<a id="bm-comp-a11c4bf9-c7a1-488e-ad28-b3355e6c165d" name="bm-comp-a11c4bf9-c7a1-488e-ad28-b3355e6c165d" class="BMCustomAnchor"></a><table><tr><td bm-component-id="a11c4bf9-c7a1-488e-ad28-b3355e6c165d" style="vertical-align: top; width:100.000000%;"><ul><li>Becoming a company with SEK 5bn in sales...</li><li>...and saving SEK 50m in cost synergies</li><li>Structural demand supporting the market</li></ul></td></tr></table><a id="bm-comp-3a46706d-5951-434e-9045-51635595b503" name="bm-comp-3a46706d-5951-434e-9045-51635595b503" class="BMCustomAnchor"></a><table><tr><td bm-component-id="3a46706d-5951-434e-9045-51635595b503" style="vertical-align: top; width:100.000000%;"><h3 class="bm-h3">Scale meets local strength</h3><p>The proposed merger between Infrea and Netel creates a Northern European infrastructure services group with ~SEK 5bn of revenue and around 1,200 employees across Infra, Power, Telecom and Paving. We see a strategic fit where the companies have complementary geographic footprints and capabilities, while greater scale should allow the combined group to compete for larger contracts without losing the local presence and relationships that remain important in smaller projects.</p><h3 class="bm-h3">SEK 50m of synergies provides meaningful earnings leverage</h3><p>The boards target SEK 50m of annual cost synergies within 12–24 months, equivalent to c. 60% of the companies’ combined '25 adj. EBITA. Savings are expected from overlapping group functions, larger operating units, procurement, and removing duplicate listing costs. Revenue synergies are unquantified, but we see opportunities from cross-selling complementary capabilities and taking greater responsibility for larger, whole-of-scope projects.</p><h3 class="bm-h3">The strategic logic is clear – execution is the key test</h3><p>The market backdrop looks favourable, with substantial investment needs in the Nordic countries across transport infrastructure, power grids and digital networks. However, both companies enter the merger after periods of weak profitability and consolidation, and neither has consistently delivered on their profitability ambitions in recent years. We therefore see restoring underlying margins and delivering targeted synergies as more important near-term value drivers than growth. If execution improves, the combination should emerge with a stronger competitive position and broader avenues for growth.</p></td></tr></table>