Slides
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0 Q4 2025 Conference Call Sveinn Sölvason, President and CEO G. Arna Sveinsdottir, CFO February 3, 2026 A leading global provider of innovative mobility solutions
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1 2025 was an eventful year with several milestones reached Conal Harte appointed as EVP Patient Care and André Rocha as EVP R&D Fior & Gentz awarded a new reimbursement code in the US for the “NEURO HiTRONIC MPKAFO” (bionic knee joint) Majority investment in Streifeneder ortho.production Embla Medical Expands Support for Ukrainian Amputees with New Kyiv Clinic and Iceland Partnership Patient Care facilities in Denmark, Finland, Iceland, Norway, Sweden and the Netherlands re-branded to ForMotion Launch of Odyssey® iQ by College Park Full launch of new bionic knees Icon® by College Park and Navii® by Össur Continued re-brand of Patient Care facilities to ForMotionin Australia and the US Q1 Q2 Q3 Q4 Embla Medical named one of the World’s Best Companies in Sustainable Growth 2026 by TIME Magazine for the second year in a row A black and white sign with red border AI-generated content may be incorrect. Embla Medical named to Forbes’ Accessibility 100 List
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2 R&D Progress ✓ Pro-Flex® LP Junior (Össur) Designed for active young users, ✓ Power Knee Controls (Össur) functional improvement ForMotion brand roll-out ▪ Several patient care facilities in US and AUS rebranded in Q4 ▪ Global rebranding expected to complete in Q1 2026 Patient Care initiatives ✓ Initiatives implemented to strengthen growth and profit ✓ Investment in rebranding, systems, and restructuring Organic sales growth EBITDA margin* (down 2pp from Q4’24) Organic sales growth EBITDA margin* (on par with 2024) Key highlights Q4/FY 2025 Q4 Performance Operations Outlook / SBB 2026 Guidance ▪ Organic sales growth of 5-8% ▪ 20-22% EBITDA margin before special items +7% 19% FY Performance +6% 20% Note: *Total negative impact on EBITDA margin from the initiatives in Patient Care, FX, tariffs, and temporary dilution from Streifendeder amounted to ~3%-points in Q4 and ~1.5%-points in FY 2025. Share Buyback program ▪ Program completed in Dec ’25 with close to 2 million shares acquired ▪ New program initiated in Jan 2026 +14% Reported growth (incl. 1pp from M&A & 2pp from FX) Reported growth (incl. 3pp from M&A & 5pp from FX) +9%
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3 EMEA and APAC regions delivered strong growth in Q4 2025, while Americas ended flat Americas Q4: +0% EMEA Q4: +12% APAC Q4: +9% Note: Colors indicate where Embla Medical has direct operations, Embla Medical has sales in further countries 107 85 102 104 107 7% -1% 3% 5% 0% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Sales (USDm) % Organic growth 101 101 113 112 131 4% 7% 7% 7% 12% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Sales (USDm) % Organic growth 17 16 18 20 19 3% 13% 3% 18% 9% Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Sales (USDm) % Organic growth
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4 119 111 126 135 141 12% 9% 9% 13% 9% Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Prosthetics & Neuro Orthotics sales % of total sales in Q4 Q4 2025 Highlights ▪ EMEA: Continued strong momentum in EMEA with good growth across markets driven by solid contribution from recently launched innovation including Navii (Bionic knee) and Pro-Flex Terra (Feet). Also, strong organic contribution in the quarter from newly acquired Streifeneder. ▪ Americas: Americas returned to more moderate growth in Q4 following a strong Q3, partly due to a strong comparable quarter in Q4 2024. Sales in College Park were strong led by recently launched products Icon and Odyssey iQ. ▪ APAC: Strong quarter in Australia offset by moderate growth in other Asian markets. ▪ Neuro Orthotics: Solid sales in Neuro Orthotics led by strong performance in Germany and new markets such as Australia and gradual pickup in the US. FY 2025 sales 513 USD million 10% organic growth FY 2025 growth % Organic growthSales Sales USD million 51%
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5 Bracing & Supports sales Q4 2025 Highlights ▪ Sales were soft in Q4 and FY with some regional variances. Sales continue to be impacted by shifting market dynamics and price sensitivity causing partial loss of business, in addition to increasing competitive pressure. Growth expected in 2026 with focused initiatives and new product launches. ▪ EMEA: Sales in EMEA remained soft in the region with good growth in some markets while others remained soft. ▪ Americas: Strong growth in Canada was offset by soft sales in the US. ▪ APAC: Scattered performance in APAC during Q4. Australia and New Zealand continue to contribute with solid growth, while sales in other markets were soft. Sales USD million % of total sales in Q4 FY 2025 sales 148 USD million -1% organic growth FY 2025 growth % Organic growthSales 14% 37 35 38 38 37 2% 0% -2% 0% 0% Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25
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6 Patient Care sales Q4 2025 Highlights ▪ EMEA: Strong growth in EMEA with pickup in growth across most European markets. ▪ Americas: US ended down for the quarter in line with expectations due to very strong comparison in Q4 2024. However, encouraging signs of recovery with most regions delivering decent growth. ▪ APAC: Strong finish to the year with solid performance in Australia. % of total sales in Q4 % Organic growthSales FY 2025 sales 306 USD million 1% organic growth FY 2025 growth % Organic growthSales Sales USD million 35% 80 66 78 74 89 -1% 0% 0% 1% 5% Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Performance in Patient Care ▪ Over the last few quarters, we have had internal change initiatives including the ForMotion rebranding, system integrations, and restructuring - temporarily impacting the business. ▪ These initiatives are aimed to strengthen long-term growth and profitability. ▪ Top priority is currently on performance management to get the Patient Care business back on track and deliver in line with the structural growth in the O&P industry.
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7 The EBITDA margin was impacted by ~3%-points in Q4 and ~1.5% in FY 2025 due to initiatives in Patient Care and other items (FX, tariffs, Streifeneder) Gross Profit and Gross Profit margin USD million Q4 Highlights ▪ Gross Profit: Gross profit margin was 62% in Q4’25 vs. 63% in Q4 2024. The gross profit margin was positively impacted by strong sales in P&NO and efficiency gains in manufacturing but offset by FX, tariffs, and initiatives in Patient Care ▪ OPEX: OPEX grew organically 7% in the fourth quarter but excluding the initiatives in Patient Care, OPEX grew organic below sales growth in line with continued focus on cost control in SG&A. ▪ EBITDA: EBITDA margin decreased in the quarter compared to Q4 2024 due to FX (90bps in Q4 and 30bps FY), tariffs, slight dilutive impact from Streifeneder, and initiatives in Patient Care. ▪ Total impact on EBITDA margin from the Patient Care initiatives and the other items mentioned above amounted to ~3%-points in Q4 and ~1.5%-points in FY 2025. ▪ Net Profit: Net profit grew by 33% in Q4’25 vs Q4’24 and FY 2025 net profit growth was 21% compared to FY 2024. EBITDA and EBITDA margin USD million Gross Profit Gross Profit Margin before special items (2024) EBITDA EBITDA margin before special items (2024) 142 158 537 579 63% 62% 63% 62% Q4 '24 Q4 '25 FY '24 FY '25 47 48 173 186 21% 19% 20% 20% Q4 '24 Q4 '25 FY '24 FY '25
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8 414 437 472 460 439 2.4x 2.5x 2.6x 2.5x 2.4x 1.9x 1.9x 2.0x 1.9x 1.7x Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Cash Flow and Leverage Capital expenditures and % of sales USD million Free cash flow and % of sales USD million Net Interest-Bearing Debt and Leverage USD million ▪ CAPEX was ~3% of sales in both Q4 and FY 2025 within normalized levels of 3-4% of sales. ▪ The 2H of each year is seasonally stronger than the first half in terms of cash flow generation. ▪ Free cash flow was strong in the quarter, benefitting from good operating results, positive impact from net working capital, and normalized CAPEX levels. ▪ Leverage was 2.4x end of Q4 2025 (1.7x excl. leases). ▪ The leverage ratio is within the target range of 2.0- 3.0x ▪ New Share Buyback program initiated in January 2026 the mandate to buy back up to 2 million shares (up USD 10m) NIBD/EBITDA NIBD/EBITDA excl. leases 8 6 10 8 8 3.6% 3.0% 4.4% 3.3% 3.1% Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25 34 8 12 38 42 15% 4% 5% 16% 16% Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q4 '25
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9 Guidance 2026 Guidance FY 2026 Actual FY 2025 Sales growth Organic 5-8% 6% EBITDA margin Before special items 20-22% 20% For modeling purposes: Special items In USD million None - CAPEX % of sales 3-4% 3% Tax Effective tax rate 23-24% 23%
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10 Q&A Key messages from Q4/FY 2025 1. 2025 was an eventful year with several milestones reached ▪ New solutions introduced across our portfolio of leading global brands ▪ Completion of majority investment in Streifeneder ortho.production ▪ Establishing a presence in Ukraine with the opening of a new clinic in Kyiv 2. Strengthening our foundation in Patient Care following a year with lower- than-expected growth; Full focused on returning Patient Care to a stronger growth trajectory in 2026 3. Strong topline, net profit growth and cash flow generation in Q4 and FY 2025 New guidance issued for 2026: 5-8% organic growth and 20-22% EBITDA
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11 Financial calendar and events February 3, 2026 Interim Report Q4 2025 & 2025 Annual Report February 3, 2026 Q4/FY 2025 HCA Capital virtual presentation and Q&A February 3, 2026 Q4/FY 2025 Investor Road Show, Copenhagen (Nordea) February 4, 2026 Q4/FY 2025 Investor Road Show, Stockholm (Nordea) February 4, 2026 Q4/FY 2025 Investor Road Show, Paris (ABG) February 5, 2026 Q4/FY 2025 Investor Road Show, London (Berenberg) February 5, 2026 Q4/FY 2025 Investor Road Show, Zürich (Berenberg) February 9, 2026 Virtual Investor Group Call with the CEO (Jefferies) February 10, 2026 Aktiespararna Company Event, Falkenberg March 10, 2026 2026 Annual General Meeting March 11, 2026 DNB Carnegie Healthcare Conference, Stockholm March 25-26, 2026 DNB BackBay Nordic-American Healthcare Conf., New York April 28, 2026 Interim Report Q1 2026 July 21, 2026 Interim Report Q2 2026 October 20, 2026 Interim Report Q3 2026 February 2, 2027 Interim Report Q4 2026/Annual Report Embla Medical press releases by e-mail If you wish to receive Embla Medical press releases by e-mail, please register on our website: www.emblamedical.com/investors Contact our Investor Relations Investor Relations Klaus Sindahl Head of Investor Relations E-mail: KSindahl@emblamedical.com Tel: +45 5363 0134
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12 Forward-looking statement This presentation contains forward-looking statements, which reflect the Management’s current views with respect to certain future events and financial performance. Although the statements are based upon estimates the Management believes to be reasonable, there is no assurance that these statements will be achieved. Statements containing the financial outlook for 2026 and the following years naturally involve risks and uncertainties, and c onsequently actual results will differ, and may differ materially, from those projected or implied in the forward-looking statements. The risks and uncertainties may include unexpected developments in the international currency exchange and securities markets, financing, market driven price decreases for Embla Medical’s products, delay or failure of development products, production problems and unexpected cost increases, development of new tec hnologies by competitors, the introduction of competing products within Embla Medical’s core areas, exposure to product liability and other lawsuits, changes in reimbursement rules and governmental laws.