Slides
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Storskogen Q4 2025 February 2026 1
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2 Christer Hansson CEO Lena Glader CFO Today’s presenters
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Services Trade Industry 3 Storskogen is an international business group with annual net sales of SEK 33bn and adj. EBITA of SEK 3.1bn, split across three business areas consisting of business units averaging SEK ~290m1 in sales Storskogen in brief Jesper Kronstrand Åsa Murphy Fredrik Bergegård 1 Adjusted for divestments and acquisitions, RTM sales Note: Vertical split based on Net sales (LTM) 58% 42% Infrastructure Services Business Services 67% 33% Consumer Products Professional Products 37% 33% 30% Industrial Technologies Automation Product Solutions
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Key highlights Highlights 1 Same metric in the comparable period LY 2 Interest-bearing net debt / adjusted RTM EBITDA • Organic growth (FY): • Net sales: 2% • Adj. EBITA: -5% • Q4 organic sales growth at 5% and organic EBITA growth at -5% • Y/Y EBITA negatively impacted by FX • 4 acquisitions in Q4 with annual sales of SEK 142m • Share buy-back for SEK 100 million completed in January • Jesper Kronstrand appointed Head of Business Area Services • The Board proposes a dividend of SEK 0.11 per share (0.10) 4 NET SALES, Q4: SEK 8,723m (8,5911) SEK 1,151m (SEK 1,680m1) Cash flow from operating activities, Q4 ADJ. EBITA, Q4: SEK 816m (8491) Adjusted cash conversion, LTM 74% (94%1) ADJ. EBITA MARGIN, Q4: 9.4% (9.9%1) Leverage ratio2 2.3x (2.3x1)
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3,004 3,007 2,876 3,098 3,102 2,775 2,981 2,451 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Cash flow from operations, Quarterly (SEKm) 5 Cash flow remains strong 109 855 453 1,680 113 527 659 1,151 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Cash flow from operations, LTM (SEKm)
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6 Seasonal variations with solid LTM Sales and EBITA margin, Quarterly Sales and EBITA margin, LTM 0 1 2 3 4 5 6 7 8 9 10 11 12 13 4,000 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500 9,000 9,500 23,500 24,000 24,500 25,000 25,500 26,000 26,500 27,000 27,500 28,000 28,500 29,000 29,500 30,000 30,500 31,000 31,500 32,000 4,500 32,500 0 33,000 500 33,500 1,000 34,000 1,500 34,500 2,000 35,000 2,500 35,500 3,000 3,500 Q2 24 9.4%8.9% Q3 24 34,182 9.4% Q4 24 33,765 9.6% Q1 25 32,974 9.6% 32,965 9.6% Q3 25 33,097 35,150 34,589 Q4 25 8.7% Q1 24 34,931 8.7% Q2 25 Sales, SEKm Adj. EBITA margin 7,991 8,591 0 1 2 3 4 5 6 7 8 9 10 11 12 13 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 8,500 9,000 9,500 8,358 8.4% Q1 24 9,243 9.7% Q2 24 9.8% Q3 24 9.9% Q4 24 7,940 8.8% Q1 25 8,452 10.0% Q2 25 7,982 9.5% Q3 25 8,723 9.4% Q4 25 Sales, SEKm Adj. EBITA margin 2% change whereof 5% organic -3% whereof -3% from divestments
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Key highlights 1 Y/Y growth 2 Same metric in the comparable period LY7 Challenging year with flat margin development Services • Organic growth (FY): • Net sales: -5% • EBITA: -10% • Softer Q4 for Business Services but FY in line with last year • Infrastructure Services negatively affect by weak demand in construction • Q1 is a seasonally soft quarter NET SALES, Q4: SEK 2,514m (-3%1) SEK 9,232m (-10%1) NET SALES, FY: ADJ. EBITA, Q4: SEK 270m (-21%1) ADJ. EBITA, FY: SEK 1,001m (-9%1) ADJ. EBITA MARGIN, Q4: 10.7% (13.2%2) ADJ. EBITA MARGIN, FY: 10.8% (10.7%2)
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Key highlights • Organic growth (FY): • Net sales: 5% • EBITA: 4% • Strong organic sales and EBITA growth in Q4 • Improved demand and favourable timing in Consumer Products • Professional Products largely in line with last year at improved margin • Strong SEK margin supportive • Q1 is a seasonally soft quarter 1 Y/Y growth 2 Same metric in the comparable period LY Organic sales and EBITA growth in the quarter and for the full year Trade NET SALES, Q4: SEK 2,668m (7%1) SEK 9,588m (0%1) NET SALES, FY: ADJ. EBITA, Q4: SEK 228m (24%1) ADJ. EBITA, FY: SEK 831m (4%1) ADJ. EBITA MARGIN, Q4: 8.5% (7.4%2) ADJ. EBITA MARGIN, FY: 8.7% (8.4%2) 8
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Key highlights 1 Y/Y growth 2 Same metric in the comparable period LY 3 FX transaction effects • Organic growth (FY): • Net sales: 5% • EBITA: -5% • Divestments affected Q4 sales and EBITA by -2% • Solid organic sales growth in Q4 • Negative organic profit growth significantly affected by FX effects3 • Order book solid ahead of 2026 9 Q4 organic sales growth but margin pressure in uncertain markets Industry NET SALES, Q4: SEK 3,551m (0%1) SEK 14,319m (-1%1) NET SALES, FY: ADJ. EBITA, Q4: SEK 360m (-3%1) ADJ. EBITA, FY: SEK 1,426m (-8%1) ADJ. EBITA MARGIN, Q4: 10.1% (10.5%2) ADJ. EBITA MARGIN, FY: 10.0% (10.7%2)
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10 Resumed acquisitions Acquisitions: 9 acquisitions in 2025 • Annual sales: SEK ~400m • Adj. EBITA margin: >20% Divestments: 1 divestment in 2025 • Annual sales: SEK ~280m • Adj. EBITA margin: <10% * Acquiring business unit (add-on acquisitions) *
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11 Financial update 11
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12 Financial summary, adjusted for IAC SEKm Q4 25 Q4 24 Chg., % FY 25 FY 24 Chg., % Net sales 8,723 8,591 2 33,097 34,182 -3 Raw material and supplies -4,644 -4,572 2 -17,746 -18,349 -3 Other external expenses -1,044 -1,033 1 -3,803 -3,950 -4 Personnel expenses -2,062 -1,987 4 -7,717 -8,003 -4 Other income and expenses 106 109 -3 339 423 -20 Adj. EBITDA 1,080 1,108 -3 4,170 4,303 -3 Depreciation -264 -259 2 -1,053 -1,074 -2 Adj. EBITA 816 849 -4 3,117 3,229 -3 Amortisation -176 -194 -9 -697 -790 -12 Adj. operating profit (EBIT) 640 655 -2 2,420 2,439 -1 Net financial items -173 -192 -10 -726 -928 -22 Adj. profit before tax 466 463 1 1,695 1,511 12 Taxes -81 -87 -6 -386 -376 3 Adj. profit after tax 385 376 2 1,308 1,135 15 Key takeaways Q4 sales grew organically (5%) and acquisitions (1%), offset by divestments (-1%) and FX (-3%) Q4 EBITA negatively impacted by negative organic growth (-5%) and FX (-2%) Net financials improved Y/Y Continued Profit growth
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13 Financial KPI trends
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14 Organic sales growth in Q4 and for the full year, driven by Trade and Industry Sales development Q4, SEKm Net sales, Q4 24 5% Organic growth 1% Acquisitions -1% Divestments -3% FX Net sales, Q4 25 8,591 8,723 2% 1 FX translation effects Net sales, 2024 2% Organic growth 0% Acquisitions -2% FX -3% Divestments Net sales, 2025 34,182 33,097 -3% 1 1 Full year, SEKm
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15 Negative organic growth and FX partly offset by M&A and lower group operations EBITA development Includes FX effects of SEK -34m 1 FX translation effects 2 Includes FX transaction effects 2 2 1Adj. EBITA, Q4 24 2% Acquisition & Divestments 1% Group operations -2% FX -5% Organic growth Adj. EBITA, Q4 25 849 816 -4% Adj. EBITA, 2024 2% Group operations 2% Acquisition & Divestments -2% FX -5% Organic growth Adj. EBITA, 2025 3,229 3,117 -3% Q4, SEKm Full year, SEKm 1 2 Includes FX effects of SEK -65m 2
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SEKm Q4 25 Q4 24 Chg., % FY 25 FY 24 Chg., % Profit before tax 457 474 -4 1,585 493 222 Adjustment for non-cash items 413 516 -20 1,809 2,896 -38 Income tax paid 49 69 -29 -392 -661 -41 Change in WC 232 621 -63 -551 370 n/a Cash flow from operating activities 1,151 1,680 -31 2,451 3,098 -21 Net investments in non-current assets -137 -229 -40 -475 -749 -37 Acquisitions & divestments -173 -108 -61 -759 -372 104 Cash flow from investing activities -311 -337 -8 1,233 -1,121 10 Cash flow from financing activities -640 -745 -14 -1,725 -1,668 3 Cash flow for the period 201 599 -66 -508 309 -n/a Cash at the beginning of the period 1,139 1,278 -11 1,899 1,560 22 Cash at the end of the period 1,332 1,899 -30 1,332 1,899 -30 Financial KPIs Q4 25 Q4 24 Chg., % FY 25 FY 24 Chg., % Total available liquidity, SEKm 4,512 4,859 -7 4,512 4,859 -7 Condensed cash flow 16 Key takeaways Change in working capital driven by reduced inventory an accounts receivable Acquisitions & divestments includes gradual shift from reducing debt to acquired growth Total available liquidity is ample at SEK 4.5bn
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17 Condensed balance sheet 1 Interest-bearing net debt / adjusted RTM EBITDA SEKm Dec 25 Dec 24 Chg., % Total non-current assets 28,572 29,797 -4 Total current assets 12,884 13,383 -4 Total assets 41,455 43,180 -4 Total equity 20,599 20,807 -1 Interest-bearing non-current liabilities 8,925 8,575 4 Non-current lease liabilities 1,102 1,114 -1 Non-interest-bearing non-current liabilities 380 1,167 -67 Total non-current liabilities 12,208 12,863 -5 Interest-bearing current liabilities 368 1,423 -74 Current lease liabilities 449 492 -9 Non-interest-bearing current liabilities 5,402 5,285 2 Total current liabilities 8,649 9,510 -9 Total equity and liabilities 41,455 43,180 -4 Financial KPIs Dec 25 Dec 24 Chg., Equity/assets ratio, % 50 48 2 pp Key takeaways Further Y/Y reduction in interest-bearing debt Refinanced bonds at improved rates and longer maturities Leverage ratio comfortably within target range
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1,250 1,250 1,250 1,000 3,624 600 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 2025 2026 2027 2028 2029 2030 Bonds Term loan RCF (utilised) Well distributed debt portfolio 18 SEKm 3,180 1,332 Liquidity Cash & other cash equivalents Unutilised credit facilities Maturity Margin (+3m Stibor) 2027 3.75% 2028 3.25% 2029 2.90% 2030 2.65%
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19 New members of the Executive Mgmt. Team Jesper Kronstrand Chris Pullen EVP, Head of Business Area Services (since 2026) Previous positions: CEO SoVent Group AB (a Storskogen business unit), CEO Newsec Technical Services AB, Partner Stronghold Invest, Business Area Director Relacom, Manager PIR EVP, Head of Storskogen UK (since 2025) Previous positions: Investment Director Storskogen UK (since 2022), CEO and CFO Staffline Group plc, CEO idverde UK Ltd, Global Managing Director IWG plc, CEO APCOA Parking UK Ltd
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20 Key takeaways Organic sales growth and positive signs of an improved business cycle in 2026 Acquisitions resumed as of H2 2025 Robust operational and financial position moving into 2026 20
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21 Q&A
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22 Appendix
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23 Financial summary, reported SEKm Q4 25 Q4 24 Chg., % FY 25 FY 24 Chg., % Net sales 8,723 8,591 2 33,097 34,182 -3 Raw material and supplies -4,644 -4,572 2 -17,746 -18,349 -3 Other external expenses -1,047 -1,033 1 -3,807 -3,953 -4 Personnel expenses -2,062 -1,983 4 -7,725 -8,018 -4 Other income and expenses 100 128 -22 322 361 -11 EBITDA 1,070 1,132 -5 4,141 4,223 -2 Depreciation -264 -259 2 -1,053 -1,209 -13 EBITA 806 872 -8 3,088 3,013 2 Amortisation -176 -194 -9 -697 -1,521 -54 Operating profit (EBIT) 630 678 -7 2,391 1,492 60 Net financial items -173 -204 -15 -806 -999 -19 Profit before tax 457 474 -4 1,585 493 222 Taxes -81 -87 -6 -386 -376 3 Profit after tax 375 388 -3 1,199 116 >500 Key takeaways No significant IAC in the quarters YTD 2025 net profit primarily affected by IAC of SEK -80m in connection with refinanced bonds YTD 2024 net profit significantly affected by IAC of SEK -996m related to divestment of nine low- performing business units
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24 Financial development per business area Industry 0% 2% 4% 6% 8% 10% 12% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Net sales, LTM (SEKm) Adj. EBITA, LTM (%) 0% 2% 4% 6% 8% 10% 12% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 Q4 23 Q1 24 Q2 24 Q3 24Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Net sales, LTM (SEKm) Adj. EBITA, LTM (%) Services Trade 0% 2% 4% 6% 8% 10% 12% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 11,000 12,000 13,000 14,000 15,000 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Net sales, LTM (SEKm) Adj. EBITA, LTM (%)
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25 Organic sales growth Organic sales growth (QTD1) 1 Comparable sample based on portfolio companies owned as of January in the comparison year, i.e. the same sample as organic YTD data -5% -6% 2% 3% 0% 1% -1% 4% 5% -8% -6% -4% -2% 0% 2% 4% 6% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
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26 Capital allocation in 2025 LTM, SEKm 2,451 1,421 662 542 555 263 464 Cash flow from operating activities Capex Net investments in non-current assets Leasing Free cash flow after leasing Acquisitions and divestments Acquired and divested minority shares 32 Paid contingent considerations (earn-outs) Residual cash flow 67