Interim Report Q4 2025 DIGITAL

October - December 2025

2 Interim report as of December 31 2025

Q4

Revenue Split

TSEK

Overview to Fourth Quarter 2025 3

Strategic Investments Support Future Growth

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

US Sales

ROW Sales

Dignitana US Sales Dignitana ROW Sales

• The Group's net sales amounted to 84.4 (66.2) MSEK for the fourth quarter of the year of which, 18.6 MSEK as a result of acquisition of the Dignitana Group. Total sales for the year were 313.3 (253) MSEK of which 46.6 MSEK were as a result of acquisition of Dignitana Group.

• EBITDA amounted to 5.8 (11.5) MSEK for the quarter, affected by a negative 0.2 MSEK EBITDA from the Dignitana Group.

  The EBITDA for the year totalled 28.5 MSEK (49.7 MSEK), of which 0.2 MSEK EBITDA was

  attributable to the Dignitana Group since the acquisition.

• The Group's net result totalled -8.8 (12.2) MSEK for the period October- December. 5.6 MSEK relates to the acquisition, both goodwill amortisation and performance of Dignitana Group. A deferred tax charge of 6 MSEK also contributes to these losses. This results in an accumulated net result of -16.8 MSEK (40.2 MSEK) for the full year with costs of 9.1 MSEK relating to the acquisition, both goodwill amortisation and performance of Dignitana Group. 15.1 MSEK relates to forex losses in H1 (2024 9 MSEK gain for the year).

• As a result of the additional 4.2 million shares issued earlier in the year the earnings per share were -0.37 (0.64) SEK for the period and -0.07 for the year.

• The net cash outflow for the period amounted to -8.7 (4.0) MSEK as a result of continued investing activities and the acquisition. Cash inflow for the year of 82.7 MSEK (14.7 MSEK) as a result of directed share issue during the year of 123.5MSEK and repayment of Dignitana's outstanding debt of 40.8 MSEK.

• Cash flow from operating activities amounted to 5.6 MSEK (15.7 MSEK) for the quarter. For the year the corresponding figure is 6.2 (32.6) MSEK.

• Cash on hand totalled 120.8 MSEK (40.3 MSEK) at the end of the period.

• A total number of 635 (618) Paxman scalp cooling systems were installed around

  the world in the year, with the order book containing an additional 156 (151) systems.

• The Board of Directors proposes that no dividend shall be paid for the financial year 2025 and that retained earnings shall be carried forward.

Consolidated Results

TSEK

Other Operating Expenses

Dignitana has been part of the group since June 1

Figures in parentheses refer to the outcome for the corresponding period of the previous year.

SIGNIFICANT EVENTS

DURING AND AFTER THE REPORTING PERIOD

At the beginning of the fourth quarter, Paxman was granted a special arbitral award providing advance possession of the remaining shares in Dignitana AB. In early November the advance possession was completed, giving Paxman control of all shares in Dignitana AB.

In October 2025, The American Medical Association (AMA) confirmed the new Category I CPT®code set

for mechanical scalp cooling, which became effective on January 1, 2026. These codes replace temporary Category III codes 0662T and 0663T:

97007 - Scalp cooling, mechanical; initial measurement and calibration of cap. Reported once per chemotherapy treatment period.

97008 - Mechanical scalp cooling; including hair preparation, individual cap placement, therapy initiation, and pre-cooling period. Reported once per chemotherapy session.

97009 - Mechanical scalp cooling provided after chemotherapy discontinuation, each 30 minutes. Reported in addition to 97008, for post-cooling of 16 minutes or longer.

In the same month, CEO Richard Paxman joined the UK Prime Minister, Rt Hon Sir Keir Starmer KCB KC MP and senior government officials as part of His Majesty's Government's Trade Delegation to Mumbai, aimed at deepening UK-India business relations following the landmark UK-India Free Trade Agreement in July. During the mission, the UK delegation, engaged

On 20th February 2026, Paxman announced that the American Medical Association (AMA) CPT Editorial Panel has established three Category III CPT® codes describing the use of the Paxman Cryocompression Device for the prevention of chemotherapy-induced peripheral neuropathy (CIPN) in hands and feet. Taking effect January 1, 2027, the new Category III codes establish

with Indian industry counterparts to explore opportunities across life sciences, clean technology, and innovation, hosted at the Taj Mahal Palace in Mumbai.

Also in October, Paxman announced the presentation of data from its ongoing clinical trial for Chemotherapy Induced Peripheral Neuropathy (CIPN) in Singapore at the European Oncology Nursing Society (EONS) Conference, part of the European Society for Medical Oncology (ESMO) Congress 2025 held from October 17-21 in Berlin, Germany.

The industry sponsored symposium "Strategies for Chemotherapy-Induced Side-Effect Management: Preventing CIPN with Cryotherapy" held on Monday 20th October in front of 200 in-person delegates, was also streamed live to 30,000 delegates at the congress.

Paxman hosted its first Simple Switch Webinar on October 28th 2025, focusing on the new Category I

CPT codes. Supported by a panel of knowledgeable key opinion leaders, this webinar received over 260 attendees. Learn more about the Simple Switch webinar "The Simple Switch Webinar" on page 14.

On November 26, 2025, Paxman invited investors and other interested parties to its first Capital Market Day in Stockholm, Sweden. During the day, CEO Richard Paxman OBE and Dr. Aishwarya Bandla, Regional R&D Manager spoke about the company's

a standardised reporting pathway for mechanical extremity cryocompression therapy delivered in conjunction with neurotoxic chemotherapy. The three-code structure mirrors the established coding framework for Paxman's FDA-cleared scalp cooling system, supporting structured reporting, data collection, and payer engagement.

core business of scalp cooling, reimbursement in the U. S. and the acquisition of Dignitana. A strong focus of their presentation was the company's latest side effect management work related to chemotherapy-induced peripheral neuropathy (CIPN), including a product demonstration.

In December, Paxman announced that the US Centers for Medicare & Medicaid Services (CMS) issued Final Rules finalising changes for Medicare payments under the Outpatient Prospective Payment System (OPPS) and Ambulatory Surgical Center Payment (ASC) and the Physician Fee Schedule for Calendar Year 2026.

At the end of the quarter, the U.S. Food and Drug Administration (FDA) confirmed receipt of the 510k Submission for the Paxman cryocompression device to prevent chemotherapy-induced peripheral neuropathy (CIPN), a premarket submission made to the FDA to demonstrate that the device to be

marketed is as safe and effective. This followed the acceptance into the US FDA's Safer Technologies Program (STeP), and additionally, confirmation that the Category III CPT® Code Application for the device, submitted to the American Medical Association (AMA) in November, was to be included on the Proposed Agenda for the February 2026 CPT®Editorial Panel Meeting.

"

Looking at fiscal year 2025, the company had

its most impressive year to date, setting new records

in terms of revenues and investments.

COMMENTS

FROM OUR CEO

rapid growth and operational leverage expected in 2026. We see this as a strategic move toward a more scalable and profitable future. I am proud of the results our team have delivered taking in to account the pressures of the acquisition and preparation for commercialisation of our new product.

Profit and loss for the year has not only been affected by the acquisition and CIPN investments but also foreign exchange losses of 15.1 MSEK in the first half of the year and a deferred tax charge of 6.3 MSEK.

As of the 1 July, the board determined that intercompany balances are not expected to be settled in the short term therefore leading to a change

in accounting treatment, meaning these future forex losses and gains are reported directly within reserves on the balance sheet as opposed to the profit and loss for the period.

The Dignitana acquisition has progressed well. As we enter 2026, we can begin to enjoy the synergistic

value of the investment. I have said this before, but I am incredibly grateful for our new colleagues and appreciate their

I CPT®codes. Moving away from typically investigational and temporary codes to permanent coding means stronger, better coverage and ultimately payment for our partners.

Coinciding with this shift in attitudes towards scalp cooling, the US has continued to experience a wave of legislative movement across a significant number of states to mandate insurance coverage for the treatment. Less than

2 months into 2026, Kentucky, Virginia and California have joined 7 other states considering such measures, hoping to follow in the footsteps of New York and Louisiana, where bills were passed and took effect on January 1, 2026. These changes reflect increasing recognition of scalp cooling as a clinically meaningful and patient-valued intervention, which drives further patient access and therefore market growth.

In Q4, 867 caps were sold under our IBBM compared to 672 in Q3 2025, representing 37% of the caps sold in total, with average income per patient being $1,900 vs. $1,479. We plan to provide utilisation tracking through 2026 onwards as a new KPI.

appropriate coding prior to regulatory clearances, this represents a far stronger starting position compared to the beginning of our scalp cooling commercialisation efforts. In the summer, the Center for Medicare Services (CMS) will look to propose a

new technology APC rate, setting us up to launch in the USA with an insurance-based billing model from the beginning. Further commercialisation plans will begin to be unveiled over the coming months for both the UK, a European market, and the USA.

Throughout the years, our vision has remained steadfast. We are dedicated to ensuring that everyone-regardless of background or location-has access to scalp cooling. Today, that commitment translates into tens of thousands of patients receiving treatment to reduce hair loss during cancer treatment supported by an extraordinary network of clinical partners and our Paxman team. This growth reflects what is possible with long-term partnerships and patient-centred decision making leading the way. The result is not just growth, but real impact measured in lives supported. As we enter a new chapter, our vision shifts now to a world where CIA & CIPN

This really must be a year to remember. Not only have we continued to perform, delivering another year of consistent growth both organically

and through acquisition, but we have also raised a significant amount of capital supporting investment in our future growth and expansion, acquired Dignitana - our only true competitor - and submitted our 510K regulatory package to the FDA for our latest development. This translates into real impact, supporting more patients now and in the future. The team, both Paxman and Dignitana have outdone themselves, demonstrating our values throughout a year of new challenges and opportunities and much change.

The new group achieved net revenues for the quarter of 84.4 MSEK, compared to 66.2 MSEK for the same period in 2024 - a growth of 27%. Although

we have seen significant growth for the quarter, this is primarily driven by revenue acquired through the acquisition, with the Paxman entities seeing revenues of 65.8 MSEK and

Dignitana 18.6 MSEK. Reduced revenues from Q3 2025 primarily relate to foreign exchange across the group along

with reduced sales in Dignitana. For true indicators of performance, it is

important to look at the revenue streams separately:

• Paxman US Inc achieved revenues of 38.2 MSEK ($3.95m) compared to

  34.4 MSEK ($3.2m) for same quarter

  in 2024 and 34.1 MSEK ($3.6m) in Q3 2025 demonstrating a period of significant growth driven through our insurance-based billing model.

• Income generated from rest of world activities, including sales in the UK, to our global partners and Canada reached 27.5 MSEK compared to 31.8 MSEK for the same quarter in 2024 and 31.7 MSEK in Q3 2025, affecting overall growth performance. This was primarily affected by difficultly

  in dispatching equipment during the holiday shut down. For the year, rest of world sales are up by over 10%.

• Just looking at Dignitana since acquisition, sales in Q4 were 18.6 MSEK compared to 21.1 MSEK for Q3 2025. This slow down should not provide any concern. It was partially affected by limited sales to global partners following terminations.

We are confident in the strong US customer base.

Overall, I am very pleased with performance, with a 10% growth in the USA quarter on quarter driven by insurance-based billing.

Integration and CIPN commercialisation activities continue to weigh on margins. The company delivered an EBITDA of

5.8 MSEK, an EBITDA margin of 6.8% with an operating loss of 3 MSEK for the quarter. Profit and loss affect associated with both the acquisition and CIPN for the quarter equates to 9.2 MSEK, which

included 5.6 MSEK for Dignitana, of which 3.7 MSEK is goodwill amortisation. All restructuring costs of the new group have been accounted for in the year positioning us well for 2026 onwards.

Cashflow, of course, has been affected by the acquisition and restructuring however we saw a positive operating cashflow of 5.6 MSEK. Investments totalled 16.6 MSEK for the period,

of which 8.8 related to Dignitana,

2.8 MSEK related to CIPN, and the remainder to scalp cooling installs in the USA, amongst other typical capital investments. The overall cash outflow equated to 8.7 MSEK. The quarter closed with cash and cash equivalents of 120.8 MSEK, a solid base for CIPN commercialisation and working capital for growth through 2026.

Looking at Financial Year 2025, the company had its most impressive year to date, setting new records in terms of revenues and investments. Net revenues of 313 MSEK were achieved for the year, compared to 253 MSEK in 2024, a 24% growth, 13.4 MSEK in organic and 46.6 MSEK through acquisition. The year-over-year reduction in EBITDA reflects a deliberate investment phase - primarily consisting of one-time acquisition

costs such as advisory fees, due diligence, and integration redundancies to unify our operations. These have temporarily affected margins in 2025 but are necessary for achieving the 'One Company' structure, supporting

continued support as we navigate the

changes in people, technology, and process.

November and December saw three major milestones for our neuropathy product commercialisation and expansion. Firstly, we submitted to the American Medical Association (AMA) for Category III CPT®coding, a key pathway for future reimbursement; secondly, we submitted our 510K regulatory package to the FDA; and finally, we received planning permission for our new premises.

Our Simple Switch - the campaign to switch existing self-pay scalp cooling facilities in the US to the insurance-based billing model (IBBM) - has been and will continue to be a key focus. With Q4 2025 performing strongly, it provides confidence as we enter into 2026 with the launch of our long-awaited Category

Now looking into 2026, this is set to be

our most exciting year. Our plans are around 5 keys themes with our priority being the simple switch: capitalising on our Category I CPT® codes, driving stronger coverage, better payment and increased utilisation. Other key themes include commercialisation of the new Paxman Neuropathy product, revenue growth in rest of world markets, and

investment into operational and clinical excellence throughout the group.

For our neuropathy product, our regulatory package is now under substantive review, and our timelines are still looking positive with clearances expected in April 2026. We were also

incredibly excited to announce following the summary of the AMA panel actions that three Category III CPT®codes were approved for chemotherapy-induced peripheral neuropathy. For me, this

is such a positive step forward. With

are no longer an issue. Where everyone - regardless of geography, ethnicity, financial situation, gender, or treatment regimen - has access to the effective, trusted cryotherapy solutions they need to help prevent the side-effects of chemotherapy.

Thank you to my colleagues and all our partners for your trust and

partnership throughout the year. We are incredibly excited for the future and the year ahead, not only supporting

chemotherapy-induced hair loss but also peripheral neuropathy.

Huddersfield, February 2026, Richard Paxman OBE, CEO Paxman AB (publ)

A New Unified Group

O"verall, it means Paxman can treat

more patients across the world, moving

closer to achieving its vision.

In a landmark moment for the medical device sector, Paxman and Dignitana - once competitors - merged in

June 2025 to create a new, unified group called Paxman AB, with Richard Paxman OBE as CEO.

With common values, a shared mission to prevent chemotherapy hair loss and operations for this mission in place, the acquisition of Dignitana was a logical option and an exciting step forward for the business.

Paxman's acquisition of Dignitana - its largest competitor in the scalp cooling space - not only consolidates the market but also cements Paxman's leadership position. The investment

of over 170 MSEK to date in both the form of equity and cash adds over 270 locations in the USA, giving Paxman

a significant boost in installed bases and supporting long-term investment. Moreover, these systems are located in the important states of Florida and California. As insurance coverage expands in 2026, so does the potential

for higher system utilisation, which remains the single biggest driver for both revenue and margin growth. Merging

in name also meant merging assets; resources, geographical spread and connections, with fresh perspectives and strengths as two teams became one.

Overall, it means Paxman can treat more patients across the world, moving closer to achieving its vision.

Teams from both Paxman and Dignitana have worked together strengthening workflows and sharing best practice enabling greater customer service levels. All areas of the business are now fully integrated into the business as planned. Merging the best parts of the companies has not only provided commercial benefits but also customer and

patient benefits that lead to increased shareholder value in the long term.

US Sites (Paxman / Dignitana)

46+

16-30

31-45

1-15

Updates to the Reimbursement Landscape

New Category I CPT®Codes for Mechanical Scalp Cooling Take Effect

As of January 1, 2026, the Category III CPT®codes for mechanical scalp cooling became obsolete, replaced by permanent Category I codes.

Providers using the temporary Category III codes will now bill under the following Category I codes having determined

payment rates within their billing, revenue and medical record systems.

It is noteworthy that the American Medical Association (AMA) has made a clear distinction in the usage guidelines that Codes 97007, 97008, and 97009 are not applicable if the scalp cooling device is self-administered by the patient during chemotherapy administration, even if ordered by a Physician.

This further supports Paxman's commitment in supporting the critical role played by qualified healthcare professionals to

ensure the correct and efficacious use of scalp cooling therapy.

Current Status of Legislative Bills for Scalp Cooling Insurance Coverage

The USA

As a result of the acquisition of Dignitana and a successful integration by the end of 2025, the Paxman Group has significantly increased its footprint in the United States.

An approximate increase of 38% in our U.S. customer base leaves plenty of opportunity to continue

Paxman's Simple Switch campaign, encouraging and actively supporting healthcare facilities to adopt an Insurance-Based Billing Model (IBBM). This model, now applicable to Dignitana locations too, reduces the financial burden on patients, supports equitable access, and aligns with

the company's strategic objective to drive long-term, sustainable reimbursement pathways across the

U.S. market.

By switching to IBBM, healthcare facilities across the US can expect:

• Fair and reimbursable workflows

• Billing for clinician time using scalp cooling CPT®codes

• Removal of awkward financial conversations with patients

• Increase in patient access within their healthcare system

• A quicker, more reliable process

• Opportunity to demonstrate leadership in accessible cancer care

• To remain ahead of changing legislation, patient demands, and decision-making

  With recent changes to the reimbursement landscape, we expect to see a larger number of self-pay sites making the switch.

  2 States Now Effective

Paxman continues to implement a process, as part of its Insurance-Based Billing Model, to help open access to Paxman Scalp Cooling for any US patient regardless of their insurance coverage or financial situation.

The service offering helps patients and providers access scalp cooling through Paxman Hub services, and these services are offered through CoverMyMeds - a McKesson Company. These enhanced services

include; benefits investigation to determine

Pre-cooling period

97009

N/A

N/A $10.02 per treatment

$6.35 per unit, per

$60.12

patient insurance coverage and level; prior

authorisation assistance to support use of Paxman Scalp Cooling; help with the appeals process to support Paxman use when

Post-infusion cooling (per 30 min period)

N/A

N/A

treatment

$38.10

coverage is denied by insurance company; a

generous Paxman Patient Assistance Program (PAP) for free goods to qualifying patients.

*Average number of treatments per patient is six. Average post infusion cooling time it up to 120 minutes.

Through continued encouragement of Paxman and Dignitana customers to adopt the Insurance-Based Billing Model-and support for those who have already done so-Paxman aims to help establish a broad and robust pool of billing data throughout 2026. This data can be used by CMS to more accurately inform its proposed and final rulemaking for CY 2027. Broader utilisation of the CPT®codes further increases the likelihood of positive future reimbursement and policy developments.

"Our long-term goal is to expand patient access to scalp cooling, and therefore our ongoing focus is to ensure providers receive fair reimbursement for providing this treatment.

We are confident that this will not slow or hinder our momentum, and it is important to recognise that each development represents a positive step in the right direction."

Richard Paxman OBE,

CEO, Paxman Scalp Cooling

"No one should have to choose between preserving their dignity and affording treatment."

Kimberly James LaBrier,

Scalp Cooling Advocate

Number of US Patients

3000

2500

2000

1500

1000

500

0

Q1 2024 Q2 2024 Q3 2024 Q4 2024

Q1 2025 Q2 2025 Q3 2025 Q4 2025

Figures are Paxman US Inc only, from 2026 Dignitana sites will be included.

IBBM

PAP

Self-Pay

‌The Simple Switch Webinar

In October 2025, Paxman hosted its first webinar on scalp cooling reimbursement in the United States - The Simple Switch. Almost 260 attendees tuned in to hear from key opinion leaders Steven Isakoff, MD, PhD, Alicia Coffin, MSN, RN, OCN, NE-BC and Andrea Smith, MSN, RN, CBCN in addition to Richard Paxman OBE and patient voices.

The webinar covered topics such as

Through this webinar, followed by an interactive Q&A, healthcare practitioners and providers had a direct touchpoint with the Paxman team to understand what these upcoming changes would mean for them and where to start. With real world evidence and strategies, Paxman's audience left with valuable and practical insights on how to implement the Insurance-Based Billing Model and what they could expect as a result.

The Full Story

For a full history of the reimbursement landscape, including the legislative bills, Category I CPT®Code announcement, and subsequent CMS Proposed

Rules and APC rates, please refer to the 2025 Quarterly Reports at paxman.se.

The latest news coverage on scalp cooling reimbursement in the US can be found on Paxman's dedicated US Access and Support Page.

The recording of the webinar is available to watch on demand at: paxmanscalpcooling.com/the-simple-switch-webinar.

US Net Sales

USD

4,500,000

4,000,000

3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

0

Q1 2024 Q2 2024 Q3 2024 Q4 2024

Q1 2025 Q2 2025 Q3 2025 Q4 2025

Figures are Paxman US Inc only, from 2026 Dignitana sites will be included.

IBBM

Self-Pay

Rental/Other Net Sales

VA Net Sales

Average Income per Patient

USD

2,000

1,500

1,000

500

0

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025

Figures are Paxman US Inc only, from 2026 Dignitana sites will be included.

IBBM Sites

Self-Pay Sites

Customer Data Demonstrates Positive Momentum

Paxman's Simple Switch campaign - along with landscape changes - has driven customers to adopt the Insurance-Based Billing Model. The proportion of customers offering reimbursement is expected to grow over the course of 2026, increasing the number of patients accessing scalp cooling and in turn, net sales and average daily treatment revenue (ADTR).

16 Interim report as of December 31 2025

16 Interim report as of December 31 2025

Overview to Fourth Quarter 2025 17

Comments to the

Financial Statements

Note that Dignitana is part of the group as of June 1st

Sales and earnings

Net sales in Q4 2025 totalled 84.4 MSEK, compared to 66.2 MSEK in Q4 2024, a 27.5% increase in revenue. The acquisition contributed 18.6 MSEK in revenue.

Paxman US revenue is up 24% on Q4 2024.

In Q4 2025 EBITDA is recorded at a profit of 5.8 MSEK. This compares to an EBITDA profit of 11.5 MSEK for Q4 2024. This reflects the increased costs arising from the acquisition of 1.9 MSEK, along with the increased costs to support the upcoming commercialisation of the new CIPN device of 3.6 MSEK in the quarter.

As a consequence of the above, along with increased goodwill amortisation of 3.7 MSEK in the quarter, operating losses in Q4 were -3 MSEK (Profits 7 MSEK).

As before, the operating earnings are impacted by depreciation, a consequence of strong investments in the US where the scalp cooling systems are reported as fixed assets in the Group's balance sheet of 23.8 MSEK.

As of 1 July, the board has determined that intercompany balances are not expected to be settled in the short term. In the prior year, these balances were deemed short term and therefore therefore no foreign exchange gains or losses were realised in the quarter,

a 6.8 MSEK gain was recorded in net financial items in Q4 2024.

There have been no transactions with related parties in the reporting period.

Cash flow

Operational cash inflow for the period was 5.6 MSEK. The cash outflow of -16.6 MSEK in investing activities is due to the continued investment in the CIPN development, in addition to the US scalp cooling systems to support the growing insurance-based billing model and additional costs of the acquisition.

Financial position

There is an increase in the group's liabilities to 63.5 (61.8) MSEK on 31 December of which 13 (14.2) MSEK is interest bearing. The increase is in operating debts as a result of the increase in activity. Cash on hand has increased from 40.3 MSEK to 120.8 MSEK from Q4 2024 due to the share issue in the Q1 2025.

Employees

As of 31 December 2025, the group had a total of 144 employees, 88 by Paxman Coolers Ltd., 16 by Paxman US, Inc., 18 by Paxman Canada Inc., 7 by Dignitana AB, and 15 by Dignitana US Inc. As of 31 December 2024, the Group had a total of 105 employees, 1 by Paxman AB, 75 by Paxman Coolers Ltd, 13 by Paxman US Inc, and 16 by Paxman Canada Inc.

Parent company

PAXMAN AB (publ) is the parent company of the PAXMAN Group. Its operations include sales in Scandinavia and Group functions such as finance, legal and communications. The parent company has its headquarters in Karlshamn, in the south of Sweden.

Account principles

PAXMAN AB (publ) applies the accounting principles of BFNAR 2012:1 (K3), which are also the accounting and reporting principles used in the Group's annual report. No adjustments have been made to these accounting principles since PAXMAN's latest annual report was published. This interim report has not been reviewed by the Group's auditors.

18 Interim report as of December 31 2025 Overview to Fourth Quarter 2025 19

AFFIRMATION

Paxman AB (publ)'s Board of Directors and CEO hereby assure that these summarised financial statements give a true and fair view of the Group's operations, financial position and performance.

Karlshamn, 27 February 2026 Paxman AB (publ)

Consolidated Income Statement

(CONDENSED)

Per-Anders Johansson Maria Bech

Robert Kelly Björn Littorin Glenn Paxman Karen Clakeley Richard Paxman

Chairman of the Board Director of the Board Director of the Board Director of the Board Director of the Board Director of the Board

CEO and Director of the Board

For further information, please contact Richard Paxman, CEO, Paxman AB (publ) Tel +44 7968 020641

Email richard@paxmanscalpcooling.com

This is information that Paxman AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, and will be published at 07:00 February 27th 2026. This interim report has not been reviewed by the Group's auditors.

Dignitana has been part of the group since June 1

Consolidated Balance Sheet

(CONDENSED)

Dignitana has been part of the group since June 1

Consolidated Statement of Cash Flows

Dignitana has been part of the group since June 1

Consolidated Changes in Equity

(CONDENSED)

Key Ratios

Dignitana has been part of the group since June 1

Parent Company Income Statement

(CONDENSED)

Dignitana has been part of the group since June 1

Parent Company Balance Sheet

(CONDENSED)

Data Per Share

1. Earnings and cash flow per share are based on the weighted average number of shares in the period. Equity per share is based on the total number of issued shares on balance sheet day.

2. As of December 31, 2025, the company had two outstanding option programs. The first program, where the decision to issue warrants was made at the Annual General Meeting on May 23 2019 and the warrants were issued immediately thereafter, is aimed at employees at the subsidiary Paxman Coolers Limited in Huddersfield. For this a total of 68,478 warrants have been issued, with the accompanying right to subscribe for a maximum of 68,478 new shares in the company aimed at employees at the subsidiary Paxman Coolers Limited in Huddersfield. The first program is for employees at the subsidiary Paxman Coolers Limited, and the timetable is: The warrants may be exercised to subscribe for new shares during the 30-days period commencing on the day following the publication of the Company's

quarterly reports, or as regards the full year, the year-end report, the first time after the publication of the quarterly report for the first quarter 2020 and the last time after the publication of the quarterly report for the first quarter 2029. If the Company does not publish quarterly reports or year-end report after the end of any calendar quarter, subscription can instead be made during the last month in the following calendar quarter the first time in June 2020 and the last time in June 2029.

The second program was decided at the Annual General Meeting in May 2025. The program included 125,154 warrants the warrants were issued immediately thereafter and is aimed for employees of the foreign subsidiary Paxman Coolers Ltd who are not tax liable in Sweden. The warrants may be exercised to subscribe for new shares during a period of 30 days commencing on the day following the publication of the Company's quarterly reports, or, as regards the full year, the interim report, the first time after the publication of the quarterly report for the second quarter of 2028 and the last time after the publication of the quarterly report for the first quarter of 2030. If the Company does not publish quarterly reports or interim reports after the end of any calendar quarter, subscription may instead be made during the last month of the subsequent calendar quarter, the first time in September 2028 and the last time in June 2030.

Dignitana has been part of the group since June 1 Dignitana has been part of the group since June 1

OTHER INFORMATION

Paxman AB are global leaders in cryotherapy-based chemotherapy side effect management, on an ambitious journey to change the face of cancer.

Paxman have been pioneering scalp cooling technology to help prevent chemotherapy-induced alopecia for over 25 years, providing scalp cooling to cancer patients across the globe. The Paxman Scalp Cooling System leads the market and is presently used at a large number of cancer centres and hospitals in Europe, North, Central and South America, Asia and Oceania, with more installs continuously being added. The company is also developing a medical cooling and compression device to prevent chemotherapy-induced peripheral neuropathy (CIPN). A large multicentre trial has begun with the system in the USA.

Paxman was founded as a family business by Glenn Paxman, following his wife Sue's hair loss as a result of chemotherapy treatment. Glenn realised that there were shortcomings in the existing available methods of scalp cooling and together with his brother, developed a liquid-based cooling system, the first Paxman System.

Today, Glenn and Sue's son Richard is the CEO of Paxman, and their daughter Claire holds the position as the company's Brand Ambassador & Director of Global Training. Their inherent understanding of the impact that chemotherapy hair loss can have on a patient, and the privacy and control that retaining their hair can have on their daily lives, is reflected in all of Paxman's business operations. The company's vision is to make scalp cooling a standard of care for all cancer patients worldwide - scalp cooling should be available to anyone who wants it.

Ensuring a positive experience while scalp cooling has shaped the work that Paxman has focused

on over the last 3 years, growing and developing support offered to the patient population. It has been acknowledged that an educated patient with moderated expectations has a better outcome. As a result, Paxman has developed a comprehensive suite of patient education materials, helping with decision making, sharing transparent information on outcomes and encouraging patients to take ownership of cap fitting. This not only supports the patient, allowing them to feel empowered, but also

reduces the burden of education from clinical teams.

Research and development are core to Paxman's growth, with substantial investment over the

last decade, ensuring that scalp cooling efficacy continues to improve and new solutions for

chemotherapy side effects are explored. The company has conducted many successful clinical studies with leading clinics and cancer centres

all over the world, including the world's first randomised multicentre study with a scalp cooling system. The results from these studies formed the basis of market approvals in Europe, the United States, Japan and Australia as well as additional markets in South America and Asia. This focused global expansion now sees Paxman systems being used in over 65 markets worldwide. After initiating several clinical trials for a device to prevent CIPN, the company is now following regulatory pathways for commercialisation in selected markets and preparing to evolve into a multi-product brand and business.

In 2025, Paxman completed a public offer to purchase all shares in Dignitana, formerly a competitor of the business, thus merging the two businesses into a new, unified group called Paxman AB. Through this exciting acquisition, Paxman

looks forward to improved collaborations and connections, with new perspectives and shared strengths, as both Paxman and Dignitana continue to improve patient outcomes together as one team. With higher levels of service, greater resource, and further investment in R&D, it also creates more favourable conditions for the introduction of the device to prevent CIPN.

P"axman looks forward to improved collaborations

and connections, with new perspectives and shared

strengths.

Paxman Research & Development

Paxman is committed to an ambitious research and

development programme, allowing the company to continuously refine the efficiency and user-friendliness of its scalp cooling system as well as explore innovation that will shape Paxman in the future.

Research and development has become an increasingly important focus for Paxman. A recognition of the potential provided by innovation, not only for our existing product, but also the huge opportunities that

pushing the boundaries of cryotherapy brings, have led Paxman to prioritise an ambitious programme of research and development. The capabilities and improvements being unlocked by this ongoing work ensure that Paxman moves forward from a position of

strength. We recognise that investment in innovation now paves the way for

significant future growth.

New cooling cap design

The current cap and cover, launched in 2017, is a robust but lightweight cap, with an improved fit from previous designs. It delivers improved efficacy, easy utilisation and was designed to be

suitable for both single-use and regular use markets. There are however several areas that Paxman are keen to improve on.

Utilising the medical design expertise within the University of Huddersfield's award-winning product design team, Paxman launched a project to explore methods of improving the cooling cap and cover, to factor in sustainability and the best possible fit for all head shapes and sizes. With a heavy focus on innovation, advanced design and development, and technical material

Miniaturisation of cooling technology

Progression of the cryocompression device has allowed Paxman to create smaller and more compact cooling technology. The option to reduce the size of apparatus and therefore the amount of valuable space occupied in hospital treatment areas and cancer centres could have significant impact - making cooling more accessible and allowing for technology that can serve more patients without taking up additional space. Paxman continue to explore this area of vast potential.

Topical agent to improve scalp cooling efficacy

While scalp cooling efficacy has made significant improvements over the last decade, scalp cooling is not a perfect process, and even the patients with the highest levels of hair retention at the end of treatment will experience some level of shedding as a normal part of the treatment.

Paxman have been working with Dr Nikolaos Georgopoulos, formerly of the Paxman Research & Innovation Centre and now Sheffield Hallam University,

to develop topical formulations which will aim to minimise or prevent chemotherapy-induced alopecia

in conjunction with scalp cooling, improving patient experience and confidence in the treatment.

Research published by the team at Sheffield Hallam University developed formulations that use lipid nanoparticles with the ability to deliver antioxidants (AOs) to the hair follicle region in the skin, used as a precursor to scalp cooling. During its final stage, the

species (ROS) inhibitors (AO1, AO2 and AO3) using a range of formulations to encapsulate these ROS inhibitors/Aos for optimised skin delivery. These are AOs for which we have extensive laboratory (in vitro) data, proving their ability to prevent hair follicle cell cytotoxicity when used in conjunction with cooling against a variety of chemotherapy drugs.

The formulations may not only dramatically enhance the efficacy of scalp cooling in protecting from hair loss, but also significantly accelerate recovery post chemotherapy treatment.

The research, authored by Khalidah Ibraheem, Adrian Smith, Andrew Collett and Nikolaos Georgopoulos, was published in the Frontiers in Pharmacology Journal in July 2025, titled 'Prevention of chemotherapy drug-mediated human hair follicle damage: combined use of cooling with antioxidant suppresses oxidative stress and prevents matrix keratinocyte cytotoxicity'.

Speaking about the published research, which was publicised in mainstream media outlets across the UK, Dr.

Georgopoulos said, "Our ongoing work will ensure that efficacy is as high as possible with the belief that a topical agent will not only dramatically enhance the efficacy of scalp cooling, but also significantly accelerates hair recovery post chemotherapy." As of July 2025, the coverage is estimated to have reached 1.3 million people.

Paxman now looks to move forward with the advancements made by Dr Nikolaos Georgopoulos and his team, with formula optimisation of the Nano Lipid Carrier now underway with a chosen commercial partner to make this research a reality.

The Paxman cryocompression device to prevent chemotherapy-induced peripheral neuropathy (CIPN)

Paxman have been developing a portable compression and cooling product since early 2019. This product is aimed at helping to prevent chemotherapy-induced peripheral neuropathy (CIPN), a related indication causing chronic, long-term nerve damage in the hands and feet.

In early 2019, Paxman signed a research collaboration agreement with the National University Hospital in Singapore (NUH), for the development of a limb cryocompression system. The development of the device has been conducted by Paxman in collaboration with researchers from the Paxman Scalp Cooling Research Centre at the University of Huddersfield.

In 2021, a research grant of 1.57 million SGD was received from National Research Foundation (NRF) in Singapore. With this, a clinical trial was initiated by National

University Hospital, Singapore, in collaboration with The No.1 Institute for Health, National University of Singapore, to evaluate the

limb cryocompression system with healthy volunteers and cancer patients. The first phase of the trial was completed in 2022, with the second phase initiated later the same year, to evaluate the safety and efficacy of the device in preventing CIPN in over 80 patients receiving any taxane-based chemotherapy. As of January 2025, this study is ongoing with

research, Paxman have continued this project in collaboration with The

University of Leeds to see it through to completion.

project focused on completing the

development of the production of nano-particulates for the formulation of a panel of three reactive oxygen

154 patients enrolled.

30 Interim report as of December 31 2025 Overview to Fourth Quarter 2025 31

New data CIPN prevention data revealed at ESMO/EONS18

At the European Society for Medical Oncology (ESMO) Congress 2025 and the 18th annual congress of the European Oncology Nursing Society (EONS18) in Berlin, Hope Rugo, MD,

FASCO, Division Chief of Breast Medical Oncology and a Professor of Medical Oncology and Therapeutics Research at City of Hope, showed new data

on CIPN prevalence, presenting the Paxman Limb Cryocompression Device as a solution.

As part of the industry-sponsored symposium "Strategies for Chemotherapy-Induced Side-Effect Management: Preventing CIPN with Cryotherapy", held on Monday 20th October, the data was presented in front of 200 in-person delegates and streamed live to 30,000 delegates at the congress.

Her presentation shared new data from the ongoing single-arm phase I-II study from multiple sites in Singapore which evaluates the safety and efficacy of the novel wearable limb cryocompression

2.5%

21.5%

device, in which 79 out of 94 patients completed all planned taxane-based chemotherapy with limb cooling. The optimal 'dose' (optimal temperature of 11°C and pressure 5-15mmHg) was based on results from the prior pilot study. In this latest data release, all planned treatments with cryocompression meant limb cooling was

well tolerated at 11°C and concomitant scalp cooling did not affect tolerance of cryo-compression (p=0.181).

Using physician assessed CIPN Common Terminology Criteria for Adverse Events (CTCAE) grading at the end of treatment, 75.9% (60/79) of

patients did not experience CIPN, 21.5% (17/79) had Grade 1 CIPN and 2.5% (2/79) had Grade 2 CIPN. 2 patients with Grade 1 neuropathy pre-treatment remained stable.

Patient Assessed European Organisation for Research and Treatment of Cancer (EORTC) QLQ CIPN-20 Score, a

questionnaire developed to assess the quality of life of cancer patients, showed

76%

about 15% of patients reported clinically significant CIPN, defined as an increase of ≥3 points or more on the EORTC QLQ-CIPN 20 sensory neuropathy subscale. The study concluded that the use of limb cryocompression:

• is safe and well-tolerated at 11°C in patients receiving taxane-based chemotherapy

• can be safely administered with scalp cooling therapy

• shows promising data in reducing the rates of taxane-based CIPN compared to historical data

• 15% of patients reported clinically significant CIPN

• 21.5% of physicians assessed CTCAE G1 CIPN and 2.5% CTCAE G2 CIPN

June 2025

Preparation & Finalisation

Finalising regulatory strategy and testing

Preparing the market through data presentations at selected events

Finalisation of commercialisation strategy for the device

Development of branding, value proposition and messaging begins

Submissions to regulatory bodies

2026

Launch

Anticipated acceptance by FDA and BSI regulatory bodies allowing for a clear path

for product rollout into the United States and the UK, with the potential for other select markets from Q3 2026

Meeting with American Medical Association - CPT III coding application

Marketing communications plan to be finalised for launch

Full commercialisation with launch in other key markets

The US SWOG S2205 ICE

COMPRESS Study

In the presentation, Dr. Hope Rugo also referred to the Phase III ICE-COMPRESS SWOG trial, supported by the National Cancer Institute in the USA. A phase III, three-arm, multi-centre, randomised efficacy study initiated in 2023, the trial plans to recruit 777 cancer patients across a minimum of 25 sites, with 557 patients already recruited as of 20th January 2026.

This trial is expected to confirm Phase II findings from the Singapore Trial and provide extensive data from its sizeable cohort for rigorous data analysis.

New cryocompression study and Dana-Farber Cancer Institute

A new interventional study has begun recruiting at the Dana-Farber Cancer Institute in Boston Massachusetts. 'Evaluating the Use of Limb Cryocompression to Reduce Taxane-induced Peripheral Neuropathy', a randomized controlled trial, is led by Theresa Jabaley, PhD and hopes to recruit approximately 50 patients.

The study aims to evaluate the effectiveness, tolerability, and safety of using cooling therapy and pressure

(cryocompression) to reduce peripheral neuropathy, a condition affecting the nerves supplying the arms and legs (limbs) resulting in possible numbness, pain, and/or loss of motor function, that may occur as a result of taxane-based chemotherapy.

The research is sponsored by Paxman, with Dr. Aishwarya Bandla, Regional R&D

Regulatory Pathways and the Road to Commercialisation

The transition from research and development to navigating regulatory pathways has already begun.

Appropriate regulatory testing and subsequent submissions to both the U.S. FDA and UK BSI are complete, awaiting acceptance. Product launches in other select markets are currently being planned for 2026 with launch to all markets anticipated in 2027.

In October of 2025, the Paxman device for the prevention of CIPN, was accepted into the US FDA's Safer Technologies Program (STeP). The

Program is a voluntary initiative designed to accelerate the development and clearance of medical devices that have the potential to reduce known risks associated with current treatments for non-life threatening conditions.

Confirmation that the PLCS meets the eligibility factors for STeP is a significant milestone in Paxman's regulatory pathways towards FDA clearance of this new technology.

The FDA then confirmed receipt of Paxman's 510k submission for the device - a premarket submission to demonstrate that the device to be marketed is safe and effective - in late December 2025. The application was assigned to a lead reviewer in the Division of Health Technology within the Office of Health Technology.

This followed confirmation that the Category III CPT® Code Application for the device was submitted to the American Medical Association (AMA) in November, and subsequently granted

on 20th February - another key element for commercialisation plans in the US. The new Category III codes establish

Physician Assessed CIPN

CTCAE Grading in 79 Patients

No CIPN G1 CIPN G2 CIPN

in 2027

Manager, supporting the Dana-Farber

team.

a standardised reporting pathway for mechanical extremity cryocompression therapy delivered in conjunction with neurotoxic chemotherapy. The three-code structure mirrors the established coding framework for Paxman's FDA-cleared scalp cooling system, supporting structured reporting, data collection, and payer engagement.

32 Interim report as of December 31 2025 Overview to Fourth Quarter 2025 33

Recently Published Studies of Significance

'Prevention of chemotherapy drug-mediated human hair follicle damage: combined use of cooling with antioxidant suppresses oxidative stress and prevents matrix keratinocyte cytotoxicity' by Khalidah Ibraheem, Adrian Smith, Andrew Collett, and Nikolaos T. Georgopoulos.

This study, as referenced on page XX, explores a novel approach to enhance the effectiveness of scalp cooling in preventing chemotherapy-induced alopecia (CIA). The authors introduce a potential antioxidant strategy, that when

used alongside scalp cooling, may offer significantly increased protection for the hair follicle. It found that chemotherapy increases production of harmful reactive oxygen species (oxidants) in cell cultures that mimic human hair follicles (matrix keratinocytes). While cooling alone was shown to suppress this harmful ROS production, antioxidants were able to protect from drug-induced toxicity by reducing ROS production, therefore preventing hair follicle cell damage.

Cooling at 18°C combined with their identified antioxidants provides the

strongest protection and may benefit patients who do not achieve optimal scalp temperatures during treatment. Ultimately, this research provides a compelling case for a combined cooling plus antioxidant approach, which may redefine the standard for chemotherapy-induced alopecia prevention.

Determination of commercial partners to commerce upscaled production of the topical agent are underway.

Ongoing Clinical Trials

Clinical Studies & Collaborations

Paxman's scalp cooling is continuously evaluated with different types of chemotherapy treatments and patient groups in order to gain further knowledge and improve the treatment efficacy and patient experience.

Paxman are pleased to have not only the most published peer reviewed data using its scalp cooling systems, but the most open and active studies, advancing our knowledge with a view to improve efficacy and access globally.

Scalp Cooling for Chemotherapy-Induced Alopecia in Patients of Color

Location: Montefiore Medical Center

This study evaluates the effectiveness of scalp cooling in patients of colour receiving chemotherapy for breast

or lung cancer. Due to limited representation and reduced efficacy in prior studies, the research focuses on techniques to improve scalp cooling for hair types 3 and 4. It also investigates the molecular mechanisms behind persistent alopecia by following patients up to 6 months after completing final treatment. The study will enrol an estimated 30 participants.

Primary investigator of the study, Beth McLellan, recently spoke to CBS News about the study: "Our trial is the first one that's really focused on using different techniques to prepare the hair so that people with more curly, textured hair types can have better chance of success."

Study of Cold Cap Therapy for Prevention of Hair Loss in Paediatric Patients

Location: St. Jude Children's Research Hospital

This study examines the safety and feasibility of using the Paxman

scalp cooling device to prevent hair loss in paediatric patients receiving chemotherapy for noncancerous

conditions or solid tumours. The primary focus is on assessing hair loss incidence and intensity, with an estimated enrolment of 40 participants.

Prevention of Alopecia in Patients With Localised Breast Cancer (ICELAND)

Location: Centre Francois Baclesse, Caen, France

This study aims to strengthen the evidence on preventing chemotherapy-induced alopecia (CIA) in France

by evaluating the efficacy and cost effectiveness of two scalp refrigeration techniques during anthracycline- and taxane-based chemotherapy. The study will assess not only the prevention

of hair loss but also the impact on patients' quality of life, self-image, and satisfaction with care during and after treatment. Estimated enrolment is 196 patients.

Safety of Lower Scalp Cooling Temperature to Prevent Hair Loss From Chemotherapy in Breast Cancer Patients

Location: Memorial Sloan Kettering Cancer Center

This study is being done to determine if using the Paxman Scalp Cooling System at temperatures lower than the current standard is a safe and tolerable approach to prevent hair loss in breast cancer patients receiving chemotherapy. This study has 34 patients enrolled and is currently awaiting publication.

Scalp Cooling in MBC

Location: Dana-Farber Cancer Institute

This research is being done to compare rates of hair loss of people with metastatic breast who use scalp cooling versus those who do not use

scalp cooling after receiving standard of care treatment with either sacituzumab govitecan, trastuzumab deruxtecan, or eribulin. It is expected that about 120 people will take part in this research study.

Evaluation of Scalp Cooling During Chemotherapy on Quality of Life and the Potential Role of Single Nucleotide Variations on Chemotherapy-Induced Alopecia and Hair Regrowth in the Appalachian Highlands Region

Location: Kingsport & Johnson City, Tennessee, USA

This study by Ballad Health Cancer Center will assess the effect of the Paxman Scalp Cooling System on the quality of life of breast cancer patients in the Appalachian Highlands Region receiving any cancer therapy regimen with a chemotherapy agent known to cause chemotherapy-induced alopecia. The study aims to recruit between 100 and 130 participants.

Overview to Fourth Quarter 2025 35

34 Interim report as of December 31 2025 Overview to Fourth Quarter 2025 35

Risks and uncertainties

Information on current risks and uncertainties, as well as on how the company acts to mitigate them, can be found in the annual report for 2024 (pages 73-74). An English translation of this segment is available upon request.

The share

The Paxman share is listed on Nasdaq First North Growth Market since 12 June 2017. The share's trading name is PAX, its ISIN code SE0009806284 and its LEI code 549300OT2V7Q4IDX8X68. The

share capital in the company amounted to SEK 23 273 416 split on 23 273 416 shares on 31 December 2025, each with a quota value of SEK 1. Paxman has only one class of shares.

Ownership structure

A list of Paxman's 10 largest shareholders is available on https://www.paxman.se and is updated at the end of each quarter. As of 31 December 2025, the 10 largest shareholders held 53.85% of all issued shares. At this time, Paxman had a total of 3,564 individual shareholders.

Annual general meeting 2026

The next AGM of Paxman AB (publ) will be held in Karlshamn, Sweden, on 22 May 2026. The AGM will be held in premises adjacent to the company's head office at Pirgatan 13, NetPort, Karlshamn.

Nomination committee

For the 2026 AGM, the Nominating Committee will be appointed during the autumn of 2025 based on the 5 largest shareholders on the last business day

of September 2025. Ahead of the 2026 Annual General Meeting, Paxman's Nomination Committee consists of the following members:

• Roger Johansson, Committee Chairman representing Per-Anders Johansson

• Glenn Paxman, Board member and majority shareholder

• Tom Elliott, representing Richard Paxman

Their contact details, as well as full guidelines for their appointment and responsibilities, are available on https://www.paxman.se.

Corporate information

Paxman AB (publ), corporate identity number 559079-3898, has its statutory seat in Karlshamn, Sweden, at Pirgatan 13, SE-374 35 KARLSHAMN. Production

and sales are carried out by the UK subsidiary Paxman Coolers Limited, International House, Penistone Road, Fenay Bridge, HD8 0LE Huddersfield, United Kingdom. The Group also has a subsidiary in the United States, Paxman US, Inc., based in Houston, Texas, as well as an entity in Canada, Paxman Canada Inc., located in Toronto, Ontario. Paxman Coolers Limited, Paxman US, Inc., and Paxman Canada Inc. are all wholly owned subsidiaries of Paxman Group Limited, which in turn is a wholly owned subsidiary of Paxman AB (publ). Following the acquisition of Dignitana, the Group's subsidiaries also include Dignitana AB

in Lund, Sweden; Dignitana US Inc.

in Dallas, Texas; and Dignitana SRL in Milan, Italy - all of which are now wholly owned by Paxman AB (publ).

info@paxmanscalpcooling.com www.paxmanscalpcooling.com www.paxman.se www.coldcap.com

Financial Calendar

Annual Report 2025 | 24 April 2026

Interim Report as of 31 March 2026 | 21 May 2026

Interim Report as of 30 June 2026 | 21 August 2026

Interim Report as of 30 September 2026 | 20 November 2026

Paxman's interim reports and annual reports are available on https://www.paxman.se

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