WALL TO WALL GROUP YEAR-END REPORT 2025

• Market shows positive signs, but conversion remains slower than expected
• The target of improved profitability was not achieved, impairment of goodwill
• Long-term targets remain unchanged, and improved profitability is expected as volumes increase

SUMMARY OF FINANCIAL PERFORMANCE

CEO André Strömgrens comments

• The Group did not reach its profitability target for the year due to delayed project starts and operational challenges in a limited number of larger units
• The overall gross margin is stable, with several units performing above profitability targets, while measures in a small number of larger underperforming units are expected to have a material positive impact on Group profitability
• The long-term growth and profitability targets remain unchanged, and with gradual growth, a double-digit EBITA margin is considered a reasonable interim target

INTERIM PERIOD 1 OCTOBER – 31 DECEMBER

• The Group’s net revenue amounted to SEK 224.5 million (238.6), adjusted EBITDA to SEK 27.0 million (27.6) and adjusted EBITA to SEK 12.1 million (12.6), corresponding to an adjusted EBITA margin of 5.4 (5.3)%. On a proforma and currency-adjusted basis, net revenue declined by 7.7%, while adjusted EBITA amounted to SEK 12.1 million (14.1), corresponding to a margin of 5.4 (5.8)%. Cash flow from operations amounted to SEK 56.5 million (65.9)
• Operating profit (EBIT) amounted to SEK -189.9 million (0.4), and was primarily affected by a goodwill impairment of SEK 198.8 million, and items affecting comparability of SEK 0.1 million (8.9)
• The Group’s net earnings amounted to SEK -206.7 million (-11.0), including goodwill impairment of SEK 198.8 million
• The Group’s basic and diluted earnings per share amounted to SEK -15.40 (-0.82)

SIGNIFICANT EVENTS DURING THE QUARTER

• Wall to Wall Group has appointed Johan Wewel as the new CFO and member of the Group Management. Johan assumed his role during January 2026

1 JANUARY – 31 DECEMBER PERIOD

• The Group’s net revenue amounted to SEK 820.2 million (918.5), adjusted EBITDA to SEK 85.1 million (97.2) and adjusted EBITA to SEK 25.0 million (36.7), corresponding to an adjusted EBITA margin of 3.0 (4.0)%. On a proforma and currency-adjusted basis, net revenue declined by 10.9%, and adjusted EBITA declined to SEK 29.5 million (36.8), corresponding to a margin of 3.6 (4.0)%. Cash flow from operations amounted to SEK 62.6 million (102.0)
• Operating profit (EBIT) amounted to SEK -251.2 million (33.5), and was primarily affected by a goodwill impairment of SEK 198.8 million, and items affecting comparability of SEK 65.0 million (-9.2), mainly non-cash effects from divested operations of SEK 36.8 million, restructuring costs of SEK 18.9 million (9.2), and revaluation of contingent earnouts of SEK 4.5 million (-23.5)
• The Group’s net earnings amounted to SEK -277.7 million (13.8), including impairment of goodwill as well as effects from divested operations
• The Group’s basic and diluted earnings per share amounted to SEK -20.62 (1.01)
• The Board of Directors' proposal regarding dividend distribution will be communicated in conjunction with the notice of the Annual General Meeting.

OUTLOOK

The Group’s long-term financial targets of 10 percent annual organic growth and an EBITA margin of 15 percent remain unchanged. No fundamental changes are considered to have occurred in the market and pent-up investment demand among property owners remains, as measures have been deferred rather than cancelled. Achieving the long-term profitability target requires materially higher volumes. With the current volume and gradual growth, an interim target of a double-digit EBITA margin is reasonable as a step in that direction. For the current year, growth is expected, and the interim target can then be achieved.

For full interim report, see appendix.