Slide 1: Interim Report Q2 2025
Interim Report Q2 2025 JULY 15, 2025
Slide 2: Continued improvement in margins and profit
Continued improvement in margins and profit • Significant EBITA margin* improvement in both business areas Labtech 12.4% (11.6%) Medtech 12.4% (11.9%) • Healthy customer demand, currency adjusted sales increased by 5%; organic growth was 3% and acquired growth was 2% Strong growth in Labtech,
Slide 3: Solid revenue and EBITA growth Q2
Solid revenue and EBITA growth Q2 Revenue growth Q2 EBITA* growth Q2 6% 12% 2% 5% 10% 4% 4% 8% 3% 3% 6% 6% 5% -5% 2% 4% 1% 1% 2% -4% 0% 0% Acquired growth Total growth Acquired growth Total growth Organic growth Exchange rate effect Organic growth Exchange rate effect • Organic and acquired revenue
Slide 4: Profit & Loss Q2 – strong profit growth
Profit & Loss Q2 – strong profit growth Profit before tax Q2 -25 vs Q2 -24 • Sales growth, +1% 160 Organic growth +3% 150 25 146 22 140 Acquired growth +2% 130 9 0 - 20 120 113 -3 • Gross margin improved, driven by price 110 increases and favorable product mix 100 90 • Opex include transaction c
Slide 5: Positive development of EBITA-margin
Positive development of EBITA-margin EBITA-margin %* 13,0% 12,5% 11,9% • EBITA growth Q2 2025 +5% 12,0% 11,5% 11,4% 11,0% FY 11,3% • EBITA-margin 10,5% 10,4% 10,0% FY 10,5% Labtech 12.4% (11.6) 9,5% Medtech 12.4% (11.9) 9,0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 • EBITA-margin YTD 2025
Slide 6: Accumulated operating cash flow improving
Accumulated operating cash flow improving Operating Cash flow and Cash conversion Operating cash flow per quarter 1400 140% 700 131% 1200 118% 120% 600 1000 100% 500 94% 95% 89% 400 800 79% 80% 80% 76% 70% 72% 300 600 60% 195 200 119 400 40% 82 100 200 20% 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 0 0% 2016 2
Slide 7: Cash flow Q2
Cash flow Q2 • Operating cash flow SEK 119m (195) • Working capital SEK -181m (-80) • Inventory remains flat, despite revenue growth • Increased A/R due to strong end-of- quarter sales • Edge acquisition, earn-out, as well as dividend paid during the quarter
Slide 8: Change of net debt
Change of net debt Change net debt • Increase in net debt due to acquisition, 5 000 earn out and dividend payment (total 4 900 112 4 872 SEK 267m), and exchange headwind 4 800 114 4 700 25 • Majority of loan in EUR – negative 115 4 600 exchange impact during the quarter 4 506 4 500 4 400 4 300 4 200
Slide 9: Net debt and leverage
Net debt and leverage Net debt KPI's • Net debt increased by SEK 366m in 6 000 4,5 Q2 2025 3,9 3,9 4 5 500 3,7 3,5 3,8 3,6 3,6 3,5 • EBITDA LTM SEK 1,595m (1,488) 3,2 3,1 3 5 000 2,8 • Net debt / EBITDA 3.1; ambition remains to be 4 500 2,5 at or below 3.0 2 4 000 1,5 • Net debt/equity ratio 0.9, be
Slide 10: Bank loan and covenants
Bank loan and covenants Debt structure, incl utilization of extension options • Variable interest, margin +3m Euribor 3000 2000 • Average interest rate Q2 2025: 4.2% 1000 0 Q4 Q1 - Q4 Q1 - Q4 Q1 Q2 Q3 Q4 • Interest cost expected to decrease 2024 2025 2026 2027 further following recent interest rate
Slide 11: Labtech Q2
Labtech Q2 • Growth excluding currency effect 9% Acquired growth 3% • EBITA margin improved to 12.4% (11.6) • Demand in diagnostics is stable and growing • Success with tenders: New and renewed, improved margins • Demand in pharma remains high, some hesitation still in academic research investment
Slide 12: Medtech Q2
Medtech Q2 • Growth excluding currency effect 4% Acquired growth 2% • EBITA margin improved to 12.4% (11.9)* • Healthy demand development overall Revenues lower in UK, uncertainty about budgets, lower capital spend Revenue declined in some areas due to efforts to focus the product portfolio on
Slide 13: Previously established priorities remain in 2025
1 PROTECT AND IMPROVE PROFIT Previously established 2 ORGANIC GROWTH priorities remain in 2025 3 CASH FLOW 4 ACQUISITIONS
Slide 14: Acquisition of Edge Medical
Acquisition of Edge Medical APRIL 1, 2025 • Leading distributor of advanced products and services in orthopedic surgery, spine and neurology in UK and Ireland • Fast growing, with sales of approximately GBP 8 million, high margins (>30% EBITDA margin) • The acquisition is in line with the AddLife st
Slide 15: AddLife is well positioned for potential global trade disruptions
AddLife is well positioned for potential global trade disruptions Majority of group supply from Europe • More than 90% of revenue in Europe 100% 9% 7% 100% • More than 80% of suppliers in Europe 90% 84% 80% • Limited exposure to changes in business cycle 70% • Decentralised model: able to quickly ad
Slide 16: Summary and outlook
Summary and outlook • Significant margin improvement • Overall healthy revenue growth • Continuous work to evolve portfolio towards more profitable products HC21 partners with PROCEPT BioRobotics • Strengthened balance sheet enables gradually increased acqusition activity • Preparing organisation fo
Slide 17: Q&A
Q&A Q&A APRIL 25, 2025