Qben Infra Ab · OMXSTO:QBEN
Qben Infra Ab — Q4 2025 Earnings Presentation
22 slides from Qben Infra Ab's earnings presentation, February 2026
Slide 1: Q4 & Year-End Report 2025
Qben Infra AB Q4 & Year - End Report 2025 February 2026
Slide 2: A year of transformation - and the beginning of something bigger
A year of transformation - and the beginning of something bigger Our future is in energy. We enter 2026 with full focus on Qben Power and the Nordic energy transition. Energy 2 exits – 69 →+70 1,550m first ~1bn EBITA 2026 Full strategic pivot to power Rail sold at 2.3x MOIC Power turnaround proven R
Slide 3: Qben has undergone a fundamental transformation in twelve months
Qben has undergone a fundamental transformation in twelve months From a complex conglomerate to a focused energy infrastructure group 12 MONTHS AGO TODAY Four operating platforms Energy - led portfolio Complex group, difficult to communicate Qben Power at the core; Inspection , Team Bygg for value R
Slide 4: Two divestments completed - NOK 850m + SEK 140m in proceeds
Two divestments completed - NOK 850m + SEK 140m in proceeds Rail sold to Eleda at 2.3x return on invested equity; Kvalitetsbygg returned to founding management RAIL - SOLD TO ELEDA NORGE AS KVALITETSBYGG - MANAGEMENT BUY - OUT NOK 795m +65m SEK 140m 2027 Enterprise Value Earn - out potential Total c
Slide 5: Adj. EBITA fully recovered to MSEK 91 in Q4
Adj. EBITA fully recovered to MSEK 91 in Q4, demonstrating strong margin resilience across segments LTM proforma - continuing operations excl. Group overhead Power Team Bygg Inspekt Revenue (MSEK) Adjusted EBITA excl . Group overhead (MSEK) 1,260 1,227 1,251 99 91 1,180 1,167 91 89 172 180 187 153 1
Slide 6: 2026 guidance: ~1,550m revenue, ~146m EBITA (9.4%)
2026 guidance: ~ 1,550 m revenue, ~146m EBITA (9.4%) Platform - level figures excluding group overhead of SEK 34m POWER TEAM BYGG INSPECTION 881m Revenue (MSEK) 433m Revenue (MSEK) 239m Revenue (MSEK) 94m 39m 13m EBITA (10.6%) EBITA (9.0%) EBITA (5.5%) 57% of revenue 28% of revenue 15% of revenue Co
Slide 7: Group overhead cut ~62% to SEK 35m
Group overhead cut ~62% to SEK 3 5m Driven by personnel reduction, consultant elimination, and premises consolidation 92m → 35m = – 62% 2025 Actual 2026 Budget Reduction KEY DRIVERS Personnel Reduction Consultant Elimination Premises Consolidation Headcount optimization Terminated external Consolida
Slide 8: Pro forma EBITA before group costs of 91.4 mSEK in 2025
Qben Group delivered pro forma EBITA before group costs of 91,4 mSEK in 2025 Bridge from IFRS reported EBITA to pro forma adjusted SEK million 91.4 58.1 33.3 61.1 - 21.4 6.4 - 27.8 61.4 - 82.8 EBITA IFRS IFRS NGAAP Reported Pro- Forma NGAAP Pro - Forma One - offs & Adjusted Group Pro forma EBITA Rep
Slide 9: Improvements in all business areas expected in 2026
Improvements in all business areas expected in 2026 Pro forma adj. EBITA ( local GAAP) Group costs SEK million SEK million -2 +24 +33 - 57 41 94 13 92 39 70 35 2025 2026B 2025 2026B - 20 2025 2026B 2025 2026B Construction Power Inspection Group/other 9
Slide 10: Solid EBITA in the remaining business areas for 2026
Solid EBITA in the remaining business areas for 2026 Forecasted EBITA 2026 SEK million 13 35 111 94 39 Construction Power Inspection Group Total 10
Slide 11: Qben Power
01 Qben Power Energy infrastructure EPC High Voltage · Electrification & Telecom · Civil Works
Slide 12: ~21 GW grid queue and NOK 350-400bn+ investment wave
~21 GW grid queue and NOK 350 – 400 bn+ investment wave Electrification, data centers, and ageing infrastructure drive non - discretionary demand for decades ~21 GW 8.6 GW NOK 150– 200bn+ SEK 210bn Norwegian Data center demand Norwegian p lanned grid Svenska Kraftnät grid queue in NO queue investmen
Slide 13: From -69m to +70m EBITA in three years
From – 69m to +7 0 m EBITA in three years New leadership, operational discipline, and platform investments drove a 1 39 m swing KEY MILESTONES Adj. EBITA (MNOK) 70 2023 ININ acquires Laje. New CEO recruited. Turnaround begins. 56 40 2024 Performance plan executed. Bolt - on acquisitions. Profitabili
Slide 14: Protected niche with high barriers, 77% frame agreements
Protected niche with high barriers, 77% frame agreements, and ~112% 2026 budget coverage High barriers to entry and non - cyclical revenue create a resilient, defensible business HIGH BARRIERS TO ENTRY STRONG REVENUE VISIBILITY • Specialist HV certifications - required by regulation, years to build
Slide 15: Qben Power margins competitive with listed Nordic peers
Qben Power margins are competitive with listed Nordic infrastructure services peers at scale EBITA margin comparison - selected Nordic infrastructure services companies (FY2024) Peer Overview Qben Power 2026B 10 Bravida SEK 29.7bn rev | EBITA 5.2% Qben Power 2025A 9 Nordic installation leader 14,000
Slide 16: Sweden: SEK 210bn grid investment opportunity
Sweden: SEK 210bn grid investment opportunity First contracts won in 2025; goal to become leading private player in the Swedish market 2025 ✓ SEK 210bn Laje: SEK 94m (Ellevio, 170 kV) Føie Nett frame: up to NOK 83m / 2 yrs Market study completed Svenska Kraftnät grid investment to 2035 2026 → ~20 GW
Slide 17: Inspection
02 Inspection Testing, Inspection & Certification Building a leading Nordic TIC platform
Slide 18: Inspection: strong growth with profitability from mid-2026
Inspection : strong growth with profitability from mid - 2026 Finnish acquisition in due diligence (target Q2); buyer interest acknowledged INVESTMENT PHASE → HARVEST PHASE 2026 GUIDANCE • Strong growth trajectory - continued investment in market share • EBITA - positive from June 2026 per budget •
Slide 19: Team Bygg
03 Team Bygg Residential development 40+ years in Rogaland · Positioned for spin - off and listing
Slide 20: NOK 655m land bank - spin-off and dividend in H2 2026
NOK 655m land bank - spin - off and dividend in H2 2026 40+ year track record in Rogaland; positioned for housing recovery with falling rates NOK 655m 17 ~555 433m 9.0% Land bank GAV Projects Units 2026 rev (MSEK) 2026 EBITA MARKET DRIVERS SPIN - OFF & SEPARATE LISTING • Structural housing shortage
Slide 21: Qben Infra: positioned to lead the Nordic energy transition
Qben Infra: positioned to lead the Nordic energy transition Strengthened balance sheet, clear strategy, and full focus on Qben Power POWER - CORE STRATEGY INSPECTION - OPTIONALITY TEAM BYGG - DIVIDEND 10.0% EBITA margin - 2x best listed Nordic peers Profitable from June 2026 NOK 655m land bank (C&W)
Slide 22: Q&A
Q&A Qben Infra AB · February 2026