===== SIDA 1 ===== Quarter according to our expectations – full-year 2026 indication for growth and margin improvement unchanged First quarter Continuing operations • Net sales decreased 14.9 per cent to MSEK 575 (676) • Operating profit (EBIT) amounted to MSEK 0 (14), with an operating margin of -0.1 per cent (2) • Adjusted EBITA amounted to MSEK 10 (22), with an adjusted EBITA margin of 1.7 per cent (3.2) • EBITA amounted to MSEK 2 (16), with an EBITA margin of 0.3 per cent (2.3) • Loss for the period was MSEK -18 (-2) • Earnings per share for continuing operations before and after dilution amounted to SEK -0.38 (-0.04) • Earnings per share including discontinued operations before and after dilution amounted to SEK -0.38 (-0.17) • Cash flow from operating activities amounted to MSEK -60 (-30) • Net debt excluding leases amounted to MSEK 869 (721) and net debt excluding leases/adjusted EBITDA to 9.7 (2.9) • The order backlog increased to SEK 4.2 billion (3.8) Significant events during the first quarter • New four-year framework agreements signed in Power with Elvia in Norway with a total value of more than MNOK 110, expanding the geographical area to Oslo Municipality • New three-year agreement for B2B services in Telecom with Global Connect in Norway • Agreement in Power with E.ON Energidistribution for the construction of a substation, valued at just over MSEK 40 • Expanded cooperation in Power with the Norwegian energy company Glitre Nett with new framework agreement worth up to MNOK 300 until the end of 2031 • Infraservices contract with the City of Stockholm for civil engineering work in Gasklocka 3 and 4, valued at MSEK 30 Important events after the end of the quarter • New framework agreements with the Swedish Transport Administration regarding the design and construction of telecom masts, worth in total MSEK 130 by 2030 • New two-year framework agreement in Telecom with Stångåstaden in Sweden regarding the exchange of data networks in Stångåstaden's housing and property portfolio !"#$%F'()*' +,--(./*' 012$34--4567 #8#9 #8#J #8#J;#8#9 #8#J !"#$%#&%#'(")*+,$%"#- !"#$%&'"% ()( *)* +,-.I +,0.( !"#$%&'"%$1234#5$678 9.I:07 ;:-7 9.;:.7 90:;7 <=>?%#"=$@ABC< .D ++ .* +- <=>?%#"=$@ABC<$N&21FG$678 .:)7 ;:+7 D:*7 .:D7 @ABC< + .* 9.0 9( @ABC<$N&21FG$678 D:;7 +:I7 9D:)7 9D:+7 @ABC D .I 9+) 9.; @ABC$N&21FG$678 9D:.7 +:D7 9.:D7 9D:(7 !"#$="H#$"IJ'?=FG1$'"&%FG1 -*0 )+. -*0 )-* !"#$="H#$"IJ':$'"&%FG1K<=>:$@ABCL<$M.+$6M&#F38 0:) +:0 0:) ):* K*6()*' Q1 ===== SIDA 2 ===== 2 Netel Holding AB (Publ) First Quarter 2026 Interim Report CEO’s comments Growing order backlog and continued savings measures lay the foundation for increased profitability The first quarter of the year was, as expected, weak due to seasonal variation and the long winter, as well as the ongoing transformation of the telecom market. The infraservices and power markets are performing well with high activity and many tender requests. We continued to successfully deliver on our strategy to grow with existing and new customers during the quarter. We also broadened our geographic footprint both in Norway and Sweden with new customer contracts. The high order backlog of more than SEK 4 billion reflects our strong position as well as our competitiveness and ability to deliver. Given the market conditions we see today and the savings measures we have implemented, and will implement, we are expecting growth and margin improvement for full-year 2026. In our industry, the first quarter is normally the weakest of the year since many projects are in the start-up phase. Furthermore, this year’s long winter delayed the start of projects, which also had a negative impact on sales, earnings and cash flow for the quarter. However, we remain optimistic about the full-year 2026 and expect both growth and margin improvement. One of the reasons for the expected improvement is our ability to grow the order backlog and our successful strategy of securing new customers and expanding into new geographies in Norway and Sweden. At the beginning of the year, our order backlog for 2026 amounted to approximately SEK 2.0 billion. After the first quarter, the order backlog for projects to be implemented during the current year amounts to SEK 1.8 billion. This corresponds to an increase during the quarter of approximately MSEK 400, an important signal for the continued development of the year. The increased order backlog is an indication that we are well positioned in the competition and continue to be an attractive supplier in our markets. Power – a strong market In the Swedish power market, customers were cautious in 2025, but we are now seeing increased activity and we see more business opportunities in the near future. In Norway, demand remains high, with new and extended framework agreements broadening our geographical presence and strengthening our position. Power continues to be the main driver behind the increase in the order backlog. Overall, the market is strong, but the long project times mean that volumes are being realised gradually. Project times for, for example, the construction of substations are very long, often several years. For example, the substation in Norrköping, which was announced in the quarter, is to be completed in the spring of 2028, which means that final invoicing is two years in the future. It is important to understand our long project times within Power in order to be able to assess our future development. Infraservices – strong tender season The level of activity in Infraservices' market is high and we are participating in more tenders requests now compared with last year. Infraservices announced a new customer in the municipal sector during the quarter: the City of Stockholm. The contract with the City of Stockholm is worth MSEK 30 and covers civil engineering work in the former gasworks area in Hjorthagen. We are now involved in transforming old industrial land and port areas into a modern mixed-use city with housing, offices, services and culture. As a result of the high proportion of projects in the start-up phase and the long winter that delayed many project starts, Infraservices' profitability decreased in the quarter. The infraservices market is highly competitive and during the previous year we implemented significant cost adjustments in the business while improving our project management and risk control. This means that we are now better equipped when volumes increase during the year. Telecom – shift in focus to service and maintenance The telecom market is undergoing a transformation whereby our traditional customers are moving from hardware installation to service and maintenance. This means that our customers are reducing their investments, which we have noted in all three of our geographic markets, with volumes and our profitability falling in the quarter. However, we can adapt to this decline in volume more easily due to our flexible business model with a high share of subcontracting in our telecom projects. We are adapting to the transformation through increased focus on service and maintenance and by winning new customers. During the quarter, we announced a new three-year agreement with Global Connect in Norway for services to the customer’s B2B segment. We have also presented major agreements with the Swedish Transport Administration, a new customer. The framework agreements cover the design and construction of telecom masts and towers for the new European railway communication system, FRMCS. The agreements are ===== SIDA 3 ===== 3 Netel Holding AB (Publ) First Quarter 2026 Interim Report three years with the possibility of extension until 2030 and an estimated value of just over SEK 130 million by 2030. We have also signed a framework agreement with the housing and real estate company Stångåstaden in Linköping, Sweden, to carry out a comprehensive upgrade of the network infrastructure, commissioning, and security and electrical measures in all apartments and premises – strategically important as we gain a new major customer and establish ourselves in a new geographical area. Positive effects of organisational changes We carried out a series of changes to restore profitability in 2025. One of the measures was to reduce managerial layers and shorten decision-making processes. Two years ago, we organised our operations into three distinct divisions – Power, Infraservices and Telecom – to strengthen focus and increase collaboration within each business area. This work has laid a solid foundation, and we are now taking the next step: to systematically collaborate even more strongly between the divisions and, where relevant, submit joint tenders. The aim is to increase our competitiveness, improve the quality of tenders and ensure better capacity utilisation. The agreement with Stångåstaden is a prime example of this, with the Telecom and Power divisions working together. This means that we utilise our resources more efficiently, which gives us the opportunity to also retain a larger share of the project profits. Merger of Swedish companies A decided and previously communicated measure within our savings program is the merger of our Swedish operating companies, which is one of the central measures within the program that will reduce costs by SEK 15–25 million with full effect in 2027. About ten Swedish companies will be merged into one operating company, Netel AB, in the autumn. The merger will shorten decision-making processes, reduce overhead costs and make us more efficient in such areas as purchasing, tendering and project management. In addition, it will enable us to establish standardised ways of working, faster exchange of knowledge and more efficient communication channels. We can also build a broader team spirit and enhance the attractiveness of our employer brand proposition. Future outlook After the difficult decisions we made in 2025 to restore profitability, we enter 2026 as a stronger company, although we still have much to do. As we started production a little later in the first quarter, it also affects the second quarter, but we expect to be able to compensate for it in the second half of the year with larger production volumes and remain optimistic about the full year 2026 and expect both growth and margin improvement. We have skilled employees and good, long-term customer relationships, which is reflected in the growing order backlog and new, attractive contracts. At the same time, we have already made, or are in the process of making, significant savings to reduce our cost base. Considering the above, I am confident in our ability to generate long-term value for our shareholders and other stakeholders. Jeanette Reuterskiöld President and CEO Quarter 1 Traditionally the weakest quarter in our industry. Projects often take longer due to winter weather, many projects are in the start-up phase, which means more planning and designing but less invoicing. This normally leads to lower sales and earnings compared with the rest of the year. Cash flow is often weak or negative at the beginning of the year, since costs are incurred before any major invoicing can take place. Quarter 2 Increasing volumes and transition to production but dependent on weather conditions for start of production. More projects enter the production phase, meaning higher volumes. Sales gradually increase and earnings improve as projects enter the field. Quarter 2 is normally a quarter with more stable growth compared to quarter 1. Cash flow follows production phases, and we make use of working capital as production increases, and is still dependent on the project mix. Quarter 3 Stable peak season with high production intensity. Usually one of our most stable quarters. The summer months allow for efficient production, especially in groundwork. The earnings improve as volumes increase and projects mature. However, quarter 3 is impacted by vacations, which can impact negatively. Like in quarter 2, cash flow in this quarter varies with production phase and project mix. Quarter 4 The strongest quarter of the year, notably the most profitable quarter with the strongest cash flow. Many projects reach their closing phase, generating large invoices. This pattern repeats annually. Quarter 4 is often the quarter that carries the full-year’s earnings, especially with large project deliveries. Our seasonal patterns ===== SIDA 4 ===== 4 Netel Holding AB (Publ) First Quarter 2026 Interim Report Condensed consolidated financial performance The operations in Finland and the UK are presented as discontinued operations in the comparative figures for 2025 in this report. For more information about discontinued operations, see the note Reports of discontinued operations and the 2025 Annual Report, pages 100–101. Comments in this report refer to continuing operations unless otherwise stated. First quarter Continuing operations Net sales Net sales declined 14.9 per cent organically to MSEK 575 (676) in the first quarter as a result of normal seasonal variation with a high proportion of projects in start-up phases and the long winter delaying many projects. The transformation of the telecom market, with Netel’s traditional customers moving from hardware installation to service and maintenance, also impacted net sales negatively. Exchange rate effects had a negative impact of 1.3 per cent. Order bookings were favourable during the quarter and the order backlog increased MSEK 369 to MSEK 4,222 (3,853). Netel’s underlying markets are healthy and are driven by the strong megatrends of digitalisation, electrification and modernisation of critical infrastructure. The order backlog amounted to MSEK 4,157 at the end of the year. Earnings EBITDA decreased by 44.2 per cent to MSEK 20 (36), with an EBITDA margin of 3.5 per cent (5.4). EBITA decreased 87.5 per cent to MSEK 2 (16) and the EBITA margin was 0.3 per cent (2.4), negatively impacted by lower volumes and thus reduced profitability in all divisions. In Power, the Norwegian operations increased profitability during the quarter as a result of new framework agreements signed in 2025. Adjusted EBITDA decreased 33.6 per cent to MSEK 28 (42), and the adjusted EBITDA margin was 4.9 per cent (6.2). Adjusted EBITA declined 56.4 per cent to MSEK 10 (22) and the margin amounted to 1.7 per cent (3.2). Adjustments were made for items affecting comparability of MSEK 8 (6) concerning restructuring costs and organisational changes. Depreciation and amortisation amounted to MSEK -21 (-23). Net financial items amounted to MSEK -18 (-17) for the quarter. Interest expenses amounted to MSEK -18 (-14), of which MSEK -1 (-1) was attributable to lease liabilities. Earnings before tax decreased to MSEK -19 (-3) during the quarter. Loss after tax amounted to MSEK -18 (-2). The tax expense amounted to MSEK 0 (1), leading to an effective tax rate of -0.4 per cent. Tax for the period was affected negatively by limitations on interest deductions in 2026. Net income discontinued operations, net after tax, amounted to MSEK 0 (-6). Loss after tax _including discontinued operations amounted to MSEK -18 (-8). Net sales and adjusted EBITA margin, continuing operations Net sales per segment, continuing operations !"! ""# !#$ %&$ #"# '($ #(& )#(' *($ &(" +& +$ +' +, +& $*$# $*$! -.II00123II4546 782I.9J;<=>?@A9=; 45678$ ) +78?9=; ,)9 ,):74<94; 45678$;&<=>? ).I0 *.-0 ,).- ,3.30 ,*.:0 ,I.1 8*9()*' !"#$%F'()*'+,--(./*' )012 #3#4 #3#5 6 #3#57#3#4 #3#5 6 !"#$%#&%#'(")*+,$%"#- !"#$%&'"( ))* )+) ,*-.I *0+ *1* ,)-.I ".(/0%10 (((2/*3*# 456 47894:;8< =>= =67 9:;?< (((@"+/,A 475 47: 97;B< =6= =6> 95;>< 23456$ . 79:6;7< ,0 ,. ,78-0I 23456$9&:;<= >-*I )-1I ,?-* ,?-7I ,?-.I ,?-8 8*9()*' ===== SIDA 7 ===== 7 Netel Holding AB (Publ) First Quarter 2026 Interim Report A framework agreement with Elvia covering approximately half of Oslo Municipality, which is a new geographical area for Netel, was announced during the quarter. At the same time, Netel has received renewed confidence from Elvia for the Søndre Follo area, south of Oslo. Both framework agreements are four-year contracts with a total value of more than MNOK 110. Netel also announced a new framework agreement with the Norwegian energy company Glitre Nett, covering a new geographical area for Netel and services within regional networks – operation and design. The agreement is worth up to a total of MNOK 300 until the end of 2031. An agreement with E.ON Energidistribution for the construction of a substation in Norrköping, Sweden, was also announced in the quarter. The agreement is valued at just over MSEK 40 and the station will be completed in spring 2028. Telecom division Net sales decreased 19.4 per cent to MSEK 225 (279) in the quarter, due to the transformation of the market whereby Netel’s traditional telecom customers are transitioning from hardware installations to service and maintenance. This transformation impacted volumes in all three geographical markets. EBITA declined to MSEK -2 (4) and the EBITA margin amounted to -0.9 per cent (1.5) in the quarter, negatively impacted by the lower volumes in Sweden and Germany. In Norway, profitability remained unchanged due to the saving measures carried out in 2025. A new three-year agreement for B2B services in Telecom with Global Connect in Norway was announced during the quarter. After the end of the quarter, agreements with two new customers have been announced – the Swedish Transport Administration and Stångåstaden. The framework agreements with the Swedish Transport Administration cover the design and construction of telecommunications masts and towers for the new European railway communication system, FRMCS. Both framework agreements are three-year with the possibility of extension until 2030. The total value is estimated at just over MSEK 130 by 2030. The agreement with Stångåstaden is two-year contract encompassing a comprehensive upgrade of the network infrastructure, commissioning, and security and electrical measures in all apartments and premises of Stångåstaden. Stångåstaden is owned by Linköping Municipality in Sweden and the agreement means that Netel is now establishing itself in Linköping. !"#$%F'()*'+,--(./*' )012 #3#4 #3#5 6 #3#57#3#4 #3#5 6 !"#$%#&%#G(")*+,$%"#- !"#$%&'"( ))* )+,-.,I01 .2)3+ .24). -0I.1 ".(/0%10 (((2/*3*# 45 65789:6; <5= <8= 75<:8; (((>"+/,? 569 5@9 7A:A; 998 9B8 75:5; ((C*+D,#? <6 4@745:<; 5@6 59@ 76:<; 56789$ -) 0 .* ). -4:I.1 56789$;&<=>? -:I,1 .I*1 -)I0 .I)1 .I31 -:I0 8*9()*' ===== SIDA 8 ===== 8 Netel Holding AB (Publ) First Quarter 2026 Interim Report Other information Discontinued operations 2025 Operations in Finland were divested on 30 June 2025 and operations in the UK were divested on 11 December 2025. The divestment means that Netel can focus its resources on the core markets of Sweden and Norway and the growth market of Germany.Significant events after the end of the reporting period On 21 April 2026, Netel presented two new framework agreements with the Swedish Transport Administration for the design and construction of telecommunications masts and towers for the new European railway communication system, FRMCS. The Swedish Transport Administration is a new customer for Netel’s Telecom division. The framework agreements are three years with the possibility of extension until 2030. The total value is estimated at just over SEK 130 million by 2030. On 22 April 2026, Netel presented a new two-year framework agreement with Stångåstaden regarding the exchange of data networks in Stångåstaden's housing and property portfolio. Stångåstaden is owned by Linköping Municipality and is a new customer for Netel. The agreement means that Netel is now establishing itself in Linköping. Indication 2026 Based on the savings measures for 2025–2026 and the current market conditions we see today, we expect growth and improved margins for the full-year 2026. Employees The number of employees at the end of the quarter in continuing operations was 785 (781). The average number of employees for the quarter in continuing operations was 783 (774). The number of employees is calculated as full-time equivalents. Financial targets Revenue growth Annual organic growth of 3–5 per cent. Margin Annual adjusted EBITA margin of 5–7 per cent. Capital structure Net debt (excluding lease liabilities) in relation to adjusted EBITDA R12M of a multiple below 2.5 in the medium term. 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. ===== SIDA 9 ===== 9 Netel Holding AB (Publ) First Quarter 2026 Interim Report Long-term incentive programme LTIP Netel has long-term incentive programmes resolved on by Annual General Meetings – LTIP – where participants in the programmes will have the opportunity to acquire shares in the company (warrants) or receive a cash amount based on the share price (synthetic options). For the conditions and accounting policies, see the 2025 Annual Report, pages 83–84. LTIP 2024/2027 The LTIP 2024/2027 programme includes members of the Management Team and certain other key employees of the Group, originally totalling eight persons. The programme encompasses 750,000 warrants and 214,000 synthetic options. The Group has expensed SEK 50,368 in 2026 in accordance with IFRS 2 for share-related remuneration. The Group repurchased 107,000 synthetic options under LTIP 2024/2027 in first quarter. In accordance with IFRS 2, the previously recognised cost of the bonus component was reversed. The portion repaid to the participant was recognised as a reduction of equity in accordance with IAS 32. Following the repurchase, the number of warrants outstanding amounts to 536,000 and synthetic options to 107,000. LTIP 2025/2028 The LTIP 2025/2028 programme includes members of the Management Team and certain other key employees of the Group, originally a total of 33 persons. The programme encompasses 778,800 warrants. The Group has expensed SEK 55,490 in 2026 in accordance with IFRS 2 for share-related remuneration. The Group repurchased 23,600 warrants under LTIP 2025/2028 in first quarter. In accordance with IFRS 2, the previously recognised cost of the bonus component was reversed. The portion repaid to the participant was recognised as a reduction of equity in accordance with IAS 32. Following the repurchase, the number of warrants outstanding amounts to 731,600. 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. Risks and uncertainties There are several strategic, operational and financial risks and uncertainties that could impact the Group’s financial results and position. Many 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 and assessments 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 as well as political uncertainty could have a negative impact on demand from customers and entail project delays or cancellations. Lower profitability due to the above could present difficulties for Netel to finance its operations. Netel cannot currently assess the scope of any potential recession, the level of inflation or expected interest rates, the long-term effects of trade tariffs or the effects or geopolitical uncertainty 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 2025 Annual Report. ===== SIDA 10 ===== 10 Netel Holding AB (Publ) First Quarter 2026 Interim 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 Management Team monitors and evaluates the Group’s climate impact and how the Group is affected by climate-related risks. The Management Team is also following up compliance among subsidiaries regarding, for example, the Code of Conduct, work-related injuries and legal disputes. 2026 Annual General Meeting The 2026 Annual General Meeting will be held on Thursday, 7 May, at 11:00 a.m. in Stockholm, Sweden. The notice with agenda and information about registration is available at netelgroup.com. Owners On 31 March 2026, Netel Holding AB (publ) had 3,246 (3,470) shareholders. The five largest shareholders were Theodor Jeansson Jr (9.69 per cent), Etemad Group AB (8.96 per cent), Stefan Lindblad (7.31 per cent), Nordnet Pensionsförsäkring (4.79 per cent) and Avanza Pension (3.12 per cent). There were a total of 48,511,873 shares and votes in Netel on 31 March 2026. All shares are ordinary shares. ===== SIDA 11 ===== 11 Netel Holding AB (Publ) First Quarter 2026 Interim Report Financial statements Condensed consolidated statement of profit or loss !"#$!%F'()*' +,--(.I*' 012!34--4567 $8$9 $8$J $8$J;$8$9 $8$J !"#$%#&%#'(")*+,$%"#- KFI'*=46>!46?53I !"#$%&'"% ()( *)* +,-.I +,0.( 1#2"3$45"3ʦ$6794:" . + 0 .; @5=*-!'IAI6,I JB9 9BC $MC$N $MF$J KFI'*=46>!IGFI67I7 K&#"36&'$&7=$5>392&%"=$%"3?69"% @A;I @A-. @.,)I( @.,-+. 1#2"3$"B#"37&'$"B5"7%"% @*( @)I @A;. @A;0 C"3%477"'$94%#% @.-) @.-) @)+A @)+I M"53"96ʇ$&7=$&:43#6%ʇ @+. @+A @-+ @-I KFI'*=46>!F'5H4=;-577!I1JO@L (8 #M ($B (#N N'5H4=;-577!H'53!H46*6?4*-!4=I37 !"#$N67&796&'$6#":% @.- @.) @)0 @)- 1*'646>7!OIH5'I!=*G (#F (N (#8B (F# F&B"% ; . ; . PI=!O6?53I!?56=46,46>!5FI'*=4567 (#C ($ (#89 (F8 .%-/"#$%#&*0(")*+,$%"#- !"#$G794:"$=6%947#67>"=$45"3ʇ%,$7"#$&N#"3$#&B @ @* 123 124 1*'646>7!H5'!=QI!FI'45R (#C (C (#$B (##B 1*'646>7!H5'!=QI!FI'45R!47!*=='4O,=*O-I!=5 C&3"7#$94:5&7HI%$%2&3"24'="3% @.- @- @.+) @..) !47@947#34''678$67#"3"%#% @ @ @ @ 1*'646>7!FI'!7Q*'I J&37678%$5"3$%2&3"$O"N43"$&7=$&N#"3$=6'#>#647$947#67>678$ 45"3ʇ%$LMJNO @;PA- @;P;I @+P.0 @.P-* J&37678%$5"3$%2&3"$O"N43"$&7=$&N#"3$=6'#>#647$679'>=678$ =6%947#67>"=$45"3ʇ%$LMJNO @;PA- @;P.) @+P*+ @+PI+ Q?"3&8"$7>:O"3$4N$%2&3"%$O"N43"$&7=$&N#"3$=6'>#647$ L#24>%&7=%O I-,(.+ I-,(.+ I-,(.+ I-,(.+ S*6()*' ===== SIDA 12 ===== 12 Netel Holding AB (Publ) First Quarter 2026 Interim Report Condensed consolidated statement of comprehensive income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etel Holding AB (Publ) First Quarter 2026 Interim Report Condensed consolidated statement of financial position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etel Holding AB (Publ) First Quarter 2026 Interim Report Condensed consolidated statement of changes in equity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etel Holding AB (Publ) First Quarter 2026 Interim Report Condensed consolidated statement of cash flows including discontinued operations Consolidated statement of cash flows for continuing operations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etel Holding AB (Publ) First Quarter 2026 Interim Report Notes to the financial statements in summary Key accounting policies This interim report 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 and Germany 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 2025 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. For detailed tables and reconciliations of financial information, refer to the 2025 Annual Report. Hedging of net investment in foreign operations In addition to a 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 ===== SIDA 17 ===== 17 Netel Holding AB (Publ) First Quarter 2026 Interim Report 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 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 2025 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. Financial instruments The Group’s financial instruments measured at fair value only refer to fund holdings, which amounted to MSEK 7 on the balance sheet date. For other financial assets and liabilities, the carrying amounts are good approximations of the fair value. Discontinued operations Operations in Finland were divested on 30 June 2025 and operations in the UK were divested on 11 December 2025. Operations in Finland and the UK are recognised as discontinued operations in the Group’s income statement. Earnings from both operations have been excluded from the individual rows in the consolidated statement of profit or loss and are instead recognised as net earnings from discontinued operations, net after tax, which are attributable in their entirety to the Parent Company’s shareholders. Discontinued operations are included in the comparative period in the consolidated statement of cash flows. ===== SIDA 18 ===== 18 Netel Holding AB (Publ) First Quarter 2026 Interim Report Segment reporting !"#$%"&G()(* +#,&"-.&I01.-G 234.&G 5.6.137G 538"6G -.97.#8-GJ&3;<$40=.GGJ&3;(> ((? ((@ @A@ ) @A@ BC+5M > E $( F $( ( !"#$%"&G()(* +#,&"-.&I01.-G 234.&G 5.6.137G 538"6G -.97.#8-GJ&3;<$40=.GGJ&3;?? (*( (@A B@B $ B@B CM+5E ? @ ? >* > >B ===== SIDA 19 ===== 19 Netel Holding AB (Publ) First Quarter 2026 Interim 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 Sweden, Norway and Germany. The operations in Finland and the UK are presented as discontinued operations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etel Holding AB (Publ) First Quarter 2026 Interim Report Reports of discontinued operationsOperations in Finland were divested on 30 June 2025 and operations in the UK were divested on 11 December 2025. The divestment means that Netel can focus its resources to the core markets in Sweden and Norway and the growth market of Germany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etel Holding AB (Publ) First Quarter 2026 Interim 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 31 of the 2025 Annual report for Netel Holding AB (publ). Condensed income statement for the Parent Company !"#$$%F'() *+,!-.$$.I01 2324 2325 2325 67')(8.09!.0JI-' !"#$%&'"% ( ( )( *#+",$-.",&#/01$/02-3" 4 4 4 ;I8($!)'K'0#' = = 2= 67')(8.09!'>7'01'1 5",%-00"'$2-%#% 46 46 476 *#+",$"8#",0&'$"8."0%"% 46 47 47( 67')(8.0!7)I?.8!@+AB;C 2 M %M !"#$9/0&02/&'$/#"3% 477 ( ) +()0.091!(?8')!?.0(0J.($!.8'-1 %E E %2 :..,-.,/&#/-0% 4 4 4; +()0.091!F'?I)'!8(> %E E %G3 <&8"% ) 4) = +()0.091!?I)!8H'!7').II %= J %G3 O(0%L() ===== SIDA 22 ===== 22 Netel Holding AB (Publ) First Quarter 2026 Interim Report Condensed balance for the Parent Company Stockholm, 24 April 2026 Jeanette Reuterskiöld President and CEO This report is unaudited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etel Holding AB (Publ) First Quarter 2026 Interim 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 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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etel Holding AB (Publ) First Quarter 2026 Interim Report Reconciliation of EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin Reconciliation of EBITA, EBITA margin, adjusted EBITA and adjusted EBITA margin !"#$$%F'() *+,!-.$$.I01 2324 2325 2325 !"#$%#&%#'(")*+,$%"#- !"#$%&'"% ()( *)* +,-.( I0"1ê$01562#7'5%%$89:;<= >? .@ >.A B"01"C2ý$&3D$&N51#2%ý$56$#&342F'"$&3D$23#&342F'"$&%%"#% +. +A G@ +6789J 23 ;4 K= 9:;1"'&#"D$C5%#% > ? .? M"%#1LC#L1234$C5%#% * ( .A I#N"1$2#"N%$&66"C#234$C5N0&1&F2'2#O . > .? 8I>($!.>'-1!(??'@>.0A!@I-B()(C.$.>F M 4 ;; JEF#1>'E!+6789J 2M G2 =3; HDPL%#"D$9:;? .@ >.A B"01"C2ý$&3D$&N51#2%ý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etel Holding AB (Publ) First Quarter 2026 Interim 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 27 ===== 27 Netel Holding AB (Publ) First Quarter 2026 Interim 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 leases* 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 28 ===== 28 Netel Holding AB (Publ) First Quarter 2026 Interim Report Webcast presentation and teleconference Jeanette Reuterskiöld, President and CEO, and Fredrik Helenius, CFO, will present the interim report on Friday, 24 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-2026. 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://events.inderes.com/netel-group/q1-report-2026/dial-in. After registration, you will receive a telephone number and ID to log in to the conference. Financial information This report, previous interim reports and annual reports are available at https://netelgroup.com/en/investors/reports-and-presentations/. Calendar 2026 Annual General Meeting Second quarter 2026 Third quarter 2026 Fourth quarter and Year-end Report 2026 7 May 10 July 21 October 5 February 2027 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 24 April 2026 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 25 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 2,915 in 2025 and the number of employees in the Group is just over 780. Netel has been listed on Nasdaq Stockholm since 2021. Read more at netelgroup.com. FOUNDED IN EMPLOYEES NET SALES IN 2026 R12M ADJUSTED EBITA IN 2026 R12M 2000 785 2,814 MSEK 16 MSEK