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Bactiguard Holding
Quarterly Report • Oct 23, 2025
3004_10-q_2025-10-23_7145f07f-c3c4-4fa8-917e-324d243ea7d4.pdf
Quarterly Report
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INTERIM REPORT THIRD QUARTER 2025
Continued profitability and clinical evidence supporting future growth
Third quarter 2025 (July – September)
- Total revenue amounted to SEK 48.4 (73.9) million, a decrease of SEK 25.5 million corresponding to 34.5%.
- Net sales amounted to SEK 45.5 (67.3) million, a decrease of SEK 21.9 million corresponding to 32.5%. Adjusted for currency effects of SEK -3.4 million, net sales decreased by 27.4%.
- Operating loss amounted to SEK 6.4 (1.9) million.
- EBITDA amounted to SEK 5.3 (9.9) million.
- Net loss for the period amounted to SEK 7.5 (4.7) million.
- Loss per share, before and after dilution, amounted to SEK 0.21 (0.13).
- Cash flow from operating activities amounted to SEK -2.8 (8.3) million corresponding to SEK -0.08 (0.24) per share.
The period January – September 2025
- Total revenue amounted to SEK 163.2 (193.6) million, a decrease of SEK 30.4 million corresponding to 15.7%.
- Net sales amounted to SEK 152.8 (178.6) million, a decrease of SEK 25.9 million corresponding to 14.5%. Adjusted for currency effects of SEK -5.4 million, net sales decreased by 11.5%.
- Operating loss amounted to SEK 16.3 (25.7) million.
- EBITDA amounted to SEK 19.1 (9.6) million.
- Net loss for the period amounted to SEK 20.4 (28.9) million.
- Loss per share, before and after dilution, amounted to SEK 0.59 (0.82).
- Cash flow from operating activities amounted to SEK -13.2 (6.1) million corresponding to SEK -0.38 (0.17) per share.
| Key figures | Jul-Sep | Jan-Sep | RTM | |||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2024 | 2024/25 | |
| Total revenue¹,MSEK | 48.4 | 73.9 | 163.2 | 193.6 | 261.9 | 231.5 |
| Operating profit/loss¹,MSEK | -6.4 | -1.9 | -16.3 | -25.7 | -28.9 | -19.6 |
| EBITDA²,MSEK | 5.3 | 9.9 | 19.1 | 9.6 | 18.0 | 27.5 |
| EBITDA margin²,% | 10.9 | 13.4 | 11.7 | 5.0 | 6.9 | 11.9 |
| Net profit/loss for the period¹,MSEK | -7.5 | -4.7 | -20.4 | -28.9 | -29.8 | -21.3 |
| Earnings per share¹,SEK | -0.21 | -0.13 | -0.59 | -0.82 | -0.85 | -0.61 |
| Cash flow from operating activities ¹,MSEK | -2.8 | 8.3 | -13.2 | 6.1 | 25.0 | 5.7 |
| Cash flow from operating activities, per share²,SEK | -0.08 | 0.24 | -0.38 | 0.17 | 0.71 | 0.16 |
| Equity ratio²,% | 55.4 | 48.6 | 55.4 | 48.6 | 50.1 | 55.4 |
| Net debt²,MSEK | 128.7 | 129.0 | 128.7 | 129.0 | 111.0 | 128.7 |
1 Defined according to IFRS. 2 Alternative performance measure. For definition and reconciliation, see pages 16-17.
CEO statement
Continued profitability and clinical evidence supporting future growth
The profitability trend continued during the third quarter with an EBITDA of SEK 5.3 million (Q3 2024: SEK 9.9 million). Revenues amounted to SEK 48.4 (Q3 2024: SEK 73.9 million) with license revenues of SEK 29.9 million (Q3 2024: 47.5 million). The comparison is impacted by a weaker USD and high base from last year. The Wound Management portfolio revenues totalled SEK 15.6 million (Q3 2024: SEK 17.9 million) with continued growth in Hydrocyn aqua, but a decline in sutures.
Progressed partnerships and extended clinical evidence on Bactiguard's technology
Total license revenues for Q3 amounted to SEK 29.9 million (Q3 2024: SEK 47.5 million), a decrease of 37 percent compared to Q3 last year, including negative currency effects. The license revenues were impacted by the weakened USD and are compared to a high base from last year for both the BD and Zimmer Biomet partnership.
Q3 revenues from license partner Zimmer Biomet were limited at SEK 1.5 million (Q3 2024: SEK 10.7 million) as expected, as no milestone or minimum royalties were recognized during the quarter. However, we see in-market growth for ZNN Bactiguard, and the partnership with Zimmer Biomet is progressing on multiple fronts. Zimmer Biomet continues to strengthen the clinical evidence through several ongoing studies on the ZNN Bactiguard trauma nail system. A key comparative study of coated versus uncoated nails is on track for completion in 2026/2027. In addition, two independent studies have been published, which further expanded the clinical evidence supporting ZNN Bactiguard. These studies highlight the strong clinical interest in infection prevention for orthopedic trauma patients. Our technology was also featured in the Netflix documentary series "Critical: Between Life and Death", where a Bactiguard-coated tibia nail was used in a real emergency. While we expect publications with Bactiguard coated products in medical journals, being highlighted in this more accessible context was a nice recognition of Bactiguard's role in advancing infection prevention in critical care.
The partnership with BD advanced steadily in Q3. During 2025, BD has launched Bactiguard-coated Foley catheters in India, broadening access to our infection prevention technology in a market where healthcareassociated infections and antimicrobial resistance remain major challenges, and we expect more market launches in the coming quarters. In the US, BD has introduced a dedicated website offering evidence-based insights into how Bactiguard-coated catheters help reduce infections, improve outcomes, and strengthen prevention protocols. We continue to work closely together sharing insights and jointly driving growth both in the US and in new markets. For Q3, BD revenues amounted to SEK 28.3 million (Q3 2024: SEK 33.3 million) impacted by a weaker USD. Net of currency, it is a decrease of 5 percent, against a strong third quarter last year. Nevertheless, Q3 2025 is the third strongest quarter of the last ten quarters from the BD partnership, and we remain positive about the trajectory of the relationship in the future.
Our business development activities, including partner dialogues and feasibility work, are progressing with strong momentum. Bringing MedTech innovations to market is a long-term process that can take several years from initial testing to commercialization. The efforts we are making today, and will continue to make in the coming quarters, are building the foundation for future growth. We are steadfast in our strategic direction, targeting therapeutic areas with significant unmet medical needs and forming partnerships where Bactiguard's infection prevention technology delivers clear and lasting value.
Wound Management still expected to deliver double-digit growth
The Wound Management portfolio had revenues of SEK 15.6 million (Q3 2024: SEK 17.9 million), a decrease of 13 percent related to a decline in sutures sales. The growth in Hydrocyn aqua sales continued in Q3 and we still expect Wound Management to deliver double-digit growth, in line with our strategic targets.
Enhanced organization and foundation in place to drive growth
It has been two years since we announced our shift toward a sharpened, license-focused strategy. During this time, we have undergone a fundamental transformation across the organization, one that has taken longer than initially anticipated but has strengthened our foundation for the future. Our business model, core competencies, and internal processes have been refined and reinforced. Today, with a solid platform and a strong Wound Management portfolio, we are well positioned to drive profitable growth and deliver on our financial targets.
At the same time, we remain humble about the complexities involved and the long-term perspective required to develop strategic partnerships with leading global MedTech companies. We will continue to relentlessly advance existing collaborations and establish new ones. Equally important, we will keep strengthening and investing in our core competencies in R&D, medical, and regulatory; areas where Bactiguard creates the greatest value for our partners.
Christine Lind CEO
Business model
Bactiguard is a global MedTech company developing safe and biocompatible technology to prevent medical device related infections. The company's unique technology is based on an ultra-thin noble metal coating that prevents bacterial adhesion and biofilm formation on medical devices.
Bactiguard's infection prevention solutions decrease patient suffering, save lives, and unburden healthcare resources while also fighting against antimicrobial resistance, one of the most serious threats to global health and modern medicine.
Bactiguard operates through license partnerships with leading global MedTech companies that apply the infection prevention technology to their medical devices and sell them under their own brand or co-branded with Bactiguard. Our license-focused business model is scalable with operational leverage.
Partnerships across three phases
Bactiguard's license revenues have three components: revenues for coating and process development, revenues for the right to use the coating technology on medical devices within a specific application and geographical area, and royalties – a variable remuneration once the license partners' products reach the market. The revenues are generated across three partnership phases: application development, exclusivity and license.
An application development partner works in close collaboration with Bactiguard's R&D team exploring the application of our infection prevention technology to the partners' underlying device to enhance its performance. The nature of development work means that not every project will succeed, but the learnings are valuable for other application areas.
An exclusivity partner gets exclusive rights to apply our coating technology to a certain medical device but has no products in the market yet, for instance due to pending regulatory approvals, which can take time depending on the type of application and its classification.
A license partner has the right to market and sell medical devices with Bactiguard's coating technology, in a certain region or globally.
Not all partnerships will follow all three phases. An agreement with a partner can generate revenues from separate phases and components simultaneously.
| Partnerships Application area |
Market | |
|---|---|---|
| Becton, Dickinson & Company (BD) | Urinary catheters (Foley) | Global excl. China |
| Zimmer Biomet | Trauma implants | Global excl. Southeast Asia, China, India, and South Korea |
| Well Lead Medical | Urinary catheters | China |
Development in the third quarter
Revenue
| Jul-Sep | |||
|---|---|---|---|
| MSEK | 2025 | 2024 | |
| Total license revenue | 29.9 | 47.5 | |
| License partners | 29.8 | 46.6 | |
| Exclusivity partners | - | - | |
| Application development partners | 0.1 | 0.9 | |
| Wound Management portfolio | 15.6 | 17.9 | |
| BIP portfolio | -0.0 | 1.9 | |
| Net sales | 45.5 | 67.3 | |
| Other operating revenues | 2.9 | 6.6 | |
| Total revenue | 48.4 | 73.9 |
Total revenue for the third quarter amounted to SEK 48.4 (73.9) million, a decrease of SEK 25.5 million, corresponding to 34.5 percent. Adjusted for currency effects of SEK -2.6 million, revenue decreased by 31.1 percent.
Net sales amounted to SEK 45.5 (67.3) million, a decrease of SEK 21.9 million, corresponding to 32.5 percent. Adjusted for currency effects of SEK -3.4 million, net sales decreased by 27.4 percent.
Total license revenue amounted to SEK 29.9 (47.5) million, a decrease of SEK 17.6 million, corresponding to 37.0 percent. Adjusted for currency effects of SEK -3.3 million, total license revenues decreased by 30.1 percent. Revenues from Becton, Dickinson & Company (BD) amounted to SEK 28.3 (33.3) million, a decrease of SEK 5.1 million, corresponding to 15.2 percent. Adjusted for currency effects of SEK -3.3 million, revenues from BD decreased by 5.2 percent. Revenues from Zimmer Biomet amounted to SEK 1.5 (10.7) million, a decrease of SEK 9.2 million, corresponding to 85.9 percent. Adjusted for currency effects of SEK -0.1 million, revenues from Zimmer decreased by 85.1 percent. These revenues pertain mainly to royalties from the trauma product segment agreement.
Revenues from license partners amounted to SEK 29.8 (46.6) million, a decrease of SEK 16.9 million, corresponding to 36.2 percent. Adjusted for currency effects of SEK -3.3 million, revenues from license partners decreased by 29.0 percent.
Revenues from exclusivity partners amounted to SEK 0.0 (0.0) million.
Revenues from application development partners amounted to SEK 0.1 (0.9) million.
Revenues from Wound Management portfolio amounted to SEK 15.6 (17.9) million, a decrease of SEK 2.2 million, corresponding to 12.6 percent. Adjusted for currency effects of SEK -0.1 million, revenues from Wound Management portfolio decreased by 12.3 percent. The decline mainly pertains to sutures while we see continued growth in Hydrocyn.
Revenues from the BIP portfolio amounted to SEK 0.0 (1.9) million. As planned, we do not expect any significant BIP revenues in 2025.
Other revenues amounted to SEK 2.9 (6.6) million, a decrease of SEK 3.7 million, corresponding to 56.4 percent. Currency effects amounted to SEK 0.8 (4.6) million and the remaining revenue primarily relates to rent income.
Result
Costs for raw materials and consumables for the third quarter amounted to SEK -6.5 (-6.9) million, a decrease of SEK 0.4 million, corresponding to 5.4 percent. Other external costs amounted to SEK -11.3 (-27.8) million, a decrease of SEK 16.5 million, corresponding to 59.4 percent. The decrease is mainly attributable to high other external costs in the corresponding quarter last year, primarily driven by increased costs for consulting, regulatory and legal services. Personnel costs amounted to SEK -24.4 (-24.9) million, a decrease of SEK 0.5 million, corresponding to 2.1 percent. Other operating expenses are related to currency exchange losses/gains, which amounted to SEK -0.9 (-4.1) million. Total operating expenses (OPEX) amounted to SEK -36.6 (-56.9) million, a decrease of SEK 20.2 million, corresponding to 35.6 percent.
The operating loss amounted to SEK 6.4 (1.9) million, an increase of SEK 4.5 million. The increase is mainly pertained to lower revenues partly offset by lowered cost of goods following our transformation and continued cost control measures.
EBITDA for the third quarter amounted to SEK 5.3 (9.9) million, a decrease of SEK 4.6 million. The EBITDA margin was 10.9 (13.4) percent.
Depreciation and amortization amounted to SEK -11.7 (-11.8) million, a decrease of SEK 0.1 million, corresponding to 0.9 percent. Amortization of intangible assets amounted to SEK -7.1 (-7.0) million, attributable primarily to amortization of SEK -6.4 (-6.4) million related to Bactiguard's technology. Depreciation of tangible assets amounted to SEK -4.6 (-4.8) million, primarily attributable to depreciation on leasing of SEK -3.2 (-3.7) million.
Financial items amounted to SEK -2.5 (-4.2) million. Financial income amounted to SEK 0.1 (-0.4) million. Financial expenses amounted to SEK -2.6 (-3.8) million which mainly pertained to interest expenses of SEK -2.1 (-3.5) million.
Tax for the period amounted to SEK 0.0 (0.0) million. Change in deferred tax amounted to SEK 1.4 (1.5) million attributable to the intangible assets and leases, which is calculated at the Swedish tax rate of 20.6 percent. Income tax in foreign subsidiaries is calculated on the basis of a tax rate of 24.0 percent.
Net loss for the third quarter of 2025 amounted to SEK 7.5 (4.7) million.
Development during the period January - September
Revenue
| Jan-Sep | Full year | RTM | |||
|---|---|---|---|---|---|
| MSEK | 2025 | 2024 | 2024 | 2024/25 | |
| Total license revenue | 103.2 | 120.5 | 164.7 | 147.5 | |
| License partners | 103.1 | 114.2 | 155.4 | 144.3 | |
| Exclusivity partners | - | 5.3 | 7.7 | 2.5 | |
| Application development partners | 0.1 | 1.0 | 1.5 | 0.7 | |
| Wound Management portfolio | 48.7 | 45.3 | 60.9 | 64.3 | |
| BIP portfolio | 0.9 | 12.8 | 16.0 | 4.1 | |
| Net sales | 152.8 | 178.6 | 241.7 | 215.8 | |
| Other operating revenues | 10.4 | 15.0 | 20.2 | 15.6 | |
| Total revenue | 163.2 | 193.6 | 261.9 | 231.5 |
Total revenue for the period January to September amounted to SEK 163.2 (193.6) million, a decrease of SEK 30.4 million, corresponding to 15.7 percent. Adjusted for currency effects of SEK -2.5 million, total revenues decreased by 14.4 percent.
Net sales amounted to SEK 152.8 (178.6) million, a decrease of SEK 25.9 million, corresponding to 14.5 percent. Adjusted for currency effects of SEK -5.4 million, net sales decreased by 11.5 percent.
Total license revenue amounted to SEK 103.2 (120.5) million, a decrease of SEK 17.2 million, corresponding to 14.3 percent. Adjusted for currency effects of SEK -5.2 million, total license revenues decreased by 10.0 percent. Revenues from Becton Dickinson & Company (BD) amounted to SEK 79.7 (88.9) million, a decrease of SEK 9.2 million, corresponding to 10.3 percent. Adjusted for currency effects of SEK -4.3 million, revenues from BD decreased by 5.5 percent. Revenues from Zimmer Biomet amounted to SEK 16.5 (24.1) million, a decrease of SEK 7.6 million, corresponding to 31.5 percent. Adjusted for currency effects of SEK -0.9 million, revenues from Zimmer decreased by 27.9 percent. These revenues pertain mainly to minimum royalties from the trauma product segment agreement.
Revenues from license partners amounted to SEK 103.1 (114.2) million, a decrease of SEK 11.1 million, corresponding to 9.7 percent. Adjusted for currency effects of SEK -5.2 million, revenues from license partners decreased by 5.2 percent.
Revenues from exclusivity partners amounted to SEK 0.0 (5.3) million.
Revenues from application development partners amounted to SEK 0.1 (1.0) million.
Revenues from Wound Management portfolio amounted to SEK 48.7 (45.3) million, an increase of SEK 3.4 million, corresponding to 7.4 percent. Adjusted for currency effects of SEK -0.2 million, revenues from Wound Management portfolio increased by 7.8 percent. The growth mainly pertains to Hydrocyn while we see a decline in sutures.
Revenues from the BIP portfolio amounted to SEK 0.9 (12.8) million, a decrease of SEK 12.0 million, corresponding to 93.3 percent with and without currency effect. As planned, we do not expect any significant BIP revenues in 2025.
Other revenues amounted to SEK 10.4 (15.0) million, a decrease of SEK 4.7 million, corresponding to 31.1 percent. Currency effects amounted to SEK 2.9 (8.8) million and the remaining revenue primarily relates to rent income.
Result
Costs for raw materials and consumables for the period January to September amounted to SEK -24.3 (-30.2) million, a decrease of SEK 5.9 million, corresponding to 19.6 percent. Other external costs amounted to SEK - 43.1 (-65.9) million, a decrease of SEK 22.7 million, corresponding to 34.5 percent. Personnel costs amounted to SEK -70.9 (-81.5) million, a decrease of SEK 10.6 million, corresponding to 13.0 percent. Other operating expenses are related to currency exchange losses/gains, which amounted to SEK -5.8 (-6.2) million. In total operating expenses (OPEX) amounted to SEK -119.9 (-153.5) million, a decrease of SEK 33.6 million, corresponding to 21.9 percent.
The operating loss amounted to SEK 16.3 (25.7) million, a decrease of SEK 9.3 million, corresponding to 36.3 percent. The decrease is mainly pertained to lowered cost of goods following our transformation, and continued cost control measures.
EBITDA for the period January to September amounted to SEK 19.1 (9.6) million, an increase of SEK 9.5 million. EBITDA margin was 11.7 (5.0) percent.
Depreciation and amortisation amounted to SEK -35.4 (-35.2) million, an increase of SEK 0.2 million, corresponding to 0.5 percent. Amortization of intangible assets amounted to SEK -21.2 (-21.3) million, attributable primarily to amortization of SEK -19.1 (-19.1) million related to Bactiguard's technology. Depreciation of fixed assets amounted to SEK -14.2 (-14.0) million, primarily attributable to depreciation on leasing of SEK -9.7 (-10.9) million.
Financial items amounted to SEK -9.9 (-8.6) million. Financial income amounted to SEK 0.1 (3.7) million while financial expenses amounted to SEK -10.0 (-12.3) million which mainly pertained to interest expenses of SEK -6.7 (-10.8) million.
Tax for the period amounted to SEK 0.0 (0.0) million. Change in deferred tax amounted to SEK 5.9 (5.3) million attributable to the intangible assets and leases, which is calculated at the Swedish tax rate of 20.6 percent. Income tax in foreign subsidiaries is calculated on the basis of a tax rate of 24.0 percent.
Net loss for the period January to September 2025 amounted to SEK 20.4 (28.9) million.
Cash flow
Cash flow from operating activities for the quarter amounted to SEK -2.8 (8.3) million and for the period January to September to SEK -13.2 (6.1) million. Change in working capital for the quarter amounted to SEK -17.5 (-6.0) million and for the period January to September to SEK -21.4 (4.9) million.
Cash flow from investing activities for the quarter amounted to SEK -2.5 (-2.9) million and for the period January to September to SEK -4.4 (-13.1) million.
Cash flow from financing activities for the quarter amounted to SEK -3.1 (-3.9) million and for the period January to September to -59.0 (-13.6), mainly pertained to the amortization of SEK 51.0 million of the financing with SEB.
Cash flow for the quarter amounted to SEK -8.4 (1.6) million and for the period January to September to SEK -76.5 (-20.5) million. Cash and cash equivalents at the end of the period of 30 September 2025 amounted to SEK 37.4 (106.4) million.
Financial position
Equity on 30 September 2025 amounted to SEK 301.5 (328.4) million and net debt to SEK 128.7 (129.0) million. Total assets on 30 September 2025 amounted to SEK 544.6 (676.2) million.
As of 30 September 2025, the parent company's liabilities with SEB amounted to SEK 120.0 (170.9) million. As of 30 September 2025, the approved overdraft facility from SEB of SEK 30 million was not utilized. Foreign subsidiaries had credit facilities amounting to SEK 7.9 (3.6) million, of which SEK 1.6 million was utilized as of 30 September 2025.
At the beginning of February 2025, the company amortized SEK 51.0 million of the SEK 170.9 million financing with SEB, while securing SEK 120.0 million in new financing on better terms. The new loan runs for two years and with an option to extend it for another year.
Employees
Full-time equivalents in the Group during the period January to September averaged to 161 (182) FTE of which 101 (111) are women. On 30 September 2025, the number of full-time equivalents was 157 FTE.
The share and share capital
Bactiguard's B share is listed on Nasdaq Stockholm with the short name "BACTI B". The closing price for the B share was SEK 20.2 (55.6) on 30 September 2025 and the market capitalization amounted to SEK 708 (1,948) million.
The share capital in Bactiguard on 30 September 2025 amounted to SEK 0.9 (0.9) million divided into 31,043,885 Class B shares with one vote each (31,043,885 votes) and 4,000,000 Class A shares with ten votes each (40,000,000 votes). The total number of shares and votes in Bactiguard on 30 September 2025 was 35,043,885 shares and 71,043,885 votes.
Ownership
| Shareholders | No. of A shares |
No. of B | shares Total number | % of capital | % of votes |
|---|---|---|---|---|---|
| TomBact AB¹ | 2,000,000 | 4,443,787 | 6,443,787 | 18.4 | 34.4 |
| GIDL Invest AB² | 2,000,000 | 4,106,497 | 6,106,497 | 17.4 | 33.9 |
| Nordea Funds | 3,676,449 | 3,676,449 | 10.5 | 5.2 | |
| Jan Ståhlberg | 3,605,150 | 3,605,150 | 10.3 | 5.1 | |
| The Fourth Swedish National Pension Fund | 3,475,992 | 3,475,992 | 9.9 | 4.9 | |
| Handelsbanken Fonder | 2,069,890 | 2,069,890 | 5.9 | 2.9 | |
| TomEnterprise Public Capital AB¹ | 1,885,384 | 1,885,384 | 5.4 | 2.7 | |
| AMF - försäkring och fonder | 1,692,777 | 1,692,777 | 4.8 | 2.4 | |
| Insurance company Avanza Pension | 1,053,725 | 1,053,725 | 3.0 | 1.5 | |
| Lancelot Asset Management AB | 500,000 | 500,000 | 1.4 | 0.7 | |
| Total, major shareholders | 4,000,000 | 26,509,651 | 30,509,651 | 87.1 | 93.6 |
| Total, others | 4,534,234 | 4,534,234 | 12.9 | 6.4 | |
| Total number of shares | 4,000,000 | 31,043,885 | 35,043,885 | 100.0 | 100.0 |
Per 30 September 2025 Bactiguard had 2,885 (3,061) shareholders.
Key events
Key events during the quarter
Independent studies expand clinical evidence on Bactiguard's technology in orthopedics.
Key events after the end of the quarter
No key events after the end of the quarter.
1 Company controlled by Thomas von Koch. 2 Company controlled by Christian Kinch.
Financial targets
The company's financial targets relate to growth and profitability and are expected to be delivered by year-end 2030. The financial and strategic targets should not be perceived as a forecast but rather reflect what Bactiguard's Board of Directors and Executive Management consider to be reasonable mid-term expectations given the sharpened license focused strategy.
Revenues: deliver revenues of at least SEK 600 million by year-end 2030
EBITDA: deliver an EBITDA of at least SEK 200 million by year-end 2030
Partnership development: have at least ten application areas in either exclusivity partnerships or license partnerships by year-end 2030
Other information
Accounting and valuation principles
The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS). The interim report has been prepared in accordance with IAS 34 Interim Reporting and the Annual Accounts Act. Disclosures in accordance with IAS 34 Interim Reporting are submitted both in notes and elsewhere in the interim report. The parent company's financial statements have been prepared in accordance with the Annual Accounts Act and the Financial Reporting Board's recommendation, RFR 2 Accounting for Legal Entities.
Accounting and valuation principles are stated in the annual report 2024. The accounting principles are unchanged from previous periods.
Segment reporting
An operating segment is a component of an entity that engages in business activities from which it may derive revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision maker and for which there is separate financial information. The company's reporting of operating segments is consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the function that assesses the operating segment performance and decides how to allocate resources. The company has determined that the Group's executive management constitutes of the chief operating decision maker. The company is considered in its entirety to operate within one business segment.
Parent company
During the period, the parent company has received compensation for services and interest in its receivables from group companies. No investments were made during the period.
Risk factors
Companies within the Group are exposed to various types of risk through their activities. Bactiguard continually engages in a process of identifying all risks that may arise and assessing how each of these risks shall be managed. The Group is working to create an overall risk management program that focuses on minimizing potential adverse effects on the company's financial results. The company is primarily exposed to financial risks, market risks and operational risks. A description of these risks can be found on page 18-19 and 53–55 in the annual report 2024.
The geopolitical situation and macro trends
In addition to identified risks, the macro situation and its impact is continuously monitored. The global healthcare challenges have a significant impact on society. The need for more efficient and safe healthcare is driven by both economic and demographic developments, as well as increased political unrest, conflicts, wars, and natural disasters. Particularly prominent are healthcare-associated infections and antimicrobial resistance where we see an increased interest in infection prevention.
Bactiguard does not have suppliers in or sales to any of Russia, Belarus, or Ukraine. However, the global economy is affected by the situation of the war, and we follow developments closely and continuously evaluate the operational and financial effects as the global situation may change and affect the company's financial position. Bactiguard has a subsidiary in Israel. We are closely following the developments there and our primary focus is to ensure the staff's well-being and security. We make the assessment that the conflict in Israel will have a negligible effect on the group's result and financial position.
While we see falling inflation levels, inflation and higher prices can continue to affect the company negatively as it is not always possible to change the price to the customers, all of which can affect the financial position negatively. The falling inflation levels can lead to lower interest rates, which can positively impact the interest
costs. Some countries are now in or close to recession, which can lead to a decreased ability for customers to pay their invoices. Bactiguard has substantial USD exposure in the license business, and a weaker USD will have a negative effect on the results, see the annual report 2024. The company does not hedge the currency exposure. Developments are monitored closely, given the rapidly evolving landscape.
Group consolidated income statement
| Jul-Sep | Jan-Sep | RTM | ||||
|---|---|---|---|---|---|---|
| TSEK Note |
2025 | 2024 | 2025 | 2024 | 2024 | 2024/25 |
| 1 Revenues |
||||||
| Net sales | 45,464 | 67,325 | 152,753 | 178,604 | 241,678 | 215,827 |
| Other operating income | 2,886 | 6,611 | 10,451 | 15,018 | 20,200 | 15,633 |
| Total | 48,350 | 73,936 | 163,204 | 193,622 | 261,877 | 231,460 |
| Change in inventory of finished goods and products in progress |
26 | -334 | 47 | -290 | 148 | 485 |
| Raw materials and consumables | -6,493 | -6,865 | -24,297 | -30,220 | -36,117 | -30,194 |
| Other external expenses | -11,305 | -27,844 | -43,140 | -65,852 | -87,567 | -64,855 |
| Personnel costs | -24,368 | -24,902 | -70,934 | -81,498 | -111,462 | -100,898 |
| Depreciation and amortization | -11,712 | -11,820 | -35,405 | -35,243 | -46,883 | -47,045 |
| Other operating expenses | -940 | -4,114 | -5,823 | -6,175 | -8,857 | -8,505 |
| Total | -54,792 | -75,879 | -179,552 | -219,278 | -290,738 | -251,012 |
| Operating profit/loss | -6,442 | -1,943 | -16,348 | -25,656 | -28,860 | -19,552 |
| Profit/loss from financial items | ||||||
| Financial income | 87 | -399 | 108 | 3,737 | 7,844 | 4,215 |
| Financial expenses | -2,601 | -3,790 | -10,008 | -12,303 | -15,566 | -13,271 |
| Total | -2,514 | -4,189 | -9,900 | -8,566 | -7,722 | -9,056 |
| Profit/loss before tax | -8,956 | -6,132 | -26,248 | -34,222 | -36,585 | -28,608 |
| Current tax | - | - | - | - | - | - |
| Deferred tax | 1,441 | 1,458 | 5,893 | 5,329 | 6,769 | 7,333 |
| NET PROFIT/LOSS FOR THE PERIOD | -7,515 | -4,674 | -20,355 | -28,893 | -29,815 | -21,275 |
| Attributable to: | ||||||
| The parent company´s shareholders | -7,515 | -4,674 | -20,355 | -28,893 | -29,815 | -21,275 |
| Earnings per share, before and after dilution, SEK |
-0.21 | -0.13 | -0.59 | -0.82 | -0.85 | -0.61 |
Condensed statement of comprehensive income
| Jul-Sep | Jan-Sep | RTM | ||||
|---|---|---|---|---|---|---|
| TSEK Note |
2025 | 2024 | 2025 | 2024 | 2024 | 2024/25 |
| Net profit/loss for the period | -7,515 | -4,674 | -20,355 | -28,893 | -29,815 | -21,275 |
| Other comprehensive income: | ||||||
| Items that will not be reclassified to profit or loss for the year |
- | - | - | - | - | - |
| Items that will be reclassified to profit or loss for the year |
||||||
| Translation differences | -367 | 4,563 | -6,507 | 4,093 | 4,979 | -5,621 |
| Other comprehensive income, after tax | -367 | 4,563 | -6,507 | 4,093 | 4,979 | -5,621 |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
-7,882 | -111 | -26,861 | -24,800 | -24,836 | -26,895 |
| Attributable to: | ||||||
| The parent company´s shareholders | -7,882 | -111 | -26,861 | -24,800 | -24,836 | -26,895 |
| Number of shares at the end of period ('000) Weighted average number of shares ('000) |
35,044 35,044 |
35,044 35,044 |
35,044 35,044 |
35,044 35,044 |
35,044 35,044 |
35,044 35,044 |
Group condensed statement of financial position
| ASSETS Non-current assets Intangible fixed assets Goodwill 248,320 252,158 251,817 Technology 29,111 54,244 48,179 Brands 25,579 25,621 25,602 Customer relationships 2,789 4,039 3,856 Capitalized development costs 792 1,895 1,619 Patent 682 1,345 962 Total 307,273 339,302 332,035 Tangible assets Right of use lease assets 56,329 52,685 41,839 Buildings 26,037 25,588 22,427 Leasehold improvements 5,174 18,513 18,851 Machinery and other technical plant 8,115 6,554 5,180 Equipment, tools and installations 7,098 18,435 5,837 Total 95,395 114,090 109,177 Financial assets Other non-current receivables 2,859 2,966 2,937 Total 2,859 2,966 2,937 Deferred tax assets 23,437 16,056 17,517 Total non-current assets 428,964 472,414 461,669 Current assets Inventory 27,138 27,971 26,231 Accounts receivable 28,861 36,158 25,046 Other current receivables 2 10,988 16,405 12,960 Prepaid expenses and accrued income 16,789 13,279 11,267 Cash and cash equivalents 106,421 116,727 37,422 Total current assets 115,676 203,744 194,243 TOTAL ASSETS 544,640 676,158 655,911 EQUITY AND LIABILITIES Equity attributable to shareholders of the parent Share capital 876 876 876 Translation reserve 3,238 4,124 -2,383 Other capital contribution 930,680 930,680 930,680 Retained earnings including net profit/loss for the period -627,693 -606,417 -607,338 Total equity 301,481 328,377 328,342 Non-current liabilities Liabilities to credit institutions 120,398 - - Leasing liabilities 32,192 44,471 40,694 Provisions 5,257 5,257 5,257 Other long-term liabilities 92 10 - Total non-current liabilities 157,939 49,738 45,951 Current liabilities Liabilities to credit institutions - 174,850 170,893 Leasing liabilities 13,530 16,061 16,180 Accounts payable 15,137 31,798 22,925 Provisions 16,297 19,684 18,104 Other current liabilities 2 1,647 3,831 3,312 Accrued expenses and prepaid income 38,609 51,819 50,204 Total current liabilities 85,220 298,043 281,618 TOTAL LIABILITIES 243,159 347,781 327,569 TOTAL EQUITY AND LIABILITIES 544,640 676,158 655,911 |
TSEK | Note 2025-09-30 | 2024-09-30 | 2024-12-31 |
|---|---|---|---|---|
Group condensed statement of changes in equity
| TSEK | Share capital |
Other capital contribution |
Reserves | Retained earnings including net profit/loss for the period |
Total equity |
|---|---|---|---|---|---|
| Opening balance 2024-01-01 | 876 | 930,680 | -855 | -577,523 | 353,178 |
| Net profit/loss for the period | - | - | - | -28,893 | -28,893 |
| Other comprehensive income: | |||||
| Translation differences | - | - | 4,093 | - | 4,093 |
| Total comprehensive income after tax | - | - | 4,093 | -28,893 | -24,800 |
| Closing balance 2024-09-30 | 876 | 930,680 | 3,238 | -606,417 | 328,377 |
| Opening balance 2025-01-01 | 876 | 930,680 | 4,124 | -607,338 | 328,342 |
| Net profit/loss for the period | - | - | - | -20,355 | -20,355 |
| Other comprehensive income: | |||||
| Translation differences | - | - | -6,507 | - | -6,507 |
| Total comprehensive income after tax | - | - | -6,507 | -20,355 | -26,861 |
| Closing balance 2025-09-30 | 876 | 930,680 | -2,383 | -627,693 | 301,481 |
Group condensed statement of cash flows
| Jul-Sep | Jan-Sep | Full year | RTM | ||||
|---|---|---|---|---|---|---|---|
| TSEK | Note | 2025 | 2024 | 2025 | 2024 | 2024 | 2024/25 |
| Net profit/loss for the period | -7,515 | -4,674 | -20,355 | -28,894 | -29,815 | -21,276 | |
| Adjustments for depreciation and amortization and other non-cash items |
22,197 | 19,028 | 28,573 | 30,159 | 38,255 | 36,669 | |
| Increase/decrease inventory | 1,422 | 12,029 | 2,422 | 6,957 | 12,858 | 8,323 | |
| Increase/decrease accounts receivable | -1,388 | -1,569 | -4,599 | -18,255 | -7,290 | 6,366 | |
| Increase/decrease other current receivables | 5,055 | -9,274 | 4,063 | -10,553 | -5,031 | 9,585 | |
| Increase/decrease accounts payable | -5,723 | -6,729 | -7,788 | 15,103 | 6,230 | -16,661 | |
| Increase/decrease other current liabilities | -16,845 | -468 | -15,492 | 11,612 | 9,782 | -17,322 | |
| Cash flow from changes in working capital | -17,476 | -6,011 | -21,393 | 4,864 | 16,549 | -9,709 | |
| Cash flow from operating activities | -2,794 | 8,342 | -13,174 | 6,129 | 24,989 | 5,684 | |
| Investments in intangible assets | |||||||
| Investments in tangible assets | - -2,461 |
- -2,890 |
- -4,366 |
- -13,074 |
- -14,781 |
- -6,073 |
|
| Cash flow from investing activities | -2,461 | -2,890 | -4,366 | -13,074 | -14,781 | -6,073 | |
| Amortization of financial leasing liability | -3,545 | -3,642 | -8,502 | -9,849 | -13,522 | -12,175 | |
| Amortization of loan | - | -255 | -52,048 | -3,719 | -7,676 | -56,005 | |
| Change in bank overdraft | 420 | - | 1,553 | - | - | 1,553 | |
| Other financing activities | - | - | - | - | - | - | |
| Cash flow from financing activities | -3,125 | -3,897 | -58,996 | -13,568 | -21,198 | -66,626 | |
| Cash flow for the period | -8,380 | 1,555 | -76,538 | -20,513 | -10,990 | -67,015 | |
| Cash and cash equivalents at the beginning of the period |
46,100 | 105,275 | 116,727 | 123,217 | 123,217 | 106,421 | |
| Exchange difference in cash and cash equivalents |
-298 | -410 | -2,767 | 3,715 | 4,501 | -1,984 | |
| Cash and cash equivalents at end of period | 37,422 | 106,421 | 37,422 | 106,421 | 116,727 | 37,422 |
Condensed parent company income statement
| Jul-Sep | Jan-Sep | Full year | RTM | ||||
|---|---|---|---|---|---|---|---|
| TSEK Note |
2025 | 2024 | 2025 | 2024 | 2024 | 2024/25 | |
| Net sales | 660 | 262 | 1,986 | 2,172 | 3,423 | 3,237 | |
| Total | 660 | 262 | 1,986 | 2,172 | 3,423 | 3,237 | |
| Other external expenses | -686 | -700 | -2,715 | -3,203 | -4,277 | -3,789 | |
| Personnel costs | -740 | -759 | -2,291 | -2,354 | -3,096 | -3,033 | |
| Total | -1,426 | -1,459 | -5,006 | -5,557 | -7,373 | -6,822 | |
| Operating profit/loss | -766 | -1,197 | -3,020 | -3,385 | -3,949 | -3,585 | |
| Financial income | 3,014 | 5,160 | 9,773 | 16,087 | 20,846 | 14,532 | |
| Financial expenses | -1,712 | -3,165 | -5,566 | -9,878 | -12,717 | -8,405 | |
| Total | 1,302 | 1,995 | 4,207 | 6,209 | 8,130 | 6,127 | |
| Income after financial items | 536 | 798 | 1,187 | 2,824 | 4,180 | 2,542 | |
| Deferred tax | - | - | - | - | - | - | |
| Net profit/loss for the period | 536 | 798 | 1,187 | 2,824 | 4,180 | 2,542 |
The parent company presents no separate statement of comprehensive income since the company has no items in 2025 or 2024 recognized in other comprehensive income. Net profit/loss for the period for the parent company thereby also constitutes of the comprehensive income for the period.
Condensed parent company balance sheet
| TSEK | Note 2025-09-30 | 2024-09-30 | 2024-12-31 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Financial assets | |||
| Shares in subsidiaries | 635,191 | 625,191 | 625,191 |
| Receivables from group companies | 292,723 | 356,768 | 351,757 |
| Deferred tax assets | 15,255 | 15,255 | 15,255 |
| Total non-current assets | 943,169 | 997,214 | 992,202 |
| Current assets | |||
| Current receivables | |||
| Other current receivables | 729 | 721 | 1,767 |
| Prepaid expenses and accrued income | 63,677 | 48,482 | 52,887 |
| Total | 64,406 | 49,203 | 54,654 |
| Cash and bank equivalents | 3,193 | 2,398 | 3,562 |
| Total current assets | 67,599 | 51,601 | 58,216 |
| TOTAL ASSETS | 1,010,768 | 1,048,814 | 1,050,418 |
| EQUITY & LIABILITIES | |||
| Equity | |||
| Restricted equtiy | |||
| Share capital Total restricted equity |
876 876 |
876 876 |
876 876 |
| Non-restricted equity Non-restricted share premium |
727,969 | 727,969 | 727,969 |
| Retained earnings including net profit/loss for the period | -25,166 | -26,523 | -25,167 |
| Total non-restricted equity | 702,803 | 701,446 | 702,803 |
| Total equity | 704,867 | ||
| 702,322 | 703,679 | ||
| Non-current liabilities | |||
| Liabilities to credit institutions | 120,000 | - | - |
| Total non-current liabilities | 120,000 | - | - |
| Current liabilities | |||
| Liabilities to credit institutions | - | 170,941 | 170,941 |
| Liabilities to group companies | 184,000 | 174,000 | 174,000 |
| Accounts payable | 219 | 31 | 178 |
| Other current liabilities | 130 | 175 | 320 |
| Accrued expenses and prepaid income | 1,552 | 1,345 | 1,300 |
| Total current liabilities | 185,901 | 346,492 | 346,740 |
| Total liabilities | 305,901 | 346,492 | 346,740 |
| TOTAL EQUITY AND LIABILITIES | 1,010,768 | 1,048,814 | 1,050,418 |
Definitions of alternative key performance indicators
Bactiguard presents certain financial measures in its annual report that have not been defined in line with IFRS (referred to as alternative key performance indicators as set forth in the ESMA guidelines). It is the opinion of the company that these measures provide useful supplementary information to investors and the company's management as they allow for the evaluation of the company's performance. Since not all companies calculate the measures in the same way, these are not always comparable to measures used by other companies. These performance measures should therefore not be considered a substitute for measures as defined under IFRS.
The definitions and tables below describe how the performance measures are calculated. The measures are alternative in accordance with ESMA's guidelines unless otherwise stated.
EBITDA
EBITDA presents the company's earning capacity from ongoing operations irrespective of capital structure and tax situation. The key figure is used to facilitate comparisons with other companies in the same industry. The company considers this performance measure to be the most relevant, since the company's technology is depreciated by large amounts, which does not impact cash flow negatively. Bactiguard's patented, unique technology can be applied to a broad range of products in the licensing business.
The company defines EBITDA as operating profit/loss excluding depreciation and amortization of tangible and intangible assets.
| Jul-Sep | Jan-Sep | Full year | RTM | |||
|---|---|---|---|---|---|---|
| TSEK | 2025 | 2024 | 2025 | 2024 | 2024 | 2024/25 |
| Operating profit/loss | -6,443 | -1,943 | -16,348 | -25,656 | -28,860 | -19,552 |
| Depreciation | 11,712 | 11,820 | 35,405 | 35,243 | 46,883 | 47,045 |
| EBITDA | 5,269 | 9,877 | 19,057 | 9,587 | 18,023 | 27,493 |
EBITDA margin
Presents the company's earning capacity from ongoing operations, irrespective of capital structure and tax situation, in relation to revenues. The key figure is used to facilitate analysis of the company's result in comparison with comparable companies.
| Jul-Sep | Jan-Sep | Full year | RTM | |||
|---|---|---|---|---|---|---|
| TSEK | 2025 | 2024 | 2025 | 2024 | 2024 | 2024/25 |
| EBITDA | 5,269 | 9,877 | 19,057 | 9,587 | 18,023 | 27,493 |
| Revenues | 48,350 | 73,936 | 163,204 | 193,622 | 261,877 | 231,460 |
| EBITDA margin % | 10.9 | 13.4 | 11.7 | 5.0 | 6.9 | 11.9 |
Net debt
Net debt is a measure used to describe the Group's indebtedness and its ability to repay its debt with cash generated from the Group's operating activities if the debts matured today. The company considers this key figure interesting for creditors who want to understand the Group's debt situation.
The company defines net debt as interest-bearing liabilities minus cash and cash equivalents at the end of the period.
| Jan-Sep | ||||
|---|---|---|---|---|
| TSEK | 2025 | 2024 | 2024 | |
| Non-current liabilities to credit institutions | 120,398 | - | - | |
| Current liabilities to credit institutions | - | 174,850 | 170,893 | |
| Long-term lease debt | 32,192 | 44,471 | 40,694 | |
| Short-term lease debt | 13,530 | 16,061 | 16,180 | |
| Interest-bearing debt | 166,120 | 235,382 | 227,767 | |
| Cash and cash equivalents | 37,422 | 106,421 | 116,727 | |
| Net debt | 128,698 | 128,961 | 111,040 |
Equity ratio
Equity ratio is a measure the company considers important for creditors who want to understand the company's long-term ability to pay. The company defines equity ratio as equity and untaxed reserves (less deferred tax), in relation to the balance sheet total.
| Jan-Sep | Full year | ||
|---|---|---|---|
| TSEK | 2025 | 2024 | 2024 |
| Equity | 301,480 | 328,377 | 328,342 |
| Balance sheet total | 544,640 | 676,158 | 655,911 |
| Equity ratio, % | 55.4 | 48.6 | 50.1 |
Cash flow from operating activities per share
Cash flow per share calculated as the cash flow from operating activities divided by the average number of shares outstanding during the period. The key figure is presented because it is used by analysts and other stakeholders to evaluate the company – it shows operating cash flow per share.
Profit/loss from financial items
Financial income minus financial expenses. Direct reconciliation against financial report is possible.
RTM/Rolling 12 months
This performance measure implies the twelve months before and including a certain date.
Note 1 Revenue distribution
| Jul-Sep | Jan-Sep | Full year | RTM | |||
|---|---|---|---|---|---|---|
| TSEK | 2025 | 2024 | 2025 | 2024 | 2024 | 2024/25 |
| License partners | 29,771 | 46,639 | 103,103 | 114,192 | 155,397 | 144,308 |
| Exclusivity partners | - | - | - | 5,269 | 7,746 | 2,477 |
| Application development partners | 76 | 866 | 118 | 997 | 1,548 | 669 |
| Wound Management portfolio | 15,633 | 17,880 | 48,674 | 45,313 | 60,942 | 64,303 |
| BIP portfolio | -15 | 1,939 | 858 | 12,832 | 16,045 | 4,070 |
| Total | 45,464 | 67,323 | 152,753 | 178,603 | 241,678 | 215,827 |
| Time for revenue recognition | ||||||
| Performance commitment is met at a certain time |
45,389 | 66,458 | 152,635 | 172,337 | 232,384 | 212,681 |
| Performace commitment is met during a period of time |
76 | 866 | 118 | 6,266 | 9,294 | 3,146 |
| Total | 45,464 | 67,323 | 152,753 | 178,603 | 241,678 | 215,827 |
Note 2 Financial assets and liabilities at fair value
The table below shows the breakdown of financial assets and financial liabilities recognized at fair value in the consolidated balance sheet. Distribution of how fair value is determined is based on three levels.
Level 1: according to prices quoted on an active market for the same instrument.
Level 2: based on directly or indirectly observable market data not included in level 1.
Level 3: based on input data that is not observable on the market.
For description of how fair values have been calculated, see annual report 2024, note 4. Fair value of financial assets and liabilities is estimated to be substantially consistent with posted values. The balance sheet contains receivables and liabilities from the business that are held to maturity. These are reported at amortized cost, which also constitutes an approximation to fair value.
Quarterly information
| TSEK | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 RTM 24/25 | |
|---|---|---|---|---|---|---|---|
| License partners | 29,771 | 34,080 | 39,252 | 41,205 | 46,639 | 35,129 | 144,308 |
| Exclusivity partners | - | - | - | 2,477 | - | 2,678 | 2,477 |
| Application development partners | 76 | - | 42 | 551 | 866 | - | 669 |
| Wound Management portfolio | 15,633 | 13,840 | 19,202 | 15,628 | 17,880 | 14,700 | 64,303 |
| BIP portfolio | -15 | 324 | 549 | 3,213 | 1,939 | 4,847 | 4,071 |
| Other operating revenues | 2,885 | 3,871 | 3,695 | 5,182 | 6,611 | 3,540 | 15,633 |
| Total revenue | 48,349 | 52,115 | 62,740 | 68,257 | 73,936 | 60,893 | 231,460 |
| EBITDA | 5,269 | 4,379 | 9,409 | 8,436 | 9,877 | 1,211 | 27,493 |
| EBITDA margin (%) | 10.9 | 8.4 | 15.0 | 12.4 | 13.4 | 2.0 | 11.9 |
| EBIT | -6,443 | -7,294 | -2,612 | -3,204 | -1,943 | -10,846 | -19,552 |
| Net profit/loss for the period | -7,516 | -8,111 | -4,728 | -920 | -4,674 | -14,318 | -21,275 |
| Earnings per share, before and after dilution, SEK |
-0.21 | -0.24 | -0.13 | -0.03 | -0.13 | -0.41 | -0.61 |
| Operating cash flow | -2,794 | 1,729 | -12,111 | 18,860 | 8,342 | 16,843 | 5,686 |
| Operating cash flow per share, SEK | -0.08 | 0.05 | -0.35 | 0.54 | 0.24 | 0.48 | 0.16 |
| Net debt | 128,698 | 123,364 | 124,415 | 111,040 | 128,961 | 134,020 | 128,698 |
| Total shares (pcs) | 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885 |
Signatories of the report
The Board of Directors and the CEO certify that the interim report, to the best of their knowledge, provides a fair overview of the parent company's and the Group's operations, financial position and results and describes the material risks and uncertainties faced by the parent company and the companies included in the Group.
Stockholm 23 October 2025
Thomas von Koch Richard Kuntz Chairperson of the Board Board Member
Anna Martling Magdalena Persson Board Member Board Member
Jan Ståhlberg Christine Lind
Board Member CEO
This interim report has been reviewed by the company auditors.
This information is information that Bactiguard Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below on 23 October 2025, at 07:00 a.m. CET.
This is a translation of the Swedish Interim report. In the event of any discrepancy, the Swedish version applies.
About Bactiguard
Bactiguard is a global MedTech company developing safe and biocompatible technology to prevent medical device related infections. The company's unique technology is based on an ultra-thin noble metal coating that prevents bacterial adhesion and biofilm formation on medical devices.
Bactiguard's infection prevention solutions decrease patient suffering, save lives, and unburden healthcare resources while also fighting against antimicrobial resistance, one of the most serious threats to global health and modern medicine.
Bactiguard operates through license partnerships with leading global MedTech companies that apply the technology to their medical devices and sell them under their own brand or cobranded with Bactiguard. The company also has a portfolio of wound management products.
Bactiguard is headquartered in Stockholm and listed on Nasdaq Stockholm.
Read more about Bactiguard bactiguard.com
Follow Bactiguard on LinkedIn
Forthcomming disclosures of information
5 February 2026 Year-end report 1 January – 31 December 2025
16 April 2026 Annual Report 2025
23 April 2026 Interim report first quarter 1 January – 31 March 2026 14 July 2026 Interim report second quarter 1 April – 30 June 2026 22 October 2026 Interim report third quarter 1 July – 30 September 2026
Contacts
For additional information, please contact: Patrick Bach, CFO: +46 8 440 58 80
Nina Nornholm, Head of Communication & Investor Relations: +46 708 550 356
