Netel Holding Ab · OMXSTO:NETEL
Netel Holding Ab — Q4 2025 Earnings Presentation
19 slides from Netel Holding Ab's earnings presentation, Feb 6, 2026
Slide 1: Q4 Presentation
Q4 Presentation 6 February 2026
Slide 2: Agenda
Agenda • Highlights Q4 • Why profitability was hit in 2025 • Measures to improve profitability • Our strengths • Indication 2026 • Financial performance • Summary
Slide 3: Highlights Q4
Highlights Q4 • Improved order backlog SEK 4.2 billion • Significant orders signed • Strong cash flow MSEK 97 • New long-term financing agreements • Operations in the UK divested • New members in the extended management team
Slide 4: Why profitability was hit in 2025
Why profitability was hit in 2025 • Identification of overvalued projects ahead of project completion in three companies acquired in 2021–2022 • Lower volumes of approx MSEK 400 than expected due to our focus on profitability in procurements • Lower volumes due to increased competition in the Infras
Slide 5: Clear time-bound measures
Clear time-bound measures totalling MSEK 40-50 Our measures to increase profitability in summary: • Divestment of UK operations • Restructuring of companies with profitability problems • Consolidation of subsidiaries into larger units • Reduction of levels of management • Improvement of internal pro
Slide 6: Market update
Market update Infraservices Telecom Power • Lower than expected volumes in • Strong and active market in both the • Good demand with strong mobile and fiber rollout in 2025. public and private sectors. development in Norway, where the business is growing strongly • Project delays and lower activity
Slide 7: Our seasonal patterns
Our seasonal patterns Quarter 1 Quarter 2 Quarter 3 Quarter 4 Traditionally the weakest Increasing volumes and Stable peak season with high The strongest quarter of the quarter in our industry. transition to production but production intensity. Usually one year, notably the most Projects often take
Slide 8: Financial performance
Financial performance & Netel
Slide 9: Record high order backlog
Record high order backlog Net sales Order backlog • Net sales -14.4% to MSEK 812 (949) 1000 4000 • Good development in Power in Norway with approx. 45% growth in Q4 and 41% 900 3500 2025 800 3000 700 • FX effects -1.8% 600 2500 • Order backlog 4.16 BSEK 500 2000 • Approx. 2 BSEK in backlog referring
Slide 10: Profitability impacted by lower volumes and cost improvement measures
Profitability impacted by lower volumes and cost improvement measures Adjusted EBITA & margin • Adjusted EBITA MSEK 2 (59) 80 8 • Adjusted EBITA margin 0.2% (6.3) 6 60 • EPS -1.38 (-1.19) SEK 4 40 2 20 0 0 -2 -20 -4 -40 -6 Adjusted EBITA, MSEK Adjusted EBITA margin, % All numbers in the presentation
Slide 11: Strong cash generation at the end of the year
Strong cash generation at the end of the year Operating cash flow Including discontinuing operations • Operating cash flow MSEK 97 (71) 200 • Strong cash flow due to normal seasonality, i.e. completion of 150 projects and final invoicing • Unutilised credit facilities and cash 100 MSEK 342 50 0 -50
Slide 12: New long-term financing agreements with liquidity covenant
New long-term financing agreements with liquidity covenant Net debt excluding leasing liabilities • Leverage ratio 7.6 – higher than the 1000 9 capital structure target with EBITDA 900 8 impact from Q3 write-downs 800 7 • Financing 700 6 600 5 • New agreements with SEB, Swedish 500 Export Credit Cor
Slide 13: Segment performance
Segment performance & Netel
Slide 14: Infraservices
Infraservices Sales & Margin – Q by Q Sales & Margin • Net sales -28.5% to MSEK 170 300 15 Q4 12 months • EBITA MSEK -3 250 10 MSEK 2025 2024 Δ 2025 2024 Δ • EBITA margin -1.5% 5 200 Net sales 170 238 -28.5% 673 844 -20.3% 0 150 - Sweden 170 238 -28.5% 673 844 -20.3% -5 100 -10 EBITA -3 14 -17 54 50
Slide 15: Power
Power Sales & Margin – Q by Q Sales & Margin • Net sales -14.2% to MSEK 272 350 15 Q4 12 months • Norway grew 45.1% in Q4 and 41.0% in 300 2025 10 MSEK 2025 2024 Δ 2025 2024 Δ 250 Net sales 272 317 -14.2% 989 1,005 -1.6% • EBITA MSEK 1 5 200 - Sweden 135 223 -39.5% 492 653 -24.7% • EBITA margin 0.4%
Slide 16: Telecom
Telecom Sales & Margin – Q by Q Sales & Margin • Net sales -6.3% to MSEK 369 450 10 Q4 12 months • EBITA MSEK -16 400 MSEK 2025 2024 Δ 2025 2024 Δ 350 • EBITA margin -4.3% Net sales 369 394 -6.3% 1,321 1,364 -3.2% 300 5 - Sweden 60 96 -37.6% 240 280 -14.4% 250 - Norway 270 250 -8.0% 894 912 -2.0% 20
Slide 17: We are preparing ourselves for the future
We are preparing ourselves for the future
Slide 18: Indication 2026
Indication 2026 • Strong underlying markets • Strategy to expand geographically and seek new customers • We have done our homework • Growth and margin improvement expected for the full year 2026 given the savings measures in 2025–2026 and the market conditions Netel sees today
Slide 19: Q1 2026 24 April 2026
Q1 2026 24 April 2026 & Netel