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Bengt Lejdström CFO Anders Mattson President & CEO Interim Report Second Quarter April – June 2025 Creating sustainable, efficient and safe societies
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41 Business units Sources: Sdiptech Financial reports, LTM Q2 2025 2,156 Employees Q2 2025 2 24% Reduced CO2e/turnover from base year 2021 32% CAGR Adj. EBITA (2017 – Q2 2025) Key drivers ▪ Thrive for more sustainable, efficient and safe societies ▪ Aging infrastructure assets ▪ Increasing consumption ▪ Increasing regulations Well positioned for sustained good demand and stable org. growth Creating sustainable, efficient and safe societies An infrastructure technology group Sdiptech in short Sdiptech’s infrastructure segments Energy & Electrification Water & Bioeconomy Safety & Security Supply Chain & Transportation
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3 Summary of the second quarter Highlights Challenging quarter ▪ Net sales decreased with 4% to SEK 1,288m (1,337) ▪ (-4% organic, -4% currency, +4% acquisitions) ▪ Adj. EBITA decreased with 10% to SEK 242m (268) ▪ (-9% organic, -5% currency, +4% acquisitions and central costs) ▪ Adj. EBITA margin 18.8% (20,1) ▪ SEK 121 in cash flow, corresponding with 45% in cash flow generation Sources: Sdiptech Financial reports, LTM Q2 2025 ▪ Stable demand in our core portfolio ▪ Some customers postponed order/sales to Q3 due to overall market uncertainties ▪ Affected by inventory build-up in specific companies ▪ Adj. EBITA dropped as result of lower sales ▪ High comparables due to specific project deliverables in Q2 LY
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4 Strategic actions to restore organic growth and improve ROCE Business area organisation ▪ Increased experience and sector knowledge ▪ New Head of Supply Chain & Transportation ▪ UK based Head of Energy and Electrification to be recruited Portfolio divestment ▪ Strategic shift 2018/2019 - product based companies and new investment criteria (EBIT% 15%) ▪ Companies representing 15% of sales and 5% of adj. EBITA will be divested ▪ Reported separately from Q3 − One-off effect of SEK 400–500m due to goodwill revaluation ▪ Key objectives: − To allocate capital more efficiently − Focus on our core portfolio and future acquisitions − Follow to our acquisition criteria ▪ Already divested eight units since 2021 (and Metus underway) Fine-tuning strategy ▪ Set ambition for a partly new management team ▪ Align day-to-day with our long-term goals Sources: Sdiptech Financial reports, LTM Q2 2025 1. 2. 3.
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0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 22% 24% 26% 28% 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 MSEK 2019 2020 2021 2022 2023 LTM Q2 2024 LTM Q3 2024 LTM Q4 2024 LTM Q1 2025 LTM Q2 2025 4,581 5,050 5,132 5,166 5,213 5,164 5 Net Sales Quarter Net sales declined by 4%, both in total and organically to SEK 1,288m ▪ A majority of our units had stable demand ▪ Sales affected by a combination of: ▪ Softer market and geopolitical unrest, particularly in Supply Chain & Transportation – postponed orders Q3 ▪ High comparative figures Over time Long-term solid growth ▪ CAGR 23% between 2017 and Q2-25 Net sales Sources: Sdiptech Financial reports, LTM Q2 2025. Note that numbers refer to continuing operations from 2023 and onwards. 18% -3% 0% 11% 4% 0% Organic growth 3%
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6 Geographical distribution of sales Sources: Sdiptech Financial reports, LTM Q2 2025 Turnover by type of revenue Sales split 15.8% 46.0% 5.1% 5.3% 4.5% 16.5% 6.9% Sweden UK Norway Italy US Other, Europe Other, rest of the world 63.7%11.8% 24.6% Proprietary products Installation Service
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262 347 509 671 920 1007 1006 1010 1009 984 0% 10% 20% 30% 0 150 300 450 600 750 900 1050 1200 MSEK 14.4% 2019 16.6% 2020 18.7% 2021 19.1% 2022 20.1% 2023 19.9% LTM Q2 2024 19.6% LTM Q3 2024 19.6% LTM Q4 2024 19.4% LTM Q1 2025 19.0% LTM Q2 2025 Adj. EBITA Adj. EBITA margin Adj. EBITA & Adj. EBITA margin Sources: Sdiptech Financial reports, LTM Q2 2025. Note that numbers refer to continuing operations from 2023 and onwards. Organic growth 13% -10% 8% 11% 9% -7%-2% Quarter Adj. EBITA decreased by 10% in total, 9% organic to SEK 242m (268) ▪ Acquisitions contributed ▪ Positive contribution mainly from S&S ▪ Negative contribution mainly from SC&T and W&B Adj. EBITA margin 18.8% (20.1) ▪ Scalable models but margins drop when volume declines ▪ Some units still affected by new legislation in the UK led to wage increases ▪ Focused on initiatives linked to profitability Over time Long-term good growth ▪ CAGR 32% between 2017 and Q2-25
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70 89 313 451 385 565 628 823 778 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110% 120% 130% 0 150 300 450 600 750 900 MSEK 63.0% 2017 56.0% 2018 115.0% 2019 109.0% 2020 71.0% 2021 80.0% 2022 68.0% 2023 83.0% 2024 73.0% LTM Q2-25 Cash flow from operations Cash conversion Quarter ▪ Cash flow from operations amounted to MSEK 121, corresponding to 45% cash conversion ▪ Cash flow was impacted by inventory build-up in seasonal and project-based operations ▪ Final corporate tax payments for 2024 of SEK -24 million LTM Q2-25 ▪ Cash flow from operations amounted to MSEK 778, corresponding to 73% cash conversion Cash flow & Cash conversion Sources: Sdiptech Financial reports, LTM Q2 2025. Note that numbers refer to continuing operations from 2023 and onwards.
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Apr-June 2025 Apr-June 20241 LTM June 2025 Jan-Dec 2024 Profit after tax, (SEK million) 92 127 364 436 Earnings per ordinary share after dilution (SEK) 2.31 3.20 9.15 11.00 Financial net debt/Adjusted EBITDA, multiple 2.47 2.03 2.47 2.25 Net debt/Adjusted EBITDA, multiple 3.39 3.11 3.39 3.30 Additional metrics Sources: Sdiptech Financial reports, LTM Q2 2025. Note that numbers refer to continuing operations. 1) Comparative figures have been updated for comparability as the Group’s elevator operations from Q3 2024 are reported as discontinued operations according to IFRS 5
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Apr-June 2025 Apr-June 20241 LTM June 2025 Jan-Dec 2024 Profit after tax, (SEK million) 92 127 364 436 Earnings per ordinary share after dilution (SEK) 2.31 3.20 9.15 11.00 Financial net debt/Adjusted EBITDA, multiple 2.47 2.03 2.47 2.25 Net debt/Adjusted EBITDA, multiple 3.39 3.11 3.39 3.30 Additional metrics Sources: Sdiptech Financial reports, LTM Q2 2025. Note that numbers refer to continuing operations. 1) Comparative figures have been updated for comparability as the Group’s elevator operations from Q3 2024 are reported as discontinued operations according to IFRS 5
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Return on capital employed Sources: Sdiptech Financial reports, LTM Q2 2025. Note that numbers refer to continuing operations. 500 1,500 2,500 3,500 4,500 5,500 6,500 7,500 8,500 00 5 10 15 20 25 30 MSEK 12.1% 2020 2021 12.2% 2022 13.0% 2023 12.6% 2024 11.9% LTM Q2 2,726 4,144 5,996 7,414 8,257 8,456 10.0% Return on capital employed Capital employed Quarter ▪ ROCE decreased compared to Q2-25, primarily due to of increased capital employed Business units ▪ Average ROCE of 57% for the underlying business
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▪ SC&T – Overall demand stable. Postponed orders and sales due to uncertainties affected negatively ▪ E&E – Acquisition contributed positively, and several units performed well with underlying good trends within electrification ▪ W&B – High comparable figures main reason for decline ▪ S&S - Acquisition a main contributor to the positive development 12 Business areas in Q2 Sources: Sdiptech Financial reports, LTM Q2 2025. 610 339 282 106 549 354 251 134 SC&T E&E W&B S&S Net Sales MSEK Q2 24 Net Sales MSEK Q2 25 123 71 63 29 107 68 55 34 20% 21% 22% 28% 19% 19% 22% 26% 0% 5% 10% 15% 20% 25% 30% SC&T E&E W&B S&S Adj EBITA MSEK Q2 24 Adj EBITA MSEK Q2 25 Adj EBITA margin Q2 24 % Adj EBITA margin Q2 25 % ▪ SC&T – Lower sales main driver for EBITA decline. Several cost reduction initiatives ongoing ▪ E&E – High comparative figures from the previous year in certain high- margin units ▪ W&B – Lower sales in high margin units and some units still affected by new legislation in the UK led to wage increases ▪ S&S - Acquisitions contributed with lower than the high average-margin
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SEK million Net sales Jan-Jun 2025 Net sales Jan-Jun 2024 Adj EBITA Jan-Jun 2025 Adj EBITA Jan-Jun 2024 Adj EBITA% Jan-Jun 2025 Adj EBITA% Jan-Jun 2024 Supply Chain & Transportation 1056 1047 197 210 18.7% 20.1% Energy & Electrification 543 509 146 124 27.0% 24.4% Water & Bioeconomy 445 431 113 117 25.3% 27.3% Safety & Security 214 132 65 51 30.4% 38.7% Core operations 2,258 2,119 521 503 23.1% 23.7% Org growth excl. FX +0.4% -2.8% Central costs ex. one-off cost -40 -36 Core operations incl. central cost 2,258 2,119 481 467 21.3% 22.0% Other operations 360 501 15 53 4.2% 10.6% Reported Q2 One-off costs -3 TOTAL 2,618 2,620 493 520 18.8% 19.8% Discont. Operations (Metus) 104 107 1 -7 13 ▪ Primarily objectives − To allocate capital more efficiently − Focus on our core portfolio and future acquisitions − Adhere our acquisition criteria ▪ Financial impact (Proforma) ▪ Core operations Adj. EBITA% 23,1% ▪ Other operations Adj. EBITA% 4,2% ▪ Core operations incl. central cost Adj. EBITA% 21,3% ▪ A revaluation of goodwill/IM will be made resulting in a one-off non-cash effect of appr. SEK 400-500 million which will improve ROCE Refined portfolio to unlock full Sdiptech value Other operations – from Q3 2025 Sources: Sdiptech Financial reports, LTM Q2 2025. Note that numbers refer to continuing operations from 2023 and onwards. Proforma
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▪ 40MSEK acquired EBITA during H1 2025 (Q1) ▪ Acquisition pipeline solid, expect to welcome high-quality companies H2 ▪ Prioritised geographies: ▪ UK ▪ Italy ▪ Nordics ▪ NL ▪ Germany ▪ Aim for 2025 ▪ Approx. 100MSEK in acquired EBITA 150m 120m 90 83 67 93 94 158 161 50 109 40 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 EBITA MSEK 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Acquired EBITA Sources: Sdiptech Financial reports, LTM Q2 2025. Acquisitions Target
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15 Key takeaways Sources: Sdiptech Financial reports, LTM Q2 2025. Soild underlying demand ▪ A majority of our units had a stable demand, but some customers postponed orders into Q3 ▪ 95% of the profit comes from our core portfolio with strong underlying drivers (Sales H1 +0,4% vs LY) ▪ Cautiously optimistic signs of recovery expected in the second half of the year Ongoing strategic actions for long-term value creation ▪ Strengthening the business area organisation by adding further experience ▪ Divestments of companies that does not meet our criteria ▪ Fine-tuning our strategy Solid acquisition pipeline ▪ The pipeline of attractive acquisition targets remains strong ▪ Looking forward to welcome high-quality companies in H2
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Thank you! Q&A Creating sustainable, efficient and safe societies
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Appendix
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Management Board of Directors Bengt Lejdström CFO since 2018 (CEO Dec 2023- May 2025) 67,740 (Class B) 500 (Pref) 50,000 (Warrants) Lagercrantz Group, Interim Justitia, Acando M.Sc. Stockholm School of Economics Anders Mattson CEO since 2025 (Head of Supply Chain & Transportation 2018-2025) 23,003 (Class B) 25,000 (Warrants) Munters, Roland Berger, Bearingpoint M.Sc. Chalmers University of Technology Johnny Alvarsson Board Member 8,000 (Class B) Indutrade, Bejier Alma, Ericsson, Instalco, VBG M.Sc. Engineering Linköping University Jan Samuelson Chairman 326,000 (Class B) Max Mathiessen, Accent Equity Partners, EF Education M.Sc. Stockholm School of Economics, LL.M. Stockholm Uni. Joakim Landholm Board Member 2,943 (Class B) SKF, Hector Rails, Scandinavian Airlines, General Electric, M.Sc. Stockholm School of Economics Birgitta Henriksson Board Member 4,600 (Class B) Fogel & Partner, Carnegie B.Sc. Business Administration Uppsala University Kristina Schauman Board Member Current Management Team and Board of Directors 18 3,000 (Class B) Carnegie, Afry, Coor Service, Viaplay, Ellos, M.Sc. Stockholm School of Economics My Lundberg Head of Sustainability & IR since 2020 8,866 (Class B) 13,000 (Warrants) Agency, Smartclip, Kärnhuset B.Sc. Business Administration Mälardalen University Peter Helsing Head of Acquisitions since 2025 0 (Class B) 0 (Warrants) Essity, SCA, Sandvik, KPMG M.Sc. Business Administration Örebro University Jakob Holm Board Member 224,177 (Class B), 2,580 (Pref), 2,5MSEK (Bond) Former CEO Sdiptech, Systematic Growth, Axholmen, General Electric, M.Sc. KTH Royal Institute of Technology
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Ownership 30 June 2025 Sources: Modular Finance Owner SDIP A SDIP B PREF CAPITAL % VOTES % Handelsbanken Fonder 3 512 841 8.84% 6.68% Blacksheep Fund Management 2 747 758 6.91% 5.23% Swedbank Robur Fonder 2 639 860 6.64% 5.02% Vulcan Value Partners, LLC 2 622 514 6.60% 4.99% Cliens Fonder 2 103 880 5.29% 4.00% Ashkan Pouya 1 424 000 592 967 5.08% 28.22% SEB Funds 1 782 839 4.49% 3.39% Vanguard 1 421 270 3.58% 2.70% Nordnet Pensionsförsäkring 1 273 288 54 267 3.34% 2.53% Avanza Pension 956 544 163 742 2.82% 2.13% Case Kapitalförvaltning 762 331 1.92% 1.45% Grandeur Peak Global Advisors, LLC 679 853 1.71% 1.29% Investering & Tryghed A/S 602 459 1.52% 1.15% Tredje AP-fonden 579 023 1.46% 1.10% Länsförsäkringar Fonder 552 043 1.39% 1.05% Total 1,424,000 36,567,938 1,750,000 100.00% 100.00% 19
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20 MSEK (Continued operations) 2025 YTD Jun 2024 YTD Jun 2025 LTM 2024 Full Year Net Sales 2,618 2,620 5,164 5,166 Operational costs -2,125 -2,099 -4,180 -4,156 Profit from operations, adjusted EBITA 493 521 984 1,010 Acquisition costs -9 -8 -18 -17 Direct costs related to acquisitions/divestments Earn-out adjustments/divestments and other -7 4 -4 7 Adjustment of debt related to conditional considerations (“earn-out”) for acquisitions, booked as other revenue or external cost and other. Add back amortisations non acquisition 25 23 44 42 Add back amortisation of intangible non-current asset non acquisition related EBITA 503 539 1,005 1,041 Amortisations & write-downs of intangible fixed assets -81 -73 -155 -146 EBIT 421 466 850 895 Net financial income/expense -98 -95 -189 -186 Currency effects -28 1 -37 -8 Discounted interest -33 -34 -65 -66 Discounted interest on conditional considerations (“earn-out”) for acquisitions and discounted interest for leases according to IFRS 16 EBT 262 338 559 635 Tax -96 -101 -195 -200 Net profit 165 237 364 436 Discontinued operations -4 -13 -70 -79 Adjusted EBITA → Net profit