Slide 1: Eltel AB Q1 presentation 2026
Eltel AB Q1 presentation 2026 April 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: We are Eltel - The leading Nordic service provider in critical infrastructure
We are Eltel - The leading Nordic service provider in critical infrastructure Classic • Fixed and mobile Share of net sales 2025 services communication 45% Upgrade services • Power transmission and distribution 27% Maintenance services • Smart meters 28% Installation delivery • Private networks Cust
Slide 4: Keeping a strong momentum
Keeping a strong momentum Q1 Financial and commercial highlights Financial • Strong growth • Emerging services increased to 23% of net sales (6%) • Eleven consecutive quarters of improved EBITA • Norway improved profitability for the fourth quarter in a row Commercial • Data center contract worth EU
Slide 5: Best 1st quarter in a decade
Best 1st quarter in a decade M€ Net sales M€ 250 850 200 800 Group net sales Group profitability 150 750 • Very strong (13%) top line growth • 11th consecutive quarter of 100 700 • Growth in Power in year-over-year profitability 50 650 Finland, Denmark & Germany improvement 0 600 and Norway • Adjust
Slide 6: Adjusted EBITA & Gross profit (LTM)
Adjusted EBITA & Gross profit (LTM) Adjusted EBITA Gross profit 30 3% 110 15% 100 12% 20 2% 90 9% 10 1% 80 6% 0 0% 70 3% -10 -1% 60 0% Adjusted EBITA, LTM Adjusted EBITA, margin %, LTM Gross Profit, LTM Gross margin %, LTM 6
Slide 7: Finland
Finland Communication M€ Net sales M€ 110 370 Net sales 25% • Net sales growth 29% 90 360 • Project phasing in Power, Solar PV, and Data 70 350 center solutions 50 340 Power • Expected decline in Communication volumes 30 330 Q2 Q3 Q4 Q1 Adjusted EBITA Net sales, quarterly, previous year • Profitabil
Slide 8: Sweden
Sweden Communication M€ Net sales M€ 80 245 Net sales 87% 65 230 • Net sales increased to EUR 54 million • Communication growth in telecom, public 50 215 infrastructure and defence 35 200 Power • Power decline due to lower Smart meters 20 185 and Solar PV volumes Q2 Q3 Q4 Q1 Adjusted EBITA 13% Net s
Slide 9: Denmark & Germany
Denmark & Germany Communication M€ Net sales M€ 40 130 Net sales 32% • Growth (5.4%) exceeding long-term target 30 125 • Smart meters and Emerging services as growth 20 120 drivers Power 10 115 • Communication remained weak 0 110 Adjusted EBITA Q2 Q3 Q4 Q1 • Profitability decline to 3.3% (7.9% ) 68%
Slide 10: Norway
Norway Communication M€ Net sales M€ Net sales 93% 120 30 • Net sales stabilized with 2% growth • Emerging services gaining traction 20 80 o Data centers and e-Mobility Power 10 40 Adjusted EBITA 0 0 Q2 Q3 Q4 Q1 • Significant profitability improvement 7% Net sales, quarterly, previous year Net sales
Slide 11: Solid financial position
Solid financial position Group balance sheet impacted by the strong growth, full debt portfolio refinancing and tax deferral repayment 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 20
Slide 12: On track towards financial targets
On track towards financial targets Eltel Group financial targets Targets Q1 2025* Q1 2026* Profitability 5% Group adjusted EBITA margin +1.9% +2.7% Growth 2–4% Annual growth -1.9% +2.1% Leverage 1.5–2.5x net debt/adjusted 2.1 3.2 EBITDA *Rolling 12 months 12
Slide 13: Megatrends driving Eltel’s long-term growth
Megatrends driving Eltel’s long-term growth Opportunities for Eltel Digitalization Expansion in data centers and connectivity Power grid expansion Electrification Critical e-Charging infrastructure is more critical than ever Growth in renewable energy Climate change and energy storage Inve
Slide 14: Progress in strategy execution
Progress in strategy execution Emerging services share Improved profit margins by operational and commercial excellence Q1 2025 Q1 2026 • Gross profit improvement YoY: EUR 22.9 million (22.2) • Adjusted EBITA improved to EUR 3.1 million (0.9) Pipeline 38% 53% Customer expansion in our classic servic
Slide 15: Data centers: Strong momentum across the Nordics
Data centers: Strong momentum across the Nordics Commissioned capacity in the Nordics: 2000-2500 MW Planned capacity: 20 000 MW Outdoor work: Grid connections, fiber etc. Indoor work: From rack and stack to upgrades and maintenance 15
Slide 16: Questions?
Questions? Next report Q2 2026: 21 July026 16
Slide 17: ELTEL
ELTEL