Interim report
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Interim Report Q3 2026 AB Diagnostics Ball (publ) Interim report 23 October 2026 Fagerstagatan 7 Phone: +46 8 744 77 00 163 53 Spånga, Sweden E-mail: info@boule.com Challenges in the instrument business but good stability in sales of consumables and the OEM business Quarter July-September 2026 Net sales amounted to SEK 96.2 million (127.2), corresponding to a decrease of 24.4 percent. Organic sales growth amounted to -19.4 percent, exchange rate effects amounted to -5.0 percent. The number of instruments sold decreased by 56.5 percent to 363 (834). Gross profit amounted to SEK 39.5 million (52.4), corresponding to a gross margin of 41.1 percent (41.2). Adjusted operating profit amounted to SEK -4.5 million (12.0), corresponding to an adjusted operating margin of -4.7 percent (9.4). Non-recurring items had a positive impact of SEK 7.3 million (4.7) on operating profit for the quarter, attributable to the reversal of a previous impairment of the Group’s assets in Russia. Operating profit amounted to SEK 2.8 million (16.7), corresponding to an operating margin of 2.9 percent (13.1). Profit for the period amounted to SEK -2.5 million (10.9). Earnings per share before and after dilution amounted to SEK -0.06 (0.28). Operating cash flow amounted to SEK 6.9 million (1.0). The Group's available cash and cash equivalents, including unutilised overdraft facilities, amounted to SEK 21.6 million (36.6) as of September 30. Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct 25- Oct 24-Key figures2026 2025 2026 2025 Sep 26 Sep 25Sales growth, % -24,4 -2,4 -16,1 -11,0 -16,1 -9,0Net sales, SEK million 96,2 127,2 310,0 369,4 430,2 512,7Gross margin, % 41,1 41,2 41,2 42,2 43,1 42,9Adjusted operating profit1), SEK million-4,5 12,0 -2,6 33,4 10,2 54,3Adjusted operating margin, % -4,7 9,4 -0,9 9,0 2,4 10,5Operating profit (EBIT), SEK million 2,8 16,7 -6,3 10,1 4,4 -76,0Operating margin (EBIT), % 2,9 13,1 -2,0 2,7 1,0 -14,8Profit for the period, SEK million -2,5 10,9 -18,9 -5,4 -17,2 -80,8Net cash (+) Net debt (-), SEK million -125,4 -86,2 -125,4 -86,2 -125,4 -86,2Return on equity, % -1,5 6,6 -11,5 -3,2 -10,2 -46,2Net cash (+) Net debt (-) / Adjusted EBIT (R12), times -12,3 -1,1 -12,3 -1,1 -12,3 -1,6Basic and diluted earnings per share, SEK -0,06 0,28 -0,49 -0,14 -0,11 -0,52Operating cash flow2), SEK million6,9 1,0 23,0 -5,9 33,0 -13,71) The impact of non-recurring expenses on the Adjusted operating profit is presented on page 5.2) Operating cash flow according to calculation on page 14.
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Interim Report Q3 2026 2 Comments from the President and CEO The third quarter was my first full quarter as CEO of Boule. It has given me a clear picture of both the company's strengths and the challenges we need to deal with. Sales for the quarter were significantly weaker than we expected, mainly due to a sharp decline in instrument sales, while our recurring business in reagents and OEM developed steadily. Operational and market performance The Group's net sales decreased by 24.4 percent compared to the same period last year, of which the organic decline amounted to 19.4 percent. The main explanation is instrument sales, where the number of instruments sold decreased from 834 to 363. The decline has two causes. A shortage of components has limited our delivery capacity, which primarily affected 3-part human instruments and 4-part veterinary instruments and meant that orders could not be delivered within the quarter. At the same time, demand was weak during the quarter, especially for 5-part human instruments and 5-part veterinary instruments, where we see restraint in several markets among both public and private customers. Restrictions in payment and currency flows in certain markets in the Middle East and Africa have further affected the development. The component shortage has not been solved. We are working actively with our suppliers and with production planning, but we believe that there is a risk that the disruptions may also affect the fourth quarter. In light of these challenges, it is gratifying to see that sales of consumables to our installed base of instruments are showing stability, with good development in Latin America and Southeast Asia, among other countries. The OEM business also contributed stably with sales of SEK 29 million during the quarter. The increased share of consumables and OEMs in the sales mix contributed to the gross margin being maintained at 41.1 percent, in line with the previous year, despite significantly lower volumes. The recurring business thus provides a stable foundation in a period when instrument sales are weak. The order backlog at the end of the quarter amounted to SEK 76 million (55) and consists partly of orders that could not be delivered due to the component shortage. Financial performance Group sales amounted to SEK 96 million, compared with SEK 127 million in the previous year. The development was mainly affected by negative organic growth of -19.4 percent and negative currency effects of -5.0 percent. Gross profit amounted to SEK 39.5 million, corresponding to a gross margin of 41.1 percent, compared to 41.2 percent last year.
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Interim Report Q3 2026 3 Adjusted EBIT for the quarter amounted to SEK -4.5 million, compared to SEK 12.0 million last year, corresponding to an adjusted operating margin of -4.7 percent. The lower sales are the main reason for the deterioration, while operating expenses were in line with the previous year. Operating cash flow was positive and higher than last year, mainly due to lower accounts receivable, while inventory build-up due to supply chain disruptions had a negative effect. Available cash and cash equivalents at the end of the quarter amounted to SEK 21.6 million, compared to SEK 36.6 million in the previous year. Focus ahead The outcome of the quarter and our liquidity situation require clear priorities. Our first priority is to secure the supply of components, so that we can deliver on the existing order backlog and restore the delivery capacity of our instruments. Our second priority is to continue to develop the recurring business in reagents and OEM, which today forms a solid foundation for the company. With regard to the company's liquidity situation, management and the Board of Directors are actively evaluating the opportunities to strengthen the company's financial position in order to create good conditions for continued operations. In parallel, we continue to work on costs and working capital. After the end of the period, we have also updated the license agreement with Q-Line Biotech for the Indian market. I would like to thank our employees for your commitment during a demanding quarter and our customers, partners and owners for your continued confidence in Boule Group. Johan Folkunger CEO Boule Group
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Interim Report Q3 2026 4 Group performance July–September 2026 Net sales Net sales for the period amounted to SEK 96.2 million (127.2). Organic growth amounted to -19.4 percent. Exchange rates continued to have an impact on sales, with a weaker USD compared to last year resulting in a negative currency effect of 5.0 percent. Instrument sales were 54 percent lower compared to last year, which is partly explained by supply chain disruptions and weak sales of 5-part human and veterinary instruments. Net sales by region Jul-Sep Jul-SepOct 25- Oct 24-SEK million2026 2025 changeSep 26 Sep 25 changeUSA41,1 44,4 -7% 159,2 176,9 -10%Asia16,2 35,6 -55% 91,5 139,4 -34%Eastern Europe10,0 11,9 -16% 45,2 56,5 -20%Latin America6,5 6,8 -4% 25,7 33,0 -22%Western Europe10,4 17,9 -42% 56,8 62,8 -10%Africa / Middle East11,9 10,6 12% 51,9 44,1 18%Total96,2 127,2 -24% 430,3 512,7 -16%Net sales by productSEK millionInstruments13,4 29,1 -54% 74,6 127,0 -41%Consumables, own instruments41,2 47,0 -12% 179,6 195,9 -8%Consumables, OEM and CDS Brand29,2 30,7 -5% 111,0 128,0 -13%Other12,4 20,4 -40% 65,0 61,7 5%Total96,2 127,2 -24% 430,2 512,7 -16% Gross profit Gross profit for the period amounted to SEK 39.5 million (52.4), a decrease of SEK 12.9 million. The gross margin amounted to 41.1 percent (41.2). The gross margin remained largely unchanged, supported by a more favourable product mix with a higher share of consumables for own instruments and OEM customers and a lower share of instrument sales. Expenses Operating expenses for the period, adjusted for non-recurring costs, excluding other operating income and expenses, amounted to SEK 43.7 million (43.0). The reversal of previous impairment of assets in Russia for the period had a positive effect on earnings of SEK 7.3 million (4.7). As operations in Russia continue to be conducted until the divestment, the impairment will be adjusted on an ongoing basis so that the Group's book value of the assets in Russia will be zero. 100200300 0 200 400 600Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Gross profit Net salesNet sales and gross profit, rolling 12 monthsNet sales, SEK millionGross profit, SEK million
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Interim Report Q3 2026 5 Sales expenses amounted to SEK 21.0 million (25.3). The decrease was mainly attributable to the reclassification of SEK 6.8 million in development expenses related to OEM projects from selling expenses to research and development expenses. In the corresponding period of the previous year, these costs were recognized as selling expenses. Administrative expenses amounted to SEK 7.9 million (7.6). Research and development expenses amounted to SEK 14.8 million (10.0), corresponding to 15.4 percent (7.8) of net sales. These include costs for product integration, OEM projects and for the quality organization. All research and development costs incurred during the period were expensed directly in the income statement. Net of other operating income and other operating expenses amounted to SEK -0.3 million (2.5). The impact of non-recurring expenses on the income statement Jul-Sep Jul-Sep Jan-Sep Jan-SepSEK million 2026 2025 2026 2025Cost of goods sold - restructuring- - - -Gross profit- - - -Selling expenses - restructuring- - - -Administrative expenses - restructuring- - - -R&D expenses - restructuring- - - -18,5Write-down of capitalized development expenditures- - - -Write-down of assets in Russia7,3 4,7 -3,7 -4,8Operating profit7,3 4,7 -3,7 -23,3 Operating profit Operating profit, adjusted for non-recurring costs, amounted to SEK -4.5 million (12.0) and corresponded to an adjusted operating margin of -4.7 percent (9.4). Operating profit, including non-recurring costs, amounted to SEK 2.8 million (16.7), corresponding to an operating margin of 2.9 percent (13.1). Net financial items Net financial items amounted to SEK -3.8 million (-3.2), mainly attributable to interest expenses of SEK -3.3 million. Earnings Profit for the period amounted to SEK -2.5 million (10.9). Tax amounted to SEK -1.4 million (-2.6). 0 25 50 75 0 200 400 600Q3 2023Q4 2023Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026 Adjusted operating profit Net salesNet sales and adjusted operating profit, rolling 12 monthsNet sales, SEK millionAdjusted operating profit, SEK million
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Interim Report Q3 2026 6 Financing and cash flow Cash flow from operating activities during the quarter amounted to SEK 6.6 million (1.8). Working capital contributed positively to cash flow, primarily due to a SEK 13.7 million decrease in operating receivables excluding EKN (-3.6), while operating liabilities increased by SEK 3.9 million (-10.9). This was partly offset by a SEK 4.4 million increase in inventories (2.8), mainly attributable to supply chain disruptions that resulted in a build-up of work in progress. Cash flow from financing activities during the quarter amounted to SEK -11.6 million (-1.8), mainly due to loan amortizations of SEK 3.0 million, interest payments on internal loans of SEK -0.3 million and a reduction in financial liabilities attributable to EKN financing of SEK 6.5 million. At the end of the period, SEK 50.3 million of total overdraft facilities of SEK 58.5 million had been utilized. Cash flow for the quarter amounted to SEK -5.8 million (-2.3) and cash and cash equivalents as of September 30 amounted to SEK 13.5 million (20.4). The Group's available cash and cash equivalents, including unutilized overdraft facilities, amounted to SEK 21.6 million (36.6) as of September 30. In 2024 and in the first quarter of 2025, the Group implemented cost reductions, which had full effect in the previous year and improved cash flow from operating activities and significantly reduced investments. Further cost reductions have been implemented and will be implemented during the current year. The Board of Directors evaluates the possibilities of strengthening the company's financial position in order to create good conditions for continued operations, and work on this is ongoing. The interim report has been prepared under the assumption of going concern. Since financing has not yet been secured, there is significant uncertainty regarding this assumption. Investments Total investments in the quarter amounted to SEK 0.8 million (2.2). Equity and liabilities As of September 30, the Group's equity amounted to SEK 164.7 million (168.5) and the equity/assets ratio was 35.5 percent (36.5). Interest-bearing liabilities, excluding leasing, relate to the borrowing of trade receivables guaranteed by the Swedish Export Credit Agency (EKN) and external bank loans and loans from investors totalled SEK 177.6 million (201.0) as of 30 September. Of these, SEK 26.2 million (77.2) were long-term and SEK 151.4 million (123.9) were short-term. External bank loans and loans from investors totalled SEK 111.6 million (114.4) as of 30 September. Of these, SEK 11.3 million (39.8) were long-term and SEK 100.3 million (71.6) were short-term. As of 30 September, overdraft facilities were utilised by SEK 50.3 million (60.6) and other, non-interest-bearing, current liabilities and trade payables amounted to SEK 76.2 million (91.0). Lease liabilities as of September 30 amounted to SEK 39.0 million (4.0), of which SEK 35.2 million (0.2) pertains to long- term and SEK 3.8 million (3.9) to short-term liabilities. Net debt as of September 30 amounted to SEK -125.4 million (-86.2). Deferred tax assets as of September 30 amounted to SEK 68.0 million (70.2) and deferred tax liabilities to SEK 3.3 million (2.6). Long-term provisions relate to direct pensions of SEK 0.9 million (2.2).
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Interim Report Q3 2026 7 Installed base of instruments During the quarter, 363 instruments were sold, compared to 834 instruments in the same quarter last year. The estimated lifetime of instruments is 7.5 years for instruments produced from 2021 onwards. At the end of the quarter, the active installed base is estimated at 31,132 instruments. ¹ Estimated active installed base is based on an estimated lifetime of the instruments of 7.5 years. ² As of September 30, 2026, the cumulative number of instruments sold since 2006 amounts to 61,402. ³ Number of instruments sold in 2025 refers to sales per rolling 12 months. Significant risks and uncertainties Boule's operations are global, which entails exposure to various forms of both strategic risks, operational risks and financial risks. Strategic risks mainly represent changes in the company's environment that can thus have significant effects on the business, for example, the ongoing unrest in the Middle East may affect sales in the region. The changing policy in the United States may increase the uncertainty for international business relationships, however, the impact on Boule's operations is mainly assessed to be an increasing currency risk in USD. Operational risks relate to the business as such and may have a potential impact on the Group's earnings. The financial risks consist primarily of financing risk, currency risk, interest rate risk and credit risk. During the period, Boule experienced major problems in the supply chain and there is a significant risk that these problems will persist. The problems are partly specific to the Company with difficulties in securing delivery of certain components, but there are also general problems where there is a global shortage of certain materials and components. Boule works continuously to manage the risks and uncertainties that exist, as well as with the Risk Inventory that forms the basis for discovering new risks and uncertainties. The work is carried out systematically with the aim of making risks visible and limiting risk exposure and any impact if a risk arises. The interim report is prepared under the assumption of going concern. The Board of Directors is evaluating the possibilities of strengthening the company's financial position in order to create good conditions for continued operations, and work on this is ongoing. The interim report has been prepared under the assumption of going concern. Since financing has not yet been secured, there is significant uncertainty regarding this assumption. For a more detailed description, see the section Risks and opportunities on pages 40-44 of the Annual Report for 2025. Uncertainties due to geopolitical turbulence Boule continues to conduct operations in Russia. Immediately after Russia's attack on Ukraine in the spring of 2022, Boule introduced processes to ensure that all sales and transactions comply with all sanctions. Boule continuously uses legal expertise to ensure that knowledge is available about sanctions and their interpretations. Healthcare products are not normally subject to sanctions. Boule does not make any new investments, but maintains entered deals. However, purchasing, transport and financial transactions are limited by various practical problems, which is why Boule uses parties in third countries to be able to conduct its business. All these transactions are coordinated with legal 01 0002 0003 0004 0005 00005 00010 00015 00020 00025 00030 00035 0002013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Number of Instruments sold per year 3 Estimated no. of active instruments 1, 2Estimated number of active instrumentsEstimated no. of active instrumentsNumber of Instruments sold per year
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Interim Report Q3 2026 8 expertise to ensure that Boule in no way violates sanctions. The sanctions are changed continuously, which is why this is an ongoing work. For the full year 2025, Boule's sales to Russia amounted to 6.8 percent (6.8) of net sales. In the third quarter of 2026, the corresponding share was 7.7 percent of net sales. The Group has employees in Russia and a production facility for consumables distributed to the Russian market. Boule's ability to transact with Russia, and maintain the supply chain for critical components, deteriorated further in 2024. Against this background, it has been decided to initiate the process of divesting our manufacturing facility in Russia. Furthermore, the unpredictable situation in Russia means that a revaluation of Boule's assets in Russia has been made, resulting in an impairment in the third quarter of 2024. As operations in Russia continue to be conducted until the divestment, the impairment will be adjusted on an ongoing basis so that the Group's book value of the assets in Russia will be zero. In the event of a discontinuation, additional costs may apply. In light of the current situation in the Middle East, Boule sees increased risks in the form of disruptions in logistics flows, increased costs and increased volatility in the foreign exchange markets. Related party transactions No significant transactions with related parties took place during the quarter. Significant events during the quarter No significant events during the period. Significant events after the end of the interim period Boule Diagnostics AB and Q-Line Biotech Limited have updated the license agreement between the two parties regarding diagnostic reagents, consumables and hematology analyzers for the Indian market. Parent company Boule Diagnostics AB (publ) reg. no. 556535-0252 is a Swedish-registered limited liability company with its registered office in Stockholm. The address of the head office is Fagerstagatan 7, 163 53 Spånga, Sweden. The revenues of the Parent Company are attributable to Group-wide services. Risks and uncertainties in the Parent Company coincide indirectly with those of the Group. During the period, an impairment of SEK 119 million was recognized in the subsidiary Boule Medical AB. Employees The average number of employees in the Group during the quarter was 178 (186), of which 9 (10) were in the parent company. Distributed by country, the average number in Sweden was 76 (83), the USA 90 (91), Mexico 2 (2) and Russia 10 (10). The average number of women in the Group was 80 (87) and the average number of men was 97 (99). Employees in countries where Boule does not have a legal entity are not included in the number of employees as they are employed through external companies and are instead included as consulting costs.
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Interim Report Q3 2026 9 Number of shares The total number of shares and votes in Boule Diagnostics AB is 38,833,104. Number of shares Share ofShareholders, 30 Sep 2026 (according to Modular finance) capital/votesGrenspecialisten5 787 268 14,9%Svolder4 289 159 11,0%Thomas Eklund4 038 728 10,4%Nordea Funds3 112 623 8,0%Swedbank Robur Fonder2 598 942 6,7%Protean Funds Scandinavia2 401 988 6,2%Tomas Wedel1 391 851 3,6%Anders Hultmark1 294 903 3,3%Avanza Pension1 262 136 3,3%Aktia Asset Management992 540 2,6%Nordnet Pensionsförsäkring927 927 2,4%Torben Nielsen650 000 1,7%Thomas Wernhoff500 000 1,3%Futur Pension279 100 0,7%Storebrand Asset Management273 626 0,7%Other shareholders (2,429)9 032 313 23,3%Total number of shares38 833 104 100,0% Auditor review This report has been reviewed by the company's auditors.
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Interim Report Q3 2026 10 Consolidated income and other comprehensive income Jul-Sep Jul-Sep Jan-Sep Jan-SepSEK millionNote2026 2025 2026 2025Net sales 96,2 127,2 310,0 369,4Cost of goods sold -56,7 -74,8 -182,4 -213,4Gross profit 39,5 52,4 127,6 156,0Gross margin 0,4 41,2% 41,2% 42,2%Selling expenses -21,0 -25,3 -64,8 -72,4Administrative expenses -7,9 -7,6 -21,7 -23,4Research and development expenses2-14,8 -10,0 -45,3 -46,5Other operating income and expenses -0,3 2,5 1,7 1,2Write-down of assets in Russia 7,3 4,7 -3,7 -4,8Operating profit 2,8 16,7 -6,3 10,1Operating margin 2,9% 13,1% -2,0% 2,7%Finance income 0,4 0,4 0,8 1,6Finance costs -4,3 -3,5 -13,3 -12,0Net financial items -3,8 -3,2 -12,6 -10,4Profit before tax -1,0 13,5 -18,9 -0,3Income tax -1,4 -2,6 0,0 -5,1Profit for the period -2,5 10,9 -18,9 -5,4OTHER COMPREHENSIVE INCOMEItems that may be reclassified to profit/loss for the periodExchange differences on translation of foreign subsidiaries for the period -7,7 -2,4 16,0 -22,5Total other comprehensive income -7,7 -2,4 16,0 -22,5Total comprehensive income for the period -10,2 8,4 -2,9 -27,9Basic earnings per share, SEK -0,06 0,28 -0,49 -0,14Diluted earnings per share, SEK -0,06 0,28 -0,49 -0,14 Since the Group has no non-controlling ownership, the entire profit constitutes the parent company's profit.
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Interim Report Q3 2026 11 Consolidated statement of financial position 30 Sep 30 Sep 31 DecSEK millionNote2026 2025 2025ASSETSNON-CURRENT ASSETSIntangible assetsCapitalized intangible assets25,3 5,5 5,1Goodwill 85,0 81,2 79,8Total intangible assets 90,3 86,7 84,9Property, plant and equipmentRight-of-use assets 39,1 4,7 37,1Plant and machinery 12,4 12,2 11,8Equipment, tools, fixtures and fittings 6,7 7,5 8,1Leasehold improvements 2,7 1,3 1,0Total property, plant and equipment 60,9 25,7 58,0Financial assetsOther financial assets 11,3 8,6 8,3Non-current trade receivables (guaranteed 75-95% by EKN)317,5 39,2 26,4Total financial assets 28,8 47,8 34,8Deferred tax assets 68,0 70,2 66,5Total non-current assets 248,0 230,5 244,2CURRENT ASSETSInventoriesRaw materials and supplies 38,8 35,9 25,1Products in progress 9,6 3,9 3,3Finished goods and merchandise 21,9 27,7 30,5Total inventories 70,3 67,5 58,9Current receivablesTax assets 8,0 5,9 3,4Trade receivables 49,1 65,1 65,7Trade receivables (guaranteed 75-95% by EKN)360,2 59,3 63,1Other receivables 2,2 0,8 1,8Prepaid expenses and accrued income 12,3 11,8 12,8Total current receivables 131,8 142,9 146,8Cash and cash equivalents 313,5 20,4 19,6Total current assets 215,5 230,7 225,3TOTAL ASSETS 463,5 461,2 469,6
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Interim Report Q3 2026 12 30 Sep 30 Sep 31 DecSEK millionNote2026 2025 2025TOTAL EQUITY AND LIABILITIESEQUITYShare capital 9,7 9,7 9,7Other contributed capital 336,2 336,2 336,2Translation reserve 39,5 26,0 23,5Retained earnings, including profit for the period -220,7 -203,4 -201,8Total equity 164,7 168,5 167,6LIABILITIESNon-current liabilitiesNon-current interest-bearing liabilities311,3 39,8 34,8Non-current interest-bearing liabilities (for receivables guaranteed by EKN)314,8 37,4 24,0Non-current lease liabilities335,2 0,2 31,3Provisions 0,9 2,2 2,0Deferred tax liabilities 3,3 2,6 2,8Total non-current liabilities 65,6 82,2 94,9Current liabilitiesCurrent interest-bearing liabilities3100,3 71,6 72,4Current interest-bearing liabilities (for receivables guaranteed by EKN)351,1 52,3 57,3Current lease liabilities33,8 3,9 3,9Trade payables 34,8 29,0 26,0Tax liabilities 0,0 4,9 5,4Other liabilities 11,4 12,9 7,3Accrued expenses and prepaid income 30,6 34,5 33,2Current provisions 1,0 1,5 1,4Total current liabilities 233,1 210,5 207,0Total liabilities 298,7 292,7 301,9TOTAL EQUITY AND LIABILITIES 463,5 461,2 469,6
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Interim Report Q3 2026 13 Consolidated statement of changes in equity SEK millionShare capitalOther contributed capitalTranslation reserveRetained earnings, incl. profit for the period Total equityEQUITY, JANUARY 1, 2025 9,7 336,2 48,5 -198,0 196,4Comprehensive income for the periodProfit for the period -5,4-5,4Other comprehensive income for the period -22,5-22,5Comprehensive income for the period -22,5 -5,4 -27,8Transactions with shareholdersDividend --EQUITY, 30 SEP, 2025 9,7 336,2 26,0 -203,4 168,5EQUITY, JANUARY 1, 2025 9,7 336,2 48,5 -198,0 196,4Comprehensive income for the periodProfit for the period -3,7-3,7Other comprehensive income for the period -25,0-25,0Comprehensive income for the period -25,0 -3,7 -28,7Transactions with shareholdersDividend --EQUITY, 31 DEC, 2025 9,7 336,2 23,5 -201,8 167,6EQUITY, JANUARY 1, 2026 9,7 336,2 23,5 -201,8 167,6Comprehensive income for the periodProfit for the period -18,9-18,9Other comprehensive income for the period 16,016,0Comprehensive income for the period 16,0 -18,9 -2,9Transactions with shareholdersDividend --EQUITY, 30 SEP, 2026 9,7 336,2 39,5 -220,7 164,7
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Interim Report Q3 2026 14 Consolidated cash flow statement Jul-Sep Jul-Sep Jan-Sep Jan-SepSEK millions2026 2025 2026 2025Operating activitiesOperating profit 2,8 16,7 -6,3 10,1Adjustments for non-cash items -9,1 -3,8 10,9 10,6Interest received 0,4 0,4 0,8 1,6Interest paid -4,3 -2,7 -13,1 -9,3Income tax paid-1,1-1,5 -10,4 -6,1Cash flow from operating activities before changes in working capital -11,3 9,0 -18,2 6,9Cash flow from changes in working capitalIncrease (-) / Decrease (+) in inventories -4,4 2,8 -10,7 -12,5Increase (-) / Decrease (+) in operating receivables 13,7 -3,6 26,0 -3,6Increase (-) / Decrease (+) in operating receivables (guaranteed by EKN) 4,7 4,3 11,9 33,9Increase (+) / Decrease (-) in operating liabilities3,9-10,9 8,2 -33,5Cash flow from operating activities 6,6 1,8 17,3 -8,7Investing activitiesAcquisition of property, plant and equipment -2,3 -1,2 -3,5 -2,1Investment in capitalized intangible assets1,5-1,1 -1,2 -1,1Cash flow from investing activities-0,8-2,2 -4,7 -3,2Financing activitiesRepayment (-) of borrowings -2,7 -3,3 -28,7 -9,4Proceeds from borrowings (+) 0,0 3,2 23,0 38,2Increase (+) / Decrease (-) in financial liabilities (EKN financing) -6,5 1,1 -15,4 -21,9Increase (+) / Decrease (-) in financial liabilities -0,3 0,3 9,1 14,8Lease liability payments-2,1-3,1 -7,2 -10,1Cash flow from financing activities -11,6 -1,8 -19,2 11,6Cash flow for the period -5,8 -2,3 -6,5 -0,4Cash and cash equivalents at beginning of period 19,6 23,0 19,6 22,7Exchange differences in cash and cash equivalents-0,2-0,3 0,4 -1,9Cash and cash equivalents at end of period13,520,4 13,5 20,4 Operating cash flow (alternative performance measure)Jul-Sep Jul-Sep Jan-Sep Jan-SepSEK millions2026 2025 20262025Operating profit 2,8 16,7 -6,3 10,1Adjustments for non-cash items (excl. depreciations) -13,5 -8,5 -2,7 -5,0Depreciations 4,4 4,7 13,6 15,5Investments in tangible and intangible fixed assets -0,8 -2,2 -4,7 -3,2Changes in working capital 17,8 -7,3 35,5 -15,6Interest paid and received -3,8 -2,3 -12,3 -7,7Operating cash flow 6,9 1,0 23,0 -5,9
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Interim Report Q3 2026 15 Income statement for the Parent Company Jul-Sep Jul-Sep Jan-Sep Jan-SepSEK million2026 2025 2026 2025Net sales 7,8 7,2 23,9 21,6Administrative expenses -6,7 -5,9 -18,8 -18,4Other operating expenses -2,3 -2,4 -5,6 -4,1Operating profit -1,3 -1,1 -0,6 -0,9Dividend from subsidiaries 0,0 0,0 0,0 22,8Impairments of investments in subsidiaries -119,8 0,0 -119,8 0,0Profit/loss from financial items -1,2 -1,1 -4,9 -2,3Profit/loss after financial items -121,0 -2,2 -125,2 19,6Group contribution 0,0 0,0 0,0 0,0Profit/loss before tax -121,0 -2,2 -125,2 19,6Tax 0,0 0,0 0,0 0,0Profit/loss for the period -121,0 -2,2 -125,2 19,6 As no items are reported in other comprehensive income, the parent company's profit is consistent with the comprehensive income of the parent company.
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Interim Report Q3 2026 16 Balance sheet of the Parent Company 30 Sep 30 Sep 31 DecSEK million 2026 2025 2025NON-CURRENT ASSETSIntangible assetsCapitalized development costs 1,2 0,0 0,0Total property, plant and equipment 1,2 0,0 0,0Financial assetsShares in Group companies 252,3 450,3 372,0Other financial assets 0,7 1,7 1,5Deferred tax assets 3,4 2,8 3,4Total financial assets 256,3 454,9 377,0Total non-current assets 257,5 454,9 377,0CURRENT ASSETSTax assets 1,4 1,4 0,8Receivables from Group companies 0,0 0,0 0,0Other receivables 0,0 0,0 0,2Prepaid expenses and accrued income 2,8 3,4 4,2Total current receivables 4,3 4,8 5,2Cash and bank balances 0,1 3,0 1,3Total current assets 4,3 7,8 6,4TOTAL ASSETS 261,9 462,7 383,4EQUITY 202,3 405,1 327,5LIABILITIESNon-current liabilitiesNon-current interest-bearing liabilities 35,0 32,0 32,0Other provisions 0,9 2,2 2,0Total non-current liabilities 35,9 34,2 34,0Current liabilitiesTrade payables 4,8 3,0 4,6Liabilities to Group companies 9,2 10,6 7,9Other liabilities 1,1 0,9 1,0Accrued expenses and deferred income 8,6 8,9 8,4Total current liabilities 23,6 23,4 21,9Total liabilities 59,5 57,6 55,9TOTAL EQUITY AND LIABILITIES 261,9 462,7 383,4
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Interim Report Q3 2026 17 Note 1 Accounting policies Boule Diagnostics AB (publ) applies IFRS (International Financial Reporting Standards) as adopted by the European Union. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The interim report for the parent company has been prepared in accordance with Chapter 9 of the Annual Accounts Act and RFR 2 Accounting for Legal Entities. The interim report shall be read together with the annual report for the financial year ended 31 December 2025. The accounting principles are in accordance with the principles applied in the previous financial year. The fair value of financial assets and liabilities is estimated to correspond to the book values. The interim information on pages 1 to 9 forms an integral part of this financial report, which covers pages 1 to 21. The interim report is prepared under the assumption of going concern. The Board of Directors is evaluating the possibilities of strengthening the company's financial position in order to create good conditions for continued operations, and work on this is ongoing. The interim report has been prepared under the assumption of going concern. Since financing has not yet been secured, there is significant uncertainty regarding this assumption. Note 2 Capitalised development expenditure 30 Sep 30 Sep 31 DecSEK million 2026 2025 2025Opening balance5,1 7,5 7,5Internally developed expenses year to date 1,3 1,1 1,5Amortizations year to date -1,2 -3,0 -3,8Write-downs year to date - - -Closing balance5,35,5 5,1 Not 3 Net cash/net debt 30 Sep 30 Sep 31 DecSEK million2026 2025 2025Cash and cash equivalents 13,5 20,4 19,6Liabilities to credit institutions and investors -111,6 -111,4 -107,2Lease-related liabilities -39,0 -4,0 -35,2Other interest carrying assets (EKN) 11,7 8,9 8,2Net cash (+) / net debt (-) -125,4 -86,2 -114,5 Note 4 Collateral provided and contingent liabilities As of 30 Sep, SEK million2026 2025 2026 2025Pledged assets 272,2 294,1 0,9 4,7Contingent liabilities - - 66,0 86,8GroupParent Company
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Interim Report Q3 2026 18 Not 5 Exchange rates Material currencies average ratesJan-Sep 2026Jan-Sep 2025 Jan-Dec 2025EUR10,9011,10 11,07USD9,399,95 9,82RUB0,120,12 0,12Material currencies balance date 30 Sep 202630 Sep 2025 31 Dec 2025EUR11,3311,06 10,82USD9,989,42 9,20RUB0,120,11 0,12 Note 6 Business segments SEK millionJul-SepJul-SepJul-SepJul-SepJul-SepJul-SepJul-SepJul-Sep2026 2025 2026 2025 2026 2025 2026 2025Net sales96,2 127,2 68,4 97,8 31,5 33,50,0% 0,0%Intergroup sales elimination0,0% 0,0% 0,0% 0,0% 0,0% 0,0%-4,2 -5,1Adjusted Cost of goods sold-56,7 -74,8 -45,1 -61,3 -15,3 -17,6 3,7 4,1Adjusted gross profit39,5 52,4 23,3 36,5 16,3 15,9 0,0 -0,1Adjusted gross margin, %41,1% 41,2% 34,0% 37,4% 51,5% 47,4% 0,0% -Adjusted operating expenses-44,0 -40,4 -31,7 -28,2 -8,5 -9,4 -3,8 -2,8Adjusted operating profit (EBIT)-4,5 12,0 -8,4 8,4 7,8 6,5 -3,8 -2,9Adjusted operating margin, %-4,8% 9,4% -12,3% 8,6% 24,6% 19,3% 0,0% 0,0%Group Diagnostics CDS OEM OtherQ3 2026 SEK millionJan-SepJan-SepJan-SepJan-SepJan-SepJan-SepJan-SepJan-Sep2026 2025 2026 2025 2026 2025 2026 2025Net sales310,0 369,4 229,8 280,0 91,3 103,00,0% 0,0%Intergroup sales elimination0,0% 0,0% 0,0% 0,0% 0,0% 0,0%-11,1 -13,6Adjusted Cost of goods sold-182,4 -213,4 -147,8 -173,7 -45,7 -53,1 11,1 13,4Adjusted gross profit127,6 156,0 82,0 106,3 45,6 49,9 0,0 -0,2Adjusted gross margin, %41,2% 42,2% 35,7% 38,0% 49,9% 48,4% 0,0% 0,0%Adjusted operating expenses-130,3 -122,6 -99,7 -84,5 -21,6 -27,2 -8,9 -11,0Adjusted operating profit (EBIT)-2,6 33,4 -17,7 21,8 23,9 22,7 -8,9 -11,2Adjusted operating margin, %-0,9% 9,0% -7,7% 7,8% 26,2% 22,1% 0,0% -January - September 2026Group Diagnostics CDS OEM Other
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Interim Report Q3 2026 19 Quarterly Review 2026Jul- Apr- Jan- Oct- Jul- Apr- Jan- Oct- Jul-Sep Jun Mar Dec Sep Jun Mar Dec SepNet sales, SEK million 96,2112,2101,6127,2 112,9 143,2 130,4 137,0 147,8Gross profit, SEK million 39,545,942,252,4 53,5 63,8 61,0 59,1 68,3Gross margin, % 41,140,941,641,2 47,4 44,6 46,8 43,1 46,2EBITDA, SEK million 7,24,6-4,521,7 -1,5 -83,0 -272,7 7,6 22,5EBITDA margin, % 7,54,1-4,517,0 -1,4 -57,9 -209,1 5,5 15,2Depreciation and impairment of property, plant and equipment, SEK million3,63,93,93,9 3,4 3,2 4,7 4,8 5,6EBITA, SEK million 3,61,1-8,717,5 -4,9 -86,2 -277,4 2,8 16,9EBITA margin, % 3,71,0-8,513,7 -4,4 -60,2 -212,7 2,1 11,5Amortization and impairment of intangible assets, SEK million0,80,80,80,81,51,51,51,51,5Operating profit (EBIT), SEK million 2,80,4-9,516,7 -6,4 -87,6 -278,9 1,4 15,4Operating margin (EBIT margin), % 2,90,3-9,313,1 -5,7 -61,2 -213,8 1,0 10,5Adjusted operating profit (EBIT), SEK million -4,53,3-1,412,0 17,0 19,5 15,3 9,9 19,1Adjusted operating profit margin (EBIT margin), % -4,72,9-1,39,4 15,1 13,6 11,8 7,2 12,9Profit for the period, SEK million -2,5-1,7-14,610,9 -10,3 -75,6 -229,2 -1,6 9,8Basic earnings per share, SEK -0,06-0,04-0,380,28 -0,27 -1,95 -5,90 -0,04 0,25Diluted earnings per share, SEK -0,06-0,04-0,380,28 -0,27 -1,95 -5,90 -0,04 0,25Cash flow from operating activities per share, SEK 0,17-0,020,300,05 -0,20 0,39 0,13 0,36 0,32Return on equity, % -1,5-1,0-5,56,6 -5,6 -33,5 -61,0 -0,3 2,0Net cash (+) net debt (-) / EBIT (R12) -12,3-3,2-2,7-1,1 -0,2 -0,1 -0,1 0,0 0,2Equity/asset ratio, % 35,536,436,636,5 34,9 38,0 47,3 61,8 62,42025 2024 About Boule Diagnostics Boule Diagnostics AB (publ) is a global company consisting of two business segments, Diagnostics and OEM CDS. Diagnostics specializes in point-of-care, decentralized diagnostic solutions for human and veterinary applications, serving hospitals, clinics, and laboratories. OEM CDS develops and delivers reliable reagents, blood checks, and calibrators tailored for diagnostics companies worldwide. With operations in Sweden, the US, Mexico and Russia, and a global distribution network spanning more than 100 countries, Boule combines a robust business model with strong positions in key growth markets. In 2025, Boule reported net sales of SEK 490 million and has approximately 200 employees worldwide. Boule has been listed on Nasdaq Stockholm since 2011. Definitions Use of key performance measures not defined in IFRS The Boule Group's financial statements are prepared in accordance with IFRS. IFRS defines only a few key performance measures. Boule applies ESMA's (European Securities and Market Authority) guidelines for alternative performance measures. In short, an alternative performance measure is a financial measure of historical or future earnings development, financial position, or cash flow that is not defined or specified in IFRS.
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Interim Report Q3 2026 20 To support management's and other stakeholders' analysis of the Group's development, Boule reports certain key performance measures that are not defined in IFRS. Management believes that this information facilitates an analysis of the Group's development. This additional information is supplementary information to IFRS and does not replace key performance measures defined in IFRS. Boule's definitions of measures not defined in IFRS found below may differ from other companies' definitions. Calculations of all key performance measures may be reconciled with items in the income statement and balance sheet. Sales development is the net sales for the period divided by the comparison period's net sales, expressed in percentage change. Organic growth is the change in net sales during the current period, excluding acquisitions, divestments and exchange rate effects, in relation to net sales corresponding to the period last year, expressed in percentage change. Gross profit is net sales less the cost of goods sold. Gross margin is gross profit divided by net sales. Adjusted gross profit is net sales less cost, adjusted for non-recurring items, for goods sold. Adjusted gross margin is adjusted gross profit divided by net sales. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is earnings before net financial items, taxes and depreciation of tangible and intangible fixed assets. EBITDA margin is EBITDA divided by net sales. EBITA (Earnings Before Interest, Taxes and Amortization) is the operating profit before net financial items, taxes and amortization of intangible assets. EBITA margin is EBITA divided by net sales. Operating profit (EBIT), Earnings Before Interest and Taxes, is the operating profit before net financial items and taxes. Operating margin (EBIT margin) is EBIT divided by net sales. Adjusted operating profit (EBIT) is operating profit adjusted for non-recurring costs, before net financial items and taxes. Adjusted operating margin (EBIT margin) is operating profit adjusted with non-recurring costs divided by net sales. Adjusted profit for the period is profit for the period adjusted with non-recurring costs. Non-recurring costs refer to costs for restructuring and write-downs not attributable to operating activities. Working capital is inventories, accounts receivable (short-term and long-term) and cash reduced by accounts payable. Interest coverage ratio is operating profit plus financial income divided by financial expenses. Return on equity is profit after tax divided by average equity. Net debt (Net cash) is interest-bearing liabilities reduced by cash and cash equivalents and interest-bearing short- and long-term receivables guaranteed by EKN. Net debt/equity ratio is net debt divided by equity. The equity ratio is equity divided by the balance sheet total.
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Interim Report Q3 2026 21 Other information Calendar Interim Report Q3 2026-10-23 Year-end report 2026 2027-02-10 Interim Report Q1 2027-04-27 Presentation of the interim report CEO Johan Folkunger and CFO Michael af Winklerfelt will present and comment on the interim report via Teams. After the presentation, there will be time for questions. The presentation will be held in English. Time: 10:00 a.m. CET on October 23, 2026 Join the Teams Live Event and download the presentation material at: https://boule.com/sv/investor-relations/ Johan Folkunger Michael af Winklerfelt President and CEO CFO +46 (0)70 250 54 74 +46 (0)70 553 54 22 johan.folkunger@boule.com michael.af.winklerfelt@boule.com This information is information that Boule Diagnostics AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on October 23, 2026.