Slides
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EARNINGS CALL Q3 2026 Third Quarter 2026 2026-10-27 HENRIK HÖJER CEO MARKUS BERG CFO
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2 Highlights Q3 2026 1. Strong aftermarket quarter - resilient and robust demand – another strong quarter for IP/spares 2. Momentum in the OEM-market – Demand robust - But uneven deliveries between Q3 / Q4 3. A350 selection rates continue to improve – airlines increase humidifiers in batches ahead
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3 Financials in short ❑ Net sales increased to MSEK 76 (74) – Positive FX MSEK 1 ❑ EBIT amounted to MSEK 23 (19) ❑ EBIT margin 30% (25) ❑ EPS 1.38 SEK (1.15) ❑ Operating cash flow of 20 MSEK (33) Q3 2026 +24% +20% +3%
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4 Net Sales Bridge and MixQ3 2026 74 76 Sales Mix, % ❑ OEM sales unchanged due to pushed deliveries from Q3 to Q4 – underlying demand increased 6 MSEK ❑ Private jet, offset MSEK -7, strong comparable quarter ❑ Aftermarket increased MSEK 11, driven by growth on the back of a weak comparable quarter due to inventory effects
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EBIT Bridge ❑ FX positive MSEK +2, whereof MSEK +1 from higher exchange rate on sales & MSEK +1 from AR/AP ❑ Positive sales volume increased EBIT with MSEK 1 ❑ Positive sales mix resulted in EBIT increase of MSEK 2 ❑ Higher costs, mainly from sales related royalties & variable remuneration, MSEK -1 23 5 19 MSEK +1 +2 +2 -1 Q3 2026
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6 Cash FlowQ3 2026 ❑ Strong EBITDA - Operating cash flow amounted to MSEK 20 (33) ❑ Working capital negative MSEK 2, mainly due to AR increasing with higher sales ❑ Investments mainly in Nybro facility 12 27
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7 Net Debt & ROCE ❑ Net debt amounting to MSEK 20 compared 2 MSEK in Q3 last year ❑ Cash MSEK 27 and in addition available credit facilities amounting to MSEK 48 ❑ Equity ratio 72% (73%) and Net Debt / (R12 EBITDA) 0.3 (0.0) MSEK Q3 2026
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218 8 Financials in shortYTD 2026 Net Sales Bridge (MSEK) ❑ Net Sales increased 5% to 218 MSEK (208), currency adjusted +9% ❑ EBIT increased 16% to MSEK 47 (41) ❑ EBIT margin 22% (20) ❑ EPS increased 2% to 2.70 SEK (2.63) ❑ Operating cashflow amounted to MSEK 35 (41) Sales Mix, %
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Outlook Q426 and Full-Year 2026 9 Outlook 2026 (in USD) Q425 report Updated April 2026 (Q126 Report) Updated July 2026 (Q2 Report) Updated October 2026 (Q3 Report) OEM Sharp increase in OEM deliveries Sharp increase in OEM deliveries, 45 – 60 % revenue growth Sharp increase in OEM deliveries, 45 – 60 % revenue growth Sharp increase in OEM-deliveries, 45 – 50 % 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. Full-year 2026 is expected to be the weakest in several years. Retrofit - Unchanged Unchanged Revenue 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 Aftermarket sales better than 2025, 20 - 25 % revenue growth Outlook Q426: Revenue (in USD) is expected increase versus Q326. Updated Full-Year 2026 Outlook (in USD):
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10 ❑ Robust underlying demand growing, driven by population and utilization ❑ IP/Spares strong demand 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 0 10 20 30 40 50 60 70 80 Q221 Q321 Q421 Q122 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 Q126 Q226 Q326 Quarterly sales 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 Q326 ROLLING 4Q
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11 OEM Outlook 11 1. Deliveries pushed from Q3 to Q4 – approx. 6 MSEK – Weakening Q3 – Strengthening Q4 2. Addressable market growing – tracking aircraft build-rates 3. CTT expected to grow faster as shipset content on A350s increase gradually 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 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 Q326 ROLLING 4Q
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12 Aircraft to be built - Higher shipset content ❑ Airlines mirroring the 787 with humidifiers in FD and CRCs ❑ Airlines increasing by adding CRC (going from 1 to 2 - 3) ❑ Airlines fitting humidification in premium cabins (2 – 3 on top of humidifiers in FD and CRCs) A350: Higher Selection Rates Ahead
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13 Private jet Outlook ❑ 2026 a transition and weak year - few deliveries due delayed projects ❑ Airbus Corporate Jets (ACJ) is promoting humidification for ACJ320 Family, the ACJ TwoTwenty and the ACJ330 ❑ Boeing Business Jets offers it as baseline configuration 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 Q326 ROLLING 4Q 0 10 20 Quarterly sales
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14 1. 15 Years since the fist Boeing 787 aircraft was delivered to ANA 2. Deliveries (end of September): 1,311 787s and 737 A350s 3. Backlog 1,178 787s and 887 A350s 1. Boeing 777-9 started ETOPS certification flights, and 2. several customer aircraft commenced the flight-test program ahead of airline delivery 3. A350F commenced test flights – targeting first delivery H227 OEM – A sustainable growth driver
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15 ❑ Qantas Sunrise Project A350ULR certification flights / delivery targeted April 2027 ❑ First A350-1000s entry-into-service in 2027 ❑ Boeing 777-9s specified with Humidifier Onboard First Class / Business Class Emerging Market: Humidifier Onboard
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16 Q & A
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WE MAKE FLYING A LITTLE BETTER 17 THRIVE WITH HUMIDITY AT HEALTHY LEVEL