Asker Healthcare Group Ab · OMXSTO:ASKER
Asker Healthcare Group Ab — Q4 2025 Earnings Presentation
17 slides from Asker Healthcare Group Ab's earnings presentation, Feb 10, 2026
Slide 1: Q4 Year-End Report January–December 2025
Q4 YEAR-END REPORT JANUARY – DECEMBER 2025 Robust earnings growth, exceeding full-year targets Johan Falk, CEO Thomas Moss, CFO 1
Slide 2: Q4 Highlights
Q4 Highlights Q4 2025 • Business performing well despite headwind from tough comps in North and FX. Net sales up 9% to SEK 4,676m ADJ. EBITA GROWTH • Adj. EBITA increased by 16% to SEK 470m driven by strong performance in West and Central 16% Exceeding target of 15% • Weak organic growth attributabl
Slide 3: Delivering on our financial targets
+17% +67% 9.5% Delivering on our Adj. EBITA R/RK (EBITA/NWC) Adj. EBITA margin growth per year financial targets 2025 full-year outcome TARGET >15% TARGET >50% TARGET (medium term) >10% 2.26x 0.39 Net Debt/EBITDA* SEK/share Proposed dividend TARGET <2.5x TARGET >30% of last year’s net profit after t
Slide 4: Continuing to deliver stable and profitable total EBITA growth quarter over quarter
Continuing to deliver stable and profitable total EBITA growth quarter over quarter Adj. EBITA R121) SEKm 1,594 >15% CAGR 317 Q1 Q1 Q1 Q1 Q1 Q1 2020 2021 2022 2023 2024 2025 4 1) EBITA excl. items affecting comparability and estimated Covid-19 effect ’20-‘22.
Slide 5: Financial performance – Group
Financial performance – Group Robust earnings growth and continued margin improvement in Q4 Amounts in Q4 2025 Q4 2024 Jan - Dec Jan - Dec January - December 2025 SEKm 2025 2024 Adj. EBITA growth Net sales 4,676 4,303 16,787 15,025 25% 16% 20% Adj. EBITA 470 406 1,594 1,362 17% 15% -3% Adj. EBITA 10
Slide 6: Business Area North
Business Area North Core business performing well; tough comps from defence orders Amounts in Q4 2025 Q4 2024 Jan - Dec Jan - Dec January - December 2025 SEKm 2025 2024 • Adj. EBITA growth -9% Net sales 1,502 1,647 5,210 5,401 ⎯ Organic growth of -10% ⎯ Acquired growth of 2% Adj. EBITA 212 225 681 7
Slide 7: Business Area West
Business Area West Continued strong growth and improved margins in West Amounts in Q4 2025 Q4 2024 Jan - Dec Jan - Dec January - December 2025 SEKm 2025 2024 • Adj. EBITA growth 39% Net sales 2,300 1,910 8,543 7,145 ⎯ Organic growth of 17% ⎯ Acquired growth of 26% Adj. EBITA 215 158 757 545 ⎯ Exchan
Slide 8: Business Area Central
Business Area Central Strong performance driven by strategic acquisitions and improved product mix Amounts in Q4 2025 Q4 2024 Jan - Dec Jan - Dec January - December 2025 SEKm 2025 2024 • Adj. EBITA growth 52% Net sales 873 747 3,034 2,479 ⎯ Organic growth of 19% ⎯ Acquired growth of 36% Adj. EBITA 8
Slide 9: R/RK remains strong, reflecting continued efficient working capital utilisation
R/RK remains strong, reflecting continued efficient working capital utilisation R/RK • R/RK amounted to 67.0% (67.4), in line with YoY comparison, exceeding 100% target • Continued high capital efficiency 80% across all business area • Opportunities to improve the performance of acquired entities 60
Slide 10: Solid cash flow in Q4 and full-year
Solid cash flow in Q4 and full-year Amounts in SEKm Q4 2025 Q4 2024 Jan-Dec Jan-Dec • Cash flow from operating activities SEK 568m 2025 2024 (459) in Q4, SEK 1,328m (1,227) for full-year 2025 Cash flow from 568 459 1,328 1,227 • Focus on working capital efficiency combined with operating activities
Slide 11: Stable level of leverage, allowing for continued acquisitions using own cash flow
Stable level of leverage, allowing for continued acquisitions using own cash flow Net debt/EBITDA* development 31 December 31 December Amounts in SEKm 2025 2024 3x Net debt 3,896 3,091 EBITDA* 1,724 1,466 Net debt/EBITDA* 2.26x 2.11x 2x • Stable level of leverage at 2.26x – in line with historically
Slide 12: 14 signed acquisitions in 2025, including three platforms
14 signed acquisitions in 2025, including three platforms Business Annual sales, Month Acquisition Area SEKm* • 14 new acquisitions signed during 2025 with Q1 Completed in Feb January GHC/MPF Central 300 EBITA margins above 10% December Van Heek Medical Completed in Feb West 350 • Three platform acq
Slide 13: Explore an acquisition: Van Heek Medical
Explore an acquisition • Specialises in providing branded and private label medical supplies for diabetes, incontinence and wound care, primarily to homecare, pharmacies and nursing homes in the Benelux • Complementing Asker’s current footprint in the region very well Van Heek Medical with potential
Slide 14: Explore an acquisition: InnoMedicus
Explore an acquisition • Provides medical devices and supplies combined with software solutions and training to hospitals and urology centres across Europe • Strong focus and expertise in innovative technologies and services for therapies in prostate cancer InnoMedicus • Based in Switzerland. Annual
Slide 15: Q4 in summary
Q4 in summary • Solid quarter, with an adj. EBITA growth of 16% and reaching an EBITA margin of 10.0% for the first time • Strong development in West and Central driven by acquisitions and operational improvements, countered by tough comps in North due to large project-based sales within defence and
Slide 16: Q&A
Q&A
Slide 17: Financial calendar
Financial calendar • Q1 report 2026 6 May 2026 • Annual General Meeting 7 May 2026 • Q2 report 2026 21 July 2026 • Q3 report 2026 4 Nov 2026 We are health in progress Additional information • Improve patient outcome • Reduce total cost of care Thomas Moss, CFO and Head of IR • Ensure a fair and sust
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