SIX-MONTH PERIOD (JAN-JUN 2025)
·    Net revenue SEK 7.5 million (4.9)
·    EBITDA SEK -13.1 million (-12.7) 
·    Operating profit (EBIT) SEK -13.9 million (-13.4) 
·    Profit for the period SEK -10.2 million (-10.5) 
·    Diluted earnings per share SEK -0.22 (-0.36) 
·    Cash and cash equivalents amounted to SEK 254.7 million (326.0) 

SECOND QUARTER (APR-JUN 2025)
·    Net revenue SEK 3.6 million (4.1)
·    EBITDA SEK -9.3 million (-5.2) 
·    Operating profit (EBIT) SEK -9.7 million (-5.5) 
·    Profit for the period SEK -7.4 million (-4.0) 
·    Diluted earnings per share SEK -0.16 (-0.13) 
·    Cash and cash equivalents amounted to SEK 254.7 million (326.0)

SIGNIFICANT EVENTS DURING THE SECOND QUARTER 
·    In June, the company announced that Terclara®, its innovative drug for treatment of nail fungus, is already the market leader also in Norway. As in Sweden last year, the launch in Norway was timed ahead of peak season, with pharmacy deliveries beginning in February and consumer marketing starting at the end of March 2025.
·    The Annual General Meeting on May 22 resolved among other things to implement a long-term incentive program. Isabelle Ducellier, Otto Skolling and Richard Ding were elected as new board members.
·    In June, the company announced that it is streamlining its management team, which after the changes consists of Anna Ljung, Mark Beveridge, Annica Magnusson and Christina Erixon.

SIGNIFICANT EVENTS AFTER THE QUARTER

·    No significant events

CEO COMMENTS

Terclara®, our drug for treatment of nail fungus, reached an important milestone during the quarter: the product is now the market leader in both Sweden and Norway. This clearly demonstrates that our launch strategy is working and that demand for effective topical treatments is strong across several markets.

Moberg Pharma finds itself in a pivotal and positive stage. During second quarter of 2025, we strengthened our position as market leader in the treatment of nail fungus while continuing to adapt the organization for a broader European launch next year.

In Sweden, Terclara® is maintaining market leadership in terms of both value and volume, with a 44% value share and 38% unit share of pharmacy sales to end-consumers[1]. Compared to 2024, market share increased by 8% (in value), supported by a well-coordinated seasonal campaign further strengthened the brand's position in Sweden. Although overall category sales in Sweden were lower year-on-year in Q2, likely due to poorer early summer weather, Terclara® still grew in consumer-reported sales in both value and volume. However, inventory effects mean this growth is not fully reflected in our financials, with Q2 net sales amounting to SEK 3.6 million (4.1), also impacting our EBITDA.

In Norway, consumer sales data is not reported. Therefore, our market leadership is based on sell-in data to pharmacies, with a market share of 43% in value and 39% in units[2]. Terclara® also remained the market leader in both countries for the entire period January-June 2025 despite that the Norwegian launch was not timed until just ahead of peak season.

Terclara® was launched in Norway in collaboration with our partner Allderma. The Norwegian success follows the highly successful Swedish launch and builds on the same proven model: broad pharmacy distribution, targeted marketing, and close collaboration with healthcare professionals. The Scandinavian success is an important validation ahead of our expansion in the rest of Europe, a significantly larger market, where launches will be conducted as both OTC and Rx, depending on national classification. Our overall timetable for future launches in Europe remains unchanged. We continued during the quarter to work actively with our partnership strategy in order to optimize the commercialization of MOB-015 in additional markets.

In the near term, the priority is to invest in and focus on the European markets where MOB-015 has already been approved. We intend to showcase the product's market-leading potential through successful launches in the 13 European countries where we today have market approval before considering a new U.S. study or investments in marketing outside of Europe. In line with this strategy, we conducted a review of the company's resource allocation during the quarter to ensure that our investments align with our commercial phase. The need for resources in clinical development in particular has decreased, while the needs within commercialization are increasing as a result of ongoing and planned launches in Europe. As a consequence of this review, the company's management team was streamlined. We also made changes to the Board of Directors, welcoming new expertise with extensive experience in commercialization and international pharmaceutical markets. These new board members will prove valuable now that we are preparing for a broad-scale expansion in 2026.

With a strong first six months, continued market leadership in Sweden and a fantastic start in Norway, we have created a solid foundation for the next stage of our commercial journey. Our strategy is clear: to focus our resources where they generate the most value, in launches in priority European markets, while preparing for the next step in our long-term growth ambitions. We look forward to scaling our proven launch model, now with valuable lessons and refinements from the Norwegian experience.

Thank you to our dedicated employees, our partners, and our shareholders for your continued trust and support.

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 August 12th, 2025.

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