BICO (BICO) investor relations material

Executive summary

• Net sales in Q2 2026 reached SEK 336.1m, up 3.7% year-over-year, with organic growth of 7.3%.

• Adjusted EBITDA improved to SEK 20.1m, with a 6% margin, reflecting a 21 percentage point improvement from the prior year.

• Leadership transition announced: Anders Fogelberg appointed President and CEO effective September 1, 2026, succeeding Maria Forss, who will remain as Senior Advisor for a quarter.

• Profitability improved significantly, but the company still reported a net loss of SEK -37.2m for the quarter.

• Major restructuring and transformation programs are ongoing to enhance efficiency and streamline operations.

Financial highlights

• Q2 sales reached SEK 336 million, with 7% organic growth in local currencies and 4% total growth due to currency headwinds.

• Adjusted EBITDA margin was 6%, up from -15% in Q2 2025.

• Gross profit margin improved to 59.3% from 43.9% last year, driven by favorable product mix and higher share of direct sales.

• Cash flow from operating activities was SEK -53 million, mainly due to negative net working capital changes.

• Cash reserves at period end were SEK 628 million, with SEK 57 million restricted.

Outlook and guidance

• Management expresses confidence in gradual market recovery, though U.S. academic end markets remain soft due to reduced funding.

• Business is seasonal, with typically stronger performance in the second half of the year.

• No formal forecasts provided for 2026.

• Restructuring project launched in Q1 2026 is progressing as planned, supporting profitability improvements.

• Long-term supply and license agreements signed post-quarter are expected to positively impact Q3 revenue.