Mendole A/s · NGM:MENDO
Mendole A/s — Investor Presentation (August 2026)
16 slides from Mendole A/s's investor presentation, August 2026
Slide 1: Set to more than double the group in size
MENDOLE A/S · NORDNET CAPITAL RAISE 2026 Set to more than double the group in size One transformative acquisition. Join from the start. A listed Danish buy-and-build platform in technical property services: roofing, electrical, plumbing and facade. An investment opportunity · Listed on Spotlight (ME
Slide 2: Important information
DI S CLAI M E R Important information F O RW A RD - L O OK IN G ST A TE M EN T S & D I SC L A I M ER General This presentation has been prepared by Mendole A/S for information purposes only. It does not constitute an offer to sell or an invitation to subscribe for any securities. Forward-looking Con
Slide 3: The case in three points
INVESTMENT CASE The case in three points Multiple arbitrage 01 Mendole buys healthy installation businesses at 3–5x EBITDA and consolidates them into one listed platform, where comparable listed companies (InstallatørGruppen, Fasadgruppen) trade at 8–10x EV/EBITDA. Large, fragmented market 02 The Da
Slide 4: One acquisition more than doubles the group
THE OPPORTUNITY One acquisition more than doubles the group PRO FORMA GROUP 2x + From standalone small-cap to a real platform, in 2026 Revenue & EBITDA vs standalone REVENUE 2026E (DKK m) EBITDA 2026E (DKK m) 300–350 30–40 155 Employees, 6+ subsidiaries 125–155 >DKK 250m Order book: finished/signed
Slide 5: Mendole i dag
i MENDOLE | DAG Koncernen i dag, og Rebo som nyt ben FRA NOTERING TIL | DAG Okt 2025 Nov 2025 2026 Aug 2026 ® e eo Cy dag Notering pa Spotlight Q3-delArsrapport Aftale om opkab Kapitalrejsning IPO 153% overtegnet af Rebo A/S via Nordnet MENDOLE-KONCERNEN I DAG - 5 DATTERSELSKABER REBO A/S - 3 FORRET
Slide 6: A large, fragmented market ripe for consolidation
MARKET A large, fragmented market ripe for consolidation Mendole is the well-capitalised, well-run buyer 6,000+ companies in Danish technical property services A large market leaves room for a consolidation platform with revenue below DKK 50m, many with a Small players need experienced, well-governe
Slide 7: Buy at 3–5x, consolidate into a listed platform
A PROVEN FORMULA Buy at 3–5x, consolidate into a listed platform THE MODEL WORKS IN THE NORDICS VALUATION · EV / EBITDA Mendole acquisitions Fasadgruppen NASDAQ ST OCKHOLM 3–5x Nordic’s largest facade group. SEK 5.5bn revenue (2025), 2,200+ employees. Started as a small facade player. Mendole (illus
Slide 8: Rebo A/S, our first transformative acquisition
THE TRANSFORMATIVE ACQUISITION Rebo A/S, our first transformative acquisition CONSIDERATION STRUCTURE (DKK m) DKK 143m Cash at closing DKK 42m Revenue 2025A · Rebo Mendole shares DKK 6m DKK 23.6m Seller loan DKK 12m EBITDA 2025A · ~16.5% Fixed consideration DKK 60m Earn-out (max) · 2026–27 EBITDA DK
Slide 9: An honest read on the year, and the way forward
STAT US ON 2026 An honest read on the year, and the way forward WHAT HAPPENED IN H1 A cold first half weighed on standalone activity Rising material prices (incl. roofing felt) pressured margins Pressure concentrated in standalone Mendole, not Rebo WHAT WE ARE DOING Corrective measures across pricin
Slide 10: How the group creates value, and why we win
CO M PE T I T I V E ADV AN T AGE How the group creates value, and why we win How Mendole structures the group responsibilities Mendole’s synergy wheel is designed to make customers engaging with one group company find - Procurement and admin value in working with other - Acquisitions group companies
Slide 11: Path to 2028, and the longer-term potential
GROWTH PLAN Path to 2028, and the longer-term potential GROUP REVENUE BRIDGE (DKK m) ~1,000 +155 500 ~325 +20 2026E Organic M&A 2028 Potential pro forma growth pipeline Target longer term Ambition: DKK 500m revenue and DKK 50m EBITDA by 2028, via ~3 acquisitions/year; pipeline of 10+ identified targ
Slide 12: Mendole is led by a tight-knit group of experts and specialists
LE AD ER S HI P Mendole is led by a tight-knit group of experts and specialists Management Team Board of Directors Dan Lauritzen Henrik Theisler Thomas Kaas Selsø CEO Chairman Member A seasoned executive with 20+ years' experience in energy, construction, and M&A across four co ntinents. Ex-CEO Micr
Slide 13: Key risks and mitigants
RISK Key risks and mitigants RISK MITIGANT Cyclical exposure to construction Recurring service revenue and order book >DKK 250m; non-discretionary building maintenance Access to skilled labour Apprenticeship programmes, employer brand, local teams and in-house electrical capacity Earnings volatility
Slide 14: Guidance 2026 - Omsætning
Guidance 2026 - Omsztning Selskaber pa First North DK, Spotlight DK og danske selskaber pa svensk veekstbers - DKK mio. MENDOLE (pro forma, inkl. Rebo) Bawat RISMA. Brain+ 2cureX Erria Hove Photocat Stenocare Curasight ViroGates Mdun Freetrailer Mendole GomSpace PILA Pharma LED iBond Dataproces JS Q
Slide 15: Guidance 2026 - EBITDA
Guidance 2026 - EBITDA Selskaber pa First North DK, Spotlight DK og danske selskaber pa svensk veekstbors DKK mio. (pro forma, inkl. Rebo) 115 2 252535 a JayseWMopulm aiqnday Aexu0q s10puew + aredswiog sewes Aydouy @noH + Jaesjae1y sazoidejyeq » puepisAl “plz LSIANISUBZ e1y + m6y UM diopssegisey “JO
Slide 16: Mendole vs. de nærmeste peers
Mendole vs. de nzermeste peers Teknisk installation/service via opkgb (buy-and-build) - alle belab i DKK EBITDA- EVIEBITDA Selskab Land Omseetning EBITDA margin Market cap 2026 Mendole 325 mio. InstallaterGruppen DK 4,8 mia. 485 mio. 10,2 % 3,2 mia. 8,9x Instalco SE 9,6 mia. 891 mio. 9.3% 6,8 mia. 9