Slides
Page 1
1 Interim Report Q3 2026 1 July – 30 September Friday, Oct 23, 2026 Interim Report Q3 2026 1 July – 30 September Friday, Oct 23, 2026
Page 2
2 Samuel Alteborg Group President & CEO Irene Wisenborn Bellander CFO & Deputy CEO Presenters
Page 3
3 • This is Alligo • Highlights Q3 2026 • Update • Tools Finland • Growth initiatives – Sweden & Norway • Status Örebro logistic expansion • Financials • Summary and outlook • Q&A Agenda
Page 4
4 This is AlligoThis is Alligo
Page 5
5 18% 82% Own brands External brands 54%27% 19% SE NO FI Alligo – a leading player in workwear, personal protection, tools and supplies in the Nordic region Data above refers to R12 2026. Revenue by geographic segment Adj EBITA by geographic segment 69% 15% 16% SE NO FI Revenue by brand category 60 stores 38 stores 139 stores 9 924 MSEK Revenue 2 491 Employees 237 Stores
Page 6
6 • A scalable platform with clear synergies. • Shared functions (logistics, IT and ERP systems, legal structure, pricing system and range). • Supports flexibility and scalability. • Enables efficient coordination of new investments, strengthened by Nordic Operations. An integrated Nordic business = 78% of sales – Two strong concept brands in three markets Sales by channel 2026 YTD 33% Direct sales incl online, on-site services 41% In-store (SMEs) 22% Non- integrated companies 4% Industry store* * Further breakdown of sales by channel starting in 2026. Stores at larger industrial customers with a limited assortment. Own product brands are a key competitive advantage that provide better control and profitability.
Page 7
7 • Selected product and technology areas with strong specialist expertise. • Operate stores under own brands supporting differentiated customer offerings growth. • Can leverage Alligo’s platform – procurement agreements, administrative support, cross-selling and knowledge sharing. Non-integrated companies = 22% of sales – Adding strategic value Non-integrated revenue 2026 YTD by product and technology area 28% Product Media: 17 companies 21% Welding: 8 companies 36% Other: 7 companies 15% Batteries: Batterilagret Independent structures preserve specialist expertise while enabling selective platform synergies.
Page 8
8 Number of acquisitions (year of closing) Acquired revenue in MSEK 1 (year of closing) 2 6 6 11 4 2 2021 2022 2023 2024 2025 2026 to date 70 284 271 646 383 59 2021 2022 2023 2024 2025 2026 to date 1) Revenue at the acquisition date translated into SEK using exchange rates as of 2026-06-08. 35 47 45 59 96 30Average: Acquisitions are an integral part of Alligo’s growth strategy – Acquisitions totaling SEK 1.7 billion in revenue completed since Alligo's formation 2021
Page 9
9 This is AlligoHighlights Q3
Page 10
10 • Demand remained cautious: - Sweden – slow market, weaker seasonal demand, strength in defense. - Norway – Oil and gas weakness continued. - Finland – continued strong recovery in manufacturing and defense. Proactive management • Strong sales focus. • Continued cost consciousness. • Growth by acquisitions. • Reducing inventory levels. • Price adjustments: - Active supplier dialogue mitigates cost inflation due to Middle East situation. Delivery capacity • Good and stable in all countries. • No major disruptions despite continued geopolitical uncertainty and cost pressures. • Continued limited direct impact from Middle East situation so far. Macroeconomic factors • Industrial activity remains mixed across sectors and markets. • Geopolitical uncertainty unchanged, with limited direct impact on Alligo. Q3 2026 – Business conditions Market situation
Page 11
11 Revenue +4.9% Continued strong growth in Finland. Slower market conditions in Sweden and Norway. Organic growth 1.1% Acquisition- driven growth of 1.5% Operating cash flow 45 MSEK (148) Adjusted EBITA 168 MSEK (158) Increased volumes in Finland, cost savings. Adjusted EBITA margin 7.3% (7.2) Gross margin 41.1% (41.4) Q3 2026 in brief – Organic growth and improved profitability in Finland
Page 12
12 Q3 2026 – Highlights Operations • Focus on assortment and pricing to strengthen margins • Profitability improvement program initiated in Norway • Continued cost consciousness and focus on capital efficiency Strategic initiatives • Logistics centre expansion in Örebro progressing according to plan • Strategy refinement towards 2030 underway Sales • Strong improvement in Finland – higher volumes and efficiency measures • Increased sales activity and new customer offerings launched in Sweden and Norway • Continued positive development in our service offering
Page 13
13 This is AlligoUpdate • Tools Finland • Growth initiatives – Sweden & Norway • Status Örebro logistic expansion
Page 14
14 • Good organic growth (+12%) and a clear improvement in profit. • Recovery in manufacturing and defence supported growth, alongside positive development in store sales (SME’s). • Efficiency programme, increased sales activity and long-term improvement initiatives continue to strengthen the business. Tools Finland – Efficiency program continues to strengthen growth and profitability Q3 2026: Adjusted EBITA margin 6.0% (3.1) Share of own brands 10.2 % (9.6) 12.8 % (12.4) in the integrated business. Share of sales in stores 19% (20) 27% (28) in the integrated business. Maintain growth momentum while further strengthening profitability and market position remain as key priorities in 2026.
Page 15
15 Sweden – Ongoing commercial initiatives supporting growth • Short-term actions - Ongoing cost adjustment measures - Tailored industry specific offerings - Focus on our service concept as further rollout of Smart Service and 3D foot scanners in stores. • Short-term actions - Tailored industry specific offerings - Pricing initiatives - Increased focus on cross-selling within the existing customer base. - Swedol Days and campaigns supporting customer engagement and sales of own brands. Norway – Efficiency program to improve profitability underway Long-term actions • Strengthen sales management towards prioritized segments • Continuously develop our omnichannel customer penetration • Continue growing our service offering and own brands, supporting both profitability and customer retention.
Page 16
16 • Future-proofing capacity for continued growth: ̶ Reducing reliance on external warehousing ̶ Strengthening long-term operational scalability • Expanding existing 28,000 m² facility by 6,500 m² and 11,500 pallet positions. • Additional land capacity provides flexibility for future growth initiatives and potential acquisitions. Örebro as a Nordic logistics hub – Planned expansion to support long -term growth Status expansion project • Q4 2026 Detailed design and regulatory approval process underway • 2027 Estimated construction start • 2028 New capacity available for operations The new capacity is expected to become operational during 2028, providing additional flexibility and strengthening our Nordic logistics platform.
Page 17
17 This is AlligoFinancials
Page 18
18 Improved profitability driven by Finland – Organic growth and cost savings Revenues and EBITA Highlights Q3 2026 MSEK 2026 Jul-Sep ∆, % 2025 Jul-Sep 2026 Jan-Sep ∆, % 2025 Jan-Sep Revenue 2,295 4.9 2,189 7,264 5.4 6,891 Adjusted EBITA 168 6.3 158 468 24.5 376 Amortisation -17 -19 -54 -55 Items affecting comparability -4 -5 -30 -52 Operating profit 147 134 384 269 Gross margin, % 41.1 41.4 40.9 40.8 Adjusted EBITA margin,% 7.3 7.2 6.4 5.5 • Revenue increased by 4.9% ̶ Organic growth of 1,1% ̶ Acquisition-driven growth of 1.5% ̶ FX +2.2% • Decreased gross margin 41.1% (41.4) ̶ Unfavourable country- and customer mix • Adjusted EBITA increased by 10 MSEK (+6.3%) ̶ Increased volumes and cost savings ̶ EBITA acquisitions 2 MSEK • Items affecting comparability ̶ Consultancy costs strategy review and organizational changes • Financial net -30 MSEK (-29) ̶ Whereof -13 MSEK (-11) related to IFRS 16 ̶ Q3 average interest rate 3.3% (3.3)
Page 19
19 Organic growth Q3 -2.2% (-6.0) Adj. EBITA margin Q3 8.8% (9.0) • Revenue increased by +0.0% - Continued slow market - Slower development in several customer segments except the defence industry - Acquisitions +1.4 % • EBITA decreased by -3 MSEK - Lower volumes - Decreased gross margin – customer mix - Acquisitions 0 MSEK • Revenue increased by +16.4% - Continued weak sales in oil & gas segment - Positive impact from FX +8.3% - Acquisitions +3.0% • EBITA decreased by -2 MSEK - Lower volumes - Decreased gross margin – customer mix - Acquisitions 2 MSEK Organic growth Q3 -0.8 % (-1.9) Adj. EBITA margin Q3 4.5% (5.5) • Revenue increased by +12.1% - Continued recovery in several customer segments, primarily in the manufacturing and defence industry - Increased store sales - Flat impact from FX 0,0% • EBITA increased by +16 MSEK - Higher volumes - Cost reductions Organic growth Q3 12.0% (4.9) Adj. EBITA margin Q3 6.0% (3.1) 0,0 2,0 4,0 6,0 8,0 10,0 12,0 14,0 0 400 800 1 200 1 600 Q3 2024 Q3 2025 Q3 2026 MSEK Revenue, MSEK Non-integrated Adj.EBITA% 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 0 200 400 600 800 Q3 2024 Q3 2025 Q3 2026 MSEK Revenue, MSEK Non-integrated Adj.EBITA% 0,0 2,0 4,0 6,0 8,0 0 200 400 600 Q3 2024 Q3 2025 Q3 2026 MSEK Revenue, MSEK Non-integrated Adj.EBITA% Sweden Norway Finland
Page 20
20 • Seasonally the weakest quarter • Weaker cash flow from operating activities despite higher EBITDA due to increased working capital and a positive tax timing effect in Q3 PY ̶ Seasonal inventory build-up in Q3 ̶ Business growth, payment terms larger customers ̶ Lower purchasing volumes, timing effects • Cash flow from investing activities ̶ Capex/Depreciation 0,8 (R12) • Cash flow from financing activities ̶ Amortization of loans and leasing liabilities ̶ Acquisition of additional interests in subsidiaries Weaker operating cash flow in Q3, but improved YTD – Increased EBITDA, but offset by increased working capital Cash flow Highlights Q3 2026 34 116 148 45 0 50 100 150 200 Q3 2023 Q3 2024 Q3 2025 Q3 2026 Cash flow from operating activities, MSEK MSEK 2026 Jul-Sep ∆ 2025 Jul-Sep 2026 Jan-Sep ∆ 2025 Jan- Sep Operating activities 45 -103 148 592 332 260 Investing activities -20 4 -24 -109 227 -336 Financing activities -185 -70 -117 -653 -352 -301 Cash flow -160 -167 7 -170 207 -377
Page 21
21 • Ratio of net operational liabilities to EBITDA (excl. IFRS 16) of 2.2 ̶ Continued reduction in leverage • Cash and unutilized granted credit facilities of 1 880 MSEK at the end of the period • Equity/assets ratio 48.0% (excl IFRS 16) • The business was refinanced in February 2026. ̶ Total sustainability-linked facility 3,100 MSEK (+500 MSEK) excl. credit facilities ̶ Maturity 3+1+1 year • Financial covenants fulfilled Strong financial position ̶ Invest in organic growth and M&A opportunities Strong financial position – Continue to invest in organic growth and M&A opportunities Overview of the financial position Highlights Q3 2026 MSEK 30 Sep 2026 30 Sep 2025 31 Dec 2025 Non-current interest bearing liabilities 2,942 3,291 3,156 Current interest bearing liabilities 457 458 473 Cash and cash equivalents -330 -290 -486 Financial lease liabilities -1,336 -1,338 -1,369 Net operational liabilities 1,633 2,121 1,774 EBITDA*, LTM 776 677 701 Net operational liabilities/EBITDA*, ratio 2.2 3.1 2.5 * Excl. IFRS 16
Page 22
22 This is AlligoSummary & outlook
Page 23
23 • Continued organic growth and improved results despite a somewhat cautious market. • Finland delivered a strong Q3, driven by recovery across several customer segments and ongoing improvement initiatives. • Enhanced sales management and commercial execution across all markets. Q3 2026 in summary Q3 2026 Revenue 2,295 MSEK (2,189) Adjusted EBITA margin 7.3% (7.2) Share of own brands 18 % (19) 23% (23) in the integrated business We stand on a strong platform while seeing several opportunities to further strengthen our position going forward.
Page 24
24 • Partly slow market environment, with gradual normalisation across markets. • Actions underway to strengthen sales and profitability in Sweden and Norway. • Strategy refinement towards 2030, based on customer needs and Alligo's strengths. Outlook for Q4 and 2027 – Long-term profitable growth and customer relevance The refined strategy will make us even more relevant to our customers, strengthen Alligo as a workplace and create even better conditions for long-term profitable growth.
Page 25
25 This is AlligoQ&A
Page 26
26 This is AlligoAppendix
Page 27
27 SALES BY CHANNEL 52% (55) In-store (SME) 20% (20) Direct sales incl web 28% (25) Non-integrated companies Sweden Norway Finland* SALE OF OWN BRANDS 78% (77) External Brands 22% (23) Own brands SALES BY CHANNEL 5% (3) Non-integrated companies 39% (40) In-store (SME) 47% (48) Direct sales incl web SALE OF OWN BRANDS 81% (82) External Brands 19% (18) Own brands SALES BY CHANNEL 19% (20) In-store (SME) 46% (46) Direct sales incl web SALE OF OWN BRANDS 90% (90) External Brands 10% (10) Own brands 29% (27) Non-integrated companies Q3 – Sustained share of own brands in the integrated business 72% (73) 30% (30) 41% (42) 27% (28) 20% (18) 12% (12) Grey figures show the share in the integrated business. * Finland includes Estonia. 9% (9) Industry store 6% (7) Industry store
Page 28
28 SALES BY CHANNEL 51% (53) In-store (SME) 21% (21) Direct sales incl web 28% (26) Non-integrated companies Sweden Norway Finland* SALE OF OWN BRANDS 78% (78) External Brands 22% (22) Own brands SALES BY CHANNEL 5% (2) Non-integrated companies 40% (41) In-store (SME) 46% (48) Direct sales incl web SALE OF OWN BRANDS 82% (84) External Brands 18% (16) Own brands SALES BY CHANNEL 20% (20) In-store (SME) 46% (45) Direct sales incl web SALE OF OWN BRANDS 90% (91) External Brands 10% (9) Own brands 28% (27) Non-integrated companies YTD 2026 – Increased share of own brands in the integrated business 71% (72) 30% (29) 42% (42) 27% (27) 19% (16) 13% (12) Grey figures show the share in the integrated business. * Finland includes Estonia. 9% (9) Industry store 6% (8) Industry store
Page 29
29 Organic growth YTD 1.0% (-6,8) Adj. EBITA margin YTD 8.0% (7.1) • Revenue increased by 4.5% - Continued weak market - Direct sales – defense industry and non-integrated business and stable store sales - Acquisitions +1.9 % • EBITA increased by 51 MSEK - Higher volumes - Cost reductions - Acquisitions 9 MSEK • Revenue increased by 9.2% - Continued weak sales in oil & gas segment - Positive impact from FX 3.7% - Acquisitions +2.9% • EBITA increased by 5 MSEK - Cost reductions - Acquisitions +1 MSEK Organic growth YTD 0.0% (-0.4) Adj. EBITA margin YTD 3.5% (3.5) • Revenue increased by 8.4% - Continued recovery in several customers, primarily in the manufacturing and defense industry - Increased store sales - Negative impact from FX -2.1% • EBITA increased by 37 MSEK - Higher volumes - Cost reductions Organic growth YTD 9.6% (2.7) Adj. EBITA margin YTD 5.2% (3.0) 0,0 2,0 4,0 6,0 8,0 10,0 12,0 0 1 000 2 000 3 000 4 000 5 000 YTD 2024 YTD 2025 YTD 2026 MSEK Revenue, MSEK Non-integrated 0,0 1,0 2,0 3,0 4,0 5,0 6,0 0 500 1 000 1 500 2 000 2 500 YTD 2024 YTD 2025 YTD 2026 MSEK Revenue, MSEK Non-integrated Adj.EBITA% 0,0 1,0 2,0 3,0 4,0 5,0 6,0 0 250 500 750 1 000 1 250 1 500 1 750 YTD 2024 YTD 2025 YTD 2026 MSEK Revenue, MSEK Non-integrated Adj.EBITA% Sweden Norway Finland
Page 30
30 Performance in 2026 in relation to financial targets
Page 31
31 Performance in 2026 in relation to sustainability targets
Page 32
32 Five reasons to invest in Alligo 1 2 3 4 5 Market growth and resilient customer segments Scalable platform a foundation for continued growth Own brands increase competitiveness and profitability Sustainable and long-term business model Leader in the consolidation process on the Nordic markets
Page 33
Read more at alligo.com/en/report/q3 -2026/ ir@alligo.com