Slides
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0 Q3 2026 Conference Call Sveinn Sölvason, President and CEO G. Arna Sveinsdottir, CFO October 20, 2026 A leading global provider of innovative mobility solutions
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1 9M Reported sales growth incl. 3pp from M&A and 3pp from FX 9M EBITDA (on par with 9M’25) Q3 Reported sales growth incl. 2pp from M&A, FX neutral Q3 EBITDA margin (on par with Q3’25) Disciplined cost control helped maintain a 22% EBITDA margin in Q3 2026 despite lower-than-expected sales growth in the quarter Operations Outlook / SBB 21% Q3 and 9M 2026 Performance 22% +5% Q3 Organic sales growth 9M Organic sales growth Two new launches in Q3’26 ✓ NEURO SWING Carbon 24 mm ✓ Two new adapter kits that integrate with black prosthetic components Patient Care status ▪ Sales performance has been below expectations set at the start of the year ▪ Ongoing clinic integration and onboarding have temporarily constrained patient volume growth in selected regions ▪ Significant work is ongoing to enhance commercial execution and operational performance across our network of Patient Care facilities (~200 clinics) 2026 Guidance narrowed ▪ Organic sales growth of ~5% (previously 5-7%) ▪ ~21% EBITDA margin (previously 20-22%) Share buyback program ▪ In Q3 2026, Embla Medical repurchased 635,267 shares with a market value of USD 2.8 million +4% +10%+5% AOPA National Assembly ✓ Össur showcased its latest innovations and engaged with clinicians and industry partners from across the O&P community
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2 Solid sales growth driven by Prosthetics & Neuro Orthotics, with strong performance in EMEA Americas Q3: +0% EMEA Q3: +8% APAC Q3: -2% Note: Colors indicate where Embla Medical has direct operations, Embla Medical has sales in further countries 104 107 89 105 105 5% 0% 3% 3% 0% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Sales (USDm) % Organic growth 112 131 124 134 125 7% 12% 4% 8% 8% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Sales (USDm) % Organic growth 20 19 19 20 20 18% 9% 14% 9% -2% Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 Sales (USDm) % Organic growth
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3 Solid sales growth in Prosthetics & Neuro Orthotics driven by EMEA, with flat sales in Americas and softer performance in Asia Highlights ▪ EMEA: Solid sales growth in EMEA, supported by strong contributions from Ukraine and other new distribution markets. Performance was supported by broad-based demand, continued momentum in Bionics. Streifeneder also delivered solid growth. ▪ Americas: Sales in the Americas were flat for the quarter. College Park and Bionics delivered strong growth, partly offset by softness in other product categories. ▪ APAC: Strong growth in Australia and New Zealand, led by Bionics and Neuro Orthotics, offset by weaker sales in Asia with increasing competition in China. ▪ Neuro Orthotics: Strong quarter in Neuro Orthotics, driven by EMEA. Americas also contributed to growth, albeit from a low base, as the US commercial rollout progressed. Sales USD million % Organic growthSales % of total sales in Q3 2026 Year-to-date sales 435 USD million Year-to-date growth 9% organic growth 55% 135 141 136 151 148 13% 9% 9% 12% 7% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26
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4 Bracing sales grew moderately, supported by Americas and APAC, while competitive pressure continued in Europe Highlights ▪ Continued solid execution in Americas and APAC offset by unfavorable channel dynamics in Europe. Headwinds remain with continued competitive pressure and price sensitivity. ▪ EMEA: Sales were flat in the quarter. The new OA Move knee brace and growth in selected markets in Europe were offset by tough competition and shifting market dynamics. ▪ Americas: Solid growth driven by new volume business in key sales channels and broad -based demand across core products. ▪ APAC: Strong performance driven by recovery in Asia and solid growth in Australia and New Zealand. Sales USD million % Organic growthSales % of total sales in Q3 2026 Year-to-date growthYear-to-date sales 115 USD million 1% organic growth 15% 38 37 37 39 38 0% 0% 1% 1% 2% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26
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5 Patient Care sales were flat in Q3 as integration efforts weighed on growth, while profitability continued to improve Highlights ▪ EMEA: Sales returned to growth with solid performance across most markets, partly offset by softness in Sweden. ▪ Americas: Sales were soft despite solid growth across key US clinics, as ongoing integration and onboarding temporarily constrained growth. ▪ APAC: Patient Care sales in Australia ended soft. Sales USD million % Organic growthSales % of total sales in Q3 Strategic initiatives in Patient Care ▪ Productivity improvements across key clinics are strengthening productivity and profitability, despite uneven sales growth across markets. ▪ Ongoing clinic integration and onboarding ▪ The loss of a regional tender in Sweden negatively impacts Patient Care growth by ~2pp for FY 2026. A newly awarded tender will offset the impact in 2027. Year-to-date sales Year-to-date growth 223 USD million -1% organic growth 30% 74 89 70 79 74 1% 5% - 1% - 2% 0% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26
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6 EBITDA margin remained at 22% in Q3, as cost control and stronger profitability in Patient Care offset a lower gross profit margin in P&NO Gross Profit and Gross Profit margin USD million Highlights ▪ Gross Profit: Gross profit margin was 62% vs 63% in Q3’25. Softer than expected sales growth in P&NO and temporary cost fluctuations from optimizing selected smaller manufacturing sites weighed on the margin. Gross margin 9M 2026 is 62.4% compared to 62.6% in the comparable period 2025. ▪ OPEX: OPEX was 46% of sales in Q3’26 (on par with Q3’25). OPEX grew 2% organically, below sales growth of 4%, reflecting continued focus on cost control and stronger operating results in Patient Care. ▪ EBITDA: EBITDA was USD 56 million, with a margin of 22%, on par with Q3’25. Cost control in SG&A and stronger profitability in Patient Care offset a temporary lower gross profit margin in P&NO. ▪ Net Financials: Net financial expenses increased to USD 6 million from USD 4 million in Q3’25, primarily driven by adverse net exchange rate differences quarter on quarter. ▪ Effective Tax: Effective tax rate of 24% in Q3’26, on par with Q3’25. • Net Profit: Net profit was USD 26 million, up 1% vs Q3’25, as quarterly fluctuations in net exchange rate differences partly offset higher operating profit. Net profit grew 19% in 9M 2026. EBITDA and EBITDA margin USD million 148 155 420 462 63% 62% 63% 62% Q3 '25 Q3 '26 9M '25 9M '26 Gross Profit Gross Profit Margin 53 56 138 153 22% 22% 21% 21% Q3 '25 Q3 '26 9M '25 9M '26 EBITDA EBITDA margin
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7 Solid free cash flow in Q3 supported by strong operating results and moderate CAPEX, partly offset by timing of NWC investments Capital expenditures and % of sales USD million Free cash flow and % of sales USD million Net Interest-Bearing Debt and Leverage USD million ▪ CAPEX in Q3 was ~3% of sales in line with the range for normalized CAPEX levels (3-4% of sales). ▪ Solid free cash flow generation in Q3 supported by strong operating results and moderate CAPEX, partially offset by timing of investments in NWC. ▪ Free cash flow 9M 2026 amounts to USD 66M vs. USD 58M in the comparable period in 2025 (up +13%). ▪ Leverage was 2.1x end of Q3 (1.5x 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 8 8 5 6 7 3.3% 3.1% 2.3% 2.3% 2.6% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 38 42 4 31 31 16% 16% 2% 12% 12% Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26 460 439 459 435 414 2.5x 2.4x 2.4x 2.2x 2.1x 1.9x 1.7x 1.8x 1.6x 1.5x Q3 '25 Q4 '25 Q1 '26 Q2 '26 Q3 '26
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8 2026 Outlook narrowed ~5% organic sales growth. ~21% EBITDA margin. Guidance as of Oct 20 2026 9M 2026 Guidance as of July 21 2026 Sales growth Organic ~5% 5% 5-7% EBITDA margin Before special items ~21% 21% 20-22% For modeling purposes: Special items In USD million None None None CAPEX % of sales 2-3% 2% 3-4% Tax Effective tax rate 23-24% 24% 23-24%
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9 Q&A Key messages from Q3 2026 1. Solid sales growth driven by P&NO, with strong performance in EMEA. Disciplined cost control helped maintain a 22% EBITDA margin in Q3 2026 2. Patient Care sales are below expectations as integration temporarily limits growth. Work continues to enhance our commercial execution and operational performance across our network of ~200 Patient Care facilities. 3. We are narrowing our 2026 guidance to ~5% organic sales growth (previously 5-8%) and EBITDA margin to ~21% (previously 20-22%)
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10 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 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, Helsinki (ABG) October 21 2026 Q3 2026 Virtual Investor Road Show (Nordea) October 26 2026 Q3 2026 Investor Road Show, Reykjavik (Embla HQ) 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 Denmark November 26 2026 Danske Bank Winter Seminar, Copenhagen January 11 2027 SEB Nordic Seminar, Copenhagen February 2 2027 Q4 Report 2026 & 2026 Annual Report March 2 2027 UBS European Healthcare Conference, London March 17 2027 DNB Carnegie Healthcare Conference, Stockholm
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11 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.