Makes it easier to be professional Q2 2018 report presentation July - - PowerPoint PPT Presentation

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Makes it easier to be professional Q2 2018 report presentation July - - PowerPoint PPT Presentation

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Makes it easier to be professional Q2 2018 report presentation July 19, 2018 1 Q2: High demand, successful initiatives and strong results EBITA margin 8.4% (8.2) Strong organic growth at 8% EBITA up by 21% Sales up by 18% to 678 MSEK to 8

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SLIDE 1

Makes it easier to be professional

Q2 2018 report presentation July 19, 2018 1

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SLIDE 2

Q2: High demand, successful initiatives and strong results

Sales up by 18% to 8 056 MSEK 2

  • Strong market
  • Successful initiatives & positive

effect from acquisitions

  • “Positive” Easter effect
  • Diluting effect of acquisitions
  • Strong market
  • Continued high pace
  • f sales initiatives

Strong organic growth at 8% EBITA margin 8.4% (8.2) EBITA up by 21% to 678 MSEK

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SLIDE 3

Q2: Strong sales growth, primarily driven by organic growth

Sales bridge – Growth in MSEK and % Sales bridge per market segment – Growth in MSEK and %

MSEK MSEK MSEK MSEK MSEK MSEK

3

339 602 8 000 8 500 7 000 7 500 Trading days Q1 2017 Pf Q2 2018 8 056 Acquisitions 6 818 7 157 Organic 136 Q2 2017 Currency 161 +5% +8% +2% +2% +18%

Sweden +16% / +8% Norway +28% / +9% Finland +15% / +5%

  • Underlying market conditions

remained strong

  • Construction still strong,

however, declining number

  • f housing starts
  • Renovation growth

accelerating

  • Industry strong
  • Growth positively affected by

acquisitions, working days and currency

Sales growth / organic +18% / +8%

695 362 7 500 7 000 8 000 8 500 Norway Q2 2017 124 Finland 34 Other Q2 2018 Denmark 22 Sweden 6 818 8 056 +10% +5% +2% 0% 0% +18%
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SLIDE 4

Q2: Profitability at high level

Sales, EBITA and EBITA margin EBITA bridge – Growth in MSEK and %

MSEK

4 Sweden +11.7% (12.0) Norway +3.6% (2.0) Finland +3.2% (2.6)

  • Gross margin at 26.3% (26.8)
  • EBITA margin at 8.4%
  • Dilution from acquisitions
  • Continued high pace of

sales initiatives

  • Positive currency effect of

MSEK 5

EBITA margin +8.4% (8.2)

558 678 331 171 200 400 600 800 1 000 Operating expenses Q2 2018 Gross margin effect Q2 2017 Net sales effect 40 +59%
  • 7%
  • 31%
+21% 4 6 8 10 12 14 16 2 000 4 000 6 000 8 000 10 000 709 2018Q1 554 8.2 597 560 2016Q1 558 5 880 397 2016Q2 538 2016Q3 563 5 480 2016Q4 6 492 530 2017Q1 2017Q2 2017Q3 2017Q4 678 2018Q2 6 344 6 902 6 568 6 818 7 606 7 161 8 056 8.4 Adjusted EBITA margin, % Net sales, MSEK EBITA, MSEK EBITA margin, %
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SLIDE 5

H1: Strong sales growth – both organic and acquired

5

Sales bridge – Growth in MSEK and % Sales bridge per market segment – Growth in MSEK and %

MSEK MSEK MSEK MSEK MSEK MSEK 612 1 097 14 500 14 000 15 000 15 500 13 500 147 15 217 Acquisitions YTD 2017 Q1 2017 Pf Trading days 26 Currency Organic YTD 2018 13 998 13 387 +5% +8% 0% +1% +14% 1 192 361 13 500 14 000 14 500 15 000 15 500 Denmark Finland Q2 2018 48 Sweden YTD 2017 Norway 201 Other 28 13 387 15 217 +9% +3% +1% 0% 0% +14%

Sweden +14% Norway +13% Finland +13%

  • Strong sales growth
  • Both organic and acquired
  • Underlying market conditions

remained good

  • Construction still strong,

however, declining number

  • f housing starts
  • Industry remained strong
  • Stable development in

infrastructure

Total sales growth +14%

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SLIDE 6

H1: EBITA up by 13%, driven by increased sales

  • Strong net sales effect
  • Stable gross margin
  • Increased operating expenses due

to volume increase, acquisitions and market initiatives

EBITA margin 8.1% (8.1)

EBITA bridge – Growth in MSEK and %

6 Sweden

+14%

Norway

+15%

Finland

+7%

Sweden 11.6% (12.0) Norway 2.8% (2.4) Finland 2.6% (2.3)

1 088 1 231 493 310 500 1 000 1 500 2 000 Q2 2017 Q2 2018 Gross margin effect Net sales effect 40 Operating expenses +45%
  • 4%
  • 28%
+13%

Sales, EBITA and EBITA margin

1 306 2 4 6 8 10 12 14 16 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 8.1 11 824 1 088 957 2016H1 1 101 2016H2 2017H1 2017H2 1 231 2018H1 12 782 13 387 14 098 15 217 8.1 EBITA margin, %
  • Adj. EBITA margin, %
EBITA, MSEK Net sales, MSEK
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SLIDE 7

YTD - Acquisitions

Estimated net sales (RTM) at acquisition date

7

~306 MSEK acquired annual sales ~455 MSEK acquired annual sales ~35 MSEK acquired annual sales

Of which 35 MSEK closed in July

In total ~796 MSEK in 2018 High acquisition activity in combination with organic initiatives bodes well for future profitable growth

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SLIDE 8

Sweden – Highlights Q2

Strong demand and continued high growth in all product segments

  • Strong development in all product segments
  • Remained high demand in new construction
  • Growth rate in renovation increasing
  • Strong demand from industry customers
  • Successful customer initiatives within SME, private label and

PPE

  • One acquisition within Tools & Supplies with ~30 MSEK in

annual sales: Bygg & Industripartner

EBITA up 13%

  • Higher sales growth in segments with lower margins
  • Acquisitions, growth initiatives and a high level of activity

impacted negatively

  • EBITA margin at 11.7% (12.0%)

8

Sales, EBITA and EBITA margin

522 451 573 510 537 515 651 545 605 12,0 11,7 4 6 8 10 12 14 16 1 000 2 000 3 000 4 000 5 000 6 000 4 758 3 572 4 102 391 2016Q1 2016Q2 2016Q3 2016Q4 4 202 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 3 699 4 501 4 261 4 484 5 140 5 180
  • Adj. EBITA margin, %
Net sales, MSEK EBITA, MSEK EBITA margin, %

Sales bridge – Growth in MSEK and %

393 216 86 5 000 4 600 4 800 5 200 Organic Q2 2017 Acquisitions Trading days Q2 2018 4 484 5 180 +8% +5% +2% +16%
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SLIDE 9

Norway – Highlights Q2

Strong growth and successful customer targeting

  • Sales up 28%, of which 9% organic - Two more trading days

and lack of Easter effect contributed

  • Strong demand from industry
  • Positive trend in construction
  • Strong organic growth in Electrical
  • The acquisition of Bekken & Strøm developed well
  • One acquisition within Tools & Supplies with ~40 MSEK in

annual sales: Sentrum Motor og Verktøy

EBITA margin at 3.6% (2.0)

  • Strong sales in segments with lower gross margin
  • Two more trading days and lack of Easter effect had a

significant positive impact of MSEK +14

  • Positive effect from sale of property: MSEK +13 and positive

currency translation: MSEK +2

  • Transaction costs of MSEK -3 related to acquisitions

9

Sales, EBITA and EBITA margin

1 2 3 4 5 6 7 8 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2018Q1 2017Q4 3.6 60 13 2016Q1 25 2016Q2 53 2016Q3 51 2016Q4 39 2017Q3 2017Q1 65 26 2017Q2 48 25 2018Q2 1 082 1 267 1 185 1 375 1 390 1 312 1 254 1 393 1 389 1 674 2.0
  • Adj. EBITA margin, %
Net sales, MSEK EBITA, MSEK EBITA margin, %

Sales bridge – Growth in MSEK and %

131 111 54 66 1 700 100 1 500 1 400 1 600 1 674 Acquisitions Q2 2018 Q2 2017 Organic Trading days Currency 1 312 +9% +9% +4% +5% +28%
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SLIDE 10

Finland – Highlights Q2

Good growth

  • Sales up 15%, of which 5% organic
  • Good overall market
  • Strong growth for construction and industry
  • Good demand for HVAC & P. and Tools & S.
  • Initiatives to strengthen position in fast growing regions
  • One acquisition signed within Tools & Supplies with ~35

MSEK in annual sales - Kahipa Oy

  • Adj. EBITA down 9%
  • Negative impact by increased sales level with

weaker gross margin

  • Operating expenses increased, partly due to

investments in branch network and sales initiatives

  • EBITA margin at 3.2% (2.6)
  • Adj. EBITA margin at 3.2% (4.0%)

10

Sales, EBITA and EBITA margin

1 2 3 4 5 6 7 8 9 10 200 400 600 800 1 000 10 34 2016Q2 45 2018Q1 2016Q3 2017Q1 25 2016Q4 14 803 2018Q2 21 2016Q1 45 2017Q3 651 37 3.2 2.6 2017Q4 16 30 787 789 824 727 813 812 848 937 2017Q2
  • Adj. EBITA margin, %
EBITA, MSEK Net sales, MSEK EBITA margin, %

Sales bridge – Growth in MSEK and %

40 58 950 150 900 850 Q2 2018 937 12 Organic Acquisitions 14 Trading days Currency Q2 2017 813 +5% +2% +2% +7% +15%
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SLIDE 11

Denmark and Other - Highlights Q2

Denmark

  • Sales up 22%, of which 11% organic
  • Strong refrigeration business driven by

higher prices for refrigerants

  • DIY business stable
  • +2 trading days vs. comparative period
  • EBITA margin strong at 16.0% (10.3)

Other

  • Sales up 31%, of which 24% organic
  • Strong organic growth in all regions
  • Good market conditions
  • Successful activities to increase sales

efficiency and broaden the product offering

  • Adj. EBITA margin at 3.4% (2.3)

11

13 20 5 10 15 20 25 20 40 60 80 100 120 140 10 9 88 7 2016Q1 2017Q4 2016Q2 2016Q3 2018Q1 6 2016Q4 98 10 8 89 2017Q1 88 11 2017Q2 2017Q3 95 11 2018Q2 93 96 100 101 122 10.3 16.0 EBITA margin, %
  • Adj. EBITA margin, %
Net sales, MSEK EBITA, MSEK

Sales, EBITA and EBITA margin Sales, EBITA and EBITA margin

50 100 150 3.0 0.0 5.0 1.0 2.0 4.0 4 2 2016Q1 2016Q2 2 2017Q2 1 2016Q4 2018Q1 2017Q1 3 120 6 2017Q3 3 2016Q3 2017Q4 2 5 2018Q2 82 93 115 95 110 126 109 2.3 1 143 135 3.4
  • Adj. EBITA margin, %
Net sales, MSEK EBITA, MSEK EBITA margin, %
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SLIDE 12

Financials

12

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SLIDE 13

Net sales

2011 – 2018 Q2 (SEKbn)

Profitability

2011 – 2018 Q2 (SEKbn)

Cash conversion

2011 – 2018 Q2 (Operating cash flow / EBITDA)

Sales, profitability and cash conversion

20,4 20,6 20,4 21,8 22,6 24,6 27,5 29,3 5 10 15 20 25 30 35 2011 2012 2013 2014 2015 2016 2017 2018 Q2 Net Sales 8,0% 7,8% 8,8% 8,1% 8,3% 8,7% 8,8% 8,7% 600 1 200 1 800 2 400 3 000 2011 2012 2013 2014 2015 2016 2017 2018 Q2 0% 2% 4% 6% 8% 10%
  • Adj. EBITA
  • Adj. EBITA margin
EBITA margin 72% 91% 112% 90% 92% 90% 78% 70% 0% 15% 30% 45% 60% 75% 90% 105% 120% 2011 2012 2013 2014 2015 2016 2017 2018 Q2 Cash conversion Target

13

Q2 2018 is a RTM figure (Rolling twelve months)
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SLIDE 14

Other performance measures

2018 2017 2016 Q2 RTM Jan-Dec Jan-Dec Leverage External net debt/Adjusted EBITDA 2.9 2.6 3.3 Equity/Assets ratio, % 35 36 34 Investments, % of sales 0.8 0.8 0.6 Average working capital, % of sales 9.7 8.8 8.9 Return on operating capital, % excluding intangible fixed assets 68 73 67 Return on equity, % 18 17 15 Return on working capital % 89 99 94 Basic earnings per share, SEK 3.74 3.28 1.11 Dividend na 1.65 0.35

14

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SLIDE 15

“

Overall demand is expected to remain favourable for Ahlsell in the coming quarters

  • Strong demand within industry and infrastructure
  • Increasing activity level in renovation
  • Remained high activity level within new construction,

despite declining building starts in new residential

Near term outlook

15

Johan Nilsson, CEO

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SLIDE 16

Registration open! www.ahlsell.com/cmd2018

Capital Markets Day

September 4, 2018 Stockholm

16

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SLIDE 17

Q&A

17

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SLIDE 18

Appendix

18

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SLIDE 19

Q2 overview

19

Sales, EBITA and EBITA margin Organic growth, %

2018 2017 2018 2017 RTM 2017 Q2 Q2 ∆ H1 H1 ∆ FY Net sales, MSEK 8,056 6,818 18% 15,217 13,387 14% 29,315 27,484 Operating profit, EBIT 582 471 24% 1,043 913 14% 2,172 2,043 Profit (EBITA), MSEK 678 558 21% 1,231 1,088 13% 2,537 2,394 Adjusted EBITA, MSEK 678 570 19% 1,231 1,099 12% 2,537 2,405 EBITA margin, % 8.4% 8.2% 8.1% 8.1% 8.7% 8.7% Adjusted EBITA margin, % 8.4% 8.4% 8.1% 8.2% 8.7% 8.8% Profit after tax (profit for the period), MSEK 507 308 64% 831 643 29% 1,616 1,428 Diluted earnings per share, SEK 1.18 0.71 1.93 1.47 3.74 3.28 Operating cash flow 429 309 39% 636 735
  • 13%
1,893 1,991 Operating cash flow/EBITDA (Cash conversion) 70% 78% External net debt/Adjusted EBITDA 2.9 2.6 RTM = Rolling twelve months
  • 15
  • 10
  • 5
5 10 15 2015Q1 2014Q1 2015Q2 2014Q2 2014Q3 2017Q3 2015Q4 2017Q2 2014Q4 2015Q3 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q4 2018Q1 8% 8% 9% 5% 2018Q2 Group Sweden Finland Norway 4 6 8 10 12 14 16 2 000 4 000 6 000 8 000 10 000 6 818 2017Q1 397 2016Q1 560 5 480 2016Q4 2016Q2 538 2016Q3 597 563 8 056 530 2017Q2 2017Q3 6 902 709 2017Q4 554 2018Q1 678 2018Q2 6 344 5 880 6 568 6 492 7 606 7 161 8.4 8.2 558 Adjusted EBITA margin, % Net sales, MSEK EBITA, MSEK EBITA margin, %
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SLIDE 20

Condensed Income Statement

20

2018 2017 2018 2017 Rolling Full year MSEK Apr-Jun Apr-Jun Jan-Jun Jan-Jun 12 months 2017 Net sales 8,056 6,818 15,217 13,387 29,315 27,484 Cost of goods sold
  • 5,940
  • 4,994
  • 11,155
  • 9,778
  • 21,438
  • 20,062
Gross profit 2,116 1,825 4,062 3,608 7,876 7,423 Selling expenses
  • 1,431
  • 1,257
  • 2,807
  • 2,493
  • 5,276
  • 4,962
Administration expenses
  • 123
  • 107
  • 238
  • 220
  • 473
  • 455
Other operating income and expenses 20 10 26 19 45 38 Operating profit, EBIT 582 471 1,043 913 2,172 2,043 Net financial items
  • 46
  • 62
  • 87
  • 76
  • 220
  • 209
Profit before tax 536 409 956 837 1,952 1,834 Income tax
  • 29
  • 101
  • 125
  • 195
  • 336
  • 406
Profit/loss for the period 507 308 831 643 1,616 1,428 Attributable to
  • Owners of the parent company
507 308 831 643 1,616 1,428
  • Non-controlling interests
– – – – – – Basic earnings per share, SEK 1.18 0.71 1.94 1.47 3.74 3.28 Diluted earnings per share, SEK 1.18 0.71 1.93 1.47 3.74 3.28
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SLIDE 21

Condensed Balance Sheet

21

2018 2017 2017 MSEK 30 Jun % 30 Jun 31 Dec ASSETS Customer relationships 3,002 11% 3,086 2,929 Trademark 3,837 14% 3,837 3,837 Goodwill 7,836 29% 7,064 7,206 Other intangible assets 149 1% 131 136 Property, plant and equipment 910 3% 797 853 Financial assets 13 0% 78 10 Deferred tax assets 9 0% 7 8 Total non-current assets 15,756 58% 15,002 14,980 Inventories 4,174 15% 3,360 3,888 Trade receivables 4,384 16% 3,600 3,491 Other receivables 1,434 5% 1,143 1,220 Cash and cash equivalents 1,355 5% 957 1,295 Total current assets 11,348 42% 9,060 9,894 TOTAL ASSETS 27,104 100% 24,061 24,874 2018 2017 2017 MSEK 30 Jun % 30 Jun 31 Dec EQUITY AND LIABILITIES Equity 9,409 35% 8,568 9,004 Non-current interest-bearing liabilities 8,807 32% 7,930 7,934 Provisions 56 0% 56 55 Deferred tax liabilities 1,402 5% 1,392 1,494 Other non-current liabilities 41 0% 27 29 Total non-current liabilities 10,306 38% 9,405 9,512 Current interest-bearing liabilities 507 2% 328 51 Trade payables 5,627 21% 4,780 5,218 Provisions 8 0% 19 10 Other current liabilities 1,246 5% 961 1,079 Total current liabilities 7,388 27% 6,088 6,358 TOTAL EQUITY AND LIABILITIES 27,104 100% 24,061 24,874
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SLIDE 22

Condensed Cash Flow Statement

22

2018 2017 2018 2017 Rolling Full year MSEK Apr-Jun Apr-Jun Jan-Jun Jan-Jun 12 months 2017 Profit after financial items 536 409 956 837 1,952 1,834 Adjustments for non-cash items 137 158 263 266 560 563 Tax paid
  • 68
  • 64
  • 232
  • 209
  • 226
  • 203
Cash flow from operating activities before changes in working capital 606 503 987 894 2,286 2,193 Change in inventories 75
  • 130
45
  • 58
  • 387
  • 489
Change in operating receivables
  • 806
  • 231
  • 861
  • 598
  • 811
  • 547
Change in operating liabilities 498 129 251 322 632 703 Cash flow from changes in working capital
  • 232
  • 231
  • 566
  • 334
  • 565
  • 333
Cash flow from operating activities 373 271 421 560 1,721 1,861 Cash flow from investing activities
  • 98
  • 132
  • 801
  • 256
  • 1,086
  • 541
Cash flow before financing activities 275 139
  • 381
305 634 1,320 Dividend paid
  • 708
  • 153
  • 708
  • 153
  • 708
  • 153
Issued warrants 1 – 1 – 1 – Repurchase of shares – – – –
  • 369
  • 369
Proceeds from borrowings 750 – 1,225 – 2,224 999 Repayment of borrowings
  • 54
  • 406
  • 86
  • 406
  • 1,392
  • 1,712
Cash flow from financing activities
  • 12
  • 559
432
  • 559
  • 244
  • 1,235
CASH FLOW FOR THE PERIOD 263
  • 419
51
  • 254
390 86 Cash and cash equivalents at beginning of period 1,088 1,375 1,295 1,209 957 1,209 Exchange differences 3 1 9 2 8 Cash and cash equivalents at end of period 1,355 957 1,355 957 1,355 1,295
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SLIDE 23

GDP growth

Per country, fixed prices, calendar-adjusted

1,2 2,7 4,3 3,0 2,5 2,5 1,9 1,1 2,1 1,8 1,0 2,0 1,8 1,9
  • 0,8
  • 0,6
0,1 2,3 2,7 2,9 1,9
  • 2
  • 1
1 2 3 4 5 2013 2014 2015 2016 2017 2018e 2019e Sweden Norway Finland

Total construction investments

Infrastructure, residential and commercial, index 2015=100

Market development

23

Konjunkturinstitutet 2018-07-16, konj.se Source: The Swedish Construction Federation For Norway and Finland: Sveriges Byggindustrier – ”Nordisk Byggkonjunktur 2017-2018” - 2018-01-24 For Sweden: Sveriges Byggindustrier – ”Byggkonjunkturen” 2018-03-22 100 100 100 109 109 110 119 118 118 121 122 120 118 20 40 60 80 100 120 140 Sweden Norway Finland 2015 2016 2017 2018e 2019e

Industrial indicators

Sweden PMI

54.2 (62.4)

Sweden: Swedbank & Silf, Norway: DNB & Nima Finland: Confederation of Finnish industries

Norway PMI

55.8 (56.1)

Finland

Manufacturing confidence 14 (9) Manufacturing next 3 months 26 (22)

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SLIDE 24

Shareholders

2018-06-30 sorted by Euroclear’s official share register for directly and trustee registered shareholders + known custody names

24

Investor Name Position % 1 CVC / Keravel SARL 109 578 323 25,1% 2 Norges Bank 19 845 748 4,5% 3 AMF Försäkring 18 087 004 4,1% 4 JP Chase NA 17 051 069 3,9% 5 Odin Fonder 12 001 000 2,8% 6 Alecta Pensionsförsäkring 11 000 000 2,5% 7 SEB Investment Management 10 870 694 2,5% 8 Handelsbanken Fonder 7 775 000 1,8% 9 Swedbank Robur fonder 7 431 948 1,7% Ahlsell AB 7 000 000 1,6% 10 Afa försäkring 5 686 654 1,3% 11 Kirkbi Invest 4 941 161 1,1% 12 Nordea Investment Funds 4 885 354 1,1% 13 Lannebo fonder 4 387 000 1,0% 14 Andra AP-fonden 4 294 577 1,0% 15 Folksam 3 685 268 0,8% 16 JP Morgan Bank Luxembourg 3 643 460 0,8% 17 Danica Pension 3 399 897 0,8% 18 Profun Förvaltning 3 046 956 0,7% 19 Catella Fondförvaltning 3 008 398 0,7% 20 Skarvhagen Förvaltnings AB 2 900 000 0,7% 21 Kuwait Investment Authority 2 766 270 0,6% 22 Nordea 2 423 428 0,6% 23 Tredje AP-fonden 2 196 872 0,5% 24 Threadneedle LUX 1 895 986 0,4% 25 Kammarkollegiet 1 582 893 0,4% 26 Bodenholm 1 411 814 0,3% 27 Skandia Fonder 1 397 766 0,3% 28 Berenberg Gossler 1 226 333 0,3% 29 Länsförsäkringar fondförvaltning AB 1 133 975 0,3% 30 SPP fonder 1 130 831 0,3% Other 154 616 508 35,4% Shares outstanding 436 302 187 100% 30% 28% 15% 14% 13%

% of capital

Sweden Luxembourg UK US Other
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SLIDE 25

Trading days

2017 Q1 Q2 Q3 Q4 H1 H2 FY Sweden 64 59 65 63 123 128 251 Norway 65 58 65 63 123 128 251 Finland 64 60 65 62 124 127 251 Denmark 65 58 65 63 123 128 251 2018* Q1 Q2 Q3 Q4 H1 H2 FY Sweden 63 60 65 62 123 127 250 Norway 62 60 65 62 122 127 249 Finland 63 61 65 62 124 127 251 Denmark 62 59 65 62 121 127 248 2019* Q1 Q2 Q3 Q4 H1 H2 FY Sweden 63 59 66 62 122 128 250 Norway 63 58 66 62 121 128 249 Finland 63 60 66 62 123 128 251 Denmark 63 57 66 62 120 128 248

25

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SLIDE 26

Merger & Acquisitions 2017-present

Closing Acquisitions Country Product segment Annual sales SEK milliona Number of employeesb Rationale 28/02/2017 G-ESS Yrkeskläder AB Sweden Tools & Supplies 120 37 Strengthen position in professional workwear position in the Stockholm area 02/05/2017 C.J. Järn & Maskin AB Sweden Tools & Supplies 46 18 Strengthens position in the region of Vårgårda. Good opportunities for cross-selling to mainly industrial customers 01/06/2017 Svensk Industri & Kommunservice AB Sweden Tools & Supplies 55 13 Attractive customer base with many customers within public administration. Broaden offer in PPE. 02/10/2017 Lenson Elektro AS Norway Electrical 23 5 Increase exposure to electrical installations such as power, lighting and climate. 01/11/2017 ViaCon VA (assets and liabilities) Sweden HVAC & Plumbing 320 81 Valuable expertise in Water & Sewage operations. Strengthens initiatives to attractive customer segments. 01/12/2017 Gehås AB (assets and liabilities) Sweden Tools & Supplies 15 6 Strengthen position within PPE in Värmland 04/12/2017 Infästningsspecialisten Göteborg AB Sweden Tools & Supplies 28 8 Strong position within fastening solutions and related tools to SMID customers 28/12/2017 Nordic Sprinkler AB, Enexia AB, Prepipe Construction AB Sweden HVAC & Plumbing 80 21 Ahlsell is a relatively small player in sprinkler systems, and the acquisition will strengthen our presence 28/12/2017 Enexia Oy Finland HVAC & Plumbing 40 8 Same as Nordic Sprinkler 29/12/2017 Jobline i Umeå AB Sweden Tools & Supplies 26 8 Strengthen position within PPE in Umeå and surroundings, north of Sweden 29/12/2017 SAFE Workwear Sweden AB Sweden Tools & Supplies 24 9 Safe Workwear strengthens our presence in both Stockholm and the region of Mälardalen 16/01/2018 Proffsmagasinet AB Sweden Tools & Supplies 260 50 Leading Nordic e-commerce business - we get further knowledge on new ways of meeting professional customers 01/02/2018 HMK i Västerås AB Sweden Tools & Supplies 16 8 Wide range of well-known brands in workwear and personal protection in Västerås 02/02//2018 Bekken & Strøm AS Norway Tools & Supplies 415 160 Leading Norwegian supplier of workwear and personal protective equipment (PPE) 02/05/2018 Sentrum Motor och Verktøy AS Norway Tools & Supplies 40 9 Gives Ahlsell a strong foothold in Tools & Supplies and improves the conditions for growth within HVAC & Plumbing in the Finnmark region 31/05/2018 Bygg & IndustriPartner Skaraborg AB Sweden Tools & Supplies 30 7 Strengthen position in tools and supplies in Skövde with surroundings 02/07/2018 Kahipa Oy Finland Tools & Supplies 35 7 Gain specialist competence within HVAC brackets in Southern parts of Finland

26

2017: 777 MSEK 2018 YTD: 796 MSEK Full list of acquisitions can be found on www.ahlsell.com
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SLIDE 27

Introduction to the presenting team

  • Appointed Group CEO in 2015
  • CEO Ahlsell Sweden 2008-2015
  • Joined Ahlsell in 2008
  • Previously: CCO of Sanitec,

CEO of IFÖ Sanitär and IDO

  • Joined Ahlsell in 2014
  • Held equivalent positions with

Indutrade, Addtech and Bergman & Beving

Johan Nilsson

CEO

Kennet Göransson

CFO

27 Karin Larsson

Head of IR

  • Joined Ahlsell in 2017
  • Previous positions: IRO at Atlas

Copco Stockholm, equity sales at SEB Enskilda and Baclays capital, Frankfurt

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SLIDE 28

Disclaimer

Some statements are forward-looking and the actual outcome can be different. In addition to the factors explicitly commented upon, the actual outcome may be affected by other factors such as macroeconomic conditions, movements in foreign exchange- and interest-rates, political risks, competitor behaviour, supply- and IT-disturbances. 28