Slide 1: Interim report Q3 2024 presentation
Slide 2: Highlights Q3 2024
Highlights 03 2024 * Strengthened profitability in a tough market * Product companies now represent 50% of Group EBITA * Positive market outlook but organic growth remains negative at -10.7% * Continued strong development in the Water segment * Solid operational cash flow of SEK 200m and leverage of
Slide 3: Water segment
Water segment © “AX Market leading product technology specialists in improving water infrastructure Strong demand, profit —,) growth driven by M&A and organic growth 233 203 v6 180 Margin impacted by 157 | 163 | | PDAS acquisition | ] | ] All markets perform well, highest growth in I the UK Further
Slide 4: Services segment
Services segment aS Energy efficiency service and maintenance offering to property owners Demand continued to be lower than previous year driven by weaker ae property market 546 505 488 304 415 414 oa, 341 Profitability impacted by i lower volumes 64 | Improved market outlook compared to H1 41 i: 44
Slide 5: Infrastructure segment
Infrastructure segment Experts in improving civic infrastructure 806 829 834 886 756 701 | 596 610 | I: A: L- 98 Ei i” E 92 Q4 2022 Q12023 Q2 2023 | Q3 2023} Q4 2023 Q12024 Q2 2024 | Q3 2024 SEK 2,952m SEK 288m 9.8% LTM net sales LTM EBITA LTM EBITA margin * Improved profitability driven by product
Slide 6: Market leading product companies
Market leading product . +15% °%, companies a eee = share of Group EBITA M&A focused on 60% of products are product companies exposed to water infrastructure A Own products and 50% value-added distributors 44% Price leadership with 35% high margins Nationwide customer 21% networks with potential to
Slide 7: Net sales and adjusted EBITA per quarter
Net sales and adjusted EBITA per quarter Net sales is g SE a Adjusted EBITA € 1534 1559 178 1392 1373 158 1278 1240 1275 Qi Q2 Q3 Q4 Qi Q2 Q3 Qi Q2 Q3 2023 2024 2023 167 ‘eD) eo Adjusted EBITA margin E 11,6% % 11,5% ww 6% | TAI) a9 7 ; 93% 9,7% 81% : Q@3 Qa a2 | Q@3] a4} a Q2 | @3 2023 2024 VESTUM
Slide 8: Net sales growth
Net sales growth SEKm 1392 — -6 -149 Q3 2023 Acquisitions & Fx Organic growth Q3 2024 divestments * Net sales decreased by 8% vs last year * Negative organic growth in Q3 of 11% VESTUM
Slide 9: LTM operating cash flow
LTM operating cash flow * On anLTM basis, cash conversion remained strong at 100% per Q3 2024 684 645 Qi Q2 Q3 Q4 Qi Q2 Q3 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)
Slide 10: LTM free cash flow bridge
LTM free cash flow bridge SEKm * Cash flow from 54 operating activities 525 la before NWC includes -53 interest and tax payments * LTM free cash flow amounted to SEK 379m ° LTM FCF/adj. EBITA of 69% -147 CF Op Activities | Change in NWC Capex Leasing amort. FCF before NWC VESTUM
Slide 11: Net debt and leverage
Net debt and leverage _ pos * Leverage at period end ® ae 2,9x 2,9x a increased slightly to 2.8x 33 2,8x ae || 42 driven primarily by the a mo) «ee 2 5 acquisition of PDAS € 2,5x ec fe} g 2 Earn-out debt amounted : + 3 B 20x | 28 - AG 2 to SEK 62m, down from SEK <x , ” 2,4 5 i e a aa 80m in the prev
Slide 12: Summary
Summary * Improved profitability driven by product companies as a growing share of profits * Solid cash flow generation * Continued strong development in the Water segment — further add-on acquisitions expected * Balanced capital allocation focus between M&A and reducing leverage * Market uncertaint
Slide 13: Q&A