Tourn International (TOURN) investor relations material

Executive summary

• EBITDA improved by 68% year-over-year to -1,078 TSEK, driven by cost reductions exceeding 30% and margin improvements, especially in NAGATO.

• Revenue declined 24.5% year-over-year to 10,874 TSEK due to the strategic exit from low-margin channels and deconsolidation of Tourn ASA.

• AI transformation continues to enhance productivity and has opened a new revenue stream through external AI agent sales.

• Cost discipline remains strong, with personnel costs down 10% and other external costs down 16% year-over-year.

• Cash position at quarter-end was 2,750 TSEK, with improved liquidity from operational efficiencies.

Financial highlights

• Adjusted EBITDA for Q1 2026 was -597 TSEK, a significant improvement from -1,237 TSEK in Q1 2025.

• Net loss for the quarter was -2,234,638 SEK, with EPS improving to -0.23 SEK from -0.36 SEK year-over-year.

• Gross margin in NAGATO rose to 18.3% from 8.9% year-over-year; AGENCY gross margin was 32.5%, up 2.2 percentage points.

• Cash flow from operations improved to 574 TSEK from -2,718 TSEK in Q1 2025.

• Equity ratio at quarter-end was 34.7%.

Outlook and guidance

• Expecting higher revenues in Q2 for both NAGATO and AGENCY due to seasonal trends and increased bookings.

• AI revenues anticipated to grow as new customers are onboarded.

• Targeting 500 MSEK in revenue and 10% profit margin by 2028; focus for 2026 is profitable growth.