Netel Holding Ab · OMXSTO:NETEL
Netel Holding Ab — Q3 2025 Earnings Presentation
20 slides from Netel Holding Ab's earnings presentation, Oct 24, 2025
Slide 1: Q3 Presentation
Q3 Presentation 24 October 2025
Slide 2: Agenda
Agenda • Our market situation today • Why profitability was hit in Q3 • Action-plan per Division, cost-saving program • Indication 2025 & 2026 • Financial performance • Financing • Summary
Slide 3: Our strengths
Our strengths • Markets driven by megatrends • Strong offering • Order backlog increased SEK 3.84 billion (3.58) • Long customer relations • Successful strategy to expand geographically in Sweden, Norway and Germany • Successful in winning new customers and expanding to new customer segments with fo
Slide 4: Indication 2025 and 2026
Indication 2025 and 2026 Full year 2025 • Net sales SEK 3 billion • Adjusted EBITA margin 1.5−2% • Cash flow expected to be strong in Q4 2025 according to normal seasonality • Remaining operations 90% of sales – Adjusted EBITA margin 4-5% Full year 2026 • Growth and margin improvement are expected f
Slide 5: Why profitability was hit in Q3
Why profitability was hit The forecast adjustments have an immediate in Q3 impact on the income statement through changed revenue recognition and if a write-down of, for example, 2 per cent were to arise, it will at • Identification of overvalued projects ahead of that point affect the previously re
Slide 6: Clear time-bound measures
Clear time-bound measures Our measures to increase profitability in summary: • Divestment of the UK operation initiated • Restructuring of companies with profitability problems • Consolidation of subsidiaries into larger units • Reduction of levels of management • Improvement of internal processes a
Slide 7: Clear measures in all three divisions
Clear measures in all three divisions Infraservices Power Telecom • New management in place with the • Contributions in 2026 from recently • The savings program of SEK 25 million commission to build an experienced and signed, large framework agreements with affects the Norwegian telecom operations s
Slide 8: Financial performance
Financial performance & Netel
Slide 9: High level of project startups impacted net sales negatively
High level of project startups impacted net sales negatively Net sales Order backlog • Net sales -17.8% to MSEK 654 (796) 1000 4000 • Good development in Power in Norway 900 with approx. 90% growth in Q3 or 40% 3500 growth YTD 800 3000 700 • FX effects -2.4% 600 2500 • Order backlog 3.84 BSEK 500 20
Slide 10: Profitability impacted by write-downs in old projects and lower volumes
Profitability impacted by write-downs in old projects and lower volumes Adjusted EBITA & margin • Adjusted EBITA MSEK -53 (45) 80 8 • Q3 write-down accounted for MSEK -59 60 6 • Adjusted EBITA margin -8.1% (5.7) 4 40 2 • EPS -1.39 (0.14) SEK 20 0 0 -2 • FY25 guidance 1.5-2.0% Adjusted -4 EBITA -20 -
Slide 11: Cash flow reflecting lower volumes and level of project startups
Cash flow reflecting lower volumes and level of project startups Operating cash flow Including discontinuing operations • Operating cash flow MSEK -44 (61) 200 • Unutilised credit facilities and cash MSEK 361 150 • Positive cash flow in Q4 due normal seasonality, i.e. completion of projects 100 and
Slide 12: Net debt and financing
Net debt and financing Net debt excluding leasing liabilities • Leverage ratio 6.3 – higher than the 1000 07 capital structure target with EBITDA 900 impact from Q3 write-downs 06 800 700 05 • Financing 600 04 • Waiver received in October 2025, 500 discussions in terms of good faith 400 03 ongoing 3
Slide 13: Segment performance
Segment performance & Netel
Slide 14: Infraservices
Infraservices Sales & Margin – Q by Q Sales & Margin • Net sales -39.3% to MSEK 134 300 15 Q3 12 months • EBITA MSEK -23 250 10 MSEK 2025 2024 Δ R12M 2024 Δ • Impact of MSEK -19 from write-down of 5 margins in one subsidiary 200 Net sales 134 221 -39.3% 673 844 -20.3% 0 • EBITA margin -17.5% 150 - S
Slide 15: Power
Power Sales & Margin – Q by Q Sales & Margin • Net sales -5.0% to MSEK 196 350 15 Q3 12 months • Norway with 89.7% growth in Q3 and 300 39.5% growth YTD 10 MSEK 2025 2024 Δ R12M 2024 Δ 250 Net sales 196 207 -5.0% 1,034 1,005 2.8% • EBITA MSEK -20 5 200 - Sweden 82 143 -42.5% 580 653 -11.2% • Impact
Slide 16: Telecom
Telecom Sales & Margin – Q by Q Sales & Margin • Net sales -12.0% to MSEK 324 450 8 Q3 12 months 7 • EBITA MSEK -19 400 6 MSEK 2025 2024 Δ R12M 2024 Δ 350 5 • Impact of MSEK -19 from write-down in 4 Net sales 324 368 -12.0% 1,390 1,435 -3.2% the UK 300 3 - Sweden 45 53 -15.4% 276 280 -1.5% 2 250 • E
Slide 17: Indication 2025 and 2026
Indication 2025 and 2026 Full year 2025 • Net sales SEK 3 billion • Adjusted EBITA margin 1.5−2% • Cash flow expected to be strong in Q4 2025 according to normal seasonality • Remaining operations 90% of sales – Adjusted EBITA margin 4-5% Full year 2026 • Growth and margin improvement are expected f
Slide 18: We are preparing ourselves to face the future
We are preparing ourselves to face the future
Slide 19: Preparing for the future
Preparing for the future Our measures to increase profitability in summary: • Divestment of the UK operation initiated • We have made and will have to make tough but necessary decisions and measures • Restructuring of companies with profitability problems • We have demonstrated that we have a clear
Slide 20: Q4 2025 6 February 2026
Q4 2025 6 February 2026