Slide 1: Interim Q3 2025
Interim Q3 2025 INTERIM REPORT Q3 2025 1
Slide 2: Table of Content
1. Highlights TABLE OF 2. Financials CONTENT 3. Summary 4. Q&A INTERIM REPORT Q3 2025 2
Slide 3: Highlights Q3 2025 – Group
Highlights Q3 2025 – Group Good organic growth, improved profitability and strong cashflow MSEK Net sales and EBITA, excl. IAC*, % 12 000 10 000 11,3% 11,4% 11,7% • Sales at 9 726 MSEK (9 493), an increase of 2% (+8%, excl. FX) 10,4% 8 000 • Organic growth +5% 6 000 9 726 • Acquisition +3% 9 493 4 0
Slide 4: Launching strategic consolidation program
Launching strategic consolidation program A strategic consolidation program will be launched in Q4 2025 • Program to accelerate efficiency and improve customer service levels in selected markets • Consolidation of warehousing and back-office structures • Europe main focus, following years of acquisi
Slide 5: Highlights Q3 2025 – Group
Highlights Q3 2025 – Group • Good organic growth across all product segments • Product segment HVAC, good organic growth of 6% MSEK Organic sales per product segment Sales split • Good sales growth across our divisions 10 500 5% 9 000 7 500 • OEM segment, organic growth of 4% 32% 6 000 6% • Negative
Slide 6: Highlights Q3 2025 – Division EMEA
Highlights Q3 2025 – Division EMEA Stable quarter with continued double-digit growth in the HVAC segment MSEK Q3 25 Q3 24 Change, % 9M 25 9M 24 Net sales 5 922 5 499 7,7 17 684 15 885 Organic change, % 5,2 3,5 • Division EMEA reported YoY growth of 11%, excl. FX Change through acquisition, % 5,9 10,
Slide 7: Highlights Q3 2025 – Division APAC
Highlights Q3 2025 – Division APAC Continued strong EBITA margin development MSEK Q3 25 Q3 24 Change, % 9M 25 9M 24 Net sales 1 460 1 575 -7,3 4 505 4 660 • Slower sales growth in the quarter (+3%, excl. FX) – remained negatively impacted by lower market activity for larger projects Organic change,
Slide 8: Highlights Q3 2025 – Division North America
Highlights Q3 2025 – Division North America US transition to A2L refrigerants is now largely complete MSEK Q3 25 Q3 24 Change, % 9M 25 9M 24 Net sales 2 362 2 428 -2,7 6 690 6 361 Organic change, % 6,3 5,1 • Organic sales growth in the quarter of 6% Change through acquisition, % - 5,8 • Continued ex
Slide 9: Sales development, %
Financials Q3 2025 – Sales development, % % 55 50 45 40 35 30 25 50 46 20 42 38 36 15 31 10 15 16 5 12 12 4 5 2 0 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Of which organic growth 17,9 18,6 17,9 14,5 1,7 -4,4 -4,1 -4,1 2,2 2,7 6,3 4,3 2,0 5,0 INTERIM REPORT Q3 202
Slide 10: EBITA development
Financials Q3 2025 – EBITA* development MSEK % 1 300 13 12,2 1 200 11,9 11,7 11,4 12 11,3 1 100 11 1 000 900 9,5 9,5 9,4 10 9,2 800 9 700 1 238 8 600 1 148 1 084 1 133 500 7 959 400 810 832 6 721 733 300 5 200 100 4 0 3 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 EBITA EBITA % * Excluding
Slide 11: Financials Q3 2025
Financials Q3 2025 Organic EBITA EPS change Sales growth growth (change in EBITA, %) (change in %) 2% 5% 11% 5% INTERIM REPORT Q3 2025 11
Slide 12: P&L
Financials Q3 2025 – P&L MSEK Q3 2025 Q3 2024 Change, % 9M 2025 9M 2024 Change, % Sales 9 726 9 493 2% 28 805 26 854 7% EBITA 1 133 1 084 5% 3 204 2 966 8% EBITA margin, % 11,7% 11,4% 11,1% 11,0% EBIT 1 079 1 033 4% 3 041 2 815 8% Net financial income/expense -128 -153 -386 -432 Tax -214 -215 -643 -
Slide 13: Earnings per share
Financials Q3 2025 – Earnings per share SEK +13% 4,0 3,5 3,0 2,5 2,0 3,94 +11% 3,50 1,5 1,0 1,30 1,44 0,5 0,0 Q3 24 Q3 25 9M 24 9M 25 INTERIM REPORT Q3 2025 13
Slide 14: Operating cash flow
Financials Q3 2025 – Operating cash flow MSEK 2 400 2 200 2 000 1 800 -67 -144 1 600 479 14 1 400 1 200 1 000 800 1 617 1 336 600 400 200 0 EBITDA Working capital CapEx Leasing Other Q3 25 INTERIM REPORT Q3 2025 14
Slide 15: Operating cash flow
Financials Q3 2025 – Operating cash flow MSEK 2 000 1 500 1 000 1 810 1 617 1 231 1 298 500 1 084 582 635 354 445 0 -500 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 INTERIM REPORT Q3 2025 15
Slide 16: Net debt
Financials Q3 2025 – Net debt Net debt Net debt / EBITDA* excl. leasing and pension MSEK Q3 25 Q3 24 2,6 LTM EBITDA excl. IAC 4 825 4 446 2,4 2,2 2,1 LTM EBITDA impact of leasing (IFRS 16) -680 -635 2,0 2,0 1,9 1,8 1,8 1,9 LTM EBITDA excl. leasing (IFRS 16) and IAC 4 145 3 812 1,8 1,7 1,6 1,6 Net de
Slide 17: Summary Q3
Summary Q3 Q3 – Good organic growth, improved profitability and strong cash flow • Total sales growth of 8%, excl. FX (organic +5%) • EBITA growth of 11%, excl. FX, with a record Q3 EBITA margin at 11,7% (11,4) • Strong operating cash flow of 1 617 MSEK (1 231) • Earnings per share of 1,44 SEK (1,30
Slide 18: Q&A
Q&A INTERIM REPORT Q3 2025 18
Slide 19: Thank you
Thank you INTERIM REPORT Q3 2025 19