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Viscom AG Interim / Quarterly Report 2026
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Interim / Quarterly Report
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VISCOM vision technology
2026
Interim report as at 31 March 2026
02
CONTENTS
03 Operating Figures
04 Viscom SE. Global Footprint.
05 Foreword by the Executive Board
06 Viscom's shares
09 Interim Group management report
09 Basic information on the Group
09 Business model of the Group
13 Economic report
13 Macroeconomic and sector development
15 Summary analysis of the company's net assets, financial position and results of operations and course of business
15 Results of operations
16 Regional developments
17 Financial position
18 Net assets
19 Key figures on the Group's net assets, financial position and results of operations
20 Supplementary report
20 Report on risks and opportunities
21 Report on future developments in 2026
21 Economic conditions
22 Other disclosures
23 IFRS interim consolidated financial statements
23 Consolidated statement of comprehensive income
24 Consolidated statement of financial position: assets
25 Consolidated statement of financial position: equity and liabilities
26 Consolidated statement of cash flows
27 Statement of changes in equity
28 Selected explanatory notes
29 Notes to the consolidated statement of comprehensive income
30 Responsibility statement
31 Financial calendar 2026
32 Viscom structure
33 Legal notice
OPERATING FIGURES
Profit and loss
| 3M 2026 | 3M 2025 | ||
|---|---|---|---|
| Revenues | K€ | 14,360 | 19,789 |
| EBIT | K€ | -3,994 | 24 |
| Net profit for the period | K€ | -4,670 | -335 |
Balance sheet and cashflow statement figures
| 3M 2026 | 3M 2025 | ||
|---|---|---|---|
| Total assets | K€ | 85,078 | 95,084 |
| Equity ratio | % | 46.5 | 52.5 |
| Cash flow from operating activities | K€ | 2,323 | -2,382 |
| Cash flow from investment activities | K€ | -531 | -760 |
| Cash flow from financing activities | K€ | -1,327 | 1,250 |
| Cash and cash equivalents at end of period | K€ | 4,424 | 3,626 |
Shares
| 3M 2026 | 3M 2025 | ||
|---|---|---|---|
| Result per share | € | -0.52 | -0.03 |
Employees
| 3M 2026 | 3M 2025 | |
|---|---|---|
| Employees as at 31 March | 459 | 475 |
VISCOM SE.
GLOBAL FOOTPRINT.
Founded:
1984 by Dr. Martin Heuser and Volker Pape
Number of employees worldwide:
459
World Market Leader:
Viscom is the No. 1 solution provider for automated optical inspection in the automobile industry.
Headquarters and production:
"Made in Germany"
Hanover, Germany
Subsidiaries:
Viscom France S.A.R.L., Paris, France
Viscom Tunisie S.A.R.L., Tunis, Tunisia
Viscom Inc., Atlanta, USA
Viscom Machine Vision Pte Ltd., Singapore
Viscom Machine Vision (Shanghai) Trading Co., Ltd, Shanghai, China
VICN Automated Inspection Technology (Huizhou) Co., Ltd, Huizhou, China
VISCOM MACHINE VISION (INDIA) PRIVATE LIMITED, Bangalore, India
Viscom Metallgestaltung GmbH, Langenhagen, Germany
Exacom GmbH, Hanover, Germany
VISCOM VXS S. DE R.L. DE C.V., Zapopan, Mexico
04
FOREWORD BY THE EXECUTIVE BOARD
Ladies and Gentlemen,
The first quarter of the 2026 financial year was generally subdued for Viscom and, as expected, resulted in revenue of € 14.4 million (previous year: € 19.8 million) and an operating loss (EBIT) of approximately € -4.0 million (previous year: € 24 thousand). Revenue is largely influenced by the timing of our order backlog. A significant portion of the current orders is scheduled to be processed later in the year and will therefore only be recognised as revenue at that time. Furthermore, our business is traditionally characterised by pronounced seasonality, meaning that economic momentum typically strengthens significantly over the course of the year. The negative EBIT was primarily attributable to lower revenue recognition in the first quarter and a changed product mix. Order intake developed positively and stood at € 21.8 million at the end of the quarter, 7 % above the previous year's figure (€ 20.4 million). Given the increasingly stabilising demand in our target markets and our continued robust order book of € 26.6 million – which has improved by around 30 % compared with the previous year (€ 20.5 million) – we anticipate a positive trend in revenue and earnings for the remainder of the year.
Following a period of cautious investment in the German mechanical and plant engineering sector, a gradual stabilisation is emerging for the 2026 financial year. Current industry indicators, including those from the VDMA, suggest that the economic trough has largely been reached and that production is likely to develop over the course of the year at a low but increasingly stable level. Moderate growth of around one per cent is expected in the sector for 2026, although economic momentum remains dampened by geopolitical tensions and structural challenges. Against this back-drop, we anticipate a modest upturn for the 2026 financial year, which will vary by region and segment. Demand remains heavily influenced by global investment sentiment as well as geopolitical and economic policy conditions. Whilst our home market of Germany and the European region are expected to provide only limited growth impetus, international markets – particularly the Asia region – are continuing to gain in importance. The Americas region has so far shown solid growth, driven by increasing industrial demand, government support programmes and re-industrialisation trends, particularly in technologically advanced segments. At the same
time, risks persist from trade tensions, rising protectionism, currency volatility and global supply chain uncertainties.
Cost pressures and high demand for flexibility and efficiency remain key challenges for Viscom SE. In the automotive sector, which is important for mechanical engineering, a moderate recovery is also expected by 2026. Following years of far-reaching structural changes, the production and investment plans of manufacturers and suppliers are increasingly stabilising. Positive momentum is arising in particular from the ongoing transition to new drive technologies, the modernisation of existing production facilities, and investments in automation, digitalisation and quality assurance. Against this backdrop, the 2026 financial year for Viscom SE will be characterised less by dynamic growth and more by consolidation, efficiency improvements and strategic development. Our strategic target segments – electronic assemblies (SMT), industrial applications, and the inspection of devices, microelectronics and battery cells – offer attractive long-term growth potential. Building on this, we are pursuing a clear strategic agenda: further strengthening the safety and reliability of critical components, tapping into new markets and applications, and sustainably positioning Viscom as a technology leader in automated inspection. We invested early in future-oriented technologies, digital solutions and new business models and therefore consider ourselves well-positioned to benefit from a gradual market recovery and substantially strengthen our competitiveness. Overall, 2026 offers the opportunity to further consolidate the foundations for future growth – even if the market environment remains characterised by uncertainty and structural change. For the 2026 financial year, we therefore continue to expect order intake and target revenue of € 80 to € 90 million, with an EBIT-Margin of between 2 % and 5 %. This corresponds to EBIT of € 1.6 to € 4.5 million.
Thank you for placing your trust in Viscom SE.
The Executive Board
VISCOM'S SHARES
Basic information on Viscom's shares
| German Securities Code Number (WKN) | 784686 |
|---|---|
| ISIN | DE 000 7846867 |
| Stock market ticker symbol | V6C |
| Market segment | Regulated market (Prime Standard) |
| Type of shares | No-par value bearer shares |
| Share capital in € | 9,020,000 |
| Share capital (units) | 9,020,000 |
| Number of voting shares | 8,885,060 |
| Opening price on 2 January 2026 * | € 4.28 |
| --- | --- |
| Closing price on 31 March 2026 * | € 3.74 |
| Percentage change | -12.62 % |
| High on 20 February 2026 * | € 5.55 |
| Low on 30 March 2026 * | € 3.70 |
| Market capitalisation as at 31 March 2026 | € 33,734,800 |
- All share prices are based on the daily closing prices on XETRA
Share price performance
in the reporting period 1 January to 31 March 2026
As in 2025, the stock markets got off to a flying start this year too. Despite ongoing geopolitical tensions, the German benchmark index, the DAX, embarked on a strong rally and broke through the 25,000-point mark within the first few trading days, reaching new record highs. This development was supported by increased liquidity and cautious economic optimism. In the following month, market volatility increased noticeably. This was primarily due to growing geopolitical risks and uncertainties surrounding Donald Trump's tariff policy. Overall, however, European indices proved robust and, in some cases, were able to reach further record highs. March, by contrast, turned out to be one of the
most turbulent months in a year. The financial markets came under considerable pressure, particularly as a result of the Iran conflict, which triggered significant corrections and distortions. Within just three weeks, the DAX broke through several key chart levels and fell to its lowest level since April 2025. The exceptionally high volatility is reflected in a high-low range of over 3,000 points. Against the backdrop of sharply rising energy prices, investors' concerns about the economic consequences also grew. The previously cautious hopes for Germany's economy were abruptly dampened as a result, which was reflected, among other things, in the significant decline in the ZEW Barometer and the ifo Business Climate Index in March.
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Viscom SE shares began the current financial year with an opening price of € 4.28 on 2 January 2026 and reached their annual low of € 3.70 per share on 30 March 2026. Viscom shares reached their annual high of € 5.55 on 20 February 2026 and averaged € 4.36 over the first three months of 2026. Viscom shares closed at € 3.74 per share at the end of the quarter.
Share price performance
compared with the DAX and TecDAX in the first three months of 2026
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Shareholder structure
The shareholder structure of Viscom SE is characterised by the strong commitment of the company's founders, Dr. Martin Heuser and Volker Pape. As at 31 March 2026, 60.36 % of the shares are attributed to Mr. Heuser and Mr. Pape via intermediary companies and foundations, or are held directly by them. Viscom SE itself holds 1.50 % of its own shares, which the company acquired in 2008/2009 as part of a share buyback programme. The free float of 38.14 % is primarily held by investors in Germany and other European countries.
Investor Relations
The objective of our investor relations work is to enable a fair assessment of Viscom SE for all capital market participants. We therefore communicate continuously and transparently.
Pareto Securities AS and mwb research AG regularly analyse and comment on Viscom shares. As at 31 March 2026, the shares were rated 'Buy' by the analyst firms. The current analyst ratings can be found on the company website www.viscom.com under the heading Company / Investor Relations / Shares / Analyst Coverage.
Comprehensive information about Viscom shares can be found online at www.viscom.com under the 'Company / Investor Relations' section. You can contact the Investor Relations department using the following details:
Viscom SE
Investor Relations
Sandra Liedtke
Carl-Buderus-Straße 9-15
30455 Hanover / Germany
T: +49 511 94996-791
E: [email protected]
09
INTERIM GROUP MANAGEMENT REPORT
BASIC INFORMATION ON THE GROUP
Business model of the Group
Structure of the company and its investees
Viscom SE, Hanover, (hereinafter: Viscom SE or the Company) is the leading company within the Viscom Group (hereinafter referred to as Viscom).
Viscom SE is registered in Commercial Register B of the Hanover Local Court under HRB 59616.
With its group companies in Asia, America, Europe and Africa, in which Viscom SE holds 100 % of the shares either directly or indirectly, the Group has an organisational structure geared towards its sales markets. Viscom SE directly holds 90 % of the shares in Exacom GmbH.
All companies are tailored to their specific customer groups and their requirements. This enables them to act and react quickly and flexibly. They also benefit from the advantages of the group structure, which allows for the exchange and shared use of knowledge and experience. Production takes place exclusively at the company's headquarters in Hanover.
Viscom was converted from Viscom GmbH into Viscom AG in 2001 and into Viscom SE in 2024. The company's capital is divided into 9,020,000 shares. 60.36 % of the shares are attributed to the company's founders, Dr. Martin Heuser and Volker Pape, via intermediary companies and foundations, or are held directly by them.
The extraordinary general meeting held on 20 August 2013 approved the conversion of a portion of the restricted capital reserves (€ 22,550 thousand) into an unrestricted capital reserve (Section 272(2)(4) of the German Commercial Code (HGB)) by way of an increase in share capital from company funds without the issue of new shares and a subsequent ordinary capital reduction in accordance with the resolutions proposed by the Management Board and Supervisory Board and published in the Federal Gazette on 10 July 2013.
The Company's Annual General Meeting held on 8 June 2021 resolved, under item 7 of the agenda, to create new authorised capital (Authorised Capital 2021) with the option to exclude shareholders' subscription rights in certain cases. Authorised Capital 2021 was entered in the relevant commercial register on 15 June 2021. It is limited in time until 7 June 2026. In relation to this authorisation, the Management Board and Supervisory Board of Viscom AG, Hanover, announce that the Management Board and Supervisory Board of Viscom AG passed the following unanimous resolution on 8 December 2023:
"The Executive Board and Supervisory Board of Viscom AG hereby issue the following irrevocable undertaking for the duration of the authorisation, i.e. until 7 June 2026, which will be made permanently available to the public on the company's website under the 'Investor Relations' section:
The total number of shares issued pursuant to the authorisations to exclude subscription rights in accordance with item 7 of the agenda of the Annual General Meeting of 8 June 2021, with the exclusion of subscription rights in the event of capital increases against cash and/or non-cash contributions, may not exceed 5 % of the share capital, neither at the time the authorisation takes effect nor at the time it is exercised.
This declaration of commitment also applies in the event that an extraordinary general meeting of the Company resolves on the conversion of Viscom AG into a European Company (Societas Europaea – SE), the articles of association of which provide, within the framework of authorised capital, for the Executive Board to be authorised, with the approval of the Supervisory Board, to exclude shareholders' subscription rights on one or more occasions in the event of capital increases against cash and/or non-cash contributions."
On 24 November 2023, the extraordinary general meeting approved the conversion of Viscom AG into Viscom SE. The conversion of Viscom AG into an SE took place on 5 June 2024 at the Local Court of Hanover, retaining the original registration number HRB 59616.
The Annual General Meeting of Viscom SE resolved on 6 June 2025 to authorise the company, in accordance with Section 71(1)(8) of the German Stock Corporation Act (AktG), to acquire, until 5 June 2030, own shares amounting to a total of 10% of the share capital existing at the time of the resolution or – if this figure is lower – of the share capital existing at the time the authorisation is exercised. Together with other own shares held by the Company or attributable to it pursuant to Sections 71a et seq. of the German Stock Corporation Act (AktG), the own shares acquired under this authorisation may at no time exceed 10% of the Company's share capital. Acquisition for the purpose of trading in own shares is excluded. The use of own shares may, in the cases specified in the authorisation, also take place to the exclusion of shareholders' subscription and sell-back rights. Furthermore, acquired own shares may be redeemed in whole or in part without a further resolution of the Annual General Meeting.
As at 31 March 2026, Viscom SE had a restricted capital reserve in accordance with section 272(2)(1) of the German Commercial Code (HGB) amounting to € 14,894,510.08.
On 29 July 2008, the Executive Board resolved, on the basis of the authorisation granted by the Annual General Meeting on 12 June 2008 and following consultation with the Supervisory Board, to acquire up to 902,000 of the Company's own shares by 31 March 2009. As at 31 March 2009, the company had repurchased 134,940 shares. As at 31 March 2026, Viscom SE holds approximately 1.50% of its own shares.
The Executive Board of Viscom SE has three members as at 31 March 2026:
Carsten Salewski: Sales / Operations
Dr. Martin Heuser: Development / Production
Dirk Schwingel: Finance
The Executive Board is monitored by the three members of the Supervisory Board:
Prof. Dr. Michèle Morner (Chairwoman)
Volker Pape (Deputy Chairman)
Prof. Dr. Ludger Overmeyer
Segments and key locations
Viscom develops, manufactures and sells high-quality inspection systems for industrial production. Its business activities are categorised, on the one hand, according to the extent of project-specific customisation required for standard components and systems, and, on the other hand, according to the technology used by the inspection systems to detect potential manufacturing faults.
Geographically, the business is segmented into the European market, which is served by the company's headquarters in Hanover, Exacom GmbH and a sales subsidiary near Paris (France), the American market with a sales subsidiary near Atlanta (USA) and a service company in Mexico, and the Asian market with a sales subsidiary in Singapore (Singapore), which in turn maintains sales subsidiaries in Shanghai (China), Huizhou (China) and Bangalore (India). The development and servicing of the North African market is handled by the sales subsidiary in Tunis (Tunisia), which in turn is a subsidiary of the sales subsidiary in France, which has been allocated to the Europe geographical segment.
In addition, Viscom SE owns a company that manufactures metal frames; this company operates exclusively on behalf of Viscom SE.
There were no changes to the Group's activities or structure during the reporting period.
Business processes
The inspection systems are developed and manufactured in Hanover, the headquarters of Viscom SE. All central functions, such as commercial administration, development, production, service and sales management, are based there.
Product development takes place both as basic development for future generations of inspection systems and as project-specific development, such as adapting standard models to meet specific customer requirements.
A large proportion of production is carried out on a contract basis. This involves utilising in-house pre-production of various assemblies. The aim is to ensure greater production reliability.
Sales activities are carried out by sales staff from the Customer Care Units of Viscom SE and its group companies, as well as by representatives acting as industry agents for mechanical engineering companies in the market.
High availability is one of the most important aspects when using inspection systems. It requires regular maintenance, servicing and calibration. Viscom supports its customers in these tasks through its Central Service and Customer Care Units. Thanks to the global presence of its service staff, Viscom guarantees rapid response times.
Key business processes are managed and supported using the proALPHA enterprise software. The order processing module within this system is used at all Viscom sites worldwide.
Legal and economic factors
There were no fundamental changes to the legal framework in the first three months of 2026 that had a significant impact on Viscom's business.
The continued subdued performance of the global economy, driven by geopolitical conflicts and upheavals and persistent international uncertainties, coupled with stagnating domestic and foreign demand and pressure to innovate and compete, is weighing on the economic outlook in Germany and, consequently, on the Viscom Group's business performance.
Additional pressures arose from persistently high energy and raw material prices, as well as capital costs. Against this macroeconomic backdrop, investment activity in Germany remained subdued overall.
Furthermore, structural location factors continued to represent significant barriers to investment. Bureaucracy, regulatory requirements and the tax burden on companies, as well as shortcomings in public infrastructure, had a dampening effect on the willingness to invest.
For further details on the development of the overall economy, please refer to the following economic report.
Management system
The key performance indicators by which the Viscom Group primarily manages its operations are order intake, turnover, EBIT (corresponding to operating profit or segment profit) and the EBIT-Margin (EBIT / turnover).
The Group's management is based on a reporting system that is made available to senior management and divisional management in the form of monthly reports. These monthly reports contain the consolidated statement of comprehensive income, including individual statements for the Group companies.
Furthermore, a detailed overview is provided of the cost structure and key financial indicators of Viscom SE and the other companies in the Group. This presentation covers revenue from the regions in which the systems were installed, order intake, the order backlog, the number of employees, cash and cash equivalents, utilisation of available overdraft facilities, total receivables and receivables from subsidiaries, purchase orders placed, and inventories of goods as well as semi-finished and finished systems.
In addition, these reports provide an overview of staff turnover, sick leave and per-capita revenue, and supply key figures relating to project management, product development, production and logistics. The findings of the monthly reports are analysed
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in regular meetings by the Executive Board, all divisional heads and the managing directors of the individual branches. Any resulting need for action leads to decisions that are generally implemented at short notice.
As at 31 March 2026, Viscom SE was listed on the Prime Standard segment of the regulated market of the Frankfurt Stock Exchange. The company publishes consolidated quarterly financial reports and consolidated half-yearly financial reports in accordance with IFRS accounting standards.
Research and development
In the first quarter of 2026, development activities focused on the further development of existing system solutions and on implementing new market requirements in the field of optical inspection methods and X-ray inspection methods.
The corresponding focus of research and development activities is described in detail on pages 33 - 35 of Viscom SE's 2025 Annual Report and has not changed during the first quarter of the current year.
Research and development expenditure, excluding design modifications for customer-specific adaptations, remained at the previous year's level. In the first three months of 2026, development costs amounting to € 518 thousand (previous year: € 756 thousand) were capitalised. The capitalised development costs were amortised as scheduled in the amount of € 919 thousand (previous year: € 639 thousand).
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ECONOMIC REPORT
Macroeconomic development
In the first quarter of 2026, the overall economy showed subdued growth and only to a limited extent built on the slight recovery seen at the end of 2025. Growth was weakly positive overall, although economic momentum slowed noticeably at the start of the year.
In Germany, the economic upturn did not continue as expected. The economy remained in a transitional phase between stagnation and slow recovery. Preliminary estimates of gross domestic product point to only modest growth compared with the previous quarter and underscore the continuing fragility of the situation.
Economic developments presented a mixed picture: whilst some sectors showed initial signs of stabilisation, industry remained a key drag on growth. Weak demand, subdued production figures and limited impetus from foreign trade and the construction sector had a dampening effect. Furthermore, geopolitical uncertainties weighed on the investment climate. By contrast, government spending programmes and the first signs of a revival in exports and order intake had a stabilising effect. However, these stimuli were not sufficient to generate sustainable growth momentum.
Economic development in the eurozone was also subdued. Structural challenges and a weak global environment meant that growth remained below its long-term trend.
The global economy proved somewhat more resilient overall, though it continued to lack any significant growth momentum. Global growth remained at a moderate level. Whilst major economies had a stabilising effect, trade conflicts, geopolitical risks and uncertainties in the energy markets in particular weighed on economic momentum.
Sector development
Viscom specialises in the development, manufacture and sale of systems for inspecting electronic assemblies. Viscom therefore operates primarily within the electronics industry, particularly in the automotive supply sector, one of the world's most significant industrial sectors. Technological advancements in the electronics industry have been a key driver of innovation for the company's business development in recent years.
The increasing miniaturisation and complexity of electronic assemblies necessitate the use of highly automated inspection systems. Concealed solder joints, densely populated printed circuit boards and minute components can now only be reliably inspected using automated optical and X-ray inspection systems. High resolution, reliable defect detection and high throughput are of central importance in this context. Viscom inspection systems are used in particular in application areas where there are exceptionally high demands on inspection accuracy and speed.
The main customers for Viscom products include electronics manufacturers in the automotive industry, manufacturers of consumer devices and industrial electronics, as well as electronics manufacturing services (EMS) providers that produce electronic assemblies for various sectors. In addition, Viscom's systems are used for the automated optical and X-ray final inspection of complete devices. These include, in particular, assemblies from the field of electromobility, high-quality mobile consumer devices and, increasingly, lithium-ion batteries in various designs.
In recent years, Viscom has systematically expanded its activities to strengthen its market position outside the automotive segment. The main focus here is on industrial electronics, semiconductor manufacturing, telecommunications and battery production. The strategic focus is on high-growth application areas in the fields of electromobility and computers, communications and consumer electronics (3C).
The German mechanical and plant engineering sector is showing the first signs of stabilisation in 2026, though it continues to operate in a challenging environment. Following a period of weakness, the German Engineering Federation (VDMA) expects moderate production growth of around one per cent. Early indications of the economy bottoming out are becoming apparent, supported by more stable order intake
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and selective impetus from international markets. At the same time, geopolitical uncertainties, a subdued investment climate and subdued export growth continue to weigh on the sector. Overall, the outlook is cautiously optimistic, although future developments will depend largely on global demand and the economic environment.
Target sectors, target markets and target customers
The inspection systems produced by Viscom are primarily used in the electronics industry. Manufacturers of electronic components constitute the main customer segment, accounting for 66 % of turnover (previous year: 58 %). Some of these companies manufacture directly for end customers. However, the majority of Viscom's customers are suppliers who manufacture electronic assemblies, for example, for other companies. These supplier components are incorporated into end products, such as power modules for railway drives or server boards for computers in data centres. The remaining 34 % (previous year: 42 %) is distributed among manufacturers in other sectors, such as battery production and consumer and household electronics.
Viscom is represented in production facilities with the highest quality requirements with its optical, X-ray and combined inspection systems. Accordingly, its main customers are companies for which product safety is a top priority. In terms of volume, the key sectors here, alongside automotive electronics, are the 3C (computer, communication and consumer).
With the increasing security requirements for critical infrastructure and supply chains, as well as the growth in production within the aerospace and security sectors - combined with the high reliability demands placed on these systems - these sectors represent new markets with growing demand. Assemblies, components and devices from these sectors, such as communications electronics, satellite hardware and mobile devices, are generally tested using systems such as those offered by Viscom.
Due to rising technological demands, including in the consumer goods industry, the pressure to maintain quality is much higher than in previous years. Here, however, the focus
is more on the quality of the process, as a stable process enhances delivery quality, but above all means less waste and thus greater efficiency in production.
Technological advancements and the associated technical and economic progress, as well as Viscom's international sales and service presence, have led to long-term customer loyalty. Through the continuous development of its products, the improvement of business processes and the adaptation of its sales organisation to changing conditions, Viscom is committed to continuing to meet the requirements set in the future.
Close, long-term relationships with customers form the basis for comprehensive and personalised support. The results of this collaboration are incorporated into the development of new system solutions and the further refinement of those that have already proven their worth. In this way, Viscom draws on its strong innovative capacity to develop new solutions in close collaboration with customers, thereby opening up future markets.
Viscom SE's operational units at its Hanover site consist of Customer Care Units with a consistent focus on the following target segments: electronic assemblies (SMT - Surface Mount Technology), industrial applications and devices (or device inspection), microelectronics and battery cell inspection. Viscom's clear strategic focus is on the safety and reliability of critical components, new markets and technological leadership, in order to secure long-term competitive advantages. Viscom's management attributes the acquisition of new customers in international tenders primarily to the modular machine design (modular system), the speed of image capture and the highly functional software.
Customer structure
In the first three months of 2026, Viscom generated around 50 % of its revenue from its four largest customers (previous year: around 49 % of nine customers). A further 30 % of revenue was generated from 15 customers (previous year: 15 customers). The remaining revenue was generated by 218 different customers (previous year: 239 customers).
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SUMMARY ANALYSIS OF THE COMPANY'S NET ASSETS, FINANCIAL POSITION AND RESULTS OF OPERATIONS AND COURSE OF BUSINESS
Result of operations
Incoming orders / order backlog
In the first three months of 2026, orders with a total value of € 21,808 thousand were recorded, exceeding the previous year's figure (previous year: € 20,385 thousand).
The order book as at 31 March 2026 stood at € 26,644 thousand, which was 29.9 % higher than the previous year's figure (previous year: € 20,515 thousand) and 38.8 % higher than the figure at the end of 2025 (31 December 2025: € 19,196 thousand).
Revenue development
Revenue in the first quarter is largely attributable to the timing of the order backlog. A significant portion of the existing order book is scheduled to be processed and recognised as revenue later in the year. Furthermore, the business is characterised by pronounced seasonality, meaning that economic momentum typically strengthens significantly over the course of the year. Accordingly, Viscom expects a gradual increase in revenue in the coming quarters, supported by the existing order book and rising demand.
In the first quarter of 2026, revenue of € 14,360 thousand was generated. This was thus 27.4 % lower than in the corresponding period of the previous year (previous year: € 19,789 thousand).
Operating profit (EBIT) / EBIT-Margin
Due in particular to lower revenue recognition and a change in the product mix, Viscom reported a significantly negative EBIT for the first quarter of 2026.
EBIT amounted to € -3,994 thousand (previous year: € 24 thousand). This corresponded to an EBIT-Margin of -27.8 % (previous year: 0.1 %). Total operating performance (defined as revenue plus changes in inventories of finished and work-in-progress goods, as well as other capitalised own work) fell by € 3,881 thousand to € 16,508 thousand (previous year: € 20,389 thousand). Costs of materials increased by € 352 thousand to € 7,457 thousand (previous year: € 7,105 thousand) due to a positive change in inventory in the first quarter. Personnel expenses fell to € 8,694 thousand (previous year: € 9,028 thousand) due to a lower number of employees. The decline in other operating expenses (€ 2,704 thousand; previous year: € 3,052 thousand) had a positive impact on earnings. Depreciation and amortisation, which rose by € 200 thousand, mainly due to a significant increase in scheduled depreciation on development services (€ 280 thousand), had a negative impact on earnings.
Financial result
Financial income amounted to € 0 thousand (previous year: € 1 thousand). Financial expenses of € 554 thousand (previous year: € 503 thousand) resulted from interest on lease and bank liabilities. The financial result was negative at € -554 thousand and was lower than the previous year's figure (previous year: € -502 thousand).
Net profit for the period
The net profit for the period amounted to € -4,670 thousand (previous year: € -335 thousand). The effects described in the operating profit and the financial result also influenced the net profit for the period. Furthermore, income tax was reflected in this item.
The return on sales before tax was -31.7 % (previous year: -2.4 %).
Earnings per share
Earnings per share as at 31 March 2026 amounted to € -0.52 (diluted and undiluted) – based on 8,885,060 shares. In the previous year, earnings per share were € -0.03.
Exchange rate effects
Viscom is exposed to exchange rate risks due to its international business. Given the current business volumes and the movement of the euro against the US dollar, the existing exchange rate risk was deemed acceptable even without hedging. Around 19 % of total revenue was directly affected by exchange rates (previous year: around 13 %). In the first three months of 2026, as in the
previous year, currency translation differences resulted in a net negative impact on earnings of € 10 thousand (previous year: € 148 thousand).
Employees
As at 31 March 2026, Viscom employed 459 staff worldwide, excluding trainees. This represents a reduction of 16 staff compared with the corresponding figure for the previous year (previous year: 475 staff). The reduction in staff numbers was concentrated in Europe across all functional areas.
At the end of the quarter, 18 employees were undergoing training (previous year: 24).
| As at 31 March 2026 | Europe | Americas | Asia | Total |
|---|---|---|---|---|
| Total | 340 | 27 | 92 | 459 |
| of which full-time | 287 | 27 | 91 | 405 |
| of which part-time | 53 | 0 | 1 | 54 |
| in addition: trainees | 18 | 0 | 0 | 18 |
Viscom SE employed 297 people at its Hanover site at the end of the first quarter of 2026 (previous year: 310 employees).
Regional developments
Europe
In the European region, electronics suppliers, primarily in the automotive sector, continued to show a marked reluctance to invest. Viscom SE's customers are postponing investment decisions to the extent that they can be planned. The general
uncertainty in the economic and geopolitical environment continued to weigh on demand for new equipment. At the same time, customers have increasingly focused on optimising existing production capacities. This has led to growing demand for service and modernisation solutions and opened up additional business opportunities for Viscom in the service sector. Investments in efficiency improvements, automation and quality assurance also remained relevant despite the generally weak market environment. European industrial policy, with its aim of greater strategic autonomy and more resilient supply chains, offers additional opportunities in the medium term. Viscom anticipates that customers will increasingly relocate their production activities back to Europe or expand existing sites. Furthermore, rising investment in the aerospace and security sectors is opening up further growth prospects.
With around 59% of revenue, Europe remained the Viscom Group's strongest region. In the first three months of 2026, the Europe region generated revenue of € 8,448 thousand, which was 16.3% below the previous year's figure (previous year: € 10,095 thousand). Revenue in the home market of Germany amounted to € 4,091 thousand (previous year: € 5,808 thousand). The segment result for the Europe region amounted to € -3,657 thousand (previous year: € -722 thousand). The EBIT-Margin for the Europe region was -43.3% (previous year: -7.2%).
Americas
In the Americas region, there was a marked upturn in sales activities following the APEX trade fair. A large number of high-quality leads were recorded – both with existing customers
Information on geographical segments by sales market as at 31 March
| in K€ | Europe | Americas | Asia | Consolidation | Total | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | |
| External sales | 8,448 | 10,095 | 1,588 | 2,581 | 4,324 | 7,113 | 0 | 0 | 14,360 | 19,789 |
| Intersegment sales | 4,353 | 4,963 | 8 | 18 | 821 | 827 | -5,182 | -5,808 | 0 | 0 |
| Total sales | 12,801 | 15,058 | 1,596 | 2,599 | 5,145 | 7,940 | -5,182 | -5,808 | 14,360 | 19,789 |
| Segment earnings | -3,657 | -722 | -360 | 122 | -212 | 135 | 235 | 489 | -3,994 | 24 |
and with a significant number of new prospects. Furthermore, sales activities remain at a high level. Business in the Americas region is expected to pick up in the coming months. However, current market conditions and geopolitical developments must continue to be monitored closely.
Segment revenue for the Americas region in the first three months of 2026 fell by 38.5 % year-on-year, from € 2,581 thousand to € 1,588 thousand. Segment profit amounted to € -360 thousand (previous year: € 122 thousand), corresponding to an EBIT-Margin of -22.7 % (previous year: 4.7 %).
Asia
In the Asia region, orders were secured primarily in both India and China during the first quarter of 2026, albeit amid intense competitive pressure. Overall, the order book suggests that turnover in the coming quarter will be significantly higher, albeit with lower contribution margins. In the core segments, regional investment is continuing despite the extremely volatile global political situation, which is likely to have a significant impact on the markets in Asia.
Revenue in the Asia region for the first quarter of 2026 stood at € 4,324 thousand, representing a significant decrease compared with the previous year (previous year: € 7,113 thousand). Segment profit fell to € -212 thousand (previous year: € 135 thousand). This corresponded to an EBIT-Margin of -4.9 % (previous year: 1.9 %).
Financial position
Capital structure / liquidity
During the reporting period, Viscom was able to secure the necessary liquidity from its own funds and from the overdraft facilities made available. As at 31 March 2026, overdraft facilities amounting to € 23,124 thousand (31 December 2025: € 23,337 thousand) had been utilised by drawing on available credit lines. Viscom is thus using the overdraft facilities to partially refinance liabilities arising from its operating activities. Taking into account cash and cash equivalents of € 4,424 thousand (31 December 2025: € 3,908 thousand), this resulted in a negative balance of € 18,700 thousand as at the reporting date (31 December 2025: negative balance of € 19,429 thousand). In addition, as at 31 March 2026, there were short-term bank loans amounting to € 384 thousand (31 December 2025: € 384 thousand) and long-term bank loans amounting to € 46 thousand (31 December 2025: € 141 thousand). The branches did not require any loans from third parties.
Investments
Total investment in intangible assets and property, plant and equipment amounted to € 591 thousand in the first three months of 2026 (previous year: € 837 thousand). The largest portion of this investment, at € 518 thousand, was attributable to capitalised development costs (previous year: € 756 thousand), € 35 thousand on operating and office equipment (previous year: € 4 thousand), € 5 thousand on software (previous year: € 1 thousand) and € 4 thousand on plant and machinery (previous year: € 1 thousand). In addition, € 12 thousand was allocated to tenant-fit-outs in the previous year. In the first quarter of 2026, these items included a total of € 29 thousand in right-of-use assets under IFRS 16 (previous year: € 63 thousand).
Cash and cash equivalents / cash flow
Cash and cash equivalents amounted to € 4,424 thousand (previous year: € 3,626 thousand) and were € 516 thousand higher than the figure at the end of 2025 (31 December 2025: € 3,908 thousand).
Cash flow from operating activities amounted to € 2,323 thousand (previous year: € -2,382 thousand). This was primarily due to a decrease in inventories, receivables and other assets, as well as depreciation and amortisation. This was offset by a negative impact from the profit for the period.
Cash flow from investing activities amounted to € -531 thousand (previous year: € -760 thousand) and was primarily attributable to the capitalisation of development costs.
17
Cash flow from financing activities was negative at € -1,327 thousand (previous year: € 1,250 thousand). This was primarily due to payments made to settle lease liabilities and short-term loans, as well as interest paid.
Net assets
Non-current assets
Under intangible assets within non-current assets, the capitalisation of development costs was primarily recognised. Intangible assets decreased due to scheduled depreciation and research grants received, and stood at € 16,292 thousand in the first three months of the 2026 financial year, below the figure as at 31 December 2025 (€ 17,191 thousand). Property, plant and equipment decreased to € 11,974 thousand due to scheduled depreciation (31 December 2025: € 12,822 thousand).
Receivables
Trade receivables stood at € 25,226 thousand, down from the figure as at 31 December 2025 (€ 32,128 thousand). Provisions for trade receivables stood at € 2,438 thousand, the same level as at the end of the 2025 financial year (31 December 2025: € 2,440 thousand).
Inventories
The carrying amount of inventories stood at € 23,763 thousand, which was higher than the figure at the end of the 2025 financial year (31 December 2025: € 21,496 thousand). The increase resulted from work in progress on orders due to the rise in the order backlog.
Liabilities
Trade payables fell from € 4,740 thousand to € 4,204 thousand compared with the end of 2025.
Contract liabilities stood at € 1,091 thousand, which was higher than the figure at the end of the 2025 financial year (31 December 2025: € 576 thousand) and included obligations for goods and services arising from contracts with customers in accordance with IFRS 15.
Other current financial liabilities amounted to € 2,578 thousand (31 December 2025: € 2,701 thousand) and resulted from current lease liabilities.
Other non-current financial liabilities comprised the non-current portion of bank loans taken out, amounting to € 46 thousand (31 December 2025: € 141 thousand), and long-term lease liabilities amounting to € 8,638 thousand (31 December 2025: € 9,207 thousand).
Equity
At € 39,592 thousand, total equity was lower than the figure at the end of the 2025 financial year (31 December 2025: € 44,022 thousand). This change is primarily attributable to the profit for the period. At 46.5 %, the equity ratio was below the figure as at 31 December 2025 (48.6 %), partly due to the decline in equity. The figure for the corresponding period of the previous year was 52.5 %.
18
19
| Key figures on the Group's net assets, financial position and results of operations | 31.03.2026 | 31.12.2025 |
|---|---|---|
| K€ | K€ | |
| Tier 1 liquidity | ||
| (cash and cash equivalents minus current liabilities and provisions) | -30,626 | -31,677 |
| Tier 2 liquidity | ||
| (tier 1 liquidity plus receivables and other assets minus non-current liabilities and provisions) | -12,139 | -7,285 |
| Tier 3 liquidity | ||
| (tier 2 liquidity plus inventories) | 11,624 | 14,211 |
| Current assets | ||
| Cash and cash equivalents | 4,424 | 3,908 |
| Receivables and other assets | 27,838 | 34,406 |
| Inventories | 23,763 | 21,496 |
| 56,025 | 59,810 | |
| Liabilities and provisions | ||
| Current liabilities and provisions | 35,050 | 35,585 |
| Non-current liabilities and provisions | 9,351 | 10,014 |
| 44,401 | 45,599 | |
| Net debt | ||
| Liabilities and provisions (-) | -44,401 | -45,599 |
| + Cash and cash equivalents | 4,424 | 3,908 |
| + Receivables and other assets | 27,838 | 34,406 |
| = Net debt | -12,139 | -7,285 |
| Working capital | ||
| Current assets – current liabilities and provisions | 20,975 | 24,225 |
| Equity ratio | ||
| Equity / total assets | 46.5 % | 48.6 % |
| 31.03.2026 | 31.03.2025 | |
| K€ | K€ | |
| Operating cash flow | ||
| Net profit for the period after taxes | -4,670 | -335 |
| + Depreciation and amortisation | 1,849 | 1,649 |
| -2,821 | 1,314 | |
| Return on equity | ||
| Net profit for the period / equity | -11.8 % | -0.7 % |
| Return on Assets (ROA) | ||
| Net profit for the period / total assets | -5.5 % | -0.4 % |
| Return on revenue | ||
| EBT / revenue | -31.7 % | -2.4 % |
| Return on Capital Employed (ROCE) | ||
| EBIT / (total assets - cash and cash equivalents - current liabilities and provisions) | -8.8 % | 0.0 % |
20
SUPPLEMENTARY REPORT
No events of particular significance have occurred since the end of the first three months of the 2026 financial year.
REPORT ON RISKS AND OPPORTUNITIES
The comments on the report on opportunities and risks in the Group Management Report remain valid. Please refer to the 2025 Annual Report of Viscom SE, specifically pages 54 - 61.
21
REPORT ON FUTURE DEVELOPMENTS IN 2026
Economic conditions
The German economy as a whole is expected to see only a modest recovery in 2026. The German Economic Institute (IW) forecasts growth of around one per cent, but stresses that a genuine economic turnaround has yet to materialise. Global economic developments are also providing only limited impetus. The International Monetary Fund (IMF) expects global growth of around 3.1 % for 2026, meaning that whilst the global economy remains stable, it is below the long-term average and has lost significant momentum. Developments are increasingly shaped by geopolitical tensions. In particular, the ongoing conflict in the Middle East, especially the war in Iran, is weighing on the global economy through rising energy prices, disrupted trade flows and heightened uncertainty. The IMF has already revised its forecasts downwards as a result of these developments and warns of further downside risks should the situation escalate. This poses particular challenges for the export-oriented German mechanical engineering sector. The industry association VDMA expects only slight production growth of around one per cent for 2026. At the same time, the association points out that the geopolitical situation is dampening the willingness to invest worldwide and slowing down the economic recovery. Structural factors are also weighing on the sector: increasing trade conflicts, high interest rates and generally weak industrial demand in key markets. The OECD also expects global growth to slow in 2026 and to be further hampered by trade barriers and uncertainties.
Overall, the market environment in 2026 is expected to be volatile and challenging. A slight stabilisation appears possible, but future developments will remain highly dependent on the geopolitical situation and a sustained upturn in global investment activity.
Result of operations
The trend in order intake and revenue in 2026 will depend to a large extent on the overall economic situation and the willingness of Viscom's customers to invest. Furthermore, the ongoing geopolitical conflicts could have a negative impact on Viscom's business activities in various countries. Persistent concerns about inflation and interest rates, coupled with energy and raw material prices that remain high compared to other countries, are leading to further negative impacts, including on Viscom. Viscom expects target revenue and order intake of € 80 to € 90 million for the 2026 financial year. The EBIT-Margin is expected to range between 2 % and 5 %. This corresponds to EBIT of € 1.6 to € 4.5 million.
Financial position
Liquidity for the 2026 financial year will be ensured through internal resources and available credit facilities. Any further financing requirements or measures will depend on changes in the general economic environment. The possibility of utilising government grants will be assessed on a case-by-case basis.
22
OTHER DISCLOSURES
Related parties disclosures
Lease agreements are in place between Viscom SE and Dr. Martin Heuser / Petra Pape GbR, Hanover, and Marina Hettwer / Petra Pape GbR, Hanover, as well as HPC Vermögensverwaltung GmbH, Hanover, for nine properties on Carl-Buderus-Straße and one property on Fränkische Straße in Hanover. All these contractual partners are to be regarded as related parties within the meaning of IAS 24.
Viscom SE has also contracted services such as building cleaning, which are handled via HPC Vermögensverwaltung GmbH. Viscom SE's in-house crèche, Vikis, was closed on 31 July 2025.
General information on the company
Viscom SE is headquartered in Hanover, Germany, and is registered in Commercial Register B of the Hanover Local Court under number HRB 59616. Its business address is: Viscom SE, Carl-Buderus-Straße 9–15, 30455 Hanover.
The company's business activities consist of the development, production and sale of inspection systems for industrial manufacturing. Inspection is carried out by means of computer-aided optical and/or X-ray comparison of the test objects with the requirements defined in the inspection system.
IFRS INTERIM CONSOLIDATED FINANCIAL STATEMENTS
Consolidated statement of comprehensive income
| | 01.01.-31.03.2026
K€ | 01.01.-31.03.2025
K€ |
| --- | --- | --- |
| Revenue | 14,360 | 19,789 |
| Other operating income | 196 | 462 |
| | 14,556 | 20,251 |
| Changes in finished goods and work in progress | 1,630 | -156 |
| Other own work capitalized | 518 | 756 |
| Cost of materials | -7,457 | -7,105 |
| Staff costs | -8,694 | -9,028 |
| Depreciation and amortization | -1,849 | -1,649 |
| Other operating expenses | -2,704 | -3,052 |
| Impairment losses and reversals of impairment losses on financial assets | 6 | 7 |
| | -18,550 | -20,227 |
| Operating profit | -3,994 | 24 |
| Financial income | 0 | 1 |
| Financial expenses | -554 | -503 |
| Financial result | -554 | -502 |
| Income taxes | -122 | 143 |
| Net profit for the period | -4,670 | -335 |
| Net profit for the period attributable to Viscom SE shareholders | -4,586 | -266 |
| Non-controlling interest in net profit for the period | -84 | -69 |
| Earnings per share for the period, diluted and undiluted in € | -0.52 | -0.03 |
| Other comprehensive income | | |
| Currency translation differences | 240 | -388 |
| Items that can be reclassified to profit or loss | 240 | -388 |
| Other comprehensive income after taxes | 240 | -388 |
| Total comprehensive income | -4,430 | -723 |
| Total comprehensive income attributable to Viscom SE shareholders | -4,346 | -654 |
| Non-controlling interest in total comprehensive income | -84 | -69 |
Consolidated statement of financial position: assets
| Current assets | 31.03.2026 | 31.12.2025 |
|---|---|---|
| K€ | K€ | |
| Current assets | ||
| Cash and cash equivalents | 4,424 | 3,908 |
| Trade receivables | 25,226 | 32,128 |
| Income tax assets | 850 | 326 |
| Inventories | 23,763 | 21,496 |
| Other financial receivables | 100 | 99 |
| Other assets | 1,662 | 1,853 |
| Total current assets | 56,025 | 59,810 |
| Non-current assets | ||
| Goodwill | 202 | 202 |
| Property, plant and equipment | 11,974 | 12,822 |
| Intangible assets | 16,292 | 17,191 |
| Financial assets | 18 | 19 |
| Deferred tax assets | 567 | 604 |
| Total non-current assets | 29,053 | 30,838 |
| Total assets | 85,078 | 90,648 |
Consolidated statement of financial position: equity and liabilities
| Liabilities | 31.03.2026 | 31.12.2025 |
|---|---|---|
| K€ | K€ | |
| Current liabilities | ||
| Trade payables | 4,204 | 4,740 |
| Contract liabilities | 1,091 | 576 |
| Current loans | 23,508 | 23,721 |
| Provisions | 866 | 896 |
| Income tax liabilities | 69 | 2 |
| Other current financial liabilities | 2,578 | 2,701 |
| Other current liabilities | 2,734 | 2,949 |
| Total current liabilities | 35,050 | 35,585 |
| Non-current liabilities | ||
| Non-current provisions | 667 | 666 |
| Other non-current financial liabilities | 8,684 | 9,348 |
| Deferred tax liabilities | 1,085 | 1,027 |
| Total non-current liabilities | 10,436 | 11,041 |
| Equity | ||
| Issued capital | 9,020 | 9,020 |
| Capital reserves | 21,321 | 21,321 |
| Retained earnings | 9,233 | 13,819 |
| Exchange rate differences | 286 | 46 |
| Equity attributable to Viscom SE shareholders | 39,860 | 44,206 |
| Non-controlling interests | -268 | -184 |
| Total equity | 39,592 | 44,022 |
| Total equity and liabilities | 85,078 | 90,648 |
Consolidated statement of cash flows
| | 01.01.-31.03.2026
K€ | 01.01.-31.03.2025
K€ |
| --- | --- | --- |
| Cash flow from operating activities | | |
| Net profit for the period after interest and taxes | -4,670 | -335 |
| Income tax income (-) / expense (+) | 122 | -143 |
| Financial expenses (+) | 554 | 503 |
| Financial income (-) | 0 | -1 |
| Depreciation and amortisation (+) | 1,849 | 1,649 |
| Increase (+) / decrease (-) in provisions | -29 | 63 |
| Gains (-) / losses (+) from the disposal of non-current assets | 38 | 13 |
| Increase (-) / decrease (+) in inventories, receivables and other assets | 5,019 | -3,056 |
| Increase (+) / decrease (-) in liabilities | -94 | -1,033 |
| Income tax payments (-) | -466 | -42 |
| Net cash used in/from operating activities | 2,323 | -2,382 |
| Cash flow from investing activities | | |
| Proceeds (+) from the disposal of non-current assets | 33 | 12 |
| Payments for the acquisition (-) of non-current tangible and intangible assets | -43 | -19 |
| Payments for capitalised development costs (-) | -518 | -756 |
| Repayments of loans granted (+) | -3 | 2 |
| Interest received (+) | 0 | 1 |
| Net cash used in investing activities | -531 | -760 |
| Cash flow from financing activities | | |
| Interest paid (-) | -293 | -500 |
| Proceeds from the raising of short-term loans (+) | 21 | 2,590 |
| Payments from the repayment of short-term loans (-) | -234 | 0 |
| Payments arising from the repayment of lease liabilities (-) | -726 | -746 |
| Payments from the repayment of other financial liabilities (-) | -95 | -94 |
| Net cash and cash equivalents from financing activities | -1,327 | 1,250 |
| Exchange rate-related changes in cash and cash equivalents | 51 | -12 |
| Cash and cash equivalents | | |
| Change in cash and cash equivalents | 465 | -1,892 |
| Cash and cash equivalents as at 1 January | 3,908 | 5,530 |
| Cash and cash equivalents as at 31 March | 4,424 | 3,626 |
26
Statement of changes in equity
| Equity | Issued capital
K€ | Capital reserves
K€ | Exchange rate differences
K€ | Retained earnings
K€ | Equity attributable to Viscom SE shareholders
K€ | Non-controlling interests
K€ | Total equity
K€ |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Equity as at 1 January 2025 | 9,020 | 21,321 | 1,069 | 19,326 | 50,736 | -53 | 50,683 |
| Net profit for the period | 0 | 0 | 0 | -5,433 | -5,433 | -192 | -5,625 |
| Other comprehensive income | 0 | 0 | -1,023 | 0 | -1,023 | 0 | -1,023 |
| Total comprehensive income | 0 | 0 | -1,023 | -5,433 | -6,456 | -192 | -6,648 |
| Changes in non-controlling interests | 0 | 0 | 0 | -74 | -74 | 61 | -13 |
| Equity as at 31 December 2025 | 9,020 | 21,321 | 46 | 13,819 | 44,206 | -184 | 44,022 |
| Equity as at 1 January 2026 | 9,020 | 21,321 | 46 | 13,819 | 44,206 | -184 | 44,022 |
| Net profit for the period | 0 | 0 | 0 | -4,586 | -4,586 | -84 | -4,670 |
| Other comprehensive income | 0 | 0 | 240 | 0 | 240 | 0 | 240 |
| Total comprehensive income | 0 | 0 | 240 | -4,586 | -4,346 | -84 | -4,430 |
| Equity as at 31 March 2026 | 9,020 | 21,321 | 286 | 9,233 | 39,860 | -268 | 39,592 |
27
28
SELECTED EXPLANATORY NOTES
Declaration of compliance
This consolidated quarterly financial report 2026 was prepared on the basis of consistent application and in accordance with all IFRS® accounting standards (IFRS) applicable as at the balance sheet date of 31 March 2026, and the interpretations issued by the IFRS IC, as adopted by the European Union. In addition, the commercial law provisions applicable under Section 315e(1) of the German Commercial Code (HGB) were taken into account.
Principles of preparation
The consolidated quarterly financial report in accordance with IFRS has been prepared in euro (€ thousand). The presentation is generally in € thousand. Segment reporting is included in the interim Group management report. The same accounting policies and calculation methods were applied as in the 2025 consolidated financial statements.
The income statement was prepared using the nature of expense method.
In accordance with IAS 1, a distinction is made in the balance sheet between current and non-current assets and liabilities. Assets and liabilities are considered current if they are due within one year.
To a certain extent, estimates and assumptions must be made in the consolidated quarterly financial report that have an impact on the amount and disclosure of the recognised assets and liabilities, income and expenses and contingent liabilities. The actual values may deviate from these estimates.
NOTES TO THE CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Revenue
The Group's revenue can be broken down as follows:
| Revenue | 31.03.2026 | 31.03.2025 |
|---|---|---|
| K€ | K€ | |
| Construction and delivery of machinery | 9,976 | 13,483 |
| Services / replacement parts | 4,384 | 6,306 |
| Total | 14,360 | 19,789 |
The categories "Construction and delivery of machinery" and "Services / replacement parts" are revenue from contracts with customers in accordance with IFRS 15.
Disclosures concerning financial instruments and financial risk management
Presentation of the categories of financial instruments and the corresponding net profit in accordance with IFRS 7
The following presentation provides information on the carrying amounts of the individual measurement categories. The fair values for each class of financial instrument are also shown. The presentation is intended to enable a comparison of the carrying amounts and fair values (amortised cost (AC)).
| 31.03.2026 in K€ | Measurement category | Carrying amount | Fair value |
|---|---|---|---|
| Assets | |||
| Trade receivables | AC | 25,226 | 25,226 |
| Cash and cash equivalents | AC | 4,424 | 4,424 |
| Other financial receivables | AC | 100 | 100 |
| Financial assets | AC | 18 | 18 |
| 57,526 | 57,523 | ||
| Liabilities | |||
| Short-term loans | AC | 23,508 | 23,508 |
| Trade receivables | AC | 4,204 | 4,204 |
| Other non-current financial liabilities | AC | 46 | 43 |
| 27,758 | 27,755 | ||
| 31.12.2025 in K€ | Measurement category | Carrying amount | Fair value |
| --- | --- | --- | --- |
| Assets | |||
| Trade receivables | AC | 32,128 | 32,128 |
| Cash and cash equivalents | AC | 3,908 | 3,908 |
| Other financial receivables | AC | 99 | 99 |
| Financial assets | AC | 19 | 19 |
| 36,154 | 36,154 | ||
| Liabilities | |||
| Short-term loans | AC | 23,721 | 23,721 |
| Trade receivables | AC | 4,740 | 4,740 |
| Other non-current financial liabilities | AC | 141 | 133 |
| 28,602 | 28,594 |
For further details regarding the financial instruments, please refer to pages 120 to 126 of the Viscom SE Annual Report 2025.
30
Events after the end of the reporting period
No events of particular significance have occurred since the end of the first three months of the 2026 financial year.
Audit of the financial statements
The Group's quarterly financial report as at 31 March 2026, like the previous quarterly and half-yearly financial statements, has not been audited by an auditor nor has it been subject to a review.
RESPONSIBILITY STATEMENT
"To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting and proper accounting standards, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim Group management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year."
Hanover, 12 May 2026
The Executive Board
FINANCIAL CALENDAR 2026
May
2026/05/12 Interim Report 3M/2026
June
2026/06/05 Annual General Meeting – Altes Rathaus, Hanover
August
2026/08/12 Interim Report H1/2026
November
2026/11/12 Interim Report 9M/2026
Nov. 2026 German Equity Forum – Frankfurt/Main
31
32
VISCOM STRUCTURE
Supervisory Board
Prof. Dr. Michèle Morner (Chairwoman)
Volker Pape (Deputy Chairman)
Prof. Dr. Ludger Overmeyer
Executive Board
Carsten Salewski
Dr. Martin Heuser
Dirk Schwingel
Registered office
Carl-Buderus-Straße 9-15, 30455 Hanover, Germany
Commercial Register of Hanover District Court HRB 59616
Subsidiaries
Viscom France S.A.R.L., Paris, France
Viscom Inc., Atlanta, USA
Viscom Machine Vision Pte Ltd., Singapore
Viscom Metallgestaltung GmbH, Langenhagen, Germany
Exacom GmbH, Hanover, Germany
Subsidiary of Viscom
Machine Vision Pte Ltd., Singapore
Viscom Machine Vision (Shanghai) Trading Co., Ltd, Shanghai, China
VICN Automated Inspection Technology (Huizhou) Co., Ltd, Huizhou, China
VISCOM MACHINE VISION (INDIA) PRIVATE LIMITED, Bangalore, Indien
Subsidiary of Viscom
France S.A.R.L., Paris, France
Viscom Tunisie S.A.R.L., Tunis, Tunisia
Subsidiary of Viscom Inc.,
Atlanta, USA
VISCOM VXS S. DE R.L. DE C.V., Zapopan, Mexico
LEGAL NOTICE
Publisher
Viscom SE, Carl-Buderus-Straße 9-15, 30455 Hanover, Germany
T: +49 511 94996-0, F: +49 511 94996-900
E: [email protected], www.viscom.com
Registration: Hanover District Court HRB 59616
Responsible
Viscom SE, represented by the Executive Board
Editorial Staff
Carsten Salewski (Member of the Executive Board)
Dr. Martin Heuser (Member of the Executive Board)
Dirk Schwingel (Member of the Executive Board)
Sandra Liedtke (Investor Relations)
Anna Rebe (Investor Relations)
Alexander Heigel (Accountancy)
Layout and Design
CL*GD – corinna.lorenz.grafik.design
Photos
Adobe Stock
Copyright
All photographs and content are protected by copyright.
Reproduction in any form requires the written permission of Viscom SE.
Disclaimer
Insofar as this financial report contains forecasts or expectations or statements relating to the future, these statements may be subject to risks and uncertainties. Therefore, we cannot guarantee that the expectations will prove to be correct. Actual results and developments may differ materially from the expectations and assumptions expressed. Factors that may cause such deviations include changes in the general economic situation and the competitive situation, exchange rate and interest rate fluctuations, and changes in national and international legislation. The company assumes no obligation to update the statements contained in this release. For computational reasons, rounding differences may occur in percentages and figures in the tables, charts and texts of this report.
This financial report is published in German and English. In case of doubt, the German version shall prevail. In the interests of better readability, we have refrained from using gender-differentiated wording in some cases. The corresponding terms apply to all genders in the interests of equality. The abbreviated language form is for editorial reasons only and does not imply any judgement.
On 5 June 2024, the change of legal form of Viscom AG to Viscom SE, which was resolved by the Annual General Meeting on 24 November 2023, was entered in the commercial register (Hanover Local Court, HRB 59616) and thus became effective. The legal identity of the company and its stock listing remain unaffected by the change of legal form. The shareholders automatically hold the same stake in Viscom SE as they did in Viscom AG. The change of legal form will not result in any significant changes for them. Insofar as information in this document refers to "Viscom AG", also refer to "Viscom SE".
VISCOM
vision technology
Headquarters
Viscom SE
Carl-Buderus-Straße 9 – 15
30455 Hanover
Germany
T: +49 511 94996-0
E: [email protected]
Investor Relations
Viscom SE
Sandra Liedtke
Carl-Buderus-Straße 9 – 15
30455 Hanover
Germany
T: +49 511 94996-791
E: [email protected]
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