Slides
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Interim Report Q3 2026 OCTOBER 21, 2026
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Positive development continued in Q3, with increased acquisition activity Sales increased by 7%, supported by organic momentum and acquired growth Margins strengthened: EBITA margin* 11.5% (11.1) • Labtech 12.9% (11.2) • Medtech 11.3% (11.6) Operating cash flow improved significantly, supported by lower working capital outflow Sales in positive trend • Advanced products drive growth and margins • Fewer instrument deliveries during summer and ongoing healthcare labor dispute in Spain held back demand somewhat • Stable in the Nordics, growing in UK and Ireland, strong in Eastern Europe Acquisition activity increased, with Unicam completed during Q3 and Lehnen completed in October * Excluding the revaluation of contingent consideration ** Excluding the divested UK endoscopy business Dec-25 ADDLIFE Q3 2026 2,599 NET SALES SEKm +7% 4% ORGANIC GROWTH** 298 EBITA* SEKm +11% 11.5% EBITA MARGIN* (11.1)
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Q3 growth supported by organic momentum and acquisitions • Organic and acquired revenue growth: +7%* • Organic growth was 4% adjusted for the divested UK endoscopy business in Dec 2025 • Acquired growth contributed 3%, reflecting the increased acquisition pace • Adjusted EBITA increased by +11%, supported by gross margin improvement and acquisitions • Excluding contingent consideration of net SEK 32m ADDLIFE Q3 2026 * Excluding the divested UK endoscopy business Dec-25 3 20 5 1% 8% 2% 0% 1% 2% 3% 4% 5% 6% 7% 8% 0 5 10 15 20 25 Currency effect Acquisition Organic growth EBITA growth components EBITA MSEK EBITA % 24 71 102 -27 1% 3% 4% -1% -2% -1% 0% 1% 2% 3% 4% 5% -40 -20 0 20 40 60 80 100 120 Currency effect Acquisition Organic growth Endoscopy Revenue growth components Revenue MSEK Revenue %
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P&L Q3: Profit before tax up 61% on growth and margin improvement • Revenue increased 7% • Underlying organic growth +4% • Acquired growth +3% • Gross margin improved, supported by price management and a higher share of advanced products • Unusually high opex increased, reflecting growth investments and completed acquisitions • Adjusted EBITA margin* increased to 11.5% (11.1) • Profit before tax +61% ADDLIFE Q3 2026 * Excluding the revaluation of contingent consideration
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9,9% 9,8% 11,1% 11,5% 9,0% 9,5% 10,0% 10,5% 11,0% 11,5% 12,0% 12,5% 13,0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 EBITA margin %* Adjusted EBITA margin improved to 11.5% in Q3 • Labtech margin Q3: 12.9%* (11.2), clear year-on-year improvement, driven by stronger gross margin and acquisitions • Medtech margin Q3: 11.3%** (11.6), slightly below last year, but with continued positive margin development in selected areas • Margin expansion remains our top financial priority FY 10.5% FY 11.3% FY 12.1% ADDLIFE Q3 2026 * Excluding the increased revaluation of contingentconsideration ** Excluding the decreased revaluation of contingentconsideration
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Operating cash flow improved significantly in Q3 • Operating cash flow increased to SEK 236m (145) • The improvement was primarily driven by lower working capital tied up • LTM cash conversion remains strong • Continued focus on working capital efficiency Adj. Cash conversion based on adjusted EBITA FY oper cf: 773 1,095 1,392 ADDLIFE Q3 2026 138 137 145 236 0 100 200 300 400 500 600 700 800 900 1000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 Operating cash flow per quarter 70% 89% 72% 131% 118% 79% 80% 76% 94% 111% 106% 0% 20% 40% 60% 80% 100% 120% 140% 0 200 400 600 800 1000 1200 1400 1600 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 L12M Operating Cash flow and Cash conversion Operating cash flow Adj. Cash conversion
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Strong operating cash flow in Q3 • Operating cash flow SEK 236m (145) • Working capital SEK -58m (-143) • The working capital outflow reflected collection of account receivables, lower account payables and higher inventory, partly driven by introduction of new products • Inventory represented 18% of sales • Acquisition related to Unicam ADDLIFE Q3 2026 WC SEK -58m
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Net debt up slightly in Q3, mainly due to Fx translation • Net debt increased by SEK 36m in Q3 2026 • FX translation increased net debt by SEK 91m, as the majority of bank loans are EUR-denominated • Bank facilities were refinanced after quarter-end, with a three-year maturity and two one-year extension options Net debt include: bank loan + lease liabilities + contingent considerations + pension liabilities + provisions – cash ADDLIFE Q3 2026
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Leverage remains comfortably below ambition level • Net debt / EBITDA was 2.5x, below the ambition of <3.0x • Net debt/equity ratio 0.8x, below the internal guideline of <1.0x • Balance sheet capacity supports both organic and acquisition-driven growth ADDLIFE Q3 2026 3,6 3,2 2,8 3,1 2,9 2,2 2,3 2,6 2,5 1,0 0,9 0,9 0,9 0,9 0,7 0,7 0,8 0,8 0 0,5 1 1,5 2 2,5 3 3,5 4 3 000 3 500 4 000 4 500 5 000 5 500 6 000 Q3 -24 Q4 -24 Q1 -25 Q2 -25 Q3 -25 Q4 -25 Q1 -26 Q2 -26 Q3 -26 Net debt KPI's Net debt Net debt/EBITDA Net debt/equity ratio
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Labtech Q3 2026 • Currency adjusted growth was +7%, with +2% organic and +5% acquired • Adjusted EBITA margin* improved to 12.9% (11.2) • Diagnostics remained stable and strong, while research activity was seasonally lower during the summer • Eastern Europe continued to show strong development, supported by investments in advanced technology • Acquisition of Unicam strengthens the position in Southern Europe within advanced laboratory equipment ADDLIFE Q3 2026 983 NET SALES SEKm +8% 126 EBITA* SEKm +24% 12.9 EBITA MARGIN %* (11.2) 40 LEGAL ENTITIES 884 EMPLOYEES * Excluding the revaluation of contingent consideration
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Medtech Q3 2026 • Acquired growth +1% and organic growth +5% when adjusted for the divested UK endoscopy business • Adjusted EBITA margin* was 11.3% (11.6) • Nordics delivered good growth, while Spain was still affected by the ongoing healthcare dispute • UK activity improved, with higher surgical volumes and delivery of capital goods ordered in the previous quarter • Homecare continued to develop well, further strengthened by the acquisition of Lehnen after the interim report ADDLIFE Q3 2026 1,617 NET SALES SEKm +6% 183 EBITA* SEKm +3% 11.3 EBITA MARGIN %* (11.6) 54 LEGAL ENTITIES 1,519 EMPLOYEES * Excluding the revaluation of contingent consideration
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Acquisition Unicam Sistemas Analíticos SEPTEMBER 2026 • Portuguese company distributing advanced analytical laboratory equipment • Offers instruments, consumables, technical support, service and training in chromatography, spectrometry, and microwave technology • Strong market position in Portugal, an excellent reputation for quality and service, and long-standing customer relationships • Will become part of Labtech ADDLIFE Q3 2026 20 EMPLOYEES 110 SALES SEKm >12% EBITA MARGIN <7x EV/EBITDA MULTIPLE
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Acquisition Lehnen GmbH OCTOBER 2026 • German family-owned company manufacturing high-quality stainless-steel products and system solutions for accessible and adapted bathrooms • Offers support rails, shower handles, fold-up toilet armrests, shower seats and customised stainless-steel solutions for homes, hospitals, care homes and public environments • Strong position in the German market, recognised for high quality, technical expertise, precision in manufacturing and delivery, as well as long-standing customer relationships • Will become part of Medtech ADDLIFE Q3 2026 30 EMPLOYEES 55 SALES SEKm >12% EBITA MARGIN <7x EV/EBITDA MULTIPLE
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MBA From one commercial organisation to three specialised divisions* Benefit to AddLife and the subsidiaries + AGILE AND EFFICIENT SUBSIDIARIES: Subsidiaries have the freedom to act quickly and work efficiently close to customers and suppliers + M&A: DEEP MARKET KNOWLEDGE AND HIGH CAPACITY Business unit leaders now own the acquisition funnels, supported by experienced advisors and subsidiary resources + DECENTRALISATION ATTRACTS AND RETAINS TALENT The decentralized model is motivating for team members, offers growth opportunities and attracts individuals and acquisition targets DECENTRALISATION HC21 From a combined UK & Ireland organisation to country-specific organisations with specialised commercial divisions AddVision Central group functions were dismantled and responsibility moved to five focused local companies YOUR TRUSTED MEDTECH PARTNER SURGICAL EMPOWERMENT BRINGING GREATER VISION TO EVERYONE Decentralisation is part of AddLife’s DNA 1 IEUK DEPL DECH UK N AO *Orthopaedics & trauma, Neuro, oncology, spine & biologics, Anestesia & surgeryADDLIFE Q 3 2026
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Summary and outlook • Consistent positive development continues: Sales, earnings and operating cash flow developed well • Stable in the Nordics, growing in UK and Ireland, strong in Eastern Europe • Continuing to introduce and drive advanced products • Decentralization supports efficiency and agility, driving acquisitions, attracting, developing and retaining talent • Strengthening acquisition resources, higher acquisition pace ADDLIFE Q3 2026 “Strong Heritage Shaping the Future", the annual Finance and HR meeting. Updated Code of Conduct Triolab 40th anniversary
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ADDLIFE Q3 2026 Q&A