Slides
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Presentation 28 October 2026 Q3
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Agenda • Highlights Q3 • Market update • Financial performance • Summary and indication 2026
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Highlights Q3 Netel is well-prepared for the merger with Infrea • The rights issue was oversubscribed and Netel raised proceeds of MSEK 140 • The Extraordinary General Meeting on 21 August 2026 approved the merger with Infrea • All relevant authorities have approved the merger with Infrea • The Swedish Companies Registration Office approved the merger of seven Swedish subsidiaries to Netel AB
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Financial performance • Increased sales driven by good development in Infraservices and Power • Order backlog SEK 3.7 billion, characterised by good profitability • Improved profitability as a result of the cost reduction measures introduced 2025 and higher project volumes • Improved operating cash flow to MSEK 60 • For the full year 2026, we expect margins to improve, but we will not report growth following a quicker transition in the Norwegian telecom market than expected Highlights Q3 Q3 YTD MSEK 2026 2025 2026 2025 Net sales 682 652 1,983 2,103 Adj. EBITA 20 -34 53 26 Adj. EBITA margin 2.9% -5.3% 2.7% 1.3% Infraservices 24% Power 38% Telecom 38% Sales by segment YTD 2026
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Market update and recent business wins Q2 2024 presentation
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Infraservices • Sales increased 26.1% to MSEK 169, driven by higher project volumes. • EBITA improved to MSEK -2. Excluding discontinuation effects, the margin was 1.7%. • The liquidation of an acquired company in 2022 will continue to be affecting to earnings but is expected to be largely completed before the end of the year.
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Power • Sales increased 30.1% to MSEK 255, with growth in both Sweden and Norway. • EBITA amounted to MSEK 4, with a margin of 1.7%. • Electrification is driving demand. New contracts with Elvia in Norway, E.ON and another large energy company in Sweden, strengthen the order backlog for the coming years.
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Telecom • Sales decreased 20.0% to MSEK 258 as installation volumes fell in Sweden and Norway. • Cost-savings and good development in Germany improved EBITA to MSEK 4, with a margin of 1.4%. • Norway is adapting operations faster to projects and a broader customer base, with profitability over volume. • The transition in the Telecom market means that the Group no longer expects growth in 2026, but the expectation of improved margins remains.
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Financial performance
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• Net sales 4.5% to MSEK 682 (652) • Good growth in Infraservices and Power • Impacted by lower volumes in Telecom • FX effects 3.5% • Order backlog SEK 3.7 billion Net sales Order backlog Normal seasonality and active markets All numbers in the presentation refer to continuing operations unless otherwise stated 0 500 1000 1500 2000 2500 3000 3500 4000 Order backlog, MSEK 0 200 400 600 800 1000 1200 1400 Net sales, MSEK
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-6 -4 -2 0 2 4 6 8 -40 -20 0 20 40 60 80 Adjusted EBITA, MSEK Adjusted EBITA margin, % • Adjusted EBITA MSEK 20 (-34) • Adjusted EBITA margin 2.9% (-5.3) • EPS -0.52 (-0.99) SEK Adjusted EBITA & margin Profitability impacted by lower volumes in Telecom All numbers in the presentation refer to continuing operations unless otherwise stated
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• Operating cash flow MSEK 60 (-44) • Unutilised credit facilities and cash MSEK 429 • Successful rights issue contributed MSEK 140 -100 -50 0 50 100 150 200 Operating cash flow, MSEK Operating cash flow Cash flow reflecting reduced capital tied-up All numbers in the presentation refer to continuing operations unless otherwise stated Including discontinuing operations
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Segment performance
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• Net sales 26.1% to MSEK 169 due to higher volumes in line with seasonality • EBITA MSEK -2 • EBITA margin -1.2% • EBITA margin 1.7% when adjusted for the winding down of a company Q3 Twelvemonths MSEK 2026 2025 Δ R12M 2025 Δ Net sales 169 134 26.1% 644 605 6.5% - Sweden 169 134 26.1% 644 605 6.5% EBITA -2 -23 91.6% -6 -17 -64.6% EBITA margin -1.2% -17.5% 16.3 -0.9% -2.7% 1.8 Sales & Margin– Q by Q Sales & Margin Infraservices -20 -15 -10 -5 0 5 10 0 50 100 150 200 250 Net sales, MSEK EBITA margin, % All numbers in the presentation refer to continuing operations unless otherwise stated
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• Net sales 30.1% to MSEK 255 • Positively impacted by higher volumes in both Sweden and Norway • EBITA MSEK 4 • EBITA margin 1.7% Q3 Twelvemonths MSEK 2026 2025 Δ 2026 2025 Δ Net sales 255 196 30.1% 1,025 989 3.7% - Sweden 96 82 17.2% 473 492 -3.8% - Norway 159 121 31.4% 554 497 11.5% EBITA 4 -20 14 -4 EBITA margin 1.7% -10.2% 11.9 1.4% -0.4% 1.7 Sales & Margin– Q by Q Sales & Margin Power -15 -10 -5 0 5 10 15 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 -20.0% to MSEK 258 as a result of a quicker than expected market transformation in Norway • Good growth in Germany • EBITA MSEK 4 • EBITA margin 1.4% Sales & Margin– Q by Q Sales & Margin Telecom Q3 Twelvemonths MSEK 2026 2025 Δ 2026 2025 Δ Net sales 258 322 -20.0% 1,124 1,321 -14.9% - Sweden 29 45 -35.8% 149 240 -38.0% - Norway 173 233 -25.9% 800 894 -10.5% - Germany 57 45 25.4% 185 187 -1.2% EBITA 4 -0 -8 21 EBITA margin 1.4% -0.0% 1.4 -0.7% 1.6% -2.3 -5 0 5 10 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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We are preparing ourselves for the future
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Summary and adjusted indication for 2026 • Stronger Infraservices and Power volumes and cost - savings lift adjusted EBITA to MSEK 20 (2.9%) • Telecom, adapting to lower installation volumes through service, maintenance and new customers in Norway • Strengthened finances - Operating cash flow of MSEK 60 and issue proceeds of MSEK 140 • Merging 12 Swedish operating companies into one, with the process proceeding as planned and finalised 2026 • Infrea merger approved by shareholders and authorities; completion expected 4 November 2026 INDICATION 2026 ADJUSTED Margin improvement remains expected for full -year 2026, supported by savings and current market conditions. No growth is expected as the Norwegian telecom market is changing faster than planned.
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Q4 2026 19 February 2027