Inwido Ab · OMXSTO:INWI
Inwido Ab — Q4 2025 Earnings Presentation
30 slides from Inwido Ab's earnings presentation, Feb 3, 2026
Slide 1: Year-end report January-December 2025
Year-end report January-December 2025 Fredrik Meuller, President and CEO Peter Welin, CFO and Deputy CEO February 3, 2026
Slide 2: On our journey towards SEK 20 billion in turnover by 2030
We’re on an exciting journey towards SEK 20 billion in turnover by year 2030 A leader within Europe’s Weathering historic downturn Strategic acquisitions ahead of fundamentally attractive well while also strengthening anticipated cycle rebound and window and door industry strategic position green tr
Slide 3: Europe's leading window group
3 Europe’s leading window group Inwido facts and figures, 2025 ▪ Established in 2004 – publicly listed since 2014 ▪ Impressive value creation track record ▪ Sales SEK 9 billion – Op. EBITA margin 10.5% ▪ Improving quality of life – strong brands ▪ A proven truly decentralized governance model ▪ Attr
Slide 4: Performance Q4 2025
1 Performance Q4 2025
Slide 5: Positive effect from strategic and operational measures
5 Positive effect from strategic and operational measures Q4 2025 highlights ▪ Continued soft demand – large market variations ▪ Organic order intake -12% – slightly up if adjusted for Q4 2024 record project order; Consumer +2% ▪ Organic sales growth +3%, driven by Scandinavia ▪ Operating EBITA marg
Slide 6: Offsetting impact from unfavorable mix and FX
6 Offsetting impact from unfavorable mix and FX Q4 2025 key financials Organic order intake Op EBITA -12% Organic net sales SEK 298 million (296) Net debt vs Op EBITDA +3% 1.7x (1.0x) Order backlog SEK 2,440 million (2,423) Op EBITA margin 1.4x excl. IFRS 16 (0.7x) -9% 12.2% (12.2) SEK 2,272 million
Slide 7: Navigating successfully through headwind
7 Navigating successfully through headwind Full year 2025 highlights ▪ Stable performance despite historic cycle downturn, unfavorable sales mix and FX ▪ Four acquisitions signed, of which three already contribute positively ▪ Investments in a more efficient and sustainable operating platform paying
Slide 8: Stable profit margin in challenging market conditions
8 Stable profit margin in challenging market conditions Full year 2025 key financials Op EBITA Organic net sales SEK 941 million (953) ROOC EPS +4% 12.4% (12.7) SEK 8.87 (9.29) SEK 9,002 million (8,838) Op EBITA margin 10.5% (10.8)
Slide 9: Large market variations – Sweden continues to improve
Large market variations – Sweden continues to improve Operating context per Business Area Scandinavia e-Commerce ▪ Increased momentum in Sweden from ▪ Online activity and spending gradually favorable macroeconomic conditions improving – Sweden locomotive ▪ Denmark reasonably solid despite soft ▪ Ger
Slide 10: 4 exciting acquisitions announced over last 4 months
4 exciting acquisitions announced over last 4 months Structured and selective M&A effort bearing fruit – Inwido perceived as an attractive buyer RM Snickerier, Vimmerby, Sweden Fast Frame, Nottingham, England ▪ Leader in Sweden’s “Allmoge” premium niche ▪ Specialist in PVCu windows and doors ▪ Found
Slide 11: Improved sustainability performance
11 Improved sustainability performance A natural part of our DNA ▪ Record-high response rate and Trust score in annual employee engagement survey (Great Place To Work) ▪ Greenhouse gas emissions reduced by 21%* for scope 1, 2 and 3 – close cooperation with suppliers ▪ Energy consumption continues to
Slide 12: Financials Q4 and full year 2025
2 Financials Q4 and full year 2025
Slide 13: OP EBITA margin on the same level as last year
13 OP EBITA margin on the same level as last year Cost savings and volume growth offset negative mix from increased project sales, and negative FX impact Q4 Q1-Q4 SEKm 2025 2024 Change 2025 2024 Change Net sales 2,440 2,423 1% 9,002 8,838 2% Gross Profit 628 627 0% 2,261 2,249 1% Gross margin, % 25.
Slide 14: e-Com delivers improved profitability despite lower sales
e-Com delivers improved profitability despite lower sales Market conditions remain challenging in Finland and in the Consumer market of England Sales in Q4, SEKm, from 2024 to 2025 Op EBITA in Q4, SEKm, from 2024 to 2025 3000 350 4 -12 74 -18 -2 12 -2 -1 2500 -34 -3 300 250 2000 200 1500 150 1000 10
Slide 15: OP EBITA margin back at last years' levels
OP EBITA margin back at last years’ levels Improved margin development in Q4 compared to Q2 – Q3 Sales and Op EBITA % in Q4, 2019 - 2025 3,000 12.9% 13.0% 12.7% 2,500 12.5% 12.2% 12.2% 12.1% 2,000 12.0% 11.6% Sales, SEKm OP EBITA, % 1,500 11.5% 11.2% 1,000 11.0% 500 10.5% 1,813 1,798 2,175 2,613 2,2
Slide 16: Strong cash flow generation in the quarter
Strong cash flow generation in the quarter Improved cash flow from operating activities and less capex compared to last year Q4 Acquisitions of tangible and intangible assets in SEKm and % of sales Change 4.1% SEKm 2025 2024 400 4.5% SEKm Cash flow from operating activities 259.4 228.6 30.8 350 4.0%
Slide 17: Healthy leverage despite acquisitions
Healthy leverage despite acquisitions Net Debt / EBITDA of 1.7 including IFRS 16 (1.5 adjusted for pro forma for acquisitions in 2025) Net Debt (SEKm), Net Debt vs Op EBITDA (times) 2,500 2.5 Net Debt / Op EBITDA incl. IFRS 16: 1.7x (1.0) 2,000 2.0 Net Debt / Op EBITDA excl. IFRS 16: 1.4x (0.7) 1,50
Slide 18: Higher operating capital following recent acquisitions
18 Higher operating capital following recent acquisitions ROOC temporarily impacted by Q4 2025 acquisitions – ROOC 0.3 percentage points behind last year Average Operating Capital (SEKm), and ROOC (%) 7,300 18.3% 20% 17.8% 17.9% 17.9% 17.6% 16.9% 18% 16.8% 6,900 16.2% 15.4% 16% Target 13.7% 6,500 13
Slide 19: Consumer market shows 2% organic growth in Q4
Consumer market shows 2% organic growth in Q4 Project order intake in line with last year adjusted for record-high (GBP 22.5m) UK orders last year Order backlog, SEKm, 2023 - 2025 Order intake in Q4 2025 compared to last year 3,000 Adj for FX Organic 2,490 2,500 2,272 Group - 10% - 12% 2,000 Project
Slide 20: Consumer: Growth in Sweden while UK and Finland lag
Consumer: Growth in Sweden while UK and Finland lag The Danish consumer market, Inwido´s largest, remained stable throughout the year Consumer: Organic order intake per quarter 2024 Q4 – 2025 Q4 (share of Consumer sales, 2025 FY) 20% 15% 20% 10% Group Denmark 5% (43%) UK 2% Finland 2% (12%) (8%) 0%
Slide 21: Project: Significant order intake swings in UK and Ireland
Project: Significant order intake swings in UK and Ireland Strong growth in 2024 Q4 and respective 2025 Q4 decline driven by large orders in UK (GBP 22.5m) Project: Organic order intake per quarter 2024 Q4 – 2025 Q4 (share of Project sales, 2025 FY) 300% UK 250% (26%) 200% 150% Group Denmark 100% (8
Slide 22: Business Areas Q4 2025
3 Business Areas Q4 2025
Slide 23: Q4 Scandinavia
23 Q4 Scandinavia 5 000 Sales SEKm and Op EBITA %, LTM 16% Increased sales in Sweden, lower in Denmark 14% 4 000 12% 3 000 10% ▪ Sales +6% to SEK 1,270 million (1,196) 8% 2 000 6% ▪ Order intake +9%, adjusted for FX 4% 1 000 ▪ Order backlog -5% 2% 0 0% Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ▪ Operating EBITA am
Slide 24: Q4 Eastern Europe
24 Q4 Eastern Europe 2 500 Sales SEKm and Op EBITA %, LTM 14% Continued challenging market conditions 12% 2 000 10% ▪ Sales -7% to SEK 457 million (491) 1 500 8% 1 000 6% ▪ Order intake -8% adjusted for FX 4% 500 ▪ Order backlog -21% 2% 0 0% ▪ Operating EBITA decreased to SEK 19 million (31) Q4 Q1 Q
Slide 25: Q4 e-Commerce
25 Q4 e-Commerce 1 200 Sales SEKm and Op EBITA %, LTM 9% Strengthened profitability 1 000 8% 7% 800 6% ▪ Sales -1% to SEK 267 million (270) 600 5% 4% ▪ Order intake +1% adjusted for FX 400 3% 2% 200 ▪ Order backlog +33% 1% 0 0% ▪ Cost reductions, value-based pricing and efficiency Q4 Q1 Q2 Q3 Q4 Q1
Slide 26: Q4 Western Europe
26 Q4 Western Europe 2 000 Sales SEKm and Op EBITA %, LTM 14% Stable margin 12% 1 600 10% ▪ Sales -4% to SEK 452 million (470) 1 200 8% ▪ Order intake -43%, adjusted for FX 800 6% 4% ▪ Record order of 22.5 MGBP in Q4, 2024 400 2% ▪ Order backlog -9% 0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 0% 2023 2024 2024 202
Slide 27: Summary and outlook
4 Summary and outlook
Slide 28: Executing our strategic roadmap well – ready for 2026!
Executing our strategic roadmap well – ready for 2026! Illustrative Net Sales development 2026-2030, SEK million | CAGR ~15% p.a., of which ~5 ppts. organic M&A Our own organic growth EU’s Green initiatives Deal and Pent-up EPBD demand in Normalized New-build Renovation Additional volume through dem
Slide 29: Navigating successfully through headwind
29 Navigating successfully through headwind Full year 2025 highlights ▪ Stable performance despite historic cycle downturn, unfavorable sales mix and FX ▪ Four acquisitions signed, of which three already contribute positively ▪ Investments in a more efficient and sustainable operating platform payin
Slide 30: Upcoming events
Upcoming events Financial calendar April 27 Annual and Sustainability Report April 28 Q1 report 2026 May 27 Annual General Meeting 2026 July 15 Q2 report 2026 October 21 Q3 report 2026 Join our journey on LinkedIn