Bico Group Ab Class B · OMXSTO:BICO
Bico Group Ab Class B — Q4 2025 Earnings Presentation
40 slides from Bico Group Ab Class B's earnings presentation, Feb 18, 2026
Slide 1: Year-End Report 2025 Earnings Call
YEAR-END REPORT 2025 EARNINGS CALL 2026-02-18 – WEDNESDAY, FEBRUARY 18, 2026
Slide 2: Disclaimer
DISCLAIMER You must read the following before continuing. The fol- for publication, release or distribution in the United affect the extent to which a particular projection is real- lowing applies to this document and the information pro- States, the United Kingdom, Australia, Canada or Japan, ised.
Slide 3: Earnings Call Agenda
Earnings Call Agenda Summary Q4 2025 and FY 2025 Group Financial Performance Life Science Solutions Lab Automation Maria Forss Jacob Thordenberg Continuous Product Innovation President & CEO CFO Concluding Remarks Q&A 3
Slide 4: Summary 2025
Summary 2025 • Finished on strong note with double digit organic sales growth in Lab Automation • Strengthened cash position • After the quarter: raised new capital, enabling investments to support further growth • A year of strategy execution • Delivered on all key strategic initiatives: • Portfoli
Slide 5: BICO's Portfolio Serving the World's leading Pharma and Biotech Companies
BICO’s Portfolio Serving the World’s leading Pharma and Biotech Companies 3D bioprinting products for tissue Lab automation software and robotics Dispensing automation for applications engineering and regenerative integrations provider. GBG SW gives an requiring precise deposition of biological medi
Slide 6: The Global Challenge
The Global Challenge Long and costly clinical stages combined with low success rate comprise a global challenge for the drug development industry Drug discovery Product development Process development Production > USD 2bn ~ 10% > 10 years Probability of approval Development costs Discovery to approv
Slide 7: Providing the Data Backbone Unifying AI-powered Services with Lab Automation
Providing the Data Backbone Unifying AI-powered Services with Lab Automation Powering AI drug discovery workflows, using the Green Button Go platform. Enabling our customers to apply AI and ML to optimize experimentation and decision making in R&D to: SPEED ACCURACY EFFICIENCY Reduce the timelines B
Slide 8: Vision
Vision BICO enables and automates the life science Mission lab of the future Be the first-choice lab automation partner and provider of selected workflows to pharma and biotech 8
Slide 9: The Results of Automation Have Never Been More Important
The Results of Automation Have Never Been More Important REDUCING THE COST AND TIMELINE TO MARKETABLE DISCOVERIES IS IMPERATIVE Reduce downstream process and assay development by 75% AUTOMATION CAN 75% Increase existing equipment 400% capacity by 400% through parallel processing and variable-driven
Slide 10: BICO Leads the way in Solving the Challenges in Life Science
BICO Leads the way in Solving the Challenges in Life Science with Speed, Accuracy, and Efficiency • Reducing the time to find optimal candidates for treatment Speed therapies • Driving forward a personalized approach in treatment • Enabling the development of physiologically relevant models Accuracy
Slide 11: Summary of Q4 2025 and FY 2025
Summary of Q4 2025 and FY 2025 11 11
Slide 12: Summary FY 2025
Summary I FY 2025 CASH FLOW FROM NET SALES ADJUSTED EBITDA OPERATING ACTIVITIES SEK 1,497m SEK 5m SEK 68m ORGANIC SALES ADJUSTED NWC/LTM SALES GROWTH EBITDA MARGIN -8% 0.3% 13% All numbers in this presentation refer to continuing operations unless otherwise stated. Nanoscribe, MatTek and Visikol hav
Slide 13: Summary Q4 2025
Summary I Q4 2025 CASH FLOW FROM NET SALES ADJUSTED EBITDA OPERATING ACTIVITIES SEK 451m SEK 56m SEK 52m ORGANIC SALES ADJUSTED NWC/LTM SALES GROWTH EBITDA MARGIN -4% 13% 13% All numbers in this presentation refer to continuing operations unless otherwise stated. Nanoscribe, MatTek and Visikol have
Slide 14: BICO Issued Senior Secured Bonds
BICO Issued Senior Secured Bonds • Total nominal value of EUR 40 million • Tenor of four years • The bonds were placed with a consortium of Swedish institutional investors • Supporting further growth and capture market recovery while navigating ongoing macroeconomic uncertainty • The existing conver
Slide 15: Group Financial Performance
Group Financial Performance 1515
Slide 16: FY 2025 vs FY 2024: Sales, Adjusted EBITDA and Cash Flow from Operating Activities
FY 2025 vs FY 2024: Sales, Adjusted EBITDA and Cash Flow from Operating Activities Total Sales SEK m Adjusted EBITDA Operational cash flow % SEK m SEK m 160 20 141 158 2000 18 150 140 1,727 1800 16 120 110 1600 1,497 110 14 1400 100 12 68 1200 70 80 10 1000 8.2 8 800 60 30 6 600 40 400 4 -10 5 20 20
Slide 17: Sales Development (SEKm)
Sales Development (SEKm) SEKm -12%* 600 515 500 451 • Sales amounted to SEK 451m 400 387 • The 9-percentage point difference 335 324 between sales growth and organic sales growth mainly explained by a 300 weaker US dollar and Euro against the Swedish Crona 200 100 0 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q
Slide 18: Adjusted EBITDA (SEKm) and Margin (%)
Adjusted EBITDA (SEKm) and Margin (%) SEKm % 140 30 127 120 25% 25 100 20 • Adjusted EBITDA SEK 56m corresponding to a margin of 80 15 13 percent 13% 60 10 • Continued focus on structural cost 56 reductions and expense 40 5% 5 management in 2026 20 0 17 0 -6% -5 -20 -10 -20 -15% -40 -15 -60 -49 -20
Slide 19: Cash Flow and Financial Position
Cash Flow and Financial Position • Cash flow from operating activities in Q4 was SEK 52m • This includes an impact from changes in working capital of SEK -12m • Total cash flow during Q4 was SEK 36m • Cash reserves by end of the year, SEK 1,282m • March 2026: previous existing bonds of SEK 1,008m wi
Slide 20: Development in Net Working Capital between Q4 2024 and Q4 2025
Development in Net Working Capital between Q4 2024 and Q4 2025* SEKm 1,400 40.0% 1,050 30.0% 700 20.2% 20.0% WC Liabilities Other Receivables 12.4% 12.5% 12.6% 350 349 10.9% 10.0% Accounts Receivables Inventories 203 195 188 169 Total NWC 0 0.0% NWC / LTM Sales -350 -10.0% -700 -20.0% Q4 24 Q1 25 Q2
Slide 21: Life Science Solutions
Life Science Solutions 21 21
Slide 22: Life Science Solutions FY 2025
Life Science Solutions I FY 2025 G. PREP – Miniaturized NGS Workflow enabled by non-contact liquid handling by Cytena’s G.PURE and I.DOT by Dispendix 1,108 1 NET SALES ORGANIC SALES SEK m GROWTH % 83 8 ADJUSTED ADJUSTED EBITDA EBITDA MARGIN SEK m % Green Button Go® Ready 22
Slide 23: Life Science Solutions Q4 2025
Life Science Solutions I Q4 2025 326 -9 49 15 NET SALES ORGANIC SALES ADJUSTED ADJUSTED SEK m GROWTH EBITDA EBITDA MARGIN % SEK m % Q4 2024 – Q4 2025 Rolling 12 months Net sales and adjusted EBITDA margin Net sales and adjusted EBITDA margin 23
Slide 24: Lab Automation
Lab Automation 2424
Slide 25: Lab Automation FY 2025
Lab Automation I FY 2025 GoSimpleTM Workcell for Sartorius Octet® 391 -26 NET SALES ORGANIC SALES SEK m GROWTH % -31 -8 ADJUSTED ADJUSTED EBITDA EBITDA MARGIN SEK m % Green Button Go® Integrated 25
Slide 26: Lab Automation Q4 2025
Lab Automation I Q4 2025 125 15 18 15 NET SALES ORGANIC SALES ADJUSTED ADJUSTED SEK m GROWTH EBITDA EBITDA MARGIN % SEK m % Q4 2024 – Q4 2025 Rolling 12 months Net sales and adjusted EBITDA margin Net sales and adjusted EBITDA margin * 26 * Q2 impacted by revision of estimated hours with a negative
Slide 27: Continuous Product Innovation
Continuous Product Innovation 27 27
Slide 28: Laboratory Automation Products and Solutions in both Business Areas
Laboratory Automation Products and Solutions in both Business Areas MANUAL SEMI-AUTOMATED AUTOMATED FULLY AUTOMATED INTEGRATED Revolve BIO X6 C.WASH Plus I.DOT BioShake CellenOne S100 C.STATION Lab Experience, Scheduler Green Button Go Suite Lab Experience Lab Experience Scheduler Scheduler & Orches
Slide 29: C.STATION - Standardized, Integrated Workcell for Pharmaceutical Cell Line Development
C.STATION - Standardized, Integrated Workcell for Pharmaceutical Cell Line Development • Time-to-operational reduced by 50%: Enabled by Green Button Go® from >24 months to 12 months • Initial CAPEX investment cut by up to 50% • Staff requirement to operate reduced to 1/3 compared to a manual workflo
Slide 30: G. PREP – Miniaturized NGS Workflow Enabled by Non-contact Liquid Handling
G. PREP – Miniaturized NGS Workflow Enabled by Non-contact Liquid Handling • Up to 90% reduction in reagent consumption through assay miniaturization—addressing the key cost driver in NGS • Non-contact dispensing and DNA purification cut pipette tip usage and plastic waste • A typical NGS core lab s
Slide 31: R&D Pipeline & Roadmap
Instrument Software R&D Pipeline & Roadmap Consumable Product Portfolio 2025 2026 2027 2028 Lab Automation Software Standardized Lab Automation Go Simple Lab Automation Components Bioprinting Precision Dispenser Liquid Handling Single-cell Dispenser Live-cell Imaging Microscopes 31
Slide 32: GoSimple by Biosero – a Standardized Automation-ready Workcell
GoSimpleTM by Biosero – a Standardized Automation-ready Workcell • Designed to simplify workflows, reduce hands-on time, increase sample throughput, and enable extended lab operations • Initially launched with selected instruments from Sartorius and Becton, Dickinson and Company (BD) • Additional co
Slide 33: Biosero Advances Laboratory Automation with the Introduction of Assistive AI Solution
Biosero Advances Laboratory Automation with the Introduction of Assistive AI Solution • Early-access release of new assistive AI “By embedding assistive AI capabilities integrated into Green Button Go® directly into the automation development experience, we • Designed to improve speed, usability, an
Slide 34: Concluding Remarks
34 le "Concluding Remé 2
Slide 35: BICO Vision and Strategic Agenda
BICO Vision and Strategic Agenda BICO ENABLES AND AUTOMATES Vision THE LIFE SCIENCE LAB OF THE FUTURE Mission Be the first-choice lab automation partner and provider of selected workflows to pharma and biotech Enable end-to-end Further develop Ensure regulatory Expand strategic Increase Strategic la
Slide 36: Focus Areas 2026 for Profitable Growth
Focus Areas 2026 for Profitable Growth 1 Commercial Excellence 2 R&D Pipeline Execution 3 Financial Discipline 36
Slide 37: Q&A
Q&A 37
Slide 38: 2026-02-18
2026-02-18
Slide 39: Financial Calendar and Contact
Financial Calendar Contact MARCH 18, 2026 Annual Report 2025 MARIA FORSS, CEO AND PRESIDENT JACOB THORDENBERG, CFO BICO GROUP AB BICO GROUP AB APRIL 29, 2026 Phone: +46 73 534 88 84 Phone: EA Elisabeth Lindell, +46 761 73 40 59 Q1 Report 2026 E-mail: jt@bico.com E-mail: mf@bico.com MAY 7, 2026 Annua
Slide 40: 2026-02-18
2026-02-18