Welcome to ContextVision today with Richard, our CFO, and myself, Gerald. I hope you all had a good summer. You're back well, looking to a fantastic year- end race. But today, we want to focus on presenting our second quarter 2026 results and the results for the first half year. There's a lot of good news that we're going to show, so we'll keep it short and crisp. Starting with an executive overview. We see signs of stability and stabilization in the market, and we see continued growth in net sales. In the second quarter, we see a 1.6% underlying growth, so that excludes FX and IFRS impacts, and for the first half year, this amounts to a + 4.1% growth in net sales. I think that is worth an applause. We have achieved a solid financial position.
Operating results amounted to a cash flow of +SEK 9.5 million in the second quarter and a total cash position of SEK 78.5 million at the end of the quarter. With continued cost discipline, we're able to deliver an adjusted EBITDA of SEK 15.7 million , and that is adjusted for our venture in Data Quality and is corresponding to an adjusted margin of 44.4%. That also is a fantastic number. One operational highlight I would love to mention here in the executive highlight is a successful OEM supplier audit that went very well and that we have passed and were confirmed as a supplier by a major OEM in the market. That was an interview to assess our IEC 62304 compliance, and that is medical as a software device lifecycle management, and i n this case, related to the very critical interventional devices.
We're glad to have managed this audit without any difficulty. Let's look a little bit more into what is happening in the market. Signs of market stabilization is, for us, mainly related to the number of systems in the market, so u ltrasound systems, X-ray system, MR systems, being put on the market by our OEM customers. Those numbers are stabilizing, which helps us in our addressable market, obviously, and is one of the underlying reasons for a good sales development, also in the second quarter, and t hat continues now after already a good first quarter. I think it's fair to highlight this as a stabilizing market condition. On the flip side, we also need to mention that the global uncertainties remain in the market, and that is mainly related to tariffs and global conflicts, s uch as recently, the Strait of Hormuz causing supply chain issues for our customers.
We're carefully monitoring those situations, obviously, but it doesn't have a direct impact on our business as of now. What is manifesting as a trend in the market, and that's also been confirmed by external research now, is the increasing price pressure, in particular on the ultrasound market. Across the industry, particularly driven through the volume-based procurement initiative in China, where central procurements are now taking place, the prices are under pressure. We see customers also moving more from premium systems to buying high-end systems. In total, the market volume in monetary terms is under pressure. However, the unit numbers remain stable or even increasing in some segments. It's a shift in the mix, I should say, from premium more to high-end systems in the market.
Now, let's look a little bit more into the business side of things. We, in the second quarter, have been very active in customer contacts, also in participating in major trade shows. In April, we were participating in the China International Medical Equipment Fair in Shanghai. We had a lot of customer interactions, and we were also one of the only two Swedish companies exhibiting, so w e had a lot of attention also from the Chamber of Commerce. The clinical development program is progressing as well. With the University of Washington in Seattle, we have now installed an upgraded version of our research ultrasound system, which includes new protocols. They have been measured and certified even externally, so we're recruiting and scanning patients again. Additionally, we are in preparation to include a second clinical site into the program, and that is going to be the Linköping University here in Sweden.
That was planned from the beginning as a validation site for insights that we generate in the initial patient studies. We're moving forward in discussing with a company in Korea called BeamWorks the opportunities for a strategic partnership. BeamWorks is experienced in building computer-aided detection systems, which would be a fantastic match with our signal processing capabilities and can become a significant part of accelerating our long-term strategy. Stay tuned for progress that we are making in these discussions. I want to close by highlighting that Homer Pien was appointed as a new member to the board of ContextVision. It's an honor, and we're grateful that Homer has accepted the position as a board member to the company. Homer is a very well-known person in the medical imaging industry.
He has been leading med tech and healthcare companies throughout his career, and he's going to be a strong supporter for executing our advanced development and technical roadmap capabilities into a profitable business. We're really honored on this move forward. Now, having looked into the highlights moving forward, let's also take the opportunity, Richard, and dive deep into our financial results of the second quarter and the first half year.
Right. Thank you, Gerald. Let us start by looking at the revenue development. Revenue for the second quarter amounted to SEK 35.3 million , compared with SEK 28.6 million in quarter two of last year. This represents an increase of 23.6%. The main drivers for the increase was the refined assessment of the timing of revenue recognition, which we talked about during last quarter. This had a positive effect on revenue of SEK 6.3 million . Increased license sales as well as new customer contracts also contributed to the increased revenue. Taking into consideration a translational effect corresponding to a -SEK 0.7 million , we saw an underlying revenue growth of approximately 1.6%. In terms of the half year development, revenue is up to SEK 63.8 million from SEK 54.9 million from the same period of last year, with an underlying revenue growth of 4.1%.
With regards to profitability, the adjusted EBITDA reached SEK 15.7 million compared to SEK 5.1 million in quarter two of 2025. This corresponds to an adjusted EBITDA margin of 44.4% compared to 17.8% of last year. EBITDA amounted to SEK 12.4 million compared to SEK 2.3 million of last year, giving an EBITDA margin of 35.1%. Adjusted earnings per share also improved to SEK 0.16 compared to SEK 0.04 in quarter two of last year. While our profitability looks very strong for this quarter, we remain aware that a substantial portion of the earnings increase comes from the refined assessment of timing connected to revenue recognition. With that said, we have seen increased sales and with greater emphasis on cost control, our profitability is increasing in conjunction with our continued investments into our R&D and Data Quality initiative.
The cash flow from operating activities saw a large increase up to SEK 12.2 million after changes in working capital compared to -SEK 0.7 million in quarter two of 2025. The main cash flow driver was improved operating results. In addition, we had a positive effect from timing connected to tax payments, as well as investments and divestments of tangible assets and the delta of the two. From financing activities, cash flow amounted to a -SEK 1.7 million impacted by repurchase of our own shares. Total cash flow for the quarter was SEK 9.5 million versus a -SEK 0.2 million of last year. At the end of the quarter, we have a cash position of SEK 78.5 million, further reinforcing our strong financial position. With that, I hand over to Gerald to take the stage again.
Well, thank you, Richard, for taking us through the financials. I must say, you phrased it very nicely, and I am happy to see that adjustments in revenue recognition happen in a way that we have increased revenue in the second quarter, and we need to accept that we might miss some of it in the quarters moving forward. Much better to have it in line with cash flow than the other way around. Let us look into our strategic progress and the remainder of the year where we are preparing for a very eventful fall season. In particular, we are seeing already impacts of our strong technical leadership with the recruited CTO, Marco Voormolen, in place, and also our significantly more customer-centric sales organization where we see impacts taking place and hopefully also moving forward. We focus on our long-term technology roadmap and key strategic partnership.
This is going to be exciting in the short but also in the long term, obviously. Last but not least, our stable and strong financial position provides us the strategic flexibility to make those moves forward. All in all, short, good news, and I am looking forward to see you again with the closing of the third quarter. Thank you for attending.