Troax Group Ab Class A · OMXSTO:TROAX
Troax Group Ab Class A — Q4 2025 Earnings Presentation
17 slides from Troax Group Ab Class A's earnings presentation, Feb 5, 2026
Slide 1: Q4 & Year-End Report January–December 2025
Q4 & YEAR-END REPORT JANUARY – DECEMBER 2025 MARTIN NYSTRÖM, PRESIDENT & CEO ANDERS EKLÖF, CFO 5 FEBRUARY, 2026
Slide 2: Fourth quarter highlights
Fourth quarter highlights • Markets continue to trend softly o Europe continued largely as in Q3 o The Americas continued to decline – high quoting activity but customers hesitate to make decisions -3% Order intake growth o APAC softened slightly after a record year (excl. FX) o Signs of recovery fo
Slide 3: Fourth quarter highlights
Fourth quarter highlights • Supply chain optimisation initiatives progressing but drive one-off costs o Factory transfer from Poland to Sweden completed on time and within budget in Q4 -3% o Factory transfer from Chicago to Nashville according to plan - move to Order intake growth be finalised durin
Slide 4: The Vichnet acquisition secures market leadership for China and APAC
The Vichnet acquisition secures market leadership for China and APAC Acquisition of Vichnet o Market leader in China for machine guarding solutions and cable management systems o By joining forces, Troax Group will be the leading player in China and Asia for machine guarding solutions o Provides att
Slide 5: Widening the product portfolio into flexible barriers
Widening the product portfolio into flexible barriers A complete and strengthened flexible barriers offering: • D-Flexx (part of Dancop) o Leading position in safety mirrors o Strong product offering for flexible barriers in intralogistics • Stommpy o Unique, high-quality flexible barrier technology
Slide 6: Improving efficiency and expanding capacity in North America
Improving efficiency and expanding capacity in North America • New facility in Tennessee in progress – to start operating by mid-2026 • Improved competitiveness through full automation, best practices, and cost-effective location • Inventory moved and machines are being installed • Higher capacity n
Slide 7: Our optimized European footprint for racking solutions is complete
Our optimized European footprint for racking solutions is complete • Our racking portfolio has been streamlined to improve efficiency and reduce the complexity of our offering • The operations move from Poland to Sweden was completed during Q4 • Reduced costs and increased utilisation while maintain
Slide 8: Market development
Market development Total (Order intake YoY, organic, excl. FX) -3% Automotive Warehouse Construction Process Other Total ~15% ~35% ~10% ~10% ~30% 100% Share of sales OI change (2024) (YoY) Northern Europe -4% 76% Southern Europe -1% Americas 16% -4% APAC 8% 0% < -5% -5% to 5% >5% Q4/ Year -end repor
Slide 9: Order intake growth (YoY)
Order intake growth (YoY) Order intake by quarter (MEUR) Bridge -5% -5% 68,0 64,4 +1% -2% -3% 68,0 64,4 20-Q4 21-Q4 22-Q4 23-Q4 24-Q4 25-Q1 25-Q2 25-Q3 25-Q4 24-Q4 Organic Structure FX 25-Q4 FY25: 261 MEUR Q4/Year-end report 2025 9 NOTE: One-off impact from factory transfer of ~2MEUR
Slide 10: Sales development
Sales development Sales by quarter (MEUR) Bridge -8% -8% 66,7 61,2 +1% 66,7 -8% -1% 61,2 20-Q4 21-Q4 22-Q4 23-Q4 24-Q4 25-Q1 25-Q2 25-Q3 25-Q4 Q4-24 Organic Structure FX Q4-25 FY25: 262 MEUR Q4/Year-end report 2025 10
Slide 11: EBITA development
EBITA development Adj. EBITA margin (%) 20 25 10.8% 20 15 17,2 • Lower volumes in EMEA and Americas 15 put pressure on the EBITA-margin 10 10,8 • Delayed pricing adjustments in Americas 10 and operational problems diluted the 5 EBITA with ~300 bps 5 • Low volumes in commercial partitioning 0 0 busin
Slide 12: Operating cash flow development
Operating cash flow development 25 200 20 150 126 15 100 Free operating cash flow 10 73 5 14,4 50 4.8 MEUR 4,8 0 0 21-Q4 22-Q4 23-Q4 24-Q4 25-Q1 25-Q2 25-Q3 25-Q4 Operating cash flow (MEUR) R3 Cash conversion % FY25: 29.9 MEUR (82%) Q4/Year-end report 2025 12
Slide 13: Net debt development
Net debt development 160 3,0 Target: Net debt/EBITDA <2.5 Financial Net debt / EBITDA 140 2,5 120 2,0 1.7 (R12) 1,7 100 1,5 80 1,0 • Net debt increase during Q4 60 due to 3 acquisitions 40 0,5 • Target is to be below 2.5 20 0,0 20-Q4 21-Q4 22-Q4 23-Q4 24-Q4 25-Q4 • Continued fire power for Financial
Slide 14: Financial summary
Financial summary KEY FINANCIALS (MEUR) Q4 2024 Q4 2025 68.0 GROWTH (YoY) OI Sales Order intake 64.4 Organic -3 -8 Sales 66.7 61.2 Structure +1 +1 Adj. EBITA 11.5 6.6 Organic + structure -3% -6% Adj. EBITA (%) 17.2% 10.8% Currency -2 -2 Net debt / EBITDA 0.8 1.7 Total -5% -8% EPS (adjusted) 0.15 0.0
Slide 15: Looking ahead
Looking ahead • The new decentralised organisational structure will boost sales and generate cost synergies • Our optimised factory structure will enhance our efficiency and competitiveness • New acquisitions will drive growth in both current and new segments Q4/Year-end report 2025 16
Slide 16: Q&A
Q&A Q4/Year-end report 2025 17
Slide 17: Thank you!
THANK YOU!