Slide 1: Q1 Report 2026
AddLife® sl] Ms] Tet] T3]] Q1 Report 2026
Slide 2: Continued high margins and increasing acquisition activity
Continued high margins and increasing acquisition activity • EBITA margin remained high at 12.5% (12.7) Labtech 13.1% (12.1) Medtech 12.8% (13.5) • Underlying demand solid with organic growth +3% when adjusted for the divested endoscopy business in the UK. Strong finish to the quarter • Advanc
Slide 3: Stable underlying growth - significant Fx and divestment effects
Stable underlying growth - significant Fx and divestment effects Revenue growth components EBITA growth components 80 3% 15 4% 3% 60 3% 3% 2% 40 2% 10 70 2% 20 47 1% 0 5 10 1% 0% -20 0% -63 -1% 0 -40 -1% -60 -111 -2% -8 -5 -2% -2% -80 -3% -3% -13 -100 -3% -4% -10 -4% -120 -4% -4% -140 -5% -15 -5% Cu
Slide 4: P&L Q1 – profit supported by stronger gross margin and lower interest
P&L Q1 – profit supported by stronger gross margin and lower interest • Net sales -2% Bridge Profit before tax (Q1 2026 vs Q1 2025) • Currency -4% and divestment -3% 200 17 183 • Underlying organic growth +3% 180 172 21 5 • Acquired growth +2% 8 160 - 18 • Stronger gross margin, mitigating 140 - 22
Slide 5: EBITA margin established at higher level
EBITA margin established at higher level EBITA-margin %* 13,0% 12,7% • Labtech margin Q1: 13.1% (12.1), 12,5% 12,5% clear year-on-year improvement 12,0% FY 12.1% • Medtech margin Q1: 12.8% (13.5), 11,5% 11,5% 11,5% FY 11.3% slightly below the very strong level last year 11,0% 10,5% 10,0% FY 10.5% •
Slide 6: Start to the year in line with seasonal pattern and strong cash conversion
Start to the year in line with seasonal pattern and strong cash conversion Operating cash flow per quarter Operating Cash flow and Cash conversion 1000 1600 140% 131% 900 1400 120% 118% 800 111% 1200 101% 700 100% 94% 600 1000 89% 79% 80% 80% 500 76% 800 70% 72% 400 60% 600 300 240 40% 200 400 105 9
Slide 7: Q1 cash flow impacted by negative working capital from strong March sales
Q1 cash flow impacted by negative working capital from strong March sales • Operating cash flow SEK 104m (240) Cash flow bridge 1 400 372 • Working capital SEK -228m (-74) 1 200 -40 1 000 -132 -72 • Higher accounts receivable after a 813 -18 -6 800 -84 -53 0 3 -13 771 strong March and a temporary 60
Slide 8: Net debt up slightly in Q1 2026 – Fx the main driver
Net debt up slightly in Q1 2026 – Fx the main driver Change in net debt 4 200 • Net debt increased by SEK 85m in 4 150 42 3 4 133 Q1 2026 4 100 48 -9 • Majority of loan in EUR – Fx was 4 048 4 050 the main driver of the increase 4 000 3 950 3 900 3 850 3 800 Fx Cash Net debt Q1-26 Net debt Q4-25 Ear
Slide 9: Net debt and leverage – significantly strengthened position
Net debt and leverage – significantly strengthened position Net debt KPI's 6 000 4 3,8 • Net debt / EBITDA 2.3, below our 3,6 3,6 5 500 3,5 ambition of <3.0 3,2 3,1 3 5 000 2,8 2,9 • Net debt/equity ratio 0.7, comfortable 2,3 2,5 below our internal guideline of <1.0 2,2 4 500 2 • Balance sheet now s
Slide 10: Labtech Q1 2026
Labtech Q1 2026 • Currency adjusted growth was +3%, with +2% organic and +1% acquired • EBITA margin improved to 13.1% (12.1) • Previously won tenders continue to support growth • Sales in areas such as blood gas, immunology and Alzheimer’s diagnostics developing well • Advanced products, including
Slide 11: Genomics and gene sequencing: Key advanced technologies in Life Science
Genomics and gene sequencing: Key advanced technologies in Life Science • Gene sequencing (mapping of DNA) has become an indispensable tool in research, diagnostics and healthcare • Single-cell technology and spatial transcriptomics allows analysis on a cellular level and accurate location of diseas
Slide 12: Medtech Q1 2026
Medtech Q1 2026 • Acquired growth +2% and organic growth +3% when adjusted for the divested UK endoscopy business • EBITA margin 12.8% (13.5) – good level but below a strong Q1 2025 • United Kingdom: Positive sales trend, capital equipment developed well and shorter waiting lists indicate that NHS e
Slide 13: Majority of business in specialist devices and equipment
Majority of business in specialist devices and equipment Requiring advanced support and service resources, enabling recurring business with high value added SPECIALIST DEVICES AND EQUIPMENT 70% • Advanced, specialist products, high revenues SPECIALIST DEVICES & per procedure, often with proprietary
Slide 14: Medtech company example: Mediplast
Medtech company example: Mediplast Sales 2025 SPECIALIST DEVICES AND EQUIPMENT MEDICAL SUPPLIES • Surgical Device • Enteral Feeding • Personal Protection • Orthopedics / Spine • SPT + Customized Sets • Basic Health 38% • Elastography • Infusion • Infection Prevention • Neuro • Surgery • Respiratory
Slide 15: Mediplast product portfolio has developed significantly over time
Mediplast product portfolio has developed significantly over time Medical Supplies vs Specialist Devices and Equipment Sales 2016 Sales 2020 Sales 2025 28% 23% 45% • Medical Supplies, MS 55% • Specialist Devices and Equipment, SDE 72% 77% MS SDE MS SDE MS SDE
Slide 16: Acquisition BioSpectrum
Acquisition BioSpectrum March, 2026 • Fast-growing distributor of surgical solutions in the fields of urology, gynaecology and general surgery • Serves hospitals and clinics across England, Scotland, Wales and Northern Ireland through National Health Service (NHS) national framework contracts. • Por
Slide 17: Acquisition CoaChrom
Acquisition CoaChrom April, 2026 • Austrian niche company specialising in advanced coagulation diagnostics • Develops and supplies highly specialised assays and reagents for haemostasis diagnostics. • The company has a strong reputation for scientific expertise, quality, and service, and maintains l
Slide 18: AddLife is increasing the acquisition activity
AddLife is increasing the acquisition activity EDGE OPITEK INTER- BIO- COACHROM MEDICAL PHARMACOLD SPECTRUM DIAGNOSTICA NATIONAL CITY HOSPITAL 2025 2026 Net Sales, No of Acquisition Country Time Business Area Description SEKm employees CoaChrom Austria Apr, 2026 108 10 Labtech Niche company speciali
Slide 19: Summary and outlook Q1 2026
Summary and outlook Q1 2026 • Continued high margins Significant improvement in Labtech Continued high level in Medtech Gross margin strengthened • Adjusted organic growth at 3% Advanced Robotic Surgery Showroom Hospital Business Unit meeting 2026 • Doctors’ strikes in the Spain temporarily re
Slide 20: Q&A
Q&A