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Episurf Medical is a newly created real estate company with exposure to a diversified portfolio of real estate assets. The Company aims to deliver significant value creation through acquisition and management of Nordic properties. The Company also has a medical technology business which is based on the individualised implant Episealer® and related surgical instruments, which are used for treating cartilage damage in joints. Episurf Medical’s head office is in Stockholm, Sweden. Its share (EPIS B) is listed on Nasdaq Stockholm.
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ANNUAL REPORT 2025

Dear Shareholder, 
It is with great pleasure that I take on the assignment of leading Episurf into a new phase. Through the transformation into a Nordic growth platform, focusing on high-yield properties with stable cash flows combined with a medical technology business, a company is created with good prospects of delivering an annual return on equity of approximately 12–15 percent.

At the same time, I would like to extend a warm thank you to Katarina for her efforts as CEO. During 2025, the company has taken several important steps forward, and I look forward to working with Katarina to continue developing the company’s medical device division.

The background to the investment in real estate is the ambition to strengthen the group’s financial stability and create more predictable cash flows. At the beginning of 2026, several real estate acquisitions have been made. The majority of these are yet to be completed and will gradually contribute to a diversified portfolio of properties in several Nordic countries.

The acquisitions have been carried out selectively, with a focus on portfolio transactions and structures where partnerships and shared ownership have been important tools. The strategy is based on close collaboration with local entrepreneurs and management teams with strong market knowledge. The portfolio is characterized by a high occupancy rate, stable tenants, and clear opportunities for value creation through active and efficient management.

We also see structural trends that favour demand for commercial properties outside the capitals in the Nordic region, driven by ongoing electrification and increased investments in activities related to our defence. This is further reinforced by financially strong governments and banks, expanding companies, as well as good access to electricity and infrastructure, making the Nordic region a secure market in an increasingly complex world.

Our ambition over the next two years is to gradually build volume and financial strength, with a clear goal of reaching investment grade and establishing a real estate company with assets exceeding 15 billion SEK. At the same time, the company’s medical technology operations will be reviewed during the first half of the year, with the aim of establishing a long-term plan.

I look forward to continuing to develop Episurf and build long-term value together with the board, employees, and shareholders.

Jens Andersson, CEO, Episurf Medical AB.

Latest Press Releases

Conversion of convertibles in a nominal amount of SEK 87,509,176 to 1,591,075,927 Class B shares

On 4 June 2026, Episurf Medical AB (publ) (“Episurf“) issued convertibles in an aggregated nominal amount of SEK 87,509,176 as part of the consideration to be paid for the acquisition of a property portfolio from Mofast AB. Convertibles in a nominal amount of SEK 87,509,176 have, as of the date of this press release, at the request from holders of convertibles, been converted into 1,591,075,927 Class B shares in Episurf at a conversion price of…

The Board of Directors of Episurf withdraws the proposal for a resolution on the approval of a transaction between a subsidiary and a related party

Episurf Medical AB (“Episurf” or the “Company“) announces that the Board of Directors has resolved to withdraw the proposal for a resolution on the approval of a related-party transaction between a subsidiary and a related party from the agenda of the Extraordinary General Meeting to be held on Thursday, 12 November 2026. The Board of Directors’ proposal for a resolution at the Extraordinary General Meeting concerned the approval of Episurf’s subsidiary Frusipe Intressenter Target 1…

    Change in number of shares and votes in Episurf Medical

    As a result of, in accordance with previously announced information, the directed issue of 40,960,295 Class B shares to Frusipe Intressenter Holding AB and the conversion of convertibles into 1,041,561,688 Class B shares completed on 1 October 2026 as well as the conversion of convertibles into 206,220,244 Class B shares completed on 7 October 2026, the number of shares and votes in Episurf Medical AB (publ) (“Episurf”) has changed. Through the above-mentioned changes, the total…

      Episurf Medical has entered into a letter of intent with Oligo Medic regarding the divestment of the medical technology business

      Episurf Medical AB (publ) (“Episurf”) has today entered into a letter of intent with the Canadian company Oligo Medic Inc. (“Oligo Medic”) regarding a possible divestment of Episurf’s medical technology business. The letter of intent forms part of the strategic review of the medical technology business announced by Episurf on 26 october 2026 and of the Company’s refocusing on property operations. Oligo Medic is developing an international platform for joint-preserving treatments under the planned name…

      Notice convening the Extraordinary General Meeting of Episurf Medical AB (publ)

      The shareholders of Episurf Medical AB (publ), reg. no. 556767-0541 ("Episurf" or the "Company"), are hereby given notice to attend the Extraordinary General Meeting to be held on Thursday, 12 November 2026, at 15:00 (CET) at Episurf's office at Karlavägen 60, SE-114 49 Stockholm, Sweden. The entrance opens at 14:30 (CET). The Board of Directors has, pursuant to Chapter 7, Section 4 a of the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)) and the Company's articles…

      The Board of Directors of Episurf has resolved to propose the approval of a transaction to the Extraordinary General Meeting

      The Board of Directors of Episurf Medical AB (publ) (“Episurf“, or the “Company“) has taken note of a press release published by Ilija Batljan Invest AB (publ), reg. no 559053-5166 (“IBI“) on 9 October 2026, according to which IBI intends to make an offer to repurchase all bonds issued by IBI with ISIN SE0016101810 (the “Bonds“) in return for a cash payment equivalent to 100 percent of the outstanding nominal amount of the Bonds, together…

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      Contact

      Jens Andersson

      CEO

      ir@episurf.com

      Financial Calendar

      Interim Report January-September 2026

      Year-end Report 2026