Slides
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Investing in a secure and connected world Interim Report Q3 2026 October 23, 2026 Strong organic growth and significantly improved profitability
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Jenny Sjödahl President & CEO CFO Joakim Laurén
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Agenda ❑ Business update Jenny Sjödahl ❑ Financials Joakim Laurén ❑ Concluding notes and Outlook Jenny Sjödahl ❑ Q & A
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Strong organic growth and significantly improved profitability ✓ Sales increased organically by 22% to 664 MSEK, broad-based across focus segments and geographies. ✓ Order intake up 12% organically. Sequential drop due to weak Train bookings following a seasonal pattern. Book-to-bill of 0.85. ✓ EBITA up 43% to 95 MSEK, lifting the margin to 14.3% from 12.2% (67 MSEK) a year ago. Confirms the operating leverage from higher volumes. ✓ Free cash flow doubled to +60 MSEK (+30 MSEK) despite elevated inventory levels, high Accounts receivables and production capacity investment. ✓ Global component market increasingly strained; we continue to focus on securing supply and, to the extent possible, offsetcost increases through price adjustments. ✓ Geopolitical uncertainty persists, yet the organization stays focused on profitable growth, building on recent years' significant investments.
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Westermo ✓ Sales increased by 30% organically. ✓ Orders up 12% with strong demand in the Energy sector while Train orders were subdued in the quarter. Book-to-bill of 0.79. ✓ EBITA increased to record 81 MSEK at a margin of 18.7% thanks to volumes, stable gross margins and balanced cost-spending. ✓ Welotec continues to develop strongly, strengthening the position in the Energy sector. ✓ Relocation of production from Mainz to Dublin and investment in new circuit-board assembly line in the Swedish Stora Sundby facility. MSEK Q3 2026 Q3 2025 % YTD 2026 YTD 2025 % FY 2025 Orders 343.1 305.2 112 1,292.9 981.4 132 1,413.6 Sales 434.7 334.4 130 1,273.9 1009.4 126 1,378.0 EBITA 81.4 50.6 161 214.8 160.6 134 221.1 EBITA% 18.7% 15.1% 16.9% 15.9% 16.0% 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 0 100 200 300 400 500 600 700 800 900 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 LTM, MSEK (lines) QTD, MSEK (bars) Orders & Sales Orders QTD Sales QTD Orders LTM Sales LTM business entity
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Beijer Electronics ✓ Sales up 10% to 230 MSEK. ✓ Order intake increased 11%, driven by the Marine and Manufacturing segments. Book-to- bill of 0.97. ✓ EBITA increased to 31 MSEK with a margin of 13.3%, marking the third consecutive quarter of margin improvement. ✓ The data center market showed strong growth and is a key growth area within the Energy segment ✓ The new X3 platform is attracting new customers and creating business opportunities, while migration of existing customers remains on track. 0 200 400 600 800 1 000 0 100 200 300 400 500 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 LTM, MSEK (lines) QTD, MSEK (bars) Orders & Sales Orders QTD Sales QTD Orders LTM Sales LTM MSEK Q3 2026 Q3 2025 % YTD 2026 YTD 2025 % FY 2025 Orders 223.3 200.5 111 749.4 635.9 118 844.1 Sales 229.9 209.9 110 672.6 643.3 105 858.0 EBITA 30.6 26.3 116 83.2 61.8 135 80.8 EBITA% 13.3% 12.5% 12.4% 9.6% 9.4% business entity
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Agenda ❑ Business update Jenny Sjödahl ❑ Financials Joakim Laurén ❑ Concluding notes and Outlook Jenny Sjödahl ❑ Q & A
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Orders and sales development 0 100 200 300 400 500 600 700 800 900 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 QTD, MSEK (bars) Orders QTD Sales QTD Sales +22% Orders +12% Sales -3% Orders -19% Orders Q3 vs LY YTD vs LY Total + 12% + 26% of organic + 11% + 19% of acquisition 0% + 10% of FX + 1% - 3% Sales Q3 vs LY YTD vs LY Total + 22% + 18% of organic + 21% + 11% of acquisition 0% + 9% of FX + 1% - 2%
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EBIT A development 9.7% 11.6% 12.2% 11.5% 12.5% 12.4% 14.3% 0% 3% 6% 9% 12% 15% 18% 0 20 40 60 80 100 120 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 EBITA% (line) EBITA, MSEK (bars) EBITA QTD EBITA% QTD +2.1 pp +43%
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Income statement summary Note ✓ 3.1 MSEK positive currency impact on EBITA in Q3 2026, mainly due to transactional variances. YTD at -5.8 MSEK. MSEK Q3 2026 Q3 2025 Change, % YTD 2026 YTD 2025 Change, % FY 2025 Net sales 663.6 543.6 22% 1,942.9 1,649.4 16% 2,231.8 EBITA 95.0 66.5 43% 254.2 184.3 38% 251.1 EBITA-margin 14.3% 12.2% 13.1% 11.2% 11.2% EBIT 86.5 63.0 37% 229.6 173.7 32% 232.1 EBIT-margin 13.0% 11.6% 11.8% 10.5% 10.4% Financial income and expenses -10.9 -7.5 45% -36.1 -28.3 27% -38.2 Profit before tax 75.6 55.5 36% 193.5 145.4 33% 193.8 Tax -18.7 -15.0 25% -50.7 -42.7 19% -47.1 Net profit 56.9 40.4 41% 142.9 102.7 39% 146.7 Earnings per share, SEK 1.77 1.26 40% 4.44 3.35 33% 4.73
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Free Cash Flow & Net debt/EBITDA -8 60 56 80 -12 62 30 68 -9 40 60 - 20 0 20 40 60 80 100 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 QTD, MSEK Free Cash Flow 1.28 1.35 1.45 1.23 1.35 1.38 1.30 1.23 1.24 1.18 1.00 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 x Net debt/EBITDA* * Financial net debt in relation to EBITDA as described in Ependion’s financial definitions ✓ YTD 2026 at +91 MSEK vs +80 MSEK last year.
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Agenda ❑ Business update Jenny Sjödahl ❑ Financials Joakim Laurén ❑ Concluding notes and Outlook Jenny Sjödahl ❑ Q & A
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Concluding notes ✓ Strong growth translated into higher profitability ✓ Both business entities contributed to the strong financial performance. ✓ Our investments, e.g. in Welotec and the X3 platform, are supporting further growth. ✓ Focus on securing component supply and mitigating cost increases ✓ Over the medium and long term, we are confident in continuing our profitable growth path toward our financial targets
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Financial targets The group shall be a dividend-paying company. Growth The group shall have an annual organic growth of at least 10 % Profitability The group shall reach an EBITA margin of at least 15 % YTD: 11% YTD: 13.1%
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Outlook Ependion operates in attractive markets with solid underlying growth and has good medium-term prospects for achieving both its growth and profitability targets. In the short term, geopolitical and economic uncertainty persist. Following three strong quarters, we are confident about our ability to deliver profitable growth for the full year 2026.
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Q & A