October – December 2025

• Net sales totaled SEK 40,252 (27,936) thousand, representing a growth of 44%, corresponding to 58% when adjusted for currency effects. The quarter’s sales include the entire order from a global pharmaceutical company, as previously communicated, amounting to SEK 10.9 million.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 11,737 (7,771) thousand.
• As a result of the Swedish krona strengthening against both the USD and the EUR, with the largest appreciation and impact related to the USD, EBITDA was negatively affected by foreign exchange translation effects amounting to SEK -1,027 (1,644) thousand.
• Earnings per share totaled SEK 0.10 (0.07).
• Cash flow from operating activities was SEK 15,895 (18,598) thousand.

 January – December 2025

• Genovis AB acquired the remaining 75% of Sequrna AB on July 1, 2025, by exercising the purchase option that had been agreed upon in connection with the acquisition of 25% of Sequrna AB in July 2024.
• Net sales totaled SEK 128,946 (109,970)¹ thousand, representing growth of 17% excluding items affecting comparability², corresponding to 23% when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 33,558 (30,688)¹ thousand excluding items affecting comparability².
• As a result of the Swedish krona strengthening during the period against both the USD and the EUR, with the greatest strengthening and impact related to the USD, the operating profit was impacted by currency translation effects amounting to -5,116 (1,360) thousand SEK.
• Earnings per share totaled SEK 0.36 (0.50).
• Cash flow from operating activities was SEK 32,022 (37,116) thousand. SEK -6,873 thousand refers to the payment of tax on the profit from the divestment of the antibody business in 2024.

¹Previous year excluding the divested antibody business and excluding non-recurring license revenues. The antibody business was divested on August 19, 2024.
²Items affecting comparability for the full year relate to the divested antibody business and non-recurring license revenues in the previous year. In the previous year, including items affecting comparability, net sales amounted to SEK 130,358 thousand and EBITDA amounted to SEK 56,178 thousand, of which the gain from the divestment of the antibody business contributed SEK 14,925 thousand.

Message from the CEO
The fourth quarter marked a strong end to the year for Genovis, with a recovery in customer activity and very strong sales growth. Net sales amounted to SEK 40,252 (27,936) thousand, corresponding to growth of 44 percent compared with the same period last year, or 58 percent adjusted for currency effects.

For the full year, we also delivered strong sales development in our core business, with sales increasing by 17 percent, corresponding to 23 percent adjusted for currency effects. As the previous year included non-recurring license income as well as revenue from the divested antibody business, this year’s performance reflects solid organic growth in the underlying business and strengthened momentum in our long-term growth journey.

Growth during the quarter was partly driven by a larger order within antibody conjugation, while we also demonstrated stable growth in the underlying business adjusted for currency effects. We saw organic growth across key customer segments, including both biotech companies and larger pharmaceutical companies. Compared to the lower customer activity in the biotech segment in the third quarter, we noted strong sales growth in the final quarter of the year. We view this as an indication that demand in the segment is once again improving, particularly in the US market.

The strengthened Swedish krona continues to represent a currency headwind and had a negative impact on earnings of approximately SEK 2.6 million compared with the previous year. Despite this currency headwind, we continue to demonstrate strong profitability, healthy gross margins, and solid cash generation. EBITDA margin amounted to 29 percent during the quarter, underlining the strength of our business model and our cost discipline even in a period of negative currency effects. Cash flow from operating activities amounted to SEK 15,895 thousand, further strengthening our financial position and providing continued capacity to invest in future growth.
 
During the quarter, we also carried out an important antibody conjugation project, successfully meeting the customer’s high expectations by delivering the full order within the same quarter. The customer has confirmed that all quality parameters were fulfilled and that the material can be used in the continued development of a new drug candidate. Under significant time pressure, our team completed the project, which required substantial resources across several parts of the organization during the fourth quarter. I would like to extend my sincere thanks to all colleagues who, with great dedication and professionalism, contributed to a successful delivery.
 
We also saw an increase in personnel expenses compared with the corresponding quarter of the previous year. This is partly driven by a higher number of employees at Genovis, as well as Sequrna being fully integrated into the Group for the entire quarter.
 
In summary, we end the year with strong sales growth, stable development in the underlying business, and continued strong cash flow. With a strengthened position in both antibody conjugation and Genomics, as well as increasing customer activity in our most important markets, we are well positioned for continued growth. Although geopolitical and macroeconomic volatility remain short-term uncertainty factors, I remain confident in our long-term growth opportunities.
 
Finally, I would like to thank all colleagues at Genovis for their strong commitment and contributions during the quarter. Through your efforts, we continue to support the developers of tomorrow’s medicines with innovative technologies that enable new scientific breakthroughs.