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We are now working intensively to deliver as many Dosell units as possible before year-end. Each delivery contributes directly to our recurring revenue and is therefore central to meeting our communicated forecasts.

Sweden – More Municipal Rollouts, Strong Network Effects
Two additional municipalities launched Dosell in November, both with highly positive outcomes in a short time. One municipality has already placed an additional order for 15 units, clearly showing how the user experience translates quickly into concrete demand.

As we’ve heard before, the feedback has once again been unanimous:
“It’s so user-friendly to operate, it meets all our needs, and the lightweight design is a big plus!”

In addition, five more municipalities have signed agreements to launch Dosell in December and January. During November, we also presented Dosell to 14 new municipalities, and we’re seeing a strong network effect — more and more reference their neighboring municipalities using Dosell and share positive feedback, which strengthens both our credibility and our pipeline going into 2026.

Norway – First Public Procurement Won
Together with our new partner Vakt og Alarm, we have now won a public procurement in Norway that will bring Dosell to six municipalities starting February 1. This marks an important step in our ambition to establish ourselves in the Norwegian market in 2026, much like we have successfully done in Sweden this year.

Finland – Strong Presence and Growing Awareness
In November, we participated in KOPA 2025, Finland’s largest trade fair for municipal home care and assisted living, together with our partner AddSecure. This gave us the opportunity to present Dosell to a wide range of decision-makers and once again, the response was clear:
“This is exactly the kind of solution we’ve been missing in Finland.”

We have now finalized all technical preparations for launch, including integration with UMO/Enovation, training, and workflow configurations. We are fully ready to begin broader rollouts together with AddSecure, with a tested and integrated technical environment in place.

Iceland – New Market, Strong Partner
In November, we launched our new partnership with Skand in Iceland. Our new partner will work with both public and private sector stakeholders (B2B), as well as directly with consumers (B2C). Skand is a well-established player with strong drive and high ambitions, and we look forward to establishing Dosell in another new market where interest is already evident.

The Netherlands – Continued Growth After the Acquisition
Our Dutch subsidiary continues to grow steadily, and the integration is moving ahead rapidly. The team is working closely with both existing and new customers, and in November we increased the number of active units and initiated deployments with several new care organizations. This growth reaffirms Dosell’s strong position in the Dutch market.

We are simultaneously driving multiple improvement initiatives in packaging, installation, and system integrations — all aimed at enhancing user experience and streamlining implementation. Our local presence continues to prove a strategic advantage, creating business value and strengthening customer relationships. Insights from the Netherlands are already proving valuable as we scale in other European markets.

ADDA – Procurement Reissued
The ADDA procurement process has been reissued following minor revisions — something that is common in larger framework agreements. The new deadline for submissions is January 5. For us, this is simply a shift in timing. Our work continues as planned, and several municipalities have already signaled their intention to procure Dosell once the agreement is in place.

Looking Ahead – A Strong Finish to the Year
As we enter the final month of the year, our focus is on delivering according to plan. On the agenda:

• New municipal implementations
• Rollout in five new municipalities in Sweden
• Preparations for first customers in Norway (launching February 1)
• Launch of Dosell in Iceland – both B2B and B2C
• Continued growth in the Netherlands – new customers and more units
• Ongoing pilot discussions and presentations in Sweden
• Final submission for the ADDA procurement (January 5)
• Ongoing technical integrations and support
• Follow-up from the KOPA trade fair in Finland

Thank You for Your Support – We’re Just Getting Started
We remain a small but highly dedicated team, and our strategy is clearly delivering results. With over 30 municipalities now using Dosell in Sweden, operations launched in five European countries, and a growing stream of new customers and deals, we head into 2026 with both momentum and direction.

Thank you for following our journey.
Together, we are building the future of medication management.

The purchase follows an additional acquisition of 100,000 shares made in October. After the latest transaction, Anna Håkansson’s total holding, via her company, amounts to 250,000 shares in iZafe Group.

Anna Håkansson was elected to the Board at this year’s Annual General Meeting.

“I have chosen to increase my shareholding as I see a clear direction for the company and strong potential in the journey we are now undertaking,” says Anna Håkansson, Board Member of iZafe Group.

The partnership builds on Dosell’s existing integration with the UMO platform and the upcoming transition to the next-generation UMOcx. This enables fast, secure, and scalable implementation in Norwegian municipalities and meets the growing need for safe and digitalized medication management across the country.

As an early confirmation of the partnership’s strength, iZafe Group and Vakt og Alarm have already secured their first joint procurement in Norway. The procurement covers six municipalities with an initial volume of approximately 100 Dosell units. This represents a significant first deal and an important reference for the continued expansion in the Norwegian market.

The standstill period runs until 28 November, and the agreement is scheduled to enter into force on 1 February 2026.

This initial success clearly demonstrates that iZafe Group’s strategy – combining deep technical integration with strong local presence through partners – is already delivering tangible results in the early stages of the company’s expansion in Norway.

– “We are pleased to initiate this collaboration with iZafe Group and see Dosell as a valuable addition to our range of safety solutions. With Dosell, we can offer our customers a proven and user-friendly solution for secure medication management – fully aligned with our mission to contribute to a safer everyday life for both users and care staff,” says Lillian S Lien, CEO of Vakt og Alarm AS.

With this first joint deal, iZafe Group and Vakt og Alarm are laying the foundation for a long-term and expanding collaboration in Norway. The procurement clearly shows how Dosell can be rapidly implemented and scaled within Norwegian care services and marks the beginning of a broader market establishment.

About Vakt og Alarm
Vakt og Alarm AS was founded in 1990 and is a leading Norwegian provider of safety and alarm services for the care and welfare sector. The company has delivered solutions to more than 250 municipalities across Norway and is headquartered in Etne. With an experienced team and a strong focus on quality and availability, Vakt og Alarm contributes to increased safety for both users and care staff throughout the country.

Skand is an established player in medical technology and health services in Iceland, with team that has extensive experience in introducing innovative solutions within both the public and private healthcare sectors. Through this partnership, iZafe Group gains a locally rooted distributor with strong reach into professional care providers as well as the consumer market, creating solid conditions for broad and long-term market penetration.
 
As part of the agreement, Skand has placed an initial order of 300 Dosell units, with delivery scheduled during 2026. This volume is expected to generate an annual recurring revenue (ARR) of approximately SEK 2–3 million when fully activated, depending on the distribution between B2B and B2C.
 
Iceland is characterized by a high degree of digitalization and a strong focus on patient safety and efficient care processes. A recent analysis estimates that around 8,700 people in Iceland receive their medications in pouch packaging, corresponding to just over 13% of the country’s elderly population.
 
Skand has developed a launch plan that combines implementation within healthcare and home care with initiatives aimed at the consumer market. This two-track strategy enables Dosell to be introduced broadly and scalably in Iceland without depending on a single market channel.
 
Public healthcare and home care
The launch begins with selected collaborations within healthcare and home care to establish local reference cases and demonstrate the quality and efficiency gains Dosell provides. The focus is on improved adherence, increased safety and reduced workload for care staff.
 
Consumer and pharmacy market
In parallel, Dosell will be introduced through established sales channels targeting consumers and relatives. Skand´s team has long experience in launching medical technology products in these channels, creating favourable conditions for rapid commercialization and broader market reach.
 
“We are very pleased to enter into this collaboration with Skand. Iceland is a market with a high level of innovation and a clear focus on patient safety. With Skand’s local presence and experience, we see strong potential to establish Dosell as a leading solution both in the home and within the healthcare sector. This is another important step in our Nordic expansion strategy,” says Anders Segerström, CEO of iZafe Group.
 
“Dosell represents the future of medication management, and we are excited to deliver this innovation to the Icelandic market. Together with iZafe Group, we aim to make daily life safer and easier for patients, families, and healthcare professionals nationwide”, says Bergur Bergsson CEO of Skand ehf.

The acquisitions underline Helena’s strong commitment to iZafe Group’s operations and her confidence in the company’s continued development and growth. Following the transactions, Helena’s total holding amounts to 297,328 B-shares.

“I see how hard our team works every day, how quickly we are developing, and the strong potential in our market. We are in a very exciting phase, and for me, it feels natural to increase my ownership when I see the direction and opportunities ahead of us.” says Helena Kolvik, Business Unit Manager at iZafe Group.

Sweden – Growing customer base, new pilots and increased visibility
We now have more than 20 Swedish municipalities using or actively testing Dosell – and interest continues to grow month by month. In October,
Several municipalities signed new pilot agreements during the month, scheduled to begin in November and December. We are also seeing increased interest from nursing homes (SÄBO), where Dosell is viewed as a concrete solution to reduce medication errors and strengthen residents’ independence.

To meet the growing demand, we have recruited two new salespeople focusing on the municipal and private care sectors. Their role is to support implementation, follow up on leads and drive continued expansion.

Meanwhile, the ADDA procurement process – Sweden’s first national framework agreement for medication dispensing robots – is now in its final phase. The estimated annual contract value of SEK 200 million highlights a maturing market and confirms Dosell’s strong position heading into 2026.

The Netherlands – Integration and continued growth
Following the acquisition of Thuisapparatuur Nederland B.V., our focus has been on fully integrating operations into the Group. The Dutch team has maintained close customer engagement, participated in fairs, onboarded a new customer, and increased volumes with existing ones. We have also initiated new platform integrations and are working on improved packaging to further enhance the user experience.

Dosell is currently in use across more than 30 care organisations in the Netherlands – Europe’s most mature market for medication dispensing robots. Yet growth potential remains significant: over 600,000 people in the country receive medications in pouch packaging, but only around 17,000 medication dispensers are currently in operation. Our solution, developed in this complex environment, is now both technically advanced and highly user-friendly – positioning us strongly to lead the next phase of market growth.

Finland – Strong interest and technical readiness
Together with our partner AddSecure, we have completed all preparatory work ahead of the rollout to existing customers. This includes full integration with the leading UMO/Enovation care platform, training materials, system flows, and pilot testing.

Interest from both private care providers and public welfare areas is very high – Dosell is seen as a concrete and sought-after solution to improve adherence, reduce deviations, and free up time for care staff.
Next week, we will participate in Finland’s largest home care and assisted living trade fair – KOPA 2025 – together with AddSecure, further strengthening our local presence and enabling key customer dialogues.

Spain – Pharmacy launch with Ti Medi
In Spain, we are taking the next step together with our partner Ti Medi, who collaborates with over 1,600 pharmacies that serve more than 200,000 patients receiving pouch-packed medications.

In November, we are launching an initial pilot across approximately 10 pharmacies where Dosell will be physically available in-store. Customers can easily bring Dosell home and register their subscription digitally. The launch will be supported by Black Friday and holiday campaigns, with the goal of establishing a new, safe, and accessible solution for home-based medication management.

The concept of medication dispensers is new to the Spanish market, but with Ti Medi as our partner, we have strong local reach and the right channels to engage both patients and families.
They have also begun promoting the concept in their operations in Portugal and France, where Dosell is now being introduced via trade fairs and local initiatives. The next step will be Italy, where a similar rollout is planned.

Finance & Forecast – On track
Our financial performance in Q3 shows that we’ve established a stable and scalable business model based on recurring revenues. At the beginning of Q4, our ARR reached approximately SEK 7 million – a fourfold increase since the start of the year – and we remain on track to meet our target of SEK 10 million ARR during Q4. The recently acquired Dutch company generated approximately SEK 1 million in revenue during Q3, which was not consolidated but will contribute from Q4 onwards.

At the same time, we’ve improved our cost structure, strengthened cash flow, and created a better foundation for long-term profitable growth. EBITDA improved significantly compared to the same period last year, despite lower overall revenues – a clear sign of increased operational efficiency.

Looking ahead – Key focus areas through year-end
We are now entering the most intense period of the year. Our focus for November and December includes:

• Finalisation and submission of the ADDA procurement (deadline: 10 November)
• Onboarding of additional municipalities in Sweden
• Expanded outreach to nursing homes (SÄBO) and broader engagement with the private care sector
• Continued product demos and pilot discussions with municipalities
• Ongoing integration and coordination of operations in the Netherlands
• Launch and evaluation of the pharmacy pilot in Spain
• Continued dialogue with new potential partners across Europe

Thank you for your trust – building the future of medication management
We are still a small team – but a highly dedicated one. With a stronger offering, growing recurring revenues, and rapid international expansion, we are entering 2026 with the right conditions to continue delivering – both in the market and toward our strategic goals.

Thank you for following our journey.
We’re only just getting started.

The Nomination Committee consists of:

• Patrik Björn, private shareholder and representative of Gästrike Nord Invest AB, with a total holding of 105,800,000 shares (28.97 percent)
• Stefan Wård, private shareholder with 42,454,090 shares (11.6 percent), serving as Chair of the Nomination Committee
• Eva Redhe, private shareholder with 20,034,254 shares (5.5 percent)

In total, the Nomination Committee represents 168,288,344 shares, corresponding to approximately 46.08 percent of the share capital and votes in iZafe Group AB.

The Nomination Committee’s mandate is to propose the composition of the Board of Directors, Board fees, auditor, and the Chair of the 2026 AGM.

“We are very pleased to have an engaged and capable Nomination Committee composed of our largest owners. This strengthens our focus on long term value creation and the company’s continued expansion,” says Anders Segerström, CEO of iZafe Group.

The Nomination Committee begins its work as iZafe Group continues to grow rapidly and strengthen its position in digital medication management, in line with the company’s focus on improving health and well being through innovative solutions.

Shareholders who wish to submit proposals to the Nomination Committee may do so via email to .

At the same time, we are taking over customer relationships, contracts, inventory and three dedicated employees – giving us full control of Europe’s most mature and established market for medication dispensers, where Dosell is already used by over 30 care organizations. The collaboration has already made Dosell more technically advanced and user-friendly – something that now strengthens our ability to expand faster into new markets.

Although the Netherlands has around 17,000 medication dispensers in operation, over 600,000 people receive their medicines via multidose sachets – showing that the market is still only at the beginning of its potential. The acquisition makes us more present, faster and better equipped to take the next step.

ADDA – a breakthrough on the Swedish market
Sweden’s first national procurement for medication dispensers has now been published by ADDA. Estimated annual value: SEK 200 million. This creates a clear structure for municipalities to implement medication dispensers – and confirms that the market is maturing.

Several municipalities have already expressed interest in starting pilots with Dosell this autumn, to later call off via the new framework agreement. Even though allocation is yet to come, this is an important development that increases Dosell’s visibility and creates better conditions ahead of 2026.

Sweden – more municipality launches and growing interest
Two new municipalities launched Dosell in September. A third launch has been moved to October – along with two additional municipality launches. We are careful to ensure that every start-up takes place only when the entire organization is ready, to achieve the best possible results and happier users.

We have conducted 10 digital presentations and are in contract discussions with two new municipalities. We also held our first international Partner Day in Stockholm with participants from five countries – providing valuable insights and strengthened collaboration across markets.

Finland – easier implementation thanks to new integration
Our partner AddSecure has quickly established Dosell as a relevant solution in the Finnish market. Through a new integration with UMO/Enovation – one of the most widely used care platforms in Finland – Dosell can now be implemented without replacing existing systems. This has generated strong interest from both private and municipal actors.

Italy – new legislation opens the market
Dosell requires medicines to be packaged in multidose sachets – something that until now has only been legal in certain regions of Italy. After several years of work by our partner, September brought a historic breakthrough: it is now legal to package medicines in multidose sachets throughout Italy.

This is a crucial prerequisite for Dosell to be launched widely in the country. Even though it will take time before large volumes build up, we now have for the first time the opportunity to truly establish ourselves in a market with great future potential.

Looking ahead – an intense quarter awaits
We are now entering the most eventful quarter of the year. In October we will focus on:

• Submitting to the ADDA procurement (deadline 30 October)
• Three new municipality launches plus a pilot with 20 Dosell units (with potential to scale to 150–200)
• 10 new presentations for Swedish municipalities
• Participation at Äldreomsorgsdagarna in Stockholm with our partner Zafe Care Systems AB
• Dialogue with a major private operator within elderly care (SÄBO)
• Finalizing agreements with two new potential partners in Europe
• Continued technical development in the Netherlands, including new integrations with platforms used by care providers
• Increased focus on customer satisfaction in the Netherlands, aiming to further strengthen deliveries, onboarding and support for both existing and new customers

We’re building something big – together
We are still a small team – but a very dedicated one. Through the acquisition in the Netherlands, we have strengthened our organization, increased our ARR and improved our profitability.

As communicated in connection with the acquisition, we now estimate that our ARR target of SEK 10 million can be reached already in Q4 2025 – earlier than our previous forecast. At the same time, both ADDA and the acquisition in the Netherlands lay a strong foundation to accelerate reaching future targets.

Thank you for following our journey.

We’re only at the beginning.

“The fact that the entire board has chosen to increase its ownership is a clear signal of our shared commitment and confidence in iZafe’s strategy and future. We see great potential in the company’s continued development and, through our investments, want to demonstrate that we fully support the path that has been set out,” says Richard Wolff, Chairman of the Board of iZafe Group.