Interim Report Q1 January–March 2025

JANUARY – MARCH 2025

Revenue grew 36% to SEK 581 million (428). The currency adjusted growth was 34%.
Gross margin was 68% (68).
Operating profit totaled SEK 43 million (32), corresponding to an operating margin of 7.3% (7.6).
Cash flow after continuous investments was SEK 27 million (10).
Basic earnings per share were SEK 0.23 (0.10) and SEK 0.22 (0.10) after dilution.

SIGNIFICANT EVENTS DURING THE QUARTER

Dynavox Group expanded the credit facility at Swedbank by SEK 200 million during the quarter.

SIGNIFICANT EVENTS AFTER THE END OF THE QUARTER

FINANCIAL OVERVIEW

Q1	Q1		Δ FX	Full-year
2025	2024	Δ	adjusted	2024
581	428	36 %	34 %	1,972
68%	68%	-	-	69%
99	80	24 %	-	428
43	32	32 %	38 %	229
7.3%	7.6%	-	-	11.6%
24	11	120 %	-	146
0.23	0.10	120 %	-	1.39
0.22	0.10	121 %	-	1.37
27	10	-	-	99

Comments from the CEO

During the first quarter, typically our slowest in terms of volume, we experienced strong growth across all geographies and user groups. The demand for our solutions remains high, proving the solidity of our underlying business. Our operating profit grew at the same pace as revenue, despite significant planned investments and non-recurring costs. The recent uncertainties due to US tariffs and policy changes had no material impact on the business, but the situation is monitored closely.

Sales growth in local currencies was 34% compared to the same period last year. This exceptionally strong growth is almost on par with the result in Q4 2024, which is traditionally our strongest quarter. Our symbol-based touch solutions, most often used by children and young people with autism, continue to grow at a fast pace.

The operating profit grew by 32% and the operating margin was 7.3% (7.6%). The lower profitability in the quarter is mainly driven by planned investments in scalability related to restructuring within R&D, new internal systems and a negative currency effect. The consolidation of our product development organization to a central development hub in Stockholm is progressing according to plan, rendering non-recurring costs of 8 MSEK in the quarter. Investment in improved internal systems resulted in a non-recurring cost of 14 MSEK during the quarter. In total, these non-recurring costs lower the EBIT by 22 MSEK or close to 4 percentage points.

We continue to invest in our sales capacity to ensure continued growth and to further enhance the scalability of our business. In the last 12-month period the sales teams have grown by almost 100 new colleagues worldwide. On April 8, we announced the acquisition of the French reselling partner Cenomy and we look forward to welcoming some 20 new colleagues later this year.

Approximately 80% of Dynavox Group's revenue is billed and paid in USD, which means our revenue fluctuates with the SEK/USD exchange rate. However, since the majority of our cost of goods sold (COGS) and approximately 60-70% of our operating expenses (OPEX) are also in USD, this creates a natural hedge against currency fluctuations. Consequently, while our top-line revenue may fluctuate, the impact on EBIT-margin is not significant. In the first quarter, the net negative impact on EBIT was approximately 8 MSEK.

Our overall exposure to import tariffs to the US is limited since the tariffs are based on the cost of the material imported to the US. For our products, the material costs represent some 20% of the retail value. However, more importantly, our products are generally classified as medical certified assistive devices, exempting them from tariffs under the Nairobi Protocol.

As of today, there are no announced changes to policies related to the reimbursement of our products in our largest individual market, the US. However, we are monitoring the situation closely.

Despite the uncertainties in the world surrounding us, I continue to be optimistic about the future. Only a small percentage of people who need assistive communication solutions are aware of, or have access to, the solutions offered by us and our industry peers. We are firmly committed to improving the lives of many more individuals, which also represents significant potential for our long-term growth. This potential combined with our strong underlying business and our fantastic team of almost 1,000 colleagues gives me confidence about the future and our ability as a company to exploit the opportunities and handle the challenges that lie ahead of us.

Fredrik Ruben, CEO

Fredrik Ruben CEO, Dynavox Group

Comments on the Group's performance

JANUARY - MARCH

Revenue

Group revenue increased 36% to SEK 581 million (428) compared to the same quarter 2024. The currency adjusted growth was 34%, organic growth contributed 33%, acquisitions 1% and currency fluctuations had 2% positive impact on revenue. Similar to previous quarters, growth was robust in almost all regions, albeit somewhat stronger in the USA, and the autism customer group continues to grow the fastest on a global basis.

Performance

Consolidated gross profit amounted to SEK 395 million (289), corresponding to a gross margin of 68% (68).

Operating profit totaled SEK 43 million (32) and the operating margin was 7.3% (7.6).

Operating expenses grew organically by 28%. The increase was affected by factors such as continued investments in staff increases in mainly the sales and marketing organization, as well as new agreements on salaries and benefits that came into force on April 1, 2024. In the quarter, we have continued to invest in systems and tools to build scalability of approximately SEK 14 million, these contributed to the cost increase by approximately SEK 11 million. Operating expenses were affected by non-recurring costs of approximately SEK 8 million, mainly related to restructuring costs. Acquisition-related non-recurring costs were in line with the previous year. The cost of the long-term incentive programs increased by SEK 3 million, out of this SEK 5 million relates to a nonrecurring cost of historic long-term incentive costs. The period also includes increase of exchanges losses relating to transaction effects of SEK 10 million vs prior year.

Costs for research and development after capitalizations and amortizations increased by SEK 20 million compared to the same quarter last year. This includes non-recurring costs related to restructuring the research & development organization of SEK 8 million.

Financial items amounted to SEK -10 million (-17) and mainly consisted of interest on external loans. Profit before tax was SEK 33 million (16).

Tax for the quarter amounted to SEK -9 million (-5), of which SEK 14 million (2) related to deferred tax. The higher tax during the quarter was due to higher profits in the US with a higher tax rate.

Profits for the period were SEK 24 million (11). Basic earnings per share were SEK 0.23 (0.10) and SEK 0.22 (0.10) after dilution.

Currency effects

Higher exchange rates, primarily USD/SEK, had a positive impact on revenue of 7 SEK million, it had a negative impact on operating profit of SEK 2 million compared with the corresponding quarter last year

Cash flow, liquidity and financial position

Cash flow from operating activities before changes in working capital amounted to SEK 93 million (67). The change in working capital was SEK -24 million (-18), mainly due to the negative impact of higher levels of inventory.

Cash flow from investing activities amounted to SEK -42 million (-39), of which SEK -28 million (-28) was capitalization of R&D costs.

Cash flow for the period was SEK 18 million (-40). At the end of the quarter, the Group had cash and cash equivalents of SEK 143 million (127). Consolidated net debt totaled SEK 710 million (603), including SEK 162 million (98) in IFRS 16 finance leases. During the first quarter of 2025, the company also expanded its credit facility at Swedbank by SEK 200 million in accordance with the existing agreement between the parties and total facility is now SEK 1,000 million. The total utilized part of the credit facility and term loan was SEK 694 million at the end of the period.

REVENUE, SEK M, AND GROSS MARGIN, %

Organization

The number of employees converted to full-time equivalents at the end of the period was 875 (722).

KEY PERFORMANCE MEASURES

		Q1	Q1	Full-year
SEK m	Note	2025	2024	2024
Revenue	8	581	428	1,972
Revenue change:		36 %	28 %	22 %
- of which organic		33 %	21 %	18 %
- of which currency		2 %	0 %	-0 %
- of which acquisitions		1 %	7 %	4 %
Gross margin		68 %	68 %	69 %
Operating profit/loss (EBIT)		43	32	229
EBIT change		32 %	52 %	48 %
EBIT margin		7.3 %	7.6 %	11.6 %

REVENUE BY GEOGRAPHIC MARKET

	Q1	Q1	Full-year
SEK m	2025	2024	2024
Europe	107	85	348
North America	442	327	1,539
Other countries	32	15	84
Total revenue	581	428	1,972

RESEARCH AND DEVELOPMENT

	Q1	Q1	Full-year
SEK m	2025	2024	2024
Total R&D expenditures	-59	-42	-181
Capitalization	28	28	115
Amortization	-31	-28	-117
R&D expenses in the income statement	-62	-43	-184

Group

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Q1	Q1	Full-year
SEK m Note	2025	2024	2024
Revenues 8	581	428	1,972
Cost of goods and services sold	-186	-139	-616
Gross profit	395	289	1,356
Selling expenses	-211	-158	-710
Research- and development expenses	-62	-43	-184
Administrative expenses	-73	-60	-242
Other operating gains and losses	-6	4	8
Operating profit/loss (EBIT)	43	32	229
Net financial items	-10	-17	-52
Profit/loss before tax (EBT)	33	16	177
Tax	-9	-5	-31
Net profit/loss for the period	24	11	146

Other comprehensive income
Items that may be reclassified to net profit for the period:
Translation differences	-43	21	26
Other comprehensive income for the period, net after tax	-43	21	26
Total comprehensive income for the period	-19	32	171

Earnings per share, SEK	0.23	0.10	1.39
Earnings per share, diluted, SEK	0.22	0.10	1.37

Net profit/loss for the period attributable to:
Parent Company's shareholders	24	11	146
Net profit/loss for the period	24	11	146
Total comprehensive income for the period attributable to:
Parent Company's shareholders	-19	32	171
Total comprehensive income for the period	-19	32	171

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

	31 Mar	31 Mar	31 Dec
SEK m	2025	2024	2024
ASSETS
Non-current assets
Intangible fixed assets	903	862	938
Property, plant and equipment	69	52	74
Right-of-use assets	153	90	92
Dererred tax asset	75	57	68
Financial and other non-current assets	13	13	13
Total non-current assets	1,214	1,074	1,185
Current assets
Trade receivables	351	281	388
Inventories	224	136	204
Other current receivables	80	74	88
Cash and cash equivalents	143	127	133
Total current assets	798	619	813
TOTAL ASSETS	2,012	1,693	1,998

EQUITY AND LIABILITIES
Equity	443	332	454
Total equity	443	332	454
Non-current liabilities
Borrowings, non-current	647	574	648
Lease liabilities	127	72	68
Deferred tax libilities	15	21	17
Other non-current liabilities	166	154	181
Total non-current liabilities	956	821	914
Current liabilities
Borrowings, current	44	59	44
Lease liabilities	35	26	31
Other current liabilities	533	455	555
Total current liabilities	612	540	630
Total liabilities	1,568	1,361	1,544
TOTAL EQUITY AND LIABILITIES	2,012	1,693	1,998

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Attributable to Parent Company shareholders
SEK m	Share capital	Reserves	Retained earnings	Total equity
Opening balance, Jan 1, 2024	1	-2	300	298
Comprehensive income for the period		21	11	32
Share based payments			2	2
Closing balance, Mar 31, 2024	1	19	313	332
Comprehensive income for the period		5	135	140
Share based payments			10	10
Acquisition of own shares			-28	-28
Closing balance, Dec 31, 2024	1	23	430	454
Opening balance, Jan 1, 2025	1	23	430	454
Comprehensive income for the period		-43	24	-19
Share based payments			9	9
Closing balance, Mar 31, 2025	1	-20	463	443

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW

	Q1 2025	Q1 2024	Full-year 2024
SEK m Cash flow from operating activities
Profit before tax (EBT)	33	16	177
Depreciations and amortization	57	47	200
Other non cash items	7	5	9
Taxes paid	-4	-1	-33
Cash flow before changes in working capital	93	67	353

Change in working capital	-24	-18	-71
Cash flow from operating activities	68	50	282

Investing activities
Investments in intangible assets	-28	-32	-121
Investments in tangible assets	-13	-8	-62
Other	-	1	-0
Continuous investments	-42	-39	-183
Cash flow after continuous investments	27	10	99
Aquisitions	-	-	-97
Cash flow from investing activities	-42	-39	-281
Financing activities
Proceeds from borrowings	-0	-43	18
Repayment of lease liability	-7	-6	-24
Other financing activities	-1	-2	-30
Cash flow from financing activities	-8	-50	-37

Cash flow for the period	18	-40	-35

Cash and cash equivalents at the beginning of the period	133	161	161
Currency translation impact on cash and cash equivalents	-8	6	8
Cash and cash equivalents at the end of the period	143	127	133

Parent Company

The principal activity of the Group's Parent Company, Dynavox Group AB (publ), is research, development, and sales of computer software and computer-related hardware that helps individuals with various disabilities to live richer and more independent lives. The number of employees in the Parent Company is approximately 176 (142).

Net sales for the Parent Company, Dynavox Group AB, for the period January 1 to March 31, 2025, amounted to SEK 199 million (174) of which SEK 143 million (122) refers to sales to group companies and SEK 75 million (52) to external customers. Operating profit for the corresponding period was SEK -55 million (-5). The investment in systems and tools to strengthen scalability and non-recurring costs have affected the parent company negatively. In addition to this, there are timing differences in intercompany reimbursements between the parent company and its subsidiaries compared to the same period last year. Investments in property, plant and equipment and intangible assets totaled SEK -31 million (-33) for the quarter. At the end of the period, the Parent Company had SEK 30 million (13) in cash and cash equivalents.

CONDENSED PARENT COMPANY INCOME STATEMENT

	Q1	Q1	Full-year
SEK m	2025	2024	2024
Revenues	199	174	806
Cost of goods and services sold	-101	-76	-384
Gross profit	98	99	422
Selling expenses	-35	-21	-120
Research- and development expenses	-50	-36	-155
Administrative expenses	-61	-51	-204
Other operating gains and losses	-6	4	105
Operating profit/loss (EBIT)	-55	-5	48
Financial items	-8	-17	16
Profit/loss before tax (EBT)	-63	-22	64
Tax	13	-	-2
Net profit/loss for the period	-50	-22	62

CONDENSED PARENT COMPANY BALANCE SHEET

	Mar 31	Mar 31	31 Dec
SEK m	2025	2024	2024
NON-CURRENT ASSETS
Intangible assets	262	317	278
Property, plant and equipment	18	11	17
Financial assets	578	501	565
Total non-current assets	858	829	859
CURRENT ASSETS
Inventories	55	35	42
Trade receivables	19	21	24
Receivables from Group companies	60	62	140
Other current assets	26	23	24
Cash and cash equivalents	30	13	23
Total current assets	190	155	254
TOTAL ASSETS	1,048	984	1,113

EQUITY AND LIABILITIES
Equity	144	119	185

Untaxed reserves	-	1	-

NON-CURRENT LIABILITIES
Borrowings, non-current	647	574	648
Liabilities to Group companies, non-current	48	63	56
Other non-current liabilities	20	21	22
Total non-current liabilities	715	657	726
CURRENT LIABILITIES
Borrowings, current	44	59	44
Trade payables	58	33	67
Liabilities to Group companies, current	8	5	7
Other current liabilities	79	110	84
Total current liabilites	189	208	202
Total liabilites	904	866	928
TOTAL EQUITY AND LIABILITES	1,048	984	1,113

KEY PERFORMANCE MEASURES FOR THE GROUP

	Q1 2025	Q1 2024	Full-year 2024
Earnings per share, SEK	0.23	0.10	1.39
Earnings per share, diluted, SEK	0.22	0.10	1.37
Equity per share, SEK	4.2	3.2	4.3

EBITDA, SEKm	99	80	428
Operating profit (EBIT), SEKm	43	32	229
EBITA, MSEK	78	64	361
Cash flow from operating activities, SEKm	68	50	282
Cash flow after continuous investments, SEKm	27	10	99

Working capital, SEKm	-21	-101	-26
Total assets, SEKm	2,012	1,693	1,998
Net debt, SEKm	710	603	657
Net Debt/EBITDA LTM	1.6	1.8	1.5
Equity, SEKm	443	332	454
Equity/assets ratio, %	22	20	23
Debt/equity, factor	1.9	2.2	1.7

Gross margin, %	68	68	69
EBITDA margin, %	17	19	22
Operating margin, %	7.3	7.6	11.6

Average number of outstanding shares, million	104.9	104.9	104.9
Average number of outstanding shares after dilution, million	106.2	106.5	106.1
Number of outstanding shares at period end, million	104.9	104.9	104.9
Number of outstanding shares after dilution at period end, million	106.2	106.5	106.1
Average number of employees	864	716	770

Definitions, see note 11.

QUARTERLY DATA

	'25	2024			2023				2022
	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2
Revenue, SEKm	581	585	483	476	428	473	424	381	335	362	320	288
Gross Margin, %	68	70	69	69	68	69	68	68	66		65 66.6 63.7
EBITDA, SEKm	99	139	109	100	80	104	92	65	56	61	59	44
EBIT, SEKm	43	83	61	53	32	56	48	29	21	25	25	16
Operating Margin, %	7.3		14.2 12.6 11.0		7.6	11.9 11.4		7.6	6.3	6.8	7.8	5.4
Profit/Loss before tax, SEKm	33	70	51	41	16	49	41	17	12	15	18	9
Profit/Loss for the period, SEKm	24	54	45	36	11	45	35	17	7	17	16	6

Notes

Note 1. Accounting policies

Dynavox Group applies International Financial Reporting Standards (IFRS) as adopted by the European Union. This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting.

Dynavox Group's interim report contains condensed financial statements. For the Group, this mainly means that the note disclosures are limited compared with the financial statements presented in the annual report. The financial statements of the Parent Company are generally presented in condensed format, with limited disclosures compared with the annual accounts. The interim reports for Dynavox Group AB have been prepared in accordance with the Swedish Annual Accounts Act and standard RFR 2, Accounting for legal entities.

The accounting policies applied are in effect in all periods and are consistent with the accounting policies applied in Dynavox Group's Annual and sustainability report 2024.

Share-based payment to employees

The amount of allocated stock units as per March 31, 2025, is 1 260 795. The dilutive effect is expected to be a maximum of 1.3 percent.

Note 2. Risks and uncertainty factors

Dynavox Group's business risks include the economic climate, the competitive situation, currency risks, credit risks in relation to customers, financing risks, the risk of impairment write-downs of capitalized R&D and other intangible assets, and regulatory risks (Tobii Dynavox LLC in the U.S. is under the supervisory control of the U.S. Food and Drug Administration (FDA)). More information on risks and risk management can be found in Dynavox Group's Annual and Sustainability Report for 2024.

Dynavox Group, like many other companies, faces challenges due to changes in macro economy and the geopolitical situation in the world. Changing conditions, such as political uncertainty, can lead to the prerequisites for conducting business changing rapidly.

Dynavox Group's exposure to import tariffs to the US is limited since the tariffs are based on the cost of the material imported to the US. However, more importantly, our products are generally classified as medical certified assistive devices, exempting them from tariffs under the Nairobi Protocol.

Note 3. Segment reporting

The assessment of which operating segments exist in the Group shall be based on the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the function responsible for allocation of resources and analyzing the segment's profit/loss. In the Dynavox Group, this function has been identified as Group Management. The financial information provided to Group Management within Dynavox Group, as a basis for decisions on the allocation of resources, applies to the business as a whole without any subdivision into the underlying segments. Given this situation, the management of the Dynavox Group has determined that the business as a whole should be considered a segment until further notice. Sales by geographic market is broken down into the following markets: North America, Europe and other countries.

Note 4. Transactions with related parties

No transactions between Dynavox Group and related parties that significantly affected the company's position and results took place.

Note 5. Sustainability information

More information on the Group's sustainability efforts can be found in Dynavox Group's Annual and Sustainability Report 2024.

Note 6. Pledged assets and contingent liabilities

Dynavox Group has a chattel mortgage of SEK 50 million to Swedbank. The Group has no contingent liabilities.

Note 7. Share data

As of March 31, 2025, Dynavox Group held 104,851,201 common shares, each carrying one vote.

Note 8. Breakdown of revenue

	Q1	Q1	Full-year
SEK m	2025	2024	2024
REVENUE BY PRODUCT TYPE
Goods	549	396	1,845
Services	30	31	120
Royalty	2	2	8
Total revenues	581	428	1,972

REVENUE BY DATE OF REVENUE RECOGNITION
Point in time	511	354	1,686
Over time	69	75	286
Total revenues	581	428	1,972

Note 9. Acquisition

Dynavox Group entered into an agreement to acquire all business activities and assets of its reselling partner Link Assistive Pty Ltd and Link Assistive New Zealand Limited on May 13, 2024. The Transaction brings Dynavox Group closer to its customers in the Australian and New Zealand markets, supporting people with disabilities to communicate more effectively. The Transaction was completed October 1st, 2024. The upfront consideration of AUD 8 million has been paid in cash and financed through an existing revolving credit facility.

The following table summarizes the purchase consideration paid and the preliminary fair value of assets acquired, and liabilities assumed for the acquisition of Link Assistive.

EFFECTS OF ACQUISITIONS

	Link Assistive¹
SEK m
Breakdown of Purchase considerations
Cash consideration	57
Contingent consideration	32
Total consideration	89
Change in acquired assets and liabilities
Customer relations/contracts	11
Other fixed assets	0
Net other assets and liabilities	2
Cash and cash equivalents	0
Net identidiable assets and libilities	13
Goodwill	77

¹ The acquisition analysis is preliminary

Note 10. Financial instrument

	31 Mar 2025		31 Mar 2024
SEK m	Carrying amount	Fair value	Carrying amount	Fair value
Financial liabilities measured at fair value
Contingent considerations	29	29	40	40

The Group categorizes financial assets and financial liabilities measured at fair value into a fair value hierarchy based on the information used to value each asset or liability. For financial instruments in level 3, information that is material to the fair value of the asset or liability is not observable and the Group's own assessments are applied.

Liabilities relating to contingent consideration for March 31, 2025, relate in their entirety to the acquisition of Link Assistive Pty Ltd and Link Assistive New Zealand Ltd and are classified under level 3. Liabilities relating to contingent consideration for March 31, 2024, relate in their entirety to the acquisition of Rehadapt Engineering and are classified under level 3.

Note 11. Alternative performance measures

The company presents certain financial measures in the interim report that are not defined under IFRS (so-called alternative performance measures according to ESMA guidelines). Management believes that this information helps investors to analyze the Group's performance and financial position. Investors should consider these disclosures as a complement rather than a substitute for financial reporting under IFRS.

RECONCILIATION OF ALTERNTIVE PERFORMANCE MEASURES

The tables below show how the alternative performance measures that are not directly reconcilable to the financial statements are calculated.

SEK m	Q1 2025	Q1 2024	Full-year 2024
Gross margin
Gross profit	395	289	1,356
Revenues	581	428	1,972
Gross margin, %	68%	68%	69%

	Q1	Q1	Full-year
SEK m	2025	2024	2024
EBITDA and EBITDA-margin
Operating profit	43	32	229
Amortization and impairment on intangible assets	35	32	132
Depreciation, amortization and impairment on tangible assets	22	16	68
EBITDA	99	80	428
Revenue	581	428	1,972
EBITDA-marginal, (%)	17%	19%	22%

	Q1	Q1	Full-year
SEK m	2025	2024	2024
EBITA
Operating profit	43	32	229
Amortization R&D	31	28	115
Amortization purchased immaterial assets	4	4	17
EBITA	78	64	361
Revenue	581	428	1,972
EBITA-margin, %	13%	15%	18%

	Q1	Q1	Full-year
SEK m	2025	2024	2024
Equity/share
Equity	443	332	454
Average number of outstanding shares, million	105	105	105
Equity/share	4.2	3.2	4.3

	Q1	Q1	Full-year
SEK m	2025	2024	2024
Net debt
Cash and cash equivalents	143	127	133
Interest-bearing liabilities	854	731	791
Net debt	710	603	657

	Q1	Q1	Full-year
SEK m	2025	2024	2024
Net debt/EBITDA ratio
Net debt	710	603	657
EBITDA last twelve months	448	341	428
Net debt/EBITDA LTM	1.6	1.8	1.5

	Q1	Q1	Full-year
SEK m	2025	2024	2024
Organic growth
Revenue current year	581	428	1,972
Currency effect	-7	1	-68
Acquisition effect	-5	-23	-83

Currency-adjusted income corresponding period last year excluding acquisitions	568	406	1,821
Revenue corresponding period previous year	428	335	1,613
Organic growth	140	71	208
Organic growth, %	33%	21%	18%

	Q1	Q1	Full-year
SEK m	2025	2024	2024
Working capital
Inventories	224	136	204
Trade receivables	351	281	388
Other receivables	80	74	88
Trade payables	-131	-82	-139
Other liabilities	-544	-511	-567
Working capital	-21	-101	-26

SEK m	Q1 2025	Q1 2024	Full-year 2024
Operating margin (EBIT-margin)
Operating profit	43	32	229
Revenue	581	428	1,972
Operating margin, %	7.3%	7.6%	11.6%

	Q1	Q1	Full-year
SEK m	2025	2024	2024
Debt/equity ratio
Interest-bearing liabilities	854	731	791
Equity	443	332	454
Debt/equity ratio, factor	1.9	2.2	1.7

	Q1	Q1	Full-year
SEK m	2025	2024	2024
Equity/assets ratio
Equity	443	332	454
Total assets	2,012	1,693	1,998
Equity/assets ratio, %	22%	20%	23%

Key Performance measures	Definition	Justification for use of metrics
Number of employees	Average number of full-time employees during the period, including part-time em ployees converted to FTEs	Number of employees is a measure of the number of employees in the Company needed to generate profit for the period.
Gross margin, %	Gross profit relative to the operations' net sales	Gross margin is used to measure produc tion profitability.
EBITA	Operating profit/loss before amortization and impairment of intangible assets	EBITA is used to measure earnings from operating activities excluding amortization and impairment of intangible assets.
EBITDA	Operating profit/loss before depreciation, amortization and impairment	EBITDA is used to measure earnings from operating activities excluding depreciation, amortization and impairment.
EBITDA margin, %	Operating profit/loss before deprecia tion/amortization in relation to net sales	The EBITDA margin is used to illustrate EBITDA in relation to sales.
Equity per share	Equity divided by average number of shares outstanding	A measure of the proportion of the compa ny's recognized equity that each share rep resents.
Cash flow after continuous in vestments	Cash flow from operating and investing ac tivities (excluding business acquisitions)	Cash flow after continuous investments is used as a measure of the cash flow gener ated by operating activities and continuous investments.
Net debt	Interest-bearing liabilities less cash and cash equivalents	Net debt represents the Company's capac ity to pay off all debts should they fall due for payment as of the balance sheet date using the Company's available cash and cash equivalents on the balance sheet date.
Net debt/EBITDA LTM	Net debt at the end of the period in relation to rolling 12-month EBITDA	A measure of financial risk showing net debt to cash generation.
Organic growth, %	Change in total revenue for the period ad justed for acquisitions, disposals and cur rency, compared with total revenue for the comparative period	Organic growth is used to analyze the un derlying change in sales driven by compa rable units between different periods.
Working capital	Inventories, trade receivables and other Inventories, accounts receivable and other current receivables less accounts payable and other liabilities	Working capital is used to measure the Company's ability to meet short-term capi tal requirements.
Operating margin	Operating profit/loss in relation to net sales	The operating margin is used to illustrate
(EBIT margin), %		EBIT in relation to sales and is a measure of the Company's profitability.
Debt/equity, factor	Interest-bearing liabilities divided by share holders' equity	Debt-equity ratio measures the extent to which the Company is financed by loans.
Equity/assets ratio, %	Shareholders' equity as a percentage of to tal assets	The equity/assets ratio shows the percent age of total assets financed by the share holders through equity.

Stockholm, April 25, 2025

Gitte Pugholm Aabo Chairman of the Board

Carl Bandhold Board Member

Board Member

Charlotta Falvin

Caroline Ingre Board Member

Maarten Barmentlo Board Member

Henrik Eskilsson Board Member

Fredrik Ruben CEO

The report has not been subject to review by the Company's auditors.

This is a translation of the original Swedish interim report. In the event of a discrepancy between this translation and the Swedish original, the Swedish interim report takes precedence.

This information is inside information that Dynavox Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, on April 25, 2025, at 07:30 CEST.

Information to shareholders

WEBBPRESENTATION

A web presentation will be held in English today at 09.00 (CEST). See www.dynavoxgroup.com for more information about the conference. The images from the presentation can then be downloaded from the website.

CONTACT DETAILS

Fredrik Ruben, Chief Executive Officer, Tel. +46 (0) 8-522 950 20 Linda Tybring, Investor Relations, CFO, [email protected]

Dynavox Group AB (publ) • Corporate ID number: 556914-7563 Mailing address: Löjtnantsgatan 25, 115 50 Stockholm, Sweden Tel. +46 (0) 8-522 950 20 www.dynavoxgroup.com

FINANCIAL CALENDER

Annual General Meeting	May 5, 2025
Interim Report Q2 2025	July 18, 2025
Interim Report Q3 2025	October 23, 2025
Year End Report Q4 2025	February 5, 2026

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