Slide 1: Eltel AB Q2 2025 presentation
Eltel AB Q2 2025 presentation 24 July 2025 1
Slide 2: Today's presenters
Today’s presenters Håkan Dahlström Tarja Leikas Alexandra Kärnlund President and CEO CFO Communications Director 2
Slide 3: Financial highlights Q2 2025
Financial highlights Q2 2025 Net sales Eighth consecutive quarter of improved profitability, with M€ M€ contributions from all segments. 250 860 220 830 190 800 160 770 • Net sales decreased by 6.9% to EUR 201.0 million (216.0) 130 740 100 710 Q3 Q4 Q1 Q2 • Gross profit improved to EUR 22.5 million
Slide 4: Commercial and operational highlights Q2 2025
Commercial and operational highlights Q2 2025 • Increased demand from public sector positively impacting net sales • Two Power frame agreements signed with E.ON., valued at a total of EUR 42.6 million • Data Center contract signed with Hyperco, valued at EUR 16 million • Increased share of volumes f
Slide 5: Refinancing of debt portfolio
Refinancing of debt portfolio Final bond order book comprising A senior secured bond EUR 130 million and a super senior revolving high-quality Nordic investors credit facility EUR 60 million form a core of Eltel financing for the 8% upcoming four years. 15% Investor • The bond offer (Euribor 3m +525
Slide 6: Total Group
Total Group Net sales Net sales change by Net sales M€ M€ M€ segment • Net sales decreased by 6.9%, HV Poland included until June 2024 250 860 220 216,0 7.4 215 • Major growth in Sweden 220 830 210 -3.0 190 800 -7.6 201.0 • New business’ share of net sales increases to 10% 205 -5.9 0.6 160 770 200 -
Slide 7: Adjusted EBITA and Gross Profit (LTM)
Adjusted EBITA and Gross Profit (LTM) Adjusted EBITA Gross Profit 25 2,5 % 100 13% 20 2,0 % 90 12% 15 1,5 % 80 11% 10 1,0 % 5 0,5 % 70 10% 0 0,0 % 60 9% -5 -0,5 % -10 -1,0 % 50 8% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Adjusted EBITA, LTM Adju
Slide 8: Finland
Finland Net sales M€ M€ 110 360 Net sales • Net sales decline 8% in April–June 2025 90 350 • Fibre roll-out peaked during 2024, this year the pace is more moderate and Communications 70 340 turnover lower • Solar PV and Data Center drove Power growth 50 330 30 320 Q3 Q4 Q1 Q2 Adjusted EBITA 24 24 25
Slide 9: Sweden
Sweden M€ Net sales M€ 65 230 Net sales • Strong 15% net sales growth 50 220 • The consecutive quartal growth y-o-y continues, now seventh on a row • Public sector driven Communication growth 35 210 • Solar PV growth offset by Smart Grids decline 20 200 Q3 Q4 Q1 Q2 Adjusted EBITA 24 24 25 25 • 13th
Slide 10: Denmark & Germany
Denmark & Germany M€ Net sales M€ 40 135 Net sales 30 130 • Decline of 9% mainly due to lower volumes in Communication • Growth in Smart Grids 20 125 10 120 Adjusted EBITA • Profitability improvement, adjusted EBITA margin now 4.8% 0 115 Q3 Q4 Q1 Q2 • Operational excellence behind the profitability
Slide 11: Norway
Norway Net sales M€ M€ 40 200 Net sales • Decrease of EUR 5.9 million compared to previous year 30 150 • Progress in new customer acquisition 20 100 • New business visible in net sales 10 50 Adjusted EBITA 0 0 Q3 Q4 Q1 Q2 • Norway joins the other segments in the profitability improvement 24 24 25 25
Slide 12: Group balance sheet
Group balance sheet Leverage M€ Net debt M€ Net working capital 7 180 40 160 6 20 140 5 0 120 4 100 -20 3 80 -40 60 2 -60 40 1 -80 20 0 0 -100 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Leverage: Net debt/Adjusted EBITDA. Eltel’s leverage target b
Slide 13: Eltel Group financial targets
Eltel Group financial targets Profitability • Group adjusted EBITA margin 5% Growth • Annual growth 2–4% Leverage • 1.5–2.5x net debt/adjusted EBITDA Dividend payout • Subject to leverage target 13
Slide 14: Our strategy in short
Our strategy in short • Improve efficiency and profitability of the current business • Integrate sustainability as part of our offerings and operations • Broaden the customer base • Develop our concepts and commercial capabilities • Grow in new and adjacent markets, such as renewable energy 14
Slide 15: Progress in strategy execution
Progress in strategy execution Operational excellence New commercial terms, impact on portfolio • Streamlining and rightsizing the organization 2022 2023 2024 2025 2026 • Increased efforts in digitalization and automation 16% 44% 66% 90% • Cross border collaboration Commercial excellence • New comme
Slide 16: Progress in strategy execution
Progress in strategy execution Pipeline Pipeline Improved profitability and financial position 49% 40% • Gross profit improved YoY to EUR 22.5 million (21.7) Q2 2025 Q2 2024 • LTM gross profit improved by EUR 9.4 million • LTM adjusted EBITA improved with more than EUR 12 million 51% 60% • Adjusted
Slide 17: Questions
Questions Next report Q3 2025: 30 October 2025 17