MSAB Interim Report – Q2 2026

Summary April-June

Net turnover amounted to 122.5 (80.5) MSEK, an increase of 52.1 per cent compared with the same period last year. Currency-adjusted growth amounted to 52.6 per cent.

Operating profit (EBIT) amounted to SEK 12.6 (-17.4) million, corresponding to an operating margin of 10.3 (-21.6) per cent.

Profit after tax amounted to SEK 9.4 (-14.4) million.

Earnings per share before/after dilution amounted to SEK 0.51 (-0.78).

Cash flow from operating activities amounted to SEK 22.8 (10.5) million.

Summary January-June

Net turnover amounted to 223.7 (174.6) MSEK, an increase of 28.1 per cent compared with the same period last year. Currency-adjusted growth amounted to 32.2 per cent.

Operating profit amounted to SEK 5.2 (-18.6) million, corresponding to an operating margin of 2.3 (-10.6) per cent.

Profit after tax amounted to SEK 3.7 (-17.2) million.

Earnings per share before/after dilution amounted to SEK 0.20 (-0.93).

Cash flow from operating activities amounted to SEK 24.4 (7.6) million.

A strong second quarter

We delivered a positive second quarter, with revenue showing strong growth compared with the corresponding period last year. Net sales amounted to SEK 122.5 (80.5) million, representing an increase of 52.1 per cent compared with the same period last year. Adjusted for currency effects, growth amounted to 52.6 per cent. Operating profit (EBIT) amounted to SEK 12.6 (-17.4) million. The comparison with the previous year should be viewed in the context that a major deal last year was recognized as revenue in Q3 rather than Q2. Even when adjusting for this effect, growth during the quarter was significant.

When I assumed the role of CEO 24 months ago, I stated in my first report that, with the right investments in place, we expected to see growth within 12–24 months. Over the past four quarters, we have delivered double-digit revenue growth, adjusted for currency effects, demonstrating that our strategy is producing results.

On May 7th, MSAB held its first Capital Markets Day, where we presented our long-term financial targets and our strategy for continued growth. Looking ahead, I remain confident in MSAB’s positive market development and our ability to deliver in line with these targets. While growth may vary between individual quarters, the long-term trend is positive, and MSAB is well positioned for the future.

Stable regional performance

EMEA continued to show stable performance, supported by high levels of activity in several markets, providing a solid foundation for the rest of the year. The Americas region performed in line with expectations, with Latin America showing continued growth and Canada securing several significant contracts. APAC remains an important long-term opportunity, in both established and emerging markets, with rising demand and customer interest. During the quarter, our position was further strengthened by a significant contract breakthrough in Australia, confirming the region’s strategic potential.

Growth underpinned by strong structural drivers

The global market for digital forensics continues to be underpinned by strong structural drivers. The increasing volume of data, the widespread use of mobile devices and the growing complexity of cyber and crime-related activities continue to heighten the importance of digital evidence. At the same time, law enforcement agencies and defense organizations are under pressure to improve efficiency, capacity and quality in the handling of large and complex data sets.

Although macroeconomic uncertainty and administrative factors in certain markets may affect the timing of individual procurement processes, the underlying need for reliable, scalable and effective digital forensic capabilities continues to grow. This underlines the relevance of our offering and the importance of our continued investment in product development and customer value.

Our strategic focus remains unchanged. We continue to invest in product development, with XRY Pro at the heart of our offering, complemented by our broader workflow solutions. Together, these solutions enable us to support customers throughout the entire forensic process – from extraction to analysis and collaboration. This creates further opportunities for growth within our existing customer base, as illustrated by our engagement with, amongst others, a major law enforcement agency in the UK.

Enhanced product development for future needs

During the quarter, we also launched our second major product update of the year, which addresses several areas where investigators may lose time or risk missing critical evidence. These improvements demonstrate our focus on bridging the gap between the data stored on today’s devices and the evidence that investigators can recover, examine and use effectively in their investigations.

As devices, operating systems and security architectures become more complex, our ability to rapidly develop new extraction capabilities is crucial to helping customers meet the challenges they face in the field. Strengthening our iOS capabilities remains a high priority, and we plan to expand these through further investment going forward. Our ambition is to maintain strong alignment with developments in iOS whilst broadening these capabilities to more markets and more products, including our Frontline solutions. To achieve this, we are strengthening our supplier structure by replacing parts of our current solutions with improved alternatives in collaboration with new suppliers. This may slow down certain upgrades during the implementation phase this autumn but will benefit customers in the long term.

With a clear direction for the future

In summary, the company is developing in line with our long-term plan. We are continuing to strengthen our market position through deeper customer relationships and strategic investments that address our customers’ long-term needs. Although there are quarterly fluctuations, the underlying trend is clear: demand for digital forensic solutions continues to grow, and MSAB is well positioned to capitalize on this market development through focused execution, innovation and a strong customer offering.

Stockholm, July 2026

Peter Gille

CEO MSAB