Slides
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STRICTLY PRIVATE & CONFIDENTIAL Pamica GroupQ2 Presentation April-June 2026
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Today’s presenters 2Joacim LindoffCEOLouise AnkarcronaCFO
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Agenda 3 01. Key highlightsJoacim Lindoff02. FinancialsLouise Ankarcrona/ Joacim Lindoff03. SummaryJoacim Lindoff04. Q&A
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•Net sales increased 18.1% to MSEK 1 568.0 – Organic growth 16.8%*– Both segments reported organic net sales growth•Adjusted EBITA increased 49.4% to MSEK 171.0– Organic EBITA growth 34.6% – Adjusted EBITA margin 10.9% (8.6)Profitability in the Industry and Services segments increased Operating cash flow amounted to MSEK 172.3 (105.6)Leverage ratio amounted to 3.05x at the end of the quarter – 3.82x in the Q2 2025 resulting in a 0.77x decrease YoY KEY PERFORMANCE INDICATORSΔQ2’25Q2’26MSEK18.1%1 328.11 568.0 Net sales19.6pp-2.8%16.8%Organic net sales growth, %*49.4%114.4171.0Adjusted EBITA2.3pp8.6%10.9 %Adjusted EBITA margin, %63.1%105.6172.3 Cash flow from operating activities* Excluding discontinuing operations0246810120306090120150Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26%MSEKADJUSTED EBITA PER QUARTERAdjusted EBITAMargin Financial development Q2 2026Continued improvement in Q2 with strong growth and improved profitability
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•Stable development in line with business plan– Continued good execution of plans for platform companies– Development in line with business plan set good base for further development•Strategic review of Pamica's ownership– Continued analysis around listing possibilities– Preparation work ongoing with more information during remainder of 2026•Management changes for stability in succession and business development– Joacim Lindoff named CEO after Jan-Olof Svensson, who remains an active part in the company as M&A responsible and future board member – New positions in place and completed overhaul of Group organization to ensure cost effective support in our decentralized operating model•Pamica Group acquired and integrated Aluhak Gruppen– Integrated Aluhak’s and our platform company Solideq’s operations– Solideq renamed Nordic Access Group 5 Key highlightsContinued focus on both organic and inorganic profitable growth
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Agenda 6 01. Key highlights Q2Joacim Lindoff02. FinancialsLouise Ankarcrona/ Joacim Lindoff03. SummaryJoacim Lindoff04. Q&A
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KEY PERFORMANCE INDICATORS 7 Financial development Q2 2026 0246810120306090120150Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26%MSEKADJUSTED EBITA PER QUARTERAdjusted EBITAMarginΔQ2’25Q2’26MSEK18.1%1 328.11 568.0 Net sales19.6pp-2.8%16.8%Organic net sales growth49.4%114.4171.0Adjusted EBITA2.3pp8.6%10.9 %Adjusted EBITA margin63.1%105.6172.3 Cash flow from operating activities-0.77x3.82x3.05x Net debt / proforma EBITDA R12M, xSolid organic growth development withmargin expansion and strong cash flow
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8• Net sales (R12M) continued to grow in Q2 2026, accelerating from the trend seen in late 2025• Adjusted EBITA and margin (R12M) improved further, reaching their highest levels in the period shownPamica Group: Net sales R12MPamica Group: Adjusted EBITA and margin R12MR12M per quarter for the groupStrong growth driving improved profitability01 0002 0003 0004 0005 0006 000Q3 Q4 Q12024Q2 Q3 Q4 Q12025Q2 Q3 Q4 Q12026Q2Nettoomsättning0%2%4%6%8%10%0200400600Q3 Q4 Q12024Q2 Q3 Q4 Q12025Q2 Q3 Q4 Q12026Q2Justerad EBITAMarginal, %
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SEGMENT INDUSTRY• Continued organic growth and margin expansion•Favorable tail winds from overall business climate and continued investments in Defense and Infrastructure • Managing supply chain risks well•Net sales in Q2 increased 28.0% to MSEK 777.2 (607.1)– Organic net sales growth 29.7%•Adjusted EBITA increased to MSEK 113.0 (77.0)– Adjusted EBITA-margin 14.5% (12.7%) – Organic adjusted EBITA growth 38.3%Q2Δ20252026MSEK28.0%607.1777.2Net sales46.8%77.0113.0Adjusted EBITA1.9pp12.7%14.5%Adj. EBITA marginKEY PERFORMANCE INDICATORSADJUSTED EBITA R12M, MSEK0%5%10%15%20%0100200300400500Q3 Q4 Q12024Q2 Q3 Q4 Q12025Q2 Q3 Q4 Q12026Q2Justerad EBITAMarginal, %
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SEGMENT SERVICES• Strengthened focus on improving margins through implemented business plans• Benefitting from increased activity in household service and over all favorable business climate•Net sales in Q2 increased 9.9% to MSEK 790.7 (719.5)– Organic net sales growth 7.0%•Adjusted EBITA increased to MSEK 67.8 (47.3)– Adjusted EBITA-margin 8.6% (6.6%)– Organic adjusted EBITA growth 21.2% Q2Δ20252026MSEK9.9%719.5790.7Net sales43.3%47.367.8Adjusted EBITA2 pp6.6%8.6%Adj. EBITA marginKEY PERFORMANCE INDICATORSADJUSTED EBITA R12M, MSEK 0%2%4%6%8%10%050100150200Q3 Q4 Q12024Q2 Q3 Q4 Q12025Q2 Q3 Q4 Q12026Q2Justerad EBITAMarginal, %
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0100200300400500600Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26MSEKTOTAL AVAILABLE CASH, INCLUDING UNUTILISED CREDIT FACILITIESCash and cash equivalents and unutilized credit facilities11-203080130180230Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26MSEKCASH FLOW FROM OPERATING ACTIVITIESCash flow from operating activitiesAdj. EBITDAAdj. EBITA• The year-over-year improvement continues in Q2 2026, supported by solid EBITDA growth and strong cash flow generation.• Strong liquidity position maintained, reaching ~590.6 MSEK in Q2-26 Cash flow and cash positionContinued cash flow improvement supports strong liquidity
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122,02,53,03,54,04,55,002505007501 0001 2501 5001 7502 0002 2502 500Q1 2022 Q2 Q3 Q4 Q1 2023 Q2 Q3 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2xMSEKNET DEBT AND LEVERAGE RATIONet debtLeverage ratioNet debt and leverage ratio includes cash purchase price liabilities– Leverage ratio of 3.05x (3.82x)– Excluding purchase price liabilities, leverage ratio is 2.82x– Net debt includes 71.9 MSEK in cash purchase price liabilities due after bond maturity in 2027 Net debt and leverage ratioLeverage ratio maintained around 3x despite higher net debt
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Agenda 13 01. Key highlights Q2Joacim Lindoff02. FinancialsLouise Ankarcrona/ Joacim Lindoff03. SummaryJoacim Lindoff04. Q&A
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14 Preparing for a potential IPO• Strategic overview from Management and Board of Directors ongoing• IPO-readiness project running in parallel to operational business• More information during the remainder of 2026 Strong focus on operational development• Continued focus on organic growth development and profitability improvement• Good development on M&A pipeline, mainly on larger steps for platform companies. Focus in the coming monthsPositioning the group for IPO readiness and continued value creation
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15 •Net sales increased – organic growth•Adjusted EBITA increased – organic growth•Improved operating cash flow –continued focus on improving cash conversion•Leverage ratio decreased – positive trend continues•Continued active work on M&A pipeline•Continued focus on structural plan– For higher margins and lower leverage– Includes potential IPO SummaryClear progress on key financials and strategic priorities
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Agenda 16 01. Key highlights Q2Joacim Lindoff02. FinancialsLouise Ankarcrona/ Joacim Lindoff03. SummaryJoacim Lindoff04. Q&A
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STRICTLY PRIVATE & CONFIDENTIAL