Slides
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Earnings Call Interim report April - September 30 October 2026
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#B7C2D0 #46B865 #9FA5AD #FFE600 #0455A1 #EFF5F8 #0A3E53 15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 Today’s presenters 2 Q2 THOMAS HENDEL CHIEF FINANCIAL OFFICER Started at 2026 PREVIOUS EXPERIENCE FROM ANDERS ÅKERBERG CHIEF EXECUTIVE OFFICER 3 years at PREVIOUS EXPERIENCE FROM
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#B7C2D0 #46B865 #9FA5AD #FFE600 #0455A1 #EFF5F8 #0A3E53 15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 3 The quarter at a glance Strong order backlog and healthy margins underpin performance 21 Offices 4 Countries 50.1 (-69.0) Op. Cash Flow (MSEK) 4,331.5 Order backlog (MSEK) 630.9 (662.2) Order inflow (MSEK) 653.8 (783.1) Net sales (MSEK) 5.9% (6.3) EBITA margin 8.8% (8.2) Adjusted EBITA margin ENGINEERING CONSTRUCTIONPROCUREMENT LMG Q2 ▪ Strong and profitable order backlog – Order backlog of MSEK 4,331.5, up 4.5% year - on - year, with healthy margins in the contracted project portfolio. ▪ Revenue development in line with expectations – Net sales of MSEK 653.8 (783.1), reflecting the known project schedule and composition of the order backlog. ▪ Improved adjusted EBITA margin – increased to 8.8% (8.2%), supported by a favorable project mix. ▪ Successful listing on Nasdaq Stockholm – First day of trading on 25 September 2026. LMG at a Glance Quarter key figures Segment Net Sales 25/26 96% 4% Sweden Other Markets 56% 44% 0% Substation Transmission Other Category Net Sales 25/26 A focused EPC offering
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#B7C2D0 #46B865 #9FA5AD #FFE600 #0455A1 #EFF5F8 #0A3E53 15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 Source: Company information Notes: HV = High voltage, MV = Medium voltage. 1) Share of substation and T&D revenue may not sum to 100% due to unreconciled differences Providing execution certainty across two highly complementary categories Construction, conversion and modernisation of HV / MV substations Broad end - market exposure across utilities, production and industrial facilities Full EPC scope with strong in - house capabilities SUBSTATIONS 56% Turnkey transmission and distribution solutions including 400 kV Unmatched technical precision from rural routes to urban grids Overhead transmission lines and underground cable TRANSMISSION AND DISTRIBUTION 44% Best - in - class expertise across the full spectrum of voltage levels and project types in the most value - adding part of the value chain Wind Solar Hydro Transmission station Transmission networks Regional substation Regional networks Local networks Industrial or public facility Local or industrial substation Residential, service, transport and other local end/users LMG core competence Not part of core % revenue FY25/261) % revenue FY25/261) 4
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#B7C2D0 #46B865 #9FA5AD #FFE600 #0455A1 #EFF5F8 #0A3E53 15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 Source: Company information, Svenska k raftnät , Strategy& market study LMG answers an urgent need for major power grid investments 1940 1990 2020 2045 1940-1990 13,600 km 1990-2020 900 km 2020-2045 8,000 kmRequired investments in the Swedish national grid – 1960 Majority construction of the national grid Now Replacement of the national grid National transmission grid buildout Expansion of the grid is urgently needed to address electrification and AI ~80% of the Swedish national transmission grid is >40 years old, forcing reinvestments over the next decades Enhanced transmission capacity between Sweden’s electricity price areas and stronger links to neighbouring countries are needed Transmission & distribution network spending 66 92 2025 2030E 39 57 2025 2030E SEKbn +26 +19 5 Expect double digit growth in our Swedish Serviceable Addressable Market Q2
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Financials
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#B7C2D0 #46B865 #9FA5AD #FFE600 #0455A1 #EFF5F8 #0A3E53 15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 7 Order Intake and Backlog Strong order backlog provides solid foundation for continued activity 4,331.5 Order backlog, MSEK +4.5% Backlog YoY 2,197.9 H1 order intake, MSEK Order Backlog ▪ Strong order intake in the first half of the year ▪ Q2 order intake of MSEK 630.9 (662.2), bringing H1 order intake to MSEK 2,197.9 (1,544.9) ▪ Positive development within Substation projects ▪ Positive order intake development within Substation, while order intake within Transmission has been lower ▪ Timing of larger tenders and contract awards creates natural quarterly variations ▪ Continued strong order backlog and market activity ▪ Order backlog of MSEK 4,331.5 (4,145.5), up 4.5% year - on - year ▪ Several interesting tendering processes ahead ▪ New major Substation contract after the quarter ▪ Awarded a contract from Ellevio valued at approximately MSEK 200, booked early October, over three years 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 24/25 25/26 26/27 Q2
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#B7C2D0 #46B865 #9FA5AD #FFE600 #0455A1 #EFF5F8 #0A3E53 15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 0 750 1 500 2 250 3 000 3 750 0 100 200 300 400 500 600 700 800 900 1 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 24/25 25/26 26/27 Revenue R12 Revenue 8 Revenue Revenue reflects project mix and opening backlog 654 (783) Q2 net sales, MSEK -16.5% Q2 YoY growth 3,045.5 R12 net sales, MSEK Revenue ▪ Lower revenue, in line with expectation, compared with a strong prior - year quarter ▪ Q2 performance/outcome was according to plan with no delays in project execution ▪ Net sales decreased by 16.5% to MSEK 653.8 (783.1) ▪ Lower opening order backlog continues to affect revenue development ▪ Different development across project categories ▪ Substation revenue increased and Transmission revenue decreased ▪ Project execution creates natural quarterly variations ▪ Revenue development is influenced by the timing and progress of individual projects ▪ The strong order backlog provides a foundation for continued activity Q2
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#B7C2D0 #46B865 #9FA5AD #FFE600 #0455A1 #EFF5F8 #0A3E53 15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 0% 2% 5% 7% 10% 12% 0 20 40 60 80 100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 24/25 25/26 26/27 Adjusted EBITA Adjusted EBITA margin 9 Margin Improved adjusted EBITA margin supported by favorable project mix 57.7 (64.5) Adjusted EBITA, MSEK 8.8% (8.2) Adjusted EBITA margin Adjusted EBITA ▪ Improved underlying profitability ▪ Adjusted EBITA of MSEK 57.7 (64.5), corresponding to a margin of 8.8% (8.2) ▪ H1 adjusted EBITA margin improved to 9.9% (8.5) ▪ Favorable project mix supports margins ▪ Higher share of larger and technically complex projects ▪ Margin improvement achieved despite lower overall revenue ▪ Continued investments in organizational capacity ▪ Ongoing development of the organization to support larger and more complex projects functions & operations prepared for further growth ▪ Recruitment and development of specialist competence remain important priorities ▪ Reported earnings affected by IPO - related costs ▪ Items affecting comparability of MSEK 19.0 (15.4), related to the listing and associated incentive program Q2
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#B7C2D0 #46B865 #9FA5AD #FFE600 #0455A1 #EFF5F8 #0A3E53 15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 10 Sweden - Strong Substation activity supports profitability Operational Update – Sweden and Other Markets Other markets - Norwegian operations continue to scale up ▪ Project execution progressing according to plan ▪ Development reflects the planned execution profile of the order backlog ▪ Healthy profitability in projects, supported by a favorable mix ▪ Strong and profitable project portfolio ▪ Solid order backlog with healthy expected project margins ▪ Continued positive development within Substation projects ▪ Continued business development ▪ New Ellevio contract of approximately MSEK 200, after the quarter ▪ Active tendering pipeline across the Swedish market 0 750 1 500 2 250 3 000 3 750 0 200 400 600 800 1 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 24/25 25/26 26/27 Revenue R12 Revenue 0% 2% 5% 7% 10% 12% 0 20 40 60 80 100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 24/25 25/26 26/27 Adjusted EBITA Adjusted EBITA margin 0 30 60 90 120 150 180 210 0 20 40 60 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 24/25 25/26 26/27 Revenue R12 Revenue -21% -15% -9% -3% 3% 9% 15% 21% -4 1 6 11 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 24/25 25/26 26/27 Adjusted EBITA Adjusted EBITA margin ▪ Norwegian operations continue to develop ▪ Increasing project activity as the business gradually scales up ▪ Continued focus on establishing a stronger market presence ▪ Building the foundation for profitable growth ▪ Ongoing development of local capabilities and delivery capacity ▪ Selective tendering and disciplined project execution remain priorities ▪ Export projects will be done opportunistically and selectively together with other Swedish suppliers Revenue Sweden Adj. EBITA Sweden Revenue Other markets Adj. EBITA Other markets Q2
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#B7C2D0 #46B865 #9FA5AD #FFE600 #0455A1 #EFF5F8 #0A3E53 15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 11 Profit and loss summary MSEK Q2 26/27 Q2 25/26 H1 26/27 H1 25/26 Net sales 653.8 783.1 1,477.7 1,657.4 Other operating income 7.0 1.8 11.3 5.7 Operating profit 38.7 49.1 108.7 116.0 EBITDA 51.9 60.4 134.2 137.5 EBITA 38.7 49.1 108.7 116.1 Adjusted EBITA 57.7 64.5 146.4 140.6 Adjusted EBITA margin 8.8% 8.2% 9.9% 8.5% Net financial items - 1.1 - 1.1 - 0.9 1.8 Profit before tax 37.6 48.0 107.8 117.8 Profit for the period 29.2 37.5 84.5 92.4 EPS (SEK) 0.57 0.73 1.65 1.81 ▪ Items affecting comparability amounted to MSEK 19.0 (15.4), related to IPO costs and the associated incentive program ▪ Net financial items amounted to MSEK - 1.1 ( - 1.1) ▪ Profit for the period amounted to MSEK 29.2 (37.5), corresponding to earnings per share of SEK 0.57 (0.73) Q2
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#B7C2D0 #46B865 #9FA5AD #FFE600 #0455A1 #EFF5F8 #0A3E53 15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 12 Balance Sheet & Cash flow Strong cash flow and a solid net cash position Net Debt ▪ Strong financial position provides flexibility to support continued growth ▪ Net debt amounted to MSEK - 164.9 (88.3), corresponding to net debt / adjusted EBITDA of - 0.6x (0.4x) ▪ Solid cash conversion ▪ Cash conversion improved to 1.0x ( - 1.1x) in Q2, supported by improved working capital movements. ▪ Operating working capital decreased to MSEK 78.0 (251.0), supported by the timing of project invoicing and payments ▪ Asset - light business model ▪ Investments in property, plant and equipment amounted to MSEK 8.5 in Q2, equivalent to approximately 1.3% of net sales. ▪ High return on capital employed ▪ The capital - efficient operating model supports strong returns on capital employed of 35.7% ( 42.8) for the last twelve months. -2 -1 -1 0 1 -200 -150 -100 -50 0 50 100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 24/25 25/26 26/27 Net debt Net debt / EBITDA 50.1 (-69.0) Q2 Op. Cash Flow (MSEK) 1.0x (-1.1x) Q2 Cash conversion 35.7% (42.8) R12 ROCE Q2
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#B7C2D0 #46B865 #9FA5AD #FFE600 #0455A1 #EFF5F8 #0A3E53 15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 Financial targets and dividend policy GROWTH CAPITAL STRUCTURE DIVIDEND POLICYPROFITABILITY SEK 3.05bn Net Sales R12 8.2% Adj. EBITA margin R12 N/A Dividend of net income -0.6x ND/Adj. EBITDA at quarter end 13 SEK >5bn Net Sales >8% Adj. EBITA margin 25% Dividend of net income <1.0x ND/Adj. EBITDA Target Target Target Target Q2
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#B7C2D0 #46B865 #9FA5AD #FFE600 #0455A1 #EFF5F8 #0A3E53 15.70 0.50 0.50 15.70 0.70 7.90 5.40 4.50 14 Strong order backlog, healthy margins and revenue development in line with expectations Summary – Q2 2026/27 ▪ Strong order backlog and high market activity ▪ Positive development of the order backlog and several tendering processes ahead in both categories ▪ Revenue development in line with expectations ▪ Net sales reflects the known project schedule and composition of the order backlog. ▪ Improved underlying profitability supported by a favorable project mix ▪ Continued business development in core markets ▪ New Substation contract from Ellevio valued at approximately MSEK 200, awarded after the quarter ▪ Gradual expansion of Norwegian operations, with increasing project activity ▪ Solid financial position supports long - term ambitions ▪ Continued focus on project execution, specialist competence and profitable growth in Sweden and Norway Q2
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The national and regional grids are facing huge challenges LMG’s 30+ year history, scale and unique competence puts the company in pole position to leverage this opportunity Well-established, sizeable and nationwide EPC providers are in an “oligopoly” situation to leverage this opportunity The Nordic grid operators face a system critical challenge but lack the required resources in- house ? Local players are not relevant on a national level, and 400 kV expertise is a required qualification
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Q&A