ContextVision AB: Q2 interim report 2026 – Continued underlying growth and strengthened customer relationships in a stabilising market

Q2 Highlights 

• An underlying revenue growth* of 1.6% for the quarter and 4.1% for the first half year, in a stabilising market. 
• Strengthened customer relationships through successful participation at China Medical Equipment Fair (CMEF) and the
  addition of a new customer in China.
• Exploring opportunities with BeamWorks within AI-driven quantitative imaging.
• Successful completion of a major OEM’s supplier audit under the IEC 62304 standard, related to interventional devices.
• Further advanced the transformation towards quantitative imaging through sustained investment and technology development.

Q2 Financial Data

• Revenue of 35.3 MSEK (28.6), up 23.6%.
• EBITDA amounted to 12.4 MSEK (2.3) with an EBITDA margin of 35.1% (7.9).
• Adjusted EBITDA amounted to 15.7 MSEK (5.1) with an adjusted EBITDA margin of 44.4% (17.8).**
• Cash flow from operating activities was 10.6 MSEK (1.5).
• Earnings per share were 0.12 SEK (0.00).
• Adjusted earnings per share were 0.16 SEK (0.04).**

H1 Financial Data

• Revenue of 63.8 MSEK (54.9), up 16.4%.
• EBITDA amounted to 15.2 MSEK (0.6) with an EBITDA margin of 23.9% (1.2).
• Adjusted EBITDA amounted to 21.5 MSEK (7.2) with an adjusted EBITDA margin of 33.7% (13.2).**
• Cash flow from operating activities was 14.9 MSEK (1.8).
• Earnings per share were 0.13 SEK (–0.04).
• Adjusted earnings per share were 0.21 SEK (0.05).**

* Adjusted for the refined assessment of the timing of revenue recognition and translational FX effects. 
** ContextVision adjusts for investments in Data Quality to facilitate analysis of the underlying business. The investments amounted to 3.3 MSEK in Q2 and 6.3 MSEK for the half year 2026.

Continued underlying growth and strengthened customer relationships in a stabilising market

The second quarter of 2026 was a quarter of continued disciplined execution as we continued to strengthen the foundations for long-term growth. While market conditions remained stable, we deepened customer relationships, strengthened our presence in China, and continued to build the organisation to support the next phase of our transformation toward quantitative imaging.

Revenue for the second quarter of 2026 amounted to 35.3 MSEK (28.6), an increase of 23.6% compared to Q2 2025. As communicated in Q1 2026, ContextVision has refined the assessment of the timing of revenue recognition for certain customer contracts. In addition, a translational FX effect of –2.9% had a negative impact on sales, corresponding to –0.7 MSEK. Adjusted for these items, underlying revenue growth for the quarter amounted to approximately 1.6%. For the first half of the year, with the equivalent, adjustment the underlying growth amounted to 4.1%. This is consistent with our view of a market that remains broadly stable.

Adjusted EBITDA for the second quarter amounted to 15.7 MSEK (5.1), excluding investments in Data Quality of 3.3 MSEK, corresponding to a margin of 44.4% (17.8%). The improvement in profitability reflects the combination of increased revenue as explained above, and continued cost discipline. R&D spend remained flat year-on-year, reflecting our continued commitment
to the long-term technology roadmap, while more efficient resource allocation within sales and marketing supported improved cost efficiency.

Across the industry, we continue to observe pricing pressure as customers increasingly favor high-end rather than premium product configurations. We view this primarily as a reflection of more value-conscious purchasing behavior rather than weakening underlying demand.

The reinforcement of customer relationships remained a priority in the second quarter, particularly in markets where procurement continues to be made cautiously. During the quarter, we participated in the China Medical Equipment Fair (CMEF), one of the region’s leading events. ContextVision was one of only two Swedish companies exhibiting at the fair, reflecting our strong position within advanced medical imaging software. Our presence at CMEF provided a valuable opportunity to deepen existing customer relationships, engage with new prospects, and introduce our clinically focused product portfolio. 

As we anticipate an eventful second half of the year, a significant portion of our efforts during the second quarter focused on advan-cing our long-term technology roadmap and strengthening the partnerships that support our strategic ambitions. Our discussions with BeamWorks Inc. continued during the quarter. Our intention is that a potential collaboration will become an important building block in our long-term strategy within quantitative imaging and AI-driven diagnostics. In parallel, a major OEM successfully completed a supplier audit of ContextVision as part of its implementation of the IEC 62304 standard. The completion of the audit further reinforces our position as a trusted software development partner to leading global OEMs.

Looking ahead, building on the organisational changes communicated and implemented in the first quarter, we enter the second half of 2026 with stronger technical leadership and a more customer-centric sales organisation, which we believe will support improved conversion rates and create more opportunities for sales. The Annual General Meeting (AGM) in May saw the appointment of Homer Pien as a new member of the Board, bringing extensive experience from leading global technology and healthcare organisations that will be highly valuable as we advance our transformation towards quantitative imaging. With a stable financial position providing both financial strength and strategic flexibility, we remain committed to disciplined capital allocation while continuing to invest in our long-term ambition to lead the transition toward quantitative imaging.

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.