Slide 1: Presentation of 3Q23 results
VOxcl § Presentation || of 3Q23 results _ Katowice, November 23rd, 2023
Slide 2: Information
Information The following presentation, prepared by Voxel S.A., with its registered seat in Krakow, Poland (hereinafter referred to as the "Company" or "Voxel"), is for informational purposes only and is intended to present selected information concerning the Voxel S.A. Group. This Presentation has
Slide 3: Agenda
n il Cc oO ou Cc fe) O Voxel Business summary 3Q23 Results Plans for 2023+ Questions and answers Auxiliary slides
Slide 4: 3Q23 Summary
3Q23 Summary Revenue from external customers Change YoY @Q ¥ Ther - Di . Neure. Therapy - IT & lagnostics ; Hospitals Infrastructure radiosurgery PLN 88M PLN 3M PLN 10M PLN 27M +25% +4% +25% +56% Increase in valuation of Continued growth Large increase in Stable level of reimbursable tests in hospit
Slide 5: Diagnostics: Increase in valuation of reimbursable tests
Diagnostics: Increase in valuation of reimbursable tests Increase in valuation of reimbursable services the valuation of reimbursable tests increased as of July 1, 2023, the increase in valuations was again linked to the increase in the minimum wage for health care workers and was lower than the inc
Slide 6: VITO-MED: Restructuring the Hospital
VITO-MED: Restructuring the Hospital Hospital restructuring - reducing hospital loss QoQ. VITO-MED - Hospital (PLN M) 1022 2Q22 3Q22 4Q22 1023 2Q23 3Q23 Sales revenue 47 5.8 8.3 9.1 8.7 9.5 10.3 Gross loss on sales -3.9 -3.0 -1.3 11 -2.0 -1.2 -0.8 EBIT -4.4 -3.2 1.5 1.9 -2.5 -1.3 -1.0 * the impact o
Slide 7: VITO-MED: Sale of shares
VITO-MED: Sale of shares Sale of 100% shares in VITO-MED sale of 100% of shares in VITO-MED to Szpital Miejski nr 4 sp. z 0. o., with its registered office in Gliwice, on October 31, 2023, sale price - PLN 1, acquisition by the Voxel Group of an organized part of the enterprise comprising laboratory
Slide 8: IT & Infrastructure: sales in the Group
oO h S ~~ 1S) —] te ~~ n © -— -_ £ i] E > (e) > wn = oO E [e) 2 wn =) oO O Cc (0) gL x< oO eo) g Ww Oo Oo wn i (0) poy Da r ei Le * In 3Q23, sales to external customers increased and Group sales decreased, return to pre-pandemic sales seasonality, with more revenue and margin generated in H2 (includ
Slide 9: Voxel
Voxel Business summary 3Q23 Results Plans for 2023+ Questions and answers Auxiliary slides
Slide 10: Group's key figures in 9M23
VHT} eo Profit of stockholders of the sl 3 Revenue EBITDA Group's key figures in 9M23 parent company PLN 325.6M PLN 105.9M PLN 51.8M 10
Slide 11: Quarterly volumes of tests performed at Voxel
Quarterly volumes of tests performed at Voxel (thousands) Su oO 91.3 £70 87.9 ; 3 2 7G 7A® 75.6 788 8 on 0 meee | (ven * Increase in CT/MR/PET/SPECT tests ae i . 72.4 j 9, 9, fo v epee in 3Q23 by 18% YoY and 4% QoQ. > wo o*+ 402 A405 M407 Me 417 50.8 HM 53.8 * Increase in volumes in 3Q23 in all > zg
Slide 12: Voxel 3Q23 sales
Voxel 3Q23 sales Teleradiology Ginrygels . Private test9-5% Increased revenue from key tests in ‘A% i 3Q23 (PLN +18.4M YoY), including rermeaaytes RS mainly MR (PLN +10.1M YoY) and 2% PET (PLN +4.7M YoY). Voxel Stable revenue structure Commercial tests Ue * 76% of revenues came from reimbursed tests
Slide 13: Voxel non-IFRS16 EBITDA by test type
Voxel non-IFRS16 EBITDA by test type (PLN M) 35.0 28.2 22 2S 26.4 18.8 BE 165 173 175 123 Bl 12.4 He 126 Be 13.4 8.9 9.2 83 93 2.2 17 18 16 3.3 25) 2.6 2.6 3.2 3Q21 4Q21 1Q22 2Q22 3022 4Q22 1023 2Q23 = 3Q23 =CT =MR =PET =SPECT Voxel: Significant EBITDA growth from tests Change in EBITDA at Voxel in
Slide 14: Voxel: Higher revenues and EBIT margin
Voxel: Higher revenues and EBIT margin Voxel (LN EAE Sales revenue 61.3 79.4 29.6% Gross margin on sales 39.6% 39.4% -0.2 pp. General and administrative 25 24 35% expenses EBITDA 28.3 36.6 29.1% EBIT 21.7 29.0 33.9% EBIT margin 35.4% 36.5% 1.1 pp. Net profit 20.2 18.4 -9.0% Adjusted net profit 20.2
Slide 15: Diagnostics: Lower test sales at other diagnostic companies
diagnostic companies Diagnostics: Lower test sales at other Quarterly volumes of tests performed (thousands) Rezonans Powisle and Scanix Voxel Group - Diagnostics * Rezonans Powisle and es 1924 10228 159 Scanix performed a 3 combined 15.6 thousand CT and MR tests in 3Q23, down 10% YoY. Decrease in t
Slide 16: Diagnostics: Improved profitability at Scanix and Rezonans Powiśle
Diagnostics: Improved profitability at Scanix and a slight decline at Rezonans Powisle Ap \rezonans VY POWISLE Rezonans Powisle (PLN M) Sales revenue 29.4% Gross margin on sales 46.4% 39.1% -7.3 pp. EBITDA 1.2 1.3 8.4% EBIT 1.1 1.2 8.7% EBIT margin 43.6% 36.6% -7.0 pp. Net profit 1.0 1.1 9.7% sc Sca
Slide 17: Alteris: Increase in sales and profits
Alteris: Increase in sales and profits }> alteris (PLN M) 3Q22 3Q23 Sales revenue, including: 26.4 31.8 20.6% - to affiliated entities 8.9 45 -49.6% - to external customers 17.5 27.3 56.1% Gross margin on sales 10.0% 12.0% 2.0 pp. SG&A expenses 2.4 25 5.5% EBITDA 1.4 2.2 54.2% EBIT 0.4 1.0 1% EBIT m
Slide 18: VITO-MED and Exira: Lower profitability
VITO-MED and Exira: Lower profitability because of Exira and losses at VITO-MED CxXIra Exira (PLN M) 3022 | 3@23 | YoY Sales revenue 3.0 3.0 0.5% Gross margin on sales 46.2% 37.1% -9.1 pp. EBITDA 1.8 1.5 -15.7% EBIT 1.3 1.1 EBIT margin 45.2% 36.0% -9.3 pp. Net profit 1.0 0.7 -24.7% vito--med..... SZ
Slide 19: Voxel Group: Higher revenues in all segments
Voxel Group: Higher revenues in all segments Quarterly sales by segment (PLN M) Diagnostics - medical services and sales of radiopharmaceuticals IT & infrastructure — IT products and lab equipment Other, exclusions and 3Q22 | unassigned 127 Impact of VITO-MED Increase in revenue’ from _ hospital ope
Slide 20: Voxel Group: Higher EBITDA in the Group
Voxel Group Higher EBITDA in the Group Quarterly EBITDA by segment (PLN M) Diagnostics - medical services and IT & infrastructure — IT products and lab equipment Other, exclusions and unassigned Impact of Exira Lower EBITDA YoY due to higher costs (including labor costs). Impact of Diagnostics EBITD
Slide 21: Improving revenues and profitability in the Group
Improving revenues and profitability in the Group Voxel Group (PLN M) Sales revenue 98.6 12.9 29.7% Prime costs of sales 69.0 88.7 28.6% Gross profit on sales 29.6 39.2 32.2% Gross margin on sales 30.0% 30.6% 0.6 pp. General and administrative expenses 5.6 5.8 4.7% Other operating activities -0.6 0.
Slide 22: Significant growth in revenues and profits
Significant growth Voxel Group in revenues and profits (PLN) [ ouzz | 9M23 | yoy _| Sales revenue 274.7 325.6 18.5% Prime costs of sales 207.5 2274 9.6% Gross profit on sales 67.1 98.2 46.3% Gross margin on sales 24.4% 30.2% 5.7pp. General and administrative expenses 17.9 18.5 3.3% Other operating a
Slide 23: Cash cycle and working capital
2s ror 2a Ov oe xs ox >o s & o wn ico} o = U O a Cash cycle 73 68 64 66 70 62 5 ao 42 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 —— Receivables (days) — Inventories (days) —*— Payables (days) = - -Cash turnover (days) Working capital decreased YoY due to a decrease in inventories (mainly by dispos
Slide 24: Quarterly cash flow
as 30 oe ho OF —_— 0 Go Ca) mc 18.1 oO > 2S fe) SS fal -0.6 -27.0 -44.5 3Q22 Operating cash flow =Financing cash flow Quarterly cash flow (PLN M) 43.1 3Q23 minvesting cash flow =Net cash flow a Increase in Group operating cash flow due to higher YoY gross profit and decrease in inventory and increas
Slide 25: Voxel Group: Further decline in debt ratio
Voxel Group: Further decline in debt ratio (PLN M) ieRsie | IFRSI6 | IASI7 Long-term debt 125.1 92.8 54.2 Credits 0.2 0.0 0.0 Loans from financial institutions 26.4 14.9 14.9 Bonds 54.7 29.9 29.9 Financial lease 43.8 48.0 9.4 Short-term debt 30.3 33.3 25.4 Credits 5.2 0.2 0.2 Loans from financial in
Slide 26: Summary of 9M23 results
Summary of 9M23 results voxel voxel SCANX Assess Serre > alteris CxXIra vito-.med..... SZPITAL RADIOWA 2 Significant increases in the diagnostics companies, Alteris and in VITO-MED, no revenue from laboratory testing (high base for these revenues in 1Q22). Improved Group profitability and earnings o
Slide 27: Voxel
Voxel * Business Summary ° 3Q23 results * Plans for 2023+ * Questions and answers * Auxiliary slides
Slide 28: Diagnostics: plans for 2023+
7) aa Diagnostics: volumes of key tests Diagnostics: sales revenues 2 N tests (thousands) to external customers (PLN million) nO N 251 -- 2 Wn 373 r-- I ! aL 335 1 ot 195 1 ot GO 232 252 1! 148 1! Ov 1 | 134 11 Oo I ] 1 I ee I ! l l n I! ! rot [e) a | | on | rw) 2019 2020 2021 2022 9M23 + 3023 2019
Slide 29: Cyclotron gallium marketing approval
ee * ~« Cyclotron gallium - ; marketing approval * On November 9th, 2023, the President of the Office for Registration of Medicinal Products, Medical Devices and Biocidal Products granted marketing authorization for the medicinal product V-Ga68 (Gallia (68Ga) chloridum). Diagnostics New radiopharmac
Slide 30: Ongoing investments and investment plans 2023+
n wn Ze ~~ > ry = ce oo l Ox @ — af ONGOING INVESTMENT Pi 5 INVESTMENTS PLANS 2023+ vA S New laboratories: New laboratories MR Jelenia Gora (change of location): | (second device) Bydgoszcz (new building) Nexrletaenatvent Lodz lew laboratories (change of location): Poza 7 Wadowice Equipment upgrade:
Slide 31: IT & Infrastructure: Stable demand for projects
IT & Infrastructure: Stable demand for projects 2023 Backlog: at around PLN 85 min > alteris Stabilization of sales of projects to external customers (high base in 4Q22) and reduction of sales to the Group: Continued growth in sales of other goods - medical supplies, consumables. New modular solutio
Slide 32: Annual dividend payments
Annual dividend payments ¢ In January 2021, a new dividend policy for 2021-25 came into effect. * The Management Board of Voxel S.A., taking into account the Group's situation, intends to recommend annually to the AGM: Voxel Group: Continued dividend payments to allocate no less than 50% of Voxel S.
Slide 33: Expected growth of sales in 2023
Voxel Group Expected growth of sales in 2023 Diagnostics: Increase in research volumes and service valuation + Diagnostics: New locations, new contracts 72] Diagnostics: Increase in costs IT & Infrastructure: yok IT projects q EI Hospitals: Unlimited CT and MR tests, increase in PET and SPECT tests.
Slide 34: Voxel
Voxel Business Summary 3Q23 results Plans for 2023+ Questions and answers Auxiliary slides
Slide 35: Voxel
Voxel * Business Summary * 3Q23 results ¢ Plans for 2023+ * Questions and answers * Auxiliary slides
Slide 36: Competitive advantage of the Voxel Group
Competitive advantage of the Voxel Group Scale effect and benefits of having network of laboratorieg Experienced medical and managerial staff AVINg a radiopharmaceutica production plant in the structure Innovativeness and the ability to implement and commercialize it Implementation of unlimited medi
Slide 37: History of the Voxel Group
tory of the Voxel Group 2005 Creation of Voxel and opening of an MR laboratory in Bytom 2006 Opening of a CT laboratory in Bytom and an MR laboratory in Krakow (at USD CM UJ) 2007 Acquisition of Centrum Diagnostyki Obrazowej Jelenia Gora Opening of more laboratories (in Katowice and Zabrze) 2010 Ope
Slide 38: Key information about Voxel Group
Key information about Voxel Group VOXEL S.A. A medical entity that performs tests in the field of diagnostic imaging, nuclear medicine and isotope therapy, a manufacturer of radiopharmaceuticals, a provider of teleradiology services, an entity that develops innovative medical therapies. Radpoint sp.
Slide 39: Diagnostics, therapy, IT
Diagnostics, therapy, IT DIAGNOSTIC IMAGING AND NUCLEAR MEDICINE A nationwide medical entity performing a wide range of highly specialized diagnostic procedures in radiology and nuclear medicine, with a network of medical diagnostic centers and a cyclotron for the production of radiopharmaceuticals.
Slide 40: Diversified revenue sources
Diversified revenue sources DIAGNOSIS THE KEY TO THERAPY RETIN UTES commercial ientifi harmaceutical i unlimited scientific p private . 31 magnetic resonance (MR) laboratories, including Exira (1), Rezonans Powisle - 17 - 7 - 4 (3) and Scanix (3) computed tomography (CT) laboratories, including Scan
Slide 41: Double-reading
Double-reading im \ (quality control) Diagnosis is the basis of treatment = 3 1SO certificates (9001, 14001, 27001) Use of artificial Ai Se intelligence J Top doctors and specialists BQ Test quality is a priority Network of diagnostic centers nationwide 4
Slide 42: Two cyclotrons - safety and continuity of supply
Two cyclotrons - safety and continuity of supply Own cyclotron facility built with EU funds under the Innovative Economy Operational Program. Access within the Group to radiopharmaceuticals (tracers, used for specialized PET-CT tests) is an opportunity to increase the volumes of tests performed. Min
Slide 43: Supplying, installing and servicing radiological equipment
Supplying, installing and servicing radiological equipment. oo A system for doctors and technicians that is a support for a diagnostic imaging facility. The system includes workflow MEDICAL and document INFORMATION EQUIPMENT AND circulation process SYSTEMS SERVICE FOR management, as RADIOLOGY Genera
Slide 44: Planned increase in expenditures on health care
on health care Planned increase in expenditures Plans — Nowy Polski tad Histor : y (New Polish Order) EXPENDITURE ON HEALTH CARE SERVICES % OF GDP ALLOCATED IN POLAND (B PLN) TO FINANCING HEALTH CARE 7.0% 5.3% 4.5% 2015 2021 2023 2027 The increased expenditures should have an impact on the increase
Slide 45: Largest contributor to EBITDA
LARGEST CONTRIBUTOR TO EBITDA
Slide 46: Computed tomography (CT)
Computed tomography (CT) COMPUTED TOMOGRAPHY (CT) is a diagnostic method in which MOST multilayer cross-sectional images of a patient's body are obtained using ionizing radiation. Due to its extremely versatile range of applications, FACILITIES CT has become the primary imaging method in all medical
Slide 47: Positron emission tomography (PET)
Positron emission tomography (PET) POSITRON EMISSION TOMOGRAPHY (PET) is an imaging technique based on the registration of radiation produced in the annihilation of positrons. The study involves spatial determination of the concentration distribution of the administered radiopharmaceutical. Combined
Slide 48: Nuclear medicine test (SPECT)
Nuclear medicine test (SPECT) NUCLEAR MEDICINE TEST (SPECT) is a complex nuclear medicine testing method _A used in clinical practice. This method involves obtaining images of organs, and, fill above all, assessing their function, with the help of small doses of radioactive isotopes (radio markers)
Slide 49: Gamma Knife (neuro-radio-surgery)
Gamma Knife (neuro-radio-surgery) GAMMA KNIFE is a non-invasive method of stereotactic neuro-radio-surgery. It enables precise and non-invasive treatment of brain, head and neck tumors. The method is safe and spares healthy tissues. @ Non-invasive treatment of brain tumors (e.g., meningiomas, neurob
Slide 50: Types of radiotracers
Types of radiotracers Current status (key source of radiopharmaceutical revenue) 11C-Cholin - carbocholine A radiotracer used in the diagnosis of prostate cancer, its metastases, as well as hepatocellular carcinoma (HCC). Development work was completed in July 2016 with the issuance of a marketing a
Slide 51: Types of radiotracers
Types of radiotracers V- NaF - Sodium fluoride (18F) is a radiopharmaceutical for the diagnosis of cancer metastases to bone, as well as other lesions resulting in active bone remodeling. 18F-FDOPA is a product used in the diagnosis of Parkinson's syndrome and other neurological disorders. FCH (fluo
Slide 52: New radiopharmaceuticals
New radiopharmaceuticals FCH (Fluorocholinum (18F)) GAL-68 In 2020, Voxel received marketing authorization for the medicinal product FCH (Fluorocholinum (18F)). The active ingredient in this medicinal product is used in PET-CT tests in particular for the diagnosis of prostate cancer. Benefits to Vox
Slide 53: New grant contract
New grant contract radiopharmaceutical product for the diagnosis of Project: Conducting research and development works of a ARENA BADAN MEDYCZNYCH prostate cancer and neuroendocrine tumors January 2023 - as a result of a competition for the design and development of innovative solutions in the area
Slide 54: Innovative therapies and diagnostics
Innovative therapies and diagnostics Localized therapies a Voxel * Localized therapies are minimally invasive procedures under CT, MR and PET guidance. Procedures that require precise needle or electrode insertion for biopsy, thermoablation, neurolysis, targeted drug delivery. Alteris has a portfoli
Slide 55: Modern SPECT tests and therapies
Modern SPECT tests and therapies The DaTSCAN test is used to detect the loss of nerve cells in an area of the brain known as the striatum, particularly dopamine-releasing cells. Radiosynovectomy - an indication for treatment: * rheumatoid or psoriatic arthritis, ~ * exudative arthritis in the course
Slide 56: Details of isotope testing and therapy
Details of isotope testing and therapy ISOTOPIC TREATMENT OF PAINFUL CANCER METASTASES TO BONE TREATMENT OF BENIGN THYROID DISEASES WITH RADIOACTIVE IODINE RADIOSYNOVECTOMY Isotope treatment with strontium Sr89 or samarium Sm153 is a method of reducing pain caused by cancer metastasis to the bone. T
Slide 57: Future technologies in diagnostics and therapy (1)
Future technologies in diagnostics and therapy (1) Theranostics Voxel has entered into contracts with 2 leading scientific and research institutions on the basis of which a center will be established to develop and implement new isotope technologies. The goal of the research is to first introduce tr
Slide 58: Future technologies in diagnostics and therapy (2)
Future technologies in diagnostics and therapy (2) Voxel is conducting a project with a leading artificial intelligence (Al) systems software developer to bring to market automated analysis of radiological tests and detection of anatomical abnormalities based on CAD (computer aided diagnostic) syste
Slide 59: Investment in development (R&D)
Investment in development (R&D) Investments in radiotracers Target: to be able to offer new nuclear medicine tests and therapeutic procedures, utilizing the capabilities of own cyclotron and know-how. The value of capitalized R&D costs in 9M23 amounted to PLN 0.6 M. Voxel alters 59
Slide 60: National Health Fund contract details
National Health Fund contract details 1x Magnetic Resonance June 30", 2024 Dolnosiaskie 2 x Computed Tomograph’ June 30", 2024 Kujawsko-Pomorskie 1x Magnetic Resonance December 31, 2023 1x Computed Tomography December 38, 2023 Lubelskie 1x Magnetic Resonance June 30", 2024 Lédzkie 1x PET-CT August 3
Slide 61: Settlement method with the National Health Fund
Settlement method with the National Health Fund Limits The National Health Fund has 16 branches, each of which is responsible for the budget in a given province. Financial limits are set for individual services for a given period within the framework of the approved financial plan. Within the framew
Slide 62: Impact of PET-CT overlimits on financial statements
Impact of PET-CT overlimits on financial statements Profit and loss statement Before approval by the National Health Fund The Company bears the cost of the tests performed on an ongoing basis, including those over the limit. It therefore estimates the revenue due to it in accordance with the princip
Slide 63: Impact of financial loans on the report
Impact of financial loans on the report Profit and loss statement Balance sheet Cash flow statement Financial loans costs are recognized in two places in the profit and loss statement: depreciation of purchased equipment is a cost by nature (shown in cost of sales), the cost of financing is shown in
Slide 64: Impact of IFRS
Impact of IFRS 16 As of 2019, both the Company and the Group apply the IFRS 16 standard. Balance sheet Increase in fixed assets by the amount of valued and discounted rental values. Creation of a lease liability on the side of liabilities. P&L Statement P&L Statement Rents are replaced by depreciati
Slide 65: Impact of applying IFRS 16 Leases
Before After cr [change | changes | S2°9* Statement of financial position as of September 30", 2023 Impact of applying IFRS 16 Leases poperty. plant and equipment 215.0 266.5 ae Due to the application of IFRS 16 - - Leases, both the values of assets Liabilities under finance leases 14.2 68.6 54.4 ye
Slide 66: Voxel Group and the macroeconomic situation
Voxel Group and the macroeconomic situation Voxel Group's strengths in the context of the current economic situation: provision of medical services and projects for health care units - the medical services sector is one of the least vulnerable to economic downturns and GDP declines, increasing healt
Slide 67: Voxel Group activities
Voxel Group activities The Group's activities in response to the economic downturn: Analysis and control of costs, including administrative costs, to reduce/stabilize their level, Reducing debt and debt service costs, Financing expenditures as far as possible with own funds and under existing loan a
Slide 68: Voxel Group's quarterly profit and loss account
Voxel Group's quarterly profit and loss account (THD PLN) Sales revenue i716. 1079141 937320 1292979 999156 761197 986444 1401217 967865 100.894.2| 127 9366 Prime sales costs 837031 74427.7 743264 825420 770699 614599 690049 1089364 67540.0 710897 | -88 748.9 Gross profit on sales 28013.4 334864 194
Slide 69: Voxel Group's cumulative profit and loss account
Voxel Group's cumulative profit and loss account Sales revenue IN716.5 2196306 3133626 4426605 999156 1760353 2746797 4148014 967865 197 680.7 | 325 6173 Prime sales costs 837031 1581308 232457.2 3149992 77069.9 138529.8 2075347 3164711 67540.0 138 629.7 | 227 378.6 Gross profit on sales 28013.4 614
Slide 70: Stockholder structure
Stockholder structure Number of stocks : 10 502 600 Number of votes : 13 502 700 Voxel Voxel Other International International stockholders Sarl. Other Sar. 41.5% 37.4% stocnorcers 51.3% -_, ~~ Allianz PZU TFI PZU TFI by, 14.6% 11.4% °: fo 70
Slide 71: Glossary of terms used
Glossary of terms used Term Definition Medical entity Magnetic resonance Computed tomography PET-CT SPECT Gamma Knife Radiopharmaceuticals Overlimit services (overlimits) Backlog According to the Law on Therapeutic Activity, these include an entrepreneur, an independent public health care facility,
Slide 72: Alina Krupa, Chief Financial Officer
@| Alina Krupa Chief Financial Officer e-mail: a.krupa@voxel.p| 72