Welcome to BICO Q1 2026 report presentation. For the first part of the presentation, participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now, I will hand the conference over to the speakers, CEO Maria Forss and CFO Ewa Linsäter. Please go ahead. Hello, welcome to BICO Group's Quarter 1 2026 earnings call. I'm Maria Forss, President and CEO, and I will, together with BICO's CFO, Ewa Linsäter, present this interim report. Here is today's agenda. I will open today's session by summarizing Quarter 1 2026 and also describe how BICO serves the world's leading pharma and biotech companies with solutions that transform how labs operate, innovate, and solve our customers' challenges. Following that, Ewa will present the group's financial performance. I will then comment on our R&D pipeline with our ongoing product development efforts. Additionally, I will highlight some recent and upcoming product launches. The session will conclude by highlighting our focus for 2026 before we open up for Q&A. A strong start to the year with 11% organic growth, navigating in a dynamic market still affected by geopolitical uncertainty and a weak academic funding in the U.S. Due to continued currency headwinds, our total reported growth was negative 1.4%. All numbers presented are in million Swedish kronors, unless otherwise stated. EBITA was negative SEK 42 million, with adjusted EBITA of negative SEK 11 million, and the differences mainly relates to a restructuring cost of SEK 52 million, of which SEK 30 million affected EBITA. Cash flow from operating activities totaled SEK 47 million. BICO successfully issued senior secure bonds of EUR 40 million, and the new capital puts us in a position to support further growth and capture market recovery while navigating ongoing macroeconomic uncertainty. A property in Oulu, Finland, carved out from the divestment of Ginolis, was also divested for a total of EUR 3.5 million. We settled our convertible bonds, originally issued in 2021, with a total outstanding amount of SEK 1 billion and 8 million in full on their scheduled maturity date. Before Ewa provides more details on our financial performance, I will present how BICO serves the world's leading pharma biotech companies with solutions transforming how labs operate and innovate, which is what our vision is about. Our customers all share one ambition, reducing time to market and increasing the probability of success. With our leading software suite, Green Button Go, together with off-the-shelf automation products as well as bioprinting, our portfolio is in the sweet spot of meeting that ambition and solving their core challenges with long and costly development cycles. Our solutions enable smarter, faster, and more efficient labs. Here lies an underlying strong demand. Pharma and biotech companies all face the same fundamental challenge, long, costly development cycles for new therapies. The development of a new therapy often takes more than 10 years and costs between $2 billion and $4 billion U.S. dollars, with the probability of approval after phase I at just 10%. To overcome this, our pharma and biotech customers are investing heavily in automation and AI to increase efficiency, speed, and quality to bring innovations to market faster and at a lower cost. Our products and services enable our customers to connect data across systems and apply AI tools to plan, run, and optimize experiments in real time. We are enabling AI-driven drug discovery workflows through our Green Button Go platform, connecting workflows and data streams. The AI acceleration shifts the bottleneck to the wet lab, where our automation solutions are at the core. I will explain how Green Button Go enables AI-powered automation in the wet lab to ease this bottleneck. AI accelerates discovery, the wet labs become the new bottleneck. Generative models and predictive biology dramatically speed up hypothesis generation, yet the wet lab validation remains the hard constraint. In fact, more AI-driven candidates need more experiments, not fewer, intensifying pressure on lab throughput, system uptime, and data reproducibility. This means that wet labs become more critical rather than obsolete. AI breakthroughs have made wet labs even more central to R&D. The lab is now a biological compute cluster, validating AI predictions, high throughput automation and trusted data become mission-critical. All in all, BICO lab automation provides the trusted execution and validation layer that converts AI-generated hypothesis into proven experimental evidence. We have already integrated assistive AI into our platforms, bringing natural language workflow creation and troubleshooting in Green Button Go, making automation accessible to every scientist. We are also developing next-generation systems like Crescendo to scale up experiments while keeping human in the loop oversight. By emphasizing reliability, data integrity, and compliance, we ensure the coming surge of AI-driven experiments can run at scale without compromising quality or uptime. This execution-focused strategy cements our platform as indispensable infrastructure in an AI-powered biotech landscape. Making AI an opportunity for us rather than a threat. This leads us to our vision, which have been updated this quarter. BICO's updated vision have been developed to position us as more visionary and with a clear portfolio cohesion and direction in line with the BICO 2.0 strategy and portfolio. From this quarter, we are reporting BICO as one operating unit, which reflects the integrated operating model, shared resources, and joint strategic initiatives across the group. Our updated vision is to enable life science labs to accelerate the discoveries that change lives. With a mission where BICO leverages a global portfolio of pioneering brands, fusing automation, intelligence, and data to unlock scientific discovery at scale. Ultimately, we support customers to advance science so therapies can reach people faster. Customers using BICO lab automation solutions consistently report measurable gains in productivity and reliability, including reduced hands-on time, faster turnaround times, and higher instrument utilization. Let me show you one example that emphasizes the value BICO delivers to our customers. The data shown here are from one of the top pharma customers we are serving, and they kindly share their efficiency improvements by using our lab automation solutions. Downstream process and assay development was reduced by 75%, and the capacity with existing equipment they already had was revved up by 400% because parallel processing and variable-driven robotic processes just allow for more uptime to be squeezed out of each piece of equipment in the lab. Ultimately, these productivity increases mean that their scientists are able to achieve 200% of their original productivity. This is because the automation was coming alongside them, supporting them, taking over the manual steps, and running concurrently in ways that a person just can't manage alone. This is just one example of lab, of a lab leveraging Green Button Go. We're taking technology and using it to augment the work of humans, using technology to get to innovation faster. To summarize, we lead the way in solving the challenges in life science with speed, accuracy, and efficiency. All in all, our customers can run their processes faster, improve their quality of data, and ultimately make better decisions. I will now hand over to Ewa Linsäter to present the results for the first quarter. Thank you, Maria. I will now give some more details to the numbers presented by Maria. After a strong start in January with a positive outlook, the market was again affected by geopolitical uncertainty with tariffs and war. The weak academic funding seen in 2025 has continued during Q1, where academic end markets remain soft, with cautious spending and delayed capital equipment purchases. Despite this general trend, we see some pockets of improvement sales also in the academia segment during the quarter. Total organic growth was 11%. As from this quarter, we are reporting BICO as 1 single operating segment. Following the divestments of 3 bioprinting companies, a step towards a more consolidated business, the portfolio is now more focused on lab automation and software intelligence across our entire business. This reinforces the One BICO approach, where strategic decisions and performance evaluations are made on a consolidated basis. This reporting, which is now focused on the group as a whole, reflects the integrated operating model, shared resources, and joint strategic initiatives across the group. Navigating these dynamic market conditions, sales in Q1 amounted to SEK 330 million, an organic growth of 11% mainly deriving from strong desktop instrument sales. The 12 percentage points difference between reported and organic growth can be explained by FX headwinds, mainly due to the weaker U.S. dollars against the Swedish krona. To align with industry standards, we have revised our reported sales categories into instruments, consumables, and service and other. Lab automation projects have previously been grouped as a single category and are now split into instruments for the product part and into service and other for the software and installation parts. In Q1, we saw growth in the segments instruments and consumables. EBITDA amounted to a negative SEK 42 million, adjusted EBITDA being negative SEK 11 million. The difference mainly relates to one-off restructuring costs of SEK 52 million, of which SEK 30 million affected the EBITDA. These restructuring costs are connected to a program launch during the quarter. The aim is to improve cost efficiency, further simplify the operating model, and improve the R&D pipeline execution in one of the business units. The program includes organizational streamlining as well as a planned closure of one site in Europe. We also have aligned some group functions to our current business needs. These programs will yield annualized savings of about SEK 30 million. Even if we see a decline in the gross profit margin compared to the same quarter last year, mainly due to unfavorable product mix, the adjusted EBITDA improved as a result of increased sales as well as continued cost control activities. One example is legal costs, where we have invested in legal competencies in-house, which has led to reduced external legal costs. In a growing, yet still emerging and increasingly demanding market, we continued during the quarter to address execution challenges in parts of our lab automation business, primarily related to complex projects. These initiatives are receiving focused management attention, and we are actively implementing targeted measures to strengthen execution, enhance scalability, and reinforce our competitiveness going forward. Cash flow from operating activities amounted to SEK 47 million, impacted positively by working capital changes of SEK 79 million. During the quarter, we settled our convertible bond and also issued new senior secured bonds. We sold our Finnish property with a net proceeds of SEK 32 million. The total cash flow during the first quarter amounted to minus SEK 547 million due to the settlement of the convertible bonds of SEK 1,008 million. Cash reserves by the end of the period were SEK 744 million. As mentioned on the previous slide, the effect of changes in working capital amounted to a positive effect of SEK 79 million compared to the previous quarter. Operating receivables decreased by SEK 146 million. Inventories increased by SEK 13 million. Operating liabilities decreased by SEK 55 million. In percentage of the last 12 months' sales, net working capital in the quarter corresponded to 7%. The low working capital is a consequence of reduced accounts receivable, as our sales normally are lower in the first half of the year, but also fewer new large projects started. Over time, we expect working capital in relations to sales to be in line with industry standard of closer to 20% of sales. As earlier mentioned, we issued senior secured bonds in January with a total nominal value of EUR 40 million. The bonds have a tenure of four years and a carrying floating interest rate of three months Euribor, plus a margin of 5.9%. As Maria has mentioned earlier, the new capital puts us in a position to support further growth and capture market recovery while navigating ongoing macroeconomic uncertainty. The transaction also serves as a clear testament to the capital market's continued confidence in BICO. I will now hand over to Maria to present the R&D portfolio and some recent product launches. Thank you, Ewa. One focus area for growth is continuous product innovation. We have a solid R&D pipeline and roadmap in place at BICO. This is based on the portfolio strategy, which is part of BICO 2.0. On this slide, you can see our comprehensive product development pipeline within BICO's prioritized focus area. The majority of the R&D investments are made in software development and the use of AI, while there are several upgrades of the instrument portfolio meeting customer needs. One example of a software upgrade is the AI-powered VCD and cell counting on the UP.SIGHT. AI is more than large language models and chat prompts. In this case, AI is used for image-based pattern recognition to detect and segment cells quickly and precisely, even under challenging conditions. Thanks to the new software update, in combination with other features, the UP.SIGHT offers a solution that is 10 times faster to results versus sequential viable cell count on the industry standard. Savings are estimated to SEK 200,000-SEK 300,000 per mid-sized cell line development lab. Multiple launches are planned for this year, these include both software, instruments, and consumables. We have already launched a few products in Q1, some more are around the corner, those were pre-launched at the major lab automation congress, SLAS, in February this year. The G.STATION GEN 2 automates the next-generation sequencing library prep workflow, enabling the scalable, cost-efficient production of consistent sequencing-ready libraries for genomics and drug discovery applications. The G.PURE GEN 2 automates DNA purification, delivering rapid, reproducible plastic tip-free sample cleanup for seamless next-generation library prep workflows. These are just two examples of technology and solutions delivering customer value, which are the results of our efforts within R&D. As presented earlier in this call, we have already integrated assistive AI into our platforms, bringing natural language workflow creation and troubleshooting in Green Button Go, making automation accessible to every scientist. In our R&D roadmap for Green Button Go, we're also developing next-generation systems like Crescendo to scale up experiments while keeping human-in-the-loop oversight and data integrity end to end. By emphasizing reliability, data integrity, and compliance, we ensure the coming surge of AI-driven experiments can run at scale without compromising quality or uptime. Before the Q&A session, I will repeat our strategy, give some concluding remarks, and highlight our focus for 2026. Here you can see our strategy, BICO 2.0, on a page. Our five strategic focus areas to drive our top line and profitable growth are enabling end-to-end lab automation and scientific workflow solutions, coupled with further development of integrated data, AI, and software solutions. To enable increased sales to pharma, we need to ensure regulatory compliance readiness. We also want to expand strategic partnerships, such as the one with Sartorius and Becton, Dickinson, as well as increasing the recurring revenue. In 2026, we have and we will continue to execute our strategy with focus on commercial excellence and R&D pipeline that delivers clear customer value and financial discipline for profitable growth. With our strengthened cash position, we can accelerate commercial as well as R&D initiatives, and also more seriously engage in dialogues for both an acquisition strengthening our portfolio further. The new capital puts us in a position to support further growth and capture a market recovery. We have also increased our innovation efforts, including software solutions and the use of AI, as I just presented. Above all, we remain committed to supporting our customers' research. I strongly believe in BICO's updated vision, which is to enable life science labs to accelerate the discoveries that change lives. By providing innovative instruments, software, services, and consumables into one continuous operating system, we create labs where data flows seamlessly, every experiment advances the next, and breakthroughs move with efficacy from idea to impact. Together, we enable our customers to deliver what matters the most, the discoveries that advance human health. This was our final slide before the Q&A. I will now hand over to the earnings call host for further instructions. If you wish to ask a question please dial pound key five on your telephone keypad to enter the queue, if you wish to widthdraw your questions please dial pound key six on your telephone keypad. The next question comes from Ulrik Trattner from DNB Carnegie. Please go ahead. Thank you very much, good morning, and a few questions on my end. 11% organic growth is obviously strong, and you talk about or highlight strong desktop instrument sales. Can you just sort of highlight what the development has been here through the quarter and changes you're seeing in the dynamics of the market? I guess you're still seeing delayed purchasing cycles for larger projects. If you can highlight which products or subsidiaries that are going particularly strong, that would be helpful. As you say, Ulrik, there are desktop instruments that are mainly growing in the quarter, and while larger projects still take longer time to complete in terms of business cycles. It's our German-based companies that are driving the growth when it comes to the desktop instrument sales mainly. Okay, great. If there are any sort of I know that you like to sort of segment it into academic or R&D-based, sort of focused companies, but is there any direction of the sort of subsidiaries, i.e., is it early research? Is it sort of genomics, diagnostics? What is the general industry trend that is helping you sort of towards the double-digit organic growth? I would say that there are still some effects of a muted U.S. academia market, where our companies that are exposed to U.S. academia have had it tougher. At the same time, though, in, for instance, next-generation sequencing, we can see that there are strong sales growth and also in customers that have OEM business. There we start to see that the business is starting to brighten up a bit. Again, that's great. That's kind of what I've been seeing as well. I was trying to get everything in line. Just on the sort of restructuring savings, how much should come through in 2026 versus 2027? I'm not sure. You might have addressed it, but I missed it. Can you please repeat that again, Ulrik? How much of the sort of restructuring savings that should come through in 2026 versus sort of, I guess, would be fully run in 2027? I think you can start seeing some savings maybe the last quarter of 2026, but the main parts will not fall in until 2027. Okay, great. Last question on my end before getting back into the queue. Q1, obviously seasonally the smallest quarter on your end. Have you sort of deciphered any type of quarterly sales level where you can reach a positive adjusted EBITA on a sustainable basis, or is this fluctuating? It's a good question, Ulrik. I think, given that we have done so much transformation of the business and we have one pedal on the gas and one foot on the gas pedal and the other on the brake, I think it's too early to say where those level ultimately lies. We'll have to come back to you on that one. Sure, yeah. No, that's fair enough. Well, thank you very much for. Last question. Sorry, squeezing one additional in. Obviously very strong cash flow here in Q1. Is there any spillover effect from sort of late deliveries in Q4 or anything? I do note some changes here in working capital helping helping the cash flow for Q1, but it looks fairly strong. Any type of one-offs that we should not extrapolate? I think that I don't think there were any delays in the deliveries. What we can see is we had a really strong Q4 and also some larger entities might pay on the wrong side of the year end. That is a small effect that you can see. Otherwise, it's more that we had a strong Q4 and the sales is not as strong in the Q1. That's the main reason. Okay. Great. Thanks for taking my questions. I'll get back into the queue. Thank you. The next question comes from Ludvig Lundgren from Nordea. Please go ahead. Yes. Hi, thank you for taking my questions. Starting off with a bit of a follow-up to Ulrik's question there. You highlight that you were somewhat affected by the geopolitical uncertainty during the quarter. Maybe if you can just elaborate a bit on, you know, how the quarter developed and also if this, you know, implies that customers might be a bit more hesitant with instrument orders here in the second quarter. Yeah, happy to do so. As you saw in my CEO comment, the year started really strong in January and then in February, we got both new tariff discussions as well as some uncertainty in the Middle East region. It was clearly seen in February that that affected business decisions. As always, the end of the quarter is always better, we saw things coming back in March again, which then all in all in total yielded a quarter with strong organic growth of 11%. Some muted academia in the U.S. still. As I said to Ulrik's question before, we still saw some good growth in other parts of the business, both when it comes to OEM as well as in next-generation sequencing. Okay. Thanks. Very clear. Just, if you can elaborate a bit on your exposure to the Middle East. Do you have any significant sales there? No, we don't. It's more that, I mean, prices of transports and the general uncertainty is of course affecting our business as anyone else, operating in a global world, but not anything directly. Okay. Fair enough. Then a final one from my side, just on lab automation and Biosero, which started off a bit slower here, it seems in Q1. I just wonder, you know, what to expect for Q2 and the rest of the year. Is this, you know, current activity level, a good indicator for Biosero will deliver, you know, in the next few quarters? Yeah. Thank you, Ludvig, for that question. I think, as we have been very open about the past quarters, we are investing heavily to make sure that we can close legacy projects, freeing up capacity. All the different initiatives with different target measures will both strengthen our execution, enhance our scalability and also reinforce our competitiveness moving forward. As we never guide forward, I cannot comment on quarter two or forward, but we're doing everything in our power to make sure that we can scale that business. Okay. Thanks. Very clear. I'll jump back into the queue. Thank you, Ludvig. The next question comes from Filip Einarsson from Redeye. Please go ahead. Okay. Hello, everybody. I mean, the presentation was focusing a lot on AI, and I wanted to follow up with a few questions on that. You sort of emphasized building a data backbone for AI-driven lab automation. Is it possible to quantify sort of the percentage of your installed base currently connected and generating usable data to train AI models? Every single instrument that is used by a customer are generating data that can be used. In our development that we have now, that we're doing in Crescendo, for instance, we're utilizing years of data from different installations to feed our algorithms. Overall, it's all instruments that are used in customers are generating data. Instruments are roughly 75% of our sales. This quarter, 65%. Okay. You should see it, Filip, as a continuous operating lab flow where data from the dry lab feeds into the wet lab where we are present, and then data flows back to the dry lab again. It's a continuous loop where several different instruments and players are involved in that total workflow. Okay. Got it. Maybe then, if you could elaborate a little bit on how, sort of the monetization opportunities of the AI and data you're generating. Maybe you could give us some pointers here. Are we talking like subscriptions or usage-based pricing or what should we expect? I think that's difficult to quantify. I mean, overall, as I said in the presentation, AI is an opportunity for us. To put a number how much that would generate in terms of sales connected to our instruments, overall, that's super difficult to say. Okay. Sorry, I had a hard time hearing what you said. Something with the connection. Maybe you could repeat. Okay. When it comes to AI and monetizing that is difficult to do. Overall, AI is an opportunity for us rather than a threat, and we put our tech stack together to ensure that whatever AI model that our customers are using, that could be used together with our different solutions. Okay. Okay. Thank you. That's all for me. There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Thank you for all the questions received. Thank you for your continued interest and support in BICO Group. Together with Ewa Linsäter, I wish you all a great Wednesday. Thank you and goodbye.