Acuvi : Januari till juni 2022 en

Interim Report

April-June 2022

Acuvi AB
556539-6396	2

A stable quarter has laid the foundations for a strong second half-year

• Satisfactory sales growth, SEK 41 million during the quarter
• Ongoing negotiations on major multiple pur- chase orders

• SEK 8.9 million in profits at EBITDA level, corre- sponding to an EBITDA margin of 22 percent
• The next phase of the mobile camera colla- boration initiated

Second quarter (April-June)	First half-year(January-June)
2022	2022

• Net sales totalled SEK 41.2 (11.2) million
• Gross profit/loss was SEK -28.3 (0.8) million
• Gross profit excluding depreciation/amortisa- tion amounted to SEK 14.8 (4.1) million
• EBITDA adjusted for non-recurring costs and cur- rency effects amounted to SEK 1.8 (-6.1) million

• Net sales totalled SEK 84.3 (18.4) million
• Gross profit/loss was SEK -45.6 (1.8) million
• Gross profit excluding depreciation/amortisa- tion amounted to SEK 30.2 (6.7) million
• EBITDA adjusted for non-recurring costs and cur- rency effects amounted to SEK 6.6 (-9.8) million

Events during the second quarter

2 May 2022: Name change to Acuvi completed

Acuvi's operations are currently run through three subsidiaries - PiezoMotor, Sensapex and TPA Motion. These three company names will be retained since they constitute well- known brands in the companies' respective markets. The Group's strategy is to create a global leader in solutions for many applications through profitable organic growth in combination with acquisitions in complementary geographies, in line with increasing demands for precision and miniaturisation. Acuvi currently has around 500 customers to whom the companies in the Group supply unique components and systems.

Events after the end of the period

11 July 2022: Acuvi updates relating to mobile collaborations

Through the PiezoMotor operation, and in close collaboration with an Asian company, Acuvihas developed a completely new type of zoom solution for camera optics in mobile phones. The solution, which is based on PiezoMotor's unique PiezoWave® technology, should be presented to potential customers and partners during the first half of the year, with the intention of entering into commercial collaboration with one or more camera module manufacturer. Against this background, the following updates are provided:

• In collaboration with PiezoMotor's licence partner, presentations have been given to both manufacturers of mobile camera modu- les and mobile phones
• During the presentations, PiezoMotor demon- strated a solution to increase the functionality of the optical zoom based on PiezoWave®
• We were able to go ahead with the presenta- tions despite the Covid-19 lockdowns in Asia

Acuvi AB
556539-6396	3

The CEO's view

Stable quarter provides the conditions for a strong second half-year

During the first half-year, we achieved sales growth

of over 20%

- Anders Kottenauer, CEO

Acuvi performed well during the first half-year, with total pro forma sales growth of +20 percent compared with the same period in 2021, achieving a good spread across our focus markets and with orders from a large number of individual custo- mers. During the first half-year, Acuvi's member companies received orders for areas including nanosurgery, lithography, microscopy and advanced diagnostics. We have exceptional breadth and potential, in combination with low dependence on individual customers.

Acuvi has been affected to some extent by the general component situation and the lockdowns in Asia, particularly during the second quarter. Despite this, we have managed to maintain reliable deliveries to our customers. The level of activity in the market continues to be good, including within the semiconductor industry, and we are seeing that our customers in Asia have returned to a good level of activity after the lockdowns. In combination with ongoing negotiations for major orders in several of our focus markets, this means that we have continued to invest to ensure reliable deliveries and to build inventory levels.

The integration of subsidiaries is progressing according to plan. The integration has progressed rapidly, and the expected synergies are well on the way to being achieved. Our Group-wide strategic plan has been further refined during

the spring, and we are on track to build a global leader in advanced solutions for applications with increasingly stringent requirements for precision and miniaturisation.

In addition, we have continued to expand our commercial organisation, which involves a strengthening of product management, marketing and increased direct sales capacity. We have also reorganised sections of our R&D to achieve a better interchange of expertise within our respective subsidiaries. Overall, we have completed a number of important recruitments of key per- sonnel, and I am delighted with the high level of expertise which Acuvi has succeeded in attracting.

The second half-year is seasonally strong across all our Group companies and, with excellent leverage in our business model, we expect that increased sales will lead to improved profit performance. In addition, we are implementing focused initiatives to improve our efficiency, and our EBITDA performance is improving as planned.

With our clear focus on growth and profitabi- lity, we are confident about the future.

Anders Kottenauer, CEO

Acuvi AB
556539-6396	4

The Group's second quarter, 2022

Net sales and profit/loss

Net sales for the Group during the second quarter of 2022 amounted to SEK 41.2 (11.2) million. The greater part of our sales, around 70 percent, were in the US market. The Group has benefited from the strength of the US dollar. Pro forma growth in Group sales during the quarter grew by 14 percent compared with the second quarter of 2021.

During the second quarter, amortisation of goodwill and other amortisations within the Group amounted to SEK 42.1 million, stemming from company acquisitions during 2021. This is recognised as a cost of goods sold and, accordingly, affects gross profit/loss. Other depreciation/amortisation during the quarter amounted to SEK 1.2 (0.4) million.

Gross profit for the second quarter amounted to SEK -28.3 (0.8) million. Gross profit excluding depreciation/amortisation was SEK 14.8 (4.1) million. The gross margin excluding deprecia- tion/amortisation was 36 percent (36).

The operating loss for the second quarter totalled SEK -34.5(-12.0) million. Excluding depreciation/amortisation (EBITDA), the operating profit amounted to SEK 8.9 (-8.3) million. Other operating income amounted to SEK 11.7 million. The greater part of this arose from un- realised exchange rate effects from an internal Group loan in USD. During the quarter, the newly established Group incurred costs of SEK

3.5 million setting up Group functions, primarily in finance and IT. These items are judged to be non-recurring. Adjusted for unrealised exchange gains and the non-recurring items mentioned above, the Group achieved an adjusted EBITDA of SEK 1.8 million in the second quarter.

Acuvi AB
556539-6396	5

The Group's first half-year, 2022

Net sales and profit/loss

Net sales for the Group during the first half of 2022 amounted to SEK 84.3 (18.4) million. The greater part of our sales, around 70 percent, were in the US market. The Group has benefited from the strength of the US dollar. Pro forma growth in Group sales during the first half of the year grew by around 20 percent compared with the corresponding period of 2021.

During the second quarter, amortisation of goodwill and other amortisations within the Group amounted to SEK 73.8 million, stemming from company acquisitions during 2021. This is recognised as a cost of goods sold and, accordingly, affects gross profit/loss. Other depreciation/amortisation during the quarter amounted to SEK 2.4 (0.8) million.

The gross profit/loss for the fourth quarter amounted to SEK -45.6 (1.8) million. Gross profit excluding depreciation/amortisation was SEK

30.2 (6.7) million. The gross margin excluding depreciation/amortisation was 36 percent (36).

The operating profit/loss for the first half-year totalled SEK -34.5(-12.0) million. Excluding depreciation/amortisation (EBITDA), the operating profit/loss amounted to SEK 16.5 (-11.7) million. Other operating income amounted to SEK 14.9 million. The greater part of this arose from unrealised exchange rate effects from an internal Group loan in USD. During the first half-year of 2022, the newly established Group incurred costs of around SEK 5 million setting up Group functions, primarily in finance and IT. These items are judged to be non-recurring. Adjusted for unrealised exchange gains and the non-recurring items mentioned above, the Group achieved an adjusted EBITDA of SEK 6.6 million during the first half of the year.