Interim report
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INTERIM REPORT January-June 2026 MAILING AND PACKAGING SOLUTIONS
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Key Ratios Apr-Jun Apr-Jun Jan-Jun Jan-Jun Jul 2025- Jan-Dec MSEK 2026 2025 2026 2025 Jun 2026 2025 Net sales 393 419 837 907 1,738 1,809 EBITDA 6 14 34 46 76 88 EBIT -12 -4 -2 9 4 16 Net result for the period -24 -17 -26 -17 -38 -29 Earning per share, SEK -0,11 -0,08 -0,12 -0,08 -0,18 -0.14 Cash flow from operating activities -3 25 3 47 61 105 Equity/asset ratio, % 35,4% 35,5% 35,4% 35,5% 35,4% 35.4% For definitions of APM’s see page 13. Net debt Cash flow from operating activities - Q2 Equity ratio Operating profit/loss - Q2 Net sales - Q2 Bong is one of the leading providers of envelope products in Europe that also offers solutions for distribution and packaging of information, advertising materials and lightweight goods. Important growth areas in the Group are packaging within retail and e-commerce and the envelope market within Eastern Europe. The Group has annual sales of approximately SEK 1.8 billion and about 970 employees in 13 countries. Bong has strong market positions in most of the important markets in Europe and the Group sees interesting possibilities for continued development. Bong is a public limited company and its shares are listed on Nasdaq Stockholm (Small Cap). INTERIM REPORT Q2, JANUARY-JUNE 2026 Adjusted net debt Pension liabilities Leasing contracts - IFRS 16 April – June 2026 • Net sales decreased to SEK 393 million (419) • Operating profit before depreciation decreased to SEK 6 million (14) • Operating profit decreased to SEK -12 million (-4) • Net result for the period amounted to SEK -24 million (-17) • Earnings per share amounted to SEK -0.11 (-0.08) • Cash flow from operating activities amounted to SEK -3 million (25) 2 January – June 2026 • Net sales decreased to SEK 837 million (907) • Operating profit before depreciation decreased to SEK 34 million (46) • Operating profit decreased to SEK -2 million (9) • Net result for the period amounted to SEK -26 million (-17) • Earnings per share amounted to SEK -0.12 (0.08) • Cash flow from operating activities amounted to SEK 3 million (47)
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THIS IS BONG 3 970 Employees 13 countries Transition into a Light Packaging company Sustainable products for our customers From the forest to you since 1737 The customer is our passion Envelopes and Light Packaging
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MARKET AND INDUSTRY During the second quarter we saw continued ma- croeconomic and political uncertainties in Europe. The high energy prices for fuel dampened the consumption climate. Due to the unstable US poli- cy in the conflict with Iran, it is very unclear if and when we will see again reliable market conditions regarding energy supply. In the recent two weeks supplies of LDPE for our AirPro™ Bubble mailers and window film for our Envelopes became easier accessible again but that can change also into the opposite direction as well within days. Transport costs are still high and increasing even more. Paper prices and energy costs went up again in the second quarter and probably will remain at this high level. Light Packaging We also felt these market difficulties in our Light Packaging segment. In Q1 and Q2 2026 our com- bined currency adjusted sales of Light Packaging were at +1,8% YTD vs. the first six months 2025. While this is better than the overall market deve- lopment it is below our strategic goal to achieve double-digit growth in Light Packaging on our road of transforming Bong. Our best performing Light Packaging products in the first six months were Retail gift bags (+14,1%), Bubble Mailers (+12,1%) and paper carrier bags (+7,4%). LETTER TO THE SHAREHOLDERS Envelope The political focus on digitalization such as man- datory e-invoicing and the trend towards digital advertising channels leads to a continuously redu- ced demand in envelopes. Bong keeps or slightly increases its market share, but our production volume also continues to decline. This poisonous combination of rising material, transportation and energy costs coupled with shrinking demand keeps the economic envi- ronment for envelopes very challenging. The European envelope market is still a mass market with a volume of around 32 billion envelopes. For Bong, being one of the top two European players, envelopes remain an important factor in its pro- duct portfolio. Since the downward trend for envelopes will continue in the next years, we will adapt our capacity and our fixed costs and partially switch factory space and employees to Light Packaging activities. OPERATING PROFIT The Group’s currency-adjusted sales in Q2 2026 decreased by -4% compared with ytd Q2 2025 mainly because of lower prices related price pressure but also to the market decline in the envelope segment. Bong’s gross margin has slightly decreased compared to ytd Q2 2025 mainly because of price pressure. Operating profit before impairment of goodwill decreased to SEK -2 million (9). The operating profit in Q2 2026 was not affected negatively by restructuring cost (0) and machine sales have had no impact on the operating profit (0). CASH FLOW AND ADJUSTED NET DEBT / ADJUSTED EBITDA Cash flow from operating activities amounted to SEK 3 million (47). Adjusted net debt / adjusted EBITDA according to Bong’s Bond loan amounts to 2.67 (0.80). FOCUS AND STRATEGY Bong remains focused on its road of transition to become a Light Packaging company with a 50% share in its total sales. We will shrink and adapt our envelope production capacity to cut overall fixed costs and remain competitive. Finally, I am thanking all our loyal and hard- working employees that will make our transfor- mation process in Bong happen as well as all our stakeholders and shareholders for their continuous support. Kai Steigleder Chief Executive Officer ”Our market for Light Packaging and Envelopes remained challenging in the first six months 2026. In order to support and to speed up our road of transition from an Envelope producer into a Light Packaging company Bong carried out a capital increase of app. SEK 63,4 million. This strategic move provides flexibility for us to implement strategic initiatives and strengthen our market position. It also underlines and illustrates the strong and continued support of our share- and stakeholders” , says Bong’s CEO Kai Steigleder. 4
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Sales and profit January – June 2026 Consolidated sales for the period reached SEK 837 million (907). Exchange rate fluctuations had a negative impact on sales of SEK -26 million (-18) compared with 2025. Operating profit decreased to SEK -2 million (9). The Group’s gross margin is slightly lower compared to the same period previous year. During the period operating profit was not affected by any capital gains/losses (5). Exchange rate fluctuations for the period had a minor impact on operating profit. Net financial items for the period amounted to SEK -21 million (-22). Earnings before tax amounted to SEK -23 million (-12) and reported earnings after tax were SEK -26 million (-17). Bong’s total light packaging sales amounted to SEK 299 million (303). Cur- rency fluctuations had a negative impact on light packaging sales of SEK -10 million (-5) compared with the corresponding period in 2025. Bong’s total envelope sales amounted to SEK 521 million (587). Currency fluctuations had a negative impact on envelope sales of SEK -16 million (-13) compared to same period 2025. April – June 2026 Consolidated sales for the period reached SEK 393 million (419). Exchange rate fluctuations had a negative impact on sales of SEK -9 million (-20) compared with 2025. Operating profit decreased to SEK -12 million (-4). The Group’s gross margin is slightly better compared to the same period previous year. During the period operating profit was not affected by any capital gains/losses (0). Exchange rate fluctuations for the period had a minor impact on operating profit. Net financial items for the period amounted to SEK -10 million (-10). Earnings before tax amounted to SEK -22 million (-15) and reported earnings after tax were SEK -24 million (-17). Bong’s total light packaging sales amounted to SEK 144 million (145). Cur- rency fluctuations had a negative impact on light packaging sales of SEK -4 million (-6) compared with the corresponding period in 2025. FINANCIAL OVERVIEW Bong’s total envelope sales amounted to SEK 240 million (265). Currency fluctuations had a negative impact on envelope sales of SEK -4 million (-14) compared to same period 2025. Cash flow and investments The cash flow after investing activities during 2026 decreased to SEK -5 mil- lion (44) compared to same period previous year. Cash flow from operating activities before changes in working capital amounted to SEK 16 million (18). Working capital had a negative impact on the cash flow of SEK -13 million (29). Net investments had a negative impact during the period of SEK -7 million (-3). Financial position Cash and cash equivalents at 30 June 2026 amounted to SEK 69 million (SEK 112 million at 31 December 2025). The Group had unutilized credit facilities of SEK 14 million (14) on the same date. Total available cash and cash equi- valents thus amounted to SEK 83 million (SEK 126 million at 31 December 2025). Consolidated equity at the end of June 2026 was SEK 500 million (SEK 512 million at 31 December 2025). Translation of the net asset value of foreign subsidiaries to Swedish Krona and changes in the fair value of pension debt and derivative instruments decreased consolidated equity by SEK 14 million. The interest bearing net loan debt amounted to SEK 387 million, whereof pension debt amounts to SEK 150 million and IFRS 16 leasing contracts amount to SEK 183 million (SEK 374 million at 31 December 2025, whereof pension debt amounts to SEK 151 million and IFRS 16 Leasing contracts SEK 197 million). Employees The average number of employees during the period was 979 (976). The Group had 980 (962) employees at the end of June 2026. Bong has intensi- vely worked on improving productivity and adjusting staff to meet current demand. Parent Company The Parent Company’s business extends to management of operating subsi- diaries and certain Group management functions. Sales were SEK 2.2 million (2.3) and earnings after tax for the period were SEK -3.4 million (7.3). Events after the end of the period On 22 June 2026, the Board of Directors resolved on a new issue of shares with preferential rights for existing shareholders. Furthermore, in connection with the announcement of the outcome of the Rights Issue on 22 July 2026, the Company resolved to issue additional shares in the form of a directed issue. This was carried out in order to pay remuneration to the guarantor for its guarantee undertaking in the Rights Issue. As a result of the Rights Issue and the directed issue of remuneration shares, the number of shares and votes in the Company has changed. Accordingly, as of 31 July 2026, the number of shares in Bong AB amounts to a total of 430,120,513 and the number of votes amounts to a total of 430,120,513. Risks and opportunities Business risks for the Bong Group are primarily related to market develop- ment and various types of financial risks. There has not been any change to significant risks and uncertain positions since Bong’s annual report for 2025 was released. For further information, please refer to Bong’s annual report and website bong.com. Accounting policies This Interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, and the Swedish Annual Accounts Act. Application was consistent with the accounting principles outlined in the 2025 annual report and the interim report should be read along with those principles. The figures in this interim report have not been rounded off, which is why notes and tables may not total correct amounts. The purpose is that each sub-row should correspond to its source of origin and therefore rounding differences can occur on the total sum. 5
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6 Kristianstad 26 August 2026 Per Åhlgren Jens Kusterer Chairman of the Board Member of the Board Christian Paulsson Eric Joan Member of the Board Member of the Board Mats Persson Kai Steigleder Member of the Board Chief Executive Officer This report has not been subject to examination by the company´s auditors. Additional information Kai Steigleder, CEO- & Carsten Grimmer, CFO for Bong AB. Tel +46 44-20 70 00 (switchboard) Bong AB, org.nr. 556034-1579 Financial Calendar: • Interim Report January-September 2026, 4 November 2026 • Year-End Report 2026, February 2027 • Interim Report January-March 2027, May 2027 • Interim Report January-June 2027, July 2027
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INCOME STATEMENT IN SUMMARY MSEK Note Apr–Jun 2026 3 month Apr–Jun 2025 3 month Jan–Jun 2026 6 month Jan–Jun 2025 6 month Jul 2025- Jun 2026 12 month Jan–Dec 2025 12 month Revenue 1,2 392.6 418.9 836.5 907. 3 1,738.5 1,809.3 Cost of goods sold -335.2 -360.1 -708.1 -762.5 -1,476.9 -1,531.3 Gross profit 57.4 58.8 128.4 144.8 261.6 278.0 Selling expenses -39.3 -35.6 -74.4 -74.5 -144.1 -144.2 Administrative expenses -29.6 -34.8 -56.8 -68.4 -109.2 -120.8 Other operating income and expens es -0.2 7.4 0.6 7. 3 -3.9 2.8 Operating profit -11.7 -4.2 -2.2 9.2 4.5 15.9 Net financial items -10.4 -11.0 -20.6 -21.5 -37. 3 -38.2 Result before tax -22.1 -15.2 -22.8 -12.3 -32.8 -22.3 Income tax -2.1 -2.0 -3.1 -4.5 -5.3 -6.7 Net result for the period -24.2 -17.2 -25.9 -16.8 -38.1 -29.0 Total income attributable to: Shareholders in Parent Company -24.2 -17.4 -26.0 -17.0 -38.2 -29.2 Non-controlling interests 0.0 0.2 0.1 0.2 0.1 0.2 Earnings per share, before/after dilution -0.11 -0.08 -0.12 -0.08 -0.18 -0.14 Earnings per share, excluding non recurring items, before/after dilution -0.11 -0.08 -0.12 -0.08 -0.18 -0.14 Average number of shares 211,205,058 211,205,058 211,205,058 211,205,058 211,205,058 211,205,058 STATEMENT OF COMPREHENSIVE INCOME MSEK Apr–Jun 2026 Apr–Jun 2025 Jan–Jun 2026 Jan–Jun 2025 Jul 2025- Jun 2026 Jan–Dec 2025 Net result for the period -24.2 -17. 2 -25.9 -16.8 -38.1 -29.0 Other comprehensive income Items that will not be reclassified to profit or loss: Actuarial profit/loss on post employment benefit obligations -0.5 0.0 0.2 3.2 -0.2 2.8 -0.5 0.0 0.2 3.2 -0.2 2.8 Items that may be reclassified subsequently to profit or loss: Translation differences 7.8 16.8 13.4 -25.8 4.4 -34.8 7.8 16.8 13.4 -25.8 4.4 -34.8 Other comprehensive income for the period, net of tax 7. 3 16.8 13.6 -22.6 4.2 -32.0 Total comprehensive income -16.9 -0.4 -12.3 -39.4 -33.9 -61.0 Total comprehensive income attributable to: Shareholders in Parent Company -16.9 -0.6 -12.3 -39.6 -33.9 -61.2 Non-controlling interests 0.0 0.2 0.0 0.2 0.0 0.2 7
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BALANCE SHEET IN SUMMARY MSEK Note 30 Jun 2026 30 Jun 2025 31 Dec 2025 Assets Intangible assets 4.5 478.7 481.6 470.4 Tangible assets 327.0 339.4 347.8 Other non-current assets 6 93.8 96.0 91.4 Inventories 231.5 218.8 193.7 Current receivables 7 212.2 263.6 231.5 Cash and cash equivalents 8 69.2 104.5 111.7 Total assets 1,412.4 1,503.9 1,446.5 Equity and liabilities Equity 499.6 533.9 512.2 Non-current liabilities 9 402.1 448.1 430.1 Current liabilities 10 510.7 521.9 504.2 Total equity and liabilities 1,412.4 1,503.9 1,446.5 CHANGES IN EQUITY MSEK Note Jan-Jun 2026 Jan-Jun 2025 Jan-Dec 2025 Opening balance for the period 512.2 573.4 573.4 Dividend, non-controlling interest -0.3 - -0.2 Non-controlling interests 0.0 0.1 0.2 Total comprehensive income -12.3 -39.6 -61.2 Closing balance for the period 499.6 533.9 512.2 CASH FLOW STATEMENT MSEK Note Apr-Jun 2026 3 month Apr-Jun 2025 3 month Jan-Jun 2026 6 month Jan-Jun 2025 6 month Jul 2025- Jun 2026 12 month Jan-Dec 2025 12 month Operating activities Operating profit/loss -11.7 -4.2 -2.2 9.2 4.5 15.9 Depreciation, amortisation, and impairment losses 18.1 17.8 36.0 36.5 71.5 72.0 Interest received 0.0 0.1 0.1 0.1 0.3 0.3 Interest paid -7.0 -7.6 -13.8 -15.5 -28.7 -30.4 Financial expenses -1.9 -2.1 -3.9 -3.3 -5.6 -5.0 Tax paid -0.4 -1.8 -2.0 -4.4 -3.5 -5.9 Other items not affecting liquidity 4.0 -3.7 2.1 -4.8 -0.9 -7.8 Cash flow from operating activities before changes in working capital 1.1 -1.5 16.3 17.8 37.6 39.1 Changes in working capital Inventories -21.0 4.5 -32.6 1.0 -13.3 20.3 Current receivables 37.6 23.5 21.3 -22.1 44.4 1.0 Current operating liabilities -21.2 -1.3 -2.1 50.5 -8.1 44.5 Cash flow from operating activities -3.5 25.2 2.9 47.2 60.6 104.9 Cash flow from investing activities Aquisition of intangible and tangible assets -10.2 -7.1 -9.5 -11.1 -34.1 -35.7 Disposal of intangible and tangible assets 2.1 7.9 2.1 8.0 15.5 21.4 Cash flow from investing activities -8.1 0.8 -7.4 -3.1 -18.6 -14.3 Cash flow after investing activities -11.6 26.0 -4.5 44.1 42.0 90.6 Cash flow from financing activities Change in other long-term debt -8.3 -2.7 -16.3 -17. 2 -29.3 -30.2 Lease payment -12.2 -10.7 -22.9 -21.6 -46.0 -44.7 Cash flow from financing activities -20.5 -13.4 -39.2 -38.8 -75.3 -74.9 Cash flow for the period -32.1 12.6 -43.7 5.3 -33.3 15.7 Cash and cash equivalents at beginning of period 101.3 90.1 111.7 103.6 104.5 103.6 Exchange rate difference in cash and cash equivalents 0.0 1.8 1.2 -4.4 -2.0 -7.6 Cash and cash equivalents at end of period 69.2 104.5 69.2 104.5 69.2 111.7 8
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NOTES (MSEK) Note 1 - Net sales and non-current asset by geographical area Apr-Jun 2026 Apr-Jun 2025 Jan-Jun 2026 Jan-Jun 2025 Jul 2025-Jun 2026 Jan-Dec 2025 Net sales Envelope Light Pack. IFRS Adj. Envelope Light Pack. IFRS Adj. Envelope Light Pack. IFRS Adj. Envelope Light Pack. IFRS Adj. Envelope Light Pack. IFRS Adj. Envelope Light Pack. IFRS Adj. Sweden 19 11 2 23 11 1 41 24 3 46 23 2 77 55 6 82 54 5 Nordic and Baltics 16 11 0 20 6 0 33 21 0 46 15 0 73 43 0 86 37 0 Central Europe 97 53 5 99 60 5 208 114 9 232 128 10 432 241 17 456 255 18 South Europe 59 26 2 63 30 2 135 53 4 144 52 4 259 121 10 268 120 10 UK 38 31 0 44 29 0 79 61 1 91 62 1 174 124 2 186 125 2 Other 11 12 0 16 9 0 25 26 0 28 23 0 53 52 0 56 49 0 Total 240 144 9 265 145 8 521 299 17 587 303 17 1,068 636 35 1,134 640 35 Note 1 - cont’ d Intangible and tangible assets 2026-06-30 2025-06-30 2025-12-31 Sweden 113 108 118 Nordic and Baltics 4 4 4 Central Europe 413 420 421 South Europe 239 252 239 UK 36 36 35 Other 1 1 1 Total 806 821 818 Note 2 - Segment information OPERATING SEGMENTS Operating segments are reported in a manner consistent with the internal reports pre- sented to the chief operating decision maker. The chief operating decision maker is the function responsible for the allocation of resources and the assessment of the operating segments’ earnings. For the Group, this function has been identified as the CEO. Segment reporting for the business units areas comprises operating EBITDA before restructuring costs. SEGMENT INFORMATION The definition of the segments are primarily related to geografical areas as disclosed below. The segments apply the same accounting principles as the Group apart from the revenue recognition of sales of raw materials, sales of waste material and rental income. In the internal reporting these are reported as a reduction of cost while in the consolidated statements these are accounted for as revenue. Central Europe This segment includes the companies in Germany, Poland and Romania. South Europe This segment includes the companies in France, Belgium, Italy, and Spain. Nordics This segment includes the companies in Sweden, Norway, Denmark and Finland. United Kingdom This segment includes the companies in United Kingdom. IFRS adjustments IFRS adjustments contains revenue recognition of sales of raw materials, sales of waste material and rental income. In the internal reporting these are reported as a reduction of cost while in the consolidated statements these are accounted for as revenue. Net turnover and EBITDA before restructuring costs per segment Jan-Jun 2026 Jan-Jun 2025 Segments Revenue from external customers IFRS Adjustments Revenue from other segments Total revenue EBITDA Revenue from external customers IFRS Adjustments Revenue from other segments Total revenue EBITDA Central Europe 316.4 8.6 57.5 382.5 12.7 357.8 9.6 47.5 414.9 30.1 South Europe 263.9 4.4 14.6 282.9 11.8 271.9 4.2 18.3 294.4 12.8 Nordics 105.2 2.5 0.0 107.7 4.8 116.9 2.3 0.0 119.2 3.1 United Kingdom 134.2 1.2 0.0 135.4 3.5 143.7 0.9 0.0 144.6 1.0 Group transactions and eliminations 0.0 0.0 -72.1 -72.1 1.3 0.0 0.0 -65.8 -65.8 -1.0 Total 819.7 16.7 0.0 836.5 34.1 890.3 17.0 0.0 907.3 46.0 Restructuring costs -0.3 -0.3 Depreciations and amortisations -36.0 -36.5 Financial income 0.0 0.0 Financial expenses -20.6 -21.5 Result before tax -22.8 -12.3 Income tax -3.1 -4.5 Net result for the period -25.9 -16.8 9
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Note 3 - Financial assets and liabilities Fair value of the following financial assets and liabilities is estimated to be equal to book value: - Trade receivables and other receivables - Other current receivables - Cash and cash equivalents - Long-term and short-term loans - Trade payables and other liabilities - Other financial assets and liabilities Information about netting of financial assets and liabilities The Group does not apply net recognition for any of its other significant assets and liabilities and has no netting agreements with financial counterparties. Note 4 - Intangible assets 2026-06-30 2025-06-30 2025-12-31 Goodwill 478.9 481.1 468.8 Other intangible assets -0.2 0.5 1.6 Total 478.7 481.6 470.4 Note 5 - Goodwill 2026-06-30 2025-06-30 2025-12-31 Opening costs 468.8 492.8 492.9 Purchase/acqusition - - - Write-down - - - Exchange rate differences 10.1 -11.8 -24.1 Closing costs 478.9 481.1 468.8 Note 6 - Other non-current assets 2026-06-30 2025-06-30 2025-12-31 Deferred tax assets 83.8 85.8 81.5 Other non-current receivables 10.0 10.2 9.9 Total 93.8 96.0 91.4 Note 7 - Current receivables 2026-06-30 2025-06-30 2025-12-31 Receivables 138.9 170.9 140.0 Other current assets 73.3 92.7 91.5 Total 212.2 263.6 231.5 Note 8 - Cash and cash equivalent 2026-06-30 2025-06-30 2025-12-31 Cash/Bank 69.1 104.4 111.5 Cash/Bank escrow account 0.1 0.1 0.2 Total 69.2 104.5 111.7 Note 9 - Non-current liabilities 2026-06-30 2025-06-30 2025-12-31 Interest-bearing loans 88.0 113,6 100.0 Leasing contracts - IFRS 16 134.8 149,3 149.9 Pension debt 149.9 153,1 150.7 Deferred tax 11.9 12,8 12.0 Other liabilities 17.6 19,3 17. 5 Total 402.1 448,1 430.1 Note 10 - Current liabilities 2026-06-30 2025-06-30 2025-12-31 Interest-bearing loans 35.0 43,5 38.1 Leasing contracts - IFRS 16 48.1 44,1 47.4 Payables 173.9 161,0 182.6 Other liabilities 253.7 273,4 236.1 Total 510.7 521,9 504.2 Note 11 - Adjusted interest bearing net loan debt/Adjusted EBITDA Adjusted interest bearing net loan debt 2026-06-30 2025-12-31 Interest bearing loans, non-current liabilities 372.7 400.6 Interest bearing loans, current liabilities 83.1 85.5 Cash and cash equivalent -69.2 -111.7 Net Debt 386.5 374.4 Pension debt -149.9 -150.7 Leasing contracts - IFRS 16 -182.9 -197.3 Adjusted net debt 53.7 26.4 Adjusted EBITDA 12 month rolling 2026-06-30 2025-12-31 Profit -38.1 -29.0 Financial charges 37. 2 38.2 Tax 5.3 6.7 Depreciations 71.5 72.0 Restructuring cost 0.3 0.3 Transaction cost 0.0 0.0 Minority result -0.2 -0.2 IFRS 16, lease payments -55.8 -55.1 Adjusted EBITDA 20.1 32.9 Adjusted interest bearing net loan debt/Adjusted EBITDA 2.67 0.80 Note 12 - Related party transactions Transactions between a subsidiary and Holdham S.A. are counted as related-party transactions since Holdham S.A. is the largest shareholder in Bong AB. The company’s assessment is that there is no uncertainty in the receivables. All transactions are carried out on market terms. 2026-06-30 2025-06-30 2025-12-31 Sales during the year 19.1 20.6 42.8 Purchases during the year 0.5 0.5 1.2 Current receivables balance sheet day 6.8 6.7 8.8 Current payables balance sheet day 0.0 0.0 0.0 10
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QUARTERLY DATA, GROUP MSEK 2/2026 1/2026 4/2025 3/2025 2/2025 1/2025 4/2024 3/2024 2/2024 1/2024 4/2023 3/2023 2/2023 1/2023 4/2022 3/2022 Net Revenue 392.6 443.9 467. 2 434.8 418.9 488.4 494.6 455.8 455.6 508.3 539.1 476.5 497. 5 574.9 600.9 526.8 Operating expenses -404.3 -434.4 -454.5 -441.0 -423.1 -474.9 -481.0 -454.9 -445.4 -489.7 -535.3 -468.5 -487. 2 -553.3 -558.0 -496.3 Operating profit -11.7 9.5 12.7 -6.2 -4.2 13.5 13.6 0.9 10.2 18.7 3.8 8.0 10.3 21.6 42.9 30.5 Net financial items -10.4 -10.2 -6.4 -10.2 -11.0 -10.5 -8.3 -10.6 -9.9 -10.3 -9.7 -9.2 -10.3 -10.3 -9.8 -10.4 Profit before tax -22.1 -0.7 6.3 -16.4 -15.2 3.0 5.3 -9.7 0.3 8.3 -5.9 -1.2 0.0 11.3 33.1 20.1 10 KEY RATIOS Note Jan-Jun 2026 Jan-Jun 2025 Jul 2025 Jun 2026 Jan-Dec 2025 Operating margin, % -0.2 1.0 0.3 0.9 Return on equity, % - - neg neg Return on capital employed, % - - 0.57 1.61 Equity/assets ratio, % 35.4 35.5 35.4 35.4 Net debt/equity ratio times 0.77 0.75 0.77 0.73 Net loan debt/EBITDA - - 5.10 4.26 Adjusted interest bearing net loan debt/adjusted EBITDA 11 2.67 0.80 Capital employed, MSEK 955.4 1,037. 5 955.4 998.3 Interest-bearing net loan debt, MSEK 386.5 400.1 386.5 374.4 Average capital employed, MSEK - - 996.5 1,065.8 The key figures above are considered to be APM (Alternative Performance Measures) and not follow IFRS. They are judged however by management to be important to show shareholders the Group’s underlying performance, profitability and financial position. It should be noted that these measures, as defined, may not be comparable to similarly titled measures used by other companies. For definitions see page 13. DATA PER SHARE Jan-Jun 2026 Jan-Jun 2025 Jul 2025- Jun 2026 Jan-Dec 2025 Earnings per share, before/after dilution, SEK -0.11 -0.08 -0.18 -0.14 Earnings per share, excluding non re- curring items, before/after dilution, SEK -0.11 -0.08 -0.18 -0.14 2.45 2.53 2.45 2.79 Basic equity per share, SEK 2.37 2.53 2.37 2.42 211.205.058 211.205.058 211.205.058 211.205.058 Number of shares outstanding at end of period 211,205,058 211,205,058 211,205,058 211,205,058 Number of shares, basic 211,205,058 211,205,058 211,205,058 211,205,058 11
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FIVE-YEAR SUMMARY Key ratios 2025 2024 2023 2022 2021 Net sales, MSEK 1,809 1,914 2,088 2,165 1,804 Operating profit/loss, MSEK 16 43 44 98 46 Extraordinary items, MSEK - - -13 - -18 Profit/loss after tax, MSEK -29 -13 -7 43 3 Cash flow from operating activities, MSEK 105 71 83 111 67 Operating margin, % 0.9 2.3 2.1 4.5 2.5 Return on equity, % neg neg neg 8.7 5.2 Average capital employed, MSEK 1,066 1,122 1,137 1,090 1,004 Return on capital employed, % 1.6 4.1 4.0 9.1 6.4 Equity ratio, % 35.4 37 35 34 31 Net loan debt, MSEK 374 456 427 448 439 Net loan debt/equity, times 0.73 0.80 0.77 0.78 1.00 Net debt/EBITDA, times 4.3 3.8 3.2 2.7 3.4 Average number of employees 972 1,007 1,082 1,134 1,141 Number of shares Basic number of shares outstanding at end of period 211,205,058 211,205,058 211,205,058 211,205,058 211,205,058 Diluted number of shares outstanding at end of period 211,205,058 211,205,058 211,205,058 211,205,058 211,205,058 Average basic number of shares 211,205,058 211,205,058 211,205,058 211,205,058 211,205,058 Average diluted number of shares 211,205,058 211,205,058 211,205,058 211,205,058 211,205,058 Earnings per share Before dilution, SEK -0.14 -0.06 -0.02 0.21 0.02 After dilution, SEK -0.14 -0.06 -0.02 0.21 0.02 Earnings per share. before dilution, excluding non-recurring items, SEK -0.14 -0.06 0.04 0.21 0.11 Earnings per share. after dilution, excluding non-recurring items, SEK -0.14 -0.06 0.04 0.21 0.11 Equity per share Before dilution, SEK 2.42 2.71 2.63 2.71 2.08 After dilution, SEK 2.42 2.71 2.63 2.71 2.08 Cash flow from operating activities per share Before dilution, SEK 0.50 0.34 0.39 0.53 0.32 After dilution, SEK 0.50 0.34 0.39 0.53 0.32 Other data per share Dividend, SEK 0.00 0.00 0.00 0.00 0.00 Quoted market price on the balance sheet date, SEK 0.7 0.8 0.9 1.1 0.85 P/E-ratio, times neg neg neg 5.4 41.3 Adjusted P/E-ratio, times neg neg neg 0.0 8.06 Price/Equity before dilution, % 0.29 0.29 0.34 0.41 0.41 Price/Equity after dilution, % 0.29 0.34 0.41 0.41 0.30 1112
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ADJUSTED EARNINGS PER SHARE Profit after tax, excluding items affecting comparability, divided by the average number of shares before and after dilution. ADJUSTED P/E RATIO, TIMES Share price divided by adjusted earnings per share before and after dilution. AVERAGE CAPITAL EMPLOYED Capital employed at the beginning of year plus capital employed at year-end divided by two. AVERAGE EQUITY Shareholders’ equity at beginning of year plus equity at year-end divided by two. AVERAGE TOTAL ASSETS Total assets at beginning of the year plus total assets at year-end divided by two. CAPITAL EMPLOYED Equity plus interest-bearing liabilities. EARNINGS PER SHARE Profit after tax, divided by the average number of shares, before and after dilution. EBITDA Operating income before depreciation and amortization. EQUITY TO ASSETS RATIO, PER CENT Shareholders’ equity divided by total assets. This ratio is a measure of the Group’s financial strength. ITEMS AFFECTING COMPARABILITY Items of infrequent nature with significant effects, which are relevant for understanding the financial performance when comparing the current period with previous periods. Such items may include but are not limited to results from divestments of property, charges attributable to close-down or restructuring of major units or activities, significant write-downs of tangible and intangible assets and other major non-recurring costs or income. NET DEBT Interest-bearing liabilities and provisions less liquid funds and interest-bearing receivables. NET DEBT/EBITDA, TIMES Net debt divided by EBITDA. Net debt/EBITDA is a measure of the Group’s financial strength. NET DEBT TO EQUITY, TIMES Net debt divided by equity. This ratio is a measure of the Group’s financial strength. OPERATING MARGIN, PER CENT Operating profit divided by net sales. Operating margin is a measure of profitability. It measures how much of revenues remains after operating expenses. P/E RATIO, TIMES Share price divided by earnings per share. RETURN ON CAPITAL EMPLOYED, PER CENT Earnings after financial income divided by average capital employed. This measure of profitability shows the return of the Group’s total balance sheet, less non interest-bearing debt. It is a measure independent of indebtedness. It complements the measure return on equity. RETURN ON EQUITY, PER CENT Earnings after tax divided by average equity. This measure measures the return on shareholders’ funds for the year and is useful in comparisons of other investments with the same risk profile. SHARE PRICE/EQUITY, PER CENT Price per share divided by equity per share. DEFINITIONS This Report includes financial key data and ratios based on concepts defined in International Financial Reporting Standards (IFRS), Alternative Performance Measurements and company-specific ratios. Definitions are found below. For historical values: http://www.bong.com/en/investors/reports/historical-values 13
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PARENT COMPANY INCOME STATEMENT IN SUMMARY MSEK Jan–Jun 2026 Jan–Jun 2025 Revenue 2.2 2.3 Gross profit 2.2 2.3 Administrative expenses -6.8 -5.4 Operating profit/loss -4.6 -3.1 Net financial items 1.2 10.4 Result -3.4 7. 3 Income tax 0.0 0.0 Net result for the period -3.4 7.3 BALANCE SHEET IN SUMMARY MSEK 30 Jun 2026 31 Dec 2025 Assets Financial assets 690.6 622.2 Current receivables 3.3 2.9 Cash and cash equivalents -8.9 0.1 Total Assets 685.0 625.2 Equity and liabilities Equity 407. 5 410.9 Non-current liabilities 200.9 135.4 Current liabilities 76.6 78.9 Total equity and liabilities 685.0 625.2 STATEMENT OF COMPREHENSIVE INCOME MSEK Jan–Jun 2026 Jan–Jun 2025 Net Result for the period -3.4 7. 3 Other comprehensive income Net financial items reported directly in consolidated equity: Cash flow hedges - - Income tax relating to components of other comprehensive income - - Net result, Other comprehensive income - - Total comprehensive income -3.4 7.3 14