Slide 1: Interim report January−June 2025
Presentation Interim report January−June 2025 14 July 2025
Slide 2: The Group's financial performance
THE GROUP’S FINANCIAL PERFORMANCE SECOND QUARTER SIX MONTHS MSEK 2025 2024 Change 2025 2024 Change Net sales 6,943 6,725 3.2% 1 13,875 12,731 9.0% 2 EBITA 3 1,562 1,608 -2.8% 3,057 2,886 5.9% EBITA margin3 22.5% 23.9% -1.4 22.0% 22.7% -0.7 Profit before tax 1,181 1,234 -4.3% 2,313 2,175 6.4% Net pro
Slide 3: The business areas' financial performance
THE BUSINESS AREAS’ FINANCIAL PERFORMANCE DENTAL SECOND QUARTER SIX MONTHS MSEK 2025 2024 Change 2025 2024 Change Net sales 1,599 1,639 -2.4% 3,244 3,208 1.1% EBITA 344 364 -5.4% 684 691 -1.1% EBITA margin 21.5% 22.2% -0.7 21.1% 21.5% -0.4 DEMOLITION & TOOLS SECOND QUARTER SIX MONTHS MSEK 2025 2024
Slide 4: Acquired vs organic EBITA growth
ACQUIRED VS ORGANIC EBITA GROWTH Average 2015- MSEK 2024 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 EBITA 1 5,917 5,664 4,662 3,709 2,702 2,523 2,168 1,732 1,377 1,186 EBITA from 482 536 401 488 222 221 197 198 152 118 acquisitions2 EBITA growth 12% 9% 12% 11% 18% 9% 10% 11% 14% 13% 12% from
Slide 5: Development 2015-2024
DEVELOPMENT 2015-2024 CAGR MSEK 2015-2024 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 EBITA 20% 5,917 5,664 4,662 3,709 2,702 2,523 2,168 1,732 1,377 1,186 EPS1 17% 7.27 7.21 6.13 5.26 3.67 3.31 3.06 2.39 2.00 1.78 Interest-bearing 17% 7,750 6,849 5,590 4,603 3,242 4,040 3,170 3,536 3,018 1,95
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 8.5 8.6 8.5 8 7 6 5.6 5.7 5.5 5 4 3.6 3.0 3 2.6 2.1 1.9 2 1.1 1 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM As of Q125, dividends to non-controlling in
Slide 7: Net debt development and balance sheet
NET DEBT DEVELOPMENT AND BALANCE SHEET Net debt development Balance sheet 30 Jun 31 Dec 30 Jun MSEK MSEK 2025 2024 2024 Times Intangible fixed assets 25,843 25,400 23,524 4 Tangible fixed assets 3,004 3,035 2,931 12000 Financial assets 451 454 411 3.5 Inventory 4,570 4,256 4,298 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 LTM EBITA 14.2% 15.0% 15.3% 17.3% 18.1% 18.2% 19.6% 21.2% 21.6% 23.2% 22.6% 22.3% margin No
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% 20.6% 20 140 139% 128% 128% 120 15 100 12.5% 80 10 60 50% 40 5 20 0 0 2023 2024 2025 LTM 2023 2024 2025 LTM 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 LTM: 27,282 MSEK EBITA 2025 LTM: 6,088 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 h
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: Decentralized profit-oriented culture
DECENTRALIZED PROFIT-ORIENTED CULTURE Right person in the right position • Motivated managers who deliver results Continuous pricing optimization • Focus on customers with potential for sustainable profit growth Optimized management structure • Focus on value adding personnel and minimized 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 Preparing for CSRD/ESRS and CSDDD signatory since 2016 14
Slide 15: Prioritised sustainability areas and central targets
PRIORITISED SUSTAINABILITY AREAS AND CENTRAL TARGETS Reduced climate Motivated employees and safe workplaces Sound business practices and environmental impact 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: Examples of organic development
EXAMPLES OF ORGANIC DEVELOPMENT Dental1 − EBIT (MSEK) and organic EBIT growth Brokk2 − EBIT (MSEK) and organic EBIT growth 10% 10% CAGR CAGR 6% -1% 9% 8% -3% 7% 4% 221 217 212 19% 11% 198 337 183 8% 169 11% 272 32% 225 190 167 79 118 31 71 14 1997 2006 2013 2015 2017 2019 2021 2023 2000 2006 2013 20
Slide 17: Geographic footprint
GEOGRAPHIC FOOTPRINT Dental Norway Sweden 8% 9% North America UK Germany Demolition & Tools 10% 12% 16% Rest of Italy Europe 30% 6% Asia & Australia 8% Systems Solutions Rest of world 1% Geographic split financial year 2024. 17
Slide 18: Dental
DENTAL Sales split by product category 2024 EBITA and % of total EBITA1 2025 LTM Dental 21% Software 4% 1,300 MSEK Manufacturing 25% Sales split by geography 2024 APAC 2% Distribution North America 6% Sweden 10% 55% Norway 10% Prosthetics 16% Rest of Europe 38% Germany 34% 1 Excluding HQ costs. 18
Slide 19: Dental financial overview
DENTAL FINANCIAL OVERVIEW Sales (MSEK) EBITA (MSEK) and EBITA margin 1400 25.0% 630 6 634 3 603 0 1200 529 5 512 3 20.0% 1000 439 3 429 0 418 5 381 7 15.0% 359 0 800 343 5 326 6 284 0 282 6 600 243 9 10.0% 166 3 167 4 400 143 5 5.0% 104 8 890 200 0 0.0% EBITA EBITA-marginal, % 19
Slide 20: Demolition & Tools
DEMOLITION & TOOLS Sales split by business 2024 EBITA and % of total EBITA 1 2025 LTM Other niche machinery 19% XXXX 1,645 Demolition MSEK MSEK machines 24% Demolition & Tools 26% Sales split by geography 2024 Rest of world 2% Sweden 5% APAC 13% Germany 12% North America Italy 13% Attachments 17% fo
Slide 21: Demolition & Tools financial overview
DEMOLITION & TOOLS FINANCIAL OVERVIEW Sales (MSEK) EBITA (MSEK) and EBITA margin 709 7 2000 30% 662 3 1800 644 4 628 5 25% 1600 1400 20% 470 1 1200 1000 15% 361 0 323 4 800 282 0 10% 600 226 1 400 172 5 5% 157 4 128 9 200 117 6 118 9 103 9 992 862 743 736 0 0% 373 EBITA EBITA-marginal, % 21
Slide 22: Systems Solutions
SYSTEMS SOLUTIONS Sales split by product category 2024 EBITA and % of total EBITA 1 2025 LTM Systems Solutions Transportation Contract 53% manufacturing products 25% 22% 3,308 MSEK Environmental Sales split by geography 2024 technology 26% Rest of world 1% APAC 9% Sweden 11% Special North products A
Slide 23: Systems Solutions financial overview
SYSTEMS SOLUTIONS FINANCIAL OVERVIEW Sales (MSEK) EBITA (MSEK) and EBITA margin 3500 30% 143 16 133 87 3000 25% 113 28 2500 997 2 20% 2000 765 6 15% 1500 625 8 584 2 495 1 10% 1000 395 2 345 5 289 2 5% 242 8 227 6 216 8 224 7 500 205 5 201 4 186 9 174 7 136 6 0 0% EBITA EBITA-marginal, % 23
Slide 24: Strong cash flow generation
STRONG CASH FLOW GENERATION Operating cash flow after tax, Capex and acquisitions2 before investments1 5000 4000 2.0% 4500 100% 3500 1.8% 4000 3000 90% 3500 1.6% 2500 3000 80% 2500 2000 1.4% 2000 1500 70% 1.2% 1500 1000 1000 60% 1.0% 500 500 0 50% 0 0.8% 2014 2015 2016 2017 2018 2019 2020 2021 2022
Slide 25: 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 26: 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 27: 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 Solution Sweden MSEK 60 Hultdins Manufactures tools for forest machines Demolition & Tools Sweden MSEK 152 Silvent Energy optimiza
Slide 28: 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 29: 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 30: 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 31: 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 nurse call systems Dental UK MGBP 3.9 BCC Solutions Supplier of fiber equipment Systems Solutions Finland MEUR 11 Trevi Benn
Slide 32: 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 33: 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 34: Overview of acquisitions 2025
OVERVIEW OF ACQUISITIONS 2025 Sales at Total sales Year Company Description Type Country acquisition MSEK Alfred 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 35: Number of acquisitions 2006–2025
NUMBER OF ACQUISITIONS 2006–2025 Segment split Country Countrysplit split2006-2021 2006-2025 Country split 2017-2025 CZ EE HK HR NZ SM CZ FI FR HK HR NZ SM CH FR US 2 2111111 CH 11 1111 FI 4 SE US 2 1 DE 4 30 3 19 NL NL 8 8 5 DK 11 68 56 DK 8 28 18 UK NO 15 28 DE NO 10 13 24 17 14 IT SE 17 21 UK IT
Slide 36: 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 37: Highlights
HIGHLIGHTS Strong track • 13.1% annual sales growth rate 2006−2025 LTM record • 17.6% annual EBITA growth rate 2006−2025 LTM 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
Slide 38: Lifco
LIFCO A SAFE HAVEN FOR YOUR BUSINESS