Kvartalsrapport Q3 2025

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

Interim ReportA strong start to the year - Sales and operating profit growing, good progress in business developmentApril – June 2025
Apr 2024 – Mar 2025Apr – Jun 2024Apr – Jun 2025(SEK million)373.582.8107.2Net sales414730Sales growth %156.037.046.2Gross profit424543Gross margin %67.415.220.5Operating profit (EBIT)181819Operating margin (EBIT) %43.110.49.8Profit for the period78.315.925.8EBITDA211924EBITDA-margin, %104.3N/A107.1Pro-forma adjusted EBITDA*25N/A25Pro-forma adjusted EBITDA-margin*, %April – June 2025•Consolidated sales during the first quarter, April to June amounted to SEK 107.2 (82.8) million, an increase of 30%. •Gross profit amounted to SEK 46.2 (37.0) million, an increase of 25%.•Operating profit (EBIT) amounted to SEK 20.5 (15.2) million, an increase of 34%. The operating margin was 19% (18%). •EBITDA amounted to SEK 25.8 (15.9) million and EBITDA margin was 24% (19%). •Earnings per share before dilution were SEK 0:34 (0:36) for the quarter. Earnings per share after dilution were SEK 0:33 (0:36).•Cash flow from operating activities amounted to SEK -3.2 (-19.8) million.•Cash and cash equivalents were SEK 56.1 (13.4) million at the end of the quarter.*Pro-forma adjusted EBITDA based on the product portfolio acquired by Medilink having been part of EQL Pharma for the twelve-month period ended June 30, 2025, and with assumptions regarding operating costs presented in connection with the signing of the asset transfer agreement on December 10, 2024.

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

The first quarter of 2025/26 marks a strong start for EQL Pharma. Sales grew by 30% and the EBITDA margin amounted to 24%. During the quarter, one new product was added to the pipeline and Memprex received marketing approval in France. After the end of the quarter, a new license deal for Memprex was announced, where the rights for BeNeLux were licensed to Goodlife. EQL also took its first steps for its own establishment in Germany and the Netherlands. Sales growth for the full year 2025/26 is forecast at around 30%.Financial Overview for the first quarter During the quarter, sales rose to SEK 107.2 million, an increase of 30% from SEK 82.8 million the previous year. Operating profit (EBIT) increased by 34% to SEK 20.5 million compared to SEK 15.2 million the previous year, with an EBITDA margin of 24%. The gross margin was 43% (45%). Cash and cash equivalents amounted to SEK 56.1 (13.4) million at the end of the quarter. In addition, there is an unutilized working capital credit of SEK 27.2 (17.3) million.CAPEX was SEK 23.6 (7.7) million during the quarter driven by a larger pipeline. This is fully in line with the company's ambition to add as many new products as cash flow allows.The leverage amounted to 3.7x EBITDA, which is below the maximum leverage of 4.0.
Financial targets and forecasts for the current financial year Sales grew by 30%, which is in line with the company's ambitions for the new five-year period 2024/25 – 2028/29. The EBITDA margin amounted to 24%, which is a sign of strength, given that the goal is to stabilize the EBITDA margin at 25% during the first half of the new five-year period, and then above 25%.Product launches and market dynamics No new products were launched during the quarter. The portfolio thus remains at 46 launched products.EQL received marketing approval in France for our strategic key product Memprex during the quarter. This approval is the first since EQL's focused brand initiative for Memprex began and launch is expected in early 2026. We have also added a new partner for Memprex after the end of the quarter in the form of Goodlife for BeNeLux, which is a testament to the great potential that we see in Europe.After the end of the quarter, a first step in an internally led European expansion was announced. Key people have been hired in Germany and the Netherlands with the task of identifying niche products there, in a similar way as EQL has successfully done in the Nordics. These two markets were initially chosen because they resemble the Nordic markets that EQL is used to in a number of key characteristics. Above all, these are mainly price-centric markets, where the player with the lowest price gets a majority of the sales, without 
active marketing. Furthermore, the niche segment appears relatively unexploited in these markets.During the quarter, a new niche generic was added to our pipeline, which thus grows to 45.Other The situation for our carriers in the Red Sea has not changed since last quarter.EQL has no exposure to the US or direct impact from potential American tariffs. The sale of our pharmaceuticals is also independent of the economic cycle, which means that EQL is financially stable, even in a more uncertain global situation.EQL is in a phase where a major focus is on ensuring in the long term that we can deliver on the new five-year plan. This means in concrete terms adding more new products and territories, working actively with the cost base and ensuring progress in our various development projects and launches. Furthermore, we are actively working with our new product area Special Generics and are starting work for Germany and the Netherlands, with the aim of expanding our total addressable market and thereby accelerating the addition of new products going forward.
CEO’s comments
INTERIM REPORT APRIL - JUNE 20252 Axel SchörlingPresident & CEO

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

June 27th, 2025 – Methenamine Hippurate (branded as Altaromin©) have gained marketing approval in FranceEQL's key product methenamine hippurate has gained marketing approval by the HealthAuthorities in France, where it is to be provided to patients by EQL's license partnerLaboratoires Majorelle under the EQL owned brand Altaromin©. Launch is planned for early2026, subject to reimbursement approvals.Significant events 
INTERIM REPORT APRIL - JUNE 20253
During the quarter After the quarter July 2nd, 2025 – Memprex© (methenamine hippurate) license signed with partner for BeNeLuxEQL's key product Memprex© has been licensed for sale in BeNeLux (Belgium,Netherlands, Luxemburg) with Goodlife Specialty BV, a leading local pharmaceutical companyspecialising in women’s health, endocrinology and urology. There is currently no product with methenamine hippurate offered in the BeNeLux. Memprex© offers an alternative for treatment of recurring urinary tract infections which is both noninferior to long-term antibiotics and which doesn’t increase the risk to develop antibiotic-resistant bacteria since it is an antiseptic treatment rather than an antibiotic.Belgium, the Netherlands and Luxemburg (BeNeLux) is an area of approx. 30,5 million people.For reference, the UK with 68,3 million people had pharmacy market sales of methenaminehippurate close to 13mEUR in 2024. For the exclusive rights to Memprex® in BeNeLux, Goodlife will, subject to reaching agreed sales, pay a six-figure sum in EUR spread over six milestones..July 8th, 2025 – EQL takes first step to establish itself in Germany and the NetherlandsEQL has taken the first step to establish itself in Germany and the Netherlands byrecruiting key people with knowledge of the local markets who can identify, develop/inlicenseand launch niche generics for these markets.The strategy that has worked well in the Nordics will be repeated in these new markets withsimilar history and healthcare systems. In addition to launching new market-specific products, the existing portfolio of EQL products, both marketed and in the pipeline, may be launched in these countries, provided that the conditions for profitability look good. EQL assesses that both Germany and the Netherlands have price-centric systems, which are very similar to those EQL is used to, and that there are therefore good opportunities to build niche portfolios with significant financial impact within 3-4 years.

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

PipelineEQL Pharma's reporting of the pipeline takes place at a general level and does not include, with the exception of launch phase products, the names of individual products or the products current or expected market potential. Our goal is to provide better guidance to shareholders without disclosing information to competitors and without our pipeline being interpreted as a financial prospect. The information is updated in connection with the quarterly reports.Figure 1. Total pipeline of products and how many products are in Review phase and Launch phase respectively.Products in different phasesDevelopment phase is used here as a general term. In this term all products we actually develop together with partners in, for example, India or the EU are included. But in addition to these products, the term also includes all products on which we have signed licensing or distribution 
agreements for one or more geographical markets, although we do not develop the product ourselves.When a product is fully developed, the application is submitted to the Medicines Agency in the markets where we intend to sell the product. The Agency’s then initiate an audit, which generally takes about one year from application to approval. We call this step Review phase. At the end of the quarter, we had eleven products in the review phase.When we know that the product is approved, we can place orders for manufacturing and delivery. In parallel with this, we apply for government reimbursement and tenders to the extent that they are available. We call this step the launch phase and usually it takes about six to twelve months from approval until the first package is delivered to pharmacies.Products in the Launch phase At the end of the quarter, we had eight products in the launch phase. Four of these are hospital products whose launches depend on the outcome of public tenders. The remaining four are classified as outpatient products of which one is part of the Specialty Generics product area.During all stages from the development phase to the launch phase, situations can arise that risk delaying a 
launch or even making it impossible. Both ourselves and our carefully selected partners do everything we can to prevent these situations from occurring, but there are always risk factors beyond our control. This means that launches can take place both earlier and later than indicated. The chart below is intended to provide a best guess at any given time.Product development
INTERIM REPORT APRIL - JUNE 20254
Total pipeline
Review phase
Products under development
Launch phase
Expected launches
Figure 2. The company's product launches for the current fiscal year and expected product 
launches up to and including fiscal year 2029/30.
45
26
11
8 6
8
10
18
3
2026/27 2027/282025/26 2028/29 2029/30

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

EQL Pharma has an aggressive growth strategy driven by the launch of new products combined with expansion into new markets. Our products are often generic to originals that have been around for a very long time.This means that the markets we enter are generally mature, but also that there are few, if any, generic competitors to our products and that it is unlikely that many new ones will be added.Marketed productsThe definition of "product" is a unique substance and / or formulation. So PenV tablets and oral suspension count as two products, not one. A product can be launched in several countries at the same time with different pack sizes but is still only counted as one product launch.No new products have been launched in the quarter.Geographic marketsWe currently operate directly under our own brand in Sweden, Denmark, Norway, Finland, Estonia, Latvia, Lithuania, the Czech Republic, Austria and Portugal. In the rest of the world our products are sold indirectly through partners.In 2025/26 and beyond, we will expand our geographical presence worldwide. Depending on the market, this will be done through a direct or indirect sales model. Product areasWe currently develop and sell only prescription drugs and rapid tests in our core product. There are 
several interesting product areas in this category. So far, we have mostly focused on the area of interchangeable generics in outpatient care (Pharmacy), injectable products for inpatient care (Hospital) and tests to identify Covid and/or influenza infections (Tests). The intention going forward is to broaden the portfolio to include more unique products/formulations for primarily outpatient care (Brands) and non-interchangeable generics (Specialty Generics).Outpatient care generics are primarily sold via various exchange systems such as the Swedish “Periodens Vara” system. The injectable products are generally sold via public procurement. The unique and non-interchangeable products achieve sales only through prescriptions specifically for our product and the tests are sold directly to consumers with pharmacies as the primary sales channel.
Market
INTERIM REPORT APRIL - JUNE 20255 Figure 3.The company's product portfolio, i.e. marketed products, per quarter from fiscal year 2022/23 through the reporting period for the current fiscal year. The Y axis is the number of products marketed..2325 252628 283640 40 4046 46
0
5
10
15
20
25
30
35
40
45
50
Q2 Q1Q1Q4Q2 Q3 Q3Q4 Q1 Q3 Q4
2022/23 2023/24 2024/25
Q2
2025/26

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

Market
INTERIM REPORT APRIL - JUNE 20256
PharmacyFrom this quarter, we are changing the name of the product area “Retail” to “Pharmacy” to avoid misunderstandings as “Retail” can easily be interpreted as all retail trade.During the quarter, Denmark introduced a contingency stock that requires us to keep six weeks of stock of all outpatient products that we sell in Denmark. As we generally keep significantly higher stocks than this on average, this has not resulted in any noticeable increase in stock levels. However, during the quarter, we have had to reallocate some stock from wholesalers in Sweden to Denmark to meet the requirements.HospitalDuring the quarter, EQL won tenders in Denmark and Sweden and began sales in new multi-year agreements in Denmark.BrandsDuring the quarter, EQL's proprietary product methenamine hippurate was approved in France where it will be sold under the EQL-owned brand name "Altaromin" instead of the Memprex brand, as requested by the local partner and licensee Laboratories Majorelle.Altaromin is used for the treatment of recurrent urinary tract 
infections and will be the first treatment in France that does not involve antibiotics and increases the risk of developing antibiotic-resistant bacteria. Launch is expected in EQL's fourth financial quarter 2025/26.TestsThere has been no Covid epidemic during the quarter and sales of tests have therefore been moderate.Specialty GenericsStarting this quarter, we will report on current market events for our new Specialty Generics product area, which includes generics that are not interchangeable with other generics or the originator drug.The area currently has two dedicated and knowledgeable employees with many years of experience in selling this type of drug.
Examples of Specialty GenericsThere are several different reasons why a drug is classified as “non-substitutable.” Here are some of them.A. Medicines with a narrow therapeutic window, i.e. where the dosage difference between substandard effect and toxicity is so small that switching between generics is impossible. Examples include medicines used in transplantation or epilepsy.B. Medicines with distinctly different flavours, specifically intended for children.C. Medicines with different classifications, e.g. over-the-counter vs. prescription vs. dietary supplements, where the requirements from authorities regarding safety, efficacy and quality are different.D. Medicines that differ significantly from other medicines with the same effective substance, e.g. regarding administration, strength or formulation. Examples include medicines with unique inhalers or injection pens.E. Medicines with the same substance but with differences in important parameters in their market approval. Examples include differences in use during pregnancy or breastfeeding.

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

Financial information
INTERIM REPORT APRIL - JUNE 20257

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

Sales and operating profit
INTERIM REPORT APRIL - JUNE 20258Quarterly Net sales in SEK million
Net sales R12 SEK million
Figure 4. Net sales trend fiscal year 2022/23 through reporting period for the current fiscal year. Left Y-axis quarterly turnover in SEK million. Right Y-axis rolling 12-months sales expressed in SEK million. * Excluding non-recurring sales until 2023/24
Quarterly EBIT In SEK million
EBIT R12 SEK millionFigure 5. Operating profit trend (EBIT) for fiscal year 2022/23 through the reporting period for the current fiscal year, the bars are EBIT and the line is rolling 12-month EBIT. The left Y-axis EBIT per quarter expressed in SEK million and the right Y-axis is rolling 12-month EBIT expressed in SEK million.
In the first quarter of the financial year 2025/2026, our net sales amounted to SEK 107.2 (82.8) million, which corresponds to a growth of 30%. Operating profit for the first quarter amounted to SEK 20.5 (15.2) million. The operating margin (EBIT) was 19% (18%). All product areas contributed positively to the result. Sales development Profit performanceQuarterly net sales and Rolling 12 months (R12)*Quarterly operating profit (EBIT) and EBIT Rolling 12 months (R12)
020406080100120050100150200250300350400Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1Q2 Q3 Q456,1Q156,259,670,278,153,585,292,2113,3107,282,830%2022/232023/240510152025-20-1001020304050607080Q341,4Q441,4Q136,1Q230,4Q332,6Q440,0Q147,7Q252,8Q367,4Q472,6Q111,915,549,77,96,69,88,415,26,114,823,020,5Q247,214,32022/232023/242024/252024/252024/252025/26

===== SIDA 9 =====

Gross profitGross profit increased by 25 percent to SEK 46.2 (37.0) million during the first quarter, which corresponds to a gross margin of 43 percent (45). The gross margin was affected by shipping costs, the product mix, depreciation of capitalized development expenses, inventory adjustments and currency effects.Cash flowPositive cash flow from operations before changes in working capital of SEK 17.7 (14.1) million for the quarter. Change in working capital during the quarter amounted to SEK -20.9 (-33.8) million. The change can primarily be explained by a decrease in accounts payable.The total cash flow from current operations amounted to SEK -3.2 (-19.8) million for the quarter.InvestmentsEQL Pharma continues to invest in new products. During the quarter, SEK 23.6 (7.7) million was invested in both ongoing and new projects. 
FinancingCash flow from financing operations totaled SEK 5.9 (20.4) million during the quarter and mainly includes increased lease liabilities according to IFRS16.Financial costsThe quarter's interest expenses attributable to loans amounted to SEK -8.1 (-2.1) million. In addition to interest costs for loans, financial costs are attributable to interest on leasing debt according to IFRS 16. Other financial income for the period amounted to SEK 0.0 (0.0) million.Financial positionCash and cash equivalents amounted to SEK 56.1 (13.4) million at the end of the quarter and unutilised working capital credit amounted to SEK 27.2 (17.3) million. Pledged invoice and inventory limits amounted to SEK 134 (140) million.
TaxTax according to the applicable tax rate of 20.6% during the quarter amounted to SEK -2.6 (-2.7) million.Cash flow, investments and financing
INTERIM REPORT APRIL - JUNE 20259

===== SIDA 10 =====

Parent companyEQL Pharma AB is the parent company of the EQL Pharma group. Net sales for the Parent Company during the first quarter amounted to SEK 107.2 (82.8) million. Operating profit amounted to SEK 20.5 (15.2) million for the quarter.PersonnelThe number of full-time employees in the group is 20 (22), out of whom 10 (15) are women, at the Swedish parent company.In addition to the permanent staff, there are long-term consultants with expertise in GMP, pharmacovigilance, regulatory affairs, business development and wholesale operations tied to the group.Risk factorsThis financial report includes statements that are forward looking but actual future results may differ materially from those anticipated. In addition to the factors discussed, the earnings can be affected by delays and difficulties in the various phases of development, such as formulation, stability, preclinical and clinical trials, but also potentially competition, economic conditions, patent protection and the exchange rate and interest rate fluctuations, and political risks. Several risk factors may have a negative impact on the 
operations of EQL Pharma. It is therefore important to consider the relevant risks alongside the Company's growth opportunities. The following text describes risk factors in no particular order and with no claim to be exhaustive.Delays in launching new products can mean deterioration in earnings for the company and it cannot be excluded that the EQL Pharma in the future may need to raise additional capital. An aggressive investment strategy from competition could pose risks in the form of slower sales and weaker profitability. Increased competition could lead to negative sales and earnings effects for the Company in the future.External factors such as inflation, currency and interest rate fluctuations, supply and demand, booms and recessions as well as geopolitical such as the unrest in the Middle East may have an impact on operating costs, freight costs, selling prices and equity valuations. EQL Pharma's future revenues and valuation of shares may be adversely affected by these factors, which are beyond the Company's control. A large part of the purchases is made in euro whose value can change significantly.EQL Pharma will continue to develop new products in its field. Time and cost aspects of product development can be difficult to pre-determine with accuracy. This entails the risk that a proposed product is more costly than planned or takes longer  than planned.
Additional risks and uncertainties that are not currently known to EQL Pharma may be developed into important factors that affect the Company's operations, results and financial position. For a more detailed list of risks, we refer to EQL’s Annual Report 2024/25, pages 47-48 and 62-63.Upcoming reportsFuture reports for 2025/26 will be published:
Additional information
INTERIM REPORT APRIL - JUNE 202510
Current financial period:2025-08-21Annual General Meeting2025-11-05Interim Report July – September (Q2)2026-02-03Interim Report October – December (Q3)2026-05-08Year-End Report April 2025 – March 2026 (Q4)

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

Accounting policiesEQL Pharma’s consolidated accounts are prepared in accordance with International Financial Reporting Standards (IFRS). EQL Pharma’s interim report has been prepared in accordance with IAS 34 Interim Financial Reporting. For the Group, the same accounting policies as those adopted for this report are described on pages 56-61 of the company’s Annual Report for 2024/2025 with the addition of IFRS 13 where fair value has been calculated for all financial assets and liabilities and with additions for acquired products based on the assets' acquisition values   and estimated useful lives of up to 20 years. The fair value of other financial assets, other receivables, trade receivables and other short-term receivables, cash and cash equivalents, trade payables and other liabilities and interest-bearing liabilities is estimated to be equal to its book value. The company has loans with variable interest rates and thus the fair value is deemed to be in line with the book value.Reporting for the Parent follows the Swedish Annual Accounts Act and recommendation RFR 2 of the Swedish Financial Accounting Standards Council (‘Reporting for Legal Entities’).
Our financial goalsDuring the last quarter, a new five-year plan was presented (with four full years). 2024/25 – 2028/29, the goal is to grow by an average of 30%; stabilizing the EBITDA margin initially at 25%; then over 25%. Our peak leverage shall be a maximum of 4.0x EBITDA, with a target to strive for 2.5x. Sales growth for the current full year 2025/26 is forecast to around 30%.The auditors' reviewThis interim report has not been audited by the auditor.Questions regarding year end reportFor further information or questions, please contact: Axel Schörling,President & CEO axel.schorling@eqlpharma.com+46 763 179 060EQL Pharma is listed on Nasdaq Stockholm, Small Cap list. The company is traded under the ticker symbol EQL and ISIN code SE0005497732.
Board of Directors EQL PharmaLund, August 8th, 2025.Christer Fåhraeus, Anders Månsson, Chairman MemberPer Ollermark, Linda Neckmar, Member MemberPer Svangren, Nikunj Shah, Member Member 
Additional information
INTERIM REPORT APRIL - JUNE 202511

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

The Group
INTERIM REPORT APRIL - JUNE 202512
Consolidated profit and loss statementApr 2024 – Mar 2025Apr – Jun 2024Apr – Jun 2025NoteAll amounts in ’000373 51682 789107 2153Net sales-217 562-45 808-61 063Cost of goods sold155 95336 98146 152Gross profit42%45%43%Gross margin-58 763-12 826-17 606Sales and marketing expenses -19 698-6 436-6 254Administration expenses-11 263-3 201-2 826R&D expenses1 140715995Other operating income67 37015 23220 460Operating profit (EBIT)702Other financial items-13 022-2 119-8 078Interest paid54 35413 11312 384Result before tax-11 232-2 701-2 556Tax 43 12310 4129 829Net profit for the period Other comprehensive income:-10 -44Translation difference in the group-10-44Sum of Components to be reclassified to net profit:-10-44Sum of other comprehensive income:43 11310 4079 833Comprehensive result for the period

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

The Group
INTERIM REPORT APRIL - JUNE 202513
Apr 2024 – Mar 2025Apr – Jun 2024Apr – Jun 2025Per share data1.480.360.34Earnings per share, before dilution, SEK */1.440.360.33Earnings per share, after dilution, SEK */7.616.477.94Equity per share, SEK29 063 61029 063 61029 063 610Number of shares outstanding29 063 61029 063 61029 063 610Average number of shares outstanding, before dilution29 895 61029 063 61029 895 610Average number of shares outstanding, after dilution71.0056.2091.50Stock exchange rate, SEK---Dividend per sharePer share dataQuarterly earnings trendApr – Jun 2024Jul – Sep 2024Oct – Dec 2024Jan – Mar 2025Apr – Jun 2025All amounts in ’00082 78985 24892 222113 256107 215Net sales4743314530Sales growth36 98134 72237 74246 50846 152Gross profit4541414143Gross margin, %15 23214 32114 84422 97320 460Operating profit (EBIT)1817162019Operating margin, %10 4129 56210 06113 0889 829Net profit for the period-7 097-1 5423 72766 844-26 294Cash flow for the period* Based on the profit/loss for the period divided by the average number of shares in issue

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

The Group
INTERIM REPORT APRIL - JUNE 202514
Consolidated balance sheet2025-03-312024-06-302025-06-30NoteAll amounts in ’000402 246180 387420 5054Intangible assets6 3242 3295 970Tangible fixed assets111Financial assets179 031137 284176 740Inventory125 68256 673123 349Trade receivables13 13916 54614 610Other receivables82 40013 37156 106Cash and bank808 823406 591797 279Total assets221 034188 134230 868Equity25 33820 21127 892Deferred Tax liability341 81816 607342 557Long-term debt, interest-bearing109 739123 847109 169Short-term debt, interest-bearing19 96011 23522 024Short-term debt, non interest-bearing90 93546 55764 769Trade payables808 823406 591797 279Total equity and liabilitiesConsolidated changes in equityApr 2024 – Mar 2025Apr – Jun 2024Apr – Jun 2025All amounts in ’000177 726177 726221 034Balance at beginning of period19400Warrants43 12310 4129 829Profit for the period-10-44Other comprehensive income221 034188 134230 868Balance at end of period

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

The Group
INTERIM REPORT APRIL - JUNE 202515
Cash flowApr 2024 - Mar 2025Apr – Jun 2024Apr – Jun 2025All amounts in ’00067 37015 23220 460Operating profit (EBIT)-13 015-2 119-8 076Interest paid12 5179585 357Adjustment for items not included in cash flow000Taxes66 87114 07117 741Cash flow from operations before changes in working capital-73 413-31 6622 295Changes in inventory-67 151-1 539863Changes in current receivables49 041-637-24 103Changes in current liabilites-91 523-33 838-20 945Sum changes in working capital-24 652-19 767-3 204Cash flow from operations-239 715-7 653-23 577Acquisitions of intangible non-current assets-6 127-37-5 387Acquisitions of tangible non-current assets-245 843-7 691-28 963Cash flow from investment activities328 12820 722430Amortization, raising of loans19400Warrants program2 32605 443Leasing debts1 778-3610Amortization of leasing debts332 42720 3615 873Cash flow from financing activities61 932-7 097-26 294Total cash flow during period20 46820 46882 400Cash / cash equivalents at beginning of period82 40013 37156 106Cash / cash equivalents at end of period

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

Parent company
INTERIM REPORT APRIL - JUNE 202516
Profit and loss statementApr 2024 – Mar 2025Apr – Jun 2024Apr – Jun 2025All amounts in i ’000371 91082 790107 211Net sales-216 481-45 670-61 049Cost of goods sold155 42837 12046 162Gross profit42%45%43%Gross margin-58 443-12 736-17 577Sales and marketing expenses -19 794-6 391-6 256Administration expenses-11 281-3 208-2 826R&D expenses1 140715995Other operating income67 05015 50020 497Operating profit (EBIT)701Other financial and interest income-12 813-2 108-8 016Interest expenses and similar expenses54 24313 39212 482Profit before tax -38 00000Appropriations-3 392-2 701-2 554Tax 12 85210 6919 928Net profit for the period

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

Parent company
INTERIM REPORT APRIL - JUNE 202517
Balance sheet2025-03-312024-06-302025-06-30All amounts in ’000210 344180 102231 018Intangible assets622315584Tangible fixed assets391391391Financial assets178 971136 667176 695Inventory125 67756 682123 347Trade receivables204 31017 949202 866Other receivables81 64111 98155 938Cash and bank801 956404 088790 839Total assets122 698120 343132 625Equity338 38715 671339 411Long-term debt, interest-bearing111 524122 723110 927Short-term debt, interest-bearing15 50313 94120 116Short-term debt, non interest-bearing123 00085 000123 000Appropriations90 84546 41164 759Trade payables801 956404 088790 839Total equity and liabilities

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

Note 1 Accounting policiesThe Group applies International Financial Reporting Standards (IFRS), as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting; the Annual Accounts Act and the Nasdaq Stockholm Rule Book for Issuers. Disclosures in accordance with IAS 34 p. 16A appear not only in the financial statements and their accompanying notes but also in other parts of the interim report. Valuation according to IFRS 13 explains that fair value has been calculated for all financial assets and liabilities. The fair value of other financial assets, other receivables, trade receivables and other short-term receivables, cash and cash equivalents, trade payables and other liabilities and interest-bearing liabilities is estimated to be equal to its book value. The company has loans with variable interest rates and thus the fair value is deemed to be in line with the book value. The parent company applies the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2 Accounting for Legal Entities.Note 2 Segment reportingEQL Pharma’s operations only comprise one operating segment; generics for prescription pharmacy sales and hospital sales, and therefore reference is made to the income statement and balance sheet regarding operating segment reporting.Note 3 Allocation of salesNet sales divided in geographical markets.
Note 4 Intangible fixed assets
The intangible fixed assets amounted to SEK 420.5 (180.4) milion on the balance sheet date. Intangible assets are reported at the cost of acquisition minus accumulated depreciation and any write-downs. The useful life is reviewed at each accounting year-end.For the recently acquired product portfolio from Medilink, the useful life has been estimated at 20 years and the products are depreciated on a straight-line basis at 5% per year.
Notes
INTERIM REPORT APRIL - JUNE 202518
Apr – Jun 2024Apr – Jun 2025All amounts in ’00031 32933 511Sweden32 83149 120Other Scandinavia18 62924 041Other Europe-543Outside Europe82 789107 215TotalApr 2024 – Mar 2025All amounts in ’000164 832Sweden138 641Other Scandinavia69 491Other Europe553Outside Europe373 516Total
Apr 2024 – Mar 2025Apr – Jun 2024Apr – Jun 2025All amounts in ’000210 427210 427450 142Opening accumulated cost239 7157 65323 577Investments for the period---Write-down for the period450 142218 080473 719Closing accumulated cost-37 118-37 118-47 896Opening accumulated depreciation-10 778-576-5 318Depreciation for the period---Sales/disposals for the period-47 896-37 694-53 214Closing accumulated depreciation402 246180 387420 505Total intangible fixed assets

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

Note 5 Transactions with related partiesThe nature and extent of related party transactions are described in the group's annual report for 2024/25.Transactions with related parties arise in the day-to-day operations and are based on commercial terms and market prices. In addition to customary transactions between group companies and remuneration to management and the board, the following transactions with related parties have taken place during the period: Transactions with Cadila Pharmaceuticals Ltd regarding goods purchases and development costs have taken place with SEK 8.8 (14.4) million during the period April to June 2025.Note 6 Incentive ProgrammesOptions Scheme– During the period April to June, the company has not granted any new warrants. There are previously outstanding incentive programs in the company in the form of four warrant programs through which a maximum of 832,000 new shares may be issued. If all warrants that have been issued and held by participants are fully utilized for the subscription of shares, a total of 832,000 new shares will be issued, which corresponds to a combined dilution of approximately 2.78 percent of the company's share capital and votes after full dilution.The earnings conditions mean that the individuals annually for 3.5 years earn the right to the warrants and where it exists a requirement for employment during the respective period. As the warrants in the Warrants Programs will be issued to the participant at their fair market value, it is the company’s assessment that no social costs will occur for the company as a result of the Warrants Programs.
Description of the full terms and conditions for incentive programs can be found on the company's website under Investor Relations.Note 7 Events after accounting periodOn July 2, it was announced that EQL's key product Memprex© (methenamine hippurate) has been licensed for sale in BeNeLux (Belgium, Netherlands, Luxembourg) with Goodlife Specialty BV.On July 8, it was announced that EQL is taking the first step to establish itself in Germany and the Netherlands.
Notes
INTERIM REPORT APRIL - JUNE 202519

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

The company presents certain financial measures in the interim report which are not defined according to IFRS. The company considers these measures to provide valuable supplementary information for investors and the company’s management as they enable the assessment of relevant trends. EQL Pharma’s definitions of these measures may differ from other companies’ definitions of the same terms. These financial measures should therefore be seen as a supplement rather than as a replacement for measures defined according to IFRS. Definitions of measures which are not defined according to IFRS and which are not mentioned elsewhere in the interim report are presented below. Reconciliation of these measures is shown in the tables below. 
Reconciliation tables KPIs, non-IFRS measures
INTERIM REPORT APRIL - JUNE 202520
DefinitionKey performance indicatorsNet sales divided by net sales corresponding to the period last year.Sales growthNet sales less cost of goods sold.Gross profitGross profit as a percentage of net sales.Gross marginEarnings before interest and taxOperating profit (EBIT).Operating profit (EBIT) as a percentage of net sales for the period.Operating margin (EBIT), %.Operating profit (EBIT) before interest, taxes, depreciation and amortization.EBITDAOperating profit (EBIT) adjusted for write-downs and amortization divided by net sales.EBITDA margin %Pro-forma adjusted EBITDA as if acquired entities had been part of EQL Pharma during the last twelve-month periodPro-forma adjusted EBITDAShort-term and long-term liabilities to credit institutions, bond loans less cash and cash equivalents divided by pro forma adjusted EBITDANet debt through pro-forma adjusted EBITDAShareholders’ equity attributable to Parent Company shareholders divided by the number of outstanding shares at the end of the period.Shareholders’ equity per shareShareholders’ equity including non-controlling interests as a percentage of total assets.Equity/assets ratio
Key performance indicators not defined according to IFRS
Apr – Mar 2025Apr – Jun 2024Apr – Jun 2025Sales growth373 51682 789107 215Net sales current period, KSEKA 264 16856 20682 789Net sales last period, KSEKB 41%47%30%Sales growth, %(A-B)/B Apr – Mar 2025Apr – Jun 2024Apr – Jun 2025Gross profit / Gross margin373 51682 789107 215Net sales, KSEKA -217 562-45 808-61 063Cost of goods sold, KSEKB 155 95336 98146 152Gross profit, KSEKA-B 42%45%43%Gross margin, %(A-B)/A

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

Reconciliation tables KPIs, non-IFRS measures, cont.
INTERIM REPORT APRIL - JUNE 202521
Apr – Mar 2025Apr – Jun 2024Apr – Jun 2025Operating profit (EBIT)/ Operating margin67 37015 23220 460Operating profit (EBIT), KSEKA 373 51682 789107 215Net sales, KSEK B 18%18%19%Operating margin (EBIT), %A/B Apr – Mar 2025Apr – Jun 2024Apr – Jun 2025EBITDA67 37015 23220 460Operating profit (EBIT), KSEKA 10 8826285 357Write-downs and amortization, KSEKB 78 25215 86025 817EBITDA, KSEKA+B Apr – Mar 2025Apr – Jun 2024Apr – Jun 2025EBITDA margin, %78 25215 86025 817Operating profit (EBIT) adjusted for write-downs and amortization , KSEKA 373 51682 789107 215Net sales, KSEKB 21%19%24%EBITDA margin, %A/B Apr – Mar 2025Apr – Jun 2024Jul 2024 – Jun 2025Net debt through pro-forma adjusted EBITDA78 252N/A88 216EBITDA, KSEKA 26 052N/A18 847EBITDA Medilink before date of acquisition, KSEKB 104 304N/A107 063Pro-forma adjusted EBITDA, KSEKA+B 369 157N/A395 621Interest-bearing net debt, KSEKC 3.54N/A3.70Interest-bearing net debt through pro-forma adjusted EBITDA, timesC/(A+B)* Pro-forma adjusted EBITDA based on the product portfolio acquired by Medilink having been part of EQL Pharma for the twelve-month period ended June 30, 2025, and with assumptions regarding operating costs presented in connection with the signing of the asset transfer agreement on December 10, 2024.

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

Reconciliation tables KPIs, non-IFRS measures, cont.
INTERIM REPORT APRIL - JUNE 202522
Apr – Mar 2025Apr – Jun 2024Jul 2024 – Jun 2025Pro-forma adjusted EBITDA margin, %104 304N/A107 063Pro-forma adjusted EBITDA, KSEKA 373 516N/A397 941Net sales, KSEKB 42 168N/A29 518Net sales Medilink before date of acquisition, KSEKC 415 683N/A427 459Pro-forma adjusted net sales, KSEKB+C 25%N/A25%Pro-forma adjusted EBITDA margin, %A/(B+C)Apr – Mar 2025Apr – Jun 2024Apr – Jun 2025Shareholders’ equity per share43 12310 4129 829Profit/loss for the period, KSEKA 199 380114 997225 951Number of sharesB 22%9%4%Net earnings per share, %A/B Apr – Mar 2025Apr – Jun 2024Apr – Jun 2025Equity-asset ratio221 034188 134230 868Equity, KSEKA 808 823406 591797 279Balance sheet total, KSEKB 27%46%29%Equity ratio, %A/B* Pro-forma adjusted EBITDA based on the product portfolio acquired by Medilink having been part of EQL Pharma for the twelve-month period ended June 30, 2025, and with assumptions regarding operating costs presented in connection with the signing of the asset transfer agreement on December 10, 2024.