Interim report
Page 1
Swedencare AB (publ) | Org.nr 556470-3790 Vår vision Att etablera oss som ett ledande bolag inom hälsa för husdjur på samtliga större marknader Vår vision Att etablera oss som ett ledande bolag inom hälsa för husdjur på samtliga större marknader Vår vision Att etablera oss som ett ledande bolag inom hälsa för husdjur på samtliga större marknader Note: The English version is a non-official translation of the original Swedish report. Interim Report July - September 2026 Our vision To establish ourselves as one of the leading companies within Pet Health Care within all larger markets
Page 2
2 Strong momentum in Europe and production, North America turnaround in progress Summary of the period Numbers in parentheses refer to outcome of the corresponding period of the previous year. Third quarter: July 1st - September 30th, 2026 • Net revenue amounted to 732.2 MSEK (712.9 MSEK), corresponding to an increase of 3% (11%) • Organic, currency-adjusted growth amounted to 2% (15%) • Operational EBITDA amounted to 150.1 MSEK (154.9 MSEK), corresponding to a decrease of ‑3%, and an EBITDA-margin of 20.5% (21.7%). The reported EBITDA amounted to 152.2 MSEK and includes a non-operational adjustment of 2.1 MSEK related to the step acquisition of Viyo • Operational EBIT amounted to 122.3 MSEK (132.5 MSEK), corresponding to a decrease of ‑8%, and an EBIT-margin of 16.7% (18.6%) • Profit after tax amounted to 28.7 MSEK (22.2 MSEK) • Earnings per share calculated on 159,840,958 shares (159,840,958 shares) amounted to 0.18 SEK (0.14 SEK) • Cash flow from operating activities amounted to 96.3 MSEK (152.6 MSEK) • As of September 30th, 2026, cash amounted to 91.2 MSEK (145.1 MSEK) • Net debt/R12 operational EBITDA (proforma and adjusted for IFRS16) amounted to 3.0 (2.7) Significant events during the third quarter During the quarter Swedencare announced a planned CEO transition which will occur during 2027. During the quarter, Swedencare subsidiary Summit Vet expanded its product offering to include soft chews, following a successful collaboration with its sister company Vetio. First nine months: January 1st - September 30th, 2026 • Net revenue amounted to 2,052.5 MSEK (2,000.8 MSEK), corresponding to an increase of 3% (7%) • Organic, currency-adjusted growth amounted to 6% (9%) • Operational EBITDA amounted to 407.2 MSEK (402.3 MSEK), corresponding to an increase of 1%, and an EBITDA-margin of 19.8% (20.1%). The reported EBITDA amounted to 409.2 MSEK and includes a non-operational adjustment of 2.1 MSEK related to the step acquisition of Viyo • Operational EBIT amounted to 327.8 MSEK (340.9 MSEK), corresponding to a decrease of ‑4%, and an EBIT-margin of 16.0% (17.0%) • Profit after tax amounted to 70.1 MSEK (39.1 MSEK) • Earnings per share calculated on 159,840,958 shares (159,518,501 shares) amounted to 0.44 SEK (0.24 SEK) • Cash flow from operating activities amounted to 239.8 MSEK (282.1 MSEK) Significant events after the third quarter There are no significant events after the end of the third quarter to comment on.
Page 3
3 Words from the CEO The third quarter was characterized by good development in Europe and within the Production segment, but also by continued challenges in North America. Net revenue amounted to 732 MSEK, an increase of 3% compared with the corresponding quarter the previous year and of 9% compared with Q2. The operational EBITDA margin amounted to 20.5% and operational EBITDA to 150 MSEK. This was lower than in the corresponding quarter the previous year, but the highest quarter of the year as expected. Cash flow from operating activities remained strong and amounted to 96 MSEK, which enabled a further debt reduction of 70 MSEK during the quarter. Net debt amounted to 3,0, an increase compared to previous year, due to Summit Vet's earn -out being included from Q2, however a decrease compared to previous quarter. Organic growth amounted to 2%, which was a disappointment and lower than expected. My expectation was to be in line with Q2, when we delivered 7%. The deviation is explained mainly by three factors: an SQF inspection in September that, pleasingly, resulted in the approval of a further facility but affected production more than expected; a weaker development than expected for our European veterinary brands in the end of the quarter; and supply chain challenges. The latter led both to delayed deliveries and t o a negative effect on online sales for some of our brands. For the full year we now have organic growth of 6%, and our ambition is to return to double -digit organic growth in Q4 while double digit growth for the full year is no longer a probable target. North America remains a challenge but our team at Naturvet has carried out extensive work, and we expect a gradual improvement for the brand in the coming years. The US veterinary channel remains weak, but we expect to see an impact from our larger partnerships ahead of the launches in early 2027. Europe and the Production segments continued, as in the previous quarter s, to deliver strong results, both segments with organic growth of 11 %. Within the Production segment, it remains challenging for our largest North American unit within the manufacturing of dermatology products and supplements. On the next page and in today’s webinar, John Kane describes the measures we are taking to turn the development around, including by broadening the offering to categories where we see both internal and external needs. At the same time, demand is very high within production in the EU and the UK a s well as within Pharma, both from existing customers and through new customer enquiries. We have won new contracts, and our Pharma unit has been approved following a PAI (Pre- Approval Inspection) by the US FDA. The inspection concerned an approval which was required to begin manufacturing a recently approved pharmaceutical product for a customer. Production is planned to start during 2027. ProDen PlaqueOff® continues to develop strongly, with growth above 30%, for yet another quarter. Our own Amazon sales in both the US and Europe continue to develop well, while the strong export trend persists. In closing, I would like to comment that, after 12 years, I have informed the Board that I will leave my role no later than during Q3 2027. Leading Swedencare from a single-product company with revenue of just under 20 million SEK in 2014 to a global animal health group with revenue of 2.7 billion SEK in 2025 has been an extraordinary entrepreneurial journey. During this period, we have consistently had strong growth, high profitability and solid cash generation. I will do my utmost to create the best possible conditions for a smooth transition. I am convinced that my successor will continue to develop Swedencare and lead the Group to new heights in the years ahead. Håkan Lagerberg Malmö, October 21st, 2026
Page 4
4 Production expands into treats, rx liquid and pharmaceutical soft chews Vetio South (Jupiter, FL, USA) Four years after its last expansion in late 2022 at the Jupiter, Florida location, we are again investing in a further expansion to produce two new product categories: pet treats and rx non-sterile liquids. The treats plant comes online in December of this year and ramps up in the first quarter of 2027, while the non- sterile liquids operation follows later in 2027. Once complete, the 13,000 square meter (140,000 square foot) Vetio South facility will support the development and manufacturing of pet supplements, treats, as well as prescription and OTC topical liquid products all under one roof. The expansion reflects Vetio's ambition to strengthen its presence in categories characterized by strong consumer demand and sustained innovation. Treats and supplements have become increasingly important components of companion animal care, driven by pet parents seeking products that support health, wellness, and quality of life while being easy to administer. The rx non-sterile liquids capabilities complement Vetio's leading position in OTC medicated topicals and offer more options for its Animal Health pharma customers. Summit Vet (Oxfordshire, UK) Beginning in late 2025, Summit Vet began development of compounded soft chew specials, leveraging the global patent of Vetio for delivery of pharmaceutical and nutraceutical ingredients. Following the commissioning of a new production area for soft chews, Summit Vet launched its first product in the quarter, with many more to follow. The soft chew dosage form is more palatable than many other dosage forms, making it easier for both veterinarians and pet parents to medicate the companion animal. As significant demand for the soft chew format continues to persist across several market segments, Summit Vet continues to strengthen its position by developing innovative and customized products. The company's proven ability to deliver such solutions creates good conditions for capturing market share and driving long -term sustainable growth. More information about Summit Vet, the process behind developing the dosage form and the collaboration within the group is described in more detail on page 12. John Kane Production Director
Page 5
5 Development 2021 - 2026 Full year history of net revenue and EBITDA (MSEK) Quarterly history of net revenue and EBITDA (MSEK) 0 100 200 300 400 500 600 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 R12 2026 0 20 40 60 80 100 120 140 160 Q3 2021 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026* Net revenue EBITDA Operational EBITDA *During Q3 2026, operational EBITDA was lower than EBITDA and is therefore not shown in the chart. Additional KPI’s and definitions can be found on page 26-30. Q3 Swedencare Group Net revenue 732.2 MSEK Change in net revenue 3% Organic growth 2% Operational gross margin 59.2% Operational EBITDA 150.1 MSEK Margin 20.5 % Net debt/R12 operational EBITDA 3.0 Operating cash flow 96.3 MSEK Cash 91.2 MSEK
Page 6
6 Financial development – Q3 2026 Net revenue Net revenue amounted to 732.2 MSEK (712.9 MSEK), an increase of 3% compared to the corresponding period last year. The growth is divided into 2% organic growth, 1% acquired growth and currency impact is rounded to 0%. The acquired growth in the quarter is attributable to the step acquisition of the Belgian company Viyo, which is described in more detail in note 2. Both the production and European segments contributed to organic growth, with 11% in each segment. The North American segment had negative organic growth of -4%. The Group’s single-digit organic growth is attributable to negative growth in the Nutraceuticals product group within the North American segment and our largest unit within the production segment . This is due to lower orders from a few larger customers, impacting revenue in both Private label/Contract manufacturing and the Group’s own brands. The Group’s organic growth in the third quarter was driven by the Dental and Pharma product groups, as in the previous quarter. The Dental product group includes ProDen PlaqueOff®, the Group’s largest brand in terms of revenue, where we continue to see strong demand for oral health products. Pharma, in both the production and European segment, as well as contract manufacturing in Europe, showed strong growth and contributed to the organic growth in the quarter. MSEK North America Europe Production Group Q3 2026 406.0 183.7 142.5 732.2 Organic growth -4% 11% 11% 2% Acquired growth 0% 2% 0% 1% Currency impact 0% 0% 0% 0% Q3 2025 421.7 162.6 128.7 712.9 Organic growth 18% 19% 3% 15% Acquired growth 1% 23% 0% 5% Currency impact -11% -3% -7% -9% Q3 2024 389.4 116.9 134.6 641.0 Organic growth -5% 16% 68% 9% Acquired growth 1% 0% 0% 0% Currency impact -3% -2% -4% -3% Q3 2023 417.8 102.2 82.0 602.0 Total net revenue 0 100 200 300 400 500 600 700 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 +3%
Page 7
7 Segment distribution North American segment 56% of total net revenue The net revenue of the companies belonging to the North American segment amounted to 406.0 MSEK (421.7 MSEK), a decrease of -4% compared to the corresponding period last year which is entirely attributable to organic growth. The negative organic growth in the segment is mainly explained by lower revenue in the Nutraceuticals product group, where lower orders from a few larger customers affected revenue of both Private Label products and the Group’s own brands where NaturVet has the largest impact . However, revenue of the ProDen PlaqueOff ® brand showed strong, organic growth of 33% in the segment. The North American segment accounts for 5 6% of the Group’s total net revenue, compared to 59% during the corresponding period last year. European segment 25% of total net revenue For the European segment revenue amounted to 183.7 MSEK (162.6 MSEK), an increase of 13% compared to the corresponding period last year. The growth is divided into 11% organic growth and 2% acquired growth attrib uted to the step acquisition of Viyo. In the segment, Dental is the fastest -growing product group, driven by online sales and export to markets managed by distributors. Sales in Rest of the World have almost doubled compared with the corresponding period last year, primarily driven by growth in China and Chile, with other markets in South America and Asia also contributing to the increased revenue. During the quarter, several local sales websites migrated to a new platform, resulting in higher conversion rates and increased revenue. The European segment has increased their share of net revenue compared to the corresponding period last year with two percentage points to 25% (23%). Production segment 19% of total net revenue Net revenue in the production segment amounted to 142.5 MSEK (128.7 MSEK), an increase of 11% compared to the corresponding period last year which is entirely attributable to organic growth . Even though the segment’s largest company shows negative organic growth, the segment continues to deliver double -digit organic growth. Growth is mainly driven by sales in the Pharma and Dental product groups. In Pharma, which comprises both development and manufacturing, our own manufacturing has gained momentum, with revenue increasing by 82% compared to the corresponding period last year. Demand for soft chew contract manufacturing remains high, with strong growth from existing customers as well as several major new customers in Europe, contributing to organic growth. There is an even geographical distribution within the segment with 54% of net revenue in North America and 46% in Europe. The production segment's share of revenue has increased compared to the corresponding period last year and represents 19% (18%) of the Group's total net revenue. 0 100 200 300 400 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 -4% 0 30 60 90 120 150 180 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 +13% 0 20 40 60 80 100 120 140 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 +11%
Page 8
8 Financial development – First nine months 2026 Net revenue Net revenue for the first nine months amounted to 2,052.5 MSEK (2,000.8 MSEK) which corresponds to an increase of 3% compared to the corresponding period last year. The growth is divided into 6% organic growth, 2% acquired growth and -5% negative currency impact. The acquired growth is attributable to Summit Vets' revenue in the first quarter of the year and Viyo's revenue in the third quarter. The currency effect is primarily linked to the change in USD, the Group's largest currency, during the first quarter of the year. The Production segment shows the highest organic growth during the first nine months of the year with 19%, followed by the European segment with organic growth of 16%. The North American segment shows negative organic growth of-1%. The Group's organic growth for the first nine months is driven by the Dental and Pharma product groups. Both product groups have had strong momentum within all segments in which they operate. Segment distribution North American segment 56% of total net revenue The net revenue of the companies belonging to the North American segme nt amounted to 1,143.2 MSEK (1,225.1 MSEK), a decrease of ‑7% compared to the corresponding period last year. The growth is divided into -1% organic growth and -6% currency impact affected by the weaker USD against the SEK primarily during the first quarter of the year. The negative organic growth is mainly attributable to the segment's largest product group, Nutraceuticals, where it is primarily Private Label sales that have declined compared with the corresponding period the previous year. Sales within the Den tal product group and the ProDen PlaqueOff ® brand, by contrast, show strong growth during the first nine months of the year. The North American segment accounts for 56% of the Group’s total net revenue, compared to 6 1% during the corresponding period last year. European segment 25% of total net revenue For the European segment revenue amounted to 506.3 MSEK (419.8 MSEK), an increase of 21% compared to the corresponding period last year. The growth is divided into 16% organic growth, 8% acquired growth and -3% currency impact . Acquired growth is attributable to Summit Vet in the first quarter of the year and the step acquisition of the Belgian company Viyo in the third quarter of the year. The strong momentum in Europe is confirmed by solid organic growth for almost all companies in the segment. In Europe as well, it is the Dental product group that grows fastest, driven by online sales, both on Amazon and own websites, as well as to the export markets handled by distributors. Sales via Amazon EU during the first nine months of the year corresponded to the combined sales of the previous five years, and export sales have already exceeded the full - year sales for 2025. Pharma also shows strong growth in the segment. Revenue in the segment was geographically distributed with 90% in Europe and 10% in Rest of the World. The European segment's share of net revenue has increased compared to the corresponding period last year and now represents 25% (21%) of the Group's net revenue. Production segment 19% of total net revenue For the production segment the net revenue amounted to 403.1 MSEK (355.9 MSEK), an increase of 13% compared to the corresponding period last year. The growth is divided into 19% organic growth and -6% currency impact. The growth is mainly attributable to contract manufacturing within both Pharma and Nutraceuticals. Pharma has shown solid growth in the US, and Nutraceuticals in Europe. Sales within the Dental produ ct group have also shown solid growth compared with the corresponding period the previous year. Net revenue in the segment are geographically distributed with 5 5% in North America, 4 4% in Europe, and 1% in the Rest of the world. The production segment's share of revenue has increased compared to the corresponding period last year and represents 19% (18%) of the Group's total net revenue.
Page 9
9 Q3 2026 Profit For the third quarter , the operational gross margin amounted to 59.2% (58.5%) and the reported gross margin amounted to 59.1% (55.2%), which is in line with expectations. The adjustment is related to a non- operational revaluation of acquisition inventory to fair value of 0.9 MSEK (24.0 MSEK), which during the quarter refers to Viyo. The external costs amount ed to 183.6 MSEK (168.9 MSEK). The increase compared to the corresponding quarter of the previous year is partly explained by Amazon sales accounting for a larger share of total net revenue, resulting in higher related marketing costs, as well as an increased provision for accounts receivables. During the quarter, external costs amounted to 25% of net revenue , which is one percentage point higher than in the corresponding quarter previous year , but one percentage point lower than Q2 2026. Personnel cost amounted to 14% of net revenue during the quarter , which is in line with the corresponding quarter previous year and two percentage point lower than Q2 2026. The operational operating profit (EBIT) amounted to 122.3 MSEK (132.5 MSEK), corresponding to an operational EBIT margin of 16.7% (18.6%). Of the 27.0 MSEK (24.3 MSEK) in depreciation of tangible assets for the quarter, 14.5 MSEK (9.8 MSEK) is attributable to IFRS16 (leased assets). Amortization of intangible fixed assets amounts to 53.7 MSEK (54.4 MSEK), of which 52.9 MSEK (53.5 MSEK) relates to non -operational amortization of acquisition -related intangible assets. The financial costs of 31.7 MSEK (20.2 MSEK) are still affected by negative exchange rate variations and present value calculation for earn -out. In connection with the step acquisition of Viyo, the previously held interest was revaluated which had a negative non - operational impact on the financial costs with 3.8 MSEK. During the quarter, the interest expenses on external loans amounted to 11.9 MSEK (13.2 MSEK), which is explained by a lower debt level. The operational net income adjusted for both positive and negative affect of acquisition of Viyo, as further described in note 2, amounts to 83.3 MSEK (105.0 MSEK), which corresponds to an operational net income margin of 11,4% (14,7%). The net income for the quarter amounted to 28.7 MSEK (22.2 MSEK) corresponding to a net income margin of 3.9% (3.1%). Earnings per share during the third quarter 2026 amounted to 0.18 SEK ( 0.14 SEK) calculated on a weighted average number of shares, 159,840,958 (159,840,958) as of September 30th, 2026. Cash flow Cash flow from operating activities amounted to 96.3 MSEK (152.6 MSEK). The change in working capital amounted to ‑31.8 MSEK (36.6 MSEK) is mainly due to higher accounts receivable and continued increased inventory levels to ensure strong product availability and delivery capacity in the coming periods. Cash flow during the quarter was positively impacted by the acquisition of Viyo, as the cash added to the Group as part of the acquisition, amounting to 7.4 MSEK, exceeded the purchase price. Investments in tangible and intangible fixed assets amounted to 17. 6 MSEK (15.6 MSEK), which corresponds to 2% (2%) of net revenue. During the third quarter, 70.0 MSEK was amortized on the long term loan. Cash flow amounted to 2.3 MSEK (24.3 MSEK). Operational gross profit/gross margin 58.9% 58.5% 56.8% 59.7% 61.0% 59.2% 50% 51% 52% 53% 54% 55% 56% 57% 58% 59% 60% 61% 62% 63% 64% 65% 0 100 200 300 400 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026
Page 10
10 First nine months Profit The operational gross margin amount ed to 60.0% (58.5%) after adjustment for a non -operational revaluation of acquisition inventory to fair value of 0.9 MSEK (48.4 MSEK), which during the current period is related to Viyo. The reported gr oss margin amounts to 59.9% (56.1%) for the first nine months. The external costs amount ed to 521.5 MSEK (470.3 MSEK), and corresponds to 25% of total net revenue, compared to 24% for full year 2025. Personnel costs amounted to 15% of net revenue which is in line with full year 2025. The operational operating profit (EBIT) amounted to 327.8 MSEK (340.9 MSEK), corresponding to an operational EBIT margin of 16.0% (17.0%). Of the 77.2 MSEK (62.2 MSEK) in depreciation of tangible assets for the first nine months , 41.0 MSEK (29.6 MSEK) is attributable to IFRS16 (leased assets). Amortization of intangible fixed assets amounts to 156.4 MSEK (167.7 MSEK), of which 154.3 MSEK (165.6 MSEK) relates to non-operational amortization of acquisition-related intangible assets. The financial costs of 83.4 MSEK (54.4 MSEK) are affected by negative exchange rate variations and the accounting for earn-out costs, including a present value calculation. During the first nine months , the interest expenses on external loans amounted to 34.4 MSEK (39.7 MSEK). The operational net income for the period amount to 231.5 MSEK (266.8 MSEK), which corresponds to an operational net income margin of 11.3% (13.3%). The adjustments include, in addition to acquisition -related amortization, mainly earn-out costs and both a negative and positive affect related to the acquisition of Viyo, which is further described in note 2 . The net income amounted to 70.1 MSEK (39.1 MSEK) corresponding to a net income margin of 3.4% (2.0%). Earnings per share during the first nine months amounted to 0.44 SEK ( 0.24 SEK) calculated on a weighted average number of shares, 159,840,958 (159,518,501 ) as of September 30th, 2026. Cash flow Cash flow from operating activities amounted to 239.8 MSEK (282.1 MSEK). Increased inventory levels and higher accounts receivable are the main reason s behind the change in working capital which amounted to ‑65.6 MSEK (‑26.2 MSEK) for the first nine months. Cash flow for the period was positively impacted by the acquisition of Viyo, with acquired cash exceeding the purchase price by 7,4 MSEK . Cash flow was also impacted by an earn-out payment of 4,5 MSEK earlier in the year. In total, these transactions had a positive net effect on the cash flow with 2,9 MSEK. Investments in tangible and intangible fixed assets amounted to 54.4 MSEK (37 .3 MSEK) . Despite increased investments in Vetio South, this corresponds to 3% (3%) of net revenue , which is in line with the expectations also for the full year. Payout of the dividend of 202 5 effected the cash flow negative with 44.8 MSEK, equivalent with 0.28 SEK per share. During the first nine months , a new loan of 50.0 MSEK was raised and amortization on the long - term loan amounted to 175.0 MSEK. Cash flow for the period amounted to ‑20.2 MSEK (‑22.0 MSEK). Financial position Swedencare's equity as of September 30th, 2026 amounted to 7,359.1 MSEK (6,837.1 MSEK), of which 1.6 MSEK (1.6 MSEK) is restricted equity. Swedencare's cash and cash equivalents for the same period amounted to 91.2 MSEK (145.1 MSEK) and interest bearing short - and long -term debts amounted to 1,694.8 MSEK (1,725.7 MSEK). Both short- and long- term debt related to IFRS16 have increased during the period while the long-term external loan has decreased. The Group has a cash pool structure, which allows for a lower cash level as well as lower debt position and lower financing costs. Swedencare’s net debt, as of September 30th, 2026 , amounted to 1,603.6 MSEK (1,580.6 MSEK). Personnel Swedencare had as of September 30th, 2026 a total of 589 employees spread over Sweden (22), England (102), Italy (20), France (3), Greece (10), Ireland (23), Spain (7), USA (33 5), Belgium (1) and Canada (6 6). The gender distribution is 52% women and 48% men. As of the quarter, Viyo is included in the Group, contributing with one employee based in Belgium. As of September 30th, 2025, Swedencare had a total of 609 employees.
Page 11
11 Financing As of September 30th, 2026 , Swedencare's liabilities to credit institutions amounted to 1,335 MSEK. The Group has a term -loan of 800 MSEK and a Revolving Credit Facility (RCF) of 1,000 MSEK, of which the utilized amount was 535 MSEK as of September 30th, 2026 . The utilized amount is four draws that matures at 3 - months intervals. The loans are subject to a floating interest rate (STIBOR+ margin) linked to net debt. The weighted average interest rate as of September 30th, 2026, was 3.49% (3.12%). The loans extends to June 2029 with the possibility of an extension option of one year, which gives a possible final maturity in June 2030. As of September 30th, 2026 the Group has unused credit facilities of 465 MSEK. The loans are subject to financial covenants regarding the financial net debt to proforma R12 operational EBITDA ratio and interest coverage ratio. As of September 30th, 2026 , the reported net debt, to proforma R12 operational EBITDA ratio, both adjusted for IFRS16, was 3.0 compared to 2.7 as of September 30th, 2025. The increase is explained by the inclusion of Summit Vet’s earn-out in the calculation from Q2 2026 onwards, as the liability matures within one year. Swedencare has complied with all covenants set by the bank for all assessments related to borrowing. The loans are subject to financial covenants regarding the financial net debt to proforma R12 operational EBITDA ratio and interest coverage ratio. As of September 30th, 2026 , the reported net debt, to proforma R12 operational EBITDA ratio, both adjusted for IFRS16, was 3.0 compared to 2.7 as of September 30th, 2025. The increase is explained by the inclusion of Summit Vet’s earn-out in the calculation from Q2 2026 onwards, as the liability matures within one year. Swedencare has complied with all covenants set by the bank for all assessments related to borrowing. Net debt/R12 operational EBITDA 2.9 2.7 2.9 2.8 3.1 3.0 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 +12%
Page 12
12 Combining expertise to expand veterinary pharmaceutical offerings Summit Veterinary Pharmaceuticals is expanding its pharmaceutical offering with soft chew formulations, bringing a well -established format from the pet treat and supplement categories into veterinary pharmaceuticals in the UK. The development has been made possible through collaboration with sister company Vetio Animal Health, combining Summit Vet’s veterinary pharmaceutical expertise with Vetio’s soft chew technology and experience. For veterinary professionals, having different dosage forms available can be important when tailoring treatment to individual patients. Soft chews offer a palatable and easy -to-administer alternative to traditional dosage forms such as tablets or liquids. Their texture and the possibility of incorporating appealing flavours can make medication easier for owners to administer, particularly when traditional formats present challenges. While soft chews are already well established in the pet treat and supplement categories, developing the format for pharmaceutical applications presents a different set of challenges. Formulation, stability, consistency and palatability all need to be care fully balanced, while the active pharmaceutical ingredient must remain unaffected. For Summit Vet, this meant combining its pharmaceutical expertise with a deep understanding of soft chew technology. Combining expertise across the Group Vetio brings extensive experience in soft chew development and manufacturing, as well as unique, patented soft chew technology. Summit Vet, meanwhile, has extensive knowledge of veterinary pharmaceuticals and the specific requirements of Animal Health Spec ials, together with its own formulation and analytical method development expertise. The collaboration has provided Summit Vet with access to Vetio’s technology and experience, while allowing the company to build on its own pharmaceutical and manufacturing capabilities as it developed the new dosage form. Having these capabilities within the Swedencare Group significantly accelerated the development pr ocess, helping Summit bring the new offering to the UK veterinary pharmaceutical market more quickly than would otherwise have been possible. Expanding treatment options For veterinary professionals, the benefit is ultimately about choice. Every patient is different, and the most appropriate way to administer medication can depend on the individual patient, the treatment and the practical circumstances faced by the owner. For some patients, a soft, chewable format can make medication easier to administer than other formulations. Its treat-like format can also feel familiar to pets and be associated with positive experiences, allowing owners to give medication directly rathe r than having to disguise it. This is particularly relevant in veterinary medicine, where successful treatment depends not only on the formulation itself, but also on the owner being able to administer it as prescribed. By adding soft chews to its pharmaceutical offering, Summit Vet gi ves veterinary professionals another option when considering how best to administer treatment to individual patients. Creating opportunities across the Atlantic The project illustrates how Swedencare’s global structure can create opportunities by bringing together specialized companies with complementary capabilities. Vetio’s soft chew development and technology capabilities are rooted in North America, while Summit Vet’s pharmaceutical knowledge, manufacturing capabilities and market presence are rooted in the UK veterinary market. Bringing the two together has allowed the companies to combine their respective strengths and introduce soft chew formulations to an additional market segment. The launch demonstrates what can be achieved when specialized companies within the Group leverage each other’s capabilities, creating new opportunities within animal health. ”Joining the Swedencare family has given us access to its globally patented soft chew technology, as well as valuable insights from colleagues with extensive experience in these formulations. Their knowledge has complemented the expertise within our own team as we worked to expand our manufacturing capabilities and bring this exciting dosage form to market” , says Owain Hughes, Operations Director at Summit Vet.
Page 13
13 Share The ten largest shareholders The table summarizes Swedencare's ownership structure as of September 30th, 2026: Number of shares Ownership Symrise AG 65,285,601 40.8% Håkan Svanberg & Co Health Care AB 23,090,775 14.4% JCC Group Invest Sweden AB (Johan Bergdahl through company) 7,555,555 4.7% Nordnet Pensionsförsäkring 5,944,825 3.7% Mastan AB (Håkan Lagerberg through company) 5,805,666 3.6% Avanza Pension 4,729,901 3.0% Alcur Fonder 4,696,272 2.9% Handelsbanken Fonder 3,771,534 2.4% Fjärde AP-fonden 3,295,000 2.1% Kavaljer Fonder 1,579,563 1.0% Other 34,086,266 21.3% Total 159,840,958 100.0% Free float* 55,947,873 35.0% Holdings include related parties *Shares not owned by board members, management, their close related parties, shareholders with more than 10% or which are part of lockup agreement. Number of shares Share price September 30th, 2026 159,840,958 21.8 September 30th, 2025 159,840,958 34.0 September 30th, 2024 158,862,839 44.3 September 30th, 2023 158,731,900 40.9 Op. EBITA per share (SEK) Operating cashflow per share (SEK) Dividend per share (SEK)
Page 14
14 Financial overview Consolidated statements of comprehensive income Jul - Sep Jul - Sep Jan - Sep Jan - Sep Full year Rolling 2026 2025 2026 2025 2025 12 mths Net revenue 732.2 712.9 2,052.5 2,000.8 2,683.1 2,734.8 Other revenue 5.6 2.6 12.5 9.0 11.5 14.9 Total revenue 737.9 715.5 2,065.0 2,009.8 2,694.6 2,749.8 Cost of sales -299.5 -319.7 -822.9 -878.6 -1,173.1 -1,117.4 Other external costs -183.6 -168.9 -521.5 -470.3 -646.6 -697.8 Personnel costs -102.3 -97.3 -307.9 -312.8 -417.4 -412.5 Other costs -0.3 -1.2 -3.5 -5.0 -6.2 -4.6 Operating profit before depreciation (EBITDA) 152.2 128.5 409.2 343.1 451.3 517.4 Depreciation and write-downs of tangible fixed assets -27.0 -24.3 -77.2 -62.2 -89.5 -104.5 Operating profit before interest, taxes and amortization (EBITA) 125.2 104.2 332.0 280.9 361.8 412.9 Amortization of intangible fixed assets -53.7 -54.4 -156.4 -167.7 -221.2 -209.9 Operating profit (EBIT) 71.5 49.7 175.6 113.2 140.6 203.0 Financial income 2.1 5.7 4.0 10.0 15.6 4.5 Financial costs -31.7 -20.2 -83.4 -54.4 -75.0 -99.0 Results from shares in associated companies 0.0 0.4 2.3 0.2 1.1 3.2 Profit after financial costs 41.9 35.5 98.4 69.0 82.5 111.8 Net income before tax 41.9 35.5 98.4 69.0 82.5 111.8 Tax on profit -19.5 -21.1 -50.5 -45.0 -60.0 -65.5 Deferred tax 6.3 7.7 22.2 15.1 33.0 40.2 Net income 28.7 22.2 70.1 39.1 55.5 86.5 Net income attributable to owners of the Parent company 28.7 22.2 70.2 39.1 55.5 86.6 Net income attributable to controlling interests -0.1 - -0.1 - - -0.1 Exchange difference foreign subs. 223.9 -108.5 660.0 -1,234.5 -1,423.6 470.8 Comprehensive income 252.6 -86.3 730.1 -1,195.4 -1,368.1 557.3 Comprehensive income for the period attributable to owners of the Parent company 252.3 -86.3 729.8 -1,195.4 -1,368.1 557.1 Comprehensive income for the period attributable to non-controlling interests 0.3 - 0.3 - - 0.3 Earnings per share before and after dilution (SEK) 0.18 0.14 0.44 0.24 0.35 0.54
Page 15
15 Consolidated balance sheet 30 Sep 31 Dec 30 Sep ASSETS 2026 2025 2025 Non-current assets Goodwill 4,206.2 3,905.8 3,986.2 Other intangible assets 3,864.8 3,731.0 3,868.5 Shares in associated companies 0.2 10.3 9.3 Buildings and land 154.7 125.8 133.3 ROU Buildings and land 335.7 332.0 188.7 Machinery and other tech assets 139.8 132.0 131.2 ROU Machinery and other assets 16.2 7.3 7.9 Tools, furniture, and fixtures 11.3 12.4 11.8 Other financial assets 2.2 2.0 2.1 Deferred tax asset 166.5 147.8 124.4 Total non-current assets 8,897.7 8,406.4 8,463.3 Current assets Inventory 609.2 492.7 527.1 Accounts receivables 353.2 289.0 286.1 Tax receivables 155.9 141.3 90.5 Other receivables 16.0 11.6 8.6 Prepaid costs and deferred revenue 74.6 65.4 77.9 Cash 91.2 103.0 145.1 Total current assets 1,300.0 1,103.1 1,135.3 TOTAL ASSETS 10,197.8 9,509.4 9,598.6 30 Sep 31 Dec 30 Sep EQUITY AND LIABILITIES 2026 2025 2025 Equity Share capital 1.6 1.6 1.6 Share premium 6,258.1 6,257.4 6,256.9 Conversion reserves 760.5 110.8 299.9 Other equity incl. full year profit 330.5 295.1 278.7 Total equity attributable to shareholders 7,350.7 6,665.0 6,837.1 Non-controlling interests 8.4 - - Total equity 7,359.1 6,665.0 6,837.1 Long term liabilities Debt to credit institutions 1,331.4 1,456.3 1,520.9 Other interest-bearing liabilities 302.6 295.2 164.5 Deferred tax liability 528.1 506.9 508.0 Debts to employees 4.9 4.4 4.4 Other long-term liabilities 188.9 163.8 162.7 Short term liabilities Accounts payable 139.7 108.1 117.0 Tax liabilities 161.4 157.4 129.8 Other interest-bearing liabilities 60.9 52.6 40.3 Other liabilities 31.2 26.4 33.1 Deferred costs and prepaid income 89.5 73.5 80.7 Total liabilities 2,838.6 2,844.5 2,761.4 TOTAL EQUITY AND LIABILITIES 10,197.8 9,509.4 9,598.6
Page 16
16 Consolidated cash flow statement Jul - Sep Jul - Sep Jan - Sep Jan - Sep Full year 2026 2025 2026 2025 2025 Operating income before financial costs 71.5 49.7 175.6 113.2 140.6 Depreciation 80.6 78.8 233.6 229.9 310.6 Non-cash flow items -5,1 10.1 -12,0 29.6 21.5 Paid interest -10.2 -12.7 -30.0 -42.0 -54.6 Paid tax -8.8 -10.0 -62.0 -22.4 -60.9 Operating cash flow before change of working capital 128.1 116.0 305.3 308.3 357.3 Change in working capital Change in inventory -20.5 16.9 -56.0 -37.8 -22.5 Change of accounts receivable -34.4 3.6 -30.1 -19.9 -29.2 Change of other receivables 0.8 -0.9 -7.6 0.8 8.9 Change of accounts payable 13.8 6.3 16.7 24.5 18.6 Change in current liabilities 8.4 10.6 11.5 6.2 -6.3 Operating cash flow 96.3 152.6 239.8 282.1 326.8 Investment activities Acquisitions 7.4 -28.3 2.9 -480.2 -480.2 Purchases of intangible assets -0.9 -0.8 -3.1 -3.1 -3.8 Purchases of buildings -12.0 0.8 -26.8 -2.9 -4.8 Purchases of machines -4.4 -13.5 -22.9 -26.9 -37.5 Purchases of tools, furniture, and fixtures -0.3 -2.0 -1.6 -4.4 -5.1 Cash flow from investment activities -10.1 -43.8 -51.5 -517.5 -531.4 Paid dividend - - -44.8 -40.0 -40.0 Loan - - 50.0 2,050.0 2,050.00 Amortization on interest-bearing loan -70.0 -75.0 -175.0 -1,768.0 -1,833.0 Amortization on lease -13.8 -9.5 -38.8 -28.7 -39.2 Cash flow from financial activities -83.8 -84.5 -208.5 213.3 137.8 Cash flow for the period 2.3 24.3 -20.2 -22.0 -66.8 Cash balance at beginning of period 85.4 124.0 103.0 186.8 186.8 Exchange difference in cash 3.5 -3.2 8.4 -19.7 -17.0 Cash balance at end of period 91.2 145.1 91.2 145.1 103.0
Page 17
17 Consolidated change of equity Jul - Sep Jul - Sep Jan - Jun Jan - Sep Full year 2026 2025 2026 2025 2025 Beginning balance 7,098.2 6,922.9 6,665.0 8,032.1 8,032.1 New share issued/share based compensations 0.2 0.6 0.7 40.4 40.9 Paid dividend - - -44.8 -40.0 -40.0 Changes in non-controlling interests 8.1 - 8.1 - - Total profit 252.5 -86.3 730.1 -1,195.4 -1,368.1 Ending balance 7,359.1 6,837.1 7,359.1 6,837.1 6,665.0 Total equity for the period attributable to: Owners of the Parent company 7,350.7 6,837.1 7,350.7 6,837.1 6,665.0 Non-controlling interests 8.4 - 8.4 - -
Page 18
18 Revenue breakdown per segment – Q3 2026 North America Europe Production Group Change % Organic % Geographic market 2026 2025 2026 2025 2026 2025 2026 2025 North America 401.0 416.7 0.2 - 76.5 84.0 477.7 500.7 -5% -5% Europe 1.3 1.0 165.1 152.9 66.0 44.7 232.3 198.6 17% 16% Rest of the world 3.8 4.0 18.5 9.7 - - 22.2 13.6 63% 47% Total 406.0 421.7 183.7 162.6 142.5 128.7 732.2 712.9 3% 2% Product areas Topicals/Dermatology 71.9 75.4 14.2 18.2 45.5 58.6 131.6 152.3 -14% -14% Dental 84.3 62.1 71.3 55.4 21.9 18.3 177.4 135.7 31% 31% Treats 16.0 16.7 - - 0.1 - 16.0 16.7 -4% -5% Nutraceuticals 201.5 230.3 65.0 60.1 43.7 23.7 310.2 314.2 -1% -3% Pharma - - 31.4 27.4 31.0 26.5 62.4 53.9 16% 17% Other 32.4 37.2 1.8 1.4 0.5 1.7 34.7 40.3 -14% -14% Total 406.0 421.7 183.7 162.6 142.5 128.7 732.2 712.9 3% 2% Time of revenue recognition The performance commitment is met over time - - - - 76.6 84.2 76.6 84.2 -9% -9% The performance commitment is met a certain time 406.0 421.7 183.7 162.6 65.9 44.5 655.6 628.8 4% 3% Total 406.0 421.7 183.7 162.6 142.5 128.7 732.2 712.9 3% 2% Trademarks NaturVet® 115.4 133.3 1.7 0.2 0.1 0.2 117.2 133.7 -12% -12% ProDen PlaqueOff® 80.0 59.5 67.3 52.4 12.4 4.0 159.7 115.9 38% 37% Contract Manufacturing - - - - 125.4 122.2 125.4 122.2 3% 3% Private/CO label 67.1 73.6 9.3 6.8 - - 76.4 80.4 -5% -6% All other trademarks 143.5 155.3 105.4 103.2 4.6 2.3 253.6 260.7 -3% -5% Total 406.0 421.7 183.7 162.6 142.5 128.7 732.2 712.9 3% 2%
Page 19
19 Revenue breakdown per segment – First nine months North America Europe Production Group Change % Organic % Geographic market 2026 2025 2026 2025 2026 2025 2026 2025 North America 1,129.2 1,209.0 0.7 - 223.0 246.3 1,352.9 1,455.3 -7% -1% Europe 2.9 3.3 453.8 389.7 175.4 109.3 632.2 502.3 26% 24% Rest of the world 11.0 12.8 51.8 30.2 4.6 0.3 67.4 43.3 56% 54% Total 1,143.2 1,225.1 506.3 419.8 403.1 355.9 2,052.5 2,000.8 3% 6% Product areas Topicals/Dermatology 193.5 200.0 41.1 43.7 142.5 186.9 377.1 430.6 -12% -7% Dental 226.8 186.2 202.9 154.0 55.9 27.0 485.7 367.1 32% 38% Treats 50.0 53.2 - - 0.1 - 50.1 53.2 -6% 0% Nutraceuticals 579.5 681.9 169.3 163.9 106.7 72.8 855.5 918.5 -7% -2% Pharma - - 87.0 53.3 96.3 67.6 183.3 120.9 52% 36% Other 93.3 103.8 6.0 4.9 1.6 1.7 100.8 110.4 -9% -3% Total 1,143.2 1,225.1 506.3 419.8 403.1 355.9 2,052.5 2,000.8 3% 6% Time of revenue recognition The performance commitment is met over time - - - - 229.4 247.4 229.4 247.4 -7% -2% The performance commitment is met a certain time 1,143.2 1,225.1 506.3 419.8 173.6 108.5 1,823.1 1,753.4 4% 7% Total 1,143.2 1,225.1 506.3 419.8 403.1 355.9 2,052.5 2,000.8 3% 6% Trademarks NaturVet® 337.5 360.8 2.8 0.5 0.4 0.5 340.8 361.9 -6% 0% ProDen PlaqueOff® 217.5 183.9 191.5 144.9 29.7 12.7 438.7 341.6 28% 34% Contract Manufacturing - - - - 363.1 335.2 363.1 335.2 8% 14% Private/CO label 180.4 234.4 16.8 21.5 - - 197.2 255.9 -23% -18% All other trademarks 407.8 445.9 295.2 252.9 9.8 7.4 712.8 706.2 1% 1% Total 1,143.2 1,225.1 506.3 419.8 403.1 355.9 2,052.5 2,000.8 3% 6%
Page 20
20 Note 1 Operating segment the Group – Q3 2026 North America Europe Production Group-wide functions Group 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net revenue external 406.0 421.7 183.7 162.6 142.5 128.7 - - 732.2 712.9 Net revenue internal, between segments 0.4 0.4 19.1 6.4 54.6 47.8 -74.1 -54.6 - - Net revenue 406.4 422.1 202.8 168.9 197.0 176.5 -74.1 -54.6 732.2 712.9 Other revenue external 1.8 1.7 3.9 0.7 0.0 0.3 0.0 -0.1 5.6 2.6 Total revenue 408.2 423.7 206.7 169.7 197.1 176.9 -74.1 -54.7 737.9 715.5 Cost of sales -185.1 -194.9 -71.7 -69.5 -111.7 -99.5 68.9 44.3 -299.5 -319.7 Other external costs -118.0 -116.3 -37.1 -30.9 -20.6 -15.6 -7.8 -6.0 -183.6 -168.9 Personnel costs -48.2 -50.2 -20.4 -17.5 -26.6 -22.6 -7.1 -7.0 -102.3 -97.3 Other costs 0.0 0.0 -0.1 -0.4 0.2 -0.8 -0.3 - -0.3 -1.2 EBITDA 56.9 62.4 77.3 51.3 38.4 38.3 -20.5 -23.4 152.2 128.5 Depreciation and write-downs of tangible fixed assets -11.2 -10.4 -3.7 -3.1 -12.0 -10.8 0.0 0.0 -27.0 -24.3 EBITA 45.7 52.0 73.6 48.1 26.3 27.5 -20.5 -23.4 125.2 104.2 Amortization of intangible fixed assets -32.5 -33.2 -6.8 -6.9 -14.3 -14.2 -0.1 -0.1 -53.7 -54.4 EBIT 13.2 18.8 66.8 41.3 12.1 13.3 -20.5 -23.6 71.5 49.7 Financial costs -1.4 -5.8 -4.9 -4.8 -0.4 -0.3 -22.9 -3.7 -29.6 -14.6 Results from shares in associated companies - - - - - - 0.0 0.4 0.0 0.4 Profit after financial costs 11.9 13.0 61.8 36.5 11.6 12.9 -43.4 -26.9 41.9 35.5 Net income before tax 11.9 13.0 61.8 36.5 11.6 12.9 -43.4 -26.9 41.9 35.5 Tax on profit -0.7 0.0 -13.1 -16.4 -5.7 -4.7 - 0.00 -19.5 -21.1 Deferred tax 0.8 -6.1 2.0 7.8 3.7 3.5 -0.1 2.6 6.3 7.7 Net income 12.0 6.9 50.7 27.9 9.6 11.7 -43.6 -24.3 28.7 22.2 An operating segment is a part of the Group that conducts activities from which it can generate revenues and incur expenses, with its operating results regularly reviewed by the company's highest executive decision-maker and for which separate financial information is available. The Group's operations are reported by geographical area (North America, Europe) as well as by manufacturing units. The operating segments are reported in a manner consistent with the internal reporting provided to the highest executive decision-maker, who is responsible for resource allocation and monitoring the results of the operating segments. In the Swedencare Group, this function has been identified as the CEO and CFO. The CEO and CFO use the same operating segments in their reporting of the Group's financial performance to the board, confirming that the external and internal reporting are aligned. The North American operating segment includes seven sales companies in North America. The European operating segment includes ten sales companies in Europe. The Production operating segment includes Vetio (Canada, UK and USA), Swedencare Tillverka (USA), and Swedencare Ireland (Ireland).
Page 21
21 Note 1 Operating segment the Group – First nine months North America Europe Production Group-wide functions Group 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net revenue external 1,143.2 1,225.1 506.3 419.8 403.1 355.9 - 0.0 2,052.5 2,000.8 Net revenue internal, between segments 0.9 2.4 45.6 31.0 147.8 136.1 -194.3 -169.5 - - Net revenue 1,144.1 1,227.5 551.9 450.8 550.9 491.9 -194.3 -169.4 2,052.5 2,000.8 Other revenue external 5.0 5.1 7.5 2.9 0.2 1.3 -0.2 -0.3 12.5 9.0 Total revenue 1,149.0 1,232.6 559.4 453.7 551.1 493.2 -194.5 -169.7 2,065.0 2,009.8 Cost of sales -513.0 -545.6 -187.6 -193.2 -308.8 -271.2 186.6 131.4 -822.9 -878.6 Other external costs -347.9 -313.9 -106.7 -84.6 -44.8 -47.1 -22.1 -24.8 -521.5 -470.3 Personnel costs -147.4 -162.0 -59.4 -49.5 -76.9 -77.0 -24.2 -24.3 -307.9 -312.8 Other costs -0.0 - -1.3 -2.3 -0.9 -1.3 -1.3 -1.5 -3.5 -5.0 EBITDA 140.7 211.1 204.4 124.3 119.7 96.6 -55.5 -88.8 409.2 343.1 Depreciation and write-downs of tangible fixed assets -31.8 -32.2 -10.3 -3.7 -35.1 -26.3 0.0 0.0 -77.2 -62.2 EBITA 108.9 178.9 194.1 120.6 84.6 70.3 -55.6 -88.8 332.0 280.9 Amortization of intangible fixed assets -94.7 -103.8 -20.0 -19.6 -41.4 -43.8 -0.3 -0.4 -156.4 -167.7 EBIT 14.2 75.1 174.1 101.0 43.2 26.5 -55.9 -89.3 175.6 113.2 Financial costs -4.1 -3.0 -14.8 -10.0 -6.8 -1.1 -53.8 -30.3 -79.5 -44.4 Results from shares in associated companies - - - - - - 2.3 0.2 2.3 0.2 Profit after financial costs 10.0 72.1 159.3 90.9 36.4 25.4 -107.3 -119.4 98.4 69.0 Net income before tax 10.0 72.1 159.3 90.9 36.4 25.4 -107.3 -119.4 98.4 69.0 Tax on profit -0.9 -0.6 -34.3 -33.5 -15.3 -11.0 0.0 0.0 -50.5 -45.0 Deferred tax 3.8 -22.7 5.4 17.2 10.8 11.0 2.3 9.6 22.2 15.1 Net income 12.9 48.9 130.5 74.6 31.9 25.4 -105.0 -109.9 70.1 39.1
Page 22
22 Note 2 Acquisitions completed during the year Viyo International NV is consolidated as a subsidiary from July 1, 2026. On July 1, 2026, Swedencare acquired one additional share in Viyo International NV for EUR 2.5, increasing its ownership from 49% to >50% (300,000 out of a total of 599,999 shares outstanding). Swedencare initially acquired its 49% interest in Viyo in July 2025 . Following the step acquisition, an assessment concluded that Swedencare had obtained control of Viyo. Consequently, Viyo has been consolidated as a subsidiary in the Group's financial statements from July 1, 2026. Viyo is a Belgian company offering liquid products designed to support the immune system, aid post -operative recovery, and an innovative solution for cats suffering from CKD (Chronic Kidney Disease). Upon obtaining control, the previously held interest was remeasured to fair value, resulting in a remeasurement loss of 3,8 which has been recognized under financial costs during the quarter. The acquisition was completed at a purchase price below the fair value of the identifiable net assets acquired. This resulted in negative goodwill of 2.9 MSEK, which has been recognized as a gain under other operating income during the quarter. Accordingly, no intangible assets were identified as part of the purchase price allocation. The purchase price allocation is preliminary and may be adjusted during the measurement period permitted under IFRS 3. Acquisition Viyo International NV Purchase price Cash payment for this year's acquisition during 2025 and 2026 8.5 Payment for acquisitions: Payment for this year's acquisition 8.5 Acquired cash and bank balances 7.4 Total paid 1.1 Contributions from acquired companies Contribution from the time when the controlling influence existed Total revenue 4.6 Net income 0.5 Contributions if the acquisitions had been made January 1st, 2026. Total revenue 22.4 Net income 7.0 Acquired assets and liabilities Tangible assets 0.2 Inventory 6.6 Accounts receivable 7.9 Other current receivables 0.6 Cash 7.4 Total acquired net assets 22.7 Accounts payable -0.8 Deferred tax liability -0.3 Other current assets -1.8 Total acquired net liabilities -2.9 Negative goodwill -2.9 Non-controlling interests -8.4 Total 8.5
Page 23
23 Note 3 Accounting principles This interim report has been prepared for the Group in accordance with IAS 34, Interim Financial Reporting, and the Swedish Annual Accounts Act, and for the parent company in accordance with the Swedish Annual Accounts Act. Disclosures in accordance with IAS 34 paragraph 16A are provided, in addition to the financial statements and the accompanying notes, also in other parts of the interim report. IFRS 18 Presentation and Disclosure in Financial Statements is effective for annual reporting periods beginning on or after January 1, 2027. The standard introduces new requirements for the presentation of financial statements, particularly the income statement, as well as enhanced disclosure requirements aimed at improving transparency and comparability in financial reporting. Swedencare is currently assessing the impact of the standard and expects the effects to primarily relate to the presentation of its financial statements. All amounts in the report are presented in Swedish kronor (SEK) and rounded to the nearest million, unless otherwise stated. Note 4 Change in accounting estimates When preparing the financial reports in accordance with IFRS, estimations, judgments, and assumptions are made that affect the application of accounting principles and the amounts reported for assets, liabilities, revenues, and expenses. These estimations and assumptions are based on historical experience and a number of other factors that under current circumstances appear reasonable. Actual outcomes may differ from these estimations and judgments. The areas that involve a high degree of judgment are complex, or are areas where assumptions and estimations are of signific ant importance to the financial reports are disclosed in the latest annual report. There have been no material changes in the preparation of the interim report. Note 5 Transactions with related parties Transactions with related parties occur within the ordinary course of business and are conducted on commercial terms and at market prices. In addition to the usual transactions between group companies and compensations to management and the board of directors, the following transactions with related parties have taken place during the period January 1 st – September 30th 2026: - Purchased products from companies controlled by senior executives for an amount of 0.6 MSEK - Purchased services from companies controlled by senior executives for an amount of 0.2 MSEK Note 6 Fair value Financial liabilities Swedencare has one financial liabilit y related to contingent consideration in business acquisition, which is valued at fair value through profit and loss statement. The contingent consideration is attributable to the acquisition of Summit Vet and is based on company’s revenue until April 1st 2027. The contingent consideration was valued at fair value at the time of acquisition and was revalued at fair value as of September 30th, 2026 . The valuation is based on expected future cash flows, which are discounted using the discount rate (WACC). Swedencare's assessment of the fair value of the financial liability related to contingent consideration as of September 30th, 2026 , amounts to 188.9 MSEK. The adjustment to fair value is recognized as a financial expense of 4.7 MSEK during the third quarter. Note 7 Incentive program Swedencare has one ongoing share -based incentive program. The purpose of this program is to support the company’s long -term development by aligning employee motivation with the interests of the shareholders. For more information about the program, see page 46 of the 2025 Annual Report and the minutes from the 2025 Annual General Meeting, available on the company’s website. Material risks and uncertainties; the Group and the parent company The board and the managing director guarantee that the interim report provides a fair overview of the Company's operations, position, and results. When evaluating Swedencare's future development, it is important to consider risk factors in addition to potential revenue and profit growth. Swedencare's operations are affected by several risks that can have an effect on the company's results and financial position to varying extents. For a description of Swedencare's risks, refer to the management report on pages 64-68 and in note 3 3 in the annual report for 2025. It is deemed that there have been no significant changes in these risks and uncertainty factors as of September 30th, 2026.
Page 24
24 Malmö, October 21st, 2026 Håkan Lagerberg CEO Isabelle Guiller Board Member Thomas Eklund Board Chairman Diego Maurizio Board Member Johan Bergdahl Board Member Thomas Thomsen Board Member Sara Brandt Board Member Ulrika Valassi Board Member Auditor’s review The interim report has been subject to a limited reviewed by the company’s auditor. Future reporting schedule 11/2 2027 22/4 2027 21/7 2027 Contact Swedencare AB (publ), Org.nr. 556470-3790 Medeon Science Park Per Albin Hanssons väg 41 205 12 Malmö Visit our website www.swedencare.com Svensk Kapitalmarknadsgranskning AB is the Certified Adviser of the Company Håkan Lagerberg, CEO Swedencare Phone: +46 (0)73 517 0170 E-mail: hakan.lagerberg@swedencare.se Jenny Graflind, CFO Swedencare Phone: +46 (0)73 944 8554 E-mail: jenny.graflind@swedencare.se Year-end-report Q4 Interim report Q1 Half year report Q2
Page 25
25 Review Report To the Board of Directors of Swedencare AB (publ) Introduction We have reviewed the interim report for Swedencare AB (publ), corporate identity no. 556470-3790, for the period January 1 - September 30, 2026. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of Review We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance wi th ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all mater ial respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Malmö, October 21st, 2026 Deloitte AB Signature on Swedish original Maria Ekelund Authorized Public Accountant
Page 26
26 Definition of Key Performance Indicators In this report, Swedencare presents information that the company's management uses to assess the Group's performance. Some of the key figures presented are not defined according to IFRS. The company believes that these measures provide valuable supplementary information to stakeholders and the company's management as they contribute to the evaluation of relevant trends and the company's performance. Since not all companies calculate key figures in the same way, they are not always comparable to measures used by other companies. Therefore, these key figures should not be seen as a substitute for measures defined according to IFRS. ESMA's guidelines on "alternative performance measures" are applied, which means increased disclosure requirements regarding key figures not defined according to IFRS. Below is a reconciliation of the key figures that Swedencare deems relevant according to these guidelines. Key performance indicators Definition/calculation Key performance indicators Definition/calculation Net revenue The main revenue of the company Change of revenue (%) Net revenue in relation to the previous corresponding period Gross profit Net revenue minus cost of raw materials, consumables, and goods for resale Gross profit margin % Gross profit as a percentage of net revenue Operational gross profit Gross profit excluding items affecting comparability. The measure is relevant for showing the group’s result generated by activities. Operational gross margin (%) Op. gross profit as a percentage of net revenue EBITDA Operating profit before depreciation and amortization EBITDA-margin (%) EBITDA as a percentage of net revenue Operational EBITDA EBITDA excluding items affecting comparability. The measure is relevant for showing the group's results generated by operating activities. Operational EBITDA- margin (%) Op. EBITDA as a percentage of net revenue EBITA Operating profit before amortization EBITA-margin (%) EBITA as a percentage of net revenue Operational EBITA EBITA excluding items affecting comparability. The measure is relevant for showing the group's results generated by operating activities Operational EBITA- margin (%) Op. EBITA as a percentage of net revenue EBIT Operating profit EBIT-margin (%) EBIT as a percentage of net revenue Operational EBIT EBIT excluding items affecting comparability. The measure is relevant for showing the group's results generated by operating activities Operational EBIT- margin (%) Op. EBIT as a percentage of net revenue Net income margin (%) Profit after tax as a percentage of net revenue Organic growth Change in net revenue during the current period, excluding acquisitions and exchange rate effects, in relation to the net revenue corresponding period of the previous year. The acquisitions are included in organic net revenue after a period of twelve months
Page 27
27 Definition of Key Performance Indicators – cont. Operational net income Profit after tax excluding items affecting comparability. The measure is relevant for showing the group's results generated by operating activities Operational net income margin (%) Operational net income as a percentage of net revenue Earnings per share Profit for the period attributable to the parent company's shareholders in relation to the average number of shares (definition according to IFRS) Equity per share Equity in relation to the number of shares at the end of the period Solvency (%) Equity (equity and untaxed reserves minus deduction for deferred tax) calculated as a percentage of total assets. Interest-bearing net debt Interest-bearing debt including financial leasing minus cash. Net debt/Proforma R12 operational EBITDA Net debt, excluding lease liabilities, in relation to proforma R12 operational EBITDA, adjusted for acquired companies during the relevant period, as if such companies have been acquired on the first day of the period. Items affecting comparability refer to events and transactions whose profit effects are important to pay attention to when the period's results are compare d with previous periods and include items of a one-off nature that are not directly related to the ongoing operations, and which are adjusted due to specific events. Items affecting comparison are a designation for items which excluded shows the group's earnings excluding items which by their nature are not recurring as part of its ongoing operations. In addition, peer comp analysis is facilitated of companies that do not make acquisitions, while analysis and assessment of acquisition objects becomes more clear and transparent then their EBIT contribution coincides with the actual contribution to the group after consolidation. It is also important to note that the effect of the acquisitions is reflected in the group's capital structure and net debt in accordance with accepted accounting rules.
Page 28
28 Consolidated Key Performance Indicators Jul - Sep Jul - Sep Jan-Sep Jan-Sep Full year Rolling Result measures 2026 2025 2026 2025 2025 12 mths Net revenue 732.2 712.9 2,052.5 2,000.8 2,683.1 2,734.8 Total revenue 737.9 715.5 2,065.0 2,009.8 2,694.6 2,749.8 Change of revenue (%) 2.7% 11.2% 2.6% 7.1% 6.0% 2.7% Gross margin (%) 59.1% 55.2% 59.9% 56.1% 56.3% 59.1% EBITDA 152.2 128.5 409.2 343.1 451.3 517.4 EBITDA-margin (%) 20.8% 18.0% 19.9% 17.2% 16.8% 18.9% EBIT 71.5 49.7 175.6 113.2 140.6 203.0 EBIT-margin (%) 9.8% 7.0% 8.6% 5.7% 5.2% 7.4% Net income 28.7 22.2 70.1 39.1 55.5 86.6 Net income margin (%) 3.9% 3.1% 3.4% 2.0% 2.1% 3.2% Share data (SEK) Outstanding shares at period close 159,840,958 159,840,958 159,840,958 159,840,958 159,840,958 159,840,958 Average outstanding shares 159,840,958 159,840,958 159,840,958 159,518,501 159,599,778 159,840,958 Earnings per share before and after dilution* 0.18 0.14 0.44 0.24 0.35 0.54 Equity per share 45.99 42.77 45.99 42.77 41.70 - Other information Cash 91.2 145.1 91.2 145.1 103.0 - Interest-bearing net debt 1,603.6 1,580.6 1,603.6 1,580.6 1,701.0 - Equity 7,359.1 6,837.1 7,359.1 6,837.1 6,665.0 - Balance sheet total 10,197.8 9,598.6 10,197.8 9,598.6 9,509.4 - Solvency (%) 72.1% 71.2% 72.1% 71.2% 70.1% - * KPI's defined according to IFRS
Page 29
29 Consolidated Operational Key Performance Indicators Jul - Sep Jul - Sep Jan - Sep Jan - Sep Full year Rolling 2026 2025 2026 2025 2025 12 mths Net revenue 732.2 712.9 2,052.5 2,000.8 2,683.1 2,734.8 Operational gross profit 433.6 417.3 1,230.5 1,170.6 1,557.9 1,617.8 Operational gross margin (%) 59.2% 58.5% 60.0% 58.5% 58.1% 59.2% Revaluation of acquisition stock to fair value -0.9 -24.0 -0.9 -48.4 -47.9 -0.4 Gross profit 432.7 393.3 1,229.6 1,122.2 1,510.0 1,617.4 Gross margin (%) 59.1% 55.2% 59.9% 56.1% 56.3% 59.1% Operational EBITDA 150.1 154.9 407.2 402.3 511.0 515.8 Operational EBITDA-margin (%) 20.5% 21.7% 19.8% 20.1% 19.0% 18.9% Merger- and acquisition costs 0.0 - 0.0 -5.3 -6.3 -1.0 Revaluation of acquisition stock to fair value -0.9 -24.0 -0.9 -48.4 -47.9 -0.4 Other non-operational items affecting comparability 2.9 -2.4 2.9 -5.5 -5.5 2.9 EBITDA 152.2 128.5 409.2 343.1 451.3 517.4 EBITDA margin (%) 20.8% 18.0% 19.9% 17.2% 16.8% 18.9% Operational EBITA 123.1 133.5 330.0 343.0 424.4 411.3 Operational EBITA-margin (%) 16.8% 18.7% 16.1% 17.2% 15.8% 15.0% Merger- and acquisition costs 0.0 - 0.0 -5.3 -6.3 -1.0 Revaluation of acquisition stock to fair value -0.9 -24.0 -0.9 -48.4 -47.9 -0.4 Other non-operational items affecting comparability 2.9 -5.3 2.9 -8.4 -8.4 2.9 EBITA 125.2 104.2 332.0 280.9 361.8 412.9 EBITA margin (%) 17.1% 14.6% 16.2% 14.0% 13.5% 15.1% Operational EBIT 122.3 132.5 327.8 340.9 421.6 408.5 Operational EBIT-margin (%) 16.7% 18.6% 16.0% 17.0% 15.7% 14.9% Merger- and acquisition costs 0.0 - 0.0 -5.3 -6.3 -1.0 Revaluation of acquisition stock to fair value -0.9 -24.0 -0.9 -48.4 -47.9 -0.4 Other non-operational items affecting comparability 2.9 -5.3 2.9 -8.4 -8.4 2.9 Amortization of acquisition-related intangible assets -52.9 -53.5 -154.3 -165.6 -218.4 -207.1 EBIT 71.5 49.7 175.6 113.2 140.7 203.1 EBIT margin (%) 9.8% 7.0% 8.6% 5.7% 5.2% 7.4%
Page 30
30 Consolidated Operational Key Performance Indicators – cont. Jul - Sep Jul - Sep Jan - Sep Jan - Sep Full year Rolling 2026 2025 2026 2025 2025 12 mths Operational net income 83.3 105.0 231.5 266.8 336.5 301.3 Operational net income margin (%) 11.4% 14.7% 11.3% 13.3% 12.5% 11.0% Merger- and acquisition costs 0.0 - 0.0 -5.3 -6.3 -1.0 Revaluation of acquisition stock to fair value -0.9 -24.0 -0.9 -48.4 -47.9 -0.4 Other non-operational items affecting comparability -0.8 -5.3 -6.2 -8.4 -8.4 -6.2 Amortization of acquisition-related intangible assets -52.9 -53.5 -154.3 -165.6 -218.4 -207.1 Net income 28.7 22.2 70.1 39.1 55.5 86.6 Net income margin (%) 3.9% 3.1% 3.4% 2.0% 2.1% 3.2%
Page 31
31 This is Swedencare Swedencare is listed on the NASDAQ First North Growth Market and also trades on the OTCQX ® Best Market. We develop, produce, and sell premium products in the global and rapidly growing pet healthcare market, focusing on cats, dogs, and horses. Our extensive product portfolio includes stron g brands such as NaturVet®, Innovet, Pet MD®, Rx Vitamins®, nutravet®, Rileys®, and ProDen PlaqueOff®, the original solution for good oral health. With headquarters in Malmö, our products are sold in approximately 70 countries through online channels, pet stores, veterinarians, and FDMC. Our extensive distribution network consists of subsidiaries in ten countries, along with an international network of retailers. Swedencare has experienced strong growth for several years while maintaining high profitability. Vision Swedencare is established in all major markets as an innovative and reliable pet healthcare company. With a global presence and channel strategy as well as a broad portfolio of well-functioning Pet Health Care products for the most important therapy areas, it is our vision to establish ourselves as one of the leading companies within Pet Health Care on all larger markets. Financial objective • Annual double-digit organic growth • Establish an Op. EBITDA margin above 26% midterm (approx. 23% Op. EBIT) • Net debt/R12 Op. EBITDA (proforma and adjusted for IFRS16) ratio below 2.0* These targets underscore Swedencare’s focus on disciplined financial management, operational efficiency, and strategic expansion. *Subject to flexibility for acquisitions. Dividend Swedencare will propose a dividend that takes into account the group's profit as well as its consolidation and investment nee ds, liquidity, and financial position. The aim is to distribute a dividend equivalent to 40 percent of the profit after tax, adjusted for non-operating costs. For 2025, the Annual General meeting decided a dividend of 0.28 SEK (0.25 SEK) per share. Mission We care about improving the health and wellbeing of pets, creating reassurance for the pet parent, worldwide and throughout the whole life of the pet.
Page 32
Premium Pet Health Care products Read more at swedencare.com