Kvartalsrapport Q3 2025

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===== SIDA 1 =====

BACTIGUARD HOLDING AB | BACTIGUARD.COM 
INTERIM REPORT 
THIRD QUARTER 2025 
Continued profitability and clinical evidence supporting future growth 
Third quarter 2025 (July – September) 
• Total revenue amounted to SEK 48.4 (73.9) million, a decrease of SEK 25.5 million corresponding to 34.5%. 
• Net sales amounted to SEK 45.5 (67.3) million, a decrease of SEK 21.9 million corresponding to 32.5%. 
Adjusted for currency effects of SEK -3.4 million, net sales decreased by 27.4%.  
• Operating loss amounted to SEK 6.4 (1.9) million.  
• EBITDA amounted to SEK 5.3 (9.9) million.  
• Net loss for the period amounted to SEK 7.5 (4.7) million.  
• Loss per share, before and after dilution, amounted to SEK 0.21 (0.13).  
• Cash flow from operating activities amounted to SEK -2.8 (8.3) million corresponding to SEK -0.08 (0.24) per 
share. 
The period January – September 2025 
• Total revenue amounted to SEK 163.2 (193.6) million, a decrease of SEK 30.4 million corresponding to 
15.7%. 
• Net sales amounted to SEK 152.8 (178.6) million, a decrease of SEK 25.9 million corresponding to 14.5%. 
Adjusted for currency effects of SEK -5.4 million, net sales decreased by 11.5%.  
• Operating loss amounted to SEK 16.3 (25.7) million. 
• EBITDA amounted to SEK 19.1 (9.6) million. 
• Net loss for the period amounted to SEK 20.4 (28.9) million. 
• Loss per share, before and after dilution, amounted to SEK 0.59 (0.82).  
• Cash flow from operating activities amounted to SEK -13.2 (6.1) million corresponding to SEK -0.38 (0.17) 
per share. 
 
 
 
 
1 Defined according to IFRS.  
2 Alternative performance measure. For definition and reconciliation, see pages 16-17.  
Key figures Full year RTM
2025 2024 2025 2024 2024 2024/25
Total revenue¹,MSEK 48.4 73.9 163.2 193.6 261.9 231.5
Operating profit/loss¹,MSEK -6.4 -1.9 -16.3 -25.7 -28.9 -19.6
EBITDA²,MSEK 5.3 9.9 19.1 9.6 18.0 27.5
EBITDA margin²,% 10.9 13.4 11.7 5.0 6.9 11.9
Net profit/loss for the period¹,MSEK -7.5 -4.7 -20.4 -28.9 -29.8 -21.3
Earnings per share¹,SEK -0.21 -0.13 -0.59 -0.82 -0.85 -0.61
Cash flow from operating activities ¹,MSEK -2.8 8.3 -13.2 6.1 25.0 5.7
Cash flow from operating activities, per share²,SEK -0.08 0.24 -0.38 0.17 0.71 0.16
Equity ratio²,% 55.4 48.6 55.4 48.6 50.1 55.4
Net debt²,MSEK 128.7 129.0 128.7 129.0 111.0 128.7
Jan-SepJul-Sep

===== SIDA 2 =====

INTERIM REPORT THIRD QUARTER 2025 | 2 
CEO statement 
Continued profitability and clinical evidence supporting future growth 
The profitability trend continued during the third quarter with an EBITDA of SEK 5.3 million (Q3 2024: SEK 9.9 
million). Revenues amounted to SEK 48.4 (Q3 2024: SEK 73.9 million) with license revenues of SEK 29.9 million 
(Q3 2024: 47.5 million). The comparison is impacted by a weaker USD and high base from last year. The Wound 
Management portfolio revenues totalled SEK 15.6 million (Q3 2024: SEK 17.9 million) with continued growth in 
Hydrocyn aqua, but a decline in sutures. 
 
Progressed partnerships and extended clinical evidence on Bactiguard’s technology 
Total license revenues for Q3 amounted to SEK 29.9 million (Q3 2024: SEK 47.5 million), a decrease of 37 
percent compared to Q3 last year, including negative currency effects. The license revenues were impacted by 
the weakened USD and are compared to a high base from last year for both the BD and Zimmer Biomet 
partnership.  
Q3 revenues from license partner Zimmer Biomet were limited at SEK 1.5 million (Q3 2024: SEK 10.7 million) as 
expected, as no milestone or minimum royalties were recognized during the quarter. However, we see in-market 
growth for ZNN Bactiguard, and the partnership with Zimmer Biomet is progressing on multiple fronts. Zimmer 
Biomet continues to strengthen the clinical evidence through several ongoing studies on the ZNN Bactiguard 
trauma nail system. A key comparative study of coated versus uncoated nails is on track for completion in 
2026/2027. In addition, two independent studies have been published, which further expanded the clinical 
evidence supporting ZNN Bactiguard. These studies highlight the strong clinical interest in infection prevention for 
orthopedic trauma patients. Our technology was also featured in the Netflix documentary series “Critical: Between 
Life and Death”, where a Bactiguard-coated tibia nail was used in a real emergency. While we expect publications 
with Bactiguard coated products in medical journals, being highlighted in this more accessible context was a nice 
recognition of Bactiguard’s role in advancing infection prevention in critical care.  
The partnership with BD advanced steadily in Q3. During 2025, BD has launched Bactiguard-coated Foley 
catheters in India, broadening access to our infection prevention technology in a market where healthcare-
associated infections and antimicrobial resistance remain major challenges, and we expect more market launches 
in the coming quarters. In the US, BD has introduced a dedicated website offering evidence-based insights into 
how Bactiguard-coated catheters help reduce infections, improve outcomes, and strengthen prevention protocols. 
We continue to work closely together sharing insights and jointly driving growth both in the US and in new 
markets. For Q3, BD revenues amounted to SEK 28.3 million (Q3 2024: SEK 33.3 million) impacted by a weaker 
USD. Net of currency, it is a decrease of 5 percent, against a strong third quarter last year. Nevertheless, Q3 
2025 is the third strongest quarter of the last ten quarters from the BD partnership, and we remain positive about 
the trajectory of the relationship in the future. 
Our business development activities, including partner dialogues and feasibility work, are progressing with strong 
momentum. Bringing MedTech innovations to market is a long-term process that can take several years from 
initial testing to commercialization. The efforts we are making today, and will continue to make in the coming 
quarters, are building the foundation for future growth. We are steadfast in our strategic direction, targeting 
therapeutic areas with significant unmet medical needs and forming partnerships where Bactiguard’s infection 
prevention technology delivers clear and lasting value. 
Wound Management still expected to deliver double-digit growth 
The Wound Management portfolio had revenues of SEK 15.6 million (Q3 2024: SEK 17.9 million), a decrease of 
13 percent related to a decline in sutures sales. The growth in Hydrocyn aqua sales continued in Q3 and we still 
expect Wound Management to deliver double-digit growth, in line with our strategic targets. 
Enhanced organization and foundation in place to drive growth 
It has been two years since we announced our shift toward a sharpened, license-focused strategy. During this 
time, we have undergone a fundamental transformation across the organization, one that has taken longer than 
initially anticipated but has strengthened our foundation for the future. Our business model, core competencies, 
and internal processes have been refined and reinforced. Today, with a solid platform and a strong Wound 
Management portfolio, we are well positioned to drive profitable growth and deliver on our financial targets.  
At the same time, we remain humble about the complexities involved and the long-term perspective required to 
develop strategic partnerships with leading global MedTech companies. We will continue to relentlessly advance 
existing collaborations and establish new ones. Equally important, we will keep strengthening and investing in our 
core competencies in R&D, medical, and regulatory; areas where Bactiguard creates the greatest value for our 
partners. 
Christine Lind 
CEO

===== SIDA 3 =====

INTERIM REPORT THIRD QUARTER 2025 | 3 
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 implants Global excl. Southeast Asia, China, 
India, and South Korea 
Well Lead Medical Urinary catheters China

===== SIDA 4 =====

INTERIM REPORT THIRD QUARTER 2025 | 4 
Development in the third quarter 
Revenue 
 
Total revenue for the third quarter amounted to SEK 48.4 (73.9) million, a decrease of SEK 25.5 million, 
corresponding to 34.5 percent. Adjusted for currency effects of SEK -2.6 million, revenue decreased by  
31.1 percent.  
Net sales amounted to SEK 45.5 (67.3) million, a decrease of SEK 21.9 million, corresponding to 32.5 percent. 
Adjusted for currency effects of SEK -3.4 million, net sales decreased by 27.4 percent. 
Total license revenue amounted to SEK 29.9 (47.5) million, a decrease of SEK 17.6 million, corresponding to 37.0 
percent. Adjusted for currency effects of SEK -3.3 million, total license revenues decreased by 30.1 percent. 
Revenues from Becton, Dickinson & Company (BD) amounted to SEK 28.3 (33.3) million, a decrease of SEK 5.1 
million, corresponding to 15.2 percent. Adjusted for currency effects of SEK -3.3 million, revenues from BD 
decreased by 5.2 percent. Revenues from Zimmer Biomet amounted to SEK 1.5 (10.7) million, a decrease of SEK 
9.2 million, corresponding to 85.9 percent. Adjusted for currency effects of SEK -0.1 million, revenues from 
Zimmer decreased by 85.1 percent. These revenues pertain mainly to royalties from the trauma product segment 
agreement. 
 
Revenues from license partners amounted to SEK 29.8 (46.6) million, a decrease of SEK 16.9 million, 
corresponding to 36.2 percent. Adjusted for currency effects of SEK -3.3 million, revenues from license partners 
decreased by 29.0 percent.  
Revenues from exclusivity partners amounted to SEK 0.0 (0.0) million. 
Revenues from application development partners amounted to SEK 0.1 (0.9) million. 
Revenues from Wound Management portfolio amounted to SEK 15.6 (17.9) million, a decrease of SEK 2.2 
million, corresponding to 12.6 percent. Adjusted for currency effects of SEK -0.1 million, revenues from Wound 
Management portfolio decreased by 12.3 percent. The decline mainly pertains to sutures while we see continued 
growth in Hydrocyn.  
Revenues from the BIP portfolio amounted to SEK 0.0 (1.9) million. As planned, we do not expect any significant 
BIP revenues in 2025. 
Other revenues amounted to SEK 2.9 (6.6) million, a decrease of SEK 3.7 million, corresponding to 56.4 percent. 
Currency effects amounted to SEK 0.8 (4.6) million and the remaining revenue primarily relates to rent income.  
Result 
Costs for raw materials and consumables for the third quarter amounted to SEK -6.5 (-6.9) million, a decrease of 
SEK 0.4 million, corresponding to 5.4 percent. Other external costs amounted to SEK -11.3 (-27.8) million, a 
decrease of SEK 16.5 million, corresponding to 59.4 percent. The decrease is mainly attributable to high other 
external costs in the corresponding quarter last year, primarily driven by increased costs for consulting, regulatory 
and legal services. Personnel costs amounted to SEK -24.4 (-24.9) million, a decrease of SEK 0.5 million, 
corresponding to 2.1 percent. Other operating expenses are related to currency exchange losses/gains, which 
amounted to SEK -0.9 (-4.1) million. Total operating expenses (OPEX) amounted to SEK -36.6 (-56.9) million, a 
decrease of SEK 20.2 million, corresponding to 35.6 percent. 
 
MSEK 2025 2024
Total license revenue 29.9 47.5
     License partners 29.8 46.6
     Exclusivity partners - -
     Application development partners 0.1 0.9
Wound Management portfolio 15. 6 17.9
BIP portfolio -0.0 1.9
Net sales 45.5 67.3
Other operating revenues 2.9 6.6
Total revenue 48.4 73.9
Jul-Sep

===== SIDA 5 =====

INTERIM REPORT THIRD QUARTER 2025 | 5 
The operating loss amounted to SEK 6.4 (1.9) million, an increase of SEK 4.5 million. The increase is mainly 
pertained to lower revenues partly offset by lowered cost of goods following our transformation and continued cost 
control measures. 
EBITDA for the third quarter amounted to SEK 5.3 (9.9) million, a decrease of SEK 4.6 million. The EBITDA 
margin was 10.9 (13.4) percent. 
Depreciation and amortization amounted to SEK -11.7 (-11.8) million, a decrease of SEK 0.1 million, 
corresponding to 0.9 percent. Amortization of intangible assets amounted to SEK -7.1 (-7.0) million, attributable 
primarily to amortization of SEK -6.4 (-6.4) million related to Bactiguard’s technology. Depreciation of tangible 
assets amounted to SEK -4.6 (-4.8) million, primarily attributable to depreciation on leasing of SEK -3.2  
(-3.7) million. 
Financial items amounted to SEK -2.5 (-4.2) million. Financial income amounted to SEK 0.1 (-0.4) million. 
Financial expenses amounted to SEK -2.6 (-3.8) million which mainly pertained to interest expenses of SEK -2.1  
(-3.5) million. 
Tax for the period amounted to SEK 0.0 (0.0) million. Change in deferred tax amounted to SEK 1.4 (1.5) 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 third quarter of 2025 amounted to SEK 7.5 (4.7) million. 
Development during the period January - September 
Revenue 
 
Total revenue for the period January to September amounted to SEK 163.2 (193.6) million, a decrease of SEK 
30.4 million, corresponding to 15.7 percent. Adjusted for currency effects of SEK -2.5 million, total revenues 
decreased by 14.4 percent. 
Net sales amounted to SEK 152.8 (178.6) million, a decrease of SEK 25.9 million, corresponding to 14.5 percent. 
Adjusted for currency effects of SEK -5.4 million, net sales decreased by 11.5 percent. 
Total license revenue amounted to SEK 103.2 (120.5) million, a decrease of SEK 17.2 million, corresponding to 
14.3 percent. Adjusted for currency effects of SEK -5.2 million, total license revenues decreased by 10.0 percent. 
Revenues from Becton Dickinson & Company (BD) amounted to SEK 79.7 (88.9) million, a decrease of SEK 9.2 
million, corresponding to 10.3 percent. Adjusted for currency effects of SEK -4.3 million, revenues from BD 
decreased by 5.5 percent. Revenues from Zimmer Biomet amounted to SEK 16.5 (24.1) million, a decrease of 
SEK 7.6 million, corresponding to 31.5 percent. Adjusted for currency effects of SEK -0.9 million, revenues from 
Zimmer decreased by 27.9 percent. These revenues pertain mainly to minimum royalties from the trauma product 
segment agreement. 
Revenues from license partners am ounted to SEK 103.1 (114.2) million, a decrease of SEK 11.1 million, 
corresponding to 9.7 percent. Adjusted for currency effects of SEK -5.2 million, revenues from license partners 
decreased by 5.2 percent. 
Revenues from exclusivity partners amounted to SEK 0.0 (5.3) million. 
Revenues from application development partners amounted to SEK 0.1 (1.0) million. 
Full year RTM
MSEK 2025 2024 2024 2024/25
Total license revenue 103.2 120.5 164.7 147.5
     License partners 103.1 114.2 155.4 144.3
     Exclusivity partners - 5. 3 7.7 2.5
     Application development partners 0.1 1.0 1.5 0.7
Wound Management portfolio 48.7 45.3 60.9 64.3
BIP portfolio 0.9 12.8 16.0 4.1
Net sales 152. 8 178.6 241.7 215.8
Other operating revenues 10.4 15.0 20.2 15.6
Total revenue 163.2 193.6 261.9 231.5
Jan-Sep

===== SIDA 6 =====

INTERIM REPORT THIRD QUARTER 2025 | 6 
Revenues from Wound Management portfolio amounted to SEK 48.7 (45.3) million, an increase of SEK 3.4 
million, corresponding to 7.4 percent. Adjusted for currency effects of SEK -0.2 million, revenues from Wound 
Management portfolio increased by 7.8 percent. The growth mainly pertains to Hydrocyn while we see a decline 
in sutures. 
Revenues from the BIP portfolio amounted to SEK 0.9 (12.8) million, a decrease of SEK 12.0 million, 
corresponding to 93.3 percent with and without currency effect. As planned, we do not expect any significant BIP 
revenues in 2025. 
Other revenues amounted to SEK 10.4 (15.0) million, a decrease of SEK 4.7 million, corresponding to 31.1 
percent. Currency effects amounted to SEK 2.9 (8.8) million and the remaining revenue primarily relates to rent 
income.  
Result 
Costs for raw materials and consumables for the period January to September amounted to SEK -24.3 (-30.2) 
million, a decrease of SEK 5.9 million, corresponding to 19.6 percent. Other external costs amounted to SEK -
43.1 (-65.9) million, a decrease of SEK 22.7 million, corresponding to 34.5 percent. Personnel costs amounted to 
SEK -70.9 (-81.5) million, a decrease of SEK 10.6 million, corresponding to 13.0 percent. Other operating 
expenses are related to currency exchange losses/gains, which amounted to SEK -5.8 (-6.2) million. In total 
operating expenses (OPEX) amounted to SEK -119.9 (-153.5) million, a decrease of SEK 33.6 million, 
corresponding to 21.9 percent. 
The operating loss amounted to SEK 16.3 (25.7) million, a decrease of SEK 9.3 million, corresponding to 36.3 
percent. The decrease is mainly pertained to lowered cost of goods following our transformation, and continued 
cost control measures. 
EBITDA for the period January to September amounted to SEK 19.1 (9.6) million, an increase of SEK 9.5 million. 
EBITDA margin was 11.7 (5.0) percent. 
Depreciation and amortisation amounted to SEK -35.4 (-35.2) million, an increase of SEK 0.2 million, 
corresponding to 0.5 percent. Amortization of intangible assets amounted to SEK -21.2 (-21.3) million, attributable 
primarily to amortization of SEK -19.1 (-19.1) million related to Bactiguard’s technology. Depreciation of fixed 
assets amounted to SEK -14.2 (-14.0) million, primarily attributable to depreciation on leasing of SEK -9.7 (-10.9) 
million. 
Financial items amounted to SEK -9.9 (-8.6) million. Financial income amounted to SEK 0.1 (3.7) million while 
financial expenses amounted to SEK -10.0 (-12.3) million which mainly pertained to interest expenses of SEK -6.7  
(-10.8) million. 
Tax for the period amounted to SEK 0.0 (0.0) million. Change in deferred tax amounted to SEK 5.9 (5.3) 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 period January to September 2025 amounted to SEK 20.4 (28.9) million. 
Cash flow 
Cash flow from operating activities for the quarter amounted to SEK -2.8 (8.3) million and for the period January 
to September to SEK -13.2 (6.1) million. Change in working capital for the quarter amounted to SEK -17.5 (-6.0) 
million and for the period January to September to SEK -21.4 (4.9) million.  
Cash flow from investing activities for the quarter amounted to SEK -2.5 (-2.9) million and for the period January 
to September to SEK -4.4 (-13.1) million.  
Cash flow from financing activities for the quarter amounted to SEK -3.1 (-3.9) million and for the period January 
to September to -59.0 (-13.6), mainly pertained to the amortization of SEK 51.0 million of the financing with SEB. 
Cash flow for the quarter amounted to SEK -8.4 (1.6) million and for the period January to September to SEK 
-76.5 (-20.5) million. Cash and cash equivalents at the end of the period of 30 September 2025 amounted to SEK 
37.4 (106.4) million.

===== SIDA 7 =====

INTERIM REPORT THIRD QUARTER 2025 | 7 
Financial position 
Equity on 30 September 2025 amounted to SEK 301.5 (328.4) million and net debt to SEK 128.7 (129.0) million. 
Total assets on 30 September 2025 amounted to SEK 544.6 (676.2) million. 
As of 30 September 2025, the parent company’s liabilities with SEB amounted to SEK 120.0 (170.9) million. As of 
30 September 2025, the approved overdraft facility from SEB of SEK 30 million was not utilized. Foreign 
subsidiaries had credit facilities amounting to SEK 7.9 (3.6) million, of which SEK 1.6 million was utilized as of 30 
September 2025. 
At the beginning of February 2025, the company amortized SEK 51.0 million of the SEK 170.9 million financing 
with SEB, while securing SEK 120.0 million in new financing on better terms. The new loan runs for two years and 
with an option to extend it for another year.  
Employees 
Full-time equivalents in the Group during the period January to September averaged to 161 (182) FTE of which 
101 (111) are women. On 30 September 2025, the number of full-time equivalents was 157 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 20.2 (55.6) on 30 September 2025 and the market capitalization amounted to SEK 708 (1,948) 
million. 
The share capital in Bactiguard on 30 September 2025 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 30 September 2025 was 35,043,885 
shares and 71,043,885 votes. 
Ownership 
 
1 Company controlled by Thomas von Koch.  
2 Company controlled by Christian Kinch. 
Per 30 September 2025 Bactiguard had 2,885 (3,061) shareholders.  
Key events 
Key events during the quarter  
Independent studies expand clinical evidence on Bactiguard’s technology in orthopedics. 
 
Key events after the end of the quarter 
No key events after the end of the quarter. 
 
Shareholders No. of A 
shares 
No. of  B 
shares Total number % of capital % of votes 
TomBact AB¹ 2,000,000 4,443,787 6,443,787 18.4 34.4
GIDL Invest AB² 2,000,000 4,106,497 6,106,497 17. 4 33.9
Nordea Funds 3,676,449 3,676,449 10.5 5.2
Jan Ståhlberg 3,605,150 3,605,150 10.3 5.1
The Fourth Swedish National Pension Fund 3,475,992 3,475,992 9.9 4.9
Handelsbanken Fonder 2,069,890 2,069,890 5.9 2.9
TomEnterprise Public Capital AB¹ 1,885,384 1,885,384 5.4 2.7
AMF - försäkring och fonder 1,692,777 1,692,777 4.8 2.4
Insurance company Avanza Pension 1,053,725 1,053,725 3.0 1.5
Lancelot Asset Management AB 500,000 500,000 1.4 0.7
Total, major shareholders 4,000,000 26, 509,651 30,509,651 87.1 93.6
Total, others 4,534,234 4,534,234 12.9 6.4
Total number of shares 4,000,000 31,043,885 35,043,885 100.0 100.0

===== SIDA 8 =====

INTERIM REPORT THIRD QUARTER 2025 | 8 
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 Financial Reporting Board's recommendation, RFR 2 Accounting for Legal 
Entities.  
Accounting and valuation principles are stated in the annual report 2024. 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 18-19 and 53–55 in the 
annual report 2024.  
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.  
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

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INTERIM REPORT THIRD QUARTER 2025 | 9 
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 2024. The company does not hedge the currency exposure. 
Developments are monitored closely, given the rapidly evolving landscape.

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INTERIM REPORT THIRD QUARTER 2025 | 10 
Group consolidated income statement 
 
Condensed statement of comprehensive income  
  
Full year RTM
TSEK Note 2025 2024 2025 2024 2024 2024/25
Revenues 1
Net sales 45,464 67,325 152,753 178,604 241,678 215,827
Other operating income 2,886 6,611 10,451 15,018 20,200 15,633
Total 48,350 73,936 163,204 193,622 261,877 231,460
Change in inventory of finished goods and 
products in progress 26 -334 47 -290 148 485
Raw materials and consumables -6,493 -6,865 -24,297 -30,220 -36,117 -30,194
Other external expenses -11,305 -27,844 -43,140 -65,852 -87,567 -64,855
Personnel costs -24,368 -24,902 -70,934 -81,498 -111,462 -100,898
Depreciation and amortization -11,712 -11,820 -35,405 -35,243 -46,883 -47,045
Other operating expenses -940 -4,114 -5,823 -6,175 -8,857 -8,505
Total -54,792 -75,879 -179,552 -219,278 -290,738 -251,012
Operating profit/loss -6,442 -1,943 -16,348 -25,656 -28,860 -19,552
Profit/loss from financial items
Financial income 87 -399 108 3,737 7,844 4,215
Financial expenses -2,601 -3,790 -10,008 -12,303 -15,566 -13,271
Total -2,514 -4,189 -9,900 -8,566 -7,722 -9,056
Profit/loss before tax -8,956 -6,132 -26,248 -34,222 -36,585 -28,608
Current tax - - - - - -
Deferred tax 1,441 1,458 5,893 5,329 6,769 7,333
NET PROFIT/LOSS FOR THE PERIOD -7,515 -4,674 -20,355 -28,893 -29,815 -21,275
Attributable to:
The parent company´s shareholders -7,515 -4,674 -20,355 -28,893 -29,815 -21,275
Earnings per share, before and after dilution, 
SEK -0.21 -0.13 -0.59 -0.82 -0.85 -0.61
Jan-SepJul-Sep
Full year RTM
TSEK Note 2025 2024 2025 2024 2024 2024/25
Net profit/loss for the period -7,515 -4,674 -20,355 -28,893 -29,815 -21,275
Other 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 year
Translation differences -367 4,563 -6,507 4,093 4,979 -5,621
Other comprehensive income, after tax -367 4,563 -6,507 4,093 4,979 -5,621
TOTAL COMPREHENSIVE INCOME FOR 
THE PERIOD -7,882 -111 -26,861 -24,800 -24,836 -26,895
Attributable to:
The parent company´s shareholders -7,882 -111 -26,861 -24,800 -24,836 -26,895
Number of shares at the end of period ('000) 35,044 35,044 35,044 35,044 35,044 35,044
Weighted average number of shares ('000) 35,044 35,044 35,044 35,044 35,044 35,044
Jul-Sep Jan-Sep

===== SIDA 11 =====

INTERIM REPORT THIRD QUARTER 2025 | 11 
Group condensed statement of financial position 
 
TSEK Note 2025-09-30 2024-09-30 2024-12-31
ASSETS
Non-current assets
Intangible fixed assets
Goodwill 248,320 252,158 251,817
Technology 29,111 54,244 48,179
B
rands 25,579 25,621 25,602
Customer relationships 2,789 4,039 3,856
Capitalized development costs 792 1,895 1,619
Patent 682 1,345 962
Total 307,273 339,302 332,035
Tangible assets
Right of use lease assets 41,839 56,329 52,685
Buildings 22,427 26,037 25,588
Leasehold improvements 18, 851 5,174 18,513
Machinery and other technical plant 5,180 8,115 6,554
Equipment, tools and installations 7,098 18,435 5,837
Total 95,395 114,090 109,177
Financial assets
Other non-current receivables 2,859 2,966 2,937
Total 2,859 2,966 2,937
Deferred tax assets 23,437 16,056 17,517
Total non-current assets 428,964 472,414 461,669
Current assets
Inventory 27,138 27,971 26,231
Accounts receivable 28,861 36,158 25,046
Other current receivables 2 10, 988 16,405 12,960
Prepaid expenses and accrued income 11,267 16,789 13,279
Cash and cash equivalents 37,422 106,421 116,727
Total current assets 115,676 203,744 194,243
TOTAL ASSETS 544,640 676,158 655,911
EQUITY AND LIABILITIES
Equity attributable to shareholders of the parent
Share capital 876 876 876
Translation reserve -2,383 3,238 4,124
Other capital contribution 930, 680 930,680 930,680
Retained earnings including net profit/loss for the period -627,693 -606,417 -607,338
Total equity 301,481 328,377 328,342
Non-current liabilities
Liabilities to credit institutions 120,398 - -
Leasing liabilities 32,192 44,471 40,694
Provisions 5, 257 5,257 5,257
Other long-term liabilities 92 10 -
Total non-current liabilities 157,939 49,738 45,951
Current liabilities
Liabilities to credit institutions - 174,850 170,893
Leasing liabilities 13,530 16,061 16,180
Accounts payable 15, 137 31,798 22,925
Provisions 16,297 19,684 18,104
Other current liabilities 2 1,647 3,831 3,312
Accrued expenses and prepaid income 38,609 51,819 50,204
Total current liabilities 85,220 298,043 281,618
TOTAL LIABILITIES 243,159 347,781 327,569
TOTAL EQUITY AND LIABILITIES 544,640 676,158 655,911

===== SIDA 12 =====

INTERIM REPORT THIRD QUARTER 2025 | 12 
Group condensed statement of changes in equity 
 
  
TSEK
Share 
capital  
Other 
capital 
contribution Reserves 
Retained 
earnings 
including net 
profit/loss for 
the period Total equity 
Opening balance 2024-01-01 876 930,680 -855 -577,523 353,178
Net profit/loss for the period - - - -28,893 -28,893
Other comprehensive income:
Translation differences - - 4,093 - 4,093
Total comprehensive income after tax - - 4,093 -28,893 -24,800
Closing balance 2024-09-30 876 930,680 3,238 -606,417 328,377
Opening balance 2025-01-01 876 930,680 4,124 -607,338 328,342
Net profit/loss for the period - - - -20,355 -20,355
Other comprehensive income:
Translation differences - - -6,507 - -6,507
Total comprehensive income after tax - - -6,507 -20,355 -26,861
Closing balance 2025-09-30 876 930,680 -2,383 -627,693 301,481

===== SIDA 13 =====

INTERIM REPORT THIRD QUARTER 2025 | 13 
Group condensed statement of cash flows 
  
Full year RTM
TSEK Note 2025 2024 2025 2024 2024 2024/25
Net profit/loss for the period -7,515 -4,674 -20,355 -28,894 -29,815 -21,276
Adjustments for depreciation and amortization 
and other non-cash items 22,197 19,028 28,573 30,159 38,255 36,669
Increase/decrease inventory 1,422 12,029 2,422 6,957 12,858 8,323
Increase/decrease accounts receivable -1,388 -1,569 -4,599 -18,255 -7,290 6,366
Increase/decrease other current receivables 5,055 -9,274 4,063 -10,553 -5,031 9,585
Increase/decrease accounts payable -5,723 -6,729 -7,788 15,103 6,230 -16,661
Increase/decrease other current liabilities -16,845 -468 -15,492 11,612 9,782 -17,322
Cash flow from changes in working capital -17,476 -6,011 -21,393 4,864 16,549 -9,709
Cash flow from operating activities -2,794 8,342 -13,174 6,129 24,989 5,684
Investments in intangible assets - - - - - -
Investments in tangible assets -2,461 -2,890 -4,366 -13,074 -14,781 -6,073
Cash flow from investing activities -2,461 -2,890 -4,366 -13,074 -14,781 -6,073
Amortization of financial leasing liability -3,545 -3,642 -8,502 -9,849 -13,522 -12,175
Amortization of loan - -255 -52,048 -3,719 -7,676 -56,005
Change in bank overdraft 420 - 1,553 - - 1,553
Other financing activities - - - - - -
Cash flow from financing activities -3,125 -3,897 -58,996 -13,568 -21,198 -66,626
Cash flow for the period -8,380 1,555 -76,538 -20,513 -10,990 -67,015
Cash and cash equivalents at the beginning of 
the period 46,100 105,275 116,727 123,217 123,217 106,421
Exchange difference in cash and cash 
equivalents -298 -410 -2,767 3,715 4,501 -1,984
Cash and cash equivalents at end of period 37,422 106,421 37,422 106,421 116,727 37,422
Jul-Sep Jan-Sep

===== SIDA 14 =====

INTERIM REPORT THIRD QUARTER 2025 | 14 
Condensed parent company income statement 
 
The parent company presents no separate statement of comprehensive income since the company has no items in 2025 or 2024 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 RTM
TSEK Note 2025 2024 2025 2024 2024 2024/25
Net sales 660 262 1,986 2,172 3,423 3,237
Total 660 262 1,986 2,172 3,423 3,237
Other external expenses -686 -700 -2,715 -3,203 -4,277 -3,789
Personnel costs -740 -759 -2,291 -2,354 -3,096 -3,033
Total -1,426 -1,459 -5,006 -5,557 -7,373 -6,822
Operating profit/loss -766 -1,197 -3,020 -3,385 -3,949 -3,585
Financial income 3,014 5,160 9,773 16,087 20,846 14,532
Financial expenses -1,712 -3,165 -5,566 -9,878 -12,717 -8,405
Total 1,302 1,995 4,207 6,209 8,130 6,127
Income after financial items 536 798 1,187 2,824 4,180 2,542
Deferred tax - - - - - -
Net profit/loss for the period 536 798 1,187 2,824 4,180 2,542
Jan-SepJul-Sep

===== SIDA 15 =====

INTERIM REPORT THIRD QUARTER 2025 | 15 
Condensed parent company balance sheet 
  
TSEK Note 2025-09-30 2024-09-30 2024-12-31
ASSETS
Non-current assets
Financial assets
Shares in subsidiaries 635,191 625,191 625,191
Receivables from group companies 292,723 356,768 351,757
Deferred tax assets 15, 255 15,255 15,255
Total non-current assets 943,169 997,214 992,202
Current assets
Current receivables
Other current receivables 729 721 1,767
Prepaid expenses and accrued income 63,677 48,482 52,887
Total 64,406 49,
 203 54,654
Cash and bank equivalents 3,193 2,398 3,562
Total current assets 67,599 51,601 58,216
TOTAL ASSETS 1,010,768 1,048,814 1,050,418
E
QUITY & LIABILITIES
Equity
Restricted equtiy
Share capital 876 876 876
Total restricted equity 876 876 876
Non-restricted equity
Non-restricted share premium 727,969 727,969 727,969
Retained earnings including net profit/loss for the period -25,166 -26,523 -25,167
Total non-restricted equity 702,803 701,446 702, 803
Total equity 704,867 702,322 703,679
Non-current liabilities
Liabilities to credit institutions 120,000 - -
Total non-current liabilities 120,000 - -
Current liabilities
Liabilities to credit institutions - 170,941 170,941
Liabilities to group companies 184,000 174,000 174,000
Accounts payable 219 31 178
O
ther current liabilities 130 175 320
Accrued expenses and prepaid income 1,552 1,345 1,300
Total current liabilities 185,901 346,492 346,740
Total liabilities 305,901 346,492 346,740
TOTAL EQUITY AND LIABILITIES 1,010,768 1,048,814 1,050,418

===== SIDA 16 =====

INTERIM REPORT THIRD QUARTER 2025 | 16 
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. 
 
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. 
  
Full year RTM
TSEK 2025 2024 2025 2024 2024 2024/25
Operating profit/loss -6,443 -1,943 -16,348 -25,656 -28,860 -19,552
Depreciation 11,712 11,820 35,405 35,243 46,883 47,045
EBITDA 5,269 9,877 19,057 9,587 18,023 27,493
Jul-Sep Jan-Sep
Full year RTM
TSEK 2025 2024 2025 2024 2024 2024/25
EBITDA 5,269 9,877 19,057 9,587 18,023 27,493
Revenues 48,350 73,936 163,204 193,622 261,877 231,460
EBITDA margin % 10.9 13.4 11.7 5.0 6.9 11.9
Jul-Sep Jan-Sep
Full year
TSEK 2025 2024 2024
Non-current liabilities to credit institutions 120,398 - -
Current liabilities to credit institutions - 174,850 170,893
Long-term lease debt 32,192 44,471 40,694
Short-term lease debt 13,530 16,061 16,180
Interest-bearing debt 166,120 235,382 227,767
Cash and cash equivalents 37,422 106,421 116,727
Net debt 128,698 128,961 111,040
Jan-Sep

===== SIDA 17 =====

INTERIM REPORT THIRD QUARTER 2025 | 17 
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. 
 
Note 1 Revenue distribution 
 
 
  
Full year
TSEK 2025 2024 2024
Equity 301,480 328,377 328,342
Balance sheet total 544,640 676,158 655,911
Equity ratio, % 55.4 48.6 50.1
Jan-Sep
Full year RTM
TSEK 2025 2024 2025 2024 2024 2024/25
License partners 29,771 46,639 103,103 114,192 155,397 144,308
Exclusivity partners - - - 5, 269 7,746 2,477
Application development partners 76 866 118 997 1,548 669
Wound Management portfolio 15,633 17,880 48,674 45,313 60,942 64,303
BIP portfolio -15 1,939 858 12,832 16,045 4,070
Total 45,464 67,323 152,753 178,603 241,678 215,827
Time for revenue recognition
Performance commitment is met at a certain 
time 45,389 66,458 152,635 172,337 232,384 212,681
Performace commitment is met during a 
period of time 76 866 118 6,266 9,294 3,146
Total 45,464 67,323 152,753 178,603 241, 678 215,827
Jul-Sep Jan-Sep

===== SIDA 18 =====

INTERIM REPORT THIRD QUARTER 2025 | 18 
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 2024, 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  
  
TSEK Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 RTM 24/25
License partners 29,771 34,080 39,252 41,205 46,639 35,129 144,308
Exclusivity partners - - - 2,477 - 2,678 2,477
Application development partners 76 - 42 551 866 - 669
Wound Management portfolio 15,633 13,840 19,202 15,628 17,880 14,700 64,303
BIP portfolio -15 324 549 3,213 1,939 4,847 4,071
Other operating revenues 2,885 3,871 3,695 5,182 6,611 3,540 15,633
Total revenue 48,349 52,115 62,740 68,257 73,936 60,893 231,460
EBITDA 5,269 4,379 9,409 8,436 9,877 1,211 27,493
EBITDA margin (%) 10.9 8.4 15.0 12.4 13.4 2.0 11.9
EBIT -6,443 -7,294 -2,612 -3,204 -1,943 -10,846 -19,552
Net profit/loss for the period -7,516 -8,111 -4,728 -920 -4,674 -14,318 -21,275
Earnings per share, before and 
after dilution, SEK -0.21 -0.24 -0.13 -0.03 -0.13 -0.41 -0.61
Operating cash flow -2,794 1,729 -12,111 18,860 8,342 16,843 5,686
Operating cash flow per share, SEK -0.08 0.05 -0.35 0.54 0.24 0.48 0.16
Net debt 128,698 123,364 124,415 111,040 128,961 134,020 128,698
Total shares (pcs) 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885 35,043,885

===== SIDA 19 =====

INTERIM REPORT THIRD QUARTER 2025 | 19 
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 October 2025 
 
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 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 October 2025, 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.

===== SIDA 20 =====

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  
 
 
 
Forthcomming disclosures of information 
5 February 2026 Year-end report 1 January – 31 December 2025 
16 April 2026 Annual Report 2025 
23 April 2026 Interim report first quarter 1 January – 31 March 2026 
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 
Nina Nornholm, Head of Communication & Investor Relations: +46 708 550 356