Slides
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Interim Report Jan – Sep 2025 Ulf Lilius, President and CEO Niklas Enmark, CFO Focus on earnings growth and profitability in a cautious market
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Momentum Group 2 Q3 2025 Revenue: +7% EBITA-growth: +7% EBITA/WC: 58% 24 October 2025 Highlights • Earnings growth and healthy profitability despite a challenging and cautious market climate. • Successful cost management in our companies. • Strong contributions from acquisitions. • Strong service sales but weaker product sales. • Highest EBITA ever for a single quarter. • Healthy financial flexibility going forward.
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Growth in comparable units vs Q3 2024 Revenue, SEK m Sales performance Sales performance Q3 • Several customers remained cautious with strong focus on costs. • Weaker demand in the automotive and mining industries and parts of electricity and heat production, but strong in the pulp & paper and metal industries. • Positive development in demand in Finland, with Denmark and Norway stable on good levels. • Sales for comparable units declined by 4%, of which Industry –4% and Infrastructure –2%. • In total, revenue increased by 7% to SEK 746 m (694). • Strong contribution from acquisitions of SEK 82 m, adding 12% to growth. 24 October 2025Momentum Group 3 -4% 0 500 1 000 1 500 2 000 2 500 3 000 3 500 0 200 400 600 800 1 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 Revenue per quarter Revenue R12 Q3 Jan-Sep % 2025 2025 Comparable units in local currency -3.9% -2.0% Currency effects -0.4% -0.4% Number of trading days 0.0% -0.5% Acquisitions 11.8% 11.2% Total change 7.5% 8.3%
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Revenue Q3 2025, SEK m EBITA SEK m Revenue per business unit Key figures 24 October 2025Momentum Group 4 Industry business area Power Transmission • Sales gradually increased after a slow start, mainly driven by paper & pulp and metals & mining sectors. • Good cost control in operations. • EBITA margins slightly declined due to strong customer focus on costs. Specialist • Sales and EBITA-margins for comparable units decreased. • System and project sales remained at a lower level. • Strong demand from defense sector in Sweden. Sales in Denmark were stable and sales in Finland increased. • Acquired businesses contributed SEK 10 m to revenue. 395 220 225 230 235 240 0 20 40 60 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 EBITA per quarter EBITA R12 Power Transmission 75% Specialist 25% Q3 R12 Sep SEK m 2025 2024 Δ 2025 2024 Δ Revenue 395 402 -2% 1,728 1,714 1% EBITA 53 58 -9% 234 235 0% EBITA margin 13.4% 14.4% 13.5% 13.7% Return on working capital (EBITA/WC) 68% 69%
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24 October 2025Momentum Group 5 Infrastructure business area Revenue Q3 2025, SEK m EBITA SEK m Revenue per business unit Key figures Flow Technology • Stable sales for comparable units, with improved EBITA margins partly driven by good service utilisation. • Strong sales trend in several operations. • Lower project sales to electricity and heat production in Sweden. • Acquired businesses contributed SEK 52 m to revenue with strong profit contributions. Technical Solutions • Reduced sales and lower earnings for comparable units. • Weak product sales due to lower activity among several customers. Measurement technology operations were also affected by more restraint customers. • Gradually increased service sales with healthy capacity utilisation in workshops. • Acquired businesses contributed SEK 19 m to revenue with strong profit contributions. 358 Q3 R12 Sep SEK m 2025 2024 Δ 2025 2024 Δ Revenue 358 295 21% 1,355 1,098 23% EBITA 50 37 35% 138 118 17% EBITA margin 14.0% 12.5% 10.2% 10.7% Return on working capital (EBITA/WC) 61% 61% 0 40 80 120 160 0 10 20 30 40 50 60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 EBITA per quarter EBITA R12 Flow Technology 61% Technical Solutions 39%
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Momentum Group 6 EBITA growth vs Q3 2024 +7% Earnings, SEK m 24 October 2025 • EBITA increased 7% to SEK 95 m (89) with positive contributions from acquisitions. • Operating profit increased by 4% to SEK 81 m (78). – Increase in amortisation due to acquisitions. • Net profit SEK 56 m (55) – earnings per share SEK 1.10 (1.05). Earnings performance Q3 0 100 200 300 400 0 20 40 60 80 100 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 EBITA per quarter EBIT per quarter EBITA R12 EBIT R12 Q3 SEK m 2025 2024 Δ Operating profit 81 78 4% of which: Items affecting comparability - - of which: Amortisation of intangible assets in connection with acquisitions -14 -11 EBITA 95 89 7% of which: Industry 53 58 -9% of which: Infrastructure 50 37 35% of which: Group-wide and eliminations -8 -6 Operating margin 10.9% 11.2% EBITA margin 12.7% 12.8%
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Revenue growth EBITA growth January–September 2025 period • Revenue increased by 8% to SEK 2,305 m (2,128). • Operating profit amounted to SEK 220 m (220). • EBITA increased by 4% to SEK 263 m (252). • EBITA margin of 11.4% (11.8). • Net profit SEK 154 m (152). • Earnings per share SEK 3.00 (2.95). 24 October 2025Momentum Group 7 +8% +4% Jan-Sep SEK m 2025 2024 Δ Revenue 2,305 2,128 8% Operating profit 220 220 - EBITA 263 252 4% Net profit 154 152 1% Earnings per share before and after dilution, SEK 3.00 2.95 2% Operating margin 9.5% 10.3% EBITA margin 11.4% 11.8%
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Equity/assets ratio Available cash and cash equivalents, SEK m EBITA/WC (R12 per quarter) Profitability, cash flow and financial position • EBITA/WC 58% (60) (R12). • Return on equity 25% (30) (R12). • Cash flow from operating activities for the reporting period of SEK 190 m (214) – Operating receivables increased by SEK 31 million. – IFRS effects on cash flow1 SEK 68 m (63). • Cash flow from investing activities SEK – 250 m (–111) – of which acquisitions SEK –206 m (–90). • Cash flow from financing activities SEK 129 m ( –85) – refers mainly to change in interest-bearing liabilities. • Operational net loan liability of SEK 472 m (252 at the beginning of the year) – change mainly from cash flow from operating activities, paid dividend and acquisitions. 24 October 2025Momentum Group 8 32% 1 Positive effect on cash flow from operating activities, negative effect on financing activities. Net is zero. 631 45% 50% 55% 60% 65% Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 EBITA/WC
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Going forward
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24 October 2025Momentum Group 10 2016 2001 2017 1906 20222021 2004 Acquired by Bergman & Beving. SEK 560 m in turnover. 2025 8 SEK bn 2022 - MMG 2.0 3.8 SEK bn 2021 10 SEK bn 2017 - MMG 1.0 2 SEK bn 2016 6 SEK bn 2012 (CEO) 1.5 SEK bn 2001 3 SEK bn 1976 24 SEK m – Bergman & Beving Market cap ~180 SEK bn in six companies
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Focus gives result 24 October 2025Momentum Group 11 Momentum Group 1.0 Momentum Group 2.0 2017 – First spin off Revenue: SEK 5.4 bn EBITA: SEK 193 m EBITA/WC: 21% 25% Industrial components and solutions % of net sales 2021 – Second spin off Revenue: SEK 10 bn EBITA: SEK 800 m EBITA/WC: 35% 2022 – After spin off Revenue: SEK 1.5 bn EBITA: SEK 171 m EBITA/WC: 61% 2025 – R12 Sep Revenue: SEK 3.1 bn EBITA: SEK 333 m EBITA/WC: 58% 15% Industrial components and solutions % of net sales 100% Industrial components and solutions % of net sales 100% Industrial components and solutions % of net sales 19 acquisitions 28 acquisitions
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We develop and acquire successful sustainable companies Services and solutions for repair and maintenance with a focus on industrial improvements for the aftermarket in the Nordics. Revenue: SEK 1,290 m 1 24 October 2025Momentum Group 12 Leading specialists in selected product verticals such as hydraulics, pneumatics and automation. Revenue: SEK 480 m 1 Solutions for mechanical flow and fluid handling, including valves, couplings, hydraulics, fluid technology, purification, diagnostics. Revenue: SEK 820 m 1 Products and services that control and enhance the efficiency of plant opera- tions – and increase the service life and efficiency of machinery. Revenue: SEK 540 m 1 Industry Business area Infrastructure Business area Power Transmission Specialist Technical SolutionsFlow Technology Hydjan Instrumentgruppen KONTROLL AV NIVÅ FLÖDE GAS 1 Revenue refers to net sales R12 until 30 Sep 2025.
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Momentum Group’s value chain 24 October 2025Momentum Group 13 Manufacturers Value-adding resellers Our customers Local manufacturing, assembly, proprietary brands: ~10% Value-adding resellers: ~75% Service, repair and maintenance: ~15% Momentum Group’s offering1 Customer distribution1 After market: ~90% OEMs: ~10% 1 Approximated distribution of revenue 15% 14% 10% 8%8% 7% 5% 4% 3% 3% 9% 11% 3% Revenue by product area 2024 Bearings Valves Technical seals and industrial rubber Hydralics and pneumatic Pumps, electrical motors and gears Transmission Measurement technology Filters, treatments and pipe systems Machinery and system Lubricants and chemicals Other components Repairs and renovation Related services (e.g. training, installation and calibration) 14% 13% 13% 9%9% 4% 4% 3% 2% 21% 8% Revenue per customer segment 2024 Metals and mining Paper and pulp, sawmill Electricity and heat production Other manufacturing Automotive Water and sewage Pharmaceuticals and medical device Food Defence related, military use Other industrial segments Other sectors 82% 9% 4% 3% 2% Revenue per country, 2024 Sweden Denmark Finland Norway Other countries
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Leading manufacturer of customized seals, flexible production tailored to customer needs in material and dimensions minimising waste and environmental impact. Facts: 10 machines 180,000 produced seals per year Revenue ~ SEK 40 m 24 October 2025Momentum Group 14 Momseal – production Processing of plastics and elastomers for all types of seals for hydraulics and pneumatics. 5 machines Cutting of flat gaskets of all types, including those reinforced with steel cord. 3 machines Waterjet cutting in fiber, felt, natural rubber, plastics, polyurethanes, cellular rubber and more. Joint vulcanisation of o-rings.
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Problem: A customer experienced issues with packaging production due to a squeezer wheel whose glued rubber ring would wear out and detach from the metal bushing, causing downtime and waste. Solution: Implemented a machined wheel paired with a new squeeze rubber made from H-ECOPUR, known for excellent friction and wear resistance. Improvements: • Increased machine availability • Fewer wheel replacements and unexpected stops • Resulting in reduced product waste 24 October 2025Momentum Group 15 Customer example A solution to downtime and waste
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24 October 2025Momentum Group 16 Momseal customised products, examples Guide rings and strips Gaskets Cuff / V-ring specials U-cups / Piston seal Wipers & V-rings Radial shaft seals
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Momentum Group momentum.group Contact us Please email us at ir@momentum.group if you have any questions.