The summer and autumn were characterized by continued development, including acquisitions, new integrations, and several new markets gaining momentum. We continue to see a positive development in our recurring revenue model, which is a key indicator that the business model is scaling as planned. The company remains committed to consistent and transparent reporting, and to ensure accurate and equal disclosure of information, the final full-year ARR outcome will be reported in connection with the next quarterly report.

Sweden – A Powerful Growth Journey
During 2025, we have seen exceptional development in the Swedish market. From four municipalities at the beginning of the year to more than 30 in operation by year-end, representing growth of over 700 percent. Municipalities that initially started with pilot projects have transitioned to full-scale implementation, and references from existing customers have played a decisive role in driving broader adoption.

In December, two new municipalities went live, and we close the year with several additional municipalities planned for launch in the first quarter of 2026. In addition, more than ten contract proposals have been submitted for upcoming deployments in the coming months.

We have also submitted our bid in Sweden’s first national framework agreement procurement for medication dispensing robots (ADDA), with a deadline of January 5. The framework agreement is estimated to have a value of up to SEK 200 million per year and is expected to enable simplified procurement processes for municipalities starting in 2026. With the strong foothold established during 2025, Dosell is well positioned to play a leading role within this framework.

The Netherlands – Acquisition, Growth, and Local Strength
In 2025, we acquired our former distributor in the Netherlands, which is now a wholly owned subsidiary. The Dutch team has continued to grow throughout the autumn and winter, with both new customers and increased volumes among existing customers.

Our local presence contributes to improved onboarding, stronger customer relationships, and more efficient technical integration. Insights gained from the Netherlands, Europe’s most mature market for medication dispensing robots, provide valuable expertise that is now being leveraged in our broader European expansion.

Spain and Southern Europe – Long-Term Opportunities
In Spain, together with our partner Ti Medi, we have initiated a consumer-focused pilot through pharmacies. During December, Dosell was physically available in selected pharmacies, allowing customers to easily start their subscription.

This initiative is long-term in nature. The concept of medication dispensing robots is still relatively new in Spain, and time as well as market education are required before larger volumes can be achieved. The positive aspect is that the concept is now being tested in real-world conditions, and our partner has also introduced Dosell in Portugal and is planning the next steps in Italy.

Finland – Ready for Rollout
In Finland, together with our partner AddSecure, we have finalized technical integration, training, and documentation. At KOPA 2025, the country’s largest event for home care and assisted living, we experienced strong interest and received the same clear feedback as in previous engagements.

We are now ready to initiate a broader rollout in Finland, targeting both private and public sector stakeholders.

Norway and Iceland – New Markets Taking Shape
In November, we announced our first successful public procurement in Norway together with our partner Vakt og Alarm. The agreement covers six municipalities with planned deployments starting on February 1, 2026, marking the beginning of our expansion into another Nordic market.

In Iceland, we have launched a new collaboration with a local partner operating in both the public sector and direct-to-consumer channels. The establishment phase has begun, and we see favorable conditions for building a presence in this market as well.

December – A Strong Finish to a Strong Year
Key highlights of the month:

• Two new municipal deployments in Sweden
• Several new municipal contracts signed ahead of Q1
• Consumer pilot launched via pharmacies in Spain
• Preparations for market launches in Norway and Iceland
• Additional healthcare organizations going live in the Netherlands
• Completion of the ADDA procurement submission
• Continued expansion across the entire partner network

2026 – Continued Focus on Growth and Visibility
We enter 2026 with strong momentum. During the first quarter, we will participate in the MVTe trade fair in Stockholm, where we will meet Swedish municipalities and decision-makers within health and social care.

We are also pleased to be part of the Swedish delegation to the World Health Expo in Dubai, where we will present both Dosell and Pilloxa to potential partners, distributors, and decision-makers in the MENA region.

Thank You for Your Trust – Building for the Future
We are still a small but highly dedicated team. What has been built during 2025 demonstrates what is possible with the right strategy and focused execution.

Thank you to all customers, partners, and shareholders who are part of our journey.

We continue to build the future of medication management.
And we are only at the beginning.