Slide 1: Eltel AB Q4 2025 presentation
Eltel AB Q4 2025 presentation 13 February 2026 1
Slide 2: Today's presenters
Today’s presenters Håkan Dahlström Tarja Leikas Alexandra Kärnlund President and CEO CFO Communications Director 2
Slide 3: Financial highlights Q4 2025
Financial highlights Q4 2025 Net sales M€ M€ 250 850 Strong growth and solid profitability improvement 200 800 150 750 – best Q4 in a decade 100 700 50 650 • Net sales increased with 5.7% to EUR 239.0 million (226.1) and 0 Q1 Q2 Q3 Q4 600 organic growth was 4.0% 25 25 25 25 Net sales, quarterly, pre
Slide 4: Commercial and operational highlights Q4 2025
Commercial and operational highlights Q4 2025 • Impressive net sales increase in Sweden of 26% , mainly related to Communication, with increased demand from public sector • Net sales growth in Finland mainly driven by Solar PV and Data Center • Smart Grids frame agreement signed with Caruna worth EU
Slide 5: Highlights full-year 2025
Highlights full-year 2025 Net sales rose – gross profit increased – adjusted EBITA nearly doubled Continued growth in public infrastructure customer segment Data center services gaining momentum Continued growth in Power and renewable energy 5
Slide 6: Eltel Group
Eltel Group Net sales Net sales change by Net sales M€ M€ segment M€ • The trend was positive and strengthened in the fourth quarter 250 850 245 15.3 240 -0.8 1.1 239.0 200 800 • Sweden was the Group's growth engine with over 25% y-o-y growth 235 -3.3 -0.4 150 750 230 226,1 1.0 • Finland continued w
Slide 7: Adjusted EBITA and Gross Profit (LTM)
Adjusted EBITA and Gross Profit (LTM) Adjusted EBITA Gross Profit 30 3,0 % 110 13% 25 2,5 % 100 12% 20 2,0 % 90 11% 15 1,5 % 80 10% 10 1,0 % 70 9% 5 0,5 % 0 0,0 % 60 8% 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 Adjusted EBITA, LTM Adjusted EBITA,
Slide 8: Finland
Finland Net sales M€ M€ 110 360 • Net sales continued moderate growth 90 350 o Power delivered strong advancement 70 340 o Communication volumes declined 50 330 • Quartal profitability on par with last year • Full-year adjusted EBITA improved significantly (+30%), 30 320 Q1 Q2 Q3 Q4 both Power and C
Slide 9: Sweden
Sweden Net sales M€ M€ 80 245 • Quartal net sales growth very strong (+25%), full-year growth 13% y-o-y 65 230 o Communication's growth from public infrastructure and telecommunications 50 o Power's growth mainly from Smart Grids 215 • Profitability improved y-o-y both Q4 and full year 2025 35 20 20
Slide 10: Denmark & Germany
Denmark & Germany Net sales M€ M€ 40 135 • Net sales declined 30 130 o Communication volumes continued softening 20 125 o Power grew steadily with BESS (Battery Energy Storage Systems) and street lightning • Profitability declined in Q4 pushing full-year 2025 profitability downwards 10 120 • Measure
Slide 11: Norway
Norway Net sales M€ M€ 40 200 • Net sales declined by 11% 30 150 o Customer base expanded and new business (offshore and defence) yielding some result o Telecommunication operators’ share of net sales continued to decline 20 100 • Second quarter and full H2/2025 delivered positive EBITA 10 50 o Majo
Slide 12: Group balance sheet
Group balance sheet Second quarter 2025 refinancing impacting Leverage and Net debt Leverage M€ Net debt M€ Net working capital 7 180 0 6 -10 150 5 -20 120 -30 4 90 -40 3 60 -50 2 -60 1 30 -70 0 0 -80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 2023 2024 2025 2023 2024 2025 Leverage: Net debt
Slide 13: Eltel Group financial targets
Eltel Group financial targets Profitability • Group adjusted EBITA margin 5% Growth • Annual growth 2–4% Leverage • 1.5–2.5x net debt/adjusted EBITDA Dividend payout • Subject to leverage target 13
Slide 14: Our strategy in short
Our strategy in short • Improve efficiency and profitability of the current business • Integrate sustainability as part of our offerings and operations • Broaden the customer base • Develop our concepts and commercial capabilities • Grow in new and adjacent markets, such as renewable energy 14
Slide 15: Progress in strategy execution
Progress in strategy execution Pipeline Pipeline Improved efficiency and profitability of the current business 55% 49% • Gross profit 18% YoY improvement Q4 2025 Q4 2024 • Ten consecutive quarters of improved adjusted EBITA • Improved adjusted EBITA, driven by Norway and Sweden 45% 51% Signed contra
Slide 16: Questions
Questions Next report Q1 2026: 30 April 2026 16