Slide 1: Eltel AB Q3 2025 presentation
Eltel AB Q3 2025 presentation 30 October 2025 1
Slide 2: Today's presenters
Today’s presenters Håkan Dahlström Tarja Leikas Alexandra Kärnlund President and CEO CFO Communications Director 2
Slide 3: Commercial and operational highlights Q3 2025
Commercial and operational highlights Q3 2025 • Great quarter with progress in all our strategic areas, especially when it comes to: o Improved profitability o Broadened customer base o Growth in new and adjacent markets • Strong development in Finland, driven by growth in Power, especially within S
Slide 4: Financial highlights Q3 2025
Financial highlights Q3 2025 Net sales Historically high adjusted EBITA M€ M€ 250 850 200 800 150 750 • Mixed net sales development, in total decreased with 1.0% to EUR 208.2 100 700 million (210.3) 50 650 • New Business accounted for 14% of net sales 0 600 Q4 Q1 Q2 Q3 • Gross profit improved to EUR
Slide 5: Total Group
Total Group Net Sales • Sweden: Growth continued, moderate pace due to the strong previous year • Finland and Denmark & Germany: Stable net sales, Power net sales good growth, Net sales Net sales change by Communication volumes declined M€ M€ M€ segment 250 850 215 • Norway: Slight decline but posit
Slide 6: Adjusted EBITA and Gross Profit (LTM)
Adjusted EBITA and Gross Profit (LTM) Adjusted EBITA Gross Profit 25 2,5 % 110 13% 20 2,0 % 100 12% 15 1,5 % 90 11% 10 1,0 % 80 10% 5 0,5 % 70 9% 0 0,0 % 60 8% Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Adjusted EBITA, LTM Adjusted EBITA, margin %
Slide 7: Finland
Finland Net sales • Delivered stable year-over-year net sales M€ M€ 110 360 • Power delivered strong growth • Communication volumes declined 90 350 • Major adjusted EBITA improvement of + 20% driven by operational efficiency 70 340 and cost discipline 50 330 30 320 Q4 Q1 Q2 Q3 24 25 25 25 Net sales,
Slide 8: Sweden
Sweden Net sales • Net sales grew by 3%, despite a high comparison base from last year’s major M€ M€ 65 230 project completions • Growth driven by customer base expansion in public infrastructure and 50 220 telecommunications • Profitability declined to 1.8% from 4.2% last year 35 210 • Drop mainly
Slide 9: Denmark & Germany
Denmark & Germany Net sales • Net sales remained flat due to lower Communication volumes M€ M€ 40 135 • Power continued to grow 30 130 • Profitability declined in Q3, but January-September profitability improvement was solid. 20 125 10 120 0 115 Q4 Q1 Q2 Q3 24 25 25 25 Net sales, quarterly, previous
Slide 10: Norway
Norway • Net sales declined by 12% M€ Net sales M€ 40 200 • Customer base expanded and new business wins yield some result • Clear signs of profitability improvement with measures producing results 30 150 • Positive adjusted EBITA for the first time in two years−a major milestone 20 100 • Operationa
Slide 11: Group balance sheet
Group balance sheet Leverage M€ Net debt M€ Net working capital 7 180 0 6 -10 150 5 -20 120 -30 4 90 -40 3 60 -50 2 -60 1 30 -70 0 0 -80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2022 2023 2024 2025 2022 2023 2024 2025 2022 2023 2024 2025 Leverage: Net debt/Adjusted EBITDA. Net debt: Interest bearing debt
Slide 12: Eltel Group financial targets
Eltel Group financial targets Profitability • Group adjusted EBITA margin 5% Growth • Annual growth 2–4% Leverage • 1.5–2.5x net debt/adjusted EBITDA Dividend payout • Subject to leverage target 12
Slide 13: Our strategy in short
Our strategy in short • Improve efficiency and profitability of the current business • Integrate sustainability as part of our offerings and operations • Broaden the customer base • Develop our concepts and commercial capabilities • Grow in new and adjacent markets, such as renewable energy 13
Slide 14: Progress in strategy execution
Progress in strategy execution Pipeline Pipeline Improve efficiency and profitability 53% 50% • Gross profit improved to EUR 27.8 million (24.0) Q3 2025 Q3 2024 • LTM gross profit improved from EUR 88.7 million to EUR 100.1 million • LTM adjusted EBITA improved with close to EUR 11 million 47% 50% •
Slide 15: Eltel's Data Center Offerings
Eltel’s Data Center Offerings 15
Slide 16: A comprehensive infrastructure partner of choice – power and connectivity
A comprehensive infrastructure partner of choice – power and connectivity Main power and Communication network power supply and infrastructure Infrastructure and installing work inside 16
Slide 17: Eltel Data Center Offerings
Eltel Data Center Offerings Power Temporary Grid Power supply/ power during connection & distribution construction substation MV/LV Electrical Back-up and MEP* Lighting reserve installations power, UPS Coms within Structured Coms Coms (fiber) cabling to the site the plot to DC room within DC room *M
Slide 18: Winthrop, Construction Power for two datacenters
Ongoing project Eltel Finland Winthrop, Construction Power for two datacenters About the project Eltel’s responsibility Current status • Customer: Winthrop Technologies, that is • Construction power to DC site – EPC contract • HEL16 project completed 4/2025 the general contractor for two Microsoft •
Slide 19: XTX Markets, Kajaani Data center, 250MW
Ongoing project Eltel Finland XTX Markets, Kajaani Data center, 250MW About the project Eltel’s responsibility Current status • Customer: XTX Markets Oy • Turnkey construction contract: • 110 kV cable route excavation finished • Size of facility: 5 data center buildings • design & engineering 9/2025
Slide 20: Hyperco, Kouvola data center, 82 MW
Ongoing project Eltel Finland Hyperco, Kouvola data center, 82 MW About the project Eltel’s responsibility Current status • Customer: Hyperco Fin Hold Co 1 Oy • Turnkey 110 kV substation and grid • Contract announced in June 2025 • Location: Kouvola, Koria connection contract (EUR 16 million) • Elte
Slide 21: Other examples (non-disclosed)
Other examples (non-disclosed) Eltel Sweden Eltel Norway • Installation services of fiberoptic high density trunks between • Extensive fiber and structured cabling works ongoing under a buildings in a number of data centers for one of the major framework agreement with a leading data center operator
Slide 22: Most recently won Data Center contract: DayOne
Most recently won Data Center contract: DayOne EPC contract 110kV substation , cabling and grid connection for DayOne’s data center in Lahti 22
Slide 23: Questions
Questions Next report Q4 2025: 13 February 2026 23