Interim report
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Quarterly update Q3 2026
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Highlights for the quarter Revenue and order intake development • Revenue in Q3 2026 was USD 192.1 million, up 38.2% YoY, driven by continued strategic progress • Order intake amounted to USD 177.6 million, up 16.5% YoY, reflecting positive customer momentum • Raised full year 2026 revenue guidance to around USD 750 million from around USD 700 million provided at Q2 2026 Margin development • Gross margin remained robust at 71.3%, down 1.8 p.p. YoY, reflecting anticipated cost increases, as communicated earlier in the year • Adjusted EBITDA margin1 of 42.3%, down 4.8 p.p. YoY, reflecting continued investments in growth initiatives Cash flow • Strong operating cash flow of USD 101.4 million (73.4), driven by continued positive EBITDA contribution and working capital development • Share buy-back program initiated in Q3 2026. At November 4, USD 53 million returned to shareholders Corporate developments • The Fall 2026 Product Announcement on October 13, introduced new and enhanced products and capabilities to support more autonomous and intelligent fulfillment, helping customers improve productivity and adapt to evolving operational needs. For further information, read more here • On November 5, AutoStore announced the acquisition of Logiqs for a purchase price of up to EUR 30 million enabling future expansion into roaming pallet AS/RS4 Third quarter YTD USD million 2026 2025 Δ in % 2026 2025 Δ in % Revenue 192.1 139.0 38.2 % 549.9 358.9 53.2 % Gross profit 137.1 101.7 34.8 % 396.3 257.4 54.0 % Gross margin (%) 71.3 % 73.1 % -1.8 p.p. 72.1 % 71.7 % 0.4 p.p. EBIT 54.1 48.6 11.2 % 172.6 84.3 104.7 % Adjusted EBITDA¹ 81.3 65.5 24.2 % 240.5 150.3 60.0 % Adjusted EBITDA margin¹ (%) 42.3 % 47.1 % -4.8 p.p. 43.7 % 41.9 % 1.9 p.p. Adjusted EBIT¹ 67.1 53.8 24.6 % 202.2 119.4 69.3 % Adjusted EBIT margin¹ (%) 34.9 % 38.7 % -3.8 p.p. 36.8 % 33.3 % 3.5 p.p. Cash flow conversion¹ (%) 78.0 % 75.9 % 2.1 p.p. 81.4 % 71.1 % 10.3 p.p. Order intake² 177.6 152.4 16.5 % 574.6 443.9 29.4 % Revenue by region Order intake2 Order backlog3 development USD million USD million USD million // Q3 2026 2 139.0 179.7 165.8 192.1 192.1 APAC NAM EMEA Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 68% 72% 61% 73% 60% 25% 24% 32% 21% 35% 6% 4% 7% 6% 5% 1 Reference is made to the APM section for further explanations and details on APM measures. 2 Order intake is defined as value of projects where a distribution partner has received a purchase order or verbal confirmation that a specific installation will be ordered. Order intake is calculated as follows: closing balance less opening balance of order backlog for the period plus revenue recognized in the period. The intention of this measure is to look through our distribution channel and provide insight into end market demand. 3 Order backlog is defined as the total value of order intake not yet shipped and for which revenue has not yet been recognized. Revenue derives from the order backlog upon shipment or over time, depending on the applicable revenue recognition model. 4 Automated Storage and Retrieval Systems. 152.4 194.2 179.4 217.6 177.6 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 542.5 557.0 570.6 596.1 581.6 Q3'25 Q4'25 Q1'26 Q2'26 Q3'26
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Letter from the CEO AutoStore delivered another strong quarter in Q3 2026, with revenue of USD 192 million and order intake of USD 178 million, representing year-over-year growth of 38% and 17%, respectively. As previously communicated, we continued to deliver strong profitability while increasing investments in growth initiatives. Gross margin and adjusted EBITDA margin remained healthy at 71.3% and 42.3%, respectively, while cash flow conversion was 78.0%, underscoring the strength of our highly cash-generative business model. Commercial momentum Customer engagement remained strong during the quarter, with good momentum across our key strategic markets, customer segments and geographies. Demand was supported by activity across retail, third-party logistics and industrial end markets. North America was a particular highlight during the quarter. The performance reflects deliveries to a broad range of both new and existing customers. Increasing pace of innovation The investments we have made in product development are increasingly translating into commercial results, with recently launched products and capabilities, including AutoCase™ and FlexBins™, gaining traction with customers and contributing to our continued growth. At our Fall 2026 Product Announcement, we introduced new hardware, software and AI-enabled capabilities designed to support greater autonomy and more intelligent fulfillment. As supply chains become increasingly strategic to our customers, they are looking for solutions that improve productivity today while providing the flexibility to adapt to changing demand and evolving business needs over time. We believe this represents a significant long-term opportunity for AutoStore and further strengthens our competitive position. In parallel with our organic product innovation efforts, we continue to evaluate selective opportunities to complement and strengthen our offering. The acquisition of Logiqs, announced today, represents another step in our journey towards building an autonomous, intelligent fulfillment platform. In Logiqs, we have identified a core technology that, in due course, will bring roaming pallet AS/RS into the AutoStore platform, helping us address a broader set of needs for both new and existing customers. Disciplined approach to capital allocation Our capital allocation priorities are unchanged. Given the significant potential we see in the business, our first priority is to invest organically for growth. After this, we seek to maintain flexibility for strategic acquisitions alongside returning surplus capital to shareholders, all while preserving a strong balance sheet. As we increase investments, we are also executing the share buy-back program announced in August. This will see up to USD 75 million returned to shareholders. The program is progressing as planned with USD 53 million returned at November 4, and is expected to be completed in 2026. We will continue to assess opportunities for capital deployment against these priorities. Raising our 2026 revenue outlook A strong year-to-date performance, a healthy order backlog and increased visibility into the remainder of the year support an increase in our full year revenue guidance from around USD 700 million provided at Q2 2026 to around USD 750 million. This improved visibility and momentum support continued investment in our strategic priorities while maintaining strong profitability. While these investments are expected to slightly moderate margins in the second half of the year compared to those achieved in the first half, we remain well positioned to deliver strong profitability. Strong customer demand, an expanding product portfolio and continued commercial momentum position us well for continued growth and long-term value creation. Mats Hovland Vikse, CEO // Q3 2026 3
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Financial developments2 Results for the period AutoStore reported total revenue of USD 192.1 million (139.0), representing a year-over-year growth of 38.2%. Cost of materials amounted to USD 55.0 million (37.4). Gross profit was USD 137.1 million (101.7), while the gross margin ended at 71.3% versus 73.1% in the same period last year. The year-over-year decline mainly reflects the delayed effect of higher commodity prices flowing through the supply chain into cost of materials. Employee benefit expenses amounted to USD 40.0 million (20.8). Excluding option costs for both periods, employee benefit expenses were USD 34.8 million in Q3 2026 versus USD 20.6 million in Q3 2025. Other operating expenses ended at USD 23.3 million in this period compared to USD 15.6 million in Q3 2025. The increase across employee benefit expenses and other operating expenses mainly reflects continued investment in longer-term growth and ERP system implementation costs. EBITDA1 totaled USD 73.7 million (65.3), which corresponded to an EBITDA margin1 of 38.4% (47.0%). Adjusted EBITDA1 and the adjusted EBITDA margin1 were USD 81.3 million (65.5) and 42.3% (47.1%), respectively. AutoStore reported USD 5.0 million (5.0) in depreciation of tangible assets and leases and USD 12.3 million (11.1) in amortization of intangible assets. The increase in amortization is primarily driven by internally developed assets being deployed to the market and ready for amortization. Furthermore, amortization of intangible assets partly reflects the purchase price allocation recognized when Thomas H. Lee Partners (THL) acquired the Group in 2019. Additionally, AutoStore reported USD 2.4 million (0.5) of impairment related to discontinued development projects. EBIT1 was USD 54.1 million (48.6), while adjusted EBIT1 amounted to USD 67.1 million (53.8). Finance income in the period was USD 0.6 million (2.0), while finance expense was USD 3.4 million (8.0). Finance expense mainly consisted of interest cost on the Group’s external debt facilities, reflecting the refinancing and reduced outstanding debt. Net foreign exchange losses were USD 2.7 million (1.2). Profit before tax was USD 48.7 million (41.5), which resulted in a tax expense of USD 11.0 million (9.2). The profit after tax was USD 37.7 million (32.2). Cash flow Cash flow from operating activities amounted to USD 101.4 million (73.4), with the year-over-year increase mainly driven by a higher EBITDA contribution and positive working capital development, including strong customer collections. Cash outflow from investing activities amounted to USD 17.3 million (13.8), primarily driven by investments in intangible assets and development expenditures totaling USD 16.1 million (11.0), alongside USD 1.8 million (4.8) related to purchases of property, plant and equipment. These investments were partly offset by positive cash flows from interest on cash of USD 0.6 million (2.0). Cash outflow from financing activities was USD 34.2 million (9.5). This development was primarily driven by the share buy-back program, under which 16,925,851 shares were repurchased during the period for a total consideration of USD 28.4 million. Additionally, financing activities included interest payments of USD 2.5 million (6.6) and payments for the Group’s lease commitments totaling USD 3.3 million (3.4). Cash was also affected by the translation of cash held in other currencies to USD. The Group held USD 151.2 million in cash as of September 30, 2026, down from USD 347.9 million as of September 30, 2025 and up from USD 90.1 million as of December 31, 2025. Financial position The Group’s total assets as of September 30, 2026 were USD 2,116.8 million, up from USD 1,999.6 million as of December 31, 2025. The main changes from year-end were driven by movements in non-current assets, primarily in goodwill and intangible assets. These increases were largely attributable to positive currency translation effects, with goodwill rising to USD 1,125.4 million (from USD 1,072.4 million) and intangible assets to USD 516.4 million (from USD 491.4 million). Current assets increased to USD 364.1 million (323.2), with movement mainly driven by an increase in cash balances, offset by a reduction in receivables. Equity increased to USD 1,703.1 million as of September 30, 2026 from USD 1,532.1 million as of year-end. Changes in equity were impacted by allocation of the result in the period together with positive translation effects resulting from converting the financial results and positions of subsidiaries and the parent company from other currencies into USD. In Q3 2026, equity was also impacted by the share buy-back program, as described above. Total non-current liabilities reduced to USD 265.9 million (341.1) as of September 30, 2026, mainly due to repayment of external debt facilities, hereunder the revolving credit facility (RCF). Current liabilities increased to USD 147.8 million (126.4). // Q3 2026 4 1 Reference is made to the APM section for further explanations and details on APM measures. 2 All subsequent numbers in parentheses refer to comparative figures for the same period last year, except for balance sheet items ("Financial position").
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Corporate developments On October 13, AutoStore announced new and enhanced products and capabilities as part of its Fall 2026 Product Announcement, focused on advancing more autonomous and intelligent fulfillment. Key additions included FlexBinsPort™, which enables mixed bin sizes to be handled from a single workstation; enhanced AutoCase™ capabilities to support a broader range of case- handling workflows; and Pio Pal™, which extends robotic picking to smaller businesses through a Robotics-as-a- Service model. The release also introduced CubeExplore™, an AI-powered investment planning tool; new design capabilities in CubeStudio™; CubeFleet™ for predictive maintenance and fleet management; and enhanced CubeAnalytics™ for improved operational insights across warehouse networks. AutoStore also expanded the capabilities of VersaAI™, supporting a broader range of piece-picking workflows and system configurations. Together, these capabilities help customers improve productivity, reduce operational complexity and increase flexibility. The release builds on AutoStore’s strategy of enabling more autonomous and intelligent fulfillment by bringing additional workflows, maintenance activities and decision-making processes onto the AutoStore platform. For further information, read more here. Subsequent events On 5 November, AutoStore announced the acquisition of Logiqs, a provider of roaming pallet AS/RS, for a purchase price of up to EUR 30 million. Logiqs brings core technology that, over time, is expected to bring pallet automation into the AutoStore platform, supporting the Company's strategy of building an autonomous, intelligent fulfillment platform and helping address a broader set of needs for both new and existing customers. Based in the Netherlands, Logiqs develops roaming robots for the automated storage and retrieval of palletized goods. Its warehouse technology is deployed at approximately 30 customer sites across multiple geographies and end markets, helping customers improve storage density, throughput and operational efficiency. Logiqs' 60 employees bring complementary automation, software and product capabilities to AutoStore. Outlook AutoStore continues to see resilient underlying market dynamics, supported by strengthening customer engagement, a robust pipeline and order backlog. Customers continue to see strong payback from AutoStore's solutions, which underpins demand even as global trade uncertainty and a more complex operating environment may affect the timing of investments. Against this backdrop, AutoStore has remained focused on disciplined execution, refining its go-to-market model, broadening its product portfolio, and reallocating resources toward high-potential areas. AutoStore sees a large and growing long-term opportunity in warehouse automation, supported by structural drivers including continued e-commerce penetration, labor cost inflation, and increasing demand for operational efficiency. While the timing and phasing of projects will continue to result in natural quarter-to-quarter variability, AutoStore's strong performance year-to-date and improved visibility support an increase in full year 2026 revenue guidance from around USD 700 million provided at Q2 2026 to around USD 750 million. This positive momentum supports continued investment into AutoStore’s commercial, product and technology capabilities. While these investments are expected to slightly moderate margins in the second half of the year compared to those achieved in the first half, AutoStore remains well positioned to deliver strong profitability whilst investing for future growth and long-term value creation. // Q3 2026 5
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Appendices This report presents the financial results for AutoStore Holdings Ltd. for the third quarter of 2026. The same accounting policies and measurement principles as presented in the Annual Report for 2025 have been used when preparing this quarter’s presented results. The report does not meet the requirements of IAS 34 Interim Financial Reporting and the figures are unaudited.
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Interim condensed consolidated statement of profit/loss for the period Third quarter YTD USD million 2026 2025 2026 2025 Revenue and other operating income 192.1 139.0 549.9 358.9 Total revenue and other operating income 192.1 139.0 549.9 358.9 Cost of materials -55.0 -37.4 -153.6 -101.5 Employee benefit expenses -40.0 -20.8 -105.3 -76.3 Other operating expenses -23.3 -15.6 -64.0 -51.2 Depreciation -5.0 -5.0 -14.7 -13.9 Amortization of intangible assets -12.3 -11.1 -37.2 -31.1 Impairment -2.4 -0.5 -2.4 -0.5 Operating profit/(loss) 54.1 48.6 172.6 84.3 Finance income 0.6 2.0 1.3 6.1 Finance expense -3.4 -8.0 -11.9 -25.5 Foreign exchange gains/(losses) -2.7 -1.2 1.2 -12.5 Profit/(loss) before tax 48.7 41.5 163.3 52.4 Income tax expense -11.0 -9.2 -34.5 -11.5 Profit/(loss) for the period 37.7 32.2 128.8 40.9 // Q3 2026 7
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Interim condensed consolidated statement of cash flow Third quarter YTD USD million 2026 2025 2026 2025 Cash flow from operating activities Profit/(loss) before tax 48.7 41.5 163.3 52.4 Adjustment to reconcile profit/(loss) before tax to net cash flow Depreciation, amortization and impairment 19.6 16.7 54.3 45.5 Share-based payment expense 1.2 0.7 4.7 2.9 Finance income -0.6 -2.0 -1.3 -6.1 Finance costs 3.4 8.0 11.9 25.5 Foreign exchange gains/(losses) 2.7 1.2 -1.2 12.5 Working capital adjustments Change in inventories -4.4 4.1 -9.3 -2.7 Change in trade and other receivables 23.5 18.9 20.2 42.5 Change in trade and other payables 3.4 -0.2 7.0 -6.2 Changes in provisions and other current liabilities 4.7 -14.1 14.6 -57.5 Other items Tax paid -0.7 -1.3 -38.0 -9.8 Net cash flow from operating activities 101.4 73.4 226.2 99.1 Cash flow from investing activities Purchase of property, plant and equipment -1.8 -4.8 -3.8 -10.9 Purchase of intangible assets -3.4 -2.9 -8.9 -9.1 Development expenditures -12.7 -8.1 -32.0 -23.5 Interest received 0.6 2.0 1.3 6.0 Net cash flow from investing activities -17.3 -13.8 -43.4 -37.5 Cash flow from financing activities Purchase of own shares -28.4 - -28.4 - Proceeds from sale of treasury shares - 0.5 - 0.5 Repayment of long-term debt - - -65.9 - Payments of principal for the lease liability -2.5 -2.4 -7.4 -6.9 Payments of interest for the lease liability -0.8 -1.0 -2.6 -3.0 Interest paid -2.5 -6.6 -9.3 -19.9 Net cash flow from financing activities -34.2 -9.5 -113.6 -29.3 Net change in cash 49.9 50.1 69.3 32.2 Effect of change in exchange rate -2.7 -1.9 -8.2 19.6 Cash, beginning of period 104.0 299.7 90.1 296.1 Cash, end of period 151.2 347.9 151.2 347.9 // Q3 2026 8
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Interim condensed consolidated statement of financial position USD million 30.09.2026 31.12.2025 ASSETS Non-current assets Property, plant and equipment 49.1 46.6 Right-of-use assets 46.2 53.0 Goodwill 1,125.4 1,072.4 Intangible assets 516.4 491.4 Deferred tax assets 7.2 5.0 Other non-current assets 8.3 7.9 Total non-current assets 1,752.7 1,676.4 Current assets Inventories 85.6 82.2 Trade receivables 105.0 121.8 Other receivables 22.3 29.2 Cash 151.2 90.1 Total current assets 364.1 323.2 TOTAL ASSETS 2,116.8 1,999.6 EQUITY AND LIABILITIES Equity Share capital 34.1 34.3 Share premium 1,154.6 1,154.6 Treasury shares -0.6 -0.7 Other equity 515.0 343.9 Total equity 1,703.1 1,532.1 Non-current liabilities Non-current interest-bearing liabilities 139.9 210.6 Non-current lease liabilities 41.3 46.3 Deferred tax liabilities 77.5 77.2 Non-current provisions 7.2 6.9 Total non-current liabilities 265.9 341.1 Current liabilities Trade and other payables 54.8 47.9 Other current liabilities 19.5 26.0 Current lease liabilities 11.4 12.8 Income tax payable 33.0 31.4 Current provisions 29.1 8.3 Total current liabilities 147.8 126.4 Total liabilities 413.7 467.5 TOTAL EQUITY AND LIABILITIES 2,116.8 1,999.6 // Q3 2026 9
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Alternative Performance Measures (APMs) To enhance investors’ understanding of the Company’s performance, AutoStore presents certain alternative performance measures (APMs) as defined by the European Securities and Markets Authority (“ESMA”) in the ESMA Guidelines on Alternative Performance Measures 2015/1057. For more information on the descriptions and definitions of the APMs used in this report, reference is made to the Annual Report 2025. Adjusted EBITDA¹ Third quarter YTD USD million 2026 2025 2026 2025 Profit/loss for the period 37.7 32.2 128.8 40.9 Income tax 11.0 9.2 34.5 11.5 Net financial items 5.4 7.2 9.3 31.9 EBIT 54.1 48.6 172.6 84.3 Depreciation 5.0 5.0 14.7 13.9 Amortization of intangible assets 12.3 11.1 37.2 31.1 Impairment 2.4 0.5 2.4 0.5 EBITDA¹ 73.7 65.3 226.9 129.8 Option costs 5.2 0.2 10.1 1.5 Transformation costs² - - - 19.0 ERP system implementation costs 2.4 - 3.4 - Total adjustments 7.6 0.2 13.5 20.5 Adjusted EBITDA¹ 81.3 65.5 240.5 150.3 Total revenue and other operating income 192.1 139.0 549.9 358.9 EBITDA margin¹ 38.4 % 47.0 % 41.3 % 36.2 % Adjusted EBITDA margin¹ 42.3 % 47.1 % 43.7 % 41.9 % Adjusted EBIT¹ Third quarter YTD USD million 2026 2025 2026 2025 EBIT 54.1 48.6 172.6 84.3 Option costs 5.2 0.2 10.1 1.5 Transformation costs² - - - 19.0 ERP system implementation costs -% 2.4 - 3.4 - PPA amortization 5.4 5.0 16.0 14.6 Total adjustments 13.0 5.2 29.5 35.1 Adjusted EBIT¹ 67.1 53.8 202.2 119.4 Total revenue and other operating income 192.1 139.0 549.9 358.9 EBIT margin¹ 28.2 % 35.0 % 31.4 % 23.5 % Adjusted EBIT margin¹ 34.9 % 38.7 % 36.8 % 33.3 % // Q3 2026 10 1 Reference is made to explanations on the adjustments on the following page. 2 Reference is also made to AutoStore’s Q2 2025 Report with additional explanations and reconciliation of the adjustment (transformation costs).
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Adjustments Options These comprise costs incurred in connection with the Group’s stock option schemes. The expenses are due to vesting and change in social security tax as a consequence of the development in the value of the underlying shares. The Company has deemed these costs to constitute an adjustment item in terms of their nature and size. Transformation project These comprise costs associated with the commencement of the transformation project executed by the Company in 2025 that featured structural and strategic changes within the organization, particularly by strengthening its commercial focus within the sales and product organization. The adjustments include, among others, severance packages and other employee-related expenses connected to workforce reductions, such as accrued compensation, transition support, and professional advisory services. Additionally, the inventory write-down of the ended B1 Robot business line is included. The Company has deemed these costs to constitute an adjustment item in terms of their nature and size. ERP system implementation project These comprise costs associated with the implementation of a new enterprise resource planning (ERP) system as part of a broader transformation initiative. The adjustments include, among others, external consulting and advisory fees, system configuration and customization, data migration, and project management costs directly attributable to the implementation. The Company has deemed these costs to constitute an adjustment item due to their non-recurring nature and expected material size, and as they are not considered reflective of the Company’s underlying operating performance. PPA amortizations These represent amortization of assets recognized as part of the purchase price allocation made when Thomas H. Lee Partners acquired the Group from EQT. The Company has deemed the transaction to constitute a special item, as it resulted from a change of ownership structure and hence no acquisitions were made by the Company itself. No adjustments are made for PPA amortizations resulting from acquisitions through the Company. // Q3 2026 11
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// Q3 2026 12 AutoStore Holdings Ltd. Published: November 5, 2026 Investor Relations info.ir@autostoresystem.com +47 527 63 500 Stokkastrandvegen 85, N-5578 Nedre Vats, Norway The publication can be downloaded on autostoresystem.com