Slide 1: High activity in a still challenging market
High activity in a still challenging market Profoto year -end report 2025 February 11, 2026 1
Slide 2: Today's speakers
Today's speakers CEO CFO Anders Hedebark Linus Marmstedt anders.hedebark @profoto.com linus.marmstedt@profoto.com 2
Slide 3: Q4 summary
Q4 summary • Net sales decreased by 19 percent to SEK 163m (200). Currency effect was negative 9 percent: o Q4 showed some recovery from weak Q3, but still behind previous year. o Particularly weak demand in Americas. • Adjusted EBIT was SEK 16m (52), corresponding to an EBIT margin of 10 percent (2
Slide 4: Three key LED products started shipping late Q4
Three key LED products started shipping late Q4 Profoto LED Portfolio • With the introduction of our LED product range we are taking a clear strategic step in meeting changing customer demands to secure long -term growth. • The L1600D, L600C and L600D all started shipping L1600D ProPanel 3X2 in late
Slide 5: Half of 19% decline in sales from currency effects
Half of 19% decline in sales from currency effects Quarter • Positive organic growth in APAC: Americas EMEA APAC o Positive organic growth, but negative currency effect dampens overall performance. -19% • Relatively stable demand in EMEA: 200 o Stable demand compared with the previous quarter, despi
Slide 6: 2025 showing the same geographical characteristics
2025 showing the same geographical characteristics Full year • Sales throughout 2025 were negatively affected by Americas EMEA APAC significant trade policy and economic uncertainty, which led to weak demand, particularly in the USA. -16% 731 • During the year, it was also noted that certain Asian p
Slide 7: Q4 sales and EBIT a clear improvement from Q3
Q4 sales and EBIT a clear improvement from Q3 Q4 2025 25% 26% Net sales 20% 19% 18% Q4 10% 11% 10% SEK 163(200) -18.6% 1 -8% 204 196 200 171 164 164 171 163 119 Adj. EBIT Adj. EBIT margin Q4 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SEK 16(52) 9.8% (26.0) 2023 2024 2025 Sales Adj. EBIT margin 7 1. Organic growt
Slide 8: Net sales down 16%, adj. EBIT margin 6%
Net sales down 16%, adj. EBIT margin 6% LTM Net sales 26% LTM 23% 21% 21% 21% 19% SEK 617m (731) 17% 12% -15.6% 1 7% 787 729 742 734 731 724 700 654 617 Adj. EBIT Adj. EBIT margin LTM LTM Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 SEK 41m (153) 6.6 % (20.9) 2023 2024 2025 Sales Adj. EBIT margin 8 1. Organic growth
Slide 9: Full impact of cost savings measures realized in Q4
Full impact of cost savings measures realized in Q4 111 -29% 110 105 95 91 89 82 75 • Cost saving efforts now in full effect – costs in Q4 were 29% lower than in Q1. • At current level we are tracking annual costs of SEK 300m. • Legal costs of SEK 7m incurred in Q2 - Q4 were billed in full in Q4 – p
Slide 10: Low rate of capitalizations in the quarter
Low rate of capitalizations in the quarter 35 34 31 26 25 21 20 • A shift in the ratio between capitalizations 20 16 15 and amortization is putting downward 13 pressure on EBIT. 9 6 7 • This is the result of a change in the capitalization rate within R&D and to some -5 extent the initiation of amort
Slide 11: Strong cash conversion despite drop in earnings
Strong cash conversion despite drop in earnings 238% • Strong focus on cash flow means we’ve maintained a strong cash position throughout the year. o Operating cash flow in Q4 2025 SEK 37m (38) • Net debt decrease from SEK 235m to 65% SEK 181m in the year. • Cash conversion in Q4 2025 far exceeds th
Slide 12: Updated financial targets as we enter a new era
Updated financial targets as we enter a new era In light of changing market conditions and our strategic shift toward LED, the Board has decided to update the financial targets. Profoto will deliver long -term organic growth that exceeds 5% per year, driven by new technology and new customer segment
Slide 13: To summarize
To summarize • LED launches going to plan. • More intense competition from low price Chinese players. • Successful implementation of cost savings plan. • Strong cash conversation in the quarter despite earnings drop. • Updated financial targets in light of a changing market. Photo credit: Mira & Thi
Slide 14: Questions
Questions 14 Photo credit: Lindsay Adler
Slide 15: Annual report, April 9, 2026
Annual report, April 9, 2026 CFO Linus Marmstedt linus.marmstedt@profoto.com 15 15
Slide 16: Profoto – The light shaping company
(#)Profoto The light shaping company™