Slide 1: Q4 2025 Investor Presentation
Q4 2025 I N V E ST O R P R E S E N T A T I ON Laurinda Pang, CEO FEBRUARY 17, 2026 Jonas Dahlberg, CFO Mia Nordlander, Head of Investor Relations & Sustainability
Slide 2: Fourth quarter highlights
Fourth quarter highlights Closing the year with Continuing on path to Returning value to record high profitability growth target shareholders • Gross margin increasing to • Solid momentum in largest • Repurchased a total of 35%, +2pp businesses – Americas and 8.8% of outstanding API platform shares*
Slide 3: Continuing to execute on our strategy
Continuing to execute on our strategy Growth EBITDA margin Active capital reacceleration expansion allocation We are focused on profitable and We are reshaping our business to We are driving continued strong sustainable growth expand margins over time cash generation • Enterprise expansion • Product
Slide 4: 2025 – strengthened financial performance and continued market leadership
2025 – strengthened financial performance and continued market leadership Adj. EBITDA margin, Percent 12.7 12.5 13.3 12-14 11.3 • Achieved record-high profitability while regaining growth momentum • Solid development in Americas and API platform products 2022 2023 2024 2025 Exit of 2027 • Named a Ma
Slide 5: Progressing on mid-term priorities for growth
Progressing on mid-term priorities for growth Enterprise Expansion Self service capabilities RCS and Email Partners and Ecosystems Number of large Self-serve products Q4 RCS volumes up Expanding into fast enterprise customers growing 10% YTD at stable 260% YoY growing AI partners increased 5% YTD hi
Slide 6: Enterprise expansion – Diversification of customer base
Enterprise expansion – Diversification of customer base Gross Profit, SEK million 3 933 8 810 9 542 9 685 9 605 21% 19% Top 10 26% 22% • Strong momentum among enterprise customers, 34% reflecting successful expansion across the wider portfolio • More diversified and resilient customer base 74% 78% 7
Slide 7: Continued commercial momentum in North America
Continued commercial momentum in North America New customer wins New customer extensions New partners • Secured a USD 7-figure, • Expanded our partnership with • Secured a USD 7-figure, multi-year deal with a leading leading hotel chain to deliver multi-year voice deal with a HR software company sec
Slide 8: Strong development of RCS
Strong development of RCS RCS messages by quarter, millions 3.6x 1 385 1 073 788 619 334 383 250 262 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 • RCS offers engaging experience, driving consumer satisfaction and sales conversion • Driving new growth and securing long term succession of SMS busi
Slide 9: Partnership with Lovable providing native integration to Sinch communications platform
Partnership with Lovable providing native integration to Sinch communications platform • Sweden-based AI-native • Strategic communications software creation platform infrastructure partner to • 2.3 million active users Lovable • 10 million projects created • Deep integration into Lovable • USD 100 m
Slide 10: Financials
Financials 10
Slide 11: Organic GP growth in strong FX headwind
Organic GP growth in strong FX headwind Net sales, SEKm Gross Profit, SEKm • Strong FX headwind, -10% on net sales, -11% on Gross 7 532 7 729 2 526 2 582 6 792 7 041 7 150 7 049 6 616 6 659 6 756 2 312 2 386 2 406 2 408 2 322 2 318 2 378 Profit • Positive mix shift and reduction of low margin contra
Slide 12: Development by segment
. Development by segment Americas EMEA APAC 7% organic Gross Profit 2% organic gross profit 4% organic gross profit growth, margin +3pp to 36% decline, margin increased 1pp decline, margin declined 2pp • API Platform: Strong growth to 32% to 41% driven by enterprise • API Platform: Solid core • API
Slide 13: Continued positive margin development
Continued positive margin development Gross margin, % EBITDA margin, % EBITDA margin Adjusted EBITDA margin 36% 35% 35% 35% 16% 14% 14% 13% 13% 13% 13% 13% 34% 12% 12% 34% 34% 34% 34% 34% 12% 33% 13% 13% 11% 11% 11% 11% 11% 8% 11% 32% 4% 4% 0% 30% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 2
Slide 14: Cost control supporting organic Adj EBITDA growth
Cost control supporting organic Adj EBITDA growth Adj Opex, SEKm 2 000 • Q4 organic Adj OPEX +1% YoY, -8% reported 1 579 1 519 • Disciplined cost control 1 453 1 403 1 446 1 500 • Continued synergy capture and increased cost 1 000 efficiency 500 0 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Adj EBITDA, SEKm 1 200
Slide 15: Strong seasonal cash release – Solid LTM cash conversion
Strong seasonal cash release – Solid LTM cash conversion Cash conversion – FCF/Adj EBITDA, LTM Cash flow after investments (FCF), SEKm 80% 1 000 66% 786 800 734 60% 50% 39% 40% 600 523 38% 40% 400 244 20% 200 0 0% Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 -200 -104 • FCF SEK 1,449m
Slide 16: Net Working Capital within normal variations
Net Working Capital within normal variations Net working capital, SEKm* • Continued favorable net working capital position 4 551 3 949 3 962 4 221 4 232 4 152 4 108 3 945 4 066 • Seasonal increase in payables contributes to decrease and cash release in quarter 880 1 176 1 062 899 883 713 634 723 795
Slide 17: Strong balance sheet and share buy-backs
Strong balance sheet and share buy-backs Net debt/Adjusted EBITDA R12m* • Net debt/Adj EBITDA increased to 1.6x mainly due to share repurchases • Repurchased 62.0m shares for SEK 1.6 1881m Q2-Q4 1.5 1.4 1.4 1.3 • In addition, SEK 364m purchase for LTIP equity swap since Q2 • SEK 3.7bn available in u
Slide 18: Continued share buybacks to create shareholder value
Continued share buybacks to create shareholder value Shares in Treasury Cash conversion Percent of outstanding shares, end of quarter FCF/Adj EBITDA 8.8 66 7.3 60 40 Ø 50 32 1.8 0.0 Q225 Q325 Q425 Q126 2022 2023 2024 2025 to date • 2025 AGM resolved 10% buyback mandate – first • Cash flow supporting
Slide 19: Continuing to execute on our strategy
Continuing to execute on our strategy Growth EBITDA margin Active capital reacceleration expansion allocation We are focused on profitable and We are reshaping our business to We are driving continued strong sustainable growth expand margins over time cash generation • Enterprise expansion • Product
Slide 20: Thanks!
Thanks! For more information, contact: Mia Nordlander Head of Investor Relations & Sustainability mia.nordlander@sinch.com
Slide 21: Connecting every business with every customer, everywhere in the world
190,000+ 900bn+ 60+ Scalable cloud communications business interactions countries with platform for messaging, customers per year local presence voice and email Connecting every business with every customer, everywhere in the world SEK 27bn SEK 9.4bn SEK 3.6bn net sales in the gross profit in the Ad
Slide 22: Income statement
Income statement SEKm Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2024 2025 Net sales 7,150 7,729 7,049 6,616 6,659 6,756 28,712 27,080 Cost of services sold -4,744 -5,147 -4,641 -4,294 -4,341 -4,378 -19,026 -17,654 Gross profit 2,406 2,582 2,408 2,322 2,318 2,378 9,685 9,426 Operating expenses -1,607 -2,27
Slide 23: Cash flow
Cash flow SEKm Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2024 2025 Profit or loss before tax -5,963 -333 -8 80 173 227 -6,235 472 Adjustment for non-cash items 6,754 991 738 740 650 437 8,914 2,565 Income tax paid -99 -45 -111 -334 -131 25 -348 -550 Cash flow before changes in working capital 692 613 619
Slide 24: Cash conversion
Cash conversion SEKm Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2024 R12M Adjusted EBITDA 923 1,003 889 869 915 933 3,587 3,605 Net interest paid -117 -103 -76 -73 -61 -61 -480 -271 Paid taxes -99 -45 -111 -334 -131 25 -348 -550 Other items -14 -242 -83 24 -32 -207 -428 -298 Cash flow before changes in wor