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

July – September 2026

• Net sales amounted to KSEK 6,164 (5,838)
• Loss after financial items amounted to KSEK -1,976 (-1,292)
• Earnings per share amounted to SEK -0,0 (-0,0)

January – September 2026

• Net sales amounted to KSEK 18,400 (20,686)
• Loss after financial items amounted to KSEK -6,791 (-2,433)
• Earnings per share amounted to SEK -0,0 (-0,0)

During the third quarter of 2026, Aino continued its transition towards a more scalable SaaS-based business model. Net sales increased by 5.6 percent compared with the same quarter last year, while the number of SaaS subscriptions remained at a high level.

At the end of September, Aino had approximately 116,000 SaaS subscriptions. The slight decrease compared with the previous quarter mainly reflects normal seasonal variation in customer organisations rather than a change in underlying demand.

Importantly, our commercial momentum has strengthened after the reporting period. On 5 November, Aino announced a major new agreement with HUS Group, Finland’s largest healthcare provider, for the delivery of our work ability management software. Based on the currently estimated user population of approximately 26,500, the agreement is expected, once implemented, to increase Aino’s subscription base from approximately 116,000 at the end of Q3 to around 142,500. This represents an important step in scaling our SaaS business and further strengthens Aino’s position in the Finnish market.

Our strategic priorities remain clear: grow recurring SaaS revenue, expand the subscription base, strengthen partner-led scalability and maintain operational discipline. Customer agreements announced earlier in the year are progressing through implementation, with revenue contributions increasing gradually as deployments proceed.

During the year, we have increased investments in sales and marketing to support customer acquisition, partner development and international growth. These investments have increased the cost base somewhat, but they are aimed at strengthening our commercial pipeline and future growth capacity.

We continue to develop our activities particularly in the UK and Germany, where we see attractive long-term opportunities among larger employers. The recent commercial development in Finland also demonstrates the potential of our platform with large and complex organisations and provides further support for our international ambitions.

For the first nine months of 2026, net sales amounted to 18,400 (20,686) TSEK. Operating profit for the third quarter was -1,573 (-1,027) TSEK, while cash and bank balances amounted to 898 TSEK at the end of September. Our financial position remains constrained, making continued cost discipline essential. Accelerating our international expansion and growth investments will require sufficient financial capacity and potentially additional financing.

During the quarter, HealthCo Oy completed its public tender offer. According to the final outcome announced on 14 October 2026, HealthCo Oy controls 84.2 percent of the shares and votes in Aino Health AB. The extraordinary general meeting was held on 3 November 2026.

As we enter the final months of 2026, our priorities are clear: successfully implement newly won customers, convert our sales pipeline into further SaaS growth, continue building scalable partner channels and maintain financial discipline.

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