Inwido Ab · OMXSTO:INWI
Inwido Ab — Q3 2025 Earnings Presentation
25 slides from Inwido Ab's earnings presentation, Oct 21, 2025
Slide 1: Interim Report January-September 2025
Interim Report January-September 2025 Fredrik Meuller, President and CEO Peter Welin, CFO and Deputy CEO October 21, 2025
Slide 2: Performance Q3 2025
1 Performance Q3 2025
Slide 3: Europe's leading window group
3 Europe’s leading window group Inwido facts and figures ▪ Established in 2004 – publicly listed since 2014 ▪ Sales SEK 9 billion RTM ▪ Operating EBITA margin 10.4% RTM ▪ Improving quality of life – great windows and doors ▪ Attractive market boosted by the green transition ▪ No. 1 in the Nordics –
Slide 4: Improvement in quarter, but rebound still delayed
4 Improvement in quarter, but rebound still delayed Q3 2025 highlights ▪ Continued soft demand ▪ Conditions vary a lot between geographies, especially in the Consumer segment ▪ Improved development during the quarter ▪ Organic order intake +1%, driven by Projects ▪ Order backlog +5% ▪ Organic sales
Slide 5: Low volumes, negative mix and FX hampering profitability
5 Low volumes, negative mix and FX hampering profitability July - September 2025 key financials Organic order intake Op EBITA +1% Organic net sales SEK 268 million (304) Net debt vs Op EBITDA +0% 1.0x (1.2x) Order backlog SEK 2,224 million (2,273) Op EBITA margin 0.7x excl. IFRS 16 (0.9x) +5% 12.0%
Slide 6: Anticipated demand rebound has yet to materialize
6 Anticipated demand rebound has yet to materialize January - September 2025 key financials Op EBITA Organic net sales SEK 643 million (657) ROOC EPS +4% 12.7% (13.1) SEK 6.00 (6.12) SEK 6,562 million (6,415) Op EBITA margin 9.8% (10.2)
Slide 7: Conditions vary a lot across markets – Sweden improving
Conditions vary a lot across markets – Sweden improving Operating context per Business Area Scandinavia e-Commerce ▪ ROT incentive and lower interest rates ▪ Household consumption still in stimulating renovation in Sweden waiting mode, e-trade down overall ▪ Denmark solid, albeit with lower ▪ Sweden
Slide 8: Making progress in M&A – two acquisitions closed
Making progress in M&A – two acquisitions closed Acquisitive growth increasingly important for successful completion of 2030 target RM Snickerier, Vimmerby, Sweden Fast Frame, Nottingham, UK ▪ Leader in Sweden’s “Allmoge” premium niche ▪ Specialist in PVCu windows and doors ▪ Founded in 1986 by curr
Slide 9: All our Sustainability KPIs improving, yet again
9 All our Sustainability KPIs improving, yet again Outcome KPIs Q3 2024 – Q3 2025 (LTM) A natural part of Inwido’s DNA 2508 2408 Energy usage (kWh/wing) 49.0 62.0 ▪ Energy usage down as result of daily efficiency measures and changes in production Waste (kg/wing) 3.57 4.17 Hazardous waste (kg/wing)
Slide 10: Financials Q3 2025
2 Financials Q3 2025
Slide 11: Negative mix impact and slow start of the quarter
11 Negative mix impact and slow start of the quarter Lower consumer sales due to lower demand in Q2 and beginning of the quarter Q3 Q1-Q3 SEKm 2025 2024 Change 2025 2024 Change LTM 2024 FY Net sales 2 224 2 273 -2% 6 562 6 415 2% 8 985 8 838 Gross Profit 575 616 -7% 1 632 1 622 1% 2 259 2 249 Gross
Slide 12: Lack of market growth affects the results
Lack of market growth affects the results Improved margin for E-commerce due to cost saving initiatives Sales in Q3, SEKm, from 2024 to 2025 Op EBITA in Q3, SEKm, from 2024 to 2025 2500 350 51 -9 -23 -56 -11 -4 -18 300 1 -16 3 2000 250 1500 200 150 1000 100 500 50 2,273 2,224 304 268 0 0 Sales Scand
Slide 13: Margin decline due to mix and lower volumes
Margin decline due to mix and lower volumes Third quarter sales decline due to weaker consumer sales – 5% in Q3 vs LY, Sales and Op EBITA % in Q3, 2019 - 2025 3,000 15.0% 14.5% 14.4% 14.5% 2,500 14.0% 13.4% 13.2% 13.5% 2,000 13.0% 12.5% 1,500 12.2% 12.5% 12.0% 12.0% 1,000 11.5% 11.0% 500 10.5% 1,665
Slide 14: Lower cash flow from operating activities
Lower cash flow from operating activities Lower result and higher tax payments in the quarter compared to last year Q3 Acquisitions of tangible and intangible assets in SEKm and % of sales Change SEKm 2025 2024 400 4.1% 4.5% SEKm Cash flow from operating activities 250.3 335.7 -85.4 350 3.4% 4.0% 3.
Slide 15: Financial headroom for further growth – gearing reduced
Financial headroom for further growth – gearing reduced Net Debt has been reduced by 247 MSEK compared to September 2024 and by 225 MSEK in the quarter Net Debt (SEKm), Net Debt vs Op EBITDA (times) 2,000 2.5 1,800 Net Debt / Op EBITDA incl. IFRS 16: 1.0x (1.2) 1,600 2.0 1,400 Net Debt / Op EBITDA e
Slide 16: Lower ROOC due to lower result in the quarter
16 Lower ROOC due to lower result in the quarter Decrease to 12.7% - same level as per December 2024 Average Operating Capital (SEKm), and ROOC (%) 7,300 20% 17.8% 17.9% 17.9% 18.3% 16.9% 17.6% 16.4% 16.8% 18% 6,900 16.2% 15.4% Target 16% 13.7% 13.2% 13.4% 12.7% 6,500 13.1% 13.1% 14% 12.7% 12% 6,100
Slide 17: Positive order intake in the quarter driven by Projects
Positive order intake in the quarter driven by Projects Lower consumer demand in the beginning of the quarter, and growth on project market Order backlog, SEKm, 2023 - 2025 Order intake in Q3 2025 compared to last year 3,000 2,769 Adj for 2,640 FX Organic 2,500 Group + 1% + 1% 2,000 Project - whereo
Slide 18: Business Areas Q3 2025
3 Business Areas Q3 2025
Slide 19: Q3 Scandinavia
19 Q3 Scandinavia 5 000 Sales SEKm and Op EBITA %, LTM 16% Gradually increased sales in Sweden, unchanged in 14% 4 000 Denmark and Norway 12% 3 000 10% 8% ▪ Sales +5% to SEK 1,065 million (1,014) 2 000 6% 4% ▪ Order intake +1%, adjusted for FX 1 000 2% ▪ Order backlog -5% 0 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q
Slide 20: Q3 Eastern Europe
20 Q3 Eastern Europe 3 000 Sales SEKm and Op EBITA %, LTM 14% Mix change negatively affected profit margin 2 500 12% 10% 2 000 8% ▪ Sales -2% to SEK 463 million (473) 1 500 6% ▪ Order intake -15% adjusted for FX 1 000 4% 500 2% ▪ Order backlog -11% 0 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 ▪ Operating EBITA d
Slide 21: Q3 e-Commerce
21 Q3 e-Commerce 1 200 Sales SEKm and Op EBITA %, LTM 9% Cost adjustments and price increases raised margin 1 000 8% 7% 800 6% ▪ Sales -8% to SEK 263 million (286) 600 5% 4% ▪ Order intake -3% adjusted for FX 400 3% 2% 200 ▪ Order backlog +30% 1% 0 0% Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 ▪ Operating EBITA inc
Slide 22: Q3 Western Europe
22 Q3 Western Europe 2 000 Sales SEKm and Op EBITA %, LTM 14% Lower Consumer sales in the UK 12% 1 600 10% ▪ Sales -11% to SEK 450 million (506) 1 200 8% 800 6% ▪ Order intake +18%, adjusted for FX 4% 400 ▪ Order backlog +16%, driven by Project segment 2% 0 0% ▪ Operating EBITA decreased to SEK 52 m
Slide 23: Summary and outlook
4 Summary and outlook
Slide 24: Improvement in quarter, but rebound still delayed
24 Improvement in quarter, but rebound still delayed Summary and outlook ▪ Continued soft demand ▪ Large variations across markets and segments ▪ Improved development during the quarter ▪ Taking measures to align cost base with lower sales ▪ Order backlog and low gearing offer comfort ▪ Increased M&
Slide 25: Upcoming events
Upcoming events Financial calendar 2025 December 11 Capital Markets Day 2026 February 3 Q4 report 2025 April 28 Q1 report 2026 May 27 Annual General Meeting 2026 July 15 Q2 report 2026 Join our journey on LinkedIn