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BOULE DIAGNOSTICS AB (PUBL)  
ANNUAL REPORT 2025

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STAKEHOLDER DIALOGUE  
ASSESSMENT OF BOULE’S 
IMPACT
ETHICS AND GOVERNANCE 
ABOUT BOULE
A MESSAGE FROM THE CEO
SUSTAINABILITY REPORT
VALUE CREATION
ENVIRONMENT
WORKING ENVIRONMENT
FIVE-YEAR OVERVIEW
RISKS AND OPPORTUNITIES 
DEFINITIONS OF KEY 
PERFORMANCE INDICATORS 
CORPORATE GOVERNANCE 
REPORT
BOARD OF DIRECTORS
GROUP MANAGEMENT 
MANAGEMENT REPORT
FINANCIAL REPORTS 
NOTES
CERTIFICATION BY THE 
BOARD OF DIRECTORS
AUDIT REPORT
OTHER INFORMATION 
Introduction
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2
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4
Sustainability
Financial 
Information
4
6
COMPANY STRUCTURE
• Boule Diagnostics
• CDS OEM
BUSINESS MODEL
NEW BRAND IDENTITY
DIGITALIZATION
GROWING TOGETHER – 
PEOPLE AND CORPORATE 
CULTURE 
BOULE SHARES
The Group 8
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Your partner for 
diagnostic solutions
Boule Diagnostics AB (publ) is a global diagnostics company 
operating through two complementary business segments: 
Diagnostics and OEM CDS. 
Together, these segments enable Boule to support healthcare 
providers and diagnostic partners around the world with innovative, 
high-quality solutions. With operations in Sweden, the United States, 
Mexico, and Russia, and a global distribution network spanning more 
than 100 countries, Boule combines a robust business model with 
strong positions in key emerging markets. 
DIAGNOSTICS
The Diagnostics segment focuses on point-
of-care, decentralized diagnostic solutions for 
both human and veterinary applications, and 
provides hospitals, clinics, and laboratories 
with reliable testing systems.
OEM-CDS
The OEM CDS segment is Boule CDMO (Contract 
Development and Manufacturing Organization), 
which develops and supplies reagents, blood 
controls, and calibrators, and provides customized 
products and long-term support to diagnostic 
companies around the world.

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4
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
THE GROUP
SUSTAINABILITY
FINANCIAL INFORMATION
INTRODUCTION
A trusted partner in hematology diagnostics
and consumables
6%
LATIN AMERICA
35%
USA
13%
WESTERN 
EUROPE
11%
EASTERN 
EUROPE
25%
ASIA
10%
AFRICA/
MIDDLE EAST
Headquarters
R&D
Production
Sales Office
About Boule

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5
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
THE GROUP
SUSTAINABILITY
FINANCIAL INFORMATION
INTRODUCTION
Revenue, SEK million 
490 44%
9. 4%46*
Gross margin 
>100M
Tests per year, in millions
>100
Countries
>70
Years in hematology 
200+
Partners around the world 
~33,000 
Installed instruments 
Adjusted operating 
margin
Adjusted operating 
profit, SEK million 
* Excluding items affecting 
comparability.
SALES BY REGION IN 2024 
35% United States 
25% Asia 
10% Middle East & Africa 
 6% Latin America 
13% Western Europe 
11% Eastern Europe 
SWEDEN  
Headquarters 
R&D 
Production 
Sales Office 
USA  
R&D 
Production 
Sales Office 
INDIA 
Sales Office 
Contract manufacturing 
MEXICO   
Sales Office 
RUSSIA 
Production 
Sales Office
UNITED ARAB EMIRATES   
Sales Office 
KENYA    
Sales Office 
About Boule

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THE GROUP SUSTAINABILITY FINANCIAL INFORMATIONINTRODUCTION
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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
A message from the CEO
A YEAR OF TRANSFORMATION AND IMPLEMENTATION
In an environment marked by geopolitical uncertainty 
and significant currency fluctuations, we demonstrated 
that disciplined execution and strategic clarity can drive 
meaningful progress—even under challenging conditions. 
Although revenue did not fully meet our expectations,  
I am pleased with the progress we have made in 
strengthening our foundation, sharpening our focus, and 
positioning Boule for sustainable and profitable growth.
STRATEGIC PIVOT: 
FROM THE BM950 TO BROADER VALUE CREATION
The termination of the BM950 project was a pivotal 
moment that set Boule on a new strategic course. 
By reallocating resources from a complex development 
program to initiatives with greater value-creation 
potential, we accelerated our transition to a broader and 
more competitive portfolio. 
This enabled us to introduce a new strategy for 
technology partners and redirect R&D investments toward 
developing a new and competitively differentiated 
portfolio of generic blood controls to meet changing 
market demand.
Our transformation was not merely strategic—it was 
cultural and structural. In 2025, we launched a refreshed 
brand identity and a streamlined vision and mission that 
clearly articulate our purpose:
“Improving patient care” 
and 
“To be the preferred partner for diagnostic 
solutions”
These guiding principles now shape every decision 
we make—from portfolio expansion to operational 
excellence—ensuring that Boule stands for innovation, 
reliability, and partnership in diagnostics.
STRUCTURAL CLARITY: TWO SEGMENTS, ONE PURPOSE
Our restructuring into two distinct business segments—
Boule Diagnostics and CDS OEM—has been a key enabler 
of this transformation. This structure provides clarity of 
purpose, clearer accountability, and improved agility. 
Boule Diagnostics is now focusing on strengthening its 
leadership in decentralized diagnostics and expanding 
its global reach, while CDS OEM is accelerating the 
innovation and commercialization of customized solutions.
A message from 
the CEO

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THE GROUP SUSTAINABILITY FINANCIAL INFORMATIONINTRODUCTION
A message from 
the CEO
7
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
OPERATIONAL IMPROVEMENTS: 
SMOOTHER, FASTER, STRONGER
Operational improvements were a key focus in 2025. 
We streamlined processes across our manufacturing and 
supply chains to reduce lead times and improve delivery 
reliability. Merging two Swedish locations into a single 
new headquarters improved efficiency and fostered 
collaboration.
We have also implemented a simplified and more 
streamlined organizational structure, which reduces 
complexity, improves decision-making, and enables 
greater agility throughout the company.
Our deliberate cost discipline has reduced the company's 
negative cash flow. 
The services business achieved a positive operating profit 
for the first time, and we successfully transitioned to a 
licensing model in India, which reduced complexity and 
improved scalability. These measures have strengthened 
our operational foundation and positioned us for 
sustainable growth.
FORWARD-LOOKING
We are heading into 2026 with confidence and 
momentum. Our three strategic priorities—improved 
profitability, organic growth, and portfolio expansion—
remain at the heart of our plans.
In 2026, Boule Diagnostics will lead efforts to strengthen 
our hematology offerings and expand our portfolio with 
new solutions and technologies.
The introduction of clinical chemistry distribution in the 
U.S. was an important first step and positioned Boule as 
a more comprehensive diagnostics partner. This year, we 
will launch new hematology products and expand our 
sales presence in high-growth regions to stay closer to our 
customers and capitalize on market opportunities.
For CDS OEM, 2026 will be a year of commercialization 
and innovation. Several OEM projects that have reached 
maturity in our pipeline will be launched on the market, 
strengthening our position as a trusted partner for 
customized solutions. A key priority is the development of a 
new, competitive portfolio of blood controls—designed to 
meet customers’ evolving needs and support our ambition 
to gain market share in this attractive segment.
DRIVING CONTINUOUS IMPROVEMENT THROUGH 
DIGITALIZATION
In 2026, we will implement a new electronic quality 
management system as part of our commitment to 
continuous improvement and digitalization. 
This system will create a scalable digital backbone that 
increases transparency, speeds up decision-making, 
and embeds quality into every process. By leveraging 
automation and real-time data, eQMS will streamline 
operations, strengthen risk management, and support 
global growth—ensuring that quality remains a key 
competitive advantage. 
FINAL THOUGHTS
We are convinced that these initiatives will strengthen 
our competitiveness and accelerate our progress toward 
sustainable and profitable growth.
Thank you to the entire Boule team for your dedication 
and resilience, and to our shareholders for your trust and 
support. The road ahead is full of opportunities, and Boule 
as a company is ready to seize them—together.
TORBEN NIELSEN
CHIEF EXECUTIVE OFFICER

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Company structure
The Boule Group conducts its operations through two 
complementary business segments, Boule Diagnostics 
and Clinical Diagnostic Solutions (CDS-OEM), each of 
which contributes specific capabilities, market reach, and 
strategic value throughout the entire diagnostics value 
chain. Together, they form a stable, vertically integrated 
organization that is positioned for sustainable growth, 
stronger recurring revenue, and global scalability. 
 
Boule Diagnostics and CDS are forming an organizational 
structure that leverages their synergies: 
• Boule Diagnostics has a global market presence, 
developing instruments and selling consumables 
in the market for human and veterinary medical 
products intended for decentralized use.
• CDS is a market leader in the development and 
manufacture of reagents, calibrators, and blood 
controls, which are supplied to both Boule Diagnostics 
and external OEM partners. 
Together, these two segments strengthen the Boule 
Group’s ability to innovate, scale globally, increase 
margins, and deliver reliable long-term growth.
Company structure

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
BOULE DIAGNOSTICS: DIAGNOSTIC HUMAN 
AND VETERINARY MEDICAL PRODUCTS FOR 
DECENTRALIZED USE 
Boule Diagnostics is a global provider of high-quality 
diagnostic solutions, particularly in hematology, that 
are specifically tailored to the market for human and 
veterinary medical products for decentralized use. 
 
Boule Diagnostics strives to leverage the following 
strengths:
• A trusted global brand: Our solutions build on Boule’s 
legacy as an innovator in hematology and are known 
for their reliability, quality, and user-friendliness.
• Extensive global reach: Boule operates in more 
than 100 countries through a network of over 200 
distributors, supported by regional sales and technical 
teams.
• Expanded portfolio: primarily in hematology, for both 
the human and veterinary markets, supported by a 
comprehensive ecosystem of consumables consisting 
of reagents, calibrators, and blood controls.
Boule Diagnostics operates on a razor-and-blades model, 
in which growth in the installed base drives recurring 
revenue from consumables. Today, approximately 60% of 
the segment’s revenue is recurring, supported by more 
than 30,000 instruments installed worldwide, the majority 
of which are secured with RFID-protected reagent 
systems.
100
80
60
40
20
0
120
2020 2021 2022 2023 2024 2025
RAZOR-AND-BLADES MODEL WITH 60% RECURRING REVENUE
Instruments Reagents Blood controls Other
9BOULE DIAGNOSTICS AB (PUBL)
Boule Diagnostics

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Market dynamics
HEMATOLOGY
Hematology systems for smaller laboratories is one of 
the most competitive segments for manufacturers of 
diagnostic equipment. However, new 3-part analyzers 
designed for this segment are being introduced 
on an ongoing basis. Although 5-part hematology 
systems represent a larger market globally—all high-
volume systems report results for at least five WBC 
subpopulations—3-part analyzers that group WBC 
subpopulations into three categories may well meet the 
needs of a facility, depending on its level of expertise 
and budget.
While 5-part analyzers are considered more complex in 
terms of the methods they employ, quality control, and 
reagent handling, 3-part analyzers offer stability, a lower 
cost per test, and lower maintenance costs, making 
them a cost-effective option for developing countries.
The market for decentralized laboratory-grade 
hematology systems is projected to reach approximately 
$700 million by 2025, with 3-part systems accounting 
for approximately $560 million of that total. With an 
annual growth rate of 1.6%, the market for decentralized 
laboratory-grade hematology tests is expected to 
reach $760 million by 2030.
CLINICAL CHEMISTRY
The diagnosticfield of clinical chemistry, together with 
hematology, encompasses many tests that are necessary 
for making informed decisions regarding diagnoses, 
further testing, or treatment regimens. The WHO has 
compiled a list of essential diagnostics (EDL) to help 
healthcare providers select high-quality, affordable IVD 
products that enable timely diagnoses.
The clinical chemistry segment, which accounts for 25% of 
the IVD market, is projected to reach just under $11 billion 
by 2025. With an annual growth rate of 4%, this segment is 
expected to reach $13 billion by 2030, with North America 
(39%) and Europe (33%) as the dominant markets.
Some common clinical chemistry tests used at health centers, regional laboratories, and hospitals
PETS 
The market for pet animal diagnostics is considered 
consolidated, as the major players hold 80% or more of 
the market share. Key strategies for the major players 
include the introduction of new products, agreements, 
acquisitions, and market expansions. Since the market 
for pet animal diagnostics in North America and the EU 
is considered mature, market players are shifting their 
focus to emerging markets such as APAC and MENA for 
expansion.
The market for pet animal diagnostics is estimated 
to be approximately $235 million for the hematology 
segment and approximately $1,045 million for the clinical 
biochemistry segment. With an annual growth rate of 
8.4% for hematology and 10.2% for clinical biochemistry, 
these segments are projected to reach $325 million and 
$1.7 billion, respectively, by 2030.
Boule Diagnostics
Indication Test
Liver function bilirubin, alanine aminotransferase, aspartate aminotransferase, alkaline phosphatase,
gamma-glutamyltransferase
Kidney function albumin, blood urea nitrogen, creatinine
Pancreas function amylase, lipase
Electrolyte balance sodium, potassium, chloride
Blood lipids cholesterol, triglycerides
Glucose metabolism glucose
Indicators of infection globulin, C-reactive protein

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Build a new growth portfolio
with technology partners 
HUMAN
VETERINARIAN
Proprietary 
H400 - 4-part H5OV - 5-part C200 - Chemistry 5-part RET (coming soon)
VitalScientific - Clinical 
chemistry
M51 - 5-partM32S - 3-partM32C - 3-partM32M - 3-part
Technology partner Current portfolio Future portfolio additions
Portfolio offerings 
and pipeline
Boule’s instrument portfolio, designed for small and 
medium-sized laboratories and remote clinics, includes 
hematology and clinical chemistry systems for the 
human and veterinary markets, combining a range of 
proprietary 3-part hematology analyzers with products 
from strategic partners.
In 2025, we began commercializing clinical chemistry 
solutions in the U.S. through a partnership with 
VitalScientific, and we signed a new agreement with 
a technology partner for the supply of an upcoming 
veterinary instrument (5-part hematology with 
reticulocytes) to be launched in 2026.
The diagnostics segment remains central to Boule’s 
strategy to expand its leading position in hematology, 
enter adjacent diagnostic areas, and strengthen its 
global market presence.
Boule Diagnostics

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
3-PART HEMATOLOGY
Boule’s journey in clinical diagnostics began in the 1990s. 
Through the acquisitions of Swelab Instruments AB in 1997 , 
Medonic AB in 1998, and Clinical Diagnostic Solutions, 
Inc. (CDS) in 2004, Boule acquired the expertise needed 
to develop and manufacture both instruments and 
consumables that are part of a complete hematology 
system. With proprietary features such as the MPA 
function, which enables direct analysis of a fingerstick 
sample, and mixing wheels designed to minimize 
preanalytical errors related to under- or over-mixing of 
the sample, Boule’s 3-part hematology business holds 
a market share of approximately 3% for this type of 
instrument.
In 2025, the hematology analyzers manufactured by 
Boule were updated with a newly designed generic 
front panel in order to optimize diagnostic operations, 
streamline manufacturing, and reduce lead times. As part 
of the digitalization project, we implemented QR codes 
on the new fronts to provide easy access to product 
documentation in a sustainable digital format.
5-PART HEMATOLOGY
Since each WBC subpopulation has different 
functions, many laboratories prefer to measure all five 
subpopulations. To complement its range of 3-part 
hematology systems, Boule offers 5-part hematology 
systems through partnerships. By collaborating with 
selected leading technology partners in the field, Boule 
gains access to the latest advancements to complement 
our in-house expertise.
To maintain its competitive edge, Boule is updating 
its lineup of 5-part hematology analyzers with more 
advanced systems that, in addition to counting mature 
cells in the bloodstream, can also count and characterize 
immature cells and measure cell counts in bodily fluids 
other than blood.
CLINICAL CHEMISTRY
Today, Boule offers a wide range of solutions in 
hematology and clinical chemistry for the diagnosis of 
both humans and animals.
For clinical chemistry in veterinary medicine, Boule offers 
a compact analyzer with selected panels for assessing 
liver, kidney, and pancreatic function, markers of muscle 
damage, electrolyte balance, blood lipids, glucose 
metabolism, and specific protein markers for infection.
To complement our hematology offerings in the United 
States, Boule provides clinical chemistry solutions through 
distribution agreements: QuikRead go® (Aidian Oy, FI) 
offers point-of-care testing for C-reactive protein, while 
the Envoy™ and Selectra™ platforms (VitalScientific, NL) 
offer a wide range of tests for laboratory diagnostics.
Boule Diagnostics

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Sales network and 
operations
Boule Diagnostics operates in more than 100 countries 
and is organized into 9 strategic regional hubs to stay 
close to our extensive distributor network and our 
customers.  
We have 3 production facilities (in Sweden, the United 
States, and Russia) as well as a licensed manufacturing 
partner in India. Revenue distribution is well-balanced, 
with Europe being our strongest region.
DIAGNOSTICS SALES BREAKDOWN
MEA 12%
ASIA 16%
INDIA 18% EUROPE 
32%
LATAM 16%
UNITED STATES 14%
USA
MEXICO
DUBAI
KENYA
INDIA
RUSSIA
PHILIPPINES
INDONESIA
Sales Office
Production
Licensed manufacturing 
SWEDEN
Boule Diagnostics

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350B SEK
  
128%
THE OEM REAGENT 
MARKET IS GROWING 
BY 6–8% ANNUALLY 
LONG-TERM CONTRACTS AND  
SALES GROWTH 2020-2025
THE FIGURES FOR 2024 AND 2025 
HAVE BEEN RESTATED TO REFLECT 
THE SEGMENT RECLASSIFICATION 
AND CHANGES IN EXCHANGE RATES.
SALES IN SEK MILLION
HEMATOLOGY
CONTROL MARKET 
IS GROWING BY 3–5% PER YEAR 
140
120
100
80
60
40
20
0
19B SEK
2020 2021 2022 2023 2024 2025
      CDS CAPACITY MATCHING
      CDS PIPELINE
      TOTAL MARKET  
THE GROUP SUSTAINABILITY FINANCIAL INFORMATIONINTRODUCTION
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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
CLINICAL DIAGNOSTIC SOLUTIONS (CDS):
OEM DEVELOPMENT AND MANUFACTURING
Clinical Diagnostic Solutions (CDS) is based in Plantation, 
Florida, and serves as the Boule Group’s center of 
excellence for its OEM business. It specializes in the 
contract development and manufacturing of reagents, 
calibrators, and blood controls for leading diagnostic 
companies worldwide.
CDS holds a unique position in the OEM market, with 
specialized expertise in the development of custom 
reagents, controls, and calibrators for impedance, optical, 
fluorescence, and image-based detection technologies. 
Our capabilities support a wide range of platforms, 
including hematology, flow cytometry, chemistry, and 
coagulation systems.
 
Examples of key strengths include: 
• Flexible and scalable manufacturing: From small pilot 
batches to large-scale production.
• In-depth technical expertise: Especially in the field of 
universal blood controls with high stability and a long 
shelf life.
• Diverse partner base: We collaborate with both 
innovative diagnostic startups and major global IVD 
companies.
14BOULE DIAGNOSTICS AB (PUBL)
CDS

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Medical devices, such as diagnostic equipment, are highly 
complex. The instruments’ software, hardware, reagents, 
controls, and test methods are designed to work together 
within the final integrated system to provide accurate and 
reproducible clinical results. Over the past two decades, 
CDS has established long-term and successful OEM 
and private-label partnerships with several global IVD 
companies and many smaller growth companies to supply 
consumables. 
CDS offers an attractive range of system-wide technical 
expertise and streamlined, cost-effective, and flexible 
manufacturing operations, all conducted under the 
oversight of a proven quality management system for 
product design, development, and manufacturing to meet 
the requirements of our OEM partners. 
The partnership collaboration ranges from developing new 
designs for companies that lack the specific expertise to 
providing manufacturing solutions for existing technologies 
where there is a need for cost-effective production 
capacity. CDS has extensive expertise in comprehensive 
medical device systems, agile processes for design 
verification and manufacturing, reliable quality systems, 
a proven track record of success, and a global presence, 
making us an attractive partner for OEM collaboration.
CDS has a portfolio of existing customers, including 
a number of ongoing partnerships involving second-
generation products, as well as a pipeline of new products 
currently in development, that will further accelerate the 
growth we have experienced over the past five years. 
THE OEM MARKET, GROWTH STRATEGY , AND PORTFOLIO
Thediagnostic technology industry is growing due to the 
rising prevalence of chronic diseases, an aging population, 
and an increasing number of advanced tests. 
The OEM market has significant potential, driven by 
increasing outsourcing and demand for specialized 
reagents and controls. There are significant opportunities 
for Boule in the OEM segment:
• OEM reagents: The market is estimated to be worth 
350 billion SEK and is growing by 6–8% annually.
• Blood controls for hematology: The market is 
estimated to be worth 1.9 billion SEK and is growing by 
3–5% annually.
CDS has delivered consistent long-term growth, with 
revenue increasing by 128% over the past six years, 
driven by investments in sales, product development, 
and manufacturing capacity. 
In Q3 2025, we developed a new OEM expansion 
of our reagent development pipeline and a portfolio 
of differentiated, high-quality generic blood controls, with 
a planned market launch in 2027 . 
We are confident that, through our ongoing investments 
and strategic initiatives—which are being accelerated 
by the acquisition of new customers—we will become a 
trusted partner for more diagnostics companies around 
the world.  
CDS

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
THE ART OF DEVELOPING HEMATOLOGY BLOOD CONTROLS
 
Blood controls are so much more than routine test materials; 
they are the foundation of quality assurance in hematology 
and a key safety factor in patient care. 
These reference materials are specifically designed to mimic 
fresh human blood and contain stable, precisely defined 
populations of red blood cells, white blood cells, and platelets, 
enabling laboratories to verify the accuracy and reliability of 
hematology analyzers on a daily basis. 
When used regularly, blood controls help identify issues with 
instrument operation, reagents, or calibration errors before 
patient results are affected, while also supporting compliance 
with international quality and accreditation standards. 
The manufacture of blood controls is a highly specialized 
process that involves the careful collection and preparation 
of source materials, the controlled stabilization of cellular 
components, and the precise adjustment of cell concentrations 
to reflect clinically relevant conditions. 
Each batch is suspended in a plasma-like matrix and 
thoroughly tested for performance, homogeneity, stability, 
and compatibility with the relevant analytical instrument; 
it is approved for use only after meeting strict quality criteria.
In this way, blood controls ensure consistent performance, 
operational efficiency, and, above all, reliability for every 
hematology result reported.
CDS

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Business model 
Boule’s business model for diagnostics is based on an 
indirect sales and service structure that leverages a global 
distributor network supported by local sales offices in key 
markets. 
With approximately 200 distribution partners in more than 
100 countries, Boule effectively reaches customers around 
the world without the need for a direct presence in every 
region.
Distributors’ strong local market knowledge is particularly 
valuable in emerging markets, enabling effective 
positioning and close collaboration that strengthen overall 
business performance.
The company generates revenue through a combination 
of instrument sales and a growing base of recurring 
revenue from consumables such as reagents, controls, and 
calibrators.
Boule’s portfolio of strong brands, such as Medonic™ and 
Swelab™ for human diagnostics and Exigo™ for veterinary 
applications, supports multiple parallel sales channels 
tailored to different customer needs. 
This scalable model, driven by a growing installed base 
of instruments and strong relationships with distributors, 
provides a solid foundation for long-term growth.
Boule’s business model also includes the development 
and manufacture of reagents, controls, and calibrators, 
which are supplied to OEM customers under white-label 
agreements.
In this arrangement, partners market and sell consumables 
under their own brands, creating an additional revenue 
stream beyond Boule’s diagnostic products. 
OEM sales are handled through Boule’s wholly owned U.S. 
subsidiary, Clinical Diagnostic Solutions, Inc.
Through long-term agreements with its own brands 
and partnerships with multinational IVD companies and 
innovative startups, Boule offers a flexible platform for 
designing custom solutions and co-developing new 
diagnostic concepts. 
This area has generated strong customer interest and 
represents significant growth potential.
In addition, Boule offers private-label consumables for 
instruments installed by competitors. 
These products can be customized to meet specific 
customer requirements, adding value and setting Boule’s 
offering apart from generic alternatives.
Business model

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
New Boule, new 
brand identity
For more than six decades, Boule has operated with 
a clear guiding principle: every patient deserves 
access to diagnostic care of the highest standard. 
This principle has shaped our corporate culture, our 
technology, and our relationships with distributors 
and healthcare providers around the world. As we 
continue to grow and evolve, our commitment to 
quality and reliability remains the foundation of our 
strategy and the driving force behind every decision 
we make.
This year, we were proud to unveil Boule’s updated 
brand identity, a development that reflects both who 
we are and who we want to be in the future. This 
updated brand identity strengthens our visibility in 
the market, clarifies our positioning, and supports 
our vision for long-term growth in an increasingly 
competitive global industry.
The new visual identity was launched in November 
last year and will be implemented gradually across 
all communication channels and digital platforms, 
documentation and product portfolios. This transition 
marks an important milestone in our journey of 
change. 
The structured rebranding plan ensures that the new 
identity not only supports Boule’s business ambitions, 
but also strengthens the consistency and impact of 
our presence in the global diagnostics market 
BOULE (PREVIOUS LOGO)
BOULE (NEW LOGO)
CDS (PREVIOUS LOGO)
CDS (NEW LOGO)
The new Boule logo, featuring a clean and modern 
interpretation of the test wheel combined with a 
contemporary typeface, pays tribute to our deep-
rooted heritage in hematology, while signaling our 
ambition to expand our presence as a provider of a 
broader range of diagnostic solutions.
The new CDS logo, featuring a drop in a tube, 
represents both a drop of blood control—CDS’s best-
known product—and can also symbolize any type of 
solution we can develop and manufacture at CDS; 
a solution not only in the form of a liquid product but 
also as a response to the challenges faced by our 
OEM partners. 
New brand identity

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
As we continue this launch, the rebranded identity will 
serve as a visible symbol of Boule’s growth, flexibility, and 
strategic direction in the years ahead. We appreciate 
the continued support of our employees, partners, and 
stakeholders. 
Our focus on brand identity is a strategic move to 
strengthen Boule’s position in a rapidly evolving 
diagnostics industry. As our business model expanded to 
include a broader portfolio of OEM and ODM technologies 
as well as new solutions, it was important to ensure that 
our brand could work effectively across all segments. The 
updated brand identity highlights how Boule and CDS are 
perceived by investors, partners, and customers, clearly 
signals our forward-looking strategy, and shapes how we 
want to be remembered: as a reliable, innovative, and 
globally trusted diagnostics partner.
This initiative is based on a thorough analysis of our 
evolving business model, our commercial priorities, and 
market opportunities. We have evaluated Boule and 
CDS long-standing traditions, their strong global partner 
networks, and their unique value propositions. This work 
formed the basis for our new positioning and business 
model, which now includes two distinct brands and 
enables CDS to operate independently when necessary. 
The rebranding was carried out using a refreshed logo, 
modern design templates, and an updated visual 
system to convey clarity, trust, and scalability across all 
touchpoints.
* ODM stands for Original Design Manufacturer, an external company 
that works with Boule and is responsible for designing and manufacturing 
products that are then branded and marketed under the Boule brand.
THE GOAL 
DIFFERENTIATION – SCALABILITY – CONSISTENCY
The new brand identity must be flexible enough to support 
the introduction of new business streams while remaining 
clear and recognizable in the MedTech market.
THE CHALLENGE 
MOVING AWAY FROM A UNIFIED BRAND FRAMEWORK 
Our brand architecture was designed to be unified 
(Diagnostics and CDS under the same Boule brand) with 
sub-brands for hematology products.
TOWARD A CLEAR VALUE PROPOSITION FOR BRAND 
DIFFERENTIATION 
Each business segment—Diagnostics and OEM CDS—
must be clearly defined so that customers, partners, and 
investors can easily understand its value, capabilities, and 
unique advantages.
In 2025, we defined and launched a new business model 
that reflects our true value in  
the OEM, ODM, and instrument portfolios.
The new brand enhances investor perception of value by 
clearly articulating the company’s renewed strategic focus 
and long-term growth potential. 
OPTIMIZATION OF THE BOULE BRAND MODEL  
In order to strengthen the Boule brand structure, message, 
and user experience, as well as to consistently represent 
the company’s expanded product range, we have 
conducted a comprehensive business model analysis and 
worked on market positioning, which has created a data-
driven foundation for our strategic decision-making.
New brand identity

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

THE GROUP SUSTAINABILITY FINANCIAL INFORMATIONINTRODUCTION
20
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Digitalization – Moving Forward 
Boule’s digital transformation journey represents a 
strategic shift toward a more connected, efficient, and 
scalable organization. The project aims to improve the 
way we work, communicate, and assist our customers. In 
our industry, where precision, reliability, and easy access 
to information are crucial, digitalization involves more than 
just upgrading systems. It represents our commitment 
to operational efficiency, regulatory compliance, and 
improved collaboration with our customers. We are 
building the digital foundation that not only supports our 
operations today, but also prepares us for future growth.
With the launch of a new, modern website, Boule has 
strengthened its digital presence and brand experience, 
making information more accessible to both customers 
and partners. A key part of this development is the 
launch of dedicated product pages, designed to clearly 
communicate the value, applications, and technical 
specifications of each product. These pages provide a 
structured and consistent user experience that makes 
it easier for visitors to understand Boule’s solutions, 
compare options, and quickly find relevant information. 
At the same time, the website has become a key driver 
of growth through streamlined digital programs designed 
to generate leads. Integrated forms, clear calls to action, 
and intelligent routing ensure that inquiries are captured 
efficiently and supplemented with relevant context. Leads 
are generated based on predefined criteria, allowing the 
sales team to focus on high-quality, sales-qualified leads 
rather than manual screening. 
This end-to-end digital workflow brings marketing and 
sales closer together, shortens response times, and helps 
create a more predictable and scalable revenue pipeline.
A key pillar of the digital transformation is the 
implementation of automation for document upload and 
management: documents are uploaded via structured 
workflows, validated, version-controlled, and routed 
through predefined approval steps. This ensures that all 
necessary documents are complete, up-to-date, and 
managed in accordance with statutory and internal 
compliance requirements, with full traceability and chains 
of verification at every stage. These automations have 
streamlined internal processes, reduced manual work, and 
enabled teams to focus on higher-value activities.
To complement this, the new integrated partner portal 
serves as a central hub for collaboration, bringing 
all partner interactions together in a single, secure 
environment. Partners can access customized content, 
guidelines, and contract information, as well as upload 
and manage the necessary documentation. In the coming 
months, they will also be able to monitor the status of 
technical support requests in real time and access all 
available training courses from a single user account. 
Role-based access and clear workflows ensure that the 
right stakeholders see the right information at the right 
time, and built-in communication and notifications help 
reduce confusion and delays.
This hub not only improves transparency and compliance, 
but also fosters a closer and more effective partnership by 
streamlining collaboration and creating a consistent and 
professional partner experience.
Finally: BDW, Boule’s internal communication platform, is 
designed to foster clarity, alignment, and transparency 
throughout the organization. It serves as a single source 
of information for company updates, strategic initiatives, 
and operational information, ensuring that teams stay 
informed and connected. By centralizing communication 
and reducing reliance on fragmented channels, BDW 
helps facilitate faster decision-making, improved 
collaboration, and a shared understanding of priorities 
across Boule.
Digitalization

===== SIDA 21 =====

Technical product documentation
Certification and status at Boule Academy
Connection to EPR
Compliance with regulations
21
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
SUSTAINABILITY
FINANCIAL INFORMATION
THE GROUPINTRODUCTION
Product pages
Knowledge center
Active lead generation
BOULE.COM
Internal communication channel
BOULE 
SHAREPOINT 
(BDW)
PARTNER 
PORTAL
Digitalization

===== SIDA 22 =====

Living the Maverick Culture
THE GROUP SUSTAINABILITY FINANCIAL INFORMATIONINTRODUCTION
22
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Growing Together – 
People and Corporate Culture
In 2025, we continued to strengthen and live out our 
Maverick culture, which defines how we challenge the 
status quo, break with conventional thinking, and embrace 
innovation. Our corporate culture is built on five key pillars:
• Independent thinking: Encourage curiosity, challenge 
norms, and seek new perspectives to make progress.
• Risk-taking: Create an environment where calculated 
risks are encouraged, enabling bold decisions and 
innovation.
• Agility: Adapt quickly to change and respond 
proactively to new challenges and opportunities.
• Employee engagement: Creating a workplace where 
employees feel included, empowered, and inspired to 
contribute.
• Decisive leadership: Empowering managers to act 
with clarity and confidence, ensuring progress even in 
uncertain times.
These principles guide our actions and decisions and 
enable us to thrive in a dynamic global environment while 
remaining true to our values.
Growing Together

===== SIDA 23 =====

THE GROUP SUSTAINABILITY FINANCIAL INFORMATIONINTRODUCTION
23
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
ORGANIZATIONAL CHANGE AND ADAPTATION
Our transformation continued this year, with a focus 
on building a more flexible and agile organization. 
We introduced new working methods that emphasize 
collaboration across regions and functions, ensuring that 
our teams are equipped to meet new business needs. 
This involved refining our organizational structure, 
clarifying roles, and strengthening leadership capabilities 
to foster accountability and improve performance.
DIGITALIZATION AND STANDARDIZATION OF HR TOOLS
One important milestone during 2025 was the 
digitalization and standardization of our HR tools. 
By implementing global platforms for talent management, 
performance evaluation, and learning, we have created 
a more consistent and transparent environment for our 
employees. 
These tools enable better data-driven decisions, 
streamline processes, and support scalability as we grow. 
This investment reflects our commitment to efficiency and 
to providing our employees with modern, user-friendly 
solutions.
EMPLOYEE ENGAGEMENT AND CULTURE BUILDING
Our annual employee survey once again revealed a high 
level of commitment and pride among our employees. This 
feedback confirms that our efforts to promote an inclusive 
and empowering corporate culture are paying off.
We believe that a strong company culture isn’t just about 
performance, but also about creating an environment 
where people can be themselves, easily connect with 
colleagues, and have fun. 
Throughout the year, we celebrated cultural traditions and 
organized company events that brought our global teams 
closer together. 
From Midsummer celebrations to Thanksgiving—these 
moments of joy and togetherness strengthen our sense of 
belonging and the values that make Boule unique.
OUTLOOK FOR 2026
The evolution of corporate culture never stops.
Over the coming year, we will continue to develop our 
Maverick culture and deepen its impact at every level of 
the organization. 
Our priorities include:
• Strengthen leadership skills:                                       
Expand development programs to equip managers 
with the skills to navigate complex situations, inspire 
teams, and lead with decisiveness.
• Implementation of a structured approach to 
performance and development: Implement a 
consistent framework for goal-setting, feedback, and 
career development to align individual progress with 
business objectives.
• Promote innovation and collaboration by utilizing 
digital tools and facilitating cross-functional 
collaboration between teams.
• Expanded initiatives for corporate culture and 
engagement: Continue to create more opportunities 
for employees to network, celebrate, and grow 
together through global and local events that foster 
a sense of community and joy in the workplace.
These initiatives will help us build a culture of 
accountability, continuous learning, and high 
performance, ensuring that all employees feel they are 
contributing to Boule’s success and future growth.
Growing Together

===== SIDA 24 =====

THE GROUP SUSTAINABILITY FINANCIAL INFORMATIONINTRODUCTION
24
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Boule shares
Share price performance 
01/01/2024-12/31/2025
The Boule shares are listed on
Nasdaq Stockholm since 2011 and had 2,242 
shareholders as of December 31, 2025.
Share capital and classes of shares
As of December 31, 2025, Boule’s share capital amounted 
to SEK 9 ,708,276, divided into 38,833,104 shares with a 
par value of SEK 0.25 each. There was no change in the 
number of shares and votes in 2025. Boule has only one 
class of shares, and all shares carry equal rights to a share 
of Boule’s assets and profits, and are traded in lots of 
one share.
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
0
2
4
6
8
10
12
14
Jan/24 Feb/24 Mar/24 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 Feb/25 Mar/25 Apr/25 May/25 Jun/25 Jul/25 Aug/25 Sep/25 Oct/25 Nov/25 Dec/25
Antal aktier ’000
SEK
Omsättningsvolym (dagligen) Boule Diagnostics
Market capitalization and trading volume
Closing price of Boule shares as of December 31, 2025 
was 4.91 (8.98), corresponding to a market capitalization of 
SEK 191 million (349). During the 2025 fiscal year, average 
revenue was 57 ,352 (32,426) shares per trading day. 
Total trading volume in 2025 was 14.3 million (8.1) shares, 
with a value of 99 .8 (57 .6). The share price fell by 45 percent 
during the fiscal year.
Dividend
The Boule Board of Directors has a long-term goal of 
providing shareholders a dividend that reflects both good 
dividend yield and dividend growth. 
Under the current dividend policy, the dividend shall 
correspond to 25–50 percent of the year’s profit, taking into 
account the company’s liquidity. For the 2025 fiscal year, 
the Board of Directors proposes that no dividend be paid.
Boule shares
Turnover volume (daily)
Number of shares

===== SIDA 25 =====

THE GROUP SUSTAINABILITY FINANCIAL INFORMATIONINTRODUCTION
25
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Stock investment
• Strong position in a global niche market
• Market growth driven by underlying trends
• A large installed base of instruments generates 
recurring revenue
• Growing OEM sales
• Launch of an updated platform, an expanded 
product range, and high-quality products
• High customer satisfaction
Shareholders as of Dec. 31, 2025 (according to Modular finance) Number of shares Percentage of capital/votes
Grenspecialisten 5,787 ,268 14.9%
Svolder 4,289 ,159 11.0%
Thomas Eklund 4,038,728 10.4%
Nordea Funds 2,954,650 7. 6%
Swedbank Robur Funds 2,783,070 7. 2 %
Protean Funds Scandinavia 2,401,988 6.2%
Avanza Pension 1,350,454 3.5%
Tomas Wedel 1,220,168 3.1%
Anders Hultmark 1,164,903 3.0%
Aktia Asset Management 992,540 2.6%
The Second AP Fund 969,948 2.5%
Torben Nielsen 650,000 1.7%
Nordnet Pension Insurance 527 ,407 1.4%
Thomas Wernhoff 500,000 1.3%
Futur Pension 281,100 0.7%
Other shareholders (2,242) 8,921,721 23.0%
Total number of shares 38,833,104 100%
Boule shares

===== SIDA 26 =====

26
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
SUSTAINABILITYTHE GROUP FINANCIAL INFORMATIONINTRODUCTION
Sustainability report
Boule provides blood diagnostic solutions used in both health 
screenings and the diagnosis of diseases. From a societal 
perspective, a complete blood count is a highly cost-effective 
test that provides rapid information about patients’ health 
and medical conditions, enabling immediate action.
Boule’s instruments and reagents are available for point-of-
care diagnostics worldwide. Our robust, high-quality blood 
analysis instruments help healthcare providers around the 
world deliver safe and accurate diagnostics to patients, 
whether they live in urban or rural areas.
OBJECTIVE
Boule is committed to responsible business practices in all 
areas where the company has a significant impact. Our 
sustainability efforts are directly linked to Boule’s mission and 
business operations. Through the priorities and goals we set 
to create value for our customers, we also create value for 
our employees, owners, and society at large. Boule’s product 
solutions and services help our customers contribute to 
making communities more sustainable. Boule’s operations 
contribute directly to Goals 3 and 9 of the UN’s 2030 Agenda.
Good health and well-being   
Boule provides blood diagnostic solutions used in both health 
screenings and the diagnosis of diseases. From a societal perspective, 
a complete blood count is a highly cost-effective test that provides 
rapid information about patients’ health and medical conditions.
Sustainable industry, innovation, and infrastructure   
Boule’s instruments and reagents are available for point-of-care 
diagnostics worldwide. Our robust, high-quality blood analysis instruments 
help healthcare providers around the world deliver safe and accurate 
diagnostics to patients, whether they live in urban or rural areas.
Sustainability report

===== SIDA 27 =====

27
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
SUSTAINABILITYTHE GROUP FINANCIAL INFORMATIONINTRODUCTION
Value creation
Boule’s ability to produce reliable, high-quality blood 
diagnostic instruments is of the utmost importance to 
its customers’ operations and is crucial for patients, 
which is why product quality and safety are at the heart of 
Boule’s sustainability efforts.
Incorrect or incomplete diagnoses can cause significant 
harm to the patient, result in financial loss for the hospital 
or healthcare facility, and ultimately threaten Boule’s 
business operations. That is why product safety is one of 
Boule’s top priorities. As a responsible market player, Boule 
takes responsibility throughout the entire transaction to 
create a sustainable supply chain.
PRODUCT LIFE CYCLE 
It is very important to achieve reliable results, high 
operational reliability, and maintain high quality for the 
end user. Boule’s quality concept is based on the principle 
that quality and expertise permeate the entire value 
chain all the way to the end customer. Internal quality 
assurance processes ensure high quality throughout the 
entire lifecycle of the instruments, from manufacturing 
and installation to service and training in product use. 
The concept is called the Total Quality Concept, and its 
ultimate goal is to offer instruments and consumables of 
the highest quality that provide patients with accessible, 
more effective, and safer care.
 
CLOSED SYSTEMS FOR SAFER BLOOD ANALYSES
One important aspect in securing quality in the  results 
from Boule products is that the consumables are locked 
to Boule’s instruments. The ability to analyze blood from 
sealed tubes minimizes the risk of laboratory staff being 
exposed to potential infections. These are important 
safety considerations for both patients and healthcare 
providers.
SUPPLIERS
Sustainability efforts are ongoing throughout the entire 
product supply chain, and Boule’s suppliers play a crucial 
role in providing high-quality systems.
The components used in Boule’s production are 
manufactured by leading suppliers worldwide, and Boule 
has a direct influence on the selection of materials, 
raw materials, and packaging, for example. Suppliers 
are therefore selected with great care following a 
supplier evaluation. Boule only approves suppliers 
who offer the best and most cost-effective products 
and who guarantee the highest possible quality. All of 
Boule’s suppliers of production materials have quality 
management systems, and suppliers with documented 
environmental management systems and environmental 
objectives have been given priority. Approved suppliers 
are then monitored on an ongoing basis. This is to ensure 
that the supplier has fulfilled its obligations and can 
continue to be considered an approved supplier
DISTRIBUTORS
Boule sets high standards for its distributors when it comes 
to product knowledge. To ensure a high level of expertise, 
Boule regularly organizes product training sessions for 
all distributors. The program combines theoretical and 
practical components and covers areas such as basic 
hematology, technical maintenance, and instrument 
servicing. Every year, a survey is conducted among 
distributors to identify and address any shortcomings in 
hematology systems, support, and service.
ACTIVITIES CARRIED OUT DURING THE 
YEAR
• Improved the website’s usability by 
implementing a new partner portal for digital 
access to documents and support.
2026 PRIORITIES
• Implement a new global quality system for 
the entire Group.
Value creation

===== SIDA 28 =====

28
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
THE GROUP
FINANCIAL INFORMATION
INTRODUCTION
SUSTAINABILITY
Objective
6
Outcome
5
Objective
8.5
Outcome
8.8
AUDIT OF CRITICAL 
SUPPLIERS
DISTRIBUTOR 
SATISFACTION INDEX
ton
432
ENERGY CONSUMPTION, SHARE OF CO 2E
BY COUNTRY IN 2025
ESTIMATED CO2E
USA Sweden
Value creation

===== SIDA 29 =====

29
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
SUSTAINABILITYTHE GROUP FINANCIAL INFORMATIONINTRODUCTION
Environment
Boule works systematically to minimize environmental 
risks associated with the transport of products, which is 
Boule’s largest source of greenhouse gas emissions. Boule 
also takes a proactive approach to other environmental 
considerations, such as choosing recyclable packaging 
materials.
TRANSPORT
An efficient and low-carbon supply chain is one of the 
most important factors in reducing a company’s negative 
environmental impact. When Boule purchases transport 
services, we specify environmental requirements for the 
freight carriers we hire. All transport companies have their 
own environmental policies and/or certified systems for 
systematic environmental management. Planning and 
optimizing incoming deliveries (scheduled shipments) to 
improve the utilization of load capacity per shipment 
reduces CO2 emissions and results in cost savings. Boule 
also reduces the number of incoming deliveries by using 
a bag-in-box packaging solution, which takes up less 
space than rigid plastic packaging.
ENERGY CONSUMPTION AT THE COMPANY’S FACILITIES
USA accounts for 92% of the Group’s energy consumption 
for 2025 (excluding Russia and Mexico, which are excluded 
because they are both difficult to measure and are 
estimated to consume relatively little). The reason the 
United States accounts for such a large share of total 
CO2e energy consumption is primarily that the energy 
sources used there are significantly less environmentally 
friendly than in Sweden, but also that they consume 
more energy.
CHEMICALS AND COMPONENTS
To ensure that no Boule products contain harmful, 
regulated, or unnecessary chemicals, Boule complies with 
the rules and regulations governing the manufacture of 
electronics and the use of chemicals. Only components 
that are approved in accordance with the EU Regulation 
on the Registration, Evaluation, Authorization, and 
Restriction of Chemicals (REACH), the Restriction of 
Hazardous Substances (RoHS) Directive, and the Waste 
Electrical and Electronic Equipment (WEEE) Directive are 
used in product development and production.
ENVIRONMENTAL IMPACT OF REAL ESTATE
The workshops and instrument manufacturing facilities 
in Sweden are located in buildings equipped with 
geothermal energy systems, which replace heating and 
cooling units. The heating elements are powered by eco-
labeled electricity that is 100 percent generated from 
renewable energy sources.
TRAVEL
Boule urges people to always choose eco-friendly options 
for business travel and commuting.
• We continue to minimize printing and reduce waste.
• We advocate for environmentally friendly vehicles.
• We are taking various measures to encourage employees 
to save electricity.
• We offer employees in Sweden the opportunity to charge 
their electric vehicles at work to encourage the use of 
eco-friendly vehicles.
ACTIVITIES CARRIED OUT DURING THE YEAR
• Energy consumption decreased by 16% during 
the year, and as a result, carbon dioxide 
emissions from energy consumption fell by 11%.
2026 PRIORITIES
• Focus on reducing energy consumption and 
using more environmentally friendly energy 
sources in both Sweden and the United States.
Environment

===== SIDA 30 =====

30
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
SUSTAINABILITYTHE GROUP FINANCIAL INFORMATIONINTRODUCTION
Working environment
We strive to foster a safe, inclusive, and dynamic 
workplace where every individual can grow and reach 
their full potential.
VALUE-DRIVEN CULTURE
Our values and corporate culture are the cornerstones 
of our organization. They guide our employees’ behavior, 
shape their interactions, and drive their relationship-
building with customers and other stakeholders. These 
values are essential for creating a supportive and 
collaborative work environment that enables us to achieve 
our goals and drive innovation.
SATISFIED EMPLOYEES
To ensure that we remain aligned with our employees’ 
needs, we conducted two employee surveys—one at the 
beginning of the year and another in Q4—focusing on 
culture, leadership, and well-being.
The results highlight our progress: an impressive 92.5% of  
our employees now believe their manager is a good 
leader, reflecting a 5% improvement from Q1 (87 .4%). 
Furthermore, 83.6% of our employees reported that 
they feel very positive about going to work, compared 
with 81% in Q1. These improvements reflect our ongoing 
efforts to create an environment where employees feel 
supported, motivated, and valued.
DIVERSITY AND EQUALITY
Weare proud of the diversity of our workforce, which 
includes people of various nationalities and backgrounds. 
This diversity enriches our organizational culture and 
strengthens our collective capabilities. Boule strives to 
foster an inclusive environment that harnesses the unique 
skills and talents of all employees.
(One of Sweden’s most gender-equal companies 2025)
In 2025, Boule was named one of Sweden’s most gender-
equal companies and made it onto the Allbright Green 
List. This award recognizes our long-term efforts to 
achieve gender equality and foster an inclusive culture. 
We continue to develop a workplace where everyone is 
given equal opportunities to grow and contribute.
HEALTH AND SAFETY
Boule upholds ambitious health and safety standards and 
promotes a culture of safety awareness and continuous 
improvement. We conduct regular safety inspections 
and prioritizes proactive measures to prevent workplace 
accidents. Our Health and Safety Committee reviews 
and monitors all incidents to ensure a safe working 
environment and implement improvements, particularly in 
production and warehouse areas.
MAVERICK CULTURE INTEGRATION
Inspired by Maverick’s approach, we have embraced 
a culture of transformation and innovation. Our teams 
are empowered to take ownership of their work and 
drive change through cross-functional collaboration. 
We celebrate our achievements and constantly strive 
for excellence, and we ensure that every employee feels 
valued and motivated to contribute to our shared success.
EFFICIENCY THROUGH OPERATIONAL EXCELLENCE
In 2025, we implemented operational excellence to drive 
efficiency, financial strength, and quality. By optimizing
processes, leveraging the latest technology, and fostering 
a culture of continuous improvement, we ensure that our 
teams are equipped to deliver exceptional results while 
maintaining agility in a dynamic environment.
Working environment

===== SIDA 31 =====

31
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
THE GROUP
FINANCIAL INFORMATION
INTRODUCTION
SUSTAINABILITY
STRATEGIC INITIATIVES AND RESULTS FOR 2025
In 2025, we took important steps to strengthen Boule’s 
organization, work processes, and employee experience.
 
Organization and working methods:
We implemented an updated organizational structure 
with clearer roles and improved collaboration across 
departments.
Digitalization:
Global HR tools for talent, learning, and performance were 
implemented, resulting in more consistent and data-driven 
processes.
 
Employee engagement:
The employee survey conducted in September identified 
clear priority areas and has led to ongoing initiatives 
aimed at strengthening our organizational culture and 
employee well-being. 
 
Leadership:
We conducted targeted leadership training programs and 
began developing more structured talent management 
processes, a process that will continue in 2026. 
 
Innovation and collaboration:
Efforts to modernize processes and improve cross-
functional collaboration began and will continue in 2026.
sense of belonging
In summary, 2025 has laid the foundation for a more 
modern, efficient, and engaging organization.
ACTIVITIES COMPLETED IN 2025
GENDER REPRESENTATION
KEY OBJECTIVES FOR 2026
Implemented a new organizational 
structure with clearer roles and 
enhanced collaboration between 
teams
Completed the digitalization and 
standardization of key HR tools
Launched cultural and engagement 
initiatives based on employee surveys
Conducted leadership training and 
development programs for talent and 
succession planning
Expand the use of digital tools and 
data-driven HR processes
Consolidate the new organizational 
structure and strengthen cross-
functional collaboration
Strengthen culture and engagement 
through inclusive activities and 
improved work practices
Drive innovation and improvements 
through modernized processes and 
enhanced learning
2025
2026
Women in corporate leadership
(2 of 8)
3 of 7
Average ratio of women/men
(99/127)
90/105
Employee Satisfaction Index
on a scale of 0 to 10
8
ANNUAL REPORT 2025
Working environment

===== SIDA 32 =====

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
SUSTAINABILITYTHE GROUP FINANCIAL INFORMATIONINTRODUCTION
Stakeholder 
dialogue
At Boule, we highly value our patients, 
users, distributors, employees, suppliers, 
and owners as our key stakeholders. By 
maintaining an open and ongoing dialogue 
with them, we gather valuable insights 
for business, product, and sustainability 
improvements. We conduct surveys with 
distributors and employees, and compare 
markets to better understand their 
perspectives and gather feedback.
PATIENTS   
There is concern that inaccurate test results 
could cause significant harm to the patient. 
With the analysis from one of the more than 
150 million tests performed using a Boule 
instrument, patients can always feel 
confident that the clinical result is accurate.
DISTRIBUTORS
Boule reaches customers in over 100 
countries through a network of 200 locally 
based distributors who market, sell, and 
service Boule’s products. In addition to 
product safety requirements, it is important 
for distributors to help build an infrastructure 
that provides patients with safe and 
accurate diagnostics.
SUPPLIERS
Boule’s suppliers, primarily based in Europe, 
Asia, and the United States, serve as key 
partners in delivering top-quality solutions. 
They place great emphasis on Boule’s 
commitment to upholding the highest 
standards of business ethics, safeguarding 
human rights, and actively reducing 
environmental risks.
USERS AND DOCTORS
Boule’s solutions are important and 
essential for the diagnosis, treatment 
planning, and follow-up of patients at 
health centers, laboratories, or hospitals. 
Users demand product safety and accurate 
clinical results.
EMPLOYEES
Boule strives to be an attractive employer 
and to foster an environment where 
employees can thrive.
With a vision of zero work-related accidents 
and illnesses, we prioritize the health and 
safety of our employees above all else.
We are committed to ensuring fair 
treatment and equal opportunities for all 
employees, regardless of gender, age, 
ethnicity, nationality, religion, sexual 
orientation, disability, experience, or family 
situation. Fair compensation and equal 
opportunities are fundamental principles at 
Boule, deeply rooted in our values of 
inclusion and diversity.
Transparency and accountability are 
central to our approach, ensuring that 
every voice is heard and every concern 
is taken seriously.
OWNERS
The owners expect us to generate a stable, 
long-term return. By ensuring that our users, 
distributors, and employees are satisfied, 
we ensure that we also create shareholder 
value.
Stakeholder dialogue

===== SIDA 33 =====

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
SUSTAINABILITYTHE GROUP FINANCIAL INFORMATIONINTRODUCTION
Assessment of Boule’s Impact on Sustainability
Boule sources raw materials in Europe, Asia, and the United States, manufactures products in facilities in the United States, Sweden, and 
Russia, and markets instruments and consumables globally through a network of distributors.
GOVERNANCE OF SUSTAINABILITY EFFORTS
As a medical device company, Boule is governed to 
a large extent by laws and regulations concerning 
standards, safety, and product quality. Blood 
diagnostic equipment is subject to detailed 
regulations worldwide. Boule’s mission, values, and 
code of conduct guide employees in the social 
and environmental responsibility that the company 
strives to uphold. We manage Boule in accordance 
with our quality management system, and all 
manufacturing and sales companies within the 
Group are certified in accordance with ISO 13485.
In addition to the regulations that Boule adheres 
to, the company is guided by our policies and 
guidelines.
Boule also shares the values embodied in the ten 
principles of the UN Global Compact regarding 
the protection of human rights, decent working 
conditions, environmental stewardship, and ethical 
business practices.
• Code of Conduct
• Environmental Policy
• Quality Policy
• Diversity and Equality Policy
BOULE’S VALUE CHAIN PROVIDES US WITH A BASIS FOR SUSTAINABILITY AND RISK ANALYSIS
We have assessed Boule’s impact on society and the environment by identifying various stakeholder 
groups and potential sustainability risks throughout the value chain. In our ongoing business dialogue with 
our stakeholders, we discuss and address ethical, social, and environmental risks and opportunities.
tests per year,
millions
100m
PRODUCT
DEVELOPMENT
MARKETING SALES AND 
SERVICE CLINICSMANU-
FACTURING
Instruments Market 200 distributors 
in 100 countries
Healthcare 
provider
Brands OEM Veterinarian
Reagents
Controls
Assessment of Boule’s

===== SIDA 34 =====

34
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
THE GROUP
FINANCIAL INFORMATION
INTRODUCTION
SUSTAINABILITY
Four focus areas
Based on the expectations and requirements of the company’s stakeholders, Boule has conducted a materiality analysis that has 
identified opportunities and challenges. Sustainability considerations have been divided into four focus areas that form the foundation 
of our sustainability efforts: value creation, the environment, the workplace, and ethics and governance.
VALUE CREATION ENVIRONMENT WORKING ENVIRONMENT ETHICS & GOVERNANCE
Boule’s ability to deliver reliable, high-quality 
solutions for blood diagnostics is of the utmost 
importance to our customers’ operations and 
is crucial for patients. Boule also creates 
added value by expanding knowledge 
through the Boule Academy.
Boule’s production is relatively energy-
efficient, and the greatest environmental 
impact stems from transportation along the 
value chain, primarily the shipment of goods 
to the company’s  
global distributors.
Boule is committed to providing a safe and 
inclusive workplace. We believe in creating an 
environment where every individual has the 
opportunity to thrive and make meaningful 
contributions to Boule’s ongoing development 
and growth. By fostering a culture of 
ownership, respect, and collaboration, we 
empower our employees to reach their 
full potential and drive our shared success 
forward.
Boule works with a diverse network of 
suppliers and distributors, which requires 
robust processes and adherence to a clear 
code of conduct. We prioritize ethical 
sustainability in all aspects of our business 
operations and maintain a zero-tolerance 
policy toward bribery, corruption, and 
discrimination.
KEY AREAS
• Product safety
• Social efficiency
• Reliable diagnostic results
• Accurate test results
• Accessibility
• Transportation
• Chemicals
• Electronic waste
• Electricity consumption
• Waste and recycling
• Value-driven culture
• Satisfied employees
• Health and safety
• Diversity and equality
• Corruption and bribery
• Knowledge distributors
• Compliance and  
regulatory requirements
KEY FIGURES
• Number of tests
• Installed base
• Number of supplier audits
• Customer satisfaction among distributors
• Share of renewable energy
• Scheduled inbound shipments %
• CO2 emissions
• Employee Satisfaction Index
• Incident resulting in absence
• Employee turnover
• Signed Code of Conduct for Distributors
• Signed Code of Conduct for Suppliers
Assessment of Boule’s

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35
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
SUSTAINABILITYTHE GROUP FINANCIAL INFORMATIONINTRODUCTION
Objective
100%
Outcome
100%
Objective
100%
Outcome
100%
CODE OF CONDUCT SIGNED 
BY DISTRIBUTORS
CODE OF CONDUCT SIGNED 
BY CRITICAL SUPPLIERS
Ethics and governance
At Boule, ethics and governance form the foundation of 
how we work. We always strive to act responsibly, make 
ethical decisions, and build trust with our employees, 
customers, and partners. In 2026, we will continue to 
strengthen our governance framework by clarifying our 
policies and ensuring that ethical decision-making is an 
integral part of our day-to-day work.
CODE OF CONDUCT
Boule’s Code of Conduct sets out clear guidelines for 
how we conduct our business responsibly. The Code 
of Conduct sets out the company’s positions on anti-
corruption, human rights, labor rights, and environmental 
considerations in accordance with the ten principles of 
the UN Global Compact. The Code applies to employees, 
suppliers, distributors, customers, and partners, and 
ensures that ethical standards are upheld throughout the 
organization. All employees receive training on the Code 
of Conduct and are responsible for adhering to it in their 
daily work. Managers ensure that their teams adhere to 
the code, making ethical leadership an essential part of 
their role.
WHISTLEBLOWER FUNCTION
To promote transparency and accountability, Boule has 
a whistleblower program through which employees can 
anonymously report violations of the Code of Conduct. 
All reports are treated confidentially, and those who report 
incidents will not face any reprisals. This ensures a safe 
and open work environment where ethical issues can 
be addressed. In 2025, no whistleblower reports related to 
the Code of Conduct were filed.
ETHICAL LEADERSHIP AND GOVERNANCE
Good leadership is about more than just rules—it’s about 
leading by example and ensuring that ethics guide every 
decision. At Boule, we encourage open discussions about 
governance and integrity, so that employees at all levels 
understand their role in maintaining a responsible business.
In 2026, we will continue to clarify our guidelines and raise 
awareness of risks and responsibilities. By integrating 
governance into performance reviews and employee 
dialogues, we ensure that accountability and ethical 
decision-making become a natural part of leadership 
and day-to-day work.
By strengthening our governance and ethical leadership, 
we are building a company that employees, customers, 
and stakeholders can trust.
ABOUT THE SUSTAINABILITY REPORT
The Sustainability Report covers the parent company, 
Boule Diagnostics AB, and all entities in Boule Diagnostics 
AB’s consolidated financial statements for the same 
period, as specified in Note 14 to the consolidated 
financial statements. The Sustainability Report has 
been prepared in accordance with the provisions of the 
Annual Accounts Act (Chapter 6, Section 10).  
Further description and handling of certain sustainability-
related risks are included in the overall risk section on 
pages 42–47 of the annual report.
All distributors have signed Boule’s Code of Conduct, 
which, among other things, makes it clear that all forms of 
bribery are unacceptable.
Ethics and governance

===== SIDA 36 =====

36
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
SUSTAINABILITYTHE GROUP FINANCIAL INFORMATIONINTRODUCTION
THE AUDITOR’S OPINION REGARDING THE 
STATUTORY SUSTAINABILITY REPORT
To the Annual General Meeting of Boule 
Diagnostics AB (publ), Corporate ID No. 556535-
0252
ASSIGNMENTS AND DIVISION OF RESPONSIBILITIES
The Board of Directors is responsible for the 2025 
Sustainability Report on pages 26–35 and for 
ensuring that it has been prepared in accordance 
with the Annual Accounts Act.
FOCUS AND SCOPE OF THE AUDIT
Our review was conducted in accordance with FAR’s 
recommendation RevR 12, “The Auditor’s Opinion on 
the Statutory Sustainability Report.” This means that 
our review of the sustainability report has a different 
focus and a significantly narrower scope compared 
with the focus and scope of an audit conducted 
in accordance with International Standards on 
Auditing and generally accepted auditing standards 
in Sweden. 
We believe that this audit provides a sufficient basis 
for our statement.
STATEMENT
A sustainability report has been prepared.
Uppsala, April 10, 2026.
Öhrlings PricewaterhouseCoopers AB
LARS KYLBERG
Certified Public Accountant
Lead Auditor
PATRIC KRUSE
Certified Public Accountant
Ethics and governance

===== SIDA 37 =====

FINANCIAL INFORMATION

===== SIDA 38 =====

Five-year overview
FINANCIAL INFORMATIONSUSTAINABILITYTHE GROUPINTRODUCTION
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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Five-year overview
KSEK 2021 2022 2023 2024 2025
INCOME STATEMENT, KSEK
Net sales 463,344 548,087 571,329 558,463 489 ,692
Cost of goods sold -264,709 -320,182 -321,615 -306,234 -275,881
Gross profit 198,634 227 ,905 249 ,713 252,230 213,811
Selling expenses -88,677 -110,723 -120,691 -126,164 -98,470
Administrative expenses -31,473 -32,872 -32,662 -36,222 -31,165
Research and development 
expenses -43,327 -51,569 -53,091 -399 ,448 -58,872
Other operating income  
and expenses 860 -3,770 -4,000 -6,621 2,435
Impairment of assets in Russia - - - -33,471 -6,920
Operating income 36,018 28,970 39 ,270 -349 ,696 20,820
Net financial items -7, 2 5 0 -8,121 -9 ,170 -11,055 -14,909
Net income before tax 28,768 20,849 30,100 -360,751 5,911
Tax -5,496 -8,121 -5,123 64,172 -9 ,664
Net income for the year 23,272 12,728 24,977 -296,579 -3,753
BALANCE SHEET, KSEK
Fixed assets
Intangible assets 241,578 313,358 379 ,044 99 ,410 84,894
Right-of-use assets 26,847 36,735 23,518 13,689 37 ,126
Tangible assets 20,578 21,838 21,025 25,789 20,882
Financial fixed assets 40,651 49 ,618 51,856 55,434 34,787
Deferred tax assets - - - 69 ,802 66,528
Total fixed assets 329 ,655 421,550 475,174 262,124 244,217
KSEK 2021 2022 2023 2024 2025
CURRENT ASSETS
Inventory 59,038 75,265 62,411 59 ,104 58,885
Current receivables 145,155 166,245 180,239 173,027 146,827
Cash and cash equivalents 38,183 96,904 37 ,281 22,652 19 ,628
Total current assets 242,375 338,414 2 7 9,93 1254,783 225,340
Total assets 572,030 759,964 755,105 516,907 469 ,557
Equity and liabilities 295,735 462,504 475,096 196,367 167 ,641
Long-term interest-bearing 
liabilities 16,015 32,152 20,000 9 ,632 34,754
Other long-term liabilities 38,574 55,880 52,135 46,249 57 ,295
Deferred tax liabilities 10,504 8,394 4,874 2,151 2,838
Current interest-bearing 
liabilities 104,754 105,069 97 ,480 142,547 133,693
Current non-interest-bearing 
liabilities 106,448 95,965 105,519 119 ,960 73,336
Total equity and liabilities 572,030 759,964 755,105 516,907 469 ,557
CASH FLOW
Cash flow from operating 
activities before changes  
in working capital 46,524 28,760 48,764 48,549 14,425
Change in working capital -3,373 -40,113 2,612 -1,969 -13,597
Cash flow from investing 
activities -56,370 -74,961 -82,714 -85,898 -4,963
Cash flow from financing 
activities 15,754 140,550 -25,506 24,411 3,308
Cash flow for the year 2,535 54,236 -56,843 -14,908 -827
Five-year overview

===== SIDA 39 =====

Five-year overview
FINANCIAL INFORMATIONSUSTAINABILITYTHE GROUPINTRODUCTION
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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Five-year overview 2021 2022 2023 2024 2025
KEY FIGURES
Net sales growth, % 16 18 4 -2 -12
Gross margin, % 42.9 41.6 43.7 45.2 43.7
Adjusted gross margin, % 42.9 41.6 43.7 45.7 43.7
EBITDA, SEK million 5 7. 6 56.1 63.8 31.7 32.9
EBITDA margin, % 12.4 10.2 11.2 5.7 6.7
Operating profit (EBIT), 
SEK million 36.0 2 9.0 3 9. 3 -349 .7 20.8
Operating margin (EBIT), % 7. 8 5.3 6.9 -62.6 4.3
Adjusted operating profit, 
SEK million 36.0 2 9.0 3 9. 3 63.8 46.2
Adjusted operating margin, % 7. 8 5.3 6.9 11.4 9. 4
Return on total capital, % 7. 1 4.0 5.3 -54.8 4.8
Return on equity, % 8.2 3.5 5.3 -88.3 -2.2
Return on capital 
employed, % 8.8 4.7 6.4 -67.0 5.7
CAPITAL STRUCTURE
Equity, SEK million 295.7 462.5 475.1 196.4 167 .6
Capital employed, SEK million 455.1 655.6 644.7 394.8 393.4
Working capital, SEK million 220.8 152.0 136.0 140.4 149 .7
Liabilities to credit institutions, 
SEK million 127 .8 153.8 142.3 180.8 188.5
Interest coverage ratio, times 4.3 3.1 3.6 28.0 1.4
Net cash (+) Net debt (-), 
SEK million 0.7 32.1 12.9 -40.0 -114.5
Net debt-to-equity ratio, % 0.3 6.9 2.7 -20.4 -0.7
Equity ratio, % 52 61 63 38 36
Five-year overview 2021 2022 2023 2024 2025
DATA PER SHARE
Average number of shares 26,678,027 27 ,944,324 38,833,104 38,833,104 38,833,104
Number of shares at the end 
of the period 19 ,416,552 38,833,104 38,833,104 38,833,104 38,833,104
Earnings per share  
(basic), SEK 0.87 0.46 0.64 -7. 6 4 -0.10
Equity per share, SEK 11.1 16.6 12.2 5.1 4.3
Cash flow from operating 
activities  
per share, SEK 1.62 -0.41 1.32 1.3 0.4
Dividend 0.55 0.00 0.00 0.00 0.00
EMPLOYEES
Average number of 
employees 218 235 228 226 195
For a definition of alternative performance measures, see page 47 .
Five-year overview

===== SIDA 40 =====

Risks and opportunities
FINANCIAL INFORMATIONSUSTAINABILITYTHE GROUPINTRODUCTION
40
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Risks and opportunities
By identifying and addressing external 
risks and challenges, Boule creates new 
opportunities for continued growth.
THE CHALLENGES, RISKS, AND UNCERTAINTIES 
FOR BOULE
Boule sells instruments, consumables, and related 
services in more than 100 countries, which entails risks, 
uncertainties, and challenges of various kinds and 
potential impact.
The main challenges for Boule arise on three occasions: 
From the multifaceted and highly competitive market 
in which Boule operates, through its commitment to 
continuously updating and expanding its product 
portfolio, as well as through strict regulatory requirements 
for advanced medical technology. The challenges vary 
depending on the product and region, but Boule needs 
to address all market challenges effectively to ensure 
profitability and cash flow.
Boule’s competitors include both smaller and larger, 
well-resourced companies that can challenge the 
company through, for example, price pressure, regulatory 
advantages, or exclusive agreements in order to win 
contracts and gain market share. Boule’s global presence 
also means that the company operates in markets that 
are at risk of being affected by economic, political, or 
other destabilizing factors, which could impact Boule’s 
business in those countries. As a global player, Boule has 
a responsibility to act in a socially, economically, and 
environmentally sustainable manner. This responsibility 
applies not only within the Group’s own companies, but 
also extends throughout the supply and distribution 
chains on which Boule relies to conduct its business.
If Boule would fail in its risk assessment and risk 
management, it would affect the company either 
directly—for example, through financial losses—or 
indirectly—for example, through damage to confidence in 
Boule’s brands.
Historically, the primary risks and uncertainties have 
included: regulatory risks, product portfolio risks, distributor 
risks, production and quality risks, counterfeit reagents, 
price pressure, supplier risks, market risks and competition, 
bribery and corruption, currency risks, IT security and 
IT systems, financing risks and future cash flows, health 
and safety at the workplace, and dependence on key 
personnel.
In recent years, the war in Ukraine has emerged as a 
significant risk and source of uncertainty. In some markets, 
central banks have continued to impose temporary 
restrictions on foreign currency payments in 2024, resulting 
in delayed customer payments and postponed deliveries.
The shifting political landscape in the United States may 
increase uncertainty in international business relations; 
however, the impact on Boule’s operations is expected to 
consist primarily of increased currency risk in USD.
UNCERTAINTIES ARISING FROM THE WAR  
IN UKRAINE
For the full year 2025, Boule’s sales in Russia accounted 
for 7 percent (7) of net sales. Boule has employees in 
Russia and a production facility for consumables that 
are distributed to the Russian market. By identifying and 
addressing external risks and challenges, Boule creates 
new opportunities for continued growth. 
In 2024, Boule decided to initiate a process to divest 
its operations in Russia, given the increasingly difficult 
situation regarding shipments to Russia and the ability to 
conduct banking transactions with Russia. In connection 
with the decision, the value of the Group’s assets was also 
written down to zero.
The ongoing war in Ukraine has also led to increased 
geopolitical tensions in the wider world and consequences 
beyond Russia and Ukraine. These tensions could lead to 
geopolitical escalations, such as the spread of the war 
to other territories, new sanctions, disruptions to energy 
supplies, impacts on critical societal functions, or other 
negative consequences that may be difficult to assess. 
The consequences of such a geopolitical escalation are 
difficult to predict and could hinder Boule’s operations or 
have negative repercussions for the global economy and 
key economic indicators such as GDP growth, interest 
rates, exchange rates, and inflation. Such a development 
could have a material adverse effect on Boule’s future 
earnings capacity and profitability.
PANDEMICS
Pandemics that pose significant challenges and place 
a heavy burden on the healthcare system could have 
a negative impact on Boule if such an event leads 
the healthcare system to prioritize other forms of care, 
resulting in a decline in the number of blood draws and 
instrument sales.
Risks and 
opportunities

===== SIDA 41 =====

Risks and opportunities
FINANCIAL INFORMATIONSUSTAINABILITYTHE GROUPINTRODUCTION
41
ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Very high
High
Medium
Low
Very low
Insignificant
Very low Low Possible High Very high 
THE POTENTIAL OF BOULE
With high-quality instrument platforms, well-established 
distribution channels, and strong brands, Boule has a solid 
foundation for future growth. The global decentralized 
hematology market in which Boule operates is 
experiencing strong growth. Boule has a strong presence 
in several of the markets where it operates, including many 
of the fastest-growing emerging markets. In recent years, 
the product portfolio has expanded through proprietary 
Impact
R1
R2
R4
R3
R14
R13
R9
R5
R7
R8
R12
R11
R6
R10
development, and collaborations with technology 
partners, as well as investments by Boule, are aimed 
at further expanding and strengthening the product 
portfolio. By identifying and addressing external risks and 
challenges, Boule creates new opportunities for continued 
growth. Boule’s financial position ensures that its product 
portfolio will continue to grow in the future through 
partnerships, investments, and potential acquisitions.
In 2025, Boule redirected its development efforts toward 
the OEM segment, focusing on the development of 
reagents and generic blood controls.
For a more detailed description of Boule’s financial 
risks, how they are managed, and relevant sensitivity 
analyses, see Note 26. For more information about Boule’s 
sustainability efforts, see the sustainability report on 
pages 26–36. The Board of Directors’ internal control 
report describes the company’s internal control and can 
be found on page 52 of the corporate governance report.
RISK ASSESSMENT 2025
Risks Risk number
Price pressure R1
Currency risks R2
Financing risks and future cash 
flows R3
Product portfolio and  
market risks R4
Distributor risks R5
Reliance on key personnel R6
Delayed development projects R7
Customs and logistics R8
Workplace health  
and safety R9
IT security and systems R10
Bribery and corruption R11
Legal risks R12
New regulatory challenges R13
Production and quality risks R14
Supplier risks R15
Counterfeit reagents R16
Tax risks R17
R15 R16
R17
Probability
Risks and 
opportunities

===== SIDA 42 =====

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Risk Risk Description Risk Management Comment
REGULATORY In the human health market in particular, Boule faces 
strict regulatory requirements regardless of the market or 
region. If Boule does not obtain regulatory approvals for 
future products or is unable to maintain such approvals 
for current products, Boule will not be able to conduct 
sales in the relevant markets.
For the transition to the IVDR for existing products, 
Boule is dependent on the review by an IVDR-notified  
body. The fact that the notified body has the necessary  
resources available to Boule is an external risk.
There is also a risk that the documentation for existing 
products will not meet all the new IVDR requirements, 
which means that Boule will have to invest in updating its 
documentation and products, or else the products will no 
longer be able to be sold.
In recent years, Boule has continuously strengthened its 
regulatory and quality assurance resources, both 
internally and through external support. Work on this 
initiative is continuing in order to ensure that Boule can 
launch new products and conduct effective sales in  
each market. Given the strengthening of regulatory 
resources and processes in recent years, the risk of new 
problems is considered to be lower.
Boule has a well-established partnership with an 
IVDR-notified body and works according to a joint project  
and timeline.
The strict regulatory requirements act as a barrier to 
entry into Boule’s markets. Low-cost competitors and 
other companies that lack regulatory and quality 
assurance resources are constrained by this. With 
regulatory expertise, market knowledge, and well-
functioning processes, Boule ensures efficient and  
profitable sales.
PRODUCT 
PORTFOLIO
Boule’s competitors are constantly developing new 
products, which must be addressed by offering a relevant,
comprehensive, and high-quality product portfolio to 
serve as an attractive alternative.
The product portfolio is being expanded through external 
partnerships and distribution agreements, and 
acquisition opportunities may also be considered.
For many years, Boule has maintained a competitive 
offering in the three-party market, and with its ongoing  
launch of new products, it will address the rapidly 
growing veterinary markets, creating excellent 
opportunities to gain market share.
DISTRIBUTOR RISK The Group’s sales are primarily conducted through 
distributors and are therefore negatively affected if  
partnerships do not function properly, if distributors do 
not market Boule’s products effectively enough, or if  
Boule’s receivables from distributors remain unpaid. 
Boule’s reputation is also at risk of being tarnished by 
potential unethical behavior on the part of distributors.
Boule continuously evaluates its distributor structure to 
ensure that distributors uphold Boule’s standards of 
ethical conduct and profitability. With dual distribution  
channels (Medonic & Swelab) in most countries, reliance 
on individual distributors is reduced. Boule also protects 
a large portion of its accounts receivable through the 
Swedish Export Credit Agency, which guarantees 
between 75 and 95 percent of the total amount of the 
receivables in question.
Thanks to effective partnerships with distributors, Boule’s  
products have a global reach. Their strengths and 
knowledge of local markets and prevailing conditions 
enhance Boule’s prospects for further profitable growth.
PRODUCTION AND
QUALITY RISK
The Group’s manufacturing operations are conducted at 
four production facilities and consist of a chain of 
processes in which interruptions or disruptions of a human, 
technical, or regulatory nature could prevent Boule from 
fulfilling its commitments regarding the quality and  
delivery of goods. If Boule fails to meet stakeholders’ 
expectations regarding quality, safety, and the use of 
chemicals and components, or to comply with regional 
and national standards, Boule’s reputation and 
profitability will suffer.
The manufacturing facilities are approved for the 
production of IVD medical devices in accordance with the 
strict regulatory requirements applicable at each facility. 
Boule’s Total Quality Concept ensures product quality 
across the entire supply chain. The entire supply chain is 
continuously monitored, and Boule has developed robust 
procedures to detect and ensure that the correct 
products are manufactured and delivered in accordance 
with established processes. Boule complies with 
the requirements of the EU directives RoHS, REACH, 
and WEEE.
Boule’s commitment to quality throughout the entire 
product lifecycle, its regulatory resources, and strategic 
investments in its production facilities strengthen the 
company’s market position and minimize the risk of 
errors. They boost confidence in Boule and its products,  
which improves the prospects for new profitable  
contracts.
Risks and 
opportunities

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Risk Risk Description Risk Management Comment
COUNTERFEIT
REAGENTS
There is a risk that users of Boule’s growing instrument 
base will purchase counterfeit reagents from third parties. 
When this happens, it affects the company’s revenue  
stream negatively, and also poses a potential risk to the 
user in the form of quality issues.
Boule protects the company and the end user against 
counterfeit reagents by using barcodes and RFID solutions 
on Boule’s reagents. In most cases, Boule’s distributors 
monitor and prevent the use of counterfeit reagents. Boule is 
also working to upgrade older devices on the market to 
RFID-locked solutions. The use of counterfeit reagents also 
voids the warranty.
Sales of consumables represent Boule’s single largest 
source of revenue, and if the company continues to 
protect itself effectively, this growth will continue  
while ensuring the quality and accuracy of 
diagnostics for users.
PRICE PRESSURE Boule’s future market position would be adversely 
affected if competitors were able to offer more efficient  
products and/or lower prices for them. Competition and 
price levels vary by region and product.
To maintain the high quality of Boule’s products without 
driving up costs, the company continues to invest in stream -
lining its production processes and improved manufacturing 
processes. To ensure that products are priced based on the 
value generated for the customer, there is internal 
collaboration between various roles within the company. 
Boule is investing to increase customer value through 
improved service solutions and training programs offered  
through Boule Academy.
Boule’s quality concept and value creation process 
cover the entire product lifecycle, enabling Boule to 
maintain price levels that are reasonable and 
attractive to customers level. The business model 
ensures the reliability of the products and the 
maintenance of strong long-term relationships and 
margins.
SUPPLIER RISKS If Boule’s subcontractors fail to meet Boule’s quality 
standards, lead times will be extended, and in the worst-
case scenario, defective products may be delivered to 
the end customer. 
Access to raw materials affects Boule’s ability to produce 
and deliver goods cost-effectively. Component shortages 
are a significant risk, as was clearly demonstrated during 
the COVID-19 pandemic. Global distribution flows were 
disrupted, which had a significant impact on the company. 
The supply chain also involves environmental risks in the 
form of CO2 emissions and ethical risks related to issues 
such as corruption, human rights, and working conditions.
Boule’s well-established quality assurance process covers all 
subcontractors. Boule is actively working to mitigate the 
impact of supply chain disruptions by collaborating closely 
with the Group’s suppliers and exchanging components in 
short supply, as well as planning and scheduling deliveries 
well in advance. 
Suppliers are regularly reviewed and informed of Boule’s 
principles and values through Boule’s Code of Conduct for 
Suppliers.
Boule leverages its suppliers’production and 
development expertise. They enable Boule’s products 
to reach the market faster and complement the 
product portfolio, thereby helping to strengthen the 
company’s market positions and future growth.
MARKET RISKS
AND COMPETITION
Boule operates in a fragmented market with diverse 
competition. It cannot be ruled out that well-resourced 
competitors active in other markets might diversify into 
Boule’s core markets, or that markets important to Boule 
might be subject to various types of trade restrictions.  
Markets may also be affected due to economic, political,  
or other destabilizing factors. In the wake of the war in 
Ukraine, a series of sanctions have been imposed on 
Russia, which has had a significant impact on our sales  
and operations in Eastern Europe.
Boule continues to expand its distributor network while 
strengthening and improving the support structure for 
existing distributors. This is achieved, among other things, 
through an increased presence in local markets in the form of 
product specialists and service. The company’s product 
portfolio has also been expanded, and the internal 
marketing department has been strengthened.
Ensuring that everyone has access to healthcare is both 
humane and in line with Boule’s mission to provide diagnostic 
solutions for everyone, everywhere. Generally speaking, 
medical supplies are exempt from sanctions. However, 
business operations are hampered when the banking 
system, logistics, and transportation fail to function properly.
Through the focus on strengthening Boule’s position 
in the main market segments, as well as collaboration
with well-established local partnerships, Boule is 
strengthening its market position and laying the 
groundwork for continued growth.
Risks and 
opportunities

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Risk Risk Description Risk Management Comment
BRIBES AND
CORRUPTION
With operating companies in Sweden, the United States, 
Russia, and Mexico, as well as partnerships and 
distribution in over 100 countries, Boule is at risk of being 
exposed to corruption in varying degrees and forms. 
Unethical conduct on Boule’s part would result in legal 
complications, costs, and, above all, damage to its 
reputation.
Boule has a zero-tolerance policy regarding corruption 
and bribery. All employees receive training on the Code of 
Conduct and are informed of their responsibilities 
regarding anti-corruption and guidelines for gifts and 
entertainment.
Boule has historically enjoyed a strong ethical reputation  
and is committed to maintaining it. This is important not 
only for Boule but also for the many stakeholders with 
whom the company has relationships. Maintaining a 
good reputation will facilitate future collaborations and 
dialogue with all stakeholders.
CURRENCY RISKS Boule is exposed to currency risks, as sales are primarily 
denominated in USD and EUR. The company is exposed 
to both translation effects into Swedish kronor and  
transaction exposure.
Boule aims to achieve natural currency hedging and does 
not currently use derivatives, but may do so in the future. 
Currency fluctuations are offset, if necessary, by adjusting  
end-customer prices.
Currency risks naturally arise in a group with a global 
market. At present, this risk is accepted as a necessary 
part of Boule’s revenue generation and growth but are 
continuously monitored and evaluated.
TAX RISKS Boule operates in several countries, and a large portion of 
its products are exported worldwide. As a result, Boule is 
subject to various types of local tax regulations and tax  
assessments that may involve risks.
Tax matters must be reported to the company’s central 
finance department.
As of the end of 2025, there are no known pending tax 
matters that would have a material impact on the 
Group’s earnings.
IT SECURITY
AND SYSTEMS
IT processes are evolving rapidly and are constantly 
changing. If Boule is unable to keep its IT systems and 
processes up to date and functioning properly, the 
company risks seeing a decline in IT security, the quality 
of its decision-making data, and reporting.
Boule regularly reviews the need for updated systems 
and processes to ensure a high level of security as well as 
reliable decision-making data and reporting. Currently, 
the focus is on establishing group-wide systems to 
improve efficiency, as well as initiatives aimed at  
enhancing IT security.
Various types of IT risks naturally arise in a modern 
business, but when managed properly, the well-
functioning systems and processes lead to better 
business opportunities, greater efficiency, and increased  
future profitability.
FINANCIAL RISKS 
AND FUTURE  
CASH FLOWS
The risks include the possibility of having to pay the 
company’s commitments such as securing financing at a  
reasonable cost. Boule’s revenue, cash flows, and margins  
are also affected by quarterly fluctuations that arise due  
to the timing of major procurement contracts.
Boule continuously manages its cash flow to secure its  
operations, for example through EKN financing. Recurring  
revenue from consumables accounts for a large portion 
of sales, which provides good stability in the
future cash flows.
Over the past 18 months, Boule has carried out extensive 
restructuring and discontinued the BM950 development 
project, which has reduced operating expenses by  
more than 30%. As a result of these changes, Boule has 
been reporting positive operating cash flows again  
since mid 2025.  
HEALTH AND SAFETY 
AT THE WORKPLACE
AND DEPENDENCE 
ON KEY PERSONNEL
Boule has a strong focus on high technology and 
therefore relies on retaining and recruiting skilled and 
dedicated staff to achieve its goals. If Boule fails to offer  
an attractive and secure work environment, it has a direct 
and indirect negative impact on the company’s future 
profitability.
Boule is committed to upholding high standards in order 
to provide a fair, respectful, and safe workplace for all 
employees and stakeholders. Boule’s Code of Conduct, 
the workplace policy, and the gender equality policy set 
forth Boule’s position in these areas.
As a global company active in the field of diagnostics,  
with products that improve the lives of many people, 
Boule offers an exciting environment and workplace.  
Boule is constantly working to develop the organization 
and the expertise of our employees. Boule is actively 
working to create excellent opportunities for 
development and growth within the company.
Risks and 
opportunities

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Definitions of key performance indicators
The Boule Group’s financial statements are prepared 
in accordance with IFRS, which defines only a few key 
performance indicators. Boule follows ESMA’s (European 
Securities and Markets Authority) guidelines on alternative 
performance measures. In short, an alternative performance 
measure is a financial metric that reflects historical or future 
earnings trends, financial position, or cash flow and is not 
defined or specified in IFRS. To assist management and other 
stakeholders in analyzing the Group’s performance, Boule 
reports certain key performance indicators that are not defined 
in IFRS. Management believes that this information facilitates 
an analysis of the Group’s performance. These alternative 
performance measures are supplementary information to IFRS 
and do not replace performance measures defined in IFRS. 
Boule’s definitions of measures not defined in IFRS may differ 
from those used by other companies. Calculations of all key 
performance indicators can be reconciled with items in the 
income statement and balance sheet. 
Return on equity is net income for the year divided by average equity. 
Return on total capital is operating profit plus financial income divid-
ed by average total capital. 
The return on equity and return on assets indicate the Group’s 
profitability in relation to equity and total assets, respectively. These 
metrics are considered important for investors who wish to compare 
the Group with alternative investments. 
Gross profit is net sales minus the cost of goods sold. 
Gross margin is gross profit divided by net sales. 
Gross profit and its margin reflect the underlying profitability of Boule’s 
sales of goods and services and are therefore considered important 
for investors seeking to understand the profitability and performance 
of the business model over time. 
EBITDA (Earnings before interest, taxes, depreciation, and amortiza-
tion) is earnings before net financial items, taxes, and depreciation 
and amortization of tangible and intangible assets. 
EBITDA margin is EBITDA divided by net revenue. 
EBITDA is operating profit before depreciation and impairment. Since 
depreciation and impairment do not affect cash flow, EBITDA is con-
sidered relevant for investors in assessing the Group’s performance 
during the period. 
Equity per share is equity divided by the number of shares outstand-
ing at the end of the period. 
Non-recurring expenses refer to costs associated with restructuring 
and impairment not attributable to ongoing operations. 
Sales growth is the net sales for the current period divided by the net 
sales for the comparison period, expressed as a percentage change. 
Net revenue consists of proceeds from the sale of goods and services 
rendered; its trend over time is therefore considered an important 
metric for investors and other stakeholders. 
Adjusted gross profit is net sales less cost of goods sold, adjusted for 
one-time expenses. 
Adjusted gross margin is adjusted gross profit divided by net sales. 
Adjusted operating profit is operating profit adjusted for one-time 
expenses, divided by net sales. 
Adjusted operating margin is operating profit adjusted for one-time 
expenses, divided by net sales. 
Adjusted profit for the period is the profit for the period adjusted for 
one-time expenses. 
Organic growth is the change in net sales during the current period, 
excluding acquisitions, divestitures, and currency effects, relative to 
net sales for the corresponding period of the previous year, expressed 
as a percentage change. 
Capital employed is total assets less deferred tax liabilities and 
non-interest-bearing liabilities. 
Return on capital employed is net income plus financial expenses 
divided by average capital employed. 
Capital employed is the capital that requires a return, as it consists 
of externally financed capital subject to interest expenses or equity 
attributable to shareholders. This measure of return is considered 
valuable to both investors and other stakeholders. 
Working capital consists of inventory, accounts receivable (current 
and non-current), and cash, less accounts payable. 
Working capital is the capital used on an ongoing basis in operations 
and reflects the Group’s ability to meet its short-term obligations. 
Operating profit (EBIT), or earnings before interest and taxes, is profit 
before net financial items and taxes. 
Operating margin (EBIT) is operating profit divided by net sales. 
Operating profit is considered important to investors because it 
reflects the Group’s operating performance before financing costs 
and taxes. 
Interest coverage ratio is operating profit plus financial income divid-
ed by financial expenses. 
The interest coverage ratio is used to measure the Group’s ability to 
cover its interest expenses. 
Net debt is interest-bearing liabilities less cash and cash equivalents 
and interest-bearing receivables attributable to EKN. 
Net debt/EBIT is net debt divided by operating profit for the most 
recent 12-month period. 
Net debt-to-equity ratio is net debt divided by equity. 
Net debt reflects the amount of interest-bearing debt, net of funds 
that could be used for principal repayment. When net debt is divided 
by operating profit, the result shows how many times the operating 
profit for the most recent full-year period would be needed to pay 
off the interest-bearing debt. The debt-to-equity ratio serves as a 
measure of the Group’s resilience and interest rate sensitivity.
 
Equity ratio is equity divided by total assets. 
This metric shows the proportion of the Group’s total assets that has 
been financed by shareholders and is considered important to inves-
tors and other stakeholders. 
Definitions of key per-
formance indicators

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Corporate Governance Report
The corporate governance framework at 
Boule Diagnostics AB defines decision-
making processes, clarifies roles and the 
division of responsibilities among the Board, 
management, and supervisory bodies, and
ensures transparency for the Group’s 
stakeholders.
Boule Diagnostics AB’s (“Boule” or “the company”) 
corporate governance is based on Swedish law, primarily 
the Swedish Companies Act, the company’s Articles of 
Association, internal rules, regulations, and policies, as well 
as Nasdaq Stockholm’s Rules for Issuers.
Boule adheres to the Swedish Code of Corporate 
Governance (the “Code”), the purpose of which is to ensure 
that companies are managed in a sustainable, responsible, 
and as efficient a manner as possible for the benefit 
of shareholders. There have been no violations of the Code 
or other external regulations. 
The Corporate Governance Report is available on  
the company’s website at 
www.boule/investors/corporate-governance.
BOARD OF 
DIRECTORS
AUDIT COMMITTEE
CEO
MANAGEMENT GROUP
ANNUAL 
GENERAL 
MEETING
NOMINATION 
COMMITTEEAUDITORS
SHAREHOLDERS
Corporate  
Governance Report

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
ANNUAL GENERAL MEETING
The shareholders’meeting is the company's highest 
decision-making body, and amendments to the Articles 
of Association are decided by the shareholders' meeting. 
All shares in the company are of the same class, and 
each share carries one vote. The Annual General Meeting 
elects the Board of Directors and the auditors and makes 
decisions in accordance with the Companies Act and the 
Articles of Association. At the annual meeting, the Board of 
Directors presents the annual report and the consolidated 
financial statements. The auditors present the audit report 
and the consolidated audit report. 
The notice of the shareholders’ meeting, which is published 
in a press release and on the company’s website, provides 
information on the items to be discussed at the meeting. 
Resolutions adopted at the Annual General Meeting are 
announced in a press release and are available on the 
company’s website. The 2026 Annual General Meeting will 
be held on May 13 at 4:00 p.m. at the company’s offices at 
Fagerstagatan 7 in Spånga.
NOMINATION COMMITTEE
The 2025 Annual General Meeting resolved that the 
Nomination Committee shall consist of three members 
representing the three largest shareholders as of the 
end of September. The composition must be announced 
no later than six months prior to the Annual General 
Meeting and was published on November 21, 2025. 
Ahead of the 2026 Annual General Meeting, Katarina 
Berggren, representing the company’s largest shareholder, 
AB Grenspecialisten, has been appointed chair of the 
Nomination Committee. 
The other members of the Nomination Committee are 
Tomas Risbecker of Svolder AB and Thomas Eklund. 
The Chairman of the Board, Torben Jørgensen, is an ex 
officio member. 
The Nomination Committee prepares documentation for 
the Annual General Meeting regarding the election and 
remuneration of the Board of Directors, the Chairman 
of the Board, and the auditors. At the Annual General 
Meeting, the Nomination Committee reports on its work. 
No compensation is paid for service on the Nominating 
Committee. 
Shareholders may contact the Nominating Committee 
with suggestions and comments regarding the 
composition of the Board of Directors. The election of 
auditors took place at the 2025 Annual General Meeting. 
The composition of the Nomination Committee as of 
October 2025 is shown in the table below:
Name Representative
Ownership interest, % 
September 30, 2025
Katarina Berggren 
(Chair of the 
Nominating 
Committee)
AB 
Grens pecialisten
14.9
Tomas Risbecker Svolder AB 11.0
Thomas Eklund Thomas Eklund 10.4
OWNER
Boule’s largest shareholders as of December 31, 2025, and 
their respective shareholdings are listed in the Shareholder 
Information section of the Management Report on page 21.
BOARD OF DIRECTORS
According to the Articles of Association, the Board of 
Directors shall consist of no fewer than three and no more 
than seven members, with no alternates. When preparing 
proposals for the election of Board members, Boule, 
through its nomination committee, applies Rule 4.1 of the 
Swedish Code of Corporate Governance as its diversity 
policy. The Board of Directors shall have a composition 
that is appropriate in light of the company’s operations, 
stage of development, and other circumstances, and that 
is characterized by diversity and breadth in terms of the 
expertise, experience, and backgrounds of the members 
elected by the General Meeting. Efforts should be made to 
achieve a balanced gender distribution. 
Since the Annual General Meeting on May 7 , 2025, the 
Board of Directors has consisted of five members, three of 
whom are men and two of whom are women. At the 2025 
Annual General Meeting, Torben Jørgensen was elected 
Chairman of the Board. Thomas Eklund, Emil Hjalmarsson, 
Yvonne Mårtensson, and Rikke Rytter were re-elected to 
the Board of Directors. For more information about the 
Board members, see page 16.
The responsibilities of the Board of Directors are 
governed by the Companies Act and the Board’s rules of 
procedure. The rules of procedure establish the division 
of responsibilities between the Board and its committees, 
as well as between the Board and the CEO. According 
to the rules of procedure, the Board of Directors shall 
decide on strategy and the budget, approve the annual 
report and other financial reports, key policies and 
authorization instructions, appoint the CEO and evaluate 
the CEO’s performance, establish rules for internal control 
and monitor the effectiveness of internal control, decide 
on major investments and far-reaching agreements, 
determine the focus of the Board’s work, appoint an 
Audit Committee and a Compensation Committee, and 
evaluate the Board’s performance. 
The Board of Directors shall also establish the necessary 
guidelines for the company’s conduct in society in order 
Corporate Governance 
Report

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
to ensure its long-term ability to create value.  
Finally, the Board of Directors shall ensure compliance 
with the adopted guidelines on executive compensation 
and propose compensation guidelines to the Annual 
General Meeting. The Chairman of the Board leads the 
Board’s work. Furthermore, the Chairman of the Board 
shall monitor the company’s performance and ensure 
that the Board receives the information necessary for 
it to fulfill its responsibilities. According to the rules of 
procedure, the Chairman of the Board shall represent the 
company in matters relating to ownership.
COMPENSATION FOR BOARD MEMBERS  
The 2025 Annual General Meeting resolved that Board 
fees shall amount to SEK 525,000 (SEK 500,000 for 
2024) for the Chair and SEK 250,000 (250,000) each for 
the other Board members. In addition, it was decided 
that SEK 120,000 (120,000) would be paid as the total 
remuneration to the Audit Committee, to be distributed 
among its members. The total Board remuneration thus 
amounts to SEK 1,645,000 (1,920,000).
THE BOARD’S WORK 
Board meetings are prepared by the Chairman of the 
Board in collaboration with the company’s CEO. Prior to 
each meeting, the Board receives written materials. At 
each regular Board meeting, the company’s business 
situation and financial reporting are discussed. 
The minutes of the Board meeting are taken by the 
company’s CFO. 
In 2025, the Board held a total of 13 minuted meetings, 
with a strong focus on understanding and monitoring the 
company’s performance and financial position. During 
the fiscal year, the company underwent several major 
changes, including the Board’s decision in early 2025 to 
completely shut down the BM950 development platform, 
which resulted in significant impairment losses in the 2024 
financial statements.  
Since that decision, the Group has been actively working 
to develop its collaboration with technology partners, and 
plans to launch a new 6-part instrument for the veterinary 
market in 2026. 
Since the BM950 development project was discontinued, 
research and development resources at the facility in 
Plantation, Florida, USA, have been redirected toward an 
initiative to develop generic blood controls and reagents 
for the OEM market. 
On October 13, 2025, the company announced that CFO 
Holger Lembrér had decided to leave Boule to take on 
a role outside the Group, and on December 5, 2025, the 
company announced that Torben Nielsen, President and 
CEO, would be leaving the Group in the summer of 2026.
In connection with the third-quarter interim report, the 
Board of Directors decided to divide the Group into two 
business areas, Diagnostic and CDS OEM, with the aim of 
increasing transparency and managing the two distinct 
businesses in a more focused manner based on their 
respective circumstances.
EVALUATION OF THE BOARD’S WORK 
The Board evaluates its work in accordance with the rules 
of procedure. This is done through discussions within the 
Board and through an annual evaluation conducted by 
the Nominating Committee. The Nomination Committee 
reports to the shareholders’ meeting through its statement.
SUMMARY OF THE BOARD’S MEETINGS DURING 
THE YEAR 
The Board held 11 regular board meetings in 2025, including 
a strategy day and two meetings specifically concerning 
the BM950 development project and financial information. 
One Board meeting was held by written resolution. During 
the year, the external auditors attended one Board 
meeting and four meetings of the Audit Committee.
The members of the Board and their attendance at Board 
meetings in 2025 are listed in the table on page 51.
AUDIT COMMITTEE 
At its inaugural meeting on May 7 , 2025, the Board of 
Directors decided to appoint an Audit Committee, 
consisting of two Board members: Emil Hjalmarsson and 
Yvonne Mårtensson. 
In accordance with the resolution of the Annual General 
Meeting, remuneration to the Audit Committee shall be 
KSEK 70 for the Chair and KSEK 50 for the member. The 
Committee’s primary responsibility is to ensure the quality 
of financial reporting, which includes internal controls, 
reviewing significant accounting and valuation issues, and 
reviewing the company’s external reports. 
The Audit Committee evaluates the audit work and 
assists the Nomination Committee in proposing the 
appointment of auditors and determining their fees. The 
Audit Committee determines which services, other than 
auditing, the company may procure from its auditors. 
Some meetings between the Audit Committee and the 
external auditors take place without employees present. 
In 2025, the Audit Committee met five times. During the  
meetings, the primary focus has been on quarterly report-
ing, but issues related to the current business situation, 
internal controls, risk management, and management 
activities have also been addressed. The Audit Committee 
has also reviewed the external audit plan for 2025. 
At all meetings, the Chairman of the Board, Torben 
Jørgensen, and the company’s CEO, Torben Nielsen, have 
served as non-voting members.  
The company’s CFO, Holger Lembrér, served as secretary.
COMPENSATION COMMITTEE 
The Board decided, upon its formation in 2025, to establish 
a Compensation Committee consisting of Torben 
Jørgensen and Thomas Eklund. The purpose of the 
Corporate Governance 
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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Committee is to prepare recommendations to the Board 
regarding compensation for senior executives.
The Committee’s primary responsibility is to propose the  
CEO’s salary, other compensation, and terms of employ-
ment. The Committee develops proposals for compen-
sation principles and terms of employment for other senior 
executives in Group Management, as well as proposals 
for incentive programs, and ensures compliance with the 
established guidelines for executive compensation.
PRINCIPLES FOR COMPENSATION AND 
OTHER TERMS OF EMPLOYMENT FOR GROUP 
MANAGEMENT 
The Annual General Meeting establishes the principles 
governing compensation for Group Management. Proposals 
are drafted by the Board. The guiding principle is that 
Boule should offer competitive terms and conditions that  
enable the company to recruit and retain qualified staff. 
Further information on the proposed compensation guide-
lines can be found on page 56 of the management report.
AUTHORIZATION FOR THE BOARD OF DIRECTORS  
At the Annual General Meeting on May 7 , 2025, the Board 
of Directors was authorized, within the framework of the 
current Articles of Association, with or without deviation 
from shareholders’ preferential rights, on one or more 
occasions up to the next Annual General Meeting, to 
resolve to increase the company’s share capital through a 
new issue of shares, warrants, or convertible bonds in the 
company.
The total number of shares covered by such new 
issuances may not exceed ten percent of the company’s 
total shares, based on the total number of votes in the 
company at the time the Board of Directors first exercises 
this authorization. At the Annual General Meeting on May 
7 , 2025, the Board of Directors was authorized to, on one 
or more occasions up to the next Annual General Meeting, 
decide on the acquisition or transfer of a total number of 
shares such that the company’s holding at any given time 
does not exceed one-tenth of all shares in the company.
REVISION 
The company’s auditors are elected at the Annual General 
Meeting for a term of one year. At the 2025 Annual General 
Meeting, Öhrlings PricewaterhouseCoopers was re-
elected as the company’s auditor, with authorized public 
accountant Lars Kylberg serving as the principal auditor 
for the Group. Öhrlings PricewaterhouseCoopers has 
served as the company’s auditor since the 2014 Annual 
General Meeting, and Lars Kylberg was appointed as the 
lead auditor at the 2022 Annual General Meeting. 
The company’s auditor conducts a review of at least 
one interim report per year on behalf of the Board of 
Directors. Other statutory audits of the annual report, the 
consolidated financial statements, and the accounting 
records, as well as the administration of the Board of 
Directors and the CEO, are conducted in accordance 
with International Standards on Auditing and generally 
accepted auditing practices in Sweden. The auditors meet 
annually with the entire Board, both with and without 
senior management present.
FINANCIAL REPORTING TO THE BOARD OF 
DIRECTORS 
The Board determines which reports are to be 
prepared so that the Board can monitor the company’s 
performance. The quality of financial reporting to the 
Board is evaluated by the Audit Committee. The company 
discloses external financial information in accordance 
with its disclosure policy, which is adopted annually by 
the Board of Directors, in the form of interim reports, 
financial statements, annual reports, and press releases 
in connection with significant events that may affect the 
share price.
MEMBERS OF THE BOARD OF DIRECTORS FOLLOWING THE 2025 ANNUAL GENERAL MEETING
Name Period Function Attendance Independent Shareholding Elected
Torben Jørgensen 1/1-31/12 chairman 13/13 Yes 120,000 2022
Emil Hjalmarsson 1/1-31/12 member 13/13 No 91,021 2022
Thomas Eklund 1/1-31/12 member 12/13 No 4,038,728 2014
Rikke Rytter 1/1-31/12 member 13/13 Yes - 2024
Yvonne Mårtensson 1/1-31/12 member 13/13 Yes 22,000 2021
*Independent of the company and its management, but not of major shareholders.
Corporate Governance 
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The disclosure of information complies with the 
requirements set forth in Nasdaq Stockholm’s Rules for 
Issuers. The Board reviews the external financial reports 
before they are published. The information policy also 
specifies how communication should be conducted and 
who is authorized to represent the company. Information 
distributed via press releases is also available on the 
company’s website, as is other information deemed 
valuable.
INTERNAL CONTROL  
The Board of Directors is responsible for internal control 
in accordance with the Companies Act and the Code. 
The Board’s work on internal control is based on the 
control environment, risk assessment, control activities, 
information and communication, and follow-up. Internal 
control is a process influenced by the Board of Directors, 
company management, and other employees, designed 
to provide reasonable assurance that the company’s 
objectives are achieved with regard to effective 
and efficient operations, reliable financial reporting, and 
compliance with laws and regulations.
CONTROL ENVIRONMENT  
The Board has overall responsibility for establishing 
and maintaining effective internal controls. A sound 
control environment is established by defining the 
organization, decision-making processes, authorities, 
and responsibilities, as set forth in policies and guidelines. 
Shared values foster a common understanding and 
strengthen internal controls. The Board of Directors 
establishes certain policies and guidelines, including 
the authorization guidelines. The Board of Directors and 
company management consider prompt and accurate 
reporting to be of great importance. The Finance 
Department ensures that all operations are evaluated and 
streamlined. The assessment of internal controls within 
the Group follows a plan that is approved annually by 
the Audit Committee. The responsibility for establishing 
processes with effective internal controls lies with each 
Head of Department.
RISK ASSESSMENT 
The company has a risk assessment and risk 
management process in place to ensure that the risks to 
which the company is exposed are managed within the 
framework established by the Board of Directors. This is 
monitored by the Audit Committee. Business processes 
are evaluated for efficiency and risk. This includes 
identifying risks of misstatements in financial reporting. 
The company’s support processes are also being 
analyzed. A comprehensive risk assessment is conducted 
every six months. Risks are categorized and linked to 
processes. Processes identified as critical include staffing, 
financing, sales, quality, IT, and manufacturing. Risks 
of material misstatements or deficiencies in financial 
reporting are reported to the Audit Committee.
CONTROL ACTIVITIES 
The risks identified in relation to financial reporting 
shall be addressed through control measures. Key 
processes are documented and evaluated to improve 
the effectiveness of control systems. The control structure 
includes defined responsibilities, a division of labor, and 
management’s ongoing review of financial information.
INFORMATION AND COMMUNICATION  
The Board of Directors and the Management have 
established information and communication channels 
to ensure the completeness and accuracy of financial 
reporting. Governance documents such as internal 
policies, guidelines, and instructions are available 
through the company’s quality management system. 
Members of Group Management regularly visit the 
subsidiaries, and employees of the subsidiaries visit the 
headquarters, with the exception of the subsidiaries 
in Russia.
FOLLOW-UP 
The Board has determined that internal controls shall  
be monitored through the evaluation of critical 
processes. Following a risk assessment, the processes 
to be documented and evaluated during the year are 
identified. Self-assessment involves staff within each 
unit evaluating the process and assessing risks and 
controls. This approach involves employees and fosters 
an understanding of the importance of internal control. 
In 2025, the company’s internal self-assessment efforts 
focused on improving and streamlining processes and 
procedures, expanding automation and system support, 
strengthening internal controls related to financial 
reporting, and enhancing the company’s IT security. The 
purpose is to identify the overall control environment and 
significant risks, and to establish common rules regarding 
overall control issues. The Audit Committee monitors the 
company’s internal control activities through ongoing 
feedback, and maintains regular contact with the external 
auditors.
PLANNED ACTIVITIES FOR 2026  
In 2026, work to standardize control processes within the 
Group will continue. 
INTERNAL AUDIT 
The Board has determined that, in addition to existing 
processes and functions for internal governance and 
control, Boule does not require a formalized internal audit 
function. An annual assessment is conducted to determine 
whether an internal audit function is deemed necessary to 
maintain effective controls within Boule.
Corporate Governance 
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51BOULE DIAGNOSTICS AB (PUBL)
THE GROUP FINANCIAL INFORMATION
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Auditor’s review of the  
Corporate Governance Report
Stockholm, April 10, 2026
TORBEN JØRGENSEN
Chairman of the Board
EMIL HJALMARSSON
Member
YVONNE MÅRTENSSON
Member
THOMAS EKLUND
Member
RIKKE RYTTER
Member
TORBEN NIELSEN
Chief Executive Officer
To the Annual General Meeting of Boule Diagnostics AB (publ), 
Corporate ID No. 556535-0252 
Assignments and Division of Responsibilities 
The Board of Directors is responsible for the corporate governance report on pages 46–51 and for ensuring that it 
has been prepared in accordance with the Annual Accounts Act.
Focus and scope of the audit 
Our audit was conducted in accordance with FAR’s statement RevR 16, “The Auditor’s Review of the Corporate 
Governance Report.” This means that our review of the corporate governance report has a different focus and 
a significantly narrower scope compared with the focus and scope of an audit conducted in accordance with 
International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that this 
audit provides a sufficient basis for our statements. 
Statement 
A Corporate Governance Report has been prepared. The disclosures provided in accordance with Chapter 6, 
Section 6, second paragraph, items 2–6, of the Annual Accounts Act, and Chapter 7 , Section 31, second paragraph, 
of the same Act, are consistent with the other parts of the annual report and the consolidated financial statements 
and are in compliance with the Annual Accounts Act.
Uppsala, April 10, 2026 
Öhrlings PricewaterhouseCoopers AB 
LARS KYLBERG 
Certified Public Accountant 
PATRIC KRUSE 
Certified Public Accountant 
Corporate Governance 
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Board of Directors
TORBEN JØRGENSEN
Born in 1952.  
Chairman of the Board since 2023.  
Board member since 2021. 
Other assignments:  
Chairman of Genovis AB and 
Argus Eye. Board member 
of Integrum and Advanced 
Instruments PLC. 
Current employment: 
Consultant and Board member. 
Education: B.Sc. Economics 
from Copenhagen Business 
School. 
Shareholding, including 
related parties, in Boule: 
120,000. 
Independent: Independent 
of the company and its 
management, independent of 
major shareholders. 
THOMAS EKLUND
Born in 1967 .  
Board member since 2014. 
Other assignments:  
Board member of Surgical 
Science Sweden AB, 
Swedencare AB, Devyser AB, 
and Addvise AB.
Current employment: 
Independent Board member, 
advisor, and consultant.
Education: Bachelor of Business 
Administration from the 
Stockholm School of Economics.
Shareholding, including related 
parties, in Boule: 4,038,728.
Independent: Independent 
of the company and its 
management, but not of major 
shareholders. 
EMIL HJALMARSSON
Born in 1989 .  
Board member since 2022.
Chairman of the Audit Committee.
Other assignments:  
Board member of Lime 
Technologies AB, Exsitec AB, 
Cellavision AB, and Trianon AB.
Current employment:  
Portfolio Manager
AB Grenspecialisten.
Education: Civil Engineer.
Shareholding, including those 
of related parties, in Boule: 
91,021. 
Independent: Independent 
of the company and its 
management, but not of 
major shareholders.
YVONNE MÅRTENSSON
Born in 1953.  
Board member since 2021.
Member of the Audit Committee.
Other assignments:  
Chairman of the Board of 
Ortoma AB. Board member 
of Uniogen OY .
Current employment: 
Independent
Board member.
Education: Bachelor of Science 
in Industrial Engineering and 
Management, Faculty of 
Science and Engineering, 
Linköping University.
Shareholding, including related 
parties, in Boule: 22,000.
Independent: Independent 
of the company and its 
management, independent of 
major shareholders.
RIKKE RYTTER
Born in 1967 .  
Board member since 2024.
Other assignments: -
Current employment:  
Vice President of Sales and 
Marketing, Genovis. 
Education: B.Sc. Biomedical 
Laboratory Science.
Shareholding, including related 
parties, in Boule: 0.
Independent: Independent 
of the company and its 
management, independent 
of major shareholders.
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Group Management
Torben Nielsen is the 
Chief Executive Officer 
of Boule and has been 
with the company 
since April 2024.
TORBEN NIELSEN
Education: Exp. Tech., Copenhagen Business School. 
 
 
Previous experience: More than 20 years of 
commercial experience in the medical technology 
and life sciences industries, where he has held senior 
positions with progressively increasing responsibility, 
complexity, and geographic scope. Most of his 
leadership experience comes from working at 
Danaher-owned companies. Previous roles include 
Vice President of Orthodontics EMEA and Corporate 
Vice President of the Commercial Business System 
Office at Envista Corporation, as well as President 
of North America, Director of Sales for Europe, and 
Director of Global Marketing at Radiometer Medical.
Shareholding in Boule: 650,000 shares.
Mike Elliot is Chief OEM 
Business Officer at Boule 
and has been with the 
company since 2000. 
MIKE ELLIOT 
Education: Master of Science from Queen’s University 
Belfast (Northern Ireland); Master of Business 
Administration from Florida Atlantic University (USA)
Previous experience: Over 40 years of experience 
in clinical diagnostics, with expertise in R&D 
management, project management, quality 
assurance, production, and business development. 
During his 17 years at Beckman Coulter, Mike led 
cross-functional R&D initiatives and served as a Senior 
Scientist and Project Manager. Since 2000 at Clinical 
Diagnostics Solutions/Boule Medical, he has been 
responsible for R&D, quality control, and production, 
and has developed significant B2B partnerships. He 
also has extensive international experience. 
Shareholding in Boule: 0 shares.
Holger Lembrér is the 
Chief Financial Officer 
at Boule and has been 
with the company 
since January 2024.
HOLGER LEMBRÉR
Education: Master of Science in Economics, 
Uppsala University. 
 
Previous experience: With more than 15 years of 
experience in various finance roles, most recently as 
CFO at Boule Diagnostics AB, he previously served as 
CFO of Oncopeptides AB, a Swedish publicly traded 
biotechnology company. Holger previously held several 
positions within the ASSA ABLOY Group between 2011 
and 2022, including CFO of a global business unit, 
Investor Relations Officer, and Financial Controller. He 
has also worked as an auditor at Ernst & Young.  
 
 
Shareholding in Boule: 35,000 shares.
Lucy Yehiayan is the Chief 
Technology Officer at 
Boule and has been with 
the company since 2019 . 
LUCY YEHIAYAN
Education: Doctor of Philosophy (PhD) in Bioanalytical 
Chemistry from Florida International University. 
Previous experience:  Over 15 years of scientific and 
leadership experience in the diagnostics and medical 
technology sector. During her more than six years at 
Boule, Lucy has led cross-functional projects that have 
enabled the launch of new hematology consumables 
in compliance with ISO 13485, FDA regulations, 
and IVDR requirements. Previously, she worked at 
Davita Laboratories in the United States on water 
quality analysis for dialysis patients, as well as the 
development and validation of advanced chemical 
analyses using mass spectrometry. 
Shareholding in Boule: 0 shares.
Simonetta Tumbiolo is 
the Chief Commercial 
Officer at Boule and has 
been with the company 
since January 2024.
SIMONETTA TUMBIOLO
Education: Ph.D. in Chemistry, University of Nice Sophia 
Antipolis (France) and Executive Marketing Program, 
Haute Ecole de Commerce (Paris, France). 
Previous experience: Interdisciplinary background, 
built on more than 10 years of research in the field of 
analytical chemistry, and expanded with experience 
first at Biotage AB, then at PerkinElmer Inc., in various 
positions ranging from internal sales and service to 
Marketing Manager and team leader at both the 
regional and global levels.  
 
 
 
 
Shareholding in Boule: 0 shares.
Eva Sperling is the Chief 
of Staff at Boule and has 
been with the company 
since 2025.
EVA SPERLING 
Education: Doctor of Philosophy (PhD) in Biochemistry 
from Lund University (Sweden). 
Previous experience: An experienced leader with 
strong expertise in molecular biology and a proven 
track record of driving innovation in medical 
diagnostics. Most recently, Eva served as Director 
of PMO at Cepheid, a global leader in molecular 
diagnostics and a subsidiary of Danaher Corporation, 
where she led global cross-functional teams and 
managed complex product development portfolios—
with a focus on aligning global strategy with 
operational execution.  
 
Shareholding in Boule: 0 shares.
Eduardo Pagani is the 
Chief Operating Officer 
at Boule and has been 
with the company 
since August 2015.
EDUARDO PAGANI
Education: Bachelor of Science in Mechanical 
Engineering, Mauá Institute of Technology in Brazil, 
and Master of Science in Manufacturing Management, 
Kettering University in the United States.
Previous experience: With over 30 years of 
international experience, Eduardo has a proven track 
record of turning around underperforming organi-
zations and driving sustainable growth. As COO of 
Boule, he oversees operations in several countries, 
focusing on operational excellence, continuous 
improvement, and collaboration. Born in Brazil 
and multilingual, he has worked in seven countries, 
giving him a strong global perspective and cultural 
understanding. His leadership style emphasizes clear 
goals, data-driven decisions, and empowering teams.  
Shareholding in Boule: 0 shares.
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Management report
The Board of Directors and the Chief 
Executive Officer of Boule Diagnostics 
AB (publ), corporate registration number 
556535-0252, with its registered office in 
Stockholm, hereby submit the annual report 
and consolidated financial statements for 
the fiscal year January 1–December 31, 
2025. The results of the year’s operations, 
as well as the financial position of the 
parent company and the Group, are 
presented in the management’s discussion 
and analysis, along with the accompanying 
income statements, balance sheets, cash 
flow statements, statements of changes 
in equity, and notes providing additional 
information.
BUSINESS 
During the year, the Group was reorganized into two 
distinct business segments: Boule Diagnostics and OEM 
Clinical Diagnostics Solutions. 
The Boule Diagnostics segment operates in the field of 
hematology, focusing on blood cell counts, one of the 
world’s most common diagnostic tests. Using automated 
instruments, abnormalities in the three types of blood cells 
can quickly provide comprehensive information about 
a patient’s health status and indicate many medical 
conditions. The analysis is performed either in large central 
laboratories or close to the patient at health centers and 
smaller hospitals. Boule focuses on the latter category: 
decentralized diagnostics that provide immediate test 
results without the need to transport samples. The global 
hematology market is estimated to be worth over 80 billion 
SEK, of which the decentralized segment accounts for 
approximately eight billion. 
The Diagnostic segment’s business model is based on 
sales of blood cell counters and recurring revenue from 
reagents, controls, calibrators, and service. The devices 
are locked to Boule’s own consumables, which ensures 
quality and stable revenue streams. The products are 
sold globally in over 100 countries through an extensive 
distributor network and are aimed at both the human and 
veterinary markets. Boule’s portfolio includes the Medonic, 
Swelab, and Exigo brands.
The company’s second business area, OEM Clinical 
Diagnostics Solutions, focuses on the contract 
manufacturing of specialized OEM reagents, calibrators, 
and blood controls for various external customers. Sales 
are made directly to both global IVDR companies and 
smaller firms, which are often also assisted in developing 
reagents or blood controls tailored to their unique product 
needs. Manufacturing contracts are typically multi-year. 
GROUP STRUCTURE 
Boule Diagnostics AB, headquartered in Stockholm, 
Sweden, is the parent company of the Boule Group. 
Boule Diagnostics AB has two operating subsidiaries: 
the Swedish company Boule Medical AB and the U.S. 
Key financial ratios 2021 2022 2023 2024 2025
Net sales 463.3 548.1 571.3 558.5 489 .7
Gross margin, % 42.9 41.6 43.7 45.2 43.7%
EBIT, SEK million 36.0 2 9.0 3 9. 3 -349 .7 20.8
EBIT margin, % 7. 8 5.3 6.9 -62.6 4.3
Net income for the year, SEK million 23.3 12.7 25.0 -296.6 -3.8
Earnings per share (diluted), SEK 0.86 0.45 0.64 -7. 6 4 -0.10
54BOULE DIAGNOSTICS AB (PUBL)
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company Clinical Diagnostic Solutions Inc. Boule Medical 
AB has one subsidiary in Mexico, BM Mexico S.A. de C.V., 
and two subsidiaries in Russia: Boule Medical LLC, a sales 
company, and Boule Production LLC, a manufacturing 
company.
SALES AND MARKETING  
The Boule Diagnostics segment has a well-developed 
market strategy and a well-established global distributor 
network focused on the decentralized point-of-care 
diagnostics segment. In total, Boule has more than 200 
distributors in over 100 countries. Sales are primarily made 
to local exclusive distributors who offer end customers 
complete systems comprising both instruments and 
consumables (reagents, calibrators, and controls). 
Consumables for our own instruments have a higher 
margin than the instruments themselves, which means 
that a larger installed base of instruments is expected 
to lead to gradually increasing profitability. Sales growth 
is primarily driven by efforts in emerging markets, where 
Boule focuses on countries that are investing heavily in 
the development and modernization of their healthcare 
systems. The veterinary hematology market is also 
experiencing strong growth, and the product portfolio 
has been enhanced in recent years to strengthen the 
company’s market position.
PRODUCTION 
The manufacturing of instruments takes place at our own 
production facility in Sweden. Reagent manufacturing 
is divided between a production facility in Sweden and 
one in the United States, and since September 2021, 
reagents for the Russian market are also manufactured in 
Russia. Blood controls and calibrators are manufactured 
exclusively at our own facility in the United States.
DEVELOPMENT 
On March 12, 2025, the decision was announced to halt 
development of Boule’s 5-part system (the BM950 project) 
due to recently identified technical issues that significantly 
impacted the project’s expected time to market and 
the product’s overall profitability. The development 
organization was restructured following that decision, and 
has since focused primarily on the development of generic 
blood controls and reagents. Following the reorganization, 
development resources have been primarily redirected to 
the OEM segment. The work carried out within Diagnostics 
involves product maintenance for existing products, 
process optimization, and the validation and testing of 
new partner products.
SIGNIFICANT EVENTS DURING THE FISCAL YEAR 
On February 7 , 2025, it was announced that Boule 
Diagnostics had entered into a distribution agreement 
with VitalScientific for the U.S. market, under which 
Boule will be responsible for the sales and distribution of 
VitalScientific’s products in the United States.
On March 12, 2025, Boule Diagnostics announced its 
decision to discontinue the BM950 project due to recently 
identified technical issues that have significantly impacted 
the project’s expected time to market and the product’s 
overall profitability. The termination of the project resulted 
in an impairment loss on intangible assets of SEK 92 million, 
which will be recognized in the 2024 financial statements, 
as the identified technical issues were already present at 
the end of 2024. An estimated SEK 25 million in additional 
restructuring costs are expected to be incurred in the first 
quarter of 2025.
On October 13, Boule announced that Holger Lembrér, 
Chief Financial Officer, will be leaving the company to 
pursue a new opportunity outside the organization. Holger 
Lembrér will remain in his role for the next six months to 
ensure a smooth transition.
On December 5, Boule announced that Torben Nielsen, 
President and CEO, will be leaving the company to pursue 
a new opportunity outside the organization. Torben 
Nielsen will remain in his role for the next six months to 
ensure a smooth transition. 
On December 22, Boule announced that Boule 
Diagnostics, together with its Italian partner A. Menarini 
Diagnostics, had been selected as one of three suppliers 
in a national tender for hematology solutions in Italy. 
On December 30, Boule announced that Michael af 
Winklerfelt has been appointed as the new Chief Financial 
Officer of Boule Diagnostics. Michael af Winklerfelt will 
assume the role of Chief Financial Officer in February 2026.
SIGNIFICANT EVENTS AFTER THE END OF 
THE PERIOD 
On January 21, Boule announced that Boule Diagnostics 
had renewed and expanded a global supply agreement 
with a global in vitro diagnostics customer. Once the 
project is fully implemented, revenue is expected to 
increase by approximately SEK 5 million starting in 2027 , 
and the operating margin is expected to be strong.
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EARNINGS AND FINANCIAL POSITION OF 
THE GROUP 
Net sales for the 2025 fiscal year amounted to 
SEK 489 .7 million (previous year: 558.5), a decrease of 
12.3 percent compared with 2024. Organic sales growth 
was -7 .2 percent, and currency effects amounted to 
-5.1 percent. 
Sales of instruments fell by 25 percent. Sales of 
consumables for our own instruments decreased by 
12 percent compared with the previous year. Sales of OEM 
products and CDS consumables decreased by 7 percent 
compared with the previous year. 
Gross profit for 2025 amounted to SEK 213.8 million (252.2), 
with a gross margin of 43.7 percent (45.2). The gross margin 
declined during the year due to negative currency effects 
resulting from a stronger Swedish krona and lower prices 
for instruments, which were partially offset by increased 
production efficiency. 
Operating expenses in 2025 amounted  
to SEK 193.0 million (561.8). 
Operating expenses include non-recurring costs of 
SEK 25.3 million, of which SEK 18.5 million related to 
the closure of the BM950 development project and 
SEK 6.9 million to the impairment of the Group’s assets 
in Russia. Non-recurring costs in 2024 consisted of 
research and development expenses that reduced 
profit by SEK 399 .4 million, including an impairment loss 
on intangible assets of SEK 357 .2 million, as well as an 
additional SEK 4.4 million in one-time restructuring costs. 
Net other operating income and net other operating 
expenses amounted to SEK 2.4 million (-6.6) in 2025 
and consisted of negative and positive exchange rate 
fluctuations, respectively. Operating profit for 2025 was 
impacted by one-time costs of SEK 25.3 million and 
amounted to SEK 20.8 million (-349 .6), corresponding to an 
operating margin of 4.3 percent (-62.6).
Net financial items amounted to SEK -14.9 million (-11.1), 
and the increase is mainly attributable to higher debt 
and loan origination fees. Profit before tax for 2025 
amounted to SEK 5.9 million (-360.7), and profit after tax 
to SEK -3.8 million (-296.5). 
Cash flow from operating activities, net of changes in 
working capital, amounted to SEK 0.8 million (46.6) in 2025. 
This has been affected by one-time costs associated 
with the closure of BM950, as well as payments related to 
restructuring in 2024 and 2025. Total investments in 2025 
amounted to SEK 5.0 million (85.9), of which SEK 77 .0 million 
in 2024 related to investments in the BM950 project. 
Cash and cash equivalents amounted to SEK 22.7 million 
at the beginning of the period and SEK 19 .6 million at 
the end of the year. The Group’s available cash and 
cash equivalents, including unutilized current account 
credit facilities, amounted to SEK 35.3 million (57 .5) as of 
December 31, 2025. 
In 2025, the Group implemented cost-cutting measures 
following the closure of the BM950 development project, 
which took full effect in 2025 and improved cash flow 
through significantly lower capital expenditures. The 
Group is expected to be able to finance its approved 
business plan using its existing liquidity, together with the 
cash flows generated by its operations.
RISKS AND UNCERTAINTIES 
Boule’s operations involve risks and uncertainties that may, 
to varying degrees, affect the company’s ability to achieve 
its stated goals. Boule works continuously to manage 
existing risks and uncertainties, as well as to conduct risk 
assessments that serve as the basis for identifying new 
risks and uncertainties. 
This work is carried out systematically and coordinated 
internally with the aim of identifying risks, limiting risk 
exposure, and mitigating any potential impact should a 
risk materialize. 
In addition to the war in Ukraine, the primary risks and 
uncertainties are currently assessed to lie in: regulatory 
risks, product portfolio risks, distributor risks, production 
and quality risks, counterfeit reagents, price pressure, 
supplier risks, market risks and competition, bribery and 
corruption, currency risks, IT security and IT systems, 
financing risks and future cash flows, occupational health 
and safety, and reliance on key personnel. 
For a description of Boule’s risks and uncertainties, as well 
as risk management and opportunities, see pages 40–44. 
For a more detailed description of Boule’s financial risks 
and relevant sensitivity analyses, see Note 26. 
For more information about Boule’s sustainability-related 
risks, see the risk section and Boule’s sustainability report 
on page 28 of the annual report. 
For more information on the impact of the war in Ukraine, 
see Note 29 . A description of the company’s internal 
control can be found on page 52 of the corporate 
governance report.
FUTURE DEVELOPMENTS 
Boule Diagnostics segment has, despite fierce 
international competition and price pressure in certain 
markets, reported strong sales for a number of consecutive 
years, with the exception of the pandemic years; global 
market growth is estimated to be approximately one to 
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two percent in the region where the segment operates. 
The products in the Diagnostics segment are of high 
quality and reliability and are backed by a well-developed 
marketing strategy and a well-established global 
distribution network. Consumables for our own instruments 
are captive, and their higher margins—compared to those 
of the instruments themselves—contribute significantly to 
the company’s profitability. 
An important part of the company’s long-term 
sales growth is Boule’s focus on emerging markets. 
The company focuses on countries with high GDP 
growth and significant investments in the development, 
modernization, and improvement of healthcare, as 
well as increased access for people in smaller cities 
and rural areas—areas that are well-suited to Boule’s 
products. In early 2025, the company discontinued its 
development project for a proprietary 5-part instrument. 
To achieve optimal sales growth going forward, Boule is 
collaborating with various technology partners to expand 
its existing product portfolio.  
In the CDS OEM segment, the Group is focusing on the 
continued development of reagents and generic blood 
controls to meet demand in a growing global market. The 
segment is also actively working to expand its project 
portfolio, in which CDS acts as a contract manufacturer for 
other global IVDR companies. 
Shareholders as of Dec. 31, 2025 (according to Modular finance) Number of shares Percentage of capital/votes
Grenspecialisten 5,787 ,268 14.9%
Svolder 4,289 ,159 11.0%
Thomas Eklund 4,038,728 10.4%
Nordea Funds 2,954,650 7. 6%
Swedbank Robur Funds 2,783,070 7. 2 %
Protean Funds Scandinavia 2,401,988 6.2%
Avanza Pension 1,350,454 3.5%
Tomas Wedel 1,220,168 3.1%
Anders Hultmark 1,164,903 3.0%
Aktia Asset Management 992,540 2.6%
The Second AP Fund 969,948 2.5%
Torben Nielsen 650,000 1.7%
Nordnet Pension Insurance 527 ,407 1.4%
Thomas Wernhoff 500,000 1.3%
Futur Pension 281,100 0.7%
Other shareholders (2,242) 8,921,721 23.0%
Total number of shares 38,833,104 100%
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BOULE SHARES AND OWNERSHIP STRUCTURE  
The total number of shares and votes in Boule remained 
unchanged in 2025 and stood at 38,833,104 as of 
December 31. There is only one class of shares, and there 
are no differences or restrictions under law or the Articles 
of Association regarding the transferability of the shares, 
voting rights, rights to the company’s assets, or dividends. 
The shares have a quota value of 0.25 SEK. Boule has no 
outstanding stock option plans.
THE GROUP’S ENVIRONMENTAL INITIATIVES  
According to Boule’s environmental policy: The delivery 
of goods and services shall be carried out with a high 
degree of environmental awareness and care. This means 
that Boule as a whole, and every individual within the 
company, must carry out their duties in such a way that 
direct and indirect impacts on health and the environment 
are minimized or improved compared to previous 
conditions. Employees and suppliers are encouraged to 
be environmentally conscious, and more environmentally 
friendly alternatives should be sought whenever possible. 
The organization has a defined focus aligned with 
international and national guidelines for environmental 
management. This means that Boule strives to comply 
with guidelines set forth in standards such as ISO 14001, 
which is an international standard similar to ISO 13485 and 
applicable to Boule’s type of business. The Group currently 
has three production facilities. The Swedish facilities 
manufacture both instruments and reagents, while the 
U.S. facility manufactures reagents, blood controls, and 
calibrators. All production facilities have the necessary 
permits required to operate.
SUSTAINABILITY REPORTING  
Boule is subject to the sustainability reporting 
requirements of the Annual Accounts Act (Chapter 6,  
Section 10). The Group has chosen to present the 
sustainability report separately from the management 
report. Boule bases its sustainability report on the UN 
Global Compact’s principles for sustainable business. 
Policies and disclosures regarding environmental, social, 
and labor issues, respect for human rights, and anti-
corruption measures are presented on pages 28–37 . 
Risks related to sustainability are presented in the risk 
section of the annual report on pages 42–46. 
HUMAN RESOURCES 
The average number of employees in the Group during the 
period was 195 (226), of whom 10 (8) were employed by the 
parent company. By country, the average number was 79 
(119) in Sweden, 93 (95) in the United States, 2 (2) in Mexico, 
and 10 (10) in Russia. The average number of women in the 
Group was 90 (99), and the average number of men was 
105 (127). There are collective bargaining agreements in 
place for operations in Sweden. Boule relies on its ability 
to attract and retain highly skilled and experienced 
employees. If Boule loses key personnel or has difficulty 
attracting employees with key skills, this could have a 
negative impact on Boule’s operations and operating 
profit, as well as delay and hinder Boule’s development 
efforts. Boule therefore actively strives to be perceived as 
an attractive employer with dedicated employees and an 
active human resources policy. The company is constantly 
working to improve employee skills, the work environment, 
and gender equality.
There are collective bargaining agreements in place for 
operations in Sweden. Boule relies on its ability to attract 
and retain highly skilled and experienced employees. 
If Boule loses key personnel or has difficulty attracting 
employees with key skills, this could have a negative 
impact on Boule’s operations and operating profit, as 
well as delay and hinder Boule’s development efforts. 
Boule therefore actively strives to be perceived as an 
attractive employer with dedicated employees and 
an active human resources policy. The company is 
constantly working to improve employee skills, the work 
environment, and gender equality. 
QUALITY ASSURANCE 
All of the Group’s manufacturing companies are 
certified in accordance with ISO 13485. The companies’ 
quality management systems are continuously being 
developed to ensure full compliance, both now and in 
the future, with the requirements set forth in the EU In 
Vitro Diagnostic Directive/Regulation (IVD/IVDR) and 
the regulations in effect in the United States (FDA’s QSR 
requirements).
THE BOARD OF DIRECTORS’ PROPOSED 
RESOLUTION ON GUIDELINES FOR 
COMPENSATION TO SENIOR EXECUTIVES  
The 2025 Annual General Meeting adopted the following 
guidelines for executive compensation. These provisions 
shall remain in effect until the 2029 Annual General 
Meeting, unless the General Meeting decides otherwise. 
The guidelines also cover compensation paid to Board 
members to the extent that they receive compensation 
in addition to Board fees for services related to a 
position covered by these guidelines.
The consideration is equivalent to the transfer of 
securities and the granting of the right to acquire 
securities from the company in the future. 
The guidelines shall apply to agreed compensation 
and changes to compensation that has already been 
agreed upon following the adoption of the guidelines 
at the 2025 Annual General Meeting. Remuneration 
approved by the shareholders’ meeting is not covered by 
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these guidelines. With regard to employment relationships 
governed by rules other than Swedish law, compensation 
may be appropriately adjusted to comply with mandatory 
rules or established local practices, provided that the 
overall purpose of these guidelines is met to the greatest 
extent possible.
The guidelines’ contribution to business strategy, long-
term interests, and sustainability 
Boule aims to expand its product portfolio to ensure a 
comprehensive and attractive offering to the company’s 
well-established global distribution channels, where a 
growing installed base of instruments generates stable 
sales of consumables with strong margins. 
The Board’s proposed guidelines for executive 
compensation are designed to best serve the interests 
of Boule and its shareholders. Compensation for senior 
executives is intended to attract, motivate, and retain 
talented and qualified personnel in key positions within 
the Group’s management. The right incentives create 
better conditions for the company to achieve its business 
strategy and long-term goals in terms of growth, 
profitability, and sustainability. The evaluation shall be 
based on position, competence, and performance. 
The results should cover both the performance of the 
individuals concerned and Boule’s overall performance 
and future prospects.
Different forms of compensation 
Boule will offer competitive terms that enable the compa-
ny to recruit and retain qualified staff. Compensation for 
Group management may consist of a fixed salary, variable 
compensation, a pension, and other customary benefits. 
Compensation is based on the individual’s commitment 
and performance in relation to pre-established 
goals, both individual and company-wide. Individual 
performance is evaluated on an ongoing basis. 
• Fixed salary 
As a general rule, the fixed salary is reviewed once a year 
and should take into account the individual’s performance. 
The fixed salary for the CEO and other senior executives 
shall be in line with market rates. 
• Variable compensation 
Variable compensation shall take into account the 
individual’s level of responsibility and degree of influence. 
The amount of variable compensation shall be based on 
the achievement of targets. The objectives shall consist 
of performance targets for the company as a whole and 
operational targets for individual employees or units, 
thereby creating incentives to advance Boule’s business 
strategy, long-term interests, and sustainability. 
All targets must be individually tailored and based at least 
60 percent on the achievement of financial targets and 
profit margins relative to the budget. Compliance with the 
criteria for the payment of variable compensation shall be 
assessed over a twelve-month period. 
For the CEO, variable compensation shall be capped at 
100 percent of the fixed annual salary. For other senior 
executives, variable compensation is capped at between 
34 percent and 100 percent of the fixed annual salary. 
Variable compensation is not included in the calculation of 
vacation pay or pension benefits. 
Once the assessment period for determining whether 
the criteria for the payment of variable compensation 
have been met has ended, an assessment must be 
made and a determination reached as to the extent 
to which the criteria have been met. The Board of 
Directors is responsible for determining the CEO’s variable 
compensation. The CEO is responsible for determining the 
variable compensation for other executives. 
With regard to financial targets, the assessment shall be 
based on the company’s most recently published financial 
information. 
• Long-term incentive program 
Incentive programs consisting of share-based and share-
price-linked compensation are approved by the Annual 
General Meeting and are not included in these guidelines; 
however, they are described here to provide an overview of 
the company’s total compensation package. As of the end 
of 2025, there are no share-based or share price-related 
compensation programs. 
• Retirement 
Senior executives are entitled to a pension. Pension 
contributions may not exceed a total of 28 percent of the 
CEO’s fixed salary and a total of 31 percent of the fixed 
salary for other senior executives. The pension contribution 
for U.S. senior executives may amount to a maximum of 
5 percent of their fixed salary.
• Other benefits
Other benefits, such as wellness programs and health 
insurance, and in some cases a company car, may be 
provided to senior executives. Other benefits may not 
exceed a total of 10 percent of the CEO’s fixed salary and 
a total of 15 percent of the fixed salary for other senior 
executives. 
• Termination of employment 
The CEO shall have a mutual notice period of 6 months. 
If the employment is terminated by the company, the 
CEO may be entitled to severance pay equivalent to a 
maximum of 9 months’ salary. Other senior executives shall 
have a mutual notice period of no more than 6 months.
 
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Salary and terms of employment 
The salaries and terms of employment for Boule’s 
employees have been taken into account in the 
preparation of these compensation guidelines; specifically, 
information regarding employees’ total compensation, 
the components of such compensation, and the increase 
in compensation and the rate of increase over time has 
formed part of the Board’s basis for decision-making 
in assessing the adequacy of the guidelines and the 
limitations arising therefrom. The compensation report 
prepared regarding paid and outstanding compensation 
covered by the guidelines will detail the trend in the gap 
between executive compensation and compensation for 
other employees.
Decision-making process for establishing, reviewing, and 
implementing guidelines 
At its inaugural meeting following the 2025 Annual 
General Meeting, the Board of Directors decided to 
appoint a Compensation Committee. The committee’s 
primary responsibility is to prepare decisions on matters 
concerning compensation principles, compensation, 
and other terms of employment for senior executives. 
The committee shall also monitor and evaluate ongoing 
programs and those completed during the year regarding 
variable compensation for senior management. They 
shall also monitor and evaluate the application of the 
guidelines for executive compensation that the Annual 
General Meeting is required by law to adopt, as well as 
the company’s current compensation structures and 
compensation levels. The Board of Directors shall draft 
proposals for new guidelines at least every four years 
and submit the proposal to the Annual General Meeting 
for approval. When the Board discusses and decides 
on remuneration-related matters, the CEO and other 
members of senior management do not attend, to the 
extent that they are affected by such matters.
Deviation from compensation guidelines 
The Board of Directors may decide to temporarily deviate 
from the guidelines, in whole or in part, if there are special 
reasons for doing so in a particular case and such a 
deviation is necessary to serve the company’s long-
term interests, including its sustainability, or to ensure 
the company’s financial viability. As noted above, the 
Compensation Committee is responsible for preparing 
decisions on remuneration matters, including decisions to 
deviate from the guidelines.
PARENT COMPANY 
The parent company, Boule Diagnostics AB, headquar-
tered in Stockholm, is responsible for Group management, 
monitoring the Group, and providing operational support 
to the operating subsidiaries. The parent company’s net 
sales for 2025 amounted to SEK 29 .7 million (28.9), all of 
which relates to invoicing for group-wide services provided 
to the subsidiaries. The parent company’s operating 
profit amounted to SEK 0.9 million (-5.7). The parent 
company’s equity amounted to SEK 327 .5 million (385.5) 
as of December 31, 2025. The company’s registered share 
capital as of December 31, 2025, amounts to SEK 9 ,708,276 
(9 ,708,276), divided among a total of 38,833,104 (38,833,104) 
shares. The parent company’s risks and uncertainties are 
the same as those described for the Group in the section 
titled “Risks and Uncertainties.”
CORPORATE GOVERNANCE 
Boule Diagnostics AB adheres to the Swedish Code 
of Corporate Governance. For a description of how 
the company handles corporate governance matters, 
please refer to the Corporate Governance Report on 
pages 48–53. The Group’s internal control and risk 
management systems are described in the “Internal 
Control” section of the Corporate Governance Report.
PROPOSED ALLOCATION OF THE COMPANY’S EARNINGS
The following amounts in SEK are at the disposal of the Annual General Meeting:
Share premium account 194,344,699
Retained earnings 39 ,539 ,275
Net income for the year -57 ,928,042
Total 175,955,932
The Board of Directors proposes that the available retained earnings be appropriated as follows:
Carried forward to the next fiscal year 175,955,932
Total 175,955,932
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Consolidated Statement of 
Comprehensive Income
January 1–December 31, KSEK Note 2024 2025
Net sales 2 558,463 489 ,692
Cost of goods sold 3 -306,234 -275,881
Gross profit 252,230 213,811
Selling expenses 3 -126,164 -98,470
Administrative expenses 3 -36,222 -31,165
Research and development expenses 3 -399 ,448 -58,872
Other operating income and expenses 5 -6,621 2,435
Impairment of assets in Russia 6 -33,471 -6,920
Operating income -349 ,696 20,820
Financial income 9 1,390 1,516
Financial expenses 9 -12,590 -16,277
Exchange rate difference 145 -148
Net financial items 9 -11,055 -14,909
Net income before tax -360,751 5,911
Income tax 10 64,172 -9 ,664
Net income for the year 1) -296,579 -3,753
 
1) The net income is attributable in its entirety to the owners of the parent company.
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Other comprehensive income
KSEK Note 2024 2025
Items that may be reclassified to profit or loss for the period
Current-year translation adjustments from the translation of foreign subsidiaries 17 ,850 -24,983
Other comprehensive income for the year 17 ,850 -24,983
Net income for the year -278,729 -28,735
Earnings per share, basic and diluted, SEK 20 -7. 6 4 -0.10
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Consolidated Statement of Financial Position
December 31, KSEK Note 2024 2025
ASSETS
Fixed assets
Intangible assets
Capitalized development costs 11 7 ,490 5,135
Goodwill 11 91,920 79 ,760
Total intangible assets 99 ,410 84,894
Tangible fixed assets
Right-of-use assets 13 13,689 37 ,126
Machinery and other technical equipment 12 13,552 11,753
Equipment, tools, and installations 12 9 ,188 8,127
Improvement expenses on another person’s property 12 3,049 1,002
Total tangible fixed assets 39 ,478 58,008
Financial fixed assets
Other financial fixed assets 3,796 8,345
Long-term accounts receivable (75–95% guaranteed by EKN) 16, 26 49 ,638 26,442
Total financial fixed assets 53,434 34,787
Deferred tax assets 69 ,802 66,528
Total fixed assets 262,124 244,217
Current assets
Inventory
Raw materials and supplies 29 ,133 25,103
Work in progress 5,710 3,300
Finished goods and commodities 24,261 30,482
Total inventory 15 59 ,104 58,885
Current receivables 
Tax receivables 5,643 3,369
Accounts receivable 16, 26 63,377 65,656
Accounts receivable (75–95% guaranteed by EKN) 16, 26 82,785 63,141
Other receivables 17 5,680 1,826
Prepaid expenses and accrued revenue 18 15,542 12,835
Total current receivables 173,027 146,827
Cash and cash equivalents 19 22,652 19 ,628
Total current assets 254,783 225,340
TOTAL ASSETS 516,907 469 ,557
December 31, KSEK Note 2024 2025
EQUITY
Share capital 9 ,708 9 ,708
Other contributed capital 336,203 336,203
Translation reserve 48,502 23,519
Retained earnings, including net income for the period -198,046 -201,789
TOTAL EQUITY 20 196,367 167 ,641
LIABILITIES
Long-term liabilities
Long-term interest-bearing liabilities 22 9 ,632 34,754
Long-term interest-bearing liabilities (for receivables 
guaranteed by EKN) 22 41,801 24,011
Long-term lease liabilities 13 1,084 31,298
Provisions 3,364 1,986
Deferred tax liabilities 10 2,151 2,838
Total long-term liabilities 58,032 94,887
Current liabilities
Current interest-bearing liabilities 22 59, 6 3 9 72,423
Current interest-bearing liabilities (for receivables 
guaranteed by EKN) 69 ,715 57 ,335
Current lease liability 13,193 3,935
Accounts payable 31,680 26,031
Tax liabilities 8,892 5,432
Other liabilities 23 24,471 7, 2 5 3
Accrued expenses and prepaid revenue 24 53,707 33,182
Current provisions 21 1,211 1,437
Total current liabilities 262,507 2 0 7, 0 2 9
TOTAL LIABILITIES 320,540 301,916
TOTAL EQUITY AND LIABILITIES 516,907 469 ,557
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Statement of Changes in Equity for the Group
KSEK Share capital
Other contributed  
capital Translation reserve
Retained earnings, 
including net income 
for the year Total equity
Opening equity as of January 1, 2024 9 ,708 336,203 30,652 98,533 475,096
Net income for the year
Net income for the year  -296,579 -296,579
Other comprehensive income for the year 17 ,850 17 ,850
Net income for the year 17 ,850 -296,579 -278,729
Equity at the end of the year, December 31, 2024 9 ,708 336,203 48,502 -198,046 196,367
Opening equity as of January 1, 2025 9 ,708 336,203 48,502 -198,046 196,367
Net income for the year
Net income for the year -3,753 -3,753
Other comprehensive income for the year -24,983 -24,983
Net income for the year -24,983 -3,753 -28,735
Equity at the end of the year, December 31, 2025 9 ,708 336,203 23,519 -201,789 167 ,641
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Consolidated Cash Flow Statement
January 1–December 31, KSEK Note 2024 2025
Day-to-day operations
Operating income -349,696 20,820
Adjustment for non-cash items 1) 28 415,126 10,005
Interest received 28 1,363 1,516
Interest paid 28 -12,574 -14,128
Income tax paid -5,671 -3,788
Cash flow from operating activities before changes in working capital 48,549 14,425
Cash flow from changes in working capital
Increase (-) / Decrease (+) in inventory -2,917 -4,169
Increase (-) / Decrease (+) in trade receivables -18,403 -9 ,363
Increase (-) / Decrease (+) in trade receivables (guaranteed by EKN) 9 ,416 42,839
Increase (+) / Decrease (-) in operating liabilities 9,93 5 -42,905
Cash flow from operating activities 46,580 829
Investment activities
Acquisition of tangible fixed assets 12 -8,904 -3,488
Capitalization of development costs 11 -76,995 -1,475
Cash flow from investing activities -85,898 -4,963
Financing activities
Outstanding loans (+) 0 67 ,233
Loan repayment (-) -9 ,599 -22,463
Increase (+)/Decrease (-) in financial liabilities (EKN financing) 1,397 -30,171
Increase (+) in financial liabilities 46,612 0
Decrease (-) in financial liabilities 0 -5,267
Repayment of lease liability 13 -13,999 -6,023
Cash flow from financing activities 24,411 3,308
Cash flow for the year -14,908 -827
Cash and cash equivalents at the beginning of the year 37 ,281 22,652
Foreign exchange gain or loss on cash and cash equivalents 279 -2,197
Cash and cash equivalents at year-end 19 22,652 19 ,628
1) For 2024, the major items in “Adjustments for items not included in cash flow” are an impairment of capitalized capital expenditures of KSEK 357 ,247 , an impairment of assets in Russia of KSEK 33,471, and a reversal of depreciation of KSEK 22,940.
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Income Statement 
for the Parent Company
Statement of 
Comprehensive Income 
for the Parent Company
January 1–December 31, KSEK Note 2024 2025
Net sales  2 28,858 29 ,685 
Administrative expenses -27 ,591 -24,285 
Other operating expenses -7,0 0 2  -4,495 
Operating income -5,735 904 
Net income from financial items
Dividends from subsidiaries 79 ,020 22,764 
Impairment of shares in subsidiaries 0 -78,303 
Interest income and similar income items 3 18 
Interest expense and similar income statement 
items  9 -101 -3,875 
Profit after net financial items 73,187 -58,492 
Group contribution - -
Net income before tax 73,187 -58,492 
Tax  10 1,117 564 
Net income for the year 74,304 - 5 7,9 2 8  
KSEK Note 2024 2025
Net income for the year 74,304 - 5 7,9 2 8
Other comprehensive income for the year - -
Net income for the year 74,304 - 5 7,9 2 8
Since no items are recognized in other comprehensive income, the parent company’s profit is equal to total comprehensive 
income.
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Balance Sheet for the Parent Company
January 1–December 31, KSEK Note 2024 2025
ASSETS
Tangible fixed assets
Furniture and equipment 15 0
Total tangible fixed assets 15 0
Financial fixed assets
Shares in Group companies 14 450,346 372,043
Other financial fixed assets 2,655 1,547
Deferred tax assets 2,826 3,390
Total financial fixed assets 455,826 376,979
Total fixed assets 455,841 376,979
Current assets
Receivables from Group companies 1,783 0
Tax receivables 787 787
Other receivables 17 665 0
Prepaid expenses and accrued revenue 18 3,224 4,195
Total current receivables 6,459 4,983
Cash and Bank 19 177 1,266
Total current assets 6,636 6,448
TOTAL ASSETS 462,478 383,227
January 1–December 31, KSEK Note 2024 2025
EQUITY AND LIABILITIES
Equity 20
Restricted equity
Share capital (38,833,104 shares) 9 ,708 9 ,708
Reserve fund 141,859 141,859
Unrestricted equity
Share premium account 194,345 194,345
Retained earnings -34,764 39 ,539
Net income for the period 74,304 -57 ,928
Total equity 385,451 3 2 7, 5 2 3
Liabilities
Long-term liabilities - 32,000
Other provisions 3,364 1,986
Total long-term liabilities 3,364 33,986
Current liabilities
Accounts payable 4,303 4,638
Liabilities to Group companies 58,175 7,93 1
Other liabilities 23 1,086 754
Accrued expenses and prepaid revenue 24 10,100 8,397
Total current liabilities 73,663 21,718
Total liabilities 7 7, 0 2 755,705
TOTAL EQUITY AND LIABILITIES 462,478 383,227
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Statement of Changes in Equity 
for the Parent Company
Unrestricted equity
KSEK Share capital Reserve fund Share premium account Retained earnings Net income for the year Total equity
Opening equity as of January 1, 2024 9 ,708 141,859 194,345 -55,581 20,816 311,147
Net income for the year
Appropriation of profits 20,816 -20,816 -
Net income for the year 74,304 74,304
Equity at the end of the year, 
December 31, 2024 9 ,708 141,859 194,345 -34,764 74,304 385,451
Opening equity as of January 1, 2025 9 ,708 141,859 194,345 -34,765 74,304 385,451
Net income for the year
Appropriation of profits 74,304 -74,304 -
Net income for the year - 5 7,9 2 8 - 5 7,9 2 8
Equity at the end of the year, 
December 31, 2025 9 ,708 141,859 194,345 39 ,539 - 5 7,9 2 7 3 2 7, 5 2 3
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Cash Flow Statement for the Parent Company
January 1–December 31, KSEK Note 2024 2025
Day-to-day operations
Operating income -5,735 904
Adjustment for items not included in cash flow 28 212 -78,440
Interest received 28 20 4
Interest paid 28 -118 -3,710
Income tax paid 895 0
Cash flow from operating activities before changes in working capital -4,725 -81,242
Cash flow from changes in working capital
Increase (-) / Decrease (+) in trade receivables -5,425 14,286
Increase (+) / Decrease (-) in operating liabilities -68,838 -65,023
Cash flow from operating activities -78,989 -131,979
Investment activities
Investments in financial fixed assets 0 78,303
Cash flow from investing activities 0 78,303
Financing activities
Outstanding loans - 32,000
Dividend 79 ,020 22,764
Cash flow from financing activities 7 9,0 2 0 54,764
Cash flow for the year 31 1,088
Cash and cash equivalents at the beginning of the year 146 177
Cash and cash equivalents at year-end 19 177 1,265
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