BICO (BICO) investor relations material

Executive summary

• Ended 2025 with double-digit organic sales growth in Lab Automation in Q4 and a strengthened cash position, despite overall negative organic sales growth and challenging market conditions.

• Successfully raised new capital in January 2026, supporting future growth and strategic initiatives.

• Executed on strategic initiatives, including portfolio focus, debt reduction, leaner operations, and customer-centric product launches.

• Significant non-cash impairments of SEK 1,036m were recognized in Q3, mainly due to revised forecasts and lower trading.

• Balance sheet strengthened by convertible bond buy-backs and divestments, with no dividend proposed for 2025.

Financial highlights

• Full-year 2025 net sales: SEK 1,497 million, with organic sales growth of -7.9% and adjusted EBITDA of SEK 5 million (0.3% margin).

• Q4 2025 net sales: SEK 451 million, organic sales growth -3.7%, adjusted EBITDA SEK 56 million (13% margin).

• Cash flow from operating activities: SEK 68 million for 2025; SEK 52 million in Q4.

• Year-end cash reserves: SEK 1,282 million, expected to be around SEK 670 million after bond settlement in March 2026.

• Full-year net loss: SEK -1,583.8 million (EPS: -22.38); Q4 net loss: SEK -59.2 million (EPS: -0.84).

Outlook and guidance

• Focus for 2026 on commercial excellence, R&D pipeline delivery, and financial discipline for profitable growth.

• Market for U.S. Academia expected to remain stable but subdued, with no further NIH funding cuts anticipated.

• OpEx levels in Q4 2025 seen as a new base for 2026, with ambition to scale on current cost base and continued cost controls.

• Financial targets: double-digit organic growth in constant currency, EBITDA margin above 10%, net debt/EBITDA below 3.0x.

• New capital from bond issuance positions the company to support growth and capture market recovery.