Slides
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Presentation Interim report January−September 2026 23 October 2026
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THE GROUP’SFINANCIALPERFORMANCE 2 THIRD QUARTER NINE MONTHS MSEK 2026 2025 Change 2026 2025 Change Net sales 7,407 6,842 8.3%1 22,288 20,717 7.6%2 EBITA 1,708 1,543 10.7% 5,072 4,600 10.3% EBITA margin 23.1% 22.6% 0.5 22.8% 22.2% 0.6 Profit before tax 1,323 1,124 17.7% 3,932 3,437 14.4% Net profit for the period 986 900 9.5% 2,930 2,624 11.7% Operating cash flow 1,662 1,394 19.2% 3,514 3,138 12.0% Earnings per share 2.15 1.96 9.7% 6.38 5.71 11.7% Return on capital employed 20.5% 20.5% 0.0 20.5% 20.5% 0.0 Return on capital employed, excl. goodwill 127% 131% -4 127% 131% -4 1 Of which organic growth 1.6%, acquisitions 5.6% and FX effects 1.1%. 2 Of which organic growth 2.5%, acquisitions 6.6% and FX effects -1.5% EBITA is calculated excluding acquisition costs.
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THE BUSINESS AREAS’ FINANCIALPERFORMANCE 3 DENTAL MSEK THIRD QUARTER NINE MONTHS 2026 2025 Change 2026 2025 Change Net sales 1,587 1,493 6.3% 4,911 4,737 3.7% EBITA 357 329 8.5% 1,115 1,013 10.1% EBITA margin 22.5% 22.1% 0.4 22.7% 21.4% 1.3 EBITA is calculated excluding acquisition costs. From Q226, Lifco reports five business areas. The Q126 report and this presentation include sales, EBITA and EBITA margin per quarter 2024– 2026 and full year 2015–2025 for the new business areas Environmental Technology and Transportation Products. These two business areas were previously divisions of Systems Solutions. All Systems Solutions figures have been recalculated to reflect that these two former divisions now constitute business areas. DEMOLITION & TOOLS MSEK THIRD QUARTER NINE MONTHS 2026 2025 Change 2026 2025 Change Net sales 1,741 1,667 4.4% 5,127 5,081 0.9% EBITA 428 422 1.6% 1,236 1,283 -3.6% EBITA margin 24.6% 25.3% -0.7 24.1% 25.3% -1.2 ENVIRONMENTAL TECHNOLOGY MSEK THIRD QUARTER NINE MONTHS 2026 2025 Change 2026 2025 Change Net sales 880 873 0.8% 2,625 2,514 4.4% EBITA 255 254 0.4% 715 663 7.7% EBITA margin 28.9% 29.1% -0.2 27.2% 26.4% 0.8 TRANSPORTATION PRODUCTS MSEK THIRD QUARTER NINE MONTHS 2026 2025 Change 2026 2025 Change Net sales 1,002 915 9.5% 3,207 2,687 19.4% EBITA 206 210 -1.7% 722 606 19.0% EBITA margin 20.6% 22.9% -2.3 22.5% 22.6% -0.1 SYSTEMS SOLUTIONS MSEK THIRD QUARTER NINE MONTHS 2026 2025 Change 2026 2025 Change Net sales 2,197 1,894 16.0% 6,418 5,699 12.6% EBITA 515 370 39.3% 1,445 1,167 23.8% EBITA margin 23.4% 19.5% 3.9 22.5% 20.5% 2.0
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1.1 1.9 2.1 2.6 3.0 3.6 5.5 5.6 5.7 8.5 8.6 9.8 10.6 0 2 4 6 8 10 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 LTM STRONG GROWTH IN CASH FLOW PER SHARE SINCE IPO 4 Free cash flow per share after capex and before dividends and acquisitions CAGR 2014−2026 LTM 20.8% As of Q125, dividends to non -controlling interests have been deducted from free cash flow in all data points. In previous quarterly presentations, these dividends were not deducted.
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NET DEBT DEVELOPMENT AND BALANCE SHEET 5 Net debt development MSEK 30 Sep 2026 31 Dec 2025 30 Sep 2025 Intangiblefixed assets 28,590 26,817 27,109 Tangiblefixed assets 3,526 3,150 3,082 Financialassets 505 467 476 Inventory 4,815 4,314 4,640 Accountsreceivable 4,054 3,434 3,783 Other receivables 1,544 1,046 1,231 Cash and cash equivalents 1,383 1,878 1,467 Total assets 44,416 41,106 41,789 Shareholders' equity 22,068 19,277 18,779 Interest-bearingliabilities 10,987 10,995 11,848 Other liabilitiesand provisions 5,592 5,663 5,566 Accountspayable 1,785 1,829 1,932 Other short-term liabilities 3,985 3,342 3,663 Total equity and liabilities 44,416 41,106 41,789 Net debt 12,321 12,048 13,263 Net debt/EBITDA 1.6x 1.7x 1.9x Interest-bearingnet debt/EBITDA 1.0x 1.1x 1.3x Capital employedexcl. goodwill and other intangibleassets 5,348 4,770 4,772 ROCE excl. goodwill and other intangibleassets 127% 132% 131% Capital employedincl. goodwill and other intangibleassets 33,051 30,764 30,411 ROCE incl. goodwill and other intangibleassets 20.5% 20.5% 20.5% Balance sheet MSEK Times As from 2019 net debt/EBITDA includes leasing according to IFRS 16. 0 1 2 3 4 0 2000 4000 6000 8000 10000 12000 14000 Net debt Net debt/EBITDA Target range
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ACQUIRED VS ORGANIC EBITA GROWTH 6 MSEK Average 2015− 2025 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 EBITA1 6,318 5,917 5,664 4,662 3,709 2,702 2,523 2,168 1,732 1,377 1,186 EBITA from acquisitions2 575 482 536 401 488 222 221 197 198 152 118 EBITA growth from acquisitions 12% 10% 9% 12% 11% 18% 9% 10% 11% 14% 13% 12% Organic EBITA growth 6% 0% -4% 6% 11% 21% 0% 3% 10% 10% 3% 8% FX EBITA growth 1% -3% 0% 4% 4% -2% -2% 3% 4% 1% 0% 3% Total EBITA growth 19% 7% 5% 22% 26% 37% 7% 16% 25% 26% 16% 23% 1 EBITA is defined as operating profit before amortisation and impairment of intangible assets arising from acquisitions. 2 EBITA from acquisitions that were consolidated the previous year plus the part of the current year’s acquisitions that is inc luded in the reported result.
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DEVELOPMENT 2015–2025 7 MSEK CAGR 2015– 2025 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 EBITA 18% 6,318 5,917 5,664 4,662 3,709 2,702 2,523 2,168 1,732 1,377 1,186 EPS1 16% 8.00 7.27 7.21 6.13 5.26 3.67 3.31 3.06 2.39 2.00 1.78 Interest-bearing net debt 15% 7,801 7,750 6,849 5,590 4,603 3,242 4,040 3,170 3,536 3,018 1,950 Interest-bearing net debt/EBITDA N/A 1.1 1.2 1.1 1.1 1.1 1.1 1.4 1.4 1.9 2.0 1.5 Operating cash flow 18% 5,124 4,630 4,458 3,069 2,938 2,812 1,990 1,533 1,326 1,084 948 Dividend paid during the year 17% 1,090 954 818 681 545 477 418 363 318 273 236 Acquisition spend (cash flow effect) during the year N/A 3,360 2,891 3,718 2,295 2,990 1,056 1,781 500 1,378 1,608 573 EV of acquired entities during the year2 N/A 3,913 3,676 4,335 2,247 3,496 1,194 2,161 695 1,584 1,649 527 Full year EBITA estimate of acquired entities2 N/A 598 508 659 353 595 154 287 110 223 204 107 1 Number of shares adjusted for split in 2021. 2 For acquisitions consolidated during the year (data from “Acquisitions” in Q4 reports) – purchase consideration adjusted for ca sh and assumption of external interest-bearing liabilities in acquired companies.
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ONE T ARGET : TO INCREASE PROFITS EVERY YEAR 8 Prior to 2015, Environmental Technology and Transportations Products are reported as divisions within Systems Solutions. IFRS accounting since 2012, prior years Swedish GAAP . EBITA before acquisition costs and non-recurring items (MSEK) Dental Demolition & Tools Systems Solutions Sales CAGR 2006 –2026 LTM 12.9% EBITA CAGR 2006–2026 LTM 17.3% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 LTM EBITA margin 14.2% 15.0% 15.3% 17.3% 18.1% 18.2% 19.6% 21.2% 21.6% 23.2% 22.6% 22.4% 22.8% Environmental Technology Transportation Products
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20.9% 20.5% 20.5% 0% 5% 10% 15% 20% 25% 2024 2025 2026 LTM 128% 132% 127% 0% 20% 40% 60% 80% 100% 120% 140% 160% 2024 2025 2026 LTM CAPIT AL EMPLOYED 9 ROCE excluding goodwill and other intangible assets ROCE including goodwill and other intangible assets 12.5% 50% T arget ranges
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MANAGEMENT AND CHAIRMAN 10 Josef Alenius Head of Business Area Systems Solutions Hired in 2004. Appointed in 2026. Born: 1978 Education • MSc in Engineering Experience • MD Texor, Indexator Rotator Systems, and Hultdin System Own and related parties’ holdings 17,575 Class B shares Per Waldemarson CEO Hired in 2006. Appointed in 2019. Born: 1977 Education • MSc in Business Administration, Stockholm School of Economics Experience • Deputy CEO Lifco, Head of Business Area Dental, CEO Brokk, Management Consultant Bain & Co Own and related parties’ holdings 513,500 Class B shares, 450,000 Class B shares through Pension Scheme Carl Bennet Chairman Born: 1951 Other assignments • Deputy Chairman and main owner of Arjo, Elanders and Getinge • Member of the Board of L E Lundbergföretagen Holdings via companies 30,379,850 Class A shares 197,502,023 Class B shares Therése Hoffman CFO Hired in 2007. Appointed in 2011. Born: 1971 Education • International Marketing, Mälardalens Högskola Experience • CFO Nordenta Own and related parties’ holdings 1,500 Class B shares Thomas Friedrich Head of Business Area Demolition & Tools Joined Lifco 2007. Appointed in 2026. Born: 1965 Education • Mechanical engineer Experience • MD Kinshofer Group. Joined Lifco through the acquisition of Kinshofer 2007. Prior to that, MD Kinshofer North America and Chief Engineer at Kinshofer Own and related parties’ holdings 5,000 Class B shares Jonas Redin Head of Business Area Dental Hired in 2013. Appointed in 2026. Born: 1982 Education • Education in Business Administration Experience • CEO DAB Dental, CEO M+W Dental Müller & Weygandt, CEO Lifco Dental International and CEO Lifco Dental Own and related parties’ holdings 29,850 Class B shares, 19,650 Class B shares through Pension Scheme
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LIFCO DEVELOPS LEADING NICHE B2B COMPANIES 11 Leading suppliers of consumables, equipment, dental technology and service to dentists in Europe and the US World leading suppliers of demolition robots and crane attachments and leading global suppliers of attachments to forest machines and excavators Wide range of leading solutions providers in Contract Manufacturing, Infrastructure Products and Special Products Leading suppliers of solutions that improve work environments, reduce environmental impact or are used for recycling Leading suppliers of high-quality niche products for transportation vehicles, the aerospace industry and industrial applications Dental Sales 22% EBITA 21% Business areas share of sales and EBITA 2026 LTM Demolition & Tools Sales 23% EBITA 23% Environmental Technology Sales 12% EBITA 14% Transportation Products Sales 14% EBITA 15% Systems Solutions Sales 29% EBITA 27% Sales 2026 LTM 29,822 MSEK EBITA 2026 LTM 6,790 MSEK
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A SAFE HA VEN FOR YOUR BUSINESS 12 • All decisions taken at local management level • No forced synergies or integration • Lifco has never moved a business The business stays independent and local • Lifco basically never sells a companyLifco is a long-term owner • No big shake-outs. We look for stable growth of profits Incremental and continuous development • Our culture is based on simplicity, common sense and minimised bureaucracy • Lifco’s employees tend to stay on forever Long-term managers and employees
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DECENTRALISED PROFIT-ORIENTED CULTURE 13 • Focus on customers with potential for sustainable profit growthContinuous pricing optimisation • Motivated managers who deliver resultsRight person in the right position • Focus on value adding personnel and minimised bureaucracyOptimised management structure • Strong cash flow also in growth phasesCash flow in focus • Focus on the value creating parts of the businessOutsourced non-core functions • Investments in value creating activities to secure long -term profit growthLong-term perspective
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SUST AINABILITYANESSENTIAL PART OFOUR BUSINESS STRA TEGY 14 Climate targets validated by SBTi CSRD/ESRS sustainability report for year 2025 Invest in niche companies with a sustainable business model UN Global Compact signatory since 2016
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PRIORITISED SUST AINABILITY AREAS AND CENTRAL TARGETS 15 Motivated employees and safe workplaces Sound business practicesReduced climate and environmental impact Near-term science-based targets, validated by SBTi: Lifco commits to reduce absolute scope 1 and 2 GHG emissions 42% by 2030 from a 2023 base year.1 Lifco also commits that 10% of its customers by revenue covering use of sold products, will have science-based targets by 2029. 1The target boundary includes land-related emissions and removals from bioenergy feedstocks. Reduce staff turnover every year Every year reduce the number of workplace accidents per employee leading to more than three days of absence Increase the percentage of female wage-setting managers every year All employees must be informed about the Code of Conduct every year Zero tolerance for corruption Zero tolerance for non-compliance with regulations and/or voluntary industry guidelines on quality, product information or marketing Zero tolerance for breaches of customer confidentiality and/or loss of customer data or criticisms from regulatory authorities regarding handling of personal data
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GEOGRAPHIC FOOTPRINT 16Geographic sales split financial year 2025. Sweden 9% Germany 15% Rest of Europe 23% Asia & Australia 8% Rest of world 1% North America 9% Norway 7% Italy 6% UK 13% Finland 9%
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Software and services 5% Prosthetics 16% Manufacturing 25% DENTAL 17 Sales split 2025 EBITA and % of total EBITA1 2026 LTM Sales split by geography 2025 Distribution 54% 1Excluding HQ costs. Germany 33% Norway 10% Sweden 10% Rest of Europe 40% North America 5% APAC 2% Dental 21% 1,434 MSEK
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0% 5% 10% 15% 20% 25% 0 200 400 600 800 1000 1200 1400 1600 EBITA EBITA margin, % 890 1048 1435 1663 1674 2439 2840 2826 3266 3435 3590 3817 4185 4393 4290 5123 5295 6030 6306 6331 6505 DENTAL FINANCIAL OVERVIEW 18 Sales (MSEK) CAGR 2015 −2026 LTM 6.0% EBITA (MSEK) and EBITA margin CAGR 2015 −2026 LTM 8.0%
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DENTAL 19 Distribution ManufacturingProsthetics M+W Dental GmbH Software and services
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Demolition & Tools 23% Demolition machines 24% DEMOLITION & TOOLS 20 Attachments for excavators and cranes 59% Sales split 2025 EBITA and % of total EBITA1 2026 LTM Sales split by geography 2025 North America 15% APAC 12% Rest of Europe 30% Rest of world 2% Sweden 5% Germany 13% Italy 12% UK 11% 1,635 MSEK Other niche machinery 17% 1Excluding HQ costs.
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373 743 1039 736 862 992 1176 1189 1289 1574 1725 2261 2820 3610 3234 4701 6285 7097 6444 6760 6807 DEMOLITION & TOOLS FINANCIAL OVERVIEW 21 0% 5% 10% 15% 20% 25% 30% 0 200 400 600 800 1000 1200 1400 1600 1800 2000 EBITA EBITA margin, % Sales (MSEK) CAGR 2015 −2026 LTM 14.2% EBITA (MSEK) and EBITA margin CAGR 2015 −2026 LTM 13.8%
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DEMOLITION & TOOLS 22 Demolition Machines Attachments for Excavators and Cranes Other Niche Machinery
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Recycling products 25% Environmental Technology 14% ENVIRONMENT AL TECHNOLOGY 23 Marine 52% Sales split 2025 EBITA and % of total EBITA1 2026 LTM Sales split by geography 2025 North America 16% APAC 28% Rest of world 3% Rest of Europe 27% Germany 10% Norway 9% UK 7% 964 MSEK Industrial 23% 1Excluding HQ costs.
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0% 5% 10% 15% 20% 25% 30% 0 200 400 600 800 1000 EBITA EBITA margin, % 583 1006 1124 1463 1855 1689 2074 2903 3152 3414 3475 3586 ENVIRONMENT AL TECHNOLOGY FINANCIAL OVERVIEW 24 Sales (MSEK) CAGR 2015 −2026 LTM 18.0% EBITA (MSEK) and EBITA margin CAGR 2015 −2026 LTM 26.4%
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ENVIRONMENT AL TECHNOLOGY 25 IndustrialRecycling Products Marine
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Rest of world 1% TRANSPORT ATION PRODUCTS 26 EBITA and % of total EBITA1 2026 LTM Sales split by geography 2025 Sweden 4% France 11% Germany 10% Rest of Europe 25% North America 4% APAC 5% Transportation Products 15% UK 29% Italy 11% Industrial mobility 18% Service vehicles 56% Sales split 2025 1,043 MSEK Mobility accessories 26% 1Excluding HQ costs.
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504 558 554 660 774 1314 1725 2336 2740 3374 3822 4342 TRANSPORT ATION PRODUCTS FINANCIAL OVERVIEW 27 0% 5% 10% 15% 20% 25% 30% 0 200 400 600 800 1000 1200 EBITA EBITA margin, % Sales (MSEK) CAGR 2015 −2026 LTM 21.6% EBITA (MSEK) and EBITA margin CAGR 2015 −2026 LTM 35.1%
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TRANSPORT ATION PRODUCTS 28 Service Vehicles Mobility Accessories Industrial Mobility
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SYSTEMS SOLUTIONS 29 EBITA and % of total EBITA1 2026 LTM Sales split by geography 2025 Sweden 17% UK 14% Rest of Europe 24% North America 4% APAC 3% Rest of world 1% Systems Solutions 27% Finland 25% Norway 12% Special products 28% Infrastructure products 27% Contract manufacturing 45% Sales split by division 2025 1,921 MSEK 1Excluding HQ costs. All figures have been recalculated to reflect that the former divisions Environmental Technology and Transportations Products now constitute business areas.
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0% 5% 10% 15% 20% 25% 0 500 1000 1500 2000 2500 EBITA EBITA margin, % 1805 2107 2275 2828 3214 3255 3857 4732 5436 6599 7863 8582 SYSTEMS SOLUTIONS FINANCIAL OVERVIEW 30 All figures have been recalculated to reflect that the former divisions Environmental Technology and Transportations Products now constitute business areas. Sales (MSEK) CAGR 2015 −2026 LTM 15.2% EBITA (MSEK) and EBITA margin CAGR 2015 −2026 LTM 25.9%
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SYSTEMS SOLUTIONS 31 Contract Manufacturing Infrastructure Products Special Products
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50% 60% 70% 80% 90% 100% 0 1000 2000 3000 4000 5000 6000 Operating cash flow after tax, before investments, MSEK Cash flow conversion, % STRONG CASH FLOWGENERA TION 32 Capex and acquisitions 2Operating cash flow after tax, before investments 1 • Low required maintenance capex within the Group. • Due to outsourcing of a large share of basic manufacturing, investments in subsidiaries with own production can be minimised. • High cash conversion as a result of focus on asset light operations combined with tight control of working capital. 1 Cash flow conversion defined as operating cash flow after tax divided by EBITA before acquisition costs. 2 Refers to investments in tangible fixed assets. 0.8% 1.0% 1.2% 1.4% 1.6% 1.8% 2.0% 0 500 1000 1500 2000 2500 3000 3500 4000 Capex Acquisitions Capex/sales
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13 30 1 13 OVERVIEW OF ACQUISITIONS 2006–2012 33 Year Company Description Type Country Sales at acquisition Total sales MSEK 2006 Darda Producer of attachments for demolition robots Demolition & Tools Germany MEUR 8 132Dental Prime Distributor of dental equipment and services Dental Finland MEUR 3 Elektronikprodukter i Järlåsa Producer of high-quality electronics Systems Solutions Sweden MSEK 30 2007 Hekotek Producer of sawmill equipment Systems Solutions Estonia MEUR 13 1,328 Kinshofer Producer of tools for excavators and cranes Demolition & Tools Germany MEUR 66 Oriola Dental Distributor of consumables and equipment Dental Finland MEUR 45 Plass Data Dental Producer of IT-systems for dental clinics Dental Denmark MDKK 7 Proline Relining of plumbing systems Systems Solutions Sweden MSEK 120 Safe Dental IT services to dental clinics Dental Sweden MSEK 2 Zetterströms Rostfria Producer of quality products in stainless steel Systems Solutions Sweden MSEK 50 2008 Endomark Distributor of consumables and equipment Dental Sweden MSEK 9 184Tevo Producer of interiors for vehicles Transportation Products UK MGBP 8 XO Care Denmark A/S Distributor of dental equipment and services Dental Denmark MDKK 77 2009 Aponox Producer of tools for excavators and cranes Demolition & Tools Finland - 53Ellman Produkter Distributor of consumables Dental Sweden MSEK 43 Interdental Distributor of prosthetics Dental Norway MSEK 10 2010 ATC Distributor of Brokk machines Demolition & Tools France MEUR 5 48 2011 EDP Distributor of consumables and equipment Dental Germany MEUR 119 1,460 NETdental Distributor of consumables Dental Germany MEUR 20 RF-System Producer of tools for excavators and cranes Demolition & Tools Sweden MSEK 80 Wintech Producer of high quality electronics Systems Solutions Sweden MSEK 125 2012 Ahlberg Cameras Producer of camera systems for the nuclear industry Demolition & Tools Sweden MSEK 73 73 2 28 21
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34 OVERVIEW OF ACQUISITIONS 2014–2016 Year Company Description Type Country Sales at acquisition Total sales MSEK 2014 MDH Producer of dental prosthetics Dental Germany MEUR 44 400 2015 Auger Torque Producer of earth drills Demolition & Tools UK MGBP 10 485 J.H. Orsing Dental products Dental Sweden MSEK 20 Preventum Partner Accounting services and quality systems Dental Sweden MSEK 10 Rapid Granulator Manufacturer of granulators Environmental Technology Sweden MSEK 300 Sanistål interior for vehicles Producer of interiors for vehicles Transportation Products Denmark MDKK 25 Smilodent Dental products Dental Germany MEUR 4.8 Top Dental Manufacturer of disinfectants Dental UK MGBP 3.4 2016 Aquajet Systems Manufactures hydro-demolition robots Demolition & Tools Sweden MSEK 60 1,210 Auto-Maskin1 Diesel control units for marine use Systems Solutions Norway MNOK 130 Cenika AS Electrical equipment for low voltage Systems Solutions Norway MNOK 160 Dens Esthetix Prosthetics Dental Germany MEUR 1.4 Design Dental Imports and manufactures prosthetics Dental Denmark MDKK 13 Endodonti products Dental products Dental Sweden MSEK 10 Nordesign Supplier of LED lighting Systems Solutions Norway MNOK 64 Parkell Manufactures and sells dental consumables Dental USA MUSD 29 Praezimed Service of dental instruments Dental Germany MEUR 2.5 Redoma Recycling Producer of recycling machines for cables Environmental Technology Sweden MSEK 25 TMC/Nessco Supplier of marine compressors and spare parts Environmental Technology Norway MNOK 525 1Announced in 2015.
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OVERVIEW OF ACQUISITIONS 2017 35 Year Company Description Type Country Sales at acquisition Total sales MSEK 2017 Haglöf Sweden Professional forest inventory instruments Systems Solutions Sweden MSEK 60 1,000 Hultdins Manufactures tools for forest machines Demolition & Tools Sweden MSEK 152 Silvent Energy optimisation and work environment Environmental Technology Sweden MSEK 120 Solebee’s Attachments to excavators and skidsteer loaders Demolition & Tools USA MUSD 11 Pro Optix Equipment for the European fiber optic market Systems Solutions Sweden MSEK 62 Perfect Ceramic Dental1 Dental laboratory Dental China MHKD 118 Hydal Supplier of aluminium cabinets Systems Solutions Norway MNOK 50 Fiberworks Equipment for the European fiber optic market Systems Solutions Norway MNOK 93 Elit Wholesaler of electric installations and power generation Systems Solutions Norway MNOK 38 CDL and Hohenstücken Dental laboratories Dental Germany MEUR 1.3 Blinken Construction material Systems Solutions Norway MNOK 124 Wachtel Construction material Systems Solutions Germany MEUR 2 Doherty Excavator products Demolition & Tools New Zealand MNZD 14 180% of the total sales are generated by Lifco’s dental company MDH in Germany.
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OVERVIEW OF ACQUISITIONS 2018–2019 36 Year Company Description Type Country Sales at acquisition Total sales MSEK 2018 Computer konkret Software for dentists Dental Germany MEUR 3.8 580 Spocs Assembling and testing of electronic products Systems Solutions Sweden MSEK 61 Dental Direkt - 3D Dental Distributor of dental products Dental Norway and Denmark MNOK 95 MDKK 25 Assets from Toolpack Interior for service vehicles Transportation Products Norway MNOK 40 Flörchinger Zahntechnik Dental laboratory Dental Germany MEUR 1.7 Wexman Professional workwear Systems Solutions Sweden MSEK 46 Denterbridge Dental laboratory Dental France MEUR 9 Rhein 83 Dental manufacturer Dental Italy MEUR 8 ERC Systems Relining Systems Solutions Sweden MSEK 20 2019 Indexator Rotator Systems Rotators for the forest industry Demolition & Tools Sweden MSEK 300 1,277 Hammer Hydraulic breakers Demolition & Tools Italy MEUR 20 UK POS Visual display solutions Systems Solutions UK MGBP 12 Rustibus Worldwide Marine equipment Environmental Technology Norway MNOK 56 Ergopack Mobile pallet strapping systems Environmental Technology Germany MEUR 22 Brian James Trailers Car trailers Transportation Products UK MGBP 26
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OVERVIEW OF ACQUISITIONS 2020 37 Year Company Description Type Country Sales at acquisition Total sales MSEK 2020 Rönvig Dental Manufacturing Dental Dental Denmark MDKK 30 ~770 Workplace Safety Dental Dental Denmark MDKK 79 Dental Grupa Distributor of dental products Dental Croatia MSEK 94 Cramaro Tarpaulin Systems Tarpaulin systems Transportation Products Italy MEUR 27 TrollDental product portfolio Dental products Dental Sweden MSEK 25 Consys Dental software Dental Germany MEUR 1.9 Tastitalia Manufacturer of tailor-made touch panels, displays and keypads Systems Solutions Italy MEUR 12.2 Swallow Distributor of dental consumables Dental UK MGBP 3.9 Sendoline Manufacturer of dental products Dental Sweden MSEK 38 ContacEZ product portfolio Dental products Dental USA MUSD 2.2
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OVERVIEW OF ACQUISITIONS 2021 38 Year Company Description Type Country Sales at acquisition Total sales MSEK 20213 Kaniedenta 1 Manufacturing and sales of dental consumables Dental Germany MEUR 29 ~2,000 Rissmann Dental1 Prosthetics Dental Germany MEUR 4.1 T.Freemantle Manufacturer of cartooning and sleeving machinery Systems Solutions UK MGBP 5.0 MultiOne Manufacturer of mini loaders and attachments Demolition & Tools Italy MEUR 27 Cleveland Cascades Design and manufacture of bespoke dry bulk loading chutes Environmental Technology UK MGBP 5.1 Kentzler-Kaschner Distributor of dental products Dental Germany MEUR 3.6 Medema Distributor of dental products Dental Czech Republic MCZK 26 Spinaclean Develops and sells vacuum cleaners and pressure washers for high-level cleaning Environmental Technology UK MGBP 5.8 Cangini Benne Manufacturer of attachments for excavators and front loaders Demolition & Tools Italy MEUR 35 ErgoPack’s distributor in the US2 Distributor of ErgoPack’s products in the US Environmental Technology USA MUSD 4.2 Elvärmeprodukter i Skellefteå Distributor of heating products for floor, roof, ground and frost protection Systems Solutions Sweden MSEK 38 DVG De Vecchi Manufacturer and distributor of components for coffee machines Systems Solutions Italy MEUR 16 Next Hydraulics Manufacturing of telescopic cranes, mainly for light vechicles, and stabilisers for vehicles Transportation Products Italy MEUR 21 Bode Components Manufacturer of safety products for elevators Systems Solutions Germany MEUR 5 Anidem Computers IT services for dental clinics Dental Sweden MSEK 4 Easy Life International Manufacturer of water purification and plant nutrition for aquariums Environmental Technology Netherlands MEUR 3.3 Truck-line Manufacturer of high-end lightbars for trucks Transportation Products Germany MEUR 15 Zenith Dental4 Distributor of dental products Dental Denmark MDKK 21 Cenec Tavlebygg4 Manufactures low voltage electrical supplies Systems Solutions Norway MNOK 17 Cormidi5 Manufacturer of mini dumpers and mini loaders Demolition & Tools Italy MEUR 13 1Announced in 2020. 2100% of the total sales are generated by Lifco’s German subsidiary ErgoPack GmbH. 3 As of Q3 2021 Lifco only announces acquisitions through press releases with a total turnover of more than MSEK 10. 4 Consolidated January 2022. 5 Consolidated March 2022.
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OVERVIEW OF ACQUISITIONS 2022 39 Year Company Description Type Country Sales at acquisition Total sales MSEK 2022 Specialists Alarm Services Develops and manufactures staff attack and nurse call systems Dental UK MGBP 3.9 ~1,315 BCC Solutions Supplier of fiber equipment Systems Solutions Finland MEUR 11 Trevi Benne Manufactures excavator tools and attachments Demolition & Tools Italy MEUR 37 Oslo Dental Distributor of dental products Dental Norway MNOK 27 EFKA Holding Manufactures customised aluminum frames Systems Solutions Netherlands MEUR 11.6 Condale Plastics Manufactures bespoke plastic extrusions Systems Solutions UK MGBP 18 Heinz Schuller Distributor of cable support system and products for lightning protection Systems Solutions Germany MEUR 22 Medtec Medizintechnik Manufacturer of equipment and consumables based on MR-technology for joint treatment Dental Germany MEUR 6.6 Prolec Developer of software and hardware solutions for the construction industry Demolition & Tools UK MGBP 4 Welte Dentallabor1 Prosthetics Dental Germany MEUR 1.3 Doxa Dental 1 Develops, manufactures and commercialises bioceramic dental materials Dental Sweden MSEK 12 1 Consolidated January 2023.
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OVERVIEW OF ACQUISITIONS 2023 40 Year Company Description Type Country Sales at acquisition Total sales MSEK 2023 Real Spirit of Coffee Supplier of high-end coffee machines and consumables Systems Solutions UK MGBP 24 ~2,230 Broughton Plant Hire and Sales Provider of plant hire solutions for the construction industry Demolition & Tools UK MGBP 22 Didsbury Engineering Supplier of equipment for ground service and maintenance of aircrafts Transportation Products UK MGBP 6.5 Kohler Medizintechnik Manufacturer of dental instruments Dental Germany MEUR 7 Alwayse Engineering Supplier of ball transfer units Transportation Products UK MGBP 5.6 Datamed Provides software for German dental clinics Dental Germany MEUR 2 Aura Electric Manufacturer of low volt electrical supplies Systems Solutions Norway MNOK 38 Geax Manufacturer of compact piling rigs Demolition & Tools Italy MEUR 15 Amayse Supplier of 3D advertising for televised sports events and stadium branding solutions Systems Solutions Denmark MDKK 51 Emilplastica Molds plastic products for the dental and electronic industries Dental Italy MEUR 1.71 Astro Niche manufacturer of professional, high -quality and recyclable polyethylene tanks Systems Solutions Italy MEUR 9.1 Kefla Develops and distributes specialised premium glass bottles Systems Solutions Germany MEUR 33 Orto-Care Supplier of orthodontic products to dentists Dental UK MGBP 10 Sailmakers Group Manufacturer of tarpaulins Transportation Products Netherlands MEUR 7.2 HGT Manufacturer of attachments for material handling machines Demolition & Tools Germany MEUR 19 Green Instruments Designs, develops and manufactures systems for measuring and monitoring emissions from vessels Environmental Technology Denmark MDKK 194 1 Approximately EUR 0.6 million was generated by Lifco’s subsidiary Rhein83.
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OVERVIEW OF ACQUISITIONS 2024 41 Year Company Description Type Country Sales at acquisition Total sales MSEK 2024 CFR Manufactures electric drive systems for industrial applications Transportation Products Italy MEUR 38.5 ~2,000 Brevetti Montolit Manufactures high-end professional tile cutting tools and accessories Demolition & Tools Italy MEUR 18.5 Cardel Group Niche provider of lamination plates for products with high quality requirements such as ID, bank and SIM cards Systems Solutions UK MGBP 16.5 Pro-Dental Dental laboratory Dental Denmark MDKK 17 Eurosteel Niche manufacturer of attachments and tools for excavators, wheel loaders and other construction machinery Demolition & Tools Netherlands MEUR 16.8 Expand Media Designs and produces portable event display and print with a global customer base Systems Solutions Sweden MSEK 196 Polydentia Manufactures dental consumables Dental Switzerland MCHF 4.5 Ivium Technologies Develops and sells high -performance electrochemical measurement equipment, mainly used for research and development of batteries, solar cells and fuel cells Environmental Technology Netherlands MEUR 5.3 GMT Equipment Manufactures grapple saws for cutting and tree removal Demolition & Tools Netherlands MEUR 5.5 Ascot Signs Designs, manufactures and installs signage and branding solutions Systems Solutions UK MGBP 16.1 1 TDS (E&W) Introduces dental indemnity insurance to dentists and defends their members against claims Dental UK MGBP 3.81 Kögel Filter Specialist in process filtration and manufactures filters for the chemical and pharmaceutical industries Systems Solutions Germany MEUR 3.8 MCV Niche manufacturer of chains and links for conveyors and transmissions Transportation Products Italy MEUR 22.9 1 Financial year ended March 2024.
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OVERVIEW OF ACQUISITIONS 2025 42 Year Company Description Type Country Sales at acquisition Total sales MSEK 2025 Arnold Deppeler Manufacturer of dental instruments Dental Switzerland MCHF 3.3 ~2,200 Fraga Dental Supplies consumables to dentists Dental Germany MEUR 2.5 Heavy Duty Parts Specialist supplier of parts to coaches Transportation Products UK MGBP 11.7 Italgears Niche manufacturer of traction systems for elevators Systems Solutions San Marino MEUR 13.8 R&T Stainless Supplies equipment and components to builders of public playgrounds globally Systems Solutions Denmark MDKK 114 Gestenco International Operates in the orthodontic sector globally Dental Sweden MSEK 19 Klemko Group Develops and sells electrical and mechanical installation materials and lightning products under own brands to installers and OEMs, predominantly via wholesalers Systems Solutions Netherlands MEUR 19.1 HedoN Electronic Developments Designs and supplies high precision electronic products, especially for industrial inductive heating applications Systems Solutions Netherlands MEUR 7.4 Toppy Develops and sells pallet changing systems for the pharmaceutical, food, and beverage industries Transportation Products Italy MEUR 17 UR FOG Specialised in design and production of anti -intrusion fogging systems Systems Solutions Italy MEUR 7.8 Stöffl Supplies vibration control components and sealing and edge protection profiles for various industries Systems Solutions Austria MEUR 14.6 MaxiMover Designs and manufactures low floor van conversions up to 3.5 tonnes, focused on customised solutions Transportation Products UK MGBP 391 Citodent Imaging Develops and sells software for managing X -ray images and diagnostic imaging to dentists in Europe Dental Netherlands MEUR 1.2 Nobil Bio Ricerche Customises implant surfaces for global dental manufacturers Dental Italy MEUR 4.1 HEGUtechnik Contract manufacturer of electronic components for automation applications in harsh industrial environments Systems Solutions Germany MEUR 10.3 DB Orthodontics Produces and sells orthodontics material to dental professionals in the UK and globally Dental UK MGBP 8.92 Karl Kaps3 Manufactures medical and dental microscopes Dental Germany MEUR 10.1 1 Financial year ended May 2025. 2 Financial year ended October 2025. 3 Consolidated January 2026.
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OVERVIEW OF ACQUISITIONS 2026 43 Year Company Description Type Country Sales at acquisition Total sales MSEK 2026 Ethoss Regeneration Sells regenerative bone graft material used in dentistry and oral surgery globally Dental UK MGBP 5.4 ~1,060 Metalltech Designs and manufactures expanded metal mesh for architectural applications Systems Solutions Italy MEUR 15.8 Salifert Manufactures products intended for saltwater aquariums Environmental Technology Netherlands MEUR 1.3 Boscaro Designs and manufactures construction equipment and crane attachments Demolition & Tools Italy MEUR 9.5 Glass Umbrella Manufactures secondary glazing Systems Solutions UK MGBP 11 ErgoPack France Distributor of ErgoPack Deutschland Environmental Technology France MEUR 4.81 Mozelt Designs and manufactures generators and load lifting magnet systems Demolition & Tools Germany MEUR 2.6 Micronova Develops and manufactures customised electronic boards and touch screen displays sold to OEMs in various industries Systems Solutions Italy MEUR 35.1 Hega Medical Manufactures products for cleaning of medical equipment for laboratories, clinics and hospitals Dental Germany MEUR 1.6 1 As ErgoPack France is the distributor for the Lifco company ErgoPack Deutschland, the acquisition will have a very limited impact on Lifco’s consolidated external sales.
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24 22 22 15 10 10 7 3 221111111 32 30 25 21 15 11 10 4 4 321111111 5 62 2614 15 48 US FI FR US AT CZ FI HK HR NZ SM NL AT CZ EE HK HR NZ SM NUMBER OF ACQUISITIONS 2006–2026 44 Segment split 13 28 DE SE UK IT NO DK Country split 2006 -2021 Country split 2017 –2026Country split 2006 –2026 DE UK IT SE NO DK NL CH Demolition & Tools Dental Systems Solutions CH Environmental Technology Transportation Products FR
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HIGHLIGHTS 45 • Net debt/EBITDA in the range of 2 −3xBalance sheet target • Good profitability is a prerequisite for sustainable growthFocus on profitability • 12.9% annual sales growth rate 2006 −2026 LTM • 17.3% annual EBITA growth rate 2006 −2026 LTM Strong track record • Strong market positions in the Nordic markets in the Dental segment (top 2 −3) and Demolition & Tools segment (globally top 1) Strong market positions • Diversification and cash flow focus support low cyclicality, Dental is essentially non - cyclical • Strong cash flow and deleveraging capabilities • Low required maintenance capex within the Group Cash flow • Carl Bennet largest shareholder (50.2% of capital and 68.9% of votes) and committed long-term ownerOwnership