Slides
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Q3 2026 Hexatronic earnings call presentation October 22, 2026
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• Net sales of SEK 2.5bn, 33% growth of which 17% organic − Highest quarterly net sales in the Group’s history − All business areas contributing to organic growth − North America now largest region • Adjusted EBITA of SEK 281m, 93% growth with 11.3% adjusted EBITA margin − Fiber Solutions reported strong adjusted EBITA results with +102% growth and stronger margins YoY and sequentially − Data Center reported over SEK 100m in quarterly adjusted EBITA for the first time − Harsh Environment on the right track with record earnings • Cash flow from operating activities at SEK 228m, 72% cash conversion • Net debt of SEK 1.3bn. Adjusted leverage at 1.3x EBITDA Q3 2026 Presentation Net sales, SEKm 2,498 Delivering on the plan with increasing margins and record sales Organic growth 17% Adj. EBITA margin 11.3%
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Net sales Net sales and organic growth YoY, SEKm and % Adjusted EBITA Adjusted EBITA and adjusted EBITA margin , SEKm and % Q3 2026 Presentation Our strategy is delivering, with continued progress across our key priorities 1 782 2 024 1 951 1 824 1 882 1 906 1 883 1 848 1 698 2 245 2 498 -27% -18% -2% -4% 1% -1% 2% 10% -2% 11% 17% -30% -20% -10% 0% 10% 20% 30% 40% 50% 0 500 1000 1500 2000 2500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 168 222 230 182 184 169 146 133 146 224 281 9,4% 11,0% 11,8% 10,0% 9,8% 8,9% 7,7% 7,2% 8,6% 10,0% 11,3% 0,0% 5,0% 10,0% 15,0% 20,0% 25,0% 30,0% 0 50 100 150 200 250 300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2024 2024 2024 2025 2025 2025 2025 2026 2026 2026 Launch of performance improvement program
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Q3 2026 Presentation IceCube upgrade at the South Pole • Hexatronic’sspecialized cables connect optical sensors deep in the Antarctic ice to researchers at the surface for the IceCube Neutrino Observatory − Detect faint light from neutrino interactions − Operate in extreme Antarctic conditions in temperatures as low as -80°C − Support enhanced measurement capabilities − Up to 3 km cable lengths with precise timing and ultra-low signal loss over long distances • Hexatronic was selected as the only supplier that met the cable requirements
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*Before group eliminations Q3 2026 Presentation Diversification continues, with Data Center and Harsh Environment accounting for 44% of net sales and 55% of adj. EBITA Fiber solutions for connected societies Engineered solutions for challenging conditions Essential services and solutions for data centers 56% of Group sales Q3 2026* (65% in Q3 2025*) 16% of Group sales Q3 2026* (17% in Q3 2025*) 28% of Group sales Q3 2026* (18% in Q3 2025*) 45% of Group adj. EBITA Q3 2026* (42% in Q3 2025*) 15% of Group adj. EBITA Q3 2026* (22% in Q3 2025*) 40% of Group adj. EBITA Q3 2026* (36% in Q3 2025*)
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• Net Sales grew 14% of which 13% organic • Strong organic net sales growth in the US in the quarter driven by FTTH and transport network build- out • Continued challenging market in Europe • Material shipments of submarine cable in the quarter. Order book remains strong • Adj. EBITA grew 102% YoY with a margin of 9.4% primarily driven by the performance improvement program. Sequential adj. EBITA margin improvement continued Outlook • North American momentum continuing. FTTH segment is still the largest, but long-haul and middle mile are growing strongly • FTTH market challenges in Europe expected to persist, transport network build-out not yet impacting growth 2025 Adj EBITA and adj EBITA margin , SEK m and % 50 100 150 200 200 2026 Q3 2026 Presentation Business Area Fiber Solutions +13%* *Organic Net sales , SEK m 1 236 1 169 982 1 347 1 414 Q3 Q4 Q1 Q2 Q3 +14% 66 61 61 122 133 -5% 0% 5% 10% 0 20 40 60 80 100 120 140 160 5,4% Q3 5,2% Q4 6,2% Q1 9,1% Q2 9,4% Q3 2025 2026
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• Net Sales grew 25% of which 6% organic, driven by acquisitions YoY. • Strong performance for connectivity solutions and defense while dynamic cables saw somewhat muted demand from oil & gas sector • Adjusted EBITA margin at 11.0%, in-line with previous year Outlook • Short term delays in oil and gas projects due to macro uncertainty • Underlying demand from the energy and defense sectors is expected to remain strong in coming years • Focus on growing connectivity solutions both organically and through acquisitions Net sales , SEK m Adj EBITA and adj EBITA margin , SEKm and % 100 150 200 Q3 2026 Presentation 314 310 283 361 393 Q3 Q4 Q1 Q2 Q3 +25% 35 35 24 36 -5% 0% 5% 10% 15% 0 10 20 30 40 50 60 11,1% Q3 11,4% Q4 8,5% Q1 10,0% Q2 11,0% Q3 43 Business Area Harsh Environment * *Organic 2025 2026 2025 2026 6%* Customer segment breakdown* Industry Defense Energy *R12 net sales including proforma of Jowo Systemtechnik
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• Record quarter with 107% growth, of which 44% organic, primarily driven by the US market with tailwinds from seasonal effects and timing of certain projects • Adjusted EBITA margin of 16.9%, in-line with previous year and sequential improvement Outlook • Solid market outlook with Cloud segment outgrowing Enterprise and other segment, driven by long-term trends • Continued focus to expand our service offering, organically and via acquisitions Net sales , SEKm Adj EBITA and adj EBITA margin , SEKm and % 100 150 200 Q3 2026 Presentation 334 369 434 538 692 Q3 Q4 Q1 Q2 Q3 +107% 56 56 73 83 117 0% 5% 10% 15% 20% 20 40 60 80 100 120 140 160 16,9% Q3 15,3% Q4 16,8% Q1 15,5% Q2 16,9% Q3 Business Area Data Center +44% * *Organic 2025 2026 2025 2026 *R12 net sales including proforma Communication Zone and Superior Fiber & Data Services Cloud segment include Hyperscalers, Co-location and Cloud customers Customer segments breakdown Cloud segment Enterprise Other
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Financial Summary Q3 2026 Presentation
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Net sales increase of 33% compared to last year • Organic sales increase of 17% • Acquisition driven growth of 14% • Exchange rate effects of 1% Adjusted gross margin at 39.8% compared to 37.5% in Q3 2025 Adjusted operating costs were 25.0% of net sales in the quarter, compared to 26.2% in Q3 2025, but higher in absolute numbers Adjusted EBITA of SEK 281m or 11.3% 3.6pp above last year and a sequential improvement − Adjusted EBITA increased YoY driven by all business areas. Fiber Solutions grew on the back of higher organic net sales and the performance improvement program. Data Center grew on the back of acquisitions and continued organic net sales growth. Harsh Environment grew on the back of higher organic net sales and an acquisition − EBITA includes net non-recurring effects of SEK 71 million related to the performance improvement program, of which SEK 67 million related to the reversal of a previously recognized impairment of tangible assets associated with the planned capacity adjustment of the Clinton facility in Q4 2025. The effect was excluded from adjusted EBITA. • Net financial items of SEK −73m (−9), mainly related to net interest expense of SEK −26m and revaluation of contingent consideration and acquisition options totaling SEK −28m • Tax rate amounted to 29.6% (-35.1) • Earnings per share at SEK 0.81 compared to SEK - 0.59 previous year Q3 2026 Presentation Financial summary Q3 2026 Hexatronic Group 2026 2025 2026 2025 25/ 26 2025 SEK m Q3 Q3 ∆% Jan-Sep Jan-Sep ∆% R1 2 Full y ear ∆% Net Sales 2 498 1 883 33% 6 441 5 671 1 4% 8 289 7 51 9 1 0% Adjus ted Gros s m argin % 39, 8% 37,5% 39, 8% 39,7% 39,3% 39,2% Adjus ted EBITA 281 1 46 93% 651 499 30% 784 632 24% Adjus ted EBITA m argin % 11, 3 % 7,7% 10 , 1% 8, 8% 9,5% 8, 4% EBITA 352 -56 n.a. 722 297 1 43% 759 334 1 27% EB ITA ma r g in % 14 , 1% -3, 0% 11, 2 % 5,2% 9,2% 4, 4% Financial net -73 -9 71 3% -1 02 -71 44% -1 36 -1 05 29% Tax rate % 29,6% -35,1 % 26,7% 71 ,6% 34,3% 113 , 2 % Net incom e 1 80 -1 23 n.a. 402 41 886% 346 -1 6 n.a. Earnings per s hare af ter dilution 0, 81 -0, 59 n.a. 1 , 88 0, 20 848% 1 ,63 -0, 07 n.a.
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Net sales growth of 14%, of which organic net sales growth of 13%. − Europe decreased by 9% due to low market activity in the UK and DACH − North America increased 51% driven by the US market − APAC increased 28% driven by both main and emerging markets Adjusted EBITA margin increased to 9.4% driven by the performance improvement program and higher net sales in relation to thecost base. An improvement compared to same quarter last year and sequentially EBITA included net non-recurring effects of SEK 71 million related to the performance improvement program, of which SEK 67 million related to the reversal of a previously recognized impairment of tangible assets associated with the planned capacity adjustment of the Clinton facility in Q4 2025. Capex investments in the quarter of SEK 27m or 1.9% of net sales, mainly related to maintenance Sales by geography in Q3 2026 Q3 2026 Presentation Business Area Fiber Solutions North America, 42% Europe, 45% APAC, 13% 2026 2025 2026 2025 25/ 26 2025 SEK m Q3 Q3 ∆% Jan-Sep Jan-Sep ∆% R1 2 Full-y ear Net sales 1 4 14 1 236 1 4% 3 743 3 700 1% 4 91 3 4 870 Adjus ted EBITA 1 33 66 1 02% 31 7 249 27% 378 31 0 Adjus ted EBITA % 9, 4% 5, 4% 8, 5% 6,7% 7,7% 6, 4% EBITDA 204 24 740% 492 329 49% 596 433 EBITDA % 1 4, 5% 2, 0% 13 , 1% 8, 9% 12 , 1% 8, 9% EBITA 204 -1 24 n.a. 388 60 551 % 354 26 EBITA % 1 4, 5% -1 0, 0% 1 0, 4% 1 ,6% 7,2% 0, 5% Inv es tments 27 10 52 30 62 40 – % of net sales 1 ,9% 0, 8% 1 , 4% 0, 8% 1 ,3% 0, 8%
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Sales by geography in Q3 2026 Q3 2026 Presentation Net sales increased 25% of which organic net sales growth of 6% − Connectivity Solutions delivered strong performance, driven by the defense sector, while Dynamic Cables delivered modest organic growth due to continued subdued demand in the energy sector Adjusted EBITA amounted to SEK 43m, with a margin of 11.0%, broadly in line with last year Capex investments in the quarter of SEK 7m or 1.7% of net sales, primarily driven by Rochester Cables in terms of both maintenance and increased capacity Business Area Harsh Environment North America, 35% Europe, 54% APAC, 11% 2026 2025 2026 2025 25/ 26 2025 SEK m Q3 Q3 ∆% Jan-Sep Jan-Sep ∆% R1 2 Full-y ear Net sales 393 31 4 25% 1 036 931 11% 1 346 1 241 Adjus ted EBITA 43 35 24% 1 03 1 04 -1 % 1 38 1 39 Adjus ted EBITA % 11, 0 % 11, 1% 9,9% 11, 1% 1 0, 3% 11, 2 % EBITDA 55 44 23% 1 36 1 32 3% 1 82 1 78 EBITDA % 1 4, 0% 1 4, 2% 13 , 1% 1 4, 2% 1 3,5% 1 4, 3% EBITA 43 33 32% 1 03 1 02 1% 1 38 1 37 EBITA % 11, 0 % 1 0, 4% 9,9% 1 0, 9% 1 0, 3% 11, 0 % Inv es tments 7 13 28 32 43 47 – % of net sales 1 ,7% 4, 2% 2,7% 3, 4% 3,2% 3, 8%
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Sales by geography in Q3 2026 Q3 2026 Presentation Net sales growth of 107%, of which 44% organic growth − Strong development, especially in the US with tailwinds from both seasonal effects and timing of projects − Acquisition driven growth stemming from acquisition of Communication Zone and Superior Fiber & Data Services Adjusted EBITA margin of 16.9%, in-line with previous year Capex investments in the quarter of SEK 4m or 0.6% of net sales Business Area Data Center North America, 65% Europe, 35% APAC, 0% 2026 2025 2026 2025 25/ 26 2025 SEK m Q3 Q3 ∆% Jan-Sep Jan-Sep ∆% R1 2 Full-y ear Net sales 692 334 1 07% 1 665 1 040 60% 2 034 1 409 Adjus ted EBITA 117 56 1 08% 273 1 96 39% 329 252 Adjus ted EBITA % 1 6,9% 1 6,9% 1 6, 4% 1 8, 8% 1 6,2% 1 7,9% EBITDA 1 23 60 1 05% 290 208 40% 352 269 EBITDA % 1 7, 8% 1 8, 0% 1 7, 4% 20, 0% 1 7,3% 19 , 1% EBITA 117 56 110 % 273 1 95 40% 329 252 EBITA % 1 6,9% 1 6,7% 1 6, 4% 1 8, 8% 1 6,2% 1 7, 8% Inv es tments 4 4 10 9 12 11 – % of net sales 0, 6% 1, 1% 0, 6% 0, 8% 0, 6% 0, 8%
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Q3 2026 Presentation Investments mainly related to maintenance Capex investments (SEKm), % of net sales Cash equivalent bridge SEKm Cash conversion at 72% Cash flow from operating activities (SEKm), % of Cash flow from operating activities before changes in WC Cash conversion at 72% in the quarter Change in financial assets 694 228 - 38 - 3 - 246 44 - 1 678 Cash Q2 2026 Operating activities CAPEX Acquisition Financing activities Currency Cash Q3 2026 154 349 29 181 228 117% 235% 26% 84% 72% -50000% -40000% -30000% -20000% -10000% 0% 0 50 100 150 200 250 300 350 400 Q3 Q4 Q1 Q2 Q3 2026 27 27 22 30 38 1,4% 1,5% 1,3% 1,3% 1,5% 1% 1% 1% 1% 1% 1% 2% 2% 0 5 10 15 20 25 30 35 40 Q3 Q4 Q1 Q2 Q3 20262025 2025
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Q3 2026 Presentation Solid financial position Net debt as of Q3 2026 (SEKm) Net debt decreased by SEK 165m compared to the previous quarter, significantly lower leverage Net debt / adjusted EBITDA pro forma excl IFRS 16, R12* SEK 678m of cash and SEK 1,412m of unutilized back-up facilities give a liquidity of SEK 2,090m.*Interest-bearing net debt / adj EBITDA pro forma (excluding IFRS 16, R12) Solid financial position 1 919 64 - 678 1 305 473 1 779 Interest bearing long-term loan Interest bearing short-term loan Liquid assets Net debt Lease liabilities IFRS 16 Net debt incl. IFRS 16 0 500 1 000 1 500 2 000 2 500 1 705 1 582 1 672 1 470 1 305 2,0 1,9 2,2 1,7 1,3 -50000% -40000% -30000% -20000% -10000% 0% 0 500 1 000 1 500 2 000 2 500 Q3 Q4 Q1 Q2 Q3 2026 2025
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Summary Q3 2026 Presentation
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Q3 2026 – Key takeaways • Clear validation that our strategy is working. Our position as a leader in connectivity solutions is benefiting from acceleration of digitalization and electrification trends • Highest quarterly net sales in the Group’s history • North America is now the largest market for the Group and has the highest growth • Performance improvement program in Fiber Solutions is delivering the expected results • Data Center business area had another record quarter both in terms of net sales and adjusted EBITA • Harsh Environment is moving in the right direction • Continued balance sheet strengthening, leverage now down to 1.3x Q3 2026 Presentation
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Q3 2026 Presentation Outlook Fiber Solutions − Continued organic growth in the US and lower activity level in European market − Strong submarine cable order book with similar level of shipments expected in Q4 as in Q3 − Normal seasonal pattern with lower activity in Q4/Q1 vs Q2/Q3 Data Center − Market strength expected to continue − Lower level of activity in Q4, reflecting seasonality and timing of projects, more in-line with H1 Harsh Environment − Stable activity overall, strong demand from the defense sector offset by softer demand from the oil and gas industry − Expect a similar trend in Q4 as in Q3, modest margin improvement compared with H1 2026 Overall − M&A prospecting prioritizing Data Center and Harsh Environment; opportunistic for Fiber Solutions − Some segments beginning to experience supply constraints in e.g. glass fiber and certain types of connectors. This limits our ability to grow faster than current levels
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Q&A