Slides
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Q326 Webcast | OCTOBER 29, 2026 The Eighth consecutive quarter of organic growth leading to doubled operational EBIT
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• Highlights and strategic focus • Q326 and q1-q326 • Group performance • business areas • Q&A • See you all at our CMD ON 19 November 2026 AGENDA
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Sales 41.5m€ (+26%) Organic growth 25% Operational Ebit 3.5m€ increase of 111% vs. Q325 Margin improving to 8.5% (q325: 5.1%) Low comparison period in q325 and Q425 exceptionally high Operative net Cash flow -1.1m€ (Q325: 2.2m€) R12: 8.2M€ (Q325: 9.0 M€) Leverage 2.6x Net debt / operational EbitDA (2.4x in q325) Refinancing completed: Financing structure changed as share of bank debt rose vs hybrid loan 3 Q326 | highlights EIGHTH consecutive quarter with organic sales growth Market demand remains AT A good level with industrial customers, supply chain risks have increased SLIGHTLY Roce 11.6% Vs. 8.2% in q325 Rotwc 34.7% (25.6% in q325)
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4 Q326 | strong quarter in all aspects Operational ebit growth of 45% in Q325-Q326 Operational ebit(€) & ebit%, r12 Roce% net debt/operational ebitda* *Excluding the 10m€ convertible hybrid bond and the 13m€ hybrid bond 45% (15%) minimum annual average operational EBIT growth 11.6% (15%) minimum ROCE 2.6 (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 – more on this On our capital markets day 19 NOVEMBER 2026 ▪ 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 • Q326 and Q1-Q3 26 • Group performance • business areas • Q&A AGENDA
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Organic growth of 25% - economic activity driving demand, quick start after summer Q326 | eighth consecutive quarter with sales growth Sales +26% or 8.7m€ vs. Q325 ▪ Market conditions positive, successful deliveries ▪ Good demand in most of Boreo’s key industries Acquisitions ▪ YE RS contributed to sales growth by 2% Business Area comments ▪ Electronics BA performance stable (Milcon and SSN Group strong) ▪ Technical Trade BA with strong performance (especially welding businesses Spetselektroodi and Pronius and also both Machinery and Machinery MT) Commentary 7
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8 Sales growth driving profits Q326 | gross margins & profitability stable Q326 Gross margin at 30% (31% Q325) ▪ Stable development with sales mix variations from quarter to quarter Operationally a significantly better result than last year with 111% increase in operational EBIT compared to a relatively low comparison period ▪ Operational EBIT growth driven by increased sales in both Business Areas Commentary
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Fast growth and increased delivery times in supply chains impacted cash flow Q326 | Cash generation impacted by strong growth ▪ R12m cash conversion decreased, which primarily reflects the strong growth during Q3 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 35% in Q326 Q326 | ROTWC improved but requires continued attention ▪ ROTWC% increased notably compared to Q3 last year ▪ Improved EBIT impacted ROTWC positively. Target to improve returns even more by improving profitability ▪ Working capital increased with higher volume and operating companies preparing for year end deliveries and potential supply chain delays – efficiency work continues, optimizing where possible Commentary
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• Highlights and strategic focus • Q326 and q1-q3 26 • Group performance • business areas • Q&A AGENDA
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Business performance ▪ Sales increased by 14%, driven by Milcon, Delfin and SSN Group as well as inorganic growth from YE RS ▪ Operational EBIT of 1.6m€ (1.1m€ Q3/25), with EBIT margin increasing to 9.5% (7.7% Q3/25) ▪ ROTWC remained at 54%, in line with last year ▪ The short-term outlook for the business area remains good overall and companies are focused on capitalizing on growth opportunities Q326 | Electronics business area Continued improvement and growth – good performance for various companies Comments – q3 2026 Net sales and operational ebit% OpER. EBIT (R12) & ROTWC% (R12) 12
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Business performance ▪ Sales growth of 36% - particularly driven by welding companies Pronius & Spetselektroodi as well as Machinery and Machinery MT ▪ Operational EBIT increased to €2.5m (€1.2m in Q3/25), with the EBIT margin rising to 10.0% (6.4% in Q3/25) ▪ ROTWC increased to 37% (24% in Q3/25), driven by earnings growth ▪ Order books remained stable overall, with increases at Machinery and Machinery MT. Year-end deliveries potentially impacted by supply chain delays ▪ The short-term market outlook remains good overall 13 Q326 | Technical trade business area Strong growth continues – profitability increased significantly Comments– q3 2026 Net sales and operational ebit% OpER. EBIT (R12) & ROTWC% (R12)
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• Highlights and strategic focus • Q326 Q1-Q326 • Group performance • business areas • Q&A AGENDA
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Q&A Welcome to boreo cAPITAL MARKETS DAY on 19 November 2026
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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 357 Employees 8.8% Return on capital employed 2025 2.6x Net debt / operational EbitDA Q3 2026 17 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 3 209 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 TERO PÄÄRNI 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 25,147 shares 35,056 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 TEXPRO TOMMI AHONEN
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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