Slides
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Q226 Webcast | AUGUST 6, 2026 a solid foundation for the second half of the year
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• Highlights and strategic focus • Q226 and first half 26 • Group performance • business areas • Q&A AGENDA
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Sales 45.1m€ (+12%) Organic growth 7% Operational Ebit 2.6m€ increase of 19% vs. Q225 Margin improving to 5.7% (q225: 5.4%) Operative net Cash flow 1.6m€ (Q225: -0.5M€) R12: 11.4M€ (Q225: 7.6 M€) Leverage 2.1x Net debt / operational EbitDA (2.3x in q225) 3 * Cash conversion: cash conversion before financing items, see for details in the quarterly report q226 | highlights seventh consecutive quarter with organic sales growth Growing Order books Compared to q225 Signs of improving demand in industrial businesses and in defense sector, construction industry remains subdued Roce 9.6% Vs. 8.4% in q225 Rotwc 29.5% (26.2% in q225)
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4 q226 | solid foundation for the second half of the year Operational ebit growth of 18% in Q225-Q226 Operational ebit (€) & ebit%, r12 Roce% net debt/operational ebitda* *Excluding the 10m€ convertible hybrid bond and the 20m€ hybrid bond 18% (15%) minimum annual average operational EBIT growth 9.6% (15%) minimum ROCE 2.1 (2-3x) net debt / operational EBITDA
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disciplined m&a CLARIFYING COMPANY ROLES STRENGTHENING BALANCE SHEET 1 2 3 5 Our focus areas for executing boreo growth strategy in 2026 Earnings growth Achieved THROUGH ORGANIC GROWTH AND ACQUISITIONS ▪ Updated process ▪ Increased activity with focus on disciplined execution ▪ Focus on expanding existing businesses in attractive niches ▪ Operating companies managed in clusters with clearer roles ▪ Best practices shared systematically across companies ▪ Strong order books and ERP benefits support continued earnings improvement ▪ Strong earnings growth supports deleveraging the company ▪ Positive cash flow allows for acquisitions ▪ Declining leverage enables capital structure development
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• Highlights and strategic focus • Q226 and first half 26 • Group performance • business areas • Q&A AGENDA
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Organic growth of 7% - economic activity also increasing and creating growth opportunities Q226 | seventh consecutive quarter with sales growth Sales +12% or 4.9m€ vs. Q225 ▪ Market conditions gradually improving despite uncertainties ▪ Demand improvement in many Boreo’s key industries Acquisitions ▪ 2025 acquisitions of Spetselektroodi and Elfa Distrelec operations contributed to sales growth by 5% - c. 2m€ Business Area comments ▪ Electronics BA performance stable (Milcon strong) ▪ Technical Trade BA with strong performance (especially welding businesses Spetselektroodi and Pronius, and Filterit) Commentary 7
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8 Sales growth driving profits Q226 | gross margins & profitability stable Q226 Gross margin at 29% (31% Q225) ▪ Stable development with sales mix variations from quarter to quarter Operationally a better result than last year with 19% increase in operational EBIT compared to comparison period ▪ Operational EBIT growth driven by increased sales in both Business Areas Commentary
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cash flow supported by Good profit generation Q226 | strong cash generation in r12 ▪ Cash flow increased significantly to 1.4m€ in Q226 (0.2 m€ Q225) ▪ Cash flow expected to be driven by profits going forward – working capital optimization continues to be management focus area Commentary 9 1) Cash Flow = Operational net cash flow + paid interest – organic Capex. Cash flow adjusted for continued operations since Q2/22. 2) Cash conversion = cash flow / (EBITDA – IFRS16 expenses) 1) 2)
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10 ROTWC at 29% in q226 Q226 | target to improve returns by improving profitability ▪ ROTWC% increased slightly vs. Q2 last year ▪ Target to improve returns by improving profitability ▪ Working capital managed well – efficiency work continues, optimizing where possible Commentary
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• Highlights and strategic focus • Q226 and first half 26 • Group performance • business areas • Q&A AGENDA
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Business performance ▪ Sales increased by 15%, driven by Milcon and YE RS inorganic sales growth ▪ Operational EBIT 1.2m€ (0.8m€ Q2/25), with EBIT margin increasing to 6.8% (5.6% Q2/25) ▪ ROTWC at a 50% level, decrease compared to comparison period mainly due to increase in rolling 12-month average TWC ▪ The short-term outlook for the business area remains stable, although uncertainties in the operating environment persist ▪ Order books increased compared to the previous quarter and are at notably higher level than a year earlier ▪ Milcon has secured a significant new order, further strengthening its position as a trusted partner in the Finnish defense industry. The order supports Milcon's continued growth and reflects the team's strong expertise and commitment to delivering high-quality solutions Q226 | Electronics business area Continued improvement and growth - Milcon drives performance Comments – q2 2026 Net sales and operational ebit% OpER. EBIT (R12) & ROTWC% (R12) 12
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Business performance ▪ Sales growth of 10% - driven by strong performance in several businesses ▪ Operational EBIT 2.0m€ (1.8m€ Q2/25), with increased EBIT margin of 7.2% (7.1% Q2/25) ▪ ROTWC increased to 32% driven by continued profit improvement ▪ Strong performance in particular by Filterit and the welding equipment companies Pronius and Spetselektroodi ▪ Companies serving the process and manufacturing industries performed well ▪ Orderbooks grew from comparison period and end of year 25, but decreased slightly from Q126 ▪ The short-term outlook remains favorable with some gradual improvements and continued support from strong order books 13 Q226 | Technical trade business area Strong growth continues – margins improved Comments – q2 2026 Net sales and operational ebit% OpER. EBIT (R12) & ROTWC% (R12)
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• Highlights and strategic focus • Q226 and first half 26 • Group performance • business areas • 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 355 Employees 8.8% Return on capital employed 2025 2.1x Net debt / operational EbitDA Q2 2026 17 22 companies Map excluding USA Lackmästarn divested on 31 July, 2026 excluded
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Electronics Technical trade 2025 Sales 61M€ Professionals 145 Markets 7 Diversified industrial portfolio in 7 countries 2025 Sales 92M€ Professionals 3 206 Markets 18 Lackmästarn divested on 31 July, 2026 excluded
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Capable & committed leadership in a decentralized structure Simon Hallqvist, Chairman Board of Directors Management team Camilla Grönholm, chair of Remco Jouni grönroos, chair of audit committee Mattias björk, board member Jussi vanhanen, board member Noora neilimo- kontio, board member 1,894,000 shares 2,525 shares 2,681 shares 7,030 shares 6,457 shares 1,952 shares Companies 19 Yleiselektroniikka JONI SOLLO 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 eskp SAMI KOPONEN Spetselektroodi Karl Laasik YE RS IGOR FORSBLOM Mari KataraTUOMAS KAHRI CEO, head of TTBA Tomi Sundberg SVP, Head of EBA 24,134 shares 33,146 shares 5,283 shares 6,967 shares SVP, PEOPLE & sustainability Richard Karlsson SVP, Technical trade RAFAEL OSMANOV Head of M&A and Financing SAMI HANERVA VP, Finance FINANCE LEADERSHIP
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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 20
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Accelerating m&A activities 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 21 Disciplined approach to M&A: ▪ Small operational add-ons ▪ Geographical, product offering or value-chain expansion ▪ Sub-division build-ups ▪ Platforms ▪ No integration to existing Business Areas ▪ Sufficient scale either at acquisition or through focused buy-and-build Boreo looks to acquire and own asset light industrial businesses with strong cash generation, proven track record and a management fit with boreo culture
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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 22
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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 23
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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 24
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Grow & prosper