Slide 1: Interim Report Q3 2025
Interim Report Q3 2025 OCTOBER 23, 2025
Slide 2: Continued improvement in margins and profit
Continued improvement in margins and profit • Significant EBITA margin improvement in both business areas Labtech 11.2% (8.9%) Medtech 11.6% (10.7%*) • Healthy customer demand, currency adjusted sales increased by 7%; organic growth was 6% and acquired growth was 1% Strong growth in Labtech, 9
Slide 3: Solid revenue and EBITA growth Q3
Solid revenue and EBITA growth Q3 Revenue growth Q3 EBITA* growth Q3 7% 1% 25% 6% 6% 3% 20% 5% 17% 17% -3% 4% 15% 4% -3% 3% 10% 2% 5% 1% 0% 0% Acquired growth Total growth Acquired growth Total growth Organic growth Exchange rate effect Organic growth Exchange rate effect • Organic and acquired reve
Slide 4: Profit & Loss Q3 – strong profit growth
Profit & Loss Q3 – strong profit growth Profit before tax Q3-25 vs Q3-24 120 • Sales growth, +4% 18 111 110 Organic growth +6% 100 3 4 Acquired growth +1% 90 9 80 32 3 • Stable gross margin 70 60 • Opex; strong cost control and positive impact from Camanio closure 50 42 40 • EBITA margin 11.1% (
Slide 5: Positive development of EBITA margin
Positive development of EBITA margin EBITA margin %* 13,0% 12,5% 12,0% YTD 11,9% • EBITA growth Q3 2025 +17% 11,5% • Labtech margin: 11.2% (8.9) 11,0% 11,1% FY 11,3% 10,5% • Medtech margin: 11.6% (10.7*) 10,0% FY 10,5% 9,9% 9,8% 9,5% 9,0% • YTD EBITA margin: 11.9% (11.0*) Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 6: Accumulated operating cash flow improving
Accumulated operating cash flow improving Operating cash flow per quarter Operating Cash flow and Cash conversion 700 1400 140% 131% 600 1200 118% 120% 500 1000 100% 94% 92% 89% 400 800 79% 80% 80% 76% 70% 72% 300 600 60% 200 400 40% 138 137 145 100 200 20% 0 0 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 20
Slide 7: Cash flow Q3
Cash flow Q3 • Operating cash flow SEK 145m (137) • Working capital SEK -143m (-73) • Inventory vs revenue stable. Slight increase in preparation for expected strong Q4 sales • Increased A/R due to strong end-of- quarter sales. Somewhat slow collection due to vacation period • Acquisitions relate to
Slide 8: Change of net debt
Change of net debt Change net debt 4 900 • Majority of loan in EUR – limited Fx 4 873 impact in the quarter 4 850 - 35 32 4 821 - 16 4 800 - 33 4 750 4 700 4 650 4 600 Fx Cash Net debt Q3-25 Net debt Q2-25 Leasing, earn-out, etc Loan Net debt include: bank loan + leasing liabilities + contingent con
Slide 9: Net debt and leverage
Net debt and leverage Net debt KPI's • Net debt decreased by SEK 52m in Q3 6 000 4,5 4 • EBITDA LTM SEK 1,644m (1,481) 3,9 3,8 5 500 3,6 3,6 3,5 3,2 3,5 • Net debt / EBITDA 2.9, below ambition 3,1 5 000 2,8 2,9 3 of <3.0 2,5 4 500 2 • Net debt/equity ratio 0.9, below internal 4 000 1,5 guideline of
Slide 10: Bank loan and covenants
Bank loan and covenants Debt structure, incl utilization of extension options 3000 • Variable interest, margin +3m Euribor 2000 1000 • Average interest rate Q3 2025: 3.8% (5.7%) 0 Q4 Q1 - Q4 Q1 - Q4 Q1 Q2 Q3 Q4 2024 2025 2026 2027 RCF Bankloan * Bankloan * * Loan in EUR Covenants Calculation Limit A
Slide 11: Labtech Q3 2025
Labtech Q3 2025 • Growth excluding currency effect 9% • EBITA margin improved to 11.2% (8.9) • Demand in diagnostics is stable and growing • Success with tenders: New and renewed, improved margins • Demand in pharma remains high • Hesitation still in academic research investment, signs of improvemen
Slide 12: Medtech Q3 2025
Medtech Q3 2025 • Growth excluding currency effect 5% Acquired growth 1% • EBITA margin improved to 11.6% (10.7*) • Healthy demand development overall Revenues lower in UK, uncertainty about budgets, lower capital spend Revenue declined in some areas due to changes in product portfolio Conti
Slide 13: AddLife has market leading European coverage
AddLife has market leading European coverage 31% NORDICS • Geographical expansion ahead of industry peers: bigger accessible markets 39% WESTERN more supplier opportunities EUROPE broader range of acqusistion targets more attractive multipes 8% CENTRAL & EASTERN EUROPE 19% SOUTHERN EUROPE No
Slide 14: Platform acquisition Western Europe: HC21 UK & Ireland (2021)
Platform acquisition Western Europe: HC21 UK & Ireland (2021) EUR m Revenue development (incl bolt-on) EBITA margin % development (incl bolt-on) P/WC development (incl bolt-on) 250 15,0% 70,0% +35% +2%-points +20%- points 200 14,0% 60,0% 13,0% 150 50,0% 12,0% 100 11,0% 40,0% 10,0% 50 30,0% 9,0% 0 8,
Slide 15: Platform acquisition Southern Europe: MBA Spain & Portugal (2022)
Platform acquisition Southern Europe: MBA Spain & Portugal (2022) EUR m Revenue development EBITA margin % P/WC development 20,0% 110 +3%-points 45,0% +25% +10% points 100 18,0% 40,0% 90 35,0% 80 16,0% 70 30,0% 60 14,0% 25,0% 50 12,0% 20,0% 40 30 15,0% 10,0% 20 10,0% 2022 LTM 2025 2022 LTM 2025 Year
Slide 16: Majority of business in specialist devices and equipment
Majority of business in specialist devices and equipment Requiring advanced support and service resources, enabling high value add and margins SPECIALIST DEVICES AND EQUIPMENT 71% SPECIALIST • Advanced, specialist products, often with DEVICES & EQIP. proprietary consumables and service revenue • Req
Slide 17: Summary and outlook
Summary and outlook • Significant margin improvement • Solid organic growth • Strong profit improvement Congress for Advanced Robotic Surgery, Segovia Spain • Reached ambition to reduce Net Debt/EBITDA below 3.0 • Strengthened balance sheet enables gradually increased acqusition activity Homecare at
Slide 18: Q&A
Q&A Q&A APRIL 25, 2025