Slides
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Eltel AB Q3 2025 presentation 30 October 2025 1
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Today’s presenters 2 Tarja Leikas CFO Håkan Dahlström President and CEO Alexandra Kärnlund Communications Director
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3 • Great quarter with progress in all our strategic areas, especially when it comes to: o Improved profitability o Broadened customer base o Growth in new and adjacent markets • Strong development in Finland, driven by growth in Power, especially within Solar PV and Data Center • New contracts worth EUR 176.2 million signed in Q3, with a total orderbook value of EUR 1.2 billion • New business accounted for EUR 41.8 million of the TCV , nearly 24% of the total • Turnkey contract for substation, cablingand grid connection for DayOne’s data center in Lahti, Finland, worth about EUR 38 million • Frame agreement with Caruna worth about EUR 81 million (including option years) • Frame agreement with E.ON worth EUR 18.2 million • Restoration work after storm Amy, involving many colleagues primarily in Norway, underlining Eltel's important role in critical infrastructure Commercial and operational highlights Q3 2025
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Historically high adjusted EBITA • Mixed net sales development, in total decreased with 1.0% to EUR 208.2 million (210.3) • New Business accounted for 14% of net sales • Gross profit improved to EUR 27.8 million (24.0) • LTM gross profit improved, YoY , from EUR 88.7 million to EUR 100.1 million • Profitability continued to improve – historically high with current scope and ninth consecutive quarter with improved margin YoY o Adjusted EBITA EUR 9.1 million (8.2) o Adjusted EBITA margin 4.3% (3.9) o LTM adjusted EBITA improved from EUR7.5 million to EUR 18.2 million 4 Financial highlights Q3 2025 600 650 700 750 800 850 0 50 100 150 200 250 Q4 24 Q1 25 Q2 25 Q3 25 M€M€ Net sales Net sales, quarterly, previous year Net sales, quarterly Net sales, rolling 12 months -1 0 1 2 3 -4 0 4 8 12 Q4 24 Q1 25 Q2 25 Q3 25 %M€ Adjusted EBITA Adjusted EBITA, quarterly, previous year Adjusted EBITA, quarterly Adjusted EBITA margin, rolling 12 months
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5 EUR million Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Net sales 208.2 210.3 578.8 602.6 828.7 Net sales growth, % -1.0% -1.4% -3.9% -1.2% -2.5% Adjusted EBITA 9.1 8.2 12.4 4.7 10.5 Adjusted EBITA margin, % 4.3% 3.9% 2.2% 0.8% 1.3% Number of employees, average, FTE 3,869 4,372 3,931 4,658 4,550 Net Sales • Sweden: Growth continued, moderate pace due to the strong previous year • Finland and Denmark & Germany: Stable net sales, Power net sales good growth, Communication volumes declined • Norway: Slight decline but positive signs from new customer wins EBITA • Adjusted EBITA for Q3 reached EUR 9.1 million—the highest quarterly result ever for current Eltel • Strong commitment to improving profitability across all markets • Current year’s performance is a significant step towards reaching long-term profitability targets o All Eltel segments played a role in improvements during January–September Total Group -1 0 1 2 3 -4 0 4 8 12 Q4 24 Q1 25 Q2 25 Q3 25 %M€ Adjusted EBITA Adjusted EBITA, quarterly, previous year Adjusted EBITA, quarterly Adjusted EBITA margin, rolling 12 months 8,2 9,1 1.5 -1.2 -0.3 1.1 -0.3 6 8 10 M€ Adjusted EBITA change by segment 210,3 208.2 0.2 1.3 -0.2 -3.3 -0.5 0.4 205 210 215 M€ Net sales change by segment 600 650 700 750 800 850 0 50 100 150 200 250 Q4 24 Q1 25 Q2 25 Q3 25 M€M€ Net sales Net sales, quarterly, previous year Net sales, quarterly Net sales, rolling 12 months
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Adjusted EBITA and Gross Profit (LTM) 6 0,0 % 0,5 % 1,0 % 1,5 % 2,0 % 2,5 % 0 5 10 15 20 25 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Adjusted EBITA Adjusted EBITA, LTM Adjusted EBITA, margin %, LTM 8% 9% 10% 11% 12% 13% 60 70 80 90 100 110 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Gross Profit Gross Profit, LTM Gross Profit, margin %, LTM
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7 • Delivered stable year-over-year net sales • Power delivered strong growth • Communication volumes declined • Major adjusted EBITA improvement of + 20% driven by operational efficiency and cost discipline Finland EUR million Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Net sales 101.5 101.3 248.7 256.3 357.7 Net sales growth, % 0.2% 4.9% -3.0% 4.1% 3.8% Adjusted EBITA 8.8 7.3 13.9 9.3 15.7 Adjusted EBITA margin, % 8.7% 7.2% 5.6% 3.6% 4.4% Number of employees, average, FTE 1,302 1,492 1,310 1,498 1,478 320 330 340 350 360 30 50 70 90 110 Q4 24 Q1 25 Q2 25 Q3 25 M€M€ Net sales Net sales, quarterly, previous year Net sales, quarterly Net sales, rolling 12 months -3 0 3 6 9 -3 0 3 6 9 Q4 24 Q1 25 Q2 25 Q3 25 %M€ Adjusted EBITA Adjusted EBITA, quarterly, previous year Adjusted EBITA, quarterly Adjusted EBITA margin, rolling 12 months
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8 • Net sales grew by 3%, despite a high comparison base from last year’s major project completions • Growth driven by customer base expansion in public infrastructure and telecommunications • Profitability declined to 1.8% from 4.2% last year • Drop mainly due to absence of last year’s exceptionally strong project closings Sweden EUR million Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Net sales 53.0 51.6 164.4 152.4 211.8 Net sales growth, % 2.6% 22.3% 7.9% 7.4% 6.7% Adjusted EBITA 1.0 2.2 3.8 3.7 6.1 Adjusted EBITA margin, % 1.8% 4.2% 2.3% 2.4% 2.9% Number of employees, average, FTE 957 941 964 949 950 200 210 220 230 20 35 50 65 Q4 24 Q1 25 Q2 25 Q3 25 M€M€ Net sales Net sales, quarterly, previous year Net sales, quarterly Net sales, rolling 12 months 0 1 2 3 4 0 1 2 3 4 Q4 24 Q1 25 Q2 25 Q3 25 %M€ Adjusted EBITA Adjusted EBITA, quarterly, previous year Adjusted EBITA, quarterly Adjusted EBITA margin, rolling 12 months
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9 • Net sales remained flat due to lower Communication volumes • Power continued to grow • Profitability declined in Q3, but January-September profitability improvement was solid. Denmark & Germany EUR million Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Net sales 28.7 28.9 90.6 93.8 129.6 Net sales growth, % -0.9% -5.1% -3.3% 1.1% 0.1% Adjusted EBITA 1.1 1.4 5.0 4.0 6.5 Adjusted EBITA margin, % 3.9% 4.9% 5.5% 4.3% 5.0% Number of employees, average, FTE 766 819 774 838 829 2 4 6 8 0 1 2 3 Q4 24 Q1 25 Q2 25 Q3 25 %M€ Adjusted EBITA Adjusted EBITA, quarterly, previous year Adjusted EBITA, quarterly Adjusted EBITA margin, rolling 12 months 115 120 125 130 135 0 10 20 30 40 Q4 24 Q1 25 Q2 25 Q3 25 M€M€ Net sales Net sales, quarterly, previous year Net sales, quarterly Net sales, rolling 12 months
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10 • Net sales declined by 12% • Customer base expanded and new business wins yield some result • Clear signs of profitability improvement with measures producing results • Positive adjusted EBITA for the first time in two years−a major milestone • Operational excellence and strict cost control • Challenges remain, but development in customer acquisition and margin recovery are encouraging Norway 0 50 100 150 200 0 10 20 30 40 Q4 24 Q1 25 Q2 25 Q3 25 M€M€ Net sales Net sales, quarterly, previous year Net sales, quarterly Net sales, rolling 12 months -6 -4 -2 0 2 -3 -2 -1 0 1 Q4 24 Q1 25 Q2 25 Q3 25 %M€ Adjusted EBITA Adjusted EBITA, quarterly, previous year Adjusted EBITA, quarterly Adjusted EBITA margin, rolling 12 months EUR million Jul-Sep 2025 Jul-Sep 2024 Jan-Sep 2025 Jan-Sep 2024 Jan-Dec 2024 Net sales 24.4 27.8 73.5 85.1 114.9 Net sales growth, % -12.0 -12.2% -13.7% -11.6% -11.7% Adjusted EBITA 0.4 -0.7 -1.8 -3.4 -5.7 Adjusted EBITA margin, % 1.7% -2.5% -2.5% -4.0% -4.9% Number of employees, average, FTE 529 760 561 780 761
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11 Leverage: Net debt/Adjusted EBITDA. Net debt: Interest bearing debt less cash and cash equivalents. Net debt: Interest bearing debt less cash and cash equivalents. Group balance sheet -80 -70 -60 -50 -40 -30 -20 -10 0 Q1 Q2 Q3 Q4 M€ Net working capital 2022 2023 2024 2025 0 30 60 90 120 150 180 Q1 Q2 Q3 Q4 M€ Net debt 2022 2023 2024 2025 0 1 2 3 4 5 6 7 Q1 Q2 Q3 Q4 Leverage 2022 2023 2024 2025
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• Group adjusted EBITA margin 5%Profitability • Annual growth 2–4%Growth • 1.5–2.5x net debt/adjusted EBITDALeverage • Subject to leverage targetDividend payout 12 Eltel Group financial targets
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• Improve efficiency and profitability of the current business • Broaden the customer base • Grow in new and adjacent markets, such as renewable energy • Integrate sustainability as part of our offerings and operations • Develop our concepts and commercial capabilities 13 Our strategy in short
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14% 86% Net sales Improve efficiency and profitability • Gross profit improved to EUR 27.8 million (24.0) • LTM gross profit improved from EUR 88.7 million to EUR 100.1 million • LTM adjusted EBITA improved with close to EUR 11 million • Adjusted EBITA: EUR 9.1 million (8.2) • Adjusted EBITA margin: 4.3% (3.9) • Operational excellence measures yielding results on profitability, especiallyin Finland and Norway Broadened customer base • 15% share of net sales YTD from new customers* Growth in new and adjacent markets • 24% of TCV from New Business • 14% of net sales attributed to New Business, driven by Solar PV • Data Center a fast-growing area, especially in Finland *New customers from 2023 14 Progress in strategy execution 24% 76% Signed contracts 53% 47% Pipeline Q3 2025 Q3 2025 Q3 2025 3% 97% Net sales 50% 50% Pipeline 11% 89% Signed contracts Q3 2024 Q3 2024 Q3 2024
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Eltel’s Data Center Offerings 15
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A comprehensive infrastructure partner of choice – power and connectivity 16 Communication network and infrastructure Main power and power supply Infrastructure and installing work inside
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Eltel Data Center Offerings Temporary power during construction Grid connection & substation Power supply/ distribution MV/LV Electrical installations Lighting Back-up and reserve power, UPS Coms (fiber) to the site Coms within the plot to DC room Structured cabling within DC room Eltel capability (with use of subcontractors if needed) PowerMEP*Coms Eltel capability for UPS but not generators *Mechanical, Electrical and Plumbing 17
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Ongoing project Eltel Finland Winthrop, Construction Power for two datacenters 18 • Customer: Winthrop Technologies, that is the general contractor for two Microsoft sites, HEL16 in Hepokorpi and HEL04 in Kirkkonummi • Size of facility: 2 data center campuses Several data center buildings/campus 25 000 sq meters floor area in Espoo • Location: HEL16 Espoo & HEL04 Kirkkonummi, Finland • Time plan: project start 2024 and Eltel’s project ready in 2025 • Construction power to DC site – EPC contract • Permissions • Design & plan • Procurement and hardware logistics • Civil works and foundations • Cabling from Caruna substation to the DC site • Installing of transformer stations and transformers • Testing and commissioning • HEL16 project completed 4/2025 • HEL04 project ongoing (completed 10/2025) • "Only have good things to say about working with Eltel" -Tom Daintith, Project Director, Winthrop Technologies About the project Eltel’s responsibility Current status
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Ongoing project Eltel Finland XTX Markets, Kajaani Data center, 250MW 19 • Customer: XTX Markets Oy • Size of facility: 5 data center buildings • 15 000 sq meters each • Tech details: 2.5MW of IT power, and includes a mechanical plant area, a warehouse and a 50-person office space • Location: Kajaani, Finland • Time plan: project start 2025 and Eltel’s project ready in 2026 • Turnkey construction contract: • design & engineering • procurement • construction of the 110 kV cabling (2 x 3km) • Installing, commissioning • Additional work: construction of fiber, permitting, design, excavation installing, commissioning • 110 kV cable route excavation finished 9/2025 • Fiber installed 10/2025 • Dark fiber installed 11/2025 • 110 kV cable pulling and installing during 2025 fall and 2026 spring. • Project will be finalized 6/2026 About the project Eltel’s responsibility Current status
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Ongoing project Eltel Finland Hyperco, Kouvola data center, 82 MW 20 • Customer: Hyperco Fin Hold Co 1 Oy • Location: Kouvola, Koria • Building size: ~34,000 sq meters data center facility equals to 5 football fields • Schedule: construction started summer 2025, first operational phase by end of 2026. • Turnkey 110 kV substation and grid connection contract (EUR 16 million) • Design & engineering, installation, testing, and commissioning • Procurement of materials and equipment • Coordination with Fingrid’s grid connection, excavation, fibre route construction and related civil works. • Contract announced in June 2025 • Eltel participates cornerstone laying ceremony on 11 September 2025 • Design and permitting underway (Q3 2025) • Civil works and excavation have started in summer 2025 • 110 kV cable route design completed • Substation area piling works completed • Commissioning and finalization expected in mid-2026. About the project Eltel’s responsibility Current status
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Eltel Sweden • Installation services of fiberoptic high density trunks between buildings in a number of data centers for one of the major cloud service providers • Based on a frame agreement and includes continuous installations of fiber in future expansions • Maintenance agreement on the installed infrastructure with response time 24/7/365. Eltel Norway • Extensive fiber and structured cabling works ongoing under a framework agreement with a leading data center operator • Continuous support and expansion works, ensuring high reliability and quality across all installations • Wide range of telecom and fiber infrastructure activities - from the main meet-me rooms to IDF areas and further distribution to server racks: o Installation and management of copper and fiber cabling systems o Fiber splicing and termination o Testing, cleaning, and documentation of optical connections o Rack patching and cable management o Coordination with electrical and mechanical disciplines 21 Other examples (non-disclosed)
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Most recently won Data Center contract: DayOne 22 EPC contract 110kV substation , cabling and grid connection for DayOne’s data center in Lahti
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Questions Next report Q4 2025: 13 February 2026 23