Slide 1: Strong demand continues
Strong demand continues NCAB Q2 Report 2026 22 July 2026 NCAB GROUP © Q 2 2 026 1
Slide 2: Today's presenters
NCAB GROUP Q2 Today’s presenters PETER KRUK TIMOTHY BENJAMIN CEO CFO NCAB GROUP © Q 2 2 026 2
Slide 3: Everything needs a PCB and each PCB is unique
DIGITALIZATION, ELECTRIFICATION AND IOT... Everything needs a PCB and each PCB is unique NCAB GROUP © Q 2 2 026 3
Slide 4: Companies, markets, specialists, factories; mission and vision
19 45 671 34 companies markets specialists factories MISSION VISION PCBs for demanding customers, Making PCBs easy on time with zero defects, produced sustainably at the lowest total cost NCAB GROUP © Q 2 2 026 4
Slide 5: Our attractive niche – HMLV
OUR MARKET Our attractive niche – HMLV MIX High-Mix Low-Volume Higher product value <USD 2,000 per order line (HMLV) Higher quality demand High Harder to buy direct Less price pressure >USD 2,000 per order line High-Volume Low VOLUME High Low >50 sqm per order <50 sqm per order NCAB GROUP © Q 2 2 02
Slide 6: Global PCB market is growing fast
Global PCB market is growing fast MUSD MUSD 120,000 600 100,000 NCAB Order Intake 500 80,000 400 60,000 300 40,000 200 20,000 100 0 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026LTM Source Prismark 2026Q1 NCAB GROUP
Slide 7: Strong growth on topline and EBITA
KEY TAKE AWAYS IN Q2 2026 Strong growth on topline and EBITA Order intake accelerates amidst supply chain challenges Datacentre investments for AI creates strained supply chains for PCBs globally and pre-buys and price increases enhancing order intake Underlying double-digit demand increase and good
Slide 8: Board Shark PCB - USA
ACQUISITIONS Board Shark PCB - USA Based in Florida, USA Started in 2016 with focus on quick-turn deliveries Main customer base in the aerospace, industrial and medical sectors Revenue 2025 of approximately USD 17 million with strong EBITA margin 5 employees and a strong network of regional sales re
Slide 9: In figures
Q2 2026 In figures Order intake increased by 59% to 1,570 (985) MSEK 58% organic growth in USD Book to bill of 1.34 Net Sales increased by 25% to 1,168 (934) MSEK 24% organic growth in USD EBITA increased to 138.6 MSEK (93.9), 11.9% EBITA-margin Gross Margin stable at 35.1% (35.1) Negative impact of
Slide 10: Growing revenue with stable gross margin
Growing revenue with stable gross margin Net sales, MSEK Gross margin, % 4,458 44 4,088 4,092 3,743 3,614 40 3,220 36.0 35.1 35.2 36 37.1 31.3 31.7 2,115 30.7 32 30.2 32.2 1,781 1,617 30.3 1,400 28 24 20 2017 2018 2019 2020 2021 2022 2023 2024 2025 LTM Q2 2026 NCAB GROU P © Q2 2026 10
Slide 11: Order intake and sales accelerating
ORDER INTAKE AND NET SALES IN Q2 2026 Order intake and sales accelerating MSEK Order intake increased by 59% to 1,570 MSEK and 1,600 1,570 1,500 for comparable units in USD up by 58% 1,400 1,289 1,300 Growth comprised of approximately 20% higher 1,200 1,092 1,168 1,100 1,074 prices and 20% pre-order
Slide 12: EBITA improving year on year
EBITA RESULT EBITA improving year on year MSEK % EBITA increased to 139 MSEK (94) 150 14 140 13 11.9 130 12 FX impacted the result negatively by 10 MSEK 120 10.0 11 110 10 EBITA was negatively affected by transaction 100 9 costs of 7.3 MSEK 90 8 80 898 7 70 139 Strong operational leverage on higher
Slide 13: Nordic
SEGMENTS Nordic Order intake increased by 55% to 403 MSEK (260) MSEK % 300 18 Organic growth of 41% in SEK and 48% in USD 15.2 16 250 Pricing, pre-ordering in all markets and solid 14 development in energy, defence and industrial sectors 200 10.7 12 Net sales increased by 28% to 277 MSEK (215) 10 15
Slide 14: Europe
SEGMENTS Europe Order intake increased by 58% to 750 MSEK (475) MSEK % Organic growth of 51% in SEK and 57% in USD 550 18 500 16 This was driven by strong pricing effects, pre-ordering 450 14 and solid demand from industrial customers 400 11.1 12 350 All markets strong except Italy (automotive expos
Slide 15: North America
SEGMENTS North America Order intake increased by 56% to 294 MSEK (189) MSEK % Growth of 59% in USD supported by orders with 300 18 deliveries extending into 2027 16 250 14.2 Positive development in Defence and Power 14 200 12 Net sales up by 24% to 278 MSEK (225) and 30% in USD 9.5 10 150 898 Delive
Slide 16: East
SEGMENTS East Order intake increased 102% to 124 MSEK (61) MSEK % Order intake in USD increased by 111% 80 19.8 22 20 Capitalizing on market growth in high tech, 70 17.5 18 leveraging NCAB’s supply base, as well as growing 60 16 with NCAB global customers 50 14 12 40 898 76 10 Net sales increased 40
Slide 17: ROE improving driven by EBITA development
KPI:s ROE improving driven by EBITA development Q2 2026 Q2 2025 ROE % 18.9 13.5 Net debt/EBITDA 1.9 1.8 Net debt/EBITDA* 1.9 1.8 Equity/Asset ratio % 35.8 40.7 Net working capital, MSEK 443 353 Net working capital/Net sales LTM %** 10.3 9.2 Available liquidity, MSEK 1,059 1,263 * - Proforma adjusted
Slide 18: Good opportunities in our pipeline
NCAB ACQUISITION PROCESS Good opportunities in our pipeline Approx. 300 identified companies Focus on Europe, US and East HMLV segment Right customer portfolio No own production Example of criteria Profitable company ~ 50 target companies Shortlist B&B Leiterplattenservice, Germany Multi-Teknik, Swe
Slide 19: Our integration process important for synergies
NCAB ACQUISITION PROCESS Our integration process important for synergies Marketing IT Finance Focus to use one brand Shared tools, – one company Economies of systems scale and platforms Operations Factory and logistics Sales Sustainability Strong relationships – customer contacts and visits People &
Slide 20: A clear strategy for high-pace profitable growth!
A clear strategy for high-pace profitable growth! GEOGRAPHICAL EXPANSION MARKET CONSOLIDATION Expand geographically to new markets using Consolidate market and explore economies of M&A to accelerate process scale for cost and capability advantages 100% FOCUS ON PCBS INCREASE MARKET SHARES Maintain 1
Slide 21: Q&A
Q&A NCAB GROUP NCAB GROUP © Q22026 21
Slide 22: Financial calendar 2026
Financial calendar 2026 Q3 report 23 October, 2026 Capital Markets Day 19 November, 2026 Q4 report 12 February, 2027 Investor contact: Gunilla Öhman gunilla.ohman@ncabgroup.com NCAB GROU P © Q2 2026 22