Slide 1: Order Intake positive, but headwind from weaker USD
Order Intake positive, but headwind from weaker USD NCAB Q2 Report 22 July 2025 NCAB GROUP © Q2 2025 1
Slide 2: Today's presenters
NCAB GROUP Q1 Today’s presenters PETER KRUK TIMOTHY BENJAMIN CEO CFO NCAB GROUP © Q2 2025 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 © Q2 2025 3
Slide 4: Companies, markets, specialists, factories; mission and vision
19 45 645 36 companies markets specialists factories MISSION VISION PCBs for demanding customers, The Number 1 PCB Producer on time with zero defects, produced wherever we are sustainably at the lowest total cost NCAB GROUP © Q2 2025 4
Slide 5: Another quarter of positive order intake, but impacted by weak dollar
KEY TAKE AWAYS IN Q2 2025 Another quarter of positive order intake, but impacted by weak dollar Positive order intake Continued strong order development in Nordic and East with Europe starting to show growth Order Intake in USA weak compared to PY partly due to tough comparables Net sales devalued b
Slide 6: Q2 2025 In figures
Q2 2025 In figures Order intake increased by 5% to 985 (938) MSEK In USD order intake increased by 16% Book to bill of 1.05 Net Sales stable at to 934 (935) MSEK Organic growth 3% in USD EBITA decreased to 94 MSEK, 10% EBITA-margin Gross Margin decreased to 35.1% (38.0) Negative impact of FX 17 MSEK
Slide 7: B&B Leiterplattenservice - Germany
ACQUISITIONS B&B Leiterplattenservice - Germany Based in Saxony with main customer base in Germany Started in 1996, closed factory in 2022 Industrial and Energy customer focus extending coverage in eastern part of Germany Revenue 2024 of 150 MSEK with EBITA > 20 MSEK 25 employees in Germany and Chin
Slide 8: Sales increasing in dollars, stable in SEK
THE SECOND QUARTER IN NUMBERS Sales increasing in dollars, stable in SEK Q2 934 96.3 93.9 10.0 % 2025 Net sales, MSEK Net sales, MUSD EBITA, MSEK EBITA margin Change vs +/-0% +10% -22% -2.9 pp Q2 2024 NCAB GROUP © Q2 2025 8
Slide 9: Top line stabilized and gross margin somewhat weaker
Top line stabilized and gross margin somewhat weaker 37 36 36 31 32 32 30 30 31 Gross margin, % 4,458 4,088 Net sales, MSEK 3,614 3,621 3,220 2,115 1,617 1,781 1,400 2017 2018 2019 2020 2021 2022 2023 2024 LTM Q2 2025 NCAB GROUP © Q2 2025 9
Slide 10: Order intake and sales turning up
ORDER INTAKE AND NET SALES IN Q2 2025 Order intake and sales turning up Order intake increased by 5% to 985 MSEK and MSEK for comparable units in USD up by 8% 1,100 1,014 958 985 1,000 938 935 934 Positive development in Nordics, Europe and 900 887 898 907 830 East but some hesitation notably in Nor
Slide 11: EBITA result impacted by FX
EBITA RESULT EBITA result impacted by FX MSEK % EBITA decreased to 94 MSEK (120) 200 18 16 Decrease of about 17 million from FX of 150 14 consisting of net negative 22 million from 120 119 12 100 10 translation and positive revaluation gains of 5 100 94 8 72 MSEK 898 6 50 4 The EBITA margin decrease
Slide 12: FX impact on quarter P&L
EBITA RESULT FX impact on quarter P&L FX deviations vs PY Revenue -90 MSEK USD/SEK 9.66 (10.68) Gross Profit - 27 MSEK EUR/SEK 10.95 (11.50) Translation - 32 MSEK Revaluation + 5 MSEK SGA +10 MSEK EBITA - 17 MSEK NCAB GROUP © Q2 2025 12
Slide 13: Nordic
SEGMENTS Nordic MSEK % Order intake increased by 15% to 260 MSEK (226) 240 16 14.3% 220 Positive development in Denmark and aerospace 14 200 and defence 180 10.7% 12 160 Net sales increasing by 4% to 215 MSEK (207), 140 10 120 8 EBITA amounted to 23.0 MSEK (29.6), and EBITA 207 224 898 215 100 202 1
Slide 14: Europe
SEGMENTS Europe MSEK % Order intake increased by 12% to 475 MSEK (423) 700 18 Organic growth in USD by of 8% 16 600 Positive development in Spain and Benelux 12.0% 14 500 12 Net sales decreased by 7% to 440 MSEK (473) 400 10 898 7.6% Organically in USD revenue decreased by 9% 300 8 and in SEK by 18%
Slide 15: North America
SEGMENTS North America Order intake decreased by 18% to 189 MSEK MSEK % (229) 240 18 New sales reps signed to further expand our 220 16 200 14.1 14.2 external sales network and regional coverage 14 180 Timing of orders creates variation vs last year 160 12 140 898 and YTD order intake is up 9% in US
Slide 16: East
SEGMENTS East Order intake increased 3% to 61 MSEK (60) MSEK % 70 20 Order intake in USD increased by 12% 19.8% 60 17.5% Capitalizing on market growth in high tech 50 15 leveraging NCAB’s supply base 40 898 10 Net sales decreased 2% to 54 MSEK (56) 30 63 56 56 54 51 Revenue in USD increased by 7% 20
Slide 17: Strong finances to support our growth
KPI:s Strong finances to support our growth 2025 2024 ROE % 13.5 26.0 Net debt/EBITDA 1.8 1.1 Equity/Asset ratio % 40.7 40.6 Net working capital, MSEK 353 333 Net working capital/Net sales LTM %* 9.2 8.1 Available liquidity, MSEK 1,263 1,455 Dividend 0 1.10 * Proforma adjusted for M&A NCAB GROUP © Q
Slide 18: Good progress in our pipeline
NCAB ACQUISITION PROCESS Good progress 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 Cumatrix, Belgium EPI Components, Austria ICOM Industria
Slide 19: 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 20: Q&A
Q&A NCAB GROUP © Q2 2025 20
Slide 21: Financial calendar 2025/26
Financial calendar 2025/26 Q3 report 24 October Q4 report 13 February, 2026 Investor contact: Gunilla Öhman gunilla.ohman@ncabgroup.com NCAB GROUP © Q2 2025 21