Bonesupport Holding AB (publ)

Welcome to Bone Support Q3 2026. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answers session, participants are able to ask questions by dialing pound key five on their telephone keypad. Now I will hand the conference over to CEO Torbjorn Skuld and CFO Håkon Johansson. Please go ahead.

Thank you, operator. Welcome, everyone, to BoneSupport's Q3 2026 results call. My name is Torben Skål, CEO of BoneSupport. With me here today is our chief financial officer, Håkan Johansson, and our chief medical officer, Dr. Dieffenbeck. Together, we will use the next 30 minutes to guide you through the Q3 presentation and then open the line for questions. Slide two, please. Before starting the presentation, I would like to draw your attention to the disclaimers covering any forward-looking statements we will make today. So let's look at the financial and operational highlights of the quarter. Q3 reflected solid execution across the business. Net sales came in at 409 million SEC, corresponding to a growth at constant exchange rates of 38% versus Q3 2025. Reported growth was 39%, showing that the currency impact on our figures for the quarter has decreased compared to previous quarters. Our adjusted operating result excluding incentive program effects was 139 million SEC corresponding to an adjusted operating margin of 34%. Reported operating result was 123 million SEC. We saw another quarter of solid cash generation with operating cash flow reaching 138 million SEK. After the ongoing share buyback program, this resulted in a cash position of 510 million SEK at quarter end. After a period of significant commercial investments, it's encouraging to see the strong operating margin together with the continued strong cash flow as confirmation of the scalability of our business model. We continue to see strong traction for Sermon G in the US with sales reaching 288 million SEC for the quarter compared with 192 million SEC in Q3 2025. In Europe and rest of the world, we saw solid momentum across all markets and segments with a growth of 34% at constant exchange rates compared to Q3 2025. The most important event of the quarter was the publication of the Solario study in the New England Journal of Medicine. The study shows that the duration of systemic antibiotic treatment can be reduced significantly without compromising treatment outcomes when local antibiotic therapy is used as part of the surgical treatment. Dr. Dieffenbeck will give an overview of what this study shows and why we believe it is a very important milestone and a game changer for patients. During the quarter, important progress was made in the regulatory process for Sermon V within the framework of the de novo process. The supplemental data package requested by the FDA was submitted in September. If granted market authorization, CEREMENT-V will constitute an entirely new product category, like CEREMENT-G in 2022. Just as in the review of the de novo application for CEREMENT-G, both CEDAR Center for Drug Evaluation and Research and CDRH Center for Devices and Radiological Health are involved and the lead review team which sorts under CDRH remains the same as during the 510 process. The dialogue with the agency is constructive and we look forward to the continued review. In Q3, USCMS confirmed improved reimbursement for the use of Ceramid G in orthopedic infection surgery and more specific identification codes for Ceramid G and Ceramid V, once approved by FDA. Progress on Ceramid with antibiotics for spine continues to be solid. The Ceramid BVF launch is on track and the preparations for the studies on antibiotic-eluting Ceramid follow plan. an important step as we continue expanding our portfolio of indications and applications. Now let's move on to the sales development. The chart shows total last 12 months reported sales in Swedish krona by quarter since 2019 in stacked bars per region and product category. As you can see, the launch momentum for CERMA-G in the US is strong and Ural has accelerated in the last five quarters. Given that we keep bringing new strong clinical studies and opening up new market segments and new indications, a product like CERMA-G will remain in launch phase for many years to come. However, throughout 2025 and in the first half of 2026, we have seen strong influence from the US dollar to Swedish crown depreciation, which influences the optics of the graph, but not the in-market performance, as you will see in Håkan's slides later in the presentation. Last 12 months growth in Q3 of 25% in the graph corresponds to an even stronger 31% at constant exchange rates. US Ceramide BVF last 12 months sales were flat year over year at constant exchange rate. In total antibiotic eluting Ceramide grew with 39% last 12 months at constant exchange rate. In U.S., sales amounted to 344 million SEC representing growth of 39% at constant exchange rates. We continue to experience strong growth of CERN-G, driven by both increased access through new accounts and new surgeons, as well as wider adoption among existing users. We see growth from all three prioritized market segments, foot and ankle, trauma, and arthroplasty. In Q3, USCMS, Center for Medicare and Medicaid Services, confirmed its proposed ruling, the full year 27 IPPS, inpatient prospective payment system, including changes that improve payments for the use of Sermon G in the treatment of orthopedic infections, such as periprosthetic joint infection, fracture-related infections, and diabetes-related bone infection. More severe injuries result in higher reimbursement. Regardless of severity, the hospital can use the highest codes when claiming reimbursement. This means that moderately severe conditions receive the same high reimbursements as when accomplice injury is treated. Note that this uplift applies only when CERAMET G is used. In parallel, CMS confirmed the introduction of more specific procedure and identification codes for CERAMET G and CERAMET V consistent with the company's submission. This is very positive for bone support as it validates the uniqueness and value Cerament brings and reduces potential barriers for using Cerament in daily clinical practice. CMS ties the extra reimbursement specifically to on-label use of approved products in this category, where bone support currently holds the only approval, strengthening our competitive mode. We have launched a rollout plan with supporting education and communication materials to fully capitalize on the ruling. The ruling came into effect on October 1st, 2026. The initial and early feedback we have received from surgeons and administrators is very positive, and we expect it to substantially strengthen the case for broader and deeper use of CERAMENT-G in existing and new accounts. As part of our ambition to modernize an outdated standard of care in the U.S., we have opened one market segment after another, starting with foot and ankle, followed by trauma, now moving into revision arthroplasty. Interest continues to grow for CERMA-G in revision arthroplasty and periprosthetic joint infections, where the clinical needs remain substantial, and the evidence supporting our antibiotic-eluting technology has resonated strongly with surgeons. We have built a solid foundation for our spine strategy over the past quarters by establishing distributive coverage and preparing the market. The surgeon access and early stages of adoption in spine follow plan and indicate the strength and potential of this segment. As this is a new clinical segment for us, more clinical data is needed to support broader market penetration. Importantly, the performance of CERMAT BVF in spine will help confirm the value proposition for the CERMAT platform, which will pave the way for future antibiotic-eluting CERMAT launch. Now, let's turn to Europe and the rest of the world. Sales in Ural came in at 64 million SEC, representing 34% growth at constant exchange rates. While part of this reflects a softer comparison base in Q3 2025, and also initial orders from distributor change in Australia and New Zealand, it was still a very, very strong quarter. We saw strong development across our three market structures, direct, hybrid, and distributor markets. This model is well suited to the early stage the company is currently in. Our direct markets, including UK and Germany, delivered solid growth across the board. Our investments in hybrid markets developed well, underlying continued potential ahead. During the quarter, we entered into a distribution partnership with Striker for Australia and New Zealand, which contributed 3.8 million SEC to sales through a couple of initial startup orders. The partnership strengthens our presence in the region and gives us a good basis to continue developing these markets. Our distributor markets show strong growth and we see large potential to increase our footprint by increasing penetration in the countries in which we have presence as well as potential to entering more countries. The Solario study was published the evening before the start of the Joint Congress of the European Bone and Joint Infection Society and the US Musculoskeletal Infection Society in Porto. It was featured in several presentations and scientific discussions. The response to Solario reinforces our view that a paradigm shift is taking place. and that local antibiotic therapy will play an increasingly important role in the treatment of orthopedic infections. Solario has the potential to be an important catalyst for changing the standard of care and treatment protocols worldwide for the benefit of patients, healthcare providers and society, not least in antibiotic stewardship. Now, for a deeper scientific and clinical perspective on Solario, I will now hand over to our chief medical officer, Dr. Diefenbeck.

Thank you, Torbjörn. My name is Michael Dieffenbeck. I'm Chief Medical Officer at Bone Support. After a bit of waiting, the SOLARIO trial has been published on the 16th of September. SOLARIO stands for short or long antibiotic regimes in orthopedics. The study was published in the New England Journal of Medicine, one of the highest ranked journal in medicine. First author is Professor Martin McNally and senior author is Dr. Matt Scarborough, both from Oxford, England.