We aspire to keep the wonderful world visible for all

Report by the Board of Directors and Financial Statements 2023

Content

Report by the Board of Directors		Parent company financial statements
Report by the Board of Directors	3	Parent company profit & loss statement	50
Key figures	16	Parent company balance sheet	51
		Parent company cash flow statement	52
		Notes to parent company financial statements	53
Consolidated financial statements		Signatures
Consolidated comprehensive profit & loss statement	20	Signatures to the financial statements and review of operations	61
Consolidated balance sheet	21	Auditor's note	61
Consolidated cash flow statement	22
Consolidated statement of changes in equity	23	Auditor's report
Notes to the consolidated financial statements	24	Auditor's report	63

Revenio is a global provider of comprehensive eye care solutions, a leading company for ophthalmological devices and software solutions. Revenio's objective is to raise the quality of clinical diagnostics with the help of product innovations and to streamline clinical care pathways with connected and predictive eye care solutions.

Report by the Board of Directors

January 1–December 31, 2023

Revenio's ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), fundus imaging devices, and perimeters as well as clinical software under the iCare brand. iCare Solutions provide digital clinical tools that drive greater efficiency and enhance quality in eye care.

iCare is a trusted partner in eye diagnostics, providing fast, user-friendly, and reliable tools for diagnosing glaucoma, diabetic retinopathy, and macular degeneration (AMD).

The Revenio Group comprises Revenio Group Corporation, Icare Finland Oy, Icare USA Inc., Revenio Italy S.R.L, CenterVue SpA, Revenio Research Oy, Revenio Australia Pty Ltd, Icare World Australia Pty Ltd, CT Operations International UK Ltd, China iCare Medical Technology Co. Ltd, and Oscare Medical Oy.

Changes in the Group structure

Done Medical Oy was merged with the parent company Revenio Group Corporation on October 31, 2023.

Strategy

During the strategy period 2021–2023 Revenio has transformed from an eye care-focused ophthalmic diagnostic device provider to a complete eye care solution supplier. In November 2023, Revenio published its updated strategy for the years 2024–2026. Revenio's updated

growth strategy aims to improve clinical diagnostics' quality and to streamline clinical care pathways through specific product innovations and software solutions. The Group develops new products to support more effective screening, prevention and diagnosis of eye diseases. A key strategic goal is also to further increase the customer-centric approach within operations and to develop the Group's personnel and strengths related to corporate culture. As a part of the strategy work, Revenio has reviewed its ESG priorities and KPIs, establishing targets for the forthcoming years centered on creating value for stakeholders, society, people, and the planet.

The cornerstones of the updated strategy of Revenio for 2024–2026 are:

1. Improve the quality of clinical diagnostics with targeted product innovations
1. Optimize clinical care pathways with connected and predictive solutions
1. Enhance customer focus in operations & sales
1. Continue to develop People & Culture as a foundational strength
1. Continue sustainable and profitable growth

As the prevalence of vision-threatening diseases increases, Revenio works to keep the wonderful world visible for all. During the strategy period, the Group's focus will increasingly shift towards connected and predictive eye care pathways. The foundation for maintaining profitable growth comprises toptier offering, a diverse team of global professionals, uncompromised dedication to quality, a customercentric approach in operations and sales, as well as strategic channels and partnerships. With these strengths, Revenio aims to grow 3 times faster than the market growth from 2025 onwards.

Development of business operations and the operating environment in 2023

The year 2023 was two-fold. The year started strongly with double-digit growth, but the second quarter was exceptionally weak in terms of demand. The effects of high interest rates and inflation were visible especially in the private equity funded optometry sector. The last quarter of the year showed an upward trend, and the Group's core business without microperimeters developed well towards the end of the year.

Revenio has strengthened its position in the eye care market with innovative and user-friendly products and software solutions that optimize clinical care pathways. The Group's product portfolio is competitive in both intraocular pressure measurement devices and fundus imaging devices. Revenio has continued to invest heavily in product development in order to bring new product and system innovations to the market. These include, for example, the iCare IC200 intraocular pressure measurement device updated with the Quick Measure feature and the iCare ILLUME screening solution using artificial intelligence, which was launched in 2022. The core of the screening solution is the high-quality data produced by iCare's devices and the related software solution. The holistic solution optimizes the patient's clinical care pathway and the processes of professionals in the field, which is a significant factor from the point of view of critical healthcare resources globally. AI distribution partnerships are being pursued with both the Dutch company Thirona and the French company OphtAI. After the end of the financial period, distributor cooperation was also started with the Singaporean EyRIS.

At the end of 2023, a significant order was received for the iCare DRSplus fundus imaging device for screening purposes in Germany. Deliveries are scheduled for 2023– 2025. Additionally, Revenio received significant orders for iCare DRSplus fundus imaging devices and iCare IC200

intraocular pressure measurement devices in the United States. The process regarding the reimbursement policy for the iCare HOME2 intraocular pressure measurement device proceeds in the United States, and an application for a HCPCS reimbursement code for the iCare HOME2 intraocular pressure measurement device has been sent to the CMS (Centers for Medicare & Medicaid Services) in the United States. This code is required by insurers for the reimbursement of the iCare HOME2 intraocular pressure measurement device to patients. The objective is to expand the reimbursement policy to cover the device, either in full or in part, as a part of the patient's care pathway.

In August 2023, Revenio updated its financial guidance due to the challenges in its operating environment. At the time the company estimated that the global challenges in its industry would continue, and the uncertainty factors related to macroeconomic development that started at the beginning of the year were likely to continue until the first half of 2024. In particular, inflation and high-interest rates were predicted to affect the purchasing behavior of customers in the Group's main market and to be reflected in the investment willingness of optometry chains.

Revenio has transformed from an eye care-focused ophthalmic diagnostic device provider to a complete eye care solution supplier. Following the three-year strategy published at the end of November 2023, the Group's objective is to move towards connected and predictive eye care solutions. When investments in eye care recover, Revenio is in an excellent position to accelerate growth. The drivers of the Group's growth, increasing prevalence of eye diseases due to aging and rising living standards, along with healthcare cost pressures, create demand pressure. Our product portfolio is competitive and up to date to meet the demand. In addition to organic growth, Revenio is actively scanning the market with the support of a strong balance sheet to identify potential acquisition targets to accelerate growth and expand the product range in the eye diagnostics market.

Net sales, profitability, and profit

Revenio Group's net sales January 1–December 31, 2023 were EUR 96.6 (97.0) million. Net sales decreased by 0.4%. The currency-adjusted growth of net sales in January–December was 2.2%, or 2.6%-points stronger than the reported growth. EBITDA was EUR 30.3 (33.1) million, or 31.4% of net sales, down by 8.5%.

The Group's operating profit in January–December was EUR 26.3 (29.7) million, down by 11.3%. The EUR 1.0 million non-recurring costs of one-time projects had a negative impact on the EBITDA for the review period. The adjusted operating profit was EUR 27.3 (29.7) million, or 28.3% of net sales, down by 7.9%. The adjusted EBITDA decreased by 5.6% compared to the EBITDA in the comparison period.

Profit before taxes was EUR 25.4 (29.1) million, down by 12.6% year-on-year.

Earnings per share came to EUR 0.719 (0.818). Equity per share came to EUR 3.74 (3.41).

Balance sheet, financial position and cash flow

The Group's balance sheet total totaled EUR 137.4 (136.1) million on December 31, 2023. The value of goodwill on the balance sheet totaled EUR 59.4 (59.8) million on December 31, 2023.

The Group's equity was EUR 99.9 (90.9) million. The Group's net debt at the end of the period totaled EUR -3.6 (-11.9) million, and net gearing was -3.6 (-13.1)%. The Group's equity ratio was 72.7 (66.8)%. The Group's liquid assets at the end of the financial period on December 31, 2023 totaled EUR 21.5 (32.1) million. Cash flow from operations totaled EUR 10.9 (23.2) million.

Personnel and management

On December 31, 2023, the members of Revenio Group's Management Team were Jouni Toijala, President and CEO of Revenio Group Corporation; John Floyd, Vice President, Sales; Heli Huopaniemi, Vice President, Quality; Ari Isomäki, Vice President, Operations; Tomi Karvo, Vice President, Products, Brand and Marketing; Robin Pulkkinen, CFO; Kate Taylor, Vice President Strategy and Business Development, and Hanna Vuornos, Vice President, People & Culture.

Giuliano Barbaro, Vice President, Research and Development, has taken up new responsibilities outside the company as of July 1, 2023.

Marco Rizzardo was appointed Revenio's Vice President R&D and a member of the Leadership Team. Rizzardo started in his position on January 8, 2024. Marco Rizzardo is responsible for the research and development of Revenio Group's ophthalmological devices and software solutions throughout their entire life cycle.

AVERAGE NUMBER OF PERSONNEL DURING THE FINANCIAL YEAR

	JAN-DEC/2023	JAN-DEC/2022
Revenio Group	214	194

At the end of the year the number of employees was 216 (207).

Loans granted to key management personnel

During the financial year 2020, Revenio Group Corporation's President & CEO Jouni Toijala took out a loan of EUR 50,000 granted by the company on market terms for the purchase of Revenio's shares. The shares acquired

using the loan will act as security for the loan. This arrangement was entered into at the request of Revenio's Board of Directors in order to secure the commitment and motivation of the CEO. The CEO has agreed to hold the company shares he acquired using the loan financing granted by the company for a period of five (5) years. The CEO's obligation to hold the acquired shares ends if the CEO's employment relationship ends before the end of the five-year period. The loan has been paid in full in 2023.

Shares, share capital, and management and employee holdings

On December 31, 2023, Revenio Group Corporation's fully paid-up share capital registered with the Trade Register was EUR 5,314,918.72 and the number of shares totaled 26,681,116.

The Company has one class of shares, and all shares confer the same voting rights and an equal right to dividends and the Company's funds. On December 31, 2023, the President & CEO, members of the Board of Directors, the Leadership team members and their related parties held 0.25% of the Company's shares, or 66,553 shares.

The Company did not buy back any of its shares during the financial period. At the end of the financial period, the Company held 88,342 of its own shares.

In late 2015, the employees of Revenio Group working in Finland established a personnel fund, into which any bonuses earned by employees through incentive schemes can be paid. This arrangement is widely used.

The Annual General Meeting of March 23, 2023, decided that approximately 40% of Board members' emolument will be settled in the form of Company shares.

The valid authorizations of the Board of Directors relating to repurchase and issuance of shares are presented in the section on the Annual General Meeting.

Share option schemes

At the end of the financial period the Company has no existing option schemes.

Share incentive plans

On March 13, 2020, January 26, 2021, January 26, 2022 and August 9, 2023 the Board of Directors of Revenio Group Corporation decided on the three-year earning periods of the share-based long-term incentive schemes directed towards the President & CEO and other key personnel of Revenio Group. Long-term incentive schemes form part of the Company's remuneration program for key personnel and are aimed at supporting the implementation of the Company's strategy and harmonizing the objective of key personnel and Company shareholders in growing shareholder value.

Based on the ended earning period of the share-based incentive plan 2020-2022, a total of 8,124 company's treasury shares were transferred in a directed share issue without payment to the company's key personnel participating in the plan on February 13, 2023.

In addition, if certain conditions are met, the CEO is entitled to a restricted share plan under which the CEO would be entitled to receive a total of 3,000 shares in the Company during 2022–2024. In order to pay the share bonus of 1,000 shares earned in 2022 in accordance with the terms of the program, 400 of the company's treasury shares were issued to the CEO on February 13, 2023 through a directed share issue without payment, and the rest of the share bonus was used for the tax consequences of the issued shares.

The Company's Board of Directors decided during March, 2021, on a restricted share plan for five key employees of the Oculo business (nowadays Icare World Australia Pty Ltd.). The plan was established as part of a long-term incentive and commitment program to support the realization of Revenio Group's strategy, harmonize the interests of shareholders and plan participants and increase the Company's value and profits in the long term, as well as to strengthen the participants' commitment to Revenio. The plan has a restricted maximum number of shares. Under the plan, shares in the Company will be issued for a total maximum value of 1,660,000 Australian dollars, calculated using the trade-weighted average price of the Revenio share on the date of the completion of the Oculo acquisition. The performance-based, three-year plan covers the years 2021—2023. A total of 1,083 of the company's treasury shares were issued in June 8, 2023 in a directed share issue without payment to persons included in the share-based incentive scheme.

Information on the remuneration schemes currently used in Revenio Group can be found at the Company's website at: www.reveniogroup.fi/en/investors /corporate\_governance/remuneration

Trading on Nasdaq Helsinki

During the period January 1–December 31, 2023, Revenio Group Corporation's share turnover on the Nasdaq Helsinki exchange totaled EUR 277.7 (278.1) million, representing 10.0 (6.3) million shares or 37.5 (23.4) % of all shares outstanding. The highest transaction price was EUR 41.50 (58.70) and the lowest was EUR 17.51 (36.02). The closing price at the end of the financial period was EUR 27.16 (38.60) and the weighted average price for the financial period was EUR 27.77 (44.46). Revenio Group Corporation's market value stood at EUR 725 (1,030) million on December 31, 2023.

SUMMARY OF TRADING ON NASDAQ HELSINKI January 1–December 31, 2023

JANUARY– DECEMBER 2023	TURNOVER, NUMBER OF SHARES	VALUE TOTAL, EUR	HIGHEST, EUR	LOWEST, EUR	AVERAGE PRICE, EUR	LATEST, EUR		DEC 31, 2023	DEC 31, 2022
REG1V	10,000,744	277,741,804	41.50	17.51	27.77	27.16	Market value, EUR	724,659,111	1,029,891,078
							Number of shareholders	25,057	21,793

Flagging notifications

Between January 1–December 31, 2023, Revenio Group Corporation did not receive notifications of any changes in holdings as referred to in Chapter 9, Section 5, of the Securities Markets Act.

Management transactions

Transactions in Revenio securities by members of Revenio Group Corporation's management during the financial period have been published as stock exchange releases and can be viewed on the Company website at www.reveniogroup.fi/en/releases.

Corporate Governance

In its decision-making and corporate governance, Revenio Group Corporation abides by the Finnish Limited Liability Companies Act, other legal provisions concerning listed companies, Revenio Group Corporation's Articles of Association, and the rules and guidelines issued by Nasdaq Helsinki Ltd. The company complies with the Finnish Corporate Governance Code approved on September 19, 2019 and issued on January 1, 2020 by the Securities Market Association.

Revenio's Corporate Governance statements are published annually on the company website at www.reveniogroup.fi/en/investors /corporate\_governance.

The company's Corporate Governance statements are available in the Investors section of the company website at www.reveniogroup.fi/en/investors /corporate\_governance.

MAJOR SHAREHOLDERS

December 31, 2023*

		NO. OF SHARES	%
1	William Demant Invest A/S	4,792,299	17.96%
2	SEB Funds	1,058,940	3.97%
3	Vanguard	865,479	3.24%
4	Swedbank Robur Funds	729,000	2.73%
5	Ilmarinen Mutual Pension Insurance Company	699,792	2.62%
6	Nordea Funds	458,359	1.72%
7	Elo Mutual Pension INsurance Company	386,000	1.45%
8	TIN Funds	367,869	1.38%
9	Norges Bank	360,019	1.35%
10	BlackRock	354,324	1.33%

* Monitor by Modular Finance AB. Compiled and processed ownership data from various public sources, including Euroclear Finland and Morningstar, and from direct shareholder disclosures. While all efforts have been made to secure as updated and complete information as possible, neither Modular Finance nor Revenio Group can guarantee the completeness or accuracy of the data.

OWNERSHIP STRUCTURE

SHAREHOLDERS BY SIZE OF HOLDING

OWNER DISTRIBUTION BY HOLDINGS	CAPITAL	NUMBER OF SHARES	NUMBER OF KNOWN OWNERS
1 - 100	2.24%	597,362	15,970
101 - 500	5.60%	1,495,013	6,310
501 - 1,000	3.65%	974,328	1,331
1,001 - 5,000	10.21%	2,725,408	1,238
5,001 - 10,000	4.77%	1,271,891	180
10,001 - 50,000	11.70%	3,120,785	145
50,001 - 100,000	5.43%	1,450,047	22
100,001 - 500,000	21.00%	5,603,361	24
500,001 - 1,000,000	10.61%	2,830,500	4
1,000,001 -	21.94%	5,851,239	2
Unknown holding size	2.85%	761,182	0
Total	100.00 %	26,681,116	25,226

Annual General Meeting and currently valid authorizations of the Board of Directors

Decisions by the Annual General Meeting of Revenio Group Corporation on March 23, 2023

1. Financial statements, Board and Auditors

The AGM confirmed the company's financial statements for the financial year 1 January – 31 December 2022 and discharged the members of the Board of Directors and the Managing Director from liability.

The AGM decided that five members be elected to the Board of Directors and elected Arne Boye Nielsen, Riad Sherif, Ann-Christine Sundell, Pekka Tammela, and Bill Östman as members of the Board of Directors. In the board meeting held after the AGM, the Board of Directors elected Arne Boye Nielsen as Chair of the Board and Bill Östman as Vice Chair of the Board. The Board of Directors also decided the members of Audit Committee and elected Pekka Tammela, Ann-Christine Sundell and Arne Boye Nielsen. The Board of Directors elected Pekka Tammela as Chair of the Audit Committee. The Board of Directors also decided the members of Nomination and Remuneration Committee and elected Ann-Christine Sundell, Riad Sherif and Bill Östman. The Board of Directors elected Ann-Christine Sundell as Chair of the Nomination and Remuneration Committee.

The AGM decided that the Chair of the Board be entitled to an annual emolument of EUR 60,000, the possible deputy chair of the Board of Directors be entitled to an annual emolument of EUR 45,000, the Board Members be entitled to an annual emolument of EUR 30,000, the chair of the Audit Committee be entitled to an annual emolument of EUR 20,000, the chair of the Nomination and Remuneration Committee be entitled to an annual emolument of EUR 10,000, and the members of the Board Committees be entitled to an annual emolument of EUR 5,000.

Approximately 40 per cent of the Board members' annual remuneration (gross) will be settled in the form of the company's shares held in its treasury, however not exceeding a maximum of 3,200 shares in total, while approximately 60 per cent will consist of a monetary payment. Tax will be deducted from the monetary payment, calculated on the amount of the entire annual remuneration. The shares will be assigned to the Board members within two weeks of the release of Revenio Group Corporation's interim report for the period of 1 January - 31 March 2023, using the trade volume weighted average price on the day following the release of the interim report as the share value.

The AGM further decided that an attendance allowance of EUR 1,000 for Chairs of the Board or Board Committees per Board or Committee meeting and EUR 600 per short teleconference, Board members EUR 600 for Board and Board Committee meetings and EUR 300 for short teleconferences per meeting, yet so that the aforementioned attendance allowance for the Board and Board Committee meetings for Board and Committee chairs who live outside of Finland and travel to Finland for the meeting is EUR 2,000 and the aforementioned attendance allowance for the Board and Board Committee meetings for members is EUR 1,200.

Any travel expenses of the members of the Board or Board Committees will be compensated in accordance with the company's travel expense regulations.

The AGM re-elected Deloitte Ltd, Authorized Public Accountants, as the company's auditors, with Authorized Public Accountant (KHT) Mikko Lahtinen acting as the principal auditor. The AGM decided to pay the auditors' fees as invoiced and approved by the company.

2. Annual profit distribution, dividend distribution and capital repayment

The AGM decided to accept the Board's proposal on profit distribution, according to which the parent company's profit for the financial period, EUR 17,686,519.09, will be added to retained earnings, and a dividend of EUR 0.36 per share will be paid. Dividend will be paid to shareholders who have been registered in the company's shareholder register, maintained by Euroclear Finland Ltd, by the dividend record date on March 27, 2023. The dividend payment date was April 3, 2023.

3. Authorizing the Board of Directors to change the Articles of Association

The AGM authorized the Board of Directors to change Articles 4 ("Board of Directors"), 8 (currently "Notice of general meetings of shareholders") and 10 ("Annual General Meeting") of the Articles of Association so that Article 4 is changed by increasing the maximum number of ordinary members of the Board of Directors, provisions concerning the place of the meeting and the holding of the remote meeting are added to Article 8 and the provision concerning the place of the meeting is deleted from Article 10. Following the changes, the above-mentioned sections of the Articles of Association read as follows:

"4 Board of Directors

A Board of Directors comprising no fewer than three (3) and no more than seven (7) ordinary members elected by the Annual General Meeting is responsible for the management of the company and the appropriate organization of its business operations.

A Board member's term of office ends at the close of the Annual General Meeting following his or her election.

The Board of Directors will elect a Chairman from among its members. The Board of Directors is quorate when more than half of its members are present."

"8 Notice of general meetings of shareholders and the place of the meeting

Notice of a General Meeting shall be given no earlier than two months and no later than twenty-one (21) days prior to the meeting by publishing the notice on the company's website at www.reveniogroup.fi or in at least one Finnish-language national daily newspaper determined by the Board of Directors.

An Annual General Meeting may be held at the company's domicile or at another Finnish location decided by the Board of Directors. The Board of Directors may also decide that the Annual General Meeting will be held without a meeting venue so that the shareholders will exercise their decision-making power full-on and on an up-to-date basis by means of a telecommunications connection and a technical device during the meeting."

"10 Annual General Meeting

An Annual General Meeting must be held annually on a date determined by the Board of Directors, no more than six months after the end of the financial year.

The AGM must decide:

1. whether to adopt the Financial Statements;
1. how to dispose of the profit shown in the balance sheet;
1. whether to discharge the President & CEO and the members of the Board of Directors from liability;
1. what remuneration and compensation for travel expenses should be paid to members of the Board of Directors;
1. the number of members of the Board of Directors;
1. who will be elected to the Board of Directors;
1. who will be the company's auditor;
1. on any mandatory items contained in the Limited Liability Companies Act and any other matters mentioned in the invitation."

4. Authorizing the Board of Directors to decide on the acquisition of own shares

The AGM authorized the Board of Directors to resolve on the acquisition of a maximum of 1,334,055 of the company's own shares in one or more tranches using the company's unrestricted equity. The company may buy back shares in order to develop its capital structure, finance or implement any corporate acquisitions or other transactions, implement share-based incentive plans, pay board fees or otherwise transfer or cancel them.

The company may buy back shares in public trading on marketplaces whose rules and regulations allow the company to trade in its own shares. In such a case, the company buys back shares through a directed purchase, i.e. in a proportion other than its shareholders' holdings of company shares, with the consideration paid for the shares based on their publicly quoted market price so that the minimum price of the purchased shares equals the lowest market price quoted in public trading during the authorization period and their maximum price equals the highest market price quoted in public trading during that period.

The authorization is effective until the end of the Annual General Meeting held in 2024, yet no further than until June 30, 2024. This authorization shall supersede the authorization granted at the Annual General Meeting of April 8, 2022.

5. Authorizing the Board of Directors to decide on a share issue and on granting stock options and other special rights entitling to shares

The AGM decided to authorize the Board of Directors to decide on issuing a maximum of 2,668,111 shares in a share issue or by granting special rights (including stock options) entitling holders to shares as referred to in Chapter 10 Section 1 of the Companies Act, in one or several tranches. This authorization is to be used to finance and implement any prospective corporate acquisitions or other transactions, to implement the company's share-based incentive plans, or for other purposes determined by the Board.

The authorization grants the Board the right to decide on all terms and conditions governing the share issue and the granting of said special rights, including on the recipients of the shares or special rights and the amount of payable consideration. The authorization also includes the right to issue shares by deviating from the shareholders' pre-emptive rights, i.e. by issuing them in a directed manner. The authorization of the Board covers both the issue of new shares and the transfer of any shares that may be held by the company.

The authorization is effective until the end of the Annual General Meeting held in 2024, yet no further than until June 30, 2024. This authorization shall supersede the issue authorization granted at the Annual General Meeting of April 8, 2022.

Board of Directors and Auditors

Until the Annual General Meeting March 23, 2023, the Company's Board of Directors comprised Arne Boye

Nielsen (Chair), Riad Sherif, Ann-Christine Sundell, Pekka Tammela and Bill Östman (Vice Chair). After the Annual General Meeting 2023, the Company's Board of Directors comprises Arne Boye Nielsen (Chair), Riad Sherif, Ann-Christine Sundell, Pekka Tammela and Bill Östman (Vice Chair).

In 2023, the Board met 19 times, and the average attendance rate was 98%. In 2022, the average attendance rate was 100%.

In 2023, the Audit Committee met 5 times and the attendance rate was 100%. In 2023, the Nomination and Remuneration Committee met 8 times and the attendance rate was 100%.

In the course of the financial year, the company paid, in total, EUR 331,500 in payments as Board emoluments. In addition, a total of 2,793 Revenio Group Corporation shares were granted as Board emoluments.

Deloitte Oy, Authorized Public Accountants, acts as the company's auditors, with Mikko Lahtinen, Authorized Public Accountant, as the principal auditor.

Audit Committee

At its organizing meeting, held after the Annual General Meeting 2023, the Board elected from amongst its members the following members to serve on its Audit Committee: Pekka Tammela (Chair), Arne Boye Nielsen and Ann-Christine Sundell.

The duties of the Audit Committee are to:

• monitor and assess the financial reporting system

monitor and assess the efficiency of internal controls, internal auditing and risk management systems
monitor and assess how legal agreements and other transactions between the Company and its related parties meet the requirements of the ordinary course of business and market terms
monitor and evaluate the independence of the auditor and, in particular, the offering of services other than auditing by the auditor
monitor the company's auditing
formulate the proposal for the appointment of the Company's auditor by the Annual General Meeting

In addition, the tasks of the Audit Committee include:

monitoring the statutory auditing of the financial statements and consolidated financial statements as well as the reporting process and ensure their accuracy
supervising the financial reporting process
reviewing the effectiveness of internal control and risk management systems, the Group's risks, and the quality and scope of risk management
approving the internal audit guidelines and reviewing the internal audit plans and reports
reviewing the description of the main features of the internal control and risk management systems in relation to the financial reporting process, which is included in the Company's Corporate Governance Statement
evaluating the independence and work of the statutory auditor and proposing a resolution on the election and fee of the auditor to the Annual General Meeting
evaluating compliance with laws, regulations, and Company policies and monitoring significant litigations of Group companies
executing any other duties bestowed upon it by the Board

Nomination and Remuneration Committee

At its organizing meeting, held after the Annual General Meeting 2023, the Board elected from amongst its members the following members to serve on its Nomination and Remuneration Committee: Ann-Christine Sundell (Chair), Riad Sherif and Bill Östman.

The duties of the Nomination and Remuneration Committee include:

the preparation of a proposal for the appointment of directors made to the general meeting
the preparation of a proposal concerning the remuneration of the directors made to the general meeting
the presentation of a proposal concerning directors to be made to the general meeting
finding successor candidates for directors
the preparation of the appointment of the CEO and other management as well as s uccessor planning
the preparation of the salary and other financial benefits of the CEO and other management
the preparation of matters concerning the company's remuneration schemes
the assessment of the remuneration of the CEO and other management as well as seeing to the appropriateness of the remuneration schemes
the preparation of the remuneration policy and report
the presentation of the remuneration policy and report in the general meeting and responding to questions related thereto

Remuneration reporting

Revenio's remuneration reporting consists of the Remuneration Policy presented to the Annual General Meeting at least once every four years and, from 2020, the Remuneration Report, presented each year, which provides information on the fees paid to the company's governing bodies in the financial period. The company will publish the Remuneration Report for 2023 as a separate document on March 12, 2024 on the company's website at www.reveniogroup.fi/en/investors /corporate\_governance/remuneration. In addition, the company's website provides information on the current remuneration schemes for the Board of Directors and the President and CEO as well information on the remuneration of the Group Management Team on an aggregate level.

Risks and uncertainty factors

Risks Revenio Group is exposed to include strategic, operational, business cycle, damage, financial, and political risks. In addition, the threat of the global impact of pandemics and the risk of cyber threats have increased.

The Group's strategic risks include competition in all sectors, the threat posed by new competing products, and any other actions of the Company's rivals that may affect the competitive situation. Another strategic risk is related to the ability to shift the strategic focus towards integrated and predictive eye care pathways and to succeed in R&D activities and to maintain a competitive product mix. The Group develops new technologies under Icare Finland Oy, Revenio Research Oy, CenterVue Spa and iCare World Australia Pty Ltd, and any failure in the commercialization of individual development projects may result in the depreciation of capitalized development expenses, with an impact on the result. Strategic risks in the Group's segments that require special expertise are also associated with the successful management and development of key human resources and the management of the subcontractor and supplier network. The range and probability of cyber threats has increased. When realized, a cyber threat can affect the continuity of Revenio Group's business, the Group's reputation, or lead to significant sanctions. Risks caused by cyber threats are prepared with technical, administrative and organizational information security development.

Corporate acquisitions and the purchase of assets with growth potential related to eye health are part of the Group strategy. The success of these acquisitions has a significant impact on the achievement of growth and profitability targets. Acquisitions may also change the Group's risk profile.

Strategic risks and the need for action are regularly monitored and assessed in connection with day-today management, monthly Group reporting, and annual strategy updates.

Operational risks are associated with the retention and development of major customers, the operations of the distribution network, and success in extending the customer base and markets. Operational risks in the eye health sector that the Company specializes in include, in particular, factors related to expansion into new markets, such as various countries' national regulations of marketing authorizations for medical instruments and the related official decisions concerning the health care market. Success in eye health R&D projects launched in accordance with the strategy can also be classified as an operational risk. Furthermore, the global availability challenges related to electronic components may cause operational risks.

The operational risks related to the manufacture, product development, and production control of medical instruments are estimated to be higher than average due to the sector's ambitious requirements concerning quality. Damage-related risks are covered by insurance. Property and business interruption insurance provides protection against risks in these areas. The business activities of the Group are covered by international liability insurance.

Financial risks can be further categorized into credit, interest-rate, liquidity, and foreign exchange risks. The Board assesses financial risks and other financial matters in its monthly meetings, or more frequently, as necessary. If required, the Board provides decisions and guidelines for the management of financial risks including, for example, interest-rate and currency hedging decisions. Liquidity risk can be affected by the availability of external financing, the development of the Group's credit standing, trends in business operations, and changes in the payment behavior of customers. Liquidity risks are monitored by means of cash forecasts, which are drawn up for periods of, at most, 12 months at a time.

The management of corporate responsibility risks is a part of the Company's risk management process, according to which risks are assessed annually. Corporate

responsibility is viewed through economic, environmental and social responsibility.

Revenio Group offers eye health diagnostics solutions under the iCare brand. Reputational damage might have a negative impact on Revenio Group's business. Possible causes for reputational damage include cyber security or compliance challenges or notable delivery or product quality issues. Leakage of sensitive employee or customer data might also lead to reputational damage and notable financial consequences.

Revenio Group products are sold in nearly 100 countries. Economic and political uncertainties, interest and inflation risks and the unstable geopolitical situation may affect the demand for Revenio Group products. Revenio actively monitors political developments in different market areas from a risk management perspective. Developments in national government policies or changes to relevant legislation may have an impact on the Group's business. The security situation in Europe has changed drastically since the Russia invasion of Ukraine. Revenio stopped all its business in Russia and Belarus in the first quarter of 2022. Revenio's sales in Russia have been limited prior to the war, accounting for less than two per cent of Revenio's net sales.

Moreover, global pandemics such as Covid-19 could have direct and indirect effects on Revenio Group's business, including and an increased risk of personnel being incapacitated. Government-mandated closures of factories or borders may weaken Revenio Group's operating environment and restrictions on the movement of people could hamper the sales and delivery of Revenio's products.

Disputes

The company is not currently involved in any disputes or

legal proceedings that, in the opinion of the Board, would have a significant impact on the Group's financial position.

Corporate responsibility

Revenio is a supplier of holistic eye care solutions operating in the international market and a global leader in ophthalmological devices and software solutions. Through its business, Revenio produces a positive impact on people and society by promoting eye health. Revenio takes into account the unique characteristics of the sector's business and operating environment in all its operations concerning responsibility and sustainable development.

In 2023, Revenio started preparing for the Corporate Sustainability Reporting Directive (CSRD) by, among other things, involving its stakeholders in the assessment of its material sustainability impacts. The specification of materiality will continue in 2024 by applying the double materiality perspective. Materiality analysis is a continuous process that involves assessing changes in the operational environment and the impact of operations on a continuous basis. Revenio will be covered by the CSRD as of the financial year 2025.

Revenio's responsibility program, which was updated in 2023, covers four main themes that are linked to the company's basic business—promoting eye health and improving the quality of life through products and services and, for example, enhanced screening coverage and HR responsibility, environmental responsibility and good corporate governance. The company is committed to the principles of sustainable development as defined by the UN, and it has selected eight UN Sustainable Development Goals that are closely connected to its business.

Revenio seeks to increase the positive impact of its

operations and mitigate any negative effects. According to a 2023 net impact assessment, once again conducted by the independent evaluator Upright, Revenio is a company with a strong positive net impact.

Revenio complies with laws, regulations, rules issued by Nasdaq Helsinki, principles of good corporate governance as well as its Code of Conduct and agreed on operating practices. Our group-wide ethical principles are aimed at supporting us in our decision-making in the global business environment and ensuring responsibility in all our actions. For our partners, we choose operators who share our ethical, social, and environmental values, and who follow good practices and standards regarding human rights, labor, health, safety, and environmental protection. We respect local cultures, customs and values in all our operating countries. Revenio supports both local and international officials in their efforts to eradicate corruption. Revenio requires all its suppliers to commit to the Supplier Code of Conduct, which covers a broad range of themes from human rights and environmental considerations to good business practices and anti-corruption. Revenio assesses its partners at regular intervals in accordance with its supplier policy. As part of supplier assessments and audits, we utilize, among other things, third-party audits.

Revenio has a whistleblowing service in accordance with the EU Whistleblower Directive. Stakeholders can use the service to anonymously report any serious risks of misconduct that could have a negative impact on human rights, the organization, society or environment.

In terms of personnel, the material responsibility themes are personnel safety, health and well-being, diversity and inclusion, good management and a corporate culture that supports innovation, as well as competence development and learning. The global personnel survey results remained at a good level.

Revenio has a global, harmonized personnel policy. The HR practices, including remuneration, support equality. The company does not accept gender-based differences in remuneration and aims for equal pay. The company has zero tolerance for inappropriate conduct and harassment. Competence development is central. The goal is for 100% of the personnel to undergo annual performance reviews in accordance with our performance review model. During the reporting year, 90% of the personnel possessed set development targets.

In terms of environmental impacts, the key sustainability themes are the reduction of greenhouse gas emissions and other harmful environmental effects in our own operations and in the value chain, promoting sustainable and circular product design and reducing the lifecycle environmental impacts of our products. The progress we made in 2023 included increasing the coverage of emission calculations and committing critical suppliers to independent sustainability reviews.

Revenio uses a certified ISO 13485 Medical Devices quality management system that provides us with a framework for taking environmental and responsibility considerations into account. The Group also has an environmental policy in place. In product development, Revenio applies the environmental standard IEC 60601-1-9 (Requirements for Environmentally Conscious Design). All new products developed in 2023 were designed according to the standard.

During 2023, Revenio calculated its direct greenhouse gas emissions (Scope 1) and indirect greenhouse gas emissions (Scope 2) at the Group level. Our Scope 1 emissions in 2023 were 46 tCO2e and Scope 2 emissions were 80 tCO2e. The biggest emission impact from the company's operations comes through the supply chain. The readiness to calculate the Scope 3 emissions of the supply chain will be developed, and once the total emissions have been analyzed, emission reduction

targets will be set for the entire value chain.

The external EcoVadis sustainability assessment was repeated in 2023 in Finland and Italy. The company received silver for the Finnish operations and bronze for the Italian operations.

Revenio will publish a report on corporate responsibility that details the implementation, goals, management and indicators of the responsibility program in accordance with the GRI framework (Global Reporting Initiative). The report will be published on Revenio's website at www.reveniogroup.fi on March 12, 2024. The report covers key issues concerning Revenio's corporate responsibility and sustainability impact, such as the company's most significant social and environmental impacts, stakeholder interaction, risks as well as the corporate responsibility management model and the central policies and guidelines directing responsibility and sustainability.

Research and development activities

R&D expenditure during the financial year totaled EUR 10.4 (8.6) million. A total of EUR 2.6 (0.8) million of R&D costs were capitalized during the year.

Events after the financial period

After the financial period, on February 14, 2024, Revenio announced changes in its Leadership team from March 1, 2024. Revenio Group Corporation's Leadership team member Tomi Karvo (Vice President, Products, Brand and Marketing), responsible for iCare products, brand and marketing has decided to take on new challenges outside the company. He was, as of March 1, 2024, succeeded by Director Erkki Tala who is currently working on the development of Revenio's strategy process and business planning.

Financial guidance for 2024

Revenio Group's exchange rate-adjusted net sales are estimated to grow 5-10 percent from the previous year and profitability, excluding non-recurring items, is estimated to remain at a good level.

Proposal by the Board of Directors for distribution of profit

The Group's profit for the financial year 2023 was TEUR 19,109 and the parent Company's profit was EUR 19,617,603.39. The parent Company's distributable assets on December 31, 2023, amounted to EUR 93,892,803.71. The Board will propose to the Annual General Meeting of April 4, 2024, that the parent Company's distributable assets are used in such a way that a dividend of EUR 0.38 (0.36) per share, total EUR 10,138,824.08, be paid out for the total number of shares on December 31, 2023 with the remaining distributable assets to be added to equity.

The Board of Directors finds that the proposed distribution of profit does not endanger the liquidity of the parent Company or the Group.

Key figures

12 months, IFRS 12 months, IFRS

	1–12/2023	1–12/2022	1–12/2021	1–12/2020	1–12/2019
Net sales TEUR	96,576	96,976	78,778	61,067	49,474
Net sales TEUR	26,343	29,683	22,103	17,130	12,593
Operating profit %	27,3	30.6	28.1	28.1	25.5
Profit before taxes TEUR	25,384	29,056	22,099	16,719	12,273
Profit before taxes %	26.3	30.0	28.1	27.4	24.8
Net profit for financial period TEUR	19,109	21,753	17,321	13,362	9,343
Net profit %	19.8	22.4	22.0	21.9	18.9
EBITDA	30.3	33.1	25.7	21.7	14.6
Gross capital expenditure in non-current assets TEUR	5,844	4,546	15,665	2,389	68,167
Gross capital expenditure, % of net sales	6.1	4.7	19.9	3.9	137.8
R&D expenses TEUR	10,411	8,620	6,518	4,602	4,227
R&D expenses %	10.8	8.9	8.3	7.5	8.5
Return on equity %	20.0	25.7	23.4	19.9	22.7
Return on investment %	23.5	28.2	22.4	18.1	22,6
Equity ratio %	72.7	66.8	63.0	60.9	58.6
Net leveraging %	-3.6	-13.1	-1.0	-2.4	2.2
Leveraging %	17.9	22.2	31.1	39.0	44.8
Average number of personnel	214	194	167	135	88

KEY INDICATORS PER SHARE	1–12/2023	1–12/2022	1–12/2021	1–12/2020	1–12/2019
Earnings per share EUR	0.72	0.82	0.65	0.50	0.36
Equity attributable to equity owners of the parent company per share EUR	3.74	3.41	2.94	2.61	2.42
Dividend per share EUR	0.38	0.36	0.34	0.32	0.30
Dividend payout ratio %	52.9	44.0	52.1	63.4	85.1
Effective dividend yield %	1.4	0.9	0.6	0.6	1.1
P/E ratio	37.8	47.2	85.2	99.6	72.0
Diluted number of shares at end of period	26,681,116	26,681,116	26,681,116	26,658,952	26,544,742
Diluted number of shares average during period (acquired own shares excluded)	26,592,774	26,580,374	26,557,464	26,476,975	25,645,898
Share price, year low EUR	17.51	36.02	45.70	18.48	12.56
Share price, year high EUR	41.50	58.70	72.00	51.5	28.05
Share price, average EUR	27.77	44.46	56.65	30.98	20.80
Share price at the end of period EUR	27.16	38.60	55.55	50.30	26.25
Market capitalization at end of period MEUR	725	1,029	1,482	1,341	696.8
Turnover, number of shares	10,000,744	6,256,523	9,506,333	14,420,198	5,957,650
Turnover %	37.5	23.4	35.6	54.1	22.4

REPORT BY THE BOARD OF DIRECTORS CONSOLIDATED FINANCIAL STATEMENTS PARENT COMPANY FINANCIAL STATEMENTS SIGNATURES AUDITOR'S NOTE

EBITDA	Operating profit + amortization + impairment
EARNINGS PER SHARE	Net profit for the period (attributable to the parent company's shareholders)
	Average number of shares during the period – own shares purchased
EQUITY RATIO, %	Shareholders' equity + non-controlling interest x 100
	Balance sheet total – advance payments received
NET GEARING, %	Interest-bearing debt – cash and cash equivalents x 100
	Total equity
	Profit for the period
RETURN ON EQUITY (ROE), %	x 100 Shareholders' equity + non-controlling interest
RETURN ON INVESTMENT (ROI), %	Profit before taxes + interest and other financial expenses x 100
	Balance sheet total – non-interest-bearing debt
	Equity attributable to shareholders
EQUITY PER SHARE	Number of shares at the end of the period
	Interest-bearing liabilities
LEVERAGING, %	x 100 Toal equity
	Dividend
DIVIDEND PAYOUT RATIO, %	x 100 Earnings per share
	Dividend proposal presented to the AGM
EFFECTIVE DIVIDEND YIELD, %	x 100

Formulas used Alternative growth indicators used in financial reporting

Revenio Group Corporation has adopted the guidelines of the European Securities and Market Authority (ESMA) on Alternative Performance Measures. In addition to the IFRS-based key figures, the Company will publish certain other generally used key figures that may, as a rule, be derived from the income statement and balance sheet. The calculation of these figures is presented below. According to the Company's view, these key figures supplement the income statement and balance sheet, providing a better picture of the company's financial performance and position.

Revenio Group's reported net sales are strongly affected by fluctuations in the exchange rate between the euro and the US dollar. As an alternative growth indicator, the Company also presents net sales with the exchange rate effect eliminated.

ALTERNATIVE GROWTH INDICATOR (EUR THOUSAND)	1–12/2023
Reported net sales	96,576
Effect of exchange rates on net sales	1,604
Net sales adjusted by the effect of exchange rates	94,972
Growth in net sales, adjusted by the effect of exchange rates	2.2%
Reported net sales growth	-0.4%
Difference, % points	2.6%

Alternative profitability indicator EBITDA (EUR thousand) EBITDA = Operating profit + depreciation + impairment

As an alternative growth indicator, the Company also presents profitability as an operating margin (EBITDA) key figure.

ALTERNATIVE PROFITABILITY INDICATOR EBITDA (EUR THOUSAND)	1–12/2023	1–12/2022
Operating profit, EBIT	26,343	29,683
Depreciation, amortization, and impairment	3,944	3,434
EBITDA	30,287	33,117

OPERATING PROFIT ADJUSTED BY NON RECURRING COSTS (EUR THOUSAND)	1–12/2023	1–12/2022
Operating profit, EBIT	26,343	29,683
Costs from one-time projects	983	0
Adjusted operating profit, EBIT	27,326	29,683

EBITDA ADJUSTED BY NON-RECURRING COSTS (EUR THOUSAND)	1–12/2023	1–12/2022
EBITDA	30,287	33,117
Costs from one-time projects	983	0
Adjusted, EBITDA	31,270	33,117

Consolidated Financial Statements

January 1–December 31, 2023

The notes to the financial statements form an essential part of the financial statements.

Consolidated comprehensive profit & loss statement

	NOTE NO.	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Net sales	1, 2	96,576	96,976
Other operating income	3	217	307
Use of materials and services
Materials:
Purchases during the financial period		-25,498	-21,581
Change in inventories		4,096	181
External services		-6,939	-5,806
Materials and services total		-28,341	-27,207
Employee benefit expenses	4, 5, 6
Salaries and fees		-16,030	-16,654
Indirect personnel costs
Pension costs		-1,658	-1,446
Other indirect personnel expenses		-1,436	-1,251
Employee benefit expenses total		-19,124	-19,351
Depreciation, amortization, and impairment	12, 13
Depreciation		-3,944	-3,434
Depreciation, amortization, and impairment total		-3,944	-3,434

	NOTE NO.	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Other operating expenses	7, 8	-19,040	-17,609
Operating profit		26,343	29,683
Financial income and expenses	9
Financial income		708	53
Financial expenses		-1,667	-680
Financial income and expenses total		-959	-627
Profit before taxes		25,384	29,056
Taxes	10
Income taxes		-6,274	-7,303
Taxes total		-6,274	-7,303
Profit for the period		19,109	21,753
Other comprehensive income items
Items that may be reclassified subsequently to profit or loss
Translation differences from foreign operations		-252	277
Items that are not reclassified to profit or loss
Changes in fair value		15	45
Remeasurements of defined benefit liabilities		-39	9
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD		18,833	22,084
Earnings per share calculated from the profit Earnings per share	11	0,719	0,818

Consolidated balance sheet

ASSETS	NOTE NO.	DEC 31, 2023	DEC 31, 2022
Non-current assets
Goodwill	12	59,440	59,768
Other intangible assets	12	18,639	17,083
Property, plant, and equipment	12	2,262	2,848
Right-of-use assets	13	3,588	1,710
Other non-current financial assets	15	2,336	417
Other receivables		27	178
Deferred tax assets	10	2,815	1,589
Non-current assets total		89,107	83,592
Current assets
Inventories	14	10,478	6,741
Trade and other receivables	15	12,551	11,510
Assets for current tax		3,736	2,186
Cash and cash equivalents		21,542	32,062
Current assets total		48,306	52,500
ASSETS TOTAL		137,413	136,091

EQUITY AND LIABILITIES	NOTE NO.	DEC 31, 2023	DEC 31, 2022
Equity	16, 17
Share capital		5,315	5,315
Fair value reserve		360	345
Reserve for invested unrestricted equity		52,179	52,355
Other reserves		280	280
Retained earnings		43,504	34,290
Translation differences		-13	239
Own shares		-1,731	-1,907
SHAREHOLDERS' EQUITY TOTAL		99,894	90,916

LIABILITIES	NOTE NO.	DEC 31, 2023	DEC 31, 2022
Non-current liabilities
Deferred tax liabilities	10	3,273	3,656
Interest-bearing non-current liabilities	19	10,050	14,250
Lease liabilities		2,302	865
Pension obligations	6	702	740
Non-current liabilities total		16,328	19,511
Current liabilities
Current tax liabilities	21	2,615	3,983
Interest-bearing current liabilities	19	4,200	4,200
Lease liabilities		1,363	880
Provisions	20	632	485
Trade and other payables	21	12,382	16,116
Current liabilities total		21,192	25,664
LIABILITIES TOTAL		37,520	45,175
EQUITY AND LIABILITIES TOTAL		137,413	136,091

Consolidated cash flow statement

CASH FLOW FROM OPERATIONS	NOTE NO.	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Profit for the period		19,109	21,753
Adjustments:
Depreciation, amortization, and impairment	12	3,944	3,434
Non-cash items	22	1,276	529
Financial income and expenses	9	763	627
Taxes	10	6,274	7,303
Other adjustments	22	-572	-950
Change in working capital:
Change in trade and other receivables	15	-1,126	-4,566
Change in inventories	14	-3,736	-327
Changes in trade and other payables	21	-3,749	1,743
Change in working capital, total		-8,611	-3,150
Interests paid	9	-762	-344
Interest received	9	220	53
Taxes paid	10	-10,779	-6,014
Net cash flow from operations		10,862	23,241

CASH FLOW FROM INVESTING ACTIVITIES	NOTE NO.	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Purchase of tangible assets	12	-653	-1,113
Purchase of intangible assets	12	-3,422	-883
Investments in other financial assets		-1,900	-160
Net cash flow from investing activities		-5,975	-2,155

CASH FLOW FROM FINANCING ACTIVITIES	NOTE NO.	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Repayments of loans	19	-4,200	-4,259
Dividends paid	17	-9,572	-9,036
Payments of lease agreement liabilities		-1,234	-846
Net cash flow from financing activities		-15,006	-14,141
Net change in cash and credit accounts		-10,119	6,944
Cash and cash equivalents at beginning of period		32,062	25,216
Effect of exchange rates		-401	-99
Cash and cash equivalents at end of period		21,542	32,062

Consolidated statement of changes in equity

PARENT COMPANY SHAREHOLDERS' EQUITY

		RESERVE FOR INVESTED
	EQUITY	UNRESTRICTED EQUITY	OTHER RESERVES	OWN SHARES	TRANSLATION DIFFERENCES	RETAINED EARNINGS	TOTAL EQUITY
EQUITY JAN 1, 2022	5,315	52,597	580	-2,149	-38	22,125	78,429
Comprehensive profit
Net profit for the period						21,753	21,753
Other comprehensive income			45		277	9	331
Total comprehensive income for the period	0	0	45	0	277	21,762	22,084
Transactions with owners
Dividend distribution						-9,036	-9,036
Share-based remuneration		-242		242			0
Share-based payments adjusted by taxes						-549	-549
Other direct entries to retained earnings						-11	-11
Transactions with owners total	0	-242	0	242	0	-9,597	-9,597
Equity Dec 31, 2022	5,315	52,355	625	-1,907	239	34,290	90,916
EQUITY JAN 1, 2023	5,315	52,355	625	-1,907	239	34,290	90,916
Comprehensive profit
Net profit for the period						19,109	19,109
Other comprehensive income			15		-252	-39	-277
Total comprehensive income for the period	0	0	15	0	-252	19,070	18,833
Transactions with owners
Dividend distribution						-9,572	-9,572
Share-based remuneration		-176		176			0
Share-based payments adjusted by taxes						-269	-269
Other direct entries to retained earnings						-15	-15
Transactions with owners total	0	-176	0	176	0	-9,855	-9,855
Equity Dec 31, 2023	5,315	52,179	640	-1,731	-13	43,504	99,894

Notes to the consolidated financial statements

DEC 31, 2023

General

Revenio is a global provider of comprehensive eye care diagnostic solutions. The group offers fast, user-friendly, and reliable tools for diagnosing glaucoma, diabetic retinopathy, and macular degeneration (AMD). Revenio's ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), fundus imaging devices, and perimeters as well as clinical software under the iCare brand.

Revenio Group Corporation (1700625-7) is the parent company of the Revenio Group. The company is a public limited company registered in Finland, with its domicile in the City of Vantaa, and is listed on the Nasdaq Helsinki Stock Exchange since October 2001. The company's registered address is Äyritie 22, 01510 Vantaa, Finland.

The Board of Directors of the Revenio Group Corporation approved these financial statements for publication at its meeting on March 11, 2024. According to the Finnish Limited Liability Companies Act, shareholders have the right to approve or reject the financial statements at the Annual General Meeting following their issuance. The AGM may also decide on amendments to the financial statements.

Copies of the financial statements are available on the company's website at www.reveniogroup.fi.

Accounting principles for the consolidated financial statements

Basis of preparation

The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards, IFRS, approved for use in the EU. The IAS and IFRS Standards and SIC and IFRIC Interpretations in effect on December 31, 2023 have been applied. International Financial Reporting Standards refer to the Standards and their interpretations approved for application in the EU in accordance with the procedure stipulated in Regulation (EC) No 1606/2002 and embodied in Finnish accounting legislation and the statutes enacted under it. The notes to the consolidated financial statements also comply with Finnish accounting and company legislation complementing the IFRS Standards.

The consolidated financial statements are presented in thousands of euros. The euro is the operating currency and presentation currency of the Group's parent company and all of its subsidiaries with the exception of Icare USA Inc, which has the US dollar as its operating currency, the subsidiaries Icare World Australia Pty Ltd and Revenio Australia Pty Ltd, which have the Australian dollar as their operating currency, China iCare Medical Technology Co. Ltd. which has the renminbi as its operating currency and CT Operations International UK Ltd, which has the British pound as its operating currency.

Application of new or revised IFRS Standards and IFRIC Interpretations

The consolidated financial statements have been drawn up in accordance with the same accounting principles as in 2022, with the exception of the following new standards, interpretations and amendments to existing standards, which the Group has applied effective from January 1, 2023:

• Amendments made to IFRS 17, IAS 1, IAS 8, IAS 12 and IFRS Practice Statement 2

The amendments to the above-mentioned standards have not had material impact on these financial statements.

Critical accounting estimates and assumptions

The preparation of the financial statements requires the use of estimates and assumptions about the future. The actual results may differ from these estimates and assumptions. In addition, judgment needs to be exercised in the application of accounting principles. The most material items of the financial statements where the management has been required to use its judgment and for which the estimates include uncertainty are presented below.

• Note 6) Pension liabilities

Assumptions and judgment have been exercised to determine the actuarial assumptions used for calculating the present value of the defined benefit pension plans.

• Note 12) Intangible and tangible assets, section Goodwill

The Group tests goodwill annually and assesses indications of impairment as described under accounting principles. The recoverable amounts of cash-generating units are defined based on value in use. These calculations require the use of estimates on the profitability of the business and on all factors that may affect it.

• Note 12) Intangible and tangible assets, section Other intangible assets

For other intangible assets with a limited useful life, it is estimated annually whether any indications of their impairment exist. If such indications are detected, the other intangible assets are subjected to impairment testing. These calculations require the use of estimates.

Besides the Group strategy, and action and financial plans and prognoses for the coming years, Group management bases its prognoses on estimates about the macro and micro-economic factors that affect demand in the business. The estimates used reflect actual history and are consistent with external information.

Climate issues

Revenio uses a certified ISO 13485 Medical Devices quality management system, that defines our key environmental practices, and a group-level environmental policy. In product design, Revenio applies the environmental standard IEC 60601-1-9 (Requirements for Environmentally Conscious Design). All new products developed during 2023 were designed according to the standard. The biggest environmental impacts were mainly associated with raw materials, logistics, and the supply chain, as well as the waste generated in manufacturing and the decommissioning of products. The most significant climate risk is related to supply chain management. Climate issues do not have a material impact on the financial statements items.

Consolidation principles

The consolidated financial statements include the parent company Revenio Group Corporation and all subsidiaries in which the Group has a controlling interest. The Group has a controlling interest in a company if the interest exposes the Group to the company's variable returns or entitles it to such returns, and the Group is able to influence these returns by exercising its power over the company. Subsidiary companies are consolidated wholly from and including the date on which the Group has acquired the right of control. The consolidation will cease when the right of control ends.

The acquisition of subsidiaries is handled using the procurement method. The consideration paid for the acquisition is the fair value of the assets transferred, the equity interests issued, and the liabilities incurred to the former owners. Any contingent consideration is recognized at fair value on the acquisition date and classified as a liability or shareholder equity. Contingent consideration classified as a liability is measured at fair value on the last day of each reporting period. The resulting profit or loss is recognized in the consolidated income statement. The identifiable assets acquired, liabilities assumed and contingent liabilities are initially measured at their acquisition-date fair values. Goodwill is recognized as the amount by which the transferred consideration exceeds the fair value of the net assets acquired. If the acquisition cost is less than the net assets acquired, the resulting profit is recognized through profit or loss at the date of acquisition. All acquisition-related costs are recognized as expenses in the periods in which the costs are incurred and the services are received, with the exception of costs arising from the issuance of debt or equity securities.

All intercompany transactions, receivables, payables, unrealized profits, and internal distribution of profit between subsidiaries are eliminated as part of the consolidation process. Unrealized losses are not eliminated if the loss is a result of impairment.

Foreign currency items

In Group companies, transactions are recorded in the operating currencies of each Group company. Foreign currency transactions are recognized at the exchange rate on the transaction date rate in the operating currency. At the end of the financial period, outstanding receivables, liabilities and monetary items are measured at the exchange rate prevailing on the balance sheet date through profit or loss. Exchange rate gains and losses are included in the corresponding items above operating profit. Exchange rate gains and losses from financing are recorded in financial gains and losses. The presentation currency of the consolidated financial statements is the euro and the parent company's operating currency is the euro. The income statements of Group companies outside the euro zone have been translated into euros at the average exchange rate for the financial period and balance sheets have been translated at the exchange rate on the closing date. Goodwill for an acquired Group company that operates in a foreign currency and fair value adjustments to book values are translated to euros at the average exchange rate for the financial period where the income statement is concerned and at the exchange rate on the closing date where the balance sheet is concerned. Translating the income statement and balance sheet at different exchange rates creates a translation difference that is recognized in equity and whose effect is recognized in other comprehensive income. When a foreign Group company has been established by the Group itself, its acquisition does not involve goodwill or fair value adjustments of book values and subsequent asset items that would need to be translated into euros. Changes in translation differences arising from the translation of equity items accumulated after a Group company's establishment or acquisition are recognized in other comprehensive income. When a company is sold, the accumulated translation differences are recognized as part of the gain or loss on the sale.

1) Operating segments

The Group consists of a single reportable segment formed out of its independent subsidiaries with business operations and the parent company.

Revenio's ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), fundus imaging devices, perimeters and clinical software under the iCare brand.

INFORMATION ABOUT GEOGRAPHICAL AREAS

2023	FINLAND	OTHER EUROPE	NORTH AMERICA	OTHERS	TOTAL
Net sales	1,787	23,082	51,060	20,647	96,576
Non-current assets	5,991	65,544	1,692	10,730	83,956


2022	FINLAND	OTHER EUROPE	NORTH AMERICA	OTHERS	TOTAL
Net sales	818	16,287	52,265	27,606	96,976

2) Net sales

Basis of preparation

Net sales consists of revenue accrued from selling products, services and software licenses at the amount the Group expects to be entitled to in exchange for the goods and services promised to the customer. Revenue from sales is recognized when the customer obtains control over a good, service or software license that the customer can benefit from on a stand-alone basis (performance obligation). A performance obligation is an identifiable meter, device, service or license. In the case of imaging devices, the performance obligation includes the device as well as its delivery and installation. As a rule, control is transferred to the customer in connection with delivery in accordance with the terms of agreement. Over 99% of the Group's net sales consists of the the sale of a performance obligation at a point of time.

3) Other operating income

Basis of preparation

Other operating income is income that is not considered to be related to operational activities. Government grants for offsetting realized expenses are recorded under other operating income. Government grants are recognized at the same time as the expenses relating to the target of the grant are recorded as an expense. The Group estimates that it will fulfil the conditions for the grants and considers it reasonably certain that the recognized grants will be awarded.

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Grants and subsidies received	209	254
Others	8	53
Total	217	307

4) Personnel and personnel expenses

AVERAGE NUMBER OF PERSONNEL	JAN 1–DEC	JAN 1–DEC
DURING FINANCIAL PERIOD	31, 2023	31, 2022
	214	194

EMPLOYEE BENEFIT EXPENSES	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Salaries and wages	-15,747	-16,097
Share-based remuneration, paid in shares	-283	-556
Pension costs – defined contribution plans	-1,635	-1,441
Pension costs – defined benefit plans	-23	-5
Other indirect personnel expenses	-1,436	-1,251
Total	-19,124	-19,351

Information on management's employment benefits are presented in Note 5 Sharebased payments and Note 24 Related parties and remuneration of management.

5) Share-based payments

Management incentive scheme

Basis of preparation

The Board of Directors of Revenio Group Corporation has decided on the three-year earning periods of the share-based long-term incentive schemes directed towards key personnel. The long-term incentive schemes form part of the company's remuneration program for key personnel and are aimed at supporting the implementation of the company's strategy and aligning the goals of key personnel and the company in order to increase the company's value.

The Board of Directors decides separately on the minimum, target and maximum bonus for each participant as well as the performance criteria and related targets. The amounts of the bonuses paid to the participants depends on the achievement of previously set targets. The bonus is not paid if the targets are not achieved or if the participant's employment relationship or service relationship is terminated before the payment of the bonus. The targets of the incentive scheme are related to the total absolute shareholder return of the company's share and cumulative operating result over a three-year period.

If the targets of the incentive scheme are achieved, the bonuses are paid in the the year following the end of the performance period. The total amount of share-based bonuses payable based on the performance period under the scheme is equal to gross earnings minus any cash component deducted from it in order to cover taxes

EARNING YEARS	TIME OF BONUS PAYMENT	MAXIMUM NUMBER OF PARTICIPANTS	MAXIMUM AMOUNT OF SHARE BONUS
2020-2022	2023	8	Ended
2021-2023	2024	22	18,212
2022-2024	2025	22	16,052
2023-2025	2026	38	37,646
Restricted share-based incentive schemes	2022-2024 2022-2024	1 5	3,000 3,000

and any other tax-like charges arising from the share-based incentive, with the remaining net bonus paid in shares. However, the company has the right to pay the bonus fully in cash in certain situations.

The number of shares granted is based on the value of the share on the date of granting the shares. The present value of the dividends earned during the performance period is deducted from the fair value. Benefits granted under the sharebased incentive scheme are recognized as expenses in the income statement evenly over time during the period in which the right arises, until the time of payment. In addition, the CEO is entitled to a restricted share-based incentive scheme, provided that certain conditions are met, according to which the CEO will receive a total of 3,000 company shares during the years 2022-2024.

The company's Board of Directors has decided in March 2021 on a restricted sharebased incentive scheme directed at five key employees of Oculo (nowadays Icare World Australia Pty Ltd). The scheme was established for certain key employees of Oculo. as part of the long-term incentive and retention scheme. The purpose of the plan is to support the execution of the company's strategy, to align the interests of shareholders and the scheme participants, to increase the company's shareholder value and profits in the long term and to engage the participants' commitment to the company following the acquisition. The scheme has a restricted maximum number of shares. Under the scheme, shares will be issued for a total maximum value of AUD 1,660,000, calculated using the weighted average price on the end date of the Oculo acquisition. The scheme is a three-year performance-based share-based incentive scheme that covers the calendar years 2021, 2022, and 2023.

6) Pension liabilities

Basis of preparation

The Group's pensions are handled by external pension insurance companies. The Group has both defined contribution and defined benefit pension plans. Expenses related to defined contribution plans are recorded as expenses for the financial period they arise.

Revenio also has an individual supplementary pension scheme for a limited personnel group. The insured retirement age is 63 years. These supplementary pensions are arranged with external pension insurance companies.

Defined benefit pension plans

Basis of preparation

The Group has a defined benefit pension plan (TFR) in Italy. In the TFR plan, employees are entitled to an accrued benefit that is paid as a lump sum either upon retirement or termination of the employment relationship. The plan is unfunded and the Group has no related asset items.

The defined benefit pension plan is recognized in the balance sheet as a liability based on the difference between the present value of the pension obligations and the fair value of plan assets. Liabilities are calculated as the present values of estimated cash flows discounted at the interest rate corresponding to the interest rate of high-quality bonds issued by companies. Actuarial gains and losses are recognized in comprehensive income and are not subsequently reclassified to profit or loss. Current service cost, past service cost, and net interest on the net defined benefit liability are recognized in the income statement.

If the yields of the bonds on which the discount rate is based change, the Group may have to adjust the discount interest rate. This will affect both net defined benefit liabilities and items recognized in other comprehensive income due to remeasurements. TFR benefits are linked to inflation, and growth in the inflation rate will increase the defined benefit obligation. If the development of the employer's productivity lags behind inflation, the acceleration of inflation may increase the deficit of defined benefit plans.

The Group's defined benefit obligations relate to the provision of benefits for employed members. The expected increase in life expectancy will increase the amount of the defined benefit obligations. The TFR benefit is accrued annually on the basis of the employee's annual salary. If actual salary growth is higher than the salary increase rate assumption used for calculating the pension obligation, this may increase the amount of the pension obligation.

DEFINED BENEFIT PENSION LIABILITIES RECOGNIZED IN THE BALANCE SHEET	DEC 31, 2023	DEC 31, 2022
Present value of funded obligations	702	740
Fair value of assets	0	0
Present value of funded obligations on Dec 31	702	740

DEFINED BENEFIT PENSION COSTS RECOGNIZED IN THE INCOME
STATEMENT AND COMPREHENSIVE INCOME STATEMENT	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Current service cost	0	0
Interest costs	-23	-5
Pension costs in the income statement	-23	-5
Actuarial gains and losses	-55	13

PRESENT VALUE OF FUNDED OBLIGATIONS	DEC 31, 2023	DEC 31, 2022
Obligation at the beginning of the period	740	777
Acquired businesses	0	0
Service cost	0	0
Interest costs	23	5
Actuarial gains and losses arising from changes in financial assumptions	55	-13
Benefits paid	-115	-30
Present value of funded obligations	702	740

CHANGES IN FAIR VALUES OF PLAN ASSETS	DEC 31, 2023	DEC 31, 2022
Fair value of plan assets on Jan 1	0	0
Interest income from assets	0	0
Contributions paid by the employer to the plan	115	30
Benefits paid	-115	-30
Fair values of plan assets on Dec 31	0	0

CHANGES OF LIABILITIES PRESENTED IN THE BALANCE SHEET	DEC 31, 2023	DEC 31, 2022
Liabilities Jan 1	740	777
Acquired businesses	0	0
Pension costs in the income statement	23	5
Pension costs in the comprehensive income statement	55	-13
Benefits paid	-115	-30
Liabilities Dec 31	702	740

ACTUARIAL ASSUMPTIONS USED	DEC 31, 2023	DEC 31, 2022
Discount rate, %	3,3 %	3,1 %
Inflation assumption, %	2,2 %	2,5 %
Employee turnover, %	3,7 %	4,2 %

IMPACT OF CHANGES IN KEY ASSUMPTIONS ASSUMPTION	CHANGE IN ASSUMPTION	EFFECT OF GROWTH IN ASSUMP TION	EFFECT OF GROWTH IN ASSUMP TION, %
Discount rate	0.5 percentage point	-43	-6 %
Future salary increase rate	0.5 percentage point	50	7 %
Employee turnover	0.5 percentage point	2	0 %

7) Research and development expenses

Basis of preparation

Research expenses are recognized through profit or loss. Development expenses for new or more advanced products are capitalized on the balance sheet as intangible assets from the moment the product is technically feasible, it can be utilized commercially, and it is estimated that commercial benefits can be extracted from it. Capitalized development expenses include those material, work, and testing costs directly attributable to the completion of the product for its intended use. Development expenses recognized as expenses earlier are not capitalized later.

Amortization is recognized for an intagible asset from the moment it is ready for use. An intagible asset not yet ready for use is annually tested for impairment. After initial recording, capitalized R&D expenses are recognized adjusted by amortization on the purchase cost and impairment. The useful life of capitalized R&D costs is 10 years on average, during which period they are recorded as expenses through straight-line amortization.

The research and development expenses included in the income statement are presented in Note 8 Other operating expenses.

8) Other operating expenses

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Voluntary personnel expenses	-939	-1,073
Office space expenses	-492	-449
IT, machinery, and equipment expenses	-2,157	-1,775
Marketing and travel expenses	-5,290	-4,677
Research and development	-2,853	-3,198
Administrative services	-7,286	-6,369
Other operating expenses	-25	-69
Total	-19,040	-17,609

Administrative services include the auditor's fees as itemized below.

AUDITOR'S FEES	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Deloitte
Auditing fees	-124	-118
Certificates and statements	-28	-14
Total	-152	-132

9) Financing expenses (net)

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Interest on financial liabilities	-725	-263
Exchange rate losses	-417	-381
Other financial expenses	-38	-36
Interest income	220	53
Total	-959	-627

10) Income taxes

Basis of preparation

The tax expense in the income statement consists of tax based on taxable income for the financial period and change in deferred taxes. Tax based on taxable income for the financial period is calculated on the Group companies' taxable income at the applicable tax rate. The tax is adjusted by taxes related to previous financial periods, if any. Deferred taxes are calculated based on temporary differences between book values and taxable values. However, a deferred tax liability is not recognized in the initial recognition of an asset or liability in a transaction that is not a business combination. Deferred tax liabilities are not recognized if the recognition of the asset or liability affects neither accounting nor taxable income at the date of the transaction and does not result in equal temporary differences which are taxable and deductible in taxation at the date of the transaction.Deferred tax is not recognized for non-tax-deductible goodwill or for subsidiaries' retained earnings to the extent that it is probable that the temporary difference will not reverse in the foreseeable future.

The principal temporary differences, i.e. deferred taxes, arise from internal margins on inventories and changes in the fair value of intangible rights arising in connection with acquisitions.

Deferred tax assets are recognized to the extent that it is probable that future taxable profit, against which the temporary differences can be utilized, will be available.

INCOME TAXES IN THE INCOME STATEMENT

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Tax based on taxable income for the current period	-7,851	-7,837
Tax from previous financial periods	-32	0
Change in deferred tax liabilities and assets	1,609	534
Total	-6,274	-7,303

Reconciliation of tax expenses in the income statement and taxes calculated using the parent company tax rate 20% (20%):

TAX RATE RECONCILIATION	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Profit before taxes	25,384	29,056
Income tax using parent company tax rate	-5,077	-5,811
Different tax rates of foreign subsidiaries	-474	-594
Non-taxable income and non-deductible expenses	-24	-102
Unused losses fo the period	-667	-796
Tax adjustments for previous fiscal years	-32	0
Taxes recognized in the income statement	-6,274	-7,303

DEFERRED TAX ASSETS AND LIABILITIES, 2023

DEFERRED TAX ASSETS AND LIABILITIES, 2022

ITEMIZATION OF DEFERRED TAX ASSETS, 2023	JAN 1, 2023	CHARGES TO INCOME STATEMENT	EXCHANGE RATE DIFFERENCES	DEC 31, 2023
Internal inventory margin	1,117	1,151	0	2,268
Unused tax losses	646	0	-23	624
Right-of-use assets	342	383	0	725
Other temporary differences	281	6	0	287
Netted against DTL	-798	-291	0	-1,090
Total	1,589	1,249	-23	2,815

ITEMIZATION OF DEFERRED TAX ASSETS, 2022	JAN 1, 2022	CHARGES TO INCOME STATEMENT	EXCHANGE RATE DIFFERENCES	DEC 31, 2022
Internal inventory margin	874	244	0	1,117
Unused tax losses	650	0	-3	646
Right-of-use assets	234	108	0	342
Other temporary differences	331	-50	0	281
Netted against DTL	-781	-20	3	-798
Total	1,308	282	-1	1,589

ITEMIZATION OF DEFERRED TAX LIABILITIES, 2023	JAN 1, 2023	CHARGES TO INCOME STATEMENT	EXCHANGE RATE DIFFERENCES	CHARGES TO OTHER COMPRE HENSIVE INCOME	DEC 31, 2023	ITEMIZATION OF DEFERRED TAX LIABILITIES, 2022	JAN 1, 2022	CHARGES TO INCOME STATEMENT	EXCHANGE RATE DIFFERENCES	CHARGES TO OTHER COMPRE HENSIVE INCOME	DEC 31, 2022
Measurement of tangible and intangible assets at fair value in connection with combinations of business	3 ,740	-378	0	0	3,361	Measurement of tangible and intangible assets at fair value in connection with combinations of business	4,124	-381	-3	0	3,740
Lease liabilities	342	391	0	0	733	Lease liabilities	234	107	0	0	342
Other temporary differences	373	-108	0	4	269	Other temporary differences	332	30	0	11	373
Netted against DTA	-798	-291	0	0	-1,090	Netted against DTA	-781	-20	3	0	-798
Total	3,656	-386	0	4	3,273	Total	3,909	-264	0	11	3,656
Net deferred taxes	2,067	-1,635	23	4	458	Net deferred taxes	2,602	-546	1	11	2,067

11) Earnings per share

Basis of preparation

The basic earnings per share are calculated by dividing profit for the period by the weighted average number of outstanding shares during the financial period.

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Profit for the period	19,109	21,753
Profit for the period attributable to owners of parent	19,109	21,753
Weighted average number of outstanding shares during the financial period (own shares deducted), qty	26,592,774	26,580,374
Earnings per share	0,719	0,818

12) Intangible and tangible assets

Basis of preparation

Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of the Group's share of the net assets of the acquired company at the date of acquisition. The justifications for recognizing goodwill have been separately assessed in connection with each corporate acquisition.

The total goodwill of EUR 59,440 thousand is allocated to one cash-generating unit and it is tested as a single item of goodwill for the Group as a whole.

Goodwill is not amortized. Instead, it is tested for any impairment on an annual basis, or more frequently if there are any indications of impairment. Goodwill is valued at acquisition cost less impairment losses. An impairment loss is recognized in the income statement when the book value of an asset item is greater than its recoverable amount. The impairment loss is recognized in the income statement.

Basis of preparation

Other intangible assets

An intangible asset is recognized on the balance sheet only if its acquisition cost can be reliably determined and it is likely that the asset will generate commercial benefit to the Group.

Other intangible assets with a limited useful life are recognized on the balance sheet and expensed on a straight-line basis over their useful lives. For acquisitions the intangible assets are valued at fair value. Estimated useful lives for various assets are:

Technology-based intangible assets	straight-line depreciation 7-17 years
Customer-based intangible assets	straight-line depreciation 15 years
Patents, trademarks, and brands	straight-line depreciation 10 years
Software	straight-line depreciation 3–7 years
Capitalized product development expenses	straight-line depreciation 3-10 years

The Group has no intangible assets with an unlimited useful life.

Basis of preparation

Property, plant, and equipment

Property, plant, and equipment are valued at original acquisition cost less accumulated depreciation and amortization as well as impairment losses. Property, plant, and equipment are amortized using the straightline method based on the estimated useful life of the asset. The estimated useful lives for machinery and equipment are 3–10 years. When a part of property, plant and equipment is dealt with as a separate entity, costs related to its replacement are capitalized. In other cases, costs arising later are included in the accounting for a tangible asset only if it is likely that the asset will generate commercial benefit to the Group, and the acquisition cost of the asset can be reliably determined. Other repair and maintenance costs are recognized through profit or loss as realized.

The residual value and useful life of assets are checked at least in connection with each financial statement and, if necessary, adjusted to reflect changes in the expectation of economic benefit. Gains and losses from disposals are determined by comparing the disposal proceeds with the book amount and are included in other operating income or expenses.

Basis of preparation

Impairment

The Group management continuously reviews Group items for any indication of impairment. If there are such indications, the amount recoverable from the said asset item is assessed. The recoverable amount is the higher of the asset item's fair value less the cost arising from disposal and its value in use. When determining value in use, the expected future net cash flows from the asset item or cash-generating unit are discounted based on their present values. The interest rate calculated using the WACC method (Weighted Average Cost of Capital) before taxes is used as the discount interest rate. Factors that affect the interest in the WACC calculation include a risk-free interest rate, the cost of borrowed capital, the risk premium on the stock market, the beta coefficient, and the industry's capital structure.

An impairment loss is recognized in the income statement when the book value of an asset item is greater than its recoverable amount. The impairment loss is recognized in the income statement. For other asset items except goodwill, the impairment loss can later be reversed if a change in the estimates used for determining the recoverable amount has occurred. The impairment loss is, however, not reversed by more than what the book value of the asset would be without the recognition of the impairment loss.

Factors considered by the Group management as central to determining whether impairment testing should be done include the asset item's significantly lower profit in comparison with previous or expected future profits, negative changes in the industry or market conditions or threats thereof, and significant changes in the way the asset item is used or in the business strategy.

INTANGIBLE ASSETS

JAN 1–DEC 31, 2023	GOODWILL	TECHNOLOGY-BASED	CUSTOMER-BASED	OTHER INTANGIBLE ASSETS	TOTAL
Acquisition cost Jan 1	59,768	11,041	5,211	8,252	84,272
Increase during the period	0	0	0	3,401	3,401
Impairment	-328	-85	0	-269	-683
Acquisition cost Dec 31	59,440	10,955	5,211	11,384	86,991
Accumulated depreciation Jan 1	0	-2,449	-1,274	-3,698	-7,421
Depreciation during the year	0	-842	-347	-604	-1,793
Impairment	0	33	0	269	303
Accumulated depreciation Dec 31	0	-3,257	-1,621	-4,033	-8,912
Book value Dec 31	59,440	7,698	3,590	7,351	78,079
Book value Jan 1	59,768	8,592	3,938	4,554	76,851

JAN 1–DEC 31, 2022	GOODWILL	TECHNOLOGY-BASED	CUSTOMER-BASED	OTHER INTANGIBLE ASSETS	TOTAL
Acquisition cost Jan 1	59,815	11,053	5,211	7,224	83,303
Increase during the period	0	0	0	1,009	1,009
Impairment	-47	-12	0	19	-39
Acquisition cost Dec 31	59,768	11,041	5,211	8,252	84,272
Accumulated depreciation Jan 1	0	-1,583	-926	-3,010	-5,519
Depreciation during the year	0	-866	-347	-678	-1,891
Impairment	0	0	0	-11	-11
Accumulated depreciation Dec 31	0	-2,449	-1,274	-3,698	-7,421
Book value Dec 31	59,768	8,592	3,938	4,554	76,851
Book value Jan 1	59,815	9,470	4,285	4,214	77,784

The impact of exchange rate differences is included in impairment.

PROPERTY, PLANT, AND EQUIPMENT

MACHINERY AND EQUIPMENT	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Acquisition cost Jan 1	5,906	4,892
Increase during the period	636	1,196
Decreases during period	-89	-182
Acquisition cost Dec 31	6,453	5,906
Accumulated depreciation Jan 1	-3,663	-3,176
Depreciation during the year	-865	-682
Decreases during period	8	196
Accumulated depreciation Dec 31	-4,520	-3,663
Book value Dec 31	1,934	2,243
Book value Jan 1	2,243	1,715

ADVANCE PAYMENTS AND PURCHASES IN PROGRESS	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Acquisition cost Jan 1	605	839
Increase during the period	261	520
Decreases during period	-537	-754
Acquisition cost Dec 31	328	605
Book value Dec 31	328	605
Book value Jan 1	605	839

Impairment testing

The need for impairment of goodwill and intangible assets in progress is assessed annually, and continuously if there are indications that the value of the asset item has decreased. The recoverable amounts from CGUs are determined by the valuein-use method.

The cash flow forecasts serving as the basis for these calculations are based on management-approved forecasts, generally for a five-year period. In addition to strategy, latest budgets, and forecasts, management bases its cash flow projections on an estimate of the effect of the recent trade cycle changes on the capability of the CGUs to generate cash flows, and on other external information management deems to have this effect. The assumptions used are consistent with past developments, and, in the management's opinion, moderate in respect of the growth and profitability opportunities in the coming years. According to IAS 36, goodwill does not generate cash flows that are independent of those from other assets or asset groups.

Cash flows are most affected by discount interest rates, closing values, as well as the assumptions and estimates used in assessing cash flows. The pre-tax discount interest rate used for calculating value-in-use is determined using the WACC (Weighted Average Cost of Capital) method, which projects the total cost of own and borrowed capital taking into account the specific risks of the assets. Even though management estimates that the assessments have been made with due diligence, the estimates may differ significantly from actual future values. The terminal value growth rate is assumed to be 2%, based on the inflation rate assumption, and WACC 8.9%.

Goodwill impairment testing sensitivity analysis

The management's view is that no reasonably possible change in the key assumption(s) would cause the carrying values of the CGU to exceed their recoverable amounts.

13) Lease agreements

Basis of preparation

The Group acts as a lessee and leases the warehouses and office premises it uses, as well as equipment and vehicles, under non-cancelable operating leases. Shortterm lease agreements and leases concerning low-value assets are recognized in the income statement as an expense on a straight-line basis over the period of the lease. All other leases are recognized in tangible assets at the lower of the fair value of the leased asset at the commencement of the lease term or the present value of the minimum lease payments. Lease obligations are entered in the lease liability. Assets entered under intangible assets are amortized based on the estimated useful life of the asset or over the lease period, if shorter. Lease payments are apportioned between repayment of principal and the financing charge so as to produce a constant rate of interest on the remaining balance of the liability. The Group does not act as a lessor towards external parties.

RIGHT-OF-USE ASSETS

	BUSINESS PREMISES	CARS	DEVICES	JAN 1–DEC 31, 2023 TOTAL
Acquisition cost Jan 1	3,678	647	69	4,394
Increase during the period	2,742	521	47	3,310
Decreases during period	-619	-16	4	-631
Acquisition cost Dec 31	5,800	1,152	120	7,072
Accumulated depreciation Jan 1	-2,431	-249	-4	-2,684
Depreciation during the year	-980	-275	-31	-1,286
Decreases during period	487	16	-18	486
Accumulated depreciation Dec 31	-2,923	-508	-53	-3,485
Book value Dec 31	2,877	644	67	3,588
Book value Jan 1	1,247	398	65	1,710

	BUSINESS PREMISES	CARS	DEVICES	JAN 1–DEC 31, 2022 TOTAL
Acquisition cost Jan 1	3,196	525	72	3,793
Increase during the period	610	231	39	880
Decreases during period	-129	-109	-41	-278
Acquisition cost Dec 31	3,678	647	69	4,394
Accumulated depreciation Jan 1	-1,900	-189	-13	-2,102
Depreciation during the year	-660	-169	-32	-861
Decreases during period	129	109	41	278
Accumulated depreciation Dec 31	-2,431	-249	-4	-2,684
Book value Dec 31	1,247	398	65	1,710
Book value Jan 1	1,296	335	59	1,690

AMOUNTS RECOGNIZED FOR LEASES IN THE INCOME STATEMENT

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Depreciation	-1,286	-861
Interest on lease liabilities	-90	-41
Other operating expenses, leases
Expenses from short-term leases	-237	-259
Expenses from low-value leases	-12	-9
Expenses related to variable lease payments not included in lease liabilities	-128	-53

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Cash outflow from leases
Payments of lease liabilities	-1,234	-846
Items recognized in the income statement, excluding depreciation	-468	-361

14) Inventories

Basis of preparation

Inventories are recognized at the lower of cost and net realizable value. The acquisition cost is determined using the FIFO method. The net realizable value is the estimated selling price in a conventional transaction less the cost to make the sale. The acquisition cost of completed products and work in progress comprises direct costs such as materials, direct costs of labor, other direct costs, and the allocation of the variable manufacturing overheads and fixed overhead at normal operating capacity.

INVENTORIES

	DEC 31, 2023	DEC 31, 2022
Materials and supplies	2,182	1,862
Work in progress/advance payments	1,526	1,039
Finished products	6,770	3,840
Total	10,478	6,741

15) Financial assets

Basis of preparation

The Group's financial assets are classified into the following categories: measured at amortized cost, measured at fair value through other comprehensive income items or measured subsequently at fair value through profit or loss. Financial assets are classified and valued when recorded for the first time in the balance sheet. Classification is based on the entity's business model for managing the financial assets and the contractual cash flow characteristics of the financial asset.

Financial assets that are valued at amortized costs are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows, and the contractual terms for items falling under financial assets give rise on specified dates to cash flows to be realized at specific times that constitute solely payments of principal and interest on the principal outstanding.

Financial assets that are valued at fair value through other comprehensive income items are held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets, and the contractual terms for items falling under financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets subsequently measured at fair value through profit and loss are assets that are not measured at amortized cost or at fair value through other comprehensive income items.

Financial assets — recognition and measurement

The Group estimates the expected credit losses for the full lifetime of the sales receivables. For the assessment of expected credit losses, sales receivables are grouped geographically and by customer group, and the credit loss provision is recognized based on past experience. The balance sheet values of sales and other receivables constitute the maximum credit risk amounts. No significant credit risk concentrations are included in the receivables. A final impairment loss is recognized when evidence exists that the company cannot collect its receivables in accordance with the initial terms and conditions. The impairment loss is the difference between the book value of the receivables and their recoverable amount, and it corresponds to the present value of expected cash flows.

Evidence is generally considered appropriate when the receivable is more than 180 days outstanding when no credit insurance or a security through other means is available. External evidence of a risk related to a receivable even before it is 180 days outstanding will lead to the recognition of impairment loss. Such evidence may be, for example, the debtor's significant economic difficulties, company reorganization, or bankruptcy proceedings. The impairment loss is recognized in the income statement in other operating expenses.

Loans and other receivables are measured at amortized cost using the effective interest method.

Unrealized and realized gains and losses due to changes in fair value relating to assets categorized as financial assets at fair value through profit or loss are recognized in operating profit in the accounting period in which they arise. Dividend income from financial assets recognized at fair value, through profit or loss, are recorded on the balance sheet as other income when the right to payment has arisen for the Group.

The fair values of quoted investments are based on current bid prices. If there is no active market for a financial asset, fair value is established by using valuation techniques. These include the use of recent arm's length transactions, the fair values of other instruments that are substantially the same, or the present value of discounted cash flows.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, bank deposits withdrawable on demand, and other liquid short-term investments with original maturities of one month or less from acquisition.

Other non-current financial assets

Other non-current financial assets, amounting to EUR 2,336 thousand, are classified at level 3 of the fair value hierarchy and measured at fair value through other comprehensive income.

TRADE AND OTHER RECEIVABLES

	DEC 31, 2023	DEC 31, 2022
Sales receivables	10,498	9,779
Other receivables	46	690
Accrued income	2,007	1,042
Total	12,551	11,510

DEC 31, 2023 UNITED STATES, USD	NOT FALLEN DUE	< 30 DAYS	> 30 DAYS	> 60 DAYS	> 90 DAYS	TOTAL	DEC 31, 2022 UNITED STATES, USD	NOT FALLEN DUE	< 30 DAYS	> 30 DAYS	> 60 DAYS	> 90 DAYS	TOTAL
Hospitals and pub lic corporations							Hospitals and pub lic corporations
Expected credit losses (ECL coefficient)	0 %	0 %	0 %	0.5 %	5 %		Expected credit losses (ECL coefficient)	0 %	0 %	0 %	0.5 %	5 %
Gross book value	310	91	26	50	42	518	Gross book value	237	162	51	42	69	562
ECL over validity period	0	0	0	0	2	2	ECL over validity period	0	0	0	0	3	4
Other							Other
Expected credit losses (ECL coefficient)	0 %	0 %	0 %	2 %	4 %		Expected credit losses (ECL coefficient)	0 %	0 %	0 %	2 %	4 %
Gross book value	1,439	2,169	1,069	332	809	5,818	Gross book value	1,506	2,063	713	355	331	4,968
ECL over validity period	0	0	0	7	32	39	ECL over validity period	0	0	0	7	13	20
EUR	NOT FALLEN DUE	< 30 DAYS	> 30 DAYS	> 60 DAYS	> 90 DAYS	TOTAL	EUR	NOT FALLEN DUE	< 30 DAYS	> 30 DAYS	> 60 DAYS	> 90 DAYS	TOTAL
Expected credit losses (ECL coefficient)	0 %	1 %	2 %	3.5 %	5.5 %		Expected credit losses (ECL coefficient)	0 %	1 %	2 %	3 %	5 %
Gross book value	1,821	380	18	0	1	2,220	Gross book value	2,334	93	1	0	0	2,429
ECL over validity period, Finland	0	4	0	0	0	4	ECL over validity period, Finland	0	2	0	0	0	2
Expected credit losses (ECL coefficient)	0 %	1 %	2 %	5 %	13.3 %		Expected credit losses (ECL coefficient)	0.5 %	1 %	2 %	5 %	13.3 %
Gross book value	1,961	515	8	0	45	2,529	Gross book value	1,526	377	82	0	-2	1,983
ECL over validity period, Italy	0	5	0	0	6	11	ECL over validity period, Italy	8	4	2	0	0	13


AUSTRALIA, AUD	NOT FALLEN DUE	< 30 DAYS	> 30 DAYS	> 60 DAYS	> 90 DAYS	TOTAL	AUSTRALIA, AUD	NOT FALLEN DUE	< 30 DAYS	> 30 DAYS	> 60 DAYS	> 90 DAYS	TOTAL
Expected credit losses (ECL coefficient)	0 %	0 %	0 %	0 %	5 %		Expected credit losses (ECL coefficient)	0%	0%	0%	1%	2%
Gross book value	0	43	22	20	20	105	Gross book value	181	28	34	0	85	328

16) Capital structure

The Group's capital management activities seek to optimize capital structure and thereby support the Group's business activities by ensuring normal operating conditions for business activities, while also increasing shareholder value and aiming for the best possible profit.

Capital structure can be influenced by dividend distribution and the issue of shares. The Group may vary and adjust the amount of dividends paid to shareholders, or the number of new shares issued, or decide to sell assets in order to reduce its debts.

The Group monitors its capital structure through leveraging. At the end of 2023, the Group's interest-bearing net liabilities totaled EUR -3.6 million (EUR -11.9 million at the end of 2022) and leveraging stood at -3.6 percent (-13.1%). When calculating leveraging, interest-bearing net liabilities are divided by shareholders' equity. Net liabilities comprise debts less receivables and cash equivalents. The Group's strategy is to keep leveraging below 25 percent. There has been no change in this strategy since the previous year.

The loan taken out by the Group for the acquisition includes the following covenants:

The ratio of net debt to EBITDA may not exceed 2

Equity ratio must be more than 35%

The Group has complied with these covenants throughout the reporting period. The ratio of net debt to EBITDA was -12.0% on December 31, 2023.

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Financial liabilities	17,914	20,196
Cash and cash equivalents	21,542	32,062
Net liabilities	-3,628	-11,866
Total equity	99,894	90,916
Net leveraging	-3.6 %	-13,1 %

CHANGES IN THE NUMBER OF SHARES AND THEIR IMPACT ON EQUITY

	NUMBER OF SHARES	SHARE CAPITAL	RESERVE FOR INVESTED UNRESTRICTED	OWN SHARES	TOTAL
Jan 1, 2022	26,681,116	5,315	52,597	-2,149	55,764
Transfer of the company's own shares Feb 11, 2022			-190	190	0
Transfer of the company's own shares May 11, 2022			-29	29	0
Transfer of the company's own shares Oct 2, 2022			-18	18	0
Transfer of the company's own shares Nov 9, 2022			-4	4	0
Dec 31, 2022	26,681,116	5,315	52,356	-1,907	55,764

	NUMBER OF SHARES	SHARE CAPITAL	RESERVE FOR INVESTED UNRESTRICTED	OWN SHARES	TOTAL
Jan 1, 2023	26,681,116	5,315	52,356	-1,907	55,764
Transfer of the company's own shares Feb 13, 2023			-121	121	0
Transfer of the company's own shares May 11, 2023			-40	40	0
Transfer of the company's own shares Jun 8, 2023			-15	15	0
Dec 31, 2023	26,681,116	5,315	52,179	-1,732	55,764

17) Equity

Basis of preparation

Outstanding ordinary shares are presented as share capital. Transaction costs due to the issuance of new equity instruments are presented as a deduction from equity. The own shares repurchased by Revenio Group Corporation are presented as a deduction from equity. Dividend distribution is recognized as a deduction from equity once the payment of dividend has been approved by the Annual General Meeting.

The invested unrestricted equity fund includes other equity investments and the subscription price of shares to the extent this price is not recognized in share capital by an explicit decision.

The difference between the fair value and the subscription price of directed share issues used for consideration for acquired operations is recognized in the fair value reserve.

Other reserves include the option schemes implemented in 2010–2012.

All issued shares have been paid in full. The company's share capital consists of 26,681,116 shares of a single class. At the end of the financial period, the company held 88,342 of its own shares (REG1V). All shares confer an equal right to dividends and the company's funds.

18) Management of financial risks

Financial risks and the risk management process

The management of financial risks is the responsibility of the CEO together with the Board of Directors. The Board defines the main outlines of the company's financing and the general management principles for financial risks, and it gives guidelines as necessary for any special issues such as liquidity risk, interest risk, credit risk, and the investment of surplus liquid funds. The Board of Directors discusses the Group's financial standing and funding at its monthly meetings.

According to its strategy, the company may seek growth through acquisitions of companies and business operations. The implementation of these acquisitions may require debt financing. Debt can also be used for other strategic and operational purposes decided on by the Board. Equity financing may also be used for all financing needs, in particular for acquisitions of companies and business operations.

Types of financial risks

In its operational activities, the company may be exposed to several types of financial risks, including changes in currency exchange rates, interest rates, and changes in the stock market. A central objective of financial risk management is to identify financial market risks that are relevant to the Group, and seek to minimize the harmful effects of financial market changes on the Group's profit.

The main areas of financial risk management are:

(I) Currency risk

A significant export market for the company is the United States, where the company has a subsidiary and through which sales are conducted on the U.S. market. The operating currency of the subsidiary is the U.S. dollar. In sales to and local purchases in the U.S., the company is exposed to a risk of fluctuating exchange rates between the U.S. dollar and the euro. Invoicing between Icare Finland Oy and Icare USA Inc. and also between CenterVue S.p.A. and Icare USA Inc. takes place in USD. The currency risk is borne by Icare Finland Oy and CenterVue S.p.A. since business transactions between Group companies are not hedged against currency risks. Sales in U.S. dollars represent approximately 47.4% of the total net sales of the Group's continuing functions. Icare USA Inc. had USD 6,258,000 in account receivables from sales on the closing date.

The Group's subsidiaries Revenio Australia Pty Ltd and Icare World Australia Pty Ltd use the Australian dollar as their operating currency.

The Group's subsidiary China iCare Medical Technology Co. Ltd. uses the renminbi as its operating currency and CT Operations International UK Ltd. uses English Pound.

NON-EURO CASH AND CASH EQUIVALENTS AT THE CLOSING DATE – THOUSAND		EFFECT IF EURO STRENGTHENED 10% AGAINST THE CURRENCY – THOUSAND
USD Icare USA Inc	6,405	-580
USD Finland companies	5,316	-481
AUD	1,069	-66
RMB	541	-7

(II) Interest rate risk

In the company's balance sheet structure, interest rate risk is involved in borrowings. The Group's profit and cash flow from operations are to an essential extent

independent of fluctuations in market interest.

When taking up new financing, for example for corporate acquisitions, the company always evaluates the need for interest rate hedging, taking into account the amount of debt, hedging costs, and expected interest rate development during the financing period. All of the Group's borrowings have fixed interest rates. As the Group does not have floating rate loans, the Group is not exposed to interest rate risk arising from changes in interest rates. The company has no interest rate investments or derivatives to which cash flow hedging would be applied.

(III) Credit risk

The Group's credit policy lays down the requirements for selling on credit and the requirements for credit management. The credit quality of a new customer is controlled by applying for a credit insurance limit if necessary every time a new customer relationship is established. The credit limit and credit sales eligibility is reassessed if the customer's purchase volumes change or if the credit insurance company changes the granted credit limit as a result of a change in the customer's credit quality.

No single customer or customer group constitutes a significant credit risk concentration for the Group. During the financial period, credit losses and expected credit losses recognized through profit and loss totaled EUR 62,000 (EUR 56,000). The theoretical maximum credit risk at the end of the period corresponds to the book value of sales receivables. The aging of sales receivables is presented in Note 15.

(IV) Liquidity risk

The most significant factor affecting the sufficiency of liquid funds in the short term is the profitability of the business operations. Thus, the development of cash

flows from operations is affected by management's profitability management measures, and additionally, operational risks and external risks such as general economic development, financial market conditions, and other macroeconomic demand factors over which the company management has no control.

The Group's liquidity remained good in 2023. On December 31, 2023, the Group's cash and cash equivalents totaled EUR 21,542,000 (EUR 32,062,000). The company continuously monitors and assesses the financing needs of its business operations to ensure sufficient liquidity for financing its operations.

The Board of Directors follows the actual and forecast development of the Group's liquidity monthly, and decides on possible corrective actions.

19) Financial liabilities

Basis of preparation

Group loans are classified at amortized cost using the effective interest method to be measured later. Loans are recognized at fair value less transaction costs at the time of acquisition. Financial liabilities include current and non-current liabilities. Financial liabilities are categorized as current unless the Group has an unconditional right to postpone payment at least for 12 months after the closing date.

Commissions associated with loan commitments are recognized as transaction costs to the extent that it is probable that the entire loan commitment or part of it will be taken up. In such a case, the commission is

entered in the balance sheet until the loan is taken up. When it is, the commission associated with the loan commitment is recognized as part of the transaction cost. If the loan commitment is unlikely to be taken up, the commission is recognized as an advance payment for a liquidity service and is amortized as a cost for the period of the loan commitment.

A financial liability is removed from the balance sheet when the contractual obligations related to the liability expire. If needed, credit accounts are included in loans recognized in current debt.

CLASSIFICATION OF FINANCIAL LIABILITIES

DEC 31, 2023	AMORTIZED COST	BOOK VALUE	FAIR VALUE
Interest-bearing non-current liabilities	12,352	12,352	12,352
Interest-bearing current liabil ities	5,563	5,563	5,563
Trade pay ables and other non-interest bearing current liabilities	14,997	14,997	14,997

DEC 31, 2022	AMORTIZED COST	BOOK VALUE	FAIR VALUE
Interest-bearing non-current liabilities	15,115	15,115	15,115
Interest-bearing current liabil ities	5,080	5,080	5,080
Trade pay ables and other non-interest bearing current liabilities	20,099	20,099	20,099

All financial institution loans have fixed interest rate and their book values are valued at amortized cost. All of the Group's current and non-current loans from financial institutions are in the euro denomination and mature by the end of 2025.

THE GROUP'S INTEREST-BEARING DEBT AT END OF PERIOD:

LIABILITY	USE	INITIAL AMOUNT	PRINCIPAL OUT STANDING	YEAR WHEN ESTABLISHED
Loan from finan cial institution	Acquired businesses	30,000	14,250	2019

The loan related to the acquired business operations includes covenants, which the company has complied with during the 2023 financial period. The loan is secured by mortgages issued by Revenio Group Corporation assets worth EUR 91,000,000 and subsidiary shares with a book value of EUR 6,200,000 in parent company balance sheet.

MATURITY ANALYSIS OF CONTRACTUAL LIABILITIES

DEC 31, 2023	UNDER 1 YEAR	1–2 YEARS	2–5 YEARS	OVER 5 YEARS	TOTAL CASH FLOW
Trade payables and other non-in terestbearing debt	14,997	0	0	0	14,997
Lease liabilities	1,504	1,181	1,034	224	3,943
Interest-bearing debt
principal	4,200	10,050	0	0	14,250
Interest payments	572	323	0	0	895


DEC 31, 2022	UNDER 1 YEAR	1–2 YEARS	2–5 YEARS	OVER 5 YEARS	TOTAL CASH FLOW
Trade payables and other non-in terestbearing debt	20,099	0	0	0	20,099
Lease liabilities	925	555	339	0	1,819
Interest-bearing debt
principal	4,200	4,200	10,050	0	18,450

The figures are not discounted and include both interest and principal payments.

20) Provisions

Basis of preparation

Provisions are recognized in the balance sheet when a present legal or constructive obligation has arisen as a result of a past event, and it is probable that this will cause future expenses and the amount of the obligation can be reliably estimated.

A provision for warranties is recognized when the underlying products are sold. The warranty provision is estimated on the basis of historical warranty expense data and is presented as non-current or current provision depending on the length of the warranty period. The amount and probability of provisions requires management estimates and assumptions. Actual results may differ from these estimates.

SHORT-TERM PROVISIONS	DEC 31, 2023	DEC 31, 2022
Provisions Jan 1	485	476
Increase	171	249
Decrease	-23	-240
Short-term provisions Dec 31	632	485

21) Trade and other payables

	DEC 31, 2023	DEC 31, 2022
Advances received	21	40
Accounts payable	6,796	7,905
Other liabilities	972	931
Accrued expenses and deferred income	4,593	7,240
Total	12,382	16,116

Material items included in accrued liabilities and deferred income
Accrued personnel expenses	2,951	4,624
Other accruals and deferred income	1,642	2,616
Total	4,593	7,240

22) Other adjustements in cash flow calculations

OTHER TRANSACTIONS, NOT RELATED TO PAYMENT TRANSACTIONS	DEC 31, 2023	DEC 31, 2022
Adjustement related to share incentives	283	556
Other adjustements	993	-27
Total	1,276	529

Other adjustements
Cash portion of share incentives	-572	-950

23) Commitments and contingent liabilities

The company has mortgages given as security on company assets worth EUR 91,000,000 and pledged subsidiary shares worth EUR 6,200,000.

Minimum lease payments not recognized in the balance sheet payable on the basis of other non-cancelable leases:

	DEC 31, 2023	DEC 31, 2022
Within 1 year	100	109
In more than 1 and no more than 5 years	8	10
Total	108	118

Revenio Group has made a minority investment in 2023 and has a commitment to acquire the remaining shares if certain criteria are met. The shares will be acquired at the latest in the third quarter of 2024 and the maximum contingent liability is 8.1 million euros.

24) Related parties and remuneration of management

PARENT AND SUBSIDIARY RELATIONSHIPS OF THE GROUP	DOMICILE	HOLDING
Parent company Revenio Group Corporation	Vantaa
Icare Finland Oy	Helsinki	100%
Revenio Research Oy	Vantaa	100%
Oscare Medical Oy	Helsinki	100%
Icare USA Inc	Missouri	100%
CenterVue S.p.A	Padua	100%
Revenio Italy S.R.L	Milan	100%
Revenio Australia Pty Ltd	Melbourne	100%
Icare World Australia Pty Ltd	Melbourne	100%
CT Operations International UK Ltd	London	100%
China iCare Medical Technology Co. Ltd	Shanghai	100%

All Group companies are consolidated in the parent company's consolidated financial statements.

EMPLOYMENT BENEFITS FOR MANAGEMENT	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Management includes the Board and the Group's Management Team
Salaries and other short-term employment benefits	3,088	3,141
Other long-term benefits	68	78
Pension costs	274	224
Total	3,430	3,443

Expenses arising from incentive programs are recognized as provisions in the financial statements of the year of their determination and are presented under Related party transactions in the financial period during which the Board of Directors decides on their payment.

SALARIES AND REMUNERATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS AND THE CEO:	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
CEO Toijala Jouni	661	373
Chair of the Board Nielsen Arne Boye	90	75
Chair of the Board Rönkä Pekka until April 8, 2022	0	2
Board member Sherif Riad	49	41
Board member Sundell Ann-Christine	65	56
Board member Tammela Pekka	65	53
Board member Östman Bill	64	58
Total	992	657

Board members will be paid remuneration for the term of office ending at the 2024 Annual General Meeting as follows: Chairman of the Board is entitled to an annual emolument of EUR 60,000, possible deputy chair of the Board of Directors is entitled to an annual emolument of EUR 45,000, the Board Members are entitled to an annual emolument of EUR 30,000, the chair of the Audit Committee is entitled to an annual emolument of EUR 20,000, the chair of the Nomination and Remuneration Committee is entitled to an annual emolument of EUR 10,000, and the members of the Board Committees are entitled to an annual emolument of EUR 5,000. The attendance allowance of EUR 1,000 is to be paid for Chair of the Board or Board Committee Chairs per Board or Committee meeting and EUR 600 per short teleconference, Board members EUR 600 for Board and Board Committee meetings and EUR 300 for short teleconferences per meeting, yet so that the aforementioned attendance allowance for the Board and Board Committee meetings for Board and Committee chairs who live outside of Finland and travel to Finland for the meeting is EUR 2,000 and the aforementioned attendance allowance for the Board and Board Committee meetings for members is EUR 1,200.

There are four share-based long-term incentive schemes as part of the company's remuneration program for the Revenio Group Corporation key personnel. The company's Board of Directors has also decided on a restricted share-based incentive scheme for Oculo's key personnel. The incentive schemes and option schemes are described in Note 5 Share-based payments. The members of the Board of Directors are not covered by share-based incentive systems.

Loans granted to key management personnel

During the financial year 2020, Revenio Group Corporation's CEO Jouni Toijala took out a loan of EUR 50,000 granted by the company on market terms for the purchase of Revenio's shares. The shares acquired using the loan will act as security for the loan. This arrangement was entered into at the request of Revenio's Board of Directors in order to secure the commitment and motivation of the CEO. The CEO has agreed to hold the company shares he acquired using the loan financing granted by the company for a period of five (5) years. The CEO's obligation to hold the acquired shares ends if the CEO's employment relationship ends before the end of the five-year period.

	DEC 31, 2023
Loans granted to key management personnel as at Jan 1, 2023	52
Accrued interest	0
Repaid loan receivable	-52
Loans granted to key management personnel as at Dec 31, 2023	0

The figures include both interest and principal.

During the financial period, no credit loss provisions or expenses have been recognized for lost or uncertain related party transactions.

25) Events after the financial period

There has not been any material events after the financial period.

26) Published new and amended IFRS standards that are not yet in force

The Group has not adopted the following new and amended IFRS standards that have been published but have not yet entered into force.

IFRS 10 and IAS 28 (amendments)	Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
Amendments to IAS 1	Classification of Liabilities as Current or Non-current
Amendments to IAS 1	Non-current Liabilities with Covenants
Amendments to IAS 7 and IFRS 7	Supplier Finance Arrangements*
Amendments to IFRS 16	Lease Liability in a Sale and Leaseback
Amendments to IAS 21	Lack of Exchangeability*

The managers do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods.

*) The new or amended IFRS standard had not been approved for application in the EU on the date when these financial statements were approved for publication.

Parent Company Financial Statements

Parent company profit & loss statement (FAS)

	APPENDIX	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Net sales	1	848,306.97	1,482,898.71
Other operating income	2	203.17	0.00
Personnel expenses
Salaries and fees	3	-1,363,900.00	-1,805,794.33
Indirect personnel costs
Pension costs		-305,408.44	-273,724.66
Other indirect personnel expenses		5,728.91	-37,716.65
Personnel expenses total		-1,663,579.53	-2,117,235.64
Depreciation, amortization, and impairment
Planned depreciation		-38,876.00	-43,356.00
Depreciation and amortization total		-38,876.00	-43,356.00
Other operating expenses	4	-2,973,032.79	-2,784,134.32
NET PROFIT/LOSS		-3,826,978.18	-3,461,827.25
Financial income and expenses	5
Other financial income and interest receivable		1,651,745.44	1,620,003.47
Interest and other financial expenses		-660,400.25	-280,097.33
Financial income and expenses total		991,345.19	1,339,906.14
PROFIT/LOSS BEFORE APPROPRIATION AND TAXES		-2,835,632.99	-2,121,921.11
Appropriation	6	27,368,120.26	24,187,167.30
Income taxes for the financial period	7	-4,914,883.88	-4,378,727.10
NET PROFIT/LOSS		19,617,603.39	17,686,519.09

Parent company balance sheet (FAS)

ASSETS	APPENDIX	DEC 31, 2023	DEC 31, 2022
NON-CURRENT ASSETS	8
Intangible assets
Other intangible assets		47,162.50	81,116.50
Intangible assets total		47,162.50	81,116.50
Tangible assets
Machinery and equipment		2,557.20	7,479.20
Tangible assets total		2,557.20	7,479.20
Investments
Holdings in Group companies	9	20,266,897.39	20,911,906.38	LIABILITIES
Other shares	8	360,000.00	360,000.00
Investments total		20,626,897.39	21,271,906.38
NON-CURRENT ASSETS TOTAL		20,676,617.09	21,360,502.08

CURRENT ASSETS
Non-current receivables
Receivables from Group		69,217,861.66	65,217,861.66
companies Other receivables		0.00	50,000.00
Non-current receivables, total		69,217,861.66	65,267,861.66
Short-term receivables
Receivables from Group companies	10	23,350,190.62	23,175,011.56
Loan receivables		160.70	100.45
Other receivables		0.00	26,071.74
Advances paid	11	187,552.38	201,061.02
Short-term receivables total		23,537,903.70	23,402,244.77
Bank and cash		1,054,047.34	755,906.85
INVENTORIES AND SHORT-TERM ASSETS TOTAL		93,809,812.70	89,426,013.28
TOTAL ASSETS		114,486,429.79	110,786,515.36

SHAREHOLDER EQUITY AND LIABILITIES	APPENDIX	DEC 31, 2023	DEC 31, 2022
SHAREHOLDER EQUITY	12
Share capital		5,314,918.72	5,314,918.72
Reserve for invested non-restricted equity		51,304,981.86	51,304,981.86
Retained earnings		22,970,218.46	14,855,702.65
Profit for the period		19,617,603.39	17,686,519.09
SHAREHOLDERS' EQUITY TOTAL		99,207,722.43	89,162,122.32

LIABILITIES
Non-current liabilities
Loans from financial institutions	13	10,050,000.00	14,250,000.00
Non-current liabilities total		10,050,000.00	14,250,000.00
Current liabilities
Loans from financial institutions		4,200,000.00	4,200,000.00
Accounts payable		285,689.09	403,986.11
Liabilities to Group companies	14	200,000.00	845,212.16
Other liabilities		67,947.78	34,225.80
Accrued expenses and deferred income	15	475,070.49	1,890,968.97
Current liabilities total		5,228,707.36	7,374,393.04
BORROWED CAPITAL TOTAL		15,278,707.36	21,624,393.04
LIABILITIES TOTAL		114,486,429.79	110,786,515.36

Parent company cash flow statement (FAS)

CASH FLOW FROM OPERATING ACTIVITIES	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Profit/loss before appropriations and taxes	-2,835,632.99	-2,121,921.11
Adjustments
Planned depreciation	38,876.00	43,356.00
Financial income and expenses	-991,345.19	-1,339,906.14
Other items	-203.17	0.00
Change in working capital:
Change in non-interest-bearing current receivables	-1,167,538.67	-872,086.63
Change in non-interest-bearing current liabilities	-590.973,33	-745,800.48
Interest and payments paid from operations	-660,400.25	-280,097.33
Interest and payments received from operations	1,651,745.44	1,620,003.47
Direct taxes paid	-5,824,384.07	-3,449,510.64
Cash flow from operations	-10,379,856.23	-7,145,962.86

CASH FLOW FROM INVESTMENT ACTIVITIES	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Investment in tangible and intangible assets	0.00	-4,237.90
Loans granted	-4,000,000.00	-3,000,000.00
Repayments of loan receivables	50,000.00	1,468,002.45
Investments in other investments	0.00	-160,000.00
Cash flow from investing activities	-3,950,000.00	-1,696,235.45

CASH FLOW FROM FINANCING ACTIVITIES	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Withdrawals and repayments of long-term borrowings	-4,200,000.00	-4,200,000.00
Dividends paid and other distribution of profits	-9,572,003.28	-9,036,091.60
Group contributions received and paid	28,400,000.00	22,303,276.18
Cash flow from financing activities	14,627,996.72	9,067,184.58

CHANGE IN CASH AND CASH EQUIVALENTS	298,140.49	224,986.27
Cash and cash equivalents at beginning of period	755,906.85	530,920.58
Cash and cash equivalents at end of period	1,054,047.34	755,906.85
Change in cash and cash equivalents	298,140.49	224,986.27

Notes to parent company financial statements

Dec 31, 2023

Accounting principles for the parent company financial statements

Basis of preparation

The financial statements of the parent company Revenio Group Corporation have been prepared in accordance with the Finnish Accounting Act, Limited Liability Companies Act, and the Finnish Accounting Standards (FAS).

Valuation and depreciation principles

Valuation of non-current assets

The company's non-current assets are stated at acquisition cost less planned depreciation. The depreciation plan is defined based on experiences. Value adjustments are made based on the difference between the acquisition cost and the residual value and estimated useful life.

The bases for planned depreciation are as follows:

Intangible rights	3 years	straight-line depreciation
Other non-current expenses	3 years	straight-line depreciation
Machinery and equipment	3 years	straight-line depreciation

Subsidiaries

Direct expenses from the acquisition of subsidiary companies are recognized in the acquisition cost of subsidiary company holdings. The Group management continuously reviews Group items for any indication of impairment. If there are such indications, the amount recoverable from the said asset item is assessed.

Employee benefits

Personnel pension security is handled by external pension insurance companies. Pension costs are recorded as expenses in the year in which they are incurred.

The company's Leadership Team participates in a long-term share plan, within which programs are valid for the earning years 2021- 2023, 2022-2024 and 2023- 2025. The minimum, target and maximum bonus of each participant shall be decided separate, as well as performance criteria and the related targets. The accounting and financial statement treatment of share-based payment plans is described in more detail in Note 17.

Notes to the income statement

1) Distribution of net sales

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Administrative services to subsidiaries	848,306.97	1,482,898.71
Net sales total	848,306.97	1,482,898.71

2) Other operating income

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Other income	203.17	0.00
Other operating income total	203.17	0.00

3) Salaries and remunerations

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
CEO	-403,089.60	-329,146.20
Board Members	-245,000.00	-240,000.00
Other salaries and remunerations	-1,115,457.51	-809,494.03
Total	-1,763,547.11	-1,378,640.23
Accrued salaries and remunerations total	-1,363,900,00	-1,805,794.33

AVERAGE NUMBER OF PERSONNEL DURING PERIOD	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Management	3	3
Others	9	8
Total	12	11

4) Other operating expenses

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Rent of business premises	-106,113.37	-81,085.36
Vehicle and travel expenses	-145,527.86	-173,500.80
Machinery and equipment expenses	-408,701.21	-356,741.46
Marketing and entertainment	-97,531.72	-126,350.36
Expert services purchased	-1,917,001.52	-1,669,125.56
Administrative expenses	-129,323.82	-127,547.12
Other operating expenses	-168,833.29	-249,783.66
Total	-2,973,032.79	-2,784,134.32

Auditor's fees
Deloitte Oy
Auditing fees	-86,000.00	-76,500.00
Certificates and statements	-15,000.00	-9,900.00
Total	-101,000.00	-86,400.00

5) Financial income and expenses

FINANCIAL INCOME AND EXPENSES FROM GROUP COMPANIES	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Interest income from Group companies	1,614,831.15	1,548,413.09
Total	1,614,831.15	1,548,413.09

FINANCIAL INCOME AND EXPENSES FROM OTHERS	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Interest income from others	10,542.56	6,039.83
Other financial income	26,371.73	65,550.55
Interest expenses from loans from financial institutions	-632,145.88	-218,060.30
Interest payable to others	-459.23	-2,504.05
Loan management expenses	0.00	-1,000.00
Other financial expenses	-27,795.14	-58,532.98
Total	-623,485.96	-208,506.95

6) Appropriation

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Group contributions received	27,700,000.00	24,700,000.00
Group contributions paid	-331,879.74	-512,832.70
Total	27,368,120.26	24,187,167.30

7) Income taxes

	JAN 1–DEC 31, 2023	JAN 1–DEC 31, 2022
Income tax for appropriation	-5,473,624.05	-4,837,433.46
Income tax for actual operations	558,740.17	458,706.36
Total	-4,914,883.88	-4,378,727.10

Notes to balance sheet assets

8) Changes in fixed assets itemized by balance sheet item

	DEC 31, 2023	DEC 31, 2022
INTANGIBLE ASSETS
Other intangible assets
Acquisition cost Jan 1	150,553.28	150,553.28
Acquisition cost Dec 31	150,553.28	150,553.28
Accumulated depreciation Jan 1	-69,436.78	-35,483.78
Depreciation during the year	-33,954.00	-33,953.00
Accumulated depreciation Dec 31	-103,390.78	-69,436.78
Book value Dec 31	47,162.50	81,116.50
Book value Jan 1	81,116.50	115,069.50

TANGIBLE ASSETS
Machinery and equipment
Acquisition cost Jan 1	31,389.20	27,151.30
Increase during the period	0.00	4,237.90
Acquisition cost Dec 31	31,389.20	31,389.20
Accumulated depreciation Jan 1	-23,910.00	-14,507.00
Depreciation during the year	-4,922.00	-9,403.00
Accumulated depreciation Dec 31	-28,832.00	-23,910.00
Book value Dec 31	2,557.20	7,479.20
Book value Jan 1	7,479.20	12,644.30

HOLDINGS IN GROUP COMPANIES
Acquisition cost Jan 1	20,911,906.38	20,911,906.38
Decreases during the period	-645,008.99	0.00
Acquisition cost Dec 31	20,266,897.39	20 911 906,38
Book value Dec 31	20,266,897.39	20 911 906,38

	DEC 31, 2023	DEC 31, 2022
OTHER INVESTMENTS
Acquisition cost Jan 1	360,000.00	200,000.00
Increase during the period	0.00	160,000.00
Acquisition cost Dec 31	360,000.00	360,000.00
Book value Dec 31	360,000.00	360,000.00

9) Holdings in other companies Dec 31, 2023

GROUP COMPANIES	DOMICILE	HOLDING
Icare Finland Oy	Helsinki	100%
Oscare Medical Oy	Helsinki	100%
Revenio Australia Pty Ltd	Melbourne	100%
Revenio Italy S.R.L.	Milan	100%
Revenio Research Oy	Vantaa	100%

Done Medical Oy merged with Revenio Group Oyj on Oct 31, 2023.

10) Receivables from Group companies

	DEC 31, 2023	DEC 31, 2022
NON-CURRENT RECEIVABLES FROM GROUP COMPANIES
Capital loan receivables	403,276.18	403,276.18
Loan receivables	68,814,585.48	64,814,585.48
Total	69,217,861.66	65,217,861.66

CURRENT RECEIVABLES FROM GROUP COMPANIES
Trade receivables	536,503.39	499,073.57
Accrued and other receivables from Icare Finland Oy	19,461,808.43	20,361,808.43
Other receivables from other group companies	766,278.04	898,157.78
Accrued income	2,585,600.76	1,415,971.78
Total	23,350,190.62	23,175,011.56

Receivables from Group companies, total	92,568,052.28	88,392,873.22

11) Principal items in prepaid expenses and accrued income

	DEC 31, 2023	DEC 31, 2022
Personnel expenses	42,250.00	43,800.00
Taxes	14,486.67	0.00
Prepaid expenses	130,815.71	157,261.02
Total	187,552.38	201,061.02

Notes to balance sheet liabilities

12) Changes in equity

	DEC 31, 2023	DEC 31, 2022
Share capital
Share capital Jan 1	5,314,918.72	5,314,918.72
Share capital Dec 31	5,314,918.72	5,314,918.72

Restricted equity total Dec 31	5,314,918.72	5,314,918.72

Reserve for invested non-restricted equity
Reserve for invested non-restricted equity Jan 1	51,304,981.86	51,304,981.86
Reserve for invested non-restricted equity Dec 31	51,304,981.86	51,304,981.86

	DEC 31, 2023	DEC 31, 2022
Profit/loss from previous financial periods
Profit/loss from previous financial periods Jan 1	32,542,221.74	23,891,794.25
Dividends	-9,572,003.28	-9,036,091.60
Profit/loss from previous financial periods Dec 31	22,970,218.46	14,855,702.65

Profit/loss for the period Dec 31	19,617,603.39	17,686,519.09

Non-restricted equity total Dec 31	93,892,803.71	83,847,203.60

Equity total Dec 31	99,207,722.43	89,162,122.32

Calculation of the amount of distributable unrestricted equity on 31 Dec
Invested unrestricted capital reserve	51,304,981.86	51,304,981.86
Retained earnings	22,970,218.46	14,855,702.65
Profit for the period	19,617,603.39	17,686,519.09
Distributable unrestricted equity Dec 31	93,892,803.71	83,847,203.60

The share capital of Revenio Group Corporation on December 31, 2023 was EUR 5,314,918.72, and the number of shares was 26,681,116. There is one class of shares. All shares confer an equal right to dividends and the company's funds.

On the closing date, the company held 88,342 of its own shares (REG1V).

13) Non-current liabilities

Loans from financial institutions

As at December 31, 2023, the parent company had interest-bearing non-current liabilities amounting to EUR 10.1 million. The company does not have any loans falling due later than within five years. At the end of 2022, the parent company had interest-bearing non-current liabilities amounting to EUR 14.3 million.

14) Intra-group liabilities

	DEC 31, 2023	DEC 31, 2022
Current intra-group liabilities
Other liabilities	200,000.00	845,212.16
Total	200,000.00	845,212.16

15) Principal items of accrued liabilities and deferred income

	DEC 31, 2023	DEC 31, 2022
Personnel expenses	253,226.24	837,871.35
Income taxes	20,174.51	929,216.46
Other accruals and deferred income	201,669.74	123,881.16
Total	475,070.49	1,890,968.97

16) Notes to collateral and commitments

Banks and financial institutions have granted Revenio Group Corporation mortgages on company assets worth EUR 91,000.000 and subsidiary shares with an accounting value of EUR 6,205,984.75. The remaining capital of the bank loan at the end of the financial year was EUR 14,250,000.00.

LEASE COMMITMENTS	DEC 31, 2023	DEC 31, 2022
Lease commitments maturing next year	21,318.53	21,928.32
Lease commitments maturing later than next year	14,337.92	24,941.41
Total	35,656.45	46,869.73

Lease agreements run for 2–5 years and do not include special notice or purchase option clauses.

RENT LIABILITIES	DEC 31, 2023	DEC 31, 2022
Rent liabilities for office premises, maturing next year	447,189.96	433,816.68
Rent liabilities for office premises, maturing later than next year	186,329.15	180,756.95
Total	633,519.11	614,573.63


BANK GUARANTEE AS SECURITY OF LIABILITIES	DEC 31, 2023	DEC 31, 2022
Bank guarantee based on tenancy	103,380.00	103,380.00
Total	103,380.00	103,380.00

17) Other notes

Management incentive scheme

Basis of preparation

The Board of Directors of Revenio Group Corporation has decided has decided on the three-year earning periods of the share-based long-term incentive schemes directed towards the key personnel of Revenio Group. Long-term incentive schemes form part of the company's remuneration program for key personnel and are aimed at supporting the implementation of the company's strategy and harmonizing the objectives of key personnel and the company in order to grow the company's value.

The Board of Directors shall decide separately on the minimum, target and maximum bonus of each participant, as well as performance criteria and the related targets. The amount of bonus payable to the participants depends on the achievement of the pre-set targets. No bonus will be paid if the targets are not met, or if the participant's work or employment relationship ends before the bonus is paid. If the targets of the incentive scheme are met, the bonuses will be paid in the spring of the year following the earning period. The total amount of share bonus to be paid on the basis of the program earning period is gross earnings minus the amount of cash required to cover taxes due on the share bonus and any other tax-like payments, after which the remaining net bonus shall be paid in shares. However, in certain circumstances the company has the right to pay the entire bonus in cash.

Benefits granted under the share plan are recognized with caution as expenses in the income statement when the Board of Directors has approved the bonuses for payment. Taking the objectives of the scheme into account, it is not possible to reliably estimate the total amount of future cash considerations.

EARNING YEARS	TIME OF BONUS PAYMENT	MAXIMUM AMOUNT OF SHARE BONUS (GROSS EARNINGS)
2018–2020	2021	5,570 (realized)
2019–2021	2022	5,048 (realized)
2020–2022	2023	8,749 (realized)
2021–2023	2024	max 5,303
2022-2024	2025	max 6,021
2023-2025	2026	max 9,692

In addition, if certain conditions are met, the CEO is entitled to a restricted share plan under which the CEO would be entitled to receive a total of 3,000 shares in the Company during 2022-2024. In order to pay the share bonus of 1,000 shares earned in 2022 in accordance with the terms of the program, 400 of the company's treasure shares were issued to the CEO on February 12, 2023 throught a directed share issue without payment, and the rest of the share bonus was used for the tax consequences of the issued shares. During the financial year, the company recognized a total of EUR -155 thousand in personal expenses related to this program.

Signatures

Signatures to the financial statements and review of operations

Vantaa, March 11, 2024

Board of Directors and CEO of Revenio Group Corporation

Arne Boye Nielsen Chair of the Board Riad Sherif Board member Ann-Christine Sundell Board member

Bill Östman Board member Pekka Tammela Board member

Jouni Toijala CEO

Auditor's note

We have issued an audit report today based on the audit we have performed.

Helsinki, March 11, 2024

Deloitte Oy Authorized Public Accountants

Mikko Lahtinen Authorized Public Accountant

Auditor's report

To the Annual General Meeting of Revenio Group Corporation

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of Revenio Group Oyj (business identity code 1700625-7) for the year ended 31 December 2023. The financial statements comprise the consolidated statement of comprehensive income, balance sheet, statement of cash flows, statement of changes in equity and notes, including material accounting policy information, as well as the parent company's income statement, balance sheet, statement of cash flows and notes.

In our opinion

the consolidated financial statements give a true and fair view of the group's financial position, financial performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU
the financial statements give a true and fair view of the parent company's financial performance and financial position in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements.

Our opinion is consistent with the additional report submitted to the Audit Committee.

Basis for Opinion

We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report.

We are independent of the parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

In our best knowledge and understanding, the non-audit services that we have provided to the parent company and group companies are in compliance with laws and regulations applicable in Finland regarding these services, and we have not provided any prohibited non-audit services referred to in Article 5(1) of regulation (EU) 537/2014. The non-audit services that we have provided have been disclosed in note 8 to the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

We have also addressed the risk of management override of internal controls. This includes consideration of whether there was evidence of management bias that represented a risk of material misstatement due to fraud.

Revenue recognition

Refer to notes 1 and 2 in the consolidated financial statements.

Consolidated net sales of EUR 96.6 million consists of the income from the sale of products, services and software licenses.
Revenue from sales is recognized when the customer gains control over a good, service or software license (performance obligation). As a rule, control is transferred to the customer upon delivery as per the terms and conditions of agreement.
For audit purposes, the key is that revenue is recognized timely and in the correct amount.

KEY AUDIT MATTER HOW OUR AUDIT ADDRESSED THE KEY AUDIT MATTER

We have assessed the controls relating to the sales process and the revenue recognition.
We have reviewed the accounting principles and practices associated with revenue recognition to assess whether the recognition is in accordance with IFRS 15.
We have tested the timing and quantitative accuracy of revenue recognition by comparing individual sales transactions to sales agreements and delivery notes.
We have assessed the appropriateness of the presentation in the consolidated financial statements.

Valuation of goodwill and other intangible assets

Refer to accounting principles for the consolidated financial statements and note 12 in the consolidated financial statements.

The consolidated statement of financial position includes goodwill of EUR 59.4 million and other intangible assets of EUR 18.6 million.
Goodwill and the majority of other intangible assets have arisen from the business acquisitions executed in previous financials years. In addition, other intangible assets include capitalized development costs relating to the development of health technology products.
The valuation and impairment testing of goodwill and other intangible assets involve management estimates of cash flow projections and trade cycle changes, and hence this matter is addressed as a key audit matter.
We have reviewed and assessed the management's methods and assumptions used in impairment testing.
We have assessed the indications of impairment identified by the management and performed audit procedures on the impairment testing prepared by the management.
We have tested the mathematical accuracy of the model used in impairment testing, evaluated and challenged the projections used in the calculations and related changes, and compared the prior year forecasts to the actual figures.
We have evaluated the appropriateness of the presentation in the consolidated financial statements.

We have no key audit matters to report with respect to our audit of the parent company's financial statements. There are no significant risks of material misstatement referred to in EU regulation No 537/2014, point (c) of Article 10(2) relating to the consolidated financial statements or the parent company's financial statements.

Responsibilities of the Board of Directors and the Managing Director for the Financial Statements

The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU, and of financial statements that give a true and fair view in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory requirements. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Board of Directors and the Managing Director are responsible for assessing the parent company's and the group's ability to continue as a going concern, disclosing, as applicable, matters relating to going concern and using the going concern basis of accounting. The financial statements are prepared using the going concern basis of accounting unless there is an intention to liquidate the parent company or the group or cease operations, or there is no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with good auditing practice will

always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional skepticism throughout the audit.

We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company's or the group's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of the Board of Directors' and the Managing Director's use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the parent company's or the group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the parent company or the group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events so that the financial statements give a true and fair view.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Reporting Requirements

Information on Our Audit Engagement

We were first appointed as auditors by the Annual General Meeting on 22 March 2017, and our appointment represents a total period of uninterrupted engagement of seven years.

Other Information

The Board of Directors and the Managing Director are responsible for the other information. The other information comprises the report of the Board of Directors. Our opinion on the financial statements does not cover the other information.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Our responsibility also includes considering whether the report of the Board of Directors has been prepared in accordance with the applicable laws and regulations.

In our opinion, the information in the report of the Board of Directors is consistent with the information in the financial statements and the report of the Board of Directors has been prepared in accordance with the applicable laws and regulations.

If, based on the work we have performed, we conclude that there is a material misstatement of the report of the Board of Directors, we are required to report that fact. We have nothing to report in this regard.

Helsinki, 11 March 2024

Deloitte Oy Audit Firm

Mikko Lahtinen Authorized Public Accountant (KHT)

Independent Auditor's Report on the ESEF Consolidated Financial Statements of Revenio Group Corporation

To the Board of Directors of Revenio Group Corporation

We have performed a reasonable assurance engagement on whether the iXBRL tagging of the consolidated financial statements in the ESEF consolidated financial statements [reveniogroup-2023-12-31-fi.zip] of Revenio Group Oyj (1700625-7) for the financial year 1.1.–31.12.2023 has been prepared in accordance with the requirements of Article 4 of Commission Delegated Regulation (EU) 2018/815 (ESEF RTS).

Responsibilities of the Board of Directors and the Managing Director

The Board of Directors and Managing Director are responsible for the preparation of the report of the Board of Directors and financial statements (ESEF financial statements) that comply with the requirements of ESEF RTS.

This responsibility includes

preparation of ESEF financial statements in XHTML format in accordance with Article 3 of ESEF RTS
tagging the consolidated financial statements' primary statements, disclosures and identifying information in the ESEF financial statements with iXBRL tags in accordance with Article 4 of ESEF RTS, and
ensuring consistency between ESEF financial statements and audited financial statements.

The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of ESEF financial statements in accordance with the requirements of ESEF RTS.

Auditor's Independence and Quality Management

We are independent of the company in accordance with the ethical requirements that are applicable in Finland and are relevant to the engagement we have performed, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

The auditor applies International Standard on Quality Management (ISQM) 1, which requires the audit firm to design, implement and operate a system of quality management including policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.

Auditor's Responsibilities

In accordance with the engagement letter, we express an opinion on whether the tagging of the consolidated financial statements in the ESEF financial statements has been prepared in all material respects in accordance with the requirements of Article 4 of ESEF RTS. We conducted a reasonable assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000.

The engagement includes procedures to obtain evidence on:

whether the tagging of the consolidated financial statements' primary statements in the ESEF financial statements has been prepared in all material respects in accordance with the requirements of Article 4 of ESEF RTS
whether the tagging of the consolidated financial statements' disclosures and identifying information in the ESEF financial statements has been prepared in all material respects in accordance with the requirements of Article 4 of ESEF RTS, and
whether the ESEF financial statements are consistent with the audited financial statements.

The nature, timing and extent of the procedures selected depend on the auditor's judgment. This includes the assessment of risk of material departures from the requirements set out in ESEF RTS, whether due to fraud or error.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Opinion

In our opinion, the tagging of the consolidated financial statements' primary statements, disclosures and identifying information in the ESEF financial statements [reveniogroup-2023-12-31-fi.zip] of Revenio Group Oyj for the financial year 1.1.–31.12.2023 has been prepared in all material respects in accordance with the requirements of Article 4 of ESEF RTS.

Our audit opinion on the consolidated financial statements of Revenio Group Oyj for the financial year 1.1.–31.12.2023 has been expressed in our auditor's report dated 11 March 2024. In this report, we do not express an audit opinion or any other assurance conclusion on the consolidated financial statements.

Helsinki, 11 March 2024

Deloitte Oy Audit Firm

Mikko Lahtinen Authorized Public Accountant (KHT)

REVENIO GROUP CORPORATION Äyritie 22 | 01510 Vantaa www.reveniogroup.fi/en

AI Terminal

Revenio Group Oyj

3236_10-k_2024-03-12_a3837fbe-29ad-4beb-a0f9-7424b6c508c1.pdf

Content

Report by the Board of Directors

Changes in the Group structure

Strategy

The cornerstones of the updated strategy of Revenio for 2024–2026 are:

Development of business operations and the operating environment in 2023

Net sales, profitability, and profit

Balance sheet, financial position and cash flow

Personnel and management

AVERAGE NUMBER OF PERSONNEL DURING THE FINANCIAL YEAR

Loans granted to key management personnel

Shares, share capital, and management and employee holdings

Share option schemes

Share incentive plans

Trading on Nasdaq Helsinki

SUMMARY OF TRADING ON NASDAQ HELSINKI January 1–December 31, 2023

Flagging notifications

Management transactions

Corporate Governance

MAJOR SHAREHOLDERS

OWNERSHIP STRUCTURE

SHAREHOLDERS BY SIZE OF HOLDING

Annual General Meeting and currently valid authorizations of the Board of Directors

1. Financial statements, Board and Auditors

2. Annual profit distribution, dividend distribution and capital repayment

3. Authorizing the Board of Directors to change the Articles of Association

"4 Board of Directors

"8 Notice of general meetings of shareholders and the place of the meeting

"10 Annual General Meeting

4. Authorizing the Board of Directors to decide on the acquisition of own shares

5. Authorizing the Board of Directors to decide on a share issue and on granting stock options and other special rights entitling to shares

Board of Directors and Auditors

Audit Committee

The duties of the Audit Committee are to:

In addition, the tasks of the Audit Committee include:

Nomination and Remuneration Committee

The duties of the Nomination and Remuneration Committee include:

Remuneration reporting

Risks and uncertainty factors

Disputes

Corporate responsibility

Research and development activities

Events after the financial period

Financial guidance for 2024

Proposal by the Board of Directors for distribution of profit

Key figures

Formulas used Alternative growth indicators used in financial reporting

Consolidated Financial Statements

Consolidated comprehensive profit & loss statement

Consolidated balance sheet

Consolidated cash flow statement

Consolidated statement of changes in equity

Notes to the consolidated financial statements

General

Accounting principles for the consolidated financial statements

Basis of preparation

Application of new or revised IFRS Standards and IFRIC Interpretations

Critical accounting estimates and assumptions

Climate issues

Consolidation principles

Foreign currency items

1) Operating segments

INFORMATION ABOUT GEOGRAPHICAL AREAS

2) Net sales

Basis of preparation

3) Other operating income

Basis of preparation

4) Personnel and personnel expenses

5) Share-based payments

Management incentive scheme

Basis of preparation

6) Pension liabilities

Basis of preparation

Defined benefit pension plans

Basis of preparation

7) Research and development expenses

Basis of preparation