Slides
Page 1
Storskogen January 2026
Page 2
0 20 40 60 80 100 120 140 160 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q3 25 Industry Trade Services 2 Who we are Storskogen is an international business group that acquires and develops small and medium-sized businesses. LTM Sales SEK 33bn LTM EBITA SEK 3.2bn #FTEs ~11,000 Markets 30 Nr. of Business Units
Page 3
3 Idea The companies we invest in share key traits: strong cash flows, long-term potential, and a solid base for compounding growth — both organically and through acquisitions.
Page 4
4 Ambition We operate in an evergreen market*, with thousands of potential acquisition targets across Europe and beyond – providing a strong foundation for sustainable growth. Our ambition is to grow EBITA by 15% annually, supported by strong, recurring profits. *The estimate of approximately 223,000 medium -sized enterprises with 50 -250 employees, ≤ €50 million, in the EU is sourced from the Eurostat Structural Business Statistics and European Commission SME Portal.
Page 5
1. Opportunity 2. The Storskogen model 3. Result Business model 5
Page 6
1. Opportunity 2. The Storskogen model 3. ResultStorskogen owns and develops small and medium-sized business to create profitable growth and resilience Business model • Evergreen opportunity* • Attractive valuations • Value-creation opportunities** 6 *The estimate of approximately 223,000 medium -sized enterprises with 50 -250 employees, ≤ €50 million, in the EU is sourced from the Eurostat Structural Business Statistics and European Commission SME Portal. ** SME Strategy for a Sustainable and Digital Europe (OECD)
Page 7
2. The Storskogen model 3. Result 1. Opportunity • Long-term perspective and stability • Decentralisation • Active ownership and financial governance • Diversification 7
Page 8
3. Result 1. Opportunity 2. The Storskogen model • Resilience • Profitable growth 8
Page 9
9 The Storskogen journey 1.0 2.0 3.0 4.0 2012-2020 H2 2025-2021-2022 2022-H1 2025 SME opportunity Decentralised Active ownership Business areas International foundation Accelerated growth Diversification Turbulent macro Deleveraging Operational focus Consolidation Focused capital allocation Foundational growth Hypergrowth Re-focused phase Systematic growth
Page 10
10 Infrastructure Services — covering land contracting, installations and rail. Business Services — including digital services, engineering and logistics. Exposed to long-term trends such as urbanisation, sustainability, electrification and digitalisation Services Adj. EBITA margin (LTM)Net Sales, SEKm (LTM) 54 Business Units Presence in 12 markets ~3,100 FTEs 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Infrastructure Services Business Services Adj EBITA margin, Services
Page 11
11 Trade Professional Products and Consumer Products verticals – addressing key trends including an aging population, growing lifestyle interests and an increased focus on health and wellbeing 25 Business Units Presence in 12 markets ~2,100 FTEs 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Professional Products Consumer Products Adj EBITA margin, Trade Adj. EBITA margin (LTM)Net Sales, SEKm (LTM)
Page 12
12 Industry Product Solutions, Industrial Technologies, and Automation— exposed to trends in automation, digitalisation, sustainability and urbanisation 35 Business Units Presence in 23 markets ~4,800 FTEs 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 Oct-21 Dec-21 Feb-22 Apr-22 Jun-22 Aug-22 Oct-22 Dec-22 Feb-23 Apr-23 Jun-23 Aug-23 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Product Solutions Industrial Technologies Automation Adj EBITA margin, Industry Adj. EBITA margin (LTM)Net Sales, SEKm (LTM)
Page 13
13 A diversified portfolio of market leaders Company Founded Sales (SEK) Market position 1 1973 >2bn #1 Bar feeders globally; #1 Chip conveyors in NA+#3 in Europe; #1 Coolant systems in NA 2 1984 >1bn #1 Nordic brand management company of beauty products 3 1975 >1bn #Top 1-3 of structural steelwork design and fabrication in the UK 4 1962 >1bn #2 high-tech equipment and automation provider in EU 5 1929 >1bn #1 manufacturer of tradesmen’s ladders/scaffolding across the Nordics 6 1936 >1bn #1 trailer producer and seller in Scandinavia 7 1966 >500m #1 service provider in hospitality segment in Norway and Poland 8 1992 >500m #1 floor distributor in Sweden 9 2012 >500m #1 Nordic distributor of premium haircare brands 10 1993 >500m #1 steel piling supplier in Sweden Ten largest business units (2024 sales)
Page 14
3,004 3,007 2,876 3,098 3,102 2,775 2,981 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Cash flow from operations, Quarterly (SEKm) 14 Cash flow seasonal with solid LTM 109 855 453 1,680 113 527 659 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Cash flow from operations, LTM (SEKm)
Page 15
15 Debt amortisation has been prioritised LTM, SEKm 2,981 1,869 1,176 581 546 237 413 Cash flow from operating activities Capex 15 Net investments in non-current assets Leasing Free cash flow after leasing Acquisitions and divestments Acquired and divested minority shares 43 Paid contingent considerations (earn-outs) Residual cash flow Capital to allocate …whereof mostly allocated to debt reduction Capital allocated to acquired growth primarily as of Q3
Page 16
16 Allocating capital to growth 659 449 48 112 135 172 219 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 10 Paid contingent considerations (earn-outs) Residual cash flow 37 Q3, SEKm Capital to allocate Capital allocated to acquired growth
Page 17
Impact of current exposure in portfolio Relatively high exposure to Sweden Relatively high exposure to cyclical businesses Impact on organic growth and volatility 17
Page 18
18 Capital allocation model Capital to allocate Expansion Capex/Opex Acquisitions New platforms Add-ons ALLOCATION ALLOCATION
Page 19
19 Investment themes Health and wellbeing Automation Energy and sustainability Digitalisation Infrastructure SERVICES TRADE INDUSTRY
Page 20
01 WHERE WE COME FROM 02 WHERE WE ARE 03 WHERE WE ARE GOING Key takeaways Foundation for growth Capacity to drive organic growth Trajectory for acquired growth 20