Micro Systemation

Summary July - September 2026

• Net sales amounted to SEK 175.0 (146.6) million, an increase of 19.4 per cent compared with the same period last year. Currency-adjusted growth amounted to 17.6 per cent.
• Operating profit (EBIT) amounted to SEK 72.0 (45.8) million, corresponding to an operating margin of 41.1 (31.3) per cent.
• Profit after tax amounted to SEK 56.3 (35.1) million.
• Earnings per share before dilution amounted to SEK 3.05 (1.90) and after dilution to SEK 2.96 (1.88).
• Cash flow from operating activities amounted to SEK 3.1 (3.1) million.

Summary January - September 2026

• Net sales amounted to SEK 398.7 (321.2) million, an increase of 24.1 per cent compared with the same period last year. Currency-adjusted growth amounted to 25.5 per cent.
• Operating profit amounted to SEK 77.2 (27.3) million, corresponding to an operating margin of 19.4 (8.5) per cent.
• Profit after tax amounted to SEK 60.0 (17.9) million.
• Earnings per share before dilution amounted to SEK 3.25 (0.97) and after dilution to SEK 3.15 (0.96).
• Cash flow from operating activities amounted to SEK 27.5 (10.7) million.

CEO Comments

A record quarter demonstrates the scalability of our business
I am proud and truly delighted to present the strongest quarter in MSAB’s history. When I joined the company, I saw outstanding products, a strong market position and significant untapped potential for growth. Together with a new management team, we established a clear strategy, convinced that the right investments would turn that potential into growth within 12 to 24 months. Since then, we have executed our plan with focus and consistency, and today we are seeing the results.

The quarter delivered record revenue and our highest profitability ever. Net sales amounted to SEK 175.0 million, an increase of 19.4 per cent compared with the same period last year, and currency-adjusted growth was 17.6 per cent. Operating profit (EBIT) amounted to SEK 72.0 million, corresponding to an operating margin of 41.1 per cent. The consistent execution of our strategy, combined with the scalability of our business model, is now delivering both higher revenue and strong profitability.

Customer loyalty supports long-term growth
This quarter reflects the underlying strength of our business. At its core are long-standing customer relationships built on trust, close collaboration and consistently high-quality solutions. Customers who choose MSAB tend to stay with us, which reflects both the strength of our offering and the expertise of our teams. This high level of customer loyalty generates recurring business and provides a solid foundation for future growth.

During the quarter, we also secured a significant agreement with a military customer in Europe, an important step in expanding our presence in the defence sector. By sharpening our customer focus, broadening our expertise and investing in the areas that matter most to our customers, we see continued opportunities for sustainable growth.

Product innovation strengthens our technological leadership
Improving our extraction capabilities and further developing our offering for both Android and iOS remain our highest priority. These areas are central to our product roadmap and to our ability to keep pace with increasingly complex devices and operating systems. Over the coming year, we plan to increase our investment in development to accelerate innovation and remain at the forefront in our field. The continued development of XRY Pro and our broader product portfolio strengthens our role as a trusted technology partner to law enforcement agencies and other public sector customers.

Our strong global position was recognised when MSAB was named one of only three global “Leaders” in the “IDC MarketScape: Worldwide Digital Forensics Platforms 2026 Vendor Assessment”. This recognition confirms our specialist expertise in mobile forensics, the breadth of our offering and our commitment to compliance, interoperability and data protection.

Governance and origin are becoming decisive procurement factors
In digital forensics, customers handle highly sensitive information and need complete confidence in the origin and security of their tools. Our latest campaign on trust and governance highlights how transparency, accountability and data sovereignty are becoming increasingly important in purchasing decisions – a shift that recent events in the industry have made even clearer. Buyers are scrutinising more closely where technology is developed, who controls it and how suppliers are governed.

MSAB is a listed Swedish company with a transparent ownership structure and all of our product development taking place in Sweden. As the only European vendor among the market leaders, we offer full transparency regarding the origin and ownership of our technology. We see this as a clear advantage as governments and public authorities place greater emphasis on resilience, security and control over critical technology.

Our strategy remains unchanged
We remain confident in our long-term direction, whilst recognising that regional conditions and public sector investment cycles may affect individual quarters. We will continue to focus on the markets with the greatest potential and adapt as conditions evolve. Our continuous product investment, loyal customer base and trusted European foundation give MSAB a strong position for continued profitable and sustainable growth. As global demand for mobile forensic solutions continues to rise, our mission – helping our customers protect society through advanced mobile forensics – has never been more relevant.

Stockholm, October 2026

Peter Gille
CEO MSAB

For further information, please contact:
Peter Gille, CEO MSAB, peter.gille@msab.com
Tony Forsgren, CFO MSAB, tony.forsgren@msab.com