Slide 1: A STRONG start for the year
A STRONG start for the year Q126 Webcast | April 29, 2026
Slide 2: Introductions of the boreo team presenting
Introductions of the boreo team presenting TUOMAS KAHRI, CEO RAFAEL OSMANOV, HEAD OF m&A & FINANCING Sami hanerva, vp finance
Slide 3: Agenda
AGENDA • Q126 highlights • q126 business areas • Q&A
Slide 4: Q1'26 highlights
q126 | highlights sixth consecutive quarter with organic sales growth Sales 39.5m€ Operational Ebit 1.7m€ Roce 9.1% Vs. 8.8% in q125 Growth 16% vs. Q125 Organic growth 9% (4.3%) INCREASE of 28% vs. q125 Rotwc 28.0% (27.6% in q125) Cash flow 2.1m€ 2.2x Order books grew Compared with q125 and Q425 OPE
Slide 5: Q1'26 another step in the right direction
q126 | another step in the right direction Operational ebit growth of 10% in Q125-Q126 Operational ebit (€) & ebit%, r12 Roce% net debt/operational ebitda* 10% 9.1% 2.2 (15%) (15%) (2-3x) minimum annual average minimum net debt / operational EBIT growth ROCE operational EBITDA *Excluding the 10m€ co
Slide 6: Q1'26 sixth consecutive quarter with sales growth
Q126 | sixth consecutive quarter with sales growth Organic growth of 9% - certain industries showing growth possibilities Commentary Sales +16% or 5.5m€ vs. Q125 ▪ Market conditions slightly improving despite uncertainties Acquisitions ▪ 2025 acquisitions of Spetselektroodi and Elfa Distrelec operat
Slide 7: Q1'26 gross margins & profitability stable
Q126 | gross margins & profitability stable Significant improvement of ~5% in the last 5-years Commentary Q126 Gross margin at 29% (29% Q125) ▪ Stable development with sales mix variations from quarter to quarter Operationally a better result than last year with 28% increase in Operational EBIT comp
Slide 8: Q1'26 strong cash generation in R12
Q126 | strong cash generation in r12 cash flow supported by Good profit generation Commentary ▪ Net Working Capital decreased by c. 0.1m€ in Q126 ▪ Cash Flow expected to be driven by profits going forward – working capital optimization continues where possible 1) 2) 1) Cash Flow = Operational net ca
Slide 9: Q1'26 target to improve returns by growing profits
Q126 | target to improve returns by growing profits ROTWC at 28% in q126 Commentary ▪ ROTWC% stable vs. Q1 last year – slightly up from year end ▪ Target to improve returns by improving profitability ▪ Working capital managed well – efficiency work continues, optimizing where possible 9
Slide 10: Q1'26 solid financial position
q126 | solid financial position Short-term liquidity 19.0M€ (14.4M€ Q125) Total facilities of 73.5m€ of which 56.5m€ used (q126) debt maturity structure - facilities in use, m€ 1) *** 30 3) 13.0m€ 18% 18.5m€ Term loan facility 25% 20 Acquisition loan facility 20.0 8.0 10.0m€ 14% 73.5m€ 10 Hybrid bon
Slide 11: Accelerating M&A activities
Accelerating m&A activities Boreo looks to acquire and own asset light industrial businesses with strong cash generation, proven track record and a management fit with boreo culture Disciplined approach to M&A: ▪ Small operational add-ons Industrial financial organisational investment ▪ Geographical
Slide 12: Agenda
AGENDA • Q126 highlights • q126 business areas • Q&A
Slide 13: Q1'26 Electronics
Q126 | Electronics Improved margins and growth - Milcon drives performance Comments – q1 2026 Net sales and operational ebit% Business performance ▪ Sales increased by 10%, driven by YE RS inorganic sales growth ▪ Operational EBIT 1.3m€ (1.0m€ Q1/25), with EBIT margin increasing to 7.7% (6.4% Q1/25)
Slide 14: Q1'26 Technical trade
Q126 | Technical trade Strong growth and improved EBIT – margins impacted by sales mix Comments – q1 2026 Net sales and operational ebit% Business performance ▪ Sales growth of 21% - driven by strong performance in several businesses ▪ Operational EBIT 1.0m€ (0.9m€ Q1/25), with EBIT margin decreased
Slide 15: Agenda
AGENDA • Q121 highlights • q126 highlights • Q&A
Slide 16: yy yj
We, yy yj Wa e “
Slide 17: Grow & prosper
BOREO GROW & PROSPER
Slide 18: A long-term owner of great entrepreneurial companies
A long-term owner of great entrepreneurial companies 153m€ 8.0m€ (5.2%) 361 NET SALES 2025 Operational ebit 2025 Employees 23 companies 8.8% 2.2x Return on capital employed Net debt / operational EbitDA 2025 Q1 2026 Map excluding USA 18
Slide 19: Diversified industrial portfolio in 7 countries
Diversified industrial portfolio in 7 countries Electronics Technical trade 61M€ 2025 Sales 144 Professionals 92M€ 213 2025 Sales Professionals 7 Markets 3 Markets 19
Slide 20: Capable & committed leadership in a decentralized structure
Capable & committed leadership in a decentralized structure Simon Hallqvist, Camilla Grönholm, Jouni grönroos, Mattias björk, Noora neilimo- Jussi vanhanen, Chairman chair of Remco chair of audit board member kontio, board board member committee member Board of 6,530 shares 1,312 shares 5,817 shares
Slide 21: Boreo's business model
Boreo’s business model We own and acquire Great entrepreneurial companies with strong profits and cash flows Ultimate objective is We enable earnings growth by Sustainable profit Supporting & generation coaching in the long-term our companies & developing people we Re-invest capital with attractive
Slide 22: Our acquisition & ownership criteria
Our acquisition & ownership CRITERIA asset light industrial businesses with strong cash generation, proven track record and a management fit with boreo culture Industrial characteristics financial characteristics organisational characteristics investment characteristics B2b high Cash conversion Stro
Slide 23: Our philosophy – Sustainable long-term profit generation
Our philosophy – Sustainable long-term profit generation Decentralization Capital allocation Culture of ownership and release of Focus on earnings and capital efficiency entrepreneurial energy Broad universe of investment Aligned interest of shareholders and opportunities – discipline in capital emp
Slide 24: What's in it for the companies?
What’s in it for the companies? A Long-term owner Leadership development • Stability • Best practice sharing • Continuation • Support from ’Coaches’ • Credibility • MD peer group • Access to funding boreo companies • Boreo Academy Balance P&L sheet Business development Personnel • Board of Directors
Slide 25: Focus on earnings growth and return on capital
Focus on earnings growth and return on capital Updated long-term strategic financial targets to better reflect shareholder value creation minimum annual minimum net debt / average operational ROCE operational EBITDA EBIT growth 15% 15% 2-3x Dividend policy Target to annually increase dividend per sh
Slide 26: Grow & prosper
BOREO GROW & PROSPER