Infant Bacterial Therapeutics

Interim / Quarterly Report • Aug 20, 2025

Infant Bacterial Therapeutics AB (publ) Interim report January 1 – June 30, 2025

Second quarter (April - June) 2025

• Net sales KSEK 0 (0)
• Operating income KSEK -20,126* (-44,279)
• Earnings per share before and after dilution SEK -1.42 (-3.17)

Reporting period (January - June) 2025

• Net sales KSEK 0 (0)
• Operating income KSEK -37,621* (-74,077)
• Earnings per share before and after dilution SEK -2.67 (-5.23)

*Operating profit includes exchange rate effects on currency investments intended to secure future payments. During the second quarter, these amounted to KSEK 465 (-1,150) and during the reporting period to KSEK -3,187 (4,173).

Significant events during the second quarter (April - June)

• On May 8, IBT announced that the Clinical Study Report (CSR) for "The Connections Study" had been submitted to the FDA. The report contains data from the Phase 3 clinical trial that was completed in 2024.

Significant events during the reporting period (January - June)

● On March 28, 2025, IBT announced that the FDA had granted IBP-9414 "Breakthrough Therapy Designation" for its potential to reduce gastrointestinal-related mortality.

Summary of selected financial data

000´s	2025	2024	2025	2024	2024
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Net Sales	-	-	-	-	-
Other income	-	-	0	5	4
Operating profit / loss	-20,126	-44,279	-37,621	-74,077	-145,343
Result after tax	-19,172	-42,675	-35,911	-70,489	-136,905
Total assets	193,232	296,444	193,232	296,444	239,566
Cash flow for the period	-15,906	-35,959	-43,885	-60,726	-111,120
Cash flow per share for the period (SEK)	-1.18	-2.67	-3.26	-4.51	-8.25
Cash	176,317	272,510	176,317	272,510	223,388
Earnings per share before and after dilution (SEK)	-1.42	-3.17	-2.67	-5.23	-10.16
Equity per share (SEK)	9.97	17.57	9.97	17,57	12.64
Equity ratio (%)	70%	80%	70%	80%	71%

Message from CEO

IBT continues preparations for the launch of IBP-9414, a drug that can prevent the serious medical consequences of NEC in premature infants. These consequences can be divided into three different courses.

The most favorable course is that the child recovers from NEC, even though they feel unwell during the period of illness. The fact that they cannot be fed enterally (through the mouth) means an increased risk of other serious complications such as sepsis (blood poisoning). Children who suffer from this milder and reversible form of NEC may experience long-term consequences as their development is inhibited during the period of illness.

In another course of events, the disease poses an acute threat to life. Doctors must operate, and often there is no other option than to remove a large part of the child's small intestine. When this happens, NEC has seriously affected the children for the rest of their lives. Living with a short bowel is highly debilitating and represents the primary cause of SBS (short bowel syndrome).

The third scenario, the worst possible outcome, is that doctors are unable to save children affected by NEC. The children die, which happens relatively often as NEC is one of the most common causes of death in premature babies.

Depending on how developed the child is at birth, the course of the disease varies, but roughly speaking, about 50% of children recover without surgery, 25% of children require surgery, and the remaining 25% of children die.

In March 2025, the FDA granted IBT's drug project IBP-9414 "Breakthrough Therapy Designation" for "gastrointestinal-related mortality." IBT received Breakthrough Therapy Designation because data from our study program shows that IBP-9414 reduces the risk of death in children and that children do not require surgery to the same extent after administration of IBP-9414 compared to placebo. We are therefore seeing a clear effect on the most medically important outcomes, and the results relating to higher survival rates are naturally a source of hope for treating physicians, children and their parents, as well as for IBT as a company.

As the FDA has undertaken to review IBT's clinical data from Phase II and Phase III, all available information was submitted to the FDA in April and May. In June, the FDA also received information relating to preclinical and clinical studies based on existing literature as a basis for the probable medical reason why IBP-9414 works as a preventive treatment for NEC and the consequences of NEC. The FDA is currently reviewing the large amount of information submitted by IBT and normally requires 12 months to review the material prior to approving a drug. Our project has "Breakthrough Therapy Designation" and we therefore hope that the time can be significantly reduced. During the summer months, we have therefore asked the FDA how far they have come and whether any questions have arisen during the review process. We expect to receive initial feedback in September. My hope is that we will then be able to set a date for the completion of the review, i.e., gain greater clarity on when we can launch IBP-9414.

In parallel during Q2, IBT has also continued to work on manufacturing-related matters. We have successfully validated all but one of the analytical methods. The last analytical method should be fully validated in October. We plan to begin validation of the process we use for manufacturing at our manufacturers as soon as we have completed the validation of the analytical methods.

As our Phase 3 study has been completed and reported to the FDA, IBT has further intensified its work to prepare for the launch of IBP-9414. This means new challenges; we need new knowledge and new professional resources for the work and challenges that arise in connection with the launch

of a drug. During Q2, IBT has therefore said goodbye to several of the highly skilled employees who carried out the study in order to free up financial resources for marketing preparations. We are restructuring IBT for the future without necessarily increasing costs. IBT has hired Nigel Titford as Head of Business Development, whose task is to ensure that IBT has the best possible sales and distribution channels for IBP-9414. Nigel has extensive experience in similar roles at Biogaia and will bring important expertise to IBT. During Q2, discussions were held with potential partners regarding sales and distribution for several regions.

IBT will continue to be cautious with spending in order to be able to manage factors that are beyond the company's control. In the news, a number of developments could affect IBT, such as changes in the FDA's leadership. However, we are confident that everyone, regardless of political views, wants children in the future to have access to important and effective treatments for life-threatening diseases. We are also continuing our communication efforts. For example, I plan to participate and present "outcomes from IBP-9414 use in preterms" at the NEC Society meeting in Chicago in September.

Finally, I would like to thank everyone at IBT, who are currently working intensively on the regulatory documentation for the authorities. Special thanks for continuing the work even during the summer months.

Stockholm 19 August 2025

Staffan Strömberg, CEO

IBT in brief

Infant Bacterial Therapeutics AB ("IBT") is a public company domiciled in Stockholm. The company's Class B shares are since September 10, 2018, listed on Nasdaq Stockholm (IBT B).

IBT is a pharmaceutical company whose purpose is to develop and commercialize drugs for diseases affecting premature babies. During the 13 years of drug development IBT has gained unique expertise in the field of drugs using live bacteria as active substances, this is a key competitive factor for IBT´s development programs.

IBT's main focus is the drug candidate IBP-9414, a formulated bacterial strain naturally found in human breast milk. IBP-9414 is expected to be the first product in a new class of biologics called 'Live Biotherapeutic Products' for premature infants. The drug development of IBP-9414 is currently in its final stages for this important product for premature infants.

The portfolio also includes additional drug candidates, IBP-1016, IBP-1118 and IBP-1122. IBP-1016, for the treatment of gastroschisis, a life-threatening and rare disorder in which children are born with externalized gastrointestinal organs. IBP-1118 to prevent retinopathy of prematurity (ROP), one of the leading causes of blindness in premature infants, and IBP-1122 to eliminate vancomycinresistant enterococci (VRE), which cause antibiotic-resistant hospital infections. Through the development of these drugs, IBT can address medical needs where no sufficient treatments are available.

Description of IBT's development project IBP-9414

The development plan for IBP-9414 consisted of two clinical studies: safety and tolerability study and pivotal Phase III study, "The Connection Study". The safety and tolerability study was completed as planned in the fourth quarter of 2017. The subsequent pivotal Phase III study, "The Connection Study", commenced in the second half of 2019 and was completed in July 2024. The results of the study were received in Q3 2024.

The first study was a randomized, double blind, parallel-group, dose escalation placebo-controlled multicenter study to investigate the safety and tolerability of IBP-9414 in premature infants. The study was completed as planned in the fourth quarter of 2017 and showed that IBP-9414 was safe and well tolerated in preterm infants with birth weights between 500 - 2,000 grams.

The completed pivotal Phase III study aimed to prove and document the efficacy of IBP-9414 compared to placebo on the two primary endpoints of preventing NEC and improving sustained feeding tolerance (SFT) in preterm infants with a birth weight of 1,500 grams or less. This study also included a safety evaluation.

In light of the results of the study and the urgent need for effective treatment of preterm infants, IBT will continue to move the drug toward registration in 2025.

Risks and uncertainties

IBT's value is to a very large extent dependent on the success of the company's development project IBP-9414 and the granting of marketing authorization by the US Food and Drug Administration ("FDA") and/or the European Medicines Agency ("EMA"). If a marketing authorization for IBP-9414 is not granted, IBT may focus on other projects, but there is a risk that such projects will not succeed.

Financial risk management

The majority of IBT's development costs are incurred in foreign currency. If the SEK declines in value against the currency in question, it can have a significant impact on the company's position and earnings. The currencies to which IBT has the greatest exposure are USD and EUR.

The company has investments in foreign currencies and a strengthening of the SEK has a negative currency effect (see notes 1, 2 and 3). The company's equity and cash are considered sufficient for the company's operations until the application for market approval.

For further information on risks and uncertainties, please refer to IBT's Annual Report for 2024 on the company's website www.ibtherapeutics.com.

Financial calendar

Interim report January – September 2025 November 13, 2025, at 08:00 CET Financial Statement January – December 2025 February 6, 2026, at 08:00 CET

Contact persons

Staffan Strömberg, CEO

Maria Ekdahl, CFO

Contact information

Infant Bacterial Therapeutics AB (Reg. no. 556873-8586) Bryggargatan 10 111 21 Stockholm, Sweden Telephone: +46 76 219 37 38 info@ibtherapeutics.com www.ibtherapeutics.com

Financial development – second quarter (April - June) 2025

Amounts are reported in KSEK (SEK in thousands). Amounts in parenthesis refer to the period in the previous year unless stated otherwise.

Costs

Operational costs amounted to KSEK 20,591 (43,129) prior to exchange rate effects on foreign currency deposits and after exchange rate effects to KSEK 20,126 (44,297).

Costs related to development of IBP-9414 amounted to KSEK 8,059 (29,830) prior exchange rate effects. The expected lower cost for this period compared with the same period last year is due to higher activity in the clinical study last year. Personnel costs amounted to KSEK 5,706 (9,620), the lower cost this year compared with the same period last year is due to higher bonus payments in connection with the 2024 warrant program. Other external costs amounted to KSEK 6,825 (3,679), the increase in other expenses mainly consists of higher consulting costs and legal advice.

Costs are reported net of exchange rate effects on foreign currency deposits. Exchange rate effects during the second quarter 2025 amounted to KSEK 465 (-1,150). (Note 1,2).

Result and financial position

Operational result amounted to KSEK -20,126 (-44,279) and result after financial items amounted to KSEK -19,172 (-42,675).

Result after tax amounted to KSEK -19,172 (-42,675)

Result per share prior to and after dilution amounted to SEK -1.42 (-3.17).

Cash flow for the period amounted to KSEK -15,906 (-35,595), the lower cash flow is due to reduced operating expenses. Cash flow per share amounted to SEK -1.18 (-2.67).

Financial development – reporting period (January- June) 2025

Amounts are reported in KSEK (SEK in thousands). Amounts in parenthesis refer to the period in the previous year unless stated otherwise.

Costs

Operational costs amounted to KSEK 34,434 (78,254) prior to exchange rate effects on foreign currency deposits and after exchange rate effects to KSEK 37,621 (74,077).

Costs related to development of IBP-9414 amounted to KSEK 14,333 (57,672) prior exchange rate effects. The expected lower cost for this period compared with the same period last year is due to higher activity in the clinical study last year. Personnel costs amounted to KSEK 10,570 (13,880), the lower cost this year compared with the same period last year is due to higher bonus payments in connection with the 2024 warrant program. Other external costs amounted to KSEK 9,531 (6,702), the increase in other expenses mainly consists of higher consulting costs and legal advice.

Costs are reported net of exchange rate effects on foreign currency deposits. Exchange rate effects during the reporting period amounted to KSEK -3,187 (4,173). (Note 1,2).

Result and financial position

Operational result amounted to KSEK -37,621 (-74,077) and result after financial items amounted to KSEK -35,911 (-70,489).

Result after tax amounted to KSEK -35,911 (-70,489)

Result per share prior to and after dilution amounted to SEK -2.67 (-5.23).

Cash flow for the period amounted to KSEK -43,885 (-60,726. Cash flow per share amounted to SEK -3.26 (-4.51).

Other

Prepaid expenses amounted to approximately KSEK 5,154 (11,624) and relates mainly to manufacturing of IBP-9414, rents, insurance and IT systems. Accrued expenses amounted to approximately MSEK 8,003 (14,184) are mainly driven by personnel, and consultant costs. The lower prepaid expenses and accrued expenses compared with the same period last year are mainly due to the completion of the clinical study.

The company´s cash balance on June 30, 2025, amounted to KSEK 176,317 compared to KSEK 223,388 on December 31, 2024.

The company´s shareholders equity on June 30, 2025, amounted to KSEK 134,351 compared to KSEK 170,263 on December 31, 2024. Shareholders´ equity per share on June 30, 2025, amounted to SEK 9.97 compared to 12.64 on December 31, 2024.

The company´s equity ratio on June 30, 2025, amounted to 70% compared to 71% on December 31, 2024.

The capital is deemed sufficient until the application for marketing authorization.

Tax position

IBT has an accumulated tax loss carryforward of approximately SEK 643 (506) million. Deferred tax receivables are reported when it is likely that future taxable income will be available against which the temporary differences may be utilized. The company has not reported any temporary tax receivables in its statement of financial position.

Macroeconomic situation

The general geopolitical situation, tariffs, and general cost increases contribute to a certain degree of uncertainty, and it cannot be ruled out that IBT will be affected by this in the future. As IBT has many costs in foreign currencies, it has counteracted cost increases by purchasing USD and EUR.

Shares

On January 1, 2025, and June 30, 2025, respectively, the total number of shares amounted to 13,471,420 shares of which 453,283 class A-shares carried 10 votes and 13,018,137 class B-shares carried 1 vote.

IBT's class B shares were listed on Nasdaq Stockholm on September 10, 2018.

IBT's closing share price on June 30, 2025, amounted to SEK 49.00.

Analysts covering IBT:

SEB: Christopher W. Uhde, PhD, Carl Mellerby, Mattias Vadsten

	Class	Class	Share capital	Votes
Name	A-shares	B-shares	%	%
ANNWALL & ROTHSCHILD INVESTMENT AB	453,283	721,351	8.72	29.94
NORTHERN TRUST COMPANY		1,592,907	11,82	9,08
SIX SIS AG W8IMY		1,544,728	11,47	8,80
FJÄRDE AP-FONDEN		1,344,000	9.98	7.66
ÅLANDSBANKEN ABP		446,635	3.32	2.54
AVANZA PENSION		390,293	2.90	2.22
DANGOOR, DAVID		370,455	2.75	2.11
P.R BANQUE PIXTET & CIE SA		321,169	2.38	1.83
IBKR FINANCIAL SERVICES AG		313,170	2.32	1.78
NORDNET PENSIONSFÖRSÄKRING AB		234,247	1.74	1.33
Total 10 largest shareholders	453,283	7,278,955	57.40	67.29
Other Shareholder		5,739,182	42.60	32.71
Totalt	453,283	13,018,137	100	100

Ownership June 30, 2025

Source: Euroclear Sweden

NB: This is a translation of the Swedish interim report. If any discrepancies exist, the Swedish version shall prevail.

Certification

CEO hereby certifies that this report gives a true and fair presentation of the Company´s operations, financial position, and result of operations, and describes material risks and uncertainties facing the Company.

Stockholm, August 19 2025

Ordförande Ledamot Ledamot

Verkställande direktör Ledamot Ledamot

Peter Rothschild Anthon Jahreskog Margareta Hagman

Staffan Strömberg Eva Idén Kristina Sjöblom Nygren

This report has not been subject to review by the company´s auditor

Income statement

SEK 000	2025	2024	2025	2024	2024
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Net Sales	-	-	-	-	-
Other income	-	-	-	5	4
Research-and development costs	-14,849	-36,685	-27,182	-64,578	-126,051
Administration cost	-5,277	-7,594	-10,439	-9,504	-19,296
Operating result	-20,126	-44,279	-37,621	-74,077	-145,343
Result from financial items
Interest income and similar profit/loss items	954	1,604	1,710	3,588	8,438
Interest expense and similar profit/loss items	-	-	-	-	-
Result after financial items	-19,172	-42,675	-35,911	-70,489	-136,905
RESULT FOR THE PERIOD*	-19,172	-42,675	-35,911	-70,489	-136,905
*Result for the period equals total
Result per share
before and after dilution	-1.42	-3.17	-2.67	-5.23	-10.16
Number of shares at begining of period*	13,471,420		13,471,420 13,471,420 13,471,420		13,471,420
Number of shares at end of period*	13,471,420		13,471,420 13,471,420 13,471,420		13,471,420
* As of January 1, 2025 and June 30, 2025, the distribution of issued shares was 453,283 of class A shares with voting rights of 10
and 13 018 17 of class B shares with a voting value of 1.

Balance sheet

SEK 000 Not	2025-06-30	2024-06-30	2024-12-31
Assets
Non-current assets
Intangible non-current assets
Activated development costs	8,478	9,294	8,886
Shares in subsidiary	70	70	70
Total non-current assets	8,548	9,364	8,956
Current assets
Current receivables
Other receivable	3,213	2,946	3,997
Prepaid expenses and accrued income	5,154	11,624	3,224
Total current assets	8,368	14,570	7,221
Cash and cash equivalents 2,3	176,317	272,510	223,388
Total current assets	184,685	287,080	230,610
TOTAL ASSETS	193,232	296,444	239,566
Equity and Liabilities
Equity
Restricted equity
Share capital	3,672	3,672	3,672
Unrestricted equity
Share premium reserve	768,842	768,842	768,842
Accumulated losses	-602,251	-465,346	-465,346
Net loss for the year	-35,911	-70,489	-136,905
Total equity	134,351	236,677	170,263
Liabilities
Current liabilities
Accounts payable	50,241	45,120	46,993
Other current liabilities	637	465	421
Accrued expenses and prepaid income	8,003	14,184	21,890
Total current liabilities	58,881	59,766	69,303
TOTAL EQUITY AND LIABILITIES	193,232	296,444	239,566

Statement of changes in equity

SEK 000	Restricted equity	Unrestricted equity
	Share capital	Share	Accumulated	Total
		premium	losses inkl.	equty
		reserve	loss for the
			period
Opening equity on Jan 1, 2024	3,672	766,829	-465,346	305,154
Result for the period			-70,489	-70,489
Total comprehensive income			-70,489	-70,489
Warrants		2,013		2,013
Closing equity on Jun 30, 2024	3,672	768,842	-535,835	236,677
Opening equity on Jan 1, 2024	3,672	766,829	-465,346	305,154
Result for the period			-136,905	-136,905
Total comprehensive income			-136,905	-136,905
Shareholder transactions
Warrants		2,013		2,013
Closing equity on Dec 31, 2024	3,672	768,842	-602,251	170,263
Opening equity on Jan 1, 2025	3,672	768,842	-602,251	170,263
Result for the period			-35,911	-35,911
Total comprehensive income			-35,911	-35,911
Closing equity on Jun 30, 2025	3,672	768,842	-638,162	134,351

11

Statement of cash flow

SEK 000	2025	2024	2025	2024	2024
	Apr- Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Operating activities
Operating profit / loss	-20,126	-44,279	-37,621	-74 077	-145,343
Interest income received	954	1,604	1,710	3,588	8,438
Paid interest cost	-	-	-	-	-
Adjustment for non - cash flow affecting items:
depreciation produktion process	204	204	408	408	816
Unrealized exchange rate difference in cash	-465	1,150	3,187	-4,173	-5,445
Cash flow from operating activities	-19,433	-41,321	-32,316	-74,254	-141,533
before changes in working capital
Cash flow fron changes in working capital
Increase(-)/Decrease(+) in operating receivables	-961	15,122	-1,146	-2,071	5,277
Increase(+)/Decrease(-) in operating liabilities	4,488	-11,773	-10,422	13,586	23,123
Cash flow from operating activities	-15,906	-37,972	-43,885	-62,739	-113,133
Financing activities
Warrants	-	2,013	-	2,013	2,013
Cash flow from financing activities	0	2,013	-	2,013	2,013
Cash flow for the period	-15,906	-35,959	-43,885	-60,726	-111,120
Value variance currency accounts	465	-1,150	-3,187	4,173	5,445
Cash and cash equivalents at the beginning of the period	191,758	309,618	223,388	329,064	329,064
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	176,317	272,510	176,317	272,510	223,388

Note 1 Accounting principles

The interim report has been prepared in accordance with IAS 34 interim reporting, and the Annual Accounts act, Årsredovisningslagen. The company´s reporting has been prepared in accordance with the Annual Accounts act, Årsredovisningslagen and as stipulated by RFR 2 Reporting for legal entities. Disclosures per IAS 34 are presented in Notes and in other sections in the interim report.

IBT has adopted the same accounting principles and calculation methods as those described in the 2024 annual report. New principles are not expected to impact the company´s financial reports. New or revised IFRS standards that have come into effect in 2025 do not have any significant impact on IBT.

IBT has no transaction to report under other comprehensive income and thus presents information thereon under the income statement.

IBT has deposits in foreign currencies. The company's expenses are allocated to the functions Research and development and administration costs. The effects of changes in exchange rates are recognized in the company's financial statements at market value through the functions. (Notes 2 and 3)

Amounts are reported in KSEK (SEK in thousands). Amounts in parenthesis refer to the same period in the previous year unless stated otherwise.

Note 2 Financial instruments

Fair value of other receivables, cash, accounts payable and other liabilities are estimated to equal book value (accumulated cost) due to the short duration.

Note 3 Liquidity

The company´s liquidity consists solely of cash deposits held at Swedish banks. Total liquidity on the balance sheet date on June 30, 2025 amounted to MSEK 176,3 (272,5).

Note 4 Share based incentive programs

IBT had on the balance sheet date, June 30, 2025, three outstanding warrant programs.

Warrants 2022/2025

As below and as described in the 2024 annual report

Warrant holders 2022/2025	Number allotted 2025-06-30	Number issued 2025-06-30	Number allotted 2024-12-31	Number issued 2024-12-31
Staffan Strömberg, VD	120,000	120,000	120,000	120,000
Anders Kronström, COO	75,000	75,000	75,000	75,000
Other employees	77,000	77,000	77,000	77,000
Total	272,000	272,000	272,000	272,000

Warrants 2023/2026

As below and as described in the 2024 annual report

Warrant holders 2023/2026	Number allotted 2025-06-30	Number issued 2025-06-30	Number allotted 2024-12-31	Number allotted 2024-12-31
Staffan Strömberg, VD	50,000	50,000	50,000	50,000
Anders Kronström, COO	25,000	25,000	25,000	25,000
Maria Ekdahl, CFO	25,000	25,000	25,000	25,000
Other employees	55,000	55,000	55,000	55,000
Totalt	155,000	155,000	155,000	155,000

Warrants 2024/2027

As below and as described in the 2024 annual report

Warrant holders 2024/2027	Number allotted 2025-06-30	Number issued 2025-06-30	Number allotted 2024-12-31	Number allotted 2024-12-31
Staffan Strömberg, VD	50,000	50,000	50,000	50,000
Anders Kronström, COO	25,000	25,000	25,000	25,000
Maria Ekdahl, CFO	25,000	25,000	25,000	25,000
Other employees	65,000	65,000	65,000	65,000
Totalt	165,000	165,000	165,000	165 000

IBT´s three outstanding warrant programs in summary:

Issued Warrants, Year	Number allotted	Strikeprice	Value per allotted warrant	Volatilitet, % * %	Risk free interest,	Expiry, year
2022 (2022/2025)	272,000	128,77	7	39		1,32 2025
2023 (2023/2026)	155,000	100,05	3,29	39		2,76 2026
2024 (2024/2027)	165,000	176,83	12,20	40		2,55 2027
	592,000	-	-	-	-	-

*Expected future volatility is ascertained by comparison of historical average and median values for comparable listed companies in the same sector as IBT based on analysis in S&P Capital IQ.

Note 5 Related party transactions

There are no significant transactions with related parties

Note 6 Alternative key figures

The company presents some financial measures in the interim report that are not defined in accordance with IFRS. The company believes that these measures provide valuable supplementary information to investors and the company´s management as they enable evaluation of the company´s performance. Since not all companies calculate financial measures in the same way, these are not always comparable to measures used by other companies. These financial measures should

therefore not be seen as a substitute for measures defined in accordance with IFRS. The key ratios below are not defined in accordance with IFRS unless otherwise stated.

For definitions and other reasons, refer to the Annual Report 2024.

Derivation of certain alternative key figures

	2025	2024	2025	2024	2024
	Apr-Jun	Apr-Jun	Jan-Jun	Jan-Jun	Jan-Dec
Cash flow per share
Cash flow for the period, 000´s	-15,906	-35,959	-43,885	-60,726	-111,120
Average number of shares	13,471,420		13,471,420 13,471,420	13,471,420	13,471,420
Cash flow per share (SEK)	-1.18	-2.67	-3.26	-4.51	-8.25
Equity per share
Equity, 000´s	134,351	236,677	134,351	236,677	170,263
Number of shares at end of period	13,471,420		13,471,420 13,471,420	13,471,420	13,471,420
Equity per share (SEK)	9.97	17.57	9.97	17.57	12.64
Equity ratio
Equity, 000´s	134,351	236,677	134,351	236,677	170,263
Total equity and liabilities, 000´s	193,232	296,444	193,232	296,444	239,566
Equity ratio %	70%	80%	70%	80%	71%