Nosa Plugs AB Interim Report for the Third Quarter 2026

This English version is a translation of the Swedish quarterly report of Nosa Plugs AB (publ). In the event of any
discrepancies, the Swedish version shall prevail.

Financial performance

1 July – 30 September 2026

• Net sales 10,232 TSEK (3,651)
• Sales growth 180%
• EBITDA 1,786 TSEK (-3,211)
• Operating profit -58 TSEK (-4,154)
• Earnings per share SEK 0.00 (-0.02)
• Cash flow from operating activities -62 TSEK (-2,261)
• Cash and cash equivalents 11,101 TSEK (18,824)

1 January–30 September 2026

• Net sales 27,266 TSEK (12,757)
• Sales growth 114%
• EBITDA 1,184 TSEK (-5,143)
• Operating profit -4,011 TSEK (-7,353)
• Earnings per share SEK -0.01 (-0.03)
• Cash flow from operating activities -334 TSEK (-4,617)
• Cash and cash equivalents 11,101 TSEK (18,824)

CEO’s statement
The third quarter marked another clear step forward for NOSA. Revenue increased to SEK 10.2 million, representing growth of 180 percent compared with the same quarter of the previous year. The gross margin was 63 percent, and EBITDA improved to SEK 1.79 million, corresponding to an EBITDA margin of 17 percent.

Of particular significance, we now report positive EBITDA both for the quarter and for the first nine months of the year. This shows that our growth is increasingly translating into profitability and provides a stronger platform for continued expansion.

Financial performance
The strong performance in the quarter confirms that the company is moving in the right direction. At the same time, uncertainty regarding the final quarter of the year means that the company can no longer stand by its previously communicated financial targets for 2026: revenue of SEK 50 million and an EBITDA margin of 15 percent.

This is primarily due to three factors: delays to the Nozoil technical file and one-off costs related to the process; the postponement of launches and revenue from new customers outside Europe; and weaker-than-planned sales of Smell training.

We had expected the new technical file for Nozoil to be approved during the summer. As approval has taken longer than expected, initiatives dependent on the file have also been postponed, including measures to improve the gross margin and launches in new markets. The process has also resulted in significant one-off costs, which are weighing on EBITDA for the year.

Several of the year’s stronger sales months are still ahead. However, some planned deliveries to new customers in the Middle East may be postponed until early 2027 due to longer registration processes. As a result, the timing of revenue from these customers remains difficult to assess.

Sales of Smell training have so far been lower than expected, primarily because distribution through pharmacies has not reached the planned scale and the prospects for reimbursement through relevant reimbursement systems are considered lower than previously anticipated. We therefore expect sales of the product in the fourth quarter to remain below our original plan.

Against this background, we are not currently providing full-year guidance for revenue and margin. The uncertainty is mainly related to the timing of approval of the Nozoil technical file and when deliveries to new customers in the Middle East can be made.

Our long-term financial ambition remains unchanged. The targets for 2027 and 2028 of 25 percent net sales growth and an EBITDA margin of 18 percent remain in place.

Nozoil
Nozoil continues to perform well in several markets. In Norway, sales have grown rapidly since the launch earlier this year, and the market has quickly become one of our largest in Europe. In Germany, performance remains stable, and Nozoil is now available in more than 1,000 pharmacies.

In France, the launch campaign was postponed until late September, which dampened sales in the third quarter. We continue to see strong potential as the campaign now gains greater traction. The launch to pharmacies in Belgium and the Netherlands began at the start of the fourth quarter, and the rollout is ongoing.

Work on our own technical file is continuing. Despite positive indications as early as the second quarter, formal approval has not yet been obtained. We currently expect the process to be completed before year-end. Once approval is in place, we will be able to resume several value-creating initiatives, including launches in markets outside Europe and efforts to improve Nozoil’s gross margin.

Odor control
Odor control continues to perform strongly in the Nordics, where the growth rate has accelerated and is now above historical levels. Growth in the US market is currently lower, and we are therefore also launching geofencing campaigns there to support demand.

At the same time, we are encouraged by our new partnership with Galls in the US. The partnership has the potential to become an important driver of our continued expansion in the American market.

Smell training
Sales of Smell training have so far fallen short of our expectations for the year. This is primarily because pharmacy sales have not reached the scale we anticipated and the product has not obtained the reimbursement status that had previously been considered achievable.

During the third quarter, we launched a new and improved app that provides users with better support throughout the training programme. This is an important step in enhancing the user experience and creating better conditions for the product’s continued commercial development.

Cerevia
During the quarter, we continued testing a new and promising molecule within Cerevia. The molecule has so far passed the initial production tests, and the results will next be evaluated by a pharmaceutical company. The aim is to assess whether the results warrant further development into the next phase, in which pharmacokinetic and pharmacodynamic data will be generated. The project remains at an early stage, but its potential is significant if the upcoming evaluations are successful.

In parallel, discussions are continuing with two international pharmaceutical companies, which are assessing whether Cerevia could be relevant to molecules in their respective portfolios and strategic focus areas.

Outlook
Although we no longer expect to achieve the previously communicated targets for 2026, the underlying performance of the company is strong. We are growing faster than before, have achieved positive EBITDA and see good prospects for continued profitable growth.

The delay to the Nozoil technical file has postponed some of the synergies we expected from the acquisition and is affecting revenue, costs and profitability compared with our original plan. At this stage, the impact is primarily a matter of timing. Once the technical file has been approved, we can accelerate our work on new market launches and margin improvements.

With an expanding international presence, improved profitability and several concrete growth initiatives, we enter the final part of the year from a stronger platform than at its start. Our focus is now on translating that platform into sustainable, profitable growth and long-term shareholder value.

Adrian Liljefors
VD, Nosa Plugs AB (publ)

Financial calendar

• Year-end report 2026 – to be published on 12 February 2027
• Annual report – to be published on 15 April 2027
• Quarterly report Q1 – to be published on 30 April 2027
• Quarterly report Q2 – to be published on 13 August 2027
• Quarterly report Q3 – to be published on 29 October 2027