Interim report
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Interim report January – June 2026 Glycorex Transplantation AB (publ)
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INTERIM REPORT Q2, 2026 – 2 INTERIM REPORT, Q2 2026 This document is essentially a translation of the Swedish language version. In the event of any discrepancies between this translation and the original Swedish document, the latter shall be deemed correct. April – June 2026 • Net sales: SEK 6.7 million (10.2) • Operating income: SEK -4.2 million (-1.0) • Net income for the period: SEK -4.3 million (-1.1) • Earnings per share: SEK -0.05 (-0.01) January – June 2026 • Net sales: SEK 15.4 million (19.8) • Operating income: SEK -7.6 million (-2.5) • Net income for the period: SEK -7.8 million (-2.8) • Earnings per share: SEK -0.10 (-0.04) Summary of the quarter • During the second quarter, the number of units sold decreased by a total of 35% compared to the same period of the previous year. • The decrease is best explained by the fact that during the same period in 2025, there were exceptionally strong sales to Mexico and Germany. • Several markets show very good growth, with Spain, Austria, Singapore, and India as positive examples. • In June, the company participated in the important international conference for Blood and Transfusion Medicine (ISBT) in Malaysia. • Carl-Magnus Schultz assumed the position of new CEO in June. Significant events after the end of the quarter • Glycorex has entered into agreements with dist- ributors in Argentina and Malaysia regarding the rights to sell Glycosorb®ABO in these markets. The quarter in brief, April-June 2026 The tax deficit as of 31st of December 2025 amounted to SEK 186 million (179). For more information see Note 14 in the Annual Report 2025. There are no dilution effects to consider. Second quarter 6 months Full year SEK Thousands Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Net sales 6,703 10,152 15,421 19,833 38,844 Change in stocks of finished goods 3,063 1,493 1,908 1,868 556 Capitalised work on own account - - - - 139 Other operating income 144 108 372 315 567 Total 9,910 11,753 17,701 22,016 40,106 Operating expenses Raw materials and supplies -3,734 -2,792 -4,751 -4,474 -7,360 Other external expenses -2,678 -2,766 -5,571 -5,529 -11,541 Personnel expenses -5,300 -4,716 -10,194 -9,399 -18,540 Depreciation and amortisation of fixed assets -2,207 -2,360 -4,416 -4,716 -9,295 Other operating expenses -143 -144 -330 -411 -695 Operating income -4,152 -1,025 -7,561 -2,513 -7,325 Net financial items -129 -117 -235 -284 -451 Income before tax -4,281 -1,142 -7,796 -2,797 -7,776 Taxes - - - - 56 Net income -4,281 -1,142 -7,796 -2,797 -7,720 Earnings per share, SEK -0.05 -0.01 -0.10 -0.04 -0.10
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INTERIM REPORT Q2, 2026 – 3 CEO STATEMENT Glycorex Transplantation continues to strengthen its international position during the second quarter of 2026. Despite a normalization of sales following the exceptionally strong comparison figures from 2025, we are seeing clear growth in several key markets, new distribution agreements, and exciting developments within both existing and new indications. Strong position, growing markets, and new opportunities The first two quarters are characterized by a normalization in the sales we have seen in previous years. Because the corresponding period of the previous year (as well as the full year 2025) was affect- ed by a very large order from Mexico in connection with the initial establishment of that market, those figures are shining through in this year’s sales outcome so far. Orders from Mexico are now at more expected levels. Germany – an important market with growing demand During the first half of the year, the German market has also retur- ned to levels in line with the years prior to 2025. Sales are trending upward, but now at a steadier pace. During 2025, a few German centers ordered significantly more of our products than before for a period, which left a major mark on our figures. This year, sales in Germany are back to levels we recognize from the past. Naturally, we maintain a strong hope of being able to sustain the exceptionally strong figures from 2025. We are therefore working intensively with our customers in Germany, as it is a very import- ant market in Europe where we have established many fine and long-standing collaborations over the years. It is also gratifying to see that additional new centers in Germany continue to start using our technology. Strong growth in several key markets The commercial landscape is constantly changing. For example, we see that alternative technologies are being marketed increas- ingly strongly by well-established distributors in major markets in Europe. We are paying close attention to this development and are working proactively with various strategies to address this change. To our advantage, our brand is very reputable, and the company’s products, service, and knowledge are appreciated by our profes- sional customers at hospitals around Europe and the rest of the world. This means we are seeing continued growth in several key regions in a positive way. In Spain and Austria, we see a 60–70 percent increase in sales compared to the same period last year. Singapore has more than doubled its orders, and India, which has tremendous potential, is also growing at a good pace. These are important markets where we continue to secure our presence. New distribution agreements and continued international expansion after the end of the second period Interest in Glycosorb® ABO is growing strongly even in markets where we are not yet active. In August, we concluded a distribu- tion agreement with Stone Fly Salud, which will be our partner in
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INTERIM REPORT Q2, 2026 – 4 “With many very exciting opportunities both in existing and new markets, in new indications, and with broader applications, I look forward with great optimism to continuing to contribute to the positive development of Glycorex Transplantation and to nurturing its very strong international brand.” the Argentine market. In Argentina, 1,600 kidney transplants are performed annually across 60 centers, making this a very important, growing market. Recently, we also concluded an agreement with OneMedik in Malaysia for the Malaysian market, which has an unusually large share of living-donor transplants (over 50 percent). They have actively requested our product for some time to replace alternative technologies in their living-donor programs. With these positive signals, we look forward to continuing our market expansion further in other parts of the world. Glycorex’s brand is very strong. More and more customers want to implement our technology. Broadening to new indications – particularly in pediatrics The primary engine is still kidney transplantation, but we are seeing increasingly broad applications of the product in other indications. Our technology has proven to be able to contribute in a very positive way to pediatric heart transplants according to the methods developed at Great Ormond Street Hospital (GOSH) in London over several years. The treatment concept is groundbreaking and is now spreading to other centers in Europe and also to the USA. We are currently actively working to assist a number of children’s hospitals in the USA with our products and have therefore initiated a regulatory process to get the product approved on the US market. Recently, a scientific article was published describing how an ABO-incompatible lung transplant was successfully performed on a child in France using the GOSH method (Belloín et al. 2026). We are also seeing more pediatric applications, for example in pediatric kidney transplants, where waiting times for a new organ can be up to three to four years. In a follow-up study of ten children treated with Glycosorb® ABO prior to ABO-incompatible kidney transplan- tation, fine results were achieved three years after surgery with 100 percent survival in both the recipient children and the organ – entirely on par with, or slightly better than, children who under- went ABO-compatible transplantation (Taylan et al. 2026). These data are gratifying and create a good basis for expanding the pediatric indications. Glycosorb® ABO 4 ml – ongoing evaluations and promising results Regarding our Glycosorb® ABO 4 ml and the many collaborations we have concerning the application of this interesting product, I share the views that have reached me from several shareholders. There is a great interest to hear more about results from the evaluations being conducted with our product in various parts of the world. Over the years, I have been involved in a series of col- laborations with academic institutions and know that patience is required to reach a conclusion. At the same time, we must naturally work to conclude these efforts as promptly as possible, as they are important for us and our continued commercial development for this life-saving product. During the spring, we conducted a collaboration with Lund University regarding the use of Glycosorb® ABO 4 ml to produce so-called low-titer whole blood – a product of great interest in trauma and pre-hospital care. The outcome of the study was positive, and we are taking the results further into follow-up studies. Focus ahead – profitability, strategy, and continued development As the new CEO of Glycorex Transplantation AB, I come in with fresh, open, and curious perspectives on how we drive and develop the company’s operations. First and foremost, I am naturally focused on profitability and during my first months have taken deep dives into the company’s finances and operational activities. Together with the new board of directors, I will work on strategies to improve the figures. With many very exciting opportunities both in existing and new markets, in new indications, and with broader applications, I look forward with great optimism to continuing to contribute to the positive development of Glycorex Transplantation and to nurturing its very strong international brand. Carl-Magnus Schultz CEO
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GLYCOREX INTERIM REPORT, Q2 2026 This is Glycorex Glycorex is a global medical technology company founded in 1996, headquartered in Lund, Sweden. The company has unique expertise in biologically active carbohydrates and in extracorporeal blood treatments. The company has developed a unique medical technology (antigen-specific immunoadsorption) to specifically reduce blood group antibodies and autoantibodies in the blood. Glycorex’s focus areas include transplantation, blood transfusion, and autoimmune diseases. The company’s sales span across more than 30 countries, with Europe representing the largest market. Sales are conducted through the company’s own sales channels and in cooperation with distributors in selected markets. Product development and production are centralized at its facility in Lund, Sweden. The goal is to contribute world-leading medical technology products that meet significant needs within healthcare and that simultaneously demonstrate high safety and efficacy during patient treatment. Glycorex Transplantation AB (publ) has been listed on the NGM Main Regulated Equity (Nordic Growth Market) since 2001. Enables more transplants Organ shortage is a significant challenge in the field of transplanta- tion. By specifically reducing blood group antibodies from the blood, Glycorex’s proprietary medical device, Glycosorb® ABO facilitates transplants between donors and recipients with different blood groups, enabling blood group incompatible transplantation. This capability expands the donor pool, potentially reducing waiting times for critically ill patients awaiting organ transplanta- tion. For patients, undergoing a transplant often leads to a signi- ficant improvement in quality of life and a longer life expectancy. Moreover, the societal benefits are substantial. Glycosorb® ABO is primarily used to enable blood group incompa- tible kidney transplantation but is also used to enable heart, liver, lung, and stem cell transplantation. Increases access to universal blood products Glycorex has developed and CE-marked a smaller product variant of Glycosorb® ABO, targeting a different customer segment: transfusion clinics and blood centers. The product is intended for the specific reduction of anti-A/B antibody titers in blood plasma without significantly affecting other antibodies or vital blood com- ponents. Glycosorb® ABO (4 ml) can help increase the availability of so-called universal blood components, thereby reducing the risk of transfusion reactions, reducing logistics costs, streamlining the supply chain, and expediting delivery to patients. Innovation in new areas Glycorex also conducts research to develop products that reduce specific autoantibodies in the treatment of autoimmune diseases. The focus is on developing a product for the treatment of the autoimmune disease rheumatoid arthritis where the company collaborates with a leading European research institute. Within the company’s research and development work, there are also other interesting projects to further broaden the product portfolio in the future. Glycorex makes a difference! In 2001, the first blood group incompatible kidney transplant using Glycorex’s unique technology was performed. Since then, more than 8,000 blood group incompatible transplants have been performed worldwide with the help of Glycosorb® ABO, and the reported short- and long-term data, as shown in more than 60 scientific publications, are excellent. Glycorex’s technology can save lives and significantly improve the quality of life for critically ill patients. By intensifying market efforts and expanding its product range, Glycorex aims to create improved treatment opportunities for patients worldwide and thereby create great medical and financial value.
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INTERIM REPORT Q2, 2026 – 6 Strategy for growth STRATEGY 1 Notice of OPTN Policy Changes, Modify Heart Policy for Intended Incompatible Blood Type (ABOi) Offers to Pediatric Candidates 2 Gupta et al. Reduction of anti-A and anti-B isoagglutinin titers of group O whole blood units employing an ABO antibody immune adsorption column https://doi.org/10.1016/j.transci.2023.103686 Transfusion and Apheresis Science 62(2023)103686.1473-0502/© 2023 Elsevier Ltd. 3) Robbins et al, Reduction of Anti-A and Anti-B Isoagglutinin Titers of Group O Platelet Units with an ABO Antibody Immune Adsorption Column. 2023. Abstract. P-CB.22, Transfusion 160A. Glycorex has a unique opportunity through its technology to save and improve lives in some of the most critical areas of healthcare. Our ambition is to do more for more people by harnessing the potential of our unique technology. Our growth strategy can be summarized as follows: • We aim to grow globally by strengthening our presence in existing markets and establish ourselves in new, promising markets. • We currently hold a strong position in the kidney transplant area. Our goal is to enhance our position in other transplant areas, including heart, liver, and stem cell transplantation. • Beyond transplantation, our unique technology offers significant expansion opportunities in blood transfusion: universal (low-titer) blood plasma, as well as low-titer whole blood and platelets. • Our goal is also to develop and launch new products based on our unique technology platform. The primary focus is on the treatment of the autoimmune disease rheumatoid arthritis. Glycorex has a well-established presence in Europe, with Germany as our largest single market. Our goal is to establish commercial collaborations and expand our sales to strengthen our global presence and maintain our leadership in the field. We will prioritize growth markets such as India, Mexico, and South Africa, where we already have established partnerships and long-term customer relationships. In Europe, Glycorex sells directly through its own representatives in German-speaking countries and Spain, and through sales staff based at our headquarters in Lund. Glycorex places significant emphasis on engaging with customers through visits to transplantation and transfusion clinics and partici- pation in both global and local scientific conferences. Another key success factor is the product training provided by our specialists to both new and existing customers. Accelerated growth through geographic expansion and transfusion Glycorex aims for an accelerated growth rate in prioritized growth markets, such as India, Mexico, and South Africa, by supporting distributors and building on successful and long-term customer relationships. India and Mexico have the greatest growth potential for blood group incompatible kidney transplants from living donors. With the help of our distributor in Mexico, we can also address South American markets. The United States is the world’s largest market for kidney trans- plantation, and the country’s goal to double the number of trans- plants from living donors by 2030 makes a launch highly attractive. At the same time, regulatory approval from the FDA and inclusion in reimbursement systems are required, which involves significant work and costs. In pediatric heart transplantation, Glycosorb® ABO is successfully integrated into the heart-lung machine system during transplan- tation. The method is well-established in Europe with excellent results and is increasingly being used for older children. Interest in the U.S. is strong, particularly following a policy change allowing ABO-incompatible heart transplants for children up to 18 years of age.1 Collaboration with center in the U.S. has been initiated. In Europe, approximately 2.4 million units of plasma are donated and used annually for patients. The demand for universal blood plasma is about 600,000 units per year in Europe alone, but the Glycosorb® ABO (4 ml) also has potential in low-titer whole blood and platelet concentrates. Therefore, the product could become a high-volume product with continuously recurring sales. The collaboration with Bio-Rad is a good verification for the product, not least as a door opener for future potential collab- orations and applications, also given the published excellent results in low-titer whole blood and platelet preparations.2 Our ambition is to establish commercial collaborations with blood banks and commercial entities while evaluating the product for other applications. As planned, the company is partici- pating throughout the year in several key national and international congresses relevant to its product areas. Research and development Research and development remain to be one of the corner- stones of our operations. Based on our technology, we have developed a product that has demonstrated the ability to specifically reduce rheumatoid arthritis-associated antibodies in vitro. We are preparing to initiate a study involving RA patients using this product. The market for treating patients with rheumatoid arthritis who do not respond to existing treatments is estimated to be worth several billion SEK.
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INTERIM REPORT Q2, 2026 – 7 The Group April 1 – June 30, 2026 Net sales amounted to SEK 6.7 million (SEK 10.2 million). Sales decreased by 34%. Operating income amounted to SEK -4.2 million (SEK -1.0 million). Net income for the period was SEK -4.3 million (SEK -1.0 million), giving earnings per share of SEK -0.05 (SEK -0.01). Cash flow for the period was SEK -1.8 million (SEK -2.1 million). Investments in intangible fixed assets amounted to SEK 0.0 million (SEK 0.0 million). Investments in tangible fixed assets amounted to SEK 0.0 million (SEK 0.0 million). The Group’s cash and cash equivalents, excluding short-term investments, amounted to SEK 4.8 million (SEK 11.4 million) at the end of the period. Short-term investment in interest income fund amounted to SEK 1.0 million (SEK 1.0 million). Equity amounted to SEK 26.7 million (SEK 39.4 million), corresponding to SEK 0.34 (SEK 0.50) per share. The Group’s equity/assets ratio at the end of the period was 52.7% (74.8%). January 1 – June 30, 2026 Net sales amounted to SEK 15.4 million (SEK 19.8 million). Sales decreased by 22%. Operating income amounted to SEK -7.6 million (SEK -2.8 million). Net income for the period was SEK -7.8 million (SEK -2.8 million), giving earnings per share of SEK -0.10 (SEK -0.04). Cash flow for the period was SEK -5.3 million (SEK 5.7 million). During the first quarter of 2025 a new share issue was carried out that raised SEK 9.1 million after deduction of transac- tion expenses. Investments in intangible fixed assets amounted to SEK 0.0 million (SEK 0.0 million). Investments in tangible fixed assets amounted to SEK 0.0 million (SEK 0.0 million). The Group’s cash and cash equivalents, excluding short-term investments, amounted to SEK 4.8 million (SEK 11.4 million) at the end of the period. Short-term investment in interest income fund amounted to SEK 1.0 million (SEK 1.0 million). Equity amounted to SEK 26.7 million (SEK 39.4 million), corresponding to SEK 0.34 (SEK 0.50) per share. The Group’s equity/assets ratio at the end of the period was 52.7% (74.8%). The Parent Company April 1 – June 30, 2026 The Parent Company’s net sales amounted to SEK 6.7 million (SEK 10.2 million). All external sales are accounted for in the Parent company. Sales decreased by 34%. Net income for the period amounted to SEK -4.3 million (SEK -1.1 million). Cash flow for the period was SEK -1.8 million (SEK -2.0 million). Cash and cash equivalents, excluding short-term investments, amounted to SEK 4.6 million (SEK 11.3 million). Short-term investment in interest income fund amounted to SEK 1.0 million (SEK 1.0 million). January 1 – June 30, 2026 The Parent Company’s net sales amounted to SEK 15.4 million (SEK 19.8 million). All external sales are accounted for in the Parent company. Sales decreased by 22%. Net income for the period amounted to SEK -7.8 million (SEK -2.8 million). Cash flow for the period was SEK -5.3 million (SEK 5.8 million). During the first quarter of 2025 a new share issue was carried out that raised SEK 9.1 million after deduction of transaction expenses. Cash and cash equivalents, excluding short-term investments, amounted to SEK 4.6 million (SEK 11.3 million). Short-term investment in interest income fund amounted to SEK 1.0 million (SEK 1.0 million). Staff The average number of employees during January to June was 15 (15) in the Parent Company and in the Group 20 (20). IR-activities and financial calendar Financial calendar 2026-11-27: Publication of Interim Report Q3
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INTERIM REPORT Q2, 2026 – 8 The share and owners Glycorex Transplantation AB (publ) is listed on NGM Main Regulated Equity (Nordic Growth Market). On June 30, 2026, the share price was SEK 1.75 (closing price). During the second quarter of 2026, the highest and lowest closing prices were SEK 1.77 and SEK 1.13, respectively. Approxi- mately 5.3 million shares were traded through NGM during the second quarter of 2026. The largest shareholders and their holdings as of June 30, 2026, are shown in the table below. As of June 30, 2026, the number of shareholders was 4,118. Total number of shares in the company, on June 30, 2026, amounted to 78,853,983 shares of which 3,268,000 are class A shares and 75,585,983 class B shares. Ownership as of 2026-06-30 Shareholder Class A shares Class B shares Total number of shares Votes % Capital % Nilsson, Kurt incl. Spouse and company* 1,866,000 404,933 2,270,933 17.61 2.88 Glycorex AB ** 1,402,000 3,554,118 4,956,118 16.23 6.29 Försäkrings AB, Avanza pension 8,721,400 8,721,400 8.06 11.06 Wendt Investment AB 5,236,444 5,236,444 4.84 6.64 Nordnet pensionsförsäkring AB 2,742,600 2,742,600 2.53 3.48 Henningson Affärsfastigheter AB 2,122,945 2,122,945 1.96 2.69 Wendt Cecilia 1,493,648 1,493,648 1.38 1.89 Skandia Försäkrings AB 1,492,780 1,492,780 1.38 1.89 Nederman, Bill 1,196,639 1,196,639 1.11 1.52 Hansson Richard 1,108,967 1,108,967 1.02 1.41 Månsson Björn 1,100,000 1,100,000 1.02 1.39 Nauclér Johan 1,045,871 1,045,871 0.97 1.33 Hansson Per-Erik 811,992 811,992 0.75 1.03 Marcello Giacone 651,579 651,579 0.60 0.83 Börjeson Munk Nils 609,000 609,000 0.56 0.77 Other shareholders 43,293,067 43,293,067 39.98 54.90 Total 3,268,000 75,585,983 78,853,983 100.00 100.00 *Kurt Nilsson, Pia Nilsson and Bioflexin AB **Glycorex AB is an independent company from Glycorex Transplantation AB (publ.) The company is owned by Kurt Nilsson, Bill Nederman and Jason Liebel.
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INTERIM REPORT Q2, 2026 – 9 Risks and uncertainties Glycorex continues to have negative cash flows, which require careful monitoring of sales and liquidity. The board has continued to work on the decided strategy and its financial consequences. The Board of Directors has, based on updated forecasts, evaluated the company’s financing situation for the next twelve months. The assessment is that additional financing or capital contributions may be required before the company achieves positive cash flow and to ensure the continued operation of the business. The com- pany is in ongoing dialogue and evaluating measures to strengthen cash flow. The Board of Directors continues to assess that there are conditions to ensure the continued operation of the company. The company’s sales depend on the resources that society allocates to transplant activities and changes in reimbursement systems. Glycorex closely monitors availability to raw material for production, due to risk for shortages. The war between Russia and Ukraine, in addition to the impact on the global situation in general, currently has no direct effect on the company’s deliveries. Glycorex has no customers or suppliers in Russia or Ukraine. The situation in the Middle East remains worrying and difficult to assess in terms of external effects. Glycorex has no suppliers in the area but delivers a small number of units per year to Israel and Qatar. The Company currently has no trade exposure to markets where tariffs or trade barriers have recently been introduced or discussed in relation to the EU. The Company’s suppliers are also mainly European, and the Company’s products are produced in Sweden. The risk is therefore currently assessed as low without significant impact, but geopolitical unrest and changed trade conditions that may affect the Company going forward are being monitored continuously. In the Annual Report 2025 Glycorex Transplantation AB presents the various risks the Group Is exposed to, including competing products. No general changes in the overall risk assessment picture have been identified. Related party transactions During April and May 2026, Glycorex Transplantation AB ex- pensed SEK 80,000 for consulting services performed by Skagor GmbH. Joakim Jagorstrand is the CEO and a board member of Skagor GmbH and served as a board member of Glycorex Transplantation AB until the Annual General Meeting on June 4, 2026; consequently, his role was classified as that of a related party. No other transactions with persons with close relation- ships have been carried out during the period. No transactions with related companies outside the corporate Group have occurred during the period. Alternative performance measures The Glycorex Group reports alternative performance measures in the interim report that are not defined in accordance with IFRS. In accordance with the European Securities and Markets Authority (ESMA) guidelines for alternative performance measures, defini- tions and reconciliation of alternative performance measures are presented in the interim report. Glycorex believes that the key figures are relevant to the users of the financial statements as a complement to enable an assessment of the company’s performance. Since not all companies calculate key performance indicators in the same way, these are not always comparable to measures used by other companies. The performance measures shall not be considered as a substitute for measures defined under IFRS. Definitions of the key figures can be found on page 22 in the report. Definitions and descriptions of the key figures are mainly based on the recommendations of financial analysts.
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INTERIM REPORT Q2, 2026 – 10 The Board of Directors and the Chief Executive Officer certify that the interim report provides a fair overview of the Company’s and the Group’s operations and results, and describes significant risks and uncertainties the Company and the Group are exposed to. Lund, August 28, 2026 The board and Chief Executive Officer for Glycorex Transplantation AB (publ) Richard Lundin Chairman of the Board Declaration by the Board of Directors Roland Frösing Lina Karlsson Member of the Board Member of the Board Kurt Nilsson Fredrik Johansson Member of the Board Member of the Board Annual reports, interim reports and other information about Glycorex Transplantation AB is available on the company’s website www.glycorex.com Prior to publication, the information in this report constituted inside information and is the kind of information Glycorex Trans- plantation AB (publ) is obliged to make public under the EU Market Abuse Act and the Act on the Securities Market. The information was submitted for publication, through the contact person below, on August 28, 2026 at 08:00 CET . Contact: Carl-Magnus Schultz, CEO, carl.schultz@glycorex.com The interim report has not been reviewed by the company’s auditor. Carl-Magnus Schultz Chief Executive Officer
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INTERIM REPORT Q2, 2026 – 11 Condensed consolidated statement of net income CONSOLIDATED ACCOUNTS Consolidated statement of total comprehensive income Note Apr-Jun Apr-Jun Jan-Jun Jan-Jun jan-dec SEK Thousands 2026 2025 2026 2025 2025 Net sales 6,703 10,152 15,421 19,833 38,844 Change in stocks of finished goods 3,063 1,493 1,908 1,868 556 Capitalised work on own account - - - - 139 Other operating income 2 144 108 372 315 567 Total 9,910 11,753 17,701 22,016 40,106 Operating expenses Raw materials and supplies -3,734 -2,792 -4,751 -4,474 -7,360 Other external expenses -2,678 -2,766 -5,571 -5,529 -11,541 Personnel expenses -5,300 -4,716 -10,194 -9,399 -18,540 Depreciation and amortisation of fixed assets 3 -2,207 -2,360 -4,416 -4,716 -9,295 Other operating expenses -143 -144 -330 -411 -695 Operating income -4,152 -1,025 -7,561 -2,513 -7,325 Net financial items -129 -117 -235 -284 -451 Income before tax -4,281 -1,142 -7,796 -2,797 -7,776 Taxes - - - - 56 Net income -4,281 -1,142 -7,796 -2,797 -7,720 Net income attributable to shareholders of the Parent Company -4,281 -1,142 -7,796 -2,797 -7,720 Earnings per share, SEK -0.05 -0.01 -0.10 -0.04 -0.10 Average number of shares 78,853,983 78,853,983 78,853,983 78,043,210 78,235,890 Apr-Jun Apr-Jun Jan-Jun Jan-Jun jan-dec SEK Thousands 2026 2025 2026 2025 2025 Net income -4,281 -1,142 -7,796 -2,797 -7,720 Items that may be reclassified to the statement of income: Translation difference 6 - 9 - - Financial assets measured at fair value 10 11 -12 -6 5 Total comprehensive income -4,265 -1,131 -7,799 -2,803 -7,715 Attributable to shareholders of the Parent Company -4,265 -1,131 -7,799 -2,803 -7,715
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INTERIM REPORT Q2, 2026 – 12 Condensed consolidated statement of financial position CONSOLIDATED ACCOUNTS SEK Thousands Note 2026-06-30 2025-06-30 2025-12-31 ASSETS Fixed assets 3 Intangible fixed assets 14,436 17,445 15,875 Tangible fixed assets 3,952 4,521 4,239 Right-of-use assets 14,168 5,395 8,101 Total fixed assets 32,556 27,361 28,215 Current assets Inventories 6,209 6,609 5,157 Current receivables 6,170 6,315 6,265 Short-term investment 4 980 983 993 Cash and cash equivalents 4,815 11,443 10,163 Total current assets 18,174 25,350 22,578 TOTAL ASSETS 50,730 52,711 50,793 EQUITY AND LIABILITIES Equity Share capital 3,942 3,942 3,942 Other capital contributed 128,648 128,648 128,648 Reserves -11 -19 -8 Retained earnings -105,841 -93,122 -98,045 Total equity attributable to the shareholders of the Parent Company 26,738 39,449 34,537 Long-term liabilities Long-term lease liabilities 9,110 1,227 3,329 Deferred tax liability 59 116 59 Total long-term liabilities 9,169 1,343 3,388 Current liabilities Current liabilities to credit institutions - 116 - Current lease liabilities 3,892 3,092 3,656 Other current liabilities 10,931 8,711 9,212 Total current liabilities 14,823 11,919 12,868 TOTAL EQUITY AND LIABILITIES 50,730 52,711 50,793
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INTERIM REPORT Q2, 2026 – 13 Condensed consolidated statement of cash flows CONSOLIDATED ACCOUNTS Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec SEK Thousands 2026 2025 2026 2025 2025 Operating activities Income after financial items -4,281 -1,142 -7,796 -2,797 -7,776 Adjustments for items not included in cash flow 2,248 2,368 4,429 4,736 9,304 Income tax paid -125 -126 -251 -251 - Cash flow from operating activities before changes in working capital -2,158 1,100 -3,618 1,688 1,528 Decrease/increase in inventories -1,135 -1,587 -1,052 -1,880 -428 Decrease/increase in operating receivables 1,975 1,091 1,743 2,255 2,044 Increase/decrease in operating liabilities 1,025 -1,267 1,648 -1,288 -735 Cash flow from operating activities -293 -663 -1,279 775 2,409 Investing activities Acquisition of intangible fixed assets - - - - -139 Acquisition of tangible fixed assets -21 - -44 - -52 Cash flow from investing activities -21 - -44 - -191 Financing activities New issue, after deduction of transaction costs - - - 9,138 9,138 Amortisation of loans - -69 - -163 -279 Amortisation of lease liabilities -1,447 -1,340 -3,997 -4,008 -6,551 Cash flow from financing activities -1,447 -1,409 -3,997 4,967 2,308 Cash flow for the period -1,761 -2,072 -5,320 5,742 4,526 Cash and cash equivalents at the beginning of the period 6,593 13,506 10,163 5,765 5,765 Exchange rate difference in cash and cash equivalents -17 9 -28 -64 -128 Cash and cash equivalents at the end of the period 4,815 11,443 4,815 11,443 10,163
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INTERIM REPORT Q2, 2026 – 14 Condensed consolidated statement of changes in equity CONSOLIDATED ACCOUNTS *Share issue expenses of SEK 862 thousands have reduced the capital received. SEK Thousands Share capital Other contributed capital Fair value reserve Translation reserve Retained earnings incl. Income for the period Total equity Equity 2025-01-01 3,692 119,760 -13 - -90,325 33,114 Income for the period - - - - -2,797 -2,797 Other comprehensive income for the period - - -6 - - -6 Total changes in wealth excluding transactions with the company’s owners - - -6 - -2,797 -2,803 New issue* 250 8,888 - - - 9,138 Total transactions with the company's owners 250 8,888 - - - 9,138 Equity 2025-06-30 3,942 128,648 -19 - -93,122 39,449 Income for the period - - - -4,923 -4,923 Other comprehensive income for the period - - 11 - - 11 Total changes in wealth excluding transactions with the company’s owners - - 11 - -4,923 -4,912 Total transactions with the company’s owners - - - - - - Equity 2025-12-31 3,942 128,648 -8 - -98,045 34,537 Income for the period - - - - -7,796 -7,796 Other comprehensive income for the period - - -12 9 - -3 Total changes in wealth excluding transactions with the company’s owners - - -12 9 -7,796 -7,799 Total transactions with the company's owners - - - - - - Equity 2026-06-30 3,942 128,648 -20 9 -105,841 26,738
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INTERIM REPORT Q2, 2026 – 15 Group key figures CONSOLIDATED ACCOUNTS Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec 2026 2025 2026 2025 2025 Net sales 6,703 10,152 15,421 19,833 38,844 Operating income before depreciation and amortisation -1,945 1,335 -3,145 2,203 1,970 Operating income after depreciation and amortisation -4,152 -1,025 -7,561 -2,513 -7,325 Net income for the period -4,281 -1,142 -7,796 -2,797 -7,720 Operating margin, % -61.9 -10.1 -49.0 -12.7 -18.9 Return on equity, % -14.8 -2.9 -25.4, -7.7, -22.8, Return on total capital, % -8.4 -1.9 -14.8 -4.8 -14.4 Return on capital employed, % -10.7 -2.3 -18.5 -5.9 -17.9 Solidity, Equity/assets ratio, % 52.7 74.8 52.7 74.8 68.0 Average number of shares 78,853,983 78,853,983 78,853,983 78,043,210 78,235,890 Number of shares at the end of the period 78,853,983 78,853,983 78,853,983 78,853,983 78,853,983 Earnings per share -0.05 -0.01 -0.10 -0.04 -0.10 Equity per share at the end of the period 0.34 0.50 0.34 0.50 0.44 Average number of employees 20 20 20 20 20
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INTERIM REPORT Q2, 2026 – 16 Reconciliation of alternative performance measures (defined on page 22) CONSOLIDATED ACCOUNTS Operating margin Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Jan-Dec SEK Thousands 2026 2025 2026 2025 2025 2024 Operating income -4,152 -1,025 -7,561 -2,513 -7,325 -10,442 Net sales 6,703 10,152 15,421 19,833 38,844 35,159 Operating margin, % -61.9% -10.1% -49.0% -12.7% -18.9% -29.7% Solidity, Equity/assets ratio SEK Thousands 2026-06-30 2025-06-30 2025-12-31 2024-12-31 2023-12-31 Equity 26,738 39,449 34,537 33,114 44,039 Balance sheet total 50,730 52,711 50,793 50,304 65,844 Solidity, Equity/assets ratio, % 52.7% 74.8% 68.0% 65.8% 66.9% Equity SEK Thousands 2026-06-30 2025-06-30 2025-12-31 2024-12-31 2023-12-31 2026-03-31 2025-03-31 Equity 26,738 39,449 34,537 33,114 44,039 31,003 40,580 Return on equity Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Jan-Dec SEK Thousands 2026 2025 2026 2025 2025 2024 Average equity 28,871 40,015 30,638 36,282 33,826 38,577 Net income -4,281 -1,142 -7,796 -2,797 -7,720 -10,941 Return on equity, % -14.8% -2.9% -25.4% -7.7% -22.8% -28.4% Capital employed SEK Thousands 2026-06-30 2025-06-30 2025-12-31 2024-12-31 2023-12-31 2026-03-31 2025-03-31 Balance sheet total 50,730 52,711 50,793 50,304 65,844 47,674 56,300 Deferred tax liability -59 -116 -59 -116 -177 -59 -116 Other non-interest-bearing liabilities -10,931 -8,711 -9,212 -10,092 -10,135 -9,869 -9,929 Total 39,740 43,884 41,522 40,096 55,532 37,746 46,255 Return on capital employed Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec Jan-Dec SEK Thousands 2026 2025 2026 2025 2025 2024 Average capital employed 38,743 45,070 40,631 41,990 40,809 47,814 Operating income -4,152 -1,025 -7,561 -2,513 -7,325 -10,442 Financial income 0 0 25 24 37 154 Total -4,152 -1,025 -7,536 -2,489 -7,288 -10,288 Return on capital employed, % -10.7% -2.3% -18.5% -5.9% -17.9% -21.5%
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INTERIM REPORT Q2, 2026 – 17 Condensed statements of net income, Parent Company PARENT COMPANY ACCOUNTS Net income for the period equals comprehensive income. Note Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec SEK Thousands 2026 2025 2026 2025 2025 Net sales 6,703 10,152 15,421 19,833 38,844 Change in stocks of finished goods 3,063 1,493 1,908 1,868 556 Other operating income 2 144 107 372 314 566 Total 9,910 11,752 17,701 22,015 39,966 Operating expenses Raw materials and supplies -5,926 -4,930 -9,281 -8,809 -16,538 Other external expenses -3,391 -3,586 -6,945 -7,036 -13,795 Personnel expenses -4,155 -3,515 -7,808 -7,057 -13,813 Depreciation and amortisation of fixed assets 3 -571 -708 -1,145 -1,418 -2,834 Other operating expenses -142 -144 -329 -411 -695 Operating income -4,275 -1,131 -7,807 -2,716 -7,709 Net financial items -13 -8 -24 -73 -110 Income after financial items -4,288 -1,139 -7,831 -2,789 -7,819 Income before tax -4,288 -1,139 -7,831 -2,789 -7,819 Taxes - - - - - Net income -4,288 -1,139 -7,831 -2,789 -7,819
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INTERIM REPORT Q2, 2026 – 18PARENT COMPANY ACCOUNTS Condensed statement of financial position, Parent Company SEK Thousands Note 2026-06-30 2025-06-30 2025-12-31 ASSETS Fixed assets 3 Intangible fixed assets 7,115 9,282 8,064 Tangible fixed assets 2,274 2,592 2,447 Financial fixed assets 2,063 1,956 2,063 Total fixed assets 11,452 13,830 12,574 Current assets Inventories 5,485 5,782 4,372 Current receivables 12,854 14,093 13,527 Short-term investment 4 980 983 993 Cash and cash equivalents 4,573 11,348 9,937 Total current assets 23,892 32,206 28,829 TOTAL ASSETS 35,344 46,036 41,403 EQUITY AND LIABILITIES Equity Share capital 3,942 3,942 3,942 Reserve fund 33,014 33,014 33,014 Fund for capitalised development costs 2,915 3,692 3,304 Share premium fund 108,223 108,223 108,223 Profit brought forward -114,155 -107,113 -106,725 Net income -7,831 -2,789 -7,819 Total Equity 26,108 38,969 33,939 Current liabilities Other current liablities 9,236 7,067 7,464 Total current liabilities 9,236 7,067 7,464 TOTAL EQUITY AND LIABLITIES 35,344 46,036 41,403
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INTERIM REPORT Q2, 2026 – 19PARENT COMPANY ACCOUNTS Condensed statement of cash flows, Parent Company Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jan-Dec SEK Thousands 2026 2025 2026 2025 2025 Operating activities Income after financial items -4,288 -1,139 -7,831 -2,789 -7,819 Adjustments for items not included in cash flow 603 700 1,171 1,438 2,839 Income tax paid -89 -89 -178 -178 - Cash flow from operating activities before changes in working capital -3,774 -528 -6,838 -1,529 -4,980 Decrease/increase in inventories -1,224 -1,499 -1,113 -1,796 -386 Decrease/increase in operating receivables 2,099 1,288 978 981 1,375 Increase/decrease in operating liabilities 1,123 -1,235 1,668 -994 -564 Cash flow from operating activities -1,776 -1,974 -5,305 -3,338 -4,555 Investing activities Acquisition of tangible fixed assets - - - - -52 Acquisition of financial fixed assets - - -23 - -107 Cash flow from investing activities - - -23 - -159 Financing activities New issue, after deduction of transaction costs - - - 9,138 9,138 Amortisation of loans - - - -25 -25 Cash flow from financing activities - - - 9,113 9,113 Cash flow for the period -1,776 -1,974 -5,328 5,775 4,399 Cash and cash equivalents at the beginning of the period 6,372 13,343 9,937 5,666 5,666 Exchange rate difference in cash and cash equivalents -23 -21 -36 -93 -128 Cash and cash equivalents at the end of the period 4,573 11,348 4,573 11,348 9,937
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INTERIM REPORT Q2, 2026 – 20 Condensed statement of changes in equity, Parent Company PARENT COMPANY ACCOUNTS *Share issue expenses of SEK 862 thousands have reduced the capital received. SEK Thousands Share capital Reserve fund Fund for capitalised development cost Other unrestricted capital Income for the period Total equity Equity 2025-01-01 3,692 33,014 4,081 2,686 -10,853 32,620 Income disposition - - - -10,853 10,853 - Income for the period - - - - -2,789 -2,789 Other comprehensive income for the period - - - - - - Reallocation capitalised development costs - - -389 389 - - Total changes in wealth excluding transactions with the company’s owners - - -389 -10,464 8,064 -2,789 New issue* 250 - - 8,888 - 9,138 Total transactions with the company’s owners 250 - - 8,888 - 9,138 Equity 2025-06-30 3,942 33,014 3,692 1,110 -2,789 38,969 Income for the period - - - - -5,030 -5,030 Other comprehensive income for the period - - - - - - Reallocation capitalised development costs - - -388 388 - - Total changes in wealth excluding transactions with the company’s owners - - -388 388 -5,030 -5,030 Total transactions with the company’s owners - - - - - - Equity 2025-12-31 3,942 33,014 3,304 1,498 -7,819 33,939 Income disposition - - - -7,819 7,819 - Income for the period - - - - -7,831 -7,831 Other comprehensive income for the period - - - - - - Reallocation capitalised development costs - - -389 389 - - Total changes in wealth excluding transactions with the company’s owners - - -389 -7,430 -12 -7,831 Total transactions with the company's owners - - - - - - Equity 2026-06-30 3,942 33,014 2,915 -5,932 -7,831 26,108
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INTERIM REPORT Q2, 2026 – 21 Notes Note 1 Accounting principles Compliance with standard and law The interim report for the Group is prepared in accordance with IAS 34 Interim reporting and applicable provisions of the Annual Accounts Act. The consolidated financial statements for Glycorex have been prepared in accordance with IFRS accounting standards issued by the International Accounting Standards Board (IASB) as adopted by the EU. Furthermore, the Annual Accounts Act and the Swedish Corporate Reporting Board recommendation RFR 1 Sup- plementary accounting rules for groups have been applied. The accounting principles applied are in line with the accounting principles used in the preparation of the most recent Annual Report. The accounting principles are described in the Annual Report for 2025 on pages 33-35. The Parent Company’s interim report is prepared in accordance with the Annual Accounts Act and RFR 2 Accounting for legal entities. New accounting principles 2026 and beyond Except for IFRS 18 there are no new or amended IFRS, including statements, approved for application from 2026 or later, that are expected to have a material impact on the Group’s or the parent company’s financial statements. One new standard, IFRS 18 Presentation and Disclosure in Financial Statements, will come into effect January 1, 2027. Glycorex expects that this standard will influence the Group’s financial reports and is currently analysing the details in the standard and its consequences. Important estimates and assessments Preparing the financial statements in accordance with IFRS requires the entity to make assessments and estimates and make assump- tions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, revenues, and expenses. The actual outcome may differ from these estimates and assessments. An area that includes a high degree of assessment and estimates encompasses the estimation of the value of intangible fixed assets. Glycorex currently has negative cash flows. The Company closely monitors sales and liquidity. The interim re- port is prepared based on an assumption of continued operations. Note 2 Other operating income The item consists, primarily, of exchange rate gains on operating receivables and liabilities. Note 3 Depreciations and write-downs of fixed assets Of the amounts, in the Group, for depreciations and write-downs during January to June, SEK 2,645 thousand (SEK 2,669 thousand) constitutes depreciations of rights-of-use assets. Amortisation/de- preciation of intangible- and tangible fixed assets amounts to SEK 1,439 thousand (SEK 1,709 thousand) and SEK 332 thousand (SEK 338 thousand), respectively. In the parent company amortisation/ depreciation of intangible- and tangible fixed assets amounts to SEK 949 thousand (SEK 1,219 thousand) and SEK 196 thousand (SEK 200 thousand), respectively. Note 4 Financial instruments measured at fair value Short-term investments in listed interest income fund have been reported to the amount of SEK 980 thousand as of June 30, 2026 (SEK 983 thousand). The investment is valued at level 1 according to IFRS 13. The fair value of other financial assets and liabilities corresponds to reported values.
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INTERIM REPORT Q2, 2026 – 22 Operating margin. Operating income as a percentage of net sales. The key figure shows how much of the invoicing has been left over to cover interest, tax and earnings. Return on equity. Net income for the period as a percentage of average equity. Profit or loss refers to income after tax. Average equity is calculated as the average of the opening and closing balances. The key figure shows the earnings after tax attributable to the shareholders of the parent company. Return on total capital. Operating income plus financial inco- me as a percentage of average balance sheet total. Average total capital is calculated as the average of the opening and closing balances. The key figure shows the return on the company’s total assets. Return on capital employed. Operating income plus financial income as a percentage of average capital employed. Capital employed refers to the balance sheet total reduced by non- interest-bearing liabilities, including deferred tax liabilities. Liabilities, for which the interest expense is charged to net financial items, are included in capital employed. Liabilities for which the interest expense is included in operating income are not included in capital employed. Average capital employed is calculated as the average of the opening and closing balances. The ratio shows the company’s return independently of funding, i.e. how the company has increased the capital which its shareholders and lenders have entrusted to it. Solidity. Equity as a percentage of the balance sheet total. Equity/ assets ratio indicates how much of the assets are financed with equity and thus enables an analysis of the company’s longterm financial strength. The ratio does not take into account that defer- red tax liabilities do not have to be paid in connection with loss. Earnings per share. Profit for the period (attributable to the parent company’s owners) in relation to the average number of ordinary shares outstanding. The key figure is calculated in accordance with IAS 33. For example, earnings per share can be used to calculate P/E ratios (share price divided by earnings per share). Equity per share. Equity divided by number of shares at the balance sheet date. The measure describes the amount of equity belonging to the shareholders of the parent company. Average number of employees. The number of employees corrected for length of employment and parttime employment. Key performance measures, definitions
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Glycorex Transplantation AB (publ) Scheelevägen 27 | SE-223 63 Lund, Sweden | Phone: +46 46 286 5230 info@glycorex.com | glycorex.com