ALSO (ALSN) Investor presentation summary

EBITDA development and profitability drivers

• EBITDA growth from 2024 to 2025 driven by mix optimizations, operational excellence, and restructuring, with Westcoast contributing €57m in 2025.

• Q1 EBITDA improvements from 2025 to 2026 attributed to continued mix optimizations in supply, solutions, and services.

• From 2026 to 2029, EBITDA is projected to rise, supported by growth in digital platforms, cloud, and smart supply & solutions, with a target of over €425m by 2029 (excluding M&A).

Margin evolution and business model optimization

• EBITDA margin ranges for 2021–2025 show improvements across supply (1.3–1.8%), solutions (1.6–2.3%), and services (6.0–8.0%), with cloud margins at 4.5–5.5%.

• Margin improvements are enabled by mix optimizations and operational excellence, despite temporary impacts from refresh cycles and territorial thresholds in 2025.

• Cloud EBITDA margins increased from 4.5% in 2024 to 5.2% in 2025, with further operative potential above 5.6% through vendor adjustments, investments, and acquisitions.

Strategic initiatives and growth levers

• Growth strategies include increasing market share in transactional business, improving customer mix with SMB growth, and expanding digital platforms.

• Operational excellence and AI-driven process optimization are key to sustaining margin and EBITDA growth.

• Business model mix and product category optimization present the largest opportunities for further margin enhancement.