Slide 1: Year-end Report 2025
Year-end Report 2025 1 January – 31 December Friday, February 13, 2025 1
Slide 2: Presenters
Presenters Clein Johansson Ullenvik Irene Wisenborn Bellander Group President & CEO CFO & Deputy CEO 2
Slide 3: Agenda
AGENDA • This is Alligo • Highlights Q4 2025 • Update • Renewed effort Tools Finland • Own brands • Smart Service • Financials • Summary and outlook • Q&A
Slide 4: This is Alligo
This is Alligo 4
Slide 5: Alligo – a leading player in workwear, personal protection, tools and supplies in the Nordic region
Alligo – a leading player in workwear, personal protection, tools and supplies in the Nordic region 9,551 2,495 239 MSEK Revenue Employees Stores Revenue EBITA Revenue per geographic area per geographic area R12 per brand category R12 39 18% 7% 18% 61 stores 17% stores 139 76% stores 26% 56% 82% Own
Slide 6: An integrated business with a scalable platform
An integrated business with a Non-integrated companies add scalable platform = 80% of sales strategic value = 20% of sales • Two strong concept Sales per channel 2025 YTD brands in three markets 46% 20% Stores (SME) Non- integrated Product Media Welding companies 17 profile/product 6 welding special
Slide 7: Acquisitions is an integral part of Alligo's growth strategy
Acquisitions is an integral part of Alligo’s growth strategy FY 2025 value creation: Completed acquisitions Stores Segments 4 (11) 33 (14) • Battery • Product Media Acquired growth Annual revenue Employees 7.0% (4.5) ≈378 MSEK (656) 115 (102) 7
Slide 8: Alligo awarded EcoVadis Platinum
Annica Alligo awarded EcoVadis Platinum – For outstanding sustainability performance • With a score of 87 out of 100, Alligo is among the Top 1% of the 50,000 companies assessed yearly worldwide. • Alligo has improved its score from 66 to 87 points since 2024, advancing from Silver to Platinum. • Re
Slide 9: Highlights Q4 2025
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Slide 10: Q4 2025 business conditions
Q4 2025 business conditions Market situation Proactive management Delivery capacity Macroeconomic factors • Challenging but stable • Driving sales • Good and stable • Continued economic market with early in all countries uncertainty in the • Cost reductions signs of recovery: business cycle • Growth
Slide 11: Q4 2025 in brief
Q4 2025 in brief – Stronger cash flow, improved result and organic growth Revenue Organic growth Operating cash flow +2.7% Stabilised market demand, 0.5% Acquisition- driven growth of 4.2% 538 acquisitions MSEK (438) Adjusted EBITA Adjusted EBITA margin Gross margin 239 Improved gross margin, cost 9
Slide 12: Q4 2025 highlights in brief
Annica – KOLLA Q4 2025 highlights in brief RUBRIK, CF, BILD – Stronger cash flow, improved revenue, and modest organic growth Operating cash flow Revenue Sales Organic growth Acquisitions Operations +2.7% • Stabilised market demand, High sales focus in 0.5% • Acquisition- driven growth Acquired Resp
Slide 13: Update
Update • Renewed effort Tools Finland • Own brands • Smart Service 13
Slide 14: Strengthened leadership in Tools Finland
Annica KLAR Strengthened leadership in Tools Finland – Focusing on implementation 2026 • Strengthened leadership to ensure implementation – new Country Manager FY 2025: Finland as of Jan 1, 2026 Adjusted EBITA margin • The project activities will remain the same, however, the structure will be 2.6%
Slide 15: Go for growth 2026 – prioritized growth areas
Go for growth 2026 – prioritized growth areas – Applicable across all our markets Services In-store sales Construction industry Own brands Develop further in Develop our in-store Establish a strong Expand our own brands services, conceptualise sales in line with best position in construction our off
Slide 16: Own brands
Annica KLAR Own brands – 1832 workwear in stores • More basic products at attractive prices without compromising on FY 2025: quality or margins Share of own brands • An excellent entry-level brand in larger procurement processes 18% (18) 22% (21) in the integrated • Within the integrated Swedol and
Slide 17: Smart Service
Annica KLAR Smart Service – More than technology • Products ”always available” through automated restocking and smart Vending solutions access control 1,300 • Benefits for customers: ̶ Full transparency and cost control Examples of customers via tracking, usage data and Smart BI Sandvik ̶ Reduced wa
Slide 18: Financials
Financials 18
Slide 19: Improved profitability driven by Sweden and Norway
Improved profitability driven by Sweden and Norway – Contributions from acquisitions, improved gross margin, cost savings and organic growth Revenues and EBITA Highlights Q4 2025 • Revenue increased by 2.7% 2025 2024 2025 2024 MSEK Oct-Dec ∆, % Oct-Dec Jan-Dec ∆, % Jan-Dec ̶ Organic growth of 0.5% ̶
Slide 20: Improved EBITA in Q4 and FY
Improved EBITA in Q4 and FY – Due to acquisitions, higher gross margin and cost-saving measures EBITA bridge Q4 and FY 2025 Highlights Q4 and FY 2025 18 239 • Weaker volumes for the full year 2025 6 explain the decreased gross profit. 2 An improved gross margin counteracts. 1 4 -6 ̶ Organic growth i
Slide 21: Q4 – Positive development of own brands in the integrated business
Q4 – Positive development of own brands in the integrated business in Sweden and Norway, stable in Finland Sweden Norway Finland* SALES PER CHANNEL SALES PER CHANNEL SALES PER CHANNEL 26% (21) Non- 6% (2) Non- 23% (26) integrated 51% (56) Store 24% (23) integrated 51% (49) Non-integrated companies c
Slide 22: Sweden Q4, Norway Q4, Finland Q4
Sweden Q4 Norway Q4 Finland Q4 MSEK MSEK MSEK 16 800 9,0 500 6,0 1 600 14 8,0 400 5,0 12 600 7,0 1 200 10 6,0 4,0 5,0 300 8 400 3,0 800 4,0 6 200 3,0 2,0 400 4 200 2,0 100 1,0 2 1,0 0 0 0 0,0 0 0,0 Q4 2023 Q4 2024 Q4 2025 Q4 2023 Q4 2024 Q4 2025 Q4 2023 Q4 2024 Q4 2025 Revenue, MSEK Non-integrated A
Slide 23: Improved operating cash flow in Q4 compared to last year
Improved operating cash flow in Q4 compared to last year – Increased EBITDA and decreased inventory levels of external brands Cash flow Highlights Q4 2025 2025 2024 2025 2024 • Improved cash flow from operating activities MSEK Oct-Dec ∆ Oct-Dec Jan-Dec ∆ Jan-Dec due to increased EBITDA and decreased
Slide 24: Solid financial position
Solid financial position – Leverage decreased in Q4 vs Q3 and the business was refinanced in February 2026 Overview of the financial position Highlights Q4 2025 31 Dec 31 Dec • Ratio of net operational liabilities MSEK 2025 2024 to EBITDA (excl. IFRS 16) of 2.5 Non-current interest 3,156 3,121 ̶ Dec
Slide 25: Performance in 2025 in relation to financial targets
Performance in 2025 in relation to financial targets 25
Slide 26: Performance in 2025 in relation to sustainability targets
Performance in 2025 in relation to sustainability targets 26
Slide 27: Summary & outlook
Summary & outlook 27
Slide 28: Q4 and FY 2025 in summary
Annica Q4 and FY 2025 in summary • Organic growth turned positive (0.5%) after nine consecutive quarters of decline • High sales activity in all markets • Weaker market demand was offset by cost adjustments, focused efforts to strengthen the gross margin and contributions from acquisitions • Increas
Slide 29: Outlook 2026
Annica Outlook 2026 – Strong position and financial stability • Alligo is well-positioned for continued organic growth – assuming a stable macroeconomic environment • Alligo continues to maintain a strong financial position ̶ Improved profitability and higher capital efficiency are expected to furth
Slide 30: Q&A
Q&A 30
Slide 31: Appendix
Appendix 31
Slide 32: FY 2025 – Positive development of own brands and SME in the integrated business
FY 2025 – Positive development of own brands and SME in the integrated business in Sweden and Norway, stable in Finland Sweden Norway Finland* SALES PER CHANNEL SALES PER CHANNEL SALES PER CHANNEL 26% (18) Non- 3,2% (2) Non- 26% (20) integrated 53% (56) Store 22% (23) integrated 50% (49) Non-integra
Slide 33: Sweden FY 2025, Norway FY 2025, Finland FY 2025
Sweden FY 2025 Norway FY 2025 Finland FY 2025 MSEK MSEK MSEK 3 000 8 2 000 6 6 000 12,0 7 5 5 000 10,0 6 1 500 2 000 5 4 4 000 8,0 3 000 6,0 4 1 000 3 1 000 3 2 2 000 4,0 2 500 1 000 2,0 1 1 0 0,0 0 0 0 0 YTD 2023 YTD 2024 YTD 2025 YTD 2023 YTD 2024 YTD 2025 YTD 2023 YTD 2024 YTD 2025 Revenue, MSEK
Slide 34: Five reasons to invest in Alligo
Five reasons to invest in Alligo 1 2 3 4 5 Market Scalable Own brands Sustainable Leader in the growth and platform a increase and consolidation resilient foundation competitiveness long-term process on customer for continued and business the Nordic segments growth profitability model markets 34
Slide 35: Read more at alligo.com/en/report/q4-2025
Read more at alligo.com/en/report/q4-2025