Interim report
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Kim Castellano Heart recipient The US Interim Report January – September 2026 XVIVO Perfusion AB (publ)
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 2 | 28 Interim Report January – September 2026 5BThird quarter 2026 (Jul-Sep) 7BThe period 2026 (Jan-Sep) • Net sales amounted to SEK 252.6 million (189.1), corresponding to a growth of 34 percent in SEK. • Organic growth was 32 percent in local currencies. Excluding revenue from heart trials, the organic growth was 33 percent. • Thoracic sales increased by 51 percent in local currencies and by 52 percent excluding revenue from heart trials. • Abdominal sales increased by 12 percent in local currencies. • Services sales decreased by -28 percent in local currencies. • Total gross margin was 70 percent (75). • Operating income (EBIT) amounted to SEK 28.0 million (17.9). • Operating income before depreciation and amortization (EBITDA) amounted to SEK 52.0 million (35.9), corresponding to an EBITDA margin of 21 percent (19). • Net profit amounted to SEK 44.6 million (4.3), impacted by exchange rate differences in cash and cash equivalents of SEK 7.1 million (0.7). Earnings per share amounted to SEK 1.42 (0.14). • Cash flow from operating activities was SEK 53.0 million (20.6), primarily impacted by an increase in sales. Total cash flow amounted to SEK 1.2 million (-43.8), impacted by investments in R&D projects of SEK -37.1 million (primarily related to regulatory processes for heart). • Net sales amounted to SEK 732.5 million (586.0), corresponding to a growth of 25 percent in SEK. • Organic growth was 30 percent in local currencies. Excluding revenue from heart trials, the organic growth was 28 percent in local currencies. • Thoracic sales increased by 43 percent in local currencies and by 39 percent excluding revenue from heart trials. • Abdominal sales increased by 21 percent in local currencies. • Services sales decreased by -21 percent in local currencies. • Total gross margin was 71 percent (74). • Operating income (EBIT) amounted to SEK 84.9 million (51.6). • Operating income before depreciation and amortization (EBITDA) amounted to SEK 148.0 million (102.5), corresponding to an EBITDA margin of 20 percent (17). • Net profit amounted to SEK 97.2 million (-6.5), impacted by exchange rate differences in cash and cash equivalents of SEK 19.2 million (-32.6). Earnings per share amounted to SEK 3.09 (-0.21). • Cash flow from operating activities was SEK 181.8 million (14.1), primarily impacted by an increase in sales. Total cash flow amounted to SEK 1.9 million (-103.0), impacted by investments in R&D projects of SEK -131.7 million (primarily related to regulatory processes for heart). July-Sept 2026 253 SEK m Net sales 32% Organic growth 21% EBITDA
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 3 | 28 Significant events in the quarter • XVIVO receives CE certificates for XVIVO Heart Assist Transport System • XVIVO granted additional patient enrollment in the US PRESERVE CAP study for XVIVO Heart Assist Transport • XVIVO announces FDA receipt of PMA application for the XVIVO Heart Assist Transport System Significant events in the period • Management change at XVIVO – CFO transitions to new role • Preliminary one-year follow-up data from the US PRESERVE heart preservation trial was presented at ISHLT. The trial met its pre-specified primary endpoints; overall success rate at 30 days and one-year patient survival. • Results from first clinical trial using hypothermic oxygenated perfusion (HOPE) in direct procurement DCD heart transplantation was presented at ISHLT. The trial met its pre- specified primary endpoints on one-year patient survival. • One-year follow-up results from XVIVO’s European multicenter heart trial published in the European Heart Journal • Regulatory derogation and reimbursement in France enable life-saving use of XVIVO’s heart technology “ The third quarter continued with good momentum, reflecting growing adoption of XVIVO’s technologies. We delivered strong organic growth, improved profitability and positive cash flow, while advancing key regulatory and commercial priorities.” Christoffer Rosenblad, CEO
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 4 | 28 XVIVO as an investment Investing in XVIVO means being part of a journey to solve the global organ shortage crisis while driving strong, sustainable growth. With proven technologies and a solid track record on execution, XVIVO is uniquely positioned to lead the future of transplantation and unlock untapped market potential. The XVIVO share is listed on NASDAQ Stockholm and traded under the XVIVO ticker. This is XVIVO At XVIVO, we have millions of reasons to go to work every day, namely all the people who desperately are in need of new lungs, a new kidney, a new liver, or a new heart. Founded in 1998, XVIVO is the only MedTech company dedicated to extending the life of all major organs - so transplant teams around the world can save more lives. XVIVO is a global company headquartered in Gothenburg, Sweden. With only 170,000 organ transplants each year, only 10% of total global demand is met 1BXVIVO’s offering increases availability of transplantable organs 2BBusiness concept 3BOur goal 4BPurpose and vision XVIVO's business concept is to develop and market effective, innovative technology for preserving, transporting and assessing organs outside the body while awaiting transplant, and to facilitate the transplant process by offering service solutions to support hospitals. To become the global leader in the preservation of organs outside the body for all major organs (lung, heart, liver and kidney) and establish machine perfusion as the standard method for preserving, transporting and assessing donated organs ahead of transplantation. We believe in an extended life of organs. Nobody should die waiting for a new organ. Approximately 1.7 million organ transplants are needed each year
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 5 | 28 CEO comment Strong execution today, exciting opportunities ahead The third quarter continued with good momentum, reflecting growing adoption of XVIVO’s technologies. We delivered strong organic growth, improved profitability and positive cash flow, while advancing key regulatory and commercial priorities. I am very proud that XVIVO achieved a major milestone during the quarter with the obtained CE marking of XVIVO Heart Assist Transport, making our innovative heart preservation technology commercially available across Europe. With important launches and market opportunities ahead, we remain focused on strong execution through year-end and on building the foundation for 2027 and 2028. I am pleased that net sales for the third quarter reached SEK 253 million (189). Organic growth was 32 percent in local currencies, driven by Thoracic, which grew by 51 percent versus a weak comparison quarter. Thoracic also benefited from tailwinds toward the end of the quarter of approximately SEK 19 million, including the initial recognition of finance lease arrangements related to XPS machines and inventory build-up by our largest US customer. Abdominal sales grew 12 percent in local currencies, while Services decreased by 28 percent as the turnaround efforts have not yet translated into growth, although the pipeline of prospective customers remains encouraging. The EBITDA margin improved to 21 percent (19), supported by strong sales and seasonally lower activity levels over the summer. Cash flow from operating activities amounted to SEK 53 million (21), and total cash flow for the quarter was positive at SEK 1 million (-44). This performance provides a solid platform as we finish 2026 and prepare for the commercial and regulatory opportunities ahead. With only a few months remaining in 2026, we are increasingly turning our attention to the next two years. It will be two important years for XVIVO as we continue building the company toward our ambition to become the preferred partner throughout the transplant process. One of the most exciting commercial developments next year will be the continued launch of XVIVO Heart Assist Transport in Europe, alongside our entry into Canada and Australia. In Australia, the technology is already well established through compassionate use and has become the standard of care for DBD hearts, already being used in half of all DBD heart transplants. Within lungs, we will remain firmly focused on establishing EVLP as standard practice for lung evaluation among Organ Procurement Organizations (OPOs) and larger transplant programs at hospitals. In the US, three OPOs are currently activated, providing a strong platform for expansion in the years to come. At the same time, as we have previously communicated, we expect sales to our largest US customer, although the timing remains uncertain, to decline as it begins using its own EVLP platform, which received regulatory approval in June 2026. As Christoffer Rosenblad, CEO “We believe 2027 will be the springboard to an exciting 2028. We are advancing two major technologies toward the US market: XVIVO Heart Assist Transport and Liver Assist.”
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 6 | 28 STEEN Solution and certain other XVIVO components form part of that approval, we expect the relationship to continue, but at a lower sales value. We will continue investing in the commercial capabilities needed to capture the opportunities ahead, primarily in the US, while further strengthening the infrastructure and supply chain required to support a significantly larger business. I am pleased that we enter 2027 with solid cash flow from operating activities and the capacity to deploy capital with discipline behind our commercial priorities. We believe 2027 will be the springboard to an exciting 2028. We are advancing two major technologies toward the US market: XVIVO Heart Assist Transport and Liver Assist. For heart, our ambition is to bring a transformative technology to patients and transplant teams in the US. By increasing access to donor hearts and enabling planned daytime transplantation procedures, XVIVO Heart Assist Transport has the potential to reshape heart transplantation over time. Following our PMA submission in August, we look forward to continuing the review process with the FDA. Liver Assist represents a similarly compelling opportunity, supported by the most extensive body of clinical evidence among liver perfusion technologies. Having established a leading position in Europe with a market share above 50 percent, our ambition is to make HOPE 1 with Liver Assist the preferred choice on both sides of the Atlantic. Our dialogue with the FDA regarding the most appropriate route to market is progressing well, and we are targeting a 510(k) submission in the first half of 2027. With HOPE and DHOPE2 established as clinical practice in Europe, we look forward to bringing Liver Assist to the US market in early 2028. Kidney remains another important growth area. Our HOPE method continues to gain traction in both Europe and the US. Over the coming 12 months, however, growth will continue to be temporarily moderated by the replacement of a core component and the associated regulatory process. This is a supply and regulatory transition rather than a change in market demand. Our immediate priority is to finish 2026 with strong execution. Beyond that, we are entering a period of important launches, regulatory milestones and commercial expansion across our portfolio. The direction for the coming two years is clear. We are the industry leader in innovating the field of transplantation. We are global market leader in lungs and hold a leading market position in Europe. The next two years will lay the foundation for XVIVO to become the market leader also in heart and liver globally. I am confident in XVIVO’s ability to shape the future of transplantation and advance our vision that nobody should die waiting for a new organ. Christoffer Rosenblad, CEO 1 Hypothermic Oxygenated Perfusion 2 Dual Hypothermic Oxygenated Perfusion
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 7 | 28 Market approval and clinical trials In order to document the safety and efficacy of our products, we conduct pre-clinical and clinical trials in collaboration with leading researchers and clinics. Clinical data is the foundation for obtaining market approval for the products but is also critical for demonstrating their value to our target groups. Overview of market approvals in key markets Status of clinical studies and regulatory processes Heart In Europe, XVIVO obtained CE marking for the XVIVO Heart Assist Transport system in August 2026. In Australia, XVIVO’s heart technology is currently being used under a special access scheme. In 2026, the technology has been used in approximately 50 percent of all DBD heart transplants. Commercial launch in Australia and New Zealand is anticipated in 2027, subject to regulatory approval. Until then, access will continue to be provided through the special access scheme. In the US, the final transplant procedure in the PRESERVE study was performed in November 2024. The study included 141 patients across 20 transplant centers and was fully enrolled in just 13 months due to strong interest. Following a 12-month follow-up period, concluded in November 2025, the data were presented at ISHLT in April 2026 and in September 2026 XVIVO announced that the FDA had acknowledged receipt of its PMA application. XVIVO is planning for a commercial launch in the US during 2027, subject to obtaining PMA approval. In August 2026, the FDA approved an extension to the Continued Access Protocol (CAP), allowing for additional 60 patients to be transplanted using XVIVO Heart Assist Transport while the company awaits PMA approval. __________________________________________________________________________________________________________________________ Liver In the US, Liver Assist has been granted Breakthrough Designation by the FDA, and in 2025, the FDA approved XVIVO’s IDE application for DeLIVER - a multicenter study designed to involve 215 patients in need of liver transplantation across up to 20 US transplant centers. In 2025, XVIVO decided to temporarily pause the initiation of the study in order to evaluate an alternative regulatory pathway that could enable Liver Assist to reach the US market faster and at a lower cost. Q3 update: XVIVO is targeting a 510(k) submission for Liver Assist in the first half of 2027.
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 8 | 28 Compilation of net sales and KPIs January- September January- September July-September July-September January- December SEK Thousands 2026 2025 2026 2025 2025 Net Sales Thoracic 494 803 362 308 176 744 115 487 509 316 Net Sales Abdominal 193 129 164 006 62 150 55 290 225 322 Net Sales Services 44 577 59 707 13 669 18 361 77 527 Net Sales Total 732 509 586 021 252 563 189 138 812 165 Gross income Thoracic 405 831 309 670 142 116 102 491 435 254 Gross margin Thoracic, % 82% 85% 80% 89% 85% Gross income Abdominal 110 632 104 213 38 173 33 111 138 295 Gross margin Abdominal, % 57% 64% 61% 60% 61% Gross income Services 1 762 21 532 -2 598 6 784 25 943 Gross margin Services, % 4% 36% -19% 37% 33% Gross income Total 518 225 435 415 177 691 142 386 599 492 Gross margin Total, % 71% 74% 70% 75% 74% Selling expenses -247 221 -224 025 -87 616 -74 511 -298 945 Administrative expenses -76 698 -59 252 -22 023 -17 795 -78 141 Research and development expenses -115 286 -98 826 -42 418 -31 447 -131 985 Other operating revenues and expenses 5 881 -1 755 2 334 -725 -2 044 Operating Income 84 901 51 557 27 968 17 908 88 377 EBIT, % 12% 9% 11% 9% 11% EBIT (adjusted) 1) 84 901 54 153 27 968 17 610 90 973 EBIT (adjusted), % 12% 9% 11% 9% 11% Amortization and depreciation cost of goods sold 5 393 2 646 2 243 1 51 8 4 212 Amortization and depreciation selling expenses 24 808 21 072 8 529 7 569 29 070 Amortization and depreciation administrative expenses 4 857 3 863 1 648 1 318 5 629 Amortization and depreciation research and development expenses 28 061 23 357 11 599 7 595 31 297 148 020 102 495 51 987 35 908 158 585 EBITDA, % 20% 17% 21% 19% 20% EBITDA (adjusted) 1) 148 020 105 091 51 987 35 610 161 181 EBITDA (adjusted), % 20% 18% 21% 19% 20% Changes in Net Sales January- September January- September July-September July-September January- December SEK Thousands 2026 2025 2026 2025 2025 Organic growth in local currency, % 30 1 32 -1 3 Acquired growth, % - 2 - 2 1 Currency effect, % -5 -4 2 -6 -5 Total growth, % 25 -1 34 -5 -1 Changes in Net Sales, adjusted for trial activities January- September January- September July-September July-September January- December 2026 2025 2026 2025 2025 Organic growth in local currency, %: sales activities 28 6 33 6 8 Acquired growth, % - 2 - 2 1 Currency effect, % -4 -4 2 -6 -6 Total growth, % 24 4 35 2 3 1) Adjusted for the effect of non-recurring costs of SEK 0.0 (-0.3) million for the quarter. Net adjustment for the period totals SEK 0.0 (2.6) million.For specification, see Reconciliation of alternative performance measures. EBITDA (Operating income before depreciation and amortization)
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 9 | 28 Summary The quarter July - September 2026 Net sales and income Net sales in the quarter amounted to SEK 252.6 million (189.1), an increase of 34 percent year- on-year, equivalent to organic growth of 32 percent in local currencies. Thoracic business area reported organic growth of 51 percent in local currencies and abdominal 12 percent. Services decreased by -28 percent in local currencies. For a description of developments in each business area, see pages 13-15. Total gross margin for the quarter was 70 percent (75), impacted by lower margins within Services and product mix and write-offs within Thoracic. For comments regarding the margins in each business area, see pages 13-15. Selling expenses in relation to total sales amounted to 35 percent (39) for the quarter. R&D expenses amounted to 17 percent (17) of sales. Administration expenses amounted to 9 percent (9) of sales. Operating income before depreciation and amortization (EBITDA) amounted to SEK 52.0 million (35.9), corresponding to an EBITDA margin of 21 percent (19). Operating income (EBIT) amounted to SEK 28.0 million (17.9), corresponding to an EBIT margin of 11 percent (9). Capitalized development expenses During the quarter, SEK 37.1 million (34.6) of development expenses were capitalized as intangible assets. The development expenses primarily related to expenses for R&D projects with the aim of obtaining regulatory approval in the USA in heart perfusion. Amortization of capitalized development expenditure was SEK 8.6 million (5.0) in the quarter. Amortization of Heart CE mark amounted to SEK 3.2 million (-), for one month. The cost will be amortized over 10 years with SEK 39 million per year. Cash flow Cash flow from operating activities for the quarter amounted to SEK 53.0 million (20.6) and was strengthened by the strong sales trend in recent quarters. Cash flow from investing activities amounted to SEK -49.1 million (-60.6), of which SEK -39.4 million (-36.9) was invested in intangible assets and SEK -6.4 million (-23.8) was invested in property, plant and equipment, primarily in production facilities in Sweden. Cash flow from financing activities amounted to net SEK -2.8 million (-3.8). Net sales by business area (R12) EBITDA and EBITDA margin (adjusted, R12) 0 100 200 300 400 500 600 700 800 900 1 000 1 100 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 SEKm Thoracic Abdominal Services 0,0% 2,5% 5,0% 7,5% 10,0% 12,5% 15,0% 17,5% 20,0% 22,5% 25,0% 0 25 50 75 100 125 150 175 200 225 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 SEKm EBITDA R12 (adjusted) EBITDA margin R12 (adjusted)
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 10 | 28 Significant events in the quarter XVIVO receives CE certificates for the XVIVO Heart Assist Transport System XVIVO announced that its innovative heart preservation technology, XVIVO Heart Assist Transport system, has received CE certificates, making it commercially available to any heart transplant center throughout Europe. This regulatory milestone mark s a significant advancement both for XVIVO and for the broader field of heart transplantation. XVIVO granted additional patient enrollment in the US PRESERVE CAP study for XVIVO Heart Assist Transport The US Food and Drug Administration (FDA) has granted the company approval for additional patient enrollment in the Continued Access Protocol (CAP) study of 60 heart transplantations using XVIVO Heart Assist Transport. Last summer, XVIVO received approval to enroll up to 60 patients across 26 US transplant centers, with the final patient enrolled in March. Importantly, the study has once again received continued cost recovery approval from the Centers for Medicare & Medicaid Services (CMS), providing essential access and support for both participating centers and patients. XVIVO announces FDA receipt of PMA application for the XVIVO Heart Assist Transport System XVIVO announced that the U.S. Food and Drug Administration (FDA) has received the Premarket Approval (PMA) application for the XVIVO Heart Assist Transport System. The application is supported by clinical data from the PRESERVE IDE trial, as well as additional evidence from the PRESERVE Continued Access Protocol (CAP) trial and clinical experience outside the United States. Following t he PMA submission, XVIVO is looking forward to continuing the review process with the FDA.
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 11 | 28 The period January-September 2026 Net sales and income Net sales in the period amounted to SEK 732.5 million (586.0), equivalent to growth of 25 percent year-on-year. Organic growth was 30 percent. Thoracic business area reported organic growth of 43 percent in local currencies and abdominal 21 percent. Services decreased by -21 percent in local currencies. For a description of development in each business area, see pages 13-15. Total gross margin for the period was 71 percent (74), mainly impacted by lower margins within Services. For comments regarding the margins of each business area, see pages 13-15. Selling expenses as a proportion of total sales amounted to 34 percent (38) in the period. R&D expenses amounted to 16 percent (17) of sales. Administration expenses amounted to 10 percent (10) of sales. Operating income before depreciation and amortization (EBITDA) was strengthened to SEK 148.0 million (102.5), corresponding to an EBITDA margin of 20 percent (17). Last year, EBITDA was affected by acquisition and integration costs of SEK 2.6 million. Adjusted EBITDA last year was 105.1, corresponding to an adjusted EBITDA margin of 18 percent. Operating income (EBIT) amounted to SEK 84.9 million (51.6), corresponding to an EBIT margin of 12 percent (9). Adjusted EBIT last year was 54.2, corresponding to an adjusted EBIT margin of 9 percent. Capitalized development expenses During the period, SEK 131.7 million (109.7) of development expenses were capitalized as intangible assets. The development expenses are essentially related to expenses for R&D projects with the aim of obtaining regulatory approval in the US and Europe in heart and liver perfusion. Amortization of capitalized development expenditure was SEK 19.2 million (15.1) in the period. Cash flow Cash flow from operating activities for the period amounted to SEK 181.8 million (14.1) and was strengthened by the strong sales trend. Cash flow from investing activities amounted to SEK -171.3 million (-191.9), of which SEK -137.5 million (-114.0) was invested in intangible assets and SEK -30.6 million (-78.1) was invested in property, plant and equipment, primarily in production facilities in Sweden. Cash flow from financing activities amounted to net SEK -8.6 million (74.8), which last year included the use of a SEK 84.2 million credit facility. The company’s total credit lines consist of a revolving credit facility amounting to EUR 20 million (20). The unused portion of the credit facility amounts to approximately EUR 12 million (12) at the end of the period. Exchange rate differences impacted the cash flow for the period by SEK +19.2 million (-32.6). Cash and cash equivalents at the end of the period amounted to SEK 313.2 million (280.0). Net sales SEK 733 million Gross margin 71% EBITDA 20%
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 12 | 28 Significant events in the reporting period Management change at XVIVO – CFO transitions to new role XVIVO’s CFO, Kristoffer Nordström, has been appointed Senior Vice President Corporate Strategy & Business Development, effective April 1, 2026. He will continue to be a member of XVIVO’s Executive Management Team and will remain in the CFO role until a successor has been appointed. In addition to his focus on corporate strategy and business development, Kristoffer Nordström will also lead the US service organization. Preliminary one-year follow-up data from the US PRESERVE trial presented at ISHLT in Toronto On April 22, the preliminary one-year follow-up data from the US PRESERVE trial of XVIVO’s investigational heart technology, ‘PRESERVE: A Prospective, Multi-center, Single-arm, Open-label Study,’ were presented by the trial’s principal investigator, Dr . Victor Pretorius, at the annual ISHLT conference in Toronto, Canada. The PRESERVE trial was designed to assess pre-specified safety an d effectiveness endpoints for hypothermic oxygenated perfusion (HOPE) using the XVIVO Heart Assist Transport in the preservation and transport of extended criteria donor (ECD) hearts. XVIVO can proudly report that the trial met its pre-specified primary endpoints; overall success rate at 30 days and one-year patient survival. Results from first clinical trial using hypothermic oxygenated perfusion (HOPE) in direct procurement DCD heart transplantation was presented at ISHLT On April 22, the results from the HOPE-at-Heart clinical trial (NCT06485596) were presented at the ISHLT Annual Meeting in Toronto. This prospective, multicenter trial, is the first to evaluate direct procurement of donor hearts after circulatory death (DCD) followed by preservation using HOPE with the XVIVO Heart Assist Transport. The trial successfully met both its pre-specified primary endpoint on one-year patient survival. One-year follow-up results from XVIVO’s European multicenter heart trial published in the European Heart Journal The one‑year results from the European multicenter heart trial NIHP2019 have been published in the European Heart Journal. The study showed that severe complications occurred in 33% of patients whose donor hearts were preserved with XVIVO Heart Assist Transport, compared with 47% in the ice‑storage control group (38% risk reduction). Twelve‑month survival was also higher with XVIVO (92% vs. 86%). NIHP2019 is the first randomized heart trial to demonstrate a direct link between perfusion and survival. Regulatory derogation and reimbursement in France enable life-saving use of XVIVO’s heart technology Hôpital La Pitié-Salpêtrière (Sorbonne University) in Paris, France, has, since the approval of a regulatory derogation for XVI VO’s heart technology back in December 2025, performed 11 heart transplants that would otherwise not have taken place, saving precious lives. In addition, XVIVO’s heart technology has now also received national reimbursement in France.
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 13 | 28 Business area development XVIVO’s operations are conducted in three business areas: Thoracic (products for lung and heart transplantation), Abdominal (products and perfusion services for liver and kidney transplantation) and Services (organ recovery services as well as digital products for transplant center communication and workflows). Thoracic In lung transplantation, the product PERFADEX Plus is marketed for static cold (hypothermic) preservation, while XPS and STEEN Solution are used for warm (normothermic) machine perfusion. In lung transplantation, XVIVO is the global market leader. In heart transplantation, XVIVO's products are approved in the European market and are in regulatory approval processes at various stages in other markets (see overview on page 7). Summary The quarter July – September 2026 Thoracic’s sales amounted to SEK 176.7 million (115.5) in the third quarter - an increase of 53 percent year-on-year, and equivalent to growth of 51 percent in local currencies. Excluding heart study revenues, Thoracic sales in local currencies increased by 52 percent. Thoracic underlying growth was strong and it also benefited from tailwinds toward the end of the quarter, including a positive contribution of SEK 8.5 million from the initial recognition of finance lease arrangements related to XPS machines placed during the year, as well as inventory build-up by our largest US customer of approximately SEK 10.0 million. EVLP disposable sales grew 67 percent during the quarter and PERFADEX sales grew 2 percent. Heart sales amounted to SEK 22 million (10), of which the CAP study contributed with SEK 1 million. The gross margin amounted to 80 percent (89), and the decrease relates mainly to product mix (increased machine sales) and write-down of inventory. The period January – September 2026 Thoracic’s sales increased by 37 percent in the period compared to the corresponding period in previous year and amounted to SEK 494.8 million (362.3). The increase is equivalent to growth of 43 percent in local currencies. Excluding heart study revenues, Thoracic sales in local currencies increased by 39 percent. Lung sales had a strong period with increased activity at larger customers and the establishment of three hub and spoke OPO models for EVLP in the US. EVLP disposable sales grew 56 percent during the period and PERFADEX sales grew 6 percent. Heart delivered sales of SEK 65 million (21), of which the CAP study contributed with SEK 12 million. The gross margin amounted to 82 percent (85). SEK Thousands 2026 2025 2026 2025 2025 Net sales 494 803 362 308 176 744 115 487 509 316 Lung 430 128 341 142 154 935 105 618 472 550 Heart 64 675 21 166 21 809 9 869 36 766 Gross margin, % 82 85 80 89 85 January- September January- September January- DecemberJuly-September July-September Net sales Thoracic (R12) Net sales by product category Thoracic (Q3) Net sales by geographical area, Thoracic (Q3) 0 100 200 300 400 500 600 700 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 SEKm Lung Heart Machine perfusion, 61% Static preservation, 36% Other, 3% North and South America 69% EMEA 22% APAC 9%
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 14 | 28 Abdominal The Abdominal business area comprises XVIVO’s product and service operations in liver and kidney transplantation. XVIVO markets Liver Assist for both cold (hypothermic) and warm (normothermic) oxygenated machine perfusion, and Liver Assist is the leading perfusion technology in Europe. For kidney transplantation, Kidney Assist and Kidney Assist Transport are marketed for cold oxygenated machine perfusion. Summary The quarter July – September 2026 Sales amounted to SEK 62.1 million (55.3) in the quarter, an increase of 12 percent year-on-year. In local currencies, the growth was also 12 percent. Liver sales increased by 9 percent (34) in local currencies. Kidney sales increased by 19 percent (79) in local currencies. Abdominal continue to show positive momentum, driven by increasing adoption of liver and kidney perfusion. Regarding liver, growth rates have been somewhat lower than last year, reflecting temporary implications from manufacturing transfer and softer activity in a few European markets. We remain encouraged by the long-term growth opportunity, supported by continued adoption in our core markets, broader DCD utilization and reimbursement developments. While these drivers provide a solid foundation for future growth, we continue to expect liver growth rates in Europe to moderate somewhat compared with the strong levels achieved in recent years. Kidney growth in the third quarter was mainly impacted by seasonal effects and implications from the manufacturing transfer. We expect to return to higher growth numbers again in the beginning of 2027. The gross margin amounted to 61 percent (60). The company expects margins to increase as adoption increases in the US together with further establishment of reimbursement across markets. The period January – September 2026 Sales amounted to SEK 193.1 million (164.0) in the period, which is equivalent to an increase of 18 percent year-on-year. In local currencies, the growth was 21 percent. The revenue was primarily generated in EMEA. Liver sales increased by 11 percent (29) in local currencies. Kidney sales increased by 47 percent (33) in local currencies, which is a result of increased adoption among new and existing customers. The gross margin amounted to 57 percent (64), a decrease primarily reflecting the strong growth in kidney and pricing conditions at certain markets. The company expects margins to increase as adoption increases in the US together with further establishment of reimbursement across markets. SEK Thousands 2026 2025 2026 2025 2025 Net sales 193 129 164 006 62 150 55 290 225 322 Liver 128 441 117 438 40 129 36 375 160 041 Kidney 64 688 46 568 22 021 18 915 65 281 Gross margin, % 57 64 61 60 61 January- September January- September January- DecemberJuly-September July-September Net sales Abdominal (R12) Net sales by geographical area, Abdominal (Q3) 0 50 100 150 200 250 300 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 SEKm Liver Kidney North and South America 16% EMEA 81% APAC 4%
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 15 | 28 Services In the US, XVIVO provides service solutions to transplant customers. The purpose of these services is to improve the transplantation process for the customer, enabling more transplants to be performed with better quality and efficiency. Currently, XVIVO Services includes organ recovery services in lungs and hearts, as well as a digital product, FlowHawk, designed to streamline and manage communication and workflows at transplant clinics. Summary The quarter July – September 2026 Sales amounted to SEK 13.7 million (18.4), which represented a decrease of -28 percent in local currencies. Sales decreased primarily due to reduced volume in organ recoveries. Gross margin decreased to -19 percent (37), reflecting deliberate investments in expanding the surgical team to support growth and customer onboarding in new geographies. Gross margin is expected to recover as organ recovery volumes pick up again from acquisition of new contracts. We remain optimistic about our pipeline of new customers, with several contract processes currently underway. However, many of these processes continue to take longer than originally anticipated to convert into revenue. That said, the investments we have made in surgical capacity and supporting infrastructure over recent quarters have positioned us well for future growth and enabled us to build a high-quality service platform to support the future launch of XVIVO Heart Assist Transport. The period January – September 2026 Sales amounted to SEK 44.6 million (59.7), equivalent to a decrease of -21 percent in local currencies. Services decreased primarily due to reduced volume in organ recoveries, while XVIVO FlowHawk showed strong growth of 34 percent. Gross margin decreased to 4 percent (36), which is explained in the above section. SEK Thousands 2026 2025 2026 2025 2025 Net sales 44 577 59 707 13 669 18 361 77 527 Gross margin, % 4 36 -19 37 33 January- September January- September January- DecemberJuly-September July-September
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 16 | 28 Other information Sustainability Our greatest contribution to sustainability is creating opportunities to save more lives, enhance the quality of life for patients and improve healthcare economics so that healthcare systems all over the world can afford to do even more. Our core business is bas ed on our vision that nobody should die waiting for a new organ. For more detailed information regarding our sustainability work, see our 2025 Annual Report. Organization and employees The XVIVO Group has 207 employees, of whom 102 are women and 105 men. Of these, 74 are employed in Sweden and 133 outside Sweden. The head office is located in Gothenburg, Sweden and we have active subsidiaries in the US, Netherlands, Italy, France, Brazil and Australia. XVIVO also has employees based in several other countries globally. Related-party transactions No transactions with related parties have taken place, except for transactions with group companies made on market terms. Risk management XVIVO works continuously to identify, evaluate, and manage risks in different systems and processes. Risk analyses are carried out continuously regarding normal operations and in connection with activities that are outside XVIVO’s regular quality system. Global health crises, such as pandemics, can have a temporary negative impact on organ transplantation. The market risks that are deemed to have a particular impact on XVIVO’s future progress are linked to the availability of financial and medical resources in health care systems around the world. Recent uncertainty in the external environment, including potential trade barriers and po ssible increased cost pressures in healthcare also exist. Operational risks are risks that limit or prevent XVIVO from developing, manufacturing and selling high-quality, efficient and safe products. The number of organ transplants is marginally affected by seasonal effects. Mainly in new treatment methods, such as warm perfusion of lungs, slightly less activity occurs during the su mmer months because there is less training and learning during the summer vacation period. Legal and regulatory risks may arise from changes in legislation or policy decisions that may affect the Group’s ability to conduct or develop the business. Financial risks include exchange rate risks. More information regarding strategic and operational risks is described in the management report in our 2025 Annual Report . Nomination Committee for the 2027 AGM The following have been appointed to be part of XVIVO Perfusion AB’s (publ) Nomination Committee for the 2027 Annual General Meeting: Henrik Blomquist, appointed by Bure Equity AB Thomas Ehlin, appointed by Fourth AP Fund Martin Lewin, appointed by Eccenovo AB (publ) Gösta Johannesson, Chairman of the Board They were appointed in accordance with the instructions regarding the principles for appointing a Nomination Committee adopted at the Annual General Meeting of XVIVO Perfusion AB (publ) on April 27, 2018. The shareholders who appointed the members of the Nomination Committee jointly represented 29.62 percent of all shares in the company on August 31, 2026. Annual General Meeting and Annual Report The Annual General Meeting of XVIVO Perfusion AB (publ) will be held on April 27, 2027 in Gothenburg. Shareholders who wish to have a matter dealt with at the meeting may request this in writing from the Board of Directors. Any such request for consideration of a matter shall be sent to XVIVO Perfusion AB (publ), FAO: The Nomination Committee, Gemenskapens gata 9, SE-431 53 Mölndal and must be received by the Board of Directors no later than seven weeks before the meeting, or at least in time that the matte r, if necessary, can be included in the notice convening the meeting. The Annual Report for 2026 is expected to be available to downl oad from the XVIVO website in the week beginning March 29, 2027.
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 17 | 28 Outlook XVIVO assesses that demand for life-saving innovative technologies will continue to develop positively, driven by structural needs within healthcare systems, increased focus on resource efficiency, and the need to make more donated organs available. Within lung transplantation, XVIVO will continue to support and drive the adoption of centralized perfusion models, both organically and through partnerships. This helps address capacity and resource constraints while simplifying the transplantation process for hospitals. The company will also continue to invest in its digital and organ recovery offerings to support customer adoption an d integration with XVIVO’s machine perfusion technologies. Within abdominal perfusion, XVIVO expects to further strengthen its leading position in liver perfusion in Europe while continu ing to expand the use of its kidney technologies in both Europe and North America. An important objective is to continue advancing key regulatory and commercial milestones. Following CE mark approval of XVIVO Heart Assist Transport in Europe, the company is preparing for commercialization while continuing to advance its PMA applicatio n with the FDA. For liver, the objective is to conclude the regulatory pathway in the US and establish the most appropriate route to market in continued dialogue with the FDA. In parallel, investments will continue to strengthen XVIVO’s position ahead of future commercialization in the US. At the same time, uncertainty in the external environment remains. Macroeconomic changes and potential trade barriers may impact financial performance in the short term. However, with leading technologies, growing adoption, and strong long-term market driv ers, XVIVO remains well positioned to create value for patients, healthcare systems and shareholders. Significant events after the end of the period No events occurred after the end of the reporting period that affected the assessment of the financial information in this report. This report was submitted by the CEO on behalf of the Board of Directors. Mölndal, Sweden, October 22, 2026 Christoffer Rosenblad CEO This report has been reviewed by the company’s auditors. This information is information that XVIVO Perfusion AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out below on October 22, 2026, at 7.30 am CET. Financial calendar Conference call Contact • Year-End Report 2026: Thursday, January 28, 2027 • Interim Report January-March 2027: Thursday, April 22, 2027 • Interim Report January-June 2027: Wednesday, July 14, 2027 Interim Report January- September 2027: Thursday, October 21, 2027 CEO Christoffer Rosenblad and CFO Kristoffer Nordström will present the Interim Report in a conference call at 2.00 p.m. CET on Thursday, October 22. For access via conference call, click here For access via webcast, click here Christoffer Rosenblad, CEO tel: +46 735 19 21 59 email: christoffer.rosenblad@xvivogroup.com Kristoffer Nordström, CFO tel: +1 484 437 1277 email: kristoffer.nordstrom@xvivogroup.com
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 18 | 28 Review report To the Board of Directors of Xvivo Perfusion AB (publ) Corp. ID 556561-0424 Introduction We have reviewed the condensed interim financial information (interim report) of Xvivo Perfusion AB as of 30 September 2026 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information 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 and other generally accepted auditing practices and consequently does 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, 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. Gothenburg, Sweden, October 22, 2026 KPMG AB Daniel Haglund Authorized Public Accountant
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 19 | 28 Financial statements Condensed Consolidated Statement of Net Income Consolidated Statement of Total Comprehensive Income January- September January- September July-September July-September January- December SEK Thousands 2026 2025 2026 2025 2025 Net sales 732 509 586 021 252 563 189 138 812 165 Cost of goods sold -214 284 -150 606 -74 872 -46 752 -212 673 Gross income 518 225 435 415 177 691 142 386 599 492 Selling expenses -247 221 -224 025 -87 616 -74 511 -298 945 Administrative expenses -76 698 -59 252 -22 023 -17 795 -78 141 Research and development expenses -115 286 -98 826 -42 418 -31 447 -131 985 Other operating revenues and expenses 5 881 -1 755 2 334 -725 -2 044 Operating income 84 901 51 557 27 968 17 908 88 377 Financial income and expenses 29 505 -54 187 10 880 -3 143 -49 816 Income after financial items 114 406 -2 630 38 848 14 765 38 561 Taxes -17 207 -3 856 5 770 -10 425 -13 398 Net income 97 199 -6 486 44 618 4 340 25 163 Attributable to Parent Company’s shareholders 97 199 -6 486 44 618 4 340 25 163 Earnings per share, SEK 3.09 -0.21 1.42 0.14 0.80 Earnings per share after dilution, SEK 3.08 -0.21 1.42 0.14 0.80 Average number of outstanding shares 31 499 470 31 499 470 31 499 470 31 499 470 31 499 470 Average number of outstanding shares after dilution 31 584 084 31 557 101 31 504 109 31 557 101 31 557 101 Number of shares at closing day 31 499 470 31 499 470 31 499 470 31 499 470 31 499 470 148 020 102 495 51 987 35 908 158 585 Amortization and write-down on intangible assets -28 064 -23 156 -11 731 -7 722 -30 897 Depreciation and write-down on tangible assets -35 055 -27 782 -12 288 -10 278 -39 311 Operating income 84 901 51 557 27 968 17 908 88 377 EBITDA (Operating income before depreciation and amortization) January- September January- September July-September July-September January- December SEK Thousands 2026 2025 2026 2025 2025 Net income 97 199 -6 486 44 618 4 340 25 163 Other comprehensive income Items that may be reclassified to the income statement Translation difference related to foreign subsidiaries 41 694 -65 021 16 147 -5 791 -81 533 Total other comprehensive income 41 694 -65 021 16 147 -5 791 -81 533 Total comprehensive income 138 893 -71 507 60 765 -1 451 -56 370 Attributable to Parent Company’s shareholders 138 893 -71 507 60 765 -1 451 -56 370
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 20 | 28 Condensed Consolidated Statement of Financial Position Condensed Consolidated Cash Flow Statement Consolidated Changes in Shareholders’ Equity SEK Thousands 260930 250930 251231 ASSETS Goodwill 646 777 622 558 610 062 Capitalized development expenditure 919 888 765 722 800 676 Other intangible fixed assets 38 698 41 012 39 610 Fixed assets 214 251 207 738 213 882 Financial assets 40 848 22 038 21 672 Total non-current assets 1 860 462 1 659 068 1 685 902 Inventories 227 915 284 528 248 455 Current receivables 187 075 153 654 147 664 Cash and cash equivalents 313 240 279 942 292 091 Total current assets 728 230 718 124 688 210 Total assets 2 588 692 2 377 192 2 374 112 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders’ equity 2 265 671 2 093 739 2 113 459 Long-term interest-bearing liabilities 108 765 114 581 113 165 Long-term non-interest-bearing liabilities 28 226 36 225 28 111 Short-term interest-bearing liabilities 11 845 9 944 11 556 Short-term non-interest-bearing liabilities 174 185 122 703 107 821 Total shareholders’ equity and liabilities 2 588 692 2 377 192 2 374 112 January- September January- September July-September July-September January- December 2026 2025 2026 2025 2025 Income after financial items 114 406 -2 630 38 848 14 765 38 561 Adjustment for items not affecting cash flow 44 959 114 643 16 111 22 476 144 095 Paid taxes -17 959 -10 817 -16 379 -1 177 -12 861 Change in inventories 21 631 -66 921 1 806 -16 768 -37 940 Change in trade receivables -30 400 5 121 16 328 21 471 8 786 Change in trade payables 49 209 -25 258 -3 701 -20 176 -39 575 Cash flow from operating activities 181 846 14 138 53 013 20 591 101 066 Cash flow from investing activities -171 323 -191 945 -49 051 -60 625 -258 410 Cash flow from financing activities -8 587 74 800 -2 763 -3 762 72 246 Cash flow for the period 1 936 -103 007 1 199 -43 796 -85 098 Cash and cash equivalents at beginning of period 292 091 415 521 304 965 322 995 415 521 Exchange rate difference in cash and cash equivalents 19 213 -32 572 7 076 743 -38 332 Cash and cash equivalents at end of period 313 240 279 942 313 240 279 942 292 091 SEK Thousands Share capital Other paid in capital Reserves Retained earnings incl. profit for the year Sum shareholders´ equity Shareholders´ equity as of January 1, 2025 805 1 772 030 92 187 291 756 2 156 778 Total comprehensive income January-September 2025 - - -65 021 -6 486 -71 507 Stock dividend issue 14 - - -14 - Accounting effect of incentive programs according to IFRS 2 - 8 468 - - 8 468 Shareholders´ equity as of September 30, 2025 819 1 780 498 27 166 285 256 2 093 739 Total comprehensive income October - December 2025 - - -16 512 31 649 15 137 Accounting effect of incentive programs according to IFRS 2 - 4 583 - - 4 583 Shareholders´ equity as of December 31, 2025 819 1 785 081 10 654 316 905 2 113 459 Total comprehensive income January-September 2026 - - 41 694 97 199 138 893 Accounting effect of incentive programs according to IFRS 2 - 13 319 - - 13 319 Shareholders´ equity as of September 30, 2026 819 1 798 400 52 348 414 104 2 265 671 Attributable to Parent Company's shareholders
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 21 | 28 Condensed Consolidated Statement of Net Income by quarter Consolidated Statement of Total Comprehensive Income by quarter Jul-Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec SEK Thousands 2026 2026 2026 2025 2025 2025 2025 2024 Net sales 252 563 238 991 240 955 226 144 189 138 178 295 218 588 227 564 Cost of goods sold -74 872 -69 494 -69 918 -62 067 -46 752 -45 640 -58 214 -52 430 Gross income 177 691 169 497 171 037 164 077 142 386 132 655 160 374 175 134 Selling expenses -87 616 -86 049 -73 556 -74 920 -74 511 -75 804 -73 710 -80 983 Administrative expenses -22 023 -25 341 -29 334 -18 889 -17 795 -18 434 -23 023 -22 865 Research and development costs -42 418 -36 083 -36 785 -33 159 -31 447 -31 901 -35 478 -55 808 Other operating revenues and expenses 2 334 2 965 582 -289 -725 567 -1 597 -16 Operating income 27 968 24 988 31 945 36 820 17 908 7 083 26 566 15 462 Financial income and expenses 10 880 7 744 10 882 4 371 -3 143 -10 427 -40 617 34 154 Income after financial items 38 848 32 732 42 827 41 191 14 765 -3 344 -14 051 49 616 Taxes 5 770 -16 450 -6 528 -9 542 -10 425 4 917 1 652 -13 229 Net income 44 618 16 282 36 299 31 649 4 340 1 573 -12 399 36 387 Attributable to Parent Company’s shareholders 44 618 16 282 36 299 31 649 4 340 1 573 -12 39 9 36 387 Earnings per share, SEK 1.42 0.52 1.15 1.01 0.14 0.05 -0.39 1.16 Earnings per share after dilution, SEK 1.42 0.52 1.15 1.01 0.14 0.05 -0.39 1.15 Average number of outstanding shares 31 499 470 31 499 470 31 499 470 31 499 470 31 499 470 31 499 470 31 499 470 31 49 9 470 Average number of outstanding shares after dilution 31 504 109 31 522 143 31 556 772 31 557 101 31 557 101 31 555 058 31 650 106 31 650 106 Number of shares at closing day 31 499 470 31 499 470 31 499 470 31 499 470 31 499 470 31 499 470 31 499 470 31 499 470 EBITDA (Operating income before depreciation and amortization) 51 987 44 952 51 081 56 090 35 908 23 620 42 967 51 884 Amortization and write-down on intangible assets -11 731 -8 252 -8 081 -7 741 -7 722 -7 638 -7 796 -27 605 Depreciation and write-down on tangible assets -12 288 -11 712 -11 055 -11 529 -10 278 -8 899 -8 605 -8 817 Operating income 27 968 24 988 31 945 36 820 17 908 7 083 26 566 15 462 Jul-Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec SEK Thousands 2026 2026 2026 2025 2025 2025 2025 2024 Net income 44 618 16 282 36 299 31 649 4 340 1 573 -12 399 36 387 Other comprehensive income Items that may be reclassified to the income statement: Translation difference related to foreign subsidiaries 16 147 11 912 13 635 -16 512 -5 791 -6 559 -52 671 34 640 Total other comprehensive income 16 147 11 912 13 635 -16 512 -5 791 -6 559 -52 671 34 640 Total comprehensive income 60 765 28 194 49 934 15 137 -1 451 -4 986 -65 070 71 027 Attributable to Parent Company’s shareholders 60 765 28 194 49 934 15 137 -1 451 -4 986 -65 070 71 027
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 22 | 28 Consolidated Key Ratios Condensed Income Statement for the Parent Company The Parent Company has no items to be recognized in other comprehensive income and therefore no statement of comprehensive income has been presented. Depreciation/amortization and write-down during the period amounts to SEK 20,565 (13,427) thousand, of which SEK 9,426 (5,241) thousand in the quarter. Condensed Balance Sheet for the Parent Company January- September January- September July-September July-September January- December SEK Thousands 2026 2025 2026 2025 2025 Gross margin, % 71 74 70 75 74 EBIT, % 12 9 11 9 11 EBIT (adjusted), % 12 9 11 9 11 EBITDA, % 20 17 21 19 20 EBITDA (adjusted), % 20 18 21 19 20 Net margin, % 13 -1 18 2 3 Equity/assets ratio, % 88 88 88 88 89 Income per share, SEK 3.09 -0.21 1.42 0.14 0.80 Shareholders’ equity per share, SEK 71.93 66.47 71.93 66.47 67.10 Share price on closing day, SEK 220 173 220 173 187 Market cap on closing day, MSEK 6 936 5 456 6 936 5 456 5 878 January- September January- September July-September July-September January- December SEK Thousands 2026 2025 2026 2025 2025 Net sales 417 026 284 968 148 093 99 555 410 894 Cost of goods sold -94 295 -54 869 -36 617 -17 988 -81 188 Gross income 322 731 230 099 111 476 81 567 329 706 Selling expenses -88 290 -69 585 -33 304 -24 637 -94 588 Administrative expenses -79 878 -64 841 -22 805 -19 486 -87 004 Research and development expenses -76 254 -59 297 -26 542 -18 965 -78 413 Other operating revenues and expenses 4 329 137 1 707 440 -359 Operating income 82 638 36 513 30 532 18 919 69 342 Financial income and expenses 44 048 -43 974 15 757 -1 555 -47 031 Income after financial items 126 686 -7 461 46 289 17 364 22 311 Appropriation - - - - -5 200 Taxes -27 993 995 -10 048 -4 369 -4 258 Net income 98 693 -6 466 36 241 12 995 12 853 SEK Thousands 260930 250930 251231 ASSETS Intangible fixed assets 780 268 627 430 663 074 Fixed assets 94 618 78 046 83 016 Financial assets 1 122 191 972 995 976 577 Total non-current assets 1 997 077 1 678 471 1 722 667 Inventories 71 110 105 580 88 337 Current receivables 54 792 45 779 50 017 Cash and bank 65 996 152 594 155 391 Total current assets 191 898 303 953 293 745 Total assets 2 188 975 1 982 424 2 016 412 SHAREHOLDERS' EQUITY AND LIABILITIES Shareholders’ equity 1 966 207 1 830 451 1 854 237 Untaxed reserves 5 200 - 5 200 Provisions 4 723 3 411 3 567 Long-term interest-bearing liabilities 85 324 84 226 83 272 Long-term non-interest-bearing liabilities 12 698 7 396 12 698 Short-term non-interest-bearing liabilities 114 823 56 940 57 438 Total shareholders’ equity and liabilities 2 188 975 1 982 424 2 016 412
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 23 | 28 Notes Disclosures in accordance with IAS 34.16A are included in the financial statements and notes, as well as elsewhere in the Inter im Report. Note 1. Accounting principles For the Group, this report is presented pursuant to the Swedish Annual Accounts Act and IAS 34, Interim Financial Reporting, and for the Parent Company pursuant to the Swedish Annual Accounts Act and the Swedish Corporate Reporting Board’s recommendation RFR 2 - Supplementary accounting rules for Legal Entities. Accounting principles applied to the Group and the Parent Company correspond, unless otherwise stated below, to the accounting principles used for the preparation of the latest Annual Report. XVIVO has initiated an assessment of the potential effects of applying IFRS 18. The new standard is not expected to have a material impact on the Group’s financial reporting. Note 2. Financial instruments The Group’s financial assets and liabilities valued at amortized cost amounted to SEK 500 million (440) and SEK 186 million (11 9) respectively. The carrying value is considered to be a reasonable approximation of the fair value of these assets and liabiliti es in the Balance Sheet. The Group did in the previous year, 2025, recognize liabilities related to contingent considerations. Contingent considerations are classified under level 3 in accordance with IFRS 13 and measured at fair value with changes recognized in the Income Statement. The calculation of fair value relating to financial liabilities under level 3 affected the Income Statement by SEK 0.0 million (-5. 4) in the period and was recognized in financial items. Financial liabilities measured at fair value Note 3. Net sales Net Sales by organ or service TSEK 260930 251231 Opening balance - 5 448 Revaluation of contingent purchase considerations - -5 448 Closing balance - - SEK Thousands 2026 2025 2026 2025 2026 2025 2026 2025 Lung 430 128 341 142 - - - - 430 128 341 142 Heart 64 675 21 166 - - - - 64 675 21 166 Liver - - 128 441 117 438 - - 128 441 117 438 Kidney - - 64 688 46 568 - - 64 688 46 568 Service - - - - 44 577 59 707 44 577 59 707 Net sales 494 803 362 308 193 129 164 006 44 577 59 707 732 509 586 021 SEK Thousands 2026 2025 2026 2025 2026 2025 2026 2025 Lung 154 936 105 618 - - - - 154 936 105 618 Heart 21 808 9 869 - - - - 21 808 9 869 Liver - - 40 129 36 375 - - 40 129 36 375 Kidney - - 22 021 18 915 - - 22 021 18 915 Service - - - - 13 669 18 361 13 669 18 361 Net sales 176 744 115 487 62 150 55 290 13 669 18 361 252 563 189 138 July-September Thoracic Abdominal Services Total consolidated January-September Thoracic Abdominal Services Total consolidated
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 24 | 28 Net sales by geographical area Note 4. Operating segments The Group’s segments are Thoracic, Abdominal and Services. The segments correspond to the Group’s business areas and are measured and monitored by XVIVO’s management at a revenue and gross margin level. Note 5. Finance lease arrangements During the quarter, the Group entered into finance lease arrangements relating to XPS machines, where XVIVO is the lessor. The arrangements were classified as finance leases in accordance with IFRS 16. The agreements include a transfer of ownership at th e end of the lease term and therefore transfer substantially all risks and rewards associated with ownership to the customer. At commencement, the Group recognized finance lease receivables of SEK 9.2 million. The initial recognition of the finance leases generated a positive operating profit effect of SEK 8.5 milion during the quarter. Note 6. Goodwill Note 7. Financing XVIVO’s operations shall be conducted with sustainable and efficient capital structure. The company’s equity/assets ratio is st rong and amounted to 88 percent (88) at the end of the period. The company’s total credit lines consist of a revolving credit facili ty amounting to EUR 20 million (20). During 2025, approximately SEK 40 million and EUR 4 million were utilized to finance increase d working capital. The unused portion of the credit facility thus amounts to approximately EUR 12 million (12) at the end of the period. The credit facility carries a variable interest rate based on EURIBOR. The facility runs until January 2028 and is subject to s tandard financial covenants, all of which the company complies with as of the reporting date. SEK Thousands 2026 2025 2026 2025 2026 2025 2026 2025 USA 315 412 221 757 19 289 22 254 44 577 59 707 3 79 278 303 718 Americas, excl USA 8 793 16 788 7 255 206 - - 16 048 16 994 EMEA 134 776 95 019 156 331 133 162 - - 291 107 228 181 APAC 35 823 28 744 10 254 8 384 - - 46 077 37 128 Net sales 494 803 362 308 193 129 164 006 44 577 59 707 732 509 586 021 SEK Thousands 2026 2025 2026 2025 2026 2025 2026 2025 USA 117 393 68 638 6 263 8 807 13 669 18 361 137 325 95 806 Americas, excl USA 4 976 5 838 3 518 - - - 8 494 5 838 EMEA 38 903 28 252 50 085 42 669 - - 88 988 70 921 APAC 15 472 12 759 2 283 3 814 - - 17 755 16 573 Net sales 176 744 115 487 62 150 55 290 13 669 18 361 252 563 189 138 January-September Thoracic Abdominal Services Total consolidated July-September Thoracic Abdominal Services Total consolidated SEK Thousands 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 494 803 362 308 193 129 164 006 44 577 59 707 732 509 586 021 Cost of goods sold -88 972 -52 638 -82 497 -59 793 -42 815 -38 175 -214 284 -150 606 Gross income 405 831 309 670 110 632 104 213 1 762 21 532 518 225 435 415 Gross margin (%) 82 85 57 64 4 36 71 74 SEK Thousands 2026 2025 2026 2025 2026 2025 2026 2025 Net sales 176 744 115 487 62 150 55 290 13 669 18 361 252 563 189 138 Cost of goods sold -34 628 -12 996 -23 977 -22 179 -16 267 -11 577 -74 872 -46 752 Gross income 142 116 102 491 38 173 33 111 -2 598 6 784 177 691 142 386 Gross margin (%) 80 89 61 60 -19 37 70 75 July-September Thoracic Abdominal Services Total consolidated January-September Thoracic Abdominal Services Total consolidated January- September January- September July-September July-September January- December TSEK 2026 2025 2026 2025 2025 Opening balance 610 062 682 483 633 460 627 659 682 483 Exchange-rate differences 36 715 -59 925 13 317 -5 101 -72 421 Closing balance 646 777 622 558 646 777 622 558 610 062
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 25 | 28 Reconciliation of alternative performance measures This report includes performance measures that are not defined in IFRS but have been included in the report as management takes the view that this data enables investors to analyze the Group’s performance and financial position. Investors should view alte rnative performance measures as a complement to, rather than a substitute for, financial information under IFRS. EBITDA EBITDA (adjusted) EBIT (adjusted) Gross margin When calculating gross margin, gross profit is first calculated by subtracting the cost of goods sold from net sales. Gross pro fit is then set in relation to net sales to obtain the gross margin ratio. Gross margin thus indicates profit after cost of goods sold as a proportion of net sales, and is affected by factors such as pricing, raw materials and manufacturing costs, inventory write-downs and exch ange rate effects. Equity/Asset ratio Equity consists of share capital, other contributed capital, reserves, retained earnings including profit for the year in the Group. The equity/assets ratio indicates equity as a proportion of total assets and is a measure of the proportion of assets financed by equity. January- September January- September July- September July- September January- December SEK Thousands 2026 2025 2026 2025 2025 Operating income 84 901 51 557 27 968 17 908 88 377 Amortization and impairment on intangible assets 28 064 23 156 11 731 7 722 30 897 Depreciation and write-down on tangible assets 35 055 27 782 12 288 10 278 39 311 EBITDA 148 020 102 495 51 987 35 908 158 585 January- September January- September July- September July- September January- December SEK Thousands 2026 2025 2026 2025 2025 EBITDA 148 020 102 495 51 987 35 908 158 585 Acquisition costs - 300 - - 300 Integration costs - 2 296 - -298 2 296 EBITDA (adjusted) 148 020 105 091 51 987 35 610 161 181 January- September January- September July- September July- September January- December SEK Thousands 2026 2025 2026 2025 2025 EBIT (Operating income ) 84 901 51 557 27 968 17 908 88 377 Acquisition costs - 300 - - 300 Integration costs - 2 296 - -298 2 296 EBIT (adjusted) 84 901 54 153 27 968 17 610 90 973 January- September January- September July- September July- September January- December SEK Thousands 2026 2025 2026 2025 2025 Net sales 732 509 586 021 252 563 189 138 812 165 Cost of goods sold -214 284 -150 606 -74 872 -46 752 -212 673 Gross profit 518 225 435 415 177 691 142 386 599 492 Gross margin % 71 74 70 75 74 SEK Thousands 260930 250930 251231 Shareholders’ equity 2 265 671 2 093 739 2 113 459 Total assets 2 588 692 2 377 192 2 374 112 Equity/assets ratio % 88 88 89
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 26 | 28 KPI definitions Key ratios Definition Purpose Gross margin, % Gross profit for the period divided by net sales for the period. The company believes that the key ratio provides an in-depth understanding of the company’s profitability. EBITDA margin, % EBITDA (operating income before interest, taxes, depreciation and amortization for the period) divided by net sales for the period. The company believes that the key ratio provides an in-depth understanding of the company’s profitability. Adjusted EBITDA margin, % EBITDA (operating income before interest, taxes, depreciation and amortization for the period) adjusted for items affecting comparability and divided by net sales for the period. The company believes that the key ratio provides an in-depth understanding of the company’s profitability. The company also considers that adjusted EBITDA provides a more true and fair view of the company’s EBITDA for the core operations. Adjusted EBIT margin, % EBIT (operating income for the period) adjusted for items affecting comparability, divided by net sales for the period. The company believes that the key ratio provides an in-depth understanding of the company’s profitability. The company also considers that adjusted EBIT provides a more true and fair view of the company’s EBIT for the core operations. Operating margin, % Operating income for the period divided by net sales for the period. The company believes that the key ratio provides an in-depth understanding of the company’s profitability. Net margin, % Profit for the period divided by net sales for the period. The company believes that the key ratio provides an in-depth understanding of the company’s profitability. Equity/assets ratio, % Shareholders’ equity divided by total assets. The ratio indicates what percentage of total assets consists of shareholders’ equity and it has been included to help investors with an in-depth understanding of the company’s capital structure. Shareholders’ equity per share, SEK Shareholders’ equity in relation to the number of shares outstanding on the balance sheet date. The key ratio has been included to give investors an overview of how the company’s equity per share has evolved. Organic growth Organic growth refers to sales growth compared to the same period the previous year, adjusted for currency translation effects and acquisitions. Acquisitions are adjusted by excluding net sales during the current year for acquisitions made during the current or previous year where the net sales relate to the period when the acquisition did not contribute to sales in both years. Currency effects are calculated by recalculating the period’s and previous period’s sales in local currencies in SEK at the same exchange rate. Organic growth enables comparison of net sales over time, excluding the impact of currency translation effects and acquisitions.
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XVIVO Perfusion AB (publ) – Interim Report January – September 2026 27 | 28 Glossary The following explanations are intended to help the reader understand certain specific terms and expressions in XVIVO’s reports: DBD Donation after brain death. DCD Donation after circulatory death. DHOPE Double hypothermic non-ischemic machine organ perfusion, i.e. cold oxygenated machine organ perfusion using double cannulation. Assessment Assessment of the function of an organ. Ex vivo (Latin for “outside a living organism”) Biological processes in living cells and tissues when they are in an artificial environment outside the body. The opposite of in vivo. EVLP (Ex Vivo Lung Perfusion) Perfusion of a lung outside the body. The procedure is normally carried out to assess a lung before transplantation. FDA or US Food and Drug Administration The FDA is the US food and drug authority with responsibility for food, dietary supplements, drugs, cosmetics, medical equipment, radiology equipment, and blood products. FDA approval is required to market a medical device on the US market. HDE or Humanitarian Device Exemption A humanitarian device exemption (HDE) application can be submitted to the FDA for a medical device that is intended to benefit patients by treating or diagnosing a disease or condition that affects or is manifested in fewer than 8,000 individuals in the US per year. A HDE is similar in both form and content to a Premarket Approval (PMA) application but is exempt from the efficacy requirements of a PMA. HOPE Hypothermic non-ischemic machine organ perfusion, i.e. cold oxygenated machine organ perfusion IDE-application An Investigational Device Exemption (IDE) is an application that must be submitted to receive the Food and Drug Administration's (FDA) approval to use a novel medical device in a clinical study. Clinical study/trial A study in healthy or sick people to examine the effect of a drug or treatment method. Machine perfusion New technology that improves preservation and assessment of organs, which means more organs can be used for transplants. In the Thoracic business area, this includes STEEN Solution™, XPS™, LS™, Lung Assist and Heart Assist as well as other products and services related to the use of those machines. In the Abdominal business area, this includes Kidney Assist Transport, Kidney Assist and Liver Assist as well as other products and services related to the use of those machines. NRP Normothermic regional perfusion. Treatment method in DCD donation where organs are perfused in the donor. OPO or Organ Procurement Organization In the US, an organ procurement organization (OPO) is a non-profit organization responsible for the assessment and procurement of deceased-donor organs for organ transplantation. There are approximately 58 such organizations in the US. Perfusion Passage of a fluid through an organ’s blood vessels. PMA or Premarket Approval Premarket Approval (PMA) is the FDA process of scientific and regulatory review to evaluate the safety and efficacy of a medical device. Pre-clinical study Research performed before a drug or method of treatment is sufficiently documented to be studied in humans. Preservation Storage and maintenance of an organ outside the body before transplantation. Reimbursement Reimbursement is used in the health insurance system to enable healthcare providers to be reimbursed faster and more easily for accrued expenses from a private or public insurance company (in the US, e.g. Medicare). Static preservation Static preservation refers to preservation methods where the organ is cooled during transport and before transplantation. In the Thoracic business area, this includes Perfadex® Plus as well as other products and services related to the use of that product. Xenotransplantation Transplantation of cells, tissues or organs from one species to another. Other sales The Other sales product category refers to revenue relating to freight, service and training.
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XVIVO Gemenskapens gata 9 SE-431 51 Mölndal Sweden Corp. ID No. 556561-0424 info@xvivogroup.com www.xvivogroup.com