Slide 1: Strong organic growth & important strategic achievements
Strong organic growth & important strategic achievements Q225 Webcast | august 6, 2025
Slide 2: Agenda
AGENDA • q225 highlights • q225 review • Q&A
Slide 3: Q225 highlights
Q225 | highlights Third consecutive quarter with organic sales growth, important strategic objectives achieved Sales 40m€ (+19%) Operational Ebit 2.2m€ 10m€ convertible Organic growth 17% -8% vs. q224 hybrid bond Gross margin stable at 31% (q224: 31%) Margin of 5.4% (q224: 7%) Equity-classified inst
Slide 4: Q225 decent profitability, improved financial position
Q225 | decent profitability, improved financial position Operational ebit growth of 19% in h125 Operational ebit (€) & ebit%, r12 Roce% net debt/operational ebitda* 3.3X 3.1X 5.6 % 5.5 % 5.5 % 5.4 % 5.7 % 5.6 % 5.7 % 5.9 % 5.2 % 5.5 % 5.2 % 5.1 % 5.6 % 5.2 % 2.8X 2.8X 11.7 % 11.3 % 11.3 % 11.2 % 11.
Slide 5: Q225 successful execution of short-term strategic goals
Q225 | successful execution of short-term strategic goals organic growth for the last 3 quarters- Two acquisitions - issuance of a 10m€ convertible H224-h125 Strategic targets Acquisitions 15% minimum annual average operational EBIT growth Organic 3 quarters of growth despite tough market 15% minimu
Slide 6: Q225 two acquisitions aligned with our ownership criteria
Q225 | two acquisitions aligned with our ownership criteria Both building on long-term partnerships (rs group & Fronius) Elfa Distrelec sales activities in Finland & Baltics Spetselektroodi as Transaction closed 1.8.2025 Transaction closed 8.5.2025 High-service, digital-led distributor of Distributo
Slide 7: Issuance of a 10m€ convertible hybrid bond
Q225 | Issuance of a 10m€ convertible hybrid bond Equity-classified instrument Issued to Protector Forsikring ASA, a Norwegian insurance company Commentary Total facilities of 76.0m€ of which 59.0m€ used (q225) * Key terms ▪ Instrument: convertible hybrid bond (unlisted), equity classification under
Slide 8: Going forward: doing what we're supposed to do
Going forward| doing what we’re supposed to do Develop existing & seek to acquire new businesses H224-h125 H225 > Strategic targets explore new opportunities and Acquisitions continue on the acquisition path 15% minimum annual average operational EBIT growth Organic Order books support decent 15% pe
Slide 9: Agenda
AGENDA • q225 highlights • q225 review • Q&A
Slide 10: Q225 third consecutive quarter with sales growth
q225 | third consecutive quarter with sales growth Organic growth of 17% - market conditions moderate & stable Commentary 200 Sales +19% or 6.4m€ vs. Q224 Sales, R12 180 ▪ Market conditions moderate and 170 172 169 stable throughout the quarter 160 161 160 155 153 140 144 142 Acquisitions 135 140 13
Slide 11: Q225 gross margins & profitability stable
q225 | gross margins & profitability stable Significant improvement of ~5% in the last 5-years Commentary 35 % Gross Margin%, R12 Oper. EBIT, % 33 % 32 % 32 % Gross margin at 31% (-0.3% vs. Q225) 31 % 32 % 31 % 30 % 31 % 31 % 30 % ▪ Partial recovery of sizeable machine 30 % 29 % 30 % 28 % deliveries
Slide 12: Q225 R12 cash conversion continued at strong levels
q225 | R12 cash conversion continued at strong levels Operative net cash flow of -0.5m€ due to increase in receivables Commentary 229 % ▪ Trade Working Capital increased by c. 3.5m€ (excluding for Spetselektroodi acquisition) 180 % 151 % 156 % ▪ Revenue growth toward the end of 129 % 17.6 the quarte
Slide 13: Q225 target to improve returns by improving profitability
Q225 | target to improve returns by improving profitability Profit growth and well-managed working capital resulting in upward trend in returns Commentary 70 % ▪ Slight decline of ROTWC and ROCE ROTWC%, R12 vs. Q125 due to slight margin decline 60 % 57 % 54 % ▪ Target to improve returns by 52 % 50 %
Slide 14: Q225 Electronics
Q225 | Electronics Strong sales growth, slight decline in profitability Comments – q2 2025 Net sales and operational ebit% Business performance 8.7 % 8.1 % 8.5 % 6.4 % 5.6 % ▪ Sales growth of 17% ▪ Operational EBIT 0.8m€ (1.1m€ Q2/24), with EBIT margin decreasing to 5.6% (8.7% Q2/24) 19.8 ▪ Working
Slide 15: Q225 Technical trade
Q225 | Technical trade Strong sales growth & good profitability Comments – q2 2025 Net sales and operational ebit% Business performance 8.2 % 7.6 % 7.1 % ▪ Sales growth of 20% 4.5 % 4.8 % ▪ Operational EBIT 1.8m€ (1.7m€ Q2/24), with EBIT margin declining slightly to 7.1% (8.2% Q2/24) 21.2 25.4 ▪ Rev
Slide 16: Q225 improved financial position
q225 | improved financial position 10m€ convertible hybrid bond (equity-classified) issued to protector forsikring - Firepower to pursue acquisitions debt maturity structure, total facilities (incl. unused), m€ Total facilities of 76.0m€ of which 59.0m€ used (q225) *** *** 13.0m€ * 17% 21.0m€ 28% 10
Slide 17: Agenda
AGENDA • q225 highlights • q225 review • Q&A
Slide 18: yy yj
We, yy yj Wa e “
Slide 19: Grow & prosper
BOREO GROW & PROSPER
Slide 20: A long-term owner of great entrepreneurial companies
A long-term owner of great entrepreneurial companies 134m€ 6.8m€ (5.1%) 348 NET SALES 2024 Operational ebit 2024 Employees 23 companies 7.9% 2.3x Return on capital employed Net debt / operational EbitDA 2024 Q2 2025 Map excluding USA 20
Slide 21: Diversified industrial portfolio in 7 countries
Diversified industrial portfolio in 7 countries Electronics Technical trade 58M€ 2024 Sales 126 Professionals 76M€ 217 2024 Sales Professionals 7 Markets 3 Markets 21
Slide 22: 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 5,000 shares 1,312 shares 5,817 shares
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: Grow & prosper
BOREO GROW & PROSPER