Storskogen Group Ab Class B · OMXSTO:STOR_B
Storskogen Group Ab Class B — Q1 2026 Earnings Presentation
27 slides from Storskogen Group Ab Class B's earnings presentation, Apr 29, 2026
Slide 1: Storskogen Q1 2026
Storskogen Q1 2026 April 2026 1
Slide 2: Today's presenters
Today’s presenters Christer Hansson Lena Glader CEO CFO 2
Slide 3: Storskogen in brief
Storskogen in brief Storskogen is an international business group with annual net sales of SEK 33bn and adj. EBITA of SEK 3.1bn, split across three business areas consisting of business units averaging SEK ~290m1 in sales Services Trade Industry 34% 30% 38% 43% 57% 66% 32% Jesper Kronstrand Åsa Murp
Slide 4: Highlights
Highlights Key highlights NET SALES, Q1: Cash flow from operating activities, Q1 • Organic growth (Q1): SEK 7,851m SEK 188m • Net sales: 2% (7,9401) (SEK 113m1) • Adj. EBITA: -12% • Improved cash flow in seasonally soft Q1 ADJ. EBITA, Q1: Adjusted cash conversion, LTM SEK 639m 79% • Leverage ratio u
Slide 5: Cash flow remains strong
Cash flow remains strong Cash flow from operations, Quarterly (SEKm) Cash flow from operations, LTM (SEKm) 1,680 3,098 3,102 3,004 3,007 2,981 2,876 2,775 2,451 2,526 1,151 855 659 527 453 188 109 113 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4
Slide 6: Seasonal variations with solid LTM
Seasonal variations with solid LTM Sales and EBITA margin, Quarterly Sales and EBITA margin, LTM -1% change whereof 2% organic -2% whereof -4% from FX 13 9,500 9,00013 35,150 34,931 34,589 12 34,182 33,765 35,500 35,000 8,500 32,974 32,965 33,097 33,007 34,500 12 34,000 11 33,500 8,000 9.9% 10.0% 33
Slide 7: Focus areas across the Group
Focus areas across the Group Group Services Trade Industry • Organic growth • Sales initiatives • Sales Initiatives • Sales initiatives initiatives • Operational • Cost efficiencies • Cost efficiencies • M&A pipeline excellence and scalability • Strategic • Strategic • Cash flow investments investme
Slide 8: Services
Services Seasonally weak Q1 with EBITA impacted by weak construction market and cold weather Key highlights NET SALES, Q1: ORGANIC NET SALES GROWTH, YTD: • Seasonally soft quarter as SEK 2,147m 0% expected (1%1) • Weak demand for business units exposed to construction – early ADJ. EBITA, Q1: ORGANIC
Slide 9: Trade
Trade Seasonally soft Q1 but underlying trend remains positive Key highlights NET SALES, Q1: ORGANIC NET SALES GROWTH, YTD: • Seasonally soft quarter as SEK 2,158m 1% expected (-4%1) • FX impacting Y/Y EBITA by -7%3 • Headwinds in the Nordic retail ADJ. EBITA, Q1: ORGANIC EBITA GROWTH, YTD: sector i
Slide 10: Industry
Industry Organic sales and EBITA growth and improved order book Key highlights NET SALES, Q1: ORGANIC NET SALES GROWTH, YTD: • Organic sales and EBITA growth SEK 3,557m 4% (-1%1) • Organic sales growth partly driven by growth investments • Margin negatively affected by mix ADJ. EBITA, Q1: ORGANIC EB
Slide 11: M&A Update
M&A Update • Deal flow volatility due to macroeconomic uncertainty • Solid pipeline across most of our investment themes • Strong platform cases especially in Automation, Digitalisation and Health & Wellbeing Add-on by existing BU • A strong pipeline of add-ons with strong industrial logic and subst
Slide 12: Increased focus on acquired growth
Increased focus on acquired growth Free cash flow after capex and leasing - For illustrative purpose only - M&A allocation Run-rate of ~60 percent 2024 2025 2026 - estimate M&A 1 Minority & earn-outs Dividends Debt reduction 1 M&A net effect 12
Slide 13: Financial update
Financial update 13 13
Slide 14: Financial summary, adjusted for IAC
Financial summary, adjusted for IAC SEKm Q1 26 Q1 25 Chg., % FY 25 FY 24 Chg., % Net sales 7,851 7,940 -1 33,097 34,182 -3 Raw material and supplies -4,263 -4,169 2 -17,746 -18,349 -3 Other external expenses -894 -956 -6 -3,807 -3,953 -4 Key takeaways Personnel expenses -1,923 -1,944 -1 -7,725 -8,01
Slide 15: Q1 bridges
Q1 bridges Sales largely in line with last year; Adj EBITA primarily driven by negative organic growth in Services Sales, SEKm EBITA, SEKm -1% -9% 0% 0% 3% -3% 700 4% 7,940 2% -3% -12% 7,851 639 Net sales, Organic Acquisitions Divestments FX 1 Net sales, Adj. EBITA, Group Acquisition & FX 1 Organic
Slide 16: Condensed cash flow
Condensed cash flow Chg., SEKm Q1 26 Q1 25 Chg., % LTM FY 24 % Key takeaways Profit before tax 250 305 -18 1,530 493 222 Adjustment for non-cash items 441 414 6 1,835 2,896 -38 Change in working capital driven by increased Income tax paid -254 -170 49 -476 -661 -41 inventory and work in Change in WC
Slide 17: Operating cash flow and cash conversion
Operating cash flow and cash conversion Cash conversion (LTM) solid ahead of target Operating cash flow1 (LTM) 5 000 140% 4 500 120% 4 000 101% 99% 96% 94% 100% 3 500 88% 82% 80% 79% 3 000 74% 80% 2 500 60% 2 000 1 500 40% 1 000 20% 500 4 204 4 093 4 014 4 060 3 745 3 381 3 456 3 077 3 233 0 0% Q1 2
Slide 18: Condensed balance sheet
Condensed balance sheet SEKm Mar 26 Mar 25 Chg., % Dec 25 Key takeaways Total non-current assets 28,653 28,988 -1 28,572 Total current assets 13,380 12,757 5 12,884 Further Y/Y reduction in interest-bearing debt Total assets 42,033 41,746 1 41,455 Total equity 20,937 20,273 3 20,599 Term loan and cr
Slide 19: Net debt and leverage
Net debt and leverage Net debt and leverage ratio at comfortable levels Leverage ratio 20 000 2,8 3 2,7 2,6 15 000 2,4 2,4 2-3x leverage 2,3 2,3 2,3 2,3 target range 10 000 2 5 000 11 510 11 171 10 917 9 693 9 887 10 186 10 192 9 513 9 530 0 1 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 In
Slide 20: Well distributed debt portfolio
Well distributed debt portfolio SEKm Maturity Margin (+3m Stibor) 2027 3.75% 2028 3.25% 2029 2.90% 2030 2.65% 1 184 3 611 600 3 281 1 250 1 250 1 250 1 000 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Cash & other cash equivalents 2026 2027 2028 2029 2030 Unutilised revolving credit facility 1 1 Bonds Term loan RC
Slide 21: Key takeaways
Key takeaways Organic sales growth in seasonally soft first quarter Operational excellence remains key focus to improve organic profit growth Solid foundation for growth Attractive pipeline across most investment themes 21 21
Slide 22: Storskogen
mh storskogen
Slide 23: Appendix
Appendix 23
Slide 24: Financial summary, reported
Financial summary, reported SEKm Q1 26 Q1 25 Chg., % FY 25 FY 24 Chg., % Net sales 7,851 7,940 -1 33,097 34,182 -3 Raw material and supplies -4,263 -4,169 2 -17,746 -18,349 -3 Other external expenses -894 -956 -6 -3,807 -3,953 -4 Key takeaways Personnel expenses -1,923 -1,944 -1 -7,725 -8,018 -4 Oth
Slide 25: Financial development per business area
Financial development per business area Services Trade Industry 15 000 12% 15 000 12% 15 000 12% 14 000 14 000 14 000 13 000 13 000 13 000 10% 10% 10% 12 000 12 000 12 000 11 000 11 000 11 000 10 000 8% 10 000 8% 10 000 8% 9 000 9 000 9 000 8 000 8 000 8 000 6% 6% 6% 7 000 7 000 7 000 6 000 6 000 6
Slide 26: Organic sales growth
Organic sales growth Organic sales growth (QTD1) 6% 4% 5% 4% 3% 2% 2% 2% 1% 0% 0% -1% -2% -4% -5% -6% -6% -8% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 1 Comparable sample based on portfolio companies owned as of January in the comparison year, i.e. the same sample as organic YTD d
Slide 27: Capital allocation
Capital allocation LTM, SEKm 2,526 499 52 540 1,539 1,516 2 12 9 Cash flow from Capex Net investments Leasing Free cash flow Acquisitions and Acquired and Paid contingent Residual operating in non-current after leasing divestments divested considerations cash flow activities assets minority shares (