Interim report
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1 | Interim Report January – September 2026XBRANE BIOPHARMA | CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL REPORTS INFORMATIONFINANCIAL OVERVIEW FIRST PAGE FINANCIAL OVERVIEW THIRD QUARTER 2026* • Revenue amounted to SEK 54.8 m (10.1), of which SEK 54.6 m (9.9) is attributable to product sales of Ximluci® and SEK 0.2 m (0.2) is attributable to license revenue. • Other operating income amounted to SEK 12.6 m (–1.9). • EBITDA amounted to SEK –6.6 m (–20.7). • R&D costs amounted to SEK −13.4 m (−9.8), cor- responding to 43 percent (59) of total operating costs. • The loss for the period was SEK 11.7 m (–24.0). • Earnings per share was SEK –0.57 SEK (–0.02). • Cash and cash equivalents at the end of the peri- od amounted to SEK 37.4 m (93.6). FINANCIAL OVERVIEW JANUARY–SEPTEMBER 2026* • Revenue amounted to SEK 118.9 m (143.3), of which SEK 118.4 m (58.6) is attributable to product sales of Ximluci® and SEK 0.5 m (84.7) is attributable to license revenue. • Other operating income amounted to SEK 20.5 m (10.0). • EBITDA amounted to SEK –20.6 m (8.2). • R&D costs amounted to SEK −33.4 m (−59.0), corresponding to 50 percent (58) of total operating costs. • The loss for the period was SEK 36.2 m (153.7). • Earnings per share was SEK –1.76 SEK (0.10). • Cash and cash equivalents at the end of the period amounted to SEK 37.4 m (93.6). Interim report January – September 2026 Science for high quality biosimilars Q3 FINANCIAL SUMMARY FOR THE GROUP 2026 Jul – Sep 2025 Jul – Sep 2026 Jan – Sep 2025 Jan – Sep 2025 Full year Revenue, (SEK 000) 54,775 10,119 118,865 143,267 152,354 Research & Development costs, (SEK 000) –13,380 –9,843 –33,433 –58,995 –117,865 R&D costs as percentage of total costs 43% 59% 50% 58% 69% Operating profit/loss, (SEK 000) –9,286 –23,532 –28,794 –3,586 –28,248 EBITDA, (SEK 000) –6,558 –20,745 –20,589 8,246 –13,647 Profit/loss for the period, (SEK 000) –11,716 –24,030 –36,203 153,722 127,242 Cash and cash equivalents, (SEK 000) 37,409 93,563 37,409 93,563 86,589 Equity ratio, % 85% 84% 85% 84% 83% Earnings per share before dilution, SEK –0.57 –0.02 –1.76 0.10 0.08 Earnings per share after dilution, SEK –0.57 –0.02 –1.76 0.10 0.08 Number of employees on balance sheet date 28 26 28 26 29 SIGNIFICANT EVENTS DURING THE THIRD QUARTER 2026 • No significant events occurred during the quarter. SIGNIFICANT EVENTS AFTER THE END OF THE QUARTER • On October 13, Xbrane announced that patient recruitment for the pivotal clinical study of Xdivane™ had been completed. The study includes approximately 340 patients and represents an important mile- stone in the development program. • On October 27, the Company announced that it had received FDA approval for the Biologics License Application (BLA) for its ranibizumab biosimilar candidate. The Company will now work together with its partners towards a rapid launch of the product in the U.S. market. * Figures in parentheses refer to the corresponding period in the previous year. This document is a translation of the original Swedish version. In the event of any inconsistency or discrepancy between this translation and the Swedish original, the Swedish version shall be deemed the legally binding and prevailing document.
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2 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE PRODUCT PORTFOLIO FINANCIAL REPORTS INFORMATIONFINANCIAL OVERVIEW CEO’S LETTER Ximluci® is generating a stable cash flow in Europe Ximluci® continued to establish itself in the European market. Its volume market share stood at 6 percent. The product is currently available in 24 markets, and we are continuing to work with our partners to further expand. FDA approval obtained for the US As previously announced in a press release, Lucamzi has re- ceived marketing authorization from the FDA in the United States. This approval represents an important validation of our develop- ment and manufacturing platform and opens up a significant com- mercial opportunity in the world’s largest pharmaceutical market. Together with our partners, we are now working on the final preparations for the launch in the US. The focus is on ensuring an effective market introduction, and positioning Lucamzi as an attractive treatment option for patients, healthcare providers, and buyers. We see good opportunities for gradually gaining market share in the US market for anti-VEGF drugs for eye diseases, thereby creating a significant new revenue stream for Xbrane. Xdivane’s™ development proceeding according to plan towards registration The development of Xdivane™, our biosimilar candidate to Opdivo® (nivolumab), continues according to plan. During the quarter, patient recruitment for the pivotal clinical study was completed, representing an important milestone in the program. A total of 340 patients with malignant melanoma have been enrolled in the study across 11 countries. The clinical study primarily compares the pharmacokinetic profile of Xdivane™ with that of the reference product Opdivo®, meaning that the development risk can broadly be considered comparable to that of a generic drug. We have incorporated the learnings from the development of Ximluci®, where FDA approval was delayed due to GMP-related issues at contract manufacturing facilities. For Xdivane™, we are working with one of the world’s largest contract manufacturers, and both manufacturing facilities involved, for the drug substance and drug product respectively, have successfully undergone FDA inspections since 2010 and have manufactured commercial products for the U.S. market since then. We therefore assess the likelihood of FDA approval as high. Our partner Intas, which is conducting the study, expects to perform the planned interim analysis during the second quarter of 2027. Based on the current project plan, the objective remains to submit a Biologics License Application (BLA) to the FDA in mid- 2027. Subject to regulatory approval, this could enable a launch in the U.S. market in early 2029. The significant commercial potential of the nivolumab market, combined with what we view as an attractive competitive land- scape and the opportunity for our partner Intas to launch within an early window following patent expiry, means that this project has the potential to become a very important value driver for Xbrane. Focus on financial discipline and value creation We are continuing to drive the business with a strong focus on capital efficiency and prioritizing activities with the greatest poten - tial to create shareholder value. Efforts to optimize the cost base, focus resources on our most value-creating projects, and actively evaluate strategic opportunities are proceeding according to plan. Our assessment of the company’s financial position and funding requirements remains unchanged from the message conveyed in conjunction with the Q2 report, namely, that the com- pany has funding for the foreseeable future based on projected ” The FDA approval of Lucamzi® is an important milestone for Xbrane and our commercial development in the U.S.” sales and manufacturing of Ximluci®, though this excludes the repayment of the remaining liability to Fenja which matures in January 2027, and potential revenue from Lucamzi USA. Xbrane is in talks with Fenja and other potential investors, regarding both debt and equity, and refinancing the outstanding liability of around SEK 60 m. Outlook In summary, Q3 was characterized by continued operational pro- gress in both commercialization and development. With growing sales of Ximluci® in Europe, significant regulatory progress in the US, and a fully enrolled pivotal study for Xdivane™, we are well- positioned for upcoming value-creating milestones. I would like to extend my warmest thanks to our employees, partners, shareholders, and other stakeholders for their continued commitment and support. We look forward to an eventful year ahead, featuring several key milestones that have the potential to transform Xbrane and further strengthen our position as a leading developer of biosimilars. Solna, October 30, 2026 Martin Åmark, CEO Xbrane Biopharma AB CEO’s letter Dear shareholders, During Q3, Xbrane continued to deliver on the strategic priorities that form the foundation for the company’s long-term value creation. We continued to generate a stable cash flow from Ximluci® in Europe and are advancing the development of Xdivane™ according to plan.
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3 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER FINANCIAL REPORTS INFORMATIONFINANCIAL OVERVIEW PRODUCT PORTFOLIO Biosimilar candidate portfolio Xbrane has a portfolio of three biosimilar candidates for a range of treatment areas. This includes a number of serious eye diseases and several different types of cancer . Ximluci® Ximluci® is a biosimilar candidate to ranibizumab, the original drug Lucentis®, a VEGFa inhibitor used to treat a number of serious eye diseases. Ximluci® addresses a market of around EUR 13 bn1) per year. In 2022, the European Medicines Agency (EMA) approved Ximluci® for the treatment of wet age-related macular degeneration (AMD), diabetic macular edema (DME), diabetic retinopathy (PDR), retinal vein occlusion (RVO) and visual impairment due to choroidal neovascularization (CNV) in 27 member states in Europe in 2022. Ximluci® was launched by Xbrane’s partner STADA Arzneimittel AG (STADA) in Q1 2023 and by the end of the quarter, Ximluci® was available in twenty markets in Europe and four markets outside Europe. Xbrane submitted its application for marketing approval to the U.S. Food and Drug Administration (FDA) in April 2026 and received FDA approval in October 2026. STADA and Xbrane are also actively working to bring Ximluci® to other regions such as the Middle East, Latin America and Southeast Asia, where, among other things, marketing approval applications have been submitted to various regulatory authorities in these regions. In May 2024, STADA and Xbrane signed a collaboration agreement with Valorum, which will commercialize Ximluci® in the US. In preparation for a future U.S. launch, final ne- gotiations are ongoing regarding a revised commercial structure under the existing agreement. Ximluci® is approved in Europe as a vial of the active substance, from which the ophthalmologist extracts the product into a syringe for injection into the eye. Xdivane™ Xdivane™ is the first product on Xbrane’s mammalian cell-based technology platform. Xdivane™ is a biosimilar to the programmed cell death protein 1 (PD1) inhibitor nivolumab (Opdivo®), a renowned immuno-oncology product. Xbrane’s clear ambition for Xdivane™ is to become the leading biosimilar to Opdivo®, both in terms of cost-effectiveness and the time of launch. Xbrane expects that Xdivane™ can be launched in conjunction with the expiration of the Opdivo® patent in the US, which will occur in December 2028. In November 2024, Xbrane entered into a strategic partnership with INTAS for the development and commercializa- tion of Xdivane™. During Q1 2026, the financing arrangement for Xdivane™ was revised, whereby Intas assumed financing respon- sibility for certain CMC-related development activities. All costs financed by Intas, including an 18 percent mark-up, will be offset against future profit sharing. Intas was also granted the option to elect to pay a lump sum equivalent to 40 months of projected profit sharing in lieu of profit sharing. Development is proceeding according to plan, including an on - going registration-based clinical study in which about 340 patients with melanoma are included. Xdarzane™ Xdarzane™ is a biosimilar candidate to daratumumab, original drug Darzalex®, an antibody that binds to CD38 for the treatment of multiple myeloma In June 2026, the company signed a co-development agreement with the American JOINN Biologics for the continued development of Xdarzane™. Through this partnership, JOINN will be responsible for the continued process development, while Xbrane will retain responsibility for global out-licensing activities. The arrangement means that Xbrane can continue to drive the Xdarzane™ program without further direct development investment at this stage, which reduces the capital requirement while the company maintains the commercial potential. Darzalex® had sales of around USD 14 bn in 2025, with the patent protection expected to expire in the US in 2029 and Europe in 2031. Product portfolio Product Original drug Primary indication Estimated annual sales of original drug Patent expiration of original drug Development stage Ximluci ® Ranibizumab (Lucentis ®) Wet age-related macular degeneration, diabetes-related eye damage and retinal vein occlusion. EUR 1 bn1) 2022 (Europe) 2020 (USA) Launch stage XdivaneTM Nivolumab (Opdivo®) Melanoma, lung cancer, kidney cell cancer, head and neck cancer and bladder and urinary tract cancer. EUR 9 bn2) 2026–2031 depending on country Clinical stage XdarzaneTM Daratumumab (Darzalex ®) Multiple myeloma. EUR 12 bn3) 2029–2031 depending on country Preclinical stage EUR 22 bn Source: 1) Novartis Annual Report 2025 2) BMS Annual Report, Global Data 3) Johnson reports Q4 and Full-Year 2025 results – 2026.
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4 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION Xbrane – An investment in the drugs of the future A leading innovator in biosimilars Proven commercial success with Ximluci® Strategic value-creating partnerships Xbrane combines advanced development expertise with global commercial reach to increase access to important biological drugs. Through strategic partnerships and a proprietary, patented production platform, the company develops biosimilars that combine high medical quality with cost-effective production. Ximluci® (a biosimilar to Lucentis®) is Xbrane’s first market-approved product and was launched in 2023. The product is currently available in 24 markets in a segment with an estimated value of around EUR 5 bn. Its commercialization confirms the company’s ability to develop, register, and commercialize biosimilars internationally. By collaborating with leading global pharmaceutical companies, Xbrane can accelerate development, market expansion, and commercialization. The partnership model facilitates risk-sharing, provides access to complementary expertise, and offers the opportunity to create significant shareholder value. Xbrane’s proprietary production platform enables effective development and cost-optimized manufacturing of complex biological drugs. The platform creates scalability, strengthens competitiveness, and contributes to attractive economy across the product portfolio. Patented technology with a clear competitive advantage Xbrane offers an attractive combination of proven commercial capability, innovative technology, strategic partnerships, and exposure to the rapidly expanding global biosimilar market. With an established product on the market, several value-creating milestones ahead, and significant market potential, the company is well-positioned for continued growth and long-term shareholder value. Why invest in Xbrane?
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5 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION Financial overview Group results Revenue The Group’s revenue for Q3 amounted to SEK 54.8 m (10.1), of which SEK 54.6 m (9.9) was attributable to product sales of Ximluci® and SEK 0.2 m (0.2) was attributable to license revenue. For the period January to September, revenue amounted to SEK 118.9 m (143.3), of which SEK 118.4 m (58.6) was attributable to product sales of Ximluci® and SEK 0.5 m (84.7) was attributable to license revenue. Gross profit Cost of goods sold for Q3 was SEK –45.8 m (–15.1) and SEK –100.7 m (–55.4) for the period January to September. The gross profit for Q3 was SEK 8.9 m (–5.0) and SEK 18.1 m (87.9) for the period January to September. Operating expenses Operating expenses for Q3, excluding cost of goods sold, amounted to SEK –30.8 m (–16.7) and SEK –67.4 m (–101.5) for the period January to September. Administrative costs Administrative costs for Q3 amounted to SEK –5.4 m (–8.0) and SEK –19.9 m (–37.2) for the period January to September. The material decrease in costs is attributable to the divestment of parts of the Company’s operations to Alvotech hf, which was completed during the first half of 2025. Research and development costs Research and development costs for Q3 amounted to SEK –13.4 m (–9.8) and SEK –33.4 m (–59.0) for the period January to Septem- ber. R&D costs including capitalized development expenditure amounted to SEK –29.1 m (–81.3) for Q3 and SEK –67.8 m (–203.4) for the period January to September. The significant reduction in the Company’s reaserch- and development costs is primarily explained by the divestment of parts of its operations to Alvotech hf during the first half of 2025. Other operating expenses Other operating expenses for Q3 amounted to SEK –12.1 m (1.1) and SEK –14.1 m (–5.2) for the period January to September. The expenses consist mainly of exchange rate losses on receivables and operating liabilities. Results and tax The operating loss amounted to SEK 9.3 m (–23.5) and SEK –28.8 m (–3.6) for the period January to September. The loss be- fore tax for Q3 was SEK –11.6 m (–23.7) and SEK –35.6 m (–17.7) for the period January to September. The tax expense for Q3 was SEK 0.0 m (0.0) and SEK – 89,000 (–2.2 m) for the period January to September. The tax cost is attributable to costs reinvoiced to Intas. The loss after tax from continuing operations for Q3 there- fore was SEK –11.6 m (–23.7) SEK –35.7 m (–20.0) for the period January to September. The loss from discontinued operations for Q3 was SEK 0.1 m (–0.3) and SEK –0.6 m (174.0) for the period January to September: see Note 8. The loss for the period was SEK –11.7 m (–24.0) for Q3 and SEK 36.2 m (153.7) for the period January to September. For the Q3, earnings per share from con- tinuing operations amounted to SEK –0.56 (–0.02), and earnings per share amounted to SEK –0.57 (–0.02). For the period January to September, earnings per share from continuing operations amounted to SEK –1.73 (–0.01), and earnings per share amounted to SEK –1.76 (0.10). The Group’s cash flow Cash flow from operating activities for Q3 amounted to SEK –4.1 m (–49.4) and to SEK –9.2 m (–183.1) for the period January to Sep- tember. Cash flow from investment activities for Q3 amounted to SEK –15.7 m (–66.5) and SEK –39.1 m (–41.9) for the period January to September. Cash flow from financing activities for Q3 amounted to SEK –0.7 m (206.0) and SEK –1.0 m (198.2) for the period January to September. Cash flow for the Q3 period amounted to SEK –12.3 m (90.1) and SEK –49.3 m (–26.9) for the period January to September. Divestment of discontinued operations In Q1 2025, the company sold the drug candidate XB003 and parts of the organization to Alvotech hf. The transaction was re- ported in accordance with IFRS 5, where the relevant assets and liabilities were reclassified and the discontinued operations were reported separately in the income statement. The divestment re- sulted in a profit after tax of SEK 168.9 m. The Group’s financial position and continued operations The Board and the CEO continuously monitor the Group’s liquidity and financial resources in both the short and long term. As of Sep- tember 30, the company’s cash and cash equivalents amounted to SEK 37.4 m (93.6). During Q2 2026, the company entered into an agreement with its partner Intas regarding the financing of the Xdivane™ project, under which Intas assumed the financing of certain of Xbrane’s remaining CMC-related development activities. Consequently, the company’s funding requirements are no longer dependent on Xbrane itself financing the remaining development costs for Xdivane™. The funding provided by Intas is to be offset against future payments under the existing license agreement. 1) See Note 1 in the 2025 Annual Report for information on Xbrane’s accounting policies relating to revenue recognition.
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6 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATIONIn addition to this, the Group’s liquidity trend is affected by the timing of projected cash inflows from product sales and profit- sharing, which are inherently subject to a degree of uncertainty. Based on current assumptions regarding the development of operations and sales, as well as external conditions, the Board of Directors and CEO assess that there are grounds to secure the company’s financing for at least the next twelve months. However, this assessment is contingent upon the fulfilment of several material assumptions, primarily concerning sales performance for Ximluci ® and the timing of projected cash inflows. The assessment does not consider the repayment of the loan obtained from Fenja. The company intends to repay this loan using future revenues from the sale of Ximluci ® in the US, which are also excluded from the financing assessment above. Overall, the assumptions underlying the assessment imply the existence of uncertainties that could give rise to significant doubt regarding the company’s ability to continue operations in its current form. Changes in equity Share capital on the balance sheet date amounted to SEK 2.1 m (577.4), see Note 5. Other contributed capital amounted to SEK 1,388.7 m (1,386.0). Total equity amounted to SEK 527.2 m (587.0), and the equity ratio was 85 percent (84). Parent company The core business of Xbrane, i.e. the development of biosimilars, is conducted in the parent company. As the parent company forms such a large part of the Group, an account of the parent company’s results, financial position and cash flow would not provide any additional information to that described in the report on the Group. Therefore, this is only presented in report format on pages 11–12. The effects of assets held for sale and the earnings from discontinued operations have not been separated in the par- ent company’s income statement or balance sheet. See Note 8 for further information. Share information Xbrane’s share capital at the end of the period was SEK 2.1 m (343.5) divided into 20,605,348 shares (2,575,668,555). The quota value of all shares as of 30 September is SEK 0.10 and all the shares have equal rights to the company’s assets and earn- ings. Xbrane’s shares have been listed on the Nasdaq Stockholm main list under the XBRANE ticker, since September 23, 2019. The closing price of the share on the balance sheet date was SEK 11.0, generating a market capitalization of around SEK 227 m. Organization and employees Xbrane is headquartered at Solnavägen 3H in Stockholm, Sweden. On the balance sheet date, the Group had a total of 28 employees (23), of which 28 (23) in the parent company. Annual General Meeting The Annual General Meeting for 2026 was held on May 5, 2026. The minutes and report from the Annual General Meeting are available on Xbrane’s website www.xbrane.com Auditor’s review This interim report has been subject to a review by the company’s auditor. Presentation of the interim report Presentation of the interim report for January–September 2026 will take place virtually on October 30, at 9:00 A.M., during which CEO Martin Åmark and CFO Jane Benyamin will present the interim report. The presentation will be held in English and is expected to last around 20 minutes, after which there will be an opportunity for questions. To participate in the presentation, visit the following link: https://events.inderes.com/xbrane-biopharma/q3-report-2026
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7 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION Consolidated income statement Consolidated income statement and other comprehensive income Amounts in SEK thousand 2026 Jul – Sep 2025 Jul – Sep 2026 Jan – Sep 2025 Jan – Sep Full year 2025 Profit/loss for the period –11 716 –24 030 –36 203 153 722 127 242 Other comprehensive income Items that have been transferred to, or can be transferred to the profit/loss for the year Reclassification of foreign currency translation differences 21 –8 52 –79 –120 Comprehensive income for the period 21 –8 52 –79 –120 Total comprehensive profit/loss attributable to: – Owners of the Company –11 695 –24 037 –36 151 153 643 127 122 – Non-controlling interests – − – – – Total comprehensive income for the period –11 695 –24 037 –36 151 153 643 127 122 Amounts in SEK thousand Notes 2026 Jul – Sep 2025 Jul – Sep 2026 Jan – Sep 2025 Jan – Sep Full year 2025 Revenues 2 54,775 10,119 118,865 143,267 152,354 Cost of goods sold –45,848 –15,102 –100,726 –55,402 –62,808 Gross profit 8,927 –4,983 18,139 87,865 89,546 Other operating income 12,622 –1,878 20,492 10,021 52,214, Administrative expenses –5,353 –7,953 –19,912 –37,242 –43,824, Research and development expenses –13,380 –9,843 –33,433 –58,995 –117,865, Other operating expenses –12,102 1,126 –14,080 –5,235 –8,320, Operating profit/loss –9,286 –23,532 –28,794 –3,586 –28,248, Net financial costs –2,296 –196 –6,769 –14,151 –15,685 Profit/loss before tax –11,582 –23,728 –35,564 –17,737 –43,933 Tax – –6 –89 –2,234 –2,234 Profit/loss for the period from continuing operations –11,582 –23,734 –35,652 –19,971 –46,167 Profit/loss from discontinued operations –134 –296 –550 173,693 173,409 Profit/loss for the period –11,716 –24,030 –36,203 153,722 127,242 Profit/loss for the period attributable to: – Owners of the Company –11,716 –24,030 –36,203 153,722 127,242 – Non-controlling interests – − – − – Total comprehensive income for the period –11,716 –24,030 –36,203 153,722 127,242 Earnings per share from continuing operations – Before dilution (SEK) –0.56 –0.02 –1.73 –0.01 –0.03 – After dilution (SEK) –0.56 –0.02 –1.73 –0.01 –0.03 Amounts in SEK thousand Notes 2026 Jul – Sep 2025 Jul – Sep 2026 Jan – Sep 2025 Jan – Sep Full year 2025 Earnings per share – Before dilution (SEK) –0.57 –0.02 –1.76 0.10 0.08 – After dilution (SEK) –0.57 –0.02 –1.76 0.10 0.08 Number of outstanding shares at the end of the reporting period – Before dilution 20,605,348 2,575,668,555 20,605,348 2,575,668,555 20,605,348 – After dilution 20,605,348 2,577,895,273 20,605,348 2,577,895,273 20,611,192 Average number of outstanding shares – Before dilution 20,605,348 2,577,895,273 20,605,348 2,577,895,273 1,521,789,791 – After dilution 20,605,348 2,577,895,273 20,605,348 2,577,895,273 1,521,794,210
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8 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION Consolidated statement of financial position Amounts in SEK thousand Note 09-30-2026 09-30-2025 12-31-2025 ASSETS Intangible assets 327,769 303,940 296,458 Property , plant and equipment 93 86 36 Right of use assets 5,149 − – Non-current assets 333,010 304,026 296,494 Inventory 3 149,404 201,728 194,268 Accounts receivables 12,292 3,900 6,740 Other receivables 9,212 5,465 5,559 Prepaid expenses and accrued income 76,855 91,932 81,499 Cash and cash equivalents 37,409 93,563 86,589 Assets held for sale 180 863 474 Current assets 285,353 397,450 375,129 TOTAL ASSETS 618,363 701,476 671,623 Amounts in SEK thousand Note 09-30-2026 09-30-2025 12-31-2025 EQUITY Share capital 2,061 577,429 2,061 Other contributed capital 1,388,740 1,385,962 1,386,088 Reserves 10,163 10,152 10,111 Retained earnings including profit/loss for the year –873,811 –1,386,496 –837,608 Equity attributable to parent company’s owners 527,153 587,048 560,652 Non-controlling interests – − – TOTAL EQUITY 527,153 587,048 560,652 LIABILITIES Long-term interest-bearing liabilities 7 – – 58,308 Leasing liabilities 2,184 – – Total long-term liabilities 2,184 – 58,308 Short-term interest- bearing liabilities 6, 7 58,704 − – Accounts payable 19,149 39,667 8,955 Other liabilities 1,347 1,177 7,389 Leasing liabilities 3,040 − – Accrued expenses and prepaid income 6,676 73,364 36,187 Liabilities attributable to assets held for sale 109 220 132 Total short-term liabilities 89,026 114,429 52,663 TOTAL LIABILITIES 91,210 114,429 110,971 TOTAL LIABILITIES AND EQUITY 618,363 701,476 671,623
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9 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION Consolidated statement of changes in equity Amounts in SEK thousand Share Capital Other contributed capital Translation reserve Retained earnings incl. profit/loss for the period Total Opening balance 01-01-2026 2 061 1 386 088 10 111 –837 608 560 652 Total comprehensive income for the period Profit/loss for the period –36 203 –36 203 Other comprehensive income for the period 52 52 Total comprehensive income for the period – – 52 –36 203 –36 151 Transactions with group shareholder Reduction of share capital¹ New share issue Issue expenses Share savings program 2 651 2 651 Total contributions from and distributions to shareholders – 2 651 – – 2 651 Closing balance 09-30-2026 2 061 1 388 740 10 163 –873 811 527 153 1) For further information, please refer to Note 5.. Amounts in SEK thousand Share Capital Other contributed capital Translation reserve Retained earnings incl. profit/loss for the period Total Opening balance 01-01-2025 343,496 1,395,030 10,231 –1,540,218 208,539 Total comprehensive income for the period Profit/loss for the period 127,242 127,242 Other comprehensive income for the period –120 –120 Total comprehensive income for the period – – –120 127,242 127,122 Transactions with group shareholder Reduction of share capital¹ –575,368 575,368 New share issue 233,933 6,067 240,000 Issue expenses –14,215 –14,215 Share savings program –795 –795 Total contributions from and distributions to shareholders –341,435 –8,942 − 575,368 224,991 Closing balance 12-31-2025 2,061 1,386,088 10,111 –837,608 560,652
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10 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION Consolidated cash flow statement Amounts in SEK thousand 2026 Jul – Sep 2025 Jul – Sep 2026 Jan – Sep 2025 Jan – Sep Full year 2025 Cash flow from operating activities Profit/loss for the period before tax –11,582 –23,728 –35,564 –17,737 –43,933 Profit/loss from discontinued operations –131 –296 –547 173,693 173,409 Adjustments for items not included in cash flow 1,675 11,699 10,190 –138,451 –128,161 Paid income taxes – –2,234 –89 –2,234 –2,234 Total –10,038 –14,558 –26,010 15,271 –919 Increase (–)/Decrease (+) of inventory 28,140 10,332 47,227 45,952 48,978 Increase (–)/Decrease (+) of trade and other receivables –1,058 29,597 –3,548 62,586 70,027 Increase (+)/Decrease (–) of trade and other payables –12,958 –74,805 –26,907 –306,941 –368,777 Cash flow from current operations 4,086 –49,434 –9,238 –183,132 –250,691 Of which divested operations –4 –213 –506 Cash flow from investing activities Acquisition of property , plant and equipment 1 –71,458 –107 –144,408 – Acquisition of intangible assets –15,669 5,000 –39,041 102,500 –139,644 Disposal of discontinued operations, net cash effect – – – – 102,500 Cash flow from investing activities –15,668 –66,458 –39,148 –41,908 –37,144 Amounts in SEK thousand 2026 Jul – Sep 2025 Jul – Sep 2026 Jan – Sep 2025 Jan – Sep Full year 2025 Cash flow from financing activities New share issue – 240,000 – 240,000 240,000 Issue expenses – –14,000 – –14,043 –14,215 Loans taken out – − – 20,000 77,600 Amortization of loans – –20,000 – –43,500 –43,500 Amortization of lease liability –718 − –954 –4,280 –4,280 Cash flow from financing activities –718 206,000 –954 198,177 255,605 Cash flow for the period –12,299 90,108 –49,339 –26,863 –32,230 Cash and cash equivalents reported in assets held for sale –120 –341 –120 –341 –193 Cash and cash equivalents at beginning of period 49,130 7,134 86,589 124,330 124,330 Cash and cash equivalents at beginning of period (reported in assets held for sale) 290 483 193 727 727 Exchange rate differences in cash and cash equivalents 408 –3,821 87 –4,291 –6,045 Cash and cash equivalents at end of period 37,409 93,563 37,409 93,563 86,589
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11 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION Income statement, Parent company Amounts in SEK thousand 2026 Jul – Sep 2025 Jul – Sep 2026 Jan – Sep 2025 Jan – Sep Full year 2025 Revenues 54,775 10,119 118,865 143,267 152,354 Cost of goods sold –45,848 –15,102 –100,726 –55,402 –62,808 Gross profit 8,927 –4,983 18,139 87,865 89,546 Other operating income 12,622 –1,878 20,492 187,846 188,995 Administrative expenses –5,421 –7,953 –20,003 –37,819 –44,401 Research and development expenses –13,380 –9,843 –33,433 –64,751 –82,577 Other operating expenses –12,102 1,126 –14,080 –5,235 –8,320 Operating profit/loss –9,354 –23,532 –28,885 167,906 143,244 Financial items Impairment loss on shares in subsidiary – − – − 711 Financial expenses –2,174 –196 –6,603 –14,151 –16,396 Net finance costs –2,174 –196 –6,603 –14,151 –15,685 Profit/loss before tax –11,528 –23,728 –35,488 153,755 127,558 Tax – –6 –89 –2,234 –2,234 Profit/loss for the period –11,528 –23,734 –35,577 151,521 125,325 Income statement and other comprehensive income, Parent company Amounts in SEK thousand 2026 Jul – Sep 2025 Jul – Sep 2026 Jan – Sep 2025 Jan – Sep Full year 2025 Profit/loss for the period –11,528 –23,734 –35,577 151,521 125,325 Comprehensive income for the period –11,528 –23,734 –35,577 151,521 125,325
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12 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION Balance sheet, Parent company Amounts in SEK thousand 09-30-2026 09-30-2025 12-31-2025 ASSETS Fixed assets Intangible assets 327,769 303,940 296,458 Property , plant and equipment 93 86 36 Financial assets Shares in group companies 3,766 3,766 3,766 Total financial assets 3,766 3,766 3,766 Total non-current assets 331,627 307,792 300,260 Current assets Current receivables Inventory 149,404 201,728 194,268 Accounts receivables 12,292 3,900 6,740 Other receivables 9,212 5,465 5,559 Prepaid expenses and accrued income 76,855 91,932 81,499 Total current receivables 247,764 303,025 288,066 Cash and bank 37,409 93,563 86,589 Current assets 285,173 396,588 374,655 TOTAL ASSETS 616,800 704,380 674,915 Amounts in SEK thousand 09-30-2026 09-30-2025 12-31-2025 EQUITY AND LIABILITIES Equity Restricted equity Share capital 2,061 577,429 2,061 Reserve for development expenditure 327,769 303,940 296,458 Unrestricted equity Share premium 1,388,740 1,385,962 1,386,088 Retained earnings –1,152,843 –1,829,707 –1,246,857 Profit/loss for the period –35,577 151,521 125,325 TOTAL EQUITY 530,149 589,145 563,075 Long-term liabilities Long-term interest-bearing liabilities – – 58,308 Total long-term liabilities – – 58,308 Current liabilities Short-term interest-bearing liabilities 58,704 − – Liabilities to subsidiaries 774 1,026 1,002 Accounts payables 19,149 39,667 8,955 Other current liabilities 1,347 1,177 7,389 Deferred income and prepaid revenue 6,676 73,364 36,187 Current liabilities 86,651 115,235 53,532 TOTAL LIABILITIES 86,651 115,235 111,841 TOTAL EQUITY AND LIABILITIES 616,800 704,380 674,915
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13 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION Notes NOTE 1 Accounting principles This consolidated interim report for the Group has been prepared in accordance with IAS 34, Interim Financial Reporting, as well as applicable regulations from the Annual Accounts Act. The Group applies International Financial Reporting Standards (IFRS) as adopted by the EU, as well as RFR 1 Supplementary Accounting Rules for Groups. The interim report for the parent company has been prepared according to the Annual Accounts Act, chapter 9, Interim Reports. For the Group and the parent company the same accounting principles and calculation bases as the previous annual report have been applied. Information according to IAS 34.16A is included in these financial statements and related notes as well as in other parts of this interim report. NOTE 2 Revenue from contracts with customers Amounts in SEK m 2026 jul – sep 2025 jul – sep 2026 jan – sep 2025 jan – sep Helår 2025 Revenue License revenue 0.2 0.2 0.5 84.7 84.9 Product sales 54.6 9.9 118.4 58.6 67.5 Total 54.8 10.1 118.9 143.3 152.4 Of which North America 0.1 Of which Germany 54.6 9.9 118.4 58.6 67.5 Of which India – – – 84.3 84.3 Of which Other 0.2 0.2 0.5 0.4 0.6 There is one individual customer that represents more than 10% of revenue for Q3. This corresponds to SEK 118.4 m (58.6) of net revenue. The Group’s revenue consists primarily of revenue from product sales of Ximluci®. See Note 1 in the Annual Report 2025 for information on Xbrane’s accounting principles regarding revenue recognition. During Q1 2026, the financing arrangement for XdivaneTM was revised, whereby Intas assumed financing responsibility for certain CMC-related development activities. All costs financed by Intas, including an 18 percent mark-up, will be offset against any license revenue and future profit sharing. NOTE 4 Transactions with related parties No transactions with related parties have taken place during 2026. NOTE 3 Inventory Amounts in SEK m 09-30-2026 09-30-2025 12-31-2025 Products in progress 149,404 201,728 194,268 Total inventory 149,404 201,728 194,268 Amounts are reported in the income statement During the 2026, the cost of goods sold recognized in the income statement amounted to –SEK 100.7 m (–SEK 55.4 m). Inventories include a provision for obsolete items of –SEK 2.4 m (–SEK 2.9 m). No impairment of inventory has been made. NOTE 6 Convertible bonds In June 2025, Alvotech acquired the entire convertible bond from Xbrane as part of the divesture. As of September 30, 2026, there is no value related to the convertible bond on the balance sheet. NOTE 8 Assets held for sale and classification of divested operations Effects of the planned sale of Primm Pharma Xbrane’s intention continues to be to promote the sale of the subsidiary Primm Pharma, in accordance with previously taken decisions. In the interim report January–March 2021, Primm Pharma’s assets and liabilities were reclassified to “ Assets held for sale” and “Liabilities attributable to assets held for sale” in the consolidated balance sheet. In the income statement, Primm Pharma’s results are reported separately as “Earnings from discontinued operations”. Effects of the sale of divested operations to Alvotech In Q1 2025, Xbrane signed an agreement with Alvotech hf regarding the divestment of XB003 and parts of the organization and associated assets. When the shareholders’ meeting approved the proposal, the assets and liabilities attributable to the divested operations were reclassified to “ Assets held for sale” and “Liabilities attributable to assets held for sale” in the Group’s balance sheet. In the income statement, the results for the divested operations are reported separately as “Earnings from discontinued operations”. See the table below for specification of the effects in the balance sheet and income statement. The reclassification has also been applied to revenue and expenses for the previous-year period, which means that the comparative figures no longer correspond to those in previous reports. The business was divested on June 2, 2025, and is reported as a discontinued operation. NOTE 7 Interest-bearing loans On October 16, 2025, Xbrane signed an agreement with Fenja Capital II A/S for a loan amounting to SEK 60 m (SEK 57.6 m net after deduction of the set- up fee). The loan is interest-only until January 31, 2027, with an interest rate of 9%. Under the terms of the loan agreement, Xbrane has allocated 420,517 warrants to Fenja (Series 2025/2030). The warrants were granted free of charge. Each Series 2025/2030 warrant entitles the holder to subscribe for one new share in the company during the period from the date of registration of the warrants with the Swedish Companies Registration Office through September 30, 2030. The subscription price per share amounts to SEK 13.2, which corresponded to 140 percent of the volume-weighted average price of the company’s shares over the next five trading days on Nasdaq Stockholm following the allocation. When subscribing for shares, the portion of the subscription price that exceeds the quota value of the existing shares shall be allocated to the share premium account. The Series 2025/2030 warrants are subject to standard terms and conditions, which include provisions stating that the subscription price and the number of shares that each warrant entitles the holder to subscribe for may be recalculated in certain circumstances. In the balance sheet as of September 30, 2026, the loan is reported as an interest-bearing loan amounting to SEK 58.7 m. The warrants are recognized in equity at a value of SEK 2.3 m. NOTE 5 Reduction of share capital At an Extraordinary General Meeting held on October 13, 2025, the meeting resolved, in accordance with the Board’s proposal, to reduce the share capital to cover losses from previous years and to allocate funds to unrestricted equity . The share capital was reduced by SEK 575,368,453.911 and amounted on the balance sheet date to SEK 2,060,534.80. Each share thus has a quota value of SEK 0.10 (SEK 0.224 prior to the reduction).
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14 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION NOTE 11 Significant estimates and assessments The management has discussed with the Audit Committee the development, selection and information in relation to the Group’s important accounting principles and estimates, as well as the application of these principles and estimates. Important sources of uncertainty in the estimates The sources of uncertainty in the estimates indicated below refer to aspects which entail a significant risk that the value of assets or liabilities might need to be adjusted significantly during the forthcoming financial year . The Group’s financial position and continued operations The year-end report has been prepared on the assumption that the company has the ability to continue as a going concern for the next 12 months, in accordance with the going-concern principle. Capitalization of development expenses Capitalized expenditures are attributable to the development of Ximluci® and Xdivane™. According to Note 1, Accounting Principles in the 2025 Annual Report, development expenses are recognized as an asset when the product or process is technically or commercially viable and the company has sufficient resources to complete the development and subsequently use or sell the intangible asset. The company has determined that all criteria for the capitalization of development expenses for Ximluci® have been met as of July 2021. As of July 1, 2024, the Group has capitalized development costs for Xdivane™, i.e. at the time when the criteria for capitalization under IFRS were deemed to be met. The technical risk of the program is considered to be limited, as analytical similarity has been demonstrated at a commercial production scale and a reduced clinical program has been agreed to by the EMA and the FDA. In November 2024, the Group entered into a global licensing and collaboration agreement with Intas Pharmaceuticals Ltd. According to the licensing and development agreement, Intas will finance and take responsibility for the clinical and regulatory activities, as well as the global commercialization of the Nivolumab biosimilar candidate. This further strengthens the company’s assessment that the possibilities for financing the continued development are good. NOTE 10 Pledged collateral Reported amounts for assets pledged as collateral for current and long-term liabilities: Amounts in SEK m 09-30-2026 09-30-2025 12-31-2025 Inventory 112,555 155,824 137,000 Business mortgage – − – Total 112,555 155,824 137,000 The Group has pledged collateral amounting to SEK 112.6 m (155.8) and consists of collateral pledged to contract manufacturers for the delivery of accounts payable and future production. In addition, the Group has pledged collateral for advances from STADA of SEK 26.1 m. In conjunction with the licensing and development agreement with Intas Pharmaceuticals, Xbrane has pledged patents relating to Xdivane™ as collateral for the fulfillment of the agreement. NOTE 9 Risks and uncertainties Risks and uncertainty factors Risks and uncertainty factors are described on pages 37–38 of the Annual Report 2025, available on the company’s website, www.xbrane.com. Despite the divestment of parts of the business to Alvotech, at the time of publication of the interim report, these have not changed in any significant way . Amounts in SEK m 2026 Q3 2025 Q3 2025 Ack Revenue – – − Other operating profit/loss – – 12,061 Expenses – – –5,360 Operating profit/loss – – 6,701 Net financial items – – –1,012 Profit/loss after financial items – – 5,689 Tax – – − Profit/loss for the period after tax, discontinued operations – – 5,689 Capital gains from divestment of operations – – 168,902 Profit/loss from divested operations – – 174,591 Divestment of operations Purchase price received in SEK 000 2025 Cash and cash equivalents 102,500 Fair value of convertible bonds 132,233 Assumption of liability , contract manufacturers 20,000 Total purchase price 254,733 Divested net assets –85,831 Profit on divestment of operations before tax 168,902 Tax expense on profit from divestment of operations − Profit from divestment of operations after tax 168,902 Reported values for assets and liabilities divested as of June 2, 2025 Amounts in SEK 000 2025 Tangible fixed assets¹ 55,410 Total fixed assets 55,410 Prepaid expenses and accrued income 68,929 Total assets 124,339 Leasing liabilities 38,508 Total liabilities 38,508 Net assets 85,831 1) ) Including right-of-use assets NOTE 8 Assets held for sale and classification of divested operations Effects of the completed sale of operations to Alvotech. The financial information presented below refers to the period up to the divestment on June 2, 2025, and for 2024.
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15 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION The Board of Directors and the CEO hereby certify that this interim report provides a true and fair view of the parent company and the Group’s operations, position and results and describes significant risks and uncertainties faced by the company and the companies that are part of the Group. Stockholm, October 30, 2026 Anders Tullgren Chairman of the Board Kirsti Gjellan Board member Eva Nilsagård Board member Martin Åmark CEO Mats Thorén Board member Certification
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16 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION Auditor’s report To the Board of directors in Xbrane Biopharma AB (publ), corporate identity number 556749-2375 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Xbrane Biopharma AB (publ) as of September 30, 2026, and the nine-month period end- ing on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report 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 limited review. The focus and scope of the limited review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, “Review of Interim Financial Information Performed by the Inde- pendent Auditor of the Entity.” A limited review consists of making inquiries, primarily of persons responsible for financial and ac- counting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Emphasis of matter We would like to draw attention to the section The group’s financial position and continued operations on page 5-6, where it’s stated that the company’s financing for the next 12-month period is not secured. This indicates the existence of a material uncertainty that may cast significant doubt on the company’s ability to continue as a going concern. Our statement is not modified in this regard. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material re- spects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Stockholm, date according to digital signature Öhrlings PricewaterhouseCoopers AB Magnus Lagerberg Authorized Public Accountant This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
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17 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION Alternative performance measures The company presents certain financial measures in the report that are not defined in accordance with IFRS. The company believes that these measures provide valuable supplementary information to investors and the company’s management as they enable evaluation of the company’s performance. Since not all companies calculate financial measurements in the same way , these are not always comparable to measurements used by other companies. These financial measures should therefore not be seen as replacement for measures that are defined in accordance with IFRS. The tables below show measurements that are not defined in accordance with IFRS. Gross margin The gross margin is a measure that the Group considers important for understanding the products’ profitability . The gross margin is calculated as gross profit in relation to the revenue. The gross profit is revenue minus cost of goods sold. Amount in SEK 000 2026 Jul–Sep 2025 Jul–Sep 2026 Jan–Sep 2025 Jan–Sep Full year 2025 Gross profit 8,927 –4,983 18,139 87,865 89,546 Gross margin 16% –49% 15% 61% 59% EBITDA EBITDA is a measure that the Group considers relevant for an investor who wants to understand profit generation before investing in fixed assets. EBITDA shows the business’s earning capacity from cash flow from operating activities without regard to capital structure and tax situation and is intended to facilitate comparisons with other companies in the same industry . Amount in SEK 000 2026 Jul–Sep 2025 Jul–Sep 2026 Jan–Sep 2025 Jan–Sep Full year 2025 Operating profit/ loss –9,286 –23,532 –28,794 –3,586 –28,248 Depreciation and impairment 2,727 2,787 8,206 11,832 14,601 EBITDA –6,558 –20,745 –20,589 8,246 –13,647 Research and development expenses as a percentage of operating expenses The company’s direct costs for research and development relate to personnel, materials and external services costs. Research and development costs as a percentage of operating expenses show the proportion of operating ex- penses relating to research and development. This is calculated by dividing research and development costs by total operating expenses. Total operating expenses comprise of selling and distribution expenses, administrative expenses, research and development costs and other operating expenses. Amount in SEK 000 2026 Jul–Sep 2025 Jul–Sep 2026 Jan–Sep 2025 Jan–Sep Full year 2025 Research and development costs –13,380 –9,843 –33,433 –58,995 –117,865 Operating expenses –30,835 –16,671 –67,425 –101,472 –170,009 Research and development costs as a percentage of operating expenses 43% 59% 50% 58% 69% Equity ratio The equity ratio is a measure that the Group considers relevant for an investor who wants to understand the distribution between equity and liabilities. The equity ratio consists of the proportion of assets that are financed with equity to show the company’s long-term ability to pay , i.e., equity through total assets. Amount in SEK 000 09-30-2026 09-30-2025 12-31-2025 Total equity 527,153 587,048 560,652 Divided by total assets 618,363 701,476 671,623 Equity ratio 85% 84% 83%
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18 | Interim Report January – September 2026XBRANE BIOPHARMA | FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW INFORMATIONFINANCIAL REPORTS FINANCIAL CALENDAR Year-end-report January–December 2026 February 19, 2027 Annual Report 2026 March 30, 2027 Interim report January–March 2027 May 3, 2027 Annual General Meeting 2027 May 3, 2027 Martin Åmark, CEO martin.amark@xbrane.com + 46 76-309 37 77 Jane Benyamin, CFO jane.benyamin@xbrane.com +46 73-360 37 33 www.xbrane.com FOR FURTHER INFORMATION Our objective – to contribute to health equality for everyone Our objective is clear – to be able to contribute to health equality for everyone. If there is a treatment, it should be available to everyone who needs it. By applying the latest science, Xbrane can develop cost-effective biological drugs at a lower price. This makes the treatment available to more people. Xbrane is a purpose-driven organization and our objective – to promote access to cost-effective drugs – is part of everything we do. Biological drugs are very effective in treating a number of serious medical conditions that affect many people. At the same time, biological drugs are expensive and only a fraction of the world’s population has access to them. Xbrane in brief Xbrane: a world-leading developer of biosimilars Xbrane Biopharma AB is a biotechnology company that develops biosimilars, i.e. follow-up drugs on already approved biological drugs that can be introduced at a lower price after the patent expires on the original drug. Xbrane has a patented platform technology that leads to a lower production cost of biological drugs compared to competing systems. Xbrane has a team with extensive collective experience in drug development and expertise in taking biosimilars from cell line to approval. Xbrane has its headquarters at Solnavägen 3H in Stockholm, Sweden. Xbrane has been listed on Nasdaq Stockholm since September 2019, with the ticker XBRANE. This information is information that Xbrane Biopharma is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication, through the CEO, on October 30, 2026, at 8:00 CET.
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FIRST PAGE CEO’S LETTER PRODUCT PORTFOLIO FINANCIAL OVERVIEW FINANCIAL REPORTS INFORMATION Xbrane Biopharma AB Solnavägen 3H, 113 63 Stockholm, Sweden | www.xbrane.com