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CONFIDENTIAL AND PROPRIETARY Any use of this material without specific permission of Terranor is strictly prohibited February 2026 Q4 2025 Investor Presentation
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Terranor Group 2 HeadlineContent Title Today’s presenters The reputable Group Management Team Michael Berglin Group CEO Inka Kontturi Group CFO
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Terranor Group 3 HeadlineContent Title The quarter at a glance The Nordic leader in road operations and maintenance Road operations and maintenance Light construction Green construction and maintenance Temporary road safety services ~ 90% ~ 7% ~ 1% ~ 2% • Strong finish to 2025 with broad-based activity across operations • Revenue growth of 29% in Q4 and 14% for the full year • Sweden delivers growth and profitability. All key operational and financial indicators are developing in the right direction • Improved cash generation (224%) and strong order intake (399 MSEK) confirms operational strength • Proactive handling of Finland and Denmark transitions according to plan © Microsoft, OpenStreetMap Powered by Bing Areas of operations 62% 17% 21%Q4 2025 Customers Segments Share of revenue FY2025 1 223 Revenue, MSEK 48 Adj. EBITA, MSEK 4% Adj. EBITA margin 29% Revenue growth 69% 17% 14% State Municipal Private FY 2025 3 603 Revenue, MSEK 98 Adj. EBITA, MSEK 3% Adj. EBITA margin 14% Revenue growth
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Terranor Group 4 HeadlineContent Title Large, stable Nordic market with high entry barriers Terranor is tapping into a ~76 SEKbn opportunity ~27 ~30 ~14 ~5 ~76 SEKbn Estimated total addressable market size 2024 (SEKbn) Sweden, Finland, Denmark Light constructionRoad O&M Green construction and maintenance Temporary road safety services and traffic management Source: EY-Parthenon market report, National road authorities, desk research, market-based interviews • Well-established in a market with high entry barriers in terms of know-how and human capital • The market is stable and generally supported by long-term structural trends • The Swedish government aims to increase funding for O&M by 48% from 2026 onwards to address the maintenance deficit of 45SEKbn • Long-term contracts, between four and eight years, which provide stable revenue streams with low risk and good visibility • Diligent tender strategy has contributed to a revenue growth rate that by far surpasses the market focusing on profitable contract wins Maintainance deficit Increased traffic volumes Increased complexity Focus on sustainability Increased safety requirements Key Market drivers
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Terranor Group 5 HeadlineContent Title Q4 Q1 Q2 Q3 Q4 Operational seasonality directly linked to the climate cycle One maintenance year usually span five quarters, starting in Q4 Winter Season • Most contracts starts in Q4 • Q1 primarily consists of base contract volumes, with limited variable and extra work. As a result, there is reduced opportunity to influence margins • Q1 provides stable income through fixed payments Summer Season • Summer season typically has more variable price services and more opportunities to influence on margin • The start of Q3 is impacted by the holiday season, normally resulting in slightly lower revenue compared to Q2 • Margins improve due to performed extra works Winter Season • Finalize extra work for the maintenance year started during prior maintenance year • The highest volumes on extra works are performed during the second half of the year 22% 24% 23% 32% Q1 Q2 Q3 Q4 Share of annual revenue, average per quarter1 2% 2% 3% 4% Q1 Q2 Q3 Q4 EBITA margin2, average per quarter3 1) Referring to average share of annual revenue for respective quarter between 2023-2025. 2) Adj. EBITA in relation to revenue. 3) Referring to average EBITA margin for respective quarter between 2023-2025.
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Terranor Group 6 HeadlineContent Title Solid growth Diligent tender strategy has contributed to revenue growth that by far surpasses the market • Revenue of 1,223 MSEK in Q4 (+29%) and full-year revenue of 3,603 MSEK (+14%), exceeding medium- term growth target (>8%). Broad-based growth across operations, not dependent on individual contracts • Strong order intake of 399 MSEK in Q4 and 2,801 MSEK for the full year (1,680). reflects competitiveness and supports future visibility 1 223 Revenue, MSEK 29% Revenue growth +29% >8% Target growth, % Revenue, MSEK Q4 2025 0 200 400 600 800 1 000 1 200 1 400 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025 3 603 Revenue, MSEK 14% Revenue growth >8% Target growth, % FY 2025
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Terranor Group 7 HeadlineContent Title Operating Cash Flow, SEK Strong Cash Generation Strong cash generation confirms underlying cash flow strength • Strong Q4 operating cash flow of 201 MSEK and 214 MSEK for FY 2025 • Improved cash generation supported by higher activity and strengthened cash management • IPO-related costs behind us • Low capex model supports strong cash conversion • Solid financial position entering 2026 201 Operating Cash flow, MSEK Q4 2025 -100 000 -50 000 0 50 000 100 000 150 000 200 000 250 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 214 Operating Cash flow, MSEK FY 2025
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Terranor Group 8 HeadlineContent Title -1 p.p. 48 Adj. EBITA, MSEK >5% Target Adj EBITA m. 4% Adj. EBITA margin Stable underlying earnings Strong underlying profitability parries restructuring in subsidiaries • Strong seasonal profitability from the core business (O&M), especially in Sweden • Sweden demonstrates strong performance and the capability to absorb higher volumes within existing contracts while also winning new ones • Ongoing restructuring in Finland and contract transitions in Denmark affect the quarter Adj. EBITA, MSEK Q4 2025 0,0% 1,0% 2,0% 3,0% 4,0% 5,0% 6,0% 0 10 000 20 000 30 000 40 000 50 000 60 000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 98 Adj. EBITA, MSEK >5% Target Adj EBITA m. 3% Adj. EBITA margin FY 2025
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Terranor Group 9 HeadlineContent Title 1% Adj. EBITA margin Finland Profitability remains under pressure, with restructuring underway to support long-term improvement Revenue, MSEK Adj. EBITA, MSEK 2% Adj. EBITA margin Denmark Contracts were closed according to plan, with new agreements strengthening the outlook for 2026 Revenue, MSEK Adj. EBITA, MSEK Terranor’s segments Sweden remains as the core growth engine with solid profitability 789 Revenue, MSEK 5% Adj. EBITA margin Sweden Strong activity and underlying profitability confirm Sweden as the Group’s foundation and growth engine Revenue, MSEK Adj. EBITA, MSEK Q4 2025 Q4 2025 Q4 2025 Q4 2025 Q4 2025 Q4 2025 0 200 400 600 800 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 0 10 20 30 40 50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 0 50 100 150 200 250 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 -4 -2 0 2 4 6 8 10 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 0 50 100 150 200 250 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 -15 -10 -5 0 5 10 15 20 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 48% Revenue growth 205 Revenue, MSEK -0% Revenue growth 230 Revenue, MSEK 10% Revenue growth
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Terranor Group 10 HeadlineContent Title Financial targets On track to meet ambitious growth and profitability targets GROWTH Category PROFITABILITY DIVIDEND LEVERAGE Outcome Q4 2025 29% Revenue growth 4% Adjusted EBITA margin - 1.50x Net debt / LTM adjusted EBITDA Medium-term financial targets >8% Achieve an average annual revenue growth of at least 8% in the medium term >5% Reach an adjusted EBITA margin of more than 5% in the medium term ≥50% Target to distribute at least 50% of consolidated net income <2.5x Net debt / LTM adjusted EBITDA should not exceed 2.5 Category Outcome Q4 2025 Leverage target Outcome FY 2025 14% Revenue growth 3% Adjusted EBITA margin 1.50 SEK* - Outcome FY 2025 *The Board of Directors proposes a dividend of 1.50 SEK per share for 2025
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Terranor Group 11 HeadlineContent Title Resilient >70 SEKbn addressable market with plannable revenues and profit margins A highly specialized, Nordic- leading O&M business built for one purpose: Keep the roads open Mid-term targets: growth >8% profitability >5% leverage <2.5x dividend ≥50% Why invest in Terranor Key investment highlights Strongest growth path in the last 3 years among competitors in the industry An entrepreneurial culture enables innovation and adaptability Committed management team and Board of Directors