Boreo Oyj · OMXHEX:BOREO
Boreo Oyj — Q3 2026 Earnings Presentation
25 slides from Boreo Oyj's earnings presentation, Oct 29, 2026
Slide 1: The Eighth consecutive quarter of organic growth leading to doubled operational EBIT
The Eighth consecutive quarter of organic growth leading to doubled operational EBIT Q326 Webcast | OCTOBER 29, 2026
Slide 2: Agenda
AGENDA • Highlights and strategic focus • Q326 and q1-q326 • Group performance • business areas • Q&A • See you all at our CMD ON 19 November 2026
Slide 3: Q326 | highlights
Q326 | highlights EIGHTH consecutive quarter with organic sales growth Sales 41.5m€ (+26%) Operational Ebit 3.5m€ Roce 11.6% Organic growth 25% increase of 111% vs. Q325 Vs. 8.2% in q325 Margin improving to 8.5% (q325: 5.1%) Rotwc 34.7% (25.6% in q325) Low comparison period in q325 and Q425 exceptio
Slide 4: Q326 | strong quarter in all aspects
Q326 | strong quarter in all aspects Operational ebit growth of 45% in Q325-Q326 Operational ebit (€) & ebit%, r12 Roce% net debt/operational ebitda* 45% 11.6% 2.6 (15%) (15%) (2-3x) minimum annual average minimum net debt / operational EBIT growth ROCE operational EBITDA *Excluding the 10m€ convert
Slide 5: Our focus areas for executing Boreo growth strategy in 2026
Our focus areas for executing boreo growth strategy in 2026 Earnings growth Achieved THROUGH ORGANIC GROWTH AND ACQUISITIONS – more on this On our capital markets day 19 NOVEMBER 2026 1 2 3 disciplined m&a CLARIFYING COMPANY ROLES STRENGTHENING BALANCE SHEET ▪ Operating companies managed ▪ Strong ea
Slide 6: Agenda
AGENDA • Highlights and strategic focus • Q326 and Q1-Q3 26 • Group performance • business areas • Q&A
Slide 7: Q326 | eighth consecutive quarter with sales growth
Q326 | eighth consecutive quarter with sales growth Organic growth of 25% - economic activity driving demand, quick start after summer Commentary Sales +26% or 8.7m€ vs. Q325 ▪ Market conditions positive, successful deliveries ▪ Good demand in most of Boreo’s key industries Acquisitions ▪ YE RS cont
Slide 8: Q326 | gross margins & profitability stable
Q326 | gross margins & profitability stable Sales growth driving profits Commentary Q326 Gross margin at 30% (31% Q325) ▪ Stable development with sales mix variations from quarter to quarter Operationally a significantly better result than last year with 111% increase in operational EBIT compared to
Slide 9: Q326 | Cash generation impacted by strong growth
Q326 | Cash generation impacted by strong growth Fast growth and increased delivery times in supply chains impacted cash flow Commentary ▪ R12m cash conversion decreased, which primarily reflects the strong growth during Q3 1) 2) 1) Cash Flow = Operational net cash flow + paid interest – organic Cap
Slide 10: Q326 | ROTWC improved but requires continued attention
Q326 | ROTWC improved but requires continued attention ROTWC at 35% in Q326 Commentary ▪ ROTWC% increased notably compared to Q3 last year ▪ Improved EBIT impacted ROTWC positively. Target to improve returns even more by improving profitability ▪ Working capital increased with higher volume and oper
Slide 11: Agenda
AGENDA • Highlights and strategic focus • Q326 and q1-q3 26 • Group performance • business areas • Q&A
Slide 12: Q326 | Electronics business area
Q326 | Electronics business area Continued improvement and growth – good performance for various companies Comments – q3 2026 Net sales and operational ebit% Business performance ▪ Sales increased by 14%, driven by Milcon, Delfin and SSN Group as well as inorganic growth from YE RS ▪ Operational EBI
Slide 13: Q326 | Technical trade business area
Q326 | Technical trade business area Strong growth continues – profitability increased significantly Comments – q3 2026 Net sales and operational ebit% Business performance ▪ Sales growth of 36% - particularly driven by welding companies Pronius & Spetselektroodi as well as Machinery and Machinery M
Slide 14: Agenda
AGENDA • Highlights and strategic focus • Q326 Q1-Q326 • Group performance • business areas • Q&A
Slide 15: Q&A Welcome to Boreo Capital Markets Day
Q&A Welcome to boreo cAPITAL MARKETS DAY on 19 November 2026
Slide 16: Grow & prosper
BORESO GROW & PROSPER
Slide 17: A long-term owner of great entrepreneurial companies
A long-term owner of great entrepreneurial companies 153m€ 8.0m€ (5.2%) 357 NET SALES 2025 Operational ebit 2025 Employees 23 companies 8.8% 2.6x Return on capital employed Net debt / operational EbitDA 2025 Q3 2026 Map excluding USA 17
Slide 18: Diversified industrial portfolio in 7 countries
Diversified industrial portfolio in 7 countries Electronics Technical trade 61M€ 2025 Sales 143 Professionals 92M€ 209 2025 Sales Professionals 7 Markets 3 Markets Lackmästarn divested on 31 July, 2026 excluded 18
Slide 19: Capable & committed leadership in a decentralized structure
Capable & committed leadership in a decentralized structure Simon Hallqvist, Camilla Grönholm, Jouni grönroos, Mattias björk, Noora neilimo- Jussi vanhanen, Chairman chair of Remco chair of audit board member kontio, board board member committee member Board of 7,030 shares 1,952 shares 6,457 shares
Slide 20: Boreo's business model
Boreo’s business model We own and acquire Great entrepreneurial companies with strong profits and cash flows Ultimate objective is We enable earnings growth by Sustainable profit Supporting & generation coaching in the long-term our companies & developing people we Re-invest capital with attractive
Slide 21: Accelerating M&A activities
Accelerating m&A activities Boreo looks to acquire and own asset light industrial businesses with strong cash generation, proven track record and a management fit with boreo culture Disciplined approach to M&A: ▪ Small operational add-ons Industrial financial organisational investment ▪ Geographical
Slide 22: Our philosophy – Sustainable long-term profit generation
Our philosophy – Sustainable long-term profit generation Decentralization Capital allocation Culture of ownership and release of Focus on earnings and capital efficiency entrepreneurial energy Broad universe of investment Aligned interest of shareholders and opportunities – discipline in capital emp
Slide 23: What's in it for the companies?
What’s in it for the companies? A Long-term owner Leadership development • Stability • Best practice sharing • Continuation • Support from ’Coaches’ • Credibility • MD peer group • Access to funding boreo companies • Boreo Academy Balance P&L sheet Business development Personnel • Board of Directors
Slide 24: Focus on earnings growth and return on capital
Focus on earnings growth and return on capital Updated long-term strategic financial targets to better reflect shareholder value creation minimum annual minimum net debt / average operational ROCE operational EBITDA EBIT growth 15% 15% 2-3x Dividend policy Target to annually increase dividend per sh
Slide 25: Grow & prosper
BORESO GROW & PROSPER