Sleep Cycle Ab · OMXSTO:SLEEP
Sleep Cycle Ab — Q3 2026 Earnings Presentation
18 slides from Sleep Cycle Ab's earnings presentation, Oct 23, 2026
Slide 1: Earnings call Interim Report July – September 2026
Earnings call Interim Report July – September 2026 23 October 2026 Sleep Cycle © 2026 Sleep Cycle AB. All Rights Reserved
Slide 2: Presenters and Agenda
Presenters Age nda 01 This is Sleep Cycle 02 Sleep Cycle & Audiowell 03 Financial Development 04 Summary and Q&A Mikael Kågebäck Elisabeth Hedman Acting CEO & CTO Chief Financial Officer & Head of Investor Relations Sleep Cycle © 2026 Sleep Cycle AB. All Rights Reserved 2
Slide 3: Our mission is to improve global health by empowering people to take control of their sleep
Our mission is to improve global health by empowering people to take control of their sleep. Sleep Cycle © 2026 Sleep Cycle AB. All Rights Reserved 3
Slide 4: A uniquely scaled sleep platform
A uniquely scaled sleep platform +4bn 2.5m Nights analyzed Yearly active users1) Sleep Cycle’s mission is to The world’s leading sleep Scalable business model with +82m +60 improve global health by tracking and analysis Installs2) Scientifically based sleep recurring revenue helping people sleep bet
Slide 5: Sleep is moving beyond the sleep app category
Sleep is moving beyond the sleep app category There is a growing recognition of sleep as a critical component of overall health, with insufficient sleep linked to various chronic conditions such as obesity, diabetes, and cardiovascular diseases Growing relevance New ecosystems Technology fit Sleep i
Slide 6: One platform, three businesses: B2B now 20% of revenue
One platform, three businesses: B2B now 20% of revenue PIL LA R 1 · B 2 C PIL LA R 2 · B 2 C / B2 B PIL LA R 3 · B 2 B Sleep Cycle App Apnea Alert Tech Licensing Sleep tracking, smart alarm, Sleep Aid and Contactless sleep apnea risk check after SDK that brings Sleep Cycle analysis into the AI sleep
Slide 7: Sleep Cycle App: ARPU up, conversion is the priority
Sleep Cycle App: ARPU up, conversion is the priority 605k 282 SEK 1.4m B2C subscribers (792k) FX-adj. ARPU (276) Monthly active users −24% y/y +2% y/y 0.8m DAU Q3 IN BR IE F P R IO RIT Y AH EA D Pricing Price increases lifted ARPU but weighed on Rebuild conversion new-subscriber conversion New onboa
Slide 8: Planned launch in the EU and UK in early 2027 as a Class I medical device
Planned launch in the EU and UK in early 2027 as a Class I medical device
Slide 9: Apnea Alert launches early 2027; 150k+ signed up
Apnea Alert launches early 2027; 150k+ signed up ~1bn ~SEK 25bn people with sleep apnea worldwide estimated addressable market ~80% have no diagnosis ~20% diagnosed SL EE P LA B W E AR ABL ES SL EE P CY CL E Polysomnography Watches and rings Apnea Alert Referral, sensors overnight and Reach only peo
Slide 10: Tech Licensing: our sleep analysis inside partners' products
Tech Licensing: our sleep analysis inside partners’ products PAR T NER S AD DE D IN Q 3 W H AT I T I S Sleep Cycle’s sleep analysis, licensed as an W EA R A B L ES DI GITA L H EA LT H SDK Ultrahuman Ant Group Partners build contactless sleep Pilot became an SDK licence Tech licence; entry into China
Slide 11: A leaner, AI-first organisation, ready for the next chapter
A leaner, AI-first organisation, ready for the next chapter In September we introduced a more AI-driven way of working, with fewer decision levels and smaller teams that own their results. The aim: run our business areas faster and more efficiently, with lower overhead. WH AT CHANG ES 1 2 3 AI first
Slide 12: Proposed acquisition of Audiowell
Proposed acquisition of Audiowell Sleep Cycle’s sleep analysis combined with Audiowell’s catalogue of sleep and relaxation music. Audiowell CEO Gustav Forssell is intended as Group CEO. Paid in new shares · EGM vote 11 November · closing expected Q4 2026 N E T S A LE S A N D EB IT 2 0 25 Net sales E
Slide 13: Q3: record B2B, a leaner organisation and adjusted EBIT margin of 29.7%
Q3: record B2B, a leaner organisation and adjusted EBIT margin of 29.7% Top line still pressured by lower consumer acquisition and FX. Reported EBIT burdened by items affecting comparability of 14.0 MSEK related to the CEO change and the reorganisation. 19.7% 50.9 1.1 15.1 5.4% Net sales, MSEK · -17
Slide 14: One-offs of 14.0 MSEK; adjusted EBIT 15.1 MSEK
One-offs of 14.0 MSEK; adjusted EBIT 15.1 MSEK Mainly CEO change and reorganisation costs. Capitalised development of 10.4 MSEK (2.6) is not expensed and lifts the 29.7% adjusted margin. E BI T , re por t e d 1.1 +13.7 +0.3 15.1 MSEK · 2.2% margin I t ems a ff ect in g c om p ar a bi l i t y 14.0 13
Slide 15: Financial performance – Q3 2026
Financial performance – Q3 2026 SEK M Q3-26 Q3-25 CHANGE • FX-adjusted net sales growth of -12.4%, driven by lower new Net sales 50.9 61.5 -17.3% B2C sales in the App Store. Other operating income 0.4 0.0 • B2B revenue growth was +49.2%, now 19.7% of total revenue (10.9%), of which SEK 9.8m recurrin
Slide 16: Financial performance – Jan–Sep 2026
Financial performance – Jan–Sep 2026 SEK M Jan–Sep 26 Jan–Sep 25 CHANGE • FX-adjusted net sales growth of -13.7%, driven by lower new Net sales 153.3 190.0 -19.3% B2C sales in the App Store. • B2B revenue grew +39.8% to 25.2 MSEK, 16.4% of net sales Other operating income 2.0 0.3 (9.5%). Capitalized
Slide 17: Outlook 2026: ~20% adjusted EBIT margin for full year
Outlook 2026: ~20% adjusted EBIT margin for full year O U T LO O K 2 0 2 6 · C U RR EN T B US IN E SS Adjusted EBIT margin per quarter and FY2026 outlook A DJUSTE D EB IT MA RGIN 29.7% ~20% for FY2026 28.3% Expected with the new organisation in place. 27.3% 26.3% 24.3% ~20% REP O RTED EBI T MA RGIN
Slide 18: Questions & Answers
Questions & Answers Sleep Cycle © 2026 Sleep Cycle AB. All Rights Reserved 18