Slides
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INTERIM REPORT JANUARY – SEPTEMBER 2026 23 OCTOBER 2026Q3
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Niklas Svensson Petter Moldenius 2 01. Introduction 02. Q3 2026 03. Q&A Today’s agenda and presenters:
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INTRODUCTION Q3 - 2026 Record Q3 — EBITA up 73% to SEK 120 million, an EBITA margin of 20.6% 3 Net Sales (SEKm) EBITA (SEKm) 222 260 357 436 582 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 +27% +33% 27 38 55 69 120 Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 +45% +73% Net Sales 582 (Q3 2025: 436) EBITA 120 (Q3 2025: 69) Operating cash flow 135 (Q3 2025: 46) Net debt / EBITDA* 1.4x (Q3 2025: 1.6x) *Net debt / EBITDA LTM – excl. IFRS 16 Sales +33% | EBITA +73% | Operating cash flow +191%
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INTRODUCTION Q3 - 2026 880 970 11,2% 11,6% 12,0% 12,6% 12,4% 11,3% 11,1% 11,6% 11,8% 12,5% 13,3% 13,6% 13,8% 14,6% 16,7% -8 -6 -4 -2 0 2 4 6 8 10 12 14 16 18 0 300 600 900 1.200 1.500 1.800 2.100 2.400 2.700 3.000 Q1 2025 Q3 Q4 Q1 2026 Q2 Q3Q2Q4 2022 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 1.028 1.065 1.103 Q4 1.207 1.304 1.402 1.476 1.550 1.141 1.688 1.786 1.939 2.084 15,4% 1.629 22% 25% 28% LTM EBITA margin rises to 16.7% — well above our 15% target 4 • Net sales increased by 33% to SEK 582 million (436), with organic growth of 18.8%. • EBITA amounted to SEK 120 million (69), an increase of 73.0%, of which organic growth was 42.6%. • EBITA margin of 20.6% (15.9) — the highest in Karnell’s history. The rolling 12-month margin rose to 16.7%. Part of the result reflects temporary factors, and Q3 is seasonally our strongest quarter. • Cash flow from operating activities amounted to SEK 135 million (46) for the quarter and SEK 256 million (89) for January–September. • ROCE (LTM) reached 16.4% under the updated definition (EBITA / average capital employed). • No acquisitions in the quarter — OBA Tf and flex7 are developing in line with expectations. • Net debt/EBITDA decreased to 1.4x (1.9x at end of Q2), well within our target of below 2x. Net Sales and EBITA% development LTM (SEKm) Highlights during the quarter:
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INTRODUCTION Q3 - 2026 357 436 582 82 64 Q3 2024 Q3 2025 Organic growth Acquired Growth 0 Currency effects Q3 2026 +22% +33% 55 69 120 30 21 Q3 2024 Q3 2025 Organic growth Acquired Growth 0 Currency effects Q3 2026 +26% +73% 5 Net Sales (SEKm) EBITA (SEKm) 15%19% 0% 31%43% -0.5% Group development – Record quarter — strong organic growth in both business areas, complemented by acquisitions
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INTRODUCTION Q3 - 2026 Product companies – Organic growth, market share gains and accretive acquisitions lift EBITA margin to 22.8% 6 Net Sales (SEKm) EBITA (SEKm) 171 249 310 29 32 Q3 2024 Q3 2025 Organic growth Acquired Growth 0 Currency effects Q3 2026 +45% +25% 29 46 71 14 11 Q3 2024 Q3 2025 Organic growth Acquired Growth Currency effects Q3 2026 0 +61% +54% 13%12% -0.1% 25%30% -1% • EBITA margin increased from 18.4% to 22.8%
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INTRODUCTION Q3 - 2026 Niche production companies – Strong and increasingly broad-based organic growth lifts EBITA margin to 23.6% 7 185 187 271 52 32 Q3 2024 Q3 2025 Organic growth Acquired Growth 0 Currency effects Q3 2026 +1% +45% 35 34 64 20 10 Q3 2024 Q3 2025 Organic growth Acquired Growth 0 Currency effects Q3 2026 -1% +87% 17%28% 0.2% 29%57% 0.2% Net Sales (SEKm) EBITA (SEKm) • EBITA margin increased from 18.4% to 23.6%
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INTRODUCTION Q3 - 2026 Operating cash flow per share (before dilution) and ROCE 8 137 135 172 174 175 165 175 220 265 307 387 2,7 2,6 3,3 3,3 3,3 3,1 3,3 4,1 5,0 5,8 7,2 0,0 0,5 1,0 1,5 2,0 2,5 3,0 3,5 4,0 4,5 5,0 5,5 6,0 6,5 7,0 7,5 8,0 0 50 100 150 200 250 300 350 400 450 500 550 600 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Operating cash flow per share, LTM (SEK) Operating cash flow, LTM (SEKm) Operating cash flow per share, LTM (SEK) 129 134 151 166 184 206 221 233 261 298 349 5 6 7 8 9 10 11 12 13 14 15 16 17 18 0 50 100 150 200 250 300 350 400 450 500 550 600 10,9% 10,4% 10,8% 10,9% 11,5% 12,2% 12,5% 12,8% 13,8% 14,7% 16,4% Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 ROCE (EBITA / Ø CE, 4 latest Q ) EBITA, LTM (SEKm) Return on capital employed (ROCE), LTM (SEKm and %)
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INTRODUCTION Q3 - 2026 Operating cash flow up 121% on LTM basis Cash flow from operating activities (LTM) (SEKm) • Strong cash flow in Q3, driven by higher earnings and a positive contribution from working capital of SEK 19 million (-20). • Cash flow from operating activities increased 121% on an LTM basis from Q3 2025 — LTM cash conversion of 111% (EBITA to operating cash flow). 175 220 265 307 387 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 +121% 9
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INTRODUCTION Q3 - 2026 Active acquirer, disciplined balance sheet: leverage down to 1.4x 10 SEKm 2023 2024 2025 Q3 2026 Interest bearing debt excl. IFRS 16 376 460 370 726 Cash and cash equivalents 190 286 57 188 Net debt excl. IFRS 16 186 174 313 537 EBITDA LTM excl. IFRS 16 161 198 271 390 Net debt / EBITDA LTM – excl. IFRS 16 1.2 0.9 1.2 1.4 Other non-operating liabilities Leasing 68 139 145 145 Contingent purchase considerations (Earn-outs) 37 47 28 11 Put/Call - options attributable to non-controlling interests 97 136 122 173 Financial net debt 388 496 608 867 • Strong cash flow and earnings from this year’s acquisitions reduced leverage to 1.4x (Q2: 1.9x), giving us flexibility to act on attractive opportunities. • Karnell typically acquires majority stakes above 90% with an option and long-term target to increase its share. Value of the option is reported as a liability on the balance sheet consisting of put/call options 1.2x0.9x1.2x 186 174 313 537 2023 2024 2025 Q3 2026 1.4x Net debt excl. IFRS 16 (SEKm)
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INTRODUCTION Q3 - 2026 Q3 2026 – Record quarter with broad-based organic growth in both business areas. EBITA margin of 20.6% and an LTM margin of 16.7%, well above our 15 per cent target. 11 Key take aways: • Record quarter — EBITA increased 73% to SEK 120 million and the EBITA margin reached 20.6%, the highest in Karnell’s history. The LTM EBITA margin rose to 16.7%. • Net sales grew 33% to SEK 582 million, driven by organic growth of 19% and acquisitions of 15%; organic EBITA growth of 43%. • Strong development in both business areas — EBITA margin of 23.6% in Niche production companies and 22.8% in Product companies. Part of the result reflects temporary factors and Q3 is seasonally strongest, so it should not be seen as a new normal level. • Strong cash generation — operating cash flow of SEK 135 million in the quarter (46) and SEK 256 million year-to-date (89), reducing leverage to 1.4x. • Disciplined M&A — OBA Tf and flex7 are developing in line with expectations; an active pipeline and a strong balance sheet give us flexibility to act when the right opportunities arise.
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Thanks for listening Questions?