QUARTER 1, JANUARY – MARCH 2026

• Net revenue increased by 167% to SEK 424k (159k).
• EBITDA improved by 41% to SEK -2 183k (-3 724k).
• EBIT/Operating result improved by 23% to SEK –5 626k (–7 288k).

KEY EVENTS DURING THE QUARTER

• Simris Group enters into Memorandum of Understanding regarding divestment of assets in Hammenhög.
• Extraordinary General Meeting 19 January 2026 resolved to elect Julian Read as new board member, adopt new articles of association with increased share capital limits and share limits, and approve (i) a directed issue of units to investors at SEK 0.05 per unit, each unit consisting of one share and two warrant, corresponding to 140 905 267 units (ii) a directed issue of class B shares to management at SEK 0.05 per share, corresponding to 36 783 108 number shares.
• Simris evaluating options to expand its ADC-payload development programme and prepare for the next funding round to accelerate its plans.

KEY EVENTS AFTER THE END OF THE QUARTER

• Simris Group advances divestment process for assets in Hammenhög by entering into a Memorandum of Understanding with a second prospective buyer, while the first prospective buyer remains engaged.

CEO UPDATE

Since the last quarterly update, good progress has been made across our research and development programmes. Our commitment to advancing the next generation of antibody-drug conjugate (ADC) payloads remains unwavering, and the work underway demonstrates the breadth of innovation our team is delivering.

We have now initiated studies on a number of new payload approaches, each designed to overcome key limitations in current ADC therapeutics and to unlock new clinical possibilities.

Multi-Target Microcystin-ADC Studies

We have initiated preclinical studies to evaluate its proprietary Microcystin-based ADC payload platform across selected solid tumour and haematologic cancer models. The studies use antibodies against established oncology targets and compare multiple Microcystin payload variants to assess their preclinical potency, selectivity and tolerability profiles. The results are expected to support data-driven lead-candidate selection and guide further development of the Microcystin-ADC platform.

Advanced Payload Innovation

We have recently initiated an additional study that builds on the intellectual property of our ADC payload platform, exploring a novel approach to payload design within this framework. This study is aligned with our broader effort to advance payload technologies and refine their performance in ADCs and to achieve selective activity and improved tolerability.

Our mission at Simris is to pioneer the next generation of ADC payloads that are more specific, more effective, and safer than those currently available. The diverse payload technologies we are developing reflect our conviction that innovation in payload design is the key to unlocking the full potential of ADC therapeutics.

Strategic Options Evaluation

As we progress our pre-clinical programmes, the Board continues its evaluation of two strategic pathways for the Company, both of which would require additional funding and could fundamentally shape Simris' trajectory.

The first option focuses on continued investment in our Microcystin-ADC platform, including the expansion of MC-payload variants through advanced molecular engineering. This approach builds directly on our core scientific strength - the discovery and optimization of novel payload based on cyanobacteria-derived natural product scaffolds and refined through targeted semi-synthetic modification.

The second option represents a unique opportunity to integrate a highly experienced ADC development team with clinically validated novel payload expertise. This would enable Simris to initiate a second, parallel ADC programme whilst significantly strengthening our internal capabilities across ADC design, development and clinical translation. Whilst this option would be more capital intensive, it holds the potential to position Simris for a first in-human clinical study as early as 2028, thereby accelerating our time to a meaningful commercial inflection point. Critically, this pathway would evolve Simris from a payload innovation company into an integrated ADC development platform, combining our differentiated payload discovery capabilities with in-house expertise in ADC design and pre-clinical development.

Since the initial evaluation of these options, management and the Board have made substantial progress in gathering detailed technical, financial and strategic information. We are currently in detailed discussions with experienced ADC development teams and are narrowing our options through careful evaluation of partnership opportunities. We anticipate reaching a decision on the strategic direction during the second quarter, at which point we will provide the market with a clear vision of how we intend to accelerate value creation for our shareholders.

Hammenhög Asset Sale Progress

Regarding the sale of our Hammenhög facility, we recently announced that we are advancing our divestment process with two prospective buyers. Following our announcement in January of this year that the company had entered into a Memorandum of Understanding (MoU) with a prospective buyer, Simris entered into a MoU on 12 May 2026 with a second prospective strategic buyer based in Asia. Under this new MoU, the prospective acquirer has been granted a 45-day exclusivity period to conduct comprehensive due diligence and submit a firm and binding offer by 26 June 2026.

In addition, the first strategic prospective buyer, has reaffirmed its interest in acquiring the Company's microalgae production assets and is actively pursuing capital to fund the transaction.

The parties agreed on an indicative valuation principle whereby the purchase price is expected to be in line with the book value of the assets, subject to satisfactory completion of legal, technical and operational due diligence.

The Board of Directors of Simris considers the potential transactions to be aligned with the Company's strategic priorities and believes that the successful completion of a divestment will strengthen the Company's financial position and allow it to focus resources on its core strategic objectives.

Simris will provide further updates as the divestment process progresses and as developments warrant.

I am tremendously proud of the creativity, dedication, and scientific rigour our team continues to bring to this work. We remain committed to advancing these programmes with the urgency and quality they deserve, with the ultimate goal of delivering new treatment options that will improve outcomes for cancer patients worldwide.

Thank you for your continued confidence and support.

The report is published on Simris Groups website:
https://simrisgroup.com/financial-information/financial-reports/