Gunnebo's first quarter report for 2015 showed a 5% increase in order intake but a 3% decrease in net sales organically. The operating profit was impacted by weak performance in India. EMEA saw 4% organic growth in order intake while the Americas saw 38% growth. Gunnebo will continue adjusting costs in Europe and priorities include broadening solutions and strengthening positions in emerging markets.

1. © Gunnebo Security Group 28 April 2015, page 1
First Quarter Release 2015
Telephone Conference April 28, 2015

2. © Gunnebo Security Group 28 April 2015, page 2
 Increase in order intake of 5% organically
 Strong order intake of 38% in Americas and a stable 4% in EMEA
 The bank market in India is still weak due to lack of funding in the segment
 Strong growth and several orders received within Entrance Security and
Cash Handling
 Net Sales decreased organically by 3%
 Weak quarter in India impacted the operating profit
 Adjustment of European cost base continued and is a high priority
Highlights January – March 2015

3. © Gunnebo Security Group 28 April 2015, page 3
Gunnebo Group January – March
*Free cash flow from operating and investing activities, excluding acquisitions and divestments
*
January - March 2015 2014
Net Sales, MSEK 1,397 1,250
Operating Profit, excluding non-recurring, MSEK 38 38
Operating Margin, excl. non-recurring, % 2.7 3.1
Non-recurring items, MSEK -9 -20
Operating Profit (EBIT), MSEK 29 18
Operating Margin, (%) 2.0 1.5
Free cash flow, MSEK -143 -68
Net Profit, MSEK -11 -3

4. © Gunnebo Security Group 28 April 2015, page 4
Region Europe, Middle East & Africa (EMEA)
January – March
 Growth in order intake
 Strong quarter in France with two major Cash Handling orders received
from the retail sector
 Frame agreement signed with Swedavia for Entrance Security solutions
 Strategic agreement with leading construction company, Galfar, in
Oman for solutions within Entrance Security and Electronic Security
Region % of Net Sales
Region Europe, Middle East & Africa
Jan-March Full year
MSEK 2015 2014 2014
Order intake 1,180 1,070 3,620
Organic growth, % 4
Net sales 887 842 3,644
Organic growth, % -3
Operating profit/loss excl. non-recurring items 5 -1 109
Operating margin excl. non-recurring items, % 0.6 -0.1 3.0
Non-recurring items -8 -19 -1
Operating profit/loss -3 -20 108

5. © Gunnebo Security Group 28 April 2015, page 5
Region Asia-Pacific (APAC)
Region % of Net Sales
January – March
 Weak order intake due to lack of funding in the Indian bank sector
 Gunnebo China receives major order for Metro
 Sensorlink in Malaysia signs an order for Cash Handling equipment
 Order received from Samsung Electronics in South-Korea for Entrance
Security solutions
Region Asia-Pacific
Jan-March Full year
MSEK 2015 2014 2014
Order intake 273 258 987
Organic growth, % -17
Net sales 245 221 1,029
Organic growth, % -12
Operating profit/loss excl. non-recurring items 13 24 140
Operating margin excl. non-recurring items, % 5.3 10.9 13.6
Non-recurring items -1 -1 -9
Operating profit/loss 12 23 131

6. © Gunnebo Security Group 28 April 2015, page 6
Region Americas
January – March
 Strong order intake in several products segments
 Work to broaden and introduce new solutions showing positive effect
 Growth in net sales primarily relates to Latin America
 National bank in Mexico signs order for Electronic Security solutions
Region % of Net Sales
Region Americas
Jan-March Full year
MSEK 2015 2014 2014
Order intake 312 178 826
Organic growth, % 38
Net sales 265 187 884
Organic growth, % 9
Operating profit/loss excl. non-recurring items 20 15 117
Operating margin excl. non-recurring items, % 7.5 8.0 13.2
Non-recurring items 0 0 -4
Operating profit/loss 20 15 113

7. © Gunnebo Security Group 28 April 2015, page 7
Organic Growth Development by Region January – March 2015
EMEA Asia-PacificAmericas
Orders: 38%
Sales: 9%
Orders: -17%
Sales: -12%
Orders: 4%
Sales: -3%

8. © Gunnebo Security Group 28 April 2015, page 8
Outlook Market Trends
Europe, Middle East & Africa
Nordic
Central
South
United Kingdom & Ireland
France
Middle East
Africa
Asia-Pacific
India
China
Australia/New Zealand
South-East Asia
Americas
North America
Latin America
Eastern Europe

9. © Gunnebo Security Group 28 April 2015, page 9
FINANCIALS
Christian Johansson
CFO

10. © Gunnebo Security Group 28 April 2015, page 10
Income Statement
Summary Group income statement
Full year
MSEK 2015 2014 2014
Net sales 1,397 1,250 5,557
Cost of goods sold -995 -894 -3,911
Gross profit 402 356 1,646
Other operating costs, net -373 -338 -1,294
Operating profit/loss 29 18 352
Net financial items -17 -8 -35
Profit/loss after financial items 12 10 317
Taxes -23 -13 -90
Profit/loss for the period -11 -3 227
Gross margin, % 28.8 28.5 29.6
Operating margin, % 2.0 1.5 6.3
Operating profit excl. non-recurring items, MSEK 38 38 366
Operating profit excl. non-recurring items, % 2.7 3.1 6.6
Earnings per share, SEK -0.13 -0.04 2.98
Jan-March

11. © Gunnebo Security Group 28 April 2015, page 11
Net Sales Organic Growth Quarter vs Quarter (%)
Full year
Organic Growth
2014: 2%
2013: 1%

12. © Gunnebo Security Group 28 April 2015, page 12
Operating Profit by Quarter (MSEK)
Operating Profit Operating Profit, excl. non-recurring items
Full year
Operating Profit
excl. non-recurring
items
2014: 366
2013: 306
Operating Profit
2014: 352
2013: 222
* Operating Profit
excl. non-recurring
items amounted to
98 MSEK in Q2 2014
*

13. © Gunnebo Security Group 28 April 2015, page 13
Operating Margin by Quarter (%)
Operating Margin %, Quarter Operating Margin % Quarter, excl. non-recurring items
Operating Margin %, 12M Operating Margin % 12M, excl. non-recurring items
Full year
Operating Margin,
excl. non-recurring
items
2014: 6.6
2013: 5.8
Operating Margin
2014: 6.3
2013: 4.2
* Operating Margin,
excl. non-recurring
items
2014 Q2: 6.9
*

14. © Gunnebo Security Group 28 April 2015, page 14
Free Cash Flow by Quarter (MSEK)
Full year
2014: 223
2013: 144
Free Cash Flow 12M

15. © Gunnebo Security Group 28 April 2015, page 15
Net Debt (MSEK)
Gunnebo AB
Dividend paid
2012 Q2 76
2013 Q2 76
2014 Q2 76
Net debt/Equity: 0,7

16. © Gunnebo Security Group 28 April 2015, page 16
Financial Calendar
Financial Calendar
Interim report January-June 2015 July 17, 2015
Interim report January-September 2015 October 21, 2015
Year-end release 2015 February 4, 2016
Interim report January-March 2016 April 27, 2016

17. © Gunnebo Security Group 28 April 2015, page 17
Q&A

18. © Gunnebo Security Group 28 April 2015, page 18
www.gunnebogroup.com