Oncopeptides AB (publ) (ONPPF) Q4 2025 Sales/Trading Call Transcript

Operator

Welcome to Oncopeptides Investor Conference Call 2026. [Operator Instructions]

Now I will hand the conference over to CEO, Sofia Heigis; and CFO, Henrik Bergentoft. Please go ahead.

Sofia Heigis
Chief Executive Officer

Good morning, everyone, and thank you for joining us for this update on our Q4 sales and strategic outlook. My name is Sofia Heigis, CEO of Oncopeptides. I am today joined by our CFO, Henrik Bergentoft, and we will walk you through the numbers, the context behind them and our updated path forward. This is what we announced yesterday, and I will address all these points this morning.

Let’s go to the numbers. For the fourth quarter of 2025, we achieved net sales of SEK 18.6 million. This represents a strong year-over-year growth of 88% compared to Q4 2024 and an increase of 125% versus 2024. This strong year-over-year growth is supported by all our key markets, not least Italy, that is exceeding expectations.

The quarterly growth rate in our largest market, Germany, was decent with double-digit growth. It was, however, not sufficient to balance the negative impact from Spain during the fourth quarter due to a strike among medical doctors. While the year-over-year trend confirms our growth, the absolute number is below our initial projections.

Based on the current run rate, we have recalibrated our financial expectations. We remain confident in the long-term value of the European business, and we now expect to reach cash flow positivity for the company to occur in 2027 rather than by the end of 2026. We are, of course, working to realize the value