Slides
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Q425 Webcast | February 13, 2026 A STRONG YEAR-END performance
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2 Organizationalchanges New leadership to take boreo to the next phase of growth Tuomas kahri ▪ Tuomas Kahri starts as a CEO on April 1, 2026. ▪ In addition to his role as a CEO, he is responsible for the Technical Trade Business Area. ▪ Management team from 1.4.2026 onwards consists of: ▪ Tuomas Kahri, CEO and Head of Technical Trade ▪ Mari Katara, SVP, People & Sustainability ▪ Tomi Sundberg, SVP, Head of Electronics ▪ Richard Karlsson, SVP, Technical Trade ▪ As an interim arrangement, no CFO recruited and responsibilities divided between two individuals: ▪ Rafael Osmanov, Head of M&A and Financing ▪ Sami Hanerva, VP Finance – financial reporting
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• 2025 recap • q425 highlights • 2026 outlook • Q&A AGENDA
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Sales 153m€ Growth 14% vs. 2024 Organic growth 11% Operational Ebit 8m€ (5.2%) INCREASE of 17% vs. 2024 Cash flow 7.5m€ OPERATIVE CASH CONVERSION* 83% 2.1x Net debt / operational EbitDA (2.8x in 2024) 4 Two acquisitions 10m€ convertible hybrid issued to protector Forsikring asa * Cash conversion: cash conversion before financing items, see for details in the quarterly report 2025 | back-to-growth A STEP IN THE RIGHT DIRECTION – WELL POSITIONED FOR FUTURE GROWTH
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5 2025 | a step in the right direction Improvement of returns & deleveraging via PROFIT GROWTH Operational ebit (€) & ebit%, r12 Roce% net debt/operational ebitda* *Excluding the 10m€ convertible hybrid bond and the 20m€ hybrid bond 17% (15%) minimum annual average operational EBIT growth 8.8% (15%) minimum ROCE 2.1 (2-3x) net debt / operational EBITDA 5-YEAR AVERAGE
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6 14% sales growth, 11% organic growth 2025 | IMPROVED PROFITABILITY due TO SALES GROWTH Sales 14% or +19m€ vs. 2024 ▪ Driven by Technical Trade BA Operational EBIT +17% or 1.2m€ vs. 2024 ▪ EBIT margin improved to 5.2% ▪ Sales growth and improvement of gross margin ▪ Growth investments (e.g. Milcon, Delfin, Machinery) diluting margin Commentary
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7 Significant improvement of +5% in the last 5-years 2025 | improvement of gross margins Gross margin up by +8m€ and 1.5% vs. 2024 ▪ Profile improved thanks to acquisitions of higher margin companies, management of margins and ‘Stop & Accelerate’ decisions Commentary
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+40m€ operative cash flow generated in the last 5-years 2025 | strong cash generation Trade working capital at 29m€ ▪ Like-for-like increase of working capital of c. 2m€ in 2025 due to growth – improvement in efficiency ▪ Favourable working capital profile of YE RS acquired in 2025 Operative cash conversion of 83% Commentary 8
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Decent returns for capital deployed to acquisitions over the last 5-years 9 2020-2025| Return to M&A with two acquisitions 19 acquisitions 13 platform & 6 add-on acquisitions enterprise value of ~50m€ including Earn-outs ~15% roce * vs. ~20% expectation at acquisitions * 3-year average Return on Capital Employed (ROCE)
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10 2020-2025 | CAPITAL ALLOCATION | boreo era (q320 onwards) Growth funded primarily through operative cash flow & hybrid instruments * Operative Cash Flow: EBITDA +/- NWC – Tax. Excl. leases and rents under IFRS 16 ** Equity issues in connection with acquisitions + personnel share issue (2022) – avg. price at ~40€/share *** 4m€ of the hybrid issued in 2022 paid back on February 10, 2025 *** * ** IFRS 16 liabilities7.9 21.0 Financial debt
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• 2025 recap • q425 highlights • 2026 outlook • Q&A AGENDA
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Sales 46.3m€ (+18%) Organic growth 12% Gross margin at 28% (q425: 29%) Operational Ebit 2.8m€ +33% vs. q424 Margin of 6.0% (q424: 5.3%) Order books grew Compared with q424 and Q325 Signs of improving demand in industrial businesses, construction sector slow Roce 8.8% Vs. 7.9% in q424 Rotwc 27.2% (25.2% in q424) 12 Q425 | highlights FIFTH consecutive quarter with organic sales growth Strong cash flow Cash conversion 176% Supported by the Reduction of net working capital by 2.9m€ leverage 2.1x Decrease due to increasing profitability and strong cash flow
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Business performance ▪ Sales decrease by 13%, driven by lower sales at SSN vs. comparison period ▪ Operational EBIT 1.0m€ (1.7m€ Q4/24), with EBIT margin decreasing to 5.8% (8.5% Q4/24) ▪ Solid performance in working capital management, ROTWC at a 44% level, decrease mainly due to decrease in profits ▪ Milcon and SSN continuing with solid performance ▪ The short-term outlook for the business area is overall stable, although uncertainties in the operating environment persist ▪ Order books increased compared to the previous quarter and are at a higher level than a year earlier. Implemented efficiency measures continue to support profitability in the coming quarters Q425 | Electronics Satisfactory profitability despite decrease in sales from the comparison period Comments – q4 2025 Net sales and operational ebit% OpER. EBIT (R12) & ROTWC% (R12) 13
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Business performance ▪ Sales growth of 49% - driven by strong performance in several businesses ▪ Operational EBIT 2.2m€ (0.9m€ Q4/24), with EBIT margin increasing to 7.4% (4.5% Q4/24) ▪ ROTWC increased to 30% driven by increased profits ▪ Strong performance in particular by Machinery, Machinery MT and the Putzmeister businesses ▪ Companies serving the process and mechanical engineering industries performed well, and profitability improved progressively toward the end of the year ▪ Orderbooks grew from Q325 with some larger deliveries expected in 2026, especially for Machinery and PM Nordic ▪ The short-term outlook is overall reasonable with progressive improvements across the business area 14 Q425 | Technical trade Strong sales growth and significant increase in profitability Comments – q4 2025 Net sales and operational ebit% OpER. EBIT (R12) & ROTWC% (R12)
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debt maturity structure - facilities in use, m€ 15 ** q425 | solid financial position Hybrid bond reset-date in Q1/2027 *** Total facilities of 76.0m€ of which 59.0m€ used (q425) 10.0m€ 13% 21.0m€ 28% 12.0m€ 16% 20.0m€ 26% 76.0m€ 13.0m€ 17% As per Q425: 1) Excluding commercial guarantee facilities of. 3m€ and local subsidiary credit facilities in Sweden of c. 1.3m€, 2) 8.0m€ in use, 3) 0.0m€ in use, 1) 2) 3)
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• 2025 recap • q425 highlights • 2026 outlook • Q&A AGENDA
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17 2026 outlook & priorities Target to grow profits in 2026 Order books strengthened compared to Q325 and are clearly above the levels of early 2025. Although economic conditions, especially in Finland and the Baltic countries, are expected to remain modest in 2026, we see a solid foundation for earnings improvement. Earnings improvement expected to be weighted toward the end of the year. A higher-than-normal weighting of the order book for H2/26 and ERP renewal projects add costs for H126. In 2026 we will focus on developing our existing companies and continue to identify acquisition targets that meet our ownership criteria.
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• 2025 recap • q425 highlights • 2026 outlook • Q&A AGENDA
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Q&A
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Grow & prosper
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A long-term owner of great entrepreneurial companies 153m€ NET SALES 2025 8.0m€ (5.2%) Operational ebit 2025 360 Employees 8.8% Return on capital employed 2025 2.1x Net debt / operational EbitDA Q4 2025 21 23 companies Map excluding USA
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Electronics Technical trade 2025 Sales 61M€ Professionals 143 Markets 7 Diversified industrial portfolio in 7 countries 2025 Sales 92M€ Professionals 3 212 Markets 22
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Capable & committed leadership in a decentralized structure Simon Hallqvist, Chairman Board of Directors Management team Mari KataraKari Nerg CEO Tomi Sundberg SVP, Head of EBA Jesse Petäjä Camilla Grönholm, chair of Remco Jouni grönroos, chair of audit committee Mattias björk, board member Jussi vanhanen, board member Noora neilimo- kontio, board member 43,266 shares 25,524 shares 5,283 shares 6,367 shares 15,060 shares 1,891,433 shares 1,885 shares 2,041 shares 6,530 shares 5,817 shares 1,312 shares SVP, PEOPLE & sustainability Richard Karlsson SVP, head of TTBACFO Companies 23 Yleiselektroniikka Reine katajisto YE International AS Lauri ebber Ye international sia Aivars latkovskis Uab ye international Andrej kolobov Signal solutions nordic Tony aaltonen infradex Jussi arola Milcon Hermanni lehtoKYLÄ Delfin technologies Jouni nuutinen Noretron components Juha-pekka tiainen Delfin technologies Jaakko hämäläinen Machinery mt Silja frigård machinery Juha-pekka honkanen muottikolmio Mikko aalto pronius VILLE JOKELA filterit TOMI VIRTANEN tornokone Mikael pohjonen Pm nordic Mattias edvardsson Hm nordic Mihkel tasa J-matic Jarkko laukkanen Floby nya bilverkstad Richard karlsson lackmästarn Richard karlsson eskp SAMI KOPONEN Spetselektroodi Karl Laasik YE RS IGOR FORSBLOM
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We own and acquire Great entrepreneurial companies with strong profits and cash flows Supporting & coaching our companies & developing people We enable earnings growth by we Re-invest capital with attractive returns by investing in organic growth and acquiring new companies Ultimate objective is Sustainable profit generation in the long-term Boreo’s business model 24
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Our acquisition & ownership CRITERIA Industrial characteristics financial characteristics organisational characteristics investment characteristics B2b Distribution Industrial services Light-manufacturing high Cash conversion Asset light business model Predictability Proven financial history Strong management Fit with boreo culture Committed entrepreneur (or credible continuation plan) solid margins Reasonable valuation double-digit cash flow based returns on capital asset light industrial businesses with strong cash generation, proven track record and a management fit with boreo culture 25
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Decentralization Culture of ownership and release of entrepreneurial energy Aligned interest of shareholders and employees Sharing best practices Capital allocation Focus on earnings and capital efficiency Broad universe of investment opportunities – discipline in capital allocation decisions long-term view Supportive long-term owner of SMEs Focus on small incremental improvements and continuous learning Our philosophy – Sustainable long-term profit generation Way 26
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What’s in it for the companies? A Long-term owner • Stability • Continuation • Credibility • Access to funding Business development • Board of Directors • Game Plan • No bureaucracy • Data for management • Sustainability Leadership development • Best practice sharing • Support from ’Coaches’ • MD peer group • Boreo Academy Personnel • Continuity • Career opportunities • Employer image boreo companies P&L Balance sheet Operations 27
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Dividend policy Target to annually increase dividend per share, taking into consideration capital allocation priorities Focus on earnings growth and return on capital minimum annual average operational EBIT growth minimum ROCE net debt / operational EBITDA 15% 15% 2-3x Updated long-term strategic financial targets to better reflect shareholder value creation 28
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Grow & prosper