Aino Health AB (publ): Interim Report January-June 2026

April - June 2026

          • Net sales were KSEK 6,704 (7,471)
          • Profit/loss after financial items was KSEK -2,603 (-587)
          • Earnings per share were SEK -0,0 (-0,0)

January - June 2026

          • Net sales were KSEK 12,236 (14,848)
          • Profit/loss after financial items was KSEK -4,815 (-1,141)
          • Earnings per share were SEK -0,0 (-0,0)

During the second quarter of 2026, Aino continued to execute its transition towards a more scalable SaaS-based business model, while operating in a demanding financial environment and against the background of the public tender offer announced on June 30, 2026.

Our strategic direction remains unchanged. We continue to focus on recurring SaaS revenue, partner-led scalability, operational discipline and solutions that help employers manage work ability in a structured, proactive and data-driven way. The market need remains strong, as organisations continue to seek better tools to reduce sickness absence, manage rehabilitation processes, support managers and improve visibility into the root causes affecting employee work ability.

Commercially, the quarter showed encouraging progress, particularly through our partner model. During the quarter, Aino announced several new customer agreements in Finland through occupational health partner Härmämedi, as well as a new agreement with Österåker Municipality in Sweden. Together, these agreements represent approximately 5,500 new subscriptions. The new customers include both private-sector and public- sector organisations and demonstrate that Aino’s SaaS platform is relevant across different employer segments where structured work ability management, secure documentation and early intervention processes are becoming increasingly important.

The financial impact from these new agreements will materialise gradually, as several implementations are planned for later in 2026 and, in one case, the beginning of 2027. As a result, the subscription growth announced during the quarter does not immediately translate into full revenue contribution in Q3 and Q4.

Net sales for the quarter were somewhat lower than expected, mainly due to delays in the start of certain customer projects caused by customer-side timing factors. These delays affected the timing of revenue recognition rather than changing our view of the long-term need for Aino’s solution. Given the company’s current size and financial position, even timing differences in customer projects can have a visible short-term effect on revenue and cash flow.

Our cash position remains constrained and requires continued strict cost control. This limits the speed at which we can make growth investments, including in product development, sales capacity and international expansion. In order to continue the international expansion at the planned scale, and thereby accelerate growth in the number of subscriptions, the company will need to secure additional financing. Without such financing, the pace of expansion will need to be adapted to the cash flow and resources generated by the existing operations. We are therefore prioritising resources towards activities with the clearest path to scalable recurring revenue, customer retention and partner-enabled growth.

During the quarter, we continued to advance our go-to-market activities systematically in both the UK and Germany. In both markets, our focus is on building awareness among larger employers and partners around the need for a joined-up work ability strategy, measurable absence reduction and stronger support for managers. These markets represent long-term opportunities for Aino, but they require patience, local trust-building and sufficient investment capacity.

Public tender offer and related transparency

On June 30, 2026, a consortium led by HealthCo Oy announced a public tender offer for all outstanding shares in Aino Health AB. The acceptance period for the tender offer is currently ongoing and is expected to expire on August 10, 2026.
The company’s independent bid committee has issued its statement regarding the offer and has unanimously recommended that shareholders accept the offer. As previously communicated, the company’s CEO and CFO did not participate in the preparation of the independent bid committee’s statement.

From an operational management perspective, our responsibility is to continue running the business in the best interests of the company, its customers, employees and shareholders, while ensuring that all shareholders receive a transparent and balanced view of the company’s development, opportunities and risks.

As the tender offer process is still ongoing, additional costs will arise. The final total cost and the impact on the company’s liquidity will depend on the outcome and timeline of the process.

In summary, Q2 was a quarter of continued commercial validation, but also continued financial discipline. The new agreements announced during the period support our view that Aino’s SaaS platform and partner model are relevant and scalable. However, the company continues to operate with limited financial flexibility, and the timing of implementations, customer churn, transaction-related costs and available investment capacity remain important factors for the coming quarters.

I would like to thank our customers, partners, employees and shareholders for their continued trust and support.