Slides
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Q3 Report 2026 Bo Annvik, President and CEO Jan Öhman, Interim CFO 23 October 2026 An entrepreneurial world where people make the difference
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2 ▪ Strong profitable growth! ▪ Further improved demand with order intake growth of 16%, of which 6% organically. ‒ Book to bill 101% ‒ Majority of the companies had organic order growth. ‒ Strongest demand from customers within Medtech/Pharma, Energy and Engineering. ▪ 13% net sales growth, totalling SEK 8.9 billion. Organic growth of 5%. ▪ EBITA margin of 15.3% – good operational leverage. ▪ Cash flow from operating activities increased 20%. ▪ 13 acquisitions YTD, with a total annual turnover of SEK 2.1 billion. Net Sales 8.9 BSEK EBITA margin 15.3% Highlights third quarter 2026
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3 -10% -5% 0% 5% 10% 15% 20% 25% 30% 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2021 2022 2023 2024 2025 2026 MSEK Q Order intake Q Organic growth -10% -5% 0% 5% 10% 15% 20% 25% 30% 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 2021 2022 2023 2024 2025 2026 MSEK Q Net sales Q Organic growth Order intake Net Sales Q3 Growth TOTAL ORGANIC ACQUISITIONS DIVESTMENTS CURRENCY 16% 6% 9% 0% 1% Q3 Growth TOTAL ORGANIC ACQUISITIONS DIVESTMENTS CURRENCY 13% 5% 8% 0% 0% Strong top line growth
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Benelux UK/Ireland Germany Switzerland & Austria Total Rest of Europe Organic sales development Q3 – major countries 4 Sweden Denmark Finland Norway Total Nordics North America Asia Total Rest of the world Nordics Rest of Europe Rest of the world
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Strong EBITA growth and improved EBITA margin 5 1,358 MSEK 15.3% 19% Q MARGIN Q GROWTH 9% 10% 0% 0% -15% -10% -5% 0% 5% 10% 15% Organic Acquisitions Divestments Currency Q growth EBITA & EBITA margin Quarterly growth 5% 7% 9% 11% 13% 15% 17% 0 200 400 600 800 1,000 1,200 1,400 1,600 2021 2022 2023 2024 2025 2026 Q EBITA Q EBITA margin MSEK
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5% 3% 5% 6% 2% -5% 0% 5% 10% Industrial & Engineering Infrastructure & Construction Life Science Process, Energy & Water Technology & Systems Solutions Q organic growth Net Sales by Business Area 6 15% 4% 15% 18% 8%Total growth: ▪ Strongest organic sales growth in Process, Energy & Water, benefitting from the increased order book mainly within the energy segment ▪ Industrial & Engineering and Life Science also achieved strong organic sales growth, with positive development in many companies, geographies and segments. ▪ Infrastructure & Construction and Technology & Systems Solutions showed positive development, although from somewhat lower levels.
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EBITA margin by Business Area 7 15.7% 13.3% 18.2% 15.9% 15.1% 0% 5% 10% 15% 20% Industrial & Engineering Infrastructure & Construction Life Science Process, Energy & Water Technology & Systems Solutions Q EBITA margin 2026-Q3 2025-Q3 ▪ Industrial & Engineering impacted positively by organic sales growth and positive effects from acquisitions. ▪ Good operational leverage in Infrastructure & Construction. ▪ Margin accretive acquisitions the main driver in Life Science. ▪ Process, Energy & Water impacted by higher share of project business with somewhat lower gross margins. ▪ Technology & Systems Solutions impacted by weak performance in a few project-oriented companies. EBITA margin development
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8 # Company Country Business area Announced Annual sales 1. Belman A/S Denmark Process, Energy & Water Q1 255 MSEK 2. CAT Ricambi S.r.l. Italy Industrial & Engineering Q1 320 MSEK 3. Axotan AB Sweden Life Science Q2 50 MSEK 4. PHACOTEC Produkt-Service GmbH Germany Life Science Q2 30 MSEK 5. Valveco B.V. Netherlands Process, Energy & Water Q2 345 MSEK 6. Createc GmbH & Co. KG Germany Life Science Q2 250 MSEK 7. Autek AS Norway Technology & Systems Solutions Q2 170 MSEK 8. Dorte Egelund ApS Denmark Life Science Q3 30 MSEK 9. Albiox Oy Finland Life Science Q3 30 MSEK 10. Controlin B.V. Netherlands Process, Energy & Water Q3 130 MSEK 11. Euromed Medical Solution Sp. z o.o. Poland Life Science Q4 230 MSEK 12. Sinmed Sp. z o.o. Poland Life Science Q4 130 MSEK 13. Schraner GmbH Germany Infrastructure & Construction Q4 90 MSEK Total 2,060 MSEK Acquisitions 2026
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Successful acquisition track record 9 0 2 4 6 8 10 12 14 16 18 No. of acquired companies No. of acquired companies (3 yr avg) 0% 5% 10% 15% 20% 25% 0 20 40 60 80 100 120 EBITA margin EBITA (MSEK) Acquired EBITA Acquired EBITA margin Acquired EBITA margin (avg 4Q) No. of acquired companies per year Quarterly financial effects acquisitions* * ”bridge effects” from acquisitions last 12 months from date of closing, in respective quarter, including transaction cost
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Year-to-date and R12 summary 10 MSEK 2026-YTD 2025-YTD Change R12 2025 Order Intake 27,013 24,487 10% 35,209 32,683 Net Sales 25,922 24,003 8% 34,148 32,229 Gross margin, % 35.8 35.4 0.4 p.p. 35.7 35.4 EBITA 3,750 3,352 12% 4,844 4,446 EBITA-margin, % 14.5 14.0 0.5 p.p. 14.2 13.8 ROCE, % 19 19 19 18
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Cash Flow from operating activities 11 0% 20% 40% 60% 80% 100% 120% 140% 160% 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2021 2022 2023 2024 2025 2026 MSEK Q Cash Flow 4Q cash conversion* ▪ Operating cash flow during the quarter increased 20% and amounted to SEK 1,216 million (1,016). ▪ Continued strong cash conversion, at 137%. ▪ Operating working capital on continued stable levels. * Cash conversion = operating cashflow less capex / net profit Cash Flow development
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Strong financial position 12 ▪ Interest-bearing net debt increased compared to same period last year to SEK 9,574 million (8,100), due to increased acquisition pace. ▪ Low debt ratios: ▪ Net debt/equity ratio was 50% (48%). ▪ Net debt/EBITDA was 1.6x (1.4x). *Interest-bearing liabilities including pension and leasing liabilities and estimated earn-outs for acquisitions, less cash and cash equivalents. Net debt development 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 2,000 4,000 6,000 8,000 10,000 12,000 2021 2022 2023 2024 2025 2026 MSEK Net debt* Net debt* / Equity
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Earnings per share 13 ▪ EPS increased 19% in the quarter to SEK 2.21 (1.85) per share. ▪ EPS increase of 13% year to date 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 0.0 0.5 1.0 1.5 2.0 2.5 2021 2022 2023 2024 2025 2026 SEKSEK Q EPS R12 EPS EPS development
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Key takeaways ▪ Continued strong top line and EPS growth ▪ Broad demand improvement with majority of companies growing order intake. ▪ Good operational leverage and continued strong gross margin. ▪ Slightly strengthened order backlog and good acquisition pace, however, market uncertainty remains high. ▪ 13 acquisitions so far in 2026, adding SEK 2.1 billion in sales on a yearly basis. Strong pipeline! ▪ Fully focused on delivering annual growth of at least 10 percent per year over a business cycle and a stable EBITA margin of at least 14 percent! 14
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Thank you! Q&A 15
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Financial calendar & contact details 27 J ANUARY 2027 Q4 Report 6 A PRIL 2027 AGM 23 A PRIL 2027 Q1 Report 16 J ULY 2027 Q2 Report 22 O CTOBER 2027 Q3 Report Contact: ir@indutrade.com +46 8 703 03 00
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