FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
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BACTIGUARD HOLDING AB | BACTIGUARD.COM
INTERIM REPORT FIRST QUARTER 2026
Building momentum through partnerships, regulatory progress and organizational strength
First quarter 2026 (January – March)
• Total revenue amounted to SEK 46.9 (62.7) million, a decrease of SEK 15.8 million corresponding to 25%.
• Net sales amounted to SEK 42.4 (59.1) million, a decrease of SEK 16.6 million corresponding to 28%.
Adjusted for currency effects of SEK -5.9 million, net sales decreased by 17%.
• Operating loss amounted to SEK 7.2 (2.6) million.
• EBITDA amounted to SEK 4.1 (9.4) million with a margin of 8.8% (15.0%).
• Adjusted EBITDA amounted to SEK 4.9 million (9.4) with a margin of 10.5% (15.0%).
• Net loss for the period amounted to SEK 5.6 (4.7) million.
• Loss per share, before and after dilution, amounted to SEK 0.16 (0.13).
• Cash flow from operating activities amounted to SEK -7.4 (-12.1) million corresponding to SEK -0.21 (-0.35)
per share.
1 Defined according to IFRS.
2 Alternative performance measure. For definition and reconciliation, see pages 16-17.
Key figures Full year RTM2026 2025 2025 2025/26Total revenue¹,MSEK 46.9 62.7 228.8 212.9Operating profit/loss¹,MSEK -7.2 -2.6 -3.3 -7.9EBITDA²,MSEK 4.1 9.4 43.8 38.5EBITDA margin²,% 8.8 15.0 19.1 18.1Adjusted EBITDA²,MSEK 4.9 9.4 43.8 39.3Adjusted EBITDA margin (%)², 10.5 15.0 19.1 18.4Net profit/loss for the period¹,MSEK -5.56 -4.73 -7.84 -8.68Earnings per share¹,SEK -0.16 -0.13 -0.22 -0.25Cash flow from operating activities ¹,MSEK -7.4 -12.1 -1.5 3.2Cash flow from operating activities, per share²,SEK -0.21 -0.35 -0.04 0.09Equity ratio²,% 58.0 55.2 57.8 58.0Net debt²,MSEK126.0124.4118.7126.0Jan-Mar
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CEO statement
Building momentum through partnerships, regulatory progress and organizational strength
The first quarter of 2026 was marked by continued progress in executing Bactiguard’s strategy, with a strong
focus on deepening partnerships, advancing regulatory-related activities, and strengthening the foundations for
long-term growth.
Adjusted EBITDA for the quarter amounted to SEK 4.9 million, reflecting continued profitability in a period with
lower revenues compared with the same quarter last year. The development was influenced by substantial
negative currency effects, which reduced reported net sales by SEK 5.9 million and, in turn, affected profitability.
At the same time, our disciplined cost base and scalable business model continued to support resilient EBITDA.
Total license revenues excluding currency effects amounted to SEK 30.2 million. While lower year on year, this
reflects a combination of timing in the license business and a particularly strong comparison quarter last year.
Importantly, the underlying fundamentals of our license model remain solid, supported by stable partner
relationships, ongoing commercial activity, and continued expansion of the clinical and regulatory evidence base
for our technology.
Our partnership with BD continues to develop positively. Although revenues in the quarter were lower than last
year, the collaboration is progressing well and remains strategically important for both parties. Sales of
Bactiguard-coated products have now begun in parts of Europe, and preparations are underway for further
expansion into additional European markets. The close and constructive dialogue between our teams, combined
with increasing market presence, reinforces our confidence in the long-term growth potential of the partnership.
For Zimmer Biomet, the first quarter represents the first reported period under the updated business setup for the
ZNN Bactiguard trauma nail system. During the quarter, focus was on advancing the MDR transition in Europe
and continuing postmarket clinical studies. These activities are essential to support future commercial
development and to gradually increase transparency around inmarket performance. Beyond the operational
progress, the collaboration with Zimmer Biomet is characterized by a strong and forward-looking working
relationship, with shared commitment to strengthening both the clinical and regulatory position of Bactiguard-
coated trauma implants.
The Wound Management portfolio generated revenues of SEK 18.2 million, excluding currency effects, which is
lower than the strong first quarter last year but still represents a solid performance. Hydrocyn aqua remains the
main contributor, supported by ongoing distributor onboarding, entry into additional markets, and encouraging
feedback on demand and clinical relevance. We continue to see Wound Management as an important
complementary growth driver with clear potential to deliver profitable growth over time.
A key priority during the quarter was continued investment in regulatory-related activities to support future market
approvals. Clear and well defined regulatory pathways are central to our value proposition for both existing and
new partners. Our work to clarify and advance regulatory routes, including those related to the US FDA, is aimed
at reducing complexity, shortening development timelines, and increasing the attractiveness of Bactiguard’s
technology across multiple therapeutic areas. In parallel, the ongoing MDR process with Zimmer Biomet remains
a critical enabler for sustained growth in orthopedic trauma.
In addition, we maintained a high level of business development activity across our strategic therapeutic areas.
Through broad engagement with potential partners, clinicians, and industry stakeholders, we continue to build
visibility, validate interest, and progress early-stage opportunities that support our long-term growth ambitions.
Strengthening the leadership team
During the quarter, we also strengthened our leadership team to support the next phase of Bactiguard’s
development. In addition to the existing competences in the management in our core technology areas, we have
added Communications, Business Development & Alliance Management, Regulatory & Quality, and Wound
Management in our most senior leadership. We have been able to achieve this through a combination of external
recruitment and internal promotion and this team represents our capabilities in areas that are critical to executing
our strategy and supporting continued growth.
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Outlook
Infection prevention remains a critical global healthcare priority, and the relevance of Bactiguard’s technology
continues to increase. While quarterly revenues will vary due to currency movements, regulatory timing, and the
nature of license agreements, our strategic direction is unchanged. We will continue to strengthen partnerships,
advance regulatory pathways, deepen business development activities, and drive profitable growth in Wound
Management.
With a solid foundation in place, we remain confident in our ability to create long-term value through disciplined,
step-by-step execution of our strategy.
Christine Lind
CEO
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Business model
Bactiguard is a global MedTech company developing safe and biocompatible technology to prevent medical
device related infections. The company’s unique technology is based on an ultra-thin noble metal coating that
prevents bacterial adhesion and biofilm formation on medical devices.
Bactiguard’s infection prevention solutions decrease patient suffering, save lives, and unburden healthcare
resources while also fighting against antimicrobial resistance, one of the most serious threats to global health and
modern medicine.
Bactiguard operates through license partnerships with leading global MedTech companies that apply the infection
prevention technology to their medical devices and sell them under their own brand or co-branded with
Bactiguard. Our license-focused business model is scalable with operational leverage.
Partnerships across three phases
Bactiguard’s license revenues have three components: revenues for coating and process development, revenues
for the right to use the coating technology on medical devices within a specific application and geographical area,
and royalties – a variable remuneration once the license partners’ products reach the market. The revenues are
generated across three partnership phases: application development, exclusivity and license.
An application development partner works in close collaboration with Bactiguard’s R&D team exploring the
application of our infection prevention technology to the partners’ underlying device to enhance its performance.
The nature of development work means that not every project will succeed, but the learnings are valuable for
other application areas.
An exclusivity partner gets exclusive rights to apply our coating technology to a certain medical device but has
no products in the market yet, for instance due to pending regulatory approvals, which can take time depending
on the type of application and its classification.
A license partner has the right to market and sell medical devices with Bactiguard’s coating technology, in a
certain region or globally.
Not all partnerships will follow all three phases. An agreement with a partner can generate revenues from
separate phases and components simultaneously.
Partnerships Application area Market
Becton, Dickinson & Company (BD) Urinary catheters (Foley) Global excl. China
Zimmer Biomet Trauma nail system, ZNN Bactiguard Europe, selected MEA markets
and Japan
Well Lead Medical Urinary catheters China
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Development in the first quarter
Revenue
Total revenue excluding currency effects for the first quarter amounted to SEK 50.8 (60.4) million, a decrease of
16 percent. Total revenue including currency effects for the first quarter amounted to SEK 46.9 (62.7) million, a
decrease of 25 percent.
Net sales excluding currency effects amounted to SEK 48.4 (57.9) million, a decrease of 17 percent. Net sales
including currency effects amounted to SEK 42.4 (59.1) million, a decrease of 28 percent.
Total license revenue excluding currency effects amounted to SEK 30.2 (37.5) million, a decrease of 20 percent.
Total license revenue including currency effects amounted to SEK 25.1 (39.3) million, a decrease of 36 percent.
Revenues from Becton, Dickinson & Company (BD) excluding currency effects amounted to SEK 25.4 (30.4)
million, a decrease of 16 percent. Revenues from BD including currency effects amounted to SEK 21.1 (32.2)
million, a decrease of 35 percent. Revenues from Zimmer Biomet excluding currency effects amounted to SEK
4.8 (0.8) million. Revenues from Zimmer Biomet including currency effects amounted to SEK 4.1 (0.9) million.
Revenues from license partners excluding currency effects amounted to SEK 29.2 (37.5) million, a decrease of 22
percent. Revenues from license partners including currency effects amounted to SEK 24.2 (39.3) million, a
decrease of 38 percent.
Revenues from application development partners amounted to SEK 0.9 (0.0) million.
Revenues from Wound Management portfolio excluding currency effects amounted to SEK 18.2 (19.9) million, a
decrease of 8 percent. Revenues from Wound Management portfolio including currency effects amounted to SEK
17.3 (19.2) million, a decrease of 10 percent. The decline mainly pertains to a high comparison period.
As a result of discontinued business, revenues from the BIP portfolio amounted to SEK 0.0 (0.5) million.
Other revenues amounted to SEK 4.5 (3.7) million, an increase of SEK 0.8 million, corresponding to 21 percent.
Currency effects amounted to SEK 2.0 (1.2) million and the remaining revenue primarily relates to rent income.
Result
Costs for raw materials and consumables for the first quarter amounted to SEK -3.8 (-12.2) million, a decrease of
SEK 8.5 million, corresponding to 69 percent. Other external costs amounted to SEK -15.5 (-15.6) million, a
decrease of SEK 0.1 million, corresponding to 1 percent. Personnel costs amounted to SEK -21.5 (-23.1) million,
a decrease of SEK 1.7 million, corresponding to 7 percent. Personnel costs were lower than in the previous
period, despite an increased number of employees, mainly due to reversal of accrual relating to variable
renumerations. Other operating expenses are related to currency exchange losses/gains, which amounted to SEK
-2.0 (-3.6) million. Total operating expenses (OPEX) amounted to SEK -39.0 (-42.4) million, a decrease of SEK
3.3 million, corresponding to 8 percent.
The operating loss amounted to SEK 7.2 (2.6) million, an increase of SEK 4.6 million. The increase mainly
pertained to lower license partner revenues even though operating expenses (OPEX) are lower following the
transformation and continued cost control measures.
Full year RTM Full year RTMMSEK2026 2025 % 2025 2025/26 2026 2025 % 2025 2025/26Total license revenue 30.2 37.5 -20% 163.3 156.0 25.1 39.3 -36% 152.3 138.2 License partners 29.2 37.5 -22% 163.0 154.7 24.2 39.3 -38% 152.0 137.0 Exclusivity partners - - 0% - - - - 0% - - Application development partners 0.9 0.0 N/A 0.3 1.3 0.9 0.0 N/A 0.3 1.1Wound Management portfolio 18.2 19.9 -8% 63.8 62.7 17.3 19.2 -10% 62.7 60.8BIP portfolio - 0.6 -100% 0.9 0.3 - 0.5 -100% 0.9 0.3Net sales 48.3 57.9-17%228.0 219.0 42.4 59.1-28%215.9 199.3Other operating revenues 2.4 2.5 -3% 9.6 9.6 4.5 3.7 21% 12.8 13.6Total revenue 50.8 60.4-16%237.7 228.6 46.9 62.7-25%228.8 212.9Jan-Mar Jan-MarExcluding currency effects Including currency effects
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EBITDA for the first quarter amounted to SEK 4.1 (9.4) million, a decrease of SEK 5.3 million. The EBITDA
margin was 8,8 (15,0) percent.
Adjusted EBITDA for the first quarter amounted to SEK 4.9 (-) million and the adjusted EBITDA margin was 10,5
percent.
Depreciation and amortization amounted to SEK -11.3 (-12.0) million. Amortization of intangible assets amounted
to SEK -6.9 (-7.1) million, attributable primarily to amortization of Bactiguard’s technology, SEK -6.2 (-6.4) million.
Depreciation of tangible assets amounted to SEK -4.4 (-4.9) million, primarily attributable to depreciation on
leasing of SEK -3.1 (-3.4) million.
Financial items amounted to SEK -0.7 (-4.9) million. Financial income amounted to SEK 1.2 (0.0) million.
Financial expenses amounted to SEK -1.9 (-4.9) million which mainly pertained to interest expenses of SEK -1.6
(-2.6) million.
Current tax for the period amounted to SEK 0.0 (0.0) million. Change in deferred tax amounted to SEK 2.3 (2.8)
million attributable to the intangible assets and leases, which is calculated at the Swedish tax rate of 20.6 percent.
Income tax in foreign subsidiaries is calculated on the basis of a tax rate of 24.0 percent.
Net loss for the first quarter of 2026 amounted to SEK 5.6 (4.7) million.
Cash flow
Cash flow from operating activities for the quarter amounted to SEK -7.4 (-12.1) million. Change in working capital
for the quarter amounted to SEK -8.1 (-8.8) million.
Cash flow from investing activities for the quarter amounted to SEK -0.9 (-0.1) million.
Cash flow from financing activities for the quarter amounted to SEK -1.8 (-55.5) million, while the figure for Q1
2025 mainly pertained to the amortization of SEK 51.0 million of the financing with SEB in February 2025.
Cash flow for the quarter amounted to SEK -10.1 (-67.7) million. Cash and cash equivalents at the end of the
period of 31 March 2026 amounted to SEK 35.3 (46.8) million.
Financial position
Equity on 31 March 2026 amounted to SEK 311.6 (317.7) million and net debt to SEK 126.0 (124.4) million. Total
assets on 31 March 2026 amounted to SEK 537.3 (575.6) million.
As of 31 March 2026, the parent company’s liabilities with SEB amounted to SEK 120.0 (120.0) million. As of 31
March 2026, the approved overdraft facility from SEB of SEK 30 million was not utilized. Foreign subsidiaries had
credit facilities amounting to SEK 8.4 (8.0) million, of which SEK 1.7 million was utilized as of 31 March 2026.
Employees
Full-time equivalents in the Group during the period January to March averaged to 169 (146) FTE, of which 113
(101) are women. On 31 March 2026, the number of full-time equivalents was 168 FTE.
The share and share capital
Bactiguard's B share is listed on Nasdaq Stockholm with the short name "BACTI B". The closing price for the B
share was SEK 16,4 (29,8) on 31 March 2026 and the market capitalization amounted to SEK 573 (1 044) million.
The share capital in Bactiguard on 31 March 2026 amounted to SEK 0.9 (0.9) million divided into 31,043,885
Class B shares with one vote each (31,043,885 votes) and 4,000,000 Class A shares with ten votes each
(40,000,000 votes). The total number of shares and votes in Bactiguard on 31 March 2026 was 35,043,885
shares and 71,043,885 votes.
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Ownership
1 Company controlled by Thomas von Koch.
2 Company controlled by Christian Kinch.
Per 31 March 2026 Bactiguard had 2 804 (2,979) shareholders.
ShareholdersNo. of A shares No. of B shares Total number % of capital % of votes TomBact AB¹ 2,000,000 7,341,118 9,341,118 26.7 38.5GIDL Invest AB² 2,000,000 4,106,497 6,106,497 17.4 33.9Nordea Funds AB 3,696,094 3,696,094 10.6 5.2Jan Ståhlberg 3,605,150 3,605,150 10.3 5.1The Fourth Swedish National Pension Fund 3,475,992 3,475,992 9.9 4.9Handelsbanken Fonder AB 1,881,933 1,881,933 5.4 2.7Försäkringsaktiebolaget Avanza Pension 900,565 900,565 2.6 1.3Lancelot Asset Management AB 600,000 600,000 1.7 0.8SEB Investment Management AB 437,188 437,188 1.3 0.6SEB LIFE INTERNATIONAL ASSURANCE 393,000 393,000 1.1 0.6Total, major shareholders 4,000,000 26,437,537 30,437,537 86.9 93.5Total, others 4,606,348 4,606,348 13.1 6.5Total number of shares 4,000,000 31,043,885 35,043,885 100.0 100.0
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Key events
Key events during the quarter
No key events were externally communicated during the quarter.
Key events after the end of the quarter
No key events have been communicated externally after the end of the quarter.
Financial targets
The company’s financial targets relate to growth and profitability and are expected to be delivered by year-end
2030. The financial and strategic targets should not be perceived as a forecast but rather reflect what
Bactiguard’s Board of Directors and Executive Management consider to be reasonable mid-term expectations
given the sharpened license focused strategy.
Revenues: deliver revenues of at least SEK 600 million by year-end 2030
EBITDA: deliver an EBITDA of at least SEK 200 million by year-end 2030
Partnership development: have at least ten application areas in either exclusivity partnerships or license
partnerships by year-end 2030
Other information
Accounting and valuation principles
The consolidated financial statements are prepared in accordance with the International Financial Reporting
Standards (IFRS). The interim report has been prepared in accordance with IAS 34 Interim Reporting and the
Annual Accounts Act. Disclosures in accordance with IAS 34 Interim Reporting are submitted both in notes and
elsewhere in the interim report. The parent company’s financial statements have been prepared in accordance
with the Annual Accounts Act and the Swedish Corporate Reporting Board's recommendation, RFR 2 Accounting
for Legal Entities.
Accounting and valuation principles are stated in the annual report 2025. The accounting principles are
unchanged from previous periods.
Segment reporting
An operating segment is a component of an entity that engages in business activities from which it may derive
revenues and incur expenses, whose operating results are regularly reviewed by the chief operating decision
maker and for which there is separate financial information. The company's reporting of operating segments is
consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision
maker is the function that assesses the operating segment performance and decides how to allocate resources.
The company has determined that the Group’s executive management constitutes of the chief operating decision
maker. The company is considered in its entirety to operate within one business segment.
Parent company
During the period, the parent company has received compensation for services and interest in its receivables from
group companies. No investments were made during the period.
Risk factors
Companies within the Group are exposed to various types of risk through their activities. Bactiguard continually
engages in a process of identifying all risks that may arise and assessing how each of these risks shall be
managed. The Group is working to create an overall risk management program that focuses on minimizing
potential adverse effects on the company's financial results. The company is primarily exposed to financial risks,
market risks and operational risks. A description of these risks can be found on page 14-15 and 57–59 in the
annual report 2025.
The geopolitical situation and macro trends
In addition to identified risks, the macro situation and its impact is continuously monitored. The global healthcare
challenges have a significant impact on society. The need for more efficient and safe healthcare is driven by both
economic and demographic developments, as well as increased political unrest, conflicts, wars, and natural
disasters. Particularly prominent are healthcare-associated infections and antimicrobial resistance where we see
an increased interest in infection prevention.
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Bactiguard does not have suppliers in or sales to any of Russia, Belarus, or Ukraine. However, the global
economy is affected by the situation of the war, and we follow developments closely and continuously evaluate
the operational and financial effects as the global situation may change and affect the company's financial
position. Bactiguard has a subsidiary in Israel. We are closely following the developments there and our primary
focus is to ensure the staff’s well-being and security. We make the assessment that the conflict in Israel will have
a negligible effect on the group’s result and financial position.
While we see falling inflation levels, inflation and higher prices can continue to affect the company negatively as it
is not always possible to change the price to the customers, all of which can affect the financial position
negatively. The falling inflation levels can lead to lower interest rates, which can positively impact the interest
costs. Some countries are now in or close to recession, which can lead to a decreased ability for customers to
pay their invoices. Bactiguard has substantial USD exposure in the license business, and a weaker USD will have
a negative effect on the results, see the annual report 2025. The company does not hedge the currency exposure.
Developments are monitored closely, given the rapidly evolving landscape.
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Group consolidated income statement
Condensed statement of comprehensive income
Full year RTMTSEK Note 2026 2025 2025 2025/26Revenues1Net sales 42,448 59,053 215,918 199,313Other operating income4,457 3,687 12,849 13,619Total 46,905 62,740 228,767 212,932Change in inventory of finished goods and products in progress 4 1,273 2,618 1,349Raw materials and consumables -3,764 -12,242 -33,883 -25,405Other external expenses -15,536 -15,615 -51,595 -51,516Personnel costs -21,468 -23,128 -95,376 -93,716Depreciation and amortization -11,293 -12,020 -47,077 -46,350Other operating expenses -2,016 -3,619 -6,776 -5,173Total -54,073 -65,351 -232,089 -220,811Operating profit/loss -7,168 -2,612 -3,322 -7,879Profit/loss from financial itemsFinancial income 1,196 16 1,392 2,572Financial expenses -1,888 -4,883 -12,183 -9,188Total -692 -4,867 -10,791 -6,616Profit/loss before tax -7,860 -7,478 -14,113 -14,495Current tax - - -1,019 -1,019Deferred tax 2,298 2,750 7,288 6,836NET PROFIT/LOSS FOR THE PERIOD -5,562 -4,728 -7,844 -8,678Attributable to:The parent company´s shareholders -5,562 -4,728 -7,844 -8,678Earnings per share, before and after dilution, SEK -0.16 -0.13 -0.22 -0.25
Jan-Mar
Full year RTMTSEK Note 2026 2025 2025 2025/26Net profit/loss for the period -5,562 -4,728 -7,844 -8,678Other comprehensive income:Items that will not be reclassified to profit or loss for the year - - - -Items that will be reclassified to profit or loss for the yearTranslation differences 2,228 -5,933 -5,565 2,596Other comprehensive income, after tax 2,228 -5,933 -5,565 2,596TOTAL COMPREHENSIVE INCOME FOR THE PERIOD -3,335 -10,661 -13,409 -6,083Attributable to:The parent company´s shareholders -3,335 -10,661 -13,409 -6,083Number of shares at the end of period ('000) 35,044 35,044 35,044 35,044Weighted average number of shares ('000) 35,044 35,044 35,044 35,044Jan-Mar
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Group condensed statement of financial position
TSEKNote2026-03-31 2025-03-31 2025-12-31ASSETSNon-current assetsIntangible fixed assetsGoodwill250,108248,680 248,817Technology16,55241,814 22,771Brands25,57925,579 25,579Customer relationships2,1193,496 2,462Capitalized development costs2411,344 517Patent563870 605Total 295,162321,782 300,751Tangible assetsRight of use lease assets36,94748,498 39,684Buildings23,70422,973 22,992Leasehold improvements17,74318,004 18,194Machinery and other technical plant4,7915,578 5,047Equipment, tools and installations7,4305,838 7,426Total 90,615 100,890 93,343Financial assetsOther non-current receivables2,8692,889 2,857Total 2,869 2,889 2,857Deferred tax assets26,20020,296 23,942Total non-current assets 414,848 445,858 420,896Current assetsInventory25,83421,400 21,881Accounts receivable35,86235,079 35,757Other current receivables 211,73713,578 10,197Prepaid expenses and accrued income13,71412,846 12,075Cash and cash equivalents35,34446,814 44,261Total current assets 122,491 129,717 124,171TOTAL ASSETS 537,338 575,575 545,063EQUITY AND LIABILITIESEquity attributable to shareholders of the parentShare capital 876876 876Translation reserve7874,124 -1,441Other capital contribution 930,680 930,680 930,680Retained earnings including net profit/loss for the period-620,745-617,999 -615,182Total equity 311,598 317,681 314,933Non-current liabilitiesLiabilities to credit institutions120,538118,845 119,373Leasing liabilities26,48138,232 29,472Provisions5,2575,257 6,966Other long-term liabilities - --Total non-current liabilities 152,276 162,334 155,811Current liabilitiesLiabilities to credit institutions- - -Leasing liabilities14,28214,152 14,079Accounts payable14,12823,723 17,750Provisions7,86117,175 7,391Other current liabilities 23,1242,369 2,013Accrued expenses and prepaid income34,07138,140 33,086Total current liabilities 73,466 95,559 74,319TOTAL LIABILITIES 225,742 257,893 230,130TOTAL EQUITY AND LIABILITIES 537,338 575,575 545,063
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Group condensed statement of changes in equity
TSEKShare capital Other capital contribution Reserves Retained earnings including net profit/loss for the period Total equity Opening balance 2025-01-01 876 930,680 4,124 -607,338 328,342Net profit/loss for the period - - - -4,728 -4,728Other comprehensive income:Translation differences - - -5,933 - -5,933Total comprehensive income after tax - - -5,933 -4,728 -10,661Closing balance 2025-03-31 876 930,680 -1,809 -612,066 317,681Opening balance 2026-01-01 876 930,680 -1,441 -615,182 314,933Net profit/loss for the period - - - -5,562 -5,562Other comprehensive income:Translation differences - - 2,228 - 2,228Total comprehensive income after tax - - 2,228 -5,562 -3,334Closing balance 2026-03-31 876 930,680 787 -620,744 311,599
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Group condensed statement of cash flows
Full year RTMTSEK Note 2026 2025 2025 2025/26Net profit/loss for the period-5,563 -4,728 -7,844 -8,679Adjustments for depreciation and amortization and other non-cash items6,194 1,432 33,751 38,513Increase/decrease inventory-3,769 5,583 7,631 -1,721Increase/decrease accounts receivable-360 -10,359 -13,702 -3,703Increase/decrease other current receivables -3,191 -2,916 4,047 3,772Increase/decrease accounts payable -3,622 798 -5,175 -9,595Increase/decrease other current liabilities 2,879 -1,919 -20,195 -15,397Cash flow from changes in working capital -8,064 -8,813 -27,394 -26,645Cash flow from operating activities -7,433 -12,110 -1,485 3,191Investments in intangible assets- - - -Investments in tangible assets -854 -128 -5,720 -6,446Cash flow from investing activities -854 -128 -5,720 -6,446Amortization of financial leasing liability -2,991 -3,449 -11,223 -10,765Amortization of loan - -52,048 -51,748 300Change in bank overdraft 1,165 - 228 1,393Cash flow from financing activities -1,826 -55,497 -62,743 -9,072Cash flow for the period -10,113 -67,734 -69,949 -12,328Cash and cash equivalents at the beginning of the period 44,261 116,727 116,727 46,814Exchange difference in cash and cash equivalents 1,195 -2,179 -2,517 857Cash and cash equivalents at end of period 35,344 46,814 44,261 35,344
Jan-Mar
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Condensed parent company income statement
The parent company presents no separate statement of comprehensive income since the company has no items in 2026 or 2025 recognized in
other comprehensive income. Net profit/loss for the period for the parent company thereby also constitutes of the comprehensive income for the
period.
Full year RTMTSEK Note 2026 2025 2025 2025/26Net sales- - 2,833 2,833Total- - 2,833 2,833Other external expenses-817 -974 -3,728 -3,571Personnel costs-741 -740 -3,032 -3,033Total-1,558 -1,714 -6,760 -6,604Operating profit/loss-1,557 -1,714 -3,928 -3,771Financial income2,772 3,547 12,670 11,895Financial expenses-1,359 -2,203 -7,202 -6,358Total1,413 1,344 5,468 5,537Income after financial items-145 -370 1,541 1,766Deferred tax- - - -Net profit/loss for the period-145 -370 1,541 1,766Jan-Mar
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Condensed parent company balance sheet
TSEKNote2026-03-31 2025-03-31 2025-12-31ASSETSNon-current assetsFinancial assetsShares in subsidiaries635,191 625,191 635,191Receivables from group companies285,700 297,746 290,711Deferred tax assets15,255 15,255 15,255Total non-current assets 936,145938,192 941,157Current assetsCurrent receivablesOther current receivables251 290 1,713Prepaid expenses and accrued income69,685 57,701 66,455Total 69,93657,991 68,168Cash and bank equivalents4,686 2,897 1,764Total current assets 74,62260,888 69,932TOTAL ASSETS 1,010,768999,079 1,011,089EQUITY & LIABILITIESEquityRestricted equityShare capital 876 876 876Total restricted equity 876876 876Non-restricted equityNon-restricted share premium727,969 727,969 727,969Retained earnings including net profit/loss for the period-23,771 -25,536 -23,625Total non-restricted equity 704,198702,433 704,344Total equity 705,075703,309 705,220Non-current liabilitiesLiabilities to credit institutions120,000120,000 120,000Total non-current liabilities 120,000 120,000 120,000Current liabilitiesLiabilities to group companies 184,026 174,000 184,000Accounts payable367 239 297Other current liabilities211 129 133Accrued expenses and prepaid income1,089 1,402 1,438Total current liabilities 185,693175,770 185,868Total liabilities 305,693295,770 305,868TOTAL EQUITY AND LIABILITIES 1,010,768999,079 1,011,089
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Definitions of alternative key performance indicators
Bactiguard presents certain financial measures in its annual report that have not been defined in line with IFRS
(referred to as alternative key performance indicators as set forth in the ESMA guidelines). It is the opinion of the
company that these measures provide useful supplementary information to investors and the company’s
management as they allow for the evaluation of the company’s performance. Since not all companies calculate
the measures in the same way, these are not always comparable to measures used by other companies. These
performance measures should therefore not be considered a substitute for measures as defined under IFRS.
The definitions and tables below describe how the performance measures are calculated. The measures are
alternative in accordance with ESMA’s guidelines unless otherwise stated.
EBITDA
EBITDA presents the company’s earning capacity from ongoing operations irrespective of capital structure and
tax situation. The key figure is used to facilitate comparisons with other companies in the same industry. The
company considers this performance measure to be the most relevant, since the company’s technology is
depreciated by large amounts, which does not impact cash flow negatively. Bactiguard’s patented, unique
technology can be applied to a broad range of products in the licensing business.
The company defines EBITDA as operating profit/loss excluding depreciation and amortization of tangible and
intangible assets.
EBITDA margin
Presents the company’s earning capacity from ongoing operations, irrespective of capital structure and tax
situation, in relation to revenues. The key figure is used to facilitate analysis of the company’s result in
comparison with comparable companies.
Adjusted EBITDA
Adjusted EBITDA is presented as an alternative performance measure to illustrate the underlying operating
performance by excluding items affecting comparability. A reconciliation to EBITDA is provided below.
The Group expects to incur non-recurring costs related to the EU Medical Device Regulations (MDR) during 2026
and 2027.
These costs are not considered representative of the underlying operating performance as they do not form part
of the Group’s ongoing core operations and are therefore considered non-recurring. To provide a more
comparable view of performance, the Group therefore also presents adjusted EBITDA and adjusted EBITDA
margin excluding these costs.
Jan-Mar
TSEK 2026 2025
Operating profit/loss -7 168 -2 612
+ Depreciation 11 293 12 020
EBITDA 4 125 9 409
+ Adjustment for MDR-costs 795
Adjusted EBITDA 4 920 9 409
Full year RTMTSEK 2026 2025 2025 2025/26Operating profit/loss-7,168 -2,612 -3,322 -7,879Depreciation 11,293 12,020 47,077 46,350EBITDA4,125 9,409 43,755 38,471Jan-MarFull year RTMTSEK 2026 2025 2025 2025/26EBITDA4,125 9,409 43,755 38,471Revenues46,905 62,740 228,767 212,932EBITDA margin %8.8 15.0 19.1 18.1Jan-Mar
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INTERIM REPORT FIRST QUARTER 2026 | 17
Adjusted EBITDA margin
Presents the company’s adjusted, as defined above, earning capacity from ongoing operations, irrespective of
capital structure and tax situation, in relation to revenues.
Jan-Mar
TSEK 2026 2025
Adjusted EBITDA 4,920 9,409
Revenues 46,905 62,740
Adj. EBITDA margin % 10.5 15.0
Net debt
Net debt is a measure used to describe the Group’s indebtedness and its ability to repay its debt with cash
generated from the Group’s operating activities if the debts matured today. The company considers this key figure
interesting for creditors who want to understand the Group’s debt situation.
The company defines net debt as interest-bearing liabilities minus cash and cash equivalents at the end of the
period.
Equity ratio
Equity ratio is a measure the company considers important for creditors who want to understand the company’s
long-term ability to pay. The company defines equity ratio as equity and untaxed reserves (less deferred tax), in
relation to the balance sheet total.
Cash flow from operating activities per share
Cash flow per share calculated as the cash flow from operating activities divided by the average number of shares
outstanding during the period. The key figure is presented because it is used by analysts and other stakeholders
to evaluate the company – it shows operating cash flow per share.
Profit/loss from financial items
Financial income minus financial expenses. Direct reconciliation against financial report is possible.
RTM/Rolling 12 months
This performance measure implies the twelve months before and including a certain date.
Full yearTSEK 2026 2025 2025Non-current liabilities to credit institutions 120,538 118,845 119,373Current liabilities to credit institutions - - -Long-term lease debt 26,481 38,232 29,472Short-term lease debt 14,282 14,152 14,079Interest-bearing debt 161,301 171,229 162,924Cash and cash equivalents 35,344 46,814 44,261Net debt 125,957 124,415 118,663Jan-MarFull yearTSEK 2026 2025 2025Equity 311,598 317,681 314,933Balance sheet total 537,337 575,575 545,063Equity ratio, % 58.0 55.2 57.8Jan-Mar
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Note 1 Revenue distribution
Note 2 Financial assets and liabilities at fair value
The table below shows the breakdown of financial assets and financial liabilities recognized at fair value in the
consolidated balance sheet. Distribution of how fair value is determined is based on three levels.
Level 1: according to prices quoted on an active market for the same instrument.
Level 2: based on directly or indirectly observable market data not included in level 1.
Level 3: based on input data that is not observable on the market.
For description of how fair values have been calculated, see annual report 2025, note 4. Fair value of financial
assets and liabilities is estimated to be substantially consistent with posted values. The balance sheet contains
receivables and liabilities from the business that are held to maturity. These are reported at amortized cost, which
also constitutes an approximation to fair value.
Quarterly information
Full year RTMTSEK 2026 2025 2025 2025/26License partners24,246 39,252 152,030 137,024Exclusivity partners- - - -Application development partners887 50 294 1,131Wound Management portfolio17,315 19,202 62,736 60,850BIP portfolio- 549 858 309Total42,448 59,053 215,918 199,313Time for revenue recognitionPerformance commitment is met at a certain time 41,561 59,003 215,624 198,182Performance commitment is met during a period of time 887 50 294 1,131Total42,448 59,053 215,918 199,313Jan-Mar
TSEK Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 RTM 25/26License partners24,246 48,927 29,771 34,080 39,252 41,205 137,024Exclusivity partners- - - - - 2,477 -Application development partners887 176 76 - 50 551 1,131Wound Management portfolio17,315 14,062 15,633 13,840 19,202 15,628 60,850BIP portfolio- - -15 324 549 3,213 309Other operating revenues4,457 2,398 2,885 3,871 3,687 5,182 13,619Total revenue46,905 65,563 48,349 52,115 62,740 68,256 212,932EBITDA4,125 24,698 5,269 4,379 9,409 8,436 38,471EBITDA margin (%)8.8 37.7 10.9 8.4 15.0 12.4 18.1Adjusted EBITDA4,920 24,698 5,269 4,379 9,409 8,436 39.3Adjusted EBITDA margin (%)10.5 37.7 10.9 8.4 15.0 12.4 18.4EBIT -7,168 13,026 -6,443 -7,294 -2,612 -3,204 -7,879Net profit/loss for the period -5,562 12,511 -7,516 -8,111 -4,728 -920 -8,678Earnings per share, before and after dilution, SEK-0.16 0.36 -0.21 -0.24 -0.13 -0.03 -0.25Operating cash flow -7,433 11,689 -2,794 1,729 -12,111 18,860 3,191Operating cash flow per share, SEK-0.21 0.33 -0.08 0.05 -0.35 0.54 0.09Net debt125,957118,663128,698123,364124,415111,040125,957Total shares (pcs) 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885
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Signatories of the report
The Board of Directors and the CEO certify that the interim report, to the best of their knowledge, provides a fair
overview of the parent company's and the Group's operations, financial position and results and describes the
material risks and uncertainties faced by the parent company and the companies included in the Group.
Stockholm 23 April 2026
Thomas von Koch Richard Kuntz
Chairperson of the Board Board Member
Anna Martling Magdalena Persson
Board Member Board Member
Jan Ståhlberg Christine Lind
Board Member CEO
This interim report has not been reviewed by the company auditors.
This information is information that Bactiguard Holding AB (publ) is obliged to make public pursuant to the EU
Market Abuse Regulation. The information was submitted for publication, through the agency of the contact
persons set out below on 23 April 2026, at 07:00 a.m. CET.
This is a translation of the Swedish Interim report. In the event of any discrepancy, the Swedish version applies.
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About Bactiguard
Bactiguard is a global MedTech company developing safe and biocompatible technology to
prevent medical device related infections. The company’s unique technology is based on an
ultra-thin noble metal coating that prevents bacterial adhesion and biofilm formation on medical
devices.
Bactiguard’s infection prevention solutions decrease patient suffering, save lives, and unburden
healthcare resources while also fighting against antimicrobial resistance, one of the most
serious threats to global health and modern medicine.
Bactiguard operates through license partnerships with leading global MedTech companies that
apply the technology to their medical devices and sell them under their own brand or co-
branded with Bactiguard. The company also has a portfolio of wound management products.
Bactiguard is headquartered in Stockholm and listed on Nasdaq Stockholm.
Read more about Bactiguard bactiguard.com
Follow Bactiguard on LinkedIn
Financial calendar
23 April 2026 Interim report first quarter 1 January – 31 March 2026
19 May 2026 Annual General Meeting
14 July 2026 Interim report second quarter 1 April – 30 June 2026
22 October 2026 Interim report third quarter 1 July – 30 September 2026
Contacts
For additional information, please contact:
Patrick Bach, CFO: +46 8 440 58 80