First Quarter 2026 January - March
Financial summary January - March 2026
· Net sales amounted to MSEK 15.8 (15.1)
· EBITDA amounted to MSEK -5.3 (0.8)
· Operating profit amounted to MSEK -9.2 (-1.3)
· Earnings per share amounted to SEK -0.1 (-5.2)
CEO Statement
Investments and delayed project starts are impacting short-term performance, but are laying the foundation for accelerated growth and profitability in the second half of the year
The first quarter of 2026 was characterised by a continued focus on transformation, organisational development and strengthened financial stability. Following a year of significant change related to the listing, organisational adjustments and the implementation of new ways of working, ORTELIUS has now entered a phase where these initiatives are expected to translate progressively into improved performance. This work will continue throughout the second quarter and is expected to have a more pronounced impact during the second half of the year, as investments made begin to generate stronger growth, improved profitability and a more scalable and predictable business model.
In April, I assumed the role of Interim CEO while continuing in my position as CFO. At the same time, the Board has been strengthened with international experience in leadership, digital transformation and strategic business development. In this context, I would like to welcome Anders Berglund as Chairman of the Board, and Tanu Tandan and Magnus Pårup as Board members. Collectively, these additions strengthen our corporate governance and our ability to prioritise and execute effectively during the current phase of the Company's development.
A key focus during the quarter has been to improve the Group's financial position. Efforts to strengthen the balance sheet and liquidity continued throughout the period and intensified after the end of the quarter, when a directed share issue was completed during the second quarter in conjunction with a restructuring of the Group's debt.
As part of this transaction, K.Ai Consulting ApS assumed liabilities of approximately SEK 83 million, of which approximately SEK 48 million was converted into shares at a subscription price of SEK 1.57 per share, corresponding to a post-money valuation of approximately SEK 163 million. Part of this amount related to liabilities that were already intended to be settled through shares, while approximately SEK 13 million related to liabilities that would otherwise have been settled in cash and were instead converted into equity.
As a result, the Company reduced its cash debt burden and avoided future cash payments of approximately SEK 13 million. In addition, the remaining liabilities, including approximately SEK 25 million that would otherwise have matured for cash repayment in September 2026, were granted extended terms. Taken together, these measures mark a step toward strengthening the balance sheet, improving the capital structure, and increasing financial flexibility. Efforts in these areas are expected to continue during the second quarter and will remain important going forward.
Net sales affected by delayed project starts
Net sales amounted to SEK 15.8 million (15.1) in the first quarter. The quarter was characterised by a slow start, with several project commencements being postponed, resulting in expected revenue not yet being recognised. This also includes the framework agreement for program management and IT services within the automotive industry previously announced, which is expected to commence in an initial phase towards the end of the year. The outcome is not in line with our ambitions, and we have therefore intensified our efforts in sales, prioritisation and execution.
Personnel expenses increased compared with the corresponding period last year as a result of the acquisition completed in 2025 and the expansion of the sales organisation. At the same time, investments in business development, partner networks and our technology platform have been intensified. Overall, these initiatives are fully aligned with our strategy of building a long-term scalable business within Data Readiness and Enterprise AI.
Operating profit (EBIT) amounted to SEK -9.2 million (-1.3). The development in earnings primarily reflects a timing effect, whereby delayed project starts resulted in revenue not being recognised during the period, while the cost base reflects investments already made in capacity and growth. The result was also affected by higher amortisation related to acquisitions and increased financial expenses.
Long-term customer relationships and recurring business provide stability over time
ORTELIUS operates in a market with strong structural demand, where the need for Data Readiness and Enterprise AI continues to grow as AI becomes increasingly business-critical. At the same time, we are seeing a degree of short-term caution in investment decisions, which is affecting the timing of project starts. Our business model is built on long-term customer relationships, where engagements develop and expand over time. This creates recurring business and a more stable and predictable revenue base.
During the quarter, we continued the integration of the previously acquired company, increasing our capacity to drive business development and deliver larger and more complex projects, although this has impacted the cost base in the short term.
Measures implemented are laying the foundation for future development
The Company remains in a financially challenging phase, where balancing investment and stability is critical. Measures implemented are beginning to have a gradual effect. At the same time, continued organisational adjustments, an even stronger financial focus and strict cost discipline, clear priorities and consistent execution remain necessary to achieve sustainable improvement.
We expect the second quarter to continue to reflect the effects that characterised the start of the year. At the same time, several of the projects that have been delayed are approaching implementation, creating the conditions for a gradual improvement during the second half of the year.
Looking ahead, the company's priority is to improve operational efficiency and strengthen profitability. At the same time, continued efforts are required to support the financial position and liquidity, including a gradual transition to positive cash flow. In view of the current capital structure, shaped by a period of negative cash flow, refinancing or other balance sheet measures are required to support a more balanced and sustainable financial position. With a more focused organisation and a relevant market offering, we are well positioned for a gradual improvement in both operational and financial performance.
Herman Weberg
CFO and Interim CEO, ORTELIUS International AB
Information from ORTELIUS
Important events, interim reports and year-end reports are published immediately through press releases and are also available on our website, investors.ortelius.com/financial-reports. Visitors may subscribe to financial reports and press releases on the website.
Financial Calendar
Annual General Meeting 2026 30 June 2026
Interim Report April-June 2026 26 August 2026
Interim Report July-September 2026 26 November 2026
Financial reports will be available on the company's website at investors.ortelius.com/financial-reports
For more information, please contact:
Herman Weberg, CFO and Interim CEO
ORTELIUS
Email: investors@ortelius.com
www.ortelius.com
investors.ortelius.com
About ORTELIUS
ORTELIUS International is a Swedish company at the forefront of AI- and data-driven business operations. Since the early 2000s, we have supported leading enterprises in establishing reliable data foundations, robust governance frameworks and advanced digital capabilities for effective decision-making and sustainable competitiveness.
Building on this expertise, ORTELIUS today enables organizations to realize the full potential of AI by ensuring data quality, governance and readiness are in place. With offices in Malmö and Gothenburg, we work with some of the world's largest companies to strengthen resilience, adaptability and long-term preparedness in an AI-driven era.
For more information:
www.ortelius.com
investors.ortelius.com
The share is listed on Nasdaq First North Growth Market (short name ORTIN).
The company's Certified Adviser is Redeye Nordic Growth AB.
This information is information that Ortelius International AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-06-05 10:51 CEST.
