Half Year 2026 Revenio Group Oyj Earnings Call

September 8, 2026

Jouni Toijala: Good afternoon, and welcome to Revenio Group Q2 earnings call. My name is Jouni Toijala, and I am extremely happy to have Jukka Kainulainen joining in a call with me today. Jukka has started as a new CFO about a week ago, right?

Jouni Toijala: Good afternoon, and welcome to Revenio Group Q2 Earnings Call. My name is Jouni Toijala, and I am extremely happy to have Jukka Kainulainen joining in a call with me today. Jukka has started as a new CFO about a week ago, right?

Speaker #4: Good afternoon, and welcome to the Revenio Group Q2 earnings call. My name is Jouni Toijala, and I'm extremely happy to have Jukka Kainulainen joining the call with me today.

Speaker #4: So Jukka has started as the new CFO about a week ago, right? Right, Jukka. Two weeks in a row almost. So, would you like to introduce Jukka first yourself, and then we’ll get to the agenda?

Jukka Kainulainen: Yeah.

Jouni Toijala: Right, Jukka, or 2 weeks in a row almost.

Jukka Kainulainen: Yeah.

Jouni Toijala: Would you like to introduce, Jukka, first yourself, and then we get to the agenda.

Speaker #5: Yeah, thank you, Joni. And of course, very excited to be here. It's such an exciting moment for Revenio after the strategic acquisition and starting a totally new journey as a combined company.

Jukka Kainulainen: Yeah. Thank you, Jouni, and of course, very excited to be here. It's so exciting moment for Revenio after the strategic acquisition and starting totally new journey as a new combined company. So great to be here. Previously has been spending my last 10 years in the global technology growth companies. Of course, focusing always on the growth, profitability, and also capital allocation, and also acquisition a little bit earlier in my career and the related integration topics. So great to be here, and thanks a lot, Jouni.

Speaker #5: It's so great to be here, and previously I have spent my last 10 years in global technology growth companies. Of course, I have always focused on growth, profitability, and also capital allocation, as well as acquisitions a little bit earlier in my career, and the related integration topics.

Speaker #5: So great to be here, and thanks a lot, Joni.

Speaker #4: Hey, thank you, Jukka. So let's jump to the agenda. So we are going to run a bit more different earnings call today. So we start actually with the vision integration status then we are also going to go through where do we stand regarding the synergy.

Jouni Toijala: Hey, thank you, Jukka. Let's jump to the agenda. We are going to run a bit more different earnings call today. We start actually with the Visionix integration status. Then we are also going to go through where do we stand regarding the synergy. We discussed during the transaction closing and announcement regarding to the EUR 20 million EBITDA uplift target. We are going to recap that one. Then, of course, going through the highlights of Q2 H1, Q2 and H1 2026. Then Jukka is going to do deep dive for the finance part. Then, of course, we have a guidance at the very end. Before jumping to the integration and synergy. Like Jukka said, it's nice to join in for the company because we are having a quite historic moment now ongoing.

Speaker #4: So we discussed during the transaction closing and announcement regarding the €20 million EBITDA uplift target. So we are going to recap that.

Speaker #4: Then, of course, going through the highlights of Q2 and the first half, Q2 and first half 2026. Then Jukka is going to do a deep dive for the finance part, and of course, we have a guidance at the very end.

Speaker #4: Before jumping to the integration and synergy, like Jukka said, it's nice to join in for the company because we are having quite a historic moment now ongoing.

Speaker #4: So I would compare this one to the CenterVue acquisition at the time. In terms of the significance, of course, now the size is bigger, but of course the old revenue, if I may use the word.

Jouni Toijala: I would compare this one to the CenterVue acquisition at the time in terms of the significance. Of course, now the size is bigger, but of course the old Revenio, if I may use the word. That's of course considerably sizable compared to 2019. This is the first quarter when we now have one-month numbers in from the ex Visionix side. Based on the now kind of a last or first 100 days, if I may use the 100-day word here. Everything is actually progressing well and according to the plan. The strategic logic why we closed the transaction, it is still as strong as it was at the time of the signing and closing, which I found extremely encouraging and good. From the integration perspective, integration is progressing really well. We have a couple of scenarios here.

Speaker #4: So that's, of course, considerable—sizable compared to 2019. So this is the first quarter when we now have one month numbers in from the ex visioning side.

Speaker #4: And based on the now kind of last or first 100 days, if I may use the 100-day word here, everything is actually progressing well and according to the plan.

Speaker #4: So the strategic logic for why we closed the transaction is still as strong as it was at the time of the signing and closing, which I found extremely encouraging and good.

Speaker #4: So from the integration perspective integration is progressing really well. So we have a couple of scenarios here. So I would summarize that we are now leaning towards the best kind of a best scenario in terms of the speed of getting the synergies in and the speed of integrating the actual organization.

Jouni Toijala: I would summarize that we are now leaning towards the best, kind of a best scenario in terms of the speed of getting the synergies in and the speed of integrating the actual organization. If you look the couple of key areas here. First, from the overall integration perspective. We have now nailed down even end of May the leadership team organization, of course, the board structure, overall governance. Then during the summertime, we have been then moving further down to the organization in order to clarify the organization and operative model. That's going really well. In terms of the culture, we run an extensive culture audit also during the summer, and cultures are actually matching together extremely well. At least for me, this is a more positive thing that I was expecting.

Speaker #4: So if we look at a couple of key areas here—first, from the overall integration perspective. We have now nailed down, even by the end of May, the leadership team organization, of course, the board structure, and overall governance. Then, during the summertime, we have been moving further down into the organization in order to clarify the organization and operative model.

Speaker #4: So that's going really well. In terms of the culture, we ran an extensive culture audit also during the summer, and the cultures are actually matching together extremely well. And this is, at least for me, a more positive thing than I was expecting.

Speaker #4: Then we have been putting a lot of effort into the commercial activation and into securing business continuity. So the US sales team—so we have actually combined already the US organization, including the sales, and the new team has been running operationally from the beginning of August.

Jouni Toijala: Then we have been putting a lot of effort to the commercial activation and to securing the business continuity. The US sales team, we have actually combined already the US organization, including the sales. The new team has been running operationally from the beginning of August. What we have done in the USA, we have also finalized all product training related to the different products to the team. Then also bit by bit moving to cross-sales targets, et cetera, and really moving to the execution in the past four to five weeks. On the international sales side, which Umberto is running, John is running the US sales organization. From the international side, we have clear plans now how to start moving forward with the different countries, whether they are direct or through the distribution.

Speaker #4: And what we have done in the USA, we have also finalized all product training related to the different products for the team. And then also, bit by bit, moving to cross-sales targets, etc., and really moving to execution in the past four to five weeks.

Speaker #4: On the international sales side, which Umberto is running—so John is running the US sales organization—so from the international side, we have clear plans now on how to start moving forward with the different countries, whether they are direct or through distribution.

Speaker #4: So that has moved to the execution in the last two weeks' time. And I would say that overall things have been progressing really well.

Jouni Toijala: That has moved to the execution in last two weeks' time. I would say that the overall things have been progressing really well. Then coming back to the EUR 20 million EBITDA uplift. We have already secured a bit ahead of time the EUR 5 million run rate saving regarding to the EUR 20 million EBITDA uplift. There we are on track. Then we also have plans regarding the next steps regarding the operating model, and then also things related to the procurement, et cetera, in order to be able to get the remaining part of EUR 15 million EBITDA uplift in the coming quarters. If summarizing the integration status in one sentence, it is going well and according to the plan. Then to the numbers. Of course, top line up 39.3, roughly 50% up.

Speaker #4: Then on the coming back to the 20 million EBITDA uplift so we have already secured a bit ahead of time the 5 million run rate saving regarding to the 20 million EBITDA uplift.

Speaker #4: So, there we are on track, and then we also have plans regarding next steps related to the operating model, and then also things related to procurement, et cetera, in order to be able to get the remaining part of the €15 million EBITDA uplift in the coming quarters.

Speaker #4: So, if summarizing the integration status in one sentence, it's going well and according to the plan. Then to the numbers, so of course top line up 39.3%, roughly 50% up. What we saw on the profitability side is, of course, we have been coming down due to a couple of things on the profitability.

Jouni Toijala: What we saw on the profitability side is, of course, we have been coming down due to a couple of things on the profitability. The first one is the acquisition-related one-off costs, which during Q2 were roughly EUR 3.4 million. Jukka is going to cover that one in a bit more detail. Then I think that we should pay also attention to the gross margin, which was exceptionally high in a previous year Q2, so roughly 72.6%. If we go back to Q2 last year, we actually didn't have a tariff impact almost at all at the time. We were stacking a lot of products into the warehouse. We didn't pay any tariffs on the imaging products. We didn't pay any tariffs regarding to the tonometers. We started to pay a bit tariffs towards the end of Q2 last year regarding to the probes.

Speaker #4: So the first one is the acquisition-related one-off costs, which during Q2 were roughly €3.4 million. So Jukka is going to cover that one in a bit more detail.

Speaker #4: I think that we should also pay attention to the gross margin, which was exceptionally high in the previous year's Q2 — roughly 72.6%.

Speaker #4: And if we go back to Q2 last year, we actually didn't have tariff impact almost at all at the time. So we were stacking a lot of products into the warehouse, so we didn't pay any tariffs on the imaging products.

Speaker #4: We didn’t pay any tariffs regarding the tonometers. We started to pay a bit of tariffs towards the end of Q2 last year, regarding the probes.

Speaker #4: And if we look then from the cross-marching perspective—Q3, Q4, and Q1 this year—so I think we have been able to say that we had the cross-marching beyond the 70%.

Jouni Toijala: If we look then from the gross margin perspective Q3, Q4, and Q1 this year, I think we are able to say that we had the gross margin beyond 70%. That is partly explaining why the gross margin is down, and of course, we have a Visionix dilution. But Jukka is going to cover this one in more detail. Then regarding the whole H1, net sales EUR 66.6 million, up from EUR 52.6 million. Operating profit, EUR 4.8 million. Then we had in addition to the EUR 3.4 million, we had roughly same amount of acquisition-related one-off costs, during Q1 as well. The whole acquisition-related expenses were a ballpark of EUR 6.9 million. Then regarding to cash flow, Jukka is going to cover this one, but the cash flow was negative. Let's also come back on Jukka's presentation.

Speaker #4: So that's partly explaining why the cross-marching is down, and of course we have a visioning dilution. But Jukka is going to cover this one in more detail.

Speaker #4: Then regarding the whole first half, net sales were €66.6 million, up from €52.6 million. Operating profit was €4.8 million, and then we had, in addition to the €3.4 million, roughly the same amount of acquisition-related one-off costs during Q1 as well.

Speaker #4: So the whole acquisition-related expenses were a ballpark of €6.9 million. Then, regarding cash flow, Jukka is going to cover this one, but the cash flow was negative. Let's also come back to Jukka's presentation.

Speaker #4: So, we had a really strong cash flow—exceptionally strong Q4 last year, roughly €15 million. So, part of the costs were actually occurring during Q1.

Jouni Toijala: We had a really strong cash flow, exceptionally strong Q4 last year, roughly EUR 15 million. Part of the costs were actually occurring during the Q1. After the Q2, a couple of highlights from the other parts of the business. We have been now receiving and working, of course, together with iHealthScreen regarding the iCare DRSplus and the FDA clearance. We managed now to get the first FDA-cleared AI solution for the USA. That is an extremely good news. Now working closely with iHealthScreen in order to approach the customers and start pitching the product, and we look this one, of course, to boost the iCare DRSplus sales in the coming quarters and years in the USA.

Speaker #4: Then after the Q2, so a couple of highlights from the other parts of the business. We have now been receiving and working, of course, together with iHealthScreen regarding the DRSplus and the FDA clearance.

Speaker #4: So, we managed now to get the first FDA-cleared AI solution for the USA, so that's extremely good news. Now, working closely with iHealthScreen in order to approach the customers and start pitching the product, and we look at this, of course, to boost the DRSplus sales in the coming quarters and years.

Speaker #4: In the USA. Then another thing, where we have been active and working for a long time in the USA and, of course, in other parts of the world.

Jouni Toijala: Another thing where we have been active and working for a long time in the USA and, of course, in the other parts of the world, and this is really linking to the macro trends, what we are seeing, i.e., the amount of the patients is increasing. The resources on the eye health professional side is limited, and we are not able to treat and diagnose all the patients. In the constant communications, we have been emphasizing the easiness to use and then automation, what comes to the devices and here we go. This is a prime example of that one. We closed a strategic partnership in the USA with the company called EyeCheck, which is providing the kiosk where we have been integrating the iCare DRSplus for autonomous use and for the screening purposes. This kiosk is connected to the back-end platform.

Speaker #4: And this is really linking to the macro trends that we are seeing. Either the amount of patients is increasing, or the resources on the health professional side are limited.

Speaker #4: And we are not able to treat and diagnose all the patients. And in the constant communications, we have been emphasizing the easiness of use and the automation when it comes to the devices, and here we go.

Speaker #4: So this is a prime example of that one. So, we closed a strategic partnership in the USA with a company called iCheck, which is providing the kiosk where we have been integrating the DRSplus for autonomous use and for screening purposes.

Speaker #4: And then this kiosk is connected to the backend platform, and then the patient is able to come to the kiosk and do the holistic screening of the eyes.

Jouni Toijala: The patient is able to come to the kiosk and then do the holistic screening of the eyes. So extremely good thing for us in terms of the long run and just shows clearly where the market is going in the future. With these words, let's move to more detailed finances.

Speaker #4: This is an extremely good thing for us in terms of the long run, and just shows clearly where the market is going in the future. But with these words, let's move to more detailed finances.

Speaker #4: So, Jukka, over to you please. Thank you, Joni. And let's start from the key figures for the quarter, and maybe starting first from the Visionics.

Jukka Kainulainen: Yeah.

Jouni Toijala: Jukka, over to you, please.

Jukka Kainulainen: Thank you, Jouni. Let's start from the key figures for the quarter, maybe starting first from the Visionix. It is good to remember that Visionix has been now consolidated to the group numbers starting from the beginning of June. So 1 month Visionix in our Q2 numbers. Looking the top-line development, net sales increased 48.1%. Currency adjusted growth 50.7%. When looking as the underlying business, our organic growth, that was more or less flat for the quarter. Gross margin went down to 65%, when rounding it up, comparing high comparables of 73% for the Q2 last year. I am going to go a little bit more in detail in the following slide. When looking the adjusted EBIT for the quarter, it was EUR 5.8 million, so 14.6% from the net sales, that included EUR 3.4 million acquisition-related non-recurring expenses.

Speaker #4: It's good to remember that Visionics has been consolidated to the group numbers starting from the beginning of June. So, one month of Visionics is included in our Q2 numbers.

Speaker #4: And looking at the top line development, net sales increased 48.1%. Currency-adjusted growth was 50.7%. And when looking at the underlying business, our organic growth was more or less flat for the quarter.

Speaker #4: Gross margin went down to 65%, when rounding it up, compared to high comparables of 73% for Q2 last year. I'm going to go a little bit more into detail in the following slides.

Speaker #4: And then, when looking at the adjusted EBIT for the quarter, it was €5.8 million, so 14.6% of net sales. And that included €3.4 million in acquisition-related non-recurring expenses.

Speaker #4: So overall, this was quite a good start for the new combined company, and it's good to build the future based on this one.

Jukka Kainulainen: Overall, this was quite a good start for the new combined company, it is good to build the future based on this one. Let's look net sales development a little bit more in details. The step up in revenue, as you see in Q2, was coming from the Visionix impact, like I commented in the previous slide. Organic growth was more or less flat. When looking the net sales development and different geographies, it was negatively affected by the market environments when looking the regions Middle East and Asia. At the same time, we see some positive development in our Europe region overall. When moving to the profitability, like I commented, adjusted operating profit EUR 5.8 million during the quarter, 14.6% of the net sales. Gross margin declined to 64.7% comparing 72.6% during the Q2 2025.

Speaker #4: Then let's look at net sales development a little bit more in detail. This step up in revenue, as you see in Q2, was coming from the Visionix impact, like I commented in the previous slide.

Speaker #4: So, organic growth was more or less flat. And when looking at the net sales development and different geographies, it was negatively affected by the market environments.

Speaker #4: When looking at the regions, Middle East and Asia, and then at the same time we see some positive development in our Europe region overall. Then, when moving to the profitability, like I commented, adjusted operating profit was €5.8 million during the quarter, which is 14.6% of the net sales.

Speaker #4: And then gross margin declined to 64.7% compared to 72.6% during Q2 2025. And it's good to remember that it was a really high comparable gross margin, like Joni commented. When looking at the whole last year's gross margin, it was 71%.

Jukka Kainulainen: It is good to remember that it was really high comparable in gross margin, like Jouni commented, when looking whole last year gross margin, it was 71%. So Q2 2025 was really high comparable. At the same time, when Visionix was consolidated to the group numbers, that had actually 2 percentage points dilutive impact due to lower margin profile in Visionix business. When looking the old Revenio underlying business over there, the gross margin in that business went down by 5 percentage points, that was driven by, for example, the tariffs, which we did not have in last year Q2 numbers. There was some increase in the unit cost, for example, in the electronic component side. Also overall, there was some increases in our fixed costs during the Q2 2026. Moving on the cash flow.

Speaker #4: So, quarter two 2025 was really high comparable. But then at the same time, when Visionics was consolidated to the group numbers, that had actually a 2 percentage point dilutive impact due to the lower margin profile in the Visionics business.

Speaker #4: And then, when looking at the old revenue underlying business over there, that gross margin in that business went down by 5 percentage points. And that was driven by, for example, the tariffs, which we didn't have in last year's Q2 numbers, and then there was some increase in the unit cost, for example, on the electronic component side.

Speaker #4: And then also, overall, there were some increases in our fixed costs during the second quarter of 2026. Then, moving on to cash flow: cash flow from operations was negative by €2.4 million.

Jukka Kainulainen: Cash flow from operations was negative by EUR 2.4 million during the quarter, it is good to remember that included around EUR 3 million of payments regarding the acquisition and the related project we are running. At the same time, our networking capital increased at the end of the quarter, especially relating to accounts receivables. This is not kind of normalized run rate, of course. It is more like temporary situation regarding the acquisition. When looking both companies' cash flow generation, like you know, Revenio has been always really strong cash flow-wise, H2, especially Q4, and very similar kind of cash flow profile also in the Visionix business. A major part of the cash flow is generated in H2 comparing to H1 for the calendar year. Moving on the balance sheet and balance sheet metrics, of course, quite a lot reflected by acquisition financing.

Speaker #4: During the quarter, and it's good to remember that included around €3 million of payments regarding the acquisition and the related project. We are running.

Speaker #4: And then at the same time, our net working capital increased at the end of the quarter, especially relating to accounts receivables. And this is not a kind of normalized run rate, of course.

Speaker #4: It's more like a temporary situation regarding the acquisition. And then when looking at both companies' cash flow generation, you know, revenue has always been really strong, cash flow-wise.

Speaker #4: H2, especially quarter four, and there is a similar kind of cash flow profile also in the Visionics business. So, the major part of the cash flow is generated in H2 compared to H1 for the calendar year.

Speaker #4: Then moving on to the balance sheet, and balance sheet metrics, of course quite a lot reflected by acquisition financing. Net debt is now €238 million, so temporarily up, including the €130 million term loan from what we closed in Q2. Also, bridge to equity financing of €80 million, and the €17 million vendor loan, also relating to the acquisition.

Jukka Kainulainen: Net debt now EUR 238 million, so temporarily up, including the EUR 130 million term loan from what we closed in Q2, also bridge to equity financing EUR 80 million and the EUR 17 million vendor loan also relating on the acquisition. On top of that, we have revolving credit facilities in use around EUR 20 million at the moment. When looking these metrics, balance sheet metrics, equity ratio at the moment 31.2%, and net debt adjusted EBITDA is temporarily up in 5.3. It is good to remember what we have communicated also earlier. We are planning this post-completion rights issue of EUR 80 million that will happen during H2 2026. The purpose in that rights issue is to pay out this bridge to equity facility and through that, of course, strengthen our balance sheet and improve our leverage metrics overall. Briefly our shareholders base.

Speaker #4: And then on top of that, we have revolving credit facilities in use, around €20 million at the moment. And when looking at these balance sheet metrics: equity ratio at the moment is 31.2%, and net debt to adjusted EBITDA is temporarily up at 5.3.

Speaker #4: And then it's good to remember what we have communicated also earlier. So, we are planning this post-completion rights issue worth €80 million.

Speaker #4: That will happen during H2 2026, and the purpose of that rights issue is to pay out this bridge to equity facility and, through that, of course strengthen our balance sheet and improve our leverage metrics overall.

Speaker #4: Then, briefly, our shareholder space. So, latest cap table; and, as you know, Revenio is quite global when looking from the shareholders' point of view—more than 50% of the ownership is outside Finland.

Jukka Kainulainen: Latest gap table. As you know, Revenio is quite global when looking from the shareholders' point of view. More than 50% of the ownership is outside Finland. Of course, recent changes you see in this gap table in top 10, we have two new major owners, number 2, Caravel Capital, and then number 10, Marko Pöllänen. These, of course, are the big changes and relating on this acquisition, Visionix acquisition we completed during Q2 2026. As the next, let us cover the financial guidance for 2026. In top line, we guide currency rate adjusted net sales to be between EUR 190 million up to EUR 205 million. EBITDA, excluding non-recurring items, we estimate to remain at satisfactory level. The assumptions behind the guidance in the lower end, we expect a little bit softer market environment and slower customer activity.

Speaker #4: And then, of course, recent changes you see in this cap table—in the top 10 we have two new major owners: number two, Caravel Capital, and then number ten, Mark Abitbol.

Speaker #4: And this of course are the big changes and relating on this acquisition visionics acquisition we completed during quarter two 2026. Then as a next let's cover the financial guidance for 2026.

Speaker #4: At the top line, we guide currency rate-adjusted net sales to be between €190 million and €205 million. EBITDA, excluding non-recurring items, we estimate will remain at a satisfactory level.

Speaker #4: And the assumptions behind the guidance: in the lower end, we continue—we expect a little bit softer market environment and slower customer activity, and in the upper end, we expect improvement in the market condition and then, of course, successful sales execution as well.

Jukka Kainulainen: In upper end, we expect improvement in the market condition and then, of course, successful sales execution as well.

Speaker #1: And Jukka, if I may jump in, I think that we have had the questions now regarding the guidance—what 'satisfactory' means—and we have been, for a long time, at a good level. So would you open that one a bit?

Jouni Toijala: Jukka.

Jukka Kainulainen: Yeah.

Jouni Toijala: If I may.

Jukka Kainulainen: Sure

Jouni Toijala: jump-

Jukka Kainulainen: Let me go back in.

Jouni Toijala: I think that we have had the questions now regarding to the guidance, what the satisfactory.

Jukka Kainulainen: Yeah

Jouni Toijala: means.

Jukka Kainulainen: Sure.

Jouni Toijala: We have been long time in a good level.

Jukka Kainulainen: Yeah

Jouni Toijala: open that one a bit?

Speaker #4: Yeah, sure, it's an excellent comment. When looking, for example, at our last year's operative adjusted EBIT for the year, we were at 24%, and now, when we look at quarter two 2026 adjusted EBITDA, we were at 17%.

Jukka Kainulainen: Yeah, sure. It is an excellent comment. When looking, for example, our last year operative adjusted EBIT for the year, we were in 24%. Now when we look Q2 2026 adjusted EBITDA, we were in 17%. Now we expect that to stay on satisfactory level when we communicated last year profitability to stay on good level. That is the way to give you conclusions on our profitability guidance levels. Next one, a little bit also reminder, one week from here, we are organizing Capital Markets Day, 15 September, where we, of course, will present our new strategy. We will present our combined company go-to-market plan, combined company product portfolio, our synergies, then, of course, on top of that, the numbers, our new financial targets. Welcome everyone who is able to join to that event.

Speaker #4: And now, we expect that to stay at a satisfactory level. When we communicated last year, profitability was expected to stay at a good level. So that's the way to give you conclusions on our profitability guidance levels.

Speaker #4: Then, next one—just a little reminder—that one week from now we are organizing Capital Markets Day, so on 15th of September, where we, of course, will present our new strategy.

Speaker #4: We will present our combined company go-to-market plan, combined company product portfolio, our synergies, and then, of course, on top of that, the numbers—our new financial targets.

Speaker #4: So, welcome everyone who is able to join this event. Then, at the end, as I already mentioned, we are planning this cost completion rights issue, that’s a total of €80 million altogether. Nordea is our global coordinator and actually the underwriter for the rights issue as well.

Jukka Kainulainen: Then at the end, also, like I already mentioned, we are planning this cost completion right issue. That is worth of EUR 80 million altogether. Nordea is our global coordinator and actually underwriter for the right issue as well. We target to arrange that during the mid to late H2 2026. Our main owners, William Demant, also the sellers of the acquisition, owning altogether close to 31% of the shares, have irrevocably committed to subscribe the shares pro rata based on that right issue. Like I already commented, target is to use the funds to repay our EUR 80 million bridge to equity facility and reduce our leverage ratio and strengthen our balance sheet altogether. Thank you.

Speaker #4: We target to arrange that during the mid to late H2 2026. And our main owners, Viljan Demant, and also the sellers of the acquisition, owning altogether close to 31% of the shares, have irrevocably committed to subscribe to the shares pro rata based.

Speaker #4: On that rights issue, and like I already commented, the target is to use the funds to repay our €80 million bridge to equity facility, reduce our leverage ratio, and strengthen our balance sheet.

Speaker #4: Balance sheet altogether. Thank you.

Speaker #2: Hey, thank you. I think it's time to move to the questions, please.

Jouni Toijala: Hey, thank you. I think it is time to move for the questions, please.

Speaker #3: If you wish to ask a question, please dial pound key five (#5) on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six (#6) on your telephone keypad.

Operator 2: If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. The next question comes from Nikko Ruokangas from SEB. Please go ahead.

Operator: If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. The next question comes from Nikko Ruokangas from SEB. Please go ahead.

Speaker #3: The next question comes from Nikko Ruokangas from SEB. Please go ahead.

Speaker #4: Hello. This is Nikko Ruokangas from SCB. Thank you for the presentation. I have three questions, and I'd like to go one by one and start with old revenue or organic sales development.

Nikko Ruokangas: Hello. This is Nikko Ruokangas from SEB. Thank you for the presentation. I have three questions. I would like to go one by one and start with old Revenio or organic sales development, which was flat year-on-year. Can you open that a bit more, given that it seems clearly lower than the original guidance you had entering this year in the winter? Has something changed in the market or your own performance, or can you elaborate a bit more?

Speaker #4: Which was flat year-on-year. So can you open that a bit more, given that it seems clearly lower than the original guidance you had entering this year in the winter?

Speaker #4: So, has something changed in the market or in your own performance, or can you elaborate a bit more?

Speaker #2: I would perhaps pick that one up. So, if you look at the Q2 old revenue perspective, and this one we have had also earlier, so it might be that in a certain quarter the demand might be different, or then we have one or two a bit more slower months.

Jouni Toijala: I would perhaps pick that one up. If you look the Q2 old Revenio perspective, and this one we have had also earlier, it might be that in certain quarters, demand might be different, or then we have one or two bit more slower months. If you look now and we go a bit and we break down the performance, like Jukka said, APAC was lagging behind on the growth like it was Q3 last year, Q4 last year, Q1 this year, compared to the previous comparable quarters. But the positive side is that the situation is basically improving quarter by quarter. Part of the growth we were missing from the APAC. Then everyone knows the Middle East status. Middle East side of the business was extremely slow regarding the Iran conflict.

Speaker #2: So if you look now, and we go a bit, and we break down the performance—so like Jukka said—APAC was lagging behind on the growth. Like, it was Q3 last year, Q4 last year, Q1 this year, compared to the previous comparable quarters. But the positive side is that the situation is basically improving.

Speaker #2: Quarter by quarter, so part of the growth we were missing from the APAC. Then everyone knows the Middle East status, so Middle East side of the business was extremely slow regarding to the Iran conflict.

Speaker #2: Then, if we go for Europe—so, Europe is in reasonably good shape, I would say. Customer activity is good, and pipeline looks good. In the USA, we saw slight growth, and tonometers were performing well; imaging was slightly shy.

Jouni Toijala: Then if we go for Europe is in reasonably good shape, I would say. Customer activity, good and pipeline looks good. In the USA, we saw a slight growth in the USA, and tonometers were performing well, imaging slightly shy. I would not draw too critical conclusions based on one or two months inside the one quarter yet. But this is now the case. Q1, old Revenio, we had a growth, and then it was reasonably stable and flat during the Q2. But now if we look how the Q3 has started, I mean, old Revenio is back on the growth track. Hopefully that is the answer.

Speaker #2: So I wouldn't draw two critical conclusions based on one or two months inside the one quarter yet. But this is now the case, so Q1 old revenue, we had a growth and then it was reasonably stable and flat during Q2.

Speaker #2: But now, if you look at how Q3 has started, I mean, old revenue is back on the growth track. Hopefully, that's Nikko's answer to your question.

Nikko Ruokangas: Okay. Thank you.

Jouni Toijala: to your question.

Speaker #4: Yes, yes, yes, thank you. And just a follow up—how much, in rough terms, was the impact from the Middle East?

Nikko Ruokangas: Yes. Thank you. Just to follow up, how much on rough terms was the impact from Middle East?

Speaker #2: We don't give the country specific numbers and also vision X is having a Middle East business so that's kind of a visible on then on vision X one month numbers regarding to the June yeah.

Jouni Toijala: We don't give the country specific numbers. Visionix is having a Middle East business, so that's kind of visible then on Visionix one month numbers regarding to the June.

Nikko Ruokangas: Yeah, understand. Thanks. Then I would like to go a bit deeper still on gross margins, which was down year-on-year in old Revenio. You explained a bit more already, but I was wondering whether you can go a bit deeper into the topic, given that I guess that the gross margin was weaker than in Q4 and Q1, when the price increases in the US had not been implemented completely. Have you now been able to do all the price increases related tariffs? Can you be more open on the component inflation situation and what will you do about it?

Speaker #4: Understood, thanks. Then I'd like to go a bit deeper still on gross margin. Could you explain year-on-year in old revenue a bit more, as you mentioned earlier?

Speaker #4: All right, but I was wondering whether you could go a bit deeper into the topic, given that I guess the gross margin was weaker than in Q4 and Q1, when the price increases in the US had not yet been implemented well.

Speaker #4: So, completely, have you now been able to do all the price increases related to tariffs? And then, can you be a bit more open about the component inflation situation and what you will do about it?

Speaker #2: Maybe I'll comment on the price increases. So, the price increases are in. Do you want to comment? I briefly commented on tariffs, but do you want to comment on components?

Jouni Toijala: Maybe I comment on the price increases. The price increases are in. Jukka, do you want to comment?

Jukka Kainulainen: Yeah.

Jouni Toijala: I shortly commented on tariffs, but do you want to comment on the component side?

Speaker #4: Yeah, I can. Yeah, of course I can do that. Of course, the tariff impact when looking year on year was quite significant. So we are not talking only hundreds of thousands, but it was a more significant impact. Then, the unit cost impact on top of that contributed basically the rest. And like we commented, the electronic component cost—and this is, of course, going further—that of course we will review what kind of actions we do, either reducing the unit cost or from the pricing side.

Jukka Kainulainen: Yeah, of course I can do that. Of course, the tariff impact when looking year-on-year was quite significant, so we are not talking only hundreds of thousands, but it was a more significant impact. The unit cost impact on top of that contributed basically the rest, and like we commented, the electronic component cost. This is, of course, going further that we will review what kind of actions we do, either reducing the unit cost or from the pricing side. Those are the tools, of course, how we manage the situation going forward.

Speaker #4: So those are the tools, of course, for how we manage the situation going forward. Okay, thank you. Then one last from me. You were reporting, I guess, €13 million of adjusted EBITDA consolidated, but not pro forma, in H1.

Nikko Ruokangas: Okay. Thank you. Then one last from me. You were reporting, I guess EUR 13 million of adjusted EBITA consolidated, but not pro forma in H1. The pro forma was EUR 14.6 million. Is it so that Visionix generated only EUR 1.6 million of EBITA from January till end of May? Has it declined in H1 year-on-year, or is the profitability in Visionix extremely H2 weighted? Can you open that a bit more?

Speaker #4: And then the pro forma was 14.6. So, is it so that the VisionX generated only €1.6 million of EBITDA from January until the end of May?

Speaker #4: Has it declined in H1 year-on-year, or is the profitability in Vision X extremely H2 weighted? Can you open that a bit more?

Jukka Kainulainen: Yeah, Nikko, I can comment. This is a great question, and this is, of course, I know challenging for the investors when January and May are not in the numbers. But actually, in Visionix, of course, we know the H1 numbers, so there was quite a high weight in the profitability until the end of the H1. That's the thing, and that's usually there's some seasonality in that sense in the Visionix business. More of course, I do not comment about the January, May Visionix numbers. When looking the pro forma, it's good to remember how pro forma is completed. It's based on the assumption that the deal is executed already 1 January 2025. So it's some kind of the theoretical way also to build it up, so that gives some slightly differences when looking pro forma and where we are at the moment.

Speaker #4: Nikko, I can comment. It's a great question, and this is, of course—I know—challenging for the investors when January and May are not in the numbers.

Speaker #4: But actually, in Vision X, of course, we know the H1 numbers, so there was quite a high weight in the profitability until the end of H1.

Speaker #4: So, that's the thing, and usually there's some seasonality in that sense in the Vision X business. Of course, I don't comment about the January–May Vision X numbers. And then, when looking at the pro forma, it's good, you know, of course, to remember how the pro forma is completed.

Speaker #4: It's based on the assumption that the deal is executed already on the 1st of January 2025. So it's some kind of theoretical way, also, to build it up.

Speaker #4: So that gives some slight differences when looking at pro forma and where we are at the moment. But of course, it gives a good enough picture.

Jukka Kainulainen: But of course, it gives a good enough picture. But those I would highlight based on your question.

Speaker #4: But those I would highlight based on your question. Okay. But if we look at kind of a year-on-year basis, purely Vision X.

Nikko Ruokangas: Okay. But if we look at kind of a year-on-year basis, purely business-

Speaker #2: No, yeah, overall that I can comment—sorry, Nikko, I forgot to answer. So, when looking at H1 Vision X, comparing to last year's H1, even though we have only one month in...

Jukka Kainulainen: Yeah, overall, that I can comment. Sorry, Nikko, I forgot to answer. When looking H1 Visionix comparing last year H1, even though we have only one month in, no significant change in the profitability profile year on year.

Speaker #2: So, no significant change in the profitability profile year-on-year.

Speaker #4: All right. Thank you. That's all from me at this point.

Nikko Ruokangas: All right. Thank you. That's all from me at this point.

Speaker #2: Thank you Nikko.

Jouni Toijala: Thank you, Nikko.

Speaker #1: The next question comes from Pia Rosqvist Heinsalmi from DNB Carnegie. Please go ahead.

Operator 2: The next question comes from Pia Rosqvist-Heinsalmi from DNB Carnegie. Please go ahead.

Operator: The next question comes from Pia Rosqvist-Heinsalmi from DNB Carnegie. Please go ahead.

Speaker #5: Hi gentlemen. It's Pia Rosqvist from DNB Carnegie. I've got a few questions, I'll try to limit myself. If I start with your sales development now in the second quarter, and I know, Jukka, you said you don't comment on Vision X in particular for the first half.

Pia Rosqvist-Heinsalmi: Hi, gentlemen. It's Pia Rosqvist from DNB Carnegie. I've got a few questions, so I try to limit myself. If I start with your sales development now in Q2, and I know, Jukka, you said you don't comment on Visionix, in particular, for H1. But is there any light you can share on how Visionix fared now in H1 of this year compared to last year's H1? Did sales for Visionix decline in H1 of this year? And why?

Speaker #5: But is there any light you can share on how Vision X fared now in the first half of this year compared to last year's first half?

Speaker #5: Did sales for Vision X decline in the first half of this year? And why?

Jouni Toijala: No. On the top line perspective, flat.

Speaker #2: No, no, no. So, on the top line perspective, flat.

Speaker #5: All right.

Pia Rosqvist-Heinsalmi: All right.

Speaker #2: And so if we now look at the competition and we compare the performance — so even though the iCare X or old revenue grew during Q1, and now if we look at kind of a flattish Q2 and then Q3 now looking good, and then Vision X staying on the flat in the market where we operate.

Jouni Toijala: If we now look the competition and we compare the performance, even so that iCare or old Revenio grew during Q1, and now if we look kind of a flattish Q2, and then Q3 now looking good, and then Visionix staying on the flat in the market where we operate. So I would consider, of course, not the stellar performance, but it's a quite robust performance compared to the competition. But Jukka, anything you would like to add on this?

Speaker #2: So I would consider, of course, not the stellar performance, but it's quite a robust performance compared to the competition. But Jukka, anything you would like to add on this?

Jukka Kainulainen: No, I fully agree. Nothing to add on that.

Speaker #4: No, I fully agree. Nothing to add on that.

Speaker #5: Great, thank you. And still, going back to your first quarter report where you mentioned that the price increases had been applied and, I think, started to impact from February onwards.

Pia Rosqvist-Heinsalmi: Great. Thank you. Still going back to your Q1 report where you told that the price increases had been applied, and I think, yeah, starting to impact from February onwards. Now you said you reported flattish sales for the old Revenio. Is it actually so that the volumes declined in the H1 and were compensated by the announced price increases?

Speaker #5: And now, you said you reported flattish sales for the old revenue. So, is it actually so that the volumes declined in the first half and were compensated by the announced price increases?

Jouni Toijala: I wouldn't say so, but we have also seen the Q2, like Jukka mentioned, so we have been also seeing the increases on the component prices. Whether is it the memory, whether it's the CPU, whether is it the increased price on the gold, which is then used in the probes. I wouldn't draw that conclusion. What now comes when going forward, we now start to go through the details bill of materials now during the H2, and then doing decisions in the remaining part of the year that should we adjust the prices if the memory and CPU and raw material prices are going to remain high. That's a standard procedure, what we do.

Speaker #2: I wouldn't say so. But we have also seen the Q2, like Jukka mentioned, so we have been also seeing the increases in the component prices.

Speaker #2: So whether it is the memory, whether it is the CPU, whether it is the increased price on the gold which is then used in the probes, I wouldn't draw that conclusion.

Speaker #2: And what now comes when going forward, so we now start to go through the detailed bill of materials now during the second half, and then doing decisions in the remaining part of the year. That should be adjusted, the prices, if the memory and CPU and raw material prices are going to remain high. So that's a standard procedure, what we do.

Speaker #5: Okay, thank you. And then, in general, looking at the market sentiment and demand, and now given your broader footprint in the market, what do you see with regards to the market demand and your sales pipeline?

Pia Rosqvist-Heinsalmi: Okay. Thank you. Then in general, looking at the market sentiment and the demand, and now given your broader footprint in the market, what do you see with regards to the market demand and your sales pipeline? I know you have always underlined that the Revenio sales pipeline is short, but in Visionix, you have slightly more visibility. So, what is the current market demand?

Speaker #5: I know you have always underlined that the revenue sales pipeline is short, but in Vision X you have slightly more visibility. So, what is the current market demand?

Speaker #2: So maybe I'll pick that one. And Jukka, please help me. So, the USA, like we discussed in the earlier quarters, has been surprisingly robust.

Jouni Toijala: Maybe I pick that one, and Jukka, please help me. USA, like we discussed in the earlier quarter, that has been surprisingly robust. Now we have a new sales team in place, so the new combined sales team, we have split all the care graphics, et cetera. Of course, there is a certain ramp-up time. But actually, if we look the start for Q3, it looks good. Then we have a lot of cases in a pipeline, type of cases where we have not been before because we have a combined portfolio. Of course, the key is them to wins. That is a crucial thing. Then if we go for Europe has been steady, and then I hope that APAC turns in a bit more better shape. We have had a positive trend now quarter by quarter.

Speaker #2: And now we have a new sales team in place. So the new combined sales team, we have split all the geographies, etc. Of course, there's a certain ramp-up time, but actually if we look at the start for Q3, it looks good.

Speaker #2: Then we have a lot of cases in the pipeline that haven't been before because we have a combined portfolio. Of course, the key is for them to win.

Speaker #2: So that's a crucial thing. Then, if we go for Europe—Europe has been steady. And then I hope that the APAC turns in a bit more better shape.

Speaker #2: So we have had a positive trend. Now, quarter by quarter, we have seen a bit more activity, as an example, in South Korea.

Jouni Toijala: We have seen a bit more better activity, as an example, in South Korea, et cetera. We did the distributor change in Australia. That is the reason why that part has been bit sluggish, if I may use the word, earlier this year. Hopefully, that is going to help up the situation in APAC, because that is one of the biggest countries for us in APAC. Of course, now we have to remember when we report now Q3, then it is going to be first month where we also have Visionix numbers fully in a quarter. That is going to be interesting to see. Anything, Jukka, you would like.

Speaker #2: Etcetera. We did the distributor change in Australia, so that's the reason why that part has been a bit sluggish, if I may use the word, earlier.

Speaker #2: This year, so hopefully that's going to help the situation in APAC, because that's one of the biggest countries for us in APAC.

Speaker #2: Of course, now we have to remember when we report now the Q3. So then, it's going to be the first month where we also have Vision X numbers fully in a quarter.

Speaker #2: So that's going to be interesting to see.

Speaker #4: Yeah.

Speaker #2: Anything, Jukka, you would like to add?

Jukka Kainulainen: No, I think that is, of course, positive highlight when looking the underlying businesses that Europe region developed quite positively when looking Q2 overall.

Speaker #4: No, of course, a positive highlight when looking at the underlying business is that, you know, the Europe region developed quite positively when looking at Q2 overall.

Speaker #5: Right. Thank you. And still, sorry, coming back to the gross margin and the discussion about the factors burdening that. Do you have some kind of guidance for your gross margin for the remainder of 2026?

Pia Rosqvist-Heinsalmi: Right. Thank you. Still, sorry, coming back to the gross margin and the discussion about the factors burdening that. Do you have some kind of guidance for your gross margin for the remainder of 2026?

Speaker #4: Yeah. No, like you saw, we were guiding the EBITDA and then, of course, the top line, but it's good to remember now when we consolidated VisionX, it was only one month, and then, of course, with the lower margin profile in the VisionX. Of course, now when we consolidate the whole company, that is generating, in absolute terms, a lot more gross margin, but then this dilution impact will be for the whole quarter starting from Q3.

Jukka Kainulainen: Yeah. No. Like you saw, we were guiding the EBITDA, and then, of course, the top line. But it is good to remember now when we consolidated Visionix only one month, and then, of course, with the lower margin profile in the Visionix, of course, we will now when we consolidate the whole company, that is generating absolute terms, lots of more gross margin, but then this dilution impact will be whole quarter starting from Q3. So that is a good remember when looking the percentages.

Speaker #4: So that's good to remember when looking at the percentages.

Speaker #2: And I don't know, Pia, is it helping? I'm sorry to jump in, sorry to interrupt. But if you think that we look at quarter three, quarter four, I think on the old revenue side we have been roughly €68–69 million, depending on the quarter, and then we have a VisionX dilution part of the package, so further diluting.

Jouni Toijala: I do not know, Pia, is it helping on, sorry to jump in, sorry to interrupt. If you think that we look the Q3, Q4, so I think the old Revenio side, we have been roughly 68%, 69%, a bit depending on the quarter, and then we have a Visionix dilution part of the package, so further diluting. So I think that is all a part, right, Jukka?

Speaker #2: So I think that's a.

Speaker #4: Yes.

Speaker #2: Ballpark right Jukka.

Speaker #4: Yes.

Jukka Kainulainen: Yes.

Speaker #2: Maybe it helps.

Jouni Toijala: Maybe it helps.

Speaker #5: All right. Yeah. Thank you. I have further questions, but for now I’ll go back in the queue. Thank you.

Pia Rosqvist-Heinsalmi: All right. Yeah. Thank you. I have further questions, but for now I go back in the queue. Thank you.

Speaker #2: Okay. Thank you Pia.

Jouni Toijala: Okay. Thank you, Pia.

Speaker #1: The next question comes from Daniel Lepisto from Danske Bank. Please go ahead.

Operator 2: The next question comes from Daniel Lepistö from Danske Bank. Please go ahead.

Operator: The next question comes from Daniel Lepistö from Danske Bank. Please go ahead.

Daniel Lepistö: Hi, it is Daniel Lepistö from Danske Bank. Thanks for taking my questions. I have a couple, maybe starting still with, or continuing on the organic growth of, for the standalone Revenio. If you did not execute this Visionix transaction, would this previous guidance of 8% to 15% growth this year, would it still be in place after Q2? That is the first question.

Speaker #4: Hi, it's Daniel Lepist from Danske Bank. Thanks for taking my questions. I have a couple, maybe starting still with—or continuing on—the organic growth for the standalone revenue.

Speaker #4: I mean, if you didn't execute this Vision X transaction, would this previous guidance of 8% to 15% growth this year, would it still be in place after Q2?

Speaker #4: That's first question.

Jouni Toijala: I think that, not too sure is it a relevant question at this new state, but I would not see. So we have also the big deals in a pipeline for the remaining part of the year, and Q3 or Q4 is basically strong. So, forecast looks good.

Speaker #2: I'm not too sure if it's a relevant question at this new stage, but I wouldn't see it that way. We also have big deals in the pipeline for the remaining part of the year, and Q3 or Q4 basically look strong.

Speaker #2: So, I mean, the forecast looks good.

Speaker #4: Okay, because the follow-up would have been on those larger deals that you discussed. So they are still on the table, and I guess there would be a better second half to come in terms of revenue.

Daniel Lepistö: Okay. Because follow-up would have been on those larger deals that you discussed. They are still on the table, and I guess there would be a better H2 to come for-

Jouni Toijala: Yeah.

Speaker #2: Yeah. So, of course, yeah. So for certain cases, we have been receiving kind of single product POs. So, still live and kicking. Of course, the timing and rollout are always a question mark.

Daniel Lepistö: -revenue.

Jouni Toijala: Yeah, for certain cases, we have been receiving kind of single product POs, so still live and kicking. Of course, the timing and rollout always a question mark.

Speaker #4: Okay, that's clear. Then on this margin guidance—satisfactory margin—I mean, how wide should we think the range is here? Since, I guess historically with the good EBIT margin, it used to be even 10 percent at this point.

Daniel Lepistö: Okay. That is clear. Then on this margin guidance, the satisfactory margin. How wide should we think the range is here? Because I guess historically, with the good EBIT margin, I guess it used to be even 10 percentage points. At least it felt like it. But basically, how wide can this range be actually? Can you go single digit and it is EBIT and it will be still satisfactory?

Speaker #4: At least it felt like it. But basically, how wide can this range actually be? Can you go single digit on it—EBITDA—and it will still be satisfactory?

Speaker #4: You were not part of what you commented in the beginning, but maybe I kind of repeat myself. So, last year, adjusted EBIT was 24%, and now, when you look at the adjusted EBITA in Q2, we were at 17%.

Jouni Toijala: You were not part of what you commented in the beginning, but maybe I repeat myself. Last year, adjusted EBIT was 24%, and now when you look at adjusted EBITA in Q2, we were in 17. I apologize that I cannot comment that more, because that is what we have disclosed. But I hope that little bit helps you to understand what kind of range we have in place for that wording.

Speaker #4: So, I apologize that I cannot comment more on that because that's what we have disclosed, but I hope that little bit helps you to understand what kind of range we have in place for that wording.

Speaker #4: Okay. Then maybe on the standalone revenue gross margin, I guess the comment was 5 percentage points down year on year, so clearly below 70 percent.

Daniel Lepistö: Okay. Then maybe on the standalone revenue gross margin, I guess there was comment was 5 percentage points down year over year, so clearly below 70%. The comparison was of course difficult, but I guess in the midterm, 70% is the target that you are looking for revenue. Has this thinking changed over the combination audit and whatnot?

Speaker #4: The comparison was, of course, difficult, but I guess in the midterm, I guess 70 percent is the target that you are looking for, revenue-wise, or has this changed? Has this thinking changed over the component shortage and whatnot?

Speaker #2: Maybe I think that one, Daniel. So, I think it's realistic to think that yes, we have had the target before the tariffs hit, to keep it above the 70 percent, which we have been able to do.

Jouni Toijala: Well, I pick that one, Daniel. I think it is realistic to think that, yes, we have had the target before the tariffs hit to the place to keep it above the 70%, which we have been able to do. Now when the tariffs are full in, we have been ballpark of bit depending on the quarter 68%, 69%, and so forth. I think that it would be reasonable to expect, and of course we do not anymore in Q3 like in Q1 report the old Revenio, if we use that term. But if we go for old Revenio, I think it is fair to assume that being constantly over 70%, so that is undoable with the tariffs.

Speaker #2: And now, when the tariffs are fully in, we have been in the ballpark of, depending on the quarter, 68, 69, and so forth. So I think that it would be reasonable to expect—and of course, we don't anymore in Q3 like in Q1—the report of old revenue, if you use that term.

Speaker #2: So, but if you go for old revenue, I think it's fair to assume that being constantly over 70, so that's undoable with the tariffs.

Speaker #4: Okay, that's clear. Then, maybe the final question on these Ilum AI solution clinical trials. I mean, obviously, we saw that now the third-party solution was approved.

Daniel Lepistö: Okay. That is clear. Then maybe the final question on this. iCare ILLUME AI solution, clinical trials. Obviously, we saw that now the third party solution was approved. Can you update us on the timeline with your own solution? What is the status of the clinical trial, and what is the approval timeline that you seek?

Speaker #4: Can you update us on the timeline with your own solution? What's the status of the clinical trials, and what’s the approval timeline that you seek?

Speaker #2: So, we have now concluded the pre-study. That went well, and the results are okay. Now, we are doing a new pre-submission just to be sure.

Jouni Toijala: We have now concluded the pre-study. That went well. Results are okay. Now we are doing a new pre-submission, just to be sure. Of course, now the iHealthScreen a bit reduced the pressure to push aggressively forward rather now in a mode that we guarantee that we get the clearance when we do it. The status is that the pre-study done. Now we draw another pre-sub for FDA to be sure that the house is in order. Then we have start another study then towards the end of the year or early next year. We communicated earlier that we are going to be ready by clearance by the end of the H1 2027. I would be now more leaning towards the H2, hopefully Q3 2027.

Speaker #2: And of course, now the All Health screen a bit reduced the pressure to push aggressively forward. Rather, now in a mode that we guarantee that we get the clearance when we do it.

Speaker #2: So, the status is that the pre-study is done. Now, we drew the pre-sub, another pre-sub for FDA to be sure that the house is in order. Then we have to start another study towards the end of the year or early next year, and we communicated earlier that we are going to be ready for clearance by the end of the first half of 2027.

Speaker #2: I would now be more leaning towards the second half, hopefully Q3 2027. And the reason is that now we have the All Health screen clearance, so we just want to be sure that we are able to get the clearance.

Jouni Toijala: The reason is that now we have the iHealthScreen clearance, so we just want to be sure that we are able to get the clearance, so we do the pre-sub now to the FDA again.

Speaker #2: So we do the pre-sub now to the FDA again.

Speaker #4: All right, that's clear. That's all from me. Thank you.

Daniel Lepistö: All right. That is clear. That is all from me. Thank you.

Speaker #1: The next question comes from Eric Carlson. Eric, please go ahead.

Operator 2: The next question comes from Erik Karlsson from Erik Karlsson. Please go ahead.

Operator: The next question comes from Erik Karlsson from Erik Karlsson. Please go ahead.

Speaker #3: Yeah. Hi. Thanks for taking my questions. Eric Carlson from KQ Capital. Just on Vision X, if we look at the first half performance, you said basically flat sales.

Erik Karlsson: Yeah. Hi, thanks for taking my questions. Erik Karlsson from KP Capital. Just on Visionix, if we look at the H1 performance, you said basically flat sales and kind of flat margins. How much worse is that compared to your business case when you bought it? I guess at the time you thought they would grow and have increasing margins even before synergies. Just trying to understand how far below expectations they are tracking currently.

Speaker #3: And kind of flat margins. How much worse is that compared to your business case when you bought it? I guess at the time you thought they would grow and have increasing margins even before synergies. Just trying to understand how far below expectations they are tracking currently.

Speaker #2: That's according to the expectations, what we baked, what was in the model. Because we had the closing then.

Jouni Toijala: That's according to the expectations, what was in the model. We had the closing then.

Speaker #3: So they need to grow, and you didn’t think they would improve margins without.

Erik Karlsson: You didn't think they could grow, and you didn't think they would improve margins without.

Speaker #2: No, I mean, so if we look at the timing and the process, of course we had to forecast for the first half and for the second half, and then we started to bake in the numbers by the closing so that we are able to start getting the synergies in terms of the OPEX savings, and in terms of then the commercial synergies.

Jouni Toijala: No. If we look the timing and the process, of course we had to forecast for the H1 and for the H2, and then we started to bake into the numbers by the closing so that we're able to start getting the synergies in terms of the OpEx savings and in terms of then the commercial synergies. Basically, in one sentence, Visionix has been performing during the H1 what was our expectation at the timing of the signing and closing the deal.

Speaker #2: So basically, Vision X, in one sentence: Vision X has been performing during the first half as was our expectation at the time of signing and closing the deal.

Speaker #3: Okay. It sounded like when you did the acquisition that they had an internal plan to improve gross margins and margins, because I think the market was quite shocked by the low profitability they had at the time.

Erik Karlsson: Okay. It sounded like when you did the acquisition, that they had an internal plan to improve gross margins and margins, because I think the market was quite shocked by the low profitability they had at the time.

Jouni Toijala: I think if we compare the profitability of old Revenio and Visionix and the industry in general, Visionix had the numbers on black, almost everyone else on red. That was basically known. Then we have, if you think Visionix, we have had this internal efficiency plan, which they put in place at the time of the negotiations and a bit before that one. That is progressing. As I said earlier, we have been able to now secure out from EUR 20 million EBITDA uplift to EUR 5 million already in. That work is constantly moving forward. The plan is to get the EBITDA level and improve the margins then up to 25% by the end of 2029. The plan is there and it is progressing according to the plan.

Speaker #2: I think if we compare the profitability of X revenue and the Vision X and the industry in general, the Vision X has had the numbers in black, while almost everyone else is in red.

Speaker #2: So that was basically known. And then we have, if you think of Vision X, we have had this internal efficiency plan, which they put in place at the time of the negotiations and a bit before that one.

Speaker #2: So that's progressing. And then, as I said earlier, we have been able to now secure out from €20 million EBITDA uplift to €5 million already in.

Speaker #2: So, that work is constantly moving forward, and the plan is to get the EBITDA level and improve the margins up to 25 percent by the end of 2029.

Speaker #2: So the plan is there, and it's progressing according to the plan.

Speaker #3: Okay. Got it. And then, on the profit guidance—and I don't know who advised you on this—but I think there's two ways to go. One is that you don't want to tell the market and then they'll guide, or you want to help the market and you do guide. And what the market wants is numbers.

Erik Karlsson: Okay, got it. On the profit guidance, I do not know who advised you on this, but I think there are two ways to go. One is that you do not want to tell the market and then do not guide, or you want to help the market and you do guide. What the market wants is numbers. They do not want words because they are hard. It just becomes like a game to translate that into numbers. I think either way is fine to go, but to start saying, "Well, it is satisfactory for you, might not be it for me." We just get into this ridiculous game. I think, if I were you, I would either not guide on it or I would just put a number out there or arrange them. Does that make sense to you?

Speaker #3: They don't want words because they're hard. It just becomes like a game to translate that into numbers. So I think either way is fine to go, but to start coming and saying with such structure, for you, might not be it for me.

Speaker #3: So we just get into this ridiculous game. So I think if I were you, I would either not guide on it, or I would just put a number out there, or a range then.

Speaker #3: Does that make sense to you?

Jouni Toijala: Does that make sense to you? Great feedback. Thanks a lot. We appreciate that a lot. We will, of course. I agree. That one, that has been the history that, like Jukka said, we have objective to describe the growth and describe the profitability. What we have been now trying to improve is now that we gave a bracket for the top line and still with the decision that we use the objective on the bottom line part. That is going to remain for sure for the remaining part of the level for the year. I think this is constantly asked from us that should we actually give a euro amount or should we give a percentage amount? We take that input in and see then on February, how do we go forward. Sure.

Speaker #4: Great feedback. Thanks a lot. We appreciate that a lot. So, yeah, we will, of course.

Speaker #2: Yeah. Yeah. I agree with that one. That has been the history, that like Jukka said, we have an objective to describe the growth and describe the profitability.

Speaker #2: Now, what we have been trying to improve is that we gave a bracket for the top line, and still made the decision to use the objective on the bottom line part.

Speaker #2: So that's going to remain for sure for the remaining part of the year, but I think this is a constant ask from us: should we actually give a Euro amount or should we give a percentage amount?

Speaker #2: So we take that input in and see then in February how do we go forward. But thank you, Eric, for very good feedback, and we have heard that one earlier—that it's not fully clear.

Jouni Toijala: But thank you, Erik Karlsson, for very good feedback. Definitely we have heard that one earlier, that it is not fully clear.

Speaker #3: Super. Thank you so much.

Erik Karlsson: Super. Thank you so much.

Speaker #2: Thank you for the good questions.

Jouni Toijala: Thank you for the good questions.

Speaker #1: The next question comes from Pia Rosqvist Heinsalmi from DNB Carnegie. Please go ahead.

Operator 2: The next question comes from Pia Rosqvist-Heinsalmi from DNB Carnegie. Please go ahead.

Operator: The next question comes from Pia Rosqvist-Heinsalmi from DNB Carnegie. Please go ahead.

Speaker #5: Yeah. Hi, gentlemen. Thank you. Still a few questions, if I may. Now, I'm going back to the synergy potential you have presented. So, you target an adjusted EBITDA uplift of €20 million by the end of 2029.

Pia Rosqvist-Heinsalmi: Yeah. Hi, gentlemen. Thank you. Still a few questions, if I may. Now I am going back to the synergy potential you have presented. You target an adjusted EBITDA uplift of EUR 20 million by the end of 2029. I am just trying to do the math here. This uplift of EUR 20 million, how is operational leverage included or is it not included in this uplift?

Speaker #5: And I'm just trying to do the math here. So, this uplift of 20 million—how is operational leverage included, or is it not included in this uplift?

Speaker #2: So, are you able to open up a bit the question—what do you mean by the operational uplift? So, yeah.

Jouni Toijala: Are you able to open a bit the question of what do you mean with the operational uplift?

Speaker #5: Yeah, the operational leverage. I mean, assuming your sales will grow, there is some operational leverage in your system. So, I'm just checking if I understood your ambition to raise the adjusted EBITDA level by €20 million.

Pia Rosqvist-Heinsalmi: Yeah, the operational leverage, I mean from assuming your sales will grow, there is some operational leverage in your system.

Jouni Toijala: Okay

Pia Rosqvist-Heinsalmi: If I understood your ambition to raise the adjusted EBITDA level by EUR 20 million.

Speaker #5: So, in this discussion, how about sales growth and the indications from that?

Jouni Toijala: Yeah, okay.

Pia Rosqvist-Heinsalmi: in this discussion, how about sales growth and the implications from that?

Speaker #2: Okay, okay. Hey, thank you. And Jukka, now correct me if I'm wrong, but at the time when we announced the transaction, and at the time of the closing, we reiterated the €20 million EBITDA uplift, and a big part of that comes from the OPEX-related synergies, right?

Jouni Toijala: Okay. Hey, thank you. Jukka, now correct me if I am wrong. At the time of when we announced the transaction, at the time of the closing, we reiterated the EUR 20 million EBITDA uplift then. The big part of that one comes from the OpEx related synergies, right, Jukka? Now if we think now the first EUR 5 million, so what we now have been able to achieve, so that is coming from the operational side in order to combine the Visionix US team and then ex-Revenio US team, and that is coming from the OpEx side. Then we also have a commercial cross-sell, up-sell part, which is then the part of the EUR 20 million EBITDA uplift, which then comes more from this operational side.

Speaker #2: Jukka: And now, if we think about the first 5 million, what we have been able to achieve so far is coming from the operational side, in order to combine the Vision X US team and the X Revenue US team.

Speaker #2: And that's coming from the OPEX side. Then we also have a commercial, gross sale upsell part, which is then the part of the €20 million EBITDA uplift, which then comes more from the operational side. We haven't split the ratio, but if you would look at the picture where we use the waterfall, there's first the commercial part and then there's the OPEX part.

Jouni Toijala: We have not split the ratio, but if you would look the picture, what we used the model for, there is first commercial part and then there is OpEx part. So you kind of get the sense and the feeling how it is divided, and then the scaling in a way, the OpEx and that part. So if it is just grow, so okay. So you kind of get the scale from the growing, but there is only this cross-sell, up-sell part that we count as a synergy or not in a way the normal organic side. Jukka, do you have anything to add on this one?

Speaker #2: So you kind of get the sense and the feeling of how it's divided, and then the scaling, in a way, the OPEX and that part.

Speaker #2: So, I mean, if we just grow—so, okay. You kind of get the scale from the growing, but there's only this gross sale upsell part that we count as a synergy.

Speaker #2: So, not in a way the normal organic side. Jukka, do you have anything to add on this one?

Jukka Kainulainen: Yeah, I think of course it is when you grow, of course, you always lead the business in a way that top line grows quicker than the fixed. If you refer to that, so that is a separate topic, of course.

Speaker #4: Yeah. Because it's a when you grow of course you always lead the business in a way that top line grows quicker than the fixed.

Speaker #4: So, if you refer to that, that's a separate topic, of course.

Speaker #5: Yeah, yeah, exactly. That was my point. So, yeah. So €20 million is kind of—that's from the synergies, and then anything you might grow upon in addition to that, that brings more leverage to the equation.

Pia Rosqvist-Heinsalmi: Yeah, exactly. That was my point. So, yeah, so EUR 20 million, that is from the synergies and then anything you might grow upon in addition to that brings more leverage to the equation.

Speaker #2: Yes. Fully agree.

Jouni Toijala: Yes, fully agree.

Speaker #5: Yes, all right. Thank you. Then just shortly, when I skimmed through the report, did you directly comment on the kind of sales impacts from maybe Vision X selling your products?

Pia Rosqvist-Heinsalmi: Yes, all right, thank you. Then just shortly, when I skimmed through the report, did you directly comment on kind of sales impacts from maybe Visionix selling your product? So kind of internal sales that will be eliminated, or even broadening the question to potential overlapping products. Have you taken this into account in the

Speaker #5: So kind of internal sales that will be eliminated, or even broadening the question to potential overlapping products. Have you taken this into account in the performance numbers?

Jukka Kainulainen: Yeah

Pia Rosqvist-Heinsalmi: pro forma numbers?

Speaker #4: Yeah, it has been taken into account. I think it was something worth about 300,000 when looking at the 2025 numbers. So, that has been taken into account.

Jukka Kainulainen: Yeah, it has been taken into account. I think it was something about EUR 300,000 when looking 2025 numbers. That has been taken into account.

Speaker #5: All right. Okay. Thank you. And then finally, if I could still get a clarification on the net working capital to sales profile for the combined company.

Pia Rosqvist-Heinsalmi: All right. Okay. Thank you. Finally, if I still can get the clarification on the networking capital to sales profile for the combined company. In what ballpark do you see the combination, say, this year or next year?

Speaker #5: In what ballpark do you see the combination, say, this year or next year?

Speaker #4: Yeah. Yeah. Overall roughly numbers when looking networking capital for combined company and of course too it was in around 60 million level. And of course we of course constantly will continue optimizing that going further.

Jukka Kainulainen: Yeah. Overall, roughly numbers when looking networking capital for combined company end of Q2, it was in around EUR 60 million level. Of course, constantly we will continue optimizing that going further.

Speaker #5: All right. I think this is all for now. Thank you.

Pia Rosqvist-Heinsalmi: All right. I think this is all for now. Thank you.

Speaker #2: Thank you Pia.

Jouni Toijala: Thank you, Pia.

Speaker #4: Thank you.

Jukka Kainulainen: Thank you.

Speaker #1: The next question comes from Nikko Ruokangas from SEB. Please go ahead.

Operator 2: The next question comes from Nikko Ruokangas from SEB. Please go ahead.

Operator: The next question comes from Nikko Ruokangas from SEB. Please go ahead.

Speaker #4: Hello, this is Niko Ruokangas again. I have a couple of clarifying questions still, and maybe now on EBITA, as you are now starting to report that as a headline KPI.

Nikko Ruokangas: Hello, this is Nikko again. I have couple of clarifying questions still. Maybe now on EBITA, as you are now starting to report that as headline KPI. Out of the amortizations you are expecting to report in H2 or on run rate basis going forward, how is that divided between the amortization revenue, old Revenio hats, the standalone Visionix amortizations, and the PPA from this transaction?

Speaker #4: So, are we expecting to report an issue or kind of on a run rate basis going forward? So, how is that divided between the amortizations—revenue, old revenue, the standalone Vision X amortizations, and then the PPA from this transaction?

Speaker #4: Yeah. So this amortization includes, of course, all of those. And when looking a little bit at the details, the Vision X acquisition brings around €6 million.

Jukka Kainulainen: Yeah. So this amortization includes, of course, all of those. When looking a little bit the details, the Visionix acquisition brings around EUR 6 million new PPA depreciation. Then on top of that, other amortizations, we have around EUR 2 million, a little bit more than EUR 2 million. So we are in around EUR 8 million level, even higher than EUR 8 million annualized number going further.

Speaker #4: New PPA depreciation. And then, on top of that, other amortizations—we have around €2 million, a little bit more than €2 million. So we are at around €8 million level, a little bit higher than €8 million annualized number going forward.

Speaker #4: Right. Thank you. Then you were discussing the leverage target post-rights issue of roughly 2.5 at the time of the announcement of the acquisition.

Nikko Ruokangas: Right. Thank you. Then you were discussing about the leverage target post rights issue of roughly 2.5 in time of the announcement of the acquisition. Is this still a relevant target around 3?

Speaker #4: Is this still a relevant target, around 3?

Speaker #2: Of course. Of course, at some point.

Jukka Kainulainen: Of course, in some point, yes. I think when looking the current, I think you are talking about net debt EBITDA, which was 5.3 in Q2, and after share issue, it goes to closer to 3 when looking the current estimates.

Speaker #4: Yes. I think when looking at the current, I think you're talking about net debt to EBITDA, which was 5.3 in Q2. And after the share issue, it goes closer to 3 when looking at the current estimates.

Nikko Ruokangas: All right.

Speaker #4: But of course we continue generating cash and profit going further. So that will always the quarter over quarter improve the leverage ratio. But that's the short term view.

Jukka Kainulainen: But of course, we continue generating cash and profit going further, so that will always, quarter-over-quarter, improve the leverage ratio. That is the short-term view.

Speaker #4: Yeah. Thank you. Then still on tariffs which we have been already discussing about but then I guess at the basis for the tariffs has a bit changed now.

Nikko Ruokangas: Yeah. Thank you. Then, still on tariffs, which we have been already discussing about, but then I guess that the basis for the tariffs has a bit changed now over this one-year period. So do you think that you could receive tariff-free funds for the tariffs you have based under the kind of old basis of tariffs?

Speaker #4: Now, over this one-year period, do you think that you could receive tariff refunds for the tariffs you have paid under the old basis of tariffs?

Speaker #4: Yeah. This is something we are looking after. The refunds from the tariffs, so this is what we are working on at the moment, actually.

Jukka Kainulainen: Yeah, this is something we are looking after, the refunds from the tariffs. So this is what we are working at the moment, actually.

Speaker #2: All right. Thank

Nikko Ruokangas: All right. Thank you. That is all from me.

Speaker #4: you. That's all from me.

Speaker #2: Thank you Nikko.

Jouni Toijala: Thank you, Nikko.

Speaker #4: Thank you.

Jukka Kainulainen: Thank you.

Speaker #1: There are no more questions at this time, so I hand the conference back to the speakers.

Operator 2: There are no more questions at this time, so I hand the conference back to the speakers.

Operator: There are no more questions at this time, so I hand the conference back to the speakers.

Speaker #2: Hey, thank you all. Extremely active call. And if I may summarize at the end: integration is moving extremely well forward, so I wouldn't be too concerned on that one.

Jouni Toijala: Hey, thank you all. Extremely active call. If I may summarize at the end, integration is moving extremely well forward. I wouldn't be too concerned on that one. We have managed to get EUR 5 million out from EUR 20 million discussed EBITDA uplift already in. Sales teams integrated in the USA, operative model moving swiftly forward. We are on the channel side in the rest of the world. We have moved to the execution. We are going to have exciting news coming on ESCRS. We continue working extremely hard here in order to grow the top line, finalize the integration, and get the margins up. Thank you for the participation and really looking forward to catch up then during the Q3 earnings call. Thank you for your time and interest.

Speaker #2: We have managed to get $5 million out from the $20 million discussed EBITDA uplift already in sales teams integrated in the USA. Operative model moving swiftly forward.

Speaker #2: Then also, we are on the channel side in the rest of the world. We have moved to the execution, and we are going to have exciting news coming at ESCRS.

Speaker #2: So, we continue working extremely hard here in order to grow the top line, finalize the integration, and get the margins up. Thank you for your participation, and really looking forward to catching up then during the Q3 earnings call.

Speaker #2: Thank you for your time and interest.

Jukka Kainulainen: Thank you.

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