Slide 1: Q2 Presentation
Fa2 Presentation 10 July 2026 & Neatel
Slide 2: Agenda
Agenda • Highlights Q2 • Merger Netel – Infrea • Market update and recent business wins • Financial performance • Summary and indication 2026
Slide 3: Highlights Q2
Highlights Q2 Financial performance Q2 YTD • Performance in line with normal seasonality – increased MSEK 2026 2025 2026 2025 project volumes compared to Q1 Net sales 725 775 1,301 1,451 • Market activity remains high, particularly within Infraservices and Power Norway Adj. EBITA 24 39 34 61 • Order
Slide 4: Creating a leading Northern European company for infrastructure services
Creating a leading Northern European company for infrastructure SEK 4,984 million services Pro forma net sales 2025 Strategic rationale for strong Preliminary timetable combined company • The Boards of Netel and Infrea have Lower risk through a more diversified project jointly announced their intent
Slide 5: Market update and recent business wins
Market update and recent business wins
Slide 6: Infraservices
Infraservices MARKET Strong and active market in both public and private sectors. The strategy has been successfully implemented by reaching new customers and new geographical areas. • New region – Netel Infra East – with an order backlog of MSEK 75 . RECENT BUSINESS WIN • New customer in Familjebos
Slide 7: Power
Power MARKET • Continued high activity in Norway. • Increased activity in Sweden - ongoing transition. • Strategy successfully executed by reaching new customers and new geographies. RECENT BUSINESS WINS • New substation for E.ON in southern Sweden, worth over MSEK 40. • New customer, Swedavia, whic
Slide 8: Telecom
Telecom MARKET • The market is in a transformation where telecom customers are shifting from hardware installation to service and maintenance. • We can more easily adapt to this decline thanks to our flexible business model with a high proportion of subcontractors in our telecom projects. • We work
Slide 9: Financial performance
Financial performance & Netel
Slide 10: Normal seasonality and active markets
Normal seasonality and active markets Net sales Order backlog • Net sales -6.4% to MSEK 725 (775) • Seasonality – adding 26% from Q1 to 1400 4000 Q2 1200 3500 • Impacted by lower volumes in Telecom 3000 1000 • FX effects 2.1% 2500 800 • Order backlog SEK 3.7 billion 2000 600 1500 • Approx. SEK 1.2 b
Slide 11: Profitability impacted by lower volumes in Telecom
Profitability impacted by lower volumes in Telecom Adjusted EBITA & margin • Adjusted EBITA MSEK 24 (39) 80 8 • Adjusted EBITA margin 3.3% (5.1) 6 60 • EPS -0.63 (0.18) SEK 4 40 2 20 0 0 -2 -20 -4 -40 -6 Adjusted EBITA, MSEK Adjusted EBITA margin, % All numbers in the presentation refer to continuin
Slide 12: Cash flow reflecting normal seasonality
Cash flow reflecting normal seasonality Operating cash flow Including discontinuing operations • Operating cash flow MSEK -31 (-61) 200 • Unutilised credit facilities and cash MSEK 228 150 100 50 0 -50 -100 Operating cash flow, MSEK All numbers in the presentation refer to continuing operations unle
Slide 13: Segment performance
Segment performance & Netel
Slide 14: Infraservices
Infraservices Sales & Margin – Q by Q Sales & Margin • Net sales 17.6% to MSEK 184 due to 250 10 Q2 Twelve months higher volumes 5 • EBITA MSEK -3 200 MSEK 2026 2025 Δ R12M 2025 Δ • EBITA margin -1.4% 0 Net sales 184 157 17.6% 609 605 0.8% 150 • EBITA margin 4% when adjusted for -5 - Sweden 184 157
Slide 15: Power
Power Sales & Margin – Q by Q Sales & Margin • Net sales 0.5% to MSEK 269 350 15 Q2 Twelve months • Positively impacted by higher volumes 300 in Norway, growing 20.2% 10 MSEK 2026 2025 Δ 2026 2025 Δ 250 Net sales 269 268 0.5% 966 989 -2.2% • EBITA MSEK 4 5 200 - Sweden 133 148 -10.5% 459 492 -6.6% •
Slide 16: Telecom
Telecom Sales & Margin – Q by Q Sales & Margin • Net sales -22.4% to MSEK 272 as a 450 10 Q2 Twelve months result of the market transformation 400 MSEK 2026 2025 Δ 2026 2025 Δ • EBITA MSEK 6 350 Net sales 272 351 -22.4% 1,188 1,321 -10.0% • EBITA margin 2.3% 300 5 - Sweden 28 74 -61.5% 165 240 -31.4
Slide 17: We are preparing ourselves for the future
We are preparing ourselves for the future
Slide 18: Summary and unchanged indication for 2026
Summary and unchanged indication for 2026 • Strong underlying markets – growing order backlog • Delivering on our strategy to expand geographically and win new customers • Our extensive cost-saving measures are running according to plan • Cost savings of MSEK 25 with full effect in 2026 • Cost savin
Slide 19: Q3 2026 21 October 2026
Q3 2026 21 October 2026 & Netel