===== SIDA 1 ===== CellaVision Interim Report January–March 2025 Q1 Strong quarter in a rapidly changing environment Organic sales growth: Q1, 2025: 14.1% (21.9) EBITDA margin: Q1, 2025: 34% (29) January 1 – March 31, 2025 Net sales increased by 14,6% (22.3) to SEK 195 m (170). Sales increased organically by 14.1% (21.9), currency effect 0.5% (0.4). EBITDA increased to SEK 66 m (49). EBITDA margin increased to 34% (29). Profit before tax increased to SEK 53 m (38). Earnings per share before and after dilution amounted to SEK 1,74 (1,26). Cash flow from operating activities amounted to SEK 61 m (71). Jan-Mar Jan-Dec (MSEK) 2025 2024 2024 Net sales 195 170 723 Gross profit 137 112 487 EBITDA 66 49 219 EBITDA margin, % 34 29 30 Profit before tax 53 38 177 Earnings per share before and after dilution 1.74 1.26 5.90 Cash flow from operating activities 61 71 198 Total cash flow 37 44 27 Equity ratio, % 80 78 81 ===== SIDA 2 ===== - 2 - CEO’s Comment The first quarter showed a solid start to the year, with all regions contributing to growth in a rapidly changing environment. We continue to see strong traction for our solutions, particularly in markets where laboratories are connected within larger networks that recognize the value our products bring to diagnostic workflows. The volatile global macro-environment is closely monitored, setting this aside, we remain optimistic in our ability to drive growth and deliver long-term value across all markets. CellaVision’s business is subject to quarterly fluctuations due to its order-based sales process and delivery timing. The First Quarter in Brief Our financial results reflect the positive momentum of digitalization in the dynamic macro-environment. Net sales for the Group reached SEK 195 m (170), representing 14.1 percent organic growth compared to the same quarter last year. EBITDA amounted to SEK 66 m (49), corresponding to a margin of 34 percent (29). The gross margin amounted to 70 percent (66) and the improvement was mainly driven by last year’s price increases and the favorable sales mix during the quarter. Cash flow from operating activities was strong, supported by improved earnings and favorable changes in working capital. It amounted to SEK 61 m (71), contributing to a total cash flow of SEK 37 m (44) for the quarter. Our financial position remains robust. In the Americas, after two soft quarters, we saw increased sales by 8 percent, reaching SEK 78 m (72). Sales increased, particularly in software and CellaVision®DC-1 instruments. Our offering in the U.S. market is compelling, as laboratories within larger networks recognize the added value our products bring to diagnostic workflows. EMEA experienced strong sales across multiple markets, resulting in net sales of SEK 96 m (79) for the quarter, which represents 21 percent growth. Reagents related to hematology continued with a good quarter, growing by 12 percent. APAC showed strong demand from all submarkets, including the important markets of Japan and China. Quarterly net sales totaled SEK 21 m (19), a 12 percent growth over the same quarter last year. Instrument sales continue to be the main source of revenue, while strategic reagent segments are gaining foothold. Progress on Strategic Direction We maintained a high level of activity across our R&D portfolio in the quarter. Our innovation capacity is expanding, with development costs in the first quarter totaling SEK 43 m (36) — an increase of 17 percent compared to the first quarter in 2024. The first quarter of the year continued to solidify our long- standing partnership that has been pivotal in delivering enhanced diagnostic solutions. The partnership reflects our shared commitment to improving patient care worldwide. Additionally, we have initiated verification and validation of an upgraded software version for the hematology analyzers. This software version will further optimize the customers’ workflow and offer significant improvements in the user interface, including several new features. Finally, I want to extend my sincere thanks to our dedicated employees. Your commitment to driving our R&D and commercial agendas forward has been instrumental in our continued success. Entering the year, we delivered a strong quarter. Together, we remain focused on adding value to the healthcare sector and strengthening our global presence as the leader within digital cell morphology. Simon Østergaard, President and CEO ===== SIDA 3 ===== - 3 - Sales, Earning and Investments Net Sales and Currency Effects Net sales for the first quarter amounted to SEK 195 m (170), an increase of 14.6 percent compared to the corresponding period last year. CellaVision invoices most of the sales in Euros and US dollars, which means that exchange rate fluctuations have an impact on the company’s sales and earnings. Currency effects were minor, contributing to a positive impact of 0.5 percent compared to the same period last year. Organic growth amounted to 14.1 percent. Gross Profit and Gross Margin Gross profit for the first quarter increased by 22 percent to SEK 137 m (112), corresponding to a gross margin of 70 percent (66). The gross margin is influenced by factors such as purchase prices for materials and components, sales mix, amortization of capitalized development expenses, inventory adjustments, and currency effects. The improved gross margin in the quarter was primarily driven by last year’s price increases and a favorable sales mix. Amortization of capitalized development expenses was unchanged from the same period last year and amounted to SEK 2 m (2). Operating Expenses Operating expenses for the first quarter increased by 9 percent to SEK 80 m (73), compared to the same period last year. Administrative expenses have increased due to inflation and a rise in consulting expenses, primarily related to the adaption of new regulatory requirements. The increase in research and development expenses aligns with CellaVision’s long-term product development strategy. EBITDA and EBITDA Margin EBITDA for the first quarter increased by 35 percent to SEK 66 m (49) corresponding to an EBITDA margin of 34 percent (29). The performance was primarily driven by sales growth and favorable gross margin, which more than offset the increase in operating expenses. Net Financial Items As of March 31, 2025, interest-bearing liabilities in the form of bank loans amounted to SEK 5 m (27). Interest expenses related to bank loans for the first quarter totaled SEK 0.1 m, (0.4) compared to the same quarter last year. The net financial result for the quarter is primarily attributable to exchange losses on financial items and interest expenses on lease liabilities in accordance with IFRS 16. Investments CellaVision continuously capitalizes expenses related to product development. During the quarter, capitalized development expenses increased to SEK 18 m (15), driven by a higher level of activity as several projects entered more resource-intensive phases in the development lifecycle. Total research and development expenses before capitalization amounted to SEK 43 m (36). The majority of the capitalized expenses relate to the development of instruments and software applications. Sales per quarter and rolling 12 months EBITDA per quarter and EBITDA margin rolling 12 months ===== SIDA 4 ===== - 4 - Cash Flow At the end of the quarter, cash and cash equivalents amounted to SEK 182 m (167). In addition, CellaVision has an unutilized overdraft facility of SEK 30 m (30). Cash flow from operating activities amounted to SEK 61 m (71) in the first quarter of 2025. The solid financial performance and lower capital tied up in inventory contributed positively to cash flow. At the same time, the increase in sales during the quarter resulted in higher accounts receivable, which had an adverse impact on operating cash flow. Cash flow from investing activities for the quarter amounted to SEK -21 m (-17) and was mainly related to capitalized expenses for research and development. Cash flow from financing activities for the quarter amounted to SEK -3 m (-10), and was primarily attributable to amortization of leasing debts. The total cash flow for the quarter amounted to SEK 37 m (44). Parent Company Apart from manufacturing of reagents, the group is in all material aspects represented by the operations in the parent company, the comments on the Group’s result and financial position also refers to the parent company. ===== SIDA 5 ===== - 5 - Development in the Geographical Markets Americas: SEK 78 m (72) After two soft quarters, sales in the Americas increased by 8 percent, reaching SEK 78 m (72), compared to the corresponding quarter in 2024. The growth was primarily driven by strong sales of software and CellaVision® DC-1 instruments in the U.S., particularly to connected laboratories, where CellaVision offers a unique market solution. Our offering is compelling in the U.S market, where laboratories, to a large extent, are connected within larger networks that recognize the value our products bring to the diagnostic workflows. Demand for digital morphology solutions remains strong, particularly in smaller hospital laboratories, where significant growth potential is anticipated. However, the current turbulent trade situation adds a layer of uncertainty, making it difficult to predict how this potential will unfold. In Latin America, we continue to make progress in expanding our market presence. Brazil remains our strongest market, where ongoing training, targeted sales initiatives, and focused marketing activities have successfully enabled us to reach previously untapped areas. EMEA: SEK 96 m (79) Sales in EMEA increased by 21 percent to SEK 96 m (79), demonstrating the strength of our market strategy. The growth was primarily driven by strong CellaVision™ DI-60 and CellaVision® DC-1 instrument sales, reinforcing CellaVision’s leadership in digital morphology solutions. The growing adoption of our technology in networked laboratories reflects the industry’s continued shift toward digitalization. The close collaboration with our strategic distribution partner and targeted investments in training and support have been critical in maintaining our competitive position. Strengthening relationships with both partners and laboratories is key to remaining the preferred choice in an evolving market. By participating in key industry events, such as MedLab Middle East in Dubai and IGLD-INSTAND in Frankfurt, we have further solidified our market presence. These platforms allow us to showcase cutting-edge technology, engage with new customers, and strengthen partnerships with key decision-makers. Sales of hematology reagents continued to develop positively, with 12 percent growth compared to the first quarter of 2024. Sales of sample preparation instruments also showed significant growth. Active sales and marketing initiatives throughout the quarter, carried out in collaboration with local and regional partners, have generated increased interest in both reagent and instrument product portfolios. APAC: SEK 21 m (19) Sales in APAC increased by 12 percent in the first quarter of 2025, reaching SEK 21 m (19), compared to the same period in 2024. The quarter reflects the strong momentum we have seen across many submarkets in APAC over the past year, not least in important markets such as Japan and China. Demand for DI-60 instruments remains strong, and sales in the strategic reagent segments continue to grow, although from relatively low levels. CellaVision has intensified local marketing efforts and customer engagement activities in close collaboration with our key distribution partner. These initiatives support sales growth across the entire CellaVision product portfolio and are expected to drive further expansion in the region. Net sales per region, MSEK Net sales per region (MSEK) Jan-Mar 2025 Jan-Mar 2024 Growth % Jan-Dec 2024 Americas 78 72 8% 269 EMEA 96 79 21% 334 APAC 21 19 12% 120 Total 195 170 15% 723 Americas EMEA APAC ===== SIDA 6 ===== - 6 - Our vision is to elevate healthcare through the evolution of microscopy. By devoting considerable resources to research and development, we continue pushing the boundaries of innovation to lead the future of microscopy. Thus, improving the quality of care for patients worldwide. CellaVision continues with clinical trials of the application for bone marrow analysis. The application’s high regulatory classification requires a long registration process. Assuming a positive outcome, we expect to have the documentation reviewed to obtain CE-marking by the end of 2025. In parallel, verification and validation of an upgraded software version for the hematology analyzers have been initiated. This software version will further optimize the customer’s workflow and offer significant improvements in the user interface, including several new features. The development of adapting Fourier Ptychographic Microscopy (FPM) in our core hematology business continues. Through the integration of FPM, we are pioneering the next generation of hematology solutions and strengthening our position as a leader in advanced diagnostics. In parallel, we continue to explore the technology’s potential in adjacent fields such as pathology and cytology. We see that the technology’s advantages of speed and superior image quality are especially valuable in these new areas. Preliminary evaluations show that FPM has great advantages over traditional technologies. CellaVision’s patent portfolio included 26 patented innovations and 126 granted patents at the end of the period. Research and Development ===== SIDA 7 ===== - 7 - The Board of Directors through the President/Chief Executive Officer certify that the interim report provides a true and fair view of the parent company´s and the Group´s business, financial position, performance and describes material risks and uncertainties, to which the parent company and the companies in the group are exposed. The interim report has not been subject to review by the company’s auditors Simon Østergaard President/CEO Lund, April 29, 2025 The Nomination Committee’s summarized proposal regaring Board before the Annual General Meeting 2025 The Nomination Committee proposes the current Chairman Mikael Worning to be re-elected as Chairman of the Board and proposes re-election of the Board members Louise Armstrong-Denby, Christer Fåhraeus, Ann-Charlotte Jarleryd, and Stefan Wolf. Furthermore, the Nomination committee proposes that the AGM elects Emil Hjalmarsson as new Board member. The Nomination Committee’s proposal and reasoned opinion is available on the company’s website, www.cellavision.com. The Board of Directors’s proposal to repurchase shares The Board of Directors proposes to the Annual General Meeting 2025 to authorize the Board to resolve to repurchase the Company’s own shares. The proposal and reasoned opinion of the Board of Directors are available on the company’s website at www.cellavision.com. Annual General Meeting 2025 and Dividend The CellaVision Annual General Meeting in 2025 will be held in Lund at 15:00 o´clock CEST, on May 6, 2025, at Mobilvägen 12, 223 62, Lund. Voting rights registration opens at 14:30 and will close when the meeting opens. The Board of Directors proposes to the Annual General Meeting 2025 that a dividend of SEK 2.50 per share be paid for 2024, which is line with the company’s dividend policy. Annual and Sustainability Report 2024 The CellaVision Annual and Sustainability Report 2024 has been available on the company’s web page since April 10, 2025. The Nomination Committe and the Annual General Meeting in 2025 Declaration by the Board of Directors and President/CEO ===== SIDA 8 ===== - 8 - Amounts in ' 000 SEK Note Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024 Net sales 4 194,802 170,080 723,217 Cost of goods sold -57,593 -58,014 -236,143 Gross profit 137,209 112,065 487,074 Sales and marketing expenses -33,003 -32,713 -136,592 Administration expenses -22,508 -19,665 -85,357 R&D expenses -24,580 -20,868 -87,4 47 Operating profit 8 57,119 38,819 177,679 Interest income and similar profit items 610 1,672 7,340 Interest expense and similar profit loss items -5,227 -2,247 -8,159 Profit before tax 52,501 38,243 176,860 Tax -10,984 -8,123 -36,138 Profit for the period 41,517 30,120 140,722 Other comprehensive income: Components not to be reclassified to net profit: Effect on revaluation of pensions 187 -126 150 Tax effect on revaluation of pensions -47 33 -37 Sum of Components not to be reclassified to net profit: 141 -93 112 Components to be reclassified to net profit: Translation difference Translation difference in the group -18,851 12,346 12,169 Sum of Components to be reclassified to net profit: -18,851 12,346 12,169 Sum of other comprehensive income: -18,710 12,253 12,281 Comprehensive result for the period 22,807 42,373 153,003 Income Statement in Summary and Consolidated Statement of Comprehensive Income, Group ===== SIDA 9 ===== - 9 - Per share data Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024 Earnings per share, before and after dilution, SEK */ 1.74 1.26 5.90 Equity per share, SEK 35.16 31.81 34.20 Number of shares outstanding 23,851,547 23,851,547 23,851,547 Average number of shares outstanding 23,851,547 23,851,547 23,851,547 Closing date stock price, SEK 167.00 239.00 218.00 Dividend per share, SEK 0.00 0.00 2.25 */ Based on the profit/loss for the period divided by the average number of shares in issue Per Share Data Quarterly Earnings Trend Amounts in ' 000 SEK Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Net sales 194,802 186,688 178,656 187,793 170,080 200,632 Gross profit 137,209 129,171 121,288 124,550 112,065 135,922 Gross margin, % 70 69 68 66 66 68 Expenses -80,090 -77,821 -82,892 -75,435 -73,246 -73,369 EBITDA 66,457 60,942 48,776 59,706 49,260 72,788 EBITDA margin, % 34 33 27 32 29 36 Net profit 41,517 40,940 31,114 38,548 30,120 50,431 Cash flow from operating activities 61,426 45,993 40,876 40,212 71,357 76,421 Total cash flow 36,749 11,263 15,791 -4 4,117 44,404 43,085 ===== SIDA 10 ===== - 10 - Amounts in ' 000 SEK Note 03/31/2025 03/31/2024 12/31/2024 Assets Intangible assets 5 490,783 451,295 487,646 Tangible assets 6 112,307 126,420 119,943 Financial assets 7 2,460 3,942 2,653 Inventory 119,362 122,251 124,823 Trade receivables 7 116,135 81,114 102,824 Other receivables 7 20,505 22,112 24,573 Cash and bank 7 182,317 166,982 149,430 Total assets 1,043,869 974,116 1,011,891 Equity and liabilities Equity 838,533 758,762 815,726 Deferred tax liability 71,350 62,483 69,285 Other provisions 6,053 5,337 6,254 Long-term debt, interest-bearing 9,050 25,493 12,678 Short-term debt, interest-bearing 13,907 30,598 14,171 Short-term debt, non interest-bearing 7 61,850 51,356 59,287 Trade payables 7 41,816 37,930 32,222 Warranty provisions 1,310 2,155 2,268 Total equity and liabilities 1,043,869 974,116 1,011,891 Amounts in ' 000 SEK 03/31/2025 03/31/2024 12/31/2024 Balance at the beginning of the year 815,726 716,389 716,389 Dividend 0 0 -53,666 Net profit for the period 41,517 30,120 140,722 Comprehensive result for the period -18,710 12,253 12,281 Closing balance 838,533 758,762 815,726 Balance Sheet in Summary, Group Consolidated Statement of Changes in Equity, Group ===== SIDA 11 ===== - 11 - Amounts in ' 000 SEK Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024 Result before taxes 52,501 38,243 176,860 Adjustment for items not included in cash flow 14,266 16,761 63,144 Income tax paid -8,919 -5,244 -26,154 Cash flow from operating activities before changes in working capital 57,848 49,760 213,850 Changes in working capital 3,578 21,596 -15,412 Cash flow from operating activities 61,426 71,357 198,438 Capitalization of development costs -18,090 -15,500 -65,755 Acquisitions/divestment of financial assets 192 475 -11,994 Acquisitions/divestment of tangible assets -3,294 -1,801 1,743 Cash flow from investing activities -21,192 -16,826 -76,006 Amortization of loans -395 -7,019 -28,960 Amortization of leasing debts -3,090 -3,108 -12,463 Dividend paid - - -53,666 Cash flow from financing activities -3,485 -10,127 -95,089 Total cash flow 36,749 44,404 27,342 Liquid funds at beginning of period 149,430 121,645 121,645 Exchange rate fluctuations in liquid funds -3,862 933 443 Liquid funds at end of period 182,317 166,982 149,430 Disclosures regarding interest expense: Interest expenses for Jan-Mar 2025 amount to SEK 205 k (591) whereof SEK 100 k (156) is attributable to leasing in accordance with IFRS 16. Cash Flow Statement in Summary, Group ===== SIDA 12 ===== - 12 - Amounts in ' 000 SEK Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024 Net sales 148,899 127,620 555,523 Cost of goods sold -31,741 -33,447 -133,896 Gross profit 117,158 94,173 421,627 Sales and marketing expenses -21,319 -21,159 -96,410 Administration expenses -18,574 -15,730 -68,287 R&D expenses -40,938 -34,688 -146,837 Operating profit 36,327 22,596 110,094 Interest income and financial exchange gains 235 1,639 13,889 Interest expense and financial exchange losses -4,976 -1,984 -6,992 Profit before income tax 31,586 22,251 116,991 Taxes -6,587 -4,584 -23,399 Net profit 24,999 17,667 93,592 Statement of Comprehensive Income Jan-Mar 2025 Jan-Mar 2024 Jan-Dec 2024 Net profit for the period 24,999 17,667 93,592 Other comprehensive income - - - Comprehensive profit for the period 24,999 17,667 93,592 Income Statement in Summary and Consolidated Statement of Comprehensive Income, Parent Company ===== SIDA 13 ===== - 13 - Amounts in ' 000 SEK 03/31/2025 03/31/2024 12/31/2024 Assets Intangible assets 26,196 29,187 26,944 Tangible assets 7,192 5,385 7,074 Deferred tax assets 755 496 755 Long term receivables from group companies 29,292 35,728 32,162 Financial assets 261,220 262,658 261,220 Inventory 79,493 80,406 86,655 Trade receivables 86,088 51,819 72,581 Receivables from group companies 4,903 4,752 4,598 Other receivables 16,190 20,598 21,543 Cash and bank 165,452 152,133 135,189 Total assets 676,781 643,162 648,721 Equity and liabilities Equity 579,940 532,682 554,941 Other provisions 1,400 685 1,399 Long-term debt, interest-bearing - 3,750 - Short-term debt, interest-bearing - 16,139 - Short-term debt, non interest-bearing 43,324 34,773 41,838 Trade payables 28,205 26,063 22,111 Liabilities to group companies 22,602 26,915 26,164 Warranty provisions 1,310 2,155 2,268 Total equity and liabilities 676,781 643,162 648,721 Balance Sheet in Summary, Parent Company ===== SIDA 14 ===== - 14 - NOTE 1. ACCOUNTING POLICIES The Group applies IFRS Accounting Standards, as adopted by the EU. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Annual Accounts Act and the Nasdaq Stockholm Rule Book for Issuers. Disclosures in accordance with IAS 34 p. 16A appears not only in the financial statements and their accompanying notes but also in other parts of the interim report. The parent company applies the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2 Accounting for Legal Entities. The accounting policies and calculation methods applied are consistent with those described in the Annual and Sustainability Report for 2024. NOTE 2. SEGMENT REPORTING CellaVision’s operations comprise only one operating segment: automated microscopy systems and reagents in the field of hematology. Therefore, references are made to the Group’s consolidated income statement and balance sheet regarding operating segment reporting. NOTE 3. RISKS AND UNCERTAINTIES CellaVision is exposed to several risks, which may impact the Group’s development to a greater or lesser extent. Reduced demand, currency fluctuations and production disruptions are both risks and uncertainties to varying degrees. For a more detailed description of the risks and uncertainties facing CellaVision, please refer to the risk analysis on pages 53-55 and Note A2 and A5 in the Annual and Sustainability Report for 2024. Notes NOTE 4. ALLOCATION OF SALES Jan-Mar 2025 Jan-Mar 2024 Amounts in ' 000 SEK Instruments Reagents Software & Other Total Instruments Reagents Software & Other Total Americas 49,126 997 27,630 77,753 49,809 661 21,576 72,046 EMEA 47,508 35,325 12,882 95,715 27,885 34,466 16,579 78,930 APAC 18,239 1,422 1,673 21,334 14,100 808 4,196 19,104 Total 114,873 37,744 42,185 194,802 91,794 35,935 42,351 170,080 Other refers to spare parts and consumables. ===== SIDA 15 ===== - 15 - NOTE 9. SIGNIFICANT EVENTS AFTER THE PERIOD CLOSE No significant events have occurred after the period close. NOTE 5. INTANGIBLE ASSETS Amounts in ' 000 SEK 03/31/2025 03/31/2024 Capitalised expenditure for development 283,631 223,660 Goodwill 121,025 128,566 Trademarks, customer relationships and other intangible assets 86,126 99,069 Total intangible assets 490,783 451,295 NOTE 8. EMPLOYEES Average number of employees Jan-Mar 2025 Jan-Mar 2024 Permanent employees 228 223 Temporary employees 12 15 Total 240 238 The average number of employees is calculated as an average of the number of full-time positions at the beginning and end of the period. Temporary employees include the equivalent full-time positions employed on fixed-term contracts with a defined end date, this also includes paid interns and apprentices. NOTE 6. TANGIBLE FIXED ASSETS Amounts in ' 000 SEK 03/31/2025 03/31/2024 Right of use assets Land and buildings 16,481 26,544 Machinery, equipment 2,299 2,751 Total right of use assets 18,780 29,295 Tangible fixed assets that are not right of use assets Land and buildings 64,838 69,593 Machinery, equipment 28,689 27,532 Total tangible fixed assets that are not right of use assets 93,527 97,125 Total tangible fixed assets 112,307 126,420 The tangible fixed assets amounted to SEK 112,307 m on the balance sheet date. The majority of the right of use assets consists of leases for office premises. For all leases for which the Group is lessee (which are not short term leases or low value assets), the Group recognizes a right of use asset and a lease liability. When valuating the right of use asset, the acquisition method is used, i.e the right of use asset is calculated at acquisition cost, adjusted for any revaluation of the lease liability less depreciation. The right of use asset is reported as a tangible fixed asset, while leasing liability is reported separately in the Group's statement of financial position as long-term debt, interest-bearing and short-term debt, interest-bearing. Notes, Cont’d NOTE 7. FINANCIAL ASSETS AND LIABILITIES The disclosed value of financial assets, trade receivables, other receivables, cash and bank, trade payables, and other short-term liabilities constitutes a reasonable approximation of fair value. ===== SIDA 16 ===== - 16 - The company presents certain financial measures in the interim report which are not defined according to IFRS. The financial me- trics are used by the company’s management to evaluate relevant trends, and the company believes that they can provide valuable supplementary information to investors. CellaVision’s definitions of these measures may differ from other companies’ definitions of the same terms. These financial measures should therefore be seen as a supplement rather than as a replacement for measures defined according to IFRS. Definitions of measures which are not defined according to IFRS and which are not mentioned elsewhere in the interim report are presented below. Reconciliation of these measures is shown in the tables to the left. Currency effect. Exchange rate effects on sales growth for the period. Equity/assets ratio. Shareholders’ equity including non- controlling interests as a percentage of total assets. EBITDA. Overall financial performance before interest, taxes, depreciation and amortization. Gross margin. Gross profit as a percentage of net sales. Gross profit. Net sales less cost of goods sold. Operating margin (EBIT), Operating profit (EBIT) as a percentage of net sales for the period. Operating profit (EBIT). Earnings before interest and tax. Reconciliation Tables KPIs, Non-IFRS Measures Equity-asset ratio Amounts in ’ 000 SEK 03/31/2025 03/31/2024 Equity 838,533 758,762 Balance sheet total 1,043,869 974,116 Equity ratio 80% 78% Gross margin Amounts in ’ 000 SEK Jan-Mar 2025 Jan-Mar 2024 Net sales 194,802 170,080 Gross profit 137,209 112,065 Gross margin 70% 66% Operating margin Amounts in ’ 000 SEK Jan-Mar 2025 Jan-Mar 2024 Net sales 194,802 170,080 Operating profit 57,119 38,819 Operating margin 29% 23% EBITDA Amounts in ’ 000 SEK Jan-Mar 2025 Jan-Mar 2024 Operating profit 57,119 38,819 Amortization/depreciation/write-down 9,339 10,441 EBITDA 66,457 49,260 Net sales Jan-Mar 2025 (%) Jan-Mar 2025 ’000 SEK Jan-Mar 2024 (%) Jan-Mar 2024 ’000 SEK Last period 170,080 139,096 Organic growth 14.1% 23,915 21.9% 30,483 Currency effect 0.5% 807 0.4% 501 Current period 14.6% 194,802 22.3% 170,080 ===== SIDA 17 ===== - 17 - Questions Concerning the Report Publication This information constitutes information that CellaVision AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication at 7:20 a.m. CEST on April 29, 2025. CellaVision is listed on the Nasdaq Stockholm, Mid Cap list. The company is traded under the ticker symbol CEVI and ISIN code SE0000683484. Conference In connection with the release of the interim report analysts, investors and media are invited to a telephone conference and audio webcast on April 29, at 11:00 CEST where Simon Østergaard, President & CEO, will present and comment the report. The presentation will be in English via a conference call or audio webcast: To participate via webcast, use the link below. https://cellavision.events.inderes.com/q1-report-2025/register To participate via conference call, register on the link below. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference. https://events.inderes.com/cellavision/q1-report-2025/dial-in No pre-registration is required. Please dial in 5-10 minutes prior to the scheduled start time to facilitate a timely start. Simon Østergaard President & CEO Phone: +46 46 460 16 23 simon.ostergaard@cellavision.com Magnus Blixt CFO Phone: +46 46 460 16 46 magnus.blixt@cellavision.com Financial Calendar 2025 Interim Report January-March April 29, 2025 Annual General Meeting May 6, 2025 Interim Report January-June July 18, 2025 Interim Report January-September November 6, 2025 Year-end Bulletin 2025 February 5, 2026 ===== SIDA 18 ===== - 18 - Small, Mid-sized and Large Labs Speciality Analysis New Areas MAXIMIZE Large Labs ACCELERATE EXPAND EXPLORE 1 2 3 4 5 Små, medelstora och stora laboratorier Specialanalyser Nya områden MAXIMERA Stora laboratorier ACCELERERA EXPANDERA UTFORSKA 1 2 3 4 5 This is CellaVision Mission To advance laboratory workflow and diagnostic certainty through intelligent microscopy Our tools for automating cell classification with diagnostic certainty include analyzers, reagents, smearing, staining devices, and software. Vision Elevating healthcare through the evolution of microscopy We provide digital microscopy solutions to make laboratory work easier and more efficient. Because the faster a blood sample can be correctly analyzed, the faster a patient can be diagnosed and treated. About Us CellaVision is an innovative, global medical technology company that develops and sells its own leading solutions for routine analysis of blood and other body fluids in health care services. These analyses play a vital role in swift and accurate disease diagnoses, particularly in cases of infections and serious cancer diseases. The products replace manual laboratory work, and secure and support effective workflows and skills development within and between hospitals. The company has leading-edge expertise in sample preparation, image analysis, artificial intelligence and automated microscopy. Sales are via global partners with support from the parent company in Lund, Sweden and by the company´s 12 local market support organizations covering more than 40 countries. Our Strategic Ambition: The Power of Focus Our strategic ambition is to digitalize and improve microscopy workflows to provide diagnostic certainty in the medical labs of the world. Our strategy is supported by our organization, processes and culture. The strategy rests on five strategic pillars: 1. Maximize our leading position in large laboratories 2. Accelerate the worldwide adoption of the DC-1 3. Accelerate our global leadership in reagents 4. Expand into specialized microscopy analyses 5. Explore new areas of analytics with innovation Financial Ambition CellaVision’s objective is to create a global standard for digital microscopy. The objective is broken down in two important financial targets: • Sales growth Increase sales over an economic cycle by an average of around 15 percent per year. • Profitability The EBITDA margin is to exceed 30 percent over an economic cycle.