Karnell Group Ab Class B · OMXSTO:KARNEL_B
Karnell Group Ab Class B — Karnell Group AB ser. B — Q4 2025 Earnings Presentation
12 slides from Karnell Group Ab Class B's earnings presentation, Feb 13, 2026
Slide 1: Year-End Report January–December 2025
YEAR-END REPORT JANUARY – DECEMBER 2025 Q4 13 FEBRUARY 2026
Slide 2: Today's agenda and presenters
Today’s agenda and presenters: Petter Moldenius 01. Introduction 02. Q4 2025 Lars Neret 03. Q&A 2
Slide 3: Strong Q4 with profitable growth and robust cash flow
INTRODUCTION Q4 - 2025 Q&A Strong Q4 with profitable growth and robust cash flow (SEKm) Sales +14% | EBITA +24% | Operating cash flow +52% Net Sales EBITA Operating cash flow Net debt / EBITDA* 461 62 131 1.2x (Q4 2024: 403) (Q4 2024: 50) (Q4 2024: 86) (Q4 2024: 0.9x) *Net debt excl. leasing / EBITD
Slide 4: 2025: Strong earnings growth, margin expansion and solid cash generation
INTRODUCTION Q4 - 2025 Q&A 2025: Strong earnings growth, margin expansion and solid cash generation Net Sales and EBITA% development LTM (SEKm) Highlights during the year: 13.6% 13.8% 2,400 13.3% 14 • Net sales for the year increased by 20.3% to 1 688 MSEK (1,402), with 12.6% 12.5% 13 12.0% 12.4% or
Slide 5: Breakdown of quarterly performance in net sales and EBITA
INTRODUCTION Q4 - 2025 Q&A Breakdown of quarterly performance in net sales and EBITA Net Sales (SEKm) EBITA (SEKm) +14% -14 461 +24% +32% 45 403 27 -2 62 +42% 9 50 6 304 7% 11% -3% 35 11% 17% -4% Q4 2023 Q4 2024 Organic growth Acquired Currency effects Q4 2025 Q4 2023 Q4 2024 Organic growth Acquired
Slide 6: Product companies – Continued growth, mainly driven by recent acquisitions
INTRODUCTION Q4 - 2025 Q&A Product companies – Continued growth, mainly driven by recent acquisitions Net Sales (SEKm) EBITA (SEKm) +19% 252 -3 +53% 45 211 +19% -0 38 +72% -0 32 9 -2 137 -0% 21% -2% 19 -7% 27% -1% Q4 2023 Q4 2024 Organic growth Acquired Currency effects Q4 2025 Q4 2023 Q4 2024 Organ
Slide 7: Niched manufacturers – A strong quarter – driven solely by organic performance
INTRODUCTION Q4 - 2025 Q&A Niched manufacturers – A strong quarter – driven solely by organic performance Net Sales (SEKm) EBITA (SEKm) +9% +15% 0 210 -10 28 +37% 192 0 -2 36 167 -9% 12 29 26 14% 0% -5% 45% 0% -8% Q4 2023 Q4 2024 Organic growth Acquired Currency effects Q4 2025 Q4 2023 Q4 2024 Organ
Slide 8: Growing cash flow from operating activities
INTRODUCTION Q4 - 2025 Q&A Growing cash flow from operating activities Cash flow from operating activities (LTM) (SEKm) +26% 220 174 175 175 165 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 • Increased cash flow in Q4 on an LTM basis compared to last year and previous quarters, driven by increased profit
Slide 9: Growing cash flow from operating activities and EBITA 2021-2025
INTRODUCTION Q4 - 2025 Q&A Growing cash flow from operating activities and EBITA 2021-2025 Cash flow from operating activities (SEKm) EBITA (SEKm) 233 220 +60% 166 174 +84% 137 133 98 57 36 19 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 • Significantly increased cash flow from 2021 well in lin
Slide 10: Stable capital structure with low leverage as a base for further acquisitions
INTRODUCTION Q4 - 2025 Q&A Stable capital structure with low leverage as a base for further acquisitions Net debt excl. leasing (SEKm) SEKm 2022 2023 2024 2025 Interest bearing debt 340 376 460 370 1.7x 1.2x 0.9x 1.2x Cash and cash equivalents 149 190 286 57 313 Net debt excl. leasing 191 186 174 31
Slide 11: Entering 2026 with earnings momentum, a strong balance sheet and an active M&A pipeline
INTRODUCTION Q4 - 2025 Q&A Entering 2026 with earnings momentum, a strong balance sheet and an active M&A pipeline Key take aways: • Continued earnings growth with improving margins and strong cash generation • Both business areas delivered solid performance, with strong profitability in Niche Produ
Slide 12: Thanks for listening
Thanks for listening Questions?
Karnell Group AB ser. B — Q4 2025 Earnings Presentation on 6ix