Induct AS – Q4 2025 Interim Report

Induct reports full-year 2025 EBITDA of NOK 7.5 million, an improvement of NOK 7.8 million compared to 2024, marking a return to solid profitability. Q4 EBITDA was NOK -0.3 million, reflecting continued investments and revenue timing effects, while full-year profitability demonstrates that the company’s cost measures are delivering results.

During 2025, operating costs were reduced by NOK 10.4 million, significantly strengthening margins. Refinancing and private placements completed in Q2 and Q3 reduced total debt by 76% year-on-year and lowered annual financing costs by approximately NOK 6 million, materially strengthening the balance sheet.

Full-year revenue declined by NOK 3 million, primarily due to elevated churn in OSINT Analytics driven by financial pressure in Norwegian municipalities. At the same time, Tilskuddsportalen facilitated more than NOK 60 million in grant funding to voluntary organisations in 2025, an increase of NOK 20 million compared to 2024, demonstrating the platform’s clear value to users.

Within healthcare, commercial discussions with AstraZeneca regarding the severe asthma care pathway module are progressing, with the ambition to conclude an agreement in Q1 2026. Early engagement with the next Severe Asthma Specialist Network scheduled for deployment has been very positive and shows strong clinical endorsement.

In Q4, Induct strengthened its master data and data management foundation, enabling improved scalability, interoperability and future integration of AI-driven functionality across care pathways and disease areas.

With improved profitability, a significantly stronger balance sheet, and commercial opportunities in international healthcare markets, Induct enters 2026 with a strengthened foundation for growth and long-term value creation.