Slides
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Idun Industrier Q3 2026
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Idun Industrier is a growing group of market leading companies • We invest in market leading industrial companies • Dogmatic approach to pilot school • Organic and acquisition driven growth • Listed on First North Growth Market since 2021 Idun Industrier Net sales RTM Q3 2026 SEK 2,598 m EBITA RTM Q3 2026 SEK 362 m 73% 19% 6% 2% Sweden Nordics except Sweden Europe except Nordics Outside Europe Net sales per geography 31 DEC 2025 Manufacturing 62% of sales 63% of EBITA Service & Maintenance 38% of sales 37% of EBITA 15.0% EBITA-margin RTM 14.8% EBITA-margin RTM >90% sales in the Nordics 2
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Highlights third quarter 2026 Net sales SEK 657 m, +26.1% EBITA SEK 101 m, +36.5% Organic sales growth +11.1%, and organic EBITA growth +10.9% EBITA margin 15.3% (14.1%) Cash flow SEK 38 m (33) Add-on acquisition of Safety Reflector (Prident) 3
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Strong financial development, with a couple of acquisitions and add-on acquisitions per year since the start in 2013 MSEK, reported 2015 20162014 Sverige 2017 Finland 2020 2023 2019 2.5x Net debt to EBITDA RTM Q3 2026 2022 2018 2024 2025 2021 2026 Acquisition of subsidiaries Add-on acquisitions ~ 30% CAGR EBITA growth and ~28% sales growth from 2020 -> 2025 4 167 309 453 603 692 680 1,161 1,685 2,063 2,192 2,298 2,598 18 42 49 65 59 81 175 257 283 308 316 362 11% 14% 11% 11% 8% 12% 15% 15% 14% 14% 14% 14% 0% 5% 10% 15% 20% 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 RTM 2026 Net sales EBITA EBITA, %
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MSEK, reported MSEK 26.1% growth 5 Continued net sales growth - 500 1,000 1,500 2,000 2,500 3,000 - 100 200 300 400 500 600 700 800 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2021 2022 2023 2024 2025 2026 Net sales per quarter Net sales Net sales, RTM 521 58 78 657 Q3 2025 Organic +11.1% Acquired Q3 2026 500 520 540 560 580 600 620 640 660 680 700
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EBITA increased 36.5% to MSEK 101 (74) EBITA-margin 15.3% (14.1) 6 … and continued EBITA growth MSEK, reported MSEK - 50 100 150 200 250 300 350 400 - 20 40 60 80 100 120 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2020 2021 2022 2023 2024 2025 2026 EBITA per quarter EBITA EBITA, RTM 74 9 19 -1 101 70 75 80 85 90 95 100 105 110
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Organic growth in sales (+5.0%), EBITA (+0.9%) RTM Relatively high gross margin and EBITA margin a result of: • Strong market positions • Attractive offerings • High market shares Recently acquired MEAB, Trikåby, Mouldex, AGB and Nordbergs will continue to contribute positively in the next quarters 7 MSEK, reported 737 862 987 1,161 1,299 1,435 1,557 1,685 1,769 1,920 2,010 2,063 2,160 2,158 2,170 2,192 2,212 2,228 2,250 2,298 2,387 2,462 2,598 61% 60% 60% 59% 59% 59% 58% 57% 57% 58% 58% 59% 59% 60% 60% 60% 60% 61% 61% 60% 60% 59% 59% 12% 13% 14% 15% 16% 16% 16% 15% 15% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 14% 0% 10% 20% 30% 40% 50% 60% 70% - 500 1,000 1,500 2,000 2,500 3,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2021 2022 2023 2024 2025 2026 Net sales, RTM Gross profit, RTM EBITA, RTM Gross profit% EBITA%
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Manufacturing 8 • Sales +22.8%, EBITA-margin in line with previous year 16.5% (16.5) • Fredahl Rydéns delivered another strong quarter in sales and earnings • Interagro Skog (LMI’s sister company) had a setback in wildlife protection; root-rot protection sales not yet recovered after a weak Q2 • Culina sees fewer public-sector kitchen tenders and is adjusting costs and customer focus • Trikåby and Nordbergs contributed positively — lower gross margin but higher EBITA margin than the Group • Add-on acquisition of Safety Reflector (Finnish reflector company) by Prident 295 324 398 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 0 50 100 150 200 250 300 350 400 450 500 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 Net sales Net sales, SEK million Net sales RTM, SEK million 42 14.1% 53 16.5% 66 16.5% 0 50 100 150 200 250 300 0 10 20 30 40 50 60 70 80 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 EBITA EBITA, SEK million EBITA RTM, SEK million
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Service & Maintenance 9 • Sales +31.5%, driven by both acquisitions (Mouldex and AGB) and organic growth • EBITA-margin of 16.0% compared to 13.0% last year • Ståthöga MA Teknik (primarily maintenance for heavy industry) had a high number of projects in the quarter, e.g. composite treatment of water and wastewater facilities. Project volumes may vary between quarters • Triton (service and new manufacturing of rollers) continued to improve results • Stegaföretagen delivered a stronger quarter than last year, with higher wash volumes and EBITA growth in the car wash operations in Sweden and Finland, while work to strengthen installation and service profitability continues • Acquired companies — Mouldex (January 2026) and AGB (May 2026) — contribute positively to results and margins 204 197 259 0 200 400 600 800 1,000 1,200 0 50 100 150 200 250 300 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 Net sales Net sales, SEK million Net sales RTM, SEK million 34 16.5% 26 13.0% 41 16.0% 120 125 130 135 140 145 150 0 5 10 15 20 25 30 35 40 45 Q3 2024 Q4 Q1 Q2 Q3 2025 Q4 Q1 Q2 Q3 2026 EBITA EBITA, SEK million EBITA RTM, SEK million
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10 Cash conversion and net debt • Net debt decreased by SEK 21 million in the quarter to SEK 1,049 million • About SEK 30 million EBITDA from recent acquisitions remains to be phased in (net debt/EBITDA 2.5x → 2.3x) • Operating cash flow affected by temporarily high tax payments and project working capital, expected to normalise • Interest costs decreased to SEK 12 million (13) after the bond redemption 78% 58% 69% 73% 16% 86% 77% 59% 58% 2018 2019 2020 2021 2022 2023 2024 2025 RTM 2026 280 378 452 435 489 521 531 713 722 906 911 884 833 806 781 602 665 672 703 720 873 939 1,070 1,049 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 0 200 400 600 800 1,000 1,200 Net debt Net debt/RTM EBITDA (12 months), times MSEK Cash conversion – Free cash flow / EBITDA Cash conversion million SEK 2018 2019 2020 2021 2022 2023 2024 2025 RTM 2026 EBITDA 81 76 99 201 279 327 356 364 418 Cash flow from operating activities 55 36 62 156 39 242 256 231 243 Adjustment interest paid/received 18 14 23 26 46 72 67 56 51 CAPEX net -10 -6 -17 -35 -40 -33 -51 -72 -52 Free cash flow 63 44 69 146 46 282 272 216 242 Cash conversion 78% 58% 69% 73% 16% 86% 77% 59% 58%
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Financial targets 11 EBITA GROWTH ≥15% NET DEBT/EBITDA <3.5x DIVIDEND ≤10% Idun’s target is at least 15 percent growth in operating profit EBITA per year, where about 5 percent from organic growth, and the excess part from company acquisitions The financial net debt in relation to operating profit before depreciation (EBITDA) should be less than 3.5x over time The Group’s profits and available cash flow shall primarily be reinvested in the business and / or used for new acquisitions of Group companies. Idun aims to distribute a maximum of 10 percent of the profit for the year adjusted for goodwill amortization 2.8x 2.4x 2.5x 2.5x 1.9x 2.4x 0.0x 1.0x 2.0x 3.0x 4.0x 0 500 1,000 1,500 20 21 22 23 24 25 Net debt, MSEK Net debt / EBITDA Target, max 3.5x -10% 10% 30% 50% 70% 90% 110% 20 21 22 23 24 25 Organic EBITA growth, % Acquired EBITA growth, % Target, at least 15% 0% 2% 4% 6% 8% 10% 20 21 22 23 24 25 Dividend, % Target, max 10%
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Key takeaways third quarter 2026 and outlook Net sales SEK 657 m +26.1% EBITA SEK 101 m +36.5% Earnings per share adj for goodwill 5.0 (3.6) Investments • Add-on acquisition of Safety Reflector (Prident) Market conditions and future outlook • Gradually more stable market conditions for a growing share of group companies • Company-specific challenges remain, e.g. Culina and Interagro Skog • Strong financial position and continued interesting investment opportunities 12
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Q&A 13