Slides
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Interim report Q3 2026 Earnings call, October 22, 2026 XVIVO Perfusion AB (publ) Kim Castellano Heart transplant recipient, US
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DOC ID: Today’s presenters Interim report Jul-Sep 2026 Christoffer Rosenblad CEO Kristoffer Nordström CFO 2
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DOC ID: Q3 Financials – at a glance Thoracic Net Sales SEK 177 million Gross margin 80% Abdominal Net Sales SEK 62 million Gross margin 61% Services Net Sales SEK 14 million Gross margin -19% +51%** Net sales +12% Net sales -28% Net Sales Organic growth, local currencies Net Sales SEK 253 Million EBITDA 21% (19) Sales growth Organic growth +32%* - Currency effect +2% - Total growth 34% *Total organic growth adjusted for trial revenue was +33% **Thoracic organic growth adjusted for trial revenue was +52% 3 Interim report Jul-Sep 2026
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DOC ID: YTD Financials – at a glance Thoracic Net Sales SEK 495 million Gross margin 82% Abdominal Net Sales SEK 193 million Gross margin 57% Services Net Sales SEK 45 million Gross margin 4% +43%** Net sales +21% Net sales -21% Net Sales Organic growth, local currencies Net Sales SEK 733 Million EBITDA 20% (17) Sales growth Organic growth +30%* - Currency effect -5% - Total growth 25% *Total organic growth adjusted for trial revenue was +28% **Thoracic organic growth adjusted for trial revenue was +39% 4 Interim report Jul-Sep 2026
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DOC ID: DOC ID: Q3 highlights & Key messsage Alex Moroianu Heart transplant recipient, AU 5 Interim report Jul-Sep 2026
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DOC ID: Q3 highlights 1 3 2 6 4 XVIVO Heart Assist Transport obtains CE-marking Interim report Jul_Sep 2026 Strong growth, improved profitability and positive cash flow This regulatory milestone marks a significant advancement both for XVIVO and for the broader field of heart transplantation. PMA application submitted for XVIVO Heart Assist Transport Solid development for XVIVO lung business in the US. EVLP disposables sales to OPOs and transplant centers grew 183% in Q3 and 92% YTD. Lung EVLP Healthy finances Despite continued investments in regulatory and R&D initiatives, our 32% organic growth in Q3 translated into a healthy EBITDA margin of 21% and positive cash flow XVIVO announced that the US FDA has received the PMA application for the XVIVO Heart Assist Transport System.
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Heart launch in Europe • Expanding product availability across CE-marked markets through country specific product listings • Executing a controlled rollout toward full commercial launch • Tier 1. Maintaining use at centers (#8) activated under derogation and compassionate use • Tier 2. Prioritizing centers (~#30) in countries with established funding and reimbursement pathways including France, the Netherlands, Austria and the UK • Tier 3. Activating additional centers in line with regional launch plans, with an initial focus on underserved segments • Advancing reimbursement through targeted market access activities and engagement with clinicians, payers, and other key stakeholders • 108 heart transplant centers in Western Europe • ~2 300 heart transplants 2025 Launch strategy 7
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DOC ID: Regulatory & clinical update DOC ID:8 Interim report Jul-Sep 2026
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DOC ID: Clinical Trials & Regulatory status CLINICAL REVIEW & FOLLOW-UP MARKET APPROVAL • Trial included 36 patients from 5 centers • Last patient included in December 2022 • Results published in The Journal of Heart & Lung Transplantation in November 2023 • FDA Breakthrough Device Designation • IDE application for DeLIVER trial approved in Q1 2025 • Regulatory strategy re-evaluated in H1 2026 • 510(k) submission planned for H1 2027 PRECLINICAL HEART LIVER Regulatory process initiated Currently sold under Special access scheme 12-month patient follow-up completed • PRESERVE trial included 141 patients across 14 US transplant centers • Last patient included in Q4 2024 • PMA application submitted in Q2 2026 HEART Regulatory PMA process with FDA initiated 9 Interim report Jul-Sep 2026 12-month patient follow-up completed Patient enrollment completed in 13 months Regulatory 510(k) process not yet started 510(k) submission to be based on extensive OUS clinical data
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DOC ID: XVIVO Heart Assist Transport • In September 2026 , XVIVO announced that the American FDA has received the PMA application for the XVIVO Heart Assist Transport System • The application is supported by clinical data from the PRESERVE IDE trial , as well as additional evidence from the CAP** trial and clinical experience outside the United States • The FDA’s Breakthrough Device Designation enables a more efficient PMA process through prioritized review and close collaboration with the FDA • An extension to the CAP trial was approved in August 2026, enabling 60 additional patients to receive a life-saving heart transplant using XVIVO Heart Assist • XVIVO is targeting commercial launch at the end of 2027, subject to FDA approval and review 10 Interim report Jul-Sep 2026 The road to the U.S.~4,600* heart transplant market *OPTN data 2025 **PRESERVE Continued Access Protocol
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Clinical Evidence Liver Assist HOPE: Hypothermic oxygenated perfusion | DHOPE: Dual hypothermic oxygenated perfusion | NMP: Normothermic machine perfusion | COR: Controlled oxygenated rewarming | DCD: Donation after circulatory death | DBD: Donation after brain death | ECD: Extended criteria donor Increased utilization +70% Sequential use of DHOPE-COR-NMP enables safe transplantation of initially declined livers with excellent results Cost-effectiveness -€25,832 Mean reduction in transplant-related costs per patient with DHOPE compared to SCS alone 73% REDUCED RISK OF GRAFT LOSS reduced risk of graft loss up to 5 years post-Tx* 64% REDUCED RISK OF BILIARY COMPLICATIONS reduced risk of Biliary strictures 74% FEWER GRAFT-RELATED COMPLICATIONS reduction of severe liver graft-related complications* * In ECD-DBD DBD DCD ECD-DBD ECD-DCD 11
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DOC ID: Liver Assist • Liver Assist has been used clinically in Europe for more than a decade, with clinical evidence now spanning over 100 peer- reviewed publications • Regulatory strategy has been re-evaluated and concluded in Q3, 2026 • First HOPE liver perfusion device was FDA-approved in 2026, allowing for a 510(k) regulatory pathway • FDA dialogue is progressing well. XVIVO is evaluating the potential for a 510(k) submission in the first half of 2027 • Commercial launch estimated to early 2028 , pending FDA approval The road to the U.S.~11,600* liver transplant market 12 Interim report Jul-Sep 2026 *OPTN data 2025
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DOC ID: Financial Performance Q3 DOC ID:13 Interim report Jul-Sep 2026
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DOC ID: Net sales and key ratios Jul-Sep Jul-Sep YTD YTD Full Year SEK Million 2026 2025 2026 2025 2025 Net sales 253 189 733 586 812 Sales growth, % +34 % -5 % +25 % -1 % -1 % - Organic growth*, % +32 % -1 % +30 % +1 % +3 % - Organic growth* excluding trial revenue, % +33 % +6 % +28 % +6 % +8 % Gross profit 178 142 518 435 599 Gross margin, % 70 % 75 % 71 % 74 % 74 % EBIT 28 18 85 54 91 EBIT, % 11 % 9 % 12 % 9 % 11 % EBITDA 52 36 148 102 161 EBITDA, % 21 % 19 % 20 % 17 % 20 % *Organic growth in local currencies 14 Interim report Jul-Sep 2026
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DOC ID: Thoracic – Q3 Highlights 88% 12% Lung Heart Net sales by organ 61% 36% 3% Machine perfusion Static preservation Other Net sales by product category 69% 9% 22% Americas APAC EMEA Net sales by regionNet Sales 177 MSEK (115) Organic growth +51 % (-12) Organic growth (excl. heart trial revenue) +52 % (-4) Gross margin 80 % (89) Heart sales 22 MSEK (10) Lung sales 155 MSEK (106)Q3 15 Interim report Jul-Sep 2026
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DOC ID: Abdominal – Q3 Highlights Net Sales 62 MSEK (55) Organic growth +12 % (47) Gross margin 61 % (60) 65% 35% Liver Kidney Net sales by organ 16% 4% 80% Americas APAC EMEA Net sales by region Kidney sales 22 MSEK (19) Liver sales 40 MSEK (36)Q3 16 Interim report Jul-Sep 2026 +19%+9%
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DOC ID: Services –Q3 Highlights Organ Recovery Q3 update: • New customer contracts are progressing, • Expanded surgical capacity supports the future US heart launch. Flowhawk Net Sales 14 MSEK (18) Organic growth -28 % (10) Gross margin -19 % (37) 77% 23% Organ Recoveries Digital Services Q3 split Q3-update • Strenghtened marketing team to build on growing momentum • Work continues to integrate digital services with machine perfusion technologies Organic growth QTD/YTD 0%/25%Flowhawk Organ Recovery Organic growth -29%/-30% 17 Interim report Jul-Sep 2026
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DOC ID: EBITDA Q3 2026 • Strong sales and seasonally lower summer activity supported a Q3 EBITDA margin of 21% (19). • XVIVO will continue investing in commercial capabilities, infrastructure and supply chain to support growth. 23 36 56 51 45 52 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 10 20 30 40 50 60 70 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 SEKm EBITDA (adjusted) EBITDA margin (adjusted) 160 154 161 166 188 204 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 25 50 75 100 125 150 175 200 225 250 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 SEKm EBITDA (adjusted) EBITDA margin (adjusted) EBITDA (adj), R12 monthsEBITDA (adj), by quarter EBITDA (adj) Q3 21% EBITDA (adj) R12 21% 18 Interim report Jul-Sep 2026
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DOC ID: Cashflow and financial position 79 77 101 182 237 269 0 25 50 75 100 125 150 175 200 225 250 275 300 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Cash flow from operating activities (R12) Cashflow from investing activities • Cash flow from operating activities SEK +53 million (+21) • Investments SEK -49 million (-61) • Financing activities SEK -3 million (-4) • Total Cash flow SEK +1 million (-44) Q3 Cashflow SEKm Q3 Q3 YTD YTD SEKm 2026 2025 2026 2025 Total cashflow from investments -49 -61 -171 -192 Machine perfusion devices - -10 -13 -38 Intangible assets (regulatory approvals) -39 -37 -138 -114 Tangible assets -7 -14 -18 -40 Lease agreements -3 - -3 - R12 +269m Cash position September 30, 2026 • SEK 313 million (280) Revolving Credit Facility €20 million • Facility maturity: January 2028. • Utilized Sep 30, 2026: approx. €8m (8) The credit facility provides XVIVO with further flexibility for strategic management of growth opportunities, financing working capital and general business purposes. ” 19 Interim report Jul-Sep 2026
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Alex Moroianu Heart transplant recipient, AU Outlook 20
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DOC ID: Looking into 2027-2028 1 3 2 21 4 Building for scale and a robust supply chain Interim report Jul-Sep 2026 Becoming the preferred partner in the transplant process With the regulatory process for liver expected to begin in the first half of 2027 and the regulatory process for heart already underway, XVIVO is taking important steps towards offering its full product portfolio in the US. US market access: Heart and liver EU heart launch: Ready to conquer Europe Working toward becoming the standard of care for all donor hearts, including DBD, DCD, ECD and pediatric hearts. Future growth and product launches to be supported by further investments into commercial capabilities, partnerships and Quality and Operations Develop our leading position in EVLP Continue supporting leading transplant centers, OPOs and a centralized EVLP provider in establishing EVLP as the preferred platform for donor lung assessment. Leveraging third-party service models to support increased utilization of donor lungs. Key focus areas
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DOC ID: Long term outlook • The demand for transplants are x 10 of today’s supply • Sales value of machine perfusion vs cold static storage is ~x 10 • Machine perfusion and service models have proven to increase the number of organs used for transplantation • XVIVO has unique, innovative and world leading products on the market or in R&D pipeline 22 Interim report Jul-Sep 2026
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Nobody should die waiting for a new organ. 23
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DOC ID: Financial calendar & contacts Financial reports 2026/2027 Year-end report 2026: January 28, 2027 Interim report January – March 2027: April 22, 2027 Interim Report April – June 2027: July 13, 2027 Interim report July – September 2027: October 21, 2027 Investor Relations Christoffer Rosenblad, CEO Telephone: +46 735 19 21 59 E-mail: christoffer.rosenblad@xvivogroup.com Kristoffer Nordström, CFO Telephone: +1 484 437 1277 E-mail: kristoffer.nordstrom@xvivogroup.com 24 Interim report Jul-Sep 2026