Summary of the period
Numbers in parentheses refer to outcome of the corresponding period of the previous year.

First quarter: January 1st - March 31st, 2026

• Net revenue amounted to 650.3 MSEK (641.1 MSEK), corresponding to an increase of 1% (7%)
• Organic, currency-adjusted growth amounted to 11% (5%)
• Operational EBITDA amounted to 127.7 MSEK (124.5 MSEK), corresponding to an increase of 3%, and an EBITDA-margin of 19.6% (19.4%). During the quarter, no adjustments have been made between reported and operational EBITDA
• Operational EBIT amounted to 102.6 MSEK (102.9 MSEK), corresponding to a change rounded to 0%, and an EBIT-margin of 15.8% (16.0%)
• Profit after tax amounted to 17.7 MSEK (23.9 MSEK)
• Earnings per share calculated on 159,840,958 shares (158,862,839 shares) amounted to 0.11 SEK (0.15 SEK)
• Cash flow from operating activities amounted to 65.3 MSEK (96.7 MSEK)
• As of March 31st, 2026, cash amounted to 94.9 MSEK (526.9 MSEK)
• Net debt/R12 operational EBITDA (proforma and adjusted for IFRS16) amounted to 2.8 (2.0)

Significant events during the first quarter
During the quarter, Swedencare has invited investors to a Capital Markets Day on June 2nd, 2026 in Stockholm.

Significant events after the first quarter
There are no significant events after the end of the first quarter to comment on.

Words from the CEO
The first quarter was characterized by stable performance with an organic growth of 11% in a continued challenging external environment. Net revenue amounted to 650 MSEK, which corresponds to an increase of 1% compared to Q1 2025, negatively impacted by a stronger Swedish krona, while the impact on earnings was limited due to our locally balanced revenue and cost structure.

The reported and operational EBITDA amounted to 128 MSEK, corresponding to a margin of 19.6%, representing a modest improvement compared to Q1 last year and an improvement versus the preceding quarter, as communicated. Cash flow from operating activities remained strong at 65 MSEK, enabling further debt reduction of 50 MSEK during the quarter.

Organic growth amounted to 11%, in line with our long-term target of sustainable annual double-digit organic growth. This is a doubling compared to Q1 2025, and this also marks the third consecutive quarter we deliver a double-digit organic growth. Following the fourth quarter, in which several concurrent factors temporarily pressured earnings, I can confirm that three of the four now been mitigated. The transition of NaturVet’s Amazon sales continues to affect margins during the first half of the year, but the development is moving in the right direction. Our teams are working in a structured manner, and we are seeing gradual improvements month by month, with the objective of normalizing cost levels by the second half of the year. As the balance between growth and profitability is re-established we will, already during the second quarter, reactivate a number of our proven marketing programs for NaturVet on Amazon, which have historically had a clearly positive impact on sales and brand strength across several of our core products.

Underlying demand in our key markets is assessed as stable. Despite geopolitical uncertainty and macroeconomic challenges, structural trends continue to support our business — not least the increasing share of digital sales, where Swedencare holds a strong and growing position.

In North America, organic growth amounted to 5%, impacted by lower Private label volumes, while our proprietary brands performed well. The European and production segments delivered organic growth exceeding 20%. In particular, performance within manufacturing is satisfactory given weaker demand from larger veterinary customers within dermatology. Order intake has improved in the second quarter, and we expect the dermatology segment to return to growth later in the year.

The U.S. veterinary market continues to exhibit cautious behavior in contrast to Europe which Laszlo, our CCO of Europe, writes more about on the next page, with fewer clinic visits and an increased shift toward digital solutions. At the same time, both Pharma and our EU-based production continue to develop well, with a positive outlook for the coming quarters.

The quarter was also characterized by a high level of innovation activity, with new product launches and participation at key international trade fairs — fully in line with our strategy to combine local market presence with a scalable global platform. Basically, all our brands have had a good start of the year, with several over 20%, thus a testament that our strategies are working.

With a strengthened operational structure, improved organic growth momentum, and clearly defined targets for the coming five years, Swedencare is well positioned for the next phase. Our focus remains unchanged: to deliver sustainable growth, progressively improved profitability, and strong cash flow — thereby creating long-term value for shareholders, customers, and employees.

I would like to conclude by thanking the entire organization for its commitment and execution during the quarter, and I look forward to the dialogue with our shareholders at today’s Annual General Meeting and at our upcoming Capital Markets Day in June.

Håkan Lagerberg
Malmö April 23rd, 2026

The complete interim report is attached to this press release and is available at www.swedencare.com

Swedencare invites shareholders and analysts to a presentation of the interim report where CEO Håkan Lagerberg and CFO Jenny Graflind will comment on the report. Laszlo Varga, CCO of Europe, will also take part in the presentation. The presentation will be held at 10:30-11:30am CEST and can be followed via live webinar.

Please use this link to join the webinar:https://us06web.zoom.us/j/89020244666