Slide 1: Storskogen Q2 2025
Storskogen Q2 2025 August 2025 1
Slide 2: Today’s presenters
Today’s presenters Christer Hansson Lena Glader CEO CFO 2
Slide 3: Storskogen in brief
Storskogen in brief Storskogen is an international business group with annual net sales of SEK 33bn and adj. EBITA of SEK 3.2bn, split across three business areas consisting of business units averaging SEK ~300m1 in sales Services Trade Industry 34% 31% 37% 42% 58% 66% 32% Consumer Products Industri
Slide 4: Highlights
Highlights Key highlights NET SALES, Q2: Cash flow from operating activities, Q2 • Organic growth (YTD): SEK 8,452m SEK 527m • Net sales: 0% (9,2431) (SEK 855m1) • Adj. EBITA: -6% • Y/Y EBITA negatively impacted by FX and short-term tariff effects ADJ. EBITA, Q2: Adjusted cash conversion, LTM SEK 84
Slide 5: Cash flow seasonal with solid LTM
Cash flow seasonal with solid LTM Cash flow from operations, Quarterly (SEKm) Cash flow from operations, LTM (SEKm) 1,680 3,098 3,102 3,004 3,007 2,876 2,775 855 527 453 109 113 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 5
Slide 6: Seasonal variations with solid LTM
Seasonal variations with solid LTM Sales and EBITA margin, Quarterly Sales and EBITA margin, LTM -6% whereof -5% from divestments -9% whereof -5% from divestments 35,150 34,931 34,589 12.0 11.5 9,500 12.0 11.5 34,182 33,765 35,500 35,000 9,000 32,974 34,500 11.0 11.0 34,000 9.8% 9.9% 8,500 33,500 10
Slide 7: Services
Services Divestments and profitability focus support LTM margin improvement Key highlights NET SALES, Q2: NET SALES, LTM: • Organic growth (YTD): SEK 2,374m SEK 9,429m • Net sales: -7% (-17%1) (-13%1) • Adj. EBITA: -5% • Divestments affected Q2 sales by -8% ADJ. EBITA, Q2: ADJ. EBITA, LTM: • Divestm
Slide 8: Trade
Trade Y/Y positive margin trend supported by divestments Key highlights NET SALES, Q2: NET SALES, LTM: • Organic growth (YTD): SEK 2,349m SEK 9,326m • Net sales: 1% (-6%1) (-4%1) • Adj. EBITA: -5% • Divestments affected Q2 sales by -5% ADJ. EBITA, Q2: ADJ. EBITA, LTM: • Professional Products sales a
Slide 9: Industry
Industry Slightly positive organic sales growth but margin pressure in uncertain markets Key highlights NET SALES, Q2: NET SALES, LTM: • Organic growth (YTD): SEK 3,738m SEK 14,277m • Net sales: 3% (-4%1) (-1%1) • Adj. EBITA: -8% • EBITA negatively impacted by FX and ADJ. EBITA, Q2: ADJ. EBITA, LTM:
Slide 10: Capital allocation model
Capital allocation Expansion model Capex/Opex Capital to New ALLOCATION allocate platforms Acquisitions ALLOCATION Add-ons 10
Slide 11: Investment themes
Investment themes SERVICES TRADE INDUSTRY Health and wellbeing Automation Energy and sustainability Digitalisation Infrastructure 11
Slide 12: Slowly resuming the acquisition agenda
Slowly resuming the acquisition agenda LEP AG is Swiss-based leading digital healthcare documentation provider Annual Sales: SEK ~72m Business Area (vertical): Services (Business Services) UK-based leading independent provider of specialist transport solutions Annual Sales: SEK ~45m Business Area (v
Slide 13: Financial update
Financial update 13 13
Slide 14: Financial summary, adjusted for IAC
Financial summary, adjusted for IAC SEKm Q2 25 Q2 24 Chg., % YTD 25 YTD 24 Chg., % Net sales 8,452 9,243 -9 16,392 17,600 -7 Raw material and supplies -4,518 -4,932 -8 -8,687 -9,388 -7 Key takeaways Other external expenses -927 -1,017 -9 -1,883 -2,003 -6 Personnel expenses -1,972 -2,209 -11 -3,916 -
Slide 15: Financial summary, reported
Financial summary, reported SEKm Q2 25 Q2 24 Chg., % YTD 25 YTD 24 Chg., % Net sales 8,452 9,243 -9 16,392 17,600 -7 Raw material and supplies -4,518 -4,932 -8 -8,687 -9,388 -7 Key takeaways Other external expenses -927 -1,021 -9 -1,883 -2,006 -6 Personnel expenses -1,980 -2,209 -10 -3,924 -4,304 -9
Slide 16: YTD sales bridge
YTD sales bridge Negative Y/Y change largely driven by divestments SEKm -7% 17,600 0% 0% -1% -5% 16,392 17,600 Net sales, Q2 24 Acquisitions Organic growth FX Divestments Net sales, Q1 25 16
Slide 17: YTD EBITA bridge
YTD EBITA bridge Negative organic growth and FX partly offset by divestments and lower cost for group operations SEKm 2 Includes FX effects of SEK -32m 1 SEK -20m and short-term tariff effects of SEK -5m -3% 2% 0% -1% 1,597 3% -6% 1,542 Adj. EBITA, Q2 24 Group operations Divestments Acquisitions FX
Slide 18: Condensed cash flow
Condensed cash flow SEKm Q2 25 Q2 24 Chg., % LTM Profit before tax 364 -542 n/a 1,506 Key takeaways Adjustment for non-cash items 578 1,533 -62 1,895 Change in working capital Income tax paid -155 -190 -18 -409 driven by other operating Change in WC -260 54 n/a -216 receivables Cash flow from operat
Slide 19: Operating cash flow and cash conversion
Operating cash flow and cash conversion As planned, cash conversion (LTM) continues to trend toward target level Operating cash flow1 (LTM) 5,000 140.00% 4,500 120.00% 4,000 102% 101% 99% 96% 93% 94% 100.00% 3,500 85% 88% 80% 3,000 70% 80.00% 2,500 57% 60.00% 2,000 1,500 40.00% 1,000 20.00% 500 2,33
Slide 20: Condensed balance sheet
Condensed balance sheet SEKm Jun 25 Jun 24 Chg., % Dec 24 Total non-current assets 29,021 29,672 -2 29,797 Key takeaways Total current assets 13,319 14,632 -9 13,383 Total assets 42,340 44,304 -4 43,180 Y/Y interest-bearing debt reduced significantly Total equity 20,455 19,855 3 20,807 Interest-bear
Slide 21: Well distributed debt portfolio
Well distributed debt portfolio SEKm 1,150 3,344 2,876 1,250 1,000 1,250 1,250 843 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Liquidity Cash and cash equivalents 2025 2026 2027 2028 2029 Unutilised credit facilities Bond Term loan RCF (drawn) 21
Slide 22: Net debt and leverage
Net debt and leverage Net debt and leverage ratio at comfortable levels Leverage ratio 20,000 2.8 3 2.7 2.6 15,000 2.6 2.6 2.5 2-3x leverage 2.4 2.3 2.3 target range 10,000 2 5,000 11,896 11,706 10,902 11,510 11,171 10,917 9,693 9,887 10,186 0 1 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25
Slide 23: Key takeaways
Key takeaways Operational focus remains prioritised – margin improvement in the quarter Robust financial position with no significant maturities until 2027 – Q2 refinancing resulting in lower interest expenses from Q3 Acquisitions have been slowly resumed in Q3 23 23
Slide 24: mh storskogen
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Slide 25: Appendix
Appendix 25
Slide 26: Financial development per business area
Financial development per business area Services Trade Industry 15,000 12% 15,000 12% 15,000 12% 14,000 14,000 14,000 13,000 13,000 13,000 10% 10% 10% 12,000 12,000 12,000 11,000 11,000 11,000 10,000 8% 10,000 8% 10,000 8% 9,000 9,000 9,000 8,000 8,000 8,000 6% 6% 6% 7,000 7,000 7,000 6,000 6,000 6,
Slide 27: Organic sales growth
Organic sales growth Organic growth (QTD1) 4% 3% 2% 2% 1% 0% 0% -1% -2% -2% -4% -5% -6% -6% -6% -8% Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 1 Comparable sample based on portfolio companies owned as of January in the comparison year, i.e. the same sample as organic YTD data 27
Slide 28: Cash flow bridge
Cash flow bridge LTM, SEKm 2,991 216 2,775 613 154 539 1,469 69 278 1,086 36 Cash flow Change Cash flow Capex Net Leasing Free cash flow Acquisitions Acquired Paid Cash flow from in working from investments after leasing and and divested contingent before operating capital operating in non- divestme