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BONESUPPORT Q3 (2026) Report October 22, 2026 Torbjörn Sköld, CEO Håkan Johansson, CFO Dr. Michael Diefenbeck, CMO
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This presentation contains forward-looking statements regarding BONESUPPORT HOLDING AB (publ) (“BONESUPPORT”), including, but not limited to, statements about future operations, financial performance, market conditions, growth strategies, product development, regulatory approvals, and other projections. These statements are based on current expectations, estimates, and assumptions and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Statements contained in this presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. Forward-looking statements are subject to risks and uncertainties, including, but not limited to, changes in economic conditions, market demand, competitive factors, regulatory developments, and other factors described in BONESUPPORT’s Annual Report. BONESUPPORT undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. You are cautioned not to place undue reliance on forward-looking statements. Actual results may differ materially from those anticipated. DISCLAIMER 2
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BONESUPPORT – Third quarter report 2026 • Net sales SEK 408.8 m (SEK 294.1 m) Sales growth at constant exchange rates (CER): +38% Reported growth: +39% versus Q3 2025 • Operating results Adjusted Operating result1: SEK 139.3 m (SEK 78.6 m), resulting in adj. Operating margin of 34% Reported Operating result: SEK 123.4 m (SEK 65.4 m) • Operating cash flows of SEK 137.8 m and share buy-back of SEK 60 m resulting in a cash position of SEK 510.5 m (SEK 379.0 m) at quarter end • US CERAMENT G sales of SEK 288.4 m (SEK 192.4 m) • Strength in EUROW across all market structures – Direct, Hybrid and Distributor • SOLARIO published in The New England Journal of Medicine – Milestone in bone infection treatment and patient game changer • FDA De Novo process of CERAMENT V on plan, complete data package submitted to answer all questions • CMS FY 27 IPPS rule confirmed and effective Oct 1 – expected to increase payments for CERAMENT G procedures Operational highlights 1. Before effects of long term incentive programs Financial highlights 3
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• LTM growth of 31% in constant currencies, versus 25% in the graph (reported) • US CERAMENT BVF (LTM) flat in Q3 2026 compared to Q3 2025 in constant currency • Antibiotic eluting CERAMENT grew with 39% (LTM) in constant currencies Continued strong momentum for CERAMENT G in the US Notes: CBVF = CERAMENT Bone Void Filler, CG = CERAMENT G (Gentamicin) & CV = CERAMENT V (Vancomycin). US CBVF includes application tools, e.g. syringes and bead trays 4 132 155 166 165 174 181 182 198 205 213 234 257 287 329 382 448 522 591 655 735 814 899 998 1,062 1,119 1,175 1,215 1,286 1,401 0 150 300 450 600 750 900 1,050 1,200 1,350 1,500 LTM Reported Net Sales (SEK m) by Segment and Quarter EUROW CBVF EUROW CG + CV US CBVF US CG
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US: Increasing customer access and adoption for CERAMENT G Q3 2026 • Sales of SEK 344.4 m (SEK 246.3 m). Growth of 40% over Q3 2025 • Growth of 39% at CER Highlights • Growth of CERAMENT G: ‒ Access (new accounts & surgeons) – strong across all market segments ‒ Adoption (existing accounts & surgeons) – strong across all market segments • CMS improves reimbursement for CERAMENT G – In effect from Oct 1, 2026 • Interest for CERAMENT G in Revision Arthroplasty and Periprosthetic Joint Infections (PJI) is high • Spine market entry - CERAMENT BVF short term and antibiotic eluting CERAMENT long term - on plan 5
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EUROW: Strong growth across markets Q3 2026 • Sales of SEK 64.4 m (SEK 47.8 m), growth of 35% over Q3 2025 • Growth of 34% at CER • Strong growth, even adjusting for the prior-year base and new distributor stocking orders (AUS & NZ) Highlights • Direct Markets delivered at solid growth rates across the board • Hybrid markets performed strongly and new distribution agreement with Stryker in AUS & NZ signed • Distributor markets increased share following investments and focus • Strong interest in Revision Arthroplasty applications • SOLARIO feedback in general and in particular at the combined EBJIS-MSIS meeting in Porto 6
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7 SOLARIO - Short or Long Antibiotic Regimens in Orthopedics New England Journal of Medicine Background: Orthopedic infection is usually managed with surgery , local antibiotics and prolonged systemic antibiotic therapy. Research question: Primary Objective: Can the duration of systemic antibiotic therapy be limited to <7 days provided that local antibiotics are used? Secondary Objective: Is there an advantage of local antibiotic therapy in terms of adverse events or side effects? Methods: Multicenter, open-label, noninferiority trial. Adults who had undergone surgery for orthopedic infection and implantation of a device-drug combination product including antibiotics were randomly assigned to receive postoperative systemic antibiotic therapy for a long (≥4 weeks) or short (≤7 days) duration. Primary outcome parameter: Treatment failure by 12 months, assessed according to protocol-defined criteria by a clinical end-point committee whose members were unaware of the trial-group assignments. McNally M, Dudareva M, Kümin M, Vach W , Scarborough CL et al. N Engl J Med. 2026 Sep 16:10.1056/NEJMoa2506756. Epub ahead of print
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8 SOLARIO - Short or Long Antibiotic Regimens in Orthopedics New England Journal of Medicine McNally M, Dudareva M, Kümin M, Vach W , Scarborough CL et al. N Engl J Med. 2026 Sep 16:10.1056/NEJMoa2506756. Epub ahead of print Results: 500 patients underwent randomization; 475 were assessed in the primary analysis. Primary outcome: Definite treatment failure occurred in 34 of 241 patients (14.1%) in the long-duration group and in 26 of 234 patients (11.1%) in the short-duration group, which met the prespecified noninferiority margin. n (%) Success Definite Failures Standard Arm 207 (85.9) 34 (14.1) Short Arm 208 (88.9) 26 (11.1) p=0.324 Source: McNally, EBJIS 2026
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9 SOLARIO - Short or Long Antibiotic Regimens in Orthopedics New England Journal of Medicine McNally M, Dudareva M, Kümin M, Vach W , Scarborough CL et al. N Engl J Med. 2026 Sep 16:10.1056/NEJMoa2506756. Epub ahead of print Results: 500 patients underwent randomization; 475 were assessed in the primary analysis. Secondary outcome: By week 6 after surgery, symptoms potentially related to treatment had occurred in 45.2% of the patients in the long-duration group and in 17.2% in the short-duration group. % No AE AE Standard Arm 54.8 45.2 Short Arm 82.8 17.2 % No AE AE Standard Arm 79.6 20.4 Short Arm 91.5 8.5 6 weeks 3-6 months Short duration of systemic antibiotic therapy is much more patient friendly than the long duration of treatment. Source: McNally, EBJIS 2026
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10 SOLARIO - Short or Long Antibiotic Regimens in Orthopedics New England Journal of Medicine McNally M, Dudareva M, Kümin M, Vach W , Scarborough CL et al. N Engl J Med. 2026 Sep 16:10.1056/NEJMoa2506756. Epub ahead of print Conclusions: Among patients who had undergone orthopedic surgery and received local antibiotics, a short course of systemic antibiotics was noninferior to a long course with respect to definite treatment failure by 12 months. Shorten duration of therapy >4 weeks to <7 days Improve compliance in patients 100% Compliance Narrow antimicrobial choice Limited Abx Choice Avoid under dosing High Dose Delivery Improve targeting 100% Targeting Reduce total antimicrobial burden 6.4kg saving/100 patients Reducing Antimicrobial Resistance Source: McNally, EBJIS 2026
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BONESUPPORT Q3 (2026) Report Financial Report
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• US growth reported at 40% (39% in CER). • EUROW growth reported at 35% (34% in CER). Q3 Net sales growth reached 38% in CER 12 294.1 94.8 16.3 3.6 408.8 Q3 2025 Org growth US Org growth EUROW fx Q3 2026 Net sales, SEKm 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 Q3 Net sales vs PY Increase Decrease Total
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Continued strong CG performance in the US • Strong access and adoption with a high and stable pace across all three market segments. 13 0 50 100 150 200 250 300 350 400 450 500 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales per working day, USD k Net sales, USD m Sales CERAMENT G - US per quarter Net sales, USD m Net sales/Working day, USD k
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EUROW US 14 North America 2026 2025 SEK m Q3 Q2 Q1 Q4 Q3 Net sales 344.4 295.2 267.1 258.8 246.3 Gross profit 323.7 276.9 252.3 245.3 234.8 Gross margin 94.0% 93.8% 94.5% 94.8% 95.3% Contribution 171.4 140.2 122.7 115.3 111.2 +40% (+39% CER) Net sales Q3-26 85.0% 87.5% 90.0% 92.5% 95.0% 97.5% 100.0% 200.0 225.0 250.0 275.0 300.0 325.0 350.0 Q3-26 Q2-26 Q1-26 Q4-25 Q3-25 Q2-25 Gross margin SEK m Net sales and Gross margin Net sales Gross margin EUROW 2026 2025 SEK m Q3 Q2 Q1 Q4 Q3 Net sales 64.4 60.7 56.7 53.8 47.8 Gross profit 52.7 49.0 46.5 43.6 39.0 Gross margin 81.9% 80.6% 81.9% 81.1% 81.5% Contribution 19.9 16.9 12.6 11.0 12.5 +35% (+34% CER) Net sales Q3-26 70.0% 75.0% 80.0% 85.0% 90.0% 95.0% 40.0 45.0 50.0 55.0 60.0 65.0 Q3-26 Q2-26 Q1-26 Q4-25 Q3-25 Q2-25 Gross margin SEK m Net sales and Gross margin Net sales Gross margin
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Q3 Insights • Selling expenses excluding commissions and fees reported in line with previous quarter, increasing with SEK 17.6 m compared with Q3 last year, following continued commercial investments in the US as well as the previously communicated investments in EUROW. • R & D remains at a stable run rate and focused on the projects relating to market approval for CERAMENT V in the US, market launch preparations for Spine, the work on next generation CERAMENT and market segment expansion. • Administrative expenses, excluding effects from the long-term incentive programs, largely remain on a stable level. • Expenses relating to long-term incentive programs have increased as an effect of a higher share price at the end of the quarter compared to the beginning of the quarter. Commercial investments increasing selling expenses 15 Key Figures 2026 2025 2024 SEK m Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Selling expenses 83.9 83.4 84.5 79.8 66.3 67.2 73.0 71.2 Sales Commissions and fees 111.4 95.3 85.7 85.6 85.1 79.4 79.3 70.4 Research and Development expenses 27.2 24.8 25.1 23.5 20.6 23.6 23.8 21.8 Administrative expenses 34.8 34.4 30.8 20.5 30.3 26.1 26.6 30.1 Whereof expenses related to Incentive programs 15.9 14.5 12.8 -0.5 13.2 7.6 10.0 13.7 Total expenses 257.3 237.9 226.0 209.4 202.2 196.3 202.7 193.6
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Q3 Insights • Net sales increased by 39% (38% at CER) compared to the third quarter previous year, a growth largely driven by continued strong market penetration of CERAMENT G in the US as well as a solid recovery in EUROW. • Gross margin in the quarter was bouncing back from the inventory write-downs in the previous quarter. • The quarter reported an Adjusted Operating result of SEK 139.3 m, including only minor fx effects. • Continued strong Operating cash flow were reported, with a 99% cash conversion in the quarter. Continued strong operating leverage and cash conversion 1. Operating result before incentive expenses according to IFRS 2 and social charges for these programs. 16 Key Figures 2026 2025 2024 SEK m Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Net sales 408.8 355.7 324.0 312.5 294.1 284.4 283.5 257.0 Gross margin (%) 92.0 90.8 92.2 92.5 92.9 92.3 92.6 92.6 Operating profit 123.4 89.6 72.2 81.8 65.4 54.9 29.6 64.2 Adj. Operating profit (i) 139.3 104.1 84.9 81.3 78.6 62.4 39.7 77.9 Cash at period end 510.5 434.3 455.3 378.0 379.0 309.7 267.1 227.0
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1. Operating result before incentive expenses according to IFRS 2 and social charges for these programs. 17 Solid Operating margin continuing to improve after a period of commercial investments 9.00 9.35 9.70 10.05 10.40 10.75 11.10 0 25 50 75 100 125 150 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 USD rate Adjusted operating result1 in SEK m USD Rate Adjusted operating result Adjusted operating result pre fx Column1 Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Adj operating margin excl fx 4.4% 6.5% 16.0% 12.9% 18.9% 16.8% 23.0% 22.6% 24.6% 26.0% 28.6% 26.9% 25.5% 28.0% 32.9%
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Cash conversion1 between 64-126 % from Q3 2024 and onwards - Average 83% 1. Cash flow from operating activities in relation to Adjusted Operating result and before other operating income and expenses (effects from fx restatements) 18 Continued solid cash flow 0% 20% 40% 60% 80% 100% 120% 140% 0.0 25.0 50.0 75.0 100.0 125.0 150.0 24 Q3 24 Q4 25 Q1 25 Q2 25 Q3 25 Q4 26 Q1 26 Q2 26 Q3 Cash conversion Cash flow from operation, SEK m Cash flow from operating activities Cash flow from operating activities Cash conversion
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BONESUPPORT Q3 (2026) Report • 38% Net sales growth at CER ‒ US 40% and EUROW 34% at CER • Operating margin of 34% • Cash flow from operations SEK 138 m, buy back SEK 60 m and cash position SEK 511 m • SOLARIO published in NEJM • CMS reimbursement for CERAMENT G confirmed • CERAMENT V De Novo data package submitted Guidance (no change): Net sales growth 33% - 36% (CER) for FY 2026 19