Interim report
Page 1
INTERIM REPORT 2026
Page 2
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 2 Strong quarter with record-high operating margin Third quarter 2026 • Net sales increased by 16.6 percent to SEK 2,236 (1,917) million. Organic growth amounted to 6.5 percent, and order intake was in line with net sales. • Adjusted operating profit (EBITA) amounted to 349 (272) million, corresponding to an operating margin of 15.6 (14.2) percent. • Operating profit (EBITA) amounted to 362 (264) million, and the operating margin amounted to 16.2 (13.8) percent. • Earnings per share amounted to SEK 1.16 (0.75). • Cash flow from operating activities amounted to SEK 370 (293) million, corresponding to a cash conversion of 100 (108) percent. • Net debt/EBITDA, adjusted, amounted to 2.2 (2.3). • During the quarter, Bufab acquired the UK company D.C. Handrails and Ironwork Parts Limited (D.C. Iron), with revenue of GBP 14.8 million (2025). Key figures ∆ ∆ LTM Full-year MSEK 2026 2025 % 2026 2025 % 25/26 2025 Order intake 2,236 1,920 16.5 6,781 6,080 11.5 8,819 8,118 Net sales 2,236 1,917 16.6 6,723 6,140 9.5 8,655 8,072 Gross profit 767 627 22.4 2,249 1,924 16.9 2,901 2,576 Gross margin (%) 34.3 32.7 33.5 31.3 33.5 31.9 Operating expenses -405 -363 11.6 -1,215 -1,108 9.6 -1,634 -1,527 Share of net sales (%) -18.1 -18.9 -18.1 -18.0 -18.9 -18.9 Operating profit (EBITA) 362 264 37.2 1,034 817 26.6 1,267 1,050 Operating margin EBITA (%) 16.2 13.8 15.4 13.3 14.6 13.0 Operating profit (EBITA), adjusted 349 272 28.2 1,021 818 24.9 1,274 1,070 Operating margin EBITA, (%) adjusted 15.6 14.2 15.2 13.3 14.7 13.3 Profit after tax 219 142 54.5 628 476 31.9 778 626 Earnings per share, SEK 1.16 0.75 54.7 3.32 2.51 32.3 4.11 3.30 Cash flow from operating activities 370 293 26.6 876 701 24.9 1,100 925 Net debt / EBITDA, adjusted 2.2 2.3 -5.8 - - 2.2 2.6 Jan-SepQ3 16.6% Sales growth 15.6% Operating margin (EBITA), adjusted Net sales, SEK million Operating profit (EBITA) adjusted, SEK million 0 2,000 4,000 6,000 8,000 10,000 0 500 1,000 1,500 2,000 2,500 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Quarter Rolling 12 months 0% 5% 10% 15% 20% 0 100 200 300 400 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating profit (EBITA), adjusted Operating margin EBITA, (%) adjusted
Page 3
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 3 CEO’s overview Bufab’s positive development continued in the third quarter, with improved organic growth and record-high results. I am pleased to report a strong third quarter, with organic growth of 6.5 percent and significant improvements in both the gross and operating margins. The development was driven by our continued focus on creating value for our customers by strengthening our offering in customised full-service solutions, sustainability and logistics solutions. Our niche companies also developed positively during the quarter. In parallel, we have actively worked to improve our customer and product mix, implement value-based pricing and maintain a good cost control. Improved organic growth Net sales amounted to SEK 2,236 million, representing a growth of 16.6 percent, of which 6.5 percent was organic. The increase was driven by both market share gains and somewhat stronger underlying demand, particularly in segments such as electronics, mechatronics, electrification, digital infrastructure, aerospace and defence. Market conditions in the construction, furniture and automotive industries remained weak. The vast majority of the Group’s companies delivered positive organic growth during the quarter. Both the gross margin and operating margin reached record levels during the quarter. The gross margin increased by 1.6 percentage points compared with the same quarter last year, amounting to 34.3 percent. Over the past 13 quarters, we have seen strong year-on-year development in the gross margin, and we expect it to remain at a high level in the coming quarters. Adjusted for the revaluation of contingent purchase considerations and transaction costs related to the acquisition of D.C. Iron at the beginning of the quarter, operating expenses as a share of net sales were slightly lower than in the previous year. This demonstrates that we are maintaining good cost control across the organisation while continuing to drive efficiency improvements to strengthen our competitiveness. The adjusted operating margin amounted to a strong 15.6 percent. This means that we have now improved profitability year-on-year for eight consecutive quarters. Almost all of the Group’s operating companies delivered improved results, demonstrating the breadth and strength of the Group. Especially, the companies in Europe West and Asia-Pacific reported significant improvements. Acquisitions driving future growth Acquisitions are an important part of Bufab’s growth strategy, and we continue to see many attractive opportunities in the market. D.C. Iron, which was acquired at the beginning of the quarter, has developed well and the integration is progressing according to plan. Strategic growth with existing customers During the quarter, we won several new customer assignments while also expanding our business with existing customers. An excellent example is our strategic partnership with Knorr- Bremse, a global leader in braking systems for rail vehicles. As part of an extensive initiative to consolidate its supplier base, Knorr-Bremse has selected Bufab’s full-service solution for sourcing, quality assurance and logistics of C-parts. The partnership has grown over time, and Bufab today manages several hundred items and supplies a number of production sites worldwide as a preferred supplier. Through close collaboration, both locally and globally, together with investments in digitalised inventory management, traceability, quality and process development, we have built a strong, scalable solution that creates value for the customer. Outlook and priorities Despite continued geopolitical uncertainty, we experienced a slight improvement in market conditions during the quarter. At the same time, we are seeing somewhat higher purchasing prices from Asia. However, our focus going forward remains on what we can influence ourselves: gaining market shares, gradually improving our margins and cost base, and delivering strong cash flow. In an uncertain environment, being a strong and reliable partner becomes even more important to customers, creating good opportunities for Bufab to continue growing. I would like to extend my sincere thanks to all our Solutionists for their commitment and excellent work during the quarter. I also look forward to welcoming investors, analysts and media to our Capital Markets Day in Stockholm on 10 December. We will present our strategy, future opportunities and financial ambitions. Welcome! Erik Lundén President and CEO
Page 4
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 4 The Group in brief Third quarter Order intake increased to SEK 2,236 (1,920) million and was in line with net sales. Net sales increased by 16.6 percent to SEK 2,236 (1,917) million. Of the total change in revenue, 6.5 percent was attributable to organic growth, 9.5 percent to acquisitions/divestments and 0.7 percent to exchange rate effects. The gross margin increased to 34.3 (32.7) percent, supported by active measures to improve the customer and product mix, value-based selling and purchasing savings. All regions contributed positively to the development. Operating expenses represented 18.1 (18.9) percent of net sales, a slight decrease compared with the same period last year. Excluding transaction costs of SEK -7 million related to the acquisition of D.C. Iron and the revaluation of contingent purchase considerations of SEK +20 million, the corresponding figure was 18.7 percent. Adjusted operating profit (EBITA) increased to SEK 349 (272) million, corresponding to an operating margin of 15.6 (14.2) percent. Operating profit (EBITA) increased to SEK 362 (264) million, corresponding to an operating margin 16.2 (13.8) percent. Earnings per share amounted to SEK 1.16 (0.75), corresponding to an increase of 54.7 percent. January-September Order intake increased to SEK 6,781 (6,080) million and was slightly higher than net sales. Net sales increased by 9.5 percent to SEK 6,723 (6,140) million. Of the total growth, 4.5 percent was attributable to organic growth, 7.4 percent to acquisitions/divestments and -2.4 percent to exchange rate effects. The gross margin improved compared with the previous year and amounted to 33.5 (31.3) percent, driven by active efforts to improve our customer and product mix, purchasing savings and value-based selling. All regions contributed to the positive development. Operating expenses represented 18.1 (18.0) percent of net sales, a slight increase compared with the previous year. Adjusted for transaction costs of SEK -7 million related to the acquisition of D.C. Iron and the revaluation of contingent purchase considerations of SEK +20 million, the corresponding figure was 18.3 percent. Adjusted operating profit (EBITA) increased to SEK 1,021 (818) million, corresponding to an operating margin of 15.2 (13.3) percent. Operating profit (EBITA) increased to SEK 1,034 (817) million and operating margin to 15.4 (13.3) percent. Earnings per share amounted to SEK 3.32 (2.51), corresponding to an increase of 32.3 percent. % 2026 2026 Organic growth 6.5 4.5 Currency translation effects 0.7 -2.4 Acquisitions 9.6 7.7 Divestments -0.1 -0.3 Recognised growth 16.7 9.5 Q3 Jan-Sep
Page 5
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 5 Financial items and tax The Group’s net financial items amounted to SEK -45 (-37) million during the third quarter, of which exchange rate differences accounted for SEK -2 (0) million and interest expenses for SEK -40 (-36) million. For the nine-month period, net financial items amounted to SEK -127 (-111) million, of which exchange rate differences accounted for SEK -5 (12) million and interest expenses for SEK -111 (-119) million. The Group’s profit after financial items amounted to SEK 292 (197) million for the quarter and SEK 833 (645) million for the nine-month period. The slightly weaker net financial items in the nine-month period, compared with the same period last year, are primarily explained by a positive exchange rate effect in the comparative period. The tax expense for the quarter amounted to SEK -73 (-56) million, corresponding to an effective tax rate of 25.0 (28.4) percent. For the nine-month period, tax expense amounted to SEK -206 (-169) million, corresponding to an effective tax rate of 24.7 (26.2) percent. The change in the effective tax rate compared with the comparative period is mainly attributable to a change in deferred tax related to previously unrecognised tax losses. Cashflow, working capital and financial position Cash flow from operating activities amounted to SEK 370 (293) million, corresponding to a cash conversion of 100 (108) percent. For the nine-month period, cash flow from operating activities amounted to SEK 876 (701) million, corresponding to a cash conversion of 83 (84) percent. Cash flow from operating activities was higher than in the comparative period, primarily due to higher underlying earnings. During the nine-month period, the Group has recognised provisions of approximately SEK 72 million relating to costs associated with the EU’s Carbon Border Adjustment Mechanism (CBAM). As these costs have not yet been paid, they have increased non-cash items in the cash flow compared with the previous year. Under the current regulatory framework, the accumulated CBAM provision is expected to be settled in cash during the first three quarters of 2027. Working capital tied up in trade receivables and inventories increased during the nine- month period compared with the comparative period, driven by organic growth. Working capital as a percentage of net sales amounted to 36.9 (37.6) percent. The improvement was attributable to higher sales on an annual basis compared with the same period in the previous year. Adjusted net debt amounted to SEK 2,785 million (2,330) as at 30 September 2026, and the debt/equity ratio was 76 (74) percent. Despite strong cash flow, adjusted net debt increased during the quarter. The increase was attributable to acquisitions made over the past year, currency effects on the Group’s acquisition financing denominated in foreign currencies, and the dividend paid during the year. The net debt/EBITDA ratio, adjusted, amounted to 2.2 (2.3) as of 30 September 2026. Operating cash flow and cash conversion ratio Net debt/EBITDA, adjusted 0% 20% 40% 60% 80% 100% 120% 140% 0 50 100 150 200 250 300 350 400 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Cash flow from operating activities SEK million Cash conversion 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26
Page 6
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 6 Regions Bufab's reporting structure comprises five regions across a total of 31 countries and more than 60 companies. Europe North & East The region comprises Bufab’s operations in Sweden, Finland, Norway, Denmark, Poland, Hungary, Romania, the Baltic states and Slovakia. The customer base spans the entire manufacturing industry, with operations in sectors including energy, agricultural machinery, rail, automation, and kitchen and bathroom products. The region consists predominantly of trading operations. 33% of total sales Europe West The region comprises Bufab’s operations in France, the Netherlands, Germany, the Czech Republic, Austria, Spain, Switzerland, Turkey and Italy. The largest industries are general industry, electrical and energy, and wholesale of hardware. The region consists primarily of trading operations. 33% of total sales Americas The region consists of Bufab’s operations in the USA and Mexico. The largest industries are recreational vehicles (RV) and trailers, automotive and construction. The region consists exclusively of niche companies. 11% of total sales UK/Ireland The region comprises Bufab’s operations in the United Kingdom and Ireland. The largest industries are wholesale of building materials, retail and hardware. The region consists mainly of niche companies. 17% of total sales Asia-Pacific The region comprises Bufab’s operations in China, India, Singapore and other countries in Southeast Asia. The largest industries are manufacturers of electronics, electrical equipment and machinery. The region consists almost exclusively of trading operations. 6% of total sales
Page 7
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 7 Region Europe North & East Third quarter Net sales increased by 3.2 percent during the quarter, while organic growth was 3.0 percent. Several companies, primarily in Norway, Poland, Hungary and Bumax, continued to show positive development as a result of increased market shares. However, market conditions remained uncertain and varied depending on the market and customer segment. Demand in defence, digital infrastructure and electrification remained strong, while the construction and furniture industries remained weak. The gross margin increased by 1.9 percentage points compared with the same period last year. The improved gross margin was driven by an improved customer and product mix as well as value-based selling. The operating expense ratio increased compared with the same period last year, mainly due to foreign exchange losses on operating receivables, higher personnel costs related to growth initiatives and somewhat higher obsolescence costs. However, the higher expense ratio was more than offset by the improved gross margin. Adjusted operating profit (EBITA) consequently improved by 9.9 percent to SEK 105 million, resulting in an adjusted operating margin of 15.6 percent (14.6). Sales growth Key figures % 2026 2026 Organic growth 3.0 2.8 Currency translation effects 0.2 -1.0 Acquisitions - - Divestments - - Recognised growth 3.2 1.8 Q3 Jan-Sep ∆ ∆ LTM Full-year MSEK 2026 2025 % 2026 2025 % 25/26 2025 Order intake 670 667 0.4 2,169 2,135 1.6 2,879 2,844 Net sales 675 654 3.2 2,202 2,163 1.8 2,870 2,832 Gross profit 238 218 9.2 764 686 11.5 993 914 Gross margin (%) 35.2 33.3 34.7 31.7 34.6 32.3 Operating expenses -132 -121 9.0 -411 -366 12.3 -554 -509 Share of net sales (%) -19.6 -18.6 -18.7 -16.9 -19.3 -18.0 Operating profit (EBITA) 105 96 9.5 353 320 10.5 439 406 Operating margin EBITA (%) 15.6 14.7 16.1 14.8 15.3 14.3 Operating profit (EBITA), adjusted 105 96 9.9 353 309 14.5 440 395 Operating margin EBITA, (%) adjusted 15.6 14.6 16.1 14.3 15.3 13.9 Q3 Jan-Sep 3.2% Sales growth 15.6% Operating margin (EBITA), adjusted Net sales, SEK million Operating profit (EBITA) adjusted, SEK million 0 1,000 2,000 3,000 4,000 0 200 400 600 800 1,000 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Quarter Rolling 12 months 0% 5% 10% 15% 20% 25% 0 25 50 75 100 125 150 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating profit (EBITA), adjusted Operating margin EBITA, (%) adjusted
Page 8
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 8 Region Europe West Third quarter Net sales increased by 39.0 percent during the quarter, and organic growth was 14.2 percent. Of the total change in sales, 25.2 percent was attributable to the acquisition of novia Group. The organic growth was driven by a strong development in every country, as a result of increased market shares and an improved product mix, as well as the previously communicated larger projects, which are progressing according to plan. Strong demand was noted within the mechatronics, aerospace electricity and defence sectors. The gross margin increased by 2.4 percentage points compared with the same period last year, as a result of an improved product mix and added value on new projects. The operating expense ratio, adjusted for the revaluation of contingent purchase considerations of +SEK 20 million, decreased to -12.8 percent (-13.3). The improved operating expense ratio was a direct result of strong operating leverage on additional volumes, combined with good cost control. Thanks to a higher gross margin and a lower expense ratio, adjusted operating profit increased by 68.1 percent to SEK 114 million. This resulted in an adjusted operating margin of 15.4 percent (12.7). The recently acquired novia Group delivered a stable performance during the quarter. Sales growth Key figures % 2026 2026 Organic growth 14.2 10.0 Currency translation effects -0.4 -2.2 Acquisitions 25.2 25.1 Divestments - - Recognised growth 39.0 32.9 Q3 Jan-Sep ∆ ∆ LTM Full-year MSEK 2026 2025 % 2026 2025 % 25/26 2025 Order intake 738 523 41.2 2,296 1,670 37.5 2,995 2,368 Net sales 741 533 39.0 2,245 1,690 32.9 2,885 2,330 Gross profit 210 138 52.1 616 430 42.5 810 624 Gross margin (%) 28.3 25.9 27.4 25.4 28.1 26.7 Operating expenses -75 -71 6.3 -263 -218 21.6 -355 -310 Share of net sales (%) -10.2 -13.3 -11.7 -12.9 -12.3 -13.3 Operating profit (EBITA) 135 67 100.4 353 212 66.6 455 314 Operating margin EBITA (%) 18.1 12.6 15.7 12.5 15.8 13.5 Operating profit (EBITA), adjusted 114 68 68.1 332 214 55.2 436 318 Operating margin EBITA, (%) adjusted 15.4 12.7 14.8 12.7 15.1 13.6 Q3 Jan-Sep 39.0% Sales growth 15.4% Operating margin (EBITA), adjusted Net sales, SEK million Operating profit (EBITA) adjusted, SEK million 0 800 1,600 2,400 3,200 0 200 400 600 800 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Quarter Rolling 12 months 0% 5% 10% 15% 20% 0 20 40 60 80 100 120 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating profit (EBITA), adjusted Operating margin EBITA, (%) adjusted
Page 9
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 9 Region Americas Third quarter Net sales decreased by 6.6 percent during the quarter, and organic growth was -8.0 percent. The negative organic growth was due to refunds of previously paid customs duties, lower demand in the RV and automotive markets, and a strong comparative quarter. Adjusted for the refunded customs duties, organic growth was -4.3 percent. The gross margin increased by 3.4 percentage points compared with the same period last year, primarily due to general price adjustments and continued successful efforts to improve profitability within Component Solutions Group. The operating expense ratio increased somewhat compared with the same period last year, as a direct result of the negative organic growth and somewhat higher obsolescence costs. Although the higher gross margin more than offset the increased operating expense ratio, the negative organic growth during the quarter resulted in operating profit (EBITA) decreasing by 12.4 percent to SEK 50 million. The adjusted operating margin amounted to 20.8 percent (22.2). Sales growth Key figures % 2026 2026 Organic growth -8.0 2.5 Currency translation effects 2.3 -5.0 Acquisitions - - Divestments -0.9 -2.8 Recognised growth -6.6 -5.3 Q3 Jan-Sep ∆ ∆ LTM Full-year MSEK 2026 2025 % 2026 2025 % 25/26 2025 Order intake 248 259 -4.3 746 760 -1.8 968 982 Net sales 240 257 -6.6 744 786 -5.3 959 1,000 Gross profit 108 106 1.1 320 304 5.1 409 394 Gross margin (%) 44.8 41.4 43.0 38.7 42.7 39.3 Operating expenses -58 -57 0.7 -162 -171 -5.7 -228 -238 Share of net sales (%) -23.9 -22.2 -21.7 -21.8 -23.8 -23.8 Operating profit (EBITA) 50 49 1.5 158 133 19.1 181 156 Operating margin EBITA (%) 20.8 19.2 21.2 16.9 18.9 15.5 Operating profit (EBITA), adjusted 50 57 -12.4 158 141 12.4 182 165 Operating margin EBITA, (%) adjusted 20.8 22.2 21.2 17.9 19.0 16.5 Q3 Jan-Sep -6.6% Sales growth 20.8% Operating margin (EBITA), adjusted Net sales, SEK million Operating profit (EBITA) adjusted, SEK million 0 300 600 900 1,200 0 75 150 225 300 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Quarter Rolling 12 months 0% 5% 10% 15% 20% 25% 0 20 40 60 80 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating profit (EBITA), adjusted Operating margin EBITA, (%) adjusted
Page 10
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 10 Region UK/Ireland Third quarter Net sales increased by 20.2 percent during the quarter, and organic growth was 5.4 percent. Of the total change in sales, 13.4 percent was attributable to the acquisition of D.C. Iron at the beginning of July. TIMCO delivered robust sales despite continued weak development in the construction industry. Rising market prices of stainless steel contributed to slightly improved performance for Apex Stainless Fasteners. The other companies performed well, driven by both market share gains and increased volumes. The gross margin increased by 2.4 percentage points compared with the same period last year, primarily driven by a better customer and product mix, rising prices of stainless steel and the acquisition of D.C. Iron, which has a somewhat higher gross margin than most companies in the region. The operating expense ratio increased compared with the same period last year. The increase was attributable to transaction costs of SEK 7 million related to the acquisition of D.C. Iron. Adjusted for these costs, the operating expense ratio amounted to 22.1 percent (22.6). Overall, adjusted operating profit increased by 55.1 percent to SEK 61 million, resulting in an adjusted operating margin of 13.8 percent (10.7). The acquisition of D.C. Iron performed strongly during the quarter. Sales growth Key figures % 2026 2026 Organic growth 5.4 0.4 Currency translation effects 1.4 -3.2 Acquisitions 13.4 4.3 Divestments - - Recognised growth 20.2 1.5 Q3 Jan-Sep ∆ ∆ LTM Full-year MSEK 2026 2025 % 2026 2025 % 25/26 2025 Order intake 445 373 19.2 1,184 1,179 0.4 1,508 1,504 Net sales 444 370 20.2 1,167 1,149 1.5 1,485 1,467 Gross profit 159 123 28.9 408 376 8.5 515 483 Gross margin (%) 35.7 33.3 35.0 32.7 34.7 32.9 Operating expenses -105 -84 25.1 -268 -259 3.6 -350 -340 Share of net sales (%) -23.6 -22.6 -23.0 -22.5 -23.6 -23.2 Operating profit (EBITA) 54 40 36.8 140 117 19.4 166 143 Operating margin EBITA (%) 12.2 10.7 12.0 10.2 11.2 9.7 Operating profit (EBITA), adjusted 61 40 55.1 147 118 24.1 173 144 Operating margin EBITA, (%) adjusted 13.8 10.7 12.6 10.3 11.6 9.8 Q3 Jan-Sep 20.2% Sales growth 13.8% Operating margin (EBITA), adjusted Net sales, SEK million Operating profit (EBITA) adjusted, SEK million 0 400 800 1,200 1,600 2,000 0 100 200 300 400 500 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Quarter Rolling 12 months 0% 5% 10% 15% 20% 0 20 40 60 80 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating profit (EBITA), adjusted Operating margin EBITA, (%) adjusted
Page 11
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 11 Region Asia-Pacific Third quarter Net sales increased by 32.0 percent in the quarter, and organic growth was a strong 28.4 percent. The organic growth was driven primarily by Bufab Shanghai and Bufab India and was mainly attributable to continued strong growth within the energy and industrial automation sector. The gross margin increased by 6.0 percentage points compared to the same period last year, as a result of continued focused work with the implementation of value-based pricing, an improved customer and product mix, as well as purchasing savings. The operating expense ratio decreased compared to the same period last year, primarily as a result of higher volumes, but also due to continued good cost control. Thanks to a significantly improved gross margin combined with a lower operating expense ratio, adjusted operating profit increased by 95.2 percent to SEK 28 million, and the operating margin improved to 21.1 percent (14.3). Sales growth Key figures % 2026 2026 Organic growth 28.4 7.1 Currency translation effects 3.6 -3.1 Acquisitions - - Divestments - - Recognised growth 32.0 4.0 Q3 Jan-Sep ∆ ∆ LTM Full-year MSEK 2026 2025 % 2026 2025 % 25/26 2025 Order intake 136 99 37.2 386 337 14.7 469 419 Net sales 135 102 32.0 366 352 4.0 456 442 Gross profit 50 32 56.8 134 114 18.0 165 145 Gross margin (%) 37.4 31.4 36.6 32.3 36.2 32.7 Operating expenses -22 -17 24.8 -62 -61 0.3 -79 -79 Share of net sales (%) -16.2 -17.1 -16.8 -17.4 -17.4 -17.9 Operating profit (EBITA) 28 15 95.2 72 52 38.7 86 65 Operating margin EBITA (%) 21.1 14.3 19.8 14.8 18.8 14.8 Operating profit (EBITA), adjusted 28 15 95.2 72 52 38.7 86 65 Operating margin EBITA, (%) adjusted 21.1 14.3 19.8 14.8 18.8 14.8 Q3 Jan-Sep 32.0% Sales growth 21.1% Operating margin (EBITA), adjusted Net sales, SEK million Operating profit (EBITA) adjusted, SEK million 0 120 240 360 480 600 0 25 50 75 100 125 150 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Quarter Rolling 12 months 0% 5% 10% 15% 20% 25% 0 10 20 30 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Operating profit (EBITA), adjusted Operating margin EBITA, (%) adjusted
Page 12
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 12 Financial statements Condensed Consolidated Income Statement Statement of Comprehensive Income Earnings per share MSEK 2026 2025 2026 2025 Net sales 2,236 1,917 6,723 6,140 Costs of goods sold -1,469 -1,290 -4,474 -4,216 Gross profit 767 627 2,249 1,924 Distribution costs -274 -250 -815 -747 Administrative expenses -178 -140 -501 -444 Other operating income and operating expenses 22 -2 28 22 Operating profit 337 235 961 756 Profit/loss from financial items Interest income and similar profit/loss items 2 4 5 20 Interest expenses and similar profit/loss items -47 -41 -132 -131 Profit after financial items 292 197 833 645 Tax on net profit for the period -73 -56 -206 -169 Profit after tax 219 142 628 476 Q3 Jan-Sep MSEK 2026 2025 2026 2025 Profit after tax 219 142 628 476 Other comprehensive income Items that will not be reclassified in profit or loss Actuarial loss / profit on pension obligations, net after tax - - - - Items that may be reclassified subsequently to profit or loss Translation differences / Currency hedging net after tax 81 -37 204 -236 Other comprehensive income after tax 81 -37 204 -236 Total comprehensive income 300 105 832 240 Total comprehensive income attributable to: Parent Company shareholders 300 105 832 240 Q3 Jan-Sep SEK 2026 2025 2026 2025 Earnings per share 1.16 0.75 3.32 2.51 Weighted number of shares outstanding before dilution, thousands 189,169 189,563 189,307 189,533 Diluted earnings per share, SEK 1.16 0.75 3.31 2.50 Weighted number of shares outstanding after dilution, thousands 189,481 190,448 189,744 190,245 Q3 Jan-Sep
Page 13
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 13 Condensed Consolidated Balance Sheet 31 Dec MSEK 2026 2025 2025 Assets Fixed assets Intangible fixed assets 4,324 3,436 3,932 Property plant and equipment 858 765 797 Financial assets 105 46 60 Total non-current assets 5,287 4,247 4,790 Current assets Inventories 2,934 2,586 2,717 Current receivables 2,026 1,702 1,606 Cash and cash equivalents 390 220 205 Total current assets 5,350 4,508 4,529 Total assets 10,637 8,754 9,319 30 Sep 31 Dec MSEK 2026 2025 2025 Equity and liabilities Equity 4,545 3,947 4,027 Non-current liabilities Non-current liabilities, interest bearing 3,529 2,877 3,339 Non-current liabilities, non-interest bearing 362 302 238 Total non-current liabilities 3,891 3,179 3,577 Current liabilities Current liabilities, interest bearing 305 271 298 Current liabilities, non-interest bearing 1,897 1,358 1,417 Total current liabilities 2,202 1,629 1,715 Total equity and liabilities 10,637 8,754 9,319 30 Sep
Page 14
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 14 Consolidated Statement of Changes in Equity Consolidated Cash Flow Statement MSEK 2026 2025 Equity at beginning of year 4,027 3,899 Comprehensive income Profit after tax 628 476 Other comprehensive income Items that will not be reclassified in profit or loss Actuarial loss / profit on pension obligations, net after tax - - Items that may be reclassified in profit or loss Translation differences / Currency hedging net after tax 204 -236 Total comprehensive income 832 240 Transactions with shareholders Share savings programme 11 2 Issued call options - - Redemption call options 5 5 Repurchase of own shares -84 - Dividend to shareholders -247 -199 Total transactions with shareholders -315 -192 Equity at end of period 4,545 3,947 30 Sep MSEK 2026 2025 2026 2025 Operating activities Profit before financial items 337 235 961 756 Depreciation and amortization 87 83 249 230 Interest and other finance income 35 15 35 20 Interest and other finance expenses -45 -41 -126 -131 Other non-cash items 10 -1 58 -15 Income tax paid -62 -64 -187 -178 Cash flow from operations 363 226 989 681 Changes in working capital Increase (-)/decrease (+) in inventories -126 -5 -29 61 Increase (-)/decrease (+) in operating receivables 85 95 -294 -156 Increase (+)/decrease (-) in operating liabilities 49 -23 210 116 Cash flow from operating activities 370 293 876 701 Investing activities Purchase of intangible assets -2 -2 -5 -10 Acquisition of property, plant and equipment -13 -22 -43 -57 Purchase of financial assets -1 -0 -2 -0 Company acquisitions including additional purchase considerations -160 -1 -214 -37 Divestment of subsidiaries - - - - Cash flow from (-used in) investing activities -176 -25 -265 -105 Financing activities Dividend paid - -0 -247 -199 Option programme 3 2 5 5 Repurchase of own shares 0 -0 -84 -0 Increase (+)/decrease (-) in borrowings -88 -251 -121 -369 Cash flow from financing activities -84 -249 -446 -564 Cash flow for (-used in) the period 110 19 165 33 Cash and cash equivalents at the beginning of the period 273 205 205 211 Translation differences 9 -4 19 -24 Cash and cash equivalents at the end of the period 390 220 390 220 Jan-Sep Q3
Page 15
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 15 The Group’s Segment Reporting Europe North & East MSEK Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales 668 701 772 737 654 669 762 765 675 Gross profit 197 209 238 230 218 229 258 269 238 Gross margin (%) 29.4 29.9 30.8 31.2 33.3 34.2 33.8 35.1 35.2 Operating profit (EBITA) 102 73 121 103 96 86 123 125 105 Operating margin EBITA (%) 15.3 10.4 15.6 14.0 14.7 12.8 16.1 16.4 15.6 Operating profit (EBITA), adjusted 95 74 110 103 96 86 123 125 105 Operating margin EBITA, (%) adjusted 14.2 10.5 14.2 14.0 14.6 12.9 16.1 16.4 15.6 UK/Ireland MSEK Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales 409 364 400 380 370 318 351 371 444 Gross profit 135 112 129 123 123 107 120 129 159 Gross margin (%) 33.1 30.7 32.3 32.5 33.3 33.7 34.3 34.7 35.7 Operating profit (EBITA) 51 30 36 41 40 26 41 45 54 Operating margin EBITA (%) 12.5 8.1 9.1 10.8 10.7 8.1 11.7 12.0 12.2 Operating profit (EBITA), adjusted 51 33 38 41 40 26 41 45 61 Operating margin EBITA, (%) adjusted 12.5 9.0 9.5 10.8 10.7 8.1 11.7 12.0 13.8 Europe West MSEK Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales 443 460 601 556 533 640 749 754 741 Gross profit 113 112 152 140 138 194 206 200 210 Gross margin (%) 25.6 24.3 25.3 25.2 25.9 30.3 27.5 26.5 28.3 Operating profit (EBITA) 61 50 80 65 67 103 114 104 135 Operating margin EBITA (%) 13.7 10.9 13.3 11.7 12.6 16.0 15.3 13.8 18.1 Operating profit (EBITA), adjusted 61 51 81 66 68 103 114 104 114 Operating margin EBITA, (%) adjusted 13.7 11.1 13.4 11.8 12.7 16.2 15.3 13.8 15.4 Asia-Pacific MSEK Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales 110 116 138 112 102 90 103 128 135 Gross profit 34 38 44 37 32 31 37 47 50 Gross margin (%) 30.6 32.2 32.1 33.3 31.4 34.5 35.5 36.8 37.4 Operating profit (EBITA) 10 19 22 15 15 13 17 27 28 Operating margin EBITA (%) 9.0 16.5 16.1 13.7 14.3 14.7 16.6 20.9 21.1 Operating profit (EBITA), adjusted 10 19 22 15 15 13 17 27 28 Operating margin EBITA, (%) adjusted 9.0 16.5 16.1 13.7 14.3 14.7 16.6 20.9 21.1 Americas MSEK Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales 248 223 274 255 257 214 257 247 240 Gross profit 87 74 94 104 106 89 108 105 108 Gross margin (%) 35.2 33.3 34.2 40.8 41.4 41.7 41.9 42.4 44.8 Operating profit (EBITA) 31 15 34 49 49 23 56 52 50 Operating margin EBITA (%) 12.5 6.7 12.5 19.3 19.2 10.7 21.7 21.1 20.8 Operating profit (EBITA), adjusted 31 17 34 49 57 24 56 52 50 Operating margin EBITA, (%) adjusted 12.5 7.6 12.5 19.3 22.2 11.3 21.7 21.1 20.8 Other MSEK Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales 1 -1 -0 0 -0 -0 - - - Gross profit 8 5 5 5 4 3 6 2 2 Operating profit (EBITA) 3 -6 -7 -6 -3 -18 -9 -20 -10 Group MSEK Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Net sales 1,880 1,863 2,184 2,039 1,917 1,931 2,222 2,265 2,236 Gross profit 575 554 662 635 627 652 731 751 767 Gross margin (%) 30.6 29.7 30.3 31.1 32.7 33.8 32.9 33.2 34.3 Operating profit (EBITA) 258 179 286 267 264 233 340 333 362 Operating margin EBITA (%) 13.7 9.4 13.1 13.1 13.8 12.1 15.3 14.7 16.2 Operating profit (EBITA), adjusted 239 201 278 268 272 252 340 333 349 Operating margin EBITA, (%) adjusted 12.7 10.8 12.7 13.1 14.2 13.1 15.3 14.7 15.6
Page 16
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 16 Consolidated Key Figures ∆ ∆ LTM Full-year MSEK 2026 2025 2026 2025 25/26 2025 Order intake 2,236 1,920 16% 6,781 6,080 12% 8,819 8,118 Net sales 2,236 1,917 17% 6,723 6,140 9% 8,655 8,072 Gross profit 767 627 22% 2,249 1,924 17% 2,901 2,576 EBITDA 424 319 33% 1,210 985 23% 1,499 1,275 EBITDA, adjusted 369 271 36% 1,054 839 26% 1,295 1,080 Operating profit (EBITA) 362 264 37% 1,034 817 27% 1,267 1,050 Operating profit (EBITA), adjusted 349 272 28% 1,021 818 25% 1,274 1,070 Operating profit 337 235 43% 961 756 27% 1,174 969 Profit after tax 219 142 54% 628 476 32% 778 626 Gross margin 34.3% 32.7% 33.5% 31.3% 33.5% 31.9% Operating margin EBITA 16.2% 13.8% 15.4% 13.3% 14.6% 13.0% Operating margin EBITA, adjusted 15.6% 14.2% 15.2% 13.3% 14.7% 13.3% Operating margin 15.1% 12.3% 14.3% 12.3% 13.6% 12.0% Net margin 9.8% 7.4% 9.3% 7.7% 9.0% 7.8% Net debt, SEK million 3,444 2,927 18% 3,432 Net debt, adjusted, SEK million 2,785 2,330 20% 2,815 Debt/equity ratio, (%) 76 74 2% 85 Net debt / EBITDA, adjusted 2.2 2.3 -6% 2.6 Working capital, SEK million 3,196 3,011 6% 3,042 Working capital in relation to net sales, (%) 36.9 37.6 37.7 Solidity (%) 43 45 43 Return on capital employed (%) 15.0 13.0 13.2 Cash flow from operating activities 370 293 27% 876 701 25% 925 Earnings per share, SEK 1.16 0.75 55% 3.32 2.51 32% 3.30 Number of employees 1,937 1,697 14% 1,853 Q3 Jan-Sep
Page 17
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 17 Condensed Parent Company Income Statement Condensed Parent Company Balance Sheet MSEK 2026 2025 2026 2025 Administrative expenses -15 -7 -44 -25 Other operating revenue 3 2 8 3 Other operating expenses 0 - -3 0 Operating profit -13 -5 -39 -22 Profit/loss from financial items - - 275 250 Interest income and similar profit/loss items 0 1 2 3 Interest expenses and similar profit/loss items - - - - Profit after financial items -13 -4 238 231 Appropriations - - - - Tax on net profit for the period 3 0 8 0 Profit after tax -10 -4 246 231 Q3 Jan-Sep 31 Dec MSEK 2026 2025 2025 Assets Fixed assets Financial assets Investments in group companies 845 845 845 Other assets Other non-current receivables 16 4 4 Total non-current assets 861 849 849 Current assets Receivables from Group companies 305 378 380 Other current receivables 39 35 41 Cash and cash equivalents - - - Total current assets 344 413 421 Total assets 1,205 1,262 1,270 30 Sep 31 Dec MSEK 2026 2025 2025 Equity and liabilities Equity 1,113 1,161 1,188 Untaxed reserves 60 82 60 Non-current liabilities Other non-current liabilities 7 3 4 Total non-current liabilities 7 3 4 Current liabilities Trade payables 1 1 1 Other current liabilities 24 15 17 Total current liabilities 25 16 18 Total equity and liabilities 1,205 1,262 1,270 30 Sep
Page 18
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 18 Notes NOTE 1 Accounting policies This interim report has been prepared pursuant to IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Parent Company’s financial statements were prepared in accordance with the Swedish Annual Accounts Act, Chapter 9 and the Swedish Financial Reporting Board’s recommendation RFR 2. The accounting policies applied correspond to the accounting policies and measurement principles presented in the 2025 Annual Report. The 2025 Annual Report is available at www.bufabgroup.com. The Group’s preparations for the implementation of IFRS 18 are ongoing. Based on a preliminary assessment, the new requirements are not expected to have a material impact on the presentation of the Group’s financial statements. NOTE 2 Risks and risk management Exposure to risk is a natural part of business activity, and this is reflected in Bufab’s approach to risk management. Risk management aims to identify and prevent risks and to limit any loss or damage from these risks. The main risks to which the Group is exposed relate to the impact of the economy on demand. For further information regarding risks and risk management, see Note 3 of the 2025 Annual Report. NOTE 3 Seasonal variations Bufab has no significant seasonal variation in its sales, but sales over the year vary based on the number of production days in each quarter for customers. NOTE 4 Acquisitions On 6 July, all shares in D.C Handrails and Ironwork Parts were acquired for a purchase consideration of SEK 420 million. The company is a British distributor of iron work parts and is based in Newcastle upon Tyne, UK. Since the acquisition date, the company has contributed SEK 49 million to the Group’s revenue and SEK 13 million to profit before tax. Had the acquisition taken place on 1 January 2026, the Group’s revenue and profit before tax would have been affected by SEK 150 million and SEK 26 million, respectively. The acquisition was financed in cash under the existing credit facility. Performance- based contingent consideration, linked to revenue and profit growth, may become payable in 2027, 2028, 2029 and 2030 and amounts to SEK 103 million. D.C Iron is reported within region UK/Ireland. Acquisition-related costs amounted to approximately SEK 7 million in the third quarter. The above purchase price allocation is preliminary. In connection with the acquisition, a brand was identified and measured at the discounted value of future cash flows and amounts to approximately SEK 44 million. The goodwill arising from the acquisition is attributable to the expertise accumulated within the acquired company, as well as its established and well-recognised market position and the resulting expected profitability. Goodwill and the brand are tested annually for impairment. Acquisitions completed during 2024–2026: Acquisition date Net revenue* Number of employees VITAL S.p.A 2024-11-26 524 MSEK 57 novia Group D.C. Iron 2025-10-15 2026-07-06 500 MSEK 187 MSEK 150 40 *Estimated annual net revenue at acquisition Divestments No divestments of subsidiaries were carried out during the third quarter. Contingent purchase considerations The Group’s liabilities for contingent purchase considerations attributable to acquisitions are measured at fair value. These items are recognised at fair value in the balance sheet, with changes in value recognised in the income statement. Total recognised liabilities for contingent purchase considerations amounted to MSEK 257 (289) as of 30 September 2026, of which MSEK 124 (220) were recognised as non-current liabilities, non-interest-bearing, and MSEK 133 (69) were recognised as current liabilities, non- interest-bearing, in the Group’s balance sheet. The recognised contingent purchase considerations are included, in accordance with the Group’s definition, in the amounts for “net debt” and “net debt, adjusted” from the point in time when they are finally determined until the contingent purchase considerations are settled. Preliminary acquisition analysis D.C. Handrails and Ironwork Parts Limited Fair value Intangible fixed assets 44 Other assets 33 Inventories 59 Other current assets 13 Cash and cash equivalents 148 Deferred tax liability -12 Other liabilities -49 Acquired net assets 236 Goodwill 184 Total purchase consideration 420 Less: cash and cash equivalents in acquired operations -148 Less: contingent purchase consideration -103 Less: deferred purchase price -9 Effect on the Group's cash and cash equivalents 160
Page 19
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 19 Notes cont. NOTE 5 Related-party transactions No material transactions with related parties have taken place during the year, apart from payments of fees to the Board of Directors and remuneration to senior executives. NOTE 6 Repurchase of own shares The number of repurchased shares held in treasury amounted to 1,358,240 as at 30 September, compared with 765,575 at the end of 2025. No shares were repurchased during the third quarter. NOTE 7 Contingent liabilities and collaterals No additional significant changes were made to the company’s contingent liabilities during the quarter. NOTE 8 Significant events after the quarter No significant events have occurred after the balance-sheet date.
Page 20
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 20 Auditors’ review report To the Board of directors in Bufab AB (publ), Corp. Reg. No. 556685-6240 This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Bufab AB (publ) as of September 30, 2026, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Gothenburg, on the date shown by our electronic signature. Öhrlings PricewaterhouseCoopers AB Johan Rippe Frida Wengbrand Authorised Public Accountant Authorised Public Accountant Auditor in Charge
Page 21
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 21 Performance measures not defined in accordance with IFRS Bufab uses certain performance measures not defined in the rules for financial reporting adopted by Bufab. The purpose of these performance measures is to provide a better understanding of the performance of the operations. It should be pointed out that these alternative performance measures, as they are defined, are not fully comparable with other companies’ performance measures with the same name. Definitions The key performance indicators (KPIs) used in this report are defined in Bufab's 2025 Annual Report and on our website. Definitions of Key Performance Indicators Organic growth Bufab has operations in many countries with different currencies, it is therefore essential to provide an understanding of the company’s performance without currency effects when translating foreign subsidiaries. In addition, Bufab has an important strategic objective in carrying out value-generating acquisitions. For these reasons growth is also recognised excluding currency effects when translating foreign subsidiaries and excluding acquired operations within the term Organic growth. This performance measure is expressed in percentage points of last year’s net sales. EBITDA EBITDA is an expression of operating profit before depreciation, amortisation and impairment. The performance measure is defined below. EBITDA, adjusted The performance measure EBITDA, adjusted, is an expression of operating profit before depreciation, amortisation and impairment, less amortisation on right-of-use assets and interest expenses on lease liabilities according to IFRS 16. The performance measure is defined below. 2026, % Group Europe North & East Europe West Americas UK/Ireland Asia-Pacific Organic growth 6.5 3.0 14.2 -8.0 5.4 28.4 Currency translation effects 0.7 0.2 -0.4 2.3 1.4 3.6 Acquisitions 9.6 - 25.2 - 13.4 - Divestments -0.1 - - -0.9 - - Recognised growth 16.7 3.2 39.0 -6.6 20.2 32.0 Q3 2026, % Group Europe North & East Europe West Americas UK/Ireland Asia-Pacific Organic growth 4.5 2.8 10.0 2.5 0.4 7.1 Currency translation effects -2.4 -1.0 -2.2 -5.0 -3.2 -3.1 Acquisitions 7.7 - 25.1 - 4.3 - Divestments -0.3 - - -2.8 - - Recognised growth 9.5 1.8 32.9 -5.3 1.5 4.0 Jan-Sep MSEK 2026 2025 2026 2025 Operating profit 337 235 961 756 Depreciation and amortization 87 83 249 230 EBITDA 424 319 1,210 985 Q3 Jan-Sep MSEK 2026 2025 2026 2025 Operating profit 337 235 961 756 Depreciation and amortization 87 83 249 230 Less: amortisation on right-of-use assets according to IFRS 16 -47 -42 -133 -127 Less: interest expenses on lease liabilities according to IFRS 16 -8 -6 -22 -19 EBITDA, adjusted 369 271 1,054 839 Q3 Jan-Sep
Page 22
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 22 EBITA Bufab’s growth strategy includes the acquisition of companies. For the purpose of illustrating the underlying operation’s performance, management has chosen to monitor EBITA (operating profit before depreciation, amortisation and impairment of acquired intangible assets). The performance measure is defined below. EBITA, adjusted The key figure Operating profit (EBITA) adjusted is an expression of the operating profit excluding items affecting comparability, which include but are not limited to restructuring costs, remeasurement of additional purchase considerations, and gains and losses in conjunction with divestment of operations. Operating expenses Operating expenses is an expression of operating expenses before depreciation, amortisation and impairment of acquired intangible assets. The performance measure is defined below. Working capital Because Bufab is a trading company, working capital represents a large share of the balance sheet’s value. In order to optimise the company’s cash generation, management focuses on the local company’s development, and thereby the entire Group’s development of working capital as it is defined below. Cash conversion Cash flow from operating activities divided by EBITDA, adjusted. The performance measure is defined below. Net debt Net debt is an expression of how large the financial borrowing is in the company in absolute figures after deductions for cash and cash equivalents. The performance measure is defined below. Net debt, adjusted Net debt, adjusted, is an expression of how large the financial borrowing is in the company in absolute figures after deductions for lease liabilities according to IFRS 16 and cash and cash equivalents. The performance is defined below. Return on capital employed Return on capital employed is an expression of profitability after taking into account the amount of capital utilised. The performance measure is defined below. MSEK 2026 2025 2026 2025 Operating profit 337 235 961 756 Depreciation and amortisation of acquired intangible assets 25 28 74 61 EBITA 362 264 1,034 817 Q3 Jan-Sep MSEK 2026 2025 2026 2025 EBITA 362 264 1,034 817 Remeasurement of additional purchase -20 0 -20 -11 Restructuring costs - 8 - 11 Transaction costs relating to acquisitions and divestments 7 - 7 - Realisation result in connection with the divestment of a business - - - - EBITA, adjusted 349 272 1,021 818 Q3 Jan-Sep MSEK 2026 2025 2026 2025 Distribution costs -274 -250 -815 -747 Administrative expenses -178 -140 -501 -444 Other operating income and operating expenses 22 -2 28 22 Depreciation and amortisation of acquired intangible assets 25 28 74 61 Operating expenses -405 -363 -1,215 -1,108 Q3 Jan-Sep MSEK 2026 2025 Current assets 5,350 4,508 Less: cash and cash equivalents -390 -220 Less: current non-interest-bearing liabilities excluding liabilities for additional purchase prices -1,764 -1,277 Working capital on the balance-sheet date 3,196 3,011 30 Sep MSEK 2026 2025 2026 2025 Cash flow from operating activities 370 293 876 701 EBITDA, adjusted 369 271 1,054 839 Cash conversion 100% 108% 83% 84% Q3 Jan-Sep MSEK 2026 2025 Non-current liabilities, interest bearing 3,529 2,877 Current liabilities, interest bearing 305 271 Less: cash and cash equivalents -390 -220 Less: other interest-bearing receivables - - Net debt on balance-sheet date 3,444 2,927 30 Sep MSEK 2026 2025 Non-current liabilities, interest bearing 3,529 2,877 Current liabilities, interest bearing 305 271 Less: lease liabilities according to IFRS 16 -658 -597 Less: cash and cash equivalents -390 -220 Less: other interest-bearing receivables - - Net debt, adjusted, on the balance-sheet date 2,785 2,330 30 Sep MSEK 2026 2025 Result after financial items L12M 1,012 764 Interest expense -171 -177 Average shareholder´s equity 4,162 3,882 Average interest-bearing liabilities 3,719 3,370 Return on capital employed 15.0% 13.0% 30 Sep
Page 23
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 23 Bufab as an investment Since 1977, Bufab has delivered an operating profit every year. Our journey is built on a culture of accountability, entrepreneurship and local decision-making, which has enabled us to move faster than the market. Customer value that creates recurring revenue Bufab takes end-to-end responsibility for customers' value chains for C-parts and technical components. By reducing complexity, risk and total cost, we create long-term and hard-to-replace customer relationships. The result is a stable, recurring revenue base and resilient margins. Stable growth with strong returns Bufab has a long history of strong growth and stable dividends. We have delivered an average annual net sales growth (CAGR) of 13 percent and adjusted EBITA growth of 17 percent since 2014. The total return to the shareholders has averaged 24 percent per year. Low risk, high flexibility The business model is based on low fixed costs and broad exposure to thousands of customers, suppliers and industries. More than half of our revenue comes from customer-specific components. Our decentralised organisation enables local decision- making while leveraging global synergies. Consolidation that drives value creation Bufab is a consolidating force in a fragmented global C-parts market. Through more than 50 acquisitions since 1977, we have built a scalable platform for continued profitable growth, where each acquisition strengthens our offering while preserving the entrepreneurial culture. Read more about Bufab as an investment here: Invest in Bufab 13% Average annual net sales growth (CAGR) since 2014 17% Average adjusted EBITA growth (CAGR) since 2014 24% Average annual total return since 2014 Financial targets Profitable growth Average annual increase of net sales by 10 percent and of earnings per share by 15 percent, through both organic growth and acquisitions. Profitability Achieve an annual operating margin (EBITA) of 14 percent latest by 2026. Financial stability Net debt in relation to operating profit before depreciation and amortization (ND/EBITDA) shall normally be in the range of 2-3x. Dividend policy Dividend of 30 to 60 percent of annual net profit.
Page 24
Summary CEO’s overview Financial performance Financial statements Other information About Bufab 24 About Bufab Bufab is a leading global Supply Chain Partner for C-parts and technical components. By taking end-to-end responsibility — from sourcing and quality assurance to sustainability and delivery reliability — we simplify our customers' supply chains, enabling them to focus on their core business. Our customers choose us because we give them Peace of Mind throughout the value chain. A proven profitable and scalable platform Since 1977, Bufab has reported operating profit every year and grown faster than the market through a combination of organic growth and more than 50 acquisitions. Acquisitions of well-managed and profitable companies are a central part of the strategy and are used selectively to strengthen presence, broaden the offering and create long- term value. With operations in 31 countries, a large and diversified customer base and a high share of customer-specific components, Bufab has a robust platform in a highly fragmented global market – which gives us great opportunities to consolidate the market. Services that reduce risk and total cost Bufab’s offering is built on services that make a real difference: sustainable sourcing, supplier base consolidation and tailored logistics solutions. These reduce customers’ total cost and risk while increasing efficiency. Demand for digital and integrated logistics solutions is growing, particularly among larger customers, and strengthens our ability to create more customer value over time. By creating Peace of Mind for our customers, we create stable revenues and profitable growth for our owners. Read more about Bufab here: The Bufab Group - your supply chain partner for C-parts Countries where Bufab has operations 8.7 Sales, SEK billion 31 Countries 1,900 Solutionists 8,000 Suppliers 20,000 Customers 50+ Acquisitions since start Vision Be the leading player in the industry of C-parts and technical components.
Page 25
25 Information and addresses Conference call A conference call will be held on 23 October 2026 at 10:00 a.m. CEST. Erik Lundén, President and CEO, and Marcus Söderberg, CFO, will present the results. Analysts and investors who wish to ask questions are asked to connect to the presentation via the following Teams link: Click here to join the meeting and use the “Raise Your Hand” function during the Q&A session. Calendar Year-end report 2026: 11 February 2027 Interim Report Q1 2027: 22 April 2027 Annual General Meeting 2027: 22 April 2027 Interim Report Q2 2027: 9 July 2027 Interim Report Q3 2027: 21 October 2027 Contact Erik Lundén Marcus Söderberg President and CEO CFO +46 370 69 69 00 +46 370 69 69 00 erik.lunden@bufab.com marcus.soderberg@bufab.com Bufab AB (publ) Box 2266 SE-331 02 Värnamo, Sweden Corp. Reg. No. 556685-6240 Phone: +46 370 69 69 00 www.bufabgroup.com This interim report has been reviewed by the Company’s auditors. This information is information that Bufab 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, on 23 October 2026 at 7:30 a.m. CEST. In some cases, rounding has been applied in this interim report, which means that tables and calculations may not always reconcile exactly.