Slides
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1 1 1 Continued steady growth Q2 INTERIM REPORT JANUARY – JUNE 2026 Johan Falk, CEO Thomas Moss, CFO
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2 • Continued steady organic growth ahead of the market, with increasing margin expansion as we scale • Net sales of SEK 4,686m, up 18% of which 5% organic • Adj. EBITA of SEK 471m, up 24%, of which 6% organic • Adj. EBITA margin strengthened to 10.0% (+0.5 p.p.) • Good and robust cash flow and efficient working capital utilisation, increasing R/RK to 69% • MSCI rated Asker AAA in first rating • New acquisition in Ireland in July – over 50% of acquisition target reached and continued good visibility in M&A pipeline Q2 Highlights Q2 2026 ADJ. EBITA GROWTH 24% ADJ. EBITA MARGIN 10.0% of which 6% organic (+0.5 p.p.)
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3 Adj. EBITA growth per year +21% TARGET >15% Adj. EBITA margin 9.8% TARGET (medium term) >10% R/RK (EBITA/NWC) +69% TARGET >50% Net Debt/EBITDA* 2.37x TARGET <2.5x Delivering on our financial targets LTM 2025/2026 *Adjusted for leases and items affecting comparability
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Q1 2020 Q1 2021 Q1 2022 Q1 2023 Q1 2024 Q1 2025 Q1 2026 1,765 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 Continued solidgrowth • Net sales in Q2 +18%, of which 5% organic and FX 0% • Adj. EBITA in Q2 +24%, of which 6% organic and FX 0% • Adj. EBITA margin up to 10.0% • Growth delivered from all parts of the Group, with newly acquired companies also supporting margin expansion Financial performance – Group 7% 18% 23% -2% Organic growth Acquired growth Exchange rate effect Total growth 0% 5% 10% 15% 20% 25% 30% Adj. EBITA growth • Net sales +15% ⎯ Organic growth of 5% ⎯ Acquired growth of 12% ⎯ Exchange rate effect -2% Amounts in SEKm Q2 2026 Q2 2025 Jan–Jun 2026 Jan–Jun 2025 LTM 25/26 Net sales 4,686 3,987 9,207 7,982 18,012 Adj. EBITA 471 378 912 742 1,765 Adj. EBITA margin, % 10.0% 9.5% 9.9% 9.3% 9.8% R/RK (EBITA/NWC),% 68.7% 65.4% 68.7% 65.4% 68.7% January – June 2026
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6 • Net sales +13% and adj. EBITA +10% in Q2 • Continued solid organic growth across North in Q2 and maintaining rolling 12 months margins above 13% • The new distribution centre in Gothenburg continues to progress according to plan with the early-stage operational activities beginning which will continue to ramp up through H2 Business Area North January – June 2026 • Adj. EBITA growth 8% ⎯ Organic growth of 5% ⎯ Acquired growth of 3% ⎯ Exchange rate effect 0% • Net sales +10% ⎯ Organic growth of 8% ⎯ Acquired growth of 2% ⎯ Exchange rate effect 0% Amounts in SEKm Q2 2026 Q2 2025 Jan–Jun 2026 Jan–Jun 2025 LTM 25/26 Net sales 1,429 1,265 2,783 2,527 5,465 Adj. EBITA 193 175 379 352 708 Adj. EBITA margin, % 13.5% 13.9% 13.6% 13.9% 13.0% Business in North continues to perform well with good organic growth
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7 Another quarter of stronggrowth in West • Adj. EBITA +32% and adj. EBITA margin up 1.2 p.p. to 9.6% in Q2 • Steady progress across the business area, in line with recent quarters • Continued good growth through acquisitions and scale benefits from the growing homecare businesses Business Area West January – June 2026 • Adj. EBITA growth 32% ⎯ Organic growth of 12% ⎯ Acquired growth of 23% ⎯ Exchange rate effect -3% • Net sales +14% ⎯ Organic growth of 4% ⎯ Acquired growth of 13% ⎯ Exchange rate effect -3% Amounts in SEKm Q2 2026 Q2 2025 Jan–Jun 2026 Jan–Jun 2025 LTM 25/26 Net sales 2,327 2,021 4,580 4,029 9,095 Adj. EBITA 224 169 438 330 864 Adj. EBITA margin, % 9.6% 8.4% 9.6% 8,2% 9.5%
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8 Continued strengthening of results and positive development of margins • Net sales +33% and adj. EBITA +56% in Q2 • Adj. EBITA margin up 1.4 p.p. to 9.6% in Q2 • Strong additions from recent acquisitions complementing organic growth in the region and continuing the trends of recent quarters • Focus on margin enhancing activities continues to deliver positive results Business Area Central January – June 2026 • Adj. EBITA growth 52% ⎯ Organic growth of 14% ⎯ Acquired growth of 40% ⎯ Exchange rate effect -2% • Net sales +29% ⎯ Organic growth of 3% ⎯ Acquired growth of 28% ⎯ Exchange rate effect -2% Amounts in SEKm Q2 2026 Q2 2025 Jan–Jun 2026 Jan–Jun 2025 LTM 25/26 Net sales 931 701 1,844 1,426 3,452 Adj. EBITA 90 57 170 112 316 Adj. EBITA margin, % 9.6 8.2% 9.2% 7,8% 9.2%
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9 R/RK improved from a high level • R/RK amounted to 68.7% (65.4) • Continued efficient working capital utilisation across all business area 0% 20% 40% 60% 80% 100% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 R/RK (EBITA/NWC) Asker target >50% R/RK
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10 Robust cash flow with good visibility and control over futureoutflows Amounts in SEKm Q2 2026 Q2 2025 Jan–Jun 2026 Jan–Jun 2025 LTM 25/26 Jan–Dec 2025 Adj cash flow from operating activities 330 211 7749 320 1,814 1,385 CAPEX -112 -206 -212 -278 -524 -590 Sale of building 43 - 47 - 62 15 Acquisitions -592 -164 -760 -997 -2 151 -2,388 Financing 146 731 43 1,808* 260 2,025* Cash flow for the period -183 572 -132 854 -540 447 • Adj. cash flow from operating activities SEK 330m (211) in Q2 • CAPEX for DC in Gothenburg in line with plan (Approx. SEK 75m remaining during 2026) • Significant one-off cash outflow in Q2 (included in the Financing and Acquisition lines in the table): • Earnouts SEK ~463m • Dividend SEK ~149m • Cash conversion** year to date >80% • Current forecast for earnouts paid in 2027 SEK ~150m * Share issue in IPO SEK 1,407m ** EBITA/adj cashflow from operating activities
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11 Stable leverage below target level, allowing for continued acquisitions • Leverage marginally and temporarily elevated after larger cash outflows in Q2 but continues at a level that ensures capacity for M&A agenda • Alternative leverage ratio (equivalent to bank covenant definition) including all earn-outs and outstanding M&A payments for the next 12m and 12m pro-forma EBITDA from acquisitions gives leverage of 2,43x *EBITDA rolling 12 months adjusted for leases and items affecting comparability **EBITDA rolling 12 months adjusted for items affecting comparability and including pro-forma effects of acquisitions, Net Debt including outstanding consideration for Q1 2026 acquisitions and earn-out payments due in next 12 months Amounts in SEKm 30 June 2026 30 June 2025 Net debt 4,511 2,886 EBITDA* 1,900 1,566 Net debt/EBITDA* 2.37x 1.84x Alternative Net debt/EBITDA** 2.43x 2.04x
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12 Ahead of our 2026M&A target • Acquisition of Murray Surgical completed on 3 July 2026, adding SEK 73m in annual sales • Kirstine Hardam acquisition discontinued in mutual agreement with current owner • Strong pipeline remains with good visibility • Steady cashflow finances continuous acquisitions *Estimated annual net sales at date of acquisition Month completed Acquisition Business Area Annual sales, SEKm* July Murray Surgical West 73 April RMS Medical Devices West 170 February GHC/MPF Central 300 February Van Heek Medical West 350 YTD 2026 Milestones towards FY target of annual acquired 10-12% EBITA growth Q1-2Q1 FY 2026 Q1-3 Status July 2026 50%25% 75% 100% Over 50% of our 2026 M&A target reached in H1, with positive EBITA margin contribution
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13 Explore an acquisition - RMS Medical Devices closed in April • Combines strong clinical expertise in endoscopy, radiology and urology with rapidly expanding activities in digital health, artificial intelligence and minimally invasive surgery • 40 years of experience in the Belgian healthcare market and a strong reputation for clinically driven innovation • Annual sales of SEK 170m and 25 employees • Expected to contribute positively to our EBITA margin RMS Medical Devices A fast-growing medical device distributor serving hospitals and healthcare institutions across the Benelux
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14 Q2 in summary • Continued steady organic growth ahead of the market, and good contribution from acquisitions to both growth and margin ⎯ 24% total adjusted EBITA growth, whereof 6% organic • Adjusted EBITA margin strengthened to 10.0% • Continued good and robust cash flow • High-quality acquisitions further strengthening our position as the leading healthcare group within medical products and solutions − Over 50% of acquisition target reached YTD, with continued good visibility for the rest of the year • Our priority remains on building Asker through continuous strategic acquisitions, decentralised accountability, progressively increasing scale benefits and focus on cash flow and capital efficiency
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Q&A
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Financial calendar • Q3 report 4 Nov 2026 • Year-end report 2026 10 Feb 2027 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