Nosa Plugs Q4-25

Concludes 2025 with Strong Growth and Profitability

Nosa Plugs AB (”Nosa Plugs” or the ”Company”) is a medical technology company that has developed intranasal breathing products for applications such as odor protection and olfactory training, achieving strong historical growth with a 38% CAGR between 2019-2025. With an estimated continued high growth rate, a positive EBITDA result during year 2026, driven by organic growth, economies of scale, and the acquisition of Nozoil, as well as a high-potential development project in Drug Delivery, Analyst Group identifies revaluation potential in Nosa Plugs. Based on a sum-of-the-parts valuation, a combined potential present value per share of SEK 1.32 (SEK 1.38) is derived in a Base scenario.

• Recovery in B2B Compared with Previous Quarter

B2B sales, primarily stemming from Odor Control, increased by 13% during Q4-25, amounting to SEK 4.5m (SEK 4.0m). Sales in Q3-25 were negatively affected by postponed orders and reduced sales and marketing activities in Sweden, creating conditions for a stronger B2B quarter in Q4-25, although slightly stronger growth had been anticipated. Analyst Group assesses that Odor Control continues to demonstrate solid underlying demand supported by a loyal customer base, where new tenders in Norway and the Provence region in France constitute important growth drivers during year 2026.

• Strong Development in B2C Driven by Nozoil

B2C sales amounted to SEK 6.6m (SEK 0.7m) during the quarter, corresponding to growth of 797%, primarily driven by the acquisition of Nozoil, where the fourth quarter is assumed to be seasonally strong. Nozoil is estimated to represent an important growth driver during year 2026 as Nosa Plugs launches the product in markets where the Company already has established sales, while additional products are introduced in countries where Nozoil holds a strong market position, creating revenue synergies.

• Organ Data Considered Key in Partnership Discussions

In January, organ data from Nosa Plugs’ in vivo study showed that the Company’s intranasal platform achieves therapeutically relevant drug levels in brain tissue and that gaseous memantine can cross the blood-brain barrier, confirming proof-of-concept for targeted brain delivery. The data strengthen Nosa Plugs’ position in discussions with pharmaceutical companies and are expected to support partnership talks on continued clinical development and commercialization.

• Updated Valuation Range

Forecasts have been updated to reflect slightly lower growth within B2B and higher growth within B2C based on the outcome in Q4-25. In addition, a somewhat later comercialization timeline for Nosa Drug Delivery is assumed, as a partnership had previously been projected during year 2025. Overall, this results in a slight downward revision of growth estimates and consequently an updated valuation range.