Half Year 2026 Aiforia Technologies Oyj Earnings Call

August 28, 2026

Speaker #1: Good morning, and welcome to Aiforia's first half earnings announcement event. Today, we actually have two presenters: myself and our CFO, Antti Ojala. We'll start first with the business highlights—what happened in the past six months—and after that, we'll go to the numbers side of the event.

Jukka Tapaninen: Good morning, and welcome to Aiforia's H1 earnings announcement event. Today we have actually two presenters, myself and our CFO, Antti Ojala. We start first with the business highlights, what happened in the past 6 months, and after that, we go to the numbers side of the event. After that, of course, there is a room for questions and answers. It has been an interesting H1, I would say. We have been moving forward gaining new customers. As you may know and remember, we already have a contract with the AP-HP. The Paris Hospital Region, which is the biggest one in Europe, has 38 hospitals, and they are already successfully using in a production our prostate models.

Jukka Tapaninen: Good morning, and welcome to Aiforia's H1 earnings announcement event. Today we have actually two presenters, myself and our CFO, Antti Ojala. We start first with the business highlights, what happened in the past six months, and after that, we go to the numbers side of the event. After that, of course, there is a room for questions and answers. It has been an interesting H1, I would say. We have been moving forward gaining new customers. As you may know and remember, we already have a contract with the AP-HP. The Paris Hospital Region, which is the biggest one in Europe, has 38 hospitals, and they are already successfully using in a production our prostate models.

Speaker #1: And after that, of course, there's room for questions and answers. After that. So it has been an interesting first half, I would say, so that, okay, we have been moving forward, gaining new customers.

Speaker #1: So as you may know, and remember, we already have a contract with the AP-HP, so the Paris hospital region, which is the biggest one in Europe. It has 38 hospitals, and they are already kind of successfully using in production our prostate models.

Speaker #1: And in the first half of the year, we got an additional five hospitals from that group, which is a really good achievement on that side.

Jukka Tapaninen: In the H1 of the year, we got an additional 5 hospitals from that group, which is a really good achievement on that side. France as a market is also interesting in that sense, that they have this program in place from a government to fund the first 2 years' usage for AI models and Aiforia is the only solution, AI solution for diagnostics that has been accepted on that one. That is why we have been fairly successful in the French market and expect that that will be a major market in the coming months and years to go. The other significant deal, what we make was in Spain. We already have in Spain, Castilla y León region, which is a quite significant one, and now we got an additional healthcare region in the country.

Speaker #1: France as a market is also interesting in that sense, as they have a program in place from the government to fund the first two years' usage for AR models.

Speaker #1: And Aiforia, as the only AR solution for diagnostics that has been accepted on that one. So that's why we have been fairly successful in the French market and expect that it will be a major market in the coming months and years.

Speaker #1: To go. The other kind of significant deal we made was in Spain. So we already have in Spain the Castille-Lyon region, which is quite a significant one.

Speaker #1: And now we've got an additional kind of healthcare region in a country, so that's moving forward nicely. And, of course, there have been some smaller deals happening, but I think these were, on the clinical side, the major achievements from the first half.

Jukka Tapaninen: That is moving forward nicely. Of course, there has been some smaller deals happening. I think these were the clinical side, the major achievements from the H1. Then the partner network, because this is an ecosystem play. Because we do AI solution to support the diagnostic decision-making in a pathology. Analyzing those cancer samples and supporting the decisions and a diagnosis on that. There are plenty of other components, software vendors and hardware vendors that we need to partner with. We are collaborating already with all the major scanner manufacturers. Then there are also image management vendors like Proscia. Proscia is one of those new partnerships, what we have. It is a logical one because already last year, when Siemens chose us to be part of their program, Proscia was already there.

Speaker #1: So then the partner network, because this is an ecosystem place. So, because we do AR solutions to support the diagnostic decision-making in pathology—so, kind of analyzing those cancer samples and supporting the decisions.

Speaker #1: And a diagnosis on that. But there are plenty of other components—software vendors and hardware vendors—that we need to partner with.

Speaker #1: So we are collaborating already with all the major scanner manufacturers. Then, there are also image management vendors, like Aprocha. Aprocha is one of those new partnerships that we have.

Speaker #1: And it's a logical one because, already last year when Siemens chose us to be part of their program, Aprocha was already there.

Speaker #1: So, Aprocha is providing the image management part, and we are providing the AI-assisted diagnostic part on that offering. But Aprocha was one of the, kind of, one of the many—but okay, one of the meaningful partnerships in the first half.

Jukka Tapaninen: Proscia is providing the image management part, and we are providing the AI-assisted diagnostic part on that offering. Proscia was one of the many, but one of the meaningful partnerships in the H1. Of course, we did the IPO, as you remember, back in 2021. When we did it, we promised that, we start building a portfolio for clinical side, and we start focusing on getting the first referenceable customers on a clinical market. I come back to the customer side in the next slide, but also on a product side. We have been moving forward nicely. I think we have the best portfolio, most competitive portfolio in this market. We have currently 12 CE IVD mark solutions, and in the H1 of the year, we added additional 2 models on a portfolio.

Speaker #1: And of course, so we did the IPO, as you remember, back in 2021. So when we did it, we promised that, okay, we would start building a portfolio for the clinical side, and we would start focusing on getting the first referenceable customers in the clinical market.

Speaker #1: And I’ll come back to the customer side in the next slide. But also on the product side, we’ve been moving forward nicely. So I think we have the best and most competitive portfolio in this market.

Speaker #1: So, we currently have 12 CE IVD Mark solutions, and in the first half of the year we added an additional 2 models to the portfolio. And one of our targets was that we have a kind of portfolio of AI tools that covers more or less 80% of the typical clinical workflow.

Jukka Tapaninen: And one of our targets was that we have a kind of portfolio of AI tools that covers more or less 80% of the typical clinical workflow, and that target was by the end of the decade. And we are in a good speed on that. We are clearly over 50% of the kind of workflow coverage. So from a solution side, we are moving forward nicely, and also we are adapting new technologies as well. So foundation in since foundation models and upgrading the kind of offerings in today's standards. But that is moving forward really nicely. And of course, as we are growth company and investing heavily on R&D, investing heavily on building the market, we need funding. And we have done two major activities in the H1 of the year. First of all, negotiating with the EIB, the loan arrangement with them.

Speaker #1: And that target was quite the end of the decade. So, we are at a good speed on that. We are clearly over 50% of the kind of workflow coverage.

Speaker #1: So, from a solutions side, we are moving forward nicely. And also, we are adopting new technologies as well, such as foundation engines and foundation models, and upgrading the kind of offerings to today's standards.

Speaker #1: But that's moving forward really, really nicely. And of course, as we are a growth company and investing heavily in R&D, investing heavily in building the market, we need funding.

Speaker #1: So, we have done two major activities in the first half of the year. First of all, negotiating with the EIP—the loan arrangement with them.

Speaker #1: So, Antti will cover that a little bit more in detail later on in this presentation. And then we did this direct share issue in June.

Jukka Tapaninen: Antti will cover that a little bit more on a detail later on this presentation. Then we did this direct share issue in June. But all in all, our financial position getting much better by doing these two activities. And it also kind of tells that the market still trusts the industry and us on performing in this market. All right. I would say that this is probably the most meaningful slide on my presentation. So the customer. Because this is a new industry and some companies, some competitors have some solutions for one particular problem, prostate or breast, but we have that wide portfolio. And very few companies have all the regulatory part sorted out so that having the CE IVD, having all the kind of security related certification is in place so that you can actually sell to this market.

Speaker #1: So, but all in all, our financial position is getting much, much better by doing these two activities. And it also kind of shows that the market still trusts the industry and us to perform in this market.

Speaker #1: All right. I would say that this is probably the most meaningful slide in my presentation—about the customers. Because this is a new industry, some companies and competitors have solutions for one particular problem, such as prostate or breast.

Speaker #1: But we have that wide portfolio, and very few companies have all the regulatory parts sorted out. So, having the CE IVD, having all the security-related certifications in place, so that you can actually sell to this market.

Speaker #1: But then the last point is that, okay, so you have been actually selling and delivering, and then the customers are using it. So, you see on the right-hand side that barometer, or kind of a volume button, so that, okay, we just listed the customers that we have.

Jukka Tapaninen: But then the last point is that, okay, so you have been actually selling and delivering, and then the customers are using it. And you see on the right-hand side that barometer or kind of a volume button. So that okay, so we just listed the customers what we have because now the complexity here is that, okay, so we have close, really nice deals, but then who has been starting to use the solution? Not all are in a full production. None of them are actually in a full production. With the Mayo Clinic, we are really successful. 4 years ago, we already made a deal. We have delivered the Aiforia Breast Cancer Suite, and it has been in production for multiple years. But there is a lot of upsell opportunity in the Mayo Clinic as well. Same with a couple of others.

Speaker #1: So now, the complexity here is that, okay, we have closed really nice deals. But then, who has actually started to use the solution?

Speaker #1: So, not all are in full production. None of them are actually in full production. With the Mayo Clinic, we were really successful four years ago.

Speaker #1: We already made a deal. We have delivered the breast cancer suite, and it has been in production for multiple years. But there's a lot of upsell opportunity in the Mayo Clinic as well.

Speaker #1: Same with a couple of others. So I would mention the NHS. Already three years ago, we did a deal. So now it's implemented. We have got the money from the deal.

Jukka Tapaninen: I would mention the NHS. Already 3 years ago done deal. So now it is implemented. We have got the money from the deal, and customer starts using it now. But it is not in a production yet, which is interesting. But there are multiple reasons why the customers are not starting to use it immediately. Our delivery is fairly fast, so we can deliver our software piece in a month, more or less. But then you have a complexity of these, all the other solutions. Some customers are upgrading their LIS systems, and we need to wait until that is done. Some customers have not yet invested enough scanners so that they would have a kind of a digital images enough so to kind of ramp up the volume.

Speaker #1: And customers start using it now, but it's not in production yet, which is interesting. There are multiple reasons why the customers are not starting to use it immediately.

Speaker #1: So our delivery is fairly fast. We can deliver our software piece in a month, more or less. But then you have the complexity of all the other solutions.

Speaker #1: So, some customers are upgrading their LIS systems, and we need to wait until that is done. Some customers have not yet invested in enough scanners.

Speaker #1: So that they will have a kind of a digital images enough. So to kind of ramp up the volume. And but they are moving all are moving forward on that track.

Jukka Tapaninen: They all are moving forward on that track because scanners are quite an expensive investment, image management systems as well. But the gains are coming from AI and digital and AI-assisted diagnostics. In a way, we are in a good position, but unfortunately, there is a certain kind of a time lag from a kind of closing the contract when the customer starts and start using it. On that parameter, the green ones are the ones who are actually in a production. The yellow ones are that okay has been delivered, and the production routine use is just starting. Then you have a list of customers that okay, so contract has been done, and they will start using it. But okay, so there is a little bit of delay when it happens.

Speaker #1: Because scanners are quite an expensive investment—image management systems as well. But the gains are coming from AI and digital, and AI-assisted diagnostics. So, in a way, we are in a good position.

Speaker #1: But a time lack from a kind of a closing the contract. When the customers start and start using it. So and on that barometer, the green ones are the ones who are actually in the production.

Speaker #1: The yellow ones are that, okay, have been delivered. And the production routine use is just starting. And then you have a list of customers that, okay, so contracts have been done.

Speaker #1: And they will start using it. But, okay, so there's a little bit of delay when it happens. But all in all, we have roughly about 20 clinical customers today.

Jukka Tapaninen: All in all, we have roughly about 20 clinical customers today, and when everything is in a kind of up and running in a right volume, so there is already kind of a significant revenues coming from that side. But there is this kind of a time issue on a place so that when it happens. These are all happening for sure, but okay, so the timing is the thing. A positive thing is that, okay, like in Paris, so we have already multiple hospitals, and we have a few of them in a production already. So when we now sign up with those additional 5 hospitals, it means that, okay, the core software and all the kind of the surrounding system have been implemented and all the integrations done. When they start using it, so it is actually happened much faster than in a greenfield customer.

Speaker #1: And when everything is kind of up and running, and at the right volume, there's already kind of significant revenues coming from that side.

Speaker #1: But there's this kind of a timing issue in place, so that when it happens... But these are all happening, for sure. But okay, so the timing is the thing.

Speaker #1: And a positive thing is that, okay, like in Paris, we already have multiple hospitals, and we have a few of them in production already.

Speaker #1: So when we now sign up with those additional five hospitals, it means that, okay, the core software and all the surrounding systems have been implemented.

Speaker #1: And all the integrations are done. When they start using it, it actually happens much faster than with a greenfield customer. So if you work with a customer that, okay, first goes to digital pathology, then goes to kind of AI-assisted diagnostics.

Jukka Tapaninen: If you work with a customer that, okay, so goes to first to digital pathology, then goes to kind of AI-assisted diagnostic. Then there is a time lag. So when they transform the organization, get all the kind of tools in place. Then they start using it. But when we sell to these customers who already have something in a production and we upsell, so then it happens really fast. So there are different type of customers in play. That links a little bit back to the previous slide. Because we have two different type of revenue generation models in place. We have right to access, right to use. The difference is that, okay, so if we implement the software on a customer's cloud or on-premise, so then it is a right to use.

Speaker #1: So then there's a time lag. So when they transform the organization, get all the kind of tools in place, and then they start using it.

Speaker #1: But when we sell to these customers who already have something in a production and we upsell, so then it happens really fast. So there's a kind of a different type of a customers in a play.

Speaker #1: And so that links a little bit back to the previous slide. So, because we have at least, yeah, we have two kind of different types of revenue generation models in place.

Speaker #1: We have a right to access, right to use. And the difference is that, okay, so if we implement the software on customer's cloud or on premise, then it's a right to use.

Speaker #1: And when the kind of a software is implemented on Aiforia hosted cloud, so then the revenue recognition will happen. A different way. So and we used to have a little bit more on these right to use customers.

Jukka Tapaninen: When the software is implemented on Aiforia hosted cloud, so then the revenue recognition will happen a different way. We used to have a little bit more on these right to use customers, and it will show a little bit on our numbers as well, that you could recognize when the usage started, the whole block, and when it is in the Aiforia's environment, so then the recognition will happen over the years. It is a software as a service type of model that we are going more and more. But in the long run, I think that is really sustainable and a good model to go forward. Just that, okay, so there are different type of models in place, plus then two types of customers. So if it is a totally a new greenfield customer or is it already an existing customer? I can give another example.

Speaker #1: And it will show a little bit on our numbers, as well—that you could recognize when the kind of usage started. The whole block.

Speaker #1: And when it's in the Aiforia environment, then the recognition will happen over the years. It's a kind of software-as-a-service type of model that we are going for more and more.

Speaker #1: But in the long run, I think that's really sustainable and a good model to go forward. But just that—okay, so there are different types of models in place.

Speaker #1: Plus, then two types of customers. So, if it's totally a new greenfield customer, or if it's already an existing customer. And I can give another example.

Speaker #1: Paris was one. But we have this big deal in Lombardia. So they haven't—we have implemented the software. And we could recognize something last year.

Jukka Tapaninen: Paris was one, but we have this big deal in Lombardia. We have implemented the software, and we could recognize something last year. There are 32 hospitals, and there is a certain plan. When they start hospital by hospital start using it, and it is a 3-year plan, that when they ramp up the production in that organization. Eventually it will be really good, profitable, large customer for us, but it happens step by step. Maybe sometimes when we say that, we close a deal with the customer who has a million slide, then somebody calculates that immediately it is a revenue like that. It will be, but it needs to go through those steps step by step. We can of course answer some questions on this topic on a Q&A spot. The other positive thing is that the market is there.

Speaker #1: So, but there's 32 hospitals, and there's a certain plan. So, when they start, kind of hospital by hospital, they start using it. And it's a three-year plan.

Speaker #1: So that, okay, when they ramp up the production in that organization, eventually it will be a really good, profitable, large customer for us. But it's a step.

Speaker #1: So when you kind of, maybe sometimes when we say that, okay, we closed a deal with a customer who has a million slides, then somebody calculates that immediately it's a revenue like that.

Speaker #1: It will be, but it’s kind of a—it needs to go through those steps, step by step. But just to—and we can, of course, answer some questions on this topic in the Q&A spot.

Speaker #1: The other positive thing is that the market is there. So the demand and need for these solutions hasn't changed. So that—okay—so it's growing.

Jukka Tapaninen: The demand, need for these solutions has not changed. It is growing. There are a couple of drivers for that. Cancer cases, unfortunately, going up, and the demand is there. On the other hand, the number of pathologists is staying the same or going down. There was a statistics from US, but applies all over the world quite well. 40% of the pathologists are over 60 years old, meaning that, now on the other side, the volume is picking up, so you need to do more. At the same time, in the next coming years, most of these, or at least some of these people are going on a retirement. Then the kind of people who can actually handle that manually, it is disappearing. I told last time this example already, but like in that Lombardia case.

Speaker #1: So there are a couple of drivers for that. Cancer cases, unfortunately, are going up, so the demand is there. On the other hand, the number of pathologists is kind of staying the same or going down.

Speaker #1: And there was a statistic from the US, but it applies all over the world quite well. Forty percent of pathologists are over 60 years old.

Speaker #1: Meaning that, okay, now on the other side, the volume is picking up. So you need to do more, and at the same time, in the next coming years—so, yeah.

Speaker #1: Most of these, or at least kind of some of these people, are going on retirement. And then the kind of people who can actually handle that manually is disappearing.

Speaker #1: And I told last time this example already. But like in that Lombardia case, they have 409 pathologists. 100 are retiring in the next two years.

Jukka Tapaninen: They have 409 pathologists, 100 is retiring in the next 2 years, and only 9 new one is coming in. They roughly lose over 25% or 20% of the workforce, and that is the reason that they have to go on modernization and start using the latest technology. The demand is there, need is there, that is for sure. Then of course, the expectations for the diagnostics and diagnosis is getting more and more higher. It is more complex. You test multiple things, so you want to give the patient the better treatment and more precise treatment. In a way, the complexity is growing up. Then the kind of capabilities to eyeball those samples with the human eye, it does not give the results or precise results that you need for the next steps for the treatment or medication decisions.

Speaker #1: And only nine new ones are coming in, so they roughly lose over 20% or 25% of the workforce. And that's the reason that they have to go on modernization and start using the latest technologies.

Speaker #1: So the demand is there. The need is there, so that's for sure. And then, of course, the expectations for diagnostics and diagnosis are getting higher and higher.

Speaker #1: So it's more complex. You test multiple things. So you want to give the patient the better treatment and more precise treatment. So, in a way, the complexity is growing up.

Speaker #1: So, and then the kind of capabilities to eyeball those samples with the human eye, it doesn't give the results or precise results that you need for the kind of next steps.

Speaker #1: For the treatment or medication decisions. So all of these drivers are kind of moving in that direction, that the market is there, the market is growing.

Jukka Tapaninen: All of these drivers are moving in on that direction, that the market is there, market is growing. On that topic, a little bit modified, or we modified the slide on the workflow because we have been always talking about taking the physical samples in preparing the slides, putting the staining, doing the scanning. But then if you look at the digital pathology market and AI-assisted diagnostics market, that is one part. This area, there is a lot of interest in the ecosystem. There has been a lot of partnering happening already. Some really nice big acquisitions happening. The thing is that, when you sell scanners, when you sell the image management, you cannot sell it without having an AI story top of that, because AI is bringing the value on this whole play. That is the position where Aiforia is.

Speaker #1: And on that topic, so a little bit modified, or we modified the slide on the workflow. Because we've been always talking about taking the physical samples and preparing the kind of slides.

Speaker #1: Putting the staining, doing the scanning. But then, if you look at the digital pathology market and AI-assisted diagnostics market, that's one bulk. In this area, there's a lot of interest in the ecosystem.

Speaker #1: So there has been a lot of partnering happening already, some really nice big acquisitions happening. But the thing is that, okay, when you sell scanners, when you sell the image management, you can't sell it without having an AI story on top of that.

Speaker #1: Because AI is bringing the value on this whole playing, and that's the position where Aiforia is. And on our market, it's going to grow nicely.

Jukka Tapaninen: On our market, it is going to grow nicely, +17% on annual basis going forward. Yes, it is a new market, so we need to get in. We have a fantastic offering, so we have the references. We are in a good position on that. We are also thinking that, okay, we also want to expand our footprint in a customer and making Aiforia more strategic in that sense. If we talk about the image management and workflow, we work with all the kind of major companies on that side and having an integration. But every single one of these 20 plus customers on the clinical side, what we have, when they get an AI-driven results, they look at the images, look at the reports, everything from an Aiforia viewer. Basically, we are there already on an image management side.

Speaker #1: Plus 17% on an annual basis, going forward, yes. And it's a new market, so we need to get in. We have a fantastic offering.

Speaker #1: So we have the references, so we are in a good position on that. But we are also thinking that, okay, we want to expand our footprint with a customer.

Speaker #1: And making Aiforia more strategic in that sense. If we talk about the image management and workflow. So we work with the all the kind of a major companies on that side.

Speaker #1: And having an integration. But every single one of these 20-plus customers on the clinical side, what we have, when they get AI-driven results, they look at the images.

Speaker #1: Look at the reports. Everything is from Aiforia Viewer. So, basically, we are already there on the image management side. What we are missing is a little bit on the workflow management.

Jukka Tapaninen: What we are missing is a little bit on a workflow management, a little bit on the storing the images, the PACS side of that market. But we are already heavily in on the image management side. That said, we are kind of focusing on getting a solution which is an AI native diagnostic tool for these kind of samples, and that includes some of the functionality from an image management side. Meaning that, okay, our addressable market is growing on that direction. Then to the other side, we already have a predictive model done with the Mayo Clinic for the colorectal cancer, so that you can predict the patient outcome and link the treatment on that information. But we also, this week, some of you may have noticed, we announced a partnership with a Swedish company who is doing prognostic models as well.

Speaker #1: A little bit on storing the images, the PACS side of that market. But we are already heavily in on the image management side. But as said, we are kind of focusing on getting a solution which is an AI-native diagnostic tool for these kinds of samples.

Speaker #1: And that includes some of the functionality from the image management side. So, meaning that, okay, our addressable market is growing in that direction.

Speaker #1: And then to the other side, so we already have a predictive model done with the Mayo Clinic for colorectal cancer, so that you can predict the patient outcome.

Speaker #1: And link the treatment on that information. But we also, this week—some of you may have noticed—we announced a partnership with the Swedish company who's doing prognostic models as well.

Speaker #1: So, and that's the next step. So, when the AI has done the diagnosis for the H&E slide and IHC slides, they can now order a report through the Aiforia viewer.

Jukka Tapaninen: That is the next step. When the AI has done the diagnosis for the H&E slide and IHC slides, they can now order a report through the Aiforia viewer. Just one click, and it gives a risk assessment for the breast cancer cases. That is additional business. But this is a kind of a market that is only available when the AI is in place. But it is definitely going to that direction, and the value add is getting higher and higher for the AI on that side. My point here is that, okay, we are in an interesting market, in a key position on that. Plus, we are a little bit expanding our addressable market that we are having a more kind of a complete solution to offer and a bigger part and being more strategic for our end customers. That is kind of a big picture.

Speaker #1: So, just one click, and it gives a risk assessment for the breast cancer cases. So that's additional business. But this is kind of a market that is only available when the AI is in place.

Speaker #1: But it's definitely going in that direction, so the value add is getting more—it's getting higher and higher for the AI on that side.

Speaker #1: My point here is that, okay, so we are in an interesting market, in a key position on that. Plus, we are expanding our addressable market a little bit, as we now have a more complete solution to offer.

Speaker #1: And a bigger part and being more strategic for our end customers. So that's kind of the big picture. So on the product side, this is a really competitive offering that we have.

Jukka Tapaninen: On a product side, this is a really competitive offering, what we have. Typically, when we go to head-to-head comparison, we win. That is a really good news. Our kind of idea when we started to build this one was that we are not just focusing on one algorithm, but we are actually providing a platform and enough solutions so that you can cover majority of the workflow, and giving kind of one user experience and solid results for the users. But then tactical things as well, because of course we recognize that what was the financial results and of course telling those reasons why the kind of revenue recognition is a little bit delayed. But we have done some changes on a tactical level. We will actually have a new Chief Commercial Officer. He starts next week.

Speaker #1: And typically, so when we go to head to head comparison, we win. So that's a really good news. And our kind of idea when we started to build this one was that we are not just focusing on a one algorithm.

Speaker #1: So, but we are actually providing a platform and enough solutions so that you can cover the majority of the workflow, and giving kind of one user experience and solid results for the users.

Speaker #1: But then there are tactical things as well, because of course we recognize what were the financial results, and of course explaining those reasons. So, that's why the kind of revenue recognition is a little bit delayed.

Speaker #1: But we have made some changes at a tactical level. We will actually have a new Chief Commercial Officer, who starts next week. We have also been recruiting more direct salespeople.

Jukka Tapaninen: We have been recruiting more direct sales people, really shifting the company on focusing on a scaling up phase. On a scaling up, we have these elements so that we have the direct sales that needs to be really strong, and I expect that that will perform most of the deals what we will get going forward. At the same time, we invested on building up the channel. We have actually a kind of a loose reselling channel network globally, over 30 companies. I would say that a handful are really relevant. We set up an organization so that we can support and train the partners and scaling up the business through the channel. That was one of the concrete actions what we did now.

Speaker #1: So, and really shifting the company on focusing on the scaling-up phase. So, and on scaling up. So we have these elements, so that we have the direct sales that need to be really strong.

Speaker #1: And I expect that that will perform most of the deals that we will get going forward. But at the same time, we invested in building up the channel.

Speaker #1: And we actually have kind of a loose reselling channel network globally, with over 30 companies. But I would say that only a handful are really relevant. We set up an organization so that we can support and train the partners, and scale up the business through the channel.

Speaker #1: So that was one of the concrete actions, what we did now. And we have certain markets, like the Nordics. We have France.

Jukka Tapaninen: We have certain markets like Nordics, we have France, we have US, and Italy, where we have a good kind of direct sales people in place. Then we have markets that, okay, so we need to address through the partner network. We want to kind of scale up this and put it in a more professional level how we manage this. The other concrete thing what we did, we have also kind of a separate team for customer success management in that sense. Now when we start having enough customers, plus to any clinical customers, a really important thing is that they actually start using it in a kind of real-life production. We want, of course, to find new opportunities, how to expand the footprint, how do we kind of add more AI models in a portfolio and so on.

Speaker #1: We have the U.S., where we have kind of a good setup, and Italy, where we have a good kind of direct salespeople in place.

Speaker #1: But then we have markets that, okay, so we need to address through the partner network. So we want to kind of scale up this and put it on a more professional level, how we manage this.

Speaker #1: The other concrete thing what we did, so we have also kind of a separate team for customer success management. In that sense, so now when we start having enough customers, so plus 20 clinical customers, really important thing is that they actually start using it in a kind of real life production.

Speaker #1: And we want, of course, to find new opportunities—how to expand the footprint, how we can add more AR models to the portfolio, and so on.

Speaker #1: So, being with the customer and seeing where the bottlenecks are, what issues they have—so those issues—and then upsell and make sure that the customers are happy and that they are using our solution.

Jukka Tapaninen: Being with the customer, seeing where the bottlenecks are, what issues they have, sort those issues, and then upsell and make sure that the customers are happy and they are using our solution. Those two concrete kind of organizational changes. Plus then, of course, in a sales and a marketing overall, we have been kind of looking at new ways. How do we find potential customers, those ones that fit our ideal customer profile? Then we set up all the basic things that, okay, so you qualify those and see that, okay, where do we actually invest? Where do we have a good opportunity to close and win? There we put in our investment.

Speaker #1: So but those two concrete kind of organizational changes. Plus then of course in a sales and a marketing overall. So we've been kind of looking at kind of a new ways how do we find kind of a potential customers?

Speaker #1: Those ones that fit our kind of ideal customer profile. Then we set up all the basic things, like, okay, so you qualify those and see, okay, where do we actually invest?

Speaker #1: Where do we have a good opportunity to close and win? So then we put on our investment. But I don't want to go too much into tactics here.

Jukka Tapaninen: I do not want to go too much on the tactical here, but I just wanted to show that we have been taking and continuously follow up this so that, okay, what works, what does not work, and then try to improve the activities, what we have on a go-to-market side. Business targets midterm. Nothing has changed since the last time, but we are looking for the financial independence by the end of 2027. We can cover this on the next part and our questions as well. It means that so that we, of course, expect the sales going up, and we need to control the costs what we have and see that the financing is in a good shape so that we can continue. We see this market picking up, and we are ready to invest. We are ready to capture the opportunities.

Speaker #1: But I just wanted to show that we have been taking and continuously kind of following up on this so that, okay, what works, what doesn't work?

Speaker #1: So, and then try to improve the activities we have on the go-to-market side. Then, business targets midterm—nothing has changed since the last time.

Speaker #1: So, we are looking for financial independence by the end of the 27th. We can cover this in the next part and questions as well.

Speaker #1: But it means that, so that we, of course, expect the sales going up. So, and we need to control the costs that we have.

Speaker #1: And seeing that, okay, financing is kind of in a good shape so that we can continue. But we see this market picking up.

Speaker #1: So and we are ready to invest. We are ready to kind of capture the opportunities. And I mentioned this portfolio. 80%. We are on a well on track on that side.

Jukka Tapaninen: I mentioned this portfolio, 80%, we are well on track on that side. So the offering is good. We will add few more models, but already we have enough to sell. So having a good, solid quality product is not any more a problem. We have the portfolio, and now it's time to monetize that, I would say. Achieve 50 key accounts. We have 20, and we aim to go to 50 or even more. So 50 is a number, but it just tells you that, okay, we want to get the bigger organizations where we have significant volumes and 500, they should all have more than a half a million annual revenue potential in place. It doesn't happen immediately, but it has to be a sizable organization that we can grow in that level.

Speaker #1: So the offering is good. And we will add a few more models, but already we have enough to sell. So having a kind of a good, solid, quality product is not anymore a problem.

Speaker #1: So we have the portfolio and now it's time to kind of monetize that, I would say. Then achieve 50 key accounts. So we have 20.

Speaker #1: And we aim to go to 50 or even more. So 50 is a number. But it just tells you that, okay, we want to get a bigger organization.

Speaker #1: So where we have a significant volumes. And 500, they should all have a kind of a more than a half a million annual kind of a revenue potential in place.

Speaker #1: So it doesn't happen immediately, but it has to be a sizable organization that we can grow in at that level. And then it’s a good, profitable business for us.

Jukka Tapaninen: It's a good, profitable business for us, and it's a good business and good acquisition for the customer as well. Of course, the technology. I told you about the markets and how do we expand and what type of ideas we have there, a little bit on the image management side and the prognostic side, but kind of playing the major role as a leading AI diagnostic platform in the diagnostic area. That's it from my side, and I'll be back answering your questions. Now I will hand it over to Antti to continue.

Speaker #1: And it's a good business and a good acquisition for the customer as well. And then, of course, the technology. So we will kind of—I told you about the markets and how we expand.

Speaker #1: And what type of ideas we have there—a little bit on the image management side and a prognostic side, but kind of playing the major role as a leading AI diagnostic platform in the diagnostic area.

Speaker #1: But that's it from my side, and I'll be back answering your questions. But now, I will hand it over to Antti to continue. Okay.

Antti Ojala: Okay. Thank you, Jukka, and good morning, everybody also on my behalf. Like already mentioned, my name is Antti Ojala. I'm the new CFO in Aiforia. It's my pleasure and honor to be here giving a presentation first time in the earnings call. Before starting, just want to remind that the numbers in the parenthesis in the financial part are from the reference period H1 2025. The group revenue was €753,000. Last year, during the same period, the revenue was close to €1.4 million. From geographical perspective, 43% of the revenue came from Europe and other regions, one-third of the revenue came from North America, and 24% came from Finland. As a Finnish company, we are happy that we have good Finnish customers, and it is also important that we can show good presence in the domestic market. The investments during the period were €2.9 million.

Speaker #1: Thank you, Jukka. And good morning, everybody, also on my behalf. As the new CFO at Aiforia, it's my pleasure and honor to be here.

Speaker #1: Giving a presentation for the first time in the earnings call. Before starting, I just want to remind you that numbers in parentheses in the financial part refer to the reference period, H1 2025.

Speaker #1: The group revenue was €753,000. Last year, during the same period, the revenue was close to €1.4 million. From a geographical perspective, 43% of the revenue came from Europe and other regions.

Speaker #1: One third of the revenue came from North America, and 24% came from Finland. As a Finnish company, we are happy that we have good Finnish customers.

Speaker #1: And it is also important that we can show good presence in the domestic market. The investments during the period were €2.9 million. Last year, same period, the investments were €3.7 million.

Antti Ojala: Last year, same period, the investments were €3.7 million. The investments were mainly capitalized R&D expenses. EBITDA of the reported period was -€4.7 million. Last year, on the same period, the EBITDA was -€3 million. The EBITDA was impacted, obviously, by decrease in revenue, but there was also one large, one-off non-cash item of 1.1 million that was related to decision to extend the subscription period of employee stock option plans. The EBIT was further impacted by increase in the depreciations and amortizations in accordance with the plan. The number of employees stayed almost on the same level as last year on the average basis, and our number of employees on average was 68 employees during the H1. The cash at banks was €9.9 million at the end of June 2026. Last year, end of June, the cash at banks was close to €12 million.

Speaker #1: The investments were mainly capitalized R&D expenses. EBITDA for the reported period was minus €4.7 million. Last year, in the same period, the EBITDA was minus €3 million.

Speaker #1: The EBITDA was impacted, obviously, by the decrease in revenue. But there was also one large, one-off, non-cash item of €1.1 million that was related to the decision to extend the subscription period of employee stock option plans.

Speaker #1: The EBIT was further impacted by an increase in depreciations and amortizations, in accordance with the plan. The number of employees stayed almost at the same level as last year on an average basis.

Speaker #1: And our number of employees on average was 68 during the first half. Cash at banks was €9.9 million at the end of June 26.

Speaker #1: Last year, at the end of June, the cash at banks was close to €12 million. The order book was €3.5 million at the end of June 2026.

Antti Ojala: The order book was EUR 3.5 million at the end of June 2026. The order book stayed actually on the same level where it was at the end of December last year. However, the order book decreased by 32% from H1 2025. Like you can see from this graph, the decrease already happened during H2 2025, when part of the H1 order book was recognized as revenue. It is now important to actually note, like Jukka already also mentioned, that we have different kind of agreements in the order book. Some orders are short-term, but there are also orders related to multi-year agreements. In those multi-year agreements, the revenue will be recognized more or less evenly throughout the agreement period and actually on monthly installments in case of right to access customers. The revenue decreased by 46% from last year, H1.

Speaker #1: The order book actually stayed at the same level as it was at the end of the year, at the end of December last year. However, the order book decreased by 32% from H1 2025.

Speaker #1: And like you can see from this graph, the decrease already happened during H2 ’25, when part of the H1 order book was recognized as revenue.

Speaker #1: It is now important to actually note, like Jukka also already mentioned, that we have different kinds of agreements in the order book. Some orders are short term.

Speaker #1: But there are also orders related to multi-year agreements. In those multi-year agreements, the revenue will be recognized more or less evenly throughout the agreement period.

Speaker #1: And actually on monthly installments in the case of right-to-access customers, the revenue decreased by 46% from last year's H1. The decrease was driven by a decrease in clinical revenue.

Antti Ojala: The decrease was driven by a decrease in clinical revenue. The clinical revenue decreased by 57%. However, it is important now to actually go back to the previous slide and remember that the order book of EUR 3.5 million included EUR 2.8 million of order book for clinical business. The H1 2026 revenue was negatively impacted by delays in some customer cases. When we look at the H1 of last year and H1 of this year, like Jukka already indicated, there is different kind of revenue recognition happening between these 2 year halves. This year half, we can see that almost entirely the revenue is annually repeatable, meaning that it either comes from annually recurring license fees, or it is based on the usage during the period.

Speaker #1: The clinical revenue decreased by 57%. However, it's important now to actually go back to the previous slide and remember that the order book of €3.5 million included €2.8 million of order book for the clinical business.

Speaker #1: The H1 '26 revenue was negatively impacted by delays in some customer cases. And then, when we look at the H2 of last year and H1 of this year, like Jukka already indicated, there's different kinds of revenue recognition happening between these two halves.

Speaker #1: This year, you have—we can see that almost entirely the revenue is annually repeatable, meaning that it either comes from annually recurring license fees or it's based on the usage during the period.

Speaker #1: On the other hand, when we look at last year, H1, we had revenue recognized from multi-year agreements at a single point in time.

Antti Ojala: On the other hand, when we look at last year H1, we had the revenue recognized from multi-year agreements on a single point of time. Today, when we look at the agreements that we have and also agreements that we are negotiating with the customers, we are clearly seeing that the market is more evolving towards right to access type of agreements, where the revenue is recognized more evenly over the agreement period. Lastly about financing. Like Jukka already mentioned, we had the equity financing round, but this time we are also happy to discuss other news in the financing space. We have signed a venture debt loan agreement with European Investment Bank for up to EUR 20 million. The agreement was signed 1 month ago at the end of July.

Speaker #1: Today, when we look at the agreements that we have and also agreements that we are negotiating with the customers, we are clearly seeing that the market is evolving more towards right-to-access type agreements.

Speaker #1: Where the revenue is recognized more evenly over the agreement period. And then lastly, about financing—so, like Jukka already mentioned, we had the equity financing round.

Speaker #1: But this time, we are also happy to discuss other news in the financing space. So, we have signed a venture debt loan agreement with the European Investment Bank for up to €20 million.

Speaker #1: The agreements were signed one month ago, at the end of July. The loan agreement includes three different tranches: €5 million, €7 million, and €8 million.

Antti Ojala: The loan agreement includes 3 different tranches, EUR 5 million, EUR 7 million, and EUR 8 million, and each of these tranches has their own availability period. The longest availability period is 36 months from signing the agreement. EIB made a thorough due diligence on Aiforia during the negotiation phase and decided to commit to us. We see that this is a very valuable external validation on Aiforia case. The loan financing complements equity financing while it limits immediate dilution, as the related warrants are synthetic and will be settled in cash. The company intends to use the loan financing to accelerate the product development, and it also supports the commercial expansion. The contract has been signed, but none of the tranches has yet been raised. Each of the tranche is conditional on certain milestones, for example, related on revenue.

Speaker #1: And each of these tranches has their own availability period. The longest availability period is 36 months from signing the agreement. EIB made a thorough due diligence on Aiforia.

Speaker #1: During the negotiation phase, and decided to commit to us. We see that this is a very valuable external validation on the Aiforia case. The loan financing complements equity financing while it limits immediate dilution.

Speaker #1: As the related warrants are synthetic and will be settled in cash, the company intends to use the loan financing to accelerate product development.

Speaker #1: And it also supports the commercial expansion. The contract has been signed, but none of the tranches has yet been raised. Each of the tranches is conditional on certain milestones, for example, related to revenue.

Speaker #1: So, we can conclude from this that the capital is available as soon as we deliver results to EIB. And that would be all from my side.

Antti Ojala: We can conclude on this that the capital is available as soon as we deliver results to EIB. That would be all from my side. Thank you very much. We can move to Q&A.

Speaker #1: Thank you very much. And we can move to Q&A.

Speaker #2: Okay. Thank you, Ant. Any questions?

Jukka Tapaninen: Okay. Thank you, Antti. Any questions?

Antti Luoto: Hey, Antti Luoto from Inderes. Maybe starting from the kind of feeling among your clinical customers, looking at the market, there seems to be still a clear need for the efficiency solutions and

Antti Luiro: Hey, Antti Luoto from Inderes. Maybe starting from the kind of feeling among your clinical customers, looking at the market, there seems to be still a clear need for the efficiency solutions and

Speaker #3: Hey, Antti, Laura from Inderes. Maybe starting from the kind of feeling among your clinical customers—like, looking at the market, there seems to be still a clear need for efficiency solutions.

Speaker #3: And changing the way pathology is done. In a certain sense, it just feels that the sense of urgency hasn't been as high so far.

Antti Luoto: a change in the way pathology is done. In a certain sense, it just feels that the sense of urgency hasn't been as high so far. Have you seen any change in that, given that the kind of customers that are taking time to take the solutions into use, are they kind of feeling the pressure mounting in the background? How do you see the sentiment changing?

Antti Luiro: a change in the way pathology is done. In a certain sense, it just feels that the sense of urgency hasn't been as high so far. Have you seen any change in that, given that the kind of customers that are taking time to take the solutions into use, are they kind of feeling the pressure mounting in the background? How do you see the sentiment changing?

Speaker #3: But have you seen any change in that, given that the kind of customers—they're taking time to take the solutions into use? Are they feeling the pressure mounting in the background?

Speaker #3: Or, how do you see the sentiment changing?

Speaker #2: I think the timing is getting better and better on these topics. So, because we have those few customers who are in production—one in Finland.

Antti Ojala: I think the timing is getting better and better on this topic. We have those few customers who are in a production, one in Finland, which is a

Jukka Tapaninen: I think the timing is getting better and better on this topic. We have those few customers who are in a production, one in Finland, which is a

Speaker #2: So which is kind of a moving forward really nicely. So they are actually kind of consuming more than they originally planned. So the thing is that once they start using our solution.

Jukka Tapaninen: kind of moving forward really nicely. They are actually kind of consuming more than they originally planned. The thing is that once they start using our solution, they are not going to go back. The challenge is that, as I mentioned before, you need to have all the components in place. You need to do the organization. I think some organizations are underestimating all the transformation in the human side so that you change the organization habits. But once they start using it, they are not going to go back, and they are really happy, and that's a positive and really comforting news for us. The other one is Paris. They have this Aiforia Prostate Cancer Suite in a production, and they told also publicly that they are extremely happy on this, so they would never go back to the old habits.

Speaker #2: So they are not going to go back. But then the challenge is that, as I mentioned before, you need to have all the components in place.

Speaker #2: You need to do the organization. I think some organizations are underestimating all the transformation on the human side, so that you change the organizational habits.

Speaker #2: But once they start using it, they are not going to go back, and they are really happy. That's positive and really comforting news for us.

Speaker #2: The other one is Paris. So they have this prostate in a production. And they told also publicly that they are extremely happy on this.

Speaker #2: So they would never go back to the old habits. We have some customers as well, and because of that, it tells me concretely the market sentiment.

Jukka Tapaninen: We have some customers as well, and that tells me concretely the market sentiment. We have a big customer in Italy, what we delivered already a couple of years ago. They didn't have the scanners, and it took for them actually 3 years to get finalized the scanner kind of a purchase. Now they are coming next week according to yesterday's information, but they are getting it finally. Meaning that, okay, so everything is implemented. Once they get the scanners in place, they get the digital slides, then there's an opportunity to kind of pick up the volume. It has been taking far too long, but okay, so it's happening. A positive thing was also I was visiting US customers a couple of weeks back, and they are very large organizations.

Speaker #2: So we have a big customer in Italy, which we delivered to already a couple of years ago. They didn't have the scanners, and it actually took them three years to finalize the scanner purchase.

Speaker #2: And now they are coming next week, according to yesterday's information. But they are getting it, finally. So, meaning that, okay, so everything is implemented.

Speaker #2: Once they get the scanners in place, they get the digital slides. So then there's an opportunity to kind of pick up the volume. So it has been taking far too long.

Speaker #2: But okay, so it's happening. A positive thing was also that I was visiting US customers a couple of weeks back, and they are very large organizations.

Speaker #2: And now it's totally different than it was a couple of years ago. They didn't have the scanners. We visited the one that has bought already 36 scanners.

Jukka Tapaninen: Now it's totally different than it was a couple of years ago. They didn't have the scanners. We visited the one that has bought already 36 scanners, the full new laboratory. They bought an image management system, and now the next step is to kind of finalize the whole process with the AI. You need to have those steps in place, and you always a little bit underestimate the time, how long it will take from one point to another. Because already 3, 4 years ago, it was obvious that this market will be the driver and it will happen, but okay, now it seems that when you get all the components in place, then it starts happening, and it can start happening quickly. The other thing is obviously that, okay, the demand is there.

Speaker #2: The full new laboratory. They bought an image management system, and now the next step is to kind of finalize the whole project with the AI.

Speaker #2: So you need to have those steps in place. And you always underestimate a little bit the time—how long it will take from one point to another.

Speaker #2: Because already three, four years ago, it was obvious that this market would be the driver. And it will happen. But okay. Now it seems that when you get all the components in place.

Speaker #2: So then it starts happening, and it can start happening quickly. The other thing is, obviously, so that, okay, the demand is there. As I mentioned, 40% of the pathologists are over 60 years old.

Jukka Tapaninen: As I mentioned, 40% of the pathologists are over 60 years old. Meaning that, eventually it has to happen because the case volume is there, it is growing, and then the capacity how to handle it is going down. All the drivers are there, but we will see.

Speaker #2: So, meaning that, okay, eventually it has to happen, because the case volume is there, it's growing. So then the capacity to handle it is going down.

Speaker #2: So, all the drivers are there. But we'll see.

Speaker #1: Yeah. Yeah.

Antti Luoto: Yeah. Maybe continuing on what you just said there with some customers investing in scanners before they start talking to you about AI. Is it fair to say that in the past it has been a little bit the other way around? They get excited about AI, and then they realize the scanner needs and what they need to build, and now that they are kind of more focusing on infrastructure first and then coming to you. Do you see a shift of that sort in the market?

Antti Luiro: Yeah. Maybe continuing on what you just said there with some customers investing in scanners before they start talking to you about AI. Is it fair to say that in the past it has been a little bit the other way around? They get excited about AI, and then they realize the scanner needs and what they need to build, and now that they are kind of more focusing on infrastructure first and then coming to you. Do you see a shift of that sort in the market?

Speaker #3: Maybe continuing from what you just said, with some customers investing in scanners before they start talking to you about AI, is it fair to say that in the past, it's been a little bit the other way around?

Speaker #3: That they get excited about AI. And then they realize the scanner needs and what they need to build. And now that they are kind of more focusing on infrastructure first.

Speaker #3: And then, coming to you, do you see a shift of that sort in the market?

Jukka Tapaninen: Yeah. We have some customers, and I still believe that logic. When we negotiate, we said, once you implement the laboratory information system and image management system, it makes sense to implement all the AI components, and that is what they did. But then they were kind of delayed on actually getting the hardware in.

Speaker #2: Yeah, okay. We have some customers, and I still believe that logic. So, when we negotiate, we say, okay, once you implement the laboratory information system and image management system...

Speaker #2: It makes sense to implement all the AI components, and that's what they did. But then, they were kind of delayed on actually getting the hardware in.

Speaker #2: So, but the good thing is that now everything is implemented. But then it goes the other way around with some customers. But I don't see a kind of big shift on that.

Jukka Tapaninen: But the good thing is that now everything is implemented. But then it goes the other way around with some customers. But I do not see the kind of big shift on that. The scanners are good today so that, you have a multiple choice with the high-quality scanners. You get the high-quality images. That is not a problem at all. Also all the kind of technology, software technology components are in a solid level so that you can actually do, and you start having referenceable customers, which is really important, so that we have people who are willing to talk about Aiforia implementation, how they are using it, how they are happy, and that speed up the kind of adaptation for the next customers to come.

Speaker #2: So, the scanners are good today, so that's okay. So, you have a multiple choice with the high-quality scanners, you get the high-quality images.

Speaker #2: So that's not a problem at all. So and also all the kind of technology software technology components are in a solid level. So that you can actually do.

Speaker #2: And you start having referenceable customers, which is really important, so that we have people who are willing to talk about Aiforia implementation.

Speaker #2: How they are using it, and how they are happy, and that speeds up the kind of adaptation for the next customers to come.

Speaker #3: Yeah. Maybe going to geography is a little bit... Europe has obviously been the strong market so far, with most customers coming from there. The US has taken a longer time.

Antti Luoto: Yeah. Maybe going to geographies a little bit. Europe has obviously been the strong market so far with most customers coming from there.

Antti Luiro: Yeah. Maybe going to geographies a little bit. Europe has obviously been the strong market so far with most customers coming from there.

Antti Luoto: US has taken longer time. How does that market feel to you right now? Are there more movements happening there? Is the regulatory landscape going to a good direction? How do you see it?

Antti Luiro: US has taken longer time. How does that market feel to you right now? Are there more movements happening there? Is the regulatory landscape going to a good direction? How do you see it?

Speaker #3: How does that market feel to you right now? Are there more movements happening there? Is the regulatory landscape going in a good direction?

Speaker #3: How do you see it?

Speaker #2: Meaning US?

Jukka Tapaninen: Meaning US?

Speaker #3: US. Yes. Yeah.

Antti Luoto: US, yes.

Antti Luiro: US, yes.

Jukka Tapaninen: Well, yeah, I spent three days. I visited three very large customers, and I think they are all ready to move forward. The regulatory part is not the problem. They use the LDT laboratory developed test process so that they can qualify themselves. There's no competition. There are a couple of companies having something on FDA-approved.

Speaker #2: Well, yeah. I spent three days; I visited three customers—very large customers. And I think they are all ready to move forward. The regulatory part is not the problem.

Speaker #2: So, they use the LDT—laboratory-developed test—process so that they can qualify themselves. So, there's no competition. There are a couple of companies that have something FDA-approved.

Speaker #2: Maybe the viewer or something so, but not the solution. So, there's no competition that would have an FDA-approved offering in place. Everybody uses the LTD, and then it's kind of a— but those are different than the European ones.

Jukka Tapaninen: Maybe the viewer or something, but not the solution. There's no competition that would have an FDA-approved offering in place. Everybody use the LDT. But those are different than the European ones, so they are kind of a private organization, non-profit or profit organization. But the decision-making is different comparing the European public sector, heavy tendering processes and so on. In the US, they want to test, they want to take a pilot, so they evaluate themselves, and when they're ready to go, they go. I see that the US is picking up as well. But for Aiforia, the question is that, okay, so where we should focus? We definitely keep our kind of a presence in the US, but European market is really the one that we have a biggest advantage at the moment.

Speaker #2: So they are kind of private organizations—non-profit or for-profit organizations. But the decision-making is different compared to European public sector, with heavy tendering processes and so on.

Speaker #2: But in the US, they want to test. They want to take a pilot. So they evaluate themselves. And when they are ready to go, they go.

Speaker #2: But I see that the US is picking up as well. But then for Aiforia, the question is, okay, so where should we focus?

Speaker #2: We definitely keep our kind of a presence in the US, but the European market is really the one where we have the biggest advantage at the moment.

Antti Luoto: Mm. Yeah. Going to the sales topic in general, you did mention that you have a pretty long list of partners that you're working with and are working with you on sales. What's your feeling of that channel's importance going forward? You did mention there's a few that have more weight in your mind on that channel, but do you think that channel is going to pick up or is that something that is a slower longer tail of?

Antti Luiro: Mm. Yeah. Going to the sales topic in general, you did mention that you have a pretty long list of partners that you're working with and are working with you on sales. What's your feeling of that channel's importance going forward? You did mention there's a few that have more weight in your mind on that channel, but do you think that channel is going to pick up or is that something that is a slower longer tail of?

Speaker #1: Yeah. Yeah.

Speaker #3: And, going to the sales topic in general, you did mention that you have a pretty long list of partners that you're working with and who are working with you on sales.

Speaker #3: What's your feeling of that channel's importance going forward? You did mention there are a few that have more weight in your mind on that channel.

Speaker #3: But do you think that channel is going to pick up? Or is that something that is kind of a slower, longer tail?

Speaker #2: Yeah. So, okay. So we need to, when we talk about the ecosystem place—so we have, of course, these big partnerships. So we have the partnership with the Aalto cloud providers.

Jukka Tapaninen: When we talk about the ecosystem in play, we have, of course, these big partnerships. We have the partnership with all the cloud providers. We have the partnerships with the scanner and image management vendors on a technology side. And there we have some co-selling. They find an opportunity, or we find an opportunity, both sell their own things, and that works nicely. What I was mentioning on a presentation, I was referring the reselling partners that actively find opportunities, actively drive sales cycles.

Speaker #2: We have the partnerships with the scanner and image management vendors on the technology side. And there, we have some co-selling—if they find an opportunity or we find an opportunity, both sell their own things.

Speaker #2: And that works nicely. So then, what I was mentioning in a presentation was referring to the reselling partners that actively find opportunities and actively drive sales cycles.

Speaker #2: And on that one, we want to kind of take the learnings from the software industry, other industries, so how to manage the channels.

Jukka Tapaninen: On that one, we want to take the learnings from the software industry, other industries, on how to manage the channel so that we need to little bit focus on the ones who are willing to invest on a topic, maybe train some people who have an access to a customer who have the skills to sell it, and we can provide them support on that activity. We need to little bit categorize so that, okay, so where do we invest? If we invest on some partnerships, then the partner needs to put something on the table their side as well. But honestly, I believe that the channel is the way to scale up. If you look at the very large software companies like, totally different category, I will mention SAP.

Speaker #2: So that we need to a little bit focus on the ones who are willing to invest in the topic. Maybe train some people who have access to a customer.

Speaker #2: Who have the skills to sell it, and we can provide them support on that activity. But we need a little bit of categorization so that, okay.

Speaker #2: So, where do we invest? If we invest in some partnerships, then the partner needs to put something on the table on their side as well.

Speaker #2: But I honestly, I believe that, okay. So the channel is the way to scale up. If you look at the very large software companies, like—okay.

Speaker #2: Totally different category. I mentioned SAP. So, if SAP has their own professional services with 10,000 people, but they have 40,000 or 50,000 from Accenture.

Jukka Tapaninen: If SAP has their own professional services with 10,000 people, but they have 40,000, 50,000 from Accenture, they have a Deloitte, all the big guys having tens of thousands of people working on SAP practice. I think that is the way to scale up that company. But when you are entering the market, then you need to build it yourself. You cannot build trust on the partners. But when we start getting more volume, then it attracts more partner and speed up the scaling up. That is something that we need to start investing on now and make it in the next level. We have actually 39 partners globally. But as I said, maybe five are really meaningful that they bring opportunities for us and we work together. But a lot of companies who wants to partner.

Speaker #2: They have a Deloitte. All the kind of big guys having tens of thousands of people working on SAP practice. And I think that that is the way to scale up that company.

Speaker #2: So, but when you are entering the market, then you need to build it yourself. You cannot trust a partner. But when we start getting more volume...

Speaker #2: Then it attracts more kind of a partner and speeds up the scaling up. So, but that's something that we need to start investing in now.

Speaker #2: And make it to the next level. But we actually have 39 partners globally. But as I said, maybe five are really kind of meaningful.

Speaker #2: That they bring opportunities for us, and we work together. But a lot of companies who want to kind of partner.

Speaker #3: Yeah, yeah, for sure. Then, going back to revenue a little bit—I think you commented on this quite a bit already—how your customers' usage of Aiforia has been developing.

Antti Luoto: For sure. Then going back to revenue a little bit, I think you commented on this quite a bit already, how your customers usage of Aiforia has been developing. I guess you said the kind of diagnostics volumes, they are going up very nicely. Just to go there because the clinical revenue came down quite a bit. Was there any influence of a clinical customer reducing or backtracking their intended Aiforia use, or was it simply just the revenue recognition that was playing into it?

Antti Luiro: For sure. Then going back to revenue a little bit, I think you commented on this quite a bit already, how your customers usage of Aiforia has been developing. I guess you said the kind of diagnostics volumes, they are going up very nicely. Just to go there because the clinical revenue came down quite a bit. Was there any influence of a clinical customer reducing or backtracking their intended Aiforia use, or was it simply just the revenue recognition that was playing into it?

Speaker #3: Because you said the kind of diagnostics volumes, they’re going up very nicely. Just to kind of go there, because the clinical revenue came down quite a bit.

Speaker #3: Was there any kind of influence of a clinical customer reducing or kind of backtracking their intended Aiforia use? Or was it simply just the kind of revenue recognition that was playing into it?

Speaker #2: Okay. All right. And thanks. Thanks for asking this question, because I really wanted to comment. I read some comments in different places saying that, okay—

Jukka Tapaninen: All right. Thanks for asking this question because I really wanted to comment. I read from some comments in different places saying that, have we lost customers? We haven't lost. And that is why we have this customer success team in place now as well. The target is that the logo churn is zero and the revenue churn is zero. But none of the customers on a clinical side who started to use have stopped using or decreasing the usage. So everything is going up and the same way that we haven't lost any logos on those clinical customers. It probably will happen someday, but so far all good in that sense. Our biggest challenge is that we get it in a routine use. Once the first applications are in a routine use, then it is easy to expand from that. But all good on that side.

Speaker #2: Have we lost customers? We haven't lost, and that's why we have these customer success teams in place now as well. The target is that, okay.

Speaker #2: So, the local journey is zero, and the revenue journey is zero. But none of the customers on the clinical side who started to use have stopped using or decreased their usage.

Speaker #2: So everything is going up. And the same way that—okay, we haven't lost any logos on those clinical customers. It probably will happen someday.

Speaker #2: But okay, so far all good in that sense. Our biggest challenge is that, okay, so we get it into routine use. Once the first applications are in routine use...

Speaker #2: So then, it's easy to kind of expand from that. All good on that side.

Speaker #3: Okay. Thanks all from me.

Antti Luoto: Okay. That's all from me.

Antti Luiro: Okay. That's all from me.

Speaker #1: So, we have two questions from the chat. And these are actually in Finnish, so let's take these. And maybe you can also answer in Finnish, as I believe we have at least partially answered these in English.

[Company Representative] (Aiforia): We have two questions from the chat, and these are actually in Finnish. Let's take these and maybe you also can answer in Finnish as I believe we have partially at least answered to these in English.

Speaker #2: Okay.

Jukka Tapaninen: Okay.

Speaker #1: First one is: Onko havaittavaa vastustusta ilmennyt iäkkäiden patologien halussa ottaa käyttöön tekoälydiagnostiikkaa?

[Company Representative] (Aiforia): First one is: "Onko havaittava vastustusta ilmennyt iäkkäiden patologien halussa ottaa käyttöön tekoälydiagnostiikkaa?

[Company Representative] (Aiforia): First one is: [Foreign language]

Speaker #3: Yeah. No.

Jukka Tapaninen: Voisin vastata, että on tai sitten ei. Ainahan sieltä löytyy joku, joka haluaa hidastaa sitä käyttöönottoa, mutta kyllä se yleinen trendi on se, että jos aiemmin mietittiin, että korvaako AI tai AI-diagnostiikka sen patologin. No ei korvaa. Toisaalta taas modernit työkalut ja ihmiset, jotka investoivat moderniin työkaluihin ja osaavat käyttää niitä, niin patologit, joilla on AI-kyvykkyyksiä, korvaavat ne patologit, joilla ei ole. Se vaan tapahtuu, mutta pääsääntöisesti ei vastustusta. Yksittäisiä henkilöitä varmasti löytyy, kaikkien puolestahan en voi puhua.

Jukka Tapaninen: [Foreign language]

Speaker #2: Miten siihen sanoisi. Voisin vastata, että on. Tai sitten ei. Ainahan sieltä löytyy joku, joka haluaa hidastaa sitä käyttöönottoa. Mutta kyllä se yleinen trendi on se, että jos aiemmin mietittiin, että korvaako tämä AI tai AI-diagnostiikka sen patologin.

Speaker #2: No, ei korvaa. Mutta toisaalta nämä ovat taas moderneja työkaluja. Ja ihmiset, jotka investoivat moderneihin työkaluihin ja osaavat käyttää niitä, niin patologit, joilla on AI-kyvykkyyksiä.

Speaker #2: Niin korvaa ne patologit, joilla ei ole. Mutta se vaan tapahtuu. Mutta pääsääntöisesti ei vastustusta, yksittäisiä henkilöitä varmasti löytyy. Että kaikkien puolestahan ei voi puhua.

Speaker #1: Kiitos, Jukka. Seuraava ja viimeinen kysymys on Antille: mikä on jatkuvalaskutteisten ratkaisujen suhteellinen osuus prosenttilukuina sekä tilauskannassa että liikevaihdossa H1/26 versus H2/25, ja sitten taas versus H1/25?

[Company Representative] (Aiforia): Kiitos Jukka. Seuraava ja viimeinen kysymys on Antille. Mikä on jatkuvalaskutteisten ratkaisujen suhteellinen osuus prosenttilukuina sekä tilauskannassa että liikevaihdossa H1 2026 versus H2 2025 ja sitten taas versus H1 2025?

[Company Representative] (Aiforia): [Foreign language]

Speaker #3: Joo. Aika monta lukua kysyttiin samassa kysymyksessä. Jatkuva laskutteinen osuus, niin kuin tuossa totesin esityksessä, niin H2—sori, H1/26—niin nähdään, että se oli 98 prosenttia.

Antti Luoto: Aika monta lukua kysyttiin samassa kysymyksessä. Jatkuvalaskutteen osuus, niin kuin totesin esityksessäni H1 2026

Antti Ojala: [Foreign language]

Antti Ojala: Nähdään, että se oli 98%, ihan tarkkaan prosentteina. Lähestulkoon koko liikevaihto oli vuosittain toistuvaa liikevaihtoa. Aivan tarkkaa prosenttiosuutta vertailukauden jaosta ei ole antaa. Jos katsotaan tilauskantaamme, niin se keskittyy vahvasti tilauksiin, joita tuloutetaan jatkuvasti kuukausitasolla sen jälkeen, kun käyttöönotto on tapahtunut. Siellä ei right to use -tyyppistä asiakkuutta, joka olisi useamman vuoden sopimuksia, merkittävissä määrin ole.

Antti Ojala: [Foreign language]

Speaker #3: Ihan näin tarkkaan prosentteina. Elikkä lähestulkoon koko liikevaihto oli semmoista, että me nähdään se on vuosittain toistuvaa liikevaihtoa. Aivan tarkkaa prosenttiosuutta nyt sitten taas vertailukauden jaosta.

Speaker #3: Niin ei ole antaa. Sitten taas, jos katsotaan sitä meidän tilauskantaa, niin tilauskanta kyllä keskittyy vahvasti näihin jatkuvaan tuloon tai tilauksiin, joita tuloutetaan jatkuvasti kuukausitasolla sen jälkeen, kun on se käyttöönotto tapahtunut.

Speaker #3: Elikkä siellä ei tämmöistä right to use -tyyppistä asiakkuutta, joka olisi useamman vuoden sopimuksia, niin ei oikeastaan merkittävissä määrin sitten ole.

Speaker #1: Kiitos, Antti. Thank you. And now, we actually got in one more question in English: "Describe your understanding of FDA regulation possible changes. Is your company involved in discussions with FDA and timetables?"

[Company Representative] (Aiforia): Kiitos Antti. Thank you. Now we actually got in one more question in English. Describe your understanding of FDA regulation possible changes. Is your company involved in discussions with FDA and timetables?

[Company Representative] (Aiforia): [Foreign language] Thank you. Now we actually got in one more question in English. Describe your understanding of FDA regulation possible changes. Is your company involved in discussions with FDA and timetables?

Speaker #3: Well. Okay. So I can start from that. So that we have a regular contact with the FDA. So we've been visiting them. So we've been discussing on this topic how it should be done.

Jukka Tapaninen: Well, I can start from that. We have a regular contact with the FDA. We have been visiting them and we have been discussing on this topic, how it should be done and how it is involving within the FDA. There has been a lot of changes within the new administration in the US, but the earlier challenge was that they were talking about the digital pathway. Once you take an FDA approval for certain AI model, you need to have in the same process or same kind of approval, the scanner, the image management system, the screen, and the AI model. The challenge on this approach was that if one of those components, let us say that the scanner is going obsolete, then the whole process is obsolete at once. It is quite a significant investment for companies.

Speaker #3: And how it's evolving, of course, within the FDA. So, there have been a lot of changes with the new administration in the US. But the earlier challenge was that, okay.

Speaker #3: So they were talking about the digital pathway, so that once you take an FDA approval for a certain AI model, you need to have the same process or the same kind of approval.

Speaker #3: You need to have the scanner. You need to have the image management system. You need to have the screen. You need to have the AI model.

Speaker #3: And the challenge on this approach was that if one of those components like let's say that the scanner is going obsolete. Then the whole process is obsolete at once.

Speaker #3: And it's quite a significant investment for companies. So that's why the companies—not just us, but everybody else—are hesitant to invest in that process.

Jukka Tapaninen: That is why the companies, not just us but everybody else, are hesitant to invest on that process, because it is not a sustainable model. The discussion that we have with them is that can we decouple these components? If that is happening, then it opens up the path to get an FDA approval for the diagnostic AI models as well.

Speaker #3: Because it's not a sustainable model. And the discussion we have with them is that, okay, so can we kind of decouple these components?

Speaker #3: And if that is happening, then it opens up the path to kind of get FDA approval for the diagnostic AI models as well.

Speaker #1: Thank you. And I believe those were all the questions for today.

[Company Representative] (Aiforia): Thank you, and I believe those were all the questions for today.

Speaker #3: Thank you.

Jukka Tapaninen: Thank you.

Antti Ojala: Thank you.

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Half Year 2026 Aiforia Technologies Oyj Earnings Call

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