Slides
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Samu Hällfors, CEO | Lauri Isotalo, CFO Framery Group Plc | 2 November 2026 Interim report | January−September 2026 Profitable growth continued, driven by North America
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Disclaimer 2 .1 1 .2 02 6F OO TE R 2 This material contains, or may be deemed to contain, “forward - looking statements”. These statements relate to future events or Framery Group Plc’s future financial performance, for example, market growth and developments, Framery Group Plc’s strategic plans, potential growth, planned operational developments, expected financial developments that involve known and unknown risks, uncertainties and other factors that may cause Framery Group Plc’s or its business’ actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by any forward - looking statements. By their nature, forward - looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Future results may vary from the results expressed in, or implied by, the forward - looking statements, possibly to a material degree. All forward - looking statements made in this material are based on information presently available to the management of Framery Group Plc. Framery Group Plc assumes no obligation to update or revise any forward - looking statements except to the extent legally required. Nothing in this material constitutes investment advice, and this material shall not constitute an offer to sell or the solicitation of an offer to buy or subscribe for any securities or otherwise to engage in any investment activity.
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Welcome Agenda for today 2.11.2026 FOOTER 3 Samu Hällfors CEO Highlights of business and strategy Lauri Isotalo CFO Financial performance
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Strong profitability development and underlying revenue growth continued Q3 2026 January - September 2026 Operating Free Cash Flow Earnings Per Share 30M€ ( YTD 2025: 34 M€) 0.39€ (YTD 2025: 0.22€) 163M€ Revenue Adjusted EBIT 39 M€ (YTD 2025: 164M€, - 0.5%) Underlying revenue growth* +11% (YTD 2025: 39M€, 24 % of revenue) 24% of revenue Operating Free Cash Flow Earnings Per Share 11M€ (Q3 2025: 19M€) 0.12€ (Q3 2025: 0.08€) 53M€ Revenue Adjusted EBIT 13M€ (Q3 2025: 52 M€, + 2.3 %) Underlying revenue growth* +12% (Q3 2025: 12M€, 23 % of revenue) 24% of revenue *Excluding the impact of the largest single end customer
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North America continued to drive growth in Q3 MARKET DEVELOPMENT 5 North America factory HQ, factory Finland, Tampere *Excluding the impact of the largest single end customer AMER EMEA APAC Q3 2026 Revenue EUR 22 mill. EUR 25 mill. EUR 6 mill. Growth, % y - o - y 32% - 9% - 21% Underlying growth*, % y - o - y 63% - 2% - 23% YTD 2026 Revenue EUR 60 mill. EUR 83 mill. EUR 19 mill. Growth, % y - o - y 28% - 4% - 36% Underlying growth*, % y - o - y 50% - 1% - 7% APAC logistic hub Key actions: • AMER: U.S. assembly has begun delivering the new local Gradus line, with 200+ units ordered for dealer showrooms. Broadscale salesforce expansion in 2027. • EMEA : Salesforce expansion in 2027, the One Work smart pod launch, and a new UK logistics center. • APAC : Salesforce expansion in 2027 in e.g. Australasia, and India.
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Determined progress on our strategic initiatives to secure future growth GROWTH STRATEGY 6 1. Further strengthen our leading product - market - fit in all key regions 2. Drive the adoption of the smart office solution to scale the SaaS business 3. Drive growth through tailored go - to - market strategies 4. Deploy Framery Subscribed model globally with dealers Best smart pods and smart office solutions Effortless global availability MAIN THEME STRATEGIC PROJECTS
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Strategy highlight: Successful ramp-up in the fast-growing North American market GROWTH STRATEGY 7 We are driving North American mass adoption and accelerating growth through proactive positioning: Supply chain is ready: • Local assembly facility in Michigan began operations on schedule in Q3 Demand generation for the Framery Gradus line looks strong: • Over 200 showroom units ordered — far exceeding our expectations.
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Market environment MARKET ENVIRONMENT 8 Despite current market volatility, Framery retains a highly favorable medium - and long - term trajectory, underpinned by steadfast core demand and growth drivers. Although regional headwinds persist across EMEA and APAC due to macroeconomic softness and geopolitical instability, Framery continues to advance its international expansion and growth initiatives: • North American Momentum : Market leadership is reinforced through a new product line and localized assembly, mitigating global supply chain risks and tariff uncertainties. • Scaling the Framery Subscribed model via our established global dealer ecosystem. Well over half of the new Subscribed sales came from the dealer network in Q3. • Commercial Capability : Salesforce expansion across regions and deploying advanced digital tools to dealers to maintain competitive advantage. • Customer Experience : Restructuring customer service organization to drive consistent, fast, and seamless customer interactions locally in each time zone. • Logistics Expansion : Opening a new UK logistics center, significantly reducing delivery times.
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9 CAPITAL ALLOCATION We will continue to prioritize strategic growth investments while ensuring a steady and attractive return for our shareholders 1. GROWTH INVESTMENTS North - America assembly facility New Framery Gradus product line New One Work smart workstation pod 2. CONSISTENT, GROWING BASE DIVIDEND Unchanged dividend policy 3. FLEXIBLE ALLOCATION OF EXCESS CAPITAL EUR 10 million share buyback program
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Financial performance
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Underlying revenue growth and strong profitability in Q3 • Q3 revenue was EUR 53.4m , up 2.3% (up 1.5% at comparable exchange rates). Excluding the largest single end - customer, growth was +11.6% y - o - y . • The Americas led growth: +32% reported and +63% excluding the largest customer. EMEA was – 9% ( – 2%) and APAC – 21% ( - 23%). • Price increases and mix added EUR 3.3m, more than offsetting lower pod volume ( – EUR 2.8m). • Q3 Adjusted EBIT was EUR 12.6m , a 23.7% margin (22.8%). YTD Adjusted EBIT was EUR 38.7m and margin 23.7% .
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Revenue and adjusted EBIT development Q3 2025 to Q3 2026
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Revenue and adjusted EBIT development YTD 2025 to YTD 2026
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EURm 2023 2024 2025 2026 Q1 LTM 2026 Q2 LTM 2026 Q3 LTM Adjusted EBITDA 35,0 38,6 56,4 53,7 55,7 56,6 Change in NWC 5,0 -6,6 0,0 0,1 5,0 -3,4 Investments -6,2 -3,8 -3,1 -3,9 -3,9 -3,9 Repayments of lease liabilities -1,5 -1,5 -1,6 -1,7 -1,8 -1,9 Operating free cash flow 32,3 26,6 51,6 48,2 55,1 47,4 Cash conversion % 92,2 % 68,9 % 91,6 % 89,8 % 98,8 % 83,6 % Solid cash flow and robust cash conversion despite typical quarterly fluctuations • Q3 operating free cash flow was EUR 10.8m (18.5m) and cash conversion 75.4% (138.2%). • The difference comes from working capital: EUR 2.4m was tied up in Q3, while EUR 6.1m was released in Q3 2025. • YTD operating free cash flow was EUR 29.6m and conversion 68.3%. EUR 9.0m was tied up in working capital, mainly because payables fell from their year - end 2025 level. • LTM cash conversion was 83.6% (91.6% for full - year 2025). • The business remains asset - light: LTM investments were EUR 3.9m, about 2% of revenue. YTD investments were EUR 3.2m (2.4m), and lease liabilities EUR 1.5m (EUR 1.2m) going to the Gradus launch, US assembly and capitalized Subscribed products.
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EURm 2023 2024 2025 2026 Q1 LTM 2026 Q2 LTM 2026 Q3 LTM Adjusted EBIT 31,0 33,0 50,5 47,8 49,8 50,6 Average fixed assets 13,3 14,8 14,7 14,4 14,7 16,1 Average net working capital 19,8 20,6 23,9 33,1 33,1 31,2 Capital employed 33,0 35,4 38,6 47,5 47,8 47,3 ROCE % 93,7 % 93,4 % 130,9 % 100,7 % 104,2 % 106,9 % ROCE at a high level with continued strong profitability • LTM ROCE was 106.9% (129.6%), improving each quarter from 100.7% (Q1) and 104.2% (Q2). • Capital employed rose to EUR 47.3m (41.1m) because of normal fluctuation in the average working capital and increase in fixed assets. The fixed - asset increase comes from the Tampere factory lease extension, the US assembly ramp - up and capitalized Subscribed products. • Average working capital was EUR 31.2m, down from EUR 33.1m at Q2 LTM. • LTM adjusted EBIT was EUR 50.6m (53.2m). The comparison period included the exceptionally large deliveries to the single largest customer.
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Low leverage and strong financial position • Net debt to LTM adjusted EBITDA was 1.1x (1.5x), well below the <2.0x target. • Net debt fell to EUR 62.2m (90.0m; EUR 66.9m at year - end 2025), helped by the roughly EUR 20m IPO share issue and strong operating cash flow. • Liquidity: EUR 23.0m cash, plus an undrawn EUR 15m revolving credit facility and a EUR 5m account limit. • Net financial items fell to EUR 0.8m in Q3 (2.2m) after the December 2025 refinancing. • Shareholder returns: a EUR 18.2m dividend was paid. A EUR 10m buyback started on 15 September (maximum 1.5m shares). 121,323 shares had been bought by 1 November, and repurchased shares are cancelled quarterly.
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Framery’s mid- and long-term financial targets GROWTH PROFITABILITY LEVERAGE DIVIDENDS >10% Average annual organic revenue growth from 2025 baseline 25% Adjusted EBIT margin in the mid - term <2.0x Net debt/adjusted EBITDA 70 – 90% Part of the distribution may be executed through Share buybacks
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Q&A