Embla Medical Hf · OMXCOP:EMBLA
Embla Medical Hf — Q1 2026 Earnings Presentation
68 slides from Embla Medical Hf's earnings presentation, Apr 28, 2026
Slide 1: Q1 2026 Investor Road Show Presentation
A leading global provider of innovative mobility solutions Q1 2026 Investor Road Show Presentation April 28, 2026 0
Slide 2: Q1 2026 Business update and financial performance
Q1 2026 Business update and financial performance 1
Slide 3: Key highlights
Key highlights Sales Profitability Operations Outlook / SBB Reported growth Gross profit margin ForMotion brand roll-out 2026 Guidance maintained (incl. 3pp from M&A & 7pp from FX) ▪ The global rebranding roll-out is ▪ Organic sales growth of 5-8% +15% 62% more than 90% complete and expected to conc
Slide 4: Regional sales performance
Regional sales performance APAC Q1: +14% Americas Q1: +3% 13% 3% 18% 9% 14% 5% 20 3% 3% 19 19 -1% 0% 18 16 102 104 107 85 89 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 EMEA Q1: +4% Sales (USDm) % Organic growth Sales (USDm) % Organic growth 12% 7% 7% 7% 4% 131 124 113 112 101 Q1'25
Slide 5: Prosthetics & Neuro Orthotics sales
Prosthetics & Neuro Orthotics sales % of total sales in Q1 2026 Q1 2026 sales Q1 2026 organic growth Highlights On actual rate ▪ EMEA: Continued strong momentum in EMEA with broad-based contribution from Bionics, Feet, and other key product categories. 54% 136 9% ▪ Americas : Strong growth driven by
Slide 6: Bracing Sales
Bracing Sales % of total sales in Q1 Q1 2026 sales Q1 2026 organic growth Highlights On actual rate ▪ Americas: Flat sales in Americas in Q1 as the market in continues to be affected by shifting market dynamics including competitive pressure and 37 1% increased price sensitivity. USD million organic
Slide 7: Patient Care Sales
Patient Care Sales % of total sales in Q1 Q1 2026 sales Q1 2026 organic growth Highlights On actual rate ▪ EMEA: Europe underperformed in Q1 largely due to timing effects following a strong Q4 2025 and Easter 30% holidays overlapping March 70 -1% USD million organic growth ▪ Americas: Performance re
Slide 8: Profitability
Profitability Gross Profit and Gross Profit margin Highlights USD million ▪ Gross Profit: Gross profit margin 62% vs. 63% in Q1’ 25. Positively impacted by strong sales in P&NO but offset by items such as FX and US tariffs. 150 63% 62% 60% 140 50% ▪ OPEX: OPEX was 52% of sales in Q1’26, compared to
Slide 9: Cash Flow and Leverage
Cash Flow and Leverage Capital expenditures and % of sales Free cash flow and % of sales Net Interest-Bearing Debt and Leverage USD million on actual rate USD million on actual rate USD million on actual rate 42 472 10 38 460 459 8 8 437 439 6 2.6x 5 16% 16% 2.5x 2.5x 2.4x 2.4x 2.0x 12 1.9x 1.9x 1.8
Slide 10: Guidance 2026
Guidance 2026 FY 2026 Actual FY 2025 Sales growth 5-8% 6% Organic EBITDA margin 20-22% 20% Before special items For modeling purposes: Special items None - In USD million CAPEX 3-4% 3% % of sales Tax 23-24% 23% Effective tax rate 9
Slide 11: About Embla Medical
About EmblaEmbla About Medical Medical AA leading leading global provider of innovative mobility solutions global provider of innovative mobility solutions 10
Slide 12: Embla Medical
Embla Medical A global leader in innovative mobility solutions that help people live a Life Without Limitations® Founded in 1971 by Össur Developer & manufacturer Commercial in around ~40 Innovation-driven: USD 46m Kristinsson, who was a of mobility solutions and markets with around 4,500 in R&D inv
Slide 13: We operate in an attractive and "sticky" niche industry
We operate in an attractive and “sticky” niche industry supported by long-term sustainable growth trends Trends impacting volume growth, pricing and improved product mix Aging and more Improved Better access active population treatments to Healthcare Empowered Cost effective Digitalization patients
Slide 14: Unlocking a larger playing field as an increasingly patient driven organization
Unlocking a larger playing field as an increasingly patient driven organization operating across the entire value chain Transitioning from being a product company to Our Growth’27 Strategy become an increasingly patient-centric organization O&P Growth Drivers Continuity Growth Patient Innovative O&P
Slide 15: To enable Life Without Limitations We Improve People's Mobility
OUR VISION To enable Life Without Limitations OUR MISSION We Improve People‘s Mobility 14
Slide 16: Embla Medical across regions and business areas
Embla Medical across regions and business areas Transitioning to become an increasingly patient-centric 90% of today’s sales are generated in Developed Markets with established organization leveraging our highly synergistic businesses reimbursement systems. However Emerging Markets represent +80% of
Slide 17: Embla Medical has opportunities for further growth in key markets
Embla Medical has opportunities for further growth in key markets Prosthetics Neuro Orthotics Bracing & Supports Patient Care Americas ~2bn ~500m ~3bn ~15bn EMEA Market size USD USD USD USD APAC Market growth 6-8% 10-12% 2-3% 3-5% Market share ~25% ~6% ~5% ~2% Embla Medical 16 Source: Embla Medical
Slide 18: Embla Medical manufacturing locations
Embla Medical manufacturing locations ▪ Manufacturing of advanced prosthetic solutions, including Bionics, takes place in Iceland and Poland ▪ Manufacturing of most other prosthetics solutions, components and premium bracing solutions takes place in the U.S. and Mexico ▪ Manufacturing of soft goods
Slide 19: We will continue to build on a solid foundation
We will continue to build on a solid foundation Listed on the Stock Expands into B&S with Acquires Acquires Acquires Majority investment in Exchange acquisition of Royce Touch Bionics and Naked Fior & Gentz Streifeneder Medical Medi Prosthetics Prosthetics ortho.production 1971 1999 2000 2005 2013 2
Slide 20: Business segments
Business segments 19
Slide 21: Prosthetics
Prosthetics Prosthetics P&NO Sales Performance Business Characteristics We develop, manufacture and 13% commercialize non-invasive Prosthetics 478 Organic Sales 416 10% Growth Fitting rates are increasing but today only 1/3 of new amputees are fitted USDm 361 9% with prosthetics 316 Avg. Market Grow
Slide 22: Prosthetics
Prosthetics Strong brands Main causes for amputations Lower Extremity Amputations Upper Extremity Amputations Vascular diseases Trauma Trauma Other (cancer, war, Other Phocomelia) More than 850k new major More than 25k new upper limb lower limb amputees per year amputees per year What is driving gro
Slide 23: Only 30-40% of all new leg amputees are fitted with prosthetic solutions
Only 30-40% of all new leg amputees are fitted with prosthetic solutions >850,000 30-40% Above knee ~50% New major lower limb of new leg amputees are Level of amputees per year fitted with prosthetic solutions amputation Below knee ~50% Western World ~200,000 Western World 40-60% Emerging Markets ~6
Slide 24: From simple to powered, intelligent and energy efficient Bionic solutions
From simple to powered, intelligent and energy efficient Bionic solutions Mind-controlled prosthetics $ 40,000 Bionic feet and knee solutions $ 10,000 Bionic feet solutions VALUE Functional $ 8,000 High-end mechanical feet solutions Trade-Up $ 2,000 Mechanical feet solutions $ 70 Cosmetics, wooden l
Slide 25: Leading prosthetic brands serve an amputee population needing renewals and upgrades
Our leading prosthetic brands serve an amputee population that needs maintenance, renewals, and upgrades of their prosthesis Above 70-80% of prosthetic component sales are recurring sales to existing patients 24
Slide 26: The Bionic MPK market continues to develop favorably
The Bionic MPK market continues to develop favorably driven by innovation, functional trade-up and regional coverage expansion First proto-types and Commercial models High Active maturation Mainstream (SoC) Classification of functional/activity levels Reimbursement Regional expansion + Global expans
Slide 27: Market Trends Growth Drivers
It’s our ambition to serve more people for profitable growth by strengthening our position as a leading provider and innovator of Bionics What are the current Market Trends ... and how do we act on these? and Growth Drivers in prosthetics? Reimbursement Demand for more efficiency and Market Trends o
Slide 28: Össur MPK Portfolio: Stronger Together
Össur MPK Portfolio: Stronger Together OFFER INNOVATION, REACH MORE PATIENTS Offer different value to customers & patients Greater revenue opportunity Grow market share Value & Price Rheo Knee® Navii® Power Knee Proven solution. Expand your world. Preserve mobility. Great value for Premium benefits
Slide 29: Navii User Profile
Navii User Profile For users that do not want to be inhibited by their prosthesis to explore new places. No boundaries. Best solution for all of life‘s activities. For everyone. For every step. ▪ Natural and light movement ▪ Rugged and durable to withstand everyday life and adventure ▪ Participation
Slide 30: US Medicare Expands Access to Advanced Bionics for K2 patients
US Medicare Expands Access to Advanced Bionics for K2 patients Coverage Expansion Key Facts ▪ The Big Takeaway: Less-mobile patients get access to microprocessor-controlled knees (MPKs) ▪ Why? Clinical research shows MPKs provide significant benefits to less-mobile amputees ▪ Secondary Benefit: Less
Slide 31: A Mid-to-Long-Term Growth Opportunity
A Mid-to-Long-Term Growth Opportunity Breakdown of Embla Medical sales today related to Bionics (2025 figures) 8% Revenue Regional Bionics sales +25% 33% 43% USD 929m P&NO split Americas (US +90%) % of Prosthetics Bionics (2025) Bracing & Support EMEA 51% (2025) (2025) ~75% Other prosthetics Patient
Slide 32: Expanding US Medicare coverage to K2 patients represents a growth opportunity
Expanding US Medicare coverage to K2 patients represents a Mid-to-Long-Term Growth Opportunity for Embla Medical Classification of functional levels for prosthetic users Today Medicare accounts for ~30% of the revenue of an avg O&P facility in the US K2 and K3 patients account for the majority of Me
Slide 33: Neuro Orthotics
Neuro Orthotics Attractive Profitable Growth Business Characteristics Innovative orthotic joints “Above” market growth Complementary product offering with compelling commercial +14% synergies Market Growth 10-12% USD USDm 23m “Sticky business” offering up to ~80% in recurring sales 2021 2022 2023 20
Slide 34: Video demonstrating a Multiple Sclerosis patient before and after wearing a KAFO
Video demonstrating a Multiple Sclerosis patient before and after wearing a bilateral Knee Ankle Foot Orthosis (KAFO’s) Before After
Slide 35: Neuro Orthotics
Neuro Orthotics Untapped market in Chronic neurological disorders Stroke Multiple sclerosis Cerebral Palsy Spinal cord injuries 1 in 4 adults will have a 2.9m 2 in a 1,000 live births 15m stroke in their life 1 (globally)3 will have CP5 (globally) 6 Neuro Orthotics penetration rates across indicatio
Slide 36: Maturity of the Neuro Orthotic Market is likely more than a decade behind prosthetics
The maturity of the Neuro Orthotic Market is likely more than a decade behind prosthetics, both in terms of offering and awareness The Neuro Orthotic evolution: From simple non-functional plastic orthoses to powered, intelligent and energy efficient Bionic solutions Anticipated Low function High fun
Slide 37: Bracing & Supports
Bracing & Supports B&S sales performance Business Characteristics Targeting acute patients recovering from fractures, ligament injuries or patients suffering from Osteoarthritis 148 148 147 USDm Avg. Market USD 3bn market growing annually 2-3% 3% Growth 2% ~2-3% 1% Organic Sales 140 Growth Primary M
Slide 38: Bracing & Supports
Bracing & Supports Our Bracing & Supports offerings Osteoarthritis (OA) Temporary/Acute injury solutions Solutions designed to enhance quality Solutions designed for people recovering from fractures, of life, reduce pain, and improve ligament injuries or for those in need of post-operative mobility
Slide 39: Bracing Simplified strategy
Bracing Simplified strategy Customer Product Identity Responsibility Convenience Confidence Be the trusted Reduce Provide our partners Reduce our footprint partner for our complexity with a simplified and and that of our customers for our partners strong portfolio partners ▪ Sales enablement ▪ Curat
Slide 40: Patient Care
Patient Care Patient Care sales performance Business Characteristics 8% Global network of leading O&P facilities 306 294 5% Patient Care represent a market valued 280 4% Avg. Market at USD ~15bn globally with Embla ~3-5% Growth holding ~2% MS USDm 260 Organic Sales Growth 1% Clinics staffed by exper
Slide 41: Patient Care Indications
Patient Care Our Primary O&P focus: Patients with chronic mobility challenges Patients with chronic mobility challenges Non-Chronic Lower Limb Upper Neurological Other Chronic Acute injury, amputations Limb Disorders disabilities fracture, etc. Stroke, Multiple Sclerosis, Indications Vascular diseas
Slide 42: Creating value for O&P Clinics
Creating value for O&P Clinics O&P Clinic P&L in Potential Relative time to the US** impact impact Key trends in O&P Increased Sales Clinics calling for new Reach more patients through clinically proven 100% innovative solutions ways of working Lower Cost of Goods and Technical Labor CPO shortage* C
Slide 43: O&P services strengthens Embla Medical as a business partner
O&P services is an offering that strengthens Embla Medical as a business partner Service offering Key benefit Service offering Key benefit Outsourced fabrication Patient outcomes Reimbursement Reduced need for justification and ▪ Central fabrication manpower and floor ▪ PRO App optimal product space
Slide 44: Emerging Markets
Emerging Markets 43
Slide 45: Emerging Markets represent +80% of the new amputee volume worldwide
Emerging Markets represent +80% of the new amputee volume worldwide ... Emerging Markets only make up ~10% of Emerging Markets represent a material growth Embla Medical’s current sales contributor with ample room for further growth Embla Medical EM sales growth across Addressable Market in mobility
Slide 46: Opportunities in Emerging Markets
Less than 20% of new amputees in the Emerging Markets are fitted with a prosthesis - in some regions it is as low as 5% What are the challenges and opportunities in Emerging Markets? ... and how do we act on these? ▪ Lack of access to adequate healthcare Our Growth Region strategy is built around th
Slide 47: Relative Market Growth
Emerging Markets are maturing at different pace with most markets still offering very limited Reimbursement - if any... Comparison of selected prosthetic markets and regions Developed Markets Developed markets Bubbles Emerging Markets represent ▪ Direct sales in most developed and relative est. matu
Slide 48: Different markets different needs
Different markets different needs - How our portfolio is positioned to fit local EM demands Extending our portfolio into the value segment will help Majority investment in Streifeneder will enable us to expand build attractive offerings tailored for Emerging Markets our reach in Emerging Markets as
Slide 49: Case: India as a pilot market for private pay
Case: India as a pilot market for private pay India Market Characteristics Untapped market with meaningful upside potential ▪ Existing amputee population estimated to be 8-9m people (2/3 lower limb and 1/3 from upper limb)1 ▪ Estimated 5-15% getting fitted with some sort of prosthesis in India today
Slide 50: Case: India as a pilot market for private pay
Case: India as a pilot market for private pay India Market Dynamics Our mission to unlock the potential in India Turn current “limitations” into “liberations” + Fast growing market (+12%) driven by volume Addressing the key limiting factors of Access, Awareness, and + Private Pay Market with strong
Slide 51: Case: Ukraine, serving a huge unmet need in a conflict zone
Case: Ukraine, serving a huge unmet need in a conflict zone Ukraine Market Characteristics Iceland Supports Mobility in Ukraine initiative Sharp increase of amputees in Ukraine since 2022 due to ongoing war; Est. 50k-100k new amputees1 Vast majority of amputees are young men in the early stage of th
Slide 52: Case: Ukraine, serving a huge unmet need in a conflict zone
Case: Ukraine, serving a huge unmet need in a conflict zone Strengthening our local presence while securing Ukraine Market Dynamics funding will be key in Ukraine + Acceleration in number of amputations in the early stage of “productive age” increasing the need for advanced bionics Scale-up Establis
Slide 53: Case: Ukraine, serving a huge unmet need in a conflict zone
Case: Ukraine, serving a huge unmet need in a conflict zone Delayed fittings of new amputees due to insufficient clinical capacity and infrastructure creates a substantial fitting backlog for young amputees with a lifelong need for advanced prosthetic devices Illustrative Capacity in clinical servic
Slide 54: Stories from the frontline
Stories from the frontline Vlad survived the brutal occupation of his hometown, Izyum, escaping by bicycle through more than 70 km of contested territory. He volunteered for service, fought in multiple regions, and in November 2023 suffered a sniper wound. While trying to evacuate himself, he hit an
Slide 55: Embla Medical and Sustainability
Embla Medical and Sustainability 54
Slide 56: Our Sustainability Commitment
Our Sustainability Commitment ▪ We provide products and services that contribute to good health, using responsible production methods and supporting climate action, while being a sponsor for inclusivity and transparency. Responsible for Responsible for our environmental enhancing the ▪ We believe th
Slide 57: Our Environment
Our Environment Responsible for our environmental impact Climate Change Resource Use and Pollution Circular Economy We have set science - We are taking initial We are committed to based targets and are steps towards circular responsible actively working solutions to reduce the manufacturing practice
Slide 58: Our People
Our People Our People Responsible for enhancing the social well-being of our people & communities Own Workforce Workers in the Customers and Value Chain End-Users We prioritize health & We collaborate with We have a positive safety, equal suppliers across our impact on our opportunities, and global
Slide 59: Our Business
Our Business Our People Responsible business leading with integrity and transparency Business Conduct We adhere to our We do not authorize Our Speak-Up Line Code of Conduct, nor tolerate any is available 24/7 to grounded in our business practice that anyone wishing to core values of violates anti-br
Slide 60: Climate targets validated by the Science Based Targets initiative
59 Q EMBLA MEDICAL’ O EMBLA MEDICAL™ CLIMATE TARGETS VALIDATED by the Science Based Targets initiative SCIENCE RUSINSS 1.5°C BCS < TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION.
Slide 61: Climate Actions & Science-Based Targets
Climate Actions & Science-Based Targets Progress 2025 Scope 1&2 Emissions Target: Scope 3 Emissions Target: ▪ Reduce absolute emissions by 79% by 2030 from 2019 baseline year ▪ Reduce absolute emissions by 25% by 2030 from a 2021 base year Status 2025: 68% Reduction (2024: -65%) Status 2025: 1% Incr
Slide 62: Financials
/ OEMBLA MEDICAL Financials
Slide 63: Strong track record of delivery in line with Growth'27 strategy
Strong track record of delivery in line with Growth’27 strategy Sales and organic growth Growth’27 Financial Ambitions USD million Guidance* 9% Sales Growth 929 855 786 5-8% 719 6% 6% 4% 7-10% = 5 - 7 % + 2 - 3 % LCY growth organic growth acquisitive growth p.a. on average p.a. on average p.a. on av
Slide 64: Our business mix is changing
Our business mix is changing Increased focus on chronic mobility challenges ▪ Strong organic growth and acquisitions in both Prosthetics & Neuro Orthotics and Patient Care ▪ Divestments of Gibaud and B&S sales entities 33% 16% 27% 33% 51% 41% 2019 2020 2021 2022 2023 2024 2025 Prosthetics & Neuro Or
Slide 65: We have an increasingly scalable infrastructure
We have an increasingly scalable infrastructure Category Scalability Key drivers impacting profitability ▪ Scalable manufacturing platform COGS High ▪ Centralized procurement (strategic sourcing) ▪ Consolidation of our foot print with fewer locations ▪ Implementation of a new CRM platform ▪ Growing
Slide 66: We have numerous opportunities to increase the EBITDA margin
We have numerous opportunities to increase the EBITDA margin ILLUSTRATIVE Increase profitability in Patient Care, as margins are temporarily impacted as we invest to grow Average Sales Price Acquisitions of small- to (ASP) increase and unit medium-size companies cost normalization Product mix and ou
Slide 67: Embla Medical has a history of strong cash flow generation
Embla Medical has a history of strong cash flow generation 140 300% Free cash flow 120 100 200% 80 FCF USD million 60 100% ~85% of EBIT 40 20 on average - 0% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net int
Slide 68: Contact our Investor Relations
Contact our Investor Relations Financial calendar and events April 28, 2026 Interim Report Q1 2026 April 28, 2026 Q1 2026 Investor Road Show, Copenhagen (ABG) April 28, 2026 Q1 2026 Presentation & Q&A, virtual (HC Capital) April 29, 2026 Q1 2026 Investor Road Show, Frankfurt (Berenberg) April 29-30,