Slides
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Presentation 25 April 2025 Q1
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• Net sales MSEK 694, +2.7% • Adjusted EBITA MSEK 20, margin 2.9% • Order backlog BSEK 4.0 • All numbers in the presentation refer to continuing operations unless otherwise stated Numbers Where we are located Net sales by segment Q125 Q1 highlights Infraservices 21% Power 36% Telecom 43%
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Key activities in Q1 • New customers • Geographical expansions • Ramping-up for coming deliveries • The sale of the Finnish operation is proceeding according to plan • Fine-tuning our new digital tools and systems • Not exposed to potential trade tariffs
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Revised financial targets Revised targets Revenue growth • Annual organic growth target of 3-5 percent Marginal target • Annual adjusted EBITA margin 5-7 percent Capital structure • Net debt (excluding leasing liabilities) in relation to adjusted RTM EBITDA of <2.5x Previous targets Revenue growth • Annual growth target of 10 percent, including non-organic growth Marginal target • Adjusted EBITA margin over 7 percent in the medium term Capital structure • Net debt (excluding leasing liabilities) in relation to adjusted RTM EBITDA of <2.5x
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Recent business wins
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Infraservices • Framework agreement with Sigtuna Vatten & Renhållning a municipality owned company • New customer and new geography • Expansion and modernisation of the water and sewage network in Sigtuna municipality • Three year agreement with an option for two years expansion
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Power • Framework agreement with Glitre Nett in Norway and contract to expand a transformer station • New customer and new geography • We have established a new organisation in Mandal, in Agder County • Project planning, ground and construction work, as well as high -voltage installation
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Telecom • New framework agreement with T ele2 in Sweden • Covers installation, service and maintenance of T ele2's broadband network • A more comprehensive agreement than the previous one − covers both a larger geographical area and more services • Two year agreement with the possibility of extension on an annual basis
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Financial performance
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• Net sales +2.7% to MSEK 694 (676) • Organic growth 2.7% • Good development in Power in Norway • Germany grew driven by new projects • FX effects -1.1% Net sales Order backlog Good development for Power and high order backlog All numbers in the presentation refer to continuing operations unless otherwise stated 0 100 200 300 400 500 600 700 800 900 1000 Net sales, MSEK 0 500 1000 1500 2000 2500 3000 3500 4000 Order backlog, MSEK
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0 1 2 3 4 5 6 7 8 0 10 20 30 40 50 60 70 Adjusted EBITA, MSEK Adjusted EBITA margin, % • Adjusted EBITA increased 5.0% to MSEK 20 (19) • Adjusted EBITA margin 2.9% (2.8) • Continued margin enhancing measures • EPS -0.08 (-0.05) SEK Adjusted EBITA & margin Adjusted EBITA impacted by seasonality All numbers in the presentation refer to continuing operations unless otherwise stated
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• Operating cash flow MSEK -29 (-57) • Unutilised credit facilities and cash MSEK 497 • Leverage ratio 3.0 – higher than the capital structure target -100 -50 0 50 100 150 200 Operating cash flow, MSEK 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 0 100 200 300 400 500 600 700 800 Net debt, MSEK Net debt/adjusted EBITDA, % Operating cash flow Net debt excluding leasing liabilities Cash flow All numbers in the presentation refer to continuing operations unless otherwise stated Including discontinuing operations
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Discontinued operations Divestment of Finnish operations • Expected to be completed during 2025 Finland January – March 2025 • Net sales MSEK 34 (38) • Net profit after tax MSEK -4 (-6) • Operating cash flow MSEK -1 (-31)
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Segment performance
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• Net sales -11.3% to MSEK 144 • EBITA MSEK 4 • EBITA margin 2.6% (5.3) Q1 12 months MSEK 2025 2024 Δ R12M 2024 Δ Net sales 144 163 -11.3% 826 844 -2.2% - Sweden 144 163 -11.3% 757 776 -2.4% EBITA 4 9 -57.5% 49 54 -9.2% EBITA margin 2.6% 5.3% -2.8 5.9% 6.4% -0.5 Numbers Sales & Margin – Q by Q Sales & Margin Infraservices 0 2 4 6 8 10 12 14 0 50 100 150 200 250 300 Net sales, MSEK EBITA margin, % All numbers in the presentation refer to continuing operations unless otherwise stated
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• Net sales 23.8% to MSEK 252 • EBITA -31.9% to MSEK 7 • EBITA margin 2.8% (5.0) Q1 12 months MSEK 2025 2024 Δ R12M 2024 Δ Net sales 252 204 23.8% 1,054 1,005 4.8% - Sweden 126 124 1.6% 655 653 0.3% - Norway 123 80 54.9% 396 352 12.4% EBITA 7 10 -31.9% 73 76 10.0% EBITA margin 2.8% 5.0% -2.3 6.9% 7.6% -0.7 Numbers Sales & Margin – Q by Q Sales & Margin Power -2 0 2 4 6 8 10 12 14 0 50 100 150 200 250 300 350 Net sales, MSEK EBITA margin, % All numbers in the presentation refer to continuing operations unless otherwise stated
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• Net sales -3.8% to MSEK 298 • EBITA MSEK 2 • EBITA margin 0.8% (-1.4) Numbers Sales & Margin – Q by Q Sales & Margin Telecom Q1 12 months MSEK 2025 2024 Δ R12M 2024 Δ Net sales 298 309 -3.8% 1,423 1,435 -0.8% - Sweden 61 64 -4.8% 277 280 -1.1% - No rway 178 190 -6.2% 899 910 -1.3% - Germany 37 35 6.6% 176 174 1.3% - UK 18 24 -24.6% 64 70 -8.6% EBITA 2 -4 - 21 14 47.7% EBITA margin 0.8% -1.4% 2.2 1.5% 1.0% 0.5-2 -1 0 1 2 3 4 0 50 100 150 200 250 300 350 400 450 Net sales, MSEK EBITA margin, % All numbers in the presentation refer to continuing operations unless otherwise stated
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Building a stronger Netel
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Building a stronger Netel • Strong mega trends – electrification, digitalisation and modernisation of the infrastructure • Broadening our customer base and geographical presence • Sustainability a competitive advantage • Implemented new digital tools and systems – fine-tuning ongoing • Highly motivated and skilled teams
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Q2 2025 11 July 2025