Slides
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0 Q2 2026 Conference Call Sveinn Sölvason, President and CEO G. Arna Sveinsdottir, CFO July 21, 2026 A leading global provider of innovative mobility solutions
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1 EBITDA margin Net profit growth Organic growth Local currency growth incl. 3pp from M&A Strong organic growth, increasing profitability, and solid free cash flow generation driven by Prosthetics & Neuro Orthotics Operations Outlook / SBB 22% +39% Sales +6% +9% 63% Reported growth incl. 3pp from M&A & 2pp from FX +11% Profitability Gross profit margin* R&D progress ✓ Six new launches in the quarter ✓ Development of a dedicated MPK solution for K2 on track for launch late 2027 ForMotion brand roll-out ▪ All clinics in the rollout program have now transitioned to the ForMotion brand, marking an important milestone in our Patient Care transformation Patient Care initiatives ✓ Good progress in the Americas and APAC ✓ Sales in EMEA below expectations in Q2 due to soft performance in key European markets 2026 Guidance narrowed ▪ Organic sales growth of 5-7% (previous 5-8%) ▪ 20-22% EBITDA margin before special items (unchanged) Share buyback program ▪ Current Share buyback program completed in July ▪ New USD 10 million Share buyback program initiated Embla Medical recognized on the Forbes Accessibility 200 list building on the inclusion from 2025 * Q2’26 Gross Margin includes USD 3 million net tariff refund equivalent to approx. 1pp positive impact
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2 15 3 6 8 2022 2023 2024 2025 2026E Annual launches Six new launches during Q2 2026 across Prosthetics, Neuro Orthotics and Bracing and Supports emphasizing our innovation capabilities and increasing R&D impact Contribution from innovation has increased significantly Today, +25% of sales are generated from innovation launched less than 5 years ago Selection of flagship launches in recent years The impact of our innovation is increasing constantly 513 10% 15% 20% 25% 30% 35% 0 100 200 300 400 500 600 2022 2023 2024 2025 2026E USDm Product Sales from Prosthetics & Neuro Orthotics Contribution from innovation launched last 5 years R&D impact relative to P&NO Sales AeroFit® OA Move Brace Iceross Sleeve, Dermo Cushion Icon® Odyssey® iQ Power Knee Controls Upgrade Navii® Pro-Flex Terra® Iceross Seal-In® X Locking TF Proprio Foot® Pro-Flex® LP Waterproof Unity for Pro-Flex® ST Power Knee Gen 3 Pro-Flex® ST Expected future launches Launched in Q2’26 Launched in Q2’26 Launched in Q1’26
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3 Sales growth in EMEA and APAC was strong driven by robust Prosthetics performance across established and new markets Americas Q2: +3% EMEA Q2: +8% APAC Q2: +9% Note: Colors indicate where Embla Medical has direct operations, Embla Medical has sales in further countries 102 104 107 89 105 3% 5% 0% 3% 3% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Sales (USDm) % Organic growth 113 112 131 124 134 7% 7% 12% 4% 8% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Sales (USDm) % Organic growth 18 20 19 19 20 3% 18% 9% 14% 9% Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Sales (USDm) % Organic growth
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4 Solid performance in Prosthetics & Neuro Orthotics across regions and product categories, including new markets such as Ukraine Highlights ▪ EMEA: Very strong growth across both core European markets and in our distribution markets incl. Ukraine. Broad-based growth contributions from Bionics and other key product categories. Solid contribution from recently acquired Streifeneder. ▪ Americas: Growth has started to pick up driven by our core portfolio and continued momentum in Bionics. Strong performance in College Park led by recently launched products. ▪ APAC: Growth led by Australia across most categories as well as good performance across the rest of Asia. ▪ Neuro Orthotics: Strong quarter in Neuro Orthotics driven by EMEA and strong uptake in the US albeit from a low base. Sales USD million % Organic growthSales % of total sales in Q2 2026 54% 126 135 141 136 151 9% 13% 9% 9% 12% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 H1 2026 sales 287 USD million H1 2026 organic growth 10% organic growth
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5 Bracing sales performance was strong in Americas and APAC, but growth was partly offset by unfavorable market dynamics in Europe Highlights ▪ Solid execution in Americas and APAC offset by unfavorable channel dynamics in Europe. Headwinds remain with continued competitive pressure and price sensitivity. ▪ EMEA: EMEA ended down driven by tough competition and shifting market dynamics. Successful launches of the new OA Move knee brace and the Formfit® Walker boot but not enough to offset the decline in the region. ▪ Americas : Solid execution and good growth in Americas driven by volume increases in key sales channels and broad-based demand across core products. ▪ APAC : Solid performance in the region driven by Australia and New Zealand. Sales USD million % Organic growthSales % of total sales in Q2 2026 H1 2026 organic growth 15% 38 38 37 37 39 - 2% 0% 0% 1% 1% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 H1 2026 sales 76 USD million 1% organic growth
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6 Patient Care sales declined due to challenges in key markets in Europe while Americas and APAC show good progress Highlights ▪ EMEA: Sales declined due to timing effects and challenging market dynamics in selected key markets such as France and Sweden. As these factors normalize, management expects sales performance to improve over the coming periods. ▪ Americas: Solid performance in most markets, reflecting the results of the strategic initiatives recently implemented. ▪ APAC: Continued good performance in Australia.Sales USD million % Organic growthSales % of total sales in Q2 Performance in Patient Care ▪ Strategic initiatives implemented in 2H 2025 to support a stronger, more profitable and more resilient Patient Care business over time. ▪ These actions started to show positive impact on growth and profitability in 2026 although sales recovery and consistent growth across regions have not yet fully materialized. H1 2026 sales H1 2026 organic growth 149 USD million -2% organic growth 31% 78 74 89 70 79 0% 1% 5% - 1% - 2% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26
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7 Profitability was strong in the quarter supported by solid sales growth in Prosthetics & Neuro Orthotics, scalability in OPEX, and tariff refunds Gross Profit and Gross Profit margin USD million Highlights ▪ Gross Profit: Gross profit margin 63% vs 62% in Q2’25. The GPM was positively impacted by strong sales in P&NO and net US tariffs refund (USD ~3M ). ▪ OPEX: OPEX was 47% of sales in Q2’26, compared to 48% of sales in Q2’25. OPEX grew 5% organic (below sales growth) in line with continued focus on cost control. ▪ EBITDA: EBITDA margin was 22% in Q2’26 compared to 21% in Q2’25. EBITDA margin benefitting from stronger sales in P&NO, scalability in OPEX and net tariffs refund. EBITDA margin excluding tariffs at ~21%. ▪ Net Financials: The decrease in net financial expenses was primarily driven by lower net exchange differences compared to the same period last year leading to USD ~5m positive impact on net financials. ▪ Effective Tax: Effective tax rate of 23% in Q2 2026. • Net Profit: Net profit grew 39% or USD 8 million in Q2’26 compared to Q2 2025. Increase is driven by strong operating results and favorable changes in net financial expenses. EBITDA and EBITDA margin USD million 144 164 272 307 62% 63% 63% 63% Q2 '25 Q2 '26 H1 '25 H1 '26 Gross Profit Gross Profit Margin 49 58 85 98 21% 22% 20% 20% Q2 '25 Q2 '26 H1 '25 H1 '26 EBITDA EBITDA margin
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8 Free cash flow was strong in Q2 supported by strong operating results, lower NWC investment than Q2 2025 and moderate CAPEX Capital expenditures and % of sales USD million Free cash flow and % of sales USD million Net Interest-Bearing Debt and Leverage USD million ▪ CAPEX ratio in Q2 was ~2% below normalized levels of 3-4% of sales, mainly due to timing of investments. ▪ Strong free cash flow generation in Q2 supported by strong operating results, lower NWC investment than Q2 2025 and moderate CAPEX. ▪ Leverage was 2.2x end of Q2 (1.6x excl. leases). ▪ The leverage ratio is within the target range of 2.0- 3.0x and the share buyback program is ongoing. NIBD/EBITDA NIBD/EBITDA excl. leases 10 8 8 5 6 4.4% 3.3% 3.1% 2.3% 2.3% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 472 460 439 459 435 2.6x 2.5x 2.4x 2.4x 2.2x 2.0x 1.9x 1.7x 1.8x 1.6x Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26 12 38 42 4 31 5% 16% 16% 2% 12% Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26
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9 Sales outlook for 2026 narrowed to 5-7% and margin outlook unchanged Guidance as of July 21 2026 1H 2026 Guidance as of April 22 2026 Sales growth Organic 5-7% 5% 5-8% EBITDA margin Before special items 20-22% 20% 20-22% For modeling purposes: Special items In USD million None None None CAPEX % of sales 3-4% 2% 3-4% Tax Effective tax rate 23-24% 23% 23-24%
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10 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
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11 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 July 21, 2026 Interim Report Q2 2026 July 21, 2026 Q2 2026 Presentation & Q&A, virtual (HC Andersen Capital) July 21, 2026 Q2 2026 US Virtual Investor Road Show (Danske Bank) August 26, 2026 Hamburg Investor Days, Montega, Hamburg 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 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) 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
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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.