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2026-02-18 YEAR -END REPORT 2025 EARNINGS CALL – WEDNESDAY, FEBRUARY 18, 2026
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Earnings Call Agenda 3 Summary Q4 2025 and FY 2025 Group Financial Performance Life Science Solutions Lab Automation Continuous Product Innovation Concluding Remarks Q&A Jacob Thordenberg CFO Maria Forss President & CEO
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Summary 2025 • Finished on strong note with double digit organic sales growth in Lab Automation • Strengthened cash position • After the quarter: raised new capital, enabling investments to support further growth • A year of strategy execution • Delivered on all key strategic initiatives: • Portfolio focused on lab automation • Significantly reduced debt and strong cash position • Leaner operations • More focused and customer centric product portfolio 4
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BICO’s Portfolio Serving the World’s leading Pharma and Biotech Companies Solutions for mixing and temperature control of molecular samples on robotic liquid handling platforms. Technology enabling the dispensing of single-cells. Hybrid automated microscopes with the ability to convert from upright to inverted and real-time imaging for research and clinical applications. 3D bioprinting products for tissue engineering and regenerative medicine, biomaterials research and drug discovery. Highly purified, native, extracellular matrix proteins for tissue engineering, 3D bioprinting, cell culture and drug discovery applications. Automating the entire cell line development workflow to produce therapeutic antibodies, gene and cell therapies. Automated liquid handling solutions for drug development, diagnostics and synthetic biology. Dispensing automation for applications requiring precise deposition of biological content in ultra-low volumes. Lab automation software and robotics integrations provider. GBG SW gives an end-to-end laboratory management solution, orchestrating workflows and operations to increase productivity.. 5
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The Global Challenge Long and costly clinical stages combined with low success rate comprise a global challenge for the drug development industry Production Process developmentProduct developmentDrug discovery > USD 2bn Development costs ~ 10% Probability of approval after successful phase 1 > 10 years Discovery to approval 6
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Providing the Data Backbone Unifying AI-powered Services with Lab Automation Powering AI drug discovery workflows, using the Green Button Go platform. Enabling our customers to apply AI and ML to optimize experimentation and decision making in R&D to: 7 SPEED Reduce the timelines for drug discovery and development ACCURACY Better predict which patients are likely to benefit from the medicines EFFICIENCY Increase the probability of success
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Mission Be the first-choice lab automation partner and provider of selected workflows to pharma and biotech 8 Vision BICO enables and automates the life science lab of the future
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The Results of Automation Have Never Been More Important 9 REDUCING THE COST AND TIMELINE TO MARKETABLE DISCOVERIES IS IMPERATIVE Reduce downstream process and assay development by 75% Increase existing equipment capacity by 400% through parallel processing and variable-driven robotic processes Maximize productivity of development scientists by 200% AUTOMATION CAN 75% 400% 200% 2024 productivity metrics from a major pharmaceutical company leveraging Green Button Go Orchestrator.
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• Reducing the time to find optimal candidates for treatment therapies • Driving forward a personalized approach in treatment • Enabling the development of physiologically relevant models • Enhancing reproducibility through automated processes that reduce variability in experimental outcomes • Maximize productivity of automated laboratory equipment and scientists Speed Accuracy Efficiency BICO Leads the way in Solving the Challenges in Life Science with Speed, Accuracy, and Efficiency 10
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11 Summary of Q4 2025 and FY 2025 11
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NET SALES SEK 1,497m ORGANIC SALES GROWTH -8% ADJUSTED EBITDA SEK 5m ADJUSTED EBITDA MARGIN 0.3% NWC/LTM SALES 13% All numbers in this presentation refer to continuing operations unless otherwise stated. Nanoscribe, MatTek and Visikol have been classified as discontinued operations with retroactive effect. CASH FLOW FROM OPERATING ACTIVITIES SEK 68m 12 Summary I FY 2025
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NET SALES SEK 451m ORGANIC SALES GROWTH -4% ADJUSTED EBITDA SEK 56m ADJUSTED EBITDA MARGIN 13% NWC/LTM SALES 13% CASH FLOW FROM OPERATING ACTIVITIES SEK 52m 13 Summary I Q4 2025 All numbers in this presentation refer to continuing operations unless otherwise stated. Nanoscribe, MatTek and Visikol have been classified as discontinued operations with retroactive effect.
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BICO Issued Senior Secured Bonds • Total nominal value of EUR 40 million • Tenor of four years • The bonds were placed with a consortium of Swedish institutional investors • Supporting further growth and capture market recovery while navigating ongoing macroeconomic uncertainty • The existing convertible bonds will be settled upon maturity in March 2026 14
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15 Group Financial Performance 15
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16 FY 2025 vs FY 2024: Sales, Adjusted EBITDA and Cash Flow from Operating Activities 0 200 400 600 800 1000 1200 1400 1600 1800 2000 Total Sales Adjusted EBITDA Operational cash flow 0 2 4 6 8 10 12 14 16 18 20 0 20 40 60 80 100 120 140 160 Adjusted EBITDA (SEKm) Adjusted EBITDA margin (%) 0.3 8.2 FY 24 141 -50 -10 30 70 110 150 158 SEK m %SEK m SEK m 1,727 FY 25 1,497 5 68 FY 24 FY 25 FY 24 FY 25 110 -44 Cash flow from operating activities Cash flow from operating activities excl. changes in NWC
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515 335 324 387 451 0 100 200 300 400 500 600 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 -12%*SEKm * Sales growth of negative 12.4 percent and organic sales growth in constant currency of negative 3.7 percent. • Sales amounted to SEK 451m • The 9-percentage point difference between sales growth and organic sales growth mainly explained by a weaker US dollar and Euro against the Swedish Crona Sales Development (SEKm) 17
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127 -20 -49 17 56 -20 -15 -10 -5 0 5 10 15 20 25 30 -60 -40 -20 0 20 40 60 80 100 120 140 SEKm % Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 5% • Adjusted EBITDA SEK 56m corresponding to a margin of 13 percent • Continued focus on structural cost reductions and expense management in 2026 Adjusted EBITDA (SEKm) and Margin (%) 18 -15% -6% 25% 13%
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Cash Flow and Financial Position • Cash flow from operating activities in Q4 was SEK 52m • This includes an impact from changes in working capital of SEK -12m • Total cash flow during Q4 was SEK 36m • Cash reserves by end of the year, SEK 1,282m • March 2026: previous existing bonds of SEK 1,008m will be settled upon maturity • January 28, 2026: issued secured senior bonds of EUR 40 million • Following the settlement of the existing bonds, based on Q4 2025 cash reserves and all else equal, BICO will have a cash position of around SEK 670m 1919 19
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Development in Net Working Capital between Q4 2024 and Q4 2025* SEKm 20 * All numbers on this slide excludes MatTek and Visikol figures. 349 203 169 195 188 20.2% 12.4% 10.9% 12.5% 12.6% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% -700 -350 0 350 700 1,050 1,400 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 WC Liabilities Other Receivables Accounts Receivables Inventories Total NWC NWC / LTM Sales
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21 Life Science Solutions 21
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22 1,108 NET SALES SEK m 1 ORGANIC SALES GROWTH % 83 ADJUSTED EBITDA SEK m 8 ADJUSTED EBITDA MARGIN % Life Science Solutions I FY 2025 G. PREP – Miniaturized NGS Workflow enabled by non-contact liquid handling by Cytena’s G.PURE and I.DOT by Dispendix Green Button Go® Ready
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23 326 NET SALES SEK m -9 ORGANIC SALES GROWTH % 49 ADJUSTED EBITDA SEK m 15 ADJUSTED EBITDA MARGIN % Rolling 12 months Net sales and adjusted EBITDA margin Life Science Solutions I Q4 2025 Q4 2024 – Q4 2025 Net sales and adjusted EBITDA margin
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24 Lab Automation 24
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25 391 NET SALES SEK m -26 ORGANIC SALES GROWTH % -31 ADJUSTED EBITDA SEK m -8 ADJUSTED EBITDA MARGIN % Lab Automation I FY 2025 Green Button Go® Integrated GoSimpleTM Workcell for Sartorius Octet®
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26 125 NET SALES SEK m 15 ORGANIC SALES GROWTH % 18 ADJUSTED EBITDA SEK m 15 ADJUSTED EBITDA MARGIN % Rolling 12 months Net sales and adjusted EBITDA margin Lab Automation I Q4 2025 Q4 2024 – Q4 2025 Net sales and adjusted EBITDA margin * * Q2 impacted by revision of estimated hours with a negative effect of SEK 40m.
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27 Continuous Product Innovation 27
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Laboratory Automation Products and Solutions in both Business Areas 28 MANUAL SEMI-AUTOMATED AUTOMATED FULLY AUTOMATED INTEGRATED Revolve BIO X6 C.WASH Plus I.DOT BioShake CellenOne S100 C.STATION Green Button Go Suite Lab Experience Lab Experience Scheduler Scheduler & Orchestrator Lab Experience, Scheduler & Orchestrator Steps in the automation process which the instrument could potentially cover. Green Button Go ready.
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C.STATION - Standardized, Integrated Workcell for Pharmaceutical Cell Line Development 29 Enabled by Green Button Go® • Time-to-operational reduced by 50%: from >24 months to 12 months • Initial CAPEX investment cut by up to 50% • Staff requirement to operate reduced to 1/3 compared to a manual workflow • Optimized workflow shortens CLD timelines by 4 weeks, accelerating project delivery
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30 G. PREP – Miniaturized NGS Workflow Enabled by Non-contact Liquid Handling • Up to 90% reduction in reagent consumption through assay miniaturization—addressing the key cost driver in NGS • Non-contact dispensing and DNA purification cut pipette tip usage and plastic waste • A typical NGS core lab saves $300,000 in reagents and 210,000 pipette tips annually, delivering ROI within 12 months 30
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R&D Pipeline & Roadmap 31 Product Portfolio 2025 2026 2027 2028 Lab Automation Software Standardized Lab Automation Go Simple Lab Automation Components Bioprinting Precision Dispenser Liquid Handling Single-cell Dispenser Live-cell Imaging Microscopes Instrument Software Consumable
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GoSimpleTM by Biosero – a Standardized Automation-ready Workcell 32 • Designed to simplify workflows, reduce hands-on time, increase sample throughput, and enable extended lab operations • Initially launched with selected instruments from Sartorius and Becton, Dickinson and Company (BD) • Additional collaborations may be added over time • Partners will promote and recommend GoSimple alongside their instruments
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33 • Early-access release of new assistive AI capabilities integrated into Green Button Go® • Designed to improve speed, usability, and error resolution in lab automation while maintaining full human oversight and validation • The introduction of AI-powered features is part of a broader initiative to create unified intelligence layer across automation development Biosero Advances Laboratory Automation with the Introduction of Assistive AI Solution “By embedding assistive AI directly into the automation development experience, we continue our commitment to delivering technology that laboratories can rely on today, while thoughtfully preparing for what comes next.”
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Concluding Remarks 34
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BICO Vision and Strategic Agenda 35 Be the first-choice lab automation partner and provider of selected workflows to pharma and biotech Increase recurring revenue Enable end-to-end lab automation & scientific workflow solutions Further develop integrated data, AI and software solutions Expand strategic partnerships Ensure regulatory compliance readiness Efficiency in drug development Alternatives to animal testing Tools to accelerate personalized medicine Speed and quality through automated technology Collaboration GritTrust Focus BICO ENABLES AND AUTOMATES THE LIFE SCIENCE LAB OF THE FUTUREVision Mission Strategic focus areas Impact Values Financial Targets Double-digit organic growth in constant currency EBITDA margin less capitalized development cost > 10% Net Debt to EBITDA < 3.0x
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Focus Areas 2026 for Profitable Growth 36 Commercial Excellence Financial Discipline R&D Pipeline Execution 1 2 3
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37 Q&A 37
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2026-02-18
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39 Financial Calendar Contact MARIA FORSS, CEO AND PRESIDENT BICO GROUP AB Phone: EA Elisabeth Lindell, +46 761 73 40 59 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 two business areas – Lab Automation and Life Science Solutions – BICO strives towards the vision to enable and automate the life science lab of the future. MARCH 18, 2026 Annual Report 2025 APRIL 29, 2026 Q1 Report 2026 AUGUST 19, 2026 Q2 Report 2026 NOVEMBER 11, 2026 Q3 Report 2026 MAY 7, 2026 Annual General Meeting 2026
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2026-02-18