Interim report
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INTERIM REPORT Q3 2026 POLYGIENE GROUP AB (PUBL.) polygienegroup.com
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 2 POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 2 POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 Polygiene Group in brief. . . . . . . . . . . . . . . . . . . . . . Numbers in brief. . . . . . . . . . . . . . . . . . . . . . . . . . . . Events in brief. . . . . . . . . . . . . . . . . . . . . . . . . . Message from the CEO . . . . . . . . . . . . . . . . . . . . . . . . . This is the Polygiene Group. . . . . . . . . . . . . . . . . . . Financial trends . . . . . . . . . . . . . . . . . . . . . . . . . . Statements of profi t or loss, the Group . . . . . . . . . . . . . Statements of fi nancial position, the Group. . . . . . . . . . Statements of change in equity, the Group. . . . . . . . . . Cash fl ow statements, the Group. . . . . . . . . . . . . . . . . . Multi-year overview, the Group . . . . . . . . . . . . . . . . . . . Notes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Share capital, the share and ownership structure . . . . . . . . . Defi nitions, contact details and fi nancial calendar . . . . . CONTENT 3 4 5 6 8 9 10 11 12 13 14 15 18 19
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 3 POLYGIENE GROUP IN BRIEF 2006 Founded 43 In the team -3.0 EBITDA % 26.3 Net sales, MSEK 500+ PartnersBusiness segment, net sales 2 44 % 56 % Polygiene NET SALES Quarterly net revenue by region: EMEA 47% APAC 33 % AMERICAS 20 % Quarterly net sales by category: Sports & Outdoor, 42% Industry, 18 % Paper & Packaging, 13% Fashion & Lifestyle, 8 % Water, 6 % Workwear, 4 % Home & Pets, 4 % Healthcare, 3 % Distributors & other, 2 % Addmaster The Global region is excluded from the chart. For more information, see Note 7.
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 4 NET SALES, MSEK JULY-SEPTEMBER 2026 NUMBERS IN BRIEF 55 50 45 40 35 30 25 20 15 10 5 0 220 200 180 160 140 120 100 80 60 40 20 0 2020 2021 2022 2023 2024 2025 2026 Q1 Q2 Q3 Q4 Net sales, rolling 12 months POLYGIENE GROUP SUMMARY Q3 2026 Q3 2025 YTD 2026 YEAR 2025 YEAR 2024 YEAR 2023 Net sales, MSEK 26.3 36.4 89.4 146.6 156.9 113.5 Operating profit before depreciation (EBITDA), MSEK -3.0 2.9 1.2 3.5 19.0 -12.2 Operating margin before depreciation -11.5% 7.9% 1.3% 2.4% 12.1% -10.7% Operating profit (EBIT), MSEK -4.4 1.5 -2.9 -2.1 13.2 -312.6 Operating margin -16.6% 4.0% -3.2% -1.4% 8.4% -275.3% Earnings per share, SEK -0.15 0.05 -0.17 -0.15 0.13 -8.81 Cash flow, MSEK -16.4 -1.2 -6.6 -23.5 21.4 -3.7 The graph refers to the group. Net sales for the quarter amounted to MSEK 26.3 (36.4), including a currency effect of approximately 1 %. The gross margin was 63.7 (71.1) %. Operating profit before depreciation and amortization (EBITDA) amounted to MSEK -3.0 (2.9). Operating profit after depreciation (EBIT) amounted to MSEK -4.4 (1.5). Cash flow amounted to MSEK -16.4 (-1.2), or MSEK -16.1 (-2.1) including currency effects. Cash and cash equivalents amounted to MSEK 34.2 (45.3).
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 5 EVENTS IN BRIEF FLEXICARE RETURNS AS A DIRECT ADDMASTER CUSTOMER Flexicare has returned as a direct Addmaster customer after previously purchasing through a compounder. Its Able Spacer respiratory device incorporates Biomaster antimicrobial technology, strengthening Addmaster’s pres- ence within healthcare applications and re establishing a valuable direct customer relationship. BIOMASTER CONTINUES TO GROW IN CONTAMINATION CONTROL Biomaster continues to strengthen its presence in contam- ination control applications. Long standing partner Dycem remains an important reference in this sector, while CC Matting has recently become a new Biomaster customer. Addmaster is supporting both Dycem and CC Matting with product communication and marketing, reflecting our ap- proach of combining technical expertise with commercial support. NEW ORDERS SUPPORT FURTHER DIVERSIFICATION Polygiene secured first orders from workwear brand Karib- an and specialist dancewear retailer Move Dance during the quarter. These new customers support our continued diversification beyond traditional sports and outdoor applications and demonstrate the relevance of Polygiene technologies across a broader range of end markets. CHROMAG EXPANDS USE OF POLYGIENE Long standing partner Chromag Bikes has expanded its use of Polygiene StayFresh beyond jerseys and technical tees into its mountain bike protection range. The technol- ogy will now also be used in knee and elbow protection, extending an established partnership into a new product category. POLYGIENE AND COLOURIZD COLLABORATE ON TEXTILE PROCESSING Polygiene has begun a new collaboration with textile dye- ing technology specialist COLOURizd. Initial trials success- fully integrated Polygiene technologies into the COLOUR- izd process, creating the potential to combine colour and Polygiene treatment within a single manufacturing step and improve processing efficiency for mills and brands. BIOMASTER PROTECTION FOR DECODED Premium accessories brand Decoded has incorporated Biomaster antimicrobial technology into its silicone phone cases, including products launched alongside the latest iPhone generation, as well as selected Apple Watch ac- cessories. The collaboration provides another consumer facing application for Biomaster in frequently handled everyday products. BIOMASTER EXPANDS IN AUTOMOTIVE APPLICATIONS NIO has extended the use of Biomaster technology into the Haptex leather seating material used in its ES9 flagship electric SUV. The application demonstrates the potential for antimicrobial technology within premium automotive interiors and further broadens Addmaster’s reach into high value technical applications. SUPPORTING HEALTHCARE GROWTH IN INDIA Addmaster supported KleenClad at the Medicall Expo in Chennai, where the company showcased hygienic and an- timicrobial wall cladding solutions for healthcare and other hygiene critical environments. The visit formed part of our continued support for customers in India and reflects Addmaster’s focus on working closely with partners in key growth markets. STRONG DIGITAL ENGAGEMENT FROM JAPAN SUMMER CAMPAIGN Polygiene completed its 2026 co branded summer cam- paign in Japan with local partner brands across YouTube, Instagram and TikTok. TikTok delivered the strongest performance, generating more than 4 million impressions and 83% of landing page sessions. The results will help shape future consumer marketing and partner activation in Japan. DEEPENING COLLABORATION WITH GOLDWIN GROUP Polygiene strengthened its collaboration with Goldwin Group, one of its key strategic partners in Japan, as the brand continues to expand its use of Polygiene technolo- gies and grow internationally, particularly in China. Dis- cussions also progressed around future co branded retail and social media activities, supported by planned training for Goldwin sales teams in Japan and China.
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 6 MESSAGE FROM THE CEO CLEAR PRIORITIES IN A CHALLENGING QUARTER The third quarter has been a diffi cult one for Poly- giene Group. Sales remained weak and profi tability came under pressure, particularly within our textile business, where elevated distributor inventory levels, continued to result in lower order volumes and ac- counted for much of the year-on-year sales decline. While the pricing actions implemented during the fi rst half of the year have helped off set higher silver costs, the adjustment to higher pricing across the textile val- ue chain remains gradual as mills and brands manage the impact within their own markets, creating contin- ued pressure on textile margins. Within Addmaster, the pricing actions implemented earlier in the year were fully in place by the end of Q2, and profi tability remained stable. Cash fl ow was also aff ected by the timing of signifi cant supplier payments for inven- tory secured during Q2, while payments relating to inventory price adjustments made to distributors during Q2 are expected during Q4. Logistics have become more complex. Continued geopo- litical instability in the Middle East has driven freight costs higher and made air freight capacity increasingly diffi cult to secure. Sea freight remains more accessible, but avail- ability and lead times are considerably less favourable than twelve months ago. Within Addmaster, sales were above Q3 2025. Since joining us in August as Head of Commercial Growth, Kurt De Meyer has already brought renewed commercial energy and focus to the business. Our priority is to strengthen Addmaster’s position as a technical solutions provider, applying our expertise to solve specifi c customer challeng- es. We are focusing particularly on applications linked to major societal and industrial needs, including antimicrobial resistance, clean water and food security, resource effi - ciency and product traceability, where we see meaningful opportunities for long term growth. The environment within our textile business remains con- siderably more challenging. Brands continue to manage inventories cautiously, which has been refl ected in lower reordering activity from distributors and mills during the quarter. Importantly, however, we are not seeing a loss of customers. Our brand partners remain engaged with Polygiene and we continue to develop opportunities with both existing and new partners. Diversifi cation remains central to our strategy, both through expansion into areas such as workwear, footwear, fashion and lifestyle and through a broader technology portfolio. Workwear continues to develop well, while Poly- giene StayCool is gaining traction with new commercial applications including underwear and footwear. Trials of Polygiene OdorCrunch2.0 also continued throughout Q3 with mills across multiple regions and applications ranging from Sport & Outdoor to Fashion & Lifestyle and Work- wear. We also want to provide further context regarding the healthcare opportunity announced in May 2025. At that time, estimated annual sales were approximate- ly MSEK 30, based on the assumptions and market conditions prevailing then. Production has commenced, but volumes have developed more slowly than initially anticipated, particularly as signifi cantly higher silver prices have aff ected the economics of price sensitive applications. Under current market conditions, annual sales will therefore be below the level originally anticipated. Healthcare remains an attractive area for growth, but our focus is fi rmly on building profi table and sustainable business. Looking ahead, we need to be realistic about the remain- der of the year. We do not currently expect a meaning- ful improvement in market conditions during the fourth quarter. Within Addmaster, ordering activity from one major cus- tomer is expected to be lower than previously anticipated during Q4, refl ecting existing inventory levels and slower consumption. The business relates to a customised grade within our Masterpiece range, where we continue to see strong longer term potential, supported by the customer’s project pipeline and opportunities for broader geograph- ical adoption of the technology. Together with weaker demand more generally, this means that we expect Q4 to remain challenging. Against this backdrop, we remain fo- cused on the areas we can control, including our cost base and how we use resources across the Group. Diversifi cation remains central to our strategy, both through expansion into areas such as workwear, footwear, fashion and life- style and through a broader technology portfolio.
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 7 In North America, Biomaster USA LLC has been operation- ally integrated into Addmaster UK Ltd, creating a leaner structure and allowing resources to be shared more effi - ciently. Within the textile business, the Americas and EMEA commercial organisations have also been brought together under one leadership structure, while retaining local cus- tomer knowledge and relationships in North America and Latin America. We welcomed Anders Nordgren as our new CFO in August. Anders brings valuable fi nancial and operational experi- ence and has joined at an important time as we strength- en fi nancial discipline and improve effi ciency across the Group. The third quarter has reinforced the scale of the challenges facing the business, and I do not expect those challenges to disappear easily. Our priorities, however, remain clear. We are managing costs carefully, broadening our technol- ogy portfolio, developing new markets and concentrating our commercial eff orts where we believe we can create the greatest value. I have now been CEO of Polygiene Group for almost elev- en months. It has undoubtedly been a tougher start than I could have wished for, with challenges ranging from silver prices and weak textile markets to geopolitical uncertainty and increasing pressure on costs. But those eleven months have also given me the opportunity to get to know our people, our technologies, our customers and the underly- ing strengths of this Group much better. I remain convinced that we have the capabilities and determination to work through this diffi cult period. There is still much to do, and the coming months will not be easy, but I believe the actions we are taking today will help us navigate through the current storm and reach calmer waters on the other side. Dr.Sandrine Garnier Chief Executive Offi cer, Polygiene Group I would like to thank our employees for their commitment and resilience during what has been a demanding year, and our customers, partners and shareholders for their continued support and confi dence.
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 8 THIS IS THE POLYGIENE GROUP Polygiene Group is a global technology company oper- ating at the intersection of sustainability, hygiene, and material performance. With more than 500 partners worldwide, we serve a broad range of industries including Sports and Outdoor, Fashion and Lifestyle, Workwear, Healthcare, Hospitality, Industrial applica- tions, Water systems, Home and Pets, as well as Paper and Packaging. Headquartered in Malmö, Sweden, the Group is built on a strong Scandinavian foundation that shapes how we innovate, collaborate, and grow. Our culture empha- sises simplicity, responsibility, and long-term thinking, with sustainability embedded across our operations and product development. We focus on enabling products to last longer, perform better, and reduce overall resource consumption. Our business is structured around two complementary platforms: Polygiene and Addmaster. Polygiene represents our global, consumer facing ingredi- ent brand, focused on freshness and performance in tex- tiles. Through odour control and related technologies, Poly- giene enables products to stay fresh for longer, reducing the need for washing and extending product lifespan. Our co-branding model is a key differentiator, allowing part- ners to communicate these benefits directly to consumers and strengthening brand value across product categories. Addmaster positions the Group as a specialist technolo- gy solution provider in material protection. Built on deep expertise in polymer science and additive technologies, Addmaster offers a broad and versatile portfolio across antimicrobial, antiviral, odour control, anti-counterfeiting, flame retardant, and surface modification solutions. These technologies are engineered for integration into a wide range of materials, supporting performance, durability, and safety across multiple industries. Across both segments, Polygiene Group is built on three core pillars. • First, differentiated technologies that are proven, versatile, and easy to integrate into existing manufac- turing processes, enabling scalability across materials and applications. • Second, strong ingredient branding and market- ing support, with established brands that help our partners communicate added value, enhance product positioning, and build long term consumer trust. • Third, a robust global regulatory and compliance platform. We support our partners in navigating com- plex frameworks across regions, including European, US, and Asian regulations, as well as leading industry standards such as bluesign, OEKO-TEX, and ZDHC. This ensures that our technologies are used respon- sibly, compliantly, and with full transparency across markets. Together, these three pillars create a scalable and resilient business model, supporting long term partnerships and repeat integration across customer portfolios. Our technologies provide solutions for odour control, microbial protection, product longevity, and material au- thentication. They are designed to be effective, safe, and resource efficient, minimising additional water and energy use during application. We operate an asset light and scalable model, leveraging toll manufacturing alongside regional logistics supported by a global distributor network, while maintaining high environmental and quality standards. By integrating our technologies upstream in production, we ensure consisten- cy, efficiency, and long-term value creation. Polygiene Group combines consumer driven innovation with advanced material science and regulatory expertise. By extending product life, improving hygiene, and sup- porting more sustainable consumption patterns, we enable better products while contributing to a more resource efficient future.
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 9 NET REVENUES AND RESULT The Group’s net sales for the third quarter amounted to MSEK 26.3 (36.4). The quarter had a positive currency effect of approximately 1 % compared to the previous year. Other operating income includes currency fluctua- tions during the quarter related to operational receivables and liabilities. The gross margin for the quarter was 63.7 (71.1) %. The lower gross margin is mainly explained by higher silver prices. Cost of goods sold amounted to MSEK -10.8 (-11.4). COSTS OTHER EXTERNAL EXPENSES Total expenses for the period amounted to MSEK -10.7 (-12.8). The other external expenses consisted of: • Variable sales costs: MSEK -3.9 (-4.6) (commissions to agents and distributors within the Polygiene segment related to sales) • Marketing costs: MSEK -1.1 (-1.5) • Administrative costs: MSEK -3.0 (-4.3). • The lower costs are mainly due to lower costs for travel, tests, legal services and IR. • Contracted consultants: MSEK -2.7 (-2.4) COST COMPENSATION TO EMPLOYEES Employee benefits amounted to MSEK -8.2 (-9.1). OTHER OPERATING EXPENSES These expenses amounted to MSEK -0.8 (-1.1) for the quarter and relate to currency exchange differences, mainly linked to changes in exchange rates associated with operational receivables and liabilities. DEPRECIATION Depreciation of tangible and intangible assets amounted to MSEK -1.4 (-1.4). RESULT The operating profit (EBIT) for the quarter amounted to MSEK -4.4 (1.5). Other comprehensive income includes translation differences from the revaluation of foreign subsidiaries and goodwill at the closing exchange rate. The result for the period and total comprehensive income amounted to MSEK 2.1 (-0.6). FINANCIAL TRENDS Q3 FINANCIAL POSITION INTANGIBLE AND TANGIBLE FIXED ASSETS Intangible assets mainly consist of goodwill from business acquisitions, investments in business systems, and product development. Tangible assets mainly refer to right-of-use assets from lease agreements. For details, see Note 12. FINANCIAL FIXED ASSETS Financial non-current assets amounted to MSEK 7.5 (7.5) at the end of the period and relate to a deferred tax asset linked to accumulated tax loss carryforwards from previous years. The total tax loss carryforward amounted to MSEK -113.6 at the end of the period. INVENTORY Inventory amounted to MSEK 30.4 (25.0). CASH FLOW AND LIQUIDITY Cash flow for the third quarter amounted to MSEK -16.4 (-1.2), or MSEK -16.1 (-2.1) including currency effects. The Group’s cash and cash equivalents amounted to MSEK 34.2 (45.3) at the end of the quarter. EQUITY Equity amounted to MSEK 287.2 (294.1) at the end of the period. The equity/assets ratio as of September 30, 2026 was 93.5 (92.3) %. PERSONNEL At the end of the quarter, the Group’s operational or- ganization consisted of 43 (45) individuals, regardless of employment rate. Of these, 34 (37) were employed and 9 (8) were contracted consultants. Adjusted for full-time equivalents, this corresponds to 41 (43) individuals.
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 10 STATEMENTS OF PROFIT OR LOSS OF THE GROUP TSEK NOTE 2026-07-01 2026-09-30 2025-07-01 2025-09-30 2026-01-01 2026-09-30 2025-01-01 2025-09-30 2025-01-01 2025-12-31 OPERATING REVENUE Net sales 7, 8 26,340 36,363 89,449 109,802 146,649 Other operating income* 1,278 948 4,037 2,406 3,702 TOTAL OPERATING REVENUE 27,618 37,311 93,486 112,208 150,351 OPERATING EXPENSES Retail goods -10,834 -11,440 -32,343 -38,274 -51,273 GROSS PROFIT 16,784 25,871 61,143 73,934 99,078 Other external expenses -10,731 -12,818 -31,213 -35,903 -47,962 Cost compensation to employees -8,243 -9,054 -25,860 -28,194 -41,449 Other operating expenses* -832 -1,144 -2,904 -5,055 -6,157 OPERATING PROFIT BEFORE DEPRECIATION (EBIT - DA) -3,022 2,855 1,166 4,782 3,510 Depreciation and amortization of tangible and intangible assets -1,352 -1,402 -4,027 -4,288 -5,603 OPERATING PROFIT/LOSS (EBIT) -4,374 1,453 -2,861 494 -2,093 PROFIT OR LOSS FROM FINANCIAL ITEMS Interest income and similar items 9 619 1,287 2,129 3,304 4,026 Interest expenses and similar items 9 -1,299 -415 -3,050 -4,776 -5,247 PROFIT OR LOSSES AFTER FINANCIAL ITEMS -5,054 2,325 -3,782 -978 -3,314 Tax of the period 10 -362 -508 -2,363 -1,044 -2,263 PROFIT OR LOSS OF THE PERIOD -5,416 1,817 -6,145 -2,022 -5,577 Other total result** 7,493 -2,410 17,128 -18,574 -28,162 TOTAL PROFIT OR LOSS OF THE PERIOD 2,077 -593 10,983 -20,596 -33,739 EARNINGS PER SHARE (SEK) Earnings per share – basic and diluted Earnings per share before dilution -0.15 0.05 -0.17 -0.06 -0.15 Earnings per share after dilution -0.15 0.05 -0.17 -0.06 -0.15 *Includes exchange rate differences referring to operating business ** Exchange rate difference regarding goodwill and translation of subsidiaries
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 11 STATEMENTS OF FINANCIAL POSITION OF THE GROUP TSEK NOTE 2026-09-30 2025-09-30 2025-12-31 ASSETS FIXED ASSETS Intangible assets 8, 12 199,567 197,581 189,268 Tangible assets 8 2,310 3,524 3,319 Financial assets 7,478 7,478 7,478 TOTAL FIXED ASSETS 209,355 208,583 200,065 CURRENT ASSETS Inventories 30,393 24,998 23,466 TOTAL INVENTORIES 30,393 24,998 23,466 Accounts receivable 27,421 34,857 34,499 Other receivables 5,687 4,981 7,927 TOTAL CURRENT RECEIVABLES 33,108 39,838 42,426 Cash and cash equivalents 34,205 45,299 38,779 TOTAL CURRENT ASSETS 97,706 110,135 104,671 TOTAL ASSETS 307,061 318,718 304,736 TOTAL EQUITY AND LIABILITIES EQUITY 287,151 294,062 276,172 TOTAL EQUITY 287,151 294,062 276,172 PROVISIONS Deferred tax liability 74 185 69 TOTAL PROVISIONS 74 185 69 LONG-TERM LIABILITIES Leasing liabilites 899 2,041 1,742 TOTAL LONG-TERM LIABILITIES 899 2,041 1,742 SHORT-TERM LIABILITIES Accounts payable 6,937 10,381 13,173 Leasing liabilites 1,118 865 1,083 Other current liabilities 10,882 11,184 12,497 TOTAL SHORT-TERM LIABILITIES 18,937 22,430 26,753 TOTAL LIABILITES 19,836 24,471 28,495 TOTAL EQUITY AND LIABILITIES 307,061 318,718 304,736
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 12 STATEMENTS OF CHANGE IN EQUITY OF THE GROUP TSEK 2026-07-01 2026-09-30 2025-07-01 2025-09-30 2026-01-01 2026-09-30 2025-01-01 2025-09-30 2025-01-01 2025-12-31 EQUITY AT PERIOD START 285,074 294,652 276,168 319,607 319,608 TRANSACTIONS WITH THE OWNERS Dividend – – – -5,114 -9,862 New share issues and warrants – 3 – 165 165 TOTAL TRANSACTIONS WITH THE OWNERS – 3 – -4,949 -9,697 PROFIT AND OTHER PROFIT OF THE YEAR Profit or loss of the period -5,416 1,817 -6,146 -2,022 -5,577 Other total result 7,493 -2,410 17,129 -18,574 -28,162 TOTAL PROFIT OR LOSS OF THE YEAR 2,077 -593 10,983 -20,596 -33,739 EQUITY AT PERIOD END 287,151 294,062 287,151 294,062 276,172
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 13 CASH FLOW OF THE GROUP TSEK NOTE 2026-07-01 2026-09-30 2025-07-01 2025-09-30 2026-01-01 2026-09-30 2025-01-01 2025-09-30 2025-01-01 2025-12-31 CURRENT ACTIVITIES Operating profit -4,374 1,453 -2,861 494 -2,093 Non-cash items 11 1,189 2,330 4,007 3,459 4,965 Interest income 112 53 282 428 591 Interest paid – -77 -1 -78 -155 Paid income tax 489 -1,290 264 -2,993 -4,530 CASH FLOW FROM OPERATING ACTIVITIES BEFORE CHANGES IN OPERATING CAPITAL -2,584 2,469 1,691 1,310 -1,222 Changes in working capital: Increase/decrease in inventory 3,463 1,971 -5,358 909 2,120 Increase/decrease in current receivables 1,151 -4,525 10,398 -6,638 -11,608 Increase/decrease in current liabilities -17,686 33 -11,054 -5,566 916 NET CASH FLOW FROM OPERATING ACTIVITIES -15,656 -52 -4,323 -9,985 -9,794 INVESTMENT ACTIVITIES Acquisition of intangible assets -468 -866 -1,347 -2,108 -2,816 Acquisition of tangible fixed assets – -1,203 -122 -1,228 -1,391 Disposal of tangible fixed assets – – 8 – – CASH FLOW FROM INVESTING ACTIVITIES -468 -2,069 -1,461 -3,336 -4,207 FINANCING ACTIVITIES New shares and warrants – 3 – 165 165 Dividend paid – – – -5,114 -9,862 New lease liability recognized – 1,180 – 1,180 1,320 Amortization of liability leasing -307 -308 -843 -910 -1,153 CASH FLOW FROM FINANCIAL ACTIVITIES -307 875 -843 -4,679 -9,530 CASH FLOW OF PERIOD -16,431 -1,246 -6,627 -18,000 -23,531 Cash and cash equivalents at period start 50,262 47,391 38,779 68,738 68,738 Currency differences, cash and cash equivalents 374 -846 2,053 -5,439 -6,428 CASH AND CASH EQUIVALENTS AT PERIOD END 34,205 45,299 34,205 45,299 38,779
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 14 MULTI-YEAR OVERVIEW OF THE GROUP Q3 2026 Q3 2025 YTD 2026 YEAR 2025 YEAR 2024 YEAR 2023 Net sales, TSEK 26,340 36,363 89,449 146,649 156,948 113,542 Sales growth, % -27.6 -10.9 -18.5 -6.6 38.2 -34.6 Operating profit/loss EBITDA , TSEK -3,022 2,855 1,166 3,510 19,020 -12,204 Operating margin EBITDA, % -11.5 7.9 1.3 2.4 12.1 -10.7 Total profit/loss of the period, TSEK 2,077 -593 10,983 -33,739 16,830 -303,629 Total profit/loss margin after tax, % 7.9 -1.6 12.3 -23.0 10.7 -267.4 Cash flow, TSEK -16,431 -1,246 -6,627 -23,531 21,370 -3,685 Equity, TSEK 287,151 294,062 287,151 276,172 319,607 291,246 Balance sheet total, TSEK 307,061 318,718 307,061 304,736 350,840 313,780 Equity/assets ratio, % 93.5 92.3 93.5 90.6 91.1 92.8 Number of shares at the end of the period, thousands 36,527 36,527 36,527 36,527 36,527 36,527 Average number of shares at the end of the period before dilution, thousands 36,527 36,527 36,527 36,527 36,527 36,527 Average number of shares at the end of the period after dilution, thousands 37,392 37,392 37,392 37,392 37,392 37,427 Earnings per share before dilution, SEK -0.15 0.05 -0.17 -0.15 0.13 -8.81 Earnings per share after dilution, SEK -0.15 0.05 -0.17 -0.15 0.13 -8.81 Cash flow per share, SEK -0.45 -0.03 -0.18 -0.64 0.59 -0.10 Equity per share, SEK 7.86 8.05 7.86 7.56 8.75 7.97
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 15 NOTE 1: NATURE OF OPERATIONS Polygiene Group is a global leader in ingredient technol- ogies designed to enhance freshness and performance across products and materials. Through its Polygiene and Addmaster companies, the Group partners with over 500 leading brands worldwide to deliver advanced solutions that add lasting value. With key technologies such as StayFresh, StayCool, Odor- Crunch2.0, Biomaster, Verimaster and Scentmaster Poly- giene Group combines innovation with industry expertise to strengthen product performance and differentiation. Polygiene Group’s brands are a significant asset, and the ongoing work to strengthen the brands and their aware- ness is important for achieving future goals. NOTE 2: GENERAL INFORMATION AND COMPLIANCE WITH IAS 34 AND ÅRL This interim report covers the period July 1 - September 30, 2026 and is presented in SEK, which is the Parent Company’s functional currency and the Group’s presen- tation currency. The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act (ÅRL). It does not contain all the information required by IFRS (International Financial Reporting Standards) for full financial statements and should therefore be read in conjunction with the Annual Report for the financial year 2025, except for the descrip- tion of the underlying regulatory framework. Complete disclosures under IFRS have been provided in the Annual Financial Statements for 2025. The interim report has not been subject to a review by the Group’s auditors. The interim report for the period July 1 - September, 2026 was approved for issue by the Board of Directors on Octo- ber 21, 2026. The report has been prepared in accordance with IFRS and complies with the accounting and valuation principles presented in the Annual Financial Statements for 2025. Unless otherwise stated, amounts are reported in TSEK. NOTES NOTE 3: RISKS AND UNCERTAINTIES The Group’s operations are subject to a number of factors that involve risks to both the business and its financial performance. For further information, please refer to the Annual and Consolidated Financial Statements for 2025. Polygiene Group actively works to ensure continued sound liquidity and to maintain a financial position without bank borrowings. The Group is primarily exposed to USD and GBP, but has currently chosen not to hedge these currency flows due to the difficulty of forecasting flows given the short lead times applied by customers. The geopolitical situation in Ukraine and the Middle East affects market conditions and increases uncertainty in the global economy. The Group has no operations in Russia, Ukraine, or the Middle East, but may be affected through changes in market conditions, freight costs and lead times. We are observing an increase in freight costs and lead times and are actively working to reduce the risk of further cost increases by optimising freight terms and exploring alternative solutions. We monitor the price development of our material purchases, where we have observed a signif- icant price increase in certain components used in some of our products. Polygiene Group is working to compensate for increased material costs through price adjustments and alternative products in the portfolio. The effects of these measures may arise with a delay, which may affect the gross margin. We are also monitoring developments related to trade tar- iffs between the US and the rest of the world. The Group has limited direct sales to the US but is indirectly affected through our customers’ sales there, as well as the general uncertainty this situation entails. NOTE 4: SIGNIFICANT ESTIMATES AND ASSESSMENTS When interim reports are prepared, the Board of Directors and the Chief Executive Officer must, in accordance with the applied accounting and valuation principles, make certain estimates, judgments, and assumptions that affect the accounting and valuation of assets, liabilities, reve- nues, and expenses. The outcome may deviate from these estimates and judgments and seldom amounts to the same as the estimated outcome.
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 16 The areas involving significant estimates and judgments, and the principal sources of uncertainty, are the same as those described in the Annual Report for 2025. NOTE 5: SIGNIFICANT EVENTS AND TRANSACTIONS DURING AND AFTER THE INTERIM PERIOD No significant events or transactions during this period or after have had financial consequences. NOTE 6: CONTINGENT LIABILITIES No identified contingent liabilities exists. NOTE 7: REVENUE RECOGNITION The Group’s revenues from contracts with customer can be divided into geographic markets and segments as follows: Q3 2026 PRIMARY GEOGRAPHIC MARKETS: GOODS ROYALTY TOTAL APAC 9,088 1,754 10,842 EMEA 13,459 1,708 15,167 AMERICAS 5,009 1,588 6,597 GLOBAL -6,266 – -6,266 21,290 5,050 26,340 Q3 2025 PRIMARY GEOGRAPHIC MARKETS: GOODS ROYALTY TOTAL APAC 7,522 2,622 10,145 EMEA 13,982 2,135 16,117 AMERICAS 6,922 1,543 8,465 GLOBAL 1,622 14 1,636 30,048 6,314 36,363 Global primarily comprises distributor sales that have not yet been attributed to geographic markets. When sales reach the end customer, they are attributed to the respective region. Global may show a negative amount when sales attributed to the regions exceed the quarter’s new sales recorded under Global. This does not affect the Group’s total net sales. Q3 2026 SEGMENT: GOODS ROYALTY TOTAL Polygiene 6,601 5,050 11,651 Addmaster 14,689 – 14,689 21,290 5,050 26,340 Q3 2025 SEGMENT: GOODS ROYALTY TOTAL Polygiene 17,508 6,315 23,823 Addmaster 12,540 – 12,540 30,048 6,315 36,363 NOTE 8: SEGMENT REPORTING The Group management defines Polygiene Group’s oper- ating segments as Polygiene and Addmaster. The gross profit from these segments is monitored by the Group’s chief operating decision maker and serves as the basis for strategic decisions. No other segment follow-up is current- ly performed. Q3 2026 POLYGIENE ADDMASTER ELIMINATION TOTAL SEGMENT REVENUE Net sales 14,695 14,886 -3,241 26,340 Other income 1,044 234 – 1,278 TOTAL OPERATING INCOME 15,739 15,120 -3,241 27,618 SEGMENT EXPENSES Retail goods -3,486 -7,656 308 -10,834 GROSS PROFIT 12,253 7,464 -2,933 16,784 Q3 2025 POLYGIENE ADDMASTER ELIMINATION TOTAL SEGMENT REVENUE Net sales 28,804 16,266 -8,707 36,363 Other income 873 75 – 948 TOTAL OPERATING INCOME 29,677 16,341 -8,707 37,311 SEGMENT EXPENSES Retail goods -6,930 -8,867 4,357 -11,440 GROSS PROFIT 22,747 7,474 -4,350 25,871 YTD 2026 POLYGIENE ADDMASTER ELIMINATION TOTAL SEGMENT REVENUE Net sales 52,081 50,246 -12,878 89,449 Other income 3,609 428 – 4,037 TOTAL OPERATING INCOME 55,690 50,674 -12,878 93,486 SEGMENT EXPENSES Retail goods -11,669 -24,541 3,867 -32,343 GROSS PROFIT 44,021 26,133 -9,011 61,143
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 17 YTD 2025 POLYGIENE ADDMASTER ELIMINATION TOTAL SEGMENT REVENUE Net sales 81,512 53,151 -24,861 109,802 Other income 1,656 750 – 2,406 TOTAL OPERATING INCOME 83,168 53,901 -24,861 112,208 SEGMENT EXPENSES Retail goods -21,502 -28,252 11,480 -38,274 GROSS PROFIT 61,666 25,649 -13,381 73,934 2026-09-30 SEGMENT ASSETS POLYGIENE ADDMASTER TOTAL Intangible fixed assets 6,230 193,337 199,567 Tangible fixed assets 1,147 1,163 2,310 TOTAL 7,377 194,500 201,877 2025-09-30 SEGMENT ASSETS POLYGIENE ADDMASTER TOTAL Intangible fixed assets 7,063 190,518 197,581 Tangible fixed assets 1,914 1,610 3,524 TOTAL 8,977 192,128 201,105 NOTE 9: OTHER INTEREST INCOME AND OTHER INTEREST EXPENSES AND SIMILAR ITEMS Q3 2026 Q3 2025 YTD 2026 YTD 2025 YEAR 2025 Interest income 109 141 282 418 592 Foreign exchange differences 510 1146 1,847 2,886 3,434 TOTAL 619 1,287 2,129 3,304 4,026 Q3 2026 Q3 2025 YTD 2026 YTD 2025 YEAR 2025 Interest expenses -22 -22 -77 -77 -155 Exchange rate diffe- rences -1 277 -393 -2 973 -4 699 -5 092 TOTAL -1 299 -415 -3 050 -4 776 -5 247 NOTE 10: TAX TAX OF THE PERIOD Q3 2026 Q3 2025 YTD 2026 YTD 2025 YEAR 2025 Tax of the period -79 -53 -1,490 -123 -1,057 Impairment witholding tax -283 -455 -873 -1,062 -1,460 Adjustment of tax from previous period – – – 141 138 Deferred tax – – – – 116 TOTAL TAX -362 -508 -2,363 -1,044 -2,263 NOTE 11: NON-CASH ITEMS Q3 2026 Q3 2025 YEAR 2025 Depreciation of tan- gible and intangible fixed assets 1,352 1,402 4,027 4,288 5,603 Unrealized foreign exchange gains and losses -163 400 -16 -1,357 -938 Other adjustments - - -4 – – TOTAL NON-CASH ITEMS - 528 - 528 300 1,189 2,330 4,007 3,459 4,965 NOTE 12: FINANCIAL ASSETS GOODWILL GROUP TKR 2026-09-30 2025-09-30 YEAR 2025 OPENING ACCUMULATED ACQUISITION VALUES FOR THE PERIOD 187,446 189,782 201,042 Translation difference 5,295 -786 -20,096 CLOSING ACCUMULATED ACQUISITION VALUES 192,741 188,996 180,946 CLOSING CARRYING AMOUNT 192,741 188,996 180,946 OTHER INTANGIBLE ASSETS GROUP TKR 2026-09-30 2025-09-30 YEAR 2025 OPENING ACCUMULATED CARRYING AMOUNT Development projects and similar work 4,708 4,889 4,903 Software and licenses 1,842 2,546 2,510 Trademark 276 1,150 909 CLOSING ACCUMULATED CARRYING AMOUNT 6,826 8,585 8,322 TOTAL INTANGIBLE ASSETS 199,567 197,581 189,268
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 18 55 50 45 40 35 30 25 20 15 10 5 0 SHARE CAPITAL Polygiene Group’s share capital amounts to SEK 3,652,699, divided into 36,526,989 outstanding shares. Polygiene has only one class of shares, and all shares carry equal rights to dividends. The nominal value of each share is SEK 0.10. The Parent Company has issued the following warrant programs, directed at employees and contracted consultants: PROGRAM YEAR QUANTITY PERIOD OF SUBSCRIPTION EXERCISE PRICE 7 2024 265,000 June 1–30, 2027 18.00 8 2025 300,000 June 1–30, 2028 24.66 For more information on the development of share capital, please refer to Polygiene Group’s Annual Report 2025. SHARES The share of Polygiene Group AB (publ.) has been listed on Nasdaq First North Growth Market, Stockholm, since March 14, 2016. During the third quarter of 2026, a total of 1,699,560 shares were traded, corresponding to a daily average of 26,147 shares. The share price at the end of the period was SEK 3.33, corresponding to a market capi- talization of MSEK 121.6. The highest and lowest share prices during the period were SEK 6.98 and SEK 3.12, respectively. SHARE CAPITAL, THE SHARE AND OWNERSHIP STRUCTURE OWNERSHIP STRUCTURE The number of shareholders at the end of the period amounted to 1,619 (1,831). The table below shows the 10 largest shareholders as of September 30, 2026. SHAREHOLDERS SHARES PERCENT Peter Gyllenhammar* 10,900,000 29.8% Paul Morris with family* 4,477,056 12.3% Familjen Eklund 3,750,000 10.3% Håkan Lagerberg* 2,465,030 6.7% Familjen Girell 1,550,000 4.2% Carnegie Fonder 899,000 2.5% Nordnet 894,742 2.4% Jonas Wollin* 688,550 1.9% Avanza Pension 473,401 1.3% Staff an Olsson 445,000 1.2% Other 9,984,210 27.4% Total 36,526,989 100.0% * Refers to personal holdings and those of associated natural persons and legal entities. Source: Data from Monitor, Euroclear and data known to the company. POLYGIENE GROUP AB MARCH 2016 – SEPTEMBER 2026 POLYGIENE GROUP AB FIRST NORTH GM ALL-SHARE TURNOVER NUMBERS OF SHARES PER MONTH SHARE PRICE TURNOVER NUMBERS OF SHARES 5 500 5 000 4 500 4 000 3 500 3 000 2 500 2 000 1 500 1 000 500 00 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 5 500 Omsatt antal aktier i 1000-tal per vecka sepjunmardecsepjunmardecsepjunmardecsepjunmardecsepjunmardecsepjunmardecsepjunmardecsepjunmardecsepjunmardecsepjunmardecsepjunmar 2016 2017 2018 Källa: 2019 2020 2021 2022 2023 0 5 10 15 20 25 30 35 40 45 50 55 First North All-sharePolygiene 2024 2025 20262016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
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POLYGIENE GROUP AB (PUBL.) INTERIM REPORT Q3 2026 19 DEFINITIONS Gross margin: Result after cost of goods sold divided by the Group’s net sales. Operating profi t before depreciation (EBITDA): Profi t before depreciation, amortization, interest, and taxes. Operating profi t margin before depreciation: Operating profi t before depreciation, amortization, interest, and taxes as a percentage of the period’s net sales. Operating profi t (EBIT): Earnings before interest and tax. Operating profi t margin: Earnings before interest and tax as a percentage of period net sales. Earnings per share: Earnings after tax divided by the average number of shares. Equity/assets ratio: Adjusted equity in relation to balance sheet total. Equity per share: Equity divided by the total number of shares outstanding at period end. Cash fl ow per share: Cash fl ow divided by the total number of shares outstanding at period end. CONTACT INFORMATION Questions related to the report: Anders Nordgren, CFO +46 (0) 733 90 88 65 anders.nordgren@polygiene.com Dr. Sandrine Garnier, CEO +44 (0)7949 841 497 sandrine.garnier@polygiene.com POLYGIENE GROUP AB Styrmansgatan 2 211 18 Malmö +46 (0) 40 26 22 22 This information is information that Polygiene Group AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regula- tion. The information was submitted for publica- tion, through the contact persons set out above, at 8.00 CET October 22, 2026. Interim report Q3 Oct 22, 2026 Interim report Q4 Feb 18, 2027 Annual Report 2026 April 15, 2027 Interim report Q1 2027 April 22, 2027 FINANCIAL CALENDAR The interim report is published in Swedish and in an English translation. In case of any discrepancies between the two versions, the Swedish version takes precedence.