Embla Medical Hf · OMXCOP:EMBLA
Embla Medical Hf — Embla Medical — Q3 2026 Earnings Presentation
78 slides from Embla Medical Hf's earnings presentation, Oct 20, 2026
Slide 1: Q3 2026 Investor Road Show Presentation
A leading global provider of innovative mobility solutions Q3 2026 Investor Road Show Presentation October 20, 2026 0
Slide 2: Q3 2026 Business update and financial performance
Q3 2026 Business update and financial performance 1
Slide 3: Disciplined cost control helped maintain a 22% EBITDA margin in Q3 2026
Disciplined cost control helped maintain a 22% EBITDA margin in Q3 2026 despite lower-than-expected sales growth in the quarter Q3 and 9M 2026 Performance Operations Outlook / SBB Q3 Organic sales growth 9M Organic sales growth Patient Care status 2026 Guidance narrowed ▪ Sales performance has been
Slide 4: Solid sales growth driven by Prosthetics & Neuro Orthotics, with strong performance in EMEA
Solid sales growth driven by Prosthetics & Neuro Orthotics, with strong performance in EMEA APAC Q3: -2% Americas Q3: +0% 18% 14% 5% 20 20 20 19 19 9% 9% 104 107 105 105 3% 89 3% -2% 0% 0% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 EMEA Q3: +8% Sales (USDm) % Organic growth Sales (U
Slide 5: Solid sales growth in Prosthetics & Neuro Orthotics driven by EMEA
Solid sales growth in Prosthetics & Neuro Orthotics driven by EMEA, with flat sales in Americas and softer performance in Asia % of total sales in Q3 2026 Year-to-date sales Year-to-date growth Highlights ▪ EMEA: Solid sales growth in EMEA, supported by strong contributions from Ukraine and other ne
Slide 6: Bracing sales grew moderately, supported by Americas and APAC
Bracing sales grew moderately, supported by Americas and APAC, while competitive pressure continued in Europe % of total sales in Q3 2026 Year-to-date sales Year-to-date growth Highlights ▪ Continued solid execution in Americas and APAC offset by unfavorable channel dynamics in Europe. Headwinds rem
Slide 7: Patient Care sales were flat in Q3 as integration efforts weighed on growth
Patient Care sales were flat in Q3 as integration efforts weighed on growth, while profitability continued to improve % of total sales in Q3 Year-to-date sales Year-to-date growth Highlights ▪ EMEA: Sales returned to growth with solid 30% performance across most markets, partly offset by softness in
Slide 8: EBITDA margin remained at 22% in Q3
EBITDA margin remained at 22% in Q3, as cost control and stronger profitability in Patient Care offset a lower gross profit margin in P&NO Gross Profit and Gross Profit margin Highlights USD million ▪ Gross Profit: Gross profit margin was 62% vs 63% in Q3’25. Softer than expected sales growth in P&N
Slide 9: Solid free cash flow in Q3 supported by strong operating results
Solid free cash flow in Q3 supported by strong operating results and moderate CAPEX, partly offset by timing of NWC investments Capital expenditures and % of sales Free cash flow and % of sales Net Interest-Bearing Debt and Leverage USD million USD million USD million 42 8 8 38 460 459 7 31 31 6 439
Slide 10: 2026 Outlook narrowed
2026 Outlook narrowed ~5% organic sales growth. ~21% EBITDA margin. Guidance as of Guidance as of 9M 2026 Oct 20 2026 July 21 2026 Sales growth ~5% 5% 5-7% Organic EBITDA margin Before special ~21% 21% 20-22% items For modeling purposes: Special items None None None In USD million CAPEX 2-3% 2% 3-4%
Slide 11: About Embla Medical
About EmblaEmbla About Medical Medical AA leading leading global provider of innovative mobility solutions global provider of innovative mobility solutions 10
Slide 12: Embla Medical
Embla Medical A global leader in innovative mobility solutions that help people live a Life Without Limitations® Founded in 1971 by Össur Developer & manufacturer Commercial in around ~40 Innovation-driven: USD Kristinsson, who was a of mobility solutions and markets with around 4,500 ~50m in R&D in
Slide 13: Our Equity Story
Our Equity Story A global leader in Well-positioned to capitalize on the growing shift toward innovative mobility advanced bionic solutions, reinforcing our role as a leading patient-focused O&P provider across the entire value chain solutions Reimbursement-backed, highly recurring business model* w
Slide 14: We operate in an attractive and sticky niche industry
We operate in an attractive and “sticky” niche industry supported by long-term sustainable growth trends Trends impacting volume growth, pricing and improved product mix Aging and more Improved Better access active population treatments to Healthcare Empowered Cost effective Digitalization patients
Slide 15: Unlocking a larger playing field as an increasingly patient driven organization
Unlocking a larger playing field as an increasingly patient driven organization operating across the entire value chain Transitioning from being a product company to Our Growth’27 Strategy become an increasingly patient-centric organization O&P Growth Drivers Continuity Growth Patient Innovative O&P
Slide 16: Vision and mission
OUR VISION To enable Life Without Limitations OUR MISSION We Improve People‘s Mobility 15
Slide 17: Embla Medical across regions and business areas
Embla Medical across regions and business areas Transitioning to become an increasingly patient-centric 90% of today’s sales are generated in Developed Markets with established organization leveraging our highly synergistic businesses reimbursement systems. However Emerging Markets represent +80% of
Slide 18: Embla Medical has opportunities for further growth in key markets
Embla Medical has opportunities for further growth in key markets Prosthetics Neuro Orthotics Bracing & Supports Patient Care Americas ~2bn ~500m ~3bn ~15bn EMEA Market size USD USD USD USD APAC Market growth 6-8% 10-12% 2-3% 3-5% Market share ~25% ~6% ~5% ~2% Embla Medical 17 Source: Embla Medical
Slide 19: Embla Medical manufacturing locations
Embla Medical manufacturing locations ▪ Manufacturing of advanced prosthetic solutions, including Bionics, takes place in Iceland and Poland ▪ Manufacturing of most other prosthetics solutions, components and premium bracing solutions takes place in the U.S. and Mexico ▪ Manufacturing of soft goods
Slide 20: We will continue to build on a solid foundation
We will continue to build on a solid foundation Listed on the Stock Expands into B&S with Acquires Acquires Acquires Majority investment in Exchange acquisition of Royce Touch Bionics and Naked Fior & Gentz Streifeneder Medical Medi Prosthetics Prosthetics ortho.production 1971 1999 2000 2005 2013 2
Slide 21: Business segments
Business segments 20
Slide 22: Prosthetics
Prosthetics Prosthetics P&NO Sales Performance Business Characteristics We develop, manufacture and 13% commercialize non-invasive Prosthetics 478 Organic Sales 416 10% Growth Fitting rates are increasing but today only 1/3 of new amputees are fitted USDm 361 9% with prosthetics 316 Avg. Market Grow
Slide 23: Prosthetics: strong brands and growth drivers
Prosthetics Strong brands Main causes for amputations Lower Extremity Amputations Upper Extremity Amputations Vascular diseases Trauma Trauma Other (cancer, war, Other Phocomelia) More than 850k new major More than 25k new upper limb lower limb amputees per year amputees per year What is driving gro
Slide 24: Only 30-40% of all new leg amputees are fitted with prosthetic solutions
Only 30-40% of all new leg amputees are fitted with prosthetic solutions >850,000 30-40% Above knee ~50% New major lower limb of new leg amputees are Level of amputees per year fitted with prosthetic solutions amputation Below knee ~50% Western World ~200,000 Western World 40-60% Emerging Markets ~6
Slide 25: From simple to powered, intelligent and energy efficient Bionic solutions
From simple to powered, intelligent and energy efficient Bionic solutions Mind-controlled prosthetics $ 40,000 Bionic feet and knee solutions $ 10,000 Bionic feet solutions VALUE Functional $ 8,000 High-end mechanical feet solutions Trade-Up $ 2,000 Mechanical feet solutions $ 70 Cosmetics, wooden l
Slide 26: Leading prosthetic brands serve an amputee population needing renewals and upgrades
Our leading prosthetic brands serve an amputee population that needs maintenance, renewals, and upgrades of their prosthesis Above 70-80% of prosthetic component sales are recurring sales to existing patients 25
Slide 27: The Bionic MPK market continues to develop favorably
The Bionic MPK market continues to develop favorably driven by innovation, functional trade-up and regional coverage expansion First proto-types and Commercial models High Active maturation Mainstream (SoC) Classification of functional/activity levels Reimbursement Regional expansion + Global expans
Slide 28: Market Trends and Growth Drivers in prosthetics
It’s our ambition to serve more people for profitable growth by strengthening our position as a leading provider and innovator of Bionics What are the current Market Trends ... and how do we act on these? and Growth Drivers in prosthetics? Reimbursement Demand for more efficiency and Market Trends o
Slide 29: Össur MPK Portfolio: Stronger Together
Össur MPK Portfolio: Stronger Together OFFER INNOVATION, REACH MORE PATIENTS Offer different value to customers & patients Greater revenue opportunity Grow market share Value & Price Rheo Knee® Navii® Power Knee Proven solution. Expand your world. Preserve mobility. Great value for Premium benefits
Slide 30: Navii User Profile
Navii User Profile For users that do not want to be inhibited by their prosthesis to explore new places. No boundaries. Best solution for all of life‘s activities. For everyone. For every step. ▪ Natural and light movement ▪ Rugged and durable to withstand everyday life and adventure ▪ Participation
Slide 31: US Medicare Expands Access to Advanced Bionics for K2 patients
US Medicare Expands Access to Advanced Bionics for K2 patients Coverage Expansion Key Facts ▪ The Big Takeaway: Less-mobile patients get access to microprocessor-controlled knees (MPKs) ▪ Why? Clinical research shows MPKs provide significant benefits to less-mobile amputees ▪ Secondary Benefit: Less
Slide 32: A Mid-to-Long-Term Growth Opportunity
A Mid-to-Long-Term Growth Opportunity Breakdown of Embla Medical sales today related to Bionics (2025 figures) 8% Revenue Regional Bionics sales +25% 33% 43% USD 929m P&NO split Americas (US +90%) % of Prosthetics Bionics (2025) Bracing & Support EMEA 51% (2025) (2025) ~75% Other prosthetics Patient
Slide 33: Expanding US Medicare coverage to K2 patients
Expanding US Medicare coverage to K2 patients represents a Mid-to-Long-Term Growth Opportunity for Embla Medical Classification of functional levels for prosthetic users Today Medicare accounts for ~30% of the revenue of an avg O&P facility in the US K2 and K3 patients account for the majority of Me
Slide 34: Neuro Orthotics
Neuro Orthotics Attractive Profitable Growth Business Characteristics Innovative orthotic joints “Above” market growth Complementary product offering with compelling commercial +14% synergies Market Growth 10-12% USD USDm 23m “Sticky business” offering up to ~80% in recurring sales 2021 2022 2023 20
Slide 35: Video demonstrating a Cerebral Palsy patient before and after
Video demonstrating a Cerebral Palsy (CP) patient before and after Before After 34
Slide 36: Neuro Orthotics: untapped market in chronic neurological disorders
Neuro Orthotics Untapped market in Chronic neurological disorders Stroke Multiple sclerosis Cerebral Palsy Spinal cord injuries 1 in 4 adults will have a 2.9m 2 in a 1,000 live births 15m stroke in their life 1 (globally)3 will have CP5 (globally) 6 Neuro Orthotics penetration rates across indicatio
Slide 37: Neuro Orthotic market maturity is a decade behind prosthetics
The maturity of the Neuro Orthotic Market is likely more than a decade behind prosthetics, both in terms of offering and awareness The Neuro Orthotic evolution: From simple non-functional plastic orthoses to powered, intelligent and energy efficient Bionic solutions Anticipated Low function High fun
Slide 38: Bracing & Supports
Bracing & Supports B&S sales performance Business Characteristics Targeting acute patients recovering from fractures, ligament injuries or patients suffering from Osteoarthritis 148 148 147 USDm Avg. Market USD 3bn market growing annually 2-3% 3% Growth 2% ~2-3% 1% Organic Sales 143 Growth Primary M
Slide 39: Bracing & Supports offerings
Bracing & Supports Our Bracing & Supports offerings Osteoarthritis (OA) Temporary/Acute injury solutions Solutions designed to enhance quality Solutions designed for people recovering from fractures, of life, reduce pain, and improve ligament injuries or for those in need of post-operative mobility
Slide 40: Bracing Simplified strategy
Bracing Simplified strategy Customer Product Identity Responsibility Convenience Confidence Be the trusted Reduce Provide our partners Reduce our footprint partner for our complexity with a simplified and and that of our customers for our partners strong portfolio partners ▪ Sales enablement ▪ Curat
Slide 41: Patient Care
Patient Care Patient Care sales performance Business Characteristics 8% Global network of leading O&P facilities 306 294 5% Patient Care represent a market valued 280 4% Avg. Market at USD ~15bn globally with Embla ~3-5% Growth holding ~2% MS USDm 260 Organic Sales Growth 1% Clinics staffed by exper
Slide 42: Patient Care Indications
Patient Care Our Primary O&P focus: Patients with chronic mobility challenges Patients with chronic mobility challenges Non-Chronic Lower Limb Upper Neurological Other Chronic Acute injury, amputations Limb Disorders disabilities fracture, etc. Stroke, Multiple Sclerosis, Indications Vascular diseas
Slide 43: Creating value for O&P Clinics
Creating value for O&P Clinics O&P Clinic P&L in Potential Relative time to the US** impact impact Key trends in O&P Increased Sales Clinics calling for new Reach more patients through clinically proven 100% innovative solutions ways of working Lower Cost of Goods and Technical Labor CPO shortage* C
Slide 44: O&P services strengthens Embla Medical as a business partner
O&P services is an offering that strengthens Embla Medical as a business partner Service offering Key benefit Service offering Key benefit Outsourced fabrication Patient outcomes Reimbursement Reduced need for justification and ▪ Central fabrication manpower and floor ▪ PRO App optimal product space
Slide 45: Emerging Markets
Emerging Markets 44
Slide 46: Emerging Markets represent +80% of new amputee volume worldwide
Emerging Markets represent +80% of the new amputee volume worldwide ... Emerging Markets only make up ~10% of Emerging Markets represent a material growth Embla Medical’s current sales contributor with ample room for further growth Embla Medical EM sales growth across Addressable Market in mobility
Slide 47: Less than 20% of new amputees in Emerging Markets are fitted
Less than 20% of new amputees in the Emerging Markets are fitted with a prosthesis - in some regions it is as low as 5% What are the challenges and opportunities in Emerging Markets? ... and how do we act on these? ▪ Lack of access to adequate healthcare Our Growth Region strategy is built around th
Slide 48: Emerging Markets are maturing at different pace
Emerging Markets are maturing at different pace with most markets still offering very limited Reimbursement - if any... Comparison of selected prosthetic markets and regions Developed Markets Developed markets Bubbles Emerging Markets represent ▪ Direct sales in most developed and relative est. matu
Slide 49: Different markets different needs
Different markets different needs - How our portfolio is positioned to fit local EM demands Extending our portfolio into the value segment will help Majority investment in Streifeneder will enable us to expand build attractive offerings tailored for Emerging Markets our reach in Emerging Markets as
Slide 50: Case: India as a pilot market for private pay
Case: India as a pilot market for private pay India Market Characteristics Untapped market with meaningful upside potential ▪ Existing amputee population estimated to be 8-9m people (2/3 lower limb and 1/3 from upper limb)1 ▪ Estimated 5-15% getting fitted with some sort of prosthesis in India today
Slide 51: Case: India as a pilot market for private pay
Case: India as a pilot market for private pay India Market Dynamics Our mission to unlock the potential in India Turn current “limitations” into “liberations” + Fast growing market (+12%) driven by volume Addressing the key limiting factors of Access, Awareness, and + Private Pay Market with strong
Slide 52: Case: Ukraine, serving a huge unmet need in a conflict zone
Case: Ukraine, serving a huge unmet need in a conflict zone Ukraine Market Characteristics Iceland Supports Mobility in Ukraine initiative Sharp increase of amputees in Ukraine since 2022 due to ongoing war; Est. 50k-100k new amputees1 Vast majority of amputees are young men in the early stage of th
Slide 53: Case: Ukraine, serving a huge unmet need in a conflict zone
Case: Ukraine, serving a huge unmet need in a conflict zone Strengthening our local presence while securing Ukraine Market Dynamics funding will be key in Ukraine + Acceleration in number of amputations in the early stage of “productive age” increasing the need for advanced bionics Scale-up Establis
Slide 54: Case: Ukraine, serving a huge unmet need in a conflict zone
Case: Ukraine, serving a huge unmet need in a conflict zone Delayed fittings of new amputees due to insufficient clinical capacity and infrastructure creates a substantial fitting backlog for young amputees with a lifelong need for advanced prosthetic devices Illustrative Capacity in clinical servic
Slide 55: Stories from the frontline
Stories from the frontline Vlad survived the brutal occupation of his hometown, Izyum, escaping by bicycle through more than 70 km of contested territory. He volunteered for service, fought in multiple regions, and in November 2023 suffered a sniper wound. While trying to evacuate himself, he hit an
Slide 56: R&D and Innovation
R&D and Innovation 55
Slide 57: Key facts on R&D
Key facts on R&D | We nurture a spirit of Innovation We have a highly skilled and diverse R&D team, Our R&D teams are distributed across HQ and six satellite sites driven by a passion to make a change Main R&D Center, Helping patients “Enable Life Without Limitations” Reykjavík, Iceland Fior & Gentz
Slide 58: Driving Innovation at Embla Medical: key building blocks
Driving Innovation at Embla Medical | 5 key building blocks WHAT: Our Innovation Focus To ensure that R&D efforts address the highest priority needs of our patients and clinicians, thereby also aligning with and supporting our business priorities HOW: Our Engineering Practices HOW: Our Operating Mod
Slide 59: Technology leadership reflects substantial long-term R&D investment
Our technology leadership reflects substantial long-term R&D investment, with further meaningful expansion anticipated as the business grows Over the past 5 years R&D investments totaled USD 190m and is expected Around 2/3 of R&D spend is used on product development, mainly to expand further by ~50%
Slide 60: Better and more impactful innovation
Better and more impactful innovation... Selection of flagship launches in recent years Contribution from innovation has increased significantly The impact of our innovation is increasing constantly Today, +25% of sales are generated from innovation launched less than 5 years ago Power Knee Gen 3 Pro
Slide 61: Six Innovation Territories
Our research and technology development is focused on six Innovation Territories Established Innovation Territories Acceleration Innovation Territories Areas where we currently lead in the market, Areas where we will accelerate our development and representing our core strengths and proven technolog
Slide 62: Strong innovation capabilities, proprietary IP, and direct patient access
Strong innovation capabilities, proprietary IP, and direct patient access position Embla Medical well to capture value from emerging mobility technologies 3 Neural integration → Biological fusion When prosthetics can function as fully integrated Illustrative progression of user functionality/embodim
Slide 63: Our Innovation Model
Our Innovation Model New product development happens along several stages New product development follow a clear stage gate process from Ideation to Market Launch A product development cycle will typically take anywhere from 1-2 years up to 5-6 years, depending on complexity Ideation Product Concept
Slide 64: Breadth of our innovation pipeline and launches
The breadth of our innovation pipeline and launches have never looked stronger supported by exciting advancements in our Bionics portfolio G1 G2 G3 G4 G4.1 Technology Product Business Product Final Audit & Commercial launches Examples of programs under development Exploration Concept Case Acceptance
Slide 65: Embla Medical and Sustainability
Embla Medical and Sustainability 64
Slide 66: Our Sustainability Commitment
Our Sustainability Commitment ▪ We provide products and services that contribute to good health, using responsible production methods and supporting climate action, while being a sponsor for inclusivity and transparency. Responsible for Responsible for our environmental enhancing the ▪ We believe th
Slide 67: Our Environment
Our Environment Responsible for our environmental impact Climate Change Resource Use and Pollution Circular Economy We have set science - We are taking initial We are committed to based targets and are steps towards circular responsible actively working solutions to reduce the manufacturing practice
Slide 68: Our People
Our People Our People Responsible for enhancing the social well-being of our people & communities Own Workforce Workers in the Customers and Value Chain End-Users We prioritize health & We collaborate with We have a positive safety, equal suppliers across our impact on our opportunities, and global
Slide 69: Our Business
Our Business Our People Responsible business leading with integrity and transparency Business Conduct We adhere to our We do not authorize Our Speak-Up Line Code of Conduct, nor tolerate any is available 24/7 to grounded in our business practice that anyone wishing to core values of violates anti-br
Slide 70: Climate targets validated by the Science Based Targets initiative
69 Q EMBLA MEDICAL’ O EMBLA MEDICAL™ CLIMATE TARGETS VALIDATED by the Science Based Targets initiative SCIENCE RUSINSS 1.5°C BCS < TARGETS DRIVING AMBITIOUS CORPORATE CLIMATE ACTION.
Slide 71: Climate Actions & Science-Based Targets
Climate Actions & Science-Based Targets Progress 2025 Scope 1&2 Emissions Target: Scope 3 Emissions Target: ▪ Reduce absolute emissions by 79% by 2030 from 2019 baseline year ▪ Reduce absolute emissions by 25% by 2030 from a 2021 base year Status 2025: 68% Reduction (2024: -65%) Status 2025: 1% Incr
Slide 72: Financials
/ OEMBLA MEDICAL Financials
Slide 73: Strong track record of delivery in line with Growth'27 strategy
Strong track record of delivery in line with Growth’27 strategy Sales and organic growth Growth’27 Financial Ambitions USD million Guidance* 9% Sales Growth 929 855 786 719 6% 6% 4% ~5% 7-10% = 5 - 7 % + 2 - 3 % LCY growth organic growth acquisitive growth p.a. on average p.a. on average p.a. on ave
Slide 74: Our business mix is changing
Our business mix is changing Increased focus on chronic mobility challenges ▪ Strong organic growth and acquisitions in both Prosthetics & Neuro Orthotics and Patient Care ▪ Divestments of Gibaud and B&S sales entities 33% 16% 27% 33% 51% 41% 2019 2020 2021 2022 2023 2024 2025 Prosthetics & Neuro Or
Slide 75: We have an increasingly scalable infrastructure
We have an increasingly scalable infrastructure Category Scalability Key drivers impacting profitability ▪ Scalable manufacturing platform COGS High ▪ Centralized procurement (strategic sourcing) ▪ Consolidation of our foot print with fewer locations ▪ Implementation of a new CRM platform ▪ Growing
Slide 76: Numerous opportunities to increase the EBITDA margin
We have numerous opportunities to increase the EBITDA margin ILLUSTRATIVE Increase profitability in Patient Care, as margins are temporarily impacted as we invest to grow Average Sales Price Acquisitions of small- to (ASP) increase and unit medium-size companies cost normalization Product mix and ou
Slide 77: History of strong cash flow generation
Embla Medical has a history of strong cash flow generation 140 300% Free cash flow 120 100 200% 80 FCF USD million 60 100% ~85% of EBIT 40 20 on average - 0% 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net int
Slide 78: Contact our Investor Relations
Contact our Investor Relations Financial calendar and events October 20 2026 Interim Report Q3 2026 October 20 2026 Q3 2026 Presentation & Q&A, virtual (HC Andersen Capital) October 20 2026 Q3 2026 Investor Road Show, Copenhagen (Danske Bank) October 21 2026 Q3 2026 Investor Road Show, Helsinki (ABG