WALL TO WALL GROUP INTERIM REPORT Q2

• Improved adjusted EBITA on a comparable basis, driven by lower costs and strengthened margins
• Full-year outlook remains unchanged – a significantly improved adjusted EBITA

SUMMARY OF FINANCIAL PERFORMANCE

INTERIM PERIOD 1 APRIL – 30 JUNE

• The Group’s net revenue amounted to SEK 209.9 million (242.4), adjusted EBITDA to SEK 23.2 million (24.4) and adjusted EBITA to SEK 8.1 million (8.9) corresponding to an adjusted EBITA margin of 3.9 (3.7)%. Adjusted for currency, net revenue declined by 12.0%. On a proforma and currency-adjusted basis, net revenue declined by 12.8%, while adjusted EBITA increased to SEK 10.9 million (8.4), corresponding to a margin of 5.1 (3.5)%. Cash flow from operations during the second quarter amounted to SEK 21.3 million (11.4)
• Operating profit (EBIT) amounted to SEK -38.1 million (3.9), impacted by items affecting comparability of SEK 43.2 million (2.0), primarily non-cash effects from the divested operations of SEK 36.8 million, revaluation of earnout of SEK 4.5 million (-1,5), and restructuring costs of SEK 1.1 million (2.7)
• The Group’s net earnings amounted to SEK -39.3 million (0.0), including non-cash effects from divested operations
• The Group’s basic and diluted earnings per share amounted to SEK -2.91 (0.00)

SIGNIFICANT EVENTS DURING THE QUARTER

• Wall to Wall Group was awarded two major framework agreements totaling approximately SEK 60 million. One pertains to Region Skåne’s Regionfastigheter and include flushing and relining services. The contract runs for two years with an option to extend for another two years. The second agreement is with Halmstad Energi och Miljö AB and includes collection of sludge, grease waste, and food waste. The contract runs for eight years
• Wall to Wall Group acquired Energiprojekt Stockholm AB, a company focused on installation, service, inspection of ventilation systems as well as energy-saving measures. The acquisition strengthens the Group’s offering within energy solutions for property owners and housing cooperatives. Energiprojekt has an annual turnover of approximately SEK 20 million and shows strong profitability and growth
• On April 29, 2025, the Board, based on the authorization from the Annual General Meeting, resolved to continue the ongoing repurchase of series A shares
• On June 30, 2025, an extraordinary general meeting approved the Board´s decision to divest the subsidiary Coatab Rörteknik AB to its founder, partly settled through a directed redemption of series A shares in Wall to Wall Group
• During the quarter, the company repurchased 25,377 own shares and redeemed 78,032 shares. As of 30 June 2025, the company held 267,877 own shares

1 JANUARY – 30 JUNE PERIOD

• The Group’s net revenue amounted to SEK 414.0 million (474.0), adjusted EBITDA to SEK 36.6 million (48.1) and adjusted EBITA to SEK 6.7 million (18.4) corresponding to an adjusted EBITA margin of 1.6 (3.9)%. Adjusted for currency, net revenue declined by 11.7%. On a proforma and currency-adjusted basis, net revenue declined by 11.9%, and adjusted EBITA decreased to SEK 11.2 million (16.6) corresponding to a margin of 2.7 (3.5)%. Cash flow from operations amounted to SEK 15.7 million (22.5)
• Operating profit (EBIT) amounted to SEK -64.6 million (9.6), impacted by items affecting comparability with SEK 65.3 million (2.7), primarily non-cash effects from the divested operations of SEK 36.8 million, restructuring costs of SEK 22.0 million (0.8), and revaluation of earnout of SEK 4.5 million (-1.5)
• The Group’s net earnings amounted to SEK -70.3 million (4.2), including non-cash effects from divested operations
• The Group’s basic and diluted earnings per share amounted to SEK -5.21 (0.30)

SIGNIFICANT EVENTS AFTER THE QUARTER

• Wall to Wall Group acquired the business assets of Västsvenska Spol och Slam AB, a well-established company providing emergency and preventative pipe flushing services. The acquisition strengthens the Group´s offering in the Gothenburg region. The acquired business has annual revenues of approximately SEK 10 million

OUTLOOK

• The market stabilization observed in the first quarter continues, although some uncertainty remains. Despite lower net revenue, profitability improved driven by lower costs and stronger margins, particularly within pipe relining. Important steps were taken in the flushing and energy segments through new contracts and acquisitions. The initiated measures are starting to yield results in the form of reduced costs and a more focused way of working. Additionally, the transition to operating under a single brand and unified market positioning is contributing positively. In the second half of the year, efforts continue to build a scalable and efficient organization, with readiness to act on the right acquisition opportunities. Overall, a more stable market and significantly improved operating profit (adjusted EBITA) are expected for 2025. The outlook remains unchanged compared to previous assessments

CEO André Strömgren comments

The stabilization trend observed in the first quarter is continuing, although some uncertainty remains. Profitability improved year-on-year, driven by lower indirect costs and stronger margins within pipe relining.

Our transformation efforts continued at a high pace. The initiated actions have resulted in a more focused way of working and a transition toward a unified brand. At the same time, cost levels are coming down toward the target of indirect costs below 20 percent of net sales.

The acquisition of Energiprojekt strengthens the Group’s energy efficiency offering and enables a complete solution for the installation and maintenance of property infrastructure, with a focus on reduced energy costs and improved net operating income for property owners.

In summary, a more stable market and a significantly improved operating result (adjusted EBITA) are expected for 2025.

For full interim report, see appendix.