2026/02/05 Presentation Q4 – Year-end report 2025

Q4 & YEAR-END REPORT

JANUARY - DECEMBER 2025

MARTIN NYSTRÖM, PRESIDENT & CEO ANDERS EKLÖF, CFO

5 FEBRUARY, 2026

Fourth quarter highlights

• Markets continue to trend softly

  • Europe continued largely as in Q3

  • The Americas continued to decline - high quoting activity but customers hesitate to make decisions

  • APAC softened slightly after a record year

  • Signs of recovery for the warehousing segment and general industry, but

    lower demand in automotive

  • The order intake was negatively impacted by ~2MEUR due to the factory transfer from Poland to Sweden

• Lower EBITA due to low volumes and North America operational issues

  • The Americas: Low volumes, delayed pricing implementation and operational challenges diluted the EBITA-margin by ~300 bps

  • The low volume in our commercial partitioning business is diluting the EBITA margin by ~130 bps

    
    
    

    Q4/Year-end report 2025

    
    
    

    Fourth quarter highlights

    -3%

    Order intake growth (excl. FX)

    10.8%

    EBITA margin

    (excl. one-off items)

    1.7

    Net debt / EBITDA

• Supply chain optimisation initiatives progressing but drive one-off costs

  • Factory transfer from Poland to Sweden completed on time and within budget in Q4

  • Factory transfer from Chicago to Nashville according to plan - move to be finalised during Q2 2026

  • Related one-off costs of 4.2 MEUR covering additional costs (rent,

    people, etc.) as well as write-off of assets (inventory, etc.)

  • Additional one-off cost during 2026 H1 estimated to 2,2 MEUR

• 3 strategically important acquisitions concluded

  • Vichnet - platform for market leadership in China and Asia

  • D-flexx - flexible barriers for logistics applications

  • Stommpy - flexible barriers for process applications

    
    
    

    Q4/Year-end report 2025

    
    
    

    The Vichnet acquisition secures market leadership for China and APAC

    Acquisition of Vichnet
    
    

  • Market leader in China for machine guarding solutions and cable management systems

  • By joining forces, Troax Group will be the leading player in China and Asia for machine guarding solutions

  • Provides attractive exposure to data centres globally through cable management solutions

  • Turnover (2024): ~26 MEUR

  • EBITA profitability roughly the same as Troax Group

  • Part of the Group from Q1-2026

    
    
    

    Q4/Year-end report 2025

    
    
    

    Widening the product portfolio into flexible barriers

    
    
    A complete and strengthened flexible barriers offering:
• D-Flexx (part of Dancop)

  • Leading position in safety mirrors

  • Strong product offering for flexible barriers in intralogistics

• Stommpy

  • Unique, high-quality flexible barrier technology

  • Strong position in sectors with high safety requirements, such as food & beverage and pharmaceuticals

    
    
    

    Q4/Year-end report 2025

    
    
    

    Improving efficiency and expanding capacity in North America

    
    
    

• New facility in Tennessee in progress - to

  start operating by mid-2026

• Improved competitiveness through full automation, best practices, and cost-effective location

• Inventory moved and machines are being

  installed

• Higher capacity needed to better serve the customers

Q4/Year-end report 2025

Our optimized European footprint for racking solutions is complete

• Our racking portfolio has been streamlined to improve efficiency and reduce the complexity of our offering

• The operations move from Poland to Sweden was completed during Q4

• Reduced costs and increased utilisation while maintaining growth outlook

• Approx €5 million in annual savings through less fixed costs, higher productivity and digitalisation

Q4/Year-end report 2025

Total

-3%

Market development

(Order intake YoY, organic, excl. FX)

Automotive

Warehouse

Construction

Process

Other

Total

Order intake growth (YoY)

Order intake by quarter (MEUR) Bridge

-5%

+1%

-3%

-2%

-5%

68,0 64,4

20-Q4 21-Q4 22-Q4 23-Q4

24-Q4 25-Q1 25-Q2 25-Q3

25-Q4

24-Q4 Organic Structure FX 25-Q4

Q4/Year-end report 2025

NOTE: One-off impact from factory transfer of ~2MEUR

Sales development

-8%

Sales by quarter (MEUR) Bridge

-8%

61,2

-8%

-1%

66,7

20-Q4 21-Q4 22-Q4 23-Q4

24-Q4 25-Q1 25-Q2 25-Q3

25-Q4

Q4-24 Organic Structure FX Q4-25

Q4/Year-end report 2025