Storskogen Group Ab Class B · OMXSTO:STOR_B
Storskogen Group Ab Class B — Q3 2026 Earnings Presentation
26 slides from Storskogen Group Ab Class B's earnings presentation, October 2026
Slide 1: Storskogen Q3 2026
Storskogen Q3 2026 October 2026 1
Slide 2: Today's presenters
Today’s presenters Christer Hansson Lena Glader CEO CFO 2
Slide 3: Storskogen in brief
Storskogen in brief Storskogen is an international business group with annual net sales of SEK 34bn and adj. EBITA of SEK 3.1bn, split across three business areas consisting of business units averaging SEK ~300m1 in sales Services Trade Industry 34% 29% 39% 43% 57% 66% 32% Johan Ekström (interim) Ås
Slide 4: Highlights
Highlights Key highlights NET SALES, Q3: Cash flow from operating activities, Q3 • Positive organic sales and EBITA SEK 8,330m SEK 646m growth in the quarter (7,9821) (SEK 659m1) • Organic growth (YTD): • Net sales: 4% • Adj. EBITA: -2% ADJ. EBITA, Q3: Adjusted cash conversion, LTM SEK 806m 74% • So
Slide 5: Cash flow remains strong
Cash flow remains strong Cash flow from operations, Quarterly, SEKm Cash flow from operations (LTM), SEKm 1,680 3,098 3,102 2,981 2,876 2,775 2,451 2,526 2,464 2,451 1,151 659 646 527 453 465 188 113 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 2
Slide 6: Seasonal variations with solid LTM
Seasonal variations with solid LTM Sales and EBITA margin, Quarterly Sales and EBITA margin, LTM 4% change whereof 3% organic 2% whereof 4% organic 8,861 34,589 13.0 8,591 8,723 9,000 12.5 34,182 8,452 33,765 33,416 33,764 34,600 8,330 34,400 12.5 12.0 34,200 32,974 32,965 33,097 33,007 8,500 34,000
Slide 7: Improved trend in organic growth
Improved trend in organic growth Organic sales growth (QTD1) 6% 5% 5% 4% 5% 3% 4% 3% 3% 2% 2% 2% 1% 1% 0% 0% -1% -1% -2% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 1 Comparable sample based on portfolio companies owned as of January in the comparison year, i.e. the same sample as or
Slide 8: Services
Services Key highlights NET SALES, Q3: ORGANIC NET SALES GROWTH, YTD: • Sales driven by both organic and SEK 2,360 3% acquired growth (7%1) • Business Services with a solid quarter ADJ. EBITA, Q3: ORGANIC EBITA GROWTH, YTD: • Weak demand for business units SEK 252m -16% exposed to construction – som
Slide 9: Trade
Trade Key highlights NET SALES, Q3: ORGANIC NET SALES GROWTH, YTD: • Sales driven by organic growth, SEK 2,332m 2% acquisitions and FX, offset by (0%1) divestments • Q3 EBITA growth supported by FX, ADJ. EBITA, Q3: ORGANIC EBITA GROWTH, YTD: organic growth and acquisitions SEK 230m -4% • Improved de
Slide 10: Industry
Industry Key highlights NET SALES, Q3: ORGANIC NET SALES GROWTH, YTD: • Continued organic sales and EBITA SEK 3,648m 5% growth driving margin improvement (6%1) • Strong quarter across all verticals • Organic sales growth partly driven by ADJ. EBITA, Q3: ORGANIC EBITA GROWTH, YTD: growth investments
Slide 11: Increased focus on acquired growth
Increased focus on acquired growth Free cash flow after capex and leasing Contribution from acquisitions 100% 2024 – focus on divestments Five add-on acquisitions (whereof no platforms) Annual sales SEK 27m 2025 – restart in ‘H2 Nine acquisitions (whereof 3 platforms) Annual sales SEK 398m YTD 2026
Slide 12: Capital allocation model
Capital allocation model Our portfolio Expansion Capex/Opex 1141 SERVICES TRADE INDUSTRY Add-ons Business units Capital to ALLOCATION allocate Investment themes Health and wellbeing Automation ALLOCATION New Acquisitions platforms Energy and sustainability Digitalisation Infrastructure 1 Not includi
Slide 13: Disciplined ramp up
Disciplined ramp up Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 October 2026 LEP Frameda Darlington EMS Verdant Duratec Summary Services (DACH) Trade (Finland) Industry (UK) Trade (Norway) Trade (DACH) Sales: SEK 117m Sales: SEK 131m Sales: SEK 99m Sales: SEK 126m Sales: SEK 112m Acquisitions: 17 Total
Slide 14: Financial update
Financial update 14 14
Slide 15: Financial summary, adjusted for IAC
Financial summary, adjusted for IAC SEKm Q3 26 Q3 25 Chg., % LTM FY 24 Chg., % Net sales 8,330 7,982 4 33,764 34,182 -3 Raw material and supplies -4,648 -4,415 5 -18,439 -18,349 -3 Key takeaways Other external expenses -890 -877 2 -3,717 -3,953 -4 Q3 sales grew organically Personnel expenses -1,806
Slide 16: Q3 bridges
Q3 bridges Sales and Adj EBITA driven by both organic and acquired growth; Adj EBITA also impacted by group operations one-off LY Q3 25 includes a positive one- Sales, SEKm Adj. EBITA, SEKm time effect from adjusted LTIP costs 4% 6% 1% -2% 8,330 1% -3% 806 2% 2% 7,982 3% 759 6% Net sales, Organic Ac
Slide 17: Y/Y margin development
Y/Y margin development Margin uplifts in Trade and Industry slightly offset by Group operations Adj. EBITA margin Q3 25 includes a positive one- time effect from adjusted LTIP costs 0.1 pp 0.0 pp -0.2 pp 9.7% 9.5% 0.3 pp Q3 25 Industry Trade Services Group operations Q3 26 17
Slide 18: Condensed cash flow
Condensed cash flow Chg., SEKm Q3 26 Q3 25 Chg., % LTM FY 24 % Key takeaways Profit before tax 449 460 -2 1,669 493 222 Adjustment for non-cash items 430 404 7 1,751 2,896 -38 Operating cash flow on par with last year Income tax paid -142 -116 22 -485 -661 -41 Change in WC -92 -88 4 -485 370 n/a Sig
Slide 19: Operating cash flow and cash conversion
Operating cash flow and cash conversion Cash conversion (LTM) trending above target level Operating cash flow1 (LTM) 5,000 140% 4,500 120% 4,000 96% 94% 3,500 100% 88% 82% 80% 79% 3,000 74% 74% 74% 80% 2,500 60% 2,000 1,500 40% 1,000 20% 500 4,014 4,060 3,745 3,381 3,456 3,077 3,233 3,041 3,078 0 0%
Slide 20: Condensed balance sheet
Condensed balance sheet SEKm Sep 26 Sep 25 Chg., % Dec 25 Key takeaways Total non-current assets 29,536 28,926 2 28,572 Total current assets 14,760 13,392 10 12,884 Significant minority buyouts in Q3 totaling SEK 730m – Total assets 44,296 42,318 5 41,455 SEK 785m YTD Total equity 21,927 20,566 7 20
Slide 21: Net debt and leverage
Net debt and leverage Net debt and leverage ratio at comfortable levels Leverage ratio 20,000 3 2.6 15,000 2.5 2.4 2.4 2.4 2-3x leverage 2.3 2.3 2.3 2.3 target range 10,000 2 5,000 10,917 9,693 9,887 10,186 10,192 9,513 9,530 9,896 10,420 0 1 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Int
Slide 22: Key takeaways
Key takeaways Sales and EBITA growth driven by both organic development and acquisitions Operational excellence remains key focus to drive continued organic profit growth Minority debt reduced - Increasing capacity for acquisitions Attractive pipeline within investment themes 22 22
Slide 23: Storskogen
mh storskogen
Slide 24: Appendix
Appendix 24
Slide 25: Financial summary, reported
Financial summary, reported SEKm Q3 26 Q3 25 Chg., % LTM FY 24 Chg., % Net sales 8,330 7,982 4 33,764 34,182 -3 Raw material and supplies -4,648 -4,415 5 -18,439 -18,349 -3 Other external expenses -891 -877 2 -3,722 -3,953 -4 Key takeaways Personnel expenses -1,807 -1,739 4 -7,832 -8,018 -4 Other in
Slide 26: Capital allocation
Capital allocation LTM, SEKm 499 114 543 2,451 314 1,295 887 19 75 Cash flow from Capex Net investments Leasing Free cash flow Acquisitions and Acquired and Paid contingent Residual operating in non-current after leasing divestments divested considerations cash flow activities assets minority shares