For those not familiar with Anoto Group – could you briefly describe the company, your business model and how you create value within your operations?

Anoto has been around for more than 20 years and originally built its name on digital handwriting technology. Today, the company is effectively being rebooted around a new product and platform strategy, combining smartpens, software and AI-enabled digital writing experiences. In practical terms, the business now spans consumer products under the inq brand, existing retail products such as Livescribe, and enterprise workflow solutions, with the ambition of turning handwriting into something genuinely useful in a modern digital environment.

The value creation is increasingly tied to a combination of hardware, software and recurring usage. Anoto sells pens and related products, but the more important long-term opportunity lies in the software layer, where handwriting, voice and AI can be combined into a broader productivity and workflow offering. That means the company is no longer just trying to sell digital pens, but rather to build a platform around digital handwriting that can scale both in consumer and enterprise settings.

You have recently appointed a new CEO and taken steps to strengthen the organization – how would you describe the current strategic direction and focus areas going forward?

This is really a full reboot of the company. There is a new leadership team, a significantly renewed organization and a much stronger focus on execution than before. The strategic direction now is to make Anoto the leader in natural digital handwriting, while modernizing the entire business around better product design, software innovation, stronger customer experience and a far more disciplined operating model than the company historically had.

Operationally, that has meant changing much of the team, rebuilding the supply chain, redesigning the product process and using AI tools internally to accelerate development and improve productivity. The ambition is not simply to stabilize the legacy business, but to build a more modern and scalable technology company on top of Anoto’s existing brand, patent base and installed customer relationships.

The company is undergoing a transformation with a stronger focus on your inq platform and new product offering – how should investors understand this shift and what it means for Anoto going forward?

The shift should be understood as a move away from being a legacy digital pen company with an under-monetized technology base, toward becoming a product-led business built around the inq brand. Anoto introduced inq in 2025 as a new handwriting platform for the digital age, and management’s intention is clearly to make inq the group’s main commercial platform going forward.

What makes this shift important is that management believes AI has changed the usefulness of digital handwriting. Historically, digital writing was difficult to commercialize at scale because unstructured handwriting was not easy to turn into something actionable. With modern AI and transcription tools, Anoto now sees an opportunity to bridge analog note-taking and digital workflows in a much more compelling way. The inq product family is therefore not just a new pen launch, but the foundation for a broader consumer and enterprise offering.

You have secured additional financing through convertible loan agreements – how do you view your financial position today and the path toward a more sustainable capital structure?

The additional financing has primarily been about creating stability and giving the company room to execute. During 2025, Anoto announced several financing steps, including bridge financing, additional tranches under existing convertibles and a larger secured convertible loan framework. In the year-end report, the company stated that this financing was intended to support execution of the business plan and strengthen the capital structure.

From management’s perspective, the key point is that capital should create operating room rather than simply fund survival. The company now needs to use that financial flexibility to execute on product, distribution and enterprise sales, while over time moving toward a more sustainable structure supported by real commercial traction. The company will raise more funds opportunistically only to support the growth of the company.  That is ultimately what needs to underpin the next phase of the story.

Despite improvements in gross margins, profitability remains a challenge – what are the key initiatives to move toward sustainable profitability over time?

The main initiatives are tied to three things: improving the product mix, building distribution and scaling enterprise use cases more efficiently. The year-end report shows that Anoto improved gross margin significantly in 2025, while management also emphasized cost discipline and a more focused organization. The next step is therefore not just more revenue, but better-quality revenue generated from a leaner platform.

Another important lever is that the company now believes it can build and customize products much faster than before, thanks to AI-assisted internal workflows. That matters because it should reduce the time and cost needed to serve enterprise opportunities. The company believes this is a major advantage for smaller businesses where previously it was harder to compete with companies with larger teams and resources.   Over time, management also wants to introduce more software- and usage-based monetization, which could make the model less dependent on one-off hardware sales and more structurally profitable.

Where do you see Anoto Group in one year? (Not a forecast)

In one year, the ambition is to have materially stronger distribution in place, a larger disclosed user base and a clearer market position around the inq platform. Management also wants to have launched at least one additional new product and to be further along in converting enterprise interest into announced vertical-specific traction.

More broadly, the goal is for Anoto to be seen less as a troubled legacy listed company and more as a credible growth platform built around digital handwriting, AI and workflow productivity. In that sense, the next twelve months are about proving that the reboot is real and that the commercial strategy can translate into visible momentum.

Lastly – can you give three reasons why Anoto Group is an interesting company to follow today?

First, Anoto is unusual in that it combines the characteristics of a turnaround with the upside profile of a startup. Management’s view is that the market is still heavily discounting the company because of its history, while the underlying opportunity today looks very different from the old Anoto story.

Second, the company now appears to have both a stronger human capital base and a more coherent product strategy. The new team, the rebooted organization and the focus on inq give the business a much clearer commercial direction than before.

Third, Anoto operates in an area where there is an obvious real-world use case: people still write by hand, especially when thinking, learning, solving problems and working in specialist environments. If the company can successfully combine that natural behavior with AI, software and scalable distribution, it has the potential to build something far more valuable than the market currently credits it for.