Slides
Page 1
1 SHIMANO storskogen Storskogen Q2 2026 August 2026 RESINPAD ON
Page 2
2 Christer Hansson CEO Lena Glader CFO Today’s presenters
Page 3
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 Johan Ekström (interim) Åsa Murphy Fredrik Bergegård 1 Adjusted for divestments and acquisitions, RTM sales Note: Vertical split based on Net sales (LTM) 57% 43% Infrastructure Services Business Services 66% 34% Consumer Products Professional Products 39% 32% 29% Industrial Technologies Automation Product Solutions
Page 4
Key highlights Highlights 1 Same metric in the comparable period LY 2 Interest-bearing net debt / adjusted RTM EBITDA • Positive organic sales and EBITA growth in the quarter • Organic growth (YTD): • Net sales: 4% • Adj. EBITA: -4% • Strong ending to quarter temporarily impacting cash flow • Four acquisitions – combined annual sales of SEK 214m • Operational excellence and sales growth remain key 4 NET SALES, Q2: SEK 8,861m (8,4521) SEK 465m (SEK 527m1) Cash flow from operating activities, Q2 ADJ. EBITA, Q2: SEK 864m (8431) Adjusted cash conversion, LTM 74% (80%1) ADJ. EBITA MARGIN, Q2: 9.7% (10.0%1) Leverage ratio2 2.4x (2.4x1)
Page 5
Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 3,007 2,876 3,098 3,102 2,775 2,981 2,451 2,526 2,464 Cash flow from operations, Quarterly (SEKm) 5 Cash flow remains strong 855 453 113 527 659 188 465 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 1,680 1,151 Cash flow from operations, LTM (SEKm)
Page 6
6 Seasonal variations with solid LTM Sales and EBITA margin, Quarterly Sales and EBITA margin, LTM 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 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 32,500 33,000 33,500 34,000 34,500 35,000 8.5 9.0 9.5 10.0 10.5 11.0 11.5 12.0 12.5 6.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 7.0 7.5 8.0 33,007 Q4 25 Q1 26 9.4% 33,097 Q3 25 9.4% 9.6% 32,965 Q2 25 9.6% 32,974 Q1 25 9.6% 33,765 Q4 24Q3 24 8.9% 34,18234,589 Q2 24 8.7% 34,931 33,416 9.2% Q2 26 9.3% 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 4.0 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.5 10.0 10.5 11.0 11.5 12.0 12.5 13.0 9.0 4.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 9,243 9.7% Q2 24 7,991 9.8% Q3 24 8,591 9.9% Q4 24 7,940 Q1 25 8,452 10.0% Q2 25 7,982 9.5% Q3 25 9.7% Q2 26 8.8% 9.4% 8,723 Q4 25 7,851 8.1% Q1 26 8,861 5% change whereof 5% organic 2% whereof 4% organic
Page 7
7 Improved trend in 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 -6% 2% 3% 0% 1% -1% 4% 5% 2% 5% -8% -6% -4% -2% 0% 2% 4% 6% Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
Page 8
8 Margin trend across the group 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 Q2 24Q3 24Q4 24 Q1 25 Q2 25Q3 25Q4 25 Q1 26 Q2 26 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 Q2 24Q3 24Q4 24 Q1 25 Q2 25Q3 25Q4 25 Q1 26 Q2 26 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 Q2 24Q3 24Q4 24 Q1 25 Q2 25Q3 25Q4 25 Q1 26 Q2 26 Net sales, LTM (SEKm) Adj. EBITA, LTM (%)
Page 9
Key highlights 9 Sales and EBITA growth in seasonally stronger quarter Services • Seasonally stronger quarter as expected • Weak demand for business units in Infrastructure Services exposed to construction • Business Services with a solid quarter • Three acquisitions in Q2 – annual sales of SEK 115m • Q3 is a seasonally soft quarter NET SALES, Q2: SEK 2,587m (9%1) 3% ORGANIC NET SALES GROWTH, YTD: ADJ. EBITA, Q2: SEK 267m (4%1) ORGANIC EBITA GROWTH, YTD: -19% ADJ. EBITA MARGIN, Q2: 10.3% (10.8%2) 1 Y/Y growth 2 Same metric in the comparable period LY
Page 10
Key highlights • Seasonally stronger quarter as expected • Headwinds in the health & beauty segment continue to impact parts of Consumer Products • Improved demand for Professional Products – margin uplift • Underlying trend remains positive for most segments • One acquisition completed in early July – annual sales of SEK 126m • Q3 seasonally soft quarter Organic sales growth but headwinds in health and beauty sector Trade 10 NET SALES, Q2: SEK 2,315m (-1%1) 2% ORGANIC NET SALES GROWTH, YTD: ADJ. EBITA, Q2: SEK 212m (-6%1) ORGANIC EBITA GROWTH, YTD: -8% ADJ. EBITA MARGIN, Q2: 9.1% (9.6%2) 1 Y/Y growth 2 Same metric in the comparable period LY
Page 11
Key highlights 1 Y/Y growth 2 Same metric in the comparable period LY • Organic sales and EBITA growth • Sales growth across all verticals - margin improvement in Industrial Technologies and Automation • Organic sales growth partly driven by growth investments • Recovery in non-Nordic markets • One acquisition completed – Annual sales of SEK 99m • Order book strong going into Q3 11 Organic sales and EBITA growth and strong order book Industry NET SALES, Q2: SEK 3,967m (6%1) 5% ORGANIC NET SALES GROWTH, YTD: ADJ. EBITA, Q2: SEK 435m (12%1) ORGANIC EBITA GROWTH, YTD: 7% ADJ. EBITA MARGIN, Q2: 11.0% (10.4%2)
Page 12
12 Adding platforms within focus themes Verdant (completed in July) Annual Sales: SEK ~126m Business Area (vertical): Trade (Consumer Products) Safi Annual Sales: SEK ~106m Business Area (vertical): Services (Infrastructure Services) Darlington Annual Sales: SEK ~99m Business Area (vertical): Industry (Automation) I N V E S T M E N T T H E M E S C O M P L E T E D A C Q U I S I T I O N S I N T H E Q U A R T E R Health and wellbeing Automation Energy and sustainability Digitalisation Infrastructure
Page 13
13 2024 2025 2026 - estimate M&A Minority & earn-outs Dividends Debt reduction Increased focus on acquired growth Free cash flow after capex and leasing 1 M&A net effect 1 2027 - estimate 100% For illustrative purpose only - includes no issuance of new debt
Page 14
14 Financial update 14
Page 15
15 Financial summary, adjusted for IAC SEKm Q2 26 Q2 25 Chg., % LTM FY 24 Chg., % Net sales 8,861 8,452 5 33,416 34,182 -3 Raw material and supplies -4,884 -4,518 8 -18,207 -18,349 -3 Other external expenses -889 -927 -4 -3,703 -3,953 -4 Personnel expenses -2,034 -1,972 3 -7,758 -8,018 -4 Other income and expenses 72 67 8 370 361 -11 EBITDA 1,126 1,103 2 4,118 4,223 -2 Depreciation -263 -260 1 -1,041 -1,209 -13 EBITA 864 843 2 3,077 3,013 2 Amortisation -171 -172 -1 -687 -1,521 -54 Operating profit (EBIT) 693 670 3 2,391 1,492 60 Net financial items -146 -216 -33 -613 -999 -19 Profit before tax 547 454 20 1,778 493 222 Taxes -134 -104 29 -407 -376 3 Profit after tax 413 350 18 1,371 116 >500 Financial KPIs Q2 26 Q2 25 Chg., % LTM Adj. EBITA-margin, % 9.7 10.0 -0.3 pp 9.2 Adj. EPS, before and after dilution 0.23 0.19 23 0.74 Adj. RoE, % 6.6 6.0 0.6 pp 6.6 Adj. RoCe1, % 10.0 10.4 -0.4 10.0 Key takeaways Q2 sales grew organically (5%) and acquisitions (2%), offset by divestments (-2%) Net financials improved Y/Y Strong growth in Profit After Tax and adjusted EPS
Page 16
16 Sales and Adj EBITA driven by both organic and acquired growth; Adj EBITA also impacted by group operations one-off LY Q2 bridges Sales, SEKm Net sales, Q2 25 5% Organic growth 2% Acquisitions 0% FX -2% Divestments Net sales, Q2 26 8,452 8,861 5% 1 FX translation effects 2 Includes FX transaction effects 1 EBITA, SEKm Adj. EBITA, Q2 25 3% Acquisition & Divestments 2% Organic growth 0% FX -3% Group operations Adj. EBITA, Q2 26 843 864 2% Q2 25 includes a positive one- time effect from adjusted LTIP costs of ~22 MSEK 12
Page 17
17 Margin uplift in Industry more than offset by lower margins in Trade, Services and Group operations Y/Y margin development Adj EBITA margin Q2 25 0,3 pp Industry -0,1 pp Trade -0,2 pp Services -0,3 pp Group operations Q2 26 10,0% 9,7% Q2 25 includes a positive one- time effect from adjusted LTIP costs of ~22 MSEK
Page 18
SEKm Q2 26 Q2 25 Chg., % LTM FY 24 Chg., % Profit before tax 514 364 41 1,680 493 222 Adjustment for non-cash items 467 578 -19 1,725 2,896 -38 Income tax paid -138 -155 -11 -459 -661 -41 Change in WC -378 -260 46 -482 370 n/a Cash flow from operating activities 465 527 -12 2,464 3,098 -21 Net investments in non-current assets -218 -110 98 -555 -749 -37 Acquisitions & divestments -181 -182 Unch. -777 -372 104 Cash flow from investing activities -399 -292 37 -1,331 -1,121 10 Cash flow from financing activities 150 -167 n/a -879 -1,668 3 Cash flow for the period 216 69 213 254 309 -n/a Cash at the beginning of the period 1,184 1,078 10 1,150 1,560 22 Cash at the end of the period 1,412 1,150 23 1,412 1,899 -30 1 Financial KPIs Q2 26 Q2 25 Chg., % LTM Q1 26 Chg., % Cash conversion, % 48 66 -18 pp 74 4,859 -7 Total available liquidity, SEKm 4,345 4,026 8 4,345 Condensed cash flow 18 Key takeaways Softer cash flow Y/Y driven by strong ending to quarter, mainly in Industry Change in working capital driven by increased inventory and AR Total available liquidity is ample at SEK 4.3bn
Page 19
19 Cash conversion (LTM) trending above target level Operating cash flow and cash conversion 4 093 4 014 4 060 3 745 3 381 3 456 3 077 3 233 3 041 99% 96% 94% 88% 80% 82% 74% 79% 74% 0% 20% 40% 60% 80% 100% 120% 140% 0 500 1 000 1 500 2 000 2 500 3 000 3 500 4 000 4 500 5 000 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Operating cash flow, SEKm Adjusted cash conversion, % Adjusted cash conversion target on an annual basis Operating cash flow1 (LTM) 1 Defined as adjusted EBITDA – change in NWC – capex. As of Q1-25, net investments in intangible assets are included in CapEx (also reflected in historical figures above).
Page 20
20 Condensed balance sheet 1 Interest-bearing net debt / adjusted RTM EBITDA SEKm Jun 26 Jun 25 Chg., % Dec 25 Total non-current assets 29,086 29,021 Unch. 28,572 Total current assets 14,401 13,319 8 12,884 Total assets 43,487 42,340 3 41,455 Total equity 21,262 20,455 4 20,599 Interest-bearing non-current liabilities 9,383 8,545 10 8,925 Non-current lease liabilities 1,153 1,140 1 1,102 Non-interest-bearing non-current liabilities 481 1,156 -58 380 Total non-current liabilities 12,813 12,740 1 12,208 Interest-bearing current liabilities 331 1,184 -72 368 Current lease liabilities 476 483 -2 449 Non-interest-bearing current liabilities 5,908 4,959 19 5,402 Total current liabilities 9,412 9,146 3 8,649 Total equity and liabilities 43,487 42,340 3 41,455 Financial KPIs Jun 26 Jun 25 Chg., Dec 25 Leverage ratio1, x 2.4 2.4 Unch. 2.3 Equity/assets ratio, % 49 48 1 pp 50 Key takeaways Shift in focus from interest- bearing debt to non- interest-bearing debt coming due Leverage ratio unchanged and comfortably within target range
Page 21
21 Net debt and leverage ratio at comfortable levels Net debt and leverage Leverage ratio 2-3x leverage target range 11 171 10 917 9 693 9 887 10 186 10 192 9 513 9 530 9 896 2,7 2,6 2,3 2,3 2,4 2,4 2,3 2,3 2,4 1 2 3 0 5 000 10 000 15 000 20 000 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Interest-bearing net debt, SEKm Interest-bearing net debt / adj. RTM EBITDA, x
Page 22
22 Key takeaways Organic sales and EBITA growth in seasonally stronger quarter Operational excellence remains key focus to drive continued organic profit growth Strong cash flows - increasing capacity for acquisitions Attractive pipeline within investment themes 22
Page 23
23 Q&A
Page 24
24 Appendix
Page 25
25 Financial summary, reported SEKm Q2 26 Q2 25 Chg., % LTM FY 24 Chg., % Net sales 8,861 8,452 5 33,416 34,182 -3 Raw material and supplies -4,884 -4,518 8 -18,207 -18,349 -3 Other external expenses -890 -927 -4 -3,708 -3,953 -4 Personnel expenses -2,041 -1,980 3 -7,765 -8,018 -4 Other income and expenses 51 66 -23 296 361 -11 EBITDA 1,098 1,093 Unch. 4,034 4,223 -2 Depreciation -263 -260 1 -1,050 -1,209 -13 EBITA 835 833 0 2,984 3,013 2 Amortisation -175 -172 2 -691 -1,521 -54 Operating profit (EBIT) 660 661 0 2,293 1,492 60 Net financial items -146 -297 -51 -613 -999 -19 Profit before tax 514 364 41 1,680 493 222 Taxes -134 -104 29 -407 -376 3 Profit after tax 379 260 46 1,273 116 >500 Financial KPIs Q2 26 Q2 25 Chg., % EBITA-margin, % 9.4 9.9 -0.5 pp EPS, before and after dilution 0.21 0.13 58 RoE, % 6.1 5.5 0.6 pp 6.1 Adj. RoCe1, % 10.0 10.4 -0.4 pp 10.0 Key takeaways Q2’26 includes IAC amounting to SEK -33m Comparable period includes IAC relating to bond refinancing (SEK -80m)
Page 26
596 539 Cash flow from operating activities Capex 41 Net investments in non-current assets Leasing Free cash flow after leasing 381 Acquisitions and divestments 377 Acquired and divested minority shares 20 Paid contingent considerations (earn-outs) Residual cash flow 2,464 1,371 593 26 Capital allocation LTM, SEKm