In this interim report, the aXichem group is presented, which consists of aXichem AB (publ), Incendia Pharma AB and aXichem AS (Norway). Amounts in brackets refer to the corresponding period of the previous year.
aXichem’s development 2025-01-01 – 2025-12-31
Turnover and results
The group's net sales amounted to SEK 18,446 thousand (SEK 8,570 thousand).
Operating profit amounted to SEK -17,491 thousand (SEK -15,827 thousand).
The group's profit after tax amounted to SEK -17 636 thousand (SEK -17,815 thousand).
Financial net SEK -118 thousand (SEK -1,956 thousand).
Cash flow and financial position
The group's cash and cash equivalents on December 31, 2025 amounted to SEK 3,084 thousand (SEK 14,359 thousand).
The equity ratio amounted to 87% (94%).
Investments
Investments in intangible, tangible or financial fixed assets have during the year been with SEK 4,655 thousand (SEK 6,499 thousand).
Depreciation
Depreciation of intangible and tangible fixed assets has during the year been done with SEK 4,896 thousand (SEK 4,277 thousand).
Stock data
Profit as of December 31 2025, corresponds after tax to a profit per share of SEK -0,30 (-0,46).
Equity per share at the end of the period amounted to SEK 0,89 (SEK 1,19).
aXichem's development 2025-10-01 – 2025-12-31
Turnover and results
Net sales amounted to SEK 3,843 thousand (SEK 1,391 thousand).
The operating profit amounted to SEK -5,187 thousand (SEK -4,864 thousand).
The group's profit after tax amounted to SEK -5,276 thousand (SEK -5,314 thousand).
Financial net SEK -62 thousand (SEK -418 thousand).
Investments
Investments in intangible, tangible or financial fixed assets amounted to SEK 491 thousand (SEK 2,764 thousand).
Depreciation
Depreciation of intangible and tangible fixed assets amounted to SEK 1,285 thousand (SEK 1,137 thousand).
Share data
After tax, the periods result corresponds to a result per share of SEK -0,09 (SEK -0,10).
Events during the period
First quarter
Second quarter
Third quarter
Fourth quarter
Events after the period’s end
CEO’s statement
The 2025 financial year has ended, and I am pleased to state that it is our best year in terms of sales to date. Revenue for 2025 amounts to SEK 18,446 thousand, of which quarter four accounts for SEK 3,843 thousand. Operating expenses for the quarter amount to -9,439, which is in line with budget. Operating profit for quarter four amounts to SEK -5,187 thousand, and for the full year to SEK -17,491 thousand. Regarding the company's liquidity, we announced after the end of the period that we will carry out a rights issue of shares and warrants (units) that will provide the company with approximately SEK 11 million before issue costs. The issue is 100 percent guaranteed through subscription and guarantee commitments and subscription intentions.
Application for Feed Additive Approval in the EU
During the first half of 2025, work continued on supplementing the material for the ongoing application for Feed Additive Approval in the EU for the company's product phenylcapsaicin as a salmonella-inhibiting additive in chicken feed. In February, we decided to increase the number of studies regarding efficacy and conduct another one. After the study was completed, we were able to conclude that where chickens were exposed to salmonella at a level that is higher compared to what is seen in an industrial production environment, phenylcapsaicin showed a statistically significant salmonella-inhibiting effect. In July, the team submitted the supplementary information to EFSA (European Food Safety Authority). The application was submitted under the category of zootechnical additives, within the functional group "other zootechnical additives". The material is based on evidence that shows phenylcapsaicin's salmonella-inhibiting properties. After the end of the period, in January 2026, we received a few of questions from EFSA regarding the technical documentation in the application and in connection with this a so-called clock-stop, i.e. the date by which we must submit answers to the questions, set for 16 March 2026. The questions fall within three areas:
• List of appendices, references
• Effect of the additive – effectiveness
• Safety of the additive – safety for consumers when using the additive
Work is currently underway to compile the requested information, and we currently see no reason not to be able to answer EFSA's questions by the deadline.
Cautiously positive development for aXiphen® in Brazil
On February 12, 2025, aXichem announced that the company had received an order for aXiphen® from the company's distributor in Brazil, Chr. Olesen. The order value amounts to approximately SEK 7 million and delivery will take place to Chr. Olesen's operations in Brazil through call-off. In May, we received the first call-off worth approximately SEK 1.5 million and a second call-off came in December, worth approximately SEK 2.6 million.
In August, we reached an important milestone together with Chr. Olesen when Chr. Olesen received the first commercial order for aXiphen® from a poultry producer in Brazil. The producer's intention was to evaluate aXiphen® in commercial and large-scale production and ordered approximately four tons of aXiphen® for this purpose, which covered half of the need for approximately one month's production of broilers. The evaluation took place in the fourth quarter with very good results. The producer decided to switch to using aXiphen® in the feed as standard, which will happen gradually during the first quarter of 2026.
We had expected a slightly faster sales increase in Brazil and Chr. Olesen shares our impatience. They have now carried out a reorganization in the part of the business that works to market and sell aXiphen®. Our joint assessment is that it will have a positive impact going forward and give our product increased focus and greater scope, which should be reflected in increased sales.
We appoint aXivite® as this year's MVP
During the year, aXivite® has become our Most Valuable Player, or Product if you will, and has shown very good development every quarter. Our strategy of building a portfolio with several small/medium-sized customers who, together with new projects, continuously contribute to sales has proven to work excellently. The transition from distribution agreements to agency agreements, where aXichem handles delivery and invoicing directly to the end customer, has increased efficiency and control in the process.
Why is aXivite® so appreciated by our customers? One factor is that aXivite® has strong patent protection. This gives our customers tangible security against competition – they get a unique product. But much of the explanation lies in the solid scientific documentation surrounding the product in the sports and exercise supplements market, a market that is showing strong growth. In March 2025, we were able to report exciting preliminary results from a new randomized, placebo-controlled, crossover study investigating the effects of aXivite® on high-intensity CrossFit performance and recovery. In January 2026, data from the study were published in the prestigious Journal of the International Society of Sports Nutrition (JISSN). The results show that a single dose of 2.5 mg of aXivite® provides significant physiological benefits. Athletes who received the supplement achieved higher loads and higher repetitions in deep squats at 70% of 1RM. Endurance increased – aXivite® allowed participants to maintain weightlifting performance throughout the toughest period of the workout. Finally, recovery was shown to be faster, with less muscle soreness. Valuable effects for both elite athletes and recreational athletes.
Full speed ahead!
We look forward to an eventful 2026 for the company, where we can continue to demonstrate the potential of phenylcapsaicin. In addition to the market areas I have described above, an opportunity to introduce aXiphen® as an additive in feed for dairy cows in Brazil has also presented itself through an initiative from our distributor Chr. Olesen. Tests have shown very promising results, and we are now waiting for the product to be registered for this area of use as well. I will report back with more on the development as soon as we have the formalities in place.
I would also like to take this opportunity to welcome all shareholders to the aXichem Annual General Meeting on June 17, 2026. In the prevailing winter cold, it may feel extra good to mark a date in June on the calendar. Together with the aXichem team, I look forward to being able to deliver exciting news going forward and continue our positive sales development.
Torsten Helsing, CEO
About aXichem AB (publ)
aXichem's business concept is to develop, patent and market nature-analog industrial compounds. aXichem's product is a natural analog substance called phenylcapsaicin, which is a synthetically produced and patented capsaicin. As phenylcapsaicin is synthetically produced and has several advantages compared to natural capsaicin, such as controllable quality and production process.
The product has benefits that makes it commercially interesting in several application areas, for example as ingredient in animal feed, as ingredient in dietary supplements, as a bio-enhancer and as a bio-repellent in marine applications. aXichem is currently marketing the product under different brands in two prioritized areas: aXivite® for dietary supplements and aXiphen® for poultry feed. aXiphen® has shown properties as a growth promoter and anti-salmonella ingredient in studies made in commercial poultry production settings. In the market segment for sports nutrition products aXivite® is today included in several products for weight control, improved metabolism, and gut health.
aXichem aims to become a global supplier of industrial natural analogue chemicals to players in the chemical industry who manufacture products containing aXichem's raw materials. The company’s share is listed on NASDAQ First North since 2013.
Future prospects
aXichem continues to work on the commercialization of phenylcapsaicin under the brands aXiphen®, as an additive in poultry feed and pig feed with the potential to prevent salmonella, and aXivite®, as a health-promoting ingredient in dietary supplements.
In the dietary supplements business area, the company has had approval for the marketing and sale of phenylcapsaicin under GRAS food in the USA since 2018 and approval under Novel Food for marketing and sale in the EU since 2019. The company is actively working on the sale of aXivite® in both markets and expects continued increasing sales in the areas of intestinal health, exercise and weight control, where the product has shown a positive effect in scientific studies.
In the animal feed business area, the company received its first Feed Additive approval in December 2023, when phenylcapsaicin was approved in Brazil for marketing and sale as an additive in poultry feed and pig feed. The launch took place in 2024 in collaboration with the distributor Chr. Olesen's team in Brazil, which resulted in an order, for delivery by call-off, of SEK 7 million in February 2025. A first call-off worth approximately SEK 1.5 million was received in May and a second call-off worth approximately SEK 2.6 million in December 2025.
In early 2022, aXichem submitted an application for Feed Additive approval in the EU for phenylcapsaicin as an additive in chicken feed. The company was requested at the end of 2023 to supplement certain data in the application. During 2024-2025, aXichem has conducted the studies required to fill the data gaps and the supplements were submitted to the EU on July 1, 2025. In January 2026, the company received follow-up questions from the European Food Safety Authority, EFSA, which are to be answered by March 2026.
Applications for market approval for the use of phenylcapsaicin in animal feed in the USA and India are being prepared. However, the company has chosen to prioritize the establishment in Brazil and approval in the EU for aXiphen®, and continued commercialization in the US and EU for aXivite®. The company estimates that in the coming years it will see a gradually increasing order intake in both animal feed and dietary supplements.
Financing
In March 2025, the company announced that it had taken out a credit facility of five million SEK with support from the European Investment Fund (EIF). After the end of the period, on 3 February 2026, it was announced that the board of directors, supported by the authorization of the general meeting from 18 June 2025, had decided to carry out an issue of shares and warrants (“Units”), with preferential rights for existing shareholders, of approximately 11 MSEK before issue costs. One Unit consists of one A share and one warrant of series TO2A. The subscription price per Unit is 1.30 SEK. The warrants are issued free of charge. The rights issue is covered by 100 percent of subscription and guarantee commitments and subscription intentions. The proceeds from the issue are intended to be used to strengthen working capital to finance inventory build-up, ensure delivery capacity and support the increasing demand for the company's products.
Incentive program – Employee stock options
At the annual general meeting on May 31, 2022, it was decided on an option program of series 2022/2026 for employees and key persons in the company comprising 400,000 options with the right to subscribe for 400,000 A shares. As of the balance sheet date, 270,000 options were allocated to staff and key persons, of which 236,250 were vested.
The employee options are earned over 4 years, with a quarter each year, provided that the participant is employed by or otherwise engaged in the company on the grant date. The staff options are awarded free of charge. Earned employee options can be exercised during a three-year period, however no earlier than three years after the respective grant date. Each employee option gives the right to subscribe for 1 A share at a subscription price that corresponds to 140 percent of the volume-weighted average price for the company's A share during the five trading days immediately preceding the day on which the employee options are awarded. The subscription price and the number of A shares to which each employee option entitles may be subject to recalculation as a result of a bonus issue, split, issues or similar measures. In order to enable the delivery of shares according to the incentive program, it was also decided to issue a maximum of 400,000 warrants.
Ownership structure
For information about the company's owners, see the company's website www.axichem.com under https://www.axichem.com/investor-relations/#investor-structure
For information on insider trading, see the Financial Supervisory Authority's register.
Certified Adviser
Västra Hamnen Corporate Finance is aXichem’s Certified Adviser.
Financial calendar
Year End Report 2025 2026-02-19
Q1 Report, Jan – March 2026 2026-05-21
Annual Report 2025 2026-05-27
Annual General Meeting 2026-06-17
Q2 Report, Jan – June 2026 2026-08-27
Q3 Report, Jan – Sept 2026 2026-11-26
Year End Report 2026 2027-02-25
The Board of Directors and the CEO assures that the interim report provides a fair overview of the company’s operations, position and results, and describes the significant risks and uncertainties that the company faces.
Lund, 19 February 2026
The Board of Directors of aXichem AB (publ)
The information was submitted, through the care of the contact person below, for publication on 19 February 2026, at 08:30 AM CET.
The report is published on the company's website under Investor Relations. Direct link to the report: https://www.axichem.com/investors-relations/#financial-reports
Company Contact
Torsten Helsing, CEO
T. +46 70 686 33 55, E. torsten.helsing@axichem.se