Moberg Pharma's Interim report January - September 2026

NINE-MONTH PERIOD (JAN-SEP 2026)

• Net revenue SEK 16.5 million (11.5)
• EBITDA SEK -8.5 million (-18.7)
• Operating profit (EBIT) SEK -9.8 million (-19.9)
• Profit for the period SEK -6.3 million (-14,5)
• Diluted earnings per share SEK -0.13 (-0.31)
• Cash and cash equivalents amounted to SEK 204.5 million (236.2)

THIRD MONTH PERIOD (JUL-SEP 2026)

• Net revenue SEK 5.8 million (4.0)
• EBITDA SEK -2.8 million (-5.6)
• Operating profit (EBIT) SEK -3.2 million (-6.0)
• Profit for the period SEK -1.7 million (-4.3)
• Diluted earnings per share SEK -0.04 (-0.09)
• Cash and cash equivalents amounted to SEK 204.5 million (236.2)

SIGNIFICANT EVENTS DURING THE QUARTER

• Launch preparations and marketing activities for the first European countries, together with partner Karo Healthcare, are progressing according to plan with first deliveries around year-end.
• In September, marketing to dermatologists in Israel began through partner Padagis Israel Agencies Ltd. The launch follows regulatory clearance by the Israeli Ministry of Health (MOH) for the first commercial batch. As in the Nordics, the product is being launched under Moberg Pharma's brand name Terclara®.
• The organization was strengthened ahead of upcoming launches, with two new members joining the management team: Helena Jansson, Chief Business Officer and Deputy CEO, and Vaidrius Navikas, Chief Medical Officer.

SIGNIFICANT EVENTS AFTER THE QUARTER

• On November 3, Moberg Pharma announced that it had been granted a U.S. patent relating to improved dosing of MOB-015. The granted U.S. patent represents an important addition to Moberg Pharma's intellectual property portfolio, with an expected term through December 2041.
• New analyses on terbinafine susceptibility and MOB-015 demonstrating potent antifungal activity of terbinafine against dermatophytes causing onychomycosis were published in the Journal of Fungi, strengthening the scientific foundation for MOB-015.
• Moberg Pharma participated at the European Academy of Dermatology and Venereology (EADV) Congress in Vienna on September 30-October 3, and the Convention on Pharmaceutical Ingredients (CPHI) in Milan on October 6-8, 2026. Congresses are important meeting places for dialogue with leading experts in dermatology, commercial partners and pharmaceutical manufacturers ahead of the broader international launch of MOB-015.

CEO COMMENTS

Internationalization of MOB-015 is now taking concrete steps forward. During the third quarter, Terclara® was launched in Israel, the first market outside the Nordic region, while preparations for upcoming launches together with Karo Healthcare intensified. Following the end of the quarter, the long-term potential of MOB-015 was further strengthened by new scientific analyses and the grant of a U.S. patent with an expected term until December 2041.

Together with Karo Healthcare, we continue preparations for the upcoming launches. Preparations are now well advanced on several fronts, with regulatory activities, manufacturing and supply planning progressing in parallel, while Karo's local market teams are laying the groundwork for a strong commercial launch. For the Karo 2027 launches, the first production batches have been manufactured with final batch release pending, and initial deliveries are expected around year-end. With partnerships in place across Europe, APAC, China and Canada, we have built a platform to reach significantly more patients with MOB-015 as we obtain additional regulatory approvals. Through the Karo partnership, Moberg Pharma plans to launch MOB-015 in additional markets over the coming years. If the company is able to launch in all of the markets in which we have an agreement with Karo, we will be selling MOB-015 in countries with a total population of more than 600 million.

During the quarter, Terclara® was launched in Israel by our partner Padagis. Israel is the first market outside the Nordic region where MOB-015 has been launched, marking a concrete step in our international expansion. Padagis' sales representatives have now begun promotional activities targeting dermatologists, and we look forward to tracking the market's development. In both Sweden and Norway, Terclara® is the clear market leader and continues to deliver strong results. During Q3 2026, Terclara® achieved a 46% value share and 39% unit share of pharmacy sales to end-consumers in Sweden; the corresponding figures for the nine-month period were 43% and 36%, respectively.[1] In Norway, Terclara® achieved a 47% value share and 41% unit share based on pharmacy purchasing data for Q3 2026; the corresponding figures for the nine-month period were 41% and 35%[2], respectively.

In parallel with the launches, we continue to strengthen the scientific foundation for MOB-015. New analyses from our North American Phase 3 study were published in the peer-reviewed Journal of Fungi in October. The findings show potent antifungal activity of terbinafine against the vast majority of the dermatophyte isolates tested. In addition, mycological cure with MOB-015 was achieved across the full range of terbinafine susceptibility at baseline, including in patients whose isolates showed reduced susceptibility in vitro. These findings are particularly encouraging in light of the growing international attention to antifungal resistance.

We have also continued to strengthen MOB-015's patent protection. In November, the first U.S. patent covering an improved dosing regimen for MOB-015 was granted, with an expected term through December 2041. The U.S. is the first market in which a patent application within this patent family has been granted, while corresponding applications continue to be under examination in other markets. This strengthens the long-term value potential of MOB-015.

During the autumn, we have also had an intense period of external meetings. At EADV in Vienna, we met with leading dermatologists and other experts in onychomycosis, and at CPHI in Milan we had meetings with partners and pharmaceutical manufacturers. These meetings are important both for the ongoing launch preparations and for the long-term development of MOB-015.

We are now entering a period in which several years of work on regulatory approvals, partnerships and preparations will steadily translate into launches in new markets. Our immediate focus is to ensure successful launches together with our partners and build on the strong results that Terclara® has already achieved in the Nordic region. At the same time, we continue our efforts to maximize the long-term global potential of MOB-015.

Anna Ljung, CEO Moberg Pharma

ABOUT THIS INFORMATION
This information is information that Moberg Pharma is Obliged to make public persuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 8.00 a.m. CET on November 12, 2026.

FOR ADDITIONAL INFORMATION
Anna Ljung, CEO, Phone: +46 70 766 60 30, e-mail: anna.ljung@mobergpharma.se
Mark Beveridge, VP Finance, Phone: +46 76 805 82 88, e-mail: mark.beveridge@mobergpharma.se