Slides
Page 1
Doubling the size of Inwido, profitably, by year 2030 SEB Nordic Seminar 2026 – the Great Nordic comeback! Fredrik Meuller, President & CEO Copenhagen, 8 January 2026
Page 2
We’re on an exciting journey towards SEK 20 billion in turnover by year 2030 A leader within Europe’s fundamentally attractive window and door industry Weathering historic downturn well while also strengthening strategic position Synergistic acquisitions ahead of anticipated cycle rebound and green transition
Page 3
Attractive long-term industry fundamentals European window and door market ▪ Value EUR ~60 billion – historic growth 3-4% p.a. ▪ High entry barriers – relationships and OTIF key ▪ Local specifications – made-to-measure only ▪ Cyclical and seasonal – renovation and new build ▪ Fragmented – 10,000+ small family businesses ▪ Energy efficiency arising – EU ‘Green Deal’ in 2026 ▪ Solar shading increasingly in demand Lots of expansion room for Inwido to pursue Top 10 European window markets by size | Million window units p.a. Source: Ceresana, April 2025 Note: Excluding Russia and Turkey 0 2 4 6 8 10 12 14 16 18 20 Portugal Czech Rep. Belgium Netherlands Italy Poland France Spain UK Germany
Page 4
Demand projected to bounce back, growing at ~4% p.a. Western European window market | Sales and quantity, 2020A-2028F Sales, MEUR Quantity, thousand units 0 10 000 20 000 30 000 40 000 50 000 60 000 70 000 0 5 000 10 000 15 000 20 000 25 000 2020A 2021A 2022A 2023A 2024A 2025E 2026F 2027F 2028F Sales Quantity Source: Interconnection Consulting, June 2025 Note: Western Europe including Austria, Germany, Switzerland, France, Netherlands, Belgium, Luxemburg, Denmark, Norway, Sweden, Finland, Italy, Spain, Portugal, UK and Ireland
Page 5
5 12 countries 4,700 employees 36 No. 1 in the Nordics – No. 2 in the UK Inwido facts and figures, RTM Q3 2025 ▪ Established in 2004 – publicly listed since 2014 ▪ Impressive value creation track record ▪ Sales SEK 9 billion – Op. EBITA margin 10.4% ▪ Improving quality of life – strong brands ▪ Premium offering – local presence ▪ A proven truly decentralized governance model business units
Page 6
Impressive value creation since 2014 IPO Sales +80%, Op. EBITA +108% and EPS +275% | A total of SEK 2.5 bn paid out in dividends Net Sales, MSEK Op. EBITA margin, % 0 2 4 6 8 10 12 14 0 2 000 4 000 6 000 8 000 10 000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3 LTM Net Sales Op EBITA margin 2.50 3.50 3.50 2.50 0.00 4.50 6.15 6.50 6.50 N.a.Dividend, SEK/share 2.00 5.50
Page 7
A favorable mix – broad exposure, less cyclicality Inwido net sales split LTM Q3 2025 | 100% = SEK 8,985 million
Page 8
A proven, truly decentralized governance model Main focus on Business Units – synergies catalyzed via Central Functions Finance Communications & Sustainability People & Culture IT & Digital Solutions* Sourcing & Op. Development* Business Unit Scandinavia Business Unit Eastern Europe Business Unit e-Commerce Business Unit Western Europe CEO Group Functions ▪ Synergy extraction ▪ Economies of scale ▪ Knowledge sharing ▪ Capital efficiency / allocation ▪ Performance mgmt. / KPIs Business Areas Business Units with Boards ▪ Entrepreneurialism ▪ Empowerment ▪ Accountability * Not part of Group Management Team
Page 9
Weathering historic downturn and strengthening position Volume drop -30% since 2022… ▪ Organic sales decline -18% ▪ Low consumer confidence overall ▪ Finland at all-time-low ▪ Negative segment mix ▪ Fierce price pressure ▪ SEK strengthening ▪ Geopolitical uncertainty Enjoying the performance track record, finances and people needed for long-term success …but profit margin only 1 ppt. lower! ▪ Proactively adjusting cost base ▪ Pruning portfolio – 2 BUs restructured past 12 months ▪ Gaining share from high OTIF – ‘flight to safety’ ▪ Confident pricing – profit before volume ▪ Leveraging balance sheet and cash flow – capex and M&A ▪ Horizontal synergy extraction – purchasing, operations ▪ New product launches
Page 10
Conditions vary a lot across markets – Sweden improving Operating context per Business Area | Cautiously optimistic about 2026 Scandinavia ▪ ROT incentive and lower interest rates stimulating renovation in Sweden ▪ Denmark solid, albeit with lower Consumer confidence ▪ Norway has bottomed out Eastern Europe ▪ Russia-Ukraine war a wet blanket ▪ Consumer and new-build segments in Finland remain at historic lows – housing unions gradually improving ▪ Poland outlook improving e-Commerce ▪ Households’ online spending gradually improving – Sweden at all-time high ▪ Germany remains soft ▪ Price pressure – a flexible and efficient set-up is key! Western Europe ▪ UK status quo – recent budget received OK, but structural measures needed ▪ M&A cases emerging – opportunities ▪ Ireland remains solid – growing
Page 11
M&A more important near-to-medium term Compensating for delayed organic growth ▪ More activity last few months – strategic and distress ▪ Structured auctions and PE – bid competition ▪ Inwido perceived as attractive buyer – selective ▪ Ramping up resources – efforts bearing fruit ▪ Promising funnel – positive outlook ▪ Cases in existing and new markets – medium / large ▪ Pursuing Solar Shading segment too Acquisition criteria
Page 12
4 synergistic acquisitions announced over last 3 months Structured efforts bearing fruit, adding SEK ~1 bn in Net Sales RM Snickerier, Vimmerby, Sweden Fast Frame, Nottingham, England ▪ Leader in Sweden’s “Allmoge” premium niche ▪ Founded in 1986 by current CEO Mikael Carlsson ▪ Turnover SEK 70 million with 40 employees ▪ Profitability above Inwido average ▪ Acquired 85% with option to buy remainder by 2030 ▪ Specialist in PVCu windows and doors ▪ Founded in 2002 by Mark Coppin and Paul Moody ▪ Turnover GBP 7 million with 25 employees ▪ Profitability above Inwido average ▪ Acquired 85% with option to buy remainder by 2028 Victorian Sliders, Ammonford, Wales AJM, Kungota, Slovenia ▪ #1 UK supplier/distributor of PVCu sliding sash windows ▪ Hardware produced in Foshan, China ▪ Turnover GBP 33 million with 280 employees ▪ Profitability above Inwido average ▪ Acquired 100% ▪ PVC, Aluminium and wooden windows – B2B and B2C ▪ Founded in 1990 by Janez and Marija Ajlec ▪ Turnover EUR 30 million with 200 employees ▪ Profitability in line with Inwido average ▪ Acquired 70% with option to buy remainder by 2028
Page 13
‘Road to 2030’ Clear strategic roadmap
Page 14
A window of opportunity for profitable growth Illustrative Net Sales development 2026-2030, SEK million | CAGR ~15% p.a., of which ~5 ppts. organic 2024 2024 + Market 2030 Normalized Renovation demand Pent-up demand in New-build EU’s Green Deal and EPBD Our own organic growth initiatives M&A Additional volume through a more efficient/effective operational structure, e.g. ▪ Pricing with confidence ▪ Intra-Group synergies ▪ Payback on investments ▪ Portfolio management 2025 Market 2026 through 2030 2030