Interim report
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Interim Report Q2 Interim Report Q2 20262026
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Zinzino AB – Interim Report Q2 20262 This is Zinzino A brief history 2007 – Zinzino AB was started. The company’s principal business is to own and develop companies in direct sales and related activities. 2009 – Acquisition of Zinzino Nordic AB, where Zinzino AB gained control of 93% of the capital and 97% of the votes in Zinzino Nordic AB. 2010 – Zinzino shares were listed for trading on the Aktietorget stock market. 2011 – New subsidiaries were started in Estonia and Lithuania. 2012 – New subsidiaries were started in Latvia and Iceland. 2013 – A new subsidiary was started in the US. 2014 – New subsidiaries were started in Poland and the Netherlands. Acquisition of BioActive Foods AS and 85% of the shares in Faun Pharma AS. Zinzino shares were listed for trading on Nasdaq OMX First North. 2015 – A new subsidiary was started in Canada. The ownership share in Faun Pharma AS increased to 98.8%. 2016 – A new subsidiary was started in Germany. Sales launch in all EU countries. 2017 – Sales launch in Switzerland. 2018 – New subsidiaries in Romania and Italy. 2019 – New subsidiaries in Australia and India. 2020 – Acquisition of VMA Life. Zinzino shares were moved up to the premier segment of the Nasdaq First North Growth Market. 2021 – Sales launch in South Africa. 2022 – Acquisition of Enhanzz IP AG and Enhanzz Global AG. 2023 – Sales launch in Turkey and Mexico. 2024 – Acquisition of the assets of Xelliss SA. Sales launch in Serbia and the Canary Islands. Acquisition of 49% of Cleanthi Alpha-Olenic LTD. 2025 – Acquisition of assets of Zurvita Inc, Valentus Global Inc, Ecosystem SAS, Bodē Pro and Truvision Health LLC. Sales launch in China, the Philippines and New Zealand. Acquisition of 35% of Xion International Group SL. 2026 – Acquisition of assets of Sanki and ItWorks . Sales launch in Colombia and Peru. Zinzino is a global direct sales company from Scandinavia specialising in test-based, personalised dietary supplements and scientific skin care. It is a limited liability company with shares listed on the Nasdaq First North Premier Growth Market. The company’s scientifically proven dietary supplements are available in more than 100 markets worldwide. Zinzino owns the Swiss biotech skin care brand HANZZ+HEIDII and the Norwegian research and production units BioActive Foods AS and Faun Pharma AS. The company’s head office is located in Gothenburg in Sweden, with additional offices in Europe, Asia and Australia.
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3 Zinzino AB – Interim Report Q2 2026 April – June • Total revenue amounted to SEK 936.8 (794.4) million, representing growth of 18% (57%). In local currency, revenue increased by 23% (62%) • Gross profit amounted to SEK 351.3 (247.9) million and the gross profit margin was 37.5% (31.2%) • EBITDA amounted to SEK 153.1 (79.7) million and the EBITDA margin was 16.3% (10.0%) • Net profit amounted to SEK 105.8 (55.4) million • Net profit per share after tax, before dilution, amounted to SEK 2.72 (1.56) • Cash flow from operating activities amounted to SEK 175.8 (112.6) million • Zinzino launched Colombia as its next official market in South America • Launch of a new AI-powered customer support tool January – June • Total revenue amounted to SEK 1,858.9 (1,518.1) million, representing growth of 22% (58%). In local currency, revenue increased by 28% (63%) • Gross profit amounted to SEK 692.8 (471.5) million and the gross profit margin was 37.3% (31.1%) • EBITDA amounted to SEK 295.3 (158.4) million and the EBITDA margin was 15.9% (10.4%) • Net profit amounted to SEK 210.4 (111.4) million • Net profit per share after tax, before dilution, amounted to SEK 5.51 (3.17) • Cash flow from operating activities amounted to SEK 280.0 (133.7) million • Cash and cash equivalents at the balance sheet date amounted to SEK 842.0 (408.5) million Zinzino Interim Report Q2 2026
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Dag Bergheim Pettersen, CEO Zinzino 4 Zinzino AB – Interim Report Q2 2026 Strong profitability and growth Sales growth continued into the second quarter of 2026 at 18 per cent, combined with very strong profitability, with a net profit of no less than SEK 105.8 million for the second quarter. We are very pleased that we are succeeding in achieving the desired econo - mies of scale, combined with strong organic growth and the inte - gration of new acquisitions, whilst maintaining control over our costs. We are inspired to continue our clear strategy for profitable growth, invest in new markets and products, further develop our digital platform and seek out new companies to acquire that can contribute to increased growth and profitability. Germany, together with Austria and Switzerland, remains the dominant market for Zinzino. The same applies to the rapidly growing markets of North America – the US, Canada and Mexico – and I predict that Asia will become even more important for Zinzino in the future. What all these markets have in common is that we can achieve tremendous growth over the coming decade, and this is a major source of inspiration for us as a global company. The organisation’s ability to deliver results During the second quarter, we have worked intensively to improve various aspects of our operations. This includes a comprehensive upgrade in South Korea – a market that became accessible to us through the acquisition of Truvy – which has brought about significant technical improvements, resulting in a marked increase in turnover during July in South Korea. At the same time, we are continuing to work on the launch and establishment of our business in Japan. Over the past six months, we have established Zinzino in Peru and Colombia, a strategic step in line with our commitments to the market, and one which we believe will generate further revenue growth. I would like to reiterate and emphasise that our focus for 2026 remains on working to achieve all our financial and strategic goals. We are striving to balance short-term and long-term objectives whilst continuing to develop plans for the future, strategies and a unique global corporate culture. Profitable growth forms the foundation of our business and is the driving force behind strong profitability and robust cash flow. Organic growth in existing markets, combined with acquisitions, ensures continued growth and distribution strength, enables us to reach new markets and products, and allows us to utilise economies of scale even more effectively. We will continue to make long-term investments in IT, marketing, customer service, product development and logistics. We have introduced a brand-new customer service system utilising AI to increase efficiency, streamline processes and ensure effective cost control. This has already provided us with valuable insights and improved efficiency in customer management. 30 per cent of all customer service enquiries are now handled via the AI system. We are continuing to invest in and utilise AI to grow the business
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5 Zinzino AB – Interim Report Q2 2026 more rapidly and make us even more efficient in everything we do. We are actively working on new products, tests and services to set ourselves apart, which we achieve by making our unique home tests the cornerstone of our product range. Change is something we have both implemented and will continue to pursue. Knowledge and the ability to allocate resources where they are most needed are particularly important in a rapidly chang - ing world, where we as a company are developing at a rapid pace and turnover is soaring. We are continuing to build a global brand for test-based dietary supplements through direct sales. The most important thing is that we maintain and further develop our skilled organisation and corporate culture worldwide, so that we can tackle any challenges that arise. The year 2026 has got off to a very good start and we are pleased with what we have achieved so far. At the same time, we have a very exciting period ahead of us in terms of product launches and new markets. Thank you to everyone who has contributed to this strong quarter; we are maintaining our forecast for 2026 of at least 20 per cent growth and continued strong profitability. ”Inspire Change in Life” Dag Bergheim Pettersen CEO Zinzino
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6 Zinzino AB – Interim Report Q2 2026 Zinzino’s outlook and financial goals During the period 2026–2028, Zinzino’s average sales growth shall be at least 20% and the operating margin before depreciation shall exceed 11% during the period. The dividend policy shall be at least 50% of the Group’s net earnings as long as liquidity and equity ratio allow. Key group figures 01/04/2026 30/06/2026 01/04/2025 30/06/2025 01/01/2026 30/06/2026 01/01/2025 30/06/2025 01/01/2025 31/12/2025 Total revenue 936.8 794.4 1,858.9 1,518.1 3,337.5 Net sales 881.7 754.6 1,750.7 1,443.4 3,172.2 Sales growth 18% 57% 22% 58% 51% Gross profit 351.3 247.9 692.8 471.5 1,119.1 Gross profit margin 37.5% 31.2% 37.3% 31.1% 33.5% Operating profit before depreciation and amortisation 153.1 79.7 295.3 158.4 442.9 Operating margin before depreciation and amortisation 16.3% 10.0% 15.9% 10.4% 13.3% Operating profit 138.9 71.4 269.1 142.3 409.6 Operating margin 14.8% 9.0% 14.5% 9.4% 12.3% Profit/loss before tax 134.8 72.2 267.7 142.7 419.0 Net earnings 105.8 55.4 210.4 111.4 324.5 Net margin 11.3% 7.0% 11.3% 7.3% 9.7% Net earnings per share after tax before dilution, SEK 2.72 1.56 5.51 3.17 9.09 Net earnings per share after tax at full dilution, SEK 2.67 1.49 5.41 3.03 8.64 Cash flow from operating activities 175.8 112.6 280.0 133.7 541.8 Cash and cash equivalents 842.0 408.5 842.0 408.5 771.0 Equity/assets ratio 48.4% 32.4% 48.4% 32.4% 40.4% Equity per share before dilution, SEK 27.83 12.63 28.33 12.73 19.83 Number of issued shares on average for the period 38,794,488 35,383,118 38,115,955 35,106,693 35,666,660 Average number of issued shares for the period with full dilution 39,528,665 37,249,353 38,867,263 36,778,960 37,530,107 Financial Summary (SEK million)
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Colombia 7 Zinzino AB – Interim Report Q2 2026 Events during and after the second quarter of 2026 Zinzino launches in Colombia as its next official market in South America Following Zinzino’s acquisition of Sanki at the year end, channels were opened for more efficient market entry processes on the South American continent. As part of this expansion, Peru was launched as an official market, the first country on the continent, on 10 February 2026. During the second quarter, Colombia was launched as the next official market, with sales commencing on 11 June 2026 via the website zinzino.com. The launch enables Zinzino’s independent partners in Colombia to benefit from the company’s existing regional infrastructure and experience as the business develops locally. Zinzino’s digital platform, payment solutions and business model are well suited to the Colombian market, where e-commerce continues to grow and relationship-based sales play an important role. Customer and partner support is coordinated by the Latin American team based in Mexico, with support from the country manager and regional sales management. Initial sales performance has been strong, with total revenue for Colombia amounting to approximately SEK 13.0 million for the first half of the year, the majority of which was generated from Zinzino’s global web shop prior to the official launch. The expansion process is continuing in South America, with Brazil expected to be the next market to be launched. Launch of a new AI-powered customer support tool During the second quarter, Zinzino, in collaboration with an external partner, has replaced its customer support platform with a modern, scalable and AI-powered solution. The new platform has been rolled out globally across all of Zinzino’s sales markets and aims to boost internal efficiency through automation and AI, whilst enhancing the experience for the company’s customers and distributors. The im - plementation represents a further strategic step in Zinzino’s efforts to create a scalable and cost-effective organisation that supports the company’s continued global growth and the increasing inflow of new customers and distributors. Among other things, the new platform enables: • AI and automation: Intelligent AI agents and enhanced automation reduce the need for manual interactions and shows the way for more efficient customer support • Omnichannel management: Email, live chat, telephone, SMS and social media can be managed on a single platform, delivering a more cohesive customer experience • Knowledge base and self-service: A central knowledge base gives customers, distributors and internal users access to relevant information and enables a higher degree of self-service
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8 Zinzino AB – Interim Report Q2 2026 • Advanced case management: The transition from primarily email- based communication to structured case management enables automated case registration and allocation, as well as improved traceability and follow-up • Multilingual support: Integrated language translation functions strengthen Zinzino’s ability to offer service in local languages across the company’s global markets • Reporting and analysis: Enhanced analysis and reporting functions create better conditions for monitoring, operational management and the continuous development of customer support Overall, the new platform creates the conditions for managing a growing global customer and distributor base with a higher degree of automation whilst maintaining service quality, without a corre - sponding increase in administrative complexity.
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9 Zinzino AB – Interim Report Q2 2026 Growth by region Q2 2026 vs Q2 2025 Sales per region Q2 2026 Sales Q2 In total, revenue for the second quarter of 2026 increased by 18% to SEK 936.8 (794.4) million compared with the corresponding period last year. In local currency, revenue for the second quarter of 2026 increased by 23% compared with the corresponding period last year. Nordic countries In the Nordic region, revenue increased by 1% in the second quarter of 2026 to SEK 79.3 (78.3) million, compared with the corresponding period last year. Performance was slightly weaker in all countries in the region compared with the previous quarter. Overall, customer revenue increased marginally, mainly as a result of increased one- off purchases via the website. Other revenue categories performed less strong, including revenue attributable to new distributors and customers. Zinzino is continuously implementing initiatives to strengthen new customer recruitment and increase new sales in all markets in the Nordic region. Total external revenue at Faun Pharma AS, the Group’s subsidiary and manufacturing unit, increased by 5% to SEK 15.7 (15.0) million for the second quarter of 2026 compared with the corresponding period the previous year. Overall, the region’s revenue, Zinzino and Faun combined, amounted to SEK 95.0 (93.3) million, which corresponded to 10% (12%) of the Group’s total revenue during the second quarter of 2026. Baltic countries In the Baltics, revenue decreased by 3% in the second quarter of 2026, amounting to SEK 27.2 (28.0) million, compared with the corre- sponding period last year. Performance was generally somewhat weaker across all countries in the region, primarily due to lower new sales and reduced distributor activity. At the same time, the decline in revenue was mitigated by increased subscription revenue from the existing customer base. The head office continues to support the local sales organisations in the region’s relatively mature markets, with a focus on strengthening sales activity and creating the condi - tions for continued growth. Overall, the region accounted for 3% (4%) of the Group’s total revenue in the second quarter of 2026. Central Europe During the second quarter of 2026, revenue increased by 29% compared with the corresponding period last year and amounted to SEK 282.1 (218.7) million. The positive trend continued in all countries in the region during the quarter. Growth was driven by a significant increase in the number of new customers, combined with higher subscription revenue from the existing customer base. At the same time, revenue attributable to newly added distributors was lower than in the corresponding quarter of the previous year. As before, growth was supported by the region’s well-established and integrat - ed distributor organisations. Overall, the region accounted for 30% (27%) of the Group’s total revenue in the second quarter of 2026. Sales and profit Q2 2026 Nordic countries, 8% Eastern Europe, 9% North America, 22% Africa, 1% Faun Pharma AS, 2% APAC, 8% Baltic countries, 3% Central Europe, 30% Southern & Western Europe, 16% Countries in regions Nordic countries Denmark, Faroe Islands, Finland, Iceland, Norway, Sweden Baltic countries Estonia, Latvia, Lithuania Central Europe Austria, Germany, Switzerland Eastern Europe Czech Republic, Slovakia, Hungary, Poland, Romania Southern & Western Europe Cyprus, France, Greece, Italy, Netherlands, Spain, Portugal, United Kingdom, Belgium, Ireland, Luxembourg, Malta, Slovenia, Serbia, Turkey, Canary Islands North America Canada, US, Mexico South America Peru, Colombia APAC Australia, Hong Kong, India, Malaysia, Singapore, Taiwan, Thailand, New Zealand, Philippines, South Korea, Japan Africa South Africa Faun Pharma AS South America* Africa APAC North America Baltic countries Southern & Western Europe Eastern Europe Central Europe Nordic countries 0 20% 40% 60% 80% 100% 120%-10% South America, 1% SEK Local currency TILLVÄXT PER REGION Q2 2026 VS Q2 2025 TILLVÄXT PER REGION Q1-Q2 2026 VS Q1-Q2 2025 * 354% SEK / 153% local currency
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10 Zinzino AB – Interim Report Q2 2026 Eastern Europe Revenue in the region decreased by 9% in the second quarter of 2026 compared with the corresponding period the previous year, amounting to SEK 81.1 (89.3) million. As previously, the Czech Republic and Hungary accounted for the largest share of the region’s revenue. Performance was generally weaker across all countries in the region compared with the corresponding quarter of the previous year. Revenue fell across all sales categories, although subscription revenue from the existing customer base remained at a high level. The region’s distributors, both existing and newly added through the acquisition of Valentus, continue to carry out sales promotion activities, including a number of local events, with the aim of stimulating new sales and strengthening business activity in the region. Overall, the region accounted for 9% (11%) of the Group’s total revenue in the second quarter of 2026. Southern & Western Europe Total revenue in the region increased by 10% in the second quarter of 2026 compared with the corresponding period the previous year, amounting to SEK 150.6 (137.1) million. France, Spain, the UK and the Netherlands accounted for the largest share of the region’s revenue. Revenue also increased in most of the region’s other countries, supported by consistently high distributor activity. However, overall growth was reduced by a continued significant decline in sales in Turkey compared with the strong second quarter of 2025. This development was primarily attributable to a significantly lower level of distributor activity following the departure of a major distributor organisation from the company in 2025. Revenue growth during the quarter was mainly driven by increased revenue from new customers and higher subscription revenue, with the latter showing the largest percentage increase. At the same time, revenue attributable to new distributors declined, mainly as a result of developments in Turkey. Overall, the region accounted for 16% (17%) of the Group’s total revenue in the second quarter of 2026. North America In North America, revenue increased by 52% in the second quarter of 2026 compared with the corresponding period the previous year, amounting to SEK 209.0 (137.2) million. During the quarter, work continued on integrating ItWorks, Sanki and other acquisitions into the existing North American operations. The acquired distributor organisations continued to make a significant contribution to the strong sales performance in the US, Mexico and Canada. At the same time, organic growth continued during the quarter, driven by a high level of activity within the existing distributor organisations. The Mexican market showed particularly strong growth, driven primarily by the newly acquired distributors from Sanki. All revenue categories performed well during the quarter. A high inflow of new customers and distributors contributed to a significant increase in revenue from initial orders, whilst the important subscription base continued to grow at a rapid pace. Overall, the high level of activity among both existing and new distributors in the US, Canada and Mexico contrib - uted to the strong performance. The region accounted for 22% (17%) of the Group’s total revenue in the second quarter of 2026. South America Total revenue in South America amounted to SEK 10.9 (2.4) million in the second quarter of 2026, representing an increase of 354% compared with the corresponding period last year. South America is a new sales region for Zinzino, having been established through the acquisition of Sanki and the official market launches in Peru and
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11 Zinzino AB – Interim Report Q2 2026 Colombia during the year. The quarter was characterised by a high level of new sales activity. As the region is still in a build-up phase, the largest proportion of revenue was attributable to initial orders from new customers and distributors. At the same time, the sub - scription base continued to grow as the newly recruited distributors established themselves and developed sales in the region. Over - all, the region accounted for 1% (1%) of the Group’s total revenue during the second quarter of 2026. APAC During the second quarter of 2026, total revenue in the APAC region decreased by 10% compared with the corresponding period the previous year, amounting to SEK 75.1 (83.2) million. This followed mixed performance across the region’s various markets during the quarter. Japan and South Korea, which were added through the acquisitions of Bodē Pro and Truvy respectively, continued to per - form well. China, where sales are conducted via an external web shop, also showed strong sales growth during the quarter. Positive growth was also noted in Australia, Malaysia and Singapore. The positive performance in these markets was offset primarily by a significant decline in sales in India compared with the second quar - ter of 2025. The important Taiwanese market also performed less strong and did not reach the sales levels seen in the corresponding period of the previous year. Despite the decline, Taiwan continued to account for the largest share of the region’s revenue. Distribu - tor activity remained high across the region, with the exception of India, and a number of local events were held during the quarter. These activities contributed primarily to an increased inflow of new customers, whilst subscriptions bases continued to grow. Distributor organisations from Taiwan have also established operations in Malaysia and contributed to the positive sales trend. Japan and South Korea have, in a relatively short space of time, achieved sales levels equivalent with Malaysia. Overall, the region accounted for 8% (10%) of the Group’s total revenue in the second quarter of 2026. Africa Total revenue in the region for the second quarter of 2026 increased by 12% to SEK 5.8 (5.2) million. In addition to South Africa, revenue for the region also includes revenue from other countries in the region which, as previously, is managed via Zinzino’s global web shop pending the opening of these markets under a local brand. The increase in revenue in the region was primarily attributable to initial customer orders and a growing subscription base. Overall, Africa accounted for 1% (1%) of the Group’s total revenue in the second quarter of 2026. Breakdown revenue Q2 2026 Total net sales increased by 17% compared with the corresponding period last year and amounted to SEK 881.7 (754.6) million, which corresponded to 94% (95%) of total revenue. The majority of net sales were attributable to the Balance Concept product group, followed by Immune, Gut Health, Skin Nutrition, Weight Management, Skincare and Coffee in descending order. External sales at Faun Pharma AS, included in net sales, increased by 3% compared with the corre- sponding period last year following increased internal production during the quarter and amounted to SEK 15.2 (14.7) million, repre- senting 2% (2%) of total revenue. Other revenue, primarily freight revenue, amounted to SEK 55.1 (39.8) million, representing the remaining 6% (5%) of total revenue for the second quarter of 2026. 936.8 (794.4) Net sales SEK 881.7 (754.6) million 5% 89% 1% 87% 2% 86% 85% 8% 3% 92% 6% 94% 94% Other revenue SEK 55.1 (39.8) million 5% 89% 1% 87% 2% 86% 85% 8% 3% 92% 6% 94%6% Sales SEK million
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12 Zinzino AB – Interim Report Q2 2026 Results and financial position Q2 2026 Results Gross profit for the second quarter of 2026 amounted to SEK 351.3 (247.9) million and the gross profit margin was 37.5% (31.2%). The improved gross profit margin was primarily driven by lower raw material costs linked to the depreciation of the currency USD, combined with positive geographical mix effects and normalised levels of distributor remuneration during the quarter. The Group’s operating profit before depreciation amounted to SEK 153.1 (79.7) million and the EBITDA margin stood at 16.3% (10.0%). The improved EBITDA margin compared with the corresponding period last year was primarily attributable to the stronger gross profit and economies of scale, following the gradual realisation of synergy effects from the acquisition of ItWorks during the second quarter. In addition to this, currency translation effects impacted the quarter’s EBITDA by SEK 0.8 million (-10.0), primarily linked to non-cash translation effects arising from the valuation of assets denominated in EUR and USD. Operating profit amounted to SEK 138.9 (71.4) million and the operating margin was 14.8% (9.0%). Profit before tax amounted to SEK 134.8 (72.2) million, negatively impacted by discounting effects arising from the adjustment and reclassification of future additional purchase considerations relating to acquisitions of SEK -4.5 (0.0) mil - lion. Net profit amounted to SEK 105.8 (55.4) million, and net profit per share after tax and before dilution amounted to SEK 2.72 (1.56). Depreciation, amortization, and impairment losses Depreciation and amortization for the quarter have been charged to profit for the period in the amount of SEK 14.2 (8.3) million, of which SEK 1.2 (0.9) million relates to depreciation of property, plant and equipment and SEK 11.6 (7.4) million relates to amortisation of intangible assets. Of this, SEK 5.4 (4.6) million relates to depreciation of right-of-use assets in accordance with IFRS 16. Results and financial position Q2 2026 SEK million 1000 900 800 700 600 500 400 300 200 100 0 Q2 2023 Q2 2024 Q2 2025 Q2 2026 EBITDA % 18% 16% 14% 12% 10% 8% 6% 4% Total revenue Gross profit EBITDA margin
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0 20% 40% 60% 80% 100% 120%-10% SEK Local currency * 383% SEK / 426% local currency TILLVÄXT PER REGION Q2 2026 VS Q2 2025 TILLVÄXT PER REGION Q1-Q2 2026 VS Q1-Q2 2025 Nordic countries, 8% Eastern Europe, 9% North America, 22% Africa, 1% Faun Pharma AS, 2% APAC, 8% Baltic countries, 3% Central Europe, 30% Southern & Western Europe, 16% South America, 1% 13 Zinzino AB – Interim Report Q2 2026 Sales and profits Q1–Q2 2026 Sales Q1–Q2 Total revenue for the first half of 2026 increased by 22% to SEK 1,858.9 (1,518.1) million compared with the corresponding period last year. In local currency, revenue increased by 28% compared with the corresponding period last year. Nordic countries In the Nordic region, total revenue for the first half of 2026 increased by 1% compared with the corresponding period last year, amounting to SEK 157.7 (155.4) million. The Swedish and Norwegian markets showed some growth, whilst weaker performance in the region’s other markets dampened overall sales growth. Subscription revenue increased during the quarter, whilst the inflow of new customers developed positively. Revenue in other sales categories decreased, including revenue attributable to newly recruited distributors. Zinzino is continuously implementing initiatives to strengthen new sales and distributor activity across all markets in the Nordic region. Total external revenue at Faun Pharma AS, the Group’s subsidiary and manufacturing unit, increased by 13% to SEK 35.0 (31.0) million for the second quarter of 2026 compared with the corresponding period last year. Overall, the region’s revenue, Zinzino and Faun combined, amounted to SEK 192.7 (186.4) million, which corresponded to 10% (12%) of the Group’s total revenue during the first half of 2026. Baltic countries In the Baltic, revenue for the first half of 2026 remained at the same level as in the corresponding period of the previous year, totalling SEK 56.5 (56.7) million. Latvia recorded growth during the period, whilst revenue in Lithuania and Estonia declined compared with the corresponding period of the previous year. For the region as a whole, subscription revenue from the existing customer base increased in particular. Revenue attributable to new distributors also increased, driven mainly by developments in the Latvian market. Head office continues to support the local sales organisations in the region’s r elatively mature markets, focusing on strengthening sales activities and creating the conditions for growth. Overall, the region accounted for 3% (4%) of the Group’s total revenue during the first half of 2026. Central Europe During the first half of 2026, revenue increased by 34% compared with the corresponding period the previous year and amounted to SEK 557.7 (415.1) million. The trend was consistently positive across all countries in the region during the period. Growth was primarily driven by a significant inflow of new customers, combined with increased subscription revenue from the existing customer base. Revenue attributable to new distributors also increased, although at a slower rate. As previously, this positive trend was supported by the region’s well-established and integrated distributor organisa - tions. Overall, the region accounted for 30% (27%) of the Group’s total revenue during the first half of 2026. Growth by region Q1–Q2 2026 vs Q1–Q2 2025 Sales per region Q1–Q2 2026 Faun Pharma AS South America* Africa APAC North America Baltic countries Southern & Western Europe Eastern Europe Central Europe Nordic countries Countries in regions Nordic countries Denmark, Faroe Islands, Finland, Iceland, Norway, Sweden Baltic countries Estonia, Latvia, Lithuania Central Europe Austria, Germany, Switzerland Eastern Europe Czech Republic, Slovakia, Hungary, Poland, Romania Southern & Western Europe Cyprus, France, Greece, Italy, Netherlands, Spain, Portugal, United Kingdom, Belgium, Ireland, Luxembourg, Malta, Slovenia, Serbia, Turkey, Canary Islands North America Canada, US, Mexico South America Peru, Colombia APAC Australia, Hong Kong, India, Malaysia, Singapore, Taiwan, Thailand, New Zealand, Philippines, South Korea, Japan Africa South Africa
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14 Zinzino AB – Interim Report Q2 2026 Eastern Europe Revenue in the region during the first half of 2026 decreased by 11% compared with the corresponding period the previous year and amounted to SEK 166.3 (186.5) million. As in previous periods, the majority of revenue originated from the Czech Republic and Hungary. Performance was generally weaker across all countries in the region during the first half of 2026 compared with the corresponding period the previous year. A decline in revenue was seen across all sales categories, although subscription revenue remained at a high level. The region’s distributors, both existing and new from Valentus, con - tinue to carry out activities such as numerous local events to stimu - late new sales within the region. Overall, the region accounted for 9% (12%) of the Group’s total revenue during the first half of 2026. Southern & Western Europe Total revenue in the region increased by 17% during the first half of 2026 compared with the corresponding period the previous year, amounting to SEK 307.3 (262.0) million. France, Spain, the UK and the Netherlands accounted for the largest share of the region’s revenue. Revenue also increased in most of the region’s other countries, supported by consistently high distributor activity. However, overall growth was reduced by a significant decline in sales in Turkey com - pared with the strong comparative figures for the corresponding period the previous year. This development was primarily attribut - able to a significantly lower level of distributor activity following the departure of a major distributor organisation from the company in 2025. The positive performance in the region during the first half of the year, with the exception of Turkey, was largely supported by the acquisitions and strategic partnerships that Zinzino entered in 2024 and 2025. Revenue growth was primarily driven by an increased in- flow of new customers, combined with higher subscription revenue from the existing customer base, with subscription revenue showing the largest percentage increase. At the same time, revenue attribut- able to new distributors declined, mainly as a result of developments in Turkey. Overall, the region accounted for 16% (17%) of the Group’s total revenue during the first half of 2026. North America In North America, revenue increased by 62% in the first half of 2026 compared with the corresponding period the previous year, amount- ing to SEK 401.3 (247.5) million. During the period, there was a strong focus on integrating ItWorks, Sanki and other acquisitions into the existing North American operations. The acquired distributor organi - sations continued to make a significant contribution to the strong sales performance in the US, Mexico and Canada. All revenue catego- ries performed well during the period. A high inflow of new custom- ers and distributors contributed to a significant increase in revenue from initial orders, whilst the subscription base continued to grow at a rapid pace. Overall, the high level of activity among both existing and new distributors in the US, Canada and Mexico contributed to the strong performance. The region accounted for 22% (16%) of the Group’s total revenue during the first half of 2026. South America The newly established sales region in South America comprised of Peru and Colombia, which were officially launched in the first and second quarters of 2026 respectively. Total revenue amounted to SEK 22.7 (4.7) million, representing an increase of 383% compared with the corresponding period the previous year, when sales were mainly conducted via the global web shop. As the region is still in a build-up phase, the largest share of revenue was attributable to
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Other revenue SEK 108.2 (74.7) million 5% 89% 1% 87% 2% 86% 85% 8% 3% 92% 6% 94%6% Net sales SEK 1,750.7 (1,443.4) million 5% 89% 1% 87% 2% 86% 85% 8% 3% 92% 6% 94% 94% Sales SEK million 15 Zinzino AB – Interim Report Q2 2026 initial orders from new customers and distributors. This growth was largely driven by the distributors acquired through the Sanki acquisi - tion. At the same time, the subscriber base continued to grow as the newly acquired distributors were established and developed sales in the region. Overall, the region accounted for 1% (1%) of the Group’s total revenue during the first half of 2026. APAC During the first half of 2026, total revenue in the APAC region decreased by 5% compared with the corresponding period the pre - vious year, amounting to SEK 142.1 (149.0) million. Taiwan, Malaysia, South Korea and Japan accounted for the largest share of the re- gion’s revenue during the period. South Korea and Japan, which were added through the acquisitions of Truvy and Bodē Pro respectively, showed strong sales growth and have achieved significant sales volumes in a relatively short period of time. At the same time, Taiwan performed less strong during the second quarter, with lower distribu- tor activity compared with the first quarter. The region’s overall performance was reduced primarily by the sharp decline in sales in India, where revenue for the first half of the year declined by 86% compared with the corresponding period last year. In most of the re - gion’s other markets, distributor activity remained high, contributing to an increased inflow of both new customers and distributors. Overall, the region accounted for 8% (10%) of the Group’s total reve- nue during the first half of 2026. Africa Total revenue in the region increased by 21% in the first half of 2026 compared with the corresponding period last year, amounting to SEK 12.3 (10.2) million. In addition to South Africa, the region’s revenue also includes sales in other African markets, which, as previously, are handled via Zinzino’s global web shop pending the official market launch. Revenue growth during the period was primarily driven by increased revenue from initial orders from new customers, combined with a growing subscription base. Overall, Africa accounted for 1% (1%) of the Group’s total revenue during the first half of 2026. Sales per product segment Q1–Q2 Total net sales increased by 22% compared with the corresponding period last year and amounted to SEK 1,750.7 (1,443.4) million, which corresponded to 94% (95%) of total revenue. The largest share of net turnover was attributable to the Balance Concept product group, followed by Immune, Gut Health, Skin Nutrition, Weight Management, Skincare and Coffee in descending order. External sales at Faun Pharma AS, included in net sales, increased by 12% compared with the corresponding period last year following increased external pro - duction during the period and amounted to SEK 34.3 (30.6) million, representing 2% (2%) of total revenue. Other revenue, primarily freight revenue, amounted to SEK 108.2 (74.7) million, representing the remaining 6% (5%) of total revenue for the first half of 2026. Growth strategy A common feature of Zinzino’s emerging markets is that they are driven by committed distributors who work in a structured and active manner. They have broad networks of contacts across borders to neighbouring countries but also over longer distances as the company expands globally. The work is conducted with a strong focus on Zinzino’s Balance concept, which has been well-received by 1,858.9 (1,518.1)
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SEK million 2000 1800 1600 1400 1200 1000 800 600 400 200 0 Results and financial position Q1–Q2 2026 EBITDA % 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% Total revenue Gross profit EBITDA margin Q1–Q2 2023 Q1–Q2 2024 Q1–Q2 2025 Q1–Q2 2026 16 Zinzino AB – Interim Report Q2 2026 a large number of new customers in the company’s many newly established markets. Zinzino takes a long-term approach and invests significant resources in the development of IT systems and marketing tools, which generates growth in both the short and long term. When the company enters a new market this primarily occurs when the company’s market analysis indicates there are strong opportunities to establish a robust local sales organization. This is achieved mainly through connections with the already established sales organization in neighbouring markets. This is precisely what drives the strong sales growth in the company’s newly established markets. Sometimes these connections can even span continents, which has been the driving force behind the launches in Australia and India, as well as the newly established markets in China, the Philippines, and South America. Market entry can also occur through strategic acquisitions or partnerships. The market entry model follows the same concept, with websites and marketing materials adapted to the local language. Through its global web shop, Zinzino has coverage in a total of over 100 different countries worldwide. This approach reduces the pres - sure on the organization to open full-scale markets, which requires significant internal resources that can now be allocated entirely to ongoing projects around the world. Results and financial position Q1–Q2 2026 Results Gross profit for the first half of 2026 amounted to SEK 692.8 (471.5) million and the gross profit margin stood at 37.3% (31.1%). The improved gross profit margin was primarily driven by lower raw material costs linked to the depreciation of the currency USD, combined with positive geographical mix effects and normalised levels of distributor remuneration during the period. The Group’s operating profit before depreciation and amortisation amounted to SEK 295.3 (158.4) million, and the EBITDA margin was 15.9% (10.4%). The improvement in the EBITDA margin compared with the corresponding period last year was primarily attributable to higher gross profit and economies of scale, despite that Zinzino had taken over ItWorks’ operations during the first half of 2026 and had not yet achieved the full synergies of the merger. In addition, currency trans- lation effects impacted the period’s EBITDA by SEK -7.1 million (-20.0), primarily linked to non-cash translation effects arising from the valuation of assets denominated in EUR and USD. Operating profit amounted to SEK 269.1 (142.3) million and the operating margin was 14.5% (9.4%). Profit before tax amounted to SEK 267.7 (142.7) million. Net profit amounted to SEK 210.4 (111.4) million and net profit per share after tax and before dilution amounted to SEK 5.51 (3.17). Inventory The Group’s total inventories amounted to SEK 423.7 (351.2) million as at the balance sheet date. The company has generally increased its stock levels in recent years to safeguard production and deliveries. At the same time, the company has increased the number of exter- nal warehouses in line with its strategic expansion to meet increased demand and reduce lead times in the delivery process. Compared with 30 June 2025, finished goods inventories increased primari - ly in the US (SEK 10.0 million), Mexico (SEK 26.0 million), Taiwan (SEK 8.4 million) and South Korea (SEK 5.6 million) following the acquisi- tions of Zurvita, Truvy, Bodē Pro, Sanki and ItWorks, combined with
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organic sales growth. External stock had previously been built up in Italy, the Canary Islands, the French overseas territories (Dom-Tom), the Philippines, Japan and South Korea. Financial position As at the balance sheet date, the Group’s bank balances amounted to SEK 842.0 (408.5) million. The Group has an unutilised overdraft facility of SEK 80 (80) million, intended to provide additional financial strength and flexibility in line with the company’s acquisition strategy and global expansion plans. Cash flow from operating activities during the first half of the year 2026 amounted to SEK 280.0 (133.7) million. The Group’s equity ratio was 48% (32%). The Group’s equity at the end of the period amounted to SEK 1,079.8 (447.0) million, corresponding to SEK 28.33 (12.73) per share. The Board of Directors considers that cash and cash equivalents and the equity ratio remain at a very satisfactory level. The Organisation During the first half of the year, ItWorks and Sanki were integrated into Zinzino’s operations, resulting in a number of new employees joining the workforce. Among the developments is the formation of a new AI/Web team based in North America, in addition, a new customer support team from Sanki has been added to the local team in Mexico. Overall, these new employees strengthen the Group’s various functions and meet the increased need for resources as operations expand in the North American region. The total number of employees in the Group at the end of the quarter was 370 (293), of whom 226 (153) were women. In addition, 64 (49) people were working for the Group on consultancy contracts, of whom 26 (21) were women. Parent company The parent company, Zinzino AB (publ.), is engaged in establishing new markets, strategic development and supporting research and product development at Bioactive Foods AS. The parent company’s revenue for the first half of 2026 amounted to SEK 42.0 (23.3) million, of which SEK 42.0 (23.2) million was intra-group revenue. Profit after financial items amounted to SEK 4.2 (2.3) million. The parent company’s cash and cash equivalents at the end of the period amounted to SEK 29.2 (7.2) million. Significant risks and uncertainties in the business The greatest risks continue to lie in the organization’s ability to manage costs during global expansion combined with strong growth, as well as the ability to balance resources internally and find highly skilled personnel within the distributor network during rapid expan - sion, and then effectively transfer knowledge to them. Significant risks are also linked to procurement and access to raw materials amid high inflation, climate change, and the uncertain global situa - tion. In addition, there are risks associated with complex IT systems that manage sales and currency risks, as Zinzino has both revenues and costs in a variety of currencies. There are also risks regarding compliance with local regulations when entering new markets. Pandemics and ongoing global conflicts also highlight significant risks due to unexpected events in the external environment that could have a potentially major impact on the company. For a detailed description of risks and other uncertainties, please refer to the 2025 Annual Report, which is available on the company’s website, zinzino. com. Compared to the 2025 Annual Report published on April 24, 2026, no new risks have been identified. 17 Zinzino AB – Interim Report Q2 2026
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Changes in share capital in the first half of 2026 Direct issue in connection with the acquisition of ItWorks The direct issue of 1,843,840 Class B shares, at a subscription price of SEK 145.62 per Class B share, was resolved by Zinzino’s Board of Directors pursuant to the authorisation granted by the Annual General Meeting on 28 May 2025. The reason for waiving share - holders’ pre-emptive rights was to enable Zinzino to fulfil its obliga - tions under the agreement for the transfer of assets and shares from which the set-offable claim arises. The ability to carry out strategi - cally important acquisitions for the company, with payment made through directed issues of Zinzino B shares, is of great operation - al and strategic importance to Zinzino. The Board of Directors has therefore assessed that there are sufficiently strong grounds and that it is in the best interests of the company and its shareholders to carry out an issue with a deviation from shareholders’ pre-emptive rights. The subscription price in the direct issue is based on the terms of the relevant transaction agreement, which the parties have agreed upon following extensive and protracted arm’s-length negotiations be - tween Zinzino and the subscriber. The Board therefore considers the subscription price to have been set on arm’s-length terms. The newly issued Class B shares in the direct issue result in the num- ber of shares in Zinzino increasing from 36,319,540 to 38,163,380, comprising 5,113,392 Class A shares and 33,049,988 Class B shares. The company’s share capital increases from SEK 3,631,954 to SEK 3,816,338. The issue results in a dilution of approximately 4.83% of the total number of shares and approximately 2.24% of the total number of votes in Zinzino. Share subscription through directed set-off issues linked to the acquisitions of Sanki and Bodē Pro Pursuant to the authorised share issue resolution passed by the Annual General Meeting on 28 May 2025, the Company’s Board of Directors has resolved to carry out two new share issues with payment by set-off. Pursuant to the resolution, 401,965 new Zinzino B shares have been issued with payment by set-off against a claim against S&M Nano- Biotechnology S.A. DE C.V. The transaction is linked to the asset acquisition of Sanki (8 November 2025). Pursuant to the resolution, 69,621 new Zinzino B shares have been issued with payment by set-off against a receivable from Bodē Pro. The transaction is linked to the previously announced acquisition of Bodē Pro (12 September 2025). As a result of the direct issues, the number of B shares in the company increases by a total of 471,586 to 33,521,574. The total number of shares following the increase amounts to 38,634,966. The dilution amounts to approximately 1.22%, calculated on the basis of the total number of shares in the company upon completion of the direct issues. Share subscription through a direct issue linked to an investment in Xion International Group The company’s Board of Directors has, pursuant to the registered authorisation to issue shares granted by the Annual General Meeting on 28 May 2025, resolved to carry out a new issue with payment by set-off. In accordance with the resolution, 40,935 new Zinzino B shares have been issued with payment by set-off against a receiv - 18 Zinzino AB – Interim Report Q2 2026
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able from Xion International Group. The transaction is linked to the previously announced acquisition of Xion International Group (11 November 2025). As a result of the direct issue, the number of B shares in the company increases by 40,935 to a total of 33,562,509. Following the increase, the total number of shares amounts to 38,675,901. The dilution amounts to approximately 0.11%, calculated on the basis of the total number of shares in the company upon completion of the direct issue. Zinzino’s share capital will increase by a total of SEK 4,094 as a result of the direct issue, from SEK 3,863,497 to SEK 3,867,590. Share subscription pursuant to warrants Under the warrant programme approved by Zinzino’s general meet - ing on 31 May 2022, 50,315 Class B shares (series 2022/2027:1) have been subscribed for. The price per share was SEK 56, and a total of SEK 2,817,640 was raised for Zinzino’s equity. Under the share option scheme approved by Zinzino’s Annual General Meeting on 31 May 2022, 15,000 Class B shares have been subscribed for (series 2022/2027:2). The price per share was SEK 56, and a total of SEK 840,000 was contributed to Zinzino’s equity. Under the share option scheme approved by Zinzino’s Annual General Meeting on 31 May 2023, 145,000 Class B shares have been subscribed for. The price per share was SEK 63, and a total of SEK 9,135,000 was raised for Zinzino’s equity. The number of Class B shares increased by a total of 210,315 to 33,772,824. Following the increase, the total number of shares stood at 38,886,216. The dilution amounted to 0.54%. Zinzino’s share capital increased to SEK 3,888,621.60. Share subscription through directed set-off issues linked to the acquisition of Truvision Health LLC The Company’s Board of Directors has, pursuant to the registered authorisation to issue shares granted by the Annual General Meeting on 28 May 2025, resolved to carry out a new issue with payment by set-off. Pursuant to the resolution, 279,782 new Zinzino B shares have been issued with payment by set-off against a receivable from Truvision Health LLC. The transaction is linked to the previously announced acquisition of Truvy (25 September 2025). As a result of the direct issue, the number of B shares in the company has increased by 279,782 to a total of 34,052,606. Following the increase, the total number of shares amounts to 39,165,998. The dilution amounts to approximately 0.71%, calculated on the basis of the total number of shares in the company upon completion of the direct issues. Zinzino’s share capital will increase by a total of SEK 27,978.20 as a result of the direct issue, from SEK 3,888,621.60 to SEK 3,916,599.80. Number of outstanding shares As at 30 June 2026, the share capital was divided into 39,165,998 shares, of which 5,113,392 are Class A shares (1 vote) and 34,052,606 are Class B shares (0.1 vote). The par value of the share is SEK 0.10. The company’s B shares are traded on Nasdaq First North Premier Growth Market, www.nasdaqomxnordic.com. 19 Zinzino AB – Interim Report Q2 2026
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Options program There are currently five outstanding option schemes. All schemes are primarily aimed at the Group’s external distributor organisation, but also include a certain allocation to the company’s employees. The options premium has been set at an estimated market value through Black & Scholes calculations on all subscription dates. The first option scheme comprises 900,000 warrants at an exercise price of SEK 56 per Class B share, expiring on 31 May 2027, of which 410,000 have been subscribed for by key personnel in the external sales organisation, 80,000 have been subscribed for by the manage - ment team, and 140,000 by key employees within the company. As at the reporting date, 248,829 warrants have already been exercised to subscribe for shares under this warrant programme. The second warrant programme comprises 120,000 warrants at an exercise price of SEK 56 per Class B share, expiring on 31 May 2027. The programme is aimed exclusively at the Board of Directors of Zinzino AB and, as at the reporting date, 100,000 warrants had been subscribed for, of which 40,000 by the Chairman of the Board and 20,000 by the other members of the Board, entirely in accordance with the resolution passed by the Annual General Meeting. As at the reporting date, 67,857 warrants had been exercised to subscribe for shares under this warrant programme. The third option scheme comprises 1,000,000 warrants at an exercise price of SEK 271.60 per Class B share, expiring on 31 May 2030, of which 493,750 have been subscribed for by key personnel in the external sales organisation, 415,000 have been subscribed for by Group Management and sales management, and 16,650 by key employees within the company. As at 30 June 2026, no warrants had been exercised to subscribe for shares under this warrant programme. The fourth warrant programme comprises 90,000 warrants at an exercise price of SEK 271.60 per Class B share, expiring on 31 May 2030. The programme is aimed exclusively at the Board of Directors of Zinzino AB and, as at the reporting date, all 90,000 warrants had been subscribed for, of which 30,000 by the Chairman of the Board and 60,000 by the other members of the Board, entirely in accor - dance with the resolution passed by the Annual General Meeting. As at 30 June 2026, no warrants had been exercised to subscribe for shares under this warrant programme. The fifth warrant programme comprises 1,500,000 warrants at an exercise price of SEK 207 per Class B share, expiring on 31 May 2030. As at 30 June 2026, no warrants had been subscribed for or exercised to subscribe for shares under this warrant programme. If all outstanding warrants that have not yet been exercised for the subscription of shares as described above are exercised for new subscriptions, a total of 3,293,314 Class B shares will be issued, corresponding to a total dilution of the share capital amounting to approximately 8.4%. 20 Zinzino AB – Interim Report Q2 2026
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Interim Report Q2 2026 Accounting policies The consolidated financial statements for Zinzino have been prepared in accordance with the Annual Accounts Act, RFR 1 Supplementary Accounting Rules For Groups, and International Financial Reporting Standards (IFRS) and interpretations from the IFRS Interpretations Committee (IFRS IC) as adopted by the EU. The interim report has been prepared in accordance with IAS 34, Interim Reporting and the Annual Accounts Act. Unless otherwise stated, all amounts in this report are presented in thousands of Swedish kronor (SEK thousand), with figures in brackets referring to the comparison period. For a complete description of the Group’s accounting principles, see the company’s annual report for 2025 on the company’s website. Annual General Meeting 2026 The Annual General Meeting 2026 was held at the company’s offices at 5 Hulda Mellgrens gata in Västra Frölunda on June 2, 2026. At the Annual General Meeting, among other things, it was decided to distribute SEK 6 per share for the 2025 fiscal year and to select the Board of Directors. The Board of Directors was appointed to consist of Chairman Hans Jacobsson and Board members Staffan Hillberg, Ingela Nordenhav and Pierre Mårtensson. It was resolved to issue 152,935 new Zinzino Class B shares with payment by set-off of a receivable to Enhanzz AG, to issue 6,189 new Zinzino Class B shares with payment by set-off of a receivable to World Class Ventures LLC, to issue 74,224 new Zinzino Class B shares with payment by set-off of a receivable to the company’s distributors, and to issue 1,500,000 warrants to employees and others in accordance with the Board of Directors’ proposal. For further information regarding the Annual General Meeting, please refer to the company’s website at zinzino. com/bolagsstyrning. Report calendar The interim report for Q3 2026 will be published on 17/11/2026 Year-End-Report 2026 will be published on 25/02/2027 21 Zinzino AB – Interim Report Q2 2026
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22 Zinzino AB – Interim Report Q2 2026 Group report Summary of comprehensive profit/loss Amounts in SEK thousands 01/04/2026 30/06/2026 01/04/2025 30/06/2025 01/01/2026 30/06/2026 01/01/2025 30/06/2025 01/01/2025 31/12/2025 Net sales 881,712 754,605 1,750,665 1,443,400 3,172,194 Other revenue 55,102 39,785 108,224 74,668 165,264 Goods for resale and other direct costs -585,531 -546,461 -1,166,075 -1,046,578 -2,218,402 Gross profit 351,283 247,929 692,814 471,490 1,119,056 External operating expenses -115,123 -109,719 -234,205 -200,425 -439,498 Staff costs -82,589 -58,536 -162,288 -112,623 -236,192 Results from holdings in associated companies -498 - -983 - -443 Depreciation/amortisation -14,219 -8,279 -26,257 -16,187 -33,337 Operating profit 138,854 71,395 269,081 142,255 409,586 Net financial income/expense -4,007 798 -1,335 473 9,406 Tax -28,999 -16,765 -57,380 -31,300 -94,461 PROFIT/LOSS FOR THE PERIOD 105,848 55,428 210,366 111,428 324,531 OTHER COMPREHENSIVE PROFIT/LOSS Items that may be reclassified to profit/loss for the period Currency exchange differences upon conversion of foreign subsidiaries 4,203 4,278 16,293 -8,544 -16,090 Other comprehensive profit/loss for the period 4,203 4,278 16,293 -8,544 -16,090 TOTAL COMPREHENSIVE PROFIT/LOSS FOR THE PERIOD 110,051 59,706 226,659 102,844 308,441 Profit/loss for the period attributable to: Parent company shareholders 105,642 55,336 210,114 111,299 324,321 Non-controlling influence 206 92 252 129 210 TOTAL 105,848 55,428 210,366 111,428 324,531 Total comprehensive profit/loss for the period attributable to: Parent company shareholders 109,845 59,614 226,407 102,755 308,231 Non-controlling influence 206 92 252 129 210 TOTAL 110,051 59,706 226,659 102,884 308,441 Earnings per share, calculated on the profit/loss for the period attributable to the parent company’s shareholders Amounts in SEK Earnings per share before dilution 2.72 1.56 5.51 3.17 9.09 Earnings per share after dilution 2.67 1.49 5.41 3.03 8.64
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23 Zinzino AB – Interim Report Q2 2026 Group report Summary of financial position Amounts in SEK thousands 30/06/2026 30/06/2025 31/12/2025 Fixed assets Goodwill 375,085 203,177 253,444 Other intangible fixed assets 260,903 93,573 86,873 Equipment, tools and installations 19,032 17,498 17,558 Right-of-use assets 58,085 47,943 37,994 Shares in associated companies 40,695 2,175 40,962 Other financial assets 8,981 1,662 6,929 Deferred tax assets 5,705 6,057 2,609 Total fixed assets 768,486 372,085 446,369 Current assets Inventories 423,663 351,193 377,970 Current receivables 113,956 159,266 82,473 Pre-paid costs and accrued revenues 84,156 86,598 74,708 Cash and bank balances 841,991 408,527 771,004 Total current assets 1,463,766 1,005,584 1,306,155 TOTAL ASSETS 2,232,252 1,377,669 1,752,524 Equity Share capital 3,917 3,576 3,632 Ongoing rights issue 16 - 39 Other contributed capital 631,644 193,376 252,640 Retained earnings including profit/loss for the period 444,231 250,015 450,888 Total equity 1,079,808 446,967 707,199 Long-term liabilities Lease liabilities 37,637 30,104 19,985 Deferred tax liability 17,138 6,643 8,671 Other long-term liabilities 57,574 36,311 80,909 Total long-term liabilities 112,349 73,058 109,565 Current liabilities Accounts payable 104,172 100,246 72,807 Tax liabilities 30,590 37,620 55,266 Lease liabilities 24,582 22,092 22,005 Other current liabilities 607,539 454,278 544,314 Accrued costs and deferred revenues 273,212 243,408 241,368 Total current liabilities 1,040,095 857,644 935,760 TOTAL EQUITY AND LIABILITIES 2,232,252 1,377,669 1,752,524
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24 Zinzino AB – Interim Report Q2 2026 Group report Summary of changes in equity Amounts in SEK thousands Share capital Ongoing rights issue Other contributed capital Con version reserves Retained earnings including profit/ loss for the period Total Non- controlling influence Total Equity Opening balance 01/01/2025 3,483 - 97,119 5,986 278,829 385,416 728 386,144 Profit/loss for the period - - - - 111,299 111,299 129 111,428 Other comprehensive profit/loss for the period - - - -8 544 - -8,544 - -8,544 Rights issue 93 40 100, 900 - - 101,033 - 101,033 Issued warrants - - - - - - - - Dividends - - - - -143,056 -143,056 -39 -143,095 Closing balance 30/06/2025 3,576 40 198,019 -2,558 247,072 446,149 818 446,967 Opening balance 01/07/2025 3,576 40 198,019 -2,558 247,072 446,149 818 446,967 Profit/loss for the period - - - - 213,022 213,022 81 213,103 Other comprehensive profit/loss for the period - - - -7,546 - -7,546 - -7,546 Rights issue 56 -1 54,621 - - 54,676 - 54,676 Issued warrants - - - - - - - - Dividends - - - - - - - - Closing balance 31/12/2025 3,632 39 252,640 -10,104 460,094 706,300 899 707,199 Opening balance 01/01/2026 3,632 39 252,640 -10,104 460,094 706,300 899 707,199 Profit/loss for the period - - - - 210,114 210,114 252 210,366 Other comprehensive profit/loss for the period - - - 16,293 - 16,293 - 16,293 Rights issue 285 -23 379,656 - - 379,918 - 379,918 Issue costs - - -652 - - -652 - -652 Dividends - - - - -233,317 -233,317 - -233,317 Closing balance 30/06/2026 3,917 16 631,644 6,189 436,891 1,078,657 1,151 1,079,808
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25 Zinzino AB – Interim Report Q2 2026 Group report Summary of cash flows Amounts in SEK thousands 01/04/2026 30/06/2026 01/04/2025 30/06/2025 01/01/2026 30/06/2026 01/01/2025 30/06/2025 01/01/2025 31/12/2025 Operating activities Profit/loss before financial items 138,854 71,395 269,081 142,255 409,586 Depreciation and amortisation/write-down 14,219 8,279 26,257 16,187 33,337 Currency fluctuations -801 9,990 7,133 19,947 27,714 Other non-cash items -2,405 -922 -1,920 -922 12,347 Total 149,867 88,742 300,551 177,467 482,984 Interest received 1,660 1,287 3,261 2,388 6,227 Interest paid -912 -958 -2,084 -1,907 -3,527 Tax paid -18,976 -8,286 -79,222 -19,313 -65,830 Total -18,228 -7,957 -78,045 -18,832 -63,130 Cash flow from operating activities before changes in operating capital 131,639 80,785 222,506 158,635 419,854 Cash flow from changes in operating capital Change in inventories -9,977 -38,706 1,584 -22,665 -30,443 Change in current receivables 8,550 25,721 -33,108 -76,829 7,072 Change in current liabilities 45,606 44,803 89,020 74,600 145,387 Total 44,179 31,818 57,496 -24,894 122,016 Cash flow from operating activities 175,818 112,603 280,002 133,741 541,870 Investment activity Investments in intangible fixed assets -410 -1,476 -1,980 -3,314 -5,807 Investments in tangible fixed assets -1,711 -3,171 -2,188 -4,169 -6,101 Investments in financial assets 1,188 - -2,052 -13 -915 Acquisition of assets (note 5 & 6) - -27,502 12,439 -63,439 -71,020 Acquisition of affiliated companies - - - - -8,065 Cash flow from investment activities -933 -32,149 6,219 -70,935 -91,908 Financing activities Amortisation of lease liabilities attributable to lease agreements -6,256 -5,393 -12,451 -10,780 -21,499 Rights issue 9,231 29,014 12,793 48,875 51,437 Dividends -233,317 -143,059 -233,317 -143,059 -143,056 Cash flow from financing activities -230,342 -119,438 -232,975 -104,964 -113,118 Cash and cash equivalents at start of period 889,200 440,901 771,004 463,050 463,050 Cash flow for the period -55,458 -38,984 53,246 -42,158 336,844 Translation differences in cash and cash equivalents 8,249 6,610 17,741 -12,365 -28,890 Cash and cash equivalents at end of period 841,991 408,527 841,991 408,527 771,004
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26 Zinzino AB – Interim Report Q2 2026 Parent company report Summary income statement There are no items in the parent company reported as other comprehensive profit/loss, so the comprehensive profit/loss matches the profit/loss for the period. Amounts in SEK thousands 01/04/2026 30/06/2026 01/04/2025 30/06/2025 01/01/2026 30/06/2026 01/01/2025 30/06/2025 01/01/2025 31/12/2025 Net sales 21,000 11,500 42,000 23,250 48,367 Other revenue - 63 23 63 224 Gross profit 21,000 11,563 42,023 23,313 48,591 External operating expenses -10,478 -7,400 -19,395 -14,504 -29,365 Depreciation/amortisation -11,290 -3,387 -21,248 -5,481 -14,804 Operating profit -768 776 1,380 3,328 4,422 Net financial income/expense 2,144 1,343 2,773 -990 256,202 Tax - - - - -248 PROFIT/LOSS FOR THE PERIOD 1,376 2,119 4,153 2,338 260,376
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27 Zinzino AB – Interim Report Q2 2026 Parent company report Summary of financial position Amounts in SEK thousands 30/06/2026 30/06/2025 31/12/2025 Fixed assets Goodwill 259,920 119,569 174,382 Intangible fixed assets 202,974 54,530 64,773 Tangible fixed assets - 4 1 Shares in Group companies 251,536 147,246 172,607 Shares in affiliated companies 41,413 28,217 41,413 Other financial assets 991 11 925 Total fixed assets 756,834 349,577 454,101 Current assets Current receivables 218 7,951 6 Intra-group receivables 70,495 32,622 245,179 Pre-paid costs and accrued revenues 1,656 699 90 Cash and bank balances 29,230 7,177 15,073 Total current assets 101,599 48,449 260,348 TOTAL ASSETS 858,433 398,026 714,449 Equity Restricted equity Share capital 3,917 3,576 3,632 Ongoing rights issue 16 40 39 Fund for development expenditures 33,243 29,332 31,848 Unrestricted equity Share premium reserve 640,975 202,667 261,971 Retained earnings including profit/loss for the period 95,701 75,420 326,259 Total equity 773,852 311,035 623,749 Long-term liabilities Long-term liabilities 49,394 26,522 70,936 Total long-term liabilities 49,394 26,522 70,936 Current liabilities Tax liabilities - - 59 Intra-group current liabilities 131 40,592 131 Other current liabilities 33,573 19,177 18,622 Accrued costs and deferred revenues 1,483 700 952 Total current liabilities 35,187 60,469 19,764 TOTAL EQUITY AND LIABILITIES 858,433 398,026 714,449
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28 Zinzino AB – Interim Report Q2 2026 Parent company report Summary of changes in equity Amounts in SEK thousands Share capital Ongoing rights issue Fund for development expenditures Share premium reserve Retained earnings including profit/ loss for the period Total Equity Opening balance 01/01/2025 3,483 - 26,241 106,450 214,547 350,720 Profit/loss for the period - - - - 2,338 2,338 Capitalisation of development costs - - 3,233 - -3,233 - Release following amortisation of development costs for the year - - -142 - 142 - Rights issue 93 40 - 100,900 - 101,033 Dividends - - - - -143,056 -143,056 Closing balance 30/06/2025 3,576 40 29,332 207,350 70,738 311,035 Opening balance 01/07/2025 3,576 40 29,332 207,350 70,738 311,035 Profit/loss for the period - - - - 258,038 258,038 Capitalisation of development costs - - 2,573 - -2,573 - Release following amortisation of development costs for the year - - -57 - 57 - Rights issue 56 -1 - 54,621 - 54,676 Issued warrants - - - - - - Dividends - - - - - - Closing balance 31/12/2025 3,632 39 31,848 261,971 326,260 623,749 Opening balance 01/01/2026 3,632 39 31,848 261,971 326,260 623,749 Profit/loss for the period - - - - 4,153 4,153 Capitalisation of development costs - - 1,569 - -1,569 - Release following amortisation of development costs for the year - - -174 - 174 - Rights issue 285 -23 - 379,656 - 379,918 Issue costs - - - -652 - -652 Dividends - - - - -233,317 -233,317 Closing balance 30/06/2026 3,917 16 33,243 640,975 95,701 773,852
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29 Zinzino AB – Interim Report Q2 2026 Parent company report Summary of cash flows Amounts in SEK thousands 01/04/2026 30/06/2026 01/04/2025 30/06/2025 01/01/2026 30/06/2026 01/01/2025 30/06/2025 01/01/2025 31/12/2025 Operating activities Profit/loss before financial items -768 776 1,380 3,328 4,422 Depreciation and amortisation/write-down 11,290 3,387 21,248 5,481 14,804 Total 10,522 4,163 22,628 8,809 19,226 Interest received 412 196 619 352 650 Tax paid -174 -51 -270 -326 -412 Total 238 145 349 26 238 Cash flow from operating activities before changes in operating capital 10,760 4,308 22,977 8,835 19,464 Cash flow from changes in operating capital Change in current receivables -232,763 -52,838 -27,276 -40,794 7,193 Change in current liabilities 4,753 37,541 4,948 36,367 -7,936 Cash flow from operating activities -217,250 -10,989 649 4,409 18,721 Investment activity Investments in intangible fixed assets -410 -1,476 -1,980 -3,314 -5,807 Investments in financial assets - - -1,562 -13 -928 Acquisition of assets (note 5 & 6) - -27,502 -8,995 -63,439 -71,020 Acquisition of affiliated companies - - - - -8,065 Cash flow from investment activities -410 -28,978 -12,537 -66,766 -85,820 Financing activities Rights issue 9,231 29,014 12,793 48,875 51,437 Dividends received 246,258 131,906 246,258 131,906 142,313 Dividends -233,317 -143,056 -233,317 -143,056 -143,056 Cash flow from financing activities 22,172 17,864 25,734 37,725 50,694 Cash and cash equivalents at start of period 224,408 29,325 15,073 32,033 32,033 Cash flow for the period -195,488 -22,103 13,846 -24,633 -16,405 Translation differences in cash and cash equivalents 310 -45 311 -223 -555 Cash and cash equivalents at end of period 29,230 7,177 29,230 7,177 15,073
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30 Zinzino AB – Interim Report Q2 2026 April–June 2026 Zinzino Faun Group elimination of revenue Faun Total Group Net sales 866,524 32,423 -17,235 881,712 Other revenue 54,610 492 - 55,102 Goods for resale and other direct costs -582,332 -20,434 17,235 -585,531 Gross profit 338,802 12,481 - 351,283 External operating expenses -110,904 -4,219 - -115,123 Staff costs -75,644 -6,945 - -82,589 Results from holdings in associated companies -498 - - -498 EBITDA 151,756 1,317 - 153,073 Depreciation/amortisation -12,693 -1,526 - -14,219 Operating profit 139,063 -209 - 138,854 Net financial income/expense -3,596 -411 - -4,007 Tax -28,999 - - -28,999 Profit/loss for the period 106,468 -620 - 105,848 April–June 2025 Zinzino Faun Group elimination of revenue Faun Total Group Net sales 738,883 46,730 -31,008 754,605 Other revenue 39,542 243 - 39,785 Goods for resale and other direct costs -547, 631 -29,838 31,008 -546,461 Gross profit 230,794 17,135 - 247,929 External operating expenses -104,803 -4,916 - -109,719 Staff costs -51,712 -6,824 - -58,536 EBITDA 74,279 5,395 - 79,674 Depreciation/amortisation -7,013 -1,266 - -8,279 Operating profit 67,266 4,129 - 71,395 Net financial income/expense 631 167 - 798 Tax -16,765 - - -16,765 Profit/loss for the period 51,132 4,296 - 55,428 Note 1 Segment information Description of segments and main activities A business segment is a part of a company which carries out business activities from which it can obtain revenue and incur costs, the contribution margin of which is regularly reviewed by the company’s highest executive decision-maker, and for which there is independent financial information. The company’s reporting of business segments is in line with the internal reporting to the highest executive decision-maker. The highest executive decision-maker is the position that assesses the earnings of the business segment and decides on the allocation of resources. The CEO is the highest executive decision-maker together with the Group CFO and the controller manager. Together, they form the strategic steering group at Zinzino. The strategic steering group assesses the operations based on the two business segments Zinzino and Faun. The steering group mainly uses profit/loss before financial items in the assessment of business segment earnings. The main business segment “Zinzino” is divided into several product areas where the majority of the revenue falls within the Balance concept. The main segment also includes the sub-areas Immune Supplements, Gut Health, Skin Nutrition, Weight Control, Skincare and Coffee. Other revenue consists mainly of freight and reminder fees. All sales are made via the Zinzino’s website, www.zinzino.com with the help of the company’s independent sales organisation, which goes under the names of distributors or partners. The second segment refers to the Norwegian production unit Faun Pharma AS, known as “Faun”, which carries out production and sales to external customers not under Zinzino’s standard sales concept. Sales from Faun comprise exclusively contract production of food supplements to different customers. Segment revenues and earnings Total revenues and earnings before financial items is the result metric reported to the strategic steering group at Zinzino. An analysis of the group’s revenues and earnings for the two reporting business segments is set out below: • Zinzino • Faun Pharma AS
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31 Zinzino AB – Interim Report Q2 2026 January – June 2026 Zinzino Faun Group elimination of revenue Faun Total Group Net sales 1,716,407 65,214 -30,956 1,750,665 Other revenue 107,551 673 - 108,224 Goods for resale and other direct costs -1,155,960 -41,071 30,956 -1,166,075 Gross profit 667,998 24,816 - 692,814 External operating expenses -226,531 -7,674 - -234,205 Staff costs -146,478 -15,810 - -162,288 Results from holdings in associated companies -983 - - -983 EBITDA 294,006 1,332 - 295,338 Depreciation/amortisation -23,262 -2,995 - -26,257 Operating profit 270,744 -1,663 - 269,081 Net financial income/expense -36 -1,299 - -1,335 Tax -57,380 - - -57,380 Profit/loss for the period 213,328 -2,962 - 210,366 January – June 2025 Zinzino Faun Group elimination of revenue Faun Total Group Net sales 1,411,773 85,561 -53 934 1,443,400 Other revenue 74,335 333 - 74,668 Goods for resale and other direct costs -1,044,566 -55,946 53 934 -1,046,578 Gross profit 441,542 29,948 - 471,490 External operating expenses -191,555 -8,870 - -200,425 Staff costs -96,911 -15,712 - -112,623 EBITDA 153,076 5,366 - 158,442 Depreciation/amortisation -13,690 -2,497 - -16,187 Operating profit 139,386 2,869 - 142,255 Net financial income/expense 470 3 - 473 Tax -31,300 - - -31,300 Profit/loss for the period 108,556 2,872 - 111,428 January – December 2025 Zinzino Faun Group elimination of revenue Faun Total Group Net sales 3,122,692 173,343 -123,841 3,172,194 Other revenue 164,381 883 - 165,264 Goods for resale and other direct costs -2,228,534 -113,709 123,841 -2,218,402 Gross profit 1,058,539 60,517 - 1,119,056 External operating expenses -423,260 -16,238 - -439,498 Staff costs -201,861 -34,331 - -236,192 Results from holdings in associated companies -443 - - -443 EBITDA 432,975 9,948 - 442,923 Depreciation/amortisation -28,036 -5,301 - -33,337 Operating profit 404,939 4,647 - 409,586 Net financial income/expense 9,412 -6 - 9,406 Tax -93,434 -1,027 - -94,461 Profit/loss for the period 320,917 3,614 - 324,531
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32 Zinzino AB – Interim Report Q2 2026 30/06/2026 Zinzino Faun Total Group Assets Goodwill 368,185 6,900 375,085 Other intangible fixed assets 260,903 - 260,903 Equipment, tools and installations 19,032 - 19,032 Right-of-use assets 47,582 10,503 58,085 Shares in associated companies 40,695 - 40,695 Other financial assets 8,981 - 8,981 Deferred tax assets 5,705 - 5,705 Inventories 396,980 26,683 423,663 Other current assets 1,020,889 19,214 1,040,103 Total assets 2,168,952 63,300 2,232,252 Liabilities Long-term liabilities 111,705 644 112,349 Current liabilities 1,025,672 14,423 1,040,095 Total liabilities 1,137,377 15,067 1,152,444 30/06/2025 Zinzino Faun Total Group Assets Goodwill 196,277 6,900 203,177 Other intangible fixed assets 93,573 - 93,573 Equipment, tools and installations 3,373 14,125 17,498 Right-of-use assets 38,004 9,939 47,943 Right-of-use assets 2,175 - 2,175 Other financial assets 1,662 - 1,662 Nyttjanderättstillgångar 6,057 - 6,057 Inventories 327,739 23,454 351,193 Other current assets 638,850 15,541 654,391 Total assets 1,307,710 69,959 1,377,669 Liabilities Long-term liabilities 72,636 422 73,058 Current liabilities 845,474 12,170 857,644 Total liabilities 918,110 12,592 930,702 31/12/2025 Zinzino Faun Total Group Assets Goodwill 246,544 6,900 253,444 Other intangible fixed assets 86,873 - 86,873 Equipment, tools and installations 3,391 14,167 17,558 Right-of-use assets 29,720 8,274 37,994 Shares in associated companies 40,962 - 40,962 Other financial assets 6,929 - 6,929 Deferred tax assets 2,609 - 2,609 Inventories 360,167 17,803 377,970 Other current assets 905,665 22,520 928,185 Total assets 1,682,860 69,664 1,752,524 Liabilities Long-term liabilities 108,964 601 109,565 Current liabilities 924,929 10,831 935,760 Total liabilities 1,033,893 11,432 1,045,325
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33 Zinzino AB – Interim Report Q2 2026 Note 2 Net sales Revenues Sales between segments are carried out on market terms. As revenue from external parties is reported to the strategic steering group, they are valued in the same way as in the Group’s statement of comprehensive profit/loss. Sales within the entire Zinzino segment are made via the web - shop to Zinzino’s customers and distributors in the various sales markets. The goods are sold mainly through subscriptions which run for a fixed period of 6 months and continue until further notice until the customer terminates the subscription. All revenues are recognised when the goods are delivered to the customer in accordance with IFRS 15. For more information regarding the products, see Note 2.5.1 in the company’s annual report on revenue recognition policies. External goods Faun refers to goods produced on contract for an external customer. Revenue is recognised when the goods are delivered to the customer in accordance with IFRS 15, see Note 2.5.1 in the company’s annual report on revenue recognition policies. April – June 2026 Zinzino Faun Total Group Net sales - sales of goods Zinzino 866,523 - 866,523 Net sales - external sales of goods Faun - 15,189 15,189 TOTAL 866,523 15,189 881,712 April – June 2025 Zinzino Faun Total Group Net sales - sales of goods Zinzino 739,883 - 739,883 Net sales - external sales of goods Faun - 14,722 14,722 TOTAL 739,883 14,722 754,605 January – June 2026 Zinzino Faun Total Group Net sales - sales of goods Zinzino 1,716,407 - 1,716,407 Net sales - external sales of goods Faun - 34,258 34,258 TOTAL 1,716,407 34,258 1,750,665 January – June 2025 Zinzino Faun Total Group Net sales - sales of goods Zinzino 1,412,773 - 1,412,773 Net sales - external sales of goods Faun - 30,627 30,627 TOTAL 1,412,773 30,627 1,443,400 January – December 2025 Zinzino Faun Total Group Net sales - sales of goods Zinzino 3,122,693 - 3,122,693 Net sales - external sales of goods Faun - 49,501 49,501 TOTAL 3,122,693 49,501 3,172,194
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34 Zinzino AB – Interim Report Q2 2026 Purchase of goods and services 01/04/2026 30/06/2026 01/04/2025 30/06/2025 01/01/2026 30/06/2026 01/01/2025 30/06/2025 01/01/2025 31/12/2025 Saele Invest & Consulting AS * 25,921 13,566 48,724 38,960 81,429 Moonwalk AG** 2,696 1,693 5,488 6,090 12,892 Cleanthi Alpha-Olenic Ltd - - 4,619 - 7,570 Plantionix SL 4,758 - 7,375 - - TOTAL 33,375 15,259 66,206 45,050 101,891 Sales of goods and services 01/04/2026 30/06/2026 01/04/2025 30/06/2025 01/01/2026 30/06/2026 01/01/2025 30/06/2025 01/01/2025 31/12/2025 Saele Invest & Consulting AS - 51 23 51 212 TOTAL - 51 23 51 212 As of 30/06/2026, the liability to Saele Invest & Consulting AS relating to sales commissions amounts to SEK 0 (0) thousand and to Moonwalk AG (formerly Prosperity ApS) to SEK 650 (0) thousand. All sales commissions paid to related parties with significant influence are calculated according to the same commission plan and under the same terms as for all other distributors within Zinzino’s global sales organisation. As of 30/06/2026, there is a receivable of SEK 933 thousand from Plantionix Group SA and SEK 3.378 thousand from Cleanthi Alpha-Olenic LTD for undelivered goods. * Refers to sales commissions to/purchases from Saele Invest and Consulting AS, which is controlled by Örjan Saele and who, through the company’s shareholding in Zinzino AB, is defined as a person with significant influence. ** Refers to sales commissions to Moonwalk AG (formerly Prosperity ApS), which is controlled by Peter Sörensen and who, through the company Cashflow Holding ApS shareholding in Zinzino AB, is defined as a person with significant influence. Note 3 Transactions with related parties SEK 01/04/2026 30/06/2026 01/04/2025 30/06/2025 01/01/2026 30/06/2026 01/01/2025 30/06/2025 01/01/2025 31/12/2025 Earnings per share before dilution 2.72 1.56 5.51 3.17 9.09 Earnings per share after dilution 2.67 1.49 5.41 3.03 8.64 Earnings metric used in the calculation of earnings per share Earnings attributable to shareholders of the parent company used in the calculation of earnings per share before and after dilution 105,642 55,336 210,114 111,299 324,321 Number of shares Weighted average number of ordinary shares in calculating earnings per share before dilution 38,794,488 35,383,118 38,115,955 35,106,693 35,666,660 Adjustment for calculation of earnings per share after dilution (of warrants) Weighted average number of ordinary shares and potential ordinary shares used as denominator in calculating earnings per share after dilution 39,528,665 37,249,353 38,867,263 36,778,960 37,530,107 Note 4 Earnings per share
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35 Zinzino AB – Interim Report Q2 2026 Note 5 Acquisition of assets Purchase price as at 01/01/2026 SEK thousands Fixed purchase price 75,367 Total purchase price paid 75,367 Recognised amounts of identifiable assets acquired SEK thousands Intangible fixed assets 37,683 Inventories 8,878 Goodwill 28,806 On 1 January 2026, the rights were transferred to Zinzino AB regarding the acquisition of assets of S&M Nano-Biotechnology Sa DE.C.V (Sanki) which was signed in November 2025. In the acquisition of assets, Zinzino gains access to Sanki’s distributor database, inventory and associated IP rights. The assets were acquired for a total of SEK 75,367 thousand. Of the fixed purchase price, SEK 8,995 thousand is financed with own cash and the remainder with newly issued Zinzino shares. The current subscription price follows the principles stated in the current transfer agreement, which after negotiations with the subscriber at arm’s length was determined at the signing to be SEK 164.06 and which is considered by the Board to be market-based. A surplus value of SEK 28,806 thousand arose, which has been provisionally capitalized in connection with the acquisition. The table below summarises a preliminary acquisition analysis, including the purchase price paid for the assets and the preliminary fair value of the acquired assets. Acquisition-related costs of SEK 42 thousand are included in the item external costs in the consolidated statement of comprehensive income. The contingent purchase price is calculated at 6% of the achieved turnover of the acquired distributor organization over a six-year period and can maximum amount to USD 12 million and is at the reporting date estimated at zero. The contingent purchase price shall be 100% settled with newly issued Zinzino shares. The contingent purchase price is only capitalized after the first fixed purchase price has been earned. The acquisition has contributed to the growth of the Group’s sales. The sales included in the consolidated income statement as of 30/06/2026 and attributable to the acquisition of 01/01/2026 amount to SEK 41,374 thousand.
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36 Zinzino AB – Interim Report Q2 2026 Note 6 Acquisition of assets and acquired subsidiaries On 26 January 2026, Zinzino AB acquired assets in ItWorks! Marketing Inc. and ItWorks! Global Inc. In the acquisition of assets, Zinzino will receive access to ItWorks! distributor database, inventory and associated IP rights. Zinzino AB also acquired 100% of the shares in ItWorks! Marketing International UC with its subsidiaries based in Ireland. Zinzino acquired the assets for a total of SEK 290,613 thousand, which is financed entirely with newly issued Zinzino shares. The current subscription price follows the principles stated in the current transfer agreement, which after negotiations with the subscriber at arm’s length was determined at SEK 145.62 and which is considered by the Board to be market-based. A surplus value of SEK 129,990 thousand arose, which has been provisionally capitalized in connection with the acquisition. The surplus value mainly includes access to the distributor database, which has provisionally been valued at SEK 32,648 thousand. The estimated depreciation period for the database is 10 years. The table below summarizes a preliminary acquisition analysis including the purchase price paid for the assets and the preliminary fair value of the acquired assets. Purchase price as at 26/01/2026 SEK thousands Fixed purchase price 274,785 Contingent consideration 15,828 Total purchase price paid 290,613 Recognised amounts of identifiable assets acquired and liabilities SEK thousands Intangible fixed assets 106,940 Tangible fixed assets 472 Inventories 45,975 Other receivables 12,830 Cash and cash equivalent 21,434 Accounts payable -9,698 Other liabilities -17,330 Total identifiable net assets 160,623 Consolidated deficit and surplus values incl. deferred tax 23,670 Goodwill 106,320 Acquisition-related costs of SEK 207 thousand are included in the item external costs in the consolidated statement of comprehensive income. The contingent purchase price is calculated as 6% of the annual turnover of the acquired distributor organization over a five-year period. The contingent purchase price is only capitalized after the annual turnover exceeds USD 50 million. If the annual turnover exceeds USD 80 million, an additional contingent purchase price of 10% is capitalized. The contingent purchase price is estimated at the reporting date to amount to USD 2 million. The contingent purchase price can amount to a maximum of USD 2 million and will be settled in its entirety in newly issued Zinzino shares. The acquisition has contributed to sales growth in the Group. The turnover included in the consolidated income statement as of 30 June 2026 and which can be derived from the acquisition on 26 January 2026 amounts to SEK 137,857 thousand.
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37 Zinzino AB – Interim Report Q2 2026 The company presents certain financial metrics in the interim report that are not defined in accordance with IFRS or the Annual Accounts Act. The company believes that these metrics provide valuable additional information to investors and the company’s management as they allow the company’s performance to be evaluated. Since not all companies calculate financial metrics in the same way, these are not always comparable with the metrics used by other companies. These financial metrics should therefore not be considered as a substitute for metrics defined in accordance with IFRS. ALTERNATIVE KEY FIGURES DEFINITION PURPOSE Sales growth The total revenue as a percentage change compared with the total revenue for the corresponding period of the previous year. This metric is useful to follow as it shows the sales trend in the Group. Gross profit Profit from total revenue less goods for resale. This metric is useful to examine to see just the net sales during the period, which can be used in the income and cost analyses. EBITDA Operating profit before depreciation/ amortisation and write-downs. This metric is relevant for creating an understanding of the company’s operational business, regardless of financing and depreciation of fixed assets. EBITDA margin EBITDA as a percentage of total revenues for the period. This metric is relevant to create an understanding of operational profitability and as the metric excludes depreciation, this margin gives the stakeholders a clearer picture of the company’s central profitability. Operating profit/loss (EBIT) Operating profit/loss before financial items and taxes. This metric illustrates profitability regardless of the tax rate for corporation tax and irrespective of the company’s financial structure. Net margin Profit/loss for the period as a percentage of total revenues for the period. This metric illustrates the company’s profitability. Equity per share before dilution Equity in relation to the average number of shares issued for the period. This metric measures the company’s net value per share and shows whether the company is increasing the shareholders’ capital over time. Cash flow from operating activities Cash flow from operational business including changes in working capital. This metric measures the cash flow the company generates before capital investments and cash flow attributed to the company’s financing. Equity/assets ratio Equity in relation to the balance sheet total. This metric is an indicator of the company’s leverage to finance the company. Adjusted EBITDA and Adjusted EBITDA margin The definition of key figures described above, excluding items affecting comparability. The metric is important for breaking down and creating an understanding of the effect regarding items affecting comparability. Items affecting comparability Items affecting comparability are reported separately in the financial statements when this is necessary to explain the group’s results. ”Items affecting comparability” means significant revenue or expense items that are reported separately due to the significance of their nature or amount. The metric is significant for creating an understanding of items affecting comparability. Note 7 Financial metrics not defined in accordance with IFRS
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38 Zinzino AB – Interim Report Q2 2026 Gothenburg 25 August 2026 The Board of Directors and the CEO certify that the report for the period 1 January – 30 June 2026 gives a fair overview of the parent company’s and Group’s operations, position and earnings and describes significant risks and uncertainties faced by the parent company and the companies in the Group. For more information, please call Dag Bergheim Pettersen, Chief Executive Officer, Zinzino AB. Zinzino AB Hulda Mellgrens gata 5, 421 32 Västra Frölunda E-mail: info@zinzino.com Tel: +46 (0) 31-771 71 50 Gothenburg, 25 August 2026 Hans Jacobsson Pierre Mårtensson Ingela Nordenhav Board Chair Board Member Board Member Staffan Hillberg Dag Bergheim Pettersen Board Member Chief Executive Officer Auditor’s audit report This interim report has not been subject to review by the company’s auditors.
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