Storskogen Group Ab Class B · OMXSTO:STOR_B
Storskogen Group Ab Class B — Q4 2025 Earnings Presentation
26 slides from Storskogen Group Ab Class B's earnings presentation, Feb 10, 2026
Slide 1: Storskogen Q4 2025
Storskogen Q4 2025 February 2026 1
Slide 2: Today's presenters
Today’s presenters Christer Hansson Lena Glader CEO CFO 2
Slide 3: Storskogen in brief
Storskogen in brief Storskogen is an international business group with annual net sales of SEK 33bn and adj. EBITA of SEK 3.1bn, split across three business areas consisting of business units averaging SEK ~290m1 in sales Services Trade Industry 33% 30% 37% 42% 58% 67% 33% Jesper Kronstrand Åsa Murp
Slide 4: Highlights
Highlights Key highlights NET SALES, Q4: Cash flow from operating activities, Q4 • Organic growth (FY): SEK 8,723m SEK 1,151m • Net sales: 2% (8,5911) (SEK 1,680m1) • Adj. EBITA: -5% • Q4 organic sales growth at 5% and organic EBITA growth at -5% ADJ. EBITA, Q4: Adjusted cash conversion, LTM SEK 816
Slide 5: Cash flow remains strong
Cash flow remains strong Cash flow from operations, Quarterly (SEKm) Cash flow from operations, LTM (SEKm) 1,680 3,098 3,102 3,004 3,007 2,981 2,876 2,775 2,451 1,151 855 659 527 453 109 113 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 5
Slide 6: Seasonal variations with solid LTM
Seasonal variations with solid LTM Sales and EBITA margin, Quarterly Sales and EBITA margin, LTM 2% change whereof 5% organic -3% whereof -3% from divestments 13 9,500 9,00013 35,150 34,931 34,589 12 34,182 33,765 35,500 35,000 8,500 32,974 32,965 33,097 34,500 12 34,000 11 33,500 8,000 9.9% 10.0% 3
Slide 7: Services
Services Challenging year with flat margin development Key highlights NET SALES, Q4: NET SALES, FY: • Organic growth (FY): SEK 2,514m SEK 9,232m • Net sales: -5% (-3%1) (-10%1) • EBITA: -10% • Softer Q4 for Business Services but FY ADJ. EBITA, Q4: ADJ. EBITA, FY: in line with last year SEK 270m SEK
Slide 8: Trade
Trade Organic sales and EBITA growth in the quarter and for the full year Key highlights NET SALES, Q4: NET SALES, FY: • Organic growth (FY): SEK 2,668m SEK 9,588m • Net sales: 5% (7%1) (0%1) • EBITA: 4% • Strong organic sales and EBITA ADJ. EBITA, Q4: ADJ. EBITA, FY: growth in Q4 SEK 228m SEK 831m
Slide 9: Industry
Industry Q4 organic sales growth but margin pressure in uncertain markets Key highlights NET SALES, Q4: NET SALES, FY: • Organic growth (FY): SEK 3,551m SEK 14,319m • Net sales: 5% (0%1) (-1%1) • EBITA: -5% • Divestments affected Q4 sales ADJ. EBITA, Q4: ADJ. EBITA, FY: and EBITA by -2% SEK 360m SEK
Slide 10: Resumed acquisitions
Resumed acquisitions Acquisitions: 9 acquisitions in 2025 * • Annual sales: SEK ~400m • Adj. EBITA margin: >20% Divestments: 1 divestment in 2025 • Annual sales: SEK ~280m • Adj. EBITA margin: <10% * Acquiring business unit (add-on acquisitions) 10
Slide 11: Financial update
Financial update 11 11
Slide 12: Financial summary, adjusted for IAC
Financial summary, adjusted for IAC SEKm Q4 25 Q4 24 Chg., % FY 25 FY 24 Chg., % Key takeaways Net sales 8,723 8,591 2 33,097 34,182 -3 Raw material and supplies -4,644 -4,572 2 -17,746 -18,349 -3 Q4 sales grew organically Other external expenses -1,044 -1,033 1 -3,803 -3,950 -4 (5%) and acquisition
Slide 13: Financial KPI trends
Financial KPI trends Q423 Q124 Q224 Q324 Q424 Q125 Q225 Q325 Q425 _ Trendline Adj. EBITA margin, % (LTM) Adj. EPS, SEK (LTM) Adj. RoWC, % Adj. RoCE, % Adj. RoCE excl. Goodwill, % Adj. RoE, % Adj. Cash conversion, % (LTM) Leverage ratio, x 9.0% 0.46 55.3% 10.1% 24.9% 4.6% 102% 2.5 8.7% 0.37 53.4% 9.5
Slide 14: Sales development
Sales development Organic sales growth in Q4 and for the full year, driven by Trade and Industry Q4, SEKm Full year, SEKm 2% -3% 1% -1% 0% 34,182 2% -2% 5% -3% 8,723 8,591 -3% 33,097 Net sales, Organic Acquisitions Divestments FX 1 Net sales, Net sales, Organic Acquisitions FX 1 Divestments Net sale
Slide 15: EBITA development
EBITA development Negative organic growth and FX partly offset by M&A and lower group operations Q4, SEKm 2 Full year, SEKm 2 Includes FX effects Includes FX effects of SEK -34m of SEK -65m -4% -3% 1% -2% 2% -2% 849 2% 3,229 2% -5% -5% 816 3,117 Adj. EBITA, Acquisition & Group FX 1 Organic 2 Adj. EB
Slide 16: Condensed cash flow
Condensed cash flow SEKm Q4 25 Q4 24 Chg., % FY 25 FY 24 Chg., % Key takeaways Profit before tax 457 474 -4 1,585 493 222 Adjustment for non-cash items 413 516 -20 1,809 2,896 -38 Change in working capital driven by reduced inventory Income tax paid 49 69 -29 -392 -661 -41 an accounts receivable Cha
Slide 17: Condensed balance sheet
Condensed balance sheet SEKm Dec 25 Dec 24 Chg., % Key takeaways Total non-current assets 28,572 29,797 -4 Total current assets 12,884 13,383 -4 Further Y/Y reduction in interest-bearing debt Total assets 41,455 43,180 -4 Total equity 20,599 20,807 -1 Refinanced bonds at Interest-bearing non-current
Slide 18: Well distributed debt portfolio
Well distributed debt portfolio SEKm Maturity Margin (+3m Stibor) 2027 3.75% 2028 3.25% 2029 2.90% 2030 2.65% 1,332 3,624 3,180 1,250 1,250 1,250 1,000 600 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Liquidity 2025 2026 2027 2028 2029 2030 Cash & other cash equivalents Bonds Term loan RCF (utilised) Unutili
Slide 19: New members of the Executive Mgmt. Team
New members of the Executive Mgmt. Team Jesper Kronstrand Chris Pullen EVP, Head of Business Area Services (since 2026) EVP, Head of Storskogen UK (since 2025) Previous positions: CEO SoVent Group AB Previous positions: Investment Director Storskogen (a Storskogen business unit), CEO Newsec UK (sinc
Slide 20: Key takeaways
Key takeaways Organic sales growth and positive signs of an improved business cycle in 2026 Acquisitions resumed as of H2 2025 Robust operational and financial position moving into 2026 20 20
Slide 21: Storskogen
mh storskogen
Slide 22: Appendix
Appendix 22
Slide 23: Financial summary, reported
Financial summary, reported SEKm Q4 25 Q4 24 Chg., % FY 25 FY 24 Chg., % Key takeaways Net sales 8,723 8,591 2 33,097 34,182 -3 Raw material and supplies -4,644 -4,572 2 -17,746 -18,349 -3 No significant IAC in the Other external expenses -1,047 -1,033 1 -3,807 -3,953 -4 quarters Personnel expenses
Slide 24: Financial development per business area
Financial development per business area Services Trade Industry 15,000 12% 15,000 12% 15,000 12% 14,000 14,000 14,000 13,000 13,000 13,000 10% 10% 10% 12,000 12,000 12,000 11,000 11,000 11,000 10,000 8% 10,000 8% 10,000 8% 9,000 9,000 9,000 8,000 8,000 8,000 6% 6% 6% 7,000 7,000 7,000 6,000 6,000 6,
Slide 25: Organic sales growth
Organic sales growth Organic sales growth (QTD1) 6% 4% 5% 4% 3% 2% 2% 1% 0% 0% -1% -2% -4% -5% -6% -6% -8% Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 1 Comparable sample based on portfolio companies owned as of January in the comparison year, i.e. the same sample as organic YTD data 25
Slide 26: Capital allocation in 2025
Capital allocation in 2025 LTM, SEKm 2,451 542 67 555 1,421 263 464 32 662 Cash flow from Capex Net investments Leasing Free cash flow Acquisitions and Acquired and Paid contingent Residual operating in non-current after leasing divestments divested considerations cash flow activities assets minorit