Xvivo Perfusion Ab · OMXSTO:XVIVO
Xvivo Perfusion Ab — Q4 2025 Earnings Presentation
26 slides from Xvivo Perfusion Ab's earnings presentation, Jan 27, 2026
Slide 1: Year-end Report 2025
Year-end Report 2025 XVIVO Perfusion AB (publ) Earnings call, January 27, 2026
Slide 2: Today's presenters
Today’s presenters Christoffer Kristoffer Rosenblad Nordström CEO CFO 2 DOC ID: Year-end report 2025
Slide 3: Q4 Financials – at a glance
Q4 Financials – at a glance Organic growth, local currencies Net Sales Thoracic Net sales SEK 226 Million Net Sales SEK 147 million +9%** Gross margin 85% Sales growth Organic Abdominal Net sales growth 10%* Net Sales SEK 61 million Gross margin 56% +30% - Currency effect -11% - Total growth -1% Ser
Slide 4: YTD Financials – at a glance
YTD Financials – at a glance Organic growth, local currencies Net Sales Thoracic Net sales SEK 812 Million Net Sales SEK 509 million -2%** Gross margin 85% Sales growth Organic Abdominal Net sales growth +3%* Net Sales SEK 225 million Gross margin 61% +30% - Acquired growth +1% - Currency effect -5%
Slide 5: 2025 – Navigating a changing landscape
2025 – Navigating a changing landscape Lung Heart Service EVLP business growth CE-mark approval in Europe Organ Recovery service was slower than expected took longer than anticipated showed negative growth Actions taken: • Partnership with PSI to enable • Focus strengthened and re-directed • Doubled
Slide 6: Turning actions into results
Turning actions into results 2025 • Delivered overall organic growth • Achieved profitable growth • Positive cashflow in Q4 6 DOC ID: Year-end report 2025
Slide 7: 2025 highlights
2025 highlights Alex Moroianu Heart transplant recipient, AU 7 DOC ID: Year-end report 2025
Slide 8: 2025 Highlights
2025 Highlights XVIVO enabled 13,000 life-saving 12-month data from the European 1 transplants 2 multicenter heart preservation trial presented at ISHLT Delay in CE approval for XVIVO’s European DCD heart trial ‘HOPE 3 perfusion solution for heart preservation 4 at Heart’ with direct procurement – r
Slide 9: 2025 Highlights
2025 Highlights First-of-its-kind EVLP OPO-model Strengthened organ recovery 7 launched through a perfusion partnership 8 offering with NRP 9 10 Liver Assist reaches 25% Long term (5 years) follow-up of penetration in core EU markets DHOPE DCD Liver RCT published Global launch of XVIVO Insights Cana
Slide 10: Regulatory & Clinical updates
Regulatory & Clinical updates 10 DOC ID: Year-end report 2025
Slide 11: Clinical Trial Status & Tentative Timeline
Clinical Trial Status & Tentative Timeline REVIEW & PRECLINICAL CLINICAL MARKET APPROVAL FOLLOW-UP • Patient enrolment completed May 2023 • 204 patients included across 15 centers 12-month 12-month patient Commercial launch across 8 countries patient follow-up completed pending CE-mark* • Results we
Slide 12: PRESERVE & CAP study update
PRESERVE & CAP study update The PRESERVE trial enrolled its last patient in November 2025. The CAP study follows the PRESERVE Trial and allows for the enrollment of up to 60 patients across 26 US transplant centers. CAP status CAP progress tracker and forecast • The CAP (Continued Access Protocol) s
Slide 13: Liver Assist in the US
Liver Assist in the US Regulatory pathway update • All regulatory approvals obtained to initiate the PMA study • Trial activities temporarily paused to evaluate faster and more cost-efficient regulatory pathways • HOPE DeNovo liver perfusion now FDA-approved • FDA meeting scheduled in February to di
Slide 14: Liver Assist in Europe
Liver Assist in Europe Building on established leadership • XVIVO has shown that to be successful you need to prove • Better patient outcomes • Support positive health economics • Enhance transplant teams’ work-life balance • Strong market adoption with 25% penetration in core EU markets demonstrate
Slide 15: Financial Performance Q4 & YTD
Financial Performance Q4 & YTD 15 DOC ID: Year-end report 2025
Slide 16: Net sales and key ratios
Net sales and key ratios Oct-Dec Oct-Dec Full Year Full Year SEK Million 2025 2024 2025 2024 Net sales 226 228 812 822 Sales growth, % -1 % +46 % -1 % +38 % - Organic growth*, % +10 % +44 % +3 % +39 % - Organic growth* excluding trial revenue, % +12 % +37 % +8 % +30 % Gross profit 164 175 599 616 Gr
Slide 17: Thoracic – Q4 Highlights
Thoracic – Q4 Highlights Net sales by Net sales by Net sales by organ Net Sales region product category 147 MSEK (152) 11% 3% Organic growth 22% +9 % (53) 37% 6% Organic growth (excl. heart trial revenue) 60% +12 % (40) 89% 72% Gross margin 85 % (85) Lung Heart Americas APAC Machine perfusion Static
Slide 18: Abdominal – Q4 Highlights
Abdominal – Q4 Highlights Net sales by Net Sales Net sales by organ region 61 MSEK (50) 10% Organic growth 4% 30 % (30) 31% Gross margin 56 % (67) 69% 86% Liver Kidney Americas APAC EMEA Liver sales Kidney sales Q4 43 MSEK (33) 19 MSEK (17) Liver sales Kidney sales YTD 160 MSEK (127) 65 MSEK (53) 18
Slide 19: Services – Q4 Highlights
Services –Q4 Highlights Net Sales Net sales by service 2026 focus: 18 MSEK (26) Organ Recovery • ”Return to growth” – leveraging strengthened surgical capacity and NRP Organic growth 22% service offering -21 % (16) • Preparations for US heart launch Acquired growth 0 % (18) 78% 2026 focus: • Strengt
Slide 20: EBITDA
EBITDA Q4 & YTD 2025 EBITDA (adj), by quarter EBITDA (adj), R12 months • XVIVO is a growth company, and our scalable SEKm SEKm business model combined with strong gross margins provides a solid foundation for 40% 250 40% increasing profitability over time 70 225 35% 35% • R12 Trend weakened in 2025
Slide 21: Cashflow and financial position
Cashflow and financial position Cash flow from Cashflow from Q4 Cashflow operating activities (R12) investing activities • Cash flow from operating R12 SEKm activities SEK +87 million (+62) Q4 Q4 YTD YTD 150 • Investments SEK -66 million (-111) +101m SEKm 2025 2024 2025 2024 125 Total cashflow 111 -
Slide 22: Outlook
Outlook Alex Moroianu Heart transplant recipient, AU 22
Slide 23: XVIVO is changing the future of organ transplantation
XVIVO is changing the future of organ transplantion Focus 2026 • Drive EVLP adoption in the US by leveraging perfusion service models • Establish standardized NRP procurement as a core XVIVO service offering in the US • Obtaining CE-mark and start commercialization of XVIVO Heart Assist Transport-te
Slide 24: Long term outlook
Long term outlook • The demand for transplants are x 10 of today’s supply • Sales value of machine perfusion vs cold static storage is ~x 10 • Machine perfusion and service models have proven to increase the number of organs used for transplantation • XVIVO has unique, innovative and world leading p
Slide 25: Nobody should die waiting for a new organ
Nobody should die waiting for a new organ Fredrica Höglund Liver transplant recipient, Sweden 25 DOC ID: Year-end report 2025
Slide 26: Financial calendar & contacts
Financial calendar & contacts Financial reports 2026/2027 Investor Relations Interim report January – March 2026: April 22, 2026 Christoffer Rosenblad, CEO Telephone: +46 735 19 21 59 Interim report April – June 2026: July 14, 2026 E-mail: christoffer.rosenblad@xvivogroup.com Interim report July – S