Fluicell (FLUI) investor relations material

Executive summary

• 9M 2026 was a record period for revenue and operating profit, with positive EBIT and EBITDA versus losses a year earlier.

• Q3 remained loss-making as seasonal activity slowed in commissioned research and the Ambusol collaboration; the 9M outlook remains in place.

Financial highlights

• Q3 net sales were SEK 2.388m, up 94% YoY; total operating income was SEK 4.001m.

• Q3 EBITDA was -SEK 0.757m, EBIT -SEK 0.806m, pretax loss -SEK 0.714m and EPS -SEK 0.52.

• 9M net sales were SEK 15.760m, up 627% YoY; total operating income was SEK 21.120m.

• 9M EBITDA was SEK 4.936m, EBIT SEK 4.724m, pretax profit SEK 4.855m and EPS SEK 3.53.

• 9M operating costs fell 8% YoY to SEK 16.396m; Q3 costs declined 7% YoY to SEK 4.807m.

Outlook and guidance

• The FY 2026 forecast remains unchanged: result excluding capitalized development work and cash flow within -SEK 1m to +SEK 1m.

• Ambusol project data enabled advancement to the next development phase; clinical studies are expected to begin in 2027.

• Priorities include expanding revenue-generating work, advancing opportunities in future markets and further developing the IP and patent platform.