Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Net Insight Interim / Quarterly Report 2026

Apr 29, 2026

3180_10-q_2026-04-29_c730ebf8-620f-43cd-86bb-9646e46798fc.pdf

Interim / Quarterly Report

Open in viewer

Opens in your device viewer

Interim report

January – March 2026

netinsight

January – March 2026

  • Net sales decreased by 2.3% to SEK 111.9 (114.6) million. Adjusted for currency effects, sales increased by 4.6%.
  • EBITDA amounted to SEK 20.6 (14.5) million, corresponding to an EBITDA margin of 18.4% (12.6%).
  • EBITDAC amounted to SEK -0.7 (-10.2) million, corresponding to an EBITDAC margin of -0.6% (-8.9%).
  • EBIT amounted to SEK -1.9 (-9.1) million, corresponding to an EBIT margin of -1.7% (-8.0%).
  • Net profit/loss for the period amounted to SEK -0.3 (-14.0) million.
  • Earnings per share diluted were SEK -0.00 (-0.04).
  • Cash flow from operating activities amounted to SEK 42.3 (-38.6) million.

In brief

  • Andreas Eriksson assumed the role of CEO for Net Insight on January 12, 2026
  • Several product launches that increase the addressable market, especially in video compression, higher density and scalability in live environments
  • Positive cash flow from operating activities of SEK 42 million after reduced capital tied

Financial overview

SEK millions Jan-Mar Change Apr 2025-Mar 2026 Jan-Dec 2025 Change
2026 2025
Net sales 111.9 114.6 -2.3% 518.5 521.2 -0.5%
Growth, FX adjusted 4.6% -18.9% -4.0% -9.1%
Gross earnings 54.6 57.3 -4.7% 271.8 274.5 -1.0%
Gross margin 48.8% 50.0% 52.4% 52.7%
EBITDA 20.6 14.5 42.1% 97.6 91.5 6.7%
EBITDA margin 18.4% 12.6% 18.8% 17.6%
EBITDAC -0.7 -10.2 93.6% 15.0 5.5 174.3%
EBITDAC margin -0.6% -8.9% 2.9% 1.1%
EBIT -1.9 -9.1 79.0% 5.3 -2.0 369.4%
EBIT margin -1.7% -8.0% 1.0% -0.4%
EBIT adjusted* -1.9 -9.1 79.0% 16.0 8.8 82.4%
EBIT margin adjusted* -1.7% -8.0% 3.1% 1.7%
Net margin -0.2% -12.2% 1.2% -1.4%
Earnings per share -0.00 -0.04 0.02 -0.02
Cash flow from operating activities 42.3 -38.6 41.5 -39.4
Total cash flow 16.2 -76.6 -56.2 -149.1

*Adjusted for one-off restructuring costs
For financial definitions, see pages 19-21.
Net Insight AB (publ) org.no. 556533-4397


CEO statement

Continued important steps to strengthen our position

After a challenging 2025, we presented the changes and priorities in the year-end report for 2025 that form the basis for Net Insight's long-term development. During the first quarter, we have executed in line with this plan. The cost savings implemented during previous year have strengthened both operating earnings and cash flow during the quarter.

The changes being implemented are intended to give the operations a clearer structure and a more focused way of working. Our priorities remain unchanged: to further develop the media portfolio, increase sales efficiency within media, and drive conversion within time synchronization. During the first quarter, we made clear progress in all three areas.

Financial performance and cash flow

Revenue for the quarter amounted to SEK 112 (115) million. Growth adjusted for currency effects amounted to five percent. Operating earnings amounted to SEK -2 (-9) million, where the improvement is primarily explained by the fact that the cost reductions implemented during 2025 have now had full effect.

Cash flow from operating activities amounted to SEK 42 (-39) million, mainly driven by improved working capital. Total cash flow for the period amounted to SEK 16 (-77) million.

Live Media – broadening of the customer base and multiple product launches

During the quarter, we strengthened our position within the growing segment of global media operators. This includes a new customer relationship with a streaming operator as well as additional business with a digital media operator that was established as a customer in the fourth quarter of 2025. The revenue contribution is initially limited but indicates that our strategic engagement with customers with growing needs for solutions that support digital and hybrid workflows is beginning to deliver results.

Within Live Media, we launched new products and new product versions, with a focus on the system advantages of our solutions for business-critical live workflows. Nimbra 520, launched in March, improves scalability and lowers cost per flow, particularly in internet- and cloud-based environments where high density, flexibility, and cost efficiency are critical. We also launched an enhanced JPEG XS solution for full IP compression in environments with high requirements for both capacity and flexibility, as well as the new platform Nimbra Live Intelligence for increased visibility, management, and control. Development of Nimbra Edge has also continued during the quarter. Taken together, these launches address several previous product gaps, particularly within video compression.

We have also strengthened our commercial and product strategic capabilities within the media organization through several recruitment appointments to senior positions during the quarter.

Time synchronization – focus on conversion

Within time synchronization, the focus during 2026 is to increase conversion of existing business opportunities. The long-term market potential remains strong, but as previously communicated, commercialization is taking longer than initially assessed.

Revenue in the first quarter amounted to SEK 7 million, which is lower than revenue in the previous quarter, which amounted to SEK 20 million. This reflects the volatility that follows from the business still being based on a limited number of customers and projects, and that a larger share of recurring revenues is expected only when more customers have reached rollout and operations.

Since the turn of the year, we have seen progress in several projects. A larger North American mobile operator has advanced to a pilot installation, and a larger mobile operator in Latin America has advanced to field trials. The rollout at Türk Telekom has continued into full operations, strengthening the reference value in our largest national implementation to date.

During the quarter, our time synchronization solution was used in live operation at a major international live sports event within the framework of the order communicated in the third quarter of 2025. In addition, we won our second deal in the media sector, this time with a larger European media company.

Focus going forward

Our priorities for 2026 remain unchanged. Within Live Media, the focus is to strengthen our position through additional business with strategic customers, a broader customer base, and a clearer offering and expanded product portfolio. Within time synchronization, we focus on moving more opportunities from testing and pilot phases to commercial rollout. The impact on revenue and earnings will materialize gradually, and it will take time before full effect is achieved.

Andreas Eriksson, CEO
Solna, Sweden, April 29, 2026

img-0.jpeg

Net Insight


Net Insight in brief

Net Insight is a leading provider of solutions for live media transport and time synchronization in 5G networks and other critical infrastructures

Net Insight combines advanced technology with close customer relationships to deliver solutions that meet the need for reliability and precision in live media transport. The company also offers solutions for GNSS/GPS-independent time synchronization in 5G and other critical networks.

With over 25 years of experience and a proven track record in turning innovation into successful commercialization, Net Insight delivers end-to-end solutions to a global and growing customer base, with a strong focus on long-term relationships with customers and business partners.

The company's live media transport products enable high-quality, efficient, and reliable distribution—primarily of sports content—to large audiences around the world.

The network-based time synchronization solution provides cost-effective and secure time synchronization for 5G and other critical networks. The solution has been developed from technology that has been part of the company's media products for over 15 years.

Business model

Net Insight focuses on long-term, sustainable growth by offering high-quality end-to-end solutions to a global and expanding customer base.

The company operates in EMEA, the Americas, and APAC, with sales conducted both directly to end customers and indirectly through business partners.

Revenue is generated through hardware sales, software licensing, as well as subscriptions and support agreements for four main customer groups within media, as well as companies reliant on time synchronization (see "Customers" below).

Strong partnerships, long-term customer relationships, and research and development are key priorities to ensure market-leading technology solutions with high reliability and quality.

Customers

In Media, Net Insight serves service providers, broadcasters, production companies, and rights holders. In Time Synchronization, the primary customers are telecom operators and service providers of 5G networks and other critical infrastructure networks.

Strategy

Net Insight strives to deliver the highest quality and most reliable technology for live media transmission and GNSS/GPS-independent time synchronization through strong innovation capabilities.

Guided by its core values — innovation, collaboration, and trust — the company's vision is to be a highly regarded partner and a global leader by 2028. Through technical expertise and close customer relationships, Net Insight works to strengthen its market position, with a primary focus on the rapidly growing sports segment within Media.

Strategic initiatives include growing alongside existing customers, securing new business, increasing the share of cloud-based software revenues, and ensuring efficient scalability of operations.

Net Insight in numbers, rolling 12 months

519 67% 25%
Net sales, SEK million Gross margin before amortization of capitalized development expenditure Innovation* as a percentage of net sales
16 0.02 184
EBIT one-off adjusted**, SEK million Earnings per share, SEK (after dilution) Available liquidity***, SEK million

See *: Plan development expenditures

**: Excluding one-off restructuring cost in connection with the cost savings program

**: Cash and cash equivalents including unutilized credit facility

3 | Net Insight


Finansiell information

January - March

Net sales

Net sales in the first quarter of 2026 amounted to SEK 111.9 (114.6) million, a decrease of 2.3% compared to the same quarter last year. In comparable currencies, sales increased compared to the previous year by 4.6%.

Revenue from time synchronization for 5G and other critical networks in the quarter amounted to SEK 7.3 (10.7) million, corresponding to a decrease of 31.4%. The decrease compared to the first quarter of the previous year and the previous quarter reflects the volatility resulting from the business still being based on a limited number of customers and projects, and that a larger share of recurring revenue is only expected once more customers have reached rollout and operation.

Gross profit

Gross profit for the first quarter amounted to SEK 54.6 (57.3) million, a decrease of 4.7%. The gross profit included amortization of capitalized development expenditure of SEK -18.8 (-18.6) million. Gross margin excluding and including amortization of capitalized development expenditure was 65.6% (66.2%) and 48.8% (50.0%) respectively. The lower gross profit margin including depreciation, is also affected since with lower net sales, the cost of depreciation will have a larger impact on the gross profit and margin.

Operating expenses

Sales and marketing expenses amounted to SEK -35.3 (-42.7) million. Administration expenses were SEK -16.1 (-17.8) million. Development expenses were SEK -12.7 (-11.5) million and development expenditures before capitalization amounted to SEK 33.9 (36.1) million.

Overall, operating expenses for the first quarter amounted to SEK -64.0 (-72.0) million, a decrease of 11.0% year-on-year. The decrease is due to implemented cost savings programs of SEK 30 million annually. Other operating income and expenses were SEK 7.5 (5.5) million, of which in its entirety consists of currency exchange rate differences.

Earnings

EBIT amounted to SEK -1.9 (-9.1) million, corresponding to an EBIT margin of -1.7% (-8.0%). Excluding exchange rate differences of SEK 7.5 (5.5) million, EBIT amounted to SEK -9.4 (-14.6) million which corresponds to EBIT margin of -8.4% (-12.8%). The lower profit is primarily explained by the lower cost due to the implemented cost savings program. For more information, see the table "Material profit and loss items" on page 16.

EBITDA and EBITDAC (EBITDA including reversal of capitalization of development expenditures) amounted to SEK 20.6 (14.5) million and SEK -0.7 (-10.2) million respectively, corresponding to an EBITDA margin of 18.4% (12.6%) and an EBITDAC margin of -0.6% (-8.9%). Adjusted for exchange rate differences, EBITDA and EBITDAC amounted to SEK 13.1 (9.0) million and SEK -8.1 (-15.7) million respectively.

In the first quarter, Net financial items amounted to SEK 1.7 (-5.1) million, whereof SEK 2.3 (-6.7) million is related to exchange rate differences, SEK -0.4 (0.2) million is related to the value of endowment insurance and SEK -0.2 (1.4) million to net interest income.

img-1.jpeg

img-2.jpeg

img-3.jpeg

Profit/loss before tax in the first quarter amounted to SEK -0.3 (-14.2) million and net loss SEK -0.3 (-14.0) million, corresponding to a net margin of -0.2% (-12.2%).

Financial position and cash flow

Cash flow

Cash flow from operating activities in the first quarter amounted to SEK 42.3 (-38.6) million. The increased cash flow from operating activities is due to a decrease in capital tied up in working capital.

4 | Net Insight


Finansiell information

Cash flow from investment activities in the first quarter amounted to SEK -23.9 (-24.8) million and is primarily attributable to capitalized development expenditures.

Cash flow from financing activities in the first quarter amounted to SEK -2.2 (-13.3) million. No share repurchase was made during the quarter whilst repurchase of own share in the comparable period 2025 amounted to SEK 10.2 million.

The total cash flow for the first quarter amounted to SEK 16.2 (-76.6) million. Excluding the cash impact from share-related transactions (repurchase of own shares) the cash flow for the first quarter was SEK 16.2 (-66.4) million. For additional information, see pages 10 and 16.

Investments

The investments in the first quarter were SEK 23.9 (24.8), of which SEK 21.2 (24.7) million were related to capitalization of expenditure for development.

Depreciation and amortization in the first quarter amounted to SEK -22.5 (-23.6) million, of which SEK -18.8 (-18.6) million related to amortization of capitalized expenditure for development.

Changes in capitalized development costs and depreciation are driven by the completion status of development projects combined with the timing of launches of fully developed products.

Net cash

Cash and cash equivalents at the end of the period amounted to SEK 99.1 million, compared to SEK 156.3 million per March 31, 2025. The Group's total credit facility amounts to SEK 85.0 (50.0) million. This was unutilized at the end of the period (-). Available liquidity therefore amounted to SEK 184.1 (206.3) million.

Net cash, excluding effects of IFRS16 amounted to SEK 99.1 million, compared to SEK 156.3 million per March 31, 2025.

Equity

Equity at the end of the period amounted to SEK 626.2 million, compared to SEK 620.7 million per March 31, 2025. No repurchase of own shares was made in the quarter. The increase in equity exceeds the result, driven by exchange rate differences.

Equity/asset ratio

Equity/asset ratio was 76.1% compared to 78.7% per March 31, 2025.

Employees

The average number of employees and consultants in the first quarter was 191 (209).

Parent company in summary

Net sales for the parent company in the first quarter amounted to SEK 111.6 (114.6) million and net profit to SEK -2.1 (-14.7) million.

img-4.jpeg
* Excluding one-off restructuring cost.

img-5.jpeg
* Excluding one-off restructuring cost.

Financial targets 2023-2027:

  • Average annual organic Net sales growth exceeding 15 percent
  • Operating margin (EBIT margin) to reach 20 percent in the same period

During the first quarter the intra-group sales were SEK 0.0 (0.0) million while intra-group purchases were SEK -17.3 (-19.7) million.

Development of the Parent Company for the year and its financial position essentially followed that of the Group as presented above (excluding intra-group transactions).

5 | Net Insight


Other information

Events during the quarter

  • Andreas Eriksson took office as the new CEO in January 2026. In connection with this, Nadia Kolli assumed the role of Chief Commercial Officer.
  • During the quarter, Nimbra 520, a high-density live media distribution platform with support for both HEVC and AVC, was launched. The solution enables up to 50 percent lower bandwidth usage and lower cost per stream, while allowing customers to scale their operations with predictable performance in managed, internet-based and cloud-based environments.
  • Our IP-based JPEG XS solution has been further developed, enabling significantly increased production capacity in UHD and Full-HD while maintaining low latency. Through high density, standards-based interoperability and an integrated platform architecture, customers can consolidate their production environments, improve network utilization and lower total cost of ownership.
  • Also during the quarter, the company introduced the next generation of Nimbra Edge, its orchestration and control layer for live media services in complex, multi-domain environments. Through increased automation and system-level control, customers can scale their live operations across multiple networks and partners while maintaining control, reducing operational complexity and lowering operational costs.
  • During the quarter, Rede Massa selected Net Insight as its technology partner to enable centralized live production across multiple regions. The solution supports more efficient resource utilization and simplified operational control, providing the customer with improved scalability and cost-effectiveness in its live operations.
  • SRF further developed its existing Nimbra platform by introducing JPEG XS-based solutions and Media Pro applications. The investment strengthens SRF's capacity for flexible and scalable live production and enables continued efficiency improvements within the framework of an already established IP-based infrastructure.

Events after the reporting period

Larissa Görner-Meeus has been appointed Chief Product Officer (CPO) and member of the management team, effective May 4, 2026.

Accounting policies

This Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable regulations of the Swedish Annual Accounts Act. The Interim Report of the parent company complies with chapter 9 of the Swedish Annual Accounts Act, Interim Financial Reporting, and RFR 2 Accounting for Legal Entities.

Disclosures in accordance with IAS 34 are presented in the interim financial statements and the associated notes as well as elsewhere in the interim financial report.

There are no new or amended International Financial Reporting Standards (IFRS) in 2026 that have had a material impact on the Company's financial reporting.

The same accounting principles and basis of calculation as those used in the latest Annual Report have been applied to the group and parent company. For a description of these accounting principles, please refer to the Annual Report for 2025.

The preparation of the Interim Report requires management to make judgements, estimates and assumptions that affect the company's earnings and position and information presented generally. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. For a description of these estimates and assumptions, please refer to the Annual Report for 2025.

Figures in brackets in this report refer to comparison with the corresponding period or date in the previous year, if not stated otherwise. Divergences due to rounding may occur in this report.

Contributed equity

The 2025 AGM resolved to authorize the board of directors to resolve to repurchase, on one or several occasions until the next AGM, as many own shares as may be purchased without the company's holding at any time exceeding ten per cent of the total number of shares in the company. Further, the AGM resolved to authorize the board of directors to resolve on one or several occasions until the next annual general meeting, to transfer (sell) own shares.

The 2025 AGM resolved to approve the proposal to introduce a long-term share-based incentive program, LTIP 2025. The 2025 AGM further resolved to approve the transfer of treasury shares as a hedging measure regarding the company's commitments under LTIP 2025.

At the end of the period, the parent company had a total of 1,028,430 of its own class B shares, at an average cost of SEK 4.75 per share and with a par value of SEK 0.04 per share. The shares are held as own shares. The parent company has the right to reissue these shares at a later date.

The company has an active share program that was approved at the 2025 Annual General Meeting (LTIP 2025). For more information about the program and accounting principles, see Note 7 on pages 85–86 of the 2025 Annual Report.

All shares issued by the parent company were fully paid.

Risk and sensitivity analysis

Net Insight's operations and results of operations are affected by a number of external and internal factors. There is a continuous process to identify risks, and to assess how each such risk should be mitigated.

The main risks the company is primarily exposed to include market-related risks (including, but not limited to, competition, technological progress, and political risks), operational risks (including product liability, intellectual property, disputes, customer dependence and contract risks), as well as financial and sustainability-related risks.

6 | Net Insight


Other information

International exposure

The current geopolitical tension causes hesitation in the market, and timing of business deals are harder to predict. In addition to the increased geopolitical instability, the risk of increased US tariffs brings further uncertainty. At the time of publication of the report, Net Insight's products are exempt from the tariffs introduced in April, but this may change and affect the company's profitability negatively. Net Insight is taking countermeasures to mitigate the risk of increased tariffs, including a review of the value chain, and has a long-term expectation of a gradual reduction in exposure to this risk through an increased share of software sales.

In recent years, currency fluctuations have been high. The company is exposed to changes primarily in USD and EUR, where a strengthened Swedish krona negatively impacts reported revenue, partly offset by hedging.

Inventory obsolescence

The product life cycle of programmable circuits (FPGA) has been shortened, which has led to an increased need to secure supply of components. Net Insight is continuously working to optimize and monitor inventory levels and to sell any surplus on the spot market.

Except for this, no significant risks and uncertainties have changed compared to those described in the 2025 annual report.

The risks and uncertainties are essentially the same for the parent company and the Group as a whole. For a comprehensive review of the company's risk and sensitivity analysis, and its risk management process, see pages 42–43, 61–63 and 78–79 of the 2025 Annual Report.

Transactions with related parties

In 2026, the parent company hired a member of the management team's related party company for consulting services. Charged fees during the year amounted to SEK 0.2 (0.1) million.

Annual general meeting 2026

The Annual General Meeting will be held on May 12, at 10.00 o'clock in the office of Net Insight at Smidesvägen 7, Solna, Sweden. The Annual Report will be published and available on Net Insight's website, www.netinsight.net, on April 22. The Nomination Committee's proposals will be presented in the notice of the Annual General Meeting and on the company's website, www.netinsight.net

Auditors' review

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

Solna, Sweden, April 29, 2026

Andreas Eriksson
CEO

The report has been prepared in a Swedish and an English version. In case of discrepancies between the two, the Swedish version shall prevail. The information was submitted for publication, through the agency of the contact persons set out above, at 7:30 CET on April 29, 2026.

7 | Net Insight


Financial reports

Consolidated income statement, in summary

SEK thousands Jan-Mar Apr 2025- Jan-Dec
2026 2025 Mar 2026 2025
Net sales 111,943 114,573 518,543 521,173
Cost of sales -57,296 -57,251 -246,733 -246,688
Gross earnings 54,647 57,322 271,810 274,485
Sales and marketing expenses -35,256 -42,747 -151,597 -159,088
Administration expenses -16,091 -17,751 -73,602 -75,262
Development expenses -12,682 -11,455 -47,359 -46,132
Other operating income and expenses 7,465 5,485 6,020 4,040
EBIT -1,917 -9,146 5,272 -1,957
Net financial items 1,657 -5,087 -287 -7,031
Profit/loss before tax -260 -14,233 4,985 -8,988
Tax -18 221 1,198 1,437
Net income -278 -14,012 6,183 -7,551
Net income for the period attributable to the shareholders of the parent company -278 -14,012 6,183 -7,551
Earnings per share, based on net income attributable to the parent company's shareholders during the period Jan-Mar Apr 2025- Jan-Dec
--- --- --- --- ---
2026 2025 Mar 2026 2025
Earnings per share
-Basic, SEK -0.00 -0.04 0.02 -0.02
-Diluted, SEK -0.00 -0.04 0.02 -0.02
Average number of outstanding shares in thousands
-Basic 340,376 341,449 340,376 340,706
-Diluted 340,376 342,351 340,376 341,067

Consolidated statement of comprehensive income

SEK thousands Jan-Mar Apr 2025- Jan-Dec
2026 2025 Mar 2026 2025
Net income -278 -14,012 6,183 -7,551
Other comprehensive income
Translation differences 611 -1,474 -709 -2,794
Total other comprehensive income, after tax 611 -1,474 -709 -2,794
Total other comprehensive income for the period 333 -15,486 5,474 -10,345
Total comprehensive income for the period attributable to the shareholders of the parent company 333 -15,486 5,474 -10,345

8 | Net Insight


Financial reports

Consolidated balance sheet, in summary

SEK thousands 31 Mar 2026 31 Mar 2025 31 Dec 2025
ASSETS
Non-current assets
Capitalized expenditure for development 282,114 276,808 279,730
Goodwill 38,751 38,751 38,751
Other intangible assets 124 326 143
Right-of-use assets 39,798 10,903 41,996
Equipment 9,564 10,491 8,236
Deferred tax asset 4,726 3,685 4,717
Deposits 5,011 5,121 5,003
Total non-current assets 380,088 346,085 378,576
Current assets
Inventories 139,028 86,808 138,357
Accounts receivable 152,066 153,111 158,840
Other receivables 52,066 46,754 41,143
Cash and cash equivalents 99,110 156,329 82,678
Total current assets 442,270 443,002 421,018
TOTAL ASSETS 822,358 789,087 799,594
EQUITY AND LIABILITIES
Equity attributable to parent company's shareholders
Share capital 13,930 13,930 13,930
Other paid-in capital 1,200,443 1,200,443 1,200,443
Translation reserve 83 792 -528
Accumulated deficit -588,235 -594,492 -587,779
Total shareholders' equity 626,221 620,673 626,066
Non-current liabilities
Lease liabilities 29,112 337 31,110
Other liabilities 12,207 14,696 8,770
Total non-current liabilities 41,319 15,033 39,880
Current liabilities
Lease liabilities 8,125 9,921 8,305
Accounts payable 42,237 20,324 41,745
Other liabilities 104,456 123,136 83,598
Total current liabilities 154,818 153,381 133,648
TOTAL EQUITY AND LIABILITIES 822,358 789,087 799,594

9 | Net Insight


Financial reports

Changes in consolidated equity, in summary

SEK thousands Attributable to parent company's shareholders
Share capital Other paid-in capital Translation reserve Accumulated deficit Total shareholders' equity
January 1, 2025 13,930 1,200,443 2,266 -570,273 646,365
Repurchase of own shares - - - -10,207 -10,207
Total comprehensive income 0 0 -1,474 -14,012 -15,485
March 31, 2025 13,930 1,200,443 792 -594,492 620,673
January 1, 2026 13,930 1,200,443 -528 -587,779 626,066
Share-based payment reserve - - - -178 -178
Total comprehensive income - - 611 -278 333
March 31, 2026 13,930 1,200,443 83 -588,235 626,221

Consolidated statement of cash flows

SEK thousands Jan-Mar Apr 2025-Mar 2026 Jan-Dec 2025
2026 2025
Operating activities
EBIT -1,917 -9,146 5,272 -1,957
Depreciation, amortization & impairment 22,472 23,612 92,283 93,423
Other items not affecting liquidity -4,028 -909 2,293 5,412
Sub-total 16,527 13,557 99,848 96,878
Interest received 128 1,625 1,680 3,177
Interest paid -358 -206 -883 -731
Other financial income and expenses 1,887 -6,506 -1,086 -9,479
Income tax paid -2,645 -5,554 -5,231 -8,140
Cash flow from operating activities before changes in working capital 15,539 2,916 94,328 81,705
Changes in working capital
Increase-/decrease+ in inventories 3,145 715 -53,518 -55,948
Increase-/decrease+ in receivables -4,223 -31,035 -4,314 -31,126
Increase+/decrease- in liabilities 27,871 -11,149 5,012 -34,008
Total changes in working capital 26,793 -41,469 -52,820 -121,082
Cash flow from operating activities 42,332 -38,553 41,508 -39,377
Investment activities
Capitalized expenditure -21,213 -24,683 -82,509 -85,979
Investment in tangible assets -2,694 -129 -4,264 -1,699
Cash flow from investment activities -23,907 -24,812 -86,773 -87,678
Financing activities
Amortization leasing -2,178 -3,067 -10,971 -11,860
Repurchase of own shares - -10,207 - -10,207
Cash flow from financing activities -2,178 -13,274 -10,971 -22,067
Net change in cash and cash equivalents 16,247 -76,639 -56,236 -149,122
Exchange differences in cash and cash equivalents 185 27 -983 -1,141
Cash and cash equivalents at the beginning of the period 82,678 232,941 156,329 232,941
Cash and cash equivalents at the end of the period 99,110 156,329 99,110 82,678

10 | Net Insight


Financial reports

Disaggregation of revenue

SEK thousands Jan-Mar Apr 2025-Mar 2026 Jan-Dec 2025
2026 2025
Net sales by product group
Hardware 46,393 47,036 215,379 216,022
Software 31,116 31,213 159,796 159,893
Support & Services 34,434 36,324 143,368 145,258
Total 111,943 114,573 518,543 521,173
Net sales by region
EMEA 61,818 57,898 277,214 273,294
AM 44,483 47,326 205,208 208,051
APAC 5,642 9,349 36,121 39,828
Total 111,943 114,573 518,543 521,173
Timing of revenue recognition
Products and services transferred at a point in time 77,509 76,209 375,166 373,866
Products and services transferred over time 34,434 38,364 143,377 147,307
Total 111,943 114,573 518,543 521,173

Financial assets and liabilities

Group's financial instruments by category 31 Mar 2026 31 Mar 2025
Amounts in SEK thousands Value-tier Assets measured at amortized cost Assets measured at fair value through profit or loss Value-tier Assets measured at amortized cost Assets measured at fair value through profit or loss
Assets in Balance Sheet
Derivative instruments 2 5,568 2 -
Accounts receivable and other receivables, excluding non-financial assets 166,660 144,439
Cash and cash equivalents 99,110 232,941
Total 265,770 5,568 377,380 -
Group's financial instruments by category 31 Mar 2026 31 Mar 2025
Amounts in SEK thousands Value-tier Liabilities measured at amortized cost Liabilities measured at fair value trough profit and loss Value-tier Liabilities measured at amortized cost Liabilities measured at fair value trough profit and loss
Liabilities in Balance Sheet
Derivative instruments 2 - 2 3,790
Accounts payable and other liabilities, excluding non-financial liabilities 43,410 44,354
Lease liabilities 37,237 13,293
Total 80,647 - 57,647 3,790

Carrying amounts of trade receivables, other receivables, cash and cash equivalents, trade payables, lease liabilities, and other liabilities constitute a reasonable approximation of fair value.

Financial instruments at Level 2

The fair value of derivative instruments is determined by using exchange rates for forward foreign exchange contracts on the balance sheet date.

11 | Net Insight


Financial reports

Parent company income statement, in summary

SEK thousands Jan-Mar Apr 2025- Jan-Dec
2026 2025 Mar 2026 2025
Net sales 111,609 114,573 518,209 521,173
Cost of sales -57,542 -57,426 -247,748 -247,632
Gross earnings 54,067 57,147 270,461 273,541
Sales and marketing expenses -37,528 -43,712 -159,370 -165,554
Administration expenses -16,019 -17,734 -71,606 -73,321
Development expenses -12,779 -11,683 -47,913 -46,817
Other income expenses 8,224 5,485 8,568 5,828
EBIT -4,036 -10,497 139 -6,323
Net financial items 1,991 -4,890 500 -6,380
Profit/loss before tax -2,045 -15,387 639 -12,703
Tax -32 699 1,183 1,914
Net income -2,077 -14,688 1,822 -10,789

12 | Net Insight


Financial reports

Parent company balance sheet, in summary

SEK thousands 31 Mar 2026 31 Mar 2025
ASSETS
Non-current assets
Capitalized expenditure for development 282,114 276,808
Other intangible assets 124 326
Equipment 8,036 10,062
Participations in group companies 3,198 3,198
Deferred tax asset 3,685 1,832
Deposits 4,752 4,855
Total non-current assets 301,909 297,081
Current assets
Inventories 139,028 86,808
Accounts receivable 152,911 153,995
Receivables from group companies - 346
Other receivables 55,954 48,454
Cash and cash equivalents 89,758 147,785
Total current assets 437,651 437,388
TOTAL ASSETS 739,560 734,469
EQUITY AND LIABILITIES
Equity
Restricted equity 372,696 367,415
Non-restricted equity 200,800 204,184
Total equity 573,496 571,599
Non-current liabilities
Other liabilities 12,207 12,680
Total non-current liabilities 12,207 12,680
Current liabilities
Accounts payable 42,190 20,203
Liabilities to group companies 12,355 13,244
Other liabilities 99,312 116,743
Total current liabilities 153,857 150,190
TOTAL EQUITY AND LIABILITIES 739,560 734,469
31 Mar, 2026
--- --- ---
The division of shares A-shares B-shares
Outstanding shares 1,000,000 339,376,009
Repurchased own shares - 1,028,430
Issued shares 1,000,000 340,404,439

13 | Net Insight


Financial reports

Financial information

SEK millions (if not defined differently) Jan-Mar Apr 2025-Mar 2026 Jan-Dec 2025
2026 2025
Earnings
Net sales 111.9 114.6 518.5 521.2
Gross earnings 54.6 57.3 271.8 274.5
Operating expenses 64.0 72.0 272.6 280.5
Total development expenditure 33.9 36.1 129.9 132.1
EBITDA 20.6 14.5 97.6 91.5
EBITDAC -0.7 -10.2 15.0 5.5
EBIT -1.9 -9.1 5.3 -2.0
Profit before tax -0.3 -14.2 5.0 -9.0
Net income -0.3 -14.0 6.2 -7.6
Balance sheet and cash flow
Cash and cash equivalents 99.1 156.3 99.1 82.7
Working capital 204.7 120.5 189.8 188.2
Total cash flow 16.2 -76.6 -56.2 -149.1
The share
Dividend per share, SEK - - - -
Earnings per share, diluted, SEK -0.00 -0.04 0.02 -0.02
Cash flow per share, diluted, SEK 0.05 -0.22 -0.17 -0.44
Average number of outstanding shares diluted, thousands 340,376 342,351 340,376 341,067
Number of outstanding shares at the end of the period, diluted, thousands 340,376 340,376 340,376 340,376
Share price at end of period, SEK 2.37 4.63 2.37 3.92
Employees and consultants
Average number of employees and consultants 191 209 204 196
KPI
Net sales YoY, change in % -2.3% -19.6% -10.6% -14.3%
Gross margin 48.8% 50.0% 52.4% 52.7%
Total development expenditure/Net sales 30.3% 31.5% 25.0% 25.3%
EBIT margin -1.7% -8.0% 1.0% -0.4%
EBITDA margin 18.4% 12.6% 18.8% 17.6%
EBITDAC margin -0.6% -8.9% 2.9% 1.1%
Net margin -0.2% -12.2% 1.2% -1.4%
Return on capital employed 1.0% 10.3% 1.1% 0.2%
Equity/asset ratio 76.1% 78.7% 76.1% 78.3%
Return on equity 1.0% 6.7% 1.0% -1.2%

14 | Net Insight


Financial reports

| KPI Income Statement
SEK millions (if not defined differently) | Jan-Mar | | Apr 2025-
Mar 2026 | Jan-Dec
2025 |
| --- | --- | --- | --- | --- |
| | 2026 | 2025 | | |
| Net sales | 111.9 | 114.6 | 518.5 | 521.2 |
| Net sales YoY, change in % | -2.3% | -19.6% | -10.6% | -14.3% |
| Cost of sales ex. amortization of capitalized development | -38.5 | -38.7 | -169.5 | -169.7 |
| Gross earnings ex. amortization of capitalized development | 73.5 | 75.9 | 349.0 | 351.4 |
| Gross margin ex. amortization of capitalized development | 65.6% | 66.2% | 67.3% | 67.4% |
| Cost of sales amortization of capitalized development | -18.8 | -18.6 | -77.2 | -76.9 |
| Gross earnings | 54.6 | 57.3 | 271.8 | 274.5 |
| Gross margin | 48.8% | 50.0% | 52.4% | 52.7% |
| Sales and marketing expenses | -35.3 | -42.7 | -151.6 | -159.1 |
| Administration expenses | -16.1 | -17.8 | -73.6 | -75.3 |
| Development expenses | -12.7 | -11.5 | -47.4 | -46.1 |
| Operating expenses | -64.0 | -72.0 | -272.6 | -280.5 |
| Operating expenses/net sales | 57.2% | 62.8% | -52.6% | 53.8% |
| Other operating income and expenses | 7.5 | 5.5 | 6.0 | 4.0 |
| EBIT | -1.9 | -9.1 | 5.3 | -2.0 |
| EBIT margin | -1.7% | -8.0% | 1.0% | -0.4% |
| Net financial items | 1.7 | -5.1 | -0.3 | -7.0 |
| Profit before tax | -0.3 | -14.2 | 5.0 | -9.0 |
| Tax | -0.0 | 0.2 | 1.2 | 1.4 |
| Net Income | -0.3 | -14.0 | 6.2 | -7.6 |
| Net margin | -0.2% | -12.2% | 1.2% | -1.4% |
| EBITDA margin | Jan-Mar | | Apr 2025-
Mar 2026 | Jan-Dec
2025 |
| --- | --- | --- | --- | --- |
| SEK millions (if not defined differently) | 2026 | 2025 | | |
| Net sales | 111.9 | 114.6 | 518.5 | 521.2 |
| EBIT | -1.9 | -9.1 | 5.3 | -2.0 |
| Amortization of capitalized development expenditure | 18.8 | 18.6 | 77.2 | 76.9 |
| Other depreciation & amortization | 3.6 | 5.0 | 15.1 | 16.5 |
| EBITDA | 20.6 | 14.5 | 97.6 | 91.5 |
| EBITDA margin | 18.4% | 12.6% | 18.8% | 17.6% |
| Capitalization of development expenditure | -21.2 | -24.7 | -82.5 | -86.0 |
| EBITDAC | -0.7 | -10.2 | 15.0 | 5.5 |
| EBITDAC margin | -0.6% | -8.9% | 2.9% | 1.1% |
| Change in net sales in comparable currencies | Jan-Mar | | Jan-Dec |
| --- | --- | --- | --- |
| SEK millions (if not defined differently) | 2026 | 2025 | 2025 |
| Net sales | 111.9 | 114.6 | 521.2 |
| Net sales in comparable currencies | 119.9 | 115.5 | 552.6 |
| Change in net sales in comparable currencies | 4.6% | -18.9% | -9.1% |

15 | Net Insight


Financial reports

Development expenditure Jan-Mar Apr 2025- Jan-Dec
SEK millions (if not defined differently) 2026 2025 Mar 2026 2025
Development expenses 12.7 11.5 47.4 46.1
Capitalization of development expenditure 21.2 24.7 82.5 86.0
Total development expenditure 33.9 36.1 129.9 132.1
Capitalization rate 62.6% 68.3% 63.5% 65.1%
Net Sales 111.9 114.6 518.5 521.2
Total development expenditure/net sales 30.3% 31.5% 25.0% 25.3%

Material profit and loss items

The Group has identified a number of items which are material due to the significance of their nature and/or amount. These are listed separately here to provide a better understanding of the financial performance of the Group:

Material profit and loss items
SEK millions Note Jan-Mar Apr 2025- Jan-Dec
2026 2025 Mar 2026 2025
Exchange rate differences
Part of Other operating income & expenses 7.5 5.5 6.0 4.0
Part of Net Financial Items 2.3 -6.7 -0.5 -9.5
Total Exchange rate differences 9.8 -1.2 5.6 -5.4
Other operating income 0.0 - 0.2 0.2
Total 0.0 - 0.2 0.2
Items affecting comparability
Restructuring (a) - - -10.7 -10.7
Total - - -10.7 -10.7
EBIT excluding items affecting comparability
EBIT -1.9 -9.1 5.3 -2.0
Items affecting comparability, as per above - - 10.7 10.7
Total -1.9 -9.1 16.0 8.8
EBIT excluding exchange rate differences
EBIT -1.9 -9.1 5.3 -2.0
Exchange rate differences, as per above -7.5 -5.5 -6.0 -4.0
Total -9.4 -14.6 -0.7 -6.0
EBIT excluding exchange rate differences & items affecting comparability
EBIT -1.9 -9.1 5.3 -2.0
Exchange rate differences, as per above -7.5 -5.5 -6.0 -4.0
Items affecting comparability, as per above - - 10.7 10.7
Total -9.4 -14.6 10.0 4.7
Cash flow excluding share-base transactions (b)
Net change in cash and cash equivalents 16.2 -76.6 -56.2 -149.1
Repurchase of own shares - 10.2 - 10.2
Total 16.2 -66.4 -56.2 -138.9

All items in the table above effects operating earnings, except for (b) that affects cash flow.
(a) Severance pay in due to structural changes.
(b) Presenting the cash flow without effects from the repurchase program of own shares and exercised warrants provides a better understanding and comparison of the underlying operations' cash flow.

16 | Net Insight


Financial definitions

Alternative performance measures and other definitions

Non-IFRS financial measures are presented to enhance investors and management possibility to evaluate the ongoing operating results, to aid in forecasting future periods and to facilitate meaningful comparison of results between periods. The APMs in this report may differ from similar-titled measures used by other companies. The section has also been supplemented with some other definitions.

Any key figures in text, diagrams or tables that include periods earlier than 1 April 2021, refer to continued operations, i.e. excluding the effect from divested operations. For more information, see interim reports and the 2024 annual report.

Calculation of performance measures not included in IFRS framework, and some other definitions.

Performance measures Various types of performance measures and margin measures as a percentage of sales.
Non-IFRS performance measures Description Reason for the use of the measure
Gross margin Gross earnings as a percentage of net sales. The gross margin is of major importance, showing the margin for covering the operating expenses, supplemented by the margin to cover the operating expenses as well as the cost of amortization of capitalized development expenditures.
Gross margin excl. amortization of capitalized development Gross earnings excl. amortization of capitalized development as a percentage of net sales.
Operating expenses Sales and marketing expenses, administration expenses and development expenses. Shows the company's total operating expenses. Putting them in relation to net sales shows the company's cost efficiency.
Operating expenses/ net sales Operating expenses as a percentage of net sales.
Operating earnings (EBIT) Calculated as operating earnings before financial items and tax. Operating earnings provides an overall picture of earnings generated in the operating activities.
Operating margin (EBIT%) Operating earnings as a percentage of net sales. The operating margin is a key measure together with sales growth and capital employed for monitoring value creation.
Net sales YoY, change in % The relation between net sales for the period and the corresponding sales for the comparative period in the previous year. The sales growth is a key measure together with operating margin and capital employed for monitoring value creation.
Change in Net sales in comparable currencies The relation between the net sales for the period, recalculated using the foreign currency exchange rates from the comparative period, and the corresponding sales for the comparative period in the previous year. Only sales from business combinations that have been part of the Group for the whole comparative period are recalculated. This measure is of major importance for management in its monitoring of the underlying sales growth driven by changes in volume, price and product mix for comparable exchange rates between different periods.
Net margin Net Income as a percentage of net sales. The net margin shows the remaining share of net sales after all the company's costs have been deducted.
Total development (R&D) expenditure Development expenses and capitalized expenditures for development. The measure is a good complement to development expenses, as it shows the company's total development expenditures. The development expenditures effect on income, financial position, and presentation in the statement of cash flow is affected by the periods level of capitalized development expenditures.
Capitalization rate Capitalized development expenditures as a percentage of total development expenditures.
Total development (R&D) expenditure/net sales Total development expenditure as percentage of net sales.

17 | Net Insight


Financial definitions

Performance measures Various types of performance measures and margin measures as a percentage of sales.
Non-IFRS performance measures Description Reason for the use of the measure
Regions Definition of regions for designation of revenue: • EMEA – Europe, the Middle East and Africa • Americas (AM) - North and South America • APAC – Asia and Pacific Definition of regions for designation of revenue.
Working capital Current assets minus cash and cash equivalents, accounts payable and other interest-free current liabilities. The Company has no interest-bearing liabilities, excluding lease liabilities. Changes in working capital in the cash flow statement also includes adjustments for items not affecting liquidity and changes in non-current operating assets and liabilities. This measure shows how much working capital is tied up in the operations and can be put in relation to sales to understand how effectively tied up working capital is used.
Capital employed The Company capital employed is calculated as an average of total assets, less total liabilities, excluding interest-bearing liabilities. The Company has no interest-bearing liabilities, excluding lease liabilities. Return on capital employed is the central ratio for measuring the return on the capital tied up in operations.
Return on capital employed Operating earnings plus interest income, in relation to average capital employed, rolling four quarters (R4Q).
Equity/asset ratio Shareholders' equity divided by the balance sheet total. A traditional measure for showing financial risk, expressing the ratio of the assets that are financed by the owners.
Return on equity Net income as a percentage of average shareholders' equity, rolling four quarters (R4Q). Return on equity shows the total return on shareholders' capital and reflects the effect of the company's profitability as well as the financial leverage. The measure is primarily used to analyze owner profitability over time.
Investments Investments in intangible and tangible assets. Definitions to rows in the cash flow statement.
Total cash flow/cash flow Change in cash and cash equivalents during the period, excluding exchange differences in cash and cash equivalents.
Shareholders' information Measures related to the share
--- --- ---
Non-IFRS performance measure Description Reason for the use of the measure
Average number of outstanding shares Total number of shares in the Parent company, less the number of group companies' holdings of shares in the Parent company (own/treasury shares). Definitions of IFRS performance measures. Measures showing the return of the business to the owners, per share.
Dividend per share Dividend divided by the average number of outstanding shares during the period.

18 | Net Insight


Financial definitions

Shareholders' information Measures related to the share
Non-IFRS performance measure Description Reason for the use of the measure
Earnings per share (EPS) Net income divided by the average number of outstanding shares during the period.
Cash flow per share Total cash flow, divided by average number of outstanding shares during the period. Measures showing the return of the business to the owners, per share.
Equity per share Shareholders' equity divided by number of outstanding shares at the end of the period.
Employees Measures related to employees
--- --- ---
Non-IFRS performance measure Description Reason for the use of the measure
Average number of employees and consultants/co-workers The average number of employees and consultants for non-temporary positions (longer than nine months) and who do not replace absent employees, in FTE (Full-time equivalent). To supplement the number of employees with consultants gives a better measure of the Company's cost.

Net Insight


Financial calendar

Annual general meeting 12 May 2026
Interim report Q2 2026 15 July 2026
Interim report Q3 2026 29 October 2026
Year-end report 2026 10 February 2027

Invitation to presentation

On 29 April 2026 at 09:00 CEST, CEO Andreas Eriksson together with CFO Cecilia Höjgård Hook will present the quarterly report in a live-streamed web conference.

Link to the live presentation, which will also be available for replay: Net Insight Q1 2026

For further information

Andreas Eriksson, CEO, Net Insight AB (publ) Net Insight AB (publ) org.no: 556533-4397
Telephone: +46 (0)8 685 04 00 Box 1200, 171 23 Solna
E-mail: [email protected] Telephone: +46 (0)8 685 04 00
cecilia.hojgard.hook, CFO, Net Insight AB (publ) www.netinsight.net
Telephone: +46 (0) 700 92 24 84
E-mail: [email protected]

Net Insight AB (publ)
Telephone: +46 (0)8 685 04 00, [email protected], www.netinsight.net

img-6.jpeg

netinsight