Storskogen Group Ab Class B · OMXSTO:STOR_B
Storskogen Group Ab Class B — Q3 2025 Earnings Presentation
29 slides from Storskogen Group Ab Class B's earnings presentation, Nov 5, 2025
Slide 1: Storskogen Q3 2025
Storskogen Q3 2025 November 2025 1
Slide 2: Today’s presenters
Today’s presenters Christer Hansson Lena Glader CEO CFO 2
Slide 3: Storskogen in brief
Storskogen in brief Storskogen is an international business group with annual net sales of SEK 33bn and adj. EBITA of SEK 3.2bn, split across three business areas consisting of business units averaging SEK ~290m1 in sales Services Trade Industry 34% 30% 37% 42% 58% 66% 33% Consumer Products Industri
Slide 4: Highlights
Highlights Key highlights NET SALES, Q3: Cash flow from operating activities, Q3 • Organic growth (YTD): SEK 7,982m SEK 659m • Net sales: 1% (7,9911) (SEK 453m1) • Adj. EBITA: -5% • Q3 organic sales growth at 4% and organic EBITA growth at 0% ADJ. EBITA, Q3: Adjusted cash conversion, LTM SEK 759m 82
Slide 5: Cash flow seasonal with solid LTM
Cash flow seasonal with solid LTM Cash flow from operations, Quarterly (SEKm) Cash flow from operations, LTM (SEKm) 1,680 3,098 3,102 3,004 3,007 2,981 2,876 2,775 855 659 527 453 109 113 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 5
Slide 6: Seasonal variations with solid LTM
Seasonal variations with solid LTM Sales and EBITA margin, Quarterly Sales and EBITA margin, LTM 0% change whereof 4% organic -5% whereof -5% from divestments 12.0 9,500 11.5 35,150 34,931 34,589 11.0 9,000 12 34,182 33,765 35,500 32,974 32,965 35,000 9.7% 9.8% 9.9% 8,500 34,500 10.5 11 34,000 10.0%
Slide 7: Services
Services Margin improvement (LTM) supported by divestments and profitability focus Key highlights NET SALES, Q3: NET SALES, LTM: • Organic growth (YTD): SEK 2,210m SEK 9,300m • Net sales: -6% (-6%1) (-12%1) • Adj. EBITA: -5% • Divestments affected Q3 sales by -2% ADJ. EBITA, Q3: ADJ. EBITA, LTM: and
Slide 8: Trade
Trade Organic sales and EBITA growth in the quarter Key highlights NET SALES, Q3: NET SALES, LTM: • Organic growth (YTD): SEK 2,331m SEK 9,404m • Net sales: 3% (3%1) (-2%1) • Adj. EBITA: -1% • Divestments affected Q3 sales by -1% ADJ. EBITA, Q3: ADJ. EBITA, LTM: and EBITA by -1% SEK 211m SEK 787m •
Slide 9: Industry
Industry Q3 organic sales growth but margin pressure in uncertain markets Key highlights NET SALES, Q3: NET SALES, LTM: • Organic growth (YTD): SEK 3,450m SEK 14,313m • Net sales: 4% (1%1) (-1%1) • Adj. EBITA: -6% • Divestments affected Q3 sales and ADJ. EBITA, Q3: ADJ. EBITA, LTM: EBITA by -3% resp
Slide 10: Capital allocation model
Expansion Capex/Opex Capital Capital to allocate ALLOCATION New platforms allocation model Acquisitions ALLOCATION Add-ons 10
Slide 11: Debt amortisation has been prioritised
Debt amortisation has been prioritised Capital allocated to …whereof mostly Capital to LTM, SEKm acquired growth allocated to debt allocate primarily as of Q3 reduction 2,981 581 15 546 1,869 237 413 43 1,176 Cash flow from Capex Net investments Leasing Free cash flow Acquisitions and Acquired and P
Slide 12: Allocating capital to growth
Allocating capital to growth Capital to Capital allocated to Q3, SEKm allocate acquired growth 659 112 37 135 449 172 219 10 48 Cash flow from Capex Net investments Leasing Free cash flow Acquisitions and Acquired and Paid contingent Residual operating in non-current after leasing divestments divest
Slide 13: Slowly resuming the acquisition agenda
Slowly resuming the acquisition agenda Acquisitions: 6 acquisitions YTD Total annual sales: SEK ~314m Total adj. EBITA: SEK ~72m * Total adj. EBITA margin: ~23% * Acquiring business unit (add-on acquisition) 13
Slide 14: Financial update
Financial update 14 14
Slide 15: Financial summary, adjusted for IAC
Financial summary, adjusted for IAC SEKm Q3 25 Q3 24 Chg., % YTD 25 YTD 24 Chg., % Net sales 7,982 7,991 Unch. 24,374 25,592 -5 Raw material and supplies -4,415 -4,390 1 -13,102 -13,778 -5 Key takeaways Other external expenses -877 -915 -4 -2,760 -2,917 -5 Personnel expenses -1,739 -1,731 Unch. -5,6
Slide 16: Financial summary, reported
Financial summary, reported SEKm Q3 25 Q3 24 Chg., % YTD 25 YTD 24 Chg., % Net sales 7,982 7,991 Unch. 24,374 25,592 -5 Raw material and supplies -4,415 -4,390 1 -13,102 -13,778 -5 Key takeaways Other external expenses -877 -915 -4 -2,760 -2,921 -5 Personnel expenses -1,739 -1,731 Unch. -5,663 -6,03
Slide 17: YTD sales bridge
YTD sales bridge Negative Y/Y change largely driven by divestments SEKm -5% 25,592 1% 0% -2% -4% 24,375 Net sales, Q3 24 Organic growth Acquisitions FX1 Divestments Net sales, Q3 25 1 FX translation effects 17
Slide 18: YTD EBITA bridge
YTD EBITA bridge Negative organic growth and FX partly offset by divestments and lower cost for group operations SEKm 2 Includes FX effects of SEK -31m -3% 1% -2% 2,380 3% -5% 2,302 Adj. EBITA, Q2 24 Group operations Acquisition & Divestments FX 1 Organic growth 2 Adj. EBITA, Q2 25 1 FX translation
Slide 19: Focused actions driving EPS growth
Focused actions driving EPS growth SEK bn SEK 40 0.80 Thousands 35 0.70 30 0.60 25 0.50 20 0.40 15 0.30 10 0.20 5 0.10 - - Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Sales (LTM), SEK thousands Adj EPS (LTM) 19
Slide 20: Condensed cash flow
Condensed cash flow SEKm Q3 25 Q3 24 Chg., % LTM Profit before tax 460 362 27 1,603 Key takeaways Adjustment for non-cash items 404 386 5 1,912 Change in working capital Income tax paid -116 -153 -24 -372 driven by inventory buildup Change in WC -88 -142 -38 -163 ahead of seasonally stronger Cash fl
Slide 21: Operating cash flow and cash conversion
Operating cash flow and cash conversion Cash conversion (LTM) trending around target level Operating cash flow1 (LTM) 5,000 140.00% 4,500 120.00% 4,000 102% 101% 99% 96% 93% 94% 100.00% 3,500 85% 88% 82% 80% 3,000 70% 80.00% 2,500 60.00% 2,000 1,500 40.00% 1,000 20.00% 500 3,099 3,836 4,188 4,383 4,
Slide 22: Condensed balance sheet
Condensed balance sheet SEKm Sep 25 Sep 24 Chg., % Dec 24 Total non-current assets 28,926 29,672 -3 29,797 Key takeaways Total current assets 13,392 13,657 -2 13,383 Total assets 42,318 43,329 -2 43,180 Y/Y interest-bearing debt reduced significantly Total equity 20,566 20,128 2 20,807 Interest-bear
Slide 23: Net debt and leverage
Net debt and leverage Net debt and leverage ratio at comfortable levels Leverage ratio 20,000 2.8 3 2.7 2.6 15,000 2.6 2.5 2-3x leverage 2.4 2.4 2.3 2.3 target range 10,000 2 5,000 11,706 10,902 11,510 11,171 10,917 9,693 9,887 10,186 10,192 0 1 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25
Slide 24: Key takeaways
Key takeaways Operational focus remains prioritised in continuously challenging markets Strong financial position with no maturities until H2 2027 Acquisitions have been slowly resumed Share buy-back to be initiated, reflecting confidence in long-term value creation 24 24
Slide 25: Q&A
Q&A 25
Slide 26: Appendix
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Slide 27: Financial development per business area
Financial development per business area Services Trade Industry 15,000 12% 15,000 12% 15,000 12% 14,000 14,000 14,000 13,000 13,000 13,000 10% 10% 10% 12,000 12,000 12,000 11,000 11,000 11,000 10,000 8% 10,000 8% 10,000 8% 9,000 9,000 9,000 8,000 8,000 8,000 6% 6% 6% 7,000 7,000 7,000 6,000 6,000 6,
Slide 28: Organic sales growth
Organic sales growth Organic growth (QTD1) 6% 4% 4% 3% 2% 2% 1% 0% 0% -1% -2% -2% -4% -5% -6% -6% -8% Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 1 Comparable sample based on portfolio companies owned as of January in the comparison year, i.e. the same sample as organic YTD data 28
Slide 29: Well distributed debt portfolio
Well distributed debt portfolio SEKm Maturity Margin (+3m Stibor) 2027 3.75% 2028 3.25% 2029 2.90% 2030 2.65% 1,139 3,317 2,911 1,250 1,000 1,250 1,250 1,000 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Liquidity 2025 2026 2027 2028 2029 2030 Cash and cash equivalents Bond Term loan RCF (drawn) Unutilised cr