ContextVision AB: Year-end report 2025 Substantial progress in transformation amid early signs of stabilization

19 Feb 2026 08:00 CET

Q4 Highlights

* Minor growth in revenue when excluding currency effects.
* Reached a major milestone in the Data Quality initiative with the first
patient enrolled in the clinical development program for liver disease
diagnostics.
* Successfully launched a new clinically focused product line at RSNA 2025.
* Sustained customer engagement and initiated new strategic discussions in a
challenging market environment.
* Initiated changes in the sales and marketing departments to support the
continued transition toward a more technically oriented sales organization.

Q4 Financial Data

* Revenue of 31.7 MSEK (34.1), down --7.3%.
* EBITDA amounted to 5.2 MSEK (9.1) with an EBITDA margin of 16.5% (26.8).
* Adjusted EBITDA amounted to 7.9 MSEK (11.4) with an adjusted EBITDA margin
of 24.9% (33.4).*
* Cash flow from operating activities was 4.6 MSEK (9.1).
* Earnings per share was 0.05 SEK (0.08).
* Adjusted earnings per share was 0.08 SEK (0.11).*

Full Year Financial Data

* Revenue of 110.3 MSEK (130.7), down --15.6%.
* EBITDA amounted to 7.2 MSEK (38.7) with an EBITDA margin of 6.5% (29.6%).
* Adjusted EBITDA amounted to 19.1 MSEK (45.8) with an adjusted EBITDA margin
of 17.3% (35.1%).*
* Cash flow from operating activities was 4.4 MSEK (32.9).
* Earnings per share was 0.01 SEK (0.32).
* Adjusted earnings per share was 0.17 SEK (0.41).*

*ContextVision adjusts for investments in Data Quality to facilitate analysis
of the underlying business. The investments amounted to 2.7 MSEK in Q4 and
11.9 MSEK for the full year of 2025.

Substantial progress in transformation amid early signs of stabilization

During the fourth quarter and the conclusion of 2025, ContextVision continued
to navigate a challenging market environment while making important and
decisive progress in our strategic transformation. Despite ongoing global
uncertainty, we strengthened our long-term position through a major milestone
in Data Quality, marked by the completion of the first patient first visit,
further development of our Image Quality offering, and by maintaining close
and constructive relationships with our customers.

Revenue for the fourth quarter amounted to 31.7 MSEK (34.1), a decline of
-7.3% compared to Q4 2024. The decline in the quarter is primarily
attributable to translational FX effects, as currency exchange rate movements
had a negative impact on sales of -8.5%, corresponding to -2.9 MSEK. This was
mainly driven by significant fluctuations in the USD/SEK rate compared to the
prior year. It is also important to note that the comparable quarter last year
benefited from a temporary sales push from a customer in Asia toward the end
of the quarter, which positively impacted that year's comparison.

Adjusted EBITDA came in at 7.9 MSEK (11.4), corresponding to a margin of 24.9%
when excluding investments in Data Quality of 2.7 MSEK. The reduced
profitability is partly driven by crucial investment into the company's
general infrastructure, IT, quality assurance and R&D capabilities, which we
anticipate will be of long-term benefit for competitiveness in the market.
Toward the end of the year, we also implemented a shift within the sales and
marketing department of the organization, resulting in a one-off cost impact
of approximately 2.2 MSEK. These changes support the continued transition
toward a more technically oriented sales organization.

Market conditions throughout 2025 remained demanding for the healthcare and
medical imaging sector. Reduced healthcare budgets, geopolitical uncertainty,
new trade barriers, and a generally cautious investment climate affected not
only our customers but also their end markets. During the fourth quarter, we
began to observe early signs of stabilization in the market, with the rate
of decline moderating compared to earlier in the year. While this development
is encouraging, it remains too early to draw conclusions regarding any broader
or sustained shift in market conditions.

One of our most significant achievements of the year was within Data Quality.
Early in the fourth quarter, we announced the completion of the first patient
first visit in our clinical development program for liver disease diagnostics.
The program is conducted at the University of Washington in Seattle, USA. This
milestone followed successful Institutional Review Board (IRB) approval,
completion of the technical setup, and validation of investigational
ultrasound sequences. It represents an important step forward in our
innovation program and in our ambition to develop clinically relevant,
AI-powered, quantitative diagnostic solutions with significant potential in
the global market.

During the fourth quarter, we participated in the RSNA (Radiological Society
of North America), where we successfully launched a new line of clinically
focused products. The interest and feedback we received further validated our
strategic direction to complement our market-leading Image Quality solutions
with products that seamlessly fit into clinical ultrasound workflows, while
also enhancing collaboration and standardization. During the quarter we also
initiated new and strategically relevant discussions with customers, that we
believe can create value over time.

For the full year, revenue amounted to 110.3 MSEK (130.7), with an adjusted
EBITDA of 19.1 MSEK (45.8). The financial outcome reflects a year marked by
challenging market conditions and continued uncertainty. Against this
backdrop, I am particularly pleased with the progress we have made within Data
Quality and with the strength of our customer relationships. The trust and
long-term partnerships we have built and nurtured over many years will
continue to provide a solid foundation for stability and future growth.

As we enter 2026, we do so with a clear sense of direction. Context-Vision is
well on its way to transforming into a company
with the capacity to meet the evolving needs of modern healthcare. By
combining our deep expertise in image quality with data-driven, clinically
focused quantitative imaging solutions, we are positioning Context-Vision for
sustainable long-term value creation.

Dr. Dr. Gerald Pötzsch
Chief Executive Officer

For more information, please contact
Richard Hallström
Chief Financial Officer
richard.hallstrom@contextvision.com

About ContextVision
ContextVision is a software company specialized in image analysis and
artificial intelligence. As the global market leader within image enhancement,
we are a trusted partner to leading manufacturers of ultrasound, X- ray and
MRI equipment around the world. Our expertise is to develop powerful software
products, based on proprietary technology and artificial intelligence for
image-based applications. Our cutting-edge technology helps clinicians
accurately interpret medical images, a crucial foundation for better diagnosis
and treatment. The company, established in 1983, is based in Sweden with local
representation in the U.S., Japan, China and Korea. ContextVision is listed on
the Oslo Stock Exchange under the ticker CONTX.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication,
through the agency of the contact persons set out above, at 2026-02-19 08:00
CET.

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666179_Report Q4 2025.pdf