Slides
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André Karlsson CFO Daniel Juhlin CEO Jonas Elgquist CEO Rebel and Bird Andreas Eriksson Head of Sales Rebel and Bird Johanna Selin Moderator
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- 3.4% growth and 4.7% EBIT | Utilization rate 83.5% Highlights Q3 2026 • Revenue 228,2 (236,2) MSEK, - 3.4% growth • EBIT 10.6 (7.5) MSEK, EBIT margin 4.7 (3.2) % • Profit after tax - 2.7 ( - 1.2) MSEK, refinancing of the bond results in a one - off financial cost of 6.6 MSEK • Earnings per share before and after dilution - 0.38 ( - 0.18) SEK • Strongest Q3 EBIT margin since Q3 2022, driven by cost control and operational efficiency (Fit for Growth) • Strong - performing companies are recruiting, while a few face lower demand for certain competencies • Improved market demand, partly driven by AI and efficiency initiatives • Bond transaction and divestment completed, Habberstad excluded from reported figures, strengthening the financial position • Several new business wins and new framework agreements signed • B3 Poland, turning to growth again (in local currency) Figures presented in this image exclude the divested company Habberstad AS.
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Jan-Dec Extract of B3's key figures 2026 2025 Δ% 2026 2025 Δ% 2025 Net Sales, SEK million 228,2 236,2 -3,4% 789,4 847,5 -6,9% 1 136,3 EBITA, SEK million 11,7 8,6 36,9% 33,3 32,2 3,5% 51,2 EBITA margin, % 5,1% 3,6% 4,2% 3,8% 4,5% Operating profit (EBIT), SEK million 10,6 7,5 41,5% 30,0 28,9 3,9% 46,9 Operating margin (EBIT), % 4,7% 3,2% 3,8% 3,4% 4,1% Profit after tax, SEK million³ -4,8 -3,3 -46,2% -1,1 6,8 -115,7% 14,5 Profit after tax from continuing operations, SEK million -2,7 -1,2 -118,9% -0,9 5,2 -117,9% 13,5 Cash flow from operating activities, MSEK³ -25,0 -31,2 19,9% 10,1 0,1 10000,0% 37,6 Earnings per share before and after dilution, SEK³ -0,50 -0,29 -73,2% -0,45 0,48 -194,2% 1,20 Earnings per share before and after dilution from continuing operations, SEK -0,38 -0,18 -109,2% -0,44 0,38 -216,8% 1,14 Closing number of co-workers 809 881 -8,2% 809 881 -8,2% 846 Average number of co-workers 813 898 -9,4% 843 933 -9,6% 913 Q3 Jan-Sep Strongest Q3 EBIT margin since 2022. SEK 6.6m in one - off bond refinancing costs impacting profit after tax Financial overview Q3 2026 – Group • Divested Habberstad AS (HAS) is excluded from Group figures and reported separately as discontinued operations. Financial results attributable to B3 through August 2026 are disclosed in the quarterly report. 3 Includes continuing and discontinued operations .
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5 Revenue decline moderates, EBIT margin slightly improves Financial overview Q3 2026 – B3 Sweden • Several subsidiaries are delivering strong results, with good utilization rates • Several new assignments and framework agreements are creating opportunities for future growth • B3 Health is now operating as one company, marking another step towards a more efficient organizational structure • Ongoing mergers of subsidiaries is driving greater efficiency with fewer entities Jan-Dec Extract of B3 Sweden key figures 2026 2025 Δ% 2026 2025 Δ% 2025 Net Sales, SEK million 189,8 197,5 -3,9% 676,9 726,8 -6,9% 981,6 EBITA, SEK million 6,9 6,4 7,9% 24,3 24,7 -1,6% 41,7 EBITA margin, % 3,6% 3,2% 3,6% 3,4% 4,2% Operating profit (EBIT), SEK million 6,8 6,4 6,7% 24,1 24,7 -2,4% 37,3 Operating margin (EBIT), % 3,6% 3,2% 3,6% 3,4% 3,8% Q3 Jan-Sep
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6 Sustained strong profitability, with segment growth of 1.4% in local currency Financial overview Q3 2026 – B3 Poland • The company has returned to growth in local currency (PLN) • Strong interest in the ongoing LiftOff entrepreneurship program is creating opportunities for future startups • New deals - Cybersecurity: New SOC (Security Operations Center) services engagement with one of Poland’s largest diet catering companies. - Logistics: New customer in the Polish logistics sector, with a signed agreement for consultancy services. - B3 Poland has been registered as a supplier to two major German food and beverage manufacturers, supporting expansion in DACH region. Jan-Dec Extract of B3 Poland key figures 2026 2025 Δ% 2026 2025 Δ% 2025 Net Sales, SEK million 38,4 38,5 -0,3% 112,5 119,8 -6,1% 156,0 EBITA, SEK million 4,2 4,0 5,0% 12,1 13,6 -11,0% 16,7 EBITA margin, % 11,0% 10,4% 10,8% 11,4% 10,7% Operating profit (EBIT), SEK million 4,2 4,0 5,0% 12,1 13,6 -11,0% 16,7 Operating margin (EBIT), % 11,0% 10,4% 10,8% 11,4% 10,7% Q3 Jan-Sep
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Definition utilization rate: Total invoiced hours / (total available hours – total vacation hours) 7 Stable utilization in Sweden Q3 Utilization rate 82,7% Q2 - 24 79,1% Q3 - 24 82,7% Q4 - 24 81,0% Q1 - 25 82,2% Q2 - 25 79,6% Q3 - 25 Q4 - 25 80,3% Q1 - 26 83,9% 83,5% 79,9% Q3 - 26 80,3% Q2 - 26 Q3 - 23 80,3 81,2 78,4 82,7 79,1 85,7 81,2% 84,9 83,0 85,9 83,7 84,4 83,5 Q4 - 23 78,4% Q1 - 24 86,6 0,3 • Improvement in SE but still mixed performance across subsidiaries and geographies • Performance at a stable high level in Poland • Divested have been excluded from historical figures B3 Total B3 Sweden
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The revenue breakdown is an estimate, uncertainties in the figures presented could exist and should be taken into considerati on. *Total invoiced hours / total available hours i.e. “billing rate“ Excludes Habberstad AS 8 Improved KPIs do not fully offset fewer FTEs Revenue breakdown • In many subsidiaries, further growth is limited by capacity, making recruitment a key priority • Growth in HRU's recruitment business contributes to stronger YoY growth in Product/Licenses 4 2 2 1 1 14 Product/ Licenses Hourly rates Utilization 0 Working days FX Net sales Q3 2026 FTE 236 228 Sub - contractors Net sales Q3 2025 - 3,4 %
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9 Strong sales activity during the quarter, resulting in a significant number of new assignments. New assignments • New assignments and extensions from key clients, including VARO Preem, Epiroc, Sandvik and public sector authorities • Continued high activity in the banking and insurance sector, securing new assignments at Skandia and The Riksbank • Strengthened regional presence through expanded BI engagement with Sundsvall Municipality • Several new framework agreements: - Finansinspektionen (IT operations, cybersecurity and support) - City of Gothenburg (information security) - Tekniska verken (systems and software development) • New business secured in Poland, including a SOC (Security Operations Center ) services engagement with one of the country’s largest diet catering companies and a signed consultancy agreement with a new customer in the logistics sector. • B3 Poland has also been registered as a supplier to two major German food and beverage manufacturers, supporting its expansion in the DACH region. • New strategic partnership with Echelon AI established
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11 AI at B3 AI has moved from pilot to production: Deliveries are growing across B3, with four areas in focus and AI reshaping our own delivery model. EXAMPLES WITHIN THE FOUR FOCUS AREAS Agentic development Agents build, our experts steer. Output - as - a - Service: the customer pays a fixed monthly fee for the result, not for the hours. Agentic - first web delivery for a nonprofit organization by Rebel and Bird. Agents in production Live in operations, not in labs. Procurement agent live at a global energy technology company, built in Copilot Studio. Agent layer automating supply chain diagnostics for a global software company. (B3 Poland) Secure data foundation Governance before AI scales. Secure AI adoption in industry: risk assessments, DPIAs and TIAs completed ahead of implementation. LLM proxy: one secure, monitored AI gateway for a European pharma manufacturer. (B3 Poland) AI transformation New ways of working, real impact. 90 - day programme at a real estate company: training by department, five agents specified by the business. 30%+ productivity gain per employee
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Improved Profitability, Focus on Recruitment, and Continued Growth in AI • Strongest Q3 EBIT margin since 2022, driven by cost - saving measures (Fit for Growth) • Good performance across several subsidiaries, supported by improving demand • Recruitment remains a priority, supported by B3’s strong employer brand and culture • AI is reshaping the consulting market, transforming delivery models and pricing strategies • Intensified sales efforts, targeting short - term opportunities and new offerings Summary and focus going forward
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Q&A
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APPENDIX
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15 Development over the past five years Revenue and profit Revenue MSEK per quarter and R12 EBIT MSEK per quarter and R12 EBITA MSEK per quarter and R12 235,8 332,3 324,6 299,3 223,3 293,6 281,3 266,4 245,4 336,2 316,8 294,5 236,0 288,8 280,6 280,5 228,2 1 087 1 087 1 180 1 184 1 078 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 24,4 39,7 40,9 22,0 10,0 13,2 7,9 8,6 1,0 8,8 15,8 5,7 7,5 17,9 10,4 9,0 10,6 126 113 31 38 48 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2023 2024 2025 2026 40 34,9 24,8 40,1 41,4 22,5 10,5 13,7 8,6 9,3 1,7 9,5 17,1 6,6 8,6 18,9 11,6 10,0 11,7 128 114 33 42 52 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2022 2023 2024 2025 2026
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16 B3 operates in several interesting industries driven by digitalization Distribution across different industries Revenue share per industry Jul - Sep 2026 (Jul - Sep 2025) Banking, finance, insurance 19% (18%) Industry 19% (17%) Government agencies, municipalities 19% (17%) Care 7% (11%) IT, media, entertainment 8% (8%) Membership organisations, associations 7% (7%) Retail 6% (8%) Transport/Logistics 4% (5%) Defense 1% (2%) Telecom 1% (2%) Other 9% (5%)
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17 Sweden expands its profit share, while Poland continues to deliver profitability well above its size Share per segment Revenue, share per business area EBIT, share per business area 83,2% 16,8% 83,7% 16,3% B3 SWEDEN B3 POLAND 2026 Q3 2025 Q3 61,7% 38,3% 61,5% 38,5% B3 SWEDEN B3 POLAND 2026 Q3 2025 Q3