Induct AS – Q4 2025 Interim Report

12 Feb 2026 07:30 CET

Induct reports full-year 2025 EBITDA of NOK 7.5 million, an improvement of NOK
7.8 million compared to 2024, marking a return to solid profitability. Q4 EBITDA
was NOK -0.3 million, reflecting continued investments and revenue timing
effects, while full-year profitability demonstrates that the company’s cost
measures are delivering results.

During 2025, operating costs were reduced by NOK 10.4 million, significantly
strengthening margins. Refinancing and private placements completed in Q2 and Q3
reduced total debt by 76% year-on-year and lowered annual financing costs by
approximately NOK 6 million, materially strengthening the balance sheet.

Full-year revenue declined by NOK 3 million, primarily due to elevated churn in
OSINT Analytics driven by financial pressure in Norwegian municipalities. At the
same time, Tilskuddsportalen facilitated more than NOK 60 million in grant
funding to voluntary organisations in 2025, an increase of NOK 20 million
compared to 2024, demonstrating the platform’s clear value to users.

Within healthcare, commercial discussions with AstraZeneca regarding the severe
asthma care pathway module are progressing, with the ambition to conclude an
agreement in Q1 2026. Early engagement with the next Severe Asthma Specialist
Network scheduled for deployment has been very positive and shows strong
clinical endorsement.

In Q4, Induct strengthened its master data and data management foundation,
enabling improved scalability, interoperability and future integration of
AI-driven functionality across care pathways and disease areas.

With improved profitability, a significantly stronger balance sheet, and
commercial opportunities in international healthcare markets, Induct enters 2026
with a strengthened foundation for growth and long-term value creation.

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665547_Induct - Interim Report Q4 2025.pdf