Slides
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January 26, 2026 Q4 2025 Increased order intake in strong currency headwinds
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Jenny Sjödahl President & CEO CFO Joakim Laurén
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AGENDA January 26, 2026 Business Update Jenny Sjödahl Financial Performance Joakim Laurén Concluding Notes and Outlook Jenny Sjödahl Q&A
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Business Update for the quarter Markets largely unchanged from previous quarters in 2025 and geopolitical uncertainty remains. Order intake increased 12% and adjusted for acquisitions and currency effects the increase was 4%. Westermo had a good quarter with a bounce-back compared to Q3 for the Train segment. Beijer Electronics showed growth adjusted for currency with 3%, where the core offering,HMIs, increased by 7%. Sales increased somewhat at +1% and adjusted for acquisitions and currency it decreased with -2%. Westermo grew thanks to Welotec and Beijer Electronics impacted by phased out products compared to last year. Earnings came in lower at EBIT +58.3 MSEK (+65.5) or 10.0%. FX giving significant headwind with total negative currency effects on EBIT of -16 MSEK. Additionally, Q4 includes amortization of excess values connected to the Welotec acquisition of -4.9 MSEK. Good free cash flow at +68 MSEK. The board proposes an increased dividend of 0.25 SEK to 1.50 SEK per share.
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Quarterly Business Update for the business entities Westermo Orders at +22% and organically and currency adjusted at +3%. Sequential improvement for Train and Trackside segments. Welotec integration progresses very well and has already generated new business. Sales increase 6% due to the addition of Welotec and organically and currency adjusted at -6%. Sales gap mainly related to less of project deliveries this quarter compared to last year. Significant currency headwind and the addition of Welotec amortizations led to a decreased profitability of EBIT 14.3% for the quarter. Underlying activities still sound with maintained cost control and improved gross margins. The Board of Directors decided to add the defense industry as a focus segment within business entity Westermo. Beijer Electronics Orders at -5% and currency adjusted at +3%. Stable development in Marine and good growth for Rugged while manufacturing remains weak. The HMI range increased with +7% in the quarter. Sales declined at -8% but currency adjusted at +1%. Note that Q4 last year included 20 MSEK of now phased out sales volume. Profitability low at 8.6% impacted significantly by negative FX effects corresponding to 2.7 p.p. Sequential addition of X3 amortizations also negatively impacts EBIT. Despite tight cost control, we are not satisfied with the result for the quarter. Good customer response to the new X3 family with 120 customers that placed evaluation orders so far of which twenty are entirely new.
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0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2 200 2 400 2 600 2 800 3 000 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 MSEK by LTM MSEK by Qtr Sales QTD Sales LTM 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2 200 2 400 2 600 2 800 3 000 0 50 100 150 200 250 300 350 400 450 500 550 600 650 700 750 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 MSEK by LTM MSEK by Qtr Orders QTD Orders LTM Orders Sales Orders at 639 MSEK or at +12% vs. last year. Adjusted for FX and acquisitions at +4%. Sales at 582 MSEK or at +1% vs. last year. Adjusted for FX and acquisitions at -2%. Significant FX effects on consolidated orders- and sales-volumes of abt -6 p.p. Book-to-bill at 1.10 for Q4. Backlog overall at 1.1 billion SEK (1.0). Ependion
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Ependion Comments to Q4 Earnings at +58 MSEK or at 10.0%. Negative total FX-impact compared to last year at -16 MSEK of which mainly transactional variances. Correspond to 2.8 p.p. for EBIT%. PPA for Welotec acquisition finalized in the quarter and amortizations on excess values impact Q4 with -4.9 MSEK. Free cash flow at +68 MSEK (+80) with positive impact from lower working capital. Low cost of tax in the quarter as a result of changed legal structure in Germany providing deductibility of interests. Net income at +44.0 MSEK (+34.9). EPS at 1.37 SEK (1.22). 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 10 20 30 40 50 60 70 80 90 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 EBIT% QTD (line) EBIT QTD, MSEK (bars) EBIT QTD EBIT% QTD EBIT% LTM EBIT and EBIT% QTD & LTM MSEK Q4 2025 Q4 2024 % FY2025 FY2024 % FY 2024 Order intake 639.3 572.3 12% 2,253.4 2,038.9 11% 2,038.9 Sales 582.4 578.2 1% 2,231.8 2,258.1 -1% 2,258.1 EBIT 58.3 65.5 -11% 232.1 250.9 -8% 250.9 EBIT% 10.0% 11.3% 10.4% 11.1% 11.1%
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Westermo Comments to Q4 Order growth of +22% and adjusted for FX and acquisitions at +3%. Book-to-bill at 1.17. Sales at +6% and adjusted for FX and acquisitions at -6%. Profitability in the quarter at 14.3% significantly impacted by FX corresponding to 2.7 p.p. for EBITA%. Also, the additional amortizations for Welotec impacts -4.9 MSEK in the quarter. The Welotec activities develops well with continued growth and positive profitability contribution to Westermo. 0 200 400 600 800 1 000 1 200 1 400 1 600 0 50 100 150 200 250 300 350 400 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 MSEK by LTM MSEK by Qtr Sales Q TD Sales L TM Orders LTM Sales & Orders MSEK Q4 2025 Q4 2024 % FY2025 FY2024 % FY 2024 Order intake 432.1 354.6 22% 1,413.6 1,236.8 14% 1,236.8 Sales 368.6 347.2 6% 1,378.0 1,316.6 5% 1,316.6 EBIT 52.7 61.6 -14% 204.4 198.9 3% 198.9 EBIT% 14.3% 17.7% 14.8% 15.1% 15.1%
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Beijer Electronics Comments to Q4 Order bookings at -5% and adjusted for FX at +3%. Added to this, last year included 13 MSEK of now phased out product orders. HMI isolated at +7% in Q4. Book-to-bill at 0.97. Sales at -8% and adjusted for FX at +1%. 20 MSEK of now out phased sales last year provides for underlying growth. Despite solid cost control, a low profitability at EBIT 8.6%. Significant negative FX impact corresponding to 2.7 p.p. for EBIT%. Additional sequential amortizations for the X3 family impacts -4 MSEK. R&D spend lowered during the year due to finalization of X3. Sequentially somewhat higher in Q4 due to seasonal effects. Sales & Orders 0 200 400 600 800 1 000 1 200 1 400 0 50 100 150 200 250 300 350 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 MSEK by LTM MSEK by Qtr Sales Q TD Sales L TM Orders LTM MSEK Q4 2025 Q4 2024 % FY2025 FY2024 % FY 2024 Order intake 208.1 219.0 -5% 844.1 806.9 5% 806.9 Sales 214.7 232.3 -8% 858.0 946.3 -9% 946.3 EBIT 18.4 19.2 -4% 78.6 106.0 -26% 106.0 EBIT% 8.6% 8.3% 9.2% 11.2% 11.2%
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Concluding notes by Jenny The year 2025 was yet another year with geopolitical tensions that contributed to continued cautious markets. We mitigate these effects day-by-day while maintaining focus on the future. We continue to strengthen Ependion through investments in new technology, new acquisitions and expansion of our geographical footprint. Medium and long term we are confident about our ability to continue our profitable growth journey as demand for our products and solutions are driven by global trends. We remain committed to creating value, regardless of market conditions.
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Ependion Financial targets REVENUES 10 % average annual growth – acquired growth added PROFIT ABILITY 15 % operating margin (EBIT) DIVIDEND A dividend-paying company
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Outlook Ependion operates in attractive markets with strong underlying growth and has good medium-term conditions to achieve both its growth and profitability targets. In the short term, geopolitical and economic uncertainty persists, but we are cautiously positive regarding 2026.
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Q & A