Slides
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EARNINGS CALL Q2 2026 Second Quarter 2026 2026-07-21 HENRIK HÖJER CEO MARKUS BERG CFO
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2 Highlights Q2 2026 1. Momentum in the OEM-market – Best quarter since Q1 2020 2. Resilient and robust aftermarket demand – surge in IP/spares orders
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3 Financials in short ❑ Net sales decreased to MSEK 76 (80) – Negative FX MSEK -2.5 ❑ EBIT amounted to MSEK 14 (18) ❑ EBIT margin 19% (23) ❑ EPS 0.79 SEK (1.19) ❑ Operating cash flow of 24 MSEK (3) Q2 2026 -21% -34% -5%
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4 Net Sales Bridge and MixQ2 2026 80 76 Sales Mix, % ❑ Strong system sales - OEM MSEK +12, Retrofit MSEK +3 ❑ Private jet weak, offset MSEK -10 – deliveries pushed to Q3 ❑ Aftermarket decreased MSEK 8 – strong comparable quarter due to inventory build up in Q225
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EBIT Bridge ❑ FX positive MSEK +1, whereof MSEK -2 from lower exchange rate on sales & MSEK +3 from AR/AP ❑ Negative sales volume decreased EBIT with MSEK 1 ❑ Negative sales mix resulted in EBIT decrease of MSEK 6 ❑ Lower costs, mainly from cost savings, MSEK 2 14 5 18 MSEK -1 -6 +1 +2 Q2 2026
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6 Cash FlowQ2 2026 ❑ Strong operating cash flow of MSEK 24 (3) ❑ Working capital positive MSEK 13, mainly due to AR payments ❑ Investments mainly in Nybro facility, loan taken to finance expansion ❑ Paid dividend of MSEK 30 (67) 16 12
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7 Net Debt & ROCE ❑ Net debt amounting to MSEK 34 compared 35 MSEK in Q2 last year ❑ Cash MSEK 12 and in addition available credit facilities amounting to MSEK 48 ❑ Equity ratio 71% (71%) and Net Debt / (R12 EBITDA) 0.6 (0.5) MSEK Q2 2026
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142 8 Financials in shortYTD 2026 Net Sales Bridge (MSEK) ❑ Net Sales increased 6% to 142 MSEK (134), currency adjusted +13% ❑ EBIT increased 9% to MSEK 24 (22) ❑ EBIT margin 17% (16) ❑ EPS decreased 11% to 1.32 SEK (1.48) ❑ Operating cashflow amounted to MSEK 15 (8) Sales Mix, %
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Outlook Q3 and 2026 9 Outlook 2026 (in USD) Q425 report Updated April 2026 Updated July 2026 OEM Sharp increase in OEM deliveries Sharp increase in OEM deliveries, 45 – 60 % revenue growth Sharp increase in OEM deliveries, 45 – 60 % revenue growth Private jet Revenue likely to beat 2025 despite soft 1H26 Revenue will not beat 2025 Full-year 2026 is now expected to be the weakest year in several years. Retrofit - Unchanged Unchanged Aftermarket Aftermarket sales better than 2025 Aftermarket sales better than 2025, 5 - 15 % revenue growth Aftermarket sales better than 2025, 5 - 15 % revenue growth Outlook Q326: Revenue (in USD) is expected to be modestly below Q226. Updated 2026 outlook (in USD):
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0 25 50 75 100 125 150 175 200 225 250 275 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 ROLLING 4Q 0 10 20 30 40 50 60 70 Quarterly sales 10 ❑ Robust underlying demand ❑ IP/Spares had strong order intake Aftermarket Outlook MSEK MSEK 98 124 147 72 99 187 243 233 167 0 50 100 150 200 250 2017 2018 2019 2020 2021 2022 2023 2024 2025
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11 OEM Outlook 11 1. Deliveries in H226 ~ H126 – Next uptick in Q127 2. Addressable market growing – tracking aircraft build-rates 3. Shipset content on A350s increasing gradually in 2026 / 2027 104 126 166 83 25 20 35 40 53 0 50 100 150 200 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20 30 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Quarterly sales 0 25 50 75 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 ROLLING 4Q
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12 Private jet Outlook ❑ Transition / weak 2026 - few deliveries ❑ Airbus Corporate Jets (ACJ) front runs by promoting humidification for ACJ320 Family, the ACJ TwoTwenty and the ACJ330 ❑ Boeing Business Jets – Baseline configuration – First BBJ737MAX kit under development 15 14 15 32 10 21 18 14 30 0 5 10 15 20 25 30 35 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5 10 15 20 25 30 35 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 ROLLING 4Q 0 10 20 Quarterly sales
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13 ❑ No OEM Availability – OEM is a requirement for scalable growth ❑ Retrofit demand to drive OEM: ❑ A320 operators to demand line-fit or post-delivery modification – Focused efforts to win launch customers ❑ Limited efforts to obtain STC for Boeing 737 MAX – Low probability near term ❑ Focus on airlines in Europe – jet2.com first win Retrofit Anti-Condensation Outlook 35 30 10 5 7 0 0 0 30 5 10 15 20 25 30 35 40 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net Sales
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14 Q & A
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WE MAKE FLYING A LITTLE BETTER 15 THRIVE WITH HUMIDITY AT HEALTHY LEVEL