Interim report
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INTERIM REPORT · JANUARY - SEPTEMBER 2025 · SIMRIS GROUP | 1 SIMRIS GROUP INTERIM REPORT JANUARY–SEPTEMBER 2025 QUARTER 3, JULY – SEPTEMBER 2025 • Net revenue decreased by 37% to SEK 484k (766k). • EBITDA declined by 22% to SEK -3 639k (-2 971k). • EBIT/Operating result declined by 8% to SEK –7 152k (–6 614k). INTERIM PERIOD, JANUARY – SEPTEMBER 2025 • Net revenue decreased by 31% to SEK 1 330k (1 919k). • EBITDA improved by 28% to SEK -10 343k (-14 413k). • EBIT/Operating result improved by 17% to SEK –21 133k (–25 473k). KEY EVENTS DURING THE QUARTER • Partner company decided not to proceed with Simris Group ADC proposed collaboration following their strategic review. • Simris Group carried out a directed issue of convertible debentures totaling EUR 678 000 to strategic investors as part of a financing package. Concurrently, existing loan facilities totaling approximately EUR 1.65 million were converted into interest-free loans as of 1 August 2025. • Simris Biologics awarded €200K in non-dilutive funding for R&D programme to further develop microcystin payloads for Antibody Drug Conjugates (ADCs) KEY EVENTS AFTER THE END OF THE QUARTER • Simris Biologics GmbH announced important progress in its ongoing preclinical study with Nuvisan, a leading European contract research and development organization. • Simris Group announces leadership transition - Daniel Kubitza appointed interim CEO. THE PERIOD IN BRIEF SEK thousands Jul-Sep 2025 Jul-Sep 2024 Δ Jan-Sep 2025 Jan-Sep 2024 Δ Full year 2024 Net revenue 484 766 -37% 1 330 1 919 -31% 2 890 EBITDA -3 639 -2 971 -22% -10 343 -14 413 28% -17 593 EBIT / Operating result -7 152 -6 614 -8% -21 133 -25 473 17% -34 714 Result before tax -7 085 -7 234 2% -22 058 -27 505 20% -38 178 Cash flow from operating activities -4 541 -4 569 1% -11 726 -16 448 29% -18 016 Cash at the end of the period 3 798 1 970 93% 3 798 1 970 93% 1 946
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INTERIM REPORT · JANUARY - SEPTEMBER 2025 · SIMRIS GROUP | 2 CEO UPDATE At Simris, our vision is to build the leading antibody-drug conjugate (ADC) payload company in the industry — pioneering a new generation of payloads that deliver a breakthrough in safety. Cyanobacteria are remarkable organisms that thrive across diverse ecosystems, largely due to the unique toxins they produce. These natural compounds have already shaped the ADC field — with five of the seventeen FDA-approved ADCs carrying a modified cyanobacterial (dolastatin) toxin. Simris is uniquely positioned to harness this vast diversity of toxins and, through our proprietary discovery platform rapidly and cost-efficiently generate a plethora of new molecular structures to test as potential payload candidates. Any such molecule will be protected under our extensive patent portfolio, providing both scientific and commercial differentiation. This unique capability gives Simris a powerful advantage in discovering and developing novel ADC payloads that combine potency with exceptional safety. During the quarter, we tested three proprietary Microcystin-based payloads in two independent in-vitro efficacy studies. One ADC variant demonstrated full-blown toxicity against an antigen-expressing multiple myeloma cancer cell line, resulting in complete elimination of cancer cells in response to treatment. Having exhibited excellent potency in these in-vitro studies, this candidate — now designated Simris-121 — will advance to dose-escalation in-vivo studies to determine the maximum tolerated dose (MTD). Assuming positive results, we will then proceed with comprehensive in-vivo studies to assess efficacy, dose response, biodistribution, and toxicity, providing a full data set to support further development. The focus of our scientific programme over the next nine months will be upon: • Proving the in-vivo efficacy and safety profile of our lead compound, Simris-121 • Completing in-vitro studies for two additional Microcystin (MC)-based payload candidates • Creating ADCs carrying MC-dimers, which during in-vitro studies, shown a step-change in efficacy and safety in protein–phosphatase inhibition (PPI) assays as free payloads. • Developing new payload classes derived from cyanobacteria and fungi, which will also be protected under our growing patent estate. I am pleased to see the excellent progress Simris has made with its patents. This is a major strength of the business ensuring we can strongly defend our position in a highly competitive field and prepare for future commercialization efforts. I join Simris with over twenty years of experience in corporate financing, commercialisation and strategy development in the life sciences and healthcare industry. My immediate focus will be to secure the funding necessary to enable us to complete the scientific programme outlined above. For the longer term, we will need to strengthen the management and science team in preparation for the next phase of Simris’ development. This will not only speed up scientific progress but also ready the company for paid collaborations under contract and for future funding rounds. I would like to thank the board for the opportunity to lead Simris at this exciting point in its history. All progress we make today lays the foundation for breakthrough therapies that save lives — and for a new era of ADC development. Daniel Kubitza Interim CEO Simris Group
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INTERIM REPORT · JANUARY - SEPTEMBER 2025 · SIMRIS GROUP | 3 OVERVIEW NET REVENUE AND PROFIT The sales for the quarter decreased by 37% and amounted to SEK 484k (766k) and the sales for the interim period decreased by 31% and amounted to SEK 1 330k (1 919k). The EBITDA result for the quarter declined by 22% to SEK -3 639k (-2 971k) and the EBITDA result for the interim period improved by 28% to SEK -10 343 (-14 413k). The EBIT/ Operating result for the quarter declined by 8% to SEK –7 152k (–6 614k) and the EBIT/ Operating result for the interim period improved by 17% to SEK –21 133k (–25 473k). The financial net for the quarter amounted to SEK 67k (-620k) and for the interim period SEK -925k (-20 32k). The financial net is affected by SEK 174k (76k) during the quarter and during the interim period by SEK -9k (-34k) related to unrealized foreign exchange gains from the revaluation of a contingent purchase consideration in EUR for the acquisition of Simris Biologics during the period. The total inventory value amounted to SEK 490k (700k) at the end of the interim period. All inventory accounted for at the end of the interim period is related to Simris Biologics. FIXED ASSETS The total book value of the Group’s fixed assets amounted to SEK 137 978k (157 589k) at the end of the period. Intangible Assets at the end of the period were SEK 125 851k (1139 416k). Tangible Assets at the end of the period were SEK 12 127k (18 173k). The depreciation of fixed assets was made according to relevant accounting standards with SEK 3 513k (3 643k) during the quarter. Fixed assets are depreciated over 5–10 years for most fixtures and fittings, and over the remaining lifetime for patents (15 years for the patents and technology gained through the Cyano Biotech acquisition, now renamed to Simris Biologics), and up to 50 years for the buildings. LIQUIDITY AND FINANCING Cash flow from operating activities improved by 1 percent to SEK -4 541k (-4 569k) during the quarter and cash flow from operating activities improved by 29 percent to SEK -11 726k (-16 448k) during the interim period. Cash flow amounted to SEK 2 772k (234k) for the quarter and cash flow amounted to SEK 1 852 (-3 695k) for the interim period. At the end of the period, cash and cash equivalents amounted to SEK 3 798k (1 970k). The total liabilities at the end of the period amounted to SEK 157 171k (160 564k). The deferred tax liability at the end of the quarter amounting to SEK 37 761k (42 114k) is not a payable debt as it is related to the purchase price allocation of Simris Biologics. It is important to note that €8m of the long-term debt on the balance sheet is associated with the acquisition of Cyano Biotech (now Simris Biologics). This is the maximum earn -out remaining to be paid for the acquisition of the ADC platform. For this to become payable, Simris Biologics would have to first earn sales revenue of at least €80m from the ADC platform over the next 15 years. This revenue would be expected to be at a very high profit margin. Importantly, Simris Group has executed a back-to-back agreement with Simris Biologics whereby Simris Biologics will recompense Simris Group for the amount of this future earn-out payment. On December 23, 2024, Simris Group AB (publ) entered into convertible loan agreements totaling €600k with an option for the lender to increase by €900k, and additional convertible loans of €140k to management which were approved by the extraordinary general meeting on January 20, 2025. The lenders shall be able to convert all outstanding loans and accrued interest to B-shares at a subscription price of SEK 0.05 per B-share. Maturity date for the loans is extended to March 31, 2026. At the annual general
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INTERIM REPORT · JANUARY - SEPTEMBER 2025 · SIMRIS GROUP | 4 meeting held on May 28, 2025, Simris Group AB (publ) resolved to extend the maturity date for the loans from board and management. After August 1, 2025 Interest will be charged at 0% per month. The Brand Laboratories FZ (TBL) had previously provided the business with a loan facility of €778k. The facility maturity date is 1 January 2027, and interest was charged at 1.0% per month until 31 July 2025. The total loan including accumulated interest is per 31 July 2025 €856k. After August 1, 2025 Interest will be charged at 0% per month. On 15 April 2025, Simris Group entered into a bridge loan agreement with Osiris International Trustees Limited, as Trustee of Mountain High Trust, for a loan facility of up to EUR 450 000. After the issue of convertible debentures at the end of July 2025 it’s agreed that the bridge loan agreement will be terminated. On 27 July 2025, the Board of Directors of Simris Group AB (publ) resolved to carry out a directed issue of convertible debentures amounting to a nominal maximum of EUR 678,000. The issue was directed to a group of strategic investors, including Praesidio Wealth Solutions Fund SPC Ltd, Osiris International Trustees Limited (as trustee of the Mountain High Trust), Russel Ziman, and Glen Phillip Heneck. The convertibles are interest-free, mature on 31 March 2026, and may be converted into B shares during March 2026. The conversion price will be the lower of SEK 0.125 or 70% of the subscription price in a future capital raise of at least SEK 10 million. A setup fee of 5% (EUR 33,700) is payable 30 days after registration. If fully converted at SEK 0.125 per share, the convertibles would result in a dilution of approximately 8.9%, increasing the share capital by SEK 607,488 through the issuance of 60,748,800 new shares. The Board of Directors wishes to inform stakeholders that the company's current cash reserves may not be sufficient to cover ongoing operations through the end of the calendar year. We recognize the gravity of this situation and are actively working on multiple fronts to secure the necessary funding to support the company’s ongoing operations and future growth. Efforts are underway and explore various financing options, including debt refinancing, potential loans, new investment opportunities, and strategic partnerships. The Board remains committed to ensuring the long-term stability and success of the company and will continue to update stakeholders as progress is made. EQUITY The Group’s equity amounted to SEK -14 259k (941k) at the end of the quarter. The solidity was -10.0 percent, compared with 3.6 percent on December 31, 2024. The total number of shares amounted to 625 144 898 B and the share capital amounted to SEK 6 251 448,98. Each share has a quota value amounting to 0.01 SEK. In December 2024, the company carried out a directed issue of a total of SEK 13 854k mainly through offsetting for early repayment of the convertible debt. The transaction increased the number of shares by 277 074 328 and was partially registered in February and fully registered in April. OPTION PROGRAM At the end of the period, Simris Group had no outstanding Option program.
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INTERIM REPORT · JANUARY - SEPTEMBER 2025 · SIMRIS GROUP | 5 STAFF AND ORGANIZATION The average number of full-time equivalents (FTEs) employed during the quarter amounted to 6 (6) and the average number of full-time equivalents (FTEs) employed during the interim period amounted to 6 (7). At the end of the quarter, the Group had 6 FTEs excluding the CEO and the CFO that are contracted as consultants. PARENT COMPANY Simis Group AB is the parent company. Net revenue for the Parent Company during the quarter amounted to SEK 0k (11k) and amounted to SEK 0k (154k) for the interim period. EBIT/ Operating result amounted to SEK –2 920k (-2 285k) for the quarter and amounted to SEK -7 949k (-11 863k) for the interim period. Result before tax amounted to SEK -3 014k (-2 959k) for the quarter and amounted to SEK -8 831k (-13 791k) for the interim period. TRANSACTIONS WITH RELATED PARTIES At the extraordinary general meeting held on January 20, 2025, Simris Group AB (publ) resolved to enter into loan agreements totaling EUR 140 000 with related parties, including Frank Puccio (EUR 50 000), Royce CoLabs AB, a company controlled by Jonathan Royce (EUR 10 000), Magnus Högström (EUR 30 000), Arminnovate Ltd, a company controlled by Dr Alexis Roberts-McIntosh (EUR 20 000), and Christoffer Tell AB, a company controlled by Christoffer Tell (EUR 30 000). Due to conflicts of interest among board members, the agreements were submitted to the general meeting for approval in accordance with the Swedish Companies Act. The loans carry an interest rate of 1.0 percent per month and mature on December 31, 2025. The lenders have the right to convert the outstanding loan amounts, including accrued interest, into B-shares at a subscription price of SEK 0.05 per share, subject to adjustment in the event of a future capital raise. At the annual general meeting held on May 28, 2025, Simris Group AB (publ) resolved to extend the maturity date to March 31, 2026. From 1 August 2025 the interest rate of the loan is 0.0 percent per month. In addition to normal Board work during the quarter, Board Directors performed consulting services for the company, of which Magnus Högström SEK 29k and Jonathan Royce SEK 33k. ACCOUNTING PRINCIPLES Simris Group prepares its accounts in accordance with the Annual Accounts Act and the Accounting Boards general advice 2012:1(K3). Information on accounting principles in general is provided in the Financial Statement for 2024. AUDIT This report has not been reviewed by Simris Group’s auditor. RISKS AND UNCERTAINTIES Simris Group’s operations, financial position and earnings can be affected by a number of risks and uncertainties. These are described in Simris Group’s Financial Statement for 2024, at www.simrisgroup.com. Simris Group is in the start-up phase and still lacks sufficient earnings to cover the costs of the business through sales revenue. Simris Group is reliant upon planned additional external funding to be able to continue its operations, repay loans, and implement growth plans. Whilst the Board is confident that the business is in its strongest position ever, and that it will be able to raise the funds required for future investment and growth, there is always a risk that capital markets change and that new capital cannot be accessed when needed, or that new capital cannot be obtained on satisfactory terms, or that the procured capital is insufficient to finance the planned operations in accordance forecasts and objectives.
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INTERIM REPORT · JANUARY - SEPTEMBER 2025 · SIMRIS GROUP | 6 12 November 2025 The Board of Directors and the CEO confirm that this report provides a fair overview of the Group’s operations, position and results. Jonathan Royce Chairman Magnus Högström Board Director Frank Puccio Board Director Richard Todd Board Director Hadrien Forterre Board Director Daniel Kubitza Interim CEO
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INTERIM REPORT · JANUARY - SEPTEMBER 2025 · SIMRIS GROUP | 7 INCOME STATEMENT - CONSOLIDATED GROUP SEK thousands Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Full year 2024 Net revenue 484 766 1 330 1 919 2 890 Change of finished goods and work in progress 0 0 0 -202 -404 Other operating income 1 488 0 1 516 126 263 Raw materials and consumables -128 -215 -293 -1 073 -1 269 Other external expenses -3 891 -2 082 -8 630 -9 025 -11 639 Personnel expenses -1 592 -1 440 -4 266 -6 158 -7 434 Depreciation and amortization -3 513 -3 643 -10 790 -11 060 -17 121 Operating result / EBIT -7 152 -6 614 -21 133 -25 473 -34 714 Financial net 67 -620 -925 -2 032 -3 464 Result before tax -7 085 -7 234 -22 058 -27 505 -38 178 Tax 808 840 2 471 2 542 3 573 Result for the period -6 277 -6 394 -19 587 -24 963 -34 605 (Attributable to the parent company's shareholders) -6 277 -6 394 -19 587 -24 963 -34 605 BALANCE SHEET - CONSOLIDATED GROUP SEK thousands 30 Sep 2025 30 Sep 2024 31 Dec 2024 Assets Fixed Assets Intangible assets 125 851 139 416 138 974 Tangible assets 12 127 18 173 15 029 Total Fixed Assets 137 978 157 589 154 003 Current Assets Inventory 490 700 509 Other receivables 646 1 246 599 Cash and bank balances 3 798 1 970 1 946 Total Current Assets 4 934 3 916 3 054 Total Assets 142 912 161 505 157 057 Equity and Liabilities Equity -14 259 941 5 641 Provisions Deferred tax 37 761 42 114 41 816 Liabilities Long-term Liabilities 89 932 92 184 93 631 Short-term Liabilities 29 478 26 266 15 969 Total Liabilities 157 171 160 564 151 416 Total Equity and Liabilities 142 912 161 505 157 057
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INTERIM REPORT · JANUARY - SEPTEMBER 2025 · SIMRIS GROUP | 8 CASH FLOW ANALYSIS - CONSOLIDATED GROUP SEK thousands Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Full year 2024 Cash flow from operating activities before changes in working capital -3 708 -3 692 -11 310 -16 983 -22 088 Cash flow from working capital -833 -877 -416 535 4 072 Cash flow from operating activities -4 541 -4 569 -11 726 -16 448 -18 016 Cash flow from investing activities 0 0 0 0 -613 Cash flow from financing activities 7 313 4 803 13 578 12 753 14 910 Cash flow for the period 2 772 234 1 852 -3 695 -3 719 Cash and cash equivalents opening balance 1 026 1 736 1 946 5 665 5 665 Cash and cash equivalents closing balance 3 798 1 970 3 798 1 970 1 946 CHANGES IN EQUITY - CONSOLIDATED GROUP SEK thousands Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Full year 2024 Opening balance -7 745 7 473 5 641 25 614 25 614 Issue 0 0 0 0 13 854 Issue costs 0 0 0 0 0 Translation differences -237 -138 -313 290 778 Result for the period -6 277 -6 394 -19 587 -24 963 -34 605 Closing balance -14 259 941 -14 259 941 5 641 KEY FIGURES - CONSOLIDATED GROUP Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Full year 2024 Net revenue (kSEK) 484 766 1 330 1 919 2 890 EBIT (kSEK) -7 152 -6 614 -21 133 -25 473 -34 714 Cash at the end of the period (kSEK) 3 798 1 970 3 798 1 970 1 946 Equity (kSEK) -14 259 941 -14 259 941 5 641 Earnings per share (SEK) neg. neg. neg. neg. neg. Earnings per share after full dilution (SEK) neg. neg. neg. neg. neg. Equity per share (SEK) -0,023 0,00 -0,023 0,00 0,02 Equity per share after full dilution(SEK) -0,023 0,00 -0,023 0,00 0,02 Number of shares, average 625 144 898 348 070 570 555 434 779 348 070 570 348 070 570 Number of shares, end of period 625 144 898 348 070 570 625 144 898 348 070 570 348 070 570 Number of shares after full dilution* 625 144 898 348 070 570 625 144 898 348 070 570 348 070 570 Solidity (%) -10,0 0,1 -10,0 0,1 3,6 Balance sheet total (kSEK) 142 912 161 505 142 912 161 505 157 057 Cash liquidity (%) 15 12 15 12 16 Average number of employees 6 6 6 7 7 *Simris Group has no outstanding warrant program.
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INTERIM REPORT · JANUARY - SEPTEMBER 2025 · SIMRIS GROUP | 9 INCOME STATEMENT - PARENT COMPANY SEK thousands Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Full year 2024 Net revenue 0 11 0 154 159 Change of finished goods and work in progress 0 0 0 -202 -202 Other operating income 0 0 28 126 255 Raw materials and consumables 0 -12 0 -249 -249 Other external expenses -2 035 -1 334 -5 387 -6 857 -8 772 Personnel expenses -139 -204 -351 -2 596 -2 761 Depreciation and amortization -746 -746 -2 239 -2 239 -5 186 Operating result / EBIT -2 920 -2 285 -7 949 -11 863 -16 756 Financial net -94 -674 -882 -1 928 -3 096 Result before tax -3 014 -2 959 -8 831 -13 791 -19 852 Tax 0 -3 0 -10 114 Result for the period -3 014 -2 962 -8 831 -13 801 -19 738 BALANCE SHEET - PARENT COMPANY SEK thousands 30 Sep 2025 30 Sep 2024 31 Dec 2024 Assets Fixed Assets Tangible assets 10 708 15 893 12 947 Financial assets 133 281 129 247 132 478 Total Fixed Assets 143 989 145 140 145 425 Current Assets Inventory 0 0 0 Other receivables 406 660 433 Cash and bank balances 3 261 1 603 909 Total Current Assets 3 667 2 263 1 342 Total Assets 147 656 147 403 146 767 Equity and Liabilities Equity 29 370 30 285 38 201 Provisions Deferred tax 0 123 0 Liabilities Long-term Liabilities 89 932 92 184 93 631 Short-term Liabilities 28 354 24 811 14 935 Total Liabilities 118 286 117 118 108 566 Total Equity and Liabilities 147 656 147 403 146 767
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INTERIM REPORT · JANUARY - SEPTEMBER 2025 · SIMRIS GROUP | 10 ABOUT SIMRIS GROUP Simris Group is a biologics company identifying and commercialising high value, natural, biologically active compounds found in microalgae and cyanobacteria to extract for applications in biopharmaceuticals, dietary supplements and cosmetics. Simris Group's shares are traded on the Nasdaq First North Growth Market with the short name SIMRIS and ISIN code SE0008091664. FINANCIAL CALENDAR: Year-end Report 2025 25 February 2026 Certified Adviser Amudova AB is the Company's Certified Adviser on Nasdaq First North and can be reached at info@amudova.se or +46 (0) 8-546 017 58. FOR MORE INFORMATION: Daniel Kubitza, interim CEO Phone: +33 6 71 04 21 52 Email: IR@simris.com KEY FIGURE DEFINITIONS Balance sheet total - The sum of all assets in the balance sheet or sum of all liabilities and equity. Equity per share - Adjusted equity (equity and untaxed reserves less deferred tax) divided by the number of shares at the end of the period. Equity per share after full dilution - Adjusted equity (equity and untaxed reserves less deferred tax) divided by the number shares at the end of the period taking into account after conversion and adjusted for effect of share-based payments. Cash liquidity - Current assets excluding inventories and work in progress as a percentage of current liabilities Net revenue - Operating main income, invoiced costs, side income and income corrections. Earnings per share - Earnings for the period divided by the number of shares after the end of the period. Earnings per share after full dilution - Earnings for the period divided by number shares after the end of the period, taking into account after conversion and adjusted for effect of share-based payments. EBIT/ Operating result - Result before financial expenses and tax. Solidity - Adjusted equity at the end of the period as a percentage of total asset. This information is information that Simris Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on 12 November 2025.