Slide 1: A strong year-end performance
A STRONG YEAR-END performance Q425 Webcast | February 13, 2026
Slide 2: Organizational changes
Organizational changes New leadership to take boreo to the next phase of growth ▪ Tuomas Kahri starts as a CEO on April 1, 2026. ▪ In addition to his role as a CEO, he is responsible for the Technical Trade Business Area. ▪ Management team from 1.4.2026 onwards consists of: ▪ Tuomas Kahri, CEO and H
Slide 3: Agenda
AGENDA • 2025 recap • q425 highlights • 2026 outlook • Q&A
Slide 4: 2025 | Back-to-growth
2025 | back-to-growth A STEP IN THE RIGHT DIRECTION – WELL POSITIONED FOR FUTURE GROWTH Sales 153m€ Operational Ebit 8m€ Two acquisitions Growth 14% vs. 2024 Organic growth 11% (5.2%) INCREASE of 17% vs. 2024 Cash flow 7.5m€ 2.1x 10m€ convertible OPERATIVE CASH CONVERSION* 83% Net debt / operational
Slide 5: 2025 | A step in the right direction
2025 | a step in the right direction Improvement of returns & deleveraging via PROFIT GROWTH Operational ebit (€) & ebit%, r12 Roce% net debt/operational ebitda* 5-YEAR AVERAGE 17% 8.8% 2.1 (15%) (15%) (2-3x) minimum annual average minimum net debt / operational EBIT growth ROCE operational EBITDA *
Slide 6: 2025 | Improved profitability due to sales growth
2025 | IMPROVED PROFITABILITY due TO SALES GROWTH 14% sales growth, 11% organic growth Commentary Sales 14% or +19m€ vs. 2024 ▪ Driven by Technical Trade BA Operational EBIT +17% or 1.2m€ vs. 2024 ▪ EBIT margin improved to 5.2% ▪ Sales growth and improvement of gross margin ▪ Growth investments (e.g
Slide 7: 2025 | Improvement of gross margins
2025 | improvement of gross margins Significant improvement of +5% in the last 5-years Commentary Gross margin up by +8m€ and 1.5% vs. 2024 ▪ Profile improved thanks to acquisitions of higher margin companies, management of margins and ‘Stop & Accelerate’ decisions 7
Slide 8: 2025 | Strong cash generation
2025 | strong cash generation +40m€ operative cash flow generated in the last 5-years Commentary Trade working capital at 29m€ ▪ Like-for-like increase of working capital of c. 2m€ in 2025 due to growth – improvement in efficiency ▪ Favourable working capital profile of YE RS acquired in 2025 Operat
Slide 9: 2020-2025 | Return to M&A with two acquisitions
2020-2025| Return to M&A with two acquisitions Decent returns for capital deployed to acquisitions over the last 5-years 19 acquisitions enterprise value of ~50m€ ~15% roce* 13 platform & 6 add-on acquisitions including Earn-outs vs. ~20% expectation at acquisitions * 3-year average Return on Capita
Slide 10: 2020-2025 | Capital allocation | Boreo era
2020-2025 | CAPITAL ALLOCATION | boreo era (q320 onwards) Growth funded primarily through operative cash flow & hybrid instruments *** ** * 7.9 IFRS 16 liabilities Financial debt 21.0 * Operative Cash Flow: EBITDA +/- NWC – Tax. Excl. leases and rents under IFRS 16 ** Equity issues in connection wit
Slide 11: Agenda
AGENDA • 2025 recap • q425 highlights • 2026 outlook • Q&A
Slide 12: Q425 | Highlights
Q425 | highlights FIFTH consecutive quarter with organic sales growth Sales 46.3m€ (+18%) Operational Ebit 2.8m€ Strong cash flow Organic growth 12% +33% vs. q424 Cash conversion 176% Gross margin at 28% (q425: 29%) Margin of 6.0% (q424: 5.3%) Supported by the Reduction of net working capital by 2.9
Slide 13: Q425 | Electronics
Q425 | Electronics Satisfactory profitability despite decrease in sales from the comparison period Comments – q4 2025 Net sales and operational ebit% Business performance ▪ Sales decrease by 13%, driven by lower sales at SSN vs. comparison period ▪ Operational EBIT 1.0m€ (1.7m€ Q4/24), with EBIT mar
Slide 14: Q425 | Technical trade
Q425 | Technical trade Strong sales growth and significant increase in profitability Comments – q4 2025 Net sales and operational ebit% Business performance ▪ Sales growth of 49% - driven by strong performance in several businesses ▪ Operational EBIT 2.2m€ (0.9m€ Q4/24), with EBIT margin increasing
Slide 15: Q425 | Solid financial position
q425 | solid financial position Hybrid bond reset-date in Q1/2027 1) debt maturity structure - facilities in use, m€ Total facilities of 76.0m€ of which 59.0m€ used (q425) *** 3) 13.0m€ 17% 21.0m€ 28% 10.0m€ 13% 76.0m€ ** 2) 12.0m€ 16% 20.0m€ 26% As per Q425: 1) Excluding commercial guarantee facili
Slide 16: Agenda
AGENDA • 2025 recap • q425 highlights • 2026 outlook • Q&A
Slide 17: 2026 outlook & priorities
2026 outlook & priorities Target to grow profits in 2026 Order books strengthened compared to Q325 and are clearly above the levels of early 2025. Although economic conditions, especially in Finland and the Baltic countries, are expected to remain modest in 2026, we see a solid foundation for earnin
Slide 18: Agenda
AGENDA • 2025 recap • q425 highlights • 2026 outlook • Q&A
Slide 19: | E Y Y, cae = Be _ nan
| E Y 4 Y, cae = Be _ nan : Y Ye =
Slide 20: Boreo: Grow & prosper
BOREO GROW & PROSPER
Slide 21: A long-term owner of great entrepreneurial companies
A long-term owner of great entrepreneurial companies 153m€ 8.0m€ (5.2%) 360 NET SALES 2025 Operational ebit 2025 Employees 23 companies 8.8% 2.1x Return on capital employed Net debt / operational EbitDA 2025 Q4 2025 Map excluding USA 21
Slide 22: Diversified industrial portfolio in 7 countries
Diversified industrial portfolio in 7 countries Electronics Technical trade 61M€ 2025 Sales 143 Professionals 92M€ 212 2025 Sales Professionals 7 Markets 3 Markets 22
Slide 23: Capable & committed leadership in a decentralized structure
Capable & committed leadership in a decentralized structure Simon Hallqvist, Camilla Grönholm, Jouni grönroos, Mattias björk, Noora neilimo- Jussi vanhanen, Chairman chair of Remco chair of audit board member kontio, board board member committee member Board of 6,530 shares 1,312 shares 5,817 shares
Slide 24: Boreo's business model
Boreo’s business model We own and acquire Great entrepreneurial companies with strong profits and cash flows Ultimate objective is We enable earnings growth by Sustainable profit Supporting & generation coaching in the long-term our companies & developing people we Re-invest capital with attractive
Slide 25: Our acquisition & ownership criteria
Our acquisition & ownership CRITERIA asset light industrial businesses with strong cash generation, proven track record and a management fit with boreo culture Industrial characteristics financial characteristics organisational characteristics investment characteristics B2b high Cash conversion Stro
Slide 26: Our philosophy – Sustainable long-term profit generation
Our philosophy – Sustainable long-term profit generation Decentralization Capital allocation Culture of ownership and release of Focus on earnings and capital efficiency entrepreneurial energy Broad universe of investment Aligned interest of shareholders and opportunities – discipline in capital emp
Slide 27: What's in it for the companies?
What’s in it for the companies? A Long-term owner Leadership development • Stability • Best practice sharing • Continuation • Support from ’Coaches’ • Credibility • MD peer group • Access to funding boreo companies • Boreo Academy Balance P&L sheet Business development Personnel • Board of Directors
Slide 28: Focus on earnings growth and return on capital
Focus on earnings growth and return on capital Updated long-term strategic financial targets to better reflect shareholder value creation minimum annual minimum net debt / average operational ROCE operational EBITDA EBIT growth 15% 15% 2-3x Dividend policy Target to annually increase dividend per sh
Slide 29: Grow & prosper
BOREO GROW & PROSPER