Interim report
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Solid quarter with positive development across portfolio and regions CellaVision Interim Report July–September 2026Q3 Jul-Sep Jan-Sep Jan-Dec R12 (MSEK) 2026 2025 2026 2025 2025 2025/2026 Net sales 200 176 566 562 759 763 Gross profit 132 121 387 388 520 519 EBITDA 64 50 159 176 241 224 EBITDA margin, % 32 28 28 31 32 29 Profit before tax 51 39 120 140 194 175 Earnings per share before and after dilution 1.68 1.31 4.00 4.63 6.42 5.78 Cash flow from operating activities 68 30 160 149 201 211 Total cash flow 46 4 30 10 40 60 Equity ratio, % 78 79 78 79 81 78 Organic sales growth: Q3, 2026: 13.4% (2.6) EBITDA margin: Q3, 2026: 32% (28) July 1st – September 30th, 2026 Net sales increased by 13.6% (-1.7) to SEK 200 m (176). Sales increased organically by 13.4% (2.6), currency effect 0.1% (-4.3). EBITDA increased to SEK 64 m (50). EBITDA margin increased to 32% (28). Profit before tax increased to SEK 51 m (39). Earnings per share before and after dilution increased to SEK 1.68 (1.31). Cash flow from operating activities increased to SEK 68 m (30). Significant events during the period The Extraordinary General Meeting on September 2, 2026, resolved, in accordance with the proposal from the Board of Directors, to adopt an employee option program for the company’s CEO.
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- 2 - CEO’s Comment CellaVision’s third quarter demonstrated solid progress across the Group. Sales in Americas continued to be strong after the record second quarter, driven by robust demand for large, connected instrument platforms. In EMEA, sales decreased against a tough comparison with the strong third quarter last year, while the CellaVision® Bone Marrow Aspirate (BMA) Application generated growing revenue. In APAC, performance outside China remained solid, and reagent sales showed notable momentum, particularly in Japan. These results were achieved despite continued pressure on healthcare investment in several markets, which has affected procurement processes. The development, however, strengthens our confidence in the underlying market potential and our ability to navigate current market conditions. In my first full quarter as CEO, a key priority was to gain a clearer picture of how we can work more closely with the market. This is reflected in increased engagement and dialogue with key partners and customers, as part of the ongoing work to shape CellaVision’s updated strategic direction. The Third Quarter in Brief Net sales for the Group reached SEK 200 m (176), representing organic growth of 13 percent compared to the same quarter last year. The gross margin amounted to 66 percent (69). EBITDA increased to SEK 64 m (50), corresponding to an EBITDA margin of 32 percent (28). Cash flow from operating activities of SEK 68 m (30) was positively impacted by the higher sales and reduced inventory. Total cash flow was SEK 46 m (4). Our financial position remains robust. Americas: Strong sales after the record second quarter Sales in Americas increased by 32 percent to SEK 89 m (68) compared with the corresponding quarter in 2025. Adjusted for minor currency effects, sales increased organically by 32 percent. Following the record second quarter, sales continued to be strong, driven primarily by robust demand for large, connected instrument platforms within laboratory networks that value integrated digital morphology solutions. Software sales were a notable contributor to the strong development while small instrument sales continued to recover. EMEA: Steady sales development during the year Sales in EMEA decreased by 10 percent to SEK 86 m (96) compared with the strong third quarter of 2025. Adjusted for minor currency effects, sales decreased organically by 10 percent. However, sales in EMEA showed a positive sequential trend during the year, reflecting improving momentum and a solid foundation to build on. Although activity levels were seasonally lower during the summer, commercial activity related to the BMA Application continued, with the application generating growing revenue and the initial installations in EMEA marking the beginning of customer adoption in the region. APAC: Solid outside China, strong reagent sales in Japan Sales in APAC increased by 90 percent to SEK 24 m (13) compared with the corresponding quarter in 2025. Adjusted for negative currency effects of 1 percent, sales increased organically by 91 percent. Excluding China, performance in APAC was solid for both instruments and reagents. South Asia Pacific maintained its strong position and East Asia developed positively. Reagent sales grew across the region, with notable momentum in Japan, where conversion of the installed base to CellaVision reagents strengthened the recurring revenue base. Progress on Strategic Direction The BMA Application continues to build commercial momentum in EMEA, alongside ongoing regulatory expansion across several key markets. In the United States, the FDA 510(k) review process is ongoing, with the objective of obtaining market clearance before year-end. As the application extends our platform into specialized digital microscopy, it reinforces our position in advanced diagnostics and supports long-term value creation. The development of Fourier Ptychographic Microscopy (FPM) and CellaVision’s next-generation hematology analyzers advances according to plan through key phases toward a future market introduction. Our FPM technology platform combines superior image quality with significantly higher throughput than existing solutions and is expected to establish a new benchmark for digital cell morphology in hematology, while also showing clear potential in adjacent fields such as pathology and cytology. Upcoming Capital Markets Day On February 17, 2027, CellaVision will host a Capital Markets Day in Stockholm, Sweden, where executive management will present the company’s updated strategic direction and priorities through 2030. I look forward to sharing more about CellaVision’s ambitions for the next strategic period and how we will build on our strong foundation. Further information and a formal invitation will be provided closer to the event. Finally, I would like to thank our employees, customers, partners, and shareholders for their continued commitment and trust. By combining innovation with strong commercial execution, we continue to create long-term value for our customers and their patients. Together, we are shaping the future of digital microscopy for laboratories around the world. Steve Ferguson, President and CEO
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- 3 - Sales, Earnings and Investments Net Sales and Currency Effects Net sales for the third quarter amounted to SEK 200 m (176), an increase of 14 percent compared to the corresponding quarter last year. CellaVision invoices most of the sales in Euros and US dollars, which means that exchange rate fluctuations have an impact on the company’s net sales and earnings. Net sales in the Americas are roughly evenly split between Euros and US dollars, whereas Euro is the predominant currency for net sales in both EMEA and APAC. Adjusted for minor currency effects, net sales increased organically by 13 percent compared to the corresponding quarter in 2025. Net sales increased to SEK 566 m (562) for the nine-month period. Adjusted for negative currency effects of 3 percent, sales increased organically by 4 percent. Gross Profit and Gross Margin Gross profit for the third quarter increased by 9 percent to SEK 132 m (121), corresponding to a gross margin of 66 percent (69). For the nine-month period the gross profit was in line with the previous year at SEK 387 m (388), corresponding to a gross margin of 68 percent (69). The gross margin is influenced by purchase prices for materials and components, sales mix, amortization of capitalized development expenses, inventory adjustments, and currency effects. The reduced gross margin in the quarter was primarily driven by the sales mix and amortization of development expenses. As a result of the launches of the CellaVision® Bone Marrow Aspirate Application and the upgraded Digital Cell Morphology Software, amortization of capitalized development expenses increased compared to the corresponding quarter last year and amounted to SEK 5 m (2) and to SEK 12 m (6) for the nine-month period. Price increases towards customers implemented in the second quarter this year now has full effect. Operating Expenses Operating expenses for the third quarter were in line with the corresponding quarter last year and amounted to SEK 82 m (82). For the nine-month period the operating expenses increased by 11 percent to SEK 267 m (241). Sales and marketing expenses have been kept on similar levels as last year. Administration expenses during the third quarter increased to SEK 26 m (20) and were impacted by costs of SEK 4 m associated with the final settlement of the CEO transition. CellaVision continues to invest in research and development in line with its long-term product development strategy. Total research and development expenses before capitalization amounted to SEK 39 m (43) in the third quarter, reflecting lower consultant and personnel costs. Capitalized expenses related to development projects increased to SEK 16 m (14), primarily driven by the fact that some projects have moved into a more mature phase. As a result, research and development costs decreased in the third quarter to SEK 23 m (29). EBITDA and EBITDA Margin EBITDA for the third quarter increased to SEK 64 m (50), corresponding to an EBITDA margin of 32 percent (28). EBITDA improved due to higher gross profit. For the nine-month period EBITDA decreased by 10 percent to SEK 159 m (176), corresponding to an EBITDA margin of 28 percent (31). Sales per quarter and rolling 12 months EBITDA per quarter and EBITDA margin rolling 12 months SALES MODEL AND STRATEGIC ALLIANCE Our business is inherently subject to quarterly fluctuations, primarily driven by order-based sales through our partners. We operate a long-term strategic alliance with our major distribution partner, a global market leader in hematology. This partnership is governed by an agreement extending to 2038. This enables CellaVision to leverage the partner’s extensive global reach to ensure efficient market access, providing a stable foundation for our commercialization efforts.
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- 4 - Net Financial Items As of September 30th, 2026, interest-bearing liabilities in the form of bank loans amounted to SEK 3 m (4). Interest expenses related to bank loans for the third quarter were below SEK 0.1 m, like the same quarter last year. For the nine-month period interest expenses from bank loans amounted to SEK 0.2 m (0.2). Investments CellaVision continuously capitalizes expenses related to product development. During the quarter, capitalized development expenses increased to SEK 16 m (14). The higher capitalization is mainly attributable to the fact that some projects have recently advanced to more mature phases. For the nine-month period capitalized development expenses decreased to SEK 42 m (52). Total research and development costs, before capitalization, amounted to SEK 125 m (128) for the nine- month period. The majority of the capitalized expenses relate to the development of instruments and software applications. Cash Flow At the end of the quarter, cash and cash equivalents increased to SEK 219 m (159). In addition, CellaVision has an unutilized overdraft facility of SEK 30 m (30). Cash flow from operating activities increased to SEK 68 m (30) in the third quarter of 2026. The higher sales and reduced inventory contributed positively to the cash flow. For the nine-month period, the cash flow from operating activities increased to SEK 160 m (149). Cash flow from investing activities for the quarter amounted to SEK -18 m (-22) and was, as in the corresponding quarter last year, mainly related to capitalized expenses for research and development. For the nine-month period, the cash flow from investing activities amounted to SEK -52 m (-68). Cash flow from financing activities for the quarter amounted to SEK -4 m (-4). For the nine-month period, the cash flow from financing activities amounted to SEK -77 m (-71) and included dividend to shareholders of SEK -66 m (-60). The total cash flow for the quarter increased to SEK 46 m (4) and for the nine-month period to SEK 30 m (10). Parent Company Apart from manufacturing of reagents, the group is in all material aspects represented by the operations in the parent company, the comments on the Group’s result and financial position also refers to the parent company. Net sales for the third quarter increased by 14 percent to SEK 147 m (129). Gross profit increased to SEK 113 m (100). Research and development costs amounted to SEK 37 m (41), with capitalization of development costs carried out at Group level. Profit after financial items increased to SEK 36 m (19). For the nine-month period net sales decreased by 1 percent to SEK 425 m (428). Gross profit increased to SEK 330 m (329). Research and development costs amounted to SEK 119 m (123), with capitalization of development costs carried out at Group level. Profit after financial items increased to SEK 79 m (76). No significant investments were made in non-current assets during the quarter. Financial assets primarily related to shares in subsidiaries. At the end of the quarter cash and bank increased to SEK 197 m (146). The company had no interest-bearing debt.
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- 5 - Development in the Geographical Markets Americas: SEK 89 m (68) Sales in Americas increased by 32 percent to SEK 89 m (68) compared with the corresponding quarter in 2025. Adjusted for minor currency effects, sales increased organically by 32 percent. Following the record second quarter, sales continued to be strong, driven primarily by robust demand for large, connected instrument platforms, and notable software sales. The quarter also included a large tender in Canada as well as replacement sales within the existing installed base that contributed positively. CellaVision® DC-1 sales continued to recover, supported by further normalization of inventory levels at distribution partners and by demand within connected laboratory networks. CellaVision engaged with key stakeholders at the ADLM (Association for Diagnostics & Laboratory Medicine) trade show in Anaheim, California, reinforcing relationships with customers and partners and enhancing the company’s visibility in the market. The bone marrow analysis offering was among the products showcased, with positive feedback in anticipation of its U.S. market introduction. EMEA: SEK 86 m (96) Sales in EMEA decreased by 10 percent to SEK 86 m (96) compared with the strong third quarter in 2025. Adjusted for minor currency effects, sales decreased organically by 10 percent. Although activity levels were seasonally lower during the summer, commercial activity for the CellaVision® Bone Marrow Aspirate Application continued, with the application generating growing revenue. Early customers are progressing through routine validation to integrate the application into their clinical workflows. Interest remains strong, particularly among small and medium-sized laboratories. Reagent sales in EMEA continued to develop positively during the quarter, supported by sustained customer utilization and a growing installed base. The reagent business continues to strengthen the region’s recurring revenue base and remains an important part of the overall customer offering. APAC: SEK 24 m (13) Sales in APAC increased by 90 percent to SEK 24 m (13) compared with the corresponding quarter in 2025. Adjusted for negative currency effects of 1 percent, sales increased organically by 91 percent. Market conditions in China continued to be challenging, related to ongoing healthcare cost containment policies, while performance in the rest of the region was solid, with South Asia Pacific maintaining its strong position and East Asia developing positively. The broad-based growth outside China was driven by sustained demand for CellaVision solutions, a clear commercial focus, and continued collaboration with distribution partners. Reagent sales showed positive momentum across the region. Notably in Japan, ongoing conversion activities by the key distribution partner increased penetration of CellaVision reagents within the installed base. Customer evaluations in East Asia and South Asia Pacific continued, supporting further conversion opportunities. Net sales per region (MSEK) Net sales per region (MSEK) Jul-Sep 2026 Jul-Sep 2025 Growth % Jan-Sep 2026 Jan-Sep 2025 Growth % Americas 89 68 32% 274 211 30% EMEA 86 96 -10% 227 271 -16% APAC 24 13 90% 65 80 -18% Total 200 176 14% 566 562 1% Americas EMEA APAC
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- 6 - Our vision is to elevate healthcare through the evolution of microscopy. Research and development remains central to realizing this vision and creating long-term value. Through continuous innovation, we strengthen our leadership in digital cell morphology while advancing diagnostic quality and laboratory workflows and supporting improved patient care worldwide. Our sustained activity across the R&D portfolio strengthens our long-term market position and supports continued growth for the company. The CellaVision® Bone Marrow Aspirate (BMA) Application continues to gain traction in EMEA following its market introduction. Customer adoption is progressing, supported by ongoing commercial activities with our main distribution partner. Regulatory progress has also advanced across several key markets, with approvals obtained in Brazil and Colombia, while commercial activities commenced in Hong Kong, further expanding the application’s global availability. The FDA review process is ongoing, with the objective of obtaining 510(k) market clearance in the U.S. before year-end. The BMA Application represents a key milestone in CellaVision’s expansion beyond traditional hematology into specialized digital microscopy applications, opening new growth avenues within our innovation portfolio. The development of Fourier Ptychographic Microscopy (FPM) and CellaVision’s next- generation hematology analyzers built on this technology continues to advance according to plan. FPM is forming the foundation of the new analyzers, advancing through key development phases toward a future market introduction. The platform is expected to establish a new benchmark for digital cell morphology in hematology, delivering both superior image quality and significantly higher throughput than existing solutions. Advances in FPM are also being pursued in pathology and cytology. A broad range of samples with varying characteristics are being collected and analyzed to further validate the technology across the diversity encountered in these fields. Continued progress strengthens our confidence in FPM as a versatile platform technology with significant potential beyond hematology. At the end of the period, CellaVision’s patent portfolio comprised 30 patented innovations and 149 granted patents. During the quarter, the portfolio increased by ten patents, of which four relate to a new patent family granted and validated during the quarter, while the remaining patents result from national validations of previously granted European patents. The new patent family relates to FPM. The national validations further strengthen the geographical coverage of CellaVision’s intellectual property portfolio. Research and Development
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- 7 - The Board of Directors through the President/Chief Executive Officer certify that the interim report provides a true and fair view of the parent company’s and the Group’s business, financial position, performance and describes material risks and uncertainties, to which the parent company and the companies in the group are exposed. Annual General Meeting 2027 The CellaVision Annual General Meeting 2027 will be held on May 4, 2027 at 15:00 o’clock CEST, in Lund. Shareholders wishing to have matters considered at the Annual General Meeting can send a written request by email to: ir@cellavision.com or ordinary mail addressed to: The Board of Directors, CellaVision AB, Mobilvägen 12, 223 62 Lund. The request must have been received at the latest seven weeks before the Annual General Meeting in order to be included in the notice to attend and thus the agenda of the Annual General Meeting. Declaration by the Board of Directors and President/CEO Annual General Meeting Stephen Ferguson President and CEO Lund, October 29, 2026 The interim report has been subject to review by the company’s auditors.
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- 8 - Income Statement in Summary and Consolidated Statement of Comprehensive Income, Group Amounts in ' 000 SEK Note Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 4 199,504 175,633 565,816 561,764 758,968 Cost of goods sold -67,135 -54,332 -178,678 -173,681 -239,091 Gross profit 132,369 121,301 387,138 388,083 519,877 Sales and marketing expenses -33,437 -32,770 -100,428 -98,294 -129,883 Administration expenses 8 -25,645 -20,304 -84,282 -67,188 -90,345 R&D expenses -22,847 -28,684 -82,296 -75,629 -97,576 Operating profit 9 50,440 39,543 120,132 146,972 202,073 Interest income and similar profit items 794 78 1,720 2,511 2,903 Interest expense and similar profit loss items -384 -395 -1,438 -9,761 -10,712 Profit before tax 50,850 39,226 120,414 139,722 194,264 Tax -10,680 -7,888 -25,107 -29,257 -41,186 Profit for the period 40,170 31,338 95,307 110,465 153,078 Other comprehensive income: Components not to be reclassified to net profit: Effect on revaluation of pensions -66 35 315 135 666 Tax effect on revaluation of pensions 16 -9 -79 -34 -166 Sum of Components not to be reclassified to net profit: -50 26 236 101 500 Components to be reclassified to net profit: Translation difference Translation difference in the group 7,299 -2,810 15,790 -15,167 -22,098 Sum of Components to be reclassified to net profit: 7,299 -2,810 15,790 -15,167 -22,098 Sum of other comprehensive income 7,249 -2,784 16,026 -15,066 -21,598 Comprehensive result for the period 47,419 28,554 111,333 95,399 131,480
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- 9 - Per Share Data Quarterly Earnings Trend Amounts in ' 000 SEK Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Net sales 199,504 199,886 166,426 197,205 175,633 191,328 Gross profit 132,369 140,777 113,992 131,795 121,301 129,572 Gross margin, % 66 70 68 67 69 68 Expenses -81,929 -99,583 -85,493 -76,693 -81,758 -79,262 EBITDA 64,274 54,568 39,918 65,457 49,822 59,645 EBITDA margin, % 32 27 24 33 28 31 Net profit 40,170 32,632 22,505 42,613 31,338 37,610 Cash flow from operating activities 68,107 29,107 62,433 51,428 29,626 58,052 Total cash flow 46,177 -58,252 41,878 29,842 3,629 -30,446 Per share data Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-sep 2025 Jan-Dec 2025 Earnings per share, before and after dilution, SEK */ 1.68 1.31 4.00 4.63 6.42 Equity per share, SEK 39.13 35.70 39.13 35.70 37.21 Number of shares outstanding 23,851,547 23,851,547 23,851,547 23,851,547 23,851,547 Average number of shares outstanding 23,851,547 23,851,547 23,851,547 23,851,547 23,851,547 Closing date stock price, SEK 173.20 172.60 173.20 172.60 157.20 Dividend per share, SEK - - 2.75 2.50 2.50 */ Based on the profit/loss for the period divided by the average number of shares in issue
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- 10 - Balance Sheet in Summary, Group Amounts in ' 000 SEK Note 09/30/2026 09/30/2025 06/30/2026 12/31/2025 ASSETS Non-current assets Intangible assets 5 562,844 521,736 549,283 528,877 Tangible assets 6 150,829 126,015 152,893 122,374 Financial assets 7 2,557 2,673 2,555 2,544 Total non-current assets 716,230 650,424 704,731 653,794 Current assets Inventory 118,393 113,046 129,183 111,808 Trade receivables 7 113,746 130,074 113,139 120,333 Other receivables 7 25,517 24,034 22,912 20,736 Cash and cash equivalents 7 218,536 158,668 172,188 188,216 Total current assets 476,192 425,823 437,422 441,094 TOTAL ASSETS 1,192,422 1,076,246 1,142,153 1,094,888 EQUITY AND LIABILITIES Equity 933,380 851,496 885,901 887,578 Non-current liabilities Deferred tax liability 84,384 77,213 82,381 79,313 Other provisions 4,683 5,425 5,360 5,099 Long-term debt, interest-bearing 33,331 13,281 36,206 11,971 Total non-current liabilities 122,398 95,919 123,947 96,384 Current liabilities Short-term debt, interest-bearing 16,482 13,977 16,067 13,680 Short-term debt, non interest-bearing 7 79,903 72,221 81,163 60,547 Trade payables 7 39,558 41,395 34,237 35,731 Warranty provisions 701 1,238 838 969 Total current liabilities 136,644 128,832 132,305 110,926 TOTAL EQUITY AND LIABILITIES 1,192,422 1,076,246 1,142,153 1,094,888
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- 11 - Consolidated Statement of Changes in Equity, Group Amounts in ' 000 SEK Note 09/30/2026 09/30/2025 06/30/2026 12/31/2025 Balance at the beginning of the year 887,578 815,727 887,578 815,727 Dividend -65,592 -59,629 -65,592 -59,629 Employee option program 8 61 - - - Profit for the period 95,307 110,465 55,138 153,078 Other comprehensive income for the period 16,026 -15,066 8,777 -21,598 Closing balance 933,380 851,496 885,901 887,578
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- 12 - Cash Flow Statement in Summary, Group Amounts in ' 000 SEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Result before taxes 50,850 39,226 120,414 139,722 194,264 Adjustment for items not included in cash flow 13,716 19,057 56,717 42,395 40,837 Income tax paid -8,675 -5,895 -20,032 -21,330 -31,383 Cash flow from operating activities before changes in working capital 55,891 52,388 157,099 160,787 203,718 Changes in working capital 12,216 -22,762 2,547 -11,683 -3,186 Cash flow from operating activities 68,107 29,626 159,646 149,104 200,532 Capitalization of development costs -15,758 -13,934 -42,395 -52,440 -67,464 Acquisitions/divestment of intangible assets - - -88 - - Acquisitions/divestment of tangible assets -2,280 -8,266 -9,902 -15,963 -18,808 Acquisitions/divestment of financial assets 10 7 10 -20 109 Cash flow from investing activities -18,028 -22,193 -52,374 -68,423 -86,163 Amortization of loans -427 -403 -1,245 -1,220 -1,598 Amortization of leasing debts -3,475 -3,401 -10,632 -9,900 -13,368 Dividend paid - - -65,592 -59,629 -59,629 Cash flow from financing activities -3,902 -3,804 -77,469 -70,749 -74,595 Total cash flow 46,177 3,629 29,803 9,932 39,774 Cash and cash equivalents at beginning of period 172,188 155,281 188,216 149,430 149,430 Exchange rate fluctuations in liquid funds 171 -242 517 -694 -988 Cash and cash equivalents at end of period 218,536 158,668 218,536 158,668 188,216 Disclosures regarding interest expenses: Interest expenses for Jan-Sep 2026 amount to SEK 799 k (569) whereof SEK 623 k (340) is attributable to leasing in accordance with IFRS 16.
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- 13 - Income Statement in Summary and Consolidated Statement of Comprehensive Income, Parent Company Amounts in ' 000 SEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 147,451 129,268 424,684 428,034 583,505 Cost of goods sold -34,891 -29,712 -94,935 -99,210 -138,243 Gross profit 112,560 99,556 329,749 328,824 445,262 Sales and marketing expenses -20,237 -23,085 -63,893 -66,841 -87,185 Administration expenses -20,602 -16,195 -69,471 -55,822 -74,776 R&D expenses -36,627 -41,028 -118,669 -123,123 -158,185 Operating profit 35,094 19,247 77,716 83,038 125,116 Interest income and financial exchange gains 831 48 1,696 2,411 4,217 Interest expense and financial exchange losses -17 -162 -553 -9,103 -9,699 Profit before income tax 35,908 19,133 78,859 76,346 119,634 Taxes -7,397 -3,941 -16,359 -15,807 -24,894 Net profit 28,511 15,191 62,500 60,539 94,740 Statement of Comprehensive Income, Parent Company Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net profit for the period 28,511 15,191 62,500 60,539 94,740 Other comprehensive income - - - - - Comprehensive profit for the period 28,511 15,191 62,500 60,539 94,740
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- 14 - Balance Sheet in Summary, Parent Company Amounts in ' 000 SEK 09/30/2026 09/30/2025 06/30/2026 12/31/2025 ASSETS Non-current assets Intangible assets 21,710 24,701 22,458 23,953 Tangible assets 12,797 13,372 13,260 12,725 Deferred tax assets 532 755 532 532 Long term receivables from group companies 23,795 27,641 24,406 25,963 Financial assets 261,426 261,426 261,426 261,426 Total non-current assets 320,260 327,896 322,082 324,599 Current assets Inventory 69,714 70,947 79,251 68,497 Trade receivables 82,973 99,251 84,053 96,404 Receivables from group companies 4,532 4,423 4,437 4,327 Other receivables 23,574 19,032 19,975 18,498 Cash and cash equivalents 196,951 145,718 157,436 170,333 Total current assets 377,744 339,370 345,152 358,059 TOTAL ASSETS 698,004 667,266 667,234 682,658 EQUITY AND LIABILITIES Equity 587,021 555,852 558,449 590,052 Non-current liabilities Other provisions 849 1,915 1,614 1,611 Total non-current liabilities 849 1,915 1,614 1,611 Current liabilities Short-term debt, non interest-bearing 51,779 48,822 57,591 41,468 Trade payables 30,998 34,640 23,886 25,840 Liabilities to group companies 26,656 24,800 24,856 22,718 Warranty provisions 701 1,237 838 969 Total current liabilities 110,134 109,499 107,171 90,995 TOTAL EQUITY AND LIABILITIES 698,004 667,266 667,234 682,658
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- 15 - NOTE 1. ACCOUNTING POLICIES The Group applies IFRS Accounting Standards, as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Annual Accounts Act and the Nasdaq Stockholm Rule Book for Issuers. Disclosures in accordance with IAS 34 p. 16A appears not only in the financial statements and their accompanying notes but also in other parts of the interim report. The parent company applies the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2 Accounting for Legal Entities. The accounting policies and calculation methods applied are consistent with those described in the Annual and Sustainability Report for 2025. NOTE 2. SEGMENT REPORTING CellaVision’s operations comprise only one operating segment: automated microscopy systems and reagents in the field of hematology. Therefore, references are made to the Group’s consolidated income statement and balance sheet regarding operating segment reporting. NOTE 3. RISKS AND UNCERTAINTIES CellaVision is exposed to several risks, which may impact the Group’s development to a greater or lesser extent. Reduced demand, currency fluctuations and production disruptions are both risks and uncertainties to varying degrees. For a more detailed description of the risks and uncertainties facing CellaVision, please refer to the risk analysis on pages 56-59 and Note A2 and A5 in the Annual and Sustainability Report for 2025. Notes NOTE 4. ALLOCATION OF SALES Jul-Sep 2026 Jul-Sep 2025 Amounts in ‘ 000 SEK Instruments Reagents Software & Other Total Instruments Reagents Software & Other Total Americas 62,331 863 26,223 89,417 44,645 825 22,064 67,534 EMEA 27,619 38,698 19,929 86,246 41,533 35,891 18,126 95,550 APAC 15,499 5,035 3,307 23,841 6,619 3,217 2,713 12,549 Total 105,449 44,596 49,459 199,504 92,797 39,933 42,903 175,633 Jan-Sep 2026 Jan-Sep 2025 Amounts in ' 000 SEK Instruments Reagents Software & Other Total Instruments Reagents Software & Other Total Americas 194,721 1,693 77,587 274,001 134,904 2,306 74,075 211,285 EMEA 70,172 108,578 48,013 226,763 113,053 106,480 51,253 270,786 APAC 39,240 14,774 11,038 65,052 65,371 6,453 7,869 79,693 Total 304,133 125,045 136,638 565,816 313,328 115,239 133,197 561,764 Other refers to spare parts and consumables.
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- 16 - NOTE 10. SIGNIFICANT EVENTS AFTER THE PERIOD CLOSE No significant events have occurred after the period close. Notes, Cont’d NOTE 7. FINANCIAL ASSETS AND LIABILITIES The disclosed value of financial assets, trade receivables, other receivables, cash and bank, trade payables, and other short-term liabilities constitutes a reasonable approximation of fair value. NOT 8. SHARE-BASED PAYMENTS At the Extraordinary General Meeting held on 2 September 2026, a long-term incentive program for the Chief Executive Officer comprising 100,000 employee stock options was approved. The options are subject to a three-year vesting period and may be exercised during a six-month period following the vesting date. The program is accounted for under IFRS 2 as an equity-settled share-based payment and the cost is recognised in personnel expenses, with a corresponding amount recognised in equity. The fair value per option at the grant date was SEK 21.95. NOTE 9. EMPLOYEES Average number of employees Jul-Sep 2026 Jul-Sep 2025 Permanent employees 252 231 Temporary employees 13 18 Total 265 249 The average number of employees is calculated as an average of the number of full-time positions at the beginning and end of the period. Temporary employees include the equivalent full-time positions employed on fixed-term contracts with a defined end date, this also includes paid interns and apprentices. NOTE 5. INTANGIBLE ASSETS Amounts in ‘ 000 SEK 09/30/2026 09/30/2025 Capitalised expenditure for development 357,684 314,258 Goodwill 126,402 123,340 Trademarks, customer relationships and other intangible assets 78,758 84,138 Total intangible assets 562,844 521,736 NOTE 6. TANGIBLE FIXED ASSETS Amounts in ‘ 000 SEK 09/30/2026 09/30/2025 Right of use assets Land and buildings 45,611 21,437 Machinery, equipment 3,216 3,085 Total right of use assets 48,827 24,522 Tangible fixed assets that are not right of use assets Land and buildings 65,514 65,204 Machinery, equipment 36,488 36,289 Total tangible fixed assets that are not right of use assets 102,002 101,493 Total tangible fixed assets 150,829 126,015 The tangible fixed assets amounted to SEK 150,829 thousand on the balance sheet date. The majority of the right of use assets consists of leases for office premises. For all leases for which the Group is lessee (which are not short term leases or low value assets), the Group recognizes a right of use asset and a lease liability. When valuating the right of use asset, the acquisition method is used, i.e the right of use asset is calculated at acquisition cost, adjusted for any revaluation of the lease liability less depreciation. The right of use asset is reported as a tangible fixed asset, while leasing liability is reported separately in the Group’s statement of financial position as long-term debt, interest-bearing and short-term debt, interest-bearing.
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- 17 - The company presents certain financial measures in the interim report which are not defined according to IFRS. The financial metrics are used by the company’s management to evaluate relevant trends, and the company believes that they can provide valuable supplementary information to investors. CellaVision’s definitions of these measures may differ from other companies’ definitions of the same terms. These financial measures should therefore be seen as a supplement rather than as a replacement for measures defined according to IFRS. Definitions of measures which are not defined according to IFRS and which are not mentioned elsewhere in the interim report are presented below. Reconciliation of these measures is shown in the tables to the left. Currency effect. Exchange rate effects on sales growth for the period. EBITDA. Overall financial performance before interest, taxes, depreciation and amortization. EBITDA margin. EBITDA as a percentage of net sales. Equity/assets ratio. Shareholders’ equity including non- controlling interests as a percentage of total assets. Gross margin. Gross profit as a percentage of net sales. Gross profit. Net sales less cost of goods sold. Operating margin. Operating profit (EBIT) as a percentage of net sales for the period. Operating profit (EBIT). Earnings before interest and tax. Reconciliation Tables KPIs, Non-IFRS Measures Equity-asset ratio Amounts in ' 000 SEK 09/30/2026 09/30/2025 12/31/2025 Equity 933,380 851,496 887,578 Balance sheet total 1,192,422 1,076,246 1,094,888 Equity ratio 78% 79% 81% Gross margin Amounts in ' 000 SEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 199,504 175,633 565,816 561,764 758,968 Gross profit 132,369 121,301 387,138 388,083 519,877 Gross margin 66% 69% 68% 69% 68% Operating margin Amounts in ' 000 SEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 199,504 175,633 565,816 561,764 758,968 Operating profit 50,440 39,543 120,132 146,972 202,073 Operating margin 25% 23% 21% 26% 27% EBITDA Amounts in ' 000 SEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Operating profit 50,440 39,543 120,132 146,972 202,073 Amortization/depreciation/write-down 13,835 10,279 38,628 28,952 39,308 EBITDA 64,274 49,822 158,760 175,924 241,381 EBITDA margin Amounts in ' 000 SEK Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 199,504 175,633 565,816 561,764 758,968 EBITDA 64,274 49,822 158,760 175,924 241,381 EBITDA margin 32% 28% 28% 31% 32% Net sales Jul-Sep 2026 (%) Jul-Sep 2026 KSEK Jul-Sep 2025 (%) Jul-Sep 2025 KSEK Last period 175,633 178,656 Organic growth 13.4% 23,609 2.6% 4,649 Currency effect 0.1% 262 -4.3% -7,672 Current period 13.6% 199,504 -1.7% 175,633
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- 18 - Review Report To the Board of Directors of CellaVision AB (publ) Corp. id. 556500-0998 Introduction We have reviewed the condensed interim financial information (interim report) of CellaVision AB (publ) as of 30 September 2026 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the 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 International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information 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 practices and consequently does 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, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Malmö 29 October 2026 KPMG AB Jonas Nihlberg Tobias Lindberg Authorized Public Accountant Authorized Public Accountant Auditor in charge
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- 19 - Financial Calendar 2027 Questions Concerning the Report Publication This information constitutes information that CellaVision AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on October 29, 2026 at 7:20 a.m. CET. CellaVision is listed on the Nasdaq Stockholm, Mid Cap list. The company is traded under the ticker symbol CEVI and ISIN code SE0000683484. Conference In connection with the release of the interim report, analysts, investors and media are invited to a telephone conference and audio webcast on October 29, 2026 at 11:00 a.m. CET where Steve Ferguson, President & CEO, and Monica Jönsson, CFO, will present and comment the report. The presentation will be in English via a conference call or audio webcast. To participate via webcast, use the link below. https://events.inderes.com/cellavision/q3-report-2026 To participate via conference call, register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. https://events.inderes.com/cellavision/q3-report-2026/dial-in No pre-registration is required. Please dial in 5-10 minutes prior to the scheduled start time to facilitate a timely start. Monica Jönsson CFO Phone: +46 46 460 26 24 monica.jonsson@cellavision.com Steve Ferguson President & CEO Phone: +44 7825 303 680 steve.ferguson@cellavision.com Year-end Bulletin 2026 February 4, 2027 Annual and Sustainability Report 2026 April 9, 2027 Interim Report January-March April 23, 2027 Annual General Meeting 2027 May 4, 2027 Interim Report January-June July 16, 2027 Interim Report January-September October 29, 2027 Year-end Bulletin 2027 February 4, 2028
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- 20 - About us CellaVision is an innovative, global medical technology company that develops and sells its own leading solutions for routine analysis of blood and other body fluids in health care services. These analyses play a vital role in swift and accurate disease diagnoses, particularly in cases of infections and serious cancer diseases. The products replace manual laboratory work, and secure and support effective workflows and skills development within and between hospitals. The company has leading-edge expertise in sample preparation, image analysis, artificial intelligence and automated microscopy. Sales are via global partners with support from the parent company in Lund, Sweden and by the company’s 13 local market support organizations covering more than 40 countries. Our Strategic Ambition: The Power of Focus Our strategic ambition is to digitalize and improve microscopy workflows to provide diagnostic certainty in the medical labs of the world. Our strategy is supported by our organization, processes and culture. The strategy rests on five strategic pillars: 1. Maximize our leading position in large laboratories 2. Accelerate the worldwide adoption of the DC-1 3. Accelerate our global leadership in reagents 4. Expand into specialized microscopy analyses 5. Explore new areas of analytics with innovation Financial Ambition CellaVision’s objective is to create a global standard for digital microscopy. The objective is broken down in two important financial targets: • Sales growth Increase sales over an economic cycle by an average of around 15 percent per year. • Profitability The EBITDA margin is to exceed 30 percent over an economic cycle. Our Sustainability Efforts CellaVision integrates sustainability at the core of its strategy by contributing to improved global healthcare outcomes, responsible innovation, ethical business practices, and fair working conditions. The Sustainability Report 2025 provides a transparent overview of the work underway to advance these priorities. The report is integrated into CellaVision’s Annual Report 2025 and is available on www.cellavision.com. This is CellaVision Small, Mid-sized and Large Labs Speciality Analysis New Areas MAXIMIZE Large Labs ACCELERATE EXPAND EXPLORE 1 2 3 4 5 Små, medelstora och stora laboratorier Specialanalyser Nya områden MAXIMERA Stora laboratorier ACCELERERA EXPANDERA UTFORSKA 1 2 3 4 5 Mission To advance laboratory workflow and diagnostic certainty through intelligent microscopy Our tools for automating cell classification with diagnostic certainty include analyzers, reagents, smearing, staining devices, and software. Vision Elevating healthcare through the evolution of microscopy We provide digital microscopy solutions to make laboratory work easier and more efficient. Because the faster a blood sample can be correctly analyzed, the faster a patient can be diagnosed and treated. The company is developing an updated strategic direction, to be presented at CellaVision’s Capital Markets Day on February 17, 2027.