===== SIDA 1 ===== INTERIM REPORT JANUARY 1 – MARCH 31, 2025 Margin improvement continues, the debt level is reduced, and acquisition activity increases The margins improved in both business areas in line with our priorities and initiatives. The debt level continued to decrease, and we have achieved our ambition to lower the net debt in relation to EBITDA to below 3.0. AddLife is now ready to gradually increase acquisition activity, and at the beginning of April, the acquisition of Edge Medical was completed. Fredrik Dalborg, President and CEO FIRST QUARTER Net sales increased by 5 percent to SEK 2,702m (2,570). The organic growth, excluding exchange rate changes, was 4 percent and the acquired growth was 1 percent. EBITA increased by 18 percent to SEK 343m (291), corresponding to an EBITA margin of 12.7 percent (11.3). Profit after tax amounted to SEK 120m (63). Earnings per share amounted to SEK 0.98 (0.52). Earnings per share for the last 12 months amounted to SEK 2.53 (0.65). Cash flow from operating activities amounted to SEK 240m (97). The equity ratio was 41 percent (41). Return on working capital (P/WC) amounted to 53 percent (51). After the end of the quarter, an acquisition has been completed, Edge Medical Ltd., UK. Q1 Q1 ∆ Apr 2024- Full year SEKm 2025 2024 % Mar 2025 2024 Net sales 2,702 2,570 5 10,418 10,286 EBITA 343 291 18 1,211 1,159 EBITA margin, % 12.7 11.3 11.6 11.3 Profit/loss before taxes 172 100 72 477 405 Profit for the period 120 63 90 311 254 Earnings per share (EPS), before/after dilution, SEK 0.98 0.52 88 2.53 2.06 1 ===== SIDA 2 ===== NET SALES (SEKM) Quarter Rolling 12 months 2020 2021 2022 2023 2024 2025 0 600 1,200 1,800 2,400 3,000 0 2,200 4,400 6,600 8,800 11,000 EBITA (SEKM) Quarter Rolling 12 months 2020 2021 2022 2023 2024 2025 0 90 180 270 360 450 0 300 600 900 1,200 1,500 2 ===== SIDA 3 ===== COMMENTS BY THE CEO Margin improvement continues, the debt level is reduced, and acquisition activity increases Sales development was positive during the quarter, driven by Labtech with strong sales growth across all segments and geographies. Within Medtech sales growth was affected by the United Kingdom, where the normally strong first quarter was weaker this year compared to last year’s high level of instrument sales. The future prospects in the UK healthcare markets are good. In other areas within Medtech, sales generally developed well, and sales of consumables related to surgical procedures increased. The work to drive organic growth by gaining market share and developing the product portfolio is ongoing, and clear progress is being made in these areas. AddLife's companies have their customers primarily in healthcare and research. Demand in these areas is stable and generally not sensitive to economic fluctuations. With over 90 percent of sales and 80 percent of suppliers within Europe, AddLife's companies are well-positioned in a market situation with increased uncertainty around global trade. Improved Margins The efforts to drive margin improvements remain a high priority, and during the first quarter, we see continued clear improvements in both Labtech and Medtech. The strengthened margins are driven by extensive improvement work in some specific companies, continuous gradual improvements in all companies, and a general movement of the product portfolio towards more profitable segments and product groups. Improved Cash Flow, Reduced Debt, and Increased Acquisition Activity After achieving a very strong cash flow in the fourth quarter of 2024, a lower cash flow followed in the first quarter of 2025, as expected. However, compared to the first quarter of the previous year, cash flow improved significantly, and in combination with positive currency effects, this led to a strengthening of the balance sheet. Net debt in relation to EBITDA decreased to 2.8, and the ambition to reach 3.0 or below has now been achieved. AddLife will now gradually increase acquisition activity in accordance with established plans. In early April, the acquisition of Edge Medical was completed, a company with strong growth, high profitability, and that meets the acquisition criteria we have defined. The UK company Edge Medical has strong customer and supplier relationships and a product portfolio in orthopedic surgery, a prioritized segment for AddLife. In the acquisition process, AddLife has been able to leverage our companies' presence in geographic markets as well as deep product knowledge, which will also be significant assets when further developing the business. 3 ===== SIDA 4 ===== Summary and outlook The companies within AddLife continue to develop very well and in accordance with our priorities and business model. Our market positions provide good stability despite uncertainty in the world. The determined work to improve margins, drive organic growth, and improve cash flow and reduce debt continues. The work has yielded results, and we are now ready to gradually increase acquisition activity. I would like to conclude by thanking the team for their valuable efforts during the first quarter of the year and warmly welcoming Edge Medical to the AddLife family! Fredrik Dalborg President and CEO 4 ===== SIDA 5 ===== GROUP DEVELOPMENT Group performance in the quarter Net sales in the quarter increased by 5 percent to SEK 2,702m (2,570). Organic growth, excluding exchange rate effects, was 4 percent and the acquired growth was 1 percent. Exchange rate effects had a marginally negative impact on net sales during the quarter, amounting to SEK -6m. Increased revenue with an improved gross margin and largely unchanged costs resulted in EBITA increased by 18 percent to SEK 343m (291), and the EBITA margin amounted to 12.7 percent (11.3). Exchange rate fluctuations negatively impacted EBITA by SEK -1m. Net financial items amounted to SEK -63m (-86) and profit after financial items amounted to SEK 172m (100). Net financial items primarily include interest expenses related to financing of previous acquisitions and exchange rate fluctuations. Interest expenses amounted to SEK -58m (-77) and exchange rate loss to SEK -1m (-9). The profit after tax for the quarter was SEK 120m (63) and the effective tax rate was 30 percent (37). The slightly high effective tax rate is attributable to the effect of non-deductible interest. The geopolitical situation in Ukraine and the Middle East has not had any significant economic impact on the financial reports, but it cannot be ruled out that it may do so in the future. With approximately 90 percent of sales and 80 percent of purchases in Europe, AddLife should not be heavily exposed to tariffs and trade barriers by the USA or by other countries as countermeasures. However, there is a risk that subcontractors and components further down the supply chain may be subject to tariffs or trade barriers. We are closely monitoring market developments regarding inflation, tariffs and trade barriers, raw material, component and freight costs, as well as interest rate trends. SEKm NET SALES QUARTER 2,570​2,570 113​113 25​25 -6​-6 2,702​2,702 Q1 2024 Organic Acquisitions Currency Q1 2025 1,500 2,000 2,500 3,000 SEKm EBITA QUARTER 291​291 21​21 33​33 -2​-2 343​343 Q1 2024 Labtech Medtech Group Q1 2025 250 300 350 5 ===== SIDA 6 ===== Financial position and cash flow The equity ratio at the end of the interim period was 41 percent (41). Equity per share totalled SEK 41.99 (43.54) and the return on equity at the end of the interim period was 6 percent (5). Return on working capital, P/WC (EBITA in relation to working capital) amounted to 53 percent (51). The Group's interest-bearing net debt at the end of the interim period amounted to SEK 4,506m (4,920), including pension liabilities of SEK 62m (62), leasing liabilities of SEK 511m (531) and contingent considerations corresponding to SEK 90m (106). Outstanding bank loans at the end of the interim period amounted to SEK 4,183m (4,433), of which short-term bank loans were SEK 1,766m (749). The Group has a good margin in the covenants applicable under the banking agreements, which stipulate an interest coverage ratio of at least 4.0 times and an equity ratio exceeding 25 percent. As of the end of the interim period, the interest coverage ratio was 6.0 times according to the definition in the bank agreements. The net debt/equity ratio was 0.9 compared to 0.9 at the beginning of the interim period. The intention is to reduce debt through self-generated cash flow. Cash and cash equivalents, consisting of cash and bank balances, together with approved but non-utilised credit facilities, totalled SEK 1,307m (1,311) on March 31, 2025. The cash flow from current operations during the quarter amounted to SEK 240m (97), mainly attributable to a higher result after financial items. During the interim period, paid out contingent consideration related to acquisitions of companies in previous years amounted to SEK 13m (7). Net investments in non-current assets during the interim period amounted to SEK 64m (61) and are mainly attributable to investments in instruments for rental to customers. Exercised, issued and repurchased call options amounted to SEK 0m (-12). LONG TERM FINANCIAL GOALS *Adjusted for one-off costs PROFITABILITY P/WC (%) Rolling 12 months Target 45% 2023 2024 2025 0 25 50 75 PROFIT GROWTH (%) Rolling 12 months* Target 15% 2023 2024 2025 -15 0 15 30 6 ===== SIDA 7 ===== Acquisitions Acquisitions completed from the 2024 financial year are distributed among the Group’s business areas as follows: Net Sales, Number of Company Country Time SEKm* employees* Business area BonsaiLab S.L. Spain July, 2024 90 13 Labtech 90 13 Contingent consideration amounting to SEK 13m has been paid during the interim period for previous years' acquisitions of BonsaiLab and Emmat Medical. Acquisitions after the end of the interim period Net Sales, Number of Company Country Time SEKm* employees* Business area Edge Medical Ltd. UK April, 2025 90 20 Medtech 90 20 *Refers to conditions at the time of acquisition on a full-year basis. Employees At the end of the interim period, the number of employees was 2,251, compared to 2,256 at the beginning of the financial year. The average number of employees for the last 12-month period was 2,298 (2,297). 7 ===== SIDA 8 ===== BUSINESS AREA Labtech Companies in the Labtech business area are active in the market areas diagnostics, biomedical research and laboratory equipment. Q1 Q1 ∆ Apr 2024- Full year SEKm 2025 2024 % Mar 2025 2024 Net sales 989 863 15 3,923 3,797 Organic growth, % 12 -5 3 EBITA 120 99 21 466 445 EBITA margin, % 12.1 11.5 11.9 11.7 Labtech's net sales increased by 15 percent in the first quarter to SEK 989m (863). The organic sales growth amounted to 12 percent and the acquired growth amounted to 3 percent. Exchange rate changes had a marginally negative impact on net sales. EBITA increased by 21 percent to SEK 120m (99), corresponding to an EBITA margin of 12.1 percent (11.5). The development in Labtech was positive during the quarter, with growth across all segments and geographies. Instrument sales were higher compared to the relatively low volume in the first quarter of 2024. Margins strengthened during the quarter thanks to higher volumes but also due to ongoing improvement and efficiency efforts within several companies, which are now yielding concrete results. NET SALES QUARTER 863​863 105​105 26​26 -5​-5 989​989 Q1 2024 Organic Acquisitions Currency Q1 2025 750 900 1,050 8 ===== SIDA 9 ===== The diagnostics business is stable and growing, while some caution and uncertainty still exist regarding investments, particularly in academic research. Demand from customers in the pharmaceutical industry remains strong. Results from tenders won in previous quarters have started to show, and important new tenders have also been won during the first quarter. The companies within AddLife provide market-leading service, which creates strong customer and supplier relationships and differentiation as other players cut back on service resources. Active work is underway to develop product portfolios and bring in new suppliers of advanced products within prioritized segments, and progress is being made. NET SALES (SEKM) Quarter Rolling 12 months 2020 2021 2022 2023 2024 2025 0 300 600 900 1,200 1,500 1,800 0 1,000 2,000 3,000 4,000 5,000 NET SALES PER MARKET 2025 Sweden, 17% Italy, 15% Norway, 11% Denmark, 10% Finland, 9% Austria, 4% Czech Republic, 4% Germany, 3% Netherlands, 3% Poland, 3% Rest of Europe, 16% Rest of the world, 5% EBITA (SEKM) Quarter Rolling 12 months 2020 2021 2022 2023 2024 2025 0 60 120 180 240 300 0 220 440 660 880 1,100 EBITA-MARGIN (%) Quarter, % Rolling 12 months, % 2020 2021 2022 2023 2024 2025 0 5 10 15 20 25 0 5 10 15 20 25 9 ===== SIDA 10 ===== BUSINESS AREA Medtech Companies in the Medtech business area provide medical device products within the medtech market and assistive equipment within Homecare. Q1 Q1 ∆ Apr 2024- Full year SEKm 2025 2024 % Mar 2025 2024 Net sales 1,714 1,708 0 6,502 6,496 Organic growth, % 0 9 7 EBITA 231 198 16 779 746 EBITA margin, % 13.5 11.6 12.0 11.5 Net sales within Medtech increased marginally to SEK 1,714m (1,708) during the first quarter. Organic growth amounted to 0.4 percent and exchange rate had a marginally negative impact on net sales. EBITA increased by 16 percent to SEK 231m (198), corresponding to an EBITA margin of 13.5 percent (11.6). Most companies within Medtech experienced positive sales development during the quarter, but overall growth was low primarily because sales in the UK were not as strong as the previous year. The future prospects in the UK healthcare markets remain positive. The margin improved significantly due to gradual profitability improvements in most companies and significant improvements in some specific companies. NET SALES QUARTER 1,708​1,708 7​7 0​0 -1​-1 1,714​1,714 Q1 2024 Organic Acquisitions Currency Q1 2025 1,650 1,700 1,750 10 ===== SIDA 11 ===== In the UK, sales to the national healthcare system NHS are typically strong during the first quarter, both in consumables and instrument sales. In the first quarter of 2025, sales to the NHS were good but not as strong as in the corresponding quarter of 2024 when several large instrument deliveries were made. Despite lower instrument sales in the UK, the margin improved compared to the previous year. Sales in ophthalmic surgery decreased during the quarter as a result of pruning the product portfolio to focus on profitable products. The margin in ophthalmic surgery continued to strengthen, in line with the positive trend that is now established. Relationships with suppliers have generally strengthened, and key suppliers have returned to our companies. Pruning of the product range to focus on more profitable products occurred in several parts of the business, which has led to higher margins and, in some cases, reduced sales. In Homecare, demand was somewhat subdued due to restrained investments, especially in renovation and new construction projects. The long-term underlying positive drivers, such as an aging population and new technologies, remain unchanged. Efforts to expand the product portfolio with new advanced products are making progress, and the trend of larger product companies reviewing their commercial strategies continues, providing opportunities for companies within AddLife to take over new product portfolios. NET SALES (SEKM) Quarter Rolling 12 months 2020 2021 2022 2023 2024 2025 0 360 720 1,080 1,440 1,800 0 1,120 2,240 3,360 4,480 5,600 6,720 NET SALES PER MARKET 2025 UK, 21% Ireland, 20% Spain, 15% Sweden, 8% Norway, 7% Switzerland, 5% Germany, 5% Denmark, 4% Italy, 3% Finland, 2% Austria, 2% Rest of Europe, 6% Rest of the world, 2% EBITA (SEKM) Quarter Rolling 12 months 2020 2021 2022 2023 2024 2025 0 60 120 180 240 300 140 280 420 560 700 840 EBITA-MARGIN (%) Quarter, % Rolling 12 months, % 2020 2021 2022 2023 2024 2025 0 4 8 12 16 20 0 4 8 12 16 20 11 ===== SIDA 12 ===== FINANCIAL INFORMATION BY BUSINESS AREA Quarterly data Net sales by business area 2025 2024 SEKm Q1 Q4 Q3 Q2 Q1 Labtech 989 1,141 852 941 863 Medtech 1,714 1,679 1,494 1,615 1,708 Group items -1 -2 -2 -2 -1 The Group 2,702 2,818 2,344 2,554 2,570 EBITA by business area 2025 2024 SEKm Q1 Q4 Q3 Q2 Q1 Labtech 120 161 76 109 99 Medtech 231 195 153 200 198 Group items -8 -10 -6 -10 -6 EBITA 343 346 223 299 291 Depreciation and write-down intangible assets -108 -117 -109 -107 -105 Operating profit 235 229 114 192 186 Financial income and expenses -63 -79 -72 -79 -86 Profit after financial items 172 150 42 113 100 Adjusted EBITA by business area 2025 2024 SEKm Q1 Q4 Q3 Q2 Q1 Labtech 120 161 76 109 99 Medtech 231 195 160 193 204 Parent Company and Group items -8 -10 -6 -10 -6 Adjusted EBITA 343 346 230 292 297 Depreciation and write-down intangible assets -108 -117 -109 -107 -105 Operating profit 235 229 121 185 192 Financial income and expenses -63 -79 -72 -79 -86 Profit after financial items 172 150 49 106 106 12 ===== SIDA 13 ===== Net sales and EBITA Net sales by business area Q1 ∆ Q1 Apr 2024- Full year SEKm 2025 % 2024 Mar 2025 2024 Labtech 989 15 863 3,923 3,797 Medtech 1,714 0 1,708 6,502 6,496 Group items -1 -1 -7 -7 The Group 2,702 5 2,570 10,418 10,286 EBITA and EBITA margin by business area and operating profit for the Group Q1 Q1 Apr 2024- Full year SEKm 2025 % 2024 % Mar 2025 % 2024 % Labtech 120 12.1 99 11.5 466 11.9 445 11.7 Medtech 231 13.5 198 11.6 779 12.0 746 11.5 Group items -8 -6 -34 -32 EBITA 343 12.7 291 11.3 1,211 11.6 1,159 11.3 Depreciation and write-down intangible assets -108 -105 -441 -438 Operating profit 235 8.7 186 7.3 770 7.4 721 7.0 Finance income and expenses -63 -86 -293 -316 Profit after financial items 172 100 477 405 Net sales by revenue type Q1 Q1 Apr 2024- Full year SEKm 2025 2024 Mar 2025 2024 Products 731 620 2,792 2,681 Instruments 179 164 815 800 Services 79 79 316 316 Labtech 989 863 3,923 3,797 Products 1,373 1,299 5,356 5,282 Instruments 175 242 482 549 Services 166 167 664 665 Medtech 1,714 1,708 6,502 6,496 Group items -1 -1 -7 -7 The Group 2,702 2,570 10,418 10,286 13 ===== SIDA 14 ===== Sales per country Q1 Q1 Apr 2024- Full year SEKm 2025 2024 Mar 2025 2024 UK 355 400 1,284 1,329 Ireland 346 342 1,278 1,274 Sweden 299 276 1,120 1,097 Spain 283 232 1,036 985 Norway 225 200 868 843 Denmark 174 161 772 759 Italy 203 157 725 679 Finland 132 131 559 558 Rest of Europe 610 567 2,466 2,423 Rest of the World 75 104 310 339 Total 2,702 2,570 10,418 10,286 14 ===== SIDA 15 ===== FINANCIAL INFORMATION Condensed consolidated income statement Q1 Q1 Apr 2024- Full year SEKm 2025 2024 Mar 2025 2024 Net sales 2,702 2,570 10,418 10,286 Cost of sales -1,678 -1,602 -6,503 -6,427 Gross profit 1,024 968 3,915 3,859 Selling expenses -634 -615 -2,508 -2,489 Administrative expenses -147 -150 -592 -595 Research and Development -15 -23 -68 -76 Other operating income and expenses 7 6 23 22 Operating profit 235 186 770 721 Financial income and expenses -63 -86 -293 -316 Profit after financial items 172 100 477 405 Tax -52 -37 -166 -151 Profit for the period 120 63 311 254 Attributable to: Equity holders of the Parent Company 119 62 309 252 Non-controlling interests 1 1 2 2 Earnings per share (EPS) before dilution, SEK 0.98 0.52 2.53 2.06 Earnings per share (EPS) after dilution, SEK 0.98 0.52 2.53 2.06 Average number of shares after repurchases '000s 121,864 121,857 121,864 121,863 Number of shares at end of the period, '000 121,864 121,857 121,864 121,864 EBITA 343 291 1,211 1,159 Depreciations and write-down included in operating expenses - property, plant and equipment -92 -93 -373 -374 - intangible non-current assets from acquisitions -98 -97 -395 -394 - other intangible non-current assets -10 -8 -46 -44 15 ===== SIDA 16 ===== Consolidated statement of comprehensive income Q1 Q1 Apr 2024- Full year SEKm 2025 2024 Mar 2025 2024 Profit for the period 120 63 311 254 Components that may be reclassified to profit for the period Foreign currency translation differences for the period -309 156 -298 167 Components that can not be reclassified to profit for the period Revaluations of defined benefit pension plans – – 1 1 Tax attributable to items not to be reversed in profit or loss – – 0 0 Other comprehensive income -309 156 -297 168 Total comprehensive income -189 219 14 422 Attributable to: Equity holders of the Parent Company -190 218 12 420 Non-controlling interests 1 1 2 2 Condensed consolidated balance sheet Mar 31 Mar 31 Dec 31 SEKm 2025 2024 2024 Goodwill 5,267 5,476 5,537 Other intangible non-current assets 2,186 2,658 2,403 Property, plant and equipment 1,107 1,147 1,147 Financial non-current assets 36 157 39 Total non-current assets 8,596 9,438 9,126 Inventories 1,652 1,674 1,724 Current receivables 1,727 1,870 1,874 Cash and cash equivalents 368 280 331 Total current assets 3,747 3,824 3,929 Total assets 12,343 13,262 13,055 Total equity 5,121 5,167 5,309 Interest-bearing provisions 90 180 93 Non-interest-bearing provisions 340 417 374 Non-current interest-bearing liabilities 2,800 2,993 4,092 Non-current non-interest-bearing liabilities 3 5 2 Total non-current liabilities 3,233 3,595 4,561 Interest-bearing provisions – – 87 Non-interest-bearing provisions 45 47 54 Current interest-bearing liabilities 1,984 2,544 979 Current non-interest-bearing liabilities 1,960 1,909 2,065 Total current liabilities 3,989 4,500 3,185 Total equity and liabilities 12,343 13,262 13,055 16 ===== SIDA 17 ===== Condensed consolidated statement of changes in equity Jan 1 – Mar 31, 2025 Jan 1 – Dec 31, 2024 SEKm Equity excl. non- controlling interests Non- controlling interests Total equity Equity excl. non- controlling interests Non- controlling interests Total equity Amount at beginning of period 5,306 3 5,309 4,958 2 4,960 Exercised and issued call options – – – -12 – -12 Share-based payments 1 – 1 1 – 1 Dividend – – – -61 -1 -62 Total comprehensive income -190 1 -189 420 2 422 Amount at the end of the period 5,117 4 5,121 5,306 3 5,309 Condensed consolidated statement of cash flows Q1 Q1 Apr 2024- Full year SEKm 2025 2024 Mar 2025 2024 Profit after financial items 172 100 477 405 Adjustment for items not included in cash flow 186 161 808 783 Income tax paid -44 -29 -152 -137 Changes in working capital -74 -135 105 44 Cash flow from operating activities 240 97 1,238 1,095 Net investments in non-current assets -64 -61 -284 -281 Acquisitions and disposals -13 -7 -110 -104 Change in other financial assets 0 0 -1 -1 Cash flow from investing activities -77 -68 -395 -386 Dividend paid to shareholders – – -61 -61 Dividend paid to non-controlling interests – – -1 -1 Exercised and issued call options – -12 – -12 Borrowings/repayment of borrowings, net -4 6 -434 -424 Repayments on lease liability -46 -44 -184 -182 Other financing activities 0 0 -2 -2 Cash flow from financing activities -50 -50 -682 -682 Cash flow for the period 113 -21 161 27 Cash and cash equivalents at beginning of period 331 272 280 272 Exchange differences on cash and cash equivalents -76 29 -73 32 Cash and cash equivalents at end of the period 368 280 368 331 17 ===== SIDA 18 ===== Key figures Rolling 12 months ending Mar 31 Dec 31 Mar 31 Dec 31 Dec 31 2025 2024 2024 2023 2022 Net sales, SEKm 10,418 10,286 9,798 9,685 9,084 EBITDA, SEKm 1,584 1,533 1,440 1,504 1,530 EBITA, SEKm 1,211 1,159 1,060 1,135 1,221 EBITA margin, % 11.6 11.3 10.8 11.7 13.4 Profit growth EBITA, % 14 2 -8 -7 -4 Return on working capital (P/WC), % 53 51 46 50 61 Profit for the period, SEKm 311 254 81 192 483 Return on equity, % 6 5 2 4 10 Financial net liabilities, SEKm 4,506 4,920 5,437 5,192 5,410 Financial net liabilities/EBITDA, multiple 2.8 3.2 3.8 3.5 3.5 Net debt/equity ratio, multiple 0.9 0.9 1.1 1.0 1.1 Equity ratio, % 41 41 39 39 38 Average number of employees 2,298 2,311 2,297 2,284 2,157 Number of employees at end of the period 2,251 2,256 2,289 2,301 2,219 Definitions can be found here. Key ratios per share Attributable to owners of the parent Rolling 12 months ending Mar 31 Dec 31 Mar 31 Dec 31 Dec 31 2025 2024 2024 2023 2022 Earnings per share (EPS) before dilution, SEK 2.53 2.06 0.65 1.56 3.96 Earnings per share (EPS) after dilution, SEK 2.53 2.06 0.65 1.56 3.95 Cash flow per share from operating activities, SEK 10.15 8.98 6.28 6.35 7.46 Shareholders' equity per share, SEK 41.99 43.54 42.38 40.69 40.76 Average number of shares after repurchases, '000s 121,864 121,863 121,857 121,856 121,779 Average number of shares adjusted for repurchases and dilution, '000s 121,864 121,863 121,857 121,861 122,254 Number of shares outstanding at end of the period, '000s 121,864 121,864 121,857 121,857 121,836 Number of shares outstanding at end of the period after dilution, '000s 121,864 121,864 121,857 121,857 122,312 18 ===== SIDA 19 ===== Parent company The Parent Company’s net sales for the interim period amounted to SEK 18m (19) and profit after financial items amounted to SEK 194m (-94). At the end of the interim period the Parent Company's net financial debt amounted to SEK 4,056m (4,773). The share capital at the end of the interim period was SEK 62m (62). Parent Company condensed income statement Q1 Q1 Apr 2024- Full year SEKm 2025 2024 Mar 2025 2024 Net sales 18 19 74 75 Administrative expenses -26 -22 -108 -104 Operating profit -8 -3 -34 -29 Interest income/expenses and similar items 202 -91 267 -26 Profit after financial items 194 -94 233 -55 Appropriations – – 135 135 Profit/loss before taxes 194 -94 368 80 Tax -36 – -36 0 Profit for the period 158 -94 332 80 Parent Company condensed balance sheet Mar 31 Mar 31 Dec 31 SEKm 2025 2024 2024 Intangible non-current assets 0 0 0 Property, plant and equipment 0 0 0 Financial non-current assets 7,969 7,873 8,059 Total non-current assets 7,969 7,873 8,059 Current receivables 452 406 361 Total current assets 452 406 361 Total assets 8,421 8,279 8,420 Restricted equity 62 62 62 Unrestricted equity 2,809 2,543 2,650 Total equity 2,871 2,605 2,712 Non-current interest-bearing liabilities 2,473 2,655 3,741 Non-current non-interest-bearing liabilities 2 2 2 Total non-current liabilities 2,475 2,657 3,743 Current interest-bearing liabilities 2,996 2,974 1,919 Current non-interest-bearing liabilities 79 43 46 Total current liabilities 3,075 3,017 1,965 Total equity and liabilities 8,421 8,279 8,420 19 ===== SIDA 20 ===== OTHER INFORMATION Accounting policies The interim report has been prepared in accordance with IFRS Accounting Standards, applying IAS 34 Interim Financial Reporting. Disclosures according to IAS 34.16A are presented not only in the financial statements and accompanying notes but also in other parts of the interim report. The Parent Company's interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Securities Market Act which is in compliance with recommendation RFR 2 Accounting for Legal Entities. The same accounting principles and calculation methods as in AddLife's 2024 annual report have been applied to the interim report. Changes in IFRS standards applicable from January 1, 2025, have not had any impact on AddLife's financial statements for the interim period ended March 31, 2025. Comparative figures in the interim report for income statement items refer to the value for the period January–March 2024, and for balance sheet items as of December 31, 2024, unless otherwise stated. Information on Global Minimum Tax The Group is covered by the OECD's model rules for Pillar II. Legislation on Pillar II has been adopted in Sweden, where AddLife AB is based, and entered into force on January 1, 2024. The Group's exposure to the legislation under Pillar II has been calculated and analyzed. The company assesses that the effect is not material in the first quarter of 2025. Risks and uncertainties AddLife’s earnings and financial position, as well as its strategic position, are affected by various internal factors within AddLife’s control and various external factors over which AddLife has limited influence. AddLife’s most significant external risks are the state of the economy and market trends combined with public sector contracts and policy decisions, as well as competition. The risks and uncertainties are the same as in previous periods. For more information, see the section “Risks and uncertainties” in the administration report, in AddLife’s annual report 2024. The parent company is indirectly affected by the above risks and uncertainties through its function in the Group. The geopolitical situation in Ukraine and the Middle East has not had any significant economic impact on the financial reports, but it cannot be ruled out that it may do so in the future. With approximately 90 percent of sales and 80 percent of purchases in Europe, AddLife should not be heavily exposed to tariffs and trade barriers by the USA or by other countries as countermeasures. However, there is a risk that subcontractors and components further down the supply chain may be subject to tariffs or trade barriers. We are closely monitoring market developments regarding inflation, tariffs and trade barriers, raw material, component and freight costs, as well as interest rate trends. Transactions with related parties No transactions with related parties that materially affected the Group’s financial position and earnings took place during the interim period. 20 ===== SIDA 21 ===== Financial instruments Fair values on financial instruments The fair value and carrying amount are recognized in the balance sheet as shown in the table below. For quoted securities, the fair value is determined on the basis of the asset’s quoted price in an active market, level 1. At the reporting date the Group had no items in this category. For currency contracts and embedded derivatives, the fair value is determined on the basis of observable market data, level 2. For contingent considerations, a cash flow-based valuation is performed, which is not based on observable market data, level 3. For the Group’s other financial assets and liabilities, fair value is estimated to essentially correspond to the carrying amount. Mar 31, 2025 Dec 31, 2024 Carrying Carrying SEKm amount Level 2 Level 3 amount Level 2 Level 3 Derivatives measured at fair value through profit or loss 0 0 – 0 0 – Total financial assets at fair value per level 0 0 – 0 0 – Derivatives measured at fair value through profit or loss 1 1 – 0 0 – Contingent considerations 90 – 90 106 – 106 Total financial liabilities at fair value per level 91 1 90 106 0 106 Contingent considerations Q1 Q1 Apr 2024- Full year SEKm 2025 2024 Mar 2025 2024 Amount at beginning of period 106 87 82 87 Acquisitions during the period – – 62 62 Consideration paid -13 -7 -51 -45 Revaluation through profit or loss – – 3 3 Reversed through profit or loss – – -7 -7 Interest expenses 0 0 2 2 Exchange differences -3 2 -1 4 Amount at the end of the period 90 82 90 106 Pledged assets and contingent liabilities Mar 31 Mar 31 Dec 31 SEKm 2025 2024 2024 Contingent liabilities 52 54 52 21 ===== SIDA 22 ===== Significant events after the end of the interim period On April 1, 2025, AddLife signed an agreement to acquire all shares in the UK company Edge Medical Ltd. Edge Medical is a leading distributor in orthopedic surgery, spinal surgery, and neurology, with operations in the UK and Irish market. The company has an annual turnover of approximately GBP 8 million with a margin over 30 percent and about 20 employees. No other significant events for the Group have occurred after the end of the interim period. Stockholm April 25, 2025 Fredrik Dalborg President and CEO This interim report has not been subject to review by the company's auditors. 22 ===== SIDA 23 ===== Definitions Number of employees at the end of the period The number of employees in the Group at the end of the reporting period, taking into account the degree of employment. This measure is used to know how many employees the Group has at the end of the year. Return on equity Profit/loss after tax attributable to shareholders, as a percentage of shareholders' proportion of average equity. Return on equity measures from an ownership perspective the return that is given on the owners' invested capital. Return on working capital (P/WC) EBITA in relation to average working capital. P/WC is used to analyse profitability and encourage high EBITA earnings and low working capital requirements. EBITA Operating profit before amortization and write-down of intangible assets. EBITA is used to analyse profitability generated by operational activities. EBITA margin EBITA as a percentage of net sales. The EBITA margin is used to analyze value creation from the operating activities. EBITDA Operating profit before depreciation, amortization and write-down. EBITDA is used to analyse profitability generated by operational activities. Equity per share Shareholders' proportion of equity divided by the number of shares outstanding at the end of the reporting period. Financial net Financial income minus financial expenses. Used to describe the development of the Group's financial activities. Acquired growth Changes in net sales attributable to business acquisitions compared to the same period the previous year. Acquired growth is used as a component to describe the development of the Group's net sales, where acquired growth is distinguished from organic growth, divestments, and currency effects. Adjusted EBITA EBITA excluding one-off costs. Increases the comparability of EBITA over time as it is adjusted for the impact of items considered to be non-recurring in nature and therefore do not reflect the underlying operations. Adjusted EBITA margin Adjusted EBITA in relation to net sales. Used to measure the company's profitability excluding the impact of items considered to be non-recurring in nature and therefore do not reflect the underlying operations. One-off costs Primarily refers to restructuring costs and revaluation of contingent considerations. Other non-recurring items may also be reported as one-off costs if this provides a more accurate view of the underlying operating result. 23 ===== SIDA 24 ===== Cash flow from operating activities per share Cash flow from operating activities, divided by the average number of shares. The measure is used to allow investors to easily analyze the amount of surplus from ongoing operations generated per share. Net investments in fixed assets Investments in fixed assets minus sales of fixed assets. The measure is used to analyze the Group's investments in the renewal and development of tangible fixed assets. Net debt/equity ratio Financial net liabilities in relation to shareholders’ equity. Net debt/equity ratio is used to analyse financial risk. Organic growth Changes in net sales excluding currency effects and acquisitions/divestments compared to the same period the previous year. Organic growth is used to analyze the underlying sales growth driven by changes in volume, product range, and price for similar products between different periods. Profit after financial items Profit/loss for the period before tax. Used to analyse the business’ profitability including financial activities Earnings per share Shareholders' share of the period's result divided by the number of shares outstanding at the end of the reporting period. Earnings per share before dilution Shareholders' share of the period's result divided by the average number of outstanding shares. Earnings per share after dilution Shareholders' share of the period's result divided by a weighted average of the number of outstanding shares, adjusted for the additional number of shares upon the exercise of outstanding options. Profit growth EBITA The period's EBITA decreased by previous period's EBITA divided by the previous period's EBITA. Profit growth EBITA is used to analyse asset-creating generated from operational activities. Financial net liabilities Interest-bearing liabilities and interest-bearing provisions, less cash and cash equivalents. Net debt is used to monitor debt development and analyse financial leverage and any necessary refinancing. Financial net liabilities/EBlTDA Financial net liabilities divided by EBITDA. Financial net liabilities compared with EBITDA provides a key financial indicator for financial net liabilities in relation to cash-generated operating profit; i.e., an indication of the ability of the business to pay its debts. This measure is generally used by financial institutions as a measure of creditworthiness. Working capital Sum of inventories and accounts receivable, less accounts payable. In the calculation of P/WC, average working capital is used. Working capital is used to analyse how much working capital is tied up in the business. Equity ratio Equity including minority interest as a percentage of total assets. The equity ratio is used to analyse financial risk and shows how much of the assets are financed with equity. 24 ===== SIDA 25 ===== Alternative performance measures This report contains financial key figures in accordance with the frameworks applied by AddLife, which are based on IFRS. In addition, there are alternative performance measures (APM) that cannot be directly extracted or derived from the financial statements. These key figures are essential for understanding and evaluating AddLife's operations and financial position. They should not be seen as a replacement for the measures defined according to IFRS but rather as a complement to the financial reporting. Since not all companies calculate financial measures in the same way, these are not always comparable with measures used by other companies. The key figures are presented below and commented on in other parts of the interim report. Return on equity Mar 31 Mar 31 Full year SEKm 2025 2024 2024 Profit/loss for the period (roll 12 months) 311 81 254 Average equity 5,178 5,158 5,147 Return on equity, % 6 2 5 Return on working capital Mar 31 Mar 31 Full year SEKm 2025 2024 2024 EBITA (roll 12 months) 1,211 1,060 1,159 Inventories, average 1,748 1,791 1,743 Accounts receivable, average 1,550 1,475 1,537 Accounts payable, average -1,014 -945 -996 Working capital, average 2,284 2,321 2,284 Return on working capital, % 53 46 51 EBITA and EBITDA Mar 31 Mar 31 Apr 2024- Full year SEKm 2025 2024 Mar 2025 2024 Operating profit 235 186 770 721 Amortization and impairment of intangible assets 108 105 441 438 EBITA 343 291 1,211 1,159 Depreciation and impairment of tangible assets 92 93 373 374 EBITDA 435 384 1,584 1,533 25 ===== SIDA 26 ===== Adjusted EBITA Mar 31 Mar 31 Apr 2024- Full year SEKm 2025 2024 Mar 2025 2024 EBITA 343 291 1,211 1,159 One-off costs Restructuring reserve Camanio – 6 4 10 Revalued contingent consideration – – -4 -4 Adjusted EBITA 343 297 1,211 1,165 EBITA margin/Adjusted EBITA margin Mar 31 Mar 31 Apr 2024- Full year SEKm 2025 2024 Mar 2025 2024 EBITA 343 291 1,211 1,159 Net sales 2,702 2,570 10,418 10,286 EBITA margin, % 12.7 11.3 11.6 11.3 Adjusted EBITA 343 297 1,211 1,165 Adjusted EBITA margin, % 12.7 11.6 11.6 11.3 Organic growth Labtech Medtech The Group Q1 Q1 Q1 Q1 Q1 Q1 % 2025 2024 2025 2024 2025 2024 Total growth 14.5 -4.6 0.4 9.9 5.1 4.6 (-) Currency effect -0.7 0.2 0.0 1.4 -0.3 1.0 (-) Acquired growth 3.0 – – – 1.0 – Organic growth 12.2 -4.8 0.4 8.5 4.4 3.6 Labtech Medtech The Group Q1 Q1 Q1 Q1 Q1 Q1 SEKm 2025 2024 2025 2024 2025 2024 Total growth 126 -42 6 154 132 113 (-) Currency effect -5 1 -1 23 -6 24 (-) Acquired growth 26 – – – 26 – Organic growth 105 -43 7 131 112 89 Profit growth EBITA Mar 31 Mar 31 Full year SEKm 2025 2024 2024 EBITA (roll 12 months) 1,211 1,060 1,159 (-) Previous year's EBITA (rolling 12 months) 1,060 1,152 1,135 EBITA growth 151 -92 24 Profit growth EBITA, % 14 -8 2 26 ===== SIDA 27 ===== Financial net liabilities and Net debt/equity ratio Mar 31 Mar 31 Full year SEKm 2025 2024 2024 Borrowing 4,183 4,871 4,434 Cash and cash equivalents -368 -280 -331 Financial net debt 3,815 4,591 4,103 Pension liability 62 64 62 Lease liability 511 583 531 Contingent considerations 90 82 106 Provisions 28 117 118 Net interest-bearing deb 4,506 5,437 4,920 Total equity 5,121 5,167 5,309 Net debt/equity ratio, multiple 0.9 1.1 0.9 Financial net liabilities/EBlTDA Mar 31 Mar 31 Full year SEKm 2025 2024 2024 Net interest-bearing deb 4,506 5,437 4,920 EBITDA (roll 12 months) 435 384 1,533 Financial net liabilities/EBITDA, multiple 10.4 14.2 3.2 Equity ratio Mar 31 Mar 31 Full year SEKm 2025 2024 2024 Total equity 5,121 5,167 5,309 Total assets 12,343 13,262 13,055 Equity ratio, % 41 39 41 27 ===== SIDA 28 ===== The share The share capital at the end of the interim period amounted to SEK 62m (62). The number of repurchased own shares amounts to 586,189 Class B, corresponding to 0.5 percent of the total number of shares and 0.4 percent of the votes. The average purchase price for shares held in treasury amounts to SEK 100.56 per share. The average number of treasury shares held during the interim period was 586,189 (590,025). The share price at March 31, 2025 was SEK 144.90. AddLife has a total of two outstanding incentive programs based on call options, corresponding to a total of 355,800 B shares. Issued call options on repurchased shares have resulted in a calculated dilution effect based on average share price for the interim period of approximately 0.0 percent (0.0). During the interim period, the 2021/2025 program expired without impact as the exercise price during the exercise period exceeded the share price. Outstanding programmes Number of warrants Corresponding number of shares Percentage of total number of shares, % Exercise price Exercise period 2023/2027 205,800 205,800 0.2 155.99 Jun 1, 2026 – Feb 26, 2027 2022/2026 150,000 150,000 0.1 250.07 Jun 9, 2025 – Feb 27, 2026 Total 355,800 355,800 AddLife has an outstanding incentive program based on performance shares corresponding to a maximum of 107,760 of the Company's Class B shares, which represents approximately 0.1 percent of the total number of shares. Participants receive performance shares provided that employment continues, the investment shares are retained, and the performance conditions are met. These are based on the average annual profit growth (EBITA) during the period from January 1, 2024, to December 31, 2026, as well as sustainability-related goals. During the interim period, SEK 1m (-) has been expensed as a result of the program. Outstanding programmes Number of investment shares Corresponding maximum number of performance shares Percentage of total number of shares, % Vesting period LTIP 2024 22,565 107,760 0.1 Aug 31, 2024 – Aug 31, 2027 On March 31, 2025 the number of shareholders amounted to 11,197, where of 64.07 percent are Swedish owners with respect to capital share. The 10 largest shareholders controlled 54.9 percent of number of capital and 64.9 percent of votes. Share in % Shareholders 2025-03-31 Class A-shares Class B-shares of capital of votes RoosGruppen AB 2,256,408 3,717,339 4.9 16.1 Tom Hedelius 2,066,572 23,140 1.7 12.7 SEB Fonder – 15,020,989 12.3 9.2 AMF Fonder – 10,873,304 8.9 6.7 Odin Fonder – 8,430,008 6.9 5.2 Cliens Fonder – 7,081,446 5.8 4.3 Första AP-fonden – 6,093,647 5.0 3.7 Fidelity Mutual Funds – 4,412,457 3.6 2.7 Vanguard Funds – 4,232,835 3.5 2.6 Tredje AP-fonden – 2,778,240 2.3 1.7 Total the 10 biggest shareholders 4,322,980 62,663,405 54.9 64.9 Other shareholders 249,816 54,627,860 44.6 34.7 Total outstanding shares 4,572,796 117,291,265 99.5 99.6 Repurchased own shares Class B – 586,189 0.5 0.4 Total registered shares 4,572,796 117,877,454 100.0 100.0 Source: Euroclear For further information about the share, see AddLife's website: add.life/en/investors/the-share 28 ===== SIDA 29 ===== Video conference Investors, analysts and the media are invited to a video conference where CEO Fredrik Dalborg and CFO Christina Rubenhag will present the interim report. The presentation will be held in English and takes about 20 minutes, after which there will be an opportunity to ask questions. It will be recorded and made available online. The video conference will be held at 9:00 a.m. CEST on April 25, 2025 If you wish to participate via video conference, please follow this link>> The presentation is also available on AddLife YouTube >> Financial calendar The Annual General Meeting (AGM) of AddLife AB (publ) will be held on May 8, 2025, at 4 p.m. CEST, Stockholm The interim report for January 1 - June 30, 2025 will be published on July 15, 2025 The interim report for January 1 - September 30, 2025 will be published on October 23, 2025 The year-end report for January 1 - December 31, 2025 will be published on February 4, 2026 For further information, please contact: Fredrik Dalborg, President and CEO, +46 70 516 09 01 Christina Rubenhag, CFO, +46 70 546 72 22 AddLife's interim report for the first quarter of 2025 is published in Swedish and in an English translation. The Swedish version takes precedence in the event of any discrepancies between the two versions ADDLIFE IN BRIEF AddLife is an independent partner in the Life Science industry that offers high-quality products, services and advice to both the private and public sectors in Europe. AddLife has 2,300 employees in about 85 operating subsidiaries. The Group currently has net sales of more than SEK 10 billion. AddLife shares are listed on Nasdaq Stockholm. This information is information that AddLife AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 7:45 a.m. CEST on April 25, 2025. AddLife AB (publ), Box 3145, Brunkebergstorg 5, SE-103 62 Stockholm. info@add.life, www.add.life, org.nr. 556995-8126 29