Slide 1: Interim Report Q1 2025 Earnings Call
INTERIM REPORT Q1 2025 EARNINGS CALL 2025-04-29 – TUESDAY APRIL 29, 2025
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: Maria Forss, President and CEO; Jacob Thordenberg, CFO
MARIA FORSS/ PRESIDENT AND CEO JACOB THORDENBERG / CFO 3
Slide 4: Agenda April 29, 2025
Agenda April 29, 2025 Summary Group Financial Performance Business Areas Performance Q&A 4
Slide 5: Summary
Summary a 2
Slide 6: Q1: Significant Events and Business Highlights
Q1: Significant Events and Business Highlights • Life Science Solutions and Bioprinting showed growth thanks to commercial and operational excellence primarily in CELLINK and SCIENION • Project business Lab Automation impacted by fewer project starts and closures in combination with a high compariso
Slide 7: Q1 2025 Highlights
Q1 2025 Highlights CASH FLOW FROM NET SALES ADJUSTED EBITDA OPERATING ACTIVITIES SEK 389m SEK -12m SEK 77m ADJUSTED EBITDA ORGANIC GROWTH NWC/LTM SALES MARGIN -19% -3% 12% All numbers in this report refer to continuing operations if not otherwise stated. Ginolis and Nanoscribe have been classified a
Slide 8: Market Development and Sales per Geography
Market Development and Sales per Geography North Asia America Europe 13% (4) 55% (69) 30% (26) Rest of the Market Development world 2% (1) • Continued uncertain macro-economic dynamics • Accelerating commercial initiatives • Gain market shares: Asia, India, and further strengthen presence in Europe
Slide 9: Measures in a volatile macro environment
Measures in a volatile macro environment • Tariff task force established • Adjusted manufacturing sites to have readiness for future scenarios back in 2024 • Moved a majority of the manufacturing out of China • Adjusted logistic routes • The outsourcing strategy considers suppliers with global footp
Slide 10: After the Quarter: Signed agreement to divest MatTek and Visikol
After the Quarter: Signed agreement to divest MatTek and Visikol • MatTek is a market-leading provider of 3D microtissue models and primary cells for in-vitro testing • Visikol specializes in advanced imaging and digital pathology • The divestment follows BICO’s updated strategy with focus on lab au
Slide 11: BICO's current business areas
BICO’s current business areas LAB AUTOMATION LIFE SCIENCE SOLUTIONS BIOPRINTING 11
Slide 12: New business areas from Q2 2025
New business areas from Q2 2025 LAB AUTOMATION LIFE SCIENCE SOLUTIONS 12
Slide 13: First-choice Lab Automation Partner and Provider of Selected Workflows
Be the First-choice Lab Automation Partner and Provider of Selected Workflows to Pharma and Biotech. LIFE SCIENCE LAB AUTOMATION SOLUTIONS 13
Slide 14: BICO's operating model: an operationally integrated group
BICO’s operating model: an operationally integrated group • BICO 2.0 also involves an updated operating model to achieve improved commercial and operational efficiencies • Move from a decentralized structure into an operationally integrated group • Global harmonized functions e.g., HR, marketing, IT
Slide 15: Financial Performance
Financial Performance 15
Slide 16: Sales Development (SEKm)
Sales Development (SEKm) SEK m 600 -17%* 571 • Sales amounted to SEK 389m and 500 470 480 generated negative organic growth of 19 percent 425 389 • Q1 is a seasonally soft quarter 400 • Life Science Solutions and Bioprinting showed growth in sales 300 • Lab Automation declined due to fewer project s
Slide 17: Adjusted EBITDA (SEKm) and Margin (%)
Adjusted EBITDA (SEKm) and Margin (%) SEK m % 160 30 142 140 25% 25 120 • Adjusted EBITDA SEK -12m in Q1 20 i.e., a margin of -3 percent 100 86 • Despite decline in sales, 80 15 adjusted EBITDA in line with Q1 2024 due to the positive 46 8% development in Life Science 60 10 Solutions and Bioprinting
Slide 18: Q1: Cash Flow and Financial Position
Q1: Cash Flow and Financial Position • Cash flow from operating activities, SEK 77m • This includes a positive effect from changes in working capital of SEK 126m • Operating receivables decreased by SEK 165m • Inventories increased by SEK 18m • Operating liabilities decreased by SEK 20m • Total cash
Slide 19: Development in Net Working Capital between Q1 2024 and Q1 2025
Development in Net Working Capital between Q1 2024 and Q1 2025* SEKm 1,400 40.0% • Between Q1 2024 and Q1 2025, NWC decreased from SEK 402m to SEK 227m 1,050 30.0% • Main drivers include: 22.5% • WC Liabilities decreased by 700 19.8% 20.5% 20.0% 19.3% SEK 40m WC Liabilities 458 Other Receivables • I
Slide 20: Business Areas Performance
Business Areas Performance 20
Slide 21: Lab Automation, Q1 2025
Lab Automation, Q1 2025 Rolling 12 months Net sales and adjusted EBITDA margin 94 -58 NET SALES ORGANIC GROWTH SEK m % -3 -3 ADJUSTED EBITDA ADJUSTED EBITDA SEK m MARGIN % 21
Slide 22: Life Science Solutions, Q1 2025
Life Science Solutions, Q1 2025 Rolling 12 months Net sales and adjusted EBITDA margin 191 4 NET SALES ORGANIC GROWTH SEK m % -11 -6 ADJUSTED EBITDA ADJUSTED EBITDA SEK m MARGIN % 22
Slide 23: Bioprinting, Q1 2025
Bioprinting, Q1 2025 Rolling 12 months Net sales and adjusted EBITDA margin 105 41 NET SALES ORGANIC GROWTH SEK m % 15 14 ADJUSTED EBITDA ADJUSTED EBITDA SEK m MARGIN % 23
Slide 24: Q&A
Q&A 24
Slide 25: 2025-04-29
2025-04-29
Slide 26: Financial Calendar and Contact
Financial Calendar Contact MAY 8, 2025 MARIA FORSS, CEO AND PRESIDENT JACOB THORDENBERG, CFO 2025 Annual General Meeting BICO GROUP AB BICO GROUP AB Phone: EA Isabella Lundin, +46 735 15 99 64 Phone: +46 73 534 88 84 E-mail: mf@bico.com E-mail: jt@bico.com AUGUST 19, 2025 Interim Report Q2, 2025 NOV
Slide 27: 2025-04-29
2025-04-29