ContextVision AB — Interim / Quarterly Report 2025

Aug 26, 2025

ContextVision AB: Q2 interim report 2025 - Customers pressured by trade uncertainty - We continue to invest to build tomorrow's solutions

ContextVision AB: Q2 interim report 2025 - Customers pressured by trade uncertainty - We continue to invest to build tomorrow's solutions

Q2 Highlights

· Parterships signed with the University of Waterloo and ultrasound technology

expert InPhase Solutions AS to advance ultrasound diagnostics for MASLD

· Partnership signed with AMRA Medical to enable correlations between MRI and

ultrasound imaging biomarkers

· Attended the CMEF Conference in Shanghai with further discussions with

potential customers

· New customer signed in Asia within Specialty ultrasound

· Released a Rivent upgrade with improved performance, and completed the

development of a platform that will lead to a new line of products that are

clinically focused

Q2 Financial Data

· Revenue of 28.6 MSEK (31.7) , down -9.8%.

· EBITDA amounted to 2.3 MSEK (7.4) with an EBITDA margin of 7.9% (23.2).

· Adjusted EBITDA amounted to 5.1 MSEK (9.0) with an adjusted EBITDA margin of

17.8% (28.4).*

· Cash flow from operating activities was 1.5 MSEK (11.8).

· Earnings per share was 0.00 SEK (0.05).

· Adjusted earnings per share was 0.04 SEK (0.07).*

H1 Financial Data

· Revenue of 54.9 MSEK (66.4), down -17.3%.

· EBITDA amounted to 0.6 MSEK (20.2) with an EBITDA margin of 1.2% (30.4).

· Adjusted EBITDA amounted to 7.2 MSEK (23.0) with an adjusted EBITDA margin

of 13.2% (34.6).*

· Cash flow from operating activities was 1.8 MSEK (21.1).

· Earnings per share was -0.04 SEK (0.16).

· Adjusted earnings per share was 0.05 SEK (0.20).*

* ContextVision do adjustments for investments in Data Quality to make it easier

to analyse the underlying business. The investments amounted to 2.8 MSEK in Q2

and 6.6 MSEK in H1 2025.

Customers pressured by trade uncertainty - We continue to invest to build

tomorrow's solutions

During the quarter our customers faced uncertainties related to terms of global

trade and supply chains, which have led some customers to delay purchasing

decisions. This has been particularly noticeable in Asia, where a combination of

economic and political factors has influenced buying patterns. Despite these

challenges, we have maintained momentum in our development initiatives,

welcoming new partners to our POCUS project and finalizing preparations for the

upcoming clinical study.

Revenue from the second quarter amounted to 28.6 MSEK (31.7), a decline of 9.8%

compared to Q2 2024. This was mainly due to translational FX of -1.1 MSEK (

-3.5%) in the quarter, and lower license sales - especially for products

produced in Asia - as customers face both economic and political headwinds.

Looking at our supply chain, we see hesitation among customers due to the

unpredictability, and a shift to a lower market segment in some cases. We expect

these conditions to persist in the short term, but we continue to strengthen our

competitiveness through technology and product improvements.

Adjusted EBITDA came in at 5.1 MSEK (9.0), corresponding to a margin of 17.8%

when excluding investments in Data Quality of 2.8 MSEK. Lower revenue, FX

effects, and R&D explain the decrease in profitability.

Our Image Quality business remains a stable cornerstone, underpinned by long

-term relationships with many of the world's leading medical imaging

manufacturers. We continue to invest in these partnerships, exemplified by our

participation at the CMEF (China Medical Equipment Fair) in April, where we met

with both existing and potential customers, signing a new customer within

Specialty ultrasound in Asia. Product development in Image Quality is

progressing. We have made an upgrade to improve performance and to support our

new service offerings in Rivent, and we have completed the development of a

platform that will lead to a new line of products that are clinically focused.

The first product in that line is scheduled for launch this fall, alongside

further ongoing enhancements.

The development of our Data Quality growth initiative is continuing to advance.

In Q2, we initiated collaborations with the University of Waterloo's Laboratory

on Innovative Technology in Medical Ultrasound (LITMUS), InPhase Solutions AS,

and AMRA Medical. These partnerships strengthen our expertise across ultrasound,

quantitative imaging, AI-powered technologies, and MRI-based analysis, building

a rich multimodal dataset that will be crucial for creating digital biomarkers

for early detection and monitoring of liver diseases and moving us closer to the

launch of our clinical study related to POCUS.

Even though market uncertainty might persist in the short term, we continue to

build on our strong and profitable Image Quality business, underpinned by long

-standing partnerships with many of the world's leading medical imaging

manufacturers. At the same time, we are advancing our Data Quality development

through strategic collaborations that leverage our technological leadership and

market position. Our focus in this phase is our work on metabolic dysfunction

-associated steatotic liver disease (MASLD) - commonly known as fatty liver

disease - one of the world's most prevalent and fastest-growing chronic

conditions, representing a significant global healthcare challenge and a

substantial commercial opportunity. Our clinical study in ultrasound-based MASLD

diagnostics will be launched in close collaboration with the University of

Washington, a global leader in clinical and radiological research, as well as

other wellrespected partners. Together, these partnerships combine a wide

expertise, creating a strong foundation for innovation. This dual focus on

strengthening our Image Quality leadership and pioneering new Data Quality

solutions not only reinforces our resilience today, but positions ContextVision

to capture the opportunities driven by future healthcare needs and technological

advancements.

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 is inside information pursuant to the EU Market Abuse

Regulation and is subject to the disclosure requirements pursuant to Section 5

-12 the Norwegian Securities Trading Act. The information was submitted for

publication, through the agency of the contact person set out above, at 08.00

a.m. CET on August 26, 2025.