Interim report
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1 APRIL – 30 JUNE 202 6 Interim Report ZETADISPLAY AB (PUBL)
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 1 of 22 Improved profitability, commercial wins and strategic positioning APRIL – JUNE 202 6 • Net sales decreased by 4.3% to SEK 150.0 (156.8) million • Recurring revenue increased by 1.4% to 64.2 (63.3) million • Gross margin increased to 57.1% (54.4%) • EBITDA before restructuring costs increased by 136.5% to SEK 15.0 (6.3) million • Commercial momentum supported by contract wins and a strong sales pipeline JANUARY – JUNE 202 6 • Net sales decreased by 7.8% to SEK 291.8 (316.4) million • Recurring revenue decreased by 1.3% to 127.0 (128.7) million, while stable on a constant currency basis • Gross margin increased to 58.0% (55.4%) • EBITDA before restructuring costs increased by 59.7% to SEK 30.4 (19.1) million SIGNIFICANT EVENTS DURING THE QUARTER • ZetaDisplay has secured one of the largest onboard commerce media and digital out -of- home (DOOH) contracts in the Nordics, partnering with Vy Group, Norway’s national rail operator. F ollowing a public tender process, ZetaDisplay will deliver an onboard media platform and enhanced passenger experience across its train network. The agreement includes a full-service solution powered by its Engage Suite CMS and covers the deployment of approximately 1,400 digital displays across 135 train s in Western and Eastern Norway, including the Oslo region. • Coop Norway and ZetaDisplay have entered the next phase of their strategic collaboration following the successful rollout of a pilot project last year. The next phase includes the deployment of an advanced in-store retail media network across Coop Norway’s nationwide store portfolio. The agreement will initially focus on Coop’s Extra stores, with the intention to establish a nationwide network, marking a significant step in the retailer’s retail media strategy. SIGNIFICANT EVENTS AFTER THE QUARTER • On July 14, ZetaDisplay announced the acquisition of retailmediatools GmbH, a Berlin-based software company that provides an API -first, cloud -native retail media platform. The transaction was completed on July 30, strengthening ZetaDisplay's retail media capabilities and its position as a full -solution partner for retail media. The acquisition was funded using proceeds from the bond refinancing completed in 2025. • ZetaDisplay has been contracted by international airport media specialist Media Port to develop an advertising platform across Copenhagen Airport, creating new opportunities for brands to engage high -value international audiences while enhancing the passenger experience through intelligent digital communications. ZetaDisplay will deliver a comprehensive full-service solution encompassing new digital infrastructure, its proprietary Engage Suite software and managed services. This strategic project further strengthens ZetaDisplay’s position within digital communication in physical environments.
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 2 of 22 FINA NCIAL INDICATORS * For comparability, net sales in Q4 2025 were adjusted for non-recurring items of SEK 2.2 million. LTM Recurring Revenue LTM Adjusted EBITDA APR-JUN APR-JUN JAN-JUN JAN-JUN LTM JAN-DEC kSEK 2026 2025 2026 2025 25/26 2025 Net sales* 149,967 156,785 291,848 316,402 633,660 658,214 Recurring revenue 64,184 63,281 126,995 128,699 257,315 259,019 Gross margin (%) 57.1 54.4 58.0 55.4 56.2 55.0 EBITDA before restructuring costs 14,958 6,325 30,446 19,070 69,261 57,886 Hanover costs 1,885 2,191 3,311 4,664 8,856 10,210 Other non-recurring items 949 11,592 1,633 18,406 18,070 34,843 Adjusted EBITDA 17,792 20,108 35,390 42,140 96,189 102,939 Adjusted EBITDA margin (%) 11.9 12.8 12.1 13.3 15.2 15.6 Operating profit/ loss (2,449) (12,643) (6,497) (17,549) (9,347) (20,399) Operating margin (%) (1.6) (8.1) (2.2) (5.5) (1.5) (3.1) Net profit/ loss (14,157) (42,271) (35,540) (58,068) (65,573) (88,101) Leverage LTM 4.6 4.5 4.6 4.5 4.6 4.3 Equity ratio (%) 8.7 11.5 8.7 11.5 8.7 6.2
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 3 of 22 CEO comment IMPROVED PROFITABILITY , COMMERCIAL WINS AND STRATEGIC POSITIONING Net sales for the quarter decreased by 4.3% to SEK 150.0 (156.8) million, while EBITDA before restructuring costs increased by 136.5% to SEK 15.0 (6.3) million. The lower net sales primarily reflect reduced volumes from a global customer undergoing restructuring. During the quarter we continued to strengthen our pipeline and progressed the transition toward larger enterprise engagements . While enterprise agreements typically involve longer sales and rollout cycles, they provide a stronger foundation for sustainable and profitable growth. Recurring revenue increased by 1.4% to SE K 64.2 (63.3) million, representing 42.8% (40.4%) of net sales. The growth was partly offset by churn from our legacy platforms as we continue to consolidate our offering on to our proprietar y Engage Suite. The EBITDA growth reflects improved operational efficiency across the business. During the quarter, we strengthened our position in the enterprise market through new customer wins, expanded partnerships and investments in our organization. We appointed new Country Directors in the UK and Austria, reinforcing our local leadership. We secured several strategic contracts. Together with Vy Group, we announced one of the largest onboard commerce media and DOOH networks in the Nordics, with around 1,400 displays across 135 trains and powered by Engage Suite. In Norway, Coop selected ZetaDisplay for the next phase of its nationwide retail media rollout, beginning with Extra stores. In Austria, we started the JET rollout with SPAR, while Greggs extended its partnership with us for three more years. These milestones reflect our strategic evolution. While remaining a leading full - service provider within digital signage, we are increasingly helping retailers build and operate retail media networks. By combining strategy, technology, operations and managed services, we enable customers to unlock new commercial opportunities. In July , we announced the acquisition of retailmediatools, an API -first, cloud -native retail media platform that strengthens our software offering and accelerates our ambition to become Europe's leading full -service retail media partner. We secured a contract with Media Port to develop an advertising platform across Copenhagen Airport, expanding our presence in this strategic customer segment. OUTLOOK Demand for retail media, commerce media and digital out-of-home solutions continues to increase. With a strong enterprise pipeline, a broader software portfolio and a growing share of recurring revenue, we are well positioned to support our customers' transition to retail media while executing on our long -term vision to lead the evolution of digital communication in physical environments. Looking ahead, we see continued momentum in enterprise engagements and long -term customer partnerships. With several projects moving into rollout during the coming quarters and a healthy pipeline of opportunities, we remain confident in our ability to deli ver sustainable and profitable growth. I would like to thank all our employees for their dedication and our customers for their continued trust in ZetaDisplay. UPCOMING REPORTING SESSIONS The 2026 Q3 interim report for ZetaDisplay AB (publ) will be published on ir.zetadisplay.com in November, week 48, 2026. Daniel Nergård President and CEO
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 4 of 22 The market Retail media is one of the fastest -growing segments in the retail industry, enabling retailers to monetize their physical stores while creating more relevant customer experiences. Digital signage is a key enabler of this transformation, providing the techn ology platform that connects retailers, brands and consumers across the in -store customer journey. As retailers increasingly invest in omnichannel customer experiences and in -store media networks, demand is growing for partners that can combine strategy, software, operations and managed services. This creates an attractive and expanding market for ZetaDisplay. The company supports customers throughout the entire lifecycle, from strategy and concept development to software, hardware, installation, operations, analytics and technical support. Today, the Group operates in eight European countries and the United States. ZetaDisplay continues to strengthen its position through strategic partnerships, product innovation and acquisitions that expand its software capabilities and support its ambition to become Europe's leading full -service retail media partner. Recurring software and service revenues continue to grow as customers expand their deployments and transition from digital signage networks to fully integrated retail media platforms. Long -term customer partnerships and managed services provide stable recu rring revenue while creating opportunities for continued expansion. To meet evolving customer needs, ZetaDisplay continuously invests in its software platform, cloud capabilities and service offering. Harmonized technology platforms, scalable operations and continuous product innovation enable the company to deliver secure , future- ready solutions while leveraging economies of scale across the Group.
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 5 of 22 Financial overview BASIS OF PREPARATION The figures presented in this report are unaudited. Profit and loss and cash flow items are compared with the corresponding period of last year. Balance sheet items refer to the position at the end of the period and are compared with the corresponding date last year. SECOND QUARTER APRIL – JUNE 202 6 Net sales Net sales for the quarter decreased by 4.3% to SEK 150.0 (156.8) million , reflecting lower volumes from a global customer undergoing restructuring. Recurring revenue increased by 1.4% to SEK 64.2 (63.3) million. Gross profit The cost of goods sold, primarily consisting of hardware and installations, amounted to SEK -64.3 (-71.5) million. Gross profit for the quarter amounted to SEK 85.6 (85.3) million, corresponding to a gross margin of 57.1% (54.4%). The increase in gross margin was driven by a higher share of recurring revenue and improved margins from hardware and installation. Operating expenses Other external costs amounted to SEK -21.4 (- 29.9) million of which SEK 2.8 (13.4) million related to non-recurring items. Personnel costs were SEK -55.8 (-57.6) million, of which SEK nil (0.4) related to non-recurring items. Hanover costs and other non -recurring items primarily consist of transformation costs aimed at improving efficiency across the Group in support of its long -term strategic goals. Several of these projects have been completed or are nearing completion, resulting in lower costs year-on-year. Restructuring costs Restructuring costs of SEK -0.1 (-2.3) million are solely related to the staff rationalization program and associated exit payments. EBITDA Excluding restructuring costs, Hanover related costs and other non-recurring items, adjusted EBITDA amounted to SEK 17.8 (20.1) million , corresponding to an adjusted EBITDA margin of 11.9% ( 12.8%). EBITDA after restructuring costs amounted to SEK 14.9 (4.0) million , corresponding to an EBITDA margin of 9. 9% (2.5%). The improved margin reflects higher operational efficiency and disciplined cost control. We continue to focus on balancing growth initiatives with cost discipline to support sustainable and profitable growth. Operating profit Operating profit after restructuring costs amounted to SEK -2.4 (-12.6) million , corresponding to an operating margin of -1.6% (-8.1%). Financial items The financial items amounted to SEK -11.6 (-28.8) million. External interest expense related to the bond loan was SEK -10.9 (-10.7) million. Tax Tax charge for the quarter was SEK -0.2 (-0.9) million. Profit and loss for the quarter after tax Loss for the quarter after tax amounted to SEK -14.2 (-42.3) million. Cash flow During the quarter, the Group generated cash flow from operating activities of SEK -11.1 (- 10.5) million.
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 6 of 22 Cash flow from investment activities amounted to SEK -9.2 (-37.0), with the comparison period including earnout payments related to acquisitions. Cash flow from financing activities amounted to SEK 20.5 (136.7) million , with the higher prior-year figure reflecting the refinancing of the bond at a higher amount. Total cash flow during the quarter amounted to SEK 0.2 (89.2) million. Financial position The Group had a total of SEK 110.5 (118.6) million in cash and cash equivalents as of 30 June 2026. SEK 94 million was held in a restricted account earmarked for future acquisitions. The Group has a SSRCF of SEK 50 (50) million, of which SEK 14.4 (38.4) million was unutilised at quarter -end. Net debt amounted to SEK 442.2 (428.3) million. The equity ratio at the end of the period was 8.7% (11.5%). During 2026, the Group’s owner, Hanover Investors, has invested SEK 37.1 million in the company. Segment ZetaDisplay reports in segments. The segments consist of Nordics (including Sweden, Norway, Finland and Denmark) and Europe (including the Netherlands, Germany, Austria and the UK) and the Group -wide segment. For financial information per segment for the period see Note 3. Parent company The operations of the Parent Company ZetaDisplay AB are reported in the Nordic and Group-wide segments. The Company provides a number of group-wide support functions for other segments including software development, coordination of sales, purchasing, delivery, service and support, as well as finance and other back -office functions. The Parent Company's net sales amounted to SEK 39.4 (47.1) million, for the second quarter. Operating profit / loss was SEK -10.8 (-9.8) million and profit / loss after tax was SEK -22.4 (-37.2) million. Cash and cash equivalents on 30 June 2026 totalled SEK 94.1 (100.1) million. The Company has a SSRCF of SEK 50 (50) million, of which SEK 14.4 (38.4) million was unutilised. Intercompany balances are fully classified as receivables and liabilities from group companies, with corresponding adjustments made to previous period. Other information NUMBER OF EMPLOYEES The average number of full -time employees was 224 in the last 3-month period, compared to 235 in the corresponding period last year. TRANSACTIONS WITH RELATED PARTIES During the quarter, the Group incurred transactions with entities affiliated with Hanover Investors Management LLP (together “Hanover”). Hanover Investors Management LLP is the advisor to the investment manager of the funds which ultimately own the share capital of ZetaDisplay AB. Transactions with Hanover during the quarter were SEK 1.2 (1.0) million , and SEK 1.3 (0.3) million was outstanding at the end of the period. Services provided were in respect of: • Provision of strategic advice; • Director services; • Upgrading support functions including finance and legal During 2026, our owner, Hanover Investors, has invested SEK 37.1 million in the company. There were no other significant transactions with related parties.
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 7 of 22 THE STOCK AND SHAREHOLDERS ZetaDisplay Acquisition AB is the sole shareholder of the ordinary shares in ZetaDisplay. The ultimate controlling shareholder is Hanover Active Equity Fund II S .C.A. SICAV- RAIF, registered in Luxemburg. SIGNIFICANT RISKS AND UNCERTAINTIES Through its operations, the Group is exposed to various financial risks such as market risk (consisting of currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management means striving for minimal adv erse effects on results and position. The Group's business risks and risk management as well as financial risks are described in detail in the annual report for 2025, pages 50-52. A key risk to the Group’s future cash flow is the impact of an increase in interest rates on the listed bond due to the loan’s value and future terms. The bond has a variable interest rate based on 3 months STIBOR and the market rate may be subject to significant fluctuations. The change in sales composition toward a greater proportion of recurring revenue will offer some protection against economic weakness in the markets where the Group operates. FINANCIAL OBJECTIVES The most important levers in our business model are the proportion of recurring revenue relative to total sales and our ability to grow revenue from existing customers over time. The Group's success is based on an efficient and scalable delivery and service platform. Malmö, August 28, 2026 Daniel Nergård President and CEO This report has not been reviewed by the Company's auditor. FOR FURTHER INFORMATION PLEASE CONTACT Daniel Nergård, President and CEO, Mobile +46 (0)736-33 57 00, E-Mail daniel.nergard@zetadisplay.com Claes Pedersen, CFO, Mobile +45 23 688 658, E-Mail claes.pedersen@zetadisplay.com
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 8 of 22 About ZetaDisplay SIMPLIFYING DIGITAL COMMUNICATION AT SCALE ZetaDisplay was founded in 2003 in Sweden on the idea that combining visual digital technologies, a specialized software platform, and customer-oriented business creativity can influence communication in any physical space. Today, this vision enables organizations to make digital communication sim ple, scalable, and measurable. ZetaDisplay actively drives the visual digital transformation of physical environments through digital signage technologies and professional services. Its software platform, Engage Suite, along with tailored solutions and creative business concepts, inspir es, influences, and guides millions of people every day in all types of public spaces, both indoors and outdoors. ZetaDisplay is one of the leading European digital signage companies with direct operations in eight European countries and the US. With more than 125,000 installations across 50+ markets, ZetaDisplay is leading the evolution of digital communication in physical spaces, helping organizations create intelligent, scalable, and results -driven experiences. ZetaDisplay is based in Malmö, Sweden, has a turnover of more than SEK 600 million and employs over 200 people. ZetaDisplay is owned by the investment company Hanover Investors. More information at www.ir.zetadisplay.com and www.hanoverinvestors.com
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 9 of 22 Financial reports INC OME STATEMENT - GROUP STAT EMENT OF COMPREHENSIVE INCOME APR-JUN APR-JUN JAN-JUN JAN-JUN JAN-DEC kSEK 2026 2025 2026 2025 2025 Net sales 149,967 156,785 291,848 316,402 655,993 Capitalized work on own account 7,879 7,444 15,473 15,025 34,282 Other revenue 1,322 2,453 2,928 4,770 7,073 Total 159,168 166,682 310,249 336,197 697,348 Operating expenses Goods for resale (64,337) (71,485) (122,473) (141,072) (295,985) Other external expenses (21,415) (29,874) (42,459) (56,498) (109,399) Personnel expenses (55,833) (57,590) (112,244) (117,447) (231,660) Other operating expenses (2,625) (1,408) (2,627) (2,110) (2,418) Depreciations and write-downs (17,304) (16,624) (34,412) (33,267) (65,370) Operating profit/ loss before restructuring costs (2,346) (10,299) (3,966) (14,197) (7,484) Restructuring costs (103) (2,344) (2,531) (3,352) (12,915) Operating profit/ loss after restructuring costs (2,449) (12,643) (6,497) (17,549) (20,399) Financial income 1,796 478 2,921 3,930 7,583 Financial expenses (13,348) (29,228) (30,886) (43,206) (74,590) Profit/ loss after financial items (14,001) (41,393) (34,462) (56,825) (87,406) Tax (156) (878) (1,078) (1,243) (695) Net profit/ loss (14,157) (42,271) (35,540) (58,068) (88,101) APR-JUN APR-JUN JAN-JUN JAN-JUN JAN-DEC kSEK 2026 2025 2026 2025 2025 Net profit/ loss (14,157) (42,271) (35,540) (58,068) (88,101) Items that may later be transferred to profit/ loss for the period Translation differences 6,178 6,341 21,582 (19,123) (35,970) Comprehensive income for the period (7,979) (35,930) (13,958) (77,191) (124,071) Attributable to shareholders in the Parent Company (7,979) (35,930) (13,958) (77,191) (124,071)
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 10 of 22 BALANC E SHEET – GROUP 30 JUN 30 JUN 31 DEC kSEK 2026 2025 2025 ASSETS Non-current assets Intangible assets Goodwill 433,111 426,915 417,010 Customer relations 70,843 84,905 75,567 Trademarks 2,737 3,988 3,214 Capitalised development cost 86,807 74,178 83,411 Other intangible assets 16,103 17,288 16,147 Tangible assets Right of use assets 34,150 46,132 39,634 Equipment 4,649 9,727 6,174 Leasehold improvements 4,306 4,960 3,783 Deferred tax 1,709 787 436 Leasing receivable 26,794 - 19,758 Total non-current assets 681,209 668,880 665,134 Current assets Inventories Finished goods 15,727 18,445 18,928 Total inventories 15,727 18,445 18,928 Current receivables Trade accounts receivable 73,114 78,113 92,642 Tax assets 2,190 2,980 3,072 Leasing receivable 5,954 - 3,987 Other receivables 11,271 3,416 1,560 Prepaid expenses and accrued income 23,061 27,457 19,307 Total current receivables 115,590 111,966 120,568 Cash and cash equivalents 110,515 118,574 115,977 Total current assets 241,832 248,985 255,473 Total assets 923,041 917,865 920,607
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 11 of 22 BALANC E SHEET – GROUP 30 JUN 30 JUN 31 DEC kSEK 2026 2025 2025 EQUITY AND LIABILITIES Equity Share capital 27,862 27,862 27,862 Other contributed capital 479,736 438,045 442,622 Translation reserve 20,348 15,613 (1,234) Profit/ loss brought forward (447,713) (376,191) (412,173) Total equity attributable to Parent Company shareholder 80,233 105,329 57,077 Non-current liabilities Interest-bearing liabilities Liabilities to credit institutions 242 1,426 573 Debenture loan 490,819 486,581 488,617 Leasing liabilities 38,224 28,137 37,095 Non-interest bearing liabilities Derivatives - 1,336 - Deferred tax liability 19,394 22,567 20,309 Other provisions 3,411 3,451 3,291 Total non-current liabilities 552,090 543,498 549,885 Current liabilities Interest-bearing liabilities Liabilities to credit institutions 39,059 14,845 32,991 Leasing liabilities 17,133 15,844 18,586 Non-interest bearing liabilities Trade accounts payable 50,669 49,571 61,744 Acquisition-related liabilities 7,823 6,755 7,656 Tax payable 7,285 5,444 3,669 Other liabilities 29,234 34,281 41,099 Accrued expenses and prepaid income 139,515 142,298 147,900 Total current liabilities 290,718 269,038 313,645 Total equity and liabilities 923,041 917,865 920,607
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 12 of 22 STATEMENT OF CHANGES IN EQUITY – GROUP kSEK SHARE CAPITAL ADDITIONAL PAID-IN CAPITAL TRANSLATION RESERVES ACCUMULATED RESULTS TOTAL EQUITY Attributable to shareholders in the Parent Company Opening balance 2025-01-01 27,862 437,066 34,736 (324,072) 175,592 Changes in equity 2025-01-01 - 2025-12-31 Profit/ loss for the period - - - (88,101) (88,101) Transactions with shareholders - 5,556 - - 5,556 Comprehensive income/(loss) for the period - - (35,970) - (35,970) Closing balance 2025-12-31 27,862 442,622 (1,234) (412,173) 57,077 Changes in equity 2026-01-01 - 2026-06-30 Profit/ loss for the period - - - (35,540) (35,540) Transactions with shareholders - 37,114 - - 37,114 Comprehensive income/(loss) for the period - - 21,582 - 21,582 Closing balance 2026-06-30 27,862 479,736 20,348 (447,713) 80,233
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 13 of 22 CASH FLOW STATEMENT – GROUP APR-JUN APR-JUN JAN-JUN JAN-JUN JAN-DEC kSEK 2026 2025 2026 2025 2025 Operating activities Operating profit/ loss (2,449) (12,643) (6,497) (17,549) (20,399) Adjustments for depreciation and amortisation 17,304 16,624 34,412 33,267 65,370 Interest received 782 478 1,318 3,930 908 Interest paid (12,289) (9,202) (24,666) (24,602) (43,993) Other non-cash items 4,773 1,695 (628) 1,315 1,635 Income tax paid (753) (278) (783) (1,303) (3,047) Cash flow from operating activities before changes in working capital 7,368 (3,326) 3,156 (4,942) 474 Change in working capital Change in inventories 439 804 774 (383) (2,961) Change in receivables 7,404 (306) 21,614 (1,931) (17,640) Change in other operating receivables (11,381) (5,443) (12,995) (16,432) (2,298) Change in current liabilities (14,922) (2,261) (36,388) 25,382 50,642 Total change in working capital (18,460) (7,206) (26,995) 6,636 27,743 Cash flow from operating activities (11,092) (10,532) (23,839) 1,694 28,217 Investment activities Acquisition of subsidiaries - - - - (3,218) Paid contingent consideration for acquisions of subsidiaries - (25,666) - (37,399) (37,399) Acquisition of intangible assets (8,926) (9,278) (18,460) (17,719) (39,827) Acquisition of tangible assets (305) (2,052) (790) (2,514) (5,078) Cash flow from investment activities (9,231) (36,996) (19,250) (57,632) (85,522) Financing activities Other contributed equity - - 37,114 979 5,556 Borrowings raised 26,862 511,589 41,553 511,589 505,062 Repayment of loan (46) (369,743) (34,902) (369,743) (358,203) Amortisation of lease debt (4,724) (4,986) (9,443) (9,982) (19,453) Change in factoring debt (1,565) (129) (1,218) (881) 382 Cash flow from financing activities 20,527 136,731 33,104 131,962 133,344 Cash flow for the period 204 89,203 (9,985) 76,024 76,039 Cash and cash equivalents at start of period 109,228 29,061 115,977 44,681 44,681 Exchange rate difference 1,083 310 4,523 (2,131) (4,743) Cash and cash equivalents at end of period 110,515 118,574 110,515 118,574 115,977
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 14 of 22 IN COME STATEMENT – PARENT COMPANY APR-JUN APR-JUN JAN-JUN JAN-JUN JAN-DEC kSEK 2026 2025 2026 2025 2025 Net sales 39,395 47,070 74,569 95,887 214,612 Capitalized work on own account 6,413 7,404 13,416 14,566 28,919 Other revenue 41 1,012 430 2,176 2,657 Total 45,849 55,486 88,415 112,629 246,188 Operating expenses Goods for resale (13,106) (19,121) (23,591) (39,040) (79,534) Other external expenses (16,615) (19,928) (32,272) (36,034) (84,644) Personnel expenses (19,936) (21,900) (38,972) (39,625) (79,275) Other operating expenses (816) - (816) (183) (563) Depreciation and amortisation (6,139) (4,353) (12,300) (8,689) (17,356) Operating profit/ loss (10,763) (9,816) (19,536) (10,942) (15,184) Financial income 1,800 888 3,150 4,636 8,770 Financial expenses (13,453) (28,286) (28,633) (41,503) (72,354) Profit/ loss after financial items (22,416) (37,214) (45,019) (47,809) (78,768) Tax - 13 - 13 (144) Net profit/ loss (22,416) (37,201) (45,019) (47,796) (78,912)
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 15 of 22 BALANCE SHEET – PARENT COMPANY 30 JUN 30 JUN 31 DEC kSEK 2026 2025 2025 ASSETS Non-current assets Intangible assets Capitalised development cost 70,730 59,694 67,742 Other intangible assets 12,658 11,826 11,881 Tangible assets Equipment 1,396 1,707 1,561 Leasehold improvements 198 214 210 Financial assets Participations in group companies 588,042 582,861 587,711 Deferred tax 2 159 2 Total non-current assets 673,026 656,461 669,107 Current assets Inventories Finished goods 418 878 223 Total inventories 418 878 223 Current receivables Trade accounts receivable 15,328 20,170 22,677 Tax assets 1,457 1,127 1,568 Receivables from group companies 53,574 37,312 68,709 Other receivables 1,169 573 - Prepaid expenses and accrued income 15,187 12,753 10,666 Total current receivables 86,715 71,935 103,620 Cash and cash equivalents 94,146 100,054 94,139 Total current assets 181,279 172,867 197,982 Total assets 854,305 829,328 867,089
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 16 of 22 BALA NCE SHEET - PARENT COMPANY * Refinancing costs related to the bond are classified under Debenture Loan in the balance sheet, with corresponding adjustments made to previously reported periods. 30 JUN 30 JUN 31 DEC kSEK 2026 2025 2025 EQUITY AND LIABILITIES Equity Restricted equity Share capital 27,862 27,862 27,862 Reserve fund 15,678 15,678 15,678 Development fund 70,730 59,694 67,742 Unrestricted equity Other contributed capital 202,136 160,445 165,022 Premium fund 187,850 187,850 187,850 Profit/ loss brought forward (381,999) (294,829) (333,993) Total equity 122,257 156,700 130,161 Non-current liabilities Interest-bearing liabilities Debenture loan* 490,819 486,581 488,617 Non-interest bearing liabilities Derivatives - 1,336 - Total non-current liabilities 490,819 487,917 488,617 Current liabilities Interest-bearing liabilities Liabilities to credit institutions 35,599 11,589 28,611 Non-interest bearing liabilities Trade accounts payable 19,541 17,443 12,715 Acquisition-related liabilities 7,823 6,755 7,656 Liabilities to subsidiaries 97,262 67,449 96,055 Other liabilities 11,071 12,198 14,123 Accrued expenses and prepaid income 69,933 69,277 89,151 Total current liabilities 241,229 184,711 248,311 Total equity and liabilities 854,305 829,328 867,089
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 17 of 22 Notes NOTE 1 ZETADISPLAY GROUP ZetaDisplay AB (publ), 556603 -4434, is a Swedish public limited liability company registered in Malmö municipality, Skåne County. The company's head office is located in Malmö, at this address: Gustav Adolfs Torg 10A, 211 39 Malmö. COMPANY REG. NUMBER SEAT SHARES % ZetaDisplay AB 556603-4434 Malmö ZetaDisplay Sverige AB 556642-5871 Malmö 100 Ubiq AB 556963-5914 Malmö 100 ZetaDisplay Finland OY 1914200-9 Vantaa 100 ZetaDisplay Danmark A/S 29226342 Roskilde 100 ZetaDisplay BV 27285283 Houten 100 ZetaGroup Inc D18921700 Baltimore 100 ZetaDisplay Norway AS 981106431 Oslo 100 LiveQube AS 995543478 Oslo 100 ZetaDisplay Germany GmbH HRB 189079 Hamburg 100 ZetaDisplay Austria GmbH FN 567262i Ebbs 100 Zetadisplay UK Holdings Limited 12130263 Hebburn 100 ZetaDisplay UK Limited 7851729 Hebburn 100 NOTE 2 ACCOUNTING PRINCIPLES The consolidated financial statements of ZetaDisplay AB (publ .) have been drawn up in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU, the Swedish Annual Accounts Act and the Swedish Financial Reporting Council RFR 1 "Supplementary Accounting Rules for Groups". The Parent Company's financial reports have been drawn up in accordance with the Swedish Annual Accounts Act and RFR 2, "Accounting for legal entities". The Group applies the same accounting principles and calculation methods as in the most recent annual report. New standards and interpretations that are effective from 1 January 2026 have not had any effect on the Group's or the Parent Company's financial statements for the interim period. The Group has initiated an assessment of the impact of IFRS 18. Based on the preliminary assessment, the implementation of IFRS 18 is not expected to have a material impact on the Group’s financial reporting. A more detailed assessment will be performed later in 2026. The interim report is prepared in accordance with IAS 34 "Interim Reporting". Details required under IAS 34 p. 16A are provided both in notes and elsewhere in the interim report. The ESMA's guidelines on Alternative Performance Measures have been applied, which means that the report covers disclosure requirements for financial measures which are not defined under IFRS. For definitions see pages 20-22.
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 18 of 22 NOTE 3 SEGMENT REPORTING The Group-wide segment includes revenue generated by the Global Accounts Team, along with costs associated with group functions. Revenue by segment, LTM APR-JUN kSEK 2026 2025 2026 2025 Net sales, external 57,686 52,257 73,467 78,592 Net sales, internal 240 301 257 65 EBITDA 20,715 16,258 14,347 9,207 Nordics Europe APR-JUN kSEK 2026 2025 2026 2025 2026 2025 Net sales, external 18,814 25,936 - - 149,967 156,785 Net sales, internal - - (497) (366) - - EBITDA (20,207) (21,484) - - 14,855 3,981 Depreciation and amortisation - - - - (17,304) (16,624) Financial income - - - - 1,796 478 Financial expenses - - - - (13,348) (29,228) Profit/ loss after financial items - - - - (14,001) (41,393) Group eliminations Total for the groupGroup-wide JAN-JUN kSEK 2026 2025 2026 2025 Net sales, external 111,866 103,507 146,854 157,288 Net sales, internal 358 582 261 72 EBITDA 49,530 45,906 17,305 (473) Nordics Europe JAN-JUN kSEK 2026 2025 2026 2025 2026 2025 Net sales, external 33,128 55,607 - - 291,848 316,402 Net sales, internal - - (619) (654) - - EBITDA (38,920) (29,715) - - 27,915 15,718 Depreciation and amortisation - - - - (34,412) (33,267) Financial income - - - - 2,921 3,930 Financial expenses - - - - (30,886) (43,206) Profit/ loss after financial items - - - - (34,462) (56,825) Group-wide Group eliminations Total for the group Nordics Europe Group-wide
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 19 of 22 NOTE 4 FINANCIAL ASSETS AND LIABILI TIES Contingent considerations relating to acquisitions Contingent consideration relates to purchase price components that are dependent on future outcomes of acquisitions. Fair Value measurement is carried out according to level 3, which means that fair value is determined on the basis of valuation models where material inputs are based on unobservable data. Liabilities are measured at fair value and are contingent up on the achievement of certain financial or operational performance thresholds. 30 JUN 30 JUN 31 DEC kSEK 2026 2025 2025 Financial assets measured at amortised cost Trade accounts receivable 73,114 78,113 92,642 Contract assets 12,320 17,362 11,533 Cash and cash equivalents 110,515 118,574 115,977 Financial assets 195,949 214,049 220,152 Financial liabilities Other financial liabilities valued at amortised cost Liabilities to credit institutions 39,301 16,271 33,564 Debenture loan 490,819 486,581 488,617 Liabilities related to acquisitions 6,723 6,755 6,556 Trade accounts payable 50,669 49,571 61,744 Financial liabilities measured at fair value Derivatives - 1,336 - Contingent considerations related to acquisitions 1,100 - 1,100 Financial liabilities 588,612 560,514 591,581
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 20 of 22 Alternative performance measurements ZetaDisplay presents some financial measures in the financial statements which are not defined under IFRS. The Group considers that these measures provide valuable additional information to investors, as they allow the Group's performance to be assessed. As not all businesses calculate financial measures in the same way, these are not always comparable to measures used by other companies. These financial measures should therefore not be seen as a substitute for measures defined in accordance with IFRS. NON-IFRS MEASURES DEFINITION REASON Recurring-revenue Income of a recurring nature such as licenses, support and other agreed income This measure shows how much of the revenue is of a recurring nature and how it nominally changes between quarters and over time NRR (non-recurring revenue) Income of a non -recurring nature such as hardware, installation, project management and other non-software related services This measure is useful in showing how much of the revenue is of a non -recurring nature. This revenue is less predictable and subject to fluctuation as it is dependent upon customer budgets and the economies of the markets the Group operates within Gross margin Net sales minus cost of goods for resale in relation to net sales Measure to show the margin before the effect of costs such as other external expenses, staff costs and depreciation EBITDA Operating profit excl. depreciation and amortization of tangible and intangible non- current assets and including IFRS16 EBITDA facilitates comparability across companies and industries, offering insights into operational performance EBITDA before restructuring costs Operating profit excl. depreciation and amortization of tangible and intangible non- current assets and including IFRS16 stated before restructuring costs The removal of one-off restructuring costs demonstrates the underlying EBITDA performance Adjusted EBITDA Reported EBITDA stated before Hanover costs and exceptional costs Represents underlying EBITDA performance EBITDA margin EBITDA in relation to net sales EBITDA margin facilitates comparability across companies and industries, offering insights into operational performance Operating profit Profit/ loss for the period before financial items and tax Operating profit is a useful indicator of income from operating activities Operating margin Operating profit in relation to net sales The operating margin is a useful indicator to compare the change in operating profit between two periods Other non-recurring items Costs/ income of a one -off nature that are not expected to recur , excluding restructuring costs Performance measures are adjusted for non - recurring items to demonstrate underlying performance Restructuring costs One-off costs incurred in respect of reorganizing business operations to improve the Group’s efficiency and long -term profitability Separate presentation of costs in the i ncome statement. Performance measures are adjusted for restructuring costs to demonstrate underlying performance Net debt Interest-bearing liabilities decreased by interest-bearing assets and cash and cash equivalents Measures to show the Company's indebtedness Equity ratio Equity in relation to total assets This ratio is useful for assessing the possibility of making dividend payments and strategic investments and to judge the Group’s ability to meet its financial commitments
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 21 of 22 * For comparability, net sales in Q4 2025 were adjusted for non-recurring items of SEK 2.2 million. ** Comparative figures for 2025 have been reclassified to align with the presentation applied in 2026, affecting only the allocation between licences and support revenue with no impact on total revenue. APR-JUN APR-JUN** JAN-JUN JAN-JUN** LTM** JAN-DEC** kSEK 2026 2025 2026 2025 25/26 2025 License income 46,580 46,371 91,887 93,053 187,489 188,655 Support and other contractual services 17,604 16,910 35,108 35,646 68,976 69,514 Adjustments for non-recurring items* - - - - 850 850 Total Recurring revenue 64,184 63,281 126,995 128,699 257,315 259,019 APR-JUN APR-JUN JAN-JUN JAN-JUN LTM JAN-DEC kSEK 2026 2025 2026 2025 25/26 2025 Net sales 149,967 156,785 291,848 316,402 631,439 655,993 Adjustments for non-recurring items* - - - - 2,221 2,221 Adjusted net sales 149,967 156,785 291,848 316,402 633,660 658,214 Operating expenses Goods for resale (64,337) (71,485) (122,473) (141,072) (277,386) (295,985) Adjusted gross profit 85,630 85,300 169,375 175,330 356,274 362,229 Adjusted gross margin (%) 57.1 54.4 58.0 55.4 56.2 55.0 APR-JUN APR-JUN JAN-JUN JAN-JUN LTM JAN-DEC kSEK 2026 2025 2026 2025 25/26 2025 Operating profit/ loss before restructuring costs (2,346) (10,299) (3,966) (14,197) 2,747 (7,484) Depreciation and amortisation 17,304 16,624 34,412 33,267 66,515 65,370 EBITDA before restructuring costs 14,958 6,325 30,446 19,070 69,262 57,886 EBITDA margin (%) before restructuring costs 10.0 4.0 10.4 6.0 11.0 8.8 APR-JUN APR-JUN JAN-JUN JAN-JUN LTM JAN-DEC kSEK 2026 2025 2026 2025 25/26 2025 Operating profit/ loss after restructuring costs (2,449) (12,643) (6,497) (17,549) (9,347) (20,399) Depreciation and amortisation 17,304 16,624 34,412 33,267 66,515 65,370 EBITDA after restructuring costs 14,855 3,981 27,915 15,718 57,168 44,971 EBITDA margin (%) after restructuring costs 9.9 2.5 9.6 5.0 9.1 6.9 APR-JUN APR-JUN JAN-JUN JAN-JUN LTM JAN-DEC kSEK 2026 2025 2026 2025 25/26 2025 Net sales 149,967 156,785 291,848 316,402 631,439 655,993 Operating profit/ loss after restructuring costs (2,449) (12,643) (6,497) (17,549) (9,347) (20,399) Operating margin (%) after restructuring costs (1.6) (8.1) (2.2) (5.5) (1.5) (3.1)
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ZETADISPLAY AB (PUBL) Interim Report 1 april – 30 june 2026 Page 22 of 22 * For comparability, net sales in Q4 2025 were adjusted for non-recurring items of SEK 2.2 million. ** For the net debt/adjusted EBITDA ratio, the adjusted EBITDA figure provided is the one monitored by the Board and consistent with the adjusted EBITDA presented in the quarterly reports, rather than the EBITDA definition set out in the bond agreement. 30 JUN 30 JUN 31 DEC kSEK 2026 2025 2025 Net debt 442,214 428,259 438,140 Adjusted EBITDA (LTM)* 96,189 94,596 102,939 Net debt/adjusted EBITDA ratio** 4.6 4.5 4.3 30 JUN 30 JUN 31 DEC kSEK 2026 2025 2025 Interest-bearing liabilities (585,477) (546,833) (577,862) Interest-bearing receivables 32,748 - 23,745 Cash and cash equivalents 110,515 118,574 115,977 Net debt 442,214 428,259 438,140 30 JUN 30 JUN 31 DEC kSEK 2026 2025 2025 Equity 80,233 105,329 57,077 Total assets 923,041 917,865 920,607 Equity ratio (%) 8.7 11.5 6.2