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financial statements release Q4/2025

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Boreo Plc, financial statements releaseJAN. 1 TO dec. 31, 2025

A STRONG YEAR-END performance

October-December 2025

Net sales increased by 18% to EUR 46.3 million (2024: 39.2). Organic growth was 12%.
Operational EBIT increased by 33% to EUR 2.8 million (2024: 2.1) and amounted to 6.0% of net sales (2024: 5.3%).
EBIT increased to EUR 2.1 million (2024: 1.7).
Net cash flow from operating activities was EUR 5.6 million (2024: 7.1).
Earnings per share increased to EUR 0.35 (2024: 0.13).

January-December 2025

Net sales increased by 14% to EUR 153.3 million (2024: 134.0). Organic growth was 11%.
Operational EBIT increased by 17% to EUR 8.0 million (2024: 6.8), representing 5.2% of net sales (2024: 5.1%).
EBIT rose to EUR 6.7 million (2024: 4.1).
Net cash flow from operating activities was EUR 7.5 million (2024: 12.0).
Earnings per share increased significantly to EUR 0.72 (2024: -0.30).

Guidance and Major events after the fourth quarter

In line with its guidance policy, the company does not provide separate short-term financial guidance. The company's longterm strategic financial targets serve as the company's financial guidelines and they are disclosed on the next page.

After the fourth quarter Boreo announced on 10 February 2026 that Tuomas Kahri starts as a CEO of Boreo on 1 April 2026. Also, On 10 February 2026 Boreo announced that the company had decided not to appoint a separate Chief Financial Officer for the time being, but to divide the responsibilities of the finance function between two individuals as an interim arrangement. In accordance with this arrangement, the company appointed Rafael Osmanov on an interim basis to the position of Head of M&A and Financing as of 10 February 2026. In addition, Sami Hanerva, Vice President Finance, will be responsible for the company's financial reporting. During transition period, both individuals report to Boreo's CEO.

The Board of Directors' dividend distribution proposal

The distributable assets of the parent company Boreo Plc on December 31, 2025, were EUR 28.2 million, of which the profit for 2025 is EUR 3.7 million. Boreo's aim is to pay an annually increasing dividend per share, considering capital allocation priorities. In the short term, however, the company's objective is to strengthen its financial position and thus ensure the implementation of its growth strategy also going forward. As a result, the Board of Directors of the company proposes to the Annual General Meeting that no dividend will be paid for the financial year that ended on December 31, 2025.

Group's key figures

EUR million	Q4 2025	Q4 2024	Change	Q1-Q4 2025	Q1-Q4 2024	Change
Net sales	46.3	39.2	18 %	153.3	134.0	14 %
Operational EBIT	2.8	2.1	33 %	8.0	6.8	17 %
relative to the net sales %	6.0 %	5.3 %	-	5.2 %	5.1 %	-
EBIT	2.1	1.7	22 %	6.7	4.1	64 %
Cash conversion, %	176 %	320 %	-	83 %	180 %	-
Net debt / EBITDA 1)	2.1	2.8	-	2.1	2.8	-
Return on Capital Employed (ROCE %) 2)	8.8%	7.9%	-	8.8%	7.9%	-
EPS, EUR 3)	0.35	0.13	169 %	0.72	-0.30	-

¹⁾ Net debt relative to operational EBITDA of the previous 12 months. Calculated in accordance with the calculation principles established with financiers. The formula for the calculation is presented later in this report.

²⁾ Calculated on a rolling 12-month basis (R12).

³⁾ Starting from 2022, the effect of the interest on the hybrid bond recorded in equity, adjusted by the tax effect, has been considered in the calculation of earnings per share. In Q4 2025, this net effect was EUR 0.19 per share, in Q4 2024 EUR 0.19 per share, in Q1–Q4 2025 EUR 0.72 per share, and in Q1–Q4 2024 EUR 0.70 per share.

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Q4/2025 –CEO Kari Nerg:

Operational EBIT increased significantly

The final quarter of 2025 was successful for the company. Net sales increased by 18%, which supported a clear 33% improvement in operational EBIT. Net sales grew for the fifth consecutive quarter. For the full year 2025, net sales increased by 14% and operational EBIT by 17%. The strong performance in the fourth quarter was driven in particular by clearly stronger year-on-year development in the Technical Trade business area, while the Electronics business area declined from the exceptionally strong comparison quarter of the previous year.

In addition to strong earnings growth, we succeeded in managing working capital toward the end of the year. As a result of the reduction in working capital, cash conversion was strong at 176%. The company's financial position strengthened, and net debt relative to the last twelve months' operational EBITDA decreased to 2.1.

Order books continued to strengthen

The order books of our companies strengthened compared to the previous quarter and are clearly above the levels seen at the beginning of 2025. Although economic conditions, especially in Finland and the Baltic countries, are expected to remain modest in 2026, we see a solid foundation for earnings improvement.

Due to a higher-than-normal weighting of the order book toward the latter part of the year 2026 and ERP renewal projects concentrated in the early part of the year, we expect the company's earnings capacity to improve toward the end of the year. The short-term demand outlook for our companies serving industrial customers is reasonable, and in particular the strong development of the defense industry further supports the growth of Milcon, which has strengthened its position in the defense sector. Investment appetite among customers in the Finnish metal industry also picked up in the second half of the year, supporting the performance of our companies operating in the sector. The outlook for companies operating in the construction industry remains subdued, although operations in Sweden and Estonia grew significantly in 2025.

Focus on growth organically and through acquisitions

In 2026 we will focus on developing our existing companies and continue to identify acquisition targets that meet our ownership criteria. The four ongoing ERP renewal projects are progressing as planned. These projects will increase costs during the first half of 2026, but will improve efficiency and reduce fixed costs in the coming years.

The year 2025 will be remembered as the year in which we returned the company to a growth path. Operational EBIT growth of more than 15% in challenging conditions, and considering the investments made in future growth, is a strong performance. I would like to thank the entire organization for this achievement. I would also like to extend my thanks to all personnel and the company's partners for the past years. This will be my final interim report as the company's CEO, and I am grateful for the opportunity I have had to work in the company's management. I wish the company, its renewing management team and its partners success in the future. The company is well positioned to move into the next strategy period, aiming for significant growth.

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Financial guidance and business model

Boreo's focus is on earnings growth with attractive return on capital. The company's long-term* strategic financial targets are:

^* Including acquired businesses as if they had been held for 12 months at the reporting date. The long-term in the strategic financial targets refers to a period of five years or longer.

Boreo's dividend policy is to pay an annually increasing dividend per share, considering capital allocation priorities.

The above-mentioned strategic financial objectives serve as the company's financial guidelines. In line with its guidance policy, the company does not give separate short-term financial guidance.

Group's financial performance

In the fourth quarter, the Group's net sales continued to grow (18%) and amounted to EUR 46.3 million (2024: 39.2). Organic net sales increased by EUR 4.6 million (12%), and the Spetselektroodi and YE RS acquisitions increased net sales by EUR 2.5 million. At comparable exchange rates, net sales would have amounted to EUR 46.0 million.

During 2025, the Group's net sales increased by 14% to EUR 153.3 million (2024: 134.0). Organic net sales increased by EUR 14.4 million (11%), and acquisitions increased net sales by EUR 4.8 million. At comparable exchange rates, net sales would have amounted to EUR 152.6 million.

Net sales by business areas, Q4 and Q1-Q4

EUR million	Q4 2025	Q4 2024	Change	Q1-Q4 2025	Q1-Q4 2024	Change
Electronics	17.2	19.8	-13 %	61.4	58.0	6 %
Technical Trade	29.1	19.5	49 %	91.9	76.0	21 %
Group Functions	0.0	0.0	-	0.0	0.0	-
Total	46.3	39.2	18 %	153.3	134.0	14 %

^** The five-year average has been calculated using figures from full financial years

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Group net sales, quarterly and R12

In the fourth quarter, the Group's net sales were geographically distributed as follows: Net sales in Finland increased by 10% to EUR 32.5 million. The growth was driven in particular by increased net sales of Tornokone, Machinery and Machinery MT compared to the comparison period, as well as the YE RS acquisition. Net sales of the Swedish operations increased by 40% to EUR 7.3 million, mainly due to a strong quarter for PM Nordic compared to the comparison period. Net sales of the Baltic operations increased by 82% to EUR 5.8 million, with a significant share of the growth being inorganic as a result of the Spetselektroodi and YE RS acquisitions. Net sales to Other regions mainly consist of SSN's operations in the United States.

Net sales by geographic area, Q4 and Q1-Q4

EUR million	Q4 2025	Q4 2024	Change	Q1-Q4 2025	Q1-Q4 2024	Change
Finland	32.5	29.5	10 %	107.0	95.5	12 %
Sweden	7.3	5.2	40 %	23.2	20.2	15 %
Baltic countries	5.8	3.2	82 %	20.9	15.5	35 %
Other regions	0.7	1.4	-49 %	2.2	2.9	-25 %
Total	46.3	39.2	18 %	153.3	134.0	14 %

In the fourth quarter, the Group's operational EBIT increased by 33% to EUR 2.8 million (2024: 2.1). The operational EBIT margin was 6.0% (2024: 5.3%). The increase in operational EBIT was driven in particular by strong quarters in the Putzmeister businesses and Machinery MT compared to the comparison period.

The Group's reported EBIT amounted to EUR 2.1 million (2024: 1.7). Reported EBIT included items affecting comparability totaling EUR 0.6 million in net, consisting mainly of items related to corporate transactions and other purchase price allocations. Changes in exchange rates did not have a significant impact on the Group's EBIT.

During 2025, the Group's operational EBIT increased by 17% to EUR 8.0 million (2024: 6.8), corresponding to 5.2% of net sales (2024: 5.1%). Reported EBIT rose to EUR 6.7 million (2024: 4.1).

Earnings per share for 2025 increased significantly to EUR 0.72 (2024: -0.30).

Operational EBIT by business areas, Q4 and Q1-Q4

EUR million	Q4 2025	Q4 2024	Change	Q1-Q4 2025	Q1-Q4 2024	Change
Electronics	1.0	1.7	-41 %	3.9	4.3	-8 %
Technical Trade	2.2	0.9	143 %	6.0	4.5	34 %
Group Functions	-0.4	-0.5	-20 %	-2.0	-2.0	2 %
Total	2.8	2.1	33 %	8.0	6.8	17 %

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Group operational EBIT, quarterly and R12

Group operational EBIT margin, quarterly and R12

Capital efficiency

At the end of 2025, the Group-level return on trade working capital (ROTWC) was 27.2% (Q4/2024: 25.2% and Q3/2025: 25.6%). By business area, ROTWC was: Electronics 44.1% (Q4/2024: 52.3% and Q3/2025: 53.9%) and Technical Trade 29.7% (Q4/2024: 23.8% and Q3/2025: 24.1%).

At the end of 2025, return on capital employed (ROCE) was 8.8% (Q4/2024: 7.9% and Q3/2025: 8.2%). Return on capital employed excluding cash and cash equivalents would have been 9.7%. Return on equity (ROE) was 7.9% (Q4/2024: 2.8% and Q3/2025: 7.1%).

Return on Trade Working Capital by business area (ROTWC %), R12

Percent	31 Dec. 2025	31 Dec. 2024
Electronics	44.1 %	52.3 %
Technical Trade	29.7 %	23.8 %
Group Functions	-	-
Group	27.2 %	25.2 %

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Group Return on Trade Working Capital, quarterly and R12

Financial position

At the end of 2025, the Group's interest-bearing net debt amounted to EUR 28.9 million (Q4/2024: 30.0 and at the end of Q3/2025: 31.6). The share of IFRS-related lease liabilities in net debt was EUR 7.9 million (2024: 8.8). Net debt relative to the operational EBITDA was 2.1 (Q4/2024: 2.8 and at the end of Q3/2025: 2.4).

Shareholders' equity attributable to the owners of the parent company amounted to EUR 51.2 million (2024: 43.1), increased by the drawdown of a hybrid convertible bond of EUR 10 million. The equity ratio was 42.2% (Q4/2024: 39.2% and at the end of Q3/2025: 42.6%), and the consolidated balance sheet total amounted to EUR 126.9 million.

Cash flow

Net cash flow from operating activities in the fourth quarter amounted to EUR 5.6 million (2024: 7.1), supported by a release of net working capital of EUR 2.9 million. The comparison period was supported by a higher net working capital release of EUR 4.8 million compared to 2025. Cash flow after investments was EUR 3.2 million (2024: 7.4).

During 2025, net cash flow from operating activities amounted to EUR 7.5 million (2024: 12.0), weakened by a EUR 0.6 million increase in net working capital (2024: decrease of 5.3). Cash flow after investments was EUR -0.5 million (2024: 7.2).

At the end of the year, the Group's cash and cash equivalents amounted to EUR 9.1 million (2024: 9.7). The company's available liquidity increased from the third quarter to EUR 23.0 million (Q3/2025: 20.2 and Q4/2024: 24.5).

Group net cash flow from operating activities, quarterly and R12

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Business Areas

Boreo's operations are organized into two business areas: Electronics and Technical Trade. The structure of the various businesses within these areas is described in more detail in the 2024 Annual Report.

Since the publication of the 2024 Annual Report, Boreo has completed two acquisitions. On 8 May 2025, Boreo announced the completion of the acquisition of Spetselektroodi AS, a distributor of welding products in Estonia. The company is reported as part of the Technical Trade business area. On 1 August 2025, Boreo announced the completion of the acquisition of Elfa Distrelec's sales operations in Finland, Latvia, Estonia and Lithuania from RS Group plc. These operations are reported as part of the Electronics business area.

'Group Functions' includes the corporate functions of the parent company Boreo.

Electronics business area

The business area's operational EBIT for the fourth quarter declined to EUR 1.0 million (2024: EUR 1.7 million), and the operational EBIT margin decreased from 8.5% to 5.8%. At the same time, net sales decreased by 13% compared to the comparison period. The decline in net sales was mainly driven by lower sales at SSN compared to the comparison period. The rolling twelve-month operational EBIT amounted to EUR 3.9 million (2024: EUR 4.3 million), and the operational EBIT margin decreased from 7.3% to 6.4%. Over the same period, net sales increased by 5.9% compared to the comparison period.

The result of the business area was supported in particular by SSN's good performance although it remained below the level of the comparison period. Milcon's fourth quarter was in line with expectations, and the company's strong earnings capacity is expected to continue supported by the robust development of the defense industry. YE RS's result fell short of expectations in the final quarter. Uncertainty in the electronics components market has continued, and customers are postponing investment decisions, which is negatively reflected in the demand environment for distribution companies. In the health technology company Delfin, the renewal of the product platform and the global distribution network, as well as the development of selected strategic paths, continued. The company continues to grow at a moderate pace, but the above-mentioned investments are reflected in higher operational costs.

The business area's gross margin improved significantly compared to the previous year, driven by changes in the sales mix.

Working capital management was successful in the fourth quarter, but due to weaker rolling earnings, return on trade working capital declined from 52% in the comparison period to 44%.

The short-term outlook for the business area is overall stable, although uncertainties in the operating environment persist. Order books increased compared to the previous quarter and are at a higher level than a year earlier. Implemented efficiency measures continue to support profitability in the coming quarters. Market developments are monitored closely to enable a rapid response to potential changes.

Key figures Electronics

EUR million	Q4 2025	Q4 2024	Change	Q1-Q4 2025	Q1-Q4 2024	Change
Net sales	17.2	19.8	-13 %	61.4	58.0	6 %
Operational EBIT	1.0	1.7	-41 %	3.9	4.3	-8 %
relative to net sales, %	5.8 %	8.5 %	-	6.4 %	7.3 %	-
EBIT Return on Trade Working Capital (ROTWC %),	0.6	1.5	-56 %	2.9	3.1	-6 %
R12	44 %	52 %	-	44 %	52 %	-
Capital expenditure	0.1	0.1	3 %	0.3	0.6	-45 %
Personnel at end of the period	143	132	8 %	143	132	8 %

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Electronics operational EBIT and operational EBIT margin

Electronics ROTWC and operational EBIT R12

Technical Trade business area

The operational EBIT of the Technical Trade business area improved significantly in the fourth quarter to EUR 2.2 million (2024: 0.9), with the operational EBIT margin increasing from 4.5% to 7.4%. Net sales increased by 49% in the final quarter compared to the comparison period. For the full year 2025, operational EBIT amounted to EUR 6.0 million (2024: EUR 4.5 million), with the operational EBIT margin increasing from 5.9% to 6.6%. Net sales increased by 21% compared to the comparison year.

The strong performance of the business area toward the end of the year was driven in particular by Machinery and Machinery MT, as well as the Putzmeister businesses. Companies serving the process and mechanical engineering industries performed well, and profitability improved progressively toward the end of the year.

The business area's gross margin was slightly lower than in the previous year due to changes in the sales mix. Fixed costs in the business area increased slightly due to the acquisition of Spetselektroodi AS, as well as personnel recruitments and increased marketing investments.

Return on trade working capital (R12) in the business area increased compared to the previous year, amounting to 30% (2024: 24%). The amount of working capital tied up in operations remained at the level of the previous quarter, despite strong sales toward the end of the year.

The short-term outlook for the business area is overall reasonable, and the companies' order books have continued to grow from the level at the end of the previous quarter. Growth has been particularly strong in the Putzmeister businesses, Machinery and Machinery MT. Due to uncertainties in the operating environment, market developments are monitored closely and the companies are prepared to respond to changes if needed.

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Key figures Technical Trade

EUR million	Q4 2025	Q4 2024	Change	Q1-Q4 2025	Q1-Q4 2024	Change
Net sales	29.1	19.5	49 %	91.9	76.0	21 %
Operational EBIT	2.2	0.9	143 %	6.0	4.5	34 %
relative to net sales, %	7.4 %	4.5 %	-	6.6 %	5.9 %	-
EBIT Return on Trade Working Capital (ROTWC %),	1.8	0.5	300 %	5.7	2.7	115 %
R12	30 %	24 %	-	30%	24 %	-
Capital expenditure	0.6	0.9	-35 %	1.7	1.3	35 %
Personnel at end of the period	212	199	6 %	212	199	6 %

Technical Trade operational EBIT and operational EBIT margin

Technical Trade ROTWC and operational EBIT R12

Group functions

Costs not allocated to the business areas of the parent company's corporate operations are reported under Group Functions. The operational EBIT of Group Functions in the fourth quarter was EUR -0.4 million (2024: -0.5) and EUR -2.0 million for the full year 2025 (2024: -1.7).

Key figures Group functions

EUR million	Q4 2025	Q4 2024	Change	Q1-Q4 2025	Q1-Q4 2024	Change
Net sales	0.0	0.0	-	0.0	0.0	-
Operational EBIT	-0.4	-0.5	-20 %	-2.0	-2.0	2 %
relative to net sales, %	-	-	-	-	-	-
EBIT	-0.4	-0.2	96 %	-2.0	-1.7	17 %
Capital expenditure	0.0	0.0	-	0.0	0.0	-
Personnel at end of the period	5	5	0 %	5	5	0 %

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Group personnel

The number of employees in the Boreo Group increased mainly as a result of acquisitions and amounted to 360 at the end of the year (2024: 336). The personnel were distributed across the business areas as follows: Electronics 143 (2024: 132), Technical Trade 212 (2024: 199) and Group Functions 5 (2024: 5). Employment-related expenses for the final quarter amounted to EUR 6.5 million (2024: 5.8) and EUR 24.0 million for the full year 2025 (2024: 22.1).

Shares and share capital

At the end of the year, Boreo Plc's share capital amounted to EUR 2,483,836 and the number of shares was 2,701,353. At the end of the year, the company held 4,900 shares of its own shares (0.18% of the total number of shares).

MATERIAL EVENTS IN 2025

On March 6, 2025, Boreo announced that it had completed the sale of its property in Estonia.

On March 31, 2025, Boreo announced that it had signed an agreement to acquire the entire share capital of the welding technology distributor Spetselektroodi AS.

On April 1, 2025, Boreo signed an agreement to acquire the sales operations of Elfa Distrelec in Finland, Latvia, Estonia and Lithuania from RS Group plc.

On April 15, 2025, Boreo held its Annual General Meeting at the company's headquarters at Ansatie 5, Vantaa.

On May 8, 2025, Boreo completed the acquisition of Spetselektroodi AS.

On June 18, 2025, Boreo issued a EUR 10 million equity-linked hybrid convertible bond to the Norwegian insurance company Protector Forsikring ASA, with the issuance completed on June 24, 2025.

On August 1, 2025, Boreo completed the acquisition of the Elfa Distrelec sales operations in Finland, Latvia, Estonia and Lithuania from RS Group plc.

On October 28, 2025, Boreo announced the appointment of Tuomas Kahri as the company's new CEO, succeeding Kari Nerg.

On December 1, 2025, Boreo announced that CFO Jesse Petäjä will leave his position in March 2026.

Managers' transactions

During the final quarter of 2025, Boreo Plc received four notifications of managers' transactions in accordance with Article 19 of MAR.

On December 18, 2025, Boreo Plc announced that Tuomas Kahri Holding Oy had acquired 22,000 shares at an average price of EUR 13.65 per share, and that Preato Capital AB had transferred 22,000 shares at an average price of EUR 13.65 per share.

On December 22, 2025, Boreo Plc announced that Tuomas Kahri Holding Oy had acquired 405 shares at an average price of EUR 13.67787 per share and 329 shares at an average price of EUR 13.55 per share.

Risks and operational uncertainties

Boreo is exposed to various market, financial, operational and regulatory risks that may affect the company's business performance. These risks are described in more detail in the Report of the Board of Directors for 2024. According to management's assessment, there have been no material changes in risks or operational uncertainties in 2025 compared to the situation described in the Report of the Board of Directors in the 2024 Annual Report.

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TABLES January 1 to DECEMBER 31, 2025

Accounting principles of the interim report

This financial statements release has been prepared in accordance with IAS 34 Interim Financial Reporting, and the same accounting principles have been applied as in the financial statements prepared on December 31, 2024. The figures in the financial statements release are unaudited.

CONSOLIDATED INCOME STATEMENT (MEUR)	Q4 2025	Q4 2024	Q1-Q4 2025	Q1-Q4 2024
Net sales	46.3	39.2	153.3	134.0
Other operating income	0.3	0.3	2.3	1.3
Materials and services	-33.7	-28.2	-109.2	-95.0
Employee benefit expenses	-6.5	-5.8	-24.0	-22.1
Depreciation, amortization and impairment losses	-1.6	-1.5	-5.8	-5.6
Other operating expenses	-2.8	-2.5	-10.3	-9.0
Share of result from associates	0.1	0.1	0.2	0.4
EBIT	2.1	1.7	6.7	4.1
Financial income	0.1	0.0	0.2	0.3
Financial expenses	-0.6	-0.8	-2.8	-3.1
Profit before taxes	1.6	0.9	4.1	1.3
Income taxes	-0.2	0.0	-0.2	-0.1
Profit for the period	1.4	0.9	3.9	1.2
Allocated to
Shareholders of the parent company	1.5	0.9	3.9	1.1
Non-controlling interests	0.0	0.1	0.0	0.2
EPS (undiluted) EUR, continuing operations	0.35	0.13	0.72	-0.30
EPS (diluted) EUR, continuing operations	0.35	0.13	0.71	-0.30

Items of the comprehensive income statement (MEUR)
Items that may be reclassified subsequently
to profit or loss:
Translation differences from
foreign units	0.3	-0.1	0.5	-0.3
Other comprehensive income items
after tax during the period	0.0	0.0	0.0	0.0
Total comprehensive income for the period	1.7	0.8	4.4	0.9
Allocated to
Shareholders of the parent company	1.7	0.7	4.4	0.8
Non-controlling interests	0.0	0.1	-0.1	0.2
Number of outstanding shares (thousand)	2 696	2 690	2 693	2 689
Outstanding shares at the end of the period	2 696	2 690	2 696	2 690
Number of shares (thousand)	2 701	2 701	2 701	2 701

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CONSOLIDATED BALANCE SHEET (MEUR)	December 31, 2025	December 31, 2024
ASSETS
Non-current assets
Goodwill	44.9	42.3
Intangible capital assets	12.4	7.9
Property, plant and equipment	10.5	10.7
Other financial assets	1.7	1.8
Investments in associates	1.0	1.1
Deferred tax assets	0.0	0.1
Total non-current assets	70.5	63.8
Current assets
Inventories	27.7	25.1
Accounts receivable and other receivables	19.6	16.6
Cash and cash equivalents	9.1	9.7
Total current assets	56.4	51.4
Assets held for sale	0.0	0.4
TOTAL ASSETS	126.9	115.7
SHAREHOLDERS' EQUITY AND LIABILITIES
SHAREHOLDERS' EQUITY
Equity attributable to the equity holders of the parent
Share capital	2.5	2.5
Other committed capital	0.1	0.1
Hybrid loan	30.0	24.0
Reserve for invested unrestricted equity	5.1	5.1
Retained earnings	9.7	10.4
Profit for the period	3.9	1.1
Total	51.2	43.1
Non-controlling interests	1.4	1.4
Total equity	52.6	44.5
Non-current liabilities
Financial liabilities	29.5	33.8
Deferred tax liabilities	3.2	2.2
Trade and other payables	0.6	0.0
Total non-current assets	33.3	36.0
Current liabilities
Trade and other payables	30.9	27.8
Provisions	0.0	0.0
Financial liabilities	10.1	7.4
Total current liabilities	41.0	35.2
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	126.9	115.7

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CONSOLIDATED CASH FLOW STATEMENT (MEUR)	1.131.12.2025	1.131.12.2024
Operational cash flow
Profit before taxes	4.1	1.3
Non-cash transactions
Depreciation, amortization and impairment losses	5,8	5,6
Net financial items	2.6	2.8
Share of associate companys' result, net	0,2	0.0
Increase (-) / decrease (+) in inventories	-0,8	5.7
Increase (-) / decrease (+) in current assets	-2,3	-0.3
Increase (+) / decrease (-) in current liabilities	2,5	-0,1
Net financial items	-2.2	-2.5
Taxes paid	-0.4	-0.5
Other adjustments	-1.9	0.0
Operational net cash flow	7.5	12.0
Cash flow from investments
Investments in intangible and tangible assets	-2,0	-1,8
Acquisitions	-7.7	-3.8
Proceeds from sale of property, plant and equipment	1,7	0,8
Net cash flow from investments	-8,0	-4.8
Cash flow from financing
Repayments of loans	-2.7	-3.0
Repayments of lease liabilities	-2,9	-2.5
Withdrawals of loans	2.0	0.0
Withdrawal of convertible hybrid loan	10.0	0.0
Withdrawals and repayments of hybrid loan, net	-4,0	4,0
Interest rate and expenses on hybrid loan	-2,5	-2.3
Dividends paid	0.0	-0.2
Net cash flow from financing	-0,2	-3.9
Change in cash and cash equivalents	-0,7	3.2
Cash and cash equivalents Jan 1	9,7	6.5
Impact of exchange rate fluctuations and consolidation	0,1	0,0
Liquid funds Dec. 31.	9,1	9.7

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STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (MEUR)

2025	Share capital	Contingency reserve	Reserve for invested unrestricted equity	Translation difference	Hybrid loan	Retained earnings	Non cont. interest	Total
Equity
Dec. 31, 2024	2.5	0.1	5.1	-1.3	24.0	12.7	1.4	44.5
Profit/loss for the period Translation						3.9	0.0	3.9
differences		0.0		0.6		0.0	-0.1	0.5
Withdrawal of hybrid loan Repayment of					10.0			10.0
hybrid loan					-4.0			-4.0
Share incentives Interest rate and borrowing costs of						0.1		0.1
the hybrid loan						-2.5		-2.5
Dividend payment								0.0
Other change						0.1		0.1
Dec. 31, 2025	2.5	0.1	5.1	-0.7	30.0	14.3	1.4	52.6

2024	Share capital	Contingency reserve	Reserve for invested unrestricted equity	Translation difference	Hybrid loan	Retained earnings	Non cont. interest	Total
Equity
Dec. 31, 2023	2.5	0.1	5.1	-1.0	20.0	14.5	1.5	42.6
Profit/loss for the period						1.1	0.2	1.2
Translation differences		0.0		-0.3		0.0	0.0	-0.3
Withdrawal of hybrid loan					4.0			4.0
Share incentives Interest rate and borrowing						0.1		0.1
costs of the hybrid loan						-2.9		-2.9
Dividend payment							-0.2	-0.2
Other change						0.0		0.0
Dec. 31, 2024	2.5	0.1	5.1	-1.3	24.0	12.7	1.4	44.5

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1-12/2025	Electronics	Technical Trade	Group Functions	Inter	Total
				Segment

Revenue	61.4	91.9	0.0		153.3
Share of results of associates	0.2	0.0	0.0		0.2
Depreciation	-1.9	-2.8	0.0		-4.7
EBIT	2.9	5.7	-2.0		6.7
Financial income	0.1	0.1	1.7	-1.7	0.2
Financial expenses	-0.9	-1.6	-2.0	1.7	-2.8
Profit before taxes	2.1	4.3	-2.2		4.1

Balance sheet assets	79.7	74.6	0.0	-27.4	126.9
Balance sheet liabilities	-38.5	-63.2	0.0	27.4	-74.7
Investments	0.3	1.7	0.0		2.0
Personnel at end of the period	143	212	5		360

SEGMENT INFORMATION (MEUR)

1-12/2024	Electronics	Technical Trade	Group Functions	Inter Segment	Total

Net sales	58.0	76.0	0.0		134.0
Profit/loss from associated companies	0.4	0.0	0.0		0.4
Depreciation	-2.2	-3.4	0.0		-5.6
EBIT	3.1	2.7	-1.7		4.1
Financial income	0.1	0.1	1.2	-1.2	0.3
Financial expenses	-0.6	-1.4	-2.3	1.2	-3.1
Profit before taxes	2.6	1.4	-2.7		1.3
Balance sheet assets	66.4	66.9	0.0	-17.6	115.7
Balance sheet liabilities	-34.1	-54.6	0.0	17.6	-71.1
Investments	0.6	1.3	0.0		1.8
Personnel at end of the period	132	199	5		336

OFF-BALANCE SHEET CONTINGENT LIABILITIES (MEUR)

	December 31, 2025	December 31, 2024
Liabilities
Unused overdraft limit	10.4	10.8
Total liabilities	10.4	10.8
Collateral given
Enterprise mortgages	71.5	71.5
Guarantees	1.6	2.9
Total guarantees	72.1	74.4

The company has a derivative liability related to interest rate hedging with a fair value of EUR 0.0 million as of Dec 31, 2025. The change in fair value has been recognized in profit or loss under financial items.

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Reconciliation statements of key indicators

Reconciliation, operational EBIT

EUR million	Q4 2025	Q4 2024	Q1-Q4 2025	Q1-Q4 2024
EBIT	2.1	1.7	6.7	4.1
ITEMS AFFECTING COMPARABILITY Electronics
Structural arrangements	0.0	0.0	0.6	-0.3
Costs related to acquisitions	0.0	0.0	-0.5	0.0
Amortization related to allocation of acquisition costs	-0.3	-0.2	-1.1	-0.9
Technical Trade
Structural arrangements	-0.1	-0.1	-0.1	-0.2
Costs related to acquisitions	0.0	0.0	0.0	0.0
Amortization related to allocation of acquisition costs	-0.3	-0.3	-1.0	-1.7
Recognition of a gain from a bargain purchase (negative goodwill)	0.0	0.0	0.8	0.0
Other Operations
Structural arrangements	0.0	0.3	0.0	0.3
Costs related to acquisitions	0.0	0.0	0.0	0.0
TOTAL ITEMS AFFECTING COMPARABILITY	-0.7	-0.4	-1.3	-2.7
OPERATIONAL EBIT	2.8	2.1	8.0	6.8

Interest-bearing net debt

EUR million	Dec. 31, 2025	Dec. 31, 2024
Long-term financial liabilities	29.5	33.8
Short-term financial liabilities	10.1	7.4
Interest-bearing receivables	1.5	1.5
Cash and cash equivalents	9.1	9.7
Interest-bearing net debt	28.9	30.0

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Alternative Performance Measures

The guidelines of the European Securities and Markets Authority (ESMA) defines alternative performance measures as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. For Boreo, the IFRS standards as adopted in the EU in accordance with Regulation (EC) No 1606/2002 form the reporting framework.

Boreo provides certain financial indicators that are not based on IFRS (alternative performance measures). Alternative performance measures are intended to describe the financial development of the business and improve comparability between reporting periods. Alternative performance measures should not be considered as a substitute for key figures in accordance with IFRS accounting principles.

Formulas for calculating key indicators

Items affecting comparability	Non-recurring restructuring costs, acquisition and integration costs, = capital gains/losses and -/+ purchase price allocation items
Operational EBIT	= EBIT -/+ items affecting comparability
Operational EBITDA	= Operational EBIT + depreciation, amortization and impairment
	Interest-bearing net debt
Interest-bearing net debt relative to operational EBITDA	Operational EBITDA of the previous 12 months (including acquired = businesses as if they had been held for 12 months at the reporting date)
	Equity + total non-controlling interests
Equity ratio,%	= x 100 Balance sheet total - advances received
Interest-bearing net debt	Interest-bearing liabilities - interest-bearing receivables - cash and = cash equivalents
	Profit for the review period to shareholders – the interest rate on the hybrid loan recorded in equity minus the tax effect
Earnings per share (EPS)	= Average number of outstanding shares
Return on capital employed (ROCE %)	Operational EBIT for the previous 12 months Average balance sheet total for the previous 12 months - non = interest-bearing liabilities for the previous 12 months
Return on capital employed (ROCE %), excluding cash equivalents	Operational EBIT for the previous 12 months Average balance sheet total for the previous 12 months - average = non-interest-bearing liabilities for the previous 12 months - average cash equivalents for the previous 12 months
Return on trade working capital (ROTWC %)	Operational EBIT for the previous 12 months Average working capital for the previous 12 months (inventories + trade = receivables – trade payables – advance payments received)
Return on equity (ROE %)	Result for the review period for the previous 12 months = Average equity for the previous 12 months
Cash conversion, %	Net cash flow from operating activities + interest paid – investments in intangible and tangible assets = EBIT + depreciation and impairment – effect of fixed asset depreciation (IFRS 16)

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Briefing for investors. analysts and media

A webcast where CEO Kari Nerg and CFO Jesse Petäjä present the Financial Statements Release will be held today at 11:00 am EET. The presentation is in English and questions can be asked after the presentation. The presentation material is available before the webcast on Boreo's website: www.boreo.com/investors.

You can watch the webcast at: https://boreo.events.inderes.com/q4-2025. The event will be recorded and the recording will be available after the event at: www.boreo.com/investors.

Boreo Plc's Financial Reporting 2026

2025 financial statements release: 13 February 2026 Interim report for January-March 2026: 29 April 2026

Half-year report for January-June 2026: 6 August 2026

Interim report for January-September 2026: 29 October 2026

Financial reports will be published in Finnish and in English approximately at 9:00 EET. Boreo applies a 30-day silent period which ends on the day of publication. Annual Report including the Report of the Board of Directors as well as the financial statements for 2025 will be published during week 12.

Vantaa, February 13, 2026

BOREO PLC

Board of Directors

Additional information:

Kari Nerg CEO tel +358 44 341 8514

Jesse Petäjä CFO tel +358 40 706 9450

Distribution:

NASDAQ Helsinki Ltd Financial Supervisory Authority Principal media

www.boreo.com

Boreo in brief:

Boreo is a company listed on Nasdaq Helsinki that creates value by owning. acquiring and developing small and mediumsized companies in the long-term. Boreo's business operations are organized into two business areas: Electronics and Technical Trade.

Boreo's primary objective is sustainable long-term profit generation. This is achieved with a business model that is based on the acquisition and ownership of great entrepreneurial companies with the ability to generate sustainable long-term earnings growth and strong cash flows. The profits generated by the portfolio of companies are re-invested back to operations or to acquisitions with attractive expected returns on capital. The decentralized operating structure promoting a culture of ownership and release of entrepreneurial energy is a core pillar of the company's business concept and sustainable earnings growth is ensured through the support and coaching of companies and the personnel.

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The Group's net sales in 2025 were EUR 153 million and it employs over 300 people in seven countries. The company's headquarter is in Vantaa.