Interim report
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July–September 2026 in brief: • Revenue grew by 2.3% year-over-year, amounting to EUR 53.4 (52.2) million. At comparable exchange rates, revenue grew by 1.5% and totaled EUR 53.0 million. Excluding the impact of the largest single end-customer, revenue grew by 11.6% year-over-year. • EBIT was EUR 12.6 (10.3) million, or 23.6% (19.7%) of revenue. • Items affecting comparability totaled EUR 0.0 (1.6) million. • Adjusted EBIT totaled EUR 12.6 (11.9) million, or 23.7% (22.8%) of revenue. • Operating free cash flow reached EUR 10.8 (18.5) million, and the cash conversion was 75.4% (138.2%). • Earnings per share (basic and diluted) stood at EUR 0.12 (0.08). January–September 2026 in brief: • Revenue decreased by 0.5% year-over-year, amounting to EUR 163.1 (164.0) million. At comparable exchange rates, revenue grew by 0.9% and totaled EUR 165.4 million. Excluding the impact of the largest single end-customer, revenue grew by 11.3% year-over-year. • EBIT was EUR 41.1 (31.0) million, or 25.2% (18.9%) of revenue. • Items affecting comparability totaled EUR -2.4 (7.7) million, the largest of which was a non-recurring tariff refund from 2025 tariff expenses. • Adjusted EBIT totaled EUR 38.7 (38.7) million, or 23.7% (23.6%) of revenue. • Operating free cash flow reached EUR 29.6 (33.8) million, and the cash conversion was 68.3% (78.7%). • Net debt was EUR 62.2 (90.0) million, and leverage, calculated as net debt divided by the last 12 months' adjusted EBITDA, was 1.1 (1.5). • Earnings per share (basic and diluted) stood at EUR 0.39 (0.22).
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1. Key figures *Adjusted with items affecting comparability, which are considered unusual significant items outside the ordinary course of business. Items affecting comparability include, e.g., costs related to changes in Group structure, non-recurring consulting and legal expenses, people-related non-recurring expenses, expenses related to pre-listing share-based incentive programs, non-recurring expenses related to the new product launch and strategic growth, non-recurring component quality costs and related insurance compensations, costs related to preparations for and the implementation of the Company's listing on the stock exchange, and non-recurring tariff expenses and refunds. 2. Financial targets and outlook The Company has set long-term targets for growth, profitability, and leverage. Framery targets an average annual organic revenue growth to exceed 10% from 2025 baseline, an adjusted EBIT margin of 25% in the mid-term, and net debt to adjusted EBITDA below 2.0x. Framery does not publish a short-term outlook. Framery’s dividend policy is to target payout of 70-90% of the net profit. Part of the distribution may be executed through share buybacks. Key figure (EUR million) 7–9 2026 7–9 2025 Change, % 1–9 2026 1–9 2025 Change, % 1-12 2025 Revenue 53.4 52.2 2.3 163.1 164.0 -0.5 222.1 Revenue Growth, % 2.3% 24.0% -21.8%-p. -0.5% 45.8% -46.3%-p. 37.0% Revenue at comparable exchange rate 53.0 N/A N/A 165.4 N/A N/A N/A Revenue Growth, % at comparable exchange rate 1.5% N/A N/A 0.9% N/A N/A N/A EBITDA 14.2 11.8 21.2 45.7 35.3 29.3 46.9 EBITDA margin, % 26.7% 22.5% 4.2%-p. 28.0% 21.6% 6.5%-p. 21.1% Adjusted EBITDA* 14.3 13.4 6.8 43.3 43.0 0.6 56.4 Adjusted EBITDA margin, % 26.7% 25.6% 1.1%-p. 26.5% 26.2% 0.3%-p. 25.4% EBIT 12.6 10.3 22.4 41.1 31.0 32.7 41.0 EBIT margin, % 23.6% 19.7% 3.9%-p. 25.2% 18.9% 6.3%-p. 18.5% Adjusted EBIT* 12.6 11.9 6.1 38.7 38.7 0.0 50.5 Adjusted EBIT margin, % 23.7% 22.8% 0.9%-p. 23.7% 23.6% 0.1%-p. 22.8% EPS (basic), EUR 0.12 0.08 43.1 0.39 0.22 75.9 0.26 EPS (diluted), EUR 0.12 0.08 43.1 0.39 0.22 75.9 0.26 Operating free cash flow 10.8 18.5 -41.7 29.6 33.8 -12.6 51.6 Capital Employed 47.3 41.1 15.2 47.3 41.1 15.2 38.6 ROCE 106.9% 129.6% -22.8%-p. 106.9% 129.6% -22.8%-p. 130.9% ROE 83.9% 80.8% 3.1%-p. 83.9% 80.8% 3.1%-p. 39.9% Investments 0.6 0.6 8.4 3.2 2.4 34.3 3.1 Net debt 62.2 90.0 -30.9 62.2 90.0 -30.9 66.9 Net debt / Adjusted EBITDA* 1.1 1.5 -27.9 1.1 1.5 -27.9 1.2 Cash Conversion 75.4% 138.2% -62.8%-p. 68.3% 78.7% -10.3%-p. 91.6% Personnel 486 489 -0.6 486 489 -0.6 484
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3. CEO Samu Hällfors Framery continued its strong performance in the third quarter of 2026. Despite challenging market conditions, our growth continued, driven particularly by North America; our profitability remained strong; and we made determined progress on our strategic initiatives to secure future growth. Our underlying sales momentum remained strong, even though the comparison figures for revenue were impacted by exceptionally large orders from a single global end customer in 2025. Reported revenue grew by more than 2 percent in the third quarter and by nearly 12 percent excluding the impact of a single global end customer in the prior-year period. In the fourth quarter of this year, this impact will already be significantly smaller and will even out in the first quarter of 2027. Growth was driven by the Americas, where revenue grew by nearly a third in the third quarter and underlying revenue by more than 60 percent. In EMEA, our largest market area, underlying revenue remained close to the level of the comparison period despite the challenging market environment. In APAC, revenue was affected by muted demand, partly due to the higher oil price, and by the project-based nature of sales typical for the region. Our profitability remained strong despite growth investments, including the ramp-up of our U.S. assembly facility, supported by stable materials and services costs relative to revenue and the absence of the foreign exchange losses that burdened the comparison period, and our adjusted EBIT margin rose to nearly 24 percent. Our asset-light model and disciplined working capital management helped support solid operational cash flow conversion. In the North American market, we are seeing the beginnings of widespread adoption of smart, soundproof workspaces, and we are seeing more and more companies across various industries adopting our solutions. We are strengthening our position and accelerating product adoption through proactive measures. In the spring of 2026, we successfully launched the new Framery Gradus™ product line, which is specifically tailored to North American workplace standards and customer preferences. Alongside this product launch, our local assembly facility in Michigan began operations on schedule in the third quarter of the year. Local assembly significantly shortens lead times, reduces shipping costs, and provides protection against exchange rate volatility and trade policy uncertainties. Demand for the new product line has been strong, and a record of over 200 units have been ordered for our dealers’ showrooms with more than 20 of those units being delivered to entirely new dealer locations. This significantly exceeded our expectations and, according to our estimates, will support stronger sales of this product line for customer projects starting next year. We have also expanded our Framery Subscribed™ model globally through our dealer network. The subscription-based model lowers the barrier to entry for new customers and increases the share of predictable, high-margin, and recurring revenue. Sales through the dealer network have started out strong, contributing well over half of Subscribed sales in Q3. We see significant growth potential for this model in the future. The rollout of our integrated smart office technology is also progressing: Our sales channel for Framery smart office solutions, including both software and hardware solutions, is still in the development phase, but feedback from customers who have adopted the solutions has been excellent.
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Our sales team works closely with our dealer partners, lead architects, contractors, and corporate facility planners in all of our key markets. We are purposefully further strengthening our own sales organization and providing our reseller partners with even more advanced digital tools to ensure that Framery remains their top choice. We are also restructuring our customer service organization to enhance a consistent, fast, and seamless customer experience. In addition, to reduce delivery times from four weeks to five days within the UK, we are opening a new logistics center in England. During the quarter, we launched a 10 million euro share buyback program. The launch of this program reflects our strong confidence in Framery’s long-term growth and our commitment to optimizing our capital structure. Directing strong cash flow toward share repurchases and cancellations is a strategic solution for increasing shareholder value. The program offers a flexible way to allocate excess capital without changing our general capital allocation principles or our dividend policy. We will continue to prioritize strategic growth investments while ensuring a steady and attractive return for our shareholders. Demand for flexible, quiet, and technology-enabled office solutions is structurally stronger than ever. Macroeconomic uncertainty in Europe and the timing of projects in the Asia-Pacific region continue to require us to remain agile. However, the strong momentum in North America and our position as the market leader create a solid foundation for the future. By investing in the customer experience and sales, digital ecosystems, product innovations, and local capabilities, we are accelerating our growth in global markets. Samu Hällfors CEO of Framery Group Plc
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4. Market environment Market for office pods and smart office solutions The Group's business environment consists of two symbiotic product categories: office pods and smart office solutions. Core markets are North America, Europe, and selected locations in the APAC region. The market is driven by megatrends related to the evolution of working life, such as the increasing prevalence of hybrid work and virtual meetings, the need for privacy in open-plan offices, and targets to improve space efficiency and manage lifecycle costs. These drivers support the demand for both product categories as organizations continuously improve the agility of their work environments. Framery has established its position as the global pioneer and market leader of office pods in its core markets. The Company's competitiveness has remained excellent, which creates a strong foundation for leveraging market growth in the future. The reported revenue of the comparison period was significantly increased by exceptionally large project deliveries to a single customer in 2025, which is why the Company also reports revenue excluding the impact of the largest single end-customer. EMEA EMEA remained the Company's largest market area, although both underlying and reported revenue decreased from the comparison period. Revenue decreased by 8.7% in the third quarter and by 3.7% in January–September. Underlying revenue decreased by 2.0% in the third quarter and by 1.3% in January–September, excluding the exceptionally large purchases of a single global customer. Although macroeconomic weakness and geopolitical instability continue to pose challenges, the Company estimates that the EMEA market area holds significant growth potential and continues to purposefully advance its growth initiatives. The One Work™ smart workstation pod launched by the Company in September will complement the offering, and the Company will increase its sales resources in the region in a targeted manner. Americas Growth in the Americas was strong, and revenue grew by 31.7% in the third quarter and by 27.6% in January–September 2026. Underlying revenue grew by 62.8% year-over-year in the third quarter and by 50.0% in January–September, excluding the exceptionally large purchases of a single global customer. Growth was supported by added sales resources and overall market growth. During the review period, the Company started its own manufacturing operations in the U.S. as planned and began showroom deliveries of the new Gradus product line. The impacts of local manufacturing and the new product line are expected to be significantly visible in the 2027 figures. APAC The APAC region demand was muted in the review period and materially impacted by exceptionally large purchases of a single customer in the comparison period. The higher oil price is also estimated to have had the strongest relative impact on demand in the APAC region. Revenue declined by 20.9% in the third quarter and by 35.8% in January–September 2026. Underlying revenue in the region also decreased, by 22.7% in the third quarter and by 7.2% in January–September, excluding the exceptionally large purchases of a single global customer in the comparison period. Larger project sales are typical for sales in the APAC region, which is why the quarter-to-quarter variability is also stronger than in other regions. Revenue by Framery entity location (EUR million) 7–9 2026 7–9 2025 Change, % 1–9 2026 1–9 2025 Change, % 2025 EMEA 25.2 27.6 -8.7 83.4 86.6 -3.7 118.3 AMER 21.9 16.6 31.7 60.5 47.4 27.6 65.9 APAC 6.3 8.0 -20.9 19.2 29.9 -35.8 37.9 Total 53.4 52.2 2.3 163.1 164.0 -0.5 222.1
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5. Financial results and profitability July–September 2026 In the third quarter of 2026, the Group's revenue was EUR 53.4 (52.2) million, representing a 2.3% increase year-over-year. Revenue in the comparison period was particularly driven by significant deliveries to a single large end-customer during the period; excluding these, the comparison period's revenue was EUR 44.8 million. Revenue adjusted for deliveries to the single large end-customer increased by 11.6% year-over-year. Adjusted EBIT was EUR 12.6 (11.9) million, or 23.7% (22.8%) of revenue, and increased by EUR 0.7 million year-over-year. The increase was driven by higher revenue, with materials and services costs stable relative to revenue, and by the absence of the foreign exchange losses that burdened the comparison period. Higher depreciation related to the U.S. assembly facility and higher premises and travel expenses partly offset the increase. EBIT was EUR 12.6 (10.3) million, or 23.6% (19.7%) of revenue. The comparison period included EUR 1.6 million of items affecting comparability, mainly related to pre-listing share-based incentive programs and listing costs, while the review period included no material items affecting comparability. In the third quarter of 2026, the Group's net financial items decreased to EUR 0.8 (2.2) million due to lower interest expenses resulting from the refinancing carried out in December 2025. Profit before taxes increased to EUR 11.8 (8.1) million and income taxes for the period were EUR 2.3 (1.7) million. Profit for the period (July–September) amounted to EUR 9.5 (6.4) million, and earnings per share was EUR 0.12 (0.08). January–September 2026 In January–September 2026, the Group's revenue was EUR 163.1 (164.0) million, representing a 0.5% decrease year-over-year. Revenue in the comparison period was particularly driven by significant deliveries to a single large end-customer during the period; excluding these, the comparison period's revenue was EUR 137.7 million. Revenue adjusted for deliveries to the single large end-customer increased by 11.3% year-over-year. Adjusted EBIT was EUR 38.7 (38.7) million, or 23.7% (23.6%) of revenue, and remained at the level of the comparison period. The comparison period’s other operating expenses included EUR 3.3 million of foreign exchange losses, while the review period included none. This was offset by lower revenue, a higher share of materials and services costs in revenue, and higher other operating expenses, particularly marketing, IT and premises expenses, reflecting investments in growth and the ramp-up of the U.S. assembly facility. EBIT was EUR 41.1 (31.0) million, or 25.2% (18.9%) of revenue. The EUR 10.1 million increase is due to items affecting comparability, which were EUR -2.4 (7.7) million: the review period included a non-recurring refund of 2025 tariff expenses, while the comparison period included expenses related to pre-listing share-based incentive programs and listing costs. In January–September 2026, the Group's net financial items decreased to EUR 2.3 (7.6) million due to lower interest expenses resulting from the refinancing carried out in December 2025. Profit before taxes increased to EUR 38.8 (23.4) million and income taxes for the period were EUR 7.8 (6.2) million. Profit for the period (January–September) amounted to EUR 31.0 (17.2) million, and earnings per share was EUR 0.39 (0.22). U.S. IEEPA tariff refund During the second quarter of the year, the Company received tariff refunds and related interest income totaling EUR 4.7 million based on the U.S. IEEPA (International Emergency Economic Powers Act) legislation. Of the tariff refunds, EUR 1.7 million has been allocated as an adjustment to the acquisition cost of materials and services for the review period, and EUR 0.2 million to the value of inventories in the balance sheet. The EUR 2.7 million share allocated to the previous financial year has been recognized in other operating income. The EUR 0.2 million interest income accrued on the refunds has been recognized in finance income for the review period. The refund received covers 99% of the IEEPA tariffs paid. Tariffs on the large majority of U.S. imports during the review period were 10% of the import value. The Company continuously monitors the situation and does not anticipate changes to the current tariff levels.
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6. Cash flow and financial position Capital employed (rolling 12-month average) increased to EUR 47.3 (41.1) million, mainly due to an increase in average working capital as well as an increase in non-current assets related to the extension of the lease agreement for the Tampere factory and the ramp-up of the U.S. factory. Return on capital employed (ROCE) remained high at 106.9% (129.6%). Compared with the comparison period, the return was reduced by the increase in capital employed and the decrease in the rolling 12-month adjusted EBIT to EUR 50.6 (53.2) million. Operating free cash flow was EUR 10.8 (18.5) million in the third quarter and EUR 29.6 (33.8) million in January–September. Cash conversion was 75.4% (138.2%) in the third quarter and 68.3% (78.7%) in January–September. Cash flow in the third quarter of the comparison period was increased by a EUR 6.1 million release of net working capital, whereas EUR 2.4 million was tied up in net working capital in the review period. In January–September, EUR 9.0 (5.6) million was tied up in net working capital, mainly due to the decrease in trade payables and other current payables from the level at the end of 2025. The Group's net debt decreased to EUR 62.2 (90.0) million. Compared with the comparison period, net debt was reduced in particular by the share issue of approximately EUR 20 million carried out in connection with the listing in December 2025, as well as strong cash flow from operating activities. During the review period, cash flow from operating activities covered, among other things, the dividend payment of EUR 18.2 million. Leverage, calculated as net debt divided by the last 12 months' adjusted EBITDA, was 1.1 (1.5). Liquidity remained strong. Cash and cash equivalents amounted to EUR 23.0 (14.7) million at the end of the review period. In addition, the Group has a EUR 15 million revolving credit facility and a EUR 5 million account limit available. Net debt to EBITDA in accordance with the terms of the financing agreement, adjusted with listing costs and non-recurring items, was 1.1 (1.5). Key financials (EUR million) 7–9 2026 7–9 2025 Change, % 1–9 2026 1–9 2025 Change, % 1–12 2025 Revenue 53.4 52.2 2.3 163.1 164.0 -0.5 222.1 EBIT 12.6 10.3 22.4 41.1 31.0 32.7 41.0 Capital employed 47.3 41.1 15.2 47.3 41.1 15.2 38.6 Investments 0.6 0.6 8.4 3.2 2.4 34.3 3.1 ROCE 106.9% 129.6% -22.8%-p. 106.9% 129.6% -22.8%-p. 130.9% Operating free cash flow 10.8 18.5 -41.7 29.6 33.8 -12.6 51.6 Cash conversion 75.4% 138.2% -62.8%-p. 68.3% 78.7% -10.3%-p. 91.6% Net debt / Adjusted EBITDA 1.1 1.5 -27.9 1.1 1.5 -27.9 1.2 7. Research and product development Innovation is at the core of Framery's operations, and this work continued at pace. Framery's R&D strategy supports the strengthening of the Company's position in the office pod market and achieving its goal of becoming the pioneer in smart office solutions. The most significant milestones of the review period related to the launch of the Framery Gradus product line, designed for the North American market. The product line, consisting of three products, was showcased in Chicago at NeoCon, the leading commercial interior design and office furniture trade fair in the Americas, at the beginning of June. Local assembly of the product line in Michigan started on schedule in the third quarter, and the costs related to the ramp-up of the assembly facility remained below EUR 1.0 million, in line with the estimate published on 21 April 2026. In addition, deliveries of the product line to dealers' showrooms have begun, which supports sales of the product line to customer projects. The more significant revenue impact of the Gradus product line is expected to be visible from 2027 onwards.
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In addition to physical products, the smart office business offering has developed during the review period. Customer deliveries of Framery's advanced Framery Room Sensor product have begun, and the Company's smart office solutions' Application Programming Interface (API) has been rolled out for customer use during the review period. In September, Framery announced the new Framery One Work™ smart workstation pod, a single-person workstation designed for work that requires focus. The product is designed for shared use, and its occupancy data can be utilized in Framery's smart office solutions. The product was presented at the Orgatec trade fair in Cologne on 27–30 October 2026, when its sales also started. Deliveries will begin in March 2027. In the short term, the main focus of the Company's product development is supporting the maturity and industrialization of the Framery Gradus product line, advancing future product launches, and developing new features for the Framery Smart office solutions product line. Framery continues to invest in the research and development of new products in order to expand into new customer segments, develop its existing product offering, and meet the changing needs of its customer base. During January–September, investments increased to EUR 3.2 million from EUR 2.4 million in the comparison period. The investments consisted of the launch of a new product line, capitalizations of service business products, and projects related to product development. 8. Short-term risks and uncertainties The Company's position has remained good. This strong position is supported by global operations, a market-leading product line, and a broad customer base. However, the global business environment is more uncertain than before. While the Company's global operations mitigate geographical and political risks, political and economic developments in key market areas may affect the Company's results and outlook. General economic uncertainty can also weaken demand for office pods and other products. This uncertainty may manifest, for instance, as customers postponing projects and delaying decisions about acquiring new smart office pods or solutions. The war in Iran and the resulting increase in oil price volatility and general uncertainty may negatively impact the Company's business both in the Middle East and more broadly in global markets. The Company has updated its freight price lists to reflect higher fuel costs and adjusted sourcing to respond to the volatility of the operating environment. Framery's reporting currency is the euro, and its cost structure consists mainly of euro-denominated items. Due to its international operations, the Company is therefore exposed to foreign exchange risks, particularly in relation to the U.S. dollar, the Singapore dollar, and the British pound. Changes in exchange rates, such as transaction and translation differences, may be reflected in the Group's financial results. Going forward, the foreign exchange risk related to the U.S. dollar will be mitigated by the local production of the Gradus product line, which started in the third quarter of 2026. Framery's supply chain is based on reliable, high-quality component suppliers located mainly near the Company's assembly facilities in Finland and the United States. The strong supply chain ensures short lead times and enables flexible and rapid reaction to fluctuations in demand. However, changes in international trade agreements and tariff regulations may weaken the ability to source materials, components, or services cost-efficiently from global markets. As some electronic components are sourced from China, import tariffs imposed on Chinese products may hinder the timely and cost-efficient availability of these components. At the same time, demand for these components is growing due to investments in artificial intelligence and data centers. The Company has mitigated these impacts on prices and availability by proactively increasing its inventory of electronic components. Continuously evolving cybersecurity threats are becoming increasingly varied and complex. For example, ransomware, insider threats, and phishing attacks together pose a significant risk to the Company's data and assets. The importance and impact of cybersecurity are further emphasized as smart office solutions, including the software and data system platform, account for a growing share of the Company's product offering.
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Ensuring data security is of paramount importance to Framery across all its products, and the Company invests significantly in cybersecurity to manage potential risks. For smart office solutions, Framery utilizes third-party cloud service providers, selected based on strict IT and cybersecurity criteria. To ensure the uninterrupted security of data and to protect its business and services, Framery continuously monitors and manages these partnerships and considers data protection its top priority. 9. Personnel and organization At the end of September 2026, the number of personnel was 486 (489) and remained at the comparison period's level. The average number of employees for January–September was 485 (472). 10. Share and shareholders Framery's registered share capital is EUR 80 000, and as at 30 September 2026, the Company had 79 148 831 fully paid shares. Share turnover on the Nasdaq Helsinki official list in January–September was EUR 61.6 million, and the number of shares traded was 8 626 885. As at 30 September 2026, the number of registered shareholders was 10 259, including nominee-registered holdings. The share of nominee-registered and direct foreign shareholders was 19.5% of the Company's shares. The ten largest shareholders held a combined 53.4% of Framery's shares and voting rights as at 30 September 2026. During the review period, Framery launched a share buyback program, which started on 15 September 2026 and will end on 31 March 2027 at the latest. The purpose of the program is to reduce the Company's capital and increase shareholder value. The aggregate purchase price of the shares to be acquired under the program may not exceed EUR 10 million, and the maximum number of shares to be repurchased is 1 500 000 shares, which corresponds to 1.89% of the total number of Framery's issued and outstanding shares. The repurchased shares are intended to be canceled quarterly. 11. Sustainability Sustainability is core to Framery's business. The Company participates in the UN Global Compact and the Science Based Targets initiative (SBTi), which guides Framery’s sustainability work. The Company’s sustainability program is divided into three main themes: Climate and Environment, People and Society, and Fair Business. In the first half of the year, the Group published its first Sustainability Statement in accordance with the Corporate Sustainability Reporting Directive (CSRD) alongside the annual report, prepared following the European Sustainability Reporting Standards (ESRS). Moving toward this standardized reporting framework provides Framery’s partners and shareholders with a clearer, more comparable view of how sustainability drives long-term value across the organization. 12. Events after the review period After the review period, Framery has canceled 97 700 of its own shares in accordance with a decision by the Company's Board of Directors, and the cancellation was registered in the Trade Register on 13 October 2026. Framery acquired the canceled shares as part of the share buyback program announced on 8 September 2026. The repurchases were made on 15–30 September 2026. Between the end of the review period and 1 November 2026, the Company has additionally acquired 23 623 own shares, and by 1 November 2026, the Company has acquired a total of 121 323 own shares under the share buyback program. The Company cancels repurchased shares quarterly.
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After the cancellation, the total number of the Company's shares is 79 051 131, and they carry an equal number of votes. After the cancellation, the Company holds 23 623 own shares. Framery announced on October 26 2026 that it will be restructuring its organization to strengthen its growth strategy and customer experience. Customer Operations were merged into the Operations organization, which resulted in a more compact management team. As a result of the change, Henrik Skyttä, who was responsible for Customer Operations, left the management team. He will remain at Framery until the end of the year, focusing on leading a strategically important AI overhaul of customer service. Hannu Seppä will continue as Head of Operations. Going forward, Framery Group's Management Team includes: • Samu Hällfors, CEO • Lauri Isotalo, CFO • Anni Hallila, Head of People and Culture • Lasse Karvinen, Head of Sales • Taru Kovanen, General Counsel • Tomi Nokelainen, Head of Research and Development • Inka Roos, acting Chief Marketing Officer • Hannu Seppä, Head of Operations • Arto Vahvanen, Head of Smart Office Solutions • Oona Vilermo, Strategy Director 13. Financial calendar 2027 Framery Group will publish the following financial reports during 2027: • Financial Statements Release 2026: 16 February 2027 • Annual Report 2026: week 12 • Interim report January–March 2027: 22 April 2027 • Half-year financial report January–June 2027: 22 July 2027 • Interim report January–September 2027: 28 October 2027 Framery Group's Annual General Meeting is planned to be held on 15 April 2027. Framery's Board of Directors will convene the Annual General Meeting separately by a stock exchange release.
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14. Definitions of key figures Framery reports alternative performance measures as additional information to the financial measures presented in the consolidated statement of comprehensive income, balance sheet, statement of cash flow, and in the notes disclosure prepared in accordance with the IFRS Accounting Standards. Revenue Growth, % Revenue for the period - Revenue for the previous period x 100 Revenue for the previous period Revenue Growth, % at comparable exchange rate Revenue for the period translated using the average exchange rate from the comparison period - Revenue for the previous period x 100 Revenue for the previous period EBITDA Operating profit + depreciation, amortizations and impairment Items affecting comparability Items affecting comparability are defined as unusual significant items outside the ordinary course of business. Items affecting comparability include e.g. costs related to changes in group structure, non-recurring consulting and legal expenses, people related non-recurring expenses such as top management recruitment expenses, expenses related to pre-listing share based incentive programs (including the change in the value of redemption liability for own shares), non-recurring expenses related to new product launch and strategic growth, non-recurring component quality costs and related insurance compensations, costs related to preparations for and the implementation of the Company’s listing on the stock exchange, and non-recurring tariff expenses and refunds. Adjusted EBITDA Operating profit + depreciation, amortization and impairment +/- items affecting comparability EBIT Operating profit Adjusted EBIT Operating profit +/- items affecting comparability Basic EPS (EUR) Profit for the period - preference return attributable to the holders of series P shares Weighted average number of shares outstanding during the period Diluted EPS (EUR) Profit for the period - preference return attributable to the holders of series P shares Weighted average number of diluted shares outstanding during the period Net working capital Inventories + trade receivables + other receivables less financing agreement related accruals and income tax receivables - trade payables - contract liabilities – provisions - other current payables less other current liabilities related to share based payments and income tax payable
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Investments Purchases of property, plant and equipment and intangible rights derived from the Group’s consolidated statement of cash flows Operating Free Cash Flow Adjusted EBITDA - repayments of lease liabilities derived from the Group’s consolidated statement of cash flows - investments + change in net working capital Capital Employed Other intangible assets + right-of-use assets + property, plant and equipment + net working capital (on average, rolling 12 months) ROCE Adjusted EBIT (12 months rolling) x 100 Capital employed ROE Profit for the period (12 months rolling) x 100 Total equity (average of opening and closing balance of the previous 12 months) Net debt Bank loans + lease liabilities + shareholder loans + series P shares reserve - cash and cash equivalents Personnel Personnel employed by Framery on the last day of the review period Net debt / Adjusted EBITDA Net debt Adjusted EBITDA (12 months rolling) Cash conversion Operating free cash flow x 100 Adjusted EBITDA
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15. Reconciliation of key figures EUR million 7–9 2026 7–9 2025 1–9 2026 1–9 2025 1-12 2025 Items affecting comparability Costs related to changes in Group structure – – – – – Non-recurring consulting and legal expenses 0.0 0.0 0.1 0.1 0.1 Non-recurring people expenses – – 0.0 – – Expenses related to pre-listing share based incentive programs (including the change in the value of redemption liability for own shares) – 1.6 – 6.3 6.9 Non-recurring expenses related to new product launch and strategic growth – – – – -0.1 Non-recurring component quality costs and related insurance compensations – -0.8 – 0.3 0.3 Costs related to preparations for and the implementation of the Company’s listing on the stock exchange – 0.8 0.1 1.0 2.3 Non-recurring tariff expenses and refunds – – -2.7 – – Items affecting comparability 0.0 1.6 -2.4 7.7 9.5 EBITDA and adjusted EBITDA Operating profit 12.6 10.3 41.1 31.0 41.0 Depreciation, amortization and impairment 1.6 1.5 4.6 4.4 5.8 EBITDA 14.2 11.8 45.7 35.3 46.9 Items affecting comparability 0.0 1.6 -2.4 7.7 9.5 Adjusted EBITDA 14.3 13.4 43.3 43.0 56.4 EBITDA margin, % 26.7% 22.5% 28.0% 21.6% 21.1% Adjusted EBITDA margin, % 26.7% 25.6% 26.5% 26.2% 25.4% Adjusted EBIT Operating profit 12.6 10.3 41.1 31.0 41.0 Items affecting comparability 0.0 1.6 -2.4 7.7 9.5 Adjusted EBIT 12.6 11.9 38.7 38.7 50.5 Adjusted EBIT margin, % 23.7% 22.8% 23.7% 23.6% 22.8% Net debt / Adjusted EBITDA Net debt 62.2 90.0 62.2 90.0 66.9 Adjusted EBITDA (12 months rolling) 56.6 59.1 56.6 59.1 56.4 Net debt / Adjusted EBITDA 1.1 1.5 1.1 1.5 1.2 Return on equity (ROE), % Profit for the period (12 months rolling) 34.2 28.0 34.2 28.0 20.4 Equity (average of the opening and closing balance of the last 12 months) 40.8 34.7 40.8 34.7 51.1 Return on equity (ROE), % 83.9% 80.8% 83.9% 80.8% 39.9% Net working capital Inventory 29.3 24.5 29.3 24.5 29.2 Trade receivables 26.5 28.3 26.5 28.3 25.9 Other receivables 6.9 5.3 6.9 5.3 6.4 Financing agreement related accruals – – – – – Income tax receivables -1.1 -0.3 -1.1 -0.3 -0.7 Trade payables -18.9 -19.6 -18.9 -19.6 -22.9 Contract liabilities -0.0 -0.1 -0.0 -0.1 0.0 Provisions -0.5 – -0.5 – -0.4 Current other payables -11.1 -13.1 -11.1 -13.1 -14.0 Current payables related to share based payments – 4.5 – 4.5 – Income tax payable 1.8 0.0 1.8 0.0 0.4 Net working capital 32.9 29.5 32.9 29.5 23.9
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Operating Free Cash Flow Adjusted EBITDA 14.3 13.4 43.3 43.0 56.4 Repayments of lease liabilities -0.5 -0.4 -1.5 -1.2 -1.6 Investments -0.6 -0.6 -3.2 -2.4 -3.1 Change in net working capital -2.4 6.1 -9.0 -5.6 0.0 Operating Free Cash Flow 10.8 18.5 29.6 33.8 51.6 Cash Conversion Operating free cash flow 10.8 18.5 29.6 33.8 51.6 Adjusted EBITDA 14.3 13.4 43.3 43.0 56.4 Cash Conversion, % 75.4% 138.2% 68.3% 78.7% 91.6% Capital employed Other intangible assets in the beginning of the period 3.1 3.8 3.1 3.8 3.5 Right-of-use assets in the beginning of the period 6.4 3.6 6.4 3.6 3.6 Property, plant and equipment in the beginning of the period 6.2 7.0 6.2 7.0 6.9 Net working capital in the beginning of the period 29.5 22.4 29.5 22.4 23.9 Capital employed in the beginning of the period 45.2 36.9 45.2 36.9 37.9 Other intangible assets at the end of the period 2.6 3.1 2.6 3.1 2.9 Right-of-use assets at the end of the period 7.6 6.4 7.6 6.4 6.7 Property, plant and equipment at the end of the period 6.3 6.2 6.3 6.2 5.8 Net working capital at the end of the period 32.9 29.5 32.9 29.5 23.9 Capital employed at the end of the period 49.4 45.2 49.4 45.2 39.3 Capital employed (on average, rolling 12 months) 47.3 41.1 47.3 41.1 38.6 Return on capital employed (ROCE), % Adjusted EBIT (12 months rolling) 50.6 53.2 50.6 53.2 50.5 Capital employed 47.3 41.1 47.3 41.1 38.6 Return on capital employed (ROCE), % 106.9% 129.6% 106.9% 129.6% 130.9% Revenue growth, % at comparable exchange rate Revenue at comparable exchange rates 53.0 N/A 165.4 N/A N/A Revenue from previous period 52.2 N/A 164.0 N/A N/A Revenue growth, % at comparable exchange rate 1.5% N/A 0.9% N/A N/A
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16. Signature and press conference Press conference Framery will hold an English-language results webcast and conference call for analysts, investors, and media on 2 November 2026 at 11:00 a.m. EET. CEO Samu Hällfors and CFO Lauri Isotalo will present the third-quarter results, after which participants can ask questions. The live webcast can be followed at https://framery.events.inderes.com/q3-2026. Conference call: To participate in the conference call, please register using the following link: https://events.inderes.com/framery/q3-2026/dial-in After registering, you will receive a phone number and a conference ID for joining the conference call. Tampere, 2 November 2026 Framery Group Plc Board of Directors For more information, please contact: Investor Relations Director Kati Kaksonen kati.kaksonen(at)framery.com +358 50 393 1561 CFO Lauri Isotalo lauri.isotalo(at)framery.com +358 50 573 7875
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Framery Group Interim report January–September 2026
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Consolidated statement of comprehensive income EUR thousand 7–9 2026 7–9 2025 1–9 2026 1–9 2025 1–12 2025 Revenue 53 375 52 181 163 086 163 970 222 128 Other operating income 251 949 3 800 1 072 1 158 Materials and services -26 298 -25 662 -78 439 -77 555 -106 134 Employee benefit expenses -8 559 -10 005 -26 559 -33 180 -44 390 Depreciation, amortization and impairments -1 640 -1 458 -4 600 -4 365 -5 843 Other operating expenses -4 522 -5 705 -16 184 -18 957 -25 896 Operating profit 12 607 10 300 41 105 30 984 41 023 Finance income 111 77 490 277 451 Finance costs -887 -2 248 - 2 796 -7 874 -13 801 Net financial items -776 -2 171 -2 306 -7 597 -13 350 Profit before tax 11 831 8 129 38 798 23 387 27 672 Income taxes -2 301 -1 681 -7 816 -6 202 -7 296 Profit for the period 9 530 6 448 30 982 17 186 20 376 Other comprehensive income Items that may be reclassified to profit or loss Translation differences -1 409 95 898 488 Other comprehensive income for the period, net of tax -1 409 95 898 488 Total comprehensive income for the period 9 529 6 858 31 077 18 083 20 865 Profit for the period attributable to: Owners of the parent company 9 530 6 448 30 982 17 186 20 376 Total comprehensive income for the period attributable to: Owners of the parent company 9 529 6 858 31 077 18 083 20 865 Earnings per share for profit attributable to owners of the parent company Basic earnings per share, EUR 0.12 0.08 0.39 0.22 0.26 Diluted earnings per share, EUR 0.12 0.08 0.39 0.22 0.26 The consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
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Consolidated balance sheet EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Non-current assets Goodwill 68 730 68 730 68 730 Other intangible assets 2 566 3 144 2 894 Right-of-use assets 7 567 6 419 6 674 Property, plant and equipment 6 333 6 188 5 842 Deferred tax assets 2 682 3 756 4 109 Total non-current assets 87 879 88 236 88 249 Current assets Inventories 29 288 24 504 29 190 Trade receivables 26 534 28 293 25 936 Other receivables 6 945 5 250 6 383 Cash and cash equivalents 22 997 14 744 19 777 Total current assets 85 764 72 792 81 287 TOTAL ASSETS 173 642 161 028 169 536 EQUITY Share capital 80 80 80 Reserve for invested unrestricted equity 18 774 0 18 774 Treasury shares -560 – – Cumulative translation difference 370 698 274 Retained earnings 8 342 5 550 6 016 Profit for the period 30 982 17 186 20 376 Total equity attributable to owners of the parent company 57 988 23 514 45 521 Total equity 57 988 23 514 45 521 LIABILITIES Non-current liabilities Bank loans 71 789 98 175 74 402 Lease liabilities 5 760 4 501 5 363 Total non-current liabilities 77 549 102 675 79 765 Current liabilities Bank loans 5 491 – 5 471 Lease liabilities 2 129 2 060 1 478 Contract liabilities 23 95 15 Trade payables 18 899 19 609 22 866 Provisions 473 – 398 Other payables 11 090 13 074 14 021 Total current liabilities 38 106 34 839 44 249 TOTAL LIABILITIES 115 654 137 514 124 015 TOTAL EQUITY AND LIABILITIES 173 642 161 028 169 536 The consolidated balance sheet should be read in conjunction with the accompanying notes.
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Consolidated statement of changes in equity EUR thousand Share capital Reserve for invested unrestricted equity Treasury shares Cumulative translation difference Retained earnings Total equity attributable to owners of the parent company Total equity Equity at 1 Jan 2026 80 18 774 – 274 26 393 45 521 45 521 Profit for the period 30 982 30 982 30 982 Other comprehensive income Translation differences – – – 95 0 95 95 Total comprehensive income – – – 95 30 982 31 077 31 077 Transactions with owners Share-based payments – – – – 153 153 153 Dividends – – – – -18 204 -18 204 -18 204 Acquisition of treasury shares – – -560 – – -560 -560 Total transactions with owners – – -560 – -18 051 -18 611 -18 611 Equity at 30 Sep 2026 80 18 774 -560 370 39 324 57 988 57 988
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The consolidated statement of changes in equity should be read in conjunction with the accompanying notes. EUR thousand Share capital Reserve for invested unrestricted equity Cumulative translation difference Retained earnings Total equity attributable to owners of the parent company Series P shares reserve Total equity Equity at 1 Jan 2025 13 12 178 -200 28 853 40 845 15 805 56 650 Profit for the period – – – 17 186 17 186 – 17 186 Other comprehensive income Translation differences – – 898 -186 712 – 712 Total comprehensive income – – 898 17 000 17 897 – 17 897 Transactions with owners Share issue – 60 – – 60 – 60 Interest on series P shares – – – -33 -33 33 – Series P shares redemption – – – – – -15 838 -15 838 Dividends – – – -22 970 -22 970 – -22 970 Increase in share capital 68 – – -68 – – – Transaction costs of shares to be sold – – – -267 -267 – -267 Capital returns – -12 018 – – -12 018 – -12 018 Total transactions with owners 68 -11 958 – -23 337 -35 228 -15 805 -51 033 Other changes in equity Reclassification – -220 – 220 – – – Equity at 30 Sep 2025 80 – 698 22 736 23 514 – 23 514
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Consolidated statement of cash flows EUR thousand 7–9 2026 7–9 2025 1–9 2026 1–9 2025 1-12 2025 Cash flow from operating activities Profit for the period 9 530 6 448 30 982 17 186 20 376 Adjustments: Depreciation, amortization and impairment 1 640 1 458 4 600 4 365 5 843 Unrealized exchange rate gains and losses -49 -754 -583 1 251 781 Gains and losses on sale of non-current assets -223 -52 -486 -458 -662 Finance income and costs 776 2 171 2 306 7 597 13 350 Income taxes 2 301 1 681 7 816 6 202 7 296 Other non-cash adjustments 86 1 339 142 5 979 1 381 Adjustments total 4 531 5 842 13 795 24 936 27 989 Changes in net working capital: Change in trade and other receivables, increase (-) / decrease (+) -2 295 6 360 -839 -2 206 -816 Change in trade and other payables, increase (+) / decrease (-) 3 753 607 -8 061 -510 7 875 Change in inventories, increase (-) / decrease (+) -1 863 -505 223 -3 223 -6 623 Interest received 89 -10 368 190 258 Income taxes paid -2 054 -2 358 -5 474 -6 450 -7 839 Net cash flow from operating activities 11 691 16 385 30 993 29 923 41 221 Cash flow from investing activities Purchases of property, plant and equipment and intangible assets -610 -563 -3 229 -2 405 -3 101 Proceeds from sale of property, plant and equipment 226 60 524 587 805 Net cash flow from investing activities -385 -503 -2 705 -1 818 -2 296 Cash flow from financing activities Issuance of shares for cash – – – 60 20 060 Transaction costs paid on share issue – – – – -1 226 Dividends paid and other distributions -1 904 – -18 197 -59 552 -59 552 Company’s own share acquisitions -560 -71 -560 -4 197 -4 197 Interest and finance expenses paid -827 -2 291 -2 193 -8 949 -12 707 Transaction costs paid on financing transactions – – – -2 750 -3 096 Proceeds from borrowings – – – 115 000 195 000 Repayment of borrowings – -15 000 -2 667 -24 750 -124 750 Repayments of lease liabilities* -546 -412 -1 492 -1 210 -1 625 Repayments of shareholder loans – – – -47 199 -47 199 Net cash flow from financing activities -3 836 -17 774 -25 109 -33 548 -39 294 Change in cash and cash equivalents 7 470 -1 893 3 179 -5 443 -369 Cash and cash equivalents at the beginning of the period 15 528 16 877 19 777 20 461 20 461 Effects of exchange rate changes on cash and cash equivalents -1 -240 40 -274 -314 Cash and cash equivalents at the end of the period 22 997 14 744 22 997 14 744 19 777 * Including interest on lease liabilities The consolidated statement of cash flows should be read in conjunction with the accompanying notes.
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Notes to the interim financial information 1. General information Framery Group Plc (the Company, the Parent Company) together with its consolidated subsidiaries (Framery, the Group) considers itself as the pioneer in its market. The Company is the world’s leading designer, manufacturer, and marketer of soundproof workspaces. Its solutions address noise and privacy issues in open offices and other shared workspaces. The Group also has an emerging position in the smart office solution market. Framery Group Plc, the parent company of Framery Group, is a Finnish limited liability company, with corporate identity number 2887221-4, registered in Tampere, Finland. The registered address is Patamäenkatu 7, 33900 Tampere, Finland. The parent company’s shares have been listed on Nasdaq Helsinki’s official list since 4 December 2025. 2. Basis of preparation The Group’s interim financial information has been prepared in accordance with IAS 34 Interim Financial Reporting Standard. The accounting principles and methods applied are consistent with those applied in consolidated financial statements for the financial year ended 31 December 2025. On 23 April 2026, the Board of Directors of Framery Group Plc resolved on a new performance share plan for the Group’s key personnel. The accounting policies for share-based payments, as well as the management estimates and assumptions used in the calculations, are presented in Note 4.1 Employee benefit expenses. No other new accounting policies with a material impact on this financial information have been adopted during the review period. The interim financial information does not include all the notes included in the consolidated financial statements for the financial year ended 31 December 2025, and this interim financial information should be read in conjunction with the consolidated financial statements. The preparation of interim financial information requires management judgment and estimates, which affect the application of accounting policies and the amounts reported, as well as the accompanying notes. When preparing the interim financial information, the significant judgment-based decisions and accounting estimates made by the management follow those applied in the consolidated financial statements for the financial year ended 31 December 2025, except for the estimates related to the new share-based incentive plan. The interim financial information has been prepared under the historical cost convention unless otherwise indicated. All amounts disclosed in the interim financial information and notes have been rounded to the nearest thousand, unless otherwise stated, and therefore, the sum of the individual figures may differ from the presented total figure. The interim financial information is unaudited. The full-year 2025 figures are based on the audited consolidated financial statements for 2025.
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3. Revenue information This note presents the allocation of revenue from the transfer of goods and services to the following major product lines and geographical regions: Revenue by categories EUR thousand 7–9 2026 7–9 2025 1–9 2026 1–9 2025 1-12 2025 Pods and Smart Office Devices* 51 914 50 955 158 871 160 228 217 287 Spare parts 513 387 1 453 1 209 1 537 Services** 948 839 2 762 2 533 3 304 Total 53 375 52 181 163 086 163 970 222 128 Recognized at a point in time 52 427 51 342 160 325 161 437 218 824 Recognized over time 948 839 2 762 2 533 3 304 * Includes revenue from the complete Smart Office Device solution starting from June 2026 ** Includes revenue from subscribed pods and revenue from digital services sales from May 2025 onwards The classification of revenue for the comparison periods has been refined between pods and smart office devices, and spare parts. The adjustment has no impact on total revenue. Revenue by Framery entity location EUR thousand 7–9 2026 7–9 2025 1–9 2026 1–9 2025 1-12 2025 Europe, Middle East, and Africa 25 166 27 570 83 410 86 639 118 338 North, Central and South America 21 873 16 603 60 473 47 410 65 884 Asia Pacific 6 336 8 008 19 204 29 921 37 905 Total 53 375 52 181 163 086 163 970 222 128 4. Other material profit or loss items 4.1 Employee benefits Following table sets forth Framery’s employee benefit expenses for the periods presented: EUR thousand 7–9 2026 7–9 2025 1–9 2026 1–9 2025 1-12 2025 Wages and salaries 6 788 6 813 21 424 21 922 30 656 Share-based payment transactions 120 1 578 153 6 299 6 929 Pension costs - defined contribution plans 930 961 2 920 3 040 4 199 Other employee benefit expenses 722 653 2 063 1 918 2 605 Total 8 559 10 005 26 559 33 180 44 390 7–9 2026 7–9 2025 1–9 2026 1–9 2025 1-12 2025 Average number of employees during the period 497 493 485 472 470 Accounting policies and significant judgment made by the management The shares granted under the share-based incentive plans are measured at fair value at their grant date and recognized as employee benefit expenses on a straight-line basis over the vesting period. The portion to be settled in shares is recognized as an increase in equity. The expense determined at the grant date is based on the Group's estimate of the number of shares to which employees are expected to become entitled at the end of the vesting period. Market-based conditions are taken into account when determining the fair value of the benefit. The effects of non-market-based conditions are not included in the fair value of the share; instead, they affect the estimated final number of benefits. The Group revises its estimate of the final number of shares at each reporting date.
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4.2 Other operating expenses Following table sets forth Framery’s other operating expenses for the periods presented: EUR thousand 7–9 2026 7–9 2025 1–9 2026 1–9 2025 1-12 2025 Marketing expenses 649 702 2 656 2 205 3 363 Computer equipment and software costs 794 794 2 648 2 206 3 407 Premises expenses 857 617 2 589 1 834 2 461 Research and development costs 345 399 1 602 1 954 2 869 Voluntary social expenses 253 235 1 387 842 1 173 Administrative services 311 239 1 210 1 131 2 316 Travel expenses 405 199 1 199 977 1 408 External services 94 866 748 1 335 1 813 Foreign exchange losses – 449 – 3 257 3 002 Other expenses* 813 1205 2 145 3 216 4 086 Total 4 522 5 705 16 184 18 957 25 896 *Includes mainly machinery and equipment expenses, data transmission costs, and credit loss provisions. Other expenses for the period presented include reversals of prior credit loss provisions. 5. Intangible assets and property, plant and equipment The following table presents the change in intangible assets and property, plant and equipment over the reported period: Intangible assets EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Carrying value at 1 Jan 2 894 3 462 3 462 Additions 996 864 1 104 Disposals and reclassifications -26 -40 -150 Amortization and impairment -1 299 -1 142 -1 522 Exchange rate differences 2 – – Carrying value at end of period 2 566 3 144 2 894 Property, plant and equipment EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Carrying value at 1 Jan 5 842 6 897 6 897 Additions 2 452 1 541 1 996 Disposals and reclassifications -47 -169 -273 Depreciation and impairment -1 918 -2 080 -2 777 Exchange rate differences 4 -1 0 Carrying value at end of period 6 333 6 188 5 842
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6. Leases Framery’s leased assets include, for example, Framery’s head office, production premises, showrooms, cars, and certain production-related machinery and equipment. During the review period, additions of EUR 455 thousand were recognized in right-of-use assets for buildings following a lease agreement for a new showroom. The following table presents the items recognized in the consolidated balance sheet based on the lease contracts on the categories of leased assets: EUR thousand 30 Sep 2026 30 Sep 2025 31 Dec 2025 Right-of-use assets Buildings 6 620 6 271 6 386 Machinery and equipment 948 148 288 Total 7 567 6 419 6 674 Lease liabilities Current 2 129 2 060 1 478 Non-current 5 760 4 501 5 363 Total 7 889 6 561 6 841 Following table presents the items related to leases included in the consolidated statement of comprehensive income where Framery acts as a lessee: EUR thousand 7–9 2026 7–9 2025 1–9 2026 1–9 2025 1-12 2025 Depreciation charge of right-of-use assets 1) Buildings 430 359 1 210 1 077 1 448 Machinery and equipment 80 -0 173 67 96 Total 510 359 1 383 1 144 1 544 Interest expense 2) 102 37 288 124 179 Expense relating to short-term leases 3) 28 36 83 95 126 Expense relating to leases of low value assets that are not short-term leases 3) 42 58 109 175 234 The total amount recognized in the consolidated statement of comprehensive income 682 490 1 863 1 538 2 084 The total cash outflow for leases 616 506 1 685 1 479 1 986 1) Included in the line item Depreciation, amortization and impairments in the consolidated statement of comprehensive income. 2) Included in the line item Finance costs in the consolidated statement of comprehensive income. 3) Included in the line item Other expenses in the consolidated statement of comprehensive income.
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7. Financial liabilities The following table presents the carrying amounts and fair values of the borrowings on the balance sheet dates, together with applicable fair value hierarchies: 30 Sep 2026 31 Dec 2025 EUR thousand Fair value hierarchy level Book value Fair value Book value Fair value Financial liabilities measured at amortized cost Bank loans 3 77 280 77 259 79 873 80 107 Total financial liabilities measured at amortized cost 77 280 77 259 79 873 80 107 Trade and other payables and their carrying values approximate the fair value. The fair value of bank loans is determined using discounted cash flow analysis. Cash flows are discounted using the estimated market rate for similar loans at the measurement date. The management has applied judgment in determining the appropriate credit spread for the loans at each measurement date and, as such, classified the instruments to level 3 in the fair value hierarchy. For bank loans as at 30 September 2026, the fair values are based on cash flows discounted at the prevailing market rate at the reporting date. The Group has not changed the valuation methods in determining fair values. Framery has two loans: an originally EUR 80 million term loan and a EUR 15 million revolving credit facility. The term loan matures in five years and will be amortized semi-annually in installments of approximately EUR 2.7 million, with the first installment due six months after the drawdown date. The outstanding loan principal stands at EUR 77.3 million. The remaining outstanding balance will be repaid on the final maturity date. The revolving credit facility is available for drawdown at any time during the five-year loan term, however it has not yet been used. In addition, Framery has an account limit agreement with the same Nordic bank for EUR 5 million, which at the reporting date has not yet been used. The loans are unsecured and they have a floating interest rate based on Euribor plus a margin, linked to the covenant net debt to EBITDA as defined in the agreement. The financing agreement includes a covenant net debt to EBITDA. For reporting periods ending on or before 30 September 2026, EBITDA is adjusted to exclude listing costs and other non-recurring items, in accordance with the terms of the financing agreement. The covenant is reported regularly and factored into internal forecasts. The Group has complied with all covenants related to its financing agreements at the end of the review period. Finance income and costs EUR thousand 7–9 2026 7–9 2025 1–9 2026 1–9 2025 1-12 2025 Finance income Interest income from bank accounts 88 56 197 188 237 Foreign exchange gains 21 22 138 87 193 Interest income from customs refund 0 – 150 – – Other interest income 1 0 4 2 21 Total 111 77 490 277 451 Finance costs Interest costs on shareholder loans – – – 103 103 Interest costs on series P shares – – – 18 18 Interest and finance expenses on bank loans 715 1 978 2 233 6 675 12 029 Interest costs from lease liabilities 102 37 288 124 179 Foreign exchange losses 31 54 173 360 507 Other interest costs 39 178 102 593 965 Total 887 2 248 2 796 7 874 13 801 Net financial items 776 2 171 2 306 7 597 13 350
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8. Financial risk management Foreign exchange risk The Group operates internationally and is exposed to foreign exchange risk, primarily to the U.S. dollar and Singapore dollar. Foreign exchange risk refers to the potential impact on the Group's financial performance or financial position due to fluctuations in exchange rates. The Group is mainly exposed to transaction risk and, to a minimal extent, translation risk arising from the translation of foreign operations into the Group reporting currency. Foreign exchange transaction risk arises from future commercial transactions and recognized assets and liabilities denominated in a currency that is not the functional currency of the relevant group entity. The Group entities operate in their local currencies, in which intra-group transactions are also carried out. Accordingly, transaction risk arises mainly from foreign trade and internal transactions. The management monitors the level of foreign currency risk and, as long as the business is considered profitable with a reasonable buffer to cover the risk, the policy is not to hedge the foreign currency risk. The Group’s exposure to foreign currency transaction risk at the end of the review period was as follows: Foreign exchange transaction risk position 30 Sep 2026 31 Dec 2025 EUR thousand USD SGD USD SGD Trade receivables 28 379 8 930 29 144 16 197 Cash and cash equivalents 421 5 1 689 7 Trade payables 783 5 493 51 Trade receivables also include intercompany balances as these carry foreign exchange transaction risk. The aggregate net foreign exchange gains/losses recognized in profit or loss were: EUR thousand 7–9 2026 7–9 2025 1–9 2026 1–9 2025 1-12 2025 Net foreign exchange gain/loss included in other operating income/expenses 120 -532 847 -3 447 -3 265 Exchange gains/losses on foreign currency related to cash and cash equivalents included in finance costs -28 -33 -54 -274 -314 Total net foreign exchange gains/losses recognized in profit before income tax for the period 92 -565 793 -3 721 -3 579 In preparing the sensitivity analysis, net transaction position, as disclosed above, is multiplied by the reasonable possible change per foreign exchange rate per year, which is assessed by the management to be 10%. All other variables are assumed to remain constant in preparing the sensitivity analysis. Sensitivity analysis Impact on post-tax profit for the period EUR thousand 1–9 2026 1-12 2025 EUR/USD exchange rate – increase 10% -2 617 -2 800 EUR/USD exchange rate – decrease 10% 3 202 3 430 EUR/SGD exchange rate – increase 10% -812 -1 474 EUR/SGD exchange rate – decrease 10% 993 1 799 Liquidity risk Framery’s external funding is managed centrally at the Group level in accordance with the treasury policy. Framery has a revolving credit facility of EUR 15 million and an account limit of EUR 5 million, which are both unused as at 30 September 2026.
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The table below shows the maturity of the financial liabilities and lease liabilities. The term loan, in accordance with the financing agreement, matures 5 years from the drawdown date and is amortized semi-annually in installments of approximately EUR 2.7 million. The entire remaining balance is paid on the final maturity date. The maturities of financial liabilities EUR thousand Q4/2026 2027 2028 2029 2030 2031- Total contractual cash flows Carrying amount 30 Sep 2026 Bank loans 3 408 8 135 7 937 7 725 60 691 – 87 896 77 280 Lease liabilities 602 2 388 2 342 1 986 1 140 140 8 598 7 889 Trade payables 18 899 – – – – – 18 899 18 899 Total 22 909 10 523 10 280 9 711 61 831 140 115 394 104 068 9. Equity and earnings per share Framery’s share capital is EUR 80 000. Framery has one class of shares. At the end of September 2026, the number of shares was 79 148 831. Each share entitles to one vote at the General Meeting, excluding treasury shares held by the Company. Buyback of own shares under the program announced on 8 September 2026, based on the authorization granted by the Annual General Meeting on 27 April 2026, commenced on 15 September 2026. At the end of the review period, the Company had acquired 97 700 treasury shares, bringing the total number of votes to 79 051 131. Framery Group Plc’s shares are listed on the Nasdaq Helsinki stock exchange. The trading code for Framery’s shares is FRAMERY. The following table presents the basic and diluted earnings per share: Earnings per share EUR thousand 7–9 2026 7–9 2025 1–9 2026 1–9 2025 1-12 2025 Earnings per share Profit for the period attributable to the owners of the Company 9 530 6 448 30 982 17 186 20 376 Less: Preference return attributable to the holders of series P shares – – – 33 33 Profit for the period attributable to the holders of common shares 9 530 6 448 30 982 17 153 20 343 Weighted average number of shares outstanding during the period (pcs) 79 138 671 76 652 392 79 145 407 77 062 755 77 155 552 Basic earnings per share (EUR) 0.12 0.08 0.39 0.22 0.26 Dilutive effect of share based payment plan 7 037 – 4 502 – – Weighted average number of shares outstanding during the period, diluted (pcs) 79 145 708 76 652 392 79 149 909 77 062 755 77 155 552 Diluted earnings per share (EUR) 0.12 0.08 0.39 0.22 0.26 10. Contingent liabilities and commitments Commitments EUR thousand 30 Sep 2026 31 Dec 2025 Guarantees Rent commitments 592 432 Other guarantees Rent deposits 448 – Purchase commitments 12 618 13 399
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11. Related party transactions Framery’s related parties include other companies in the Group, members of the Board of Directors, the CEO, and members of the Management Team. The related parties also include the family members of these individuals and entities, in which these individuals have either control or joint control. Vaaka Partners Buyout Fund III Ky is considered a shareholder with significant influence. Framery has not had any transactions with significant investors during the period ended 30 September 2026 (1–9/2025: EUR 58 thousand). Vaaka Partners Buyout Fund III Ky holds 17 168 650 of the Company’s shares as at 30 September 2026. Framery has not engaged in any transactions with related parties during the period ended 30 September 2026. There were no other outstanding balances with related parties as at 30 September 2026. 12. Subsequent events After the review period, Framery has canceled 97 700 of its own shares in accordance with a decision by the Company's Board of Directors, and the cancellation was registered in the Trade Register on 13 October 2026. Framery acquired the canceled shares as part of the share buyback program announced on 8 September 2026. The repurchases were made on 15–30 September 2026. Between the end of the review period and 1 November 2026, the Company has additionally acquired 23 623 own shares, and by 1 November 2026, the Company has acquired a total of 121 323 own shares under the share buyback program. The Company cancels repurchased shares quarterly. After the cancellation, the total number of the Company's shares is 79 051 131, and they carry an equal number of votes. After the cancellation, the Company holds 23 623 own shares. Framery announced on October 26 2026 that it will be restructuring its organization to strengthen its growth strategy and customer experience. Customer Operations were merged into the Operations organization, which resulted in a more compact management team. As a result of the change, Henrik Skyttä, who was responsible for Customer Operations, left the management team. He will remain at Framery until the end of the year, focusing on leading a strategically important AI overhaul of customer service. Hannu Seppä will continue as Head of Operations. Going forward, Framery Group's Management Team includes: • Samu Hällfors, CEO • Lauri Isotalo, CFO • Anni Hallila, Head of People and Culture • Lasse Karvinen, Head of Sales • Taru Kovanen, General Counsel • Tomi Nokelainen, Head of Research and Development • Inka Roos, acting Chief Marketing Officer • Hannu Seppä, Head of Operations • Arto Vahvanen, Head of Smart Office Solutions • Oona Vilermo, Strategy Director