Slides
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Interim report Q4 2025 Feb 11, 2026 Ola Klingenborg, President and CEO Daniel Warnholtz, Acting CFO
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Agenda • CEO update • Financials • P&L • Segments • Cash flow & Balance sheet • Key take aways • Q&A Organic growth Q4 3.2% (-2,8%) Adj EBITA- margin Q4 5.0% (3.3%) Cash conversion Q4 LTM 99% (57%)
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CEO update • The level of market activity in the fourth quarter remained high, with varying outcomes in our different geographic regions • We signed a new contract with Huddinge Municipality in addition to extending important contracts with Hitachi Energy and Telia in Sweden • The contract extension with Telia also included Norway, where we also extended a contract with Ringnes • We extended a contract with the psychiatric department of Aarhus University Hospital • Significant improvement in cash conversion full year 2025 to 99 per cent, up from 57 per cent for full-year 2024 • Continued high employee motivation index at 78 (77) • Progress on environmental targets, absolute Scope 1 and 2 emissions reduced by 54% vs 2018 (target 50%), and interim target of reduced emissions from purchased goods and services (Scope 3) by 37% (target 30%) • As separately communicated, we announced that Patrik Sjölund will assume the role as CFO at Coor in the second quarter of 2026 • The Board of Directors proposes a dividend of SEK 2.50 per share for 2025, of which SEK 1.00 will be an extraordinary dividend. It is proposed that the dividend be distributed in two payments of SEK 1.50 and 1.00 per share. In addition, the Board of Directors intends to propose a share buy-back programme at the 2026 Annual General Meeting • We are looking forward to the Capital Markets Day on March 19th P & L Segments CEO update Key take awaysCash flow & Balance sheet Financials
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Cash conversion improved significantly to 99 per cent 1 LTM 2 Survey conducted once a year Business responsibility Q4 2025 Q4 2024 FY 2025 FY 2024 Mid-long term target Organic growth 3.2% -2.8% 2.0% -0.5% 4-5% Organic net sales growth over a business cycle Acquired growth 0% 0% 0% 1.0% n/a Adj. EBITA margin 5.0% 3.3% 4.8% 4.4% ~5,5% Adj. EBITA margin Cash conversion1) 99% 57% 99% 57% >90% (Adj. EBITDA – CAPEX – ΔWC) / Adj. EBITDA Leverage1) 2.6x 3.0x 2.6x 3.0x <3,0x Net debt / Adj. EBITDA LTM Customer satisfaction2) Customer satisfaction index (CSI) 72 70 72 70 ≥70 P & L Segments Key take awaysCash flow & Balance sheet FinancialsCEO update
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Net Sales and Adj. EBITA development P & L Segments Key take awaysCash flow & Balance sheet FinancialsCEO update FY FY 2025 2024 Chg. 2025 2024 Net sales 3 224 3 192 32 12 480 12 439 Adj. EBITA 160 105 55 603 546 Adj. EBITA margin 5,0% 3,3% 1,7% 4,8% 4,4% EBIT 118 43 75 455 372 Financial net -35 -43 8 -154 -177 Income tax expense -23 -12 -11 -84 -68 Net income 60 -13 72 218 126 Add-back amortization 13 15 -2 56 67 Adj.Net income 72 2 70 274 193 Q4
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Sweden Organic growth +4.1% (LY -1.1%) Adj EBITA- margin 10.3% (LY 7.3%) Share of Net Sales 56% Q4 2025 • Net sales increased by 4 per cent as a result of a favorable level of activity level with higher variable income in IFM and property services • Adjusted EBITA and margin improved vs a weak quarter last year • Positive effect from organizational changes implemented earlier this year while ended contracts have a negative impact • Coor signed a new agreement with Huddinge Municipality (cleaning), and extended contracts with Hitachi Energy (IFM) and Telia (IFM) Improved profitability and organic growth P & L Segments Key take awaysCash flow & Balance sheet FinancialsCEO update 1 176 1 206 1 164 1 533 1 613 1 598 1 478 1 657 1 552 1 714 1 564 1 758 1 691 1 699 1 582 1 739 1 664 1 685 1 558 1 811 -9,3% 2,7% 0,5% 6,4% 12,6% 11,2% 5,8% 0,3% -4,5% 3,0% -0,8% 0,2% 2,7% -2,8% 1,2% -1,1% -1,6% -0,8% -1,5% 4,1% -4 0 , 0 % -3 0 , 0 % -2 0 , 0 % -1 0 , 0 % 0 ,0 % 1 0 , 0 % 2 0 , 0 % 3 0 , 0 % 4 0 , 0 % 0 2 0 0 4 0 0 6 0 0 8 0 0 1 0 0 0 1 2 0 0 1 4 0 0 1 6 0 0 1 8 0 0 2 0 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 Net Sales development, mSEK Net Sales Organic growth 124 135 119 186 185 163 124 156 154 160 120 154 159 161 126 127 145 153 122 187 10,5% 11,2% 10,2% 12,2% 11,5% 10,2% 8,4% 9,4% 9,9% 9,3% 7,7% 8,8% 9,4% 9,5% 8,0% 7,3% 8,7% 9,1% 7,8% 10,3% 0 ,0 % 2 ,0 % 4 ,0 % 6 ,0 % 8 ,0 % 1 0 , 0 % 1 2 , 0 % 1 4 , 0 % 1 6 , 0 % 1 8 , 0 % 2 0 , 0 % 0 20 40 60 80 1 0 0 1 2 0 1 4 0 1 6 0 1 8 0 2 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 Adj. EBITA development, mSEK Adj. EBITA Adj. EBITA margin
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Denmark Organic growth -5,5% (LY -3.3%) Adj EBITA- margin 3.0% (LY 1.8%) Share of Net Sales 21% Q4 2025 • Negative organic growth of – 5.5% in the quarter due to ended contracts. • During the quarter we also lost an extension of the contract with Topsoe. As previously announced, we assess the total value of the contracts that ended in Q4, or that will end in the coming quarter, to be approximately SEK 300 million, including Topsoe. • Operating profit (adjusted EBITA) for the quarter amounted to SEK 20 (13) million. The operating margin (adjusted EBITA margin) was 3.0 (1.8) per cent • During the quarter, we extended an agreement with AUH, the psychiatric department of Aarhus University Hospital. • Activity in the market remained high with a number of large contracts up for tender in the near future, both in our own portfolio and in the market in general. Continued focus on improving management and governance of the operations P & L Segments Key take awaysCash flow & Balance sheet FinancialsCEO update 474 498 508 591 606 655 659 732 766 758 728 771 742 726 672 746 703 672 663 672 2,9% 10,2% 5,7% 21,2% 23,4% 27,6% 24,4% 14,9% 18,5% 5,8% -0,2% 0,5% -3,7% -4,4% -4,8% -3,3% -4,8% -2,9% 1,5% -5,5% -4 0 , 0 % -3 0 , 0 % -2 0 , 0 % -1 0 , 0 % 0 ,0 % 1 0 , 0 % 2 0 , 0 % 3 0 , 0 % 4 0 , 0 % 0 1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 6 0 0 7 0 0 8 0 0 9 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 Net Sales development, mSEK Net Sales Organic growth 24 33 23 24 27 34 18 30 31 34 27 41 36 32 23 13 34 27 21 20 5,1% 6,6% 4,6% 4,1% 4,4% 5,2% 2,8% 4,1% 4,1% 4,5% 3,8% 5,4% 4,9% 4,5% 3,5% 1,8% 4,8% 4,0% 3,2% 3,0% 0 ,0 % 1 ,0 % 2 ,0 % 3 ,0 % 4 ,0 % 5 ,0 % 6 ,0 % 7 ,0 % 8 ,0 % 9 ,0 % 1 0 , 0 % 0 5 10 15 20 25 30 35 40 45 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 Adj. EBITA development, mSEK Adj. EBITA Adj. EBITA margin
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Norway Organic growth 12.2% (LY -6.1%) Adj EBITA- margin 4.4% (LY 4.5%) Share of Net Sales 18% Q4 2025 • Organic growth of 12 per cent attributable to high variable volumes linked to maintenance stops in the Norwegian Energy sector • Adjusted EBITA and margin above previous year attributable to the high variable volumes • Coor extended its IFM contract with Telia • Over the next 6 months we will be starting up several new contracts, which may have a slightly negative impact on the margin. Unusually high variable volumes in the Energy sector P & L Segments Key take awaysCash flow & Balance sheet FinancialsCEO update 520 585 603 610 560 575 475 530 490 518 547 574 514 581 523 535 525 679 619 573 -11,0% 18,5% 16,3% 1,4% -2,0% -5,4% -26,7% -16,0% -9,4% -4,4% 18,0% 15,3% 8,3% 11,3% 1,4% -6,1% 4,8% 23,2% 22,2% 12,2% -4 0 , 0 % -3 0 , 0 % -2 0 , 0 % -1 0 , 0 % 0 ,0 % 1 0 , 0 % 2 0 , 0 % 3 0 , 0 % 4 0 , 0 % 0 1 0 0 2 0 0 3 0 0 4 0 0 5 0 0 6 0 0 7 0 0 8 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 Net Sales development, mSEK Net Sales Organic growth 35 41 43 28 28 30 18 24 21 19 18 23 18 27 19 24 20 37 29 256,8% 6,9% 7,1% 4,5% 5,1% 5,2% 3,9% 4,5% 4,2% 3,7% 3,3% 4,0% 3,5% 4,6% 3,7% 4,5% 3,7% 5,4% 4,6% 4,4% 0 ,0 % 1 ,0 % 2 ,0 % 3 ,0 % 4 ,0 % 5 ,0 % 6 ,0 % 7 ,0 % 8 ,0 % 9 ,0 % 1 0 , 0 % 0 5 10 15 20 25 30 35 40 45 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 Adj. EBITA development, mSEK Adj. EBITA Adj. EBITA margin
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Finland Organic growth 3.0% (LY -7.4%) Adj EBITA- margin 1.1% (LY 1.0%) Share of Net Sales 5% Q4 2025 • Organic growth of 3 per cent • Adjusted EBITA and margin largely unchanged year-on-year • • We won a medium-sized cleaning contract with Turku Technology properties Financials largely unchanged year-on-year P & L Segments Key take awaysCash flow & Balance sheet FinancialsCEO update 160 155 155 167 177 153 154 169 170 172 176 184 177 174 166 171 160 164 166 168 3,4% 3,1% 0,5% 0,2% 6,8% -4,0% -4,7% -6,4% -10,0% 2,9% 3,6% 3,7% 3,6% 0,2% -3,0% -7,4% -9,4% -1,1% 3,0% 3,0% -4 0 , 0 % -3 0 , 0 % -2 0 , 0 % -1 0 , 0 % 0 ,0 % 1 0 , 0 % 2 0 , 0 % 3 0 , 0 % 4 0 , 0 % 0 20 40 60 80 1 0 0 1 2 0 1 4 0 1 6 0 1 8 0 2 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 Net Sales development, mSEK Net Sales Organic growth 4 5 13 3 3 2 8 0 1 2 10 2 0 3 10 2 0 3 10 22,5% 3,2% 8,2% 1,8% 1,9% 1,0% 5,0% 0,2% 0,7% 1,2% 5,8% 1,2% 0,3% 1,5% 5,9% 1,0% 0,3% 1,7% 6,2% 1,1% -0 ,5 % 1 ,5 % 3 ,5 % 5 ,5 % 7 ,5 % 9 ,5 % 0 2 4 6 8 10 12 14 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2025 Adj. EBITA development, mSEK Adj. EBITA Adj. EBITA margin
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Cash flow and Balance sheet Cash conversion improves to 99%, further deleveraging to 2.6x P & L Segments Key take awaysCash flow & Balance sheet FinancialsCEO update
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Key take aways Another stable quarter with positive signs • The level of market activity in the third quarter remained high, with varying outcomes in our different geographic regions • Significant improvement in cash conversion (LTM) to 99 per cent, up from 57 per cent for full-year 2024 • Continued high employee motivation index at 78 (77) • Progress on environmental targets, • We announced that Patrik Sjölund will assume the role as CFO at Coor in the second quarter of 2026 • The Board of Directors proposes a dividend of SEK 2.50 per share for 2025, of which SEK 1.00 will be an extraordinary dividend. It is proposed that the dividend be distributed in two payments of SEK 1.50 and 1.00 per share. In addition, the Board of Directors intends to propose a share buy-back programme at the 2026 Annual General Meeting • We are looking forward to the Capital Markets Day on March 19th P & L Segments Key take awaysCash flow & Balance sheet FinancialsCEO update
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Q&A Coor aims to create the happiest, healthiest and most prosperous workplace environments in the Nordic region We strive tirelessly to build the teams and full-service solutions that enable our customers to do what they do best