Vestum Ab · OMXSTO:VESTUM
Vestum Ab — Q4 2025 Earnings Presentation
12 slides from Vestum Ab's earnings presentation, Feb 12, 2026
Slide 1: Q4 2025 Year-end presentation January-December 2025
Q4 2025 Year-end presentation January-December 2025 Vestum AB (publ)
Slide 2: Summary 2025
Summary 2025 Streamlining continued Stable performance in a Growth investments challenging market • Increased level of specialisation • Organic growth of 1% (-7%) • Organic growth investments in driven by M&A • Adjusted EBITA margin of 10.1% several businesses as seen in • Completed five divestiture
Slide 3: Highlights Q4 2025
Highlights Q4 2025 • Growth in adjusted EBITA for the first time in 10 quarters • Growth in cash flows • Adjusted EBITA margin expansion to 10.8% (8.8%) • One acquisition completed during the quarter • Leverage, as measured by reported EBITDA, increased to 3.4x driven by the acquisition 975 105 10.8
Slide 4: Flow Technology segment
Flow Technology segment Flow Technology Market leading product technology specialists in improving water infrastructure • Overall solid demand with double digit organic growth, adjusted for currency 341 354 317 • Growth in all geographies 287 288 289 267 256 258 • Margin expansion driven by 226 231
Slide 5: Niche Products segment
Niche Products segment Niche Products Leading product companies in selected technology niches • Sales and profitability in line with last year 219 • Low-margin business 209 191 198 190 divested after end of 181 187 170 170 177 quarter – will boost 165 160 profitability going forward 16,3% 15,8% 16,5
Slide 6: Solutions segment
Solutions segment Solutions Specialised solutions for maintaining, developing and streamlining properties and • Lower sales in absolute terms transport networks driven by divestitures in Q1 754 2025 and Q4 2025 684 684 • Low-margin businesses 654 638 589 568 569 divested after end of quarter – 442 4
Slide 7: Net sales and adjusted EBITA per quarter
Net sales and adjusted EBITA per quarter Net sales Adjusted EBITA Adjusted EBITA margin SEKm SEKm LTM LTM LTM 3,776 383 10.1% 1 171 1 182 1 153 138 1 070 1 083 11,8% 11,8%11,6% 11,6% 11,8% 11,8% 993 991 1 019 1 012 124 127 120 10,8% 10,8% 11,0% 11,0%10,8% 10,8% 975 10,4% 10,4% 10,3% 10,3% 10,1% 10,1
Slide 8: Net sales growth in Q4
Net sales growth in Q4 SEKm • Net sales in the quarter decreased by 15% vs same 1 153 quarter last year driven primarily by the 975 divestments in Q1 and Q4, -147 -19 -11 which to some extent was offset by the acquisition of Nortech and DFS • Organic growth was negative 1%, which is in line with the
Slide 9: LTM free cash flow bridge
LTM free cash flow bridge SEKm • LTM cash flow from operating activities, before 340 NWC, was SEK 37m higher than previous quarter -26 • Net working capital release in Q4 in line with expectations -83 • LTM capex spending increased from SEK 73m last quarter to SEK 83m 111 -119 • LTM free cash flow a
Slide 10: Net debt and leverage
Net debt and leverage 3,5x 3,4x 5 Financial net debt, SEK Bn Financial net debt / EBITDA R12 months (Leverage) 3,0x 2,9x 2,8x 2,8x 2,8x • Reported leverage at 2,7x 2,7x 2,7x 4 period end increased to 2,5x 2,5x 2,5x 3.4x, in line with 2,2x 2,1x expectations, driven by the 2,0x 3 acquisition of DFS in
Slide 11: Initiated structural changes
Initiated structural changes • The Board of Directors has decided to carry out a structural split of the Group • Parts of the Flow Technology segment is intended to be organised as a separate business • Decision based on Vestum currently operating with two clearly distinct business logics: – Product
Slide 12: Summary
Summary • Growth in adjusted EBITA and cash flows with strong uptick in margin • Solid performance in Flow Technology and strong market outlook in coming years • Niche Products in line with last year – low-margin divestiture after end of quarter to boost profitability going forward • Solutions still