Slides
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< Q3 2026 Report Johannes Doll, CEO Mikael Haag, CFO Peter Sackey, CMO October 22, 2026
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< Disclaimer Forward-looking statements This presentation may contain certain forward-looking statements and forecasts based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on Sedana Medical’s business, financial condition and results of operations. The terms “anticipates”, “assumes”, “believes”, “can”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “might”, “plans”, “should”, “projects”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology are used to identify forward-looking statements. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to, implementation of Sedana Medical’s strategy and its ability to further grow, risks associated with the development and/or approval of Sedana Medical’s product candidates, ongoing clinical trials and expected trial results, the ability to further commercialize Sedaconda ACD and Sedaconda (isoflurane), technology changes and new products in Sedana Medical’s potential market and industry, the ability to develop new products and enhance existing products, the impact of competition, changes in general economy and industry conditions and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Sedana Medical disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 2
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< Q3 highlights: FDA review underway and return to sales growth 1 All Sales growth numbers are excl. Fx effects 3 Achieve growth in our ex-US business • Return to growth after flat H1: Q3 group sales of 44.2 MSEK, up 7%1 from last year • Performance improvement in Germany: -2%1 in Q3 after -18%1 in H1 • Continued growth in other businesses: - Other Direct Markets: +11% - Distributor Markets: +27% - Contract Manuf’g: +47% Reach EBITDA profitability • Improved EBITDA YTD - Q3: -7 MSEK (-6) - YTD: -7 MSEK (-10) • Positive Ex-US EBITDA YTD, with +3 MSEK (2), despite seasonally weaker Q2/3 and with typically stronger Q4 ahead • Significantly reduced cash burn: cash of 40 MSEK end of Q3, credit facility gives access to additional 50 MSEK Conquer the US market • NDA accepted for review by FDA in August • Review ongoing (PDUFA date set for April 16, 2027) • FDA-authorized Early Access Program underway Our 3 priorities
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< We have accomplished a successful turn-around after Covid-19 Successful restructuring after Covid-19 • Streamlined corporate headquarters and improved overall spend effectiveness • Shifted resources to the frontline • Steered investments towards profitable and growing markets • Implemented front-line effectiveness initiatives • Reduced CoGs of Sedaconda ACD through acquisition of main supplier 4 Group EBITDA Percent -68 -28 -17 -5 -5 22 23 24 25 YTD 26 Ex-US EBITDA Percent -65 -26 -9 3 2 22 23 24 25 YTD 26 Net Sales SEK million 123 154 179 200 147 22 23 24 25 YTD 26
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< Germany has shown significant improvement and actions are in place to return to growth 5 Net Sales MSEK 2025 2026 22.6 22.0 -3% Q3 -2% excl. Fx 2025 2026 83.4 70.2 -16% YTD -14% excl. Fx Comments • After steep sales decline in H1 (-18%), Germany came close to last year’s level in Q3 (-2%) • Market headwinds (fewer patients in ICU) persisted, but to a lesser extent than in H1 • Our sales acceleration program under new leadership focuses on increasing penetration in high-potential accounts. We see early evidence that the approach is working: - Clarity around high-potential accounts and growth opportunities in each territory - Majority of activities targeted at high-potential accounts - High-potential accounts have already shown robust growth in Q3
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< Market headwinds from low patient numbers have affected performance in Germany 6 1 SARI = Severe acute respiratory infections Source: Robert Koch Institut weekly reports, Sedana Medical analysis 80 85 90 95 100 105 110 115 120 Calendar week24- Jan 24- Mar 24- May 24- Jul 24- Sep 24- Nov 25- Jan 25- Mar 25- May 25- Jul 25- Sep 25- Nov 26- Jan 26- Mar 26- May 26- Jul 26- Sep Germany order intake vs. ICU admissions with SARI1 Both are trailing 12 months and indexed to January 2024 • Our order intake has directionally followed ICU admissions with severe acute respiratory infections (SARI) • Since the peak mid 2025 (TTM), ICU caseload has declined more than our revenue • Our acceleration program is designed to de-couple more from the market trend and to increase penetration Comments Germany order intake, trailing 12 months (EUR) ICU admissions with SARI, trailing 12 months (RKI data) Index (January 2024 = 100)
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< All ‘Other Direct Markets’ showed growth in Q3 7 Net Sales MSEK 2025 2026 13.4 15.1 +12% Q3 2026 +11% excl. Fx 2025 2026 47.8 55.6 +16% YTD +19% excl. Fx Comments • Continued growth in Spain, albeit at a softer level in the seasonally weaker Q3, which is affected by fewer patients and staff who are less familiar with our therapy. Focus is still on establishing inhaled sedation as a standard in as many hospitals as possible and driving penetration in neuro units following the positive NeuroConda study. • France was the fastest growing market in Q3, driven by continued sales uptake in the AP-HP network and other high-potential accounts. Restructuring of the French organization nears completion, with a new Country Manager starting in November. • UK showed soft growth during the quarter. Restructuring is ongoing to better align our geographical footprint with high growth opportunities.
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< Distributor markets continued to deliver solid growth 8 Net Sales MSEK 2025 2026 2.7 3.4 +26% Q3 2026 +27% excl. Fx 2025 2026 10.4 12.7 +22% YTD +23% excl. Fx Comments • Distributor market sales are generally more volatile due to irregular ordering patterns and higher stock levels • Focus of 2025 activities was on providing targeted support to prioritized partners, laying the groundwork for growth in 2026. In parallel, 5 distributors without meaningful sales contribution were terminated. • In Q3 2026, our distributor markets continued their solid growth trajectory, growing 27% in the quarter, driven once again by positive development in South America and the Kingdom of Saudi Arabia.
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< US approval would meaningfully expand our addressable market Sources: Europe: based on publicly available data by country and Sedana Medical analysis USA: based on market assessment performed by external consultant company (Clarion Health) Europe (direct markets) United States ~1 million 3-4 BSEK 10-12 BSEK >2 million Ventilated adult ICU patients p.a. Market potential inhaled sedation 9 • Only approved ICU therapy for inhaled sedation • Direct sales teams in Germany, UK, France, Spain, Benelux Status • Two successful pivotal trials completed • Fast Track Designation; NDA accepted for review (Aug 2026) • Early Access Program ongoing
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< We are preparing for launching ourselves in the US 10 1 Source: American Hospital Association Market • The United States have a market potential of 10-12 BSEK (vs. 3-4 BSEK in today’s direct markets) • Concentrated customer base: ~4,860 hospitals with ICU care (of which ~2,800 with >10 beds)1 • Strong product- market fit Strategy • We are preparing to build a commercial US subsidiary and launch our therapy ourselves - Keep control of our assets and capture more of the upside - Increase the value by achieving proof of concept - Strong support from prominent clinical trial sites • Keep the option to add complementary partnership(s) if deemed attractive
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< FDA review is ongoing 11 Progress towards US approval ✓ Two successful Phase III trials - Primary endpoint met in both studies - No new safety findings - Expect meaningful differentiation from secondary endpoints and PK/PD ✓ FDA Fast Track Designation (FTD) ✓ Early Access Program ongoing with good interest ✓ NDA submitted in June 2026 ✓ Filing accepted for review by FDA (PDUFA date April 2027), review ongoing Why we would fit well into the US market Fit with hospital reimbursement mechanism Under the DRG system, hospitals will benefit financially if patients leave the ICU faster Wide-spread preference for opioid-sparing therapies Much higher awareness of opioid risks in the US, due to the opioid epidemic with >50,000 overdose deaths p.a. Fit with existing treatment recommendations CDC’s “Wake Up and Breathe” collaborative intends to get patients off the ventilator sooner and improve recovery time
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< Secondary endpoints showed several potential benefits (subject to approval and label decision by the FDA) 12 1 No statistically significant difference vs. propofol in individual studies Clinical results • Greater opioid reduction compared to propofol (approx. 31% and 37% reduction vs. baseline) Relevance in practice • Opioids cause (dose-dependent) issues in the ICU, such as constipation, respiratory depression, withdrawal and delirium • Opioid doses administered during mechanical ventilation are associated with persistent opioid use in the year after discharge • Fast return to wakefulness, typically within 60 minutes after treatment termination (ns1) • Long wake-up times are associated with unpredictable extubation, unreliable neurological assessments, unnecessary CT scans, prolonged ventilation and ICU length of stay • Longer wake-up times are common with IV sedatives (hours to days) • Numerically lower mortality (4 and 5 pp lower respectively at 30 days, ns1) • Safety incl. mortality is top of mind for HCPs, Pharmacy & Therapeutics Committees, and Group Purchasing Organizations • More ICU-free days for isoflurane patients in all 3 randomized trials (ns1) • >1 additional ICU-free day (average across 3 studies) would translate into potential cost saving for the hospital (cost of an ICU day 4-11 kUSD) • Minimal metabolism with isoflurane (unlike IV sedatives) • Isoflurane can be used in special populations (e.g., patients with renal and/or hepatic impairment) since elimination is almost exclusively via exhalation Other potential benefits Relevance in practice
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< INSPiRE-ICU1 • Vanderbilt • University of Colorado • Cleveland Clinic • UT Southwestern • Brigham & Women's Hospital • Mayo Clinic • University of Virginia • Intermountain • Tufts • Houston Methodist Hospital • MD Anderson • University of Cincinnati • Emory • University of Chicago INSPiRE-ICU2 • Rush University • Columbia University • Massachusetts General Hospital • University of Michigan • Beth Israel Deaconess MC • Ohio State Wexner • UCSD • UCLA • Stanford • Virginia Commonwealth • Long Beach Memorial • Thomas Jefferson University • University of Miami • University of Maryland • Henry Ford • Cooper Health • Memorial Hermann Hospital 31 prominent sites were involved in the trials – building a strong platform for KOL engagement and launch success 13
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< Patients are now being treated under our Early Access Program 14 • Approximately ten prominent US hospitals have expressed interest in the EAP • Three US hospitals are treating patients • Three additional sites are initiating in Q4 Status update • An FDA pathway to gain access to an investigational medical product before full market approval • FDA authorized the use of our therapy in “difficult-to- sedate" patients, when targeted sedation cannot be maintained with IV sedatives • The EAP is open to all interested hospitals in the US, products will be provided free of charge The EAP Besides helping difficult-to- sedate patients, the Early Access Program brings value: - The EAP includes a broad range of conditions - Continued use of inhaled isoflurane sedation during FDA review process - Hospitals and KOLs will gain proficiency and expertise that can be leveraged at launch - Opportunity to develop implementation, training, supply chain, etc., and to map external processes ahead of launch Benefits
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< • MD/RN/Pharm Ad Board Aug 2026 – Patient categories outside INSPiRE-ICU – ECMO and Neurocritical care patients – Align with e.g., Spanish guidelines – Workflow integration in US ICU setting – Gas monitoring/humidification – Centers of Excellence and training • Clinical Pharmacist Ad Board Nov 2026 – P&T Committee support – Sedation stewardship and pharmacist role – Clinical & scientific support to ICU pharmacists – Institutional implementation considerations • Scientific exchange with trial sites • EAP network meetings and case reports • Disease awareness HCP webinars – Pain, agitation and delirium management • Publication and post-hoc analyses – INSPiRE-ICU manuscript in peer review – Additional analyses of study data Advisory Boards HCP engagement and evidence generation US Medical Affairs activities are underway to generate market insights and engage HCPs 15
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< A new study and data from INSPiRE-ICU support that sevoflurane-specific safety issues do not apply to isoflurane 16 SAVE-ICU (investigator study in Canada) 1 • Largest study to date on isoflurane-based sedation vs IV sedation • Adults with AHRF (acute hypoxic respiratory failure, PFI <300 mmHg), sedation for an average of 6 days • Primary endpoint: Mortality - In-hospital: 42.5% (iso) vs 43.8% (IV) - ns - 3 months: 41.4% (iso) vs 44.8% (IV) - ns Pooled INSPiRE-ICU data (post-hoc)2 • AHRF patients (27% of all patients) - 75 patients receiving isoflurane - 50 patients receiving propofol • 30-day mortality (ns) - 21.8% (isoflurane) - 28.0% (propofol) 1. Jerath et al, JAMA 2026 2. Data on file (Sedana Medical) ns = not statistically significant SAVE-ICU results are an important counterweight to the SESAR study as none of the sevoflurane-specific issues from SESAR (higher mortality, kidney failure) occurred with isoflurane Findings are supported by our own US data: sub-group analysis of AHRF patients showed a trend for better mortality with isoflurane vs. IV
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< Financial result in Q3 2026 Net sales Q3’26: 44.2 (41.2) MSEK, +7% y/y (7% excl. fx) • Return to growth with stronger performance in Germany and sustained momentum in all other markets • Sales in Germany decreased 3% y/y (-2% excl. fx) • Other direct markets report growth of 12% y/y (+11% excl. fx), with strong performance in both Spain and France, combined with positive momentum in UK • Distributor market sales increased 26% y/y (+27% excl. fx) • Contract manufacturing sales increased 48% y/y (47% excl. fx) Gross Profit Q3’26: 30.8 (29.5) MSEK Gross Margin Q3’26: 70 (72) % • Negative effect (dilutive) on Gross Margin from higher share of contract manufacturing and one-time reclassification effect of 0.7 MSEK Q3’25 EBITDA Q3’26: -7.0 (-5.6) MSEK, or -16 (-14) % margin EBITDA Ex-US Q3’26: -3.2 (-1.7) MSEK, or –7 (-4) % margin • Opex of 45 MSEK in Q3’26, compared to 40 MSEK in Q3’25 (of which fx was 1 MSEK and increased depreciation 2 MSEK) and non-recurring items in both Q3’26 and Q3’25 affecting comparison • Continuous investment in the sales organization during the year Staff incl. consultants at end of Q3’26: 129, compared with 129 at end of Q3’25. Excluding Innovatif Cekal, staff incl. consultants at end of Q3’26 was 81, compared with 83 at end of Q3’25 Net sales (MSEK, 12m rolling) Gross profit development (12m rolling) 17 60 80 100 120 140 160 180 200 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Net sales, 12m rolling (MSEK) 50% 55% 60% 65% 70% 75% 70 90 110 130 150 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Gross profit, 12 months rolling (MSEK) Gross margin, 12 months rolling (%)
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< Cash flow and available funds * Cash, credit facility • Cash at end of Q3’26: 40 MSEK compared to 52 MSEK at beginning of the quarter • Cash flow from operations Q3’26: -3.0 (-1.1) MSEK • EBITDA -7.0 (-5.6) MSEK • Working capital contributed positively with 4.1 (3.6) MSEK, mainly driven by operating liabilities • Other items -0.1 (0.8) MSEK • Cash flow from investing activities Q3’26: -9 (-15) MSEK • Lower level of investing activity compared to both previous quarter this year and same quarter last year following submission of NDA (New Drug Application) in US • Total cash flow Q3’26: -14 (-17) MSEK • Currency effect on cash balances Q3’26: 1.6 (-1.6) MSEK • Credit facility of 50 MSEK in place • We expect to be sufficiently financed to achieve US approval Change in cash position (MSEK) Available funds* (MSEK) 18 -25 -20 -15 -10 -5 0 5 10 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Cash flow from operations Cash flow from investing activities Cash flow from financing activities FX effect on cash balances 52 40 50 0 20 40 60 80 100 120 140 160 180 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Cash position Credit facility
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< Largest shareholders Sep 30, 2026 19 No of shares Share Linc AB 16,523,697 16.6% Anders Walldov direct and indirect (Brohuvudet AB) 10,000,000 10.1% Lannebo Kapitalförvaltning AB 8,781,664 8.8% Premier Miton Investors 4,840,916 4.9% Ola Magnusson direct and indirect (Magiola Consulting AB) 4,312,288 4.3% Sten Gibeck 4,276,597 4.3% Nordea Liv & Pension 3,374,999 3.4% Avanza Pension 3,349,513 3.4% Livförsäkringsbolaget Skandia 2,042,382 2.1% Handelsbanken Fonder 1,982,138 2.0% Nordnet Pensionsförsäkring 1,895,635 1.9% Skandia Fonder 1,494,205 1.5% Erik Adisak Tregaard 1,342,500 1.4% Hans Sköld 1,126,471 1.1% Philip Earle 1,057,480 1.1% Fifteen largest shareholders 66,400,485 66.8% Others 32,936,475 33.2% Total 99,336,960 100.0%
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< Our value creation plan 20 Further profitable growth in Europe Successful launch in the United States Continued cost discipline • Build on positive ex-US EBITDA and scale cash generation through further profitable growth • Capitalize on significant remaining growth potential in core markets • Take Sedana Medical to a new scale, by launching in our largest potential market (3x the size of our current direct markets) • Build on product-market fit and existing KOL network • Optimize operating leverage from inherently favorable economics (high GM and limited local opex) • Secure further GM improvements and continued opex discipline
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< Q&A