The Group's EBITA doubled in the fourth quarter, thanks to a strong finish in both business areas. For the full year, the Group's sales totaled SEK 1,000 million, while EBITA reached SEK 100 million – a record in both cases. Lower Net interest bearing debt contributed to an improved Finance Net and a 93 percent increase in earnings per share for the full year. Yet another acquisition was announced in the fourth quarter of the year. The Board of Directors proposes an increase in the dividend to SEK 1,25 per share, an increase of 32 percent.

Fourth quarter 2025
• Order intake totaled SEK 274.8 (272.2) million, an increase of 1.0 percent.
• Net sales for the fourth quarter totaled SEK 261.2 (247.3) million, up 5.6 percent, whereof acquired growth 8.6 percentage points, organic growth -1.9 percentage points, and negative currency effect from foreign subsidiaries 1.1 percentage points. • EBITA totaled SEK 28.2 (14.1) million, an increase of 100 percent. The EBITA margin was 10.7 percent (5.7).
• Earnings per share before and after dilution were SEK 1.11 (0.45).
• Cash flow from operating activities was SEK 19.8 (41.8) million. Total cash flow for the period was SEK -11.2 (15.7) million, including voluntary amortization of SEK 20 (18) million.
• At the Annual General Meeting on April 29, it was decided to issue a maximum of 400,000 warrants to senior executives in the Group. During the quarter, 223,500 warrants were subscribed by senior executives and key employees.
• The Board of Directors proposes an increase in the dividend to SEK 1,25 (0.95) per share.

Significant events in the fourth quarter
• On December 17, an agreement was signed to acquire all shares in Typhonix AS, Norway.

January 1 to December 31, 2025
• Order intake totaled SEK 1,066.0 (944.5) million, an increase of 12.9 percent.
• Net sales totaled SEK 1 000.2 (962.7) million, up 3.9 percent, whereof acquired growth 4.3 percentage points, organic growth 0.6 percentage points and negative currency effect from foreign subsidiaries 1.0 percentage points.
• EBITA totaled SEK 100.2 (59.0) million, an increase of 69.8 percent. The EBITA margin was 10.0 percent (6.1).
• Earnings per share before and after dilution were SEK 3.79 (1.96).
• Cash flow from operating activities was SEK 94.8 (104.9) million. Total cash flow for the period was SEK -11.9 (5.0) million, including voluntary amortization of SEK 20 (50) million.

Significant events after the end of the reporting period
• On January 9, 2026, 100 percent of the shares in Typhonix AS were acquired in accordance with the agreement signed in the fourth quarter.

COMMENTS FROM THE CEO
Doubled earnings and a strong balance sheet offer excellent opportunities

The year ended strongly with a fourth quarter showing doubled EBITA thanks to six percent growth, improved gross margins, and positive effects of previously implemented changes. The full-year EBITA of SEK 100 million and 10 percent margin is another new record for us and exceeds the Group's target of nine percent. Towards the end of the year, Typhonix was acquired, which is included in the books starting in the first quarter of 2026.

In an economic climate that did not really come off, we have still had very good development overall. Energy & Environment had the strongest momentum during the quarter, with 20 percent total sales growth in the quarter and a profit increase of more than 50 percent. Swedenborg and Bullerbekämparen completed a couple of larger deliveries than the previous year, after having had a slower market earlier during the year. The new acquisition of Autofric also contributed to the growth of the business area. The business area's engine, Zander & Ingeström, kept going at high steam. In Technology & Distribution, Empakk showed very good growth during the quarter, as well as during the year as a whole, while the classic Christian Berner companies felt the effects of the somewhat hesitant market. Thanks to the changes made in the business area, the weaker sales were offset by stronger gross margins and lower costs. Earnings thus improved significantly compared to the earnings of the previous year. We are now entering 2026 with stronger, even more business-focused organizations. Our business-minded and flexible teams are already delivering results in a changing world, and trusting that what we do is needed, we look to the future with confidence.

More speed in the acquisition machinery
We will always work to develop our businesses, but the major transformation of the Group that started in 2022 is now largely complete. With a strong balance sheet, good cash generation and fine businesses that continue to show good potential for further development, we are pleased to be able to allocate capital also to new companies. Earlier this year, we acquired Autofric, which strengthens our offering in areas such as sludge dewatering. Just before Christmas, we signed an agreement to acquire Typhonix, adding further expertise as well as proprietary solutions to our already strong flow teams. The acquisition of Typhonix was finalized after the year-end, and they are therefore not included in the Energy & Environment business area as of the first quarter of 2026. We continue to work on the long wish list of acquisition candidates we have, while at the same time constantly thinking about smarter ways to solve our common societal challenges in areas such as water, energy and resource utilization. It is very satisfying to be able to contribute to further sustainable development in our part of the world.

A good ending to a good year
Order intake in the quarter was just above the previous year's strong figure. As this is more than five percent higher than the quarter's net sales, it is a good indicator of continued good development. Between the lines in our Annual Report, the commitment of our people shines through. Many have worked hard during the year. Much has already paid off this year, while other payoffs are a little further down the line. All in all, it has been a good ending to a good year, and I would like to take this opportunity to express my sincere thanks to all our colleagues, customers and suppliers for excellent cooperation during the year. Alone we may be small, but together we achieve greatness, one step at a time.

Caroline Reuterskiöld
President and CEO Berner Industrier AB