Terranor Group Ab · OMXSTO:TERNOR
Terranor Group Ab — Q3 2025 Earnings Presentation
12 slides from Terranor Group Ab's earnings presentation, November 2025
Slide 1: Investor Presentation Q3 2025
Investor Presentation Q3 2025 November 2025 CONFIDENTIAL AND PROPRIETARY Any use of this material without specific permission of Terranor is strictly prohibited
Slide 2: Today’s presenters
Today’s presenters The reputable Group Management Team Michael Berglin Inka Kontturi Group CEO Group CFO Terranor Group 2
Slide 3: Terranor at a glance
Terranor at a glance The nordic leader in road operations and maintenance • Offer qualified services in road operation and maintenance to ensure that roads remain accessible and functional all year round Share of revenue YTD 2025 • The only major private player specialized in road operations and mai
Slide 4: Large, stable Nordic market with high entry barriers
Large, stable Nordic market with high entry barriers Terranor is tapping into a ~76 SEKbn opportunity • Well-established in a market with high entry barriers in terms of know-how Estimated total addressable market size 2024 (SEKbn) and human capital Sweden, Finland, Denmark • The market is stable an
Slide 5: Operational seasonality directly linked to the climate cycle
Operational seasonality directly linked to the climate cycle One maintenance year usually span five quarters, starting in Q4 Q4 Q1 Q2 Q3 Q4 Winter Season Summer Season Winter Season • Most contracts starts in Q4 • Summer season typically has more variable • Finalize extra work for price services and
Slide 6: Solid growth
Solid growth Diligent tender strategy has contributed to revenue growth that by far surpasses the market Key Figures Q3 2025 794 10% >8% Revenue, MSEK Revenue, MSEK Revenue growth Target growth, % +10% 1 000 • Continued growth in line with plan. Third quarter 900 revenues increased to 794 MSEK (723)
Slide 7: Stable underlying earnings
Stable underlying earnings Strong underlying profitability parries restructuring in subsidiaries Key Figures Q3 2025 21 3% >5% Adj. EBITA, MSEK -1 p.p. Adj. EBITA, MSEK Adj. EBITA margin Target Adj EBITA m. 50 000 6.0% 45 000 • Strong seasonal profitability from the core business (O&M), 5.0% especia
Slide 8: Cash flow fundamentals remain strong
Cash flow fundamentals remain strong One-offs affect cash flow but fundamentals remain strong with low capex needs • The operating cash flow after changes in NWC for the quarter decreased due to lower operating profit, primarily driven by one time items which include Operating Cash Flow, SEK primari
Slide 9: Terranor’s segments
Terranor’s segments Sweden remains as the core growth engine with solid profitability Sweden Finland Denmark Sweden remains as the core growth Increased revenue from three new Denmark is in transition between closing engine with five new state contracts contracts started in Q4 2024, but risk down al
Slide 10: Financial targets
Financial targets On track to meet ambitious growth and profitability targets Category Outcome LTM Q3 2025 Medium-term financial targets >8% GROWTH 8% Achieve an average annual revenue growth of at least 8% in the medium Revenue growth term PROFITABILITY 3% >5% Adjusted EBITA margin Reach an adjuste
Slide 11: Why invest in Terranor
Why invest in Terranor Key investment highlights A highly specialized, Nordic- Resilient >70 SEKbn Mid-term targets: leading O&M business built for addressable market with growth >8% one purpose: Keep the roads plannable revenues and profit profitability >5% open margins leverage <2.5x dividend ≥50%
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