024 Q3 25 LTM Q1 Q2 Q3 Q4 Q3 2025 147 SEKm - 6% +/- 0% In comparable currencies YTD 2025 404 SEKm -15% -11% In comparable currencies
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9 FX headwinds and high-volume deliveries weight on Gross Margin 72.0%72.4% 71.7% 72.2% 71.1% 71.0% 70.6% 71.0% 71.1% 71.9% 71.6% 70.0% 69.0% 2422 23 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 * Before amortization of capitalized development expenditure 25 Unadjusted* gross margin LTM close to 3-year average • Unadjusted* gross margin for the quarter at 66.3 percent (69.9 percent in Q3 24) and LTM 69.0 percent • The lower margin affected by strong FX headwinds and to some extent by the lower margin of high- volume deliveries • Gross profit amounted to 77.7 SEKm in Q3 25, resulting in a gross margin including amortization of capitalized development expenditure in the quarter of 52.8 percent (58.5 percent in Q3 24) Gross margin, unadj. (LTM) 3yr average (71.5%) Q3
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10 Commitment to innovation and technological advancement 49 52 54 54 52 50 48 48 47 94 93 97 96 97 98 94 93 89 27.4% 26.0% 26.3% 23.9% 23.4% 24.3% 24.5% 25.7% 25.3% • Underscoring the company’s commitment to innovation and technological advancement, 25.3 percent of Net sales has been invested in R&D over the past twelve months • A substantial share of the development expenditure LTM, amounting to 65.4 percent have been capitalized, reflecting Net Insight’s focus on long-term value creation 2023 2024 Q2Q4 Q1 Q2 Q3 Q4 Q1 Capitalization of development expenditure, LTM Development expenses, LTM Innovation* as percentage of Net sales, LTM (SEKm) Focus on long-term value creation 2025 Q3 Q3 141143 151 136150145 149 148 142
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11 EBITDA margin rebounds – Positive trend supported by seasonal effects and cost savings 47 20 26 46 17 29 -20 0 20 40 60 80 25 26.5% 28.4% 20.3% 33.4% 29.9% 20.9% 12.6% 16.7% 31.3% • Sequential improvement in EBITDA margin from Q2 to Q3, reversing the negative trend seen in Q4 -24 and Q1 • Vacation period and effects of cost saving program contributes to lower cost base, boosting Q3 performance with an EBITDA-margin of 31.3 percent (29.9 percent in Q3 24) • EBITDA* of 112.2 SEKm LTM (180.5 SEKm in Q3 24 LTM), corresponding to a margin of 20.9 percent over the past twelve months • The year-over-year EBITDA decline is primarily due to the absence of the growth we had invested for in Time Synchronization, along with significant currency headwinds from a strengthened SEK • EBITDAC ** of 29.1 SEKm in the quarter (26.2 SEKm in Q3 24) corresponding to a margin of 19.8% as we maintaining a firm focus on competitiveness in a rapidly evolving market * Excluding one-off cost (10.0 SEKM for Q2 2025) ** EBITDAC = EBITDA including capitalization of development expenditure 2423 Q3 Q4 Q1 Q2 Q3 Q4 Q1 EBITDA* margin Q2 Q3 Capitalization of development expenditure EBITDA excl. one-off EBITDAC* excl. one-off Q3 Q4 Q1 Q2 Q3 2524 (SEKm) Q3 Q4 Q1 Q2 Q3 24 Q3 Q4 Q1 Q2 Q3 25 24 EBITDA* to EBITDAC** 25
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54 63 64 64 54 70 71 100 106 81 59 21 18 11.9% 13.3% 13.1% 12.7% 10.4% 12.6% 12.4% 16.1% 16.6% 13.4% 10.2% 3.9% 3.4% 12 Improved profitability during the quarter 30 13 12 9 20 29 13 38 25 5 -9 0 22 23.0% 10.6% 9.5% 7.4% 13.6% 18.1% 9.2% 21.8% 15.9% 3.9% -8.0% 0.2% 14.9% Operating earnings per quarter* Quarterly EBIT and Margin Show Clear Recovery in Q3 Operating earnings LTM* LTM EBIT and Margin Remain Pressured by Q4–Q2 Performance (S EKm) Operating earning (LTM)* Operating margin (LTM)* 2022 2023 2024 Q3Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2025 * Excluding one-off cost (10.0 SEKM for Q2 2025) 2022 2023 2024 Q3Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2025 Operating earning* Operating margin* c
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Net cash decrease primarily attributable to change in WC • Cash flow from operating activities at 21.7 SEKm, • Cash flow from investment activities of -17.0 SEKm, mainly as a result of capitalized expenditure • Cash flow from financing activities amounted to -5.2SEKm • Net cash flow of -0.5 SEKm with a net cash position of 96.3 SEKm at the end of Q3 2025 • Additional unutilised credit facility of 85 SEKm, with an available liquidity of 181 SEKm Change in working capital 98 22 24 2 4 -31 -17 0 -5 -1 96 Curre ncy Cash period end Q3 25 Capex Share repurchase Amortiza tion le a s ing Cash period end Q2 25 Other operati ng i tems Income tax paid Operating earnings Depreci ati on. amorti zati on & impa irme nt Operating a ctivitie s Investment a ctivitie s Financing a ctivitie s (S EKm) Cashflow: Short-term impact by higher WC requirements
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14 Financial Performance 263 266 252 236 240 233 156 98 96 313 316 302 286 290 283 206 148 181 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 113 116 118 121 123 122 123 132 148 22% 21% 20% 19% 19% 20% 21% 24% 28% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Working Capital, avg 4Q Available Cash (S EKm) Net Cash, S EKm Credit facility available, SEKm Average 4Q WC, SEKm WC to Net Sales (%)
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SUMMARY 15
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16 Focus on profitability and future value creation For Time Synchronization we see a positive progress with customers in the evaluation phase or early pilot testing, We expect that some of these customers will select our solution during the second half of the year and begin deployment toward the end of 2025 or early 2026 Significant improvement in earnings compared with the first two quarters of the year, driven by increased sales, the cost-savings program, and seasonally effects With a robust product portfolio, upcoming 400G deliveries, and anticipated customer decisions within time synchronization, we are well positioned to drive sustainable, value-creating growth . 4 A key event during the quarter was the Turkish 5G license auction, prompting Türk Telekom to resume expanding its national time synchronization network During the quarter, we launched the world’s first 400G solution, stating Net Insight’s technological leadership and ability to deliver cutting-edge, high-efficiency solutions for flexible media production. Despite the stabilization seen during the quarter, with higher sales as a result, geopolitical uncertainty continues to impact our market. Maintaining strict cost discipline therefore remains, even as we continue to invest for the future
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Q&A 17
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18 Investor relations Cecilia Höjgård Höök, CFO Crister Fritzon, CEO ir@netinsight.net 11 February 2026 Q4 2025 Year-end report will be published at 07.30 CET 29 April 2026 Q1 2026 Interim report will be published at 07.30 CET CalendarContact 22 April 2026 Annual Report 2026 will be published 12 May 2026 Annual general meeting 15 July 2026 Q2 2026 Interim report will be published at 07.30 CET 29 October 2026 Q3 2026 Interim report will be published at 07.30 CET
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netinsight.net 19