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WARM WELCOME ITAB Group Year - End Report 2025 10 FEBRUARY 2026
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P. 2 © ITAB Group 2026. All rights reserved. ITAB Group at a glance. GLAUCO FRASCAROLI
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P. 3 © ITAB Group 2026. All rights reserved. ITAB Group at a glance – pro forma for 2025 Grocery 51% of Net sales Fashion / Apparel 12% of Net sales Retail Interior Retail Technology Retail Lighting Retail Services Rethink Retail. Together. At ITAB we help customers turn consumer brand experience into physical reality with our know - how, solutions and ecosystem of partners. DIY/ Home improvement 10% of Net sales Other Customer Groups 21% of Net sales Consumer Electronics, Travel Retail, Sport & Leisure, Service Stations, Hotels, Offices, Brands, Industry, Cafés & Restaurants . 24 ITAB operations Employees (approx.) production facilities in 17 countries in 40+ countries 5,300 13,270 Net sales MSEK 847 Adjusted EBIT excl. non - recurring items and amortisation of acquisition - related intangible assets MSEK 6.4 Adjusted EBIT margin % MAIN CUSTOMER GROUPS SOLUTIONS ITAB GROUP Note: All figures refer to pro forma combined financial information for 2025 including HMY as of 1 January 2025. The pro forma fina nci al information has been prepared and presented in accordance with ITAB Group’s accounting policies as described in ITAB’s Annual & Sustainability Report for 2024, subject to the fact that the fair values of acquired assets and liabilities have not yet been finally determined and excluding any potential depreciation and amortization of surplus values which will be incurred in connection with acquisition of HMY. The combined fi nan cial information has not been audited. Health & Beauty 6% of Net sales
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P. 4 © ITAB Group 2026. All rights reserved. Year - End Report 2025 . ANDREAS HELMERSSON
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P. 5 © ITAB Group 2026. All rights reserved. Full - year 2025 Net sales 13,270 MSEK Adjusted EBIT 847 MSEK 30 MEUR in synergies Full synergy effect by late 2027 – with gradual realization Q4 2025 Highlights Q4 2025 Note: All figures refer to pro forma combined financial information for 2025 including HMY as of 1 January 2025. The information ha s been prepared and presented in accordance with ITAB Group's accounting policies as described in ITAB's Annual & Sustainability Report for 2024, subject to the fact that the fair values of acquired assets and lia bilities have not yet been finally determined and excluding any potential depreciation and amortization of surplus values which will be incurred in connection with the acquisition of HMY. The combined financial infor mat ion has not been audited. Eventful year as the new stronger ITAB Group takes shape Sales growth (currency adj) +3% Adjusted EBIT growth - 1% Stable sales & earnings trend Strong cash flow Synergy execution in focus Clear plan for the future Net sales 3,422 MSEK Adjusted EBIT 199 MSEK excl. non - recurring items & amortization of acquisition - related assets Cash flow (operational) 821 MSEK
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P. 6 © ITAB Group 2026. All rights reserved. Fourth quarter PF Full - year PF MSEK Q4 2025 Q4 2024 Δ 2025 2024 Δ Net sales 3,422 3,643 - 6% 13,270 13,279 +0% Adj. EBITDA* 314 324 - 3% 1,267 1,377 - 6% Adj. EBITDA margin, % 9.2 8.9 9.9 10.4 Adj. EBIT** 199 201 - 1% 847 918 - 8% Adj. EBIT margin % 5.8 5.5 6.4 6.9 Net debt excl. leasing 2,332 N/A Net sales and adjusted EBIT ( BnSEK , %) * EBITDA excluding non - recurring cost ** EBIT adjusted for non - recurring costs and excluding amortization of acquisition - related intangible assets. Pro forma comparison HMY is consolidated in ITAB Group as of 1st February 2025. To illustrate the financial effects of the acquisition and to give a representative view of the development of the business, this presentation mainly highlights the pro forma development (as if HMY had been part of ITAB Group as of 1st January 2024). Refer to the Year-End Report 2025 for more information and details on the reported figures, with HMY consolidated in ITAB Group as of 1st February 2025 (for eleven months – February-December 2025). PRO FORMA Stable fourth quarter and full - year 2025, despite a challenging market and currency headwind 6.0% 2023 PF 6.9% 2024 PF 6.4% 2025 PF 12.5 13.3 13.3 Adjusted EBIT Net sales
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P. 7 © ITAB Group 2026. All rights reserved. Q4 financial development, MSEK * EBIT adjusted for non - recurring costs and excluding amortization of acquisition - related assets Net ► Pro forma net sales development of - 6% in Q4, but +3 % excluding currency effect. +5% for full year excl. currency ► Improving profitability year - on - year through positive mix effects and synergies ► Profitability still impacted negatively by performance in France and Türkiye where we are executing on turnaround activities ► The work of releasing synergies continues with aim on full EBIT effect 2027 of 30 MEUR PRO FORMA Q4 Net Sales at - 6% (+3% if excl. currency) while EBIT is stable at - 1% 1.872 1.771 24Q4 25Q4 3.643 3.422 - 6% Proforma HMY ITAB HMY & ITAB 172 314 106 199 152 95 24Q4 25Q4 24Q4 25Q4 324 201 - 3% - 1% Net Sales EBITDA EBIT*
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P. 8 © ITAB Group 2026. All rights reserved. PRO FORMA Net sales by customer group (incl. currency impact), MSEK ► Customer sector exposure is further diversified with HMY acquisition ► Home Improvement growing strong in Q4 through key clients in Southern Europe ► Loss prevention rollouts driving growth as well as positive mix ► The largest sectors in Others are Leisure & Sports, and Consumer Electronics, with negative QoQ development especially in Sports and Travel segment due to large rollouts 2H 2024 Strong growth in Home Improvements and Loss Prevention solutions in Q4 387 316 271 337 411 372 346 388 450 352 234 185 193 222 208 859 739 783 637 723 Q424 Q125 Q225 Q325 Q424 Q125 Q225 Q325 Q425 Q125 Q424 Q125 Q225 Q325 Q425 Q424 Q225 Q325 Q425 Q424 Q125 Q225 Q325 Q425 1.791 1.722 1.607 1.653 1.728 Q425 - 4% +6% - 5% - 11% - 16% Grocery DIY/Home Improvements Fashion / Apparel Other customer groups Health & Beauty Note : The Q424 sector data has been revised following a more detailed evaluation of customer sectors for the Proforma figures of HMY .
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P. 9 © ITAB Group 2026. All rights reserved. PRO FORMA Net sales by geographical area per quarter (incl. currency impact), MSEK Northern Europe Southern Europe Central Europe Eastern Europe ► Strong development in key markets Spain and Italy despite currency headwind ► UK showing some signal of growth but more driven by key customer performance than market uptick ► Northern Europe still somewhat cautious Strong development in Southern Europe if excluding currency headwind, as well as in the UK & Ireland UK & Ireland Rest of the W orld 24Q4 25Q1 25Q2 25Q3 1.664 1.598 1.592 1.496 25Q4 1.609 - 3% 452 426 389 306 416 24Q4 25Q1 25Q2 25Q3 25Q4 - 8% 467 457 361 485 458 24Q4 25Q1 25Q2 25Q3 25Q4 - 2% 278 236 261 266 286 24Q4 25Q1 25Q2 25Q3 25Q4 3% 316 280 238 245 256 24Q4 25Q1 25Q2 25Q3 25Q4 - 19% 466 310 401 499 399 24Q4 25Q1 25Q2 25Q3 25Q4 - 14%
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P. 10 © ITAB Group 2026. All rights reserved. Operating cash flow (not pro forma), MSEK ► Cash flow in Q4 at MSEK 821 (323) and for Rolling 12 at MSEK 785 (624) ► Following low/negative cash flow Q1 - Q3, we saw a significant release of AR in Q4, in line with normal seasonality but also driven by targeted initiatives across the organisation and with use of factoring ► During 2026 we will continue to leverage pockets of best practise across the organisation as well as the strength of our new Group also for capital efficiency ► Rolling 12 months cash conversion 72 % (target = 80%) ► Net debt down from 3,070 MSEK in Q3 to 2,333 in Q4 RTM operating cash flow at 785 MSEK impacted positively by NWC release and especially AR in Q4 376 64 77 160 323 26 -53 -9 821810 882 677 624 586 23Q4 24Q1 746 24Q2 24Q3 24Q4 25Q1 456 25Q2 287 25Q3 785 25Q4 +161 MSEK RTM
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P. 11 © ITAB Group 2026. All rights reserved. ITAB HMY Potential synergies 2 Aggre - gated 1 Δ ITAB pre - acquisition MEUR FY23A FY23A Net sales 543.8 541.2 20.0 1,105.0 +103% Adj. EBIT 38.3 27.1 3 30.0 95.4 +149% % margin 7.0% 5.0% 8.6% Net income 25.9 13.3 4 22.5 49.2 5 +90% % margin 4.8% 2.5% 4.5% No of shares (thousands) 217,558 253,220 +16% EPS 0.12 0.19 +58% Notes : FYE 31 Dec; ITAB financials converted from SEK to EUR based on exchange rate of 11.290 as of 24 September 2024. 1. The aggregated financial information presented in the table is for illustrative purposes only; HMY’s financial information is prepared in accordance with French GAAP and is based on consolidated trial balances; The aggregated financial information is not financial pro forma and has not been audited or otherwise reviewed by the companies’ auditors. 2. Annualised synergies, excluding restructuring / rationalisation costs; Yearly pre - tax synergies of MEUR 30 assumed including MEUR 20 of cost synergies and MEUR 10 EBITDA effect from commercial / revenue synergies of MEUR 20; Full synergy effect to be reached by 2027 with gradual materialisation from FY25 onwards; Applied to FY23 for illustrative purposes. 3. Extraordinary result is booked below EBIT (total extraordinary result was MEUR 9 in FY23A and includes the cost of restructuring and exiting business activities). 4. Excludes interest expenses based on current capital structure and other financial charges (incl. inventory and doubtful receivable provisions); Based on a 25% tax rate. 5. Includes impact of new debt issuance of M EUR 255; Assumes a tax rate of 25% for the group . Source : Company information. Strategic rationale in brief ► Geographically complementary to ITAB, given HMY’s strength in Spain, France, Middle East and South America ► HMY and ITAB together offers strengthened relevance to the combined customer base and will enable commercial synergies ► Significant increase in scale will lead to improved efficiency and synergies in both cost and capital Financial attractiveness ► Potential synergies of MEUR 30 p.a. will enhance EBITDA margins in the combined entity and improve earnings per share (full effect during 2027) ► Share dilution of 16% while estimated EBIT growth of 149%, resulting in estimated EPS growth of 58% ► Non - recurring integration costs of approximately MEUR 21 estimated over 3 years to realize the synergies identified We have a clear plan over the next few years towards synergy realization and EPS growth
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P. 12 © ITAB Group 2026. All rights reserved. Priorities for the future . GLAUCO FRASCAROLI
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“We have had a great start of the integration, but more work remains. Synergies exists and are starting to show” We have made significant progress during the year Deliver on the synergies Starting to realise procurement, commercial and SG&A synergies Developing common strategic priorities Establishing a common organisation Establishing a common organizational structure Exploring wanted leadership and cultural behaviors Ensuring business as usual Sustaining existing business with customers by retaining people, establishing common financial reporting and securing legal compliance © ITAB Group 2025. All rights reserved.
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Going forward Main priorities Continued focus on integration and our efforts to achieve MEUR 30 in identified synergies. Measures to improve our profitability continuously assessed and implemented if needed in all parts of the Group. Efforts to reduce our tied - up capital and debt. Launch of shared values and culture, ways of working, and strategic themes and priorities for ITAB Group in 2026. Presentation of the Group’s joint expertise and solutions to the retail market at EuroShop on 22 - 26 February. Co - creating retail experiences that connect people with brands they love
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P. 15 © ITAB Group 2026. All rights reserved. Questions?
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P. 16 © ITAB Group 2026. All rights reserved. Thank you!