Interim report
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Q1 Q2 Q3 Q4 Interim Report January-September 2026 sedana medical ab (publ) ” FDA review under way and sales growth returns“ Johannes Doll, President & CEO
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sedana medical Q3 2026 I PAGE 2 Financial summary Third quarter 2026 • Net sales for the quarter totaled MSEK 44.2 (41.2), equivalent to an increase of 7% compared to the corresponding quarter in 2025. At constant exchange rates, sales increased by 7%. • Net sales excluding contract manufacturing totaled MSEK 40.6 (38.8), equivalent to an increase of 5% compared to the corresponding quarter in 2025. At constant exchange rates, sales increased by 5%. • Gross profit amounted to MSEK 30.8 (29.5), equivalent to a gross margin of 70% (72%), the change was driven by a higher share of sales of contract manufacturing and a positive one-time effect on gross margin in Q3 2025. • Earnings before interest, taxes, depreciation and amortisation (EBITDA) totaled MSEK -7.0 (-5.6), equivalent to an EBITDA margin of -16% (-14%). The decrease is a result of unusually low selling expenses in Q3 2025 due to a one- time adjustment and targeted investments in the sales force during Q3 2026. • EBITDA ex-US was MSEK -3.2 (-1.7) for the quarter, corresponding to a margin of -7% (-4%). • Operating income (EBIT) totaled MSEK -14.5 (-10.7), equivalent to an EBIT margin of -33% (-26%). • Net income for the quarter was MSEK -11.1 (-12.4), and earnings per share before and after dilution were SEK -0.11 (-0.12). • Total cash flow for the quarter amounted to MSEK -13.6 (-17.2) and translation differences of MSEK 1.6 (-1.6). Cash and cash equivalents totaled MSEK 39.7 at the end of the quarter, compared to MSEK 51.8 at the beginning of the quarter. In addition, the Company has a credit facility of MSEK 50.0, resulting in total available liquidity of MSEK 89.7 at the end of the period. • Cash flow from operating activities totaled MSEK -3.0 (-1.1), of which the net effect from working capital amounted to MSEK 4.1 (3.6). • Cash flow from investments in intangible assets amounted to MSEK -9.3 (-14.9) and mainly refers to registration preparation work in the US. January-September 2026 • Net sales for the period totaled MSEK 146.7 (148.5), equivalent to a decrease of 1% compared to 2025. At constant exchange rates, sales increased by 1%. • Net sales excluding contract manufacturing totaled MSEK 138.5 (141.6), equivalent to a decrease of 2% compared to the corresponding period in 2025. At constant exchange rates, sales were in line with 2025. • Gross profit amounted to MSEK 104.4 (105.1), equivalent to a gross margin of 71% (71%). • Earnings before interest, taxes, depreciation and amortisation (EBITDA) totaled MSEK -7.1 (-10.2), equivalent to an EBITDA margin of -5% (-7%). • EBITDA ex-US was MSEK 2.6 (1.9) for the period, corresponding to a margin of 2% (1%). • Operating income (EBIT) totaled MSEK -29.5 (-26.1), equivalent to an EBIT margin of -20% (-18%). • Net income for the period was MSEK -24.4 (-49.1), and earnings per share before and after dilution were SEK -0.25 (-0.49). The improved result was driven by lower administrative expenses of MSEK -35.6 (-39.9) and higher net financial items of MSEK 7.4 (-21.2). • Total cash flow for the interim period amounted to MSEK -55.4 (-60.8) and translation differences of MSEK 4.1 (-21.2). Cash and cash equivalents totaled MSEK 39.7 at the end of the period, compared to MSEK 91.0 at the beginning of the year. In addition, the Company has a credit facility of MSEK 50.0, resulting in total available liquidity of MSEK 89.7 at the end of the period. • Cash flow from operating activities totaled MSEK -8.0 (-7.5), of which the net effect from working capital amounted to MSEK 2.1 (0.1). • Cash flow from investments in intangible assets amounted to MSEK -42.8 (-49.0) and mainly refers to registration preparation work in the US. • Sedana Medical AB (publ) is a pioneer medtech and pharmaceutical company focused on inhaled sedation to improve patients’ life during and beyond sedation. Through the combined strengths of the medical device Sedaconda ACD and the pharmaceutical Sedaconda (i soflurane), Sedana Medical provides inhaled sedation for mechanically ventilated patients in intensive care. Sedana Medical was founded in 2005 and is listed on Nasdaq Stockholm. The company’s head office is in Stockholm, Sweden. 51.6 95.8 112.8 87.1 109.3 129.6 148.5 146.7 0.0 50.0 100.0 150.0 200.0 2019 2020 2021 2022 2023 2024 2025 2026 SEK million Sales development Jan-Sep Okt-Dec -18% -10% -31% -68% -28% -17% -5% -5% -80% -70% -60% -50% -40% -30% -20% -10% 0% 2019 2020 2021 2022 2023 2024 2025 2026 YTD Margin Group EBITDA margin EBITDA margin (%)
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sedana medical Q3 2026 I PAGE 3 CEO comments FDA review under way and sales growth returns The FDA’s acceptance of our New Drug Application (NDA) for review, with a target decision date (PDUFA) of April 16, 2027, brings us a decisive step closer to the US market. Meanwhile, net sales grew 7% at constant exchange rates, with Germany improving considerably and our other markets continuing to grow. Coming out of our seasonally weakest quarter, ex-US EBITDA remains positive year to date, and we expect to meet our financial guidance for the full year. NDA accepted for review The FDA’s acceptance of our NDA for review was a key milestone in the quarter. It confirms that our application is sufficiently complete for a substantive review, and the FDA has set a PDUFA date of April 16, 2027. Every FDA review involves uncertainties, and approval is never a given. So far, however, we have had a constructive dialogue with the agency, and we are responding to their questions as the review progresses. If approved, the opportunity in the US is substantial. The addressable market of at least USD 1 billion could take Sedana Medical onto a new growth trajectory, grounded in a strong product-market fit: In a country with one of the highest rates of opioid-related deaths in the world, reducing opioid exposure has become a priority throughout the healthcare system. Our randomized controlled trials have consistently shown reduced opioid use with inhaled sedation, and we believe this will resonate strongly with US clinicians. Furthermore, reducing length of stay in intensive care is a major factor in therapy adoption. All reasons to look forward to an exciting launch in our highest potential market. Sales growth returned Net sales for the quarter amounted to 44.2 MSEK (41.2), an increase of 7% at constant exchange rates. Our other direct markets grew 11% in the quarter, and the business with our distributors increased by 27%, while sales in Germany declined 2%. Our performance in Germany has improved considerably, from a decline of 18% at constant FX rates in the first half of the year to a decline of 2% in the third quarter. External conditions have been unfavorable so far this year. Robert Koch Institute data show significantly fewer ICU admissions with severe acute respiratory infections (SARI) in the first half of the year compared with last year, and only in the third quarter did levels come close to last year's. We are, however, not waiting for external factors to turn in our favor. Instead, we have further sharpened our commercial execution with a clear focus on increasing penetration in high-potential accounts. Every key account manager has clarity on the high-priority accounts in their territory, and activities have shifted markedly, with the vast majority now directed at prioritized top accounts. Sales to these high-potential accounts have shown solid growth in the quarter already - early evidence that the approach is working. Spain remains a strong market, with year-to-date growth on track. Growth was softer in the third quarter, a seasonally slow period in which many ICUs operate at reduced capacity, with fewer patients and critical care beds in use and more staff who are less familiar with our therapy. France continued to perform strongly, supported by the opening of the AP-HP network, where Sedaconda (isoflurane) was listed for the first time earlier this year. The listing gives us access to 38 university hospitals in and around Paris where we were previously prevented from selling Sedaconda (isoflurane), and we continue to convert these into active customers alongside the targeted pursuit of other high-priority accounts, such as in the Lyon area. We also achieved a successful outcome in the tender with UniHA, the largest French public hospital purchasing group, with the listing of our drug renewed. In the UK, sales grew modestly in the quarter. We see significant growth potential in this market and are restructuring our commercial footprint to capture it, with a stronger presence in London and the South East, where many high-potential hospitals are concentrated. Distributor markets again delivered good growth in the quarter, this time led by South America. Improved profitability year to date and significantly reduced cash burn The third quarter is usually the weakest quarter from a sales perspective, and EBITDA is therefore lower before we enter the typically stronger fourth quarter. Nevertheless, ex-US EBITDA remains positive year-to-date, and we reconfirm our expectation to meet our financial guidance for the full year. Group EBITDA improved to -7.1 MSEK year-to-date, compared to -10.2 MSEK last year, corresponding to a margin of -5% (-7%). The gross margin was slightly lower in the quarter, as a delayed shipment increased the share of lower-margin contract manufacturing sales.
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sedana medical Q3 2026 I PAGE 4 At the end of the quarter, we had a cash balance of 40 MSEK and, in addition, access to the 50 MSEK credit facility put in place with a local bank. Cash burn has been significantly reduced compared to the previous quarter, to approximately 14 MSEK from 30 MSEK in the second quarter. The second quarter was the final intensive period of the NDA submission. We have now entered a new phase in which we are responding to questions from the FDA, which has so far required considerably less cash. *** Looking ahead We are entering an intense final quarter of the year. Our focus is on commercial execution in our core markets, building on the regained growth and accelerating it going forward, while navigating the FDA review towards the PDUFA date in April. We enter this period with a more focused commercial organization, and a US opportunity within reach. I would like to thank our employees for their continued dedication and our shareholders for their trust and support, and I look forward to updating you on our progress. Johannes Doll, President and CEO
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sedana medical Q3 2026 I PAGE 5 Significant events during the period First quarter • In January, the Company announced the appointment of Mikael Haag as the new Chief Financial Officer (CFO) of Sedana Medical. • In March, the Company announced that the first patient had been treated under its Early Access Program in the US. Second quarter • In June, the Company announced that Mikael Haag assumed the position of Chief Financial Officer (CFO) and member of the Executive Management Team, effective June 17, 2026. • In June, the Company announced the submission of a New Drug Application (NDA) to the US Food and Drug Administration (FDA) for its combination product consisting of isoflurane delivered via Sedana Medical’s ACD Delivery System for the sedation of mechanically ventilated adult patients in intensive care units (ICUs). Third quarter • In July, the Company secured a credit facility from a local bank, providing access to up to MSEK 50 if required. • In August, the US Food and Drug Administration (FDA) accepted the Company's New Drug Application (NDA) for review. • In August, the US Food and Drug Administration (FDA) assigned a Prescription Drug User Fee Act (PDUFA) target action date of April 16, 2027, for the review of Sedana Medical’s NDA. Significant events after the period • No significant events have occurred after the end of the reporting period. Market potential With its innovative product portfolio for inhaled sedation, Sedana Medical is targeting mechanically ventilated patients in intensive care units. Geographically, Sedana Medical has a clear focus on today’s direct markets in Europe (Germany, Spain, France, UK and Benelux) and its largest potential market, the United States. The company’s main device Sedaconda ACD is approved and sold in more than 40 countries. In 13 of these countries, Sedana Medical has approval for both its main device Sedaconda ACD and its proprietary pharmaceutical Sedaconda (isoflurane). In today’s direct markets in Europe, a bit less than 1 million intensive care patients annually require mechanical ventilation and sedation. Based on this patient population, Sedana Medical sees a market potential for its current product portfolio of approximately 3-4 billion SEK. In the United States, somewhat more than 2 million patients are mechanically ventilated and sedated each year. Assuming a comparable approved label as in Europe, the market potential in the United States is estimated to be 10-12 billion SEK. The estimated market potential in the US assumes no price difference compared to Europe. If Sedana Medical manages to obtain a price differential that is in line with other sedation therapies, the potential could increase accordingly. In addition to the primary focus on Europe and the United States, Sedana Medical has distributors in more than 30 countries globally. Strategic priorities Sedana Medical has set three strategic priorities: 1. Achieve lasting and profitable sales growth in Europe Our market authorizations in 13 European countries make Sedana Medical the only company offering an approved therapy for inhaled sedation in intensive care. With a strong focus on commercial execution and a prudent investment philosophy that prioritizes profitable growth, we aim at making inhaled sedation a standard therapy. 2. Maximize the opportunity in the United States With more than 100,000 intensive care beds and a generally higher price level for sedation therapies, the United States represents our largest potential market. We aspire to launch our products through our own commercial infrastructure. 3. Build a long-term profitable company Sedana Medical’s model with high gross margins and a concentrated customer base (hospitals with intensive care) favours attractive profitability as we continue to grow sales. A key priority has been to make the Ex-US business profitable, which was achieved for the full year 2025, so the US launch can be executed based on a stable financial platform. As we will gradually reach scale and grow the share of US sales, our long-term target is an EBITDA margin around 40%.
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sedana medical Q3 2026 I PAGE 6 Financial guidance For the full year 2026, we aim to achieve a mid-to-high single-digit ex-US EBITDA margin and approach positive EBITDA at the Group level. Business update Sales and commercial execution Sedana Medical aims to make inhaled sedation the standard of care in ICUs. Our therapy combines the Sedaconda® ACD medical device, Sedaconda® (isoflurane) and accessories, commercialized through our European sales teams and global distributors. We are focusing investment on markets with profitable growth potential and improving field-force effectiveness through stronger targeting, more customer-facing time and performance-based incentives. In Q3 2026, net sales increased 7% excluding currency effects (7% reported) versus Q3 2025. Excluding contract manufacturing, growth was 5% excluding currency effects (5% reported). Q3 is seasonally the weakest quarter in terms of revenue, due to flu season patterns that normally impact winter months and vacation periods throughout the markets. Germany Germany sales decreased 2% in Q3 compared with the same period last year excluding currency effects (3% in reported currency). The gap narrowed considerably from an 18% decline in the first half of the year. Lower ICU patient volumes remained a headwind, but to a lesser extent than in H1: Robert Koch Institute data on ICU admissions with severe acute respiratory infections were only slightly below last year in the third quarter, compared with a much larger gap in the first two quarters. More than half of German hospitals with ICUs are regular customers, covering over two-thirds of the addressable market. The main opportunity is therefore deeper adoption within existing high-potential accounts, especially large university hospitals where use varies widely. The improvement plan is being implemented with a sharper focus on high-potential accounts. Every Key Account Manager now has clarity on the priority accounts in their territory, and most of the activities are directed at prioritized top accounts. Sales to these high-potential accounts grew in the quarter, providing early evidence that the approach is working. We are also restructuring territories, increasing customer contact and training Key Account Managers in Challenger Sales to drive penetration. Other Direct Markets In our Other direct markets (Spain, France, UK and Benelux), sales grew by 11% in Q3 excluding currency effects (12% in reported currency). This signals continued strong business momentum and supports a positive growth outlook. Spain Spain continued to grow, although at a lower pace than during the first half of the year. The third quarter is seasonally slower, with many ICUs operating at reduced capacity, fewer patients and critical care beds in use, and more staff who are less familiar with our therapy. A temporary personnel shortage within our team also limited customer interaction. The doctors’ strikes that affected us earlier in the year were paused over the summer. The medical staff’s dispute with the Ministry of Health remains unresolved, but the indefinite strike planned for October 28 was postponed following the call for an early general election on November 29. France France continued to perform strongly following Sedaconda’s formulary listing in the 38-hospital AP-HP network earlier this year. Q3 performance showed the strongest year-on-year development of any quarter in 2026. We continue to convert AP- HP hospitals into active customers while pursuing other high-priority accounts, including in the Lyon area. The listing of our drug was also renewed in the tender with UniHA, the largest French public hospital purchasing group. In addition, a new Country Manager has been appointed and will start during Q4. UK UK sales grew modestly in the quarter, and the low current penetration indicates substantial growth potential. We are restructuring the commercial organization to focus resources on hospitals with stronger long-term potential, with a greater presence in London and South East England, where many high-potential hospitals are concentrated. Distributor markets In our distributor markets, sales increased 27% in Q3 excluding currency effects (26% in reported currency), supported by strong momentum in South America. Contract manufacturing Q3 contract manufacturing revenue was MSEK 3.6, equal to a growth of 47% excluding currency effects (48% in reported currency). The revenue was boosted by a shipment delayed from June to July. The strong performance on revenue impacted the overall gross margin negatively.
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sedana medical Q3 2026 I PAGE 7 US clinical program and launch preparations The U.S. Food and Drug Administration (FDA) has set April 16, 2027 as the target action date under the Prescription Drug User Fee Act (PDUFA) for its review of the company’s New Drug Application (NDA) for isoflurane delivered via the Sedana Medical ACD Delivery System, for sedation of mechanically ventilated adult patients in intensive care units (ICUs). Sedana Medical is now in the substantive review phase and is responding to questions from the FDA in a continuous and constructive dialogue. In parallel, we are advancing targeted launch preparations, including pricing research and development of our go-to-market model. The US is Sedana Medical’s largest commercial opportunity. Approval would provide access to an additional patient pool of approximately 2 million mechanically ventilated and sedated patients. We estimate the addressable inhaled sedation market to be at least USD 1 billion (SEK 10–12 billion), roughly three times our current direct markets, before any potential US pricing premium. The INSPiRE-ICU studies completed recruitment in 2024, randomizing 470 patients at 30 clinics. Both pivotal trials met the primary endpoint of non-inferiority to propofol, with a safety profile in line with expectation and no new safety signals. The results also showed opioid dose reduction, and over 75% of isoflurane patients woke within one hour after sedation ended. New clinical study results In October 2026, JAMA published SAVE-ICU, a primarily Canadian investigator-initiated study and the largest randomised trial of inhaled sedation to date. It compared isoflurane-based sedation, given for an average of six days, with standard intravenous sedation in 780 ventilated ICU patients with acute hypoxic respiratory failure. The study found no difference in mortality between the groups and no renal safety signal. SAVE-ICU is an important counterweight to SESAR, as isoflurane showed none of the mortality and kidney issues observed with sevoflurane. Together with our two pivotal studies INSPiRE-ICU 1 and 2, SAVE-ICU strengthens the evidence that isoflurane and sevoflurane differ in their safety profile. Sevoflurane-specific findings, such as those in SESAR, therefore cannot be generalised to inhaled sedation with isoflurane, the only approved agent for inhaled sedation in intensive care and the drug candidate in our NDA. Cost management and profitability Group EBITDA for the quarter was MSEK -7.0 (MSEK -5.6 in Q3 2025), and ex-US EBITDA for the quarter was MSEK -3.2 (MSEK -1.7 in Q3 2025). The third quarter is normally the weakest from a sales and EBITDA perspective; ex-US EBITDA remained positive year to date, and we continue to expect to meet our financial guidance for the full year. There were several one-time events affecting comparability of Q3 between 2025 and 2026. Gross margin was 69.8% in Q3 2026 versus 71.6% in the same period last year. Gross margin in Q3 2026 was negatively impacted by a higher share of contract manufacturing. Q3 2025 includes a reclassification of general inventory holding costs from cost of goods sold to selling expenses, which resulted in a positive one-time effect on gross margin of MSEK 0.7. Compared to last year, Operating Expenses increased by MSEK 4.2 excluding FX. The increase in selling expenses in Q3 2026 compared to Q3 2025 is a result of unusually low selling expenses in Q3 2025 due to a one-time adjustment made in Q3 2025 (MSEK 2.0). Furthermore, in Q3 2026 a pricing study for the US market was concluded (MSEK 0.7). In addition, during 2026 targeted recruitments to the sales force have been made to further drive growth. Administrative expenses in Q3 2026 were lower than in Q3 2025 (MSEK 1.3) due to a one-time effect impacting personnel costs. Depreciation in Q3 2026 was higher than in Q3 2025 (MSEK 2.0). We remain focused on profitable growth and prudent resource management to support a US launch from a solid European financial platform. Cash flow improved to MSEK -14 in Q3 2026, compared with MSEK -17 in the same period last year and MSEK -30 in Q2 2026. The significant quarter-on-quarter reduction primarily reflects lower external spending following the intensive NDA submission phase; responding to FDA questions has so far required considerably lower cash expenditure. In addition to the cash flow there was a positive translation effect on the cash position (MSEK 1.6). Cash-position was MSEK 40 in Q3 2026, compared to MSEK 112, same period last year and MSEK 52 in Q2 2026. To add flexibility during the inherently uncertain FDA review, we added a credit facility of up to MSEK 50 in mid-July, bringing available liquidity to MSEK 90. With the quarter-end cash balance and access to this facility, we remain financed to reach US approval. Effects of recent developments in the Middle East Middle East developments constrained Asia–Europe vessel capacity, which delayed one delivery from June to July. The situation may continue to cause higher freight rates and extend transit times. Our inventory strategy and mitigation measures should maintain reliable deliveries, with no current stock-out risk. However, elevated oil prices and freight costs may gradually increase cost of goods. ESG sustainability Sedana Medical aims to act responsibly toward customers, suppliers, employees, shareholders and other stakeholders. Our Code of Conduct supports sustainable business practices; further information is available in the 2025 Annual Report.
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sedana medical Q3 2026 I PAGE 8 Financial overview Jul-Sep Jan-Sep Jan-Dec (KSEK) 2026 2025 2026 2025 2025 Net sales 44,181 41,205 146,666 148,452 200,226 Gross profit 30,836 29,493 104,413 105,091 142,709 Gross margin % 70% 72% 71% 71% 71% EBITDA -6,983 -5,569 -7,082 -10,187 -10,116 EBITDA margin % -16% -14% -5% -7% -5% EBITDA ex-US -3,248 -1,741 2,620 1,897 5,944 Operating income (EBIT) -14,459 -10,727 -29,517 -26,088 -32,156 Operating margin (EBIT) % -33% -26% -20% -18% -16% Profit before income tax -10,378 -11,924 -22,067 -47,301 -57,264 Net income -11,121 -12,417 -24,438 -49,145 -59,244 Net income margin % -25% -30% -17% -33% -30% Total assets 929,689 965,786 929,689 965,786 954,463 Equity 877,401 908,406 877,401 908,406 900,781 Equity ratio % 94% 94% 94% 94% 94% Quick ratio % 156% 328% 156% 328% 266% Debt to equity ratio % 6% 6% 6% 6% 6% Average number of full-time employees for the period 110 111 110 108 108 Number of employees at balance date 116 117 116 117 122 No. of employees, temp.workers and consultants at balance date 129 129 129 129 127 Average number of shares before dilution 99,336,960 99,336,960 99,336,960 99,336,960 99,336,960 Average number of shares after dilution 99,336,960 99,336,960 99,336,960 99,336,960 99,336,960 Number of shares at balance date before dilution 99,336,960 99,336,960 99,336,960 99,336,960 99,336,960 Number of shares at balance date after dilution 99,336,960 99,336,960 99,336,960 99,336,960 99,336,960 Earnings per share before dilution, SEK -0.11 -0.12 -0.25 -0.49 -0.60 Earnings per share after dilution, SEK -0.11 -0.12 -0.25 -0.49 -0.60 Group performance Net sales Net sales for the quarter amounted to KSEK 44,181 (41,205), corresponding to an increase of 7% compared to the same quarter last year. Adjusted for currency effects, the quarter showed an increase of 7%. During the quarter, sales in Germany decreased by 3% (2% at constant exchange rates). Sales in our other direct markets, Spain, France, UK and the Benelux, increased by 12% (11% at constant exchange rates) compared to the same quarter last year. Sales in our distributor markets increased by 26% (27% at constant exchange rates). Revenue from contract manufacturing increased by 48% (47% at constant exchange rates). The increase in contract manufacturing revenue for the quarter was due to a delivery originally planned for June being completed in July. For the interim period, net sales amounted to KSEK 146,666 (148,452), corresponding to a decrease of 1% compared to 2025. Adjusted for currency effects, net sales increased by 1%. Jul-Sep Jan-Sep Jan-Dec (KSEK) 2026 2025 % %* 2026 2025 % %* 2025 Germany 22,042 22,633 -3% -2% 70,182 83,363 -16% -14% 110,054 Other direct sales 15,113 13,438 12% 11% 55,588 47,824 16% 19% 66,961 Distributor markets 3,423 2,706 26% 27% 12,696 10,433 22% 23% 15,073 Contract manufacturing 3,604 2,428 48% 47% 8,200 6,833 20% 26% 8,138 Total net sales 44,181 41,205 7% 7% 146,666 148,452 -1% 1% 200,226 Total net sales excluding contract manufacturing 40,577 38,777 5% 5% 138,466 141,620 -2% 0% 192,088 *) at constant exchange rates
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sedana medical Q3 2026 I PAGE 9 Gross profit and margin Gross profit for the quarter amounted to KSEK 30,836 (29,493), corresponding to a gross margin of 70% (72%). The gross margin was negatively impacted by a higher share of contract manufacturing. Q3 2025 includes a reclassification of general inventory holding costs from cost of goods sold to selling expenses, which resulted in a positive non-recurring effect of 669 KSEK. For the interim period, gross profit amounted to KSEK 104,413 (105,091), corresponding to a gross margin of 71% (71%). Selling expenses Selling expenses for the quarter amounted to KSEK -28,530 (-23,024). For the interim period, selling expenses amounted to KSEK -82,162 (-75,355). The increase during the quarter of KSEK 5,506 was primarily driven by higher personnel costs (KSEK 3,088), higher depreciation and amortization (KSEK 1,943) and higher consulting expenses relating to the pricing study in the US (KSEK 715). The increase during the interim period of KSEK 6,807 was primarily driven by higher depreciation and amortization (KSEK 5,916), higher personnel costs (KSEK 635) and higher consulting expenses (KSEK 439). Administrative expenses Administrative expenses for the quarter amounted to KSEK -10,734 (-12,040). For the interim period, administrative expenses amounted to KSEK -35,553 (-39,948). The decrease during the quarter was primarily driven by lower personnel costs, partly offset by higher amortization. The decrease during the interim period compared to the previous year was primarily attributable to consultants being replaced by employees and organizational changes, partly offset by higher depreciation and amortization. Research and development expenses Research and development expenses for the quarter amounted to KSEK -4,824 (-4,898). For the interim period, research and development expenses amounted to KSEK -15,288 (-15,126). Other operating income/expenses Other operating income and expenses mainly consist of unrealized exchange rate differences on operating items. These totaled KSEK -1,206 (-257) for the quarter. For the interim period, other operating income and expenses amounted to KSEK -927 (-751). Net financial items and earnings per share Net financial items for the quarter amounted to KSEK 4,081 (-1,198). For the interim period, net financial items amounted to KSEK 7,449 (-21,213). The negative net financial items in the previous year mainly consisted of currency effects on cash and cash equivalents primarily held in USD. Group tax expense for the quarter amounted to KSEK -742 (-492). For the interim period, tax expense amounted to KSEK - 2,371 (-1,844) and was primarily attributable to taxes in Malaysia, Spain and Germany. Consequently, earnings per share amounted to SEK -0.11 (-0.12) for the quarter and SEK -0.25 (-0.49) for the interim period. Capitalized development expenditures Capitalized development expenditures as of September 30, 2026, amounted to KSEK 768,435, compared to KSEK 741,735 at the beginning of the year. The amount mainly consists of expenses related to clinical studies and registration preparation work in connection with the European market approval of Sedaconda (isoflurane) and preparations for future market approval in the US. The increase from the beginning of the year amounted to KSEK 26,700 and mainly relates to registration preparation work for Sedaconda ACD and Sedaconda (isoflurane) in the US. Investments during the interim period amounted to KSEK 42,849, depreciation and amortization amounted to KSEK 17,996, and foreign exchange effects amounted to KSEK 1,847. The Company sees no indication of impairment risk related to capitalized development expenditures. Inventory As of September 30, 2026, inventory amounted to KSEK 42,457, compared to KSEK 37,868 at the beginning of the year. Inventory mainly consists of finished goods and traded goods. The increase in inventory was primarily driven by the transition to a new supplier of the Company's FlurAbsorb scavenging system and by lower sales in Germany.
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sedana medical Q3 2026 I PAGE 10 Equity and debt Equity as of 30 September 2026 amounted to KSEK 877,401, compared to KSEK 900,781 at the beginning of the year. This corresponds to SEK 8.83 (9.07) per share. The equity/assets ratio was 94%, compared to 94% at the beginning of the year. The debt/equity ratio as of 30 September 2026 was 6%, compared to 6% at the beginning of the year. Cash, cash position and short-term investments Cash and cash equivalents decreased during the quarter by KSEK 12,069 and amounted to KSEK 39,724 at the end of the quarter, compared to KSEK 51,793 at the beginning of the quarter. In addition, the Company has a credit facility of MSEK 50.0, resulting in total available liquidity of KSEK 89,724 at the end of the period. Cash flow from operating activities before changes in working capital for the quarter amounted to KSEK -7,065 (-4,727). Cash flow from changes in working capital totaled KSEK 4,090 (3,626) and was impacted by changes in inventories of KSEK 533 (-1,287), short-term liabilities of KSEK 3,715 (-412) and short-term receivables of KSEK -157 (5,325) during the quarter. Cash flow from investments in intangible assets amounted to KSEK -9,298 (-14,850) and mainly consists of development costs related to registration preparation work for Sedaconda ACD and Sedaconda (isoflurane) in the US. Cash flow from financing activities for the quarter totaled KSEK -1,227 (-833) and relates to amortization of lease liabilities. Currency revaluation differences in cash and cash equivalents amounted to KSEK 1,558 (-1,572) during the quarter. The negative effect of the currency in the corresponding quarter of the previous year was mainly related to cash and cash equivalents held in USD. Cash flow per share for the quarter amounted to SEK -0.14 (-0.17). During the interim period, cash and cash equivalents and short-term investments decreased by KSEK 51,256 and amounted to KSEK 39,724 at the end of the period, compared to KSEK 90,980 at the beginning of the year. Cash flow from operating activities before changes in working capital for the interim period amounted to KSEK -10,074 (-7,623). Cash flow from changes in working capital totaled KSEK 2,117 (91) and was impacted by changes in inventories of KSEK -4,140 (1,335), short-term liabilities of KSEK -3,813 (-3,426) and short-term receivables of KSEK 10,070 (2,182) during the period. Cash flow from investments in intangible assets amounted to KSEK -42,849 (-48,970) for the interim period and mainly consists of registration preparation work for Sedaconda ACD and Sedaconda (isoflurane) in the US. Investments in subsidiaries amounted to KSEK 0 (-650). Consequently, total cash flow from investing activities amounted to KSEK -43,845 (-50,295). Cash flow from financing activities for the period totaled KSEK -3,574 (-2,968) and relates to amortization of lease liabilities. Currency revaluation differences in cash and cash equivalents amounted to KSEK 4,121 (-21,202) and mainly relate to currency effects on cash and cash equivalents. The negative effect during the corresponding interim period of the previous year was mainly related to cash and cash equivalents held in USD. Cash flow per share for the period amounted to SEK -0.56 (-0.61). Parent company The Parent Company's net sales for the interim period amounted to KSEK 138,327 (141,520), of which intra-group sales totaled KSEK 6,273 (5,396). Operating income for the interim period amounted to KSEK -31,435 (-25,087). Net financial items totaled KSEK 7,660 (-9,294). The change in net financial items during 2026 mainly relates to unrealized exchange rate changes on intra-group receivables and liabilities. During the corresponding period of the previous year, net financial items mainly consisted of unrealized exchange rate changes on cash and cash equivalents held in foreign currencies, primarily USD, as well as unrealized exchange rate changes on intra-group receivables and liabilities. Shareholders’ equity in the Parent Company amounted to KSEK 934,629 as of 30 September 2026, compared to KSEK 957,211 at the beginning of the year, corresponding to a decrease of KSEK 22,582. Share capital amounted to KSEK 2,483, unchanged from the beginning of the year. Cash and cash equivalents amounted to KSEK 19,326, compared to KSEK 67,706 at the beginning of the year.
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sedana medical Q3 2026 I PAGE 11 The Sedana Medical share Sedana Medical share was listed on Nasdaq First North Growth Market Stockholm in 2017 and is since January 25, 2023, listed on Nasdaq Stockholm. Market capitalisation at the end of the third quarter was MSEK 971. The price paid for Sedana Medical shares was SEK 10.06 at the beginning of the year and SEK 9.77 at the end of the quarter. The lowest closing price during the interim period was recorded on June 24 and was SEK 7.93. The highest closing price was recorded on August 27 and was SEK 13.62. Share information Jul-Sep Jan-Sep Jan-Dec 2026 2025 2026 2025 2025 Net income, KSEK -11,121 -12,417 -24,438 -49,145 -59,244 Cash flow, KSEK -13,626 -17,171 -55,376 -60,795 -79,844 Number of shares at balance date 99,336,960 99,336,960 99,336,960 99,336,960 99,336,960 Average number of shares 99,336,960 99,336,960 99,336,960 99,336,960 99,336,960 Outstanding warrants at balance date 0 0 0 0 0 Average number of warrants 0 824,947 0 824,947 618,710 Share capital at balance date, KSEK 2,483 2,483 2,483 2,483 2,483 Equity at balance date, KSEK 877,401 908,406 877,401 908,406 900,781 Earnings per share before dilution, SEK -0.11 -0.12 -0.25 -0.49 -0.60 Earnings per share after dilution, SEK -0.11 -0.12 -0.25 -0.49 -0.60 Equity per share, SEK 8.83 9.14 8.83 9.14 9.07 Cash flow per share, SEK -0.14 -0.17 -0.56 -0.61 -0.80 Largest shareholders at the end of the period Facts about the share 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% Trading Nasdaq Stockholm No of shares as per Sep 30, 2026 99 336 960 Market cap as per Sep 30, 2026 SEK 971 million Ticker SEDANA ISIN SE0015988373 LEI-code 549300FQ3NJRI56LCX32
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sedana medical Q3 2026 I PAGE 12 Contacts and invitation to presentation Johannes Doll, President and CEO, +46 76 303 66 66 Mikael Haag, CFO, +46 79 583 42 59 ir@sedanamedical.com Presentation of the interim report Sedana Medical presents the interim report to investors, asset managers, analysts and media on October 22, 2026, at 13.30. The presentation will be held in English and takes place via telephone conference and audio webcast. More information is available at: https://www.finwire.tv/webcast/sedana-medical/q3-2026/ After the presentation, a recorded version of the webcast will be available at: https://sedanamedical.com/en/investerare Nomination committee for the 2027 Annual General Meeting Sedana Medical's Nomination Committee for the 2027 Annual General Meeting has been appointed and consists of Karl Tobieson, appointed by Linc AB, Patrik Walldov, appointed by Anders Walldov (including indirect holding via Brohuvudet AB), Viktoria Ljung, appointed by Lannebo Kapitalförvaltning AB and Claus Bjerre, Chairman of the Board. The Nomination Committee together represents 35.54 percent of the voting rights for all voting shares in the company as of September 30, 2026. The Nomination Committee shall submit proposals for resolution by the 2027 General Meeting pertaining to the election of Chairman of the Meeting, fees and composition of the Board, auditors’ fees and the election of auditors and, if necessary, proposal for changes in the instruction to the Nomination Committee. Shareholders wishing to submit proposals to Sedana Medical’s Nomination Committee can do so by sending an e-mail to info@sedanamedical.com (subject “Nomination Committee”) or by letter posted to Sedana Medical AB (publ), Attn: Sedana Medical Nomination Committee, Svärdvägen 3A, SE-182 33, Danderyd, Sweden. A proposal must reach the Nomination Committee no later than by April 9, 2027, to be included in the notice to attend and the agenda for the annual general meeting. Annual general meeting 2027 The annual general meeting will be held on Wednesday May 26, 2027 in Danderyd. More details will be provided in the notice to attend the annual general meeting. Financial calendar Year-End Report 2026 February 11 2027 Annual Report 2026 April 23 2027 Interim Report Q1 2027 April 28 2027 Annual General Meeting 2027 May 26 2027 Interim Report Q2 2027 July 21 2027 Interim Report Q3 2027 October 20 2027 The interim report for Sedana Medical AB (publ) has been issued by the company's CEO after authorization by the board. Danderyd 22 October 2026 Johannes Doll President and CEO This interim report has been subject to review by the company’s auditors. This document has been prepared in Swedish and English versions. In the event of any discrepancies between the Swedish and English versions, the Swedish version will take precedence.
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sedana medical Q3 2026 I PAGE 13 Auditor’s report To the Board of Sedana Medical AB (publ) reg. no. 556670-2519 Introduction We have reviewed the condensed interim financial information (interim report) of Sedana Medical AB (publ) as of September 30 2026 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish 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 Report 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 is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company. Stockholm 22 October 2026 Öhrlings PricewaterhouseCoopers AB Lars Kylberg Authorized Public Accountant
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sedana medical Q3 2026 I PAGE 14 Consolidated income statement, summary Jul-Sep Jan-Sep Jan-Dec (KSEK) 2026 2025 2026 2025 2025 Net sales 44,181 41,205 146,666 148,452 200,226 Cost of goods sold -13,345 -11,712 -42,253 -43,361 -57,518 Gross profit 30,836 29,493 104,413 105,091 142,709 Selling expenses -28,530 -23,024 -82,162 -75,355 -100,826 Administrative expenses -10,734 -12,040 -35,553 -39,948 -53,830 Research and development expenses -4,824 -4,898 -15,288 -15,126 -20,616 Other operating income -350 373 4,126 2,661 5,297 Other operating expenses -856 -630 -5,053 -3,411 -4,891 Operating income -14,459 -10,727 -29,517 -26,088 -32,156 Net financial items 4,081 -1,198 7,449 -21,213 -25,108 Income before taxes -10,378 -11,924 -22,067 -47,301 -57,264 Income tax -742 -492 -2,371 -1,844 -1,980 Net income -11,121 -12,417 -24,438 -49,145 -59,244 Earnings per share, based on earnings attributable to the parent company’s ordinary shareholders: Before dilution -0.11 -0.12 -0.25 -0.49 -0.60 After dilution -0.11 -0.12 -0.25 -0.49 -0.60 Operating income (EBIT) -14,459 -10,727 -29,517 -26,088 -32,156 Where of amortisation of intangible assets -6,003 -4,015 -17,996 -12,044 -16,723 Where of depreciation of tangible assets -1,473 -1,142 -4,439 -3,857 -5,317 EBITDA -6,983 -5,569 -7,082 -10,187 -10,116 Consolidated statement of other comprehensive income, summary Jul-Sep Jan-Sep Jan-Dec (KSEK) 2026 2025 2026 2025 2025 Net income -11,121 -12,417 -24,438 -49,145 -59,244 Other comprehensive income Items that can later be reclassified to the income statement: Translation differences from foreign operations -457 163 -532 -1,993 60 Other comprehensive income, net after tax -457 163 -532 -1,993 60 Total comprehensive income -11,578 -12,253 -24,970 -51,139 -59,184 Total comprehensive income as a whole attributable to the parent company’s shareholders -11,578 -12,253 -24,970 -51,139 -59,184
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sedana medical Q3 2026 I PAGE 15 Consolidated statement of financial position, summary (KSEK) Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 ASSETS Intangible assets Capitalised development expenditure 768,435 736,098 741,735 Concessions, patents, licenses, etc. 3,268 3,320 3,191 Goodwill 27,212 24,883 25,284 Tangible assets Machinery and other technical facilities 1,039 407 1,247 Equipment, tools and installations 3,088 2,945 3,295 Right-of-use assets 6,818 4,523 5,222 Financial assets Other non-current assets 46 45 44 Deferred tax assets 685 22 695 Total non-current assets 810,591 772,243 780,713 Inventory 42,457 40,690 37,868 Current tax receivables 4,723 4,095 2,284 Accounts receivable 24,248 23,005 29,207 Prepaid expenses and accrued income 5,816 9,289 4,014 Other receivables 2,129 4,502 9,397 Cash and cash equivalents 39,724 111,962 90,980 Total current assets 119,097 193,543 173,750 TOTAL ASSETS 929,689 965,786 954,463 (KSEK) Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 EQUITY AND LIABILITIES Equity Share capital 2,483 2,483 2,483 Other contributed capital 1,230,262 1,228,214 1,228,673 Translation difference -4,264 -5,785 -3,732 Retained earnings including net profit -351,081 -316,507 -326,643 Equity attributable to the parent company's shareholders 877,401 908,406 900,781 Non-current liabilities Deferred tax liabilities - 510 64 Other provisions 1,202 559 703 Non-current lease liabilities 1,987 1,811 1,885 Other non-current liabilities - 7,956 - Total non-current liabilities 3,189 10,836 2,652 Current liabilities Current lease liabilities 4,281 2,245 2,812 Accounts payable 3,683 5,192 5,270 Current tax liabilities 3,912 3,650 2,533 Other liabilities 16,190 7,031 15,890 Accrued expenses and prepaid income 21,033 28,426 24,524 Total current liabilities 49,099 46,544 51,029 Total liabilities 52,288 57,380 53,681 TOTAL EQUITY AND LIABILITIES 929,689 965,786 954,463
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sedana medical Q3 2026 I PAGE 16 Consolidated statement of changes in equity, summary Equity attributable to parent company shareholders (KSEK) Share capital Other contributed capital Translation difference Retained earnings incl net income Total Opening equity at Jan 1, 2025 2,483 1,226,934 -3,792 -267,398 958,227 Net income - - - -49,145 -49,145 Other comprehensive income - - -1,993 36 -1,957 Total comprehensive income - - -1,993 -49,109 -51,102 Transactions with the Group’s owners Share-based remuneration - 1,281 - - 1,281 Total transactions with the Group’s owners - 1,281 - - 1,281 Closing equity at Sep 30, 2025 2,483 1,228,214 -5,785 -316,507 908,406 (KSEK) Share capital Other contributed capital Translation difference Retained earnings incl net income Total Opening equity at Jan 1, 2026 2,483 1,228,673 -3,732 -326,643 900,781 Net income - - - -24,438 -24,438 Other comprehensive income - - -532 -532 Total comprehensive income - - -532 -24,438 -24,970 Transactions with the Group’s owners - - - - - Share-based remuneration - 1,590 - - 1,590 Total transactions with the Group’s owners - 1,590 - - 1,590 Closing equity at Sep 30, 2026 2,483 1,230,262 -4,264 -351,081 877,401
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sedana medical Q3 2026 I PAGE 17 Consolidated cash flow statement, summary Jul-Sep Jan-Sep Jan-Dec (KSEK) 2026 2025 2026 2025 2025 Operating activities Operating income -14,459 -10,727 -29,517 -26,088 -32,156 Adjustments for non-cash items Depreciations and amortisations 7,476 5,157 22,435 15,901 22,040 Exchange-rate differences 146 353 -3,054 -305 49 Share-based remuneration 696 711 2,089 1,683 2,285 Other non-cash items -146 263 467 2,931 -232 Interest received 13 11 33 75 3,379 Interest paid -47 -18 -145 -92 -161 Taxes paid -745 -478 -2,383 -1,729 -2,655 Cash flow from operating activities before changes in working capital -7,065 -4,727 -10,074 -7,623 -7,451 Cash flow from changes in working capital Increase (-)/ Decrease (+) in inventories 533 -1,287 -4,140 1,335 7,197 Increase (-)/ Decrease (+) in operating receivables -157 5,325 10,070 2,182 -4,786 Increase (+)/ Decrease (-) in operating liabilities 3,715 -412 -3,813 -3,426 -7,740 Cash flow from operating activities -2,975 -1,101 -7,957 -7,533 -12,780 Investing activities Investments in intangible assets -9,298 -14,850 -42,849 -48,970 -60,007 Investments in tangible assets -358 -386 -996 -674 -2,404 Investments in subsidiaries 232 - - -650 -618 Cash flow from investing activities -9,424 -15,236 -43,845 -50,295 -63,029 Financing activities Amortisation of leasing liabilities -1,227 -833 -3,574 -2,968 -4,035 Cash flow from financing activities -1,227 -833 -3,574 -2,968 -4,035 Cash flow for the period -13,626 -17,171 -55,376 -60,795 -79,844 Cash and cash equivalents at the beginning of the period 51,793 130,705 90,980 193,960 193,960 Translation difference in cash and cash equivalents 1,558 -1,572 4,121 -21,202 -23,136 Cash and cash equivalents at the end of the period 39,724 111,962 39,724 111,962 90,980
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sedana medical Q3 2026 I PAGE 18 Parent company income statement, summary Jul-Sep Jan-Sep Jan-Dec (KSEK) 2026 2025 2026 2025 2025 Net sales 40,527 38,733 138,327 141,520 191,948 Cost of goods sold -11,673 -10,474 -40,047 -39,029 -53,211 Gross profit 28,854 28,260 98,281 102,491 138,737 Selling expenses -14,959 -11,477 -42,266 -36,412 -48,370 Administration costs -25,570 -25,840 -81,165 -86,598 -116,587 Research and development costs -4,650 -4,645 -13,241 -13,742 -18,672 Other operating income 4,181 3,998 11,275 12,197 15,495 Other operating expenses -861 -474 -4,319 -3,023 -3,929 Operating income -13,005 -10,179 -31,435 -25,087 -33,326 Net financial items 2,750 78 7,660 -9,294 -5,108 Income after net financial items -10,256 -10,101 -23,775 -34,380 -38,434 Group contribution - - - - -1 Profit/loss before tax -10,256 -10,101 -23,775 -34,380 -38,435 Income tax -114 - -367 - -413 Net income -10,370 -10,101 -24,142 -34,380 -38,848 Parent company statement of other comprehensive income, summary Jul-Sep Jan-Sep Jan-Dec (KSEK) 2026 2025 2026 2025 2025 Net income -10,370 -10,101 -24,142 -34,380 -38,848 Other comprehensive income Items that can later be reclassified to the income statement: Translation differences from foreign operations -11 15 -30 110 149 Other comprehensive income, net after tax -11 15 -30 110 149 Total comprehensive income -10,381 -10,086 -24,172 -34,270 -38,699
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sedana medical Q3 2026 I PAGE 19 Parent company balance sheet, summary (KSEK) Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 ASSETS Intangible assets Capitalised development expenditure 728,926 699,379 705,868 Tangible assets Machinery and other technical facilities 1,039 407 1,247 Equipment, tools and installations 2,479 2,408 2,768 Financial assets Participations in Group companies 40,698 40,730 40,698 Non-current receivables, group companies 126,789 118,525 121,073 Total non-current assets 899,930 861,449 871,654 Current assets Inventory 38,557 39,210 36,661 Current tax receivables 4,086 4,095 42 Accounts receivable 21,155 17,833 24,931 Receivables in Group companies 834 0 - Prepaid expenses and accrued income 5,518 8,786 3,469 Other receivables 1,005 3,011 7,599 Cash and cash equivalents 19,326 89,742 67,706 Total current assets 90,482 162,676 140,407 TOTAL ASSETS 990,412 1,024,125 1,012,061 (KSEK) Sep 30, 2026 Sep 30, 2025 Dec 31, 2025 EQUITY AND LIABILITIES Equity Restricted equity Share capital 2,483 2,483 2,483 Fund for capitalised development expenses 728,103 696,307 703,359 Non-restricted equity Share premium fund 1,230,262 1,228,214 1,228,672 Retained earnings -1,002,079 -931,442 -938,456 Net income -24,142 -34,380 -38,848 Equity attributable to the parent company’s shareholders 934,629 961,182 957,211 Provisions Other provisions 1,202 559 703 Total provisions 1,202 559 703 Non-current liabilities Liabilities to group companies 10,122 16,080 12,704 Other non-current liabilities - 7,956 - Total non-current liabilities 10,122 24,036 12,704 Current liabilities Accounts payable 2,759 4,630 3,606 Liabilities to group companies 7,788 412 3,082 Current tax liabilities 3,386 3,119 -183 Other liabilities 14,070 5,543 14,528 Accrued expenses and deferred income 16,457 24,644 20,410 Total current liabilities 44,460 38,348 41,444 Total provisions and liabilities 55,784 62,943 54,851 TOTAL EQUITY AND LIABILITIES 990,412 1,024,125 1,012,061
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sedana medical Q3 2026 I PAGE 20 Other information General information Sedana Medical AB (publ), with corporate identity number 556670-2519, is a limited company registered in Sweden with registered office in Danderyd. The address of the head office is Svärdvägen 3A, SE-182 33 Danderyd, Sweden. The object of the company’s operations is to develop, manufacture and sell medical devices and pharmaceuticals. Sedana Medical AB (publ) is the Parent Company of the Sedana Medical Group. Unless otherwise indicated, all amounts are stated in thousands of Swedish kronor (KSEK). All amounts, unless otherwise indicated, are rounded to the nearest thousand. Figures in brackets relate to the comparative year. For the Group’s financial assets and liabilities, their carrying amount is considered to be a reasonable estimate of fair value as they essentially refer to current receivables and liabilities, so that the discounting effect is insignificant. Accounting principles This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. The parent company Interim report has been prepared in accordance with the Annual Accounts Act and Swedish Financial Reporting Board recommendation RFR 2. Applied accounting policies agree with those described in the 2025 Annual Report of Sedana Medical. No new or amended standards that have come into effect after January 1, 2026, are deemed to have any significant impact on the Group's financial reports. Important estimates Estimates and judgements are evaluated regularly and based on historical experience and other factors, including expectations of future events considered reasonable under prevailing circumstances. For further information, see the Group’s 2025 Annual Report. Alternative performance measures Alternative performance measures relate to financial performance indicators used by the senior management and investors to assess the Group’s earnings and financial position which cannot be read or derived directly from the financial statements. These financial performance indicators are intended to facilitate analysis of the Group’s development. The alternative performance measures should accordingly be regarded as complementing the financial reporting prepared in accordance with IFRS. The financial performance indicators presented in this report may differ from similar indicators used by other companies. These key ratios that are not defined according to IFRS are also presented in the report because they are considered to constitute important supplementary key ratios for the company's results. For information on these key ratios and how they have been calculated, please see definitions on page 22 and https://sedanamedical.com/financial-reports-presentations/financial-reports/ Risk Sedana Medical’s operations, earnings and financial position are affected by a number of risk factors. These are principally related to demand for medical devices, fluctuating exchange rates and access to funding. More information about Sedana Medical’s risks and management of these risks can be found in the 2025 Annual Report on pages 29-31. Personnel We are growing the business by re-allocating resources to customer-facing functions while streamlining administration and support functions. The Group, excluding Innovatif Cekal, had 79 employees and two consultants at the end of the quarter, compared with 79 employees and four consultants in the corresponding quarter of 2025. The acquisition of Innovatif Cekal in late 2024 added manufacturing staff, which has resulted in an overall increase in personnel for the Group. The total number of employees in the Group was 116, the total number of temporary manufacturing workers was 11, and the number of consultants was 2 at the end of the period, compared with 117, 8 and 4 in the corresponding quarter 2025. Transactions with related parties Transactions with related parties are conducted on market terms. In 2024, a consultancy agreement was signed between Sedana Medical and The Eriah Group Inc. Board member Donna Haire is the CEO of The Eriah Group Inc., and the company has invoiced services amounting to KSEK 490 (420) during the interim period. Sedana Medical reports compensation and benefits to senior executives in accordance with IAS 19 Employee benefits. Additional information can be found in Sedana Medical's annual report for 2025, page 49-50 and page 59.
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sedana medical Q3 2026 I PAGE 21 Performance based incentive program (LTI 2024) The Annual General Meeting 2024 decided on a performance-based incentive program LTI 2024 for employees of Sedana Medical, comprising 1,133,810 performance rights in the form of warrants. To ensure the delivery of the warrants and future estimated social security contributions in connection with the exercise of the options, Sedana Medical’s subsidiary Sedana Medical Incentive AB has subscribed for 1,490,053 warrants, of which 921,077 were allocated to employees as of September 30, 2026. The performance rights have been issued to participants in the program free of charge. Each warrant entitles the holder to acquire one new share in the company at an exercise price of SEK 26.33. The outcome of LTI 2024 is conditional on the company achieving a performance target regarding the average annual growth rate of net sales for the financial years 2024, 2025, and 2026 (“Performance Target”), excluding currency effects. The Performance Target has been determined by the company’s board of directors, taking into account the company’s business plan and is deemed to be in line with market practice and appropriate. Detailed information on the Performance Target and the outcome of LTI 2024 will be provided during the first half of 2027. If the Performance Target is not fully met, a participant’s right to exercise Performance Rights will gradually be reduced to zero, depending on the extent the Performance Target is reached. At the end of the period, the full utilization of the performance-based incentive program would increase the share capital by KSEK 37 through the issuance of 1,490,053 shares, corresponding to a dilution of 1.5 percent. Performance based incentive program (LTI 2025) The Annual General Meeting 2025 decided on a performance-based incentive program LTI 2025 for employees of Sedana Medical, comprising 1,133,810 performance rights in the form of warrants. To ensure the delivery of the warrants and future estimated social security contributions in connection with the exercise of the options, Sedana Medical’s subsidiary Sedana Medical Incentive AB has subscribed for 1,490,053 warrants, of which 1,063,643 were allocated to employees as of September 30, 2026. The performance rights have been issued to participants in the program free of charge. Each warrant entitles the holder to acquire one new share in the company at an exercise price of SEK 16.59. The outcome of LTI 2025 is conditional on the company achieving a performance target regarding the average annual growth rate of net sales for the financial years 2025, 2026, and 2027 (“Performance Target”), excluding currency effects. The Performance Target has been determined by the company’s board of directors, taking into account the company’s business plan and is deemed to be in line with market practice and appropriate. Detailed information on the Performance Target and the outcome of LTI 2025 will be provided during the first half of 2028. If the Performance Target is not fully met, a participant’s right to exercise Performance Rights will gradually be reduced to zero, depending on the extent the Performance Target is reached. At the end of the period, the full utilization of the performance-based incentive program would increase the share capital by KSEK 37 through the issuance of 1,490,053 shares, corresponding to a dilution of 1.5 percent. Performance based incentive program (LTI 2026) The Annual General Meeting 2026 decided on a performance-based incentive program LTI 2026 for employees of Sedana Medical, comprising 1,133,810 performance rights in the form of warrants. To ensure the delivery of the warrants and future estimated social security contributions in connection with the exercise of the options, Sedana Medical’s subsidiary Sedana Medical Incentive AB has subscribed for 1,490,053 warrants, of which none were allocated to employees as of September 30, 2026. The performance rights have been issued to participants in the program free of charge. Each warrant entitles the holder to acquire one new share in the company at an exercise price of SEK 13.06. The outcome of LTI 2026 is conditional on the company achieving a performance target regarding the average annual growth rate of net sales for the financial years 2026, 2027, and 2028 (“Performance Target”), excluding currency effects. The Performance Target has been determined by the company’s board of directors, taking into account the company’s business plan and is deemed to be in line with market practice and appropriate. Detailed information on the Performance Target and the outcome of LTI 2026 will be provided during the first half of 2029. If the Performance Target is not fully met, a participant’s right to exercise Performance Rights will gradually be reduced to zero, depending on the extent the Performance Target is reached. At the end of the period, the full utilization of the performance-based incentive program would increase the share capital by KSEK 37 through the issuance of 1,490,053 shares, corresponding to a dilution of 1.5 percent. Warrant programs Sedana Medical had no other outstanding warrants at the end of the period, except for those described above under LTI 2024, LTI 2025 and LTI 2026.
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sedana medical Q3 2026 I PAGE 22 Definitions Average number of full-time employees during the period Number of full-time employees at the end of each period divided by number of periods Balance sheet total Total assets Cash flow per share Cash flow for the period divided by average number of shares before dilution Debt to equity ratio Total liabilities divided by total equity EBIT Operating income/Earnings before interest and taxes EBITDA Earnings before interest, taxes, depreciation and amortisation EBITDA margin EBITDA divided by net sales EBITDA ex-US Operating income (EBIT) less depreciation and write-downs as well as operating expenses attributable to the company's US business Equity to assets ratio Total equity divided by total assets Equity per share Equity divided by number of shares at the end of the period, before dilution Gross margin Gross profit divided by net sales Net income margin Net income divided by net sales Number of employees at the end of the period Number of employees excluding consultants regardless of employment rate per balance sheet date. Sick leave and parental leave are included. Holidays are not excluded Number of employees and consultants at the end of the period Number of employees including consultants regardless of employment rate per balance sheet date. Sick leave and parental leave are included. Holidays are not excluded Operating margin Operating income divided by net sales Quick ratio Current assets excluding inventories divided by current liabilities