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A safe haven in a challenging market NCAB Q3 Report 2026 23 October 2026 NCAB GROUP © Q3 2026 1
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Today’s presenters NCAB GROUP Q3 NCAB GROUP © Q 3 2026 2 PETER KRUK CEO TIMOTHY BENJAMIN CFO
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Everything needs a PCB and each PCB is unique DIGITALIZA TION, ELECTRIFICATION AND IOT ... 3NCAB GROUP © Q 3 2026
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Our attractive niche – HMLV OUR MARKET 4 Higher product value Higher quality demand Harder to buy direct Less price pressure MIX High <USD 2,000 per order line Low >USD 2,000 per order line VOLUME High >50 sqm per order Low <50 sqm per order High-Volume High-Mix Low-Volume (HMLV) NCAB GROUP © Q 3 2026
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VISION Making PCBs easy MISSION PCBs for demanding customers, on time with zero defects, produced sustainably at the lowest total cost 45 markets 19 companies 34 factories 686 specialists 5NCAB GROUP © Q 3 2026
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Global PCB market is growing fast NCAB GROUP © Q 3 2026 6 Source Prismark 2026Q2 MUSD MUSD LTM 0 100 200 300 400 500 600 700 800 0 20,000 40,000 60,000 80,000 100,000 120,000 20012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023202420252026 NCAB Order Intake Prismark market data
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Supply chain woes accelerate forward orders and price increases KEY TAKE AWAYS IN Q3 2026 7NCAB GROUP © Q 3 2026 Order intake on record level increase by 166% Strained supply situation with no near term relief in sight resulted in increasing forward orders and significant price increases Solid underlying growth in all segments and notably in sectors like industrial automation, defence and deliveries for data centres Net sales with strong growth of 54% All regions performing well and pricing effects from Q1 starting to have effect on topline NCAB remains a resilient source of supply Positive contribution from Board Shark acquisition Strong improvement in EBITA vs 2025 Good leverage on net sales growth improved EBITA margin despite FX headwind Gross margin declined marginally M&A expanding footprint in East segment Agreement singed to acquire IMP Electronics Solutions
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IMP Electronics Solutions - Australia ACQUISITIONS Based in Adelaide, Australia Started in 1964 with sales in Australia & New Zealand Main customer base in the industrial and defence sectors Revenue 2025 of approximately AUD 9 million with EBITA margin in line with NCAB 12 employees of which 6 in Australia and 6 in China Transaction signed on September 16 with closing expected in Q4 8NCAB GROUP © Q3 2026
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In figures Q3 2026 Order intake increased by 166% to 2,620 (985) MSEK 155% organic growth in USD Book to bill of 1.79 Net Sales increased by 54% to 1,463 (949) MSEK 45% organic growth in USD EBITA of 210.8 MSEK (110.1), despite 8 MSEK adverse FX Gross Margin declined to 34.8% (35.2) EBITA margin increased to 14.4% (11.6) Operating cash flow at 176.8 MSEK (118.3) Working capital increased to 9.6% (7.9) Net profit 129.8 MSEK (60.9) and EPS 0.69 (0.33) 9NCAB GROUP © Q 3 2026
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Growing revenue with stable gross margin 10NCAB GROUP © Q 3 2026 24 28 32 36 40 44 20 30.2 2017 31.3 2018 31.7 2019 30.3 2020 30.7 2021 32.2 36.0 2023 37.1 2024 35.1 2025 35.1 LTM Q3 2026 1,400 1,617 1,781 2,115 3,220 4,458 4,088 3,614 3,743 4,606 2022 Net sales, MSEK Gross margin, % Stability in recent quarters, even despite significant market change
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Order intake and sales accelerating ORDER INTAKE AND NET SALES IN Q 3 2026 Order intake increased by 166% to 2,620 MSEK and for comparable units in USD up by 155% Growth comprised of approximately 50% higher prices and 80% forward orders Net sales increased by 54% to 1,463 MSEK and for comparable units in USD increased by 45% Book to bill positive at 1.79 Positive impact of pricing from H1 orders Continued positive trend in EV charging, aerospace and defence as well as industrial customers 11NCAB GROUP © Q 3 2026 985 949 902 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800 Q3 2025 Q4 2025 Q1 2026 Q2 2026 1,092 1,289 1,074 1,570 1,168 Q3 2026 2,620 1,463 Order intake Net sales MSEK
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EBITA improving year on year EBITA RESULT EBITA increased to 211 MSEK (110) Strong operational leverage on higher volumes & higher pricing M&A contributed positively Offset partially by higher variable compensation costs The EBITA margin increased to 14.4% (11.6) Gross margin at 34.8% (35.2) The gross margin stable vs last year and past few quarters 12 13.2% 119 898 NCAB GROUP © Q 3 2026 110 99 128 139 211 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 0 20 40 60 80 100 120 140 160 180 200 220 11.6 Q3 2025 Q4 2025 Q1 2026 Q2 2026 14.4 Q3 2026 EBITA margin, % EBITA, MSEK %MSEK
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Nordic SEGMENTS Order intake increased by 188% to 599 MSEK (208) Organic growth of 159% in SEK and 158% in USD Pricing, forward ordering in all markets and solid development in energy, defence and industrial sectors Net sales increased by 43% to 290 MSEK (203) Organic growth of 29% in SEK and 27% in USD Continued growth inpower and defence supported by positive general industry development EBITA amounted to 40.4 MSEK (25.2), and EBITA margin increased to 14.0% (12.4) Leverage on net sales growth drives positive margin development, Multi-T eknik further contributes to EBITA 13 898 203 229 271 277 290 0 2 4 6 8 10 12 14 16 18 0 50 100 150 200 250 300 12.4 Q3 2025 Q4 2025 Q1 2026 Q2 2026 14.0 Q3 2026 EBITA margin, % Net sales. MSEK %MSEK NCAB GROUP © Q 3 2026
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Europe SEGMENTS Order intake increased by 143% to 1,205 MSEK (496) This was driven by strong pricing effects, forward ordering and solid demand development from industrial and automotive customers Net sales increased by 35% to 628 MSEK (464) Continued strong development in most markets, notably Germany, Netherlands and the UK All markets showing growth EBITA increased to 80.6 MSEK (45.6), and EBITA margin increased to 12.8% (9.8) Strong leverage from net sales growth 1414 898 464 400 508 536 628 0 2 4 6 8 10 12 14 16 18 0 100 200 300 400 500 600 700 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 9.8 12.8 EBITA margin, % Net sales. MSEK %MSEK NCAB GROUP © Q3 2026
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North America SEGMENTS Order intake increased by 194% to 650 MSEK (221) Growth of 195% in USD supported by forward orders with deliveries extending into 2027 Positive development in defence and energy infrastructure for data centres Net sales up by 89% to 424 MSEK (225) and 90% in USD Strong growth boosted by deliveries of larger projects won in H1 Continued strong development in advanced prototyping EBITA increased to 71.0 MSEK (34.6) corresponding to a margin of 16.7% (15.4) Positive leverage from added net sales growth despite some margin impact from large project deliveries 1515 898 225 214 233 278 424 0 2 4 6 8 10 12 14 16 18 0 50 100 150 200 250 300 350 400 450 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 15.4 16.7 EBITA margin, % Net sales. MSEK %MSEK NCAB GROUP © Q 3 2026
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East SEGMENTS Order intake increased 180% to 166 MSEK (60) Order intake in USD increased by 180% Capitalizing on market growth in high tech, leveraging NCAB’s supply base, as well as growing with NCAB global customers Net sales up by 109% to 121.1 MSEK (57.9) Net sales in USD increased by 110% EBITA increased to 25.5 MSEK (9.5), corresponding to a margin of 21.1% (16.4) Significant growth in net sales resulted in strong EBITA leverage 16 898 58 59 61 76 121 16.4 21.1 0 2 4 6 8 10 12 14 16 18 20 22 0 20 40 60 80 100 120 140 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 %MSEK NCAB GROUP © Q 3 2026 EBITA margin, % Net sales. MSEK
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Q3 2026 Q3 2025 ROE % 21.7 14.1 Net debt/EBITDA LTM* 1.2 1.6 Equity/Asset ratio % 36.4 41.5 Net working capital, MSEK 455 299 Net working capital/Net sales LTM %** 9.6 7.9 Available liquidity, MSEK 1,234 1,374 KPI:s ROE improving driven by EBITA development 17 * - Proforma adjusted to include prior year acquired earnings and excluding effects of IFRS16 ** - Proforma adjusted to include prior year acquired revenue NCAB GROUP © Q 3 2026
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NCAB ACQUISITION PROCESS Consistent development of our pipeline Shortlist Example of criteria Focus on Europe, US and East ~ 50 target companies HMLV segment Right customer portfolio No own production Profitable company Approx. 300 identified companies 18NCAB GROUP © Q3 2026 2025/2026 B&B Leiterplattenservice, Germany Multi-Teknik, Sweden Board Shark LLC USA IMP Electronics Solutions Australia
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Our integration process important for synergies NCAB ACQUISITION PROCESS Acquired companies to be fully integrated, within 12-18 months Marketing Focus to use one brand – one company Sales Strong relationships – customer contacts and visits People & Culture Keep and develop the employees Operations Factory and logistics Sustainability IT Shared tools, systems and platforms Finance Economies of scale NCAB GROUP © Q3 2026 19 Support increased revenue Access to NCAB factory panel and marketing Improved quality and service through FM Increase competitiveness NCAB group purchasing power Leverage group logistics solutions Competence development Cross fertilization of know-how
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A clear strategy for high-pace profitable growth! MARKET CONSOLIDATION Consolidate market and explore economies of scale for cost and capability advantages 100% FOCUS ON PCBS Maintain 100% focus on PCBs with an Asset Light model INCREASE MARKET SHARES Increase market shares and deepen customer relationships in existing markets GEOGRAPHICAL EXPANSION Expand geographically to new markets using M&A to accelerate process 20NCAB GROUP © Q3 2026
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Q&A NCAB GROUP © Q3 2026 21
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Capital Markets Day 19 November, 2026 Q4 report 12 February, 2027 Q1 report 23 April, 2027 AGM 10 May, 2027 Q2 report 22 July, 2027 Q3 report 27 October, 2027 Q4 report 16 February, 2028 22 Financial calendar 2026-2027 NCAB GROUP © Q3 2026 Investor contact: Gunilla Öhman gunilla.ohman@ncabgroup.com