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BONESUPPORTQ3 (2025) ReportOctober 23rd, 2025Torbjörn Sköld, CEO Håkan Johansson, CFO
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This presentation, which includes all information and data on the following slides, any oral statements made when presenting these slides, and any other material distributed or statements made at, or in connection with, suchpresentation (the “Presentation”), relates to BONESUPPORT HOLDING AB (the “Company”) and is furnished to you solely for your information and may not be reproduced or redistributed, in whole or in part, to any other person. 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Accordingly, none of the Company,or any of its principal shareholders or subsidiary undertakings or any of such person’s officers, employees or advisors, including Carnegie Investment Bank AB (publ) and ABG Sundal Collier AB (collectively “the Managers”), acceptsany liability (in negligence or otherwise) for any loss whatsoever arising directly or indirectly from the use of this Presentation. The Managers are acting for the Company and is not acting as adviser to any recipient of this documentand will not be responsible to any recipient of this document for providing the protections afforded, to its clients.The Presentation includes industry and market data pertaining to the Company’s business and markets. Unless otherwise indicated, such information is based on the Company’s analysis of multiple sources and the informationcontained in the Presentation has not been independently verified. The information and opinions contained in this Presentation do not purport to be comprehensive, are provided as at the date of the document and are subject tochange without notice. The Company is not under any obligation to update or keep current the information contained in the Presentation. Moreover, this Presentation contains various forward-looking statements that reflectmanagement’s current views with respect to future events and financial and operational performance. The words “believe,” “expect,” “anticipate,” “intend,” “may,” “plan,” “estimate,” “should,” “could,” “aim,” “target,” “might,”or, in each case, their negative, or similar expressions identify certain of these forward-looking statements. Others can be identified from the context in which the statements are made. 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None of the Company, or any of its principal shareholders or subsidiary undertakings or any of such person’s officers, employees or advisors, including the Managers, makes any warranties or representations about theachievement or reasonableness of such forward-looking statements.This Presentation does not constitute an offer or invitation to subscribe for, or purchase, any shares of the Company and neither this Presentation nor anything contained herein shall form the basis of, or be relied upon inconnection with, any contract or commitment whatsoever. Should the Company pursue the contemplated public offering in Sweden and international private placements outside of Sweden, any such offers will only be made once aprospectus in relation to the offer is published or made available. Any acquisition of shares in the offering should be made solely on the basis of the information contained in such prospectus, and no reliance is to be placed on anyrepresentations other than those contained in such prospectus.This Presentation is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication,availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. The securities mentioned herein have not been and will not be registered under the USSecurities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration under the Securities Act or an exemption from the registration requirement thereof. There will be nopublic offer of the securities referred to herein in the United States. The securities referred to herein have not been and will not be registered under the applicable securities laws of Canada, Australia or Japan and may not beoffered or sold within Canada, Australia or Japan or to any national, resident or citizen of Canada, Australia or Japan. Neither this Presentation nor any copy of it may be taken or transmitted into the United States of America, itsterritories or possessions, into Australia, Canada or Japan or be distributed, directly or indirectly, in the United States of America, its territories or possessions or to any US person, as that term is defined under the Regulation Sunder the Securities Act, or to any securities analyst or other person in any of those jurisdictions. 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As a result, the figuresin tables may not sum up to the stated totals.NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, DISTRIBUTION ORPUBLICATION WOULD BE UNLAWFUL OR REQUIRE REGISTRATION OR ANY OTHER MEASURE. DISCLAIMER 2
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BONESUPPORT –Third quarter report 2025 •Net sales SEK 294,1 m (SEK 237,5 m)Reported growth: +24% versus Q3 2024, Sales growth in constant exchange rates (CER):+34%•Operating results:Adjusted Operating result1: SEK 78,6 m (SEK 48,3 m), all time high, resulting in adj. Operating margin of 27%Reported Operating result: SEK 65,4 m(SEK 41,0 m)•Operating cash flow: SEK 71,1 m, resulting innet cash position of SEK 379,0 m (SEK 153,2 m) at quarter end •Publication of CeraHip study –unlocking a new attractive market segment•US CERAMENT G sales of SEK 192,4 m (SEK 134,2 m)•Confirmed NTAP for Cerament G in open traumaas well as general orthopedic increase of DRG codes by CMS•CEO transitionOperational highlights1. Before effects of incentive program Financial highlights 3
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Continued strong momentum for CERAMENT G in the US•Strong influence from USD/SEK depreciation•LTM growth of 41% in constant currency, versus 37% in the graph (reported)•US CERAMENT BVF (LTM) dropped with 1.7% in Q3 2025 compared to Q3 2024 in constant currency•Antibiotic eluting CERAMENT grew with 59% (LTM) in Q3 in constant currencyNotes: CBVF = CERAMENT Bone Void Filler, CG = CERAMENT G (Gentamicin) & CV = CERAMENT V (Vancomycin). US CBVF includes application tools, e.g. syringes and bead trays41321551661651741811821982052132342572873293824485225916557358148999981 0621 119 020040060080010001200LTM Reported Quarterly Net sales (SEK m) by Segment by Quarter EUROW CBVFEUROW CG + CVUS CBVFUS CG
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5 US: Increasing indication and customer diversity for CERAMENT G Q3 2025•Sales ofSEK 246,3 m(SEK 192,0 m).Growth of28%over Q3 2024•Growth of40%inconstant exchange rate (CER)•Continued depreciation of USD versus SEKHighlights•CeraHip– unlocking the entry to Revision Arthroplasty and Periprosthetic Joint Infections (PJI)•NTAP granted for open fracture– max $5,687.50 per case•Preparation ofSpine market entry in Q4 2025•CERAMENT V supplementary file in progressfor November submission
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EUROW:Strength in Hybrid Markets offset by German austerity measures.HighlightsQ3 2025•Sales ofSEK 47,8 m(SEK 45,5 m), growth of 5%over Q3 2024•Growth of7%in constant exchange rates (CER)•Hospital reforms and surgical protocol programs in Germany 6•Hybrid marketsin Southern Europe, Australia and Canada performstrongly following investments in H1 2025•Publication of CeraHip1, Periprosthetic Joint Infection (PJI) – 0%infection recurrence•European Bone & Joint Infection Society (EBJIS) Annual Meeting- Paradigm shift from long systemic antibiotic regimes to shortercombined with local antibiotics- South Africa study, Fracture related infection (FRI) - 96 % infectionfree. Confirming Oxford, UK data1. Before effects of incentive programPicture:Professor Ferreira, University Hospital Stellenbosch, South Africa, presented results at EBJIS from his study involving 103 trauma patients with bone infections.
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Cementless one-stage hip revision with CERAMENT G CeraHip - Study design •Prospective study on 20 patients with infected hip prothesis, revised at Charité (Berlin, Germany)•Debridement followed by prothesis replacement and CERAMENT G (avg 13,2 ml) used for repair of femoral and acetabular defects•Detailed and documented (written and video) step-by-step proceduretechniqueBone & Joint Open 2025;6(9): 1146–1155. [Journal Impact Factor: 3.1] Results •No infection recurrence observed in mean 3,3 years follow up•Good bony consolidation and prothesis integration •Harris Hip Score (HHS): Clinical assessment score to evaluate pain, function and mobility (max: 100). 12 months follow up.•EQ-5D-5L: Detailed self-assessment measuring a person’s health-related quality of life. 12 months follow up. 0% infection recurrence0 20 40 60 80 100Post-opPre-opHarris Hip Score (HHS)0 0,2 0,4 0,6 0,8 1Post-opPre-opQuality of Life (EQ-5D-5L))P<0,01P<0,01Results: 12 m follow-up12 m follow-upLiterature reference1shows a reinfection rate of 5,7% to 30% 1. Lange J, Troelsen A, Thomsen RW, Søballe K. Chronic infections in hip arthroplasties: comparing risk of reinfection following one-stage and two-stage revision: a systematic review and meta-analysis. Clin Epidemiol. 2012;4:57–73. Goud AL, Harlianto NI, Ezzafzafi S, Veltman ES, Bekkers JEJ, van der Wal BCH. Reinfection rates after one- and two-stage revision surgery for hip and knee arthroplasty: a systematic review and meta-analysis. Arch Orthop Trauma Surg. 2023;143(2):829–838. Resl M, Becker L, Steinbrück A, Wu Y, Perka C. Re-revision and mortality rate following revision total hip arthroplasty for infection. Bone Joint J. 2024;106-B(6):565–572. The German Arthroplasty Registry (EPRD)7
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BONESUPPORTQ3 (2025) ReportFinancial Report 8
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Q3 2025 Net sales SEK 294.1 m•US: 28 percent reported growth. 40 percent growth in CER.•EUROW: 5 percent reported growth. 7 percent growth in CER.9237,577,63,3-24,2294,1Q3 2024 Org growth US Org growth EUROW fx Q3 2025050100150200250300350Q3 Net sales (SEK m) vs PYIncreaseDecreaseTotal
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Volatility on BVF sales in the quarter impacting whilst CERAMENT G continue to show solid performanceSolid Q3 reporting despite volatility on BVF sales 107,01,31,51,51,2 12,41,22,72,11,0 19,42,32,51,6 25,822 Q4 23 Q1 23 Q2 23 Q3 23 Q4 23 Q4 24 Q1 24 Q2 24 Q3 24 Q4 24 Q4 25 Q1 25 Q2 25 Q3 25 Q3051015202530US Revenue growth 2023-2025 in USD m
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EUROW US20242025USQ3Q4Q1Q2Q3SEK m192,0209,4231,2235,6246,3Net sales181,9199,5219,7223,1234,8Gross profit94,7%95,3%95,0%94,7%95,3%Gross margin79,390,297,2104,4111,2Contribution+28%(+40% CER)Net salesQ3-25 85,0%87,5%90,0%92,5%95,0%97,5%100,0%100125150175200225250Q3-25 Q2-25 Q1-25 Q4-24 Q3-24Gross Margin SEK mNet sales and Gross marginNet SalesGross margin 20242025EUROWQ3Q4Q1Q2Q3SEK m45,547,652,348,847,8Net sales37,839,643,340,339,0Gross profit83,2%83,2%82,8%82,5%81,5%Gross margin15,612,815,313,612,5Contribution+5%(+7% CER)Net salesQ3-25 70,0%75,0%80,0%85,0%90,0%303540455055Q3-25 Q2-25 Q1-25 Q4-24 Q3-24Gross Margin SEK mNet sales and Gross marginNet SalesGross margin11
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Cost movements mainly due to currency effect and seasonalityQ3 Insights•Selling expenses reported in line with previous year and coming down compared with the first quarter this year due to a depreciated USD and certain seasonality. The quarter also included previously communicated Sales investments in EUROW, which were included with SEK 2.0 million. •Research and Development expenses remain focused on the projects relating to market approval for CERAMENT V in the US, market launch preparations for Spine, next generation CERAMENT and market segment expansion.•Administrative expenses, excluding effects from the long-term incentive programs remain in line with previous quarters. 202320242025Key FiguresQ4Q1Q2Q3Q4Q1Q2Q3SEK m59,659,767,665,571,273,067,266,3Selling expenses 44,448,262,265,570,479,379,485,1Sales Commissions and fees17,614,120,319,721,823,823,620,6Research and Development expenses33,323,222,922,830,126,626,130,3Administrative expenses18,99,37,47,313,710,07,613,2Whereof Provisions related to Incentive programs 154,9145,2173,0173,5193,6202,7196,3202,2Total expenses12
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Strong operating leverage and cash conversionQ3 Insights•Sales increased by 24 percent (34 percent in CER) compared to the third quarter previous year, a sales growth largely driven by continued strong market penetration of CERAMENT G in the US.•Gross margin remaining stable, with favorable market mix in the period. There is only marginal impact from tariffs in the quarter.•The period reported an Adjusted Operating result of SEK 79 m, with unfavorable fx effects totaling SEK 6 m in the quarter. •Continued strong cash flow was reported, improving cash balance with SEK 69 m in the quarter and SEK 152 m year to date. 202320242025Key FiguresQ4Q1Q2Q3Q4Q1Q2Q3SEK m172,7184,4219,8237,5257,0283,5284,4294,1Net sales91,892,692,392,992,692,692,392,9Gross margin (%)-8,032,328,741,064,229,654,965,4Operating result10,941,636,048,377,939,762,478,6Adj. Operating result1 167,4187,2114,6153,2227,0267,1309,7379,0Cash at period end131. Operating result before incentive expenses according to IFRS 2 and social charges for these programs
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A continued solid trend in Adj Operating result1excluding exchange gains and losses on foreign assets and liabilities•Adj Operating result (before fx) reached an all-time high operating margin of 28,6%.Q3-25Q2-25Q1-25Q4-24Q3-24Q2-24Q1-24Q4-23Q3-23Q2-23Q1-23Column128,6%26,0%24,6%22,6%23,0%16,8%18,9%12,9%16,0%6,5%4,4%Adj Operating margin excl. fx141. Operating result before incentive expenses according to IFRS 2 and social charges for these programs9,09,29,49,69,810,010,210,410,610,811,00102030405060708090100Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 USD rate Adj Operating result1in SEK mUSD RateAdj Operating ResultAdj Operating Result pre fx
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BONESUPPORTQ3 (2025) Report •24% sales growth (34% in CER) •Adj. Operating margin 27%•SEK 71 m in Cash flow•CeraHip: Entry to Revision Arthroplasty•Capital Markets day in spring 2026Guidance: Sales growth above 40% (CER) for FY 202515