Qben Infra (QBEN) Investor Update summary

Strategic transformation and divestments

• Divested Rail and Kvalitetsbygg at attractive valuations, realizing a 2.3x return on Rail over three years.

• Management buyout of Kvalitetsbygg ensures continuity and sector expertise.

• Industrial investors acquired 29.8% at a premium, confirming confidence in underlying value.

• Ongoing divestments sharpen operational focus and create value.

Financial impact and balance sheet

• Net financial position shifts from SEK 507M net debt to SEK 321M net cash after divestments.

• Proceeds used to redeem bonds at 106% of nominal value upon Rail sale completion, expected January 2026.

• Consent from bondholders secured for the transaction.

Net asset value and upside

• Remaining platform NAV is SEK 1,180M, with total NAV at SEK 1,501M and potential full earn-out NAV at SEK 1,646M.

• Valuations for remaining platforms based on external price indications, suggesting substantial upside potential.