Slides
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K I T R O N G R O U P Q3 2026 Results Broadening the base Investor presentation / October 2026 Peter Nilsson, President & CEO / Cathrin Nylander, CFO
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K I T R O N G R O U P / Q 3 2 0 2 6 A quarter that broadened the base Orders outside Defence & Aerospace rose 63% from Q2 2026; EBIT margin held at 9.5% R E V E N U E €266.8m +59% YoY (€167.8m) E B I T €25.2m +73% YoY (€14.6m) E B I T M A R G I N 9.5% +80 bps (8.7%) O R D E R B A C K L O G €843.3m +41% YoY / +6.2% QoQ B O O K- TO - B I L L 1.18 Organic 1.16 / YTD 1.16 O P . C A S H F L O W YT D €55.2m −27% YoY (€75.6m) T H E S T O R Y O F Q 3 Revenue grew 59%, of which 49% organic, and the EBIT margin held at 9.5%. Revenue was 10% below Q2, the supply chain stayed tight, as we expected at mid - year. Together with normal summer seasonality, we delivered a quarter in line with our expectations. Orders outside Defence & Aerospace rose 63% from Q2. Book- to-bill was 1.18 and backlog reached €843m. Operating cash flow was €3.0m in Q3. We built inventory for deliveries in Q4 and Q1 2027. Operating cash flow YTD was €55.2m (€75.6m). 2
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K I T R O N G R O U P / Q 3 2 0 2 6 Operations & growth Margin held at 9.5% while order intake broadened across sectors 0 1 E X E C U T I O N Margin held at 9.5% EBIT margin was 9.5% in Q3 2026 and 9.5% in YTD 2026. Ten sites build Defence & Aerospace. The Örnsköldsvik and Horsens new-builds will start construction next quarter and opens in early 2028. 0 2 S U P P L Y C H A I N Supply discipline Q3 supply conditions: Remained tight, persistent through 2027. Our response stays the same: long-horizon purchase orders, inventory commitments backed — and in many cases funded — by our customers, dual sourcing and early escalation. In Q3 we built inventory for deliveries in Q4 and Q1 2027. 0 3 N E W B U S I N E S S Demand broadened Orders outside Defence & Aerospace rose 63% from Q2 2026, led by Electrification at €84.0m and a book-to-bill of 1.86. Connectivity book-to-bill was 1.48 and Industry 1.27. We had 33 wins, 16 new programs, in total worth an estimated €57.2m in Q3 and €258.7m in YTD 2026. 0 4 2 0 2 6 O U T L O O K Guidance raised in Q3 2026 guidance: revenue €1,050–1,150m and EBIT €97–112m, raised in Q3. 3
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K I T R O N G R O U P / Q 3 2 0 2 6 €57.2m won in Q3 — €258.7m in nine months Connectivity gave 51% of the value and Defence & Aerospace 43%. Existing customers gave 69%, new customers 31%. W O N I N Q 3 €57.2m 33 wins, 16 new programs Y T D W I N S €258.7m Q1 €22.5m, Q2 €179m C O N N E C T I V I T Y S H A R E 51% €29.1m of the €57.2m E X I S T I N G C U S T O M E R S 69% €39.5m of the €57.2m € M W O N I N Q 3 2 0 2 6 , B Y S E C T O R Connectivity 29.1 Defence & Aerospace 24.5 Industry 3.6 Estimated opportunity value at full annual run-rate — not booked revenue, not guidance. No wins in Electrification or Medical devices in the quarter. 4
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K I T R O N G R O U P / Q 3 2 0 2 6 Sector revenue Four of five sectors grew; Defence & Aerospace revenue more than doubled Defence & Aerospace +148% YoY €123.8m, or 46% of Group revenue. Organic growth +126.0%; Kitron Eltech added €11.0m. Industry +32% YoY €50.0m. Organic growth +16.8%; Kitron Eltech added €6.1m. Book-to-bill 1.27. Connectivity +26% YoY €35.2m, all organic. Book-to-bill 1.48 in the quarter. Electrification +16% YoY €45.1m. Orders of €84.0m gave a book-to-bill of 1.86 in the quarter. Medical devices −5% YoY €12.6m. Book-to-bill 1.23 in the quarter. R E V E N U E B Y S E C T O R ( € M ) Q3 2026 Q3 2025 35 28 45 39 50 38 13 13 124 50 Connectivity Electrification Industry Medical D&A Defence & Aerospace led growth in Q3 2026. Industry and Connectivity grew 32.3% and 26.2%. 5
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K I T R O N G R O U P / Q 3 2 0 2 6 Backlog & forward demand Backlog €843.3m: +6.2% from Q2 2026 and +40.9% total from Q3 2025 O R D E R B A C K L O G €843.3m +41% YoY / +6.2% QoQ B O O K- TO - B I L L 1.18 YTD 1.16 / LTM 1.23 R 6 D E M A N D O U T L O O K €613m €609m at Q2 2026 D & A S H A R E O F B A C K L O G 54% 60% at Q2 2026 O R D E R B A C K L O G B Y S E C T O R ( € M )30.09.2026 30.09.2025 86 68 181 118 97 66 25 21 454 326 Connectivity Electrification Industry Medical D&A R 6 O U T L O O K ( € M )At Q3 2026 At Q2 2026 86 75 136 113 113 106 29 26 250 289 Connectivity Electrification Industry Medical D&A R6 demand outlook: firm orders and committed customer forecast for the next six months. Demand data as of October start 2026. 6
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K I T R O N G R O U P / Q 3 2 0 2 6 Q3 2026 financial highlights Performance measures expressed in €m, prior-year comparators in brackets R E V E N U E €266.8m +59% (€167.8m) E B I T €25.2m +73% (€14.6m) E B I T M A R G I N 9.5% +80 bps (8.7%) E B I T D A €32.1m +68% (€19.1m) N E T I N C O M E €17.4m +91% (€9.1m) E P S €0.08 60% (€0.05) O P . C A S H F L O W €3.1m Q3 2025: €44.2m R O O C R 3 35.0% +8.7 ppts (26.3%) N W C R 3 / S A L E S 16.7% From 21.6% C A S H C Y C L E R 3 69 days From 78 days N I B D / E B I T D A 0.3x From 0.8x E Q U I T Y % 40.2% From 34.4% 7
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K I T R O N G R O U P / Q 3 2 0 2 6 YTD 2026 financial highlights Prior-year comparators in brackets; balance-sheet measures at quarter end R E V E N U E €835.2m +66% (€504.6m) E B I T €79.2m +89% (€42.0m) E B I T M A R G I N 9.5% +120 bps (8.3%) E B I T D A €99.0m +78% (€55.7m) N E T I N C O M E €58.8m +121% (€26.6m) E P S €0.27 +108% (€0.13) O P . C A S H F L O W €55.2m YTD 2025: €75.6m R O O C R 3 35.0% +8.7 ppts (26.3%) N W C R 3 / S A L E S 16.7% From 21.6% C A S H C Y C L E R 3 69 days From 78 days N I B D / E B I T D A 0.3x From 0.8x E Q U I T Y % 40.2% From 34.4% 8
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K I T R O N G R O U P / Q 3 2 0 2 6 Business sectors by region Revenue, EBIT and headcount across our three operating regions R E V E N U E ( € M ) Reg ion Q 3 2026 Q 3 2025 C hang e N ordics & N orth A m erica 121.6 91.7 + 29.8 C EE 116.7 54.8 + 61.0 A sia 31.3 23.3 + 8.0 G roup and elim inations - 2.8 - 2.1 - 0.7 Revenue 266.8 167.8 + 99.0 E B I T ( € M ) Reg ion Q 3 2026 Q 3 2025 C hang e N ordics & N orth A m erica 8.9 8.7 0.2 C EE 16.2 5.6 10.6 A sia 3.2 2.6 0.7 Group and elim inations -3.1 -2.4 -0.7 EBIT 25.2 14.6 + 10.7 H E A D C O U N T ( F T E ) Reg ion Q 3 2026 Q 3 2025 C hang e N ordics & N orth A m erica 1 335 1 127 208 C EE 1 282 1 144 138 A sia 625 510 115 Total FTE 3 241 2 781 460 R E G I O N A L V I E W Nordics & NA: revenue +33% YoY. €121.6m in the quarter. CEE: revenue +114% YoY.€116.7m, more than double of Q3 2025, led by Defence & Aerospace. Asia: revenue +34.0% YoY.€31.3m in the quarter. FTEs: 3241, 16.5% YoY. Revenue is external revenue by region. Figures may not add due to rounding. 9
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K I T R O N G R O U P / Q 3 2 0 2 6 Organic and inorganic growth Kitron Eltech (formerly DeltaNordic) consolidated from 1 January 2026 — no prior-year comparables Q 3 R E V E N U E ( € M ) Sector Q 3 2025 O rg anic Eltech Q 3 2026 O rg . Δ % C onnectivity 27.9 35.2 - 35.2 + 26.2% Electrification 38.9 45.0 0.1 45.1 + 15.7% Industry 37.8 44.0 6.0 50.0 + 16.4% M edical 13.3 12.6 - 12.6 −5.2% D & A 49.9 112.8 11.0 123.8 + 126.0% Total 167.8 249.7 17.1 266.8 + 48.8% O R D E R B A C K L O G 3 0 . 0 9 ( € M ) Sector Q 3 2025 O rg anic Eltech Q 3 2026 O rg . Δ % C onnectivity 67.9 85.9 - 85.9 + 26.6% Electrification 117.5 180.7 0.3 181.0 + 53.8% Industry 65.8 83.9 13.5 97.4 + 27.5% M edical 21.0 25.2 - 25.2 + 20.0% D & A 326.3 402.3 51.3 453.7 + 23.3% Total 598.5 778.1 65.2 843.3 + 30.0% R E V E N U E Organic growth: +48.8% Excluding Kitron Eltech, revenue grew 48.8% from Q3 2025. Defence & Aerospace organic revenue grew 126.0%. Kitron Eltech added €17.1m, mainly in Defence & Aerospace and Industry. O R D E R B A C K L O G Organic backlog: +30.0% Organic backlog of €778.1m is up 30.0% from a year ago. Kitron Eltech adds €65.2m. Total backlog is €843.3m, up 6.2% from Q2 2026. Kitron Eltech: the acquired business, consolidated from 1 January 2026. Organic = Group excluding Kitron Eltech. Figures may not add due to rounding. 10
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K I T R O N G R O U P / Q 3 2 0 2 6 Order intake: organic and acquired Organic book-to-bill of 1.17; orders outside Defence & Aerospace rose 63% from Q2 2026 O R D E R I N T A K E Q 3 ( € M ) Sector O rg anic Eltech* Q 3 2026 BtB org . BtB total C onnectivity 52.2 - 52.2 1.48 1.48 Electrification 83.8 0.2 84.0 1.86 1.86 Industry 54.5 8.9 63.4 1.24 1.27 M edical 15.5 - 15.5 1.23 1.23 D & A 84.9 15.8 100.7 0.75 0.81 Total 290.9 24.9 315.8 1.16 1.18 * Kitron Eltech, consolidated from 1 January 2026. BtB = order intake / revenue. O R D E R I N T A K E Organic order intake was €290.9m. Group intake was €315.8m, up 11.2% from Q2 2026 (€284.1m). Orders outside Defence & Aerospace rose 63%, to €215.1m from €131.6m. Electrification book-to- bill was 1.86 and Connectivity 1.48. Defence & Aerospace intake paused after a very strong first half. O R G A N I C B O O K- TO - B I L L 1.16 Group 1.18 / YTD 1.16 O R D E R I N T A K E B Y S E C T O R ( € M ) Q3 2026 Q2 2026 52 40 84 35 63 42 16 17 101 151 Conn. Electr. Industry Medical D&A 11
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K I T R O N G R O U P / Q 3 2 0 2 6 Cash flow & working capital Working capital rose €31m in Q3 as inventory increased; operating cash flow was €3.1m in Q3 and €55.2m for YTD C A S H F L O W ( € M ) C ash flow Q 3 2026 Q 3 2025 C h an g e Profit before tax 21.4 12.0 9.4 D epreciation 6.8 4.5 4.3 C hang e in inventory, A R, contract assets, A P −30.7 29.7 - 60.4 C hang e in other operating item s 5.5 −2.0 7.5 N et cash from operating activities 3.1 44.2 - 41.1 N et cash from investing activities −5.5 −2.4 - 3.1 N et cash from financing activities −4.7 −13.7 9.0 N E T W O R K I N G C A P I T A L ( € M ) N et working cap ital 30.09.2026 30.06.2026 30.09.2025 Inventory 224.0 191.6 149.8 C ontract assets 108.7 100.8 93.1 Receivables incl. deposits invoiced 188.1 192.4 134.1 Trade payables 221.9 203.6 118.1 C ustom er deposits 110.5 123.5 108.0 N et working capital 188.5 157.7 151.0 N W C R3 % of sales 16.7% 15.4% 21.6% O P E R A T I N G C A S H F L O W €3.1m in Q3 (€44.2m). Q3 2025 included large initial customer deposits. For YTD 2026, operating cash flow was €55.2m (€75.6m). N E T W O R K I N G C A P I T A L Inventory built for Q4 and Q1 2027 deliveries; NWC up €31m in the quarter. Cash conversion cycle 69 days, from 60 days in Q2 2026 and 78 days in Q3 2025. I N V E S T I N G & F I N A N C I N G Investing: −€5.5m in Q3 and −€78.7m for YTD 2026, incl. the Kitron Eltech settlement in Q1. Financing: −€4.7m in Q3 and −€25.5m for YTD 2026. Customer deposits of €110.5m are held under contract as security for receivables, inventory and non-cancellable material, and are released with that exposure. Receivables include deposits invoiced. Figures may not add due to rounding. 12
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K I T R O N G R O U P / Q 3 2 0 2 6 Financial ratios Capital efficiency and balance-sheet quality K E Y R A T I O S Ratios 30.09.2026 30.06.2026 30.09.2025 R3 N W C % of sales 16.7% 15.4% 21.6% R3 RO O C % of EBIT 35.0% 39.0% 26.3% R3 C ash conversion cycle 69 days 60 days 78 days N et interest - bearing debt (€m ) 38.3 30.6 58.6 N et g earing 0.10 0.08 0.27 N IBD / EBITD A 0.3 0.3 0.8 Equity % 40.2% 39.2% 34.4% EPS quarter (€) 0.08 0.10 0.05 EPS Y TD (€) 0.27 0.19 0.13 R E T U R N O N O P E R A T I N G C A P I T A L ROOC R3 at 35.0%, from 39.0% in Q2 2026 and 26.3% in Q3 2025. B A L A N C E- S H E E T S T R E N G T H NIBD/EBITDA 0.3x and net gearing 0.10. NIBD of €38.3m against LTM EBITDA of €126.4m. E Q U I T Y R A T I O 40.2% at the end of Q3 2026, from 34.4% a year earlier. Equity of €377.2m. 13
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K I T R O N G R O U P / Q 3 2 0 2 6 Why €1.5 billion is credible Booked demand, deeper customer engagement, structural themes M E D I U M- T E R M A M B I T I O N €1.5 billion annual revenue A N C H O R E D I N • A €843m order book (+41% YoY) and €1,314m of R12 order intake • €215.1m of orders outside Defence & Aerospace in Q3 2026 • Customers engaging earlier, on larger and longer programs • Ten sites building Defence & Aerospace today — a platform built for speed and scale S T R U C T U R A L T H E M E 0 1 European defence rearmament NATO commitments are rising toward 3.5% of GDP , and EU defence instruments are now paying out. Programs run over many years. S T R U C T U R A L T H E M E 0 2 Strong demand for electrification Power conversion, grid modernization and infrastructure support demand over many years. Electrification orders were €84.0m in Q3 2026, a book-to-bill of 1.86. S T R U C T U R A L T H E M E 0 3 Industrial digitalization Industry 4.0 retrofit, advanced sensors, mining and infrastructure automation. Industry book-to-bill was 1.27 in Q3 2026. 14
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K I T R O N G R O U P / Q 3 2 0 2 6 Key takeaways Five things to remember about Q3 2026 01 Growth with a stable margin Revenue €266.8m, +59.0% total and +48.8% organic. EBIT margin 9.5% in Q3 2026 and 9.5% in YTD 2026. 02 Order intake broadened Orders outside Defence & Aerospace up 63% from Q2 2026. Book-to-bill was 1.18 in the quarter. New Program wins were an estimated €57.2m in Q3 and €258.7m YTD 03 Backlog at €843m Backlog €843.3m, +40.9% total from Q3 2025 and +6.2% from Q2 2026. 04 Defence & Aerospace revenue more than doubled Defence & Aerospace revenue €123.8m, +147.7% total. Order timing varies by quarter after a very strong first half. 05 2026 guidance raised Revenue €1,050–1,150m and EBIT €97–112m, raised in Q3. 15
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K I T R O N G R O U P Q&A Thank you. Next reporting: Capital Markets Day presentation Dec 8, 2026 - Q4 2026 reporting / Feb 11, 2027 Investor relations: ir@kitron.com / www.kitron.com 16
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K I T R O N G R O U P / Q 3 2 0 2 6 Appendix — Alternative performance measures Definitions of key APMs used in this presentation M easure D efinition O rder backlog A ll firm orders and four m onths of com m itted custom er forecast at revenue value. EBIT / EBITD A O perating profit / O perating profit + depreciation and im pairm ents. EBIT m arg in EBIT / Revenue. N et working capital (N W C ) Inventory + contract assets + receivables incl. deposits invoiced – trade payables – custom er deposits. O perating capital O ther intang ible assets + tang ible fixed assets + net working capital. RO O C R3 (Last 3 m onths EBIT × 4) / (Last 3 m onths operating capital / 3). N W C R3 % of sales Last 3 m onths averag e N W C / annualized revenue. C ash conversion cycle (CCC ) R3 D ays inventory outstanding R3 + days receivables R3 – days payables R3 – days custom er deposits R3. N et interest - bearing debt (N IBD ) Interest - bearing debt and lease liabilities (non - current and current) less cash and cash equivalents. N et g earing N IBD / Equity. Book - to - bill O rder intake / revenue for the sam e period (quarter, 9M or last twelve m onths). O rg anic g rowth Revenue g rowth excluding Kitron Eltech, consolidated from 1 January 2026. R6 dem and outlook S ix- m onth forward dem and, including firm orders and com m itted custom er forecast, front - loaded. Prog ram wins Estim ated annual run - rate value of prog ram s won; an award increase counts the increm ent only. N ot revenue or g uidance. 17