Slide 1: Interim report January−March 2026
Presentation Interim report January−March 2026 24 April 2026
Slide 2: The Group's financial performance
THE GROUP’S FINANCIAL PERFORMANCE FIRST QUARTER MSEK 2026 2025 Change Net sales 7,186 6,933 3.7%1 EBITA3 1,588 1,495 6.2% EBITA margin2 22.1% 21.6% 0.5 Profit before tax 1,220 1,133 7.7% Net profit for the period 909 844 7.7% Operating cash flow 747 772 -3.3% Earnings per share 1.98 1.84 7.6% Return
Slide 3: The business areas' financial performance
THE BUSINESS AREAS’ FINANCIAL PERFORMANCE DENTAL MSEK Q126 Q125 Change Net sales 1,646 1,645 0.1% EBITA 378 339 11.4% EBITA margin 23.0% 20.6% 2.4 DEMOLITION & TOOLS MSEK Q126 Q125 Change Net sales 1,581 1,639 -3.6% EBITA 351 416 -15.7% EBITA margin 22.2% 25.4% -3.2 SYSTEMS SOLUTIONS MSEK Q126 Q125
Slide 4: Five business areas as of Q226
FIVE BUSINESS AREAS AS OF Q226 Demolition & Systems Environmental Transportation Dental Tools Solutions Technology Products Divisions: Contract Manufacturing Infrastructure Products Special Products In the Q126 report you find sales, EBITA and EBITA margin per quarter 2024–2026 and full years 2015–2
Slide 5: Acquired vs organic EBITA growth
ACQUIRED VS ORGANIC EBITA GROWTH Average 2015- MSEK 2025 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 EBITA1 6,318 5,917 5,664 4,662 3,709 2,702 2,523 2,168 1,732 1,377 1,186 EBITA from 575 482 536 401 488 222 221 197 198 152 118 acquisitions2 EBITA growth from 12% 10% 9% 12% 11% 18% 9% 10
Slide 6: Development 2015–2025
DEVELOPMENT 2015–2025 CAGR MSEK 2015–2025 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 EBITA 18% 6,318 5,917 5,664 4,662 3,709 2,702 2,523 2,168 1,732 1,377 1,186 EPS 1 16% 8.00 7.27 7.21 6.13 5.26 3.67 3.31 3.06 2.39 2.00 1.78 Interest-bearing 15% 7,801 7,750 6,849 5,590 4,603 3,242 4,040
Slide 7: Strong growth in cash flow per share since IPO
STRONG GROWTH IN CASH FLOW PER SHARE SINCE IPO Free cash flow per share after capex and before dividends and acquisitions 10 9.8 9.8 9 8.5 8.6 8 7 6 5.5 5.6 5.7 5 4 3.6 3.0 3 2.6 1.9 2.1 2 1.1 1 0 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 LTM As of Q125, dividends to non-contr
Slide 8: Net debt development and balance sheet
NET DEBT DEVELOPMENT AND BALANCE SHEET Net debt development Balance sheet 31 Mar 31 Dec 31 Mar MSEK MSEK Times 2026 2025 2025 Intangible fixed assets 27,397 26,817 24,204 4 Tangible fixed assets 3,379 3,150 2,932 12000 Financial assets 482 467 441 Inventory 4,581 4,314 4,286 Accounts receivable 3,91
Slide 9: One target: to increase profits every year
ONE TARGET: TO INCREASE PROFITS EVERY YEAR Systems EBITA before acquisition costs and Solutions non-recurring items (MSEK) Demolition & Tools Dental 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 LTM EBITA 14.2% 15.0% 15.3% 17.3% 18.1% 18.2% 19.6% 21.2% 21.6% 23.2% 22.6% 22.4% 22.5
Slide 10: Capital employed
CAPITAL EMPLOYED ROCE including goodwill ROCE excluding goodwill and other intangible assets and other intangible assets 160% 25% 140% 132% 130% 128% 20.9% 20.5% 20.2% 120% 20% 100% 15% 80% 12.5% 10% 60% 50% 40% 5% 20% 0% 0% 2024 2025 2026 LTM 2024 2025 2026 LTM Target ranges 10
Slide 11: Management and Chairman
MANAGEMENT AND CHAIRMAN Per Waldemarson Therése Hoffman Martin Linder Carl Bennet CEO CFO Head of Business Area Chairman Started at Lifco 2006 Started at Lifco 2007 Systems Solutions Born: 1951 Born: 1977 Born: 1971 Started at Lifco 2009 Other assignments Education Education Born: 1972 • Deputy Chai
Slide 12: Lifco develops leading niche companies
LIFCO DEVELOPS LEADING NICHE COMPANIES Sales 2026 LTM: 28,505 MSEK EBITA 2026 LTM: 6,411 MSEK Dental Demolition & Tools Systems Solutions Logo_small http://www.licscadenta.no/Files/LIC%20Scadenta/System/lic_scadenta_logo.png M+W Dental GmbH http://www2.aldente.dk/Files/Billeder/al%20dente/logo.jpg h
Slide 13: A safe haven for your business
A SAFE HAVEN FOR YOUR BUSINESS Lifco is a long-term • Lifco basically never sells a company owner • All decisions taken at local management level The business stays • No forced synergies or integration independent and local • Lifco has never moved a business Incremental and continuous • No big shake
Slide 14: Decentralised profit-oriented culture
DECENTRALISED PROFIT-ORIENTED CULTURE Right person in the right position • Motivated managers who deliver results Continuous pricing optimisation • Focus on customers with potential for sustainable profit growth Optimised management structure • Focus on value adding personnel and minimised bureaucra
Slide 15: Sustainability an essential part of our business strategy
SUSTAINABILITY AN ESSENTIAL PART OF OUR BUSINESS STRATEGY Invest in niche companies Climate targets with a sustainable validated by SBTi business model CSRD/ESRS UN Global Compact sustainability report for year 2025 signatory since 2016 15
Slide 16: Prioritised sustainability areas and central targets
PRIORITISED SUSTAINABILITY AREAS AND CENTRAL TARGETS Reduced climate Motivated employees Sound business practices and environmental impact and safe workplaces Near-term science-based targets, Reduce staff turnover every All employees must be informed validated by SBTi: about the Code of Conduct year
Slide 17: Geographic footprint
GEOGRAPHIC FOOTPRINT Dental Sweden 9% Norway 7% Finland 9% North America UK Germany Demolition & Tools 9% 13% 15% Rest of Italy Europe 23% 6% Asia & Australia 8% Systems Solutions Rest of world 1% Geographic split financial year 2025. 17
Slide 18: Dental
DENTAL Sales split 2025 EBITA and % of total EBITA1 2026 LTM Dental 21% Software 5% 1,370 MSEK Manufacturing 25% Sales split by geography 2025 APAC 2% Distribution North America 5% 54% Germany 33% Prosthetics 16% Rest of Europe 40% Norway 10% Sweden 10% 1Excluding HQ costs. 18
Slide 19: Dental financial overview
DENTAL FINANCIAL OVERVIEW Sales (MSEK) EBITA (MSEK) and EBITA margin 6306 6331 6332 1600 25% 6030 1400 5123 5295 20% 1200 4393 4185 4290 1000 15% 3817 3590 3266 3435 800 2840 2826 10% 600 2439 400 1663 1674 5% 1435 1048 200 890 0 0% EBITA EBITA margin, % 19
Slide 20: Demolition & Tools
DEMOLITION & TOOLS Sales split 2025 EBITA and % of total EBITA1 2026 LTM Other niche machinery 17% 1,616 Demolition MSEK machines 24% Demolition & Tools 24% Sales split by geography 2025 Rest of world 2% Germany 13% APAC 12% Italy 12% North America Attachments 15% for excavators UK 11% and cranes 59
Slide 21: Demolition & Tools financial overview
DEMOLITION & TOOLS FINANCIAL OVERVIEW Sales (MSEK) EBITA (MSEK) and EBITA margin 2000 30% 7097 6760 6701 1800 6444 6285 25% 1600 1400 20% 4701 1200 1000 15% 3610 3234 800 2820 10% 600 2261 400 1574 1725 5% 1039 1176 1189 1289 200 992 862 743 736 373 0 0% EBITA EBITA margin, % 21
Slide 22: Systems Solutions
SYSTEMS SOLUTIONS Sales split 2025 EBITA and % of total EBITA1 2026 LTM Systems Solutions Contract 55% Transportation manufacturing products 25% 23% 3,607 MSEK Environmental Sales split by geography 2025 technology 23% Rest of world 1% APAC 9% UK 16% Special North products America 7% 15% Sweden 10%
Slide 23: Systems Solutions financial overview
SYSTEMS SOLUTIONS FINANCIAL OVERVIEW Sales (MSEK) EBITA (MSEK) and EBITA margin 15471 15160 4000 30% 13387 3500 25% 11328 3000 9972 20% 2500 7656 2000 15% 6258 5842 1500 10% 4951 1000 3952 3671 2892 5% 2428 500 2276 2168 2247 2055 2014 1869 1747 1366 0 0% EBITA EBITA margin, % 23
Slide 24: Strong cash flow generation
STRONG CASH FLOW GENERATION Operating cash flow after tax, Capex and acquisitions2 before investments1 6000 4000 2.0% 100% 3500 5000 1.8% 3000 90% 4000 1.6% 2500 80% 3000 2000 1.4% 70% 1500 2000 1.2% 1000 1000 60% 1.0% 500 0 50% 0 0.8% Operating cash flow after tax, before investments, MSEK Cash flo
Slide 25: Overview of acquisitions 2006–2012
OVERVIEW OF ACQUISITIONS 2006–2012 Sales at Total sales Year Company Description Type Country acquisition MSEK Darda Producer of attachments for demolition robots Demolition & Tools Germany MEUR 8 2006 Dental Prime Distributor of dental equipment and services Dental Finland MEUR 3 132 Elektronikprod
Slide 26: Overview of acquisitions 2014–2016
OVERVIEW OF ACQUISITIONS 2014–2016 Sales at Total sales Year Company Description Type Country acquisition MSEK 2014 MDH Producer of dental prosthetics Dental Germany MEUR 44 400 Auger Torque Producer of earth drills Demolition & Tools UK MGBP 10 J.H. Orsing Dental products Dental Sweden MSEK 20 Prev
Slide 27: Overview of acquisitions 2017
OVERVIEW OF ACQUISITIONS 2017 Sales at Total sales Year Company Description Type Country acquisition MSEK Haglöf Sweden Professional forest inventory instruments Systems Solutions Sweden MSEK 60 Hultdins Manufactures tools for forest machines Demolition & Tools Sweden MSEK 152 Environmental Silvent
Slide 28: Overview of acquisitions 2018–2019
OVERVIEW OF ACQUISITIONS 2018–2019 Sales at Total sales Year Company Description Type Country acquisition MSEK Computer konkret Software for dentists Dental Germany MEUR 3.8 Spocs Assembling and testing of electronic products Systems Solutions Sweden MSEK 61 Norway and MNOK 95 Dental Direkt - 3D Den
Slide 29: Overview of acquisitions 2020
OVERVIEW OF ACQUISITIONS 2020 Sales at Total sales Year Company Description Type Country acquisition MSEK Rönvig Dental Manufacturing Dental Dental Denmark MDKK 30 Workplace Safety Dental Dental Denmark MDKK 79 Dental Grupa Distributor of dental products Dental Croatia MSEK 94 Cramaro Tarpaulin Syst
Slide 30: Overview of acquisitions 2021
OVERVIEW OF ACQUISITIONS 2021 Sales at Total sales Year Company Description Type Country acquisition MSEK Kaniedenta1 Manufacturing and sales of dental consumables Dental Germany MEUR 29 Rissmann Dental1 Prosthetics Dental Germany MEUR 4.1 T.Freemantle Manufacturer of cartooning and sleeving machine
Slide 31: Overview of acquisitions 2022
OVERVIEW OF ACQUISITIONS 2022 Sales at Total sales Year Company Description Type Country acquisition MSEK Develops and manufactures staff attack and nurse call Specialists Alarm Services Dental UK MGBP 3.9 systems BCC Solutions Supplier of fiber equipment Systems Solutions Finland MEUR 11 Trevi Benn
Slide 32: Overview of acquisitions 2023
OVERVIEW OF ACQUISITIONS 2023 Sales at Total sales Year Company Description Type Country acquisition MSEK Real Spirit of Coffee Supplier of high-end coffee machines and consumables Systems Solutions UK MGBP 24 Broughton Plant Hire and Sales Provider of plant hire solutions for the construction indus
Slide 33: Overview of acquisitions 2024
OVERVIEW OF ACQUISITIONS 2024 Sales at Total sales Year Company Description Type Country acquisition MSEK Manufactures electric drive systems for industrial CFR Transportation Products Italy MEUR 38.5 applications Manufactures high-end professional tile cutting tools and Brevetti Montolit Demolition
Slide 34: Overview of acquisitions 2025
OVERVIEW OF ACQUISITIONS 2025 Sales at Total sales Year Company Description Type Country Acquisition MSEK Arnold Deppeler Manufacturer of dental instruments Dental Switzerland MCHF 3.3 Fraga Dental Supplies consumables to dentists Dental Germany MEUR 2.5 Heavy Duty Parts Specialist supplier of parts
Slide 35: Overview of acquisitions 2026
OVERVIEW OF ACQUISITIONS 2026 Sales at Total sales Year Company Description Type Country Acquisition MSEK Sells regenerative bone graft material used in dentistry and Ethoss Regeneration Dental UK MGBP 4.7 oral surgery globally 2026 Designs and manufactures expanded metal mesh for ~260 Metalltech Sy
Slide 36: Number of acquisitions 2006–2026
NUMBER OF ACQUISITIONS 2006–2026 Segment split Country Countrysplit split2006-2021 2006–2026 Country split 2017–2026 AT CZ EE HK HR NZ SM AT CZ FI FR HK HR NZ SM Systems CH Solutions FR US CH 111111 21 SE US 111111 DE FI 42 30 211 22 Dental NL 4 3 9 DK 7 61 5 73 DK 11 9 28 NL 30 DE 21 UK NO 15 10 NO
Slide 37: Financial targets
FINANCIAL TARGETS • Organic growth in EBITA in excess of GDP growth in relevant geographies Growth in EBITA • Acquisitions to add additional growth EBITA/Capital • More than 50% employed1 Net debt/EBITDA • Normally in the range 2−3x Dividend policy • Distribute 30−50% of net profit as % of net profi
Slide 38: Highlights
HIGHLIGHTS Strong track • 13.9% annual sales growth rate 2006−2026 LTM record • 14.3% annual EBITA growth rate 2006−2026 LTM Focus on • Good profitability is a prerequisite for sustainable growth profitability Strong market • Strong market positions in the Nordic markets in the Dental segment (top 2
Slide 39: Appendix: The three new business areas as of Q226
APPENDIX THE THREE NEW BUSINESS AREAS AS OF Q226 Environmental Technology Transportation Products Systems Solutions comprising the divisions Contract Manufacturing, Infrastructure Products and Special Products 39
Slide 40: Environmental Technology
ENVIRONMENTAL TECHNOLOGY Sales split 2025 EBITA and % of total EBITA1 2026 LTM Environmental Industrial Technology 23% 14% 930 Recycling MSEK products 25% Sales split by geography 2025 Rest of world 3% Germany 10% Norway 9% APAC 28% UK 7% Marine 52% Rest of Europe North 27% America 16% Environmental
Slide 41: Environmental Technology financial overview
ENVIRONMENTAL TECHNOLOGY FINANCIAL OVERVIEW Sales (MSEK) EBITA (MSEK) and EBITA margin 1000 30% 3475 3496 3414 900 3152 25% 800 2903 700 20% 600 2074 500 15% 1855 1689 400 1463 10% 300 1124 1006 200 5% 583 100 0 0% EBITA EBITA margin, % 41
Slide 42: Environmental Technology
ENVIRONMENTAL TECHNOLOGY Industrial Recycling Products Marine 42
Slide 43: Transportation Products
TRANSPORTATION PRODUCTS Sales split 2025 EBITA and % of total EBITA1 2026 LTM Transportation Industrial Products mobility 15% 18% Service vehicles 56% 994 MSEK Sales split by geography 2025 APAC 5% Rest of world 1% North America 4% UK 29% Rest of Europe 25% Mobility accessories 26% France 11% Sweden
Slide 44: Transportation Products financial overview
TRANSPORTATION PRODUCTS FINANCIAL OVERVIEW Sales (MSEK) EBITA (MSEK) and EBITA margin 1200 30% 4057 3822 1000 25% 3374 800 20% 2740 2336 600 15% 1725 400 10% 1314 200 5% 774 660 558 554 504 0 0% EBITA EBITA margin, % 44
Slide 45: Transportation Products
TRANSPORTATION PRODUCTS Service vehicles Mobility Accessories Industrial Mobility 45
Slide 46: New Systems Solutions
NEW SYSTEMS SOLUTIONS Sales split by division 2025 EBITA and % of total EBITA1 2026 LTM Special Contract Products Manufacturing 28% 45% 1,684 MSEK New Systems Solutions 25% Sales split by geography 2025 APAC 3% Rest of world 1% North America 4% Finland 25% Rest of Europe 24% Infrastructure Products
Slide 47: New Systems Solutions financial overview
NEW SYSTEMS SOLUTIONS FINANCIAL OVERVIEW Sales (MSEK) EBITA (MSEK) and EBITA margin 1800 25% 7863 7919 1600 6599 1400 20% 1200 5436 15% 4732 1000 3857 800 10% 3255 3214 600 2828 2107 2275 400 5% 1805 200 0 0% EBITA EBITA margin, % 47
Slide 48: New Systems Solutions
NEW SYSTEMS SOLUTIONS Contract Manufacturing Infrastructure Products Special Products 48
Slide 49: A safe haven for your business
LIKFCO A SAFE HAVEN FOR YOUR BUSINESS