Slide 1: Interim Report Q3 2025
Interim Report Q3 2025 1 January – 30 September Friday, October 24, 2025 1
Slide 2: Presenters
Presenters Clein Johansson Ullenvik Irene Wisenborn Bellander Group President & CEO CFO 2
Slide 3: Agenda
AGENDA • This is Alligo • Highlights Q3 2025 • Update • Alligo’s differentiated brand portfolio • Financials • Summary and outlook • Q&A
Slide 4: This is Alligo
This is Alligo /s Auuica *
Slide 5: Alligo – a leading player in workwear, personal protection, tools and supplies in the Nordic region
Alligo – a leading player in workwear, personal protection, tools and supplies in the Nordic region 9,480 2,513 239 MSEK Revenue Employees Stores Revenue EBITA Revenue per geographic area R12 per geographic area R12 per brand category R12 41 19% 10% 18% 59 stores stores 17% 139 73% stores 26% 55% 82
Slide 6: An integrated business with a scalable platform
An integrated business with a Non-integrated companies add scalable platform = 80% of sales strategic value = 20% of sales • Two strong concept Sales per channel 2025 YTD brands in three markets 46% 20% Stores (SME) Non- integrated Product Media Welding companies 13 profile/product 6 welding special
Slide 7: Alligo’s Nordic organisation
Alligo’s Nordic organisation 7
Slide 8: Acquisitions is an integral part of Alligo’s growth strategy
Acquisitions is an integral part of Alligo’s growth strategy 2025 value creation so far: Completed acquisitions Stores Segments • Battery 3 (7) 29 (12) • Product Media Acquired growth Annual revenue Employees 8.0% (3.7) ≈302 MSEK (317) 98 (77) 8
Slide 9: Highlights Q3 2025
Highlights Q3 2025 9
Slide 10: Q3 2025 business conditions
Q3 2025 business conditions Market situation Proactive management Delivery capacity Macroeconomic factors • Challenging but • Driving sales • Good and stable • Continued economic stable market, more in all countries uncertainty in the • Cost reductions positive signs business cycle • Growth by acqui
Slide 11: Q3 2025 in brief
Q3 2025 in brief – Improved profitability in all countries Revenue Organic growth Operating cash flow +2.1% Recovery in Finland and -2.7% Acquisition- driven growth of 6.3 % 148 Sweden MSEK (116) Adjusted EBITA Adjusted EBITA margin Gross margin 158 Improved gross margin, cost 7.2% 41.4% MSEK (137)
Slide 12: Q3 2025 highlights
Q3 2025 highlights Sales Acquisitions Operations • High sales focus in • Two product media • Turnaround Tools FI all countries add-on acquisitions in • Margin improvements • Growth initiatives Sweden, adding 27 MSEK in sales with good • Sales and assortment - Differentiated management profitability
Slide 13: Turnaround project Tools Finland
Turnaround project Tools Finland – Focusing on gross margin improvements • Profitability improvement initiatives targeting direct sales Adjusted EBITA-margin customers that needs to be reached in Finland* • Driving store sales and review of store network and product range 6-8% (3.0 YTD) • Strengthen
Slide 14: Clear financial targets…
Clear financial targets… YTD 2025 YTD 2025 -3.3% 3.1x YTD 2025 5.5% 14
Slide 15: …as well as sustainability targets
…as well as sustainability targets 15
Slide 16: Update
Update • Alligo’s differentiated brand portfolio 16
Slide 17: Go for growth – prioritized growth areas
Go for growth – prioritized growth areas – Applicable across all our markets Services In-store sales Construction industry Own brands Develop further in Develop our in-store Establish a strong Expand our own brands services, conceptualise sales in line with best position in construction our offering
Slide 18: Strong differentiated brand portfolio…
OWN BRANDS YTD 2025 Strong differentiated brand portfolio… – To meet changing customer behavior Premium Mid Affordable 18
Slide 19: …contributed to maintain Alligo’s market position
…contributed to maintain Alligo’s market position Estimated market shares 2024 (p.p. change vs. 2023) #2 #2-3 #3 #2 Ahlsell 36% (0) Tess 17% (+1) Würth 29% (+1) Ahlsell 21% (0) * 17% (+1) Ahlsell 15% (+2) Etra 21% (0) 14% (0) Derome 5% (-1) 14% (0) 12% (+1) Würth 11% (0) Würth 4% (0) Würth 8% (-1) I
Slide 20: Financials
Financials 20
Slide 21: Improved profitability in all countries
Improved profitability in all countries – Acquisition-driven growth counteracts weak organic sales Revenues and EBITA Highlights Q3 2025 2025 2024 2025 2024 • Revenue increased by 2.1% MSEK July-Sept ∆, % July-Sept Jan-Sept ∆, % Jan-Sept ̶ Organic growth of -2.7% ̶ Acquisition-driven growth of 6.3%
Slide 22: Improved EBITA in Q3 due to acquisitions, higher gross margin and cost-saving measures
Improved EBITA in Q3 due to acquisitions, higher gross margin and cost-saving measures EBITA bridge Q3 2025 Highlights Q3 2025 16 158 • Weaker volumes explain the 14 decreased gross profit. An improved 137 gross margin in Q3 counteracts. -7 4 • Cost savings have offset the impact -3 -3 of salary inc
Slide 23: Positive development of own brands and SME in the integrated business in all countries
Q3 – Positive development of own brands and SME in the integrated business in all countries Sweden Norway Finland* SALES PER CHANNEL SALES PER CHANNEL SALES PER CHANNEL 25% (16) Non- 3% (3) Non- 26% (22) integrated 55% (57) Store 22% (22) integrated 49% (47) Non-integrated companies channel (SME) St
Slide 24: Sweden Norway Finland
Sweden Norway Finland MSEK MSEK MSEK 800 7 500 6 1 500 12 6 400 5 10 600 5 4 1 000 8 4 300 6 400 3 3 200 500 4 2 2 200 100 2 1 1 0 0 0 0 0 0 Q3 2023 Q3 2024 Q3 2025 Q3 2023 Q3 2024 Q3 2025 Q3 2023 Q3 2024 Q3 2025 Revenue, MSEK Non-integrated Revenue, MSEK Non-integrated Adj.EBITA% Revenue, MSEK Non-
Slide 25: Operating cash flow in Q3 has increased compared to last year
Operating cash flow in Q3 has increased compared to last year – Investments in our own brands have offset reduced inventory levels of external brands Cash flow Highlights Q3 2025 2025 2024 2025 2024 MSEK ∆ ∆ • Seasonally the weakest quarter Jul-Sep Jul-Sep Jan-Sep Jan-Sep • Improved cash flow from o
Slide 26: Temporary increased leverage that will gradually decrease
Temporary increased leverage that will gradually decrease – Higher acquisition pace and weaker R12 EBITDA Overview of the financial position Highlights Q3 2025 30 sept 30 Sept 31 Dec • Ratio of net operational liabilities MSEK 2025 2024 2024 to EBITDA (excl. IFRS 16) of 3.1 Non-current interest 3,29
Slide 27: Summary & outlook
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Slide 28: Q3 2025 in summary
Q3 2025 in summary • Improved profitability in all countries • High sales activity in all markets • Strengthening sales with strong service concepts and a differentiated brand portfolio • Continued cost-cautiousness 28
Slide 29: Outlook 2025/2026
Outlook 2025/2026 • Improved market sentiment in some segments, but customers remain cautious • Positioned to leverage volume growth and reach financial targets • Strong offering through high-quality own brands, services, store network, and logistics capability • Go for growth 2026: ̶ Sales ̶ Market
Slide 30: Clein Ullenvik – leaving during 2026
Bild på flera medarbetare – positiv känsla Clein Ullenvik – leaving during 2026 Our company building is now complete, the platform is in place, and we have many interesting growth initiatives that enable continued long-term profitable growth. Given this, and where we are in the business cycle, it fe
Slide 31: Q&A
Q&A 31
Slide 32: Appendix
Appendix 32
Slide 33: YTD – Positive development of own brands and SME in the integrated business in all countries
YTD – Positive development of own brands and SME in the integrated business in all countries Sweden Norway Finland* SALES PER CHANNEL SALES PER CHANNEL SALES PER CHANNEL 25% (16) Non- 2% (2) Non- 27% (17) integrated 54% (56) Store 21% (23) integrated 50% (49) Non-integrated companies channel (SME) S
Slide 34: Sweden YTD Norway YTD Finland YTD
Sweden YTD Norway YTD Finland YTD MSEK MSEK MSEK 2 500 6 1 500 6 5 000 12 2 000 5 5 4 000 10 4 1 000 4 8 1 500 3 000 3 3 6 1 000 2 000 2 500 2 4 1 000 2 500 1 1 0 0 0 0 0 0 YTD 2023 YTD 2024 YTD 2025 YTD 2023 YTD 2024 YTD 2025 YTD YTD YTD 2025 Revenue, MSEK Non-integrated Adj.EBITA% Revenue, MSEK No
Slide 35: Five reasons to invest in Alligo
Five reasons to invest in Alligo 1 2 3 4 5 Market Scalable Own brands Sustainable Leader in the growth and platform a increase enterprise consolidation resilient foundation competitiveness an integrated process on customer for continued and part of the the Nordic segments growth profitability busine
Slide 36: Read more at alligo.com/en/report/q3-2025
Read more at alligo.com/en/report/q3-2025