Slide 1: Q2 2025 Presentation
030 oA s GHP Presentation 11 July 2025 e@ & Natel
Slide 2: Q2 highlights
Q2 highlights Numbers Where we are located Net sales by segment Q225 • Net sales MSEK 789, -7.7% • Adjusted EBITA MSEK 41, margin 5.2% • Order backlog increased to BSEK 4.1 • All numbers in the presentation refer to continuing Infraservices 20% operations unless otherwise stated Power 34% Telecom 46
Slide 3: Key activities in Q2
Key activities in Q2 • Successful completion of the sale of the lossmaking Finnish operation • Faster execution than expected • Important step in building a stronger Netel • High level of project startups • Lays the foundation for future growth, improved profitability and cash flow • Executing on ou
Slide 4: Recent business wins
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Slide 5: Infraservices
Infraservices • Expanded collaboration with Mälarenergi in Sweden • Two new projects focused on the renewal of heating and water systems • Leveraging on our existing collaboration with Mälarenergi in Power
Slide 6: Power
Power • New five-year framework agreement with E.ON in Sweden • Guaranteed volumes totaling 330 MSEK • Covers project contracting for local networks in the areas of Örebro, Norrköping, Eastern Småland, and parts of northern Sweden
Slide 7: Telecom
Telecom • Two-year contract signed with envia TEL • Contract value EUR 19 million • envia TEL is a leading telecommunications operator in central Germany and part of E.ON Group • With this new agreement, we gain both a new customer and expands our geographical presence in Germany
Slide 8: Financial performance
Financial performance & Netel
Slide 9: High level of project startups lays the foundation for future growth
High level of project startups lays the foundation for future growth Net sales Order backlog • Net sales -7.7% to MSEK 789 (854) 1000 4000 • Organic growth -7.7% 900 3500 • Good development in Telecom 800 3000 700 • FX effects -2.6% 600 2500 500 2000 400 1500 300 1000 200 100 500 0 0 Net sales, MSEK
Slide 10: Profitability impacted by high level of project startups and project mix in Power
Profitability impacted by high level of project startups and project mix in Power Adjusted EBITA & margin • Adjusted EBITA MSEK 41 (48) 70 8 • Adjusted EBITA margin 5.2% (5.6) 60 7 6 • Margin in Power will gradually 50 improve 5 40 4 • Gradual impact from margin 30 enhancing measures implemented 3 2
Slide 11: Cash flow also reflecting the level of project startups
Cash flow also reflecting the level of project startups Net debt excluding leasing Operating cash flow liabilities Including discontinuing operations • Operating cash flow MSEK -62 (41) 900 4.0 200 800 • Unutilised credit facilities and cash 3.5 MSEK 416 700 3.0 150 600 • Leverage ratio 3.4 – higher
Slide 12: Successful completion of the sale of the Finnish operation
Successful completion of the sale of the Finnish operation Divestment of lossmaking Finnish operations • Completed 30 June 2025 • Faster process than expected • No significant effect in financial results or position • Purchase price EUR 1 • Free up resources • Focus on the core markets of Sweden and
Slide 13: Segment performance
Segment performance & Netel
Slide 14: Infraservices
Infraservices Sales & Margin – Q by Q Sales & Margin • Net sales -29.8% to MSEK 157 300 14 Q2 12 months • EBITA MSEK 6 250 12 MSEK 2025 2024 Δ R12M 2024 Δ • EBITA margin 3.6% (7.6) 10 200 Net sales 157 223 -29.8% 760 844 -10.0% • New customers 8 150 • Expanding cooperation with existing 6 - Sweden 1
Slide 15: Power
Power Sales & Margin – Q by Q Sales & Margin • Net sales -3.5% to MSEK 268 350 14 Q2 12 months • EBITA MSEK 8 300 12 MSEK 2025 2024 Δ R12M 2024 Δ • EBITA margin 3.0% (7.2) 250 10 Net sales 268 277 -3.5% 1,044 1,005 3.9% • High level of project startups in Sweden 200 8 - Sweden 148 162 -8.6% 641 653
Slide 16: Telecom
Telecom Sales & Margin – Q by Q Sales & Margin • Net sales 3.0% to MSEK 364 450 8 Q2 12 months 400 7 • EBITA MSEK 24 MSEK 2025 2024 Δ R12M 2024 Δ 350 6 • EBITA margin 6.7% (1.8) 5 Net sales 364 354 3.0% 1,434 1,435 -0.1% 300 - Sweden 74 67 10.4% 284 280 1.4% • Strong development in Sweden and 250 4
Slide 17: Building a stronger Netel
Building a stronger Netel 0 258 ». Raa & Netel
Slide 18: Building a stronger Netel
Building a stronger Netel • Strong mega trends – electrification, digitalisation and modernisation of the infrastructure • High order backlog SEK 4.1 billion • Broadened customer base and geographical presence • Project startups lay the foundation for future growth, improved profitability and cash f
Slide 19: Q3 2025 report 24 October 2025
Q3 2025 24 October 2025