Michael Winklerfelt
Chief Financial Officer

Good morning, and welcome to our Quarter 1 2026 Earnings Call. My name is Michael af Winklerfelt. I'm the CFO of Boule Diagnostics. And with me today, I have Torben Nielsen, our CEO. We will be recording this session. And after the formal presentation, we will open up for questions on the line and in the chat.

With that, I will hand it over to you, Torben.

Torben Nielsen
CEO & Group President

Thank you, Michael. The first quarter of 2026 represents an important step forward for Boule. Despite continued external headwinds, we returned to organic growth, delivered our fourth consecutive quarter of positive operating cash flow and completed several critical operational milestones that strengthened the foundation for improved profitability going forward.

During the quarter, we saw improved underlying demand across key parts of our portfolio and sales of our 5-part systems almost doubled year-on-year. OEM sales, on the other hand, were impacted by changing customer patterns, which significantly affected quarterly comparisons. The outlook for our OEM business stays strong, and we expect sales to catch up in the coming months.

During the quarter, we successfully completed a site consolidation in Sweden, an important milestone in our margin improvement and efficiency program. While the consolidation resulted in temporary costs during the quarter, it sets up a leaner and more efficient operational footprint going forward.

In addition, both BSI and FDA audits of our Swedish operations were completed during the quarter with no findings. These outcomes confirms the robustness of our quality management systems, regulatory compliance and manufacturing controls and reinforce Boule's long-standing commitment to product quality and operational