Interim report
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Organic growth and improved profitability in Finland KEY PERFORMANCE INDICATORS 2026 2025 2026 2025 30/09/2026 2025 Group JUL–SEP JUL–SEP JAN–SEP JAN–SEP 12 months to JAN–DEC Revenue, MSEK 2,295 2,189 7,264 6,891 9,924 9,551 Gross profit, MSEK 944 906 2,969 2,810 4,082 3,923 Gross margin, % 41.1 41.4 40.9 40.8 41.1 41.1 Operating profit, MSEK 147 134 384 269 586 471 Operating margin, % 6.4 6.1 5.3 3.9 5.9 4.9 Adjusted EBITA, MSEK 168 158 468 376 707 615 Adjusted EBITA margin, % 7.3 7.2 6.4 5.5 7.1 6.4 Return on equity, % 9 7 Equity per share 2, SEK 80.46 73.57 80.46 73.57 80.46 74.89 Equity/assets ratio, % 41 38 41 38 41 39 1) B efore and after dilution. 2 ) R efers to equity attributable to the Parent Company’s shareholders. Q3 2026 INTERIM REPORT 1 January–30 September 2026 1 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 THIRD QUARTER 2026 HIGHLIGHTS l R evenue increased by 4.9 per cent to MSEK 2,295 (2,189). Organic growth was 1.1 per cent. l G ross margin was 41.1 per cent (41.4). l A djusted EBITA increased to MSEK 168 (158), corresponding to an adjusted EBITA margin of 7.3 per cent (7.2). l O perating profit increased to MSEK 147 (134) and the operating margin increased to 6.4 per cent (6.1). Operating profit was charged with items affecting comparability of MSEK -4 (-5). l P rofit amounted to MSEK 92 (83). l E arnings per share amounted to SEK 1.84¹ (1.64¹). l C ash flow from operating activities amounted to MSEK 45 (148). FIRST NINE MONTHS 2026 HIGHLIGHTS l R evenue increased by 5.4 per cent to MSEK 7,264 (6,891). Organic growth was 2.5 per cent. l G ross margin was 40.9 per cent (40.8). l A djusted EBITA increased to MSEK 468 (376), corresponding to an adjusted EBITA margin of 6.4 per cent (5.5). l O perating profit increased to MSEK 384 (269) and the operating margin increased to 5.3 per cent (3.9). Operating profit was charged with items affecting comparability of MSEK -30 (-52). l P rofit amounted to MSEK 238 (146). l E arnings per share amounted to SEK 4.71¹ (2.86¹). l C ash flow from operating activities amounted to MSEK 592 (260). SIGNIFICANT EVENTS DURING THE THIRD QUARTER l D etailed planning of the intended expansion of the logistics centre in Örebro is continuing according to schedule, with construction on track to begin in 2027. EVENTS AFTER THE END OF THE PERIOD l N o significant events have occurred since the end of the period.
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Q3 2026 2 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Message from the CEO A lligo delivered continued organic growth and improved profit in the third quarter, despite a somewhat cautious market. The strong performance in Finland was particularly pleasing, while development in Sweden and Norway was affected by a more reluctant market. During the quarter, I continued to spend a lot of time out in our businesses, at our customers and with our employees. We have a strong platform and at the same time see many opportunities to further strengthen our position going forward. Third quarter The third quarter brought continued improvement in profit and organic growth for the Group, with varied market development. Revenue amounted to MSEK 2,295 (2,189), an increase of 4.9 per cent. There were the same number of trading days as in the comparison quarter and currency translation effects had an impact on revenue of 2.2 per cent. Organic growth was 1.1 per cent (-2.7) and growth through acquisitions was 1.5 per cent (6.3). Development in Sweden was weaker than expected during the quarter and the restraint shown by customers continued as before. The continued warm weather during the early autumn is suppressing demand for seasonal products to a certain extent and, overall, sales reduced organically slightly compared with the corresponding quarter of last year, while profit was also somewhat lower. Given the restrained market, we will continue to adapt the cost base going forward. In Norway, organic sales decreased marginally during the quarter and profit was slightly lower than the previous year. Revenue and profitability continued to be negatively affected by reduced project volumes within oil and gas. In view of the sales trend, the cost base was adjusted during the quarter. Finland provided the Group’s strongest performance during the quarter, with good organic growth and a clear improvement in profit. This highlights the long-term work we have done and is a result of both our efficiency programme and the efforts we have made to strengthen the business, develop our offering and increase sales activity on the market. Adjusted EBITA for the quarter increased to MSEK 168 (158) and the adjusted EBITA margin increased to 7.3 per cent (7.2). The improvement in profit was driven by higher volumes and previously implemented efficiency measures. Full focus on sales Alligo has an incredible strength in the breadth of both customers and range. During the quarter, we continued to develop both our sales manage- ment and our prioritisation in order to maximise the effect of our sales work. We see great potential for developing and increasing sales through our digital channels. In September, the e-commerce platform was further upgraded, which unfortunately led to some disruption for customer traffic, but which will create new business opportunities for us in the long term. During the quarter, we launched a new packaging of our range in both Norway and Sweden, targeted at prioritised customer groups, and we are reviewing everything from pricing logic to how we cross-sell our range in the customer base. So far this year, we have seen a continued positive trend in our sales of services and our own brands, two key drivers of both growth and customer loyalty. Further development from a strong foundation My continued visits to the businesses and meetings with customers and employees have confirmed my view of Alligo as a company with strong customer relationships, a highly regarded customer offering and a strong common platform comprising expertise, store networks, logistics and IT. This foundation has been established gradually over a long period of time and our task now is to exploit these strong conditions to the full. During the summer, we began an in-depth review of the company and we are working intensively to further develop and refine our strategy for the period to 2030. The strategy work is expected to be completed during the autumn and is based on our customers’ needs and our strengths as a company. We are not expecting a major overhaul, but I am convinced that the further developed strategy will make us even more relevant for our customers, strengthen Alligo as a workplace and create even better conditions for long-term profitable growth. Samuel Alteborg Group President and CEO We have a strong platform and at the same time see many opportunities to further strengthen our position going forward.
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Q3 2026 3 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 NON-INTEGRATED BUSINESSES PRODUCT MEDIA: Company Line, Reklamproffsen, Industriprofil, Triffiq, Magnusson Agentur, Profeel, Z-Profil, Kents Textiltryck, Olympus Profile, Topline, New Promotion and Respond. WELDING: Svets och Tillbehör, Svetspartner, T. Brantestig Svetsmaskinservice, Sundholm Welding, Corema, Svets & Robotteknik, Svetsexperten and Pirkka-Hitsi. BATTERIES: Batterilagret . O THER AREAS: Mercus yrkeskläder, Tools Vagle, Workwear, Metaplan, Liukkosen Pultti, Hämeen Teollisuuspalvelu and Riihimäen Teollisuuspalvelu. Alligo in a minute REVENUE BY GEOGRAPHIC SEGMENT JAN–SEP 2026 ADJUSTED EBITA BY GEOGRAPHIC SEGMENT JAN–SEP 2026 SALES BY CHANNEL JAN–SEP 2026 19% (19) Finland 16% (10) Finland 4% (4) Industrial stores 33% (33) Direct sales incl. online & on-site service 22% (20) Non-integrated companies 54% (55) Sweden 69% (73) Sweden 41% (43) In-store 27% (26) Norway 15% (17) Norway 60 stores 139 stores 38 stores Alligo is a leading player within workwear, PPE, tools and consumables in the Nordic region. Our offering consists of a standardised product range of goods and services that make businesses work. Through the concept brands Swedol in Sweden and Tools in Norway and Finland, alongside independent brands, we interact with professional users in the Nordic region via the channels where they want to meet us, whether this is a store, field sales and telesales, digital channels or smart solutions on-site at the customer. Alligo is an integrated business with a scalable platform that can drive long-term profitable and sustainable growth, both organically and through acquisitions. In addition to the integrated business, there are also non-integrated companies within selected product and technology areas, such as product media, welding and batteries, which operate under their own brands. We are driven by our vision of becoming unbeatable as a partner to our customers and suppliers, and as an employer for our employees, as well as becoming a leader in sustainable development in our industry.
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Q3 2026 4 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Revenue Third quarter 2026 Revenue increased by 4.9 per cent to MSEK 2,295 (2,189). Organic growth of 1.1 per cent, acquisitions made and positive currency effects had a positive impact on revenue. Finland achieved organic growth while Sweden and Norway experienced weaker development. Growth in Finland was driven by a continued recovery within several customer segments, primarily the manufacturing and defence industries. In Norway, sales within Oil and gas remained weak, while sales in Sweden were weaker across all channels and in several customer segments, with the exception of the defence industry. Acquired growth amounted to 1.5 per cent and relates to acquisitions in Sweden and Norway. The proportion of own brands decreased to 18.4 per cent (18.8) during the quarter. Within the integrated Swedol and Tools business, the proportion of own brands decreased to 23.0 per cent (23.1), driven by developments in Sweden. Currency translation effects had a net positive impact on revenue of MSEK 49, driven by the NOK trend. Group development SALES TREND 2026 2025 2025 Percentage, % JUL–SEP JUL–SEP JAN–DEC Change in revenue from: Like-for-like sales in local currency 1.1 -2.7 -2.2 Currency effects 2.2 -1.5 -1.7 Number of trading days - - -0.8 Other units 1 1.5 6.3 7.0 Total change 4.9 2.1 2.3 1) A cquisitions and divestments. REVENUE 600 1,200 1,800 2,400 3,000 0 60 120 180 240 Rolling 12 months, MSEK Rolling 12 months, MSEK Per quarter, MSEK Per quarter, MSEK Q4 Q1 Q2 Q3 Q4 Q1 2024 20262025 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 20262025 Q2 Q3 6,000 7,000 8,000 9,000 10,000 0 200 400 600 800 2024 2025 2026 MSEK Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Per quarter 2,589 2,232 2,470 2,189 2,660 2,358 2,611 2,295 Rolling 12 months 9,333 9,396 9,434 9,480 9,551 9,677 9,818 9,924 OWN BRANDS JUL–SEP 2026 21% (21) Tools & consuma - bles 18% (19) Own brands Of which 82% (81) External brands 79% (79) Workwear & PPE Share of sales and breakdown by product category 41% (44) In-store 4% (4) Industrial stores 22% (20) Non-integrated companies 33% (32) Direct sales incl. online & on-site service SALES BY CHANNEL JUL–SEP 2026 2 2) A dditional breakdown of sales by channel from 2026 onwards. Comparative figures for 2025 have been adjusted accordingly.
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Q3 2026 5 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Revenue First nine months 2026 Revenue increased by 5.4 per cent to MSEK 7,264 (6,891). Organic growth of 2.5 per cent, acquisitions made and positive currency effects had a positive impact on revenue, as did one trading day more than in the corre - sponding period last year. Finland and Sweden achieved organic growth, while development in Norway was on a par with last year. Sales in the store channel in all countries were positively affected by the cold winter weather during the first quarter. Growth in Finland was driven by a continued recovery within several customer segments, primarily the manufacturing and defence industries. In Sweden, growth was driven by increased sales to the defence industry and growth in non-integrated companies, while sales in the store channel remained stable. Sales within Oil and gas remained weak in Norway. Acquired growth amounted to 1.8 per cent and related to acquisitions in Sweden and Norway. The proportion of own brands increased to 18.2 per cent (17.7) during the period, despite non-integrated companies accounting for a greater proportion of sales. Within the integrated Swedol and Tools business, the proportion of own brands increased to 22.9 per cent ( 21.8) as a result of i ncreased sales of workwear & PPE in all countries. Currency translation effects had a net positive impact on revenue of MSEK 41, driven by the NOK trend but offset by the EUR trend. SALES TREND 2026 2025 2025 Percentage, % JAN–SEP JAN–SEP JAN–DEC Change in revenue from: Like-for-like sales in local currency 2.5 -3.3 -2.2 Currency effects 0.6 -1.5 -1.7 Number of trading days 0.5 -1.0 -0.8 Other units 1 1.8 8.0 7.0 Total change 5.4 2.2 2.3 1) Acquisitions and divestments. OWN BRANDS JAN–SEP 2026 21% (22) Tools & consuma - bles 18% (18) Own brands Of which 82% (82) External brands 79% (78) Workwear & PPE Share of sales and breakdown by product category 41% (43) In-store 4% (4) Industrial stores 22% (20) Non-integrated companies 33% (33) Direct sales incl. online & on-site service SALES BY CHANNEL JAN–SEP 2026 2 2) Additional breakdown of sales by channel from 2026 onwards. Comparative figures for 2025 have been adjusted accordingly.
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Q3 2026 6 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Third quarter 2026 Operating profit amounted to MSEK 147 (134). Adjusted EBITA (operating profit excluding items affecting comparability and amortisation of intangible assets arising in connection with acquisitions) amounted to MSEK 168 (158), corresponding to an adjusted EBITA margin of 7.3 per cent (7.2). The improve- ment in profit of MSEK 10 was mainly attributable to Finland, while Sweden and Norway experienced weaker development than in the corresponding quarter last year. The improvement in profit in Finland was attributable to higher volumes, as well as cost adjustments made. During the quarter, a project was launched to address the unsatisfactory profitability in Norway, including measures to increase growth and gross margin, as well as cost adjustments. Acquisitions contributed MSEK 2 (16) during the quarter. Gross margin was 41.1 per cent (41.4). The gross margin has been negatively affected by a less favourable country and customer mix. Operating profit was charged with items affecting comparability of MSEK -4 (-5) relating to consultancy costs for the strategy review and costs for other organisational changes. The effective tax rate was 22.0 per cent (21.0). Profit after financial items was MSEK 118 (105) and profit after tax was MSEK 92 (83), which corresponds to earnings per share of SEK 1.84 (1.64) for the quarter. First nine months 2026 Operating profit amounted to MSEK 384 (269). Adjusted EBITA (operating profit excluding items affecting comparability and amortisation of intangible assets arising in connection with acquisitions) amounted to MSEK 468 (376), corresponding to an adjusted EBITA margin of 6.4 per cent (5.5). The improve- ment in profit of MSEK 92 was mainly attributable to Sweden and Finland, but also to Norway, and was driven by higher volumes, cost adjustments and acquisitions made. During the third quarter, a project was launched to address the unsatisfactory profitability in Norway, including measures to increase growth and gross margin, as well as cost adjustments. The project to address the unsatisfactory profitability level in the Finnish Tools business has had an impact and continues according to plan. Acquisitions contributed MSEK 10 (63) during the period. Gross margin was stable at 40.9 per cent (40.8). The gross margin has been positively affected by improved sales and assortment management, including higher sales of own brands, as well as lower costs for purchases in USD, offset by a less favourable country and customer mix. Operating profit was charged with items affecting comparability of MSEK -30 (-52) relating to costs for the restructuring of Finnish operations (lease and personnel costs, as well as range), other organisational changes, acquisition costs and consultancy costs for the strategy review. The effective tax rate was 22.0 per cent (22.3). Profit after financial items was MSEK 305 (188) and profit after tax was MSEK 238 (146), which corresponds to earnings per share of SEK 4.71 (2.86) for the period. The Group’s profitability, measured as the return on equity, amounted to 9 per cent for the most recent twelve-month period, corresponding to a return on capital employed of 8 per cent. ADJUSTED EBITA 600 1,200 1,800 2,400 3,000 0 60 120 180 240 Rolling 12 months, MSEK Rolling 12 months, MSEK Per quarter, MSEK Per quarter, MSEK Q4 Q1 Q2 Q3 Q4 Q1 2024 20262025 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2024 20262025 Q2 Q3 6,000 7,000 8,000 9,000 10,000 0 200 400 600 800 2024 2025 2026 MSEK Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Per quarter 214 74 144 158 239 113 187 168 Rolling 12 months 601 591 569 590 615 654 697 707 Profit
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Q3 2026 7 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Third quarter 2026 Revenue Revenue in Sweden was on a par with the corresponding quarter of last year and amounted to MSEK 1,244 (1,244). Negative organic growth was offset by acquired growth and higher internal sales to ease the pressure on the central ware - house in Vestby. The negative organic growth amounted to -2.2 per cent and was attributable to all channels and several customer segments with the exception of the defence industry. Acquired growth was 1.4 per cent. The proportion of own brands was 21.8 per cent (22.8) during the quarter. Within the inte- grated Swedol business, the proportion of own brands decreased to 29.8 per cent (30.4). Profit Adjusted EBITA for the quarter amounted to MSEK 109 (112) and adjusted EBITA margin to 8.8 per cent (9.0). The decline in profit was the result of lower volumes and lower gross margin. The gross margin has been negatively affected by a less favourable customer mix. Acquisitions contributed profits of MSEK 0 (13) during the quarter. Operating profit has been charged with items affecting comparability of MSEK -1 (-3) net relating to organisational changes. First nine months 2026 Revenue Revenue in Sweden increased by 4.5 per cent to MSEK 4,119 (3,941). This growth was driven by both organic and acquired growth, as well as by higher internal sales to Norway to ease the pres- sure on the central warehouse in Vestby. Organic growth was 1.0 per cent and was attributable to increased direct sales to the defence industry and growth in non-integrated companies, while sales in the store channel remained stable. Acquired growth was 1.9 per cent. The proportion of own brands was 21.6 per cent (21.6) during the period, despite non-in- tegrated companies accounting for a greater proportion of sales. Within the integrated Swedol business, the proportion of own brands increased to 29.8 per cent (28.8) as a result of increased sales of workwear & PPE. Profit Adjusted EBITA for the period amounted to MSEK 331 (280) and adjusted EBITA margin to 8.0 per cent (7.1). The improvement in profit was the result of higher volumes, cost adjustments and acquisitions made. Acquisitions contributed profits of MSEK 9 (40) and additional purchase considerations recognised as income amounted to MSEK 7 (3). Operating profit has been charged with items affecting comparability of MSEK -4 (-49) net relating to organisational changes and acquisi- tion costs. Focus areas Work is under way to increase sales activity throughout the business and strengthen margins in the industrial segment with improved sales and assortment management and ensure an efficient cost base. SWEDEN KPIs 2026 JUL–SEP JAN–SEP Revenue, MSEK 1,244 4,119 Adjusted EBITA, MSEK 109 331 Adjusted EBITA margin, % 8.8 8.0 Proportion of own brands,% 21.8 21.6 NUMBER OF STORES Swedol 72 Non-integrated 67 – Product media 19 – Welding 10 – Batteries 27 – Other 11 Total 139 /Sweden 51% (53) In-store 52% (55) In-store 0% (0) Industrial stores 0% (0) Industrial stores 28% (26) Non-integrated companies 28% (25) Non-integrated companies 21% (21) Direct sales incl. online & on-site service 20% (20) Direct sales incl. online & on-site service First nine months, Jan–Sep 2026 1 SALES BY CHANNEL Third quarter, Jul–Sep 2026 1 1) A dditional breakdown of sales by channel from 2026 onwards. Comparative figures for 2025 have been adjusted accordingly.
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Q3 2026 8 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 /Norway Third quarter 2026 Revenue Revenue in Norway increased by 16.4 per cent to MSEK 694 (596). Growth was driven by positive currency effects and acquired growth, as well as higher internal sales to Sweden to centralise the warehousing of own brands in Örebro. The NOK trend had an impact on sales of 8.3 per cent. Organic growth was negative at -0.8 per cent, driven by developments in the oil and gas industry. Acquired growth was 3.0 per cent. The proportion of own brands was 18.7 per cent (18.0) during the quarter, despite non-integrated companies accounting for a greater proportion of sales. Within the integrated Tools business, the proportion of own brands increased to 19.9 per cent (18.5) as a result of increased sales of workwear & PPE. Profit Adjusted EBITA for the quarter amounted to MSEK 31 (33) and adjusted EBITA margin to 4.5 per cent (5.5). The decline in profit was the result of lower volumes and lower gross margin. During the quarter, a project was launched to address the unsatisfactory profitability in Norway, including measures to increase growth and gross margin, as well as cost adjustments of approximately MSEK 35. Acquisitions contributed p rofits of MSEK 2 during the quarter. Operating profit has been charged with items affecting comparability of MSEK 0 (0). First nine months 2026 Revenue Revenue in Norway increased by 9.2 per cent to MSEK 2,024 (1,853). The NOK trend had an impact on sales of 3.7 per cent. Organic growth was 0.0 per cent and included a sizeable loss relating to the oil and gas industry. Acquired growth was 2.9 per cent. The proportion of own brands was 17.6 per cent (16.0) during the period, despite non-integrated companies accounting for a greater proportion of sales. Within the integrated Tools business, the proportion of own brands increased to 18.5 per cent (16.4) as a result of increased sales of workwear & PPE. Profit Adjusted EBITA for the period amounted to MSEK 70 (65) and adjusted EBITA margin to 3.5 per cent (3.5). The improvement in profit was mainly the result of lower costs. During the third quarter, a project was launched to address the unsatis- factory profitability in Norway, including measures to increase growth and gross margin, as well as cost adjustments of approximately MSEK 35. Acquisitions contributed profits of MSEK 1 (0) and additional purchase considerations recognised as income amounted to MSEK 2 (1). Operating profit has been charged with items affecting comparability of MSEK -2 (-1). Focus areas Work is under way to increase sales activity throughout the business and to establish a more favourable customer mix in the form of a greater proportion of small and medium-sized customers, to strengthen the sales and assortment manage - ment in order to improve margins, and to adapt the cost structure. NORWAY KPIs 2026 JUL–SEP JAN–SEP Revenue, MSEK 694 2,024 Adjusted EBITA, MSEK 31 70 Adjusted EBITA margin, % 4.5 3.5 Proportion of own brands,% 18.7 17.6 NUMBER OF STORES Tools 55 Non-integrated 5 – Product media 2 – Welding - – Batteries - – Other 3 Total 60 40% (41) In-store 39% (40) In-store 9% (9) Industrial stores 9% (9) Industrial stores 5% (2) Non-integrated companies 5% (3) Non-integrated companies 46% (48) Direct sales incl. online & on-site service 47% (48) Direct sales incl. online & on-site service First nine months, Jan–Sep 2026 1 SALES BY CHANNEL Third quarter, Jul–Sep 2026 1 1) Additional breakdown of sales by channel from 2026 onwards. Comparative figures for 2025 have been adjusted accordingly.
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Q3 2026 9 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 /Finland Third quarter 2026 Revenue Revenue in Finland increased by 12.1 per cent to MSEK 502 (448). Organic growth was 12.0 per cent. The recovery in sales continued during the quarter within several customer segments, primarily within the manufacturing and defence industries, while two larger customer relationships have also been phased out in principle. Sales in the store channel achieved positive growth, albeit from low levels. The EUR trend had an impact on sales of 0.0 per cent. There was no acquired growth. The proportion of own brands was 10.2 per cent (9.6) during the quarter, despite non-in- tegrated companies accounting for a greater proportion of sales. Within the integrated Tools business, the proportion of own brands increased to 12.8 per cent (12.4) as a result of increased sales of workwear & PPE. Profit Adjusted EBITA for the quarter amounted to MSEK 30 (14) and adjusted EBITA margin to 6.0 per cent (3.1). The improvement in profit was the result of higher volumes and cost adjustments. No profits were contributed from acquisitions during the quarter. Operating profit has been charged with items affecting comparability of MSEK 0 (0). First nine months 2026 Revenue Revenue in Finland increased by 8.4 per cent to MSEK 1,486 (1,371). Organic growth was 9.6 per cent. The recovery in sales continued during the period within several customer segments, primarily within the manufacturing and defence industries, while two larger customer relation - ships have also been phased out in principle. Sales in the store channel achieved positive growth, albeit from low levels. The EUR trend had an impact on sales of -2.1 per cent. There was no acquired growth. The proportion of own brands was 10.1 per cent (9.3) during the period, despite non-integrated companies accounting for a greater proportion of sales. Within the integrated business, the propor- tion of own brands increased to 13.1 per cent (12.1) as a result of increased sales of workwear & PPE. Profit Adjusted EBITA for the period amounted to MSEK 78 (41) and adjusted EBITA margin to 5.2 per cent (3.0). The improvement in profit was the result of higher volumes and cost adjustments. No profits were contributed from acquisitions during the period. Operating profit has been charged with items affecting comparability of MSEK -7 (0) relating to costs for organisational changes, leases on premises and the scrapping of articles in two closed stores. Focus areas The project to address the unsatisfactory profitability level in the Finnish Tools business has had an impact and continues according to plan. Clearer leadership has been established and a review of the store network has taken place, alongside a cost structure adaptation, given that two larger customer relationships have ended. Work is under way to increase sales activity throughout the business and to establish a more favourable customer mix in the form of a greater proportion of small and medium-sized customers as well as to strengthen the sales and assortment management in order to improve margins. FINLAND KPIs 2026 JUL–SEP JAN–SEP Revenue, MSEK 502 1,486 Adjusted EBITA, MSEK 30 78 Adjusted EBITA margin, % 6.0 5.2 Proportion of own brands,% 10.2 10.1 NUMBER OF STORES Tools 29 Non-integrated 9 – Product media - – Welding 2 – Batteries - – Other 7 Total 38 20% (20) In-store 19% (20) In-store 6% (8) Industrial stores 6% (7) Industrial stores 28% (27) Non-integrated companies 29% (27) Non-integrated companies 46% (45) Direct sales incl. online & on-site service 46% (46) Direct sales incl. online & on-site service First nine months, Jan–Sep 2026 1 SALES BY CHANNEL Third quarter, Jul–Sep 2026 1 1) A dditional breakdown of sales by channel from 2026 onwards. Comparative figures for 2025 have been adjusted accordingly.
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Q3 2026 10 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Investments and cash flow Cash flow from operating activities before changes in working capital for the period totalled MSEK 687 (634). Inventories decreased during the period by MSEK 27, compared with an increase last year of MSEK 125. The average value of inventories was MSEK 2,517 (2,544) and the inventory turnover rate was 3.9 (3.7). Operating receivables increased by MSEK 136 and operating liabili- ties rose by MSEK 14. Cash flow from operating activities therefore amounted to MSEK 592 (260). Cash flow for the period was also impacted by MSEK 68 (63) pertaining to net investments in non-current assets. Investments in non-current assets principally related to store modifications, the develop - ment of e-commerce solutions, service concepts and IT hardware. Financial position and financing At the end of the period, the Group’s financial net loan liability amounted to MSEK 3,069, compared with MSEK 3,143 at the beginning of the financial year. The Group’s operational net loan liability at the end of the period amounted to MSEK 1,733, compared with MSEK 1,774 at the beginning of the financial year. The ratio of net operational liabilities to adjusted EBITDA (excl. IFRS 16) was 2.2 at the end of the period, compared with 2.5 at the beginning of the financial year. Financial income and expenses amounted to MSEK -29 (-29) for the quarter, of which net bank financing costs were MSEK -16 (-22), currency effects and others were MSEK 0 (4) and interest expenses con - nected with right-of-use assets amounted to MSEK -13 (-11). Financial income and expenses amounted to MSEK -79 (-81) for the period, of which net bank financing costs were MSEK -51 (-65), currency effects and others were MSEK 9 (19) and interest expenses connected with right-of-use assets amounted to MSEK -37 (-35). Available cash and cash equivalents, including unutilised granted credit facilities, totalled MSEK 1,880 compared with MSEK 1,336 at the beginning of the financial year. The total credit facility is MSEK 3,100, excluding two separate committed credit facilities of MSEK 400 and MEUR 10 respectively. The credit facility runs until 2029, with the option to extend twice for one year at a time. The interest rate is linked to STIBOR plus a surcharge based on the ratio of net operational liabilities to adjusted EBITDA, excluding IFRS 16. The loans are sustainability-linked and relate to the Group’s sustainability targets for responsible supplier relationships, gender equality as well as climate impact. The equity/assets ratio at the end of the period was 41 per cent (38). Equity per share was SEK 80.46 at the end of the period, compared with SEK 74.89 at the beginning of the financial year. Acquisitions 2026 Alligo completed two acquisitions during the first nine months of 2026. Svets & Robotteknik i Småland AB On 15 April, Alligo signed an agreement to acquire 100 per cent of the shares in Svets & Robotteknik i Småland AB, which has operations in Växjö and Vetlanda. The company generates annual revenue of approximately MSEK 39 and has nine employees. The acquisition complements Alligo’s existing offer - ing with specialist expertise in both traditional welding service and robotised welding solutions. Closing took place on 4 May. Svetsexperten i Kalmar AB On 15 April, Alligo signed an agreement to acquire 100 per cent of the shares in Svetsexperten i Kalmar AB, which has operations in Kalmar. The company offers a broad range within welding and associated service business, generates annual revenue of approximately MSEK 17 and has six employees. Closing took place on 4 May. Acquisitions after the end of the period No acquisitions were completed after the end of the period. Employees At the end of the period, the number of employees in the Group amounted to 2,491, compared with 2,495 at the beginning of the financial year. The decrease in the number of employees is a consequence of the staff cuts made in Finland and Norway. The effect is offset by acquisitions made and new employee hires in the non-integrated units. Transactions with related parties No transactions having a material impact on the Group’s position or earnings occurred between Alligo and its related parties during the period. Parent Company At the end of the period, the Group comprised the Parent Company Alligo AB and a total of 42 Swedish and foreign subsidiaries. The Parent Company’s operations comprise Group-wide management, including Legal and Investor Relations functions. Income takes the form of a management fee from Group companies for Group-wide services and costs which the Parent Company has provided. The Parent Company’s revenue for the period amounted to MSEK 16 (17) and the loss after financial items totalled MSEK -29 (-23). The balance sheet total amounted to MSEK 4,837 (4,847) and equity represented 32 per cent (33) of total assets. The number of employees at the Parent Company at the end of the period was 2 (2). Other financial development
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Q3 2026 11 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Alligo was listed on Nasdaq Stockholm under the name Momentum Group AB (publ) on 21 June 2017. Following a General Meeting resolution of 2 December 2021, the Group’s parent company changed its name to Alligo AB (publ). Since 15 December 2021, the listed Class B share has been traded under the short name ALLIGO B with the ISIN code SE0009922305. The share and share capital At the end of the period, the share capital amounted to MSEK 102. The distri - bution by class of share at the end of the period on 30 September 2026 was as shown in the table below: The quotient value is SEK 2.00 per share. Each Class A share entitles the holder to ten votes and each Class B share to one vote. All shares carry equal rights to the company’s assets, earnings and dividends. A conversion provi - sion in the Articles of Association allows for conversion of Class A shares into Class B shares. Nordstjernan AB is the only shareholder whose shareholding provides total voting rights in excess of one-tenth of the voting rights of all the shares in the company. Nordstjernan’s shareholding corresponds to 54.6 per cent of the outstanding shares and 49.6 per cent of the votes in Alligo. Incentive programmes Alligo has two outstanding incentive programmes aimed at Group Manage - ment and other senior executives: the share savings programmes PSP 2024 and PSP 2025, each with a term of three years. Within the framework of PSP 2025, a maximum of 80,379 performance shares in total can be transferred by the company and within the framework of PSP 2024 a maximum of 66,259 performance shares in total can be transferred. Full redemption and allotment within the framework of Alligo’s outstanding incentive programmes would amount to 146,638 shares, which as at 30 September 2026 corresponded to approximately 0.3 per cent of the share capital and 0.3 per cent of the votes in the company. Further information about the share savings programmes, including the terms and conditions, can be found in the Annual Report for 2025. Holding of treasury shares As at 30 September 2026, Alligo’s holding of Class B treasury shares amounted to 818,301. Alligo’s holding of treasury shares corresponded to 1.6 per cent of the total number of shares and 1.5 per cent of the total number of votes. No shares were repurchased during 2026 and there were no changes to the holding of treasury shares after the end of the period. Alligo’s aims in holding treasury shares are to allow it to adapt the Group’s capital structure and to enable future acquisitions of companies or businesses to be made through payment in treasury shares, as well as to secure future obligations in share-based incentive programmes. The share CLASS OF SHARE 30/09/2026 Class A shares 562,293 Class B shares 50,343,896 Total number of shares before repurchasing 50,906,189 Less: Repurchased Class B shares -818,301 Total number of shares after repurchasing 50,087,888
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Q3 2026 12 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Risks and uncertainties Alligo’s profits, financial position and strategic position are affected by both internal factors over which the Group has control and external factors where the opportunity to influence the course of events is limited. The most signifi - cant external risk factors for Alligo are the economic and market situation, as well as changes in the number of employees, productivity and willingness to invest within the manufacturing and construction industries, combined with structural changes and the competitive situation. The weak economic situation of the past few years has led to a challeng - ing market. Although demand has stabilised since the end of 2024, there has still not been any definitive upturn yet. Alligo’s mix of corporate customers in different sizes and industry segments, spread across three geographical markets, contributes to risk spread and can slightly dampen the effect of economic fluctuations. Geopolitical uncertainty and increasing protectionism have an impact on areas such as raw material prices, the freight market, inflation and the economy that is hard to predict. War in the Middle East has further increased uncertainty, while there are new potential centres of conflict in the world. The business has therefore ensured it is well prepared to handle rapid changes in the global situation and in the economy. For a more detailed summary of the Group’s other risks and uncertain - ties, see pages 47–50 of the 2025 Annual Report. The Parent Company is indirectly affected by the above risks and uncertainties through its function in the Group.
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Q3 2026 13 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Group targets Financial targets 1 Alligo’s financial targets focus on profitable growth, financial stability and dividend. The targets have been set based on Alligo’s conditions during a medium-term strategy period. Sustainability targets 1 The sustainability targets are based on Alligo’s vision and material sustainability matters and are designed to make Alligo a leader in sustainable development in our industry. GROWTH >5% Organic growth Average organic growth shall be more than five per cent per year over a business cycle. Further growth shall also be made through acquisitions. PROFITABILITY >10% Adjusted EBITA margin The adjusted EBITA margin shall be more than ten per cent per year. INDEBTEDNESS <3X Ratio of net operational liabilities to adjusted EBITDA, excl. IFRS 16 The ratio of net operational liabilities to adjusted EBITDA, excl. IFRS 16 shall be less than a multiple of three. DIVIDEND 30–50% Dividend from net profit The dividend as a percentage of net profit shall be 30–50 per cent, taking into account other factors such as financial position, cash flow and growth opportunities. RESPONSIBLE SUPPLIER RELATIONSHIPS >95% Shall meet the Supplier Standard More than 95 per cent must meet Alligo’s Supplier Standard. 2 SATISFIED CUSTOMERS >75 Customer Satisfaction Index The Customer Satisfaction Index (CSI) shall be more than 75. HEALTH <5% Sickness absence Sickness absence shall be less than five per cent of total scheduled hours. GENDER EQUALITY >30% Proportion of women in management positions The proportion of women in management positions shall be more than 30 per cent. CLIMATE IMPACT➔ CO2 Reduced greenhouse gas emissions3 Scope 1 and 2: Reduce absolute greenhouse gas emissions by 42 per cent by 2030, calculated from the base year 2023. Scope 3: The proportion of suppliers 4 with science-based targets shall be at least 72 per cent by 2029. 1) A lligo follows up on the Group’s targets annually. The most recent results are presented in the 2025 Annual Report. 2) P roportion of the total purchase value from suppliers to the standard range. 3) N et zero greenhouse gas emissions throughout the entire value chain by 2050 at the latest. 4) P roportion in terms of expenditure on purchased goods and services, indirect purchases and transport.
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Q3 2026 14 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Condensed consolidated income statement 2026 2025 2026 2025 30/09/2026 2025 MSEK JUL–SEP JUL–SEP JAN–SEP JAN–SEP 12 months to JAN–DEC Revenue 2,295 2,189 7,264 6,891 9,924 9,551 Other operating income 20 16 701 642 931 873 Total operating income 2,315 2,205 7,334 6,955 10,017 9,638 Cost of goods sold -1,351 -1,283 -4,295 -4,081 -5,842 -5,628 Personnel costs -442 -421 -1,482 -1,424 -1,994 -1,936 Depreciation, amortisation, impairment losses and reversal of impairment losses -157 -178 -470 -501 -583 -614 Other operating expenses -218 -189 -703 -680 -1,012 -989 Total operating expenses -2,168 -2,071 -6,950 -6,686 -9,431 -9,167 Operating profit 147 134 384 269 586 471 Financial income 4 5 21 27 23 29 Financial expenses -33 -34 -100 -108 -137 -145 Net financial items -29 -29 -79 -81 -114 -116 Profit/loss after financial items 118 105 305 188 472 355 Taxes -26 -22 -67 -42 -111 -86 Profit/loss for the period 92 83 238 146 361 269 Profit/loss for the period attributable to: Parent Company shareholders 92 82 236 143 354 261 Non-controlling interests 0 1 2 3 7 8 Earnings per share Before and after dilution, SEK 1.84 1.64 4.71 2.86 7.07 5.21 1) O ther operating income includes revalued contingent additional purchase considerations of MSEK 9. 2) O ther operating income includes revalued contingent additional purchase considerations of MSEK 4. 3) O ther operating income includes revalued contingent additional purchase considerations of MSEK 3. Condensed consolidated statement of comprehensive income 2026 2025 2026 2025 30/09/2026 2025 MSEK JUL–SEP JUL–SEP JAN–SEP JAN–SEP 12 months to JAN–DEC Profit/loss for the period 92 83 238 146 361 269 OTHER COMPREHENSIVE INCOME FOR THE PERIOD Components that will not be reclassified to profit/loss for the period: - - - - - - - - - - - - Components that will be reclassified to profit/loss for the period: Translation differences 75 -11 164 -66 117 -113 Fair value changes for the period in cash flow hedges -1 4 6 -14 6 -14 Tax attributable to components that will be reclassified 0 -1 -1 3 -1 3 74 -8 169 -77 122 -124 Other comprehensive income for the period 74 -8 169 -77 122 -124 Comprehensive income for the period 166 75 407 69 483 145 Comprehensive income for the period attributable to: Parent Company shareholders 166 72 405 66 476 137 Non-controlling interests 0 3 2 3 7 8 Financial statements
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Q3 2026 15 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Condensed consolidated statement of financial position MSEK 30/09/2026 30/09/2025 31/12/2025 ASSETS Non-current assets Intangible non-current assets 3,137 3,157 3,149 Right-of-use assets 1,289 1,272 1,295 Tangible non-current assets 644 646 651 Financial investments 2 2 2 Other non-current receivables 22 26 25 Deferred tax assets 78 63 75 Total non-current assets 5,172 5,166 5,197 Current assets Inventories 2,559 2,620 2,481 Accounts receivable 1,423 1,296 1,218 Other current receivables 266 298 275 Cash and cash equivalents 330 290 486 Total current assets 4,578 4,504 4,460 TOTAL ASSETS 9,750 9,670 9,657 EQUITY AND LIABILITIES Equity Equity attributable to Parent Company shareholders 4,030 3,685 3,751 Non-controlling interests 39 40 45 Total equity 4,069 3,725 3,796 Non-current liabilities Non-current interest-bearing liabilities 2,063 2,411 2,258 Non-current lease liabilities 879 880 898 Provisions for pensions 0 0 0 Other non-current liabilities and provisions 488 499 512 Total non-current liabilities 3,430 3,790 3,668 Current liabilities Current interest-bearing liabilities - - 2 Current lease liabilities 457 458 471 Accounts payable 1,174 1,087 1,086 Other current liabilities 620 610 634 Total current liabilities 2,251 2,155 2,193 TOTAL LIABILITIES 5,681 5,945 5,861 TOTAL EQUITY AND LIABILITIES 9,750 9,670 9,657
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Q3 2026 16 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Condensed consolidated statement of changes in equity Equity attributable to Parent Company shareholders MSEK Share capital Reserves Retained earnings incl. profit/loss for the year Total Non- controlling interests Total equity Opening equity, 01/01/2025 102 13 3,604 3,719 37 3,756 Profit/loss for the period 143 143 3 146 Direct adjustment in subsidiaries¹ -1 -1 -1 Other comprehensive income -77 -77 -77 Dividend -100 -100 -100 Share-based remuneration 2 2 2 Sale of treasury shares 2 2 2 Change in value of option liability -3 -3 -3 Closing equity, 30/09/2025 102 -64 3,647 3,685 40 3,725 Opening equity, 01/01/2025 102 13 3,604 3,719 37 3,756 Profit/loss for the period 261 261 8 269 Direct adjustment in subsidiaries 1 -1 -1 -1 Other comprehensive income -124 -124 0 -124 Dividend -100 -100 -4 -104 Share-based remuneration 3 3 3 Sale of treasury shares 2 2 2 Acquisitions of partly owned subsidiaries - 4 4 Change in value of option liability -2 -2 -2 Option liability, acquisitions 2 -10 -10 -10 Other adjustment 3 3 3 3 Closing equity, 31/12/2025 102 -111 3,760 3,751 45 3,796 Opening equity, 01/01/2026 102 -111 3,760 3,751 45 3,796 Reclassification between equity items 4 8 -8 0 0 Profit/loss for the period 236 236 2 238 Direct adjustment in subsidiaries 5 2 2 2 Other comprehensive income 161 161 1 162 Dividend -110 -110 0 -110 Share-based remuneration 2 2 2 Transactions with non-controlling interests -5 -5 -9 -14 Change in value of option liability -7 -7 -7 Closing equity, 30/09/2026 102 58 3,870 4,030 39 4,069 1) I n connection with the reporting for the first quarter of 2025, two subsidiaries have adjusted their opening equity by MSEK -1. 2) P ertains to the value of the put options in relation to non-controlling interests in the acquired subsidiary Respond Profilering & Firmagaver AS which grant the shareholders the right to sell shares to Alligo. The price of the options is dependent on the results achieved at the company and may be extended by one year at a time from 2028 onwards. 3) A m inor adjustment was made during the year to deferred tax attributable to historical temporary differences. The adjustment has not had any material impact on the consolidated financial statements. 4) R eclassification between retained earnings and translation differences. The adjustment does not have any effect on the Group’s total equity or profit/loss. 5) I n connection with the reporting for the first and second quarters of 2026, two subsidiaries have adjusted their opening equity by MSEK 2.
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Q3 2026 17 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Condensed consolidated statement of cash flows 2026 2025 2026 2025 30/09/2026 2025 MSEK JUL–SEP JUL–SEP JAN–SEP JAN–SEP 12 months to JAN–DEC Operating activities Profit/loss after financial items 118 105 305 188 472 355 Adjustment for non-cash items 160 166 449 518 577 646 Income taxes paid -22 -1 -67 -72 -73 -78 Cash flow from operating activities before changes in working capital 256 270 687 634 976 923 Change in inventories -48 -41 27 -125 148 -4 Change in operating receivables -65 -32 -136 -117 -74 -55 Change in operating liabilities -98 -49 14 -132 80 -66 Cash flow from operating activities 45 148 592 260 1,130 798 Investing activities Net investments in non-current assets -18 -16 -68 -63 -108 -103 Acquisition of subsidiaries and other business units -2 -8 -41 -273 -64 -296 Cash flow from investing activities -20 -24 -109 -336 -172 -399 Financing activities Borrowings 0 -9 2,258 107 2,258 107 Repayment of loans -51 0 -2,460 0 -2,606 -146 Amortisation of lease liability -120 -108 -327 -310 -453 -436 Acquisition of additional shares in subsidiaries -14 0 -14 0 -14 0 Repurchase/sale of treasury shares 0 0 0 2 0 2 Dividends paid 0 0 -110 -100 -110 -100 Cash flow from financing activities -185 -117 -653 -301 -925 -573 Cash flow for the period -160 7 -170 -377 33 -174 Cash and cash equivalents at the beginning of the period 479 289 486 670 290 670 Exchange difference in cash and cash equivalents 11 -6 14 -3 7 -10 Cash and cash equivalents at the end of the period 330 290 330 290 330 486
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Q3 2026 18 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Condensed Parent Company income statement 2026 2025 2026 2025 30/09/2026 2025 MSEK JUL–SEP JUL–SEP JAN–SEP JAN–SEP 12 months to JAN–DEC Revenue 5 6 16 17 22 23 Other operating income 0 1 4 5 4 5 Total operating income 5 7 20 22 26 28 Operating expenses -10 -10 -48 -34 -61 -47 Operating profit -5 -3 -28 -12 -35 -19 Financial income and expenses 1 -3 -1 -11 -4 -14 Profit/loss after financial items -4 -6 -29 -23 -39 -33 Appropriations - - - - 113 113 Profit/loss before tax -4 -6 -29 -23 74 80 Taxes 0 1 5 4 -16 -17 Profit/loss for the period -4 -5 -24 -19 58 63 There are no items at the Parent Company that are recognised under other comprehensive income. Total comprehensive income therefore corresponds to the profit/loss for the period. Condensed Parent Company balance sheet MSEK 30/09/2026 30/09/2025 31/12/2025 ASSETS Intangible non-current assets 2 1 1 Tangible non-current assets 0 0 0 Financial non-current assets 3,433 3,431 3,429 Total non-current assets 3,435 3,432 3,430 Current receivables 1,125 1,179 1,293 Cash and bank 277 236 432 Total current assets 1,402 1,415 1,725 TOTAL ASSETS 4,837 4,847 5,155 EQUITY, PROVISIONS AND LIABILITIES Restricted equity 102 102 102 Non-restricted equity 1,371 1,421 1,503 Total equity 1,473 1,523 1,605 Untaxed reserves 91 64 91 Provisions 4 4 4 Non-current liabilities 2,063 2,410 2,258 Current liabilities 1,206 846 1,197 TOTAL EQUITY, PROVISIONS AND LIABILITIES 4,837 4,847 5,155
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Q3 2026 19 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Notes NOTE 2 Operating segments The Group’s operating segments consist of the geographic segments of Sweden, Norway and Finland. The operating segments reflect the operational organisation, as used by the Group’s Corporate Management and the Board of Directors to monitor operations. Group-wide includes the Group’s Manage- ment and support functions. The support functions include Investor Relations and Legal. Financial items and taxes are not broken down by operating seg- ment and are instead reported as a whole in Group-wide. Intra-Group pricing between the operating segments takes place on market terms. The account- ing policies are the same as for the consolidated financial statements. JUL–SEP 2026 MSEK Sweden Norway Finland1 Total segments Group- wide Eliminations Group total External revenue 1,141 652 502 2,295 - - 2,295 Internal revenue 103 42 0 145 - -145 - Revenue 1,244 694 502 2,440 - -145 2,295 Adjusted EBITA 109 31 30 170 -2 - 168 Items affecting comparability 2 -1 0 0 -1 -3 - -4 Amortisation of intangible assets in connection with corporate acquisitions -12 -2 -3 -17 - - -17 Operating profit 96 29 27 152 -5 - 147 Non-current assets 3,514 840 714 5,068 2 - 5,070 JUL–SEP 2025 MSEK Sweden Norway Finland1 Total segments Group- wide Eliminations Group total External revenue 1,151 590 448 2,189 - - 2,189 Internal revenue 93 6 0 99 - -99 - Revenue 1,244 596 448 2,288 - -99 2,189 Adjusted EBITA 112 33 14 159 -1 - 158 Items affecting comparability 3, 4 -3 0 - -3 -2 - -5 Amortisation of intangible assets in connection with corporate acquisitions -14 -3 -2 -19 - - -19 Operating profit 95 30 12 137 -3 - 134 Non-current assets 3,543 809 723 5,075 0 - 5,075 JAN–SEP 2026 MSEK Sweden Norway Finland1 Total segments Group- wide Eliminations Group total External revenue 3,814 1,968 1,482 7,264 - - 7,264 Internal revenue 305 56 4 365 - -365 - Revenue 4,119 2,024 1,486 7,629 - -365 7,264 Adjusted EBITA 331 70 78 479 -11 - 468 Items affecting comparability 5 -4 -2 -7 -13 -17 - -30 Amortisation of intangible assets in connection with corporate acquisitions -39 -8 -7 -54 - - -54 Operating profit 288 60 64 412 -28 - 384 Non-current assets 3,514 840 714 5,068 2 - 5,070 1) The Finland operating segment also includes Estonia. 2) Consultancy costs for the strategy review and costs for other organisational changes. 3) Items affecting comparability of MSEK -2 have been reclassified from Sweden to Group-wide. This reclassification does not affect the Group’s profit, cash flow or financial position. 4) Costs for the closure and consolidation of stores and costs for other organisational changes in connection with savings programmes implemented. 5) Consultancy costs for the strategy review, costs for the restructuring of Finnish operations, acquisition costs and costs for other organisational changes. NOTE 1 Accounting policies The interim report for the Group has been prepared in accordance with IFRS® with the application of IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Securities Markets Act. Disclosures in accord- ance with paragraph 16A of IAS 34 are made in the financial statements and related notes, as well as in other sections of the report. The interim report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Markets Act, which is consistent with the provisions of Recommendation RFR 2 Accounting for Legal Entities of the Swedish Financial Reporting Board. The accounting policies and assessment criteria applied are the same as in the annual report for 2025. IFRS 18 and related amendments to other standards are applicable for reporting periods beginning on or after 1 January 2027 with retrospective application. The new standard has been endorsed by the EU and will replace IAS 1. The standard does not affect the recognition or measurement of items in the financial statements, but only presentation and disclosures. An analysis of the impact of the standard's impact on the Group is ongoing. The standard has not been pre-adopted. Amounts quoted in the interim report are stated in millions of Swedish kronor (MSEK) unless otherwise indicated. Amounts in parentheses refer to the comparison period.
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Q3 2026 20 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 N OTE 2 Operating segments JAN–SEP 2025 MSEK Sweden Norway Finland1 Total segments Group- wide Eliminations Group total External revenue 3,685 1,836 1,370 6,891 - - 6,891 Internal revenue 256 17 1 274 - -274 - Revenue 3,941 1,853 1,371 7,165 - -274 6,891 Adjusted EBITA 280 65 41 386 -10 - 376 Items affecting comparability 2, 3 -49 -1 - -50 -2 - -52 Amortisation of intangible assets in connection with corporate acquisitions -40 -8 -7 -55 - - -55 Operating profit 191 56 34 281 -12 - 269 Non-current assets 3,543 809 723 5,075 0 - 5,075 JAN–DEC 2025 MSEK Sweden Norway Finland1 Total segments Group- wide Eliminations Group total External revenue 5,207 2,506 1,838 9,551 - - 9,551 Internal revenue 406 35 3 444 - -444 - Revenue 5,613 2,541 1,841 9,995 - -444 9,551 Adjusted EBITA 471 108 47 626 -11 - 615 Items affecting comparability 4 -54 -2 -6 -62 -8 - -70 Amortisation of intangible assets in connection with corporate acquisitions -54 -11 -9 -74 - - -74 Operating profit 363 95 32 490 -19 - 471 Non-current assets 3,541 855 699 5,095 0 - 5,095 1) T he Finland operating segment also includes Estonia. 2) I tems affecting comparability of MSEK -2 have been reclassified from Sweden to Group-wide. This reclassification does not affect the Group’s profit, cash flow or financial position. 3) C osts for the closure and consolidation of stores, for other organisational changes and other efficiency measures in connection with savings programmes implemented, as well as for bad debt losses at Northvolt. 4) C osts for the closure and consolidation of stores, costs for the restructuring of Finnish operations, other organisational changes, bad debt losses relating to Northvolt and acquisition costs. N OTE 3 Revenue by category COUNTRY 2026 2025 2026 2025 2025 MSEK JUL–SEP JUL–SEP JAN–SEP JAN–SEP JAN–DEC Sweden 1,141 1,151 3,814 3,685 5,207 Norway 652 590 1,968 1,836 2,506 Finland 502 448 1,482 1,370 1,838 Total revenue 2,295 2,189 7,264 6,891 9,551 PRODUCT BRANDS 2026 2025 2026 2025 2025 MSEK JUL–SEP JUL–SEP JAN–SEP JAN–SEP JAN–DEC Own brands Sweden 249 263 823 797 1,145 Norway 122 106 346 293 422 Finland 51 43 150 128 182 Total own brands 422 412 1,319 1,218 1,749 External brands Sweden 892 888 2,991 2,888 4,062 Norway 530 484 1,622 1,543 2,084 Finland 451 405 1,332 1,242 1,656 Total external brands 1,873 1,777 5,945 5,673 7,802 Total revenue 2,295 2,189 7,264 6,891 9,551
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Q3 2026 21 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 N OTE 4 Fair value of financial instruments The Group has financial instruments where level 3 has been used to determine the fair value. Financial liabilities measured at fair value through profit or loss pertain to additional purchase considerations not yet paid and at the end of the period amounted to MSEK 13. The additional purchase considerations are based on gross profit for the years 2025–2027, as well as revenue growth. The additional purchase considerations are valued on an ongoing basis using a probability assessment, where an evaluation is made of whether they will be paid at the agreed amounts. Management has taken into account here the risk for the outcome of future cash flows. The fair value of the Group’s financial assets and liabilities is estimated to be the same as their carrying amount. Call and put options issued to non-controlling interests are measured based on the conditions stipulated in the purchase agreement and the shareholder agreement and are discounted on the balance sheet date. The key parameter is the change in value of the share, which is based on results up to an estimated maturity date. Changes in the value of call and put options issued to non-controlling interests are recognised directly in equity. The Group does not use net recognition for any of its material assets or liabilities. There were no transfers between levels or measurement categories during the period. CHANGES FOR FINANCIAL INSTRUMENTS MEASURED AT LEVEL 3 LIABILITIES, MSEK Contingent purchase considerations Call and put options Opening value, 01/01/2026 44 71 Cost, acquisitions 7 Additional purchase considerations paid -28 Recognised in operating profit -9 Recognised in net financial items 0 Recognised in equity 7 Translation differences -1 Closing value 30/09/2026 13 78 Expected payments Expected payments < 1 2 months 3 Expected payments > 1 2 months 10 N OTE 5 Bu siness combinations Business combinations in 2026 Share transfers Alligo made two corporate acquisitions with closing during 2026. None of these acquisitions is considered so significant that the acquisition analysis is reported separately. • O n 15 April, Alligo signed an agreement to acquire 100 per cent of the shares in Svets & Robotteknik i Småland AB, which has operations in Växjö and Vetlanda. The company generates annual revenue of approximately MSEK 39 and has nine employees. The acquisition complements Alligo’s existing offering with specialist expertise in both traditional welding ser - vice and robotised welding solutions. Closing took place on 4 May 2026. • O n 15 April, Alligo signed an agreement to acquire 100 per cent of the shares in Svetsexperten i Kalmar AB, which has operations in Kalmar. The company offers a broad range within welding and associated service business, generates annual revenue of approximately MSEK 17 and has six employees. Closing took place on 4 May 2026. During the period, the acquired companies have contributed MSEK 26 to the Group’s revenue and MSEK 1 to the Group’s adjusted EBITA. Calculated as if closing had taken place on 1 January 2026, the acquired companies have contributed MSEK 47 to the Group’s revenue and MSEK 3 to the Group’s adjusted EBITA. The total purchase consideration for the acquisitions was MSEK 22. Acquisition costs of approximately MSEK 1 were recognised as other operating expenses during the period. Additional purchase considerations paid Additional purchase considerations were paid in the amount of MSEK 28 dur- ing the period, with MSEK 9 recognised net in consolidated operating profit. Acquisition analyses Some of the surplus value in the preliminary acquisition analyses has been allocated to customer relations, while the unallocated surplus value has been assigned to goodwill. Goodwill relates to unidentifiable intangible assets and synergies within procurement, logistics, IT and administration, for example, that are expected to arise as a result of the acquisitions. Good - will has an indefinable useful life and is not amortised but is tested for impairment annually or where there are indications of a decline in value. The estimated value of customer relations is amortised over an estimated useful life of 10 years. The main reason why the acquisition analyses are considered to be preliminary is that only a short time has passed since the acquisitions. SHARE TRANSFERS MSEK Carrying amount Fair value adjustment Fair value Acquired assets Intangible non-current assets 3 3 Right-of-use assets 5 5 Other non-current assets 0 1 1 Inventories 13 -3 10 Other current assets 10 10 Total assets 23 6 29 Acquired provisions and liabilities Lease liabilities 5 5 Deferred tax liability 0 1 1 Current operating liabilities 7 7 Total provisions and liabilities 7 6 13 Net of assets and liabilities (identified) 16 0 16 Goodwill 6 Total purchase considerations 22 Of which unsettled purchase considerations Of which additional purchase considerations -7 Additional purchase considerations paid 28 Cash and cash equivalents in acquired companies -2 Loans settled on acquisition Effect on Group cash and cash equivalents 41
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Q3 2026 22 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 N OTE 6 Pledged assets and contingent liabilities Group, MSEK 30/09/2026 30/09/2025 31/12/2025 Pledged assets 6 42 6 Contingent liabilities 14 15 14 Parent Company, MSEK 30/09/2026 30/09/2025 31/12/2025 Pledged assets - - - Contingent liabilities - - - N OTE 5 Bu siness combinations cont. CORPORATE ACQUISITIONS CONDUCTED Acquisitions – from the 2020 financial year onwards Closing Revenue¹ Number of employees¹ Swedol AB 2, SE/NO/FI April 2020 MSEK 3,650 1,046 Imatran Pultti Oy, FI April 2021 MEUR 4.8 11 RAF Romerike Arbeidstøy AS, NO October 2021 MNOK 16 4 Liukkosen Pultti Oy, FI February 2022 MEUR 4.5 12 Lunna AS, NO March 2022 MNOK 82 26 H E Seglem AS Industriverksamhet 3, NO June 2022 MNOK 40 8 Magnusson Agentur AB, SE July 2022 MSEK 27 6 LVH AS, NO August 2022 MNOK 13 4 Profeel Sweden AB 4, SE November 2022 MNOK 70 18 Profilföretaget Z-profil AB 5, SE January 2023 MSEK 40 13 Kents Textiltryck i Halmstad Aktiebolag 5, SE January 2023 MSEK 40 15 Olympus Profile i Uddevalla AB 5, SE January 2023 MSEK 40 13 Kitakone Oy, FI April 2023 MEUR 3.0 8 Topline Aktiebolag 5, SE June 2023 MSEK 60 16 Pirilä Group Oy (Tampereen Pirkka-Hitsi Oy), FI June 2023 MEUR 4.7 13 Tore Vagle AS, NO January 2024 MNOK 39 11 Svets och Tillbehör i Sverige AB, SE January 2024 MSEK 120 22 Svetspartner i Malmö Aktiebolag, SE January 2024 MSEK 25 10 Wiklunds i Bollnäs AB, SE May 2024 MSEK 28 6 New Promotion Sverige AB 5, SE June 2024 MSEK 44 6 Workwear AS, NO June 2024 MNOK 27 9 Aktiebolaget Sundholm Welding, SE July 2024 MSEK 23 6 T. Brantestig Svetsmaskinservice AB, SE July 2024 MSEK 26 8 Hämeen Teollisuuspalvelu Oy, FI August 2024 MEUR 7.5 18 Riihimäen Teollisuuspalvelu Oy, FI August 2024 MEUR 7.1 24 Corema Svets & Industriprodukter AB, SE November 2024 MSEK 155 25 Svenska Batterilagret AB, SE February 2025 MSEK 275 90 Galaxi Företagsreklam Aktiebolag, SE July 2025 MSEK 13 3 Broderiet i Kungsbacka Aktiebolag, SE August 2025 MSEK 14 5 Respond Profilering & Firmagaver AS 5, NO November 2025 MNOK 81 17 Svets och Robotteknik i Småland AB, SE May 2026 MSEK 41 9 Svetsexperten i Kalmar AB, SE May 2026 MSEK 18 6 Acquisitions – after the end of the period - - - - 1) R efers to full-year information at the time of acquisition. 2) F ollowing the closure of the public offering to the shareholders of Swedol AB, Alligo’s holding amounted to approximately 99 per cent of the shares. The compulsory redemption of the remaining shares outstanding in Swedol was called for and preferential rights to the shares were granted by the arbitration board in the compulsory redemption dispute proceedings in early July 2020. Alligo subsequently owns 100 per cent of the shares and votes in Swedol. 3) T he acquisition was carried out as a conveyance of assets and liabilities. 4) A lligo acquired 75 per cent of the shares. 5) A lligo acquired 70 per cent of the shares in each company.
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Q3 2026 23 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 The Board of Directors and the Chief Executive Officer deem that the interim report gives a true and fair view of the business, financial position and performance of the company and of the Group and describes the significant risks and uncertainties faced by the company and the constituent companies of the Group. Stockholm, 23 October 2026 Alligo AB (publ) The information in this report is such that Alligo AB (publ) is obliged to publish under the EU Market Abuse Regulation. The information was submitted for publication through the agency of the Chief Executive Officer on 23 October 2026 at 08:00 CEST. Signatures Göran Näsholm Chair of the Board Cecilia Marlow Board member Johan Lilliehöök Board member Johan Eklund Board member Alexandra Fürst Board member Stefan Hedelius Board member Oscar Fredell Board member Johanna Främberg Board member Employee representative Emma Hammarlund Board member Employee representative Samuel Alteborg Group President and CEO
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Q3 2026 24 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Review report Introduction We have reviewed the condensed interim financial information (interim report) of Alligo AB (publ.) as of 30 September 2026 and the nine-month period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Per- formed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, 23 October 2026 KPMG AB Jonas Eriksson Authorised Public Accountant To the Board of Directors of Alligo AB (publ.), Company registration no. 559072-1352
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Q3 2026 25 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Key performance indicators 2026 2025 2026 2025 30/09/2026 2025 Group JUL–SEP JUL–SEP JAN–SEP JAN–SEP 12 months to JAN–DEC IFRS KEY PERFORMANCE INDICATORS Earnings per share Before and after dilution, SEK 1.84 1.64 4.71 2.86 7.07 5.21 ALTERNATIVE KEY PERFORMANCE INDICATORS Income statement-based KPIs Revenue, MSEK 2,295 2,189 7,264 6,891 9,924 9,551 Gross profit, MSEK 944 906 2,969 2,810 4,082 3,923 Operating profit, MSEK 147 134 384 269 586 471 Items affecting comparability, MSEK -4 -5 -30 -52 -48 -70 Amortisation of intangible assets in connection with corporate acquisitions, MSEK -17 -19 -54 -55 -73 -74 Adjusted EBITA, MSEK 168 158 468 376 707 615 Depreciation/amortisation of tangible and other intangible non-current assets 1, MSEK -33 -33 -99 -100 -132 -133 Adjusted EBITDA, excl. IFRS 16, MSEK 187 183 523 448 776 701 Adjusted EBITDA, MSEK 294 309 840 794 1,154 1,108 Profit after financial items, MSEK 118 105 305 188 472 355 Gross margin, % 41.1 41.4 40.9 40.8 41.1 41.1 Operating margin, % 6.4 6.1 5.3 3.9 5.9 4.9 Adjusted EBITA margin, % 7.3 7.2 6.4 5.5 7.1 6.4 Profit margin, % 5.1 4.8 4.2 2.7 4.8 3.7 Profitability KPIs Return on working capital (adjusted EBITA/WC), % 26 22 Return on capital employed, % 8 7 Return on equity, % 9 7 Financial position KPIs Net financial liabilities, MSEK 3,069 3,459 3,069 3,459 3,069 3,143 Net operational liabilities, MSEK 1,733 2,121 1,733 2,121 1,733 1,774 Ratio of net operational liabilities to adjusted EBITDA excl. IFRS 16 2.2 2.5 Equity 2, MSEK 4,030 3,685 4,030 3,685 4,030 3,751 Equity/assets ratio, % 41 38 41 38 41 39 Other KPIs No. of employees at the end of the period 2,491 2,513 2,491 2,513 2,491 2,495 Share price at the end of the period, SEK 127 114 127 114 127 128 1) T otal depreciation/amortisation of tangible and intangible non-current assets, excluding amortisation of intangible assets in connection with corporate acquisitions and the effects of IFRS 16. 2) R efers to equity attributable to the Parent Company’s shareholders.
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Q3 2026 Alligo reports key performance indicators in order to describe the underlying profitability of the business and improve comparability. The Group applies ESMA’s guidelines on alternative key performance indicators. Gross margin Ratio of gross profit, i.e. revenue minus cost of goods sold, to revenue. >> Used to measure product profitability. Operating profit (EBIT) Profit before financial items and tax >> Used to present the Group’s earnings before interest and taxes. Items affecting comparability Items affecting comparability include revenue and expenses that do not arise regularly in the operating activities. >> Excluding items affecting comparability increases the comparability of results between periods. Adjusted EBITA Operating profit adjusted for items affecting compara - bility before amortisation and impairment of intangible assets arising in connection with corporate acquisitions. >> Used to present the Group’s earnings generated from operating activities. Adjusted EBITDA, excl. IFRS 16 Operating profit adjusted for items affecting compara - bility before depreciation and write-down of tangible non-current assets and amortisation and impairment of goodwill and other intangible non-current assets incurred in connection with corporate acquisitions and equivalent transactions, excluding effects on operating profit of reporting in accordance with IFRS 16. >> This key performance indicator is used to calculate the debt ratio, excluding the effects of IFRS 16. Adjusted EBITDA Operating profit adjusted for items, before depreciation and write-down of tangible non-current assets and amortisation and impairment of goodwill and other intan - gible non-current assets incurred in connection with corporate acquisitions and equivalent transactions. >> This key performance indicator is used to calculate the debt ratio. Operating margin Operating profit (EBIT) relative to revenue. >> Used to measure the Group’s earnings generated before interest and tax and provides an understanding of the earnings performance over time. Specifies the percentage of revenue remaining to cover interest pay - ments and tax and to provide profit after the Group’s expenses have been paid. Adjusted EBITA margin Adjusted EBITA as a percentage of revenue. >> Used to measure the Group’s earnings generated from operating activities and provides an understanding of the earnings performance over time. The adjusted EBITA margin based on revenue from both external and internal custom- ers is presented per business area (operating segment). Profit margin Profit after financial items as a percentage of revenue. >> Used to assess the Group’s earnings generated before tax and presents the share of revenue that the Group may retain in earnings before tax. Return on working capital (adjusted EBITA/WC) Adjusted EBITA for the most recent 12-month period divided by average working capital measured as total working capital (accounts receivable and inventories less accounts payable) at the end of each month for the most recent 12-month period and the opening balance at the start of the period divided by 13. >> The Group’s internal profitability target, which encour- ages high adjusted EBITA and low tied-up capital. Used to analyse profitability in the Group and its various operations. Return on capital employed Operating profit plus financial income for the most recent 12-month period divided by average capital employed measured as the balance sheet total less non-inter - est-bearing liabilities and provisions at the end of the most recent four quarters and the opening balance at the start of the period divided by five. >> Presented to show the Group’s return on its externally financed capital and equity, meaning independent of its financing. Return on equity Net profit for the most recent 12-month period divided by average equity measured as total equity attributable to Parent Company shareholders at the end of the most recent four quarters and the opening balance at the start of the period divided by five. >> Used to measure the return generated on the capital invested by the shareholders. Net financial liabilities Net financial liabilities measured as non-current interest-bearing liabilities and current interest-bearing liabilities, less cash and cash equivalents at the end of the period. >> Used to monitor the debt trend and analyse the Group’s total indebtedness including lease liabilities. Net operational liabilities Net operational liabilities measured as non-current interest-bearing liabilities and current interest-bearing liabilities, excluding lease liabilities and net provisions for pensions, less cash and cash equivalents at the end of the period. >> Used to monitor the debt trend and analyse the Group’s total indebtedness excluding lease liabilities and net provisions for pensions. Ratio of net operational liabilities to adjusted EBITDA excl. IFRS 16 Net operational liabilities divided by adjusted EBITDA, excl. IFRS 16, for a rolling 12-month period. >> This key performance indicator shows the multiple of the adjusted EBITDA result for the most recent 12-month period, excluding the effects of reporting in accordance with IFRS 16, that would be needed in order to settle net operational liabilities. As a debt ratio, the indicator shows the Group’s resilience and interest rate sensitivity. Ratio of net financial liabilities to adjusted EBITDA Net financial liabilities divided by adjusted EBITDA for a rolling 12-month period. >> This key performance indicator shows the multiple of the adjusted EBITDA result for the most recent 12-month period that would be needed in order to settle net financial liabilities. As a debt ratio, the indicator shows the Group’s resilience and interest rate sensitivity. Equity/assets ratio Equity attributable to Parent Company shareholders as a percentage of the balance sheet total at the end of the period. >> Used to analyse the financial risk in the Group and show how much of the Group’s assets are financed by equity. Change in revenue from like-for-like sales Revenue from like-for-like sales refers to sales in local currency from stores that were part of the Group during the current period and the entire corresponding period in the preceding year. >> Used to analyse the underlying sales growth driven by changes in volume, the product and service offering, and the price for similar products and services across different periods, excluding growth driven by newly opened stores. Organic growth Organic growth refers to sales in local currency from stores that were part of the Group during the current period and the entire corresponding period in the preceding year, as well as sales from new stores opened during the year. >> Used to analyse the underlying sales growth driven by changes in volume, the product and service offering, and the price for similar products and services across different periods, including growth driven by newly opened stores. Other units Other units refers to acquired or divested units during the corresponding period. Integrated business The business operated under the concept brands Swedol and Tools. Non-integrated companies Non-integrated businesses operated under their own brands, separate from Alligo’s concept brands Swedol and Tools. 26 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Definitions and purpose of KPIs
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Q3 2026 27 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Derivation of alternative KPIs GROSS PROFIT 2026 2025 2026 2025 30/09/2026 2025 MSEK JUL–SEP JUL–SEP JAN–SEP JAN–SEP 12 months to JAN–DEC Revenue 2,295 2,189 7,264 6,891 9,924 9,551 Cost of goods sold -1,351 -1,283 -4,295 -4,081 -5,842 -5,628 Gross profit 944 906 2,969 2,810 4,082 3,923 ADJUSTED EBITA 2026 2025 2026 2025 30/09/2026 2025 MSEK JUL–SEP JUL–SEP JAN–SEP JAN–SEP 12 months to JAN–DEC Operating profit 147 134 384 269 586 471 Items affecting comparability Organisational changes 41 52 303 522 484 705 Amortisation and impairment of intangible assets in connection with corporate acquisitions 17 19 54 55 73 74 Adjusted EBITA 168 158 468 376 707 615 Operating profit excl. IFRS 16 133 126 340 241 523 424 Amortisation and impairment of other intangible non-current assets 7 8 21 25 29 33 Depreciation and write-downs of tangible non-current assets 26 25 78 75 103 100 Adjusted EBITDA, excl. IFRS 16 187 183 523 448 776 701 Depreciation and write-downs of right-of-use assets 107 126 317 346 378 407 Adjusted EBITDA 294 309 840 794 1,154 1,108 WORKING CAPITAL 2026 2025 2026 2025 30/09/2026 2025 MSEK JUL–SEP JUL–SEP JAN–SEP JAN–SEP 12 months to JAN–DEC Average operating assets Average inventories 2,517 2,544 2,517 2,544 2,517 2,563 Average accounts receivable 1,311 1,241 1,311 1,241 1,311 1,245 Total average operating assets 3,828 3,785 3,828 3,785 3,828 3,808 Average operating liabilities Average accounts payable -1,084 -1,068 -1,084 -1,068 -1,084 -1,063 Total average operating liabilities -1,084 -1,068 -1,084 -1,068 -1,084 -1,063 Average working capital 2,744 2,717 2,744 2,717 2,744 2,745 Adjusted EBITA 707 615 Return on working capital (adjusted EBITA/WC), % 26 22 CAPITAL EMPLOYED 2026 2025 2026 2025 30/09/2026 2025 MSEK JUL–SEP JUL–SEP JAN–SEP JAN–SEP 12 months to JAN–DEC Average balance sheet total 9,713 9,528 9,713 9,528 9,713 9,618 Average non-interest-bearing liabilities and provisions Average non-interest-bearing non-current liabilities -495 -507 -495 -507 -495 -517 Average non-interest-bearing current liabilities -1,771 -1,753 -1,771 -1,753 -1,771 -1,745 Total average non-interest-bearing liabilities and provisions -2,266 -2,260 -2,266 -2,260 -2,266 -2,262 Average capital employed 7,447 7,268 7,447 7,268 7,447 7,356 Operating profit 586 471 Financial income 23 29 Total operating profit + financial income 609 500 Return on capital employed, % 8 7 1) C onsultancy costs for the strategy review and costs for other organisational changes. 2) C osts for organisational changes and efficiency measures in connection with the savings programme implemented. 3) C onsultancy costs for the strategy review, costs for the restructuring of Finnish operations, other organisational changes and acquisition costs. 4) C osts for efficiency measures in connection with the savings programme implemented, consultancy costs for the strategy review and costs for the restructuring of Finnish operations, other organisational changes and acquisition costs. 5) C osts for the closure and consolidation of stores, costs for the restructuring of Finnish operations, other organisational changes, bad debt losses at Northvolt and acquisition costs. Alligo uses certain financial key performance indicators in its analysis of the business and its performance that are not calculated in accordance with IFRS. The company believes that these alternative key performance indicators provide valuable information for the company’s Board of Directors, owners and investors, as they enable a more accurate assessment of current trends and Alligo’s performance when combined with other key performance indicators calculated in accordance with IFRS. As not all listed companies calculate these financial key performance indicators in the same way, there is no guarantee that the information is comparable with other companies’ key performance indicators of the same name. Hence, these financial key performance indicators must not be viewed as a replacement for those measures calculated in accordance with IFRS.
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Q3 2026 28 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 RETURN ON EQUITY 30/09/2026 2025 MSEK 12 months to JAN–DEC Average equity 1 3,842 3,683 Profit/loss for the period 1 354 261 Return on equity, % 9 7 NET FINANCIAL LIABILITIES 30/09/2026 2025 MSEK 12 months to JAN–DEC Non-current interest-bearing liabilities 2,942 3,156 Current interest-bearing liabilities 457 473 Cash and cash equivalents -330 -486 Net financial liabilities 3,069 3,143 Adjusted EBITDA, rolling 12 months 1,154 1,108 Ratio of net financial liabilities to EBITDA 2.7 2.8 NET OPERATIONAL LIABILITIES 30/09/2026 2025 MSEK 12 months to JAN–DEC Net financial liabilities 3,069 3,143 Financial lease liabilities -1,336 -1,369 Net operational liabilities 1,733 1,774 Adjusted EBITDA, excl. IFRS 16, rolling 12 months 776 701 Ratio of net operational liabilities to adjusted EBITDA excl. IFRS 16 2.2 2.5 EQUITY/ASSETS RATIO 2026 2025 2026 2025 30/09/2026 2025 MSEK JUL–SEP JUL–SEP JAN–SEP JAN–SEP 12 months to JAN–DEC Balance sheet total (closing balance) 9,750 9,670 9,750 9,670 9,750 9,657 Equity1 4,030 3,685 4,030 3,685 4,030 3,751 Equity/assets ratio, % 41 38 41 38 41 39 1) R efers to equity or profit attributable to the Parent Company’s shareholders.
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Q3 2026 Five reasons to invest in Alligo 1 Market growth and resilient customer segments Alligo’s markets consist of corporate customers in Sweden, Norway and Finland. The different markets provide stable growth and complement each other well. Customers are a balanced mix of small and medium-sized companies, large industrial corporations and the public sector. The mix of companies, industry segments and geographic markets provides good opportunities for continued profitable growth and resilience in weaker economic times. 2 Scalable platform a foundation for continued growth Alligo has built an integrated business that can scale up and grow, both organically and through acquisitions. The cost structure is adaptable and functions such as assortment, procurement, logistics, finance, IT and sales enable new investments to be coordinated and streamlined. The Group is continuously working to improve its operational efficiency and develop the organisation using digital solutions. Within selected product and technology areas, the integrated business can be supplemented with non-integrated businesses. These provide additional growth opportunities, specialist expertise and strategic value. 3 Own brands increase competitiveness and profitability Own brands enable greater control of the product development process, which Alligo uses to offer a product range that is tailored to the Group’s defined industry segments. The extensive development of own brands and services means customers can be offered a unique and competitive product range, with increased profitability for Alligo. 4 Sustainable and long-term business model Sustainability is an integral part of the business – from strategy and business planning to product development, procurement and sales – and increases competitiveness as well as reducing risk. Alligo aims to be a leader in sustainability in the industry, creating the conditions for long-term profitability. 5 Leader in the consolidation process on the Nordic markets The markets in the Nordic countries are undergoing a consolidation process, which can benefit large groups. Alligo has a leading position and is actively involved in this. There are good opportunities for sustainable, profitable growth and Alligo will continue to invest and strengthen its position, both organically and through acquisitions, on all markets where the Group operates. 29 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Q3 2026
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Q3 2026 Information for shareholders Samuel Alteborg President and CEO +46 70 285 59 27 samuel.alteborg@alligo.com Irene Wisenborn Bellander CFO and Deputy CEO +46 72 452 60 40 irene.bellander@alligo.com FOR ANY QUESTIONS RELATING TO THE REPORT, PLEASE CONTACT: 30 ALLIGO AB (PUBL) | C O. REG. NO . 55 9072-1352 IN TERIM REPORT Q3 | 1 JA NUARY–30 SE PTEMBER 20 26 Q3 2026 FINANCIAL CALENDAR Year-End Report 2026 . . . . . . . . . . . . . 12 February 2027 Interim Report Q1 Jan–Mar 2027 . . . . . . . . . . 23 April 2027 Annual General Meeting 2027 . . . . . . . . . . . 19 May 2027 Interim Report Q2 Jan–Jun 2027 . . . . . . . . . . . 16 July 2027 Interim Report Q3 Jan–Sep 2027 . . . . . . . 28 October 2027 WWW.ALLIGO.COM Financial reports, presentations, press releases, share information and other relevant company information can be found on the Group’s website. You will also find a subscription service here where you can subscribe to press releases and financial reports. Alligo AB (publ) Postal address: Box 631 135 26 Tyresö, Sweden Visiting address: Vindkraftsvägen 2 135 70 Stockholm Tel.: +46 8 727 27 20 Co. reg. no.: 559072-1352 IR contact: ir@alligo.com