Interim report
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April – June 2026 Net sales were KSEK 6 704 (7 471) Profit/loss after financial items was KSEK -2 603 (-587) Earnings per share were SEK -0,0 (-0,0) January – June 2026 Net sales were KSEK 12 236 (14 848) Profit/loss after financial items was KSEK -4 815 (-1 141) Earnings per share were SEK -0,0 (-0,0) Interim report January - June 2026
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COMMENTS FROM THE CEO During the second quarter of 2026, Aino continued to execute its transition towards a more scalable SaaS-based business model, while operating in a demanding financial environment and against the background of the public tender offer announced on June 30, 2026. Our strategic direction remains unchanged. We continue to focus on recurring SaaS revenue, partner-led scalability, operational discipline and solutions that help employers manage work ability in a structured, proactive and data-driven way. The market need remains strong, as organisations continue to seek better tools to reduce sickness absence, manage rehabilitation processes, support managers and improve visibility into the root causes affecting employee work ability. Commercially, the quarter showed encouraging progress, particularly through our partner model. During the quarter, Aino announced several new customer agreements in Finland through occupational health partner Härmämedi, as well as a new agreement with Österåker Municipality in Sweden. Together, these agreements represent approximately 5,500 new subscriptions. The new customers include both private-sector and public- sector organisations and demonstrate that Aino’s SaaS platform is relevant across different employer segments where structured work ability management, secure documentation and early intervention processes are becoming increasingly important. The financial impact from these new agreements will materialise gradually, as several implementations are planned for later in 2026 and, in one case, the beginning of 2027. As a result, the subscription growth announced during the quarter does not immediately translate into full revenue contribution in Q3 and Q4. Net sales for the quarter were somewhat lower than expected, mainly due to delays in the start of certain customer projects caused by customer-side timing factors. These delays affected the timing of revenue recognition rather than changing our view of the long-term need for Aino’s solution. Given the company’s current size and financial position, even timing differences in customer projects can have a visible short-term effect on revenue and cash flow. Our cash position remains constrained and requires continued strict cost control. This limits the speed at which we can make growth investments, including in product development, sales capacity and international expansion. In order to continue the international expansion at the planned scale, and thereby accelerate growth in the number of subscriptions, the company will need to secure additional financing. Without such financing, the pace of expansion will need to be adapted to the cash flow and resources generated by the existing operations. We are therefore prioritising resources towards activities with the clearest path to scalable recurring revenue, customer retention and partner-enabled growth. During the quarter, we continued to advance our go-to-market activities systematically in both the UK and Germany. In both markets, our focus is on building awareness among larger employers and partners around the need for a joined-up work ability strategy, measurable absence reduction and stronger support for managers. These markets represent long-term opportunities for Aino, but they require patience, local trust-building and sufficient investment capacity. Public tender offer and related transparencyPublic tender offer and related transparency On June 30, 2026, a consortium led by HealthCo Oy announced a public tender offer for all outstanding shares in Aino Health AB. The acceptance period for the tender offer is currently ongoing and is expected to expire on August 10, 2026. The company’s independent bid committee has issued its statement regarding the offer and has unanimously recommended that shareholders accept the offer. As previously communicated, the company’s CEO and CFO did not participate in the preparation of the independent bid committee’s statement. From an operational management perspective, our responsibility is to continue running the business in the best interests of the company, its customers, employees and shareholders, while ensuring that all shareholders receive a transparent and balanced view of the company’s development, opportunities and risks. As the tender offer process is still ongoing, additional costs will arise. The final total cost and the impact on the company’s liquidity will depend on the outcome and timeline of the process. In summary, Q2 was a quarter of continued commercial validation, but also continued financial discipline. The new agreements announced during the period support our view that Aino’s SaaS platform and partner model are relevant and scalable. However, the company continues to operate with limited financial flexibility, and the timing of implementations, customer churn, transaction-related costs and available investment capacity remain important factors for the coming quarters. I would like to thank our customers, partners, employees and shareholders for their continued trust and support. 2
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SaaS subscriptions As of the end of June, Aino Health has 119 000 subscribers. 18 300 27 950 42 000 50 000 49 000 55 000 88 000 101 000 112 000 116 000 116 000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q1 2026 Q2 Accumulated number of SaaS users of Aino Jyrki EklundJyrki Eklund President and CEO Aino Health AB 3 119 000
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EVENTS DURING THE QUARTER Aino Health and the occupational health provider Härmämedi have entered into a partnership to strengthen work ability management for Härmämedi’s occupational health customers. Within the partnership, Aino Health has announced new customer agreements with Skaala, the City of Kauhava and Lillbacka Powerco Oy, among others. Österåker Municipality in Sweden has selected Aino’s SaaS platform to strengthen secure rehabilitation documentation and structured work ability support. The agreement covers approximately 2,000 employees, with deployment planned to begin in January 2027. A consortium of shareholders has, through HealthCo Oy, made a public tender offer of SEK 0.20 in cash per share for all outstanding shares in Aino Health AB. The offer was announced on 30 June 2026, and the Board of Directors’ independent bid committee has unanimously recommended that shareholders accept the offer. The acceptance period is expected to expire on or around 10 August 2026. 4
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CORPORATE DEVELOPMENTCORPORATE DEVELOPMENT Q2 2026 in figures About the reportAbout the report This interim report covers the period 1/4 - 30/6 2026. Accounting principlesAccounting principles The company applies the Annual Accounts Act and the Swedish Accounting Standards Board’s general advice BFNAR 2012:1 (K3) when preparing its financial reports. The company has not capitalised product development costs during the quarter. Principles for the preparation of the reportPrinciples for the preparation of the report This interim report has not been reviewed by the company’s auditors. Net salesNet sales Net sales for the Group during the quarter amounted to 6,704 (7,471) TSEK. The majority of the turnover came from Finland. ResultResult The Group’s result for the quarter amounted to -2,603 (-587) TSEK. Operating profit (EBIT) in the Group was -2,387 (-341) TSEK. Financial position and liquidityFinancial position and liquidity The tender offer process, including the related due diligence review and the fairness opinion obtained by the Board of Directors’ independent committee, entails advisory, expert and administrative costs for the company. Transaction-related costs of approximately 120 TSEK have been charged to the result for the quarter. As the process is still ongoing, additional costs will arise, and the final total cost and the impact on the company’s liquidity will depend on the outcome and timeline of the process. Should the tender offer fail to materialise or be withdrawn, the company will remain liable for its own incurred advisory and transaction expenses. The Group’s cash and bank balances amounted to 1,916 TSEK as of 30 June 2026, cash flow from operating activities for the first half of the year was -4,199 TSEK, and the Group’s equity was negative as of the balance sheet date. In order to continue the international expansion at the planned scale, and thereby accelerate growth in the number of subscriptions, the company will need to secure additional financing. Without such financing, the pace of expansion will need to be adapted to the cash flow and resources generated by the existing operations. SoliditySolidity The Group’s equity ratio, calculated as the ratio of equity to total assets, was -233 percent on 30 June 2026. Cash flow and investmentsCash flow and investments Cash flow amounted to -1,898 (-267) TSEK during the quarter. Cash flow from operating activities was -2,033 (-1,062) TSEK. The ShareThe Share Aino Health’s share is listed on NASDAQ First North Growth Market under the ticker ‘AINO’. The total number of shares at the beginning of the period, 1 January 2026, was 204,569,103 and the number of shares at the end of the period, 30 June 2026, was 204,569,103. Transactions with related partiesTransactions with related parties With the exception of salaries and other remuneration to the company management and board fees, as decided by the general meeting, no transactions have taken place with related parties. 5
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LARGEST SHAREHOLDERS 30 JUNE 2026 Shareholders Number of shares Share of votes and capital (percentage) Nexit III Ky 59 249 330 28.96 % Tenendum Oy 39 499 554 19.31 % Jyrki Eklund 12 650 496 6.18 % Jochen Saxelin privately and through companies 9 419 372 4.60 % Piccer Ekonomi AB 8 867 267 4.33 % Andreas Larsson 7 037 970 3.44 % Kullanäs Förvaltnings AB 6 111 755 2.99 % Daniel Nilsson 5 782 834 2.83 % SIP 203, You plus assurance 3 638 373 1.78 % Ingfred Invest AB 2 000 000 0.98 % Other 50 312 152 24.59 % TotalTotal 204 569 103204 569 103 100.0 %100.0 % Source: Euroclear 2026-06-30 and other reliable sources. Certified AdviserCertified Adviser Tapper Partners AB Info: https:/ /investors.ainohealth.com/certified-adviser/ Upcoming reportsUpcoming reports Quarterly Report Q3 2026 – 12 November 2026 Quarterly Report Q4 2026 – 12 February 2027 Risks and uncertainty factorsRisks and uncertainty factors Aino Health may need to raise additional capital in the future. There is a risk that the company may not be able to raise additional capital, obtain partnerships or other co-financing. Loss of key personnel may lead to negative consequences. In addition, there are a variety of risks not related to Aino Health. Board affirmation The Board of Directors and the Chief Executive Officer certify that this interim report provides a true and fair view of the company’s operations, financial position and results, and describes the significant risks and uncertainties facing the company. Stockholm, 3 August 2026 Aino Health AB (publ) The boardThe board Klas Bonde, Chairman Petri Kairinen – Board member Petri Väyrynen – Board member This information is information that Aino Health AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of Jyrki Eklund, President and CEO of Aino Health AB, on 3 August 2026 08.30 CET. 6
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CONSOLIDATED INCOME STATEMENT All figures in KSEK 2026 Q2 2025 Q2 2026 jan-jun 2025 jan-jun 2025 jan-dec* Net sales 6 704 7 471 12 236 14 848 26 112 Other operating incomes 3 1 8 6 7 Operating expensesOperating expenses Purchased consultancy services -637 -599 -989 -706 -1 520 Other external costs -3 762 -2 531 -6 120 -4 797 -10 074 Employee benefit costs -3 967 -3 950 -8 096 -8 641 -16 844 Depreciation/amortization of tangible and intangible assets -721 -727 -1 432 -1 460 -2 909 Other operating expenses -7 -6 -15 -11 -22 Operating lossOperating loss -2 387-2 387 -341-341 -4 408-4 408 -761-761 -5 250-5 250 Financial net -216 -246 -407 -380 -861 Loss after financial itemsLoss after financial items -2 603-2 603 -587-587 -4 815-4 815 -1 141-1 141 -6 111-6 111 Net loss for the periodNet loss for the period -2 603-2 603 -587-587 -4 815-4 815 -1 141-1 141 -6 111-6 111 7
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CONSOLIDATED BALANCE SHEET IN BRIEF All figures in KSEK ASSETS 2026 30 jun 2025 30 jun 2025 31 dec Fixed assetsFixed assets Intangible assets 725 3 637 2 139 Tangible assets 49 64 54 Financial assets 45 45 45 Total fixed assetsTotal fixed assets 819819 3 7463 746 2 2382 238 Current assetsCurrent assets Current receivables 2 137 2 855 1 675 Cash and bank balances 1 916 834 5 806 Total current assets Total current assets 4 0534 053 3 6893 689 7 4817 481 TOTAL ASSETSTOTAL ASSETS 4 8724 872 7 4357 435 9 7199 719 EQUITY AND LIABILITIESEQUITY AND LIABILITIES Equity Equity Share capital 3 851 3 851 3 851 Other capital contributions 94 217 94 217 94 217 Other equity, including profit/loss for the year -109 401 -99 595 -104 491 Total equity Total equity -11 333-11 333 -1 527-1 527 -6 423-6 423 LiabilitiesLiabilities Non-current liabilities 7 981 836 7 782 Current liabilities 8 224 8 126 8 360 Total liabilities Total liabilities 16 20516 205 8 9628 962 16 14216 142 TOTAL EQUITY AND LIABILITIESTOTAL EQUITY AND LIABILITIES 4 8724 872 7 4357 435 9 7199 719 8
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY IN BRIEF 2026 Q2 2025 Q2 2026 jan-jun 2025 jan-jun 2025 jan-dec Opening balanceOpening balance -8 661-8 661 -902-902 -6 423-6 423 -458-458 -458-458 New issue 0 0 0 0 0 Translation differences -69 -38 -95 72 146 Profit/loss for the period -2 603 -587 -4 815 -1 141 -6 111 Closing balanceClosing balance -11 333-11 333 -1 527-1 527 -11 333-11 333 -1 527-1 527 -6 423-6 423 CONSOLIDATED CASH FLOW STATEMENT IN BRIEF All figures in KSEK 2026 Q2 2025 Q2 2026 jan-jun 2025 jan-jun 2025 jan-dec Cash flow from operating activities -2 033 -1 062 -4 199 -563 -2 414 Cash flow from investment activities 0 0 0 0 0 Cash flow from financing activities 135 795 270 672 7 618 Cash flow for the period Cash flow for the period -1 898-1 898 -267-267 -3 929-3 929 109109 5 2045 204 Liquid assets, opening balance 3 813 1 080 5 805 740 741 Exchange rate differences in liquid assets 1 21 40 -15 -139 Liquid assets, closing balance Liquid assets, closing balance 1 9161 916 834834 1 9161 916 834834 5 8065 806 9
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KEY FIGURES All figures in KSEK 2026 Q2 2025 Q2 2026 jan-jun 2025 jan-jun 2025 jan-dec 2024 jan-dec Financial key figuresFinancial key figures Net sales 6 704 7 471 12 236 14 848 26 112 23 941 Profit/loss after financial items -2 603 -587 -4 815 -1 141 -6 111 -9 915 Return on equity (%) neg neg neg neg neg neg Equity per share, SEK -0,1 0,0 -0,1 0,0 0,0 0,0 Equity/asset ratio, % -233% -21% -233% -21% -66% -5% Earnings per share before dilution, SEK -0,0 -0,0 -0,0 -0,0 -0,0 -0,1 Earnings per share after dilution, SEK -0,0 -0,0 -0,0 -0,0 -0,0 -0,1 Number of shares at end of period 204 569 103 204 569 103 204 569 103 204 569 103 204 569 103 204 569 103 Weighted number of shares during period 204 569 103 204 569 103 204 569 103 204 569 103 204 569 103 143 419 661 10
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Aino Health AB Kungsgatan 32 118 26 Stockholm +46 20 482 482 IR@ainohealth.com