BICO (BICO) investor relations material

Executive summary

• Achieved 11% organic growth in Q1 2026, mainly driven by strong desktop instrument sales, despite ongoing geopolitical uncertainty and weak U.S. academic funding.

• Transitioned to reporting as a single operating unit, reflecting a more integrated business model and consolidated portfolio focused on lab automation and software intelligence.

• Adjusted EBITDA improved to SEK -11m, reflecting cost control and restructuring efforts, with a margin of -3.4%.

• Cash flow from operating activities was SEK 47m, positively impacted by working capital changes.

• MatTek and Visikol were classified as discontinued operations with retroactive effect.

Financial highlights

• Net sales for Q1 2026 were SEK 330m, with organic growth of 11% in constant currency, but reported sales declined 1.4% due to currency headwinds.

• Adjusted EBITDA was SEK -11m, impacted by SEK 52m in restructuring costs; margin was -3.4%.

• Cash reserves at period end were SEK 744m, with total cash flow for the quarter at minus SEK 547m due to bond settlement.

• Net working capital to LTM sales stood at 7%.

• Gross profit margin declined year-over-year due to unfavorable product mix, but adjusted EBITDA margin improved from increased sales and cost control.

Outlook and guidance

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

• Restructuring savings expected to begin in late 2026, with the majority realized in 2027; annualized savings of approximately SEK 30m expected.

• No formal forecasts or specific forward guidance on quarterly sales levels for sustained positive adjusted EBITA.

• Financial targets include double-digit organic growth in constant currency, EBITDA margin (less capitalized development cost) above 10%, and Net Debt to EBITDA below 3.0x.

• Q1 is typically the weakest quarter due to seasonality.