Interim report
Page 1
Q3 2026 Financial Report THIRD QUARTER FINANCIAL RESULTS 2026
Page 2
Medistim Third Quarter Financial Results 2026 | page 2 Highlights Q3 2026 Another record quarter for sales revenues with 25.9 % growth, ending at MNOK 210.0 (MNOK 166.8). Record sales revenue YTD September with 18.6 % growth, ending at MNOK 613.7 (MNOK 517.5). Currency neutral sales of own products were up 34.6 % for the quarter and 30.1 % YTD September. Strong currency neutral growth in all regions for the quarter; AMERICAS up 51.7 %, APAC up 44.6 % and EMEA up 5.5%. Third-party distributor sales in Scandinavia increased 5.3 % in the quarter and decreased 13.0 % YTD September. Medistim operates in a global, stable market for Cardiac, V ascular and Transplant surgery. W e have installed > 4 000 systems in more than 70 countries. Our equipment is used today in about 40 % of the total number of cardiac bypass surgeries performed worldwide. Operating profit (EBIT) grew by 55.7% for the quarter and ended at MNOK 63.1, resulting in 30.1 % EBIT margin (MNOK 40.6, 24.3 % margin). YTD September operating profit grew 20.6 % ending at a record MNOK 185.5, and 30.2 % EBIT margin (MNOK 153.9, 29.7% margin). YTD September recurring sales revenues remained high and ended at 66.5% (68.6 % for the same period last year). Solid cash position at quarter end with MNOK 175.6 with no interest- bearing bank loans. Based on authorization from the General Assembly, the Board decided a quarterly dividend of NOK 2.50 per share.
Page 3
3 Medistim Third Quarter Financial Results 2026 | page 3 Dividend per share in NOK EBIT in MNOK and %Sales per year in MNOK Medistim track record
Page 4
Medistim Third Quarter Financial Results 2026 | page 4 Letter from the CEO ANOTHER RECORD QUARTER DELIVERING PROFITABLE GROWTH AND ADVANCING SURGICAL CARE Medistim delivered another record quarter, combining strong revenue growth with improved profitability while continuing to invest in our future. These results are encouraging evidence of the value of our technology and the commitment of our people. Behind every system and probe we deliver is a shared purpose: helping surgeons make informed decisions and providing the best possible care for their patients. Third-quarter revenue reached NOK 210.0 million, an increase of 25.9% compared with the same period last year. Operating profit increased by 55.7% to NOK 63.1 million, lifting the EBIT margin to 30.1% from 24.3%. For the first nine months, revenue reached a record NOK 613.7 million, with operating profit of NOK 185.5 million and an EBIT margin of 30.2%. Our own products remained the principal growth driver, with quarterly revenue increasing by 34.6% at constant exchange rates. Currency movements continued to weigh on reported results, making the underlying commercial performance particularly encouraging. Recurring revenue represented 66.5% of own-product sales year to date, providing a solid foundation alongside growth in capital equipment sales. The AMERICAS led regional performance, delivering currency-neutral growth of 51.7% in the quarter. The United States remains our largest market and a significant opportunity for further expansion. INTUI's current availability exclusively on MiraQ Cardiac has shifted some purchasing decisions towards that configuration, temporarily affecting the reported revenue mix between Cardiac and Vascular. Our confidence in the long-term vascular opportunity remains strong. We are investing in sustaining our progress. Research and development expenditure reached NOK 39.9 million for the first nine months, supporting our software roadmap and future product innovation. In parallel, our work on probe redesign and manufacturing automation aims to improve scalability, productivity and sustainability over time. Our financial position gives us the capacity to pursue these priorities. We ended September with NOK 175.6 million in cash and no interest-bearing bank loans. We remain disciplined in balancing investment, profitability and shareholder returns. Currency volatility, tariffs and uncertainty surrounding hospital investment decisions remain factors we must manage carefully. Nevertheless, the opportunities ahead are substantial: increasing adoption in underpenetrated markets, converting customers to Flow-and-Imaging, expanding our vascular presence and strengthening direct customer relationships. I would like to thank our employees and partners for their dedication, our customers for their trust, and our shareholders for their continued support. I am proud of what we are achieving together and optimistic about the work ahead. Our ambition remains clear: to make surgical quality assessment an integral part of care for more patients around the world. 22 October 2026 Kari E. Krogstad President and CEO Pricing adjustments and the introduction of INTUI have been important contributors to growth this year. At the same time, quarterly procedure sales in the US were broadly unchanged from last year, reinforcing the importance of our continued work to expand adoption and support customer utilization. APAC also delivered a strong quarter, with currency- neutral growth of 44.6%, driven by China and Japan. I am particularly pleased to see our newly established direct sales team in Japan deliver 35.7% revenue growth in NOK following a gradual start in the second quarter. Moving closer to customers is an important part of our strategy, and we see meaningful opportunities to introduce combined Flow-and-Imaging technology into Japan’s well-established flow measurement market. In EMEA, currency-neutral revenue increased by 5.5%, with growth in our direct operations offsetting softer distributor sales. Our Scandinavian third-party business returned to quarterly growth, although year-to-date revenue remained below the exceptionally strong comparison period in 2025. The transition from Flow-only to combined Flow-and- Imaging solutions continues to be a central opportunity for Medistim. Imaging revenue increased by 57.9% in the quarter, reflecting strong commercial progress. Bringing blood flow measurement and ultrasound imaging together gives surgeons complementary information during surgery and increases the value we can deliver to each customer. Our MiraQ INTUI software platform supports this development through simpler navigation, improved access to critical data and enhanced interpretation. We are continuing development to extend INTUI to MiraQ Vascular and MiraQ Ultimate, with availability planned for first half of 2027.
Page 5
Medistim Third Quarter Financial Results 2026 | page 5 The financial report as of September 30, 2026 has been prepared according to the IFRS (International Financial Reporting Standard) and follows IAS 34 for interim financial reporting, as do the comparable numbers for 2025. This report has not been audited by the company auditor BDO. FINANCIAL DEVELOPMENT (Comparative numbers for 2025 in parenthesis.) Sales and geographic split Sales revenue in the third quarter ended at MNOK 210.0 (MNOK 166.8), an increase of 25.9 %. Sales split in MNOK was as follows: SALES SPLIT BY REGION Q3 2026 Q3 2025 CHANGE IN % AMERICAS 116.9 83.2 40.6 % APAC 33.6 25.2 33.3 % EMEA 36.9 37.1 (0.4) % THIRD-PARTY 22.5 21.3 5.3 % TOTAL 210.0 166.8 25.9 % Sales revenue YTD September ended at MNOK 613.7 (MNOK 517.5), an 18.6 % increase. Sales split in MNOK was as follows: SALES SPLIT BY REGION YTD SEP 2026 YTD SEP 2025 CHANGE IN % AMERICAS 305.4 236.2 29.3 % APAC 102.3 75.3 35.9 % EMEA 138.0 127.8 7.9 % THIRD-PARTY 68.0 78.2 (13.0) % TOTAL 613.7 517.5 18.6 % Third quarter and year-to-date 2026 Financial results Accumulated sales per quarter in MNOK Currency effect With the same foreign currency exchange rates as in 2025, sales would have amounted to MNOK 219.3 for the quarter, which represents a currency-neutral growth of 31.5 %. Currency-neutral growth of own products was 34.6 % for the quarter. Third-party products increased by 5.3 %. Similarly, YTD September, sales would have amounted to MNOK 639.4, which represents a currency-neutral growth of 23.6 %. Currency-neutral growth of own products was 30.1 %. Third-party products decreased by 13.0 %. Split between recurring sales and capital sales Sales of Medistim’s own products can be split into capital sales of systems and recurring sales of probes, smartcards, and lease revenue, which are all defined as recurring revenue. In the third quarter, recurring revenue represented 65.4 % (72.3 %). YTD September, recurring revenue represented 66.5 % (68.6 %). For 2025, recurring sales were 70.1 % of total sales of own products. LTM 2026 recurring revenue represented 68.2 % (69.3 %). Split between recurring sales and capital sales in MNOK Split of sales in own products and third-party products Sales of own products for the quarter amounted to MNOK 187.5 (MNOK 145.5), a growth of 28.9 %. Sales of third-party products increased 5.3 %, ending at MNOK 22.5 (MNOK 21.3). Sales of own products YTD September amounted to MNOK 545.7 (MNOK 439.3), a growth of 24.2 %. Sales of third-party products declined 13.0 %, ending at MNOK 68.0 (MNOK 78.2).
Page 6
Medistim Third Quarter Financial Results 2026 | page 6 Split of sales in Cardiac and Vascular products For the quarterly sales of own products, MNOK 161.6 (MNOK 119.7) was within the Cardiac segment and MNOK 25.9 (MNOK 25.8) was within the Vascular segment. YTD September sales of own products, MNOK 457.4 (MNOK 348.2) was within the Cardiac segment and MNOK 88.3 (MNOK 91.1) was within the Vascular segment. Over the past several years, Vascular sales have grown faster than Cardiac sales, making Vascular an increasingly important contributor to revenue from our own products. The decline in Vascular revenue during the year is primarily driven by lower sales of the MiraQ Ultimate systems. The Ultimate system includes both Cardiac and Vascular software, and revenue from each system sold is allocated equally between the Cardiac and Vascular segments (50/50). Customers typically purchase the Ultimate system when they intend to use it within both application areas. Currently, the new INTUI software is available only for the MiraQ Cardiac system and not yet for the MiraQ Ultimate or MiraQ Vascular systems. As a result, some customers who would otherwise have purchased the Ultimate system have instead chosen the MiraQ Cardiac system to gain immediate access to INTUI. This has shifted revenue from the Vascular segment to the Cardiac segment, reducing reported Vascular revenue YTD September. We expect this temporary mix effect to continue until INTUI is available across all MiraQ system configurations, which is planned for first half next year. Split of sales in Flow and Imaging products For the quarter, sales revenue from Flow products was MNOK 114.9 (MNOK 99.5), showing growth at 15.4 %. Sales revenue from Imaging products was MNOK 72.6 (MNOK 46.0), showing 57.9 % growth. YTD September, sales revenue from Flow products was MNOK 368.0 (MNOK 301.2), showing growth at 22.2 %. Sales revenue from Imaging products was MNOK 177.7 (MNOK 138.1) showing 28.6 % growth. Cost of material For the quarter, cost of material ended at MNOK 32.5 (MNOK 30.8) representing 15.5 % of total sales (18.5 %). This gives a gross margin of 84.5 % (81.5 %). YTD September, cost of material ended at MNOK 109.7 (MNOK 92.0), representing 17.9 % of total sales (17.8 %). This gives a gross margin of 82.1 % (82.2 %). The margin varies from quarter to quarter based upon product mix and sales channel. Cost related to US tariffs in the third quarter amounted to MNOK 5.4 and MNOK 15.1 YTD September, compared to no tariffs YTD September 2025. However, in the third quarter, MNOK 2.7 of the tariffs deemed unlawful from 2025, were refunded and booked as a reduction in cost of goods sold in the third quarter. After the refund, total tariff expense for the quarter was MNOK 2.7 and MNOK 12.4 YTD September. Salary, social and other operating expenses Salaries and social expenses ended at MNOK 67.8 (MNOK 60.3) for the quarter. Other operating expenses amounted to MNOK 39.1 (MNOK 29.2). Salaries and social expenses ended at MNOK 179.3 (MNOK 166.8) YTD September. Other operating expenses amounted to MNOK 119.5 (MNOK 86.9). The increase in operating expenses for the quarter and YTD September is related to establishing the new sales office in Tokyo and increased sales activities in the field. Non-recurring agent commission related to sales to the Middle East and IT infrastructure upgrade also added to the expenses. R&D expenses For the quarter, MNOK 18.7 (MNOK 10.9) was spent on research and development (R&D), of which MNOK 11.6 (MNOK 4.8) was capitalized in the balance sheet. YTD September, MNOK 39.9 (MNOK 27.2) was spent on research and development (R&D), of which MNOK 20.8 (MNOK 12.1) was capitalized in the balance sheet. In 2025, Medistim launched the MiraQ INTUI software platform, based on cutting-edge, future-proof software architecture. With its new user interface and features, INTUI sets a new standard for Medistim’s MiraQ™ technology by offering simplified navigation, quicker access to critical data, and improved data interpretation - ultimately streamlining workflow and optimizing performance. Sales of MiraQ Cardiac systems are increasingly being made with the new INTUI software. The main exception is orders where we are honoring previously issued quotations for systems with the earlier software version. The inclusion of INTUI increases the value delivered to customers and is reflected in a higher average selling price per system. The development of the INTUI software continues, with the current focus on expanding support for Vascular applications in the MiraQ Vascular and MiraQ Ultimate systems. Beyond this rollout, the development roadmap is focused on introducing additional features that enhance the clinical value of both the TTFM and HFUS imaging technologies. These enhancements are expected to further strengthen the competitiveness and value proposition of the MiraQ platform. Earnings Operating profit before interest, taxes, depreciation and amortization (EBITDA) for the quarter ended at MNOK 70.6 (MNOK 46.4). Profit before interest and taxes (EBIT) ended at MNOK 63.1 (MNOK 40.6). EBIT margin was 30.1 % (24.3 %).
Page 7
Medistim Third Quarter Financial Results 2026 | page 7 Operating profit before interest, taxes, depreciation and amortization (EBITDA) YTD September ended at MNOK 205.2 (MNOK 171.7). Profit before interest and taxes (EBIT) ended at MNOK 185.5 (MNOK 153.9). EBIT margin was 30.2 % (29.7 %). Accumulated operating profit (EBIT) per quarter in MNOK Net finance ended at a negative MNOK 1.3 for the quarter (positive MNOK 5.4). Net finance ended negative MNOK 3.3 YTD September (positive MNOK 5.1). Net finance was related to realized and unrealized gains or losses related to currency, cash in USD and EUR, and customer receivables. The profit before tax was MNOK 61.8 (MNOK 45.9) for the quarter. Profit after tax was MNOK 47.8 (MNOK 34.7). The profit before tax was MNOK 182.2 (MNOK 159.0) YTD September. Profit after tax was MNOK 140.3 (MNOK 121.1). Earnings per share for the quarter were NOK 2.61 (NOK 1.90). Earnings per share YTD September were NOK 7.67 (6.63). The average number of shares outstanding was 18 291 532 (18 275 324) at the end of September 2026. Balance sheet Equity by 30.09.2026 was MNOK 455.1 (MNOK 468.4 by year end). This equals an equity ratio of 71.3 % (70.9 %). Inventory levels are high due to company policy of securing end-of-life components, building security stock of critical components and finished goods, and ended the quarter at MNOK 149.9. The cash position is strong and ended at MNOK 175.6 by quarter end (MNOK 212.1 at the end of 2025). Cash from operation for the quarter ended at MNOK 91.5 and MNOK 146.5 YTD September. Working capital decreased by MNOK 12.8 for the quarter and increased by MNOK 25.6 due to increased accounts receivables following strong sales YTD September. In addition, prepaid taxes amounted to MNOK 28.3. A dividend of MNOK 146.3 was paid on May 18. The company’s liabilities were related to lease contracts and deferred revenue from service contracts with a total of MNOK 53.6, where 42.1 was non-current liability. The company has no interest-bearing bank loans. Return on invested capital (ROIC) YTD September was 54.2 %. ROIC in % OPERATIONAL STATUS AMERICAS (USA, Canada and Latin America) For the quarter, AMERICAS sales revenue in NOK increased by 40.6 %, ending at MNOK 116.9. USA increased by 40.6 % in NOK, Canada by 65.7 %, while Latin America sales were slow and declined 23.7 % in NOK. Currency neutral, AMERICAS sales increased by 51.7 %. YTD September, AMERICAS sales revenue in NOK increased by 29.3 %, ending at MNOK 305.4. USA increased by 30.6 % in NOK, Canada increased 8.2 % while Latin America increased by 9.4 % in NOK. Currency neutral, AMERICAS sales increased by 35.1 %. Triggered by the tariffs introduced in 2025 and the launch of the INTUI software, pricing in the USA has increased significantly from increases implemented in the second half of 2025 and again from April 2026. YTD September 2026, the U.S. delivered 43% currency- adjusted growth, with pricing contributing approximately 33 percentage points and volume/mix contributing the remaining 10 percentage points. In the third quarter, capital system sales in the AMERICAS increased 36 % and ended at 19 units. Flow-and-Imaging system sales increased from 9 to 17 units, while Flow-only system sales decreased from 5 to 2 units. YTD September 2026, capital system sales in the AMERICAS totaled 54 units, up from 51 units in the prior-year period. The growth was driven by Flow-and- Imaging system sales (41 vs. 37 units), partly offset by lower Flow-only system sales (13 vs. 14 units). The largest target market for Medistim is the USA, which represents 95 % of sales in the AMERICAS region for the quarter. In the USA, Medistim offers several business models, including sales of Pay-per-Procedure (PPP), leasing, and capital sales.
Page 8
Medistim Third Quarter Financial Results 2026 | page 8 In the third quarter, Medistim sold a total of 34 857 procedures, flow and imaging, in the USA, indicating same level as the third quarter last year. YTD September, the total number of procedures increased by 13.5 % and ended at 98 633 procedures. The 2025 trend has continued into 2026, with procedure volume remaining higher for capital customers than for PPP/lease customers. These figures are an estimate of utilization, as they represent procedures sold to end users rather than procedures performed, and therefore do not reflect the timing of actual utilization. The data includes procedures sold to both cardiac and vascular customers. CARDIAC & VASCULAR PROCEDURES IN USA Q3 2026 Q3 2025 CHANGE IN % PPP smart cards or lease flow 5 441 6 993 (22.2) % Flow probes to capital customers 22 411 22 117 1.3 % Total flow procedures 27 852 22 726 (4.3) % PPP or lease imaging 2 005 2 236 (10.3) % Imaging probes to capital customers 5 000 3 700 35.1 % Total imaging procedures 7 005 5 936 18.0 % Total flow & imaging procedures 34 857 35 046 (0.5) % APAC (China, Japan and rest of Asia Pacific) For the quarter, sales revenue in NOK were up 33.3 %, ending at MNOK 33.6. Sales in China were up 59.5 % in NOK and ended at MNOK 17.8. Sales to Japan increased by 35.7 %. Currency neutral, APAC sales increased by 44.6 %. YTD September sales revenue in NOK were up 35.9 %, ending at MNOK 102.3. Sales in China were up 50.7 % in NOK and ended at MNOK 57.9. Sales to Japan decreased by 7.0 % in NOK and ended at MNOK 14.9. Currency neutral, APAC sales increased by 45.0 %. In this region, Medistim has its strongest position in China representing 57 % of sales YTD September. While Medistim has established a subsidiary and sales office in China, sales go through local Chinese distributors and agents. Sales through distributors will show variability in the quarterly sales. In 2026, Medistim announced the establishment of a direct sales operation in Japan. The intent is to continue the ongoing strategy to strengthen the company’s market presence and enhance customer engagement in key markets. Medistim maintains a very strong market position in Japan, where approximately 90 % of the estimated 17 000 annual coronary artery bypass graft (CABG) procedures are supported by the company’s Transit Time Flow Measurement (TTFM) technology. Future growth in the Japanese market is expected to be driven by continued conversion from installed base systems utilizing TTFM-only functionality to next- generation platforms integrating both TTFM and High- Frequency Ultrasound (HFUS). This represents a meaningful value-enhancement opportunity within the existing customer base. In addition, the vascular surgery segment presents significant incremental growth potential, supported by untapped procedural volumes and broader clinical adoption of Medistim’s technology portfolio. CARDIAC & VASCULAR PROCEDURES IN USA YTD SEP 2026 YTD SEP 2025 CHANGE IN % PPP smart cards or lease flow 17 431 17 903 (2.6) % Flow probes to capital customers 65 029 54 382 19.6 % Total flow procedures 82 460 72 285 14.1 % PPP or lease imaging 6 173 6 930 (10.9) % Imaging probes to capital customers 10 000 7 700 29.9 % Total imaging procedures 16 173 14 630 10.5 % Total flow and imaging procedures 98 633 86 915 13.5 % Number of Cardiac and Vascular flow procedures sold per quarter in the USA Medistim’s direct sales operation in Canada delivered sales of MNOK 5.0 (MNOK 3.0) for the quarter. Latin America sales ended at MNOK 0.9 (MNOK 1.2). YTD September, sales in Canada ended at MNOK 12.4 (MNOK 11.5). Sales in Latin America ended at MNOK 2.6 (MNOK 2.4) in the same period.
Page 9
Medistim Third Quarter Financial Results 2026 | page 9 Experience from other markets demonstrates that a direct operating model enhances customer proximity, supports sustainable revenue growth, and contributes positively to margins, while ensuring the highest standards of service and clinical support. The second quarter of 2026 marked the first quarter of direct sales to end customers in Japan. As expected, sales started gradually as the newly established local team focused on introducing themselves to customers, strengthening relationships, and building a pipeline of future projects. After a slow second quarter the team delivered a stronger third quarter with 35.7% growth. EMEA (Europe, Middle East and Africa) For the quarter, EMEA sales revenue in NOK ended at the same level as last year at MNOK 37.0. Medistim’s direct operations in EMEA (Germany, Spain, UK, Norway, Denmark and Sweden) delivered a 14.8% growth in NOK. Sales through distributors decreased by 17.5 % in NOK. Currency neutral, EMEA sales increased by 5.5 %. YTD September, EMEA sales revenue in NOK increased by 7.9 %, ending at MNOK 138.0. Medistim’s direct operations in EMEA (Germany, Spain, UK, Norway, Denmark and Sweden) delivered sales YTD September at same level as last year. Sales through distributors increased by 17.1 % in NOK. Currency neutral, EMEA sales increased by 12.5 %. More than 90 % of sales from the region come from Europe. YTD September 2026, 64 % of the sales in Europe were through direct channels and 36 % of sales were through distributors. THIRD-PARTY PRODUCTS (Norway, Denmark and Sweden) For the quarter, revenue from third party sales reached MNOK 22.5 (MNOK 21.3), a 5.3 % increase compared to last year. YTD September, revenue from third party sales reached MNOK 68.0 (MNOK 78.2). 2025 was exceptionally strong for the third-party business, with large orders for the new hospitals in Drammen and Molde, Norway. Third party products are distributed through Medistim’s subsidiaries in Norway, Denmark and Sweden. This direct presence in all three countries strengthens the company’s position for securing new agencies across Scandinavia. RISKS Exposure towards currency The company is exposed to EUR and USD currency fluctuations. Exposure can vary depending on the share of its revenue and costs in USD and EUR relative to its total income and expenses. Using the same exchange rates for 2026 as for the corresponding period in 2025 would result in a 4.2 % increase in sales and a 12.0 % increase in operating result. The company partly secures its positions with hedging contracts. Global macro-economic uncertainties Macro-economic turmoil from ongoing geopolitical conflicts, with pressure on inflation, interest rates, energy prices, and cost levels in general, in addition to increased import tariffs, may impact capital investments. In challenging macro-economic situations, Medistim has experienced prolonged sales cycles, fewer capital deals and fewer higher priced Flow-and-Imaging deals. At times, Medistim has seen signs of a conservative and cautious approach to investing in new medical equipment in a more challenging economic environment. However, the company is financially solid to face future challenges, with no bank loans and an equity ratio of 71.3 %. Other risk factors The group risk and uncertainty factors remain the same as described in detail in the annual report for 2025. SHAREHOLDER INFORMATION The share price was NOK 253.00 per share on September 30, 2026. For comparison, entering 2026 the share price was 259.00 per share. The five largest shareholders were Øyvin Brøymer via Fløtemarken AS and Intertrade Shipping AS with 2 300 001 shares, WQZ Investments Group with 1 815 978 shares, Odin Fondene with 1 744 000 shares, Follum Invest with 970 000 shares and Swedbank Robur Fonder with 926 984 shares. Transactions with related parties There were no transactions between related parties in the period except for the share program to management approved by the General meeting and the announced purchases of shares by board members YTD September. Dividend The Board asked the General Meeting to grant authorization to distribute quarterly dividends. This was approved by the General Meeting that was held October 5, 2026. At the Board meeting October 22, 2026, the Board of Directors decided to pay a quarterly dividend of NOK 2.50 per share. Responsibility statement The financial report per September 30, 2026 has been prepared according to the IFRS (International Financial Reporting Standard) and follows IAS 34 for interim financial reporting, as do the comparable numbers for 2025. The Board of Directors and CEO confirm to the best of our knowledge that the condensed set of financial statements for the period January 1 to September 30, 2026, has been prepared in accordance with IAS 34 “Interim Financial Reporting” and gives a true and fair view of the group's assets, liabilities, financial position and result for the period viewed in their entirety. The Board of Directors and CEO confirm that the interim management report includes a fair review of any significant events that arose during the three-month period and their effect on this third quarter financial report, any significant related parties’ transactions, and description of the principal risks and uncertainties for the period. STRATEGIC IMPERATIVES
Page 10
Medistim Third Quarter Financial Results 2026 | page 10 Vision Emerging from Norway’s esteemed ultrasound technology ecosystem, Medistim is firmly rooted in its ambition to maintain a dominant global standing within our specialized niche of surgical guidance and quality assessment. At our core, we remain unwavering in our commitment to spearhead the advancement of pioneering products crafted to align with the demands of surgeons specializing in Cardiac, Vascular, and Transplant surgery. Our vision is that Medistim’s solutions shall represent the “standard of care” in clinical practice across the globe. We envision a future where blood flow measurements and intraoperative ultrasound imaging become universally accessible, delivering optimal outcomes for each patient, and enriching the practice of every surgeon, fostering a culture of excellence in healthcare. Sustainability and corporate social responsibility are integral pillars of Medistim's operations across the entire value chain. Our commitment is driven not only by our mission to enhance human health through advanced surgery but also by our dedication to product stewardship for minimal environmental impact, ethical business practices, and fostering a workplace culture where equal opportunities, collaboration, and innovation thrive. MARKET POSITION AND OUTLOOK The Cardiac Market Building upon our established leadership in graft patency assessment for Cardiac bypass surgery (CABG), Medistim continues its journey towards further growth and innovation. The global CABG market remains stable with more than 700 000 cardiac bypass surgeries performed annually worldwide. Procedure volumes have been slightly declining in Western countries but are rising in emerging markets such as China and India. While advancements in medications like GLP(1)agonists combating diabetes and obesity may influence trends, we anticipate a sustained growing global market for our products. This projection is backed by the many other risk factors for cardiovascular disease, and the advent of cutting-edge diagnostic technologies such as AI- supported coronary CT-FFR and CT angiography, alongside a demographic tide swelling the population aged 60 and above. The CABG market segment presents an annual sales potential exceeding BNOK 2 for Medistim, complemented by an additional BNOK 1 opportunity within other open- heart surgeries. Medistim currently addresses approximately 40 % of the CABG market through the adoption of Transit Time Flow Measurement (TTFM) in terms of number of procedures. With an estimated 5 % market share held by competitors, this leaves roughly 55 % of the market untapped. Importantly, the company’s growth prospects extend beyond market penetration alone; substantial upside lies in expanding direct market sales and accelerating the transition from Flow-only solutions to integrated Flow-and-Imaging technology. In 2025, sales revenue from CABG amounted to MNOK 476, against a total estimated annual revenue potential of approximately BNOK 3. In summary, substantial growth opportunities exist within the CABG market, propelled by several strategic imperatives. These include geographic expansion efforts, growing adoption of TTFM technology, and the transition towards combined utilization of TTFM and High- Frequency Ultrasound Imaging (HFUS) technology. The Vascular Market While Cardiac bypass surgery has historically been Medistim's primary focus since the introduction of the first flowmeter in 1994, the relevance of TTFM and HFUS technologies extends far beyond this domain. Indeed, these technologies hold considerable promise across various applications within the Vascular surgery landscape. Medistim targets several key segments within the Vascular surgery realm, including Peripheral Bypass Surgery, Carotid Endarterectomy, AV (arteriovenous) access surgery, and Liver transplant surgery. Collectively, these segments present an even larger market size and growth potential than CABG alone, encompassing over 1.3 million procedures globally and offering an annual sales opportunity exceeding BNOK 4 for Medistim. Competition In CABG, direct competition remains limited, with only one alternative supplier offering a Flow-only product, and no contenders presenting a combined Flow-and-Imaging solution. Thus, our primary competition arises from the entrenched practices of surgeons, who traditionally rely on finger palpation of grafts - a practice fraught with subjectivity and unreliability. Conversely, within Vascular procedures, surgeons are more accustomed to leveraging technology for guidance and procedural control, such as Doppler technology or angiography. Here, Medistim anticipates demonstrating a competitive edge over alternatives by delivering products capable of not merely estimating but precisely measuring blood flow. Additionally, our solutions eliminate the necessity for hazardous substances like x-rays or contrast media, further enhancing their appeal and safety profile. STRATEGY Backdrop With our state-of-the-art products already established in the market and a mature operation in place to sustain ongoing innovation, the accelerated growth we aspire to achieve hinges upon effective commercialization strategies. This entails fostering close connections with both potential and existing customers through a highly competent and efficient sales and marketing organization. By maintaining proactive engagement with our clients and leveraging their insights, we aim to optimize our commercial efforts, drive adoption of our solutions, and propel Medistim towards sustainable profitable growth and success. Geographical Adaptation of the Strategic Approach:
Page 11
Medistim Third Quarter Financial Results 2026 | page 11 Conversion to Flow-and-Imaging Our strategic approach is finely attuned to the regional adoption rates of flow measurement in CABG procedures. Geographically, there is a wide variance in adoption rates, and our strategy accounts for these disparities. Notably, regions such as Japan, China, and numerous European countries exhibit robust adoption rates surpassing 70 %. In markets where flow measurement is already widely adopted, our objective shifts towards converting the market from a flow-only paradigm to a comprehensive flow-and-imaging approach. This transition enhances clinical value by furnishing surgeons with two complementary modalities that together offer an optimal foundation for decision-making and ensure the viability of grafts. In instances where sub-optimal flow values are observed, the inclusion of HFUS imaging aids in investigating the anatomical morphology of the graft anastomosis. This enables surgeons to detect whether any technical imperfections necessitate corrective measures before concluding the procedure, thereby preventing unnecessary revisions, and optimizing patient outcomes. From a business standpoint, the pricing of a flow-and- imaging system typically amounts to twice that of a flow-only system. Consequently, the conversion to a comprehensive approach presents significant growth opportunities in both Cardiac and Vascular procedures, underscoring the strategic imperative of accelerating this evolution. Central to both our TTFM adoption and HFUS conversion strategies are a focus on clinical marketing, which entails collaborative partnerships with key opinion leaders and prominent teaching institutions. Through educational initiatives and clinical studies, we engage with the medical community, foster knowledge dissemination, and cultivate a deep understanding of the clinical benefits offered by our technologies. By leveraging the expertise and influence of thought leaders in the field, we ensure high levels of awareness and interest in our innovative solutions. These collaborative endeavours serve as pillars in driving widespread adoption, empowering healthcare professionals with the insights and confidence needed to embrace our technologies and integrate them seamlessly into their clinical practice. Global Reach with the US Market as Primary Target and China and India as Runners-Up Presently, Medistim maintains a direct presence in key markets across the AMERICAS, Europe, and Asia, including the USA, Canada, China, Japan, Germany, Spain, the UK, Denmark, Sweden, and Norway. Additionally, our reach extends to over 60 other countries through strategic distributor partnerships. Our strategic roadmap includes establishing a direct presence in new geographic territories when the business size and growth potential align to deliver a favourable return on investment. This approach ensures a prudent allocation of resources while maximizing our global footprint and market impact. The USA stands as the largest individual market for Medistim's products, representing nearly one-third of the global market. Within this pivotal market, the adoption of Medistim TTFM in CABG procedures is estimated to encompass approximately 40 % of the 200 000 annual procedures conducted. Our strategy to expedite TTFM adoption in the USA remains anchored in clinical marketing and education initiatives. By collaborating closely with key stakeholders and educational institutions, we aspire to elevate awareness, promote understanding, and drive uptake of our technologies among healthcare professionals. In the USA, our objective is to secure guideline support, which may lead to establishing discrete reimbursement codes for the utilization of the TTFM technology. Presently, reimbursement frameworks in the USA cover the total surgical procedure, such as CABG or Peripheral Bypass, and in addition, CPT codes are available for physician reimbursement, for the use of TTFM and HFUS for both cardiac and vascular procedures. To advance this goal, we are actively considering new clinical studies that could serve as catalysts for policy development and reimbursement reform, thereby enhancing accessibility to our solutions and fortifying our position in this critical market. Looking ahead, Medistim anticipates significant growth opportunities in Asian markets, particularly in high-growth regions like China and India. In China, we have established a strong foothold with TTFM, serving approximately 70 % of the estimated 60 000 CABG procedures conducted annually. With the strategic establishment of a direct sales operation last year, Medistim is poised for sustained growth in the coming years. India presents another promising market for future growth, with an annual CABG procedure volume exceeding 130 000 and surpassing the global market average growth rate. Adding Vascular Targets: Enhancing Sales Force Productivity and Growth Opportunities In regions where our foothold in Cardiac surgery is firmly established, with a significant portion of heart centres already in our customer portfolio, our strategic focus shifts towards targeting Vascular departments and hospitals to cultivate new client relationships. This deliberate approach not only amplifies sales productivity but also unlocks substantial growth opportunities. The familiarity of our sales teams with vascular technologies, products, and procedures aligns with the customer acquisition process and accelerates market penetration. Moreover, Vascular surgery departments often share resources, equipment, and administrative infrastructure with Cardiac surgery departments, facilitating seamless integration and collaboration. Product Innovation: Enhancing Value and Ease-of-Use
Page 12
Medistim Third Quarter Financial Results 2026 | page 12 At the forefront of our product innovation endeavours lies a singular objective: to enhance value and ease- of-use for our customers and improve outcomes for the patients. Every facet aimed at reducing barriers for customers to explore, learn, and appreciate the clinical value of our products is meticulously considered in our innovation process. Our commitment extends beyond merely enhancing functionality; we strive to make our products more user-friendly, intuitive, and accessible. This includes improvements that simplify handling, storage, cleaning, and disposal processes, ensuring a seamless experience throughout the product lifecycle. By prioritizing customer needs and feedback, we continuously refine and evolve our offerings, empowering users to leverage our technologies with confidence and expertise. Through relentless innovation, we strive to redefine standards, elevate user experiences, and drive meaningful advancements in healthcare delivery. Medistim is currently spearheading two pivotal projects poised to boost our offerings and reinforce our commitment to innovation: 1. Impactful Software Upgrades: These initiatives are aimed at delivering enhanced data interpretation, documentation, and reporting capabilities. Leveraging a completely new and future- proof software architecture platform, these upgrades promise to elevate ultrasound image quality while streamlining workflow efficiency. The first version of the new software, MiraQ INTUI™ for cardiac use, was made available for sale in Q3(2025). Further upgrades will be launched over the coming years. 2. Next Gen. Medistim Device Proof-of-Concept: In tandem, we are diligently advancing the proof-of- concept for our Next Generation Medistim device. This project represents a forward-looking undertaking to develop cutting-edge solutions that anticipate and address evolving clinical needs. At Medistim, we have embraced a novel approach to product innovation characterized by rapid prototyping and piloting. A dedicated team collaborates closely with surgeon users to swiftly iterate and refine concepts, while a larger R&D team assumes responsibility for formal development and design review processes. We look forward to unveiling the outcomes of this transformative change, which promises to expedite the journey from concept to market, allowing us to more efficiently introduce ground-breaking solutions that enhance patient care and redefine standards of excellence in cardiovascular surgery. Production Productivity: Enhancing Gross Margins through Scale and Sustainability At our Operations site in Horten, Norway, Medistim is dedicated to the meticulous assembly of both the MiraQ ultrasound devices and the flow probe product families. The production of flow probes entails intricate tasks involving gluing and soldering of tiny components under microscope scrutiny. While our manual processes ensure precision, they also impose limitations on scalability and productivity. To address this challenge, we have embarked on a transformative project aimed at redesigning the probes and revamping the manufacturing process through automation implementation. This endeavour holds the promise of significantly enhancing productivity while maintaining the quality standards synonymous with Medistim's products. Improved sustainability requirements are part of the project charter. Moreover, upon completion, this project is expected to yield substantial positive impacts on product cost, further bolstering our competitive edge in the market. Emerging high-growth economies (e.g. India) Developing Medistim markets (e.g. USA, UK, France) Strong Medistim markets (e.g. Japan, China, Nordic, Germany >50 % share) 7 BNOK annual revenue opportunity CABG surgery (>2 BNOK) Vascular Surgery (>4 BNOK) Other open heart surgery (>1 BNOK) 1. Convert high-penetrated Flow-only CABG markets to Flow-and-Imaging and the New-Standard-of-Care Early adopter & KOL support REQUEST study Ease conversion with the upgradable MiraQ 2. Grow adoption in under-penetrated markets Clinical marketing, Guidelines, Education Product innovation for ease of use 3. Flexible pricing and business models Entry-level solution in price sensitive markets Price-per-procedure model 4. Build position in Vascular surgery Dedicated system MiraQ Vascular & probes Build position with societies and KOLs 5. Expand direct market coverage Get closer to the customer
Page 13
Medistim Third Quarter Financial Results 2026 | page 13 Oslo, October 22, 2026 Board of Directors and CEO of Medistim ASA Øyvin A. Brøymer Chair Sign. Anna Ahlberg Board member Sign. Gry Dahle Board member Sign. Rune Halvorsen Board member Sign. Tove Raanes Board member Sign. Peder Strand Board member Sign. Kari Eian Krogstad President & CEO Sign.
Page 14
Medistim Third Quarter Financial Results 2026 | page 14 Profit & loss INCOME AND OTHER COMPREHENSIVE INCOME (All numbers in NOK 1000) Q3 26 Q3 25 YTD SEP 2026 YTD SEP 2025 FY 2025 Total revenue 209 987 166 849 613 685 517 472 699 767 Cost of material 32 494 30 842 109 674 92 044 128 174 Gross margin 177 493 136 008 504 011 425 428 571 592 Gross margin % 84.5 % 81.5 % 82.1 % 82.2 % 81.7 % Salary and social expenses 67 783 60 328 179 262 166 839 230 335 Other operating expenses 39 122 29 238 119 516 86 911 120 233 Total operating expenses 139 399 120 408 408 451 345 795 478 742 Operating profit before depreciation & amortization (EBITDA) 70 589 46 441 205 234 171 677 221 024 EBITDA % 33.6 % 27.8 % 33.4 % 33.2 % 31.6 % Depreciation 7 439 5 877 19 725 17 807 24 828 Operating profit (EBIT) 63 149 40 564 185 509 153 871 196 196 EBIT % 30.1 % 24.3 % 30.2 % 29.7 % 28.0 % Financial income 11 067 8 753 25 970 19 859 27 498 Financial expenses 12 407 3 371 29 235 14 725 16 845 Net finance (1 340) 5 383 (3 265) 5 133 10 653 Profit before tax 61 809 45 947 182 244 159 004 206 849 Tax 14 007 11 235 41 943 37 883 47 639 Profit after tax 47 802 34 712 140 301 121 121 159 210 Comprehensive income Profit after tax 47 802 34 712 140 301 121 121 159 210 Exchange differences arising on translation of foreign operations (5 696) (551) (9 164) (20 863) (12 876) Total comprehensive income 42 106 34 161 131 137 100 258 146 334
Page 15
Medistim Third Quarter Financial Results 2026 | page 15 Balance sheet BALANCE SHEET (ALL NUMBERS IN NOK 1000) 30.09.2026 30.09.2025 31.12.2025 Assets Intangible assets 119 956 79 674 95 319 Fixed assets 72 767 69 172 87 562 Total non-current assets 192 723 148 846 182 881 Current assets Inventory 149 867 166 938 161 132 Accounts receivables 116 579 73 251 86 388 Other current receivables 3 085 28 468 18 112 Cash and equivalents 175 629 157 662 212 088 Total current assets 445 159 426 319 477 721 TOTAL ASSETS 637 882 575 165 660 601 Equity and liability Share capital 4 585 4 585 4 585 Share premium reserve 44 172 44 172 44 172 Other equity 406 108 369 838 419 649 Total equity 455 108 418 595 468 407 Lease liabilities 26 237 21 303 37 499 Deferred revenue 15 845 7 274 11 487 Total non-current liabilities 42 082 28 577 48 985 Total current liabilities 140 693 127 993 143 209 TOTAL EQUITY AND LIABILITIES 637 882 575 165 660 601
Page 16
Medistim Third Quarter Financial Results 2026 | page 16 Change in equity Cash flow analysis CHANGE IN EQUITY (All numbers in NOK 1000) 30.09.2026 30.09.2025 31.12.2025 Equity start of period 468 406 436 611 436 611 Profit for the period 140 301 121 121 159 210 Dividend (146 343) (109 885) (109 885) Share-based payments 1 780 (8 389) (4 654) Changes in exchange rates (9 163) (21 086) (12 876) Other 127 223 - TOTAL EQUITY 455 108 418 595 468 406 CASH FLOW (All numbers in NOK 1000) Q3 2026 Q3 2025 30.09.2026 30.09.2025 31.12.2025 Profit before tax 61 809 45 947 182 244 159 004 206 849 Depreciation and amortizations 7 439 5 877 19 725 17 807 16 015 Income tax paid - - (28 282) (28 340) (28 340) Change in working capital 12 801 20 288 (25 646) (9 276) (6 832) Other 9 426 (2 604) (1 523) (13 212) 6 412 Cash flow from operation 91 475 69 087 146 519 125 982 191 991 Cash flow from investments (12 945) (5 999) (27 482) (18 479) (36 002) Purchase own shares - - - (12 572) (4 413) Dividend - 420 (146 343) (109 885) (109 885) Principal and interest paid on lease obligations (3 051) (2 198) (9 152) (6 594) (8 813) Cash flow from financing (3 051) (2 198) (155 495) (129 048) (123 111) Net change in cash and cash equivalents 75 479 61 310 (36 458) (21 548) 32 878 Cash and cash equivalents at start of period 100 150 96 351 212 088 179 210 179 210 CASH AND CASH EQUIVALENTS BY THE END OF PERIOD 175 629 157 662 175 629 157 662 212 088
Page 17
Medistim Third Quarter Financial Results 2026 | page 17 ACCOUNTING PRINCIPLES Medistim ASA is a public company listed on the Oslo stock exchange. Medistim ASA is incorporated in Norway. The main office is in Økernveien 94, 0579 Oslo, Norway. The Medistim group’s business is within developing, producing, service, leasing and distribution of medical devices. The Board of Directors and the CEO authorized these financial statements for issue on October 22, 2026. Basis for preparation of financial statements The financial statement for the group is prepared in accordance with International Financial Reporting Standard (IFRS) as adopted by the EU for interim reports according to IAS 34 Interim Financial Reporting. The annual accounts for the group have been prepared based on historical cost with the exception of financial derivatives which are measured at fair value. The consolidated accounts have been prepared using consistent accounting policies for similar transactions and events. The accounting principles applied in 2026 are consistent with those used in the annual report for 2025. This report provides an update of previously reported information. Revenue recognition and segments Group revenue can be split in three different categories that have different risk and return on investment profiles. The split is according to the company’s internal reporting structure. The categories are as follows: 1. Revenue from sale of capital equipment(MiraQ) and consumable (probes) 2. Revenue from lease of equipment (MiraQ and probes) 3. Distribution and sales of third-party products Category 1 and 2 cover the same equipment (MiraQ system) and consumables (probes). These are the products that are developed and produced by Medistim and are distributed through local partners unless Medistim has local representation. 1. Sale of capital equipment and consumables: The sale of the equipment and the sale of the consumables are considered separate deliveries (performance obligations). Revenue recognition varies with shipping and delivery terms that decide the timing of when the customer takes over control of the goods. Payment terms vary from 30 to 90 days. The Group provides warranties for general repairs of defects that existed at the time of sale. This is considered an ordinary assurance-type warranty, and not a separate performance obligation. A warranty provision is recognized. 2. Revenue from lease of equipment and probes: The group has a range of contracts related to lease of equipment and probes and can be split in two categories • Payment per procedures • Lease of equipment and sale of probes Payment per procedure: Under this model, the equipment and probes are placed at the customer site free of charge. Medistim owns all equipment placed at the customer site. For the customer to be able to use the equipment, a procedure (smart card) must be purchased. One procedure equals one surgery. The customer purchases a smart card that makes the system available for use. The agreement is considered a lease with variable lease payments. Revenue is variable and recognized related to the actual use of the equipment and probes. For Medistim, this means that revenue is recognized when a new card is shipped to a customer. There are two types of customers: flow customers and flow and imaging customers. Flow customers purchase a flow procedure, while flow and imaging customers purchase both a flow procedure and an imaging procedure. It is therefore a split of revenue between flow procedures and imaging procedures. Revenue is recognized when smartcards are purchased by the customer. The customer is dependent upon the smartcard in order to open the equipment and probe for use. The agreements are operational since equipment is returned when the agreement expires. The individual agreement contains a minimum use clause. The duration of the agreement is 1–3 years, but divided into 12-month cycles, so minimum usage applies for 12 months at a time. If minimum usage is not achieved, Medistim has the right to extract the equipment from the customer site. Lease of systems and sales or lease of probes: Under this model, the customer leases the system and purchases probes when needed. The system revenue is recognized on a straight-line basis over the lease term. Probe revenue is recognized when the probe is delivered to the customer. When probes are leased, the expected probe consumption according to the contract is recognized on a straight-line basis, but regularly adjusted for actual probe consumption. Other terms in the agreements: If a customer with a pay-per-procedure or lease agreement does not handle the equipment properly, the customer is liable towards Medistim to compensate for the damage and repair. It happens that customers after too low consumption want to keep the equipment. In such cases, the customer may purchase the equipment. In this case, this is registered as a system sale. 3. Third-party sales: Sale of other third-party medical equipment is recognized when the equipment is delivered to the customer. Payment from customers is mainly due within 30 days. Other revenue in the P&L includes service, spare parts, grants, and other revenue that is not own products or third-party products.
Page 18
Medistim Third Quarter Financial Results 2026 | page 18 SEGMENTS The Group’s activities are divided into strategic business units that are organized and managed separately. The division is also in accordance with the Group’s internal reporting structure. The main divisions are sales of own products and sale of third-party products. Sales of own products have two business models: the capital model and the lease model. Own Products Medistim sells its own products either through a lease or as capital. Medistim has a flexible business model in the US and leaves it up to the customer whether they want to lease the equipment or purchase the capital equipment and buy probes as consumables. Most customers in the US lease the equipment. The lease model in the USA has been successful since it does not demand upfront capital to have the equipment available. Medistim has direct representation in the USA, which makes it manageable to handle the lease model properly. However, several customers prefer to invest in the equipment and purchase probes as consumables, and Medistim promotes both solutions. The lease model has not been successful outside the USA. It is often so that hospitals have a policy that the equipment they use must be hospital property. In addition, Medistim can only follow up this model properly where the company has direct representation, since lease customers require Medistim property at the customer site. Medistim serves around 60 distributors around the world. To follow up assets placed at customer sites on a global scale, and have distributors manage Medistim assets, is considered too complex and risky. Third-party products Distribution and sale of third-party products is a separate segment. The group sells medical devices from third-party manufacturers in Norway, Sweden and Denmark. The product portfolio is carefully selected and mainly instruments and consumables within surgery. Transactions between internal business units are performed at market terms. Revenue, cost and result for each segment include transactions between the segments. On group level, these transactions are eliminated. RESEARCH AND DEVELOPMENT Research cost is expensed as incurred. Cost to internal development of technology or software is capitalized as an intangible asset when it is demonstrated that: • it is technically feasible to complete the asset • the company has the resources to complete the project • the product will generate future economic benefits • expenditure can be reliably measured Costs capitalized include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. Internally developed intangible assets are amortized on a straight-line basis over the expected useful life. Amortization starts when the asset is available for use. Intangible assets not ready for use are tested for impairment on a yearly basis. Capitalized development costs are written down when a new product is ready for sale, or an improved product is ready for sale. Internally developed intangible assets are tested for impairment on a regular basis by discounting expected cash flow generated from the asset. If the discounted value is lower than the carrying amount, the asset is written down. INVENTORY Inventory is valued at the lower of cost, using the FIFO principle, and net realizable value. Production cost includes the cost for components, cost of conversion (including direct labor cost), and other cost in bringing the inventories to their present location and condition. Net realizable value is the estimated sales price in the ordinary course of business less cost of completion and selling cost. GOODWILL Business combinations are accounted for using the acquisition method. Goodwill is recognized as the difference between the aggregate of the consideration transferred and the amount of any non-controlling interest less the fair value of the net identifiable assets at the acquisition date. Goodwill is not depreciated but is tested for impairment at least annually.
Page 19
Medistim Third Quarter Financial Results 2026 | page 19 Note 1 Revenue split GEOGRAPHIC SPLIT OF SALES (All numbers in NOK 1000) Q3 26 Q3 25 CHANGE IN % YTD SEP 2026 YTD SEP 2025 CHANGE IN % FY 2025 AMERICAS USA 111 023 78 973 40.6 % 290 360 222 303 30.6 % 301 880 Canada 5 013 3 026 65.7 % 12 444 11 506 8.2 % 17 756 South America 913 1 196 (23.7) % 2 585 2 364 9.4 % 2 683 Total AMERICAS 116 949 83 195 40.6 % 305 389 236 173 29.3 % 322 319 APAC China 17 801 11 160 59.5 % 57 890 38 408 50.7 % 45 736 Japan 9 035 6 660 35.7 % 14 875 15 994 (7.0) % 20 609 Rest of APAC 6 807 7 428 (8.4) % 29 579 20 892 41.6 % 25 834 Total APAC 33 643 25 248 33.3 % 102 344 75 294 35.9 % 92 179 EMEA Europe 35 423 33 094 7.0 % 129 601 117 601 10.2 % 169 735 MEA 1 494 3 973 (62.4) % 8 363 10 237 (18.3) % 14 292 Total EMEA 36 917 37 067 (0.4) % 137 964 127 838 7.9 % 184 027 Third-party products 22 478 21 339 5.3 % 67 988 78 167 (13.0) % 101 242 Total sales 209 987 166 849 25.9 % 613 685 517 472 18.6 % 699 767
Page 20
Medistim Third Quarter Financial Results 2026 | page 20 GEOGRAPHIC SPLIT OF SALES IN NUMBER OF UNITS Q3 26 Q3 25 YTD SEP 2026 YTD SEP 2025 FY 2025 AMERICAS PPP and lease: Flow procedures (PPP/card based) 5 441 6 993 17 431 17 903 26 192 Imaging and flow procedures (PPP/card based) 2 005 2 263 6 173 6 930 9 278 Flow systems (PPP or lease) - - - - - Flow and imaging systems (PPP or lease) - - - 2 2 Capital sales: Flow systems 2 5 13 14 16 Flow and imaging systems 17 9 41 37 46 Flow probes 853 1 035 2 511 2 390 3 225 Imaging probes 52 39 100 80 103 APAC Flow systems 12 12 52 45 55 Flow and imaging systems 5 9 16 18 21 Flow probes 1 127 657 3 283 2 334 2 964 Imaging probes 4 12 14 25 29 EMEA Flow systems 15 7 40 36 50 Flow and imaging systems 6 4 21 15 25 Flow probes 1 153 1 190 4 253 3 833 5 435 Imaging probes 4 6 29 29 32 Total sales in units PPP and lease revenue: Flow procedures (PPP/card based) 5 441 6 993 17 431 17 903 26 192 Imaging and flow procedures (PPP/card based) 2 005 2 263 6 173 6 930 9 278 Flow systems (PPP or lease) - - - - - Flow and imaging systems (PPP or lease) - - - 2 2 Capital sales: Flow systems 29 24 105 95 121 Flow and imaging systems 28 22 78 70 92 Flow probes 3 133 2 882 10 047 8 557 11 624 Imaging probes 60 57 143 134 164 Note 1 cont'd
Page 21
Medistim Third Quarter Financial Results 2026 | page 21 Note 1 cont'd GEOGRAPHIC SPLIT OF SALES PER PRODUCT GROUP (All numbers in NOK 1000) Q3 26 Q3 25 YTD SEP 2026 YTD SEP 2025 FY 2025 AMERICAS Flow procedures (PPP/card based) 19 404 17 176 54 106 47 887 62 270 Imaging and flow procedures (PPP/card based) 9 632 9 682 28 982 30 418 40 727 Capital sales Flow systems 2 838 4 748 22 559 15 637 18 583 Flow and imaging systems 40 247 16 325 88 704 60 954 79 492 Flow probes 33 336 28 050 90 937 67 649 103 449 Imaging probes 11 492 7 213 20 101 13 627 17 797 Total sales AMERICAS 116 949 83 195 305 389 236 173 322 319 APAC Flow systems 5 711 4 769 20 940 16 949 20 166 Flow and imaging systems 5 705 6 937 16 103 13 577 16 009 Flow probes 21 771 12 435 63 803 42 415 53 184 Imaging probes 456 1 107 1 498 2 353 2 820 Total sales APAC 33 643 25 248 102 344 75 294 92 179 EMEA Flow systems 5 484 3 406 15 194 15 838 21 195 Flow and imaging systems 4 910 4 053 19 561 14 771 23 626 Flow probes 26 306 28 914 100 500 94 822 135 772 Imaging probes 216 695 2 708 2 408 3 433 Total Sales EMEA 36 917 37 067 137 964 127 838 184 027 Total sales in NOK Flow procedures (PPP/card based) 19 404 17 176 54 106 47 887 62 270 Imaging and flow procedures (PPP/card based) 9 632 9 682 28 982 30 418 40 727 Capital sales: Flow systems 14 033 12 923 58 693 48 424 59 945 Flow and imaging systems 50 862 27 315 124 369 89 302 119 128 Flow probes 81 413 69 399 255 240 204 886 292 405 Imaging probes 12 164 9 015 24 307 18 388 24 051 Total sales own products 187 509 145 510 545 697 439 305 598 525 Total sales third-party products 22 478 21 339 67 988 78 167 101 242 Total sales 209 987 166 849 613 685 517 472 699 767
Page 22
Medistim Third Quarter Financial Results 2026 | page 22 Note 1 cont'd SPLIT OF SALES BETWEEN CARDIAC SURGERY, VASCULAR SURGERY AND THIRD-PARTY PRODUCTS (All numbers in NOK 1000) Q3 26 Q3 25 CHANGE IN % YTD 30.09.2026 YTD 30.09.2025 CHANGE IN % FY 2025 Sales within Cardiac surgery 161 639 119 690 35.0 % 457 438 348 177 31.4 % 476 261 Sales within Vascular surgery 25 870 25 820 0.2 % 88 259 91 128 (3.1) % 122 264 Sales of third-party products 22 478 21 339 5.3 % 67 988 78 167 (13.0) % 101 242 Total sales 209 987 166 849 25.9 % 613 685 517 472 18.6 % 699 767 SPLIT OF SALES BETWEEN FLOW PRODUCTS, IMAGING PRODUCTS AND THIRD-PARTY PRODUCTS (All numbers in NOK 1000) Q3 26 Q3 25 CHANGE IN % YTD 30.09.2026 YTD 30.09.2025 CHANGE IN % FY 2025 Flow products 114 851 99 498 15.4 % 368 040 301 197 22.2 % 414 620 Imaging products 72 658 46 012 57.9 % 177 657 138 108 28.6 % 183 905 Sales of third-party products 22 478 21 339 5.3 % 67 988 78 167 (13.0) % 101 242 Total sales 209 987 166 849 25.9 % 613 685 517 472 18.6 % 699 767
Page 23
Medistim Third Quarter Financial Results 2026 | page 23 Note 2 Segments SEGMENT REVENUE, EXPENSES, & EBIT SPLIT Q3 2026 (All numbers in NOK 1000) Medistim Products Q3 2026 Third-party products Q3 2026 Total Q3 2026 Total revenue 187 509 22 478 209 987 Cost of material 20 001 12 493 32 494 Salary and social expenses 62 950 4 833 67 783 Other operating expenses 36 780 2 342 39 122 Depreciation 7 376 64 7 439 EBIT 60 403 2 746 63 149 SEGMENT REVENUE, EXPENSES, & EBIT SPLIT Q3 2025 (All numbers in NOK 1000) Medistim Products Q3 2025 Third-party products Q3 2025 Total Q3 2025 Total revenue 145 510 21 339 166 849 Cost of material 19 319 11 523 30 842 Salary and social expenses 55 380 4 949 60 328 Other operating expenses 27 137 2 101 29 238 Depreciation 5 712 165 5 877 EBIT 37 963 2 601 40 564 SEGMENT REVENUE, EXPENSES, & EBIT SPLIT YTD SEP 2025 (All numbers in NOK 1000) Medistim Products YTD 30.09.2026 Third-party products YTD 30.09.2026 Total YTD 30.09.2026 Total revenue 545 697 67 988 613 685 Cost of material 72 960 36 714 109 674 Salary and social expenses 166 168 13 094 179 262 Other operating expenses 112 771 6 744 119 516 Depreciation 19 328 397 19 725 EBIT 174 469 11 040 185 509
Page 24
Medistim Third Quarter Financial Results 2026 | page 24 Note 3 Salary expenses SALARY EXPENSES (All numbers in NOK 1000) Q3 26 Q3 25 YTD 30.09.2026 YTD 30.09.2025 FY 2025 Salary 42 144 42 816 104 736 104 448 147 233 Employees tax 5 150 5 178 18 954 17 991 22 377 Bonus/commission 17 397 12 703 42 220 35 481 46 249 Cost for contribution pension plan 1 818 1 278 8 044 7 543 9 147 Compensation to the Board 644 558 1 858 1 674 2 628 Other social costs 630 (2 205) 3 450 (297) 2 701 Total salary and social cost 67 783 60 328 179 262 166 839 230 335 SEGMENT REVENUE, EXPENSES, & EBIT SPLIT YTD SEP 2025 (All numbers in NOK 1000) Medistim Products YTD 30.09.2025 Third-party products YTD 30.09.2025 Total YTD 30.09.2025 Total revenue 439 305 78 167 517 472 Cost of material 49 834 42 210 92 044 Salary and social expenses 153 952 12 887 166 839 Other operating expenses 80 677 6 234 86 911 Depreciation 17 337 470 17 807 EBIT 137 505 16 366 153 871 Note 2 cont'd
Page 25
Medistim Third Quarter Financial Results 2026 | page 25 Note 5 Specification of inventory SPECIFICATION OF INVENTORY (All numbers in NOK 1000) 30.09.2026 30.12.2025 Raw material 67 327 62 896 Work in progress 5 803 5 588 Finished goods 62 453 84 476 Spare parts 14 108 12 228 Third-party products 14 004 11 412 Inventory provision (13 828) (15 468) TOTAL INVENTORY 149 867 161 132 Finished goods are measured at cost, which includes cost for components and internal labor cost. Work in progress is valued at the total of the component cost and labor cost. It is necessary for the company to keep an additional security inventory for critical components for own-developed products. Due to a strict regulatory regime within medical devices, it takes time to introduce new devices or components. At the same time, the tendency is that electronic components’ life cycle is shorter. For this reason, the inventory level is high to secure future deliveries for Medistim-developed products. Note 4 Intangible assets and goodwill INTANGIBLE ASSETS AND GOODWILL (All numbers in NOK 1000) Product under development Completed product development Goodwill Deferred tax IT Total intangible assets Historic cost 31.12.2025 36 695 106 524 14 128 9 221 10 034 176 601 Internal additions 8 219 - - 1 710 - 5 183 External additions 12 590 - - - 4 770 10 780 Reclassification (52) - - - - (52) Historic cost 30.09.2026 57 452 106 524 14 128 10 931 14 804 203 838 Accumulated depreciation and write downs - 81 281 - - - 81 281 Depreciations for the year - 2 601 - - - 2 601 Total depreciation as of 30.09.2026 - 83 882 - - - 83 882 Carrying amount 30.09.2026 57 558 22 642 14 128 10 931 14 804 119 956
Page 26
Medistim Third Quarter Financial Results 2026 | page 26 Note 7 Events after 30.09.2026 The Board of Directors has no knowledge about other events after 30.09.2026 that will affect the quarterly report and financial statement as of 30.09.2026. Note 6 Financial income and expense FINANCIAL INCOME AND EXPENSE (All numbers in NOK 1000) Q3 26 Q3 25 YTD 30.09.2026 YTD 30.09.2025 FY 2025 Interest income 425 158 2 401 3 165 5 003 Other financial income (91) (21) - - 1 473 Gains on foreign exchange 10 733 8 617 23 570 16 693 21 022 Total financial income 11 067 8 753 25 970 19 859 27 498 Loss on foreign exchange (12 665) (4 030) (29 119) (11 050) (10 615) Interest cost on loans - - - - 72 Other financial expenses 258 2 439 (116) (1 895) (6 302) Total financial expenses (12 407) (3 371) (29 235) (14 725) (16 845) Net financial income and expenses (1 340) 5 383 (3 265) 5 133 10 653
Page 27
Medistim Third Quarter Financial Results 2026 | page 27 KEY FIGURES Q3 26 Q3 25 YTD 30.09.2026 YTD 30.09.2025 FY 2025 Equity ratio 71.3 % 72.8 % 71.3 % 72.8 % 70.9 % Earnings per share kr 2.61 kr 1.90 kr 7.67 kr 6.63 kr 8.71 Earnings per share diluted kr 2.61 kr 1.90 kr 7.67 kr 6.63 kr 8.71 Average shares outstanding in 1000 18 292 18 273 18 292 18 275 18 276 Average shares outstanding in 1000 diluted 18 292 18 273 18 292 18 275 18 276 Alternative Performance Measures RETURN ON INVESTED CAPITAL (ROIC) (1=1 MNOK) 2022 2023 2024 2025 LTM SEP 2026 Numerator: Profit for the year 114 104 104 159 180 Denominator: Invested capital (avg) 230 258 295 306 332 Total assets 483 506 581 661 643 Minus: Cash (153) (154) (179) (212) (176) Minus: Non interest bearing current liabilities (100) (94) (102) (143) (136) Equals: Invested capital 230 258 299 305 332 ROIC Net Income in % 49.5 % 40.3 % 35.4 % 52.1 % 54.2 % Return On Invested Capital: The numerator uses the 12-month rolling net profit. The denominator represents the capital circulating in the business. For Medistim, this is calculated as non-current assets plus current assets minus current liabilities. OTHER ALTERNATIVE PERFORMANCE MEASURES Profit before R & D, depreciation and impairment: Margin after cost of goods, salary and social expenses and other operating expenses are deducted except for R & D expenses. EBITDA: Earnings before interest, taxes, depreciation and amortization. Corresponds to operating profit be- fore depreciations and impairment loss. Currency neutral growth: Compares this year’s sales with previous year sale when sale in foreign currency is recalculated using the same average currency rate in the reporting period to get a neutral comparison.
Page 28
Medistim Third Quarter Financial Results 2026 | page 28 Alternative Performance Measures cont'd RECONCILIATION OF CURRENCY NEUTRAL REVENUE Rates YTD SEP 2026 Rates YTD SEP 2025 USD average rate for the year 9.57 9.99 EUR average rate for the year 11.17 11.73 SPLIT OF REVENUE IN USD, EUR, & NOK (ALL NUMBERS IN NOK 1000) YTD SEP 2026 Revenue 2026 with 2025 rates Sales in USD Procedural revenue Imaging and flow 83 089 86 767 Capital sales flow systems 22 559 23 557 Capital sales flow and imaging systems 88 704 92 631 Flow probes 90 937 94 963 Imaging probes 20 101 21 113 Sales in EUR Capital sales flow systems 36 134 37 955 Capital sales flow and imaging systems 35 664 37 461 Imaging probes 4 206 4 418 Flow probes 164 303 172 579 Total revenue in USD and EUR 545 697 571 444 Revenue in NOK 67 988 67 988 Total revenue 613 685 639 432 RECONCILIATION OF WORKING CAPITAL (All numbers in NOK 1000) 30.09.2026 31.12.2025 Accounts receivable in balance sheet at year end 116 579 86 388 Inventory in the balance sheet at year end 149 867 161 132 Accounts payable in balance sheet at year end (31 502) (38 222) Working capital 234 944 209 298
Page 29
marketing@medistim.com www.medistim.com ANNIVERSARY Defining Quality. Transforming lives. Celebrating 40 years of empowering the surgical community with uncompromised quality Defining quality. Transforming lives.