Slides
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Torben Nielsen, CEO Holger Lembrér, CFO Boule Diagnostics Q4 2025
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Q4 Highlights • Soft topline performance • Instrument sales impacted by transition to license manufacturing in India • OEM sales continue stable performance • Gross Margin improving YoY from more favorable mix • Third consecutive quarter of positive Operating Cash flow • Inauguration of new HQ in Sweden 2 Boule Group Boule Diagnostics AB 11/02/2026
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Q4 Financials Sales SEK 120.2 M (143.2) -16.0% -11.7% organic decline -4.3% currency Gross profit SEK 57.8 M (63.8) -9.4% Gross margin 48.1% (44.6%) Adj. EBIT SEK 12.9 M (19.5*) Adj. Operating margin 10.7% (13.6%*) Operating cash flow SEK 5.5 M (-7.9) Available liquidity SEK 35 M Boule Group Financials 3 Boule Diagnostics AB 11/02/2026 *) Last year is adjusted for restructuring costs and write-down.
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FY Financials Sales SEK 489.7 M (558.5) -12.3% -7.2% organic decline -5.1% currency Gross profit SEK 213.8 M (252.2) -13.2% Gross margin 43.7% (45.2%) Adj. EBIT SEK 46.2 M (63.8*) Adj. Operating margin 9.4% (11.4%*) Operating cash flow SEK -0.3 M (-33.7) Available liquidity SEK 35 M Boule Group Financials 3 Boule Diagnostics AB 11/02/2026 *) Last year is adjusted for restructuring costs and write-down.
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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 5 Boule Diagnostics AB11/02/2026
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Diagnostics Business Diagnostics Business 8 Boule Diagnostics AB11/02/2026 0 100 200 300 400 500 600 2020 2021 2022 2023 2024 2025 Razor blade model with 60% recurring revenue Instruments Reagents Consumables Other 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
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Diagnostics Distribution Network of 200 partners Diagnostics Business 7 Boule Diagnostics AB11/02/2026 USA Russia Mexico Kenya Dubai India Indonesia Philippines Sweden Sales Office Manufacturing License Manufacturing USA 14% LATAM 8% Europe 32% India 24% Asia 10% MEA 13% Diagnostics revenue distribution
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Q4 Diagnostics Business 111,1 92,7 Q4 2024 Q4 2025 Revenue (MSEK) Revenue: • Sales declined with 16.5%, explained by strong comparative figures from transition to instrument license manufacturing in India • Organic growth was - 14% • Currency was negative with -3 % Diagnostics Business 8 Boule Diagnostics AB11/02/2026 10,6% 9,1% Q4 2024 Q4 2025 Adj, Operating Margin Adj. Operating Margin: • Gross margin improved because of favorable product mix with higher sales of reagents • OPEX was lower due to restructurings implemented in the last 12 months • Currency was negatively affecting 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 9 Boule Diagnostics AB11/02/2026
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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 80 100 120 140 160 2020 2021 2022 2023 2024 2025 Long-term contracts and YoY sequential growth 2020 2021 2022 2023 2024 2025 OEM Business OEM business Profitable market with significant runway for growth 10 Boule Diagnostics AB Boule Diagnostics AB11/02/2026 *) 2024 and 2025 restated for segment split and FX.
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Q4 OEM Business 37,2 31,6 Q4 2024 Q4 2025 Revenue (MSEK) Revenue: • Sales declined by 15% impacted by currency -9% in the quarter due to translation of a lower USD and timing of orders • Organic growth was -6% OEM Business 11 Boule Diagnostics AB11/02/2026 35% 25% Q4 2024 Q4 2025 Adj, Operating Margin Adj. Operating Margin: • Gross margin improved for the quarter 53.3% (47.0%) • Operating margin declined explained by increase in Operating expenses with 4.6 MSEK due to RnD investments in new OEM products, blood controls and reagents and investments in sales organization and customer projects
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Financial Summary 12 Boule Group Financials Boule Diagnostics AB11/02/2026 SEK M Oct-Dec 2024 Oct-Dec 2025 Net sales 143.2 120.2 Organic growth,% -1.8% -11.7% COGS -79.4 -62.4 Gross profit 63.8 57.8 Gross margin, % 44.6% 48.1% Operating expenses incl. Restrucuturing -49.2 -44.9 RnD spend BM900 -20.8 - Adjusted Other operating income/expenses -1.0 1.2 Operating profit incl. Restructuring -7.2 12.9 Adjusted Operating margin, % -5.0% 10.7% One-off cost restructuring 5.8 - Impairment of RnD 20.8 - Adjusted Operating profit* 19.5 12.9 Reported Operating margin, % 13.6% 10.7% Operating Cash flow -7.9 5.5 Available cash and cash equivalents 57 35 *) Excluding write-down of assets in Russia, and intangible assets in 2024. Operating spend decreased with -36%
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Operating Cash Flow Boule Group Financials 13 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 5,5 -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 14 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 Q4'25 Liquidity & Credit Facilities, SEK M • Cash position at SEK 20 M • Additional SEK 15 M in credit facilities available • Net cash / adj. EBIT (R12), times -2.9
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Strategic Priorities – 2025 results Transforming Boule into a higher growth and higher margin company 15 Margins Expand operating margins through disciplined execution and reductions in structural cost 11/02/2026 Boule Diagnostics AB Growth Accelerate growth through strategic organic investments Portfolio Building a better, stronger, growth-oriented portfolio • Reduced COGS through efficiency improvements • Lowered overall operating spend by 36% YoY • Consolidated two sites in Sweden improving efficiency and cost • Established sales office in Philippines and Indonesia • Launched new brand identity and digital presence • Increased digital mkt and lead generation • New VET hematology instrument to launch mid 2026 globally • Added Clinical Chemistry distribution in US • Developing new Blood Controls portfolio pipeline Boule Group
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Boule Group Michael af Winklerfelt new CFO at Boule • Long international (China, U.S. & Europe) from leading companies • 10+ years' experience from Life Science & Medical Device • MBA, M.Sc. 16 Boule Diagnostics AB11/02/2026
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Thank you Please feel free to ask questions