Slides
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1 1 1 Strong growth and strengthened EBITA margin Q3 INTERIM REPORT JANUARY – SEPTEMBER 2026 Johan Falk, CEO Thomas Moss, CFO
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2 • Continued strong growth and strengthened EBITA margin • Net sales of SEK 4,756m, up 15%, of which 5% organic • Adj. EBITA of SEK 473m, up 24%, of which 4% organic (8% excl. temporary double costs related to the start of the new Gothenburg DC) • Adj. EBITA margin up to 9.9% (+0.6 p.p.) • For the first time, the LTM adj. EBITA margin reached the target of 10.0% (+0.6 p.p.) • Continued good and robust cash flow and efficient working capital utilisation, with R/RK at 69% • ND/EBITDA at 2.33x • Four new acquisitions signed – 100% of the acquisition target for 2026 already reached and continued good visibility in the M&A pipeline Q3 Highlights Q3 2026 ADJ. EBITA GROWTH 24% ADJ. EBITA MARGIN 9.9% (+0.6 p.p.)
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3 Adj. EBITA growth per year +21% TARGET >15% Adj. EBITA margin 10.0% TARGET (medium term) >10% R/RK (EBITA/NWC) +69% TARGET >50% Net debt/EBITDA* 2.33x 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 1,855 1) EBITA excl. items affecting comparability and the estimated COVID-19 effect in 2020–2022. 4 Adj. EBITA R121) SEKm >15% CAGR Continuing to deliver stable and profitable total EBITA growth quarter after quarter 317
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5 Continued solidgrowth in revenue and earnings • Net sales in Q3 +15%, of which 5% organic and FX 0% ⎯ Growth driven by good organic growth, particularly in North, and by acquisitions in West and Central • Adj. EBITA in Q3 +24%, of which 4% organic (8% excl. costs of parallel DC operations) and FX 1% ⎯ Strong adj. EBITA growth driven by good organic growth and margin improvement • Adj. EBITA margin 9.9% (+0.6 p.p.) Financial performance – Group 6% 18% 23% -1% 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 11% ⎯ Exchange rate effect -1% Amounts in SEKm Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 LTM 25/26 Net sales 4,756 4,129 13,963 12,111 18,639 Adj. EBITA 473 383 1,385 1,125 1,855 Adj. EBITA margin, % 9.9% 9.3% 9.9% 9.3% 10.0% R/RK (EBITA/NWC), % 68.8% 66.5% 68.8% 66.5% 68.8% January – September 2026 *See note 5 in the January - September of the Interim Report for details of the adjustments.
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6 • Net sales +12%, of which 10% organic • Adj. EBITA -7% including additional costs of SEK 16m due to parallel operations related to the new DC. Excluding these costs, adj. EBITA in Q3 was SEK 124m, +6% • New DC in Gothenburg progressing on time and on budget, with operations starting in Q4 and the move completed in Q1 2027 Business Area North January – September2026 • Adj. EBITA growth 4% ⎯ Organic growth of 1% ⎯ Acquired growth of 2% ⎯ Exchange rate effect 1% • Net sales +11% ⎯ Organic growth of 9% ⎯ Acquired growth of 2% ⎯ Exchange rate effect 0% Amounts in SEKm Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 LTM 25/26 Net sales 1,326 1,180 4,109 3,707 5,611 Adj. EBITA 108 117 487 469 699 Adj. EBITA margin, % 8.2% 9.9% 11.9% 12.7% 12.5% Business in North continues to perform well with good organic growth
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7 25% higher efficiency, with 75% of flows automated
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Delivered Guidance FY 2025 Built; automation installed H1 2026 Testing from April; early operations H2 2026 Fully operational; old and new sites run in parallel H1 2027 Old sites closed H2 2027 → Full run-rate Capex Total 300–330m One-off costs Working capital Lease EBITA savings SEK ~170m SEK ~30m SEK ~35m Group capex back to ~2% of sales Small tail Possible scrapping of old equipment (non-cash) 100m peak at end of Q3 (+SEK 100m) Temporary double inventory, end-2026 to early 2027 New site lease signed (SEK 480m commitment) Not yet started ~SEK 40m p.a. Replaces current site lease, no net increase after old site closes Q3 ~30m Q4 ~40m SEK ~75m Q3 16m Similar to Q3 Low tens of millions of SEK New Gothenburg DC on time and on budget –operations in transition SEK 50–60m p.a. Italics: previous communication
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9 Continued momentumin West • Revenue growth +11%, of which 3% organic. Adj. EBITA +34% and adj. EBITA margin up 1.9 p.p. to 11.5% in Q3 • Operational efficiencies mainly driving margin improvement • Strong contribution from recent acquisitions across the region, adding scale and benefits from new areas of cooperation between companies Business Area West January – September2026 • Adj. EBITA growth 33% ⎯ Organic growth of 14% ⎯ Acquired growth of 21% ⎯ Exchange rate effect -2% • Net sales +13% ⎯ Organic growth of 4% ⎯ Acquired growth of 11% ⎯ Exchange rate effect -2% Amounts in SEKm Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 LTM 25/26 Net sales 2,460 2,215 7,040 6,243 9,340 Adj. EBITA 284 212 721 543 936 Adj. EBITA margin, % 11.5% 9.6% 10.2% 8.7% 10.0%
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10 Continued strong growth through acquisitions • Net sales +32%, of which 0% organic. Adj. EBITA +68% in Q3 • Adj. EBITA margin up 2.4 p.p. to 11.3% in Q3 • The rapid and successful acquisition agenda in the region continues • Focus on efficiency and margin expansion alongside an improved product range and mix Business Area Central January – September 2026 • Adj. EBITA growth 58% ⎯ Organic growth of 14% ⎯ Acquired growth of 46% ⎯ Exchange rate effect -2% • Net sales +30% ⎯ Organic growth of 2% ⎯ Acquired growth of 30% ⎯ Exchange rate effect -2% Amounts in SEKm Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 LTM 25/26 Net sales 971 735 2,815 2,161 3,688 Adj. EBITA 110 65 280 177 361 Adj. EBITA margin, % 11.3% 8.9% 9.9% 8.2% 9.8%
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11 R/RK remained ata high level • R/RK amounted to 68.8% (66.5) • Continued efficient working capital utilisation across all business areas 0% 20% 40% 60% 80% 100% Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 R/RK (EBITA/NWC) Asker target >50% R/RK
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12 Continued robustcash flow Amounts in SEKm Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 LTM 25/26 Full year 2025 Adj. cash flow from operating activities 364 439 1,113 760 1,738 1,385 CAPEX on tangible assets -84 -59 -222 -183 -405 -367 CAPEX on intangible assets -27 -30 -102 -183 -141 -223 Sale of assets (building in Q2) 2 - 50 - 64 15 Acquisitions -232 -885 -992 -1,882 -1,498 -2,388 Financing -24 126 19 1,934* 109 2,025* Cash flow for the period -1 -409 -134 446 -133 447 • Adj. cash flow from operating activities SEK 364m (439) in Q3, with increased working capital of approx. SEK +100m due to parallel warehouse operations • CAPEX for the DC in Gothenburg in line with plan • Cash conversion** year to date ~80% • Current forecast for earn-outs payable in 2027: SEK ~150m * Share issue in IPO SEK 1,407m ** Adj. cash flow from operating activities/EBITA
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13 Stable leverage below target level, allowing for continued acquisitions • Leverage slightly reduced from the end of Q2 (2.37x), with capacity for further M&A in Q4 and beyond • Alternative leverage ratio (equivalent to the 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 2.41x *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 from Q1 2026 acquisitions and earn-out payments due in the next 12 months Amounts in SEKm 30 Sep 2026 30 Sep 2025 Net debt 4,637 3,648 EBITDA* 1,989 1,647 Net debt/EBITDA* 2.33x 2.22x Alternative net debt/EBITDA** 2.41x 2.29x
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2026 M&A target already reached • 4 acquisitions signed in the quarter — Murray Surgical in Ireland and Med Kjemi in Norway finalised in the quarter — Labo Clinic and Ambercell Solutions completed on 1 October 2026 — Adding a total of SEK 473m in annual sales • Acquisition of Teresa in Estonia in November • Strong pipeline remains with good visibility • Steady cash flow finances ongoing acquisitions Month completed Acquisition Business Area Annual sales, SEKm* October Labo Clinic Central 100 October Ambercell Solutions West 250 YTD 2026 July Murray Surgical West 73 April RMS Medical Devices West 170 February GHC/MPF Central 300 February Van Heek Medical West 350 September Med Kjemi North 50 Milestones towards the FY target of 10–12% annual acquired EBITA growth Status November 2026 Q1-2 50% Q1 25% Q1-3 75% Full year 100% More than 100% of our 2026 M&A target reached per November *Estimated annual net sales at the date of acquisition14 125%
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15 Explore an acquisition – Murray Surgical,closed in July • Acquired in July 2026 and integrated into HSL Group, Asker's platform in Ireland • Strong position across Irish hospitals with specialist expertise spanning multiple surgical disciplines • Product portfolio highly complementary to HSL Group's existing surgical offering, creating opportunities for cross-selling and broader customer coverage • Approximately SEK 73m in revenue and 9 employees • Expected to contribute positively to our EBITA margin Murray Surgical A leading distributor of specialist surgical and medical products to the healthcare sector in Ireland.
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16 Q3 in summary • Continued strong growth with good organic momentum, a high pace of acquisitions and robust cash flow • Adjusted EBITA margin now on target at 10% LTM • 100% of the acquisition target for 2026 already reached, with continued good visibility for the rest of the year • Our ambition remains to drive progress in European healthcare and generate good, steady growth. We are confident that the organisation and ‘twin engine’ will continue to deliver with the same power and quality as in previous years • Areas of focus: ⎯ Continue to grow faster than the market and strengthen the margin ⎯ Broaden our product and service offering via a string of pearls of small and medium-sized acquisitions ⎯ Use Asker’s scale and reach to service global manufacturers’ distribution in Europe
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Q&A
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Financial calendar • Year-end report 2026 10 February 2027 • Q1 report 2027 22 April 2027 • Annual General Meeting 5 May 2027 • Q2 report 2027 16 July 2027 • Q3 report 2027 22 October 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