Slide 1: BONESUPPORT Q4 (2025) Report
BONESUPPORT Q4 (2025) Report February 24, 2026 Torbjörn Sköld, CEO Håkan Johansson, CFO
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements regarding BONESUPPORT HOLDING AB (publ) (“BONESUPPORT”), including, but not limited to, statements about future operations, financial performance, market conditions, growth strategies, product development, regulatory approvals, and oth
Slide 3: BONESUPPORT – Fourth quarter report 2025
BONESUPPORT – Fourth quarter report 2025 Financial highlights • Net sales SEK 312.5 m (SEK 257.0 m) Reported growth: +22% versus Q4 2024 Sales growth in constant exchange rates (CER): +36% • Operating results: Adjusted Operating result1: SEK 81.3 m (SEK 78.0 m), all time high, resulting in adj. Oper
Slide 4: Continued strong momentum for CERAMENT G in the US
Continued strong momentum for CERAMENT G in the US LTM Reported Net Sales (SEK m) by Segment and Quarter 1,175 1,200 1,119 1,062 • Strong influence from USD/SEK 998 depreciation throughout 2025 1,000 899 814 • LTM growth of 40% in constant currencies, 800 versus 31% in the graph (reported) 735 655 •
Slide 5: US: Increasing customer access and adoption for CERAMENT G
US: Increasing customer access and adoption for CERAMENT G Q4 2025 • Sales of SEK 258.8 m (SEK 209.4 m). Growth of 24% over Q4 2024 • Growth of 40% in constant exchange rate (CER) • Continued depreciation of USD versus SEK Highlights • Growth of CERAMENT G – access (new accounts & surgeons) and adop
Slide 6: EUROW: Strength in Hybrid Markets offset by German austerity measures
EUROW: Strength in Hybrid Markets offset by German austerity measures Q4 2025 • Sales of SEK 53.8 m (SEK 47.6 m), growth of 13% over Q4 2024 • Growth of 18% in constant exchange rates (CER) • Hospital reforms and surgical protocol programs in Germany Highlights • Direct Markets excluding Germany del
Slide 7: Financial Report
BONESUPPORT Q4 (2025) Report Financial Report
Slide 8: Q4 2025 Net sales strongly impacted by currency
Q4 2025 Net sales strongly impacted by currency Q4 Net Sales vs PY (SEK m) Increase Decrease Total 400 8.6 • US: 24 percent reported growth. 350 83.9 40 percent growth in CER 312.5 -36.9 300 • EUROW: 13 percent reported growth. 257.0 18 percent growth in CER 250 Net Sales 200 150 100 50 0 Q4 2024 Or
Slide 9: Continued strong CG performance in the US
Continued strong CG performance in the US Sales CERAMENT G - US per quarter • Solid quarter to quarter growth in CG Sales per surgery 25 375 day Net Sales / Working day USD k 20 300 Net Sales, USD m 15 225 10 150 5 75 0 0 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Slide 10: Gross margin
+24% +13% (+40% CER) (+18% CER) US Net Sales Q4-25 EUROW Net Sales Q4-25 US 2025 2024 EUROW 2025 2024 SEK m Q4 Q3 Q2 Q1 Q4 SEK m Q4 Q3 Q2 Q1 Q4 Net Sales 258.8 246.3 235.6 231.2 209.4 Net Sales 53.8 47.8 48.8 52.3 47.6 Gross profit 245.3 234.8 223.1 219.7 199.5 Gross profit 43.6 39.0 40.3 43.3 39.6
Slide 11: Commercial investments increasing selling expense run rate
Commercial investments increasing selling expense run rate Key Figures 2025 2024 SEK m Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Selling expenses 79.8 66.3 67.2 73.0 71.2 65.5 67.6 59.7 Sales Commissions and fees 85.6 85.1 79.4 79.3 70.4 65.5 62.2 48.2 Research and Development expenses 23.5 20.6 23.6 23.8 21.8 19.7 2
Slide 12: Strong operating leverage and cash conversion
Strong operating leverage and cash conversion Key Figures 2025 2024 SEK m Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Net Sales 312.5 294.1 284.4 283.5 257.0 237.5 219.8 184.4 Gross Margin (%) 92.5 92.9 92.3 92.6 92.6 92.9 92.3 92.6 Operating profit 81.8 65.4 54.9 29.6 64.2 41.0 28.7 32.3 Adj. Operating profit1 81.3 78
Slide 13: Adj Operating result in SEK m
A continued solid trend in Adj Operating result1 excluding exchange gains and losses on foreign assets and liabilities 100 11.0 • Adj Operating result 90 10.8 (before fx) reported Adj Operating result1 in SEK m 80 10.6 on a continued solid level of 27%. 70 10.4 60 10.2 USD rate 50 10.0 40 9.8 30 9.6
Slide 14: BONESUPPORT Q4 (2025) Report
BONESUPPORT Q4 (2025) Report • 22% sales growth (36% in CER) • Adj Operating margin 26% • CERAMENT V De Novo application • CMD – Stockholm May 26th Guidance: Sales growth above 35% (CER) for FY 2026 14