Slides
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A year of strategic execution concluded with a strong Q4 Thursday 5 February 2026 Christine Lind, CEO Patrick Bach, CFO Q4 and year-end 2025 presentation
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228.8 (261.9) MSEK 43.8 (18.0) MSEK -7.8 (-29.8) MSEK Key figures Q4 & Full-year 2025 Total revenue 65.6 (68.3) MSEK EBITDA 24.7 (8.4) MSEK Net profit/loss 12.5 (-0.9) MSEK Stable underlying revenue in license business 2025 after a strong Q4 Highlights Q4 • Total revenue growth of 4%, excl. currency effect • Increased EBITDA and positive net result • Updated agreement with Zimmer Biomet main driver 2025 • Stable license revenue, excl. currency effect • Further strengthened EBITDA 2 Q4 2025 (2024)
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Wound Management portfolio Advanced technology to prevent medical device related infections R&D Medical Regulatory Strategic execution in 2025 strengthened partnerships through enhanced ways of working Advance current and develop new partnerships with global MedTech companies 3 • Enhanced ways of working with existing partners • Advancements in both BD and Zimmer Biomet license partnerships • Progress in business development activities • Bactiguard ownership of regulatory expertise • Early technology evaluations of new materials and applications • Partner collaboration with clinical studies; proceeding according to plan • Focus on higher profitability products • Strong growth in product line Hydrocyn aqua • Ongoing MDR transition process for both Hydrocyn and sutures Continue to invest in key knowledge areas Grow profitably across product portfolio and new markets
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Solid progress in pipeline Partnership snapshot Q4 2025 4 Orthopedics Vascular access Cardiology Neurology Urology Other Material transfer agreement Application development partnership Exclusivity partnership License partnership Average 5-7 years
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Delivering market transitions and support across the value chain with BD • Collaboration spanning entire value chain – from technology licensing to go-to-market strategies • Continue to support market penetration in India after launch of Bactiguard-coated Foley catheters earlier in 2025 • BD received regulatory clearances for Bactiguard-coated foleys enabling future market launches, including in Europe At a glance • Q4 2025 revenues: 27.6 MSEK • Partnership since early 90s – 245 million Bactiguard coated Foley catheters sold • Exclusive global license for Bactiguard coated Foley catheters (ex China) 5
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Updated agreement with Zimmer Biomet to reflect current market activities and strengthen collaboration • Updated agreement focused on ZNN Bactiguard coated trauma nail system ─ Non-exclusive rights, covering Europe, selected MEA markets and Japan ─ Remaining global rights to Bactiguard ─ Royalties on actual net sales and fixed quarterly fee • Continued commercialization of ZNN Bactiguard across Europe and selected Middle East markets • Close collaboration on ongoing post market clinical trials in Europe as well as progress in MDD to MDR regulatory transition processes At a glance • Q4 2025 revenues: 17.6 MSEK • Global leader in orthopedics • Partnership since 2019 6 ORTHOPAEDIC INFECTION MANAGEMENT ZNN® System with Bactiguard® Technology
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Wound Management – continued strong double-digit growth across Hydrocyn, off-set by drop in sutures At a glance • Q4 2025 revenues: 14.1 MSEK • Offering includes Hydrocyn aqua and a range of surgical sutures 7 • Strong double-digit growth from Hydrocyn aqua across product categories and onboarding of new distributors in Southeast Asia, the Middle East and Europe • Larger than expected drop in sutures in isolated markets – going forward expected to contribute positively to our strategic targets • MDR transition and investments to allow future scalability of the portfolio
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While total revenue decreased, net sales was up 10% in Q4 and down 6% in FY net of negative currency effects Source: Bactiguard Holding AB, Interim report Q3 2025, p. 4 Revenue development 20.2 16.0 60.9 164.7 2024 12.90.9 5.2 152.3 2025 3.215.6 44.2 2024 2.40.0 68.3 65.6 261.9 228.8 14.1 49.1 2025 62.7 -3.9% -12.6% MSEK reported (incl. FX) Q4 (Oct-Dec) 8 Other revenues BIP portfolio Wound Management portfolio Total license revenue Full-year (Jan-Dec)
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Total license revenue grew in Q4, while FY result is stable and license partners grew 5% net of currency effects Source: Bactiguard Holding AB, Interim report Q3 2025, p. 4 License revenue development 0.62.5 41.2 2024 0.20.0 48.9 2025 1.57.7 155.4 2024 0.30.0 152.0 2025 44.2 49.1 164.7 152.3 11.0% -7.5% 9 Application development partners Exclusivity partners License partners Q4 (Oct-Dec) Full-year (Jan-Dec) MSEK reported (incl. FX)
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Delivered OPEX savings of more than 25% in 2025, while strengthening the organization Source: Bactiguard Holding AB, Interim report Q3 2025, p. 8 Total operating costs (OPEX) development 30.0 21.72.7 2024 24.4 8.51.0 2025 111.5 87.6 8.9 2024 95.4 51.6 6.8 2025 54.4 33.8 207.9 153.7 -37.7% -26.0% 10 Personnel costs Other external expenses Other operating expenses Q4 (Oct-Dec) Full-year (Jan-Dec) MSEK
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Strong finish to the year, more than doubling EBITDA at 44 MSEK for 2025 Source: Bactiguard Holding AB, Interim report Q3 2025, p. 14 EBITDA development 2024 2025 2024 2025 8.4 24.7 18.0 43.8 +16.3 +25.7 11 EBITDA Q4 (Oct-Dec) Full-year (Jan-Dec) MSEK
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Positive cash flow from operations of 12 MSEK in Q4 resulting in total cash position of 44 MSEK at end of 2025 Cash flow for the period and total cash development Source: Bactiguard Holding AB, Interim report Q3 2025, p. 1112 Cash end of Q3 2025 Cash flow from operating activities -1.4 Cash flow from investing activities -3.7 Cash flow from financing activities Exchange difference in cash Cash end of Q4 2025 37.4 44.3 11.7 0.3 MSEK
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Continue to build on strategy towards 2030 targets 13 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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Summarizing 2025 ˗ a year of stategic execution resulting in a stronger foundation Strengthened partnerships through enhanced ways of working and achieved milestones Good momentum in early discussions with potential license partners across strategic therapeutic areas Stable underlying revenue in license business in 2025 delivered with a strong Q4 Further improvement in profitability delivered from topline but also cost discipline Stronger Bactiguard foundation to deliver on 2030 targets
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Questions & Answers Q4 and year-end 2025 Christine Lind CEO Patrick Bach CFO