Slides
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Q4 2025 presentation 12 February 2026
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This is Instalco 2 A leading northern European group within heating and plumbing, electricity, ventilation, industry and technical consulting Project planning, installation, service and maintenance of systems installed at properties and facilities Highly decentralised structure – specialised local companies >6,000 employees Driving the green transformation – strong underlying market drivers
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13,598 Net sales, million SEK EBITA, million SEK 800 Cash flow from operations, million SEK 1,010 Order backlog, million SEK 9,510 EBITA margin, % 5.9 Service share of revenue, %, quarter 38 Key financials, LTM 3
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Quarterly summary 4 • Our actions are starting to show effect • First time in seven quarters with growing EBITA • Continued strong operational cash flow, and improved financial position EBITA SEK272 million EBITA margin 7.2 % Net sales SEK3,766 million Key financials Q4 2025 4
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• Net sales growth of 4.4% to SEK 3,766 (3,610) million • Organic growth of 4.9% (-7.4), acquired growth contributed 0.9%, FX impact of -1.4% • Order backlog growth of 5.6%, 7.5% organically, mainly driven by Norway • Service made up 38% of sales in the quarter Net sales and order backlog (SEK million) 5 3,610 3,766 Q4 2024 Acquisitions Organic FX Q4 2025 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 -1.4% 0.9% 4.9% 41% 36% 36% 37% 37% 0 5,000 10,000 15,000 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Order backlog Net sales R12M Service as % of net sales in quarter
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• EBITA amounted to SEK 272 (195) million, a growth of 39% • EBITA margin of 7.2% (5.4) – higher margin driven by prior-year comparability effects and operational improvements, breaking the negative year-on-year EBITA trend EBITA development (SEK million and margin %) 6 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 0 50 100 150 200 250 300 350 Q4'22 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 EBITA EBITA margin
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Segment Sweden 7 • Net sales amounted to SEK 2,657 (2,463) million Organic growth of 6.6% Acquired growth of 1.3% • EBITA amounted to SEK 180 (135) million, corresponding to a margin of 6.8% (5.5) 7 EBITA SEK180 million EBITA margin 6.8 % Order backlog SEK6,593 million Net sales SEK2,657 million Key financials Q4 2025
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Segment Rest of Nordics 8 • Net sales amounted to SEK 1,109 (1,147) million, negatively impacted by FX Organic growth of 1.2% • EBITA amounted to SEK 86 (58) million, corresponding to a margin of 7.8% (5.0) 8 EBITA SEK86 million EBITA margin 7.8 % Order backlog SEK2,917 million Net sales SEK1,109 million Key financials Q4 2025
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Cash generation (SEK million) • Continued strong cash flow from operations supported by focused working capital management • Cash conversion remains above target 9 0% 25% 50% 75% 100% 125% 150% 0 100 200 300 400 500 600 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 CFFO per Q R12M cash conversion SEKm Q4 2025 Q4 2024 EBITDA 380 302 Change in net working capital 113 141 Cash flow from operating activities (CFFO) 451 471 Cash conversion (R12M) 108% 89% Cash flow from investing activities -33 -18 Cash flow from financing activities -101 -368 Cash flow for the period 318 84
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≥10% Growth Cash conversion 100% Dividend policy 30% Profitability 8% Capital structure (Net Debt/EBITDA) 2.5x Climate target 50% Strategic targets 10 Average sales growth should be at least 10% per year over a business cycle. Growth will take place both organically and through acquisitions Instalco aims to deliver an EBITA margin of 8.0% Instalco’s net debt in relation to EBITDA shall not exceed a ratio of 2.5Instalco aims to achieve a cash conversion ratio of 100%, measured over a rolling twelve-month period over a business cycle Instalco targets a dividend payout ratio of 30% of net profit Reduction of GHG emission intensity in Scope 1 and 2 by 2030, with 2020 as base year
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Fabri keeps expanding in Germany with two new acquisitions 11 ACQUISITIONS Company Location No. of employees Est. Sales (EURm) 1 Elektro Henseler GmbH Swisttal 2 Thiele Heizung und Sanitär GmbH & Co. KG Gießen Total 75 12.4
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För att infoga en bakgrundsbild, högerklicka och välj ”Formatera bakgrund”. Välj ”Bild eller strukturfyllning”. CEO’s theme 2025 in focus 12
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• Resetting the fundamentals • Choosing discipline over volume • Execution before expansion A year of deliberate choices 13 Focused priorities in a challenging market environment
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Quality orders secured during a challenging market 14 New Aker Hospital, Electrical installations Norway, Q4 2025 Order value: ~NOK 440 M Subsidiary: Lysteknikk Elektroentreprenør AS Major hospital infrastructure project with full electrical design & delivery. Swedish Prison & Probation Service, Multidisciplinary installations Sweden, Q3 2025 Order value: SEK 260 M Subsidiaries: Instair, Intec, Inmatiq, Sprinklerbolaget, LG Contracting Complex systems across multiple disciplines for secure facility. K-Citymarket Kuopio, Multidisciplinary installations Finland, Q2 2025 Order value: ~SEK 50 M Subsidiaries: Kuopion LVI-Talo Oy, Twinputki Oy Cross-discipline delivery in a major retail expansion project. Kaj 16 Timber Construction Project, Installations Sweden, Q3 2025 Order value: SEK 180 M Subsidiaries: Sprinklerbolaget, Elektro-Centralen Sustainable urban landmark with high sustainability standards.
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15 Instalco 2.0: Returning to proven, historical margin levels with a hands-on approach We are reshaping our operating model to strengthen cash flow, productivity, and accountability. Operational excellence We empower our people and processes to deliver on our goals across the entire organization. Organizational capabilities We are stepping up our efforts where the challenges are greatest in order to achieve stable profitability. Firmly address underperforming business units
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Instalco 2.0: From framework to execution 16 Q3 OngoingQ4 • Framework defined • Operational model and principles aligned • Execution initiated • Structure embedded into daily operations • Consistent delivery • Continuous improvement across the group
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• First time in seven quarters with growing EBITA • Market remains varied across geographies • Continued strong operational cash flow, and improved financial position • Instalco 2.0 roll-out progressing according to plan – starting to take effect in daily operations o Sharper priorities, clearer accountability and more consistent follow-up. o A focused approach to doing the right things, collectively and with precision Summary 17
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Full power installations from a powerful team Q&A