Interim report
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1 Q3 2026 Net sales: SEK 408.8 m (294.1) Growth at constant exchange rates: 38% Adjusted operating result: SEK 139.3 m (78.6) Gross margin: 92.0% (92.9) BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026
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2 THE QUARTER IN BRIEF BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 JULY - SEPTEMBER 2026 • Net sales increased by 39 percent (38 percent at constant exchange rates¹) and amounted to SEK 408.8 million (294.1). • The US segment reported a sales growth of 40 percent (39 percent at constant exchange rate). • The Europe & Rest of the World (EUROW) segment reported a sales growth of 35 percent (34 percent at constant exchange rates). • The gross margin amounted to 92.0 percent (92.9). • The adjusted operating result¹ amounted to SEK 139.3 million (78.6). The reported operating result amounted to SEK 123.4 million (65.4). • Earnings per share before dilution were SEK 1.41 (0.52). • Earnings per share after dilution were SEK 1.39 (0.52). JANUARY - SEPTEMBER 2026 • Net sales increased by 26 percent (33 percent at constant exchange rates¹) and amounted to SEK 1,088.6 million (862.1). • The US segment reported a sales growth of 27 percent (35 percent at constant exchange rate). • The Europe & Rest of the World (EUROW) segment reported a sales growth of 22 percent (25 percent at constant exchange rates). • The gross margin amounted to 91.7 percent (92.6). • The adjusted operating result¹ amounted to SEK 328.3 million (180.7). The reported operating result amounted to SEK 285.1 million (149.9). • Earnings per share before dilution were SEK 3.47 (1.49). • Earnings per share after dilution were SEK 3.42 (1.47). EVENTS DURING THE QUARTER • The US CMS (Centers for Medicare & Medicaid Services) confirmed the proposed DRG reassignment for CERAMENT G. The decision means that qualifying CERAMENT G cases will be assigned to the highest reimbursing DRG Groups within their respective clinical categories. • In August, the FDA extended the submission deadline for the additional data package for CERAMENT V. In September, the Company announced that the complete supplemental data package had been submitted to the FDA. • In September, the Company announced that its Board of Directors, pursuant to the authorization granted by the 2026 Annual General Meeting, resolved to initiate a share buy-back program of up to SEK 100 million for the purpose of adapting BONESUPPORT’s capital structure to the Company’s capital needs and thereby contribute to increased shareholder value. Pursuant to this, the Company repurchased a total of 268,000 own ordinary shares during September, for SEK 59.7 million. • In September, the Company announced a new distributor partnership with Stryker Australia Pty Ltd, which among other things includes entry into the New Zealand market. • In September, the SOLARIO study was published in The New England Journal of Medicine. The study demonstrates that systemic antibiotic treatment in orthopedic infections can be reduced from weeks to days without compromising outcomes when local antibiotic therapy is used. The findings support a potential paradigm shift in orthopedic infection management. EVENTS AFTER THE QUARTER • Pursuant to the resolution by the Board of Directors in September to initiate a share buy-back program, the Company repurchased an additional total of 139,000 own ordinary shares during October. In total, 402,000 own shares have been repurchased for an amount corresponding to SEK 91.6 million out of a total of SEK 100 million. A STRONG QUARTER WITH 38% SALES GROWTH KEY FIGURES Jul - Sep Jan - Sep 12 months 2026 2025 2026 2025 LTM 2025 Net sales, SEKm 408.8 294.1 1088.6 862.1 1,401.1 1,174.7 Sales growth, %¹ 39.0 23.8 26.3 34.3 25.2 30.7 Gross profit, SEKm 376.0 273.2 998.0 798.4 1,286.9 1,087.3 Gross margin, %¹ 92.0 92.9 91.7 92.6 91.9 92.6 Operating result, SEKm 123.4 65.4 285.1 149.9 366.9 231.7 Result for the period, SEKm 92.4 34.5 227.6 98.0 271.8 142.2 Earnings per share before dilution, SEK 1.41 0.52 3.47 1.49 4.15 2.16 Earnings per share after dilution, SEK 1.39 0.52 3.42 1.47 4.07 2.13 Operating cash flows, SEKm 137.8 71.1 279.8 167.6 333.6 221.3 Cash at period end, SEKm 510.5 379.0 510.5 379.0 510.5 378.0 Equity at period end, SEKm 992.5 835.9 992.5 835.9 992.5 867.3 Net cash at period end, SEKm¹ 499.9 367.7 499.9 367.7 499.9 366.3 1 For definitions and calculations of Alternative Performance Measures, see Pages 27-28.
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CEO STATEMENT BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 3 STRONG GROWTH AND IMPORTANT PROGRESS IN CLINICAL EVIDENCE, COMMERCIALIZATION, AND REGULATORY WORK In the third quarter, net sales grew 38 percent in constant currency, with good growth across all regions and market segments. CERAMENT G remains the main driver, supported by grow- ing clinical evidence and forthcoming improved reimbursement conditions. Adjusted operating profit amounted to SEK 139 million, corresponding to an adjusted operating margin of 34 percent. Net sales for the quarter amounted to SEK 409 mil- lion, corresponding to reported growth of 39 per- cent and 38 percent in constant currency. Gross margin was 92.0 percent, and adjusted operating profit was SEK 139 million, corresponding to an ad- justed operating margin of 34 percent. Cash flow from operating activities was strong during the quarter, amounting to SEK 138 million, mainly driv- en by the improved operating profit. Strong sales growth, a high gross margin, significant operating leverage, and financial discipline give us the strength to continue accelerating our commercial expansion. Net sales in the US amounted to SEK 344 million, corresponding to growth of 39 percent in constant currency. The quarter developed strongly, with recruitment of new customers continuing at a high and stable pace across all three market segments (Foot & Ankle, Trauma, and Arthroplasty), while we also saw increased utilization among existing cus- tomers. CERAMENT G is increasingly becoming a natural part of treatment routines among a grow- ing base of surgeons. Strong clinical evidence, indi- cation-specific application techniques, and disci- plined market penetration mean that the product is included in a growing number of treatment pro- tocols. Sales of CERAMENT G in the US were USD 30 million in the quarter, representing growth of 49 percent compared with the previous year. During the quarter, CMS finalized the higher reim- bursement for CERAMENT G, which took effect on October 1, 2026. The decision significantly im- proves hospital reimbursement for the treatment of orthopedic infections with CERAMENT G and strengthens the conditions for increased use. The decision has been received very positively in our initial discussions, with both surgeons and admin- istrative staff, and is expected to become an im- portant tool for reaching more new customers and increasing use among existing customers. Net sales in EUROW grew 34 percent in constant currency to SEK 64 million, with strong develop- ment in most of our markets. During the quarter, we entered into a distribution partnership with Stryker for Australia and New Zealand, which con- tributed SEK 3.8 million to sales through a couple of initial start-up orders. The partnership strengthens our presence in the region and gives us a good basis to continue developing these markets. Interest among leading orthopedic companies in partnering with BONESUPPORT remains strong. We see good opportunities to accelerate the pace of establishment in new markets and to develop more commercial partnerships going forward, while remaining selective in our choice of partners and evaluating different partnership models de- pending on market and segment. Our combina- tion of direct, hybrid, and distributor markets con- tinues to work well, while new markets are developing according to plan. The most important event of the quarter was the publication of the SOLARIO study in The New England Journal of Medicine. The study shows that the duration of systemic antibiotic treatment can be reduced significantly without compromising treatment outcomes, when local antibiotic therapy is used as part of the surgical treatment. At the same time, fewer and less severe side effects relat- ed to systemic antibiotics were seen. The study also indicates that healthcare costs can be reduced and that reduced use of systemic antibiotics can help counteract antibiotic resistance. During the quarter, SOLARIO made a strong impact at two major congresses, EBJIS-MSIS (European Bone and Joint Infection Society and
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CEO STATEMENT BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 4 Musculoskeletal Infection Society) and OTA (Orthopaedic Trauma Association), where the study featured in a number of presentations and scientific discussions. The attention and reception around SOLARIO reinforces our view that a para- digm shift is taking place, and that local antibiotic therapy will play an increasingly important role in the treatment of orthopedic infections. We also made important progress in the regulatory program for CERAMENT V by submitting the sup- plemental data package requested by the FDA as part of the De Novo process. The dialogue with the agency is constructive, and we look forward to the continued review. At the same time, work on anti- biotic-eluting CERAMENT for the spine continues according to plan, and we are focusing our devel- opment resources on the areas where we see the greatest potential for the CERAMENT platform. In September, the Company initiated a second planned share buy-back program of up to SEK 100 million to align the Company’s capital structure with future capital needs. For shareholders, this means their share of the Company’s future earn- ings has increased, without any additional capital being required. The Cash flow continued to devel- op positively during the quarter, and the Company has a mandate from the latest Annual General Meeting to buy back additional own shares. We confirm our previously communicated full-year outlook of sales growth between 33 and 36 per- cent in constant currency. The quarter confirms that the Company’s position has clearly strength- ened. Since launch, more than 200,000 patients have been treated with CERAMENT, but we are still early in our development. We have reached only a small part of the potential market, and penetration is increasing rapidly, giving us room to grow for many years to come. We enter the final quarter of the year with high activity, strong demand for our products, and several important initiatives under way. Torbjörn Sköld CEO
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5 FIVE QUARTERS IN BRIEF BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 FIVE QUARTERS IN BRIEF NET SALES, SEKM NET SALES CER1, SEKM NET SALES SEGMENT US, USDM ADJUSTED OPERATING RESULT1, SEKM The Group’s operations are international and ex- posed to currency risk, primarily from USD but also from EUR and GBP . Over the past year, large fluctua- tions have been experienced, especially in USD, which has impacted reported net sales and made it difficult to compare with previous quarters. The graph Net sales CER1 (constant currencies) shows a very stable quarterly sales trend, which is also shown by the graph Net sales segment US which is in USD millions. 1 For definitions and calculations of Alternative Performance Measures, see Pages 27-28. NET SALES SEGMENT EUROW, SEKM 0 100 200 300 400 500 Q3, 2026Q2, 2026Q1, 2026Q4, 2025Q3, 2025 0 100 200 300 400 500 Q3, 2026Q2, 2026Q1, 2026Q4, 2025Q3, 2025 0 30 60 90 120 150 Q3, 2026Q2, 2026Q1, 2026Q4, 2025Q3, 2025 0 5 10 15 20 25 30 35 40 Q3, 2026Q2, 2026Q1, 2026Q4, 2025Q3, 2025 0 10 20 30 40 50 60 70 Q3, 2026Q2, 2026Q1, 2026Q4, 2025Q3, 2025
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6 BONESUPPORT'S MARKETS BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 SEGMENT US The US market is the world’s largest for synthetic bone graft products and thus the Company’s most important market. CERAMENT BVF and CERAMENT G are commercially available in the United States. BONESUPPORT’s own marketing organization in the United States handles sales and distribution through independent distributors. 1 For definitions and calculations of Alternative Performance Measures, see Pages 27-28. JULY - SEPTEMBER Net sales Net sales for the quarter amounted to SEK 344.4 million (246.3), corresponding to a growth of 40 percent (39 percent in constant exchange rate), driven by a strong sequential increase since the most recent quarter. The acquisition of new cus- tomers in the US continued at a high and stable pace in line with previous quarters across all three market segments. Sales of CERAMENT G amounted to SEK 288.4 million (192.4) in the quarter. Contribution1 The contribution from the segment was SEK 171.4 million (111.2). The increase in sales contributed to an increased gross profit by SEK 88.9 million com- pared to the previous year. During the quarter, selling and marketing expenses amounted to SEK 151.1 million (122.6), of which sales commis- sions to distributors and fees amounted to SEK 110.7 million (84.2), corresponding to 32.1 percent (34.2) of net sales. JANUARY - SEPTEMBER Net sales amounted to SEK 906.7 million (713.1), corresponding to a growth of 27 percent (35 per- cent in constant exchange rate). The contribution from the segment was SEK 434.2 million (312.8). NET SALES PER QUARTER, SEKM CONTRIBUTION PER QUARTER, SEKM 0 50 100 150 200 250 300 350 Q3-26Q2-26Q1-26Q4-25Q3-25 0 50 100 150 200 Q3-26Q2-26Q1-26Q4-25Q3-25 NET SALES, GROSS PROFIT AND CONTRIBUTION Jul - Sep Jan - Sep Full year SEKm 2026 2025 2026 2025 2025 Net sales 344.4 246.3 906.7 713.1 971.9 Gross profit 323.7 234.8 852.9 677.6 922.9 Contribution 171.4 111.2 434.2 312.8 432.9
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7 BONESUPPORT'S MARKETS BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 EUROPE & REST OF THE WORLD (EUROW) In Europe, CERAMENT is sold by both the Company’s own sales organization and distributors. Austria, Benelux, Denmark, Germany, Norway, Sweden and the UK are key markets where BONESUPPORT has its own sales representatives. In Australia and New Zeeland, Canada, Italy, the Middle East, Spain and South Africa, the Company has established a hybrid model, with qualified local staff from BONESUPPORT working side by side with the local distributors’ sales representatives. In other European markets and in other parts of the world (ROW), the Company collaborates with specialist distributors. The focus is on accelerating the sales and use of CERAMENT in estab- lished and emerging markets through market advancement and the provision of clinical and health economic evidence. 1 For definitions and calculations of Alternative Performance Measures, see Pages 27-28. JULY - SEPTEMBER Net sales Net sales for the quarter amounted to SEK 64.4 mil- lion (47.8), corresponding to a growth of 35 percent (34 percent in constant exchange rates). Two first orders from our new distributor in Australia and New Zeeland contributed with SEK 3.8 million. Net sales in key markets accounted for 78 percent (84) of the segment’s sales during the quarter. Sales of the antibiotic-eluting products CERAMENT G and CERAMENT V corresponded to 91 percent (89). Contribution1 The contribution from the segment amounted to SEK 19.9 million (12.5). Selling and marketing ex- penses increased by SEK 6.6 million and amounted to SEK 32.9 million (26.3). The increase is partly due to the marketing investments that have already been communicated and the expense was in line with the most recent quarter. JANUARY – SEPTEMBER Net sales amounted to SEK 181.8 million (149.0), cor- responding to a growth of 22 percent (25 percent in constant exchange rates). The contribution from the segment amounted to SEK 49.4 million (41.5). NET SALES PER QUARTER, SEKM CONTRIBUTION PER QUARTER, SEKM 0 10 20 30 40 50 60 70 Q3-26Q2-26Q1-26Q4-25Q3-25 0 5 10 15 20 Q3-26Q2-26Q1-26Q4-25Q3-25 NET SALES, GROSS PROFIT AND CONTRIBUTION Jul - Sep Jan - Sep Full year SEKm 2026 2025 2026 2025 2025 Net sales 64.4 47.8 181.8 149.0 202.8 Gross profit 52.7 39.0 148.1 122.6 166.2 Contribution 19.9 12.5 49.4 41.5 53.3
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 8 FINANCIAL OVERVIEW – PROFIT AND LOSS JULY - SEPTEMBER Net sales Net sales amounted to SEK 408.8 million (294.1), an increase of 39 percent compared to the previous year (38 percent at constant exchange rates). In the US segment, net sales amounted to SEK 344.4 million (246.3), which corresponds to growth of 40 percent (39 percent at constant exchange rate), driven by a strong sequential increase since the most recent quarter. Acquisition of new cus- tomers in the US continued at a high and stable pace in line with previous quarters across all three market segments. Sales of CERAMENT G in the quarter amounted to SEK 288.4 million (192.4). Net sales for the EUROW segment amounted to SEK 64.4 million (47.8), which corresponds to an in- crease of 35 percent (34 percent at constant ex- change rates). Two first orders from our new distrib- utor in Australia and New Zeeland contributed with SEK 3.8 million. Cost of sales Cost of sales amounted to SEK 32.8 million (20.9), giving a gross margin of 92.0 percent (92.9). Selling expenses including sales commissions and fees Selling expenses, including sales commissions and fees, amounted to SEK 195.3 million (151.4), an increase of 29 percent. This is further detailed in the table below. As a result of the growth in sales, the US segment reported a cost increase to SEK 151.1 million (122.6) of which its share of sales commissions and fees increased from SEK 84.2 million to SEK 110.7 million. In EUROW, selling expenses amounted to SEK 32.9 million (26.3). The increase is mainly due to the exe- cuted commercial investments. Non-allocated costs amounted to SEK 11.3 million (2.6), which was in line with the most recent quarter. Research and development expenses Research and development expenses amounted to SEK 27.2 million (20.1). The item consists of per- sonnel expenses and expenses for the projects focusing on market approval for CERAMENT V, ap- plication studies within Spine and the work behind developing the next generation of CERAMENT. Administrative expenses Administrative expenses amounted to SEK 34.8 million (30.3). Administrative expenses excluding effects from the Group’s long-term incentive programs amounted to SEK 18.9 million (17.0), of which per- sonnel expenses amounted to SEK 8.7 million (6.9). Effects regarding the long-term incentive pro- grams amounted to an expense of SEK 15.9 million (13.2). The increase is due to a positive develop- ment of the share price during the quarter. Other operating income and expenses Other operating income and expenses consisted mainly of foreign exchange gains and losses, net- ting to an income of SEK 4.6 million, to compare with an expense of SEK 5.9 million during the corre- sponding quarter previous year. The gains and loss- es primarily relate to the Company’s receivables and liabilities in foreign currencies. The Swedish krona has weakened against the USD, EUR and GBP in the quarter, with the greatest effect in relation to the USD. Operating result The reported operating result amounted to SEK 123.4 million (65.4), including effects from the Group’s long-term incentive programs. The adjust- ed operating result amounted to SEK 139.3 million (78.6). Net financial items The financial items amounted to a net income of SEK 1.9 million, to compare with a net income of SEK 1.4 million in the corresponding quarter previ- ous year. Included in the quarter were income of SEK 3.2 million (+2.4) regarding the revaluation of swaps. Income tax The tax expense amounted to SEK 32.9 million (32.3). For more information about the tax, see Note 6. Result for the quarter For the reasons described above, the result for the quarter amounted to SEK 92.4 million (34.5). This corresponds to earnings per share before dilution of SEK 1.41 (0.52) and after dilution of SEK 1.39 (0.52). NET SALES PER QUARTER, SEKM 0 100 200 300 400 500 Q3-26Q2-26Q1-26Q4-25Q3-25 Quarter 12 months 0 300 600 900 1,200 1,500 SELLING EXPENSES Jul - Sep SEKm 2026 2026 CER¹ 2025 Sales commissions and fees 111.4 117.8 85.1 Personnel expenses 54.1 56.3 45.2 Other selling expenses 29.8 31.7 21.1 Total selling expenses 195.3 205.8 151.4 1 For definitions and calculations of Alternative Performance Measures, see Pages 27-28.
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 9 JANUARY – SEPTEMBER Net sales Net sales amounted to SEK 1,088.6 million (862.1), an increase of 26 percent (33 percent at constant exchange rates). In the US segment, net sales amounted to SEK 906.8 million (713.1), which corre- sponds to growth of 27 percent (35 percent at con- stant exchange rate). Net sales for the EUROW seg- ment amounted to SEK 181.8 million (149.0), which corresponds to a growth of 22 percent (25 percent at constant exchange rates). Operating result The reported operating result amounted to SEK 285.1 million (149.9). The adjusted operating result amounted to SEK 328.3 million (180.7). Net financial items The financial items amounted to an income of SEK 5.3 million, to compare with an expense of SEK 18.9 million previous year. Included in these amounts were income of SEK 7.9 million (-15.3) regarding the revaluation of swaps. Income tax The tax expense amounted to SEK 62.8 million (33.0). For more information about the tax, see Note 6. Result for the period For the reasons described above, the result for the period amounted to SEK 227.6 million (98.0). This corresponds to earnings per share before dilution of SEK 3.47 (1.49) and after dilution of SEK 3.42 (1.47).
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 10 FINANCIAL POSITION AND CASH FLOWS At the end of the period, cash and cash equivalents amounted to SEK 510.5 million, an increase of SEK 132.5 million since the beginning of the year. The change is mainly explained by cash flows from operating activities amounting to SEK 279.8 million, reduced by the outgoing payments of SEK 142.6 million for repurchased ordinary shares. During the period, the Company executed a planned share buy-back program where 268,000 ordinary shares were repurchased for SEK 59.7 million including commissions. Net cash increased with SEK 133.6 million since the beginning of the year. Equity amounted to SEK 992.5 million at the end of the period, corresponding to an increase of SEK 125.2 million since the beginning of the year. This can mainly be explained by the result for the period reduced by the repurchase of ordinary shares. PARENT COMPANY The Parent Company, BONESUPPORT HOLDING AB (publ), is a holding company. The Parent Company generated SEK 24.9 million (20.1) in sales of internal services to subsidiaries during the quarter. The corresponding year to date amount was SEK 74.6 million (60.4). During the quarter, the financial net amounted to an expense of SEK 2.4 million, to compare with a positive net of SEK 2.3 million during the compari- son quarter. The corresponding year to date amount was an expense of SEK 5.0 million (+6.9). The result for the quarter was a negative SEK 7.1 million (-1.4). The corresponding year to date amount was a negative SEK 18.7 million (-0.3). No investments have been made during the year. At the end of the period, cash in the Parent Company amounted to SEK 307.5 million, corre- sponding to an increase of SEK 63.2 million since the beginning of the year. Equity in the Parent Company amounted to SEK 1,083.4 million at the end of the period, corre- sponding to a decrease of SEK 161.3 million since the beginning of the year. For more information about the Parent Company, see the condensed financial statements on Pages 19-20. FINANCIAL POSITION Sep 30 Dec 31 SEKm 2026 2025 2025 Cash and cash equivalents 510.5 379.0 378.0 Interest bearing debt¹ 10.6 11.3 11.7 Net cash¹ 499.9 367.7 366.3 Equity 992.5 835.9 867. 3 1 For definitions and calculations of Alternative Performance Measures, see Pages 27-28. CASH FLOWS Jul - Sep Jan - Sep Full year SEKm 2026 2025 2026 2025 2025 Operating activities 137.8 71.1 279.8 167.6 221.3 Investing activities -1.4 -1.6 -4.2 -4.6 -5.9 Financing activities -60.7 -1.9 -147.4 -5.9 -58.0 Total 75.7 67. 5 128.2 157.0 157.4
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 11 OTHER DISCLOSURES EMPLOYEES On average, the Group had 174 (143) employees (full-time equivalents) during the quarter, of whom 36 (34) worked within Research and development. Note that for Q2 2026 an incorrect figure was re- ported for Research and development, the correct figure was 36. SIGNIFICANT EVENTS DURING THE QUARTER For significant events, see Page 2. SIGNIFICANT EVENTS AFTER THE QUARTER For significant events after the quarter, see Page 2. FINANCIAL CALENDAR • February 16, 2027 Year-end report 2026 • April 2027 Annual report 2026 • April 22, 2027 Interim report Q1 • May 12, 2027 Annual General Meeting • July 15, 2027 Interim report Q2 • October 27, 2027 Interim report Q3 SHARES AND RELATED PROGRAMS The Parent Company has ordinary shares and C -shares. The quotient value of the shares is SEK 0.625 per share. The ordinary shares entitle to one vote each and the C -shares entitle to one tenth of a vote each. According to the Articles of Association, the number of shares shall be at least 29,000,000 and at most 1 16,000,000. At September 30, 2026, the total number of ordi- nary shares amounted to 65,859,195, distributed among 19,531 shareholders. The major sharehold- ers are shown in the table on this page. BONESUPPORT HOLDING AB holds 641,320 of these shares. There have been no changes to the number of ordinary shares during the quarter. At September 30, 2026, the total number of C -shares amounted to 905,155. BONESUPPORT HOLDING AB holds all C -shares. There have been no changes to the number of C -shares during the quarter. For more information about the shares, see Note 8. BONESUPPORT has four performance share pro- grams. These are described in Note 5. NOMINATION COMMITTEE The nomination committee is elected based on the principles decided at the AGM on May 17, 2023. These principles are described on BONESUPPORT’s website. The task of the committee is to present a proposal to the AGM, which is planned to be held on May 12, 2027 in Lund, Sweden. The members of the committee for the 2027 AGM will be an- nounced no later than six months before the AGM. ABOUT THIS REPORT This report has been prepared in both a Swedish- language and an English-language version. If the versions do not conform, the Swedish-language version shall prevail. SHAREHOLDERS AT SEPTEMBER 30, 2026 Name % of shares % of votes Swedbank Robur Fonder 9.79% 9.91% Erik Selin 7.69% 7.79% Capital Group 5.93% 6.00% SEB Funds 4.21% 4.26% Vanguard 3.58% 3.63% Third Swedish National Pension Fund 3.58% 3.62% Avanza Pension 3.25% 3.29% Other shareholders 61.97% 61.50% Source: Monitor from Modular Finance AB. Compiled and aggregated data at September 30, 2026 from Euroclear, Morningstar and the SFSA.
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 12 REVIEW REPORT BONESUPPORT HOLDING AB (publ), corporate identity number 556802-2171 TO THE BOARD OF DIRECTORS OF BONESUPPORT HOLDING AB (PUBL) Introduction We have reviewed the condensed interim report for BONESUPPORT HOLDING AB as at September 30, 2026 and for the nine months period then ended. The Board of Directors and the Managing Director are respon- sible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Lund, October 22, 2026 Ernst & Young AB Henrik Rosengren Authorized Public Accountant THIS IS A TRANSLATION FROM THE SWEDISH ORIGINAL DECLARATION OF THE CEO The Board of Directors, through the CEO, assures that this interim report gives a true and fair view of the development and the Group’s and the Parent Company’s operations, position and results and describes signif- icant risks and uncertainties faced by the companies that form part of the Group. This interim report has been reviewed by the Company's auditors. Lund October 22, 2026 Torbjörn Sköld CEO
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 13 CONDENSED CONSOLIDATED INCOME STATEMENT Jul - Sep Jan - Sep Full year SEKt Note 2026 2025 2026 2025 2025 Net sales 3 408,826 294,143 1,088,573 862,112 1,174,661 Cost of sales 3 -32,792 -20,929 -90,606 -63,755 -87,333 Gross profit 3 376,034 273,214 997,967 798,357 1,087, 328 Selling expenses -83,943 -66,272 -251,887 -206,471 -286,294 Sales commissions and fees 3 -111,363 -85,080 -292,396 -243,843 -329,490 Research and development expenses -27,176 -20,550 -77,039 -67,943 -91,397 Administrative expenses 4, 5 -34,813 -30,262 -99,971 -82,981 -103,477 Total operating expenses -257, 295 -202,164 -721,293 -601,238 -810,658 Other operating income 9,612 13,594 21,330 47,661 66,364 Other operating expenses -4,920 -19,255 -12,860 -94,869 -111,359 Operating result 3 123,431 65,389 285,144 149,911 231,675 Net financial items 3 1,877 1,381 5,284 -18,915 -32,157 Result before income tax 3 125,308 66,770 290,428 130,996 199,518 Income tax 6 -32,947 -32,262 -62,810 -32,991 -57,364 Result for the period 92,361 34,508 227,618 98,005 142,154 Earnings per share before dilution, SEK 8 1.41 0.52 3.47 1.49 2.16 Earnings per share after dilution, SEK 8 1.39 0.52 3.42 1.47 2.13 Average number of shares, thousands 65,352 65,859 65,606 65,859 65,859 Average number of shares after dilution, thousands 66,403 66,738 66,589 66,778 66,777 Result for the period is attributable to equity holders of the Parent Company.
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 14 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Jul - Sep Jan - Sep Full year SEKt 2026 2025 2026 2025 2025 Result for the period 92,361 34,508 227,618 98,005 142,154 Other comprehensive income: Items to be reclassified to profit or loss in subsequent periods: Exchange differences on translation of foreign operations 524 -3,565 11,641 -13,901 -18,370 Total comprehensive income for the period 92,885 30,943 239,259 84,104 123,784 Total comprehensive income for the period is in its entirety attributable to equity holders of the Parent Company.
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 15 CONDENSED CONSOLIDATED BALANCE SHEET Sep 30 Dec 31 SEKt Note 2026 2025 2025 ASSETS Non-current assets Intangible assets 15,341 15,093 14,914 Right of use assets 11,507 12,913 14,451 Equipment and tools 6,376 5,505 5,889 Deferred tax asset 6 143,171 199,658 203,112 Financial assets 7 1,334 1,112 1,111 Total non-current assets 177,729 234,281 239,477 Current assets Inventories 165,652 132,446 144,996 Trade receivables 7 228,974 180,130 215,552 Other current assets 7 85,963 76,601 58,126 Cash and cash equivalents 7 510,521 379,021 377,988 Total current assets 991,110 768,198 796,662 TOTAL ASSETS 1,168,839 1,002,479 1,036,139 EQUITY AND LIABILITIES Equity attributable to equity holders of the Parent 6, 8 992,489 835,894 867, 260 Non-current liabilities Leasing debt 6, 7 3,047 3,945 4,200 Provisions 332 377 358 Total non-current liabilities 3,379 4,322 4,558 Current liabilities Leasing debt 6, 7 7,583 7,329 7,483 Trade payables 7 20,817 14,284 16,441 Other operating liabilities 7 144,571 140,650 140,397 Total current liabilities 172,971 162,263 164,321 TOTAL EQUITY AND LIABILITIES 1,168,839 1,002,479 1,036,139
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 16 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Share capital Other paid in capital Translation reserve Balanced result including result for the period Total equity SEKt As at January 1, 2025 41,728 1,565,929 6,578 -886,770 727, 4 6 4 Comprehensive income Result January - September 2025 -13,901 98,005 84,104 Total comprehensive income -13,901 98,005 84,104 Transactions with equity holders Transaction costs, share issue -58 -58 Deferred tax on transaction costs 12 12 Share-based payment transactions 24,372 24,372 Total transactions with equity holders 0 0 0 24,326 24,326 As at September 30, 2025 41,728 1,565,929 -7, 323 -764,439 835,894 Comprehensive income Result October - December 2025 -4,469 44,149 39,680 Total comprehensive income -4,469 44,149 39,680 Transactions with equity holders Share swap, own shares -16,250 -16,250 Share-based payment transactions 7,936 7,936 Total transactions with equity holders 0 0 0 -8,314 -8,314 As at January 1, 2026 41,728 1,565,929 -11,792 -728,604 867, 260 Comprehensive income Result January - September 2026 11,641 227,618 239,259 Total comprehensive income 11,6 41 227,618 239,259 Transactions with equity holders Buy-back of ordinary shares -142,592 -142,592 Transaction costs -83 -83 Deferred tax on transaction costs 17 17 Share-based payment transactions 28,627 28,627 Total transactions with equity holders 0 0 0 -114,031 -114,031 As at September 30, 2026 41,728 1,565,929 -151 - 615,017 992,489
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 17 CONSOLIDATED STATEMENT OF CASH FLOWS Jul - Sep Jan - Sep Full year SEKt 2026 2025 2026 2025 2025 Operating result 123,431 65,389 285,144 149,911 231,675 Non-cash adjustments: -Share-based payments 9,663 8,235 28,627 24,372 32,308 -Depreciation regarding right of use assets 2,254 1,855 6,546 5,534 7,736 -Unrealized exchange rate differences -6,090 -775 -6,449 35,216 36,839 -Other 2,491 2,633 7,817 4,638 6,881 Interests received 186 29 614 100 7,471 Interests paid -854 -1,012 -1,306 -3,690 -468 Income tax paid -2,964 1,434 -24,953 -9,051 -32,134 Net cash flows from operating activities before changes in working capital 128,117 77,788 296,040 207,030 290,308 Changes in working capital 9,665 -6,697 -16,242 -39,478 -69,004 Net cash flows from operating activities 137,782 71,091 279,798 167, 552 221,304 Investments in intangible assets -589 -913 -2,260 -2,222 -2,633 Investments in equipment and tools -227 -335 -1,698 -1,733 -2,562 Investments in financial assets -564 -368 -228 -685 -685 Net cash flows from investing activities -1,380 -1,616 -4,186 -4,640 -5,880 Share swap, own shares 0 0 0 0 -16,250 Share swap, derivative 0 0 0 0 -33,168 Repurchase of ordinary shares -59,717 0 -142,592 0 0 Transaction costs, share issue 0 0 -83 -58 -58 Repayments of leasing debt -984 -1,929 -4,688 -5,833 -8,561 Net cash flows from financing activities -60,701 -1,929 -147, 363 -5,891 -58,037 Net cash flows 75,701 67, 54 6 128,249 157,021 157, 387 Cash and cash equivalents as at beginning of period 434,307 309,676 377,988 227,004 227,004 Net foreign exchange difference 513 1,799 4,284 -5,004 -6,403 Cash and cash equivalents as at end of period 510,521 379,021 510,521 379,021 377,988
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 18 CONDENSED CONSOLIDATED INCOME STATEMENT PER QUARTER 2026 2025 2024 SEKt Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Net sales 408,826 355,724 324,023 312,549 294,143 284,425 283,544 257,010 US 344,445 295,183 267,118 258,769 246,303 235,617 231,220 209,417 EUROW 64,381 60,541 56,905 53,780 47,840 48,808 52,324 47,593 Cost of sales -32,792 -32,702 -25,112 -23,578 -20,929 -21,819 -21,007 -18,980 Gross profit 376,034 323,022 298,911 288,971 273,214 262,606 262,537 238,030 Gross margin, % 92.0% 90.8% 92.2% 92.5% 92.9% 92.3% 92.6% 92.6% Selling expenses -83,943 -83,406 -84,538 -79,823 -66,272 -67,218 -72,981 -71,237 Sales commissions and fees -111,363 -95,334 -85,699 -85,647 -85,080 -79,432 -79,331 -70,409 Research and development expenses -27,176 -24,812 -25,051 -23,454 -20,550 -23,583 -23,810 -21,838 Administrative expenses -34,813 -34,397 -30,761 -20,496 -30,262 -26,097 -26,622 -30,096 Total operating expenses -257, 295 -237,949 -226,049 -209,420 -202,164 -196,330 -202,744 -193,580 Other operating income 9,612 8,149 3,569 18,703 13,594 19,500 14,567 44,022 Other operating expenses -4,920 -3,665 -4,275 -16,490 -19,255 -30,902 -44,712 -24,257 Operating result 123,431 89,557 72,156 81,764 65,389 54,874 29,648 64,215 Net financial items 1,877 7,541 -4,134 -13,242 1,381 -3,737 -16,559 7,854 Result before income tax 125,308 97,098 68,022 68,522 66,770 51,137 13,089 72,069 Income tax -32,947 -15,221 -14,642 -24,373 -32,262 1,933 -2,662 -18,156 Result for the period 92,361 81,877 53,380 44,149 34,508 53,070 10,427 53,913 Result for the period is attributable to equity holders of the Parent Company.
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 19 CONDENSED PARENT COMPANY INCOME STATEMENT Jul - Sep Jan - Sep Full year SEKt Note 2026 2025 2026 2025 2025 Net sales 24,869 20,123 74,607 60,368 81,683 Administrative expenses 5 -29,826 -25,521 -89,192 -71,615 -94,310 Other operating income 0 1,274 0 3,963 5,218 Other operating expenses -1,594 -77 -3,966 -137 -137 Operating result -6,551 -4,201 -18,551 -7, 421 -7, 54 6 Net financial items -2,406 2,332 -4,960 6,897 -21,719 Result after financial items -8,957 -1,869 -23, 511 -524 -29,265 Income tax 6 1,862 458 4,851 181 2,646 Result for the period -7,095 -1, 411 -18,660 -343 -26,619 Parent Company result for the period equals comprehensive income.
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 20 CONDENSED PARENT COMPANY BALANCE SHEET Sep 30 Dec 31 SEKt Note 2026 2025 2025 ASSETS Non-current assets Deferred tax asset 6 39,632 32,299 34,764 Non-current financial assets 7 956,652 1,332,727 1,041,058 Total non-current assets 996,284 1,365,026 1,075,822 Current assets Other receivables 7 0 0 150 Prepaid expenses 4,328 4,328 2,515 Cash 7 307,508 1,655 244,350 Total current assets 311, 836 5,983 247,015 TOTAL ASSETS 1,308,120 1,371,009 1,322,837 EQUITY AND LIABILITIES Equity Restricted equity 5 41,728 41,728 41,728 Unrestricted equity 6 1,041,643 1,245,486 1,202,961 Total equity 1,083,371 1,287 ,214 1,244,689 Non-current liabilities 205,293 65,352 64,106 Current liabilities 7 19,456 18,443 14,042 TOTAL EQUITY AND LIABILITIES 1,308,120 1,371,009 1,322,837
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 21 NOTE 2 – SIGNIFICANT RISKS AND UNCERTAINTIES Through its operations, the Group is exposed to various types of financial risks, such as market, liquidity and credit risk. BONESUPPORT runs its business and its operations on the international market and is therefore exposed to currency risks as its revenues and expenses arise in different currencies, of which mainly EUR, GBP and USD. The operational activities include continuously identifying and managing risks. Financial risk management is described in Note 2 of the Annual Report for 2025. This has not changed during the year. The current global situation with geopolitical uncertainty, war and potential international tariffs is closely monitored by management and any impact is continuously evaluated, including necessary measures to take to limit any impact on BONESUPPORT. NOTE 1 – GENERAL INFORMATION, ACCOUNTING PRINCIPLES This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company’s reporting has been prepared in accordance with RFR 2 Reporting for Legal Entities and the Swedish Annual Accounts Act. The accounting principles mentioned in the Annual Report for 2025 have also been applied in this interim report. BONESUPPORT has elected not to early apply new standards, amendments and interpretations that have been published but are not effective until the financial year beginning after January 1, 2027 or later. The standard expected to affect BONESUPPORT is IFRS 18 Presentation and Disclosures in Financial Statements which is applicable for financial years beginning on or after January 1, 2027. IFRS 18 will not affect the recognition or measurement of items in BONESUPPORT's financial statements, but is expected to have effects on presentation and disclosures, particularly those related to the income statement and performance measures defined by BONESUPPORT. BONESUPPORT is currently evaluating the consequences of applying the new standard to the consolidated financial statements. In the Group, there are performance share programs. To secure the delivery of performance shares in two of these, share swap agreements have been entered into. The first of these swaps relates to the program LTI 2024/2027 and was signed in 2024 in accordance with a resolution from the 2024 Annual General Meeting. Based on the terms of that agreement, BONESUPPORT has assessed that the instrument should be classified as a derivative and be measured at fair value. The second of the swaps relates to LTI 2025/2028 and was signed in 2025 in accordance with a resolution from the 2025 Annual General Meeting. Based on the terms of that agreement, BONESUPPORT has assessed that the instrument constitutes an equity instrument. The main difference in the assessment of how the share swaps should be handled is that the latter share swap has an advance payment and therefore does not meet the definition of a derivative, while the one made in 2024 does not have such an advance payment and is thus considered to be a derivative. Estimates, assumptions and assessments When preparing the Group's financial reports, the Group management team makes estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses with associated notes and information on contingent liabilities. Uncertainty around these assumptions and estimates can lead to significant adjustments to the reported values of the affected assets and liabilities in future financial reports as the outcome may deviate from the estimates and assessments made. Changes in estimates are reported prospectively. The Group management team also makes assessments in the application of the Group's accounting principles. The estimates, assumptions and assessments made by the Group management team are described in Note 3 of the Annual Report for 2025. These have not changed during the year.
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 22 NOTE 3 – OPERATING SEGMENTS AND REVENUE FROM CONTRACTS WITH CUSTOMERS The Group's revenues from contracts with customers is displayed in the table above as Net sales. The revenues are divided by product group; CERAMENT BVF, CERAMENT G and CERAMENT V, and other. The Group manages and monitors operations in the US and Europe & Rest of the World (EUROW) segments. The operating segment named Other comprises other non- allocated items, of which mainly costs for Group functions. The operating segments refer to the Group's geographical division, as opposed to the market segments, mentioned in other parts of the report, referring to Foot & Ankle, Trauma and Arthroplasty. The CEO of BONESUPPORT together with the other members of the Group Management Team are the Group's Chief Operating Decision Maker. Together, they manage and monitor operations in the two main operating segments: US and EUROW. The sales function follows the segments, where each segment is managed by a responsible business manager, who is also part of the Group management team. Other functions are mainly organized Group-wide, with exception of a small team within Research and development operating in the United States. The costs included in Other are mainly those for Group functions that cannot be directly allocated to any of the two main operating segments. The contribution per operating segment is calculated as the segment's net sales minus the operative items that are directly attributable to the segment. Assets and liabilities are not reported by segment, as these are managed and monitored on Group level by management and the Board of Directors. SEKt Jul - Sep 2026 Jul - Sep 2025 Profit and loss items US EUROW Other Total US EUROW Other Total Net sales 344,445 64,381 0 408,826 246,303 47,840 0 294,143 of which CERAMENT BVF 45,659 5,774 0 51,433 46,496 5,088 0 51,584 of which CERAMENT drug eluting 288,406 58,490 0 346,896 192,389 42,597 0 234,986 of which other 10,380 117 0 10,497 7,418 154 0 7,573 Cost of sales -20,745 -11,652 -395 -32,792 -11,479 -8,851 -599 -20,929 Gross profit 323,700 52,729 -395 376,034 234,824 38,989 -599 273,214 Sales commissions and fees -110,672 -691 0 -111,363 -84,200 -880 0 -85,080 Other operative items -41,660 -32,169 0 -73,829 -39,439 -25,612 0 -65,051 Contribution 171,368 19,869 -395 190,842 111,185 12,497 -599 123,083 Other operating items 0 0 -67,411 -67,411 0 0 -57,694 -57,694 Operating result 171,368 19,869 - 67, 80 6 123,431 111,185 12,497 -58,293 65,389 Net financial items 0 0 1,877 1,877 0 0 1,381 1,381 Result before income tax 171,368 19,869 -65,929 125,308 111,185 12,497 -56,912 66,770 SEKt Jan - Sep 2026 Jan - Sep 2025 Profit and loss items US EUROW Other Total US EUROW Other Total Net sales 906,746 181,827 0 1,088,573 713,140 148,972 0 862,112 of which CERAMENT BVF 124,943 17,876 0 142,819 141,967 14,636 0 156,604 of which CERAMENT drug eluting 754,017 163,466 0 917,483 550,163 133,931 0 684,094 of which other 27,786 485 0 28,270 21,009 405 0 21,414 Cost of sales -53,803 -33,683 -3,120 -90,606 -35,532 -26,387 -1,836 -63,755 Gross profit 852,943 148,144 -3,120 997,967 677,608 122,585 -1,836 798,357 Sales commissions and fees -290,472 -1,924 0 -292,396 -241,502 -2,341 0 -243,843 Other operative items -128,273 -96,867 0 -225,140 -123,342 -78,788 0 -202,130 Contribution 434,198 49,353 -3,120 480,431 312,764 41,456 -1,836 352,384 Other operating items 0 0 -195,287 -195,287 0 0 -202,473 -202,473 Operating result 434,198 49,353 -198,407 285,144 312,764 41,456 -204,309 149,911 Net financial items 0 0 5,284 5,284 0 0 -18,915 -18,915 Result before income tax 434,198 49,353 -193,123 290,428 312,764 41,456 -223,224 130,996 The amounts in the table above are eliminated for Group transactions. Intercompany sales from EUROW to the US segment amounted to SEK 20.2 million (10.0) during the quarter and SEK 45.4 million (41.5) year to date. CERAMENT drug eluting includes CERAMENT G and CERAMENT V.
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 23 NOTE 4 – TRANSACTIONS WITH RELATED PARTIES The financial reports include costs related to the following transactions between BONESUPPORT and related parties. SEKt Jul - Sep Jan - Sep Full year Related party Service/nature of invoice 2026 2025 2026 2025 2025 Lennart Johansson (Chair) Reimbursement of expenses 0 0 27 4 7 Emil Billbäck (Board member) Reimbursement of expenses 0 0 0 0 0 Mary I O'Connor (Board member) Consultancy 314 250 802 788 1,037 Mary I O'Connor (Board member) Reimbursement of expenses 0 37 61 37 54 Björn Odlander (Board member) Reimbursement of expenses 0 1 1 1 1 Christine Rankin (Board member) Reimbursement of expenses 5 2 12 10 12 Jens Viebke (Board member) Reimbursement of expenses 4 1 11 1 12 Any expenses for Emil Billbäck regard the time since he became Board member, on May 12, 2026. NOTE 5 – PERFORMANCE SHARE PROGRAMS At the end of the period, there were four performance share programs, so called Long Term Incentive programs ("LTI"). LTI 2023 that was decided at the Annual General Meeting in 2023 runs until December 31, 2026. The investment period for the participants ended on December 31, 2023 and the vesting period started on January 1, 2024. In the program, each savings share gives the opportunity to be allotted a maximum of four performance shares without payment depending on share price development and the Company's development in terms of sales and EBITDA during the duration of the program. LTI 2024 that was decided at the Annual General Meeting in 2024 runs until December 31, 2027. The investment period for the participants ended on September 30, 2024 and the vesting period started on the same day. In the program, each savings share gives the opportunity to be allotted a maximum of three performance shares without payment depending on share price development and the Company's development in terms of sales and EBITDA during the duration of the program. LTI 2025 that was decided at the Annual General Meeting in 2025 runs until December 31, 2028. The investment period for the participants ended on September 30, 2025 and the vesting period started the same day. In the program, each savings share gives the opportunity to be allotted a maximum of three performance shares without payment depending on share price development and the Company's development in terms of sales and EBITDA during the duration of the program. LTI 2026 that was decided at the Annual General Meeting in 2026 runs until December 31, 2029. The investment period for the participants ended on September 30, 2026 and the vesting period starts on January 1, 2027. In the program, each savings share gives the opportunity to be allotted a maximum of three performance shares without payment depending on share price development and the Company's development in terms of sales and EBITDA during the duration of the program. Change in number of potential performance shares during the period Right to no. of shares January 1, 2026 914,750 Granted in this year's program (LTI 2026) 273,000 September 30, 2026 1,187,750 Performance shares are valued at fair value at the date of allocation. The total cost for them is distributed over the vesting period. Towards the end of the vesting period, a reduction in staff turnover is assumed, which entails an increased cost. The cost is recognized as a personnel cost among the administrative expenses, and is credited to equity - see the consolidated statement of changes in equity, on Page 16. The social security cost is valued at fair value. The year to date cost for performance share programs, excluding social security contributions, affected the operating result with SEK 28,627 thousand (24,372). Social security contributions for these programs amounted to an expense of SEK 14,499 thousand (6,442). The liability for social security contributions at the end of the period amounted to SEK 29,552 thousand (23,454). Further information on these programs is presented in Notes 12 and 23 of the Annual Report for 2025.
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 24 NOTE 6 – INCOME TAX The Group has tax losses carried forward based on historical losses. The losses carried forward are attributable to the research-focused period of the business, where the foundation and conditions for current and future sales and results were created. The tax losses carried forward amounted to SEK 951 million (690) at the beginning of the year. They essentially apply towards the same tax authority, which together with full group contribution rights within the Swedish part of the Group means that all deficits can be recovered. There are no expiration dates for these tax losses carried forward. The valuation of tax losses in Sweden and when they are expected to be utilized is evaluated on an ongoing basis. In the Group and in the Parent Company, deferred tax that relates to transaction costs on share issue and similar transactions, is recognized directly over equity, as that is where the transaction costs are recognized. The remaining part of the deferred tax is expensed. Included in the income tax expense for the quarter is a correction of earlier quarters this year, amounting to SEK 7,408 thousand. NOTE 7 – FINANCIAL ASSETS AND LIABILITIES Fair values of the consolidated financial assets and liabilities are assessed to agree with values accounted for. To secure the delivery of performance shares in two of the Group's performance share programs, share swap agreements have been entered into. Based on the terms of these share swap agreements, BONESUPPORT has assessed that one of the instrument should be classified as a derivative and be measured at fair value (with Level 1 in the fair value hierarchy according to IFRS 13), while the other instrument constitutes an equity instrument. The main difference in the assessment of how the share swaps should be handled is that one of the share swaps has an advance payment and therefore does not meet the definition of a derivative, while the other one does not have such an advance payment and is thus considered to be a derivative. The same valuation principles have been applied as in the Annual Report for 2025. GROUP Jul - Sep Jan - Sep Full year SEKt 2026 2025 2026 2025 2025 Deferred tax expense (-) -33,174 -34,051 -60,186 -21,549 -18,052 Current tax expense (-) / benefit (+) 227 1,789 -2,624 -11,442 -39,312 Total income tax -32,947 -32,262 -62,810 -32,991 -57, 36 4 Sep 30 Dec 31 SEKt 2026 2025 2025 Deferred tax asset on tax losses, recognized in the income statement 111,273 129,347 183,223 Deferred tax asset on tax losses, recognized directly over equity 12,604 12,587 12,587 Deferred tax asset on leasing debt 2,530 2,761 2,825 Deferred tax liability on right of use assets -2,366 -2,658 -2,977 Deferred tax asset on other temporary differences 19,130 57,621 7,454 Total deferred tax asset (net) 143,171 199,658 203,112 PARENT COMPANY Jul - Sep Jan - Sep Full year SEKt 2026 2025 2026 2025 2025 Deferred tax benefit (+) 1,862 883 4,851 181 2,646 Current tax expense (-) 0 -425 0 0 0 Total income tax 1,862 458 4,851 181 2,646 Sep 30 Dec 31 SEKt 2026 2025 2025 Deferred tax asset on tax losses, recognized in the income statement 27,028 19,712 22,177 Deferred tax asset on tax losses, recognized directly over equity 12,604 12,587 12,587 Total deferred tax asset 39,632 32,299 34,764
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 25 NOTE 8 – SHARE CAPITAL AND NUMBER OF SHARES INCLUDING POTENTIAL SHARES Ordinary shares Number of shares excluding own shares Number of own shares Total number of shares Number of potential shares Total January 1, 2026 65,859,195 0 65,859,195 914,750 66,773,945 Repurchased ordinary shares -641,320 641,320 0 0 Granted right to shares in LTI 2026 0 273,000 273,000 September 30, 2026 65, 217, 875 641,320 65,859,195 1,187,750 67,0 4 6,945 Series C-shares January 1, 2026 905,155 905,155 905,155 September 30, 2026 0 905,155 905,155 0 905,155 Total 65, 217, 875 1,546,475 66,764,350 1,187,750 67,952 ,10 0 The total number of shares at the end of the period was 66,764,350 (66,764,350) of which 65,859,195 (65,859,195) were ordinary shares and 905,155 (905,155) were series C -shares. 641,320 (0) of the ordinary shares and all of the series C -shares were own shares. For the total 1,546,475 own shares, the Company has paid SEK 143,157 thousand. The Company's share of the share capital by own shares was 2 percent (1). For the 641,320 (0) ordinary shares purchased during the year, the Company has paid SEK 142,592 thousand and they amounted to 1 percent of the share capital. The purpose of the purchase during the year was to adapt BONESUPPORT’s capital structure to the Company’s capital needs and thereby contribute to increased shareholder value. The share capital in the Group and the Parent Company consists of the total number of shares valued at the quotient value of SEK 0.625 per share. Potential shares regards 584,000 shares in performance share program LTI 2023, 261,000 shares in LTI 2024, 69,750 shares in LTI 2025 and 273,000 shares in LTI 2026. For more information, see Note 5. Earnings per share - before dilution Earnings per share before dilution is calculated using the following results and number of shares: Jul - Sep Jan - Sep Full year 2026 2025 2026 2025 2025 Result for the period, SEK thousands 92,361 34,508 227,618 98,005 142,154 Weighted average number of ordinary shares excluding own shares, thousands 65,352 65,859 65,606 65,859 65,859 Earnings per share before dilution, SEK 1.41 0.52 3.47 1.49 2.16 Earnings per share - after dilution BONESUPPORT has potential shares in form of current long term incentive programs. Earnings per share after dilution is calculated as follows: Jul - Sep Jan - Sep Full year 2026 2025 2026 2025 2025 Result for the period, SEK thousands 92,361 34,508 227,618 98,005 142,154 Weighted average number of ordinary shares excluding own shares, increased by potential shares, thousands 66,403 66,738 66,589 66,778 66,777 Earnings per share after dilution, SEK 1.39 0.52 3.42 1.47 2.13
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 26 NOTE 9 – PLEDGED SECURITIES AND CONTINGENT LIABILITIES The US subsidiary BONESUPPORT Inc. has provided a guarantee of USD 42 thousand (42), corresponding to SEK 419 thousand (395), for rented premises. The ultimate Parent Company, BONESUPPORT HOLDING AB, guarantees a corresponding amount. The Parent Company has also provided a general guarantee, which at the end of the period amounted to USD 1,000 thousand (1,000), corresponding to SEK 9,979 thousand (9,413). The Group has pledged collateral for capital-invested direct pensions amounting to SEK 979 thousand (979).
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 27 ALTERNATIVE PERFORMANCE MEASURES AND FINANCIAL DEFINITIONS BONESUPPORT uses Alternative Performance Measures (APM) to enhance understandability of the information in its financial reports, both for external analysis and comparison and internal performance assessment. Alternative Performance Measures are key figures not defined in financial reports prepared according to IFRS. The following key figures are used: Gross profit Net sales less cost of sales. Shows the profit to cover other expenses and profit margin. Gross margin Gross profit divided by net sales. Shows the gross profit in relation to net sales and the margin to cover other expenses and profit margin. Contribution Gross margin minus directly attributable income and expenses for selling, as well as research and development. A measure of result showing the performance of segments and their contribution to cover other Group costs. Jul - Sep Jan - Sep Full year SEKm 2026 2025 2026 2025 2025 Net sales 408.8 294.1 1,088.6 862.1 1,174.7 Cost of sales -32.8 -20.9 -90.6 -63.8 -87.3 Gross profit 376.0 273.2 998.0 798.4 1,087. 3 Gross margin, % 92.0 92.9 91.7 92.6 92.6 Directly attributable selling expenses -184.0 -148.8 -513.8 -442.6 -602.2 Selling expenses, not directly attributable -11.3 -2.6 -30.5 -7.7 -13.6 Selling expenses including commissions and fees -195.3 -151.4 -544.3 -450.3 -615.8 Directly attributable research and development expenses -1.2 -1.1 -3.7 -3.3 -5.5 Research and development expenses, not directly attributable -26.0 -19.5 -73.3 -64.6 -85.9 Research and development expenses -27.2 -20.6 -77.0 -67.9 -91.4 Directly attributable other operating income and expenses 0.0 0.0 0.0 0.0 4.9 Other operating income and expenses, not directly attributable 4.7 -5.7 8.5 -47.2 -49.9 Other operating income and expenses 4.7 -5.7 8.5 -47.2 -45.0 Contribution 190.8 123.4 480.4 352.4 484.5 Net sales growth The difference in net sales between two periods in relation to the net sales for the earlier period. Shows the operations' sales performance. Net sales growth in constant exchange rates (CER) The difference in net sales between two periods in relation to net sales for the earlier period. The net sales for the current period is recalculated using the earlier period's exchange rates. Shows the operations' sales performance. Jul - Sep Jan - Sep SEKm 2026 2025 Net sales growth 2026 2025 Net sales growth Segment US 344.4 246.3 40% 906.7 713.1 27% Segment EUROW 64.4 47.8 35% 181.8 149.0 22% Net sales 408.8 294.1 39% 1,088.6 862.1 26% Jul - Sep Jan - Sep SEKm 2026 CER 2025 Net sales growth CER 2026 CER 2025 Net sales growth CER Segment US 342.4 246.3 39% 962.7 713.1 35% Segment EUROW 64.1 47.8 34% 186.2 149.0 25% Net sales, for which 2026 is in CER 406.5 294.1 38% 1,149.0 862.1 33%
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FINANCIAL INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 28 ALTERNATIVE PERFORMANCE MEASURES AND FINANCIAL DEFINITIONS, cont'd Adjusted operating result Operating result before expenses for the technical accounting measures of IFRS 2 and also before with the change in the liability for social security contributions for these long term incentive programs. Jul - Sep Jan - Sep Full year SEKm 2026 2025 2026 2025 2025 Operating result 123.4 65.4 285.1 149.9 231.7 Of which incentive costs -15.9 -13.2 -43.1 -30.8 -30.4 Adjusted operating result 139.3 78.6 328.3 180.7 262.0 Operating margin The operating result in relation to net sales for the same period. Jul - Sep Jan - Sep Full year SEKm 2026 2025 2026 2025 2025 Net sales 408.8 294.1 1,088.6 862.1 1,174.7 Operating result 123.4 65.4 285.1 149.9 231.7 Operating margin, % 30% 22% 26% 17% 20% Interest bearing debt Leasing debt, current and non-current. Shows the debt level of the Group and forms the base for interest expenses. Net cash Cash and cash equivalents minus interest bearing debt. This APM is used to measure future funding needs. Sep 30 Dec 31 SEKm 2026 2025 2025 Cash and cash equivalents 510.5 379.0 378.0 Current leasing debt 3.0 3.9 4.2 Non-current leasing debt 7.6 7.3 7.5 Interest bearing debt 10.6 11.3 11.7 Net cash 499.9 367.7 366.3 Adjusted operating margin The adjusted operating result in relation to net sales for the same period. Jul - Sep Jan - Sep Full year SEKm 2026 2025 2026 2025 2025 Net sales 408.8 294.1 1,088.6 862.1 1,174.7 Adjusted operating result 139.3 78.6 328.3 180.7 262.0 Adjusted operating margin, % 34% 27% 30% 21% 22%
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RESEARCH & DEVELOPMENT BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 29 RESEARCH AND DEVELOPMENT BONESUPPORT’s clinical development program focuses on developing the Company’s platform technology, CERAMENT®. The unique properties of CERAMENT create opportunities to continuously broaden and expand the clinical application areas and utilize CERAMENT’s drug-eluting capabilities through the development of combination products that primarily promote bone healing and protect against infection. One of the three pillars of BONESUPPORT’s strategy is to deliver industry-leading scientific and clinical evidence that validates the many benefits of CERAMENT. Today, there is already a comprehensive and growing database with more than 350 research publica- tions and abstracts of preclinical and clinical studies involving CERAMENT. At the end of 2025, more than 2,400 patients had been included in clinical studies within the current market segments, and approximately 1,200 patients had been followed up in the Company’s ongoing registries. 1 McNally, M., Short or Long Antibiotic Regimens in Orthopedics. The New England journal of medicine, Advance online publication. September 2026. During 2026, the Company continues to invest in generating evidence and supporting third-party initiatives that can open up for new areas of use as well as strengthen and expand established seg- ments for CERAMENT both in terms of healing of skeletal injuries and infection management. The focus is on medical conditions that involve great patient suffering, a high risk of complications and large costs for healthcare systems in the indication areas of Trauma, Foot & Ankle Injuries, Joint revi- sions and Spinal Surgery. At the Company’s Capital Markets Day in May 2026, the Company also an- nounced plans to invest in and initiate clinical stud- ies in 2027. The studies will evaluate the use of anti- biotic-eluting CERAMENT in revision arthroplasty and spine surgery, respectively, and are expected to further strengthen the clinical evidence base in these prioritized growth areas. In addition, work is underway to make the entire CERAMENT platform available in existing markets and to register the products in markets with growth potential. THE SOLARIO STUDY The SOLARIO study1 was a multicenter, random- ized, controlled, open-label non-inferiority trial involving 500 patients. It investigated whether sys- temic antibiotic therapy could be reduced to fewer than seven days when combined with surgical treatment using locally delivered antibiotics. The study was designed and coordinated by the Oxford Bone Infection Unit in the United Kingdom, and enrolled 500 patients across 25 centers in five European countries, with a follow-up period of one year. The study demonstrated that a short course (≤7 days) of systemic antibiotics was non-inferior to a long course (≥4 weeks) in terms of the risk of defini- tive treatment failure at 12 months in patients un- dergoing surgery for bone and joint infections who also received locally delivered antibiotics. The study included both bioresorbable and poly- methyl methacrylate (PMMA) antibiotic-loaded products. CERAMENT G was the most commonly used product, administered to 280 patients (56 percent), followed by CERAMENT V, which was used in 146 patients (29 percent). Antibiotic-loaded PMMA was used in 60 patients (12 percent), while prefabricated PMMA spacers or PMMA beads were used in 11 patients (2 percent), primarily in patients with prosthetic joint infection (PJI). The median duration of postoperative systemic antibiotic therapy was six days in the short-course group, compared with 42 days in the long-course group. In addition, patients in the short-course group reported significantly fewer antibiotic-relat- ed adverse events. At the six-week follow-up, ad- verse event-related symptoms were reported by 17.2 percent of patients in the short-course group, compared with 45.2 percent in the long-course group. At the three- to six-month follow-up, the corresponding rates were 8.5 percent and 20.4 per- cent, respectively. The results support a potential paradigm shift in the surgical treatment of orthopedic infections by demonstrating that the use of systemic antibiotics can be significantly reduced when products such as CERAMENT G and CERAMENT V are used, poten- tially leading to fewer antibiotic-related adverse events and a reduced treatment burden for both patients and healthcare systems. Progress in the quarter “The SOLARIO findings demonstrate that duration of systemic antibiotic treatment can be dramatically reduced without compromising outcomes when effective local antibiotic therapy is used.” Professor McNally, Oxford Bone Infection Unit, BONESUPPORT press release September 17 , 2026.
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RESEARCH & DEVELOPMENT BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 30 CERAMENT IN TRAUMA Preclinical research Several combinations with CERAMENT have previ- ously been investigated to add osteoinductive properties, i.e. the ability to actively stimulate bone healing. Among other things, the Company has conducted research where CERAMENT has been combined with bisphosphonates. Bisphosphonates are a well-established substance used in the treatment of osteoporosis to inhibit osteoclast activity, resulting in improved bone healing and bone density. Preclinical research has shown that the addition of zoledronic acid to CERAMENT increases bone volume around screw implants in osteoporotic bone and that CERAMENT significantly improves the anchoring of implant screws2. Further preclinical research has shown that the combination of CERAMENT, zoledronic acid and bone morphogenetic protein-2 (BMP-2) can also be used in the reconstruction of large segmental defects as an alternative to bone grafting. Clinical evidence CERTiFy3, a randomized controlled study conduct- ed at 20 trauma centers in Germany on 135 patients with tibial plateau fractures, shows that CERAMENT BVF achieves bone healing comparable to auto- graft (transplanted bone). Additionally, treatment with CERAMENT BVF led to significantly lower pa- tient-reported postoperative pain and significantly less blood loss compared to autograft. The study, published in The Journal of Bone and Joint Surgery in December 2019, serves as an important vector for driving changes in standard of care. 2 Raina DB. et al. A New Augmentation Method for Improved Screw Fixation in Fragile Bone. Frontiers in Bioengineering and Biotechnology. Volume 10, Article 816250. March 2022. 3 Hofmann A. et al. Autologous Iliac Bone Graft Compared with Biphasic Hydroxyapatite and Calcium Sulfate Cement for the Treatment of Bone Defects in Tibial Plateau Fractures. The Journal of Bone and Joint Surgery. Vol 102, Issue 3, 179-193. February 2020. 4 McNally M. et al. Mid- to Long-Term Results of Single-Stage Surgery for Patients with Chronic Osteomyelitis Using a Bioabsorbable Gentamicin-Loaded Ceramic Carrier. The Bone & Joint Journal. 104-B.9, 1095–1100. September 2022. 5 Henry JA. et al. Long-Term Follow-Up of Open Gustilo-Anderson IIIB Fractures Treated with an Adjuvant Local Antibiotic Hydroxyapatite Bio-Composite. Cureus. Volume 15(5), e39103. May 2023. 6 Sandilands SM. et al. Intramedullary nailing with absorbable antibiotic-eluting ceramic for fracture-related infection prophylaxis in high-risk open fractures: a case series and technique. OTA International: The Open Access Journal of Orthopaedic Trauma. Volume 9(1), e478. March 2026. In 2022, very strong results were presented from a long-term study4 of CERAMENT G. A hundred pa- tients treated at Nuffield Orthopaedic Centre, Oxford University Hospitals, for bone infection were followed for an average of six years. At the end of the study, it was concluded that: • 94 percent of the patients remained infection- free. • Within the first year after surgery, the fracture rate amounted to three percent. No further fractures thereafter. In 2023, additional long-term data with CERAMENT G in connection with severe open fractures5 were presented. Eighty-one patients with severe open fractures and significant tissue damage, who un- derwent a one-stage procedure with CERAMENT G at Manchester University Hospital, were followed for an average of 55.8 months after surgery. At the end of the study, it was concluded that 96.3 per- cent of patients avoided deep infection, avoided amputation and achieved bone healing within twelve months. The results from these two studies, over a long fol- low-up period, confirm that treatment protocols with CERAMENT G remain highly effective for sev- eral years. In March 2026, the first US clinical case series de- scribing a surgical technique and early outcomes associated with the use of CERAMENT and intra- medullary nailing in patients with open fractures was published6. Nine patients with open fractures of the tibia, femur, or humerus were treated with CERAMENT G, delivered using the Flow-FX™ 2-CAN® system, and followed for an average of 9.1 months. All patients achieved fracture healing, and no fracture-related infections, amputations, or re- operations due to infection were reported. These early findings contribute to the growing body of US clinical evidence supporting CERAMENT G and demonstrate that the outcomes achieved in Europe can be reproduced in a US clini- cal setting. Ongoing research CERTITUDE is a prospective cohort study with three years of follow-up involving 121 patients with bone infection and surgically managed with CERAMENT G. The study is designed to document the long-term safety and clinical effectiveness of the treatment and is part of the post-market regu- latory follow-up required following the FDA’s De Novo authorization of CERAMENT G. Final report- ing to the FDA is expected in 2031. CONVICTION, a randomized controlled multicenter study evaluating the cost-effectiveness of CERAMENT G in the treatment of bone infections, initiated by clinicians within the French CRIOAc7 network, has announced the early termination of patient recruitment due to slow patient recruit- ment. Follow-up of enrolled patients will continue according to the study protocol, and final results will be analyzed once the follow-up period has been completed. The study is funded by the French Ministry of Health, and BONESUPPORT has provided a research grant to partially fund the products used in the study.
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RESEARCH & DEVELOPMENT BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 31 Given that only 25 percent of the planned 200 pa- tients has been enrolled, the potential impact on the study’s outcomes and statistical robustness cannot be assessed at this stage. CERAMENT FOR FOOT AND ANKLE SURGERY Diabetes is one of the fastest-growing chronic dis- eases globally, with more than one in eleven adults currently living with the condition. Approximately 3.2 percent of people with diabetes suffer from infected foot ulcers – a serious condition that often leads to severe complications, bone infection, and increased risk of amputation. A clinical study by Vasukutty et al.7, published in The Diabetic Foot Journal, showed that the use of CERAMENT G in combination with surgical de- bridement resulted in 94 percent of patients avoid- ing amputation. Data from Australia8 published in 2024 showed that patients treated with CERAMENT G or CERAMENT V had an amputation rate of only two percent compared to 18 percent in the control group treated with standard care. The number of hospital days was significantly lower in the CERAMENT group; 12.5 days compared to 25.1 for the control group. Metaoy et al.9 also showed in a recently published study significant clinical bene- fits of antibiotic-releasing CERAMENT G and CERAMENT V in the treatment of bone infections due to diabetes-related foot ulcers. The study in- cluded 105 patients and showed that survival in the CERAMENT group was 87.5 percent compared to only 44.9 percent (p<0.00001) for the standard treatment group, measured over five years. Additionally, significant improvements in infection control and reduced risk of reinfection and ampu- tation were noted. 7 Vasukutty et al. “Limb salvage surgery in diabetic foot infection: encouraging early results with a local antibiotic carrier”. The Diabetic Foot Journal. 2022;25(2):1–5. August 2022. 8 Chow et al. “Definitive single-stage surgery for treating diabetic foot osteomyelitis: a protocolized pathway including antibiotic bone graft substitute use”. ANZ Journal of Surgery, May 2024. 9 Metaoy S, Rusu I & Pillai A. “Adjuvant local antibiotic therapy in the management of diabetic foot osteomyelitis”. Clin Diabetes Endocrinol 10, 51. December 2024. 10 Liane K et al. “Global, regional, and national burden of diabetes from 1990 to 2021, with projections of prevalence to 2050: a systematic analysis for the Global Burden of Disease Study 2021”. The Lancet, Volume 402, Issue 10397, 203 – 234. July 2023. 11 Logoluso et al. “Calciumbased, antibiotic-loaded bone substitute as an implant coating: a pilot clinical study”. J Bone Joint Infect. 2016;1:59-64. 12 Khakzad T. et al. Cementless one-stage hip revision arthroplasty with an injectable antibiotic bone graft substitute. Bone Jt Open. Volume 6(9), 1146-1155. September 2025. With an estimated global population of 1.3 billion diabetes patients by 2050, according to The Lancet10, innovative treatment solutions like CERAMENT are crucial to meeting growing health- care challenges and improving patients’ quality of life. Ongoing research BONESUPPORT financially supports several physi- cian-initiated studies in this area. CERAMENT IN ARTHROPLASTY Periprosthetic joint infection (PJI) is a serious com- plication following knee and hip prosthesis sur- gery, with an incidence of approximately 1-2 per- cent after primary joint replacement surgeries. PJI can lead to severe consequences such as sepsis, prosthesis loosening, and the need for additional surgical interventions. The risk of PJI after a previous revision surgery has an incidence of 7-19 percent and is associated with severe complications. The risk of reinfection after PJI is substantially higher. According to the German Endoprosthesis Register (Endoprothesenregister Deutschland), the risk of recurrent infection following, for example, hip revi- sion surgery is 30 percent within two years. Logoluso et al.11 demonstrated as early as 2016 in a prospective study that CERAMENT G can be used in conjunction with two-stage revision of infected hip and knee revisions. Ninety-five percent of pa- tients were infection-free during the average fol- low-up period of 18 months (12-36 months). A prospective study12 (CeraHip) was conducted at Charité – Universitätsmedizin Berlin in Germany to evaluate cementless one-stage hip revision using CERAMENT G for the treatment of bone infection associated with PJI (CeraHip12). The study included 20 patients with confirmed PJI and focused on two key aspects: reconstruction of bone defects and local antibiotic treatment with the goal of prevent- ing reinfection. The patient perspective was in- cluded through patient-reported outcome mea- sures (PROMs), providing valuable insights into recovery and quality of life. After an average follow-up of 3.3 years, all patients were free from infection. Radiological examina- tions after 12 months showed correct implant posi- tioning and good bone integration. PROMs showed significant improvements: the Harris Hip Score increased from 47.7 preoperatively to 80.1 after 12 months (p<0.001), and EQ-5D-5L improved from 0.43 to 0.88 during the same period (p<0.001). The results strengthen the evidence base for the use of CERAMENT G as an effective solution in one- stage revisions, with favorable clinical and pa- tient-reported outcomes. Ongoing research Planning for CERAhip 2.0 is underway, as are prepa- rations for a randomized multicenter study de- signed to compare one-stage exchange surgery for periprosthetic joint infection (PJI) of the hip or knee using CERAMENT G combined with short- course systemic antibiotic therapy, versus treat- ment without local antibiotic delivery and with prolonged systemic antibiotic therapy. CERAMENT IN SPINE SURGERY Each year, approximately 1.5 million instrumented spinal surgeries are performed, including 750,000 Spinal Fusion procedures in the US. In the area of Spinal Fusion, about 20 percent of procedures fail due to insufficient bone formation, and 2-6 percent of the total number of procedures become infect- ed. An infection in the spine can have devastating consequences and often leads to very serious com- plications, which is why off-label use of local antibi- otics is common. Market data indicates that local antibiotics are used in 40 percent of all spinal sur- geries. Ongoing research During 2026, the Company continues to build its preclinical evidence base. At the same time, prepa- rations are underway for two clinical studies planned to commence in 2027: a single-center study involving approximately 20 patients to evalu- ate CERAMENT BVF in spinal fusion, and a larger multicenter study involving approximately 300– 400 patients to investigate the efficacy of antibiotic-eluting CERAMENT within the same indication area.
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32 HEALTH ECONOMICS BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 HEALTH ECONOMICS One of the largest challenges when introducing new and innovative healthcare treatment is to ensure that healthcare systems around the world understand the value of the treatment and include it in the care offered to the patient. BONESUPPORT undertakes a variety of activi- ties to ensure that the Company’s products are included in the remuneration systems where our products are marketed. 1 Carter, M et al. “EE240 Does Single Stage Surgery of Long Bone Infection Using Gentamicin-Eluting Bone-Graft Substitutes Result in Decreased Cost and Improved Quality of Life Compared to Traditional Approaches?” Value in Health 25.12 (2022): S100. 2 Ferguson, J et al. “A retrospective cohort study comparing clinical outcomes and healthcare resource utilisation in patients undergoing surgery for osteomyelitis in England: a case for reorganising orthopaedic infection services”, J. Bone Joint Infect., 2021 Apr 28;6(5), 151–163. One of the obvious positive health economic ben- efits that comes from the clinical benefits CERAMENT offers is a reduced utilization of health- care resources. A reduced number of re-infections and reduced amputation frequency as a result from treatment with CERAMENT G and CERAMENT V in a one-step procedure, naturally leads to fewer return visits and fewer surgeries. This, in turn, leads to reduced hospital stays. The significance of health benefits and the calculation models for eval- uating the cost-effectiveness of health benefits differ between different healthcare systems. In August 2026, CMS finalized the DRG reclassifica- tion of CERAMENT G in the United States, effective October 1, a decision expected to improve hospital reimbursement for the treatment of complex or- thopedic infections. At the same time, a new pro- cedure code for vancomycin-eluting bone graft substitutes was introduced, potentially paving the way for a comparable reimbursement pathway for CERAMENT V, subject to FDA approval. In August 2025, BONESUPPORT was granted New Technology Add-on Payment (NTAP) status for CERAMENT G in the treatment of open fractures, starting October 1. This allows US hospitals to re- ceive increased reimbursement for inpatient pro- cedures involving the product. Since January 1, 2024, through December 2026, CERAMENT G is also eligible for Transitional Pass-Through (TPT) pay- ment in outpatient care. Both programs are admin- istered by the Centers for Medicare & Medicaid Services (CMS) and are designed to promote medi- cal innovation and improve access to advanced treatments. CERAMENT G – A COST EFFICIENT STRATEGY FOR TREATMENT OF BONE INFECTION In 2022, a cost-benefit analysis was conducted to assess the potential implications for the American healthcare system of transitioning to a single-stage procedure with CERAMENT G. The modelling, which is based on available clinical data as well as cost data from CMS, Centers for Medicare & Medicaid Services, was done in collaboration with national expertise in health economics and clinical orthopedics. The results were presented at the end of 2022, partly at the leading health economic con- ference ISPOR and partly at the SOMOS conference aimed at orthopedic surgeons. The analysis shows that a one-step procedure with CERAMENT G is a cost-effective strategy for treating bone infection compared to current US healthcare standards. When using CERAMENT G, instead of PMMA beads with antibiotics, the cost reduction is estimated on average to be about SEK 300 thousand (USD 27,943) per patient, over a period of two years, due to fewer surgeries and fewer surgical complications during and after procedures1. The analysis also shows im- proved quality of life for patients. It will be an im- portant tool for communicating the value of CERAMENT G to, among others, private insurance companies. CERAMENT G OR CERAMENT V LEADS TO REDUCED DAYS OF CARE IN PATIENTS WITH BONE INFECTIONS 2 The Nuffield Orthopaedic Centre (NOC) has shown that they have been able to reduce the degree of re-infection in osteomyelitis patients by 56 percent compared to their previous standard of treatment. In an analysis involving approximately 25,000 pa- tients who underwent surgical treatment for os- teomyelitis in 2013-2017, the patient group treated at NOC after the introduction of CERAMENT G or CERAMENT V in a one-step procedure was com- pared with patients cared for at other hospitals in England. The results presented in The Journal of Bone and Joint Infection showed that CERAMENT G or CERAMENT V in a one-step procedure contrib- uted to significantly improved patient outcomes. The hospital stay, in connection with osteomyelitis Progress in the quarter The confirmation of the DRG reassignment for CERAMENT G by CMS represents an important milestone that is expected to improve hospital reimbursement for the treatment of complex orthopedic infections and further support broader adoption in the US market.
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33 HEALTH ECONOMICS BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 surgery and the following two years, were on aver- age 16 days shorter for the group that received CERAMENT G and CERAMENT V at NOC. In addition, patients at NOC had a significantly lower risk of am- putation (6.47 percent) compared to the Rest of England control group (12.71 percent). With the addition of CERAMENT G or CERAMENT V in the treatment of osteomyelitis, the total saving in the number of days of care associated with surgery and subsequent care, could amount to approximately GBP 44 million annually, calculated on 6,250 treat- ed patients per year. REDUCED RISK OF DEEP INFECTIONS WITH CERAMENT G AND CERAMENT V Another area where CERAMENT G and CERAMENT V can help reduce healthcare costs is in the treat- ment of serious trauma fractures. Open tibial frac- tures represent about 15 percent³ of all tibial frac- 3 Hoekstra et al. “Economics of open tibial fractures: the pivotal role of length-of-stay and infection”. Health Econ Rev 2017; 7:32. 4 Haidari, S et al. “Costs of fracture-related infection: the impact on direct hospital costs and healthcare utilization”. European Journal of Trauma and Emergency Surgery. 09 April 2024 doi: 10.1007/s00068-024-02497-9 5 Henry, Joshua A et al. “Long-Term Follow-Up of Open Gustilo-Anderson IIIB Fractures Treated with an Adjuvant Local Antibiotic Hydroxyapatite Bio-Composite.” Cureus vol. 15,5 e39103. 16 May. 2023, doi:10.7759/cureus.39103. tures and have a high incidence of infection, with no bone healing as a result. Bone infections often lead to great suffering for the patient and very high healthcare costs. In a Belgian study by Hoekstra et al.3 of 358 patients, the cost of tibial fractures was studied. The study showed that healthcare costs for patients affected by a deep infection were on average five times higher than for those who did not get an infection, resulting in the cost of treat- ment increasing from EUR 9,500 to EUR 48,700. A recently published retrospective study from the Netherlands by Haidari et al.4 points in the same direction. The study examined how the occurrence of fracture-related infections (FRI) in patients with severe bone fractures affects direct hospital costs. A total of 246 patients were included in the study, and 18.3 percent were diagnosed with FRI. A single occurrence of FRI tripled the direct hospital costs, while recurrent infection could result in sevenfold increased costs. The main reasons for the increased costs were longer hospital stays, more surgical pro- cedures, and prolonged intravenous antibiotic treatment. The average cost of treating this type of trauma was EUR 25,000. There are a number of studies that show that CERAMENT contributes to cost-effective care by reducing the number of deep infections. One of these is a study by Henry et al.5 on 81 patients with severe open tibial fractures treated with CERAMENT G in a one-step procedure. In the study, with a mean follow up time of 55.5 months, three patients (3.7 percent) suffered from a deep infection compared with historical refer- ences of up to 52 percent incidence of infection. This shows that one-step treatment with antibiot- ic-eluting CERAMENT for open tibial fractures can effectively reduce the incidence of cost-driving infections.
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OTHER INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 34 GLOSSARY Allograft. The bone graft transplanted between genetically non-identical individuals of the same species. Allograft can be living related (harvested from femoral heads during hip arthroplasty) or ca- daveric. Arm/Study arm. A group of study participants characterized by the intervention or treatment reg- imen they receive in a clinical trial. Arthroplasty. A surgical procedure aimed at re- storing the function of a damaged or diseased joint, most commonly by replacing it with an artifi- cial joint – known as a prosthesis. Autograft. A bone graft harvested from the pa- tient’s own skeleton, usually from the iliac crests. Bisphosphonate. A group of medicines that in- hibit bone breakdown. BMA. Bone Marrow Aspirate. B M P. Bone Morphogenic Protein. Bone cement. Binders used to attach prostheses to bone or glue bone, often in the form of a hard- ening plastic, polymethyl acrylate (PMMA), or Calcium Phosphate. Bone graft substitute. A synthetic material used as bone grafts instead of biological bone tissue. CERAMENT BVF. CERAMENT BONE VOID FILLER. CERAMENT G. CERAMENT with Gentamicin. CERAMENT V. CERAMENT with Vancomycin. CERTiFy. A prospective, randomized, controlled clinical trial with 135 patients in 20 leading trauma centers in Germany, aimed to compare treatment of CERAMENT BVF with autologous bone graft (au- tograft) transplantation. Clinical study. A study on humans of e.g. a medi- cal device or a pharmaceutical product. CMS (The Centers for Medicare and Medicaid Services). CMS provides health coverage to more than 100 million people through Medicare, Medicaid, the Children’s Health Insurance Program, and the Health Insurance Marketplace. CONVICTION. A randomized, controlled trial to evaluate the efficacy of CERAMENT G in the treat- ment of osteomyelitis (chronic bone infection). CRIOAc. A healthcare network in France that is implemented through a nationwide health minis- try program to improve outcomes in the manage- ment of bone and joint infections. C-shares. Class C -shares intended for use as perfor- mance shares within long-term incentive pro- grams. DBM (Demineralized Bone Matrix). A processed form of allograft, an acid-extracted matrix from human bone sources. De Novo. A regulatory pathway at the FDA for low to moderate risk medical devices that have no ex- isting predicate on the market. DRG. An internationally established system for classifying inpatient episodes of care and deter- mining hospital reimbursement. In the United States, CMS (Centers for Medicare & Medicaid Services) uses the DRG system to establish reim- bursement levels for different treatments. FDA (US Food and Drug Administration). The federal medical authority in the US. GPO (Group Purchasing Organization). An enti- ty with the purpose of realizing savings and effi- ciencies by aggregating purchasing volumes. Health economics. Analyzing costs and effects within healthcare and other sectors that work with health related issues. The goal is to provide a basis for well founded priorities so that society’s resourc- es are used in the best possible way. Hematoma. A localized collection of blood out- side the blood vessels. HEOR (Health Economics and Outcomes Research). Scientific discipline that quantifies the economic and clinical outcomes of medical tech- nology. HTA (Health Technology Assessment). Systematic evaluation of the relative safety, efficacy and cost-effectiveness of a treatment in compari- son to current treatment alternatives. ICUR (Incremental Cost-Utility Ratio). A quote that compares cost and utility between two alter- native treatment alternatives. IDN (Integrated Delivery Network). An integrat- ed delivery network, also referred to as a health system, is an organization that owns and operates a network of healthcare facilities. Indication. Reasons underlying the action taken; an expression used to describe the conditions un- der which a medicine or a medical technology de- vice may be used. LTM. Latest twelve months. MDR (the Medical Device Regulation). An EU regulation designed to ensure the safety and per- formance of medical devices. Micro-CT (Micro-Computed Tomography). Uses X-ray scanning to recreate a 3D-model with- out destroying the object. NTAP (New Technology Add-on Payment des- ignation). An additional reimbursement that man- ufacturers of new, groundbreaking technologies can apply for. Osteoclasts. Large multinucleated cells involved in bone resorption (breakdown of bone tissue). Osteoinduction. Osteoinduction at bone graft material (or a growth factor) can stimulate the dif- ferentiation of osteoblasts, forming new bone tis- sues. Osteomyelitis. A bacterial infection affecting bones. Osteoporosis. A condition in which bone mass decreases and bone tissue becomes thinner and more porous, leading to weaker bones that are more prone to fractures. PJI (Periprosthetic Joint Infection). A serious complication following knee and hip replacement surgery.
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OTHER INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 35 PMA (Pre-Market Approval). Market pre-approv- al from the FDA in the US for class III medical devic- es. PMMA (Poly Methyl Methacrylate). Often called “bone cement”. Preclinical research. Basic experimental research at the molecular, cellular, and integrative level con- cerning the life processes that determine the func- tion of the body. Revision arthroplasty. A follow-up surgical pro- cedure in which a previously performed joint re- placement is corrected, replaced, or improved. SOLARIO. A randomized, European multicenter study showing that orthopedic infections treated surgically with local antibiotic bone defect fillers could reduce systemic antibiotics to less than sev- en days vs previous standard of care of at least four weeks. Tibial plateau fracture. Fracture of the upper part of the tibia. Toxicity. The degree to which substance (a toxin or poison) can harm humans or animals. TPT (Transitional Pass-Through). Transitional pass-through payments provide additional pay- ment for new devices, drugs, and biologicals that met eligibility criteria for a period of at least two years but not more than three years.
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OTHER INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 36 PRESENTATION OF INTERIM REPORT JANUARY – SEPTEMBER 2026 The Company invites investors, analysts and media to a web conference (in English) on October 22, 2026 at 10.00 CEST, where CEO Torbjörn Sköld and CFO Håkan Johansson will present and comment on the report and also answer questions. The re- port will be available on BONESUPPORT’s website from 08.00 CEST on the same day and the presen- tation from the webcast will be uploaded during the day on October 22, 2026. For further details regarding participation, see the investor pages at www.bonesupport.com FORWARD-LOOKING STATEMENTS The report contains certain forward-looking infor- mation that reflects BONESUPPORT’s current views of future events and financial and operational per- formance. Words such as “intends”, “anticipates”, “expects”, “can”, “plans”, “estimates” and similar ex- pressions regarding indications or forecasts of fu- ture developments or trends, and which are not based on historical facts, constitute forward-look- ing information. Forward-looking information is inherently associated with both known and un- known risks and uncertainties because it is depen- dent on future events and circumstances. Forward-looking information is not a guarantee of future results or developments and actual results may differ materially from results referred to in for- ward-looking information. Forward-looking infor- mation in the report is only applicable on the date of issue of the report. BONESUPPORT does not commit to publishing updates or revision of any forward-looking statements as a result of new in- formation, future events or similar circumstances other than those required by applicable legislation. CONTACT INFORMATION Torbjörn Sköld, CEO T: +46 46 286 53 70 Håkan Johansson, CFO T: +46 46 286 53 70 E: ir@bonesupport.com www.bonesupport.com
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OTHER INFORMATION BONESUPPORT HOLDING AB (PUBL) INTERIM REPORT JANUARY – SEPTEMBER 2026 37 OUR SOUL & OUR HEART MISSION Restoring health to improve the quality of life for patients with bone disorders BONESUPPORT's unique product technology has properties with the potential to revolutionize the care of patients with bone disorders by enabling faster rehabilitation, limiting the number of surgi- cal procedures and reducing the risk of severe in- fections. The most common procedures consist of bone disorders where the body is unable to per- form natural healing and single-stage surgery in connection with bone infection. For patients, sur- gical treatment including CERAMENT means that they can return to a more normal life more quickly. VISION Becoming a global orthobiologics leader BONESUPPORT's unique technology means that over time, the Company's injectable bio-ceramic bone graft substitutes remodel to natural bones and have the ability to elute drugs. This enables new treatment standards in the treatment of bone diseases/skeletal injuries. BONESUPPORT's objective during 2026 is a growth in net sales of between 33-36 percent, in constant exchange rates. STRATEGY The strategy is based on three pillars: Innovation – BONESUPPORT has the market’s most innovative solution for the treatment of bone disorders. Clinical and Health Economic Evidence – The evidence for the CERAMENT platform continues to grow and now amounts to more than 350 publica- tions and abstracts. Effective commercial platform – BONESUPPORT's commercial and medical organi- zation provides healthcare with products, informa- tion, service, training and evidence. ABOUT BONESUPPORT BONESUPPORT HOLDING AB (publ), corp. ID 556802-2171, based in Lund, Sweden, is the Parent Company of BONESUPPORT AB who in turn is the Parent Company of the wholly owned subsidiaries in Austria, Denmark, Germany, Italy, the Netherlands, Norway, Spain, Sweden, Switzerland, the UK, and the US. BONESUPPORT is a rapidly growing orthobio- logics company that primarily targets the ma- jor orthopedic markets in the US and Europe. BONESUPPORT was founded in 1999. At this point in time, the Company is not aware of any other commercially available products with the same properties as CERAMENT G and CERAMENT V, i.e. an injectable antibiotic-elut- ing bone graft substitute with proven rapid remodeling into host bone. CERAMENT and BONESUPPORT are registered trademarks and are the property of BONESUPPORT AB, or its subsidiaries unless otherwise indicated. https://www.bonesupport.com/trademarks BONESUPPORT has well-documented safety and efficacy experience and estimates, based on sales data, that until the beginning of July 2026, 200,000 treatments have been per- formed with its products worldwide. There is great market potential in the surgical segments Trauma, Foot and Ankle, Revision Arthroplasty and Spinal Surgery, primarily with regard to preventing and treating infections in the ex- tremities and spine. The CERAMENT portfolio is currently commer- cially available in the largest European markets, as well as in a number of markets outside Europe. In addition, CERAMENT BVF and CERAMENT G are commercially available in the United States.