AddLife — Call Transcript 2026

Good morning, everyone, and welcome to the AddLife Q4 presentation. This morning, we will take you through the highlights of the quarter, and then, of course, open up for a Q&A session. After that Q&A, we do encourage you to stay on because we have recorded a wonderful video of one of our companies, this time, Biolin, a manufacturer of advanced research instruments. So now, let's go. I'm very pleased to note that the AddLife companies were able to wrap up 2025 in a good way. We saw continued profit improvement, we saw strong profit and strong cash flow. On the EBITDA margin account, we saw that Labtech were able to protect the very high level at 14.1% EBITDA margin, same as we had in the strong Q4 of last year. On the Medtech side, it improved to 12%, compared to 11.6% in the corresponding quarter of last year. Overall, we saw a healthy customer demand in our markets, but of course, currency effects impacted our sales growth. But the currency-adjusted sales increased by 2% in the quarter. We are working diligently with profit improvement initiatives, and this is one of the core parts of our business model. We have seen, for many quarters now, a continuous improvement, and we do expect that to continue in the future as well. In the U.K., we have had a long-standing dialogue with a key partner in the area of endoscopy. They have chosen to go direct, and we have supported them in that, handing over the team and the resources related to that business, and we have received a consideration of SEK 158 million in the quarter. So this, in combination with the strong cash flow that we saw, has helped us to achieve a net debt to EBITDA of 2.2. So this, with this, we achieve our goal of remaining at three or below, and now we have actually far exceeded the ambition as well. So very pleased with that. So now I hand over to Christina, who will take us through the details of the quarterly financials. Welcome, Christina. So thank you, Fredrik. We had a stable growth in the quarter after a very strong Q4 last year. Organic and acquired revenue growth was 2%, while adjusted EBITDA growth was 5%. In the quarter, we had negative effect from currencies, and looking at revenue, it was -5%, and the EBITDA was impacted with -7%. We have two financial targets within AddLife. One is to improve profit with 15% year-over-year. On the long term, this is supposed to come approx half from acquired and half from organic growth. Looking at 2025, organic growth was 10%, and acquired growth contributed with additional 2%. Then we had FX impacts in the quarter, so total EBITDA growth for 2025 was 8%. Including currencies, sales growth was -3% in the quarter, with organic and acquired growth of 1%, respectively. We had stronger gross margin. This is due to price management, also increased prices in new tenders, and the product mix, where we are moving towards more advanced high-margin products. We had higher OpEx in the quarter as well, driven by growth investments and also some specific project. The adjusted EBITDA margin was up to 12.4% in the quarter, compared to 12.3% last year. Also, lower interest costs continue to have a positive impact on the profit and loss, and then adding divested operations, profit before tax increased with 129%. EBITDA margin is clearly in a positive trend. Looking back to 2023, we were at 10.5%, increasing to 11.3%, and now we end 2025 on 12.1%. Looking at the Q4, Labtech margin remained at the high level of 14.1%, same as last year, while Medtech increased to 12% from 11.6%. Full-year EBITDA margin has also increased for both business areas. They are approximately at the same level now, Labtech 12.5%, and Medtech is on 12.4%. An increase in the EBITDA margin has been a focus area throughout the last three years, and that remains a top priority moving into 2026. Operating cash flow is normally high in the Q4, and this year was not an exception. We delivered almost SEK 900 million in the quarter, and for the full year, it was SEK 1.4 billion. Also, cash conversion remains high at 111%. Excluding sales of operation, it was at a high 98%. And to be about 100, that is a little bit too high, so going forward, probably in the range of 95% is more realistic. And of course, focus on working capital efficiency remains a priority also in 2026. Working capital contributed with SEK 426 million in the quarter. And here we had lower inventory, we had strong collection of accounts receivables, and also account payable was higher. Looking at inventory to sales, we were at 16% throughout 2025, slightly better compared to 2024, that was 17%. Acquisitions in the quarter relate to Pharmacold and Opitek. Net debt was reduced with almost SEK 800 million in the quarter, with majority of the loans in euros, here we had a positive impact from currencies. But the main reason for the net debt to be reduced in the quarter was due to repayment of loans and increase of cash. When we talk about net debt, we include, in addition to bank loans and deducting cash, lease liabilities, continuing consideration, pension liabilities, and provisions. Net debt in 2025 decreased with almost SEK 900 million, and at the end of the year, leverage were at 2.2, which is clearly below the target of 3 or below that we set up for ourselves. Net debt towards adjusted EBITDA was 2.5. The second financial target for AddLife is to have a profit over working cap of above 45%. 2025 ended at 62, compared to 51 last year. Debt has been reduced by a self-generated cash flow. Entering 2026, we now have a balance sheet that supports both organic and acquired growth. With that, I hand over to Fredrik again. Well, thank you, Christina, for that thorough review, and now we'll get into the business areas summaries. So starting with Labtech, as you may remember, Q4 of 2024 was a very strong quarter for Labtech. And this quarter, we saw currency-adjusted revenues decline a little bit by 3%. We're really pleased to note that the EBITDA margin was maintained in spite of that slight drop in revenue, so we are still at 14.1%, same as the corresponding quarter last year, so that's very healthy. We saw a little bit less instrument sales in this quarter compared to last year, and in that last year quarter, we had a very high level of instruments being delivered, linked to various tenders that we won. In the market in general, there has been some hesitation with academic market sales. We saw that this quarter also, but slightly better, I would say. We also saw a little bit of caution in the pharma industry segment. In the Q3 of this year, we were really pleased to note a very healthy development in Central and Eastern Europe, and we saw that continue into Q4, so that helped a lot, wrapping up the quarter for Labtech in a very healthy way. Moving on to Medtech then, we saw growth, excluding currency effects at 4%, and acquired growth was 1%. EBITDA margin improved to 12% from 11.6% in the corresponding quarter. Capital sales in the U.K. have been weak for some time now, as many of you have noted. We're really pleased to see that that actually improved in the Q4, so that's great news. As I mentioned earlier, we have an agreement with a supplier to hand over the endoscopy business in U.K. and receive the consideration for that. Elective surgery in general in the European market tended to be relatively flat. The patients list weren't really shrinking, and on top of that, we also had strikes in U.K. as well as in Spain during the month of December, so number of surgical procedures were also relatively low. But anyways, a good growth in the Medtech business, and also helped by healthy development in home care, which we think will continue going forward. We talked a lot about improving margins, and that is indeed a key activity for us, actually, what we have chosen to prioritize the highest. So what are we actually doing? We are working on margin improvement initiatives in the eye surgery business. We are strengthening the margins in home care. We are working with specific initiatives in the companies where we see further improvement potential. And then on a more general level, we are always driving gradual and continuous performance improvement programs across all companies. This is a key piece of our business model. We are also pruning our product portfolio, removing products that are less profitable, and adding new and advanced high-margin products. We are also increasing the share on products, and of course, the acquisitions we make are focused on higher margin segments and are expected to contribute to this positive development in terms of margin. And we do these activities, we drive them, of course, starting with our fantastic companies within the group. They are all led by strong and empowered leadership teams, and they have a very nice entrepreneurial spirit that we like to see, so they are very strong in this continuous work to improve margins. They are also supported by a group of experienced business unit leaders. We are also leveraging the activities we have within AddLife Academy, and a strong group of business controllers. And on top of that, the companies together with their business unit leaders work on an acquisition agenda, improving margins over time. So with this, we have a lot of activities ongoing. We have seen a lot of good results, and we do expect those results to continue. I also want to highlight our unmatched European coverage. This is something that we have been working on for quite some time, creating a Pan-European footprint. So of course, our origins in the Nordics are strong, but we are very strong in Western Europe, Central and Eastern Europe, as well as Southern Europe. This is important for us because it gives access to a very large market. It gives us more supplier opportunities. We are also able to choose from a broader range of acquisition targets, which is quite powerful, because we can be selective and really choose the acquisition targets that are attractive in many ways, including healthy multiples. So, and I also want to move forward to acquisitions now. Again, acquisitions are again becoming a very important growth driver for us, and in the month of December, we were very pleased to welcome two new companies to the AddLife family, starting with Pharmacold, which is specialized in highly customized refrigeration technologies, as well as services for the pharma industry and for the healthcare sectors. Together with Holm & Halby's customer base and regulatory know-how, we see great potential for these highly customized products and to grow that business even further. So a very nice and healthy acquisition here, relatively small, but with great potential. Another acquisition that we concluded in the month of December is a Danish manufacturer specializing in patient positioning products that address both staff ergonomics as well as patient safety. We have worked with this company for many years. We know the products well, and they are really well-renowned in the market. This business will become part of Mediplast, and very much in line with the strategy that we have to increase the share of our own products. So a nice addition to the business and very much in line with the strategies that we have laid out. So very happy to also welcome Opitek to the AddLife family. So to summarize the quarter, we are very pleased to note that the margin improvements, they do continue, in the Q4, as well as for the full year, of course. And we are working diligently on these efforts, and we do expect further potential to improve the margins going forward. Of course, currency effect impacted revenues, but organic and acquired growth were positive compared with a strong Q4 in 2024. We're very pleased with the fact that Net debt to EBITDA is now at 2.2, so this means that our ambition to reduce it below 3 has been achieved and exceeded. We have, with this, we have strengthened the balance sheet, and this enables us to really pick up the pace with acquisitions again, which we did already in December, and we expect a lot of activity going forward. So I can really say that we look forward with confidence and enthusiasm to a strong 2026. Thank you very much. And with that, we open up for a Q&A. It's live. Okay. All right, so, thank you for listening in to the presentation, and now we are ready for questions. And I think we see a few of you having raised their hands already. So, Philip, maybe you can start, and don't forget to unmute. Morning. I hope you can hear me now. Yes. Starting on the UK market recovery, positive to hear that you're seeing some early signs there. Could you elaborate a bit on the momentum you're seeing entering 2026 and what you're seeing throughout the coming year here? Yes, of course. Thank you. Good question. So, as you may remember, we have seen for really the whole year a bit of a hesitation in primarily capital spending and capital investments in the UK market. And, we're pleased to note that in the Q4, that actually started to improve again. So that's a healthy sign. Looking at the general trend in the UK market, there was a little bit of a, I would say, subdued surgical procedures because of flu and also strikes and whatnot, but capital really did pick up. So we're pleased to note that. So that's a good sign also for the future. We can also note that, as we have stated before, the NHS has become more and more clear in their vision for the future, where in the, you know, after the election, immediately it was relatively vague. It's become more and more focused and clear what they are planning to do. And in January, we have seen further statements talking about robotic surgery, talking about AI, talking about gene sequencing, things that we as a group are quite engaged in. So I think these are all positive signs. I hope that's an answer to your question, Philip. Good to hear. Yeah. Yeah, of course. Good. And while we're on the notion of UK and also perhaps Spain, the strikes in December, early December- Yeah ... is it possible to quantify that impact or, or give an indication of, of how large that impact was? ... A little bit tricky, but I think we should look at it as a few days of, you know, lost surgical procedures. So a few days of sales in UK as well as in Spain. Sure, makes sense. And then perhaps finally from me, and then I'll get back into the queue. You talk about an improvement home care market, which is positive, of course. Yeah. Sort of, what's your visibility on it, and, and how sustainable is it? Is it throughout the year- I think- ... or is it a few months, or? Well, I think we're starting to see signs of improvement, but we still have work to do. I mean, it's still an area where we think there is further growth and margin improvement potential. So there are a few things that are going on here. We have a few initiatives that have been worked on with the... In terms of product launches and so on, that are now starting to show signs of really picking up the pace, so that's exciting, that a lot of that is on the technology side. On top of that, we have also seen in multiple countries, you know, a healthy trend in terms of construction, so some new care homes and so on, that are, you know, being built or being planned to be built. So I think, you know, the outlook, in general in that market, is improving, and our internal initiatives are also starting to show signs of results. So, more work to do, but some positive direction there I think we can see. Thanks very much. I'll get back into the queue. Thank you. All right. Thank you. Thank you for a good question, and so I think, we have Ulrik here. So yeah. Yes. So- Hopefully, you can hear me all right. Yeah. Yes, we can. Yes. Great. Good morning, Fredrik and Christina. A few questions on my end. You commented on a slightly softer Labtech market, especially in Denmark, and a bit of caution from the pharma companies. Is that something that you see broad-based and something you potentially could elaborate a little bit about? Well, not super broad-based. I think it's quite, you know, primarily a Denmark thing, where we've seen a little bit of hesitation just very recently. We're not super worried about it. I think there is a healthy underlying market and growth there, so I think, you know, in 2026, that should pick up again is our expectation. So nothing dramatic there, but looking at our numbers, Denmark came down a little bit on the sales side, but partly currency, but also a little bit of a slower activity. But again, we do think it's temporary. Just general on the market conditions, because I remember, like one year ago, we did see a trend shift in tender activity. You entered into a few higher margin tenders, and that's looked to have continued throughout 2025. So can you just give us sort of the state of the sort of tender market, where we're at versus what we entered into 2025? I think we're... You know, we have seen the impact of these tenders. There were quite a few, you know, in a fairly short period of time that we were successful in winning, and those instruments were installed. A lot of it were installed back in Q4 in 2024, so that was a bit of a peak on instrument sales there. Of course, we have been benefiting from those sales related to the instruments that were installed, so the consumable sales have been, you know, supporting us throughout the year and will continue to do so going forward. Tender activity in general, I think it's normal, normal, I would say. Activity ongoing, for sure, but sometimes there's a little bit more, sometimes there's a little bit less quarter-to-quarter, but then overall, you know, no, no trend shift really, I would say. So. Great. I hope that's an answer to your question. Yeah. Yeah, absolutely. That's perfect, Fredrik, thanks. And, you sound optimistic about continuous margin improvements, and we have spoken before that there is improvements to be done in home care, and you've done a lot of tail cutting on the med tech side, generally throughout 2025. Have you seen the full effects of the tail cutting, and are you done on that end, where you feel... Obviously there's some natural tail cutting going on, I guess, in your business, but majority of it's done in 2025. And second question would be then to follow up, if you have enjoyed sort of the full effects on the margin side from those cutting out lower margin products? There were a few bigger measures taken during the year, you're correct. So we've seen that, you know, playing out nicely. But the evolution of the product portfolio, it continues, and so then I'm sure that we will be, you know, looking at portfolios and taking out less interesting products. For sure, we are adding a lot of new things. I think the overall of 2025, we've increased our activity in terms of business development, finding new suppliers, and that has, you know, generated a number of new products, you know, being brought into the portfolio. Some of them have started to sell, but sometimes it takes time, especially if it's a novel technology. And these activities and increased resource both, you know, in the larger companies, but also using our network to support the smaller companies, evolution of the portfolio. So I think, more to come in terms of continuous addition of advanced products, for sure. ... Great! And last question on my end before getting back into the queue. Can you say anything about the margin profile of the divested endoscopy business, if it was on par with the rest of Medtech or roughly where they were at? Yeah, it was a healthy margin business for sure compared to the Healthcare 21 other product lines, so good margin business. Okay. Thanks, and, and I'll get back into the queue. All right. Thanks, Ulrik. So now we move forward, so we have Albin here, right? Are you ready for us? Should be unmuted now. Yeah. Yeah. Hello, Albin, are you ready for us? Are you still unmuted, really? No. You hear me now? Now, now we hear you. Yeah. All right. Sorry about that. Yeah, okay. Thanks for taking my questions as well. I think I will stay on the margin side here. We've never seen such high gross margin in Q4, and, of course, you're still working with it, focusing on it, but, is this just like the new focus, or is it some timing effects as well? And how should we think about the gross margin heading into 2026? Yeah, I think... Do you wanna comment on that, Kristina? Is there something- There, there's no one-offs into it, no. It's more the result, I think, of the continuous work that has been done during the last three years. Yeah. Yeah, so nothing dramatic disturbing the comparison, you know, I would say. I think it's like Kristina said, you know, something we have prioritized and something that we're working on, and something that's that every company is contributing to. Mm. All right, guys, that's good to hear. And then on the M&A pipeline, you're now down at 2.2x net debt to EBITDA, and impressively so. Can you give us an update on the pipeline, and how do you find the competition and pricing in the market, currently? Yeah, no, I think we're, we're very pleased, that we have, you know, reached a, you know, a really good level on, on the net debt to EBITDA, so, you know, so we can, you know, put these, concerns about balance sheet behind us. That's nice. We have been expecting this and preparing for it, right? So we have, over the last almost two years, been gradually gearing up the activity and resource, focusing on, on, acquisition. So the business unit leaders are, are driving their respective agendas for, for what type of acquisitions they want to make, and they, and they are supported by a strong, strong team of, transaction specialists here, in, at the head office. So, so this pipeline, looks healthy. We have a number of discussions ongoing, and we have a pretty clear plan of what we expect to do in the coming quarter. So I think we are, you know, optimistic about it. And then, of course, we are picky. You know, we do stick to our criteria. We are picky about evaluation and so on. And since we have a quite long list of attractive targets, and we can search all over Europe, as we mentioned earlier, we will be picky when it comes to quality of company and the evaluation as well. But I think it looks good, so we're excited about it. Okay, that's clear. And then as looking at net sales per country, I just noticed that the rest of the world is now down at SEK 2 million. Maybe I missed something here, but what does that stem from, and is that part of the plan? The rest of the world, I think that's primarily China, Australia, US to some extent. Yeah. So, it's coming down a little bit. Well, I think we're clearly seeing, you know, some of our companies that are selling into the US market, primarily research, certainly feel a change in behavior there. Mm. But it's, it's, on a group level, it doesn't really move the needle, but, but for those companies, it's, it's, it's obvious. All right, thanks. That's all for me. Thank you. Yeah, thank you. Thank you. And now, let's move forward to Jakob. Let's see. I think he's still on mute, right? So to make sure. Uh, hello. Now. Can you hear me? Yes, we can hear you. Hello, good morning. Yeah, good morning. Great. My first question is on the Medtech EBITDA margin. Just to understand, or looking at the UK on the sales, it seems that the UK actually grew in the quarter, but you still say that the profitability is down from the UK used to be here. Well, I think if we look at the UK for the whole year, it's been you know, negative, unfortunately, in the first three quarters, but now it improved significantly in the Q4, so we're pleased about that. And it was driven to a large extent by more capital sales, so that's exciting. So the question there on the profitability, I think you know that we received a question earlier that asked about the business that we're discontinuing and whether that was a high or low margin business. I would say it's a good margin business in line with what we normally see in the UK market. So that's how we would look at it. Is that... You know, was that the question you had? Yeah, not really. I mean, if I recall correctly, you had a quite good sales to the U.K. a year ago, and now you're able to grow that earnings contribution from the U.K. in this quarter as well, despite the sort of negative impact from flus and worse operating this and so on. Yeah, I think the conclusion is that, you know, a number of surgical procedures hasn't really grown. It's been a little bit challenged by flu and strikes and whatnot, but it's been holding up, so to speak, and then on top of that, we've seen a marked pickup when it comes to capital. So that's good. I mean, it's been a bit of a challenge, a decline over the past few quarters, but now it's changed direction, so that's a positive. Okay. Then just if we look forward, last year, I, I think, Q1 was clearly the strongest quarter in terms of EBITDA margin for Medtech. Is, is that still what we should expect in 2026? I know there is a sort of UK budget effect in Q1. Yeah, I think, we don't wanna really, you know, make any projections or forecasts or outlooks for, for coming quarters, but normally we do see, Q1, the, the final year of the fiscal year for NHS is, is normally strong. You know, of course, the discontinued business, you know, there might be, in previous years, some sales related to that, that will not happen in, in Q1. But, but other, other sales, will, so, so that's to keep in mind. But, apart from that, I don't want to give any real outlook for, for the, for the coming quarters. But of course, we... In general, we're, we, we think many, many parts of our business is really picking up the pace, and there's a lot of stability in other parts. I think, you know, overall, we're optimistic about the future. And just a short follow-up, the divested business, is that more capital or consumables? Mix, yeah. Capital and consumables, and service. Okay, and then just a final question, a sort of follow-on on the M&A pipeline. If you can talk a bit about sort of what type of companies you have in the pipeline and also the size, if it's just more smaller companies or larger ones. Well, yeah, I think we have a good mix in the pipeline. We're actively in dialogues with a few and then analyzing a number of others and so on. So it looks pretty healthy. We are sticking to our criteria, which means that the company should be below EUR 50 million in turnover, and the sweet spot, probably lower than that, you know, say 10-30, somewhere in that neighborhood, in EUR 10-30 million of turnover. And they should also be in areas that we understand, and we have a, you know, a good knowledge base to assess the companies. We love the entrepreneurial ones, of course, prefer to buy companies from entrepreneurial owners. So we're sticking to the plan here, and, of course, what we can look at the previous acquisitions, I think, Edge and Bonsai Lab are excellent examples of acquisitions we like to see. The ones we made in December are also great additions, but they are a little bit on the small side, so a little bit bigger than that, but certainly not the very big ones of 2021 and 2022. Of course, an EBITDA margin contributing to the group as well. Yes. Of course. So I hope that gives some clarity, but hopefully, we will be able to communicate more about that in a not-too-distant future. Okay, that's great. Thank you. Thank you. Thank you. Now we have Mattias. I think he's on mute still, right? Yes, good morning. Thanks so much for taking my question. I had only a few left, so... But I'm gonna try and push you a bit more on the M&A side. So you state in the report, you will be fully able to execute your growth plan for both organic and acquisition-driven growth. So is it possible to give us maybe a number or range in terms of your aspiration for 2026? If not, at least compare with the contribution from M&A in 2025, which added 1%, so, which is obviously below. It's a move towards, you know, the right direction, but, you know, should we think about a 5%-7% contribution? Or, you know, what, obviously dependent on deals and signatures, but, you know, your aspiration would be interesting to hear. Yeah. Well, something like that, Mattias. I mean, traditionally, we have, you know, said that to achieve our 15% profit growth target, roughly half of that should come from organic and half of it from acquisitions. And in the past, we're kind of proud that we have almost achieved that 15% through organic activity. You know, the organic activity will continue, no doubt. But you know, in 2026 and beyond, we should get back to that, more of that mix of roughly 50/50 over time. So that means you know, a few more acquisitions. We had three in 2025, right? So it's gonna have to be a few more than that. That's helpful. And then, with regards to the divestment and the 140 million krona in revenues, you know, obviously, you spoke about Q1, so obviously no more shipments there, but then in the report, you talk about an ability to gradually replace it over time, but perhaps not already in 2026. So talk about that process in terms of gradually replacing. ... Yeah, so I think that's a great point. That's something, you know, first of all, I would like to say, you know, having a setup like this where we hand over a business to a supplier is fairly normal, right? It is something that happens all the time in the life of a distributor. This, what set this apart a little bit is, you know, we really got, you know, a handsome payout for all the work we've done to build that business. So that's a positive in many ways. And then, of course, this is something we know happens from time to time, so we work in a continuous way to add new products to the portfolio. And we like to add, you know, more products and to broaden the portfolio as well as evolving it towards even more advanced products. So this has been ongoing for a while. We don't expect, and actually don't want, just one quick replacement of the same size. We would rather have a few more products added to it. And of course, that's not starting now. That's been ongoing for a long time now. So the gradual addition of products has started to happen, and will continue during the year. I think, you know, will there be a big chunk of the business immediately replacing it, of the same size coming in Q1? No. But it's been ongoing for quite some time. So I would say a gradual replacement of that business is already ongoing. That's helpful. Thanks so much. Final question from me. You know, you spoke about products that were discontinued due to shaping the portfolio towards more higher margin products. I didn't catch if Christina perhaps quantified what portion of sales that were discontinued during the year to help us understand the bridge from, you know, the 2024 base to the very end of 2025. We haven't really quantified that, but then if we look at the mix of everything that has happened, it's approx 1% we're talking about. Yeah. Yeah. Okay. Brilliant. Thanks so much. Yeah. Good, good. So- Gustav, yes. Still on mute, right? Yeah. Now. Yes, good morning. It's Gustav from Odin. Yeah. Um- Hello- Hey, good morning, good morning. To come back to Medtech here and our favorite topic of Vision, in terms of that margin, can we get some sort of ballpark indication on how that is progressing here? It's still, you know, within the range of mid-single digits, or what's your view there? Yes, mid-single digits. It is improving over last year, you know, not dramatically, but it is improving. It's better than last year, Q4, so that's nice. We have actually taken quite a few, you know, measures within that group in this quarter as well. Things that we have seen that needs to be addressed and have been addressed in the quarter. So that gives us further confidence in the direction of the British and the German business. In other parts of the business, I think, as you know, that we have what I would say achieved a good level of stability and a nice trajectory. So that's great. So now with these measures, we, we hope that the same thing will, will, apply for, for all the parts of the business. So, so mid-single digits, still improving, but of course, lots of more upside, I would say, in that business before we are happy with, with the, with, with it as it stands. Yeah. No, that's perfect. Then do you expect effect already here in 2026 from these measures you have taken here recently or? Yes. Yes. Okay, perfect. Yeah, we're aligned there. Then, in terms of Labtech, just one final question here. Given that you saw, I mean, lower instrument sales in Q4, and, of course, I mean, compared to Q4 last year, it was a strong quarter. We know that. But in terms of the Labtech margin, I mean, did you see a net positive mix effect on the margin, you know, coming from gene sequencing, or how would you describe it? I mean, we saw organic growth down 3%, so just to get a better understanding there. Yeah, I think it's a good point. I mean, we didn't have the same level of instruments as the somewhat unusual Q4 of last year. So we're actually quite happy with the fact that we remained at 14.1%. That's a very healthy margin. So I think you're correct. There is a healthy underlying trend in that business. Some of the businesses are, you know, gradually improving, you know, great customer relationships and strong supplier relationships, and also doing an excellent job in adding new products. Others still have some work to do in primarily those on the research side, where we have seen a little bit less stability in demand. But I think, you know, we have a quite impressive product portfolio, and we see good trend, you know, good evolution in those areas. We have made some changes also there in the past few months. So I think, you know, we're confident that we're on the right track there as well. So, you know, I think it's a healthy business, but there is also room for improvement. Okay, so it sounds more like it's structural rather than a temporary mix, positive mix effect in Q4 then? Yeah, I would say there's a structural improvement, underneath, so to speak. Yeah. No, that's perfect. Thank you very much. Thank you. Thank you. Thank you. Okay, so now let's see. Do we have any more questions? No one seems to be raising their hand, but thanks everyone for listening in, and thanks for great questions. And, you know, you're all free to email or call afterwards if you wanna follow up on specific topics. So with that, we wrap up, but I do encourage you to stay on to see the video about Biolin. Biolin is a very exciting company, developing and manufacturing really advanced products for the research field. So please take a look at that if you have a few more minutes to spare. Thank you very much, and thank you, everyone. Scale. They are used by leading universities and industry. Closely with research team. At Biolin Scientific, we combine precise measurement science with values of teamwork, ownership, and simplicity. We don't just build instruments, we provide the scientific foundation for discoveries that shape a better future. We help innovators in research and industry get reliable results faster and easier. Our instrument and sensors are designed for advanced analysis of thin films and surface and interface phenomena at nanoscale. They are used by leading universities and industrial laboratories around the world for both fundamental research and product development. Biolin Scientific work closely with research team to support new discoveries in both academia and industry. The company was founded in 1996 at the Chalmers University of Technology in Sweden. We are close to 70 employees, representing approximately 25 different nationalities. Diversity is key to our success, which we are super proud of. Focus on research-driven innovation, Biolin Scientific stands out as a key enabler of scientific progress. Biolin Scientific has three main product lines, all of which are developed and manufactured entirely in-house. In two of these product lines, Biolin Scientific is a clear global market leader. In recent years, Biolin Scientific has been taking the next step on its journey. Building its strong foundation in academia, the company is now also focusing on expanding the industrial segment worldwide. With entrepreneurial roots in both Sweden and Finland, the company has grown into a highly innovative global player. Biolin Scientific continues to create value, and as AddLife owner, we are proud to be part of that journey.

Speaker 2: Good morning, everyone, and welcome to the AddLife Q4 presentation. This morning, we will take you through the highlights of the quarter, and then, of course, open up for a Q&A session. After that Q&A, we do encourage you to stay on because we have recorded a wonderful video of one of our companies, this time, Biolin, a manufacturer of advanced research instruments. So now, let's go. I'm very pleased to note that the AddLife companies were able to wrap up 2025 in a good way. We saw continued profit improvement, we saw strong profit and strong cash flow. On the EBITDA margin account, we saw that Labtech were able to protect the very high level at 14.1% EBITDA margin, same as we had in the strong Q4 of last year. Good morning, everyone, and welcome to the AddLife Q4 presentation. good morning everyone and welcome to the addlife q4 presentation This morning, we will take you through the highlights of the quarter, and then, of course, open up for a Q&A session. this morning we will take you through the highlights of the quarter and then of course open up for a q&a session After that Q&A, we do encourage you to stay on because we have recorded a wonderful video of one of our companies, this time, Biolin, a manufacturer of advanced research instruments. after that q&a we do encourage you to stay on because we have recorded a wonderful video of one of our companies this time biolin a manufacturer of advanced research instruments So now, let's go. so now let's go I'm very pleased to note that the AddLife companies were able to wrap up 2025 in a good way. i'm very pleased to note that the addlife companies were able to wrap up 2025 in a good way We saw continued profit improvement, we saw strong profit and strong cash flow. we saw continued profit improvement we saw strong profit and strong cash flow On the EBITDA margin account, we saw that Labtech were able to protect the very high level at 14.1% EBITDA margin, same as we had in the strong Q4 of last year. on the ebitda margin account we saw that labtech were able to protect the very high level at 14.1% ebitda margin same as we had in the strong q4 of last year On the Medtech side, it improved to 12%, compared to 11.6% in the corresponding quarter of last year. Overall, we saw a healthy customer demand in our markets, but of course, currency effects impacted our sales growth. But the currency-adjusted sales increased by 2% in the quarter. We are working diligently with profit improvement initiatives, and this is one of the core parts of our business model. We have seen, for many quarters now, a continuous improvement, and we do expect that to continue in the future as well. In the U.K., we have had a long-standing dialogue with a key partner in the area of endoscopy. On the Medtech side, it improved to 12%, compared to 11.6% in the corresponding quarter of last year. on the medtech side it improved to 12% compared to 11.6% in the corresponding quarter of last year Overall, we saw a healthy customer demand in our markets, but of course, currency effects impacted our sales growth. overall we saw a healthy customer demand in our markets but of course currency effects impacted our sales growth But the currency-adjusted sales increased by 2% in the quarter. but the currency-adjusted sales increased by 2% in the quarter We are working diligently with profit improvement initiatives, and this is one of the core parts of our business model. we are working diligently with profit improvement initiatives and this is one of the core parts of our business model We have seen, for many quarters now, a continuous improvement, and we do expect that to continue in the future as well. we have seen for many quarters now a continuous improvement and we do expect that to continue in the future as well In the U.K., we have had a long-standing dialogue with a key partner in the area of endoscopy. in the u.k we have had a long-standing dialogue with a key partner in the area of endoscopy They have chosen to go direct, and we have supported them in that, handing over the team and the resources related to that business, and we have received a consideration of SEK 158 million in the quarter. So this, in combination with the strong cash flow that we saw, has helped us to achieve a net debt to EBITDA of 2.2. So this, with this, we achieve our goal of remaining at three or below, and now we have actually far exceeded the ambition as well. So very pleased with that. So now I hand over to Christina, who will take us through the details of the quarterly financials. Welcome, Christina. They have chosen to go direct, and we have supported them in that, handing over the team and the resources related to that business, and we have received a consideration of SEK 158 million in the quarter. they have chosen to go direct and we have supported them in that handing over the team and the resources related to that business and we have received a consideration of sek 158 million in the quarter So this, in combination with the strong cash flow that we saw, has helped us to achieve a net debt to EBITDA of 2.2. so this in combination with the strong cash flow that we saw has helped us to achieve a net debt to ebitda of 2.2 So this, with this, we achieve our goal of remaining at three or below, and now we have actually far exceeded the ambition as well. so this with this we achieve our goal of remaining at three or below and now we have actually far exceeded the ambition as well So very pleased with that. so very pleased with that So now I hand over to Christina, who will take us through the details of the quarterly financials. so now i hand over to christina who will take us through the details of the quarterly financials Welcome, Christina. welcome christina

Speaker 1: So thank you, Fredrik. We had a stable growth in the quarter after a very strong Q4 last year. Organic and acquired revenue growth was 2%, while adjusted EBITDA growth was 5%. In the quarter, we had negative effect from currencies, and looking at revenue, it was -5%, and the EBITDA was impacted with -7%. We have two financial targets within AddLife. One is to improve profit with 15% year-over-year. On the long term, this is supposed to come approx half from acquired and half from organic growth. Looking at 2025, organic growth was 10%, and acquired growth contributed with additional 2%. Then we had FX impacts in the quarter, so total EBITDA growth for 2025 was 8%. So thank you, Fredrik. so thank you fredrik We had a stable growth in the quarter after a very strong Q4 last year. we had a stable growth in the quarter after a very strong q4 last year Organic and acquired revenue growth was 2%, while adjusted EBITDA growth was 5%. organic and acquired revenue growth was 2% while adjusted ebitda growth was 5% In the quarter, we had negative effect from currencies, and looking at revenue, it was -5%, and the EBITDA was impacted with -7%. in the quarter we had negative effect from currencies and looking at revenue it was -5% and the ebitda was impacted with -7% We have two financial targets within AddLife. we have two financial targets within addlife One is to improve profit with 15% year-over-year. one is to improve profit with 15% year-over-year On the long term, this is supposed to come approx half from acquired and half from organic growth. on the long term this is supposed to come approx half from acquired and half from organic growth Looking at 2025, organic growth was 10%, and acquired growth contributed with additional 2%. looking at 2025 organic growth was 10% and acquired growth contributed with additional 2% Then we had FX impacts in the quarter, so total EBITDA growth for 2025 was 8%. then we had fx impacts in the quarter so total ebitda growth for 2025 was 8% Including currencies, sales growth was -3% in the quarter, with organic and acquired growth of 1%, respectively. We had stronger gross margin. This is due to price management, also increased prices in new tenders, and the product mix, where we are moving towards more advanced high-margin products. We had higher OpEx in the quarter as well, driven by growth investments and also some specific project. The adjusted EBITDA margin was up to 12.4% in the quarter, compared to 12.3% last year. Also, lower interest costs continue to have a positive impact on the profit and loss, and then adding divested operations, profit before tax increased with 129%. EBITDA margin is clearly in a positive trend. Including currencies, sales growth was -3% in the quarter, with organic and acquired growth of 1%, respectively. including currencies sales growth was -3% in the quarter with organic and acquired growth of 1% respectively We had stronger gross margin. we had stronger gross margin This is due to price management, also increased prices in new tenders, and the product mix, where we are moving towards more advanced high-margin products. this is due to price management also increased prices in new tenders and the product mix where we are moving towards more advanced high-margin products We had higher OpEx in the quarter as well, driven by growth investments and also some specific project. we had higher opex in the quarter as well driven by growth investments and also some specific project The adjusted EBITDA margin was up to 12.4% in the quarter, compared to 12.3% last year. the adjusted ebitda margin was up to 12.4% in the quarter compared to 12.3% last year Also, lower interest costs continue to have a positive impact on the profit and loss, and then adding divested operations, profit before tax increased with 129%. also lower interest costs continue to have a positive impact on the profit and loss and then adding divested operations profit before tax increased with 129% EBITDA margin is clearly in a positive trend. ebitda margin is clearly in a positive trend Looking back to 2023, we were at 10.5%, increasing to 11.3%, and now we end 2025 on 12.1%. Looking at the Q4, Labtech margin remained at the high level of 14.1%, same as last year, while Medtech increased to 12% from 11.6%. Full-year EBITDA margin has also increased for both business areas. They are approximately at the same level now, Labtech 12.5%, and Medtech is on 12.4%. An increase in the EBITDA margin has been a focus area throughout the last three years, and that remains a top priority moving into 2026. Operating cash flow is normally high in the Q4, and this year was not an exception. We delivered almost SEK 900 million in the quarter, and for the full year, it was SEK 1.4 billion. Looking back to 2023, we were at 10.5%, increasing to 11.3%, and now we end 2025 on 12.1%. looking back to 2023 we were at 10.5% increasing to 11.3% and now we end 2025 on 12.1% Looking at the Q4 , Labtech margin remained at the high level of 14.1%, same as last year, while Medtech increased to 12% from 11.6%. looking at the q4 labtech margin remained at the high level of 14.1% same as last year while medtech increased to 12% from 11.6% Full-year EBITDA margin has also increased for both business areas. full-year ebitda margin has also increased for both business areas They are approximately at the same level now, Labtech 12.5%, and Medtech is on 12.4%. they are approximately at the same level now labtech 12.5% and medtech is on 12.4% An increase in the EBITDA margin has been a focus area throughout the last three years, and that remains a top priority moving into 2026. an increase in the ebitda margin has been a focus area throughout the last three years and that remains a top priority moving into 2026 Operating cash flow is normally high in the Q4 , and this year was not an exception. operating cash flow is normally high in the q4 and this year was not an exception We delivered almost SEK 900 million in the quarter, and for the full year, it was SEK 1.4 billion. we delivered almost sek 900 million in the quarter and for the full year it was sek 1.4 billion Also, cash conversion remains high at 111%. Excluding sales of operation, it was at a high 98%. And to be about 100, that is a little bit too high, so going forward, probably in the range of 95% is more realistic. And of course, focus on working capital efficiency remains a priority also in 2026. Working capital contributed with SEK 426 million in the quarter. And here we had lower inventory, we had strong collection of accounts receivables, and also account payable was higher. Looking at inventory to sales, we were at 16% throughout 2025, slightly better compared to 2024, that was 17%. Acquisitions in the quarter relate to Pharmacold and Opitek. Also, cash conversion remains high at 111%. also cash conversion remains high at 111% Excluding sales of operation, it was at a high 98%. excluding sales of operation it was at a high 98% And to be about 100, that is a little bit too high, so going forward, probably in the range of 95% is more realistic. and to be about 100 that is a little bit too high so going forward probably in the range of 95% is more realistic And of course, focus on working capital efficiency remains a priority also in 2026. and of course focus on working capital efficiency remains a priority also in 2026 Working capital contributed with SEK 426 million in the quarter. working capital contributed with sek 426 million in the quarter And here we had lower inventory, we had strong collection of accounts receivables, and also account payable was higher. and here we had lower inventory we had strong collection of accounts receivables and also account payable was higher Looking at inventory to sales, we were at 16% throughout 2025, slightly better compared to 2024, that was 17%. looking at inventory to sales we were at 16% throughout 2025 slightly better compared to 2024 that was 17% Acquisitions in the quarter relate to Pharmacold and Opitek. acquisitions in the quarter relate to pharmacold and opitek Net debt was reduced with almost SEK 800 million in the quarter, with majority of the loans in euros, here we had a positive impact from currencies. But the main reason for the net debt to be reduced in the quarter was due to repayment of loans and increase of cash. When we talk about net debt, we include, in addition to bank loans and deducting cash, lease liabilities, continuing consideration, pension liabilities, and provisions. Net debt in 2025 decreased with almost SEK 900 million, and at the end of the year, leverage were at 2.2, which is clearly below the target of 3 or below that we set up for ourselves. Net debt towards adjusted EBITDA was 2.5. The second financial target for AddLife is to have a profit over working cap of above 45%. Net debt was reduced with almost SEK 800 million in the quarter, with majority of the loans in euros, here we had a positive impact from currencies. net debt was reduced with almost sek 800 million in the quarter with majority of the loans in euros here we had a positive impact from currencies But the main reason for the net debt to be reduced in the quarter was due to repayment of loans and increase of cash. but the main reason for the net debt to be reduced in the quarter was due to repayment of loans and increase of cash When we talk about net debt, we include, in addition to bank loans and deducting cash, lease liabilities, continuing consideration, pension liabilities, and provisions. when we talk about net debt we include in addition to bank loans and deducting cash lease liabilities continuing consideration pension liabilities and provisions Net debt in 2025 decreased with almost SEK 900 million, and at the end of the year, leverage were at 2.2, which is clearly below the target of 3 or below that we set up for ourselves. net debt in 2025 decreased with almost sek 900 million and at the end of the year leverage were at 2.2 which is clearly below the target of 3 or below that we set up for ourselves Net debt towards adjusted EBITDA was 2.5. net debt towards adjusted ebitda was 2.5 The second financial target for AddLife is to have a profit over working cap of above 45%. the second financial target for addlife is to have a profit over working cap of above 45% 2025 ended at 62, compared to 51 last year. Debt has been reduced by a self-generated cash flow. Entering 2026, we now have a balance sheet that supports both organic and acquired growth. With that, I hand over to Fredrik again. 2025 ended at 62, compared to 51 last year. 2025 ended at 62 compared to 51 last year Debt has been reduced by a self-generated cash flow. debt has been reduced by a self-generated cash flow Entering 2026, we now have a balance sheet that supports both organic and acquired growth. entering 2026 we now have a balance sheet that supports both organic and acquired growth With that, I hand over to Fredrik again. with that i hand over to fredrik again

Speaker 2: Well, thank you, Christina, for that thorough review, and now we'll get into the business areas summaries. So starting with Labtech, as you may remember, Q4 of 2024 was a very strong quarter for Labtech. And this quarter, we saw currency-adjusted revenues decline a little bit by 3%. We're really pleased to note that the EBITDA margin was maintained in spite of that slight drop in revenue, so we are still at 14.1%, same as the corresponding quarter last year, so that's very healthy. We saw a little bit less instrument sales in this quarter compared to last year, and in that last year quarter, we had a very high level of instruments being delivered, linked to various tenders that we won. In the market in general, there has been some hesitation with academic market sales. Well, thank you, Christina, for that thorough review, and now we'll get into the business areas summaries. well thank you christina for that thorough review and now we'll get into the business areas summaries So starting with Labtech, as you may remember, Q4 of 2024 was a very strong quarter for Labtech. so starting with labtech as you may remember q4 of 2024 was a very strong quarter for labtech And this quarter, we saw currency-adjusted revenues decline a little bit by 3%. and this quarter we saw currency-adjusted revenues decline a little bit by 3% We're really pleased to note that the EBITDA margin was maintained in spite of that slight drop in revenue, so we are still at 14.1%, same as the corresponding quarter last year, so that's very healthy. we're really pleased to note that the ebitda margin was maintained in spite of that slight drop in revenue so we are still at 14.1% same as the corresponding quarter last year so that's very healthy We saw a little bit less instrument sales in this quarter compared to last year, and in that last year quarter, we had a very high level of instruments being delivered, linked to various tenders that we won. we saw a little bit less instrument sales in this quarter compared to last year and in that last year quarter we had a very high level of instruments being delivered linked to various tenders that we won In the market in general, there has been some hesitation with academic market sales. in the market in general there has been some hesitation with academic market sales We saw that this quarter also, but slightly better, I would say. We also saw a little bit of caution in the pharma industry segment. In the Q3 of this year, we were really pleased to note a very healthy development in Central and Eastern Europe, and we saw that continue into Q4, so that helped a lot, wrapping up the quarter for Labtech in a very healthy way. Moving on to Medtech then, we saw growth, excluding currency effects at 4%, and acquired growth was 1%. EBITDA margin improved to 12% from 11.6% in the corresponding quarter. Capital sales in the U.K. have been weak for some time now, as many of you have noted. We're really pleased to see that that actually improved in the Q4, so that's great news. We saw that this quarter also, but slightly better, I would say. we saw that this quarter also but slightly better i would say We also saw a little bit of caution in the pharma industry segment. we also saw a little bit of caution in the pharma industry segment In the Q3 of this year, we were really pleased to note a very healthy development in Central and Eastern Europe, and we saw that continue into Q4, so that helped a lot, wrapping up the quarter for Labtech in a very healthy way. in the q3 of this year we were really pleased to note a very healthy development in central and eastern europe and we saw that continue into q4 so that helped a lot wrapping up the quarter for labtech in a very healthy way Moving on to Medtech then, we saw growth, excluding currency effects at 4%, and acquired growth was 1%. moving on to medtech then we saw growth excluding currency effects at 4% and acquired growth was 1% EBITDA margin improved to 12% from 11.6% in the corresponding quarter. ebitda margin improved to 12% from 11.6% in the corresponding quarter Capital sales in the U.K. have been weak for some time now, as many of you have noted. capital sales in the u.k have been weak for some time now as many of you have noted We're really pleased to see that that actually improved in the Q4 , so that's great news. we're really pleased to see that that actually improved in the q4 so that's great news As I mentioned earlier, we have an agreement with a supplier to hand over the endoscopy business in U.K. and receive the consideration for that. Elective surgery in general in the European market tended to be relatively flat. The patients list weren't really shrinking, and on top of that, we also had strikes in U.K. as well as in Spain during the month of December, so number of surgical procedures were also relatively low. But anyways, a good growth in the Medtech business, and also helped by healthy development in home care, which we think will continue going forward. We talked a lot about improving margins, and that is indeed a key activity for us, actually, what we have chosen to prioritize the highest. So what are we actually doing? As I mentioned earlier, we have an agreement with a supplier to hand over the endoscopy business in U.K. and receive the consideration for that. as i mentioned earlier we have an agreement with a supplier to hand over the endoscopy business in u.k and receive the consideration for that Elective surgery in general in the European market tended to be relatively flat. elective surgery in general in the european market tended to be relatively flat The patients list weren't really shrinking, and on top of that, we also had strikes in U.K. as well as in Spain during the month of December, so number of surgical procedures were also relatively low. the patients list weren't really shrinking and on top of that we also had strikes in u.k as well as in spain during the month of december so number of surgical procedures were also relatively low But anyways, a good growth in the Medtech business, and also helped by healthy development in home care, which we think will continue going forward. but anyways a good growth in the medtech business and also helped by healthy development in home care which we think will continue going forward We talked a lot about improving margins, and that is indeed a key activity for us, actually, what we have chosen to prioritize the highest. we talked a lot about improving margins and that is indeed a key activity for us actually what we have chosen to prioritize the highest So what are we actually doing? so what are we actually doing We are working on margin improvement initiatives in the eye surgery business. We are strengthening the margins in home care. We are working with specific initiatives in the companies where we see further improvement potential. And then on a more general level, we are always driving gradual and continuous performance improvement programs across all companies. This is a key piece of our business model. We are also pruning our product portfolio, removing products that are less profitable, and adding new and advanced high-margin products. We are also increasing the share on products, and of course, the acquisitions we make are focused on higher margin segments and are expected to contribute to this positive development in terms of margin. And we do these activities, we drive them, of course, starting with our fantastic companies within the group. We are working on margin improvement initiatives in the eye surgery business. we are working on margin improvement initiatives in the eye surgery business We are strengthening the margins in home care. we are strengthening the margins in home care We are working with specific initiatives in the companies where we see further improvement potential. we are working with specific initiatives in the companies where we see further improvement potential And then on a more general level, we are always driving gradual and continuous performance improvement programs across all companies. and then on a more general level we are always driving gradual and continuous performance improvement programs across all companies This is a key piece of our business model. this is a key piece of our business model We are also pruning our product portfolio, removing products that are less profitable, and adding new and advanced high-margin products. we are also pruning our product portfolio removing products that are less profitable and adding new and advanced high-margin products We are also increasing the share on products, and of course, the acquisitions we make are focused on higher margin segments and are expected to contribute to this positive development in terms of margin. we are also increasing the share on products and of course the acquisitions we make are focused on higher margin segments and are expected to contribute to this positive development in terms of margin And we do these activities, we drive them, of course, starting with our fantastic companies within the group. and we do these activities we drive them of course starting with our fantastic companies within the group They are all led by strong and empowered leadership teams, and they have a very nice entrepreneurial spirit that we like to see, so they are very strong in this continuous work to improve margins. They are also supported by a group of experienced business unit leaders. We are also leveraging the activities we have within AddLife Academy, and a strong group of business controllers. And on top of that, the companies together with their business unit leaders work on an acquisition agenda, improving margins over time. So with this, we have a lot of activities ongoing. We have seen a lot of good results, and we do expect those results to continue. I also want to highlight our unmatched European coverage. This is something that we have been working on for quite some time, creating a Pan-European footprint. They are all led by strong and empowered leadership teams, and they have a very nice entrepreneurial spirit that we like to see, so they are very strong in this continuous work to improve margins. they are all led by strong and empowered leadership teams and they have a very nice entrepreneurial spirit that we like to see so they are very strong in this continuous work to improve margins They are also supported by a group of experienced business unit leaders. they are also supported by a group of experienced business unit leaders We are also leveraging the activities we have within AddLife Academy, and a strong group of business controllers. we are also leveraging the activities we have within addlife academy and a strong group of business controllers And on top of that, the companies together with their business unit leaders work on an acquisition agenda, improving margins over time. and on top of that the companies together with their business unit leaders work on an acquisition agenda improving margins over time So with this, we have a lot of activities ongoing. so with this we have a lot of activities ongoing We have seen a lot of good results, and we do expect those results to continue. we have seen a lot of good results and we do expect those results to continue I also want to highlight our unmatched European coverage. i also want to highlight our unmatched european coverage This is something that we have been working on for quite some time, creating a Pan-European footprint. this is something that we have been working on for quite some time creating a pan-european footprint So of course, our origins in the Nordics are strong, but we are very strong in Western Europe, Central and Eastern Europe, as well as Southern Europe. This is important for us because it gives access to a very large market. It gives us more supplier opportunities. We are also able to choose from a broader range of acquisition targets, which is quite powerful, because we can be selective and really choose the acquisition targets that are attractive in many ways, including healthy multiples. So, and I also want to move forward to acquisitions now. So of course, our origins in the Nordics are strong, but we are very strong in Western Europe, Central and Eastern Europe, as well as Southern Europe. so of course our origins in the nordics are strong but we are very strong in western europe central and eastern europe as well as southern europe This is important for us because it gives access to a very large market. this is important for us because it gives access to a very large market It gives us more supplier opportunities. it gives us more supplier opportunities We are also able to choose from a broader range of acquisition targets, which is quite powerful, because we can be selective and really choose the acquisition targets that are attractive in many ways, including healthy multiples. we are also able to choose from a broader range of acquisition targets which is quite powerful because we can be selective and really choose the acquisition targets that are attractive in many ways including healthy multiples So, and I also want to move forward to acquisitions now. so and i also want to move forward to acquisitions now Again, acquisitions are again becoming a very important growth driver for us, and in the month of December, we were very pleased to welcome two new companies to the AddLife family, starting with Pharmacold, which is specialized in highly customized refrigeration technologies, as well as services for the pharma industry and for the healthcare sectors. Together with Holm & Halby's customer base and regulatory know-how, we see great potential for these highly customized products and to grow that business even further. So a very nice and healthy acquisition here, relatively small, but with great potential. Another acquisition that we concluded in the month of December is a Danish manufacturer specializing in patient positioning products that address both staff ergonomics as well as patient safety. We have worked with this company for many years. Again, acquisitions are again becoming a very important growth driver for us, and in the month of December, we were very pleased to welcome two new companies to the AddLife family, starting with Pharmacold, which is specialized in highly customized refrigeration technologies, as well as services for the pharma industry and for the healthcare sectors. again acquisitions are again becoming a very important growth driver for us and in the month of december we were very pleased to welcome two new companies to the addlife family starting with pharmacold which is specialized in highly customized refrigeration technologies as well as services for the pharma industry and for the healthcare sectors Together with Holm & Halby's customer base and regulatory know-how, we see great potential for these highly customized products and to grow that business even further. together with holm & halby's customer base and regulatory know-how we see great potential for these highly customized products and to grow that business even further So a very nice and healthy acquisition here, relatively small, but with great potential. so a very nice and healthy acquisition here relatively small but with great potential Another acquisition that we concluded in the month of December is a Danish manufacturer specializing in patient positioning products that address both staff ergonomics as well as patient safety. another acquisition that we concluded in the month of december is a danish manufacturer specializing in patient positioning products that address both staff ergonomics as well as patient safety We have worked with this company for many years. we have worked with this company for many years We know the products well, and they are really well-renowned in the market. This business will become part of Mediplast, and very much in line with the strategy that we have to increase the share of our own products. So a nice addition to the business and very much in line with the strategies that we have laid out. So very happy to also welcome Opitek to the AddLife family. So to summarize the quarter, we are very pleased to note that the margin improvements, they do continue, in the Q4, as well as for the full year, of course. And we are working diligently on these efforts, and we do expect further potential to improve the margins going forward. Of course, currency effect impacted revenues, but organic and acquired growth were positive compared with a strong Q4 in 2024. We know the products well, and they are really well-renowned in the market. we know the products well and they are really well-renowned in the market This business will become part of Mediplast, and very much in line with the strategy that we have to increase the share of our own products. this business will become part of mediplast and very much in line with the strategy that we have to increase the share of our own products So a nice addition to the business and very much in line with the strategies that we have laid out. so a nice addition to the business and very much in line with the strategies that we have laid out So very happy to also welcome Opitek to the AddLife family. so very happy to also welcome opitek to the addlife family So to summarize the quarter, we are very pleased to note that the margin improvements, they do continue, in the Q4 , as well as for the full year, of course. so to summarize the quarter we are very pleased to note that the margin improvements they do continue in the q4 as well as for the full year of course And we are working diligently on these efforts, and we do expect further potential to improve the margins going forward. and we are working diligently on these efforts and we do expect further potential to improve the margins going forward Of course, currency effect impacted revenues, but organic and acquired growth were positive compared with a strong Q4 in 2024. of course currency effect impacted revenues but organic and acquired growth were positive compared with a strong q4 in 2024 We're very pleased with the fact that Net debt to EBITDA is now at 2.2, so this means that our ambition to reduce it below 3 has been achieved and exceeded. We have, with this, we have strengthened the balance sheet, and this enables us to really pick up the pace with acquisitions again, which we did already in December, and we expect a lot of activity going forward. So I can really say that we look forward with confidence and enthusiasm to a strong 2026. Thank you very much. And with that, we open up for a Q&A. It's live. Okay. All right, so, thank you for listening in to the presentation, and now we are ready for questions. And I think we see a few of you having raised their hands already. We're very pleased with the fact that Net debt to EBITDA is now at 2.2, so this means that our ambition to reduce it below 3 has been achieved and exceeded. we're very pleased with the fact that net debt to ebitda is now at 2.2 so this means that our ambition to reduce it below 3 has been achieved and exceeded We have, with this, we have strengthened the balance sheet, and this enables us to really pick up the pace with acquisitions again, which we did already in December, and we expect a lot of activity going forward. we have with this we have strengthened the balance sheet and this enables us to really pick up the pace with acquisitions again which we did already in december and we expect a lot of activity going forward So I can really say that we look forward with confidence and enthusiasm to a strong 2026. so i can really say that we look forward with confidence and enthusiasm to a strong 2026 Thank you very much. thank you very much And with that, we open up for a Q&A. and with that we open up for a q&a It's live. it's live Okay. okay All right, so, thank you for listening in to the presentation, and now we are ready for questions. all right so thank you for listening in to the presentation and now we are ready for questions And I think we see a few of you having raised their hands already. and i think we see a few of you having raised their hands already So, Philip, maybe you can start, and don't forget to unmute. So, Philip, maybe you can start, and don't forget to unmute. so philip maybe you can start and don't forget to unmute

Speaker 3: Morning. I hope you can hear me now. Morning. morning I hope you can hear me now. i hope you can hear me now

Speaker 2: Yes. Yes. yes

Speaker 3: Starting on the UK market recovery, positive to hear that you're seeing some early signs there. Could you elaborate a bit on the momentum you're seeing entering 2026 and what you're seeing throughout the coming year here? Starting on the UK market recovery, positive to hear that you're seeing some early signs there. starting on the uk market recovery positive to hear that you're seeing some early signs there Could you elaborate a bit on the momentum you're seeing entering 2026 and what you're seeing throughout the coming year here? could you elaborate a bit on the momentum you're seeing entering 2026 and what you're seeing throughout the coming year here

Speaker 2: Yes, of course. Thank you. Good question. So, as you may remember, we have seen for really the whole year a bit of a hesitation in primarily capital spending and capital investments in the UK market. And, we're pleased to note that in the Q4, that actually started to improve again. So that's a healthy sign. Looking at the general trend in the UK market, there was a little bit of a, I would say, subdued surgical procedures because of flu and also strikes and whatnot, but capital really did pick up. So we're pleased to note that. So that's a good sign also for the future. Yes, of course. yes of course Thank you. thank you Good question. good question So, as you may remember, we have seen for really the whole year a bit of a hesitation in primarily capital spending and capital investments in the UK market. so as you may remember we have seen for really the whole year a bit of a hesitation in primarily capital spending and capital investments in the uk market And, we're pleased to note that in the Q4 , that actually started to improve again. and we're pleased to note that in the q4 that actually started to improve again So that's a healthy sign. so that's a healthy sign Looking at the general trend in the UK market, there was a little bit of a, I would say, subdued surgical procedures because of flu and also strikes and whatnot, but capital really did pick up. looking at the general trend in the uk market there was a little bit of a i would say subdued surgical procedures because of flu and also strikes and whatnot but capital really did pick up So we're pleased to note that. so we're pleased to note that So that's a good sign also for the future. so that's a good sign also for the future We can also note that, as we have stated before, the NHS has become more and more clear in their vision for the future, where in the, you know, after the election, immediately it was relatively vague. It's become more and more focused and clear what they are planning to do. And in January, we have seen further statements talking about robotic surgery, talking about AI, talking about gene sequencing, things that we as a group are quite engaged in. So I think these are all positive signs. I hope that's an answer to your question, Philip. We can also note that, as we have stated before, the NHS has become more and more clear in their vision for the future, where in the, you know, after the election, immediately it was relatively vague. we can also note that as we have stated before the nhs has become more and more clear in their vision for the future where in the you know after the election immediately it was relatively vague It's become more and more focused and clear what they are planning to do. it's become more and more focused and clear what they are planning to do And in January, we have seen further statements talking about robotic surgery, talking about AI, talking about gene sequencing, things that we as a group are quite engaged in. and in january we have seen further statements talking about robotic surgery talking about ai talking about gene sequencing things that we as a group are quite engaged in So I think these are all positive signs. so i think these are all positive signs I hope that's an answer to your question, Philip. i hope that's an answer to your question philip

Speaker 3: Good to hear. Good to hear. good to hear

Speaker 2: Yeah. Yeah. yeah

Speaker 3: Yeah, of course. Good. And while we're on the notion of UK and also perhaps Spain, the strikes in December, early December- Yeah, of course. yeah of course Good. good And while we're on the notion of UK and also perhaps Spain, the strikes in December, early December- and while we're on the notion of uk and also perhaps spain the strikes in december early december-

Speaker 2: Yeah Yeah yeah

Speaker 3: ... is it possible to quantify that impact or, or give an indication of, of how large that impact was? ... is it possible to quantify that impact or, or give an indication of, of how large that impact was? is it possible to quantify that impact or or give an indication of of how large that impact was

Speaker 2: ... A little bit tricky, but I think we should look at it as a few days of, you know, lost surgical procedures. So a few days of sales in UK as well as in Spain. ... A little bit tricky, but I think we should look at it as a few days of, you know, lost surgical procedures. a little bit tricky but i think we should look at it as a few days of you know lost surgical procedures So a few days of sales in UK as well as in Spain. so a few days of sales in uk as well as in spain

Speaker 3: Sure, makes sense. And then perhaps finally from me, and then I'll get back into the queue. You talk about an improvement home care market, which is positive, of course. Sure, makes sense. sure makes sense And then perhaps finally from me, and then I'll get back into the queue. and then perhaps finally from me and then i'll get back into the queue You talk about an improvement home care market, which is positive, of course. you talk about an improvement home care market which is positive of course

Speaker 2: Yeah. Yeah. yeah

Speaker 3: Sort of, what's your visibility on it, and, and how sustainable is it? Is it throughout the year- Sort of, what's your visibility on it, and, and how sustainable is it? sort of what's your visibility on it and and how sustainable is it Is it throughout the year- is it throughout the year-

Speaker 2: I think- I think- i think-

Speaker 3: ... or is it a few months, or? ... or is it a few months, or? or is it a few months or

Speaker 2: Well, I think we're starting to see signs of improvement, but we still have work to do. I mean, it's still an area where we think there is further growth and margin improvement potential. So there are a few things that are going on here. We have a few initiatives that have been worked on with the... In terms of product launches and so on, that are now starting to show signs of really picking up the pace, so that's exciting, that a lot of that is on the technology side. On top of that, we have also seen in multiple countries, you know, a healthy trend in terms of construction, so some new care homes and so on, that are, you know, being built or being planned to be built. Well, I think we're starting to see signs of improvement, but we still have work to do. well i think we're starting to see signs of improvement but we still have work to do I mean, it's still an area where we think there is further growth and margin improvement potential. i mean it's still an area where we think there is further growth and margin improvement potential So there are a few things that are going on here. so there are a few things that are going on here We have a few initiatives that have been worked on with the... we have a few initiatives that have been worked on with the In terms of product launches and so on, that are now starting to show signs of really picking up the pace, so that's exciting, that a lot of that is on the technology side. in terms of product launches and so on that are now starting to show signs of really picking up the pace so that's exciting that a lot of that is on the technology side On top of that, we have also seen in multiple countries, you know, a healthy trend in terms of construction, so some new care homes and so on, that are, you know, being built or being planned to be built. on top of that we have also seen in multiple countries you know a healthy trend in terms of construction so some new care homes and so on that are you know being built or being planned to be built So I think, you know, the outlook, in general in that market, is improving, and our internal initiatives are also starting to show signs of results. So, more work to do, but some positive direction there I think we can see. So I think, you know, the outlook, in general in that market, is improving, and our internal initiatives are also starting to show signs of results. so i think you know the outlook in general in that market is improving and our internal initiatives are also starting to show signs of results So, more work to do, but some positive direction there I think we can see. so more work to do but some positive direction there i think we can see

Speaker 3: Thanks very much. I'll get back into the queue. Thank you. Thanks very much. thanks very much I'll get back into the queue. i'll get back into the queue Thank you. thank you

Speaker 2: All right. Thank you. Thank you for a good question, and so I think, we have Ulrik here. So yeah. All right. all right Thank you. thank you Thank you for a good question, and so I think, we have Ulrik here. thank you for a good question and so i think we have ulrik here So yeah. so yeah

Speaker 4: Yes. Yes. yes

Speaker 2: So- So- so-

Speaker 4: Hopefully, you can hear me all right. Hopefully, you can hear me all right. hopefully you can hear me all right

Speaker 2: Yeah. Yeah. yeah Yes, we can. Yes. Yes, we can. yes we can Yes. yes

Speaker 4: Great. Good morning, Fredrik and Christina. A few questions on my end. You commented on a slightly softer Labtech market, especially in Denmark, and a bit of caution from the pharma companies. Is that something that you see broad-based and something you potentially could elaborate a little bit about? Great. great Good morning, Fredrik and Christina. good morning fredrik and christina A few questions on my end. a few questions on my end You commented on a slightly softer Labtech market, especially in Denmark, and a bit of caution from the pharma companies. you commented on a slightly softer labtech market especially in denmark and a bit of caution from the pharma companies Is that something that you see broad-based and something you potentially could elaborate a little bit about? is that something that you see broad-based and something you potentially could elaborate a little bit about

Speaker 2: Well, not super broad-based. I think it's quite, you know, primarily a Denmark thing, where we've seen a little bit of hesitation just very recently. We're not super worried about it. I think there is a healthy underlying market and growth there, so I think, you know, in 2026, that should pick up again is our expectation. So nothing dramatic there, but looking at our numbers, Denmark came down a little bit on the sales side, but partly currency, but also a little bit of a slower activity. But again, we do think it's temporary. Well, not super broad-based. well not super broad-based I think it's quite, you know, primarily a Denmark thing, where we've seen a little bit of hesitation just very recently. i think it's quite you know primarily a denmark thing where we've seen a little bit of hesitation just very recently We're not super worried about it. we're not super worried about it I think there is a healthy underlying market and growth there, so I think, you know, in 2026, that should pick up again is our expectation. i think there is a healthy underlying market and growth there so i think you know in 2026 that should pick up again is our expectation So nothing dramatic there, but looking at our numbers, Denmark came down a little bit on the sales side, but partly currency, but also a little bit of a slower activity. so nothing dramatic there but looking at our numbers denmark came down a little bit on the sales side but partly currency but also a little bit of a slower activity But again, we do think it's temporary. but again we do think it's temporary

Speaker 4: Just general on the market conditions, because I remember, like one year ago, we did see a trend shift in tender activity. You entered into a few higher margin tenders, and that's looked to have continued throughout 2025. So can you just give us sort of the state of the sort of tender market, where we're at versus what we entered into 2025? Just general on the market conditions, because I remember, like one year ago, we did see a trend shift in tender activity. just general on the market conditions because i remember like one year ago we did see a trend shift in tender activity You entered into a few higher margin tenders, and that's looked to have continued throughout 2025. you entered into a few higher margin tenders and that's looked to have continued throughout 2025 So can you just give us sort of the state of the sort of tender market, where we're at versus what we entered into 2025? so can you just give us sort of the state of the sort of tender market where we're at versus what we entered into 2025

Speaker 2: I think we're... You know, we have seen the impact of these tenders. There were quite a few, you know, in a fairly short period of time that we were successful in winning, and those instruments were installed. A lot of it were installed back in Q4 in 2024, so that was a bit of a peak on instrument sales there. Of course, we have been benefiting from those sales related to the instruments that were installed, so the consumable sales have been, you know, supporting us throughout the year and will continue to do so going forward. Tender activity in general, I think it's normal, normal, I would say. I think we're... i think we're You know, we have seen the impact of these tenders. you know we have seen the impact of these tenders There were quite a few, you know, in a fairly short period of time that we were successful in winning, and those instruments were installed. there were quite a few you know in a fairly short period of time that we were successful in winning and those instruments were installed A lot of it were installed back in Q4 in 2024, so that was a bit of a peak on instrument sales there. a lot of it were installed back in q4 in 2024 so that was a bit of a peak on instrument sales there Of course, we have been benefiting from those sales related to the instruments that were installed, so the consumable sales have been, you know, supporting us throughout the year and will continue to do so going forward. of course we have been benefiting from those sales related to the instruments that were installed so the consumable sales have been you know supporting us throughout the year and will continue to do so going forward Tender activity in general, I think it's normal, normal, I would say. tender activity in general i think it's normal normal i would say Activity ongoing, for sure, but sometimes there's a little bit more, sometimes there's a little bit less quarter-to-quarter, but then overall, you know, no, no trend shift really, I would say. So. Activity ongoing, for sure, but sometimes there's a little bit more, sometimes there's a little bit less quarter- to- quarter, but then overall, you know, no, no trend shift really, I would say. activity ongoing for sure but sometimes there's a little bit more sometimes there's a little bit less quarter- to- quarter but then overall you know no no trend shift really i would say So. so

Speaker 4: Great. Great. great

Speaker 2: I hope that's an answer to your question. I hope that's an answer to your question. i hope that's an answer to your question

Speaker 4: Yeah. Yeah, absolutely. That's perfect, Fredrik, thanks. And, you sound optimistic about continuous margin improvements, and we have spoken before that there is improvements to be done in home care, and you've done a lot of tail cutting on the med tech side, generally throughout 2025. Have you seen the full effects of the tail cutting, and are you done on that end, where you feel... Obviously there's some natural tail cutting going on, I guess, in your business, but majority of it's done in 2025. And second question would be then to follow up, if you have enjoyed sort of the full effects on the margin side from those cutting out lower margin products? Yeah. yeah Yeah, absolutely. yeah absolutely That's perfect, Fredrik, thanks. that's perfect fredrik thanks And, you sound optimistic about continuous margin improvements, and we have spoken before that there is improvements to be done in home care, and you've done a lot of tail cutting on the med tech side, generally throughout 2025. and you sound optimistic about continuous margin improvements and we have spoken before that there is improvements to be done in home care and you've done a lot of tail cutting on the med tech side generally throughout 2025 Have you seen the full effects of the tail cutting, and are you done on that end, where you feel... have you seen the full effects of the tail cutting and are you done on that end where you feel Obviously there's some natural tail cutting going on, I guess, in your business, but majority of it's done in 2025. obviously there's some natural tail cutting going on i guess in your business but majority of it's done in 2025 And second question would be then to follow up, if you have enjoyed sort of the full effects on the margin side from those cutting out lower margin products? and second question would be then to follow up if you have enjoyed sort of the full effects on the margin side from those cutting out lower margin products

Speaker 2: There were a few bigger measures taken during the year, you're correct. So we've seen that, you know, playing out nicely. But the evolution of the product portfolio, it continues, and so then I'm sure that we will be, you know, looking at portfolios and taking out less interesting products. For sure, we are adding a lot of new things. I think the overall of 2025, we've increased our activity in terms of business development, finding new suppliers, and that has, you know, generated a number of new products, you know, being brought into the portfolio. Some of them have started to sell, but sometimes it takes time, especially if it's a novel technology. There were a few bigger measures taken during the year, you're correct. there were a few bigger measures taken during the year you're correct So we've seen that, you know, playing out nicely. so we've seen that you know playing out nicely But the evolution of the product portfolio, it continues, and so then I'm sure that we will be, you know, looking at portfolios and taking out less interesting products. but the evolution of the product portfolio it continues and so then i'm sure that we will be you know looking at portfolios and taking out less interesting products For sure, we are adding a lot of new things. for sure we are adding a lot of new things I think the overall of 2025, we've increased our activity in terms of business development, finding new suppliers, and that has, you know, generated a number of new products, you know, being brought into the portfolio. i think the overall of 2025 we've increased our activity in terms of business development finding new suppliers and that has you know generated a number of new products you know being brought into the portfolio Some of them have started to sell, but sometimes it takes time, especially if it's a novel technology. some of them have started to sell but sometimes it takes time especially if it's a novel technology And these activities and increased resource both, you know, in the larger companies, but also using our network to support the smaller companies, evolution of the portfolio. So I think, more to come in terms of continuous addition of advanced products, for sure. And these activities and increased resource both, you know, in the larger companies, but also using our network to support the smaller companies, evolution of the portfolio. and these activities and increased resource both you know in the larger companies but also using our network to support the smaller companies evolution of the portfolio So I think, more to come in terms of continuous addition of advanced products, for sure. so i think more to come in terms of continuous addition of advanced products for sure

Speaker 4: ... Great! And last question on my end before getting back into the queue. Can you say anything about the margin profile of the divested endoscopy business, if it was on par with the rest of Medtech or roughly where they were at? ... Great! great And last question on my end before getting back into the queue. and last question on my end before getting back into the queue Can you say anything about the margin profile of the divested endoscopy business, if it was on par with the rest of Medtech or roughly where they were at? can you say anything about the margin profile of the divested endoscopy business if it was on par with the rest of medtech or roughly where they were at

Speaker 2: Yeah, it was a healthy margin business for sure compared to the Healthcare 21 other product lines, so good margin business. Yeah, it was a healthy margin business for sure compared to the Healthcare 21 other product lines, so good margin business. yeah it was a healthy margin business for sure compared to the healthcare 21 other product lines so good margin business

Speaker 4: Okay. Thanks, and, and I'll get back into the queue. Okay. okay Thanks, and, and I'll get back into the queue. thanks and and i'll get back into the queue

Speaker 2: All right. Thanks, Ulrik. So now we move forward, so we have Albin here, right? Are you ready for us? Should be unmuted now. All right. all right Thanks, Ulrik. thanks ulrik So now we move forward, so we have Albin here, right? so now we move forward so we have albin here right Are you ready for us? are you ready for us Should be unmuted now. should be unmuted now

Speaker 5: Yeah. Yeah. yeah

Speaker 2: Yeah. Hello, Albin, are you ready for us? Are you still unmuted, really? Yeah. yeah Hello, Albin, are you ready for us? hello albin are you ready for us Are you still unmuted, really? are you still unmuted really

Speaker 5: No. You hear me now? No. no You hear me now? you hear me now

Speaker 2: Now, now we hear you. Now, now we hear you. now now we hear you

Speaker 5: Yeah. All right. Yeah. yeah All right. all right

Speaker 2: Sorry about that. Sorry about that. sorry about that

Speaker 5: Yeah, okay. Thanks for taking my questions as well. I think I will stay on the margin side here. We've never seen such high gross margin in Q4, and, of course, you're still working with it, focusing on it, but, is this just like the new focus, or is it some timing effects as well? And how should we think about the gross margin heading into 2026? Yeah, okay. yeah okay Thanks for taking my questions as well. thanks for taking my questions as well I think I will stay on the margin side here. i think i will stay on the margin side here We've never seen such high gross margin in Q4, and, of course, you're still working with it, focusing on it, but, is this just like the new focus, or is it some timing effects as well? we've never seen such high gross margin in q4 and of course you're still working with it focusing on it but is this just like the new focus or is it some timing effects as well And how should we think about the gross margin heading into 2026? and how should we think about the gross margin heading into 2026

Speaker 2: Yeah, I think... Do you wanna comment on that, Kristina? Is there something- Yeah, I think... yeah i think Do you wanna comment on that, Kristina? do you wanna comment on that kristina Is there something- is there something-

Speaker 1: There, there's no one-offs into it, no. It's more the result, I think, of the continuous work that has been done during the last three years. There, there's no one-offs into it, no. there there's no one-offs into it no It's more the result, I think, of the continuous work that has been done during the last three years. it's more the result i think of the continuous work that has been done during the last three years

Speaker 2: Yeah. Yeah, so nothing dramatic disturbing the comparison, you know, I would say. I think it's like Kristina said, you know, something we have prioritized and something that we're working on, and something that's that every company is contributing to. Yeah. yeah Yeah, so nothing dramatic disturbing the comparison, you know, I would say. yeah so nothing dramatic disturbing the comparison you know i would say I think it's like Kristina said, you know, something we have prioritized and something that we're working on, and something that's that every company is contributing to. i think it's like kristina said you know something we have prioritized and something that we're working on and something that's that every company is contributing to

Speaker 1: Mm. Mm. mm

Speaker 5: All right, guys, that's good to hear. And then on the M&A pipeline, you're now down at 2.2x net debt to EBITDA, and impressively so. Can you give us an update on the pipeline, and how do you find the competition and pricing in the market, currently? All right, guys, that's good to hear. all right guys that's good to hear And then on the M&A pipeline, you're now down at 2.2x net debt to EBITDA, and impressively so. and then on the m&a pipeline you're now down at 2.2x net debt to ebitda and impressively so Can you give us an update on the pipeline, and how do you find the competition and pricing in the market, currently? can you give us an update on the pipeline and how do you find the competition and pricing in the market currently

Speaker 2: Yeah, no, I think we're, we're very pleased, that we have, you know, reached a, you know, a really good level on, on the net debt to EBITDA, so, you know, so we can, you know, put these, concerns about balance sheet behind us. That's nice. We have been expecting this and preparing for it, right? So we have, over the last almost two years, been gradually gearing up the activity and resource, focusing on, on, acquisition. So the business unit leaders are, are driving their respective agendas for, for what type of acquisitions they want to make, and they, and they are supported by a strong, strong team of, transaction specialists here, in, at the head office. So, so this pipeline, looks healthy. Yeah, no, I think we're, we're very pleased, that we have, you know, reached a, you know, a really good level on, on the net debt to EBITDA, so, you know, so we can, you know, put these, concerns about balance sheet behind us. yeah no i think we're we're very pleased that we have you know reached a you know a really good level on on the net debt to ebitda so you know so we can you know put these concerns about balance sheet behind us That's nice. that's nice We have been expecting this and preparing for it, right? we have been expecting this and preparing for it right So we have, over the last almost two years, been gradually gearing up the activity and resource, focusing on, on, acquisition. so we have over the last almost two years been gradually gearing up the activity and resource focusing on on acquisition So the business unit leaders are, are driving their respective agendas for, for what type of acquisitions they want to make, and they, and they are supported by a strong, strong team of, transaction specialists here, in, at the head office. so the business unit leaders are are driving their respective agendas for for what type of acquisitions they want to make and they and they are supported by a strong strong team of transaction specialists here in at the head office So, so this pipeline, looks healthy. so so this pipeline looks healthy We have a number of discussions ongoing, and we have a pretty clear plan of what we expect to do in the coming quarter. So I think we are, you know, optimistic about it. And then, of course, we are picky. You know, we do stick to our criteria. We are picky about evaluation and so on. And since we have a quite long list of attractive targets, and we can search all over Europe, as we mentioned earlier, we will be picky when it comes to quality of company and the evaluation as well. But I think it looks good, so we're excited about it. We have a number of discussions ongoing, and we have a pretty clear plan of what we expect to do in the coming quarter. we have a number of discussions ongoing and we have a pretty clear plan of what we expect to do in the coming quarter So I think we are, you know, optimistic about it. so i think we are you know optimistic about it And then, of course, we are picky. and then of course we are picky You know, we do stick to our criteria. you know we do stick to our criteria We are picky about evaluation and so on. we are picky about evaluation and so on And since we have a quite long list of attractive targets, and we can search all over Europe, as we mentioned earlier, we will be picky when it comes to quality of company and the evaluation as well. and since we have a quite long list of attractive targets and we can search all over europe as we mentioned earlier we will be picky when it comes to quality of company and the evaluation as well But I think it looks good, so we're excited about it. but i think it looks good so we're excited about it

Speaker 5: Okay, that's clear. And then as looking at net sales per country, I just noticed that the rest of the world is now down at SEK 2 million. Maybe I missed something here, but what does that stem from, and is that part of the plan? Okay, that's clear. okay that's clear And then as looking at net sales per country, I just noticed that the rest of the world is now down at SEK 2 million. and then as looking at net sales per country i just noticed that the rest of the world is now down at sek 2 million Maybe I missed something here, but what does that stem from, and is that part of the plan? maybe i missed something here but what does that stem from and is that part of the plan

Speaker 2: The rest of the world, I think that's primarily China, Australia, US to some extent. Yeah. So, it's coming down a little bit. Well, I think we're clearly seeing, you know, some of our companies that are selling into the US market, primarily research, certainly feel a change in behavior there. The rest of the world, I think that's primarily China, Australia, US to some extent. the rest of the world i think that's primarily china australia us to some extent Yeah. yeah So, it's coming down a little bit. so it's coming down a little bit Well, I think we're clearly seeing, you know, some of our companies that are selling into the US market, primarily research, certainly feel a change in behavior there. well i think we're clearly seeing you know some of our companies that are selling into the us market primarily research certainly feel a change in behavior there

Speaker 1: Mm. Mm. mm

Speaker 2: But it's, it's, on a group level, it doesn't really move the needle, but, but for those companies, it's, it's, it's obvious. But it's, it's, on a group level, it doesn't really move the needle, but, but for those companies, it's, it's, it's obvious. but it's it's on a group level it doesn't really move the needle but but for those companies it's it's it's obvious

Speaker 5: All right, thanks. That's all for me. Thank you. All right, thanks. all right thanks That's all for me. that's all for me Thank you. thank you

Speaker 2: Yeah, thank you. Thank you. And now, let's move forward to Jakob. Let's see. I think he's still on mute, right? So to make sure. Yeah, thank you. yeah thank you Thank you. thank you And now, let's move forward to Jakob. and now let's move forward to jakob Let's see. let's see I think he's still on mute, right? i think he's still on mute right So to make sure. so to make sure Uh, hello. Uh, hello. uh hello Now. Now. now

Speaker 6: Can you hear me? Can you hear me? can you hear me

Speaker 2: Yes, we can hear you. Hello, good morning. Yes, we can hear you. yes we can hear you Hello, good morning. hello good morning

Speaker 6: Yeah, good morning. Great. My first question is on the Medtech EBITDA margin. Just to understand, or looking at the UK on the sales, it seems that the UK actually grew in the quarter, but you still say that the profitability is down from the UK used to be here. Yeah, good morning. yeah good morning Great. great My first question is on the Medtech EBITDA margin. my first question is on the medtech ebitda margin Just to understand, or looking at the UK on the sales, it seems that the UK actually grew in the quarter, but you still say that the profitability is down from the UK used to be here. just to understand or looking at the uk on the sales it seems that the uk actually grew in the quarter but you still say that the profitability is down from the uk used to be here

Speaker 2: Well, I think if we look at the UK for the whole year, it's been you know, negative, unfortunately, in the first three quarters, but now it improved significantly in the Q4, so we're pleased about that. And it was driven to a large extent by more capital sales, so that's exciting. So the question there on the profitability, I think you know that we received a question earlier that asked about the business that we're discontinuing and whether that was a high or low margin business. I would say it's a good margin business in line with what we normally see in the UK market. So that's how we would look at it. Is that... You know, was that the question you had? Well, I think if we look at the UK for the whole year, it's been you know, negative, unfortunately, in the first three quarters, but now it improved significantly in the Q4 , so we're pleased about that. well i think if we look at the uk for the whole year it's been you know negative unfortunately in the first three quarters but now it improved significantly in the q4 so we're pleased about that And it was driven to a large extent by more capital sales, so that's exciting. and it was driven to a large extent by more capital sales so that's exciting So the question there on the profitability, I think you know that we received a question earlier that asked about the business that we're discontinuing and whether that was a high or low margin business. so the question there on the profitability i think you know that we received a question earlier that asked about the business that we're discontinuing and whether that was a high or low margin business I would say it's a good margin business in line with what we normally see in the UK market. i would say it's a good margin business in line with what we normally see in the uk market So that's how we would look at it. so that's how we would look at it Is that... is that You know, was that the question you had? you know was that the question you had

Speaker 6: Yeah, not really. I mean, if I recall correctly, you had a quite good sales to the U.K. a year ago, and now you're able to grow that earnings contribution from the U.K. in this quarter as well, despite the sort of negative impact from flus and worse operating this and so on. Yeah, not really. yeah not really I mean, if I recall correctly, you had a quite good sales to the U.K. a year ago, and now you're able to grow that earnings contribution from the U.K. in this quarter as well, despite the sort of negative impact from flus and worse operating this and so on. i mean if i recall correctly you had a quite good sales to the u.k a year ago and now you're able to grow that earnings contribution from the u.k in this quarter as well despite the sort of negative impact from flus and worse operating this and so on

Speaker 2: Yeah, I think the conclusion is that, you know, a number of surgical procedures hasn't really grown. It's been a little bit challenged by flu and strikes and whatnot, but it's been holding up, so to speak, and then on top of that, we've seen a marked pickup when it comes to capital. So that's good. I mean, it's been a bit of a challenge, a decline over the past few quarters, but now it's changed direction, so that's a positive. Yeah, I think the conclusion is that, you know, a number of surgical procedures hasn't really grown. yeah i think the conclusion is that you know a number of surgical procedures hasn't really grown It's been a little bit challenged by flu and strikes and whatnot, but it's been holding up, so to speak, and then on top of that, we've seen a marked pickup when it comes to capital. it's been a little bit challenged by flu and strikes and whatnot but it's been holding up so to speak and then on top of that we've seen a marked pickup when it comes to capital So that's good. so that's good I mean, it's been a bit of a challenge, a decline over the past few quarters, but now it's changed direction, so that's a positive. i mean it's been a bit of a challenge a decline over the past few quarters but now it's changed direction so that's a positive

Speaker 6: Okay. Then just if we look forward, last year, I, I think, Q1 was clearly the strongest quarter in terms of EBITDA margin for Medtech. Is, is that still what we should expect in 2026? I know there is a sort of UK budget effect in Q1. Okay. okay Then just if we look forward, last year, I, I think, Q1 was clearly the strongest quarter in terms of EBITDA margin for Medtech. then just if we look forward last year i i think q1 was clearly the strongest quarter in terms of ebitda margin for medtech Is, is that still what we should expect in 2026? is is that still what we should expect in 2026 I know there is a sort of UK budget effect in Q1. i know there is a sort of uk budget effect in q1

Speaker 2: Yeah, I think, we don't wanna really, you know, make any projections or forecasts or outlooks for, for coming quarters, but normally we do see, Q1, the, the final year of the fiscal year for NHS is, is normally strong. You know, of course, the discontinued business, you know, there might be, in previous years, some sales related to that, that will not happen in, in Q1. But, but other, other sales, will, so, so that's to keep in mind. But, apart from that, I don't want to give any real outlook for, for the, for the coming quarters. But of course, we... In general, we're, we, we think many, many parts of our business is really picking up the pace, and there's a lot of stability in other parts. Yeah, I think, we don't wanna really, you know, make any projections or forecasts or outlooks for, for coming quarters, but normally we do see, Q1, the, the final year of the fiscal year for NHS is, is normally strong. yeah i think we don't wanna really you know make any projections or forecasts or outlooks for for coming quarters but normally we do see q1 the the final year of the fiscal year for nhs is is normally strong You know, of course, the discontinued business, you know, there might be, in previous years, some sales related to that, that will not happen in, in Q1. you know of course the discontinued business you know there might be in previous years some sales related to that that will not happen in in q1 But, but other, other sales, will, so, so that's to keep in mind. but but other other sales will so so that's to keep in mind But, apart from that, I don't want to give any real outlook for, for the, for the coming quarters. but apart from that i don't want to give any real outlook for for the for the coming quarters But of course, we... but of course we In general, we're, we, we think many, many parts of our business is really picking up the pace, and there's a lot of stability in other parts. in general we're we we think many many parts of our business is really picking up the pace and there's a lot of stability in other parts I think, you know, overall, we're optimistic about the future. I think, you know, overall, we're optimistic about the future. i think you know overall we're optimistic about the future

Speaker 6: And just a short follow-up, the divested business, is that more capital or consumables? And just a short follow-up, the divested business, is that more capital or consumables? and just a short follow-up the divested business is that more capital or consumables

Speaker 2: Mix, yeah. Capital and consumables, and service. Mix, yeah. mix yeah Capital and consumables, and service. capital and consumables and service

Speaker 6: Okay, and then just a final question, a sort of follow-on on the M&A pipeline. If you can talk a bit about sort of what type of companies you have in the pipeline and also the size, if it's just more smaller companies or larger ones. Okay, and then just a final question, a sort of follow-on on the M&A pipeline. okay and then just a final question a sort of follow-on on the m&a pipeline If you can talk a bit about sort of what type of companies you have in the pipeline and also the size, if it's just more smaller companies or larger ones. if you can talk a bit about sort of what type of companies you have in the pipeline and also the size if it's just more smaller companies or larger ones

Speaker 2: Well, yeah, I think we have a good mix in the pipeline. We're actively in dialogues with a few and then analyzing a number of others and so on. So it looks pretty healthy. We are sticking to our criteria, which means that the company should be below EUR 50 million in turnover, and the sweet spot, probably lower than that, you know, say 10-30, somewhere in that neighborhood, in EUR 10-30 million of turnover. And they should also be in areas that we understand, and we have a, you know, a good knowledge base to assess the companies. We love the entrepreneurial ones, of course, prefer to buy companies from entrepreneurial owners. Well, yeah, I think we have a good mix in the pipeline. well yeah i think we have a good mix in the pipeline We're actively in dialogues with a few and then analyzing a number of others and so on. we're actively in dialogues with a few and then analyzing a number of others and so on So it looks pretty healthy. so it looks pretty healthy We are sticking to our criteria, which means that the company should be below EUR 50 million in turnover, and the sweet spot, probably lower than that, you know, say 10-30, somewhere in that neighborhood, in EUR 10-30 million of turnover. we are sticking to our criteria which means that the company should be below eur 50 million in turnover and the sweet spot probably lower than that you know say 10-30 somewhere in that neighborhood in eur 10-30 million of turnover And they should also be in areas that we understand, and we have a, you know, a good knowledge base to assess the companies. and they should also be in areas that we understand and we have a you know a good knowledge base to assess the companies We love the entrepreneurial ones, of course, prefer to buy companies from entrepreneurial owners. we love the entrepreneurial ones of course prefer to buy companies from entrepreneurial owners So we're sticking to the plan here, and, of course, what we can look at the previous acquisitions, I think, Edge and Bonsai Lab are excellent examples of acquisitions we like to see. The ones we made in December are also great additions, but they are a little bit on the small side, so a little bit bigger than that, but certainly not the very big ones of 2021 and 2022. So we're sticking to the plan here, and, of course, what we can look at the previous acquisitions, I think, Edge and Bonsai Lab are excellent examples of acquisitions we like to see. so we're sticking to the plan here and of course what we can look at the previous acquisitions i think edge and bonsai lab are excellent examples of acquisitions we like to see The ones we made in December are also great additions, but they are a little bit on the small side, so a little bit bigger than that, but certainly not the very big ones of 2021 and 2022. the ones we made in december are also great additions but they are a little bit on the small side so a little bit bigger than that but certainly not the very big ones of 2021 and 2022

Speaker 1: Of course, an EBITDA margin contributing to the group as well. Of course, an EBITDA margin contributing to the group as well. of course an ebitda margin contributing to the group as well

Speaker 2: Yes. Of course. So I hope that gives some clarity, but hopefully, we will be able to communicate more about that in a not-too-distant future. Yes. yes Of course. of course So I hope that gives some clarity, but hopefully, we will be able to communicate more about that in a not-too-distant future. so i hope that gives some clarity but hopefully we will be able to communicate more about that in a not-too-distant future

Speaker 6: Okay, that's great. Thank you. Okay, that's great. okay that's great Thank you. thank you

Speaker 2: Thank you. Thank you. Now we have Mattias. I think he's on mute still, right? Thank you. thank you Thank you. thank you Now we have Mattias. now we have mattias I think he's on mute still, right? i think he's on mute still right

Speaker 7: Yes, good morning. Thanks so much for taking my question. I had only a few left, so... But I'm gonna try and push you a bit more on the M&A side. So you state in the report, you will be fully able to execute your growth plan for both organic and acquisition-driven growth. So is it possible to give us maybe a number or range in terms of your aspiration for 2026? If not, at least compare with the contribution from M&A in 2025, which added 1%, so, which is obviously below. It's a move towards, you know, the right direction, but, you know, should we think about a 5%-7% contribution? Yes, good morning. yes good morning Thanks so much for taking my question. thanks so much for taking my question I had only a few left, so... i had only a few left so But I'm gonna try and push you a bit more on the M&A side. but i'm gonna try and push you a bit more on the m&a side So you state in the report, you will be fully able to execute your growth plan for both organic and acquisition-driven growth. so you state in the report you will be fully able to execute your growth plan for both organic and acquisition-driven growth So is it possible to give us maybe a number or range in terms of your aspiration for 2026? so is it possible to give us maybe a number or range in terms of your aspiration for 2026 If not, at least compare with the contribution from M&A in 2025, which added 1%, so, which is obviously below. if not at least compare with the contribution from m&a in 2025 which added 1% so which is obviously below It's a move towards, you know, the right direction, but, you know, should we think about a 5%-7% contribution? it's a move towards you know the right direction but you know should we think about a 5%-7% contribution Or, you know, what, obviously dependent on deals and signatures, but, you know, your aspiration would be interesting to hear. Or, you know, what, obviously dependent on deals and signatures, but, you know, your aspiration would be interesting to hear. or you know what obviously dependent on deals and signatures but you know your aspiration would be interesting to hear

Speaker 2: Yeah. Well, something like that, Mattias. I mean, traditionally, we have, you know, said that to achieve our 15% profit growth target, roughly half of that should come from organic and half of it from acquisitions. And in the past, we're kind of proud that we have almost achieved that 15% through organic activity. You know, the organic activity will continue, no doubt. But you know, in 2026 and beyond, we should get back to that, more of that mix of roughly 50/50 over time. So that means you know, a few more acquisitions. We had three in 2025, right? So it's gonna have to be a few more than that. Yeah. yeah Well, something like that, Mattias. well something like that mattias I mean, traditionally, we have, you know, said that to achieve our 15% profit growth target, roughly half of that should come from organic and half of it from acquisitions. i mean traditionally we have you know said that to achieve our 15% profit growth target roughly half of that should come from organic and half of it from acquisitions And in the past, we're kind of proud that we have almost achieved that 15% through organic activity. and in the past we're kind of proud that we have almost achieved that 15% through organic activity You know, the organic activity will continue, no doubt. you know the organic activity will continue no doubt But you know, in 2026 and beyond, we should get back to that, more of that mix of roughly 50/50 over time. but you know in 2026 and beyond we should get back to that more of that mix of roughly 50/50 over time So that means you know, a few more acquisitions. so that means you know a few more acquisitions We had three in 2025, right? we had three in 2025 right So it's gonna have to be a few more than that. so it's gonna have to be a few more than that

Speaker 7: That's helpful. And then, with regards to the divestment and the 140 million krona in revenues, you know, obviously, you spoke about Q1, so obviously no more shipments there, but then in the report, you talk about an ability to gradually replace it over time, but perhaps not already in 2026. So talk about that process in terms of gradually replacing. That's helpful. that's helpful And then, with regards to the divestment and the 140 million krona in revenues, you know, obviously, you spoke about Q1, so obviously no more shipments there, but then in the report, you talk about an ability to gradually replace it over time, but perhaps not already in 2026. and then with regards to the divestment and the 140 million krona in revenues you know obviously you spoke about q1 so obviously no more shipments there but then in the report you talk about an ability to gradually replace it over time but perhaps not already in 2026 So talk about that process in terms of gradually replacing. so talk about that process in terms of gradually replacing

Speaker 2: ... Yeah, so I think that's a great point. That's something, you know, first of all, I would like to say, you know, having a setup like this where we hand over a business to a supplier is fairly normal, right? It is something that happens all the time in the life of a distributor. This, what set this apart a little bit is, you know, we really got, you know, a handsome payout for all the work we've done to build that business. So that's a positive in many ways. And then, of course, this is something we know happens from time to time, so we work in a continuous way to add new products to the portfolio. ... Yeah, so I think that's a great point. yeah so i think that's a great point That's something, you know, first of all, I would like to say, you know, having a setup like this where we hand over a business to a supplier is fairly normal, right? that's something you know first of all i would like to say you know having a setup like this where we hand over a business to a supplier is fairly normal right It is something that happens all the time in the life of a distributor. it is something that happens all the time in the life of a distributor This, what set this apart a little bit is, you know, we really got, you know, a handsome payout for all the work we've done to build that business. this what set this apart a little bit is you know we really got you know a handsome payout for all the work we've done to build that business So that's a positive in many ways. so that's a positive in many ways And then, of course, this is something we know happens from time to time, so we work in a continuous way to add new products to the portfolio. and then of course this is something we know happens from time to time so we work in a continuous way to add new products to the portfolio And we like to add, you know, more products and to broaden the portfolio as well as evolving it towards even more advanced products. So this has been ongoing for a while. We don't expect, and actually don't want, just one quick replacement of the same size. We would rather have a few more products added to it. And of course, that's not starting now. That's been ongoing for a long time now. So the gradual addition of products has started to happen, and will continue during the year. I think, you know, will there be a big chunk of the business immediately replacing it, of the same size coming in Q1? No. But it's been ongoing for quite some time. And we like to add, you know, more products and to broaden the portfolio as well as evolving it towards even more advanced products. and we like to add you know more products and to broaden the portfolio as well as evolving it towards even more advanced products So this has been ongoing for a while. so this has been ongoing for a while We don't expect, and actually don't want, just one quick replacement of the same size. we don't expect and actually don't want just one quick replacement of the same size We would rather have a few more products added to it. we would rather have a few more products added to it And of course, that's not starting now. and of course that's not starting now That's been ongoing for a long time now. that's been ongoing for a long time now So the gradual addition of products has started to happen, and will continue during the year. so the gradual addition of products has started to happen and will continue during the year I think, you know, will there be a big chunk of the business immediately replacing it, of the same size coming in Q1? i think you know will there be a big chunk of the business immediately replacing it of the same size coming in q1 No. no But it's been ongoing for quite some time. but it's been ongoing for quite some time So I would say a gradual replacement of that business is already ongoing. So I would say a gradual replacement of that business is already ongoing. so i would say a gradual replacement of that business is already ongoing

Speaker 7: That's helpful. Thanks so much. Final question from me. You know, you spoke about products that were discontinued due to shaping the portfolio towards more higher margin products. I didn't catch if Christina perhaps quantified what portion of sales that were discontinued during the year to help us understand the bridge from, you know, the 2024 base to the very end of 2025. That's helpful. that's helpful Thanks so much. thanks so much Final question from me. final question from me You know, you spoke about products that were discontinued due to shaping the portfolio towards more higher margin products. you know you spoke about products that were discontinued due to shaping the portfolio towards more higher margin products I didn't catch if Christina perhaps quantified what portion of sales that were discontinued during the year to help us understand the bridge from, you know, the 2024 base to the very end of 2025. i didn't catch if christina perhaps quantified what portion of sales that were discontinued during the year to help us understand the bridge from you know the 2024 base to the very end of 2025

Speaker 1: We haven't really quantified that, but then if we look at the mix of everything that has happened, it's approx 1% we're talking about. We haven't really quantified that, but then if we look at the mix of everything that has happened, it's approx 1% we're talking about. we haven't really quantified that but then if we look at the mix of everything that has happened it's approx 1% we're talking about

Speaker 7: Yeah. Yeah. Okay. Brilliant. Thanks so much. Yeah. yeah Yeah. yeah Okay. okay Brilliant. brilliant Thanks so much. thanks so much

Speaker 1: Yeah. Yeah. yeah

Speaker 2: Good, good. Good, good. good good

Speaker 1: So- So- so-

Speaker 2: Gustav, yes. Still on mute, right? Gustav, yes. gustav yes Still on mute, right? still on mute right

Speaker 8: Yeah. Yeah. yeah

Speaker 2: Now. Now. now

Speaker 8: Yes, good morning. It's Gustav from Odin. Yes, good morning. yes good morning It's Gustav from Odin. it's gustav from odin

Speaker 2: Yeah. Yeah. yeah

Speaker 8: Um- Um- um-

Speaker 2: Hello- Hello- hello-

Speaker 8: Hey, good morning, good morning. To come back to Medtech here and our favorite topic of Vision, in terms of that margin, can we get some sort of ballpark indication on how that is progressing here? It's still, you know, within the range of mid-single digits, or what's your view there? Hey, good morning, good morning. hey good morning good morning To come back to Medtech here and our favorite topic of Vision, in terms of that margin, can we get some sort of ballpark indication on how that is progressing here? to come back to medtech here and our favorite topic of vision in terms of that margin can we get some sort of ballpark indication on how that is progressing here It's still, you know, within the range of mid-single digits, or what's your view there? it's still you know within the range of mid-single digits or what's your view there

Speaker 2: Yes, mid-single digits. It is improving over last year, you know, not dramatically, but it is improving. It's better than last year, Q4, so that's nice. We have actually taken quite a few, you know, measures within that group in this quarter as well. Things that we have seen that needs to be addressed and have been addressed in the quarter. So that gives us further confidence in the direction of the British and the German business. In other parts of the business, I think, as you know, that we have what I would say achieved a good level of stability and a nice trajectory. So that's great. Yes, mid-single digits. yes mid-single digits It is improving over last year, you know, not dramatically, but it is improving. it is improving over last year you know not dramatically but it is improving It's better than last year, Q4, so that's nice. it's better than last year q4 so that's nice We have actually taken quite a few, you know, measures within that group in this quarter as well. we have actually taken quite a few you know measures within that group in this quarter as well Things that we have seen that needs to be addressed and have been addressed in the quarter. things that we have seen that needs to be addressed and have been addressed in the quarter So that gives us further confidence in the direction of the British and the German business. so that gives us further confidence in the direction of the british and the german business In other parts of the business, I think, as you know, that we have what I would say achieved a good level of stability and a nice trajectory. in other parts of the business i think as you know that we have what i would say achieved a good level of stability and a nice trajectory So that's great. so that's great So now with these measures, we, we hope that the same thing will, will, apply for, for all the parts of the business. So, so mid-single digits, still improving, but of course, lots of more upside, I would say, in that business before we are happy with, with the, with, with it as it stands. Yeah. So now with these measures, we, we hope that the same thing will, will, apply for, for all the parts of the business. so now with these measures we we hope that the same thing will will apply for for all the parts of the business So, so mid-single digits, still improving, but of course, lots of more upside, I would say, in that business before we are happy with, with the, with, with it as it stands. so so mid-single digits still improving but of course lots of more upside i would say in that business before we are happy with with the with with it as it stands Yeah. yeah

Speaker 8: No, that's perfect. Then do you expect effect already here in 2026 from these measures you have taken here recently or? No, that's perfect. no that's perfect Then do you expect effect already here in 2026 from these measures you have taken here recently or? then do you expect effect already here in 2026 from these measures you have taken here recently or

Speaker 2: Yes. Yes. yes

Speaker 1: Yes. Yes. yes

Speaker 8: Okay, perfect. Okay, perfect. okay perfect

Speaker 2: Yeah, we're aligned there. Yeah, we're aligned there. yeah we're aligned there

Speaker 8: Then, in terms of Labtech, just one final question here. Given that you saw, I mean, lower instrument sales in Q4, and, of course, I mean, compared to Q4 last year, it was a strong quarter. We know that. But in terms of the Labtech margin, I mean, did you see a net positive mix effect on the margin, you know, coming from gene sequencing, or how would you describe it? I mean, we saw organic growth down 3%, so just to get a better understanding there. Then, in terms of Labtech, just one final question here. then in terms of labtech just one final question here Given that you saw, I mean, lower instrument sales in Q4, and, of course, I mean, compared to Q4 last year, it was a strong quarter. given that you saw i mean lower instrument sales in q4 and of course i mean compared to q4 last year it was a strong quarter We know that. we know that But in terms of the Labtech margin, I mean, did you see a net positive mix effect on the margin, you know, coming from gene sequencing, or how would you describe it? but in terms of the labtech margin i mean did you see a net positive mix effect on the margin you know coming from gene sequencing or how would you describe it I mean, we saw organic growth down 3%, so just to get a better understanding there. i mean we saw organic growth down 3% so just to get a better understanding there

Speaker 2: Yeah, I think it's a good point. I mean, we didn't have the same level of instruments as the somewhat unusual Q4 of last year. So we're actually quite happy with the fact that we remained at 14.1%. That's a very healthy margin. So I think you're correct. There is a healthy underlying trend in that business. Some of the businesses are, you know, gradually improving, you know, great customer relationships and strong supplier relationships, and also doing an excellent job in adding new products. Others still have some work to do in primarily those on the research side, where we have seen a little bit less stability in demand. Yeah, I think it's a good point. yeah i think it's a good point I mean, we didn't have the same level of instruments as the somewhat unusual Q4 of last year. i mean we didn't have the same level of instruments as the somewhat unusual q4 of last year So we're actually quite happy with the fact that we remained at 14.1%. so we're actually quite happy with the fact that we remained at 14.1% That's a very healthy margin. that's a very healthy margin So I think you're correct. so i think you're correct There is a healthy underlying trend in that business. there is a healthy underlying trend in that business Some of the businesses are, you know, gradually improving, you know, great customer relationships and strong supplier relationships, and also doing an excellent job in adding new products. some of the businesses are you know gradually improving you know great customer relationships and strong supplier relationships and also doing an excellent job in adding new products Others still have some work to do in primarily those on the research side, where we have seen a little bit less stability in demand. others still have some work to do in primarily those on the research side where we have seen a little bit less stability in demand But I think, you know, we have a quite impressive product portfolio, and we see good trend, you know, good evolution in those areas. We have made some changes also there in the past few months. So I think, you know, we're confident that we're on the right track there as well. So, you know, I think it's a healthy business, but there is also room for improvement. But I think, you know, we have a quite impressive product portfolio, and we see good trend, you know, good evolution in those areas. but i think you know we have a quite impressive product portfolio and we see good trend you know good evolution in those areas We have made some changes also there in the past few months. we have made some changes also there in the past few months So I think, you know, we're confident that we're on the right track there as well. so i think you know we're confident that we're on the right track there as well So, you know, I think it's a healthy business, but there is also room for improvement. so you know i think it's a healthy business but there is also room for improvement

Speaker 8: Okay, so it sounds more like it's structural rather than a temporary mix, positive mix effect in Q4 then? Okay, so it sounds more like it's structural rather than a temporary mix, positive mix effect in Q4 then? okay so it sounds more like it's structural rather than a temporary mix positive mix effect in q4 then

Speaker 2: Yeah, I would say there's a structural improvement, underneath, so to speak. Yeah. Yeah, I would say there's a structural improvement, underneath, so to speak. yeah i would say there's a structural improvement underneath so to speak Yeah. yeah

Speaker 8: No, that's perfect. Thank you very much. No, that's perfect. no that's perfect Thank you very much. thank you very much

Speaker 2: Thank you. Thank you. Thank you. thank you Thank you. thank you

Speaker 1: Thank you. Thank you. thank you

Speaker 2: Okay, so now let's see. Do we have any more questions? No one seems to be raising their hand, but thanks everyone for listening in, and thanks for great questions. And, you know, you're all free to email or call afterwards if you wanna follow up on specific topics. So with that, we wrap up, but I do encourage you to stay on to see the video about Biolin. Biolin is a very exciting company, developing and manufacturing really advanced products for the research field. So please take a look at that if you have a few more minutes to spare. Thank you very much, and thank you, everyone. Okay, so now let's see. okay so now let's see Do we have any more questions? do we have any more questions No one seems to be raising their hand, but thanks everyone for listening in, and thanks for great questions. no one seems to be raising their hand but thanks everyone for listening in and thanks for great questions And, you know, you're all free to email or call afterwards if you wanna follow up on specific topics. and you know you're all free to email or call afterwards if you wanna follow up on specific topics So with that, we wrap up, but I do encourage you to stay on to see the video about Biolin. so with that we wrap up but i do encourage you to stay on to see the video about biolin Biolin is a very exciting company, developing and manufacturing really advanced products for the research field. biolin is a very exciting company developing and manufacturing really advanced products for the research field So please take a look at that if you have a few more minutes to spare. so please take a look at that if you have a few more minutes to spare Thank you very much, and thank you, everyone. thank you very much and thank you everyone

Speaker 9: Scale. They are used by leading universities and industry. Closely with research team. At Biolin Scientific, we combine precise measurement science with values of teamwork, ownership, and simplicity. We don't just build instruments, we provide the scientific foundation for discoveries that shape a better future. We help innovators in research and industry get reliable results faster and easier. Our instrument and sensors are designed for advanced analysis of thin films and surface and interface phenomena at nanoscale. They are used by leading universities and industrial laboratories around the world for both fundamental research and product development. Biolin Scientific work closely with research team to support new discoveries in both academia and industry. The company was founded in 1996 at the Chalmers University of Technology in Sweden. We are close to 70 employees, representing approximately 25 different nationalities. Diversity is key to our success, which we are super proud of. Scale. scale They are used by leading universities and industry. they are used by leading universities and industry Closely with research team. closely with research team At Biolin Scientific, we combine precise measurement science with values of teamwork, ownership, and simplicity. at biolin scientific we combine precise measurement science with values of teamwork ownership and simplicity We don't just build instruments, we provide the scientific foundation for discoveries that shape a better future. we don't just build instruments we provide the scientific foundation for discoveries that shape a better future We help innovators in research and industry get reliable results faster and easier. we help innovators in research and industry get reliable results faster and easier Our instrument and sensors are designed for advanced analysis of thin films and surface and interface phenomena at nanoscale. our instrument and sensors are designed for advanced analysis of thin films and surface and interface phenomena at nanoscale They are used by leading universities and industrial laboratories around the world for both fundamental research and product development. they are used by leading universities and industrial laboratories around the world for both fundamental research and product development Biolin Scientific work closely with research team to support new discoveries in both academia and industry. biolin scientific work closely with research team to support new discoveries in both academia and industry The company was founded in 1996 at the Chalmers University of Technology in Sweden. the company was founded in 1996 at the chalmers university of technology in sweden We are close to 70 employees, representing approximately 25 different nationalities. we are close to 70 employees representing approximately 25 different nationalities Diversity is key to our success, which we are super proud of. diversity is key to our success which we are super proud of Focus on research-driven innovation, Biolin Scientific stands out as a key enabler of scientific progress. Focus on research-driven innovation, Biolin Scientific stands out as a key enabler of scientific progress. focus on research-driven innovation biolin scientific stands out as a key enabler of scientific progress Biolin Scientific has three main product lines, all of which are developed and manufactured entirely in-house. In two of these product lines, Biolin Scientific is a clear global market leader. In recent years, Biolin Scientific has been taking the next step on its journey. Building its strong foundation in academia, the company is now also focusing on expanding the industrial segment worldwide. With entrepreneurial roots in both Sweden and Finland, the company has grown into a highly innovative global player. Biolin Scientific continues to create value, and as AddLife owner, we are proud to be part of that journey. Biolin Scientific has three main product lines, all of which are developed and manufactured entirely in-house. biolin scientific has three main product lines all of which are developed and manufactured entirely in-house In two of these product lines, Biolin Scientific is a clear global market leader. in two of these product lines biolin scientific is a clear global market leader In recent years, Biolin Scientific has been taking the next step on its journey. in recent years biolin scientific has been taking the next step on its journey Building its strong foundation in academia, the company is now also focusing on expanding the industrial segment worldwide. building its strong foundation in academia the company is now also focusing on expanding the industrial segment worldwide With entrepreneurial roots in both Sweden and Finland, the company has grown into a highly innovative global player. with entrepreneurial roots in both sweden and finland the company has grown into a highly innovative global player Biolin Scientific continues to create value, and as AddLife owner, we are proud to be part of that journey. biolin scientific continues to create value and as addlife owner we are proud to be part of that journey