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Quarterly Report • Jul 18, 2025
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Quarterly Report
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A stable second quarter with increasing customer interest in improved product range
Interim report Q2 2025
Interim report - Q2 2025 April - June 2025
Summary April - June 2025
- Net sales amounted to SEK 80.5 (79.1) million, an increase of 1.8 percent compared with the same period last year. Currency-adjusted growth amounted to 8.0 percent.
- Operating profit amounted to SEK -17.4 (-3.5) million, corresponding to an operating margin of -21.6 (-4.4) percent.
- Profit after tax amounted to SEK -14.4 (-2.8) million.
- Earnings per share before/after dilution amounted to SEK -0.78 (-0.15).
- Cash flow from operating activities amounted to SEK 10.5 (1.2) million.
Summary January - June 2025
- Net sales amounted to SEK 174.6 (171.9) million, an increase of 1.6 percent compared with the same period last year. Currency-adjusted growth amounted to 3.7 percent.
- Operating profit amounted to SEK -18.6 (-12.2) million, corresponding to an operating margin of -10.6 (-7.1) percent.
- Profit after tax amounted to SEK -17.2 (-10.4) million.
- Earnings per share before/after dilution amounted to SEK -0.93 (-0.57).
- Cash flow from operating activities amounted to SEK 7.6 (20.0) million.
80.5 MSEK
Net sales, April - June 2025 93.7 % Gross margin, January - June 2025
| APR - JUN 2025 |
APR - JUN 2024 |
JAN - JUN 2025 |
JAN - JUN 2024 |
JUL 2024 - JUN 2025 |
JAN - DEC 2024 |
|
|---|---|---|---|---|---|---|
| Net sales, MSEK | 80.5 | 79.1 | 174.6 | 171.9 | 407.4 | 404.7 |
| Gross margin, % | 93.7 | 95.5 | 93.7 | 94.5 | 93.9 | 94.2 |
| EBIT, MSEK | -17.4 | -3.5 | -18.6 | -12.2 | 40.0 | 46.3 |
| EBIT-margin, % | -21.6 | -4.4 | -10.6 | -7.1 | 9.8 | 11.4 |
| Earnings per share before/after dilution, SEK | -0.78 | -0.15 | -0.93 | -0.57 | 1.66 | 2.02 |
| Cash flow from operating activities, MSEK | 10.5 | 1.2 | 7.6 | 20.0 | 30.6 | 43.0 |
| Return on equity 12 months, % | 33.4 | 9.9 | 33.4 | 9.9 | 33.4 | 30.4 |
| Return on capital employed 12 months, % | 50.5 | 23.4 | 50.5 | 23.4 | 50.5 | 43.7 |
| Cash flow from operations/per share, SEK | 0.57 | 0.07 | 0.41 | 1.08 | 1.66 | 2.33 |
| Equity per share before/after dilution, SEK | 5.01 | 4.95 | 5.01 | 4.95 | 4.98 | 7.06 |
CEO comments
A STABLE SECOND QUARTER
Overall, we delivered a stable second quarter while navigating a complex and changing market landscape. We continued to implement our strategy of investing in and improving MSAB's products. Customer feedback on our premium extraction tool, XRY Pro, is consistently positive in all three regions, where industry-leading Android support provides a clear competitive advantage. Our primary focus remains on providing customers with the tools they need to solve investigations – this is the most important driver for long-term revenue growth.
Net sales for the quarter amounted to SEK 80.5 million, which is slightly higher than the same period last year. However, this figure does not fully reflect our underlying development, as the currency-adjusted revenue increase amounted to 8 percent and a significant order in the EMEA region, worth more than SEK 10 million, was postponed due to external delays in the supply chain. The order is now scheduled for delivery and revenue recognition in the third quarter. Cost levels are on track with planned increases linked to investments in product development and marketing activities. We have invested in strengthening MSAB's position in the market and have also focused our attention on the APAC region and other countries where we previously had a low presence but now see significant potential.
MARKET SITUATION
We continue to operate in a somewhat unstable macroeconomic environment, where budget cuts in the public sector have led to some delays in procurement processes. In the US, the changing political landscape has contributed to short-term uncertainty and extensive cuts in public administration budgets. While many law enforcement agencies are adapting to these financial constraints, we believe that increased defence budgets in both EMEA and the Americas are likely. Our strategic focus on defence and national security means that we are well positioned for future growth in these areas.
Regionally, APAC delivered strong growth in the second quarter compared to the previous year, which strengthens our confidence in the region's long-term potential. EMEA underperformed relative to expectations which is partly explained by an external supply chain issue that delayed delivery of an order for a European law enforcement agency, now planned for Q3. In the Americas region, our pipeline remains robust and customer interest in our solutions is strong, despite delays in decision-making due to budget reallocations.
STRATEGY EXECUTION AND PRODUCT DEVELOPMENT
We remain fully committed to our strategy of innovation and delivery of market-leading products to our customers. Our latest investment to improve iOS capabilities in XRY Pro – with a Full File System (FFS) solution that enables full extractions – is now starting to deliver results and represents an important strategic advancement that brings us in line with other leading solutions on the market for iOS-based devices. Combined with our industry-leading support for Android, we are stronger than ever.
Another important milestone reached during the quarter was the commercial breakthrough of UNIFY Collaborate. After several
successful pilot projects, we secured our first contract in Canada – an important confirmation of both the product's relevance and customer demand. We plan to launch additional features in the UNIFY suite during the second half of the year.
At the same time, we have further strengthened our support for Android devices, ensuring that our offering remains among the most advanced in the industry. XRY Pro, our flagship extraction product, continues to exceed expectations and is now our best-selling solution in all three regions.
MARKET OUTLOOK
Although we are aware of the continued uncertainty in the market, we are entering the second half of 2025 on a solid footing. Our financial position is strong and our product portfolio is more competitive than ever.
When I took over as CEO of MSAB just over twelve months ago, I concluded that with the right investments and focus, we would begin to see revenue growth within 12–24 months. I remain convinced that MSAB will experience revenue improvements over the coming year. Global demand for digital forensic tools is growing, and our mission to protect society by developing advanced mobile forensic products is more relevant now than ever.
Stockholm, July 2025
Peter Gille CEO, MSAB
Market comments
POSITIVE RESPONSE TO PRODUCT IMPROVEMENTS
Customer response to XRY Pro remains very positive in all three regions. The product's advanced functionality – including support for locked Android devices, RAM extractions and brute-force functionality – provides clear competitive advantages.
The launch of improved support for iOS Full File System (FFS) in strategically important markets has generated considerable interest and represents a significant step forward in positioning MSAB's premium extraction solution on a par with other leading products on the market.
MARKET CLIMATE
The introduction of new digital forensic tools is taking place step-by-step as organisations adapt to new working methods and routines. Although the change is gradual, progress indicates a positive development in which law enforcement agencies and other public sector organisations are gradually strengthening their digital capabilities.
Sales increased by 8 percent currency-adjusted in the second quarter compared with the previous period, this despite geopolitical instability, government restructuring and reduced public budgets – particularly within law enforcement agencies.
Significant progress was also made during the quarter, both in product development and in shortening lead times for the launch of new features. The company also intensified its marketing and training efforts to increase brand awareness and strengthen customers' understanding of the full capabilities of its products.
EMEA
EMEA is MSAB's most established market where performance during the quarter did not meet expectations, partly due to an external supply chain issue causing delivery of a significant order being postponed to Q3. However, the region secured several orders for Frontline solutions in connection with the launch of the new MK4 kiosk. There are also strong indications that a major order from a European federal migration authority will be finalised shortly. In addition, there was increased engagement from the military sector, with orders received from both Italy and Denmark.
XRY Pro has now become the region's best-selling product, with continued strong interest in its advanced features. This is expected to contribute to increased sales in the coming quarters, in line with a strong pipeline.
AMERICAS
In North America, the company received its first order for UNIFY Collaborate after several successful pilot projects. In the US, increased funding from the Department of Defence and federal civil authorities is expected when the fiscal year ends in Q3 2025.
In Latin America, sales have increased significantly and more than doubled compared to the same period last year. Interest in MSAB's solutions is further strengthened by new partner agreements in markets with increased engagement.
APAC
APAC continued to show strong growth in the second quarter, with revenues doubling compared to the same period in 2024. Order intake during the quarter exceeded budget expectations for the region.
Targeted customer activities – such as industry events, workshops, product demonstrations and webinars – continue in markets with high interest, and these initiatives are expected to contribute positively to order intake in the second half of the year.
Financial overview April - June 2025
NET SALES
The Group's net sales increased by 1.8 percent during the period to SEK 80.5 (79.1) million. Currency-adjusted growth amounted to 8.0 percent.
The strengthening of the Swedish krona during the period had a negative impact on revenues in Swedish kronor. Approximately 95 percent of the company's revenues are in foreign currency.
OPERATING COSTS
The strengthening of the Swedish krona during the period had a positive impact on the cost level in Swedish kronor. Approximately 30 percent of the company's costs are in foreign currency.
Cost of goods sold amounted to SEK 5.1 (3.6) million. Unlike the sale of a licence renewal, new sales include hardware in the product. This hardware mainly constitutes the company's cost of goods sold. Cost of goods sold was partly affected by currency effects and generally varies with the product mix.
Other external costs amounted to SEK 22.3 (20.8) million. A conscious investment in marketing activities resulted in higher costs for events and travel compared with the corresponding period last year. Other administrative costs continue to decline compared with the previous year, as in previous quarters.
Personnel costs amounted to SEK 66.1 (54.7) million. Temporary consultants were replaced with permanent staff, which increased personnel costs. The comparative figure includes two major items of a non-recurring nature: a reversal of the restructuring provision made in the first quarter of 2024 and severance pay expensed in the corresponding period last year. Net, these two items reduced personnel costs by SEK 4.6 million in the previous period.
Depreciation amounted to SEK 4.4 (3.5) million and mainly consisted of rental costs for premises, which are reported in accordance with IFRS 16.
OPERATING PROFIT
Operating profit for the quarter amounted to SEK -17.4 (-3.5) million,
corresponding to an operating margin of -21.6 (-4.4) percent.
NET FINANCIAL ITEMS
Net financial items amounted to SEK -1.0 (-2.7) million for the quarter. Net financial items mainly consisted of revaluation of cash and cash equivalents in foreign currencies, where USD, EUR and GBP are the Group's largest transaction currencies related to the Group's sales, while SEK is the largest currency in terms of the Group's costs. The strengthening of the Swedish krona against the Group's largest transaction currencies resulted in negative net financial items for the period.
PROFIT AFTER TAX
Profit after tax for the quarter amounted to SEK -14.4 (-2.8) million.
CASH FLOW
Cash flow from operating activities amounted to SEK 10.5 (1.2) million during the period. Cash flow before changes in working capital amounted to SEK -14.5 (-7.5) million, while the change in working capital amounted to SEK 25.1 (8.8) million. The change in working capital is mainly explained by a decrease in short-term receivables. The strengthening of the Swedish krona against the currencies exposed in the subsidiaries' balance sheets had a marginally negative impact on the company's closing cash balance during the period.
Investments for the period amounted to SEK 24.6 million (0.3) and consisted of a long-term software investment (iOS FFS).
EMPLOYEES
On 30 June 2025, the number of employees was 193 (195). The average number of employees during the period was 191 (197).
PARENT COMPANY
The parent company's net sales for the period amounted to SEK 52.9 (57.3) million. Operating profit for the period amounted to SEK -20.9 (-7.1) million. Dividends from subsidiaries amounted to SEK 6.3 (40.6) million during the period.
Net sales
EBIT
EBIT%
-21.6%
80.5 MSEK
Apr - Jun 2025
-17.4 MSEK
Financial overview January - June 2025
NET SALES
The Group's net sales increased by 1.6 percent during the period to SEK 174.6 (171.9) million. The currency-adjusted increase amounted to 3.7 percent.
The strengthening of the Swedish krona during the period had a negative impact on revenues in Swedish kronor. Approximately 95 percent of the company's revenues are in foreign currency.
OPERATING COSTS
The strengthening of the Swedish krona during the period had a positive impact on the cost level in Swedish kronor. Approximately 30 percent of the company's costs are in foreign currency.
Cost of goods sold amounted to SEK 10.9 (9.5) million. The gross margin amounted to 93.7 percent, compared with 94.5 percent in the previous year. The cost of goods sold is partly affected by currency effects and usually varies with the product mix, which during the period had a higher proportion of hardware compared with the previous year.
Other external costs amounted to SEK 47.3 (36.5) million. A conscious investment in marketing activities resulted in higher costs for events and travel compared with the corresponding period last year. Consulting costs to cover temporary staff vacancies also resulted in increased costs compared with last year. A change in consultants took place during the first half of the year, with the majority being replaced by permanent staff.
Personnel costs amounted to SEK 126.7 (130.9) million. Previous staff vacancies were largely replaced with permanent resources and new hires, which, together with the annual salary review, increased personnel costs. The comparative cost for the corresponding period last year includes restructuring costs of approximately SEK 15 million net.
Depreciation amounted to SEK 8.2 (7.2) million.
OPERATING RESULT
The operating result for the period amounted to SEK -18.6 (-12.2)
million, corresponding to an operating margin of -10.6 (-7.1) percent.
NET FINANCIAL ITEMS
Net financial items amounted to SEK -3.3 (-1.1) million for the period. Net financial items mainly consist of revaluation of cash and cash equivalents in foreign currencies and were negatively affected by the strengthening of the Swedish krona against the USD, GBP and EUR, which are the Group's main transaction currencies. The strengthening of the Swedish krona against the Group's main transaction currencies resulted in a negative net financial income for the period.
PROFIT AFTER TAX
Profit after tax for the period amounted to SEK -17.2 (-10.4) million.
CASH FLOW
Cash flow from operating activities amounted to SEK 7.6 (20.0) million. The change in working capital amounted to SEK 25.8 (31.8) million and is mainly explained by the capitalisation of an intangible asset.
Investments for the period amounted to SEK 24.7 (0.3) million and mainly consisted of a long-term software investment (iOS FFS).
Total cash flow for the period amounted to SEK -44.0 million (-6.5), including a dividend of SEK 18.5 million (18.5) paid during the period.
LIQUIDITY AND FINANCIAL POSITION
Cash and cash equivalents at the end of the period amounted to SEK 90.0 (130.2) million.
EMPLOYEES
On 30 June 2025, the number of employees was 193 (195). The average number of employees during the period was 190 (202).
PARENT COMPANY
The parent company's net sales for the period amounted to SEK 118.8 (130.3) million. Operating profit for the period amounted to SEK -25.2 (-17.8) million. In the second quarter, SEK 6.3 million was distributed. he parent company from its subsidiaries.
Financial development, Q1-Q2
CONSOLIDATED INCOME STATEMENT IN SUMMARY
| MSEK | APR - JUN 2025 |
APR - JUN 2024 |
JAN - JUN 2025 |
JAN - JUN 2024 |
JUL 2024 - JUN 2025 |
JAN - DEC 2024 |
|---|---|---|---|---|---|---|
| Net sales | 80.5 | 79.1 | 174.6 | 171.9 | 407.4 | 404.7 |
| Operating income | 80.5 | 79.1 | 174.6 | 171.9 | 407.4 | 404.7 |
| Cost of goods sold | -5.1 | -3.6 | -10.9 | -9.5 | -24.7 | -23.3 |
| Other external costs | -22.3 | -20.8 | -47.3 | -36.5 | -92.7 | -81.9 |
| Personnel costs | -66.1 | -54.7 | -126.7 | -130.9 | -234.4 | -238.6 |
| Depreciation of fixed assets | -4.4 | -3.5 | -8.2 | -7.2 | -15.6 | -14.6 |
| Total operating cost | -97.9 | -82.5 | -193.1 | -184.1 | -367.4 | -358.4 |
| Operating profit - EBIT | -17.4 | -3.5 | -18.6 | -12.2 | 40.0 | 46.3 |
| Financial income | 0.9 | 0.9 | 1.4 | 3.7 | 6.5 | 7.5 |
| Financial expenses | -1.8 | -3.6 | -4.7 | -4.9 | -7.4 | -6.2 |
| Profit/loss before tax | -18.4 | -6.1 | -21.9 | -13.3 | 39.1 | 47.7 |
| Tax | 3.9 | 3.3 | 4.7 | 2.9 | -8.4 | -10.2 |
| Net profit/loss after tax | -14.4 | -2.8 | -17.2 | -10.4 | 30.7 | 37.4 |
| Attributable to owners of the Parent Company | -14.4 | -2.8 | -17.2 | -10.4 | 30.7 | 37.4 |
| Earnings per share, SEK | -0.78 | -0.15 | -0.93 | -0.57 | 1.66 | 2.02 |
STATEMENT OF COMPREHENSIVE INCOME
| MSEK | APR - JUN 2025 |
APR - JUN 2024 |
JAN - JUN 2025 |
JAN - JUN 2024 |
JUL 2024 - JUN 2025 |
JAN - DEC 2024 |
|---|---|---|---|---|---|---|
| Net profit/loss after tax | -14.4 | -2.8 | -17.2 | -10.4 | 30.7 | 37.4 |
| Currency translation differences | 0.9 | 0.7 | -4.2 | 4.4 | -3.8 | 4.6 |
| Total comprehensive income | -15.3 | -2.2 | -21.4 | -6.0 | 26.9 | 42.0 |
| Comprehensive income for the period attributable to the shareholders of the parent company |
-15.3 | -2.2 | -21.4 | -6.0 | 26.9 | 42.0 |
CONSOLIDATED BALANCE SHEET IN SUMMARY
| MSEK | 30 JUN 2025 | 30 JUN 2024 | 31 DEC 2024 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 26.2 | - | 2.3 |
| Tangible assets | 0.9 | 1.2 | 0.9 |
| Assets with right to use | 43.4 | 46.1 | 46.4 |
| Total non-current assets | 70.4 | 47.3 | 49.6 |
| Inventories | 10.1 | 7.8 | 8.5 |
| Accounts receivable - trade | 45.4 | 43.5 | 72.8 |
| Other current assets | 24.8 | 25.3 | 17.9 |
| Cash and cash equivalents | 90.0 | 130.2 | 138.2 |
| Total current assets | 170.4 | 206.8 | 237.4 |
| TOTAL ASSETS | 240.8 | 254.2 | 287.0 |
| EQUITY AND LIABILITIES | |||
| Equity | 92.5 | 91.4 | 130.4 |
| Total equity | 92.5 | 91.4 | 130.4 |
| Long term leasing liabilities related to assets with right to use | 30.0 | 33.3 | 33.8 |
| Total long term liabilities | 30.0 | 33.3 | 33.8 |
| Accounts payable - trade | 7.7 | 5.4 | 8.4 |
| Current tax liability | 1.5 | 3.3 | 1.5 |
| Leasing liabilities related to assets with right to use | 12.1 | 11.1 | 11.3 |
| Other current liabilities | 96.9 | 109.8 | 101.6 |
| Total current liabilities | 118.3 | 129.5 | 122.7 |
| TOTAL EQUITY AND LIABILITIES | 240.8 | 254.2 | 287.0 |
CHANGE IN EQUITY IN SUMMARY
| MSEK | 30 JUN 2025 | 30 JUN 2024 | 31 DEC 2024 |
|---|---|---|---|
| Opening balance | 130.4 | 115.9 | 115.9 |
| Profit/loss for the period | -21.4 | -6.0 | 42.0 |
| Provision for incentive programmes | 2.0 | - | 0.2 |
| Dividend | -18.5 | -18.5 | -27.7 |
| Equity at the end of the period | 92.5 | 91.4 | 130.4 |
CASH FLOW STATEMENT IN SUMMARY
| MSEK | APR - JUN 2025 |
APR - JUN 2024 |
JAN - JUN 2025 |
JAN - JUN 2024 |
JUL 2024 - JUN 2025 |
JAN - DEC 2024 |
|---|---|---|---|---|---|---|
| Profit after paid tax and non-cash items | -14.5 | -7.5 | -18.3 | -11.8 | 47.6 | 54.1 |
| Working capital changes | 25.1 | 8.8 | 25.8 | 31.8 | -17.0 | -11.1 |
| Cash flow from operating activities | 10.5 | 1.2 | 7.6 | 20.0 | 30.6 | 43.0 |
| Investments in fixed assets | -24.6 | -0.3 | -24.7 | -0.3 | -27.3 | -2.8 |
| Cash flow from investing activities | -24.6 | -0.3 | -24.7 | -0.3 | -27.3 | -2.8 |
| Dividend paid to shareholders | -18.5 | -18.5 | -18.5 | -18.5 | -27.7 | -27.7 |
| Amortisation of leasing liability | -4.2 | -3.9 | -8.4 | -7.8 | -12.7 | -12.1 |
| Cash flow from financing activities | -22.7 | -22.4 | -26.8 | -26.3 | -40.4 | -39.8 |
| CASH FLOW FOR THE PERIOD | -36.8 | -21.4 | -44.0 | -6.5 | -37.1 | 0.4 |
| Cash at the beginning of the period | 127.0 | 152.7 | 138.2 | 132.9 | 130.2 | 132.9 |
| Exchange rate difference in cash | -0.2 | -1.1 | -4.0 | 3.8 | -3.1 | 4.8 |
| Cash at the end of the period | 90.0 | 130.2 | 90.0 | 130.2 | 90.0 | 138.2 |
SEGMENT REPORTING
| APRIL - JUNE | EMEA | AMERICAS | APAC | Total | ||||
|---|---|---|---|---|---|---|---|---|
| MSEK | APR - JUN 2025 |
APR - JUN 2024 |
APR - JUN 2025 |
APR - JUN 2024 |
APR - JUN 2025 |
APR - JUN 2024 |
APR - JUN 2025 |
APR - JUN 2024 |
| Product sales | 33.0 | 36.0 | 27.8 | 31.6 | 13.7 | 5.9 | 74.5 | 73.5 |
| Training & other services | 3.1 | 3.4 | 1.8 | 0.9 | 1.2 | 1.3 | 6.0 | 5.6 |
| Total | 36.1 | 39.4 | 29.6 | 32.5 | 14.9 | 7.2 | 80.5 | 79.1 |
| Recognised at a certain point in time | 26.7 | 30.7 | 13.8 | 26.9 | 13.0 | 5.3 | 63.5 | 62.9 |
| Recognised over time | 9.3 | 8.7 | 5.8 | 5.6 | 1.9 | 1.9 | 17.0 | 16.2 |
| Total | 36.1 | 39.4 | 29.6 | 32.5 | 14.9 | 7.2 | 80.5 | 79.1 |
| JANUARY – JUNE | EMEA | AMERICAS | APAC | Total | ||||
|---|---|---|---|---|---|---|---|---|
| MSEK | JAN - JUN 2025 |
JAN - JUN 2024 |
JAN - JUN 2025 |
JAN - JUN 2024 |
JAN - JUN 2025 |
JAN - JUN 2024 |
JAN - JUN 2025 |
JAN - JUN 2024 |
| Product sales | 82.3 | 78.0 | 46.1 | 50.5 | 32.6 | 30.5 | 161.0 | 159.0 |
| Training & other services | 7.2 | 8.5 | 2.5 | 2.8 | 3.9 | 1.6 | 13.6 | 12.9 |
| Total | 89.5 | 86.5 | 48.6 | 53.3 | 36.5 | 32.1 | 174.6 | 171.9 |
| Recognised at a certain point in time | 77.5 | 69.1 | 42.0 | 42.9 | 33.6 | 29.3 | 153.2 | 141.3 |
| Recognised over time | 12.0 | 17.4 | 6.6 | 10.4 | 2.9 | 2.8 | 21.4 | 30.6 |
| Total | 89.5 | 86.5 | 48.6 | 53.3 | 36.5 | 32.1 | 174.6 | 171.9 |
PARENT COMPANY INCOME STATEMENT IN SUMMARY
| MSEK | APR-JUN 2025 |
APR-JUN 2024 |
JAN - JUN 2025 |
JAN - JUN 2024 |
JAN - DEC 2024 |
|---|---|---|---|---|---|
| Net sales | 52.9 | 57.3 | 118.8 | 130.3 | 310.2 |
| Operating income | 52.9 | 57.3 | 118.8 | 130.3 | 310.2 |
| Cost of goods sold | -5.1 | -3.6 | -10.9 | -9.5 | -23.3 |
| Other external costs | -16.7 | -18.3 | -35.3 | -29.8 | -63.4 |
| Personnel costs | -48.5 | -39.4 | -91.2 | -102.4 | -176.3 |
| Depreciation of fixed assets | -3.6 | -3.1 | -6.6 | -6.4 | -12.4 |
| Operating cost | -73.8 | -64.4 | -144.0 | -148.1 | -275.4 |
| Operating profit - EBIT | -20.9 | -7.1 | -25.2 | -17.8 | 34.9 |
| Dividends from group companies | 6.3 | 40.6 | 6.3 | 40.6 | 40.6 |
| Net financial items | -0.8 | -3.0 | -3.1 | -1.7 | 0.5 |
| Profit/loss before tax | -15.5 | 30.5 | -22.0 | 21.1 | 75.9 |
| Tax | 4.3 | 4.0 | 5.7 | 4.0 | -7.4 |
| Net profit/loss after tax | -11.2 | 34.5 | -16.4 | 25.1 | 68.6 |
STATEMENT OF COMPREHENSIVE INCOME
| MSEK | APR-JUN 2025 |
APR-JUN 2024 |
JAN - JUN 2025 |
JAN - JUN 2024 |
JAN - DEC 2024 |
|---|---|---|---|---|---|
| Net profit/loss after tax | -11.2 | 34.5 | -16.4 | 25.1 | 68.6 |
| Total comprehensive income | -11.2 | 34.5 | -16.4 | 25.1 | 68.6 |
PARENT COMPANY BALANCE SHEET IN SUMMARY
| MSEK | 30 JUN 2025 | 30 JUN 2024 | 31 DEC 2024 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 26.2 | - | 2.3 |
| Tangible assets | 0.8 | 0.8 | 0.9 |
| Assets with right to use | 30.8 | 38.0 | 32.2 |
| Shares in group companies | 0.4 | 0.4 | 0.4 |
| Total fixed assets | 58.2 | 39.3 | 35.8 |
| Inventories | 10.1 | 7.8 | 8.5 |
| Accounts receivable - trade | 40.9 | 45.5 | 29.6 |
| Other current assets | 18.8 | 20.2 | 33.0 |
| Cash and cash equivalents | 30.1 | 60.2 | 87.5 |
| Total current assets | 99.8 | 133.7 | 158.5 |
| TOTAL ASSETS | 158.1 | 173.0 | 194.3 |
| EQUITY AND LIABILITIES | |||
| Share capital | 3.8 | 3.8 | 3.8 |
| Share premium | 20.3 | 20.3 | 20.3 |
| Restricted equity | 24.1 | 24.1 | 24.1 |
| Statutory reserve | 7.8 | 7.8 | 7.8 |
| Profit brought forward | 36.1 | 34.4 | 69.0 |
| Non-restricted equity | 43.9 | 42.2 | 76.8 |
| Total equity | 68.0 | 66.4 | 100.9 |
| Long term leasing liabilities related to assets with right to use | 17.0 | 25.2 | 19.5 |
| Total long term liabilities | 17.0 | 25.2 | 19.5 |
| Accounts payable - trade | 6.7 | 3.6 | 7.6 |
| Short term leasing liabilities related to assets with right to use | 12.1 | 11.1 | 11.3 |
| Other current liabilities | 54.2 | 66.8 | 55.0 |
| Total current liabilities | 73.0 | 81.5 | 73.9 |
| TOTAL EQUITY AND LIABILITIES | 158.1 | 173.0 | 194.3 |
Other comments
ACCOUNTING PRINCIPLES
This interim report summary for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Annual Accounts Act. The interim report for the parent company has been prepared in accordance with Chapter 9 of the Annual Accounts Act, Interim Reports. Disclosures in accordance with IAS 34 are provided in the notes and elsewhere in the interim report. The accounting principles applied for the Group and the parent company are consistent with the accounting principles used in the preparation of the most recent annual report. For financial assets and liabilities with short maturities, the carrying amount is a reasonable estimate of fair value.
SIGNIFICANT RISKS AND UNCERTAINTIES
Through its operations, the Group is exposed to risks and uncertainties. These risks and uncertainties are the same for the parent company and the Group.
are described in the 2024 annual report on page 36 and in Note 4 on pages 52-54.
SEASONAL EFFECTS
MSAB is not dependent on certain seasons in the sense normally associated with the term seasonal effect. However, most of the company's customers have a purchasing pattern that follows their budget period. Budget periods vary between countries, but typically in MSAB's major markets they are the calendar year or the end of September. Historically, this has been reflected in sales in such a way that the second half of the year is normally stronger than the first half.
RELATED PARTY TRANSACTIONS
Related party transactions mainly refer to transactions between the parent company and its subsidiaries. These are described in the 2024 annual report on page 62, note 25.
ANNUAL GENERAL MEETING (AGM) 2025
MSAB held its annual general meeting on 14 May 2025. The meeting re-elected Jesper Kärrbrink, Fredrik Nilsson, Andreas Hedskog and Helena Holmgren as members of the Board of Directors and elected Patrik Fältström, Christian Hellman and Erik Ivarsson as new members. The meeting re-elected Jesper Kärrbrink as Chairman of the Board. The meeting resolved, in accordance with the Board's proposal, to distribute a dividend of SEK 1.50 per share and to carry forward the remaining profits. The dividend will be distributed in two instalments, with SEK 1.00 being paid in May 2025 and SEK 0.50 expected to be paid in November 2025. The meeting also resolved to introduce a long-term incentive programme, LTIP 2025, with the main purpose of encouraging personal long-term ownership in MSAB and creating incentives for increased commitment and performance among participants. The programme has a term of approximately three years. More information about the decisions made at the Annual General Meeting and their content is available at www.msab.com.
SIGNIFICANT EVENTS DURING THE PERIOD No significant events occurred during the period.
SIGNIFICANT EVENTS AFTER THE PERIOD No significant events occurred after the period.
AUDITOR REVIEW
This interim report has not been reviewed by the auditors.
FINANCIAL CALENDAR
| Interim report, Q3 | 2025-10-28 |
|---|---|
| Year-end report 2025 | 2026-01-27 |
QUARTERLY DATA
| 2025 | 2024 | 2023 | 2022 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | |
| Net sales, MSEK | 80.5 | 94.1 | 117.5 | 115.2 | 79.1 | 92.8 | 116.9 | 108.0 | 104.7 | 87.4 | 106.6 | 93.7 | 87.1 |
| Gross margin, % | 93.7 | 93.8 | 95.4 | 92.7 | 95.5 | 93.7 | 91.2 | 93.0 | 83.8 | 94.0 | 69.8 | 82.5 | 89.9 |
| EBIT, MSEK | -17.4 | -1.2 | 27.5 | 31.0 | -3.5 | -8.7 | 4.9 | 25.1 | 2.7 | 8.2 | 7.7 | 8.7 | 2.7 |
| EBIT-margin, % | -21.6 | -1.3 | 23.4 | 26.9 | -4.4 | -9.4 | 4.2 | 23.2 | 2.6 | 9.3 | 7.2 | 9.2 | 3.1 |
| Earnings after tax, KSEK | -14.4 | -2.7 | 24.4 | 23.5 | -2.8 | -7.6 | 0.9 | 19.5 | 2.9 | 6.7 | 6.3 | 6.8 | 2.7 |
| Earnings per share, SEK | -0.78 | -0.15 | 1.32 | 1.27 | -0.15 | -0.41 | 0.05 | 1.06 | 0.16 | 0.36 | 0.34 | 0.37 | 0.15 |
| Cash flow from operating activities, MSEK | 10.5 | -3.0 | 24.4 | -1.4 | 1.2 | 18.8 | 27.4 | 1.9 | 21.7 | 24.0 | 43.3 | 0.0 | 1.0 |
| Return on equity, % | -15.7 | -2.3 | 19.8 | 19.3 | -2.8 | -6.5 | 0.8 | 16.2 | 2.8 | 6.2 | 6.1 | 7.2 | 3.4 |
| Return on capital employed, % | -17.9 | -0.5 | 25.7 | 26.4 | -2.5 | -5.0 | 5.1 | 21.9 | 4.5 | 8.9 | 9.6 | 11.5 | 6.0 |
| Equity ratio, % | 38.4 | 46.0 | 45.4 | 41.1 | 36.0 | 40.2 | 41.6 | 45.6 | 41.4 | 43.2 | 40.2 | 50.7 | 47.4 |
| Cash flow from operations/per share, SEK | 0.57 | -0.16 | 1.32 | -0.08 | 0.07 | 1.02 | 1.48 | 0.10 | 1.17 | 1.30 | 2.33 | 0.00 | 0.05 |
| Equity per share, SEK | 5.01 | 6.73 | 7.06 | 6.14 | 4.95 | 6.07 | 6.27 | 7.02 | 5.99 | 6.65 | 6.29 | 6.02 | 5.41 |
Definitions
MSAB presents certain financial metrics in the interim report that are not defined under IFRS. The company believes that these metrics provide valuable supplementary information to investors and the company's management as they allow for evaluation of the company's performance. Because not all companies calculate financial measures in the same way, these are not always comparable with metrics used by other companies. These financial metrics should therefore not be regarded as replacements for metrics defined in accordance with IFRS. The table below presents the alternative key figures that have been deemed relevant. Calculations of the company's alternative performance measures listed below can be found on the company's website.
| ALTERNATIVE METRICS | DEFINITION AND CALCULATION |
|---|---|
| Cash flow from operating activities per share |
Cash flow from operating activities in relation to the average number of shares outstanding before/after dilution. Measures the company's cash generation in relation to the number of shares, i.e. from a shareholder perspective. |
| Capital employed & Average capital employed |
Capital employed is calculated as total assets less non-interest-bearing liabilities. Average capital employed is calculated as capital employed over a 12-month period. |
| Capital employed at the beginning of the period plus capital employed at the end of the period divided by two. Measures the group's use of capital and efficiency. |
|
| Earnings per share* | Profit after tax in relation to the average number of outstanding shares before/after dilution. This ratio is of great importance when assessing the value of a share. |
| Equity per share* | Equity in relation to the number of shares at the end of the period. Shows the owners' share of the company's total equity per share. Measures the net worth of the company per share. |
| Equity ratio, % | Equity capital in relation to total assets. Shows the proportion of assets financed by equity and can be used as an indication of the company's long-term solvency. |
| Net financial items | The net of financial income and financial expenses to understand in a simplified way its impact on the result. |
| Operating margin (EBIT margin), % | Operating profit (EBIT) in relation to net sales. Aims to show the degree of profitability of current operations. |
| Operating profit (EBIT) | Net sales minus operating expenses. Shows the underlying performance of the business. |
| Return on capital employed 12 months, % |
Operating profit (EBIT) plus financial income in relation to average capital employed. Return on capital employed shows how well the business uses the capital tied up in operations. It is used to measure the group's profitability over time. |
| Return on equity 12 months, % | Profit after tax in relation to equity. Equity at the end of the period plus equity at the beginning of the period divided by two. Average equity is calculated as equity over a 12-month period. The measure is mainly used to analyse owner profitability over time. |
| Revenue growth, % | Increase or decrease in net sales expressed as a percentage in relation to the corresponding period of the previous year. The key figure aims to show how demand for the company's products is developing. |
* Defined according to IFRS
RECONCILIATIONS OF MEASUREMENTS THAT ARE NOT DEFINED UNDER IFRS
| 2025 | 2024 | 2023 | 2022 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MSEK | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 |
| Total assets, MSEK | 240.8 | 270.4 | 287.0 | 275.9 | 254.2 | 325.0 | 278.3 | 284.0 | 267.4 | 284.5 | 288.8 | 219.2 | 210.9 |
| Accounts payables, MSEK | -7.7 | -6.8 | -8.4 | -6.2 | -5.4 | -1.0 | -6.7 | -4.9 | -8.7 | -3.8 | -12.3 | -7.8 | -5.8 |
| Current tax liabilities, MSEK | -1.5 | -1.6 | -1.5 | -2.9 | -3.3 | -3.1 | -2.4 | -2.5 | -1.6 | -1.9 | -7.4 | -9.0 | -7.5 |
| Leasing liabilities related to assets with | |||||||||||||
| right to use | -42.2 | -45.8 | -45.1 | -41.2 | -44.3 | -42.7 | -45.6 | -48.5 | -51.9 | -52.2 | -55.5 | -7.9 | -10.8 |
| Other liabilities, MSEK | -96.9 | -91.8 -101.6 -112.1 -109.8 -166.2 -107.7 | -98.6 | -94.6 | -103.8 | -97.4 | -83.3 | -86.7 | |||||
| Capital employed, MSEK | 92.5 | 124.3 | 130.4 | 113.5 | 91.4 | 112.0 | 115.9 | 129.5 | 110.6 | 122.8 | 116.1 | 111.1 | 100.0 |
| Average capital employed, MSEK | 92.0 | 118.2 | 123.2 | 121.5 | 101.1 | 117.4 | 116.0 | 120.3 | 105.3 | 98.9 | 103.3 | 94.2 | 78.8 |
Signatures of the Board
The Board of Directors and the CEO of Micro Systemation AB (publ) (MSAB) certify that the half-year report provides a fair and true view of the parent company's and the Group's operations, financial position and results, and describes the significant risks and uncertainties that the parent company and its subsidiaries are facing.
Stockholm, July 18, 2025
JESPER KÄRRBRINK Chairman of the Board
FREDRIK NILSSON Board member
ANDREAS HEDSKOG Board member
ERIK IVARSSON Board member
CHRISTIAN HELLMAN Board member
PETER GILLE CEO
HELENA HOLMGREN Board member
PATRIK FÄLTSTRÖM Board member
This information is information that Micro Systemation AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. This report has been prepared in both a Swedish and an English version. In the event of any discrepancies between the two, the Swedish version shall apply. The information was submitted for publication at 08:00 CET on July, 2025.
The report and previous financial reports and press releases are available on the company's website www.msab.com.
Contact
Peter Gille CEO [email protected]
Tony Forsgren
CFO
Address: Box 17111 SE-104 62 Stockholm Sweden
| Web: | www.msab.com |
|---|---|
| Tel: | +46 8739 0270 |
| Fax: | +46 8730 0170 |
| Org nr: | 556244-3050 |
| VAT nr: | SE556244305001 |
MSAB in brief
MSAB is a world leader in forensic technology for extracting and analysing data from seized mobile devices and other digital devices. The Company develops high-quality and userfriendly software that has become a de facto standard for many authorities and organisations aiming to secure evidence in criminal investigations. Products can be supplemented with tools for administration and reporting, as well as a wide range of training programs with certifications in digital forensics technology. The Company develops innovative solutions that make evidence retrieval faster, easier, and more efficient, thereby creating significant value for law enforcement agencies. MSAB has clear growth strategies combined with a business model that provides scalability and a high degree of recurring revenue through license renewals.
MSAB operates in a rapidly evolving market where law enforcement agencies worldwide face significant challenges. By investing long-term in research and product development, marketing, and sales efforts, MSAB will further strengthen its market position. The Company believes that the need for professional tools for extracting and analysing data from mobile devices will continue to grow. MSAB is primarily focused on organic growth but also evaluates acquisitions in certain cases.
MSAB is represented in over 100 countries globally, through direct sales and partners.
WHO?
MSAB assists law enforcement agencies such as police, defense, migration authorities, corrections, customs, and others in conducting their investigations and missions. Typical users of MSAB's products include experts in digital forensics, investigators, analysts, and police officers in the field.
WHERE?
MSAB is represented with its own personnel in 16 countries and serves customers on all continents through its own sales offices and partners.
WHAT?
The Company offers solutions for extracting and analysing data from digital devices such as mobile phones, vehicles and drones, as well as products that can unlock digital devices, extract information and then decrypt it.
SUSTAINABILITY
MSAB aims to contribute to sustainable development by actively and responsibly ensuring that its operations are conducted in a manner that upholds the Company's values and respects people, society, and the environment. The Company's most significant impact lies in how it can contribute to reducing crime and enhancing security in society. Since the Company primarily develops software, its environmental impact is limited. MSAB ensures that it complies with environmental requirements in the markets in which it operates.
MSAB's Offering
Together, MSAB's products and services create mobile forensic solutions that enable law enforcement and other agencies to secure digital evidence in mobile phones and other digital devices based on a legally secure process.
The solutions ensure the best possible working practices and results for users, including police officers in the field, investigators, digital forensic experts in laboratories, analysts, court officials, and others.
Analyse data faster and
easier, with higher precision
Managing and monitoring mobile forensic tools and their usage
Collaborate in real time with multiple investigators on joint cases
SERVICES PROVIDED
MSAB Office
MSAB Kiosk
MSAB Express
Strategy Implementation Education
and training
- INTERIM REPORT Q2 APRIL - JUNE 2025 15 Support Access Services