S2Medical (S2M) Q4 2025 earnings summary

Executive summary

• Net sales for the full year 2025 were 14.4 MSEK, down from 14.7 MSEK year-over-year, mainly due to reduced revenues from the Abena partnership as a result of lower costs in the collaboration.

• Operating result for the year was -2.7 MSEK, compared to 4.8 MSEK in 2024, with the decline attributed to last year's positive impact from acquisition of shares in associates.

• Net result for the year was -10.1 MSEK, compared to 4.8 MSEK in 2024, mainly due to a write-down of shares in the associate Eyracure.

• Strategic focus was sharpened on core antimicrobial peptide (AMP) technology and advanced wound care, with increased founder ownership and new strategic partnerships.

Financial highlights

• H2 2025 net sales: 7.5 MSEK (7.7 MSEK in H2 2024); full year: 14.4 MSEK (14.7 MSEK in 2024).

• H2 2025 operating result: -2.1 MSEK (-2.4 MSEK in H2 2024); full year: -2.7 MSEK (4.8 MSEK in 2024).

• H2 2025 net result: -10.2 MSEK (-2.4 MSEK in H2 2024); full year: -10.1 MSEK (4.8 MSEK in 2024).

• Earnings per share for 2025: -0.01 SEK (0.01 SEK in 2024).

• Cash and cash equivalents at year-end: 0.9 MSEK (1.0 MSEK at start of period).

Outlook and guidance

• Focus will remain on commercializing AMP technology and expanding international partnerships.

• Strengthened IP position and new distribution agreements are expected to support future growth.