Slide 1: Boule Diagnostics Q3 2025
Boule Diagnostics Q3 2025 Torben Nielsen, CEO Holger Lembrér, CFO
Slide 2: Q3 Highlights
Boule Group Q3 Highlights • Back to organic growth • Strong instrument sales, 5-part sales doubled • Soft reagent sales • OEM sales continue stable performance • Gross Margin improving from last quarter • Second quarter of positive operating cash flow • Supply agreement signed for new Veterinary ins
Slide 3: Q3 Financials
Boule Group Financials Q3 Financials Sales SEK 127.2 M (130.4) -2.4% 1.7% organic growth -4.1% currency Gross profit SEK 52.4 M (61.0) -15.4% Gross margin 41.2% (46.8%) Adj. EBIT SEK 12.0 M (15.3*) Adj. Operating margin 9.4% (11.8%*) Operating cash flow SEK 1.0 M (-11.6) Available liquidity SEK 37 M
Slide 4: Group structure
Boule Group Boule Group structure Boule Diagnostics Clinical Diagnostic Solutions Global provider of diagnostic solutions for the decentralized Contract Development and Manufacturing Organization of human and veterinary markets, specialized in Hematology OEM Reagents, Calibrators and Blood Controls
Slide 5: Strategic Priorities
Boule Group Strategic Priorities Transforming Boule into a higher growth and higher margin company Margins • Reduce COGS through supply chain improvements Expand operating margins through • Improve OPEX through consolidation and organizational restructure disciplined execution and reductions in stru
Slide 6: Diagnostics Business
Diagnostics Business Diagnostics Business Boule Diagnostics Global provider of diagnostic solutions for the decentralized human and veterinary markets, specialized in Hematology • Serving the decentralized market, small to medium size laboratories and remote clinics • Global reach through extensive
Slide 7: Hematology is an attractive market
Diagnostics Business Diagnostics Business Hematology is an attractive market Razor blade model with 60% Decentral Human Hematology Decentral Vet. Hematology 600 recurring revenue market growing 3% CAGR market growing 8% CAGR 500 400 Human 3 Part Veterinary 300 5 Part 200 8B SEK 3B SEK 100 Veterinary
Slide 8: Diagnostics Distribution
Diagnostics Business Diagnostics Distribution Network of 200 partners Diagnostics revenue distribution Sweden Russia MEA USA 12% 14% USA Dubai LATAM Mexico India Philippines Asia 8% 16% Kenya Indonesia India Europe 18% 32% 22/10/2025 Boule Diagnostics AB License Manufacturing Sales Office Manufactur
Slide 9: Diagnostics Instrument Portfolio
Diagnostics Business Diagnostics Instrument Portfolio Building new growth portfolio with technology partners Human + M32M - 3-part M32C - 3-part M32S - 3-part M51 - 5-part VitalScientific – Clin. Chem. Veterinary + H400 – 4-part H50V – 5-part C200 – Chemistry 5-part RET Proprietary Technology Partne
Slide 10: Q3 Diagnostics Business
Diagnostics Business Q3 Diagnostics Business Revenue (MSEK) Revenue: • Instrument volume growth was +16%, 3-part sales declined but 5-parts sales Q3 2025 97,8 more than doubled in the in the quarter • Organic growth was +1.8 % Q3 2024 98,1 • Currency was negative with -2.1 % Adj, Operating Margin Ad
Slide 11: OEM Business
OEM Business OEM Business Clinical Diagnostic Solutions Contract Development and Manufacturing Organization of OEM Reagents, Calibrators and Blood Controls • Develops and manufactures proprietary and OEM reagents, calibrators for leading IVD companies • Core competence within development of blood co
Slide 12: Profitable market with significant runway for growth
OEM Business OEM business Profitable market with significant runway for growth Long-term contracts and OEM Reagent Market Hematology Blood Control YoY sequential growth growing est. 6-8% CAGR Market growing 3-5% CAGR 140 120 CDS capability fit CDS CDS Pipeline 100 80 60 350B SEK 1.9B SEK 40 20 0 202
Slide 13: Q3 OEM Business
OEM Business Q3 OEM Business Revenue (MSEK) Revenue: • Sales volume was stable with an organic sales growth of 0%, but currency was Q3 2025 33,5 -10% in the quarter due to translation of a lower USD • Increased investments in sales organization and product portfolio Q3 2024 37,4 Adj, Operating Margi
Slide 14: Financial Summary
Boule Group Financials Financial Summary SEK M Jul-Sep 2024 Jul-Sep 2025 Net sales 130.4 127.2 Organic growth,% -2.0% 1.7% COGS -69.4 -74.8 Gross profit 61.0 52.4 Gross margin, % 46.8% 41.2% Operating expenses Operating expenses -61.5 -42.9 One-off cost restructuring 3.0 - decreased with 30% Adjuste
Slide 15: Cost breakdown as % of sales Q3 2025
Boule Group Financials Cost breakdown as % of sales Q3 2025 % Q3´2024 Q3´2025 Δ Cost of goods sold -53.2% -58.8% -5.6% Gross margin 46.8% 41.2% -5.6% • Weaker USD diluting the Selling & marketing expenses -22.4% -19.9% 2.5% gross margin Administrative expenses -5.3% -6.0% -0.7% • Full impact from
Slide 16: Operating Cash Flow
Boule Group Financials Operating Cash Flow* 15 30 10 7,4 20 5,9 5 2,9 10 1 0 0 -5 -1,5 -10 -4,4 -10 -7,9 -20 -9,8 -9,8 -9,8 -15 -11,6 -30 -20 -40 -18,8 -25 -21,7 -50 -24,9 -30 -60 -30,2 -35 -70 -40 -80 Boule Diagnostics AB 16
Slide 17: Liquidity & Credit
Boule Group Financials Liquidity & Credit Liquidity & Credit Facilities, SEK M 120 • Cash position at SEK 21 M 100 • Additional SEK 16 M in credit facilities available • Net cash / adj. EBIT (R12), times -1.1 80 60 40 20 0 Q1'24 Q2'24 Q3'24 Q4´24 Q1'25 Q2'25 Q3'25 Boule Diagnostics AB 17
Slide 18: Strategic Priorities – Q3 Updates
Focus on transforming Boule into a higher growth and higher margin company Strategic Priorities – Q3 Updates Margins • Gross Margin improved 2.5 pp quarter over quarter Expand operating margins through • 30% operating spend reduction year over year disciplined execution and reductions in structural
Slide 19: Thank you
Thank you Please feel free to ask questions