Pexip Holding — Interim / Quarterly Report 2026

May 5, 2026

]pexip[

Q1 Report 2026

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Q1 Report 2026

Highlights

Q1 2026 revenue of USD 40.7 million, up 30% y-o-y. Pexip's subscription base measured in ARR was USD 135.0 million at the end of Q1 2026, up 17% y-o-y.

Growth driven by Secure and Custom where ARR grew 24% year-on-year. Connected Spaces ARR grew 12% year-on-year.

Strong traction in Secure & Custom in Europe in particular, with several key wins both in Government and Defense.

EBITDA excluding other gains and losses amounted to USD 18.7 million, up from USD 10.1 million in the same quarter last year. EBITDA including other gains and losses amounted to USD 19.2 million, up from USD 10.3 million in the same quarter last year.

Free cash flow of USD 19.8 million in the quarter, up from USD 18.5 million in Q1 2025, with a cash and money market fund position of USD 81.0 million and no material interest-bearing debt at the end of Q1 2026.

"We are very satisfied with the start of 2026, combining strong traction for sovereign IT solutions and solid 17% ARR growth with margin expansion to a 30% EBITDA margin in the last twelve months."

2

Trond K. Johannessen

Chief Executive Officer

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Q1 Report 2026

Summary of key events

Business mix and growth drivers

• Secure & Custom remain the principal contributor to ARR growth. Segment ARR was USD 59.3 million at quarter-end (+24% y-o-y) and increased by USD 2.9 million q-o-q. Demand was particularly strong in Europe, including government and defense, reflecting increased requirements for sovereign IT and data control.
• Connected Spaces delivered improved sequential momentum. Segment ARR was USD 75.8 million at quarter-end (+12% y-o-y) and increased by USD 1.1 million q-o-q, supported by the closing of several larger customers and continued progress in Native Rooms.
• The company sees four recurring drivers of commercial momentum: (1) sovereign IT and data control, (2) early traction for Private AI use cases (notably in justice and healthcare), (3) differentiation in mission-critical and classified environments, and (4) interoperability as a strategic requirement during platform transitions.

Customer retention and churn nuance

• Retention dynamics differed by segment. Connected Spaces reported quarterly net retention of 98%, with growth primarily driven by new sales. Secure & Custom reported quarterly net retention of 104%, supported by a combination of new customer additions and net upsell. In total net retention passed 100%, due to an Secure & Custom gaining share.

Profitability, operating leverage, and cash conversion

• Profitability improved materially year-on-year. EBITDA (excluding other gains/losses) increased to USD 18.7 million (46% margin) from USD 10.1 million (32% margin), while gross margin remained at 92%. The company continues to show strong operating leverage and high incremental EBITDA conversion.
• Cash generation remained strong. Free cash flow was USD 19.8 million in Q1 2026 (USD 18.5 million in Q1 2025). Cash and money market funds were USD 81.0 million at quarter-end, and the company reported no material interest-bearing debt.

Operational Review

Q1 2026 summary

Pexip's subscription base measured in Annual Recurring Revenue (ARR) amounted to USD 135.0 million at the end of Q1 2026, representing a year-on-year increase of 17%. Pexip grew its overall ARR base with USD 4.0 million in the quarter.

Connected spaces ARR amounted to USD 75.8 million at the end of Q1 2026, up 12% from Q1 2025. The net revenue retention rate, reflecting the percentage of retained revenue from existing customers, was 98% in Q1 2026.

Secure and Custom ARR amounted to USD 59.3 million at the end of Q1 2026, up 24% from Q1 2025. The net revenue retention rate was 104% in Q1 2026.

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Q1 Report 2026

Financial Review

(Figures in brackets = same period prior year or relevant balance sheet date).

Income statement

Q1 2026 and YTD

Consolidated revenue amounted to USD 40.7 million in Q1 2026 (USD 31.4 million in Q1 2025), representing a 30% increase year-on-year.

Revenue growth was supported by both software and SaaS, with software revenues typically exhibiting higher quarter-to-quarter variability due to the immediate recognition of certain subscription software contracts.

Pexip operates in two main product areas. Pexip self-hosted software, which mainly consists of sales from software licenses and related maintenance contracts, and Pexip as-a-Service, which consists of sales from Pexip's public cloud service. Self-hosted software revenue accounted for USD 24.9 million in Q1 2026 (USD 18.1 million, +38%). The increase is due to increased sales, as well as the immediate recognition of subscription software contracts creates quarterly variation in software revenues. Revenue from Pexip as-a-Service was USD 15.9 million in Q1 2026 (USD 13.3 million, +19%).

Cost of sale consists mainly of network, data center and hosting for the Pexip as-a-Service, as well as 3rd party commissions and software licenses. Cost of sale amounted to USD 3.3 million in Q1 2026 (USD 2.6 million). Gross margin remained stable at 92% despite higher cloud usage in the period. The increase in the quarter is related to increased cost of cloud compute from higher usage of Pexip's cloud service.

Operating expenses consist mainly of salary and personnel expenses and other operating expenses. Salary and personnel expenses amounted to USD 14.4 million in Q1 2026 (USD 15.3 million), which is 35% of the quarterly revenue (49%). The decrease is mostly related to lower accruals of social security related to share-based expenses compared to the same quarter last year. Pexip had 283 employees employed at the end of Q1 2026 (279).

Other operating expenses amounted to USD 4.4 million (USD 3.4 million), which reflects a level of 11% of the quarterly revenue (11%). USD 0.5 million of the increase is tied to a semi-annual company kickoff. Other gains and losses amounted to a gain of USD 0.5 million (gain of USD 0.2 million).

Earnings before interest, tax, depreciation, and amortization (EBITDA) excluding Other gains and losses was USD 18.7 million (USD 10.1 million), reflecting a 46% margin (32%). EBITDA including other gains and losses amounted to USD 19.2 million in Q1 2026 (USD 10.3 million), reflecting a 47% EBITDA margin (33%).

Depreciation and amortization costs were USD 1.4 million in Q1 2026 (USD 1.3 million).

Net financial income was a loss of USD 1.5 million (loss of USD 1.3 million). Pexip had financial income of USD 0.6 million related to interest on cash holdings (USD 0.7 million), while the net impact of foreign exchange differences gave a loss of USD 2.1 million (loss of USD 1.9 million).

Profit before tax was USD 16.3 million (USD 7.8 million). Profit after tax was USD 13.1 million (USD 5.9 million).

Financial position

Pexip continues to have a very robust financial position as the company has a solid cash buffer, no material interest bearing debt and a positive cash flow. Total assets amounted to USD 228.2 million (USD 215.3 million at the end of 2025), and total equity amounted to USD 168.3 million (USD 149.9 million).

Current assets amounted to USD 109.2 million (USD 94.5 million at the end of 2025). Cash and cash equivalents increased to USD 58.6 million (USD 38.1 million) and financial investments (money market funds) increased to USD 22.4 million (USD 21.5 million).

Combined cash and money market funds increased to USD 81.0 million (USD 59.6 million).

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Q1 Report 2026

Trade and other receivables decreased to USD 21.7 million (USD 31.2 million), while contract assets increased to USD 4.3 million (USD 0.5 million).

Non-current assets amounted to USD 119.1 million (USD 120.8 million at the end of 2025). Contract costs amounted to USD 30.0 million (USD 29.9 million).

Total liabilities were at USD 59.9 million (USD 65.4 million). Borrowings amounted to USD 0.2 million (USD 0.2 million).

Current liabilities decreased to USD 53.8 million (USD 57.6 million at the end of 2025), with the decrease being mainly related to a decrease in trade payables.

Non-current liabilities amounted to USD 6.1 million (USD 7.8 million at the end of 2025).

Cash flow

Q1 2026

Net cash flow from operating activities was USD 21.1 million in Q1 2026 (USD 19.2 million in Q1 2025) compared to an EBITDA of USD 19.2 million. In addition, the Company had a positive fair value adjustment on its money market funds of USD 0.2 million (USD 0.2 million).

Cash flow from investing activities was negative USD 1.2 million for Q1 2026 (negative USD 0.6 million). Investments in own software development were USD 1.1 million compared to USD 0.5 million in Q1 2025.

Cash flow from financing activities was USD 0.0 million for Q1 2026 (negative USD 0.3 million). The main cash outflow was related to lease payments for office space. Pexip had a cash inflow related to release of treasury shares of USD 0.4 million in Q1 2026 (USD 0.1 million in Q1 2025).

In total, Pexip had a free cash flow of USD 19.8 million (USD 18.5 million) including net change in money market funds. The combined cash and money market fund position was USD 81.0 million at the end of Q1 2026 (USD 78.7 million at the end of Q1 2025).

The Annual General Meeting in 2026 has approved a dividend of USD 4.0 per share, amounting to a total dividend of USD 419 million for all shares currently outstanding, approximately USD 45 million, which was paid out in April 2026.

Subsequent events

There were no subsequent events after March 31, 2026.

Risk and uncertainty

Risk management in Pexip is based on the principle that risk evaluation is an integral part of all business activities and is a part of the annual strategy review. Pexip has developed its approach to risk assessment and risk mitigation within financial reporting and information security, where Pexip holds ISO 27001 and 27701 certifications as external recognition of its approach.

Pexip is exposed to several risk factors related to operational and market activities, customer relationships and third parties, laws, regulations, and compliance, financial and market, among others. The Risk and Risk Management section in the 2025 Annual Report contains detailed descriptions and mitigating actions.

2026 has seen continued uncertainty in trade policies across countries and some instability in currency exchange rates. As a company operating in multiple countries, this may have an impact on Pexip's business although software and services are not product categories that so far have been impacted. The Company is continuously monitoring the situation and will seek to adapt to any changes in trade regulations.

Outlook

Pexip believes that the market for enterprise-grade video communication will continue to increase due to the increased adoption and usage of video communication, and increased awareness of sustainability. Pexip has unique video technology with capabilities within security, interoperability, and flexible deployments. This makes the company well-positioned as enterprises and public sector organizations continue to adopt hybrid working models. Furthermore, Pexip believes in the increased use of video in organizations' workflows with their clients/customers, creating additional new and significant market opportunities. In particular, the use of video for mission-critical, high-security meetings has increased. This is the foundation of the focused strategy Pexip is executing, pursuing

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Q1 Report 2026

market-leading positions in Secure and Custom Video and Connected Spaces.

Going forward the company aims to deliver double-digit ARR growth and above Rule of 40 performance across a combined ARR growth rate and EBITDA margin excluding other gains and losses.

The company's outlook is to end on an ARR of USD 137-141 million at the end of Q2 2026.

These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties, and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this section. Readers are cautioned not to put undue reliance on forward-looking statements.

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G1 Report 2026

SIGNATURE PAGE

Board of Directors

Oslo, May 5, 2026

Board of Directors and CEO of Pexip Holding ASA

Digitally signed	Digitally signed	Digitally signed
Kjell Skappel
Chair of the Board	Irene Kristiansen
Board Member	Erik Axelsson
Board Member
Digitally signed	Digitally signed	Digitally signed
Jean Rosauer
Board Member	Geir Langfeldt Olsen
Board Member	Trond K. Johannessen
CEO

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Q1 Report 2026

Consolidated statement of profit or loss

Period January 1 - March 31

(USD 1,000)	Notes	First Quarter
		Q1 2026	Q1 2025
Revenue	3	40 746	31 430
Cost of sale		3 252	2 619
Salary and personnel expenses		14 423	15 271
Other operating expenses		4 391	3 435
Other gains and losses		507	237
EBITDA		19 188	10 341
Depreciation and amortization		1 386	1 261
Operating profit or loss		17 802	9 081
Financial income		621	688
Financial expenses		-74	-78
Net gain and loss on foreign exchange differences		-2 060	-1 912
Financial income/(expenses) - net		-1 512	-1 303
Profit or loss before income tax		16 290	7 778
Income tax expense		3 189	1 858
Profit or loss for the year		13 101	5 920
Profit or loss is attributable to:
Owners of Pexip Holding ASA		13 101	5 920
Earnings per share
Basic earnings per share		0.13	0.06
Diluted earnings per share		0.12	0.06

The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.

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Q1 Report 2026

Consolidated statement of comprehensive income

Period January 1 - March 31

First Quarter
(USD 1,000)	Q1 2026	Q1 2025
Profit or loss for the year	13 101	5 920
Items that may be reclassified to profit or loss:
Exchange difference on translation of foreign operations	-4 269	-7 694
Total comprehensive income for the year	8 832	-1 774
Total comprehensive income is attributable to:
Owners of Pexip Holding ASA	8 832	-1 774

The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.

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Q1 Report 2026

Consolidated statement of financial position

Date as of March 31

(USD 1,000)	Notes	03/31/2026	12/31/2025	1/1/2025
ASSETS
Non-current assets
Property, plant and equipment		1 495	1 598	1 773
Right-of-use assets		3 362	3 975	4 562
Goodwill		61 425	59 430	52 759
Other intangible assets		10 170	9 630	8 433
Deferred tax asset		12 148	15 765	12 351
Contract costs	4	29 990	29 945	28 633
Receivables				49
Other assets		471	473	426
Total non-current assets		119 061	120 816	108 987
Current assets
Trade and other receivables		21 672	31 153	29 316
Contract assets		4 254	490	593
Other current assets		2 275	3 260	1 742
Financial Investments		22 400	21 455	18 150
Cash and cash equivalents		58 552	38 105	37 178
Total current assets		109 153	94 463	86 980
TOTAL ASSETS		228 214	215 279	195 966
(USD 1,000)		03/31/2026	12/31/2025	1/1/2025
EQUITY AND LIABILITIES
Equity
Total equity		168 271	149 889	141 627
Non-current liabilities
Borrowings				175
Lease liabilities		2 625	3 192	3 832
Deferred tax liabilities		3 524	4 575	3 502
Other payables				2
Total non-current liabilities		6 148	7 767	7 511
Current liabilities
Trade and other payables		13 588	17 955	13 787
Contract liabilities		38 195	37 461	31 259
Current tax liabilities		260	471	185
Borrowings		172	176
Lease liabilities		1 578	1 561	1 596
Total current liabilities		53 794	57 623	46 828
Total liabilities		59 942	65 390	54 339
TOTAL EQUITY AND LIABILITIES		228 214	215 279	195 966

The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.

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Q1 Report 2026

Consolidated statement of changes in equity

(USD 1,000)	Share capital	Share premium	Other reserves	Translation differences	Retained earnings	Total equity
Balance at January 1, 2025	166	216 102	6 058	-24 320	-56 378	141 627
Profit or loss for the year					19 811	19 811
Other comprehensive income for the year				15 461		15 461
Total comprehensive income for the year				15 461	19 811	35 272
Buy/sell treasury share	1		-9 626			-9 625
Dividend paid to company's shareholders		-25 252				-25 252
Share-based payments, net of tax			7 867			7 867
Balance at December 31, 2025	167	190 849	4 299	-8 859	-36 567	149 889
Balance at January 1, 2026	167	190 849	4 299	-8 859	-36 567	149 889
Profit or loss for the period					13 101	13 101
Other comprehensive income for the year				4 269		4 269
Total comprehensive income for the year				4 269	13 101	17 370
Buy/sell treasury share			388			389
Share-based payments, net of tax			624			624
Balance at March 31, 2026	167	190 849	5 311	-4 590	-23 466	168 271

The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.

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Q1 Report 2026

Consolidated statement of cash flows

Period January 1 - March 31

First Quarter

(USD 1,000)	Q1 2026	Q1 2025
Cash flow from operating activities
Profit or loss before income tax	16 290	7 778
Adjustments for
Depreciation, amortization and net impairment losses	1 386	1 261
Non-cash - share based payments	624	70
Interest income/expenses - net	-323	-383
Net exchange differences	525	-240
Fair value on Financial Assets at fair value through profit and loss	-226	-227
Other adjustments	-55	-154
Change in operating assets and liabilities
Change in trade, other receivables and other assets	7 165	10 481
Change in trade, other payables and contract liabilities	-4 751	31
Interest received	396	461
Income taxes paid/refunded	32	99
Net cash inflow/outflow from operating activities	21 063	19 178
Cash flow from investing activities
Payment for property, plant and equipment	-88	-94
Payment of software development cost	-1 108	-520
Proceeds from sale of property, plant and equipment	3	12
Net cash inflow/outflow from investing activities	-1 194	-602
Cash flow from financing activities
Proceeds from borrowings		6
Repayment of borrowings	1	-6
Principal element of lease payments	-301	-258
Interest paid	-73	-78
Proceeds from release of Treasury shares	385	76
Net cash inflow/outflow from financing activities	12	-260
Net increase/(decrease) in cash and cash equivalents	19 881	18 316
Cash and cash equivalents start of the period	38 105	37 178
Effects of exchange rate changes on cash and cash equivalents	565	3 437
Cash and cash equivalents end of the period	58 552	58 931

The above consolidated statement of profit or loss should be read in conjunction with the accompanying notes.

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Q1 Report 2026

Note 1 - General

Pexip Holding ASA is the parent company of the Pexip Group. The Group includes the parent company Pexip Holding ASA and its wholly owned subsidiary Pexip AS, which have the wholly owned subsidiaries Pexip Inc, Pexip Ltd, Pexip Australia Pty Ltd, Pexip Japan GK, Pexip Singapore Pte Ltd, Pexip Germany GmbH, Pexip France SAS, Pexip Netherlands B.V, Pexip Belgium NV, Pexip Italy S.R.L and Pexip Spain SL. The Group's head office is located at Lilleakerveien 2a, 0283 OSLO, Norway. Pexip Holding ASA is listed on the Oslo Stock Exchange (Norway) under the ticker PEXIP.

The consolidated condensed interim financial statements comprise the financial statements of the Parent Company and its subsidiaries as of March 31, 2026, authorised for issue by the board of directors on May 5, 2026.

The condensed interim financial statements are unaudited.

Note 2 - Basis of preparation

The condensed interim financial statements for the three months ending on March 31, 2026, have been prepared according to IAS 34 Interim Financial reporting. This quarterly report does not include the complete set of accounting principles and disclosures and should be read in conjunction with the Annual Financial Statement for 2025. All accounting principles applied in preparing this interim financial statement are consistent with the annual report as of 2025. The Group has not early adopted any new standards, interpretations or amendments issued but not yet effective.

Rounding differences may occur.

From January 2026, the Group has changed the presentation currency from NOK to USD. An additional ingoing balance has been presented in the balance sheet according to IAS 8. Equity is presented using historical exchange rates. Differences are reported in the Column 'Translation differences' in the Equity statement. Note that the Ingoing balances in the Equity statement in USD are unaudited.

Note 3 - Revenue and segment information

(USD 1,000)

The Group has one segment, sale of collaboration services. The market for Pexip's software and services is global. The chief decision maker will therefore follow up revenue and profitability on a global basis. This is consistent with the internal reporting submitted to the chief operating decision maker, defined as the Management Group. The Management Group is responsible for allocating resources and assessing performance as well as making strategic decisions.

Principles of revenue recognition are stated in accounting principles to consolidated financial statements, section 2.3.5 Revenue from contracts with customers.

Disaggregation of revenue

In the following table, revenue is disaggregated by primary service line, geography and timing of revenue recognition. In presenting the geographic information, revenue has been based on the geographic location of customers.

First quarter 2026

	EMEA^{1)}	Americas	APAC^{2)}	Total
Pexip as-a-Service	5 989	9 018	857	15 864
Self-hosted Software	9 806	13 506	1 571	24 883
Total revenue	15 794	22 524	2 428	40 746

First quarter 2025

	EMEA^{1)}	Americas	APAC^{2)}	Total
Pexip as-a-Service	6 031	6 392	910	13 333
Self-hosted Software	8 798	7 790	1 508	18 096
Total revenue	14 829	14 182	2 418	31 430

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Q1 Report 2026

Full year (YTD) 2026

	EMEA^{1)}	Americas	APAC^{2)}	Total
Pexip as-a-Service	5 989	9 018	857	15 864
Self-hosted Software	9 806	13 506	1 571	24 883
Total revenue	15 794	22 524	2 428	40 746

Full year (YTD) 2025

	EMEA^{1)}	Americas	APAC^{2)}	Total
Pexip as-a-Service	6 031	6 392	910	13 333
Self-hosted Software	8 798	7 790	1 508	18 096
Total revenue	14 829	14 182	2 418	31 430
	First quarter	First quarter
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Timing of revenue recognition	2026	2025
Products and services transferred at a point in time	20 493	14 590
Products and services transferred over time	20 253	16 840
Total revenue	40 746	31 430
	Year to date	Year to date
---	---	---
Timing of revenue recognition	2026	2025
Products and services transferred at a point in time	20 493	14 590
Products and services transferred over time	20 253	16 840
Total revenue	40 746	31 430

1) Europe, Middle East and Africa
2) Asia Pacific (East and South Asia, Southeast Asia and Oceania)

Information about major customers

The Group conducts its sales through channel partners. In Q1 2026, no partner represents more than 10% of the Group's revenue. Of the Group's total channel partner base as of 31 March 2026, the five largest represent approximately 38% (31% in Q1 2025) of total revenue in Q1 2026, and the ten largest represent about 57% (49% in Q1 2025) of total revenue.

Non-current assets

The following geographic information of non-current assets is based on the geographic location of the assets.

	3/31/2026	3/31/2025
Norway	15 162	15 822
Europe (other than Norway)	13 308	12 640
Americas	13 284	12 775
APAC	3 264	2 898
Total non-current operating assets	45 017	44 136

Non-current assets for this purpose consist of property, plant and equipment, right-of-use assets, other intangible assets and contract costs.

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Q1 Report 2026

Note 4 - Contract Costs

(USD 1,000)

The increase of contract costs in Q1 mainly relates to changes in additions of million USD 0.8 and changes in foreign currencies in foreign operations. Total commission costs activated in the first quarter in 2026 was 2.7 million USD (1.9 million USD in Q1 2025). Depreciated cost in the quarter was 2.7 compared to 2.3 in Q1 2025, which is mostly reflected in salary and personell expenses.

Contract costs Q1 movements	2026	2025
Balance at January 1	29 945	28 633
Additions	2 739	1 903
Depreciated during the year	-2 683	-2 279
Translation differences	-11	722
Balance at March 31	29 990	28 978

Note 5 - Treasury Shares

(USD 1,000)

	Q1 2026	Q1 2025
Total outstanding shares	104 429 671	104 429 671
Number of Treasury shares	47 445	514 054
Total external shares	104 382 226	103 915 617
	Q1 2026	YTD 2026
---	---	---
Weighted average number of ordinary external shares	103 352 567	103 352 567
Effect of dilutive potential ordinary shares	2 548 581	2 548 581
Weighted average number of ordinary external shares incl dilutions	105 901 148	105 901 148

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Q1 Report 2026
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Appendix — Definitions

Revenue - Pexip as a service
Revenue from Pexip as a service is the revenue stream for all Pexip products that are delivered to customers as Software as a service. The customer is given access to Pexip Products on a subscription basis.

Revenue - Self hosted Software
Self-Hosted software revenue is revenue from delivering of software licenses to customers, either on a termed subscription or as a perpetual license. This also includes maintenance and installation services or other related consultancy services.

ARR - Contracted Annual Recurring Revenue
Annualized sales from all active subscriptions/contracts and ordered subscriptions with a future start date where the subscription is time-limited and recurring in nature. This corresponds to Pexip's order backlog.

Delta Annual Recurring Revenue (DARR)
The difference in ARR from one period to another.

NRR - Net Revenue Retention Rate
The percentage of annual recurring revenue retained from customers' existing in the prior year, including upsell, downsell and churn.

FVTPL
Fair Value through profit or loss

Appendix — Alternative performance measures (APMs)

The Group uses the following terms in the definition of APMs in this Report:

EBITDA
Profit/(loss) for the period before net financial items, income tax expense, depreciation, and amortization and impairment.

This number can be directly read out of the Consolidated statement of profit or loss.

Adjusted EBITDA
EBITDA adjusted for cost that are not related to the ordinary business and that are non-recurring costs.

First Quarter	2026	2025	Change	Change in %
EBITDA	19 188	10 341	8 846	86%
Other gains and losses	507	237	270	114%
Adjusted EBITDA for the quarter	18 681	10 104	8 576	85%

EBITDA-margin
EBITDA in percentage of revenue in the same period.

First Quarter	2026	2025	Change	Change in %
EBITDA	19 188	10 341	8 846	86%
Revenue	40 746	31 430	9 317	30%
EBITDA Margin	47%	33%	14%	43%

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Q1 Report 2026
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EBITDA margin excl other gains and losses

Adjusted EBITDA as a percentage of revenues in the same period.

First Quarter	2026	2025	Change	Change in %
Adjusted EBITDA	18 681	10 104	8 576	85%
Revenue	40 746	31 430	9 317	30%
EBITDA margin excl other gains and losses	46%	32%	14%	43%

Gross Profit

Revenue less cost of goods sold

First Quarter	2026	2025	Change	Change in %
Revenue	40 746	31 430	9 317	30%
Cost of Goods sold	3 252	2 619	632	24%
Gross Profit	37 495	28 810	8 684	30%

Gross Margin

Gross Profit as a percentage of revenues in the same period.

First Quarter	2026	2025	Change	Change in %
Gross Profit	37 495	28 810	8 684	30%
Revenue	40 746	31 430	9 317	30%
Gross Margin	92%	92%	0%	0%

Free cash flow

The sum of operating cash flow, investing cash flow tied to the operations of the company and principal lease payments. This represents the free cash flow from the business, excluding potential equity or debt financing cash flows as well as potential cash flows related to company acquisitions/ divestitures or financial investments. Fair value changes to money market funds held for short-term cash needs is included similar to interest income from cash in bank.

The numbers can be derived out from the cash flow statement

First Quarter	2026	2025	Change	Change in %
Operating cash flow	21 063	19 178	1 885	10%
Investing Cash flow	-1 194	-602	-592	98%
Principal element of lease payments	-301	-258	-43	17%
Fair value adjustment of financial investments at FVTPL	226	227	-2	-1%
Free cash flow	19 783	18 545	1 248	7%

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Q1 Report 2026
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Net debt

Net debt consist of both Non current and Current interest bearing liabilities less Financial Investments and Cash and Cash equivalents. The numbers can be derived from the balance sheet statement.

	2026	2025	Change	Change in %
Non Current Lease liability	2 625	3 746	-1 121	-30%
Non Current Borrowings		165	-165	-100%
Current Lease liabilities	1 578	1 705	-127	-7%
Current Borrowings	172		172	100%
Total interest bearing Liabilities	4 374	5 615	-1 241	-22%
Cash in bank	58 552	58 931	-379	-1%
Financial Investments	22 400	19 766	2 634	13%
Net debt	-76 577	-73 082	-3 496	5%