Slides
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Q3 2025 presentation Christine Lind, CEO Patrick Bach, CFO Thursday 23 October 2025
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Q3 2025 key figures and highlights Continued profitability and clinical evidence supporting future growth Key figures for Q3 2025 (Q3 2024) Revenues 48.4 (73.9) MSEK EBITDA 5.3 (9.9) MSEK Net loss 7.5 (4.7) MSEK CF from operating activities -2.8 (8.3) MSEK Highlights • License revenue from BD bounce back, Zimmer Biomet limited as expected • Continue to add to clinical evidence with specific application areas • Wound Management still expected to deliver double-digit growth long-term 2
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Setting the standard of care in infection prevention Unmet medical need Healthcare-associated infections and chronic wounds create a multi-billion cost burden Validated technology Products on market with global MedTech partners, supported by clinical evidence Growth drivers EBITDA-positive with opportunities for growth in both licensing and Wound Management Scalable platform Leverageable across multiple therapeutic areas, using a licensing model
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Advanced technology to prevent medical device related infections Reduces microbial adhesion and biofilm formation • Ultra-thin noble metal coating • In contact with fluids, the noble metals create a galvanic effect due to their varying electro potentials Uncoated surface Coated surface 4 250M+ devices coated 70% infection reduction 20+ materials coated 100,000+ trial participants ZERO adverse events related to the coating
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Orthopedics 1-3 Cardiology 4,5 Neurology 6,7 Urology 8 Vascular access 9 Our strategic focus therapeutic areas Focus therapeutic areas 5 1. Masters et al. (2013); Acuña et al. (2021) 2. Gold et al. (2019); Patel et al. (2023) 3. Norris et al. (2019); Li et al. (2024) 4. Greenspon et al. (2011); Wilkoff et al. (2020); Solail Henrikson et al. (2011) 5. Mehra, Goldstein et al. (2022); Tong et al. (2015); Topkara et al. (2010) 6. Bendel et al. (2017); Ishizuka et al. (2007); Oh et al. (2002); Hasegawa et al. (2021) 7. Sagun Tuli et al. (2004) 8. CDC and Lo et al. 2014 9. Rosenthal et al. (2023); Alshahrani et al. (2023) Indicative infection rates Indicative mortality rates Addressable market Application areas (examples) Hip & Knee Implants Spinal discs / Fusion cages Trauma Implants & hardware Primary 1-5% Revisions 8-22% Fracture related 5-40% 3-11% USD 39bn Central Venous Catheter Peripherally Inserted Central Catheter Midline Catheter CLABSI 2-10% (>2 days) 12-31% USD 11bn Ventricular Assisted Device Pacemaker CIED 1-7% Structural heart 19-39% CIED 3-5% Structural heart 5-10% USD 10bn Deep Brain Stimulator Vagus Nerve Stimulator Peripheral Nerve Stimulator Modulators: 1-15% Shunts: 5-13% 10-12%* USD 9bn Foley Catheter CAUTI 9-21% (>2 days) 1-4% USD 5bn
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Partnership snapshot Q3 2025 Exclusivity partnerships and License partnerships announced with partner name 6 Orthopedics Vascular access Cardiology Neurology Urology Other Material transfer agreement Application development partnership Exclusivity partnership License partnership
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BD partnership update Strong momentum in partnership • Collaboration spanning entire value chain – from technology licensing to go-to-market strategies • Dedicated Bactiguard-coated Foley catheters US website with evidence-based insights on clinical and economic benefits • Active market transition in India from Bactiguard to BD • Preparations for Europe market readiness At a glance • Q3 2025 revenues: 28.3 MSEK • Partnership since early 90s – 245 million coated Foley catheters sold • Exclusive global license for coated Foley catheters (ex China) 7
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Zimmer Biomet partnership update Commercialization of ZNN Bactiguard across Europe continues • ZNN Bactiguard part of Zimmer Biomet Infection strategic pillar within prevention solutions • Commercialization of ZNN Bactiguard across Europe – European Bone & Joint Infection Society (Barcelona, September) • Post market ongoing clinical trials in Europe on ZNN Bactiguard – main study is comparative • Advancing in regulatory processes with MDR transition for Europe At a glance • Q3 2025 revenues: 1.5 MSEK • Global leader in orthopedics • Agreement covers trauma implant segment (signed in 2019) 8 ORTHOPAEDIC INFECTION MANAGEMENT ZNN® System with Bactiguard® Technology
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Adding to clinical evidence on Bactiguard-coated implants Orthopedic trauma nail Two independent clinical studies published in medical journals strengthen the evidence base for Bactiguard’s coated implants UK-based pilot study (Leeds Major Trauma Centre, Leeds, UK) Compares Bactiguard-coated vs. antibiotic coated and uncoated tibial nails in high-risk trauma patients. Showing potential to reduce infections and unplanned reinterventions. Spanish retrospective study (Vall d’Hebron, Barcelona) Evaluates Bactiguard-coated nails in bone transport techniques, demonstrating infection reduction compared to external fixation methods. Corona, P.S. et al. (2025). Preliminary outcomes of a novel metal-coated antibacterial nail in Bone Transport Over Nail (BTON) and Nail After Bone Transport (NABT) procedures in cases of segmental infected tibial bone defects. Injury, 56(8). DOI:112520 Kanakaris, N.K. et al. (2025). Tibial Fractures at High Risk of Infection Treated with Intramedullary Nailing: Do Nails with Antibacterial Coatings Make a Difference?. JBJS Open Access 10(3). DOI: 10.2106
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Wound Management by Bactiguard Preventing infections through effective, biocompatible solutions to improve wound healing At a glance • Q3 2025 revenues: 15.6 MSEK • Offering includes Hydrocyn aqua and a range of surgical sutures 10 • Continued growth of Hydrocyn aqua across all regions – while we see decline in sutures • YTD Wound Management revenues grew 8% – WM still expected to deliver double-digit growth • Continue to onboard new distributors across our regions and see great demand for Hydrocyn
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Total revenue decreased to SEK 48m in Q3 against high comparisons LY as well as currency headwind Source: Bactiguard Holding AB, Interim report Q3 2025, p. 4 Revenue development 47,5 29,9 120,5 103,2 164,7 147,5 17,9 45,3 48,7 60,9 64,3 6,6 2,9 20,2 1,9 2024 0,015,6 2025 15,012,8 2024 10,40,9 73,9 48,4 193,6 163,2 261,9 231,5 2024/25 4,1 2024 16,0 2025 15,6 -34,5% -15,7% MSEK Third quarter (Jul-Sep) Full year RTM 11 Other revenues BIP portfolio Wound Management portfolio Total license revenue Year to date (Jan-Sep)
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Total license revenues decreased to SEK 30m in Q3 despite positive BD bounce back Source: Bactiguard Holding AB, Interim report Q3 2025, p. 4 License revenue development 46,6 29,8 114,2 103,1 155,4 144,3 0,0 2024 0,10,0 2025 1,05,3 2024 0,10,0 2025 1,5 47,5 29,9 120,5 103,2 164,7 147,5 2024/25 2,5 0,7 2024 7,7 0,9 -37,1% -14,4% MSEK Third quarter (Jul-Sep) Full year RTM 12 Application development partners Exclusivity partners License partners Year to date (Jan-Sep)
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Total operating costs (OPEX) further decreased in Q3 with YTD savings of 22% Source: Bactiguard Holding AB, Interim report Q3 2025, p. 8 Total operating costs (OPEX) development 27,8 65,9 43,1 87,6 64,924,9 24,4 81,5 70,9 111,5 100,9 2024 0,9 2025 6,2 2024 5,8 2025 56,8 36,6 153,6 119,8 207,9 174,3 2024/25 8,5 2024 8,911,34,1 -35,6% -22,0% MSEK Third quarter (Jul-Sep) Full year RTM 13 Personnel costs Other external expenses Other operating expenses Year to date (Jan-Sep)
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Continued positive EBITDA of SEK 5.3m in Q3 and SEK 19m in YTD Source: Bactiguard Holding AB, Interim report Q3 2025, p. 14 EBITDA development 2024 2025 2024 2025 2024 2024/25 5.3 9.6 19.1 18.0 27.5 9.9 -4.6 +9.5 MSEK 14 EBITDA Third quarter (Jul-Sep) Full year RTMYear to date (Jan-Sep)
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Cash flow from operations for Q3 at SEK –2.8m and total cash position end of Q3 of SEK 37.4m Cash flow for the period and total cash development MSEK Source: Bactiguard Holding AB, Interim report Q3 2025, p. 1115 Cash end of Q2 2025 Cash flow from operating activities -2,5 Cash flow from investing activities -3,1 Cash flow from financing activities -0,3 Exchange difference in cash Cash end of Q3 2025 46,1 37,4 -2,8
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Committed to deliver on our 2030 targets 16 Strategic focus Targets by year-end 2030 License partnerships R&D Medical Regulatory Wound Management portfolio Advance current and develop new partnerships Continue to invest in key knowledge areas Grow profitably and expand into new markets application areas in either exclusivity or license partnership MSEK EBITDA MSEK Revenues >10 >200 >600
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Questions & Answers Q3 2025 presentation Christine Lind CEO Patrick Bach CFO