Slides
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Vitrolife AB (publ) J.P. Morgan 2026 Healthcare Conference 2026-01-14 Bronwyn Brophy O'Connor Chief Executive Officer
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DISCLAIMER This presentation contains estimates and forward-looking statements, which reflect the Management’s current views with respect to the market, certain future events and financial performance. Although the statements are based upon estimates the Management believes to be reasonable, there is no assurance that these statements are correct or will be achieved. The most important strategic and operative risks regarding Vitrolife Group’s business and field are described in the Management report, in the Annual Report. These are primarily constituted by macro-economic risks, operational risks and financial risks.
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3 CollaborationQuality InnovationIntegrity 1,100~ NASDAQ Vitrolife AB (VITR) listed on Stockholm Employees $391M USD Sales 2024 Mission Be the leading global partner in reproductive health, striving for better treatment outcomes for patients
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4 Vitrolife Group global presence
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Well balanced from a geographic and portfolio perspective Americas 33% EMEA 38% APAC 29% Consumables 40% Technologies 19% Genetics 41% Revenue by geography* Revenue by product groups* North America is number one focus market for the company. ~91% of sales from run rate business *January-September 20255
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End to end high quality IVF portfolio 6
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*Source: World Health Organization **Source: United Nations ***ESHRE European mean pregnancy rate in 2019 Significant market opportunity in reproductive health Access and affordability constraining growth babies born annually** < 1% via IVF 134 M1 in 6 people globally is affected by infertility* Successful treatment outcomes ~33% *** estimated cycle growth in coming years ~5% 7
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Africa is the only continent at or above replacement rate* (2.1) 8 Human Fertility Database (2025); UN, World Population Prospects (2024) *Replacement rate refers to the percentage of a population replaced by births to maintain its size over time.
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9 Governments are taking more action to improve fertility rates • Executive order issued to expand access to IVF and reduce its costs • "Baby bonuses" proposed to encourage higher birth rates • Employers encouraged to offer supplemental fertility care benefits • Fertility medication costs being reduced through most favored nation pricing • California mandates coverage for infertility treatments in large group health plans, effective January 1st 2026
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Growth in demand Clinics labor and skills shortage Regionalization of standards of care Patient empowerment Consolidation of clinics Key IVF market dynamics driving growth for the Vitrolife Group 10 Increase IVF capacity and accessibility Automation and digitalization Standardization and scalability Diverse portfolio to address differences in standards of care Communication and education
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Vitrolife Group is committed to deliver sustainable profitable growth Focus on five strategic priorities: 11 1. Own the platform connecting products and services 3. Accelerate growth in key markets 2. Innovate to expand leadership 5. Drive operational excellence 4. Optimize go-to-market model Long-term growth and profit-targets (5 years) EBITDA margin >33% Annual organic revenue growth (in local currencies) >10% Net debt/ EBITDA <3
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Consistent track record of driving profitable growth 12 Sales 2016 2024 1,225 MSEK $ 133M USD 303 MSEK $ 35M USD EBITDA 2016 2024 3,609 MSEK $ 391M USD 856 MSEK $ 100M USD Net debt/EBITDA 2021 2022 2023 2024 3.2 1.5 1 0.7
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Strong third quarter 2025 driven by North America performance 13 Sales 835 MSEK Highest revenue quarter year to date Organic growth in local currencies excluding discontinued business +5% Highest growth rate of the year to date Gross margin 58.9% Continued strong gross margin Third quarter 2025 EBITDA 253 MSEK Margin 30.3% ~33% when adjusted for currency Operating cash flow 255 MSEK Highest quarter year to date First nine months 2025 Sales 2,548 MSEK Organic growth +4% in local currencies excluding discontinued business EBITDA 753 MSEK Margin 29.5% Operating cash flow 475 MSEK
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As innovation leaders we continue to bring new products to the market 14 Sense needle - single lumen for reduced patient pain during egg retrieval eWitness – Electronic Witnessing System for IVF Labs Now integrated with EmbryoScope as part of our platform Ultra RapidWarm Blast EmbryoCath EmbryoMap SNP Reagent Coming soon
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Driving automation and integration of the IVF journey to own the platform 15 Sperm processing Insemination and ICSI Embryo culture and evaluation Transfer/Cryopreservation Egg retrieval Equipment Quality Control Monitoring Consumables tracking Data analytics across the IVF journey Sample and procedure tracking
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1 Time-lapse technology-based assessment 2 Genetic assessment PGT-A EMBRACE PGT-M The Vitrolife Group is uniquely positioned to serve different standards of care 16 EmbryoScope® uses AI-based algorithms to analyze full course of embryo development Analysis of embryo DNA to determine existence of chromosomal abnormalities or genetic diseases Two methods for embryo evaluation Next generation platform will combine both methods to: ➢ Streamline workflow and traceability ➢ Provide advanced embryo evaluation ➢ Increase consistency and ease of use ➢ Improve outcomes for patients
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Recent acquisitions and investments to advance our platform strategy 17
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Reasons to invest in Vitrolife AB (publ) Underlying resilient market growth Ambitious strategy and long-term objectives High quality brands linked with outstanding service and support Innovation and technology leader within fertility Proven track record of profitable growth
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Q&A