Slides
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Presentation 11 July 2025 Q2
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• Net sales MSEK 789, -7.7% • Adjusted EBITA MSEK 41, margin 5.2% • Order backlog increased to BSEK 4.1 • All numbers in the presentation refer to continuing operations unless otherwise stated Numbers Where we are located Net sales by segment Q225 Q2 highlights Infraservices 20% Power 34% Telecom 46%
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Key activities in Q2 • Successful completion of the sale of the lossmaking Finnish operation • Faster execution than expected • Important step in building a strongerNetel • High level of project startups • Lays the foundation for future growth, improved profitability and cash flow • Executing on our growth strategy • Gaining new customersand expanding cooperation with existing customers • Geographical expansions • Gradual effects from margin-enhancing measures implemented 2024
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Recent business wins
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Infraservices • Expanded collaboration with Mälarenergi in Sweden • Two new projects focused on the renewal of heating and water systems • Leveraging on our existing collaboration with Mälarenergi in Power
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Power • New five-year framework agreement with E.ON in Sweden • Guaranteed volumes totaling 330 MSEK • Covers project contracting for local networks in the areas of Örebro, Norrköping, Eastern Småland, and parts of northern Sweden
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Telecom • Two-year contract signed with envia TEL • Contract value EUR 19 million • envia TEL is a leading telecommunications operator in central Germany and part of E.ON Group • With this new agreement, we gain both a new customer and expands our geographical presence in Germany
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Financial performance
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• Net sales -7.7% to MSEK 789 (854) • Organic growth -7.7% • Good development in T elecom • FX effects -2.6% Net sales Order backlog High level of project startups lays the foundation for future growth 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 MSEK 41 (48) • Adjusted EBITA margin 5.2% (5.6) • Margin in Power will gradually improve • Gradual impact from margin enhancing measures implemented 2024 • Fine-tuning digital tools and systems • EPS 0.11(0.30) SEK Adjusted EBITA & margin Profitability impacted by high level of project startups and project mix in Power All numbers in the presentation refer to continuing operations unless otherwise stated
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• Operating cash flow MSEK -62 (41) • Unutilised credit facilities and cash MSEK 416 • Leverage ratio 3.4 – higher than the capital structure target • Positive cash generation at the end of the year expected due to completion of projects and final invoicing in Q4 -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 4.0 0 100 200 300 400 500 600 700 800 900 Net debt, MSEK Net debt/adjusted EBITDA, % Operating cash flow Net debt excluding leasing liabilities Cash flow also reflecting the level of project startups All numbers in the presentation refer to continuing operations unless otherwise stated Including discontinuing operations
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Successful completion of the sale of the Finnish operation Divestment of lossmaking Finnish operations • Completed 30 June 2025 • Faster process than expected • No significant effect in financial results or position • Purchase price EUR 1 • Free up resources • Focus on the core markets of Sweden and Norway, as as well the growth markets of Germany and the UK
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Segment performance
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• Net sales -29.8% to MSEK 157 • EBITA MSEK 6 • EBITA margin 3.6% (7.6) • New customers • Expanding cooperation with existing clients • Expanding our geographical presence • Strong local presence, which enables us to remain competitive Q2 12 months MSEK 2025 2024 Δ R12M 2024 Δ Net sales 157 223 -29.8% 760 844 -10.0% - Sweden 157 223 -29.8% 760 844 -10.0% EBITA 6 17 -67.0% 38 54 -30.4% EBITA margin 3.6% 7.6% -4.0 4.9% 6.4% -1.4 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 -3.5% to MSEK 268 • EBITA MSEK 8 • EBITA margin 3.0% (7.2) • High level of project startups in Sweden • Changed project mix with lower proportion of power plant projects • Current projects are set to deliver good long-term profitability, well in line with or above our profitability target • Profitability to be positively impacted by new projects to begin 2H25 and transitioning into production phase 2026 Q2 12 months MSEK 2025 2024 Δ R12M 2024 Δ Net sales 268 277 -3.5% 1,044 1,005 3.9% - Sweden 148 162 -8.6% 641 653 -1.8% - Norway 114 113 0.4% 397 352 12.5% EBITA 8 20 -59.3% 61 76 -19.7% EBITA margin 3.0% 7.2% -4.2 5.8% 7.6% -1.7 Sales & Margin – Q by Q Sales & Margin Power 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 3.0% to MSEK 364 • EBITA MSEK 24 • EBITA margin 6.7% (1.8) • Strong development in Sweden and Germany • High proportion of project startups • Gradually increased contributions from margin-enhancing measures implemented 2024 • One-time effects contributed positively Sales & Margin – Q by Q Sales & Margin Telecom Q2 12 months MSEK 2025 2024 Δ R12M 2024 Δ Net sales 364 354 3.0% 1,434 1,435 -0.1% - Sweden 74 67 10.4% 284 280 1.4% - No rway 213 217 -2.2% 894 910 -1.8% - Germany 56 42 33.9% 191 174 9.6% - UK 14 21 -35.5% 56 70 -19.4% EBITA 24 6 286% 39 14 175% EBITA margin 6.7% 1.8% 4.9 2.7% 1.0% 1.7-2 -1 0 1 2 3 4 5 6 7 8 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 • High order backlog SEK 4.1 billion • Broadened customer base and geographical presence • Project startups lay the foundation for future growth, improved profitability and cash flow • Sustainability a competitive advantage • Highly motivated and skilled teams
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Q3 2025 24 October 2025