Maven Wireless Sweden AB (Publ)

Hello and welcome to this report interview with Maven Wireless. Today's topic is that we will start with a presentation of the quarter and Maven Wireless as a company and then we will go over to a question time. In this question time, those of you who are watching on the link also have the opportunity to ask your questions in the chat. The chat function is open during the entire presentation, so make sure to ask your questions when they pop up. And today is not a completely ordinary day, because today we will also get introductions from Anders Ohlin, who will take over as CEO here after Fredrik Ekström in early 2026. And with that, I think I'll hand over the word and picture to Fredrik and Anders, so we get a little presentation of who Anders is.

Thanks for that, Hugo. It's always nice to be here. As I said, Anders is with us, so I'm going to start by introducing Anders, who is already in the board, who is the vice-chairman and has been with us for about two years. Anders has a good insight into the company already, but I'm going to leave the word to Anders to present himself briefly.

Thank you, Fredrik. Hi, everyone. My name is Anders Rollin. I have an engineering background at KTH, but I have always been interested in how to create value for customers and companies with technology. So I have always worked in technology companies, but more commercially. Also a very international profile. I have worked with most markets and done business all over the world. I have lived abroad for 17 years, 10 years in the USA, my children are born there, 3 years in England and have traveled frequently to both Norway and Denmark, so a very international influence on my professional experience. There are three things that I think are really fun to be motivated by. One is Growth, business growth, sales, working with long-term customer relationships and also winning new businesses. It's a fundamental part. The second part is leadership. Building global, diverse teams that work together towards a common goal and have fun on that journey. And the third part is transformation, how to transform things. If it's status quo, then it's not a job for me. This is a transformation journey that I see that looks very exciting, but I have done different types of transformations in sales, product management, operations. And I actually have a background from Ericsson, 20 years approximately, which took me around the world in different leadership positions, sales, product management primarily. I worked at Cinch for five years and was part of the journey from a co-founder of a company called CLX Communications, when they were 300 people. Five years later, Cinch is now 4,500 people and has grown to seven. seven and a half times in five years, much thanks to acquisitions, but also organic growth. In the last two years, I have been the CEO of a company called Zeta Display, which is a slightly different industry, Digital Signage is the name of that industry, which has been a company that is built on various acquisitions. So it has been a lot to get a company together, drive the professionalization of operations, refinancing the company, and also drive a growth agenda. And as Fredrik said, I've been in the board, so I know Maven. It's a very large global market. It's a market that is changing and growing. Maven has an interesting technical leadership that we see continue to be confirmed, both with extensions of existing customer contracts and new contracts that are winning. And we also know the board very well and we have a common view on what needs to be done. It became an interesting opportunity when Fredrik decided to do something else and I had the opportunity to take this opportunity. I have also gone in privately with 5 million investments in companies because I believe in this. Det ska bli väldigt roligt att se fram emot att jobba nära Fredrik i en ny konstellation framöver. Tack, kommer se er mer framöver.

Tack Anders, jag ser verkligen fram emot att ha dig ombord 100% från 1 januari. Yes, tack. Då så fortsätter vi. För er som inte känner oss från grunden så återigen, Maven Wireless, vi är ju ett produktbolag. Vi utvecklar och säljer produkter för inomhus och tunneltäckning, så kallade distribuerade antennsystem och repeatrar. Vi firar ju 10-årsjubileum nästa år och vi håller på med vår expansion worldwide. Vi säljer fortfarande huvuddelen i Europa. Vi ser ju vår organisation här på världskartan också inritat med rött de två huvudfabriker vi använder, kontrakttillverkning. We also have figures on the global market, which Anders also mentioned, which is a growing market. The main part of our market is the mobile phone system, i.e. 2G to 5G. And here and now and in the future, this market is driven by new technologies. And for mobile telephony, it is just 5G in-house coverage that is in its infancy, where it starts and accelerates here and now for in-house high-speed 5G coverage. For Blåljus Radio Public Safety, where we also have a full product Flora, there is also a technology shift from these older tetra-based Blåljus radio systems. In Sweden, it's called Rakel. They have now decided to switch to a more LTE-based technology, also for Blåljus. In Sweden, the new system is called Sven. Previously, it was Public Safety LTE. So that is what we are also building. We have started in other countries, we have started to get new products here in the north. We have built these new systems in the Middle East several years ago. Even within the railway standard, you have used the GSM standard, something called GSM Rail since the 90s. Here, a technology shift to a new system called FRMCS has also begun, which will also give new technology to these systems. This technology shift is also ahead of us. This is what drives the development and expansion of the market. What we have also done since last summer is that we have changed and strengthened our leadership within the sales organization. We have changed and brought in a new person for the global sales manager role, CSO. Jörgen Krigsman started in August. and has taken full responsibility for our entire global sales organization and responsibility for the expansion of our sales. In the same vein, we have also recruited another person in North America, in Dallas, Joe Altadonna, who is responsible for our American expansion. So two very good incentives to drive our sales in the future. I have previously used the reference in this picture. It gives a little palette over our verticals to where our products are used. And here we traditionally have a lot of tunnel design, both road and train tunnels, indoors in all different forms. Vi har sjukhus uppe till vänster. Jag kommer prata lite mer om det i en kommande slide. Väldigt intressant. Här tar det också fart för oss inom den vertikalen. And here we have this reference, which you can see on the first page, and also this deviation in the quarterly report. We have sent products and implemented hospital projects locally here in Sweden, with both mobile telephony, public safety system for the old traditional Rakel, but also prepared for this Public Safety LTE, which is called Sven here in Sweden. So here we have now, which Maven represents, a unique solution for all technologies. We can weave everything together in one and the same system, which is very effective for just hospitals, where you don't want to install several different systems that take up a lot of space and so on. You want to have an efficient functioning system, future-proof, so that you can operate your care in the best possible way. And that's what we offer here to this vertical. So very interesting and we also have a lot of opportunity to expand. Now we have good references out here. We also see that we have traction on our new geographies for this vertical, both in North America and Australia, where we already have several hospitals in our sales funnel. So, an interesting vertical, where we also see traction and that it takes speed. We continue to look at Q3 quarter. We sent out our preliminary figures earlier. But here we have all additional details. But first and foremost, the preliminary figures we can basically confirm that we sent out. But here we have the additional details. So net turnover then 31 million. It is lower than the same quarter previous year. So we go down 13%. We had almost 36 million in 2024 Q3. What is really strong during this quarter is our gross profit margin, which ends at 46%. So it is higher than the normal interval, I would say, a little higher. So it means that our EBITDA in crowns and ears actually ends a little stronger than the previous quarter, even if we have a slightly lower invoice. If we look at the trend and the history through the last four years on the screen. On the left side, again, we have these figures in relation. We also have an order book here. We have an order book of 64 million with us in Q4 for upcoming deliveries and invoicing. och en orderintag på 21 miljoner, vilket är lågt och vi är långt ifrån nöjda med den här orderingången. Och vad påverkar orderingången? Ja, först och främst vill jag komma tillbaka till en kommentar som har givits flera gånger förut, att det är lite vanskligt att bara titta isolerat ett kvartal på våra siffror. It's more relevant to look at trends. That's one thing. Our business is a normal business. It can take up to a year from initiation to decision and order. So the processes are relatively long. You should keep that in mind when you look at this. Further, if we look at the businesses that are coming in and the mix of it all, I see that here and now, from the summer and up to and with Q3, we have a small number of appeal orders, that is, appeal to the framework agreements we have. So that is yet another explanation. And it is not that we are losing framework agreements, it is rather the opposite. We have announced during Q3 that we have had an extension of the framework agreement in Austria with the end customer ÖBB, the traffic agency in Austria. We have also recently announced about Hitachi, the new framework for train repeaters. So we increase the number of frameworks and extend the ones we have that go out. So that's not the problem, but it's rather that this coincides with the frame rates that we deliver on, especially the larger ones here in Europe. This is a phase where we are delivering the existing tunnels that we have worked with for quite a long time, to get them in final operation and transfer in operation to the end customer. Man kan inte hantera hur många tunnlar som helst parallellt. Så då kan det bli sådana här skiften att innan dess att man har fått ut dem i underhåll och drift till slutkunden, när det är gjort kan man då påbörja nästkommande tunnlar i ett plan. Så jag ser ju lite grann att det är en svacka, men jag ser samtidigt ett uppdämt behov på avrop i kommande perioder. The mix of regions is not so surprising. If we look at the previous quarter, we also have the main part of Europe, which we see here. Here we also have the graphic description of the figures that I started to show. And due to low invoicing, we have a negative EBITDA. Så vi behöver ju fakturera mer för att få positivt resultat helt enkelt, om vi vänder på steken. We have also announced that we are doing a targeted new emission and that is of course driven by our recruitment here by Anders. Anders himself said that he is investing another 5 million, which we from the board think is fantastically good. gives a long-term incentive to drive the business. So, in addition to the investment that Anders makes, we also generate a personnel option program with so-called KPOs. At the same time, the board has suggested that we generate a package of one million KPOs. vilket blir ett väldigt bra incitament och paket för Anders. Det här kommer ju då tas beslut om nästa vecka då vi kallar till en extra stämma med det här på agendan för beslut för det här är ju ett stämmobeslut. Highlights. We just received a press release a few days ago about a won stadium project in England. I have to ask to come back with exactly what stadium it is. We will do this as a reference case together with the customer, so we will come back with much more information about value creation and why Maven does this for this stadium. But we can note that this business is worth about SEK 4 million for Maven Wireless. It is the first stadium business we take for Maven Wireless. This is also a breakthrough, a completely new vertical, and it is a super exciting vertical. What we do for this stadium is that we start now with blue light radio systems, so two parallel frequency bands, two services in the form of blue light systems that will be installed with Maven equipment. And that is very important for a stadium. Partly to have a security system, as the world is looking at it, but it will also require a lot of capacity in a stadium. And capacity is... It's a bit different than if you look in other verticals. In a stadium, the uplink in the radio system is the throat of the bottle, where the audience films, uploads snaps, reels and so on. So it drives a lot of uplink traffic. where in the normal case, on normal macros, you see more traffic in the downlink. This also means that there are slightly different and higher requirements for the technology, quality and functionality of the radio system, where we have products with very low noise factors in the uplink, which is ideal for creating a good uplink with high data speed. Så väldigt spännande inbrytning i Vertikalen Stadium som jag också ser som spännande expansion framöver. Den här bilden har jag visat någon gång förut. Jag har haft med den i andra sammanhang. Jag tycker den här är bra. Det är här jag har summerat de områden som är viktiga för oss för att driva tillväxt och vår framtida expansion. Three areas, but some parts in these areas. We of course need new customers, new verticals. Here we had just an example. We have implemented and strengthened our sales team. I have just explained what we have done with the leadership within the sales organization. strengthen sales to new customers, but also grow with existing customers and extend the number of frames we do. The second area that is very important is to grow geographically. That is why we have invested in North America, Australia and New Zealand. We also want to spread to new countries in Asia and the Middle East. I will come back to the geographical one with some examples in the upcoming pictures. The last area is also, as I said at the beginning, the 5G in-house coverage. The bulk of those businesses are in front of us. We want to expand that as well. It is important for us to have a complete portfolio where we already have high power and we will continue to sell Nimbus. We have talked about Nimbus. We have had problems with getting full bandwidth through this. There were some weaknesses in the hardware that we have talked about. The weaknesses are now corrected by our technology and R&D department. We have new versions of this hardware that I describe here. We have a 4x4 MIMO for 5G. And that means that you run the 5G frequencies overlaid four times to get the maximum, highest speed for 5G indoor heating. It is the first priority variant we have. We also have these legacy bands, the traditional 4G bands and so on. And then we have, as the third variant, the 5G band, completely and completely, two times MIMO, but also the 4G band. And we also see it as a highrunner, especially for operators and marketers who are still using so-called anchor bands for 5G. then you need a 4G band to use parameters and configurations together with 5G, when you don't run in this mode called 5G Standalone, when you can only run 5G frequencies. Then you need that combination product. So we actually see the first and third as the real high-runner products. Then we also have a fourth that is completely dedicated to North America, with the American frequencies. These are the four prioritized platforms that we are launching and going out and demonstrating together with customers here under Q4 to get sales, deliveries and invoicing started at the beginning of next year. And we continue with North America and the USA. Since earlier this summer, we have sold cell repeaters for cell coverage indoors and also delivered. It is installed, so we have a cell Maven product installed in operation in the USA here and now. What has happened in recent months is that we have also sold Public Safety, a blue light radio system for the USA, which is now in production. It's a red product. It's a special requirement in the US, where all blue light radio systems should be red-painted, because if we make a mistake on these systems, if you run into a technical room or make a mistake, you should immediately see the red equipment to be able to solve the problem as quickly as possible. So it's a requirement in the US. Here you can clearly see the blue light radio system. We have sold this. We have a standalone repeater. We have also sold a unique solution where we can build a DAS system with several radio remotes, where we take radio signals from outside from a so-called off-air master, a radio unit that picks up radio signals outside. Then we can cascade several radio units and create coverage in a larger area. And that's what we've also sold here. Unique for the USA, no other offers just that configuration, where we have now received traction from customers and a first order. Super cool. We have run a race in Australia for one year. We have now developed product variants for the Australian market. New Zealand is also part of this. We have received two different product approvals locally from the Australian market. So now we have that behind us. We have several interesting businesses, among others, as mentioned earlier, in the hospital vertical also for public safety in Australia. So we have then built up a parallel funnel, now we have product approval, so now the launch commercial phase for Australia starts. With that, I have pulled through the material, so we have some questions on that, Hugo.

Of course we have that. Thank you for a good presentation, Fredrik. I think we are focusing on the future, and order book and order entry are important. You mention in the BDO word that the supply chain looks very good. How should we think about that? What is the comparison? Do you compare with Q3 last year? Do you compare with Q3 now? Or what kind of relationship do you have with the fact that this supply chain looks big?

I would say that if we look at both the previous periods, a trend during the year, but also the previous period, we have seen an increase in the supply chain. And I imagine that, when you look at the details, there are, of course, as always, several reasons and explanations for it. And I've been talking about some of the explanations already during the presentation, where we have a little bit of a vacuum of summons on the framework. So there is a bit of that in it, of course. But also where we now see that we have now worked on sales funnel and supply chain for both existing and new customers in existing regions, but as I also mentioned, North America, Australia, completely new geographies where we also now get traction and build up good funnels that also generate inquiries and offers that are actually out there and a growing supply chain also on new geographies. So it's a combination of that.

Then you answered my next question directly there, because that was just where it came from. Let's talk a bit more about the US. You have delivered both cellular and blue light orders. Is it now, during 2026, that the US is moving? What are your expectations for 2026 and the American market?

Yes, we have started to deliver on a cellular basis, but we have taken orders for blue light, just to be very correct. It is for production now, Public Safety. It is scheduled for delivery just after the change of year. So then we will also install blue light reference products in the USA at the beginning of the year. And that is also very important. Then we have cellular systems, we have blue light systems, and we have seen in other expansions that it is important to get your feet on the ground, to be able to have reference systems, and even if new customers want to follow along and look, here we have an installation and look at how it works. So these are very important steps to take. So that will help us in that expansion. So of course we want to continue to expand now, and I don't usually give any exact figures, but this gives very good conditions to continue to build on sales and invoicing in North America, and likewise for Australia. When we now have product approval, we have contracts in place with local partners, we have traction with end customers, we have a supply chain out, everything is uplined, so to speak. So all this work that we have done and invested in, now in some way starts a little bit of that harvest time.

These are the things you start to see being built up here in Orderstock. Nimbus. There are several variants of Nimbus now. We have previously talked a lot about the 4x4 MIMO variant. Now there are several. I think you mentioned the beginning of 2026. Is that when everyone is ready for sales?

All of the four variants we have now are the ones we have prioritized. There will be more variants of this. We see in product families that there will be variants. Sometimes there are special relationships in some countries, and then you complete the product family. But with these four variants that I have shown, they are the most general. We see that they are feasible on the large market as a whole. So these will be long enough, especially in this introduction. But absolutely, we will complete with more variants for country-specific combinations in the future.

We also have a question from the viewers. What is the market potential for Nimbus? And what are the goals for 2027? And what is the competitive situation for this product family?

There is a great potential here. It is being built. The Nimbus product is a new product variant that we have not done before. It is a product that is usually called fiber-to-the-antenna. So that's the only product we have where there is an antenna integrated into the product itself. All other products we have include everything other than the antenna. For tunnels, you connect a so-called leaking cable, which is a long cable antenna where you leak radio signals. Or if it's indoors, it can be other types of antennas. But the function of this is for high-speed indoor heating. And it is fed with a fiber. And it is also due to fiber in the media that you get through most of the data. And often you want to feed with fiber and a hybrid, so you also have a DC feed. So you have a fiber hybrid cable to the unit, which often sits tucked in the roof inside the house. So it's this type of product that will be used here and now for high-speed indoor heating. So the market is fantastically large for this and we are attracted to where you want to have All operators with the highest bandwidth in one unit. This is what we contribute to with the Nimbus product. It can be built with other types of so-called small cells. which is often optimized for one operator. And if you want to have more operators, then it can be a bit cumbersome with a lot of hardware out there. We remove that, that we offer coverage for all operators and full bandwidth on the entire 5G band through one Nimbus. So that's how it works.

And then there was another question here on Nimbus and the competition. When we started talking about it, we said that the speed was much higher and better. Does this also apply to these new products? Or is it mainly 4x4 MIMO?

How does it stand against competitors today? It is still doing well. And we should also remember that we have a delay in the launch of Nimbus when we have fixed our hard work. But if we look at what has happened during this period when we have fixed this, Yes, some systems have been built, but the main part of the 5G expansion is still ahead of us. The main part of the business, the absolute largest amount, is from here on out. And when it comes to speed and what we support, we still support that this is dimensioned for the future. It has maximum bandwidth for the entire 5G frequency band, so it supports maximum bandwidth. So there is no doubt about that. This is future-proof.

And then there's another question here. There's a lot of focus on Nimbus now. Can you say something about which channels will drive Nimbus's growth?

I suspect that sales channels are thinking about that. I would also think so. Yes, exactly. Nimbus sales, I see, will occur initially on several channels. On the one hand, such systems are being built by the so-called neutral hosts. those who do not own Spectrum themselves, but invest and build. But then if you look at it, there can be a combination of neutral hosts or system integrators. But if you look at how the budgeting and financing looks, in a classic way, the neutral host itself has had a large bag of money and invests 100% of it. That continues, but what is happening now is that there is a drive from certain types of properties, that they finance these systems, that is, venue funded, we usually talk about. då kommer det tillskott av pengar från fastighetsägarna för att de ser det så pass viktigt att få en fullgod täckning. Och framförallt som fastighetsägare, då vill jag ju se, jag vill ju ha en investering i min fastighet som är långsiktig. Och vad vill man då ha? Ja, man vill inte bygga in ett system som bara täcker en operatör. Man vill ju se till att man har allting för fastigheten, för the tenants will come and go and have different requirements. Therefore, property owners start to open their eyes to this and want to get involved in the game and in some cases even shoot more money to be able to control that I want to have a fully good solution that gives value to my property. So it's also an interesting trend. So that's where the property owners come in and their voice becomes stronger. And that's good for us, because we offer just such flexible solutions where we offer technology for everything. Then I'm not going to exclude either, we also sell some solutions on distribution channels to distributors today. We have a solution that is certified and approved by Microsoft's data center. They go on distribution throughout Europe. Vi ska inte utesluta att det kan finnas paketeringar eller produktkonfigurationer för fastighetssegmentet som också kan passa in i distribution. Detaljer om det får vi återkomma, det finns inget inristat i sten för det men det kan finnas en möjlighet för det.

Då ska jag också bara till er som tittar här nu. Vi börjar närma oss slutet här på frågestunden så har ni frågor, passa på att skicka in dem här nu. Let's leave Nimbus for now. Let's talk about the strong brutto margin. It was due to a positive product mix. Can you tell us more about the product mix, so we know what happened this quarter?

Yes, exactly. And that's how we explain it, so to speak. And the gross margin, and you can perhaps realize that when you think about it, that some products can have higher margins and some lower. If we are to generalize, typically we tend to have a higher gross margin on blue light systems than on pure cellular systems. So there we have a division. Then you can also think that sometimes we can give some extra discount for some strategic expansion and so on. So sometimes we make such decisions in our expansion strategy, so to speak. So it can be such elements and then maybe we don't have any extra discount when we have a very good margin. But here you can also think that there may be a lot of blue light radio systems. So that's how you should think.

Shining. Then we agree. And then I think, finally here, because we are approaching 2026 with storm steps. So when we look into 2026, where are we a year from now when we are here again?

We'll be here in a year, hopefully. But where is the company?

Where is Maven in a year? What do you want to achieve along the way?

Back to the slide that showed the expansion, which important areas we have. I see that in a year we have come a good bit further in all those sub-areas. With the expansion, and as I have tried to explain here today, we have now begun to see the fruits of these investments we have made in North America and Australia, which becomes very concrete. Here I see that we have come a good bit further on both of the geographical expansions. Then we have Nimbus, of course, now the customer demos with the final hardware version, these four key product variants. So here I also see that we are in a commercial phase, that we are shipping and selling that product, of course, in these, especially these variants. So all these things will contribute to our sales and revenue, of course. Then we have our framework agreements and we extend them. So we will continue to work on them. And if we get the opportunity, we will also take even more framework agreements. So there are many contributing factors for us to get a good expansion during 2026. Brilliant.

Thank you very much for that, Fredrik. Thank you, Hugo. And thanks to everyone who has watched and asked questions. Har ni ytterligare frågor så är ni varmt välkomna att höra av er till både mig och Fredrik även efter det här. Tack för att ni har tittat. Tack så mycket.