Financial development Oct-Dec 2025 (KSEK)

• Net sales, 25 571 (40 384), -37% growth year-on-year
• EBITDA, -1 506 (5 221), -6% (13%)
• Net profit for the period, -4 439 (1 610), -17% (4%)
• Net cash flow for the period, 7 307 (7 554)
• Operating cash flow for the period, 11 177 (9 954)
• Earnings per share before and after dilution, -0,02 (0,01)

Financial development Jan-Dec 2025 (KSEK)

• Net sales, 124 632 (130 560), -5% growth year-on-year
• EBITDA, 10 275 (10 330), 8% (8%)
• Net profit/loss for the period, -237 (2 001), 0% (2%)
• Net cash flow for the period, -578 (-3 338)
• Operating cash flow for the period, 8 495 (7 686)
• Earnings per share before and after dilution, 0,00 (0,01)

Significant events Oct-Dec 2025

• An Extraordinary General Meeting was held during the period. The meeting resolved to expand the Board of Directors and to elect Olof Rudbeck, CEO of Salénia AB, as a new Board member.

• A new incentive program was introduced in October. Subscription of warrants under the incentive program 2025/2028 was approved by the Extraordinary General Meeting held in October 2025. The program expires in November 2028.

• Delivery of Satcom-on-the move solution to European Space Agency (ESA) for a pilot project within the LEO satellite communications segment.

• Development of the ArduPilot interface to reduce time to market for specific customer solutions. ArduPilot simplifies and accelerates the process for eg drone manufacturers.

Significant events after the period
Participation at NavyTech Gothenburg, where the Gimbal Satcom Terminal and parts of the Intertial Sensing portfolio was showcased with success.

Comments from the CEO
Due to delayed Satcom contracts, the fourth quarter was weaker than we expected with an EBITDA margin of -6% and revenue of 25,6 MSEK. Despite the weak quarter, EBITDA for the full year amounted to 10,3 MSEK (8%), in line with 2024. Operating cash flow for the full year amounted to 8,5 MSEK (7,7 MSEK).

Quarterly performance overview
Given the long sales cycles and complex processes characteristic of the Satcom market, the timing of such orders is difficult to predict. Importantly, these orders have not been lost but continue to progress within the sales pipeline. We remain prepared to deliver promptly once contracts are signed.

Product portfolio development - Inertial Sensing
Customer interest in the ArduPilot interface continues to grow, and we see several concrete business opportunities emerging as a result of this work. A standardized interface such as ArduPilot significantly simplifies and accelerates the process for eg drone manufacturers to select and integrate the SensAItion into their products.

In addition, during the fourth quarter, development of the ArduPilot interface within Inertial Sensing progressed according to plan. In October, we developed the SensAItion IMU interface, followed in December by an additional version of the INS interface, both are currently in an external approval process. The interface is designed to simplify integration for manufacturers and reduce time to market for specific customer solutions.

Product portfolio development - Satcom
In parallel, our ongoing investments in research and development support the advancement of our dual band solutions. The market is shifting towards these solutions which puts Kebni in a very strong position being able to offer simultaneous dual band in the mil/gov segment.

Following our selection by the European Space Agency (ESA) for a pilot project within the LEO satellite communications segment, Kebni now has a Satcom-on-the-move solution covering both GEO and non-GEO constellations currently being tested by our customer.

Ongoing projects and initiatives
I am also pleased to say that the previously announced Future Soldier System project with our Korean partner ACE Antenna, remains on track and is progressing well. It is encouraging to see end-user testing delivering positive results, with final approval still expected in 2026 and production planned from 2027, pending government decisions. ACE s decision to select Kebni s SensAItion INS for the Future Soldier System is a strong validation of the team’s hard work. This is just one of many cases where SensAItion has been chosen, and it gives me confidence in SensAItion’s long-term potential.

Furthermore, it is encouraging to see that we have multiple SensAItion test cases in various stages, which collectively build a growing pipeline and demonstrate our attractive price-to-performance profile.

ScaffSense, our joint venture company
Within ScaffSense, our joint venture company, supplementary testing activities were conducted throughout the fourth quarter to ensure high operational performance and customer value.

Summing up the year
While 2025 did not develop as we expected due to delayed orders, the underlying demand for our solutions remains strong. Our pipeline is active and our product portfolio continues to strengthen. With postponed orders expected to materialize, we remain focused on execution and long-term value creation for our customers and shareholders.
I would also like to take this opportunity to sincerely thank our employees for their dedication, commitment, and hard work throughout the year, which continue to be a key driver of our long-term progress.

Torbjörn Saxmo, CEO