STENOCARE A/S

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CEO COMMENTS: “2025 – THE BEST YEAR EVER” Stenocare exceeded expectations in 2025, delivering three consecutive quarters of positive EBITDA and continued growth in net sales throughout the year. At the same time, we made targeted strategic investments to position the Company for sustainable growth and profitability in 2026 and beyond. 2025 Sales growth Overall, 2025 delivered a very satisfactory financial performance for Stenocare. The Company achieved record net sales of 7.0 mDKK, representing an increase of 4.8 mDKK compared to 2024. The acquisition of CannGros did not have a material impact on Stenocare’s 2025 net sales, which were driven entirely by our oil-based product portfolio. The acquisition offers a 4-6 mDKK upside for 2026. Three Quarters of Positive EBITDA In January 2025, Stenocare launched the STENOCARE 3.0 strategy, transforming the Company into a trading and product innovation-focused organization. As part of this transition, we exited our Danish cultivation facility and consolidated operations at our Copenhagen headquarters. Following this transformation, the Company delivered positive EBITDA in each of the subsequent three quarters. This performance exceeded expectations and resulted in a full-year EBITDA -1.7 mDKK, a significant improvement compared to EBITDA of -11.2 mDKK before special items of -13.1 mDKK in 2024. It should be noted that one-time costs related to the facility exit in Q1 2025 amounted to 0.8 mDKK. Strategic investments for STENOCARE 3.0 Stenocare remains focused on positioning the Company in markets with strong growth potential. In 2025, we raised capital in a share issue of 7.9 mDKK after costs and made three strategic investments that support our growth ambitions for 2026 and beyond: 1) Entry into the Danish Flower-Based Market With the acquisition of CannGros entered the flower-based medical cannabis segment in Denmark, which accounts for approximately 60% of total market sales. 2) Partnership with WEECO Pharma We entered into a partnership with WEECO Pharma in Germany to launch a new oil product based on Stenocare’s proprietary ASTRUM oil technology and during 2025 we worked together to prepare doctors and the market for the new offering. The products are available for patients and announced in January 2026. 3) First-Mover Position in France We established a partnership in France to secure a first-mover position ahead of the permanent legalization of medical cannabis expected in 2026. In preparation, we worked hard to complete and submit a product dossier for our ASTRUM oil product to the French authorities in September 2025. The partnership is announced in February 2026. These partnerships represent strong validation of our product innovation strategy, and we look forward to seeing how the ASTRUM oil technology can contribute to improved quality of life for patients. Looking Ahead We laid a solid foundation in 2025 with strategic investments in new products and markets. The 2025 capital raise and our going business can cover our capital needs for 2026.We have significantly improved our financial performance, and we have a senior team of experienced people. This is a perfect recipe for success in the year to come. Thomas Skovlund Schnegelsberg, CEO ABOUT STENOCARE A/S Stenocare was founded in 2017 with the purpose of supplying prescription-based medical cannabis to patients in Denmark and internationally. The company operates with a clear vision of improving patients’ quality of life by providing medical cannabis as an alternative and/or supplement to traditional medicine. In October 2018, the Company completed its Initial Public Offering (IPO) and was listed on Spotlight Stock Market. In 2020, Stenocare was admitted to trading on Nasdaq First North Growth Market Copenhagen under the ticker STENO. Stenocare is headquartered near Copenhagen, Denmark, where the Company oversees all activities in Denmark as well as international operations. Denmark is known for its highly regulated and mature pharmaceutical industry, which has influenced how Stenocare is structured and operates. The Company is built to comply with some of the highest regulatory and quality standards in the global pharmaceutical sector. Since the founding of Stenocare A/S, the Senior Executive Team has consisted of the same CEO, CFO and CCO. Each member brings extensive leadership experience and industry expertise to the Company. Thomas Skovlund Schnegelsberg, Chief Executive Officer (CEO), has more than 27 years of leadership experience in product marketing, business development, and general management. Peter Bugge Johansen, Chief Financial Officer (CFO), has more than 28 years of leadership experience in investment management, capital markets, and financial controlling. Rolf Steno, Chief Commercial Officer (CCO), has more than 28 years of leadership experience in global sales, business development, and international partnerships. Rolf Steno CCO, Thomas Skovlund Schnegelsberg CEO, Peter Bugge Johansen CFO At the time of its founding, Stenocare followed the prevailing industry strategy of building a fully vertically integrated medical cannabis company covering cultivation, production, and distribution. As the global medical cannabis industry has matured, new opportunities have emerged to partner with specialized international suppliers and outsource capital-intensive processes. Stenocare’s ambition is to establish itself as a leading European brand in the medical cannabis industry. To achieve this, the company sources its medical cannabis products from highly specialised producers that meet the strict EU-GMP standards required for product approval and distribution. Stenocare follows a multi-supplier strategy to ensure a reliable and scalable supply chain as the number of patients grows, while also expanding treatment options. The company has established a leadership position through its ability to secure approvals from local medicines agencies. In November 2024, Stenocare introduced its STENOCARE 3.0 strategy that center the Company around trading with medical cannabis products and product innovation. STENOCARE 3.0 leverage four key strategic assets: • Regulatory assets to successfully work with the authorities to obtain licenses to operate with cannabis (ie. narcotic drug) and approvals of products for treatment of patients. This asset enables the company to enter new markets and introduce new products in highly regulated markets. • Commercial assets to establish more markets for distribution of medical cannabis. This asset enables the company to operate in most countries in the world together with a network of experienced partners. • Supply Chain assets are the highly specialised partners with expertise in cultivation, production, logistics, distribution etc. This asset enables Stenocare to develop, produce and supply products to the highest standards, and scale as markets and demand increases. • Partnership asset to formulate and test new innovative medical cannabis products that can target the growing diverse group of patients. This asset can position the company more exclusively in the market and position it stronger versus its competition. There is a strong synergy amount these four strategic assets, and they are the foundation for the STENOCARE 3.0 strategy to become a leading Trading Company and product innovator of prescription-based medical cannabis. The products In September 2018, Stenocare became the first company to introduce imported medical cannabis oil products to the Danish Pilot Programme, launching three oil-based formulations. This milestone represented an important step in establishing Stenocare’s presence in the medical cannabis market and has since become a valuable foundation for building the Company’s product pipeline and expanding treatment options for patients across multiple markets. Since then, Stenocare has developed significant expertise in medical cannabis oil formulations administered to patients using an oral syringe. These oil-based products provide physicians with a precise and controlled dosing option for patient treatment. In 2025, Stenocare acquired CannGros ApS, which has been a leading supplier of dried cannabis flower products in Denmark since 2018. With this acquisition, Stenocare expanded its product portfolio and doubled its addressable market in Denmark. The addition of dried flower products enables the Company to offer treatment options that can provide faster relief of acute symptoms for patients. Since 2019, Stenocare has invested in the development of a new generation of medical cannabis oil products. This innovative product platform is branded ASTRUM and offers a unique value proposition for both physicians and patients. ASTRUM improves the absorption of cannabinoids in the patient’s bloodstream and provides more consistent uptake across patients compared to traditional oil formulations. Stenocare holds worldwide rights to apply the patented technology for medical cannabis and believes the platform has the potential to significantly advance the medical cannabis treatment landscape. In 2024, the first ASTRUM 10-10 oil product received regulatory approval for sale in several markets. Interest from additional markets has since emerged, reflecting the potential for broader international expansion of the ASTRUM product platform. Target groups Medical cannabis has the potential to relieve patients’ daily pain and suffering across several indications (i.e., medical conditions). Examples include patients with multiple sclerosis, epilepsy, chronic pain, or those experiencing nausea and vomiting caused by chemotherapy, as well as patients struggling with opioid dependency. Currently, more than 40 medical indications are considered to have potential therapeutic benefit from cannabinoid-based treatments. Regulation and approved indications vary between countries, and Stenocare operates in accordance with local regulatory frameworks in each market. Current target indications in the Company’s markets include conditions such as multiple sclerosis, chronic pain, spinal cord injuries, and nausea and vomiting associated with cytotoxic drugs and chemotherapy treatments for cancer patients. As Stenocare expands into additional markets, the Company’s target indications and treatment areas will continue to evolve in line with local regulations, medical guidelines, and market opportunities. Market for Prescription-Based Medical Cannabis The European medical cannabis market is still in the early stages of development. Although several countries — including Germany, the United Kingdom, Denmark, and Italy — have legalized medical cannabis, the market has not seen the hyper-growth levels that many industry analysts anticipated in 2017–2018. According to industry analysts at Prohibition Partners, the European medical cannabis market is expected to grow significantly over the coming years. Total European sales are projected to reach EUR 2.2 billion by 2027, reflecting increasing physician awareness, broader patient access, and regulatory development across the region. Denmark represents a relatively small but attractive niche market with high regulatory standards and significant barriers to entry for new suppliers. Medical cannabis was permanently legalized in 2026, making cannabis-based treatment a formal part of the healthcare system’s therapeutic options for patients. The number of patients currently receiving treatment remains in the low thousands, but the market continues to grow as physician awareness increases and prescribing practices gradually expands. Germany is the largest medical cannabis market in Europe with +600.000 patients being treated with medical cannabis. Since legalization in 2017, the market has experienced substantial growth and now hosts a large number of suppliers. The market is currently dominated by dried cannabis flower products, which account for approximately 60% of prescriptions, while oil-based products represent around 40%. Competition among suppliers is primarily focused on pricing, while product innovation and differentiation have played a more limited role. Australia has experienced strong growth in the number of patients receiving medical cannabis treatment, with the total number of prescriptions exceeding one million patients. The regulatory framework in Australia is generally more liberal compared with Europe, and the growth in prescriptions has been supported by the development of online prescribing services and telehealth-based pharmacies. Australian health authorities are currently reviewing prescription patterns and regulatory frameworks to assess whether adjustments are needed to ensure appropriate medical use and patient access. BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT TEAM Marianne Wier Chairman of the Board since September 2018 Marianne Wier, born in 1963, holds a law degree from University of Copenhagen. Marianne Wier has a background as a lawyer and has, through her previous experience acquired extensive knowledge in leadership and a good strategic understanding. Wier’s core competence covers development and innovation as well as change management. Wier is now focusing on board memberships after having ended her operational career July 2025. Marianne Wier has for the past 6 years been holding the position of CEO at Taksatorringen in Denmark, where she has implemented a major digital transformation with huge value for the business for the 23 insurance companies, who has membership in Taksatorringen. Wier has also been responsible for implementing a major digital transformation regarding efficiency, digital solutions, and innovation at Topdanmark with successful business results. Previous experience includes, among other things, COO and Deputy Director of Topdanmark, President and Attorney at Johan Schlüter Law Firm, Group Public Affairs Manager at Danske Bank, and Corporate & Government Affairs Manager at Microsoft Denmark. Søren Melsing Frederiksen Member of the Board since September 2018 Søren Melsing Frederiksen, born in 1976, holds a chemical engineering bachelor and a Master of Industrial Drug Development (MIND) from University of Copenhagen. Søren Melsing Frederiksen’s experience ranges from R&D, project management, sales management, marketing, and product launch and he has been engaged in all elements of the pharmaceutical commercial work including market access, medical affairs, commercial strategy, and sales execution. Søren Melsing Frederiksen currently holds the position as CEO of Exocure Sweden AB. Jeppe Bo Petersen Member of the Board since September 2018 Jeppe Bo Petersen, born 1966, is currently the CEO of Memox, the leading provider of family treatment services in Denmark. Memox has set new standards for the prevention and management of support for children and young people in vulnerable families and operates in more than 100 languages and dialects. Previously, he served as Group CFO of Habitus, a market leader within residential facilities and day care for adults within the autism spectrum. Jeppe Bo Petersen has extensive experience within strategic work, operational goals, risk analysis, compliance, as well as sales and marketing. Prior to his role at Habitus A/S, Jeppe Bo Petersen served as CEO of Olivia Danmark and CFO at, among others, Valad Europe A/S and Nordicom A/S. Henrik Elbæk Pedersen Member of the Board since May 2025 Henrik Elbæk, born in 1971, has a background in electrical engineering and product marketing. Henrik is currently the CEO of Danisense A/S and has extensive experience in business innovation, strategy, and global sales and marketing within B2B markets. Henrik has experience within Private Equity setup. Henrik has experience in setting up sales and distribution globally and has a simple and straightforward approach to strategy development and implementation. Thomas Skovlund Schnegelsberg CEO since October 2017 and co-founder Thomas Skovlund Schnegelsberg, born in 1965, holds a Master of Science in Economics and Business Administration (Cand. Merc), Copenhagen Business School and has extensive experience in management, strategy, business development, and brand marketing. Thomas Skovlund Schnegelsberg has been working at Microsoft in Denmark, Nordic, UK, and Europe, where he has been employed in senior leadership roles for some 20 years. Rolf Steno CCO since October 2017 and member of the Board since 2024 Rolf Steno, born 1965, is a serial entrepreneur and has extensive experience in business innovation, strategy, and global sales and marketing. Rolf Steno has been working as CEO at LFP Scandinavia for 14 years and the Techsage/Spinjet case for 16 years with sales in 130+ countries, where Rolf Steno was the inventor and partial patent holder of the IP to the Spinjet. Rolf Steno has held professional roles within the areas of senior management, global support and service, and business development. Peter Bugge Johansen CFO since August 2018 Peter Bugge Johansen, born 1962, State Authorized Public Accountant. Peter Bugge Johansen has worked for 20 years at Interdan Holding A/S, the last 6 years as CEO and before that CFO. Peter Bugge Johansen has acquired extensive knowledge in financial and strategic issues such as financing, internal and external reporting, change management, group structure and merges and acquisitions. Previous experience includes 3 years as Tax Manager at A.P. Møller-Mærsk and auditor for 14 years at Deloitte in Denmark and Italy. OTHER INFORMATION Shareholders The table below presents the current shareholders with more than 5 percent of the votes and capital in STENOCARE as per March 19, 2026. Total number of shareholders is approximately 7,000 with 2/3 in Denmark and 1/3 in Sweden. Name Number of The proportion shares of votes and capital (%) SC-Founders Holding ApS 5,854,112 13.5 HHTM ApS 4,342,761 10.0 Others 33,206,602 76.5 Total 43,403,745 100.0 The share The shares of STENOCARE A/S were listed on Spotlight Stock Market on the 26th of October 2018. On 18th of May 2020 the shares were delisted on Spotlight and listed on Nasdaq First North Growth Market Copenhagen. The short name/ticker is unchanged STENO and the ISIN code is DK0061078425. The total number of shares as of December 31, 2025, amounted to 43,403,745. Every stock share equals the same rights to the Company´s assets and results. Warrants As at the date of this report there are no outstanding warrants. Options The Company has an option programme for individual employees who, based on the opinion of the board of directors, make a special effort for the Company or who possess special qualities that the Company benefits from. The employees will be entitled to Treasury Shares free of charge after the end of each year over a period of up to 5 years. The shares are delivered from the balance of Own Shares kept by the Company. A total of 82,960 shares has been granted. 24,800 of the options have been vested and 18,000 have been cancelled in 2025. A total of 82,960 have been vested or cancelled leaving a balance of outstanding options of 0. Proposed appropriation of STENOCARE’s profit or loss The Board of Directors of STENOCARE proposes that no dividend shall be paid for the financial year 01-01-2025 – 31-12-2025. Financial calendar and annual general meeting The Annual General Meeting of STENOCARE will be held in Copenhagen, Denmark on the 29th of April 2026. January – March 2026 (Q1): 07.05.2026 January – June 2026 (Q2 and Half Year): 20.08.2026 January – September 2026 (Q3): 29.10.2026 January – December 2026 (Q4 and Year End) 25.02.2027 Annual report 2026: 25.03.2027 PRIMARY ACTIVITIES STENOCARE A/S was founded in 2017 with the purpose of supplying prescription-based medical cannabis to patients in Denmark and internationally with the vision of creating a better quality of life for patients using medical cannabis as an alternative and/or a supplement to traditional medicine. The Company was first to receive the Danish Medicines Agency's permission to import, distribute as well as cultivate and produce medical cannabis for the Pilot Program. The Company has been a supplier of Stenocare branded medical cannabis oil products for patients in several countries. In November 2025 Stenocare acquired a Danish competitor CannGros ApS in a share exchange transaction. CannGros is a main distributor of dried flower medical cannabis in Denmark.