Slides
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Fredrik Meuller, President & CEO Peter Welin, CFO & Deputy CEO October 21, 2026 Q3 Interim report January-September 2026
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Agenda Highlights Business Areas Financials Summary and outlook Q&A
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3 Market conditions similar to previous quarter… ▪ Inflationary pressure from Middle East conflict ▪ Large market variations – Scandinavia stronger ▪ Project demand higher – households sidelined ▪ Emerging tail wind from Green Transition ▪ Several acquisition targets – majority in financial distress …and Inwido shows resilience yet again ▪ Organic growth in net sales and order intake ▪ Highest quarterly Operating EBITA to-date – volume, pricing, operational efficiency, and cost control ▪ Record-high order backlog offers comfort ▪ Higher cashflow and lower gearing – M&A war chest Organic order intake growth and higher margins in all BAs Highlights Q3 2026 Net sales change organic change Order intake, organic Order backlog change Operating EBITA Operating EBITA margin Net debt vs Op EBITDA Pro forma SEK 2,724m (2,224) +22% +5% +7% SEK 3,453m (2,769) +25% SEK 334m (268) 12.3% (12.0) 1.9x (0.7) 1.8x
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Highlights in the quarter Sustainability Major ESG rating upgrade for Inwido: BB to A Industry recognition Elitfönster wins Svenska Aluminiumpriset 2026 Customer satisfaction Spar Vinduer surpasses 10,000 Trustpilot reviews
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Agenda Highlights Business Areas Financials Summary and outlook Q&A
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EASTERN EUROPE Sales SEKm and Op EBITA %, LTM 71% 27% 1% Consumer Project Other 0% 2% 4% 6% 8% 10% 12% 14% 16% 0 1 000 2 000 3 000 4 000 5 000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Sales, SEKm, LTM OP EBITA, %, LTM ▪ Sales +6% to SEK 1,126m (1,065), organic +3% ▪ Organic order intake +7% ▪ Op EBITA SEK 187m (163) ▪ Op EBITA margin 16.6% (15.3) ▪ Cost inflation offset through pricing initiatives, volume growth and efficiency improvements ▪ Order intake increased across all markets ▪ Particularly strong growth in the project segment ▪ “Villaeffekten” energy efficiency incentive in Sweden Margin improvement from volume and cost efficiency Business Area Scandinavia
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WESTERN EUROPE Sales SEKm and Op EBITA %, LTM 42% 58% 0% Consumer Project Other 0% 2% 4% 6% 8% 10% 12% 14% 0 400 800 1 200 1 600 2 000 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Sales, SEKm, LTM OP EBITA, %, LTM ▪ Sales +56% to SEK 701m (450), organic +8% ▪ Organic order intake +10% ▪ Operating EBITA SEK 82m (52) ▪ Operating EBITA margin 11.7% (11.5) ▪ Strong project market in Scotland and Ireland ▪ Continued soft consumer demand overall ▪ Integration of Sovereign Group progressing well ▪ Fierce competition – industry consolidation ▪ Raised energy efficiency awareness Positive contribution from recent acquisitions Business Area West
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SCANDINAVIA Sales SEKm and Op EBITA %, LTM 33% 64% 3% Consumer Project Other 0% 1% 2% 3% 4% 5% 6% 7% 8% 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Sales, SEKm, LTM OP EBITA, %, LTM ▪ Sales +31% to SEK 607m (463), driven by acquisitions, organic -3% ▪ Organic order intake +4% ▪ Op EBITA SEK 43m (33) ▪ Op EBITA margin 7.1% (7.0) ▪ Consumer market in Finland remains challenging – positive sign in the project business ▪ Mitigating cost inflation with operational efficiencies and pricing actions across all markets ▪ Integration of Marlex coming along nicely Positive signs in the project market in Finland Business Area East
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e-Commerce Sales SEKm and Op EBITA %, LTM 100% 0% Consumer Project Other 0% 2% 4% 6% 8% 10% 12% 0 200 400 600 800 1 000 1 200 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Sales, SEKm, LTM OP EBITA, %, LTM ▪ Sales +14% to SEK 300m (263), organic +15% ▪ Organic order intake +6% ▪ Op EBITA SEK 30m (23) ▪ Op EBITA margin 10.0% (8.6) ▪ LTM profitability just below 11% ▪ Higher input costs largely offset by increased volume and pricing actions Margin higher for 5th consecutive quarter Business Area e-Commerce
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Agenda Highlights Business Areas Financials Summary and outlook Q&A
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Material cost inflation compensated by volume, pricing and operational efficiency – unchanged Gross Margin Continued profitable growth in the quarter 11 SEKm 2026 2025 Change 2026 2025 Change LTM 2025 FY Net sales 2,724 2,224 22% 7,528 6,562 15% 9,968 9,002 Gross Profit 708 575 23% 1,870 1,632 15% 2,498 2,261 Gross margin, % 26.0 25.9 - 24.8 24.9 - 25.1 25.1 Operating EBITDA 434 350 24% 1,028 895 15% 1,411 1,278 Operating EBITDA margin, % 15.9 15.7 13.7 13.6 14.2 14.2 Operating EBITA 334 268 25% 738 643 15% 1,036 941 Operating EBITA margin, % 12.3 12.0 - 9.8 9.8 - 10.4 10.5 EBITA 323 252 28% 711 605 18% 983 877 EBITA margin, % 11.9 11.3 - 9.4 9.2 - 9.9 9.7 Profit after tax 220 162 36% 450 371 21% 632 553 Earnings per share before dilution, SEK 3.49 2.65 32% 7.07 6.00 18% 9.96 8.87 Q3 Q1-Q3
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Margin improvement in all four Business Areas Our highest-ever Operating EBITA in a single quarter Op EBITA in Q3, SEKm, from 2025 to 2026Sales in Q3, SEKm, from 2025 to 2026 2,224 +61 +251 +144 +37 +7 2,724 0 500 1000 1500 2000 2500 3000 Sales Q3 2025 Scandinavia West East e-CommerceGroup-wide, eliminations, other Sales Q3 2026 268 +24 +31 +10 +7 -5 334 0 50 100 150 200 250 300 350 400 OP EBITA Q3 2025 Scandinavia West East e-CommerceGroup-wide, eliminations, other OP EBITA Q3 2026
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Pricing, efficiency improvements and cost control main drivers Operating EBITA margin above that of last year’s Q3 Sales and Op EBITA % in Q3, 2020 - 2026 Sales, SEKm Op EBITA, % 1,716 1,897 2,386 2,339 2,273 2,224 2,724 14.4% 14.5% 12.5% 13.2% 13.4% 12.0% 12.3% 0% 2% 4% 6% 8% 10% 12% 14% 16% 0 500 1,000 1,500 2,000 2,500 3,000 2020 2021 2022 2023 2024 2025 2026
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Higher contribution from operating activities – an improved result and lower tax payments Cash flow also improved compared to last year Acquisitions of tangible and intangible assets in SEKm and % of sales Capex, SEKm Capex in % of sales SEKm 2026 2025 Change SEKm Cash flow from operating activities 374.2 250.3 123.8 Changes in working capital -69.3 -3.9 -65.4 Cash flow from investing activities excluding change of financial assets and excluding acqusitions of subsidiary, net of cash -51.0 -48.8 -2.3 Cash flow before financing activities 253.8 197.7 56.1 excluding financial assets and acqusitions of subsidiary Q3 2.5% 2.0% 3.4% 4.1% 3.0% 3.3% 2.3% 2.7% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 0 50 100 150 200 250 300 350 400 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 LTM 2025 YTD 2026 YTD
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Net Debt / Op EBITDA 1.9x excluding IFRS 16 – 1.8x pro forma adjusted for 2025 / 2026 acquisitions Leverage remains healthy, offering M&A headroom Net Debt, excl. IFRS 16, (SEKm) IFRS 16 Debt (SEKm) Net Debt vs Op EBITDA, excl. IFRS 16 (times) Net Debt vs Op EBITDA, incl. IFRS 16 (times) Net Debt (SEKm), Net Debt vs Op EBITDA (times) Net Debt / Op EBITDA incl. IFRS 16: Net Debt / Op EBITDA excl. IFRS 16: 2.1x (1.0) 1.9x (0.7) 0.0 0.5 1.0 1.5 2.0 2.5 0 500 1,000 1,500 2,000 2,500 3,000 3,500 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
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5,750 5,938 6,107 6,237 6,453 6,583 6,795 6,930 6,955 7,042 6,954 6,928 6,891 7,058 7,364 7,743 8,203 17.9% 18.3% 17.6% 16.8% 16.2% 15.4% 13.7% 13.1% 13.1% 12.7% 13.2% 13.4% 12.7% 12.4% 11.7% 11.8% 12.0% 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 4,500 4,900 5,300 5,700 6,100 6,500 6,900 7,300 7,700 8,100 8,500 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 ROOC has improved over last two quarters, now at 12.0% 16 Average Operating Capital (SEKm), and ROOC (%) ROOC defined as: EBITA, rolling 12 months (LTM), as a percentage of average operating capital (average calculated based on the past four quarters). Operating Capital defined as: Total assets less cash and equivalents, other interest-bearing assets and non-interest-bearing provisions and liabilities including taxes. Operating Capital, average latest four quarters (SEKm) ROOC (%) Average operating capital increased due to recent acquisitions Target
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0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 24 -Q3 24 - Q4 25 - Q1 25 - Q2 25 - Q3 25 - Q4 26 - Q1 26 - Q2 26 - Q3 Consumer Project Other Total organic growth of 7% with Project segment representing lion share Organic order intake growth in all Business Areas in Q3 Total Order backlog, SEKm, 2024 - 2026 Order intake in Q3 2026 compared to last year 3,453 2,769 Consumer +10% Project 32% Organic Group +7% - whereof Consumer +1% - whereof Project +18%
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-2% 2% -2% 3% 1% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 2025.Q3 2025.Q4 2026.Q1 2026.Q2 2026.Q3 UK and Finland remain challenging, and decline increased in Q3 compared to Q2 Consumer: Continued growth in Sweden and Denmark Consumer: Organic order intake per quarter 2025 Q3 – 2026 Q3 (share of total Consumer sales, 2026 LTM) * Norway, Ireland, Germany, Poland, Slovenia, Croatia Group Denmark (40%) Rest* (14%) 64% UK (15%) Finland (7%) 22% Sweden (24%)
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4% -28% -5% 58% 18% -150% -100% -50% 0% 50% 100% 150% 200% 250% 300% 2025.Q3 2025.Q4 2026.Q1 2026.Q2 2026.Q3 Organic growth of 18 percent in the quarter mainly driven by Finland and Ireland Project: Healthy growth, albeit lumpy Project: Organic order intake per quarter 2025 Q3 – 2026 Q3 (share of total Project sales, 2026 LTM) Denmark (7%) Group Finland (30%) UK (32%) Sweden (21%) Ireland (5%) Norway (2%)
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Agenda Highlights Business Areas Financials Summary and outlook Q&A
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21 Inwido shows resilience yet again Highlights Q3 2026 Organic growth in order intake in all BAs Organic growth in net sales in 3 of 4 BAs Highest quarterly Operating EBITA to-date Higher Operating EBITA margin in all BAs – 5th consecutive quarter for BA e-Commerce Record-high order backlog ROOC improved for 2nd consecutive quarter Strengthened cashflow and lower gearing
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Outlook Early signs of cycle recovery and emerging energy efficiency awareness Gradual improvement across all Inwido BAs and order book also offer cautious optimism Still, market uncertainty remains high due to the ongoing Middle East conflict Fears of increasing inflation and related interest rate hikes across Europe Inwido is well positioned to withstand market fluctuations Our strategic direction is firm, and we are successfully executing on our plan
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Agenda Highlights Business Areas Financials Summary and outlook Q&A
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Questions & Answers Fredrik Meuller, President & CEO Peter Welin, CFO & Deputy CEO
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Upcoming events Financial calendar December 9, 2026 February 9, 2027 April 27, 2027 May 19, 2027 July 16, 2027 Capital Markets Day, Stockholm Q4 and full year report for 2026 Q1 report for 2027 Annual General Meeting 2027 Q2 report for 2027