Sleep Cycle Ab · OMXSTO:SLEEP
Sleep Cycle Ab — Q2 2026 Earnings Presentation
21 slides from Sleep Cycle Ab's earnings presentation, Aug 26, 2026
Slide 1: Earnings call Interim Report April – June 2026
Earnings call Interim Report April – June 2026 26 August 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 Q2 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 by empowering people to take control of their sleep
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: A uniquely scaled sleep platform
A uniquely scaled sleep platform +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 Installs2) Scientifically based sleep recurring revenue helping people sleep better pla
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% 10% 2% 29.4% 13% 26.6% 24.0% 262 20.2% 236 2
Slide 6: Sleep is growing beyond the standalone sleep app category
Sleep is growing beyond the standalone sleep app category 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 Growing relevance New ecosystems Technology
Slide 7: The same core technology opens a ~27× larger addressable market
The same core technology opens a ~27× larger addressable market Same technology. More use cases. More distribution channels. A materially larger market. N e w O p p o r t u n it y Sl eep a p ps ~1.7 BSEK Our historical market Hi s tor i ca l M ar ke t Sl e e p A pne a → ~ 47 ~25 BSEK ~1.7 Medical de
Slide 8: Unlocking the company's next phase by leveraging the tech platform and powering three business areas
Unlocking the company's next phase by leveraging the tech platform and powering three business areas One technology platform powering three complementary growth engines. Pillar 1 — B2C / B2B Pillar 2 — B2C / B2B Pillar 3 — B2B Sleep Cycle App Sleep Apnea Tech Licensing Our cash-generating consumer e
Slide 9: Our Sleep App - A cash-generating B2C engine
Our Sleep App - A cash-generating B2C engine T AK I NG MA RK E T S HA RE S Sleep Cycle continues to gain download share within Sensor Tower’s Meditation & Sleep Trackers segment on iOS FX -A DJU ST ED A RPU RE TE N TION RA T E ST A BL E Renewal rate stable through the quarter and versus last year. F
Slide 10: Sleep apnea — a large and largely undiagnosed market
Sleep apnea — a large and largely undiagnosed market Existing diagnostic pathways are expensive, cumbersome and hard to scale — which is why most cases are never found. ~1bn ~80% ~SEK 25bn People affected by sleep apnea globally Of all cases remain undiagnosed today Estimated total addressable marke
Slide 11: Sleep apnea — study status and the extension
Sleep apnea — study status and the extension 458 / 460 Design freeze 2027 Of planned study nights delivered Reached July 2026 — device design locked and Ambition for US regulatory approval — updated quality-reviewed timing to follow the Board decision Why the study is being extended What this means
Slide 12: Regulatory programme — milestones completed, study to be extended
Regulatory programme — milestones completed, study to be extended 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)
Slide 13: Tech Licensing is converting from platform build to commercial adoption
Tech Licensing is converting from platform build to commercial adoption S D K C A PA BIL I TI ES A DD RE SS A BL E V E RT I C A LS P A R TN E RS L I V E Partner- ready capabilities Where the SDK plugs in Commercial proof Sleep Score NEW IN Q2 Wearables (rings, watches) ✓ Ultrahuman - SDK license agr
Slide 14: Q2: consumer pressure, continued B2B growth and positive adjusted EBIT
Q2: consumer pressure, continued B2B growth and positive adjusted EBIT Top line pressured by lower consumer acquisition and FX. Reported profitability burdened by items affecting comparability of SEK 10.9m, while adjusted EBIT stayed positive. 49.9 -7.5 3.4 15.1% Net sales, MSEK · -21.5% (-15.4% FX
Slide 15: 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% → 15.1% 7.3% Q1'24 vs Q2'26 · ~3× over nine quarters 5.4% 6.5% 8.3% 4.9% 9.3% 10.9% 12.5% 14.5% 15.1% B 2 B r e ve n ue gr o wt h +26.9% Q2'26 y/y · 15.1% of total rev
Slide 16: Financial performance – Q2 2026
Financial performance – Q2 2026 SEK M Q2-26 Q2-25 CHANGE • FX-adjusted net sales growth of -15.4%, driven by lower new Net sales 49.9 63.6 -21.5% B2C sales in the App Store. Other operating income 1.0 0.0 • B2B revenue growth was +26.9%, now 15.1% of total revenue (9.3%), of which SEK 7.0m recurring
Slide 17: Offer and reorganization costs mask a profitable quarter
Offer and reorganization costs mask a profitable quarter Items affecting comparability of SEK 10.9m. Excluding these, the quarter delivered a positive EBIT margin of 6.8% (28.4% in Q2 2025). E BI T , re por t e d -7.5 +2.3 3.4 SEK m · -15.1% margin +8.6 I t ems a ff ect in g c om p ar a bi l i t y 1
Slide 18: Strong cash position, Investing for tomorrow
Strong cash position, Investing for tomorrow Operations still generate cash — the swing is a dividend plus a deliberate investment programme. SEKm Q2-26 Q2-25 CHANGE Self-funded investment • Operating cash flow +7.6 MSEK — operations still Cashflow, operating activities 7.6 19.9 -12.3 generate cash.
Slide 19: 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 20: Projected Outlook 2026
Projected Outlook 2026 Decline moderating in H2 on signed B2B agreements, and a proposed apnea study extension pending a Board decision. N ET S A L ES Full-year net sales are still expected to decline, but the decline should moderate in H2 as B2B revenue grows out of already signed agreements. H1 wa
Slide 21: Questions & Answers
Questions & Answers Sleep Cycle © 2026 Sleep Cycle AB. All Rights Reserved 21