Slides
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We light up your world Q3 results presentation 27 October, 2025
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2 • Continued macroeconomic uncertainty overall, slightly signs of improvement. • Stable order intake without contribution from any specific large projects, indicating an underlying steadiness in demand. • The integration of Trato TLV and Capleon is progressing according to plan. • We continue to maintain strong cost discipline, while Q3 includes some acquisition-related costs. CEO comments
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3 0 50 100 150 200 250 300 0 500 1 000 1 500 2 000 2 500 3 000 Q3 2024 Q3 2025 Net Sales, MSEK Operating profit before IAC Order intake: 1 952 MSEK (1 873) +0,0% organic Net sales: 2 027 MSEK (1 919) +1,0% organic Operating profitbefore IAC : 147 MSEK (181) Operating marginbefore IAC: 7,3% (9,4%) Earnings per sharebefore IAC: 0,47 SEK (0,58) Q3 2025 in figures
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4 0 100 200 300 400 500 600 700 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 Q3 2024 Q3 2025 Net Sales, MSEK Operating profit before IAC Order intake: 6 084 MSEK (6 106) +0,0% organic Net sales: 5 815 MSEK (6 266) -7,1% organic Operating profitbefore IAC: 412 MSEK (598) Operating marginbefore IAC: 7,1% (9,5%) Earnings per sharebefore IAC: 1,23 SEK (1,99) YTD 2025 in figures
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Our operating model 5 Exceptional lighting solutions for architectural applications worldwide. Collection Premium Lighting solutions for all the European markets as well as for global customers. Infrastructure Specialty lighting solutions for critical infrastructure and industrial applications. Professional Lighting solutions for selected applications, tailored to local market requirements. Business areas SustainabilityInnovation People & Culture Smart lighting Strategic focus areas
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Infrastructure 6 Lighting solutions for environments with specific requirements for installation, durability and robustness World-leading companies with extensive experience in delivering the best solutions for every project and customer Majority of sales within Europe Additional installations worldwide Specialty lighting solutions for critical infrastructure and industry applications.
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Infrastructure 7 Founded within the Iittala glass factory in Finland, launched as a separate brand in 1963 Shifted focus in the 1970s to reliable industrial lighting for glass and paper industries Pioneer in luminaires built for harsh industrial conditions Expertise in tackling dust, corrosion, extreme temperatures and mechanical stress Strong Nordic base with projects completed in over 40 countries worldwide Industrial lighting built for extreme conditions
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Innovative linear lighting for industrial spaces Infrastructure 8 Founded in 1975 in Schagen, the Netherlands Specialises in linear LED lighting for industrial spaces with a focus on energy efficiency and durability First worldwide to introduce linear lighting with integrated cable ducts, IP 65 protection and other innovations Unique project-specific system: products coded, pre-assembled and delivered without packaging to cut installation time Solutions designed for distribution centers, warehouses and light industries, also used in swimming pools, freezer facilities and retail stores
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Infrastructure 9 Founded in the UK in 1963 Early focus on robust, waterproof luminaires with high-ingress protection and vandal resistance Products designed specifically for challenging environments such as transport, custodial, social housing, secure health and urban exteriors All fittings include removable gear trays for easy maintenance and technology upgrades Engineered for long-term durability and reliability Durable lighting for challenging environments
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10 Made in Sweden from recycled Solid board Designed with sustainability and innovation at its core Minimal use of plastic and aluminium – always recycled Combines premium light quality with circular design Opens new opportunities in sustainable lighting design Wrapped The world’s first cardboard pendant luminaire made of paper
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11 Developed and manufactured in Sweden, Habo, by Fagerhult Made from recycled Solid board Designed with sustainability and innovation at its core Minimal use of plastic and aluminium – always recycled Combines premium light quality with circular design Opens new opportunities in sustainable lighting design Wrapped awarded Best Lighting Innovation 2025 at Elmässan in Stockholm Wrapped – our most sustainable pendant 89% 85% 93% Solid board has 89% lower climate impact per kilo than virgin aluminium. Recycled plastic (post- consumer) has 85% lower climate impact per kilo compared to virgin material. Recycled aluminium (post-consumer) has 93% lower climate impact per kilo compared to virgin aluminium.
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Financial update
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MS EK Q3 2025 Q3 2024 YTD 2025 YTD 2024 N et sal es 2 027 1 919 5,6% 5 815 6 266 -7,2% - Organic growth 19 1,0% -446 -7,1% - FX -di f f erences and acqui si ti ons 89 -5 Operati ng profi t before IA C 147 181 -18,9% 412 598 -31,1% Operati ng profi t before IA C, % 7,3% 9,4% -2,1 p.p. 7,1% 9,5% -2,4 p.p. Earni ngs per share bef ore I A C, SEK 0,47 0,58 1,23 1,99 Operati ng cash fl ow 208 214 395 608 Financial summary Q3 13
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MS EK Q3 2025 Q3 2024 YTD 2025 YTD 2024 N et sal es 2 027 1 919 5,6% 5 815 6 266 -7,2% - Organic growth 19 1,0% -446 -7,1% - FX -di f f erences and acqui si ti ons 89 -5 Operati ng profi t before IA C 147 181 -18,9% 412 598 -31,1% Operati ng profi t before IA C, % 7,3% 9,4% -2,1 p.p. 7,1% 9,5% -2,4 p.p. Earni ngs per share bef ore I A C, SEK 0,47 0,58 1,23 1,99 Operati ng cash fl ow 208 214 395 608 Financial summary YTD 14
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Sales development 15 Net sales R12 Net sales R12, MSEK 0 1000 2000 3000 4000 5000 6000 7000 8000 9000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025
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Margin development 16 Operating marginbefore IAC by quarter and R12 Rolling 12 monthsOperating margin before IAC,% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025
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Collection 17 ─ Order intake 816 (777) MSEK, organic +9,5% ─ Net sales 890 (854) MSEK, organic +8,4% ─ Operating margin before IAC 9,7% (7,5%) ─ Good order intake growth year to date +7,7% Business update Financials Q3 0% 2% 4% 6% 8% 10% 12% 0 200 400 600 800 1000 1200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Net sales Operating margin before IAC, %
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Premium 18 ─ Order intake 551 (636) MSEK, organic -11,1% ─ Net sales 603 (669) MSEK, organic -7,6% ─ Operating margin before IAC 14,9% (17,1%) Financials Q3 ─ We see an increasing number of customers choosing retrofit solutions with SMART-technology. Business update 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 100 200 300 400 500 600 700 800 900 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Net sales Operating margin before IAC, %
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Professional 19 ─ Order intake 357 (247) MSEK, organic -9,1% ─ Net sales 410 (256) MSEK, organic +6,3% ─ Operating margin before IAC 7,5% (5,1%) Financials Q3 ─ Acquisition of Trato and integration progress as planned ─ Year to date organic order intake growth of +0,7% ─ Significant increase in order backlog ─ Whitecroft fully recovered from IT incident in Q2 Business update -9% -6% -3% 0% 3% 6% 9% 12% 15% 0 50 100 150 200 250 300 350 400 450 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Net sales Operating margin before IAC, %
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Infrastructure 20 ─ Order intake 223 (213) MSEK, organic +8,3% ─ Net sales 180 (205) MSEK, organic -9,3% ─ Operating margin before IAC 3,4% (11,9%) Financials Q3 ─ Designplan strengthens position within German transport sector ─ Veko reached highest order intake level for the past year ─ High focus on order intake, especially at Veko & I-Valo ─ Improved operating margin compared to Q2 Business update -2% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 0 50 100 150 200 250 300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 Net sales Operating margin before IAC, %
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Cash flow 21 Operating cash flow by quarter and R12 Rolling 12 monthsCash flow by quarter, MSEK -200 0 200 400 600 800 1000 1200 1400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025
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Net debt development 22 Net debt and Net debt/EBITDA ratio *EBITDA adjusted for acquisitions/divestments on a proforma basis and excluding items affecting comparability Net debt/EBITDA*Net debt, MSEK 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 5.00 0 500 1000 1500 2000 2500 3000 3500 4000 4500 5000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025
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Earnings per share 23 Earnings per share by quarter and R12 Rolling 12 monthsEarnings per share before IAC by quarter, SEK 0 0.5 1 1.5 2 2.5 3 3.5 4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025
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24 • Solid foundation for future growth, supported by a resilient business and quality order book. • Macro uncertainty remains globally. • Integration of Trato TLV and Capleon progressing well, strengthening our market position. • Continued focus on cost discipline and operational efficiency. • Strong structural trends and increased collaboration across the Group position us well for the coming years. Conclusion and recap
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Q&A