Vestum Ab · OMXSTO:VESTUM
Vestum Ab — Q1 2025 Earnings Presentation
13 slides from Vestum Ab's earnings presentation, Apr 29, 2025
Slide 1: Interim report Q1 2025 presentation
Interim report Q1 2025 presentation
Slide 2: Highlights Q1 2025
Highlights J1 2025 * Organic growth achieved for the first time in two years * Improved profitability * Leverage decreased to 2.1x * Cash flow impacted by increased capex, working capital tie-up and financial one-offs + Acquisition completed after end of quarter * We continue to deliver on our strat
Slide 3: Flow Technology segment
Flow Technology segment AY Market leading product technology specialists in improving water infrastructure Stable demand Growth driven by PDAS 287 289 acquisition 288 . 226 231 a8 oa Margin impacted by ae | | | PDAS acquisition and | | | somewhat lower margin overall, mainly driven by I. F a = i iF
Slide 4: Niche Products segment
Niche Products segment Leading product companies in selected technology niches 219 Q1 2023 Q2 2023 Q3 2023 Q4 2023) Q1 2024/Q2 2024 Q3 2024 Q4 2024 170 E 190 i: 181 165 o 6, [ |. I: 170 Q1 2025 SEK 705m LTM net sales SEK 87m LTM EBITA | | 12.3% LTM EBITA margin * Continued positive organic growth tr
Slide 5: Solutions segment
Solutions segment Specialised solutions for maintaining, developing and streamlining properties and Continued positive transport networks organic growth trend 754 on 684 654 5B 684 Lower sales and profits in 589 568 569 absolute terms driven by | 442 divestitures Profitability improvement mainly dri
Slide 6: New acquisition after end of quarter
New acquisition after end of quarter Acquisition of Nortech - a UK market leader in Flow Technology (Ni, rtech * Nortech, founded in 1993, is a UK market leading designer and supplier of monitoring and control technology to the UK energy and water distribution sector + Excellent product development
Slide 7: Net sales and adjusted EBITA per quarter
Net sales and adjusted EBITA per quarter Adjusted EBITA Adjusted EBITA margin & j @ 3B B L714 79 182 1088 1153 138 11.8% 11,6% 11,8% 993 991 1019 120 10,4% 10,8% 900 m _ . . 8,2% * [Baas 81 78 Ql Q2 Qs Q4] Qi} Qz2 Qs Qs} Qi Ql Q2 QB Q4] QI} Q2 QB_Q4| Qt Ql Q2 QB Q4] QI} Q2 G3 Q4]} QI 2024 2025 2023
Slide 8: Net sales growth
Net sales growth SEKm 991 * Net sales in Q1 decreased by 9% vs last year driven by the divestment of two businesses in the Solutions segment -122 Organic growth in Q1 of 3% which means a trend shift after 2 years of negative organic sales divestments development Q1 2024 Fx Q1 2025 Acquisitions & Org
Slide 9: LTM operating cash flow
LTM operating cash flow * On anLTM basis, cash conversion amounted to 88% per Q1 2025 * The decrease compared to the previous quarter was mainly driven by on os on oe om Gi change in NWC, and to 2023 2024 2025 a lesser extent capex 560 Operating cash flow R12 months —Cash conversion rolling 12 month
Slide 10: LTM free cash flow bridge
LTM free cash flow bridge SEKm a * Cash flow from operating “18 activities before NWC includes interest (incl. one-off effects of approx. -61 SEK 25m from the bond redemption in Q1), and tax payments LTM free cash flow amounted to SEK 69m -129 CF Op Activities Change in NWC Capex Leasing amort. FCF
Slide 11: Net debt and leverage
Net debt and leverage 3,53 r 5 . a & * Leverage at period end g Ww 3 2,9K 2,9x oy decreased to 2.1x, well § 30x 2,8x 2,8x s / : 3 p48 below the financial 2 25x £ target of 2.5x 8 € € S 26 3 8 * Earn-out debt & 40x é A decreased to SEK 17m E et . . whe + 2 * Leverage including 3 aes 14 14 earn-out de
Slide 12: Summary
Summary * Organic growth and strengthened profitability * Flow Technology segment continues to perform well, growth expected going forward supported by acquisitions and organic initiatives + New capital structure established in March 2025 — significant interest cost savings expected going forward *
Slide 13: Q&A