Slide 1: Year-end report 2025
Year-end report 2025 4 February 2026 Sleep Cycle © 2025 Sleep Cycle AB. All Rights Reserved 1
Slide 2: Presenters
Presenters Erik Jivmark Elisabeth Hedman Chief Executive Officer Chief Finance Officer & Head of Investor Relations Sleep Cycle © 2025 Sleep Cycle AB. All Rights Reserved 2
Slide 3: Our mission is to improve global health
Our mission is to improve global health by empowering people to take control of their sleep. Sleep Cycle © 2025 Sleep Cycle AB. All Rights Reserved 3
Slide 4: Financial highlights for Q4 2025
Financial highlights for Q4 2025 768 K 269 SEK 58 M SEK 14 M SEK +46 % Paying subscribers ARPU Net sales EBIT Net sales growth from B2B partnerships -16.4 % y-o-y growth -3.6 % y-o-y growth -13.3 % y-o-y growth EBIT-margin 24.3% 12.4% of total net revenue -1.1% FX-adjusted growth -9.8% FX-adjusted g
Slide 5: Financial highlights for full year 2025
Financial highlights for full year 2025 768 K 277 SEK 248 M SEK 66 M SEK +59 % Paying subscribers ARPU Net sales EBIT Net sales growth from B2B partnerships -16.4 % y-o-y growth -0.4 % y-o-y growth -5.2 % y-o-y growth EBIT-margin 26.6% 10.2% of total net revenue +2.2% FX-adjusted growth -3.4% FX-adj
Slide 6: Paying subscribers and Net sales
Paying subscribers Net sales Paying subscribers amounted to 768k at the end of the quarter, compared with Revenue, or net sales, decreased by 13.3% year-over-year to SEK 57.9 million, 918k in the prior year. The decrease was driven by lower new customer reflecting lower new customer acquisition and
Slide 7: From strategic initiative to scalable business
POWERED BY SLEEP CYCLE From strategic initiative to scalable business • Partnership (B2B) revenue +46% y-o-y in Q4 and +59% for full Revenue through Partnerships year 2025 +46% Q4 2025 vs Q4 2024 • 12% of total revenue 6.7 7.2 5.9 4.9 5.4 • Current revenue primarily driven by established partners 3.
Slide 8: EBIT and Adjusted EBIT
EBIT Adjusted EBIT Continued strong profitability despite lower revenue, with an EBIT of SEK 14.1m No items affecting comparability impacted results in Q4 2025. Adjusted EBIT and an EBIT margin of 24.3% for Q4 2025. therefore corresponds to reported EBIT. 25 50% 25 SEKm 50% SEKm 21 22 20 21 21 22 45
Slide 9: Financial performance – Q4 2025
Financial performance –Q4 2025 SEK million Q4 2025 Q4 2024 CHANGE COMMENTS Net sales decreased by 13.3 percent y-o-y, primarily driven by lower new customer acquisition in the consumer app, combined with negative FX effects following a weaker USD. FX-adjusted net sales declined by 9.8 percent. Sales
Slide 10: Financial performance – Full Year 2025
Financial performance –Full Year 2025 SEK million Jan-Dec 2025 Jan-Dec 2024 CHANGE COMMENTS Net sales decreased by 5.2 percent y-o-y, driven by lower new customer acquisition in the consumer app and negative FX effects. On an FX-adjusted basis, net sales decreased by 3.4 percent. Sales to existing c
Slide 11: On a transformational journey
On a transformational journey 2024 New strategy 2025 Strong profitability 2026 Deliberate investments 2027 and onwards Scaling opportunities Sleep Cycle © 2025 Sleep Cycle AB. All Rights Reserved 11
Slide 12: Moving from one product to three
We are leveraging the technology - moving from one product to three PRODUCTS, POWERED BY SLEEP CYCLE TYPE OF BUSINESS The no 1. Sleep App B2C & B2B Combination Sleep SDK B2B SaaS based The no.1 Sleep App Sleep Apnea Screening B2C & B2B Potential product under development Combination Sleep Cycle © 20
Slide 13: We are executing our long-term strategy
We are executing our long-term strategy OUR LONG-TERM STRATEGY PRODUCTS, POWERED BY SLEEP CYCLE TYPE OF BUSINESS User Acquisition The no 1. Sleep App B2C & B2B Combination User Engagement Sleep SDK B2B SaaS based Platform and Data Sleep Apnea Screening B2C & B2B Potential product under development C
Slide 14: The no 1 sleep app
The no 1 sleep app – a profitable consumer app with strategic platform value A profitable and resilient consumer core • Consumer business remains profitable and cash-generative • Stable ARPU and renewal rates • Provides data, users and distribution for platform strategy AI and personalization drivin
Slide 15: Sleep SDK: A structural shift in the business model
Sleep SDK A structural shift in the business model • Recurring B2B revenue paid by partners, not end consumers • Lower customer acquisition costs • Distribution beyond app stores • Same core technology, multiple use cases • Signed customer contracts in Q4 • Contract-based revenues with delayed but s
Slide 16: A Long-Term MedTech Opportunity
Sleep apnea screening A Long-Term MedTech Opportunity Development phase Expected completion in Q1 2026 Validation phase US-based clinical validation underway, expected completion in September 2026 SEK 10 billion Estimated market size for home-testing Sleep Cycle © 2025 Sleep Cycle AB. All Rights Res
Slide 17: 2025 - A year of deliberate strategic choices
2025 - A year of deliberate strategic choices Initiated transformation Strong profitability Foundations laid for despite topline pressure diversified growth Chose transformation over short-term Maintained strong EBIT margins in a Platform, partnership and medical optimization weaker market growth fo
Slide 18: 2026 – A deliberate investment year
Allocation of 2026 growth investments FINANCIAL FOCUS 2026 – A deliberate investment year to unlock long-term growth SEK 15m SEK 40m SEK 15m Revenue for 2026 is expected to come in slightly lower than 2025 SEK 20m Lower margins expected for 2026, around 5% for the full year- a deliberate choice driv
Slide 19: Quarterly Highlight: Strong and profitable core business
Quarterly Highlight 1 Strong and profitable core business 2 Clear investment plan for 2026 3 Scalable platform model for long-term value creation Sleep Cycle © 2025 Sleep Cycle AB. All Rights Reserved 19 19
Slide 20: Questions & Answers
Questions & Answers Sleep Cycle © 2025 Sleep Cycle AB. All Rights Reserved 20