Bonesupport Holding Ab · OMXSTO:BONEX
Bonesupport Holding Ab — Q1 2026 Earnings Presentation
16 slides from Bonesupport Holding Ab's earnings presentation, Apr 22, 2026
Slide 1: BONESUPPORT Q1 (2026) Report
BONESUPPORT Q1 (2026) Report April 22, 2026 Torbjörn Sköld, CEO Håkan Johansson, CFO
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements regarding BONESUPPORT HOLDING AB (publ) (“BONESUPPORT”), including, but not limited to, statements about future operations, financial performance, market conditions, growth strategies, product development, regulatory approvals, and oth
Slide 3: BONESUPPORT – First quarter report 2026: Financial highlights
BONESUPPORT – First quarter report 2026 Financial highlights • Net sales SEK 324.0 m (SEK 283.5 m) Sales growth at constant exchange rates (CER): +31% Reported growth: +14% versus Q1 2025 • Operating results: Adjusted Operating result1: SEK 84.9 m (SEK 39.7 m), resulting in adj. Operating margin of
Slide 4: Continued strong momentum for CERAMENT G in the US
Continued strong momentum for CERAMENT G in the US LTM Reported Net Sales (SEK m) by Segment and Quarter 1,250 1,215 1,175 1,125 1,119 • Strong influence from USD/SEK 1,062 depreciation throughout 2025 and in Q1 998 1,000 2026 899 875 814 • LTM growth of 35% in constant currencies, 735 versus 22% in
Slide 5: US: Increasing customer access and adoption for CERAMENT G
US: Increasing customer access and adoption for CERAMENT G Q1 2026 • Sales of SEK 267.1 m (SEK 231.2 m). Growth of 16% over Q1 2025 • Growth of 35% at CER • Continued depreciation of USD versus SEK Highlights • Growth of CERAMENT G – access (new accounts & surgeons) and adoption (existing accounts &
Slide 6: EUROW: Strong growth across markets
EUROW: Strong growth across markets Q1 2026 • Sales of SEK 56.9 m (SEK 52.3 m), growth of 9% over Q1 2025 • Growth of 16% at CER • Robust growth against demanding comparables Highlights • Direct Markets delivered at normal growth rates with continued UK recovery • Hybrid markets performing strongly
Slide 7: BONESUPPORT Q1 (2026) Report: Financial Report
BONESUPPORT Q1 (2026) Report Financial Report
Slide 8: Q1 2026 Net sales strongly impacted by currency levels
Q1 2026 Net sales strongly impacted by currency levels Q1 Net sales vs PY Increase Decrease Total 400 8 81 350 • US growth reported at 16% 324 (35% in CER). - 49 300 284 • EUROW growth reported at 9% 250 (16% in CER). Net sales, SEK m 200 150 100 50 0 Q1 2025 Org growth US Org growth EUROW fx Q1 202
Slide 9: Continued strong CG performance in the US
Continued strong CG performance in the US Sales CERAMENT G - US per quarter • All time high sequential growth 30 450 and accelerated sales by 400 working day Net sales per working day, USD k 25 350 Net sales, USD m 20 300 250 15 200 10 150 100 5 50 0 0 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24
Slide 10: Gross Margin
+16% +9% (+35% CER) (+16% CER) US Net sales Q1-26 EUROW Net sales Q1-26 US 2026 2025 EUROW 2026 2025 SEK m Q1 Q4 Q3 Q2 Q1 SEK m Q1 Q4 Q3 Q2 Q1 Net sales 267.1 258.8 246.3 235.6 231.2 Net sales 56.9 53.8 47.8 48.8 52.3 Gross profit 252.3 245.3 234.8 223.1 219.7 Gross profit 46.6 43.6 39.0 40.3 43.3 G
Slide 11: Commercial investments increasing selling expense run rate
Commercial investments increasing selling expense run rate Key Figures 2026 2025 2024 SEK m Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Selling expenses 84.5 79.8 66.3 67.2 73.0 71.2 65.5 67.6 Sales commissions and fees 85.7 85.6 85.1 79.4 79.3 70.4 65.5 62.2 Research and development expenses 25.1 23.5 20.6 23.6 23.8 2
Slide 12: Strong operating leverage and cash conversion
Strong operating leverage and cash conversion Key Figures 2026 2025 2024 SEK m Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Net sales 324.0 312.5 294.1 284.4 283.5 257.0 237.5 219.8 Gross margin (%) 92.2 92.5 92.9 92.3 92.6 92.6 92.9 92.3 Operating result 72.2 81.8 65.4 54.9 29.6 64.2 41.0 28.7 Adj. Operating result1 84
Slide 13: Solid operating margin despite continued commercial investments
Solid operating margin despite continued commercial investments 100 11.0 90 10.8 Adjusted operating result1 SEK m 80 10.6 70 10.4 60 10.2 USD rate 50 10.0 40 9.8 30 9.6 20 9.4 10 9.2 0 9.0 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 USD Rate Adjusted operating resul
Slide 14: Growth in LTM Net sales and operating margins impacted by a weaker USD
Growth in LTM Net sales and operating margins impacted by a weaker USD LTM Net sales and Adj operating result 1,400 30% 1,200 25% 20% 1,000 Adj. Operating margin Net sales, SEK m 15% 800 10% 600 5% 400 0% 200 -5% 0 -10% 23 Q1 23 Q2 23 Q3 23 Q4 24 Q1 24 Q2 24 Q3 24 Q4 25 Q1 25 Q2 25 Q3 25 Q4 26 Q1 Ne
Slide 15: Continued solid cash flows
Continued solid cash flows Cash flow from operation 100.0 140% Cash conversion1 between 64-124 % from Q3 2024 and 75.0 120% onwards - Average 81% Cash flow from operation, SEK m 50.0 100% Cash conversion 25.0 80% 0.0 60% 23 Q1 23 Q2 23 Q3 23 Q4 24 Q1 24 Q2 24 Q3 24 Q4 25 Q1 25 Q2 25 Q3 25 Q4 26 Q1 -
Slide 16: BONESUPPORT Q1 (2026) Report
BONESUPPORT Q1 (2026) Report • 31% Net sales growth at CER (14% reported) • Record CERAMENT G US sequential sales growth • Cash flows SEK 75 m and cash position SEK 455 m • CERAMENT V De Novo application progress • CMD – Stockholm May 26 Guidance: Net sales growth above 35% (CER) for FY 2026 16