Exsitec Holding AB (publ)

Hi and welcome everyone to this web presentation of Excitec's Q3 report for 2026. My name is Edwin and I will be moderating this webinar. Here to present today are our Group CEO Niklas Ek, our Group CFO Carl Arneson and the CEO of Excitec Norway Anders Ranum Nordahl. If you do have any questions, please use the raise hand function or write your questions in the chat function here in Zoom. Now, over to you, Niklas.

Thank you, Edvin. Hello, everyone. This is Niklas Ek speaking. I am the CEO at Excitec. And I will start off by making a short recap about our business as a reminder what we do. After that we will cover Q3 financials and a short market update and also our priorities going forward. We are XITECH making IT work together. Our business is about helping companies improve the way they operate through digital solutions. We aim to be a one-stop shop for our customers taking responsibility for their business critical systems. We do this by combining software from different vendors with our own integrations and expertise. We are not tied to one single system, but can select and combine solutions based on what each customer actually needs. But what we do is not just about technology. A large part of our work is about understanding our customers' businesses, their processes and how they operate, and then finding the right solutions to improve them. This could be anything from reducing financial administration through automation to improving supply chain processes or helping management make better decisions based on data. And importantly, our relationship with the customer doesn't end when a system is implemented. We continue to support, maintain and develop their solutions over time, building long-term relationships. Excitec is a Nordic company originally founded in Linköping, Sweden back in 2000. Today, we have more than 700 employees across the Nordics with Sweden being our largest market. Over the past decade, we have established a strong track record of growth both organically and through acquisitions. And importantly, we have managed to combine that growth with strong profitability. Our EBITDA has developed largely in line with revenue with 2024 being the main exception. Best of breed is how we approach our customer solutions. Many of our deliveries are centered around the ERP and finance system, which acts as the core. By selecting the right software components and making sure they work seamlessly together through our in-house development integration, we can take full responsibility for the entire solution. Our business model is built around three revenue streams. Our sales and marketing efforts are primarily focused on selling software integrations. This is mainly sold on a subscription basis, generating recurring revenue, and currently accounts for approximately 28% of our total revenue. The largest part of our business, just under two thirds of our revenue, comes from professional services. This is where we implement the software, adapt it to the customer's needs, and help them make the most of their systems over time. We also provide custom development and integrations when needed, And the third revenue stream is support, where we offer our customers a single point of contact for their systems, typically through recurring fixed price agreements. Together, these three revenue streams allow us to support our customers throughout the entire lifecycle of their business systems. Today, we serve around 7,000 customer organizations, primarily medium-sized and large companies across the Nordics. Our customer base is well diversified with no single customer typically accounting for more than around 1% of our total revenue. This gives us a very low dependency on individual customers. By combining different software solutions, we can address the needs of companies across a wide range of industries as illustrated on the slide. These are the primary software providers and partners that we work with today. We are resellers of more than 20 selected software components, which we combine with integrations developed in-house. Our partnerships are based on revenue sharing models, where we help software providers reach new customers by marketing and selling their solutions. But our role goes beyond sales. We also take responsibility for implementation and help customers make successful use of the software over time. And this makes us an important long-term partner, both for the software providers and for our customers. I also want to explain a bit more about how we typically work with our customers because our delivery model is quite different from traditional IT consulting. We normally start with a clearly defined project, typically lasting a few months. Rather than starting with a large multi-year IT project, we prefer to start with something manageable, deliver value early, and then build from there. Once the first project is completed, we often move into phase two, phase three, and so on, gradually expanding the solutions we deliver to the customer. Another important difference is what our consultants actually do. Most of their time is spent understanding our customers' businesses, processes and workflows and finding ways to improve them through technology rather than writing code. In fact, we estimate that less than 10% of our total consulting time is spent actually writing code. Our consultants also typically work with several customers every week, often around 10, rather than being assigned full time to one customer. And since we mainly work from our offices when we're not visiting customers, we can easily share knowledge and experience between colleagues. A solution developed for one customer can often be adapted and reused for others. So our model is really about delivering values step by step, building long-term customer relationships and continuously sharing and developing our expertise across the organization. Excitec runs one of the largest trainee programs in the Nordics and has done so at scale since 2015. We are very proud of this and today almost 40% of our employees started their careers with us as trainees. The trainee program is our primary source for recruiting new talent and an important driver of our long-term growth. In August we welcomed another group of trainees with the 2026 intake being in line with the previous year. This allows us to continuously develop talent and build the expertise we need to support our customers and grow the business over time. So let's dive into specifics for Q3. I will start off with the highlights and then leave the word to both Anders Ranum Nordahl, our CEO in Norway, and then Carl Arneson, our CFO for the financial details. Overall, I'm pleased with our performance in the third quarter. We delivered 23 year-on-year growth, primarily driven by the acquisition of Amesto Solutions, while organic growth was 3%. Adjusted EBITDA reached 30 million SEC, corresponding to a margin of 12.9%, slightly below last year's level of 13.5%. Our recurring net software revenue continues to develop strongly, reaching 270 million SEK on a last 12-month basis, up 24% year on year. Importantly, organic growth in recurring software revenue reached 14%, showing that we continue to develop this part of our business also organically. Water intake was another positive highlight, increasing by 23% compared with the same quarter last year. And finally, the integration of Amesto Solutions is progressing according to plan. During the quarter, we also implemented restructuring measures across all three segments, creating a more efficient Nordic organization and improving our prospects for future profitability. The acquisition has had its greatest impact in Norway, where it has significantly strengthened our business and expanded our recurring revenue base. So, I will hand over to Anders, CEO in Norway, who will tell us more about the acquisition and the development of our Norwegian business. Anders, over to you.

Thank you, Niklas. My name is Anders Radum Nordahl, and I'm the CEO of Sitec Norway. I've been in this role for the past three and a half years. I will give you a brief update on the integration of Amesto in Norway, what we have accomplished during the quarter, and where our focus is going forward. From the beginning, our ambition has been to integrate the two companies quickly so that we can start utilizing the synergies as soon as possible. We have therefore worked hard during the quarter to complete the integration activities. We have implemented a new organizational structure for Excitec Norway, combining the strengths and the capabilities of both Excitec and Amesto. A new management team is now in place with experienced leaders from both organizations. With the changes we made and the team we have in place, we have strengthened our ability to deliver more complex projects, support customers over time, and build long-term customer relationships. As part of the integration, we also identified overlaps in roles and capacity. This resulted in a workforce reduction, which was completed during the quarter. We also completed an important part of the integration by bringing our Oslo teams together in one location. The Amesto team in Oslo has now moved into Excitec's main office, bringing more than 100 colleagues together in our largest location. This creates a stronger concentration of expertise and provides better opportunities for collaboration and knowledge sharing across teams. The majority of the integration work is now behind us. This allows us to shift our attention from integration to growth and to the market opportunities created by the combination of Excitec and Amesto. Going forward, our focus will be on strengthening our position in the Norwegian market, making full use of our capabilities, and make sure that both existing and new customers experience the added value of the combined company. I'm very pleased with the progress we have made on the integration during the quarter. I'm also very excited about the team we now have in place, the new structure, and the opportunities ahead. I'm really looking forward for the next phase of this journey. And that concludes my short update on domestic integration in Norway. Over to you, Carl, for the financial details.