Q2 Highlights

• Parterships signed with the University of Waterloo and ultrasound technology expert InPhase Solutions AS to advance ultrasound diagnostics for MASLD
• Partnership signed with AMRA Medical to enable correlations between MRI and ultrasound imaging biomarkers
• Attended the CMEF Conference in Shanghai with further discussions with potential customers
• New customer signed in Asia within Specialty ultrasound
• Released a Rivent upgrade with improved performance, and completed the development of a platform that will lead to a new line of products that are clinically focused

Q2 Financial Data

• Revenue of 28.6 MSEK (31.7) , down –9.8%.
• EBITDA amounted to 2.3 MSEK (7.4) with an EBITDA margin of 7.9% (23.2).
• Adjusted EBITDA amounted to 5.1 MSEK (9.0) with an adjusted EBITDA margin of 17.8% (28.4).*
• Cash flow from operating activities was 1.5 MSEK (11.8).
• Earnings per share was 0.00 SEK (0.05).
• Adjusted earnings per share was 0.04 SEK (0.07).*

H1 Financial Data

• Revenue of 54.9 MSEK (66.4), down –17.3%.
• EBITDA amounted to 0.6 MSEK (20.2) with an EBITDA margin of 1.2% (30.4).
• Adjusted EBITDA amounted to 7.2 MSEK (23.0) with an adjusted EBITDA margin of 13.2% (34.6).*
• Cash flow from operating activities was 1.8 MSEK (21.1).
• Earnings per share was –0.04 SEK (0.16).
• Adjusted earnings per share was 0.05 SEK (0.20).*

* ContextVision do adjustments for investments in Data Quality to make it easier to analyse the underlying business. The investments amounted to 2.8 MSEK in Q2 and 6.6 MSEK in H1 2025.

Customers pressured by trade uncertainty – We continue to invest to build tomorrow’s solutions

During the quarter our customers faced uncertainties related to terms of global trade and supply chains, which have led some customers to delay purchasing decisions. This has been particularly noticeable in Asia, where a combination of economic and political factors has influenced buying patterns. Despite these challenges, we have maintained momentum in our development initiatives, welcoming new partners to our POCUS project and finalizing preparations for the upcoming clinical study.

Revenue from the second quarter amounted to 28.6 MSEK (31.7), a decline of 9.8% compared to Q2 2024. This was mainly due to translational FX of -1.1 MSEK (-3.5%) in the quarter, and lower license sales – especially for products produced in Asia – as customers face both economic and political headwinds. Looking at our supply chain, we see hesitation among customers due to the unpredictability, and a shift to a lower market segment in some cases. We expect these conditions to persist in the short term, but we continue to strengthen our competitiveness through technology and product improvements.

Adjusted EBITDA came in at 5.1 MSEK (9.0), corresponding to a margin of 17.8% when excluding investments in Data Quality of 2.8 MSEK. Lower revenue, FX effects, and R&D explain the decrease in profitability.

Our Image Quality business remains a stable cornerstone, underpinned by long-term relationships with many of the world’s leading medical imaging manufacturers. We continue to invest in these partnerships, exemplified by our participation at the CMEF (China Medical Equipment Fair) in April, where we met with both existing and potential customers, signing a new customer within Specialty ultrasound in Asia. Product development in Image Quality is progressing. We have made an upgrade to improve performance and to support our new service offerings in Rivent, and we have completed the development of a platform that will lead to a new line of products that are clinically focused. The first product in that line is scheduled for launch this fall, alongside further ongoing enhancements.

The development of our Data Quality growth initiative is continuing to advance. In Q2, we initiated collaborations with the University of Waterloo’s Laboratory on Innovative Technology in Medical Ultrasound (LITMUS), InPhase Solutions AS, and AMRA Medical. These partnerships strengthen our expertise across ultrasound, quantitative imaging, AI-powered technologies, and MRI-based analysis, building a rich multimodal dataset that will be crucial for creating digital biomarkers for early detection and monitoring of liver diseases and moving us closer to the launch of our clinical study related to POCUS.

Even though market uncertainty might persist in the short term, we continue to build on our strong and profitable Image Quality business, underpinned by long-standing partnerships with many of the world’s leading medical imaging manufacturers. At the same time, we are advancing our Data Quality development through strategic collaborations that leverage our technological leadership and market position. Our focus in this phase is our work on metabolic dysfunction-associated steatotic liver disease (MASLD) – commonly known as fatty liver disease – one of the world’s most prevalent and fastest-growing chronic conditions, representing a significant global healthcare challenge and a substantial commercial opportunity. Our clinical study in ultrasound-based MASLD diagnostics will be launched in close collaboration with the University of Washington, a global leader in clinical and radiological research, as well as other wellrespected partners. Together, these partnerships combine a wide expertise, creating a strong foundation for innovation. This dual focus on strengthening our Image Quality leadership and pioneering new Data Quality solutions not only reinforces our resilience today, but positions ContextVision to capture the opportunities driven by future healthcare needs and technological advancements.

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 is inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 a.m. CET on August 26, 2025.