Slides
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Torben Nielsen, CEO Holger Lembrér, CFO Boule Diagnostics Q3 2025
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Q3 Highlights • Back to organic growth • Strong instrument sales, 5-part sales doubled • Soft reagent sales • OEM sales continue stable performance • Gross Margin improving from last quarter • Second quarter of positive operating cash flow • Supply agreement signed for new Veterinary instrument 2 Boule Group Boule Diagnostics AB 22/10/2025
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Q3 Financials Sales SEK 127.2 M (130.4) -2.4% 1.7% organic growth -4.1% currency Gross profit SEK 52.4 M (61.0) -15.4% Gross margin 41.2% (46.8%) Adj. EBIT SEK 12.0 M (15.3*) Adj. Operating margin 9.4% (11.8%*) Operating cash flow SEK 1.0 M (-11.6) Available liquidity SEK 37 M Boule Group Financials 3 Boule Diagnostics AB 22/10/2025 *) Last year is adjusted for restructuring costs and write-down.
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Boule Group structure Boule Diagnostics Global provider of diagnostic solutions for the decentralized human and veterinary markets, specialized in Hematology • Serving the decentralized market, small to medium size laboratories and remote clinics • Global reach through extensive distributor partnerships • Suite of instruments, primarily within Hematology, for both human and veterinary segments • Complete range of reagents, calibrators and blood controls Clinical Diagnostic Solutions Contract Development and Manufacturing Organization of OEM Reagents, Calibrators and Blood Controls • Develops and manufactures proprietary and OEM reagents, calibrators for leading IVD companies • Core competence within development of blood controls with long shelf-life • Ability to run small, medium, large batches at high quality • Long-term agreements with several multi-national IVD companies and innovative start-ups Boule Group 4 Boule Diagnostics AB22/10/2025
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Strategic Priorities Transforming Boule into a higher growth and higher margin company 5 Margins Expand operating margins through disciplined execution and reductions in structural cost 22/10/2025 Boule Diagnostics AB Growth Accelerate growth through strategic organic investments Portfolio Building a better, stronger, growth-oriented portfolio • Reduce COGS through supply chain improvements • Improve OPEX through consolidation and organizational restructure • Build a Culture of Operational Excellence • Establish local presence in strategic locations • Expand and strengthen channel reach in high growth markets • Strengthen brand awareness and digital footprint • Strengthen Hematology portfolio • Build synergistic Adjacent Market portfolio • Expand OEM capabilities Boule Group
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Diagnostics Business Boule Diagnostics Global provider of diagnostic solutions for the decentralized human and veterinary markets, specialized in Hematology • Serving the decentralized market, small to medium size laboratories and remote clinics • Global reach through extensive distributor partnerships • Suite of instruments, primarily within Hematology, for both human and veterinary segments • Complete range of reagents, calibrators and blood controls Diagnostics Business 6 Boule Diagnostics AB22/10/2025
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Diagnostics Business Diagnostics Business Hematology is an attractive market 8 Boule Diagnostics AB22/10/2025 0 100 200 300 400 500 600 2020 2021 2022 2023 2024 2025 * Razor blade model with 60% recurring revenue Instruments Reagents Consumables Service Veterinary 3 Part Veterinary 5 Part Decentral Vet. Hematology market growing 8% CAGR 3B SEK Human 5 Part Human 3 Part Decentral Human Hematology market growing 3% CAGR 8B SEK *) 2025 R12
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Diagnostics Distribution Network of 200 partners Diagnostics Business 8 Boule Diagnostics AB22/10/2025 USA Russia Mexico Kenya Dubai India Indonesia Philippines Sweden Sales Office Manufacturing License Manufacturing USA 14% LATAM 8% Europe 32% India 18% Asia 16% MEA 12% Diagnostics revenue distribution
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Diagnostics Instrument Portfolio Building new growth portfolio with technology partners Diagnostics Business 9 Boule Diagnostics AB22/10/2025 Current portfolio Future portfolio additions H400 – 4-part C200 – ChemistryH50V – 5-part M32M - 3-part VitalScientific – Clin. Chem.M51 - 5-partM32C - 3-part M32S - 3-part Human Veterinary Proprietary Technology Partner + + 5-part RET
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Q3 Diagnostics Business 98,1 97,8 Q3 2024 Q3 2025 Revenue (MSEK) Revenue: • Instrument volume growth was +16%, 3-part sales declined but 5-parts sales more than doubled in the in the quarter • Organic growth was +1.8 % • Currency was negative with -2.1 % Diagnostics Business 10 Boule Diagnostics AB22/10/2025 8,5% 8,6% Q3 2024 Q3 2025 Adj, Operating Margin Adj. Operating Margin: • Margin was impacted by currency and mix but improved from last year due to efficiency and cost reductions • Gross margin declined, but was offset by savings of operating expenses • Currency was negatively impacting the margin due to lower USD
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OEM Business Clinical Diagnostic Solutions Contract Development and Manufacturing Organization of OEM Reagents, Calibrators and Blood Controls • Develops and manufactures proprietary and OEM reagents, calibrators for leading IVD companies • Core competence within development of blood controls with long shelf-life • Ability to run small, medium, large batches at high quality • Long-term agreements with several multi-national IVD companies and innovative start-ups OEM Business 11 Boule Diagnostics AB22/10/2025
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CDS CDS Pipeline Hematology Blood Control Market growing 3-5% CAGR 1.9B SEK CDS capability fit OEM Reagent Market growing est. 6-8% CAGR 350B SEK 0 20 40 60 80 100 120 140 2020 2021 2022 2023 2024 2025 * Long-term contracts and YoY sequential growth Sales in MSEK*) 2025 12-months OEM Business OEM business Profitable market with significant runway for growth 12 Boule Diagnostics AB Boule Diagnostics AB22/10/2025
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Q3 OEM Business 37,4 33,5 Q3 2024 Q3 2025 Revenue (MSEK) Revenue: • Sales volume was stable with an organic sales growth of 0%, but currency was -10% in the quarter due to translation of a lower USD • Increased investments in sales organization and product portfolio OEM Business 13 Boule Diagnostics AB22/10/2025 33% 19% Q3 2024 Q3 2025 Adj, Operating Margin Ad. Operating Margin: • Gross margin was stable for the quarter 47.4% (47.5%) • Operating margin declined due increased Operating expenses with 4 MSEK, RnD investments in new OEM products, blood controls and reagents and investments in sales organization and customer projects
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Financial Summary 14 Boule Group Financials Boule Diagnostics AB24/10/2025 Operating expenses decreased with 30% SEK M Jul-Sep 2024 Jul-Sep 2025 Net sales 130.4 127.2 Organic growth,% -2.0% 1.7% COGS -69.4 -74.8 Gross profit 61.0 52.4 Gross margin, % 46.8% 41.2% Operating expenses -61.5 -42.9 One-off cost restructuring 3.0 - Adjusted Other operating income/expenses -0.5 2.5 Adjusted operating profit excl. capitalization 2.0 12.0 Adjusted Operating margin, % 1.5% 9.4% Capitalized RnD 13.2 - Reported adjusted Operating profit* 15.3 12.0 Reported Operating margin, % 11.8% 9.4% Operating Cash flow -11.6 1.0 Available cash and cash equivalents 51 37 *) Last year is adjusted for write-down.
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Cost breakdown as % of sales Q3 2025 • Weaker USD diluting the gross margin • Full impact from restructurings in the last 12 months reduced operating expenses. Boule Group Financials 15 Boule Diagnostics AB 20.11.12 % Q3´2024 Q3´2025 Δ Cost of goods sold -53.2% -58.8% -5.6% Gross margin 46.8% 41.2% -5.6% Selling & marketing expenses -22.4% -19.9% 2.5% Administrative expenses -5.3% -6.0% -0.7% Research and development expenses -17.3% -7.9% 9.4% One-off restructuring (excl. Impairments) 0.3% - -0.3% Other operating income and expenses -0.4% 2.0% 2.4% Adj. operating margin excl. capitalization, % 1.7% 9.4% 7.7% Capitalization of RnD 10.1% - -10.1 Adj. operating margin, % 11.8% 9.4% -2.4% *) Last year is adjusted for write-down.
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Operating Cash Flow* Boule Group Financials 16 Boule Diagnostics AB -18,8 -21,7 -30,2 -1,5 -24,9 -9,8 5,9 7,4 -9,8 -4,4 -11,6 -7,9 -9,8 2,9 1 -80 -70 -60 -50 -40 -30 -20 -10 0 10 20 30 -40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15
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Liquidity & Credit 17 Boule Group Financials Boule Diagnostics AB 0 20 40 60 80 100 120 Q1'24 Q2'24 Q3'24 Q4´24 Q1'25 Q2'25 Q3'25 Liquidity & Credit Facilities, SEK M • Cash position at SEK 21 M • Additional SEK 16 M in credit facilities available • Net cash / adj. EBIT (R12), times -1.1
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Strategic Priorities – Q3 Updates 18 Margins Expand operating margins through disciplined execution and reductions in structural cost Focus on transforming Boule into a higher growth and higher margin company 22/10/2025 Boule Diagnostics AB Growth Accelerate growth through strategic organic investments Portfolio Building a better, stronger, growth-oriented portfolio • Gross Margin improved 2.5 pp quarter over quarter • 30% operating spend reduction year over year • Positive operating cash flow second quarter running • Back to organic growth in the quarter • 16% instrument sales growth year over year • Supply agreement signed for new Vet instrument • New CDS generic Blood Control products planned for 2027
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Thank you Please feel free to ask questions