Slide 1: Q4 2025 presentation
Q4 2025 presentation 12 February 2026
Slide 2: This is Instalco
This is Instalco A leading northern European group within heating and plumbing, electricity, ventilation, industry and technical consulting Project planning, installation, service and maintenance of systems installed at properties and facilities Highly decentralised structure – specialised local com
Slide 3: Key financials, LTM
Key financials, LTM Net sales, million SEK Order backlog, million SEK 13,598 9,510 EBITA, million SEK EBITA margin, % 800 5.9 Cash flow from operations, million SEK Service share of revenue, %, quarter 1,010 38 3
Slide 4: Quarterly summary
Quarterly summary Key financials Q4 2025 Net sales • Our actions are starting to show effect SEK 3,766 million • First time in seven quarters with growing EBITA EBITA • Continued strong operational cash flow, and improved financial position SEK 272 million EBITA margin 7.2 % 4 4
Slide 5: Net sales and order backlog (SEK million)
Net sales and order backlog (SEK million) • Net sales growth of 4.4% to SEK 3,766 (3,610) 4,000 4.9% 0.9% 3,766 million 3,500 3,610 -1.4% • Organic growth of 4.9% (-7.4), acquired growth 3,000 contributed 0.9%, FX impact of -1.4% 2,500 2,000 • Order backlog growth of 5.6%, 7.5% organically, mainly d
Slide 6: EBITA development (SEK million and margin %)
EBITA development (SEK million and margin %) • EBITA amounted to SEK 272 (195) 350 9% million, a growth of 39% 8% 300 • EBITA margin of 7.2% (5.4) – higher margin driven by prior-year 7% 250 comparability effects and 6% operational improvements, 200 breaking the negative year-on-year 5% EBITA trend
Slide 7: Segment Sweden
Segment Sweden Key financials Q4 2025 Net sales • Net sales amounted to SEK 2,657 (2,463) million SEK 2,657 million Organic growth of 6.6% EBITA EBITA margin Acquired growth of 1.3% • EBITA amounted to SEK 180 (135) million, corresponding to a margin of 6.8% (5.5) SEK 180 million 6.8 % Order backlog
Slide 8: Segment Rest of Nordics
Segment Rest of Nordics Key financials Q4 2025 Net sales • Net sales amounted to SEK 1,109 (1,147) SEK 1,109 million million, negatively impacted by FX EBITA EBITA margin Organic growth of 1.2% • EBITA amounted to SEK 86 (58) million, corresponding to a margin of 7.8% (5.0) SEK 86 million 7.8 % Orde
Slide 9: Cash generation (SEK million)
Cash generation (SEK million) • Continued strong cash flow from operations supported by focused working capital management • Cash conversion remains above target SEKm Q4 2025 Q4 2024 600 150% EBITDA 380 302 500 125% Change in net working capital 113 141 400 100% Cash flow from operating activities (
Slide 10: Strategic targets
Strategic targets Growth Profitability ≥10% Average sales growth should be at least 10% per year over a business cycle. Growth will take place both organically and through acquisitions 8% Instalco aims to deliver an EBITA margin of 8.0% Cash conversion Capital structure (Net Debt/EBITDA) 100% Instal
Slide 11: Fabri keeps expanding in Germany with two new acquisitions
ACQUISITIONS Fabri keeps expanding in Germany with two new acquisitions No. of Est. Sales Company Location employees (EURm) 1 Elektro Henseler GmbH Swisttal Thiele Heizung und 2 Gießen Sanitär GmbH & Co. KG Total 75 12.4 11
Slide 12: CEO’s theme 2025 in focus
Vege “aco focus CEO’s theme 2025
Slide 13: A year of deliberate choices
A year of deliberate choices Focused priorities in a challenging market environment • Resetting the fundamentals • Choosing discipline over volume • Execution before expansion 13
Slide 14: Quality orders secured during a challenging market
Quality orders secured during a challenging market New Aker Hospital, K-Citymarket Kuopio, Electrical installations Multidisciplinary installations Norway, Q4 2025 Finland, Q2 2025 Order value: ~NOK 440 M Order value: ~SEK 50 M Subsidiary: Lysteknikk Subsidiaries: Kuopion LVI-Talo Oy, Elektroentrepr
Slide 15: Instalco 2.0: Returning to proven, historical margin levels with a hands-on approach
Instalco 2.0: Returning to proven, historical margin levels with a hands-on approach Firmly address Operational Organizational underperforming excellence capabilities business units We are reshaping our We empower our people We are stepping up our operating model to and processes to deliver efforts
Slide 16: Instalco 2.0: From framework to execution
Instalco 2.0: From framework to execution Q3 Q4 Ongoing • Framework defined • Execution initiated • Consistent delivery • Operational model • Structure embedded • Continuous and principles into daily operations improvement across aligned the group 16
Slide 17: Summary
Summary • First time in seven quarters with growing EBITA • Market remains varied across geographies • Continued strong operational cash flow, and improved financial position • Instalco 2.0 roll-out progressing according to plan – starting to take effect in daily operations o Sharper priorities, cle
Slide 18: Full power installations
Q&A Full power installations from a powerful team