Slides
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1 1 1 Robust earnings growth, exceeding full-year targets Q4 YEAR-END REPORT JANUARY – DECEMBER 2025 Johan Falk, CEO Thomas Moss, CFO
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2 • Business performing well despite headwind from tough comps in North and FX. Net sales up 9% to SEK 4,676m • Adj. EBITA increased by 16% to SEK 470m driven by strong performance in West and Central • Weak organic growth attributable to the large project orders in North in the comparable period 2024 • Adj. EBITA margin reaching 10.0% for the first time (+0.6 p.p.) • Good cash flow – leverage maintained at 2.26x whilst continuing M&A. Four new acquisitions signed in the quarter, and 14 in the full year • M&A pipeline remains very strong and newly acquired companies are off to a good start Q4 Highlights Q4 2025 ADJ. EBITA GROWTH 16% Exceeding target of 15% ADJ. EBITA MARGIN 10.0% Reaching target of 10%
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3 Adj. EBITA growth per year +17% TARGET >15% Adj. EBITA margin 9.5% TARGET (medium term) >10% R/RK (EBITA/NWC) +67% TARGET >50% Net Debt/EBITDA* 2.26x TARGET <2.5x Delivering on our financial targets 2025 full-year outcome *Adjusted for leases and items affecting comparability SEK/share Proposed dividend 0.39 TARGET >30% of last year’s net profit after tax
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Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 1,594 1) EBITA excl. items affecting comparability and estimated Covid-19 effect ’20-‘22. 4 Adj. EBITA R121) SEKm >15% CAGR Continuing to deliver stable and profitable total EBITA growth quarter over quarter 317
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5 Robust earnings growth and continued margin improvement in Q4 • Net sales in Q4 +9%, of which -1% organic and FX -4% • Adj. EBITA in Q4 +16%, of which -3% organic and FX -3% • Growth driven by Business Areas West and Central, moderated by tough comps in North • Underlying organic growth in-line with long-term target of faster than the market growth rate, adjusted for defence and preparedness contracts in 2024 • Adj. EBITA margin reaching 10.0% for the first time, always slight variations between quarters Financial performance – Group 4% 16% -3% 17% Organic growth Acquired growth Exchange rate effect Total growth 0% 5% 10% 15% 20% 25% Adj. EBITA growth • Net sales 12% ⎯ Organic growth of 3% ⎯ Acquired growth of 12% ⎯ Exchange rate effect -3% Amounts in SEKm Q4 2025 Q4 2024 Jan - Dec 2025 Jan - Dec 2024 Net sales 4,676 4,303 16,787 15,025 Adj. EBITA 470 406 1,594 1,362 Adj. EBITA margin, % 10.0% 9.4% 9.5% 9.1% R/RK (EBITA/NWC),% 67% 67% 67% 67% January - December 2025
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6 • Core business continues to perform well • Growth rate affected by significantly lower project-based sales in defence and preparedness compared to 2024 ⎯ Full year difference versus 2024 SEK ~ 350m in sales, of which SEK ~ 175m during Q4. EBITA margin slightly above North average • Development of the new distribution centre is proceeding as planned with automation and other technical installations made in the quarter Business Area North January - December 2025 • Adj. EBITA growth -9% ⎯ Organic growth of -10% ⎯ Acquired growth of 2% ⎯ Exchange rate effect -1% • Net sales -4% ⎯ Organic growth of -3% ⎯ Acquired growth of 1% ⎯ Exchange rate effect -2% Amounts in SEKm Q4 2025 Q4 2024 Jan - Dec 2025 Jan - Dec 2024 Net sales 1,502 1,647 5,210 5,401 Adj. EBITA 212 225 681 749 Adj. EBITA margin, % 14.1% 13.7% 13.1% 13.9% Core business performing well; tough comps from defence orders
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7 Continued strong growth and improved margins in West • Strong performance, net sales +20% and adj. EBITA +36% in Q4 • Adj. EBITA margin in Q4 9.3%, up 1 p.p. • Continued focus on organic growth and operational improvements • Positive contributions from recent M&A activities • One-off costs related to new, efficient warehouse that has capacity to take in volumes from recent acquisitions, impacted organic EBITA growth in the quarter Business Area West January - December 2025 • Adj. EBITA growth 39% ⎯ Organic growth of 17% ⎯ Acquired growth of 26% ⎯ Exchange rate effect -4% • Net sales +20% ⎯ Organic growth of 8% ⎯ Acquired growth of 15% ⎯ Exchange rate effect -3% Amounts in SEKm Q4 2025 Q4 2024 Jan - Dec 2025 Jan - Dec 2024 Net sales 2,300 1,910 8,543 7,145 Adj. EBITA 215 158 757 545 Adj. EBITA margin, % 9.3% 8.3% 8.9% 7.6%
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8 Strong performance driven by strategic acquisitions and improved product mix • Net sales +17% and adj. EBITA +44% growth in Q4 ⎯ Driven by a continued active acquisition agenda and focus on margin improvements • Adj. EBITA margin in Q4 9.3% up 1.7 p.p. • Newly acquired companies performing well • Continued focus on organic growth and margin improvements, both from operational efficiency improvements and phasing out low-margin products Business Area Central January - December 2025 • Adj. EBITA growth 52% ⎯ Organic growth of 19% ⎯ Acquired growth of 36% ⎯ Exchange rate effect -3% • Net sales +22% ⎯ Organic growth of 2% ⎯ Acquired growth of 23% ⎯ Exchange rate effect -3% Amounts in SEKm Q4 2025 Q4 2024 Jan - Dec 2025 Jan - Dec 2024 Net sales 873 747 3,034 2,479 Adj. EBITA 82 57 259 170 Adj. EBITA margin, % 9.3% 7.6% 8.5% 6.9%
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9 R/RK remains strong, reflecting continued efficient working capital utilisation • R/RK amounted to 67.0% (67.4), in line with YoY comparison, exceeding target • Continued high capital efficiency across all business area • Opportunities to improve the performance of acquired entities 0% 20% 40% 60% 80% 100% Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 R/RK (EBITA/NWC) Asker target >50% R/RK
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10 Solid cash flow in Q4 and full-year Amounts in SEKm Q4 2025 Q4 2024 Jan-Dec 2025 Jan-Dec 2024 Cash flow from operating activities 568 459 1,328 1,227 CAPEX -223 -169 -590 -348 Acquisitions -449 -146 -2,331 -1,109 Financing 90 -62 2,025* 305 Cash flow for the period 1 82 447 75 • Cash flow from operating activities SEK 568m (459) in Q4, SEK 1,328m (1,227) for full-year 2025 • Focus on working capital efficiency combined with strong overall top and bottom-line growth delivers solid cash flow in Q4 • Full-year CAPEX in line with plan ⎯ Includes SEK ~170m for new warehouse in Gothenburg, of which SEK ~120m in Q4 * Share issue in IPO SEK 1,407m
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11 Stable level of leverage, allowing for continued acquisitions using own cash flow • Stable level of leverage at 2.26x – in line with historically normal levels after brief dip due to new equity raised during IPO • Will continue to drive M&A with own cash flows and remain below the 2.5x threshold Net debt/EBITDA* development *EBITDA rolling 12 months adjusted for leases and items affecting comparability 1 2 3 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Asker target <2.5x x x x Amounts in SEKm 31 December 2025 31 December 2024 Net debt 3,896 3,091 EBITDA* 1,724 1,466 Net debt/EBITDA* 2.26x 2.11x
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12 14 signed acquisitions in 2025, including three platforms • 14 new acquisitions signed during 2025 with EBITA margins above 10% • Three platform acquisitions made using the extra cash from IPO • Acquisition pipeline remains strong, will continue to do M&A using own cashflow *Estimated annual net sales at date of acquisition Month Acquisition Business Area Annual sales, SEKm* January GHC/MPF Central 300 December Van Heek Medical West 350 December Cardio Dépôt Central 25 November Innomedicus Central 50 October Novus Med West 80 September Oudshoorn West 37 August HNC West 60 July Finmed Central 380 July Dartin Central 46 June Scan Modul West 400 June Kirstine Hardam West 200 May ITAK North 90 May MS Labors Central 25 February HSL Group West 800 February Mayumana Healthcare West 60 Total Q1 Q2 Pending Q3 Q4 Completed in Feb Q1 Completed in Feb
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13 Explore an acquisition • Specialises in providing branded and private label medical supplies for diabetes, incontinence and wound care, primarily to homecare, pharmacies and nursing homes in the Benelux • Complementing Asker’s current footprint in the region very well with potential for synergies • Annual sales of SEK 350m and 64 FTE • Expected to contribute positively to our EBITA margin • Completed in February 2026 Van Heek Medical A leading provider of medical supplies in the Benelux region, founded in 1926
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14 Explore an acquisition • Provides medical devices and supplies combined with software solutions and training to hospitals and urology centres across Europe • Strong focus and expertise in innovative technologies and services for therapies in prostate cancer • Based in Switzerland. Annual sales of SEK 50m and 10 FTE • Expected to contribute positively to our EBITA margin InnoMedicus Highly niched company within urology and prostate cancer, selling to specialists across Europe
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15 Q4 in summary • Solid quarter, with an adj. EBITA growth of 16% and reaching an EBITA margin of 10.0% for the first time • Strong development in West and Central driven by acquisitions and operational improvements, countered by tough comps in North due to large project-based sales within defence and preparedness in 2024 • 14 signed acquisitions in 2025, all margin accretive – strengthening our presence in existing and new markets • Stable leverage at 2.26x and solid cash flow – allowing for continued high acquisition pace • All in all, a year of robust earnings growth driven by both high acquisition activity and continuous improvements in operations. A good starting point for 2026 • Continued focus on our “twin-engine” strategy coming years - combining M&A with above market organic growth to consolidate the European medtech market and continue driving developments in European healthcare
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Q&A
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Financial calendar • Q1 report 2026 6 May 2026 • Annual General Meeting 7 May 2026 • Q2 report 2026 21 July 2026 • Q3 report 2026 4 Nov 2026 Additional information Thomas Moss, CFO and Head of IR Tel: +46 70 219 79 05 ir@asker.com • Improve patient outcome • Reduce total cost of care • Ensure a fair and sustainable value chain We are health in progress