Slide 1: Boule Diagnostics Q4 2025
Boule Diagnostics Q4 2025 Torben Nielsen, CEO Holger Lembrér, CFO
Slide 2: Q4 Highlights
Boule Group Q4 Highlights • Soft topline performance • Instrument sales impacted by transition to license manufacturing in India • OEM sales continue stable performance • Gross Margin improving YoY from more favorable mix • Third consecutive quarter of positive Operating Cash flow • Inauguration of
Slide 3: Q4 Financials
Boule Group Financials Q4 Financials Sales SEK 120.2 M (143.2) -16.0% -11.7% organic decline -4.3% currency Gross profit SEK 57.8 M (63.8) -9.4% Gross margin 48.1% (44.6%) Adj. EBIT SEK 12.9 M (19.5*) Adj. Operating margin 10.7% (13.6%*) Operating cash flow SEK 5.5 M (-7.9) Available liquidity SEK 3
Slide 4: FY Financials
Boule Group Financials FY Financials Sales SEK 489.7 M (558.5) -12.3% -7.2% organic decline -5.1% currency Gross profit SEK 213.8 M (252.2) -13.2% Gross margin 43.7% (45.2%) Adj. EBIT SEK 46.2 M (63.8*) Adj. Operating margin 9.4% (11.4%*) Operating cash flow SEK -0.3 M (-33.7) Available liquidity SE
Slide 5: Diagnostics Business
Diagnostics Business Diagnostics Business Boule Diagnostics Global provider of diagnostic solutions for the decentralized human and veterinary markets, specialized in Hematology • Serving the decentralized market, small to medium size laboratories and remote clinics • Global reach through extensive
Slide 6: Diagnostics Business
Diagnostics Business Diagnostics Business Razor blade model with 60% Decentral Human Hematology Decentral Vet. Hematology 600 recurring revenue market growing 3% CAGR market growing 8% CAGR 500 400 Human 3 Part Veterinary 300 5 Part 200 8B SEK 3B SEK 100 Veterinary Human 5 3 Part Part 0 2020 2021 20
Slide 7: Diagnostics Distribution
Diagnostics Business Diagnostics Distribution Network of 200 partners Diagnostics revenue distribution Sweden Russia MEA USA 13% 14% USA Dubai Asia Mexico India LATAM Philippines 10% 8% Kenya Indonesia India 24% Europe 32% 11/02/2026 Boule Diagnostics AB License Manufacturing Sales Office Manufactur
Slide 8: Q4 Diagnostics Business
Diagnostics Business Q4 Diagnostics Business Revenue (MSEK) Revenue: • Sales declined with 16.5%, explained by strong comparative figures from Q4 2025 92,7 transition to instrument license manufacturing in India • Organic growth was - 14% Q4 2024 111,1 • Currency was negative with -3 % Adj, Operatin
Slide 9: OEM Business
OEM Business OEM Business Clinical Diagnostic Solutions Contract Development and Manufacturing Organization of OEM Reagents, Calibrators and Blood Controls • Develops and manufactures proprietary and OEM reagents, calibrators for leading IVD companies • Core competence within development of blood co
Slide 10: OEM business
OEM Business OEM business Profitable market with significant runway for growth Long-term contracts and OEM Reagent Market Hematology Blood Control YoY sequential growth growing est. 6-8% CAGR Market growing 3-5% CAGR 160 140 CDS capability fit CDS CDS Pipeline 120 100 80 60 350B SEK 1.9B SEK 40 20 0
Slide 11: Q4 OEM Business
OEM Business Q4 OEM Business Revenue (MSEK) Revenue: • Sales declined by 15% impacted by currency -9% in the quarter due to Q4 2025 31,6 translation of a lower USD and timing of orders • Organic growth was -6% Q4 2024 37,2 Adj, Operating Margin Adj. Operating Margin: • Gross margin improved for the
Slide 12: Financial Summary
Boule Group Financials Financial Summary SEK M Oct-Dec 2024 Oct-Dec 2025 Net sales 143.2 120.2 Organic growth,% -1.8% -11.7% COGS -79.4 -62.4 Gross profit 63.8 57.8 Gross margin, % 44.6% 48.1% Operating expenses incl. Restrucuturing -49.2 -44.9 Operating spend RnD spend BM900 -20.8 - decreased with
Slide 13: Operating Cash Flow
Boule Group Financials Operating Cash Flow 15 30 10 7,4 20 5,9 5,5 5 2,9 10 1 0 0 -5 -1,5 -10 -4,4 -10 -7,9 -20 -9,8 -9,8 -9,8 -15 -11,6 -30 -20 -40 -18,8 -25 -21,7 -50 -24,9 -30 -60 -30,2 -35 -70 -40 -80 Boule Diagnostics AB 13
Slide 14: Liquidity & Credit
Boule Group Financials Liquidity & Credit Liquidity & Credit Facilities, SEK M 120 • Cash position at SEK 20 M 100 • Additional SEK 15 M in credit facilities available • Net cash / adj. EBIT (R12), times -2.9 80 60 40 20 0 Q1'24 Q2'24 Q3'24 Q4´24 Q1'25 Q2'25 Q3'25 Q4'25 Boule Diagnostics AB 14
Slide 15: Strategic Priorities – 2025 results
Boule Group Strategic Priorities – 2025 results Transforming Boule into a higher growth and higher margin company Margins • Reduced COGS through efficiency improvements Expand operating margins through • Lowered overall operating spend by 36% YoY disciplined execution and reductions in structural co
Slide 16: Michael af Winklerfelt new CFO at Boule
Boule Group Michael af Winklerfelt new CFO at Boule • Long international (China, U.S. & Europe) from leading companies • 10+ years' experience from Life Science & Medical Device • MBA, M.Sc. 11/02/2026 Boule Diagnostics AB 16
Slide 17: Thank you
Thank you Please feel free to ask questions