ContextVision AB — Audit Report / Information 2025

Feb 19, 2026

ContextVision AB: Year-end report 2025 Substantial progress in transformation amid early signs of stabilization

ContextVision AB: Year-end report 2025 Substantial progress in transformation amid early signs of stabilization

Q4 Highlights

* Minor growth in revenue when excluding currency effects.

* Reached a major milestone in the Data Quality initiative with the first

patient enrolled in the clinical development program for liver disease

diagnostics.

* Successfully launched a new clinically focused product line at RSNA 2025.

* Sustained customer engagement and initiated new strategic discussions in a

challenging market environment.

* Initiated changes in the sales and marketing departments to support the

continued transition toward a more technically oriented sales organization.

Q4 Financial Data

* Revenue of 31.7 MSEK (34.1), down --7.3%.

* EBITDA amounted to 5.2 MSEK (9.1) with an EBITDA margin of 16.5% (26.8).

* Adjusted EBITDA amounted to 7.9 MSEK (11.4) with an adjusted EBITDA margin

of 24.9% (33.4).*

* Cash flow from operating activities was 4.6 MSEK (9.1).

* Earnings per share was 0.05 SEK (0.08).

* Adjusted earnings per share was 0.08 SEK (0.11).*

Full Year Financial Data

* Revenue of 110.3 MSEK (130.7), down --15.6%.

* EBITDA amounted to 7.2 MSEK (38.7) with an EBITDA margin of 6.5% (29.6%).

* Adjusted EBITDA amounted to 19.1 MSEK (45.8) with an adjusted EBITDA margin

of 17.3% (35.1%).*

* Cash flow from operating activities was 4.4 MSEK (32.9).

* Earnings per share was 0.01 SEK (0.32).

* Adjusted earnings per share was 0.17 SEK (0.41).*

*ContextVision adjusts for investments in Data Quality to facilitate analysis

of the underlying business. The investments amounted to 2.7 MSEK in Q4 and

11.9 MSEK for the full year of 2025.

Substantial progress in transformation amid early signs of stabilization

During the fourth quarter and the conclusion of 2025, ContextVision continued

to navigate a challenging market environment while making important and

decisive progress in our strategic transformation. Despite ongoing global

uncertainty, we strengthened our long-term position through a major milestone

in Data Quality, marked by the completion of the first patient first visit,

further development of our Image Quality offering, and by maintaining close

and constructive relationships with our customers.

Revenue for the fourth quarter amounted to 31.7 MSEK (34.1), a decline of

-7.3% compared to Q4 2024. The decline in the quarter is primarily

attributable to translational FX effects, as currency exchange rate movements

had a negative impact on sales of -8.5%, corresponding to -2.9 MSEK. This was

mainly driven by significant fluctuations in the USD/SEK rate compared to the

prior year. It is also important to note that the comparable quarter last year

benefited from a temporary sales push from a customer in Asia toward the end

of the quarter, which positively impacted that year's comparison.

Adjusted EBITDA came in at 7.9 MSEK (11.4), corresponding to a margin of 24.9%

when excluding investments in Data Quality of 2.7 MSEK. The reduced

profitability is partly driven by crucial investment into the company's

general infrastructure, IT, quality assurance and R&D capabilities, which we

anticipate will be of long-term benefit for competitiveness in the market.

Toward the end of the year, we also implemented a shift within the sales and

marketing department of the organization, resulting in a one-off cost impact

of approximately 2.2 MSEK. These changes support the continued transition

toward a more technically oriented sales organization.

Market conditions throughout 2025 remained demanding for the healthcare and

medical imaging sector. Reduced healthcare budgets, geopolitical uncertainty,

new trade barriers, and a generally cautious investment climate affected not

only our customers but also their end markets. During the fourth quarter, we

began to observe early signs of stabilization in the market, with the rate

of decline moderating compared to earlier in the year. While this development

is encouraging, it remains too early to draw conclusions regarding any broader

or sustained shift in market conditions.

One of our most significant achievements of the year was within Data Quality.

Early in the fourth quarter, we announced the completion of the first patient

first visit in our clinical development program for liver disease diagnostics.

The program is conducted at the University of Washington in Seattle, USA. This

milestone followed successful Institutional Review Board (IRB) approval,

completion of the technical setup, and validation of investigational

ultrasound sequences. It represents an important step forward in our

innovation program and in our ambition to develop clinically relevant,

AI-powered, quantitative diagnostic solutions with significant potential in

the global market.

During the fourth quarter, we participated in the RSNA (Radiological Society

of North America), where we successfully launched a new line of clinically

focused products. The interest and feedback we received further validated our

strategic direction to complement our market-leading Image Quality solutions

with products that seamlessly fit into clinical ultrasound workflows, while

also enhancing collaboration and standardization. During the quarter we also

initiated new and strategically relevant discussions with customers, that we

believe can create value over time.

For the full year, revenue amounted to 110.3 MSEK (130.7), with an adjusted

EBITDA of 19.1 MSEK (45.8). The financial outcome reflects a year marked by

challenging market conditions and continued uncertainty. Against this

backdrop, I am particularly pleased with the progress we have made within Data

Quality and with the strength of our customer relationships. The trust and

long-term partnerships we have built and nurtured over many years will

continue to provide a solid foundation for stability and future growth.

As we enter 2026, we do so with a clear sense of direction. Context-Vision is

well on its way to transforming into a company

with the capacity to meet the evolving needs of modern healthcare. By

combining our deep expertise in image quality with data-driven, clinically

focused quantitative imaging solutions, we are positioning Context-Vision for

sustainable long-term value creation.

Dr. Dr. Gerald Pötzsch

Chief Executive Officer

For more information, please contact

Richard Hallström

Chief Financial Officer

richard.hallstrom@contextvision.com

About ContextVision

ContextVision is a software company specialized in image analysis and

artificial intelligence. As the global market leader within image enhancement,

we are a trusted partner to leading manufacturers of ultrasound, X- ray and

MRI equipment around the world. Our expertise is to develop powerful software

products, based on proprietary technology and artificial intelligence for

image-based applications. Our cutting-edge technology helps clinicians

accurately interpret medical images, a crucial foundation for better diagnosis

and treatment. The company, established in 1983, is based in Sweden with local

representation in the U.S., Japan, China and Korea. ContextVision is listed on

the Oslo Stock Exchange under the ticker CONTX.

This information has been submitted pursuant to the Securities Trading Act §

5-12 and MAR Article 17. The information was submitted for publication,

through the agency of the contact persons set out above, at 2026-02-19 08:00

CET.