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25
Board of Directors’
Report and Financial
Statements 2025
26
Board of Directors’ Report
Optomed in brief
Optomed is a Finnish medical technology company and a leading manufacturer
of handheld fundus cameras and screening software. Optomed combines
handheld fundus cameras with software and artificial intelligence with the
aim to transform the diagnostic process of various diseases, such as rapidly
increasing diabetic retinopathy. Optomed has offices in Finland, the US and
China and the company’s products are sold via various sales channels in over
60 countries globally.
Operating Environment
Optomed operates in the global market for eye examination and treatment
devices, which includes fundus cameras, related software, and AI solutions for
screening eye diseases. The global fundus camera market exceeded $473 million
in 2020, and its CAGR is expected to grow by more than 3.2% from 2021 to 2027.
The fundus camera and eye screening markets are driven by technological
advancements, increasing awareness of the importance of eye examinations, an
aging population, and favorable government initiatives.
1
The company believes
that the market for AI solutions related to retinal imaging will grow clearly faster
than the market for medical devices.In addition, through its Software segment,
the company operates in the IT market, particularly in Finland and the Baltics.
The advancement of AI in the diagnosis of eye diseases took a significant leap
forward in 2021 when a new reimbursement code for diabetic retinopathy
screening using AI was introduced in the United States. This new CPT code 92229
“retinal imaging with automated point-of-care” accelerates the use of AI in the
US market, as billing for the service is simpler with the new coding. The national
average compensation fee for CPT 92229 in the United States is approximately
$45.69. Compensation fees vary by region depending on applicable cost indices
(GPCI). According to the American Association of Ophthalmology, it is estimated
that 61 million adults in the United States are at risk of losing their vision, and only
half of them have seen an eye doctor in the past 12 months. New technology,
such as AI, can be an important step in making eye screenings more convenient
and accessible, reaching individuals who are currently outside the screening
programs. While AI is not expected to replace doctors, it increases efficiency. Since
AI can help detect diabetic retinopathy and macular degeneration, it can help
reach patients who are currently missing out on these important examinations.
2
Outside the US, the company sells both fundus cameras and AI-based solutions
globally. The market is growing but remains fragmented in terms of regulation
and reimbursement for AI solutions. In these markets, the company primarily
utilizes a network of distributors.
In 2024, the handheld AI camera Optomed Aurora AEYE received approval from
the United States Food and Drug Administration (FDA), enabling the product’s
sales and marketing activities in the United States. During 2025, Optomed has
focused particularly on the US market and the sales of Aurora AEYE.
1 https://www.prnewswire.com/news-releases/global-nonmydriatic-handheld-fundus-cameras- markets-
2021-2026---focus-on-teleophthalmology-presents-opportunities-301438049.html
2 AAO, Artificial Intelligence Trends in Eye Care, Aug 22, 2018
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Revenue, Profitability and Result
In thousands of euro 2025 2024 Change, % 2023
Revenue 17,096 15,040 13.7% 15,100
Gross profit * 10,878 9,676 12.4% 10,292
Gross margin % * 63.6% 64.3% 68.2%
EBITDA -3,526 -3,458 -2.0% -1,781
EBITDA margin *, % -20.6% -23.0% -11.8%
Adjusted EBITDA * -3,526 -2,796 -26.1% -1,470
Adjusted EBITDA margin *, % -20.6% -18.6% -9.7%
Operating result (EBIT) -6,042 -5,957 -1.4% -3,974
Operating margin (EBIT) *, % -35.3% -39.6% -26.3%
Adjusted operating result (EBIT) * -6,042 -5,295 -14.1% -3,663
Adjusted operating margin (EBIT margin) *, % -35.3% -35.2% -24.3%
Net profit/ loss -6,640 -5,450 -21.8% -4,441
Earnings per share -0.34 -0.29 -14.9% -0.27
Group summary - Key figures and APM’s
Optomed uses certain alternative performance measures (APMs) with the purpose
to provide a better understanding of how the business develops. These APMs,
as defined, cannot be fully compared with other companies’ APMs.
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During 2025, Group revenue increased by 13.7 percent to EUR 17,096 (15,040)
thousand. Devices segment’s revenue increased by 43.1 percent while the
Software segment’s revenue decreased by 2.5 percent. Currency-adjusted
revenue growth was 15.4 percent.
The gross margin decreased to 63.6 percent from 64.3 percent last year. US
import tariffs began to affect gross margin in the second half of the year.
EBITDA amounted to EUR -3,526 (-3,458) thousand and EBIT was EUR -6,042
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
In thousands of euro 2025 2024 Change, % 2023
Cash flow from operating activities -2,482 -1,596 -55.5% -615
Net Debt -8,475 -8,170 3.7% -3,768
Net debt/ EBITDA (LTM) 2.4 2.4 2.1
Net debt/ Adjusted EBITDA(LTM) 2.4 2.9 2.6
Equity ratio * 75.1% 74.4% 70.0%
R&D expenses personnel 1,545 1,336 15.7% 1,280
R&D expenses other costs 644 706 -8.7% 644
Total R&D expenses 2,190 2,041 7.3% 1,924
(-5,957) thousand. Various one-time consulting and other expenses affected
EBITDA by approximately half a million euros.
Net financial items amounted to EUR -676 (441) thousand and consisted mainly of
interest income from credit institutions and exchange rate differences between
the Chinese renminbi and the US dollar against the euro.
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Financial summary per segment
Devices segment
Optomed has two synergistic business segments: Devices and Software. The
Devices segment develops, commercializes and manufactures easy-to-use and
affordable handheld fundus cameras, that are suitable for any clinic for screening
of various eye diseases, such as diabetic retinopathy, glaucoma and AMD (Age
Related Macular degeneration).
During 2025, the Devices segment revenue increased by 43.1 percent to EUR
7,620 (5,326) thousand. Devices segment currency-adjusted revenue growth was
48.0 percent. Revenue grew very strongly in the United States, where growth was
In thousands of euro 2025 2024 Change,%
Revenues 7,620 5,326 43.1%
Gross profit * 4,255 2,778 53.2%
Gross margin % * 55.8% 52.2%
EBITDA -438 -1,673 73.8%
EBITDA margin *, % -5.7% -31.4%
Operating result (EBIT) -2,119 -3,343 36.6%
Operating margin (EBIT) *, % -27.8% -62.8%
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
supported by several mid-sized device orders, especially in the second quarter
of the year. Revenue growth was also supported by the Company’s significant
growth in the Aurora-AEYE recurring revenue. The Company’s global distributor
revenue also grew significantly during the year. Revenue in China decreased.
The gross margin increased to 55.8 percent from 52.2 percent. US import tariffs
negatively impacted the gross margin. EBITDA was EUR -438 (-1,673) thousand
or -5.7 (-31.4) percent of revenue.
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During 2025 the Software segment revenue decreased by 2.5 percent to EUR
9,475 (9,714) thousand. Healthcare related revenue increased however, the
non-healthcare consulting revenue declined significantly during year.
Gross margin was 69.9 (70.9) percent.
EBITDA was EUR 1,281 (1,897) thousand or 13.5 (19.5) percent of revenue. In
addition to the aforementioned onetime costs, EBITDA was affected by the
weakening profitability of the consulting business as well.
Group-wide expenses
Group-wide expenses consist of functions supporting the entire group such as
treasury, group accounting, marketing, legal, HR and IT.
During 2025 Group-wide operating expenses amounted to EUR 4,369 (3,155)
thousand. The increase in expenses was driven by various one-time consulting
expenses and reward programs.
In thousands of euro 2025 2024 Change, %
Revenues 9,475 9,714 -2.5%
Gross profit * 6,623 6,889 -3.9%
Gross margin % * 69.9% 70.9%
EBITDA 1,281 1,897 -32.5%
EBITDA margin *, % 13.5% 19.5%
Operating result (EBIT) 453 1,078 -58.0%
Operating margin (EBIT) *, % 4.8% 11.1%
*) Alternative performance measures, see section Alternative Performance Measures for definitions and calculations.
Software segment
Optomed has two synergistic business segments: Devices and Software. The
Software segment develops and commercializes screening software for diabetic
retinopathy and cancer screening for healthcare organizations. The segment
also distributes off-the-shelf products from selected partners to supplement
its own solutions and expertise and provides software consultation to support
the Devices segment screening solution projects.
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Balance sheet, financial position and investments
During 2025, the cash flow from operating activities amounted to EUR -2,482
(-1,596) thousand.
Net cash used in investing activities was EUR -2,357 (-2,118) thousand and relates
to capitalized development expenses.
Net cash from financing activities amounted to EUR 4,186 (7,081) thousand. On
December 10, 2025, Optomed carried out a directed share issue consisting of
1,760,000 new shares of the company. The issue raised approximately EUR 6.0
million in gross proceeds.
Research and development
Optomed is a research and development driven healthcare technology company.
The strong focus on research and development has been the core of the
operations since the foundation of the company in 2004 and has resulted in a
strong international patent portfolio comprising 51 international patents and
14 pending patents. Additionally, Optomed has five registered as well as four
pending model protection and 87 registered trademarks.
Optomed’s management believes that the strong patent portfolio and continuous
development of new camera and software solutions are the most important
competitive advantages of the company. Optomed’s proprietary and patented
technology have resulted in Optomed being able to develop and construct
handheld fundus cameras that are able to provide high- quality fundus images.
The quality of the images is higher or on the same level as most traditional
desktop fundus cameras.
The research and development expenditure totaled EUR 3,847 thousand,
representing 22.5 percent of revenue in 2025, compared to EUR 3,819 thousand
or 25.4 percent of revenue in 2024.
In thousands of euro 2025 2024
R&D expenditure 3,847 3,819
As percentage of revenue 22.5% 25.4%
Non-financial information
Environment, Social and Governance (ESG) related matters are an integral
part of Optomed’s operations. The company is still rather small which
enables the management to take ESG matters into consideration efficiently.
Optomed has identified manufacturing as one of its key ESG elements and
the key ESG related risks are within the scope of manufacturing. Therefore,
the ESG matters are taken into account when making resolutions with
regards to manufacturing. Currently, Optomed’s devices are manufactured
by an ESM partner that is a NYSE listed entity with its own strict sustainability
requirements and reporting. This gives Optomed visibility and assurance that
ESG matters are taken into account with regards to its device manufacturing.
Optomed has implemented a governance structure required for the Nasdaq Helsinki
main list and implemented significant amount of policies, including the code of
conduct and whistleblowing that all employees are expected to follow. The code
of conduct also highlights Anti-Bribery and Corruption (ABC) matters as they have
been assessed to be extremely important due to the global nature of Optomed’s
operations. The governance function has been strengthened significantly and new
expertise has been brought to the board and audit committee. The governance
structure is described in detail in Optomed’s Corporate Governance Statement.
Health technology is a regulated sector which also contributes to the company’s
ESG approach. Optomed complies with RoHS, REACH, conflict mineral regulations
and all applicable privacy, consumer protection and product safety regulations.
6
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Optomed’s compliance with respect to various medical devices related regulations
is also audited by third parties regularly.
Personnel, management and legal structure
Personnel
On 31 December 2025, Optomed had a total of 111 employees, of which a
significant number worked in expert roles. The employee contracts are mostly
permanent contracts.
Graphical distribution of employees 2025 2024
Finland 99 100
China 6 6
United States 6 9
Total 111 115
Number of employees 2025 2024
Average number of employees 114 112
Number of employees at the end
of the period
111 115
Management
Optomed Oyj leadership team consist of at the end of the 2025 CEO Juho
Himberg, CFO Sakari Knuutti, Software-segment leader Markku Myllylä and
Devices-segment leader Laura Piila.
7
33
Juho Himberg
Chief Executive Officer
Laura Piila
VP, Devices
’
Markku Myllylä
VP, Software
Sakari Knuutti
Chief Financial Officer
8
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Subsidiaries of the company Consolidated shareholding and voting right, % Country of incorporation
Optomed Software Oy 100 % Finland
Ubetec Oy 100% Finland
Opto m e d Hong Kong L t d 100 % Hong Kong
O p t o m e d C hi na Li m i t e d C o . , L t d 100 % China
Optomed USA Inc. 100 % United States
Legal structure
Optomed group consists of the parent company Optomed Plc and five subsidiaries
in Finland, China, the USA and Hong Kong. The parent company of the group,
Optomed Plc, is responsible for, among other things, the management of the
group as well as finance and accounting functions, human resources, legal affairs
and corporate communication. The parent company and country companies are
responsible for the Devices segment operations, while the Software segment
operations are carried out through Optomed Software Oy. In addition to Finland,
Optomed operates in China and the USA through its subsidiaries. The main
responsibilities of the foreign subsidiaries are local sales and distribution channel
management, product registration as well as the launching of new products,
brand building, marketing, after-sales services, and repair services.
The following table presents the subsidiaries of the company along with respective
ownership shares on 31 December 2025.
Shares and shareholders
The company has one share series with all shares having the same rights. At the
end of the review period Optomed Plc’s share capital consisted of 21,453,297
shares and the company held 22,042 shares in the treasury which corresponds
to approximately 0.1 percent of the total amount of the shares and votes.
Optomed’s market capitalization was EUR 80.9 million at the of the review period.
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Sector Number of shareholders % of shareholders Number of shares % of shares
Private companies 439 3.83 4,340,258 20.23
Financial and insurance institutions 22 0.19 4,553,981 21.23
Public sector organizations 7 0.06 1,652,773 7.7
Households 10,952 95.53 10,574,897 49.29
Non-profit instit serving households 15 0.13 25,033 0.12
Foreigners 21 0.18 66,149 0.31
Total, 11,456 99.93 21,213,091 98.88
Nominee registered 8 0.07 240,206 1.12
Total shares 11,464 100 21,453,297 100
Number of shares Shareholders % Shares %
1- 100 3,701 32.28 168,903 0.79
101–1,000 5,784 50.45 2,372,034 11.06
1,001–10,000 1,764 15.39 4,778,312 22.27
10,001–100,000 187 1.63 4,994,702 23.28
100,001–1.000,000 26 0.23 6,834,866 31.86
>1,000,000 2 0.02 2,304,480 10.74
Total 11,464 100 21,453,297 100
Nominee registered 8 0.07 240,206 1.12
Number of shares issued 21,453,297 100
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Shareholder Shares %,of,shares
1 OP-Finland Small Cap 1,233,874 5.75
2 Säästöpankki Small Cap Mutual Fund 1,070,606 4.99
3 Danske Invest Finnish Equity Fund 925,787 4.32
4 Aktia Capital Mutual Fund 751,860 3.5
5 Suomen Teollisuussijoitus Oy 601,080 2.8
6 eQ Finland Investment Fund 473,554 2.21
7 Säästöpankki Finland Mutual Fund 429,275 2.00
8 Nordea Nordic Small Cap Fund 362,125 1.69
9 Elo Mutual Pension Insurance Company 330,000 1.54
10 Ilmarinen Mutual Pension Insurance Company 263,911 1.23
, 10 largest shareholders total 6,442,072 30.03
, Nominee,registered 0 0.00
, Others 15,011,225 69.97
, Total 21,453,297 100
At the end of the review period, Optomed’s Chairman and Members of the Board
of Directors controlled 63,139 shares, representing approximately 0.29 percent
of the total number of all shares. The CEO and management team owned 60,000
shares and 713,125 options.
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Shareholders agreements
The company is not aware of the existence of any Shareholders’ agreements and
it is not controlled by anyone.
Additional information with respect to the shares, shareholding and trading
can
be found on the company’s website www.optomed.com.
Authorizations
The Company’s annual general meeting held 10.5.2025 approved following
authorizations for the Board of Directors.
The Annual General Meeting approved the authorization for the Board of Directors
to repurchase Optomed’s own shares and to accept them as pledge. Altogether
no more than 1,969,330 shares may be repurchased or accepted as pledge. The
authorization will be valid until the earlier of the end of the next Annual General
Meeting or 18 months from the resolution of the Annual General Meeting.
The Annual General Meeting authorized the Board of Directors to decide on
the issuance of shares and other special rights entitling to shares referred to in
Chapter 10, Section 1 of the Finnish Companies Act. The number of shares to
be issued based on this authorization may not exceed 1,969,330.
The Board of Directors is authorized to resolve on all terms and conditions of
the issuance of shares and special rights entitling to shares, including the right
to derogate from the pre-emptive right of the shareholders. The authorization
will be valid until the earlier of the end of the next Annual General Meeting or
18 months from the resolution of this Annual General Meeting.
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Group Share Indicators 2025 2024 2023
Earnings per share -0.34 -0.29 -0.27
Equity per share 1.21 1.27 1.22
Dividend per share - - -
Dividend % of earnings - - -
effective dividend yield % - - -
P/E ratio -11.25 -15.97 -14.00
Share price performance, share issue adjusted *
Lowest share price 3.36 3.29 2.38
Highest share price 4.73 7.74 4.63
Average share price 3.99 4.74 3.45
Closing share price 3.77 4.66 3.72
Market value of shares at end of period 80,879 91,771 67,445
Weighted average adjusted number of
shares during the financial period
19,558,287 17,874,677 15,949,241
Weighted average adjusted number of
shares in the end of financial year
19,810,521 18,675,167 16,706,508
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Calculation of share indicators
Earnings per share Net result / Weighted average number of outstanding shares
Equity per share Shareholders’ equity / adjusted number of shares at the end of the financial period - own shares
Dividend per share Total dividend / adjusted number of shares at the end of the financial period - own shares
Dividend, % of earnings Dividends per share / earnings per share × 100
Effective dividend yield, % Dividend per share x 100 / adjusted share price at the end of the financial period
P/E ratio Market value per share/ earnings per share
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Option programs
Optomed has established several option programs as incentive programs covering
employees, managing directors and consultants of the group.
Optomed’s amended option programs are described below.
Each option entitles its owner to subscribe for one (1) new, or if the company’s
Board of Directors so decides, existing A share in the company or if the company
would only have one class of shares, as is the case following the Listing, such
shares. The share subscription prices, and the exercise periods are set out in
the terms and conditions of the options.
The dividend right of the new shares and other shareholder rights will commence
after the shares upon exercise of the relevant option are recorded into the Trade
Register, or if existing shares of the company are being issued, upon completion
of the transfer of the share provided that the transfer has been fully paid.
The options are forfeited and automatically transferred to the company without
consideration if the employment or service relationship to the group is terminated,
for any reason whatsoever, or if the consulting agreement regarding the option
holder’s work performed for the group is terminated for any reason whatsoever,
unless the Board of Directors decides to deviate from the main rule.
Program Subscription price (EUR) Exercise Period Outstanding options at the end of 2025
2017B 3.5 1 July 2020 – 31 December 2027 29,300
2018C 3.5 1 July 2020 – 31 December 2027 93,800
2019A 3.5 1 July 2021 – 31 December 2027 66,000
2019C 3.5 1 July 2020 – 31 December 2027 20,000
2022A 4.17 1 January 2026 – 31 December 2027 196,125
2024A 4.62 1 January 2026 – 31 December 2028 237,500
2025A 3.77 1 January 2027– 31 December 2029 190,000
Total 832,725
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Decisions of the annual general meeting
The Annual General Meeting held on 9 May 2025 adopted the financial statements
for the financial period ended on 31 December 2024, discharged the members of
the Board of Directors and the CEO from liability for the financial period ended
on 31 December 2024 and adopted the Company’s Remuneration Report.
The Annual General Meeting resolved in accordance with the proposal of the
Board of Directors that no dividend will be paid for the year 2024.
The number of members of the Board of Directors was confirmed as seven.
Catherine Calarco, Ty Lee, Seppo Mäkinen, Petri Salonen and Reijo Tauriainen
were re-elected and Leana Wen and Sameer Badlani were elected as new
members of the Board.
The Annual General Meeting confirmed the annual Board remuneration as follows:
Chairman of the Board EUR 36,000
members of the Board EUR 18,000.
In addition, a meeting fee in the amount of EUR 300 is paid to the Chairpersons
and EUR 200 to members of the Committees for each Committee meeting. 40
percent of the Board remuneration is paid in Optomed shares and 60 percent
in cash. The part of the Board remuneration paid in Optomed shares will, if
possible, be conveyed from the treasury shares of the Company in accordance
with the authorization of the Board of Directors to resolve on the issuance of
shares and special rights entitling to shares. The remuneration will be paid once
a year in August, after Optomed’s H1 report has been announced.
The Annual General Meeting decided to re-elect KPMG Oy Ab, a firm of authorized
public accountants, as the Company’s auditor. KPMG Oy Ab has informed the
Company that Authorized Public Accountant Heidi Hyry acts as the auditor with
principal responsibility. The auditor’s remuneration will be paid in accordance
with an invoice approved by the Company.
The Annual General Meeting approved the authorization for the Board of Directors
to repurchase Optomed’s own shares and to accept them as pledge. Altogether
no more than 1,969,330 shares may be repurchased or accepted as pledge. The
authorization will be valid until the earlier of the end of the next Annual General
Meeting or 18 months from the resolution of the Annual General Meeting.
The Annual General Meeting authorized the Board of Directors to decide on
the issuance of shares and other special rights entitling to shares referred to in
Chapter 10, Section 1 of the Finnish Companies Act. The number of shares to
be issued based on this authorization may not exceed 1,969,330. The Board of
Directors is authorized to resolve on all terms and conditions of the issuance
of shares and special rights entitling to shares, including the right to derogate
from the pre-emptive right of the shareholders. The authorization will be valid
until the earlier of the end of the next Annual General Meeting or 18 months
from the resolution of this Annual General Meeting.
At its meeting held after the Annual General Meeting, the Board of Directors
elected from among its members Petri Salonen as its Chairperson. The committee
members were elected as follows:
Audit Committee:
Reijo Tauriainen (Chairperson)
Sameer Badlani
Catherine Calarco
Remuneration Committee:
Ty Lee (Chairperson)
Seppo Mäkinen
Leana Wen
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Risks and uncertainties
GEOPOLITICS
Optomed operates globally.
Geopolitical tensions may impact the competitiveness of Optomed’s supply
chain or sales, leading to increased costs or causing potential disruptions for
example in the form of tariffs. Optomed’s devices are manufactured in Thailand
and one of the key markets is in the US and, therefore, potential large tariffs
between the US and Thailand may have a negative effect on the Company’s
business prospects in the US.
HIGH QUALITY PRODUCTS
The quality and safety of the Company’s products are extremely important for
Optomed’s competitiveness.
The Company may be adversely affected if it fails to continuously develop and
update its fundus cameras and software solutions or to identify or integrate new
products and product platforms into its offering. The Company’s or its partners’
products may also be subject to clinical trials, the results of which are critical for
the products’ regulatory approvals and market acceptance.
STRATEGY AND M&A
The Company may be unsuccessful in fulfilling its strategy or the strategy itself may
be unsuccessful.
The successful implementation of the Company’s strategy depends upon
a number of factors, some of which are completely or partially outside the
Company’s control. The Company has an appropriate risk management function
in the context of the size of the Company’s operations, however, it may not
be able to identify or monitor all relevant risks and determine efficient risk
management procedures and responsible persons that may again affect the
strategy. The Company is also dependent on its ability to develop and manage
varying routes-to-market for its products, the efficiency of its sales channels
and its customer and distributor relationships. Further, the Company has an
opportunistic view on M&A which by nature include inherent risks. Failure of
strategy may force the Company to record write-downs on its goodwill.
MARKET AND COMPETITION
Optomed operates in a niche market that is highly competitive.
Optomed operates in the fundus camera market that is developing fast and
the competition is sometimes fierce. The market acceptance of the Company’s
products and solutions is important for our future growth. Optomed recognizes
a possibility of new market changing products entering the market. Further, in
certain key geographies the client base is limited and, therefore, a loss of a key
customer in a key market may adversely affect our revenue streams. In the US,
AI based diabetic retinopathy screenings are reimbursable, and screenings affect
HEDIS scores. If there are material changes to reimbursement levels or to the
impact on HEDIS scores, it could adversely affect the Company’s revenue and
growth prospects in the US.
EXTERNAL ECONOMIC AND POLITICAL RISKS AND NATURAL DISASTERS
Optomed operates globally and is thus exposed to various external risks.
The Company is exposed to natural disasters taking place in countries where
it operates and general and country specific economic political and regulatory
risks, which could entail volatile sales in key markets.
SUPPLY CHAIN
Optomed’s business is dependent on the effectiveness of purchasing materials,
manufacturing and timely distribution.
The Company is dependent on contract manufacturers for functioning, efficient
and effective production and product assembly. Further, the Company is
dependent on suppliers which may affect the Company’s ability to supply its
customers in a timely manner. In addition, Optomed generates significant
US recurring revenue from the Optomed Aurora AEYE solution through a
revenue-share model with the AI partner, and therefore the loss or termination
of this agreement would pose a material growth related risk to the Company.
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SYSTEMS AND INFORMATION
Our operations are increasingly dependent on IT systems.
Disruption of the Company’s IT systems could inhibit our business operations in
a number of ways, including disruption to financial reporting, sales, production
and cash flows.
LITIGATION
Optomed operates globally and is subject to the laws and regulations of multiple
jurisdictions.
The Company may be negatively affected by legal or administrative proceedings in
different countries directed at the Company or third parties due to back-to-back
liability, and the Company faces, from time to time, other disputes and claims
related to product liability and intellectual property rights, especially in terms of
medical devices in different countries that the Company must consider pursuant
to applicable laws. These can result in costs and liabilities for the Company and
have a negative effect on its financial position and business prospects.
TRADE SECRETS AND PATENTS
The technologic capabilities are a competitive advantage that the Company must
be able to protect.
Technological capabilities, trade secrets and patents are important for the
Company’s competitive position, and the Company continuously monitors its IPR
portfolio. The Company may not be able to protect its trade secrets and know-
how which could lead to losing the competitive advantage the Company has.
The Company may also be forced to take actions against parties that violate our
IPRs and correspondingly to defend against claims for infringing IPR’s of other
parties, or seek to agree on the use of IPRs. If the Company is not successful in
protecting its IPRs or fails to defend against claims of IPR infringements or to
agree on the use of IPRs on favourable terms, this can have a negative effect
on the Company’s financial position and its prospects.
TALENT & ORGANISATION
A skilled workforce and agile organisation are essential for the continued success
of our business.
The Company may be adversely affected if it would lose its key personnel or
fails to attract the right talent.
FINANCE
The Company needs external financing to operate and is not currently profitable.
The Company is dependent on external financing and the Company may have
difficulties accessing additional financing on competitive terms or at all which
may again contribute the Company’s liquidity risks. The Company is also subject
to credit and counterparty risks through its trade receivables.
FOREX
Optomed operates globally and are thus exposed to currency exchange risks.
The Company is exposed to foreign exchange rate risks arising from fluctuations
in currency exchange rates, especially with regards USD, EUR and RMB. Currency
rates, along with demand cycles, can result in significant swings in the prices of
the raw materials needed to produce our goods and our sales prices and OPEX.
LEGAL AND REGULATORY
Compliance with laws and regulations is an essential part of Optomed’s business
operations.
Optomed together with its suppliers and distributors operate globally and are
subject to various national and regional regulations in the areas of medical devices,
product safety, product claims, data protection, intellectual property rights,
health and safety, competition, employment, taxes and anti-money laundering
and anti- bribery & corruption (AML & ABC). Further, many of the Company’s
devices are subject to various medical related assessment (including clinical trials),
clearance and approval processes that are required to place our products the
market. Failure to comply these might lead to loss of sales permits in different
markets, product recalls, reputational issues, civil and criminal actions leading
to various direct and indirect damages to Optomed and its employees that are
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not completely covered by Optomed’s insurance coverage. Especially, failures
with respect to compliance with certain medical devices related regulations and
processes may hinder the Company’s devices’ market access.
Disputes
According to the understanding of the company board of directors ,the company
is not currently involved in any disputes or trials that would have a significant
impact on the group’s financial position.
Major events after the review period
Optomed has renegotiated its OP loans and government loans payment terms.
Based on the decisions received government loans were extended two years
and OP loans 6 to 12 months.
The board’s proposal for the distribution of profit
The parent company’s non-restricted equity on 31 December 2025, was EUR
28,713,076.88 and the net loss for the financial year was EUR -5,573,210.42. The
Board of Directors proposes to the Annual General Meeting that no dividend
will be paid and the non-restricted equity on the outstanding 21,453,297 shares
shall be retained and carried forward.
Outlook 2026
Optomed expects its full year 2026 revenue to grow compared to 2025.
19
Consolidated income statement
In thousands of euro Note Jan 1 - Dec 31, 2025 Jan 1 - Dec 31, 2024
Revenue 2,3 17,096 15,040
Other operating income 4 5 10
Materials and services 5 -6,222 -5,374
Employee benefit expenses 6 -9,950 -8,931
Depreciation, amortization and impaiment losses 8 -2,516 -2,499
Other operating expenses 7 -4,454 -4,204
Operating result -6,042 -5,957
Finance income 9 580 1,217
Finance expenses 9 -1,256 -776
Net finance expenses -676 441
Loss before income taxes -6,718 -5,516
Income tax expense 10 77 66
Loss for the financial year -6,640 -5,450
Loss for the financial year attributable to
Owners of the parent company -6,640 -5,450
Loss per share attributable to owners of the parent company
Basic loss per share (euro) 11 -0.34 -0.29
Financial Statements 2025
20

Consolidated comprehensive income statement
In thousands of euro Jan 1 - Dec 31, 2025 Jan 1 - Dec 31, 2024
Loss for the financial year -6,640 -5,450
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Foreign currency translation difference
855 -329
Other comprehensive income for the financial year, net of tax 855 -329
Total comprehensive income for the financial year -5,785 -5,778
Total comprehensive loss attributable to
Owners of the parent company
-5,785 -5,778
21

Consolidated balance sheet
In thousands of euro Note Dec 31, 2025 Dec 31, 2024
ASSETS
Non-current assets
Goodwill 4,256 4,256
Development costs 8,739 8,288
Customer relationships 499 721
Technology 229 331
Other intangible assets 365 370
Total intangible assets 12 14,089 13,965
Tangible assets 13 894 652
Right-of-use assets 14 1,212 1,456
Deferred tax assets 10 13 12
Total non-current assets 16,208 16,085
Current assets
Inventories 15 2,382 1,961
Trade receivables 3,16,21 2,756 2,411
Other receivables 17 718 857
Cash and cash equivalents 16 9,909 10,467
Total current assets 15,765 15,695
Total assets 31,973 31,781
22
In thousands of euro Note Dec 31, 2025 Dec 31, 2024
EQUITY
Share capital 80 80
Share premium 504 504
Reserve for invested non-restricted equity 65,224 59,608
Translation differences 861 6
Retained earnings -36,012 -31,111
Profit (loss) for the financial year -6,640 -5,450
Total equity 18 24,016 23,637
LIABILITIES
Non-current liabilities
Borrowings from financial institutions 19,21 0 790
Government loans 19,21 371 521
Lease liabilities 14,19 835 1,017
Deferred tax liabilities 10 157 234
Total non-current liabilities 1,363 2,561
Consolidated balance sheet
23
In thousands of euro Note Dec 31, 2025 Dec 31, 2024
Current liabilities
Borrowings from financial institutions 19,21 789 794
Government loans 19,21 274 193
Lease liabilities 14,19 442 495
Trade payables 19 1,159 891
Other payables 3,20 3,929 3,210
Total current liabilities 6,593 5,583
Total liabilities 7,956 8,144
Total equity and liabilities 31,973 31,781
Consolidated balance sheet
24

Consolidated cash flow statement

In thousands of euro | Note | Jan 1 - Dec 31, 2025 | Jan 1 - Dec 31, 2024
--- | --- | --- | ---
Cash flows from operating activities |  |  |
Loss for the financial year |  | -6,640 | -5,450
Adjustments: |  |  |
Depreciation, amortization and impairment losses | 8 | 2,516 | 2,499
Finance income and finance expenses | 9 | 430 | -466
Other adjustments (IFRS2) |  | 537 | 653
Cash flows before change in net working capital |  | -3,158 | -2,764
Change in net working capital: |  |  |
Change in trade and other receivables (increase (-) / decrease (+)) |  | -483 | -335
Change in inventories (increase (-) / decrease (+)) |  | -492 | 901
Change in trade and other payables (increase (+) / decrease (-)) |  | 1,701 | 688
Cash flows before finance items |  | -2,431 | -1,510
Interest paid |  | -54 | -115
Other finance expenses paid |  | -112 | -121
Interest received |  | 115 | 151
Net cash from operating activities (A) |  | -2,482 | -1,596

25

In thousands of euro | Note | Jan 1 - Dec 31, 2025 | Jan 1 - Dec 31, 2024
--- | --- | --- | ---
Cash flows from investing activities |  |  |
Capitalization of development expenses | 12 | -1,796 | -1,843
Acquisition of tangible assets | 13 | -561 | -275
Net cash used in investing activities (B) |  | -2,357 | -2,118
Cash flows from financing activities |  |  |
Proceeds from share subscriptions | 18 | 5,984 | 9,182
Share issue transaction costs |  | -419 | -553
Repayment of loans and borrowings | 19 | -863 | -1,053
Repayment of lease liabilities | 14.19 | -517 | -494
Net cash from financing activities (C) |  | 4,186 | 7,081
Net cash from (used in) operating, investing and financing activities (A+B+C) |  | -653 | 3,367
Net increase (decrease) in cash and cash equivalents |  | -653 | 3,367
Cash and cash equivalents at January 1 |  | 10,467 | 7,118
Effect of movements in exchange rate on cash held |  | 95 | -19
Cash and cash equivalents at December 31 | 16 | 9,909 | 10,467

Consolidated cash flow statement
26

Consolidated statement of changes in equity
Equity attributable to owners of the parent company
In thousands of euro Note
Share
Capital
Share
Premium
Reserve for invested
non-restricted
Translation
differences
Retained
earnings
Total
Balance at January 1, 2025 80 504 59,608 6 -36,560 23,637
Comprehensive income
Loss for the financial year -6,640 -6,640
Translation differences 855 855
Total comprehensive income
for the financial year
855 -6,640 -5,785
Transactions with owners
of the company
Share issue 5,565 5,565
Share based payments 51 51
Share options 6 549 549
Total transactions with owners
of the company
5,616 549 6,165
Balance at December 31, 2025 18 80 504 65,224 861 -42,652 24,016
27
Equity attributable to owners of the parent company
In thousands of euro Note
Share
Capital
Share
Premium
Reserve for invested
non-restricted
Translation
differences
Retained
earnings
Total
Balance at January 1, 2024 80 504 50,936 334 -31,493 20,361
Comprehensive income
Loss for the financial year -5,450 -5,450
Translation differences -329 -329
Total comprehensive income
for the financial year
-329 -5,450 -5,778
Transactions with owners
of the company
Share issue 7,322 7,322
Share based payments 43 43
Share options 6 1307 382 1,689
Total transactions with
owners of the company
8,672 382 9,054
Balance at December 31, 2024 18 80 504 59,608 6 -36,560 23,637
Consolidated statement of changes in equity
28

54
Notes to the consolidated
financial statements
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1. Corporate information and basis of accounting
1.1 Corporate information
Optomed is a Finnish medical technology group (hereafter ‘Optomed’ or ‘Group’)
that
specialises in hand-held fundus cameras and solutions for screening of
blinding eye diseases
, established in 2004
.
The Group’s parent company, Optomed Plc. (hereafter the ‘Company’) is a
Finnish public limited liability company established under the laws of Finland,
and its business ID is 1936446-1. It is domiciled in Oulu, Finland and the Company’s
registered address is Yrttipellontie 1, 90230 Oulu, Finland.
The Board of Directors of Optomed Plc approved these consolidated financial
statements for issue. According to the Finnish Limited Liability Companies’ Act,
the shareholders have the right to approve or reject the financial statements in
the Annual General Meeting held after the publication of the financial statements.
Furthermore, the Annual General Meeting can decide on modifications to be
made to the financial statements.
1.2 Basis of accounting
Optomed’s consolidated financial statements are prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European
Union and in force as at December 31, 2025.
In the EU IFRS are standards and
their interpretations adopted in accordance with the procedure laid down in
regulation (EC) No 1606/2002 of the European Parliament and of the Council.
Optomed has consistently applied these policies to all the years presented
(2024-2025), unless otherwise stated.
General policies applied that relate to the consolidated financial statements as a
whole are described in this section 1.2. Accounting policies that are specific to a
component of the financial statements, together with descriptions of management
judgements, related estimates and assumptions, have been incorporated into
the relevant note.
The consolidated financial statements are prepared on a historical cost
basis, except for the following that are measured at fair value (refer to 1.2.3
Measurement of fair values below):
share-based payments
The financial year of Optomed is the calendar year. The figures in the financial
statements are mainly presented in thousands of euro. All figures presented have
been rounded, and consequently the sum of individual figures may deviate from
the presented aggregate figure. Key figures are computed using exact figures.
1.2.1 Consolidation
The consolidated financial statements incorporate the financial statements
of the parent company Optomed Plc. and of all those subsidiaries over which
the parent company has control at the end of the reporting period. Optomed
controls an entity when Optomed is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those returns
through its power to direct the activities of the entity. Acquired subsidiaries are
consolidated from the date on which control is transferred to Optomed until
control ceases. Refer to Note 23. Related party transactions for disclosures on
the Group structure.
Intra-group transactions, receivables, liabilities and unrealized margins, as
well as distribution of profits within the Group, are eliminated in preparing the
consolidated financial statements. Optomed had no non-controlling interests
(NCI) during the financial years in the report.
Acquired or established subsidiaries are accounted for by using the acquisition
method.
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1.2.2 Foreign currency transactions and balances
Items included in the financial statements of each subsidiary are measured using
the currency of the primary economic environment in which the company operates
(‘the functional currency’). The consolidated financial statements are presented in
Euro, which is the functional and presentation currency of the parent company.
For those subsidiaries with non-Euro functional and presentation currency, the
income and expenses for the income statement and comprehensive income
statement, and the items for cash flow statement, are translated into Euro using
the average exchange rates of the reporting period. The assets and liabilities for the
balance sheet are translated using the exchange rates prevailing at the reporting
date. The translation differences arising from the use of different exchange rates
explained above are recognized in consolidated other comprehensive income.
Any goodwill arising on the acquisition of foreign operations and any fair value
adjustments to the carrying amounts of assets and liabilities arising on the
acquisition of those foreign operations are treated as assets and liabilities of
those foreign operations. They are translated into Euro using the exchange rates
prevailing at the reporting date. When a foreign operation is sold, or is otherwise
partially or completely disposed of, the translation differences accumulated in
equity are reclassified in profit or loss as part of the gain or loss on the transaction.
1.2.3 Measurement of fair values
Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at
the measurement date. A number of the Group’s accounting policies and
disclosures require the measurement of fair values, for both financial and
non-financial assets and liabilities. When measuring the fair value of an asset
or a liability, the Group uses observable market data as far as possible. Fair
values are categorised into different levels in a fair value hierarchy based on
the inputs used in the valuation techniques as follows:
—
Level 1: quoted prices (unadjusted) in active markets for identical assets
or liabilities.
—
Level 2: inputs other than quoted prices included in Level 1 that are
observable for the asset or liability; either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
—
Level 3: inputs for the asset or liability that are not based on observable
market data (unobservable inputs).
Specific valuation techniques used in fair value measurement include:
—
Share-based payments – Black-Scholes option pricing model (Note 6.4
Share-based payment plans)
1.2.4 Operating result
Optomed has determined operating result to be a relevant subtotal in
understanding the Group’s financial performance. However, IFRS does not
define the concept of operating result. The Group has defined it as follows:
operating result is the net amount attained when revenues are added by other
operating income, less:
— purchase expenses, adjusted with change in inventories
— employee benefit expenses
— depreciation, amortization and any impairment losses, and
— other operating expenses.
All other items are presented below operating result in the income statement.
1.2.5 Non-current assets held for sale
Non-current assets (or disposal groups) are classified as held for sale, if their
carrying amounts are to be recovered principally through a sale transaction rather
than through continuing use. From the date of classification, these assets (or
disposal groups) are measured at the lower of their carrying amounts and fair
value less the costs to sell, and the recognition of depreciation or amortization
is discontinued.
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1.2.6 Critical management judgments and related
estimates and assumptions
The preparation of financial statements under IFRS requires management to make
judgments, estimates and assumptions that affect the reported amounts of assets
and liabilities, and disclosure of contingent assets and liabilities at the end of the
reporting period as well as the reported amounts of income and expenses during
the reporting period. These estimates and assumptions are based on historical
experience and other justified assumptions, such as future expectations, that
Optomed management believes are reasonable under the circumstances at the
end of the reporting period and the time when they were made.
Although these estimates are based on management’s best knowledge of current
events and actions, actual results may ultimately differ from those estimates.
The estimates and underlying assumptions are reviewed on an on-going basis
and when preparing financial statements. Changes in accounting estimates may
be necessary if there are changes in the circumstances on which the estimate
was based, or as a result of new information or more experience. Such changes
are recognized in the period in which the estimate or the assumption is revised.
Use of judgment and estimates
Judgements that management has made in the process of applying accounting
policies and that have the most significant effect on the amounts recognised in
the financial statements, relate to the following areas:
—
capitalisation of development costs: determination of development
expenditure eligible for capitalisation (Note 12. Intangible assets )
— Camera lease period: determination of camera lease period (13. Tangible
assets)
— leases: determination of lease term (Note 14. Leases )
Assumptions and estimation uncertainties that have a significant risk of resulting
in a material adjustment to the carrying amounts of assets and liabilities within
the next financial year are the following:
— goodwill impairment testing (Note 12. Intangible assets )
— capitalisation of development expenditures (Note 12. Intangible assets )
—
Development expenditures impairment testing (Note 12. Intangible assets)
—
Determining trade receivables credit risk (Note 21. Financial risk management)
1.2.7 Adoption of new and amended standards in
future financial years
Optomed has not yet adopted the following amended standards and
interpretations already issued by the IASB. The Group will adopt these
pronouncements as of the effective date of each of the pronouncements, or if
the effective date is not the first day of the financial year, as of the beginning of
the next financial year following the effective date. Currently Optomed believes
that the adoption of these pronouncements will not have a significant effect on
the future consolidated financial statements.
For financial years beginning on or after January 1, 2026: Amendments made to
IAS 7, IFRS 1, IFRS 7, IFRS 9, and IFRS 10 have not had material impact on these
financial statements.
2. Segment reporting
2.1 Accounting policy
An operating segment is a component of the Group that engages in business
activities from which it may earn revenues and incur expenses and for which
discrete financial information is available. Optomed has two reportable segments,
Devices and Software.
Software segment offers products for optimal management of various screening
operations as well as IT solutions and services for storing, viewing and working
with medical images. Also professional IT consulting services for government
institutions are included in this segment. Currently it comprises own screening
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solution products for diabetic retinopathy and breast, cervical and bowel cancer
screening management. Optomed works also as distributor of Sectra software
solutions
The Devices segment develops, manufactures and sells solutions for the
identification of ophthalmic diseases and systemic health diseases using
Optomed fundus cameras and their integrated artificial intelligence algorithms.
Clients include professionals in primary health care, ophthalmology, pediatrics,
endocrinological diseases and neurology fields. Optomed subsidiaries Optomed
USA and Optomed China are part of devices segment. In addition, Optomed acts
as a reseller of artificial intelligence algorithms for several companies.
Currently Devices segment comprises all Optomed branded camera products,
such as Optomed Smartscope Pro, Optomed Aurora, Optomed Aurora AEYE,
Optomed Polaris and Optomed Lumo cameras. Also products for OEM customers
such as Volk Optical, Carl Zeiss Meditec and Topcon are included in the Devices
segment.
In Optomed Group the CEO has been identified as being the chief operating
decision maker responsible for assessing performance of the segments and
making resource allocating decisions. The segment disclosures presented are
based on the internal management reporting. Optomed has not aggregated
operating segments into reportable segments.
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2.2 Reportable segments
2025

In thousand of euro | Devices | Software | Group Admin | Group, Total
--- | --- | --- | --- | ---
External revenue | 7,620 | 9,475 | 0 | 17,096
Net operating expenses | -3,365 | -2,853 | 0 | -6,217
Margin | 4,255 | 6,623 | 0 | 10,878
Depreciation and amortization | -1,682 | -828 | -6 | -2,516
Other expenses | -4,693 | -5,342 | -4,369 | -14,404
Operating result | -2,119 | 453 | -4,375 | -6,042
Finance items | 0 | 0 | -676 | -676
Profit/Loss before tax expense | -2,119 | 453 | -5,051 | -6,718
Segment assets | 12,217 | 7,805 | 51 | 20,073
Capital expenditure | 2,308 | 684 | 56 | 3,048
Segment liabilities | 1,175 | 653 | 0 | 1,828

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2024

In thousand of euro | Devices | Software | Group Admin | Group, Total
--- | --- | --- | --- | ---
External revenue | 5,326 | 9,714 | 0 | 15,040
Net operating expenses | -2,548 | -2,825 | 9 | -5,364
Margin | 2,778 | 6,889 | 9 | 9,676
Depreciation and amortization | -1,670 | -819 | -9 | -2,499
Other expenses | -4,451 | -4,992 | -3,692 | -13,135
Operating result | -3,343 | 1,078 | -3,692 | -5,957
Finance items | 0 | 0 | 441 | 441
Profit/Loss before tax expense | -3,343 | 1,078 | -3,250 | -5,516
Segment assets | 10,338 | 8,225 | 231 | 18,794
Capital expenditure | 1,424 | 496 | 56 | 1,975
Segment liabilities | 557 | 412 | 239 | 1,208

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3. Revenue
3.1 Accounting policy
Optomed has two synergistic business segments: Devices and Software. The
Devices segment develops, commercializes, and manufactures easy-to-use,
and affordable handheld fundus cameras, that are suitable for any clinic for
screening of various eye diseases, such as diabetic retinopathy, glaucoma and
AMD (Age Related Macular Degeneration).
The Software segment develops and commercializes screening software for
diabetic retinopathy and cancer screening for healthcare organizations. The
segment also distributes off-the-shelf products from selected partners to
supplement its own solutions and expertise and provides software consultation
to support the Devices segment screening solution projects.
Optomed recognizes revenue to depict the transfer of promised goods or services
to customers in an amount that reflects the consideration to which Optomed
expects to be entitled in exchange for those goods or services.
Devices segment leases and sells medical imaging tools and solutions to
distributors and end customers. The agreements with distributors are frame
agreements. An enforceable contract is created based on each purchase order
combined with the frame agreement. Service agreement include combination
of a device and an artificial intelligence application, in which the ownership of
the device as part of the service remains at Optomed. Contracts are made with
end customers.
Typical sales agreements for the Software segment include maintenance service
agreements, resource hiring agreements, service portal agreements and software
package agreements.
For Devices segment medical imaging tools and solutions each product in a
purchase order forms a separate performance obligation when:
— the customer can benefit from the good on its own, and
— the promise to transfer the good to the customer is separately identifiable
from other promises in the contract. Extended warranty may be sold separately,
it is also a separate performance obligation.
In service agreements, contracts include one performance obligation, which
includes the comprehensive services agreed for a specific period.
2.3 Geographic information
In presenting the geographic information, segment assets were based on
the geographic location of the assets. Segment assets are measured in the
same way as in the IFRS financial statements.

In thousands of euro | 2025 | 2024
Finland | 15,561 | 15,661
Rest of the Europe | 0 | 0
Rest of the World | 634 | 411
Total | 16,195 | 16,073

Group’s non-current assets exclude financial instruments and deferred tax assets. Optomed has no
defined benefit pension plans and thus no related assets.
Disaggregation of consolidated revenue by geographical market is disclosed in
Note 3.2 Disaggregation of revenue.
2.4 Major customers
The Group’s revenues from two major customers in the financial years 2024-
2025 were approximately as follows: from one customer EUR 2.1 million (2025),
and EUR 2.5 million (2024), and from another customer EUR 2.4 million (2024)
and EUR 2.0 million (2024).
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For Software segment:
— A maintenance contract has one performance obligation containing overall
service for the period agreed upon.
A resource hiring contract is based on hourly fee. Each hour of consulting service
is a separate performance obligation.
— A service portal agreement includes the following separate performance
obligations: implementation, additions for new service providers, reconfigurations
and continuous service provided.
— A software package agreement includes the following separate performance
obligations: licences, implementation and continuous maintenance service.
Transaction prices in the contracts are mostly fixed. Some contracts may, however,
include a minimum amount for transactions in a certain period, for example.
The variable fee is constrained to the amount for which it is highly probable that
a significant reversal will not occur subsequently. The terms of payment applied
vary to some extent geographically and in different business areas, but the term
of payment provided is nonetheless always clearly less than a year. Consequently,
contracts do not include a significant financing component.
Optomed allocates the transaction price for medical imaging tools and solutions
to performance obligations based their stand-alone selling prices using price
lists. For service portal and software package contracts the transaction price is
allocated based on costs incurred plus margin.
For Devices segment the revenues from sales of medical imaging tools and
solutions are recognised when the performance obligation is satisfied by
transferring a promised good to the distributor, i.e. at a point in time. The
control is transferred when Optomed has present right to payment, significant
risks and rewards of ownership have transferred to the distributor as well as
the legal title and physical possession of the products.
For recurring revenue service agreements, revenue is recognized in the reporting
period during which the service is provided. The transaction prices of agreements
are usually fixed. However, some contracts may include transaction-based pricing
for a specific time period.
In respect of Software segment:
— Service revenues are recognized over time as the customer simultaneously
receives and consumes the benefits provided by Optomed’s performance.
— Revenues from implementation projects are recognized at a point in time
when the customer gets control and is able to start using the end product.
—License revenues are recognized at a point in time, when control is transferred
to the customer. This is based on the nature of the licenses: they involve granting
the right to use the intangible assets of the Software segment as they exist (in
form and functionality) at the time the license is granted to the customer.
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3.2 Disaggregation of revenue
In the following tables, consolidated revenue is disaggregated by geographical
market and timing of revenue recognition.

In thousands of euro |  | 2025 |  | 2024
Finland | 9,149 | 54% | 9,340 | 62%
Rest of the Europe | 1,406 | 8% | 1,034 | 7%
Rest of the World | 6,540 | 38% | 4,667 | 31%
Total | 17,096 | 100% | 15,040 | 100%

|  | 2025 |  | 2024
Products and services transferred at a point in time | 11,418 | 67% | 10,405 | 69%
Services transferred over time | 5,678 | 33% | 4,635 | 31%
Total | 17,096 |  | 15,040 |

Trade receivables and related credit losses are described in Notes 16. Financial assets and 21.5 Liquity risk.
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3.3 Advances Received and Deferred Revenue
Advances received and deferred revenue are related to the advance payments
received under Optomed’s service agreements, maintenance agreements, and
delivery agreements before the performance obligation is fulfilled or when
customer invicing exceeds the recognized revenue. Advances received and
deferred revenue are classified as liabilities based on customer agreements and
are recognized as revenue once Optomed has fulfilled its performance obligations.
The company is obligated to repair or replace the device under warranty.

In thousand euros | 31.12.2025 | 31.12.2024
Trade receivables | 2,756 | 2,411
Assets related to customer contracts | 2,756 | 2,411
Advances received | 133 | 98
Deferred Revenue | 545 | 305
Liabilities related to customer contracts | 678 | 402

4. Other operating income
4.1 Accounting policy
Other operating income comprises income from activities outside the ordinary
business of Optomed. Examples include government grants and gains from
disposals of tangible and intangible assets.
The Group recognises a government grant only when:
—
there is reasonable assurance that Optomed will comply with the conditions
attached to the grant, and
— the grant will be received.
Income-related grants are recognised in profit or loss over the periods necessary
to match them with the related costs that they are intended to compensate. They
are presented under the line item Other operating income. Asset-related grants,
such as government grants received for development purposes, are deducted
in arriving at the carrying amount of the assets. The grant is recognised over
the life of the asset as a reduced depreciation expense.
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4.2 Breakdown of other operating income
During the years 2024-2025 Optomed did not receive significant grants.

In thousands of euro | 2025 | 2024
Other operating income | 5 | 10
Total | 5 | 10

5.Materials and services
5.1 Breakdown of materials and services expense
Optomed has recognized 33 thousand inventory provision for non marketable
items during 2025 and 61 thousand during 2024.

In thousands of euro | 2025 | 2024
--- | --- | ---
Purchase expenses | -6,661 | -5,570
Change in inventories (increase (+), decrease (-)) | 869 | 679
External services | -430 | -483
Total | -6,222 | -5,374

6. Employee benefits
6.1 Accounting policy
Employee benefits include the following:
a) short-term employee benefits b) post-employment benefits
c) other long-term employee benefits (no such benefits were provided during
the financial years 2024-2025)
d) termination benefits, i.e. benefits provided in exchange for the termination
of an employment
(no such benefits were provided during the financial years 2024-2025)
e) share-based payments (refer to Note 6.4 Share-based payment plans below).
a) Wages, salaries, fringe benefits, annual leave and bonuses are included in
short-term employee benefits. They are recognised in the period in which the
work is performed.
b) Post-employment benefits are payable to employees after the completion
of employment. In Optomed, these benefits are related to pensions. Pension
coverage of the Group is arranged through external pension insurance companies.
Pension plans are classified as either defined contribution or defined benefit
plans. Optomed only has defined contribution plans. A defined contribution
plan is a pension plan under which Optomed pays fixed contributions into a
separate entity. Optomed has no legal or constructive obligations to pay further
contributions if the fund does not hold sufficient assets to pay all employees
the related benefits. All other plans are classified as defined benefit plans.
The contributions for defined contribution plans are recognized as employee
benefit expense in those periods to which they relate. Prepaid contributions are
recognized as an asset to the extent that a cash refund or a reduction in the
future payments is available.
c) Other long-term employee benefits are all employee benefits other than short-
term employee benefits, post-employment benefits and termination benefits.
Examples include long-term paid absences such as sabbatical leave.
d) Termination benefits are not based on work performance but on the termination
of employment. These benefits consist of severance payments. Termination
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benefits result either from the Group’s decision to terminate the employment or
the employee’s decision to accept the benefits offered by Optomed in exchange
for the termination of employment. Such benefits are recognised at the earlier
of: when Optomed can no longer withdraw the offer of the benefits, and when
the Group recognises costs for a restructuring that involves the payment of
termination benefits.
e) The Group has ten share-based incentive plans for the Group key personnel, which
are share option plans. The purpose of the plans is to encourage the employees to
work on a long-term basis in order to increase shareholder value, and to commit
the key employees to the company. The payments for the incentives are made with
equity instruments.
Share-based compensation is measured at the grant date and expensed using the
straight-line method in the income statement over the vesting period. The expense
determined at grant date is based on Optomed’s estimate of the number of share
options to which it is assumed that rights will vest by the end of the vesting period.
The fair value is determined using the Black-Scholes pricing model. The Group
updates its estimate of the final number of the share options that will vest at each
reporting date. Changes in this estimate are recognised in the income statement. The
options will be returned to Optomed in case the employee leaves the Group before
the subscription period has commenced. There are no other vesting conditions.
When the option rights are exercised, the proceeds received are recognised in
accordance with the terms of the plan under Reserve for invested non-restricted
equity, net of any transaction costs.
6.2 Expenses recognised in profit or loss

In thousands of euro | 2025 | 2024
--- | --- | ---
Wages and salaries | -7,986 | -7,335
Contributions to defined contribution post-employment plans | -1,154 | -1,024
Other social security expenses | -262 | -190
Share-based payment plans | -549 | -382
Total | -9,950 | -8,931

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6.3 Number of personnel

| 2025 | 2024
--- | --- | ---
Average number of employees for the financial year | 114 | 112

6.4 Share-based payment plans
Option programs in effect during the financial year
2017B: 29,300 Outstanding options on December 31.2025. Subscription price
EUR 3.50 per share. Subscription period July 1, 2020–December 31, 2027. Each
option right entitles its holder to subscribe for one new share. Up to 29,300
shares can be subscribed for based on the option rights, corresponding to 0.1%
of the company’s share capital and votes.
2018C: 93,800 Outstanding options on December 31.2025. Subscription price
EUR 3.50 per share. Subscription period July 1, 2020–December 31, 2027 . Each
option right entitles its holder to subscribe for one new share. Up to 93,800
shares can be subscribed for based on the option rights, corresponding to 0.4%
of the company’s share capital and votes.
2019A: 66,000 Outstanding options on December 31.2025. Subscription price
EUR 3.50 per share. Subscription period July 1, 2021–December 31, 2027. Each
option right entitles its holder to subscribe for one new share. Up to 66,000
shares can be subscribed for based on the option rights, corresponding to 0.3%
of the company’s share capital and votes.
2019C: 20,000 Outstanding options on December 31.2025. Subscription price
EUR 3.50 per share. Subscription period July 1, 2020–December 1, 2027. Each
option right entitles its holder to subscribe for one new share. Up to 20,000
shares can be subscribed for based on the option rights, corresponding to 0.1%
of the company’s share capital and votes.
2022A: 250,000 Outstanding options on December 31.2025. Subscription price
EUR 4.17 per share. Subscription period January 1, 2026–December 31, 2027.
Each option right entitles its holder to subscribe for one new share. Up to 250,000
shares can be subscribed for based on the option rights, corresponding to 1.2%
of the company’s share capital and votes.
2024A: 237,500 Outstanding options on December 31.2025. Subscription price
EUR 4.62 per share. Subscription period January 1, 2026–December 31, 2028.
Each option right entitles its holder to subscribe for one new share. Up to 237,500
shares can be subscribed for based on the option rights, corresponding to 1.1%
of the company’s share capital and votes.
2025A: 190,000 Outstanding options on December 31.2025. Subscription price
EUR 3.77 per share. Subscription period January 1, 2027–December 31, 2029.
Each option right entitles its holder to subscribe for one new share. Up to 190,000
shares can be subscribed for based on the option rights, corresponding to 0.9%
of the company’s share capital and votes.
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Key terms and measurement of option plans

Plan | 2017B | 2018C | 2019A | 2019C | 2022A | 2024A | 2025A
--- | --- | --- | --- | --- | --- | --- | ---
Maximum number of options | 58,000 | 266,000 | 84,000 | 20,000 | 250 000 | 300 000 | 190,000
Number of options issued | 58,000 | 266,000 | 84,000 | 20,000 | 250,000 | 237,500 | 190,000
Issued | 2017 | 2018 | 2019 | 2019 | 2022 | 2024 | 2025
Vesting period | 2017 - 2020 | 2018 - 2021 | 2019 - 2021 | 2019 - 2020 | 2022 - 2026 | 2024 - 2026 | 2025 - 2027
Vesting condition | Employment | Employment | Employment | Employment | Employment | Employment | Employment
Option subscription price | 3.50 | 3.50 | 3.50 | 3.50 | 4.17 | 4,62 | 3.77
Fair value at grant date | 2.09 | 2.09 | 2.09 | 2.02 | 1.771 | 2.11 | 0.81
Total fair value (1,000 EUR) | 121 | 556 | 175 | 40 | 443 | 632 | 153

The grant-date fair value of Optomed’s all option programs is determined using
the Black Scholes option pricing model that takes into account the following
key inputs:
— expected fair value of the underlying share EUR 0.81 - 2.11
— expected volatility 30 - 64 %
— the term of the option 1.3 - 3.7 years
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Changes in outstanding share options

Pieces | 2025 | 2024
--- | --- | ---
Outstanding at January 1 | 736,600 | 890,000
Granted during the year | 190,000 | 343,000
Forfeited during the year | -53,875 | -3,000
Exercised during the year | 0 | -373,400
Expired during the year | -40,000 | -120,000
Outstanding at December 31 | 832,725 | 736,600
Exercisable at December 31 | 209,100 | 249,100

Option subscription price during the 2025 was 3.50 EUR for exercised options.
Optomed average share price during the 2025 was 3.99 EUR. In case the share
options issued are fully exercised, the number of outstanding A shares will
increase by 3.9%. The subscription prices will be recorded in the Reserve for
invested non-restricted equity. During 2025 no options were exercised.
Expenses from share-based payment plans
Total expenses arising from share-based payment plans recognised as part of
employee benefits were as follows:

In thousands of euro | 2025 | 2024
--- | --- | ---
Equity-settled share-based payments | -549 | -382

7. Other operating expenses
7.1 Accounting policy
Optomed’s other orerating expenses include:
— expenses other than the cost of goods sold, such as travel, marketing, IT
and office expenses.
— losses on the disposal of tangible and intangible assets.
7.2 Breakdown of other operating expenses
Other operating expenses also comprise changes in expected credit losses and
realised credit losses. More info about credit loss acrual in 21.4. Credit risk and
counterparty risk.

In thousands of euro | 2025 | 2024
--- | --- | ---
Travel expenses | -457 | -506
Marketing expenses | -874 | -707
IT expenses | -464 | -416
Office expenses | -146 | -147
Other administrative expenses | -1,629 | -1,216
Research and development expenses | -413 | -297
Credit loss accrual | -48 | 794
Other fixed expenses | -423 | -1,708
Total | -4,454 | -4,204

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7.3 Auditor’s fees

In thousands of euro | 2025 | 2024
--- | --- | ---
Audit fees | -126 | -146
Other services | -16 | -2
Total | -143 | -149

8. Depreciation, amortization and impairment
losses
8.1 Accounting policy
Depreciation and amortization is the systematic allocation of the depreciable
amount of a tangible / an intangible asset over its useful life. Optomed generally
applies the straight-line method. An impairment loss is the amount by which the
carrying amount of an asset exceeds its recoverable amount. Refer to Notes 12.
Intangible assets and 13. Tangible assets.
8.2 Depreciation, amortization and impairment losses
by asset category

In thousands of euro | 2025 | 2024
--- | --- | ---
Intangible assets |  |
Development costs | -1,222 | -1,241
Customer relationships | -222 | -222
Technology | -102 | -102
Other intangible assets | -70 | -72
Total | -1,616 | -1,636
In thousands of euro | 2025 | 2024
Tangible assets |  |
Machinery and equipment | -374 | -349
Total | -374 | -349
Total depreciation and amortization / owned assets | -1,989 | -1,985

8.3 Impairment losses
The Group recognised no impairment losses on intangible assets during financial
year 2025 and 191 thousand euros in 2024. 2024 Impairment losses are due to
terminated project. There were no recognised impairment losses on tangible
assets during years 2024-2025.
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9. Finance income and expenses
The accounting policies for financial assets and financial liabilities are presented
in Note 16. Financial assets and 19. Financial liabilities.
Recognised through profit or loss
9.1 Finance income

In thousands of euro | 2025 | 2024
--- | --- | ---
Foreign exchange gains | 250 | 657
Interest income | 115 | 181
Other finance income | 215 | 379
Total | 580 | 1,217

9.2 Finance expenses

In thousands of euro | 2025 | 2024
--- | --- | ---
Foreign exchange losses | -589 | -162
Interest expenses | -112 | -156
Other finance expenses | -555 | -458
Total | -1,256 | -776
Net finance expenses | -676 | 441

Net financial items amounted to EUR -676 (441) thousand and consisted mainly
of interest payments to financial institutions and the translation effect of Chinese
RMB and USD to EUR.
9.3 Borrowing costs - government loans
Optomed has capitalised under Development costs those borrowing costs
incurred from the government loans (Business Finland) granted for development
activities, refer also to Note 19. Financial liabilities. The capitalisation rate used
to determine the amount of borrowing costs to be capitalised was 1.0% for
the year 2025, 1.13 % in 2024, being the interest rate applicable to those loans
during the said annual periods.The capitalised costs amounted to EUR 17
thousand (2025) and EUR 20 thousand 2024 which were recorded as deductions
to interest expenses.
10. Income taxes
10.1 Accounting policy
The income tax expense for the period consists of:
— current tax, and
— change in deferred tax assets and deferred tax liabilities.
Income tax is recognized in the income statement, except that the income tax
effects of items recognized in other comprehensive income or directly in equity
are similarly recognized in other comprehensive income or equity.
The current income tax charge is calculated on the basis of the taxable income
determined in accordance with the tax rates and laws enacted (or substantively
enacted) in the countries where Optomed operates and generates taxable
income. Income taxes are adjusted with any taxes relating to previous financial
years. Other taxes not based on income are included within other operating
expenses. Current taxes are calculated using the tax rates (and tax laws) that
have been enacted or substantively enacted by the end of the reporting period.
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Taxable profit differs from the profit reported in the consolidated income
statement, since:
—
some income or expense items are taxable or deductible in other years,
and/or
—
certain income items are not taxable or certain expense items are non-
deductible for taxation purposes.
Generally deferred tax is provided using the liability method on:
—
temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts in the financial statements, and
— unused tax losses or unused tax credits.
Deferred tax assets are recognised for deductible temporary differences only to
the extent that it is probable that future taxable profits will be available, against
which Optomed can utilise deductible temporary differences. The amount and
the probability of the utilisation of deferred tax assets are reviewed at the end of
each reporting period. A valuation allowance is recognized against the deferred tax
asset, if the utilisation of the related tax benefit is no more considered probable.
Deferred tax liabilities are usually recognized in full. However, deferred tax
liability is not accounted for, if it arises from:
— the initial recognition of goodwill, or
— the initial recognition of an asset or a liability in a transaction which is not
a business combination, and
at the time of the transaction, affects neither accounting profit nor taxable
profit (tax loss).
A deferred tax liability is recognised for investments in subsidiaries, except
to the extent that Optomed is able to control the timing of the reversal of the
temporary difference and it is probable that the temporary difference will not
reverse in the foreseeable future.
Deferred tax assets and deferred tax liabilities are determined using tax rates (and
laws) that are expected to apply when the related deferred tax asset is realized
or the deferred tax liability is settled. The applied tax rate is the rate enacted
or substantively enacted by the balance sheet date in the respective countries.
10.2 Current tax

In thousands of euro | 2025 | 2024
--- | --- | ---
Current tax for the reporting year | 0 | 0
Current tax adjustments for prior years | 0 | 0
Change in deferred taxes | 77 | 66
Total | 77 | 66

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10.3 Reconciliation between income tax expense in
profit or loss and tax expense calculated using the
Finnish corporate tax rate

In thousand euros | 2025 | 2024
--- | --- | ---
Profit before income tax | -6,718 | -5,516
Tax using the Finnish corporate tax rate (20 %) | 1,344 | 1,103
Effect of tax rate in foreign jurisdictions | 22 | 36
Unrecognised deferred tax assets on taxable losses | -782 | -727
Non-deductible expenses | -1 | -27
Share option expense | -110 | -76
Depreciation and amortisation not deducted for tax purposes | -429 | -312
Consolidation-related adjustments | 33 | 69
Taxes in the income statement | 77 | 66

10.4 Income taxes recognised in other comprehensive
income
During the years 2024-2025 the Group did not recognise any income taxes in
other comprehensive income.
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10.5 Gross movements in deferred tax asset and deferred tax liability balances
2025

In thousands of euro | At Jan 1, 2025 | Business combinations | Recognised through profit or loss | Recognised in equity | Exchange differences and other changes | At Dec 31, 2025
--- | --- | --- | --- | --- | --- | ---
Deferred tax assets, |  |  |  |  |  |
Lease liabilities | 304 |  | -48 |  |  | 255
Right-of-use assets | -291 |  | 49 |  |  | -242
Total | 12 |  | 1 |  |  | 13
Deferred tax liabilities, |  |  |  |  |  |
PPA Intangible assets | -210 |  | 65 |  |  | -146
Development costs | -23 |  | 12 |  |  | -12
Total | -234 |  | 76 |  |  | -157
Total deferred tax assets and deferred tax liabilities | -221 |  | 77 |  |  | -144

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2024

In thousands of euro | At Jan 1, 2024 | Business combinations | Recognised through profit or loss | Recognised in equity | Exchange differences and other changes | At Dec 31, 2024
--- | --- | --- | --- | --- | --- | ---
Deferred tax assets, |  |  |  |  |  |
Lease liabilities | 318 |  | -14 |  |  | 304
Right-of-use assets | -294 |  | 3 |  |  | -291
Total | 24 |  | -11 |  |  | 12
Deferred tax liabilities, |  |  |  |  |  |
PPA Intangible assets | -275 |  | 65 |  |  | -210
Development costs | -35 |  | 12 |  |  | -23
Total | -310 |  | 76 |  |  | -234
Total deferred tax assets and deferred tax liabilities | -288 |  | 66 |  |  | -221

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10.6 Group’s tax losses and depreciation and
amortization not deducted for tax purposes

In thousands of euro | Dec 31, 2025 | Dec 31, 2024
--- | --- | ---
Tax losses approved by tax authorities | 14,163 | 9,876
Depreciation and amortization not deducted for tax purposes | 13,115 | 11,592

These tax losses relate to Optomed Plc. The Group has not recognised any
deferred tax asset on these losses as at the time of preparation of these financial
statements it is unlikely that these entities will generate taxable income against
which the losses could be utilised before their expiration dates. The losses will
expire in the years 2026-2034.
The depreciation and amortization not deducted for tax purposes relate to
Optomed Plc and Optomed Software.
11. Loss per share
11.1 Accounting policy
Basic and diluted earnings (loss) per share
Basic earnings (loss) per share is calculated by dividing:
— the profit (loss) attributable to owners of the parent company
—
by the weighted average number of ordinary shares outstanding during
the financial year.
In calculating the diluted earnings (loss) per share, the dilutive effect of all dilutive
potential ordinary shares is taken into account in the weighted average number
of outstanding shares. The Group’s dilutive potential ordinary shares comprise
the share-based incentive plans payable in shares.
11.2 Loss per share
Diluted loss per share is not presented, as the results for the financial years
2024 and 2025 were negative and thus the dilutive instruments would have an
undilutive effect on loss per share.

| 2025 | 2024
Loss attributable to owners of the | -6,640 | -5,450
parent company (in thousands of euro) |  |
Weighted average number of |  |
shares outstanding during the | 19,810,521 | 18,675,167
financial year (pcs) |  |
Basic loss per share (EUR/share) | -0.34 | -0.29

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12. Intangible assets
12.1 Accounting policy
The Group’s intangible assets comprise the following: a) goodwill, b)
development costs, c) customer relatioships and technology (identified in
the Commit acquisition) and d) other intangible assets.
a) Goodwill: The excess of the
— consideration transferred
—
amount of any non-controlling interest in the acquired entity, measured
at fair value, and
— acquisition-date fair value of any previous equity interest in the acquired
entity, over the fair value of the net identifiable assets acquired is recorded
as goodwill. Goodwill reflects e.g. expected future synergies resulting from
acquisitions. Goodwill is not subject to amortization but is tested annually
for impairment, or more frequently if there is any indication that it might
be impaired, refer to Note 12.3 below. Goodwill is carried at historical cost
less accumulated impairment losses.
b) Development costs: Development is the application of research findings or
other knowledge to a plan or design for the production of new or substantially
improved materials, devices, products, processes, systems or services before
the start of commercial production or use. Optomed capitalises such costs
when all the following criteria are met:
—
Optomed can demonstrate the technical feasibility of completing the
intangible asset so that it will be available for use or sale.
— Optomed intends to complete the intangible asset and use or sell it.
— Optomed is able to use or sell the intangible asset.
—
Optomed is able to demonstrate how the intangible asset will generate
probable future economic benefits.
— The Group has adequate technical, financial and other resources available
to complete the development and to use or sell the intangible asset
—
Optomed is able to measure reliably the expenditure attributable to the
intangible asset during its development. Capitalised development costs
comprise all directly attributable costs (mainly labour) necessary to prepare
the asset to be capable of operating in the manner intended. Optomed has
also:
—
capitalised borrowing costs arisen from government loans granted for
development purposes, and
— deducted an applicable amount of major government grants received for
development activities from the carrying amount.
Development expenditure that was initially expensed is not capitalised at a later
date. The estimated useful life for development costs is 10 years.
Research is original and planned investigation Optomed undertakes with the
prospect of gaining new scientific or technical knowledge and understanding.
Such costs are expensed as incurred.
c) Customer relationships and technology: these assets were measured at fair
value at the acquisition date using the multi-period excess earnings method
and the relief-from-royalty method. Their estimated remaining useful lives are
10 years.
d) Other intangible assets: An intangible asset is recognised only if it is probable
that the expected future economic benefits that are attributable to the asset will
flow to Optomed, and the cost of the asset can be measured reliably. All other
expenditure is expensed as incurred. Group’s other intangible assets mainly
comprise patents and trademark rights, which are amortised on a straight-line
basis over their estimated useful lives (10 years).
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Optomed reviews the amortization periods and the amortization methods
applied at least at each financial year-end. If the expected useful life of the asset
is different from previous estimates, the amortization period shall be changed
accordingly. The changes of useful lives can be due to e.g. technical development,
changes in demand or competition, for example.
The Group assesses, at each reporting date, whether there is an indication that
an intangible asset other than goodwill may be impaired. If any indication exists,
Optomed estimates the asset’s recoverable amount. An impairment loss is
recognised in the income statement when the carrying amount of an asset exceeds
its recoverable amount.
12.2 Assumptions and estimation uncertainties –
development costs
Optomed capitalises development expenditure as an intangible asset where the
related criteria are met (refer to 12.1 Accounting policy above). This requires
management to make judgement on when all of the criteria for capitalisation are
met and when to cease capitalisation and start amortising the asset. The point
at which development costs meet the criteria for capitalisation is dependent on
Optomed management’s judgement of, for example, the point at which technical
feasibility is demonstrable.
In impairment testing the recoverable amount of development costs are
determined based on value-in-use calculations. The calculations use cash flow
projections approved by management covering a eight year period based on the
lifecycle of the product. The cash flow projections exclude expansion investments.
Revenue of certain projects are expected to grow, especially in the coming years.
The discount rate is defined as WACC (weighted average cost of capital), which
reflects the total cost of equity and debt while considering the asset-specific
risks. Factors that affect the interest in the WACC calculation include a risk-free
interest rate, the cost of borrowed capital, the risk premium on the stock market,
the beta coefficient, and the industry’s capital structure. The pre-tax discount
rate was 15.9% (16.6%) and the post-tax discount rate 11.1% (11.9%)
The sensivity analysis is prepared in respect of the discount rate and the terminal
growth rate applied beyond the eight-year projection period. The changes in
these key assumptions - holding other assumptions constant - would result in
the recoverable amount of the tested assets to equal their carrying amount as
at December 31, 2025.
—
The pre-tax discount rate should increase by 90.4 percentage point. So that
the net present value of the 8 year forecast is 0.
— The terminal growth rate for break even cannot be measured.
Based on the impairment test carried out as at December 31, 2025 the
development costs were not impaired.
The Group has not recognised impairment losses on intangible assets during
year 2025. In 2024 Devices-segment had EUR 191 thousand impairment losses.
2024 Impairment loss is due to terminated projects.
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12.3 Reconciliation of carrying amounts
At December 31, 2025

In thousands of euro | Goodwill | Development costs | Customer relationships | Technology | Other intangible assets | Total
--- | --- | --- | --- | --- | --- | ---
Cost |  |  |  |  |  |
Balance at January 1 | 4,256 | 17,864 | 2,222 | 1,023 | 1,205 | 26,570
Additions |  | 1,674 |  |  | 66 | 1,740
Balance at December 31 | 4,256 | 19,538 | 2,222 | 1,023 | 1,270 | 28,309
Accumulated amortization and impairment losse |  |  |  |  |  |
Balance at January 1 |  | -9,576 | -1,501 | -692 | -835 | -12,605
Amortization |  | -1,222 | -222 | -102 | -70 | -1,616
Balance at December 31 |  | -10,798 | -1,723 | -794 | -905 | -14,220
Carrying amount at Jan 1 | 4,256 | 8,288 | 721 | 331 | 370 | 13,965
Carrying amount at Dec 31 | 4,256 | 8,739 | 499 | 229 | 365 | 14,089

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At December 31, 2024

In thousands of euro | Goodwill | Development costs | Customer relationships | Technology | Other intangible assets | Total
--- | --- | --- | --- | --- | --- | ---
Cost |  |  |  |  |  |
Balance at January 1 | 4,256 | 16,067 | 2,222 | 1,023 | 1,147 | 24,715
Additions |  | 1,797 |  |  | 58 | 1,855
Balance at December 31 | 4,256 | 17,864 | 2,222 | 1,023 | 1,205 | 26,570
Accumulated amortization and impairment losse |  |  |  |  |  |
Balance at January 1 |  | -8,336 | -1,280 | -590 | -763 | -10,969
Amortization |  | -1,049 | -221 | -102 | -72 | -1,445
Impairment losses |  | -191 |  |  |  | -191
Balance at December 31 |  | -9,576 | -1,501 | -692 | -835 | -12,605
Carrying amount at Jan 1 | 4,256 | 7,731 | 942 | 433 | 384 | 13,746
Carrying amount at Dec 31 | 4,256 | 8,288 | 721 | 331 | 370 | 13,965

The research and development costs expensed amounted to EUR 2,190 thousand (2025) and EUR 2,041 thousand (2024), mainly comprising personnel expenses.
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12.4 Impairment testing of goodwill
12.4.1 Accounting policy
For the purposes of impairment testing goodwill is allocated to the cash-generating
units (CGUs) or the groups of CGUs that are expected to benefit from the business
combination in which the goodwill arose. A cash-generating unit is the smallest
identifiable group of assets in Optomed that generates inflows that are largely
independent from the cash inflows from other assets or groups of assets. A cash-
generating unit is impaired when its carrying amount exceeds its recoverable
amount. The recoverabe amount is:
— the higher of the asset’s or CGU’s fair value less costs of disposal, and
— its value in use.
whichever is greater.
Optomed determines recoverable amounts based on value-in-use calculations
prepared using discounted future net cash flows.
12.4.2 Assumptions and estimation uncertainties
At each balance sheet date Optomed management assesses if there is any
indication of impairment of goodwill (or other intangible, tangible asset or right-
of-use asset). Review is based on indicators that measure economic performance,
such as Group’s management reporting as well as economic environment and
market follow-up.
Such indications may include, among others:
—
unexpected changes in significant factors underlying impairment tests
(revenues, profitability levels and changes in prevailing interest rates), and
— changes in market conditions.
The recoverable amount determined in the testing process is based on
assumptions and estimates made by management on future sales, production
costs, sales growth rate and discount rate, among others.
Optomed has allocated the goodwill arisen from the Commit acquisition to the
Software operating segment. This segment establishes a single cash-generating
unit. The carrying amount of the assets amounted to EUR 6,972 (7,416) thousand
as at December 31, 2025, including the goodwill of EUR 4,256 (4,256) thousand.
In impairment testing the recoverable amount of the Software segment is
determined based on value-in-use calculations. The calculations use cash flow
projections approved by management covering a five-year period. Previous
years forecasts have been realized according to plan. Cash flows beyond the
five-year period are extrapolated using the estimated steady growth rate of
1.8 %. The cash flow projections exclude expansion investments. The discount
rate is defined as WACC (weighted average cost of capital), which reflects the
total cost of equity and debt while considering the asset-specific risks. Factors
that affect the interest in the WACC calculation include a risk-free interest rate,
the cost of borrowed capital, the risk premium on the stock market, the beta
coefficient, and the industry’s capital structure. The pre-tax discount rate was
13.2% (14.2%) and the post-tax discount rate 11.1% (11.9%.)
The sensivity analysis is prepared in respect of the discount rate and the terminal
growth rate applied beyond the five- year projection period. The changes in
these key assumptions - holding other assumptions constant - would result in
the recoverable amount of the tested assets to equal their carrying amount as
at December 31, 2025:
— The pre-tax discount rate should increase by 27.5 percentage point.
— The terminal growth rate for break even cannot be measured.
Based on the impairment test carried out as at December 31, 2025 the goodwill
was not impaired.
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13. Tangible assets
13.1 Accounting policy
Tangible assets acquired by Optomed are stated in the balance sheet at their
cost. The cost comprises directly attributable incremental costs incurred in their
acquisition and installation. Subsequently tangible assets are carried at cost, less
any accumulated depreciation and any accumulated impairment losses. Ordinary
repairs and maintenance costs are expensed during the reporting period in
which they are incurred. Government grants are accounted for by reducing the
carrying amount of the asset. The grant is then recognised in profit or loss over
the useful life of the asset by way of a reduced depreciation charge.
Depreciation is charged so as to write off the cost of assets using the straight-
line method, over their estimated useful lives, as follows:
— Production machinery and equipment: six years
— Other machinery and equipment: three years
— Office furniture: three years
— Cars: three years
— Cameras: four years
Expected useful lives and residual values are reviewed at least at each financial
year-end and if they differ significantly from previous estimates, the useful lives
are revised accordingly. Recognition of depreciation is discontinued when a
tangible asset is classified as held for sale. The Group assesses, at each reporting
date, whether there is an indication that a tangible asset may be impaired. If
any indication exists, Optomed estimates the asset’s recoverable amount. An
impairment loss is recognised when the carrying amount of an asset exceeds
its recoverable amount.
The gain or loss arising on the disposal or retirement of a tangible asset is
determined as the difference between any net sale proceeds and the carrying
amount of the asset and is recognised in other operating income or other
operating expenses.
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13.2 Reconciliation of carrying amounts
Refer to Note 14. Leases for disclosures on Group’s tangible assets acquired
under lease agreements.

| Machinery and equipment
In thousands of euro | 2025 | 2024
Cost |  |
Balance at January 1 | 4,016 | 3,724
Additions | 616 | 292
Balance at December 31 | 4,632 | 4,016
Accumulated depreciation and impairment losses |  |
Balance at January 1 | -3,364 | -3,015
Depreciation | -374 | -349
Balance at December 31 | -3,738 | -3,364
Carrying amount at January 1 | 652 | 710
Carrying amount at December 31 | 894 | 652

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14. Leases
14.1 Accounting policy
The Group acts as a lessee leasing mainly business premises, cars, IT equipment
as well as other machinery and equipment. As a general rule, Optomed recognises
a leased asset (right-of-use asset) and a lease liability for all leases, except for
short-term leases and leases of low-value items (the accounting treatment is
described below). The Group assesses whether a contract is or contains a lease
at inception of a contract. A contract is or contains a lease if the contract conveys
the right to control the use of an identified asset for a period in exchange for
consideration.
The Group recognises a right-of-use asset and a lease liability at the lease
commencement date. The right-of- use asset is initially measured at cost, which
comprises:
— the amount of the initial measurement of the lease liability
— any lease payments made at or before the commencement date, less any
lease incentives (e.g. lease-free months)
— any initial direct costs incurred by Optomed, and
— an estimate of restoration costs to be incurred by Optomed.
After the commencement date the right-of-use assets are measured at cost less
any accumulated depreciation and any accumulated impairment losses and
adjusted for certain remeasurements of the lease liability. The right-of-use asset
is depreciated using the straight-line method, from the commencement date
to the earlier of the end of the useful life of the right-of-use asset, or the end of
the lease term. The estimated useful life for the business premises applied by
Optomed is three years. The right-of-use asset is tested for impairment where
necessary and any impairment loss identified is recorded in profit or loss.
Initially the lease liability is measured at the present value of the lease payments
that are not paid at the commencement date. The discount rate used by the
Group is Optomed’s incremental borrowing rate. Lease payments included in
the measurement of the lease liability comprise:
— fixed payments, including in substance fixed payments
—
variable lease payments that depend on an index or a rate, initially measured
using the index or rate as at the commencement date of the contract
— amounts expected to be payable under a residual value guarantee, and
—
the exercise price under a purchase option that the Group is reasonably
certain to exercise.
Subsequently the lease liability is measured at amortised cost using the effective
interest method. It is remeasured when there is a change in future lease payments
arising from change in an index or rate, if there is a change in the Group’s
estimate of the amount expected to be payable under a residual value guarantee
or if the Group changes its assessment of whether it will exercise a purchase,
extension or termination option. When a lease liability is remeasured in this way,
a corresponding adjustment is made to the carrying amount of the right-of-use
asset or is recorded in profit or loss if the carrying amount of the right-of-use
asset has been reduced to zero.
Optomed has elected not to recognise right-of-use assets and lease liability for:
— short-term leases (that have a lease term of 12 months or less)
—
leases of low-value assets (each asset with a value of approximately EUR
5,000 or less when new).
Such assets include IT equipment as well as other machinery and equipment.
The Group recognises the lease payments associated with above-mentioned
leases as an expense on a straight-line basis over the lease term.
14.2 Management judgements
Some business facility leases of the Group include termination options. Optomed
uses such terms in its contract management to maximise operational flexibility
for its business. Termination options are considered on a case-by-case basis
following a regular management assessment. The factors considered include, for
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example, contractual terms and conditions for optional periods compared with
market rates, the importance of the underlying asset to Optomed’s operations
as well as termination and replacement costs.
14.3 Amounts recognised in income statement

In thousands of euro | 2025 | 2024
--- | --- | ---
Expense relating to leases of low-value assets1 (that are not short-term leases) | -8 | -5
Depreciation charge for right-of-use assets by class of underlying asset (business premises,cars) (included in Depreciation, amortization and impairment losses in the income statement) | -526 | -514
Interest expense on lease liabilities (included in Finance expenses) | -58 | -51

14.4 Amounts presented in cash flow statement

In thousands of euro | 2025 | 2024
--- | --- | ---
Total cash outflow for leases | -517 | -494

14.5 Leased tangible assets

In thousands of euro | Business premises | Cars | Total
--- | --- | --- | ---
1.1.2025 | 1,424 | 32 | 1,456
Additions | 282 | 0 | 282
Depreciation | -505 | -21 | -526
31.12.2025 | 1,201 | 11 | 1,212

In thousands of euro | Business premises | Cars | Total
--- | --- | --- | ---
1.1.2024 | 1,419 | 53 | 1,472
Additions | 498 | 0 | 498
Depreciation | -493 | -21 | -514
31.12.2025 | 1,424 | 32 | 1,456

Leased tangible assets comprise business premises and cars and are presented
as a separate line item Right-of-use assets in the consolidated balance sheet.
14.6 Lease liabilities

In thousands of euro | 2025 | 2024
--- | --- | ---
Current | 442 | 495
Non-current | 835 | 1,017
Total | 1,277 | 1,512

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The weighted average Optomed’s incremental borrowing rate applied for
discounting purposes was 3.4% in 2025, 4,7% (2024).
The above liabilities are presented on the line item Lease liabilities (non-current /
current) in the consolidated balance sheet, based on their maturity. The maturity
analysis is disclosed in Note 21.5 Liquidity risk.
15. Inventories
15.1 Accounting policy
Inventories are stated at the lower of cost and net realisable value. The cost
of ready purchased products consists of the purchase price, including direct
transportation, processing and other costs.
Cost is determined using the first-in, first-out (FIFO) method. Net realisable value
is the estimated selling price in the ordinary course of business, less the estimated
costs of completion and the estimated costs necessary to make the sale.

In thousands of euro | 2025 | 2024
--- | --- | ---
Raw materials and consumables | 2,382 | 1,961
Total | 2,382 | 1,961

Optomed has recognized 33 thousand euros inventory provision for non
marketable items in inventory during 2025 and 61 thousand euros during 2024.
16. Financial assets
16.1 Accounting policy
Optomed classifies financial assets as follows:
— financial assets measured at fair value through profit or loss (FVTPL)
— financial assets measured at amortized cost, and
—
financial assets measured at fair value through other comprehensive
income (FVOCI).
Classification of financial assets is made based on their purpose of use upon
initial recognition. Classification relies on the objectives of Optomed’s business
model and the contractual cash flows from financial assets, or by applying
the fair value option upon initial recognition. Optomed recognises all its
financial assets at amortized cost.
All purchases and sales of financial assets are recognised at the trade date. For
financial assets not carried at fair value through profit or loss, transaction costs
are included in the initial carrying amount. Financial assets are derecognised
when the Group loses the rights to receive the contractual cash flows on the
financial asset or it has transferred substantially all the risks and rewards of
ownership outside the Group.
Financial assets measured at amortized cost
Optomed recognises all trade receivables that are non-derivative assets at
amortized cost. In the Group trade receivables are held within a business model
whose objective is to collect the contractual cash flows, and those cash flows
that are solely payments of principal and interest. Trade receivables are current
assets that Optomed has the intention to hold for less than 12 months from
the end of reporting period. Assets classified in this category are measured at
amortized cost using the effective interest (EIR) method. The carrying amounts
of current trade receivables are expected to substantially equal their fair values.
Optomed recognizes a loss allowance for expected credit losses on financial
assets that are measured at amortized cost. The expected credit losses on trade
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receivables are recorded based on Optomed’s historical knowledge on trade
receivables at default and payment delays due to financial difficulties. The loss
allowance is assessed both on an individual basis and collectively. The expected
loss is measured as the difference between the asset’s carrying amount and the
present value of estimated future cash flows discounted at the financial asset’s
effective interest rate. This adjustment is recognised in other operating expenses
and as a deduction to the carrying amount of the receivable.
All realised credit losses are recognised in profit or loss. A credit loss is reversed
in a subsequent period, if the reversal can be related objectively to an event
occurring after the impairment was recognised.
Optomed recognised credit loss of EUR 7 thousand during the financial year
2025 and during 2024, EUR 1,099 thousand.
Cash and cash equivalents
The Group’s cash and cash equivalents consist of cash on hand, demand
deposits and short-term, highly liquid investments. Items qualifying as
cash equivalent have a maturity of three months or less from the date of
acquisition.
16.2 Carrying amounts - at amortised cost
Current financial assets
The Group had no non-current financial assets at the end of the financial years
2024-2025.

In thousands of euro | Note | 2025 | 2024
--- | --- | --- | ---
Trade receivables | 21 | 2,756 | 2,411
Cash and cash equivalents |  | 9,909 | 10,467
Total |  | 12,665 | 12,878

16.3 Cash and cash equivalents

In thousands of euro | 2025 | 2024
--- | --- | ---
Cash and bank accounts | 9,909 | 10,467
Total | 9,909 | 10,467

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18. Capital and reserves
18.1 Accounting policy
The Group classifies the instruments it has issued either as equity
instruments or financial liabilities based on their nature.
— An equity instrument is any contract that evidences a residual interest in
the assets of Optomed after deducting all of its liabilities.
— A financial liability is an instrument that obligates Optomed to deliver cash
or another financial asset, or the holder has a right to demand cash or
another financial asset.
Optomed evaluates the terms of an issued compound instrument to
determine whether it contains both a liability and an equity component. Such
components are classified separately as financial liabilities, financial assets
or equity instruments in accordance with the substance of the contractual
arrangement.
18.2 Share capital and share series
18.2.1 Accounting policy
The share capital consists of the parent company’s ordinary shares classified as
equity. The subscription price of a share received by the company in connection
with share issues is credited to the share capital, unless it is provided in the
share issue decision that a part of the subscription price is to be recorded in the
Reserve for invested non-restricted equity. Transaction costs directly attributable
to the issue of new shares are recorded in equity as a deduction, net of tax,
from the proceeds.
The share capital of Optomed Plc amounted to EUR 80 thousand at December
31, 2025 and 80 thousand at December 31.2024. The share capital consists of
one share class.
The shares have no nominal value. All issued shares have been fully paid. Each
share carries one vote.
18.2.2 Movements in share numbers and Group’s equity
The table below discloses changes in the number of shares and respective
changes in Group’s equity.
17. Other receivables

In thousands of euro | 2025 | 2024
--- | --- | ---
Prepayments and accrued income | 595 | 716
Other | 123 | 140
Total | 718 | 857

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2025

| Pieces | In thousands of euro
--- | --- | ---
| A series | Total | Share capital | Reserve for invested non-restricted equity
At January 1, 2025 | 19,693,297 | 19,693,297 | 80 | 59,608
Share issue 10.12.2025 | 1,760,000 | 1,760,000 |  | 5,565
Additions to Reserve for Invested non-equity based on option subscription and board share fee. |  |  |  | 51
At Dec 31, 2025 | 21,453,297 | 21,453,297 | 80 | 65,224

2024

| Pieces | In thousands of euro
--- | --- | ---
| A series | Total | Share capital | Reserve for invested non-restricted equity
At January 1, 2024 | 18,130,397 | 18,130,397 | 80 | 50,936
Share issue 1.7.2024 | 1,500,000 | 1,500,000 |  | 7,322
Additions to Reserve for Invested non-equity based on option subscription and board share fee. | 62,900 | 62,900 |  | 1,350
At Dec 31, 2024 | 19,693,297 | 19,693,297 | 80 | 59,608

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18.3 Treasury shares
18.3.1 Accounting policy
The consideration paid for treasury shares, including any directly attributable
transaction costs (net of taxes), is deducted from equity, until the shares are
cancelled or reissued. Where such shares are subsequently sold or reissued,
any consideration received, net of any directly attributable transaction costs
and net of taxes, is directly recognised in equity.
The total amount of treasury shares was 22,042 shares in the end of the financial
year.
18.4 Dividends
18.4.1 Accounting policy
Dividend distribution to the parent company’s shareholders is recognised as a
liability in the consolidated balance sheet in the period in which the dividends
are approved by the company’s Annual General Meeting.
Under the Finnish Limited Liability Companies Act the amount of capitalised
development costs (accounted for in accordance with the Finnish Accounting
Act) is deducted from unrestricted equity in calculating distributable funds.
18.5 Reserves
Reserve for invested non-restricted equity
The reserve for invested non-restricted equity comprises other equity investments
and that part of the share subscription price that has not specifically been
allocated to share capital.
Share premium
The share premium accrued under the previous Finnish Limited Liability
Companies Act. Under the current Act the share premium is classified as restricted
equity and may no longer increase. The share premium may be reduced in
accordance with the rules applying to decreasing share capital and can be used
to increase the share capital as a reserve increase.
Translation differences
The reserve includes translation differences arisen from the IFRS post-transition
date (January 1, 2016) translation of the financial statements of foreign operations
into euro.
Retained earnings
Retained earnings are earnings accrued over the previous financial years that
have not been transferred to equity reserves or issued as dividends to owners.
18.6 Capital management
Optomed’s objective in capital management is to maintain optimum capital
structure in order to secure normal operating conditions and to optimise cost
of capital to create value to shareholders. For capital management purposes,
Optomed manages equity as indicated in the consolidated balance sheet.
The equity is mainly influenced through share issues and restructuring of
loans and borrowings. The Group is not subject to externally imposed capital
requirements. Group management and the Board of Directors of the parent
company monitor Group’s capital structure and liquidity development. The
objective of this monitoring is to ensure Group’s liquidity and flexibility of capital
structure in order to fulfil the growth strategy.
Optomed monitors the development of capital structure based on equity ratio.
Equity ratio is also the financial covenant of Optomed’s borrowing facilities (line
item Borrowings from financial institutions). For covenant accounting purposes
equity ratio is calculated based on the related terms of the borrowings, refer to
19.4 Financial covenant for more details.
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19. Financial liabilities
19.1 Accounting policy
Optomed classifies financial liabilities as follows:
— financial liabilities measured at amortized cost, and
— financial liabilities measured at fair value through profit or loss (FVTPL).
Optomed did not use derivative instruments during the years 2024-2025, and
the Group had no other financial liabilities at fair value through profit or loss at
the end of financial years 2024-2025.
Financial liabilities at amortized cost
Financial liabilities are initially recognised at fair value. Transaction costs are
included in the original carrying amount. Subsequently these financial liabilities
are measured at amortized cost using the effective interest rate (EIR) method. A
financial liability is classified as current if Optomed does not have an unconditional
right to defer settlement of the liability for at least 12 months after the end of the
reporting period. In respect of loans and borrowings current financial liabilities
comprise the portion falling due within less than 12 months and repayments in
accordance with the repayment plans.
Financial liabilities may be interest-bearing or non-interest-bearing. The Group’s
all financial liabilities carry interest.
A financial liability (or part of the liability) is not derecognised until the liability
has ceased to exist, that is, when the obligation identified in a contract has been
fulfilled, cancelled or is no longer effective.
Borrowing costs
Optomed capitalises borrowing costs that are directly attributable to creation
of a qualifying asset as an addition to the cost of that asset.
—
Borrowing costs are interest and other costs that Optomed incurs in
connection with the borrowing of funds.
— A qualifying asset is an asset that necessarily takes a substantial period of
time to get ready for its intended use.
Optomed considers capitalised development costs to be a qualifying asset.
Consequently, the Group recognises those borrowing costs incurred from the
government loans (from Business Finland), granted for development activities,
as an addition to the carrying amount of the development cost. The capitalised
borrowing costs are recorded as a deduction to interest expenses. Other
borrowing costs are expensed in the period in which Optomed incurs them.
Optomed ceases capitalising borrowing costs when the development project
is substantially complete.
For cash flow statement purposes Optomed classifies cash flows related to
capitalised borrowing costs as operating activities.
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19.2 Financial liabilities measured at amortized cost

In thousands of euro | 2025 | 2024
--- | --- | ---
Non-current financial liabilities |  |
Borrowings from financial institutions | 0 | 790
Government loans | 371 | 521
Lease liabilities | 835 | 1,017
Total | 1,206 | 2,328
Current financial liabilities |  |
Borrowings from financial institutions | 789 | 794
Government loans | 274 | 193
Lease liabilities | 442 | 495
Trade payables | 1,159 | 891
Total | 2,664 | 2,373
Total financial liabilities | 3,870 | 4,700

The company mortgages related to the borrowings from financial institutions are
disclosed in Note 22. Contingent assets, contingent liabilities and commitments.
19.3 Changes in financial liabilities
During the financial year 2025 and 2024 there were no changes in financial
liabilities.
19.4 Financial covenant
Optomed’s borrowings from financial institutions contain a financial covenant
(equity ratio) and Optomed also has to meet certain key operative targets. The
related liabilities amounted to EUR 789 thousand (at December 31, 2025) and
EUR 1,583 thousand (at December 31, 2024). The borrowings will be repaid in
accordance with the repayment schedule.
Optomed has to comply with the financial covenant terms specified in the loan
agreement terms at the financial year-end. Equity ratio is calculated using the
agreed formula. The table below summarises the Group’s financial covenant
term and compliance over the financial years 2024-2025. Covenant accounting
purposes equity ratio is calculated, based on the related terms of the borrowings.

| Covenant term | Actual ratio | Applicable level
--- | --- | --- | ---
OP loan |  |  |
Equity ratio |  |  |
At December 31, 2025 | 35% | 88.8% | Optomed Group
At December 31, 2024 | 35% | 87.1% | Optomed Group

OP loan equity ratio calculation formula: Adjusted equity/Balance sheet total-
received advances-Goodwill
Optomed was in compliance with the covenant as at December 31, 2024 and
as at December 31, 2025.
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19.5 Government loans - borrowings costs
Optomed has capitalised borrowing costs incurred from the government loans
granted for development activities in the balance sheet under Development
costs. Details are disclosed in Note 9.3 Borrowing costs - government loans.
19.6 Fair values - financial liabilities measured at
amortized cost
Optomed considers that the carrying amounts of the financial liabilities measured
at amortized cost substantially equal to their fair values. This estimate corresponds
to the fair value hierachy Level 3, as the measurement of the said liabilities is
based on Optomed management view. The fair value hierarchy is presented in
Note 1.2.3 Fair value measurement.
20. Other payables

In thousands of euro | 2025 | 2024
--- | --- | ---
Accrued expenses | 2,659 | 2 351
Prepaid income | 44 | 5
Other | 1,226 | 854
Total | 3,929 | 3,210

21. Financial risk management
21.1 Principles of financial risk management
Optomed’s financial risks consist of liquidity risk, interest rate risk, foreign
exchange transaction risk, foreign exchange translation risk and counterparty
credit risk.
The Group manages centrally loan negotiations for the parent company and the
subsidiaries, for example, and projects the financing requirements for the next
12 months on a rolling basis, in order to ensure long-term liquidity. The Group
also handles negotiations in respect of letters of credit on a centralised basis.
The objective is to ensure that the Group has liquidity for outgoing commitments
at all times and that the financing portfolio is well diversified. The financing
portfolio should also be flexible in case of changes in Optomed’s business
operations.
The Board of Directors of the parent company has the following responsibilities:
—
reviewing and approving the Group’s risk management policy and the Group’s
strategy concerning external financing and financial risk management on
an annual basis.
— evaluating and approving new financial instruments and arrangements.
—
delegating the authority to undertake financial risk management and
financing activities to the CEO and CFO.
— reviewing the Group’s risk exposures on a monthly basis, and
— reviewing any policy breaches.
Currently letters of credit, as well as non-current loans and borrowings from
financial institutions are the only approved financial instruments.
Subsidiaries should maximise their long-term performance by optimising their
working capital structure. Basic financial management operations are delegated
to the subsidiaries, such as payment transactions and debt collection.
21.2 Foreign exchange transaction risk and foreign
exchange translation risk
Due to its international operations, Optomed is exposed to transaction risks
arising from foreign currency positions and risks from investments denominated
in foreign currencies translated into the functional currency of the parent company.
The Group’s foreign exchange translation risk is defined as the negative effect of
movements in exchange rates on the value of a foreign subsidiary’s assets when
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those values are translated into the reporting currency of the parent company.
The Group has subsidiaries in China and USA. So far, the translation difference
has not been a significant item, and thus the Group has not hedged this risk
by using currency derivative instruments.
Optomed’s trade receivables and trade payables may be denominated in foreign
currencies and thus prone to foreign exchange transaction risk. Foreign exchange
transaction risk may also arise from tangible assets subject to price changes due
to volatility in exchange rates.
The Group has foreign currency positions denominated in US Dollar (USD).
Transaction is managed by actively monitoring currency positions, i.e. absolute
amounts. Should the absolute amounts for currency positions increase significantly,
Optomed may consider using currency derivative instruments for hedging purposes,
where necessary.
21.2.1 Currency risk exposure

In thousands of euro | USD | CNY
--- | --- | ---
At December 31, 2025 |  |
Gross trade receivables | 1,799 | 0
Trade payables | 484 | 0
Total | 2,283 | 0
At December 31, 2024 |  |
Gross trade receivables | 1,274 | 0
Trade payables | 283 | 0
Total | 1,558 | 0

21.2.2 Sensitivity analysis on exchange rate movements

| Income statement
--- | ---
In thousands of euro | strengthening | weakening
At December 31, 2025 |  |
Gross trade receivables |  |
+/- 10 % change in USD | 180 | -180
+/- 10 % change in CNY | 0 | 0
Trade payables |  |
+/- 10 % change in USD | -48 | 48
+/- 10 % change in CNY | 0 | 0
Total net effect | 123 | -123
In thousands of euro | strengthening | weakening
At December 31, 2024 |  |
Gross trade receivables |  |
+/- 10 % change in USD | 127 | -127
+/- 10 % change in CNY | 0 | 0
Trade payables |  |
+/- 10 % change in USD | -28 | 28
+/- 10 % change in CNY | 0 | 0
Total net effect | 99 | -99

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21.2.3 Average rates and closing rates for financial years used in consolidated
financial statements

| Average rate | Closing rate | Average rate | Closing rate
--- | --- | --- | --- | ---
| 2025 | 2025 | 2024 | 2024
EUR/USD | 0.89 | 0.85 | 0.92 | 0.96
EUR/CNY | 0.12 | 0.12 | 0.13 | 0.13

21.3 Interest rate risk
Optomed’s interest rate risk is primarily derived from outstanding floating-rate
borrowings from financial institutions. Interest rate risk is not significant. The
Group’s revenues and operational cash flows are to a large extent independent
of fluctuations in interest rates.
Optomed’s loans and borrowings carry variable interest. The Group had interest-
bearing financial liabilities totaling EUR 1,434 thousand (at December 31, 2025)
and EUR 2,297 thousand (at December 31, 2024). Those liabilities are linked to
Euribor rates (0 to 12 months). The weighted average interest rate was 2.3%
(2025) and 3.6% (2024).
Optomed manages interest rate risk by projecting its outstanding net debt for
the next 12 months on a rolling basis. In addition, the Group uses likely interest
rate scenarios to identify the effect interest rate risk could have on Optomed’s
result and key figures. As the interest rate risk is not significant for the Group,
Optomed has not used derivative instruments to hedge financial liabilities against
changes in market interest rates.
The following interest rate sensitivity analysis presents how Optomed’s interest
expenses on borrowings from financial institutions would change following a
change of 1 percentage point (100 basis points) in reference interest rates. In
respect of the government loans a change of 3 percentage points was applied
since only a change of at least 3 percentage points would increase the Group’s
interest expenses, based on the loan terms. The effect of decrease in interest
expenses of 3 (three) percentange points – is excluded from the sensitivity
analysis, as the reference rate cannot be negative.
21.3.1 Cash flow sensitity due to interest rates

In thousands of euro | Income Statement
--- | ---
100 bps change | 300 bps increase
At December 31, 2025 |  |
Borrowings from financial institutions | +7,-7 |
Government loans |  | 25
At December 31, 2024 |  |
Borrowings from financial institutions | +6,-6 |
Government loans |  | 33

21.4. Credit risk and counterparty risk
Credit and counterparty risk arise from a counterparty not being able to
fulfil its contractual requirements, and thus resulting in a loss to the creditor.
Trade receivables are the main driver of credit and counterparty credit risk.
Counterparty risk results from receivables from companies with which the
Group provides credit.
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A Chinese customer, from whom Optomed has significant trade receivables,
has failed to make several payments since the second half of 2023. As a result,
the trade receivable has been written down at the end of Q4 2024. Total credit
loss is EUR 1,099 thousand.
Optomed manages counterparty credit risk by using credit limits approved by
the Board of Directors and only dealing with authorized counterparties when
it comes to financing activities such as letters of credit. Optomed has policies
in place to ensure that products are sold and services provided only to those
clients with appropriate credit history. Client credit data is reviewed prior to the
signing of the agreement.
Receivable collection and follow-up are performed actively. The Group also
manages counterparty credit risk with advance payments and letters of credit.
The maximum exposure to credit risk at the end of the financial year is the
carrying amount of financial assets.
The following tables disclose credit exposure per geographical area, aging
analysis for trade receivables and related expected credit losses (ECL). The loss
allowance has been recorded in accordance with the tables presented below.
21.4.1 Credit exposure per geographical area

| Carrying amount
--- | ---
In thousands of euro | 2025 | 2024
Gross trade receivables from companies |  |
Finland | 1,049 | 1,063
Rest of the Europe | 168 | 85
Rest of the World | 1,539 | 1,278
Total | 2,756 | 2,427

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21.4.2 Exposure to credit risk and loss allowance

In thousands of euro | Gross carrying amount | Weighted av. loss rate % | Loss allowance
--- | --- | --- | ---
At December 31, 2025 |  |  |
Current (not past due) | 2,200 | 0.5% | 11
Past due |  |  |
1-30 days | 78 | 1.5% | 1
31-60 days | 71 | 4% | 3
61-90 days | 272 | 9% | 24
More than 90 days past due | 199 | 12% | 24
Total | 2,819 |  | 63

In thousands of euro | Gross carrying amount | Weighted av. loss rate % | Loss allowance
--- | --- | --- | ---
At December 31, 2024 |  |  |
Current (not past due) | 2,314 | 0.5% | 12
Past due |  |  |
1-30 days | 67 | 1.5% | 1
31-60 days | 31 | 4% | 1
61-90 days | 9 | 9% | 1
More than 90 days past due | 6 | 12% | 1
Specific loss allowance | 0 | 100% | 0
Total | 2,427 |  | 15

Trade receivables related to specific loss allowance were written down at the end of 2024
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21.4.3 Reconciliation of loss allowance

In thousands of euro | 2025 | 2024
--- | --- | ---
Balance at January 1 | 15 | 809
Net remeasurement of loss allowance | 48 | -794
Balance at December 31 | 63 | 15

Changes in expected credit losses and realised credit losses are recognised
in the income statement under Other operating expenses. Company had realized
EUR 7 thousand credit losses in 2025 and 1,099 thousand in 2024.
21.5 Liquidity risk
Liquidity risk is incurred from a potential mismatch between Optomed’s liquid
assets and financing requirements. The company adheres to careful liquidity risk
management and aims to ensure sufficient liquidity even in difficult circumstances.
The Group manages liquidity risk by ensuring that non-current liabilities have
different maturities and by limiting individual receivables. Optomed also aims
at ensuring liquidity through credit instruments. The liquidity of the company is
monitored and forecasted over a 12-month period and, if necessary, short-term
liquidity is monitored. Liquidity is followed up on a rolling basis and any changes
are addressed promptly.
The liquidity reserve comprises highly liquid assets that can be used without
delay to cover financial obligations at all times. Optomed aims at ensuring that it
always has the amount of liquid funds available to fund operations. The liquidity
reserve includes the following components: cash and cash equivalents, liquid
investments and credit limits.
The table below analyses financial liabilities based on their contractual maturities.
The amounts disclosed are undiscounted, comprising both interest payments
and repayments of capital.
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21.5.1 Contractual maturities of financial liabilities

In thousands of euro | Total | 0-3 months | 3-12 months | 1-3 years | 3-5 years | Over 5 years
--- | --- | --- | --- | --- | --- | ---
At December 31, 2025 |  |  |  |  |  |
Borrowings from financial institutions | 804 | 205 | 599 |  |  |
Government loans | 853 | 162 | 284 | 239 | 168 |
Lease liabilities | 1,277 | 130 | 312 | 835 |  |
Trade payables | 1,159 | 1,159 |  |  |  |
Total | 4,092 | 1,655 | 1,195 | 1,074 | 168 |
In thousands of euro | Total | 0-3 months | 3-12 months | 1-3 years | 3-5 years | Over 5 years
At December 31, 2024 |  |  |  |  |  |
Borrowings from financial institutions | 1,682 | 217 | 636 | 829 |  |
Government loans | 752 | 34 | 166 | 277 | 205 | 71
Lease liabilities | 1,512 | 124 | 371 | 1,017 |  |
Trade payables | 891 | 891 |  |  |  |
Total | 4,838 | 1,265 | 1,174 | 2,124 | 205 | 71

If the covenants are breached, the financial institutions has the right to
immediately terminate the contracts or require repayment and/or alternatively
the right to increase the marginal for the borrowings and obligations by 2
percentage points. The covenant agreement is in force as long as Optomed Plc
has unpaid debt, obligations or other commitments. For more details about
covenant terms refer to 19.4. Financial covenant.
For more details see note 19.3 Changes in financial liabilities.
The lender has no right to demand for repayment, except in the event of a
breach of the covenant (refer to Note 19.4 Financial covenant). The borrowings
can be renegotiated.
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22. Contingent liabilities, contingent assets and
commitments
22.1 Accounting policy
A contingent liability arises when:
—
there is a possible obligation that arises from past events and whose
existence will be confirmed by a future event that is outside the control
of Optomed
—
there is a present obligation that arises from past events, but probably will
not require an outflow of resources, or
— Optomed cannot make a sufficiently reliable estimate of the amount of a
present obligation.
Contingent liabilities are not recognised, but require disclosure unless the
possibility of outflow is remote.
A contingent asset arises when:
— the inflow of economic benefits to Optomed is probable, but not virtually
certain, and
— occurrence depends on an event outside the control of Optomed.
Contingent assets require disclosure only. If the realisation of income is virtually
certain, the income item is recognised.
22.2 Collaterals

In thousands of euro | 2025 | 2024
--- | --- | ---
Liabilities secured under company mortgages given by Optomed 1 |  |
Borrowings from financial institutions, current | 1,063 | 987
Borrowings from financial institutions, non-current | 371 | 1,310
Total | 1,434 | 2,297
Collaterals given by collateral type |  |
Borrowings from financial institutions, company mortgages given | 8,700 | 8,700
Other collaterals given | 800 | 800
Total | 9,500 | 9,500

1 Nominal values of the borrowings, which differ from the amounts recognised in the consolidated balance sheet, measured at amortised cost.
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22.3 Guarantees
2025: Delivery guarantee, Fabrinet Pte Ltd. USD 800 thousand.
2024: Delivery guarantee, Fabrinet Pte Ltd. USD 800 thousand.
22.4 Legal proceedings and disputes
Optomed was not involved in any legal proceedings nor had any disputes during
the financial years 2024-2025.
22.5 Contingencies attaching to government grants
Non-compliance with the conditions attached to the EU Horizon 2020 funding
programme may result in, for example, the rejection of ineligible costs or reduction
of the grant.
23. Related party disclosures
23.1 Accounting policy
The parent company Optomed Plc’s related parties include the following:
— its subsidiaries
—
key management personnel, comprising the members of the Board of
Directors, CEO and the Group Management
—
Team member, entities, over which the above-mentioned persons have
control, joint control or significant influence
— close family members of the above-mentioned persons
The related party transactions disclosed consist of transactions carried out with
related parties that are not eliminated in the consolidated financial statements.
23.2 Key management personnel compensation
The amounts disclosed in the tables below represent the expenses recognised
in those financial years. Salary amounts include any fringe benefits. The CEO and
the Group Management Team members are entitled to the statutory pension,
and the retirement age is determined by the Finnish statutory pension system.

In thousands of euro | 2025 | 2024
--- | --- | ---
CEO Juho Himberg |  |
Salaries and other short-term employee benefits | -246 | -211
Pension benefits (defined contribution plans) | -50 | -43
Share-based payments | -237 | -152
Total | -532 | -406

In thousands of euro | 2025 | 2024
--- | --- | ---
Group Management Team |  |
Salaries and other short-term employee benefits | -471 | -547
Pension benefits (defined contribution plans) | -96 | -80
Share-based payments | -200 | -144
Total | -766 | -771

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In thousands of euro | 2025 | 2024
--- | --- | ---
Key management personnel |  |
Salaries and other short-term employee benefits | -717 | -757
Pension benefits (defined contribution plans) | -146 | -123
Paid resignation fee | 0 | -58
Share-based payments | -436 | -296
Total | -1,299 | -1,235

23.3 Transactions with other related parties and
outstanding balances
Revenues and trade receivables relate to the major shareholders of Optomed
Plc considered to be related parties to the parent company.

In thousands of euro | Revenues | Trade receivables | Other expenses
--- | --- | --- | ---
2025 | 0 | 0 | -128
2024 | 0 | 0 | -92

Other expenses consist of expenses consulting fees paid to the Chairman of
the Board of Directors and members of the board.
23.4 Group structure
At December 31, 2025 the Group comprised the following companies:

Subsidiary | Domicile | Ownership interest, %
--- | --- | ---
Optomed Software Oy | Finland | 100
Ubetec Oy | Finland | 100
Optomed Hong Kong Ltd. | Hong Kong | 100
Optomed China Ltd | China | 100
Optomed USA Inc | USA | 100

24. Events after the end of the reporting period
Optomed has renegotiated its OP loans and government loans payment terms.
Based on the decisions received government loans were extended two years
and OP loans 6 to 12 months.
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Profit and loss account

|  | 1 Jan - 31 Dec 2025 |  | 1 Jan - 31 Dec 2024
--- | --- | --- | --- | ---
NET TURNOVER |  | 5,881,386.63 |  | 4,020,934.24
Other operating income |  | 158,082.21 |  | 151,895.93
Materials and supplies |  |  |  |
Raw materials and consumables |  |  |  |
Purchases during the financial year | -2,768,486.44 |  | -2,756,474.20 |
Change in stocks | -193,813.23 | -2,962,299.67 | 115,400.58 | -2,641,073.62
Personnel expenses |  |  |  |
Wages and salaries | -2,927,440.74 |  | -2,392,936.62 |
Social security expenses | -488,015.93 |  | -392,552.47 |
Pension expenses | -86,302.10 | -3,501,758.77 | -49,461.28 | -2,834,950.37
Other social security expenses |  |  |  |
Depreciation, amortization and impairment |  |  |  |
Depreciation and amortization according to plan | -1,294,545.85 |  | -1,148,712.75 |
Impairment of non-current assets | 0.00 | -1,294,545.85 | -191,461.05 | -1,340,173.80
Other operating expenses |  | -3,755,753.56 |  | -3,152,284.93
OPERATING PROFIT (LOSS) |  | -5,474,889.01 |  | -5,795,652.55

Parent Company’s Financial Statements
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| 1 Jan - 31 Dec 2025 |  | 1 Jan - 31 Dec 2024
--- | --- | --- | ---
Financial income and expenses |  |  |  |
From group undertakings | 86,956.37 |  | 48,811.57 |
From others | 143,165.25 |  | 398,497.14 |
Interest expense and other financial expenses |  |  |  |
Impairment of securities held as current assets (–) |  |  |  |
To group undertakings (–) | -50,335.51 |  | -4,961.94 |
To others (–) | -873,904.42 | -694,118.31 | -709,724.84 | -267,378.07
PROFIT (LOSS) BEFORE APPROPRIATIONS AND TAXES |  | -6,169,007.32 |  | -6,063,030.62
Appropriations |  |  |  |
Group contribution | 595,796.90 | 595,796.90 | 1,131,545.75 | 1,131,545.75
PROFIT (LOSS) FOR THE FINANCIAL YEAR |  | -5,573,210.42 |  | -4,931,484.87

Profit and loss account
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31 Dec 2025 31 Dec 2024
Assets
NON-CURRENT ASSETS
Intangible assets
Development expenditure 6,989,497.04 6,283,321.25
Intangible rights 365,467.73 7,354,964.77 369,555.97 6,652,877.22
Tangible assets
Machinery and equipment 487,074.55 632,519.60
Other tangible assets 950.00 488,024.55 950 633,469.60
Advance payments and construction in process 20,539.90 20,539.90 1,265.78 1,265.78
Investments
Holdings in group undertakings 9,266,907.46 9,266,906.46
Receivables from group undertakings 864,069.34 10,130,976.80 822,324.77 10,089,231.23
TOTAL NON-CURRENT ASSETS 17,994,506.02 17,376,843.83
Balance sheet
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31 Dec 2025 31 Dec 2024
CURRENT ASSETS
Stocks
Raw materials and consumables 1,805,031.04 1,705,975.78
Finished products / goods for resale 291,680.90 2,096,711.94 53,802.91 1,759,778.69
Long-term receivables
Amounts owed by group undertakings 6,877,819.52 6,877,819.52 7,001,067.87 7,001,067.87
Short-term receivables
Trade debtors 640,024.73 125,070.86
Amounts owed by group undertakings 3,275,601.76 3,554,284.04
Other receivables 89,817.49 104,635.40
Prepayments and accrued income 290,039.97 4,295,483.95 356,781.96 4,140,772.26
Cash at bank and in hand 8,593,621.80 9,408,213.84
TOTAL CURRENT ASSETS 21,863,637.21 22,309,832.66
Total assets 39,858,143.23 39,686,676.49
Balance sheet
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Balance sheet
31 Dec 2025 31 Dec 2024
Capital, reserves and liabilities
CAPITAL AND RESERVES
Share capital 80,000.00 80,000.00
Share premium account 503,699.60 503,699.60
Reserve for invested free own capital 71,110,011.48 65,074,901.91
Retained earnings (Cumulative loss) -29,834,227.14 -24,902,742.27
Profit (loss) for the financial year -5,573,210.42 -4,931,484.87
TOTAL CAPITAL AND RESERVES 36,286,273.52 35,824,374.37
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31 Dec 2025 31 Dec 2024
LIABILITIES
Non-current
Loans from credit institutions 370,703.50 370,703.50 1,309,688.54 1,309,688.54
Current
Loans from credit institutions 1,063,265.04 986,892.00
Advances received 134,229.11 147,153.74
Trade creditors 754,299.54 541,292.97
Amounts owed to group undertakings 31,918.44 0.00
Other liabilities 82,608.40 75,682.56
Accruals and deferred income 1,134,845.68 3,201,166.21 801,592.31 2,552,613.58
TOTAL LIABILITIES 3,571,869.71 3,862,302.12
Total capital, reserves and liabilities 39,858,143.23 39,686,676.49
Balance sheet
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Cash flow statement
1 Jan 2025–31 Dec 2025 1 Jan 2024-31 Dec 2024
Cash flow from operating activities:
Profit(loss) (+/–) -5,573,210.42 -4,931,484.87
Adjustments to operating profit (+/–) for:
Depreciation, amortization and impairment losses 1,294,545.85 1,340,173.80
Unrealised foreign exchange gains and losses -307,879.77 -224,353.62
Other non-cash income and expenses 488,521.57 695,720.96
Financial income and expenses 1,264,038.14 893,792.52
Other adjustments, share benefit - members of the board 51,109.57 43,364.14
Cash flow before working capital changes -2,782,875.06 -2,182,787.07
Working capital changes:
Increase/decrease in trade an other short-term interest-free receivables -461,540.48 643,005.48
Increase/decrease in stocks -370,377.68 557,871.55
Increase/decrease in short-term interest-free liabilities 540,261.15 340,470.94
Operating cash flow before financing items and taxes -3,074,532.07 -641,439.10
Interest and other financial expenses paid relating to operating activities (–) -924,239.93 -724,550.93
Cash flow from operating activities: -3,998,772.00 -1,365,990.03
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Cash flow statement
1 Jan 2025–31 Dec 2025 1 Jan 2024-31 Dec 2024
Cash flow from investing activities:
Purchase of tangible and intangible items (–) -1,870,463.47 -1,470,202.81
Loans granted (–) -25,000.00 -730,000.00
Proceeds or payments of loans -41,744.57 287,684.00
Cash flow from investing activities -1,937,208.04 -1,912,518.81
Cash flow from financing activities
Proceeds from issuance of share capital 5,984,000.00 9,181,900.00
Repayment of short-term borrowings (–) 0 -42,894.05
Repayment of long-term borrowings (–) -862,612.00 -2,093,082.00
Cash flow from financing activities 5,121,388.00 7,045,923.95
Net increase (+)/ decrease (–) in cash and cash equivalents -814,592.04 3,767,415.11
Cash and cash equivalents at beginning of period 9,408,213.84 5,640,798.73
Cash and cash equivalents at end of period 8,593,621.80 9,408,213.84
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Accounting policies
Optomed Oyj financial statements have been prepared in accordance with the
Finnish Accounting Act (FAS)
Valuation principles and methods
Valuation principles and methods of non-current assets
Tangible and intangible assets are recognised in the balance sheet at cost less
depreciation according to plan. Cost includes variable expenditure relating to
the acquisition and production of the assets. Grants received are deducted from
the cost. Depreciation according to plan is calculated using the straight-line
method based on the useful life of the assets. Depreciation is started at the
month when the asset is taken into use.
The depreciation periods are as follows:
Intangible assets 5-10 years Machinery and equipment 3–6 years.
The cost of tangible and intangible assets whose probable useful life is less than
3 years or whose value is low (less than 1,200.00 €) is recognised as an expense
as incurred expense.
Valuation of stocks
Stocks are recognised by using the FIFO method at cost, reacquisition cost, or
probable selling price, whichever lower. Cost includes, in addition to variable
costs, an appropriate portion of fixed costs attributable to the purchase and
production or construction of the asset.
Measurement of financial instruments
Financial instruments are measured at the lower of cost or probable value.
Investment funds are measured at fair value.
Recognition of development costs and long-term expenditure
Company has capitalized R&D costs relating to new product development
according to Finnish Accounting Act (KPL 5:8§). Capitalized costs include personnel
and other costs that directly relate to developing the product to its intended use.
Capitalized R&D costs are depreciated during their estimated useful life that is
10 year straight line depreciation.
Change in the presentation of the profit and loss account or balance sheet
Increase or decrease in stocks is partly included in the purchases during financial
year. This accounting princible has no material effect to the assessment of the
company’s performance and financial position.
Preparation of the cash flow statement
The cash flow statement was drawn up in accordance with the Accounting
Board’s general guideline (30 Jan 2007). Cash flow from operating activities is
indicated on indirect method.
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1 Jan 2025–31 Dec 2025 1 Jan 2024–31 Dec 2024
Net turnover
Net turnover by geographical markets
Finland 81,932.96 38,670.62
Europe 1,046,701.44 657,371.40
Outside Europe 4,752,752.23 3,324,892.22
Total 5,881,386.63 4,020,934.24
Other operating income
Contributions received 0.00 8,922.00
Management fee from group companies 157,715.23 142,053.57
Other income 366.98 920.36
Total 158,082.21 151,895.93
Materials and services
Materials and supplies
Purchases during the financial year -2,768,486.44 -2,756,474.20
Variation in stocks -193,813.23 115,400.58
Total -2,962,299.67 -2,641,073.62
The inventory change includes a 33 thousand (61thousand in 2024)
euro inventory write-down provision.
Notes to the profit and loss account
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1 Jan 2025–31 Dec 2025 1 Jan 2024–31 Dec 2024
Notes relating to personnel
Average number of personnel during the financial year 47 46
47 46
Wages, salaries and pension expenses
Wages and salaries -2,927,440.74 -2,392,936.62
Pension expenses -488,015.93 -392,552.47
Other staff expenses -86,302.10 -49,461.28
Total -3,501,758.77 -2,834,950.37
Wages, salaries and other remuneration of directors and management
CEO compensation -295,908.00 -253,640.00
Board members compensation -144,000.00 -126,000.00
Total -439,908.00 -379,640.00
In addition, the CEO’s remuneration includes an additional pension of 20 600 euros.
Depreciation, amortization and impairment
Depreciation according to plan -1,294,545.85 -1,148,712.75
Impairment of tangible and intangible assets 0.00 -191,461.05
Total -1,294,545.85 -1,340,173.80
Notes to the profit and loss account
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Notes to the profit and loss account
1 Jan 2025–31 Dec 2025 1 Jan 2024–31 Dec 2024
Other operating expenses
Administrative expenses -775,228.87 -835,660.97
Marketing expenses -245,956.77 -231,344.98
Travelling expenses -273,767.12 -260,875.61
Other operating expenses -2,460,800.80 -1,817,920.95
Total -3,755,753.56 -3,152,284.93
Other operating expenses include a sales receivables
write-off from a Chinese customer total 455,077,14 euros
(635,008,38 euros in 2024).
Auditor's fees
Audit of financial statements -93,725.00 -102,771.77
Other fees -16,451.39 -2,400.00
Total -110,176.39 -105,171.77
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Notes to assets
Amortization period for capitalised development
expenditure
Development costs: Development is the application of research findings or
other knowledge to a plan or design for the production of new or substantially
improved materials, devices, products, processes, systems or services before
the start of commercial production or use. Optomed capitalises such costs when
all the following criteria are met:
—
Optomed can demonstrate the technical feasibility of completing the
intangible asset so that it will be available for use or sale.
— Optomed intends to complete the intangible asset and use or sell it.
— Optomed is able to use or sell the intangible asset.
—
Optomed is able to demonstrate how the intangible asset will generate
probable future economic benefits.
1 Jan 2025–31 Dec 2025 1 Jan 2024–31 Dec 2024
Other interest income
From group undertakings 86,956.37 48,811.57
From others 143,165.25 398,497.14
Total financial income 230,121.62 447,308.71
Interest and financial expenses
From group undertakings -50,335.51 -4,961.94
From others -873,904.42 -709,724.84
Total financial expenses -924,239.93 -714,686.78
Total financial income and expenses -694,118.31 -267,378.07
Notes to the profit and loss account
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Stocks 31 Dec 2025 31 Dec 2024
Raw materials and
consumables
1,805,031.04 1,705,975.78
Finished products /
goods for resale
291,680.90 53,802.91
Total 2,096,711.94 1,759,778.69
— The Group has adequate technical, financial and other resources available
to complete the development and to use or sell the intangible asset
—
Optomed is able to measure reliably the expenditure attributable to the
intangible asset during its development.
Capitalised development costs comprise all directly attributable costs (mainly
labour) necessary to prepare the asset to be capable of operating in the manner
intended. Optomed has also:
—
capitalised borrowing costs arisen from government loans granted for
development purposes, and
— deducted an applicable amount of major government grants received for
development activities from the carrying amount.
Development expenditure that was initially expensed is not capitalised at a later
date. The estimated useful life for development costs is 10 years.
Amortization period for capitalised intangible rights and other long-term
expenditure
An intangible asset is recognised only if it is probable that the expected future
economic benefits that are attributable to the asset will flow to Optomed, and
the cost of the asset can be measured reliably. All other expenditure is expensed
as incurred. Depreciation times and methods of other intangible assets are:
License fees and computer software 5 year straight-line
Patents 10 year straight-line
Trademarks 10 year straight-line
Optomed has recognized 33 thousand inventory provision for non marketable
items in inventory during 2025 (61 thousand during 2024).
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Intangible assets
Development
expenditure
Intangible rights Total
Acquisition cost at 1 Jan,2025 13,527,962.60 775,406.12 14,303,368.72
Additions 1,718,966.16 65,782.06 1,784,748.22
Acquisition cost at 31 Dec 2025 15,246,928.76 841,188.18 16,088,116.94
Accumulated amortization and reduction in value at 1 Jan 2025 7,244,641.35 405,850.15 7,650,491.50
Amortization for the financial year 1,012,790.37 69,870.30 1,082,660.67
Accumulated amortization and reduction in value at 31 Dec 2025 8,257,431.72 475,720.45 8,733,152.17
Book value at 31 Dec 2025 6,989,497.04 365,467.73 7,354,964.77
Book value at 31 Dec 2024 6,283,321.25 369,555.97 6,652,877.22
Tangible assets Machinery and equipment Total
Acquisition cost at 1 Jan 2025 2,531,570.33 2,531,570.33
Additions 66,440.13 66,440.13
Acquisition cost at 31 Dec 2025 2,598,010.46 2,598,010.46
Accumulated amortization and reduction in value at 1 Jan 2025 1,899,050.73 1,899,050.73
Amortization for the financial year 211,885.18 211,885.18
Accumulated amortization and reduction in value at 31 Dec 2025 2,110,935.91 2,110,935.91
Non-current assets
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Investments
Shares in group
companies
Receivables from
group companies
Total
Acquisition cost at 1 Jan 2025 9,266,906.46 822,324.77 10,089,231.23
Additions 1.00 41,744.57 41,745.57
Acquisition cost at 31 Dec 2025 9,266,907.46 864,069.34 10,130,976.80
Book value 31 Dec 2025 9,266,907.46 864,069.34 10,130,976.80
Book value 31 Dec 2024 9,266,906.46 822,324.77 10,089,231.23
Holdings in other undertakings
Group undertakings Ownership %
Optomed Software Oy, Espoo 100
Ubetec Oy, Espoo 100
Optomed Hong Kong Limited, China 100
Optomed China Ltd, China 100
Optomed USA Inc 100
Tangible assets Machinery and equipment Total
Book value 31 Dec 2025 487,074.55 487,074.55
Book value 31 Dec 2024 632,519.60 632,519.60
Book value of machinery and equipment used for production at 31 Dec 2025 414,511.36
Book value of machinery and equipment used for production at 31 Dec 2024 558,742.94
93
119
Analysis of receivables
Long-term receivables 31 Dec 2025 31 Dec 2024
From group undertakings
Trade debtors 4,091,117.39 4,060,977.39
Loans receivable 2,786,702.13 2,940,090.48
Capital loan receivables 597,250.25 605,494.97
Other receivables 266,819.09 216,829.80
Total 7,741,888.86 7,823,392.64
Total long-term receivables 7,741,888.86 7,823,392.64
Short-term receivables
From group undertakings
Trade debtors 3,110,225.09 3,034,746.98
Other receivables 165,376.67 519,537.06
Total 3,275,601.76 3,554,284.04
From others
Trade debtors 640,024.73 125,070.86
Other receivables 89,817.49 104,635.40
Prepayments and accrued income 290,039.97 356,781.96
Total 1,019,882.19 586,488.22
Total short-term receivables 4,295,483.95 4,140,772.26
94
120
Restricted equity 31 Dec 2025 31 Dec 2024
Subscribed capital at 1 January 80,000.00 80,000.00
Subscribed capital at 31 December 80,000.00 80,000.00
Share premium account at 1 January 503,699.60 503,699.60
Share premium account at 31 December 503,699.60 503,699.60
Total restricted equity 583,699.60 583,699.60
Unrestricted equity
Reserve for invested unrestricted equity at 1 January 65,074,901.91 55,849,637.77
Share issue 6,035,109.57 9,225,264.14
Reserve for invested unrestricted equity at 31 December 71,110,011.48 65,074,901.91
Retained earnings from previous financial years at 1 January -29,834,227.14 -24,902,742.27
Retained earnings from previous financial years 31 December -29,834,227.14 -24,902,742.27
Profit for the financial year -5,573,210.42 -4,931,484.87
Total unrestricted equity 35,702,573.92 35,240,674.77
Total capital and reserves 36,286,273.52 35,824,374.37
Capital and reserves
95
121
Optomeds share treasury
Optomed has conveyed 12,687 treasury shares to the members of the Board of
Directors as a part of the Board members’ annual remuneration in accordance
with the decision of the Annual General Meeting 2025. The amount of shares
is based on the monthly remuneration decided by the Annual General Meeting
and Optomed’s value weighted average share price between 31 July and 6
August 2025.
The total amount of treasury shares was 22,042 shares in the end of the
financial year.
Distributable equity 31 Dec 2025 31 Dec 2024
Calculation regarding distributable equity
Profit from previous financial years -29,834,227.14 -24,902,742.27
Profit of the financial year -5,573,210.42 -4,931,484.87
Reserve for invested unrestricted equity 71,110,011.48 65,074,901.91
Capitalised development expenditure -6,989,497.04 -6,283,321.25
Total 28,713,076.88 28,957,353.52
Capital and reserves
96
122
Liabilities
Appropriations 31 Dec 2025 31 Dec 2024
Non-current liabilities
Loans from financial institutions 370,703.50 1,309,688.54
Total 370,703.50 1,309,688.54
Liabilities falling due later than in five years
Loans from financial institutions 0.00 64,530.00
Total 0.00 64,530.00
Current liabilities
Advances received 0.00 20.38
Other liabilities 31,918.44 0.00
Total 31,918.44 20.38
97
123
Appropriations 31 Dec 2025 31 Dec 2024
Amounts owed to others
Loans from financial institutions 1,063,265.04 986,892.00
Advances received 134,229.11 147,153.74
Trade creditors 754,299.54 541,292.97
Other liabilities 82,608.40 75,682.56
Accruals and deferred income 1,134,845.68 801,592.31
Total 3,169,247.77 2,552,613.58
Material items included in accruals and deferred income
Wages and salaries including social security costs 652,104.46 592,578.79
Interest 2,536.54 3,131.13
Other 480,204.68 205,882.39
Total 1,134,845.68 801,592.31
Liabilities
98
124
Related party transactions
The following material transctions were carried out with related parties during
the financial period:
The transactions between group companies are carried out with regular terms.
Parent company has also received a group contribution of 595,796.90€. Parent
company has given loan to daughter company, 25,000€. The company has given
loans to its subsidiaries to finance business operations. The total amount of loans
31 Dec 2025 31 Dec 2024
Sale of goods, group companies 2,396,778.09 1,584,138.31
Other operating income, group companies 157,715.23 142,053.57
Interest income of loans, group companies 86,956.37 48,811.57
Purchases, group companies -1,702,068.04 -1,089,940.99
IPR purchases, group companies -682,000.00 0.00
Consulting, Board members 0.00 -4,961.94
Interests of loans, group companies -128,000.00 -92,000.00
Total 129,381.65 588,100.52
on 31 December 2025 is 22,786,702,13 euros. The loans have an annual interest
rate of 2% and the average loan term is 5 years. The loans are unsecured. In
addition, the company has given its subsidiary a capital loan of 605,494,97 euros.
99
125
Other commitments 31 Dec 2025 31 Dec 2024
Other commitments Rental commitments (Inc. VAT)
Payble during the following financial year 146,585.61 143,701.85
Total 146,585.61 143,701.85
Amounts payable based on lease contracts (Inc.VAT)
Payble during the following financial year 6,933.85 7,661.30
Payable in later years 10,394.29 10,619.72
Total 17,328.14 18,281.02
Pension obligations
The company’s pension obligations are insured in external pension insurance
companies. The pension obligations are fully covered.
Guarantees and contingent liabilities
Liabilities in balance sheet secured by enterprise mortgages 31 Dec 2025 31 Dec 2024
Loans from financial institution 789,160.54 1,583,440.54
Enterprise mortgages 8,700,000.00 8,700,000.00
Enterprise mortgages, total 8,700,000.00 8,700,000.00
The liability has been guaranteed with 80% share by Osuuspankki of Oulu and 20% by Finnvera Oyj special guarantee.
100
126
Other off-balance-sheet financial commitments
Company has off-balance sheet commitment to enterprise resource planning
system licence fees total of 171,228.05 euros.
Company has liabilities for the delivery guarantee of 800,000.00 USD, which is
covered 40% by Oulu Osuuspankki corporate mortgage and 60% by Finnvera’s
special guarantee.
Collateralised loans include covenants. The specific terms relate to the company’s
solvency and liquidity. Breaching the covenants may increase the cost of financing
or result in termination of the loans. The management of the company states
that the covenants are met and they are being monitored.
Confirmation of the Board of Directors and the CEO
We confirm that
•
the consolidated financial statements prepared in accordance with the
International Financial Reporting Standards (IFRS) as adopted by the European
Union and the financial statements of the parent company prepared in
accordance with the laws and regulations governing the preparation of
financial statements in Finland give a true and fair view of the assets, liabilities,
financial position and profit or loss of the company and the undertakings
included in the consolidation taken as a whole;
•
the management report includes a fair review of the development and
performance of the business and the position of the company and the
undertakings included in the consolidation taken as a whole, together with
a description of the principal risks and uncertainties that they face.
101
127
The Auditor’s Note
A report on the audit performed has been issued today.
Oulu, February 10, 2026,
KPMG Oy Ab
Audit firm
Signatures to the Financial Statements and Board of Director’s Report
Espoo, February 9, 2026
Petri Salonen
Chairman of the Board
Seppo Mäkinen
Board Member
Ty Lee
Board Member
Catherine Calarco
Board Member
Heidi Hyry
Authorised Public Accountant, KHT
Reijo Tauriainen
Board Member
Sameer Badlani
Board Member
Leana Wen
Board Member
Juho Himberg
CEO
102
KPMG Oy Ab
Kauppurienkatu10 B
90100 Oulu
FINLAND
Telephone +358 20 760 3000
www.kpmg.fi
KPMG Oy Ab, a Finnish limited liability company and a member firm of the KPMG global organization of independent member firms
affiliated with KPMG International Limited, a private English company limited by guarantee.
Business ID 1805485-9
Domicile Helsinki
This document is an English translation of the Finnish auditor’s report. Only the Finnish version of the report is legally binding.
Auditor’s Report
To the Annual General Meeting of Optomed Oyj
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Optomed Oyj (business identity code 1936446-1) for the year
ended 31 December, 2025. The financial statements comprise the consolidated balance sheet, i ncome
statement, statement of comprehensive income, statement of changes in equity, statement of cash flows and
notes, including material accounting policy information, as well as the parent company’s balance sheet,
income statement, statement of cash flows and notes.
In our opinion
— the consolidated financial statements give a true and fair view of the group’s financial position, financial
performance and cash flows in accordance with IFRS Accounting Standards as adopted by the EU
— the financial statements give a true and fair view of the parent company’s financial performance and
financial position in accordance with the laws and regulations governing the preparation of financial
statements in Finland and comply with statutory requi rements.
Our opinion is consistent with the additional report submitted to the Audit C ommittee.
Basis for Opinion
We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good
auditing practice are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report.
We are independent of the parent company and of the group companies in accordance with the ethical
requirements that are applicable in Finland and are relevant to our audit, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
In our best knowledge and understanding, the non-audit services that we have provided to the parent
company and group companies are in compliance with laws and regulations applicable in Finland regarding
these services, and we have not provided any prohibited non-audit services referred to in Article 5(1) of
regulation (EU) 537/2014. The non-audit services that we have provided have been disclosed in note 7.3 to
the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Materiality
The scope of our audit was influenced by our application of materiality. The materiality is determined based
on our professional judgement and is used to determine the nature, timing and extent of our audit procedures
and to evaluate the effect of identified misstatements on the financial statements as a whole. The level of
materiality we set is based on our assessment of the magnitude of misstatements that, individually or in
aggregate, could reasonably be expected to have influence on the economic decisions of the users of the
financial statements. We have also taken into account misstatements and/or possible misstatements that in
our opinion are material for qualitative reasons for the users of the financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of the current period. These matters were addressed in the context of our audit of
Optomed Oyj
Auditor’s Report
10 February 2026
2
the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters. The significant risks of material misstatement referred to in the EU Regulation No
537/2014 point (c) of Article 10(2) are included in the description of key audit matters below.
We have also addressed the risk of management override of internal controls. This includes consideration of
whether there was evidence of management bias that represented a risk of material misstatement due to
fraud.
THE KEY AUDIT MATTER
HOW THE MATTER WAS ADDRESSED IN THE
AUDIT
Goodwill (Basis of Preparation for the consolidated financial statements and Notes 12.3 and
12.4 to the Financial Statements)
— The carrying amount of goodwill in the
consolidated financial statements amounted
to EUR 4,256 thousand as at December 31,
2025, accounting for 13 % of the total
assets and 18 % of total balance of equity.
— Goodwill is tested for impairment by the
management annually or more frequently.
Impairment is recorded in case the carrying
amount exceeds the asset’s recoverable
amount.
— For purposes of impairment testing, the
recoverable amount is determined by
Optomed based on value in use. The
projected cash flows underlying the
estimates made involve an element of
management judgment regarding
profitability of operations, long-term growth
factors and interest rates applicable to the
discounting of cash flows.
— Resulting from management judgment
underlying estimates and the significance of
the book value of goodwill, the valuation of
goodwill is perceived as a key audit matter.
Our audit
procedures included, among others:
—
We have assessed the key assumptions
made by the management such as
profitability of operations, interest rates and
long-term growth factors. In the course of
our audit of the estimates we have
assessed the projections prepared by
management in comparison with realized
cash flows and employed professional
judgment in the testing of key assumptions
and their effect on the sensitivity analyses.
—
We involved KPMG’s valuation specialists in
the audit for assessment of the
appropriateness of the assumptions used
and the technical integrity of the
calculations. The procedures have included
a comparison to general market and
industry-specific forecasts.
—
In addition, we assessed the
appropriateness of the disclosures to the
financial statements relating to goodwill and
impairment testing.
Optomed Oyj
Auditor’s Report
10 February 2026
3
Capitalized development costs (
Basis of Preparation for the consolidated financial
statements and Notes 12.1, 12.2 and 12.3 to the Financial Statements)
— The development of screening devices is a
key part of Optomed Group operating
model. It requires lot of development work
before launching the products. Optomed
capitalizes such costs when all the financial
statement regulation criteria are met and
those will generate probable future
economic benefits. The carrying amount of
capitalized development costs in the
consolidated financial statements amounted
to EUR 8,739 thousand as at December 31,
2025.
— Optomed capitalizes development
expenditure as an intangible asset where all
the related criteria mentioned in basis of
preparation are met.
— This requires management to make
judgement on when all of the criteria for
capitalization are met and when to cease
capitalization and start amortising the asset.
— The carrying amount of capitalized
development costs is amortized as a
straight-line amortization over 10 years of
economic life and consequently the
capitalized costs have a significant impact
on the company’s level of operating profit.
— Following from the element of management
judgment in the capitalized development
costs and the related amortizations, the
significance of book value of the asset and
the effect on the result of operations, the
appropriateness of capitalized development
costs is perceived as a key audit matter.
Our audit
procedures included, among others:
—
We have assessed the accounting process
of capitalizing the development costs of
screening devices. We have assessed if
the capitalized development expenses in
the financial period have met all the criteria.
—
We have assessed the appropriateness of
the accounting principles related to
capitalization, valuation and the
amortization period of development
expense.
—
We have assessed critically the
judgements and assumptions made by the
management decisions related to
capitalization, cease of capitalization and
amortization of the assets.
—
We have tested the correctness of
capitalized screening device development
costs by sample tests and analytical
substantive audit procedures.
—
We have assessed the appropriateness of
valuation of capitalized development costs
and the amortization period by reviewing
the profit projections of the most significant
projects and the technical accuracy of the
calculations and employed professional
judgment in the testing of key assumptions
and their effect on the sensitivity analysis.
—
We involved KPMG’s valuation specialists
in the audit for assessment of the
appropriateness of the assumptions
employed and the technical accuracy of the
calculations.
—
In addition, we assessed appropriateness
of the disclosures to the financial
statements relating to capitalized
development costs.
Optomed Oyj
Auditor’s Report
10 February 2026
4
Revenue recognition and trade receivables (Basis of Preparation for the consolidated
financial statements and Notes 3, 16.2, 21.4.2 and 21.4.3 to the Financial Statements)
— The net sales for the Group, total EUR
17,096 thousand, comprised of sales of
medical screening devices and solutions to
wholesale dealers and of sales of software
services.
— Optomed recognizes revenue to reflect the
transfer of negotiated goods or services to
customers in the amount of compensation
Optomed expects to be entitled to in
exchange of goods and services.
— The sales revenue from sales of screening
devices and solutions are recognized when
the performance obligation is fulfilled by the
delivery of goods to wholesale dealer and
control is transferred to customer.
— For the sales of software services, revenue
is recognized over a period of time; for
licensing agreements, at a point of time as
control is transferred to customer; and for
installation solutions, at the point of time as
control is transferred and the end product is
at the customer’s disposal.
— Optomed has a significant amount of trade
receivables, EUR 2,756 thousand, with
payment time of different lengths. There is
always a credit risk in trade receivables.
— The group recognizes all trade receivables
at amortised cost. The expected credit
losses on trade receivables are recorded
based on Optomed's historical knowledge of
trade receivables at default and payment
delays due to financial difficulties. The loss
allowance is assessed both on an individual
basis and collectively.
— Following the variety of types of sales
proceeds collected by the Group, revenue
recognition and the estimation risk related
valuation of trade receivables are perceived
as a key audit matter.
Our audit
procedures included, among others:
—
Our audit procedures have included the
assessment of the internal control
environment related to monitoring sales
processes and overdue trade receivables
and testing of effectiveness of key sales
controls identified. Additionally, we have
performed substantive audit procedures.
—
We have tested the recording of sales
transactions as well as the function of
recording and invoicing of sales
transactions and evaluated the correctness
of sales proceeds by testing the accruals of
sales between periods.
—
We have performed substantive audit
procedures for trade receivables in the
consolidated financial statements to
evaluate the valuation of trade receivables.
—
We have evaluated the reasonability of
estimates related to valuation of trade
receivables, especially regarding overdue
trade receivables.
—
In addition, we assessed the
appropriateness of the disclosures to
financial statements relating to sales
revenue and trade receivables.
Optomed Oyj
Auditor’s Report
10 February 2026
5
Responsibilities of the Board of Directors and the Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of consolidated financial
statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the
EU, and of financial statements that give a true and fair view in accordance with the laws and regulations
governing the preparation of financial statements in Finland and comply with statutory requirements. The
Board of Directors and the Managing Director are also responsible for such internal control as they determine
is necessary to enable the preparation of financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are responsible for
assessing the parent company’s and the group’s ability to continue as a going concern, disclosing, as
applicable, matters relating to going concern and using the going concern basis of accounting. The financial
statements are prepared using the going concern basis of accounting unless there is an intention to liquidate
the parent company or the group or cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with good auditing practice will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individua lly or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of the
financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
— Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
— Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the parent company’s or the group’s internal control.
— Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
— Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going
concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the parent company’s or the
group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause
the parent company or the group to cease to continue as a going concern.
— Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events so
that the financial statements give a true and fair view.
Optomed Oyj
Auditor’s Report
10 February 2026
6
— Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business units within the group as a basis for forming an opinion on the
group financial statements. We are responsible for the direction, supervision and review of the audit
work performed for purposes of the group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the financial statements of the current period and are therefore the key
audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be expected
to outweigh the public interest benefits of such communication.
Other Reporting Requirements
Information on our audit engagement
We were first appointed as auditors by the Annual General Meeting on 11 May 2016, and our appointment
represents a total period of uninterrupted engagement of 10 years. Optomed Oyj has become a Public Interest
Entity 5 December 2019 and we have been auditors all that time.
Other Information
The Board of Directors and the Managing Director are responsible for the other information. The other
information comprises the report of the Board of Directors and the information included in the Annual Report,
but does not include the financial statements or our auditor’s report thereon. We have obtained the report of
the Board of Directors prior to the date of this auditor’s report, and the Annual Report is expected to be made
available to us after that date.
Our opinion on the financial statements does not cover the other information.
In connection with our audit of the financial statements, our responsibility is to read the other information
identified above and, in doing so, consider whether the other information is materially inconsistent with the
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
With respect to the report of the Board of Directors, our responsibility also includes considering whether the
report of the Board of Directors has been prepared in compliance with t he applicable provisions.
In our opinion, the information in the report of the Board of Directors is consistent with the information in the
financial statements and the report of the Board of Directors has been prepared in compliance with the
applicable provisions.
If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor’s report, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
Oulu, 10 February 2026
KPMG OY AB
Audit Firm
HEIDI HYRY
Authorised Public Accountant, KHT
Translation of the Finnish original
Independent Auditor's Report on the ESEF
Consolidated Financial Statements of Optomed Plc
To the Board of Directors of Optomed Plc
We have performed a reasonable assurance engagement on the financial statements
7437009IVYWGEE4S7B77-2025-12-31-1-fi.zip of Optomed Plc (Business ID 1936446-1) that have been
prepared in accordance with the Commission's regulatory technical standard for the financial year ended
31.12.2025.
Responsibilities of the Board of Directors and the Managing Director
The Board of Directors and the Managing Director are responsible for the preparation of the company's report
of the Board of Directors and financial statements (the ESEF financial statements) in such a way that they
comply with the requirements of the Commission's regulatory technical standard. This responsibility includes:
— preparing the ESEF financial statements in XHTML format in accordance with Article 3 of the
Commission's regulatory technical standard
— tagging the primary financial statements, notes and company's identification data in the consolidated
financial statements that are included in the ESEF financial statements with iXBRL tags in accordance
with Article 4 of the Commission's regulatory technical standard and
— ensuring the consistency between the ESEF financial statements and the audited financial statements.
The Board of Directors and the Managing Director are also responsible for such internal control as they
determine is necessary to enable the preparation of ESEF financial statements in accordance with the
requirements of the Commission's regulatory technical standard.
Auditor’s independence and quality management
We are independent of the company in accordance with the ethical requirements that are applicable in Finland
and are relevant to the engagement we have performed, and we have fulfilled our other ethical responsibilities
in accordance with these requirements.
The auditor applies International Standard on Quality Management (ISQM) 1, which requires the firm to
design, implement and operate a system of quality management including policies or procedures regarding
compliance with ethical requirements, professional standards and applicable legal and regulatory
requirements.
Auditor’s responsibilities
Our responsibility is to, in accordance with Chapter 7, Section 8 of the Securities Markets Act, provide
assurance on the financial statements that have been prepared in accordance with the Commission's
regulatory technical standard. We express an opinion on whether the consolidated financial statements that
are included in the ESEF financial statements have been tagged, in all material respects, in accordance with
the requirements of Article 4 of the Commission's regulatory technical standard.
Our responsibility is to indicate in our opinion to what extent the assurance has been provided. We conducted
a reasonable assurance engagement in accordance with International Standard on Assurance Engagements
(ISAE) 3000.
The engagement includes procedures to obtain evidence on:
— whether the primary financial statements in the consolidated financial statements that are included in the
ESEF financial statements have been tagged, in all material respects, with iXBRL tags in accordance with
the requirements of Article 4 of the Commission's regulatory technical standard and
— whether the notes and company's identification data in the consolidated financial statements that are
included in the ESEF financial statements have been tagged, in all material respects, with iXBRL tags in
accordance with the requirements of Article 4 of the Commission's regulatory technical standard and
— whether there is consistency between the ESEF financial statements and the audited financial statements.
The nature, timing and extent of the selected procedures depend on the auditor’s judgment. This includes an
assessment of the risk of a material deviation due to fraud or error from the requirements of the Commission's
regulatory technical standard.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinion
Our opinion pursuant to Chapter 7, Section 8 of the Securities Markets Act is that the primary financial
statements, notes and company's identification data in the consolidated financial statements that are included
in the ESEF financial statements of Optomed Plc 7437009IVYWGEE4S7B77-2025-12-31-1-fi.zip for the
financial year ended 31.12.2025 have been tagged, in all material respects, in accordance with the
requirements of the Commission's regulatory technical standard.
Our opinion on the audit of the consolidated financial statements of Optomed Plc for the financial year ended
31.12.2025 has been expressed in our auditor's report dated 10.2.2026. With this report we do not express
an opinion on the audit of the consolidated financial statements nor express another assurance conclusion.
Helsinki 24 February 2026
KPMG OY AB
Audit Firm
Heidi Hyry
Authorised Public Accountant, KHT
135
www.optomed.com
This is voluntary published pdf report, so it does not fulfill the disclosure obligation pursuant to Section 7:5§ of the Securities Markets Act