Slide 1: Interim report Q1 2024 presentation
Slide 2: Highlights Q1 2024
Highlights Q1 2024 * Overall stable demand with organic growth of -3.5% * Profitability slightly lower than same period last year * Continued strong development in the Water segment * Strong operational cash flow of SEK 210m and cash conversion of 151% + Free cash flow per share growth of 96% * Leve
Slide 3: Water segment
Water segment o AY Market leading product technology specialists in improving water infrastructure Continued strong growth and improved 217 25 profitability 176 180 Underinvestment in 157 163 " water infrastructure and | climate change as key drivers a 31 48 n 32 43 Water levels remain at high level
Slide 4: Services segment
Services segment aS Energy efficiency service and maintenance offering to property owners Demand continued to be lower than previous 546 ear 505 488 493 u AS Impacted by early 394 : Easter | | Stable profitability level Continued focus on 64 ‘a 45 4A 57 - gaining market share and maintaining Q42022
Slide 5: Infrastructure segment
Infrastructure segment Experts in improving civic infrastructure 806 829 834 als 596 tl ] 610 88 62 | 98 | 98 91 li 37 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 SEK 3,158m SEK 323m 10.2% LTM net sales LTM EBITA. LTM EBITA margin Overall stable demand Lower profitability due to strong reference
Slide 6: Net sales and adjusted EBITA per quarter
Net sales and adjusted EBITA per quarter Stable net sales but weaker adjusted EBITA development = Q, 5 SeEKm 11% 16% — 11,4% 10.7% SEKm 1,534 1,559 1,392 4,278 Q4 2022 (Q1 2023) Q2 2023 Q3 2023 Q4 2023 (Q1 2024) Q4 2022 1,509 9,3% 8.1% Q4 2022 (Q12023) Q2 2023 Q3 2023 Q4 2023 (Q1 2024 Q1 2023) Q2 20
Slide 7: Net sales growth
Net sales growth SEKm 1 278 2 y : — 1.240 * Slightly negative organic growth in Q1 of 3,5% Q1 2023 Organic Acquired Fx Q1 2024 growth growth VESTUM
Slide 8: LTM operating cash flow
LTM operating cash flow 899 869 824 109% Q4 Qi Q2 Q3 Q4 Qi 2022 2023 2024 Operating cash flow R12 months" — Cash conversion rolling 12 months 1) Periods prior to Qa 2023 shown as reported, i.e. not adjusted for divestments (IFRS 5) * Strong operating cash flow and cash conversion in Q1 VEST!
Slide 9: LTM free cash flow bridge
LTM free cash flow bridge SEKm | Ea 131 7s 567 ve a 496 CF Op Activities Change in NWC Capex Leasing amort. CIP before NWC Cash flow from operating activities before NWC includes interest and tax payments LTM free cash flow amounted to SEK 496m Free cash flow per share growth of 96% in Q1 LTM FCF/ad
Slide 10: Net debt and leverage
Net debt and leverage @ 35x 56 g a Vestum has reduced the & 3.0x 2.9x 2.9x 3 financial net debt by 20% £ 43 compared t iod = 5 pared to same perio & £ 25x 3 last year a 3 & 5 i A 20x 2.8 j - <20% JE Leverage at period end Fi 25 : 2.4 was 2.5x which is in line Z 18x ail 2.0 - with Vestum’s financial
Slide 11: Summary
Summary * Stable overall demand and profitability level, however slightly lower than last year * Continued high organic growth in the Water segment * Strong cash flow development - LTM free cash flow of SEK 0.5 billion * Leverage within financial target * Strategic review concluded - Capital structu
Slide 12: Q&A