Below are the key highlights we have chosen to emphasize in connection with the report:

• Strong revenue growth above our expectations
• Successful first quarter for the acquired product Nozoil
• Gross margin declined to 58% – improvement expected during 2026
• Achieves target of positive EBITDA

In summary, Analyst Group assesses that Nosa Plugs delivered a strong Q4-25, with revenue increasing by 133% to SEK 11.2m, exceeding our expectations, driven by both organic growth within B2B and the contribution from the acquired Nozoil within B2C. Growth within Odor Control confirms the product’s recurring and stable demand, while new procurement agreements in, among others, Norway and France strengthen the conditions for continued expansion. Nozoil delivered a successful first quarter within the Group, with clear revenue and distribution synergies and solid potential for further international rollout during 2026. Combined with solid cost control and realized synergies, the Company achieved its target of positive EBITDA, which in our view clearly demonstrates the scalability of the business model and an improved profitability profile going forward. Finally, positive organ data from the Company’s in vivo study regarding Drug Delivery were presented in January, which, according to Analyst Group, constitute an additional important proof-of-concept for the platform in ongoing discussions with pharmaceutical companies regarding partnerships to commercialize the Company’s drug delivery platform.

Read Analyst Group’s comment on the report here

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This is a press release from Analyst Group regarding the publication of a comment on Nosa Plugs. Readers may assume that Analyst Group has received compensation for making the comment. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.