Slides
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Presentation Q3 2026 November 4, 2026 Fredrik Valentin, CEO Adam Jonsson, CFO
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Alcadon Group acquires, owns and develops leading companies and brands that supports digitalisation of society , with the approach of a niched serial acquirer. Our vision is to become the best eternal owner for businesses that share our mission of Enabling Digitalisation for a Better World. ~1 450 MSEK NET SALES R12 ~ 102 MSEK EBITA R12 (7%) 7 EUROPEAN MARKETS SEVEN INDEPENDENT SUBSIDIARIES WITH DIFFERENT SKILLS Distribution specialists Product specialist
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• Another step in the right direction – sixth consecutive quarter with EBITA improvements since “re-start” early 2025 • All subsidiaries now contributing to the Group’s profitability – record high P/WC of 38% • EBITA margin gradually improving over time. Net debt ratio stable at 2,3 times • Interesting business opportunities in all current market segments, not only data centres (which continue to boom) • Ambition to transform towards niched compounder remains; increased focus on acquisitions and intensified lead generation • Strong commitment amongst our leaders and employees towards the journey we are on Summarizing Q3 2026: Sixth quarter in a row with increasing EBITA, record-high P/WC and stable net/debt The data presented in the graphs represents the officially reported outcome at each point in time. 21 25 22 22 23 24 25 26 27 0% 2% 4% 6% 8% 10% 0 5 10 15 20 25 30 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3 SEK MILLION Adjusted EBITA Adjusted EBITA-margin 129 126 125 106 107 129 148 127 109 0% 10% 20% 30% 40% 50% 60% 0 20 40 60 80 100 120 140 160 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3 SEK MILLION Operating cash flow R12 P/WC 2,9 2,8 2,9 2,9 3,0 2,5 2,3 2,3 2,3 0 1 2 3 4 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3 Net debt ratio
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MSEK Q3 2026 Rolling 12 Outcome Prev. Year Outcome Prev. Year Net Sales 383 ● 327 1 453 1 440 Gross Profit 99 ● 88 390 381 GM (%) 26,0% ● 26,8% 26,9% 26,5% Operating Expenses -67 ● - 61 -269 - 267 COS (%) 17.6% ● 18,7% 18,5% 18,6% EBITA (adjusted) 27 ● 23 102 103 EBITA (adj.) (%) 7,1% ● 7,0% 7,0% 7,1% Working Capital 296 ● 300 Inventory 267 ● 249 Operating Cash Flow -1,8 ● 15,5 P/WC, R12 (%) 38,2% ● 31,6% Inventory Turnover, times, R12 4,0 ● 4,3 Net debt ratio, times, R12 2,3 ● 2,7 Continued revenue growth – strong underlying market and several high- volume projects. Larger projects brings pressure on gross margins. Good cost control improves Cost of Sales (COS). Inventory is increasing due to market climate and business growth. Deliberate decision but affecting cash flow generation in short term. P/WC improves 6 percentage units from previous year as result of improved working capital discipline (2 percentage units vs previous quarter). Alcadon Group Q3 2026 in more details Profit growth of 17% compared to previous year. Slight increase in profit margin.
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Performance vs our Financial Targets per Q3 2026 Profitability ≥ 50% Profit over working capital (P/WC), rolling 12 months Outcome Q3 2026 Trend 38% Profit growth ≥ 10% Average annual growth in adjusted EBITA (R12) -1% Profit margin 10% Adjusted EBITA margin, striving towards 10% 7,1% Net/debt ratio < 3x Net debt / EBITDA, rolling 12 months 2,3 Outcome Q3 2026 Trend Outcome Q3 2026 Trend Outcome Q3 2026 Trend
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NWC Group • Continued shift from broadband to neocloud and AI data centres to meet recent sales drop in broadband • Focus on profitability - both operational efficiency, gross margins and working capital Alcadon Sweden • Growth in all business areas in combination with healthy margins • Increased focus on new opportunities following the focus model Wood Communications • Solid quarter with a continued impressive P/WC • Project-driven data centre business with high degree of volatility A-Antennas • Acquired 1 June, 2026 • Strong P/WC sets focus on growth in both new and existing markets Alcadon Belgium • Continued work of expanding market offering • Efficient working capital and lean organisation after leadership change • Broadband picking up? Alcadon Denmark • New organisation continues to deliver improvement • Continued QoQ sales growth with both improved margins and P/WC Norway • Large opportunities in data centres being built in Norway • Continued organisational restructuring to adapt to new market potential Brief market and business update per Q3 2026 Alcadon Group • Continued complex market climate – higher demand than supply, especially to data centres • Price increases and inventory build-up will be challenges going forward
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Re-cap: We use the Focus Model to help our companies prioritize and steer capital allocation Growth potential P / WC Red Zone (< 25%) • Improve Profitability and Reduce Working Capital • Focus on Margins (not Volumes) – too costly to grow • Cut costs, increase sales price, reduce purchase price • Stop buying to warehouse, reduce SKU’s, sell out slow-moving stock • Negotiate payments terms with both customers & suppliers Yellow Zone (25-50%) • Continue to carefully adjust Margins • Continue to optimize inventory and product portfolio • Monitor costs meticulously • Improve payment terms (both ways) • Only grow if the new business / new customer improves P/WC (e.g. higher margin, better payment terms, faster stock turnover, etc than company average) Green Zone (> 50%) • Safeguard Margins • Grow topline to grow Profitability • Dare to invest in new business, new customers, new markets, new products – with sound business cases • Run continuous improvement projects to fine-tune operations • Prioritize work-down of slow-moving stock (red basket) and payment terms before general inventory reductions • No acquisitions of companies that are in the Red Zone • No add-on acquisitions to existing companies in Red Zone • Strategic acquisitions could be evaluated, but restricted • New stand-alone acquisitions shall already be in Green Zone • Add-on acquisitions to Green Zone- companies is highly prioritized and a good way to grow
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Positive movements in the Focus model: Mid 2025: Three companies deep in the Red Zone and only one in Green Zone… Red Zone (< 25%) Yellow Zone (25-50%) Green Zone (> 50%) -39 % -6 % 3 % 34 % 42 % 46 % 105 % Growth potential P / WC
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…to three companies in Green Zone and two in Red, close to Yellow, in September 2026 -39 % -6 % 3 % 34 % 42 % 46 % 105 % 22 % 66 % 80 % 155 % 17 % 34 % Red Zone (< 25%) Yellow Zone (25-50%) Green Zone (> 50%) Growth potential P / WC 25 %
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Priorities going forward (6-12 months) 1. Continue support our customers as market demand is still higher than availability… 2. …but maintain focus on securing working capital discipline , using Focus Model and our supporting targets: • Inventory turn-over target: 5 times • “Red basket” target: < 10% of total inventory 3. All subsidiaries out of Red Zone 4. Ramp-up the acquisition agenda to broaden the Group’s engagement and balance exposure 5. Continue to deliver step-by-step financial improvements towards our Long-term Targets
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Q3 2026 summary • Six consecutive quarter of EBITA improvements • All subsidiaries now contributing to the Group’s profitability – record high P/WC of 38% • EBITA margin gradually improving and net debt stable • Interesting business opportunities in all current market segments, not only data centres • Increased focus on acquisitions: Intensified lead generation with ambition to acquire 1-2 companies annually going forward • Engaged and committed leaders and employees in all our subsidiaries Time for Questions
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”Grow in known territories” Add-on acquisitions (or organic establishment) to existing subsidiaries in existing geography, within market segments that we as a Group understand and know (E.g. adding / enforcing data center & structured cabling distribution capabilities in certain markets) ”Expand distribution offering with new products and / or services” Add product groups – or services – that we do not sell today, to our existing distribution model, making us (the subsidiary) more attractive to its customers, and, improving our profitability Illustrative example: Data racks, connectors, power cables, UPS’s, etc ”Enter new segments of digitalization, acting as a niched serial acquirer” • Step into new niches of the digitalisation of society, most likely as stand-alone acquisitions of specialized product companies with strong market position and, stable, high profitability • Initial focus on the current geographies , where we know the market, culture, language and have a market name • Will probably have no or little direct connection to current distribution business of current Alcadon Group company portfolio • United by the Alcadon Group Vision & Mission • Goal: Conduct repetitive acquisitions at reasonable multiples, with balanced risk ”Bring current offering to existing but anyway ”new” geographies” (E.g. Networks Centre Group expansion into Netherlands, Scotland and latest Norway, or Alcadon Sweden seeking expansion into North) Current Companies focus – following the Focus Model Alcadon Group focus Unifying mission: “Enabling Digitalization for a Better World” We are looking for acquisition targets in several ‘layers of the onion’ within the niche of digitalization of society