Quarterly Report 1 January 30 September 2026 VF
QUARTERLY REPORT Q3 2026
SIGNIFICANT EVENTS DURING 1 JANUARY – 30 SEPTEMBER 2026
During the third quarter, discussions with Amneal regarding a European partner for ICOres, as well as with potential licensees for ICOpre, have progressed positively. Our ambition remains to conclude at least one of these discussions successfully in the near term.
Net sales increased by 219% to TSEK 1,917 (601) during the first nine months of the year, already exceeding the previous full-year net sales by 73%. During the year, Iconovo has expanded its development collaborations for new products, including with Aeriant. Further expansion in this area is also supported by the recently signed collaboration agreement with Lonza.
The Company continues to maintain strict cost control. Total costs decreased by 11% to TSEK 7,604 (8,519) in the third quarter and by 15% to TSEK 29,155 (34,373) during the first nine months of the year. While raw material costs increased by 48%, other external expenses and personnel costs declined significantly compared with the corresponding period of the previous year. However, other external expenses include increased spending on business development and marketing activities.
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KEY FIGURES FOR THE GROUP
| Amounts in TSEK if not otherwise stated | July-Sep 2026 | July-Sep 2025 | Jan-Sep 2026 | Jan-Sep 2025 | Jan-Dec 2025 |
| Net sales | 707 | 7 | 1,917 | 601 | 1,105 |
| Operating result | -6,770 | -8,828 | -24,081 | -30,173 | -43,113 |
| Cash flow for the period | -9,423 | 13,480 | 14,925 | -6,139 | -18,128 |
| Earnings per share (SEK) before and after dilution | -0.07 | -0.17 | -0.27 | -0.92 | -1.14 |
| Cash and cash equivalents | 21,455 | 18,550 | 21,455 | 18,550 | 6,560 |
| Shareholders’ capital | 142,578 | 130,711 | 142,578 | 130,711 | 117,922 |
| No. of shares end-period | 96,171,916 | 53,061,250 | 96,171,916 | 53,061,250 | 53,061,250 |
CEO’s MESSAGE
During the third quarter, we have engaged in intensive discussions with prospective partners for our ICOres® and ICOpre® generic development projects. These discussions are ongoing, and we remain optimistic that they will lead to tangible results in the near term.
EUROPEAN PARTNERSHIP AGREEMENT FOR ICOres® IN PROGRESS
As previously communicated, securing licensing agreements for the generic products developed on our ICOres® and ICOpre® platforms is of critical importance to Iconovo's future. For ICOres®, Iconovo has already entered into a global licensing agreement with Amneal, a pharmaceutical company specialising in generics. However, since the agreement was signed, Amneal has narrowed its strategic focus to the US market. Consequently, securing a European partner is essential to advancing the product through the final stages of development and bringing it to market on a commercially viable basis. We are working closely with Amneal in this process and are currently engaged in discussions aimed at securing such an agreement as soon as possible.
ADVANCED LICENSING DISCUSSIONS WITH MULTIPLE PARTIES REGARDING ICOpre®
We are also engaged in advanced commercial discussions with several prospective partners regarding the licensing of the ICOpre® platform, for which Iconovo continues to hold global rights. Our ambition remains unchanged: to conclude an agreement as soon as possible. The transactions we are pursuing in this area could make a significant contribution to the Company's financing ahead of product launches and the subsequent generation of royalty revenues.
AWAITING FUNDING DECISION FOR OXYTOCIN IN ICOone®
A decision has yet to be made regarding funding for the final stages of development required to bring our ICOone®-based oxytocin formulation to market for the prevention of postpartum haemorrhage. The product is primarily intended for use in developing countries, where maintaining the cold chain required for currently available injectable oxytocin formulations presents significant challenges. We are currently awaiting a funding decision from the Gates Foundation.
Meanwhile, our development collaboration with Aeriant continues to progress and expand, as does our work with the multinational consumer products company whose identity has not yet been disclosed in our pipeline overview. In the GLP-1 programme, the preclinical work is scheduled to be evaluated later this autumn.
GRADUAL EXPANSION INTO NEW-DRUG AND REFORMULATIONS IN COLLABORATION WITH LONZA
We continue to monitor our costs closely and can confirm that our spending is currently slightly below budget. However, as previously communicated, a development-stage company without significant recurring revenues cannot achieve success through cost savings alone. We are therefore strongly focused on finalizing the transactions relating to ICOres® and ICOpre® in the near term, as these would have a transformative impact on the Company’s revenue.
At the same time, we are gradually laying the foundation for expansion into the promising field of new drug formulations and reformulations, including beyond the respiratory segment. This process is now further supported by the strategic collaboration agreement with Lonza that we signed in June. With several important initiatives underway, Iconovo clearly has attractive opportunities for development and growth, both in the near and longer term.
Anders Månsson
CEO
This is ICONOVO
Iconovo develops innovative inhaled medicines in collaboration with international pharmaceutical companies in a growing market. Inhaled medicines offer significant advantages over oral and injectable treatments but are challenging to develop, requiring specialised expertise across multiple disciplines and access to advanced platform technologies.
Novel Pharmaceuticals
Iconovo has successfully formed several strategic partnerships with research-driven drug companies to pioneer the development of cutting-edge treatments, harnessing the potential of the company's patented inhalers to deliver enhanced value. The strategic alliance agreement signed with Lonza in June positions Iconovo for continued long-term expansion in this area.
Generic Pharmaceuticals
As major inhaled drugs face patent expirations, substantial commercial opportunities arise for generic pharmaceutical companies. Iconovo's products show promising potential to replace medications currently delivered through inhalers such as Turbuhaler® and Ellipta®. Notably, in 2025 Symbicort Turbuhaler® and similar products achieved sales of approx. USD 3bn, and Ellipta®-inhaled medications recorded sales of approx. USD 6bn.
Iconovo's model offers high commercial potential with low development risk
The revenue streams from Iconovo’s customer collaborations consist of upfront payments for access to the company’s technology, milestone-based payments during the development phase, and subsequently royalties on sales once the products reach the market. This business model enables Iconovo to pursue its development activities with relatively modest net investments of its own and limited risk exposure.
Inhalation platforms
Iconovo has five platforms that collectively address the market's various needs for effective and user-friendly inhalers, offering significant commercial opportunities both in the development of entirely new medicines and during patent expirations of branded drugs.
| ICOres® is a dry powder inhaler designed to be substitutable for AstraZeneca's top-selling product, Turbuhaler®. ICOres is the only reservoir inhaler capable of accommodating up to three different medicines. | |
| ICOpre® is a multi-dose inhaler with pre-filled doses that can be customized for all types of inhalation powders. ICOpre has been designed to be substitutable for GSK’s Ellipta inhaler. ICOpre is based on a unique, patented principle that minimizes the risk of infringing on the intellectual property rights of other inhalers. | |
| ICOcap® is an inhaler designed for medication in capsules, which are loaded one at a time. It features a sturdy and uniquely user-friendly design, a patented integrated cap, and low inhalation resistance. A standard version of ICOcap is readily available off-the-shelf, and the inhaler can also be optimized to deliver maximum product performance for a specific medicine. | |
| ICOone® is a unique and patented dry powder inhaler designed for single-use. Its construction allows for quick and easy handling, and it boasts an extremely low manufacturing cost. ICOone can deliver significant inhalation doses that are well protected from moisture, which is crucial for many biologics. The inhaler can be designed with one or two cavities (compartments), which is a significant advantage in developing drugs based on two or more active medications. | |
| ICOone® is also available in a version for nasal inhalation, called ICOone® Nasal – a unique and patented inhaler with an extremely low manufacturing cost. It is particularly suitable for short-term treatments, vaccinations, and as-needed medication, offering numerous medical and practical advantages at an unbeatably low treatment cost. | |
FINANCIAL COMMENTS 1 JANUARY – 30 SEPTEMBER 2026
Turnover and result
Net sales for July–September 2026 amounted to TSEK 707 (7) and consisted of revenues related to the development of new pharmaceutical products. Net sales for January–September 2026 amounted to TSEK 1,917 (601), also comprising revenues from development activities in the same area.
| Amounts in TSEK | July-Sep 2026 | July-Sep 2025 | Jan-Sep 2026 | Jan-Sep 2025 | Jan-Dec 2025 |
| Development income | 707 | 7 | 1,917 | 601 | 1,105 |
| License income | - | - | - | - | - |
| Royalty income | - | - | - | - | - |
| Net sales | 707 | 7 | 1,917 | 601 | 1,105 |
| Other operating income | 10 | 4 | 224 | 689 | 706 |
Other operating income amounted to TSEK 10 (4) for July–September 2026 and TSEK 224 (689) for January–September 2026. The decrease during the nine-month period was primarily attributable to lower grant income.
Capitalised development costs amounted to TSEK 2,004 (2,001) for July–September 2026 and TSEK 8,946 (10,397) for January–September 2026. In both periods, these costs primarily related to the development of the ICOpre® platform and associated formulations.
Costs for raw materials and consumables increased to TSEK 534 (361) for July–September 2026 and TSEK 4,213 (1,933) for January–September 2026, primarily reflecting costs associated with intranasal semaglutide and the development of ICOpre®.
Other external expenses decreased slightly to TSEK 3,042 (3,229) for July–September 2026 and TSEK 10,630 (10,838) for January–September 2026. The decreases in both periods were primarily attributable to lower consultancy expenses.
Personnel expenses decreased by 18% to TSEK 4,028 (4,929) for July–September 2026 and by 34% to TSEK 14,312 (21,602) for January–September 2026, reflecting the effects of the reorganisation implemented in the previous year.
The average number of full-time equivalent employees (FTEs) during July–September 2026 was 12.3, comprising 4.0 women, 7.3 men and 1.0 non-binary employee (19.1, comprising 10.0 women, 8.3 men and 0.8 non-binary employees).
Net financial items amounted to TSEK -39 (-35) for July–September 2026 and TSEK -194 (-222) for January–September 2026.
The net loss for July–September 2026 decreased to TSEK 6,809 (8,863), while the net loss for January–September 2026 decreased to TSEK 24,274 (30,396).
Investments and depreciations
Investments in tangible assets amounted to TSEK 46 (0) for both July–September 2026 and January–September 2026. Investments in intangible assets increased slightly to TSEK 2,358 (2,217) for July–September 2026, while decreasing to TSEK 10,369 (10,915) for January–September 2026. These investments primarily related to the development of the ICOpre® platform and associated formulations.
Depreciation and amortisation of tangible and intangible assets decreased to TSEK 1,869 (2,315) for July–September 2026 and TSEK 5,859 (7,428) for January–September 2026.
Cash, cash flow and net debt
The Group's cash and cash equivalents amounted to TSEK 21,455 (18,550) at the end of the period. The Company raised MSEK 25 through a directed share issue in January and a further MSEK 24.6 through a rights issue in March 2026. Interest-bearing lease liabilities amounted to TSEK 3,462 (5,315).
Cash flow from operating activities improved to TSEK -6,203 (-10,387) for July–September 2026 and TSEK -20,160 (-23,944) for January–September 2026, reflecting a reduced operating loss and changes in working capital. Cash flow from investing activities amounted to TSEK -2,437 (-2,217) and TSEK -10,448 (-10,915), respectively, while cash flow from financing activities amounted to TSEK -811 (-876) and TSEK 45,514 (28,720). Total cash flow for the respective periods was TSEK -9,451 (-13,480) and TSEK 14,896 (-6,193).
Based on the Company’s budget, current business outlook, and the assumption that transactions expected to be concluded in the near term are successfully finalized, the Board of Directors and management assess that sufficient funding will be available to support the Company's operations and planned activities for the next 12 months.
Shareholders’ equity
Shareholders’ equity at the end of the period amounted to TSEK 142,578 (130,711). Total assets at the end of the period amounted to TSEK 152,533 (142,634). Intangible non-current assets increased by TSEK 1,718 to TSEK 118,643 as of 30 September 2026, compared with the end of the previous quarter, primarily due to investments in the ICOpre® platform, which accounts for approximately 85% of total intangible non-current assets.
PARENT COMPANY
Turnover and result
Net sales during July-September 2026 amounted to TSEK 707 (7) and consisted of compensation related to one project. The net loss for the period amounted to TSEK 6,827 (8,867).
Shareholders’ equity
Shareholders’ equity as of 30 September 2026 amounted to TSEK 148,212 (136,195).
Contact information and calendar
Anders Månsson, CEO
Tel.: +46 76 518 8491, anders.månsson@iconovo.se
Carl Lindgren, Chairman of the Board of Directors
carllindgren@live.com
Iconovo AB (publ)
Ideon Science Park, Ideongatan 3B, SE-223 62 LUND
Tel +46 46 275 6777, info@iconovo.se, www.iconovo.se
Registration number Iconovo AB: 556938 - 0156
Certified Adviser
Tapper Partners AB, telephone: +46 70 440 10 98 and email: ca@tapperpartners.se
Financial Calendar
Q4 report (Jan.-Dec. 2026) 26 Feb. 2027
Iconovo’s shares are listed on Nasdaq First North Growth Market, Ticker: ICO, ISIN code: SE0010868943.
Key ratio definitions
EBITDA (Earnings before interest, taxes, depreciation and amortization). Operating result before depreciation and amortization.
Board of Directors’ affirmation
The Board of Directors and the CEO hereby affirm that the Quarterly Report constitutes a faithful representation of the company’s operations, financial position and profit/loss and that it describes the significant risks and uncertainty factors facing the company.
Lund, 23 October 2026,
Board of Directors, Iconovo AB
This report has not been subject to the auditor’s review.
Consolidated statement of income and comprehensive income, summary
| 2026 | 2025 | 2026 | 2025 | 2025 | |
| 3 months | 3 months | 9 months | 9 months | 12 months | |
| Amounts in TSEK | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec |
| Net sales | 707 | 7 | 1,917 | 601 | 1,105 |
| Other operating income | 10 | 4 | 224 | 689 | 706 |
| 717 | 11 | 2,142 | 1,290 | 1,811 | |
| Capitalized work for own account | 2,004 | 2,001 | 8,946 | 10,397 | 13,427 |
| Operating expenses | |||||
| Raw materials and supplies | -534 | -361 | -4,213 | -1,933 | -3,014 |
| Other external expenses | -3,042 | -3,229 | -10,630 | -10,838 | -15,077 |
| Personnel expenses | -4,028 | -4,929 | -14,312 | -21,602 | -30,493 |
| Depreciation of tangible and intangible fixed assets | -1,869 | -2,315 | -5,859 | -7,428 | -9,701 |
| Other operating expenses | -18 | -5 | -155 | -58 | -66 |
| Operating result | -6,770 | -8,828 | -24,081 | -30,173 | -43,113 |
| Financial income | 19 | 60 | 44 | 124 | 197 |
| Financial expenses | -58 | -95 | -238 | -346 | -449 |
| Profit before tax | -6,809 | -8,863 | -24,274 | -30,396 | -43,364 |
| Tax | 0 | 0 | 0 | 0 | 0 |
| Profit for the period | -6,809 | -8,863 | -24,274 | -30,396 | -43,364 |
| Other comprehensive income | 0 | 0 | 0 | 0 | 0 |
| Total comprehensive income for the period | -6,809 | -8,863 | -24,274 | -30,396 | -43,364 |
| Profit for the period attributable to the | |||||
| equity holders of the parent company | |||||
| Earnings per share, SEK | -0.07 | -0.17 | -0.27 | -0.92 | -1.14 |
| Earnings per share before dilution, SEK | -0.07 | -0.17 | -0.27 | -0.92 | -1.14 |
| Earnings per share after dilution, SEK | -0.07 | -0.17 | -0.27 | -0.92 | -1.14 |
Consolidated balance sheet statement, summary
| Amounts in TSEK | 2026-09-30 | 2025-09-30 | 2025-12-31 | ||
| ASSETS | |||||
| Fixed assets | |||||
| Intangible fixed assets | 118,643 | 108,284 | 110,462 | ||
| Tangible fixed assets | 7,197 | 10,775 | 8,629 | ||
| 125,840 | 119,060 | 119,091 | |||
| Current assets | |||||
| Trade receivables | 372 | 0 | 504 | ||
| Short-term investments | 4,887 | 4,755 | 4,929 | ||
| Cash and cash equivalents | 21,455 | 18,550 | 6,560 | ||
| 26,713 | 23,304 | 11,993 | |||
| TOTAL ASSETS | 152,553 | 142,364 | 131,084 | ||
| SHAREHOLDERS' EQUITY | |||||
| Share capital | 9,617 | 5,306 | 5,306 | ||
| Other paid-in capital | 391,803 | 347,005 | 347,184 | ||
| Retained earnings | -258,842 | -221,600 | -234,568 | ||
| 142,578 | 130,711 | 117,922 | |||
| Long-term liabilities | |||||
| Leasing liabilities | 579 | 1,727 | 1,261 | ||
| 579 | 1,727 | 1,261 | |||
| Short-term liabilities | |||||
| Leasing liabilities | 2,883 | 3,588 | 2,452 | ||
| Other short-term liabilities | 6,513 | 6,337 | 9,449 | ||
| 9,397 | 9,926 | 11,901 | |||
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 152,553 | 142,364 | 131,084 | ||
Consolidated cash flow statement, summary
| 2026 | 2025 | 2026 | 2025 | 2025 | |
| 3 months | 3 months | 9 months | 9 months | 12 months | |
| Amounts in TSEK | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec |
| OPERATING ACTIVITIES | |||||
| Profit before tax | -6,809 | -8,863 | -24,274 | -30,396 | -43,364 |
| Adjustments for items not included in the cash flow | 1,970 | 2,578 | 6,315 | 8,056 | 10,664 |
| Paid income tax | -167 | -259 | -533 | -778 | -1,038 |
| Cash flow from operating activities | |||||
| before changes in working capital | -5,006 | -6,544 | -18,493 | -23,118 | -33,738 |
| Increase (-) / Decrease (+) of operating receivables | 1,123 | 507 | 1,259 | 1,406 | 987 |
| Increase (+) / Decrease (-) of operating liabilities | -2,320 | -4,350 | -2,936 | -2,232 | 880 |
| Cash flow from operating activities | -6,203 | -10,387 | -20,169 | -23,944 | -31,871 |
| Investment activities | |||||
| Investments in tangible fixed assets | -46 | 0 | -46 | 0 | 0 |
| Investments in intangible fixed assets | -2,391 | -2,217 | -10,402 | -10,915 | -14,089 |
| Cash flow from investment activities | -2,437 | -2,217 | -10,448 | -10,915 | -14,089 |
| Financing activities | |||||
| Issue of shares | 0 | 0 | 49,577 | 36,612 | 36,612 |
| Issue of warrants | 0 | 0 | 162 | 0 | 0 |
| Transaction costs | 0 | 0 | -1,817 | -5,304 | -5,304 |
| Payment of leasing liabilities | -811 | -876 | -2,408 | -2,589 | -3,477 |
| Cash flow from financing activities | -811 | -876 | 45,514 | 28,720 | 27,832 |
| Cash flow for the period | -9,451 | -13,480 | 14,896 | -6,139 | -18,128 |
| Cash and cash equivalents, beginning of period | 30,906 | 32,030 | 6,559 | 24,688 | 24,688 |
| Cash and cash equivalents, end of period | 21,455 | 18,550 | 21,455 | 18,550 | 6,560 |
Consolidated statement of changes in equity, summary
| Amounts in TSEK | Share capital | Share premium reserve | Retained earnings | Total equity |
| Opening balance, 1 January 2025 | 2,122 | 318,294 | -191,204 | 129,212 |
| Profit for the period | -43,364 | -43,364 | ||
| Other comprehensive income | ||||
| Total comprehensive income | 0 | 0 | -43,364 | -43,364 |
| Transactions with shareholders | ||||
| Shareholder contribution | 3,184 | 33,429 | 36,612 | |
| Transaction costs | -5,304 | -5,304 | ||
| Share-based compensation | 765 | 765 | ||
| Total transactions with shareholders | 3,184 | 28,890 | 0 | 32,074 |
| Closing balance, 31 December 2025 | 5,306 | 347,184 | -234,568 | 117,922 |
| Amounts in TSEK | Share capital | Share premium reserve | Retained earnings | Total equity |
| Opening balance, 1 January 2026 | 5,306 | 347,184 | -234,568 | 117,921 |
| Profit for the period | -24,274 | -24,274 | ||
| Other comprehensive income | ||||
| Total comprehensive income | 0 | 0 | -24,274 | -24,274 |
| Transactions with shareholders | ||||
| New share issues | 4,311 | 45,266 | 49,577 | |
| Issue of warrants | 162 | 162 | ||
| Transaction costs | -1,265 | -1,265 | ||
| Share-based compensation | 456 | 456 | ||
| Total transactions with shareholders | 4,311 | 44,619 | 0 | 48,930 |
| Closing balance, 30 September 2026 | 9,617 | 391,803 | -258,842 | 142,578 |
Parent company income statement, summary
| 2026 | 2025 | 2026 | 2025 | 2025 | |
| 3 months | 3 months | 9 months | 9 months | 12 months | |
| Amounts in TSEK | Jul-Sep | Jul-Sep | Jan-Sep | Jan-Sep | Jan-Dec |
| Net sales | 707 | 7 | 1,917 | 601 | 1,105 |
| Other operating income | 10 | 4 | 224 | 689 | 706 |
| 717 | 11 | 2,142 | 1,290 | 1,811 | |
| Capitalized work for own account | 2,004 | 2,001 | 8,946 | 10,397 | 13,427 |
| Operating expenses | |||||
| Raw materials and supplies | -534 | -361 | -4,213 | -1,933 | -3,014 |
| Other external expenses | -3,938 | -4,217 | -13,345 | -13,762 | -18,825 |
| Personnel expenses | -4,028 | -4,929 | -14,312 | -21,602 | -30,493 |
| Depreciation of tangible and intangible fixed assets | -1,050 | -1,426 | -3,350 | -4,760 | -6,144 |
| Other operating expenses | -18 | -5 | -165 | -58 | -66 |
| Operating result | -6,846 | -8,926 | -24,298 | -30,429 | -43,304 |
| Financial income | 19 | 60 | 44 | 124 | 193 |
| Financial expenses | 0 | -2 | -12 | -29 | -51 |
| Profit before tax | -6,827 | -8,867 | -24,266 | -30,335 | -43,161 |
| Tax | 0 | 0 | 0 | 0 | 0 |
| Profit for the period | -6,827 | -8,867 | -24,266 | -30,335 | -43,161 |
| Number of shares, weighted average for period | 96,171,916 | 53,061,250 | 89,902,425 | 33,015,889 | 38,027,229 |
| Earnings per share, SEK | -0.07 | -0.17 | -0.27 | -0.92 | -1.14 |
Parent company balance sheet statement, summary
| Amounts in TSEK | 2026-09-30 | 2025-09-30 | 2025-12-31 | ||
| ASSETS | |||||
| Fixed assets | |||||
| Intangible fixed assets | 118,643 | 108,284 | 110,462 | ||
| Tangible fixed assets | 3,451 | 4,921 | 4,534 | ||
| Financial fixed assets | 6,400 | 6,400 | 6,400 | ||
| 128,493 | 119,605 | 121,395 | |||
| Current assets | |||||
| Trade receivables | 372 | 0 | 504 | ||
| Short-term investments | 5,743 | 5,688 | 5,852 | ||
| Cash and cash equivalents | 20,107 | 17,230 | 5,229 | ||
| 26,222 | 22,918 | 11,584 | |||
| TOTAL ASSETS | 154,716 | 142,523 | 132,980 | ||
| SHAREHOLDERS' EQUITY | |||||
| Restricted equity | |||||
| Share capital | 9,617 | 5,306 | 5,306 | ||
| Fund for development expenses | 104,659 | 94,890 | 104,659 | ||
| 114,276 | 100,196 | 109,965 | |||
| Unrestricted equity | |||||
| Share premium reserve | 391,803 | 347,005 | 347,184 | ||
| Retained earnings | -333,600 | -280,670 | -290,439 | ||
| Profit for the period | -24,266 | -30,335 | -43,161 | ||
| 33,936 | 35,999 | 13,583 | |||
| Total shareholders' equity | 148,212 | 136,195 | 123,548 | ||
| Short-term liabilities | |||||
| Short-term liabilities | 6,504 | 6,328 | 9,432 | ||
| 6,504 | 6,328 | 9,432 | |||
| TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES | 154,716 | 142,523 | 132,980 |
Notes
Accounting principles
Iconovo prepares its consolidated accounts in accordance with IFRS, International Financial Reporting Standards, as endorsed by the EU. Furthermore, the Group also applies the Annual Accounts Act and the Swedish Corporate Reporting Board's recommendation RFR 1 (Supplementary accounting rules for groups). The Group uses historical cost for the valuation of balance sheet items unless otherwise stated. The interim report has been prepared in accordance with IAS 34. IFRS is constantly evolving, with new standards and interpretations being published continuously. No new or amended standards coming into effect are expected to impact the group's accounting. The complete accounting principles applied by the Group can be found in the Swedish 2025 annual report on pages 42-47.
In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.