STENOCARE (STENO) investor relations material

Executive summary

• Net sales for the first nine months of 2026 were DKK 9.935m, up 125% YoY; 2026 figures include CannGros, while 2025 comparatives generally reflect STENOCARE A/S alone.

• Q3 EBITDA was negative DKK 244k, interrupting five consecutive quarters of positive EBITDA; full-year 2026 positive EBITDA remains the outlook.

Financial highlights

• Q3 net sales were DKK 2.935m vs DKK 1.915m in the income statement; the report narrative cites 51% growth using a DKK 1.940m comparator, while CEO comments cite 53%.

• 9M EBITDA was negative DKK 128k vs positive DKK 1.754m; Q3 EBIT was negative DKK 635k and net loss was DKK 709k.

• 9M net loss was DKK 1.592m vs DKK 2.243m; net financial items were negative DKK 281k for 9M and negative DKK 74k in Q3.

• Q3 EBITDA reflected lower sales, listing and Danish Medicines Agency registration costs, expired Australian goods, price adjustments with distribution partners, and employee share-based incentive provisions.

Outlook and guidance

• Positive EBITDA is expected for full-year 2026 despite the Q3 loss.

• Alternative supply and replacement products are being pursued for CannGros portfolio products as Bedrocan supply to Denmark could become uncertain from 2027.

• France may become a future market: a decree on evaluation, pricing, and reimbursement reportedly advanced to the Conseil d'État for legal review, with further regulatory steps remaining.