Slide 1: Interim Report Q1 2026
Interim Report Q1 2026 1 January – 31 March Friday, April 24 , 2026 1
Slide 2: Presenters
Presenters Clein Johansson Ullenvik Irene Wisenborn Bellander Group President & CEO CFO & Deputy CEO 2
Slide 3: Agenda
AGENDA • This is Alligo • Highlights Q1 2026 • Update • Welding • Örebro logistics expansion • Tools Finland • Financials • Summary and outlook • Q&A
Slide 4: This is Alligo
This is This is Alligo Alligo 4
Slide 5: Alligo – a leading player in workwear, personal protection, tools and supplies in the Nordic region
Alligo – a leading player in workwear, personal protection, tools and supplies in the Nordic region 9,677 2,466 239 MSEK Revenue Employees Stores Revenue Adj EBITA Revenue by geographic segment by geographic segment by brand category 39 9% 61 18% 18% stores 15% stores 139 76% stores 26% 56% 82% SE N
Slide 6: An integrated Nordic business = 79% of sales
An integrated Nordic business = 79% of sales – Two strong concept brands in three markets • A scalable platform with clear synergies Sales by channel • Shared functions (logistics, IT and ERP systems, legal structure, pricing system 2026 YTD and range) 4% Industry store* • Supports flexibility and s
Slide 7: Non-integrated companies = 21% of sales
Non-integrated companies = 21% of sales – Adding strategic value • Selected product and technology areas with strong specialist expertise Non-integrated • Operate stores under own brands supporting revenue YTD 2026 differentiated customer offerings growth by product and technology area • Can leverag
Slide 8: Highlights Q1
This is Alligo Highlights Q1 8
Slide 9: Business conditions – Q1 2026
Business conditions – Q1 2026 Macroeconomic Market Proactive Delivery factors situation management capacity • Increased geopolitical • Continued weak but • Strong sales focus • Good and stable uncertainty, limited direct stable market, sales in all countries supported by cold winter: • Cost reductio
Slide 10: Q1 2026 in brief
Q1 2026 in brief – Strong quarter with organic growth, increased profit and improved cash flow Revenue Organic growth Operating cash flow +5.6% Stable demand, still cautiousness among 4.9% Acquisition- driven growth 209 customers of 2.5% MSEK (-38) Adjusted EBITA Adjusted EBITA margin Gross margin 1
Slide 11: Q1 2026 highlights
Q1 2026 highlights Sales Sustainability Operations • High sales focus in • Alligo awarded Platinum • Refinancing all countries driving growth by EcoVadis • Sales- and assortment • Price management and • Placing the company among management active customer dialogue the top 1% of all assessed • Capita
Slide 12: Update
This is Alligo Update • Welding • Örebro logistics expansion • Tools Finland 12
Slide 13: Build the leading welding business in the Nordics
Build the leading welding business in the Nordics • Leading Nordic position in a highly- fragmented welding market • Scalable model combining specialist Corema Sundsvall AB Sundsvall expertise with wide distribution Pirkka-Hitsi Oy • Welding as entry point to broader, T. Brantestig Varkaus Svetsmask
Slide 14: Welding strengthens Alligo's position with industrial customers
Welding strengthens Alligo’s position with industrial customers • Joint customer teams unite welding expertise with distribution scale and Welding + Smart Service local presence unlocking synergies • Clear commercial synergies across • Automated supply of the group welding consumables • Smart Servic
Slide 15: Strategic logistics expansion in Örebro
Strategic logistics expansion in Örebro – Future-proofing Alligo’s Nordic logistics platform • Acquisition of neighbouring land enables long-term logistics expansion • Expansion of 6,500 m2 adds scalable capacity to existing 28,000 m2 • Plan to start the first expansion phase during 2027 • Örebro st
Slide 16: Strategic logistics expansion in Örebro
Strategic logistics expansion in Örebro – Future-proofing Alligo’s Nordic logistics platform Existing 28,000 m2 6,500 m2 expansion starting in 2027 16
Slide 17: Tools Finland
Tools Finland – Efficiency program progressing as planned • Margin improvements driven by completed cost reductions Q1 2026: • Termination of two larger client Adjusted EBITA margin relationships offset by increased volumes from other customers 2.4% (0.9) • Sales activity and customer mix Share of o
Slide 18: Financials
This is Alligo Financials 18
Slide 19: Improved profitability in all countries
Improved profitability in all countries – Organic growth, cost savings, and contributions from acquisitions Revenues and EBITA Highlights Q1 2026 • Revenue increased by 5.6% 2026 2025 2025 MSEK Jan-Mar ∆, % Jan-Mar R12 Jan-Dec ̶ Organic growth of 4.9% ̶ Acquisition-driven growth of 2.5% Revenue 2,35
Slide 20: Q1: Positive development of own brands in all countries
Q1: Positive development of own brands in all countries Sweden Norway Finland* 10% (9) 7% (8) SALES BY CHANNEL SALES BY CHANNEL Industry store SALES BY CHANNEL Industry store 28% (24) Non- 5% (2) Non- 26% (27) integrated 50% (53) 19% (19) integrated Non-integrated companies In-store (SME) 39% (39) I
Slide 21: Sweden Norway Finland
Sweden Norway Finland MSEK MSEK MSEK 16 800 6,0 500 4,0 1 600 14 5,0 400 3,0 12 600 1 200 10 4,0 2,0 300 8 400 3,0 1,0 800 6 200 2,0 0,0 400 4 200 1,0 100 - 1,0 2 0 0 0 0,0 0 - 2,0 Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 Q1 2024 Q1 2025 Q1 2026 Revenue, MSEK Non-integrated Adj.EBITA% Revenue
Slide 22: Improved operating cash flow in Q1 compared to last year
Improved operating cash flow in Q1 compared to last year – Increased EBITDA, lower income taxes paid and decreased inventory levels of external brands Cash flow Highlights Q1 2026 2026 2025 2025 • Improved cash flow from operating activities MSEK ∆ R12 ∆ Jan-Mar Jan-Mar Jan-Dec due to increased EBIT
Slide 23: Strong financial position
Strong financial position – Continued reduction in leverage, and the business was refinanced in February 2026 Overview of the financial position Highlights Q1 2026 31 Mar 31 Mar 31 Dec • Ratio of net operational liabilities MSEK 2026 2025 2025 to EBITDA (excl. IFRS 16) of 2.2 Non-current interest 3,
Slide 24: Summary & outlook
This is Alligo Summary & outlook 24
Slide 25: Q1 in summary
Q1 in summary • Strong quarter with continued organic growth, increased profit and improved cash Q1 2026 flow Revenue • Cold winter supported volumes despite cautious customer demand 2,358 MSEK (2,232) • Efficiency program in Tools Finland Adjusted EBITA margin progressing as planned 4.8% (3.3) Sale
Slide 26: Outlook 2026 – Ready for growth
Outlook 2026 – Ready for growth – Strong position, financial stability and execution in focus • Profitable growth expected through sales focus in stable but cautious markets • Alligo continues to maintain a strong Alligo financial position • Logistics investments enhancing scalability can grow and l
Slide 27: Q&A
This is Alligo Q&A 27
Slide 28: Appendix
This is Alligo Appendix 28
Slide 29: Performance in 2025 in relation to financial targets
Performance in 2025 in relation to financial targets 29
Slide 30: Performance in 2025 in relation to sustainability targets
Performance in 2025 in relation to sustainability targets 30
Slide 31: Five reasons to invest in Alligo
Five reasons to invest in Alligo 1 2 3 4 5 Market Scalable Own brands Sustainable Leader in the growth and platform a increase and consolidation resilient foundation competitiveness long-term process on customer for continued and business the Nordic segments growth profitability model markets 31
Slide 32: Read more at alligo.com/en/report/q1-2026
Read more at alligo.com/en/report/q1-2026