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2025-04-29 INTERIM REPORT Q1 2025 EARNINGS CALL – TUESDAY APRIL 29, 2025
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DISCLAIMER You must read the following before continuing. The fol- lowing applies to this document and the information pro- vided in this presentation by BICO AB (publ) (the “Com- pany”) or any person on behalf of the Company and any other material distributed or statements made in connec- tion with such presentation (the “Information”), and you are therefore advised to carefully read the statements below before reading, accessing or making any other use of the Information. In accessing the Information, you agree to be bound by the following terms and conditions. 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Factors that could cause these differences include, but are not limitedto, implementation of the Company’s strategy and its ability to further grow, risks associated with the development and of the Company’s products, ongoing research and development, the ability to com- mercialize the Company’s products, technology changes and new products in the Company’s potential market and industry, the ability to develop new products, the impact of competition, changes in general economy and industry conditions and legislative, regulatory and political factors. While the Company always intends to express its best judgment when making statements about what it believes will occur in the future, and although the Company bases these statements on assumptions that it believe to be reasonable when made, these forward-looking state- ments are not a guarantee of its performance, and you should not place undue reliance on such statements. For- ward-looking statements are subjectto many risks, uncer- tainties and other variable circumstances. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of the Company’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this presentation are made only as of the date hereof. The Company does not undertake, and specifically decline, any obligation to update any suchstatements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments. 2
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MARIA FORSS/ PRESIDENT AND CEO JACOB THORDENBERG / CFO 3
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4 Agenda April 29, 2025 Summary Business Areas Performance Group Financial Performance Q&A 4
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5 Summary
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6 Q1: Significant Events and Business Highlights • Life Science Solutions and Bioprinting showed growth thanks to commercial and operational excellence primarily in CELLINK and SCIENION • Project business Lab Automation impacted by fewer project starts and closures in combination with a high comparison quarter • Continued uncertain macro-economic dynamics • Potential tariffs instilled further insecurity in the market • Tariff task force established to ensure proactive preparedness • Repurchase of convertible bonds in February (SEK 276m) • After end of the quarter: • Entered into agreement to divest MatTek and Visikol • BICO expects net cash position during Q2 2025 6
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7 NET SALES SEK 389m Q1 2025 Highlights ORGANIC GROWTH -19% ADJUSTED EBITDA SEK -12m ADJUSTED EBITDA MARGIN -3% NWC/LTM SALES 12% All numbers in this report refer to continuing operations if not otherwise stated. Ginolis and Nanoscribe have been classified as discontinued operations with retroactive effect. CASH FLOW FROM OPERATING ACTIVITIES SEK 77m 7
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8 Market Development and Sales per Geography Europe 30% (26) North America 55% (69) Asia 13% (4) Rest of the world 2% (1) Market Development • Continued uncertain macro-economic dynamics • Accelerating commercial initiatives • Gain market shares: Asia, India, and further strengthen presence in Europe • Shift commercial focus to Pharma & Biotech at the expense of Academia • Tariff task force established Sales per Geography Q1 2025 vs Q1 2024
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Measures in a volatile macro environment • Tariff task force established • Adjusted manufacturing sites to have readiness for future scenarios back in 2024 • Moved a majority of the manufacturing out of China • Adjusted logistic routes • The outsourcing strategy considers suppliers with global footprint enabling production flexibility in Europe or in the US • In-house manufacturing in the US • Supply chain adjustments allowing greater proximity to reduce or eliminate tariffs and to improve logistic cost effects 9
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After the Quarter: Signed agreement to divest MatTek and Visikol 10 • MatTek is a market-leading provider of 3D microtissue models and primary cells for in-vitro testing • Visikol specializes in advanced imaging and digital pathology • The divestment follows BICO’s updated strategy with focus on lab automation and selected workflows • The proceeds from the transaction will be used to strengthen BICO’s balance sheet, and resolve the outstanding convertible bond which matures in March 2026, and further accelerate the growth agenda • Both companies acquired 2021 and during 2024 Visikol was fully integrated into MatTek • As per LTM Q1 2025, the companies contributed with sales and adjusted EBITDA of SEK 222m and SEK 46m, respectively • Sartorius acquires 100 percent of the shares for 80 MUSD on a cash- and debt free basis, corresponding to EV 2024 sales multiple of 3.7x and adjusted EBITDA multiple of 15.3x • The closing of the transaction subject to customary regulatory approvals, expected to be obtained during Q2 2025 • MatTek and Visikol will be treated as discontinued operations from Q2 2025 in BICO’s financial reporting
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LAB AUTOMATION LIFE SCIENCE SOLUTIONS BIOPRINTING BICO’s current business areas 11
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LAB AUTOMATION LIFE SCIENCE SOLUTIONS New business areas from Q2 2025 12
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Be the First-choice Lab Automation Partner and Provider of Selected Workflows to Pharma and Biotech. LAB AUTOMATION LIFE SCIENCE SOLUTIONS 13
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BICO’s operating model: an operationally integrated group • BICO 2.0 also involves an updated operating model to achieve improved commercial and operational efficiencies • Move from a decentralized structure into an operationally integrated group • Global harmonized functions e.g., HR, marketing, IT, and a centralized finance function • Objectives: • Strengthen commercial capacities • Improve synergies • Eliminate cost duplications 14
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15 Financial Performance
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16 470 480 425 571 389 0 100 200 300 400 500 600 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Sales Development (SEKm) -17%* SEK m * Negative sales growth of -17 percent and negative organic growth in constant currency of –19 percent. • Sales amounted to SEK 389m and generated negative organic growth of 19 percent • Q1 is a seasonally soft quarter • Life Science Solutions and Bioprinting showed growth in sales • Lab Automation declined due to fewer project starts and closures as well as tough comparison quarter • Gross margin 54%, improvement related to product mix and one-offs in Q1 2024
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17 Adjusted EBITDA (SEKm) and Margin (%) -7 37 24 142 -12 -5 0 5 10 15 20 25 30 -20 0 20 40 60 80 100 120 140 160 SEK m % 86 -9 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 46 -1% -3% 8% 6% 25% • Adjusted EBITDA SEK -12m in Q1 i.e., a margin of -3 percent • Despite decline in sales, adjusted EBITDA in line with Q1 2024 due to the positive development in Life Science Solutions and Bioprinting
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18 Q1: Cash Flow and Financial Position • Cash flow from operating activities, SEK 77m • This includes a positive effect from changes in working capital of SEK 126m • Operating receivables decreased by SEK 165m • Inventories increased by SEK 18m • Operating liabilities decreased by SEK 20m • Total cash flow during Q1, SEK -229m • Bond buy backs in February 2025, SEK 276m • Nominal outstanding convertible debt SEK 1,106m • Cash reserves by end of Q1 2025, SEK 684m • MatTek and Visikol divestment of 80 MUSD, closing expected Q2 2025 18
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• Between Q1 2024 and Q1 2025, NWC decreased from SEK 402m to SEK 227m • Main drivers include: • WC Liabilities decreased by SEK 40m • Inventories decreased from SEK 353m to SEK 268m, a YoY improvement by SEK 85m • Accounts Receivables decreased from SEK 319m to SEK 256m, a YoY improvement by SEK 63m • Total NWC decreased by SEK 175m, where NWC in relation to LTM Sales, decreased from 20% to 12% Development in Net Working Capital between Q1 2024 and Q1 2025* SEKm 19 * All numbers on this slide excludes Nanoscribe 402 458 400 375 227 19.8% 22.5% 20.5% 19.3% 12.2% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% -700 -350 0 350 700 1,050 1,400 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 WC Liabilities Other Receivables Accounts Receivables Inventories Total NWC NWC / LTM Sales
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20 Business Areas Performance
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Lab Automation, Q1 2025 21 Rolling 12 months Net sales and adjusted EBITDA margin 94 NET SALES SEK m -58 ORGANIC GROWTH % -3 ADJUSTED EBITDA SEK m -3 ADJUSTED EBITDA MARGIN %
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Life Science Solutions, Q1 2025 22 191 NET SALES SEK m 4 ORGANIC GROWTH % -11 ADJUSTED EBITDA SEK m -6 ADJUSTED EBITDA MARGIN % Rolling 12 months Net sales and adjusted EBITDA margin
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Bioprinting, Q1 2025 23 105 NET SALES SEK m 41 ORGANIC GROWTH % 15 ADJUSTED EBITDA SEK m 14 ADJUSTED EBITDA MARGIN % Rolling 12 months Net sales and adjusted EBITDA margin
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24 Q&A 24
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2025-04-29
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26 Financial Calendar Contact MAY 8, 2025 2025 Annual General Meeting AUGUST 19, 2025 Interim Report Q2, 2025 26 NOVEMBER 4, 2025 Interim Report Q3, 2025 FEBRUARY 10, 2026 Year-end report 2025 MARIA FORSS, CEO AND PRESIDENT BICO GROUP AB Phone: EA Isabella Lundin, +46 735 15 99 64 E-mail: mf@bico.com JACOB THORDENBERG, CFO BICO GROUP AB Phone: +46 73 534 88 84 E-mail: jt@bico.com BICO enables and automates the life science lab of the future BICO is a lab automation partner and provider of selected workflows to pharma and biotech. Operating through three business areas – Lab Automation, Life Science Solutions, and Bioprinting – BICO strives towards the vision to enable and automate the life science lab of the future.
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2025-04-29