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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Notes
NOTE 1 SIGNIFICANT ACCOUNTING POLICIES
1 General information
Boule Diagnostics AB, corporate ID 556535-0252, 
is a Swedish-registered limited liability company 
headquartered in Stockholm. The address of the 
headquarters is Fagerstagatan 7 , 163 53 Spånga, Sweden.
2 Compliance with standards and laws
The consolidated financial statements have been 
prepared in accordance with International Financial 
Reporting Standards (IFRS) issued by the International 
Accounting Standards Board (IASB) as adopted by the 
EU. In addition, the Swedish Council for Sustainability 
and Financial Reporting’s recommendation RFR 1, 
“Supplementary Accounting Rules for Groups,” has been 
applied.
The parent company applies the same accounting 
policies as the Group, except in the cases specified below 
in the section “The parent company’s accounting policies.” 
The annual report and consolidated financial statements 
were approved for publication by the Board of Directors 
and the CEO on April 10, 2026.
3 Basis for measurement and classification 
Assets and liabilities are recognized at historical cost, 
except for financial assets and financial liabilities, which 
are measured at amortized cost.
4 Functional currency and reporting currency
The parent company’s functional currency is the Swedish 
krona, which is also the parent company’s presentation 
currency and the Group’s reporting currency. This means 
that the financial statements are presented in Swedish 
kronor (SEK). Unless otherwise stated, all amounts are 
rounded to the nearest thousand.
5 Judgments and estimates in the financial statements 
The preparation of the financial statements requires 
management to make judgments, estimates, and 
assumptions that affect the application of accounting 
policies and the reported amounts of assets, liabilities, 
revenue, and expenses. Actual results may differ from 
these estimates and assessments.
The estimates and assumptions are reviewed on a 
regular basis. Changes in estimates and assumptions are 
recognized in the period in which the change is made 
if the change affects only that period, or in the period 
in which the change is made and future periods if the 
change affects both the current period and future periods.
Judgments and estimates that have a significant impact 
on the financial statements and that could result in 
material adjustments to the financial statements for the 
following year are described in more detail in Note 29 .
6 Significant accounting policies
The notes contain a list of the significant accounting 
principles applied in the preparation of these consolidated 
financial statements. These principles have been applied 
consistently for all years presented, unless otherwise 
stated. The consolidated financial statements include 
Boule Diagnostics AB and its subsidiaries.
(i) Changes in accounting policies resulting from new or 
amended IFRS
No new or amended standards came into effect in 2025 
that had a material impact on the company’s financial 
position or financial statements. 
(ii) New IFRSs that have not yet been adopted
No new or amended standards, or interpretations of 
existing standards, to be applied to fiscal years beginning 
in the coming fiscal year are expected to affect the 
Group’s or the parent company’s financial reporting.
IFRS 18 – Presentation and Disclosures in Financial 
Statements (expected effective date: (January 1, 2027) 
will require significant adjustments to the Group’s financial 
reporting, particularly with regard to the structure of the 
income statement and the disclosures provided in the 
notes. The Group plans to begin preparations for this 
transition well in advance of its implementation. 
7 Operating segment reporting
The Group is engaged in the development, manufacture, 
and sales of blood analysis products. Starting in 
the third quarter of 2025, the Group will report its 
Notes

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operations in two business segments: Diagnostics and 
OEM Clinical Diagnostic Solutions. This new segment 
classification reflects the Group’s current internal 
management and monitoring practices, in accordance 
with IFRS 8 Operating Segments. 
Boule has previously reported segment information by 
geographic region, but only with respect to net sales. The 
new segment structure also includes adjusted operating 
profit (EBIT) and corresponds to the level at which Group 
management now monitors and evaluates business 
performance. The segment information does not include 
assets and liabilities, as these are not monitored or 
reported internally at the segment level.
8 Consolidation principles and business combinations
(i) Subsidiaries
Subsidiaries are companies over which the parent 
company exercises a controlling influence. Significant 
influence refers to the direct or indirect right to shape 
a company’s financial and operational strategies with 
the aim of obtaining economic benefits. The financial 
statements of subsidiaries are included in the consolidated 
financial statements from the date of acquisition until the 
date on which control ceases.
(ii) Transactions eliminated on consolidation
Intra-group receivables and payables, revenue or 
expenses, and unrealized gains or losses arising from 
intra-group transactions between Group companies 
are eliminated in full when preparing the consolidated 
financial statements. Unrealized losses are eliminated in 
the same way as unrealized gains, but only to the extent 
that there is no need for impairment.
9 Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated into 
the functional currency at the exchange rate prevailing 
on the transaction date. The functional currency is the 
currency of the primary economic environments in which 
the companies conduct their operations. Monetary assets 
and liabilities denominated in foreign currencies are 
translated into the functional currency at the exchange 
rate prevailing on the balance sheet date. Exchange 
rate differences arising from currency translations are 
recognized in net income for the year. Non-monetary 
assets and liabilities carried at historical cost are 
translated at the exchange rate prevailing at the date 
of the transaction. Non-monetary assets and liabilities 
measured at fair value are translated into the functional 
currency at the exchange rate prevailing at the time of 
the fair value measurement. Exchange rate fluctuations 
related to operating receivables and liabilities are 
recognized in operating income, while exchange rate 
fluctuations related to financial receivables and liabilities 
are recognized in net financial income.
(ii) Financial statements of foreign operations
Assets and liabilities in foreign operations, including 
goodwill and other consolidated gains and losses, 
are translated from the functional currency of the 
foreign operation to the Group’s reporting currency, the 
Swedish krona, at the exchange rate prevailing on the 
balance sheet date. Revenue and expenses from foreign 
operations are translated into Swedish kronor at an 
average exchange rate that approximates the exchange 
rates prevailing at the time of each transaction. 
Translation differences arising from the translation of 
foreign operations are recognized in other comprehensive 
income and accumulated in a separate component of 
equity, known as the translation reserve.
10 Revenue
(i) Sales of goods
The Group sells instruments and consumables for high-
quality and safe blood analysis. Sales of goods are 
recognized as revenue when control of the goods is 
transferred, which occurs when risks and rewards pass to 
the customer in accordance with the applicable terms of 
delivery. The vast majority of revenue is recognized at the 
time of shipment. The Group primarily uses the delivery 
terms EXW, CPT, FCA, and DAP as defined in Incoterms. 
Extended payment terms are available; in such cases, 
the payment term is 36 months. The transaction price is 
therefore adjusted for the effects of significant financing 
components.
The Group’s obligation to repair or replace defective 
instruments in accordance with standard warranty terms is 
recognized as a provision.
(ii) Performance of professional services
Boule sells services in the form of support contracts for the 
company’s previously sold platforms. Revenue from service 
contracts is recognized in profit or loss for the period based 
on the fulfillment of the performance obligation as of the 
balance sheet date.
(iii) Interest income
Interest income is recognized using the effective interest 
method.
11 Financial income and expenses
Financial income consists of interest income on cash and 
cash equivalents. Interest income on financial instruments 
is recognized using the effective interest method. The 
effective interest rate is the rate that discounts the 
estimated future cash inflows and outflows over the 
Notes

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expected life of a financial instrument to the carrying 
amount of the financial asset or liability. The calculation 
includes all fees paid or received by the contracting 
parties that form part of the effective interest rate, 
transaction costs, and all other premiums and discounts.
Financial expenses consist of interest expenses on loans, 
including factoring. Interest expenses are recognized 
in income using the effective interest method. Foreign 
exchange gains and losses attributable to assets and 
liabilities related to financing activities are reported on a 
net basis.
12 Taxes
Income taxes consist of current taxes and deferred taxes. 
Income taxes are recognized in net income for the year, 
except when the underlying transaction is recognized in 
other comprehensive income or in equity, in which case 
the related tax effect is recognized in other comprehensive 
income or in equity.
Current tax is tax that is due or receivable for the current 
year. Current tax also includes adjustments to current tax 
attributable to prior periods.
Deferred tax is calculated using the balance sheet 
method based on temporary differences between 
the carrying amounts and tax bases of assets and 
liabilities. Temporary differences are not recognized in 
consolidated goodwill, nor are differences arising from 
the initial recognition of assets and liabilities that do not 
constitute business combinations and that, at the time of 
the transaction, do not affect either reported or taxable 
income. Furthermore, temporary differences attributable 
to investments in subsidiaries that are not expected to be 
reversed in the foreseeable future are also not taken into 
account. The measurement of deferred taxes is based on 
how the underlying assets or liabilities are expected to be 
realized or settled.
Deferred taxes are calculated using the tax rates and tax 
rules that have been enacted or substantively enacted as 
of the balance sheet date.
Deferred tax assets related to deductible temporary 
differences and tax loss carryforwards are recognized only 
to the extent that it is probable that they will be able to 
be utilized. The carrying amount of deferred tax assets is 
reduced when it is no longer considered probable that 
they can be utilized.
13 Financial instruments 
The Group’s financial assets and liabilities consist of 
the following items: long-term accounts receivable 
(75–95 percent guaranteed by the Swedish Export Credit 
Agency, EKN), accounts receivable, short-term accounts 
receivable (75–95 percent guaranteed by EKN), other 
current receivables, cash and cash equivalents, long-term 
interest-bearing liabilities, long-term interest-bearing 
liabilities (for receivables guaranteed by EKN), current 
interest-bearing liabilities, current interest-bearing 
liabilities (for receivables guaranteed by EKN), liabilities 
under lease agreements, accounts payable, and other 
current liabilities.
(i) Initial recognition
Financial assets and financial liabilities are recognized 
when the Group becomes a party to the contractual 
terms of the instrument. The purchase and sale of financial 
assets and liabilities are recognized on the trade date, 
which is the date on which the Group commits to purchase 
or sell the asset.
Financial instruments are recognized upon initial 
recognition at fair value plus, for an asset or financial 
liability not recognized at fair value through profit or loss, 
transaction costs directly attributable to the acquisition 
or issuance of the financial asset or financial liability, such 
as fees and commissions. Transaction costs for financial 
assets and financial liabilities recognized at fair value 
through profit or loss are expensed in the statement of 
comprehensive income.
(ii) Financial assets – Classification and measurement
The Group classifies and measures its financial assets in 
the category of amortized cost.
• Financial assets measured at amortized cost
Assets held for the purpose of collecting contractual 
cash flows, where such cash flows consist solely of 
principal and interest, are measured at amortized cost. 
The carrying amount of these assets is adjusted for any 
expected credit losses that have been recognized (see 
impairment below). Interest income from these financial 
assets is recognized using the effective interest method 
and is included in financial income. The Group’s financial 
assets measured at amortized cost consist of long-
term accounts receivable (75–95 percent guaranteed 
by EKN), long-term non-interest-bearing receivables, 
accounts receivable, accounts receivable (75–95 percent 
guaranteed by EKN), other current receivables, and cash 
equivalents.
• Accounts receivable
Accounts receivable are amounts owed by customers for 
goods sold or services rendered in the course of ordinary 
business operations.
Accounts receivable are generally due for payment 
within 30 days; therefore, all accounts receivable have 
been classified as current assets. Accounts receivable 
Notes

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are initially recognized at fair value and subsequently 
at amortized cost. The Group holds trade receivables 
for the purpose of collecting contractual cash flows and 
therefore measures them at subsequent reporting dates 
at amortized cost using the effective interest method.
• Cash and cash equivalents 
Cash and cash equivalents, as reported in both the 
balance sheet and the cash flow statement, include cash 
on hand and bank deposits.
(iii) Derecognition of financial assets
Financial assets, or a portion thereof, are derecognized 
from the balance sheet when the contractual rights to 
receive cash flows from the assets have expired or been 
transferred and either (i) the Group transfers substantially 
all the risks and rewards associated with ownership, or 
(ii) the Group does not transfer or retains substantially all 
the risks and rewards associated with ownership and the 
Group has not retained control over the asset.
A financial asset is derecognized from the statement of 
financial position when the rights under the contract are 
realized, expire, or the company loses control over them, 
with the exception of accounts receivable guaranteed by 
EKN that have been assigned to the bank or pledged as 
collateral. Such an account receivable is recognized on 
the balance sheet until the customer has paid the bank. 
The bank has a right of recourse against the Group for 
the portion of the accounts receivable not covered by 
the EKN guarantee and in the event that EKN does not 
pay compensation for any customer losses.
(iv) Transfer of financial assets 
The Group uses factoring. Under the agreement, 
the Group has transferred receivables to a factoring 
company in exchange for cash; therefore, the receivables 
cannot be sold or pledged. However, the Group has 
retained the credit risk and the risk of late payment. 
The Group therefore continues to report the transferred 
assets in their entirety on the balance sheet.
(v) Financial liabilities – Classification and 
measurement 
• Financial liabilities measured at amortized cost 
The Group’s financial liabilities are measured at fair 
value upon initial recognition and subsequently at 
amortized cost using the effective interest method. 
Financial liabilities consist of long-term interest-bearing 
liabilities, long-term interest-bearing liabilities (for 
receivables guaranteed by EKN), current interest-
bearing liabilities, current interest-bearing liabilities (for 
receivables guaranteed by EKN), accounts payable, and 
current liabilities.
• Accounts payable
Accounts payable are financial instruments and 
represent obligations to pay for goods and services 
acquired in the course of ordinary business from 
suppliers. Accounts payable are classified as current 
liabilities if they are due within one year; otherwise, they 
are reported as non-current liabilities.
Accounts payable are initially recognized at fair value 
and subsequently at amortized cost using the effective 
interest method, provided that the amounts involved are 
material.
• Borrowings
Borrowings are initially recognized at fair value, net 
of transaction costs. Borrowings are subsequently 
recognized at amortized cost, and any difference 
between the amount received (net of transaction 
costs) and the repayment amount is recognized in the 
statement of comprehensive income over the term of the 
loan, using the effective interest method.
Borrowings are classified as current liabilities unless the 
Group has an unconditional right to defer payment 
of the liability for at least 12 months after the end of the 
reporting period.
(vi) Write-off of financial liabilities 
Financial liabilities are removed from the balance sheet 
when the obligations have been settled, canceled, or 
otherwise terminated. The difference between the carrying 
amount of a financial liability (or portion of a financial 
liability) that has been extinguished or transferred to 
another party and the consideration paid, including non-
cash assets transferred or liabilities assumed, is recognized 
in the statement of comprehensive income.
When the terms of a financial liability are renegotiated, 
rather than being derecognized from the balance 
sheet, a gain or loss is recognized in the statement of 
comprehensive income. The gain or loss is calculated as 
the difference between the original contractual cash flows 
and the modified cash flows, discounted at the original 
effective interest rate.
(vii) Offsetting of financial instruments
Financial assets and liabilities are offset and reported at 
their net amount on the balance sheet only when there 
is a legal right to offset the recognized amounts and an 
intention to settle them on a net basis or to realize the 
asset and settle the liability simultaneously. The legal right 
must not be contingent on future events, and it must be 
legally binding on the company and the counterparty 
both in the ordinary course of business and in the event of 
suspension of payments, insolvency, or bankruptcy.
Notes

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(viii) Impairment of financial assets
The Group estimates the expected future credit losses 
associated with assets carried at amortized cost. The 
Group recognizes a credit loss allowance for such 
expected credit losses at each reporting date. For 
accounts receivable, the Group applies the simplified 
approach to credit loss provisions; that is, the provision will 
correspond to the expected loss over the entire life of the 
receivable. The Group’s policy is that, even for long-term 
accounts receivable, the allowance will correspond to the 
expected loss over the entire life of the receivable.
The expected credit loss is based on an individual review 
and provisions for doubtful accounts receivable. 
Accounts receivable are written off the balance sheet 
when they are not expected to be repaid. Signs of this 
include prolonged payment processes to Boule or to an 
external party responsible for collecting payments.
14 Tangible fixed assets
(i) Owned assets
Tangible fixed assets are reported in the consolidated 
financial statements at cost less accumulated 
depreciation and any impairment losses. The cost includes 
the purchase price and expenses directly attributable to 
the asset that are necessary to bring it to its location and 
condition so that it can be used in accordance with the 
purpose of the acquisition. The accounting policies for 
impairment are set forth below.
Tangible fixed assets consisting of components with 
different useful lives are treated as separate components 
of tangible fixed assets. 
The carrying amount of a tangible fixed asset is 
derecognized from the statement of financial position 
upon retirement or disposal, or when no future economic 
benefits are expected from the use or retirement/disposal 
of the asset. A gain or loss arising from the disposal or 
retirement of an asset is the difference between the selling 
price and the asset’s carrying amount, less direct selling 
costs. Gains and losses are recognized as other operating 
income/expenses.
(ii) Additional expenses
Additional expenses are added to the cost of the asset 
only if it is probable that the future economic benefits 
associated with the asset will flow to the entity and the 
cost can be measured reliably. All other expenses are 
recognized as expenses in the period in which they are 
incurred.
An additional expense is added to the cost if the expense 
relates to the replacement of identified components or 
parts thereof. Even in cases where a new component 
has been created, the cost is added to the acquisition 
cost. Any unamortized carrying amounts of replaced 
components, or parts of components, are written off 
and expensed at the time of replacement. Repairs are 
expensed as they occur.
(iii) Depreciation policies
Depreciation is calculated on a straight-line basis over 
the asset’s estimated useful life, with the exception of 
land, which is not depreciated. Leased assets are also 
depreciated over their estimated useful life or, if shorter, 
over the term of the lease agreement. The Group uses the 
component method of depreciation, which means that 
depreciation is based on the estimated useful lives of the 
components.
The following estimated useful lives are applied:
• machinery and other technical equipment: 5 years
• furniture, tools, and equipment: 5 years
• improvement expenses on another person’s property: 
10–15 years 
Machinery and other technical equipment consist of a 
small number of components with different useful lives.
Depreciation methods, residual values, and useful lives are 
reviewed at the end of each year.
15 Leasing
The Group as a lessee
The Group leases real estate, vehicles, machinery, and 
equipment. The Group determines whether an agreement 
is, or contains, a lease at the time the agreement is 
entered into. The Group recognizes, for all leases in which 
it is the lessee, a right-of-use asset and a corresponding 
lease liability, with the exception of short-term leases 
(defined as leases with a lease term of 12 months or less) 
and leases where the underlying asset is of low value. For 
these leases, the Group recognizes the lease payments as 
an operating expense.
The lease liability—which is divided into long-term and 
short-term components—is initially measured at the 
present value of the remaining lease payments over the 
estimated lease term. The lease term consists of the 
non-cancellable period, plus any additional periods 
specified in the agreement, provided that, as of the 
commencement date, it is considered reasonably certain 
that these periods will be utilized. Lease payments 
are normally discounted using the Group’s incremental 
borrowing rate, which, in addition to the Group’s credit 
risk, reflects the lease term, currency, and quality of 
Notes

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the underlying asset serving as collateral under each 
agreement.
The lease liability comprises the present value of the 
following payments over the estimated lease term:
• fixed fees, including fees that are essentially fixed 
• variable lease payments linked to an index or price 
(“rate”), initially measured using the index or price (“rate”) 
in effect on the commencement date 
The carrying amount of the liability is increased by the 
interest expense for the respective period and reduced 
by the lease payments. Interest expense is calculated 
as the value of the liability multiplied by the discount 
rate. The lease liability for the Group’s premises with 
rent that is index-adjusted is calculated based on the 
rent in effect at the end of each reporting period. At 
this point, the liability is adjusted by the corresponding 
adjustment to the carrying amount of the right-of-use 
asset. Similarly, the value of the liability and the asset is 
adjusted when the lease term is reassessed. This occurs 
when the final termination date within the previously 
estimated lease term for a lease of premises has passed, 
or when significant events occur or circumstances change 
significantly in a manner that is within the Group’s control 
and affects the current assessment of the lease term.
The right-of-use asset consists of the initial measurement 
of the corresponding lease liability, lease payments made 
on or before the commencement date, and any initial 
direct costs. They are subsequently measured at cost less 
accumulated depreciation and impairment losses.
Assets held under a right-of-use lease are depreciated 
on a straight-line basis from the commencement date 
until the earlier of the end of the useful life or the end of 
the lease term. The Group applies IAS 36 Impairment of 
Assets to determine whether there is an impairment loss 
on the right-of-use asset and recognizes any identified 
impairment losses as described in the section on tangible 
fixed assets.
16 Intangible assets
(i) Goodwill
Goodwill is measured at cost less any accumulated im-
pairment losses. Goodwill is tested for impairment at least 
annually by calculating its value in use. The assumptions 
used in the calculations are disclosed in Note 11.
(ii) Research and development
Expenses for research aimed at acquiring new scientific 
or technical knowledge are expensed as incurred. 
Development expenses, where research results or other 
knowledge are applied to create new or improved 
products or processes, are recognized as an asset in the 
statement of financial position if the product or process 
is technically and commercially viable and the company 
has sufficient resources to complete the development and 
subsequently use or sell the intangible asset. The carrying 
amount includes all directly attributable expenses, such as 
those for materials and services, employee compensation, 
registration of legal rights, and depreciation of patents 
and licenses. 
Other development expenses are recognized as an 
expense in net income for the year as they are incurred. In 
the statement of financial position, development costs are 
reported at cost less accumulated depreciation and any 
impairment losses. Any need for impairment is assessed 
at least once a year in connection with the annual 
financial statements by calculating the value in use. The 
assumptions used in the calculations are disclosed in 
Note 11. The decision on whether a development project 
should be capitalized is made by Boule’s project council, 
which assesses whether it is eligible for capitalization 
under current accounting rules. The assessment is based 
on the feasibility of carrying out the project using existing 
and future resources, as well as the expectation that the 
project will be completed and launched in the foreseeable 
future. Development costs are capitalized solely at the 
Group level and not at the legal entity level.
(iii) Additional expenses
Additional expenses on capitalized intangible assets 
are recognized as an asset in the statement of financial 
position only to the extent that they increase the future 
economic benefits of the specific asset to which they relate. 
All other expenses are expensed as they are incurred.
(iv) Interest expense
The company has no capitalized borrowing costs.
(v) Depreciation policies
Depreciation, which is recognized under “Cost of Goods 
Sold,” is recognized in net income on a straight-line 
basis over the estimated useful lives of intangible assets, 
unless such useful lives are indefinite. The useful lives 
are reviewed at least once a year. Goodwill and other 
intangible assets with an indefinite useful life or that are 
not yet ready for use, such as development projects, are 
tested for impairment annually and whenever there are 
indications that the asset in question has decreased in 
value. Intangible assets with determinable useful lives are 
amortized from the date they are available for use. The 
estimated useful lives are:
• Capital expenditures over a 5–10-year period 
17 Inventory
Inventory is valued at the lower of cost and net realizable 
value. The cost of inventory is calculated using the first-in, 
first-out (FIFO) method and includes expenses incurred in 
Notes

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acquiring the inventory items and transporting them to 
their current location and condition. For finished goods 
and work in progress, the cost includes a reasonable 
portion of indirect costs based on normal capacity.
The net selling price consists of the estimated selling price 
in the ordinary course of business, less estimated costs to 
complete the asset and to effect a sale. Inventory consists 
of the following categories: Raw materials and supplies, 
work in progress, finished goods, and merchandise.
Production is primarily based on orders and forecasts that 
are updated monthly, which means that obsolescence is 
negligible for finished goods inventory. If components are 
replaced, the remaining inventory is written down at the 
time of replacement. Obsolete inventory of spare parts 
is assessed on a quarterly basis by analyzing inventory 
turnover.
18 Impairment losses
The Group’s reported assets are assessed at each balance 
sheet date to determine whether there is any indication of 
impairment.
(i) Impairment of tangible and intangible assets
If there is an indication that an asset may be impaired, 
the asset’s recoverable amount is estimated. For goodwill, 
other intangible assets with indefinite useful lives, and 
intangible assets not yet ready for use, the recoverable 
amount is assessed annually, regardless of whether there 
is any indication of impairment. If it is not possible to 
determine substantially independent cash flows for an 
individual asset, and its fair value less costs to sell cannot 
be used, the assets are grouped for impairment testing at 
the lowest level at which substantially independent cash 
flows can be identified—a so-called cash-generating unit.
An impairment loss is recognized when the carrying 
amount of an asset or a cash-generating unit (or group 
of units) exceeds its recoverable amount. The impairment 
loss is recognized as an expense in net income for the 
year. When an impairment loss is identified for a cash-
generating unit or a group of units, the impairment 
loss is allocated primarily to goodwill. Subsequently, a 
proportional impairment is made of the other assets 
included in the unit or, if applicable, the group of units. 
The recoverable amount is the higher of fair value less 
costs to sell and value in use. When calculating the value 
in use, future cash flows are discounted using a discount 
rate that takes into account the risk-free interest rate and 
the risk associated with the specific asset.
(ii) Impairment of financial assets
Impairment of financial instruments is described in 
Accounting Policy 13, Financial instruments.
(iii) Reversal of impairment losses
An impairment loss recognized for assets within the 
scope of IAS 36 is reversed if there is an indication that 
the impairment no longer exists and there has been 
a change in the assumptions used to calculate the 
recoverable amount. However, goodwill impairments are 
never reversed. A reversal is recognized only to the extent 
that the asset’s carrying amount after the reversal does 
not exceed the carrying amount that would have been 
recognized—net of depreciation, where applicable—if 
no impairment loss had been recognized. Impairment 
losses on loan receivables and accounts receivable 
carried at amortized cost are reversed if the reasons for 
the impairment no longer exist and full payment from the 
customer is expected to be received.
19 Earnings per share
Earnings per share are calculated based on the Group’s 
profit for the year attributable to the parent company’s 
owners and on the weighted average number of shares 
outstanding during the year. When calculating diluted 
earnings per share, earnings and the average number of 
shares are adjusted to account for the effects of dilutive 
potential common shares, such as stock options. Dilution 
from stock options affects the number of shares and 
occurs only when the exercise price is lower than the 
market price. 
20 Employee compensation
(i) Defined-contribution pension plans
Defined-contribution pension plans are defined as 
plans in which the company’s obligation is limited to the 
contributions the company has agreed to pay. In such 
cases, the size of the employee’s pension depends on 
the contributions the company pays into the plan or to 
an insurance company and the return on investment 
generated by those contributions. Consequently, it is the 
employee who bears the risk that the benefits will be 
lower than expected, as well as the investment risk—that 
is, the risk that the invested assets will be insufficient to 
provide the expected benefits. The company’s obligations 
regarding contributions to defined-contribution plans are 
recognized as an expense in net income for the year as 
they vest, based on the services employees have rendered 
to the company over a period of time.
(ii) Defined-benefit pension plans
The Group has no defined-benefit pension plans, except 
for multi-employer plans, which are, however, accounted 
for as defined-contribution pension plans in accordance 
Notes

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with IAS 19 due to the lack of information necessary to 
calculate the defined-benefit obligation.
(iii) Equity-based compensation
In certain jurisdictions, the Group has offered stock option 
plans to employees. Participants pay a premium per 
option calculated using the Black-Scholes model by an 
independent institution. Since the employees paid the 
market value for the warrants, there is no compensation to 
be expensed. Option premiums received are recognized 
as an increase in equity.
(iv) Severance pay
The cost of severance payments in connection with 
employee terminations is recognized only if the 
company is committed, without any realistic possibility 
of withdrawal, to a formal, detailed plan to terminate 
an employment relationship before the normal date 
of termination. When severance payments are offered 
as an incentive for voluntary resignation, an expense is 
recognized if it is probable that the offer will be accepted 
and the number of employees who will accept the offer 
can be reliably estimated. 
(v) Current compensation
Short-term employee benefits are calculated on an 
undiscounted basis and recognized as an expense when 
the related services are rendered. A provision is recognized 
for the expected cost of bonus payments when the 
Group has a present legal or constructive obligation to 
make such payments as a result of services rendered by 
employees and the obligation can be reliably estimated.
21 Provisions
A provision differs from other liabilities in that there is 
uncertainty regarding the timing of payment or the 
amount required to settle the provision. A provision is 
recognized in the statement of financial position when 
there is an existing legal or constructive obligation arising 
from a past event, and it is probable that an outflow 
of economic resources will be required to settle the 
obligation, and a reliable estimate of the amount can be 
made.
Provisions are recognized in an amount that represents the 
best estimate of what will be required to settle the existing 
obligation as of the balance sheet date. Where the timing 
of payments is significant, provisions are calculated by 
discounting the expected future cash flows at a pre-tax 
interest rate that reflects current market assessments of 
the time value of money and, where applicable, the risks 
associated with the liability.
(i) Warranties
A provision for warranties is recognized when the 
underlying products are sold. The provision is based on 
historical data regarding warranties and a weighted 
assessment of possible outcomes in relation to the 
probabilities associated with those outcomes.
22 Contingent liabilities
A contingent liability is recognized when there is a possible 
obligation arising from past events, the existence of which 
is confirmed only by one or more uncertain future events, 
or when there is an obligation that is not recognized as 
a liability or provision because it is not probable that an 
outflow of resources will be required.
23 The parent company’s accounting policies
The parent company has prepared its annual report in 
accordance with the Annual Accounts Act (1995:1554) and 
the Swedish Financial Reporting Board’s recommendation 
RFR 2, “Accounting for Legal Entities.” Statements issued 
by the Financial Reporting Council that apply to listed 
companies are also applied. RFR 2 requires the parent 
company to apply all IFRS standards and pronouncements 
adopted by the EU in the annual report of the legal entity, 
to the extent possible within the framework of the Annual 
Accounts Act, the Security Act, and taking into account 
the relationship between accounting and taxation. The 
recommendation specifies which deviations from and 
additions to IFRS should be made.
(i) Differences between the Group’s and the parent 
company’s accounting policies
The differences between the Group’s and the parent 
company’s accounting policies are set out below. The 
accounting policies for the parent company set forth 
below have been applied consistently to all periods 
presented in the parent company’s financial statements.
(ii) Classification and presentation formats
The parent company presents an income statement 
and a statement of other comprehensive income; 
for the Group, these two statements together constitute 
a statement of comprehensive income. Furthermore, for 
the parent company, the terms “balance sheet” and 
“cash flow statement” are used for the reports that are 
titled “statement of financial position” and “statement of 
cash flows,” respectively, within the Group. The income 
statement and balance sheet for the parent company 
are presented in accordance with the formats specified 
in the Annual Accounts Act, while the statement of other 
comprehensive income, the statement of changes in 
equity, and the cash flow statement are based on IAS 1 
Presentation of Financial Statements and IAS 7 Statement 
of Cash Flows, respectively. The differences between the 
parent company’s income statement and balance sheet 
and the Group’s financial statements primarily relate to the 
Notes

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recognition of financial income and expenses, fixed assets, 
equity, and the inclusion of provisions as a separate line 
item on the balance sheet.
(iii) Subsidiaries
Investments in subsidiaries are accounted for in the 
parent company using the cost method. This means that 
transaction costs are included in the carrying amount of 
investments in subsidiaries. In the consolidated financial 
statements, transaction costs are recognized directly in 
income as they are incurred.
(iv) Group contributions and shareholder contributions
The parent company reports both group contributions 
received and paid as appropriations. Shareholder 
contributions received are recognized as an increase in 
the value of shares and participations. An assessment is 
then made as to whether there is a need to write down 
the value of the shares and participations in question.
(v) Financial instruments and hedge accounting
Due to the connection between accounting and 
taxation, the rules regarding financial instruments and 
hedge accounting in IFRS 9 are not applied in the parent 
company as a legal entity, except for the impairment rules 
contained in the standard. The need for impairment is 
assessed at each balance sheet date. Impairment losses 
for interest-bearing financial assets carried at amortized 
cost are calculated as the difference between the carrying 
amount and the estimated discounted cash flows. The 
asset loss allowance is based on assumptions regarding 
defaults and expected loss levels derived from historical 
data and forward-looking estimates.
In the parent company, financial fixed assets are valued 
at cost less any impairment, and financial current assets 
are valued according to the lower-of-cost-or-market 
principle. The carrying amount of interest-bearing 
instruments is adjusted for the accrued difference 
between the amount originally paid, net of transaction 
costs, and the amount payable at maturity (premium or 
discount).
(vi) Leased assets
The parent company accounts for all leases in accordance 
with the rules for operating leases.
(vii) Interest expense
In the parent company, interest expenses are charged 
to income in the period to which they relate. No interest 
expenses are capitalized on assets.
NOTE 2: NET REVENUE, INCLUDING OPERATING 
SEGMENTS
Boule develops, manufactures, and sells complete blood 
cell counting systems for use in hematology. 
The systems are sold in both the human and veterinary 
markets, with sales conducted through distributors in more 
than 100 countries, as well as directly by the company in 
Sweden and the United States. 
The Group’s internal organization is based on a functional 
structure, with the primary functions being production, 
marketing and sales, administration, and research and 
development. Based on the Group’s integrated operations 
regarding product development, manufacturing, 
and sales of instruments, reagents, and controls, the 
Group is defined as a single cash-generating unit, 
as all constituent business units are integrated and 
interdependent.
Boule’s highest executive body, which is the company’s 
Board of Directors, monitors the Group’s overall earnings 
and balance sheet.
Starting in the third quarter of 2025, the Group will report 
its operations in two business segments: Diagnostics and 
OEM Clinical Diagnostic Solutions. This new segment 
classification reflects the Group’s current internal 
management and monitoring practices, in accordance 
with IFRS 8 Operating Segments.
Boule has previously reported segment information by 
geographic region, but only with respect to net sales. The 
new segment structure also includes adjusted operating 
profit (EBIT) and corresponds to the level at which Group 
management now monitors and evaluates business 
performance. The segment information does not include 
assets and liabilities, as these are not monitored or 
reported internally at the segment level.
Notes

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Background to the change
This change has been implemented to better reflect how 
the business is now managed and monitored internally, 
and to increase transparency toward the market. The new 
segments align with the Group’s organizational structure 
and decision-making process, and provide investors with 
a clearer picture of the growth and profitability drivers for 
each business area.
Comparative figures In the 2024 Annual Report, the 
Group was reported as a single segment, with only a 
geographical breakdown of net sales. Since the third 
quarter of 2025, Boule reports on two operating segments: 
Diagnostics and OEM CDS. For comparability purposes, 
comparative figures for 2024 have been restated 
in accordance with the new segment classification 
and included in this note in accordance with IFRS 8, 
paragraph 29 .
The Group has reported the following amounts in the 
statement of comprehensive income attributable to 
revenue:
KSEK 2024 2025
Revenue from customer contracts 558,463 489 ,690
Total 558,463 489 ,690
NET SALES BY PRODUCT
The Group Parent company
KSEK 2024 2025 2024 2025
Instruments 155,267 108,623 -
Consumables for our own instruments 217 ,963 192,392 -
Consumables: OEM and CDS-Brand 130,453 121,551 -
Other 54,780 67 ,124 -
Group-related services - 28,858 29 ,685
Total 558,463 489 ,690 28,858 29 ,685
NET REVENUE BY GEOGRAPHIC REGION
The Group
KSEK 2024 2025
USA 196,791 170,744
Asia 152,836 123,599
Eastern Europe 62,123 52,533
Latin America 41,318 29 ,016
Western Europe 49 ,371 66,222
Africa / Middle East 56,024 47 ,577
Group total 558,463 489 ,690
In 2025, Boule generated revenue from one customer totaling KSEK 70,540, representing 14 percent of net sales. The customer has its seat in the United States. 
In 2024, Boule generated revenue from one customer totaling KSEK 85,544, representing 15 percent of net sales. The customer has its seat in the United States. 
No single customer accounts for more than 10% of net sales.
Notes

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Notes
NET SALES BY THE FIVE LARGEST COUNTRIES, GROUP
KSEK 2025
USA 169 ,995
India 59,009
Russia 38,921
The Netherlands 33,788
Mexico 16,829
Other 171,148
Group total 489 ,690
KSEK 2024
USA 196,295
India 86,750
Russia 42,651
Mexico 22,794
Iraq 19 ,046
Other 190,927
Group total 558,463
BUSINESS SEGMENT
KSEK, 2025 Group Diagnostics OEM Other
Net sales  489 ,709     372,733     134,646    -17 ,670    
Cost of goods sold -275,783    -225,373    -67 ,880     17 ,470    
Gross profit  2 1 3 , 9 2 6      147 ,360     66,767    -200    
 - Selling expenses -98,521    -78,791    -16,521    -3,209    
 - Administrative expenses -31,288    -15,705    -2,048    -13,535    
 - Regulatory costs -18,684    -15,693    -2,991     -    
-  Research and development 
expenses -40,151    -25,472    -14,679     -    
- One-time items -6,897     18,472    -25,369    
Other operating expenses  2,435     2,435    
Operating expenses -193,106    -117 ,189    -36,239    - 3 9, 6 7 8     
EBIT  20,820     30,171     30,528    - 3 9, 8 7 8     
Net financial items -14,909    -14,909    
Net income before tax  5,911     30,171     30,528    -54,787    
KSEK, 2024 Group Diagnostics OEM Other
Net sales  558,476    436,325 142,808 -20,657
Cost of goods sold -306,298    -250,822 -76,133 20,657
Gross profit  252,178    185,503 66,675  -    
 - Selling expenses -114,995 -103,961 -8,750 -2,284
 - Administrative expenses -28,922 -13,238 -2,031 -13,653
 - Regulatory costs -18,480 -14,678 -3,802 0
-  Research and development 
expenses -19 ,350 -15,727 -3,623 0
- Items affecting comparability  -413,506    -413,506
Other operating expenses - 6 , 6 2 1     -6,621
Operating expenses -601,874 -147 ,604 -18,206 -436,064
EBIT - 3 4 9, 6 9 6      37 ,899     48,469    -436,064
Net financial items -11,055    -11,055    
Net income before tax -360,751     37 ,899     48,469    -447 ,119    
NOTE 3: OPERATING EXPENSES BY COST CATEGORY
The Group
KSEK 2024 2025
Raw materials and supplies 187 ,668 152,040
Change in inventory of finished goods and work in 
progress -7 ,183 2,746
Personnel expenses 227 ,960 164,916
Depreciations 10,481 7 ,614
Impairments 357 ,248 6,920
Self-employment -76,995 -10
Other operating expenses 1) 168,886 130,151
Total 868,066 464,378
1) Refers to other external costs in the categories of sales, administration, and research and development.

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NOTE 4: EMPLOYEES, PERSONNEL EXPENSES, AND REMUNERATION OF SENIOR EXECUTIVES
EMPLOYEE COMPENSATION EXPENSES
The Group
KSEK 2024 2025
Salaries, compensation, etc. 184,311 134,731
Pension costs,  
defined contribution plans 14,818 11,062
Social security contributions 33,759 26,356
Total 232,888 172,149
AVERAGE NUMBER OF EMPLOYEES
The Group 2024 men/women, percent 2025 men/women, percent
Parent company
Sweden 8 47/53 10 53/47
Country/group of countries
Subsidiary
Sweden 112 58/42 79 52/48
Mexico 2 100/0 2 100/0
Russia 10 60/40 10 60/40
USA 95 52/48 93 54/46
Total in subsidiaries 219 56/44 185 54/46
Group total 226 56/44 195 54/46
GENDER DISTRIBUTION IN CORPORATE MANAGEMENT
2024 2025
Percent
men/
women 
percent
men/
women 
percent
Parent company
Board of Directors 50/50 50/50
Other senior executives 57/43 57/43
Group total
Board of Directors 67/33 67/33
Other senior executives 54/46 54/46
SALARIES AND OTHER COMPENSATION DISTRIBUTED AMONG EXECUTIVE OFFICERS AND OTHER EMPLOYEES, 
AS WELL AS SOCIAL SECURITY COSTS IN THE PARENT COMPANY
2024 2025
KSEK
Senior  
executives  
(4 people) 
Other  
employees Total
Senior  
executives  
(4 people)
Other  
employees Total
Salaries and other compensation 13,817 3,812 17 ,629 7 ,483 7, 2 5 0 14,733
(including variable pay and other 
benefits) 2,091 - 2,091 1,928 0 1,928
Social security costs 4,832 1,730 6,562 2,641 2,659 5,300
Pension costs 2,306 288 2,594 1,478 1,443 2,921
Notes

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REMUNERATION OF THE BOARD OF DIRECTORS, THE CEO, AND OTHER SENIOR EXECUTIVES, 2024 1)
KSEK Board fees Base salary Variable pay
Pension 
cost
Other 
benefits 2)
Severance 
pay Total
Torben Jørgensen, Chairman of the Board 500 500
Emil Hjalmarsson 320 320
Yvonne Mårtensson 300 300
Karin Dahllöf 250 250
Thomas Eklund 250 250
Rikke Rytter 250 250
Total compensation to the Board of Directors 1,870 1,870
CEO: Torben Nielsen 2,555 989 715 134 - 4,393
CEO: Jesper Söderqvist 3,087 53 864 69 2,160 6,233
Other senior executives (7 people) 14,263 1,431 2,564 818 - 1 9,0 76
Total compensation to the CEO
and other senior executives 3) 19 ,905 2,472 4,144 1,021 2,160 2 9, 7 0 2
Total compensation to the Board,
CEO and other senior executives 1,870 19 ,905 2,472 4,144 1,021 2,160 31,572
REMUNERATION OF THE BOARD OF DIRECTORS, THE CEO, AND OTHER SENIOR EXECUTIVES, 20251)
KSEK
Board 
fees Base salary Variable pay Pension cost
Other  
benefits 2) Total
Torben Jørgensen, Chairman of the Board 500 500
Emil Hjalmarsson 320 320
Yvonne Mårtensson 300 300
Karin Dahllöf 250 250
Thomas Eklund 250 250
Rikke Rytter 250 250
Total compensation to the Board of Directors 1,870 1,870
CEO: Torben Nielsen 2,183 989 716 149 4,037
Former CEO: Jesper Söderqvist 142 53 0 0 195
Other senior executives (7 people) 9 ,412 1,843 1,477 819 0 13,552
Total compensation to the CEO  
and other senior executives 2)
11,738 2,885 2,193 968 0 17 ,784
Total compensation to the Board of Directors,  
the CEO, and other senior executives 1,870 11,738 2,885 2,193 968 0 19 ,654
1) The amounts do not include social 
security contributions.
2) Refers primarily to company cars and 
health insurance (in the U.S.).
3) Of the total compensation paid to the 
CEO and other senior executives, 
amounting to KSEK 29 ,702, KSEK 13,817 
represents compensation from the parent 
company and KSEK 15,886 represents 
compensation from subsidiaries.
1) The amounts do not include social 
security contributions.
2) Of the total compensation paid to the 
CEO and other senior executives, 
amounting to KSEK 17 ,784, KSEK 7 ,483 
represents compensation from the parent 
company and KSEK 10,301 represents 
compensation from subsidiaries.
Notes

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Compensation for senior executives, as well as terms and 
conditions regarding termination and severance pay 
At the 2025 Annual General Meeting, the following 
guidelines were adopted for determining compensation 
and other terms of employment for senior executives. 
Compensation for Group management shall consist of 
a fixed salary, variable compensation, a pension, and 
other customary benefits, as well as the opportunity to 
participate in long-term incentive programs. The fixed 
salary shall be competitive. Variable compensation 
is based on performance relative to pre-set targets, 
including both individual and company-wide goals. 
Individual performance is evaluated on an ongoing basis. 
The CEO’s variable compensation is capped at 100 
percent of the fixed salary. For other senior executives, 
variable compensation is capped at between 34 percent 
and 100 percent of the fixed salary. The Board may 
deviate from the proposed guidelines if there are special 
circumstances in individual cases. 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. employees amounts to 
approximately four percent of their fixed monthly salary. 
Under the terms of his employment contract, the CEO 
of the parent company is subject to a mutual notice 
period of six months. If the employment is terminated 
by the company, the CEO may be entitled to severance 
pay equivalent to a maximum of nine months’ salary in 
addition to compensation during the notice period. Other 
senior executives have mutual notice periods of no more 
than six months.
Loans to senior executives 
There are no loans to senior executives within the 
Boule Group. 
Share-based compensation 
The company has no outstanding stock or option plans. 
Defined-contribution pension plans 
For salaried employees in Sweden, the defined-benefit 
pension commitments under the ITP 2 plan for old-age 
and family pensions (or family pensions) are secured 
through an insurance policy with Alecta. For the majority 
of accrued pension benefits, Alecta lacks information 
regarding the breakdown of accruals by employer. 
Instead, the entire vesting period is recorded under the 
last employer. Alecta is therefore unable to allocate assets 
and provisions precisely to each employer; consequently, 
the conditions for reporting ITP 2 in Alecta as a defined-
benefit plan are not met, and it is treated as a defined-
contribution plan. Furthermore, there is no clearly defined 
set of rules regarding how any surpluses or deficits that 
may arise should be handled. The benefit amount for 
the defined-benefit retirement and family pension is 
calculated on an individual basis and depends, among 
other things, on salary, previously accrued pension, and 
expected remaining years of service. The expected 
premiums for the next reporting period—that is, the full 
year 2026—for the ITP 2 insurance policy held with Alecta 
amount to SEK 2.5 million (2.5).
The Group’s share of total ITP 2 savings premiums at 
Alecta and the Group’s share of the total number of active 
policyholders in ITP 2 amount to 0.02 percent and 0.01 
percent, respectively (0.02 percent and 0.01 percent, 
respectively).
The collective consolidation ratio is calculated as the 
market value of Alecta’s assets as a percentage of 
its insurance liabilities, calculated in accordance with 
Alecta’s actuarial methods and assumptions, which do 
not comply with IAS 19 . The collective consolidation level 
should normally be allowed to vary between 125 and 
175 percent. If Alecta’s collective consolidation ratio falls 
below 125 percent or exceeds 175 percent, measures must 
be taken to ensure that the consolidation ratio returns 
to the normal range. In the event of low retention rates, 
one possible measure is to raise the agreed price for new 
subscriptions and upgrades to existing plans. In cases of 
high consolidation, one possible measure is to introduce 
premium reductions. At the end of 2025, Alecta’s surplus, 
measured by the collective consolidation level, stood at 
167 percent (162).
Premiums paid to Alecta are determined based on 
assumptions regarding interest rates, life expectancy, 
operating costs, and investment income tax, and are 
calculated so that the payment of a constant premium 
until retirement is sufficient to cover the entire target 
benefit, which is based on the insured person’s current 
pensionable salary at the time the benefit is to be earned. 
There is no established framework for how any deficits 
that may arise should be handled, but losses are primarily 
covered by Alecta’s collective consolidation capital and 
therefore do not lead to increased costs through higher 
agreed premiums. There are also no regulations governing 
how any surpluses or deficits are to be distributed upon 
the termination of the plan or a company’s withdrawal 
from the plan.
COST FOR DEFINED-CONTRIBUTION PLANS
The Group Parent company
KSEK 2024 2025 2024 2025
Costs for defined- 
contribution plans 1) 14,818 11,062 2,594 2,594
1) This includes KSEK 2,887 (3,360) for the Group, of which KSEK 143 (407) relates to 
the parent company’s ITP plan financed through Alecta; see above.
Notes

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NOTE 5 OTHER OPERATING INCOME AND OPERATING EXPENSES
The Group
KSEK 2024 2025
Gains on operating receivables/liabilities 27 ,032 23,158
Other operating expenses/income -1,488 61
Impairment losses on operating receivables/liabilities -32,165 -20,784
Total other operating income/expenses -6,621 2,435
NOTE 6 ITEMS AFFECTING COMPARABILITY
ITEMS AFFECTING COMPARABILITY  IN THE INCOME STATEMENT
The Group Parent company
KSEK 2024 2025 2024 2025
Cost of goods sold – restructuring -2,900 - - -
Gross profit -2,900 - - -
Selling expenses – restructuring -8,250 - - -
Administrative expenses – restructuring -7, 2 5 0 - -2,839 -
R&D costs – restructuring -4,400 -18,473 - -
Impairment of capitalized development costs -357 ,247 - - -
Impairment of assets in Russia -33,471 -6,920.0 - -
Operating income -413,519 -25,393 -2,839 0.0
INCOME STATEMENT ADJUSTED FOR ITEMS AFFECTING COMPARABILITY
The Group
KSEK 2024 2025
Net sales 558,463 489 ,692
Cost of goods sold -303,334 -275,881
Adjusted gross profit 255,130 213,811
Selling expenses -117 ,914 -98,470
Administrative expenses -28,972 -31,165
Research and development expenses -37 ,800 -40,372
Other operating income and expenses -6,621 2,435
Impairment of assets in Russia - -
Adjusted operating profit 63,823 46,240
Notes

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NOTE 7 FEES AND EXPENSE REIMBURSEMENTS TO AUDITORS
The Group Parent company
KSEK 2024 2025 2024 2025
PwC
Audit fees 924 1,405 120 731
Audit activities beyond the scope of the audit 
engagement
- - - -
Tax consulting 157 147 33 28
Other services 569 245 - -
Total 1,650 1,797 153 759
An audit engagement refers to the examination of the annual report and financial 
statements, as well as the administration of the Board of Directors and the CEO. Audit 
activities beyond the scope of the audit engagement include other tasks that the 
company’s auditor is required to perform, as well as advice or other assistance arising from 
observations made during such an audit or the performance of such other tasks.
All invoices were issued by the auditing firm; none were issued by the network.
Notes

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NOTE 8 TRANSACTIONS WITH RELATED PARTIES
Transactions between Boule Diagnostics AB and its 
subsidiaries, which are related parties of Boule Diagnostics 
AB, have been eliminated in the consolidated financial 
statements.
Transactions with related parties
Intra-group sales of products amounted to KSEK 52,495 
(52,569). 
In the first quarter of 2025, Boule took out loans 
of SEK 5.0 million each from its principal owners, 
Grenspecialisten and Thomas Eklund (who is also a 
member of the Board). In addition, a loan of SEK 2.0 million 
has been taken out from Board Chairman Torben 
Jørgensen. 
The loans carry an interest rate of 10% and are due for 
repayment no later than February 28, 2027 . The loans are 
unsecured. 
The transaction was carried out on arm’s-length terms. 
At the end of the period, the total outstanding loan 
amount was SEK 12.0 million. No other material 
transactions with related parties took place during the 
period. Apart from this, no other transactions with related 
parties have taken place.
Transactions involving the supply of products and services 
between Group companies are conducted on commercial 
terms and at market prices.
For information on compensation and benefits for 
each key executive, see Note 4, “Employees, personnel 
expenses, and executive compensation.”
NOTE 9 NET FINANCIAL ITEMS
The Group Parent company
KSEK 2024 2025 2024 2025
Financial assets measured at amortized cost
Expected dividend from subsidiaries - - 79 ,020 22,764
Impairment of shares in subsidiaries - - - -78,303
Interest income on bank deposits 1) 1,390 1,516 3 18
Translation reserve from previously divested entity - - - -
Financial income 1,390 1,516 7 9,0 2 3 -55,521
Financial expenses
Interest expense on borrowings 1) -11,803 -15,337 - -3,863
Interest expenses, leasing -687 -541 - -
Accounts payable -100 - -101 -13
Loss on the sale of a fixed asset - -398 - -
Financial expenses -12,590 -16,277 -101 -3,875
Foreign exchange gain 146 - - -
Foreign exchange loss -2 -148 - -284
Exchange rate difference 145 -148 - -284
Net financial items -11,055 -14,909 78,922 -59 ,681 
1) Relating to assets and liabilities measured at amortized cost.
Notes

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NOTE 10 TAXES
REPORTED IN THE STATEMENT OF COMPREHENSIVE INCOME
The Group, KSEK 2024 2025
Current tax expense
Tax expense for the year -10,073 -3,922
Deferred tax 
Deferred tax related to temporary differences 74,245 -5,741
Total reported tax expense for the Group 64,172 -9 ,664
RECONCILIATION OF EFFECTIVE TAX
2024 2025
The Group  % KSEK  % KSEK
Net income before tax -360,751 5,920
Tax at the applicable tax rate for the parent company 20.60% 74,315 20.60% -1,220
Impact of different tax rates for foreign subsidiaries -1,371 -1,031
Non-deductible expenses -4,098 -4,881
Non-taxable income 4 1
Taxes attributable to prior years 599 784
Other tax adjustments -5,278 -3,317
Reported effective tax 64,172 -9 ,664
2024 2025
Parent company % KSEK % KSEK
Net income before tax 73,187 -58,492
Tax at the applicable tax rate for the parent company 20.60% -15,077 20.60% 12,049
Non-deductible expenses -28 -18
Non-taxable income 16,278 -11,440
Taxes attributable to prior years -1,832 -2,826
Reversal of previously unreported tax loss carryforwards 1,653 2,799
Other tax adjustments 123 -1
Reported effective tax 1,117 564
Notes

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REPORTED DEFERRED TAX ASSETS AND LIABILITIES
Deferred tax assets and liabilities relate to the following:
Deferred tax asset Deferred tax liability Net
The Group, KSEK 2024 2025 2024 2025 2024 2025
Tangible fixed assets 207 162 -1,784 -1,492 -1,577 -1,330
Intangible assets - - -1,543 -754 -1,543 -754
Inventory 899 448 -1 -1 898 140
Other receivables - - -665 -1,395 -665 -1,395
Leasing 3,290 8,245 -2,992 -8,030 298 215
Deficit 70,239 66,816 - - 70,239 66,814
Tax receivables/liabilities, net 74,636 75,364 -6,984 -11,672 6 7, 6 5 1 63,690
CHANGE IN DEFERRED TAX ON TEMPORARY DIFFERENCES AND TAX LOSS CARRYFORWARDS
The Group, KSEK
Balance as of  
January 1, 2024
Reported  
in the  
net income  
for the year
Reported  
in other  
comprehensive 
income
Balance as of 
December 31, 2024
Tangible fixed assets -1,427 -150 - -1,577
Intangible assets -60,484 58,942 - -1,543
Inventory 862 36 - 898
Other receivables 488 -1,152 - -665
Leasing 461 -163 - 298
Deficit 55,225 15,014 - 70,239
-4,874 72,526 - 6 7, 6 5 1
The Group, KSEK
Balance as of 
January 1, 2025
Reported  
in the 
net income  
for the year
Reported  
in other  
comprehensive 
income
Balance as of 
December 31, 2025
Tangible fixed assets -1,577 247 - -1,330
Intangible assets -1,543 789 - -754
Inventory 898 -452 - 447
Other receivables -665 -1,600 - -2,264
Leasing 298 -195 - 103
Deficit 70,239 -3,423 - 66,816
6 7, 6 5 1-4,634 - 63,018
Notes

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In 2025, the deferred tax asset related to tax loss carryforwards decreased by KSEK 3,423 as a result of the business generating a taxable profit for the year. The company continues to 
have significant unused tax losses, and in light of its profitability in 2025 and its updated multi-year forecasts, it is assessed that these losses will most likely be able to be utilized against 
future taxable profits.
The assessment is based on the expectation of continued profitable operations and assumed margin levels in line with the company’s strategic plan. 
There is therefore no indication that the conditions for utilizing the deficits have deteriorated. The company therefore believes it is appropriate to retain the reported deferred tax asset on 
the balance sheet.
NOTE 11 INTANGIBLE FIXED ASSETS
ACCUMULATED COST
The Group Parent company
Internally developed 
intangible assets
Acquired intangible 
assets
Internally developed 
intangible assets
Acquired intangible 
assets
KSEK Development expenses Goodwill Total Development expenses Goodwill Total
Opening balance as of  
January 1, 2024 293,598 85,446 379 ,044 - - -
Internally developed assets 76,995 - 76,995 - - -
Depreciations -5,855 - -5,855 - - -
Impairments -357 ,248 - -357 ,248 - - -
Exchange rate differences for the 
year - 6,474 6,474 - - -
Closing balance as of  
December 31, 2024 7 ,490 91,920 99 ,410 - - -
Opening balance as of  
January 1, 2025 7 ,490 91,920 99 ,410 - - -
Internally developed assets 1,628 - 1,628 - - -
Depreciations -3,982 - -3,982 - - -
Impairments 0 - 0 - - -
Exchange rate differences  
for the year - -12,161 -12,161 - - -
Closing balance as of  
December 31, 2025 5,135 79 ,760 84,895 - - -
Notes

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BREAKDOWN OF INTANGIBLE FIXED ASSETS BY GEOGRAPHIC MARKET:
KSEK 2024 2025
Sweden 5,187 4,806
 - of which Goodwill
 - of which Development costs 5,187 4,806
USA 94,223 80,089
 - of which Goodwill 91,920 79 ,760
 - of which Development costs 94,223 329
Total 99 ,410 84,895
IMPAIRMENTS
Impairment tests for cash-generating units containing goodwill
Based on the Group’s integrated operations in product development and the manufacture 
of instruments, reagents, and controls, the Group is defined as two cash-generating 
units. Reported goodwill amounts are based on the recoverable amounts of the cash-
generating units as determined by calculations of their value in use. These calculations are 
based on estimated future cash flows after taxes derived from financial budgets approved 
by management and covering a five-year period. Cash flows beyond the five-year period 
are extrapolated using the estimated growth rate specified below.
The Group, KSEK 2024 2025
Long-term growth rate 2% 2%
After-tax discount rate 13% 12%
Revenue growth (1–5 years), CAGR 6% 4%
Cost developments (1–5 years), CAGR 5% 3%
Impairment testing for internally developed intangible assets
To determine whether an impairment loss is necessary, the value of these assets is tested 
once a year, and on additional occasions if there are indications of an impairment loss. 
The test is conducted by calculating the present value of the future economic benefits 
of the instrument generation and comparing them to the intangible assets. Depreciation 
of intangible assets begins when the product goes on sale. Future cash flow is based on 
estimated sales during the first ten years following launch, with an average growth rate 
that significantly exceeds the Group’s average growth rate of 12 percent, and the present 
value is calculated using a WACC of 12 percent. 
Internally developed intangible assets amounted to SEK 5.1 million (7 .5) at the end of the 
year. These primarily relate to development costs for the further development of 3-part 
instruments. In the previous year, impairments of SEK 357 .2 million were recognized on the 
BM900/950 5-part instrument.
The company estimates that future economic benefits will not be less than the remaining 
carrying amount of SEK 5.1 million for intangible assets as of December 31, 2025. 
Notes

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NOTE 12 TANGIBLE FIXED ASSETS
COST
The Group, KSEK Machinery and other technical equipment Equipment, tools, and installations Property improvement expenses Total
Opening balance as of January 1, 2024 35,707 33,666 20,184 89 ,555
Purchasing 6,191 3,363 756 10,309
Reclassification - - - -
Impairment - -987 - -987
Decommissioning - -1,241 - -1,241
Exchange rate differences 2,838 653 1,450 4,941
Closing balance as of December 31, 2024 44,736 35,453 22,390 102,577
Opening balance as of January 1, 2025 44,736 35,453 22,390 102,577
Purchasing 3,049 5,477 164 8,690
Reclassification - - - -
Impairment - -772 - -772
Decommissioning - -2,064 - -2,064
Exchange rate differences -6,342 -1,295 -2,820 -10,458
Closing balance as of December 31, 2025 41,443 36,799 19 ,734 97 ,976
DEPRECIATIONS
The Group, KSEK Machinery and other technical equipment Equipment, tools, and installations Property improvement expenses Total
Opening balance as of January 1, 2024 -28,752 -23,810 -16,240 -68,803
Depreciations for the year -524 -3,058 -2,127 -5,709
Reclassification  -       -       -      -
Decommissioning  -       1,118     -      1,118
Exchange rate differences -1,908    -513    -974    - 3 , 3 9 5     
Closing balance as of December 31, 2024 -31,185 -26,263 -19 ,341 -76,789
Opening balance as of January 1, 2025 -31,185 -26,263 -19 ,341 -76,789
Depreciations for the year -2,182 -4,041 -1,459 -7 ,681
Reclassification  -       -       -      -
Decommissioning  -       833     -      833
Exchange rate differences  3,676     802     2,068     6,546    
Closing balance as of December 31, 2025 -29 ,691 -28,668 -18,731 -77 ,091
Notes

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CARRYING AMOUNTS OF TANGIBLE FIXED ASSETS
January 1, 2024 6,956 9 ,856 3,944 20,754
December 31, 2024 13,552 9 ,188 3,049 25,791
January 1, 2025 13,552 9 ,188 3,049 25,791
December 31, 2025 11,753 8,129 1,002 20,882
ACQUISITION COST EQUIPMENT, TOOLS, AND INSTALLATIONS
Parent company, KSEK
Opening balance as of January 1, 2024 671
Purchasing 0
Closing balance as of December 31, 2024 671
Opening balance as of January 1, 2025 671
Purchasing 0
Closing balance as of December 31, 2025 671
DEPRECIATIONS
Parent company, KSEK
Opening balance as of January 1, 2024 -567
Depreciations for the year -89
Disposals and decommissionings 0
Closing balance as of December 31, 2024 -656
Opening balance as of January 1, 2025 -656
Depreciations for the year -15
Disposals and decommissionings 0
Closing balance as of December 31, 2025 -671
CARRYING AMOUNTS
Parent company, KSEK
January 1, 2024 104
December 31, 2024 15
January 1, 2025 15
December 31, 2025 0
Leases of vehicles and production machinery are reported in Note 13 and amount to 
KSEK 61 (128).
BREAKDOWN OF FIXED ASSETS BY GEOGRAPHIC MARKET
KSEK 2024 2025
Sweden 4,308 3,885
USA 20,356 16,156
Russia 1,115 832
Mexico 11 9
Total 25,791 20,882
BREAKDOWN OF FIXED ASSETS BY OEM AND DIAGNOSTICS
KSEK 2024 2025
OEM 23,212 18,794
Diagnostics 2,579 2,088
Total 25,791 20,882
Notes

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NOTE 13 LEASES
RIGHT-OF-USE ASSETS
The Group, KSEK Buildings Vehicles Machines Total
Cost
Opening balance as of January 1, 2024 82,445 682 608 83,736
Additional 2024 2,155 478 - 2,632
Discontinued 2024 -748 -333 - -1,081
Exchange rate differences 4,485 - - 4,485
Closing balance as 
of December 31, 2024 88,338 827 608 89 ,773
Depreciations
Opening balance as of January 1, 2024 -59 ,196 -423 -598 -60,218
Depreciations for the year -12,305 -609 -10 -12,924
Discontinued 2024 - 333 - 333
Exchange rate differences -3,148 - - -3,148
Closing balance as of 
December 31, 2024 -74,649 -699 -608 -75,956
Carrying amounts
January 1, 2024 23,249 259 10 23,518
December 31, 2024 13,689 128 0 13,817
The Group, KSEK Buildings Vehicles Machines Total
Cost
Opening balance as of January 1, 2025 88,338 827 608 89 ,773
Additional 2025 35,530 0 35,530
Discontinued 2025 -55,179 0 -55,179
Exchange rate differences -4,456 -4,456
Closing balance as of December 31, 
2025 64,231 827 608 65,667
Depreciations
Opening balance as of January 1, 2025 -74,649 -699 -608 -75,956
Depreciations for the year -10,814 -67 0 -10,880
Discontinued 2025 55,179 0 55,179
Exchange rate differences 3,116 3,116
Closing balance as of 
December 31, 2025 -27 ,166 -766 -608 -28,540
Carrying amounts
January 1, 2025 13,561 128 0 13,689
December 31, 2025 37 ,065 61 0 37 ,126
Notes
Breakdown of right-of-use assets by country 2024 2025
Sweden 7 ,188 37 ,126
USA 6,050 0
Russia 451 0
Total 13,689 37 ,126

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LEASE LIABILITY
Maturity analysis (undiscounted cash flows) of lease liabilities
KSEK Year 2024 Year 2025
Within a year 2025 12,317 2026 4,387
Later than one year, but within 
five years 2026-2029 2,264 2027-2030 17 ,883
More than five years 2030- 0 2031- 21,465
Total 14,580 43,736
Lease liability as reported on the balance sheet
KSEK 2024 2025
Current portion 13,193 3,935
Long-term portion 1,084 31,298
Total 14,277 35,233
Lease liabilities consist primarily of rental expenses necessary for operations; the contracts 
have terms ranging from 3.5 to 5 years and generally include a 9-month notice period.
AMOUNTS REPORTED IN THE INCOME STATEMENT
Amounts reported in the result
The Group, KSEK 2024 2025
Depreciation amount for right-of-use assets -12,924 -10,880
Interest expense on lease liabilities -687 -430
Lease expenses attributable to current lease liabilities -2,780 -3,862
Lease expenses attributable to low-value leases (excluding those 
listed above) -906 -846
Expenses related to variable lease payments that are not 
included in the measurement of lease liabilities - -
Revenue from subleasing of rights of use 633 633
Gains or losses from sale-and-leaseback transactions - 0
Total -16,665 -15,385
CASH OUTFLOW FROM LEASING
The Group, KSEK 2024 2025
Buildings -13,562 -12,082
Vehicles -430 -362
Machines -8 0
Total cash outflow from leasing -13,999 -12,444
Notes

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NOTE 14 GROUP COMPANIES
THE PARENT COMPANY’S HOLDINGS IN SUBSIDIARIES
KSEK 2024 2025
Accumulated cost
At the beginning of the year 369 ,451 489 ,451
Shareholder contribution 120,000 0
Closing balance as of December 31 489 ,451 489 ,451
Accumulated impairment losses
At the beginning of the year -39 ,105 -39 ,105
Impairments for the year - -78,303
Closing balance as of December 31 -39 ,105 -117 ,408
Carrying amount as of December 31 450,346 372,043
THE PARENT COMPANY’S HOLDINGS IN SUBSIDIARIES
12/31/2024 12/31/2025
Subsidiary
Organization  
number Registered office
Number of 
shares
Percentage of 
shares
Carrying 
amount in 
KSEK
Number of 
shares
Percentage of 
shares
Carrying 
amount in 
KSEK
Boule Medical AB 1) 556128-6542 Stockholms län 10,000 100 380,129 10,000 100 301,826
Boule Nordic AB 556525-9974 Stockholms län 1,000 100 100 1,000 100 100
Clinical Diagnostic 
Solutions Inc. 20-1792965 Florida, USA 1,540,500 100 70,116 1,540,500 100 70,116
450,346 372,043
1) Boule Medical AB has three subsidiaries. The subsidiary BM Mexico S.A. de C.V. is located in Mexico, and the subsidiaries Boule Medical LLC and Boule Production LLC are located in Russia.
Notes

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NOTE 15 INVENTORIES
The Group’s cost of goods sold includes a deduction for obsolescence of inventory of 
KSEK 5,713 (7 ,195). Raw materials and supplies include a deduction for obsolescence of 
KSEK 5,159 (5,709). Finished goods and commodities include a deduction for obsolescence 
of KSEK 554 (1,486).
The Group, as of December 31, KSEK 2024 2025
Raw materials and supplies 29 ,133 25,103
Work in progress 5,710 3,300
Finished goods and commodities 24,261 30,482
Total 59 ,104 58,885
NOTE 16 ACCOUNTS RECEIVABLE
Provision for doubtful accounts receivable decreased by SEK 1,219 during the year and 
amounted to KSEK 4,765 (5,984) as of December 31. At the parent company, provisions 
for doubtful accounts receivable amounted to KSEK 0 (0). We have extensive experience 
with many of our customers, and new customers as well as those with questionable 
creditworthiness generally pay in advance. 
Of the Group’s total accounts receivable, SEK 89 million (58 percent) is guaranteed by EKN 
(the Swedish Export Credit Agency). EKN guarantees accounts receivable at between 
75 and 95 percent of the invoices’ nominal value, and the vast majority of accounts 
receivable are guaranteed at 95 percent. No provision for doubtful accounts receivable is 
made for accounts receivable guaranteed by EKN.
An aging analysis of accounts receivable is provided in Note 26.
NOTE 17 OTHER RECEIVABLES
The Group Parent company
KSEK, as of December 31 2024 2025 2024 2025
Current receivables
Value-added tax 2,679 1,584 665 -
Advance payment to supplier 1,718 242 - -
Other 1,464 - - -
Total other receivables 5,860 1,825 665 0
NOTE 18 PREPAID EXPENSES AND ACCRUED REVENUE
The Group Parent company
As of December 31, KSEK 2024 2025 2024 2025
Prepaid inventory costs 6,088 3,973 - -
Prepaid IT expenses 4,552 5,194 2,627 3,135
Other prepaid expenses  
and accrued revenue 4,901 3,668 597 1,060
Total 15,542 12,835 3,224 4,195
NOTE 19 CASH AND CASH EQUIVALENTS
THE FOLLOWING COMPONENTS ARE INCLUDED IN CASH AND CASH EQUIVALENTS
The Group Parent company
As of December 31, KSEK 2024 2025 2024 2025
Cash and bank deposits 22,652 19 ,628 177 1,266
Boule Medical AB has an approved current account credit facility of KSEK 28,535 (48,535), 
of which KSEK 27 ,570 (0) had been utilized as of December 31, 2025.
Clinical Diagnostics Solutions Inc. has an approved current account credit facility 
of $3,000 thousand (3,000), of which $1,300 thousand (0) had been utilized as of 
December 31, 2025.
AVAILABLE CASH AND CASH EQUIVALENTS AS OF DECEMBER 31, KSEK
The Group 2024 2025
Cash and cash equivalents as reported in the state-
ment of financial position 22,652 19 ,628
Approved current account credit facility 81,530 56,139
Utilized current account credit facility -46,658 -40,423
Available invoice financing 135,000 135,000
Utilized invoice financing -111,517 -81,346
Total 81,006 88,998
Notes

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NOTE 20: EQUITY , INCLUDING EARNINGS PER SHARE
SHARE CAPITAL
Ordinary shares, in thousands 2024 2025
Issued as of January 1 38,833 38,833
Issued during the year 0 0
Issued as of December 31 – paid 38,833 38,833
There were no changes in the number of shares or in the share capital during 2025, and 
as of December 31, 2025, the registered share capital comprised 38,833,104 (38,833,104) 
shares. 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.
The company has no outstanding stock option plans.
 
OTHER CONTRIBUTED CAPITAL
Other contributed capital refers to equity contributed by the owners. This includes the 
share premium account from the company’s inception.
DIVIDEND
The Board of Directors proposes a dividend of SEK 0 (0) at the Annual General Meeting for 
the 2025 fiscal year.
TRANSLATION RESERVE
The translation reserve includes all exchange rate differences arising from the translation 
of financial statements from foreign operations that have prepared their financial 
statements in a currency other than the currency in which the Group’s financial statements 
are presented.
The Group, KSEK Translation reserve
Closing carrying amount as of December 31, 2023 30,652
Translation differences for the year 17 ,850
Closing carrying amount as of December 31, 2024 48,502
Translation differences for the year -24,983
Closing carrying amount as of December 31, 2025 23,519
EARNINGS PER SHARE
SEK 2024 2025
Basic
Earnings, KSEK -296,579 -3,753
Average number of shares, in thousands 38,833 38,833
Earnings per share, basic, SEK -7. 6 4 -0.10
Diluted
Earnings, KSEK -296,579 -3,753
Average number of shares, in thousands 38,833 38,833
Earnings per share, diluted, SEK -7. 6 4 -0.10
Notes

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NOTE 21 PROVISIONS
The Group
KSEK, as of December 31 2024 2025
Warranty commitments 1,211 1,437
Total 1,211 1,437
THE GROUP’S WARRANTY COMMITMENTS
KSEK, as of December 31 2024 2025
Carrying amount at the beginning of the period 1,136 1,211
Revaluation of the reserve 75 226
Carrying amount at the end of the period 1,211 1,437
WARRANTIES
Provisions for warranties relate primarily to the installation of hematology systems.  
The Group has commitments spanning 1 to 1.5 years based on the installation date or 
delivery date. The provision is based on calculations made using historical data regarding 
warranties related to the sale and installation of hematology instruments.
NOTE 22 INTEREST-BEARING LIABILITIES
The following information details the company’s contractual terms regarding interest-
bearing liabilities. For more information on the company’s exposure to interest rate risk and 
exchange rate risk, please refer to Note 26.
The Group
KSEK, as of December 31 2024 2025
Long-term liabilities
Liabilities to credit institutions 9 ,632 34,754
Liabilities to related parties 0 12,000
Lease liabilities 1,084 31,298
Long-term debt related to receivables guaranteed by EKN 41,801 24,011
Total 52,517 90,063
The Group
KSEK, as of December 31 2024 2025
Current liabilities
Current account credit facility 46,658 40,423
Liabilities to credit institutions 12,980 32,000
Lease liabilities 13,193 3,935
Current liabilities for receivables guaranteed by EKN 69 ,715 57 ,335
Total 142,547 133,693
All interest-bearing liabilities have variable interest rates. The interest rate is based on 
STIBOR or the bank’s base rate.
TERMS AND REPAYMENT SCHEDULES
Collateral has been provided for the current account credit facility, invoice financing, and 
liabilities to credit institutions; see Note 27 . For terms and repayment schedules, see the 
table below.
LOAN TERMS FOR OWNER LOANS (COVENANTS)
The company has agreed to comply with certain financial and operational covenants 
until the loan has been repaid in full. These include, among other things, refraining from 
implementing significant structural changes—such as mergers or the divestiture of material 
assets—that could affect the company’s ability to repay its obligations; refraining from 
delisting the company’s shares; refraining from entering into agreements that could trigger 
a suspension of payments (default); and refraining from making significant changes to the 
focus of the business.
Furthermore, the company is subject to restrictions on taking on additional debt, with the 
exception of certain permitted or statutory obligations. The company is also required to 
promptly notify the lender of any actual or potential events that could constitute a breach 
of contract.
Notes

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2024 2025
KSEK Currency
Nom. interest 
rate Maturity Nom. value
Carrying 
amount
Nom. interest 
rate Maturity Nom. value
Carrying 
amount
Current account credit facility SEK 4.67% - 46,841 46,841 4.3% - 40,423 40,423
Invoice financing, Danske Bank, Payex SEK 4.4–6.4% 2025-2027 111,517 111,517 3.80–5.45% 2026-2027 81,346 81,346
Lease liabilities, vehicles & equipment SEK 5.00% 2025-2027 637 182 4.80–5.00% 2026-2027 389 0
Lease liabilities, premises SEK 3.56% 2025-2026 13,944 14,094 3.6% 2026-2035 43,347 35,233
Liabilities to credit institutions USD 4.81% 2025 2,613 2,613 3.35–4.8% 2026 6,754 6,754
Liabilities to credit institutions SEK 5.04% 2025-2026 21,494 20,000 4.5%–15% 2026-2027 48,000 48,000
Liabilities to related parties SEK - - - - 10.0% 2027 12,000 12,000
Total interest-bearing liabilities 197 ,045 195,247 232,258 223,755
NOTE 23 OTHER LIABILITIES
The Group
KSEK 12/31/2024 12/31/2025
Value-added tax 271 212
Withholding tax, social security contributions 6,016 2,816
Contract liabilities 5,947 2,902
Other current liabilities 12,236 1,322
Total other current liabilities 24,471 7, 2 5 3
Parent company
KSEK 12/31/2024 12/31/2025
Value-added tax - -
Withholding tax, social security contributions 1,086 752
Other current liabilities - -
Total other current liabilities 1,086 752
Contract liabilities refer to advance payments received from customers for instruments 
and consumables prior to delivery, in accordance with the agreed payment terms.
NOTE 24 ACCRUED EXPENSES AND PREPAID REVENUE
The Group Parent company
KSEK, as of December 31 2024 2025 2024 2025
Accrued payroll expenses 
including social security contributions 25,913 18,596 4,764 5,019
Contract liabilities 628 - - -
Board fees 1,522 1,311 1,522 1,311
Audit fees 975 616 705 191
Severance pay 7 ,879 1,750 1,892 1,750
Other 16,789 10,908 1,217 126
Total 53,707 33,182 10,100 8,397
Contract liabilities refer to advance payments from customers related to service contracts.
Notes

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NOTE 25: MEASUREMENT OF FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE 
AND CLASSIFICATION
According to IFRS 7 .25, for each class of financial assets or financial liabilities, disclosures regarding the fair value 
of that class of assets and liabilities must be provided in a manner that allows for comparison with the carrying 
amount. 
Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, 
willing parties in an arm’s-length transaction.
According to IFRS 7 .26, disclosures regarding fair values shall be presented on a net basis only if their carrying 
amounts are presented on a net basis in the statement of financial position. 
Group 2024, KSEK
Financial assets 
measured at 
amortized cost
Financial liabilities 
measured at amortized 
cost
Total  
carrying  
amount
Fair  
value Lease liability
Consolidated 
statement of 
financial position
Long-term accounts receivable  
(75%–95% guaranteed by EKN) 49 ,638 - 49 ,638 49 ,638 - 49 ,638
Accounts receivable 146,161 - 146,161 146,161 - 146,161
Other receivables 3,796 - 3,796 3,796 - 3,796
Cash and cash equivalents 22,652 - 22,652 22,652 - 22,652
Total 222,247 - 222,247 222,247 - 222,247
Long-term interest-bearing liabilities - 9 ,632 9 ,632 9 ,632 1,084 10,716
Long-term interest-bearing liabilities  
(75%–95% guaranteed by EKN) - 41,801 41,801 41,801 - 41,801
Current interest-bearing liabilities - 129 ,354 129 ,354 129 ,354 13,193 142,547
Accounts payable - 31,680 31,680 31,680 - 31,680
Other liabilities - 3,364 3,364 3,364 - 3,364
Total - 215,831 215,831 215,831 14,277 230,108
Group 2025, KSEK
Financial assets mea-
sured at amortized 
cost
Financial liabilities 
measured at amortized 
cost
Total  
carrying  
amount
Fair  
value Lease liability
Consolidated state-
ment of financial 
position
Long-term interest-bearing liabilities  
(75%–95% guaranteed by EKN) 26,442 - 26,442 26,442 - 26,442
Accounts receivable 128,797 - 128,797 128,797 - 128,797
Other financial fixed assets 8,345 - 8,345 8,345 - 8,345
Cash and cash equivalents 19 ,628 - 19 ,628 19 ,628 - 19 ,628
Total 183,212 - 183,212 183,212 0 183,212
Long-term interest-bearing liabilities - 22,754 22,754 22,745 31,298 54,052
Notes

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Liabilities to related parties 12,000 12,000 12,000 12,000
Long-term interest-bearing liabilities  
(75%–95% guaranteed by EKN) - 24,011 24,011 24,011 - 24,011
Current interest-bearing liabilities - 129 ,758 129 ,758 129 ,758 3,935 133,693
Accounts payable - 26,031 26,031 26,031 - 26,031
Other liabilities - 4,275 4,275 4,275 - 4,275
Total - 218,828 218,828 218,828 35,233 254,061
Parent company 2024, KSEK
Financial assets 
measured at 
amortized cost
Financial liabilities 
measured at 
amortized cost
Total  
carrying  
amount
Fair  
value Lease liability
Consolidated 
statement of 
financial position
Receivables from Group companies 1,783 - 1,783 1,783 - 1,783
Other receivables 2,655 - 2,655 2,655 - 2,655
Cash and cash equivalents 177 - 177 177 - 177
Total 4,615 - 4,615 4,615 - 4,615
Accounts payable - 4,303 4,303 4,303 - 4,303
Liabilities to Group companies - 58,175 58,175 58,175 - 58,175
Other liabilities - 1,086 1,086 1,086 - 1,086
Total - 63,563 63,563 63,563 - 63,563
Parent company 2025, KSEK
Financial assets 
measured at 
amortized cost
Financial liabilities  
measured at 
amortized cost
Total  
carrying  
amount
Fair  
value Lease liability
Consolidated 
statement of 
financial position
Receivables from Group companies 0 - 0 0 0 0
Other receivables 1,547 - 1,547 1,547 - 1,547
Cash and cash equivalents 1,266 - 1,266 1,266 0 1,266
Total 2,812 0 2,812 2,812 0 2,812
Accounts payable - 4,638 4,638 4,638 - 4,638
Liabilities to Group companies - 7 ,885 7 ,885 7 ,885 0 7 ,885
Other liabilities 0 752 752 752 0 752
Total - 13,275 13,275 13,275 0 13,275
Notes

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CALCULATION OF FAIR VALUE
The following summarizes the methods and assumptions primarily used to determine the 
fair value of the financial instruments reported in the table above.
INTEREST-BEARING LIABILITIES
The fair value of financial liabilities that are not derivative instruments is calculated based 
on future cash flows of principal amount and interest discounted at the current market 
interest rate as of the balance sheet date.
ACCOUNTS RECEIVABLE AND ACCOUNTS PAYABLE
For accounts receivable and accounts payable with a remaining maturity of less than 
six months, the carrying amount is considered to reflect fair value. Accounts receivable 
and accounts payable with a maturity of more than six months are discounted when 
determining fair value.
The carrying amount of accounts receivable and long-term interest-bearing receivables 
includes receivables guaranteed by EKN (the Swedish Export Credit Agency).
Under the agreement with the bank, Boule has transferred receivables in exchange for 
cash; therefore, the receivables cannot be sold or pledged. However, Boule has retained 
the ultimate credit risk and the risk of late payment. The Group therefore continues to 
report the transferred assets in their entirety on the balance sheet. The amount received 
under the agreement with the bank is reported as secured borrowing.
INTEREST RATES USED TO DETERMINE FAIR VALUE
Boule uses the Stibor (Stockholm Interbank Offered Rate) reference rate as of December 
31, plus an appropriate interest rate spread, when discounting financial instruments. 
The fair value of the Group’s financial instruments corresponds to their carrying amount, 
as the discounting effect is not considered to be material. All of the Group’s financial 
instruments are classified as Level 3 under the applicable standard (see definition of levels 
below), and fair value is determined by calculating discounted cash flows. 
Level 1: The fair value of financial instruments traded in an active market (such as listed 
derivatives, financial instruments held for trading, and available-for-sale assets) is based 
on quoted market prices as of the balance sheet date. The quoted market price used for 
the Group’s financial assets is the current bid price.
Level 2: The fair value of financial assets that are not traded in an active market (e.g., OTC 
derivatives) is determined using measurement techniques that rely as much as possible on 
market information, while company-specific information is used as little as possible. All key 
inputs required for the fair value measurement of an instrument are observable.
Level 3: In cases where one or more key inputs are not based on observable market 
information. This applies, for example, to unlisted instruments.
NOTE 26 FINANCIAL RISKS AND RISK MANAGEMENT
Boule is exposed to various types of financial risks through its operations, including market 
risks (which encompass currency risks and interest rate risks), credit risks, financing risks, 
and liquidity risks. The Group has a financial policy established by the Board of Directors 
that provides a framework of guidelines in the form of risk mandates and limits for financial 
operations. Operationally, the Group’s finance function manages the Group’s financial 
transactions and risks. The overall objective is to provide cost-effective financing and to 
minimize the negative impact on the Group’s earnings and financial position arising from 
market risk.
LIQUIDITY RISK
Liquidity risk refers to the risk that the Group may encounter difficulties in meeting its 
financial obligations on time. A liquidity plan is in place to manage the Group’s liquidity 
risk and financing costs. The 24-month liquidity forecast is updated monthly. Long-term 
liquidity needs are addressed in the strategic plan. It is updated at least once a year to 
ensure that the liquidity requirements of the strategic plan can be met. The goal is for the 
Group to be able to meet its financial obligations in both good times and bad without 
incurring significant unforeseen costs and without jeopardizing Boule’s reputation. The 
Group’s policy is to minimize its borrowing requirements by utilizing excess liquidity within 
the Group. The Group’s finance department manages liquidity risks for the entire Group.
Notes

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CREDIT FACILITIES, KSEK
Credit Facilities as of December 31, 2024 Nominal Used Available
Invoice financing 135,000 111,517 23,483
Current account credit facility 81,530 46,658 34,871
Total unused approved credit 216,530 158,175 58,354
Available cash and cash equivalents 22,652
Available liquidity 81,006
Credit Facilities as of December 31, 2025 Nominal Used Available
Invoice financing 135,000 81,346 53,654
Current account credit facility 56,139 40,423 15,716
Total unused approved credit 191,139 121,769 69 ,370
Available cash and cash equivalents 19 ,628
Available liquidity 88,998
The company’s maturity profile for financial liabilities is shown in the table below. 
Group as of  
December 31, 2024, KSEK Total <1 mo 1–3 mos 3 mos – 1 yr 1–5 yrs >5 yrs
Current account credit 
facility 46,658 - - - - -
Liabilities to credit 
institutions 22,613 - - 12,980 9 ,632 -
Interest-bearing liabilities  
(for liabilities guaranteed 
by EKN) 111,517 - - 69 ,715 41,801 -
Accounts payable 31,680 28,512 3,168 - - -
Other long-term liabilities 3,364 - - - 3,364 -
Total 215,831 28,512 3,168 129 ,354 54,797 -
Group as of  
December 31, 2025, KSEK Total <1 mo 1–3 mos 3 mos – 1 yr 1–5 yrs >5 yrs
Current account credit 
facility 40,423 - - - - -
Liabilities to credit 
institutions 66,754 - - 32,000 34,754 -
Interest-bearing liabilities  
(for liabilities guaranteed 
by EKN) 81,346 - - 57 ,335 24,011 -
Accounts payable 26,031 23,428 2,603 - - -
Other long-term liabilities 1,986 - - - 1,986 -
Total 216,539 23,428 2,603 89 ,345 60,751 -
Notes

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FINANCING RISK
Boule cannot rule out the possibility that the Group may require additional financing in 
the future, for example through raising of additional loans or a new share issue. Access 
to additional financing is influenced by a number of factors, including market conditions, 
the general availability of credit, and the Group’s creditworthiness. Furthermore, access 
to additional financing depends on the company’s customers, shareholders, lenders, 
and the market in general not forming a negative view of the Group’s long- and short-
term financial outlook. There is no guarantee that such capital can be raised on terms 
favorable to Boule. If the Group fails to raise the necessary capital in the future, its ability 
to continue as a going concern could be adversely affected. The company actively 
manages its liquidity and tailors its marketing and development initiatives to the available 
liquidity. Negative changes in funding can delay development work and affect the launch 
of new products.
INTEREST RATE RISK
Interest rate risk is the risk that the net interest income will fluctuate and/or decline due to 
changes in market interest rates. The Group’s net interest income is largely dependent on 
developments in the Swedish market. Interest-bearing liabilities consist primarily of debt 
related to factoring of accounts receivable (guaranteed by EKN) and loans. According to 
the financial policy, the objective is for interest rates on the long-term debt portfolio to 
be fixed; however, when interest rates are high, variable interest rates may be used until 
interest rates improve. Loans should normally be taken in local currency; however, if this 
is not the case, the loan must be hedged at the time the loan is taken out to eliminate 
currency risk. No currency hedging has been undertaken for this purpose, as the foreign-
currency loans are small. Boule does not currently use currency forwards but may consider 
this option in the future.
SENSITIVITY ANALYSIS – INTEREST RATE RISK
If interest rates had been 100 basis points higher during the year, all other things being 
equal, net interest income and equity would have been reduced by KSEK -1,800 (-1,601) 
before tax.
CURRENCY RISK
The Group is exposed to currency risk in the form of transaction exposure and translation 
exposure. Transaction exposure refers to the exposure to currency risk that arises in 
connection with receipts and payments in foreign currency. Translation exposure refers 
to the exposure to currency risk that arises when translating the assets and liabilities of 
foreign subsidiaries, as well as when translating receivables and payables denominated 
in foreign currencies at the exchange rate on the balance sheet date. The primary 
exposure to currency risk stems from the translation of the subsidiary in the United States 
(translation exposure). The Group’s currency exposure is moderate, as most of its revenue is 
denominated in USD, while the Swedish operations’ costs are primarily in SEK. The Group’s 
results for the year include foreign exchange differences in operating profit and net 
financial items; see Notes 5, 6, 9 , 11, and 12 for further details.
TRANSLATION EXPOSURE
If the Swedish krona had weakened or strengthened by 10 percent against the U.S. dollar,  
all other things being equal, the restated profit after tax as of December 31, 2025, 
would have been KSEK 17 ,110 (20,779) lower/higher. This is largely due to the translation 
of accounts receivable denominated in USD. If the Swedish krona had weakened/
strengthened by 10 percent against the euro, all other things being equal, the restated 
profit after tax as of December 31, 2025, would have been KSEK 2,095 (1,614) lower/higher. 
This is largely due to the translation of accounts receivable in EUR.
12/31/2024 12/31/2025
The Group, KSEK USD EUR USD EUR
Cash and cash equivalents 16,529 5,478 17 ,525 489 
Accounts receivable 199 ,331 14,303 143,126 12,066 
Accounts payable 9 ,131 1,907 7,0 3 2  1,135 
CREDIT RISK 
The Group’s operations may give rise to credit risks. Credit risk refers to the risk of loss if the 
counterparty is unable to meet its obligations. Overall, Boule’s credit risk is assessed as 
low. The maximum credit risk corresponds to the carrying amount of the financial assets 
on the consolidated balance sheet. The Group’s credit risk is primarily attributable to 
accounts receivable. Under normal circumstances, a new customer is not granted credit 
but is required to pay in advance for a certain period. The Group’s accounts receivable 
are spread across a large number of counterparties and several geographic markets. The 
Group has established guidelines to ensure that sales are made only to customers with 
adequate creditworthiness. Below is a table showing the Group’s past-due accounts 
receivable, with the allowance for credit losses itemized.
Notes

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
PROVISION FOR CREDIT LOSSES, GROUP, KSEK
12/31/2024 Not past due
Overdue  
<31 days
Overdue  
31–90 days
Overdue  
91–180 days
Overdue  
180–360 days
Overdue  
>360 days Total
Reported amount of accounts receivable, 
gross 181,014 9, 3 3 4 5,564 3,876 815 1,180 201,783
Loan loss reserve -114 0 0 -3,876 -815 -1,180 -5,984
Reported amount of accounts receivable 180,900 9, 3 3 4 5,564 0 0 0 195,799
12/31/2025 Not past due
Overdue  
<31 days
Overdue  
31–90 days
Overdue  
91–180 days
Overdue  
180–360 days
Overdue  
>360 days Total
Reported amount of accounts receivable, 
gross 136,935 11,354 3,865 4,980 982 1,888 160,003
Loan loss reserve -3,198 -229 -1,337 -4,765
Reported amount of accounts receivable 136,935 11,354 3,865 1,781 752 550 155,238
CREDIT GUARANTEE
The Group offers certain international customers an installment plan when purchasing 
products, with payment terms ranging from 12 to 36 months. To manage the Group’s 
exposure to financing and credit risk in connection with such a transaction, an application 
is submitted to the Swedish Export Credit Agency for the issuance of an export credit 
guarantee covering potential credit losses. This means that the Group can access cash 
flows more quickly and minimize the risk associated with the credits it has issued. As of 
December 31, 2025, through the Swedish Export Credit Agency, KSEK 98,043 (132,422) of 
the receivables are insured at 75–95 percent against the risk that the receivable will not 
be paid.
ACCOUNTS RECEIVABLE
KSEK, Group 12/31/2024 12/31/2025
Accounts receivable 201,783 160,003 
Provision for expected  
credit losses/doubtful accounts receivable -5,984 -4,765 
Accounts receivable, net 195,799 155,238
CHANGES IN THE ALLOWANCE FOR DOUBTFUL ACCOUNTS RECEIVABLE
KSEK, Group 2025
As of January 1, 2025 5,984
Change in the allowance for doubtful accounts  3,083    
Receivables written off during the year as uncollectible  0    
Refunded unused amounts -4,275 
Exchange rate difference -27 
As of December 31, 2025 4,765
The reported amounts, by currency, for the Group’s accounts receivable are as follows:
12/31/2024 12/31/2025
EUR 4,655 12,066 
SEK 6,349 10,031 
USD 184,794 133,141 
RUB - - 
Total 195,799 155,238 
Notes

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
CAPITAL MANAGEMENT
According to the Board’s policy, the Group’s capital management—specifically the 
management of capital employed—should be characterized by a long-term approach 
with low risk and high liquidity. The objective is to manage and control the financial 
risks to which the Group is exposed. Surplus liquidity is invested to achieve the highest 
possible return, and financing is obtained at the lowest possible cost, within the framework 
established by the financial policy. The Group shall maintain sufficient financial resources 
to ensure that adequate credit facilities are available at all times. This also includes a 
requirement for an equity ratio—based on reported equity—at an acceptable level in order 
to obtain loans with reasonable interest rates. The Group’s operations are managed to 
ensure that there are always sufficient cash and cash equivalents available to fund the 
activities outlined in the plan for the coming 12-month period.
INVESTMENT COMMITMENTS
The Group and the parent company have no significant investment commitments as of 
December 31, 2025.
NOTE 27 COLLATERAL PROVIDED, CONTINGENT LIABILITIES
COLLATERAL PROVIDED
The Group Parent company
KSEK, as of December 31 2024 2025 2024 2025
Corporate mortgage for overdraft facilities 48,535 48,535 - -
Corporate mortgage, bank guarantee 75,000 75,000 - -
Corporate mortgage for the CDS overdraft facility 32,995 27 ,604 - -
Car leasing 2,500 0 2,500 0
Loan collateral in USA 3,068 2,567 - -
Invoice financing, direct collateral 135,000 135,000 - -
Endowment insurance 3,364 1,986 3,442 1,986
Total collateral provided 300,462 290,692 5,942 1,986
Notes

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
CONTINGENT LIABILITIES
The Group Parent company
KSEK, as of December 31 2024 2025 2024 2025
Guarantee for Boule Medical’s utilized invoice financing - - 111,517 81,346
Total collateral provided - - 111,517 81,346
NOTE 28: CASH FLOW STATEMENT SPECIFICATIONS
CASH AND CASH EQUIVALENTS – THE GROUP AND THE PARENT COMPANY
Cash and cash equivalents consist of cash on hand and bank deposits.
INTEREST PAID AND DIVIDENDS RECEIVED
The Group Parent company
KSEK 2024 2025 2024 2025
Interest received 1) 1,363 1,516 20 4
Interest paid 1) -12,574 -14,128 -118 -3,710
1) Included in day-to-day operations.
ADJUSTMENTS FOR ITEMS NOT INCLUDED IN CASH FLOW
The Group Parent company
KSEK 2024 2025 2024 2025
Depreciation (including leases) 22,940 18,604 212 137
Impairments of capitalized capital expenditures 357 ,247 0 - -
Impairments of assets in Russia 33,471 6,920 - -
Impairment of shares in subsidiaries - - - 78,303
Exchange rate effect 429 -11,347 - -
Other 1,039 -4,172 - -
Total 415,126 10,005 212 78,440
Notes

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TRANSACTIONS THAT DO NOT INVOLVE PAYMENTS
The Group
KSEK 2024 2025
Acquisition of tangible assets through leasing - -
CHANGES IN LIABILITIES RELATED TO FINANCING ACTIVITIES
The table below presents an analysis of the change in the Group’s liabilities attributable to financing activities during the period.
Changes not affecting cash flow
2024
The Group, KSEK IB 2024
Changes 
affecting 
cash flow
Amortization  
lease 
agreements
Exchange rate  
differences Acquisitions
Changes in 
fair value
Change  
lease 
agreements UB 2024
Long-term liabilities 5 7, 74 4 -6,310 51,433
Current liabilities 84,523 44,720 111 129 ,354
Lease liabilities 23,907 -13,999 4,369 14,277
Liabilities related to financing activities 166,174 38,409 -13,999 111 0 0 4,369 195,064
Changes not affecting cash flow
2025
The Group, KSEK IB 2025
Changes 
affecting 
cash flow
Amortization  
lease 
agreements
Exchange rate  
differences Acquisitions
Changes in 
fair value
Change 
lease 
agreements UB 2025
Long-term liabilities 51,433 7 ,331 58,764
Current liabilities 129 ,354 2000 -1,596 129 ,758
Lease liabilities 14,277 -6,023 35,530 -8,551 35,233
Liabilities related to financing activities 195,064 9, 3 3 1 -6,023 -1,596 35,530 0 -8,551 223,755
Notes

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
NOTE 29 KEY ESTIMATES AND JUDGMENTS
Estimates and assessments are reviewed on an ongoing basis and are based on historical 
experience and other factors, including expectations regarding future events that are 
considered reasonable under current circumstances.
KEY ESTIMATES AND ASSUMPTIONS FOR ACCOUNTING PURPOSES
The sources of estimation uncertainty listed below refer to those that pose a risk that the 
value of assets or liabilities may need to be adjusted during the coming fiscal year.
TESTING FOR IMPAIRMENT OF GOODWILL
Each year, the Boule Group assesses whether there is any need to record an impairment 
loss on goodwill, in accordance with the accounting policy described in Note 1. The 
recoverable amounts for the cash-generating unit have been determined by calculating 
its value in use. In order to perform these calculations, several assumptions regarding 
future conditions and estimates of parameters have been made; these estimates are 
described in Note 11. Boule has performed a sensitivity analysis of the key assumptions 
used in the impairment test. Management has determined that reasonable changes in 
assumptions do not give rise to any impairment as of December 31, 2025.
TESTING FOR IMPAIRMENT OF CAPITALIZED DEVELOPMENT COSTS
At the Group level, Boule capitalizes development costs related to new products at 
its subsidiaries Boule Medical AB and Clinical Diagnostic Solutions Inc. This was done 
during the periods 2009–2015 and 2017–2024. In calculating the recoverable amount 
of cash-generating units for the purpose of assessing any need for impairment of 
capitalized development costs, several assumptions regarding future conditions and 
estimates of parameters have been made. For the year 2024, impairment losses totaling 
SEK 357 .2 million were recognized on capitalized assets; for more information, see Note 11. 
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. According to IAS 10, the asset must be written down in 
the annual report if such circumstances existed as of the balance sheet date.
In 2025, no development costs were capitalized, and management assesses that there is 
no further need for impairment as of December 31, 2025.
MEASUREMENT OF INVENTORY
The Group holds inventory in both its Swedish and U.S. subsidiaries. Note 1 explains how 
inventory is reported and valued. The valuation of inventory is based on management’s 
assessment and estimates regarding obsolescence and net realizable value, which are 
based, among other things, on the age of the inventory, inventory turnover, and expected 
future selling prices. There is no indication that further impairments of inventory will be 
necessary as of December 31, 2025.
MEASUREMENT OF ACCOUNTS RECEIVABLE
The Group has accounts receivable in both its Swedish and U.S. subsidiaries. Accounts 
receivable include both those backed by EKN guarantees and those without such 
guarantees (see Notes 1, 16, 25, and 26, which describe how these are reported and 
the associated exposure). Note 26 provides information on the reported amounts 
and currencies of accounts receivable, loan loss reserve, and the maturity profile. The 
measurement of accounts receivable is based on management’s assessment. There is 
no indication that further impairments of accounts receivable will be necessary as of 
December 31, 2025.
Notes

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
UNCERTAINTIES ARISING FROM RUSSIA’S WAR OF AGGRESSION IN UKRAINE
For the full year 2025, Boule’s sales in Russia accounted for 6.8 percent of net sales. The 
company has employees in Russia and a production facility for consumer goods that are 
distributed to the Russian market. The market in Eastern Europe is highly uncertain given 
Russia’s war of aggression in Ukraine and the sanctions currently in place against Russia, 
and Boule is closely monitoring developments. 
Boule’s ability to conduct transactions with Russia and maintain the supply chain for 
critical components deteriorated in 2024. Against this backdrop, the Board of Directors 
decided in October 2024 to begin the process of divesting the manufacturing facility in 
Russia. 
In light of the unpredictable situation in Russia, the assets in Russia were remeasured 
during the third quarter of 2024 and written down to zero, which had a negative impact of 
SEK 33.5 million on the income statement for the full year 2024. 
In 2025, the book value of assets in Russia was written down to zero, which had an impact 
of SEK 6.9 million on the income statement for the full year 2025.
NOTE 30 EVENTS AFTER THE BALANCE SHEET DATE
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.
Notes

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
The Board of Directors and the Chief Executive Officer 
certify that the annual report has been prepared in 
accordance with generally accepted accounting 
principles in Sweden and that the consolidated financial 
statements have been prepared in accordance with the 
International Financial Reporting Standards referred to 
in Regulation (EC) No. 1606/2002 of July 19 , 2002, on the 
application of international accounting standards.
The annual report and the consolidated financial 
statements provide a true and fair view of the parent 
company’s and the Group’s financial position and results. 
The management report for the parent company and the 
Group provides a fair overview of the development of the 
parent company’s and the Group’s operations, financial 
position, and results, and describes the significant risks 
and uncertainties facing the parent company and the 
companies included in the Group.
The 2025 sustainability report has been approved for 
publication by the Board of Directors.
As stated above, the annual report and consolidated 
financial statements were approved for publication by 
the Board of Directors and the CEO on April 10, 2026.
TORBEN JØRGENSEN
Chairman of the Board
THOMAS EKLUND
Board member
YVONNE MÅRTENSSON
Board member
EMIL HJALMARSSON
Board member
RIKKE RYTTER
Board member
TORBEN NIELSEN
Chief Executive Officer
Audit report
Our audit report was submitted on April 10, 2026
Öhrlings PricewaterhouseCoopers AB
LARS KYLBERG
Certified Public Accountant
Lead Auditor
PATRIC KRUSE
Certified Public Accountant
Certification by the Board of Directors
Certification by the 
Board of Directors

===== SIDA 112 =====

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ANNUAL REPORT 2025 BOULE DIAGNOSTICS AB (PUBL)
Audit report
To the Annual General Meeting of Boule 
Diagnostics AB (publ), Corporate ID No. 
556535-0252.
REPORT ON THE ANNUAL REPORT AND 
CONSOLIDATED FINANCIAL STATEMENTS
Statements
We have audited the annual report and consolidated 
financial statements of Boule Diagnostics AB (publ) 
for the year 2025, with the exception of the corporate 
governance report and the sustainability report on 
pages 46–50 and 26–35, respectively. The company’s 
annual report and consolidated financial statements are 
included on pages 56–111 of this document.
In our opinion, the annual report has been prepared in 
accordance with the Annual Accounts Act and presents 
fairly, in all material respects, the financial position of the 
parent company as of December 31, 2025, and its financial 
performance and cash flows for the year in accordance 
with the Annual Accounts Act. The consolidated financial 
statements have been prepared in accordance with the 
Annual Accounts Act and present fairly, in all material 
respects, the Group’s financial position as of December 
31, 2025, and its financial performance and cash flows for 
the year in accordance with IFRS Reporting Standards, 
as adopted by the EU, and the Annual Accounts Act. 
Our statements do not cover the corporate governance 
report and the sustainability report on pages 46–50 and 
26–35, respectively. The management report is consistent 
with the other sections of the annual report and the 
consolidated financial statements.
We therefore recommend that the Annual General 
Meeting approve the income statement and balance 
sheet for the parent company, as well as the statement 
of comprehensive income and the statement of financial 
position for the Group.
Our statements in this report on the annual report and 
the consolidated financial statements are consistent with 
the content of the supplementary report submitted to 
the parent company’s Audit Committee in accordance 
with Article 11 of the Audit Regulation (537/2014/EU).
Basis for statements
We conducted the audit in accordance with 
International Standards on Auditing (ISA) and 
generally accepted auditing standards in Sweden. Our 
responsibilities under these standards are described 
in more detail in the section titled “The Auditor’s 
Responsibilities.” We are independent of the parent 
company and the Group in accordance with generally 
accepted auditing standards in Sweden, and have 
otherwise fulfilled our professional ethical responsibilities 
in accordance with these requirements. This means 
that, to the best of our knowledge and belief, no 
prohibited services as referred to in Article 5(1) of the 
Audit Regulation (537/2014/EU) have been provided to 
the audited company or, where applicable, to its parent 
company or its controlled entities within the EU.
We believe that the audit evidence we have obtained 
is sufficient and appropriate to provide a basis for our 
statements.
OUR AUDIT APPROACH
Overview
Focus and scope of the audit
We planned our audit by determining the materiality 
level and assessing the risk of material misstatements in 
the financial statements. We paid particular attention to 
areas where the CEO and the Board of Directors made 
subjective judgments, such as significant accounting 
estimates based on assumptions and forecasts regarding 
future events, which are inherently uncertain. As with all 
audits, we have also considered the risk that the Board 
of Directors and the CEO may have disregarded internal 
controls, and have, among other things, assessed whether 
there is evidence of systematic deviations that could give 
rise to a risk of material misstatements due to irregularities.
We tailored our audit to ensure an appropriate 
examination in order to express an opinion on the 
financial statements as a whole, taking into account the 
structure of the company and the Group, their accounting 
processes and controls, and the industry in which the 
Group operates.
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Materiality
The scope and focus of the audit were influenced by 
our assessment of materiality. An audit is designed to 
provide reasonable assurance as to whether the financial 
statements are free from material misstatements. Errors 
may arise as a result of irregularities or mistakes. They are 
considered material if, individually or collectively, they 
could reasonably be expected to influence the economic 
decisions that users make based on the financial 
statements.
Based on professional judgment, we established certain 
quantitative materiality thresholds, including for the 
financial reporting as a whole. Based on these factors 
and qualitative considerations, we determined the focus 
and scope of the audit, as well as the nature, timing, and 
extent of our audit procedures, and assessed the effect of 
individual and aggregate misstatements on the financial 
statements as a whole.
AREAS OF PARTICULAR IMPORTANCE
The areas of particular significance for the audit are 
those that, in our professional judgment, were the 
most significant for the audit of the annual report and 
consolidated financial statements for the current period. 
These matters were addressed as part of our audit of, 
and in our opinion on, the annual report and consolidated 
financial statements as a whole; however, we do not issue 
separate statements on these matters.
Area of particular importance How our audit addressed the area of particular importance
Measurement and classification of accounts receivable
The carrying amount of the Group’s accounts receivable amounts to
SEK 195 million, of which SEK 146 million was reported as current assets and SEK 49 million as non-current 
assets. The total value of this balance sheet item amounts to 38% of the Group’s assets, and both its 
measurement and classification have a significant impact on the presentation of the Group’s financial  
statements. Accounts receivable constitute a significant part of the balance sheet and involve estimates  
and judgments; therefore, they are a key audit matter. The company’s accounting policies in Note 1 describe  
how accounts receivable are recognized, classified, and measured. Note 16 details the allowance for  
doubtful accounts receivable, and Note 26 includes an aging analysis showing that there are past-due 
receivables. It also states that some of the receivables are guaranteed by EKN. Note 29, under the heading 
“Key Accounting Estimates and Assumptions,” describes the company’s assessments in this regard. 
Our review of accounts receivable includes, among other things, the following: 
• Reviewed, understood, and assessed the company’s model for writing down receivables.
• Reviewed, understood, and assessed the company’s classification of accounts receivable.
• The value of accounts receivable has also been reviewed through various forms of detailed testing and 
through an assessment of the allowance for bad debts.
• The existence of accounts receivable has also been verified through various types of detailed tests.
• We have challenged the company’s assessment of the value of its accounts receivable.
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Area of particular importance How our audit addressed the area of particular importance
Measurement and existence of inventory
The carrying amount of the Group’s inventory is SEK 59
million. Note 1 explains how the inventory is recognized and measured, and Note 29, under the heading “Key 
Accounting Estimates and Assumptions,” describes the judgments the company has made. The  
measurement of the inventory was a key issue in our audit
since the assessment of fair value naturally, in part,
is based on assessments made by management. Within the Group, two of the Group companies hold 
inventories that are significant in terms of value. Since inventory is a material account, its existence has been  
a material issue in our audit. .
Our audit procedures regarding the measurement and existence of the inventory include, among 
other things:
• Random audits of purchasing costs and manufacturing cost estimates.
• Review and assessment of the need for impairment, based on factors such as inertia, as well as an 
evaluation of the explanations provided by management.
• We have conducted inventory counts at all major warehouse locations.
• We have reviewed and assessed the internal control in the inventory process.
INFORMATION OTHER THAN THE ANNUAL REPORT 
AND CONSOLIDATED FINANCIAL STATEMENTS
This document also contains information other than the 
annual report and the consolidated financial statements, 
which can be found on pages 1–45 and page 118. The 
information contained in the “Remuneration Report 2025,” 
which is published on the company’s website at the same 
time as this report, also constitutes other information. 
The Board of Directors and the CEO are responsible for 
this additional information. Our statement regarding the 
annual report and the consolidated financial statements 
does not cover this information, and we do not express 
any assurance statement regarding this other information.
In connection with our audit of the annual report and the 
consolidated financial statements, it is our responsibility 
to read the information identified above and consider 
whether the information is materially inconsistent with the 
annual report and the consolidated financial statements. 
In this review, we also take into account the other 
information we have obtained during the audit and assess 
whether the information appears to contain material 
misstatements.
If, based on the work performed in relation to this 
information, we conclude that the other information 
contains a material misstatement, we are required to 
report this. We have nothing to report in that regard.
RESPONSIBILITIES OF THE BOARD OF DIRECTORS 
AND THE CHIEF EXECUTIVE OFFICER
The Board of Directors and the CEO are responsible for 
the preparation of the annual report and the consolidated 
financial statements and for ensuring that they present a 
true and fair view in accordance with the Annual Accounts 
Act and, with regard to the consolidated financial 
statements, in accordance with IFRS Reporting Standards 
as adopted by the EU. The Board of Directors and the 
CEO are also responsible for the internal controls they 
deem necessary to ensure that the annual report and 
consolidated financial statements are free from material 
misstatements, whether due to fraud or error.
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In preparing the annual report and the consolidated 
financial statements, the Board of Directors and the 
Chief Executive Officer are responsible for assessing the 
Company’s and the Group’s ability to continue as a going 
concern. They disclose, where applicable, circumstances 
that may affect the ability to continue operations and 
to use the going-concern assumption. However, the 
going concern assumption does not apply if the Board of 
Directors and the CEO intend to liquidate the company, 
cease operations, or have no realistic alternative to doing 
either of these things.
THE AUDITOR’S RESPONSIBILITY
Our objectives are to obtain reasonable assurance 
that the annual report and the consolidated financial 
statements as a whole are free from material 
misstatements, whether due to fraud or error, and to 
issue an auditor’s report that includes our statements. 
Reasonable assurance is a high level of assurance, 
but it does not guarantee that an audit conducted in 
accordance with ISA and generally accepted auditing 
standards in Sweden will always detect a material 
misstatement, if one exists. Misstatements may arise from 
fraud or errors and are considered material if, individually 
or collectively, they could reasonably be expected to 
influence the financial decisions that users make on the 
basis of the annual report and the consolidated financial 
statements.
A further description of our responsibilities regarding the 
audit of the annual report and the consolidated financial 
statements is available on the Swedish Inspectorate 
of Auditors’ website: www.revisorsinspektionen.se/
revisornsansvar. This description is part of the audit report.
REPORT ON OTHER REQUIREMENTS UNDER LAWS 
AND OTHER REGULATIONS
THE AUDITOR’S REVIEW OF THE MANAGEMENT 
OF THE COMPANY’S AFFAIRS AND PROPOSAL FOR 
THE APPROPRIATION OF THE COMPANY’S PROFIT 
OR LOSS
Statements
In addition to our audit of the annual report and 
consolidated financial statements, we have also audited 
the administration of the Board of Directors and the CEO 
of Boule Diagnostics AB (publ) for the year 2025, as well 
as the proposed appropriation of the company’s profit 
or loss.
We recommend that the Annual General Meeting allocate 
the profit as proposed in the management report and 
discharge the members of the Board of Directors and the 
CEO from liability for the fiscal year.
Basis for statements
We conducted the audit in accordance with generally 
accepted auditing standards in Sweden. Our 
responsibilities under these standards are described 
in more detail in the section titled “The Auditor’s 
Responsibilities.” We are independent of the parent 
company and the Group in accordance with generally 
accepted auditing standards in Sweden, and have 
otherwise fulfilled our professional ethical responsibilities in 
accordance with these requirements.
We believe that the audit evidence we have obtained 
is sufficient and appropriate to provide a basis for our 
statements.
Responsibilities of the Board of Directors and the 
Chief Executive Officer
The Board of Directors is responsible for proposing the 
allocation of the company’s profits or losses. When 
proposing a dividend, this includes, among other things, 
an assessment of whether the dividend is justifiable in 
light of the requirements that the nature, scope, and 
risks of the company’s and the Group’s operations place 
on the level of the parent company’s and the Group’s 
equity, consolidation needs, liquidity, and overall financial 
position.
The Board of Directors is responsible for the company’s 
organization and the management of its affairs. This 
includes, among other things, continuously assessing 
the financial situation of the company and the Group, 
and ensuring that the company’s organizational 
structure is designed in such a way that accounting, 
asset management, and the company’s other financial 
affairs are subject to adequate controls. The CEO shall 
be responsible for the day-to-day management of the 
company in accordance with the Board’s guidelines and 
instructions, including taking the measures necessary to 
ensure that the company’s accounting is conducted in 
accordance with the law and that the management of 
funds is handled in a satisfactory manner.
The auditor’s responsibility
Our objective in auditing the administration, and thus 
in issuing our statement on discharge from liability, is 
to obtain audit evidence to assess, with reasonable 
assurance, whether any member of the Board of Directors 
or the Chief Executive Officer, in any material respect:
• has taken any action or been guilty of any negligence 
that could give rise to a liability to pay compensation to 
the company, or
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• has otherwise acted in violation of the Companies Act, 
the Annual Accounts Act, or the Articles of Association.
Our objective in auditing the proposed appropriation 
of the company’s profit or loss, and consequently our 
statement thereon, is to assess with reasonable assurance 
whether the proposal complies with the Companies Act.
Reasonable assurance is a high degree of certainty, but 
no guarantee that an audit conducted in accordance 
with generally accepted auditing standards in Sweden 
will always detect actions or omissions that could give 
rise to liability to the company, or that a proposal for the 
appropriation of the company’s profit or loss is not in 
compliance with the Companies Act.
Further details regarding our responsibility for the audit 
of the administration are available on the Swedish 
Inspectorate of Auditors’ website:  
www.revisorsinspektionen.se/revisornsansvar.  
This description is part of the audit report.
THE AUDITOR’S REVIEW OF THE ESEF REPORT
Statements
In addition to our audit of the annual report and 
consolidated financial statements, we have also reviewed 
whether the Board of Directors and the CEO have 
prepared the annual report and consolidated financial 
statements in a format that enables uniform electronic 
reporting (the ESEF report) in accordance with Chapter 16, 
Section 4a of the Securities Market Act (2007:528) for 
Boule Diagnostics AB (publ) for the year 2025.
Our audit and statement pertain solely to the statutory 
requirement.
In our view, the ESEF report has been prepared in a format 
that, in all material respects, enables uniform electronic 
reporting.
Basis for statements
We have conducted the audit in accordance with 
FAR’s recommendation RevR 18, “The Auditor’s Review 
of the ESEF Report.” Our responsibilities under this 
recommendation are described in more detail in the 
section titled “The Auditor’s Responsibilities.” We are 
independent of Boule Diagnostics AB (publ) in accordance 
with generally accepted auditing standards in Sweden, 
and have otherwise fulfilled our professional ethical 
responsibilities in accordance with these requirements.
We believe that the evidence we have obtained is 
sufficient and appropriate to provide a basis for our 
statement.
Responsibilities of the Board of Directors and the Chief 
Executive Officer
The Board of Directors and the CEO are responsible 
for ensuring that the ESEF report has been prepared in 
accordance with Chapter 16, Section 4a of the Securities 
Market Act (2007:528), and for ensuring that internal 
controls are in place that the Board of Directors and the 
CEO deem necessary to prepare the ESEF report free from 
material misstatements, whether due to fraud or error.
The auditor’s responsibility
Our responsibility is to express an opinion with reasonable 
assurance as to whether, in all material respects, the 
ESEF report has been prepared in a format that complies 
with the requirements of Chapter 16, Section 4a of the 
Securities Market Act (2007:528), based on our review.
RevR 18 requires that we plan and perform our audit 
procedures to obtain reasonable assurance that the ESEF 
report has been prepared in a format that meets these 
requirements.
Reasonable assurance is a high level of assurance, 
but it does not guarantee that an audit conducted in 
accordance with RevR 18 and generally accepted auditing 
standards in Sweden will always detect a material 
misstatement, if one exists. Misstatements may arise from 
fraud or errors and are considered material if, individually 
or collectively, they could reasonably be expected to 
influence the financial decisions that users make on the 
basis of the ESEF report.
The audit firm applies International Standard on Quality 
Management 1, which requires the company to design, 
implement, and maintain a quality management system, 
including policies or procedures regarding compliance 
with ethical requirements, professional standards, and 
applicable legal and regulatory requirements.
The review involves taking various steps to gather 
evidence that the ESEF report has been prepared in a 
format that enables uniform electronic reporting of the 
annual report and consolidated financial statements. 
The auditor selects the procedures to be performed, 
including by assessing the risks of material misstatements 
in the financial statements, whether due to fraud or 
error. In conducting this risk assessment, the auditor 
considers those aspects of internal control that are 
relevant to how the Board of Directors and the CEO 
prepare the supporting documentation, for the purpose 
of designing audit procedures that are appropriate in 
the circumstances, but not for the purpose of issuing a 
statement on the effectiveness of the internal control. The 
audit also includes an assessment of the appropriateness 
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and reasonableness of the assumptions made by the 
Board of Directors and the CEO.
The review procedures primarily involve verifying that the 
ESEF report has been prepared in a valid XHTML format 
and ensuring that the ESEF report is consistent with 
the reviewed annual report and consolidated financial 
statements.
Furthermore, the review also includes an assessment of 
whether the Group’s income statements, balance sheets, 
statements of changes in equity, cash flow statements, 
and notes in the ESEF report have been tagged with iXBRL 
in accordance with the ESEF Regulation.
Öhrlings PricewaterhouseCoopers AB, Torsgatan 21, 
113 97 Stockholm, was appointed as Boule Diagnostics 
AB’s auditor by the Annual General Meeting on May 7 , 
2025, and has served as the company’s auditor since 
May 13, 2014.
Stockholm, April 10, 2026
Öhrlings PricewaterhouseCoopers AB
LARS KYLBERG
Certified Public Accountant 
Lead Auditor
PATRIC KRUSE
Certified Public Accountant
Upcoming information sessions
Interim report for the first quarter of 2026 April 28, 2026
Interim report for the second quarter of 2026 July 17 , 2026
Interim report for the third quarter of 2026 October 23, 2026
Interim report for the fourth quarter of 2026 February 10, 2027
Annual general meeting
The Annual General Meeting of Boule Diagnostics AB 
will be held on May 13, 2026, at 4:00 p.m. at Boule’s 
offices at Fagerstagatan 7 , Spånga. Check-in begins 
at 3:30 p.m. Shareholders may exercise their voting 
rights at the meeting by attending in person, voting 
by mail, or appointing a proxy.
Investor relations contacts
MICHAEL AF WINKLERFELT
CFO
+46 70 553 54 22
michael.af.winklerfelt@boule.com
HEADQUARTERS
Boule Diagnostics AB Corporate ID 556535-0252
Mailing and visiting address: Fagerstagatan 7
SE-163 53 Spånga, Sweden
Phone: +46 8 744 77 00
SUBSIDIARY
Boule Medical AB Corporate ID 556128-6542
Mailing and visiting address: Fagerstagatan 7
SE-163 53 Spånga, Sweden
Phone: +46 8 744 77 00
Clinical Diagnostic Solutions Inc. Corporate ID 20-1792965
Mailing and visiting address: 1800 NW 65th Avenue,
Plantation, Florida 33313, USA
Phone: +1 (954) 791 1773
Fax: +1 (954) 791 7118
Boule Medical LLC Corporate ID 1187746528353
Mailing and visiting address: 142153, Moscow Region, 
Podolsk,
Technopark, Novoselki, 13/2-4
Phone: +7 (495) 740 06 71
Fax: +7 (495) 225 85 20
Information for shareholders
Information for 
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