PAXMAN publishes year-end report as of 31 December 2025.

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

• 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 (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 (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 SEK 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 (14.7) MSEK as a result of directed share issue during the year of 123.5 MSEK and repayment of Dignitana’s outstanding debt of 40.8 MSEK.
• Cash flow from operating activities amounted to 5.6 (15.7) MSEK for the quarter. For the year the corresponding figure is 6.2 (32.6) MSEK.
• Cash on hand totalled 120.8 (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.

Significant events during 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 postcooling 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 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” 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 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 CPTR 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 CPTR Editorial Panel Meeting.

Significant events after the reporting period

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