Slides
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Christian Cederholm President and CEO Capital Markets Update 2026
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Long - term, engaged owner of great companies – buy - to - build philosophy We support our companies to become and stay best - in - class We focus on what we believe is best for each individual company Our long - term perspective is no excuse for lack of short - term performance Our model builds on clear roles of responsibility and great people We create value for people and society by building strong and sustainable businesses
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Investments in EQT Total adjusted assets, SEK 95 bn Of total assets 7% Patricia Industries Total adjusted assets, SEK 2 42 bn Of total assets 1 9 % Business areas Listed Companies Total adjusted assets, SEK 94 9 bn Of total assets 7 4 % Fund investments
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Our strategy 2030 Purpose Ultimate target We create value for people and society by building strong and sustainable businesses Generating an attractive total return to shareholders Grow net asset value Pay a steadily rising dividend Operate efficiently and sustainably Total return objectives Performance Portfolio People Strategic pillars
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Strategic pillars Performance Drive Performance, short - and long - term • Focus on profitable growth • Future - proof through innovation • Address underperformance
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Strategic pillars Portfolio Position the Portfolio for the future • Accelerate investments • Prune the portfolio • Maintain financial flexibility
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Capital allocation priorities Invest in and support existing companies New investments Pay a steadily rising dividend 1 2 3
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Strategic pillars People Engage People fit for purpose • Ensure the right leadership • Sustain high business integrity • Embrace new technologies
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Focus forward
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Focus forward Innovation A healthy obsession with constantly adding customer value
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Focus forward AI Great opportunities in the entire value chain
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Focus forward Sustainability An integrated part in our long - term value creation
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Focus forward Chinese competition Compete with the toughest , for demanding customers
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Ensuring the right leadership Focus forward P eople
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 A strong platform Clear purpose and focused strategy High - quality portfolio Proven engaged ownership model Financial flexibility Great people, at Investor and in the companies
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Med VIDEO BG Capital Markets Update 2026
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Financial update Jenny Ashman Haquinius CFO Capital Markets Update 2026
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Our strategy 2030 Purpose Ultimate target We create value for people and society by building strong and sustainable businesses Generating an attractive total return to shareholders Grow net asset value Pay a steadily rising dividend Operate efficiently and sustainably Total return objectives Performance Portfolio People Strategic pillars
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Total s hareholder returns Average annual total return September 30, 2026 0% 10% 20% 30% 40% 50% 1 year 5 years 10 years 20 years Investor B SIXRX Return requirement
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Grow net asset value Adjusted net asset value, September 30, 2026 SEK 1,258 bn - 200 0 200 400 600 800 1,000 1,200 1,400 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Listed Companies Patricia Industries Investments in EQT Other assets & liabilities Net debt Average annual growth, 5 years 1 6 %
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Estimated market values in Patricia Industries ’ major subsidiaries • Market values based on multiples, typically EV/12 - month trailing operating profit (EBITDA) • Multiples are compiled by third party and based on relevant listed peers and indices • Broad peer groups to ensure stability over time • Operating profit adjusted to reflect e.g., pro - forma effects of completed add - on acquisitions and certain non - recurring items Average multiple , S e ptember 30, 2026 15.6x Total EV/total EBITDA, Patricia Industries major subsidiaries 12x 13x 14x 15x 16x 17x 18x 19x 20x Q4 2015 Q4 2016 Q4 2017 Q4 2018 Q4 2019 Q4 2020 Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Avg. 16.2x While the estimated market values might not reflect our view of the intrinsic values, they reflect how the stock market values similar companies
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Pay a steadily rising dividend Dividend per share SEK +8 % Average annual growth , 10 years 0.00 1.00 2.00 3.00 4.00 5.00 6.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Operate efficiently and sustainably Low management costs in relation to our total assets, to maximize our investment and dividend capacity
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Management c ost SEK m 0 100 200 300 400 500 600 700 800 900 0.00% 0.02% 0.04% 0.06% 0.08% 0.10% 0.12% 0.14% 0.16% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q3 LTM Management costs (LHS) % of adjusted net asset value (RHS) 0. 06% Management cost / adjusted NAV 2026 Q3 LTM
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Portfolio sustainability targets Climate & Circularity Diversity & Inclusion Representation of any one gender in portfolio companies’ Board of Directors <60% Representation of any one gender in portfolio companies’ leadership teams <60% Portfolio companies measure the perceived level of inclusion 100% Portfolio companies’ scope 1 – 2 emissions reduction vs 2016 – 80% Portfolio companies have strategic scope 3 targets 100% Portfolio companies have strategic circularity targets 100% C lear direction and alignment across the portfolio through 2030 Business Ethics & Governance Adhere to Investor’s expectations for responsible business 100% Examples of KPIs to monitor progress ▪ UN Global Compact (or equivalent) signatories ▪ Supplier Code of Conduct coverage ▪ Coverage of at - risk functions in anti - corruption training
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F inancial flexibility
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 -5% 0% 5% 10% 15% 20% 25% Q4 2021 Q4 2022 Q4 2023 Q4 2024 Q4 2025 Leverage the target range Leverage 1. 8 % S&P AA - Moody’s Aa 2 Maximum leverage Leverage target range
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Moderate leverage across subsidiaries Note: (*) ND/EBITDA per credit agreement definitions given recent add - on acquisitions ND/EBITDA by subsidiary 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x Atlas Antibodies Braun Laborie* Mölnlycke Nova Biomedical* Permobil Piab Sarnova* Q4 2025 Q1 2026 Q2 2026 Q3 2026 Long - term target
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 8. 4 years Average maturity Debt portfolio F unding profile ref le ct s long investment horizon Debt maturity profile SEK bn 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 1.6 5.7 6.8 5.5 8.2 6.8 1.1 3.7 6.5 5.7 1.1
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Strong proprietary cash flow generation capacity Management costs, interest Investment and distribution capacity Investments in EQT Patricia Industries Listed Companies Cash flow from business areas
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Strong cash flow 2015 - 2025 SEK ~216bn Sources Uses SEK ~216bn Listed Companies Patricia Industries Investments in EQT, net Leverage Listed Companies Patricia Industries Dividend paid Other, net
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Med VIDEO BG Capital Markets Update 2026
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Listed Companies Daniel Nodhäll Head of Business Area Listed Companies Capital Markets Update 2026
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Listed Companies SEK 9 49 bn 7 4 % of total assets 13 global companies with strong market positions
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 A high - quality portfolio Healthcare Defense Financials TMT Listed Companies Industrial manufacturing 949 515 156 139 101 31 7 SEK bn As of September 30, 2026 Consumer durables
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 SEK 25bn invested with strong returns The investments in Sobi, Saab and Electrolux include the theoretical value of subscription rights received in the rights issu es in each respective company to give a correct reflection of the return. Investments, SEK bn Year - end 2015 – September 30, 2026 10.0 6.4 2.9 2.3 2.1 1.2 0.4 0.2 IRR 10% 29% 6% 42% 35% 21% 12% 53% Strengthened capital share from 5.3% to 9.9% Strengthened ownership from 10.0% to 14.6% Total IRR 23%
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Capital allocation priorities Strengthen ownership S upport companies with capital N ew investment opportunities
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Performance
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Strong performance over the past decade 13% 18% - 2% 30% 8% 44% - 5% 25% 18% 22% 21% 10% 9% - 4% 35% 15% 39% - 23% 19% 9% 13% 11% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q3 YTD Listed Companies SIXRX Annual TSR 17% (SIXRX 11%) YE 2015 – September 30 , 2026 Total shareholder return
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Outperformance vs. o ur return requirement Total shareholder return Year - end 2015 – September 30, 2026, CAGR in SEK Return requirement 8 - 9% 27% 24% 19% 18% 16% 14% 13% 12% - 1% - 5% 7% SIXRX 11%
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 S trong operational performance in the businesses 27% 24% 19% 18% 16% 14% 13% 12% 7% - 1% - 5% Operational Valuation multiple Total shareholder return Year - end 2015 – September 30, 2026, CAGR in SEK
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Drivers of operational performance High customer satisfaction Outperforming competition Profit growth & cash flow generation Addressing underperformance
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Engaged ownership
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 E ngaged ownership at Listed Companies 01. Strong ownership position . Maintain or build an ownership position that gives us influence and enables us to act as an engaged, long - term owner. 02. Active role in nomination committees . Use our position in nomination committees to shape effective boards and support structured, forward - looking succession planning. 03. The right board for each company . Ensure each board has the right mix of industrial experience, strategic capabilities and diverse perspectives, based on the company’s specific needs and future challenges. 04. Business teams with strong industry and company expertise . Our business teams bring deep knowledge and a clear focus on key trends shaping the companies and their industries. 05. A tailored ownership agenda . Define a clear ownership agenda for each company, focused on the priorities with the greatest potential to strengthen competitiveness and future - proof the business.
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Innovation Six future - proofing areas in the o wnership agendas Sustainability Talent Portfolio management Geopolitics AI
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Med VIDEO BG Capital Markets Update 2026
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Investments in EQT Edward Flyborg Head of Business Area Investments in EQT Capital Markets Update 2026
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Investments in EQT SEK 42 bn In addition, SEK ~2 8 bn in outstanding commitments EQT AB Fund investments SEK 95 bn 7 % of Investor total assets September 30, 2026 SEK 53 bn Investor owns 1 5 percent of the capital and votes in EQT AB Following share purchase October 16, 2026
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 - 6 - 4 - 2 0 2 4 6 8 2019 2020 2021 2022 2023 2024 2025 2026 Q3 YTD Investments in EQT – T otal cash flow SEK bn Dividend Expected dividend Fortnox Net funds cash flow Share purchases Average cash flow , SEK 2.6 bn Excl. Fortnox and share purchases 2019 - 2026 Q3 YTD
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EQT Fund Investments
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 EQT fund investments Adjusted net asset value SEK bn 0 10 20 30 40 50 60 70 2019 2020 2021 2022 2023 2024 2025 2026 Q3 2.4x Net asset value, Fund investments Outstanding commitments Net IRR 19 % Fund investments YE 2018 – 2026 Q3
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 EQT funds – Portfolio composition 6 As of June 30, 2026. 1. Credit, Real Estate and EQT Future. By asset class By region By industry 3% 13% 41% 43% 58% 34% 8% 23% 21% 15% 9% 7% 5% 4% 4% 11% Other 1 Early - stage & mid - market Infrastructure Buyout Europe North America APAC Technology Digital Healthcare Services Energy Social Transport & Logistics Environmental Other
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 EQT fund investments – C ash flow Cash flow SEK bn - 12 - 9 - 6 - 3 0 3 6 9 12 15 2019 2020 2021 2022 2023 2024 2025 2026 Q3 YTD Drawdowns Proceeds Fortnox Net cash flow Average cash flow, SEK 2.1 bn Excl. Fortnox 2019 - 2026 Q3 YTD
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 C o - investment opportunities Extension of our fund investments Selective strategy
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EQT AB
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 EQT AB – P erformance Market data as of September 30, 2026 Share price since IPO SEK per share Annual TSR 25 % EQT AB Since IPO – 2026 Q3 0 100 200 300 400 500 600 2019 2020 2021 2022 2023 2024 2025 2026 2027 Share price Volume - weighted average purchase price over the period Additional SEK 3.5bn invested at SEK 283 per share post Q3 2026
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Capital allocation
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Explore additional co - investments Continued fund investments 12 Ensure strong ownership in EQT AB Capital allocation priorities
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Med VIDEO BG Capital Markets Update 2026
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Patricia Industries Thomas Kidane Yuriy Prilutskiy Co - heads Patricia Industries Capital Markets Update 2026
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 01 02 03 04 Establishment of Patricia Industries 2015 …Investor now takes another step to evolve its model… Patricia Industries established… focusing on the development and expansion of the portfolio of wholly - owned subsidiaries… Sharpen ownership model Expand investable space Proprietary portfolio Controlled cash flow
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Strategy Active portfolio management Purpose Values Vision We create value for people and society by building strong and sustainable businesses Operating priorities Strategic priorities Performance Digital & AI Profitable growth Geographic expansion Innovation Add - ons New platforms We embrace change Sustainability Network and talent PI internal team Board & mgmt. composition and succession We drive for results We lead with integrity We care for people A great home for great companies Portfolio People
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Playbook Leveraging our broad and strong network and ecosystem The Chairperson and ‘Troika’ model drives alignment Engaged ownership through Business Teams and central support functions Strong subsidiary Boards and Management Teams; decentralized model Long - term capital and futureproofing; balanced with short - term results focus Playbook
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Strategic priorities
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Strategy Portfolio Active portfolio management Purpose Values Vision We create value for people and society by building strong and sustainable businesses Operating priorities Strategic priorities Performance Digital & AI Profitable growth Geographic expansion Innovation Add - ons New platforms We embrace change Sustainability Network and talent PI internal team Board & mgmt. composition and succession We drive for results We lead with integrity We care for people A great home for great companies Portfolio People
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Portfolio Investment priorities Invest in existing companies Add new platform companies 76bn SEK EV since PI inception 33bn SEK EV since PI inception
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Portfolio Strong track record of add - on M&A to enhance our companies Enterprise value SEK bn 2 2 1 4 1 9 11 5 4 8 24 6 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Q3 YTD Total 76 ~120 add - ons since inception
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Portfolio New platform investments – where we look and what we look for Sectors Business model Healthcare Agnostic with focus on market leadership Structure Majority ownership with flexibility at entry Geographies North America Industrial technology Software Business services Nordics Size Flexible with sweet spot of SEK ~1bn EBITDA Criteria Attractive industry dynamics Sustainable customer offering and business model Sustainable market leading position Sound corporate culture Attractive financial profile Infrastructure
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Portfolio Active portfolio management since inception / / / Towers 2015 Divested Acquired 2026
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Portfolio PI inception 2015 vs. Today 6 10 Companies 14 32 Business units 1 7 Companies with EBITDA >SEK 1bn 1 4 Companies with EBITDA >SEK 2bn 72 % 37 % Largest company 100 % 0 % | | Nordics North America 50 % 50 % as % of wholly - owned subsidiary NAV as % of wholly - owned subsidiary NAV
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Strategy Performance Active portfolio management Purpose Values Vision We create value for people and society by building strong and sustainable businesses Operating priorities Strategic priorities Performance Digital & AI Profitable growth Geographic expansion Innovation Add - ons New platforms We embrace change Sustainability Network and talent PI internal team Board & mgmt. composition and succession We drive for results We lead with integrity We care for people A great home for great companies Portfolio People
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Performance Profitable growth in uncertain times Speed Efficiency Opportunities . . . Conflicts Tariffs Reimbursement and cost pressure Competition The list goes on...
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Performance Increasing innovation investments to drive long - term growth Note: R&D spend for major subsidiaries, excluding Sarnova and Vectura. R&D spend % of sales 2015 2025 3.1% 4.5% +50%
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Performance Digital & AI use cases across the portfolio with potential to drive real top/ bottom - line impact Top line growth Organizational efficiency/ cost reduction AI - supported RFQ process to increase speed in quotations Campaign processing tool shortening brief - to - live time while improving consistency Agent - led engineering workflow to execute multi - step development tasks Advancing imaged - based analytics through AI and digital integration Automation of select finance and accounting functions Unified AI intelligence layer to drive efficiencies innovation Voice agent for inbound/ outbound customer interaction AI assisted clinical decision making via a clinical data lake AI - supported aftersales service support Agent to improve brand visibility across AI assistants and AI - powered search
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Performance Scaled up across dimensions Note: All metrics except R&D reflect the entire portfolio. R&D spend for major subsidiaries, excluding Sarnova and Vectura. 11 2015 Q3 - 26 21k x2 5 2015 Q3 - 26 19 bn x4 1 2015 2025 2 bn x4 ’15 - ’26 ~120 EBITDA R&D #Add - ons #FTEs Sales 24 2015 Q3 - 26 73 bn 3x
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Performance IRR and Multiple on invested capital by company IRR during PI ownership Multiple on invested capital Nova Biomedical (2020) Sarnova (2018) BraunAbility (2015) Mölnlycke (2007) Laborie (2016) PI total (2015) Permobil (2013) Vectura (2012) Piab (2018) Tre Skandinavien (1999) Atlas Antibodies (2021) 20% 19% 18% 16% 15% 13% 13% 10% 8% 6% - 30% 1.8x 3.6x 4.7x 7.3x 2.7x 2.9x 3.6x 1.7x 1.7x 2.2x 0.2x
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Performance Significant cash flow generating capacity EBITDA SEK bn 1 2 3 4 5 6 4 8 12 16 20 Q1 15 Q2 Q3 Q4 Q1 16 Q2 Q3 Q4 Q1 17 Q2 Q3 Q4 Q1 18 Q2 Q3 Q4 Q1 19 Q2 Q3 Q4 Q1 20 Q2 Q3 Q4 Q1 21 Q2 Q3 Q4 Q1 22 Q2 Q3 Q4 Q1 23 Q2 5 Q4 Q1 24 Q2 Q3 Q4 Q1 25 Q3 Q3 Q4 Q1 26 Q2 19 Q3 Q2 Quarterly (LHS) LTM (RHS)
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Active portfolio management Strategy People Purpose Values Vision We create value for people and society by building strong and sustainable businesses Operating priorities Strategic priorities Performance Digital & AI Profitable growth Geographic expansion Innovation Add - ons New platforms We embrace change Sustainability Network and talent PI internal team Board & mgmt. composition and succession We drive for results We lead with integrity We care for people A great home for great companies Portfolio People
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Leveraging our broad and strong network and ecosystem The Chairperson and ‘Troika’ model drives alignment Engaged ownership through Business Teams and central support functions Strong subsidiary Boards and Management Teams; decentralized model Long - term capital and futureproofing; balanced with short - term results focus Playbook People The key element of our playbook
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 People Investing in our companies’ talent and sharing best practices to learn together PIED program overview
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 People Strong Board to provide governance and guidance Marcus Wallenberg Chairperson Jacob Wallenberg Vice Chairperson Gunnar Brock Christian Cederholm Denise Persson Åsa Riisberg Inge Thulin Henrik Müller - Hansen
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 People The team to make it happen Thomas Kidane Stockholm Yuriy Prilutskiy New York Christer Eriksson Stockholm Filippa Stenberg Stockholm Olof Hernell Stockholm Rebecca Jin New York Sofia Gerard New York Laura Andrews New York Anette Wilton Stockholm Malte S:t Cyr Ohm Stockholm Louise Kores Stockholm Zachary Peltz New York Christoffer Marin Stockholm Hanna Jedvall Stockholm Joanna Kolar New York Zacharias Rudberg Stockholm Adrianna Dinsmoor New York Andreas Edström Stockholm Ghazi Ghumman New York Herren Green New York Katarina Dahlgren Stockholm Cole Walter New York Nick Beatrice New York Theodor Bengtsson Stockholm Anna Axelsson Stockholm Mia Saijonmaa Stockholm Olivia Herrera Sanchez New York Noah Walley New York José F Suárez Palo Alto Georgia Ressler New York
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Summary
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 Clear and proven strategy Active portfolio management Purpose Values Vision We create value for people and society by building strong and sustainable businesses Operating priorities Strategic priorities Performance Digital & AI Profitable growth Geographic expansion Innovation Add - ons New platforms We embrace change Sustainability Network and talent PI internal team Board & mgmt. composition and succession We drive for results We lead with integrity We care for people A great home for great companies Portfolio People
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Petrol 01 Petrol 02 Petrol 03 Petrol 04 Petrol 05 Burg 01 Burg 02 Burg 03 Burg 04 Burg 05 Grey 01 Grey 02 Grey 03 Grey 04 Grey 05 Green 01 Green 02 Green 03 Green 04 Green 05 3 Cash flow 14bn Strong platform well - positioned for long - term value creation As of Q3 2026 7 companies with EBITDA >1bn; 4 with EBITDA >2bn 2015 11 k FTEs 21k 24 Sales 73bn 5 EBITDA 19bn 100 Nordic / NA % 50/50 % 19% of IAB
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Med VIDEO BG Capital Markets Update 2026
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Med VIDEO BG Sarnova Brian LaDuke CEO Capital Markets Update 2026
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01 Who We Are
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Sarnova Overview A leading provider of health and safety products, services and technologies. Four divisions, with LTM 3Q 2026 revenue of $1.3B at a 17.5% reported EBITDA margin EMS Supplies & Services Respiratory & Anesthesia SCA Solutions & Community Response EMS Billing Services EMERGENCY PREPAREDNESS AcuteCARDIAC RESPONSE EMS Revenue Cycle Management
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Healthcare Continuum Our customers range from non-professional first responders, to professional first responders, to trained healthcare professionals, across the $10B+ pre-hospital and acute critical care markets
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02 What We are Building
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Vision Sarnova is transforming from a specialty distribution company into a health and safety products, services and technology company PATRICIA INDUSTRIES ACQUIRED 2018 2 divisions • $597M revenue • 12% EBITDA margin TODAY LTM Q3 2026 4 divisions • $1.3B revenue • 17.5% EBITDA margin 8 YEARS
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Healthcare Growth Platform Built in sequence and by design, each phase adding the capability the next one needs 1 2 3 Phase 1 (2018 - 2023) Phase 2 (2023 - 2030) Phase 3 (Beyond 2030) $72M 39 Investment Registered Devices Next Phase Focus Install Infrastructure Modernize and consolidate to support growth ✓ Integrated systems, AI ready Becoming more than a distributor Portfolio Travels Our brands go where our salesforce does not today Evolve Portfolio ✓ 6 ERP systems to 1 ✓ Accelerating Sarnova Brands ✓ Vendor growth above market ✓ Portfolio ownership and control ✓ Platform to new markets
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03 Why We Win
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Scale in Niche Markets Big enough to serve every account, focused enough to understand each one, and innovating ahead of what they need next Sophistication National Distribution Regional Distribution MFGs Focus/Expertise Solution Breadth Service/Logistics Sarnova Demand/Reach Scaled Salesforce Broad market reach, with a dedicated, clinically expert sales force Portfolio Breadth Breadth built on core anchor products, clinically deep, relevant at every call point Service Excellence National logistics at a level of sophistication each market’s requirements demand We can see the void, and we can fill it with a product, a service or a technology. WHAT WE BUILT WHY IT IS HARD TO MATCH
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Sarnova Brands Proprietary products, services and technology are an increasing share of our business, which contributes to better resilience and margins 01 PRIVATE LABEL Our brand and spec, a partner owns the design Curaplex, a top 5 EMS equipment & supplies brand 02 OWNED PRODUCTS We design it. We own the intellectual property CuraView, PrO2, Flow-Safe II 03 SOFTWARE AND SERVICES Wrapped around the customer, recurring revenue Ambulance Commander, Billing Consulting Services, Scout CuraView PrO2 Flow-Safe II Single-use LED laryngoscope Procedural oxygen mask Disposable BiLevel CPAP Deliberate ownership in strategic categories
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AI and Automation Digitalizing our processes to improve operations, drive efficiencies and fund innovation 01 INSTALLED The foundation is in place One cloud platform, one governed data platform, one AI policy, enterprise wide. A dedicated AI team builds on top. 02 LIVE Agents are working today Sales, customer care, voice, email and treasury. Fewer inbound calls, handled faster, with satisfaction up. 03 IN FLIGHT The next wave goes wider Internal efficiency, the customer experience, and the products themselves. 18 initiatives delivered in 2026 30 more already in the pipeline 3 weeks between deployments, on average
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Culture A culture built for growth and change, and a key ingredient in our success THE RESULT 83% of our employees say Sarnova is a great place to work, against 57% at a typical US company 8 employee resource groups, more than 365 members, and a senior leader sponsoring each group HOW IT GETS BUILT
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04 Where We Go
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Strategic Plan 2026 to 2030 Three strategies that complement each other, cascaded through every division STRATEGY 01 Scale Sarnova Brands Products, services and technology we design and own GOAL HOW Execute the product roadmap Install the capability to build it STRATEGY 02 Strengthen Strategic Partnerships Best-in-class partner products that keep our offering broad GOAL Grow strategic partnerships above market growth HOW Enhance core distribution Build programs around key partners STRATEGY 03 Fund Our Innovation Productivity and automation that help pay for what we build next GOAL Create the operating capacity to reinvest in Sarnova Brands HOW Deploy AI and automation Integrate onto one platform Increase the share of revenue from products, software and services we own
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Long-term Outlook In 10 years, we will be more proprietary, more scalable, and more durable than the business in front of you today Our own products give us control, and our partners give us breadth. Together they let us build around what our customers need. Ownership and control of our portfolio becomes our platform to new markets beyond where our salesforce reaches today. Deeper customer relationships Beyond 2030 An agentic workforce Faster, easier to work with, and a lower cost to serve as we grow.
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Med VIDEO BG Capital Markets Update 2026
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Med VIDEO BG BraunAbility Scott Nelson CEO Capital Markets Update 2026
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Meet BraunAbility BraunAbility is a leading provider of mobility solutions, including wheelchair accessible vehicles, wheelchair lifts, and wheelchair securement products Mission Devoted to making life a moving experience for all Vision To shape the future of global mobility transportation solutions, changing the lives of people living with mobility challenges and those who care for them Key facts • Founded in 1972 – 54 years ago • 1.2+ million lives changed since 2015 Founder-led origin: Ralph Braun “The Father of the Mobility Movement” BraunAbility was born out of Ralph’s own quest for independence
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The BraunAbility Promise BraunAbility is the most trusted brand in mobility #1 in Overall Quality, Service & Support #1 Safety #1 Brand Reputation #1 Most Likely to Recommend Our longstanding reputation for product quality and reliability set us apart
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BraunAbility Business Overview BraunAbility Americas (BAA) United Access (UA) Q’STRAINT Americas (QSA) Q’STRAINT BraunAbility Europe (QBAE) Description Manufactures wheelchair accessible vehicles (WAVs), lifts, and other mobility products 43 retail store locations across the US selling consumer and commercial WAVs and related seating products Manufactures wheelchair securement systems in North America Manufactures wheelchair securement systems and other components in Europe; combination of legacy Q’STRAINT Europe and BraunAbility Europe Products Segments Consumer and commercial (taxi, rideshare, and paratransit) applications Consumer and commercial (taxi, rideshare, and paratransit) applications Transit, paratransit, school bus, and consumer WAV applications Transit, paratransit, school bus, and consumer WAV applications When BraunAbility was acquired by Patricia Industries in 2015, the BAA segment drove majority of revenue. Over time, the Company has diversified through organic growth and M&A, including entering the retail (UA), seating, flooring and wheelchair securement (QSA and QBAE) segments.
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The Markets We Serve Demand driven by: Aging populations Aging populations and aging-in-place drive greater need for accessibility solutions 1 Fleet replacement Aging fleets need to be replaced and upgraded 2 Fleet preferences Public paratransit and non-emergency medical transport (NEMT) fleets shifting to full-size vans (FSV) and minivans that are easier to manage and maintain 3 Regulations Accessibility standards tightening both in the US and Europe 4 BraunAbility’s markets are large and growing • Total addressable market in the US and Europe is $3bn+ • BraunAbility’s strong market position in all key markets positions the company well to capture growth opportunity
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Channel to Market BraunAbility’s channel to market is broad, efficient, and diversified • BraunAbility sells to end-customers through a network of ~300 dealer locations, including 43 owned United Access stores • United Access stores provide key end-user insight and feedback to help inform product development • Dealers cover both consumer and commercial end-markets, configuring and servicing each vehicle for the customer • In addition to serving the mobility dealer network, both BAA and Q’STRAINT also sell directly to a broad universe of local government transit agencies, municipalities, and schools, as well as to other vehicle OEMs that serve them
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Our Global Footprint has Expanded to Support Growth BAA Manufacturing Headquarters Winamac, IN Global Innovation Lab Carmel, IN Q’STRAINT Americas Oakland Park, FL Q’STRAINT BraunAbility Europe Stenkullen, Sweden United Access St. Louis, MO 43 locations nationwide UA BraunAbility Americas Winamac, IN BAA BraunAbility Americas Leiters Ford, IN BAA BraunAbility Americas Mount Carmel, IL BAA Global Headquarters & Innovation Lab Carmel, IN GHQ Q'STRAINT Americas Oakland Park, FL QSA Q'STRAINT BraunAbility Europe Whitstable, UK QBAE Q'STRAINT BraunAbility Europe Stenkullen, Sweden QBAE GHQ Global Headquarters BAA BraunAbility Americas QSA Q'STRAINT Americas QBAE Q'STRAINT BraunAbility Europe UA United Access
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Innovation: A Cornerstone of Our Strategy Continued innovation in the core portfolio • New end markets, geographies and customers unlocked by new products • Positioned well for EV/AV transition with OEMs How we are getting there • Global Innovation Lab in Carmel, IN for R&D and engineering • 145+ engineers across BraunAbility • Advanced Technology Committee formed to address key technology trends Chevrolet Traverse SUV Ram ProMaster FSV Kia PV5 EV WAV Quantum Chrysler NEMT Q'One
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M&A and Organic Growth Under Patricia Industries Part of Patricia Industries since 2015 Grown through acquisition has: • Expanded geographically (Europe) • Added company-owned retail channel in US • Added component products (Q'Straint) Organic growth initiatives have: • Invested in facilities and capacity • Innovation across the product portfolio • Sustained and improved quality and reliability Long-term, patient ownership has enabled a decade of sequential acquisition, integration, and organic investment Organic initiatives New facility in Leiters Ford, IN for full size van product 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 M&A BAA UA Europe Q 51% interest BAA Promaster UA New Global HQ Carmel, IN Global Innovation Lab opening Q Remaining 49% interest Traverse - accessible SUV Full size van entry
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Q'Straint: A Strategic M&A Success Story Background • 40 years of category-defining securement innovation • IP-protected product portfolio • Trusted across transit, paratransit, school bus and consumer WAVs • Components also sold into BraunAbility vehicles What went well Europe scale: expanded and integrated with legacy BraunAbility Europe Shared R&D and integrated products, e.g. Q’ONE and BraunAbility full-size van More value per vehicle by integrating components into vehicles for complete systems Revenue diversification into high-quality, innovative, mission-critical components
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$399 $929 $1,189 $30 $86 $147 2015 2022 LTM Q3 2026 Double-Digit Growth and Strong Margin Expansion Since 2015 PI Acquisition +11% ’15–’25 revenue CAGR +17% ’15–’25 EBITDA CAGR Total Sales ($m) Total Reported EBITDA ($m) 8% EBITDA margin 9% EBITDA margin 12% EBITDA margin
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Where We’ll Be in 10 Years A Futureproofed Business Leading the Next Chapter of Mobility Sustained organic and inorganic growth: we will reach more people in more places and serve customers beyond the vehicle, across large, under-served markets Increased operating leverage: scale, operating efficiencies, and a fixed cost base will lift margins as volume grows Innovation: we will develop new products, digitize operations, keep differentiating our products, and position for success within transformative auto macrotrends Diversification: we will continue to broaden our base of revenue, products and customers Culture: we will remain grounded in purpose and geared for growth Your questions are welcome!
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Med VIDEO BG Capital Markets Update 2026
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Med VIDEO BG Laborie Chris Smith CEO Capital Markets Update 2026
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Laborie
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Laborie Our Mission We elevate the standard of care, preserve patient dignity, and save lives. Our Vision Together, we strive to transform the patient journey by providing innovative solutions that empower clinicians across urology, gastroenterology, and maternal and child health. Our Identity Our Values GROW with Passion Aspire to Greatness | Respect all | Own it | Work together | Persist with Passion and Quality
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Laborie Laborie by the Numbers More than 10,500 Customers Worldwide Q3 2026 LTM Revenue ~$585M Q3 2026 LTM Reported EBITDA ~$167M 9 Manufacturing & Distribution Centers ~1,200 Employees Globally Products Sold in 110 Countries More than 8.7M Patient Encounters in 20251 1. Figure is based on product sales and represents an estimate of the number of patient care opportunities supported by our technologies. Direct Presence in 17 Countries
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Laborie Deeply Experienced Leadership Team 35+ years executive leadership experience in healthcare and medical technology Former CEO of NeoGenomics Laboratories, Ortho Clinical Diagnostics, and Cochlear Limited Chris Smith President & CEO 20+ years guiding companies through growth, transformation, and operational challenges Former EVP and CFO, Drive DeVilbiss Healthcare Bill Benger Chief Financial Officer 30+ years leading operations, supply chain, and engineering teams Former EVP of Global Operations & ESG, Integer Holdings Corporation Jen Bolt Chief Operating Officer Global HR executive with experience leading people strategy and organizational effectiveness Former Chief People and Systems Officer at CoorsTek Irma Lockridge Chief People Officer Leads global legal strategy, compliance, governance, and risk management activities Former senior legal leader at Smith & Nephew George Stacey Chief Legal Officer 20+ years with C.R. Bard in multiple leadership roles, including global leader of urology business Leads Laborie's Urology global business unit Rob Hanson EVP & GM – UR 20+ years of experience in women's health Leads Laborie's global obstetrics strategy and growth in women's and neonatal health Nikki Bruce VP & GM – MCH 20+ years in healthcare sales, marketing and R&D. Leads commercial for the GI business unit and formerly held various leadership roles at Medtronic.. Rhett Klein VP – GI
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Laborie Our History: Milestones & Momentum Patricia Industries / Investor AB acquires Laborie 2016 Laborie acquires Cogentix Medical and catheter assets from Wellinq 2018 Laborie acquires Clinical Innovations 2020 Laborie launches new brand & acquires EclipseTM 2021 Laborie acquires GI Supply and Optilume® urethral strictures license 2022 Laborie acquires JADA® System and Pelvic Health Partners 2026 Laborie introduces Solar Compact System & Catheter, and invests in Novocuff, iO Urology & Vensica 2024 Laborie launches alpHaONE, acquires Urotronic & MEQnordic & LifeBubbleTM and invests in Bright Uro 2023 Laborie acquires Ardmore and introduces UNITY and NXT 2019 Pelvic Health Partners
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Laborie Company Confidential We Compete in Large and Growing Markets Laborie SAM ~$2B GASTROENTEROLOGY ~$17B CAGR: ~5% Laborie SAM ~$13B UROLOGY ~$18B CAGR: ~3% MATERNAL & CHILD HEALTH ~$19B CAGR: ~5% Laborie SAM ~$2B Total Available Device Market, including markets Laborie does not play Laborie SAM = Serviceable Addressable Market: Devices market where Laborie currently plays Sources: UN, WHO, World Bank, top -sited clinical literature and empirical reviews, proprietary databases (e.g. AcuityMD for USA market), country-level official diagnosis and procedure databases, Markets and Markets (2025), Grand View Research (202 5), Future Market Report, iData (2023), LEK report (2022), Fortune Business Insights (2025), Health Advances Report (2022 & 2025), SparkMed (2024), Laborie internal analysis
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Laborie Three Business Units Focused on Customer and Patient Urology and Interventional Urology Diagnostic and therapeutic products enabling complete care pathway to seamlessly guide patients to better urological health Maternal and Child Health Focused exclusively on Labor & Delivery and Neonatal Intensive Care medical devices Gastroenterology Advancing Gastrointestinal Health through Diagnostic and Therapeutic Solutions
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Laborie Comprehensive Diagnostics & Highly Effective Therapies for Urology M A R K E T T R E N D S L A B O R I E ’ S P O S I T I O N Rising LUTS Prevalence1 Rising prevalence of Male (BPH) & Female (OAB) moderate-to-severe LUTS, driven by aging populations Comprehensive portfolio spanning diagnostics and treatment Men Received BPH Procedures Globally2 Only 2% patients receive MIST/invasive procedures treatment every year Optilume® BPH provides strong clinical outcomes with differentiated efficacy and safety OAB/UUI Societal Economic Burden in U.S. 3 Increasing need for efficient diagnosis and management of urinary disorders Innovative diagnostics portfolio including urodynamics, flexible cystoscopy, bladder scanning and diagnostic services TAKEAWAY As demand for comprehensive diagnosis, minimally invasive therapies and continence care expands, Laborie is well positioned across the full urology continuum of care. CLINICIANS/CUSTOMERS: Urologists, Urogynecologist, & Advanced Practitioners Specializing in Incontinence disorders; Hospitals, Ambulatory Surgery Centers, and Outpatient Clinics Urology Diagnostics Interventional Urology 36%+ 2.5M+ $82B+ Sources: 1. Huang J, et al. Prostate Cancer Prostatic Dis. 2023;26(2):421 –428. 2. Chen et al., 2025 BPH GBD Study, Clarivate Procedure Data (2026) & internal estimation. 3. Coyne KS, et al. J Manag Care Pharm. 2014;20(2):130–140. Market estimation: Laborie internal analysis based on epidemiology, claims, and market research data (2026). ~$18B 2026 EST. MARKET ~3% MARKET CAGR UROLOGY
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Laborie Trusted name in Labor & Deliver now advancing care in Neonatal Care M A R K E T T R E N D S L A B O R I E ’ S P O S I T I O N PPH is a leading cause of maternal deaths, and globally 1 in 10 women experiences PPH* Market-leading Labor & Delivery portfolio including ROM Plus®, Kiwi®, Koala® and traxi® Cesarean Deliveries2 The rate is estimated to rise to 29% by 2030, steadily expanding market for surgical and recovery solutions. At Least One Risk Factor3 Over 38% of U.S. births carry at least one maternal risk factor, fueling a fast-growing at-risk market. NICU portfolio including LifeBubble®, Sweet-Ums® and babyLance® supports neonatal care across the continuum PPH Cases1 TAKEAWAY: Laborie’s differentiated portfolio positions the company across the full continuum from pregnancy through newborn care. CLINICIANS/CUSTOMERS: Hospitals labor & delivery units, NICUs, and birthing centers. OB/GYNs, maternal - fetal medicine specialists, L&D and NICU nurses NICU Labor & Delivery JADA® delivers rapid, innovative postpartum hemorrhage control, (median within 3 minutes of use) 14M+ 20%+ 38%+ Sources: 1. Demissie DB, et al. Front Reprod Health. 2025.. 2. WHO, 2021 (Betrán AP, et al., BMJ Glob Health). 3. CDC Wonder Natality Information 2016 -2026 (2025-2026 is provisional, released in October 2026) Market estimation: Laborie internal analysis based on epidemiology, claims, and market research data (2026). ~$19B 2026 EST. MARKET ~5% MARKET CAGR MATERNAL & CHILD HEALTH
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Laborie M A R K E T T R E N D S L A B O R I E ’ S P O S I T I O N ~1 in 5 Americans has GERD alpHaONE, pH impedance, and manometry ~25% of screening colonoscopies identify a polyp Spot Ex and EverLift support endoscopic resection ~50% of patients develop ascites within 10 years Renova's closed, pump-driven drainage system enhances use and patient outcomes* TAKEAWAY As GI care moves toward earlier diagnosis, advanced endoscopic intervention and ambulatory treatment, Laborie is well - positioned in both high -growth diagnostics and therapeutic segments. 20%+ 1 in 4 50%+ CUSTOMERS Hospital, Hospital Outpatient, Ambulatory Surgery Centers, and Clinics CLINICIANS Gastroenterologists, Motility specialists, and Surgeons TAKEAWAY As care shifts toward earlier diagnosis and less invasive treatment, Laborie is positioned in both high -growth diagnostics and therapeutics High GERD prevalence1 Screening drives polyp resection2 Ascites is common in cirrhosis3 patients from developed countries Comprehensive reflux diagnostics Lesion marking and lifting Ascites management Sources: 1. National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK). Definition & Facts for GER & GERD. 2. Doyle JB, Krigel A, Lebwohl B. Dig Dis Sci. 2022;67(7):3239-3243. 3.University of Washington, Hepatitis C Online. Diagnosis and Management of Ascites. | Market estimation: Laborie internal analysis based on epidemiology, claims, and market research data (2026). ~$17B 2026 EST. MARKET ~5% MARKET CAGR GASTROENTEROLOGY Laborie GI is positioned where procedure demand is growing
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Laborie Three Strategic Priorities Drive Profitable Growth Product Innovation Commercial Excellence Operational Efficiency • Robust innovation pipeline with ~15 planned launches in next 4 years • Continued focus on higher-value therapeutics and extensions • Applying AI to enhance innovation and operations • M&A as an accelerator to complement organic innovation • Capitalizing on market opportunities through U.S. expansion • Strengthening global reach with continued expansion and go -direct initiatives in key markets • Modernizing commercial capabilities through digitalization • Optimizing manufacturing and distribution for margin expansion • Scaling automation and lean practices across the enterprise • Maintaining discipline on costs while delivering on annual operational savings
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Laborie Investing in Innovation: Multiple New Product Launches Investing in Innovation: Multiple New Product Launches Next-Gen JADA PPH Management Next-Gen Urodynamics Global Platform Hardware & Software PrimeSight UltraView Next-Gen Cystoscopy Platform Laborie Optilume Ureteral Strictures Indication Expansion • Next-generation global software platform • Enables foundational functionality for AI-enabled urodynamics • Improved user interface and workflow • Improved clinical performance • More efficient manufacturing processes • Expansion into OUS markets • High-definition imaging • Enhanced interoperability with electronic medical records and image storage • Infection control, economic and workflow benefits • New product leveraging the Optilume DCB technology • Targets significant unmet clinical need for ureteral strictures • Potential to redefine the standard of care
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Laborie Laborie Provides Strong Foundation for M&A Needs clean up ✓ Established global commercialization and manufacturing infrastructure ✓ Diversified and adjacent diagnostic & therapeutic portfolio ✓ Proven, repeatable "buy-and-build" execution track record ✓ Strong, scaled sales force with deep physician relationships Diverse Range of Targets Across High-Growth, High-Fit Markets
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Laborie Our global footprint – growing in all regions ✓ Strong historical growth in developed markets ✓ Opportunity for accelerated growth in EMEA, LATAM and APAC ✓ Deeper penetration into key countries with focused product launch and registration strategy Direct Sales Force Indirect Sales Force
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Laborie 121 313 585 26 94 167 LTM 3Q 2016 (PI acquisition) 2021 LTM 3Q 2026 Sales ($M) EBITDA ($M) Strong Track Record of Profitable Growth since Acquisition
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Laborie Multifaceted Strategy Drives Sustainable Growth ‧ Strategic M&A Partnerships ‧ Bolt-ons ‧ Capability acceleration M&A, Partnerships ‧ New products and services ‧ Premium offerings ‧ AI opportunities around data and informatics Innovation & Solutions ‧ New geographies ‧ New verticals ‧ New channels ‧ Untapped segments New Markets & Segments ‧ Cross sell / upsell ‧ Wallet share growth ‧ Strong customer retention Customer Expansion ‧ Win-rate improvement ‧ Increased sales coverage ‧ Sales productivity Share Gain ‧Demographic and market tailwinds ‧ Core market expansion Market Growth Today ~$585 Q3 2026 LTM Revenue Multiple Engines Driving Sustainable, Compounding Growth
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Laborie Summary • Compete in 3 large and growing markets • Strong margin and cash flow profile enables sustainable organic and non-organic growth • Building commercial optimization and product Innovation will be key to accelerated growth • Leading with people and culture with focus on continuous improvement to better service customers and patients
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Med VIDEO BG Capital Markets Update 2026
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Med VIDEO BG Nova Biomedical Byron Selman CEO Capital Markets Update 2026
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Advancing healthcare through critical measurement
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W H O W E A R E O U R V I S I O N Improve the health of every patient through innovation and excellence. O U R V A L U E S Customer Centricity • Ingenuity • Ownership & Accountability • Collaboration • Integrity Strong track record of profitable growth $72M → $702M GROWTH SINCE 2020 PI ACQUISITION ~35% LTM EBITDA MARGINS 5 TECHNOLOGY ACQUISITIONS VACCINE DEVELOPMENT VACCINE MANUFACTURING HOSPITAL LAB TESTING PATIENT TESTING AT BEDSIDE PATIENT TREATMENT DECISIONS PATIENT CARE SCIENTIFIC AND ANALYTICAL SOLUTIONS FROM DRUG DEVELOPMENT THROUGH PATIENT CARE BETTER DATA BETTER OUTCOMES Nova Biomedical delivers decision-critical data for healthcare
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500,000+ Systems installed globally Top 10 Biopharma customers and numerous leading health care institutions Why we are well-positioned for sustainable growth Balanced end-markets and global reach END -MARKET REVENUE MIX 66% Clinical 34% Biopharma GEOGRAPHIC REVENUE MIX 60% NA 24% EU 16% ROW Innovation pipeline 10 new products in 3 years Recurring revenue model Customer support Market leadership Trusted brands Global commercial reach Direct sales in key markets Attractive end-markets Biopharma and Clinical Proven management team Decades of experience Culture of continuous innovation
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Two pioneers, one turning point: Patricia Industries ownership accelerated innovation, acquisitions, and global scale. Nova Biomedical Sensors • Critical care Point of care • Bioprocessing Advanced Instruments Osmolality • Optics Cell-line dev • Liquid- handling QA 1979 Whole-blood biosensors Pioneered whole-blood sensing for key analytes 1985 Critical care Blood gases and electrolytes in one analyzer 2014 Patient bedside glucose measurement StatStrip FDA-cleared for hospitalized patients 1955 Freezing-point osmometry Commercialized freezing-point depression testing 2020 Patricia Industries acquires Advanced Instruments Long-term ownership unlocked sustained investment in innovation, acquisitions, and global scale. A C Q U I S I T I O N S S I N C E 2 0 2 0 2021 Solentim Added cell-line development capabilities. 2022 Artel Added liquid- handling verification capabilities. 2026 NanoCellect Biopharma cell sorting 2025 Nova Biomedical & Advanced Instruments combine A Platform for Growth More technologies. More expertise. More ways to solve customer problems. O U R S T O R Y Decades of innovation-driven growth
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Biopharma ~$12B 2026 EST. ANALYTICS MARKET ~6% EST. MARKET CAGR M AR K E T T R E N D H O W N O V A S O L V E S I T More complex therapies VIPS PRO + OsmoTECH + BioProfile FLEX2 Systems to select and measure the most potent cells for vaccine development Shorter development timelines FLEX2 + Artel Systems that run rapid test providing real time results Regulated workflows STUDIUS + GMP-certified consumables Meets all regulatory requirements C U S T O M E R S S E R V E D Biopharma companies, CDMOs, and CROs across cell and gene therapy Clinical ~$10B 2026 EST. SERVED MARKET ~4% EST. MARKET CAGR M AR K E T T R E N D H O W N O V A S O L V E S I T Staffing and workload pressure Prime family + OsmoPRO MAX Maintenance-free automated systems Testing closer to the patient StatStrip + Prime family Patient bedside testing Hospital capacity pressure Prime family Multiple measurements within 90 sec C U S T O M E R S S E R V E D Hospitals, academic medical centers, reference labs, and outpatient settings. THE MARKETS WE SERVE Two attractive markets representing >$22B in opportunity
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SCIENTIFIC ADVANCES IN RECENT YEARS First cancer vaccine clears a major trial An mRNA vaccine was the first vaccine to slow cancer (melanoma) from spreading and coming back. CNN / STAT News · Aug 2026 Moving from treating symptoms to treating disease First FDA approved therapy addressing the underlying cause of Alzheimer's disease NEJM · 2025 Years drug-free after a single treatment One cellular therapy infusion put Lupus patients into lasting remission. STAT News · 2026 NOVA’S BIOPHARMA PORTFOLIO PROVIDES CRITICAL DATA TO ENABLE BIOPHARMA R&D AND PRODUCTION Which cell do we pick? CONTROL POINT: CELL LINE DEVELOPMENT Will it work in a larger batch? CONTROL POINT: PROCESS DEVELOPMENT Is this batch maintaining optimal quality? CONTROL POINT: MANUFACTURING B I O P H A R M A Innovation in biologics is moving faster than any time in history
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Biopharma Providing critical data in vaccine production Nova Systems Help Customers Make Critical Decisions Across the Workflow Cell Selection: Solentim and NanoCellect select cells with the highest potential. Process Development: Bioprofile and OsmoTECH optimize processes for best results. Pilot + scale: Artel and OsmoTECH prove the process works as production scales. Manufacture + QC: OsmoTECH helps maintain quality levels batch after batch. SELECT THE MOST POTENT CELLS DEVELOP THE MANUFACTURING LINE RAMP UP PRODUCTION MANUFACTURE + QC zz Solentim + NanoCellect BioProfile + OsmoTECH Artel + OsmoTECH OsmoTECH W H A T W E D O Nova provides the tools and data that scientists need to move biopharma products forward more quickly and more effectively
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W H A T H O S P I T A L S N E E D T H E A D V A N T A G E I S W O N H E R E Testing at the patient bedside Testing at the “point of care” enables quick action Rapid Patient Diagnosis Systems that are portable, hand-held, and provide rapid and accurate results, such as glucose levels, inform immediate treatment and ongoing patient management. Differentiation matters Hospitals require proven accuracy and meaningful results Trusted and Differentiated Results Proven accuracy and differentiated clinical claims supporting diagnosis and treatment for disease states such as diabetes and electrolyte imbalance. Connected workflows are becoming essential Control across devices, operators, quality, and results. Connected Clinical Workflows Devices, users, quality processes, and results connected across the hospital. Nova is positioned in durable clinical workflows where essential tests, differentiated performance, and connectivity create value beyond cost per test. C L I N I C A L Nova’s clinical diagnostic products enable rapid and accurate results that inform critical patient treatment decisions in the hospital
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Clinical Trusted in the moments that shape patient care. Critical Points of Care Hospital lab: diagnosis and monitoring. Data Connectivity: one view access to key data Point of care: testing at or near the bedside. Outpatient Clinics: testing outside the hospital lab. TEST AT PATIENT BEDSIDE TEST AT HOSPITAL LABS TESTING OUTSIDE THE HOSPITAL CONNECT + INFORM TREATMENT StatStrip Glucometer OsmoPRO MAX Nova Max Pro NovaNet W H A T W E D O Nova’s instruments provide the data physicians rely on to make critical treatment decisions and enable connected disease-state solutions in hospitals
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C O R E T E C H N OL OGI E S → P R OD U C TS Chemistry StatStrip · Stat Profile Prime Imaging VIPS PRO · Cell Metric X Analytics & AI STUDIUS · NovaNet Critical data access NovaNet · ArtelWare T H E R & D E N G I N E Shared knowledge & data · AI-enabled R&D · Integration execution · Targeted strategic acquisition I N N O V A T I O N R O A D M A P Build on our time-tested, proven products Biosensing, cell analysis, osmometry, and analytics customers already rely on. Stat Profile Prime · BioProfile FLEX2 · OsmoTECH PRO Leverage our growing toolbox of core technologies Expand features, quality, and cost — and carry current technology into new products. StatStrip · OsmoTECH HT · Artel MVS Develop platform and modular designs Shared platforms and modular sub-systems reused across product families. Shared freeze engine · Common sensor architecture Create the next disruptive innovations An AI-enabled R&D operating system delivering game-changing technologies. STUDIUS · NanoCellect Fast, predictable development | High quality and lower cost | Durable platform advantage Microfluidics GloCyte · NanoCellect Optics Stat Profile Prime+ · Artel MVS INNOVATION — HOW WE CREATE VALUE Advanced core technologies, an AI-enabled R&D engine, and a roadmap that scales today’s strengths while building tomorrow’s platforms
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Central Nova Platform New Product Development Manufacturing Quality & Regulatory Sales & Marketing Global Services Business Development Enterprise Admin & Talent PRODUCT Improve how our products perform through predictive analytics CUSTOMER Improve the customer experience by anticipating instrument service needs EMPLOYEES Improve how our teams work by automating routine tasks ENTERPRI SE DATA FOUNDATION One shared data foundation Shared context for every agent and sub-agent — compounding insights with every use. UNIQUE DATA REACH · FROM THE PRODUCTION LINE TO THE END CUSTOMER Manufacturing Quality & Regulatory Products Sales team CUSTOMERS AREAS OF FOCUS STRATEGIC GROWTH AREAS A R T I F I C I A L I N T E L L I G E N C E S T R A T E G Y & V I S I O N Compounding value through AI leadership
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72 644 702 32 196 243 LTM 2Q 2020 (PI acquisition) LTM 3Q 2025 (Nova acquisition) LTM 3Q 2026 Sales ($M) EBITDA ($M) FINANCIALS Track record of strong organic and non-organic growth
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Nova sits at the center of two growing healthcare markets, delivering critical, high-value measurements for customers Two large and growing healthcare markets More than $22B of combined market opportunity across biopharma and clinical Attractive, consumables- driven business model 500,000+ systems installed and generating consumables, software, and service revenue Innovative products delivering strong customer value Differentiated, innovative products that provide customers the data to make critical decisions with confidence Improving the health of every patient BETTER INFORMATION → BETTER DECISIONS → BETTER OUTCOMES T H E N O V A O P P O R T U N I T Y Well-positioned for sustainable long-term profitable growth
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Med VIDEO BG Capital Markets Update 2026
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Med VIDEO BG Mölnlycke Guillaume Joucla Interim CEO Capital Markets Update 2026
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Investor Capital Markets Update 2026 Mölnlycke® Advancing sustainable healthcare
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Mölnlycke by numbers 2,139 sales LTM Q3, million EUR 30 % EBITDA margin LTM Q3 1849 founded in Mölnlycke 8,510 employees worldwide 100+ countries where Mölnlycke is present - 18 % greenhouse gas emissions across the value chain vs 2021 baseline 80+M 40+ million surgeries supported, 40+ million wound patients supported
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Values Be bold Lead with passion Embrace partnerships Strategy 2030 Defend and grow Conquer new markets and segments Protect profitability Strategic priorities Customer centricity Sustainability Digitalisation Revolutionise care for people and planet Purpose Wound Care OR Solutions Gloves Antiseptics Business areas Enabled by Corporate functions
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SALES SHARE Mölnlycke by numbers Our Business Areas 60% Wound Care 3% OR Solutions 25% Gloves 12% Antiseptics LTM Q3 2026 · Actual FX SALES ( €m) EBITDA ( €m) SALES BY GEOGRAPHY 1,291 526 70 8 526 59 253 58 EMEA 46% Americas 39% APAC 15% EMEA 14% Americas 86% APAC 0% EMEA 94% Americas 1% APAC 5% EMEA 29% Americas 67% APAC 4%
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MAIN CUSTOMER PAIN POINT MISSION Customer centricity ….addressing customers’ challenges Value creation 7 out of 10 patients get the wrong diagnosis when visiting a health care professional with a hard - to - heal wound. Deliver innovative and intuitive solutions for prevention, faster healing and better quality of life. Wound Care A typical operating room has 1,200 hours of standstill per year, which equates to EUR 2.5 million in unnecessary costs. Create an ecosystem of solutions and services that assures a frictionless flow in the operating room. OR Solutions Surgeons ask for surgical gloves that are both safe and tactile. Deliver innovative and sustainable solutions to enable hands to perform at their best. Gloves 4 out of 10 nurses have not followed the disinfection protocol when entering an operating room. Prevent infections across the patient journey. Antiseptics
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Key financial overview 79% 63% 84% 76% 74% 87% 0% 25% 50% 75% 100% 2021 2022 2023 2024 2025 2026 Q3 YTD Cash conversion 75% average 485 476 545 595 596 650 28.8% 26.1% 28.3% 28.6% 28.3% 30.4% 20.0% 22.0% 24.0% 26.0% 28.0% 30.0% 32.0% 34.0% 36.0% 38.0% 40.0% €0 €150 €300 €450 €600 2021 2022 2023 2024 2025 LTM Q3 2026 EBITDA EBITDA, % 1,618 1,828 1,923 2,064 2,104 2,139 68 €0 €500 €1,000 €1,500 €2,000 2021 2022 2023 2024 2025 LTM Q3 2026 Sales Incl PPE EBITDA (EUR million) Revenue (EUR million) ¹ Cash conversion (% of EBITDA) ¹ Revenue in 2021 excludes EUR 68 million of one-off orders (included; EUR 1,686 million). ² Source: SmartTRAK. Leverage (Net debt / EBITDA) 3.2x 3.4x 2.8x 3.0x 3.2x 2.8x 2.0x 2.5x 3.0x 3.5x 4.0x 2021 2022 2023 2024 2025 Sept 2026 Financial highlights 7% revenue CAGR Above average addressable market growth.² Solid margin development US tariffs and a weaker USD affected 2025 EBITDA. Improved margin 2026. 75% average cash conversion 2026 Q3 YTD improved to 87%. 2.8x leverage as of Sept 2026 In line with the target of 3.0x – 3.5x. S&P rating: BBB - (stable). Capital - light business model Provides operating flexibility.
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Structural demand supports attractive long - term markets Healthcare trends Evidence, digitalisation and sustainability reshape procurement Care shifting toward prevention, post - acute and home settings Healthcare systems under financial, workforce and productivity pressure Ageing populations and higher chronic - disease burden
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Diverse markets & customers Different value - creation levers Limited structural synergies → Moving forward, strategies, investment priorities and execution need to be tailored to win. Innovation - and clinician - led Wound Care & Antiseptics contrasts with procurement - and cost - led ORS and Gloves markets. Commercial and R&D excellence require a different focus from operations, sourcing and portfolio management. Distinct call points and dedicated commercial, manufacturing and R&D limit scale benefits. For Mölnlycke’s business areas, success factors will differ
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Intention to build two strong stand - alone companies → with autonomy to compete, grow and unlock their full potential Building the future as the undisputed innovation leader in advanced wound care and infection prevention Smarter surgical workflows. Safer care. Better outcomes. Hyperfocus on clinician - led innovation, product excellence and an organisation built for differentiated growth. Relentless operational excellence, cost competitiveness and focused execution tailored to each market. Mölnlycke Surgical Mölnlycke Health Care Wound Care & Antiseptics ORS & Gloves The intended separation is subject to customary conditions, including relevant consultations with employee representatives.
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A global leader with attractive growth opportunities – transforming with innovation as the differentiator Mölnlycke Health Care Portfolio offering CORE STRENGTHS & SOLUTIONS Portfolio spans care settings. • Bordered foams/advanced dressings • Incision Care • Scarring • Wound Irrigation • Prevention Global market $ 6bn ADVANCED DRESSINGS MARKET • Market growth expectancy in low - single digits. • Ageing populations, chronic disease and prevention support demand. • Growth varies by geography, structure and category. Opportunities A BROADER WOUND CARE BUSINESS • Strengthen the core through clinical evidence and value selling. • Accelerate innovation to bring differentiated wound care to market faster. • Grow organically across adjacent products, channels and priority markets. • Acquire selectively to add technology, channels and capabilities. Source: SmartTRAK FY 2026E LTM Q3 2026 : EUR 1.4bn sales, 39% EBITDA Wound Care & Antiseptics – the intended combination The intended separation is subject to customary conditions, including relevant consultations with employee representatives.
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Creating value across the surgical pathway – integrated procedure solutions, enabling safer and more efficient surgery Portfolio offering INTEGRATED SURGICAL SOLUTIONS • ProcedurePak® customised trays and components • Surgical gloves • Single - pack products • Digital solutions and clinical evidence Customer needs HELPING CUSTOMERS DO MORE WITH LESS • Workflow gaps and inefficiencies • Growing cost and capacity pressures • Increasing sustainability demands • Need for consistent safety and protocol adherence • Supply and market uncertainty Opportunities FOCUSED FOR PROFITABLE GROWTH • Increase tray value by expanding high - value components in growing segments • Strengthen Gloves premium positioning through innovation • Improve efficiency and strengthen execution • Move faster through partnership innovation, digital solutions, simplicity and clearer accountability Mölnlycke Surgical LTM Q3 2026 : EUR 0.8bn sales, 15% EBITDA ORS & Gloves – the intended combination The intended separation is subject to customary conditions, including relevant consultations with employee representatives.
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Core enabler for growth Faster & better decisions Use enterprise data and AI to improve speed, quality and consistency. Higher productivity Automate repetitive work and release capacity for higher - value activities. Scalable growth Support growth without a proportional increase in administrative workload. Enterprise foundation Governance, reusable patterns, data and infrastructure for recurring value. An AI - enabled operating model for increased productivity Pilot case 97% first time acceptance
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Intention to separate – two focused companies Greater autonomy and tailored strategies enable the focus to compete, grow and realise each business’ full potential. Strong financial foundation A track record of market leading growth, strong profitability and cash generation, supported by disciplined leverage. Distinct growth journeys → clinician - led innovation, product excellence and geo expansion. → operational excellence, efficiencies and tailored market approach. Attractive long - term markets Leading positions in markets supported by ageing populations, growing care needs and demand for better outcomes. Summary
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Med VIDEO BG Capital Markets Update 2026