Eltel — Interim / Quarterly Report 2025

Feb 13, 2026

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Eltel Group

Full-year report January-December 2025

Stockholm, Sweden, 13 February 2026

October–December 2025

• Net sales EUR 239.0 million (226.1), an increase of 5.7%. Organic growth1) was 4.0%
• Gross profit EUR 32.7 million (27.7) and gross margin 13.7% (12.2)
• Adjusted EBITA2) EUR 8.3 million (5.7) and adjusted EBITA margin 3.5% (2.5)
• Items affecting comparability4) EUR 0.0 million (-1.6)
• Operating result (EBIT) EUR 8.3 million (4.2) and EBIT margin 3.5% (1.9)
• Net result EUR 3.6 million (3.9)
• Earnings per share EUR 0.02 (0.02), basic and diluted
• Cash flow from operating activities EUR 41.4 million (38.9)

January–December 2025

• Net sales EUR 817.8 million (828.7), a decrease of 1.3%. Organic growth1) was -0.6%
• Gross profit EUR 105.1 million (91.8) and gross margin 12.9% (11.1)
• Adjusted EBITA2) EUR 20.7 million (10.5) and adjusted EBITA margin 2.5% (1.3)
• Items affecting comparability4) EUR -1.3 million (-28.5)
• Operating result (EBIT) EUR 19.4 million (-18.0) and EBIT margin 2.4% (-2.2)
• Net result EUR 3.2 million (-29.1)
• Earnings per share EUR 0.00 (-0.21), basic and diluted
• Cash flow from operating activities EUR 32.0 million (27.5)
• Net debt EUR 141.9 million (114.0), increase due to the hybrid bond (classified as equity) was replaced during the refinancing with a bond (classified as debt)

Significant events during and after the reporting period

• During the fourth quarter, Eltel signed new contracts with a combined value, TCV, of about EUR 190.1 million (308.0) and the value of the total orderbook5) was EUR 1.2 billion (1.2).
• On 15 October, it was announced that Eltel will redeem its outstanding subordinated sustainability-linked capital securities (hybrid bond). The redemption date was 11 November 2025.
• On 9 December, it was announced that Eltel publishes bond prospectus and applies for listing its bonds on Nasdaq Stockholm. On 19 December a written procedure was initiated and on 15 January 2026 the successful completion of Written Procedure was announced.
• On 18 December, it was announced that Eltel Finland has been selected by Caruna to replace smart meters across the company's entire network. The contract value is EUR 23.7 million.

Key figures

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Net sales	239.0	226.1	817.8	828.7
Net sales growth, %	5.7%	-5.9%	-1.3%	-2.5%
Gross profit	32.7	27.7	105.1	91.8
Gross margin, %	13.7%	12.2%	12.9%	11.1%
Adjusted EBITDA	16.0	14.2	50.4	45.2
Adjusted EBITA2)	8.3	5.7	20.7	10.5
Adjusted EBITA margin, %	3.5%	2.5%	2.5%	1.3%
Adjusted EBITA2), segments3)	11.2	9.0	32.1	22.6
Adjusted EBITA margin, %, segments3)	4.7%	4.0%	3.9%	2.8%
Operating result (EBIT)	8.3	4.2	19.4	-18.0
Net working capital	-60.4	-61.3	-60.4	-61.3
Net debt	141.9	114.0	141.9	114.0
Number of employees, average, FTE	3,781	4,226	3,894	4,550

¹⁾ Organic growth is adjusted for currency effects and divestments. Net sales as well as other figures in the income statement during January-June 2024 included High Voltage Poland.

²⁾ Eltel follows the profitability of segments with adjusted EBITA, which does not include restructuring costs and other items affecting comparability. Please see pages 27–28 for definitions of the key ratios.

³⁾ Adjusted EBITA and margin for segments have been restated in comparative periods according to the new segment structure. See page 26 for more information.

⁴⁾ See reconciliation of segment results on page 5 for more information.

⁵⁾ Total orderbook includes the committed order backlog and the best estimate for uncommitted remaining parts of frame agreements until the end of the agreement.

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Comments by the CEO

I am pleased to announce that the fourth quarter concluded the year on a highly positive note, with a total net sales increase of 5.7% to EUR 239.0 (226.1) million and improved profitability with an adjusted EBITA of EUR 8.3 million (5.7). We have now achieved adjusted EBITA improvements for ten consecutive quarters, demonstrating that our strategic initiatives are delivering. We improved our margins every quarter year-onyear, broadened our customer base and strengthened our position in new services. Growth within these services played a key role in our performance in Q4 and will be even more important going forward.

I am proud of how our organization has embraced and implemented our strategy. This was particularly visible in our New business, including Data Center, Solar PV and Battery Energy Storage Systems, BESS, which accounted for 11.3% of our net sales. Finland was especially successful in capturing opportunities in these areas. Sweden, on the other hand, led the way in broadening our customer base in Classic business, which is essential for the consistent delivery of financial performance.

In Finland, significant growth in Power compensated for declining volumes in Communication, resulting in increased net sales and improved profitability in the fourth quarter. A significant part of net sales originated from New business, especially from Solar PV and Data Center. Ending the year on such a good note paves way for continuous progress.

Sweden ended the year with a fantastic growth, and improved profitability in both Communication and Power. The consistent growth in Sweden was mainly driven by high demand in public infrastructure and increased market share in classic telecommunications. With a strong orderbook, Sweden is well positioned for continuous growth opportunities going forward.

In spite of growth and improved profitability in Germany, net sales decreased slightly in our Denmark & Germany segment. In Denmark we had a positive development of our Power services, especially in Battery Energy Storage Systems, BESS, but also in streetlighting. The growth in Power is, however, not fully compensating for declining volumes in Communication. Throughout the year, measures have been taken to mitigate the weaker Communication performance in Denmark, including rightsizing of the operations. On a positive note, sales efforts resulted in a major increase in the total contract and orderbook value.

In Norway, our efforts to expand the customer base are yielding positive results, especially in offshore and defense. There is also an increased demand for maintenance and upgrade services from a wide range of customers. This positive development is, however, not mitigating the decline in telecommunications. Our continuous focus on margin and profitability rather than on volumes has now resulted in two quarters in a row with improved profitability. We see clear effects of the turnaround and going forward an increasing focus will be on growth.

We are well positioned to develop our leading role in critical infrastructure, which becomes increasingly important given both geopolitical developments and other external factors such as climate change. In the previous quarter I lifted our colleagues' dedication after the storm Amy in Norway and this time I want to highlight the impressive and relentless work performed by more than 100 of our technicians in Finland in connection to the major storm Hannes that hit Finland in December.

Increased orderbook combined with a promising market outlook, especially when it comes to our new and adjacent business in data centers, solar and energy storage provides strong confidence for the future. 2025 was the year when Eltel really started to gain momentum, as our strategic initiatives bore fruit on all markets and growth in New business accelerated. As progress is picking up speed, I am confident that we will reach our profitability target of 5% within 12 to 18 months.

None of this would have been, and will continue to be, possible without the dedicated efforts of our people. I want to thank all my engaged colleagues throughout Eltel. Thank you all for securing the critical infrastructure of our society – every day. The work you do is more important and more urgent than ever.

Håkan Dahlström, President and CEO

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About Eltel and the Group strategy

Eltel in brief

Eltel is the leading service provider for critical infrastructure that enables renewable energy and high-performing communication networks. Operations are conducted in the Nordic countries, Germany, Poland (a Shared Services Center) and Lithuania within country-based organizations that have full responsibility for their financial results.

Within business area Communication, Eltel establishes networks and supports the societal need for greater digitalization. We provide design, installations, upgrades and maintenance services mainly to mobile and fixed communication network owners and operators and increasingly to private and public sector.

Within business area Power, Eltel enables the transition to renewable energy and the electrification of society. We provide maintenance and upgrade services to power distribution and transmission, smart grids and turnkey solutions in e-Mobility, Solar PV, wind energy and battery energy storage systems.

With our expertise in both Communication and Power we are well equipped to provide comprehensive solutions for Data Centers, an area which we entered in 2024 and now constitutes an important and growing part of New business.

Our strategy – towards sustainable profitable growth

Through our strategy, we build the foundation for sustainable profitable growth. This involves:

• Improve efficiency and profitability of the current business
• Broaden the customer base
• Grow in new and adjacent markets, such as renewable energy and public infrastructure
• Integrate sustainability as part of our offerings and operations
• Develop our concepts and commercial capabilities
• Implement new business models and expand our position in the value chain

The strategy will enable Eltel to ensure long-term value creation for our shareholders, customers, employees and society at large.

Eltel's financial targets

Group adjusted EBITA margin	5%
Annual growth	2–4%
Leverage	1.5–2.5x net debt/adjusted EBITDA
Dividend payout	Subject to leverage target

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Net sales and earnings Group

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Net sales	239.0	226.1	817.8	828.7
Adjusted EBITDA	16.0	14.2	50.4	45.2
Adjusted EBITA	8.3	5.7	20.7	10.5
Items affecting comparability	-	-1.6	-1.3	-28.5
EBIT	8.3	4.2	19.4	-18.0
Net result	3.6	3.9	3.2	-29.1
Key ratios
Net sales growth, %	5.7%	-5.9%	-1.3%	-2.5%
Organic growth1), % in segments	3.7%	0.6%	-0.7%	1.5%
Currency translation effect in net sales, MEUR	3.8	-0.3	7.4	0.1
Effect of divestment in net sales, MEUR	-	-9.1	-13.6	-20.9
Adjusted EBITA margin, %	3.5%	2.5%	2.5%	1.3%
Tax rate, %	10.4%	N/A	39.8%	5.3%
Earnings per share after dilution, EUR	0.02	0.02	0.00	-0.21

¹⁾ Organic growth is adjusted for currency effects and divestments.

October–December 2025

Net sales increased by 5.7% to EUR 239.0 million (226.1). In segments net sales increased by EUR 12.2 million. Organic net sales in segments, adjusted for currency effects, increased by 3.7%. Net sales increased particularly in Sweden and slightly also in Finland and decreased in Norway and in Denmark & Germany.

Adjusted EBITA increased to EUR 8.3 million (5.7) and the adjusted EBITA margin was 3.5% (2.5). Adjusted EBITA in segments was EUR 11.2 million (9.0) and the margin was 4.7% (4.0). Adjusted EBITA improved in all segments but Denmark & Germany.

Items affecting comparability amounted to EUR 0.0 million (-1.6). Q4 2024 included a restructuring and resizing charge in Norway and Finland, consisting mainly of personnel related expenses.

For further information regarding net sales and adjusted EBITA development, refer to the respective sections on the segments.

EBIT amounted to EUR 8.3 million (4.2).

Net financial expenses amounted to EUR -4.3 million (-3.3).

Taxes amounted to EUR -0.4 million (2.9). The effective tax rate was 10.4%. Taxes in Q4 2024 were mainly impacted by recognition of previously non-valuated tax losses.

Net result for the period was EUR 3.6 million (3.9). Earnings per share were EUR 0.02 (0.02).

January–December 2025

Net sales decreased by 1.3% to EUR 817.8 million (828.7). In segments net sales increased by EUR 1.8 million. Organic net sales in segments, adjusted for currency effects, decreased by 0.7%. Net sales increased in Sweden and decreased in other segments.

Adjusted EBITA increased to EUR 20.7 million (10.5) and the adjusted EBITA margin was 2.5% (1.3). Adjusted EBITA in segments was EUR 32.1 million (22.6) and the margin was 3.9% (2.8). Adjusted EBITA improved in all segments but Denmark & Germany.

Items affecting comparability amounted to EUR -1.3 million (-28.5) comprising a restructuring charge in Norway, consisting mainly of personnel related expenses. In 2024 items affecting comparability related to divestment of the Polish High Voltage business (-23.1) and restructuring and resizing in Norway and Finland (-5.3), consisting mainly of impairment losses on rightof-use assets in Norway and personnel related expenses.

For further information regarding net sales and adjusted EBITA development, refer to the respective sections on the segments.

EBIT amounted to EUR 19.4 million (-18.0).

Net financial expenses amounted to EUR -14.1 million (-12.7).

Taxes amounted to EUR -2.1 million (1.6) representing tax cost in countries with taxable income. The effective tax rate was 39.8% (5.3). In 2024 taxes represented net of tax cost in countries with taxable income and recognition of previously non-valuated tax losses.

Net result for the period was EUR 3.2 million (-29.1). Earnings per share were EUR 0.00 (-0.21).

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Overview of segments

Net sales

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Finland	102.4	101.4	351.1	357.7
Sweden	74.8	59.5	239.2	211.8
Denmark & Germany	35.0	35.8	125.6	129.6
Norway	26.5	29.8	100.0	114.9
Sum segments	238.6	226.5	815.8	814.0
Net sales growth, % in segments	5.4%	0.5%	0.2%	1.4%
Organic growth, % in segments	3.7%	0.6%	-0.7%	1.5%
Group Support Functions	2.6	3.0	9.3	24.3
Eliminations	-2.3	-3.4	-7.4	-9.7
Total net sales	239.0	226.1	817.8	828.7
Net sales growth, %	5.7%	-5.9%	-1.3%	-2.5%
Net sales of High Voltage Poland (divested in Q2 2024)	-	-	-	13.6

Adjusted EBITA

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Finland	6.4	6.3	20.3	15.7
Sweden	3.9	2.5	7.7	6.1
Denmark & Germany	0.8	2.5	5.9	6.5
Norway	0.0	-2.3	-1.8	-5.7
Sum segments	11.2	9.0	32.1	22.6
Group Support Functions	-2.9	-3.3	-11.4	-12.2
Total adjusted EBITA	8.3	5.7	20.7	10.5

Adjusted EBITA margin

%	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Finland	6.2%	6.2%	5.8%	4.4%
Sweden	5.3%	4.2%	3.2%	2.9%
Denmark & Germany	2.4%	7.1%	4.7%	5.0%
Norway	0.1%	-7.7%	-1.8%	-4.9%
Sum segments	4.7%	4.0%	3.9%	2.8%
Total adjusted EBITA margin, %	3.5%	2.5%	2.5%	1.3%

To simplify the operational structure and leverage our Danish management, the segment structure has been updated from 1 January 2025. The operations in Denmark and Germany are presented in one segment named Denmark & Germany. Smart Grids Germany was presented outside segments under Other business until 31 December 2024. Starting from 1 January 2025 the segments are Finland, Sweden, Denmark & Germany and Norway. In January-December 2025, the segments represented 99.8% of the net sales. Management follows segment results by adjusted EBITA, which does not include items affecting comparability.

The Group Support Functions include Group Functions and Lithuania as well as closing activities for Power Transmission International and High Voltage Poland until its divestment in Q2 2024. Group Support Functions is not considered a segment.

Net sales by segment

FI SE DK & DE NO Group support functions

Net sales change by segment

Net sales change in Group Support Functions mainly relates to High Voltage Poland.

Adjusted EBITA change by

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Net sales and adjusted EBITA – Segments

Finland

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Net sales	102.4	101.4	351.1	357.7
Adjusted EBITA1)	6.4	6.3	20.3	15.7
Number of employees, average, FTE	1,275	1,419	1,301	1,478
Key ratios
Net sales growth, %	1.0%	3.1%	-1.9%	3.8%
Adjusted EBITA margin, %	6.2%	6.2%	5.8%	4.4%

¹⁾ Excluding restructuring costs.

October–December 2025

Net sales increased by EUR 1.0 million, or 1.0%, to EUR 102.4 million (101.4). The growth in Power, mainly attributed to Data Center and Solar PV services, compensated for the declining volumes in Communication, which largely was a result from the fiber roll out peak in the previous year.

Adjusted EBITA improved by EUR 0.1 million to EUR 6.4 million (6.3). The adjusted EBITA margin was 6.2 percent (6.2). Improved profitability in Power mitigated the slightly decreased profitability in Communication, leading to a small improvement of the adjusted EBITA.

On 18 December, it was announced that Eltel Finland has been selected by Caruna to replace smart meters across the company's entire network. The contract value is EUR 23.7 million.

January–December 2025

Net sales decreased by EUR 6.7 million, or 1.9%, to EUR 351.1 million (357.7). The strong growth in Power, mainly related to Solar PV and Data Center services, did not fully compensate the net sales decrease in Communication, due to fiber-tothe home rollout volumes declining from their peak in the previous year.

Adjusted EBITA improved by EUR 4.6 million to EUR 20.3 million (15.7). The adjusted EBITA margin was 5.8% (4.4). Both Power and Communication contributed to keeping the profitability at good levels in spite of the declining volumes in Communication.

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Sweden

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Net sales	74.8	59.5	239.2	211.8
Adjusted EBITA	3.9	2.5	7.7	6.1
Number of employees, average, FTE	904	955	949	950
Key ratios
Net sales growth, %	25.7%	5.1%	12.9%	6.7%
Organic growth1), %	19.6%	4.8%	9.1%	6.2%
Currency translation effect in net sales, MEUR	3.7	0.1	8.1	1.0
Adjusted EBITA margin, %	5.3%	4.2%	3.2%	2.9%

¹⁾ Adjusted for currency effects.

October–December 2025

Net sales increased by EUR 15.3 million, or 25.7%, to EUR 74.8 million (59.5). Growth in local currency was 19.6%. Both Communication and Power contributed to the strong growth. In Communication, the increased net sales were mainly attributed to a continued high demand within telecommunications and public infrastructure and in Power, growth was mainly related to the Smart Grids business.

Adjusted EBITA increased to EUR 3.9 million (2.5). The adjusted EBITA margin was 5.3% (4.2). Both Communication and Power contributed to increased adjusted EBITA and adjusted EBITA margin, thanks to increased volumes and operational efficiency.

January–December 2025

Net sales increased by EUR 27.3 million, or 12.9%, to EUR 239.2 million (211.8). Growth in local currency was 9.1%. Net sales increased in Communication, driven by public infrastructure and telecommunications. Power net sales declined, mainly due to project phasing in Smart Grids, not fully compensated by the good growth in Solar PV.

Adjusted EBITA increased to EUR 7.7 million (6.1). The adjusted EBITA margin was 3.2% (2.9). Positive volume development and operational excellence in Communication were the main contributors to the improved profitability.

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Denmark & Germany

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Net sales	35.0	35.8	125.6	129.6
Adjusted EBITA	0.8	2.5	5.9	6.5
Number of employees, average, FTE	766	802	772	829
Key ratios
Net sales growth, %	-2.2%	-2.6%	-3.0%	0.1%
Organic growth 1) , %	-2.2%	-2.6%	-3.0%	0.1%
Currency translation effect in net sales, MEUR	-0.0	-0.0	-0.1	-0.1
Adjusted EBITA margin, %	2.4%	7.1%	4.7%	5.0%

¹⁾ Adjusted for currency effects.

October-December 2025

Net sales decreased by EUR 0.8 million, or 2.2%, to EUR 35.0 million (35.8). Net sales increased in Power especially in Smart Grids and Battery Energy Storage Systems, BESS, but could not fully compensate for declining volumes in Communication. The Communication decrease was partly due to a contract ending.

Adjusted EBITA was EUR 0.8 million (2.5). The adjusted EBITA margin was 2.4% (7.1). Declining volumes in Communication had a negative impact also on profitability.

In the quarter, Denmark has taken further measures to mitigate the weaker Communication performance, including right-sizing of the operations, which has burdened the result.

January-December 2025

Net sales decreased by EUR 3.9 million, or 3.0%, to EUR 125.6 million (129.6). Net sales increased in Power especially in Smart Grids and BESS. Declining volumes in Communication, partly due to a contract ending, was the main reason for the overall decrease.

Adjusted EBITA was EUR 5.9 million (6.5). The adjusted EBITA margin was 4.7% (5.0). In spite of improved profitability in Power, the adjusted EBITA decreased slightly. Declining volumes in Communication had a negative impact on the full year profitability.

Throughout the year, Denmark has taken measures to mitigate the weaker Communication performance, including rightsizing of the operations, which has burdened the result.

To simplify our operational structure and leverage our Danish management, the segment structure has been updated from 1 January 2025. The operations in Denmark and Germany are presented in one segment named Denmark & Germany. Smart Grids Germany was presented outside segments under Other business until 31 December 2024.

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Norway

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Net sales	26.5	29.8	100.0	114.9
Adjusted EBITA1)	0.0	-2.3	-1.8	-5.7
Number of employees, average, FTE	518	705	551	761
Key ratios
Net sales growth, %	-11.2%	-11.8%	-13.0%	-11.7%
Organic growth2), %	-11.7%	-10.4%	-12.4%	-10.3%
Currency translation effect in net sales, MEUR	0.2	-0.5	-0.7	-1.7
Adjusted EBITA margin, %	0.1%	-7.7%	-1.8%	-4.9%

¹⁾ Excluding restructuring costs.

October–December 2025

Net sales decreased by EUR 3.3 million, or 11.2%, to EUR 26.5 million (29.8). Net sales decline in local currency was 11.7%. Even though net sales from new customers grew, this did not mitigate the lower volumes from telecommunications operators.

Adjusted EBITA increased by EUR 2.3 million to EUR 0.0 million (-2.3). The adjusted EBITA margin was 0.1% (-7.7). Improved profitability driven by operational efficiency, resulted in a positive adjusted EBITA for the second quarter in a row.

January–December 2025

Net sales decreased by EUR 14.9 million, or 13.0%, to EUR 100.0 million (114.9). Net sales decline in local currency was 12.4%. Declining volumes from telecommunications operators burdened net sales throughout the year, even though net sales from new customers yielded results.

Adjusted EBITA increased by EUR 3.9 million to EUR -1.8 million (-5.7). The adjusted EBITA margin was -1.8% (-4.9). Improved profitability driven by operational efficiency, resulted in a positive adjusted EBITA for the second half of the year, whereas the full year adjusted EBITA was negative.

Rightsizing the operations for future market demands, including a restructuring process with a reduction of employees and fleet, continued in 2025 and was finalized in Q2, with some further adjustments made in Q3. In line with Eltel's strategy, the focus has been, and will continue to be, on margin and profitability rather than volumes.

²⁾ Adjusted for currency effects.

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Cash flow

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
EBIT	8.3	4.2	19.4	-18.0
Depreciation and amortization	7.7	8.4	29.7	34.7
EBITDA	16.0	12.6	49.1	16.7
Changes in working capital	28.6	27.3	-3.5	-2.5
Total financial expenses and taxes	-5.0	-4.6	-14.7	-13.3
Adjustment for gain/loss on sales of assets and business	-0.0	-0.0	-0.1	22.8
Other	1.9	3.7	1.2	3.7
Cash flow from operating activities	41.4	38.9	32.0	27.5
Cash flow from investing activities	-1.4	-0.5	-5.0	-6.6
Cash flow from financing activities	-10.1	-33.5	-4.5	-24.0
Net change in cash and cash equivalents	29.9	4.9	22.6	-3.1
Cash and cash equivalents at beginning of period	13.8	16.6	21.3	24.7
Foreign exchange rate effect	0.1	-0.2	-0.0	-0.3
Cash and cash equivalents at end of period	43.8	21.3	43.8	21.3

Condensed consolidated statement of cash flows is presented on page 17.

October–December 2025

Cash flow from operating activities was EUR 41.4 million (38.9). Main items included EBITDA EUR 16.0 million (12.6), cash flow from change in net working capital EUR 28.6 million (27.3), financial items EUR -3.7 million (-3.8) and income taxes EUR -1.2 million (-0.8). Cash flow from financial items and income taxes is impacted by timing differences between income statement and payments.

Net cash flow from investing activities was EUR -1.4 million (-0.5) from net capital expenditure on machinery and equipment as well as advances paid on intangible assets in Q4 2025.

Cash flow from financing activities was EUR -10.1 million (-33.5). Payment of interest for the hybrid bond amounted to EUR 0.1 million (0.0). Utilization of short-term financing decreased by EUR 2.0 million (decrease of 25.5). Payments of lease liabilities were EUR 6.8 million (6.9). In October-December 2024 term loans were amortized by EUR 1.0 million.

January–December 2025

Cash flow from operating activities was EUR 32.0 million (27.5). Main items included EBITDA EUR 49.1 million (16.7), cash flow from change in net working capital EUR -3.5 million (-2.5), financial items EUR -12.7 million (-12.4) and income taxes EUR -2.0 million (-0.9). Cash flow from financial items and income taxes is impacted by timing differences between income statement and payments. January-December 2024 included EUR 22.8 million adjustment for gain/loss on sale of assets and business impact from divestment of the Polish High Voltage business.

Cash flow has historically displayed a strong seasonal pattern, with weaker cash flow recorded during the period until the end of the third quarter due to higher production activity. Eltel's net working capital level is also impacted by phasing of projects. These projects, and delays in them, might result in continued tie up of working capital and can create volatility in the net working capital also going forward.

Net cash flow from investing activities was EUR -5.0 million (-6.6) from net capital expenditure on machinery and equipment as well as advances paid on intangible assets in January-December 2025. January-December 2024 included EUR -4.6 million cash flow impact from divestment of the Polish High Voltage business and net capital expenditure on machinery and equipment EUR -2.0 million.

Cash flow from financing activities was EUR -4.5 million (-24.0). Net proceeds from issuance of bond amounted to EUR 127.1 million, repurchase of the hybrid bond amounted to EUR 26.6 million and payment of interest for the hybrid bond amounted to EUR 3.3 million (3.4). See page 11 for more information. Utilization of short-term financing decreased by EUR 53.6 million mostly due to repayment of former revolving credit facility in Q3 2025 (increase of 8.9). Amortization and prepayment of the remaining term loans amounted to EUR 20.0 million (amortization 4.0) and payments of lease liabilities were EUR 27.7 million (25.2).

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Financial position, cash and cash equivalents

In June 2025, Eltel issued a EUR 130 million senior secured four-year floating rate bond. The net proceeds from the bond were used for the repayment of the remaining term loans, revolving credit facility, and the hybrid bond as well as for general corporate purposes.

In June 2025 EUR 25.3 million was used to repurchase the hybrid bond and on 15 July 2025, the old term loans and the revolving credit facility loans were repaid. Additionally, a new super senior revolving credit facility of EUR 60 million became effective. EUR 15 million account overdrafts have been carved out of the super senior revolving credit facility. The Group has also access to a commercial paper program subject to restrictions of the terms of the bond. The refinancing simplifies the financing structure of Eltel and improves the liquidity of the Group.

During Q4 2025 the remaining hybrid bond was repurchased. The total amount used for the repurchase was EUR 26.6 million during January-December 2025.

On 9 December, Eltel published bond prospectus and applied for listing its bonds on Nasdaq Stockholm. On 19 December a written procedure was initiated and on 15 January 2026 the successful completion of Written Procedure was announced.

Credit facilities

EUR million	31 Dec 2025	Maturity
Senior bond	130.0	Jun 2029
Super senior revolving credit facility	45.0	Dec 2028
Account overdrafts	15.0	Dec 2028
Total committed credit facilities	190.0
Commercial paper program	150.0	N/A

Available liquidity reserves, including the committed revolving credit facility, account overdrafts and cash and cash equivalents, amounted to EUR 103.8 million (80.3) on 31 December 2025. Additional to the committed facilities, the Group also had access to short-term debt capital markets via a commercial paper program of EUR 150 million. On 31 December 2025, EUR 2.5 million (10.0) of the commercial paper program and EUR 0.0 million (46.0) of the revolving credit facility were utilized.

Equity at the end of the period was EUR 168.9 million (189.3) and total assets were EUR 655.5 million (585.4). The equity ratio was 29.5% (35.5).

Interest-bearing liabilities and net debt

EUR million	31 Dec 2025	31 Dec 2024
Interest-bearing debt	130.1	76.3
Leasing liabilities	55.6	58.7
Allocation of effective interest to periods	0.0	0.2
Less cash and cash equivalents	-43.8	-21.3
Net debt	141.9	114.0
EUR million	31 Dec 2025	31 Dec 2024
Non-current interest-bearing debt	127.5	15.8
Current interest-bearing debt	2.7	60.5
Total interest-bearing debt	130.1	76.3
Non-current leasing liabilities	33.6	36.0
Current leasing liabilities	22.0	22.7
Total leasing liabilities	55.6	58.7

Commercial guarantees

On 31 December 2025, the commercial guarantees issued by the banks and other financial institutions on behalf of the Group amounted to EUR 54.1 million (52.3).

{11}------------------------------------------------

Other information

Dividend distribution

The Board proposes that no dividend will be paid for the year 2025.

Risks and uncertainty factors

Current market volatility and the unpredictability of customer investment volumes may have a negative impact on Eltel's net sales development. High dependency on one key customer in Norway may have a significant impact on the net sales, profitability and operations of the Norwegian segment. Global uncertainty may cause delays in investment decisions also in New business where market financing is prevalent.

Eltel performed an impairment test of goodwill showing that there was no impairment in Q4 2025. Eltel follows any triggering events and impairment tests are conducted in case of any indicators of impairment arise.

Materialization of business risks may lead to breach of leverage covenant under the existing financing agreement. Seasonal variation in Eltel's operations and related working capital build-up may also expose the company to liquidity risk.

For additional information regarding risks and uncertainties, please refer to Eltel's 2024 Annual Report which was published on 26 March 2025 and is available on Eltel's website at www.eltelgroup.com.

Large agreements announced during and after the reporting period

On 18 December, it was announced that Eltel Finland has been selected by Caruna to replace smart meters across the company's entire network. The contract value is EUR 23.7 million.

Related party transactions

During the quarter, no significant transactions took place between Eltel and related parties.

Seasonality

Eltel's businesses are generally characterized by seasonal patterns and cyclicality of the project business that adds volatility to net sales, adjusted EBITA and cash flow. Seasonality is normally driven by a number of factors, including weather conditions, the timing of customer orders and completion of work phases. The Eltel Group has historically reported higher revenues and operating profit in the second half of the year. Cash flow has historically displayed a strong seasonal pattern, with weaker cash flow recorded during the period until the end of the third quarter due to higher production activity. At the end of the year, as production volumes decrease as a result of completion of projects, cash flow has normally been stronger. For more details, please refer to quarterly key financial figures for the Group on page 19.

{12}------------------------------------------------

Presentation of the full-year and Q4 2025 report

Investors, analysts and media are invited to participate in the full-year and Q4 2025 report briefing on 13 February 2026 at 10:00 AM CET, hosted by Eltel's President and CEO Håkan Dahlström and CFO Tarja Leikas. A combined webcast and teleconference as well as the presentation will be available at www.eltelgroup.com/en/investors/financial-reports/.

For further information, please contact:

Tarja Leikas, CFO

Phone: +358 40 730 77 62, tarja.leikas@eltelnetworks.com

Alexandra Kärnlund, Director, Communications

Phone: +46 70 910 0903, alexandra.karnlund@eltelnetworks.com

This information is information that Eltel AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 13 February 2026.

Financial calendar

• Interim report January–March: 30 April 2026 • Half-year report January–June: 21 July 2026
• Interim report January–September: 29 October 2026
• Annual Report 2025: 26 March 2026
• Annual General meeting 2026: 12 May 2026

{13}------------------------------------------------

Board member

Signature of the Board of Directors and the President and CEO

Stockholm, Sweden, 13 February 2026

Eltel AB (publ)

Per Sjöstrand	Johan Nordström	Joakim Olsson
Chairman of the Board of Directors	Board member	Board member
Riitta Palomäki	Erja Sankari	Roland Sundén
Board member	Board member	Board member
Stefan Söderholm	Håkan Dahlström	Björn Tallberg

President and CEO

Board member

The information in this interim report has not been reviewed by the company's auditors.

{14}------------------------------------------------

Condensed financial information

Condensed consolidated income statement

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Net sales	239.0	226.1	817.8	828.7
Cost of sales	-206.3	-198.5	-712.7	-736.8
Gross profit	32.7	27.7	105.1	91.8
Other income	0.9	1.3	3.5	4.3
Selling and administrative expenses	-24.7	-23.6	-86.8	-88.2
Other expenses1)	-0.6	-1.1	-2.4	-25.9
Operating result (EBIT)	8.3	4.2	19.4	-18.0
Financial income	0.3	0.5	0.7	1.0
Financial expenses	-4.6	-3.8	-14.8	-13.7
Net financial expenses	-4.3	-3.3	-14.1	-12.7
Result before taxes	4.0	0.9	5.3	-30.7
Taxes	-0.4	2.9	-2.1	1.6
Net result	3.6	3.9	3.2	-29.1
Attributable to:
Equity holders of the parent	3.3	3.8	2.2	-29.7
Non-controlling interest	0.2	0.1	1.0	0.6
Earnings per share (EPS)
Basic, EUR	0.02	0.02	0.00	-0.21
Diluted, EUR	0.02	0.02	0.00	-0.21

¹⁾ In January-December 2024, other expenses include EUR -23.1 million from divestment of the Polish High Voltage business in Q2 2024.

Condensed consolidated statement of comprehensive income

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Net profit for the period	3.6	3.9	3.2	-29.1
Other comprehensive income:
Items that will not be reclassified to profit and loss
Revaluation of defined benefit plans, net of tax	1.0	2.4	0.2	3.8
Items that may be subsequently reclassified to profit and loss
Cash flow hedges, net of tax	0.3	-	0.1	-
Net investment hedges, net of tax	0.1	-	0.1	-0.1
Currency translation differences	2.6	-2.0	6.5	-5.5
Total	3.0	-2.0	6.7	-5.6
Other comprehensive income/loss for the period, net of tax	4.0	0.4	6.9	-1.8
Total comprehensive income/loss for the period	7.6	4.2	10.0	-30.9
Total comprehensive income/loss attributable to:
Equity holders of the parent	7.4	4.1	9.1	-31.5
Non-controlling interest	0.2	0.1	1.0	0.6

{15}------------------------------------------------

Condensed consolidated balance sheet

EUR million	31 Dec 2025	31 Dec 2024
ASSETS
Non-current assets
Goodwill	253.7	249.3
Intangible assets	31.6	30.3
Property, plant and equipment	5.6	5.9
Right-of-use assets	53.5	53.5
Deferred tax assets	27.3	27.2
Financial assets	15.3	13.4
Total non-current assets	386.9	379.6
Current assets
Inventories	38.3	19.3
Trade and other receivables	186.6	165.3
Cash and cash equivalents	43.8	21.3
Total current assets	268.7	205.8
TOTAL ASSETS	655.5	585.4
EQUITY AND LIABILITIES
Equity
Equity attributable to shareholders of the parent	160.5	156.3
Hybrid bond	-	25.0
Non-controlling interest	8.5	8.0
Total equity	168.9	189.3
Non-current liabilities
Interest-bearing debt	127.5	15.8
Leasing liabilities	33.6	36.0
Retirement benefit obligations	7.3	6.6
Deferred tax liabilities	12.0	10.7
Provisions	5.9	5.2
Other non-current liabilities1)	16.9	31.3
Total non-current liabilities	203.2	105.7
Current liabilities
Interest-bearing debt	2.7	60.5
Leasing liabilities	22.0	22.7
Provisions	3.1	3.8
Advances received	82.6	51.4
Trade and other payables1)	173.0	152.0
Total current liabilities	283.4	290.3
Total liabilities	486.6	396.0
TOTAL EQUITY AND LIABILITIES	655.5	585.4

¹⁾ Short-term portion of the tax deferral in Sweden is presented in trade and other payables and the long-term portion in other non-current liabilities.

{16}------------------------------------------------

Condensed consolidated statement of cash flows

EUR million	Jan-Dec 2025	Jan-Dec 2024
Cash flow from operating activities
Operating result (EBIT)	19.4	-18.0
Adjustments:
Depreciation and amortization	29.7	34.7
Gain/loss on sales of assets and business	-0.1	22.8
Defined benefit pension plans	1.4	2.0
Other non-cash adjustments	-0.2	1.8
Cash flow from operations before interests, taxes and changes in working capital	50.2	43.3
Interest and other financial expenses paid, net	-12.7	-12.4
Income taxes received/paid	-2.0	-0.9
Total financial expenses and taxes	-14.7	-13.3
Changes in working capital:
Trade and other receivables	-18.3	11.4
Trade and other payables	33.6	-8.6
Inventories	-18.7	-5.3
Changes in working capital	-3.5	-2.5
Net cash from operating activities	32.0	27.5
Cash flow from investing activities
Purchases of property, plant and equipment (PPE) and intangible assets	-5.1	-2.4
Proceeds from sale of property, plant and equipment (PPE)	0.1	0.4
Disposal of business, net of cash disposed of	-	-4.6
Net cash from investing activities	-5.0	-6.6
Cash flow from financing activities
Proceeds from issuance of bond	127.1	-
Repurchase of hybrid bond	-26.6	-
Payments of interests for hybrid bond	-3.3	-3.4
Proceeds from short-term financial liabilities	22.0	49.0
Payments of short-term financial liabilities	-75.6	-40.1
Payments of financial liabilities, term loans	-20.0	-4.0
Payments of lease liabilities	-27.7	-25.2
Proceeds from equity-settled share-based program	0.1	-
Dividends to non-controlling interest	-0.5	-0.2
Change in non-liquid financial assets	0.0	-0.1
Net cash from financing activities	-4.5	-24.0
Net change in cash and cash equivalents	22.6	-3.1
Cash and cash equivalents at beginning of period	21.3	24.7
Foreign exchange rate effect	-0.0	-0.3
Cash and cash equivalents at end of period	43.8	21.3

{17}------------------------------------------------

Condensed consolidated statement of changes in equity

	Equity attributable to shareholders of the parent
EUR million	Share capital	Other paid-in capital	Accumu lated losses	Revaluation of defined benefit plans, net of tax	Hedging reserve	Currency translation	Total	Hybrid bond	Non controlling interest	Total equity
1 Jan 2025	162.0	487.5	-423.7	-28.8	10.8	-51.5	156.3	25.0	8.0	189.3
Total comprehensive income for the period	-	-	2.2	0.2	0.2	6.5	9.1	-	1.0	10.0
Repurchase of hybrid bond, including premium	-	-	-1.7	-	-	-	-1.7	-25.0	-	-26.7
Interests on hybrid bond	-	-	-3.3	-	-	-	-3.3	-	-	-3.3
Transactions with owners:
Share capital reduction and reclassification	-160.3	160.3	-	-	-	-	-	-	-	-
Equity-settled share-based payment	-	-	0.1	-	-	-	0.1	-	-	0.1
Dividends paid to non-controlling interests	-	-	-	-	-	-	-	-	-0.5	-0.5
Total transaction with owners	-160.3	160.3	0.1	-	-	-	0.1	-	-0.5	-0.4
31 Dec 2025	1.6	647.8	-426.4	-28.6	11.0	-44.9	160.5	-	8.5	168.9

			Equity attributable to shareholders of the parent
EUR million	Share capital	Other paid-in capital	Accumu lated losses	Revaluation of defined benefit plans, net of tax	Hedging reserve	Currency translation	Total	Hybrid bond	Non controlling interest	Total equity
1 Jan 2024	162.0	487.5	-390.8	-32.6	10.9	-45.9	191.0	25.0	7.6	223.6
Total comprehensive income for the period Interests on hybrid bond	- -	- -	-29.7 -3.4	3.8 -	-0.1 -	-5.5 -	-31.5 -3.4	- -	0.6 -	-30.9 -3.4
Transactions with owners:
Equity-settled share-based payment	-	-	0.2	-	-	-	0.2	-	-	0.2
Dividends paid to non-controlling interests	-	-	-	-	-	-	-	-	-0.2	-0.2
Total transaction with owners	-	-	0.2	-	-	-	0.2	-	-0.2	-0.1
31 Dec 2024	162.0	487.5	-423.7	-28.8	10.8	-51.5	156.3	25.0	8.0	189.3

{18}------------------------------------------------

Key figures

Key figures for the period

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Net sales	239.0	226.1	817.8	828.7
Net sales growth, %	5.7	-5.9	-1.3	-2.5
Adjusted EBITDA	16.0	14.2	50.4	45.2
Adjusted EBITA	8.3	5.7	20.7	10.5
Adjusted EBITA margin, %	3.5	2.5	2.5	1.3
Adjusted EBITA, segments1)	11.2	9.0	32.1	22.6
Adjusted EBITA margin, %, segments1)	4.7	4.0	3.9	2.8
Items affecting comparability	-	-1.6	-1.3	-28.5
EBITDA	16.0	12.6	49.1	16.7
Operating result (EBIT)	8.3	4.2	19.4	-18.0
EBIT margin, %	3.5	1.9	2.4	-2.2
Result before taxes	4.0	0.9	5.3	-30.7
Net result for the period	3.6	3.9	3.2	-29.1
Earnings per share EUR, basic and diluted	0.02	0.02	0.00	-0.21
Return on equity (ROE), %2)	1.9	-16.0	1.9	-16.0
Leverage ratio2)	2.8	2.5	2.8	2.5
Net working capital	-60.4	-61.3	-60.4	-61.3
Number of personnel, average, FTE	3,781	4,226	3,894	4,550

Quarterly key figures

EUR million	Oct-Dec 2025	Jul-Sep 2025	Apr-Jun 2025	Jan-Mar 2025	Oct-Dec 2024	Jul-Sep 2024	Apr-Jun 2024	Jan-Mar 2024
Net sales	239.0	208.2	201.0	169.6	226.1	210.3	216.0	176.3
Net sales growth, %	5.7	-1.0	-6.9	-3.8	-5.9	-1.4	3.8	-6.4
Adjusted EBITDA	16.0	16.4	10.3	7.8	14.2	19.0	8.4	3.6
Adjusted EBITA	8.3	9.1	2.5	0.9	5.7	8.2	0.5	-4.0
Adjusted EBITA margin, %	3.5	4.3	1.2	0.5	2.5	3.9	0.2	-2.3
Adjusted EBITA, segments1)	11.2	11.3	5.9	3.7	9.0	10.2	3.7	-0.3
Adjusted EBITA margin, %, segments1)	4.7	5.4	2.9	2.2	4.0	4.9	1.8	-0.2
Items affecting comparability	-	-0.3	-0.5	-0.6	-1.6	-3.8	0.0	-23.2
EBITDA	16.0	16.1	9.8	7.2	12.6	15.2	8.5	-19.6
Operating result (EBIT)	8.3	8.8	2.0	0.3	4.2	4.5	0.5	-27.2
EBIT margin, %	3.5	4.2	1.0	0.2	1.9	2.1	0.2	-15.4
Result before taxes	4.0	3.9	-0.6	-2.0	0.9	0.8	-2.3	-30.2
Net result for the period	3.6	3.0	-0.8	-2.7	3.9	0.3	-2.7	-30.5
Earnings per share EUR, basic and diluted	0.02	0.02	-0.01	-0.02	0.02	-0.01	-0.02	-0.20
Return on equity (ROE), %2)	1.9	2.2	0.4	-0.8	-16.0	-12.9	-12.2	-12.8
Leverage ratio2)	2.8	3.5	2.8	2.1	2.5	3.5	3.6	3.5
Net working capital	-60.4	-31.0	-59.2	-76.3	-61.3	-33.5	-54.3	-59.0
Number of personnel, average, FTE	3,781	3,869	3,932	3,992	4,226	4,372	4,717	4,885

¹⁾ Adjusted EBITA and margin for segments have been restated in comparative periods according to the new segment structure. See page 26 for more information.

²⁾ Calculated on a rolling 12-month basis.

Please see pages 27–28 for definitions of the key ratios.

{19}------------------------------------------------

Notes to the condensed consolidated interim financial statements

Accounting principles

This condensed interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable regulations in the Swedish Annual Accounts Act. The accounting principles adopted are the same with those of the Group's and the Parent Company's annual financial statements for the year ended 31 December 2024.

The new IFRS standards and amendments effective for the first time for 2025 financial year did not have any impact on Group's financial statements.

New segment structure

To simplify our operational structure and leverage our Danish management, the segment structure has been updated from 1 January 2025. The operations in Denmark and Germany are presented in one segment named Denmark & Germany. Smart Grids Germany was presented outside segments under Other business until 31 December 2024. The remaining part of the Other business and Group Functions have been combined and named as Group Support Functions. Starting from 1 January 2025 the segments are Finland, Sweden, Denmark & Germany and Norway. The Group Support Functions includes Group Functions and Lithuania as well as closing activities for Power Transmission International and High Voltage Poland until its divestment in Q2 2024.

Eltel refinancing

In June 2025, Eltel issued a EUR 130 million senior secured four-year floating rate bond. The net proceeds from the bond were used for the repayment of the remaining term loans, revolving credit facility, and the hybrid bond as well as for general corporate purposes.

In June 2025 EUR 25.3 million was used to repurchase the hybrid bond and on 15 July 2025, the old term loans and the revolving credit facility loans were repaid. Additionally, a new super senior revolving credit facility of EUR 60 million became effective. EUR 15 million overdraft facilities have been carved out of the super senior revolving facility. The Group has also access to a commercial paper program subject to restrictions of the terms of the bond. The refinancing simplifies the financing structure of Eltel and improves the liquidity of the group.

During Q4 2025 the remaining hybrid bond was repurchased. The total amount used for the repurchase was EUR 26.6 million during January-December 2025.

On 9 December, Eltel published bond prospectus and applied for listing its bonds on Nasdaq Stockholm. On 19 December a written procedure was initiated and on 15 January 2026 the successful completion of Written Procedure was announced.

{20}------------------------------------------------

Net sales by segment

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Finland	102.4	101.4	351.1	357.7
Sweden	74.8	59.5	239.2	211.8
Denmark & Germany	35.0	35.8	125.6	129.6
Norway	26.5	29.8	100.0	114.9
Group Support Functions1)	2.6	3.0	9.3	24.3
Eliminations	-2.3	-3.4	-7.4	-9.7
Net sales, total	239.0	226.1	817.8	828.7

¹⁾ Group Support Functions includes Group functions and Lithuania as well as closing activities for Power Transmission International and High Voltage Poland until its divestment in Q2 2024. Group Support Functions is not considered a segment.

Net sales by segment and by business

EUR million		Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Finland	Communication	36.9	52.0	133.9	174.4
	Power	65.5	49.4	217.2	183.4
Sweden	Communication	63.7	50.6	195.1	159.9
	Power	11.0	8.9	44.0	52.0
Denmark & Germany	Communication	11.0	13.5	44.2	54.4
	Power	24.0	22.3	81.4	75.2
Norway	Communication	26.4	29.8	99.7	114.6
	Power	0.1	0.0	0.3	0.3
Group Support Functions	Communication	1.9	3.0	8.7	10.7
	Power	0.7	-	0.7	13.6
	Other operations	-	-	-	0.0
Eliminations		-2.3	-3.4	-7.4	-9.7
Net sales, total		239.0	226.1	817.8	828.7

Internal net sales consist mainly of net sales from Communication in Lithuania, reported in Group Support Functions. There are no material internal net sales in any of the segments.

Net sales by business

	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
EUR million	2025	2024	2025	2024
Communication	138.2	145.8	475.4	505.9
Power	100.8	80.3	342.4	322.8
Other operations	-	-	-	0.0
Net sales, total	239.0	226.1	817.8	828.7

Net sales by service split

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Project delivery	67.4	42.8	225.6	185.6
Upgrade services	113.4	115.6	371.6	401.8
Maintenance	58.2	67.8	220.6	241.3
Net sales, total	239.0	226.1	817.8	828.7

{21}------------------------------------------------

Reconciliation of segment results

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Adjusted EBITA by segment
Finland	6.4	6.3	20.3	15.7
Sweden	3.9	2.5	7.7	6.1
Denmark & Germany	0.8	2.5	5.9	6.5
Norway	0.0	-2.3	-1.8	-5.7
Sum segments	11.2	9.0	32.1	22.6
Group Support Functions	-2.9	-3.3	-11.4	-12.2
Adjusted EBITA, Group	8.3	5.7	20.7	10.5
Restructuring and resizing	-	-1.6	-1.3	-5.3
Divestments	-	-	-	-23.1
Total items affecting comparability in EBITA	-	-1.6	-1.3	-28.5
Operating result (EBIT)	8.3	4.2	19.4	-18.0
Financial expenses, net	-4.3	-3.3	-14.1	-12.7
Result before taxes	4.0	0.9	5.3	-30.7

The January-December 2025 result includes EUR -1.3 million restructuring charge in Norway, recognized in selling and administrative expenses in the income statement. The January-December 2024 result included EUR -23.1 million from the divestment of the Polish High Voltage business, recognized in other expenses in the income statement and EUR -5.3 million restructuring and resizing charge in Norway and Finland, recognized in selling and administrative expenses in the income statement.

Number of employees by segment	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Finland	1,275	1,419	1,301	1,478
Sweden	904	955	949	950
Denmark & Germany	766	802	772	829
Norway	518	705	551	761
Group Support Functions	319	345	321	531
Total number of employees, average, FTE	3,781	4,226	3,894	4,550
Total number of employees, end of period, FTE	3,755	4,160	3,755	4,160

Committed order backlog

	31 Dec	31 Dec
EUR million	2025	2024
Committed order backlog	537.4	385.1

Committed order backlog in Eltel is defined as the total value of committed purchase orders received but not yet recognized as net sales. It does not include frame agreements unless a binding purchase order has been received. Committed order backlog is therefore the best measure of unsatisfied performance obligations according to IFRS 15 Revenue from contracts with customers. The currency impact in committed order backlog at 31 December 2025 was EUR 6.8 million.

The strong increase in committed order backlog is driven mainly by Power, but Communication is also contributing.

{22}------------------------------------------------

Net working capital and operative capital employed

EUR million	31 Dec 2025	31 Dec 2024
Inventories	38.3	19.3
Trade and other receivables	186.6	165.3
Provisions	-8.9	-8.4
Advances received	-82.6	-51.4
Trade and other payables	-173.0	-152.0
Other	-20.8	-34.1
Net working capital	-60.4	-61.3
Intangible assets excluding acquisition-related allocations	4.8	4.1
Property, plant and equipment	5.6	5.9
Right-of-use assets	53.5	53.5
Restructuring provisions	-0.1	-0.5
Operative capital employed	3.4	1.7

Provisions

EUR million	31 Dec 2025	31 Dec 2024
Non-current provisions	5.9	5.2
Current provisions	3.1	3.8
Total provisions	9.0	8.9
EUR million	31 Dec 2025	31 Dec 2024
1 Jan	8.9	7.1
Changes:
Restructuring provisions	-0.4	0.2
Other provisions	0.5	1.6
Balance at the end of reporting period	9.0	8.9

Contract balances

EUR million	31 Dec 2025	31 Dec 2024
Trade receivables	87.0	89.6
Contract assets	81.1	58.9
Total assets related to contracts with customers	168.2	148.5
Advances received from contracts with customers	77.9	46.7
Total liabilities related to contracts with customers	77.9	46.7

Trade receivables and contract assets are included in the trade and other receivable line in the above net working capital table. Advances received from contracts with customers represent contract liabilities.

Deferred taxes

EUR million	31 Dec 2025	31 Dec 2024
Deferred tax assets	27.3	27.2
Deferred tax liabilities	-12.0	-10.7
Net deferred tax assets	15.2	16.4

In December 2025, gross amount of EUR 23.9 million (22.9) deferred tax assets for losses carried forward was recognized, of which EUR 17.8 million (14.9) related to operations in Sweden. Deferred tax assets are recognized for tax loss carry forwards to the extent that the utilization against current year taxable profits and future taxable profits is probable. The future taxable profit estimate is based on current business plans approved by management.

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Acquisitions, disposals and assets held for sale

Disposal of Polish High Voltage business in 2024

In April 2024, Eltel signed an agreement to divest its Polish High Voltage business via sale of 100% of the shares in Eltel Networks Energetyka S.A. and Eltel Networks Engineering S.A. to Mutares SE & Co. KGaA, a listed private equity investor headquartered in Munich, Germany. The transaction was completed on 6 June 2024 following receipt of customary regulatory approval. The transaction had negative cash flow impacts of EUR 4.0 million in the second quarter of 2024 and EUR 0.6 million in the third quarter of 2024. Total negative cash flow impact for January-December 2024 was EUR 4.6 million. The negative impact on Group EBIT in January-December 2024 was EUR 23.1 million. The negative impact in 2024 was recognized in other expenses in the income statement.

Leasing

Right-of-use assets	31 Dec	31 Dec
EUR million	2025	2024
Buildings	20.9	19.2
Machinery and equipment	32.6	34.3
Total	53.5	53.5
Changes in the right-of-use assets during the period	31 Dec	31 Dec
EUR million	2025	2024
1 Jan	53.5	51.9
Additions	28.9	35.9
Depreciations	-24.5	-25.5
Impairment losses	-	-3.1
Divestments	-	-1.0
Other	-4.5	-4.7
Balance at the end of period	53.5	53.5
Leasing liabilities	31 Dec	31 Dec
EUR million	2025	2024
Non-current	33.6	36.0
Current	22.0	22.7

Total 55.6 58.7

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Financial instruments

Derivative financial instruments		31 Dec 2025		31 Dec 2024
EUR million	Nominal values	Net fair values	Nominal values	Net fair values
Interest rate derivatives, hedge accounting	100.0	0.1	-	-
Foreign exchange rate derivatives	13.8	0.1	35.5	0.0
Total	113.8	0.2	35.5	0.0

The interest rate risk of the EUR 130 million floating rate bond has been hedged with interest rate swaps for the amount of EUR 100 million, which is in line with the group's finance policy.

The Group applies cash flow hedge accounting to these interest rate swaps which are classified as derivative instruments hedge accounted. The effective portion of gains and losses from the derivative instruments under cash flow hedge accounting is recognized in other comprehensive income under hedging reserve. The cumulative gain or loss is transferred to profit or loss when the hedged items affect profit or loss. The ineffective portion is recognized immediately in profit or loss in other income or expenses. In 2025, EUR 0.1 million was recognized in the hedging reserve.

Financial assets recognized at fair value through profit and loss comprise solely derivatives. Fair values of the derivative instruments are based on market values (level 2 observable input information) at balance sheet date.

Fair value of financial instruments measured at cost

The carrying amount of financial assets and financial liabilities is a reasonable approximation of their fair value. Changes in the market interest rates are reflected in the future interest flows of interest-bearing debt within a short period.

Earnings per share	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Net result attributable to equity holders of the parent	3.3	3.8	2.2	-29.7
Interest on hybrid bond	-0.0	-0.8	-1.7	-3.4
Net result attributable to ordinary shares	3.3	2.9	0.5	-33.1
Weighted average number of ordinary shares, basic	156,736,781	156,736,781	156,736,781	156,736,781
Weighted average number of ordinary shares, diluted	157,662,327	156,736,781	156,970,069	156,736,781
Earnings per share EUR, basic	0.02	0.02	0.00	-0.21
Earnings per share EUR, diluted	0.02	0.02	0.00	-0.21

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New segment structure

To simplify our operational structure and leverage our Danish management, the segment structure has been updated from 1 January 2025. The operations in Denmark and Germany are presented in one segment named Denmark & Germany. Smart Grids Germany was presented outside segments under Other business until 31 December 2024. The remaining part of the Other business and Group Functions has been combined and named as Group Support Functions. Starting from 1 January 2025 the segments are Finland, Sweden, Denmark & Germany and Norway. The Group Support Functions includes Group Functions and Lithuania as well as closing activities for Power Transmission International and High Voltage Poland until its divestment in Q2 2024. Restated figures for 2024 according to the new segment structure are presented below.

Finland 62.4 92.6 101.3 101.4 357.7 Sweden 49.8 50.9 51.6 59.5 211.8 Denmark & Germany 30.4 34.4 28.9 35.8 129.6 Norway 25.7 31.6 27.8 29.8 114.9 Sum segments 168.3 209.6 209.7 226.5 814.0 Group Support Functions 9.4 9.0 2.9 3.0 24.3 Eliminations -1.5 -2.5 -2.3 -3.4 -9.7 Total net sales 176.3 216.0 210.3 226.1 828.7 Adjusted EBITA and -margin Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Dec EUR million 2024 2024 2024 2024 2024 Finland -0.3 2.4 7.3 6.3 15.7 Sweden 0.5 1.0 2.2 2.5 6.1 Denmark & Germany 1.3 1.3 1.4 2.5 6.5 Norway -1.7 -1.0 -0.7 -2.3 -5.7 Sum segments -0.3 3.7 10.2 9.0 22.6 Group Support Functions -3.8 -3.2 -1.9 -3.3 -12.2 Total adjusted EBITA -4.0 0.5 8.2 5.7 10.5 Finland -0.5% 2.6% 7.2% 6.2% 4.4% Sweden 1.0% 2.0% 4.2% 4.2% 2.9% Denmark & Germany 4.2% 3.8% 4.9% 7.1% 5.0% Norway -6.5% -3.1% -2.5% -7.7% -4.9% Sum segments -0.2% 1.8% 4.9% 4.0% 2.8% Total adjusted EBITA margin, % -2.3% 0.2% 3.9% 2.5% 1.3% Net sales by segment and by business Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Dec EUR million 2024 2024 2024 2024 2024 Finland Communication 23.2 43.4 55.8 52.0 174.4 Power 39.2 49.2 45.5 49.4 183.4 Sweden Communication 34.7 38.8 35.8 50.6 159.9 Power 15.1 12.1 15.8 8.9 52.0 Denmark & Germany Communication 14.1 13.8 13.0 13.5 54.4 Power 16.3 20.6 16.0 22.3 75.2 Norway Communication 25.6 31.6 27.6 29.8 114.6 Power 0.1 0.1 0.1 0.0 0.3 Group Support Functions Communication 2.2 2.6 2.9 3.0 10.7 Power 7.3 6.3 0.0 0.0 13.6 Other operations 0.0 0.0 0.0 0.0 0.0 Eliminations -1.5 -2.5 -2.3 -3.4 -9.7 Net sales, total 176.3 216.0 210.3 226.1 828.7 Jan-Mar Apr-Jun Jul-Sep Oct-Dec Jan-Dec Number of employees by segment, FTE 2024 2024 2024 2024 2024 Finland 1,492 1,510 1,492 1,419 1,478 Sweden 951 955 941 955 950 Denmark & Germany 852 843 819 802 829 Norway 798 783 760 705 761 Group Support Functions 793 626 361 345 531 Total number of employees, average, FTE 4,885 4,717 4,372 4,226 4,550 Total number of employees, end of period, FTE 4,846 4,462 4,328 4,160 4,160	Net sales EUR million		Jan-Mar 2024	Apr-Jun 2024	Jul-Sep 2024	Oct-Dec 2024	Jan-Dec 2024

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Definitions and key ratios

Eltel applies ESMA's (European Securities and Markets Authority) guidelines for alternative performance measures (APM). In addition to the financial measures defined in IFRS, certain key figures, which qualify as alternative performance measures (APMs) are presented to reflect the underlying business performance, facilitate analysis of the Group's development as followed by Group Management and enhance comparability from period to period. The definition of these key figures is presented below and relevant information enabling reconciliations to IFRS measures can be found in connection with relevant parts of the report. These APMs should not be considered as a substitute for measures in accordance with IFRS.

IFRS key ratios

Earnings per share (EPS) Net result attributable to equity holders of the parent - interest on hybrid bond Weighted average number of ordinary shares

Alternative performance measures (APMs)

Key Figure	Definition and reason for use	Reference
Adjusted EBITA and -margin	Adjusted EBITA and -margin, % are used by management to measure business and segment profitability and exclude items affecting comparability. Income statement line items below adjusted EBITA are not allocated to segments. Adjusted EBITA: Operating result before acquisition-related amortizations and items affecting comparability Adjusted EBITA margin, %: Adjusted EBITA x 100 Net sales	Reconciliation of segment results
	Adjusted EBITA and -margin, % for segments represent the sum of segments: Finland, Sweden, Denmark & Germany and Norway.
Items affecting comparability	These include capital gains and/or losses and transaction costs related to divestments and acquisitions, restructuring and resizing expenses and other items that according to Eltel's management's assessment are not related to normal business operations.	Reconciliation of segment results
EBITDA and adjusted EBITDA	EBITDA is operating result (EBIT) before depreciations and amortizations. Adjusted EBITDA excludes items affecting comparability. Adjusted EBITDA is used in calculating the leverage ratio.	Cash flow, key figures, quarterly key figures
EBIT margin	Operating result (EBIT) and -margin% are used to measure profitability before interest and taxes. EBIT margin, %: EBIT x 100 Net sales	Income statement
Return on equity (ROE), %	Return on equity (ROE), % represents the rate of return that shareholders receive on their investments. Return on equity (ROE), % 1): Net result x 100 Total equity (average over the reporting period)	Income statement and balance sheet

¹⁾ Calculated on a rolling 12-month basis.

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Key figure	Definition and reason for use	Reference
Operative capital employed	Operative capital employed is the amount of net operating assets the business uses in its operations. Operative capital employed: Net working capital + Intangible assets excluding goodwill and acquisition-related allocations + Property, plant and equipment and Right-of-use assets	Net working capital and operative capital employed
Net debt and leverage ratio	Net debt represents Eltel's indebtedness. It is used to monitor capital structure and financial capacity. It is also used in calculating the leverage ratio. Net debt: Interest-bearing debt - cash and cash equivalents Leverage ratio 1): Net debt Adjusted EBITDA	Interest-bearing liabilities and net debt
Net working capital	Net working capital is used to follow the amount of capital needed for the business to operate. Used also as a factor to calculate operative capital employed. Net working capital: Net of inventories, trade and other receivables, provisions, advances received and trade and other payables, excluding items in these balance sheet items that are not considered to form part of operative working capital: derivative valuations and income tax liabilities.	Net working capital and operative capital employed
Committed order backlog	Committed order backlog is the total value of committed orders received but not yet recognized as sales. It does not include frame agreements unless a binding purchase order has been received. It is the best measure of unsatisfied performance obligations according to IFRS 15 Revenue from contracts with customer.

¹⁾ Calculated on a rolling 12-month basis.

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Parent Company

Eltel AB is the ultimate parent company of Eltel Group. The operational and strategic management functions of Eltel Group are centralized in Eltel AB but it has no operative business activities. Eltel AB owns and governs the shares related to Eltel Group and its risks are mainly attributable to the value and activities of its subsidiaries. The interim report for the parent company is prepared in accordance with the chapter 9, Interim report, in the Swedish Annual Accounts Act.

Parent Company condensed income statement

EUR million	Oct-Dec 2025	Oct-Dec 2024	Jan-Dec 2025	Jan-Dec 2024
Net sales	4.7	7.3	8.7	8.3
Administrative expenses	-2.8	-3.0	-8.5	-9.1
Operating result	1.9	4.3	0.3	-0.8
Interest income and similar income	7.1	5.5	23.7	21.2
Interest expenses and similar expenses	-3.9	-1.0	-9.5	-4.2
Net financial items	3.2	4.5	14.2	17.0
Result after financial items	5.0	8.8	14.5	16.2
Group contributions given	-13.0	-16.0	-13.0	-16.0
Net result	-8.0	-7.2	1.5	0.2

Parent Company condensed balance sheet

	31 Dec	31 Dec
EUR million	2025	2024
ASSETS
Non-current assets
Financial assets
Shares in Group companies	68.3	68.3
Long-term loans receivable from Group companies	495.9	490.8
Other financial assets	1.5	0.9
Intangible assets	2.8	0.0
Non-current assets	568.6	560.0
Current assets
Trade and other receivables	5.4	8.0
Cash pool receivable	120.0	4.4
Cash and cash equivalents	0.2	0.1
Current assets	125.6	12.6
TOTAL ASSETS	694.2	572.6

{29}------------------------------------------------

EUR million	31 Dec 2025	31 Dec 2024
EQUITY AND LIABILITIES
Restricted equity
Share capital	1.6	162.0
Statutory reserve	0.7	0.7
Restricted equity	2.3	162.6
Non-restricted equity
Retained earnings	434.0	278.2
Hybrid bond	-	25.0
Net result for the period	1.5	0.2
Non-restricted equity	435.5	303.3
Total equity	437.8	466.0
Non-current liabilities
Debt	127.5	-
Retirement benefit obligation	1.3	0.9
Provisions	0.3	0.2
Deferred tax liability	0.0	-
Non-current liabilities	129.1	1.1
Current liabilities
Debt	2.5	9.9
Liabilities to Group companies	122.2	94.0
Trade and other payables	2.7	1.6
Current liabilities	127.3	105.5
Total liabilities	256.4	106.6
TOTAL EQUITY AND LIABILITIES	694.2	572.6

Eltel has secured its debt obligations towards the banks by share and intragroup loan pledges and floating charges over certain assets of the Group, all on customary terms and conditions.

Equity

EUR million	1 Jan 2025	Share capital reduction and reclassification	Repurchase of hybrid bond, including premium	Interests for hybrid bond, net of tax	Equity settled share based payment	Hedging reserve, net of tax	Net result	31 Dec 2025
Share capital	162.0	-160.3	-	-	-	-	-	1.6
Statutory reserve	0.7	-	-	-	-	-	-	0.7
Non-restricted equity	303.3	160.3	-26.6	-3.3	0.1	0.1	1.5	435.5
Total	466.0	-	-26.6	-3.3	0.1	0.1	1.5	437.8

In July 2025, the share capital of the company was reduced by EUR 160,344,347 from EUR 161,950,203 to EUR 1,605,856 based on the resolution by the Annual General Meeting in May 2025. The reduction amount was allocated to non-restricted equity, and the reduction was made without cancellation of shares.

In Q4 2025, the hybrid bond was fully repurchased. The redemption date was 11 November 2025.

On 31 December 2025, the total number of registered and outstanding shares of Eltel amounts to 160,585,581, whereof 156,736,781 are ordinary shares and 3,848,800 are class C shares. The number of votes in Eltel amounts to 157,121,661 and the registered share capital amounts to EUR 1,605,856.

For more information about changes relating to Eltel's refinancing in June 2025, please refer to page 11 in the notes for the financial statements.

{30}------------------------------------------------

Always powered, always connected.

We make it happen by transforming society for a sustainable future.

Eltel AB

Visiting address: Adolfsbergsvägen 13, Bromma POB 126 23, SE-112 92 Stockholm, SWEDEN Corp. id no. 556728-6652

tel. +46 8 585 376 00 info@eltelnetworks.com www.eltelgroup.com www.eltelnetworks.com