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Nordisk Bergteknik Q3 November 4, 2025
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Table of contents Nordisk Bergteknik at a glance Nordisk Bergteknik at a glance Interim report Q3 Interim report Q3 Financial targets and strategy to get there Financial targets and strategy to get there Predicted continued growth Predicted continued growth This is Nordisk Bergteknik This is Nordisk Bergteknik Caret Right with solid fill Diversified project portfolio to lower risks Diversified project portfolio to lower risks Caret Right with solid fill Caret Right with solid fill Financial performance Financial performance Caret Right with solid fill Performance per segment Performance per segment Caret Right with solid fill Performance in the Q3 business climate Performance in the Q3 business climate Sustainable financial outlook Sustainable financial outlook Caret Right with solid fill Caret Right with solid fill Financial targets and dividend policy Financial targets and dividend policy Caret Right with solid fill Caret Right with solid fill Operational synergies lead to attractive offering and high entry barriers Operational synergies lead to attractive offering and high entry barriers Caret Right with solid fill Net debt and leverage Net debt and leverage Caret Right with solid fill
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This is Nordisk Bergteknik Was there a better way of building modern, sustainable societies? We believed so. We also considered that a more consolidated market for rock and foundation solutions was part of the answer. So, in 2016, Nordisk Bergteknik was born. Today, we lead the market in Northern Europe for those services, with 18 operative subsidiaries and over one thousand employees. But our history began in the 1960s, when one of our founders Wolgan Karlsson, provided services such as drilling, blasting, and tunnelling. That experience constitutes the core of our business model, enabling us to apply traditional knowledge to find new ways forward. SECTORS Infrastructure, energy, real estate, mining THREE FINANCIAL SEGMENTS • Foundation Sweden • Rock Sweden • Rock Norway TWO BUSINESS AREAS • Rock handling • Foundation solutions OVERALL GOAL To contribute to the development of modern, sustainable societies
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Leading the market in rock and foundation solutions SEK 122,4m ADJ. EBIT Q3 2025 LTM FOUNDED IN 2016 1,152 # OF EMPLOYEES 18 OPERATING SUBSIDIARIES SEK 3,436m SALES Q3 2025 LTM 3.6% ADJ. EBIT MARGIN Q3 2025 LTM
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Drilling Prospecting, excavation and reinforcement Rock excavation Excavation of rock, mainly through blasting Rock and concrete reinforcement Maintenance of rock and concrete constructions Foundation reinforcements Stopping or preventing subsidence of building Sheet piling Preventing water and soil from entering a construction area Foundation work Ensuring a stable and reliable foundation Areas for our services and solutions Rock Foundation
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Rock Sweden 51%24% Rock Norway Attractive business mix REVENUE BY SEGMENT, LTM Q3 2025 EBIT PER SEGMENT, LTM Q3 2025 25% Foundation Sweden 6% Rock Norway Rock Sweden 88%6% Foundation Sweden
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Diversified project portfolio lowers the risk level High revenue diversification and few projects with fixed price ~1,500 No. of projects yearly 10% Few large projects spread over several years account to less than ~10% Direct exposure to construction of new housing yearly turnover ~15% Mining and prospect drilling becoming an increased part of the group’s sales
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Operational synergies lead to attractive offering and barriers to entry Synergies • Knowledge sharing • Flexible resource and machine allocation • Centralised sourcing of raw materials and spare parts • Efficient overhead functions • Market coordination Barriers to entry • Economies of scale • Strong market position and track record • Highly experienced employees • Modern and large machine park • Local know-how
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Interim Report Q3 Continued organic growth driven by strong development in the Norwegian market
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820 799 838 2.1% 2.1% 3.6% 0,0% 20,0% 770 780 790 800 810 820 830 840 850 Q3 2023 Q3 2024 Q3 2025 Net sales, SEKm Adj. EBIT margin Jul - Sep • Net sales increased by 5% and amounted to SEK 838.0 (798.9) million • Organic growth amounted to 6 (-2) %. • Adjusted EBIT amounted to SEK 30.2 (16.5) million. Adjusted EBIT margin amounted to 3.6 (2.1) %. Comments • In the Rock Norway segment, demand was significantly higher during the quarter compared with the previous year and the segment reported organic growth of 20%. In the Rock Sweden segment, activity remained at a high level within infrastructure projects. Organic growth was 4%. In the Foundation Sweden segment, volumes were lower than the previous year, resulting in negative organic growth of 5%. SEKm Q3 2023 Q3 2024 Q3 2025 Net sales 819.6 798.9 838,0 EBITDA 90.2 96,6. 100.7 EBITDA margin 11.0% 12.1% 12.0% Adj. EBITDA 102.2 98.0 106.7 Adj. EBITDA margin 12.5% 12.3% 12.7% EBIT 5.1 15.1 24.1 EBIT margin 0.6% 1.9% 2.9% Adj. EBIT 17.2 16.5 30.2 Adj. EBIT margin 2.1% 2.1% 3.6% Financial performance (1/2)
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Financials • Cash flow from operating activities amounted to SEK −7.5 (62.7) million during the third quarter. Working capital increased during the quarter due to the start-up of several new projects. • Net debt/adjusted EBITDA amounted to 3.5x (3.6). • Cash and cash equivalents at the end of the period was SEK 8.4 (13.1) million. • Unused credit and overdraft facilities amounts to SEK 187 million. -93 64 -5 Q3 2023 Q3 2024 Q3 2025 Adjusted cash flow from operating activities, SEKm Financial performance (2/2)
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Performance per segment – Rock Sweden • The segment’s organic growth for the period amounted to 4%. The growth is explained by continued high demand for the segment’s services during the quarter, not least within the mining industry and infrastructure. • The improved EBIT margin is attributable to a more favorable project mix and a higher share of sales of machinery and equipment made in connection with project completion at the Pampalo mine in Finland. 421 406 449 379 453 429 474 392 0 100 200 300 400 500 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Net sales 17 33 39 15 25 22 31 18 3.9% 7.9% 8.4% 4.0% 5.4% 5.0% 6.4% 4.4% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 0 5 10 15 20 25 30 35 40 45 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 EBIT EBIT-margin SEKm SEKm
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Performance per segment – Rock Norway • Market activity within the segment has risen and organic growth amounted to 20%. • EBIT has increased as a result of improved demand and the restructurings that have been carried out and amounted to SEK 12.1 (3.4) million. The EBIT margin amounted to 4.6 (1.5) %. 243 164 215 231 216 157 224 266 0 50 100 150 200 250 300 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Net sales 6 -3 12 3 -12 2 4 12 2.5% -2.0% 5.5% 1.5% -5.3% -1.1% 1.7% 4.6% -6% -4% -2% 0% 2% 4% 6% 8% -15 -10 -5 0 5 10 15 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 EBIT EBIT-margin SEKm SEKm
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Performance per segment – Foundation Sweden • External net sales in the third quarter decreased by 5% and amounted to SEK 180.6 (189.4) million. Organic growth amounted to −5%. Despite a persistently challenging market with lower construction activity and fewer project starts in local infrastructure, the segment showed positive organic growth during 2025, driven by a gradual market recovery. However, fewer larger projects were executed during recent quarters, which resulted in lower revenue. • EBIT for the third quarter amounted to SEK −0.8 (−1.8) million. The EBIT margin continues to be negatively affected by the weaker market and amounted to −0.4 (−0.9) % for the quarter. 224 182 194 189 228 241 176 181 0 50 100 150 200 250 300 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Net sales 9 -3 0 -2 7 -4 4 -1 3.8% -1.3% -0.1% -0.9% 3.0% -1.6% 2.2% -0.4% -2% -1% 0% 1% 2% 3% 4% 5% -6 -4 -2 0 2 4 6 8 10 Q4 23 Q1 24 Q2 25 Q3 25 Q4 25 Q1 25 Q2 25 Q3 25 EBIT EBIT-margin SEKm SEKm
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1 918 3 402 3 526 3 305 3 436 2021 2022 2023 2024 2025 Q3 LTM Net sales -7% 6% NET SALES DEVELOPMENT SEKm ADJUSTED EBITDA DEVELOPMENT SEKm ADJUSTED EBIT DEVELOPMENT SEKm 134 244 173 122 122 7.0% 7.2% 4.9% 3.7% 3.6% 2021 2022 2023 2024 2025 Q3 LTM Adj. EBIT Adj. EBIT margin Sustainable financial outlook • Strong organic growth over time as a result of Nordisk Bergteknik’s capability with a large machine park and extensive in-house competences. Current market climate has slowed down the organic growth. • Growth has also been driven by an active M&A agenda with several acquisitions during the last three years. Current market climate has slowed down the M&A agenda. • Strong increase in nominal EBITDA with margins stable around 14 %. • Successful integrations of acquired companies combined with operational efficiency. • Further potential for economies of scale and synergies over time. • Completed acquisitions have given a positive contribution to the margin development. • The current market climate has negatively affected EBIT in recent years. 281 493 485 451 443 14.6% 14.5% 13.7% 13.6% 12.9% 2021 2022 2023 2024 2025 Q3 LTM Adj. EBITDA Adj. EBITDA margin -4%25% 25% Organic growth
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3,2 3,5 3,6 3,6 3,2 3,5 3,5 3,5 2,5 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Target Debt ratio (Net Debt/EBITDA) Net debt and leverage DEBT RATIO (NET DEBT/EBITDA) • Net debt amounts to SEK 1,536m (1,578). • Machine loans amounts to SEK 463m and lease liabilities to SEK 243m. • Debt ratio (net debt/EBITDA LTM) amounts to 3.5x (3.6). • Cash and cash equivalents amounts to SEK 8m (13). • The group has additional unused liquidity of total SEK 187 (245) million.
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Nordisk Bergteknik’s environment • Continued M&A journey through disciplined acquisitions using established model. • Continued strong demand for our services in infrastructure, mining/prospect drilling, operation and maintenance services as well as material handling services. • There is a significant underlying need for new infrastructure investments and probably an even greater need to maintain and renovate existing transportation networks and other forms of infrastructure in society. Investments in infrastructure will benefit us and further develop the group as a strategic and significant player over time. • Large, stable and growing market with a high proportion of end customers from the public sector. • Continued high national demand to both maintain, refine and renew transport networks. • The “green transition” will require a completely new and complementary type of infrastructure and urban development. • Uncertain economic situation with declines in the housing market with surrounding effects which also impacts local infrastructure. • Nordisk Bergteknik’s business model revolves around relatively short projects and a small share of fixed prices which give flexibility and sustains an organizational level of efficiency. • We have an adaptable operation that can handle changes in volume through reduced or increased use of subcontractors and machinery. Current trading M&A:s High flexibility and diversification Large and stable market
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Strategy and financial targets
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Predicted continued growth (1/2) Today Future EXPLOIT CURRENT CAPABILITIES1 • Unique collaborations between subsidiaries • Higher profitability through continued synergy integration 2 VERTICAL INTEGRATION IN VALUE CHAIN • Geographical expansion within existing markets (Sweden/Norway/Finland) • Enter new geographical markets, both in the Nordics and other geographies 3 GEOGRAPHICAL EXPANSION • Add additional steps in value chain to offering • Both backward and forward integration is possible 4 EXECUTE ON EXISTING M&A PIPELINE • Continued M&A journey through disciplined acquisitions using established model
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Successful operations in a niche market • Limited competition in a niche market with high barriers to entry since operations requires a high level of expertise, specialized equipment and machine capacity. • Additional upside with further materialisation of synergies and continued implementation of effectivization initiatives. Positive long-term market outlook with compelling growth • Nordisk Bergteknik operates in a niche market that has shown a stable growth over time. • Long-term market growth is expected to continue growing supported by an attractive infrastructure investment pipeline over the next decade. Opportunity to continue building a market leader • Leading positions in rock segment. Opportunity to reach higher market share by executing on the acquisition pipeline over time. • Grow organically by realization of synergies and implementation of optimization initiatives. Today Future EXPLOIT CURRENT CAPABILITIES1 2 VERTICAL INTEGRATION IN VALUE CHAIN 3 GEOGRAPHICAL EXPANSION 4 EXECUTE ON EXISTING M&A PIPELINE Predicted continued growth (2/2)
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Financial targets and dividend policy Capital structure <2,5xProfitability 7% Growth 15% Dividend policy 40% Achieve annual net sales growth of more than 15 percent over a business cycle. The growth should be achieved through a combination of organic growth and acquisitions. The Group targets an adjusted EBIT-margin of 7 percent in the medium term. The net debt in relation to adjusted EBITDA shall not exceed a ratio of 2.5x. Indebtedness can temporarily be higher, for example in connection with larger acquisitions. Nordisk Bergteknik aims to distribute 40 percent of the Group’s consolidated net income over time, taking into consideration other factors such as M&A and growth opportunities as well as financial position and cash conversion.