Slide 1: Earnings call Interim Report January–March 2026
Earnings call Interim Report January – March 2026 29 April 2026 Sleep Cycle © 2026 Sleep Cycle AB. All Rights Reserved
Slide 2: Presenters and Agenda
Presenters Age nda 01 The strategic opportunity 02 Market & TAM expansion 03 Our three growth pillars 04 Q1 2026 financial highlights 05 Medium-term targets 06 Summary & Q&A Erik Jivmark Elisabeth Hedman Chief Executive Officer Chief Finance Officer & Head of Investor Relations Sleep Cycle © 2026 Sl
Slide 3: Our mission is to improve global health
Our mission is to improve global health by empowering people to take control of their sleep. Sleep Cycle © 2026 Sleep Cycle AB. All Rights Reserved 3
Slide 4: Unmatched data set and technology
Unmatched data set and technology +4bn 2.5m Nights analyzed Active users1) Sleep Cycle’s mission is to The world’s leading sleep Scalable business model with +82m +60 improve global health by tracking and analysis Installs Scientifically based sleep recurring revenue helping people sleep better plat
Slide 5: Profitable growth — funding the next phase
Profitable growth — funding the next phase Five years of organic, profitable growth in mobile sleep apps. We now redeploy that profitability to build the platform and re-accelerate growth from 2027. Net sales (MSEK) EBIT margin % B2B share of net sales 6% 2% 10% 29.4% 24.0% 26.6% 20.2% 262 248 236 1
Slide 6: Sleep is emerging as a growing core pillar of global health
Sleep is emerging as a growing core pillar of global health There is a growing recognition of sleep as a critical component of overall health, with insufficient sleep linked to various chronic conditions such as obesity, diabetes, and cardiovascular diseases Sleep is a high-growth category across he
Slide 7: Our addressable market expands from ~1.7 to ~47 BSEK
Our addressable market expands from ~1.7 to ~47 BSEK Previously we addressed only the mobile sleep-app market. The expansion into medical applications and tech licensing opens a new ~45 BSEK opportunity. N e w e x pande d TA M Sl eep a p ps ~1.7 BSEK Our historical market P r ev i ou s Sl e e p A pn
Slide 8: Unlocking the company's next phase
Unlocking the company´s next phase by leveraging the tech platform and powering three business areas Transitioning from a single-product app to a multi-product sleep tech platform, shifting towards more predictable, scalable revenue models Pillar 1 — B2C / B2B Pillar 2 — B2C / B2B Pillar 3 — B2B Sle
Slide 9: Our Sleep App - A cash-generating B2C engine
Our Sleep App - A cash-generating B2C engine A ct i vat i on 45% Com m e rc i al e x ec u t i on In March we raised iOS prices 15% on new subscriptions, partially offsetting FX. Android and Web continue to develop positively on both subscribers and sales. The bigger opportunity now is conversion: mo
Slide 10: Sleep Apnea – Our largest upside opportunity
Sleep Apnea – Our largest upside opportunity Sleep apnea affects ~1 billion people globally — the Sep 2026 majority undiagnosed. Existing solutions are expensive Target completion of clinical validation study (US CRO). and clinically inaccessible at scale. Sleep Cycle's contactless, AI-based detecti
Slide 11: Well-progressed on the regulatory path to commercial launch
Well-progressed on the regulatory path to commercial launch 1 De-risked regulatory approach 2 Quality system being put in place External specialist consultants engaged to validate approach and Processes operating under ISO 13485, ISO 14971, IEC 62366-1 ensure alignment with all relevant 510(k) and C
Slide 12: Building the SDK platform for partners
Building the SDK platform for partners Our SDK turns Sleep Cycle's core technology into building blocks for partner products — across wearables, pharma, clinical research, and digital health. S D K C A PA BIL I TI ES A D D R E SS A BL E V ER T IC A L S PA R T N ER - R EA D Y W hat the S D K does W h
Slide 13: A transitional quarter, executing on strategy
A transitional quarter, executing on strategy Top-line pressured by lower consumer acquisition and FX — profitability impacted on short-term due to planned investments, B2B accelerating. 52.6 8.2 6.7 14.5% Net sales, MSEK · -12.2% YoY FX-adjusted EBITDA, MSEK · 15.6% margin EBIT, MSEK · 12.8% margin
Slide 14: The pivot is already visible in the revenue mix
The pivot is already visible in the revenue mix B 2 B sh ar e of r e ve n ue B2C subscription revenue B2B / partnership revenue 4.9% → 14.5% 7.3% Q1'24 vs Q1'26 · ~3× over 8 quarters 5.4% 6.5% 8.3% 4.9% 9.3% 10.9% 12.5% 14.5% B 2B su bs c ri be rs 12k → 37k Q4'23 to Q1'26 · ~3× growth B 2C F X-adj .
Slide 15: Financial performance – Q1 2026
Financial performance – Q1 2026 SEK M Q1-26 Q1-25 CHANGE Net sales 52.6 64.9 -19% Capitalized work for own account 1.4 0.4 248% Distribution costs -9.7 -13.9 -30% Other external costs -18.8 -17.9 5% Staff costs -16.9 -13.8 23% • FX-adjusted net sales growth of -12.2%. Other operating expenses -1.0 -
Slide 16: Strong cash position, Investing for tomorrow
Strong cash position, Investing for tomorrow Operating cashflow remains positive — the total swing reflects deliberate investment in mainly Sleep Apnea. SEKm Q1-26 Q1-25 CHANGE Disciplined, funded internally • Operating cashflow 7.2 MSEK — still positive. Cashflow, operating activities 7.2 16.7 -57%
Slide 17: Unchanged medium-term ambition
Unchanged medium-term ambition Capital discipline, growth and profitability — anchored in through-cycle targets. Ca pital r e tur n Gr ow th P r o f it ab i l i t y 40–60% 2× ≥25% of profit after tax, paid out to shareholders revenue doubling ambition, medium-term EBIT margin per annum, through-cycl
Slide 18: Q1 Takeaways
Q1 Takeaways 01 A transition quarter, not a trend Headline numbers reflect deliberate investment — profitability maintained in double digits. 02 Platform is the moat 2.5M active users · 4B nights of data · 16 years of patented technology — structurally hard to replicate. 03 TAM expands from 1.7 to 4
Slide 19: Questions & Answers
Questions & Answers Sleep Cycle © 2026 Sleep Cycle AB. All Rights Reserved 19