Interim Financial Report First Quarter 2025

2025

ContextVision AB First Quarter 2025

Q1 Highlights

Partnership signed with the University of Washington as we progress our aim to develop organ-specific digital biomarkers
Investments in ultrasound equipment to support our clinical research in the U.S.
Attended the ECR Conference with high interest from current and potential customers
Fruitful collaborations with customers to support a larger part of the image processing chain

Q1 Financial Data

Revenue of 26.3 MSEK (34.7) , down 24,2%.
EBITDA amounted to -1.6 MSEK (12.8) with an EBITDA margin of -6.3% (36.9).
Adjusted EBITDA amounted to 2.1 MSEK (14.0) with an adjusted EBITDA margin of 8.1% (40.3).*
Cash flow from operating activities was 0.3 MSEK (7.1).
Earnings per share was -0,04 SEK (0.11).
Adjusted earnings per share was 0.01 SEK (0.13).*

^* ContextVision do adjustments for investments in Data Quality to make it easier to analyse the underlying business. The investments amounted to 3.8 MSEK in Q1 2025.

Executing on our strategy for Image Quality and Data Quality

The first quarter of the year has been eventful from many perspectives. Global macroeconomic factors continue to create uncertainty in the market, combined with an unfavorable seasonality for us. Despite this, we remain firmly committed to executing on our long-term strategy, with new partnerships within Data Quality, record high interest from both existing and potential Image Quality customers, and an increasing focus on expanding our revenue streams from Services.

Revenue from the first quarter amounted to 26.3 MSEK (34.7), a decrease of 24.2% compared to the record high Q1 2024. The decline is primarily explained by translational FX of -1.8%, seasonal impacts affecting sales among some of our larger customers, and an unfavorable ultrasound customer mix as new platforms, in which we are not yet integrated in, gained market share. In addition, the sales push from one customer in Q4 had a dampening effect on their sales this quarter.

Adjusted EBITDA came in at 2.1 MSEK (14.0), corresponding to an adjusted EBITDA margin of 8.1% when excluding investments in Data Quality of 3.8 MSEK. The decrease in profitability was primarily driven by increased investments and transactional FX effects of -3.9 MSEK year-on-year, as the SEK strengthened against USD and EUR. Our investments are related to Data Quality and the start of the clinical study, including the onboarding of new partners and investments in hardware, IT and associated equipment. We expect investment levels in Data Quality to stay elevated going forward, as the study progresses.

As we move forward, we continue to execute our strategy across both Image Quality and Data Quality. In Image Quality we are engaging in an unprecedented number of close collaborations with customers, where we can provide high-quality

support across the image processing chain. This expands our share of wallet by providing greater value and thereby strengthening our revenue resilience, particularly if license sales fluctuate.

In Data Quality, we are taking significant steps. During the quarter, we signed a partnership with the University of Washington to initiate clinical research aimed at developing AI-based solutions for organ-specific data interpretation. After the quarter, we further strengthened our position through partnerships with the University of Waterloo's Laboratory on Innovative Technology in Medical Ultrasound (LITMUS) and InPhase Solutions AS. These collaborations enhance our technical and clinical capabilities in developing digital biomarkers for the early detection and monitoring of liver diseases. Today, approximately 25% of the global population is estimated to be affected by fatty liver disease, creating a growing societal need for non-invasive diagnostic solutions. We have a clear ambition of taking a leading role in this market, and we look forward to announcing more partnerships supporting this mission in the near future.

Finally, I would like to highlight the strong reputation that ContextVision holds in our field. At the European Congress of Radiology in Vienna in February we recorded a record number of customer meetings, and successfully renewed several contracts.

Looking ahead, we anticipate continued quarterly market fluctuations. However, by consistently executing on our dual strategy across Image and Data Quality, we are building new revenue streams and sources of growth while maintaining control of near-term cash flow.

Dr. Dr. Gerald Pötzsch Chief Executive Officer ContextVision AB

Data Quality and Point-of-care ultrasound

Point of Care Ultrasound

Point of Care Ultrasound (POCUS) is when ultrasound is used for near-patient testing, directly in the care setting to quickly diagnose a patient's condition. This facilitates early identification of various health conditions that are today usually diagnosed later in specialist care.

Today, there are 110 million people in North America alone who suffer from a chronic condition, which translates into 800 billion USD spent on healthcare. Worldwide, approximately 25% of the population suffer from "fatty liver". Following the increasing prevalence of chronic conditions, escalating costs, and growing pressure on healthcare staff – there is a clear and pressing need for a transformation in care pathways and reduced involvement of specialised readers. In this context, leveraging data quality in POCUS and quantitative machine-aided diagnostics could significantly transform and improve healthcare efficiency and patient outcomes.

ContextVision's Approach to Data Quality

Our strategic entry into Data Quality builds on our extensive expertise in medical image quality to optimize images for visual diagnostic interpretation. We specialize in the use of advanced image processing algorithms and artificial intelligence to achieve reliable and consistent quality in ultrasound images – a solid base for diagnostic confidence as well as for accurate analysis and measurements. ContextVision is specifically targeting compact ultrasound systems with organ-specific applications.

Building a Research Ecosystem to Advance MASLD Diagnostics

In early 2025, we signed a partnership agreement with the University of Washington (Seattle, WA), globally renowned for its medical and scientific research. In April we onboarded the University of Waterloo's Laboratory on Innovative Technology in Medical Ultrasound (LITMUS) in Canada and InPhase Solutions AS in Norway to enhance our clinical and technical capabilities. Together, we aim to revolutionize the early detection and staging of metabolic dysfunction-associated steatotic liver disease (MASLD), a serious liver condition affecting hundreds of millions of individuals worldwide.

Our primary objective is to develop a multiparameter biomarker that enables accurate and early detection of MASLD. By utilizing the combination of clinical data and AI-driven analysis, we aim to give healthcare providers a tool capable of screening and staging liver disease with great precision. This could greatly improve patient outcomes by identifying the disease at an earlier, reversible stage. Furthermore, the development of this biomarker sets a foundation for exploring digital biomarkers in other organ systems, paving the way for a comprehensive suite of diagnostic solutions in the future.

By improving image analysis and automating the interpretation of ultrasound images, we see an opportunity to make ultrasound diagnostics more accessible and accurate, which can have a significant impact on the diagnosis and follow-up of liver diseases. For instance, in North America, this disease ranks as the second leading cause for adult liver transplantation and the third most common cause of liver cancer.

Business Model and Revenue Streams

ContextVision has a well-established business model as an industry leader in image enhancement for medical imaging and a long-term partner to some of the largest manufacturers of ultrasound systems. These strong ties provide us with a solid foundation for continued growth, especially within Data Quality as a new business area offering a transformative growth potential. Our revenue streams generally come from licensing our software to OEMs (Original Equipment Manufacturers) and integrating our technology into their devices. It is a scalable and cost-effective strategy that lets us concentrate on research and development - the core of our business - while giving our partners the opportunity to offer more competitive products in the market.

Our growth strategy for Data Quality specifically, still under refinement as we develop the technology, also includes strategic exploration of potential partnerships, possibly supplemented by mergers and acquisitions. We are committed to investing into developing multiparameter digital biomarkers organically and building organ-specific applications aimed at streamlining disease management.

ContextVision's entry in Data Quality is a natural extension of our image quality business. With our deep expertise and strong partnerships in the fields of ultrasound, X-ray, and MRI, we are ideally positioned for growth and poised to take a leading role in a field that is set to revolutionize the future of diagnostics.

Financial information

First Quarter 2025

Revenue

ContextVision's revenue in the first quarter amounted to 26.3 MSEK (34.7). This represents a decrease of –24.2% compared to the same quarter previous year. The decline can be explained by seasonality effects due to lower sales from certain large customers, an unfavorable customer mix within Ultrasound and lower sales from a customer who made a sales push in Q4.
The currency exchange rates had an effect on sales of –1.8% in the quarter.

Expenses

Other external costs for the quarter amounted to 10.1 MSEK (8.2) where the increase is due to higher general and administrative costs and investments in Data Quality.
Employee benefits amounted to 15.3 MSEK (14.8).
Other operating expenses amounted to 2.5 MSEK (1.6). The increase is related to FX losses.
The total operating expenses for the quarter was 30.3MSEK (27.2).

Key Performance Indicators	Q1 2025	Q1 2024	Full year 2024
Revenue (KSEK)	26,275	34,673	130,670
EBITDA (KSEK)	–1,654	12,816	38,677
EBITDA margin %	–6.3%	37.0%	29.6%
Adjusted EBITDA* (KSEK)	2,131	13,990	45,815
Adjusted EBITDA margin* %	8.1%	40.3%	35.1%
Operating result (KSEK)	–3,148	10,978	29,807
Operating margin %	–12.0%	31.7%	22.8%
Adjusted operating result* (KSEK)	637	12,152	36,944
Adjusted operating margin* %	2.4%	35.0%	28.3%
Net results (KSEK)	–3,079	8,570	24,679
Profit margin %	–11.6%	31.3%	24.0%
Adjusted net results* (KSEK)	706	9,744	31,816
Adjusted profit margin* %	2.8%	34.7%	29.5%
Earnings per share (SEK)	–0.04	0.11	0.32
Adjusted earnings per share* (SEK)	0.01	0.13	0.41
*Adjustment for investment in Data Quality (KSEK)	3,785	1,174	7,137
Equity ratio %	72.2%	73.7%	72.4%
Cash flow from operating acitivies	284	7,114	32,935
Cash and cash equivalents at end of period	70,642	64,914	74,370

*Data Quality was formerly named Point-of-Care Ultrasound

Earnings

Adjusted EBITDA reached 2.1 MSEK (14.0) in the quarter, down –84.8% from the first quarter last year. The adjusted EBITDA margin was 8.1% (40.3). The decrease compared to the same quarter last year is primarily attributed to FX (3.9 MSEK y/y) as SEK strengthened against USD and EUR, increased investments in Data Quality with the onboarding of partners and investments in hardware, IT and related equipment. Transactional FX had an effect of –2.0 MSEK in the quarter.
The adjusted operating result for ContextVision was 0.6 MSEK (12.2) in the first quarter, a decrease of –94.8% compared to the same quarter last year. The adjusted operating margin was 2.4% (35.0). The decrease can mainly be explained by the lower revenue and higher operating expenses.
The adjusted net result was –3.1 MSEK (8.6).
The adjusted earnings per share was 0.01 SEK (0.13)

Cash flow and financing

The cash flow from operating activites was 0.3 MSEK (7.1).
The cash flow from investing activities amounted to –3.2 MSEK (0.0).
The cash flow from financing activities was –0.8 MSEK (–0.3).
The cash flow in the first quarter was –3.7 MSEK (6.8) and the cash balance at the end of the period was 70.6 MSEK (64.9).
Equity at period end amounted to 91.1 MSEK (86.1), giving an equity ratio of 72.2% (73.7).

Significant events during the quarter

• On February 3, ContextVision published a press release regarding a partnership agreement with Univesity of Washington to advance liver disease diagnosis.

Significant events after the quarter

• On April 7, ContextVision published a press release regarding a partnership agreement with the University of Waterloo in Canada and InPhase Solutions AS in Norway to advance ultrasound diagnostics for MASLD.

Financial instruments

The Group's financial instruments consist of cash and bank deposits, accounts receivable (trade), accounts payable and other short-term liabilities related to operations.
The Group no longer holds any derivatives.

Other income

• Other Income was 0.90.9 MSEK in the quarter and consists of 0.7 MSEK FX and other operating income of 0.2 MSEK.

Employees and management

• At period end the group had 42 (38) employees of which 14 (13) are dedicated to research and development. Two employees are located in the USA and one in China.

ContextVision group

The group consists of ContextVision AB (publ.), company registration number 556377-8900, with shares registered at the Oslo Stock Exchange, as parent company and ContextVision Inc Corp registration number 36-4333625 State of Illinois, USA, as a wholly owned subsidiary.
Operations in the group are conducted primarily in the parent company and consist of research and development, sales, marketing and administrative functions.

Risks & uncertainties

ContextVision's major risk factors include business risks connected to the general global financial situation, to the level of healthcare investment on different markets, currency exchange risks, the company's ability to recruit and keep qualified employees and the effect of political decisions.
Russia's invasion of Ukraine has affected the company. We have stopped all marketing to the Russian market and deliver no licenses to Russia at this time. We have so far had limited contact with our customers in Ukraine, but deliver licenses to one Ukrainian customer.
There are risks related to higher energy prices, supply chain issues and inflation that may affect ContextVision.
ContextVision is to a low extent directly affected by tariffs, but may indirectly be affected by tariffs as they pose a risk for customers.
The company's risk factors are described in more detail in the 2024 annual report. The risks and uncertainties have not changed significantly since then.

Basis of preparation

The consolidated financial statements for the first quarter ended March 31st, 2025, have been prepared in accordance with the Annual Accounts Act (Sw ÅRL), IAS 34 Interim Financial Reporting and recommendation RFR 1 of the Swedish Corporate Reporting Board (RFR), and with regards to the Parent Company, RFR 2.
The accounting currency of the parent company is the Swedish krona which also is the functional currency for the group. All amounts, if nothing else is stated, are presented in SEK thousand with one decimal. The amounts in tables and reports do not always sum up exactly to the total amount due to rounding. The purpose is that each amount should equal its origin and rounding differences can therefore occur.

New and changed accounting policies

• No new or changed accounting policies have had effect on the accounting for the period. A new standard, IFRS 18, for presentation and disclosures in financial reports was pub lished on April 9, 2024, and will come into effect from January 1, 2027, if adopted by the EU. ContextVision assesses that this standard will impact financial reports and is currently analyzing the details of the standard and its implications.

The 10 largest shareholders as per March 31st, 2025	No of shares	(%)
Monsun AS	23,000,000	29.7%
Martin Hedlund	8,566,660	11.1%
Sven Günther-Hanssen	8,516,670	11.0%
Tauri AS	3,883,275	5.0%
Carnegie Investment Bank AB	3,860,306	5.0%
Bras Kapital AS	2,954,154	3.8%
MP Pensjon	2,503,023	3.2%
Swedbank AB	2,057,023	2.7%
J.P Morgan SE	2,000,000	2.6%
Avanza Bank AB	1,907,911	2.5%
Others	18,118,478	23.4%

Total outstanding shares 77,367,500 100.0%

The board of directors and the CEO assurance

• We confirm to the best of our knowledge that the condensed set of financial statements for the period January 1st to March 31st, 2025 has been prepared in accordance with the Annual Accounts Act (Sw ÅRL), IAS 34-Interim Financial Reporting, and gives a true and fair view of the Group's assets, liabilities, financial position and result for the period viewed in the entirety, and that the interim management report, to the best of our knowledge, includes a fair review of any significant events that arose during the threemonth period and their effect on the three-month financial report, and any significant related parties transactions.

Stockholm 2025-05-07

Olof Sandén – Chairman of the board Sven Günther-Hansen – Member of the board Martin Hedlund – Member of the board Martin Ingvar – Member of the board Gerald Pötzsch – CEO of ContextVision AB

This report has not been reviewed by the company's auditors.

Presentation and reporting dates

This quarterly report will be published on the company's website on the 7th of May.

There will be a virtual recording released on the 7th of May. Please follow the link: www.contextvision.com/investors/webcast/

Please visit www.contextvision.com for further information or use [email protected] to send a question directly to management.

Reporting dates

Annual General Meeting	May 13, 2025
Q2 result 2025	August 26, 2025
Q3 result 2025	November 6, 2025
Q4 and 12 months 2025	February 19, 2026

Contextvision fast facts

ContextVision is a software company that specializes in image analysis, image processing and artificial intelligence for ultrasound, X-ray and MRI equipment.
ContextVision is the global market leader within image enhancement and is a software partner to leading medical imaging manufacturers all over the world.
The parent company is based in Sweden, with local representation in the U.S., Japan, China and South Korea.
ContextVision is a spin-off from the Image Processing Laboratory at Linköping University, Sweden. The corporate identity was established in 1983 with the first OEM agreement in radiology in 1987.
The parent company's share is traded on the Oslo Stock Exchange since 1997, under the ticker CONTX.

The group offers:

More than 40 years of experience in developing software for image-based applications within the medical field.
Unprecedented image enhancement products for Ultrasound, Radiography and MRI.
Continuous reinvestment in R&D that ensures timely and rewarding upgrade paths.
Strong customer relationships and support to ensure partnership success.
ContextVision's imaging technology enables the company's customers to provide superior digital imaging solutions for hospitals and clinicians. Such solutions promise more rapid and accurate diagnoses, reduced operator eye fatigue, and ultimately, a greater return-on-investment for medical imaging users.

For more information please contact: Richard Hallström, CFO Phone +46 (0)8 750 35 50

SEK K	Q1 2025	Q1 2024	Full year 2024
Operating income
Revenue	26,275	34,673	130,670
Own work capitalised	0	0	0
Other income	895	3,532	8,534
Total operating income	27,169	38,205	139,204
Operating expences
Goods for resale	–663	–841	–3,342
Other external costs	–10,102	–8,193	–34,291
Employee benefits	–15,327	–14,780	–56,647
Depreciation, amortization and impairment of tangible and intangible
fixed assets	–1,731	–1,838	–8,633
Other operating expenses	–2,494	–1,577	–6,485
Total operating expenses	–30,317	–27,227	–109,397
Operating results	–3,148	10,978	29,807
Financial items
Financial income	166	11	1,759
Financial costs	–79	–120	–204
Total financial items	87	–109	1,555
Results after financial items	–3,061	10,869	31,362
Tax on results for the period	–30	–2,209	–6,754
Deferred tax	13	–90	70
Net result for the period	–3,079	8,570	24,679

Consolidated Statement of Profit or Loss Consolidated Statement of Comprehensive Income

			Full year
SEK K	Q1 2025	Q1 2024	2024
Net result for the period	–3,079	8,570	24,679
Other comprehensive income
Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax)
Differences in the conversion of foreign operations	–205	193	182
Effect of currency hedging	0	–497	–583
Total other comprehensive income, after tax	–205	–304	–402
Total comprehensive income for the period	–3,284	8,266	24,277

Financial Highlights for the Group

			Full year
	Q1 2025	Q1 2024	2024
Earnings per share (SEK) before/after dilution	–0.04	0.11	0.32
Average number of shares		76,126,043 77,367,500 77,330,086
Operating margin (per cent)	–12.0	31.7	22.8
Equity ratio (per cent)	72.2	73.0	72.4

Consolidated Statement of Financial Position in Summary Consolidated Statement of Cash Flow

	March 31st	March 31st	Full year
SEK K	2025	2024	2024
Assets
Capitalized expenditure for development work	3,139	5,540	3,604
Tangible fixed assets	8,755	3,071	5,649
Right-of-use assets	9,961	5,125	10,853
Financial fixed assets	2,104	966	2,104
Inventories	1,917	1,038	1,092
Current receivables	29,795	37,208	32,593
Cash and cash equivalent	70,642	64,914	74,370
Total assets	126,314	117,862	130,264
Equity and liabilities
Equity	91,149	86,091	94,257
Deferred tax liabilities	206	407	219
Non-current lease liabilities	7,006	812	7,458
Current lease liabilties	2,634	3,155	3,013
Other current liabilities	25,318	27,398	25,317
Total equity and liabilities	126,314	117,862	130,264

Consolidated Statement of Change in Equity in Summary

			Full year
SEK K	Q1 2025	Q1 2024	2024
Opening balance	94,257	77,826	77,826
Total comprehensive income for the period	–3,284	8,266	24,277
Repurchase of own shares	0	0	–7,851
Reserve for share-based payments	176	0	0
Dividend to shareholders	0	0	0
Reclassification	0	0	5
Closing balance	91,149	86,091	94,257

SEK K	Q1 2025	Q1 2024	Full year 2024
Operating activities
Operating profit	–3,148	10,978	29,807
Total operating profit	–3,148	10,978	29,807
Adjustment of items not included in the cash flow	1,464	1,838	7,936
Interest paid	–79	–109	–204
Interest received	166	0	1,759
Income tax paid	–4,564	–5,291	–11,602
Cash flow from operating activities before change in working capital	–6,161	7,416	27,696

Changes in working capital
Change in inventories	–825	816	762
Change in current receivables	5,389	–8,882	592
Change in current liabilities	1,881	7,764	3,885
Cash flow from operating activities	284	7,114	32,935
Cash flow from investing activities
Investments in tangible assets	–3,243	0	–3,651
Deposits paid	0	–40	–1,178
Cash flow from investing activities	–3,243	–40	–4,829
Cash flow from financing activities
Payment of lease liabilities	–768	–304	–4,030
Buy back of own shares	0	0	–7,851
Cash flow from financing activities	–768	–304	–11,881
Cash flow for the period	–3,727	6,770	16,225
Cash and cash equivalent
Cash and cash equivalent at the beginning of period	74,370	58,144	58,144
Cash and cash equivalent at end of period	70,642	64,914	74,370

			Full year
SEK K	Q1 2025	Q1 2024	2024
Operating income
Revenue	26,275	34,673	130,670
Own work capitalised	0	0	0
Other income	895	3,532	8,534
Total operating income	27,169	38,205	139,204
Operating expences
Goods for resale	–663	–841	–3,342
Other external costs	–12,633	–10,576	–44,516
Staff cost	–13,856	–13,745	–51,760
Depreciation, amortization and impairment of tangible and intangible
fixed assets	–839	–1,059	–3,831
Other operating expenses	–2,494	–1,577	–6,485
Total operating expenses	–30,484	–27,798	–109,934
Operating results	–3,315	10,407	29,271
Financial items
Financial income	166	11	1,759
Financial costs	–1	–82	–80
Total financial items	165	–71	1,679
Results after financial items	–3,150	10,336	30,950
Tax on results for the period	5	–2,182	–6,632
Net result	–3,145	8,154	24,318

Parent Company Change in Equity in Summary

			Full year
SEK K	Q1 2025	Q1 2024	2024
Opening balance	92,215	76,331	76,331
Total comprehensive income for the period	–3,145	7,657	23,735
Repurchase of own shares	0	0	–7,851
Reserve for share-based payments	176	0	0
Dividend to shareholders	0	0	0
Closing balance	89,246	83,988	92,215

Parent Company Income Statement Parent Company Statement of Comprehensive Income

			Full year
SEK K	Q1 2025	Q1 2024	2024
Net result for the period	–3,145	8,154	24,318
Other comprehensive income
Other comprehensive income that may be reclassified to profit or loss in subsequent periods (net of tax)
Effect of currency hedging	0	–497	–583
Total other comprehensive income, after tax	0	–497	–583
Total comprehensive income for the period	–3,145	7,657	23,735

Parent Company Balance Sheet in Summary

SEK K	March 31st 2025	March 31st 2024	Full year 2024
Assets
Capitalized expenditure for
development work	3,139	5,540	3,604
Tangible fixed assets	8,755	3,071	5,649
Financial fixed assets	2,321	1,183	2,321
Inventories	1,917	1,038	1,092
Current receivables	37,215	38,315	33,395
Cash and bank	69,798	63,973	73,613
Total assets	123,145	113,120	119,673
Equity and liabilities
Equity	89,246	83,988	92,215
Untaxed reserves	680	702	680
Current liabilities	33,219	28,429	26,778
Total equity and liabilities	123,145	113,120	119,673

Note 1 Revenue

The note concerns both the Group and the Parent Company.

Revenue by Country (MSEK)

		Full year
Q1 2025	Q1 2024	2024
5,312	9,739	29,321
10,069	11,938	48,536
1,917	3,895	13,593
4,759	4,383	18,935
0	0	0
4,217	4,719	20,285
26,275	34,673	130,670

Note 2 Adjustment for items not included in the cash flow

			Full year
SEK K	Q1 2025	Q1 2024	2024
Depreciation, amortization and impairment of tangible and intangible
assets	1,731	1,838	8,633
Other non cash flow items	–266	0	–697
Total	1,464	1,838	7,936

Note 3 Related party transactions

No related party transactions have taken place during 2025.

Note 4 Significant events during the quarter

On February 3, ContextVision announced a partnership agreement with Univesity of Washington to advance liver disease diagnosis.

Revenue by Product (MSEK)

SEK K	Q1 2025	Q1 2024 (restated)	Q1 2024 (as previously reported)	Full year 2024 (restated)	Full year 2024 (as previously reported)
XR	3,579	7,590	7,590	26,525	26,525
US	19,987	24,029	-	84,665	-
of which US 2D	-	-	23,548	-	83,740
of which US 3D	-	-	481	-	925
MR	750	1,165	1,165	4,636	4,636
Other (IRV, CT, Mammo)	203	38	38	4,162	4,162
Services	1,756	1,852	1,852	10,682	10,682
Total	26,275	34,673	34,673	130,670	130,670

As of the first quarter of 2025, the Company has combined the previously separate product categories "US 2D" and "US 3D" into a single category referred to as "US". These products have similar characteristics, markets, and margin profiles, and presenting them separately was no longer considered to provide additional value to the readers of the financial statements.

To enable comparability, figures for the first quarter and full year of 2024 have been restated in accordance with IAS 34. The table above presents revenue by product category under both the new and previous presentation formats.

Key performance indicators

			Full year
Key Performance Indicators	Q1 2025	Q1 2024	2024
EBITDA and EBITDA margin
Net results (KSEK)	–3,079	24,679	24,679
Financial items (KSEK)	–87	109	–1,555
Taxes (KSEK)	18	2,299	6,684
Depreciation, write-down and loss on disposal (KSEK)	1,494	1,838	8,870
EBITDA (KSEK)	–1,654	12,816	38,678
Net sales (KSEK)	26,275	34,673	130,670
EBITDA margin %	–6.3%	37.0%	29.6%

Adjusted EBITDA and Adjusted EBITDA margin
Adjustment for investment in Data Quality (KSEK)	3,785	1,174	7,137
Adjusted EBITDA (KSEK)	2,131	13,990	45,815
Net sales (KSEK)	26,275	34,673	130,670
Adjusted EBITDA margin %	8.1%	40.3%	35.1%

Operating margin
Operating result (KSEK)	–3,148	10,978	29,807
Net sales (KSEK)	26,275	34,673	130,670
Operating margin %	–12.0%	31.7%	22.8%
Adjusted operating result and Adjusted operating margin

Operating result (KSEK)	–3,148	10,978	29,807
Adjustment for investment in Data Quality (KSEK)	3,785	1,174	7,137
Adjusted operating result (KSEK)	637	12,152	36,944
Net sales (KSEK)	26,275	34,673	130,670
Adjusted operating margin %	2.4%	35.0%	28.3%

	Q1 2025	Q1 2024	Full year 2024
Profit margin
Result after financial items (KSEK)	–3,061	10,869	31,362
Net sales (KSEK)	26,275	34,673	130,670
Profit margin (%)	–11.6%	31.3%	24.0%
Adjusted net results and Adjusted profit margin
Result after financial items (KSEK)	–3,061	10,869	31,362
Adjustment for investment in Data Quality (KSEK)	3,785	1,174	7,137
Adjusted profit	724	12,043	38,499
Net sales (KSEK)	26,275	34,673	130,670
Adjusted profit margin %	2.8%	34.7%	29.5%
Earnings per share and Adjusted earnings per share
Net results (KSEK)	–3,079	8,570	24,679
Average number of shares		76,126,043 77,367,500 77,330,086
Earnings per share (SEK)	–0.04	0.11	0.32
Adjustment for investment in Data Quality (KSEK)	3,785	1,174	7,137
Adjusted earnings per share (SEK)	0.01	0.13	0.41
Equity ratio
Equity at period end (KSEK)	91,149	86,091	94,257
Total assets (KSEK)	126,314	117,862	130,264
Equity ratio %	72.2%	73.0%	72.4%

Definitions

ContextVision presents certain financial measures in the financial statements that are not defined under IFRS. ContextVision believes that these measures provide useful supplementary information to investors and the management as they allow for evaluation of ContextVision's performance. Because not all companies calculate the financial figures in the same way, these are not always comparable to measures used by other companies.

Key Performance Indicator (KPI)	Explanation of KPI	Explanation of use
EBITDA	Earnings before interest, taxes, depreciation, and amortization	EBITDA shows the group's underlying development, which is valuable as an indication of the group's underlying cash-generating capacity.
EBITDA margin	Earnings before interest, taxes, depreciation, and amortization in percentage of revenue	EBITDA margin shows the group's underlying development, which is valuable as an indication of the group's underlying cash-generating capacity.
Adjusted EBITDA	Earnings before interest, taxes, depreciation, and amortization adjusted for investments in Data Quality	Adjusted EBITDA shows the group's underlying develop ment adjusted for investment in Data Quality, which is valuable as an indication of the group's underlying cash-generating capacity.
Adjusted EBITDA margin	Earnings before interest, taxes, depreciation, and amortization adjusted for investments in Data Quality in percentage of revenue	Adjusted EBITDA margin shows the group's underlying development adjusted for investment in Data Quality, which is valuable as an indication of the group's underlying cash-generating capacity.
Operating margin	Operating result as a percentage of revenue	The operating margin is helpful for investors when assessing the group's potential for dividends.
Adjusted operating result	Operating result adjusted for investments in Data Quality	The adjusted operating result is helpful for investors when assessing the group's potential for dividend excluding investments in Data Quality
Adjusted operating margin	Operating result adjusted for investments in Data Quality as a percentage of revenue	The operating margin adjusted for adjusted for invest ments in Data Quality is helpful for investors when assessing the group's potential for dividends.
Profit margin	Result after financial items as a percentage of revenue	The profit margin shows the group's results per SEK revenue and is of interest for both the group and for investors.
Adjusted profit	Result after financial items adjusted for investments in Data Quality	The adjusted profit shows the group's results per SEK revenue adjusted for investments in Data Quality and is of interest for both the group and for investors.
Adjusted profit margin	Result after financial items adjusted for investments in Data Quality as a percentage of revenue	The adjusted profit margin shows the group's results per SEK revenue adjusted for investments in Data Quality and is of interest for both the group and for investors.
Earnings per share after tax (Return on equity)	Net result for the period as a percentage of the average number of shares	Earnings per share shows the group's results in relation to shares and provides investors with additional information regarding the group's profitability.
Adjusted earnings per share after tax (Return on equity)	Net result for the period adjusted for investments in Data Quality as a percentage of the average number of shares	Adjusted earnings per share shows the group's results adjusted for investments in Data Quality in relation to shares and provides investors with additional information regarding the group's profitability.
Solidity (Equity ratio)	Equity at the period end as a percentage of total assets	The equity ratio shows the group's long-term ability to pay its debts and is a complement to other key figures. It helps investors assess the possibility of dividends.

Glossary

ALTUMIRA

ContextVision's next generation image enhancement for X-ray systems. Altumira is designed with AI (deep learning) technology in comvbination with ContextVision's leading GOP technology.

ARTIFICIAL INTELLIGENCE (AI)

Artificial Intelligence is the intelligence exhibited by machines or software.

DATA QUALITY

Our aim to transfer from image quality to data quality by building organ specific applications through machine-aided interpretation.

DEEP LEARNING

Deep learning is the lav very powerful technology within machine learning; machine learning with deep neural network.

GOP® (GENERAL OPERATOR PROCESSOR)

ContextVision's methodology and technology base for image analysis and image enhancement, detecting structures in an image and relating them to their wider context in order to increase visualization accuracy.

HANDHELD ULTRASOUND

A small ultrasound unit that can be held in the hand when performing the examination, e.g. smartphones and tablet-based systems.

IMAGE ANALYSIS

Processing a digital image in order to describe/classify its contents or to extract quantitative measurements.

IMAGE PROCESSING

A generic term used to describe the computation of digital images, typically to enhance or analyze them.

IMAGE QUALITY

To improve the visual quality of a digital image by increasing the visibility of relevant structures, as in edge/contrast enhancement and the suppression of noise or artifacts.

MACHINE LEARNING

Machine learning is the study of computer algorithms that improve automatically through experience.

MODALITY

A device that generates internal images of the body, such as X-ray, ultrasound, magnetic resonance imaging, and computed tomography.

MRI (MAGNETIC RESONANCE IMAGING)

A non-invasive procedure, generated by variations in strong magnetic fields, that produces a two-dimensional view of an internal organ or structure, especially the brain and spinal cord.

OEM

The acronym for Original Equipment Manufacturer.

POCUS

Point-of-care Ultrasound. Referes to portable Ultrasound products that may be used where the patient is located.

RIVENT

ContextVision's image enhancement product for 2D ultrasound with extended processing possibilities.

US (ULTRASOUND)

A procedure in which high-energy sound waves are bounced off internal tissues or organs to create echoes. The echo patterns are displayed on the screen of an ultrasound machine, forming a picture of body tissues called a sonogram.

XR (X-RAY)

A diagnostic device in which radiation is used to create images for examination of soft and hard tissue, such as muscle and bone.

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.

For more information, please visit www.contextvision.com