Slides
Page 1
0 A leading global provider of innovative mobility solutions Dansk Aktionær Forening Investor event - Fredericia Klaus Sindahl, Head of Investor Relations September 2, 2026
Page 2
1 *Or 7-8% of product sales relative to sales (P&NO and Bracing & Supports) and ~5% of total sales including Patient Care. R&D mainly focused on innovative premiums solutions. Embla Medical A global leader in innovative mobility solutions that help people live a Life Without Limitations® Founded in 1971 by Össur Kristinsson, who was a below-knee amputee himself and clinician (CPO) Developer & manufacturer of mobility solutions and operator of ~200 Patient Care facilities in 12 markets Direct sales in around ~40 markets with around 4,500 employees globally Listed on Nasdaq Copenhagen since 2009 with a Market Cap of USD ~2bn (DKK~13bn) Highest ever sales reached in 2025 with USD 929m +6% (Organic) +7% (LCY incl. M&A) 20% EBITDA margin in 2025 (on par with 2024) Embla Medical named one of the World’s Best Companies in Sustainable Growth 2026 by TIME Magazine, for the second consecutive year Innovation-driven: USD ~50m in R&D investments (2026E) equivalent to ~7- 8% of Product sales* 7-10% LCY growth on avg incl. 2-3% from M&A Gradually improving EBITDA Growth’27 strategy
Page 3
2 Our Equity Story Well-positioned to capitalize on the growing shift toward advanced bionic solutions, reinforcing our role as a leading patient-focused O&P provider across the entire value chain A structurally growing, resilient niche market A global leader in innovative mobility solutions Innovation-driven growth Strong track record of delivery and a clear path to value creation Scalable business model Reimbursement-backed, highly recurring business model* with expanding patient access, supporting long-term predictable and sustainable growth Technology leadership driven by significant R&D investments** and an award-winning portfolio of 2,000+ patents, positioning Embla Medical at the forefront of innovation Scalable growth platform enabled by vertical integration, portfolio optimization, operational excellence, scalability in enabling functions, and increasing efficiency in manufacturing On-track to achieve our Growth’27 targets*** through strong commercial execution supported by operational excellence and disciplined capital allocation OUR VISION Enable Life Without Limitations * 90% reimbursed sales with 70-80% recurring revenue at the end-user level ** Annual R&D investments of USD ~50m (2026E) equivalent to 7-8% of product sales *** Growth’27 targets: Sales Growth 7-10% p.a. on average including 5-7% organic and 2-3% from M&A while gradually increasing the EBITDA margin
Page 4
3
Page 5
4 316 361 416 478 6% 13% 9% 10% 10% ~6-8% 2022 2023 2024 2025 H1 2026 Prosthetics P&NO Sales Performance USDm Organic Sales Growth Avg. Market Growth Business Characteristics Prosthetics “Sticky business” offering up 70-80% in reoccurring sales We develop, manufacture and commercialize non-invasive Prosthetics Fitting rates are increasing but today only 1/3 of new amputees are fitted with prosthetics ~25% market share in a market valued at USD ~2bn growing 6-8% annually Innovation driving growth and functional trade-up 51% Prosthetics & Neuro Orthotics Bracing & Supports Patient Care Bionics 20-25% Bionics 20-25% Bionics 20-25% Bionics +25% Bionics +25%
Page 6
5 What is driving growth? Increasing fitting rates for amputees (up from 1/3) Increase Bionic Penetration among low active Drive functional trade-up; ensure users gets best possible solution Grow Emerging Markets through better access Main causes for amputations Vascular diseases Trauma Other (cancer, war, Phocomelia) Trauma Other Lower Extremity Amputations Upper Extremity Amputations More than 850k new major lower limb amputees per year More than 25k new upper limb amputees per year Prosthetics Strong brands
Page 7
6 The Bionic MPK market continues to develop favorably driven by innovation, functional trade-up and regional coverage expansion 0 500 1,000 2005 2010 2015 2020 2025 2030 High Active MPK (K3+K4) High Active Powered MPK Low Active MPK (K2) Industry sales (USDm) First Rheo Knee First Power Knee Next gen Rheo Knee Next gen Power Knee Navii/Icon launch Continued innovation Reimbursement maturing Regional expansion + Expansion into Low Active Global expansion + Powered solutions K1 Single-speed walker - household walking only Limited community walker - can handle curbs and stairs K2 K3 K4 Unlimited community walker - can navigate most barriers High impact/high energy - beyond basic walking Select impactful innovation launched Classification of functional/activity levelsFirst proto-types and Commercial models High Active maturation Mainstream (SoC) Illustrative
Page 8
7 Past Present Future User functionality and embodiment 3 1 Passive replacements Neural integration → Biological fusion Advancements from wooden legs designed for appearance and balance with limited range of motion, to mechanical solutions restoring function Illustrative progression of user functionality/embodiment across major generations of prosthetic technology Simple prosthetics Advanced Bionics Emerging Neural Prosthetics Seamless Neural Integration Closed-loop biohybrid system When the biological neuromotor control system directly drives the prosthesis When prosthetics can function as fully integrated extensions of the body E.g., multi-articulating bionic hands, smart knees that predict gait changes, powered knee and ankle systems enabling an active lifestyle Lightweight aluminum and titanium enabling better walking efficiency Rich sensory feedback providing near-natural control speed, feeling etc. integrated directly with the living tissue Ultimate goal when the hybrid limbs becomes nearly indistinguishable from the natural limbs Designed for basic mobility but still heavy and uncomfortable with limited range of motion. Require significant compensation from the rest of the body Modern Mechanical 2 Passive → Powered Bionic assistance Intelligent microprocessor-controlled solutions that detect user intent through embedded sensors, advanced gait and hand control algorithms, machine learning, etc. Strong innovation capabilities, proprietary IP, and direct patient access position Embla Medical well to capture value from emerging mobility technologies
Page 9
8 Case: Ukraine, serving a huge unmet need in a conflict zone Ukraine Market Characteristics Sharp increase of amputees in Ukraine since 2022 due to ongoing war; Estimated 100k new amputees1 Vast majority of amputees are young men in the early stage of their productive life (25 to 35 years) 2 High percentage of complex amputation cases with multiple and/or challenging traumatic injuries Limited clinical infrastructure and capacity Some reimbursement in place through public funding and donations for both civilians and veterans 1) Market Intelligence Reports 2) Market Intelligence Reports Strengthening our local presence while securing funding will be key in Ukraine Establish O&P footprint ✓ Scale-up presence and services Build and expand
Page 10
9 Neuro Orthotics USD 23m 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E ~30% ~30% USDm +14% “Above” market growth Attractive Profitable Growth EBITDA margin: Market Growth 10-12% Business Characteristics Expand sales reach leveraging Embla Medical/Össur’s distribution channels and commercial footprint Innovative orthotic joints Complementary product offering with compelling commercial synergies “Sticky business” offering up to ~80% in recurring sales Addressing an attractive untapped niche market in neurological disorders *Based on 2023 split as Neuro Orthotics sales have since been segmented together with Prosthetics & Neuro Orthotics in our reporting segments ~5%*
Page 11
Video demonstrating a Multiple Sclerosis patient before and after wearing a bilateral Knee Ankle Foot Orthosis (KAFO’s) Before After
Page 12
11 Grow Patient Reach Increase use of product Functional trade-up Attractive growth both short and long term ✓ Proof-of-Concept in Germany German market made up +70% in 2023 ✓ Transfer product distribution ✓ Build new markets and access ✓ Expand Neuro Orthotics globally3 Near-term Mid-term Long-term 2 1 ✓ Neuro Orthotics penetration rates across indications estimated to be below 5% in Developed Markets - except Germany (15-20%) Long term growth drivers with similar structural dynamics to Prosthetics 1 in 4 adults will have a stroke in their life 1 Stroke 2.9m (globally)3 Multiple sclerosis 2 in a 1,000 live births will have CP5 Cerebral Palsy 15m (globally) 6 Spinal cord injuries Neuro Orthotics represents a meaningful untapped market opportunity in chronic neurological disorders
Page 13
12 Strong track record of delivery 128 139 173 186 18% 18% 20% 20% 20-22% 2022 2023 2024 2025 2026E EBITDA before special items EBITDA margin before special items EBITDA and EBITDA margin USD million Guidance* 719 786 855 929 4% 9% 6% 6% 5-7% 2022 2023 2024 2025 2026E Sales Organic sales growth Sales and organic growth USD million Guidance* *2026 Full Year Guidance as per July 21, 2026 Growth’27 Financial Ambitions 7-10% LCY growth p.a. on average 5 - 7 % organic growth p.a. on average 2 - 3 % acquisitive growth p.a. on average “Ambition to gradually increase our EBITDA margin”* *Subject to potential M&A and special items Sales Growth EBITDA margin +=
Page 14
13 Q&A Key messages from Q2 2026 1. Strong double-digit P&NO growth in Q2, supported by excellent execution, robust volume growth in EMEA and APAC, and successful new product launches 2. Patient Care sales below expectations with good progress in Americas and APAC but offset by soft performance in key European markets. We remain confident that performance will improve in the coming periods 3. We are narrowing our 2026 guidance: 5-7% organic sales growth (previously 5-8%) and reiterate our margin guidance at 20-22% EBITDA margin
Page 15
14 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 Financial calendar and events September 2, 2026 Dansk Aktionær Forening Investor Event (Retail), Fredericia September 10, 2026 Goldman Sachs Medtech Conference, London September 15, 2026 Berenberg Nordic Seminar, Madrid September 23, 2026 Bank of America Global Healthcare Conference, London September 30, 2026 CF&B Paris MidCap Conference, Paris October 20, 2026 Interim Report Q3 2026 October 20, 2026 Q3 2026 Presentation & Q&A, virtual (HC Andersen Capital) October 20, 2026 Q3 2026 Investor Road Show, Copenhagen (Danske Bank) October 21, 2026 Q3 2026 Investor Road Show, Oslo (ABG) October 21, 2026 Q3 2026 Investor Road Show, Amsterdam (DNB Carnegie) November 10, 2026 Berenberg Nordic Seminar, Paris November 18-19, 2026 Jefferies Global Healthcare Conference, London November 24. 2026 Aktie-Info Investor event (Retail), Kolding November 26, 2026 Danske Bank Winter Seminar, Copenhagen February 2, 2027 Q4 Report 2026 & 2026 Annual Report