Interim report
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1 (28) Key figures EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 196.2 208.2 587.0 578.8 817.8 Net sales growth, % -5.8% -1.0% 1.4% -3.9% -1.3% Gross profit 27.7 27.8 75.3 72.5 105.1 Gross margin, % 14.1% 13.3% 12.8% 12.5% 12.9% Adjusted EBITDA 18.4 16.4 41.5 34.4 50.4 Adjusted EBITA2) 11.0 9.1 19.7 12.4 20.7 Adjusted EBITA margin, % 5.6% 4.3% 3.4% 2.2% 2.5% Operating result (EBIT) 10.1 8.8 17.4 11.1 19.4 Net working capital -18.2 -31.0 -18.2 -31.0 -60.4 Net debt 179.0 171.6 179.0 171.6 141.9 Number of employees, average, FTE 3,623 3,869 3,666 3,931 3,894 1) Organic growth is adjusted for currency effects and acquisitions. 2) Eltel follows the profitability of segments with adjusted EBITA, which does not include restructuring costs and other items affecting comparability. Please see pages 24–25 for definitions of the key ratios. 3) See reconciliation of segment results on page 21 for more information. 4) Total orderbook includes the committed order backlog and the best estimate for uncommitted remaining parts of frame agreements until the end of the agreement. Significant events during and after the reporting period • During the third quarter, Eltel signed new contracts with a combined value, TCV , of EUR 680.7 million (176.2) and the value of the total orderbook4) was EUR 1.7 billion (1.2). • On 26 August, it was announced that Eltel acquired EWII's street lighting business in Denmark, strengthening its market position in Jutland and expanding its offering within public lighting infrastructure. • On 8 September, it was announced that Eltel Norway had been awarded a long-term partnership agreement with Telenor Norway, as sole supplier of contracting services for network expansion, maintenance and upgrades. The agreement is expected to generate revenue of more than EUR 475 million over the initial five-year term, with a potential total contract value estimated at EUR 1 billion including option years. • On 11 September, it was announced that Eltel had been awarded a frame agreement with KONSTANT in Denmark valued at EUR 73 million. The agreement strengthens Eltel's position in the Danish power market and covers maintenance and expansion of the electricity distribution network. • On 13 October, it was announced that Eltel Sweden had signed the framework agreement with Vattenfall Eldistribution announced on 8 June 2026, following the conclusion of the appeal process. The initial four-year period amounts to a contract value of approximately EUR 137.5 million and the total contract value, including the option years, amounts to EUR 275 million. Eltel Group Interim report January–September 2026 Stockholm, Sweden, 29 October 2026 July–September 2026 • Net sales EUR 196.2 million (208.2), a decrease of 5.8%. Organic growth1) was -6.6% • Gross profit EUR 27.7 million (27.8) and gross margin 14.1% (13.3) • Adjusted EBITA2) EUR 11.0 million (9.1) and adjusted EBITA margin 5.6% (4.3) • Items affecting comparability3) EUR -1.0 million (-0.3) • Operating result (EBIT) EUR 10.1 million (8.8) and EBIT margin 5.1% (4.2) • Net result EUR 8.7 million (3.0) • Earnings per share EUR 0.05 (0.02), basic and diluted • Cash flow from operating activities EUR 0.5 million (-19.1) January–September 2026 • Net sales EUR 587.0 million (578.8), an increase of 1.4%. Organic growth1) was 0.2% • Gross profit EUR 75.3 million (72.5) and gross margin 12.8% (12.5) • Adjusted EBITA2) EUR 19.7 million (12.4) and adjusted EBITA margin 3.4% (2.2) • Items affecting comparability3) EUR -2.3 million (-1.3) • Operating result (EBIT) EUR 17.4 million (11.1) and EBIT margin 3.0% (1.9) • Net result EUR 6.4 million (-0.4) • Earnings per share EUR 0.04 (-0.02), basic and diluted • Cash flow from operating activities EUR -15.2 million (-9.4), including EUR 15.8 million repayment of tax deferral in Sweden • Net debt EUR 179.0 million (171.6)
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ELTEL │ Interim report January-September 2026 2 (28) I am delighted to report a third quarter that clearly demonstrates the consistent progress we are making in building a more profitable Eltel. Our focus on commercial excellence and operational efficiency is delivering results. Adjusted EBITA reached EUR 11.0 million, with an adjusted EBITA margin of 5.6%. Both are our highest quarterly levels since 2015. At the same time, I would have liked to see a stronger development in net sales, which declined by 5.8% to EUR 196.2 million. Lower fiber rollout volumes and a reduced contribution from major projects continued to affect parts of our business. Meanwhile, cash flow from operating activities improved substantially compared to the same quarter last year. Since restoring growth remains an important priority, it is a clear sign of strength to see that during the quarter we signed contracts with a combined value of EUR 680.7 million, compared to EUR 176.2 million a year earlier. Our orderbook reached a record high EUR 1.7 billion at the end of the quarter, up from EUR 1.2 billion (in the previous year). The partnership agreement with Telenor in Norway contributed significantly to the positive development of the order book. The strong sales development continued after the quarter with the final signing of the service and maintenance agreement with Vattenfall in Sweden. Approximately 90% of the orderbook increase relates to service and maintenance contracts, which enhances our ability to plan ahead and optimize the organization. Our task is now to prepare and build capabilities to turn this strong commercial momentum into future profitable delivery and growth. Volumes related to the new contracts will gradually increase from the first quarter next year, but the full net sales effect of the newly signed contracts will only be visible from the third quarter of 2027. In Finland we continued to demonstrate our ability to improve profitability in a changing market. Although Communication volumes continued to decline, stronger operational efficiency in both Communication and Power lifted the adjusted EBITA margin above 10%. Following the decline in fiber-to-the-home, FTTH, volumes from the peak levels seen in previous years, we are adjusting the organization. This was initiated during the quarter and is expected to be completed before year-end. Alongside this adjustment, we are building our position in data centers, where activity increased and we secured our first major Finnish contract for work inside a data center. In Sweden we also improved profitability, driven by telecommunications, public infrastructure and defense. These areas continued to develop positively, although they could not fully offset the lower Power volumes following the closure of Smart meter projects. After the end of the quarter, the conclusion of the appeal process enabled us to sign the agreement with Vattenfall Eldistribution. Valued at approximately EUR 275 million, including option years, this is our largest contract in Sweden to date and marks a significant expansion of our Swedish Power business. The constraints in the Danish power grid continued and Denmark & Germany has had a challenging quarter, with lower volumes and profitability. Declining Communication activity continued to weigh on performance, despite positive contributions from Smart meters. With the new EUR 73 million agreement with KONSTANT we strengthen our position significantly and are geared up to capture future opportunities in the Danish power market. In Norway we continued to improve profitability by operational excellence, digitalization and higher utilization. Emerging services grew, driven by Data center solutions, although lower telecommunications volumes continued to put pressure on the revenue. With the new long-term partnership with Telenor Norway we have the orderbook needed for a strong profitable growth. This is our largest contract win ever: Based on expected volumes, the agreement will generate revenue of more than EUR 475 million over the initial five-year period, with a potential total contract value of EUR 1 billion including all option years. I am very pleased to see this strong customer confidence in Eltel and, looking ahead, the long-term need for our capabilities will only increase. Digitalization and electrification are increasing the demand for connectivity and new power solutions, while geopolitical challenges reinforce the importance of resilient critical infrastructure. In February 2026, I stated that I was confident that we would reach our profitability target of 5% within 12 to 18 months’ time and now, with this positive development, I remain confident that we will reach this target. Håkan Dahlström, President and CEO Highest profitability since 2015 and record high orderbook
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ELTEL │ Interim report January-September 2026 3 (28) About Eltel and the Group strategy Eltel in brief Eltel is the leading service provider for critical infrastructure that enables renewable energy and high-performing commu- nication networks. Operations are conducted in the Nordic countries, Germany, Poland (a Shared Services Center) and Lithuania within country-based organizations that have full responsibility for their financial results. Within business area Communication, Eltel establishes networks and supports the societal need for greater digitali - zation. We provide design, installations, upgrades and main- tenance services mainly to mobile and fixed communication network owners and operators and increasingly to private and public sector. Within business area Power, Eltel enables the transition to renewable energy and the electrification of society. We provide maintenance and upgrade services to power distribution and transmission, Smart meters and turnkey solutions in e-Mobility, Solar PV , wind energy and energy storage. With our expertise in both Communication and Power we are well equipped to provide comprehensive solutions for Data Centers, an area which we entered in 2024 and now constitutes an important and growing part of Emerging services. Eltel’s financial targets Group adjusted EBITA margin 5% Annual growth 2–4% Leverage 1.5–2.5x net debt/adjusted EBITDA Dividend payout Subject to leverage target Our strategy – towards sustainable profitable growth Through our strategy, we build the foundation for sustainable profitable growth. This involves: • Improved profit margins by operational and commercial excellence • Customer expansion in our classic service portfolio • Significant net sales growth in our Emerging services portfolio • A winning culture that creates engagement and success • Industry leadership in sustainability throughout the value chain The strategy will enable Eltel to ensure long-term value creation for our shareholders, customers, employees and society at large. 600 650 700 750 800 850 0 50 100 150 200 250 Q4 25 Q1 26 Q2 26 Q3 26 M€M€ Net sales Net sales, quarterly, previous year Net sales, quarterly Net sales, rolling 12 months 0 1 2 3 4 0 3 6 9 12 Q4 25 Q1 26 Q2 26 Q3 26 %M€ Adjusted EBITA Adjusted EBITA, quarterly, previous year Adjusted EBITA, quarterly Adjusted EBITA margin, rolling 12 months 0 1 2 3 4 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Leverage Leverage
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ELTEL │ Interim report January-September 2026 4 (28) Net sales and earnings Group July–September 2026 Net sales decreased by 5.8% to EUR 196.2 million (208.2). Organic net sales, adjusted for currency effects and acquisitions, decreased by 6.6%. Net sales declined in Finland, Sweden and Denmark & Germany, while Norway had flat net sales. Adjusted EBITA increased to EUR 11.0 million (9.1) and the adjusted EBITA margin was 5.6% (4.3). Profitability improved in all segments except Denmark & Germany. Items affecting comparability amounted to EUR -1.0 million (-0.3) including resizing costs in Denmark and Sweden, consisting mainly of personnel related expenses. Q3 2025 included a restructuring charge in Norway, consisting mainly of personnel related expenses. For further information regarding net sales and adjusted EBITA development, refer to the respective sections on the segments. EBIT amounted to EUR 10.1 million (8.8). Net financial expenses amounted to EUR -3.9 million (-4.8). Taxes amounted to EUR 2.6 million (-0.9). Taxes in July- September 2026 were mainly impacted by recognition of previously non-valuated tax losses. Net result for the period was EUR 8.7 million (3.0). Earnings per share were EUR 0.05 (0.02). January–September 2026 Net sales increased by 1.4% to EUR 587.0 million (578.8). Organic net sales, adjusted for currency effects, and acquisitions, increased by 0.2%. Growth in Finland and Norway compensated for lower net sales in Denmark & Germany and Sweden. Adjusted EBITA increased to EUR 19.7 million (12.4), and the adjusted EBITA margin was 3.4% (2.2). Profitability improvements in Norway, Finland and Sweden mitigated the decreased adjusted EBITA margins in Denmark & Germany. Items affecting comparability amounted to EUR -2.3 million (-1.3) including resizing costs in Denmark and Sweden, consisting mainly of personnel related expenses. January- September 2025 included a restructuring charge in Norway, consisting mainly of personnel related expenses. For further information regarding net sales and adjusted EBITA development, refer to the respective sections on the segments. EBIT amounted to EUR 17.4 million (11.1). Net financial expenses amounted to EUR -12.3 million (-9.9). The majority of the increase was due to the hybrid bond interests in 2025 (classified as equity) being replaced with the bond interest expenses. Taxes amounted to EUR 1.4 million (-1.7), representing the net of tax cost in countries with taxable profits as well as recognition of previously non-valuated tax losses. The effective tax rate was -28.3%. Net result for the period was EUR 6.4 million (-0.4). Earnings per share were EUR 0.04 (-0.02). EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 196.2 208.2 587.0 578.8 817.8 Adjusted EBITDA 18.4 16.4 41.5 34.4 50.4 Adjusted EBITA 11.0 9.1 19.7 12.4 20.7 Items affecting comparability -1.0 -0.3 -2.3 -1.3 -1.3 EBIT 10.1 8.8 17.4 11.1 19.4 Net result 8.7 3.0 6.4 -0.4 3.2 Key ratios Net sales growth, % -5.8% -1.0% 1.4% -3.9% -1.3% Organic growth1), % -6.6% -1.6% 0.2% -2.3% -0.6% Currency translation effect in net sales, MEUR 1.6 1.3 6.8 3.6 7.4 Effect of acquisitions in net sales, MEUR 0.1 - 0.1 - - Adjusted EBITA margin, % 5.6% 4.3% 3.4% 2.2% 2.5% Tax rate, % -41.9% 23.4% -28.3% 132.8% 39.8% Earnings per share after dilution, EUR 0.05 0.02 0.04 -0.02 0.00 1) Organic growth is adjusted for currency effects and acquisitions.
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ELTEL │ Interim report January-September 2026 5 (28) Overview of segments Net sales EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Finland 92.5 101.5 255.6 248.7 351.1 Sweden 50.4 53.0 163.3 164.4 239.2 Denmark & Germany 26.7 28.7 88.6 90.6 125.6 Norway 25.3 24.4 76.6 73.5 100.0 Sum segments 194.9 207.6 584.0 577.2 815.8 Group Support Functions 2.5 2.4 6.9 6.7 9.3 Eliminations -1.2 -1.9 -3.8 -5.1 -7.4 Total net sales 196.2 208.2 587.0 578.8 817.8 Net sales growth, % -5.8% -1.0% 1.4% -3.9% -1.3% Adjusted EBITA EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Finland 9.6 8.8 17.4 13.9 20.3 Sweden 1.8 1.0 5.3 3.8 7.7 Denmark & Germany 0.2 1.1 1.6 5.0 5.9 Norway 1.0 0.4 2.7 -1.8 -1.8 Sum segments 12.6 11.3 27.1 20.9 32.1 Group Support Functions -1.6 -2.2 -7.4 -8.5 -11.4 Total adjusted EBITA 11.0 9.1 19.7 12.4 20.7 Adjusted EBITA margin % Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Finland 10.3% 8.7% 6.8% 5.6% 5.8% Sweden 3.5% 1.8% 3.3% 2.3% 3.2% Denmark & Germany 0.9% 3.9% 1.9% 5.5% 4.7% Norway 4.0% 1.7% 3.5% -2.5% -1.8% Sum segments 6.5% 5.4% 4.6% 3.6% 3.9% Total adjusted EBITA margin, % 5.6% 4.3% 3.4% 2.2% 2.5% In January-September 2026, the segments represented 99.5% of the net sales. Management follows segment results by adjusted EBITA, which does not include items affecting comparability. The Group Support Functions include Group Functions and Lithuania as well as closing activities for Power Transmission International. Group Support Functions is not considered a segment. Net sales by segment FI SE DK & DE NO Group support functions 208.2 196.2-9.1 -2.6 -2.0 0.9 0.1 0.6 190 195 200 205 210 M€ Net sales change by segment 9.1 11.0 0.8 0.8 -0.9 0.6 0.6 0 2 4 6 8 10 12 M€ Adjusted EBITA change by segment Q1-Q3 2026
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ELTEL │ Interim report January-September 2026 6 (28) Finland EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 92.5 101.5 255.6 248.7 351.1 Adjusted EBITA 9.6 8.8 17.4 13.9 20.3 Number of employees, average, FTE 1,208 1,302 1,208 1,310 1,301 Key ratios Net sales growth, % -8.9% 0.2% 2.8% -3.0% -1.9% Adjusted EBITA margin, % 10.3% 8.7% 6.8% 5.6% 5.8% Net sales and adjusted EBITA – Segments July–September 2026 Net sales decreased by EUR 9.1 million, or 8.9%, to EUR 92.5 million (101.5). The decline was mainly attributed to Communication, due to normalized volumes in fiber-to-the- home, FTTH, after the peak in previous years. Despite high activity in Emerging services, net sales in Power also declined slightly, compared to a strong third quarter in 2025. Adjusted EBITA improved by EUR 0.8 million to EUR 9.6 million (8.8). The adjusted EBITA margin was 10.3% (8.7). Especially Communication, but also Power, contributed to improved adjusted EBITA margin, reflecting a continuously strong focus on operational efficiency. Following the decline in fiber-to-the-home, FTTH, volumes from the peak levels seen in previous years, we are adjusting the organization. This was initiated during the quarter and is expected to be completed before year-end. January–September 2026 Net sales increased by EUR 6.9 million, or 2.8%, to EUR 255.6 million (248.7). Net sales in Power grew significantly, supported particularly by Emerging services and especially by Solar PV . The growth in Power compensated for the decrease in Communication net sales, driven by lower volumes in fiber- to-the-home, FTTH, as rollout volumes have declined from their peak in previous years. Adjusted EBITA improved by EUR 3.5 million to EUR 17.4 million (13.9). The adjusted EBITA margin was 6.8% (5.6). Both Communication and Power contributed to improved adjusted EBITA margin, reflecting a tenacious focus on operational efficiency. Q1-Q3 2026 Net sales Communication Power 5 6 7 0 5 10 Q4 25 Q1 26 Q2 26 Q3 26 %M€ Adjusted EBITA Adjusted EBITA, quarterly, previous year Adjusted EBITA, quarterly Adjusted EBITA margin, rolling 12 months 330 340 350 360 370 30 50 70 90 110 Q4 25 Q1 26 Q2 26 Q3 26 M€M€ Net sales Net sales, quarterly, previous year Net sales, quarterly Net sales, rolling 12 months
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ELTEL │ Interim report January-September 2026 7 (28) Sweden EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 50.4 53.0 163.3 164.4 239.2 Adjusted EBITA 1.8 1.0 5.3 3.8 7.7 Number of employees, average, FTE 889 957 898 964 949 Key ratios Net sales growth, % -4.9% 2.6% -0.7% 7.9% 12.9% Organic growth1), % -4.7% -0.3% -2.5% 5.0% 9.1% Currency translation effect in net sales, MEUR -0.1 1.5 2.9 4.4 8.1 Adjusted EBITA margin, % 3.5% 1.8% 3.3% 2.3% 3.2% 1) Adjusted for currency effects. July–September 2026 Net sales decreased by EUR 2.6 million, or 4.9%, to EUR 50.4 million (53.0). In local currency, net sales decreased by 4.7%. Communication grew, due to higher volumes from telecommunications, as well as the public infrastructure and defense sectors. However, this could not fully compensate for the decline in Power, following project closures in Smart meters. Adjusted EBITA increased to EUR 1.8 million (1.0). The adjusted EBITA margin was 3.5% (1.8). The improved profitability was driven by a continued positive profitability development in Communication, mainly related to telecommunications, as well as the public infrastructure and defense sectors. Lower volumes and margins in Power, following project closures in Smart meters, reduced the positive effect. Sweden has a new organization in force from 1 October onwards to better match the future business demands. Rightsizing measures and role adjustments related to the change have been implemented. On 13 October, it was announced that Eltel Sweden had signed the framework agreement with Vattenfall Eldistribution announced on 8 June 2026, following the conclusion of the appeal process. The initial four-year period amounts to a contract value of approximately EUR 137.5 million and the total contract value, including the option years, amounts to EUR 275 million. January–September 2026 Net sales decreased by EUR 1.1 million, or 0.7%, to EUR 163.3 million (164.4). In local currency, net sales decreased by 2.5%. Communication grew, driven by continued high volumes in telecommunications, as well as the public infrastructure and defense sectors. However, this was not sufficient to offset decreased net sales in Power, attributed to project closures in Smart meters and Solar PV . Adjusted EBITA increased to EUR 5.3 million (3.8). The adjusted EBITA margin was 3.3% (2.3). The positive development was attributed to a strong profitability improvement in Communication. Weaker profitability in Power, due to project closures in Smart meters and Solar PV reduced the positive effect. Q1-Q3 2026 Net sales Communication Power 200 215 230 245 260 20 35 50 65 80 Q4 25 Q1 26 Q2 26 Q3 26 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 25 Q1 26 Q2 26 Q3 26 %M€ Adjusted EBITA Adjusted EBITA, quarterly, previous year Adjusted EBITA, quarterly Adjusted EBITA margin, rolling 12 months
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ELTEL │ Interim report January-September 2026 8 (28) Denmark & Germany EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 26.7 28.7 88.6 90.6 125.6 Adjusted EBITA 0.2 1.1 1.6 5.0 5.9 Number of employees, average, FTE 736 766 750 774 772 Key ratios Net sales growth, % -7.0% -0.9% -2.3% -3.3% -3.0% Organic growth1), % -7.3% -0.8% -2.3% -3.3% -3.0% Currency translation effect in net sales, MEUR -0.0 -0.0 -0.1 -0.0 -0.1 Effect of acquisitions in net sales, MEUR 0.1 - 0.1 - - Adjusted EBITA margin, % 0.9% 3.9% 1.9% 5.5% 4.7% 1) Adjusted for currency effects and acquisitions. July–September 2026 Net sales decreased by EUR 2.0 million, or 7.0%, to EUR 26.7 million (28.7), mainly due to declining volumes in Communication. In spite of a strong performance, especially in Smart meters and also in public infra, net sales in Power declined, mainly due to power grid constraints impacting the power sector. Adjusted EBITA was EUR 0.2 million (1.1). The adjusted EBITA margin was 0.9% (3.9). Adjusted EBITA declined both in Communication and Power, despite profitability improvement in the Smart meters business. On 26 August, it was announced that Eltel acquired EWII's street lighting business in Denmark, strengthening its market position in Jutland and expanding its presence within public lighting infrastructure. On 11 September, it was announced that Eltel had been awarded a frame agreement with KONSTANT in Denmark valued at EUR 73 million. The agreement strengthens Eltel's position in the Danish power market. January–September 2026 Net sales decreased by EUR 2.1 million, or 2.3%, to EUR 88.6 million (90.6). Growth in Smart meters could not compensate for the overall decline, mainly attributed to lower volumes in Communication. Adjusted EBITA was EUR 1.6 million (5.0). The adjusted EBITA margin was 1.9% (5.5). Adjusted EBITA declined in both Communication and Power, despite profitability improvement in the Smart meters business. To mitigate the effects of expected continued volume decline in Communication, action was taken in April to improve the operations, including rightsizing. Q1-Q3 2026 Net sales Communication Power 110 115 120 125 130 0 10 20 30 40 Q4 25 Q1 26 Q2 26 Q3 26 M€M€ Net sales Net sales, quarterly, previous year Net sales, quarterly Net sales, rolling 12 months 0 2 4 6 0 1 2 3 Q4 25 Q1 26 Q2 26 Q3 26 %M€ Adjusted EBITA Adjusted EBITA, quarterly, previous year Adjusted EBITA, quarterly Adjusted EBITA margin, rolling 12 months
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ELTEL │ Interim report January-September 2026 9 (28) Norway EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 25.3 24.4 76.6 73.5 100.0 Adjusted EBITA1) 1.0 0.4 2.7 -1.8 -1.8 Number of employees, average, FTE 502 529 510 561 551 Key ratios Net sales growth, % 3.7% -12.0% 4.2% -13.7% -13.0% Organic growth2), % -3.4% -11.5% -1.2% -12.7% -12.4% Currency translation effect in net sales, MEUR 1.7 -0.1 4.0 -0.8 -0.7 Adjusted EBITA margin, % 4.0% 1.7% 3.5% -2.5% -1.8% 1) Excluding restructuring costs. 2) Adjusted for currency effects. July–September 2026 Net sales increased by EUR 0.9 million, or 3.7%, to EUR 25.3 million (24.4). Net sales decline in local currency was 3.4%. Growth in Emerging services could not fully compensate for declining net sales in Communication, driven by lower volumes in telecommunications. Adjusted EBITA increased by EUR 0.6 million to EUR 1.0 million (0.4). The adjusted EBITA margin was 4.0% (1.7). The improvement was mainly driven by operational excellence measures, including focus on digitalization and utilization. On 8 September, it was announced that Eltel Norway had been awarded a long-term partnership agreement with Telenor Norway, as sole supplier of contracting services for network expansion, maintenance and upgrades. The agreement is expected to generate revenue of more than EUR 475 million over the initial five-year term, with a potential total contract value estimated at EUR 1 billion including option years. January–September 2026 Net sales increased by EUR 3.1 million, or 4.2%, to EUR 76.6 million (73.5). Net sales decline in local currency was 1.2%. Growth in Power, attributed to Emerging services, mitigated the impact of lower volumes in Communication. Adjusted EBITA increased by EUR 4.5 million to EUR 2.7 million (-1.8). The adjusted EBITA margin was 3.5% (-2.5). Significant profitability improvements, especially in Power, but also in Communication contributed to the adjusted EBITA margin increase. Q1-Q3 2026 Net sales Communication Power 0 40 80 120 0 10 20 30 Q4 25 Q1 26 Q2 26 Q3 26 M€M€ Net sales Net sales, quarterly, previous year Net sales, quarterly Net sales, rolling 12 months -6 -4 -2 0 2 4 -3 -2 -1 0 1 2 Q4 25 Q1 26 Q2 26 Q3 26 %M€ Adjusted EBITA Adjusted EBITA, quarterly, previous year Adjusted EBITA, quarterly Adjusted EBITA margin, rolling 12 months
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ELTEL │ Interim report January-September 2026 10 (28) Cash flow EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 EBIT 10.1 8.8 17.4 11.1 19.4 Depreciation and amortization 7.4 7.3 21.8 22.0 29.7 EBITDA 17.5 16.1 39.2 33.1 49.1 Changes in working capital -12.3 -28.9 -42.0 -32.0 -3.5 Total financial expenses and taxes -3.9 -5.3 -13.8 -9.7 -14.7 Adjustment for gain/loss on sales of assets and business 0.1 0.0 0.2 -0.1 -0.1 Other -0.9 -0.9 1.2 -0.7 1.2 Cash flow from operating activities 0.5 -19.1 -15.2 -9.4 32.0 Cash flow from investing activities -3.7 -1.5 -6.8 -3.6 -5.0 Cash flow from financing activities -13.5 -84.4 -4.4 5.6 -4.5 Net change in cash and cash equivalents -16.6 -104.9 -26.4 -7.4 22.6 Cash and cash equivalents at beginning of period 33.8 118.6 43.8 21.3 21.3 Foreign exchange rate effect -0.0 0.0 -0.2 -0.1 -0.0 Cash and cash equivalents at end of period 17.2 13.8 17.2 13.8 43.8 Condensed consolidated statement of cash flows is presented on page 17. July–September 2026 Cash flow from operating activities was EUR 0.5 million (-19.1). Main items included EBITDA EUR 17.5 million (16.1), cash flow from change in net working capital EUR -12.3 million (-28.9), financial items EUR -3.8 million (-5.2) and income taxes EUR -0.1 million (-0.1). Cash flow from financial items and income taxes is impacted by timing differences between income statement and payments. Cash flow has historically displayed a strong seasonal pattern, with weaker cash flow recorded during the period until the end of the third quarter due to higher production activity. Eltel’s net working capital level is also impacted by phasing of projects. These projects, and delays in them, might result in continued tie up of working capital and can create volatility in the net working capital also going forward. Net cash flow from investing activities was EUR -3.7 million (-1.5) from net capital expenditure on machinery and equipment as well as advances paid on intangible assets relating to digitalization. Cash flow from financing activities was EUR -13.5 million (-84.4). Utilization of short-term financing decreased by EUR 7.0 million (decrease of 59.5 mostly due to repayment of former revolving credit facility) and payments of lease liabilities were EUR 6.4 million (6.7). In Q3 2025 payment of interest for the hybrid bond amounted to EUR 0.2 million and prepayment of term loan amounted to EUR 18.0 million. January–September 2026 Cash flow from operating activities was EUR -15.2 million (-9.4). Main items included EBITDA EUR 39.2 million (33.1), cash flow from change in net working capital EUR -42.0 million including EUR 15.8 million repayment of tax deferral in Sweden (-32.0), financial items EUR -13.2 million (-8.9) including the paid interest of tax deferral in Sweden and income taxes EUR -0.5 million (-0.8). Cash flow from financial items and income taxes is impacted by timing differences between income statement and payments. Net cash flow from investing activities was EUR -6.8 million (-3.6) from net capital expenditure on machinery and equipment as well as advances paid on intangible assets relating to digitalization.. Cash flow from financing activities was EUR -4.4 million (5.6). Utilization of short-term financing increased by EUR 15.5 million (decrease of 51.6 mostly due to repayment of former revolving credit facility) and payments of lease liabilities were EUR 19.0 million (20.9). In January-September 2025 net proceeds from issuance of bond amounted to EUR 127.1 million, repurchase of the hybrid bond amounted to EUR 25.3 million, payment of interest for the hybrid bond amounted to EUR 3.3 million and amortization and prepayment of term loans amounted to EUR 20.0 million.
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ELTEL │ Interim report January-September 2026 11 (28) Financial position, cash and cash equivalents In June 2025, Eltel issued a EUR 130 million senior secured four-year floating rate bond. The net proceeds from the bond were used for the repayment of the remaining term loans, revolving credit facility, and the hybrid bond as well as for general corporate purposes. Credit facilities EUR million 30 Sep 2026 Maturity Senior bond 130.0 Jun 2029 Super senior revolving credit facility 45.0 Dec 2028 Account overdrafts 15.0 Dec 2028 Total committed credit facilities 190.0 Commercial paper program 150.0 N/A Available liquidity reserves, including the committed revolving credit facility, account overdrafts and cash and cash equivalents, amounted to EUR 77.2 million (73.8) on 30 September 2026. Additional to the committed facilities, the Group also had access to short-term debt capital markets via a commercial paper program of EUR 150 million. On 30 September 2026, EUR 18.0 million (4.5) of the commercial paper program and EUR 0.0 million (0.0) of the revolving credit facility were utilized. Equity at the end of the period was EUR 177.5 million (162.9) and total assets were EUR 623.9 million (635.8). The equity ratio was 31.9% (29.3). Interest-bearing liabilities and net debt EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Interest-bearing debt 146.2 131.5 130.1 Leasing liabilities 49.8 53.4 55.6 Allocation of effective interest to periods 0.1 0.5 0.0 Less cash and cash equivalents -17.2 -13.8 -43.8 Net debt 179.0 171.6 141.9 EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Non-current interest-bearing debt 128.0 127.3 127.5 Current interest-bearing debt 18.2 4.2 2.7 Total interest-bearing debt 146.2 131.5 130.1 Non-current leasing liabilities 28.4 31.7 33.6 Current leasing liabilities 21.4 21.7 22.0 Total leasing liabilities 49.8 53.4 55.6 Commercial guarantees On 30 September 2026, the commercial guarantees issued by the banks and other financial institutions on behalf of the Group amounted to EUR 71.7 million (56.3). 0 50 100 150 200 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 M€ Net debt Net debt excluding leasing liabilities IFRS 16 leasing liabilities
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ELTEL │ Interim report January-September 2026 12 (28) Other information Risks and uncertainty factors Current market volatility and the unpredictability of customer investment volumes may have a negative impact on Eltel’s net sales development. High dependency on one key customer in Norway may have a significant impact on the net sales, profitability and operations of the Norwegian segment. Global uncertainty may cause delays in investment decisions also in Emerging services where market financing is prevalent. Eltel performed an impairment test of goodwill showing that there was no impairment in Q4 2025. Eltel follows any triggering events and impairment tests are conducted in case of any indicators of impairment arise. Materialization of business risks may lead to breach of leverage covenant under the existing financing agreement. Seasonal variation in Eltel’s operations and related working capital build-up may also expose the company to liquidity risk. For additional information regarding risks and uncertainties, please refer to Eltel’s 2025 Annual Report which was published on 26 March 2026 and is available on Eltel’s website at www.eltelgroup.com. Large agreements announced during and after the reporting period • On 26 August, it was announced that Eltel acquired EWII's street lighting business in Denmark, strengthening its market position in Jutland and expanding its offering within public lighting infrastructure. • On 8 September, it was announced that Eltel Norway had been awarded a long-term partnership agreement with Telenor Norway, as sole supplier of contracting services for network expansion, maintenance and upgrades. The agreement is expected to generate revenue of more than EUR 475 million over the initial five-year term, with a potential total contract value estimated at EUR 1 billion including option years. • On 11 September, it was announced that Eltel had been awarded a frame agreement with KONSTANT in Denmark valued at EUR 73 million. The agreement covers maintenance and expansion of electricity distribution infrastructure and strengthens Eltel's position in the Danish power market. • On 13 October, it was announced that Eltel Sweden had signed the framework agreement with Vattenfall Eldistribution announced on 8 June 2026, following the conclusion of the appeal process. The initial four-year period amounts to a contract value of approximately EUR 137.5 million and the total contract value, including the option years, amounts to EUR 275 million. Related party transactions During the quarter, no significant transactions took place between Eltel and related parties. Seasonality Eltel’s businesses are generally characterized by seasonal patterns and cyclicality of the project business that adds volatility to net sales, adjusted EBITA and cash flow. Seasonality is normally driven by a number of factors, including weather conditions, the timing of customer orders and completion of work phases. The Eltel Group has historically reported higher revenues and operating result in the second half of the year. Cash flow has historically displayed a strong seasonal pattern, with weaker cash flow recorded during the period until the end of the third quarter due to higher production activity. At the end of the year, as production volumes decrease as a result of completion of projects, cash flow has normally been stronger. For more details, please refer to quarterly key financial figures for the Group on page 19.
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ELTEL │ Interim report January-September 2026 13 (28) Presentation of the interim report January–September 2026 Investors, analysts and media are invited to participate in the Q3 2026 report briefing on 29 October 2026 at 10:00 AM CET, hosted by Eltel’s President and CEO Håkan Dahlström and CFO Tarja Leikas. A combined webcast and teleconference as well as the presentation will be available at www.eltelgroup.com/en/investors/financial-reports/. For further information, please contact: Tarja Leikas, CFO Phone: +358 40 730 77 62, tarja.leikas@eltelnetworks.com Alexandra Kärnlund, Director, Communications Phone: +46 70 910 0903, alexandra.karnlund@eltelnetworks.com This information is information that Eltel is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 08:00 CET on 29 October 2026. Financial calendar • Full-year report January–December: 12 February 2027 • Interim report January–March: 29 April 2027 • Half-year report January–June: 22 July 2027 • Interim report January–September: 29 October 2027 • Annual Report 2026: week 12, 2027 • Annual General meeting 2027: 11 May 2027 Signature of the President and CEO Stockholm, Sweden, 29 October 2026 Eltel AB (publ) Håkan Dahlström President and CEO
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ELTEL │ Interim report January-September 2026 14 (28) Review report To the Board of Directors of Eltel AB (publ) Corp. id. 556728-6652 Introduction We have reviewed the condensed interim financial information (interim report) of Eltel AB (publ) as of 30 September 2026 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm 29 October 2026 KPMG AB Fredrik Westin Authorized Public Accountant
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ELTEL │ Interim report January-September 2026 15 (28) Condensed financial information Condensed consolidated income statement EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 196.2 208.2 587.0 578.8 817.8 Cost of sales -168.5 -180.4 -511.7 -506.3 -712.7 Gross profit 27.7 27.8 75.3 72.5 105.1 Other income 0.4 0.9 1.9 2.5 3.5 Selling and administrative expenses -17.4 -19.1 -57.6 -62.1 -86.8 Other expenses -0.6 -0.7 -2.3 -1.8 -2.4 Operating result (EBIT) 10.1 8.8 17.4 11.1 19.4 Financial income 0.2 0.1 0.4 0.3 0.7 Financial expenses -4.1 -5.0 -12.8 -10.2 -14.8 Net financial expenses -3.9 -4.8 -12.3 -9.9 -14.1 Result before taxes 6.1 3.9 5.0 1.3 5.3 Taxes 2.6 -0.9 1.4 -1.7 -2.1 Net result 8.7 3.0 6.4 -0.4 3.2 Attributable to: Equity holders of the parent 8.4 2.6 6.0 -1.1 2.2 Non-controlling interest 0.3 0.4 0.4 0.7 1.0 Earnings per share (EPS) Basic, EUR 0.05 0.02 0.04 -0.02 0.00 Diluted, EUR 0.05 0.02 0.04 -0.02 0.00 Condensed consolidated statement of comprehensive income EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net profit for the period 8.7 3.0 6.4 -0.4 3.2 Other comprehensive income: Items that will not be reclassified to profit and loss Revaluation of defined benefit plans, net of tax 4.9 1.3 2.8 -0.9 0.2 Items that may be subsequently reclassified to profit and loss Cash flow hedges, net of tax 1.6 -0.2 2.2 -0.2 0.1 Net investment hedges, net of tax - - - - 0.1 Currency translation differences -1.0 1.1 -2.3 3.9 6.5 Total 0.6 0.9 -0.1 3.7 6.7 Other comprehensive income/loss for the period, net of tax 5.5 2.2 2.7 2.8 6.9 Total comprehensive income/loss for the period 14.2 5.2 9.1 2.4 10.0 Total comprehensive income/loss attributable to: Equity holders of the parent 13.9 4.8 8.7 1.7 9.1 Non-controlling interest 0.3 0.4 0.4 0.7 1.0
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ELTEL │ Interim report January-September 2026 16 (28) Condensed consolidated balance sheet EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Goodwill 253.1 252.3 253.7 Intangible assets 35.0 30.8 31.6 Property, plant and equipment 5.3 5.6 5.6 Right-of-use assets 48.1 51.1 53.5 Deferred tax assets 28.8 27.7 27.3 Financial assets 18.1 14.6 15.3 Total non-current assets 388.3 382.1 386.9 Current assets Inventories 23.9 28.0 38.3 Trade and other receivables 194.6 212.0 186.6 Cash and cash equivalents 17.2 13.8 43.8 Total current assets 235.6 253.7 268.7 TOTAL ASSETS 623.9 635.8 655.5 EQUITY AND LIABILITIES Equity Equity attributable to shareholders of the parent 169.6 153.4 160.5 Hybrid bond - 1.3 - Non-controlling interest 8.0 8.2 8.5 Total equity 177.5 162.9 168.9 Non-current liabilities Interest-bearing debt 128.0 127.3 127.5 Leasing liabilities 28.4 31.7 33.6 Retirement benefit obligations 7.3 6.8 7.3 Deferred tax liabilities 12.3 11.8 12.0 Provisions 5.2 5.3 5.9 Other non-current liabilities1) - 16.4 16.9 Total non-current liabilities 181.1 199.4 203.2 Current liabilities Interest-bearing debt 18.2 4.2 2.7 Leasing liabilities 21.4 21.7 22.0 Provisions 3.3 2.6 3.1 Advances received 66.9 80.4 82.6 Trade and other payables1) 155.5 164.6 173.0 Total current liabilities 265.3 273.5 283.4 Total liabilities 446.4 472.9 486.6 TOTAL EQUITY AND LIABILITIES 623.9 635.8 655.5 1) Short-term portion of the tax deferral in Sweden is presented in trade and other payables and the long-term portion in other non-current liabilities.
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ELTEL │ Interim report January-September 2026 17 (28) Condensed consolidated statement of cash flows EUR million Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Cash flow from operating activities Operating result (EBIT) 17.4 11.1 19.4 Adjustments: Depreciation and amortization 21.8 22.0 29.7 Gain/loss on sales of assets and business 0.2 -0.1 -0.1 Defined benefit pension plans 1.1 -0.5 1.4 Other non-cash adjustments 0.0 -0.1 -0.2 Cash flow from operations before interests, taxes and changes in working capital 40.6 32.3 50.2 Interest and other financial expenses paid, net -13.2 -8.9 -12.7 Income taxes received/paid -0.5 -0.8 -2.0 Total financial expenses and taxes -13.8 -9.7 -14.7 Changes in working capital: Trade and other receivables -6.5 -45.4 -18.3 Trade and other payables -49.9 21.9 33.6 Inventories 14.4 -8.5 -18.7 Changes in working capital -42.0 -32.0 -3.5 Net cash from operating activities -15.2 -9.4 32.0 Cash flow from investing activities Purchases of property, plant and equipment (PPE) and intangible assets -6.4 -3.7 -5.1 Proceeds from sale of property, plant and equipment (PPE) -0.0 0.1 0.1 Acquisition of business, net of cash and cash equivalents -0.4 - - Net cash from investing activities -6.8 -3.6 -5.0 Cash flow from financing activities Proceeds from issuance of bond - 127.1 127.1 Repurchase of hybrid bond - -25.3 -26.6 Payments of interests for hybrid bond - -3.3 -3.3 Proceeds from share issue 0.1 - - Acquisition of own shares -0.1 - - Proceeds from short-term financial liabilities 34.0 19.0 22.0 Payments of short-term financial liabilities -18.5 -70.6 -75.6 Payments of financial liabilities, term loans - -20.0 -20.0 Payments of lease liabilities -19.0 -20.9 -27.7 Proceeds from equity-settled share-based program - 0.1 0.1 Dividends to non-controlling interest -1.0 -0.5 -0.5 Change in non-liquid financial assets 0.1 0.0 0.0 Net cash from financing activities -4.4 5.6 -4.5 Net change in cash and cash equivalents -26.4 -7.4 22.6 Cash and cash equivalents at beginning of period 43.8 21.3 21.3 Foreign exchange rate effect -0.2 -0.1 -0.0 Cash and cash equivalents at end of period 17.2 13.8 43.8
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ELTEL │ Interim report January-September 2026 18 (28) Condensed consolidated statement of changes in equity Equity attributable to shareholders of the parent EUR million Share capital Other paid-in capital Accumu- lated losses Revaluation of defined benefit plans, net of tax Hedging reserve Currency translation Total Non-controlling interest Total equity 1 Jan 2026 1.6 647.8 -426.4 -28.6 11.0 -44.9 160.5 8.5 168.9 Total comprehensive income for the period - - 6.0 2.8 2.2 -2.3 8.7 0.4 9.1 Transactions with owners: Share issue 0.1 - - - - - 0.1 - 0.1 Purchase of own shares - -0.1 - - - - -0.1 - -0.1 Equity-settled share-based payment - - 0.4 - - - 0.4 - 0.4 Dividends paid to non-controlling interests - - - - - - - -1.0 -1.0 Total transaction with owners 0.1 -0.1 0.4 - - - 0.4 -1.0 -0.5 30 Sep 2026 1.7 647.8 -420.0 -25.8 13.2 -47.2 169.6 8.0 177.5 Equity attributable to shareholders of the parent EUR million Share capital Other paid-in capital Accumu- lated losses Revaluation of defined benefit plans, net of tax Hedging reserve Currency translation Total Hybrid bond Non- controlling interest Total equity 1 Jan 2025 162.0 487.5 -423.7 -28.8 10.8 -51.5 156.3 25.0 8.0 189.3 Total comprehensive income for the period - - -1.1 -0.9 -0.2 3.9 1.7 - 0.7 2.4 Repurchase of hybrid bond, including premium - - -1.6 - - - -1.6 -23.7 - -25.3 Interests on hybrid bond - - -3.3 - - - -3.3 - - -3.3 Transactions with owners: Share capital reduction and reclassification -160.3 160.3 - - - - - - - - Equity-settled share-based payment - - 0.2 - - - 0.2 - - 0.2 Dividends paid to non-controlling interests - - - - - - - - -0.5 -0.5 Total transaction with owners -160.3 160.3 0.2 - - - 0.2 - -0.5 -0.3 30 Sep 2025 1.6 647.8 -429.5 -29.6 10.6 -47.5 153.4 1.3 8.2 162.9 Equity attributable to shareholders of the parent EUR million Share capital Other paid-in capital Accumu- lated losses Revaluation of defined benefit plans, net of tax Hedging reserve Currency translation Total Hybrid bond Non- controlling interest Total equity 1 Jan 2025 162.0 487.5 -423.7 -28.8 10.8 -51.5 156.3 25.0 8.0 189.3 Total comprehensive income for the period - - 2.2 0.2 0.2 6.5 9.1 - 1.0 10.0 Repurchase of hybrid bond, including premium - - -1.7 - - - -1.7 -25.0 - -26.7 Interests on hybrid bond - - -3.3 - - - -3.3 - - -3.3 Transactions with owners: Share capital reduction and reclassification -160.3 160.3 - - - - - - - - Equity-settled share-based payment - - 0.1 - - - 0.1 - - 0.1 Dividends paid to non-controlling interests - - - - - - - - -0.5 -0.5 Total transaction with owners -160.3 160.3 0.1 - - - 0.1 - -0.5 -0.4 31 Dec 2025 1.6 647.8 -426.4 -28.6 11.0 -44.9 160.5 - 8.5 168.9
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ELTEL │ Interim report January-September 2026 19 (28) Key figures for the period EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Rolling 12-mon Net sales 196.2 208.2 587.0 578.8 817.8 826.0 Net sales growth, % -5.8 -1.0 1.4 -3.9 -1.3 2.6 Adjusted EBITDA 18.4 16.4 41.5 34.4 50.4 57.5 Adjusted EBITA 11.0 9.1 19.7 12.4 20.7 27.9 Adjusted EBITA margin, % 5.6 4.3 3.4 2.2 2.5 3.4 Items affecting comparability -1.0 -0.3 -2.3 -1.3 -1.3 -2.3 EBITDA 17.5 16.1 39.2 33.1 49.1 55.2 Operating result (EBIT) 10.1 8.8 17.4 11.1 19.4 25.6 EBIT margin, % 5.1 4.2 3.0 1.9 2.4 3.1 Result before taxes 6.1 3.9 5.0 1.3 5.3 9.0 Net result for the period 8.7 3.0 6.4 -0.4 3.2 10.0 Earnings per share EUR, basic and diluted 0.05 0.02 0.04 -0.02 0.00 0.06 Return on equity (ROE), %1) 5.9 2.2 5.9 2.2 1.9 5.9 Leverage ratio1) 3.1 3.5 3.1 3.5 2.8 3.1 Net working capital -18.2 -31.0 -18.2 -31.0 -60.4 -18.2 Number of personnel, average, FTE 3,623 3,869 3,666 3,931 3,894 3,695 Quarterly key figures EUR million Jul-Sep 2026 Apr-Jun 2026 Jan-Mar 2026 Oct-Dec 2025 Jul-Sep 2025 Apr-Jun 2025 Jan-Mar 2025 Net sales 196.2 199.6 191.3 239.0 208.2 201.0 169.6 Net sales growth, % -5.8 -0.7 12.8 5.7 -1.0 -6.9 -3.8 Adjusted EBITDA 18.4 12.7 10.4 16.0 16.4 10.3 7.8 Adjusted EBITA 11.0 5.5 3.1 8.3 9.1 2.5 0.9 Adjusted EBITA margin, % 5.6 2.8 1.6 3.5 4.3 1.2 0.5 Items affecting comparability -1.0 -1.4 - - -0.3 -0.5 -0.6 EBITDA 17.5 11.4 10.4 16.0 16.1 9.8 7.2 Operating result (EBIT) 10.1 4.2 3.1 8.3 8.8 2.0 0.3 EBIT margin, % 5.1 2.1 1.6 3.5 4.2 1.0 0.2 Result before taxes 6.1 0.2 -1.3 4.0 3.9 -0.6 -2.0 Net result for the period 8.7 -0.5 -1.7 3.6 3.0 -0.8 -2.7 Earnings per share EUR, basic and diluted 0.05 -0.00 -0.01 0.02 0.02 -0.01 -0.02 Return on equity (ROE), %1) 5.9 2.7 2.4 1.9 2.2 0.4 -0.8 Leverage ratio1) 3.1 3.1 3.2 2.8 3.5 2.8 2.1 Net working capital -18.2 -31.5 -36.9 -60.4 -31.0 -59.2 -76.3 Number of personnel, average, FTE 3,623 3,686 3,691 3,781 3,869 3,932 3,992 1) Calculated on a rolling 12-month basis. Please see pages 24–25 for definitions of the key ratios. Key figures
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ELTEL │ Interim report January-September 2026 20 (28) Notes to the condensed consolidated interim financial statements Accounting principles This condensed interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable regulations in the Swedish Annual Accounts Act. The accounting principles adopted are the same with those of the Group’s and the Parent Company’s annual financial statements for the year ended 31 December 2025. The new IFRS standards and amendments effective for the first time for 2026 financial year did not have any impact on Group’s financial statements. Net sales by segment EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Finland 92.5 101.5 255.6 248.7 351.1 Sweden 50.4 53.0 163.3 164.4 239.2 Denmark & Germany 26.7 28.7 88.6 90.6 125.6 Norway 25.3 24.4 76.6 73.5 100.0 Group Support Functions1) 2.5 2.4 6.9 6.7 9.3 Eliminations -1.2 -1.9 -3.8 -5.1 -7.4 Net sales, total 196.2 208.2 587.0 578.8 817.8 1) Group Support Functions includes Group functions and Lithuania as well as closing activities for Power Transmission International. Group Support Functions is not considered a segment. Net sales by segment and by business EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Finland Communication 32.8 41.0 78.4 97.1 133.9 Power 59.7 60.6 177.2 151.7 217.2 Sweden Communication 46.3 43.3 148.1 131.4 195.1 Power 4.1 9.6 15.2 33.0 44.0 Denmark & Germany Communication 8.2 9.7 28.3 33.2 44.2 Power 18.5 19.0 60.3 57.5 81.4 Norway Communication 22.9 24.4 69.6 73.3 99.7 Power 2.5 0.1 7.0 0.2 0.3 Group Support Functions Communication 2.5 2.4 6.9 6.7 8.7 Power - - - - 0.7 Eliminations -1.2 -1.9 -3.8 -5.1 -7.4 Net sales, total 196.2 208.2 587.0 578.8 817.8 Internal net sales consist mainly of net sales from Communication in Lithuania, reported in Group Support Functions. There are no material internal net sales in any of the segments. Net sales by business EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Communication 111.8 119.1 328.7 337.2 475.4 Power 84.6 89.0 259.3 241.6 342.4 Elimination of sales between businesses -0.2 - -1.0 - - Net sales, total 196.2 208.2 587.0 578.8 817.8 Net sales by service split EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Installation delivery 52.1 59.1 175.7 158.2 225.6 Upgrade services 85.7 90.8 250.9 258.3 371.6 Maintenance 58.4 58.3 160.4 162.3 220.6 Net sales, total 196.2 208.2 587.0 578.8 817.8
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ELTEL │ Interim report January-September 2026 21 (28) Reconciliation of segment results EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Adjusted EBITA by segment Finland 9.6 8.8 17.4 13.9 20.3 Sweden 1.8 1.0 5.3 3.8 7.7 Denmark & Germany 0.2 1.1 1.6 5.0 5.9 Norway 1.0 0.4 2.7 -1.8 -1.8 Sum segments 12.6 11.3 27.1 20.9 32.1 Group Support Functions -1.6 -2.2 -7.4 -8.5 -11.4 Adjusted EBITA, Group 11.0 9.1 19.7 12.4 20.7 Restructuring and resizing -1.0 -0.3 -2.3 -1.3 -1.3 Total items affecting comparability in EBITA -1.0 -0.3 -2.3 -1.3 -1.3 Operating result (EBIT) 10.1 8.8 17.4 11.1 19.4 Financial expenses, net -3.9 -4.8 -12.3 -9.9 -14.1 Result before taxes 6.1 3.9 5.0 1.3 5.3 Items affecting comparability in 2026 includes EUR -2.3 million resizing costs in Denmark and Sweden, of which EUR -2.1 million is recognized in selling and administrative expenses and EUR -0.2 million in other expenses in the income statement. In 2025 items affecting comparability included restructuring charge in Norway, recognized in selling and administrative expenses in the income statement. Number of employees by segment Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Finland 1,208 1,302 1,208 1,310 1,301 Sweden 889 957 898 964 949 Denmark & Germany 736 766 750 774 772 Norway 502 529 510 561 551 Group Support Functions 287 314 300 322 321 Total number of employees, average, FTE 3,623 3,869 3,666 3,931 3,894 Total number of employees, end of period, FTE 3,606 3,779 3,606 3,779 3,755 Committed order backlog EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Committed order backlog 555.5 477.4 537.4 Committed order backlog in Eltel is defined as the total value of committed purchase orders received but not yet recognized as net sales. It does not include frame agreements unless a binding purchase order has been received. Committed order backlog is therefore the best measure of unsatisfied performance obligations according to IFRS 15 Revenue from contracts with customers. The currency impact in committed order backlog at 30 September 2026 was EUR -0.2 million. Business combinations On 26 August 2026, Eltel announced the acquisition of EWII's street lighting business in Jutland, Denmark. As part of the acquisition, nine employees and operating assets from EWII’s street lighting business have been transferred to Eltel Denmark. The purchase price was EUR 0.4 million. The acquisition strengthens Eltel’s market position in Jutland and expands the offering within public lighting infrastructure in Denmark.
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ELTEL │ Interim report January-September 2026 22 (28) Net working capital and operative capital employed EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Inventories 23.9 28.0 38.3 Trade and other receivables 194.6 212.0 186.6 Provisions -8.4 -7.7 -8.9 Advances received -66.9 -80.4 -82.6 Trade and other payables1) -155.5 -164.6 -173.0 Other -5.9 -18.3 -20.8 Net working capital -18.2 -31.0 -60.4 Intangible assets excluding acquisition-related allocations 8.7 4.3 4.8 Property, plant and equipment 5.3 5.6 5.6 Right-of-use assets 48.1 51.1 53.5 Restructuring provisions - -0.3 -0.1 Operative capital employed 43.9 29.7 3.4 1) Includes impact from repayment of the tax deferral in Sweden in Q1 2026. Provisions EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Non-current provisions 4.8 5.3 5.9 Current provisions 3.3 2.6 3.1 Total provisions 8.1 7.9 9.0 EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 1 Jan 9.0 8.9 8.9 Changes: Restructuring provisions -0.1 -0.3 -0.4 Other provisions -0.8 -0.7 0.5 Balance at the end of reporting period 8.1 7.9 9.0 Contract balances EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Trade receivables 83.5 104.1 87.0 Contract assets 91.0 93.1 81.1 Total assets related to contracts with customers 174.5 197.2 168.2 Advances received from contracts with customers 62.3 75.8 77.9 Total liabilities related to contracts with customers 62.3 75.8 77.9 Trade receivables and contract assets are included in the trade and other receivable line in the above net working capital table. Advances received from contracts with customers represent contract liabilities. Deferred taxes EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Deferred tax assets 28.8 27.7 27.3 Deferred tax liabilities -12.3 -11.8 -12.0 Net deferred tax assets 16.5 15.9 15.2 In December 2025, a gross amount of EUR 23.9 million (22.9) deferred tax assets for losses carried forward was recognized, of which EUR 17.8 million (14.9) related to operations in Sweden. Deferred tax assets are recognized for tax loss carry forwards to the extent that the utilization against current year taxable profits and future taxable profits is probable. The future taxable profit estimate is based on current business plans approved by management. During Q3, additional deferred tax assets for previously non-valuated losses were recognized as well as utilization of the losses in countries with taxable profit. At the end of September 2026 the deferred tax asset for losses carried forward amounted to EUR 25.5 million.
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ELTEL │ Interim report January-September 2026 23 (28) Leasing Right-of-use assets EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Buildings 19.4 18.5 20.9 Machinery and equipment 28.7 32.6 32.6 Total 48.1 51.1 53.5 Changes in the right-of-use assets during the period EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 1 Jan 53.5 53.5 53.5 Additions 15.4 19.0 28.9 Depreciations -18.6 -17.9 -24.5 Other -2.2 -3.5 -4.5 Balance at the end of period 48.1 51.1 53.5 Leasing liabilities EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Non-current 28.4 31.7 33.6 Current 21.4 21.7 22.0 Total 49.8 53.4 55.6 Financial instruments Derivative financial instruments 30 Sep 2026 30 Sep 2025 31 Dec 2025 EUR million Nominal values Net fair values Nominal values Net fair values Nominal values Net fair values Interest rate derivatives, hedge accounting 100.0 2.9 100.0 -0.3 100.0 0.1 Foreign exchange rate derivatives 11.2 -0.1 24.4 -0.1 13.8 0.1 Total 111.2 2.8 124.4 -0.3 113.8 0.2 The interest rate risk of the EUR 130 million floating rate bond has been hedged with interest rate swaps for the amount of EUR 100 million, which is in line with the group’s finance policy. The Group applies cash flow hedge accounting to these interest rate swaps which are classified as derivative instruments hedge accounted. The effective portion of gains and losses from the derivative instruments under cash flow hedge accounting is recognized in other comprehensive income under hedging reserve. The cumulative gain or loss is transferred to profit or loss when the hedged items affect profit or loss. The ineffective portion is recognized immediately in profit or loss in other income or expenses. In January-September 2026, EUR 2.2 (-0.2) million was recognized in the hedging reserve. Financial assets recognized at fair value through profit and loss comprise solely derivatives. Fair values of the derivative instruments are based on market values (level 2 observable input information) at balance sheet date. Fair value of financial instruments measured at cost The carrying amount of financial assets and financial liabilities is a reasonable approximation of their fair value. Changes in the market interest rates are reflected in the future interest flows of interest-bearing debt within a short period. Earnings per share Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net result attributable to equity holders of the parent 8.4 2.6 6.0 -1.1 2.2 Interest on hybrid bond - -0.0 - -1.7 -1.7 Net result attributable to ordinary shares 8.4 2.6 6.0 -2.8 0.5 Weighted average number of ordinary shares, basic 156,736,781 156,736,781 156,736,781 156,736,781 156,736,781 Weighted average number of ordinary shares, diluted 158,801,873 156,736,781 157,772,171 156,736,781 156,970,069 Earnings per share EUR, basic 0.05 0.02 0.04 -0.02 0.00 Earnings per share EUR, diluted 0.05 0.02 0.04 -0.02 0.00
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ELTEL │ Interim report January-September 2026 24 (28) Definitions and key ratios Eltel applies ESMA’s (European Securities and Markets Authority) guidelines for alternative performance measures (APM). In addition to the financial measures defined in IFRS, certain key figures, which qualify as alternative performance measures (APMs) are presented to reflect the underlying business performance, facilitate analysis of the Group’s development as followed by Group Management and enhance comparability from period to period. The definition of these key figures is presented below and relevant information enabling reconciliations to IFRS measures can be found in connection with relevant parts of the report. These APMs should not be considered as a substitute for measures in accordance with IFRS. IFRS key ratios Earnings per share (EPS) Net result attributable to equity holders of the parent - interest on hybrid bond Weighted average number of ordinary shares Alternative performance measures (APMs) Key Figure Definition and reason for use Reference Adjusted EBITA and -margin Adjusted EBITA and -margin, % are used by management to measure business and segment profitability and exclude items affecting comparability. Income statement line items below adjusted EBITA are not allocated to segments. Adjusted EBITA: Operating result before acquisition-related amortizations and items affecting comparability Reconciliation of segment results Adjusted EBITA margin, %: Adjusted EBITA x 100 Net sales Adjusted EBITA and -margin, % for segments represent the sum of segments: Finland, Sweden, Denmark & Germany and Norway. Items affecting comparability These include capital gains and/or losses and transaction costs related to divestments and acquisitions, restructuring and resizing expenses and other items that according to Eltel's management's assessment are not related to normal business operations. Reconciliation of segment results EBITDA and adjusted EBITDA EBITDA is operating result (EBIT) before depreciations and amortizations. Adjusted EBITDA excludes items affecting comparability. Adjusted EBITDA is used in calculating the leverage ratio. Cash flow, key figures, quarterly key figures EBIT margin Operating result (EBIT) and -margin% are used to measure profitability before interest and taxes. Income statement EBIT margin, %: EBIT x 100 Net sales Return on equity (ROE), % Return on equity (ROE), % represents the rate of return that shareholders receive on their investments. Income statement and balance sheetReturn on equity (ROE), %1): Net result x 100 Total equity (average over the reporting period) 1) Calculated on a rolling 12-month basis.
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ELTEL │ Interim report January-September 2026 25 (28) Key figure Definition and reason for use Reference Operative capital employed Operative capital employed is the amount of net operating assets the business uses in its operations. Operative capital employed: Net working capital + Intangible assets excluding goodwill and acquisition- related allocations + Property, plant and equipment and Right-of-use assets Net working capital and operative capital employed Net debt and leverage ratio Net debt represents Eltel's indebtedness. It is used to monitor capital structure and financial capacity. It is also used in calculating the leverage ratio. Net debt: Interest-bearing debt - cash and cash equivalents Interest-bearing liabilities and net debt Leverage ratio1): Net debt Adjusted EBITDA Net working capital Net working capital is used to follow the amount of capital needed for the business to operate. Used also as a factor to calculate operative capital employed. Net working capital: Net of inventories, trade and other receivables, provisions, advances received and trade and other payables, excluding items in these balance sheet items that are not considered to form part of operative working capital: derivative valuations and income tax liabilities. Net working capital and operative capital employed Committed order backlog Committed order backlog is the total value of committed orders received but not yet recognized as sales. It does not include frame agreements unless a binding purchase order has been received. It is the best measure of unsatisfied performance obligations according to IFRS 15 Revenue from contracts with customer. 1) Calculated on a rolling 12-month basis.
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ELTEL │ Interim report January-September 2026 26 (28) Eltel AB is the ultimate parent company of Eltel Group. The operational and strategic management functions of Eltel Group are centralized in Eltel AB but it has no operative business activities. Eltel AB owns and governs the shares related to Eltel Group and its risks are mainly attributable to the value and activities of its subsidiaries. The interim report for the parent company is prepared in accordance with the chapter 9, Interim report, in the Swedish Annual Accounts Act. Parent Company condensed income statement EUR million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales - - 6.5 4.1 8.7 Administrative expenses -1.0 -1.4 -5.7 -5.7 -8.5 Operating result -1.0 -1.4 0.8 -1.6 0.3 Interest income and similar income 6.2 6.2 18.5 16.6 23.7 Interest expenses and similar expenses -3.1 -3.8 -10.1 -5.6 -9.5 Net financial items 3.1 2.4 8.4 11.0 14.2 Result after financial items 2.1 1.0 9.3 9.4 14.5 Group contributions given - - - - -13.0 Net result 2.1 1.0 9.3 9.4 1.5 Parent Company condensed balance sheet EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Financial assets Shares in Group companies 68.3 68.3 68.3 Long-term loans receivable from Group companies 513.1 489.9 495.9 Other financial assets 1.4 1.0 1.5 Intangible assets 8.1 1.6 2.8 Deferred tax assets - 0.1 - Non-current assets 591.0 561.0 568.6 Current assets Trade and other receivables 3.9 0.8 5.4 Cash pool receivable 14.6 120.1 120.0 Cash and cash equivalents 0.2 0.2 0.2 Current assets 18.6 121.1 125.6 TOTAL ASSETS 609.5 682.0 694.2 Parent Company
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ELTEL │ Interim report January-September 2026 27 (28) EUR million 30 Sep 2026 30 Sep 2025 31 Dec 2025 EQUITY AND LIABILITIES Restricted equity Share capital 1.7 1.6 1.6 Statutory reserve 0.7 0.7 0.7 Restricted equity 2.4 2.3 2.3 Non-restricted equity Retained earnings 437.6 433.8 434.0 Hybrid bond - 1.3 - Net result for the period 9.3 9.4 1.5 Non-restricted equity 446.9 444.5 435.5 Total equity 449.3 446.8 437.8 Non-current liabilities Debt 128.0 127.3 127.5 Retirement benefit obligation 1.3 1.0 1.3 Provisions 0.3 0.2 0.3 Deferred tax liability 0.6 - 0.0 Non-current liabilities 130.2 128.5 129.1 Current liabilities Debt 17.9 4.0 2.5 Liabilities to Group companies 9.5 100.4 122.2 Trade and other payables 2.7 2.4 2.7 Current liabilities 30.1 106.8 127.3 Total liabilities 160.3 235.3 256.4 TOTAL EQUITY AND LIABILITIES 609.5 682.0 694.2 Eltel has secured its debt obligations towards the banks by share and intragroup loan pledges and floating charges over certain assets of the Group, all on customary terms and conditions. Equity EUR million 1 Jan 2026 Proceeds from shares issued Purchase of own shares Equity-settled share-based payment Hedging reserve, net of tax Net result 30 Sep 2026 Share capital 1.6 0.1 - - - - 1.7 Statutory reserve 0.7 - - - - - 0.7 Non-restricted equity 435.5 - -0.1 0.0 2.2 9.3 446.9 Total 437.8 0.1 -0.1 0.0 2.2 9.3 449.3 In May 2026, Eltel issued 5,090,500 class C shares, which increased the share capital by EUR 50,905. The issue of class C shares was carried out by virtue of the authorization granted by the 2025 Annual General Meeting. Eltel repurchased the class C shares after the issue. The shares were issued and repurchased in accordance with the authorization regarding the incentive programs LTIP 2024 and LTIP 2025 that the 2025 Annual General Meeting resolved upon. On 30 September 2026, the total number of registered and outstanding shares of Eltel amounts to 165,676,081, whereof 156,736,781 are ordinary shares and 8,939,300 are class C shares. The number of votes in Eltel amounts to 157,630,711 and the registered share capital amounts to EUR 1,656,761.
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28 (28) Eltel AB Visiting address: Adolfsbergsvägen 13, Bromma POB 126 23, SE-112 92 Stockholm, SWEDEN Corp. id no. 556728-6652 tel. +46 8 585 376 00 info@eltelnetworks.com www.eltelgroup.com www.eltelnetworks.com Always powered, always connected. We make it happen by transforming society for a sustainable future.