Interim report
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Interim report 2026 1 January – 30 September 2026 THIRD QUARTER JULY – SEPTEMBER 2026 FIRST 9 MONTHS JANUARY – SEPTEMBER 2026 - Net sales amounted to SEK 265 million (263), which was an increase of 1 percent compared with the previous year. - Net sales amounted to SEK 1,001 million (1,134), which was a decrease of 12 percent compared with the previous year. Commercial Sales amounted to SEK 163 million (165) and Retail Sales to SEK 102 million (98). Commercial Sales amounted to SEK 571 million (706) and Retail Sales to SEK 430 million (427). - Organic growth amounted to 0 percent - Organic growth amounted to -11 percent - EBITA amounted to SEK -17 million (-45). - EBITA amounted to SEK -22 million (-32) - The EBITA margin was -6.6 percent (-17.1) - The EBITA margin was -2.2 percent (-2.8) - Free cash flow amounted to SEK -37 million (-43) - Free cash flow amounted to SEK 73 million (-80) - The order book at the end of the period amounted to SEK 605 million (358), of which Commercial Sales amounted to SEK 524 million (297) which includes SEK 260 million related to boats ordered by the Swedish Defence Materiel Administration (FMV), with deliveries during three years scheduled to start in Q2 2027. Retail Sales to SEK 81 million (61) - Earnings per share amounted to SEK -0.19 (-2.22) Significant events during the third quarter of 2026 • Nimbus Group entered into a strategic partnership with Nautrik AB regarding the production of autonomous unmanned surface vessels (USVs) in September. The first batch of units has been delivered and has successfully completed acceptance and verification testing with positive results. • Nimbus Group showcased the Sport Tender 35 and the Sport Weekender 42 Open for the first time at the Cannes Yachting Festival in September. Significant events after the balance sheet date • Mikael Mårtensson assumed the role of CFO on 1 October 2026. • Nimbus Group revealed the Sport Coupé 35 in October, a Sport Cruiser with the comfort of a Coupé. The boat makes its world premiere at the boat show in Düsseldorf in January 2027. Third quarter First 9 months Last 12 months Full year 2026 2025 % 2026 2025 % 2026 2025 % 2025 Net sales, MSEK 265.0 263.4 0.6 1,000.7 1,133.5 -11.7 1,233.9 1,407.7 -12.3 1,366.7 Operating result, MSEK -20.4 -45.1 54.7 -25.0 -32.6 23.3 -79.1 -57.8 -36.7 -86.7 EBITA, MSEK -17.4 -45.0 61.3 -21.6 -32.2 32.8 -73.9 -57.4 -28.8 -84.4 EBITA margin, % -6.6% -17.1% 10.5 pp -2.2% -2.8% 0.6 pp -6.0% -4.1% -1.9 pp -6.2 % Result for the period, MSEK -19.3 -55.1 65.0 -8.1 -94.5 91.4 -81.3 -105.1 22.6 -167.7 Free cash flow, MSEK -36.9 -43.1 14.4 73.3 -80.0 191.6 66.4 -106.3 162.4 -86.9 Earnings per share -0.45 -1.29 65.0 -0.19 -2.22 91.5 -1.91 -3.27 42.1 -3.94
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2 Improved performance against flat sales In a market that has stabilized at a low level, Nimbus Group improved the quarter to quarter performance. This progress reflects our continued focus on targeted initiatives to strengthen profitability, cash flow and operational efficiency. A consolidating market The global marine market continued to face challenges from weak consumer confidence, high interest rates, and elevated energy costs. At the same time, we saw increased attendance at international boat shows, low dealer inventory levels, and a strong boating season in Sweden, with marinas experiencing higher occupancy rates than they have had for several years. From a global perspective, our industry has undergone a healthy consolidation, both among dealers and boat manufacturers. Overall, the global market has stabilized over the past year, although at a low level. Success in such a market environment requires focused market activation, continuous product portfolio renewal, and strong cost discipline. Stable Sales across Retail and Commercial In the third quarter, Nimbus Group sales were in line with last year. This supports our assessment that the market is stabilizing at a low level and marks a shift from the negative trend seen in recent years. Order intake was strong and amounted to SEK 522 million, compared with SEK 212 million in the corresponding quarter of the previous year. The increase was primarily driven by the launch of the Nimbus Sport Tender 35 and by the inclusion in the order book of the full order of MSMB200 from the Swedish Defence Materiel Administration (FMV), valued at SEK 260 million. At the end of the quarter, the order book amounted to SEK 605 million, compared with SEK 358 million a year earlier. Improved earnings across the income statement Nimbus Group improved its earnings during the quarter, driven by a higher gross margin and lower operating expenses. The Group’s EBITA amounted to SEK -17 million (-45) for the quarter, while the EBITA margin was -6,6 percent (-17,1). Free cash flow for the quarter amounted to SEK -37 million (-43). Year-to-date, we have improved free cash flow by SEK 153 million compared with the previous year. Available liquidity amounted to SEK 229 million (248) at the end of the quarter. Reduced losses in Edgewater Our efforts to stabilize operations at Edgewater continue at full pace, and efficiency improvements and capacity reductions have delivered tangible results. We have significantly reduced Edgewater’s negative earnings contribution, while continuing our work to restore the business to balance. Given our strategy to no longer manufacture the Nimbus brand at Edgewater, we are also reviewing our long-term plans for the operation. New launches and extensive marketing activities We concluded an intense quarter with extensive marketing activities at the major European boat shows in Cannes, Genoa and Southampton. At these events we unveiled the first model in the Sport Cruiser 35 family, the Sport Tender 35. We also showcased our new Sport Weekender 42 Open, and after the end of the quarter we released images of the Sport Coupé 35. The new models have been very well received and embody what Nimbus stands for - elegant boats with generous social spaces and outstanding seaworthiness. We are proud to launch these boats and further clarify the strategic direction of the Nimbus brand. The increased visibility of our brands and products across digital channels, and at boat shows, is a deliberate investment, and I am pleased to see it delivering results. In addition, during a few sunny days in August, we gathered our dealers for a global dealer conference on Sweden's west coast. Participation was excellent, with dealers from around the world joining together with our key suppliers and partners. I would like to extend my sincere thanks to everyone who contributed to making this event a success. Continued investment in the defense segment During the quarter, Nimbus also took the next step in its expansion into the workboats and defense boat segments by initiating production of Unmanned Surface Vessels (USVs) for the customer Nautrik AB. This is a very exciting collaboration where we use our existing infrastructure and expertise to serve a new market. To date, we have produced prototype volumes with a limited financial impact on the Group, and we look forward with great anticipation to the opportunities this collaboration may create over time. We also continue to expand our defense offering through the Alukin brand. Our investment in the defense and workboats segments remains a cornerstone of our strategy for long-term profitability and growth. Finally, this autumn marks my first year at the helm of Nimbus Group. During the year we have taken important steps toward stronger performance and improved results. It is inspiring to see the energy, commitment, and dedication demonstrated by our employees as we continue this journey together. While we have made meaningful progress there is still work to be done, and we remain fully committed to driving the business forward with focus and determination. Johan Inden President and CEO
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3 Nimbus Group's performance Third quarter 2026 The Group's net sales amounted to SEK 265 million, an increase of 1 percent from the previous year (263). Organic growth amounted to 0 percent (-29). Commercial Sales – Sales and Marketing Commercial Sales refers to the sale of boats and aftermarket products to external dealers. Sales are divided into North America, the Nordic region, Europe and Other markets. Sales in Commercial Sales amounted to SEK 163 million (165). Order intake amounted to SEK 366 million (81), of which SEK 165 million (0) was attributable to boats ordered by the Swedish Defence Materiel Administration (FMV) for deliveries for three years starting in Q2 2027. Development by region North America North American sales increased compared with the previous year and amounted to SEK 78 million (71). The North American boat market remained weak in the early part of the year although certain signs of stabilization were observed. Sales activities for the Nimbus brand increased and yielded positive results, with Nimbus sales during the quarter exceeding those of the corresponding quarter in the previous year by SEK 7 million. Edgewater's sales were in line with the previous year. Net order intake amounted to SEK 102 million (-26). Nordic region Sales in the Nordic region increased and amounted to SEK 24 million (10). Despite improved sales during the quarter, market conditions remained challenging, with long sales cycles among end customers continuing to drive a cautious approach among dealers. Order intake amounted to SEK 188 million (23), including SEK 165 million related to boats ordered by the Swedish Defence Materiel Administration (FMV), with deliveries for three years starting in Q2 2027. Europe European sales decreased to SEK 44 million (74). Order intake amounted to SEK 76 million (72). Our dealers maintained a short-term order horizon. While some dealer inventory replenishment occurred during the period, inventory levels remained historically low. Other markets Sales in other markets were higher and amounted to SEK 16 million (10). Order intake amounted to SEK 0 million (12). Order book The order book for Commercial Sales amounted to SEK 524 million (297). In the order book, ordered boats from the Swedish Defence Materiel Administration (FMV) have been included with SEK 260 million. Production is scheduled to begin in 2027, with deliveries to be made over a three-year period starting in Q2 2027. Prepayments from Commercial Sales' customers amounted to SEK 38 million (55). The share of the order backlog that was prepaid was 7 percent (19), including the FMV order in full. Excluding the FMV order, the corresponding share was 14 percent (20). The order book is limited to only include confirmed orders that were production planned at the balance sheet date and have been prepaid in accordance with the company's invoicing policy. In accordance with North American industry standards, Edgewater has chosen not to apply prepayments to ordered boats, instead full payment is paid upon delivery of the boat. Retail Sales – Sales and Marketing Sales in Retail Sales are conducted in Sweden (six marketplaces), Norway (two marketplaces) and England (one marketplace). Sales are mainly made to private individuals and include both the Group's own brands as well as merchandise, used products, aftermarket products and services. The business is strongly affected by seasonal variations, with the second quarter dominating sales on an annual basis. North America 48% (43%) Nordics 15% (6%) Other markets 10% (6%) Europe 27% (45%) Sales by region - Commercial Sales 0 100 200 300 400 500 600 sep/24 dec/24 mar/25 jun/25 sep/25 dec/25 mar/26 jun/26 sep/26 Order book Commercial, Mkr
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4 Sales in Retail Sales remained stable during the quarter and amounted to SEK 102 million (98). Sales of new own-brand boats decreased to SEK 42 million (45), while sales of other brands and used boats increased to SEK 46 million (38). Sales of service and aftermarket products amounted to SEK 14 million (16). Order intake amounted to SEK 156 million (131). Order book The order book amounted to SEK 81 million (61). The order book follows a traditional seasonal pattern, which means that it is low in the third quarter and with a gradual build-up during the fourth and first quarters. Group's Result EBITA amounted to SEK -17 million (-45). The EBITA margin was -6.6 percent (-17.1). The improvement in gross margin was the primary driver of the improved earnings performance. Gross profit amounted to SEK 27 million (8). Compared with the previous year, lower costs, improved production efficiency and a more favourable price/product mix contributed positively during the quarter. Currency effects increased gross profit by SEK 2 million compared with the previous year. Lower margins on the sale of older inventory boats are included in the price/product mix effect. Edgewater’s contribution to gross profit remained weak. The gross margin was 10.4 percent, which was 7.5 percentage points higher than the previous year (2.9). Net financial items for the period amounted to SEK -6 million (-18), primarily attributable to negative foreign exchange effects on intra-group receivables and liabilities denominated in foreign currencies of net SEK -4 million (-7), as well as net interest expense of SEK -2 million (-4). The comparative year was affected by an impairment loss of SEK -6 million related to the holding of the associated company Stream Propulsion AB. Group’s Financial Position Cash flow Free cash flow amounted to SEK -37 million (-43), of which SEK -29 million (-38) comes from operating activities and SEK -8 million (-5) from investing activities. The investment business consists mainly of product development. The improvement in free cash flow is primarily attributable to stronger cash flow from operating profit, amounting to SEK -3 million (-31), partially offset by a higher working capital requirement of SEK -19 million (0). Cash flow from net interest and income tax paid amounted to a combined SEK -6 million (-7). Net cash flow from financing activities amounted to SEK -13 million (-8). Liquidity and Financial Position At the end of the period, the Group had available liquidity of SEK 229 million (248), divided into available cash of SEK 29 million and unutilized overdraft facilities of SEK 200 million. The decrease compared with the previous year was mainly due to the repayment of external financing of SEK 22 million. Excluding this item, the Group’s liquidity remained in line with the previous year. The equity/assets ratio was 59 percent (57). Financing of External Dealers When boats are sold primarily to the United States, this is done with the help of financing solutions such as factoring and floorplanning. The financing solutions mean that the Group is paid in full upon delivery of the boat, but that the boat is associated with a repossession clause which means that the Group retains an accounting receivable and a liability during the entire time that the financing is ongoing between the dealer and the finance company. The maturity varies from case to case and is affected by whether the boat is sold to customers. Funding usually lasts between six and eighteen months. When the financing has expired, both the receivable (Leveraged trade receivables) and the associated debt (Liabilities attributable to leveraged trade receivables) disappear from the company's balance sheet. Leveraged trade receivables amounted to SEK 216 million (269) as of the balance sheet date. The change compared to the previous year is due to the fact that retailers have reduced their inventories. Leveraged trade receivables are further described in Note 2. 0 50 100 150 200 sep/24 dec/24 mar/25 jun/25 sep/25 dec/25 mar/26 jun/26 sep/26 Order book Retail, MSEK
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5 Nimbus Group's performance First nine months 2026 The Group's net sales amounted to SEK 1,001 million, which was a decrease of 12 percent from the previous year (1,134). Organic growth amounted to -11 (-14) percent. Commercial Sales – Sales and Marketing Sales in Commercial Sales amounted to SEK 571 million (706). Order intake amounted to SEK 738 million (520), of which SEK 239 million (0) was attributable to boats ordered by the Swedish Defence Materiel Administration (FMV) with deliveries for three years starting in Q2 2027. Development by region North America North American sales amounted to SEK 245 million (312). Order intake in North America increased and amounted to SEK 243 million (200). Nordic region Nordic sales amounted to SEK 101 million (105). Order intake in the Nordic region increased and amounted to SEK 299 million (91), of which SEK 239 million (0) was attributable to boats ordered by FMV for deliveries for three years starting in Q2 2027. Europe European sales amounted to SEK 189 million (274). Order intake decreased to SEK 188 million (199). Other markets Sales in other markets amounted to SEK 36 million (15). Order intake amounted to SEK 8 million (29). Retail Sales – Sales and Marketing Sales in Retail Sales during the period amounted to SEK 430 million (427). Sales of new own-brand boats increased to SEK 212 million (201). Sales of other brands and used boats increased to SEK 176 million (175). Sales of service and aftermarket products amounted to SEK 41 million (52). Group's Result EBITA amounted to SEK -22 million (-32). The EBITA margin was -2.2 percent compared to -2.8 percent last year. The result was negatively affected by weaker sales, leading to under- absorption of fixed costs as a result of lower production volumes, particularly in the first half of the year. Net operating expenses amounted to SEK 134 million (144). Cost-saving initiatives have been implemented, leading to lower operating expenses and reduced production costs as a result of lower allocations of Group overhead costs. Net financial items amounted to SEK 2 million (-81), mainly explained by positive foreign exchange effects on intra-group receivables and liabilities denominated in foreign currencies of net SEK 15 million (-55), partly offset by net interest expense of SEK -14 million (-16). Share of result from associated companies amounted to SEK 0 million (-10). Financial position of the Group Cash flow Free cash flow amounted to SEK 73 million (-80), of which SEK 104 million (-54) comes from operating activities and SEK -31 million (-26) from investing activities. The investment activities consist mainly of product development. Net cash flow from financing activities amounted to SEK -78 million (120). The comparative period was affected by share issue proceeds of net SEK 295 million, after repayment of shareholder loans. The rights issue proceeds were paid out in the first quarter 2025. North America 43% (44%) Nordics 18% (15%) Other markets 6% (2%) Europe 33% (39%) Sales by region - Commercial Sales
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6 Other Material risks and uncertainties Through its operations, the Group is exposed to risks of both a financial and operational nature, which the Group can influence to a greater or lesser extent. The Group continuously conducts processes to identify existing risks, assess how they should be managed, and implement decided measures to mitigate the impact of such risks on the business. Among operational risks, it can be mentioned that the company is exposed to business risks in connection with economic and demand fluctuations, as well as customer preferences and relationships with the company. Furthermore, there are risks related to production capacity, capacity and occupancy rates in the company and at the company's external manufacturers, as well as availability and price of raw materials. The company is also dependent on continued trust from staff and the ability to recruit competent employees. With regard to financial risks, it can be mentioned that the Group is exposed to currency risk, in particular in the relationships between USD, EUR, PLN, NOK and SEK, through translation exposure of accounts receivable and accounts payable as well as reported assets, liabilities and net investments in the business. The Group is also exposed to other risks such as interest rate risk, credit risk and liquidity risk. We regularly monitor political and economic developments in our external environment as part of our ongoing risk and market analysis. In recent years, we have observed increasing geopolitical uncertainty. We continuously assess developments in the regions where the Group operates. However, the extent of indirect effects related to these events, such as impacts on consumer confidence and, consequently, demand for the Company’s products, is difficult to assess. The escalation of the conflict in the Middle East in March has created increased geopolitical uncertainty, alongside rising energy prices and a higher global interest rate environment. These factors have affected demand for the Group’s products during the quarter. The Company’s operations are inherently exposed to international trade barriers, and we closely monitor developments in this area, primarily related to the EU, the United States, and China, and continuously evaluate and implement measures as needed. We see that such developments primarily affect the Company by creating uncertainty and cautious behavior in consumers’ purchasing decisions. The Company has taken measures to mitigate the negative impact related to increased tariffs on imports to the United States introduced in spring 2025. For a further description of the company's risks and uncertainties, reference is made to Nimbus Group AB's Annual Report for the financial year 2025, pages 16-17 and 36–38. Events during the financial year First quarter - Measures were presented within the North American operations aimed at strengthening the local organization's commercial capabilities and reducing costs. - A coupé version of the Nimbus 495 was presented at the boat show in Düsseldorf. The model will begin production in 2026 with deliveries in 2027. - Sales launch of the Nimbus WTC 12 series, a successor to the successful WTC 11 series. The boats have undergone extensive upgrades to strengthen their position in the premium segment. - The Swedish Defence Materiel Administration conducted approved sea trials with the workboat that Nimbus Group, together with Svekon, is developing for the Swedish Armed Forces. - Christian Johansson was appointed interim Chief Financial Officer (CFO), effective 1 March 2026. The former CFO, Rasmus Alvemyr, left the company on 31 March 2026. Second quarter - Nimbus Group received its first order for the MSMB200 workboat from the Swedish Armed Forces. The order value amounts to approximately SEK 260 million, with deliveries expected to commence in January 2027 and continue over a period of 36 months. - The Nimbus brand is reintroducing the original product names Sport Cruiser for boats in the WTC series and Coupé Cruiser for coupé boats. At the same time, the model names will indicate the boats’ length in feet. The new naming will simplify choice across the model range and align with international standards. - Mikael Mårtensson was appointed Chief Financial Officer (CFO), with a start date later this year, but no later than 1 December. Mikael will succeed Christian Johansson, who is currently serving as interim CFO. - Nimbus Group participated in roundtable discussions at the Almedalen week in Visby and showcased the Swedish Armed Forces’ MSMB200 workboat. - Nimbus Group revealed the Sport Tender 35, the first model of three in the new Sport Cruiser 35 series. Its world premiere will take place at the Cannes Yachting Festival in September 2026. Third quarter - Nimbus Group entered into a strategic partnership with Nautrik AB regarding the production of autonomous unmanned surface vessels (USVs) in September. The first batch of units has been delivered and has successfully completed acceptance and verification testing with positive results. - Nimbus Group showcased the Sport Tender 35 and the Sport Weekender 42 Open for the first time at the Cannes Yachting Festival in September. Significant events after the balance sheet date - Mikael Mårtensson assumed the role of CFO on 1 October 2026.
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7 - Nimbus Group revealed the Sport Coupé 35 in October, a Sport Cruiser with the comfort of a Coupé. The boat makes its world premiere at the boat show in Düsseldorf in January 2027. Personnel and organization The average number of employees in the Group during the period was 239 (343) employees in Sweden, the USA, Norway, Finland and the UK. Parent company Net sales for the first nine months amounted to SEK 104 million (534). Result after financial items amounted to SEK -20 million (6). Share data As of September 30, 2026, Nimbus Group held 42,631,182 shares. The share capital amounted to SEK 2,368 thousand with a quota value of 0.0556. Share-base incentive program At the Annual General Meeting on May 19, 2026, it was resolved to approve the Board of Directors' proposal to offer a share- based incentive program to senior executives in the group comprising a maximum of 729,381 warrants. The program has a duration of 3 years. In addition, there are two active incentive programs that were resolved at the 2024 and 2025 Annual General Meetings.
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8 Declaration by the Board of Directors and the CEO The Board of Directors and the President and CEO assure that the interim report gives a true and fair view of the development of the Group's and the Parent Company's operations, position and results and describes the significant risks and uncertainties faced by the Parent Company and the companies in the Group. This report has not been reviewed by the company's auditors. Gothenburg, October 22, 2026 Mats Engblom Per Hesselmark Chairman Board member Eva Nilsagård Gustav Lindner Board member Board member Henrik Patek Otto Drakenberg Board member Board member Johan Inden President and CEO
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9 Financial calendar The year-end report for Q4 2026 will be published on 4 February 2027 The annual report 2026 will be published on 21 April 2027 The interim report for Q1 2027 will be published on 27 April 2027 The Annual General Meeting will be held on 19 May 2027 The interim report for Q2 2027 will be published on 15 July 2027 The interim report for Q3 2027 will be published on 21 October 2027 The year-end report for Q4 2027 will be published on 3 February 2028 The company's reports will be available on the company's website www.nimbusgroup.se Teleconference: Nimbus Group will publish the interim report for the third quarter 2026 on Thursday 22 October at 07:30 CEST. A webcasted telephone conference will be held at 10.00 a.m. CEST on the same day, where President and CEO Johan Inden will present the report together with CFO Mikael Mårtensson. The presentation will be followed by a Q&A session. The presentation will be held in English. Those who wish to participate in the conference call in connection with the presentation can register via the following link: https://events.inderes.com/nimbus/q3-report-2026/dial-in After registration, you will receive a telephone number and a conference ID to log in to the conference. Via the telephone conference, it will be possible to ask oral questions. It is also possible to follow and listen to the presentation and the conference on the following web link: https://events.inderes.com/nimbus/q3-report-2026 For further information, please contact: Johan Inden, CEO +46 707 94 05 65 Mikael Mårtensson, CFO +46 703 77 47 86 This information is information that Nimbus Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07:30 CEST on October 22, 2026. Om Nimbus Group Nimbus Group produces and markets powerboats which includes the brands Alukin, Aquador, Edgewater, Falcon, and Nimbus. Sales are made through dealer networks and the largest markets are the Nordic region, Europe and the USA. In 2025, the Group had sales of SEK 1,367 million and an average number of 364 employees. Operations are conducted in Sweden, Finland, Poland, the United Kingdom, Norway and the USA. For more information, see www.nimbusgroup.se Nimbus Group AB (publ) Corporate Identity No. 556903–6568 Talattagatan 10 426 76 Västra Frölunda The company’s Certified Adviser is DNB Carnegie Investment Bank AB Telephone: +46 (0)8-588 68 570 E-mail: certifiedadviser@dnbcarnegie.se
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10 The result for the year and total comprehensive income are, in their entirety, attributable to Parent Company shareholders. CONSOLIDATED INCOME STATEMENT Quarter 3 Quarter 3 First 9 months First 9 months 2025-10-01 2025-01-01 TSEK 2026 2025 2026 2025 2026-09-30 2025-12-31 Net sales 264,950 263,383 1,000,677 1,133,529 1,233,870 1,366,721 Costs of goods and services sold -237,508 -255,866 -891,624 - 1,021,685 -1,118,736 -1,248,798 Gross profit 27,442 7,517 109,053 111,844 115,134 117,923 Selling expenses -29,789 -34,155 -87,561 -104,571 -125,991 -143,001 Administrative costs -16,803 -12,568 -48,118 -39,884 -61,752 -53,519 Other operating income 1,566 1,820 4,597 6,347 9,232 10,982 Other operating expenses (see Note 3) -2,853 -7,719 -2,987 -6,369 -15,695 -19,077 Total operating expenses -47,879 -52,622 -134,068 -144,477 -194,206 -204,615 Operating result -20,437 -45,105 -25,015 -32,633 -79,073 -86,691 Result from financial items, net -6,367 -17,798 1,579 -81,419 -10,361 -93,358 Result after financial items -26,804 -62,903 -23,436 -114,052 -89,434 -180,049 Tax on the result for the period 7,516 7,798 15,343 19,571 8,123 12,351 RESULT FOR THE PERIOD -19,288 -55,105 -8,093 -94,481 -81,311 -167,698 Other total income: -19,288 -55,105 -8,093 -94,481 -81,311 -167,698 Items that may be transferred to result for the year: Exchange rate differences in foreign operations 99 -1,182 2,373 749 -544 -2,167 Market valuation of futures contracts -382 -129 926 -166 628 -465 Total comprehensive income for the period -19,571 -56,158 -4,794 -93,898 -81,227 -170,330 Basic earnings per share -0.45 -1.29 -0.19 -2.22 -1.91 -3.94 Diluted earnings per share -0.45 -1.29 -0.19 -2.22 -1.91 -3.94
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11 CONSOLIDATED BALANCE SHEET TSEK September 30, 2026 December 31, 2025 September 30, 2025 ASSETS Fixed assets Intangible fixed assets Goodwill 252,278 246,811 248,704 Capitalized development expenditure and similar rights 134,259 136,787 135,651 Brands and similar rights 3,282 3,627 3,871 Development projects in progress 27,498 22,207 29,093 Total intangible fixed assets 417,317 409,432 417,319 Property, plant and equipment Land and buildings 45,767 46,350 48,241 Construction in progress and advance payments for Property, plant and equipment - - 125 Plant and machinery 11,290 15,323 17,841 Total property, plant and equipment 57,057 61,673 66,207 Right-of-use assets Right-of-use assets 90,956 108,083 115,128 Total right-of-use assets 90,956 108,083 115,128 Financial fixed assets Other long-term securities holdings - 122 155 Other long-term receivables 3 3 3 Total financial assets 3 125 158 Deferred tax asset 76,762 57,244 63,522 Total non-current assets 642,095 636,557 662,334 Current assets Inventories 533,118 625,868 672,283 Accounts receivable 135,006 148,092 140,531 Pledged accounts receivable (see Note 2) 215,877 263,795 269,266 Advance payments to suppliers 1,908 4,820 3,691 Other receivables 64,592 47,950 40,046 Prepaid expenses 31,162 18,980 31,375 Cash and cash equivalents 28,573 32,521 48,165 Total current assets 1,010,236 1,142,026 1,205,357 TOTAL ASSETS 1,652,331 1,778,583 1,867,691
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12 CONSOLIDATED BALANCE SHEET TSEK September 30, 2026 December 31, 2025 September 30, 2025 EQUITY AND LIABILITIES Equity attributable to Parent Company shareholders Share capital 2,368 2,368 2,368 Other contributed capital 538,241 538,241 538,241 Reserves 21,484 18,185 21,400 Retained earnings including result for the period 418,096 427,240 499,983 Total equity 980,189 986,034 1 061,992 Non-current liabilities Provisions 7,594 8,450 10,891 Provision for restructuring costs - - 9,220 Deferred tax liability 19,567 19,845 17,947 Lease liabilities 106,950 120,891 127,456 Total non-current liabilities 134,111 149,186 165,514 Current liabilities Advance payments from customers 64,530 68,412 72,347 Liabilities to credit institutions - 21,864 22,376 Accounts payable 78,018 99,496 74,284 Current tax liabilities 8,500 1,452 885 Lease liabilities 22,879 29,038 29,896 Liabilities attributable to pledged accounts receivable (see Note 2) 215,877 263,795 269,266 Other current financial liabilities for Demo boats 56,968 90,160 91,759 Other liabilities 21,021 5,682 9,348 Accrued expenses and deferred income 70,238 63,464 70,024 Total current liabilities 538,031 643,363 640,185 Total liabilities 672,142 792,549 805,699 TOTAL EQUITY AND LIABILITIES 1,652,331 1,778,583 1,867,691
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13 CONSOLIDATED REPORT ON CHANGES IN EQUITY TSEK Share capital Ongoing rights issue Other contributed capital Reserves Retained earnings including result for the period Total equity OPENING BALANCE AS OF JAN 1, 2025 1,184 1,184 538,955 20,817 593,610 1,155,750 Result for the period - - - - -167,698 -167,698 Other comprehensive income for the year - - - -2,632 - -2,632 Total comprehensive income 1,184 1,184 538,955 18,185 425,912 985,420 Transactions with shareholders in their role as owners Rights issue 1,184 -1,184 -714 - - -714 Share-based payments - - - - 1,328 1,328 CLOSING BALANCE AS OF DEC 31, 2025 2,368 - 538,241 18,185 427,240 986,034 OPENING BALANCE AS OF JAN 1, 2026 2,368 - 538,241 18,185 427,240 986,034 Result for the period - - - - -8,093 -8,093 Other comprehensive income for the year - - - 3,299 - 3,299 Total comprehensive income 2,368 - 538,241 21,484 419,147 981,240 Transactions with shareholders in their role as owners Share-based payments - - - - -1,051 -1,051 CLOSING BALANCE AS OF SEP 30, 2026 2,368 - 538,241 21,484 418,096 980,189 The number of shares as of the balance sheet date amounts to 42,631,182.
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14 CONSOLIDATED STATEMENT OF CASH FLOWS Quarter 3 Quarter 3 First 9 months First 9 months 2025-10-01 2025-01-01 TSEK 2026 2025 2026 2025 2026-09-30 2025-12-31 OPERATING ACTIVITIES Operating result before financial items -20,436 -45,105 -25,015 -32,633 -79,073 -86,691 Depreciation/amortization/impairment 19,520 22,199 53,866 58,063 73,261 72,037 Other items not affecting liquidity -2,405 -8,312 -9 -29,423 -9,197 -33,198 -3,321 -31,218 28,842 -3,993 -15,009 -47,852 Interest received, etc. 376 443 973 2,136 2,569 3,733 Interest paid, etc. -3,011 -4,731 -14,218 -18,257 -19,765 -23,795 Income tax paid -3,563 -2,393 -12,632 -19,432 -6,695 -13,495 -9,519 -37,899 2,965 -39,546 -38,900 -81,409 Change in inventories 33,295 28,933 113,191 110,901 151,797 149,506 Change in accounts receivable 20,438 77,653 19,376 -44,856 7,157 -57,075 Change in other current receivables -26,095 -8,710 -10,800 6,426 -12,147 6,027 Change in accounts payable -28,329 -47,618 -22,308 -78,522 3,438 -52,776 Change in other current operating liabilities -18,263 -50,127 1,617 -8,181 -12,052 -22,799 Cash flow from operating activities -28,473 -37,768 104,041 -53,778 99,293 -58,526 INVESTING ACTIVITIES Investments in intangible assets -8,001 -4,643 -25,714 -17,562 -28,522 -20,370 Investments in property, plant and equipment -430 -682 -5,146 -9,604 -5,183 -9,642 Divestment of property, plant and equipment 30 - 106 587 774 1,255 Change in other financial assets - - - 351 31 382 Cash flow from investing activities -8,401 -5,325 -30,754 -26,228 -32,900 -28,375 FINANCING ACTIVITIES New share issue - - - 345,598 - 345,598 Repayment loan from shareholder - - - -50,701 - -50,701 Repayment of liabilities (leases) -7,384 -8,961 -19,130 -26,822 -26,824 -34,517 Change in interest-bearing liabilities - - - 299 - -701 Change in current liabilities -5,662 1,071 -33,575 2,166 -35,014 727 Change in bank overdraft facility - -217 -25,474 -149,795 -25,242 -149,563 Cash flow from financing activities -13,046 -8,107 -78,179 119,745 -87,080 110,843 Cash flow for the period -49,920 -51,200 -4,892 39,740 -20,687 23,942 Opening cash and cash equivalents 79,327 98,750 32,521 5,320 48,165 5,320 Exchange rate differential in cash and cash equivalents -834 615 944 3,105 1,095 3,259 Closing cash and cash equivalents 28,573 48,165 28,573 48,165 28,573 32,521
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15 Result for the period correspond with total comprehensive income PARENT COMPANY'S INCOME STATEMENT Quarter 3 Quarter 3 First 9 months First 9 months 2025-10-01 2025-01-01 TSEK 2026 2025 2026 2025 2026-09-30 2025-12-31 Net sales 14,126 140,105 104,099 533,832 224,921 654,653 Cost of goods sold -16,361 -116,891 -97,153 -451,990 -194,132 -541,968 Gross profit -2,235 23,214 6,946 81,842 30,789 112,685 Selling expenses -2,247 -3,794 -7,990 -21,641 -18,550 -39,202 Administration costs -10,685 -7,274 -34,070 -25,018 -44,445 -35,392 Other operating income 555 769 1,837 3,639 2,127 3,929 Other operating costs -578 -473 -578 -446 -90,403 -90,272 Total operating expenses -12,955 -10,772 -40,801 -43,466 -151,271 -160,937 Operating result -15,190 12,442 -33,855 38,376 -120,482 -48,252 Result from financial items, net 3,932 -15,088 13,408 -32,043 -9,805 -55,256 Result after financial items -11,258 -2,646 -20,447 6,333 -130,287 -103,508 Group contributions received - - - - 10,100 10,100 Group contributions paid - - - -10,000 - -10,000 Appropriations - - - - 615 615 Result before tax -11,258 -2,646 -20,447 -3,667 -119,572 -102,793 Tax on the result for the period 2,317 -2,233 4,034 -2,303 20,759 14,422 RESULT FOR THE PERIOD -8,941 -4,879 -16,413 -5,970 -98,813 -88,371
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16 PARENT COMPANY'S BALANCE SHEET TSEK September 30, 2026 December 31, 2025 September 30, 2025 ASSETS Intangible assets 129,671 127,400 99,983 Property, plant and equipment 853 946 996 Participations in Group companies 250,672 250,672 349,731 Long term receivables from Group companies 220,403 93,897 95,963 Deferred tax assets 14,673 14,673 251 Total non-current assets 616,272 487,588 546,924 Current assets Inventories 18,585 76,709 76,248 Accounts receivable 6,953 20,533 23,899 Pledged accounts receivable (see Note 2) 20,315 40,430 34,952 Receivables from Group companies 443,561 516,213 483,355 Tax receivables 22,984 10,446 12,213 Advance payments to suppliers - 602 602 Other receivables 9,676 21,102 14,481 Prepaid expences 3,232 2,786 4,888 Cash and cash equivalents 4,553 11,433 86,461 Total current assets 529,859 700,253 737,099 TOTAL ASSETS 1,146,131 1,187,841 1,284,023 EQUITY AND LIABILITIES Equity Restricted equity Share capital 2,368 2,368 2,368 Fund for development expenditure 109,003 103,621 94,341 111,371 105,989 96,709 Non-restricted equity Share premium reserve 399,045 399,045 399,045 Retained earnings 505,433 600,236 609,043 Result for the year -16,413 -88,371 -5,970 888,065 910,910 1,002,118 Total equity 999,436 1,016,899 1,098,827 Untaxed reserves 30,689 30,689 31,304 Provisions - - 1,000 Current liabilities Advances from customers 3,195 17,922 32,800 Liabilities to Group companies 54,843 39,913 48,211 Accounts payable 8,088 22,710 15,748 Liabilities attributable to pledged accounts receivable (see Note 2)) 20,315 40,430 34,952 Other liabilities 12,952 1,405 1,388 Accrued expenses and deferred income 16,613 17,874 19,793 Total current liabilities 116,006 140,253 152,892 Total liabilities 146,695 170,942 185,196 TOTAL EQUITY AND LIABILITIES 1,146,131 1,187,841 1,284,023
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17 PARENT COMPANY STATEMENT OF CHANGES IN EQUITY Share capital Non- registered share capital Fund for development expenditure Share premium reserve Non- restricted equity excl. result for the year Result for the year Total equity EQUITY JAN 1, 2025 1,184 1,184 128,793 399,045 416,046 158,566 1,104,818 Transfer of development fund - - -25,172 - 25,172 - - Transfer of last year’s result - - - - 158,566 -158,566 - Rights issue 1,184 -1,184 - - -714 - -714 Share-based payments - - - - 1,328 - 1,328 Fair value adjustment - - - - -162 - -162 Result for the year - - - - - -88,371 -88,371 EQUITY DEC 31, 2025 2,368 - 103,621 399,045 600,236 -88,371 1,016,899 EQUITY JAN 1, 2026 2,368 - 103,621 399,045 600,236 -88,371 1,016,899 Transfer of development fund - - 5,382 -5,382 - - Transfer of last year’s result - - - - -88,371 88,371 - Share-based payments - - - - -1,051 - -1,051 Result for the year - - - - - -16,413 -16,413 EQUITY SEP 30, 2026 2,368 - 109,003 399,045 505,433 -16,413 999,436 The number of shares as of the balance sheet date amounted to 42,631,182.
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18 PARENT COMPANY'S CASH FLOW STATEMENT Quarter 3 Quarter 3 First 9 months First 9 months 2025-10-01 2025-01-01 TSEK 2026 2025 2026 2025 2025-09-30 2025-12-31 OPERATING ACTIVITIES Operating result before financial items -15,190 12,442 -33,855 38,376 -120,483 -48,252 Depreciation/amortization 5,148 3,826 14,026 13,277 17,773 17,025 Other items not affecting liquidity 6,649 -3,076 11,493 -19,932 9,550 -21,875 -3,393 13,192 -8,336 31,721 -93,160 -53,102 Interest received, etc. 2,339 1,558 5,102 4,779 7,241 6,918 Interest paid, etc. -1,179 -737 -3,436 -3,471 -4,221 -4,256 Income tax paid -2,842 -2,771 -8,503 -13,657 -4,433 -9,587 -5,075 11,242 -15,173 19,372 -94,573 -60,027 Change in inventories 6,372 3,458 58,727 161,507 58,265 161,046 Change in accounts receivable 132 49,293 14,659 16,362 17,790 19,493 Change in other current receivables 102,710 -48,266 90,372 -221,605 51,264 -260,713 Change in accounts payable 904 -13,761 -14,621 -89,853 -7,660 -82,891 Change in other current operating liabilities -40,089 -13,325 6,838 -483 -26,865 -34,185 Cash flow from operating activities 64,954 -11,359 140,802 -114,700 -1,779 -257,278 INVESTING ACTIVITIES Investments in intangible assets -5,315 -4,513 -16,127 40,950 -47,239 -48,394 Investments in property, plant and equipment - - - -241 -3 -244 Divestment of intangible assets - - - - - 40,631 Divestment of property, plant and equipment - - -77 - -77 17,601 Shareholder contribution to subsidiary - -8,500 -8,500 Change in other financial fixed assets -95,946 -616 -126,506 10,801 -124,441 12,866 Cash flow from investing activities -101,261 -5,129 -151,210 51,510 -180,260 22,460 FINANCING ACTIVITIES New share issue - - - 345,598 - 345,598 Dividend - - - - 86,544 86,544 Repayment loan from shareholder - - - -50,701 - -50,701 Change in bank overdraft facility - - - -145,656 - -145,656 Received/paid group contribution - - - -10,000 10,100 100 Cash flow from financing activities - - - 139,241 96,644 235,885 Cash flow for the period -36,307 -16,488 -10,408 76,051 -85,395 1,067 Opening cash and cash equivalents 39,098 102,273 11,433 6,322 86,461 6,322 Exchange rate difference in cash and cash equivalents 1,762 676 3,528 4,088 3,487 4,044 Closing cash and cash equivalents 4,553 86,461 4,553 86,461 4,553 11,433
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19 Note 1 General information Nimbus Group AB (”Nimbus”), Corp. Reg. No. 556903-6568, is a parent company registered in Sweden with its registered office in Gothenburg Municipality at Talattagatan 10. Unless otherwise specifically stated, all amounts are recognized in thousands of kronor (SEK thousand). Figures in parentheses refer to comparative periods. Note 2 Pledged accounts receivables Nimbus Group offers dealers the opportunity to use financing solutions for demonstration boats and boat inventory. Invoices approved by the finance companies are paid by the finance company in close connection with the invoices being issued. In accordance with the agreements that exist between the finance companies and the company, the company is committed to repurchase the boats from the finance company if retailers themselves do not fulfill their obligations to repay the debt to the finance company. Payment of the invoice means that ownership of the product passes to the finance company. But since the financial risk remains with the company during the entire period that the financial contract runs between the retailer and the finance company, the company has made an assessment that the financial repurchase risk must be reported as a financial liability in the balance sheet (Liabilities attributable to pledged accounts receivable) together with a claim (Pledged accounts receivable). The maturity of the claim and the debt are the same. Historically, the company has not reported any credit losses as a result of this financing solution. Not 3 Basis of preparation This Interim Report has been prepared in accordance with the Swedish Annual Accounts Act and IAS 34 Interim Financial Reporting. The consolidated accounts were prepared pursuant to the Swedish Annual Accounts Act and the International Financial Reporting Standards (IFRS) as approved by the EU as well as the Swedish Financial Reporting Board (RFR 1 Supplementary Financial Reporting Rules for Corporate Groups). The Parent Company accounts were prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board (RFR 2 Accounting for Legal Entities). These policies have been consistently applied to all the periods presented, unless otherwise stated. For more detailed information about the Group’s accounting policies, refer to the 2025 Annual Report, which is available on the company’s website www.nimbusgroup.se. Definition of key ratios Free cash flow: Cash flow from operating activities and investing activities Gross profit margin: Gross profit as a percentage of net sales EBITA: Result before tax, interest and amortization of goodwill and brands EBITA margin: EBITA/Net sales Equity/assets ratio: Adjusted equity/Balance sheet total Earnings per share: Consolidated result for the year/number of shares in the Parent Company Organic growth: Change in net sales compared with the preceding period excluding currency fluctuations and acquisitions (with the exception of dealers)