Sdiptech Ab Class B · LSIN:0AAV
Sdiptech Ab Class B — Investor Day (November 2025)
67 slides from Sdiptech Ab Class B's investor day presentation, Nov 28, 2025
Slide 1: Capital Markets Day 2025
Capital Markets Day 2025
Slide 2: Today's agenda and speakers
CAPITAL MARKETS DAY 2025 Today’s agenda and speakers Anders Mattson Daniel Unge President & CEO Head of Supply Chain & Transportation Sarah Ström Michael Lund Head of Water & Bioeconomy MD, e-l-m Kragelund Roger Wood Peter Helsing Acting Head of Energy & Electrification Head of M&A Amanda Berninger
Slide 3: CEO Update
CEO Update Anders Mattson, CEO
Slide 4: Sdiptech management 2025
CMD 2025 | CEO UPDATE Sdiptech management 2025 President & CEO Anders Mattson SC&T E&E W&B S&S Head of M&A CFO Daniel Unge Roger Wood* Sarah Ström Amanda Berninger Peter Helsing Bengt Lejdström Head of IR & Head of Strategy & Sustainability Corporate Development My Lundberg** Peter Stegersjö 28 NOVE
Slide 5: Sdiptech – an infrastructure technology group
CMD 2025 | CEO UPDATE Sdiptech – an Supply Chain & Transportation Energy & Electrification infrastructure technology group 443 21% 57% 265 26% 46% Adj. EBITA (SEKm) Adj. EBITA % ROCE Adj. EBITA (SEKm) Adj. EBITA % ROCE Geographical distribution of sales Other, RoW Nordics 9% 16% Other Europe 15% US
Slide 6: Segments driven by fundamental and sustainable growth trends
CMD 2025 | CEO UPDATE Sdiptech’s segments driven by fundamental and sustainable growth trends 1. Aging infrastructure Europe’s transport, energy, and water systems are old and require large-scale replacement, modernisation, and digital upgrades 2. Rising population & urbanisation A rising population
Slide 7: A strong foundation and a proven decentralised operating model
CMD 2025 | CEO UPDATE A strong foundation and a proven decentralised operating model Long track record of earnings growth Strong foundation MSEK Fundamental and sustainable growth drivers 1200 1050 1,010 995 High-quality portfolio since 2018 920 900 Strong internal M&A capabilities 750 Decen
Slide 8: Several challenges identified and being addressed
CMD 2025 | CEO UPDATE Several challenges identified and being addressed Identified challenges Ongoing strategic initiatives Portfolio of business units not aligned with Portfolio assessment finalised, non-core business investment criteria (proprietary products) units to be divested Volatile gr
Slide 9: New financial targets focusing on profitable growth at attractive returns
CMD 2025 | CEO UPDATE New financial targets focusing on profitable growth at attractive returns with a decreasing leverage Adj. EBITA growth with sustained profitability Increased ROCE Leverage 2,000 >15% 1,000 Return on capital employed (ROCE) <3x Total net debt/EBITDA (EBITA/Fixed assets + working
Slide 10: Strategic pillars to reach the financial targets
CMD 2025 | CEO UPDATE Strategic pillars to reach the financial targets 1 2 3 Enhanced portfolio Proactive Disciplined and management ownership return-focused M&A 4 Cluster strategy to accelerate both organic and M&A-driven growth 28 NOVEMBER 2025 10
Slide 11: Enhanced portfolio management
CMD 2025 | CEO UPDATE Enhanced portfolio management Framework Divest: Assessment of strategic fit 11 One-off 1 2 of core 1 Strengthen: Take actions needed ~10% portfolio External Conditions Strengthen Accelerate of core 2 Accelerate: Invest for growth ~60% portfolio 3 of core 3 Harvest: Optimise for
Slide 12: Proactive ownership paired with decentralised leadership
CMD 2025 | CEO UPDATE Proactive ownership paired with decentralised leadership Proactive ownership Decentralised operating model Capital turnover Active board work with high level of strategic Day-to-day operations involvement managed locally Strategic plans for each Ensure strong local comp
Slide 13: Disciplined and return-focused M&A
CMD 2025 | CEO UPDATE Disciplined and return-focused M&A M&A a core part of the Sdiptech model Geographic expansion Disciplined valuation Entering new markets principles (20% IRR) Open for new geographical In-house M&A capabilities Increased focus on opportunities in close collaboration with c
Slide 14: Cluster strategy to accelerate organic and M&A-driven growth
CMD 2025 | CEO UPDATE Cluster strategy to accelerate both organic and M&A-driven growth Collaboration within and Collaboration across business areas opportunities BA BA Identification of M&A candidates M&A drivers BA Improved sector expertise 28 NOVEMBER 2025 14
Slide 15: Milestones towards 2030
CMD 2025 | CEO UPDATE Milestones towards 2030 Meeting the targets 2030 Performing at full potential Back on the growth path New team in place 2027 and onwards Improved Balance Sheet 2026 Formulating strategy and priorities 2025 28 NOVEMBER 2025 15
Slide 16: Financial targets focused on profitable growth with a healthy balance sheet
CMD 2025 | CEO UPDATE Financial targets focused on profitable growth at attractive returns with a healthy balance sheet Organic growth • Sdiptech’s segments to grow faster than GDP growth Return on capital >15% • Organic performance M&A growth 15% total • Organic cash flow generation key for M&A gro
Slide 17: Key takeaways
CMD 2025 | CEO UPDATE Key takeaways Well positioned within key infrastructure segment, driven by fundamental and sustainable growth trends Strong core portfolio of high-quality companies Growth agenda built on proactive ownership and disciplined M&A Financial targets focused on profitable growth, RO
Slide 18: Water & Bioeconomy
Water & Bioeconomy Sarah Ström
Slide 19: Water & Bioeconomy at a glance
CMD 2025 | WATER & BIOECONOMY Water & Bioeconomy at a glance +11% +6% 25% 110% Revenue CAGR1) Adj. EBITA CAGR1) Adj. EBITA margin1) ROCE2) • Niche technologies and systems for water treatment, waste management and circular Revenue Adj. EBITA and margin 250 50% resource management 45 % 870 897 200 22
Slide 20: Water and Bioeconomy – structural growth trends and regulatory demands
CMD 2025 | WATER & BIOECONOMY Water and Bioeconomy – a sub-segment driven by structural growth trends and regulatory demands Market drivers Well positioned within attractive sub-segments in the urban water cycle Treatment/Use Growing water demand By 2030 global water demand Stormwater Collection T
Slide 21: Two clusters demonstrating continuous improvements and selective M&A
CMD 2025 | WATER & BIOECONOMY Two clusters demonstrating continuous improvements and selective M&A opportunities 1. Water treatment cluster • Four companies collaborate closely on sourcing, R&D, and product expertise • Generating stronger local market position and improved profitability 2 • Selectiv
Slide 22: Summary
CMD 2025 | WATER & BIOECONOMY Summary Highly attractive segment driven by structural, technical, regulatory and environmental demand Established clusters and collaboration driving continuous improvements and area expertise Increased focus on M&A opportunities, supported by clusters 28 NOVEMBER 2025
Slide 23: Energy & Electrification
Energy & Electrification Roger Wood
Slide 24: Energy & Electrification at a glance
CMD 2025 | ENERGY & ELECTRIFICATION Energy & Electrification at a glance +3% +2% 26% 46% Revenue CAGR1) Adj. EBITA CAGR1) Adj. EBITA margin1) ROCE2) • Niche technologies and products for the efficient generation, transmission and consumption of Revenue Adj. EBITA and margin 300 50% energy 45 % 1032
Slide 25: Increasing global demand for green energy
CMD 2025 | ENERGY & ELECTRIFICATION Increasing global demand for green energy Market drivers Positioned in attractive sub-segments Consumption Infrastructure – ageing and Distribution transitioning to low emission Generation Transmission energy sources – solar, wind, hydro Significant consumptio
Slide 26: RDM – shareholder and management transition at work
CMD 2025 | ENERGY & ELECTRIFICATION RDM – shareholder and management transition at work Resource Data Management, RDM, has a strong presence in food retail and 1. Owner reliance: fast-food sectors, also hospitality and leisure, fuel retail, smart buildings and Typical entrepreneurial organisation -
Slide 27: The journey ahead
CMD 2025 | ENERGY & ELECRTIFICATION The journey ahead Increasing global energy demand Focus on operational strategies for more stable financial performance and improve working capital efficiency Targeted investment in international growth opportunities Identify products and technologies that could b
Slide 28: Safety & Security
Safety & Security Amanda Berninger
Slide 29: Safety & Security at a glance
CMD 2025 | SAFETY & SECURITY Safety & Security at a glance +38% +29% 32% 155% Revenue CAGR1) Adj. EBITA CAGR1) Adj. EBITA margin1) ROCE2) • Solutions for protecting physical and digital assets, people and the environment – For a more safe Revenue Adj. EBITA and margin 140 50% society 45 % 129 120 43
Slide 30: Four key sub-segments with sustainable growth
CMD 2025 | SAFETY & SECURITY Four key sub-segments Positioned within attractive sub-segments with sustainable growth Market drivers Cyber Security Fire Safety Infrastructure expansion Clean Air Perimeter Security Geopolitical uncertainty and threat increase Regulatory compliance – EU data prot
Slide 31: Accelerating growth while improving cashflow in Temperature Electronics
CMD 2025 | SAFETY & SECURITY Accelerating growth while improving cashflow in Temperature Electronics (TEL) Company and business model Return on Capital Employed Development ➜ Global leader in airflow controls and monitors Capital Turnover Strong local ➜ Meets latest safety regulation requirements le
Slide 32: The journey ahead
CMD 2025 | SAFETY & SECURITY The journey ahead Continued growth while maintaining great capital efficiency Opportunites to drive recurring services and software offerings Growth through acquisitions in identified and adjacent attractive sub-segments 28 NOVEMBER 2025 32
Slide 33: Supply Chain & Transportation
Supply Chain & Transportation Daniel Unge
Slide 34: Supply Chain & Transportation at a glance
CMD 2025 | SUPPLY CHAIN & TRANSPORTATION Supply Chain & Transportation at a +15% +18% 21% 57% glance Revenue CAGR1) Adj. EBITA CAGR1) Adj. EBITA margin1) ROCE2) • Portfolio characterised by stable Revenue Adj. EBITA and margin 500 50% growth and diversified exposure 45 0 45 % 2100 400 445 443 40% to
Slide 35: Solid market drivers in our sub-segments
CMD 2025 | SUPPLY CHAIN & TRANSPORTATION Solid market drivers Positioning focused on attractive sub-segments with resilient end-customer needs in our sub-segments Hub to hub logistics Last-mile distribution. Market drivers (Cold chain cluster) Rail & Marine E-commerce and Cold chain expansion Intr
Slide 36: Value creation and profit growth in GAH through pro-active ownership
CMD 2025 | SUPPLY CHAIN & TRANSPORTATION Value creation and profit growth in GAH through pro-active ownership GAH Value creation initiative ➜ Niche leader within cold chain logistics with a strong position in the UK Value based pricing impact >5% ➜ Several “blue chip” customers with recurring contra
Slide 37: The journey ahead
CMD 2025 | SUPPLY CHAIN & TRANSPORTATION The journey ahead Enhance value creation through pro-active ownership Continue to invest in company specific growth levers to facilitate organic growth – maintain capital efficient approach Strengthen market cluster formation and focus on M&A activities in th
Slide 38: e-l-m Kragelund Presentation
e-l-m Kragelund Presentation WE CREATE STRONG PARTNERSHIPS THAT DRIVE MUTUAL GROWTH AND LONG-TERM SUCCESS
Slide 39: Our Company
Our Company THE STORY OF e-l-m OWNERSHIP GOAL 03 Since our founding in 1967, we have aimed for perfection. Whatever if it Since 2022, Sdiptech AB has been the owner of e-l-m Kragelund A/S comes to our design of products, ways we produce or how we promote We are part of the business area “Supply Chai
Slide 40: Our Employees
Our Employees Our sales force is locally based in all our key markets, ready to provide premium support. In addition, over the past decades, we have worked hard to establish strong partnerships with major OEM partners. Sales Managers OEM Partners 02
Slide 41: Our Products
Our Products “Ever since the founding of our company 56 years ago, our mission has remained the same: To develop the perfect attachment to ensure efficient and safe internal logistics and handling solutions.” - Michael Lund, MD 03
Slide 42: Hook-on Integrated
Hook-on Integrated ADVANTAGES: ADVANTAGES: • High flexibility • Optimal visibility • Standardized and available for fast delivery • Increased productivity • Can be reused for other models • Improved safety and ergonomics • Tradition • Higher residual capacity • Smaller turning radius 04 • Lower nois
Slide 43: Our Standards
Our Standards SAFETY QUALITY CLIMATE IMPACT Safety is crucial to us. That’s why We build equipment that lasts – We know that sustainability safety has long been a key focus even under maximum pressure. matters to several of our in our product development. customers – and it matters to us Our product
Slide 44: Our Financials
Our Financials We aim to be the best, within our niche. We don’t aim for growth – we aim for sustainable growth – growth within our 25 EBIT MARGIN niche! That’s why we can reach significant higher EBIT levels compared to our competitors. 20 24 ROCE = 72% 23 After Sdiptech acquired our company, we ha
Slide 45: Our Ownership
Our Ownership 07
Slide 46: Our Journey
Our Journey CLIMATE IMPACT SUPPORT M&A SUPPORT BA We know that sustainability matters to several of our We actively seek for M&A Obviously, we have been able to customers – and it matters to us activities. improve our financial too. performance Companies that would fit our There is no “Planet B”, an
Slide 47: Thank you for your time
Thank you for your time
Slide 48: M&A – Head of M&A
&S> SvPTECH INFRASTRUCTURE TECHNOLOGY GROUP M&A Head of M&A Peter Helsing
Slide 49: Sdiptech's cornerstones for M&A success
CMD 2025 | M&A Sdiptech’s cornerstones for M&A success Great Home for Entrepreneurs M&A Value Creation In-House Sourcing Disciplined M&A Execution 28 NOVEMBER 2025 49
Slide 50: What do we look for?
CMD 2025 | M&A What do we look for? Innovative leaders European footprint Niche experts Companies with products Companies based in the Companies that are experts within or solutions that contribute Nordics, UK, Italy, Netherlands, Water & Bioeconomy, Safety & to sustainable, safe and Germany and oth
Slide 51: How do we source our deals?
CMD 2025 | M&A How do we source our deals? Bilateral deals Structured deals Sourcing Outreach Inbound opportunities In-house sourcing Collaboration within Proactive outreach Participation in structured capabilities the group Building long-term processes We have a dedicated sourcing We actively colla
Slide 52: Solid pipeline – consistently looking at companies per week
CMD 2025 | M&A Solid pipeline – Consistently looking at 500 companies per week has led to a strong pipeline We actively pursue 813 companies in total from the internal sourcing alone Supply Chain & Transportation Energy & Electrification Water & Bioeconomy Safety & Security Sdiptech total 15 12 8 20
Slide 53: How do we win the deal?
CMD 2025 | M&A How do we win the deal? A Great Home for Entrepreneurs Long-term Value brand Empowered, ownership and culture decentralised structure Collaboration Aligned incentives We invest with a long- We appreciate and strive Companies operate Our cluster and network Earn-outs allow owners to te
Slide 54: Earn-outs to maximise value
CMD 2025 | M&A Earn-outs to maximise value GAH Company overview Transaction structure GAH is a UK leader in the design, manufacture and service Maximum purchase price GBP 26m + GBP 14m in earn-out of last mile transport refrigeration solutions The anticipated purchase price, in Dec. 2020, was GBP 33
Slide 55: Key takeaways
CMD 2025 | M&A Key takeaways In-House Sourcing We have a structured, in-house process to identify, evaluate, and Finding great validate investment opportunities, ensuring disciplined decision- making and a high-quality deal flow companies first At Sdiptech, we all think about M&A and the next deal G
Slide 56: CFO Update
INFRASTRUCTURE TECHNOLOGY GROUP
Slide 57: Key financial priorities to reach our financial targets
CMD 2025 | CFO UPDATE Key financial priorities to reach our financial targets GROWTH FINANCING LEVERAGE RETURNS 57
Slide 58: Demonstrated history of organic EBITA growth
CMD 2025 | CFO UPDATE Demonstrated history of organic EBITA growth – key for reaching the financial targets A selection of Sdiptech core business units’ EBITA size 2020 Sdiptech’s core business units have a and CAGR from 2020 to 2025* demonstrated track record of organic EBITA 30,0% growth 25,0% ➜ M
Slide 59: A proven M&A model providing efficient funding and supporting returns
CMD 2025 | CFO UPDATE A proven M&A model providing efficient funding and supporting returns Potential upside for acquired company Conditional considerations (Earn-outs) Sdiptech’s downside protection 125 Payment at acquisition day 25 ➜ An important tool for risk reduction and cost- 100 efficient fun
Slide 60: Ensuring a healthy total leverage
CMD 2025 | CFO UPDATE Ensuring a healthy total leverage Leverage ratio (Total net debt / Adjusted LTM EBITDA)* Leverage ratio historically impacted by ➜ Aggressive M&A agenda up to 2022 5,0 ➜ New issues of shares (2021 and 2022) 4,5 ➜ Volatile organic EBITA growth 4,0 3,5 Leverage ratio towards targ
Slide 61: Improved cash flows for reduced leverage
CMD 2025 | CFO UPDATE Improved cash flows for reduced leverage Free cash flow (FCF)* per share and EPS FCF per share and EPS historically impacted by ➜ Higher interest costs 18,00 ➜ Earnings in high-tax countries 16,00 ➜ Slow/negative organic growth last quarters 14,00 EPS also negatively affected b
Slide 62: Capital efficiency for return on investments
CMD 2025 | CFO UPDATE Capital efficiency for return on investments Sdiptech’s core business units, EBITA % and capital turnover (a Average weighted, ROCE of 64% for a selection selection)* of core business units 10,00 Disciplined investment allocation 9,00 8,00 CAPEX for organic growth in the busine
Slide 63: Financing – financial headroom to deliver on the strategy
CMD 2025 | CFO UPDATE Financing – financial headroom to deliver on the strategy Illustrative financing bridge up until 2030 Total financial headroom (cash flow + funding) will pave the way for ➜ Selective M&A ➜ Earn-out payments ➜ Return-focused CAPEX ➜ Amortisation of leases Cash 2509 Cash flow Fun
Slide 64: To summarise
CMD 2025 | CFO UPDATE To summarise Sdiptech’s financial priorities – a clear path for reaching the financial targets Organic growth Strong cash flow A proven M&A Solid financial within core portfolio and capital model providing headroom to deliver will remain key efficiency for efficient funding and
Slide 65: Sdiptech's focus areas going forward
CAPITAL MARKETS DAY 2025 Summary of today Sdiptech’s focus areas going forward Structural Well positioned within key infrastructure segment, driven by growth drivers fundamental and sustainable growth trends Strong core Strong core portfolio of high-quality companies Organic growth Proactive ownersh
Slide 66: Thank you!
CAPITAL MARKETS DAY 2025 Thank you! 28 NOVEMBER 2025
Slide 67: Q&A
Q&A