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Second quarter 2026 result presentation 31 August 2026 Qben Infra AB
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Important information This Presentation includes and is based, inter alia, on forward-looking information and statements relating to the business, financial performance and results of Qben Infra AB and/or industry and markets in which it operates that are subject to risks and uncertainties that could cause actual results to differ materially from the statements expressed or implied in this Presentation by such forward-looking statements. These statements and this Presentation are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Qben Infra AB and Qben Infra AB's (including subsidiaries and affiliates) lines of business. These expectations, estimates and projections are generally identifiable by statements containing words such as ”expects”, ”believes”, ”estimates”, ”aims”, ”anticipates”, ”intends”, ”plans”, ”projects”, ”targets” or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Qben Infra AB's businesses, raw material prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and other factors. Although Qben Infra AB believes that its expectations, estimates and projections are based upon reasonable assumptions, it can give no assurance that these will be achieved or that forecasted results will be as set out in the Presentation, and you are cautioned not to place any undue reliance on any forward-looking statements. Qben Infra AB is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither Qben Infra AB nor any of its, or its subsidiaries' directors, officers or employees will have any liability to you or any other persons resulting from your use of this Presentation. This presentation was prepared in August 2026. Information contained in this Presentation is subject to change without notice and will not be updated. This Presentation should be read and considered in connection with the information given orally during the presentation. The Qben Infra AB shares have not been registered under the U.S. Securities Act of 1933, as amended (the “Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Act. 2
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Quarterly highlights Q2 2026 R E V E N U E * SEK 344m +38% YoY Q2 2025: SEK 249m E B I T A A D J . * SEK 6m Q2 2025: SEK -9m O R D E R I N T A K E SEK 564m +113% YoY Q2 2025: SEK 265m O R D E R B A C K L O G SEK 837m +64% YoY Q2 2025: SEK 510m HIGHLIGHTS Acquisition of B45 Anlegg A specialist contractor strengthening Qben's infrastructure services offering, consolidated from Q2 2026 and a key driver of the order intake step- up. 3 Qben Power Q2 come-back and continued improvements for Inspekt Return to profitability in Q2 2026 following a challenging Q1, while record high order intake puts Qben Power in a good position for further EBITA growth in the coming quarters. Inspekt continued to deliver improved EBITA for the second consecutive quarter New group management Group Management team now fully in place, including new CFO onboarded in August * K e y f i g u r e s e x c l u d i n g I F R S 5
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Group financials ex. IFRS 5 Q2 2026 K E Y T A K E A W A Y S Revenue +38% YoY SEK 344m vs SEK 249m, lifted by Power volumes and the consolidation of B45 Anlegg. EBITA adj. back in positive territory SEK 6m (1.8%) against SEK -9m (-3.7%) in Q2 2025; reported EBITA still negative at SEK -24m. Cash flow materially improved Operating cash flow SEK -19m vs SEK -80m; YTD SEK +32m against SEK -194m last year. YTD net income positive SEK 85m YTD despite a pre-tax loss of SEK -128m. S E K M I L L I O N U N L E S S S T A T E D Q2 2026 Q2 2025 YTD 2026 YTD 2025 Revenue 344 249 561 478 EBITA -24 -10 -75 -39 EBITA adj. 6 -9 -35 -32 EBITA adj. (%) 1.8% -3.7% -6.3% -6.8% Pre-tax income -60 -27 -128 -121 Net income -125 -83 85 -104 Net cash from operating activities -19 -80 32 -194 4
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Power financials Quarterly revenue and EBITA margin development in the Power division R E V E N U E ( B A R S , S E K M I L L I O N ) A N D A d j . E B I T A M A R G I N ( L I N E , % ) 169 173 170 197 172 221 3,0% 10,0% 12,0% 6,0% -6,0% 4,0% -50% -40% -30% -20% -10% 0% 10% 20% 0 50 100 150 200 250 300 350 400 450 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue EBITA margin C O M M E N T A R Y Record quarterly revenue SEK 221m, +28% YoY and +29% QoQ — the highest print in the series. Margin back in the black Adj. EBITA SEK 9m (4.0%) after the SEK -10m loss in Q1 2026. Still below target Run-rate margin remains well short of the 8- 10% group ambition, driven by volume in Q1 and order mix in Q2 5
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Inspekt financials Quarterly revenue and EBITA margin development in the Inspekt division R E V E N U E ( B A R S , S E K M I L L I O N ) A N D A d j . E B I T A M A R G I N ( L I N E , % ) 36 45 45 49 49 62 -9,0% 6,3% -3,4% -20,7% -8,1% 0,3% -60% -50% -40% -30% -20% -10% 0% 10% 20% 0 20 40 60 80 100 120 140 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Revenue EBITA margin C O M M E N T A R Y Growth is consistent SEK 62m, +38% YoY and +27% QoQ; five quarters of unbroken sequential growth. Losses narrowing Adj. EBITA margin 0.3% in Q2 versus -20.7% in Q4 2025, driven by both volume and cost reduction effects Breakeven within reach Q2 has proved that Inspekt can reach breakeven on adjusted EBITA. Focus on cost control and niche growth continues. 6
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Order backlog and book-to-bill The entry of B45 and the Bømlo project turned the tide on order intake O R D E R B A C K L O G E N D O F Q U A R T E R ( B A R S , S E K M I L L I O N ) A N D B O O K- TO - B I L L ( L I N E , X ) 207 240 272 266 253 490 333 270 232 207 209 347 1,17x 1,22x 1,00x 0,65x 0,76x 1,99x 0,0x 0,4x 0,8x 1,2x 1,6x 2,0x 0 500 1000 1500 2000 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Standard Frame agreement Book-to-bill Book-to-bill calculated as group order intake divided by the sum of Power and Inspekt revenue; group revenue is not disclosed for Q3–Q4 2025. O R D E R I N T A K E Q 2 2 0 2 6 SEK 564m +113% YoY Power SEK 555m +120% YoY Inspekt SEK 9m -31% YoY O R D E R B A C K L O G Q 2 2 0 2 6 SEK 837m +64% YoY Power SEK 804m +74% YoY Inspekt SEK 33m -30% YoY 7
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The way ahead From complexity to lean and focused operations that create shareholder value 1 Focus • New management in place • Focus portfolio on core infrastructure services • Divest non-core assets • Reduce overhead to <2% of revenue • Strengthen balance sheet 2 Grow • Organic growth in attractive Nordic niche markets • Selective M&As • Cross-selling across the portfolio • Scale successful concepts 3 Create value • 8-10% EBITA margin • Stronger cash conversion • Disciplined capital allocation • Increase shareholder value 8
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Financial outlook After a challenging H1, the order backlog supports a stronger H2 and further growth in 2027 H 2 2 0 2 6 E S T 2 0 2 7 E S T Power Net sales SEK 600m SEK 1,100 – 1,300m EBITA SEK 36 – 48m SEK 90 – 130m EBITA margin 6 – 8% 8 – 10% Inspekt Net sales SEK 120m SEK 280 – 320m EBITA SEK 4 – 7m SEK 25 – 35m EBITA margin 3 – 6% 9 – 11% Group overhead % of group net sales 2 – 3% < 2% O U R A M B I T I O N Profitable growth, stronger cash generation and a more focused portfolio. G U I D A N C E A S S U M P T I O N S • Power guiding based on a strong order backlog and a growing pipeline • Inspekt is characterized by high order-to-revenue conversion. Guiding assumes continued efforts to enhance profitability • Group overhead already reduced in H1 2026, on track for further reductions in 2H 2026 9
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Continued deleveraging Debt reduction and the non-core divestment materially strengthen the balance sheet Q B E N C A P I T A L S T R U C T U R E — S E K M I L L I O N 2 068 1 727 974 637 0 500 1000 1500 2000 2500 3000 Q2 2025 Q4 2025 Q2 2026 Post non-core divestment Debt C O M M E N T A R Y Debt down 53% since Q2 2025 Gross debt reduced from SEK 2,068m to SEK 974m over four quarters. Team Bygg divestment Will remove an additional estimated SEK 337m of group debt, taking gross debt to roughly SEK 637m. Limited interest-bearing debt Interest-bearing debt to be reduced to roughly SEK 186 million after Team Bygg divestment. Other debt includes, among others, leasing (119m), supplier debt (177m) and seller-credits (67m) . 10
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Questions Qben Infra AB · Second quarter 2026 result presentation