Vitrolife

Annual / Quarterly Financial Statement • Feb 2, 2024

FOURTH QUARTER AND FULL YEAR REPORT 2023

WELCOME TO VÄLKOMMEN TILL

Vitrolife Group

We contribute to successful treatment outcomes by providing assisted reproductive technologies.

Specialising in IVF since 1994, we have grown and increased our market share through our well-executed product development programmes, groundbreaking research, consistent quality control and acquisitions of other innovative companies in the industry. We support customers worldwide – always with sustainability in mind. Based on science and advanced research capabilities, our aim is to deliver products and services for the entire

fertility journey, providing consistent performance and guaranteed quality. Our vision is to enable people to fulfil the dream of having a healthy baby. We achieve this by supporting our customers to improve their clinical practice and the outcome of the patient's fertility treatment.

The Vitrolife Group refers to Vitrolife AB (publ) and all its subsidiaries and the share is listed on NASDAQ Stockholm.

Business areas

Media, cryo products, disposable devices and genomic kits.

Incubation, time-lapse evaluation and laser.

Reproductive genetic testing services.

The Vitrolife Group in figures

Sales in Q4 2023 904 MSEK

Global presence in ~125 markets

Fourth quarter

Continued growth with margin expansions

Fourth quarter

• Sales of SEK 904 (855) million, an increase of 6%. In local currencies the growth was 5%.
• Sales, in local currencies increased by 16% in APAC and 6% in EMEA, while sales in Americas decreased by 5%.
• Sales in local currencies increased by 1% in Consumables and 31% in Technologies, while sales in Genetic Services decreased by 2%.
• Gross margin increased to 56.9% (54.2).
• Operating income before depreciation and amortisation (EBITDA) was SEK 294 (273) million, giving an EBITDA margin of 32.5% (31.9).
• Operating cash flow increased to SEK 171 million (166).
• An impairment charge of SEK 4,300 million is reported as other operating expenses.
• Net income was SEK -4,179 (73) million, resulting in earnings per share of SEK -30.86 (0.55). Excluding the impairment charge, net income was SEK 121 million (73), giving earnings per share of SEK 0.89 (0.55).

Full year

• Sales of SEK 3,512 (3,234) million, an increase of 9%, or 10% excluding discontinued business*. In local currencies, growth was 4% and excluding discontinued business 5%.
• Sales, in local currencies and excluding discontinued business, increased by 16% in APAC and 6% in EMEA, while sales in Americas decreased by 3%.
• Sales, in local currencies and excluding discontinued business, increased by 9% in Consumables and 11% in Technologies, while sales in Genetic Services decreased by 1%.
• Gross margin increased to 56.3% (55.0).
• Operating income before depreciation and amortisation (EBITDA) was SEK 1,136 (1,050) million, giving an EBITDA margin of 32.3% (32.5).
• Operating cash flow increased to SEK 757 million (636).
• An impairment charge of SEK 4,300 million is reported as other operating expenses.
• Net income was SEK -3,851 (394) million, resulting in earnings per share of SEK -28.44 (2.91). Excluding the impairment charge, net income was SEK 449 million (394), giving earnings per share of SEK 3.31 (2.91).

Dividend

• The Board to propose to the Annual General Meeting a dividend of SEK 135 (115) million, corresponding to SEK 1.00 (0.85) per share. The proposed dividend is based on exclusion of the non-cash impairment charge.

* Discontinued business refers to Covid testing and GPDx China. This applies throughout the report.

The Group's key figures

	October - December		January - December
SEK millions*	2023	2022	2023	2022
Net sales	904	855	3,512	3,234
Gross margin, %	56.9	54.2	56.3	55.0
Adjusted gross margin1 , %	59.2	56.5	58.6	57.4
Operating income before depreciation and amortisation (EBITDA)	294	273	1,136	1,050
EBITDA margin, %	32.5	31.9	32.3	32.5
Other operating expenses	-4,313	-19	-4,328	-3
Net income	-4,179	73	-3,851	394
Net debt/EBITDA Rolling 12 month	1.0	1.5	1.0	1.5
Earnings per share², SEK	-30.86	0.55	-28.44	2.91
Earnings per share²,adjusted for impairment SEK	0.89	0.55	3.31	2.91
Share price on closing date, SEK	194.70	186.20	194.70	186.20
Market cap at closing date	26,372	25,220	26,372	25,220
Changes in net sales
Organic growth in local currency, %	5	11	4	10
Acquired growth, %	-	37	-	65
Currency effects, %	1	18	4	18
Total growth, %	6	66	9	92

* Unless otherwise indicated.

1 Gross margin excluding amortisation of acquisition-related intangible assets.

² Before and after dilution.

For definitions, motivations and reconciliations, see pages 22-24.

Net sales (rolling 12 months)

Long-term financial objectives Updated December 2023

Continued growth with margin expansions

CEO comment

In the final quarter of 2023, the Vitrolife Group presented our new corporate strategy and long-term financial objectives for the company at our Capital Markets Day which was held on 12 December (full details are available online at www.vitrolifegroup.com). We believe that by focusing on key countries and bringing new innovations to market that help our customers with workflow efficiency and capacity, we can strengthen our market position and capitalise on growth opportunities. Successful clinical outcomes remain comparatively low following IVF treatment and it is our assertion that increased use of genetic testing in combination with AI will help to increase the number of healthy babies born globally. We have been working on optimising our go-to market model to serve our customers in a more effective and efficient way and there are opportunities to further digitalise to improve the experience and reduce cost to serve. In addition, we will accelerate our operational excellence program to realise further synergies that will allow us to fund the journey while at the same time ensuring that we drive long-term profitable growth.

Sales in the Vitrolife Group during the fourth quarter were SEK 904 million (855), an increase of 6% in SEK and 5% in local currencies. The gross margin increased to 56.9% (54.2), the increase is mainly related to product and market mix. Efficiencies generated from our operational excellence program continued to partially offset some of the impact of the decline in growth in Genetic Services in

the Americas. Operating income before depreciation and amortization (EBITDA) was SEK 294 (273) million giving an EBITDA margin of 32.5% (31.9). Sales for the full year were SEK 3,512 (3,234) million, an increase of 10% in SEK and 5% in local currencies excluding discontinued business.

Sales in EMEA increased 6%, with double digit growth in Technologies in Europe, despite the high penetration rates. The Middle East and Turkey were the strongest growth drivers for the region from a geographic perspective, with market share gains in all business areas. Across the rest of the region, we saw solid and consistent growth.

Sales in Americas declined by 5%, impacted by a decline in sales in Genetic Services. This is driven by a loss of sales of our Endometrium Receptivity Test (ERA) combined with the in-sourcing of PGTA testing that was reported in the first quarter 2023. Adjusting for these two factors the other tests in the portfolio continued to grow above market rate. Technologies performed very strongly in North America with high double digit growth in the quarter. This is a key component of our corporate strategy and customers are witnessing the workflow efficiency benefits that EmbryoScope® can bring to their clinics.

From a business area perspective, we had our biggest quarter ever in Technologies with growth of 31% in local currencies, both China and the U.S. performed very

^* Growth refers to organic growth in local currencies excluding discontinued business (Covid testing and GPDx China).

"We have brought in specialist talent to support our efforts in driving and accelerating operational excellence across all business areas, functions and regions."

strongly. As highlighted during our Capital Markets Day these two markets offer significant growth potential and we have increased our focus to expand the market penetration of EmbryoScope® and support our customers with training and education. We expect this momentum to continue in 2024 with a robust pipeline of orders for the coming quarters.

We had a solid growth across our core Consumables business, Media was particularly strong with double digit growth across APAC and above market growth in EMEA. However the quarterly performance was negatively impacted by sales of our genomic kitted products, resulting in a growth of 1% in local currencies. The Genomics business declined in the quarter due to the fact that customers significantly stocked up on VeriSeq compatible kits in the first half of 2023 prior to transitioning to our new EmbryoMap solution.

The decline in Genetic Services of 2%, was largely due to a 20% decline in the sales of ERA tests versus the same quarter last year. The biggest impact was in the Americas, however we are seeing some stabilisation month on month following the remediation actions we have taken. EMEA also experienced a negative impact, but the base is lower, and the remediation actions have been executed by the team in the region to lessen the impact. Adjusting for sales of the ERA test, Genetic Services is performing well, with double-digit growth in APAC and EMEA, and we expect this strong momentum to continue into 2024.

We have a strong talent pool across the Vitrolife Group with deep clinical and industry knowledge and over the past couple of months we have been working on complimenting that talent by recruiting a number of key

individuals who will support us in our ambitions to further globalise and expand in key markets like the U.S. and China. In addition, we have brought in specialist talent to support our efforts in driving and accelerating operational excellence across all business areas, functions, and regions.

The Vitrolife Group is synonymous with quality and service, and we view this as a key differentiator from our competitors. In order to further leverage this strength and in an effort to constantly provide increased value for our customers we placed significant emphasis on efficient and timely provision of our products and services, development and implementation of digital solutions that improve our customer interactions as well as working closely with our customers in key education and training programmes in 2023. This resulted in a five-point increase in our Net Promoter Score. It was great to get this positive feedback from our customers relating to of the improvements we have made, and we commit to do even better in 2024.

2023 was a year with a lot of changes for the Vitrolife Group, with the former CEO retiring and me joining the company on the 1st of August. We presented our new corporate strategy and updated long-term financial objectives. We also continued to evolve our go-to-market model in order to leverage the full strength of the Vitrolife Group portfolio. It was a challenging year for our Genetic Services business, most notably in North America, however in the latter part of the year we see increases in revenue in other tests in the portfolio. Our Consumables business performed well, and we continue to take share in media in all regions. The Technologies business area delivered double digit growth and we are increasing our market penetration around the world. We have increased

"We aim to increase our growth rates, take market share from competitors and continue to play a key role in developing the market."

our operating profit margins and continued to generate good operating cash flow.

In January we announced our decision to make a non-cash impairment of SEK 4.3 billion, relating to the acquisition of Igenomix. This was in accordance with IFRS standards and part of our annual impairment process. We are confident in the longer-term growth prospects of Genetic Services, which is a key component to our new corporate strategy.

Looking forward to 2024 we aim to increase our growth rates, take market share from competitors and continue to play a key role in developing the market. IVF is a complex ecosystem and by working more closely and in partnership with key stakeholders including clinics, doctors, embryologists, laboratory managers and other stakeholders we can increase access and capacity for patients. The reproductive-health market is an attractive space with significant unmet needs.

In summary, the Vitrolife Group plans to grow above market growth rates and execute on our corporate strategy which will ensure that we set the company up for long-term success and increase our shareholder value.

Bronwyn Brophy O'Connor CEO

Highlights of quarter 4

2023 October - December

Fourth quarter

Net sales

Sales increased to SEK 904 million from SEK 855 million, corresponding to growth of 6%. Organic growth in local currencies amounted to 5% in SEK and currency effects amounted to 1%.

Segment reporting

With effect from 2023 the Vitrolife Group has three geographical segments, compared to four in the previous year. The former Japan Pacific and Asia segments have been consolidated into one segment, APAC.

EMEA

Sales increased by 6% and in local currencies and 9% in SEK to SEK 343 (316) million, driven by growth for all business areas. Technologies business area grew strongly and Genetic services, mid-single digits while Consumable showe a moderate growth. All business areas grew strongly in the Middle East.

Gross income amounted to SEK 194 (175) million, with a gross margin of 56.6% (55.2). The market contribution amounted to SEK 125 (108) million, corresponding to a margin of 36.4% (34.0).

Americas

Sales declined by 5% in local currencies and in SEK 4% to SEK 290 (303) million, driven by negative growth in the Genetic Services business area. Technologies business area had a strong quarter with key customer installations of EmbryoScope. Consumables business area sales declined and was impacted by strong comparable sales in 2022 and a decrease in Genomic kits.

Gross income amounted to SEK 144 (149) million, with a margin of 49.8% (49.3). The market contribution amounted to SEK 68 (88) million, corresponding to a margin of 23.5% (29.0).

APAC

Sales increased by 16% in local currencies and 9% in SEK to 271 (236) million. Growth in all business areas, with double digit growth for Technologies and Genetic Services. China was the largest growth driver, where we continue our progress for our Consumables portfolio as well as installations of EmbryoScope®.

Gross income amounted to SEK 176 (120) million, with a margin of 64.8% (59.3). The market contribution amounted to SEK 139 (106) million, corresponding to a margin of 51.2% (44.9).

Net sales by geographical segments (rolling 12 months)

Sales by business area

Sales in the Consumables business area increased by 2% SEK, and 1% in local currencies. Continued global growth across the core product lines and particularly in media products while Genomics kits decreased.

Sales in the Technologies business area increased by 32% in SEK, and 31% in local currencies. Significant growth in Americas and APAC from several new customers. EMEA had a more moderate growth but still double digit.

Sales in the Genetic Services business area decreased by 3% in SEK, and 2% in local currencies. The decrease is driven by product and market mix with lower sales in Americas, mainly for ERA tests compared to fourth quarter last year, offset by growth in EMEA and APAC.

Net sales by business area Q4 2023

Operating income

Gross income amounted to SEK 514 (463) million, corresponding to a margin of 56.9% (54.2). The increase in margin was largely driven by continuous improvements in operations and market and product mix. Operating income before depreciation and amortisation (EBITDA) amounted to SEK 294 (273) million, corresponding to a margin of 32.5% (31.9). The impairment charge does not affect the EBITDA.

Financial net

In the fourth quarter, financial net amounted to SEK -15 (-63) million, mostly affected by a currency revaluation from the devaluation in Argentina in December and from fluctuation in SEK rates. Net interest expense was SEK -18 million (-12), mainly due to higher EURIBOR rates.

Taxes

In the fourth quarter, taxes amounted to SEK -49 (-32) million, and the effective tax rate was 28.7% (30.7) adjusted for the impairment.

Net income and earnings per share (EPS)

Net income for the fourth quarter amounted to SEK -4,179 (73) million and before impairment SEK 121 (73) million. Earnings per share (EPS), before and after dilution, amounted to SEK -30.86 (0.55) due to the impact of the non-cash impairment. Earnings per share excluding the impairment charge amounted to SEK 0.89 (0.55).

Cash flow

Operating cash flow for the fourth quarter contributed SEK 171 (166) million. Cash flow from investing activities was SEK -33 (-18) million, including net investments in non-current assets. Cash flow from financing activities amounted to SEK 2 (-27) million.

Financial position

As of 31 December, net debt was SEK 1,128 million, and cash and cash equivalents amounted to SEK 861 million. In the fourth quarter, total assets decreased by SEK 4,222 million, mainly as a result of the impairment charge. Equity amounted to SEK 12,723 million at the end of December, compared with SEK 16,740 million at the end of December 2022. The available undrawn revolving credit facility amounted to EUR 100 million.

Parent Company

Business activities focus on Group-wide management. Income included invoicing of management fees and other costs of SEK 7 (11) million to subsidiaries. Financial items amounted to SEK -2,993 (-21) million, whereof an impairment of shares of SEK 3,000 million following the group impairment of Genetic Services. Cash and cash equivalents amounted to SEK 412 (133) million.

Full year 2023

January - December

Net sales

Sales increased to SEK 3,512 (3,234) million, corresponding to an increase of 9% in SEK and 10% excluding discontinued business. In local currencies sales increased by 4% and 5% respectively. Consumables grew by 14% in SEK, and 9% in local currencies with about equal increase in all regions but strongest in APAC. Technologies increased sales by 16% in SEK, but 11% in local currencies, with the strongest growth in APAC followed by EMEA, both with double digit growth, and in Americas just below. Genetic Services showed flat growth in SEK, while sales in local currencies decreased by 3%. Excluding discontinued business there was a decrease of 1% in local currencies.

Income

Gross income amounted to SEK 1,977 (1,780) million, corresponding to a margin of 56.3% (55.0). The margin improved despite non-recurring costs in the previous quarters. Continuous improvements and the combination of product and market mix resulted in an increase in margin. Adjusted operating income before depreciation and amortisation (EBITDA) amounted to SEK 1,136 (1,050) million, corresponding to a margin of 32.3% (32.5). Adjusted for non-recurring costs of SEK 25 million, EBITDA amounted to SEK 1,161 million, corresponding to a margin of 33.1%. Non-recurring costs related mainly to CEO succession and warranty provisions during the first two quarters of the year.

Income per segment

During the period the market contribution for EMEA amounted to SEK 477 (403) million. The market contribution from Americas amounted to SEK 297 (356) million. The market contribution from APAC amounted to SEK 523 (418) million. Total market contribution amounted to SEK 1,293 (1,178) million, corresponding to a margin of 36.8% (36.4).

Cash flow

Cash flow from operating activities amounted to SEK 757 (636) million. EBITDA had a positive impact on operating cash flow. Changes in working capital had a negative effect of SEK -118 million on operating cash flow. Cash flow from investing activities was SEK -124 (-144) million, including net investments in non-current assets of SEK -113 (-83) million. Cash flow from financing activities was SEK

-300 (-582) million and comprised mainly from dividend to shareholders of SEK -115 (-110) million and repayment of borrowings of SEK -126 million (-448). Cash and cash equivalents at the end of the period amounted to SEK 861 (578) million.

Lawsuit regarding alleged patent infringement

In 2021, Vitrolife received information that a civil lawsuit had been filed against Vitrolife in Germany by Ares Trading S.A. regarding alleged infringement of three patents in the Time-lapse area. This was later reduced to two patents. According to the decision in 2023 of the District Court in Düsseldorf, the offering and supply of the EmbryoScope systems in Germany by Vitrolife GmbH and Vitrolife AB constitute an indirect infringement concerning the German part of one of the patents, whereas the court found that there was no infringement of the other patent.

Vitrolife have appealed the judgment where Vitrolife was found guilty of indirect infringement and Ares Trading S.A have appealed the other court decision. No impact on the financial statements in this report.

Prospects

In the long term, the number of IVF cycles is expected to continue to grow 5-7%, driven by increased maternal age, expanding public and private insurance coverage, and supportive legislation. For clinic partners like the Vitrolife Group, there is an additional opportunity to increase the adoption of genetic testing and EmbryoScope®, as well as market share opportunities for consumable products.

An uncertain macroeconomic environment may pose challenges as fertility treatment costs are comparatively high in parts of the world, most notably the U.S. However as coverage and reimbursement continues to increase this will lessen the out-of-pocket expenses over time, making the industry less exposed to macroeconomic fluctuations.

In the shorter term perspective, the market conditions for the Vitrolife Group may be impacted by general market conditions such as regulations, trade barriers, sanctions, customer perception, etcetera that may impact parts of our product and services portfolio.

The company in brief

Vision

The Vitrolife Group's vision is to enable people to fulfil the dream of having a healthy baby.

Mission

The Vitrolife Group's mission is to be the leading global partner in reproductive health, striving for better treatment outcomes for patients.

Corporate Strategy

We will focus on five strategic priorities to drive sustainable profitable growth:

• Own the platform
• Innovate to expand leadership
• Accelerate growth in key markets
• Optimise go-to-market model
• Drive operational excellence

See additional information on www.vitrolifegroup.com.

Other information

Organisation and personnel

During the period, the average number of employees was 1,084 (1,117), of whom 652 (665) were women and 432 (452) were men. Of these, 165 (162) persons were employed in Sweden, 217 (223) in Spain, 68 (79) in Brazil, 197 (202) in the US, 100 (90) in Denmark, 55 (57) in Japan, and 282 (304) in the rest of the world. The number of persons employed in the Group at the end of the period was 1,123 (1,073).

Information on transactions with related parties

During the year the company has settled a remuneration

to the former CEO in accordance with the employment contract. A relocation and sign on-bonus for Bronwyn Brophy O´Connor as CEO have also impacted the accounts in the full year. During the period that Jón Sigurdsson was interim CEO he received a consultancy fee in excess of his board remuneration.

At the Annual General Meeting in 2023 it was resolved to issue a long-term share based incentive program to some members of the group included in related parties which have been cost accounted for. Otherwise no transactions substantially affecting the results and financial position were conducted with related parties in the period.

Risk management

The most important strategic and operational risks regarding the Vitrolife Group's business are described in the Management Report in the Annual Report for 2022. These are primarily macroeconomic risks, operational risks and financial risks. The management of risks is also described in the Corporate Governance Report in the same Annual Report. The risks, as described in the 2022 Annual Report, are deemed to be essentially unchanged.

Seasonal effects

Seasonal effects have an impact on the Vitrolife Group's sales. Before and during holiday periods there is often a reduction in orders for some of Consumables short shelf life products. Technologies sales are dependent on installations and also impacted by holidays. The sales in Genetic Services are also impacted by holidays.

For the Vitrolife Group, sales in the first quarter are negatively impacted by New Year holidays, with the largest impact in APAC. The third quarter is impacted by the European summer holiday period. The fourth quarter is normally the strongest quarter for the Vitrolife Group in all regions. In all, total sales are relatively even between the first and second halves of the year, with sales in the second half somewhat higher due to the impact of strong sales in the fourth quarter and a larger number of working days in the second half of the year.

Dividend

In accordance with the dividend policy of Vitrolife AB (publ), a dividend, or another equivalent form of distribution, shall be proposed annually which on average over time corresponds to 30 per cent of net profits for the year after tax has been paid. It is therefore the intention of the Board to propose to the Annual General Meeting a dividend of SEK 135 (115) million, corresponding to SEK 1.00 (0.85) per share. The proposed dividend is based on exclusion of the non-cash impairment charge.

Election committee

The following people have been appointed as members of Vitrolife AB (publ) election committee for the 2024 Annual General Meeting:

Niels Jacobsen, appointed by William Demant Invest A/S Patrik Tigerschiöld, appointed by Bure Equity AB Caroline Sjösten, appointed by Swedbank Robur Fonder AB Jón Sigurdsson, Chairman of the Board

The appointments have been made in accordance with the instructions regarding principles for the appointment of the company's election committee which were determined at the Annual General Meeting of Vitrolife AB (publ) on 27 April 2023.

Shareholders who wish to have an item considered at a general meeting can submit a request to the Board to this effect. Such a request for an item to be considered is to be sent to Vitrolife AB (publ), FAO: Chairman of the Board, Box 9080, SE-400 92 Gothenburg, Sweden, and must have been received by the Board no later than seven weeks before the general meeting, or otherwise in such good time that the matter, where necessary, can be included in the notice to attend the general meeting.

Annual General Meeting and Annual Report

The Annual General Meeting will be held on 25 April 2024 in Gothenburg, Sweden. Shareholders will be invited to attend through an announcement in the Swedish Official Gazette and through information in Dagens Industri no earlier than six weeks and no later than four weeks before the meeting.

It is estimated that the Vitrolife Group's Annual Report for 2023 will be available to be downloaded from the Vitrolife Group's website on 27 March 2024.

Events after the end of the period

No events have occurred after the end of the period that significantly affect the assessment of the financial information in this report.

2 February 2024 Gothenburg, Sweden

Bronwyn Brophy O'Connor CEO

Consolidated income statements

		October - December		January – December
SEK millions	Note	2023	2022	2023	2022
Net sales	4,5	904	855	3,512	3,234
Cost of sales		-390	-392	-1,534	-1,454
Gross income		514	463	1,977	1,780
Comprising
Adjusted gross income		561	510	2,162	1,950
Amortisation and depreciations		-47	-47	-185	-170
Gross income		514	463	1,977	1,780
Selling expenses		-182	-162	-684	-602
Administrative expenses		-109	-103	-433	-400
Research and development costs		-28	-23	-127	-143
Other operating income		4	0	5	21
Other operating expenses		-4,313	-6	-4,328	-2
Operating income		-4,115	168	-3,589	654
Comprising
Adjusted operating income *		294	273	1,136	1,050
Impairment charge		-4,300	–	-4,300	–
Amortisation and depreciations		-109	-105	-425	-396
Operating income		-4,115	168	-3,589	654
Financial income and expenses		-15	-63	-123	-117
Income after financial items		-4,130	106	-3,712	537
Income taxes		-49	-32	-139	-143
Net income		-4,179	73	-3,851	394
Attributable to
Parent Company shareholders		-4,179	74	-3,851	394
Non-controlling interests		0	-1	0	0
Earnings per share**, SEK		-30.86	0.55	-28.44	2.91
Average number of shares outstanding		135,394,622	135,394,622	135,394,622	135,394,622
Number of shares at closing date		135,447,190	135,447,190	135,447,190	135,447,190
* Equivalent to EBITDA

** Before and after dilution.

Statements of comprehensive income

	October - December			January – December
SEK millions	2023	2022	2023	2022
Net income	-4,179	73	-3,851	394
Other comprehensive income
Items that may be reclassified to the income statement
Exchange differences	-497	270	-20	1,144
Total other comprehensive income	-497	270	-20	1,144
Comprehensive income	-4,676	343	-3,872	1,538
Attributable to
Parent Company shareholders	-4,676	346	-3,871	1,537
Non-controlling interests	0	-3	-1	1

Consolidated statements of financial position

SEK millions Note	31 Dec 2023	31 Dec 2022
Assets
Non-current assets 2
Goodwill	9,591	13,874
Other intangible assets	4,314	4,648
Property, plant and equipment	349	318
Other financial assets	52	36
Deferred tax assets	111	102
Total non-current assets	14,415	18,978
Current assets
Inventories	413	405
Trade receivables	503	454
Current tax assets	45	48
Other receivables	34	40
Prepaid expenses and accrued income	57	47
Cash and cash equivalents	861	578
Total current assets	1,914	1,572
Total assets	16,329	20,551
Equity
Equity attributable to Parent Company shareholders	12,722	16,736
Non-controlling interests	1	4
Total equity	12,723	16,740
Liabilities Non-current liabilities 2
Provisions	72	33
Deferred tax liabilities	1,035	1,102
Borrowings	1,875	1,988
Lease liabilities	33	55
Other liabilities	0	12
Total non-current liabilities	3,015	3,190
Current liabilities
Borrowings	114	153
Lease liabilities	67	29
Trade payables	171	181
Current tax liabilities	19	27
Other liabilities	56	51
Accrued expenses and deferred income	165	180
Total current liabilities	591	621
Total liabilities	3,606	3,811
Total equity and liabilities	16,329	20,551

Consolidated changes in equity

	Attributable to Parent Company shareholders
	Share capital	Other contributed capital	Reserves	Retained earnings	Non controlling interests	Total equity
SEK millions
Opening balance 1 January 2022	28	13,544	21	1,730	19	15,341
Comprehensive income for the year	–	–	1,143	394	0	1,538
Equity compensation benefits	–	–	–	10	–	10
Dividend (SEK 0.80 per share)	–	–	–	-108	-1	-109
Adjustment of non-controlling interest arising from acquisition of subsidiary	–	–	–	–	-8	-8
Acquisition of non-controlling interest	–	–	–	-26	-6	-32
Closing balance 31 December 2022	28	13,544	1,164	2,000	4	16,740
Opening balance 1 January 2023	28	13,544	1,164	2,000	4	16,740
Comprehensive income for the year	–	–	-20	-3,886	-1	-3,907
Equity compensation benefits	–	–	–	17	–	17
Dividend (SEK 0.85 per share)	–	–	–	-115	–	-115
Acquisition of non-controlling interest*	–	–	–	-8	-2	-10
Closing balance 31 December 2023	28	13,544	1,144	-1,993	1	12,723

* During the period, the Group acquired the remaining shares (5%) of Igenomix Perú, S.A.C. and the remaining shares (5%) of Igenomix Chile, SLP.

Consolidated cash flow statements

	October - December		January – December
SEK millions	2023	2022	2023	2022
Income after financial items	-4,130	106	-3,712	537
Adjustment for non-cash items	4,422	159	4,801	476
Tax paid	-120	-87	-213	-202
Change in inventories	27	-7	-15	-71
Change in operating receivables	-48	-6	-95	-56
Change in operating payables	21	1	-9	-48
Cash flow from operating activities	171	166	757	636
Net investments in non-current assets	-33	-18	-113	-83
Acquisition of non-controlling interests	–	–	-10	-32
Additional purchase consideration	–	–	–	-20
Cash flows from losing control of subsidiaries	–	–	–	-10
Cash flow from investing activities	-33	-18	-124	-144
Other non-current liabilities	–	–	–	8
Set-up fee borrowings	–	–	–	-19
Repayment of borrowings	–	-16	-126	-448
Change in overdraft facility/credit line	10	3	-27	18
Repayment of lease liabilities	-7	-7	-31	-30
Dividends paid	–	-1	-115	-110
Cash flow from financing activities	2	-27	-300	-582
Cash flow for the period	140	120	333	-91
Opening cash and cash equivalents	778	461	578	630
Exchange difference in cash and cash equivalents	-57	-4	-50	39
Closing cash and cash equivalents	861	578	861	578

Key ratios

	October - December		January – December
	2023	2022	2023	2022
Gross margin, %	56.9	54.2	56.3	54.9
Adjusted gross margin, %	59.2	56.5	58.7	57.3
Operating margin before depreciation and amortisation (EBITDA), %	32.5	31.9	32.3	32.5
Operating margin (EBIT), %	-455.0	19.7	-102.2	20.1
Net margin, %	-460.2	8.6	-109.2	12.0
Equity/assets ratio, %	77.9	81.5	77.9	81.4
Equity per share, SEK	93.93	123.56	93.93	123.52
Return on equity, %	-23.8	2.4	-23.8	2.4
Cash flow from operating activities per share, SEK	1.26	1.22	5.59	4.69
Net debt*, SEK million	1,127.8	1,562.7	1,127.8	1,562.7

* Negative amount implies net claim.

For definitions, motivations and reconciliations, see pages 22-24.

Income statements for the Parent Company

	October - December		January – December
SEK millions	2023	2022	2023	2022
Net sales	7	11	47	42
Administrative expenses	-12	-16	-64	-55
Other operating expenses	-1	0	-1	0
Operating income	-5	-5	-17	-13
Dividends from Group companies	–	–	219	159
Result from participations in Group companies	-3,000	–	-3,000	–
Financial income and expenses	7	-21	-39	-92
Income after financial items	-2,998	-26	-2,837	54
Group contribution received	130	160	130	160
Income taxes	-27	-28	-15	-11
Net income	-2,895	106	-2,723	202

Depreciation and amortisation had a negative effect of SEK - (-) million on income for the fourth quarter, and SEK - (-) million on income for the period.

Balance sheets for the Parent Company

SEK millions	31 Dec 2023	31 Dec 2022
ASSETS
Property, plant and equipment	0	0
Participations in Group companies	12,637	15,629
Other financial assets	17	11
Receivables from Group companies, non-current	1,374	1,367
Deferred tax assets	5	3
Receivables from Group companies, current	119	90
Other current receivables	0	0
Prepaid expenses and accrued income	1	1
Cash and cash equivalents	412	133
Total assets	14,566	17,235
EQUITY AND LIABILITIES
Equity	11,946	14,768
Provisions	22	14
Borrowings, non-current	1,875	1,988
Current tax liabilities	10	16
Trade payables	2	1
Borrowings, current	111	111
Liabilities to Group companies, current	594	318
Other current liabilities	0	1
Accrued expenses and deferred income	5	18
Total equity and liabilities	14,566	17,235

Note 1. Accounting Principles

This interim report has been prepared for the Group in accordance with the Annual Accounts Act and IAS 34, Interim Financial Reporting, and for the Parent Company in accordance with the Annual Accounts Act and recommendation RFR 2 of the Swedish Financial Reporting Board, Accounting for Legal Entities. Unless otherwise stated below, the accounting principles applied to the Group and the Parent Company are consistent with the accounting principles used in the presentation of the most recent Annual Report with the exception of that impairment valuation is now made on five years individual growth and thereafter Gordon eternal growth model. No standards, amendments or interpretations that have come into force in 2023 are expected to have any material impact on the Group.

Note 2. Financial instruments - Fair value

Fair value has been calculated for all financial assets and liabilities in accordance with IFRS 13. The fair value of other financial assets, other receivables, trade and other current receivables, cash and

cash equivalents, trade and other payables and interest-bearing borrowings is estimated to correspond with their carrying amounts (amortised cost). As the Vitrolife Group has loans with variable interest rates, the fair value is estimated to correspond with the carrying amount. Financial assets and liabilities measured at amortised cost amount to SEK 1,393 (1,049) million and SEK 2,276 (2,434) million.

Note 3. Pledged assets and contingent liabilities

SEK millions	31 Dec 2023	31 Dec 2022
Group
Pledged assets	50	41
Contingent liabilities	18	16
Parent Company
Pledged assets	17	11
Contingent liabilities	4	3

Pledged assets pertain to floating charges for own commitments and collateral pledged for endowment insurance plans (cost). Contingent liabilities refer to guarantees to external parties and the difference between market value and carrying amount of endowment insurance plans.

Note 4. Revenue

The Vitrolife Group's sales consist of products and services, which clearly represent separate performance obligations. Sales of products are recognised as revenue when they have been delivered to the customer. Sales in the Genetic Services business area mainly refer to services for genetic testing. These services are recognised as revenue on delivery of the test results to the customer. The Vitrolife Group also sells services in the form of servicing of products, primarily in the Technologies business area, and also in the form of recharging of freight. Servicing is largely invoiced in advance and is recognised as revenue during the course of the servicing contract. Servicing revenues not recognised as revenue are reported as deferred income (contractual liabilities) in the balance sheet.

Net sales per geographical segment by business area

From January 2023, the Vitrolife Group applies the following geographical segments: EMEA, Americas, and APAC (previously Asia and Japan Pacific). The Vitrolife Group categorises its products and services into the following business areas: Consumables, Technologies and Genetic Services. Revenue by segment and business area is presented in the tables below. For more information on the Group's segments, see note 5.

Net sales, products and services

SEK millions	Oct-Dec 2023	Oct-Dec 2022	Jan-Dec 2023	Jan-Dec 2022
Products	524	473	2,016	1,774
Services	380	381	1,495	1,460
Total	904	855	3,512	3,234

	EMEA		Americas		APAC		Total
SEK millions	Oct-Dec 2023	Oct-Dec 2022	Oct-Dec 2023	Oct-Dec 2022	Oct-Dec 2023	Oct-Dec 2022	Oct-Dec 2023	Oct-Dec 2022
Consumables	143	133	76	85	138	131	358	349
Technologies	86	73	31	17	89	65	206	156
Genetic Services	114	110	183	201	44	39	340	349
Total	343	316	290	303	271	236	904	855
Whereof Sweden	6	7					6	7

	EMEA		Americas		APAC		Total
SEK millions	Jan-Dec 2023	Jan-Dec 2022	Jan-Dec 2023	Jan-Dec 2022	Jan-Dec 2023	Jan-Dec 2022	Jan-Dec 2023	Jan-Dec 2022
Consumables	571	497	354	324	603	518	1,528	1,339
Technologies	285	253	69	65	285	235	640	553
Genetic Services	431	413	736	755	177	175	1,344	1,343
Total	1,286	1,163	1,159	1,144	1,066	927	3,512	3,234
Whereof Sweden	21	22					21	22

Note 5. Segments

The Vitrolife Group reports its segments in three geographical regions with net sales and market contribution per geographical segment. Market contribution is defined as gross income less selling expenses for each market. Administrative expenses, research and development expenses, other operating income and expenses and net financial items are not distributed by segment. The balance sheet is not monitored by segment. Operating segments are

reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The CODM is the function that is responsible for allocating resources and assessing the performance of the operating segments. For the Group, this function has been identified as the CEO. Sales is also monitored in the three business areas whose products and services are sold by the three geographical market organisations.

	EMEA			Americas		APAC		Total
SEK millions	Oct-Dec 2023	Oct-Dec 2022	Oct-Dec 2023	Oct-Dec 2022	Oct-Dec 2023	Oct-Dec 2022	Oct-Dec 2023	Oct-Dec 2022
Net sales	343	316	290	303	271	236	904	855
Gross income	194	175	144	149	176	140	514	463
Selling expenses	-69	-67	-76	-61	-37	-34	-182	-162
Market contribution	125	108	68	88	139	106	332	301
Administrative expenses							-109	-103
Research and development expenses							-28	-23
Other operating income and expenses							-4,309	-6
Operating income							-4,115	168
Net financial items							-15	-63
Income after financial items							-4,130	106

	EMEA		Americas		APAC		Total
SEK millions	Jan-Dec 2023	Jan-Dec 2022	Jan-Dec 2023	Jan-Dec 2022	Jan-Dec 2023	Jan-Dec 2022	Jan-Dec 2023	Jan-Dec 2022
Net sales	1,286	1,163	1,159	1,144	1,066	927	3,512	3,234
Gross income	734	639	562	585	681	556	1,977	1,780
Selling expenses	-258	-236	-266	-229	-161	-137	-684	-602
Market contribution	477	403	297	356	520	419	1,293	1,178
Administrative expenses							-433	-400
Research and development expenses							-127	-143
Other operating income and expenses							-4,322	19
Operating income							-3,589	654
Net financial items							-123	-117
Income after financial items							-3,712	537

Consolidated income statements per quarter

	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar
SEK millions	2023	2023	2023	2023	2022	2022	2022	2022
Net sales	904	848	905	854	855	798	829	752
Cost of sales	-390	-375	-400	-369	-392	-371	-358	-333
Gross income	514	473	505	485	463	428	470	418
Selling expenses	-182	-162	-175	-165	-162	-145	-152	-142
Administrative expenses	-109	-96	-107	-121	-103	-96	-102	-98
Research and development expenses	-28	-31	-33	-34	-23	-33	-43	-44
Other operating income and expenses	-4,309	-4	-3	-6	-6	24	2	-1
Operating income	-4,115	179	188	159	168	177	175	133
Financial income and expenses	-15	-26	-53	-29	-63	-29	-6	-20
Income after financial items	-4,130	152	135	130	106	149	169	113
Income taxes	-49	-30	-29	-31	-32	-41	-39	-31
Net income	-4,179	122	106	99	73	108	130	82
Attributable to
Parent Company shareholders	-4,179	122	106	100	74	108	130	82
Non-controlling interests	0	0	0	-1	-1	0	0	1
Depreciation and amortisation	-109	-109	-105	-103	-105	-98	-98	-95
EBITDA income	294	287	293	262	273	276	273	228
EBITDA margin	32.5	33.9%	32,3%	30.6%	31,9%	34.5%	32.9%	30.4%

Key ratios per quarter

	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar	Oct-Dec	Jul-Sep	Apr-Jun	Jan-Mar
	2023	2023	2023	2023	2022	2022	2022	2022
Equity attributable to Parent Company shareholders, SEK million	12,722	17,430	17,677	17,013	16,736	16,386	15,977	15,529
Equity per share, SEK	93.93	128.69	130.51	125.61	123.56	120.98	117.96	114.65
Return on equity, %	-23.8	2.3	2.3	2.5	2.4	2.2	2.7	3.1
Cash flow from operating activities per share, SEK	1.26	1.58	1.56	1.18	1.22	1.48	1.33	0.66

Alternative performance measures

This report includes certain performance measures not defined in IFRS, but they are included in the report as company management considers that this information makes it easier for investors to analyse the Group's financial performance and position. Investors should regard these alternative performance measures as complementing rather than replacing financial information in accordance with the IFRS. Please note that the Vitrolife Group's definitions of these performance measures may differ from other companies' definitions of the same terms.

The following definitions describe the performance measures that are used, referred to and presented in the financial reports. Measures that can be found directly in the financial reports and can be calculated on the basis of the definitions below have not been included in the tables on the following pages.

Profit and return measurements

Gross income

Definition: Net sales minus the cost of sales.

Purpose: This measure shows the Group's result before the effects of costs such as selling and administrative expenses.

Gross margin, %

Definition: Gross income in relation to net sales for the period.

Operating income (EBIT)

Definition: Net sales minus all costs attributable to operations including depreciation and amortisation of property, plant and equipment and intangible assets but excluding net financial items and tax.

Purpose: This is used to measure operational profitability and the Group's target achievement.

Operating margin (EBIT), %

Definition: Operating income (EBIT) in relation to net sales for the period.

Operating income before depreciation and amortisation (EBITDA)

Definition: Operating income before depreciation and amortisation of property, plant and equipment and intangible assets.

Purpose: This is used to measure result from operating activities independent of depreciation and amortisation. The company aims to achieve growth while maintaining profitability, where profitability is followed up through operating income before depreciation and amortisation (EBITDA).

Operating margin before depreciation and amortisation (EBITDA), %

Definition: Operating income before depreciation and amortisation of property, plant and equipment and intangible assets in relation to net sales for the period.

Adjusted gross and operating income

Definition: Gross and operating income before amortisation and depreciation.

Purpose: To extract non-cash impact on income levels and for operating income see the EBITDA income.

Amortisations and depreciations per function

SEK millions	Oct-Dec 2023	Oct-Dec 2022	Jan-Dec 2023	Jan-Dec 2022
Cost of sales	47	47	184	170
Selling expenses	48	46	189	176
Administrative expenses	13	9	47	39
R&D	1	3	5	11
Total	109	105	425	396
whereof acqusition related amortisations
Cost of sales	21	20	84	78
Selling expenses	67	63	265	246

Return on equity

Definition: Net income, rolling 12 months, in relation to average equity.

Purpose: It is the Vitrolife Group's assessment that return on equity is an appropriate measure to illustrate to stakeholders how effectively the Group invests its equity.

SEK millions	31 Dec 2023	31 Dec 2022
Average equity last four quarters	16,210.6	16,157.0
Net income, rolling 12 month	-3,850.8	394.0
Return on equity, %	-23.8	2.4

Capital measures

Net debt

Definition: Current and non-current interest-bearing liabilities, adjusted for IFRS 16 effect, minus interest-bearing receivables minus cash and cash equivalents.

Purpose: One of the Vitrolife Group's financial objectives is to have a strong financial capital base to enable continued high growth, both organic and through acquisitions. The definition of this measure has been reworded to reflect the introduction of IFRS 16 on 1 January 2019, as financial liabilities related to leases are not included in the net debt calculation.

Net debt/EBITDA rolling 12 months

Definition: Net debt in relation to EBITDA over a rolling-12 month period.

Purpose: One of the Vitrolife Group's financial objectives is to have a strong financial capital base to enable continued high growth, both organic and through acquisitions. In relation to this, the Group management monitors the ratio of net debt to rolling 12-month operating income before depreciation and amortisation (EBITDA). According to the Vitrolife Group's financial objectives, this ratio should normally not exceed three times. It is management's assessment that this ratio gives creditors and investors important information concerning the Group's approach to debt.

SEK millions	31 Dec 2023	31 Dec 2022
Borrowings, non-current	1,875	1,988
Lease liabilities, non-current	33	55
Borrowings, current	114	153
Lease liabilities, current	67	29
Adjustment of lease liabilities	-100	-84
Cash and cash equivalents	-861	-578
Net debt	1,128	1,563
Operating income, rolling 12 month	-3,589	654
Impairment charge	4,300	–
Depreciation and amortisation, rolling 12 month	425	396
Rolling 12 month EBITDA	1,136	1,050
Net debt/EBITDA rolling 12 month	1.0	1.5

Equity/assets ratio, %

Definition: Equity and minority interest in relation to total assets. Purpose: The ratio shows the proportion of the Company's total assets financed by equity. A high equity/assets ratio is a measure of financial strength and is used to measure target achievement.

Working capital

Definition: Current assets excluding cash and cash equivalents minus current non-interest-bearing liabilities.

Purpose: This measure is used to show how much capital is needed to finance current business operations.

Share-related measures

Cash flow from operating activities per share

Definition: Cash flow for the period from current business operations divided by the average number of shares for the period. Purpose: This measure is used to show the cash flow generated by the company's current business operations per share.

Equity per share

Definition: Equity divided by the number of shares outstanding on the closing date.

Purpose: This measure shows the company's net value per share and determines whether a company increases shareholders' net worth over time.

Earnings per share (Defined by IFRS)

Definition: Income for the period attributable to the Vitrolife Group's shareholders divided by the average number of shares outstanding for the period.

EBITDA per share

Definition: EBITDA divided by the average number of shares outstanding for the period.

Purpose: Measures operating earnings per share generated by the business.

Other measures

Rolling 12 months

Definition: Key ratios calculated from rolling 12-month values are based on the four most recent interim reports and sets of accounts. Purpose: Rolling 12 months gives a clearer picture of sales or profitability and a fairer picture of a key ratio's development.

Organic growth

Definition: Organic growth is sales growth from existing business operations adjusted for acquisitions and divestments. An acquisition or a sale is only included in the calculation of organic growth when it is included for an equal number of months in the current period and the corresponding period the previous year. Otherwise it is included in the calculation of acquired growth.

Purpose: Organic growth excludes the effects of changes in the Group's structure, thus enabling a comparison of net sales over time.

Net sales growth in local currency

Definition: Growth in local currencies is sales growth adjusted for currency effects. This is calculated as sales for the period in local currencies, translated using a predetermined exchange rate, in relation to sales for the corresponding period the previous year in local currencies, translated using the same exchange rate.

Purpose: As the Vitrolife Group has a large proportion of sales in currencies other than its reporting currency, SEK, sales are not only impacted by actual growth, but also by currency effects. This measure is used to analyse sales adjusted for currency effects. The percentage effects in the following tables are calculated as each amount in SEK millions in relation to net sales in the same period previous year (as shown in Note 4).

Net sales growth in local currency

	2023
Consumables	EMEA		Americas		APAC		Total
	Oct-Dec	Jan-Dec	Oct-Dec	Jan-Dec	Oct-Dec	Jan-Dec	Oct-Dec	Jan-Dec
Organic growth in local currency, SEK millions	4	38	-10	11	8	75	2	123
Organic growth in local currency, %	3%	8%	-12%	3%	6%	14%	1%	9%
Currency effects, SEK millions	6	36	1	19	-1	11	7	66
Currency effects, %	5%	7%	2%	6%	-1%	2%	2%	5%
Total growth, SEK millions	10	74	-9	30	7	85	8	189
Total growth, %	8%	15%	-10%	9%	5%	17%	2%	14%

	2023
Technologies	EMEA		Americas		APAC		Total
	Oct-Dec	Jan-Dec	Oct-Dec	Jan-Dec	Oct-Dec	Jan-Dec	Oct-Dec	Jan-Dec
Organic growth in local currency, SEK millions	10	14	15	1	24	47	49	63
Organic growth in local currency, %	13%	6%	88%	2%	37%	20%	31%	11%
Currency effects, SEK millions	3	18	-1	3	-1	3	1	24
Currency effects, %	4%	7%	-5%	5%	-1%	1%	1%	4%
Total growth, SEK millions	13	32	14	4	23	50	50	87
Total growth, %	18%	13%	83%	7%	35%	21%	32%	16%

	2023
Genetic Services	EMEA		Americas		APAC		Total
	Oct-Dec	Jan-Dec	Oct-Dec	Jan-Dec	Oct-Dec	Jan-Dec	Oct-Dec	Jan-Dec
Organic growth in local currency, SEK millions	6	4	-19	-52	6	5	-6	-43
Organic growth in local currency, %	6%	1%	-10%	-7%	16%	3%	-2%	-3%
Currency effects, SEK millions	-2	13	1	34	-1	-2	-3	45
Currency effects, %	-2%	3%	1%	4%	-3%	-1%	-1%	3%
Total growth, SEK millions	4	17	-18	-19	5	3	-9	2
Total growth, %	4%	4%	-9%	-2%	13%	2%	-3%	0%

Total Vitrolife Group

	2023
	EMEA		Americas		APAC		Total
	Oct-Dec	Jan-Dec	Oct-Dec	Jan-Dec	Oct-Dec	Jan-Dec	Oct-Dec	Jan-Dec
Organic growth in local currency, SEK millions	20	56	-14	-40	38	127	44	143
Organic growth in local currency, %	6%	5%	-5%	-4%	16%	14%	5%	4%
Currency effects, SEK millions	7	67	2	56	-3	12	6	135
Currency effects, %	2%	6%	1%	5%	-1%	1%	1%	4%
Total growth, SEK millions	27	124	-13	16	35	139	49	278
Total growth, %	9%	11%	-4%	1%	15%	15%	6%	9%

Glossary

The following explanations are intended to help the reader to understand certain specific terms and expressions in the Vitrolife Group's reports:

Biological quality tests

Using biological systems (living cells, organs or animals) to test how well a product or input material functions in relation to a requirement specification.

Biopsy

Removal of one or several cells from living tissue for evaluation.

Biotechnology

Combination of biology and technology, which primarily means using cells or components from cells (such as enzymes or DNA) in technical applications.

Blastocyst

An embryo at days 5-7 after fertilisation. Cell division has progressed to the point where the cells have started to differentiate and the embryo now has two distinct cell types.

Cell therapy

Describes the process when new cells are added to tissue in order to treat a disorder.

Clinical study/trial

An investigation in healthy or sick people aimed at studying the effect of a pharmaceutical or treatment method.

Embryo

A fertilised egg that has become multicellular.

ERA

Genetic diagnostic test that determines each woman's unique personalised embryo transfer timing, therefore synchronising the embryo transfer with the individualised window of implantation.

ICSI

Intracytoplasmic sperm injection is the method of injecting a single sperm into a mature oocyte to achieve fertilisation.

In vitro (Latin "in glass")

A biological process that is performed outside of a living organism and in an artificial environment, for example, in a test tube.

In vivo (Latin "in the living")

Biological processes occurring in cells and tissues within a living organism.

Incubator

Equipment for culture of embryos in a controlled environment.

IUI

Intra-uterine insemination, "artificial insemination". A high concentration of active sperm are placed in the uterus to increase the chance of fertilisation.

IVF, In vitro fertilisation

The combination of the male and female sex cells and subsequent cultivation of the embryos, outside of the body.

Media

Liquids used within the IVF laboratory to handle sperm, oocytes and/or grow embryos.

Medical devices

Comprise devices used to make a diagnosis of a disease, treat a disease and as rehabilitation.

Oocyte pick-up/egg collection

The procedure to aspirate oocytes from the follicles within the ovary.

PGT-A

Preimplantation genetic testing for aneuploidy (PGT-A), also called preimplantation genetic screening (PGS), is a test for chromosome copy number that can be used during IVF to help predict the chromosomal status of an embryo from a biopsy of one or more cells. The results of PGT-A aid in selecting embryos more likely to have a normal number of chromosomes (euploid) over those with an abnormal number (aneuploid), which may result in implantation failure or miscarriage.

PGT-M

Preimplantation genetic testing for monogenic defects (PGT-M), also called preimplantation genetic diagnosis (PGD), is a test to find specific hereditary genetic diseases that are caused by a single defective gene. This test can be used to determine which embryo lacks the genetic disease to ensure that the child will not be impacted.

Preclinical study

Research conducted before a pharmaceutical or a treatment method is sufficiently documented to be studied in humans, for example, testing of substances on tissue samples and subsequent testing on experimental animals.

Time-lapse

Technology for embryo monitoring. Images of the developing embryo are taken at frequent time intervals, then played as a film and analysed.

Vitrification

Process for converting a material to a glasslike solid state, in this case the rapid cooling of eggs and embryos to cryopreserve them for future IVF cycles.

Financial reports

The Vitrolife Group's interim reports are published on the company's website, vitrolifegroup.com, and are sent to shareholders who have registered their interest in receiving this information.

27/03/2024 Annual and sustainability report 2023

18/04/2024 Interim report Q1, 2024

25/04/2024 Annual General Meeting 2024

17/07/2024 Interim report Q2, 2024

24/10/2024 Interim report Q3, 2024

30/01/2025 Fourth quarter and full year report 2024

This report has not been reviewed by the Group´s auditor.

There is a Swedish translation of the interim report. When in doubt, the Swedish wording prevails. The Vitrolife Group refers to Vitrolife AB (publ) and all its subsidiaries.

Forward Looking Statements

This report may contain forward-looking statements, which reflect the Board of Directors and the management's current views with respect to the market, certain future events and financial performance. Although the statements are based upon estimates, the management believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, and no assurance can be given that the expectations will prove to be correct. Forward-looking statements are based on the circumstances at the date of publication and actual outcome could be materially different. Vitrolife Group disclaims any intention or obligation to update these forward-looking statements. The most important strategic and operative risks regarding Vitrolife Group's business and field are described in the Management report, in the Annual Report. These are primarily constituted by macro-economic risks, operational risks and financial risks.

Queries should be addressed to

Patrik Tolf, CFO, phone +46 31 766 90 21

This information is such that Vitrolife AB (publ) is obliged to publish according to the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 8.00 am CET on 2 February 2024.

Vitrolife AB (publ) Box 9080 SE-400 92 Göteborg Sweden Phone +46 31 721 80 00 Fax +46 31 721 80 99 investors@vitrolife.com