Slide 1: Interim Q4 2025
Interim Q4 2025 INTERIM REPORT Q4 2025 1
Slide 2: Table of Content
1. Highlights TABLE OF 2. Financials CONTENT 3. Summary 4. Q&A INTERIM REPORT Q4 2025 2
Slide 3: Highlights 2025 – Group
Highlights 2025 – Group Record-high cash flow and EBITA margin MSEK 12M 2025 12M 2024 Change, % Sales 37 067 35 662 4% • Sales at ~37 BSEK, corresponding to a growth of 9%, excl. FX Organic growth, % 2,6% • Organic growth of 3% Change through acquisitions, % 6,7% Currency effects, % -5,4% Change tot
Slide 4: Highlights Q4 2025 – Group
Highlights Q4 2025 – Group Stable quarter with strong cash flow MSEK Net sales and EBITA, excl. IAC*, % 12 000 • Sales at 8 262 MSEK, corresponding to a growth of 2%, excl. FX 10 000 • Organic growth -1% 8 000 9,2% 9,2% • One less trading day in most countries 6 000 • High comps in APAC (+10%) and t
Slide 5: Highlights Q4 2025 – Group: organic sales per product segment
Highlights Q4 2025 – Group Q4 FY FY 2025 – Stable organic growth across all product segments Organic sales per product segment Organic sales per product segment MSEK MSEK +3% 10 000 36 000 -1% 30 000 Q4 2025 8 000 24 000 +3% 6 000 -2% • OEM segment, organic growth of 6% 18 000 4 000 -1% +2% • Our gr
Slide 6: Highlights Q4 2025 – Division EMEA
Highlights Q4 2025 – Division EMEA An eventful quarter finishes off a stable year MSEK Q4 25 Q4 24 Change, % 12M 25 12M 24 Full year sales growth of 12%, excl. FX, and improved profitability Net sales 4 875 4 934 -1,2 22 559 20 819 Organic change, % -0,2 2,6 • Improving organic growth of 3%, (0% LY)
Slide 7: Highlights Q4 2025 – Division APAC
Highlights Q4 2025 – Division APAC All time high EBITA margin MSEK Q4 25 Q4 24 Change, % 12M 25 12M 24 Full year sales growth of 3%, excl. FX, and record profitability • Organic growth of 2%, (6% LY) Net sales 1 655 1 891 -12,5 6 159 6 551 Organic change, % -1,2 2,3 • Four strategic acquisitions Cha
Slide 8: Highlights Q4 2025 – Division North America
Highlights Q4 2025 – Division North America Strong performance in an uncertain market MSEK Q4 25 Q4 24 Change, % 12M 25 12M 24 Full year sales growth of 9%, excl. FX, and improved underlying profitability Net sales 1 760 2 001 -12,1 8 449 8 363 Organic change, % -4,1 3,1 • Organic growth of 3%, (3%
Slide 9: Sales development, excl. FX, %
Financials Q4 2025 – Sales development, excl. FX, % % 45 40 35 30 25 45 20 39 35 15 29 27 10 14 15 15 5 11 12 8 5 2 0 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Of which organic growth 17,9 17,9 14,5 1,7 -4,4 -4,1 -4,1 2,2 2,7 6,3 4,3 2,0 5,0 -1,4 INTERIM REPORT Q4
Slide 10: EBITA development
Financials Q4 2025 – EBITA* development Quarter FY MSEK MSEK 1 400 14,0% 4 500 12,0% 4 000 10,6% 10,7% 1 200 12,0% 10,0% 3 500 1 000 10,0% 9,2% 9,2% 3 000 8,0% 800 8,0% 2 500 6,0% 600 6,0% 2 000 3 962 3 776 1 500 4,0% 400 810 758 4,0% 1 000 2,0% 200 2,0% 500 0 0,0% 0 0,0% Q4 23 Q1 24 Q2 24 Q3 24 Q4
Slide 11: Financials Q4 2025
Financials Q4 2025 Organic EBITA** EPS change** Sales growth* Q4 2% growth (change in EBITA, %) 3% (change in %) 4% -1% Organic EBITA** EPS change** Sales growth* FY 9% growth (change in EBITA, %) 11% (change in %) 15% 3% * Excl. currency effects ** Excl. currency effects and items affecting compara
Slide 12: P&L
Financials Q4 2025 – P&L MSEK Q4 2025 Q4 2024 Change, % 12M 2025 12M 2024 Change, % Sales 8 262 8 808 -6% 37 067 35 662 4% EBITA excl. IAC 758 810 -6% 3 962 3 776 5% EBITA margin excl. IAC, % 9,2% 9,2% 10,7% 10,6% EBIT excl. IAC 703 756 -7% 3 744 3 571 5% Net financial income/expense -106 -130 -493
Slide 13: Earnings per share
Financials Q4 2025 – Earnings per share* SEK +10% 5,0 4,5 4,0 3,5 3,0 2,5 4,81 4,39 2,0 1,5 -2% 1,0 0,5 0,89 0,87 0,0 Q4 24 Q4 25 12M 24 12M 25 * Excl. items affecting comparability (IAC) INTERIM REPORT Q4 2025 13
Slide 14: Operating cash flow
Financials Q4 2025 – Operating cash flow Quarter FY MSEK MSEK 586 -392 -569 2 -131 -144 10 1 006 4 774 4 400 1 704 963 EBITDA* Working CapEx Leasing Other Q4 25 EBITDA* Working CapEx Leasing Other FY 25 capital capital * Excl. items affecting comparability (IAC) INTERIM REPORT Q4 2025 14
Slide 15: Operating cash flow
Financials Q4 2025 – Operating cash flow Quarter FY MSEK MSEK 2 000 5 500 4 500 1 500 4 400 3 500 1 000 3 464 1 704 2 500 1 298 500 1 500 0 500 -500 -500 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 2020 2021 2022 2023 2024 2025 INTERIM REPORT Q4 2025 15
Slide 16: Net debt
Financials Q4 2025 – Net debt Net debt Net debt / EBITDA* excl. leasing and pension MSEK Q4 25 Q4 24 2,6 LTM EBITDA excl. IAC 4 774 4 560 2,4 2,2 2,1 LTM EBITDA impact of leasing (IFRS 16) -682 -653 2,0 2,0 1,9 LTM EBITDA excl. leasing (IFRS 16) and IAC 4 091 3 908 1,8 1,8 1,8 1,7 1,7 1,6 1,6 Net de
Slide 17: High level summary 2025
High level summary 2025 Stable growth with record-high cash flow and EBITA margin • Total sales growth of 9%, excl. FX (organic growth +3%) • EBITA* of 3 962 MSEK. EBITA* growth of 11%, excl. FX. Record EBITA margin* at 10,7% • Operating cash flow was record-high and amounted to 4 400 MSEK (3 464) •
Slide 18: Summary Q4
Summary Q4 Q4 – Stable quarter with strong cash flow • Total sales growth of 2%, excl. FX (organic sales in line with LY) • One-off costs (IAC) of 150 MSEK related to the previously announced strategic consolidation program • EBITA* growth of 3%, excl. FX. EBITA margin* at 9,2% (9,2). Adjusted for M
Slide 19: Q&A
Q&A INTERIM REPORT Q4 2025 19
Slide 20: Thank you
Thank you INTERIM REPORT Q4 2025 20