Slides
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Q3/2026 Kari Sundbäck, CEO Jan-Elof Cavander, CFO 5 November 2026 Strong growth in Enersense's third quarter
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Agenda today Q3/2026 highlights Financial review Way forward Q&A 2
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3 Strong growth in Enersense’s thirdquarter Revenue increased by 14%, when excluding the units sold or discontinued in 2025 Adjusted EBITDA declined mainly due to a low market activity in Estonia and a slower than expected ramp-up of the Aquatech project Guidance maintained, strong Q4 expected
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Q3/2026: Key financial figures 4 Comparable revenue, MEUR 87.0 Adjusted EBITDA, MEUR 5.5 Adjusted EBITDA margin, % 6.4 Cash flow from operating activities, MEUR -3.5 Net debt, MEUR 16.5 Q3/2025: 76.4 Q3/2025: 9.2 Q3/2025: 12.1 Q3/2025: -7.0 Q3/2025: 38.5
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0% 2% 4% 6% 8% 10% 12% 14% -5 15 35 55 75 95 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Comparable revenue Units sold or discontinued Adjusted EBITDA margin, % Comparable revenue increased 5 Revenue, MEUR Adjusted EBITDA margin, % Comparable revenue change Q3/26 vs. Q3/25 • Power +68% • Energy Transition -40% • Connectivity -19% 87.0
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Business Units Power Energy Transition Connectivity Projects and services Projects Services Geographical regions Finland Baltics Other Nordic Countries Revenue split Q3/2026 vs. full year 2025 6 +16% pp -4% pp -12% pp +6.1% pp -6.1% pp +11.5% pp -6.6% pp -4.9% pp
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7 Data centres and digital services reflected in the Q3 order intake Maintenance agreements for Fingrid’s substations and Alight’s solar park Maintenance deals strengthen our position in digital services. Substation for atNorth’s data centre We will deliver high-voltage substation integration works for atNorth's data centre in Kouvola, Finland, in partnership with Recset Rakennus. Multiple mobile and fixed network contracts in Finland and the Baltics In September, we signed several contracts for mobile and fixed networks, many relating to data centres.
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Order book on a solid level – strong order intake after Q3 MEUR 8 213 245 248 211 183 58 36 64 78 64 108 112 101 84 71 0 50 100 150 200 250 300 350 400 450 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Power Energy Transition Connectivity 318 Order intake after Q3 appr. 30 M€
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New high-voltage line tower design for Elering in Estonia Maintenance of Fingrid’s substation secondary systems in Northern and Western Finland Appr. 30 M€ order intake after Q3 Operations and maintenance partnership for Steady Energy’s nuclear heating pilot in Helsinki Substation upgrade for Sadales tīkls in Latvia Battery energy storage and substation expansion project for a renewable energy company Two power line projects for E.ON in Sweden, supporting data centre demand 5.11.20269 15M€ 2M€ 10M€ Increased quotation volume is building a solid base for the future
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Financial review
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Comparable revenue increased 14% 11 Q3/25 +22.4 Power -6.8 Energy Transition -4.9 Connectivity Q3/26 76.4 87.1 10.7 Revenue excluding the units sold or discontinued in 2025, MEUR
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5.11.202612 Q3/25 Power Energy Transition Connectivity Admin Q3/26 9.3 0.0 -2.3 -1.9 0.4 5.5 Adjusted EBITDA declined Power adjusted EBITDA change excl. Estonia +0.9 MEUR Changes in adjusted EBITDA, MEUR Slower than expected start of the Aquatech project Smaller project portfolio
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0 10 20 30 40 50 60 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Comparable revenue, MEUR 0 1 2 3 4 5 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Adjusted EBITDA, MEUR 13 Power grew significantly, adjusted EBITDA impacted by low market activity in Estonia Power Q3/2026 • Revenue growth in Power driven by high-voltage line and substation businesses in Finland • Turnaround in Estonia progressed, but market activity remained very low • Excluding the Estonian business, adjusted EBITDA improved by 0.9 M€ 55.2 4.1
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0 10 20 30 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Comparable revenue, MEUR Comparable revenue Units sold or discontinued Energy Transition impacted by a slow start of a major project 14 Energy Transition Q3/2026 • Strategic transformation has changed the business portfolio • Revenue and adjusted EBITDA declined due to the slower than expected start of the Aquatech project 10.3 -0.1 -1 0 1 2 3 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Adjusted EBITDA, MEUR -0.1
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0 10 20 30 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Comparable revenue, MEUR Comparable revenue -2 -1 0 1 2 3 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Adjusted EBITDA, MEUR Connectivity’s service business grew, but a smaller project portfolio impacted negatively 15 Connectivity Q3/2026: • Service business grew, but lower demand in FTTH and a smaller project portfolio decreased the revenue • Adjusted EBITDA declined due to lower FTTH volumes and a smaller project portfolio as projects were postponed 21.5 0.8
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16 Strengthened balance sheet supports strategy execution and future growth – net debt 16.5 M€ Net debt and cash flow Net gearing and equity ratio 16 Net gearing, % Equity ratio, % Net debt, MEUR 0 5 10 15 20 25 30 35 40 0 20 40 60 80 100 120 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Net gearing Equity ratio 0 10 20 30 40 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Net debt Cash flow, MEUR -7.0 6.8 -15.0 6.7 - 3.5 - 20 - 10 0 10 Q3/25 Q4/25 Q1/26 Q2/26 Q3/26 Operational cash flow
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Way forward
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We focus on our customers’ success in growing markets 5.11.202618 The industrial energy transition is advancing Recent investment decisions drive a more sustainable industry in our markets Electricity consumption is expected to double Increasing investment in electricity grids and balancing energy storage solutions Telecommunications networks are being strengthened As data volumes grow, the need for network capacity and efficiency increases Data centre investments are accelerating Reliable electricity and data infrastructure, and solutions for cooling and heat recovery
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Strong progress in our lifecycle partner strategy 5.11.202619 Solutions business gaining ground, e.g. early engagement with data centre customers Operations and maintenance business growing sustainably Continued development of digital field service tools to empower our people to better serve customers Enersense is now more customer-focused and capable to capture opportunities in our key growth markets Improved capability to offer digital service solutions
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Guidance 2026 5.11.202620 Enersense estimates its adjusted EBITDA to be EUR 19–23 million in 2026. In 2025, the adjusted EBITDA for the core businesses was EUR 18.8 million. In 2026, Enersense discontinues separate reporting of core business figures as the strategic focusing is completed. Unchanged
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Q&A Delivering the essentials of tomorrow’s society