Lifco Ab Class B · OMXSTO:LIFCO_B
Lifco Ab Class B — Q4 2025 Earnings Presentation
37 slides from Lifco Ab Class B's earnings presentation, Jan 30, 2026
Slide 1: Year-end Report 2025
Presentation Year-end Report 2025 30 January 2026
Slide 2: The Group's Financial Performance
THE GROUP’S FINANCIAL PERFORMANCE FOURTH QUARTER FULL YEAR MSEK 2025 2024 Change 2025 2024 Change Net sales 7,534 7,125 5.7%1 28,251 26,137 8.1%2 EBITA3 1,717 1,633 5.2% 6,318 5,917 6.8% EBITA margin3 22.8% 22.9% -0.1 22.4% 22.6% -0.2 Profit before tax 1,319 1,260 4.7% 4,756 4,454 6.8% Net profit fo
Slide 3: The Business Areas' Financial Performance
THE BUSINESS AREAS’ FINANCIAL PERFORMANCE DENTAL FOURTH QUARTER FULL YEAR MSEK 2025 2024 Change 2025 2024 Change Net sales 1,594 1,636 -2.6% 6,331 6,306 0.4% EBITA 318 315 1.0% 1,331 1,307 1.8% EBITA margin 20.0% 19.3% 0.7 21.0% 20.7% 0.3 DEMOLITION & TOOLS FOURTH QUARTER FULL YEAR MSEK 2025 2024 Ch
Slide 4: Acquired vs Organic EBITA Growth
ACQUIRED VS ORGANIC EBITA GROWTH Average 2015- MSEK 2025 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 EBITA1 6,318 5,917 5,664 4,662 3,709 2,702 2,523 2,168 1,732 1,377 1,186 EBITA from 575 482 536 401 488 222 221 197 198 152 118 acquisitions2 EBITA growth 12% 10% 9% 12% 11% 18% 9% 10% 11%
Slide 5: Development 2015-2025
DEVELOPMENT 2015-2025 CAGR MSEK 2015-2025 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 EBITA 18% 6,318 5,917 5,664 4,662 3,709 2,702 2,523 2,168 1,732 1,377 1,186 EPS 1 16% 8.00 7.27 7.21 6.13 5.26 3.67 3.31 3.06 2.39 2.00 1.78 Interest-bearing 15% 7,801 7,750 6,849 5,590 4,603 3,242 4,040
Slide 6: Strong Growth in Cash Flow per Share Since IPO
STRONG GROWTH IN CASH FLOW PER SHARE SINCE IPO Free cash flow per share after capex and before dividends and acquisitions 10 9.8 9 8.6 8.5 8 7 6 5.6 5.7 5.5 5 4 3.6 3.0 3 2.6 2.1 2 1.9 1.1 1 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 As of Q125, dividends to non-controlling intere
Slide 7: Net Debt Development and Balance Sheet
NET DEBT DEVELOPMENT AND BALANCE SHEET Net debt development Balance sheet 31 Dec 30 Sep 31 Dec MSEK MSEK Times 2025 2025 2024 Intangible fixed assets 26,817 27,109 25,400 4 Tangible fixed assets 3,150 3,082 3,035 12000 Financial assets 467 476 454 3.5 Inventory 4,314 4,640 4,256 Accounts receivable
Slide 8: One Target: To Increase Profits Every Year
ONE TARGET: TO INCREASE PROFITS EVERY YEAR EBITA before acquisition costs and non-recurring items (MSEK) Systems Solutions Demolition & Tools Dental 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 EBITA 14.2% 15.0% 15.3% 17.3% 18.1% 18.2% 19.6% 21.2% 21.6% 23.2% 22.6% 22.4% margin Note:
Slide 9: Capital Employed
CAPITAL EMPLOYED ROCE including goodwill ROCE excluding goodwill and other intangible assets and other intangible assets 25 22.6% 160 20.9% 20.5% 20 140 139% 128% 132% 120 15 100 12.5% 80 10 60 50% 40 5 20 0 0 2023 2024 2025 2023 2024 2025 Target ranges 9
Slide 10: Management and Chairman
MANAGEMENT AND CHAIRMAN Per Waldemarson Therése Hoffman Martin Linder Carl Bennet CEO CFO Head of Business Area Chairman Started at Lifco 2006 Started at Lifco 2007 Systems Solutions Born: 1951 Born: 1977 Born: 1971 Started at Lifco 2009 Other assignments Education Education Born: 1972 • Deputy Chai
Slide 11: Lifco Develops Leading Niche Companies
LIFCO DEVELOPS LEADING NICHE COMPANIES Sales 2025: 28,251 MSEK EBITA 2025: 6,318 MSEK Dental Demolition & Tools Systems Solutions Logo_small http://www.licscadenta.no/Files/LIC%20Scadenta/System/lic_scadenta_logo.png M+W Dental GmbH http://www2.aldente.dk/Files/Billeder/al%20dente/logo.jpg http://ww
Slide 12: A Safe Haven for Your Business
A SAFE HAVEN FOR YOUR BUSINESS Lifco is a long-term • Lifco basically never sells a company owner • All decisions taken at local management level The business stays • No forced synergies or integration independent and local • Lifco has never moved a business Incremental and continuous • No big shake
Slide 13: Decentralised Profit-Oriented Culture
DECENTRALISED PROFIT-ORIENTED CULTURE Right person in the right position • Motivated managers who deliver results Continuous pricing optimisation • Focus on customers with potential for sustainable profit growth Optimised management structure • Focus on value adding personnel and minimised bureaucra
Slide 14: Sustainability an Essential Part of Our Business Strategy
SUSTAINABILITY AN ESSENTIAL PART OF OUR BUSINESS STRATEGY Invest in niche companies Climate targets with a sustainable validated by SBTi business model UN Global Compact CSRD/ESRS sustainability statement 2025 signatory since 2016 14
Slide 15: Prioritised Sustainability Areas and Central Targets
PRIORITISED SUSTAINABILITY AREAS AND CENTRAL TARGETS Reduced climate Motivated employees Sound business practices and environmental impact and safe workplaces Near-term science-based targets, Reduce staff turnover every All employees must be informed validated by SBTi: about the Code of Conduct year
Slide 16: Geographic Footprint
GEOGRAPHIC FOOTPRINT Dental Sweden 9% Norway 7% Finland 9% North America UK Germany Demolition & Tools 9% 13% 15% Rest of Italy Europe 23% 6% Asia & Australia 8% Systems Solutions Rest of world 1% Geographic split financial year 2025. 16
Slide 17: Dental
DENTAL Sales split by product category 2025 EBITA and % of total EBITA1 2025 Dental 20% Software 5% 1,331 MSEK Manufacturing 25% Sales split by geography 2025 APAC 2% Distribution North America 5% 54% Germany 33% Prosthetics 16% Rest of Europe 40% Norway 10% Sweden 10% 1Excluding HQ costs. 17
Slide 18: Dental Financial Overview
DENTAL FINANCIAL OVERVIEW Sales (MSEK) EBITA (MSEK) and EBITA margin 1400 25% 6306 6331 6030 1200 20% 5295 5123 1000 4393 4290 4185 15% 800 3817 3590 3435 3266 600 2840 2826 10% 2439 400 1663 1674 5% 1435 200 1048 890 0 0% EBITA EBITA-marginal, % 18
Slide 19: Demolition & Tools
DEMOLITION & TOOLS Sales split by business 2025 EBITA and % of total EBITA1 2025 Other niche machinery 17% 1,681 Demolition MSEK machines 24% Demolition & Tools 26% Sales split by geography 2025 Rest of world 2% Germany 13% APAC 12% Italy 12% North America Attachments 15% for excavators UK 11% and c
Slide 20: Demolition & Tools Financial Overview
DEMOLITION & TOOLS FINANCIAL OVERVIEW Sales (MSEK) EBITA (MSEK) and EBITA margin 2000 30% 7097 6760 1800 6444 6285 25% 1600 1400 20% 4701 1200 1000 15% 3610 3234 800 2820 10% 600 2261 400 1725 5% 1574 1289 200 1176 1189 1039 992 862 743 736 0 0% 373 EBITA EBITA-marginal, % 20
Slide 21: Systems Solutions
SYSTEMS SOLUTIONS Sales split by product category 2025 EBITA and % of total EBITA1 2025 Systems Solutions Contract 54% Transportation manufacturing products 25% 23% 3,483 MSEK Environmental Sales split by geography 2025 technology 23% Rest of world 1% APAC 9% UK 16% Special North products America 7%
Slide 22: Systems Solutions Financial Overview
SYSTEMS SOLUTIONS FINANCIAL OVERVIEW Sales (MSEK) EBITA (MSEK) and EBITA margin 4000 30% 15160 3500 13387 25% 3000 11328 20% 9972 2500 2000 15% 7656 1500 6258 5842 10% 4951 1000 3952 3455 5% 2892 500 2428 2276 2168 2247 2055 2014 1869 1747 1366 0 0% EBITA EBITA-marginal, % 22
Slide 23: Strong Cash Flow Generation
STRONG CASH FLOW GENERATION Operating cash flow after tax, Capex and acquisitions2 before investments1 6000 4000 2.0% 100% 3500 5000 1.8% 3000 90% 4000 1.6% 2500 80% 3000 2000 1.4% 70% 1500 2000 1.2% 1000 1000 60% 1.0% 500 0 50% 0 0.8% Operating cash flow after tax, before investments, MSEK Cash flo
Slide 24: Overview of Acquisitions 2006–2012
OVERVIEW OF ACQUISITIONS 2006–2012 Sales at Total sales Year Company Description Type Country acquisition MSEK Darda Producer of attachments for demolition robots Demolition & Tools Germany MEUR 8 2006 Dental Prime Distributor of dental equipment and services Dental Finland MEUR 3 132 Elektronikprod
Slide 25: Overview of Acquisitions 2014–2016
OVERVIEW OF ACQUISITIONS 2014–2016 Sales at Total sales Year Company Description Type Country acquisition MSEK 2014 MDH Producer of dental prosthetics Dental Germany MEUR 44 400 Auger Torque Producer of earth drills Demolition & Tools UK MGBP 10 J.H. Orsing Dental products Dental Sweden MSEK 20 Prev
Slide 26: Overview of Acquisitions 2017
OVERVIEW OF ACQUISITIONS 2017 Sales at Total sales Year Company Description Type Country acquisition MSEK Haglöf Sweden Professional forest inventory instruments Systems Solutions Sweden MSEK 60 Hultdins Manufactures tools for forest machines Demolition & Tools Sweden MSEK 152 Silvent Energy optimis
Slide 27: Overview of Acquisitions 2018–2019
OVERVIEW OF ACQUISITIONS 2018–2019 Sales at Total sales Year Company Description Type Country acquisition MSEK Computer konkret Software for dentists Dental Germany MEUR 3.8 Spocs Assembling and testing of electronic products Systems Solutions Sweden MSEK 61 Norway MNOK 95 Dental Direkt - 3D Dental
Slide 28: Overview of Acquisitions 2020
OVERVIEW OF ACQUISITIONS 2020 Sales at Total sales Year Company Description Type Country acquisition MSEK Rönvig Dental Dental Dental Denmark MDKK 30 Manufacturing Workplace Safety Dental Dental Denmark MDKK 79 Dental Grupa Distributor of dental products Dental Croatia MSEK 94 Cramaro Tarpaulin Tarp
Slide 29: Overview of Acquisitions 2021
OVERVIEW OF ACQUISITIONS 2021 Sales at Total sales Year Company Description Type Country acquisition MSEK Kaniedenta1 Manufacturing and sales of dental consumables Dental Germany MEUR 29 Rissmann Dental1 Prosthetics Dental Germany MEUR 4.1 Manufacturer of cartooning and sleeving T.Freemantle Systems
Slide 30: Overview of Acquisitions 2022
OVERVIEW OF ACQUISITIONS 2022 Sales at Total sales Year Company Description Type Country acquisition MSEK Develops and manufactures staff attack and Specialists Alarm Services Dental UK MGBP 3.9 nurse call systems BCC Solutions Supplier of fiber equipment Systems Solutions Finland MEUR 11 Trevi Benn
Slide 31: Overview of Acquisitions 2023
OVERVIEW OF ACQUISITIONS 2023 Sales at Total sales Year Company Description Type Country acquisition MSEK Supplier of high-end coffee machines and Real Spirit of Coffee Systems Solutions UK MGBP 24 consumables Broughton Plant Hire and Provider of plant hire solutions for the Demolition & Tools UK MG
Slide 32: Overview of Acquisitions 2024
OVERVIEW OF ACQUISITIONS 2024 Sales at Total sales Year Company Description Type Country acquisition MSEK Manufactures electric drive systems for CFR Systems Solutions Italy MEUR 38.5 industrial applications Manufactures high-end professional tile cutting Brevetti Montolit Demolition & Tools Italy M
Slide 33: Overview of Acquisitions 2025
OVERVIEW OF ACQUISITIONS 2025 Sales at Total sales Year Company Description Type Country Acquisition MSEK Arnold Deppeler Manufacturer of dental instruments Dental Switzerland MCHF 3.3 Fraga Dental Supplies consumables to dentists Dental Germany MEUR 2.5 Heavy Duty Parts Specialist supplier of parts
Slide 34: Number of Acquisitions 2006–2025
NUMBER OF ACQUISITIONS 2006–2025 Segment split Country Countrysplit split2006-2021 2006-2025 Country split 2017-2025 AT CZ EE HK HR NZ SM AT CZ FI FR HK HR NZ SM FR US CH 21111111 SE US 111111 DE 42 211 FI 4 30 3 22 NL DK 7 9 60 5 72 DK 11 9 28 NL 30 DE 20 UK NO 15 10 NO 13 24 19 15 IT 23 19 SE UK I
Slide 35: Financial Targets
FINANCIAL TARGETS • Organic growth in EBITA in excess of GDP growth in relevant geographies Growth in EBITA • Acquisitions to add additional growth EBITA/Capital • More than 50% employed1 Net debt/EBITDA • Normally in the range 2−3x Dividend policy • Distribute 30−50% of net profit as % of net profi
Slide 36: Highlights
HIGHLIGHTS Strong track • 13.3% annual sales growth rate 2006−2025 record • 17.8% annual EBITA growth rate 2006−2025 Focus on • Good profitability is a prerequisite for sustainable growth profitability Strong market • Strong market positions in the Nordic markets in the Dental segment (top 2−3) and
Slide 37: A Safe Haven for Your Business
LIKFCO A SAFE HAVEN FOR YOUR BUSINESS