April – June 2026

• On 1 June 2026, Genovis AB acquired 100% of the shares in KPL ApS, a Danish life science tools company with a proprietary portfolio of precision enzymes (proteases), including both commercialized products and products under development, for mass spectrometry-based protein analysis in academic research, diagnostics, and drug development.
• Net sales totaled SEK 34,316 (28,871) thousand, representing a growth of 19%, corresponding to 21% when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 6,844 (6,036) thousand which was affected by transaction costs of SEK 3,492 thousand related to the acquisition of KPL ApS. Adjusted for these costs, EBITDA amounted to SEK 10,336 thousand.
• Earnings per share totaled SEK 0.02 (0.08) which were affected by transaction costs related to the acquisition of KPL ApS. Adjusted for these costs, earnings per share amounted to SEK 0.07.
• Cash flow from operating activities was SEK 7,906 (-5,400) thousand.

 January – June 2026

• Net sales totaled SEK 67,823 (61,163) thousand, representing growth of 11%, corresponding to 19% when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 16,354 (14,943) thousand and was affected by transaction costs of SEK 3,492 thousand related to the acquisition of KPL ApS. Adjusted for these costs, EBITDA amounted to SEK 19,846 thousand.
• Earnings per share totaled SEK 0.08 (0.13) and were affected by transaction costs related to the acquisition of KPL ApS. Adjusted for these costs, earnings per share amounted to SEK 0.14.
• Cash flow from operating activities was SEK 24,417 (5,251) thousand.

Message from the CEO
The second quarter was characterized by strategic expansion. We completed the acquisition of KPL, launched new products across several parts of the business and strengthened underlying profitability. The reported figures were affected by one-off costs related to the acquisition, but beneath the surface, they reflect a broader and more resilient business.

Net sales amounted to SEK 34,316 thousand (28,871), an increase of 19 percent compared with the corresponding period last year, or approximately 21 percent adjusted for currency effects.

 Reported operating profit was affected by transaction-related one-off costs of approximately SEK 3.5 million associated with the acquisition of KPL. At the same time, underlying profitability strengthened significantly. Adjusted EBITDA amounted to SEK 10,336 thousand (6,036), corresponding to a margin of approximately 30 percent, while adjusted EBIT nearly doubled compared with the previous year. The acquisition will also result in increased depreciation and amortization of approximately SEK 0.7 million per quarter going forward. Excluding the one-off items, the underlying profitability trend was very strong and confirms the resilience of our business model during a period of strategic expansion.
 
Genovis is built on enzyme technologies used across three complementary areas:

• protein analysis and drug development
• Genomics based on our RNase inhibitor technology
• Proteomics with a growing offering following the acquisition of KPL

The established analysis business performed strongly during the quarter. Excluding the service business, product sales grew by approximately 20 percent, or approximately 22 percent adjusted for currency effects. Demand was healthy across several customer segments, with growth among both large pharmaceutical companies and biotechnology companies. The service business, however, was significantly weaker than in the corresponding quarter last year. As it is project-based, revenue varies between quarters, but we continue to see good opportunities to develop the business.
 
Genomics performed very strongly during the quarter and delivered its best quarter to date. Sales of SEQguard were the clearest growth driver and gained broad traction among leading academic institutions, largely through our partnership with Plasmidsaurus. At the same time, the business is broadening and becoming less dependent on individual large customers, making it more resilient. Genomics is on track to become a central part of our future growth.
 
Within the analysis business, our ADC technologies are currently used primarily for research and method development. We are also seeing growing interest in applying the same technologies to the development and manufacturing of new ADC therapeutics. Over time, this creates an opportunity to complement our product sales with licensing revenue and recurring revenue linked to commercial manufacturing. We are currently engaged in discussions with several customers that are evaluating our technologies for their clinical programs. This development remains at an early stage but represents a significant long-term growth opportunity.
 
During the quarter, we also continued to strengthen our platform. The acquisition of KPL on June 1 broadens our product portfolio and customer base within Proteomics and strengthens our position in an attractive market with favorable long-term growth prospects.
 
We also continue to develop our innovation platform. On June 26, we launched AlligBAITOR — a new product for antibody enrichment and native antigen release — and received the first orders before the end of the quarter, confirming early market interest.
 
Overall, the second quarter represented an important step in Genovis’ development. We strengthened underlying profitability while continuing to broaden the business and create the conditions for sustained long-term growth.
 
A quarter of this magnitude places significant demands on the organization, and I would like to extend my sincere thanks to all Genovis employees for your commitment and your ability to deliver during a period of change. I would also like to warmly welcome our new colleagues from KPL. With a broader product portfolio and a more diversified business, I look forward to what we can achieve together during the second half of the year and to the opportunities ahead as we continue to create value for customers and shareholders.

January – March 2026

• Net sales totaled SEK 33,506 (32,292) thousand, representing a growth of 4%, corresponding to 17% when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 9,510 (8,906) thousand.
• Earnings per share totaled SEK 0.06 (0.05).
• Cash flow from operating activities was SEK 16,511 (10,652) thousand.

Message from the CEO
The first quarter was marked by solid underlying growth, improved profitability, very strong cash flow, and high activity across several parts of our business.

Net revenue amounted to SEK 33,506 (32,292) thousand. Adjusted for currency effects, we grew 17 percent, and the reported growth of 4 percent reflects the significant headwind we face from the strengthening Swedish krona, which impacted sales by approximately SEK 4 million compared to the same quarter last year. The underlying business is sound and the direction is clear.

We saw strong development among large pharmaceutical companies during the quarter, with organic growth exceeding 30 percent in this segment. The biotech and academic markets remain below first quarter last year, but we note that the sequential recovery in the biotech segment that we observed in the fourth quarter of 2025 has continued into 2026 — which I view as a positive signal for the remainder of the year.

Service revenue was significantly lower in the quarter compared to the same period last year, largely explained by Q1 2025 containing larger project orders that have not been repeated in the early part of 2026. The nature of our service business means that individual larger project orders can create substantial variations between quarters. Product sales, excluding license revenues, developed strongly and showed currency-adjusted growth of approximately 27 percent.

Profitability improved during the quarter. EBITDA amounted to SEK 9,510 (8,906) thousand, corresponding to a margin of 28.4 percent (27.6) — an improvement that confirms our business model and cost discipline hold firm even in a challenging currency environment. Cash flow from operating activities improved strongly, reinforcing our financial position and flexibility.

Activity in the ADC space is increasing and we see growing interest in our technologies for the development of next-generation ADCs. During the quarter, we entered into a global, non-exclusive license agreement for our EndoS2 enzyme technology with a privately held biotechnology company focused on ADC therapies. The agreement generated initial license revenues and provides rights to milestone payments upon defined clinical and commercial progress — with up to approximately USD 20 million in total payments per program reaching commercialization. This is a strong validation of the strategic value of our enzyme technologies in one of the fastest-growing therapeutic areas.

During the quarter, we also launched LysCERATOR™, a new enzyme for protein analysis targeting proteomics and biopharmaceutical characterization. The launch was well received by the market and we saw rapidly growing customer interest among both large pharmaceutical companies and academic institutions across the US and Europe. Early customer feedback is positive, reinforcing our conviction that LysCERATOR addresses a genuine need in the market.

We also see markedly increased interest in our RNA analysis products. During the quarter, we entered into a strategic partnership with Single Cell Discoveries to broaden the application of SEQURNA RNase Inhibitor in advanced RNA sequencing workflows. We also launched SEQguard™ Dino Preserve in collaboration with Plasmidsaurus — a product that enables room-temperature transport of extracted RNA, eliminating the need for costly cold-chain logistics. The initial weeks following launch have shown excellent customer reception and a rapidly growing customer base, reinforcing our conviction that the SEQURNA platform has broad commercial potential.

We close the quarter with a strong financial position, improved profitability, and strong cash flow. While geopolitical and macroeconomic uncertainty continues to represent an external risk factor, I look with confidence to Genovis’ long-term growth opportunities. With a broadened and strengthened offering across both Genomics and ADC, increasing activity in the biotech segment, and a healthy core business, we are well positioned for continued progress in 2026.

Finally, I would like to thank all colleagues at Genovis for your commitment and contributions during the quarter. It is your work that creates value for our customers and lays the foundation for Genovis’ continued growth journey.

Genovis’ Annual Report 2025 is as of today available at www.genovis.com

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.

July – September 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 27,532 (31,625)¹ thousand, representing a decrease of 13% excluding items affecting comparability², corresponding to -7% when adjusted for currency effects. Sales for the corresponding period last year included a large service order of approximately SEK 4 million within our ADC technology. This type of business is more volatile between quarters compared to the regular product business.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 6,878 (10,828)* thousand excluding items affecting comparability².
• Earnings per share totaled SEK 0.12 (0.21).
• Cash flow from operating activities was SEK 10,875 (723) thousand.

 January – September 2025

• Net sales totaled SEK 88,694 (82,034)¹ thousand, representing growth of 8% excluding items affecting comparability³, corresponding to 12% when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 21,820 (22,917)¹ thousand excluding items affecting comparability³.
• 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 -4,068 (-284) thousand SEK.
• Earnings per share totaled SEK 0.25 (0.43).
• Cash flow from operating activities was SEK 16,126 (18,518) 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 in the third quarter relate to the divested antibody business in the previous year. In the previous year, including items affecting comparability, net sales amounted to SEK 32,895 thousand and EBITDA amounted to SEK 24,566 thousand, of which the gain from the divestment of the antibody business contributed SEK 14,925 thousand.
³Items affecting comparability for the first nine months 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 102,422 thousand and EBITDA amounted to SEK 48,407 thousand, of which the gain from the divestment of the antibody business contributed SEK 14,925 thousand.
 
Message from the CEO
The third quarter showed lower revenue compared to the same period last year, but the decline is primarily attributable to timing effects from larger individual customer orders. In the third quarter of 2024, revenue included a project order of nearly SEK 4 million, whereas a significantly larger order of SEK 11 million was received shortly after the end of this quarter. Such quarterly variations are natural in our business and do not alter the underlying positive growth trend.
 
In addition to timing effects, a more cautious sentiment in the biotech segment, particularly in the United States, affected sales. Uncertainty surrounding FDA priorities and NIH funding levels has led several venture-backed companies to reduce their investments. In my assessment, the weakest period is now behind us. The start of the fourth quarter shows clear signs of recovery within biotech, with customer activity increasing again, especially in the U.S. market.
 
At the same time, our business with large pharmaceutical and biopharma companies continues to grow steadily, helping to broaden and strengthen our customer base. In the third quarter, organic sales in this customer segment increased by approximately 30 percent, and for the first nine months of the year the increase amounts to 19 percent, adjusted for currency effects. The strengthening of the Swedish krona against the U.S. dollar has had a negative impact on our U.S. revenues of around SEK 2 million compared with the same quarter last year.
 
Despite temporarily lower sales, we maintained solid profitability. The EBITDA margin amounted to 25 percent, including non-recurring costs of SEK 1.3 million related to the acquisition of Sequrna. Adjusted for these costs, the margin was approximately 30 percent, confirming strong cost control and operational efficiency even in a quarter with lower revenue.
 
At the same time, we continue to invest actively in future growth. The acquisition of Sequrna strengthens our position within Genomics, where sales of Sequrna’s RNAse inhibitor continue to develop well compared with the previous year. We recently expanded a supply agreement with a leading international manufacturer of research kits, meaning that Sequrna’s product is now integrated into the partner’s kits for global distribution – an important step in our strategy to increase accessibility to our technologies.
 
Through the licensing agreement with Thermo Fisher Scientific within conjugation technology, we are also broadening our offering to cover the entire chain from preclinical development to commercial manufacturing. This opens new volume opportunities in the bioprocess area as our customers move towards commercialization of their conjugated drugs. Shortly after the end of the quarter, we received an order worth approximately SEK 11 million from a global pharmaceutical company. The order covers materials and services related to one of our conjugation technology platforms and will be used in the development of a new drug candidate. The agreement represents an important milestone in the development of our conjugation technologies and confirms their growing relevance for the medicines of the future.
 
Overall, I view the third quarter as a result of normal variations in our sales between quarters rather than a change in the underlying growth trend. With a strong start to the fourth quarter, increased customer activity, and a substantial order from a global biopharma company, I remain confident in the outlook for the remainder of the year and in our long-term growth potential.
 
Finally, I would like to thank all my colleagues at Genovis for their strong commitment and efforts during the quarter. Through your work, we continue to support the developers of tomorrow’s medicines with innovative technologies that enable new scientific breakthroughs.

April – June 2025

• Net sales totaled SEK 28,871 (24,601)* thousand, with a growth rate of 17 %, 28 % when adjusted for currency effects. Net sales, including the divested Antibody Business, totaled SEK 28,871 (29,470)** thousand, with a decrease of -2 %, growth of 7 % when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 6,036 (3,796)* thousand. EBITDA including the divested antibody business totaled SEK 6,036 (5,272)** thousand.
• Operating profit (EBIT) totaled SEK 3,457 (1,739)* thousand. EBIT including the divested antibody business totaled SEK 3,457 (2,517)** thousand.
• As a result of the Swedish krona strengthening further against the USD during the period, the operating profit was impacted by currency translation effects amounting to -1,298 (-255) thousand SEK, the majority of which is unrealized.
• Profit/loss for the period totaled SEK 5,117 (1,790) thousand.
• Earnings per share*** totaled SEK 0.08 (0.03).
• Comprehensive income for the period totaled SEK 6,231 (2,467) thousand.
• Cash flow from operating activities was SEK -5,400 (-295) thousand. SEK -6,873 thousand refers to the payment of tax on the profit from the divestment of the antibody business in 2024.
• Cash and cash equivalents at the end of the period totaled SEK 168,989 (135,809) thousand.

January – June 2025

• Net sales totaled SEK 61,163 (50,409)* thousand, with a growth rate of 21 %, excluding license revenue, 24 % when adjusted for currency effects. Net sales, including the divested Antibody Business and license revenue, totaled SEK 61,163 (69,527)** thousand, with a decrease of -12 %, -10 % when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 14,943 (12,089)* thousand. EBITDA including the divested antibody business and license revenue totaled SEK 14,943 (23,841)** thousand.
• Operating profit (EBIT) totaled SEK 9,848 (8,072)* thousand. EBIT including the divested antibody business and license revenue totaled SEK 9,848 (18,350)** thousand.
• 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 -4,001 (996) thousand SEK.
• Profit/loss for the period totaled SEK 8,573 (14,532) thousand.
• Earnings per share*** totaled SEK 0.13 (0.22).
• Comprehensive income for the period totaled SEK 10,843 (16,816) thousand.
• Cash flow from operating activities was SEK 5,251 (17,795) thousand. SEK -6,873 thousand refers to the payment of tax on the profit from the divestment of the antibody business in 2024.

*Previous year excluding the divested antibody business. The antibody business was divested on August 19, 2024.
** Previous year including the divested antibody business
***Earnings per share are calculated by dividing profit by the weighted average number of shares during the year. There is no dilutive effect.

Message from the CEO
We maintained strong momentum in the second quarter, delivering 28% organic growth. Adjusted for the divested antibody business, EBIT doubled compared with the same period last year, despite currency headwinds from the strengthened Swedish krona.
 
The organic growth was strong across all our main geographic markets: North America, Europe, and Asia. Sales growth in the Chinese market continued its positive trend during the second quarter, and Europe posted strong sales growth compared with the previous year. Despite uncertainties around tariffs, government research funding, and questions related to the FDA, sales in the US showed continued robust development.
 
Growth during the quarter was primarily driven by large pharmaceutical companies, while smaller biotech companies continued to face a challenging venture capital market, which limits their activity levels.
 
During the quarter, growth was relatively evenly distributed across our product portfolio. Enzymes for analysis showed strong sales growth, and our offerings in antibody conjugation and ADCs (Antibody Drug Conjugates) remain strong drivers of our business. Our service business, which has grown strongly in recent quarters, also showed solid growth and continued healthy inflow of new projects.
 
The macroeconomic environment remains characterized by increased uncertainty, including new trade tariffs. This creates volatility in the markets and affects investment appetite broadly, including in the Life Science sector. At the same time, there are industry-specific challenges, such as cuts in NIH research funding and turbulence within the FDA. While the short-term market for us as a supplier to the research and pharmaceutical industries is more difficult to assess, we continue to see strong underlying drivers. The global need for new medicines and better health is growing, and we are well-positioned to contribute with innovation to this development.
 
Our ambitions for continued growth through a broader product portfolio, commercial sharpness, and strong customer relationships remain unchanged. We have a strong financial position with good liquidity and cash flows, which gives us room to invest in future growth – both organically and inorganically.
 
At the beginning of the third quarter, we also executed two important inorganic growth initiatives: the acquisition of SEQURNA and an expanded licensing agreement with Thermo Fisher Scientific. Through the acquisition of SEQURNA, we secure access to critical innovation and a promising product pipeline to further strengthen our position in the rapidly growing RNA analysis market. Through the licensing agreement with Thermo Fisher Scientific, we can now support our customers throughout the entire development chain for ADCs – from early research all the way to commercial manufacturing – thereby creating new value in a rapidly growing market. These steps further strengthen our strategic position and broaden our market presence. Despite a turbulent financial climate influenced by macroeconomic and geopolitical uncertainty, we continue to see opportunities to act with a long-term, value-creating approach. Our strategy remains unchanged.
 
Finally, I would like to extend a sincere thank you to all my colleagues at Genovis. In a time when the world around us is changing rapidly, you demonstrate outstanding commitment and the ability to stay focused on what matters most – our customers. With customer-focused innovation as our guiding principle, you contribute every day to developing tools that help our customers create the medicines of the future.

January – March 2025

• Net sales totaled SEK 32,292 (25,808)* thousand, with a growth rate of 25%, excluding license revenue, 22% when adjusted for currency effects. Net sales, including the divested Antibody Business and license revenue, totaled SEK 32,292 (40,057)** thousand, with a decrease of -19%, -21% when adjusted for currency effects.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 8,906 (8,291)* thousand. EBITDA including the divested antibody business and license revenue totaled SEK 8,906 (18,568)** thousand.
• Operating profit (EBIT) totaled SEK 6,391 (6,333)* thousand. EBIT including the divested antibody business and license revenue totaled SEK 6,391 (15,833)** thousand.
• 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 -2,703 (1,251) thousand SEK, the majority of which is unrealized.
• Profit/loss for the period totaled SEK 3,456 (12,742) thousand.
• Earnings per share*** totaled SEK 0.05 (0.19).
• Comprehensive income for the period totaled SEK 4,613 (14,350) thousand.
• Cash flow from operating activities was SEK 10,652 (18,090) thousand.
• Cash and cash equivalents at the end of the period totaled SEK 175,410 (136,793) thousand.

*Previous year excluding the divested antibody business. The antibody business was divested on August 19, 2024.
** Previous year including the divested antibody business
***Earnings per share are calculated by dividing profit by the weighted average number of shares during the year. There is no dilutive effect.

Message from the CEO

We begin the year with a very strong performance in the first quarter. Sales in our core business increased by 25%, marking our best-ever quarter in the enzyme business, excluding license revenues.

I am pleased with the growth this quarter. It is particularly gratifying to see that we continue to deliver broad and balanced growth—both geographically and across our product portfolio. Our service business also continues to show positive development. Growth has been strong across all our key geographic markets, with North America contributing the most. Our service offering has demonstrated solid growth over the past twelve months, and we saw continued strong activity and expansion in this area during the first quarter, especially in antibody modification and antibody-drug conjugates (ADCs).

I am also satisfied with our operating profit, not least in the light of the significant negative currency effects resulting from the strengthened Swedish krona. Despite a direct negative exchange rate variance of -2.7 MSEK, we delivered a strong operating result, with an EBITDA margin of 28%. At the same time, we maintained a high gross margin and continued to generate solid cash flow from operating activities.

Concerns regarding a potential trade war, driven by the introduction of tariffs, affected both the end of the first quarter and the start of the second. We are well-positioned to manage tariffs based on the rates currently mentioned in public discourse. We already have an established operational presence through our U.S. subsidiary, which helps mitigate the impact of tariffs, while our facility in San Diego provides additional operational flexibility. Consequently, we assess that the direct impact of tariffs, for both our customers and our business, will be very limited.

At the same time, restructuring and reprioritization within the NIH (National Institutes of Health) are underway as result of initiatives introduced by the new U.S. administration. NIH funding is primarily directed toward academic research. Our customer base consists almost exclusively of the global biopharma and biotech industry, which together account for more than 90% of our revenue streams. Consequently, sales to academic customers in the U.S. represent only a very small portion of our business. Therefore, we currently assess that the impact of reduced NIH funding will be very limited in the short to medium term. The FDA is also undergoing changes, but we have not yet seen any negative effects on customer activity as a result.

Our ambitions for continued growth—through a broader product portfolio, commercial focus, and strong customer relationships—remain firm. We have healthy liquidity, and together with our cash flows, this provides solid conditions for continued investment in our future growth. We remain in a strong position and continue to pursue our long-term growth strategies, which also include inorganic growth initiatives for which our cash position offers strategic flexibility. While the financial markets are currently experiencing turbulence driven by macroeconomic and geopolitical dynamics, such environments also present opportunities for our long-term growth strategies.

The start of the second quarter has shown continued strong customer activity despite prevailing macroeconomic uncertainty. This supports my positive outlook on our business and our growth prospects going forward.

In closing, I would like to extend my sincere thanks to all employees at Genovis for their fantastic efforts at the start of the year – efforts that reflect our commitment to providing our customers with tools to help develop the medicines of the future.

Genovis’ Annual Report 2024 is as of today available at www.genovis.com

October – December 2024

• Net sales totaled SEK 27,936 (23,118)* thousand, with a growth rate of 21%, including when adjusted for currency effects. Net sales, including the divested Antibody Business, totaled SEK 27,936 (27,306)** thousand.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 7,771 (3,615) thousand. EBITDA for the enzyme business (excluding the antibody business) totaled SEK 7,771 (3,550) thousand.
• Operating profit (EBIT) totaled SEK 5,329 (355) thousand. EBIT for the enzyme business (excluding the antibody business) totaled SEK 5,329 (953) thousand.
• Profit/loss for the period totaled SEK 4,587 (-422) thousand.
• Earnings per share*** totaled SEK 0.07 (-0.01).
• Comprehensive income for the period totaled SEK 5,777 (-80) thousand.
• Cash flow from operating activities was SEK 18,598 (9,868) thousand.
• Cash and cash equivalents at the end of the period totaled SEK 169,442 (123,261) thousand.

January – December 2024

• Genovis completed the strategic acquisition of a 25% stake in Sequrna AB.
• Genovis completed the successful strategic sale of the antibody business to Leinco Technologies Inc.
• Net sales for the Enzyme Business (excluding the divested Antibody Business) totaled SEK 120,368 (138,639) thousand. Growth for the Enzyme Business adjusted for license revenue is 14%, including when adjusted for currency effects. Net Sales, including the divested Antibody Business, totaled 130,358 (158,232) with a decline of -18%. Adjusted for currency effects, the decrease is -17%.
• Operating profit before depreciation and amortization (EBITDA) totaled SEK 56,178 (63,946) thousand. EBITDA for the enzyme business (excluding the antibody business) adjusted for license revenue and related costs totaled SEK 30,688 (22,870) thousand.
• Operating profit (EBIT) totaled SEK 45,732 (54,224) thousand. EBIT for the enzyme business (excluding the antibody business) adjusted for license revenue and related costs totaled SEK 21,946 (15,802) thousand.
• Profit for the period totaled SEK 32,916 (61,500) thousand.
• Earnings per share*** totaled SEK 0.50 (0.94).
• Comprehensive income for the period totaled SEK 37,162 (65,158) thousand.
• Cash flow from operating activities was SEK 37,116 (67,752) thousand. Adjusted cash flow from operating activities excluding the divestment of the antibody business was SEK 41,330 thousand.

*Previous year excluding the divested antibody business. The antibody business was divested on August 19, 2024.
** Previous year including the divested antibody business
***Earnings per share are calculated by dividing profit by the weighted average number of shares during the year. There is no dilutive effect.

Comments from Fredrik Olsson, Chief Executive Officer

We end the year with strong organic sales growth in our enzyme business of 21%. At the same time, we show a strong improvement in operating profit compared with the corresponding quarter last year. The operating margin at the EBITDA level improved from 13% to almost 28% in the fourth quarter. The improvement is primarily driven by increased sales and reduced costs following the sale of the antibody business.

Looking back at 2024, I can say that we achieved our best performance to date in our enzyme business, adjusted for license revenue. We achieved a 14% sales increase despite challenges in our end markets, related to venture capital availability and shifting priorities within our customers’ projects. Increased sales in the enzyme business (excluding license revenue), combined with effective cost control, have resulted in a 34% improvement in EBIDA for the enzyme segment compared to 2023.

In the fourth quarter, sales growth was relatively evenly distributed across all key geographic markets in North America, Europe and Asia. The trend of gradual improvement in China continued throughout the fourth quarter. In the final quarter of the year, we saw sustained strong customer activity and sales growth for our antibody conjugation and ADC offerings, continuing the positive trend we experienced over the year.

During the year we substantially broadened our enzyme offering for potential therapeutic applications, which include Xork and other novel enzymes, to provide treatment options for patients who cannot undergo AAV-based gene therapy. Discussions with potential partners in the final quarter confirmed the interest in our technology platform.

At the end of the year, we launched Sequrna RNAse inhibitor. Effective protection of fragile RNA from degradation during analytical and manufacturing workflows is critical for ensuring reliable and reproducible results. Our partnership with Sequrna and their unique RNAse inhibitor enables us to expand into new markets, where RNA sequencing is expected to become an increasingly useful tool in both basic research and diagnostics. Furthermore, we see several potential applications related to emerging clinical RNA-based technologies, such as mRNA.

The final quarter of the year showed a strong cash flow from operating activities. Our financial position is robust, with an improved cash position during the year, mainly driven by strong operating cash flows. Our strong cash position ensures financial stability while providing the flexibility to invest to invest for the future and I have a positive outlook on our future growth opportunities. While geopolitical factors and macroeconomic uncertainty remain in the near term, I see sustained long-term growth in our markets for the development of tomorrow’s medicines.

Despite a challenging market environment, especially during the first half of the year, we are closing the year with solid momentum. With our expanding portfolio and promising pipeline of innovative solutions for our growing customer base, I look forward to further strengthening and advancing Genovis’ business together with my colleagues in 2025. I would like to conclude by extending my heartfelt thanks to all our dedicated colleagues at Genovis for their outstanding efforts throughout 2024.