Medistim

Investor Presentation • Aug 20, 2025

Second Quarter and First Half 2025 Financial Results

Kari E. Krogstad President & CEO

Thomas Jakobsen CFO

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Disclaimer

The information included in this Presentation may contain certain forward-looking statements that address or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties.

The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets where Medistim is or will be operating, such as IP risks, clinical development risks, regulatory risks, fluctuations in currency exchange rates, and changes in governmental regulations. For a further description of other relevant risk factors, we refer to Annual Report for 2024. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements.

The reservation is also made that inaccuracies or mistakes may occur in this information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and Medistim disclaims any an all liability in this respect.

Agenda

01 - Highlights

Medistim Second Quarter and First Half Financial Results 2025

Medistim Track Record

Highlights Q2 2025

In MNOK	Q2 2025	Q2 2024	QoQQ
Revenue	169.1	144.9	+16.7 %
EBIT	54.1	41.3	+31.2 %
Currency			+1.0 %

• o Second best quarter ever for both sales and EBIT, only beaten by Q1
• o Currency neutral sales development:
  • Total sales up 15.7%
  • Own products sales up 18.2%
    • AMERICAS up 32.9%
    • APAC up 22.9%
    • EMEA down 3.6%
• Third-party products up 3.3%

7

• o Operating profit (EBIT) up 31.2%
• o Strong EBIT margin at 32.0% (28.5%) due to strong sales of own products in Q2
• o A dividend of NOK 6.00 per share, a total of MNOK 109.6 was paid 19th of May

Highlights H1 2025

In MNOK	H1 2025	H1 2024	H1 o H17
Revenue	350.6	278.7	+25.8 %
EBIT	113.3	73.3	+54.5 %
Currency			+1.1 %

• o Record first half for sales and EBIT
• o Currency neutral sales development:
  • Total sales up 24.7%
  • Own products sales up 25.4%
    • AMERICAS up 33.7%
    • APAC up 44.0%
    • EMEA up 7.1%
  • Third-party products up 21.4%
• o Operating profit (EBIT) up 54.5%
• o Strong EBIT margin at 32.3% (26.3%) due to strong sales of own products in H1
• o Strengthening the commercial operation

02 Financial Statements

Profit & Loss Q2 2025 Sales per Quarter (MNOK)

PROFIT & LOSS (All numbers in NOK 1000)	02 25	Q2 24
Total revenue	169 076	144 917
Cost of material	30 638	28 957
Gross margin	138 438	115 960
Gross margin %	81.9 %	80.0 %
Salary and social expenses	47 914	39 836
Other operating expenses	30 030	28 439
Total operating expenses	108 583	97 232
Operating profit before depreciation and amortization (EBITDA)	60 493	47 685
EBITDA %	35.8 %	32.9 %
Depreciation	6 358	6 428
Operating profit (EBIT)	54 135	41 257
EBIT %	32.0 %	28.5 %
Financial income	7 765	1 782
Financial expenses	5 553	(1 622)
Net finance	2 212	3 404
Profit before tax	56 347	44 660
Tax	13 363	9 939
Profit after tax	42 984	34 721
Dividend	109 465	82 414

EBIT per Quarter (MNOK & %)

Profit & Loss H1 2025 Sales per Quarter (MNOK)

PROFIT & LOSS (All numbers in NOK 1000)	H1 25	H1 24	FY 2024
Total revenue	350 622	278 704	562 599
Cost of material	61 203	53 936	113 680
Gross margin	289 420	224 768	448 919
Gross margin %	82.5 %	80.6 %	79.8 %
Salary and social expenses	106 511	85 905	185 113
Other operating expenses	57 673	52 772	108 220
Total operating expenses	225 386	192 613	407 013
Operating profit before depreciation and amortization (EBITDA)	125 236	86 091	155 585
EBITDA %	35.7 %	30.9 %	27.7 %
Depreciation	11 930	12 767	24 510
Operating profit (EBIT)	113 306	73 324	131 076
EBIT %	32.3 %	26.3 %	23.3 %
Financial income	11 105	5 366	11 499
Financial expenses	11 355	3 366	8 329
Net finance	(250)	2 001	3 170
Profit before tax	113 057	75 324	134 246
Тах	26 648	16 223	30 414
Profit after tax	86 409	59 101	103 832
Dividend	109 465	82 414	82 414

EBIT per Quarter (MNOK & %)

Balance Sheet Assets

BALANCE SHEET (All numbers in NOK 1000)	02 25	02 24	FY 2024
Assets
Intangible assets	76 581	56 787	69 739
Fixed assets	70 384	59 363	76 098
Total intangible and fixed assets	146 966	116 150	145 837
Current assets
Inventory	174 341	164 436	160 521
Accounts receivables	94 121	66 473	68 980
Other receivables	23 258	22 734	20 421
Cash	96 351	107 058	179 210
Total current assets	388 072	360 700	429 131
TOTAL ASSETS	535 037	476 850	574 968

• o In general, high inventory levels due to company policy of securing stock of critical components and finished goods
• o Expecting a decrease in inventory levels after purchase orders placed during the period of supply chain issues are delivered
• o Increase in customer receivables due to record sales, which increase working capital
• o Strong cash position by quarter end at MNOK 96.4 after a dividend of NOK 6 per share, total MNOK 109.6, was paid the 19th of May

Balance Sheet Equity & Liability

BALANCE SHEET (All numbers in NOK 1000)	02 25	02 24	FY 2024
Equity and liability
Share capital	4 585	4 585	4 584
Share premium reserve	44 172	44 172	44 172
Other equity	335 049	334 497	387 855
Total equity	383 806	383 254	436 611
Lease obligations	22 033	10 320	25 059
Deferred income	5 453	1 622	5 931
Total long term liability	27 487	11 942	30 990
Total short term liability	123 745	81 654	107 367
TOTAL EQUITY AND LIABILITY	535 037	476 850	574 968

• o No interest-bearing debt
• o 36.8 MNOK in obligations related to lease contracts, where 27.5 MNOK is long term
• o Deferred income from extended warranty contracts amounted to 5.4 MNOK

Key Figures

KEY FIGURES	02 25	Q2 24	H1 25	H1 24	FY 2024
Equity share	71,7 %	77,7 % -	71,7 %	80,4 %	75.9 %
Earnings per share	kr 2.35	kr 1,90	kr 4,73	kr 3.23	kr 5.67
Earnings per share diluted	kr 2.35	kr 1,90	kr 4,73	kr 3.23	kr 5,67
Average shares outstanding in 1000	18 253	18 314	18 276	18 314	18 314
Average shares outstanding in 1000 diluted	18 253	18 314	18 276	18 314	18 314

Cash Flow

CASH FLOW (All numbers in NOK 1000)	30.06.2025	30.06.2024	31.12.2024
Profit before tax	113 057	75 324	134 246
Depreciation and amortizations	11 930	12 767	24 510
Income tax paid	(28 340)	(25 873)	(28 404)
Change in working capital	(29 564)	(8 259)	(7 855)
Other	(10 608)	(6 570)	19 065
Cash flow from operation	56 474	47 389	141 561
Cash flow from investments	(12 480)	(7 598)	(24 693)
Purchase own shares	(12 572)
Dividend	(109 885)	(82 414)	(82 414)
Principle and interest paid on lease obligations	(4 396)	(4 192)	(9 115)
Cash flow from financing	(126 853)	(86 606)	(91 529)
Net change in cash and cash equivalents	(82 859)	(46 815)	25 339
Cash and cash equivalents at start of period	179 210	153 872	153 872
CASH AND CASH EQUIVALENTS BY THE END OF PERIOD	96 351	107 057	179 210

03 Business Segments Update

Flow-and-Imaging Systems in Units (capital sales)

Strong volume growth in AMERICAS is offset by weaker quarter in EMEA and APAC, giving net 1 more Flow-and-Imaging unit sold compared to last year

• o AMERICAS up by 8 units
• o EMEA down by 4 units
• o APAC down by 3 units

Most of the sales was through the direct sales channel and less through distributors

Flow-and-Imaging systems in units sold as capital

Imaging Probes in Units

7 more Imaging probes sold in Q2, up 23%

• AMERICAS up by 2 units
• EMEA up by 10 unit
• APAC down by 5 units

Imaging probes in units

Flow-only Systems in Units (capital sales)

Capital sales of Flow systems up 6 units, growing 20%, compared to Q2 last year

• o AMERICAS up by 2 units
• o EMEA down by 3 units
  • Weaker sales through distributor network
• o APAC up by 7 units driven by strong quarter in China

Flow-only systems in units sold as capital

Flow Probes in Units

Flow probe unit sales up 15.6% in Q2

• o AMERICAS up 27%
• o EMEA up 2%

o APAC up 35%

Strong capital sales drive probe sales. Inventory situation in China normalized

AMERICAS

MNOK 78.9 (59.0) in sales in Q2

Currency neutral, revenue is up 32.9% for the quarter

• o Total number of systems sold as capital, is up by 10 units in total. Flow-and-Imaging systems is up with 8 units, driving the growth for the region
• o New direct market Canada continued to grow with 13.7% in Q2
• o Distributors in Latin America delivers weak quarter compared to last year down from MNOK 1.9 to MNOK 0.9

Performance USA

SYSTEM SALES AND OUT- PLACEMENTS	02 2025	2024	Q2 CHANGE IN %	H1 2025	H1 2024	CHANGE IN %
Capital sales flow		5	40.0 %	த	12	-25 %
Capital sales flow & imaging	14	ട	133.3 %	28		11 154.5 %
Outplacement flow			0.0 %		വ	-100 %
Outplacement flow & imaging			0.0 %	2	ব	-50.0 %
Total number of units	21	11	90.9 %	39		29 34.5 %

NUMBER OF PROCEDURES FROM: PPP smart cards or lease flow	02 2025 4 331	02 2024 6 182	CHANGE IN % -29.9 %	H1 2025 10 910	H1 2024 12 505	CHANGE IN % -12.8 %
Flow probes to capital customers	16 118	10 765	49.7 %	32 265	23 000	40.3%
Total flow procedures	20 449	16 947	20.7 %	43 175	35 505	21.6 %
PPP or lease imaging	2 386	2 027	17.7 %	4 668	4 025	16.0 %
Imaging probes to capital customers	2 000	1 400	42.9 %	4 000	1 900	110.5 %
Total imaging procedures	4 386	3 427	28.0 %	8 668	5 925	46.3 %
Total flow and imaging procedures	24 834	20 374	21.9 %	51 842	41 430	25.1 %

7 (2) new customers in Q2 and 19 (11) new customers YTD

Number of Flow procedures*) sold in the USA per year

*) Procedures are counted based on PPP cards and Probes sold.. the number sold is an ESTIMATE for utilization

37% of the US CABG procedures

APAC

23

MNOK 22.1 (17.7) in sales in Q2

Currency neutral, revenue is up 22.9% for the quarter

We see recovery in sales to China;

• o Entering 2025, sales to China is normalizing after the transition period after going from distributor to direct operations in 2023, with inventory build ups affecting sales in the following periods.
• o Q2 continued strong with sales at MNOK 12.7, up 75%. We expect to see quarterly variations but a normalized year.
• o Sales to Japan was at the same level as last year, with MNOK 3 in Q1, and at MNOK 9.3 in H1
• o Sales to India is picking up, this quarter at MNOK 1.9 and 4 MNOK in H1

EMEA

MNOK 42.8 (43.7) in sales in Q2

Currency neutral, revenue is down 3.6% for the quarter

• o Continued strong development in direct markets (Spain, Germany, Scandinavia) with currency neutral growth of 7.5% for the quarter.
• o Sales through distributors was down with a currency neutral decline of 19.1% for the quarter

3rd party products

MNOK 25.2 (24.4) in sales in Q2

Revenue is up 3.3% for the quarter, 21.4% for H1

• o Highly diversified product portfolio
• o Mentor, Icare and A.M.I. are the biggest contributors
• o High sales of opthalmology products to new hospitals in Norway drive sales in H1

Revenue Performance by Region

GEOGRAPHIC SPLIT OF SALES (All numbers in NOK 1000)	Q2 25	02 24	Change in %	H1 25	H1 24	Change in %	FY 2024
AMERICAS
USA	75 342	54 763	37,6 %	143 330	101 134	41.7 %	216 261
Canada	2 681	2 358	13,7 %	8 480	8 184	3.6 %	13 993
South America	891	1 927	-53,8 %	1 168	4 480	-73.9 %	6 906
Total AMERICAS	78 914	59 049	33,6 %	152 978	113 798	34.4 %	237 160
АРАС
China	12 754	7 299	74,7 %	27 248	15 731	73.2 %	34 573
Japan	3 059	3 157	-3,1 %	9 334	6 752	38.2 %	12 056
Rest of APAC	6 326	7 293	-13,3 %	13 464	12 086	11.4 %	18 654
Total APAC	22 139	17 749	24,7 %	50 046	34 569	44.8 %	65 283
EMEA
Europe	41 059	41 576	-1,2 %	84 506	80 531	4.9 %	162 457
MEA	1 773	2 149	-17,5 %	6 264	3 005	108.5 %	7 878
Total EMEA	42 832	43 725	-2,0 %	90 770	83 536	8.7 %	170 335
Third-party products	25 191	24 394	3,3 %	56 828	46 802	21.4 %	89 821
Total sales	169 076	144 916	16,7 %	350 622	278 704	25.8 %	562 599
							MEDIC

Cardiac and Vascular Sales Split

SPLIT OF SALES BETWEEN CARDIAC SURGERY, VASCULAR	Change in				Change in
SURGERY AND THIRD-PARTY PRODUCTS (All numbers in NOK 1000)	02 25	Q2 24	%	H1 25	H1 24	0/0	FY 2024
Sales within Cardiac surgery	108 827	95 647	13.8 %	228 486	186 182	22.7 %	379 053
Sales within Vascular surgery	35 057	24 875	40.9 %	65 308	45 720	42.8 %	93 724
Sales of third-party products	25 191	24 394	33.3 %	56 828	46 802	21.4 %	89 821
Total sales	169 075	144 916	3.3 %	350 622	278 704	25.8 %	562 598

Vascular products shows 41% growth in Q2 and 43% in H1, making up 22% of sales of own products

Cardiac sales also developing well

Flow and Imaging Sales Split

SPLIT OF SALES BETWEEN FLOW PRODUCTS, IMAGING		Change in			Change in
PRODUCTS AND THIRD-PARTY PRODUCTS (All numbers in NOK 1000)	Q2 25	Q2 24	%	H1 25	H1 24	%	FY 2024
How products	101 116	89 312	13.2 %	201 698	174 199	15.8 %	348 021
lmaging products	42 769	31 210	37.0 %	92 096	57 703	59.6 %	124 757
Sales of third-party products	25 191	24 394	3.3 %	56 828	46 802	21.4 %	89 821
Total sales	169 075	144 917	16.7 % -	350 622	278 704	25.8 %	562 598

After a challenging period in 2023 and 2024, the Imaging portfolio is growing 37% in Q2 and 60% in H1

Recurring vs Capital Revenue

Split between recurring and capital sales (MNOK)

04 Implementing the Strategy

Medistim Second Quarter and First Half Financial Results 2025

The Growth Strategy

• 1. Convert high-penetrated Flow-only CABG markets to Flow-and-Imaging and the New-Standard-of-Care
  • → Early adopter & KOL support
  • → REQUEST study
  • → Ease conversion with the upgradable MiraQ
• 2. Grow adoption in under-penetrated markets
  • → Clinical marketing, Guidelines, Education
  • → Product innovation for ease of use
• 3. Flexible pricing and business models
  • → Entry-level solution in price sensitive markets
  • → Price-per-procedure model & capital sales
• 4. Build position in Vascular surgery
  • → Dedicated system MiraQ Vascular & probes
  • → Build position with societies and KOLs
• 5. Expand direct market coverage
  • → Get closer to the customer

Medistim stands at a pivotal moment as we enter 2025, poised for significant growth driven by the launch of the INTUI software platform, which is advancing innovation in the Cardiac segment, and a focused strategy in the Vascular segment, supported by the PATENT study and our commitment to advancing Peripheral Bypass.This is the perfect time to strengthen our commercial efforts.

Kari E. Krogstad, 31 January 2025

Strengthening the Commercial Operations

and a focus on fostering collaboration and sharing best practices across all regions, Kari E. Krogstad, 31. January 2025

Medistim Shareholders

1 ACAPITAL MEDI HOLDCO AS 1 815 978 9.90 % 2 FLØTEMARKEN AS 1 285 000 7.01 % 3 6.67 % 1 222 869 State Street Bank and Trust Comp 4 6.16 % VERDIPAPIRFOND ODIN NORDEN 1 130 000 5 FOLLUM INVEST AS 970 000 5.29 % 6 5.10 % INTERTRADE SHIPPING AS 935 735 7 Skandinaviska Enskilda Banken AB 813 801 4 44 % 8 VERDIPAPIRFONDET HOLBERG NORGE 684 414 3.73 % 9 3.27 % ODIN Small Cap 600 000 10 517 566 2.82 % J.P. Morgan SE 2.34 % 11 Skandinaviska Enskilda Banken AB 430 000 12 423 146 2.31 % J.P. Morgan SE 13 393 375 2.15 % State Street Bank and Trust Comp 14 381 609 2.08 % The Northern Trust Comp, London Br 15 355 000 1.94 % BUANES 16 Skandinaviska Enskilda Banken AB 345 094 1.88 % 17 MUSTAD INDUSTRIER AS 337 332 1.84 % 18 Skandinaviska Enskilda Banken AB 1.60 % 293 301 19 290 550 1.58 % BNP Paribas 20 The Bank of New York Mellon SA/NV 268 000 1.46 % Total 20 largest shareholders 13 492 770 18 337 336 Total number of shares outstanding	Rank	Shareholder	Number of shares	In % of total	Country
					Norway
					Norway
					United States
					Norway
					Norway
					Norway
					Sweden
					Norway
					Norway
					Luxembourg
					Luxembourg
					Sweden
					United Kingdom
					Norway
					Norway
					United States
					Sweden
					France
					Sweden
					Belgium