Slides
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Q3 2026
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Highlights Q3 2026 • The disposal of Flowa Technology was completed in September • Several transformation activities initiated during the quarter, which puts short-term pressure on net sales and EBITA • At the same time, these transformation activities are laying the foundation for a stronger Cynca with higher profitability, growth and resilience • Net sales decrease of 15% was driven by disposals, while the organic development was only slightly negative at -1% • Market conditions remain challenging, but we are seeing signs of gradual improvement 513 Net sales (SEKm) 27 Adj. EBITA (SEKm) 5.2% Adj. EBITA margin -1% Organic growth -6 Cash flow from Op. activities (SEKm) 2.2x Leverage multiple
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Niche Products segment Leading product companies in selected technology niches • The decrease in net sales was primarily attributable to divestments • Organic growth and profitability were affected by a number of strategic initiatives implemented during the period • These measures are expected to strengthen the segment’s competitiveness, profitability and growth prospects over the longer term 196 218 194 207 166 182 156 20 28 31 22 17 29 20 10,2% 12,8% 16,0% 10,8% 10,4% 15,7% 12,6% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net sales Adj. EBITA EBITA margin Niche Products SEK 711m LTM net sales SEK 88m LTM EBITA 12.3% LTM EBITA margin
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Solutions segment Specialised solutions for maintaining, developing and streamlining properties and transport networks • As in Niche Products, the decrease in net sales during the quarter was primarily attributable to divestments • Organic growth was positive, supported by increased customer activity and a stronger inflow of inquiries • The market continues to be a bit cautious, with delayed project starts and lengthy decision-making processes • However, the overall picture is that market conditions are gradually improving 442 486 413 444 333 411 360 21 25 23 19 6 24 17 4,8% 5,0% 5,6% 4,4% 1,7% 6,0% 4,7% Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net sales EBITA EBITA margin Solutions SEK 1 547m LTM net sales SEK 67m LTM EBITA 4.3% LTM EBITA margin
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Net sales and adjusted EBITA per quarter Adjusted EBITANet salesSEKm Adjusted EBITA margin LTM 2,255 SEKm LTM 115 LTM 5.1% 637 703 606 651 498 593 513 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 30 43 42 34 14 42 27 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026 4,7% 6,1% 7,0% 5,2% 2,7% 7,0% 5,2% Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 2026
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606 -88 0 -4 513 Q3 2025 Acquisitions & divestments Fx Organic growth Q3 2026 SEKm• Net sales in the quarter decreased by 15% vs same quarter last year driven primarily by the divestments in the beginning of Q1 • Organic growth was slightly negative at -1% Net sales growth in the quarter
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195 56 -28 223 EBITDA Change in NWC CAPEX Op Cash flow SEKm• Operating cash flow on an LTM basis per the third quarter amounted to SEK 223m • This corresponds to an operating cash conversion of 115% LTM Operating cash flow
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Summary • The quarter was marked by the extensive transformation initiated in connection with the separation of our Flow Technology businesses • Signs of improving order intake and a gradual market recovery • Transformation progressing according to plan, with improved underlying performance in the majority of the Group’s companies • Increased focus on profitable business strengthens the foundation for sustainably higher margins and profitable growth • The ambition to return to a double-digit adjusted EBITA margin remains unchanged