We have started 2026 with important progress in both international expansion and operational execution. We continue to deliver strong performance in our existing Nordic markets. By building on our partnership with Karo Healthcare, we expand our international reach, whereby MOB-015 can be added to an already market-leading position in new APAC markets, providing us with an immediate commercial platform and reducing risk

The agreement represents the next step in our geographic expansion. Karo Healthcare is the market leader in antifungal foot treatments with Lamisil® across all of these markets, providing a strong foundation for a successful launch of MOB-015

We are pleased to expand our collaboration with Moberg Pharma. MOB-015 is a clinically well-documented product and fits well with our strategy to further develop the Lamisil® brand. The collaboration represents a strong combination of scientific innovation and commercial strength, giving us a unique position in the market

The fourth quarter of 2025 capped off a fantastic year for Moberg Pharma. Terclara® continues to dominate the markets in both Sweden and Norway, with market shares continuing to rise and clear commercial momentum even during the off season. By far the most significant event of the fourth quarter was our new license agreement with Karo Healthcare, which enables broad European market coverage, strong distribution, and the launch of MOB-015/Terclara® under the globally leading antifungal brand Lamisil®

Following the successes in the Nordic region, Moberg Pharma is now taking the next step into Europe. The new license agreement with Karo Healthcare provides broad market coverage, strong distribution, and the launch of MOB-015/Terclara® under the globally leading antifungal brand Lamisil®. The agreement represents an important milestone on the path toward European market leadership.

We are very pleased to welcome Mona Zhang and Fredrik Blom to the Board of Directors. As the market leader in Sweden and Norway, Moberg Pharma is now focused on scaling this success internationally with the clear ambition to become the global market leader in nail fungus treatments. Mona’s international experience in investment management and corporate governance will further strengthen our focus on financial strategy and global market development, while Fredrik’s entrepreneurial track record and commitment as a shareholder will enhance the Board’s representation and business development capabilities. Together, their expertise complements our existing strengths and broadens the Board’s perspective as we continue to deliver on Moberg Pharma’s strategy. I am also happy to share that Richard Ding has been assigned a special role to oversee and facilitate the external communications of the Board. Maintaining strict fiscal control and ensuring operational excellence will remain core priorities for the Company as we drive sustainable growth and long-term value creation for our shareholders,

Terclara®, our drug for treatment of nail fungus, reached an important milestone during the quarter: the product is now the market leader in both Sweden and Norway. This clearly demonstrates that our launch strategy is working and that demand for effective topical treatments is strong across multiple markets,

We are proud to announce that the Norwegian success follows the highly successful Swedish launch and is built on the same proven model: a combination of broad distribution via all pharmacy chains, targeted marketing and close collaboration with heath care professionals and the pharmacy sector.

We are very pleased to have already achieved our goal of becoming the market leader also in Norway, This is clear evidence that our launch strategy is working and that demand for effective topical treatments is strong across multiple markets.

We have started the year with strong progress in our commercialization. In the first quarter, we launched Terclara® in Norway – an important step in our European expansion, and a continuation of the success we have built in Sweden. In Sweden, Terclara® is maintaining market leadership and continues to deliver solid sales, clearly affirming the product’s relevance and strength,

The success continues in Sweden, with Terclara® solidifying its position as the market leader. Building on this momentum, we are now taking the next step by launching in Norway. A new terbinafine supplier has been secured, eliminating a key bottleneck for future market launches. After publishing the topline data, we reevaluated our U.S. plans and made a strategic decision to focus on the European markets, where strong momentum and the approval of our effective daily dosing regimen in 13 EU countries present the best opportunities for near-term growth

The launch of Terclara® in Norway is a milestone for our expansion in the European market. Allderma has proven to be a highly capable partner that has delivered strong results in Sweden. We have great confidence in their ability to replicate this success in the Norwegian market

We are proud to now be able to start the launch in Norway. The experience from Sweden has been invaluable in ensuring a successful launch and we are confident that the product will secure a strong position in the Norwegian market

Securing a new terbinafine manufacturer for MOB-015 represents a key milestone that enables future launches. It means that the timeline for the company's launch rollout can be maintained, and that access to terbinafine is no longer a limiting factor for MOB-015. MOB-015 is already available to Swedish patients under the brand name Terclara® and we look forward to reaching patients in all 13 approved countries in the future, as there is a great need for a topical treatment that truly cures the nail infection

While the topline results of the North American study creates new conditions, the data reinforce the superior efficacy of daily dosing, which is already approved and thriving in the Swedish market. We now have the opportunity to establish a stronger presence in EU and capturing a larger part of the value chain for this great product

Terclara continues to be the market leader in Sweden and we could not have wished for a better start to the launch. For the U.S., we are lowering our expectations for the primary endpoint in the ongoing phase 3 study as we await the study results and subsequent analysis to understand the implications,

Our main priority is to protect the data integrity of the study. Together with our CRO, we will do our utmost to minimize the time from the last patient's last visit to top-line data, and our expectation is that these may be brought forward compared to the timelines previously communicated, before year-end.

We can look back at a successful launch in Sweden, where Terclara® has quickly become established and is now available at all Swedish pharmacy chains. The aim of the launch in Sweden was to achieve a market-leading position, which has already been accomplished,

When we designed the oversubscribed rights issue of units last summer, the intention was to raise approximately SEK 200 million, half of which through the TO 2 warrants. The outcome of TO 2, where the company raises 336 million SEK, is a testament to our strength and is expected to promote growth and shareholder value. TO 2 has also provided an opportunity to further strengthen our shareholder base. We appreciate the trust and look forward to dedicating our full efforts to execute on our launch plans for the drug MOB-015, with approval in 13 EU countries, and where our partner Allderma has brought the product to a market-leading position in Sweden under the brand Terclara®. The launch is proceeding as planned, and we welcome the new shareholders who have joined the company via TO 2 to share in our exciting journey ahead.

When we designed the rights issue of units last summer, the goal was to raise approximately SEK 200 million, half of which through the TO 2 warrants. The subscription commitments and the top guarantee mean that the company has now secured this capital free of charge. Any additional capital raised through the TO 2 warrants is expected to promote growth and shareholder value. TO 2 has also provided an opportunity to further strengthen our shareholder base, in addition to the continued support from our main shareholder Östersjöstiftelsen. We are pleased to have secured the financing and look forward to dedicating our time to executing our launch plans for the drug MOB-015, which has recently been approved in 13 EU countries and where our partner Allderma has taken the product to a market-leading position in Sweden under the brand name Terclara®

The warrants are part of our launch strategy for our drug MOB-015, which has recently been approved in 13 EU countries, and where our partner Allderma has already, in the first month with full marketing, taken the product to a market-leading position in Sweden under the brand name Terclara®

I am very pleased with the launch together with our partner Allderma. Terclara® is now available for those who want to begin the journey towards attractive, fungus-free nails before sandal season and summer vacation. It is an achievement to quickly reach a market-leading position, and the team in Allderma once again demonstrates that they are an excellent partner in our home market.

The launch to pharmacies was initiated in February. A majority of Swedish pharmacies now have MOB-015 available on the shelf under the brand name Terclara® and interest is exceeding the chains’ forecasts. The pharmacy chains are increasing their orders after consumer marketing began around the end of March due to the fact that the product occasionally has sold out at several of the pharmacy chains. However, there is a well-stocked wholesale warehouse

It is gratifying to see that as many as seven countries have issued approvals for OTC sales right from the start, as the largest sales volumes in Europe are expected to come from non-prescription sales. I’m delighted to conclude the series of national approvals with OTC approval for Italy, one of the largest nail fungus markets in Europe.

It is very rewarding to see MOB-015 launched in Sweden – the result of a multi-year effort by Moberg Pharma. I am incredibly proud that our medication is now available to patients who previously lacked good treatment options

The submission of the application to include an additional supplier is important to secure the supply of terbinafine ahead of the planned pan-European roll-out of MOB-015. MOB-015 is already available to Swedish patients and we look forward to reaching patients in more countries in the future, since there is significant need for a topical treatment that truly cures the nail infection

MOB-015 is now on the shelves of pharmacies around Sweden under the brand name Terclara® – a milestone we have been working towards at Moberg Pharma for some time. It is especially gratifying to see the great interest in the product among the pharmacies

It is incredibly rewarding to work with such a committed market partner as Allderma. The introduction of Terclara® to Swedish pharmacy chains has gone very well. Allderma's approach and good results demonstrate why they are an excellent partner in our home market.

We have high expectations for the launch of MOB-015 - the first topical medication with an equivalent antifungal effect to tablets but without the risk of serious side effects. The goal is the same as last time, to achieve a market-leading position.

Both the regulatory process, with additional national approvals during the quarter, and the North American study where patient enrollment has been completed are important achievements for the company,

First and foremost, I want to thank Agneta and Jesper for their outstanding contributions to Moberg Pharma and their contributions to the executive team. As part of our growth journey, I now welcome Christina and Robert to the Moberg Pharma executive team. Both Christina's extensive experience in the development of new drugs and Robert's extensive production experience will be highly valuable to the company

Completing the enrollment in North America well ahead of year-end is an important milestone and the result of excellent teamwork and committed investigators. I am very pleased with the progress and the rigorous screening process and positive collaborative atmosphere which increases the probability of strong phase 3 results

I would like to thank existing and new investors for their confidence in this rights issue. We are pleased to have secured the funding and look forward to fully devoting our time towards realizing our business goals, including the commercial launch planned to start in our home market Sweden as soon as possible. Moberg Pharma is in an exciting phase after MOB-015 was recommended for market approval in 13 European countries in June this year and we have already managed to get national approval in several of these markets

We are incredibly proud to bring a new efficacious treatment option with a favorable safety profile to people living with onychomycosis in Europe, an important part of our vision of making MOB-015 the leading nail fungus treatment worldwide,

Moberg Pharma is undergoing an exciting phase after MOB-015 is recommended for market approval in 13 European countries. The rights issue is a step in our continued development that ensures funding of clinical and regulatory activities for MOB-015 as well as preparations for launch. In connection with the financing, I want to thank our main shareholders, other existing shareholders and new investors for their trust in our business and continued growth journey

We are excited about the MOB-015 program, with its cutting-edge technology and the promising 76% mycological cure rate shown in the clinical trials. It is a good fit for our Canesten® brand, with potential to become a game changer within onychomycosis

We are incredible proud to bring a new efficacious treatment option with a favorable safety profile to people living with onychomycosis in Europe, an important part of our vision of making MOB-015 the leading nail fungus treatment worldwide

We remain fully focused on our two most important activities: the registration process for MOB‐015 in Europe and patient enrollment in the North American Phase 3 study. Both the registration process and the clinical study are progressing as planned,

We remain fully focused on our two most important activities: the registration process for the nail fungus treatment MOB-015 in Europe and patient enrollment in the North American Phase 3 study. Both the registration process and the clinical study are progressing as planned and we are now intensifying the preparations ahead of expected approval this year

The two most important activities in the near term for the company – the registration process for the nail fungus treatment MOB-015 in Europe and patient enrollment in the new North American Phase 3 study – are progressing according to plan. Together with our partners, we are continuing preparations ahead of the expected approval and initiation of launch next year

Patients are now being enrolled in the new North American Phase 3 study, which is fully financed thanks to the rights issue we carried out. Concurrently, the registration process for MOB-015 is underway in Europe, where the company submitted a registration application in March of this year and expects an approval and launch next year,

This is the sixth commercial agreement for MOB-015, this time with a leading provider of extended topical and other specialty pharmaceuticals in Israel. We look forward to work with Padagis and making MOB-015 available in Israel, contributing to our vision of making MOB-015 the leading nail fungus treatment worldwide

As a leading pharmaceutical company in Israel, Padagis Israel welcomes the signing of this agreement with Moberg Pharma and look forward to a fruitful cooperation and collaboration between the two companies

I would like to thank existing and new investors for the support in this rights issue. We are pleased to have secured the financing and look forward to devoting our time on executing on our business with full force. Our new North American Phase 3 study, where patient recruitment is ongoing, is fully financed and the capital injection gives us the opportunity to utilize MOB-015's full potential, both through registration activities and launch preparations in Europe. We now look forward to expected market approval in 2023, launching MOB-015 and creating long-term shareholder value

In March, the company submitted a marketing authorization application for MOB-015 in Europe – a key milestone in our journey to launch a new and improved nail fungus drug. The new North American Phase 3 study has started and is fully financed thanks to the guaranteed rights issue

The initiation of patient enrollment in the North American Phase 3 study for MOB-015 is a major milestone for Moberg Pharma

Our long-term vision is to become a global leader in onychomycosis and we believe that MOB-015 has the potential to establish a new standard of care. The Phase 3 study have been designed to support registration in North America and runs in parallel with the registration process in Europe where our goal is to receive first market approval and launch in 2023

The financing we have secured gives us the opportunity to fully exploit MOB-015’s potential, both through the registration activities and launch preparations in Europe and an additional clinical study for the US market. The demand for an effective drug for nail fungus is high and MOB-015 can achieve a unique market position through its high antifungal effect

Submitting the Marketing Authorization Application in Europe is a key milestone in our journey to launch a new and improved nail fungus drug. MOB-015 is uniquely positioned through its high antifungal efficacy, since there is significant need for a treatment that truly cures the nail infection

For market approval in the U.S., the FDA typically requires two studies that demonstrate statistical superiority of the active drug versus its vehicle (placebo) for the primary endpoint. The first study was successfully completed in 2019 and we are now conducting the second study. The North American study is a top priority in the near future, in addition to the registration process in Europe where our goal is to receive first market approval and launch in 2023.