Nordrest Holding AB (publ)

Hello and welcome. Today we will present Nordre's latest quarter and the same result for the period. I am Thomas Dahlstedt, founder and CEO of the company.

And with me today is Mattias Wikell, CFO of the company. He will also be present today.

Today's agenda is not much different from the one we usually do. We will briefly present NordRest, go through the financial information that we have just left. We will tell a little about important highlights and then we will shift between 57 minutes to questions. NordRest, GrundRest May 2014. We operate a meal service, which can be explained as the operation of restaurants and other meal solutions, such as cafes, catering or field restaurants that we deliver to the military. We have chosen to localize to exist where there are natural guest flows. A natural guest flow is where you do not need to market yourself to bring in guests to compare, for example, with a conference facility or a evening restaurant at a nudda place. Våra gäster finns i nära anslutning till våra försäljningsställen. Även om vi skulle göra ett mediokert arbete, vilket vi naturligtvis såklart inte vill göra, så skulle vi fortfarande ha en viss försäljning. Gör man ett bra jobb då, som är vår ambition, så får man en bättre penetration i den målgruppen och kan öka försäljningen. Det är framförallt det som är vår styrka mot våra konkurrenter. Idag finns vi med huvuddel i Sverige, men vi har även viss verksamhet i Finland och viss verksamhet i Danmark. Our business consists of a number of legs. Our business idea is to serve a pleasant meal experience and with that said, our ambition is to generally be a little better than our competitors. If you try to put a number on what we want to achieve, it is a 4 on a 5 degree scale. A 3 is too bad and if we reach a 5, we will come to a situation where the customer or guest most often does not want to pay for it. You can also reach a four, but at almost the same cost as a three, although you work a little harder and work with other parameters, such as service and the target time environment. The Nordic business model is to maintain systematic entrepreneurship. This means that we have strong local union heads or restaurant heads who make the decisions that are required so that our guests and contractors will think that we are doing a good job. You should also find opportunities as an entrepreneur, which we want them to do, to develop an idea into reality. Systematization, it is about us as suppliers to meet all what we call technical requirements that exist from our customers or contractors. It can be anything from having policies, routines, different types of management systems, or to develop an IT order system that we have made for one of our customers. Today we have six customer groups, each of which is the largest. The defense consists of the operation of military restaurants and the production and sales of field rations or other types of emergency or emergency goods. Companies are restaurants with companies or property owners where we run restaurants and catering. For example, Volvo Cars or the property company Fabege. Högskolor och universitet, eller det vi kallar själva campus, det finns på ett flertal olika områden i Sverige, såsom Linköpings universitetsområde, Blekinge, Stockholm och Uppsala. Skola, det är ju skolmat med både lokalproduktion, alltså köket finns i skolan, eller från centralkök, där vi sedan skickar ut maten till olika skolor. Det beror oftast på att skolan är så liten så att man inte faktiskt kan få ihop ekonomin att ha ett lokalt kök. Sjukhus, äldre och omsorg, det är bland annat Region Gävleborg, Gävle, Hudik, Bollnäs, Sandviken samt en del äldreboenden. Resa, det är dinners, vägrestauranger och sen har vi ett antal restauranger och caféer på flygplatser, i huvudsak Alanda.

Ja, då ska vi gå igenom lite finansiell information. If we start with our financial goals that we have in the medium and long term, we say that we will have an organic growth of more than 10% and we will have a profitability of EBITDA that will be between 8 and 10%. And we will share more than 50% of the period's results compared to the shareholder of the fashion company. And we will have a debt expressed in net debt through EBITDA that will be less than two times. Summary of quarter. We see a clear increase in net turnover compared to the same quarter last year. This is our highest turnover ever for a first quarter. We landed at 696 million, compared to 534 million, which means an increase of 30.3%, where Organis stands for 15.9%. Den ökade organiska nettomsättningen drivs till största del av befintlig verksamhet samt delvis av nettotillkomsten av nyenheter. Den ökade icke organiska nettomsättningen hänfärs huvudsakligen till den förvärvade verksamheten Orifo i Danmark. Den tidigare förvärvade verksamheten i Finland ingår nu från årsskiftet i den organiska tillväxten. Ibita uppgick till 71 miljoner. Also here a clear increase compared to 49 million the same quarter last year. This means that we improved the result and reached an EBITDA margin of 10.2% compared to 9.2% the previous year. The improvement of the result is mainly due to the fact that the sales in an increased extent occurred to customer groups over higher margins, which we have within MRE and RESA. As for MRE, from the first quarter of this year, we have changed it to SFD, which stands for Special Foods Division. Net turnover per customer group. We have had growth in all of our customer groups during the quarter. The three customer groups that have had the greatest growth in the quarter are companies, defense and travel. Kundegruppen företag ökade med cirka 34 procent jämfört med motsvarande kvartal föregående år. Tillväxten var helt organiskt, vilket beror på att det finska förvärvet från årsskiftet nu ingår i den organiska omsättningen. Omsättningen drevs i huvudsak av enheter som öppnades under 2025, men därutöver ser vi också bidrag från nyetableringar som skett under 2026, bland annat La Giraffe i Uppsala, SVT och Västerås Stadshus, som alla har utvecklats väl under kvartalet. Kundgruppen försvar ökade med 51% jämfört med motsvarande kvartal för en gård år, varav cirka 10 procentenheter var organisk tillväxt, Resterande tillväxt hänförs huvudsakligen till danska verksamheten och RIFO som förvärvades i maj 2025 och som ingår i Special Foods Division och som jag nyss sa så benämns nu tidigare kallade MRE för SFD Special Food Foods Division. Den organiska tillväxten drevs av fortsatt utveckling inom Försvarsmaktens restaurangverksamhet i Sverige samt inom SFD especially within the NSBA agreement. The turnover within the SFD varies between the quarter, both in relation to NSBA-related deliveries and within Orifo, due to the variation in order placement over the year. The customer group Reza also increased a lot and fell to about 32% compared to the corresponding quarter last year. Tillväxten drevs i ungefär lika delar av enhet som öppnades under 2025 och av utvecklingen i jämförbara enheter. Även inom resa ser vi nyetableringar under 2026 i form av fyra wake-up-caféer på olika svenska flygplatser som också bidrog i viss utsträckning. Här ser ni en del nyckeltat. And as mentioned earlier, we generally have a low need for cash capital and CAPEX, which contributes to cash generation. Cash capital, CAPEX and cash generation are affected over time by the development in the business. Thomas, I leave the floor to you.

At the year-end on May 12, we decided on a division of 8.50 per share to compare with 5 kronor the year before. We also chose Jonas Siljhammar as board member in the company. Jonas came last from Visita, which is our business organization, and before that he was among other things the CEO of Compass Group, which is one of our competitors. Other important highlights during the quarter have been a lot of start-ups that we have carried out. Mattias mentioned it a little bit when he went through the different customer groups, but we have among other things established now four wake-up cafes at Svedavia, one in Arlanda, one in Luleå, one in Sturup in Malmö and one in Visby. And they are now in progress. Vi har också signerat avtal med norska försvarsmakten som gjorde en egen upphandling om fältransoner och där vi har en av två delområden och det avtalet har gått igång. Vi har startat La Giraffe Uppsala som är en systerkrog till den La Giraffe som vi har på Arlanda. Den ligger numera i Nordeas gamla lokal på Stora torget. Vi har också, som jag nämnde, i samband med att vi köpte den här fastigheten i Varberg, där Outmills håller till, så har vi också parallellt haft förhandlingar med kommunen och nu slutfört ett förvärv av ytterligare mark i anslutning till den befintliga produktionslokalen. Avsikten är att under de närmaste 12-18 månaderna fördubbla lagerkapaciteten i Varberg. Vår egen produktion av bland annat frystorkade produkter, Survive Foods i Knislinge, är igång och har också genomfört sina första externa leveranser. Vi har dragit igång Sveriges Television som är ett av de få kontrakt som vi faktiskt tappat en gång i tiden. Det är ju ett offentligt anbud så det var så att vi inte var billigast förra gången men i den senaste upphandlingen så var vi det igen och har fått förnyat förtroende sedan 1 januari. Och sen har vi också fått förnyat förtroende hos två av våra andra kunder Dagab och Södertörns högskola. Ja, då var det tid för frågor.

We have received some questions here, among other things, it looks like there has been a strong contribution from Orifo during the quarter. If that is true, we commented on that, even though we do not usually go into private education, and how we reason about the use of the option to buy the rest of the company. As we said, even when we bought the first part of the company a little over a year ago, our ambition has always been to own the entire company. This is more of a model where we get a good succession, controlled risk and learn to know the business. We have no other opinion than that the entire company should become a Nordrest company. Then we have been asked about Aurora 2026, that is, the exercise by the Swedish Defence Forces, which was one of the largest we have had here for a very, very long time. And it has affected the results. Now it is a new quarter, but I usually comment more on the fact that large exercises are good for our business. In the beginning, it wasn't planned that so much of the exercise would end up in our part, which it then ended with. Primarily, we practiced the support of the world. It's a great exercise, good for our business. End of comment. Netokassan, what does the acquisition pipeline look like? Do you have any active discussions? Yes, we actually do. I think I have also said earlier, Kåhl, that we have ongoing discussions. They take some time, but as a shareholder in Nordic, you probably wouldn't need to be surprised if we at least acquire something or some things during this year. And then, as we have also said earlier, we primarily purchase from three restaurants. Vertical, where we are not. It can be a completely new business or a new country. Or where it makes sense in the form of that it is cheap or strengthens something of what we do in the current situation. Lönsamhetsprofilen på WakeUp, är den lik Arlandasatsningen? Alltså den ingår ju i travel och där har vi ju, vi investerar och bygger ställena och vi har också då högre förväntningar att vi ska tjäna mer pengar. Nu har vi precis tagit igång det så det är lite svårt att se första veckorna här då men det kommer. And then we have a question about the Norwegian defence and contract period. Mattias, will you remember that? I think it can be seven years in total, right? With reservations that we are not completely sure, but I think the basic agreement is like four years somewhere there, and then there are a couple of options. Yes, that was all the questions for today, actually. We haven't gotten any more questions. Should we wait a minute here and see if there are any more? Thank you very much for today.