Kvartalsrapport Q1 2025

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===== SIDA 1 =====

Financial performance in line with normal seasonal variations  and growth with both new customers and geographies First quarter Continuing operations1 • Net sales increased 2.7 per cent to MSEK 694 (676), of which organic growth was 2.7 per cent • Adjusted EBITA amounted to MSEK 20 (19), with an adjusted EBITA margin of 2.9 per cent (2.8) • EBITA amounted to MSEK 14 (17), with an EBITA margin of 2.0 per cent (2.5) • Operating profit (EBIT) amounted to MSEK 12 (16), with an operating margin of 1.7 per cent (2.3)  • Loss for the period amounted to MSEK -4 (-3) • Earnings per share for continuing operations before and after dilution amounted to SEK -0.08 (-0.05) • Earnings per share including discontinuing operations before and after dilution amounted to SEK -0.17  (-0.17) • Cash flow from operating activities amounted to MSEK -29 (-57) • Net debt excluding lease liabilities amounted to MSEK 721 (645) and net debt excluding lease liabilities/adjusted EBITDA amounted to 3.0 (2.6) • Order backlog increased to SEK 4.0 (3.3) billion   
 
Significant events during the first quarter • Decision announced to sell the Finnish operations. In this financial report, the Group excluding the Finnish operations is reported as continuing operations and the operations in Finland as discontinuing operations. • New framework agreement in Infraservices with Norrköping Municipality for installation and maintenance of road lighting. • New two-year framework agreement in Telecom for installation, service and maintenance of Tele2’s broadband network in Sweden. • Agreement in Power with Norwegian power company Glitre Nett for expansion of a transformer station.  Important events after the end of the quarter  • New framework agreement in Power with the Norwegian power company Glitre Nett Sør. • New framework agreements in Infraservices with the municipalities of Järfälla and Sigtuna.  Revised financial targets • The Board has revised the financial targets. The revised financial targets are annual organic growth  of 3–5 per cent and annual adjusted EBITA margin of 5–7 per cent. The target for capital structure remains unchanged.  
1 Continuing operations refer to the Group excluding the Finnish operations.  
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===== SIDA 2 =====

2 Netel Holding AB (Publ)   First quarter 2025 report  
  CEO’s comments  We are delivering on our growth strategy  Across all our divisions, we have recently won contracts that demonstrate our ability to deliver on our strategy to grow with existing and new customers. We also expanded our geographic presence both in Norway and Sweden, thereby strengthening our position in stable, long-term market segments. The order backlog remains high, which reflects our position as well as the strong underlying markets.   The first months of the year are characterised by ramping up our projects for forthcoming deliveries. The first quarter is therefore normally the weakest of the year in terms of sales, profitability and cash flow. This quarter’s financial performance is thus normal in terms of seasonal variation. Our markets are driven by the strong megatrends of electrification, digitalisation and modernisation of critical infrastructure. This, in combination with our growth strategy to grow with new and existing customers and expand our geographic presence, is reflected in solid demand and a continued high order backlog of SEK 4.0 billion. Net sales increased 2.7 per cent during the quarter, mainly due to strong growth for Power in Norway.  The adjusted EBITA margin amounted to 2.9 per cent (2.8) for the quarter, positively impacted by increased profitability in Telecom while Infraservices and Power had a negative impact. Our new digital tools and systems are now implemented and the integration process has started and will continue throughout the year. We see their potential and expect positive margin effects gradually during the year.  Performance by the divisions Sales in Infraservices decreased 11.3 per cent for the quarter, though this is in comparison with an unusually strong first quarter in 2024. We can see that price competition remains fierce in our market segments since actors who would normally focus on the housing market are now seeking out new customers and business. This led to lower margins, although our business is growing and we are growing with new and existing customers at the same time as we are expanding our geographic presence. We started taking measures as early as last year to optimise costs and resources. Power grew 23.8 per cent during the quarter as a result of the strong performance in Norway where we acquired new, significant customers and expanded our geographic presence. The framework agreement with Glitre Nett Sør means that we are building a new organisation in Mandal, in Agder county. The framework agreement has a potential term of four years and lays the foundation for our expansion in Agder. The EBITA margin decreased 2.3 percentage points to 2.8 per cent.  Sales in Telecom decreased 3.8 per cent, but the quarter was characterised by a high level of ramping up ahead of forthcoming deliveries, not least under the new, expanded framework agreements with customers such as 
Tele2 in Sweden and Telenor in Norway. Profitability improved despite the high number of projects in start-up phase. The margin-improving measures we implemented last year in Norway are expected to continue having effects during the year.  Revised financial targets We revised our financial targets to reflect what we currently expect to deliver financially over the next few years. When setting the financial targets, we took the project-driven nature of our operations into account, which leads to annual variations in outcome, as well as the growing share of recurring service contracts. We now expect annual organic growth of 3–5 per cent and annual adjusted EBITA margin of 5–7 per cent. The target for capital structure remains unchanged: net debt, excluding lease liabiliZes, in relaZon to adjusted EBITDA R12M of a mulZple below 2.5. Netel not directly exposed to tariffs We are following the development of trade tariffs closely, of course, and our current assessment is that Netel will not be directly affected. We are today protected by indexation clauses in our customer agreements and in many of our projects, customers pay for the purchase and delivery of materials. Nor does Netel have any operations or sales in the US.  Sale of operations in Finland In January we announced our decision to sell the Finnish operations. The selling process is going according to plan and the aim is to complete the transaction in 2025. By divesting the Finnish operations, we are freeing up resources to focus on the major markets in Sweden and Norway, as well as the growth markets of Germany and the UK. Future outlook We have successfully delivered in our strategy and are continuing to strengthen our positions in markets driven by strong underlying megatrends. Every day I see evidence of the strength Netel has in the form of highly skilled and motivated employees. We are a highly skilled team with a clear focus on a shared goal: making Netel even stronger. As a result, I am confident in our ability to deliver on our financial targets and grow profitably. Jeanette Reuterskiöld President and CEO

===== SIDA 3 =====

3 Netel Holding AB (publ)   First quarter 2025 report 
Condensed consolidated financial performance The Finnish operations are reported as discontinuing operations in this report. Earnings from Finnish operations have been excluded from the individual rows in the consolidated income statement and are recognised as net earnings in profit for the period, discontinuing operations. For more information on the accounting policies and reporting of the income statement, balance sheet and cash flow for discontinuing operations, see the notes Key accounting policies and Reports of discontinuing operations. Comments in this report refer to continuing operations unless otherwise stated.  First quarter Continuing operations Net sales Net sales increased organically by 2.7 per cent to MSEK 694 (676) in the first quarter due to growth in Power in Norway and Telecom in Germany. Exchange rate effects had a negative impact of -1.1 per cent.  Order bookings were favourable during the quarter and the order backlog increased to MSEK 4,036 (3,332). The order backlog amounted to MSEK 4,023 at the end of the year.  Earnings EBITDA increased 7.0 per cent to MSEK 36 (33) and the EBITDA margin improved to 5.1 per cent (4.9). EBITA decreased -16.4 per cent to MSEK 14 (17), and the EBITA margin was 2.0 per cent (2.5).  EBITA was positively impacted by increased profitability in Telecom while Infraservices and Power had a negative impact. Adjusted EBITDA increased 17.3 per cent to MSEK 42 (35) and the adjusted EBITDA margin improved to 6.0 per cent (5.2). Adjusted EBITA increased 5.0 per cent to MSEK 20 (19) and the margin amounted to 2.9 per cent (2.8). Adjustments have been made for items affecting comparability of MSEK 6 (2), of which restructuring costs of MSEK 5 pertained to organisational changes.  Depreciation/amortisation and impairment amounted to MSEK -24 (-18). Depreciation was charged with SEK 3 million because of a non-recurring leasing adjustment. Net financial items amounted to MSEK -17 (-20) for the quarter. Interest expenses amounted to MSEK -14 (-18), of which MSEK -1 (-1) was attributable to lease liabilities.  Earnings before tax decreased -32.1 per cent to MSEK -5 (-4) during the quarter.  Loss after tax amounted to MSEK -4 (-3). Tax amounted to MSEK 1 (1), leading to an effective tax rate of 17.6 per cent. The tax expense for the first quarter 2024 has not been adjusted for      __________ discontinued operations. Including discontinued operations, the effective tax rate for the first __________ quarter 2024 amounted to 11 per cent.                         Net Income discontinuing operations, net after tax amounted to MSEK -4 (-6). Loss after tax                                       __________  including discontinuing operations amounted to MSEK -8 (-8).  
Net sales  and adjusted EBITA margin, continuing operations   
  
Net sales per segment, continuing operations  
  
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===== SIDA 4 =====

4 Netel Holding AB (publ)   First quarter 2025 report 
Cash flow and financial position Cash flow from operating activities amounted to MSEK -29 (-57) for continuing operations. The improvement is mainly driven by lower operating working capital. Including discontinuing operations, cash flow from operating activities amounted to MSEK -30 (-89).  During the quarter, cash flow from investing activities for continuing operations was MSEK -13 (-38). The first quarter 2024 was impacted by earn-out payments. Including discontinuing operations, cash flow from investing activities amounted to MSEK -13 (-38).  Cash flow from financing activities amounted to MSEK 8 (-54) for continuing operations. Including discontinuing operations, cash flow from financing activities amounted to MSEK 8 (-54).  Cash flow for the period amounted to MSEK -32 (-147) for continuing operations. Including discontinuing operations, cash for the period amounted to MSEK -35 (-180).  Cash and cash equivalents for continuing operations at the end of the period amounted to MSEK 218, compared with MSEK 261 at the start of the quarter. Unutilised credit facilities totalled MSEK 277 compared with MSEK 302 at the start of the period, which together with cash and cash equivalents means a total of MSEK 497 in available funds compared with MSEK 563 at the start of the period.  Net debt, which is defined as current and non-current interest-bearing liabilities from credit institutions less cash and cash equivalents and current investments, amounted to MSEK 804 at the end of the quarter compared with MSEK 745 at the start of the quarter. Net debt excluding lease liabilities was MSEK 721 at the end of the quarter compared with MSEK 662 at the start of the quarter. The leverage ratio calculated in accordance with the Group’s financial target was a multiple of 3.0 at the end of the period, which is above the capital structure target in the medium term. Current and non-current interest-bearing liabilities primarily comprise bank financing and lease liabilities. These commitments amounted to MSEK 1,023 at the end of the quarter compared with MSEK 1,006 at the start of the quarter. Total assets amounted to MSEK 2,839 compared with MSEK 2,968 at the start of the quarter and equity to MSEK 1,078 compared with MSEK 1,095 at the start of the quarter. In the balance sheet, MSEK 46 was recognised for assets held for sale and MSEK 64 was recognised for liabilities directly associated with assets held for sale.

===== SIDA 5 =====

5 Netel Holding AB (publ)   First quarter 2025 report 
Segments Continuing operations  Netel’s segments correspond to the Infraservices, Power and Telecom divisions. Operations in Finland are recognised as discontinuing operations and are not included in the segment reporting.  Infraservices division 
 Net sales decreased by 11.3 per cent to MSEK 144 (163) during the quarter, compared with an unusually strong first quarter in 2024. Price competition remains fierce in Netel’s market segments since actors who would normally focus on the housing market are now seeking out new customers and business.    After the end of the quarter, new framework agreements were announced with the municipalities of Järfälla and Sigtuna. The agreement with Järfälla Municipality covers land remediation and restoration of areas, including former boat storage sites. The agreement runs for two years with the possibility of a two-year extension. The agreement with Sigtuna covers, among other things, the expansion and modernisation of the water and sewage network in Sigtuna Municipality. The contract runs for three years, with the possibility of extension for up to five years. EBITA decreased by -57.5 per cent MSEK 4 (9), with an EBITA margin of 2.6 per cent (5.3) for the quarter. The decrease was due to increased price competition and lower sales. Measures were introduced in 2024 to optimise costs and resources in the division. Power division 
 Net sales grew 23.8 per cent to MSEK 252 (204) in the quarter as a result of strong growth in Norway.  A new agreement was signed during the quarter with the Norwegian power company Glitre Nett, a new customer for Netel. The agreement covers the expansion of a transformer station in Spikkestad, southwest of Oslo, and is valued at approximately MSEK 50. Netel is responsible for the planning and execution of ground and construction work, as well as high-voltage installations. A new three-year framework agreement with 
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===== SIDA 6 =====

6 Netel Holding AB (publ)   First quarter 2025 report 
Norrköping Municipality was announced during the quarter for the installation and maintenance of road lighting. The agreement runs for three years with the possibility of extension 1+1+1+1 years and the order value is estimated at approximately MSEK 12 per year. The agreement means that Netel is expanding geographically in central Sweden. After the end of the quarter, Netel announced a new framework agreement with the Norwegian power company Glitre Nett Sør. The agreement with Glitre Nett includes planning and the execution of ground and construction work, as well as high-voltage installations. As a result of the agreement with Glitre Nett, Netel has expanded its presence in Norway with a new organisation in Mandal, in Agder County. The framework agreement has a potential term of four years and lays the foundation for Netel’s expansion in Agder.  EBITA decreased -31.9 per cent to MSEK 7 (10) in the quarter and the EBITA margin was 2.8 per cent (5.0). Telecom division 
  Net sales decreased by -3.8 per cent to MSEK 298 (309) in the quarter, impacted by normal seasonal variations with a high share of ramp-up of projects with, among all, service assignments for Tele2 in Sweden and Telenor in Norway.  During the quarter, a new two-year framework agreement for installation, service and maintenance of Tele2’s broadband network in Sweden was signed. The new agreement is more comprehensive than the previous one, covering a larger geographical area as well as more services. The agreement runs for two years with the possibility of extension on an annual basis.  EBITA improved to MSEK 2 (-4) during the quarter and the EBITA margin increased to 0.8 per cent (-1.4) for the quarter.    
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===== SIDA 7 =====

7 Netel Holding AB (publ)   First quarter 2025 report 
Other information Discontinuing operations Netel announced on 16 January 2025 that the Board of Directors had decided to initiate a process aimed at selling the Finnish operations, a decision for which management resolved to commence preparations during the fourth quarter of 2024. Through a sale, Netel can focus on Infraservices, Power and Telecom in the larger markets in Sweden and Norway as well as the growth markets in Germany and the UK, where Netel is assessed to have greater opportunities to create value in the short and long term and reach the company’s financial targets. The sales process commenced immediately and operations in Finland continue to be operated and developed. Netel expects to complete the process in 2025. Significant events after the end of the reporting period On 3 April 2025, Netel announced a new framework agreement with the municipal company Sigtuna Vatten & Renhållning AB. The agreement includes, among other things, the expansion and modernisation of the water and sewage network in Sigtuna Municipality. The contract runs for three years, with the possibility of extension for up to five years. On 7 April 2025, Netel announced a new framework agreement with the Norwegian power company Glitre Nett Sør. The agreement with Glitre Nett includes planning and the execution of ground and construction work, as well as high-voltage installations. As a result of the agreement with Glitre Nett, Netel has expanded its presence in Norway with a new organisation in Mandal, in Agder County. The framework agreement has a potential term of four years and lays the foundation for Netel’s expansion in Agder.  On 9 April 2025, Netel announced a new framework agreement with Järfälla Municipality. The agreement covers land remediation and restoration of areas, including former boat storage sites. The agreement runs for two years with the possibility of a two-year extension. Employees The number of employees at the end of the quarter in continuing operations was 837 (818). The average number of employees for the quarter in continuing operations was 832 (821).  The number of employees at the end of the quarter in discontinuing operations was 46 (44). The average number of employees for the quarter in discontinuing operations was 44 (46).  The number of employees is calculated as full-time equivalents. Revised financial targets To better account for the fact that a large part of Netel's operations is project-based, which leads to annual variations in outcomes, the Board of Directors has revised the financial targets as follows: Revenue growth  Annual organic growth of 3–5 per cent. Margin Annual adjusted EBITA margin of 5–7 per cent.

===== SIDA 8 =====

8 Netel Holding AB (publ)   First quarter 2025 report 
Capital structure (unchanged) Net debt (excluding lease liabilities) in relation to adjusted EBITDA R12M of a multiple below 2.5. The leverage ratio can temporarily be exceeded in connection with acquisitions. The previous financial targets were: Revenue growth  Annual growth target of 10 per cent, including inorganic growth. Margin target Adjusted EBITA margin above 7 per cent in the medium term. Capital structure Net debt (excluding lease liabilities) in relation to adjusted EBITDA R12M of a multiple below 2.5. The leverage ratio can temporarily be exceeded in connection with acquisitions. Dividend policy Pay-out ratio of 40 per cent of the Group’s net profit, considering other factors such as acquisition opportunities, financial position, cash flow and organic growth opportunities. Long-term incentive programme LTIP  Netel has a long-term incentive programme – LTIP – where some of the participants in the programme will have the opportunity to acquire shares in the company (warrants), while other participants will have the opportunity to receive a cash amount based on the share price (synthetic options). LTIP 2024/2027 The LTIP 2024/2027 programme includes members of the Executive Team and certain other key employees of the Group, totalling eight persons. The programme includes 750,000 warrants and 214,000 synthetic options. Both warrants and synthetic options may be exercised during the period from 1 June 2027 up to and including 31 August 2027. The subscription/exercise price amounts to 150% of the volume-weighted average price paid during five trading days ending on 17 May 2024, which was SEK 22.39. The terms and conditions of the warrants contain a so-called net strike recalculation clause, which means that the subscription price and the number of shares that each warrant entitles to subscription for will be recalculated before the exercise period. Participants have been offered to purchase the options at market value, with a subsidy in the form of a cash payment equivalent to approximately 50% of the investment amount. The benefit corresponding to the subsidy is recognised as share-based payment in accordance with IFRS 2, meaning personnel costs over the vesting period of three years. The fair value on the allotment date amounted to SEK 1.88 for warrants and SEK 1.87 for synthetic options. The maximum number of warrants has been subscribed.  The Group has expensed SEK 58,750 during the year in accordance with IFRS 2 for share-related remuneration. Parent Company The Parent Company’s net sales amounted to MSEK 7 (7) for the quarter. The Parent Company was charged with personnel costs and certain financial expenses.

===== SIDA 9 =====

9 Netel Holding AB (publ)   First quarter 2025 report 
Risks and uncertainties There are several strategic, operational and financial risks and uncertainties that could impact the Group’s financial results and position. Most of these can be managed by internal procedures, although some are governed by external factors to a greater extent. Risks and uncertainties are related to IT and control systems, suppliers, disputes related to projects, seasonal and weather variations and currencies, but could also arise in the event of new competition, changed market conditions and macroeconomic factors or changed customer behaviour. Interest rate risk also exists for the Group. A weaker macroeconomic situation, higher interest rates and inflation pressure could have a negative impact on demand from customers and entail project delays. Netel cannot currently assess the scope of any potential recession, the level of inflation, expected interest rates or long-term effects of trade tariffs. It is thus also difficult to assess the effects on the Group’s operations. Netel’s business model is based on a low level of the Group’s assets being tied up in own operations, for example, in machines, which makes the Group more financially agile during recessions. The Netel Group is also affected by weather factors. An early or late winter with lower temperatures has a negative impact on excavation projects, while autumn storms can lead to more assignments to secure power lines. For a more detailed description of the risks and uncertainties for the Group and the Parent Company, refer to the 2024 Annual Report.  Netel works actively to monitor and continuously evaluate sustainability-related risk and their impact on the Group’s operations and earnings. As part of this governance, the Executive Team has started to monitor and evaluate the Group’s climate impact and how the Group is affected by climate-related risks. The Executive Team is also following up compliance among subsidiaries regarding, for example, the Code of Conduct, work-related injuries and legal disputes. Owners On 31 March 2025, Netel Holding AB (publ) had 3,470 shareholders (3,099), an increase of 12.0 per cent since 31 March 2024. The five largest shareholders were IK VII fund via Cinnamon International S.à.r.l (46.67 per cent), Nordnet Pensionsförsäkring (6.57 per cent), Swedbank Robur Fonder (4.27 per cent), Cicero Fonder (3.64 per cent) and Avanza Pension (1.63 per cent). There were a total of 48,511,873 shares and votes in Netel on 31 March 2025. All shares are ordinary shares.

===== SIDA 10 =====

10 Netel Holding AB (publ)   First quarter 2025 report 
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===== SIDA 11 =====

11 Netel Holding AB (publ)   First quarter 2025 report 
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===== SIDA 12 =====

12 Netel Holding AB (publ)   First quarter 2025 report 
Condensed consolidated statement of financial position 
   
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===== SIDA 13 =====

13 Netel Holding AB (publ)   First quarter 2025 report 
Condensed consolidated statement of changes in equity 
  
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===== SIDA 14 =====

14 Netel Holding AB (publ)   First quarter 2025 report 
Condensed consolidated statement of cash flows including discontinuing operations 
 Consolidated statement of cash flows for continuing operations 
  
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===== SIDA 15 =====

15 Netel Holding AB (publ)   First quarter 2025 report 
Notes to the financial statements in summary Key accounting policies This interim covers the Swedish Parent Company Netel Holding AB (publ), Corp. Reg. No. 559327–6263, and its subsidiaries. The activities of the company and its subsidiaries (the “Group”) include the provision of the construction and maintenance of infrastructure in Sweden, Norway, Finland, Germany and the UK within the divisions of Infraservices, Power and Telecom. The Parent Company is a limited company with its registered office in Stockholm, Sweden. The address of the head office is Fågelviksvägen 9, SE-145 84 Stockholm. Netel Holding AB (publ) applies International Financial Reporting Standards (IFRS) as adopted by the EU. The Group’s interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable parts of the Annual Accounts Act (1995:1554). The interim report for the Parent Company has been prepared in accordance with Chapter 9 Interim Reports of the Annual Accounts Act and RFR 2 Reporting for Legal Entities. For the Group and the Parent Company, the same accounting policies, calculation bases and assessments have been applied as in the latest annual report for Netel Holding AB (publ), with the exception of hedge accounting. A more detailed description of the Group’s applied accounting policies as well as new and future changes in standards can be found in the latest published annual report. For a complete description of the Group and the Parent Company’s applied accounting policies, see Note 1 in the 2024 Annual Report and the description below. In addition to the financial statements and their accompanying notes, disclosures pursuant to IAS 34 are provided in the interim information, which comprise an integral part of this financial report.  All amounts in this report are stated in millions of Swedish kronor (MSEK) unless otherwise stated. Differences in rounding off may occur.  Hedging of net investment in foreign operations In addition to bank loan in Swedish kronor (SEK), Netel has a bank loan in Norwegian kronor (NOK) amounting to MNOK 200, corresponding to MSEK 199 
at the time of borrowing. The loan is valued at the exchange rate on the balance sheet date. This loan was identified to secure the net investment in the Norwegian subsidiaries including the Parent Company’s lending to the companies amounting to an equivalent amount (MNOK 200) that was identified as an expanded net investment. Hedge accounting is applied, which is why gains or losses from currency translation of the loan are recognised in other comprehensive income and accumulated in equity to the extent that the hedge is effective. Any ineffective portion of the hedging relationship is recognised in net financial items in the income statement. Accumulative gains or losses recognised in other comprehensive income are presented in a separate item of equity and reclassified from equity to profit or loss as a reclassification adjustment on divestment or part divestment of the foreign operation. The hedge ratio is 1:1 for the hedge and an economic relationship is deemed to exist since the underlying currency risk in the loan and net investment are well matched. The Group did not recognise any ineffectiveness during the period. Warrants Obligations for the Group’s warrants are recognised as personnel costs over the period of service based on the estimated number of rights expected to be vested. The fair value is calculated on the allotment date and recognised in equity. The estimate of the number of shares expected to be vested is reassessed at the end of each reporting period and any differences are recognised in profit or loss with corresponding adjustments made in equity. Synthetic options  Obligations for the Group’s synthetic options are recognised as personnel costs over the period of service based on the estimated number of rights expected to be vested. The fair value of the liability is remeasured at the end of each reporting period and recognised as an employee benefit obligation in the balance sheet. Any changes in fair value are recognised in profit or loss as personnel costs. In the event that synthetic options are forfeited due to the employee not meeting the service conditions, the

===== SIDA 16 =====

16 Netel Holding AB (publ)   First quarter 2025 report 
liability is derecognised and previously recognised expenses are reversed.  Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is responsible for allocating resources and assessing the performance of the operating segments. In the Group, this function has been identified as the President and CEO. An operating segment is a part of the Group that conducts operations that earn revenue and incur costs, and for which discrete financial information is available. The Group is categorised into segments based on the internal structure of its business operations, which means that there are three operating segments: the Infraservices, Power and Telecom divisions.  The same accounting policies are used in the segments as for the Group, except for leases in accordance with IFRS 16. Leasing according to IFRS 16 was not allocated on the division level. Consequently, the divisions’ leases are reported as if they were operating leases. The Group presents revenue and earnings before interest, tax and amortisation (EBITA) per segment. Earnings per share Earnings per share before dilution are calculated by dividing net profit attributable to holders of ordinary shares in the Parent Company by the weighted average number of outstanding ordinary shares during the year. Earnings per share after dilution are calculated by dividing net profit attributable to holders of ordinary shares in the Parent Company, adjusted where applicable, by the sum of the weighted average number of ordinary shares and potential ordinary shares that may give rise to a dilution effect. The dilution effect of potential ordinary shares is only reported if a recalculation of ordinary shares would lead to a decrease in earnings per share after dilution. Estimates and judgements The preparation of the interim report requires that company management makes assessments and estimates and makes assumptions that affect the application of the accounting policies and the 
reported amounts of assets, liabilities, revenue and expenses. The actual outcome may differ from these estimates and assessments. The critical assessments and sources of uncertainty in estimates are the same as in the latest published annual report. See Note 1 in the 2024 Annual Report for more information. Operating segments For accounting and monitoring purposes, the Group has divided its operations into three operating segments based on how the Group CEO evaluates the Group’s operations. The three operating segments are the Infraservices, Power and Telecom divisions. The Group CEO primarily uses earnings before interest, tax and amortisation (EBITA) in assessing the performance of the operating segments.  Other adjustments at Group level are included under Group-wide items and eliminations, for example, transaction costs and other Group-wide costs that are not allocated at segment level. Discontinuing operations Netel announced on 16 January 2025 that the Board of Directors had decided to initiate a process aimed at selling the Finnish operations, a decision for which management resolved to commence preparations during the fourth quarter of 2024. The Finnish operations are recognised as discontinuing operations in the Group’s income statement for 2024 and the first quarter of 2025. The consolidated statement of profit or loss for 2023 has been restated in accordance with the same principles. Earnings from the Finnish operations have been excluded from the individual rows in the consolidated statement of profit or loss and are instead recognised as net earnings under Discontinuing operations, net after tax, which are attributable in their entirety to the Parent Company’s shareholders. Discontinuing operations are included in the consolidated statement of cash flows. Additional information on cash flow regarding discontinuing operations is presented in Note. In the statement of financial position as of 31 December 2024, assets and liabilities attributable to discontinuing operations have been reclassified as Assets held for sale and Liabilities attributable to assets held for sale. The statement of financial position for prior periods may not, in accordance with IFRS, be restated and is therefore unchanged.

===== SIDA 17 =====

17 Netel Holding AB (publ)   First quarter 2025 report 
 Segment reporting 
 
 
 
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===== SIDA 18 =====

18 Netel Holding AB (publ)   First quarter 2025 report 
Revenue from contracts with customers Currently, the Group only conducts Infraservices in Sweden. Power operations are conducted in Sweden and Norway. Telecom operations are conducted in all four countries Sweden, Norway, Germany and the UK. The Finnish operations are recognised as discontinuing operations.  
 
   
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===== SIDA 19 =====

19 Netel Holding AB (publ)   First quarter 2025 report 
Reports for discontinuing operations Netel announced on 16 January 2025 that the Board of Directors had decided to initiate a process aimed at selling the Finnish operations, a decision for which management resolved to commence preparations during the fourth quarter of 2024. Through a sale, Netel can focus on Infraservices, Power and Telecom in the larger markets in Sweden and Norway as well as the growth markets in Germany and the UK, where Netel is assessed to have greater opportunities to create value in the short and long term and reach the company’s financial targets. The sales process commenced immediately and operations in Finland continue to be operated and developed. Netel expects to complete the process in 2025. 
In the tables below, Finnish operations are recognised as discontinuing operations separately from the Group’s continuing operations. As a direct consequence of the decision of initiating the process of selling the Finnish operations, Netel has evaluated assessments and assumptions in the operations and estimated the costs related to the sales process with the aim of completing the process in 2025. The evaluation has led to adjustments of revenue and costs in relation to risks and opportunities in ongoing projects and the ongoing sales process, which is recognised in profit or loss for the fourth quarter of 2024.
 
  
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===== SIDA 20 =====

20 Netel Holding AB (publ)   First quarter 2025 report 
  
   Financial instruments The Group’s financial instruments measured at fair value only refer to contingent considerations and fund holdings (see below). For other financial assets and liabilities, the carrying amounts are good approximations of the fair value. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The table below shows financial instruments measured at fair value, based on the classification of the fair value hierarchy. The different levels are defined as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets and liabilities. 
Level 2 – Other observable input data for the asset or liability than quoted prices included in level 1, either direct (i.e. price quotes) or indirect (i.e. derived from price quotes).  Level 3 – Input data for the asset or liability that are not based on observable market data (i.e. unobservable input data). Fund holdings The Group holds funds included in the item Financial non-current assets. Fund holdings are measured at fair value by use of quoted prices in active markets for identical assets and are thus found in level 1 of the valuation hierarchy. Contingent consideration For some of the Group’s business combinations, there are contingent considerations. The contingent considerations are dependent on the average EBITA 
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===== SIDA 21 =====

21 Netel Holding AB (publ)   First quarter 2025 report 
for the business combinations over one to three years. The considerations will be settled in cash.  The contingent considerations are included in the items Non-current non-interest-bearing liabilities and Current non-interest-bearing liabilities in the amount of MSEK 2 (133). The contingent considerations are found in level 3 of the valuation hierarchy. 
Other holdings and liabilities measured at fair value The Group holds currency futures that are included in the item Current non-interest-bearing liabilities. These currency futures are measured at fair value through indirect calculations from underlying currencies, according to data received from the counterparty/bank, and thus are found in level 2 of the valuation hierarchy.   
  
  
    
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!"#$%&()$(2#.3&(*&+,%$)'&-(0"*,3%"(4*,5)0(,*(.,'' 16 6 7
8*#$'.#0),$(-)55&*&$+& 1 1 1
>'-+(/.&*)')/,$ =8 =8 8

===== SIDA 22 =====

22 Netel Holding AB (publ)   First quarter 2025 report 
Transactions with related parties No significant changes took place during the year for the Group or the Parent Company in relationships or transactions with related parties compared to what has been described in Note 32 of the 2024 Annual report for Netel Holding AB (publ).  
 
Condensed income statement for the Parent Company 
 
!"#"$%&%#' ()*!"+*,-,. ()*!"+*,-,/
!"#$%&'(&)''*%&"+*&%$,-.I$% 0 0
12,I3"%$&'(&)''*%&"+*&%$,-.I$% 0 0
4+5$,$%5&.+I'6$ 0 0
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=$:5&;I#'%.+)< 0 0
!"#$$%F'()
*+,!-.$$.I01 2324 2325 2325
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5",%-00"'$2-%#% 46 47 489
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!"#$</0&02/&'$/#"3% ( 47 7
+()0.091!(?8')!?.0(0J.($!.8'-1 F %M G
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?&:"% 4) 48 4
+()0.091!?I)!8I'!7').IJ O %M E
L(0%M()

===== SIDA 23 =====

23 Netel Holding AB (publ)   First quarter 2025 report 
Condensed balance for the Parent Company 
    Stockholm, 25 April 2025  Jeanette Reuterskiöld  President and CEO   This report is unaudited. 
   
!"#$%&''&()* +,$-.I$0102 +,$-.I$0103 +,$456$0103
7!!"8!
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8(K.'$6;II5)K$.**5K* @A= @A+ @L1
8(K.'$.**5K* 0$3,= 0$3,0 0$301
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8(K.'$;)K.J5K$I5*5IL5* 0+ 0+ 0+
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8(K.'$)():6;II5)K$'&.M&'&K&5* AA2 AL1 AAA
B*$$%)5G()5%$%F54+%#$()JG2(#+(2(5(%F 6 7 @
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8(K.'$6;II5)K$.**5K* ,A 01 0@
8(K.'$5H;&KI$.)K$'&.M&'&K&5* 0$3,= 0$3,0 0$301

===== SIDA 24 =====

24 Netel Holding AB (publ)   First quarter 2025 report 
Selected financial information Definitions and a reconciliation of alternative performance measures for Netel Holding AB (publ) are presented here in accordance with the guidelines from the European Securities and Markets Authority (ESMA) regarding the use of alternative performance measures. These guidelines require expanded disclosures regarding the financial measures not defined by IFRS. Alternative performance measures are measures showing historical or future financial results, financial position or cash flows that are not defined by IFRS.
 Netel Group uses alternative performance measures to monitor and describe the Group’s financial position and to provide additional useful information where relevant for the user’s understanding of the financial statements. These performance measures are not directly comparable with similar performance measures used by other companies. The performance measures stated below are presented in the interim report.  Alternative performance measures not defined under IFRS 
 Reconciliation of growth in net sales 
  
!"#$$%F'()
*+,!-.$$./01 2324 2325 2325
!"#$%#&%#'(")*+,$%"#-
!"#$%&'"%$()*+#,$-.I 012. 213. 314.
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;<=>?@ 39 33 04A
;<=>?@$B&)(76$-.I A14. C1:. 91A.
;<=>@ 4C 42 4A0
;<=>@$B&)(76$-.I 014. 01A. C19.
=#"B%$&DD"8#76($8*BN&)&F7'7#G 9 0 4H
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@IJO%#"I$;<=>?@$B&)(76$-.I 91L. A10. 214.
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@IJO%#"I$;<=>@$B&)(76$-.I 01:. 01H. A10.
!"#$I"F# 204 9CA 990
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;)<&8+6$8"#$%&'"%$<),@#A$BCD >N0C /N0C >N=C
6(0%7()

===== SIDA 25 =====

25 Netel Holding AB (publ)   First quarter 2025 report 
Reconciliation of EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin 
 Reconciliation of EBITA, EBITA margin, adjusted EBITA and adjusted EBITA margin 
   
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*+,!-.$$.I01 2324 2325 2325
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!"#$%&'"% ()* (+( ,$-.*
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+6789J ;K ;; 2=4
9:;<@N$C&1423$8F= ?G>F *G)F (G?F
.$*I-(,00*1$%#'(1"I),+,2%3%$4
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8I>($!.>'-1!(??'@>.0A!@I-B()(C.$.>F K 2 =M
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NBMI%#"B$9:;<@N$C&1423$8F= (GNF ?G-F +G>F
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!"#$%&'"% ()* (+( ,$-.*
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+6789 J5 J; J42
9:;<N$C&1423$8F= -G>F -G?F *G(F
.$*I-(,00*1$%#'(1"I),+,2%3%$4
NAHI2%2#253J1"'&#"B$A5%#% J J J
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8IK($!.K'-1!(=='>K.0?!>I-@()(A.$.KF B 2 JC
9ME#1K'M!+6789 23 JF JBF
NBMI%#"B$9:;<N$C&1423$8F= -G)F -G.F ?G-F
G(0%H()

===== SIDA 26 =====

26 Netel Holding AB (publ)   First quarter 2025 report 
Reconciliation of net debt, net debt excluding lease liabilities and net debt/adjusted EBITDA R12M (Ratio) 
 We now report net debt excluding lease liabilities, instead of previously reporting net debt including lease liabilities, as it better reflects our financial target. This measure provides a more relevant picture of our indebtedness.  Reconciliation of equity ratio 
    
!"#$%&''&()* +,$-.I$0102 +,$-.I$0103 +,$456$0103
!"#$%#&%#'(")*+,$%"#-
!"#$%&''(#)*+#)('(,)$-(.'+#I*0+.-+0+)+(, 123 142 125
6&''(#)*+#)('(,)$-(.'+#I*0+.-+0+)+(, 41 27 31
7(8.'$&)85I5*89:5.I&);$'&.:&'&8&5* ,$10+ ,$1,K ,$11K
8(.,+#I*0+.-+0+)(, 53 19 59
6.,:*.#;*%.,:*(<&+=.0(#), L75 L?5 L47
=58$>5:8 ?13 @+? @32
=58$>5:8$5A6'B>&);$'5.*&); @0, K32 KK0
@;A&,)(;*BCDNF@*G7L L95 L2L L9L
=58$>5:8$5A'B>&);$'5.*&);$'&.:&'&85*CM>NB*85>$"FG74M$H,0$IH.8&(J +K1 0KK 0KL
!"#$%&''&()* +,$-./$0102 +,$-./$0103 +,$456$0103
!"#$%&'()*#+ ,&-./ ,&,00 ,&-12
!"#$%&$33'#3 4&/01 4&15. 4&15/
"78&9:$/.9&($;K= +>?1K +>?0K +@?AK

===== SIDA 27 =====

27 Netel Holding AB (publ)   First quarter 2025 report 
Definitions and reasons for use Performance measures Definition Reason for use EBITA* Earnings before amortisation of intangible assets EBITA is used to analyse the profitability generated by the underlying operations EBITA margin* EBITA as a percentage of net sales The EBITA margin is used to illustrate the underlying operations’ profitability EBITDA* Earnings before interest, taxes, depreciation and amortisation. EBITDA is used to analyse the profitability generated by the underlying operations EBITDA margin* EBITDA as a percentage of net sales The EBITDA margin is used to illustrate the underlying operations’ profitability Adjusted EBITA* EBIT before amortisation of intangible assets, adjusted for items affecting comparability Adjusted EBITA is used to analyse the profitability generated by the underlying operations Adjusted EBITA margin* Adjusted EBITA as a percentage of net sales The adjusted EBITA margin is used to illustrate the underlying operations’ underlying profitability Adjusted EBITDA* Earnings before interest, taxes, depreciation and amortisation, adjusted for items affecting comparability Adjusted EBITDA is used to analyse the underlying profitability generated by the underlying operations Adjusted EBITDA margin* Adjusted EBITDA as a percentage of net sales The adjusted EBITDA margin is used to illustrate the underlying operations’ underlying profitability Items affecting comparability* Items affecting comparability are revenue and expenses of a non-recurring character such as capital gains from divestments, transaction costs in connection with M&As or capital raises, larger integration costs for acquisitions or planned reconstructions, and expenses following strategic decisions and major reconstructions that result in a discontinuation of operations 
Items affecting comparability are used to highlight the income items that are not included in the operating activities to create a clear view of the underlying earnings trend 
Cash flow from operating activities Cash flow attributable to the company’s main income-generating operations and operations other than investing activities and financing activities 
The measure is a performance measure defined by IFRS 
Net sales The total of sales proceeds from goods and services less discounts provided, VAT and other tax related to the sale The measure is a performance measure defined by IFRS

===== SIDA 28 =====

28 Netel Holding AB (publ)   First quarter 2025 report 
Organic growth* Sales growth excluding material acquisitions in the last 12 months  The measure shows the size of the company’s total growth that is organic growth Order backlog The remaining order value on the balance sheet date for contracted projects and estimated future volumes from framework agreements 
Used to show contracted future net sales attributable to projects 
Earnings before tax Profit for the period before tax The measure is a performance measure defined by IFRS Earnings per share (SEK) Earnings per share before and after dilution attributable to holders of ordinary shares in the Parent Company The measure (before and after dilution) is a performance measure defined by IFRS 
Net debt* Interest-bearing liabilities (current and non-current) less cash and cash equivalents The measure shows the size of the company’s total assets financed via financial liabilities, taking into account cash and cash equivalents and is a component in assessing financial risk Net debt excluding lease liabilities* Net debt less lease liabilities The measure shows the size of the company’s total assets financed via financial liabilities excluding lease liabilities, taking into account cash and cash equivalents and is a component in assessing financial risk Equity ratio* Equity as a percentage of total assets The measure shows the share of the company’s total assets financed by the shareholders through equity    * The KPI is an alternative performance measure according to ESMA’s guidelines

===== SIDA 29 =====

29 Netel Holding AB (publ)    First quarter 2025 report 
 Webcast presentation and teleconference Jeanette Reuterskiöld, President and CEO, and Fredrik Helenius, CFO, will present the interim report on Friday, 25 April at 9:00 a.m. (CEST) in a webcast. Questions may be asked both online and by phone. Presentation material is also available at https://netelgroup.com/en/investors/reports-and-presentations/. The presentation will be held in English.  If you want to participate through the webcast, use the link https://netel-group.events.inderes.com/q1-report-2025. It will be possible to submit written questions during the webcast. If you want to ask questions orally via teleconference, please register through the link https://conference.inderes.com/teleconference/?id=5003909. After registration, you will receive a telephone number and ID to log in to the conference. It will be possible to ask questions orally during the teleconference.  Financial information This report, previous interim reports and annual reports are available at https://netelgroup.com/en/investors/reports-and-presentations/.  Calendar   Second quarter 2025 Third quarter 2025 Fourth quarter and Year-end Report 2025 11 July 24 October 6 February 2026  
 This information is such that Netel Holding AB (Publ) is obliged to make public in accordance with the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons below, on 25 April 2025 at 7:30 a.m. CEST.  For further information, contact: Jeanette Reuterskiöld, President and CEO  Fredrik Helenius, CFO  Åse Lindskog, IR +46 70 228 0389  +46 73 085 5286  +46 73 024 4872 jeanette.reuterskiold@netel.se  fredrik.helenius@netel.se  ase.lindskog@netelgroup.com 
Netel in brief  With over 20 years of experience, Netel is a leader in the development and maintenance of critical infrastructure in Infraservices, Power and Telecom in Northern Europe. We are involved in the entire value chain from design, production and maintenance of our customers’ facilities. We are dedicated to securing an accessible and reliable future, where technology unites and transforms society. Netel reported net sales of MSEK 3,284 in 2024 and the number of employees in the Group is approximately 840. Netel has been listed on Nasdaq Stockholm since 2021. Read more at netelgroup.com.  FOUNDED IN EMPLOYEES  NET SALES IN 2025 R12M  ADJUSTED EBITA IN 2025 R12M  
2000 837 3,302 MSEK 170 MSEK