Slides
Page 1
Change logo colour If you need to change the colour of the logo, right- click outside the work area, select Format Background from the context menu, and select Solid fill. You may ONLY use white or dark grey. Q4 Year-end report Januari – December 2025 A reliable, present and independent European partner that combines deep technical expertise with local understanding. 1
Page 2
Agenda President & CEO Magnus Lönn Interim CFO Åsa Regen Jansson Proact introduction CEO reflections Quarterly highlights Financial results Summary Proact 2025 Q4 Year-end report 2
Page 3
+ US office Proact is a leading IT expert that helps organisations secure and manage their data by delivering world-class hybrid cloud solutions and societal-critical infrastructure. Proact introduction Proact introduction Proact in brief • Founded in 1994, Proact has secured business critical data & pushed the limits of technology while delivering business agility for 3 decades • Serving ~4,000 medium and large enterprise customers across Europe • SEK ~5 billion turnover with stable finances • Listed on Nasdaq Stockholm since 1999 (ticker: PACT) • A local trusted European partner with ~1,100 Employees with industry- leading skills & expertise • We support our customers at every step of their data journey. Our flexible deployment models enable delivery anywhere Hyper -scaler data center Proact data cent ers Customer dat a cen ter Deployment models Start ut i li sing the advantages wi th Hybrid cloud Modern work sp ace Self-serv ice and automation Any ap plic ation. Anywher e. Flex ib le & ag ile scala bility Fast er d ig it alizat ion & Dev Ops hostedpri vate publ ic Proact office Geographical footprint 9% 55% 14% 23% Revenue and Adjusted EBITA (SEKm) Revenue split, 2025 Systems Support Services Consulting Services Managed Cloud Services (MCS) 2021 3,683 2025 4,679 +27% 20252021 197,5 316,0 +60% Revenue Adjusted EBITA Proact 2025 Q4 Year-end report 3
Page 4
We offer best-in-class services; Our broad offering enable us to support our customers wherever they are in their cloud journey Proact introduction Proact offering Systems Independent provider and value- added reseller of hardware and software, and system architectured solution Support services Premium support for the Systems business (high attach rate of c. 70% to system sales) Managed Cloud Services Wide range of services, such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), Storage and Security, as well as modern platforms based on Kubernetes Consulting services Broad spectrum of services from strategic consulting services and solution architect design to installation (incl. Kubernetes and Public cloud transformation services) Revenue streams1Selected expert skills (non-exhaustive) Cybersecurity solutions Proact has two 24/7 Security Operations Centers (SOCs) that protect Proact and customer infrastructure all day, every day Cloud Native services Through our Conoa brand, we help companies build the cloud native, container and Kubernetes infrastructure incl. Server as a Code and DevOps services Microsoft consulting Strong consulting expertise, supporting with digital transformation services based on "cloud-first" technologies from Microsoft Azure and Microsoft 365 AI infrastructure Proact can support customers on their AI journey, offering modern solutions that enable automation and innovation. 1.% of revenue rolli ng 12 months 2025 9% 23% 14% 55% Proact 2025 Q4 Year-end report 4
Page 5
A year of change with focus on profitable growth Quarterly highlights Total revenue 1 208.0 SEKm (1 268.5) Organic growth -4.8% (-7.2) Recurring revenue 434.9 SEKm (445.3) Earnings per share 0.56 SEK (1.87) Adjusted EBITA 84.9 SEKm (80.2) Adjusted EBITA margin 7.0% (6.3) • Group-wide cost-efficiency programme completed; expected annual savings ~SEK 80M, full effect H2 2026, one -off costs ~SEK 54M in Q4. • Acquisition of Consular ApS completed, strengthening Nordic infrastructure and cloud offering. • Åsa Regen Jansson appointed interim CFO; Niklas Jakobsson appointed Business Unit Director for Nordic & Baltics.; Jacob Kronborg appointed Interim Business Unit Director for Central. • NetApp Global Partner Innovation Award 2025 and appointed authorised VMware Cloud Service Provider (VCSP). • Proposed dividend of SEK 2.60 per share (2.40). Q4 2025 5Proact 2025 Q4 Year-end report
Page 6
A year of change with focus on profitable growth Quarterly highlights Total revenue 4 678.8 SEKm (4 864.2) Organic growth -3.8% (0.6) New cloud agreements 650.1 SEKm (643.1) Earnings per share 4.67 SEK (8.15) Adjusted EBITA 316.0 SEKm (350.6) Adjusted EBITA margin 6.8% (7.2) 6 • Continued growth both on revenue and EBITA within Business Unit Nordic & Baltics and UK • Acquired BlakYaks in the UK, strengthening cloud and Azure expertise. • Launched Proact Hybrid Cloud AI, powered by Nvidia GPUs in a secure Swedish cloud. Enhanced Proact Managed Container Platform (PMCP). • Named NetApp Enterprise Partner of the Year 2025 (Europe & LATAM). • 1,148,011 shares repurchased; 300,000 shares cancelled (1.09%). • Group-wide cost-efficiency programme launched, primarily targeting Business Units West and Central. FY 2025 Proact 2025 Q4 Year-end report
Page 7
Strong core capabilities with regional opportunities for improvement CEO reflections • Solid company with a strong foundation and proven positive development over time • Deep expertise in protecting critical societal infrastructure through data protection, security and AI • Good mix of systems and services with a growing share of recurring revenues • High technical competence built on 30+ years of experience Proact 2025 Q4 Year-end report 7 Strengths – what defines Proact at its core • Limited market visibility not fully optimised offering • Insufficient profitability and sales focus outside the Nordics & Baltics • Underperforming historical M&A outside Nordic & Baltics • Overexposure to low-margin, non-repeatable, or low- complexity services outside Nordic & Baltics • Reduced focus on the systems business, despite its role as the engine for revenue streams outside Nordic & Baltics Execution gaps 6 4 8 2 10 0 -2 12 -4 Q2’ 22 Q3’ 22 Q4’ 22 Q1’ 23 Q2’ 23 Q3’ 23 Q4’ 23 Q1’ 24 Q2’ 24 Q3’ 24 Q4’ 24 Q1’ 25 Q2’ 25 Q3’ 25 Q4’ 25 Q4’ 21 Adjusted EBITA margin (%), R12 Q1’ 22 Nordic & Baltics UK CentralWest Cost-efficiency program
Page 8
Clear momentum and decisive actions to strengthen performance and future growth CEO reflections • Implemented a new post -M&A model enabling sales synergies without full operational integration. • BlakYaks integration as a proof point: UK performance improved from 2024 to 2025, with profits increasing by 60%. • Implemented cost reductions of ~80 MSEK, delivering ~80 MSEK annual savings. • Strengthened leadership team and simplified group support. • Launched higher -margin services (PHC AI, PMCP). • Continuing improvement efforts in West and Central, alongside a review of our product portfolio and customer offering. • This work continues and I will continue update you on the progress later this year. Proact 2025 Q4 Year-end report 8 Actions & progress 6 4 8 2 -4 0 12 -2 10 Adjusted EBITA margin (%), R12 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25Q1’24 Nordic & Baltics UK CentralWest Cost-efficiency program
Page 9
Total revenue declined 4.8%, driven by weaker system sales and a challenging West & Central market, partly offset by UK growth. Financial results Revenue development, Q4 2024 – Q4 2025 (SEKm) • Total revenue amounted to SEK 1,208.0 million (1,268.5), down 4.8%, from weaker system sales, as well as a challenges in West and Central. This was partly offset by UK growth, mainly related to BlakYaks. • System revenue totaled SEK 665.8 million (714.5), reflecting lower sales in all regions. In Nordic & Baltics, the decline was affected by large contracts in the prior year, while weaker market conditions and sales challenges weighed on West and Central. • The systems business can vary significantly quarter to quarter due to the size of our customers, which is why revenue can be quite volatile. • Service revenue amounted to SEK 541.3 million (551.6), supported by growth in support and cloud services in Nordic & Baltics and positive UK contribution via BlakYaks. However, offset by weaker service sales in West and Central. Note: Other incl. currenc y adjustments 1.208,0 Revenue Q4 2025 Other -1,3 Consulting Services 1.268,5 Revenue Q4 2024 Managed Cloud Services -12,3 Support Services 1,9 Systems -48,8 -4,8% 12,0 Central 2,7 Other Revenue Q4 2025 Nordic & Baltics -6,2 Revenue Q4 2024 West -12,1 UK 1.268,5 1.208,0 -56,9 Revenue by revenue stream (SEKm) Revenue by Business Unit (SEKm) Proact 2025 Q4 Year-end report 9
Page 10
Total revenue declines 3.8% in FY 2025, primarly driven by lower system and service sales Financial results Revenue development, FY 2024 – FY 2025 (SEKm) • Total revenue amounted to SEK 4,678.8 million (4,864.2), down 3.8%. Currency effects had a negative impact of 2.9% (-0.1), while acquisitions contributed positively by 2.9%. Organically, revenue decreased by 3.8% (+0.6). • System revenue decreased by 5.1% to SEK 2,549.8 million (2,685.7), with an organic decline of 3.8% (-0.2). • Service revenue amounted to SEK 2,123.6 million (2,170.8), down 2.2% (+1.2), with an organic decline of 3.7% (1.4). • The services business accounted for 45.4% (44.6) of total revenue for the period. • Both Nordic & Baltics and UK delivered a positive performance for the full year. • Nordic & Baltics showed strong growth in the systems business, while the UK performance was driven by continued strength in services and contributions from BlakYaks. Note: Other incl. currenc y adjustments 4.864,2 Revenue Q4 2025 Other -2,4 Consulting Services -16,9 Revenue Q4 2024 4.678,8 Managed Cloud Services -46,6 Support Services 16,4 Systems -135,9 -3,8% CentralUKNordic & Baltics 4.864,2 4.678,8 -130,4 West -216,2 Revenue Q4 2025 Other -2,9 112,1 52,0 Revenue Q4 2024 Revenue by revenue stream (SEKm) Revenue by Business Unit (SEKm) Proact 2025 Q4 Year-end report 10
Page 11
Annualised recurring revenue grown at an 8.5% CAGR from 2020, currently making up 36% of total revenue Financial results Annualised recurring revenue development, 2020 -2025 (SEKm) • New cloud contracts totaled SEK 138.1 million (224.3), with an average duration of three to five years. The decline in Q4 was partly an effect of the record high intake of new contracts in Q3 • Total cloud revenue decreased 4.3% to SEK 271.6 million (283.9), mainly driven by higher customer churn in West and Central. Nordic & Baltics and the UK showed positive growth but could not fully offset the decline. Organic cloud revenue decreased 3.4%. • Recurring revenue in Q4, defined as revenue from cloud and support services, amounted to SEK 434.9 million (445.3). • Annualised recurring revenue (ARR) amounted to SEK 1,739.6 million (1,781.0), down 2.3% year -on- year due to slightly weaker cloud service performance. Note: Other incl. currenc y adjustments. Annual rate relative to annualised Q4 revenue. 300 600 900 1.200 1.500 1.800 0 2021 20222020 2024 20252023 SEKm 1.156,5 1.306,8 1.551,5 1.747,6 1.781,0 1.739,6 8,5% Proact 2025 Q4 Year-end report 11 29% 35% 27% 32% 35% 36% ARR as% of total revenue
Page 12
Adjusted EBITA increased by 5.9%, positively affected by strong performance in UK and a lower cost base Financial results Adjusted EBITA development, Q4 2024 – Q4 2025 (SEKm) EBITA margin,% 80.2 Adj EBITA Q4 2024 -4.0 Nordic & Baltics 10.7 UK 0.3 West -4.3 Central 2.0 Other 84.9 Adj EBITA Q4 2025 +5.9% 7.0%6.3% Proact 2025 Q4 Year-end report 12 Note: Other incl. currenc y adjustments • Adjusted EBITA amounted to SEK 84.9 million (80.2), up 5.9%, primarily driven by lower costs related to the cost efficiency program and strong performance in the UK, where BlakYaks contributed positively. • The adjusted EBITA margin increased to 7.0% (6.3).
Page 13
Adjusted EBITA declined due to lower revenues, partly offset by cost efficiencies Financial results Adjusted EBITA development, FY 2024 – FY 2025 (SEKm) EBITA margin,% Adj EBITA Q4 2024 12.2 Nordic & Baltics UK -38.5 West -36.7 Central 12.1 Other Adj EBITA Q4 2025 350.6 16.3 316.0 -9.9% 7.2% Proact 2025 Q4 Year-end report 13 Note: Other incl. currenc y adjustments • Adjusted EBITA amounted to SEK 316.0 million (350.6), corresponding to a decrease of 9.9%, mainly explained by lower revenues. The decline was partly offset by the cost efficiency programme. • The adjusted EBITA margin for the period amounted to 6.8% (7.2). • Both Nordic & Baltics and UK delivered a positive performance for the full year. • Nordic & Baltics showed strong growth in both the systems- and services business, while the UK performance was driven by strength in services and contributions from BlakYaks. • The cost efficiency programme implemented in 2025 is expected to be fully completed in the second quarter of 2026. 6.8%
Page 14
Net cash decreased from SEK 330 million in December 2024 to SEK -21 million by Q4 2025 driven by M&A and share repurchases Financial results Net cash development Q4 2024 – Q4 2025 (SEKm) Cash flow from operations Capitalstructureadaption and shareholdervalue creation 330 -21 171 276 39 Amortisation leasing and other -9 Interest -165 -36 FX 2025 Q4Dividend and share repurchases -187 CapEx -48 M&A -289 Working Captial Tax -102 Depreciation and other non-cash EBIT2024 Q4 Proact 2025 Q4 Year-end report 14 • During the fourth quarter, cash flow amounted to SEK 24.1 million (152.1), of which SEK 229.1 million (207.1) came from operating activities. • Cash flow from investing activities amounted to SEK -96.3 million ( -6.0), primarily reflecting the acquisition of Consular Aps and investments in tangible and intangible assets. • Cash flow from financing activities amounted to SEK -108.7 million ( -49.0), mainly related to the amortisation of lease liabilities of SEK -64.6 million (-38.8) and the repurchase of own shares of SEK - 34.6 million ( -10.2). • Net cash reduction was mainly driven by M&A, share repurchases, and lease amortisation. Operating cash flow was impacted by working capital movements related to timing effects and tougher payment terms.
Page 15
Strong performance in Nordic & Baltics and UK – revenue growth driven by systems and services sales Financial results Proact 2025 Q4 Year-end report 15 Nordic & Baltics UK 1Share of total revenue 58%1 15%1 SEKm Q4 2025 Q4 2024 Change (%) FY 2025 FY 2024 Change (%) Revenue 710.8 717.0 -0.9 2,641.5 2,529.4 4.4 Adj EBITA 68.3 72.3 -5.6 271.7 259.5 4.7 EBITA margin 9.6 10.1 - 10.3 10.3 - UK SEKm Q4 2025 Q4 2024 Change (%) FY 2025 FY 2024 Change (%) Revenue 187.3 175.3 6.9 760.8 708.8 7.3 Adj EBITA 14.2 3.4 312.8 43.4 27.1 59.8 EBITA margin 7.6 2.0 - 5.7 3.8 -
Page 16
West and Central see revenue declines, Adjusted EBITA turns negative on FY, reflecting lower revenues and a cost structure not fully aligned with current market conditions Financial results Proact 2025 Q4 Year-end report 16 West Central 1Share of total revenue 15%1 12%1 West SEKm Q4 2025 Q4 2024 Change (%) FY 2025 FY 2024 Change (%) Revenue 186.4 198.5 -6.1 717.9 848.3 -15.4 Adj EBITA 4.3 3.9 8.6 -2.1 36.4 -105.9 EBITA margin 2.3 2.0 - -0.3 4.3 - Central SEKm Q4 2025 Q4 2024 Change (%) FY 2025 FY 2024 Change (%) Revenue 153.4 210.4 -27.1 671.7 887.9 -24.4 Adj EBITA 1.5 5.8 -74.6 -5.5 31.2 -117.6 EBITA margin 1.0 2.8 - -0.8 3.5 -
Page 17
Improvement, resilience and long-term growth • Proact’s role as a trusted, independent European partner with strong local presence is becoming increasingly relevant as demand grows for secure, controlled and reliable data infrastructure supporting critical societal services. • Recognised market leadership in cloud, data protection and AI, demonstrated through multiple partner awards. • Strong strategic progress via acquisitions, including UK -based BlakYaks and Danish Consular, leadership renewal, and the launch of new high -margin services. • Clear operational uplift in Nordic & Baltics and continued year - on-year improvement in the UK, with higher service volumes and BlakYaks integration driving a 60% profit increase. • Solid financial discipline – approximately SEK 80 million in annual cost savings, expected to impact second half 2026, along with a proposed dividend and share buybacks. • The focus for 2026 is driving profitable growth while continuing improvement efforts in West and Central, alongside a review of our product portfolio and customer offering, with the aim to present key conclusions later this year. 17 Summary Proact 2025 Q4 Year-end report
Page 18
Change logo colour If you need to change the colour of the logo, right- click outside the work area, select Format Background from the context menu, and select Solid fill. You may ONLY use white or dark grey. Thank you! Contacts Magnus Lönn , President & CEO magnus.lonn@proact.eu Åsa Regen Jansson , interim CFO asa.regen.jansson@proact.eu Christopher Ramstedt , Group Communications Manager christopher.ramstedt@proact.eu 18Proact 2025 Q4 Year-end report