Slides
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Interim Report Q2 2026/27 July – September 2026 (3 months) October 23, 2026 Jörgen Wigh, CEO Karin Mellegård Djärf, CFO
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Introduction to Lagercrantz Group Tech Group with leading positions in expansive niches ◼ B2B Tech Group offering value-creating technology in expansive niches. ◼ Revenues of MSEK 11,600 and about 4,000 employees. ◼ Decentralised organisation with about 85 profit centres in 5 divisions. ◼ Acquisitions a central part of the business model. ◼ Listed since 2001. (Nasdaq Stockholm, Large Cap) Lagercrantz Group TecSec 15 companies 10 countries Niche Products 21 companies 10 countries International 16 companies 8 countries Control 18 companies 9 countries Electrify 17 companies 11 countries
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0 100 200 300 400 500 600 700 800 900 1 000 1 100 1 200 1 300 1 400 1 500 1 600 1 700 1 800 0 1 000 2 000 3 000 4 000 5 000 6 000 7 000 8 000 9 000 10 000 11 000 12 000 13 000 14 000 15 000 16 000 17 000 18 000 Profits after financial items, MSEK Net sales Profit after financial items Interim Report Q2 2026/27 Revenues and profits Rolling 12 months, quarterly data 3 Decentralisation, & Mgmt by objectives Action program during financial crisis Operational improvements & Acquisitions Acquisitions (product companies) Organic growth & more acquisitions Towards 1 Billion Towards 2 Billion!
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Interim Report Q2 2026/27 Q2 - Business conditions ◼ The market conditions remained positive during Q2 ◼ Businesses exposed to electrification, infrastructure, security and defence delivered particularly strong growth, while demand in the construction sector remained sluggish. ◼ Customer activity and order intake, which were particularly strong in early summer, softened during July and August, but strengthened again towards the end of the period. ◼ Gross margin remained stable but signs of cost inflation, driven by higher raw material and freight prices, are prompting companies to seek compensation through price increases to customers. 4
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Interim Report Q2 2026/27 Q2 2026/27 July – September 2026 ◼ Revenues up 22% to MSEK 2,990 (2,457). ◼ Acquisitions +9%, organic growth +12%, currency +1%. ◼ EBITA up 21% to MSEK 531 (440). ◼ EBITA-margin at 17.8% (17.9). ◼ Profit after financial items up 24% to MSEK 425 (343). ◼ Cashflow from operations MSEK 270 (265). ◼ Profits after tax up 31% to MSEK 340 (260). 5
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Interim Report Q2 2026/27 6M 2026/27 April – September 2026 ◼ Revenues increased by 20% to MSEK 5,897 (4,930). ◼ Acquisitions +11%, organic growth +9%, currency 0%. ◼ EBITA increased 18% to MSEK 1,029 (872). ◼ EBITA-margin at 17.4% (17.7). ◼ Profit after financial items increased by 21% to MSEK 830 (686). ◼ Cashflow from operations MSEK 549 (553). ◼ Profit after tax increased by 25% to MSEK 655 (523). ◼ Return on Equity 31% (30) and Equity ratio 32% (31). ◼ Profit / Working Capital 72% (73). ◼ Earnings per share increased to SEK 6.45 (5.81 in FY 2025/26). ◼ 8 acquisitions completed since April 2026 with total annual revenues of MSEK 660. 6
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Comments by division Electrify Interim Report Q2 2026/27 ◼ Revenues +22% to MSEK 758 (622), of which acquisitions +4%, organically +18% and FX 0%. ◼ EBITA +19% to MSEK 157 (132) i.e., an EBITA-margin of 20.7% (21.2). ◼ Favourable market conditions drove strong organic growth. ◼ Broad-based growth throughout the division, but particularly good performance seen in Elpress, Elfac, Tykoflex, VP Metall and Elkapsling. ◼ The acquisition Michael Smith Switchgear UK, from the spring of 2026 posted a strong first half-year. 7 Mastsystem Elpress Nordic Road Safety
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Comments by division Control Interim Report Q2 2026/27 ◼ Revenues +29% to MSEK 410 (317), of which acquisitions +12%, organically +16% and FX 1%. ◼ EBITA MSEK 53 (48) i.e. an EBITA-margin of 12.9% (15.1). Earnings were affected by non-recurring restructuring costs and acquisition-related expenses. ◼ CP Cases, Nikodan, Radonova, Direktronik and Stegborgs reported strong development in the quarter. ◼ Continued headwinds in construction segment impacted parts of the division. ◼ Two acquisitions completed in August; bf1systems, UK, and Skandinavisk Radoninvest, Norway. ◼ Recently acquired Hycon (Denmark) performed in line with plan during the quarter. 8 Radonova Direktronik CP Cases
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Comments by division TecSec Interim Report Q2 2026/27 ◼ Revenues +37% to MSEK 672 (492) of which acquisitions +23%, organically +13% and FX 1%. ◼ EBITA +32% to MSEK 90 (68) i.e., an EBITA-margin of 13.4% (13.8). ◼ Several of the division’s security businesses, including Idesco and ISG Nordic, delivered strong performance during the quarter. ◼ PcP, the division’s largest business, reported increased sales and earnings across several markets. ◼ Market conditions remained weak for the construction-related businesses Laurea, Door and Joinery, and Principal Doorsets. ◼ The recently acquired medtech businesses, I Holland and Marsden, made a strong start as part of the division. 9 CW Lundbergs I Holland Idesco
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Comments by division Niche Products Interim Report Q2 2026/27 ◼ Revenues +19% to MSEK 618 (520) of which acquisitions +11%, organically +7% and FX 1%. ◼ EBITA +43% to MSEK 146 (102) i.e., an EBITA-margin of 23.6% (19.6). ◼ A strong second quarter with solid growth both organically and through acquisitions ◼ Particularly Asept, Prido, Tormek and Waterproof. ◼ Recently acquired Sit Right, Enskede Hydraul, Stalon and Nivex have all made a strong to very strong start within Lagercrantz. 10 SIB Products Prido Tormek
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Comments by division International Interim Report Q2 2026/27 ◼ Revenues +5% to MSEK 532 (506), of which acquisitions 0%, organically +5% and FX 0%. ◼ EBITA MSEK 92 (97) i.e., an EBITA-margin of 17.3% (19.2). ◼ Stable overall market conditions supported solid growth across the division. ◼ Improved margins in several businesses. ◼ Strong performance from Tebul (Finland), DP Seals (UK) and Unitronic (Germany). ◼ Results and year-on-year comparability were affected by delayed deliveries, as well as strong prior-year comparables in the road maintenance segment and parts of the maritime sector. 11 Libra Epoke Supply Plus
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12 Interim Report Q2 2026/27 Outcome by division
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Vision and financial goals ❖ Annual profit (EBT) growth >15% At least 1/3 organically and the rest through 8-12 acquisitions per year. ❖ Return on equity (ROE) > 25%. 13 Sustainable supplier of value- adding technologies with market-leading positions in several expansive niches.
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Building 5 divisions 14 Measurement and control technology bf1systems, CP Cases, Direktronik, Excidor, GasiQ, Geonor, He-Man, Hycon, Leteng, Load Indicator, MH Modules (MHM), Nikodan, Orax, Precimeter, Radonova, Stegborgs, Vanpee (DK, NO) MSEK 1,500 Security and safety solutions ARAS Security, COBS, CW Lundberg (CWL), Door & Joinery, Fireco, Frictape, Idesco, I Holland, ISG Nordic, Marsden, PcP, Principal Doorsets, R-CON, STV, Suomen Diesel Voima (SDV) MSEK 2,650 B2B product companies, building clusters in different niches Asept, Bereila, Hovicon, Enskede Hydraul, Forming Function, Nivex Topsafe, Prido, Profsafe, PST, Sajas, SIB, Sit Right, Stalon, Thermod, Tormek, Truxor, Vendig, VLT, Wapro, Waterproof, Westmatic MSEK 2,600 Focus Units Revenues Electrification and infrastructure MSEK 2,875 Cue Dee, EFC, Elfac, Elkapsling, Elpress, Enkom Active, Esari, KPRO, Letti, Mastsystem, MS Switchgear, Nordic Road Safety, Norwesco, PPV, Swedwire, Tykoflex, VP metall ACTE (DK, NO), DP Seals, Epoke, E-tech, Friggeråkers, G9, Glova Rail, ISIC, Libra, NST, Schmitztechnik, Skomø, Supply Plus, Tebul, Unitronic MSEK 2,000 Niche companies with a high degree of proprietary products TecSec 15 companies 10 countries Niche Products 21 companies 10 countries International 16 companies 8 countries Control 18 companies 9 countries Electrify 17 companies 11 countries ”Building sustainable positions in attractive segments with underlying structural growth”
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Financial targets Updated Jan 2026 15www.lagercrantz.com ◼ Reiterating ◼ Profit growth target of >15%/year ◼ EBT SEK 2 billion within 5 years, communicated in Oct 2023. ◼ EBITA%-target of 20% in 2-3 years. ◼ P/WC >60% (previously >45%) ◼ Target for existing and acquired businesses. ◼ Reiterating ROE target of >25%.
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Revenues grew 22% in Q2, i.e. the highest organic growth since 2021/22 Revenue growth by source, Group, % vs. same quarter prior year 16www.lagercrantz.com 33% 31% 30% 41% 23% 39% 38% 29% 28% 12% 6% 6% 10% 16% 20% 16% 10% 13% 16% 13% 18% 22% -10% 0% 10% 20% 30% 40% 50% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021/22 2022/23 2023/24 2024/25 2025/26 2026/27 Organic growth M&A FX Total growth
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Lagercrantz towards Two billion Acquisitions 17 ◼ Actively buying and building leading B2B Tech companies in expansive niches. ◼ 8-12 companies per year ◼ Well established acquisition process from gross list to integration. ◼ Acquisitions financed with cashflow from operations. 13 acquisitions since July 2025 adding MSEK 1,300 in annual business volume www.lagercrantz.com >95 acquisitions since 2006, including: 2020 as Group (Niche Products) 2023. Sassenus Packaging (Asept Group, Niche Products) Glova Rail (International) Supply Plus (International) Fireco (TecSec) Letti (Electrify) DP Seals (International) MH Modules (Control) Suomen Diesel Voima (TecSec) 2024. Prido (Niche Products) Nordic Road Safety (Electrify) Principal Doorsets (TecSec) CP Cases (Control) Mastsystem Int’l (Electrify) 2025. Track Analysis Systems (TASL) (Radonova, Control) Plast & Plåt Vägmärken (PPV) (Electrify) Van Leeuwen Test Group (VLT) (Niche Products) He-Man (Control) MT Miljøteknik (Wapro, Niche Products) Orax (Control) Epoke (International) Friggeråkers (International) Qvintus (Direktronik, Control) Sit Right (Niche Products) Ensked Hydraul (Niche Products) I Holland (TecSec) 2026. Michael Smith Switchgear (Electrify) Nivex Topsafe (Niche Products) FMK Trafikprodukter (NRS, Electrify) Hycon (Control) Stalon (Niche Products) Marsden (TecSec) Skandinavisk Radoninvest (Radonova, Control) bf1systems (Control)
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bf1systems www.lagercrantz.com ◼ bf1systems, a leading supplier of high- performance measurement sensors for pressure, temperature, force, position and speed. ◼ Sales are predominantly generated from the motorsport sector, with a growing presence in the defence, industrial, and marine markets. ◼ bf1 is based in Diss and Grantham, United Kingdom. The annual revenue is about 18 MGBP with good profitability. ◼ Acquisition of 88% of the shares, MD and Business Development Director are keeping 12%. ◼ bf1 will be part of the Control division. *) Financial years run from Feb to Jan; the year shown refers to the Feb start date. Source: Pro forma, adjusted for one-off items MGBP 2023* 2024* 2025* FC2026 * Sales 17.4 17.1 17.8 19 EBITA 2.6 2.8 3.5 3.8 EBITA% 15% 16% 20% 20%
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MSSL - Michael Smith Switchgear 19www.lagercrantz.com ◼ MSSL is a UK-based designer and manufacturer of bespoke low-voltage switchgear and electrical distribution assemblies, headquartered in Leicester. ◼ The company operates in a niche, engineering-intensive segment with a strong position in customized solutions based on its own design. ◼ MSSL offers a fully integrated capability covering design, manufacturing and testing. ◼ Lagercrantz has acquired 100% of the shares. ◼ Part of division Electrify from April 2026. Source: Pro forma MGBP 2023 2024 2025 FC 26/27 Sales 7.3 7.9 7.6 10.1 EBITA 1.1 1.5 1.2 2.1 EBITA (%) 15% 19% 16% 21%
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Hycon 20www.lagercrantz.com ◼ Hycon is a leading supplier of high-performance hydraulic tools and power packs for cutting, drilling, and pumping in harsh environments. ◼ Hycon is based in Støvring, Denmark, and serves customers in over 80 countries through a network of distributors. ◼ Acquisition of 95% of the shares, MD keeping 5%. ◼ Hycon is a part of the Control division from April 2026. Source: Pro forma MDKK 2023 2024 2025 FC 2026/27 Sales 52 39 52 60 EBITA 9 4 9 11 EBITA% 16% 11% 18% 20%
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Nivex Topsafe www.lagercrantz.com ◼ Nivex Topsafe is a leading manufacturer and distributor of safe storage products such as security cabinets, fire cabinets and safe rooms to private and public customers. ◼ The company has a strong market position in Sweden and adds to the division’s current operations (Profsafe) within safe storage. ◼ Annual revenue of approx. MSEK 100 with good profitability. ◼ Based in Höör, Sweden, with subsidiaries in Stockholm and Tczew, Poland. ◼ Lagercrantz acquired 100% of the shares. ◼ Part of Division Niche Products from April 2026. MSEK 2023 2024 2025 Sales 96 88 102 EBITA 12 12 15 EBITA (%) 12% 14% 15% Source: Pro forma
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Stalon 22www.lagercrantz.com ◼ Stalon is a manufacturer of silencers for hunting firearms. ◼ The company sells its products through distributors to specialized retailers and operates in approximately 20 countries, with Sweden and Germany as its largest markets. ◼ Annual revenue amounts to approximately SEK 36 million, with solid profitability. ◼ The company is based in Stalon, outside Vilhelmina, Sweden. ◼ Lagercrantz has acquired 88 percent of the shares in the company. ◼ From May 2026, Stalon will be part of the Niche Products division. MSEK 2023 2024 2025 Sales 38.6 33.4 36.2 EBITA 12.2 10.3 11.8 EBITA (%) 32% 31% 32% Source: Pro forma
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Marsden 23www.lagercrantz.com ◼ With 100 years of expertise, Marsden is a trusted and innovative provider of weighing equipment and related services. ◼ Customers include hospitals, community healthcare teams, GP practices and care homes as well as industrial customers and veterinary practices. ◼ Annual revenues of approx. GBP 6 million, prime focus being UK health sector. ◼ Marsden is based in Rotherham, England and has partners in America as well as continental Europe. ◼ Acquisition is for 100% of the shares. ◼ Marsden is part of division TecSec from June 2026. Source: 2023-2025 FY MGBP 2023 2024 2025 FC 26/27 Sales 7.5 6.9 6.3 6.5 EBITA 0.81 0.96 0.97 1.25 EBITA % 11% 14% 15% 19% Source: Pro forma
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Financial overview 24 16/17 17/18 18/19 19/20 20/21 21/22 22/23 23/24 24/25 25/26 26/27 RTM Q2 Revenues 3,096 3,410 3,932 4,180 4,091 5,482 7,246 8,129 9,389 10,609 11,576 EBITA 409 436 519 565 616 895 1,205 1,431 1,646 1,923 2,080 EBITA,% 13.2% 12.8% 13.2% 13.5% 15.1% 16.3% 16.6% 17.6% 17.5% 18.1% 18.0% EBT 351 358 431 460 502 741 968 1,116 1,298 1,523 1,667 EBT growth 14% 2% 20% 7% 9% 48% 31% 15% 16% 17% 20% Return on Equity 25% 23% 24% 23% 22% 28% 29% 27% 28% 29% 31% Earnings per share 1.34 1.40 1.68 1.80 1.91 2.80 3.70 4.25 4.93 5.81 6.45 EPS growth 14% 5% 20% 7% 6% 47% 32% 15% 16% 18% 21% Dividend per share 0.67 0.67 0.83 0.67 1.00 1.30 1.60 1.90 2.20 2.50 Dividend growth 14% 0% 25% -20% 50% 30% 23% 19% 16% 14% MSEK Interim Report Q2 2026/27
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www.lagercrantz.com
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26 Appendix Board of Directors Group Mgmt Daniel Andersson Head of Electrify Martin Sirvell Head of TecSec Division Mgmt Andreas Heder Head of Control Magnus Nilsson Head of Niche Products Jörgen Wigh VD och koncernchef Karin Mellegård Djärf CFO Jonas Ahlberg vVD & Head of M&A Fredrik Börjesson Styrelseordförande Anna Almlöf Anna MarsellMalin Nordesjö Jörgen Wigh VD och koncernchef Anders Claeson Patrik Klerck Head of International
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The share and owners 27 • B-share listed on Nasdaq Stockholm, Large Cap • Ticker: LAGR B Owners 2026-09-30 Shares Votes Anders Börjesson & Tisenhult-gruppen 5.6% 29.0% Fidelity Investments (FMR) 10.1% 7.8% Swedbank Robur Fonder 7.5% 5.2% SEB Investment Fonder 6.8% 4.8% Lannebo Asset Management 6.1% 4.3% Handelsbanken Fonder 4.3% 3.0% Jörgen Wigh 1.2% 3.0% Vanguard 3.9% 2.7% Per Säve 2.0% 1.8% Norges Bank Investment Management 2.3% 1.6%