Interim report
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Interim report Q3 2025 BPC Instruments AB (publ) Orgnr: 556687-2460
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Net sales for the third quarter amounted to 16,959 (16,087) KSEK. EBIT for the third quarter amounted to 3,689 (3,823) KSEK. Net profit amounted to 2,949 (2,916) KSEK. Earnings per share for the period amounted to 0.27 (0.28) SEK. Net sales for the period amounted to 46,949 (45,303) KSEK. EBIT for the period amounted to 7,094 (13,395) KSEK. Net profit amounted to 5,268 (11,115) KSEK. Earnings per share for the period amounted to 0.47 (1.06) SEK. At the end of the period equity/asset ratio was 94% (92%). Total cash and equivalents, including long-term investments, amounted to 64,544 (29,499) KSEK. Key figures 16,959 3,689 Quarterly performance NET SALES Q3 2025 KSEK EBIT Q3 2025 KSEK Q3 2025 Q1-Q3 2025 16,087 17,119 13,045 16,879 16,959 3,823 2,888 955 2,436 3,689 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25Q2 ’24Q1 ’24Q4 ’23Q3 ’23 14,073 3,2403,193 6,576 4,288 15,143 13,49413,839 Net sales EBIT The information in the interim report regarding markets, competition and future growth represents BPC’s judgement, based mainly on material internal to the company and from external sources. This financial report contains statements that are forward-looking. Actual future results may differ materially from those anticipated. The number of shares in BPC Instruments as of September 30, 2025: 11,104,300 shares (10,454,000). Q3 2024: 16,087 Q3 2024: 3,823 CEO statement Highlights About BPC Financial reports 2 / 24Summary
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Revenue for the quarter reached SEK 17 million, up from the same period last year, and EBIT amounted to SEK 3.7 million, corresponding to an EBIT margin of 21.8 percent, in line with last year’s result. We continued to invest in our organisation, systems, and an expanded product and service portfolio to prepare BPC for the next stage of growth. Our diversification efforts are now becoming increasingly visible. During the quarter, we entered the textile sector, where an order from a global materials company marks the start of a new industrial application area for our biodegradability platform. The textile industry faces growing regulatory demands and expectations for verified sustainability, particularly concerning fibre and material degradation. By providing reliable and standardised biodegradability data, we help companies in this sector innovate responsibly and meet new environmental standards. The period also included a significant order in the biodegradability field from a national research centre in the Philippines – the largest single order within this segment to date, amounting to SEK 4.4 million. In addition, we launched our customised consultation and training service – a natural next step in how we support our customers. Many of our users, from research institutions to industrial operators, seek guidance on methodology, best practice, and data interpretation. Through this service, BPC becomes a more complete partner, offering both the instruments and the knowledge to use them effectively. This strengthens relationships, improves user outcomes, and enhances customer value. Together, these developments show how BPC continues to evolve. We maintain a strong position in biogas analysis while expanding into new areas where our technology makes a difference. Biodegradability testing is emerging as a second growth driver, and with a broader service offering we are creating recurring value alongside instrument sales. BPC continues its global expansion with a customer base in over 90 countries During the third quarter, BPC continued to grow in line with our strategy and long- term ambitions. Demand remained good across both established and emerging markets, and our customer base continued to expand. We are proud to now have clients in more than 90 countries, a mile- stone that reflects the relevance and trust we have built over time. 90 Countries shipped to Dr. Jing Liu Chief Executive Officer Summary Highlights About BPC Financial reports 3 / 24CEO statement
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The third quarter in brief Q3 US order from Cornell University BPC expands into the textile industry New training and consultation service Biggest bioplastics order in BPC’s history On 21July, BPC received an order from Cornell University in the United States valued at approximately SEK 1 million. The order includes two AMPTS® III Duo system. BPC’s flagship instrument for conducting batch anaerobic fermentation tests. On 2 September, BPC announced the extension of its BPC® Blue platform into the textiles & apparel sector, broadening the company’s presence within sustainable materials testing. On 10 September, BPC announced the launch of a new customised training and consultation service, designed to help customers make the most value of their analytical instruments. On 5 August, BPC received an order from a research institute in the Philippines valued at approximately SEK 4.4 million. The order includes several BPC Blue® systems. BPC’s flagship instrument for conducting anaerobic, aerobic and compostability tests. Summary CEO statement About BPC Financial reports 4 / 24Highlights
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BPC at a glance BPC Instruments is a global Swedish-based technology company that develops and provides analytical instruments that enable more efficient, reliable, and high-quality research and analysis for the renewable energy and environmental biotechnology industries. Since its founding in 2005, BPC has applied over 20 years of expertise in instrumentation, control, and automation of both anaerobic and aerobic fermentation processes. This innovation has delivered not only improved accuracy and precision but also significantly reduced the time and labor needed for analysis. Founded by experienced researchers with a strong, IP-protected product portfolio, BPC Instruments has steadily built a reputation for innovation in analytical instruments for bioprocess analysis. This commitment to advancing the field has kept the company in positive cash flow for over a decade and grown its customer base to 90 countries. Market potential As a leader in bioprocess analysis, BPC holds a significant share of the global market for feedstock quality analysis in biogas production, with the board estimating a 90 percent market share in this segment. Recently, BPC has expanded into other biotechnology areas, including plastic biodegradability and in-vitro feed analysis for animal nutrition. This strategic shift aims to broaden the company’s reach from a single niche to multiple biotech markets, leveraging its first-mover advantage as sustainability and renewable energy gain global importance. With a strong foothold in biogas and a portfolio of cutting-edge products, BPC is well- positioned to capitalise on a growing market. The REPowerEU plan, which emphasises biomethane as a critical renewable energy source for the EU, presents new growth opportunities as policies and investments increasingly favor biomethane production. Additionally, stricter regulations on biodegradability and environmental pollution further fuel demand for BPC’s advanced instrumentation. Business model At its core, BPC’s business model centers on developing and manufacturing specialised analytical instruments for bioprocess analysis. The company focuses on strategic areas like biogas, biodegradability, and animal feed, alongside regional expansion, innovative development, and a customer-centric approach. Together, these priorities define BPC’s mission to deliver high-quality, niche instruments across the biotechnology sector. BPC Instruments AB BPC Instruments (Zhejiang) Co Ltd Nordic Assembly AB 15 %100 % BPC Instruments AB acquired full ownership of BPC Instruments (Zhejiang) Co Ltd in April 2024, and Nordic Assembly AB was established as a joint venture in January 2023. Summary CEO statement Highlights Financial reports 5 / 24About BPC
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Europe’s installed capacity in Q1 2025. The European Commission’s target of sustainable biomethane production by 2030. 7 bcm 35 bcm New figures from EBA shows Europe’s biomethane capacity reached 7 billion cubic meter (bcm) in Q1 20251). This marks steady progress but highlights how much expansion is still needed to meet the 35 bcm target set by the EU’s RePowerEU plan for 2030. Biomethane is increasingly recognised as a renewable substitute for natural gas and a key element in improving energy security. Reaching the EU goal will require both a rapid build-out of new plants and significant improvements in efficiency at existing facilities. Over the past decade, the number of operational plants in Europe has grown from just over 200 to more than 1,5001). The number of operational plants has increased significantly, but current capacity still falls short of what’s needed. Even with around 950 additional plants expected to come online in the next five years, production levels will fall short of the 2030 target unless plant performance and feedstock management improve in parallel. Investments and market outlook Investments in biomethane infrastructure are at an all-time high. More than €27 billion has already been committed across Europe to support new 1) EBA European Biomethane Map 2025 400% Biomethane’s role in Europe’s energy transition projects and grid connections. France, Italy, Denmark, and Poland have taken a leading role with national programmes that incentivise both construction and efficient operational. These initiatives aim to create a more stable investment environment and reduce risk for large-scale projects. Biomethane market update | Q3 2025 0 2013 2012 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Existing plants New plants 1,200 1,400 1,600 1,800 1,000 800 600 400 200 No. Number of biomethane plants in Europe1) 2025 Summary CEO statement Highlights Financial reports 6 / 24About BPC
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As the market matures, performance is becoming just as important as policy incentives. Investors are increasingly evaluating projects based on operational data and cost efficiency. Plants that achieve higher methane yields per tonne of feedstock and greater biomass and energy throughput – in other words, higher production efficiency – will hold a competitive advantage. This shift puts greater emphasis on accurate testing and reliable data to guide operational decisions. The importance of feedstock quality Feedstock is a decisive factor for biomethane production. The chemical composition and degradability of the material fed into digesters directly affect gas output and process stability. Agricultural residues, food industry by-products, and food waste are among the most promising substrates. However, regional differences in availability and quality present challenges for operators. Without reliable data on feedstock characteristics, plants risk lower efficiency, higher costs, and potential operational issues. The Biomethane Industrial Partnership (BIP) continues to stress the need for better feedstock management. Accurate testing helps identify the substrates that offer the highest energy potential while reducing operational risks. It also allows for more transparent pricing models that reflect the actual energy content of the feedstock being traded2). BPC’s role in enabling efficiency BPC Instruments provides tools that make feedstock analysis both precise and accessible. The AMPTS® III system is designed for or high-accuracy anaerobic batch fermentation tests, such as Biochemical Methane Potential (BMP) testing. It enables operators to evaluate the energy potential of various substrates and optimise input mixes for higher gas yields. This data helps plants run more efficiently, reducing waste and improving the overall economics of production. Beyond individual plants, BPC’s technology supports the wider biomethane value chain. By ensuring that feedstock quality is measured consistently and transparently, our instruments help establish fair pricing structures and create trust between suppliers and operators. For larger projects, this level of data-driven planning reduces risk and contributes to stronger long-term returns. Looking ahead With 7 bcm of installed capacity and hundreds of new projects under development, Europe’s biometha- ne sector is advancing at a steady pace. However, the 2030 target of 35 bcm remains ambitious and will require continued investment in both infrastructure and operational efficiency. New plants must come online quickly, but they must also be optimised to achieve the highest possible output from every tonne of organic material. BPC Instruments is well placed to support this next phase of growth. Our analytical tools provide the data that plant operators need to make informed decisions about feedstock selection and process op- timisation. As the industry evolves from early-stage development to large-scale integration, reliable data and performance-driven strategies will be necessary to securing both energy and sustainability goals. 2) https://bip-europe.eu/wp-content/uploads/2024/10/BIP-Task-Force-3.4_Methodology-Identification-Sustainable-Feedstocks_Oct2024.pdf Summary CEO statement Highlights Financial reports 7 / 24About BPC
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24 % portion of net sales FY 2024 BPC Instruments is globally recognised for advanced gas measurement technology, particularly in biogas applications. In recent years, the company has applied this expertise to new areas, with bio- degradability testing now accounting for around 20–30 percent of BPC’s yearly net sales. The global market for biodegradable plastics continues to expand, driven by stricter regulations and growing demand for sustainable alternatives to conventional plastics. Valued at USD 5.4 billion in 2023, the market is projected to reach around USD 10 billion by 2030, with an annual growth rate of approximately 9 percent3). This growth highlights the need for precise and reliable testing methods. BPC® Blue Launched in 2023, BPC® Blue is designed for both aerobic and anaerobic biodegradability assessments. It supports researchers, manufacturers, and industry professionals in evaluating plastics and polymer materials with high accuracy. By building on our experience in automated gas analysis, we have created a solution that simplifies complex testing procedures without compromising on quality, efficiency, or accessibility. Since its introduction, BPC® Blue has been adopted by organisations worldwide. Large-scale bioplastic producers in India, for example, use the instrument to ensure their materials comply with recognised biodegradability standards. At the same time, studies using both BPC® Blue and AMPTS® III are helping clarify how bioplastics behave in anaerobic digestion processes, supporting their integration into circular resource models and biogas production. Exploring new applications Beyond biodegradability, BPC is steadily expanding into adjacent fields. Our instruments are already being used in animal nutrition research, and we are exploring new opportunities within wastewater analysis. During 2025, BPC also entered the textile sector, where BPC® Blue now supports global materials companies in evaluating fibre degradation and compliance. These efforts reflect BPC’s ambition to provide robust, high-quality analytical tools across an increasingly diverse range of industries. Expanding beyond biogas 3) https://www.grandviewresearch.com/industry-analysis/biodegradable-plastics-market Summary CEO statement Highlights Financial reports 8 / 24About BPC
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In September, BPC expanded its portfolio with the launch of a customised training and consultation service to further strengthen customer value and long-term collaboration. The initiative builds on BPC’s extensive experience in analytical instrumentation and its close connection to research and industry practice, offering clients practical support to achieve reliable and meaningful results. The service combines tailored training sessions – available online or on-site – with dedicated consultation focused on method development, process optimisation, and the interpretation of analytical data. Each programme is adapted to the client’s application area with relevance across research institutions, pilot-scale facilities, and commercial operations. Training content covers the entire workflow, from instrument operation, calibration, and maintenance to data evaluation and application-specific methodologies. By sharing its technical knowledge and proven approaches, BPC helps users build competence, confidence, and consistency in their analytical work. Through this service, BPC not only supports more accurate and reproducible results in biogas and biodegradability testing but also contributes to raising industry standards and promoting best practices in measurement and data quality. Consultation & Training NEW SERVICE OFFERING T echnical biodegradability training at BPC’s headquarters with Costa Rica’s National Learning Institute (INA), September 2025. Summary CEO statement Highlights Financial reports 9 / 24About BPC
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BPC Instruments’ share is listed on Spotlight Stock Market with the ticker name BPCINS and ISIN code SE0017130826. The number of outstanding shares as of September 30, 2025, was 11,104,300. You can find more investor-related information on BPC’s website: www.investors.bpcinstruments.com. S E 0 0 1 7 1 3 0 8 2 6 ISIN code Names %, Votes & Capital BPCI Holding AB (Jing Liu) 60.00 Eiffel Investment Group SAS 9.26 Berenberg European Micro Cap Fund 4.58 Gustaf Olsson 4.55 ES Aktiehandel AB (Erik Selin) 4.43 Nordnet Pensionsförsäkring AB 3.50 Exelity AB (publ) 2.53 Sustainable Holding Sweden AB (Kristofer Cook) 2.00 Avanza Pension 1.71 Proprius Partners Oy 0.68 T otal ten largest shareholders 93.24 Other shareholders 6.76 T otal 100.00 Shareholder listFinancial calender Source: Euroclear, 2025.09.30. Share performance 40 50 SEK 30 20 10 0 20232022 2024 2025 OMX 30 GIBPCINS Year-end report Q4 2025 2026-02-26 Interim Report Q1 2026 2026-05-13 BPC’s share 36.4 Summary CEO statement Highlights Financial reports 10 / 24About BPC
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BPC Instruments’ investment case is grounded in a history of technological innovation, industry leadership in analytical instrumentation, and a commitment to sustainability. With sales in 90 countries, BPC’s products provide efficient and reliable data collection, enabling industries and research institutions to make improvements in sustainable energy, environmental science, and biodegradability. BPC as an investment BPC has the leadership in some of today’s fastest growing sectors, the global shift to renewable energy together with the need for sustainable materials. BPC achieves steady financial performance through rising demand for its products and successful entry into new markets. Beyond biogas, BPC has expanded into biodegradability, wastewater treatment, biohydrogen, and animal nutrition, tapping into broader environmental biotechnology opportunities. Market leadership in high-growth sectors Sustainable growth with profitability Diversified and global market reach Summary CEO statement Highlights Financial reports 11 / 24About BPC
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Financial information & reports Summary CEO statement Highlights About BPC Financial reports 12 / 24
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Summary CEO statement Highlights About BPC Financial reports 13 / 24 Group Financial Development (Q3 & YTD 2025) Revenue Group net sales in Q3 2025 increased to KSEK 16,959 (16,087). Operating income was KSEK 17,148 (16,329), including KSEK 75 of activated development work and KSEK 113 (242) in other income. For the first nine months, total net sales amounted to KSEK 46,949 (45,303). The quarter showed a sales mix comprising biogas 60%, biodegradability 37%, animal nutrition 2% and other 1%. The strong contribution from biodegradability reflects rising demand for BPC® Blue and new industrial applications in the materials and textile sectors. Sales includes the major order from a research institute in the Philippines, valued at approximately SEK 4.4 million, representing the largest single biodegradability order to date. Geographical and customer mix Asia-Pacific accounted for 36% of quarterly sales, followed by EMEA 30%, Scandinavia 12%, North America 11% and Latin America 11%. Growth was driven primarily by activity in Asia-Pacific, notably the Philippines, together with steady performance in Europe. North America remained solid with recurring orders from universities and research institutes, while Latin America grew with new industrial customers. The customer base remained well diversified across segments. Universities represented 28% of sales, energy-related industry 27%, resellers 19%, and public or private research 18%. Industrial customers within chemicals and materials 2% and other 6%. This balanced distribution continues to provide resilience and supports recurring business through both direct and channel sales. Costs and margins Operating expenses totalled KSEK –13,459 (–12,506). The higher cost base compared with last year mainly reflects planned recruitment within both technical sales, service, R&D and quality, together with increased external costs linked to marketing activities and digital infrastructure. EBIT was KSEK 3,689 (3,823), corresponding to an EBIT margin of 21.8% (23.8), and EBITDA KSEK 4,247 (4,377), equal to an EBITDA margin of 25% (27%). For the first nine months, EBIT amounted to KSEK 7,094 (13,395). The lower year-to-date figure reflects a softer first quarter and a deliberate investment phase to strengthen scalability. Net financial items, tax and earnings Net financial income for the quarter was KSEK 124 (–36), consisting of interest income KSEK 474 (29) and interest expenses KSEK –350 (–65). Profit before tax amounted to KSEK 3,812 (3,787); after tax KSEK 2,949 (2,916), equal to earnings per share of SEK 0.27 (0.28). For the nine-month period, profit after tax was KSEK 5,268 (11,115). Cash flow and liquidity Cash flow from operating activities during the quarter amounted to KSEK 5,189 (4,218), reflecting profitability and a positive contribution from changes in working capital. Cash flow from investing activities was KSEK –1,826 (–1,500), mainly attributable to continued investments in financial instruments. Endowment insurance holdings increased to KSEK 16,621 (9,121) following regular allocations in line with the company’s long-term incentive structure. Cash flow for the period totalled KSEK 3,363 (2,718). The Group closed the quarter with cash and cash equivalents of KSEK 47,923 (20,378) and short- and long-term investments of KSEK 16,621 (9,121), providing total liquidity of KSEK 64,544 (29,499). The company is debt-free with an equity-to-assets ratio of about 94 percent. Operational priorities Management continues to focus on scalability, service readiness and cost control. The pipeline remains well diversified across markets and applications, supported by recurring orders from existing customers and growing demand in new industrial sectors. Number of employees As of September 30, 2025, the number of employees at BPC HQ in Sweden was 20 (16). Audit of the report This interim report has not been reviewed by the company’s auditor. Accounting and accounting principles BPC Instruments AB (publ) is preparing annual reports according to the Annual Accounts Act and K3 accounting principles. Quarterly reports are prepared under the same principle. Sector distribution, % Region distribution, % Customer type distribution, % Biogas EMEA Academia Biodegradability Asia-Pacific Other Latin America Other Animal Nutrition North America Scandinavia Industry 100 100 100 50 50 50 Q1 Q1 Q1 Q2 Q2 Q2 Q3 Q3 Q3
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Summary CEO statement Highlights About BPC Financial reports 14 / 24 Group Accounting principles Subsidiaries Subsidiaries are all companies over which the Group has control. The Group controls a company when it is exposed to, or has the right to, variable returns from its holding in the company and has the ability to affect returns through its influence over that company. Subsidiaries are included in the consolidated financial statements from the date that control is transferred to the Group. They are excluded from the consolidated financial statements from the date such control ceases. The purchase method is applied for the Group’s business acquisitions. The purchase price for an acquired subsidiary is the fair value of the assets given, liabilities assumed by the Group to the previous owners of the acquired company, and the shares issued by the Group. The purchase price also includes the fair value of any assets or liabilities arising from any conditional purchase price. Identifiable acquired assets and assumed liabilities in a business acquisition are initially measured at fair value on the day of the acquisition. Transaction costs attributable to the acquisition are expensed as incurred. Intra-Group transactions, balance sheet items, and unrealised gains and losses on transactions between Group companies are eliminated. The accounting principles for subsidiaries are amended, if necessary, to ensure consistent application of the Group’s principles. Business-related risks and uncertainties The primary risks and uncertainties affecting BPC Instruments’ operations include key personnel, competition, technological advancements, patents, regulatory requirements, capital needs, currency fluctuations, and interest rates. For a comprehensive overview of significant risk factors, please refer to the company’s Annual Report 2024, where no significant changes in risks or uncertainties have been noted since its publication. EBITDA Operating profit before depreciation and amortisation. EBIT Operating profit after depreciation and amortisation, but before financial items and tax. EBIT Margin EBIT in relation to net sales, expressed as a percentage. Earnings per Share (EPS) Net profit divided by the weighted average number of shares outstanding during the period. Equity Ratio Equity at the end of the period divided by total assets. Definitions
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Summary CEO statement Highlights About BPC Financial reports 15 / 24 KSEK 2025 Jul–Sep 3 months 2024 Jul–Sep 3 months 2025 Jan–Sep 9 months 2024 Jan–Sep 9 months 2024 Jan–Dec 12 months Net sales 16,959 16,087 46,949 45,303 62 423 Activated work for own account 75 0 75 0 0 Other income 113 242 530 1,212 1 485 Operating income 17,148 16,329 47,554 46,515 63 908 Operating expenses Raw materials and consumables –4,656 –4,728 –11,509 –11,791 –15,700 Other external costs –3,550 –3,271 –11,973 –9,852 –13,805 Personnel costs –4,618 –3,873 –14,881 –11,794 –17,760 Depreciation of tangible and intangible assets -558 –554 –1,699 –1,450 –2,047 Result from participation in associated companies 0 0 0 2,078 2,078 Other operating expenses –76 -80 -398 –311 –390 –13,459 –12,506 –40,460 –33,120 –47,625 EBIT 3,689 3,823 7,094 13,395 16,283 Result from financial investments Other interest income and similar items 474 29 668 377 415 Other interest expenses and similar items –350 –65 –882 –262 –93 Total result from financial investments 124 –36 –214 115 322 Profit after financial items 3,812 3,787 6,880 13,510 16,605 Tax –864 –871 –1,612 –2,395 –3,152 Net Profit 2,949 2,916 5,268 11,115 13,454 Earnings per share before and after dilution, (SEK) 0.27 0.28 0.47 1.06 1.29 Total number of shares 11,104,300 10,454,000 11,104,300 10,454,000 10,454,000 Income statement – Group
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Summary CEO statement Highlights About BPC Financial reports 16 / 24 Balance sheet – Group KSEK 2025-09-30 2024-09-30 2024-12-31 Fixed assets Goodwill 116 149 141 Capitalised expenditure on development and similar work 3,896 5,389 4,979 Patent 24 140 97 Total intangible assets 4,036 5,678 5,217 Tangible assets Equipment, tools, fixtures, and fittings 1,506 1665 1,607 Total tangible assets 1,506 1,665 1,607 Financial assets Endowment insurance 16,621 9,121 10,621 Other financial assets 109 109 109 Total financial assets 16,730 9,230 10,730 Total fixed assets 22,272 16,573 17,554 Current assets Inventories 0 0 0 Raw materials and consumables 17,449 18,046 17,638 Short-term receivables Accounts receivables 3,115 6,839 7,652 Tax receivables 878 0 0 Other receivables 2,056 1,906 2,219 Prepaid expenses and acquired income 1,957 1,004 2,063 Total current receivables 8,006 9,749 11,933 Other short-term investments Other short-term investments 30,438 2,994 5,994 Cash and cash equivalents Cash and cash equivalents 17,485 17,384 17,367 Total current assets 73,378 48,173 52,932 Total assets 95,650 64,746 70,486 KSEK 2025-09-30 2024-09-30 2024-12-31 Equity and liabilities Equity Share capital 611 575 575 Other contributed capital 39,908 16,925 16,925 Retained earnings 43,888 31,203 31,694 Profit for the year 5,268 11,115 13,454 Total equity 89,675 59,818 62,648 Current liabilities Prepayment from customers 550 540 1,664 Account payables 3,019 2,295 2,009 Tax liabilities 0 93 49 Other liabilities 1,275 446 1,091 Accrued expenses and deferred income 1,131 1,554 3,025 Total current liabilities 5,975 4,928 7,838 Total equity and liabilities 95,650 64,746 70,486
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Summary CEO statement Highlights About BPC Financial reports 17 / 24 Total KSEK Share capital Other contributed capital Retained earnings / result for the period brought forward Shareholder´s equity Equity 2025-01-01 575 16,925 45,148 62,648 Share issue 36 22,983 – 23,019 Exchange translation difference – – –1,260 –1,260 Profit for the period – – 5,268 5,268 Equity 2025-09-30 611 39,908 49,156 89,675 Total KSEK Share capital Other contributed capital Retained earnings / result for the period brought forward Shareholder´s equity Equity 2024-01-01 575 16,925 31,348 48,848 Exchange translation difference – – –145 –145 Profit for the period – – 11,115 11,115 Equity 2024-09-30 575 16,925 42,318 59,818 Total KSEK Share capital Other contributed capital Retained earnings / result for the period brought forward Shareholder´s equity Equity 2024-01-01 575 16,925 31,348 48,848 Exchange translation difference – – 346 346 Profit for the period – – 13,454 13,454 Equity 2024-12-31 575 16,925 45,148 62,648 Changes in equity – Group Q1–Q3, 2025 Q1–Q3, 2024 FY, 2024
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Summary CEO statement Highlights About BPC Financial reports 18 / 24 KSEK 2025 Jul–Sep 3 months 2024 Jul–Sep 3 months 2025 Jan–Sep 9 months 2024 Jan–Sep 9 months 2024 Jan–Dec 12 months Operating activities Profit before financial items 3,689 3,787 7,094 13,510 16,284 Adjustments for non-cash items 0 36 0 –2,191 –2,079 Depreciation adjustments 572 554 1,698 1,450 2,047 Interest received and similar items 474 29 668 376 415 Interest paid and similar items –350 –65 –882 –262 –93 Taxes paid –912 –798 –2,539 –3,195 –3,994 Cash flow from operating activities before changes in working capital 3,473 3,543 6,039 9,688 12,580 Cash flow from changes in working capital Changes in inventory 264 –188 189 –1,595 118 Changes in account receivables 2,174 –333 4,537 113 –1,166 Changes in other receivables –548 –171 269 878 –2,166 Changes in account payables 152 475 –106 196 885 Changes in other liabilities –326 892 –2,899 –2,355 1,130 Cash flow from operating activities 5,189 4,218 8,029 6,925 11,381 Investment activities Investment in intangible assets –75 0 –149 0 0 Investment in tangible assets –251 0 –338 –57 –114 Investment in associated companies 0 0 0 2,472 2,472 Changes Investments receivables –1,500 –1,500 –6,000 –2,900 –4,400 Cash flow from investment activities –1,826 –1,500 –6,487 –485 –2,042 Financing activities Share issue 0 0 23,019 0 0 Cash flow from financing activities 0 0 23,019 0 0 Cash flow for the period 3,363 2,718 24,561 6,440 9,339 Cash and equivalents at the beginning of the period 44,560 17,789 23,361 14,123 14,123 Exchange rate differences in cash 0 –129 1 –185 –101 Cash and equivalents at the end of period 47,923 20,378 47,923 20,378 23,361 Long term investment 16,621 9,121 16,621 9,121 10,621 Total cash and equivalents at the end of the period* 64,544 29,499 64,544 29,499 33,982 Cashflow statement – Group * This item includes cash and cash equivalents, short-term investments readily convertible to cash, as well as amounts reported under the line item ‘Endowment insurance’ in the balance sheet.
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Summary CEO statement Highlights About BPC Financial reports 19 / 24 KSEK 2025 Jul–Sep 3 months 2024 Jul–Sep 3 months 2025 Jan–Sep 9 months 2024 Jan–Sep 9 months 2024 Jan–Dec 12 months Net sales 16,303 15,492 45,444 42,818 59,791 75 0 75 0 0 Other income 87 144 445 590 822 Operating income 16,465 15,636 45,964 43,408 60,613 Operating expenses Raw materials and consumables –4,576 –4,771 –12,521 –10,889 –15,284 Other external costs –2,998 –2,571 –10,052 –8,539 –11,762 Personnel costs –4,223 –3,421 –13,491 –10,873 –16,401 Depreciation of tangible and intangible assets –545 –541 –1,608 –1,387 –1,951 Other operating expenses –76 –80 –398 –311 –385 –12,417 –11,384 –38,070 –31,999 –45,783 EBIT 4,047 4,252 7,893 11,409 14,830 Result from financial investments Other interest income and similar items 471 31 658 372 408 Other interest expenses and similar items –347 –61 –872 –256 –87 Total result from financial investments 123 –30 –215 116 321 Profit after financial items 4,171 4,222 7,679 11,525 15,151 Tax –862 –869 –1,603 –2,392 –3,147 Net Profit 3,309 3,353 6,075 9,133 12,004 Earnings per share before and after dilution (SEK) 0.30 0.32 0.55 0.87 1.15 Total number of shares 11,104,300 10,454,000 11,104,300 10,454,000 10,454,000 Income statement – Parent company
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Summary CEO statement Highlights About BPC Financial reports 20 / 24 Balance sheet – Parent company KSEK | Assets | 2025-09-30 2024-09-30 2024-12-31 Fixed assets Intangible assets Capitalised expenditure on development and similar work 3,896 5,389 4,979 Patent 24 140 97 Total intangible assets 3,920 5,529 5,076 Tangible assets Equipment, tools, fixtures, and fittings 1,057 1,085 1,023 Total tangible assets 1,057 1,085 1,023 Financial assets Investment in Group companies 8,264 0 8,264 Investment in associated companies 0 8,264 0 Endowment insurance 16,621 9,121 10,621 Other financial assets 109 109 109 Total financial assets 24,994 17,494 18,994 Total fixed assets 29,971 24,108 25,093 Current assets Inventories Raw materials and consumables 14,577 14,128 13,825 Short-term receivables Accounts receivables 2,603 5,460 7,177 Tax receivables 878 0 0 Other receivables 1,527 1,906 1,616 Prepaid expenses and acquired income 1,957 1,004 2,063 Total current receivables 6,965 8,370 10,856 Other short-term investments Other short-term investments 30,438 2,994 5,994 Cash and cash equivalents Cash and cash equivalents 12,406 11,969 12,391 Total current assets 64,386 37,461 43,066 Total assets 94,357 61,569 68,159 KSEK | EQUITY AND LIABILITIES | 2025-09-30 2024-09-30 2024-12-31 Equity Restricted equity Share capital 611 575 575 Reserve development costs 3,920 5,529 5,076 Total restricted equity 4,531 6,104 5,651 Non restricted equity Share premium reserve 39,908 16,925 16,925 Profit or loss brought forward 38,738 25,123 25,577 Profit/loss for the year 6,075 9,133 12,004 Total non-restricted equity 84,721 51,181 54,506 Total equity 89,252 57,285 60,157 Current liabilities Prepayment from customers 550 540 1,664 Account payables 2,289 1,797 2,242 Tax liabilities 0 93 49 Other liabilities 1,275 446 1,091 Accrued expenses and deferred income 991 1,408 2,955 Total current liabilities 5,105 4,284 8,001 Total equity and liabilities 94,357 61,569 68,159
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Summary CEO statement Highlights About BPC Financial reports 21 / 24 Restricted equity Non-restricted equity Total KSEK Share capital Reserve development costs Share premium reserve Profit/loss brought forward Profit/loss for the year Shareholder´s equity Equity 2025-01-01 575 5,076 16,925 25,578 12,004 60,158 Brought forward – – – 12,004 –12,004 0 Share issue 36 – 22,983 – – 23,019 Reserve development costs – –1,156 – 1,156 – 0 Profit for the period – – – – 6,075 6,075 Equity 2025-09-30 611 3,920 39,908 38,738 6,075 89,252 Restricted equity Non-restricted equity Total KSEK Share capital Reserve development costs Share premium reserve Profit/loss brought forward Profit/loss for the year Shareholder´s equity Equity 2024-01-01 575 6,562 16,925 12,208 11,882 48,152 Brought forward – – – 11,882 –11,882 0 Reserve development costs – –1,033 – –1,033 – 0 Profit for the period – – – – 9,133 9,133 Equity 2024-09-30 575 5,529 16,925 25,123 9,133 57,285 Restricted equity Non-restricted equity Total KSEK Share capital Reserve development costs Share premium reserve Profit/loss brought forward Profit/loss for the year Shareholder´s equity Equity 2024-01-01 575 6,562 16,925 12,210 11,882 48,154 Brought forward – – – 11,882 –11,882 0 Reserve development costs – –1,486 – 1,486 – 0 Profit for the period – – – – 12,004 12,004 Equity 2024-12-31 575 5,076 16,925 25,578 12,004 60,158 Changes in equity – Parent company Q1–Q3, 2025 Q1–Q3, 2024 FY, 2024
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Summary CEO statement Highlights About BPC Financial reports 22 / 24 KSEK 2025 Jul–Sep 3 months 2024 Jul–Sep 3 months 2025 Jan–Sep 9 months 2024 Jan–Sep 9 months 2024 Jan–Dec 12 months Operating activities Profit before financial items 4,047 4,222 7893 11,525 14,830 Adjustments for non-cash items 0 51 0 143 -101 Depreciation adjustments 545 514 1,608 1,247 1,950 Interest received and similar items 471 31 658 433 408 Interest paid and similar items –347 –61 –872 –504 –87 Taxes paid –910 –798 –2,530 –3,191 –3,989 Cash flow from operating activities before changes in working capital 3,806 3,959 6,756 9,653 13,011 Cash flow from changes in working capital Changes in inventory –180 –188 –752 –1,595 –1,292 Changes in account receivables 1617 –333 4,575 113 –1,563 Changes in other receivables –550 –416 195 –1,158 –1,926 Changes in account payables 392 475 –1,067 196 642 Changes in other liabilities –308 –769 –1,781 –1,972 1,344 Cash flow from operating activities 4,777 2,728 7,926 5,237 10,216 Investment activities Investment in intangible assets –75 0 –148 0 0 Investment in tangible assets –250 0 –338 –57 –114 Investment in associated companies 0 0 0 –1,440 –5,840 Changes Investments receivables –1500 1494 –6,000 –2,900 0 Cash flow from investment activities –1,825 1,494 –6,486 –4,397 –5,954 Financing activities Share issue 0 0 23,019 0 0 Cash flow from financing activities 0 0 23,019 0 0 Cash flow for the period 2,952 4,222 24,459 840 4,262 Cash at the beginning of the period 39,892 10,741 18,385 14,123 14 123 Cash at the end of the period 42,844 14,963 42,844 14,963 18 385 Long term investment 16,621 9,121 16,621 9,121 10 621 Total cash and equivalents at the end of the period* 59,465 24,084 59,465 24,084 29,006 Cashflow statement – Parent company * This item includes cash and cash equivalents, short-term investments readily convertible to cash, as well as amounts reported under the line item ‘Endowment insurance’ in the balance sheet.
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Summary CEO statement Highlights About BPC 23 / 24Financial reports Statement by the Board of Directors Gustaf Olsson Kristofer Cook Anita Sindberg Jing Liu CEO and Board memberChairman of the Board Board member Board member Lund, November 12, 2025 BPC Instruments AB (publ) The Board of Directors provide their assurance that the interim report for the third quarter and first nine months of 2025 provides a fair and true overview of the company’s operations, financial position, and results. Orgnr: 556687-2460 IR contact: ir@bpcinstruments.com Website: www.bpcinstruments.com BPC Instruments AB (publ) Mobilvägen 10 223 62 Lund, Sweden This information is such information that BPC Instruments AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation (MAR). The information was submitted, through the agency of the contact person above, for publication on November 12, 2025.
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BPC Instruments AB (publ) www.bpcinstruments.com