Slides
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Q4 2025 report Andreas Eriksson, CEO Cecilia Höjgård Höök, CFO 11 February, 2026
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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 2025 and Q4 2025 Weak Q4 2025 and an overall challenging 2025, driven by a combination of external and internal factors External factors was related to exchange rate headwinds, uncertain macro economic environment and longer than expected sales cycles for Time Synchronization. In response, we continue to strengthen our portfolio and improve sales execution, while our cost reduction program and disciplined cost control continued to have a positive impact. A key positive milestone was the win of our first commercial order for the new 400G - media platform in Q4 Within Time Synchronization, more customers entered the Proof-of-Concept phase and several advanced in the sales funnel, although sales cycles remain longer than expected.
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Key actions following reflections and a challenging 2025 4 Enhancing our portfolio Carry on with strengthening and expand portfolio in our cloud and unmanaged area, smaller form factors and adding new video compression technologies. Leverage our foundation of being active in an attractive market combined with a heritage developing innovative and industry leading solutions Increasing sales efficiency Continue to develop our sales and marketing area to increase efficiencies by driving even more clear focus for bringing new offerings to market, grow existing customers and win new customers. Drive conversion in Time synchronization More focus on converting existing prospects opposed to adding new prospects to the pipeline.
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BUSINESS REVIEW 5
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On-site Production (1 feed per venue) 6 Live sports consumed through digital services driving need for more content and increased quality which provide an opportunity for all our offerings. Consumer behavior changing From satellite to fiber and cloud Growing need for our high-capacity solutions. Increased need for remote live sport production Launch of groundbreaking 400G-platform at the turn of the year 2025/2026. Increasing demand for higher capacity Opportunity to increase TAM by extending our portfolio and upselling to our existing customers. New compression technologies An opportunity to upgrade and upsell to existing customers as well as to win new customers. Shift to IP standard- based services Net Insight is well positioned in a live sports and media market in transformation Offering expansion to include competitive solutions for unmanaged networks. SD 5,55X 8X 4X ~175X Remote Production (8-80 feeds per venue) Up to 80 feeds Up to 80 feeds 1 feed Up to 80 feeds
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7 o Know quickly if service is impacted o Many options for building very robust services o Fewer suppliers with our solutions Easy to operate the network using our solutions o High quality and scalable products o High-capacity (100G/400G) Strong core product offering with differentiated features o Fewer suppliers reduces CAPEX level o Easy to deploy solutions o Significantly lower OPEX for operating large media networks o 30% higher utilization of underlying network capacity Low Total Cost of Ownership (TCO) Net Insight’s value proposition o Customer trust driven by high quality products o Deep customer engagements o Highly rated support services Strong customer engagement and trusted brand
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8 Current TAM ~5 SEKb with opportunity to expand into new adjacent areas to further increase TAM < Existing Products New Products New marketsExisting Market - Contribution/Production Managed network product area - Market size: 4-5 SEKb - CAGR: 4-7% - Market share: 10-14% New compression technology - Market size: 1.5-2 SEKb - CAGR: 4-7% Primary distribution New customer segments Un-managed network product area - Market size: 1.5-2.5 SEKb - CAGR: 8-12% Studio and Production market Current core market Potential extension of current markets Potential new markets Limited current presence but looking to broaden
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9 Media: Challenging year but with important steps to build the foundation for the future • Challenging 2025, performance did not meet our ambition • Q4 finished weaker than expected due to low demand in Q4 and absence of typical year-end budget orders. • Our cost reduction program and cost control continued to have a positive impact. • Focus on driving improvements to enhance our portfolio and increase our sales efficiency. New sales organization established with new CCO and new Region Heads in both Americas and APAC. • Positive response with first order for the 400G IP platform, which lowers total cost of ownership (TCO) and increases capacity for premium services for the customer. • We are well positioned to benefit from our foundation over time – supported by our presence in an attractive market and a strong heritage of developing innovative, industry-leading solutions.
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• The need for GPS-independent time synchronization continues to grow, with Net Insight’s solution generating strong market interest. To date, 33 customers have entered Proof Of Concept • Following a weak start to the year, momentum improved in the second half, with several customers progressing into commercial field trials and pilot deployments. • In Q4, the first media customer began deploying the synchronization solution for a large-scale sports event, while strategic customer Türk Telekom advanced to higher- volume deployments in preparation for its commercial 5G launch in April. • Overall, the year demonstrated positive progress with customers progressing in the sales funnel. However, sales cycles have proven longer, and customer transitions to volume rollouts are taking more time than expected. • While the long-term outlook remains positive, short-term revenue is expected to show some volatility during the first quarters. 10 Time Synchronization: Strengthened position but long sales cycles
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11 Telecoms have long sales cycles with several defined stages POCs Field Trial Pilot Installation Network Planning and Budgeting RolloutProspects 12-24+ months Full Operations Commercial Customers • 33 customers have started POC • 60% of concluded POCs have converted into commercial field trials • 15% of concluded POCs have decided to not continue • 40% of Customers performing Field Trial have continued to the Pilot stage and 40% still ongoing • We expect a very high conversion rate from customers entering Pilots • 4 customers are in Rollout and Full operations
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FINANCIALS 12
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75.9 77.9 110 127 142 115 88.3 94.1 110 126 176 14377.2 100.8 130 144 156 147 91 108 125 162 134 117 332 381 475 559 608 521 2020 20252024202320222021 13 Revenue Trends Amid Macro, FX, and Operational Pressures Net sales Media Net sales Time Synchronisation AMERICAS APAC EMEA +7% CAGR 56% 60% 56% 56% 50% 52% 35% 31% 34% 28% 37% 40% 8% 10% 10% 16% 13% 8% Q4 2025 117 SEKm -12% -4% In comparable currencies 2025 521 SEKm -14% -9% In comparable currencies Split by regionNet Sales 2020 20252024202320222021
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28 14 24 46 18 21% 13% 17% 31% 15% 74 72 76 58 65 56% 63% 53% 39% 55% 100 76 98 98 8075% 66% 69% 66% 68% o Gross Margin for Q4 at 68.5% and 67.4 % for 2025 o Margin was negatively impacted by FX headwinds and to some extent by the lower margin of high-volume deliveries o Incl. amortization of capitalized development, Gross Profit amounted to 61.6 SEKm in Q4 with a margin of 52.7% 14 Profitability Gross Margin* Operating Expenses** EBITDA** o The cost reduction program launched in Q2 delivered run-rate savings of 30 SEKm o Clear downward trend in operating expenses from Q3 onward o Operating expenses declined 13% YoY in Q4 reflecting disciplined cost management o Continued focus on cost efficiency and structural resilience, supporting long-term margin expansion o EBITDA* of 17.9 SEKm (27.9) in Q4 and 102.2 SEKm (162.3) for the full year. o EBITDA pressured by the lower revenue and FX headwinds amplified the decline o Cost reduction program initiated to counteract EBITDA deterioration * Before amortization of capitalized development expenditure ** Excl. one off costs Gross Profit Gross Margin Operating exp in % of revenue Operating expenses EBITDA Margin 25 Q4 Q1 Q2 Q3 24 Q4 25 Q4 Q1 Q2 Q3 24 Q4 25 Q4 Q1 Q2 Q3 24 Q4
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63 64 64 54 70 71 100 106 81 59 21 18 9 13% 13% 13% 10% 13% 12% 16% 17% 13% 10% 4% 3% 2% 13 12 9 20 29 13 38 25 5 -9 0 22 -4 10.6% 9.5% 7.4% 13.6% 18.1% 9.2% 21.8% 15.9% 3.9% -8.0% 0.2% 14.9% -3.7% 15 Pressured profitability Operating earnings per quarter* Operating earnings LTM* * Excluding one-off cost (2025: 10.0 SEKm in Q2 and 0.7 SEKm in Q4) 2022 2023 2024 Q3Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2025 Operating earning* Operating margin* Q4 2022 2023 2024 Q3Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2025 Q4 Operating earning* Operating margin*
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96 -5 22 5 0 48 -58 -23 0 -2 0 83 Net cash decrease primarily driven by one-off FPGA payments • Cash flow from operating activities at 12.1 SEKm, adjusted for final FPGA payment 70.1 SEKm • Cash flow from investment activities of -23.3 SEKm, mainly capitalized expenditure • Cash flow from financing activities amounted to -2.3 SEKm • Net cash flow of -13.5 SEKm with a net cash position of 82.7 SEKm at the end of 2025 • Additional unutilised credit facility of 85 SEKm, with an available liquidity of 168 SEKm Change in working capital Currency Cash period end Q4 25 Capex Share repurchase Amortization le a s ing Cash period end Q3 25 Other operati ng i tems Income tax paid Operating earnings Depreci ati on. amorti zati on Operating a ctivitie s Investment a ctivitie s Financing a ctivitie s (S EKm) Cashflow: Short-term impact by higher WC requirements FPGAs, fi nal payment
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SUMMARY 18
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19 Focus on continued improvements following a challenging 2025 Challenging 2025 with a weak finish. A year that did not meet our ambition. Driven by both external and internal factors. We are well positioned to benefit from our foundation over time – supported by our presence in two attractive markets and a strong heritage of developing innovative, industry-leading solutions. 4 Focus on continued improvements to enhance our portfolio and increase our sales efficiency. Our cost reduction and cost control paid dividend and we received positive response for our 400G platform with the first order. For Time Synchronization positive developments with customers progressing in the sales funnel. While the long-term outlook remains positive, short-term revenue is expected to show some volatility during the first quarters. Our long-term financial targets remains unchanged for the moment, although achieving them by 2027 is becoming more challenging.
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Q&A 20
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21 Investor relations Cecilia Höjgård Höök, CFO Andreas Eriksson, CEO ir@netinsight.net 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 22