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Continued volume growth in a dynamic market Interim report Q3 2026
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Interim report Q3 2026 Continued growth and improved earnings in a market with deflation, cost pressure and intense competition Strong quarter in Hemköp, somewhat better growth in Willys Continued volume growth in a dynamic market Q3 Investments in technology, AI, automation and logistics paying off, record high productivity in Bålsta Ambition reached to achieve profitability in City Gross 2
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17 20 25 52 52 51 19 18 16 3 4 5 6 1 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 % 55 51 27 18 18 22 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 % 27 56 26 210 214 220 226 251 255 269 302 315 SEK bn 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 234 290CAGR 4% 3 Swedish food retail market in recent years Continued strong market growth Swedish food retail market size* Discount segment gaining share over time Segment development in Swedish food retail** Axfood also gaining share over time Market shares in Swedish food retail** *Sources: Axfood/HUI Research/Statistics Sweden. Market size refer to value excluding VAT. **Source: Axfood’s estimates based on publicly available information and data from HUI Research. Market and segment share estimates for 2019 was impacted by the discount retailer Netto leaving the market through divestment to Coop on 1 July 2019. Coop’s market share estimate for 2019 includes FY sales for Netto. Axfood’s market share estimate for 2024 includes FY sales for City Gross. Interim report Q3 2026 Traditional grocery Hypermarkets Discount Axfood ICA Coop City Gross Lidl Other
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4 A dynamic Swedish food retail market Strong volume-driven market growth Total market growth by quarter, y-o-y* Volatile pricing environment in recent years Food price inflation (CPI) by quarter, y-o-y** High price awareness among consumers Yearly development of top factors’ importance to consumers when shopping for groceries*** *Source: Food Retail Trade Index (HUI Research) **Source: Statistics Sweden. CPI excl. VAT refers to Axfood’s estimates. ***Annual consumer benchmarking study conducted by YouGov. Top factors refer to 2026 ranking. -15 -10 -5 0 5 10 15 % Q1 ’22 Q2 ’22 Q3 ’22 Q4 ’22 Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 Total growth Growth adjusted for price** and calendar effects* -10 -5 0 5 10 15 20 25 30 % Q1 ’22 Q2 ’22 Q3 ’22 Q4 ’22 Q1 ’23 Q2 ’23 Q3 ’23 Q4 ’23 Q1 ’24 Q2 ’24 Q3 ’24 Q4 ’24 Q1 ’25 Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 -6.8% -1.5% Q3 ’26 2019 2020 2021 2022 2023 2024 2025 2026 40 46 52 58 64 70 76 % 63% 59% 57% Price value Store location Low prices Interim report Q3 2026 CPI incl. VAT CPI excl. VAT
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Q3 development and financial position Interim report Q3 2026 5
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Interim report Q3 2026 6 Axfood growth versus the market 0 5 10 15 20 25 30 % Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 2.9% Q3 2026 4.0% Axfood Food retail trade index Retail sales y-o-y growth Retail sales growth two-year stack 0 5 10 15 20 25 30 % Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 22.4% Q3 2026 9.6% Axfood Food retail trade index Source: Axfood/HUI Research. City Gross was acquired on 1 November 2024.
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–Net sales increased by 1.9% –Retail sales increased by 2.9% –Sales growth driven by higher volumes, continued strong above-market growth in Hemköp –Negative impact from food price deflation –Total market growth was 4.0%* –E-commerce sales increase of 2.5% compared to the market at 7.7%* Interim report Q3 2026 7 Group net sales and retail sales Sales growth with higher volumes *Refers to retail sales. Sales breakdown, SEK m Q3 2026 Q3 2025 Chg LFL chg Willys* 12,332 12,074 2.1% 0.3% Hemköp 2,170 1,995 8.8% n/a Hemköp incl. franchise and Tempo* 5,753 5,373 7.1% 4.8% City Gross* 2,114 2,177 -2.9% 0.6% Snabbgross 1,604 1,609 -0.3% -0.3% Dagab 20,474 19,984 2.4% n/a Q3 2022 Q3 2023 Q3 2024 Q3 2025 Q3 2026 18,674 20,293 20,902 22,286 22,711 +1.9% Net sales, SEK m *Source: HUI Research
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Adj. operating margin, %* Adj. operating profit, SEK m* 5.4 Q3 2022 5.4 Q3 2023 4.8 Q3 2024 4.9 Q3 2025 Q3 2026 1,015 1,095 1,007 1,099 1,119 4.9 +1.9% –Operating profit SEK 1,118 m (1,059), adjusted operating profit* SEK 1,119 m (1,099) –Increased profit mainly driven by a higher sales volume, a stable gross margin trend and effective cost control –Negative impact from food price deflation –Negative cost impact from higher fuel prices in line with preceding quarter –Items affecting comparability totalled SEK -1 m** (-39) –Operating margin 4.9% (4.8), adjusted operating margin* 4.9% (4.9) Interim report Q3 2026 8 Group operating profit Increased earnings despite cost pressure *Excluding items affecting comparability. Operating profit breakdown, SEK m Q3 2026 Q3 2025 Chg Willys 576 587 -1.8% Hemköp 125 103 21.9% City Gross, reported 23 -43 n.a. City Gross, adjusted* 24 -4 n.a. Snabbgross 81 101 -19.2% Dagab 341 341 0.0% Joint Group -28 -28 0.0% *Excluding items affecting comparability. **Pertains to structural costs in City Gross.
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–Net sales increased by 2.1% –Retail sales growth of 2.1%, LFL 0.3% –Improved sales growth compared to the second quarter –High comps from the prior years, negative impact from food price deflation –Total store network 261 (256) –In total 1 store establishment during the quarter –Operating profit SEK 576 m (587) –Operating margin 4.7% (4.9) –Stable gross margin development –Weak LFL growth Interim report Q3 2026 9 Willys Improved sales growth trend 6.4 Q3 2022 6.0 Q3 2023 4.9 Q3 2024 4.9 Q3 2025 Q3 2026 9,450 10,945 11,364 12,074 12,332 4.7 +2.1%Operating margin, % Net sales, SEK m
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–Net sales increased by 8.8% –Retail sales growth of 7.1%, LFL 4.8% –Growth clearly above the market –Higher volumes with increased customer traffic –Higher average ticket value –Total store network 328 (326) –In total 1 retailer-owned Tempo store establishment during the quarter –Operating profit SEK 125 m (103) –Operating margin 5.8% (5.1) –Increased sales volume –Stable gross margin, solid cost control Interim report Q3 2026 10 Hemköp Continued strong trend with above-market growth 4.8 Q3 2022 4.4 Q3 2023 5.1 Q3 2024 5.1 Q3 2025 Q3 2026 1,608 1,779 1,863 1,995 2,170 5.8 +8.8%Operating margin, % Net sales, SEK m
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Interim report Q3 2026 11 City Gross Profitability reached two years after the acquisition –Net sales amounted to SEK 2,114 m (2,178) –Retail sales growth of -2.9%, LFL 0.6% –Total store network 38 (40) –In total 1 store closure during the quarter –Operating profit SEK 23 m (-43), adjusted operating profit* SEK 24 m (-4) –Operating margin 1.1% (-2.0), adjusted operating margin* 1.1% (-0.2) –Improvement driven by effects from structural measures and efficiencies *Excluding items affecting comparability, pertaining to structural measures for stores.
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6.8 Q3 2022 6.0 Q3 2023 5.6 Q3 2024 6.3 Q3 2025 5.1 Q3 2026 1,324 1,437 1,518 1,609 1,604 -0.3% –Net sales and LFL essentially unchanged –Negative impact from food price deflation –Total store network 31 (31) –Operating profit SEK 81 m (101) –Operating margin 5.1% (6.3) –Lower gross margin from market investments that were not fully compensated for with volume growth Interim report Q3 2026 12 Snabbgross Soft sales development in challenging market Operating margin, % Net sales, SEK m
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1.8 Q3 2022 1.8 Q3 2023 1.6 Q3 2024 1.7 Q3 2025 Q3 2026 16,971 18,410 19,090 19,984 20,474 1.7 +2.4% –Net sales increased by 2.4% –Sales growth driven by higher volumes –Growth driven by sales to food retail and mainly Axfood’s own concepts –Negative impact from food price deflation –Operating profit SEK 341 m (341) –Operating margin 1.7% (1.7) –Positive impact from higher productivity in logistics –Negative impact from food price deflation and market investments –Negative cost impact from higher fuel prices in line with preceding quarter Interim report Q3 2026 13 Dagab Resilient profitability despite headwinds *Excluding items affecting comparability in 2022 and 2023. Operating margin, %* Net sales, SEK m
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Interim report Q3 2026 Cash generation analysis Cash flow from operating activities, SEK m –Lower operating cash flow for the YTD period –Negative impact from changes in net working capital mainly due to effects from VAT reduction –Somewhat higher negative investing cash flow –Increased investments in stores and automation –Similar level of financing cash flow for the YTD period 14 9M 2022 9M 2023 9M 2024 9M 2025 9M 2026 4,083 3,588 3,587 4,513 4,270 Cash flow, SEK m Q3 2026 Q3 2025 9M 2026 9M 2025 Operating activities 1,956 1,352 4,270 4,513 Investing activities -557 -421 -1,493 -1,296 Financing activities -1,427 -971 -3,544 -3,618 Cash flow for the period -28 -40 -768 -401
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Interim report Q3 2026 Financial position and investments 2.1 0.7 Q3 2025 1.9 0.4 Q4 2025 2.1 0.6 Q1 2026 2.0 0.6 Q2 2026 2.1 0.6 Q3 2026 15,613 14,598 15,970 15,807 16,294 Net debt, SEK m Net debt/EBITDA multiple Net debt/EBITDA multiple ex. IFRS 16 Leverage – Similar net debt/EBITDA compared to prior year, positive EBITDA development offset by higher net debt – Sequential development impacted by dividend payment in September Investments – Investments higher compared to the prior year with increased investments in automation and stores Equity ratio – Equity ratio higher than in the prior year, similar level to year-end 15 24.1% 24.1% 2022 23.9% 22.7% 2023 20.9% 23.7% 2024 21.2% 20.4% 2025 21.3% 2026 Equity ratio year-end Equity ratio Q3 2024 6.1% 1.4% 1.6% 2021 2025 3,547 2,593 1,946 3,100 1,731 3.5% 1.2% 2022 2.4% 1.3% 2023 3.7% 1.5% 1.9% Investments and acquisitions ex. leasehold, SEK m Investments and acquisitions ex. leasehold % of Group sales Depreciation ex. leasehold % of Group sales 1.9% 1.6% 9M 2025 2.2% 1.7% 9M 2026 1,267 1,487
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Interim report Q3 2026 Capital efficiency Net working capital – Negative impact from VAT reduction on 1 April (from 12 percent to 6 percent) Capital employed – ROCE somewhat higher compared to 2025, positive earnings trend offset higher level of capital employed – Negative impact on ROCE in 2024 due to higher level of capital employed following City Gross acquisition Return on capital employed 15.9% Net working capital % of Group net sales -2.7% 16 -3.5% 2022 -3.2% 2023 -3.4% 2024 -3.3% 2025 -2.7% R12M to Sep 2026 -2,581 -2,620 -2,875 -2,933 -2,473 Net working capital, SEK m Net working capital % of net sales 20.9% 2022 20.3% 2023 16.6% 2024 15.5% 2025 15.9% R12M to Sep 2026 16,442 17,212 22,985 23,505 24,486 Capital employed, SEK m Return on capital employed (ROCE), %
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17 –Planned capital expenditures SEK 2,000−2,100 m –Excluding acquisitions and leasehold –Revision from previous guidance of SEK 2,200-2,300 m due to changes in timing of automation investments for the new logistics centre in Kungsbacka now estimated at SEK 200 m –Plan to establish 10-15 new Group-owned stores –Items affecting comparability of SEK 25 m –Structural costs in City Gross mainly relating to stores –Revision from previous guidance of SEK 50 m due to changes in timing of certain structural measures Partly revised outlook 2026 Interim report Q3 2026
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Strategic agenda Interim report Q3 2026 18
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19 Unique brands that create the strongest customer meetings The winner in every local market Sweden’s leading food retail chain Sweden’s most affordable food market Sweden’s most attractive, sustainable and affordable customer offering in food and groceries The leading food retail chain along the border Strong brands that support growth and innovation Sweden’s most affordable restaurant wholesaler Leading in the mini-mart segment AMBITIONS TOWARDS 2030 Interim report Q3 2026
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20 Developing and expanding Willys Willys continues to reach more consumers by maintaining a high pace in its store expansion, in addition to developing its offering and upgrading existing stores to its newest store concept Willys 5.0. Number of Willys stores at the end of each period 212 219 225 234 241 250 255 '20 '21 '22 '23 '24 '25 'Sep 2026 ’20 ’21 ’22 ’23 ’24 ’25 ’Sep 26 2.9 3.0 3.3 3.6 3.8 3.9 4.0 High expansion pace Members in Willys Plus at end of period, million Building loyalty Interim report Q3 2026
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21 Strong momentum in Hemköp Hemköp is continuing to strengthen its position with focus on price value, fresh products and meal solutions. Hemköp is also investing in modernisations of existing stores and strengthening its sustainability profile. ’20 ’21 ’22 ’23 ’24 ’25 ’Sep 26 1.7 1.7 1.8 2.0 2.1 2.2 2.2 1.8x Growth in retail sales was almost double the rate of the market in Q3 Gaining share Improving offering Interim report Q3 2026 Members in Klubb Hemköp at end of period, million Building loyalty Number of stores offering store- made sandwiches, salads, and/or hot food buffets 150+ Units sold every day of store- made sandwiches and hot food meals, and similar 15k
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-144 -76 -44 -27 Q3’25** Q4’25 Q1’26 Q2’26 Q3’26 Continued progress in City Gross 22 City Gross adjusted operating result* on a rolling 12-month basis, SEK billion Axfood’s work to strengthen City Gross is progressing according to plan. During the third quarter, City Gross demonstrated profitability and reached break-even on a rolling twelve-month basis. Interim report Q3 2026 0 *Excluding items affecting comparability. **Refers to the Nov ’24 to Sep ’25 period. Reaching break-even
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Clear strategic focus areas Create business and stakeholder value through health and sustainability Food retail’s most attractive assortment – relevant, affordable and sustainable Expand and optimise the store network with the market’s best business terms World leading operational efficiency, quality and performance in product supply Maximise business value through digitalisation, automation and AI Be the market’s most attractive employer 23 Interim report Q3 2026
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24Interim report Q3 2026 Axfood creates growth opportunities by increasing its presence through new store establishments, as well as enhancing the customer experience by modernising existing stores. Creating growth opportunities Faster realised gains from new stores in recent years Sales/store for new stores* in second full year of operations, by years** of establishment 2018-2019 stores 2020-2021 stores 2022-2023 stores Operating profit/store* for new stores in second full year of operations, by years** of establishment 2018-2019 stores 2020-2021 stores 2022-2023 stores *Refers to new establishments, re-establishments and conversions. Sales and operating profit adjusted for inflation based on data from Statistics Sweden. **Refers to combined store establishments in each two-year period.
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25 Axfood creates competitiveness through high efficiency and cost focus with an integrated value chain and clear collaboration. Operational efficiency in all processes Record high productivity in Bålsta Number of cases handled per worked hour Q2 ’25 Q3 ’25 Q4 ’25 Q1 ’26 Q2 ’26 Q3 ’26 Q1 ’25 25% Interim report Q3 2026
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26 Through ambitious work related to sustainability and health, Axfood creates value for the Group and its stakeholders. Value creation through sustainability and health Only renewable fuels in transports, 15 percent share of electricity in the fuel mix with both heavy and light electric trucks Assortment and packaging development, reduced plastics use and more sustainability labels Interim report Q3 2026
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Interim report Q3 2026 Continued growth and improved earnings in a market with deflation, cost pressure and intense competition Strong quarter in Hemköp, somewhat better growth in Willys Continued volume growth in a dynamic market Q3 Investments in technology, AI, automation and logistics paying off, record high productivity in Bålsta Ambition reached to achieve profitability in City Gross 27
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Interim report Q3 2026 28 Q&A
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GROUP COMMON IT SYSTEMS BUSINESS DEVELOPMENT Efficient sourcing and logistics for all brands and channels Innovative development of private label products R12M net sales to Sep 2026, SEK 90bn Employees, FTEs 15,790 Customer reach >6 million customer visits a week 400 Group-owned stores 136 franchise Hemköp 122 franchise Tempo In total, customer meetings through more than 800 stores 5 online brands Interim report Q3 2026 29
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Axfood 4.2 2022 4.1 2023 3.9 2024 4.0 2025 4.1 R12M to Sep 2026 73,474 81,111 84,057 89,152 90,334 Operating margin, % Net sales, SEK m Interim report Q3 2026 *Refers to retail sales. *Excluding items affecting comparability. 30 Key ratios SEK m Q3 2026 Q3 2025 Chg 9M 2026 9M 2025 Chg Net sales 22,711 22,286 1.9% 67,504 66,321 1.8% Change in like- for-like sales* 1.6% 4.3% -2.7 1.7% 4.4% -2.7 Operating profit 1118 1,059 5.6% 2,888 2,712 6.5% Adjusted operating profit** 1119 1,099 1.9% 2,903 2,814 3.1% Operating margin 4.9% 4.8% 0.2 4.3% 4.1% 0.2 Adjusted operating margin** 4.9% 4.9% 0.0 4.3% 4.2% 0.1 Number of stores: Group-owned Franchise 658 400 258 653 395 258 5 0
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Willys 5.0 2022 4.7 2023 4.4 2024 4.4 2025 4.2 R12M to Sep 2026 37,451 43,757 45,775 48,607 49,423 Operating margin, % Net sales, SEK m Interim report Q3 2026 *Refers to retail sales. 31 Key ratios SEK m Q3 2026 Q3 2025 Chg 9M 2026 9M 2025 Chg Net sales 12,332 12,074 2.1% 36,927 36,111 2.3% Change in like- for-like sales* 0.3% 4.1% -3.8 0.5% 4.5% -4.0 Operating profit 576 587 -1.8% 1,599 1,647 -3.0% Operating margin 4.7% 4.9% -0.2 4.3% 4.6% -0.2 Number of stores: Willys Willys Hemma Eurocash 261 196 59 6 256 188 61 7 5 8 -2 -1
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Hemköp 4.3 2022 4.0 2023 4.4 2024 4.5 2025 4.9 R12M to Sep 2026 6,650 7,432 7,878 8,348 8,879 Operating margin, % Net sales, SEK m Interim report Q3 2026 32 *Refers to retail sales. Key ratios SEK m Q3 2026 Q3 2025 Chg 9M 2026 9M 2025 Chg Net sales 2,170 1,995 8.8% 6,664 6,133 8.7% Change in like- for-like sales* 4.8% 4.8% 0.0 5.4% 4.8% 0.6 Operating profit 125 103 21.9% 361 294 22.8% Operating margin 5.8% 5.1% 0.6 5.4% 4.8% 0.6 Number of stores: Group-owned Hemköp, franchise Tempo, franchise 328 70 136 122 326 68 133 125 2 2 3 -3
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City Gross *Refers to retail sales. **Excluding items affecting comparability. Interim report Q3 2026 33 Key ratios SEK m Q3 2026 Q3 2025 Chg 9M 2026 9M 2025 Chg Net sales 2,114 2,178 -3.0% 6,365 6,557 -2.9% Change in like-for-like sales* 0.6% – – 1.1% – – Operating profit 23 -43 n.a. -42 -206 79.4% Adjusted operating profit** 24 -4 n.a. -28 -104 73.6% Operating margin 1.1% -2.0% 3.1 -0.7% -3.1% 2.5 Adjusted operating margin** 1.1% -0.2% 1.3 -0.4% -1.6% 1.2 Number of stores 38 40 -2
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Snabbgross 5.3 2022 5.0 2023 4.6 2024 4.4 2025 4.0 R12M to Sep 2026 4,727 5,317 5,533 5,853 5,860 Operating margin, % Net sales, SEK m Interim report Q3 2026 34 Key ratios SEK m Q3 2026 Q3 2025 Chg 9M 2026 9M 2025 Chg Net sales 1,604 1,609 -0.3% 4,461 4,454 0.2% Change in like- for-like sales -0.3% 6.0% -6.3 0.0% 5.8% -5.8 Operating profit 81 101 -19.2% 199 222 -10.3% Operating margin 5.1% 6.3% -1.2 4.5% 5.0% -0.5 Number of stores 31 31 0
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Dagab 1.5 2022 1.4 2023 1.5 2024 1.5 2025 1.5 R12M to Sep 2026 66,999 74,175 76,589 80,579 81,955 Operating margin, % Net sales, SEK m Interim report Q3 2026 35 Key ratios SEK m Q3 2026 Q3 2025 Chg 9M 2026 9M 2025 Chg Net sales 20,474 19,984 2.4% 61,209 59,834 2.3% Operating profit 341 341 0.0% 919 926 -0.8% Operating margin 1.7% 1.7% 0.0 1.5% 1.5% 0.0