Interim report
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Kebni Q3 report 2025 1 Quarterly report, Kebni AB (publ), 556943-8442 Q3 2025
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Kebni Q3 report 2025 2 In Q3, Kebni delivered stable results with an EBITDA margin of 11% and revenues of 30,4 MSEK, up 8% year-on year growth. Financial development Jul-Sep 2025 (KSEK) • Net sales, 99 061 (90 176), 10% growth year-on-year • EBITDA, 11 781 (5 109), 12% (6%) • Net profit for the period, 4 203 (390), 4% (0%) • Net cash flow for the period, -7 885 (-10 892) • Operating cash flow for the period, -2 682 (-2 268) • Earnings per share before and after dilution, 0,02 (0,00) • Net sales, 30 422 (28 295), 8% growth year-on-year • EBITDA, 3 479 (-1 154), 11% (-4%) • Net profit/loss for the period, 938 (-3 347), 3% (-12%) • Net cash flow for the period, -9 562 (-1 696) • Operating cash flow for the period, -10 543 (356) • Earnings per share before and after dilution, 0,00 (-0,01) KSEK 2025 Jul- Sep 2024 Jul-Sep Growth 2025 Jan-Sept 2024 Jan-Sep Growth 2024 Jan-Dec Net sales 30 422 28 295 8 % 99 061 90 176 10% 130 560 Operating profit/loss 1 127 -3 258 4 994 509 2 298 EBITDA 3 479 -1 154 11 781 5 109 10 330 EBITDA margin (%) 11% -4% 12% 6% 8% Balance sheet total 119 334 96 550 119 334 96 550 105 369 Net profit/loss for the period 938 -3 347 4 203 390 2 001 Net profit/loss margin (%) 3% -12% 4% 0% 2% Net cash flow for the period -9 562 -1 696 -7 885 -10 892 -3 338 Operating cash flow for the period -10 543 356 -2 682 -2 268 7 686 Equity ratio (%) 62 63 62 63 60 Number of employees at the end of the period 23 26 23 26 24 KPIs Financial development Jan-Sep 2025 (KSEK) Significant events Jul-Sep 2025 • Salénia AB, through its subsidiary 3S Invest, acquired 27 million B-shares in Kebni, corresponding to just under 10% of outstanding shares, becoming Kebni’s largest shareholder. • The first exercise period in Kebni’s Incentive Program 2022/2025 resulted in 2,38 million stock options being exercised, corresponding to 2,47 million new B-shares and raising SEK 4,3 million for the company. • Notice of Extraordinary General Meeting published to propose an expanded Board and a new incentive program. The Nomination Committee proposes Olof Rudbeck, CEO of Salénia AB, as a new Board mem- ber. Significant events after the period No significant events after the period. Q3 2025 at a glance
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Kebni Q3 report 2025 3 Solid margins and continued progress We reported stable financial performance in the third quarter, with EBITDA margin of 11% and net sales increasing by 8%. For the first nine months of the year we reached a EBITDA margin of 12% and net sales increase of 10% year-to-date. I am encouraged that we continue to combine solid profitability with steady growth. We remain focused on sales growth, cost efficiency, and building the capabilities needed for continued expansion. Continued progress within SensAItion Within our SensAItion product family, we continue to see solid interest from the drone segment, where demand for high-performance IMUs is expected to be strong. In support of this demand we are currently developing an ArduPilot interface planned for release in October. With a standard interface like ArduPilot it will be much easier and faster for different drone manufacturers to select and integrate the SensAItion IMU in their products. The global IMU market is developing steadily, driven by growth in autonomous systems and defense applications. We are maintaining close dialogue with customers and partners, while continuously refining the SensAItion platform to strengthen our competitiveness and capture new business opportunities. We continued our collaboration with Aimpoint, a global leader in electro-optical sight technology, with deliveries made during the quarter. Under the technical collaboration framework, the companies are exploring the potential integration of Kebni’s SensAItion IMU into a future Aimpoint application. The project is progressing positively and illustrates that SensAItion is a competitive product, not only for the drone segment but also for other applications within the defence sector. In Korea, the previously announced future soldier project with ACE Antenna, is progressing well and is under user evaluation, all according to plan. Comments from the CEO Torbjörn Saxmo, CEO “In Q3 Kebni delivered 11% EBITDA margin and 8% year-on-year growth.” Continued partnership with Saab Our partnership with Saab continues to develop positively. Deliveries are ongoing for the tailored NLAW IMU, and we maintain a close and constructive dialogue. Sales activities and project progress During the quarter, we continued to drive our sales and project activities forward. At the DSEI exhibition in London, one of the world’s largest defense and security events, Kebni met with numerous international stakeholders, including potential customers and partners. The event confirmed strong and growing market interest in our technologies and provided valuable opportunities to strengthen relationships within the global defense industry. Our Satcom Gimbal continues to be a strong and proven product, recognized for its robust performance and reliability in demanding environments. Customer engagement remains active, although the sales cycles in this market are typically long. To further strengthen our offering and meet emerging customer requirements, we are also developing a dual-band solution that enables simultaneous transmission across two frequency bands. This enhancement builds on our existing platform and will provide additional flexibility and capability for future applications. Scaffsense - Joint Venture Company To secure the highest operational performance and customer value, supplementary testing is being conducted through the third and fourth quarters. Enhanced governance and employee engagement After the quarter, Olof Rudbeck, Salénia, was elected as a new member of the Board, further strengthening our strategic capacity and governance. The employee option holders exercised the first tranche of our employee stock option program during the quarter. The program had a strong participation across the organisation – a clear sign of engagement and confidence in Kebni’s future. Positioned for sustained performance Looking back at the third quarter, we have maintained good momentum across our key programs. We are advancing in ongoing customer projects, while our product development strengthens Kebni’s long-term competitiveness. Torbjörn Saxmo, CEO This quarter reflects continued progress on Kebni’s path toward long-term growth, with an EBITDA margin of 11% and revenue of 30,4 MSEK – up 8% year-on-year.
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Kebni Q3 report 2025 4 Financial overview Third Quarter 2025 (July – September) Revenue and profit Net sales for the third quarter amounted to 30 422 KSEK (28 295 KSEK), representing an increase of 8% compared to the same quar- ter last year. The increase in revenue during the quarter was mainly attributable to activity in the Inertial Sensing segment. Capitalized development costs totaled 2 338 KSEK (1 584 KSEK), mainly driven by internally funded development projects in key technology areas EBITDA for the quarter amounted to 3 479 KSEK (-1 154 KSEK, adju- sted EBITDA 2 646 KSEK), corresponding to a margin of 11% (-4%, adjusted EBITDA 9%). Operating profit totaled 1 127 KSEK (- 3 258 KSEK). The result for the period was 938 KSEK (3 347 KSEK, adjusted result 453 KSEK). Earnings per share amounted to 0,00 SEK (-0,01 SEK). In the comparative period, Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was adjusted for non-recurring costs amounting to 3,8 MSEK, attributable to salaries, rent and travel expenses related to the discontinuation of opera- tions in Satmission AB. The adjustment also affected net profit. Cash flow and equivalents Cash flow for the period amounted to -9 562 KSEK ( -1 696 KSEK). Cash flow from operating activities in the third quarter amounted to -10 543 KSEK (356 KSEK). The negative cash flow mainly reflects higher working capital from growing inventories to ensure quick delivery on new orders. It also reflects unusually large receivables due to significant invoicing at the end of the quarter, as well as ongoing investments to strengthen Kebni’s capacity for future deliveries. Cash flow from investing activities totaled -3 358 KSEK, of which -2 338 KSEK related to capitalized development costs. The remain- der was directed toward long-term capability enhancements and supporting Kebni’s joint venture ScaffSense to strengthen future product and market opportunities. Cash flow from financing activities included 4 340 KSEK related to proceeds from the exercise of warrants under the 2022/2025 incentive program, representing the outcome of the first batch of warrants exercised. The program runs until October 2025. Cash and cash equivalents at the end of the quarter amounted to 9 699 KSEK (10 030 KSEK). Available liquidity, including unused credit facilities, totaled 24 699 KSEK (25 030 KSEK). Financial status Equity at the end of the quarter amounted to 73 466 KSEK (60 473 KSEK), corresponding to an equity ratio of 62% (63%). The compa- ny maintains a solid financial position and continues to balance investments with liquidity and capital efficiency. First three quarters 2025 (Jan–Sep) Revenue and Profit Net sales for the three quarters amounted to 99 061 KSEK (90 176 KSEK), an increase of 10% compared to the same period in 2024. Inertial Sensing accounted for the majority of revenue during the period. Capitalized development costs for the first half-year totaled 6 683 KSEK (5 333 KSEK), reflecting Kebni’s ongoing investments in stra- tegic technology development. EBITDA for the period months to 11 781 KSEK (5 109 KSEK, adjusted EBITDA 8 909 KSEK), with a margin of 12% (6%, adjusted EBITDA 10%). Operating profit amounted to 4 994 KSEK (509 KSEK), and profit for the period was 4 203 KSEK (390 KSEK, adjusted 4 190 KSEK), with a margin of 4% (0%, adjusted margin 5%). Earnings per share were 0,02 SEK (0,00 SEK). In the comparative period, Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was adjusted for non-recurring costs amounting to 3,8 MSEK attributable to salaries, rent and travel expenses related to the discontinuation of operations in Satmission AB. The adjust- ment also affected net profit. Cash flow and equivalents Cash flow for the period amounted to -7 885 KSEK ( -10 892 KSEK) Operating cash flow for the first half-year amounted to -2 682 KSEK (-2 268 KSEK). After a strong recovery in Q2, cash flow turned nega- tive in the third quarter, mainly reflecting temporary working capi- tal effects and continued investments supporting future deliveries. Cash flow from investing activities totaled -9 542 KSEK, of which -6 694 KSEK related to capitalized development costs. Remaining investments were directed towards strategic initiatives, including early-stage financial support to Kebni’s joint venture ScaffSense, to strengthen future product and market opportunities. Cash flow from financing activities included 4 340 KSEK related to proceeds from the exercise of warrants under the 2022/2025 incentive program, representing the outcome of the first batch of warrants exercised. The program runs until October 2025. At the end of the period, cash and cash equivalents amounted to 9 699 KSEK (10 030 KSEK), and available liquidity including unused credit facilities, totaled 24 699 KSEK (25 030 KSEK). Financial status Equity at the end of the first half-year was 73 466 KSEK (60 473 KSEK), corresponding to an equity ratio of 62% (63%). The compa- ny’s financial position remains strong, providing a solid foundation for continued execution of its strategic priorities. Future development and risks Demand for Kebni’s products continues to develop positively, with growing interest in both Inertial Sensing and Satcom. The compa- ny sees continued potential in these markets, with the focus ahead on scaling up serial production of SensAltion, advancing product development, and strengthening marketing efforts in Europe and Asia. Inertial Sensing and Satcom/ Space are all strong global growth areas, and Kebni is well positioned to capture opportunities across these segments. Kebni’s growth journey is supported by an existing working capital credit facility. The current geopolitical landscape presents both opportunities and risks. Sweden’s recent accession to NATO is expected, over time, to positively impact Kebni by reinforcing regional security pri- orities and potentially increasing defense-related investments. At the same time, the global environment remains uncertain, marked by shifting trade relations, geopolitical tensions, inflation, and rising tariffs – all of which put pressure on international supply chains. For Kebni, these factors mainly translate into risks related to the av- ailability of certain raw materials and components, as well as longer lead times. The company addresses these risks through established strategic partnerships, active contract management, and ongoing supplier engagement. Kebni continues to carefully balance deve- lopment priorities and sales forecasts to maintain flexibility and ensure readiness for rapid market changes. Based on the compa- ny’s current supplier base and market exposure, Kebni assesses that the ongoing global uncertainty around increased tariffs does not have any material impact on its operations. A more detailed description of the risks can be found on page 20-21 in the Annual Report for 2024.
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Kebni Q3 report 2025 5 About Kebni Bringing stability to a world in motion Vision Financial calendar Year-end report 2025: February 12, 2026 Accounting principles Kebni AB (publ) applies the Annual Accounts Act and BFNAR 2012:1 Annual Accounts and Consolidated Accounts (K3). Full set of accounting principles are available in the Annual report, pages 30-33. This report has not been subject to review by the company’s auditors. Kebni Kebni consists of the parent company Kebni AB (publ) and two fully owned subsidiaries: Satmission AB org. nr 556666-8793. ASTGW AB org. nr 559218-8881 Sustainability Kebni’s sustainability efforts primarily focus on social responsibility, ethical procurement, and actively developing the company’s positive impacts on people and the environment. Actively working with more environmental-friendly materials and environmental standards and guidelines is a natural course for the company. Other information Employees Kebni had 23 employees as of Sep 30, 2025. Press releases: www.kebni.com/press IR contact: Johanna Toll-Meyer, CFO, ir@kebni.com Kebni is a Swedish tech company specializing in stabilizing technologies. The company develops, produces and offers advanced products and applications for stabilization, navigation and satcom. Kebni targets governmental, military and commercial sectors on the global market. Kebni is headquartered in Kista, Stockholm.
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Kebni Q3 report 2025 6 Product areas Satcom Kebni develops Satcom solutions for ships and land vehicles that, through a combination of the company’s unique Satcom and stabilization expertise, meet high demands for precision, stability, and performance, even in extreme environmental conditions. Inertial Sensing Inertial Sensing, a motion sensing technology, is found in everything from smartphones to nuclear submarines. Kebni develops Inertial Sensing products, tailored solutions, and applications for advanced stabilization, navigation, and motion analysis. Off-the-shelf products Kebni develops standardized and customizable multisensor platforms for integration into autonomous systems and vehicles. The first product family, Kebni SensAItion, is now in series production. Tailored solutions Kebni Tailored Solutions are bespoke, client-tailored Inertial Sensing solutions, such as the IMU (Inertial Measure- ment Unit) developed by Kebni for Saab’s NLAW anti-tank system. Applications A part of Kebni’s product strategy is to develop sensor-based applications for the commercial segment. The first example is ScaffSense, a safety system for scaffolding. Kebni SensAItion Saab NLAW. Source: Saab ScaffSense pilot testing Kebni SOTM Kebni SOTM is an On-the-move antenna for the defense and government segment, filling the market gap between the efficient but space-demanding traditional parabolic antennas and the new flat antennas. Kebni Gimbal Kebni’s maritime antenna, Kebni Gimbal, features a 4-axis stabilization system, enabling stable satellite communication regardless of the vessel’s movement. The system is unique in the market for its robustness and performance under challenging conditions, as proven in military environmental tests. Kebni Gimbal Kebni SOTM
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Kebni Q3 report 2025 7 The share Kebni’s B-share has been listed on Nasdaq First North Growth Market Stockholm since August 25, 2020, and trades under the ticker KEBNI B. The company has a total of 273 620 445 shares issued, of which 295 302 are A-shares and 273 325 143 are B-shares, with a par value of 0,06847 SEK. A-series shares carry ten (10) votes, while B-series shares carry one (1) vote. Both A-series and B-series shares have equal rights to the company’s profits and assets. As of September 30, 2025, the market value was 614 278 KSEK (331 532 KSEK), and the number of shareholders amounted to 13 829 (5 953). Certified Adviser G&W Fondkommission is the company’s Certified Adviser. Warrants Incentive program 2022/2025 The shareholders decided at the Annual General Meeting on June 28, 2022, to implement a stock option program for all employees during 2022. A total of 3 662 387 options were issued with an exercise price of 200% of the average volume-weighted price over the last fifteen days before the implementation of the program. It expires on October 15, 2025. The graph shows the development of the Kebni stock for the period 30/09/2024 – 30/09/2025, sourced from Avanza. Shareholder A-share B-share Capital (%) Votes (%) Salénia AB 295 302 29 704 698 10,96% 11,82% Avanza Pension - 15 305 993 5,59% 5,54% Aperture Investors - 8 701 232 3,18% 3,15% Jan Robert Pärsson - 8 700 000 3,18% 3,15% Nordnet Pension Insurance - 7 766 234 2,84% 2,81% Sven-Olof Hagelin with company - 5 850 000 2,14% 2,12% Jan Wäreby - 3 039 322 1,12% 1,11% Thore Andre Nordbö - 3 000 000 1,10% 1,09% Jan Håkan Anund - 2 940 000 1,07% 1,06% Michael Kejbert - 2 717 424 0,99% 0,98% Others 295 302 185 600 240 67,83% 67,17% Totaly 295 302 273 325 143 100,00% 100,00% The largest owners confirmed as of September 30, 2025, are shown in the table below Largest shareholders The owner list was retrieved from Euroclear. Result per share 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Jan-Dec Number of shares at the end of the period 273 620 445 271 154 530 273 620 445 271 154 530 271 154 530 Average number of shares before dilution 271 976 502 271 154 530 271 428 521 271 154 530 271 154 530 Avergare number of shares after dilution 272 475 886 272 475 886 272 749 877 272 475 886 272 475 886 Earnings per share before dilution, SEK 0,00 -0,01 0,02 0,00 0,01 Earnings per share after dilution, SEK 0,00 -0,01 0,02 0,00 0,01
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Kebni Q3 report 2025 8 Profit and loss KSEK 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Jan-Dec Sales Net sales 30 422 28 295 99 061 90 176 130 560 Capitalized expenditure 2 338 1 584 6 683 5 333 7 126 Other operating income 716 2 438 1 559 4 604 4 889 Total operating income, change in inventory etc. 33 476 32 317 107 303 100 113 142 575 Operating expenses Cost of goods sold -16 225 -16 029 -50 353 -46 004 -66 110 Other external expenses -6 094 -6 059 -18 962 -18 073 -25 027 Personnel costs -7 582 -10 385 -25 918 -28 546 -37 984 Depreciation/amortisation and impairment of tangible and intangible assets -1 977 -1 850 -5 779 -4 149 -7 255 Other operating expenses -97 -998 -288 -2 381 -3 124 Profit/loss from shares in associates and jointly controlled entities -375 -254 -1 009 -451 -776 Total operating expenses -32 349 -35 575 -102 309 -99 604 -140 276 Operating profit/loss 1 127 -3 258 4 994 509 2 298 Financial income/expenses Other interest income and similar income 12 2 26 7 10 Interest expenses and similar expenses -201 -91 -817 -125 -308 Total net financial income/expenses -189 -89 -791 -118 -298 Profit/loss after net financial income/ expenses 938 -3 347 4 203 390 2 001 Income taxes for the year 0 0 0 0 0 Net profit/loss for the period 938 -3 347 4 203 390 2 001
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Kebni Q3 report 2025 9 KSEK 2025.09.30 2024.09.30 2024.12.31 ASSETS Non-current assets Intangible assets Capital expenditures for research and development 27 594 26 634 25 448 Concessions, patents, licences, trademarks and similar rights 1 706 1 813 1 927 Goodwill 0 0 0 Total intangible assets 29 300 28 447 27 374 Tangible assets Cost of improvments to leased property 2 069 1 626 2 154 Equipment, tools, fixtures and fittings 2 209 2 688 2 616 Total tangible assets 4 279 4 314 4 771 Financial assets Participations in associates and jointly controlled entities 7 537 3 701 4 425 Other non-current receivables 486 486 486 Total financial assets 8 022 4 187 4 911 Total non-current assets 41 601 36 947 37 056 Current assets Inventories Raw materials and consumables 19 322 13 864 20 792 Work in progress 3 241 4 218 3 289 Prepayments issued to supplier 21 84 0 Total inventories 22 584 18 167 24 080 Current receivables Trade receivables 36 881 25 854 20 071 Current tax receivables 1 542 705 657 Other receivables 46 661 1 075 Prepaid expenses and accrued income 6 982 4 187 4 846 Total current receivables 45 451 31 407 26 649 Cash and bank 9 699 10 030 17 584 Total current assets 77 734 59 603 68 313 TOTAL ASSETS 119 334 96 550 105 369 Balance sheet
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Kebni Q3 report 2025 10 KSEK 2025.09.30 2024.09.30 2024.12.31 EQUITY AND LIABILITIES Equity Share capital 18 735 18 566 18 566 Other contributed capital 333 382 329 211 329 211 Other equity including profit/loss for the year -278 650 -287 303 -284 643 Total equity 73 466 60 473 63 133 Provisions Other provisions 1 195 4 471 3 144 Total provisions 1 195 4 471 3 144 Current liabilities Advance payment from customers 10 528 396 58 Accounts payable 24 419 23 196 27 826 Other liabilities 5 413 4 783 6 650 Accrued expenses and deferred income 4 314 3 231 4 558 Total current liabilities 44 674 31 607 39 092 TOTAL EQUITY AND LIABILITIES 119 334 96 550 105 369 Balance sheet, cont.
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Kebni Q3 report 2025 11 KSEK Share capital Other contributed capital Other equity Total equity Opening balance 18 566 329 211 -284 643 63 133 New share issue 169 4 171 4 340 Costs related to New share issue 0 Equity fund 1 790 1 790 Warrants 0 Profit for the year 4 203 4 203 Closing balance 18 735 333 382 -278 650 73 466 Statement of changes in equity Jan-Sep 2025
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Kebni Q3 report 2025 12 Cash flow statement KSEK 2025 Jul-Sep 2024 Jul-Sep 2025 Jan-Sep 2024 Jan-Sep 2024 Jan-Dec Cash flows from operating activities Operating profit 1 127 -3 004 4 994 959 3 074 Adjustments for non-cach items 1 641 5 649 4 839 7 948 9 636 Financial items received 12 2 26 7 11 Financial items paid -201 -91 -817 -125 -308 Taxes paid -285 -9 -885 -553 -505 Cash flow before changes in working capital 2 294 2 547 8 156 8 236 11 908 Cash flow from changes in working capital Inventories -5 423 17 1 497 -9 074 -14 988 Trade receivables -3 619 7 527 -16 810 -2 875 2 908 Other current receivables -331 -3 053 -1 107 -930 -2 003 Accounts payable 225 -5 808 -3 407 3 915 8 545 Other current liabilities -3 689 -874 8 989 -1 540 1 316 Net cash flow from changes in working capital -12 837 -2 191 -10 838 -10 504 -4 222 Net cash from operating activities -10 543 356 -2 682 -2 268 7 686 Cash flows from investing activities Investments in intagible assets -2 338 -1 804 -6 696 -6 094 -7 824 Sale of intagible assets - - - - Investments in tangible assets - -248 -516 -1 830 -2 500 Investment in associated companies and joint ventures -1 020 - -2 330 -700 -700 Investments in financial assets - - - - - Sale of financial assets - - - - - Net cash from investing activities -3 358 -2 052 -9 542 -8 624 -11 024 Cash flow from financial activities New share issue 4 340 - 4 340 - - Borrowings - - - - - Repayment of borrowings - - - - - Net cash from financial activities 4 340 0 4 340 0 0 Net cash flow for the period -9 562 -1 696 -7 885 -10 892 -3 338 Cash flow of the beginning of period 19 261 11 742 17 584 20 932 20 932 Exchange rate difference 0 -16 0 -10 -10 Cash flow at the end of period 9 699 10 030 9 699 10 030 17 584
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Kebni Q3 report 2025 13 Anders Persson Chairman of the Board Anna-Karin Stenberg Board member Maria Andersson Grimaldi Board member Jan Wäreby Board member Martin Elovsson Board member Torbjörn Saxmo Chief Executive Officer The Board of Directors and the chief executive officer hereby confirm that the quarterly report provides a true and fair overview of Kebni’s operations, financial position, and results, as well as describes significant risks and uncertainties facing Kebni. Kista, October 23, 2025 Kebni AB (publ), 556943-8442 Declaration by the Board of Directors and CEO Olof Rudbeck Board member
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Kebni Q3 report 2025 14 Bringing stability to a world in motion