Revenio Group Corporation: Financial Statements Release January 1 - December 31, 2025

Continued sales growth and exceptionally strong cash flow

This release is a summary of Revenio’s Financial Statements Release for January 1- December 31, 2025. The complete report is attached to this release as a PDF file. The report is also available on the company website at www.reveniogroup.fi/en/

October-December 2025

• Net sales totaled 31.2 (EUR 30.5) million, up by 2.2%
• The currency-adjusted net sales increased 8.6%
• Operating profit was EUR 6.7 (9.1) million, or 21.4% of net sales, down by 26.9%
• The adjusted operating profit was EUR 7.2 (9.3) million, or 22.9% of net sales, down by 22.7%
• EBITDA was EUR 7.8 (10.3) million, or 24.9% of net sales, down by 24.2%
• Cash flow from operating activities totaled EUR 15.9 (9.8) million
• Earnings per share came to EUR 0.208 (0.247)

January-December 2025

• Net sales totaled EUR 109.7 (103.5) million, up by 6.0%
• The currency-adjusted net sales increased 9.1%
• Operating profit was EUR 25.4 (25.0) million, or 23.2% of net sales, up by 1.4%
• The adjusted operating profit was EUR 26.5 (26.0) million, or 24.2% of net sales, up by 2.3%
• EBITDA was EUR 29.9 (30.2) million, or 27.3% of net sales, down by 1.1%
• Cash flow from operating activities totaled EUR 30.2 (23.9) million
• Earnings per share came to EUR 0.655 (0.695)
• The Annual General Meeting was held on April 10, 2025. The dividend was confirmed as EUR 0.40.
• The Board of Directors will propose to the Annual General Meeting of April 15, 2026, that the General Meeting authorizes the Board to decide, at its discretion, on the payment of a possible dividend of up to EUR 0.44 per share by December 31, 2026.

Key figures

Financial guidance for 2026
Revenio Group’s exchange rate-adjusted net sales are estimated to grow 8-15 percent from the previous year and profitability, excluding non-recurring items, is estimated to remain at a good level.

President and CEO Jouni Toijala

I am pleased with our performance in 2025. In our view, we have been able to increase our market share in our key product categories. Sales in US grew strongly in the fourth quarter and we reached an all-time sales record in the US in December. In addition, we achieved an all-time high cash flow during the fourth quarter. Our currency-adjusted net sales for the fourth quarter increased by 8.6 %. Our reported net sales increased by 2.2% in the fourth quarter to EUR 31.2 (30.5) million.

Sales in the fourth quarter were primarily driven by our stable, recurring order flow, with no major one-off orders towards year-end. Our sales pipeline includes several interesting opportunities that are larger than our typical orders; discussions are ongoing, but their realization and timing are inherently challenging to predict.

Exchange rates had a lowering impact on net sales and thereby profitability compared to the previous year. In the EMEA region, good sales growth continued in the fourth quarter. Sales in the APAC region declined in the final quarter of the year compared to the strong comparison period. Sales were particularly weighed down by the strengthening of the euro against the local currencies of the region’s key markets. Thanks to the strong start to the year, however, APAC sales still achieved solid growth for the full year. We invoice our products in euros in all markets, with the exception of the United States. Dollar-denominated sales developed positively during the review period, although the headwinds of the USD/EUR exchange rate slowed down growth in euros.

In the fourth quarter, we began to see the impact of tariffs in the United States. The impact of delayed price increases temporarily weakened fourth-quarter gross margin and profitability. The impact of the unrealized price increases on margin and profitability was approximately 2 percentage points. The price increases will be fully implemented in early 2026.

Continuous business, such as sales of software licenses, service contracts, and probes, already accounted for nearly one-third of our net sales during the year, and we expect its share to grow in the future.

Net sales developed favorably in January–December – reported net sales amounted to EUR 109.7 (103.5) million, an increase of 6.0%. The development of sales adjusted for exchange rate effects in 2025 was at a good level, growing by 9.1% year-on-year.

Best-in-industry profitability
Our profitability was at a good level, the operating profit amounting to 21.4% of net sales in the fourth quarter, despite the momentary decrease in operating profit. The operating profit was weighed down by non-recurring costs of EUR 0.5 million, such as costs related to employment contracts terminated as a result of change negotiations and other costs related to non-recurring projects. EBITDA adjusted for the non-recurring expenses amounted to EUR 7.2 (9.3) million, representing 22.9% of net sales.

Cash flow from operations was historically strong at EUR 15.9 (9.8) million. Cash flow from operations strengthened particularly due to efficient working capital management and lower tax payments compared to the previous year. Profitability was good in January-December – operating profit was EUR 25.4 (25.0) million, representing 23.2% of net sales.

Changes in the USD/EUR exchange rate had a negative impact on net sales and profit in 2025. Operating profit adjusted for non-recurring expenses amounted to EUR 26.5 (26.0) million, representing 24.2 (25.1)% of net sales.

We merge hardware, software and AI
Sales of intraocular pressure measuring devices, or tonometers, were strong in the fourth quarter. In particular, sales of the iCare IC200 tonometer and the iCare HOME2 home tonometer were very strong in the fourth quarter. Sales of the iCare IC100 tonometer were also strong.

In fundus imaging devices, iCare DRSplus in particular, performed very strongly in the fourth quarter. Sales of iCare EIDON AF also grew strongly. During the financial year, we started sales of the new iCare MAIA microperimeter and launched the cloud-based iCare ALTIUS eye health information management solution in the United States. Sales of the iCare MAIA microperimeter performed well in the final quarter of the year, and the device’s reception in the market has been extremely promising.

iCare Screening Solutions developed strongly during the year and expanded into several new markets. Net sales generated by software solutions increased significantly and the number of customer sites using iCare ILLUME was already nearly 350 in Europe and measurement volumes more than doubled year-on-year. The core of the iCare Screening Solution, the AI-based iCare RETCAD, was launched earlier this year as part of the iCare ILLUME range and integrated into the iCare brand. The screening solution supports the early detection of eye diseases and strengthens the clinical effectiveness of the screening process. Our distribution network expanded, particularly in EMEA and LATAM, and we won new national screening programs in the Middle East and Central and Northern Europe, among others. In addition, the introduction of iCare ILLUME Connect strengthens our collaboration with opticians, clinics and ophthalmologists and clearly differentiates the iCare Screening Solution from other solutions on the market. The strong development of iCare Screening Solutions also supported the very strong growth in sales of iCare DRSplus imaging devices. The iCare Screening Solution is currently in the marketing authorization process for the US market and clinical trials began in the last quarter of the year. Based on our current assessment, the process-related cost impacts are expected to start materializing in 2026.

Artificial intelligence is becoming a key factor in the transformation of eye care, with the growing need for care and the simultaneous shortage of professionals calling for more efficient solutions. Our AI-powered screening and software solutions facilitate the efficient processing of large patient volumes, support clinical decision-making and help to allocate scarce expert resources to the most demanding cases. Our comprehensive approach that merges hardware, software and AI into seamless end-to-end solutions and leverages our extensive AI partner network, supports the efficiency of care pathways, improves the quality of diagnostics and allows us to build scalable and sustainable business models globally.

We are constantly exploring opportunities to expand our product portfolio through either our own product development or acquisitions that fit our strategy, and we see significant long-term potential in new products, software and the use of AI.

Determined progress in the implementation of the strategy
The implementation of our strategy is progressing with determination in all our focus areas towards the end of our strategy period at the end of 2026. We will organize a Capital Markets Day (CMD) in the fall of 2026. At the event, we will discuss our ongoing strategy update work and focus on the next strategy period 2027–2030.

The competitive advantage of our product portfolio is built on four cornerstones: diagnostic reliability and repeatability of results, patient-centric solutions, seamless connectivity and efficient care pathways. Our software solutions are designed to seamlessly integrate with wider eye care ecosystems.

The availability and delivery capability of our products and solutions remained at a high level throughout the financial year, and we continued to develop quality in all product categories. During the financial year, we invested in the awareness and customer experience of the iCare brand and built new distribution channels outside of eye health for the screening business. In addition, we completed management development programs and introduced a product-oriented operating model (POM) to strengthen customer orientation and agile cooperation. Our competitive product and solution offering lays down a strong foundation for sustainable and profitable growth and our ability to continue to perform strongly as one of the leading companies in our industry.

Sustainability at the core of the strategy
We have continued the determined development of our sustainability efforts. Although we are not required to report in accordance with the Corporate Sustainability Reporting Directive (CSRD) due to the change in EU regulation, the key focus areas of our sustainability work remain unchanged. The double materiality assessment we carried out earlier continues to provide us with a good basis for promoting sustainability work, and its material topics are aligned with our strategy and our previous sustainability program. We will continue to systematically consider sustainability-related risks, opportunities and impacts as part of our business development.

Strong foundation for sustainable and profitable growth
The global need for eye care is increasing as populations age, lifestyle related diseases such as diabetes become more prevalent. At the same time, a declining number of eye care professionals is placing growing pressure on healthcare systems, highlighting the importance of comprehensive and intelligent eye care solutions that enable more efficient screening, prevention and diagnosis while helping reduce the burden on healthcare and improve quality of life worldwide. In parallel, the eye care industry is undergoing consolidation, which is an important structural trend shaping the future development of the sector.

We have demonstrated our ability to grow profitably and sustainably for more than a decade, and our goal is to continue on this path in the future. We are strongly positioned in the industry, supported by strong structural long-term growth drivers and a high entry threshold. We are at the forefront of developing a new generation of solutions that combine technology, artificial intelligence and patient-oriented care. This provides us with significant growth opportunities in the years to come.

Despite the tense geopolitical environment and the ongoing uncertainty associated with it, I have strong confidence in our ability to navigate the changing conditions and continue our profitable growth. Our financial guidance for 2026 reflects our confidence in the strong growth of our business, competitive product and solution offering and the consistent implementation of our strategy.

I would like to extend my warmest thanks for 2025 to all our global employees, owners, partners and other stakeholders. Together, we have built a strong foundation for Revenio’s long-term success and ability to create impactful solutions for eye health around the world.

Financial reporting in 2026
Annual reporting package 2025, including the Report by the Board of Directors and Financial Statements, will be published during week 13 in 2026 on the company website.

The interim report Q1/2026 will be published on Tuesday, April 28, 2026. The half-year report H1/2026 will be published on Thursday, August 6, 2026, and the interim report Q3/2026 will be published on Thursday, October 29, 2026.

Audiocast and teleconference
Revenio will hold a live audiocast and teleconference call for analysts, investors, and media in English at 3.00 p.m. (EET) on February 11, 2026. CEO Jouni Toijala and CFO Robin Pulkkinen will present the Financial statement release.

The audiocast can be watched live at: revenio.events.inderes.com/q4-2025

To ask questions, please join the teleconference by registering using the following link: events.inderes.com/revenio/q4-2025/dial-in

Phone numbers and the conference ID to access the conference will be provided after registration. To ask a question, please press #5 on your telephone keypad to enter the queue.

A recording of the audiocast will be published on www.reveniogroup.fi/en after the event.

For further information, please contact
CEO Jouni Toijala: +358 50 484 0085
jouni.toijala@revenio.fi

CFO Robin Pulkkinen, tel. +358 50 505 9932
robin.pulkkinen@revenio.fi

Distribution
Nasdaq Helsinki Oy
Financial Supervisory Authority (FIN-FSA)
Principal media
www.reveniogroup.fi/en

Revenio Group in brief
Revenio is a global provider of comprehensive eye care diagnostic solutions. The group offers fast, user-friendly, and reliable tools for diagnosing glaucoma, diabetic retinopathy, and macular degeneration (AMD). Revenio’s ophthalmic diagnostic solutions include intraocular pressure (IOP) measurement devices (tonometers), fundus imaging devices, and perimeters as well as software solutions under the iCare brand.

In 2025, the Group’s net sales totaled EUR 109.7 million, with an operating profit of EUR 25.4 million. Revenio Group Corporation is listed on Nasdaq Helsinki with the trading code REG1V.