Interim report
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Interim Report 2025Q3 Q4 Q2 Q1
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Interim Report 2025Q3 Net sales by region (July–September 2025) EMEA Asia-PacificAmericas Third quarter 2025 (July–September) • Net sales amounted to SEK 54.3 million (63.0), corresponding to a decrease of 13.8 percent. Currency adjusted decrease was 8.2 percent. • Operating profit (EBIT) amounted to SEK 8.0 million (15.8). • Net profit amounted to SEK 6.2 million (12.0), corresponding to earnings per share before/ after dilution of SEK 0.62 (1.20) *. • Cash flow from operating activities after investments amounted to SEK -2.1 million (6.8). First nine months of 2025 (January–September) • Net sales amounted to SEK 169.0 million (164.5), corresponding to an increase of 2.7 percent. Currency adjusted increase was 5.9 percent. • Operating profit (EBIT) amounted to SEK 17.1 million (21.7). • Net profit amounted to SEK 10.1 million (17.6), corresponding to earnings per share before/ after dilution of SEK 1.01 (1.76)*. • Cash flow from operating activities after investments amounted to SEK 4.7 million (22.9). * Per January 10, 2025 there was a split registered of 1/10,000 shares. Key figures July–September January–September Full year SEK million 2025 2024 Change (%) 2025 2024 Change (%) 2024 Net sales 54.3 63.0 -13.8 169.0 164.5 2.7 254.2 Operating profit (EBIT) 8.0 15.8 -49.4 17.1 21.7 -21.4 50.2 Adjusted EBIT 8.0 16.6 -51.8 18.5 24.6 -24.9 54.2 Net profit 6.2 12.0 -48.6 10.1 17.6 -42.3 39.8 Earnings per share, before/after dilution, SEK* 0.62 1.20 1.01 1.76 3.98 Operating cash flow after investments -2.1 6.8 -130.4 4.7 22.9 -79.4 56.6 35% 18%47% QUALISYS 2 HomeFinancialsWords from our CEO This is Qualisys Interim Report Q3 2025
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Contents Words from our CEO 4 This is Qualisys 7 Financials 13 Qualisys Holding AB (publ) Corporate identity number 559002-6919 Photo: Page: © Uncrewed Aircraft Systems Research Team (RUASRT) 1, 12 © INFO.instruments Limited 1 © Johan Carlén 4, 5 © Eva Dahlin 13 © Gregory Batardon 24 QUALISYS 3 This is Qualisys Financials Interim Report Q3 2025 Words from our CEO Home
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“The full-year outlook and the long-term development feel stable, with our financial targets within reach.” Words from our CEO QUALISYS HomeFinancialsThis is Qualisys Interim Report Q3 2025 4 Words from our CEO
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WORDS: Ingemar Pettersson CAPTURED: November 2025 Long-term focus – sustainable growth Q ualisys’ business is, as I previously have de- scribed, volatile and largely dependent on when orders are received and when projects can be realized over time. The turnover and results for the third quarter reflect this and are character- ized by both challenges and progress. Global market un certainty has led to the postponement of certain planned projects and order placements – a development we already indicated during the second quarter. Toward the end of the period, however, we noted growing optimism internation- ally, which has resulted in several projects being initiated and an improved order situation. This now gives us a transparent and predictable starting position for the fourth quarter. Over the nine-month period, we have seen minor revenue growth (2.7%), and the results so far are affected by the invest- ments we are making to reach our growth ambitions. For the full year, I still consider our financial targets of 15% currency-adjusted growth and 20% EBIT margin to be achievable. REGIONAL DEVELOPMENT AND OUTLOOK We remain positive about our long-term strategy, even as regional dynamics continue to evolve. We had high expectations for the U.S. market, where growth has so far been lower than anticipated this year. The shutdowns and restructuring within the U.S. administration have affected our institutional clients, leading to postponed project launches and order placements. However, the projects remain planned, and we are now seeing clear signs of increasing market activity. At the same time, we are strengthening our position in Asia as a whole. This region is showing strong development trends and is becoming an increasingly important driver of our global growth. We will continue to focus our resources where we see the greatest potential, while maintaining the flexibility needed to effectively navigate changes in the macroeconomic landscape. During the quarter, for example, we established a subsidiary in India, further strengthening our global presence and creating new opportunities to engage with customers in their local markets. MARKERLESS PRODUCT OPENS UP FOR A COMPLEMENTARY BUSINESS MODEL We are approaching the commercial launch of OnTraq – a com- pletely new product based on our unique, proprietary markerless technology. OnTraq enables precise and automated measure- ment, tracking, and analysis of athletes’ performance using mark- erless technology. The launch is being met with strong interest, and we are in dis- cussions with several leading clubs in top European and American leagues – including Premier League, Serie A, La Ligue, NFL and MLS. Early user-testing in the target market has been ongoing for more than a year, and we expect to sign our first contracts in the near future. The commercialization of OnTraq paves the way for a subscrip- tion-based business model, which will generate recurring revenue and strengthen our customer relationships over time. This com- plements our established business model aimed at institutional clients, while also opening up opportunities for a new customer segment and contributing to long-term growth. IN A GOOD POSITION AHEAD OF YEAR END The final quarter of the year has started off well, and activities in our key markets have now clearly increased. The organization shows strong commitment and is working hard to achieve the financial targets we have set. We continue to expand with high operational efficiency, which is a direct result of our business model’s strong margin structure. This model not only delivers stable and sustainable profitability but also serves as a strategic lever for scalable growth. By com- bining cost discipline with attractive, value-driven offerings, we will continue to accelerate our expansion without compromising financial stability. This is a testament to our ability to grow sus- tainably while strengthening our market position. We look forward to continuing this journey with the same focus, drive, and long-term perspective — always with our cus- tomers, partners and employees at the centre. Office inaguaration in Delhi, India, September 2025. ”The launch of OnTraq – based on our unique, proprietary markerless technology and a subscription-based business model – gives us greater opportunities for recurring revenue.” INGEMAR PETTERSSON CEO, Qualisys QUALISYS Interim Report Q3 2025 5 HomeThis is Qualisys FinancialsWords from our CEO
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0 20 60 40 80 100 0 100 50 350 250 300 200 150 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q3-25Q2-25 SEK mSEK m Order Intake Order Intake RTM Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q3-25Q2-25Q1-25 0 20 60 40 80 100 0 50 300 150 200 250 100 SEK mSEK m Net Sales Net Sales RTM Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q3-25Q2-25Q1-25 0 10 20 40 30 0 20 80 40 60 SEK mSEK m Operating Profit (EBIT) Operating Profit (EBIT) RTM Quarterly and RTM development of order intake Order Intake Order Intake RTM Quarterly and RTM development of net sales Net Sales Net Sales RTM Quarterly and RTM development of operating profit (Adjusted EBIT) Adjusted EBIT Adjusted EBIT RTM T he majority of the business’s revenue is generated when delivering a complete system solution to the customer. The company’s overall solution consists of a number of advanced high-speed cameras and customized software together with third-party solutions and accessories based on the customer’s needs. FOR QUALISYS, IT IS CRUCIAL to find the best solution that match each individual customer’s needs and therefore Qualisys works closely with customers throughout the course of the project. Depending on the type of movement and in which environment the customer intends to use the Qualisys’ solution, the technical offer is adapted in close dialogue with the customer. This is vital to deliver the optimal technical solution to meet the customer’s specific needs. As a result of Qualisys’ project based business model, it is natural that net sales and operating profit (EBIT) are largely based on when customers place their orders and how long it takes to complete the order according to the customer’s wishes. Because of this, Qualisys’ net sales and operating profit (EBIT) can fluctuate relatively much from quarter to quarter depen- ding on when orders are placed, and deliveries are carried out. The project’s time frame varies as a result of several factors, including whether the customer is of a commercial or institu- tional nature and where in the world the customer is based, the system’s intended application and the customer’s construc- tion of a facility where the system is to be used. IT IS THE COMPANY’S OPINION that these fluctuations will continue to affect Qualisys’ quarterly financial development, but that the trend will continue to be positive in accordance with the company’s long-term financial goals. Our business model Qualisys’ customer offering mainly consists of complete solutions within 3D motion capture sold as a package solution for customers within the company’s three segments Life sciences, Engineering and Entertainment. QUALISYS 6 HomeFinancialsWords from our CEO Interim Report Q3 2025 This is Qualisys
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This is Qualisys QUALISYS 7 HomeFinancialsWords from our CEO Interim Report Q3 2025 This is Qualisys
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Q Our History QUALISYS, WAS ESTABLISHED in Gothenburg, Sweden, in 1989 by a small team of entre- preneurial engineers with a vision for advancing technology in the field of motion capture. The innovations have propelled Qualisys to the forefront of the industry, setting high standards for precision and reliability in motion capture technology. Today, Qualisys provides solutions that empower researchers, engineers, and professionals in various fields to achieve their goals with accuracy and efficiency. Since Vätterledens Invest acquired a majority stake in the company in 2016, and Ingemar Pettersson assumed the role as CEO in 2021, Qualisys has maintained its commitment to innovation and growth, carrying forward the visionary spirit. Learn more about Qualisys: qualisys.com A leading provider of precision motion capture and 3D positioning tracking system ualisys technology serves over 3,000 customers in more than 85 countries, including many of the world’s top universities. At its core, Qualisys specializes in motion capture (mocap) technology, a sophisticated method involv- ing high-speed infrared cameras, software, and accessories. These tools precisely capture and ana- lyze the movements of bodies and objects in three-dimensional space. This capability finds applications across diverse fields such as medical technology, sports bio- mechanics, biomechanical research, industrial processes, and animation. The company’s product portfolio encom passes advanced hardware and software solutions designed for the collec- tion, processing, and detailed analysis of vast amounts of motion data. This robust platform supports various sectors through three main business areas: Life Sciences, Engineering and Entertainment. Each sector serves multiple application domains, underscoring Qualisys’ versati- lity, and impact across industries. It serves thousands of customers worldwide, including BMW, ABB, Harvard University, International Olympic Committee, Versatile, and Beyond Capture. ALL RESEARCH AND DEVELOPMENT efforts are conducted in-house, ensuring that Qualisys maintains its position as a leader in high-end mocap systems. By December 2024, the company employed 80 profes- sionals spread across offices in Europe, North America, and Asia. Qualisys specializes in marker-based and markerless motion capture, also known as optical mocap. These methods rely on advanced cameras and, in the ARQUS The company’s latest line of cameras, the Arqus platform, provides high resolution and maximized frame rates. The platform delivers precise measurements even in challenging scenarios. marker-based context, reflective markers that are placed on subjects to record intri- cate movement data. This approach is renowned for its unparalleled precision and reliability, making it indispensable in sectors requiring robust data for critical applications. The company also integrates other technologies such as devices used for force measurements, eye-tracking, finger-tracking and muscle activity measure ments (EMG) to cater to diverse customer needs. MOCAP TECHNOLOGY’S adaptability enables its application across a wide spectrum of industries and scenarios, from enhancing sports performance to film production and advancing medical treatments. By continu- ously innovating and refining its offerings, Qualisys remains a pivotal player in driving forward the capabilities and applications of motion capture technology globally. Qualisys is a Swedish high-tech company with over 35 years of expertise in motion capture systems. The company was founded in 1989 and has been headquartered in central Gothenburg ever since. It has established itself as a leader in developing, manufacturing, and distributing solutions for motion measurement. QUALISYS 8 HomeFinancialsWords from our CEO Interim Report Q3 2025 This is Qualisys
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Underwater The best-in-class camera for precise 3D measurements underwater LAUNCHED 2019 (MIQUS), 2023 (ARQUS) Qualisys is a leading provider of commercial high-resolution motion capture cameras for underwater use with both the Arqus and Miqus families featuring underwater cameras as part of their product lines. These cameras have enclosures pressure-tested to a depth of 40 meters and are used in ship development, marine research, the fishing industry, and sports science. Qualisys Track Manager Versatile software for 3D data processing LAUNCHED 2003 Qualisys Track Manager (QTM) is the Company’s software solution for tracking 3D data collected through the Company’s camera solutions and other non-optical accessories integrated into the system. QTM is designed to work regardless of whether the end customer intends to use the camera for research, industry, or animation. More about our underwater cameras: qualisys.com/cameras/underwater Arqus One of the highest- performing motion capture cameras in the world LAUNCHED 2020 The Company’s latest and most powerful family of cameras is available in four versions, including a rain and dust-protected design and a model specifically developed for MR environments. These cameras feature high-resolution image sensors, powerful illumination, and sophisticated algorithms, enabling the detection of small markers from impressive distances without sacrificing accuracy. This makes them ideal for long-distance and outdoor motion capture. More about Arqus: qualisys.com/cameras/arqus More about Qualisys Track Manager: qualisys.com/software/qualisys-track-manager Miqus Our smallest and most refined motion capture camera yet LAUNCHED 2015, LATEST MODEL 2024 Miqus prioritizes user-friendliness and cost efficiency while maintaining high quality. It is available in three versions: Miqus, Miqus Video Plus, and Miqus Hybrid. Launched in May 2024, Miqus Video Plus delivers a synchro- nized reference video along with motion data, offering even higher resolution and speed than its predecessor. Miqus Hybrid allows users to perform both marker-based and markerless measurements. More about Miqus: qualisys.com/cameras/miqus QUALISYS 9 HomeFinancialsWords from our CEO Interim Report Q3 2025 This is Qualisys
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Products and services A complete solution in 3D motion capture with advanced high-speed cameras and software for specialized customer needs, together with third-party solutions for customers worldwide. Integrations and accessories Software Cameras Third-party solutions QUALISYS 10 HomeFinancialsWords from our CEO Interim Report Q3 2025 This is Qualisys
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The Mission “To be the world’s preferred partner in creating performance-enhancing motion capture solutions, through technical excellence.” Life Sciences, Human Biomechanics Advanced 3D Biomechanics Solutions by Qualisys AT THE FOREFRONT of motion capture technology, Qualisys offers innovative solutions designed for the study and analysis of human movement. The pre- cision, reliability, and adap tability of the solutions provide researchers worldwide with tools to better understand the complexities of human movement. Examples of applications of Qualisys technology in this field include kinesiology, orthopedics, ergo- nomics, and gait analysis. By providing high-quality measurement data and advanced analysis tools researchers can unlock new insights into human motion, ultimately contributing to innovation in health, movement sciences, and workplace safety. More on Life Sciences, Human Biomechanics: qualisys.com/life-sciences/human-biomechanics Life Sciences, Sports Research Enhanced Sports Performance Insights WITHIN THE AREA of sports performance, motion capture is used to learn more about injury mecha nisms and injury prevention methodology and to analyze a player’s technique to optimize performance. The Qualisys system allows a deep- ened understanding of performance, safety, health, and long-term well- being that benefits athletes. Qualisys marker-based motion capture technology that provides high-quality measurement data is the foundation of the company’s sports performance and research solutions. This is a result of 35 years of constant development in close cooperation with the global research and healthcare communities. More on Life Sciences, Sports Research: qualisys.com/life-sciences/sports-research Engineering Precision Engineering Solutions for Diverse Environments and Industries QUALISYS OFFERS a wide range of engineering solutions. In the maritime sector, organizations like naval research institutes, universities, and ocean energy facilities develop and study the movements of various vessels and objects, above and below water. Additionally, Qualisys systems are well-suited for general industrial use. They provide high-precision ground truth positional and orientational data for the development of robotics, drones, autonomous vehi- cles, and other objects. The benefits of the Qualisys system in these envi- ronments are the special camera packaging like weatherproofing (for outdoor use), underwater hous- ing, and the possibility to capture in large volumes. More on motion capture in engineering: qualisys.com/engineering/robotics-and-uav Entertainment Motion Capture Solutions for Effortless Animation Workflows QUALISYS PROVIDES the animation industry with highly accurate skeleton and object data that faithfully replicates actors’ performances. The system ensures precise movement capture using markers. It seamlessly synchronizes with external equipment like video cameras, facial recording devices, and data gloves, enhancing the understanding of actor behav- ior and scene dynamics. Real-time streaming to popular animation soft- ware and game engines enables a wide range of creative applications across various industries. More on motion capture in entertainment: qualisys.com/entertainment/animation Words from our CEO This is Qualisys Financials HomeQUALISYS
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C apturing this behaviour in detail is essential for designing Unmanned Aerial Vehicles (UAVs) that can handle unpredictable conditions. However, traditional tracking methods could not provide the extreme precision and high-speed data required to study these subtle flight movements. A PRECISE SOLUTION To overcome this challenge, the team imple- mented the Qualisys motion capture system. They installed 15 Qualisys cameras in a 9-meter wind tunnel designed to simulate turbulence. Small, lightweight reflective markers were attached to the falcons, allowing the system to track even the most subtle wing and tail movements without affecting natural flight. Integrated with MATLAB for seamless data analysis, the setup captured high-speed, high-precision measurements in real time, Nature-Inspired drone innovation at RMIT The Royal Melbourne Institute of Technology (RMIT) Uncrewed Aircraft Systems Research Team set out to understand how kestrels – small falcons known for their remarkable ability to hover steadily in turbulent winds – maintain extraordinary stability while hovering in turbulent winds. Engineering / Case Study DR. ABDULGHANI MOHAMED, RMIT “The Qualisys system allowed us to quickly and easily capture high- resolution kinematics of wind-hovering kestrels. The system is streamlined and user-friendly, with helpful features that sped up our data capture and processing”. providing the detailed kinematic data required to study flight stability under a wide range of turbulent conditions. BREAKTHROUGH RESULTS The system delivered unprecedented data, showing the kestrel head stability within just 1.2 mm under high turbulence. These insights are guiding new UAV control strategies, helping drones achieve greater stability and resilience in challenging environments. By combining biomechanics with advanced motion capture, RMIT is turning nature’s flight secrets into next-generation UAV innovation. Read full story here: qualisys.com/stories/rmit-uas-research-team/ QUALISYS Interim Report Q3 2025 12 HomeFinancialsWords from our CEO This is Qualisys
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Financials QUALISYS HomeThis is QualisysWords from our CEO 13Interim Report Q3 2025 Financials
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Financial overview Third quarter 2025 (July–September) Net sales Net sales for the third quarter amounted to SEK 54.3 million (63.0), a decrease of 13.8 percent compared with the same period last year. Currency adjusted, net sales decreased with 8.2 percent. The split of the sales per geographical region for the third quarter was 47.0 percent (52.0) Americas, 34.8 percent (19.8) EMEA and 18.2 percent (28.2) Asia-Pacific. The split per segment was 60.7 percent (62.0) Life Science, 38.2 percent (37.0) Engineering and 1.1 percent (1.0) Enter- tainment. Operating income The net sales had a gross margin of 70.7 percent compared with 69.2 percent for the same period last year. Total Operating costs, excluding Cost of goods, were SEK -30.9 million, compared with SEK -30.0 million last year (before IPO expenses -29.2). The operating income (EBIT) for the third quarter was SEK 8.0 million (15.8), which equals an EBIT margin of 14.7 percent (25.1). Cash flow During the third quarter, cash flow from operating activities amounted to SEK 0.6 million, compared to SEK 8.5 million for the corresponding period in 2024, including cash flow from net changes in working capital of SEK -7.7 million (-6.4). Inven- tory increased with SEK -2.8 million (-0.8), operating receivables increased with SEK -1.3 million (-11.9) and operating liabilities decreased with SEK -3.6 million (6.3). September 2024 included a prepayment from one customer project of SEK 10.0 million. Cash flow from investing activities in tangible assets amounted to SEK -0.3 million. Cash flow from investing activities in intan- gible assets amounted to SEK -2.3 million (-1.7), comprising of investments in the development project concerning Markerless products. Cash flow from financing activities amounted to SEK -1.7 mil- lion (-3.6). Net cash flow for the quarter, including currency effects, was SEK -4.2 million (2.9). First nine months of 2025 Net sales Net sales for the first nine months amounted to SEK 169.0 million (164.5), an increase of 2.7 percent compared with last year. Cur- rency adjusted, net sales increased with 5.9 percent. The regional split of the sales for the first nine months of the year was 40.2 percent (39.9) Americas, 33.8 percent (37.1) EMEA and 26.0 percent (23.0) Asia-Pacific. The split per segment was 59.6 percent (70.9) Life Science, 38.4 percent (27.7) Engineering and 2.0 percent (1.4) Entertainment. Operating income The gross margin was 68.5 percent compared with 69.3 percent last year. Total Operating costs, excluding Cost of goods, were SEK -105.1 million (-98.3). The increase is mainly due to continued strategic investments through a strenghtened organization and regulatory expenses as well as expenses to be listed on Nasdaq First North Premier. Included in Operational expenses was onetime expenses of SEK -1.4 million (-2.9) related to the IPO in February 2025. Operating income (EBIT) was SEK 17.1 million (21.7) which equals a margin of 10.1 percent (13.2). Adjusted for the IPO expenses, adjusted EBIT was at SEK 18.5 million (24.6) which equals an adjusted EBIT margin at 10.9 percent compared with 15.0 percent for the same period last year. Other income and other external expenses are primarily real- ized and unrealized currency effects. Financial net The financial net was SEK -3.1 million (0.5), including a one-time non cash financial cost of SEK -3.2 million due to an impairment of the financial holding in Spree International GmbH. Cash flow During the first nine months, cash flow from operating activities amounted to SEK 12.2 million, compared to SEK 28.4 million for the same period last year. Cash flow from changes in working capital amounted to SEK -5.1 million (6.6). Inventory increased with SEK -6.3 million (0.6), operating receivables decreased with SEK 5.5 million (-5.2) and operating liabilities decreased with SEK -4.3 million (11.2). Cash flow from investing activities in tangible assets amounted to SEK -1.1 million (-0.5). Cash flow from investing activities in intangible assets amounted to SEK -6.4 million (-5.0), mainly com- prising investments in the development project concerning the new Markerless products. Cash flow from financing activities amounted to SEK 40.1 million (-20.5). Included is the cash from the Vätter leden group cash pool with SEK 74.7 million due to that the cash pool was released in the IPO. Dividends paid out in May 2025 amounted to SEK -30.0 million (-9.0). Net cash flow for the period, including currency effects, was SEK 44.1 million (2.3). Financial position As of September 30, 2025, the group’s cash and cash equivalents amounted to SEK 49.1 million, equity to SEK 142.4 million and the equity/ assets ratio was 63.9 percent. As of September 30, 2024, the group’s cash and cash equivalents amounted to SEK 6.5 mil- lion, equity to SEK 140.6 million, and the equity/ assets ratio was 60.4 percent. As of September 30, 2024. Available liquidity (ie cash together with current receivables from parent company) amounted to SEK 47.6 million. As of September 30, 2025, equity per share amounted to SEK 14.24 (14.06). Parent company The parent company, Qualisys Holding AB (publ), has corporate identification no 559002-6919 and holds shares in Qualisys AB. The head quarter in Gothenburg operates from Qualisys AB, including the lead of all group-wide functions and holding of foreign subsidiaries. The Board of Directors operates from the Parent company. The Parent company carries the administrative expenses for managing the Group and being a listed company. One time expenses for the IPO, up to the first quarter 2025, were SEK -1.4 million (-2.9). As of September 30, 2025, the total assets amounted to SEK 82.8 million (86.0) and the equity to SEK 81.5 million (85.0). QUALISYS 14 HomeThis is QualisysWords from our CEO Interim Report Q3 2025 Financials
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Condensed consolidated income statements July–September January–September Full year SEK thousands 2025 2024 2025 2024 2024 Net sales 54,293 62,995 169,016 164,520 254,172 Other income 490 2,231 6,324 6,065 8,727 TOTAL REVENUE 54,783 65,226 175,340 170,585 262,899 Own development 2,309 1,668 6,296 4,879 7,013 Cost of goods -15,916 -19,409 -53,228 -50,582 -78,392 Other external expenses -10,602 -9,168 -35,647 -31,998 -45,168 Personnel expenses -19,610 -19,136 -63,813 -60,093 -80,014 Depreciation of tangible and intangible assets -2,454 -2,621 -7,044 -7,836 -10,423 Other operating external expenses -517 -755 -4,844 -3,238 -5,701 TOTAL OPERATING COSTS -46,790 -49,421 -158,280 -148,868 -212,685 OPERATING INCOME (EBIT) 7,993 15,805 17,060 21,717 50,214 Financial income and costs 385 -258 1,383 1,468 1,719 Financial costs -320 -382 -4,477 -958 -1,063 PROFIT AFTER FINANCIAL ITEMS 8,058 15,165 13,966 22,227 50,870 Taxes -1,901 -3,186 -3,825 -4,662 -11,041 NET PROFIT 6,157 11,979 10,141 17,565 39,829 Attributable to Parent company shareholders 6,157 11,979 10,141 17,565 39,829 Average number of shares* 10,000,000 10,000,000 10,000,000 10,000,000 10,000,000 Earnings per share, SEK 0.62 1,20 1,01 1,76 3,98 Consolidated statement of income and other comprehensive income Net profit 6,157 11,979 10,141 17,565 39,829 Other comprehensive income Items that have been or can be reclassified to net profit Translation difference on translation of foreign operations -178 -446 -1,783 44 936 TOTAL OTHER COMPREHENSIVE INCOME 5,979 11,533 8,358 17,609 40,765 Comprehensive income attributable to Parent company shareholders 5,979 11,533 8,358 17,609 40,765 * On January 10, 2025, a split of 1/10,000 shares was registered. 2024 is recalculated for comparison reasons. QUALISYS 15 HomeThis is QualisysWords from our CEO Interim Report Q3 2025 Financials
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Condensed consolidated statement of financial position September 30 September 30 December 31 SEK thousands 2025 2024 2024 ASSETS Non-current assets Capitalized development expenses and similar items 26,141 19,151 20,764 Goodwill 30,532 30,532 30,532 Property, plant and equipment, right-of-use 26,883 33,506 31,839 Equipment, owned 2,697 2,975 2,654 Deferred tax assets 451 16 529 Other financial non-current assets 58 3,208 3,213 TOTAL NON-CURRENT ASSETS 86,762 89,388 89,531 Current assets Inventories 32,452 30,864 26,207 Tax assets 5,143 1,447 - Trade receivables 43,064 52,811 56,437 Current receivables from parent company - 41,173 74,685 Other current receivables 2,425 5,447 3,414 Prepaid expenses and accrued income 4,089 4,956 3,399 Cash and cash equivalents 49,112 6,456 5,025 TOTAL CURRENT ASSETS 136,285 143,154 169,167 TOTAL ASSETS 223,047 232,542 258,698 September 30 September 30 December 31 SEK thousands 2025 2024 2024 EQUITY AND LIABILITIES Equity attributable to shareholder of the Parent Company Share capital 500 500 500 Other reserves -626 265 1,157 Retained earnings 142,558 139,804 162,068 TOTAL EQUITY 142,432 140,569 163,725 Non-current liabilities Other non-current liabilities 1,977 1,835 1,918 Non-current lease liabilities 19,670 26,133 24,493 Deferred tax liabilities 10,007 7,436 10,007 TOTAL NON-CURRENT LIABILITIES 31,654 35,404 36,418 Current liabilities Trade payables 11,831 11,099 13,857 Advance payments from customers 3,752 8,425 3,348 Current lease liabilities 6,459 6,583 6,592 Tax liabilities 101 232 970 Other liabilities 5,534 3,929 3,853 Accrued expenses and deferred income 21,284 26,301 29,935 TOTAL CURRENT LIABILITIES 48,961 56,569 58,555 TOTAL LIABILITIES 80,615 91,973 94,973 TOTAL EQUITY AND LIABILITIES 223,047 232,542 258,698 QUALISYS 16 HomeThis is QualisysWords from our CEO Interim Report Q3 2025 Financials
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Consolidated changes in equity Attributable to parent company shareholders SEK thousands Share capital Other reserves Profit and loss carried forward, incl, profit for the period Total equity Opening balance January 1, 2024 100 221 131,639 131,960 Bonus issue 400 -400 0 Profit for the period January–September 17,565 17,565 Other comprehensive income for the period 44 44 Dividend to shareholders of the Parent Company -9,000 -9,000 Closing balance September 30, 2024 500 265 139,804 140,569 Profit for the period September–December 22,264 22,264 Other comprehensive income for the period 892 892 Closing balance December 31, 2024 500 1,157 162,068 163,725 Opening balance January 1, 2025 500 1,157 162,068 163,725 Profit for the period January–September 10,141 10,141 Warrant program 349 349 Other comprehensive income for the period -1,783 -1,783 Dividend to shareholders of the Parent Company -30,000 -30,000 Closing balance September 30, 2025 500 -626 142,558 142,432 QUALISYS 17 HomeThis is QualisysWords from our CEO Interim Report Q3 2025 Financials
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Condensed consolidated cash flow statement July–September January–September Full year SEK thousands 2025 2024 2025 2024 2024 Operating income 7,993 15,805 17,060 21,717 50,214 Adjustments for non-cash items 2,456 2,621 7,045 7,836 10,433 Interest paid/ received 65 -640 64 510 656 Tax paid -2,246 -1,727 -6,834 -7,074 -8,972 Cash flow from operating activities before changes in working capital 8,268 14,899 17,335 22,989 52,331 Changes in working capital Increase (–)/Decrease (+) in inventories -2,760 -839 -6,353 569 5,266 Increase (–)/Decrease (+) in operating receivables -1,270 -10,094 5,545 -3,427 -6,791 Increase (+)/Decrease (–) in operating liabilities -3,639 3,353 -4,331 8,310 10,709 Cash flow from changes in working capital -7,669 -7,580 -5,139 5,452 9,184 Cash flow from operating activities 599 8,479 12,196 28,441 61,515 Investing activities Investments in tangible fixed assets -341 - -1,074 -495 -564 Investments in intangible assets -2,325 -1,674 -6,406 -5,012 -7,159 Investments in subsidiary - - - - 2,846 Cash flow from investing activities -2,666 -1,674 -7,480 -5,507 -4,877 Financing activities Dividend - - -30,000 -9,000 -9,000 Change in current receivables to parent company - -2,623 74,685 -5,365 -38,877 Warrants - - 349 - - Amortization liabilities to parent company - - - -1,282 -1,282 Amortization of lease liabilities -1,661 -997 -4,956 -4,875 -6,833 Cash flow from financing activities -1,661 -3,620 40,078 -20,522 -55,992 Cash flow for the period -3,728 3,185 44,794 2,412 646 Opening cash and cash equivalents 53,265 3,548 5,025 4,123 4,123 Exchange-rate difference in cash and cash equivalents -425 -277 -707 -79 256 Closing cash and cash equivalents 49,112 6,456 49,112 6,456 5,025 QUALISYS 18 HomeThis is QualisysWords from our CEO Interim Report Q3 2025 Financials
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Parent company condensed income statements July–September January–September Full year SEK thousands 2025 2024 2025 2024 2024 Net sales - - - 36 71 TOTAL REVENUE - - - 36 71 Other external expenses -362 -552 -3,452 -2,848 -4,006 Personnel expenses -348 -377 -715 -640 -953 TOTAL OPERATING COSTS -710 -929 -4,167 -3,488 -4,959 OPERATING INCOME (EBIT) -710 -929 -4,167 -3,452 -4,888 Profit from shares in group companies 30,000 - 30,000 13,700 13,700 Financial income 1 36 11 36 42 Financial costs - -102 -3,166 -59 -58 PROFIT AFTER FINANCIAL ITEMS 29,291 -995 22,678 10,225 8,796 Appropriations - - - - 4,900 PROFIT BEFORE TAX 29,291 -995 22,678 10,225 13,696 Taxes - - - - -3 NET PROFIT 29,291 -995 22,678 10,225 13,693 Because the parent company has no items to report under Other comprehensive income, no statements of comprehensive income has been prepared. QUALISYS 19 HomeThis is QualisysWords from our CEO Interim Report Q3 2025 Financials
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Parent company condensed balance sheet September 30 September 30 December 31 SEK thousands 2025 2024 2024 ASSETS Non-current assets Participations in group companies 80,580 80,580 80,580 Other financial non-current assets - 3,158 3,158 TOTAL NON-CURRENT ASSETS 80,580 83,738 83,738 Current assets Current receivables from group company 1,451 1,525 5,495 Other current receivables 38 704 713 Prepaid expenses and accrued income 216 - - Cash and cash equivalents 471 - 259 TOTAL CURRENT ASSETS 2,176 2,229 6,467 TOTAL ASSETS 82,756 85,967 90,205 September 30 September 30 December 31 SEK thousands 2025 2024 2024 EQUITY AND LIABILITIES Equity 81,535 85,039 88,507 Trade payables 70 84 223 Tax liabilities 3 232 235 Accrued expenses and deferred income 1,148 612 1,240 TOTAL LIABILITIES 1,221 928 1,698 TOTAL EQUITY AND LIABILITIES 82,756 85,967 90,205 QUALISYS 20 HomeThis is QualisysWords from our CEO Interim Report Q3 2025 Financials
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Key figures, group July–September January–September Full year 2025 2024 2025 2024 2024 Gross margin % 70.7 69.2 68.5 69.3 69.2 EBITDA % 19.2 29.2 14.3 18.0 23.9 EBIT % 14.7 25.1 10.1 13.2 19.8 Adjusted EBIT, SEK million 8.0 16.6 18.5 24.6 54.2 Adjusted EBIT % 14.7 26.3 10.9 15.0 21.3 Equity/assets ratio % 63.9 60.4 63.9 60.4 63.3 Cash conversion % 1.1 56.1 47.7 103.7 107.1 Dividend per share, SEK - - 3 9,000 9,000 Shares outstanding at end of period before dilution 10,000,000 1,000 10,000,000 1,000 1,000 Shares outstanding at end of period after dilution 10,000,000 1,000 10,000,000 1,000 1,000 Average shares outstanding before dilution 10,000,000 1,000 10,000,000 1,000 1,000 Average shares outstanding after dilution 10,000,000 1,000 10,000,000 1,000 1,000 Equity per share before and after dilution, SEK 14.2 140,569 14.2 140,569 163,725 RTM, Return on equity % 22.9 16.8 22.9 16.8 26.9 RTM, Net sales, SEK million 258.7 229.3 258.7 229.3 254.2 RTM, Order intake, SEK million 243.4 281.0 243.4 281.0 298.5 RTM, Adjusted EBIT % 18.6 13.9 18.6 13.9 21.3 Net debt (+)/ cash (-) excluding IFRS 16, SEK million -49.1 -47.6 -49.1 -47.6 -79.7 Employed at end of period 80 75 80 75 76 QUALISYS 21 HomeThis is QualisysWords from our CEO Interim Report Q3 2025 Financials
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Definitions of key figures Alternative Performance Measures Definition Reason for use Operating income before depreciations (EBITDA) Earnings before depreciations and amortizations. Used as an indicator that shows the Group's ability to make a profit, regard- less of depreciations of assets as well as method of financing. Operating margin before depreciations (EBITDA) margin % Earnings before depreciations and amortizations as a percentage of net sales. A key internal measure, that provides users of financial statements with a better understanding of the Group's financial performance both short and long term. Operating cash flow after investments Cash flow from operating activities, after deduction of investing activities. Used as an indicator that shows the ability to generate cashflow from its operation. Cash conversion % Operating cash flow in relation to EBITDA. Used as an indicator of the ability to convert profit into cashflow. Rolling 12 months (RTM) return on equity % Net profit for past four quarters in relation to average equity (opening and closing balance for the same period, divided with two), in percentage. The key figure shows the return on the shareholders' invested capital. Rolling 12 months (RTM) net sales Net sales for past four quarters. Used as a figure to be compared with any balance sheet item. Rolling 12 months (RTM) order intake Order intake for past four quarters. Used as a figure to be compared with TTM net sales to indicate salestrends. Net debt/ net cash, excluding IFRS 16 Long term interest bearing liabilities excluding leasing liabilities deducted with available liquidity. The key figure show the interest bear- ing debts less available liquidity without lease liability (since lease liability has another due date structure). Employed at end of period Number of full time employees and full time consultants (assigned on a long term base), at end of period. A key figure to understand personnel and consultant expenses in a mid term per- spective. Key figures according to IFRS Definition Reason for use Operating profit (EBIT) Earnings before interest and tax. Used as an indicator that shows the Group's ability to make a profit, regard- less of the financing structure and tax rate. Operating margin (EBIT) % Operating profit as a percentage of net sales. Over time, this key figure conveys a deeper understanding of the company's profitability. Equity/total assets % Total equity divided with total value of assets. This key figure shows how much of the business that is financed by itself. Average number of shares The weighted average number of shares outstanding during the period, before and after dilution. The weighted average number of shares outstanding is used for different key ratios. Earnings per share Net profit divided with average number of shares. For a shareholder, this key figure can be compared with equivalent value for other listed companies. Qualisys Group presents certain measures that are not defined under IFRS (alternative performance measures - “APMs”). These are used by management to assess the financial and operational performance of the Group. Management believes that these APMs provide useful information regarding the Group’s financial and operat- ing performance. Such measures may not be comparable to similar measures presented by other companies. The APMs have been derived from the Group’s internal reporting and are not audited. Alternative Performance Measures Definition Reason for use Gross margin Earnings after deducation of costs for direct material and services. Used as an indicator that shows the Group's underlying ability to make a profit in its business before expenses. Gross margin % Gross margin as a percentage of net sales. A measure that indicates ability to make profit in its business before expenses. Adjusted operating profit (adj EBIT) Earnings before interest and tax adjusted for non-recurring items, ie IPO. Used as an indicator that shows the Group's ability to make a profit without non-recurring items, regardless of the financing structure and tax rate. Adjusted operating (adj EBIT) margin % Earnings before interest and tax adjusted for non-recurring items, ie IPO, a percentage of net sales. Over time, this key figure conveys a deeper understanding of the company's profitability. QUALISYS 22 HomeThis is QualisysWords from our CEO Interim Report Q3 2025 Financials
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Notes NOTE 1 Accounting principles Qualisys Group applies International Financial Reporting Standards (IFRS) as adopted by the European Union. This report has been prepared in accordance with IAS 34, Interim Financial Reporting. The Group’s interim reports contain a condensed set of financial statements. For the Group this means that the disclosures are limited compared to the annual report. The accounting principles adopted in the preparation of this interim report apply to all periods and comply with the account- ing principles presented in the Group’s Annual Report 2024. For the Parent Company financial statements in general are presented in condensed versions and with limited disclosures compared to the Annual Report. The most recent annual financial statements of Qualisys Holding AB (publ) have been prepared in compliance with the Swedish Annual Accounts Act (1995:1554) and recommendation RFR2, Accounting for legal entities of the Swedish Financial Reporting Board. NOTE 2 Net sales per geographical region Qualisys’ sells products and services for precise motion measure- ments. Sales of products are revenue recognized at a point in time, when control of the products has been transferred. Revenue from services related to installation of products, repairs or maintenance service is recognized when control is transferred over the time the service is provided. Development work is recognized as revenue as the work is carried out. Geography is considered to be an important attribute when disaggregating the Group’s revenue, see below. Risk and uncertainty factors Qualisys works on an ongoing basis to identify, control and reduce risks in various systems and processes. Risk analysis of day-to-day operations is performed on an ongoing basis and in connection with major activities. The risk factors are described in the Annual Report and consist of operational risks, industry risks and financial risks. Compared with the Annual Report 2024, published on April 16, 2025, there are no new additional risks identified. NOTE 3 Net Sales per Segment Third quarter First nine months Twelve months July–September January–September January–December SEK thousands 2025 (%) 2024 (%) 2025 (%) 2024 (%) 2024 (%) Net sales per Geographical region Americas 25,500 47.0 32,734 52.0 67,917 40.2 65,725 39.9 103,110 40.5 Asia-Pacific 9,908 18.2 17,767 28.2 43,898 26.0 37,769 23.0 56,847 22.4 EMEA 18,885 34.8 12,494 19.8 57,201 33.8 61,026 37.1 94,215 37.1 TOTAL 54,293 62,995 169,016 164,520 254,172 Third quarter First nine months Twelve months July–September January–September January–December SEK thousands 2025 (%) 2024 (%) 2025 (%) 2024 (%) 2024 (%) Net sales per Segment Engineering 20,748 38.2 23,299 37.0 64,913 38.4 45,551 27.7 67,700 26.6 Entertainment 581 1.1 607 1.0 3,408 2.0 2,286 1.4 4,426 1.8 Life Science 32,964 60.7 39,089 62.0 100,695 59.6 116,683 70.9 182,046 71.6 TOTAL 54,293 62,995 169,016 164,520 254,172 QUALISYS 23 HomeThis is QualisysWords from our CEO Interim Report Q3 2025 Financials
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Organization and personnel At the end of the period, there were 80 (75) employed at full time, of whom 16 (15) were women and 64 (60) were men. Of these almost 40% are working with R&D. Information on transactions with related parties There is no transaction with related party with materially impact of the company’s earnings or financial position. Significant events On September 10, 2025, the new CFO Magnus Holm was appointed and will commence in December 2025. Significant events after the balance sheet date There have been no significant events to report. Warrant program 2025/2028 There is one outstanding program with 51,700 warrants with ending time in June 2028. In this program, one warrant equals one share. Share information The number of shares at the end of period amounts to 10,000,000, all with a quota value of SEK 0,05 and equal voting rights. Assurance This report has been subject to review by the company’s auditors. The CEO and the Board of directors provide their assurance that this interim report provides a fair overview of the company’s operations, position, and earnings and describes any sig- nificant risks and uncertainties that the com- pany may face. Gothenburg, November 13, 2025 Qualisys Holding AB (publ) CEO & Board of directors Other disclosures Interim Report Q3 2025 Financial reports: Interim reports and other financial reports are available at investors.qualisys.com Stock market and Certified Advisor: Shares in Qualisys Holding AB (publ) have been traded on Nasdaq First North Pre- mier Growth Market since February 21, 2025. The company’s Certified Adviser is Svensk Kapitalmarknads- granskning AB. Please address any questions to: Ingemar Pettersson, CEO Phone: +46 31 336 94 18 ingemar.pettersson@ qualisys.se Annelie Skafte Persson, CFO Phone: +46 31 336 94 37 annelie.skaftepersson@ qualisys.se Financial calendar Year-end report 2025 25 February 2026 This is information that Qualisys Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons above on November 13, 2025, at 7.30 a.m. (CET). Shareholders information Ownership Num. of shares Capital/ Votes (%) Vätterledens Invest Aktiebolag 3,015,409 30.15 Avanza Pension 1,349,865 13.50 Ramhill AB 863,528 8.64 Handelsbanken Funds 810,000 8.10 Nordnet Pension Insurance 788,844 7.89 Investment AB Spiltan 576,000 5.76 Swedbank Robur Funds 477,000 4.77 Second Swedish National Pension Fund 460,000 4.60 Edastra AB 263,000 2.63 Knutsson Holdings AB 157,895 1.58 Total 10 8,761,541 87.62 Others 1,238,459 12.38 Total number of shares 10,000,000 QUALISYS Interim Report Q3 2025 24 HomeFinancialsThis is QualisysWords from our CEO
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Qualisys Europe (Main office) Qualisys AB / Qualisys Holding AB (publ) Kvarnbergsgatan 2 411 05 Gothenburg Sweden Qualisys North America Qualisys North America, Inc. 1603 Barclay Blvd Buffalo Grove Illinois 60089 USA Qualisys Asia Pacific Qualisys APAC PTE. LTD. 23 New Industrial Road 04-08 Solstice Business Center 536209 Singapore Qualisys China Qualisys China Room 368, Section 302 No. 211 Fute North Road Shanghai PRC, 200131 Qualisys India Qualisys Motion Capture India Private Limited UnitNo.704, K.M.TradeTower, Modipon Vihar, Kaushambi, Ghaziabad, Uttar Pradesh, India-201010 Phone: +46 31 336 94 00 Email: investorrelations@qualisys.com Contact Offices
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1 This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. Auditor’s report To the Board of directors in Qualisys Holding Aktiebolag (publ), corporate identity number 559002-6919 Introduction We have conducted a limited review of the condensed interim financial information (interim report) on pages 1-5 and 14-24 of this document, for Qualisys Holding Aktiebolag (publ) as of September 30, 2025, 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 accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial 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 procedures. 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 standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters 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, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Gothenburg 2025-11-13 Öhrlings PricewaterhouseCoopers AB Johan Palmgren Authorized Public Accountant