Slide 1: Gradually improving order intake and net sales
Gradually improving order intake and net sales NCAB Q3 Report 24 September 2025 NCAB GROUP © Q3 2025 1
Slide 2: Today's presenters
NCAB GROUP Q3 Today’s presenters PETER KRUK TIMOTHY BENJAMIN CEO CFO NCAB GROUP © Q3 2025 2
Slide 3: Everything needs a PCB and each PCB is unique
DIGITALIZATION, ELECTRIFICATION AND IOT... Everything needs a PCB and each PCB is unique NCAB GROUP © Q3 2025 3
Slide 4: Companies, markets, specialists, factories; mission and vision
19 45 651 36 companies markets specialists factories MISSION VISION PCBs for demanding customers, The Number 1 PCB Producer on time with zero defects, produced wherever we are sustainably at the lowest total cost NCAB GROUP © Q3 2025 4
Slide 5: Our attractive niche – HMLV
OUR MARKET Our attractive niche – HMLV MIX High-Mix Low-Volume Higher product value <USD 2,000 per order line (HMLV) Higher quality demand High Harder to buy direct Less price pressure >USD 2,000 per order line High-Volume Low VOLUME High Low >50 sqm per order <50 sqm per order NCAB GROUP © Q3 2025
Slide 6: Global PCB market is resuming growth
MILLION SEK Global PCB market is resuming growth 5 000 4 500 4 000 3 500 3,672 MSEK REVENUE 3 000 2 500 2 000 Ulf Anderssson AB 1 500 1 000 NCAB GROUP © | Corporate Presentation 6 500 0 Growth in Nordics Entry into Europe Entry into US Market consolidation NCAB GROUP © Q3 2025
Slide 7: Defence growing as well as medtech
Defence growing as well as medtech % OF REVENUE 2024 OTHER TELECOM 5% 4% DEFENCE 6% INDUSTRIAL 47 % POWER 11 % AUTOMOTIVE 13% MEDICAL 14 % 7 NCAB GROUP © Q3 2025
Slide 8: Sourcing from China decreasing
Sourcing from China decreasing 2018 USA Europe 2024 Other Taiwan 1% 4% 3% 6% USA 3% Europe 14 % China China 95% 74% % of revenue NCAB GROUP © Q3 2025 8
Slide 9: Good growth in Order Intake and Revenue despite FX headwind
Q3 2025 Good growth in Order Intake and Revenue despite FX headwind Order Intake continues to strengthen Overall growth of 21% in USD, and 14% organically North America and East lead with Europe following and Nordics stable Positive development across multiple sectors like Aerospace & Defence, Medic
Slide 10: In figures
Q3 2025 In figures Order intake increased by 11% to 985 (887) MSEK Overall 21%, and 14% organic growth in USD Book to bill of 1.04 Net Sales increased by 6% to 949 (898) MSEK Overall 15%, and 8% organic growth in USD EBITA decreased to 110 MSEK, 11.6% EBITA-margin Gross Margin decreased to 35.2% (36
Slide 11: Sales increasing, but FX impacts EBITA
THE THIRD QUARTER IN NUMBERS Sales increasing, but FX impacts EBITA Q3 949 99 110 11.6% 2025 Net sales, MSEK Net sales, MUSD EBITA, MSEK EBITA margin Change vs +6% +15% -7% -1.6 pp Q3 2024 NCAB GROUP © Q3 2025 11
Slide 12: Top line stabilized and gross margin somewhat weaker
Top line stabilized and gross margin somewhat weaker Net Sales, MSEK 4.458 Gross margin, % 44 4.088 42 3.614 3.672 40 3.220 37,1 38 36,0 35,2 36 32,2 34 31,3 31,7 2.115 30,2 30,7 32 1.781 30 1.617 30,3 1.400 28 26 24 22 20 2017 2018 2019 2020 2021 2022 2023 2024 LTM 2025 NCAB GROUP © Q3 2025 12
Slide 13: Order intake and sales turning up
ORDER INTAKE AND NET SALES IN Q3 2025 Order intake and sales turning up MSEK Order intake increased by 11% to 985 MSEK and 1,100 1,014 985 985 for comparable units in USD up by 14% 1,000 958 934 949 887 898 907 900 830 Positive development in North America, East 800 and Europe. All increased with do
Slide 14: EBITA improving sequentially
EBITA RESULT EBITA improving sequentially MSEK % EBITA decreased to 110 MSEK (118) 140 13.2% 14 130 13 120 11.6% 12 FX impacted the result negatively by 15 MSEK 110 11 The EBITA margin decreased to 11.6% (13.2) 100 10 90 9 80 8 Gross margin at 35.2% (36.4), slightly higher than 898 70 7 Q2 60 6 118
Slide 15: FX impact on quarter P&L
EBITA RESULT FX impact on quarter P&L FX deviations vs PY Revenue -75 MSEK USD/SEK 9.52 (10.42) Gross Profit - 26 MSEK EUR/SEK 11.12 (11.45) Translation - 28 MSEK Revaluation + 2 MSEK SG&A +11 MSEK EBITA - 15 MSEK NCAB GROUP © Q3 2025 15
Slide 16: Nordic
SEGMENTS Nordic MSEK % Order intake decreased by 9% to 208 MSEK (229) 240 16 220 Challenging comparable due to big project order 13.0% 14 200 12.4% in 2024 180 12 160 Positive development in Denmark and Finland 140 10 mainly in Energy sector 120 8 224 215 898 100 202 197 203 Net sales remained flat,
Slide 17: Europe
SEGMENTS Europe Order intake increased by 18% to 496 MSEK (421) MSEK % Organic growth in USD of 13% 550 18 500 16 Positive trend in Spain, Benelux, Italy, Germany 450 13.2% 14 400 Net sales increased by 7% to 464 MSEK (435) 350 12 9.8% 300 10 Organically in USD revenue remained stable and 898 250 49
Slide 18: North America
SEGMENTS North America Order intake increased by 20% to 221 MSEK (185) MSEK % Good progress with extending New Product 240 18 Introduction model (NPI) across US 220 15.4% 15.4% 16 200 Strong growth in the Defence, Power and 180 14 Medtech sectors 160 12 140 Net sales up by 9% to 225 MSEK (205) and 1
Slide 19: East
SEGMENTS East Order intake increased 14% to 59 MSEK (52) MSEK % 70 18 Order intake in USD increased by 25% 16 60 16.4% 14 Capitalizing on market growth in high tech 50 14.6% 12 leveraging NCAB’s supply base 40 898 10 Net sales increased 4% to 58 MSEK (56) 30 63 8 56 54 58 51 6 20 Revenue in USD incr
Slide 20: Strong finances to support our growth
KPI:s Strong finances to support our growth Q3 2025 Q3 2024 ROE % 14.1 20.7 Net debt/EBITDA 1.6 1.1 Equity/Asset ratio % 41.5 41.3 Net working capital, MSEK 299 278 Net working capital/Net sales LTM %* 7.9 7.5 Available liquidity, MSEK 1,374 1,481 * Proforma adjusted for M&A NCAB GROUP © Q3 2025 20
Slide 21: Good opportunities in our pipeline
NCAB ACQUISITION PROCESS Good opportunities in our pipeline Approx. 300 identified companies Focus on Europe, US and East HMLV segment Right customer portfolio No own production Example of criteria Profitable company ~ 50 target companies Shortlist Cumatrix, Belgium EPI Components, Austria ICOM Indu
Slide 22: A clear strategy for high-pace profitable growth!
A clear strategy for high-pace profitable growth! GEOGRAPHICAL EXPANSION MARKET CONSOLIDATION Expand geographically to new markets using Consolidate market and explore economies of M&A to accelerate process scale for cost and capability advantages 100% FOCUS ON PCBS INCREASE MARKET SHARES Maintain 1
Slide 23: Q&A
Q&A NCAB GROUP NCAB GROUP © Q3 2025
Slide 24: Financial calendar 2025/26
Financial calendar 2025/26 Q4 report 13 February, 2026 Q1 report 23 April, 2026 AGM 7 May, 2026 Q2 report 22 July, 2026 Q3 report 23 October 2026 Investor contact: Gunilla Öhman gunilla.ohman@ncabgroup.com NCAB GROUP © Q3 2025 24