Slide 1: Continued strong growth in sales
Continued strong growth in sales Q325 Webcast | OCTOBER 29, 2025
Slide 2: Tuomas Kahri appointed as a new CEO
Tuomas kahri appointed as a new ceo New leadership to take boreo to the next phase of growth ▪ The Board of Directors has appointed Tuomas Kahri as Boreo’s next CEO. He will assume the role no later than May 1, 2026. ▪ Previous experience includes e.g. o Partner at McKinsey & Company o Partner at In
Slide 3: Agenda
AGENDA • q325 highlights • q325 business areas • Q&A
Slide 4: Q325 highlights
Q325 | highlights fourth consecutive quarter with organic sales growth Sales 32.8m€ (+16%) Operational Ebit 1.7m€ Strong cash flow Organic growth 10% -6% vs. q324 Cash conversion 151% Gross margin at 31% (q324: 32%) Margin of 5.1% (q324: 6.2%) Supported by the Reduction of working capital by 1.4m€ O
Slide 5: Q325 fourth consecutive quarter with sales growth
Q325 | fourth consecutive quarter with sales growth Organic growth of 10% - market conditions slightly improving 200 Sales, R12 Commentary 180 Sales +16% or 4.5m€ vs. Q324 170 172 169 161 ▪ Market conditions slightly improving 160 160 155 in industrial businesses 153 144 146 140 142 140 132 134 135
Slide 6: Q325 gross margins & profitability stable
Q325 | gross margins & profitability stable Significant improvement of ~5% in the last 5-years Commentary 35 % 32 % Gross Margin%, R12 Oper. EBIT, % 33 %32 %32 %32 % Gross margin at 31% (-0.7% vs. Q324) 31 % 32 % 31 % 30 % 31 %31 % 30 % ▪ Stable development with sales mix 30 % 29 % 30 % 28 % variati
Slide 7: Q325 strong cash generation in R12
Q325 | strong cash generation in r12 cash flow supported by release of working capital Commentary 229% ▪ Trade Working Capital decreased by c. 1.4m€ 180% 156% ▪ Expectation to continue reducing 151% working capital in H2 taking growth 129% 17.6 opportunities into consideration 118% 96% 97% 95% 14.8
Slide 8: Going forward, doing what we're supposed to do
Going forward| doing what we’re supposed to do Develop existing & seek to acquire new businesses H224-h125 Q425 > Strategic targets explore new opportunities and Acquisitions continue on the acquisition path 15% minimum annual average operational EBIT growth Organic 15% Order books support decent mi
Slide 9: Agenda
AGENDA • q325 highlights • q325 review • Q&A
Slide 10: Q325 growth of operational EBIT in R12
Q325 | growth of operational ebit in r12 Operational ebit growth of 7% in Q324-Q325 Operational ebit (€) & ebit%, r12 Roce% net debt/operational ebitda* 3.3 5.6% 5.5% 5.5% 5.4% 5.7% 5.6% 5.7% 5.9% 5.2% 5.5% 5.2% 5.1% 5.6% 5.2% 5.0% 3.1 11.7% 2.8 2.8 11.0% 10.9% 11.3% 11.3% 11.2% 11.0% 2.5 2.5 2.5 10
Slide 11: Q325 target to improve returns by improving profitability
Q325 | target to improve returns by improving profitability ROTWC at 26% in q325 vs 24% in Q324 Commentary 60 % 57 % ROTWC%, R12 ▪ Slight decline of ROTWC vs. Q225 54 % 54 % due to R12 working capital 52 % 50 %50 % fluctuations 50 % 46 % 42 % 43 %44 % 42 % 43 %43 % ▪ Target to improve returns by 40
Slide 12: Q325 solid financial position
q325 | solid financial position Hybrid bond reset-date in Q1/2027. Maturity dates for Senior Debt facilities moved to Q1/2028. 1) debt maturity structure - facilities in use, m€ Total facilities of 76.0m€ of which 59.0m€ used (q325) *** 3) 13.0m€ 17% 21.0m€ 28% 10.0m€ 13% 76.0m€ ** 2) 12.0m€ 16% 20.
Slide 13: Q325 Electronics
Q325 | Electronics Strong sales growth with satisfactory profitability Comments – q3 2025 Net sales and operational ebit% Business performance 8.1 % 8.5 % 6.4 % 7.7 % 5.6 % ▪ Sales growth of 20% ▪ Operational EBIT 1.1m€ (1.0m€ Q3/24), with EBIT margin decreasing to 7.7% (8.1% Q3/24) 19.8 ▪ Working c
Slide 14: Q325 Technical trade
Q325 | Technical trade Strong sales growth but slight decrease in profitability Comments – q3 2025 Net sales and operational ebit% Business performance 7.6 % 7.1 % 6.4 % 4.5 % 4.8 % ▪ Sales growth of 13% ▪ Operational EBIT 1.2m€ (1.2m€ Q3/24), with EBIT margin declining slightly to 6.4% (7.5% Q3/24)
Slide 15: Agenda
AGENDA • q325 highlights • q325 review • Q&A
Slide 16: yy yj
We, yy yj Wa e “
Slide 17: Boreo Grow & Prosper
BOREO GROW & PROSPER
Slide 18: A long-term owner of great entrepreneurial companies
A long-term owner of great entrepreneurial companies 134m€ 6.8m€ (5.1%) 359 NET SALES 2024 Operational ebit 2024 Employees 23 companies 7.9% 2.4x Return on capital employed Net debt / operational EbitDA 2024 Q3 2025 Map excluding USA 18
Slide 19: Diversified industrial portfolio in countries
Diversified industrial portfolio in 7 countries Electronics Technical trade 58M€ 2024 Sales 142 Professionals 76M€ 212 2024 Sales Professionals 7 Markets 3 Markets 19
Slide 20: Capable & committed leadership in a decentralized structure
Capable & committed leadership in a decentralized structure Simon Hallqvist, Camilla Grönholm, Jouni grönroos, Mattias björk, Noora neilimo- Jussi vanhanen, Chairman chair of Remco chair of audit board member kontio, board board member committee member Board of 6,502 shares 1,312 shares 5,817 shares
Slide 21: Boreo's business model
Boreo’s business model We own and acquire Great entrepreneurial companies with strong profits and cash flows Ultimate objective is We enable earnings growth by Sustainable profit Supporting & generation coaching in the long-term our companies & developing people we Re-invest capital with attractive
Slide 22: Our acquisition & ownership criteria
Our acquisition & ownership CRITERIA asset light industrial businesses with strong cash generation, proven track record and a management fit with boreo culture Industrial characteristics financial characteristics organisational characteristics investment characteristics B2b high Cash conversion Stro
Slide 23: Our philosophy – Sustainable long-term profit generation
Our philosophy – Sustainable long-term profit generation Decentralization Capital allocation Culture of ownership and release of Focus on earnings and capital efficiency entrepreneurial energy Broad universe of investment Aligned interest of shareholders and opportunities – discipline in capital emp
Slide 24: What's in it for the companies?
What’s in it for the companies? A Long-term owner Leadership development • Stability • Best practice sharing • Continuation • Support from ’Coaches’ • Credibility • MD peer group • Access to funding boreo companies • Boreo Academy Balance P&L sheet Business development Personnel • Board of Directors
Slide 25: Focus on earnings growth and return on capital
Focus on earnings growth and return on capital Updated long-term strategic financial targets to better reflect shareholder value creation minimum annual minimum net debt / average operational ROCE operational EBITDA EBIT growth 15% 15% 2-3x Dividend policy Target to annually increase dividend per sh
Slide 26: Grow & prosper
BOREO GROW & PROSPER