Precise Biometrics — Audit Report / Information 2025

Feb 12, 2026

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Year-end Report

January – December, 2025

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Precise, a pioneer in biometrics and cybersecurity, whose technology is used

times/second, all year round

Precise Biometrics (Precise) is a global pioneer in the field of cybersecurity and biometric solutions. The offering includes algorithm products for fingerprint, facial and hand recognition, as well as packaged end-customer products for biometric access (Precise Access) and visitor management (Precise Visit by EastCoast).

Our solutions enable secure and simple access to data, mobile devices, locations, and trusted identities. The focus areas include biometric authentication for mobile phones, laptops, security keys and logical access, vehicle applications for in-car payment, driver authentication and personal settings — as well as government biometric programs and systems for visitor management and biometric physical access.

Precise operates through two business areas, Digital Identity and Biometric Technologies, and runs the business from its offices in Lund (HQ), Stockholm, Potsdam NY, Seoul, Taipei and Shanghai. The Precise share (PREC) is listed on Nasdaq Stockholm. Find out more at www.precisebiometrics.com.

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Table of Contents

The period in brief	4
CEO comments	6
Update from the business areas	8
Customer offering	10
Net sales and operating profit/loss	11
Consolidated income statement – in summary	15
Consolidated balance sheet – in summary	16
Consolidated cash flow statement – in summary	17
Consolidated change in equity – in summary	18
Notes	19
Parent company income statement – in summary	22
Parent company balance sheet – in summary	23
Consolidated key indicators	24
Alternative consolidated key indicators
Analysis of results, in summary	26
Financial glossary

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The period in brief:

Positive EBITDA and operating cash flow for the full year in a challenging external environment

Fourth quarter

• Net sales totaled SEK 17.0 (21.8) million.
• o The single biggest reason for the difference compared to 2024 is a major mobile customer that rescheduled its planned Q4 production to 2026.
• EBITDA totaled SEK -1.9 (3.4) million.
• The operating profit/loss (EBIT) totaled SEK -6.7 (-2.1) million.
• Earnings for the period totaled SEK -6.3 (-1.3) million.
• Earnings per share before and after dilution totaled SEK -0.08 (-0.02).
• Cash flow from operations totaled SEK -3.2 (5.8) million.
• ARR (Annual Recurring Revenue) at the end of the period was SEK 18.9 (19.0) million.

Full-year period, January-December

• Net sales totaled SEK 77.8 (86.9) million.
• o The single biggest reasons for the difference compared to 2024 are a major mobile customer that rescheduled its planned Q4 production to 2026 and a negative currency effect of SEK 3.3 million.
• EBITDA totaled SEK 0.2 (13.4) million.
• o Adjusted for negative currency effects from operating monetary items, EBITDA totaled SEK 3.1 million and operating expenses were at the same level as in the previous year.
• The operating profit/loss (EBIT) totaled SEK -20.1 (-9.4) million.
• Earnings for the period totaled SEK –19.9 (–8.4) million.
• Earnings per share before and after dilution totaled SEK -0.25 (-0.11).
• Cash flow from operations totaled SEK 1.9 (10.1) million.
• ARR (Annual Recurring Revenue) at the end of the period was SEK 18.9 (19.0) million.

Significant events during the quarter

(the bullet list below contains links to the relevant press releases)

• Next generation biometric matching algorithm launched
• Precise and SecuGen strengthen trust in national ID programs with joint anti-spoofing solution
• Precise strengthens Precise Visit by EastCoast with new access control capabilities

Significant events after the end of the full-year period

(the bullet list below contains links to the relevant press releases)

• Precise to speak at MOSIP Connect 2026
• Age Back Co Stockholm selects Precise Access for biometric access

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Financial data and key indicators

	2025	2024	2025	2024
Amounts in SEK thousands unless otherw ise stated	Oct-Dec	Oct-Dec	Full-year	Full-year
Net sales	17 017	21 787	77 814	86 852
Net sales grow th, %	-21,9%	7,3%	-10,4%	15,7%
EBITDA	-1 941	3 436	174	13 379
Gross margin, %	69,5%	72,4%	72,8%	72,6%
Operating profit/loss (EBIT)	-6 660	-2 074	-20 059	-9 414
Operating margin, %	-39,1%	-9,5%	-25,8%	-10,8%
Cash flow from the operating activities	-3 152	5 757	1 919	10 055
Cash and cash equivalents	18 411	37 704	18 411	37 704
Annual Recurring Revenue	18 919	18 980	18 919	18 980

See the Financial Glossary for definitions.

Video interview and live Q&A

Precise has published a video interview with CEO Joakim Nydemark in connection with this report. The interview is designed to complement the report and provide additional depth and a better understanding of the stock market for the company's business operations.

The video is available on the Investor Relations page: https://precisebiometrics.com/sv/investerare/

The company also invites you to a live Q&A session on February 12, 2026 at 13:00 (CET). More information and a registration link to the Q&A session may be found on the Investor Relations page: https://precisebiometrics.com/sv/investerare/

Questions can be asked directly during the Q&A or submitted in advance to investor@precisebiometrics.com.

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CEO comments

Positive EBITDA and operating cash flow for the full year in a challenging external environment

We round off a challenging 2025 with a positive EBITDA for the full year and a stable foundation for the next growth phase. The year has been characterized by geopolitical uncertainty, negative currency impact and caution in customers' investment decisions. In addition to this, deferred production at a major customer had a significant impact on revenue in the fourth quarter. But these are not lost projects, rather production volumes that have been postponed until the first half of 2026.

There is stability in our core business, with a competitive and relevant offering, good cost control, and focused execution. Moreover, significant progress has been made both technically and commercially, even though the year did not turn out to be the growth year we planned for.

Under the prevailing geopolitical conditions, delivering a positive full-year EBITDA, even if with small margins, confirms both the competitiveness of our offering and the strength of our business model. Net sales and earnings are not yet at the levels we want them to be, but at the same time I can confirm that we have implemented important strategic and operational changes, and achieved an incredible amount during the year. We are well-equipped for 2026.

During the year, including the fourth quarter, we continued to win new projects and strengthen our position in several strategically important areas such as mobile phones, national ID programs, visitor management systems, and physical access. At the same time, uncertainty in the world at large affected the timing of business decisions. In the mobile segment, delays at our customers' customers – mobile phone manufacturers – meant that production, which traditionally takes place during the strong, important fourth quarter, was postponed until after the end of the year. This had a negative impact on royalty revenues during the quarter. It is, however, important to emphasize that these are not lost projects or customers, but production volumes that have been postponed until the first half of 2026.

In addition to uncertainty in the world at large, currency movements had a negative impact on the figures. The US dollar weakened sharply during the year, affecting both revenue and profitability.

The market

The market continues to be characterized by caution, influenced by geopolitics, threats of tariffs, and a weak investment climate in multiple sectors. At the same time, we see that the demand for secure, user-friendly, and AI-powered biometric solutions, as well as access and visitor management systems, continues to increase. Precise is in a strong position in premium segments such as ultrasound-based biometrics for mobile phones and anti-spoofing solutions for National ID, where competition is more rational and price pressure lower.

Business and offering

One important milestone during the quarter was the launch of our fifth generation of biometric matcher, BioMatch Vizo. With double-digit performance improvements from what was already a market-leading level, we are further distancing ourselves from our competitors. The new architecture enables higher security, better user experience and supports the new, smaller ultrasonic sensors in mobile phones in the midsegment, while enhancing the performance of our anti-spoof solutions. Vizo is an important growth engine going forward.

We are also seeing the continuation of a positive trend in national ID programs, where interest in anti-spoofing and liveness solutions is increasing in line with stricter security requirements globally. Collaborations with scanner vendors such as SecuGen, the collaboration with MOSIP, and solutions certified for Aadhaar create good conditions for future revenue.

Interest in biometrics in the field of physical access continues to increase – both as a primary authentication method and as a part of multi-factor solutions. During the quarter, we reached the concept phase for a new architecture that combines multi-factor authentication (MFA) and palm recognition with access logic and mobile identities. The solution has been presented to a selection of potential partners, with very positive feedback.

In the field of visitor management systems, the transition to cloud-based solutions continues. The proportion of cloud customers for Precise Visit increased by more than 50% during the year. Although migration to the cloud has had a shortterm impact on ARR through some churn, it strengthens long

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term value creation through longer customer relationships, lower operating costs, higher customer satisfaction, and better scalability. Interest in both Precise Visit and Precise Access remains strong, and we see a clear trend towards contactless and identity-based access solutions.

At the same time, it is clear that certain markets, not least the automotive industry, are still faced with a challenging situation.

The future

Precise is well-positioned with a relevant product portfolio, long-term partnerships and a stable foundation for its business, which creates extremely good conditions for the years ahead. New generations of ultrasonic sensors are expected to reach the market and meet the demands of mid-end segment mobile phones, creating opportunities for significant growth in volume. This, combined with our other offerings, new markets, and our position in AI-based biometric software, creates a strong platform for continued expansion.

I look forward with great confidence and enthusiasm to 2026, a year in which we will continue to focus on growth and a positive cash flow.

I would like to conclude by extending my sincere thanks to our customers and partners for excellent collaboration during a challenging year – and to our incredibly competent employees for their enormous engagement and professionalism. Together we are making the world simpler and safer.

Joakim Nydemark CEO

My top three:

• Positive EBITDA for the full year despite challenging market conditions
• Strong position and a solid core business
• New customers and projects create good prospects for 2026

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Update from the business areas

Biometric Technologies

Given the global security situation, the rapid development in AI and Precise's strong offering, there is a high level of interest in the company's biometric solutions. At the same time, the quarter was characterized by a cautious business climate among both new and existing customers.

The whole of 2025 was characterized by geopolitical uncertainty and restraint in the market, especially in the mobile phone sector that is important for the company, but also in other areas. This uncertainty resulted in several mobile projects being delayed during the year. In the fourth quarter, we also saw several hardware partners choose to postpone production from the traditionally strong fourth quarter to the first half of 2026. This has had a direct, negative impact on Precise's royalty revenues for the fourth quarter. The delays relate to many suppliers, but the single biggest impact comes from delays at one of our largest customers. According to the customer, these are not lost volumes, but production that has been postponed until the first half of 2026.

The market continues to be characterized by competition and some price pressure, while Precise's solutions, primarily in ultrasound-based biometrics and anti-spoofing, are well positioned with high levels of performance and security. Price pressure is lower in these premium segments. Another positive feature is the progress made in national ID programs, physical access, palm recognition and other areas – although revenues from these areas are expected primarily in 2026 and beyond.

We continue to see great market potential and relevance in Precise's offering for 2026 and beyond.

Some of the highlights of the quarter:

• 1. National ID programs Interest remains high, progress is being made, business dialogs are ongoing, and contracts have been signed. One example is the discussions with MOSIP, which currently lacks anti-spoofing in its architecture, but sees a clear benefit in this. Precise is contributing its expertise and activities include participation as an exhibitor and speaker at MOSIP Connect in February 2026. Collaborations with scanner and sensor partners, such as SecuGen, are also progressing well.
• 1. Fifth generation biometric matchers During the quarter, the company launched and delivered a new generation of biometric matcher, BioMatch Vizo, showing double-digit performance improvements from what was already a market-leading level. In addition to increased security and improved user experience, the new architecture supports smaller ultrasonic sensors for the volume-driving mid-range segment of mobile phones, while strengthening the performance of the Precise anti-spoof solution.
• 1. Data collection and synthetic data generation Demand continues to increase as the need for high-quality data accelerates, driven by the development of AI and increased demands for robust biometric systems.
• 1. Physical access and palm recognition The company has continued the development of the contactless palm recognition modality, and further strengthened its collaboration with hardware suppliers in this area. A new architecture has been developed that offers multi-factor authentication (MFA) via palm recognition combined with mobile identities. The product is in the concept phase and has been presented to a selection of partners, producing a very positive response. The platform is planned to become available in the first half of 2026.

Cornerstones for growth in Biometric Technologies

• Biometric authentication with ultrasonic sensors in mobile phones
• Anti-spoofing for National ID programs
• Palm recognition for physical access

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Digital Identity

During the year, Precise signed a large number of new customer agreements with large industrial groups as well as municipalities and smaller companies. The company's Digital Identity offering is highly relevant, and through new partnerships and broader and clearer product packaging, the conditions have been strengthened for new recurring revenue streams and accelerating revenue per customer. At the same time, the pace of business continues to be affected by external environmental factors that are delaying customers' investment decisions.

The migration of Precise Visit customers to the company's cloud-based solution went amazingly well during the quarter and the whole year, which strengthens the business going forward, but has had a short-term negative impact on ARR due to some older on-premise customers terminating their agreements, and the fact that migrations do not initially add new revenue. This is a natural part of the transition, where older installations are being phased out in favor of a more scalable and profitable business model. New sales of cloudbased solutions performed well during the year, and the share of cloud customers for Precise Visit increased by 50% in 2025.

Even if a cloud customer does not initially generate higher revenue (ARR) than on-premise agreements, the long-term customer value is higher. The cloud business is characterized by lower operating costs, higher customer satisfaction, longer customer life cycles and better opportunities for upsell, which strengthens both margins and predictability over time.

For Precise Access, the bankruptcy of one major customer earlier in the year continued to have a negative impact on ARR. However, the company sees a growing interest in biometric physical access going forward, driven by increased security requirements, the need for better user experiences and a clear trend towards contactless and identity-based access management solutions. We are also seeing increased interest from both new and existing customers in high-security environments, such as laboratories, critical infrastructure, defense, and security-related operations, and environments with strict demands on the protection of individuals, information, and assets.

Some of the highlights of the quarter:

• New customer within Precise Access Age Back Co has implemented Precise Access for its gym facility in Stockholm, providing a clear example of how biometric access can be combined with a premium user experience.
• Partnership The collaboration with Avigilon (Motorola Solutions) has developed positively, and there is a joint plan for marketing and business activities for 2026.
• Rebranding completed The rebranding to Precise Visit by EastCoast and Precise Access respectively has now been implemented in full, creating increased clarity in the offering and a more uniform brand platform.
• Framework agreements During the period, several new framework agreements were signed for Precise Visit, creating good conditions for future roll-outs and recurring revenue.
• Product development Several new features and improvements have been launched in Precise Visit, including Event Visit, improved iPad configuration in enterprise environments, Scan & Check-in for multi-tenant customers, extended language support, improved guest network management, and a number of general performance and usability improvements. Improvements have also been made in functionality in Precise Access. In addition, integration support has been further strengthened through an extended integration with ARX to enable the use of a PIN to connect the solution to Precise Visit.
• New customers and migrations During the period, new agreements were signed or migration contracts were entered into with, among others, Age Back Co, Aqua d'Or Mineral Water, ASSA Abloy HQ Stockholm, Dustin, Everaxis, City of Gothenburg, City of Sundbyberg, UFAB (via Uanet), and Unaro Nordic, and other organizations.

Cornerstones for growth in Digital Identity

• Scalable cloud business driving ARR growth
• Well-packaged one-stop offering
• Biometric physical access

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Customer offering

In a world where security, user-friendliness and AI are key, Precise offers biometric security and access management solutions that provide secure and convenient access to data, mobile devices, locations, buildings, and trusted identities.

Simplicity and a first-class user experience are combined with high levels of performance and security. Instead of using a PIN, password, key or card, you use your finger, face or hand for authentication or identification – quickly, securely and conveniently.

Our offering in the areas of physical access, visitor management and biometric recognition makes everyday life secure and convenient.

Areas of application cover both digital and physical access – from mobile phones, laptops and logical access to payment, vehicles, visitor and access management systems, as well as government agency initiatives such as national ID programs.

Why Precise?

• Unique position and over 25 years of experience.
• Extensive expertise in the areas of biometrics, AI and image processing.
• 100,000 biometric verifications every second, all year round.
• Global reach with offices on three continents and a strong network of partners around the world.

• Trust from over 800 customers from mid-sized companies and public sector organizations to global technology giants and national ID programs.

• 100% software and SaaS, providing flexibility, simplicity and the facility to make quick changes.

• Hardware-independent with solutions that work with different sensor types and platforms, in both mobile phones and integrated systems.
• Different biometric modalities such as finger, palm, and face.
• Listed on Nasdaq Stockholm (PREC).

Our products

Physical access and visitor management

• Precise Access: Biometric physical access to commercial buildings via palm or facial recognition.
• Precise Visit by EastCoast: Cloud-based visitor management system that offers a premium visitor experience while improving security, administration, and compliance.

Biometric software suite for palm and finger recognition

• BioMatch: Biometric palm and fingerprint matching for identification and authentication.
• BioLive: AI-driven anti-spoofing and liveness detection that ensures biometric print authenticity and protects against manipulation, fraud and forgery.
• BioEnhance: Image enhancement of biometric prints before matching for increased security and performance.
• Biometric Services: Offering for biometric expertise, data collection, spoof creation, and synthetic data generation.

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Net sales and operating profit/loss

Net sales for the quarter

Net sales during the quarter totaled SEK 17.0 (21.8) million, divided between royalty revenues of SEK 6.2 (11.5) million, license fees (including support and maintenance) of SEK 9.7 (9.4) million and other revenue of SEK 1.2 (0.9) million. Royalty revenues during the quarter were affected by lower volumes from our customers, reflecting variations in the production of mobile devices. A weaker USD also contributed to lower revenue during the period.

Biometric Technologies

Net sales for Biometric Technologies totaled SEK 11.2 (16.2) million, divided between royalty revenues of SEK 6.2 (11.5) million, licenses fees of SEK 5.0 (4.6) million, and other revenue of SEK 0.1 (0.1) million. Royalty revenues were lower during the quarter, due to lower customer volumes and a weaker USD. As the biometric algorithm business is affected by customers' production levels, which may vary between quarters, the trend should be assessed over time rather than on the basis of individual quarters. The gross margin during the quarter totaled 79.0% (83.1). The change in the gross margin is explained by lower net sales during the quarter.

Digital Identity

Net sales for Digital Identity totaled SEK 5.8 (5.6) million and are reported under licenses at SEK 4.7 (4.8) million, and other revenue at SEK 1.1 (0.8) million.

The proportion of annual recurring revenue (ARR) was SEK 18.9 (19.0) million at the end of the quarter. One consequence of the company's strategy to increase the proportion of recurring revenue (ARR) and gradually replace older products is that there has been some churn.

A customer agreement concluded in the second quarter, corresponding to approximately SEK 0.8 million in ARR, is still affecting the comparison. The ARR level is otherwise stable, with positive new sales.

The gross margin during the quarter totaled 51.1% (41.2). The improved gross margin is due to reduced amortization, which in turn is an effect of lower capitalization of development expenses in previous periods.

Earnings for the quarter

The gross margin during the quarter totaled 69.5% (72.4). The increase is mainly due to reduced amortization. Amortization of capitalized development expenses totaled SEK 3.3 (3.9) million. Amortization of acquired intangible assets totaled SEK 0.6 (0.6) million.

Operating expenses during the quarter totaled SEK 18.5 million (17.8). The increase in operating expenses is mainly due to exchange rate effects related to the remeasurement of operating monetary balance sheet items. Excluding this impact, expenses decreased by approximately SEK 0.8 million compared with the previous year.

The profit/loss at EBITDA level totaled SEK -1.9 (3.4) million, which is primarily due to lower net sales and negative exchange rate effects on revenue.

The operating profit/loss (EBIT) for the quarter totaled SEK -6.7 (-2.1) million. Earnings for the quarter totaled SEK -6.4 (-1.3) million. Total depreciation and amortization amounted to SEK 4.7 (5.5) million.

Earnings per share (average number of shares) for the quarter totaled SEK –0.08 (–0.02).

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Net sales for the full-year period

Net sales during the full-year period totaled SEK 77.8 (86.9) million, divided between royalty revenues at SEK 33.0 (41.1) million, license fees (including support and maintenance) at SEK 39.1 (40.6) million and other revenue at SEK 5.7 (5.2) million. Royalty revenues decreased mainly as a consequence of one of the largest customers in the mobile market choosing to move planned Q4 volumes to 2026, due to market uncertainty in 2025. Variations in the production of mobile devices during the year are not unusual, but this shift was unusually large. A weaker USD also had a negative impact on revenue. License fees were down primarily due to changes in customer mix and the reduced support needs of some customers.

Biometric Technologies

Net sales for Biometric Technologies totaled SEK 56.4 (65.4) million and are reported under royalties at SEK 33.0 (41.1) million, licenses at SEK 20.6 (22.0) million, and other revenue at SEK 2.8 (2.4) million. Royalty revenues were lower than the previous year, mainly as a consequence of one of the largest customers moving planned Q4 production to Q1 2026. A weaker USD also had a negative impact. License fees were down year-on-year mainly as a consequence of changes in the composition of customers and renegotiated license agreements linked to the reduced support needs of some customers. The gross margin during the full-year period totaled 82.4% (83.7).

Digital Identity

Net sales for Digital Identity totaled SEK 21.4 (21.4) million and are reported under licenses at SEK 18.5 (18.6) million, and other revenue at SEK 2.9 (2.8) million. The ARR at the end of the fullyear period was SEK 18.9 (19.0) million. One consequence of the company's strategy to increase the proportion of annual recurring revenue (ARR) and gradually migrate older products is that some churn also occurred during the full-year period. The impact of a customer agreement that was terminated during the first half of the year is still affecting comparison. The ARR level is largely unchanged compared with the previous year, while new sales developed positively and the share of cloud customers increased significantly during the year. The gross margin during the full-year period totaled 47.7% (38.7).

Earnings for the full-year period

The gross margin during the full-year period totaled 72.8% (72.6). The improved gross margin is due to reduced amortization, which in turn is an effect of lower capitalization of development expenses in previous periods. Total amortization of capitalized development expenses was SEK 14.2 (16.5) million. Amortization of acquired intangible assets totaled SEK 2.4 (2.4) million.

Operating expenses for the full-year period increased to SEK 76.7 million (72.5), and excluding currency effects expenses were at the same level as in the previous year.

The profit/loss at EBITDA level fell to SEK 0.2 (13.4) million.  The decrease is explained by lower net sales due to variations in customers' production cycles and a weaker USD, as well as higher operating expenses attributable to exchange rate effects related to the remeasurement of operating monetary items. The operating profit/loss for the full-year period totaled SEK – 20.1 (–9.4) million. Earnings for the full-year period totaled SEK -19.9 (-8.4) million. Total depreciation and amortization amounted to SEK 20.2 (22.8) million. Earnings per share (average number of shares) for the full-year period totaled SEK -0.25 (-0.11).

Net financial items and tax

Net financial items for the quarter totaled SEK 0.3 (0.7) million and the tax expense totaled SEK 0.1 (0.1) million. Net financial items for the full-year period totaled SEK -0.2 (0.6) million and the tax expense totaled SEK 0.3 (0.4) million.

Net financial items are attributable to exchange rate differences in cash and cash equivalents, interest income, interest on lease liability in accordance with IFRS 16, as well as interest expense on the deferred fixed purchase price related to the acquisition of EastCoast.

Cash flow and investments

The cash flow from operating activities during the quarter totaled SEK -3.2 (5.8) million, of which SEK -1.5 (1.5) million is attributable to changes in working capital. Cash flow during the quarter was negatively impacted by a major customer payment of approximately SEK 4.5 million relating to December, which was instead received in early January. The Group invested SEK 0.2 (0.1) million in property, plant and equipment during the quarter. Total cash flow for the quarter was SEK -12.8 (-4.1) million. During the quarter, a repayment of SEK 6.0 million (6.2), including interest, was made on the loan relating to the acquisition of EastCoast.

Cash flow for the full-year period from operating activities totaled SEK 1.9 (10.1) million, primarily attributable to a positive change in working capital of SEK 2.1 (-4.1) million. The Group invested SEK 1.3 (0.4) million during the full-year period in property, plant and equipment. Total cash flow for the full-year period was SEK –18.9 (–10.0) million.

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Capitalization and amortization of development work

Development expenses of SEK 2.9 (2.9) million were capitalized during the quarter, and amortization of capitalized development expenses in respect of Digital Identity and Biometric Technologies totaled SEK 3.3 (3.9) million. Development expenses of SEK 11.7 (11.0) million were capitalized during the full-year period, and amortization of capitalized development expenses totaled SEK 14.2 (16.5) million.

Right of use assets

No new rental agreements were added during the quarter, but the full-year period saw an extension of rental agreements in Lund and indexation of rent in Lund and Stockholm, which resulted in an increase in lease liabilities of SEK 3.6 (7.6) million. Right of use assets totaled SEK 10.3 (9.1) million at the end of the period.

Financial position and liquidity

Cash and cash equivalents at the end of the period totaled SEK 18.4 (37.7) million. Total equity at the end of the period was SEK 131.0 (151.2) million, and equity per share was SEK 1.67 (1.93).

The parent company

The parent company's net sales for the quarter totaled SEK 12.7 (17.8) million and the operating profit/loss for the quarter totaled SEK -6.5 (-2.6) million and was charged with amortization of goodwill totaling SEK 0.6 (0.6) million. Net sales for the full-year period totaled SEK 60.8 million (70.0). The operating profit/loss totaled SEK –20.3 (–11.2) million and was affected by amortization of goodwill totaling SEK 2.4 (2.5) million. Cash and cash equivalents at the end of the full-year period totaled SEK 9.7 (25.5) million, and equity SEK 118.8 (139.0) million.

Organization and staff

The organization consists of the head office in Lund, Sweden, and offices in Stockholm, Sweden, Potsdam, USA, and Shanghai, China. At the end of the full-year period, the Group had a workforce of 44 (45) people, including on-site consultants. The number of employees was 36 (35), of which 30 (27) were located in Sweden. Precise works in an agile way together with several partners, creating a fast-moving, scalable organization. The number of employees does not include partners.

Financial Calendar

• Q1 Interim Report 2026 May 13, 2026
• AGM 2026 May 21, 2026
• Q2 Interim Report 2026 August 14, 2026
• Q3 Interim Report 2026 November 13, 2026
• Year-End Report 2026 February 11, 2027

Risk factors

The Group and parent company's business risks and risk management as well as the management of financial risks are described in detail in the Annual Report for 2024, which was issued in April 2025. There have been no incidents of significant importance since then that would affect or change these descriptions of the Group or parent company's risks and how they are managed.

Ownership structure

Precise Biometrics AB (publ), corporate ID number 556545- 6596, is the parent company in the Precise Biometrics Group. Precise Biometrics AB's shares are listed on the Nasdaq OMX Nordic Small Cap list. The number of shareholders at the end of the quarter was 19,485 (22,672). 9,767,731 (82,009,500) PREC shares were traded during the quarter. The closing price on December 30 was SEK 2.30 (4.94), and during the quarter the share price fluctuated between SEK 2.11 (2.73) and SEK 3.25 (6.80).

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

The undersigned certify that the year-end report provides a true and fair view of the parent company's and the Group's operations, financial position and financial results, and describes the significant risks and uncertainty factors faced by the parent company and the companies that belong to the Group.

Lund, February 12, 2026

Torgny Hellström

Chairman of the Board

Howard Ro	Peter Gullander	Victor Kuzmin	Maria Rydén	Åsa Schwarz
Board member	Board member	Board member	Board member	Board member

Joakim Nydemark

CEO

For further information, please contact:

Joakim Nydemark, CEO

Email: joakim.nýdemark@precisebiometrics.com

This information is information that Precise Biometrics AB is obligated to disclose pursuant to the EU Market Abuse Regulation. The information was submitted for publication on February 12, 2026 at 08:00 (CET).

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Consolidated income statement – in summary

		2025	2024	2025	2024
Amounts in SEK thousand	Note	Oct-Dec	Oct-Dec	Full-year	Full-year
Net sales	2,3	17 017	21 787	77 814	86 852
Cost of goods sold		-5 188	-6 015	-21 146	-23 786
Gross profit		11 829	15 772	56 668	63 066
Marketing and sales expenses		-7 675	-8 394	-32 436	-32 982
Administrative expenses		-3 411	-3 700	-14 122	-13 789
R&D expenses		-6 970	-6 747	-27 249	-26 966
Other operating income/expenses		-433	993	-2 920	1 256
		-18 489	-17 846	-76 727	-72 480
Operating profit/loss		-6 660	-2 074	-20 059	-9 414
Finacial income/expenses	4	266	690	-212	630
Profit/Loss before tax		-6 394	-1 384	-20 271	-8 784
Tax		87	89	347	351
Profit/loss for the period attributable to parent company
shareholders		-6 307	-1 295	-19 924	-8 433
Earnings per share, remaining operations, SEK*
- before dilution		-0,08	-0,02	-0,25	-0,11
- after dilution		-0,08	-0,02	-0,25	-0,11
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Profit/Loss for the period		-6 307	-1 295	-19 924	-8 433
Other comprehensive income:
Items that may be reclassified to profit or loss
Changes in accumulated exchange rate differences		-72	258	-631	274
Other comprehensive income for the period		-72	258	-631	274
Profit/Loss total attributable to holders of participations
in the parent company		-6 379	-1 037	-20 555	-8 159

^*Dilution effects are only considered in the event that the earnings per share become worse. Dilution effects have not been considered, as the average price is below the subscription price in current option programs.

{15}------------------------------------------------

Consolidated balance sheet – in summary

Amounts in SEK thousand

ASSETS Note		2025-12-31 2024-12-31
FIXED ASSETS
Material assets	11 947	10 639
Goodw ill and immaterial assets	119 683	124 741
TOTAL FIXED ASSETS	131 630	135 380
CURRENT ASSETS
Inventories	277	242
Accounts receivable	18 753	23 813
Other current receivabels	2 356	3 123
Accruals and deferred income	2 695	2 804
Cash and cash equivalents 4,6	18 411	37 704
TOTAL CURRENT ASSETS	42 492	67 686
TOTAL ASSETS	174 122	203 066
EQUITY AND LIABILITIES
EQUITY
Equity	131 018	151 163
TOTAL EQUITY ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS	131 018	151 163
LONG-TERM DEBT
Long term debt 6	12 146	16 281
TOTAL LONG-TERM DEBT	12 146	16 281
SHORT-TERM LIABILITIES
Short-term liabilities 4,6	30 958	35 621
Total Short-term liabilities	30 958	35 621
TOTAL EQUITY AND LIABILITIES	174 122	203 066

{16}------------------------------------------------

Consolidated cash flow statement – in summary

		2025	2024	2025	2024
Amounts in SEK thousand	Note	Oct-Dec	Oct-Dec	Full-year	Full-year
Cash flow from operating activities
Operating profit/loss		-6 661	-2 074	-20 060	-9 414
Adjustments for items not included in cash flow		4 778	5 661	20 124	22 928
Interest payments, net		267	690	-212	630
Tax paid		2	- 9	5	-22
Cash flow from operating activities		-1 615	4 268	-143	14 122
before changes in working capital
Cash flow from changes in working capital Change in inventories		-27	-11	-35	117
Change in current receivables		-4 214	-6 781	5 873	-4 113
Change in current liabilities		2 704	8 281	-3 776	-71
		-1 537	1 489	2 062	-4 067
Cash flow from operating activities		-3 152	5 757	1 919	10 055
Acquisition of subsidiaries	6	-6 022	-6 168	-6 022	-6 168
Investment in fixed assets		-170	-134	-1 261	-370
Investment in intangible assets		-2 893	-2 911	-11 650	-10 967
Cash flow from investing activities		-9 085	-9 213	-18 933	-17 505
Repurchase of ow n shares		0	- 1	0	- 3
Payment for sale/buy-back of options		0	0	407	0
Payment of lease liability		-552	-641	-2 317	-2 542
Cash flow from financing activities		-552	-642	-1 910	-2 545
Total Cash flow		-12 788	-4 097	-18 923	-9 994
Cash & cash equivalents at beginning of year		31 275	41 650	37 704	47 534
Exchange rate differences in cash & cash equivalents		-79	151	-372	164
Cash & cash equivalents at end of period 1)		18 411	37 704	18 411	37 704

¹⁾ The balance sheet item Cash & Cash Equivalents only includes bank balances at both the beginning and end of the period.

{17}------------------------------------------------

Consolidated change in equity – in summary

Amounts in SEK thousand		2025	2024
	Note	Oct-Dec	Oct-Dec
Equity at start of period		151 163	159 319
Comprehensive income
Profit/loss for the period		-19 924	-8 433
Other comprehensive income
Exchange differences		-631	274
Total other comprehensive income		-631	274
Total comprehensive income		-20 555	-8 159
Transactions with shareholders
LTI programme	5	410	2
Total transactions w ith shareholders		410	2
Equity end of period		131 018	151 163

{18}------------------------------------------------

Notes

Note 1 – Accounting policies

This year-end report has been prepared in accordance with IAS 34, Interim Reporting. The parent company's financial statements have been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Annual Reporting Board's recommendation RFR 2, Accounting for Legal Entities. The recognition and measurement policies and bases of estimates applied in the Annual Report for 2024 report have also been used in this year-end report.

Note 2 – Revenue allocation

	2025	2024	2025	2024
Amounts in SEK thousand	Oct-Dec	Oct-Dec	Full-year	Full-year
Segment
Biometric Technologies
Royalty	6 186	11 506	32 953	41 089
Licenses, incl. support & maintenance	4 957	4 630	20 607	21 976
Other	97	75	2 847	2 358
Digital Identity
Licenses, incl. support & maintenance	4 698	4 784	18 533	18 588
Other	1 079	793	2 874	2 841
Total	17 017	21 787	77 814	86 852
Timing of revenue recognition
At point in time*	7 395	12 416	38 635	47 777
Over time**	9 622	9 371	39 179	39 075
Total	17 017	21 787	77 814	86 852
Region/Country
Europe	6 403	6 671	25 423	27 598
- w hereof Sw eden	5 401	5 156	20 133	20 356
Asia	6 558	7 251	27 039	29 443
- w hereof China	243	332	1 039	1 372
- w hereof Taiw an	5 429	6 126	22 256	24 963
USA	4 056	7 865	25 352	29 811
Total	17 017	21 787	77 814	86 852

^* Sales at a certain time means that revenue is reported point-in-time at the start of the agreement period, when control has been transferred to the customer.

^** Sales over time means that revenue is accrued on a straight-line basis over the term of the agreement.

{19}------------------------------------------------

Note 3 – Segment reporting

			2025 Oct-Dec			2024 Oct-Dec
	Biometric Technologies	Digital Identity	Total Segment	Biometric Technologies	Digital Identity	Total Segment
Net sales	11 240	5 777	17 017	16 211	5 576	21 787
Cost of goods sold exkl. depreciation	-135	-1 355	-1 490	-425	-1 202	-1 628
Depreciation included in cost of sold goods	-2 225	-1 473	-3 698	-2 313	-2 074	-4 387
Gross profit	8 879	2 949	11 829	13 473	2 300	15 772
			2025 Full-year			2024 Full-year
	Biometric Technologies	Digital Identity	Total Segment	Biometric Technologies	Digital Identity	Total Segment
Net sales	56 407	21 408	77 814	65 424	21 428	86 852

Cost of goods sold exkl. depreciation -935 -4 230 -5 165 -1 259 -4 297 -5 556 Depreciation included in cost of sold goods -9 012 -6 969 -15 981 -9 402 -8 828 -18 230 Gross profit 46 459 10 208 56 668 54 764 8 303 63 066

Other information

Only net sales and product costs are allocated to each segment. Other costs are not allocated at segment level as these items relate to group operations

	2025	2024	2025	2024
Reconciliation profit/Loss	Oct-Dec	Oct-Dec	Full-year	Full-year
Gross profit	11 829	15 772	56 668	63 066
Marketing and sales expenses	-7 675	-8 394	-32 436	-32 982
Administrative expenses	-3 411	-3 700	-14 122	-13 789
R&D expenses	-6 970	-6 747	-27 249	-26 966
Other operating income/expenses	-433	993	-2 920	1 256
Finacial income/expenses	266	690	-212	630
Profit/Loss before tax	-6 394	-1 384	-20 271	-8 784

{20}------------------------------------------------

Note 4 – Financial instruments

The fair value in respect of financial assets and liabilities corresponds in all material respects with the carrying amount in the balance sheet.

Interest-bearing liabilities

On November 30, 2022, a supplementary agreement was signed that changed the terms and conditions for the remaining liability of SEK 55,000 thousand for the acquisition of EastCoast Solutions AB (see Note 6). SEK 30,000 thousand was paid on December 1, 2022, SEK 10,000 thousand on November 30, 2023, SEK 5,000 thousand on November 30, 2024, and SEK 5,000 thousand on November 30, 2025. SEK 5,000 thousand will be paid on November 30, 2026. Interest will be added to the amount of SEK 5,000 thousand that falls due on November 30, 2026. Interest for the period December 1, 2023 to November 30, 2024 was paid on November 30, 2024 and interest for the period December 1, 2024 to November 30, 2025 was paid on November 30, 2025. The interest, of 3 months STIBOR + 8%, will be added from November 30, 2023 until the amounts have been paid. The liability is recognized as an interest-bearing liability as of December 31, 2025.

The liability has been calculated at current value at the original effective interest rate of 1.8% and is recognized as other current liability (SEK 5,403 thousand).

Note 5 – LTI program

The Annual General Meeting 2022 resolved, in accordance with the Board's proposal, to establish a long-term share bonus program (LTI 2022/2028) for all employees at Precise Biometrics. In order to facilitate the implementation of LTI 2022/2028 and to ensure the delivery of shares to the participants, and to cover the company's costs for social security contributions, the meeting also decided to amend the Articles of Association in the form of the introduction of new Class C shares, authorization for the Board of Directors to issue Class C shares, authorization for the Board of Directors to buy back Class C shares, and approval of the transfer of shares to participants in LTI 2022/2028. The implementation of Class C shares took place in Q4 2022. As of June 30, 2025, Precise Biometrics held 1,085,000 Class C shares.

The Annual General Meeting 2025 resolved, in accordance with the Board's proposal, to establish a new long-term incentive plan (LTIP 2025/2028) for senior executives and other current and future employees within the Group by issuing a maximum of 1,200,000 stock options, which means that the company's share capital may increase by a maximum of SEK 360,000. All stock options have been issued free of charge to the wholly-owned subsidiary, Precise Biometrics Services AB, for onward transfer at market value to current employees who have been offered the opportunity to participate and to future employees within the Group.

As of June 30, 2025, approximately 450,000 stock options had been transferred to participants. The stock options have a term of three years and can be exercised for the subscription of shares during the period from August 1, 2028 to September 30, 2028. The conditions for continued holding and the right to exercise the options are regulated in separate transfer agreements, and may be affected by, for example, the termination of employment. Each stock option entitles the holder to subscribe to one new share in the company at a redemption price of SEK 5.63 per share. As the options have been acquired at market value, there is no accounting cost for the company in accordance with IFRS 2.

Note 6 – Business combinations

As of November 30, 2021, the Group acquired 100% of the shares in EastCoast Solutions AB and Besökssystem Sverige AB.

The purchase price totaled SEK 86,203 thousand, of which SEK 24,466 thousand was paid as of December 31, 2021, partly via a cash payment of SEK 18,000 thousand and partly via the issuing of new shares totaling SEK 6,466 thousand. An additional SEK 8,268 thousand was paid in cash in January 2022.

On November 30, 2022, a supplementary agreement was signed that changed the terms and conditions for the remaining liability of SEK 55,000 thousand for the acquisition. See Note 4 for details of the new terms and conditions.

During the full-year period 2025, the Group's cash and cash equivalents were affected by SEK 6,022 thousand in respect of partial payment of liability plus interest.

{21}------------------------------------------------

Parent company income statement – in summary

	2025	2024	2025	2024
Amounts in SEK thousand Note	Okt-Dec	Okt-Dec	Full-year	Full-year
Net sales 1	12 667	17 757	60 807	69 959
Cost of goods sold	-7 103	-8 857	-28 453	-32 412
Gross profit	5 564	8 900	32 354	37 547
Marketing and sales expenses	-4 604	-5 354	-19 883	-20 783
Administrative expenses	-3 270	-3 556	-13 583	-13 227
R&D expenses	-3 814	-3 597	-16 261	-16 031
Other operating income/expenses	-422	994	-2 900	1 261
	-12 109	-11 513	-52 627	-48 780
Operating profit/loss	-6 545	-2 613	-20 273	-11 233
Financial income/expenses	304	657	115	809
Group contributions received	0	151	0	151
Profit/loss before tax	-6 241	-1 806	-20 158	-10 274
Tax	0	0	0	0
Profit/loss for the period	-6 241	-1 806	-20 158	-10 274

{22}------------------------------------------------

Parent company balance sheet – in summary

Amounts in SEK thousand

ASSETS	Note	2025-12-31	2024-12-31
Fixed assets
Fixed assets		1 203	1 196
Immaterial assets		18 010	22 812
Deferred tax assets		90 558	90 558
TOTAL FIXED ASSETS		109 771	114 566
CURRENT ASSETS
Accounts receivable		15 442	20 859
Receivable Group		4 612	8 145
Other receivables		1 306	1 841
Accruals and deferred income		2 304	2 449
Cash and cash equivalents		9 737	25 452
TOTAL CURRENT ASSETS		33 401	58 746
TOTAL ASSETS		143 172	173 312
EQUITY AND LIABILITIES
Restricted Equity
Share capital		23 539 1 445	23 539 1 445
Statutory reserve		14 257	15 911
Reserve for development expenses Total restricted equity		39 240	40 895
Unrestricted Equity
Share premium reserve		168 316	168 316
Retained earnings		-68 561	-59 942
Profit/loss for the year		-20 158	-10 274
Total non-restricted equity		79 596	98 100
Total Equity		118 837	138 995
LONG-TERM DEBT
Long term debt		0	5 337
TOTAL LONG-TERM DEBT		0	5 337
SHORT-TERM LIABILITIES
Short-term liabilities		24 335	28 979
Total Short-term liabilities		24 335	28 979
TOTAL EQUITY AND LIABILITIES		143 172	173 312

{23}------------------------------------------------

Consolidated key indicators

	2025	2024	2025	2024
Amounts in SEK thousands unless otherw ise stated	Oct-Dec	Oct-Dec	Full-year	Full-year
Net sales	17 017	21 787	77 814	86 852
Net sales grow th, %	-21,9%	7,3%	-10,4%	15,7%
Gross margin, %	69,5%	72,4%	72,8%	72,6%
EBITDA	-1 941	3 436	174	13 379
Operating profit/loss	-6 660	-2 074	-20 059	-9 414
Working capital *	16 937	38 019	16 937	38 019
Capital employed	136 421	162 455	136 421	162 455
Liquidity ratio, %	136,4%	189,3%	136,4%	189,3%
Equity/assets ratio, %	75,2%	74,4%	75,2%	74,4%
Earnings per share before dilution, SEK	-0,08	-0,02	-0,25	-0,11
Earnings per share after dilution, SEK	-0,08	-0,02	-0,25	-0,11
Equity per share, SEK	1,67	1,93	1,67	1,93
Number of shares (thousands)	78 464	78 464	78 464	78 464
Weighted avg. number of shares, adjusted for dilution
effect (thousands)	78 464	78 464	78 464	78 464
Number of employees at the end of the period	36	35	36	35
Average number of employees during the period	36	33	36	32
Annual Recurring Revenue	18 919	18 980	18 919	18 980

^* The key indicator is calculated excluding current liabilities to EastCoast International AB.

{24}------------------------------------------------

Alternative consolidated key indicators

Amounts in SEK thousands	2025	2024	2025	2024
unless otherw ise stated	Oct-Dec	Oct-Dec	Full-year	Full-year
Net sales	17 017	21 787	77 814	86 852
Net sales grow th, %	-21,9%	7,3%	-10,4%	15,7%
Gross profit	11 829	15 772	56 668	63 066
Net sales	17 017	21 787	77 814	86 852
Gross margin, %	69,5%	72,4%	72,8%	72,6%
Operating profit/loss	-6 660	-2 074	-20 059	-9 414
Net sales	17 017	21 787	77 814	86 852
Operating margin, %	-39,1%	-9,5%	-25,8%	-10,8%
EBITDA	-1 941	3 436	174	13 379
Depreciation and amortization	-4 719	-5 510	-20 234	-22 794
Operating profit/loss	-6 660	-2 074	-20 059	-9 414
Current assets	42 492	67 686	42 492	67 686
Current liabilities excl. current liabilities EastCoast
International*	25 555	29 667	25 555	29 667
Working capital	16 937	38 019	16 937	38 019
Sales expenses	-7 675	-8 394	-32 436	-32 982
Administrative expenses	-3 411	-3 700	-14 122	-13 789
R&D expenses	-6 970	-6 747	-27 249	-26 966
Other operating income/expenses	-433	993	-2 920	1 256
Total operating expenses	-18 489	-17 846	-76 727	-72 480
Cost of goods and services sold	-5 188	-6 015	-21 146	-23 786
Depreciation Cost of goods sold	3 698	4 387	15 981	18 230
Cost of goods and services sold excluding depreciation	-1 490	-1 628	-5 165	-5 556
Operating expenses	-18 489	-17 846	-76 727	-72 480
Depreciation Operating expenses	1 021	1 123	4 252	4 564
Operating costs excluding depreciation	-17 468	-16 723	-72 475	-67 916
Balance sheet total	174 122	203 066	174 122	203 066
Non-interest-bearing liabilities	37 701	40 611	37 701	40 611
Capital employed	136 421	162 455	136 421	162 455
Closing equity	131 018	151 163	131 018	151 163
Average equity	137 528	152 700	137 528	152 700
Current assets minus inventories	42 215	67 445	42 215	67 445
Current liabilities	30 958	35 621	30 958	35 621
Liquidity ratio, %	136%	189%	136%	189%
Equity	131 018	151 163	131 018	151 163
Total assets	174 122	203 066	174 122	203 066
Equity/assets ratio, %	75,2%	74,4%	75,2%	74,4%

Year-End Report 2025

{25}------------------------------------------------

Analysis of results, in summary

		2025	2024	2025	2024
Amounts in SEK thousand	Note	Oct-Dec	Oct-Dec	Full-year	Full-year
Net sales	2,3	17 017	21 787	77 814	86 852
Cost of goods and services sold excluding depreciation		-1 490	-1 628	-5 165	-5 556
Operating costs excluding depreciation		-20 361	-19 634	-84 125	-78 883
Capitalized development expenses		2 893	2 911	11 650	10 967
EBITDA		-1 941	3 436	174	13 379
Total depreciation excluding acquired immaterial assets		-4 112	-4 895	-17 814	-20 362
Total depreciation acquired immaterial assets		-607	-615	-2 420	-2 431
Operating profit/loss		-6 660	-2 074	-20 059	-9 414

{26}------------------------------------------------

Financial glossary

Annual Recurring Revenue (ARR)

ARR is defined as repeat revenue at the end of the quarter for Digital Identity, converted to a 12-month period. Consequently, there is no direct link between the ARR figure and future software revenue for Digital Identity. The ARR metric is used for contractual recurring revenues for the Digital Identity segment, as Digital Identity has a large customer base based on SaaS revenues. There are a small number of large customers in Biometric Technologies, and therefore license fees are not followed up using the definition of ARR in this segment.

Gross margin

Gross profit/loss divided by net sales. Indicates the proportion of sales that is left over to cover wages, other operating expenses, interest and profit.

Earnings before interest, tax, depreciation and amortization (EBITDA)

Profit/loss before financial items, tax and depreciation. This key indicator shows the Group's profit/loss before depreciation/amortization of capitalized assets. This measure makes it possible to make comparisons with other companies, regardless of whether the operation is based on acquisitions or through organic growth.

Equity

Equity at the end of the period. Equity is the difference between the Group's assets and liabilities, which corresponds to the Group's equity that has been contributed by shareholders and the Group's accumulated profit.

Equity per share

Equity on the balance sheet date divided by the number of shares on the balance sheet date. A measure of the value of equity per share, which is used when valuing the share in relation to the share price.

Average equity

The average equity was calculated as equity for the last four quarters divided by four.

Cash flow

Cash flow from operating activities after changes in working capital. The operating cash flow indicates whether a company can generate a sufficiently positive cash flow to maintain and expand its operation, or whether it needs external financing.

Liquidity ratio

Current assets excluding inventories divided by current liabilities. This key figure shows the group's ability to pay in the short term.

Net sales growth

Percentage change compared with the corresponding period in the previous year. A measure of whether a company's net sales are increasing.

{27}------------------------------------------------

Earnings per share after dilution

Profit/loss for the period divided by weighted average number of shares.

Earnings per share before dilution

Profit/loss for the period divided by average number of shares.

Return on equity

Profit/loss after tax divided by average equity. This key indicator shows the business's return on shareholders' capital invested and is thus a measure of how profitable the Group is. Investors can compare this measure with the current bank interest rate or return from alternative investments. The measure can also be used to compare profitability between companies in the same industry.

Working capital

Current assets less current liabilities. This measure shows the capital a company needs to finance operating activities.

Operating expenses

Operating expenses excluding cost of goods sold. Operating expenses are expenses that do not belong directly to a particular product or product group. Common operating expenses include, for example, wages and other personnel expenses, as well as rental of premises.

Operating margin

Operating profit/loss divided by net sales. Defines what proportion of each Swedish krona of sales is left over to cover interest, taxes and any possible profit.

Operating profit/loss

Profit/loss before net financial items and tax. A measure of a company's profit before interest and taxes, i.e., the difference between operating income and operating expenses.

Equity/assets ratio

Equity divided by assets on the balance sheet date. This key indicator shows what proportion of assets is funded by equity. This measure can be of interest when assessing the Group's ability to pay in the long term.

Capital employed

Total assets less non-interest-bearing liabilities and provisions. This measure shows how much capital is used in operations and is thus one component of measuring the return from operations.

{28}------------------------------------------------

YOU are the key

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