Slides
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SEB Nordic Seminar G. Arna Sveinsdottir CFO Copenhagen January 9, 2026 A leading global provider of innovative mobility solutions
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*Or ~10% of sales relative to sales in Prosthetics and Neuro Orthotics, where the majority of our R&D resources are focused on. 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 11 markets Direct sales in ~40 markets with around 4,500 employees across the world Listed on Nasdaq CPH Market Cap USD +2bn (DKK 15bn) Highest ever sales in 2024 USD 855m +6% (Organic) +9% (LCY) incl. M&A 20% EBITDA margin in 2024 (before special items) Up 2pp from 2023 Embla Medical named one of the World’s Best Companies in Sustainable Growth 2025 by TIME Magazine Innovation-driven: USD 40m in R&D investments (2024) equivalent to ~5% of Group sales* 7-10% LCY growth on avg incl. 2-3% from M&A Gradually improving EBITDA Growth’27 strategy
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Aging and more active population Improved treatments Better access to Healthcare Empowered patients DigitalizationCost effective Healthcare We operate in an attractive and “sticky” niche industry supported by long-term sustainable growth trends Trends impacting volume growth, pricing and improved product mix
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Embla Medical across regions and business areas Bracing & Supports Broad offering of mobility solutions for acute injuries and osteoarthritis 43%/4 9%* 17% Neuro Orthotics Neuro Orthotics marketed under Fior & Gentz. Premium knee/ ankle orthotic joints Prosthetics Prosthetics marketed under Össur/College Park Premium lower/ upper limb prosthetic devices Patient Care Global network of leading O&P clinics operated under ForMotion brand 2024 Revenue USD 855m Organic Growth +6% Transitioning to become an increasingly patient -centric organization leveraging our highly synergistic businesses ~6%* 34% 90% of today’s sales are generated in Developed Markets with established reimbursement systems... ... however Emerging Markets represent +80% of new amputee volume posing a significant opportunity EMEA region 46% of sales ( 2024) USD 395m Organic growth +10% Employees: ~1,800 Americas 46% of sales ( 2024) USD 393m Organic growth +3% Employees: ~1,500 APAC region 8% of sales (2024) USD 67m Organic growth 4% Employees: ~200 *Prosthetics sales performance and split include sales from Neuro Orthotics from 2024 (~6% based on 2023 figures) Developed Markets ~ 5m amputees Emerging Markets ~25m amputees
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316 361 416 372 6% 13% 9% 10% ~5-7% 2022 2023 2024 9M 2025 Prosthetics & Neuro Orthotics Sales Prosthetics P&NO Sales Performance* USDm Organic Sales Growth Avg. Market Growth Business Characteristics Prosthetics 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 ~1.8bn growing 5-7% annually Innovation driving growth and functional trade-up 49%* Prosthetics & Neuro Orthotics Bracing & Supports Patient Care *Prosthetics sales performance and split include sales from Neuro Orthotics from 2024 (~6% based on 2023 figures) Bionics 20-25% Bionics 20- 25% Bionics 20-25% Bionics +25% Q4’25 “Sticky business” offering up 70- 80% in reoccurring sales
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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 What’s driving growth in Prosthetics? Strong brands
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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 levels First proto-types and Commercial models High Active maturation Mainstream (SoC) Illustrative
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Neuro Orthotics USD 23m 2019 2020 2021 2022 2023 2024 2025E 2026E ~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 ~6%*
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Video demonstrating a Multiple Sclerosis patient before and after wearing a bilateral Knee Ankle Foot Orthosis (KAFO’s) Before After
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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 Untapped market in Chronic neurological disorders 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
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Strong track record of delivery in line with Growth’27 strategy 128 139 173 18% 18% 20% 20-21% 2022 2023 2024 2025E EBITDA before special items EBITDA margin before special items EBITDA and EBITDA margin USD million Guidance* 719 786 855 4% 9% 6% 5-6% 2022 2023 2024 2025E Sales Organic sales growth Sales and organic growth USD million Guidance* * Updated 2025 Full Year Guidance (Oct 21, 2025) 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 +=
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Q&A Key messages from Q3 2025 1. Growth picked up in Q3 as expected, driven by double-digit growth in Prosthetics & Neuro Orthotics. - The solid momentum in EMEA continues and growth in Americas was strong following a soft start to the year 2. Well on track with our strategic initiatives: Closed agreement to invest 51% in Streifeneder ortho.production Launch and solid intro of Odyssey® iQ, new hydraulic microprocessor foot Neuro Orthotics tracking according to plan; Good ramp-up during Q3’25 3. Strong profit growth both in Q3 and 9M’25; Our FY 2025 guidance is reiterated
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Financial calendar and events January 8, 2026 SEB Nordic Seminar, Copenhagen 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 10, 2026 Aktiesparane 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