Interim report
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INTERIM REPORT JANUARY – SEPTEMBER 2026
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NET SALES SEK 831 MILLION (590) 40.7% OPERATING EARNINGS SEK 67 MILLION (12) OPERATING MARGIN 8.1 % (2.0) In brackets Q3 2025 A stronger business, ready for its next chapter Following the end of the reporting period, Bulten completed the divestments of its European contract manufacturing operations for the automotive industry and its contract manufacturing operations in Tianjin, China. These divestments represent important steps in the Group’s long-term transformation, freeing up capital and resources for priority areas of the business. In the interim report, the divested operations are presented as discontinued operations, separate from the continuing operations. THIRD QUARTER – CONTINUING OPERATIONS • Net sales amounted to SEK 831 (590) million, an increase of 40.7% on the same period the previous year. • Operating earnings (EBIT) totaled SEK 67 (12) million, equating to an operating margin of 8.1% (2.0). • Earnings after tax amounted to SEK 31 (3) million. • Cash flow from operating activities totaled SEK 70 (163) million. • Earnings per share were SEK 1.07 (-0.18). • Earnings after tax from discontinued operations amounted to SEK -158 (-25) million and includes group impairment of SEK -121 million. SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD • On October 1, 2026, Bulten completed the divestment of its European contract manufacturing operations for the automotive industry, and on October 16, 2026, the divestment of its contract manufacturing operations in Tianjin, China. Bulten has also entered into an agreement to sell the industrial property in Hallstahammar, with the transfer of possession scheduled for December 2026. • Bulten’s CFO, Anna Åkerblad, has announced that she is leaving her position. The process to recruit a permanent successor has been initiated. JANUARY–SEPTEMBER – CONTINUING OPERATIONS • Net sales amounted to SEK 2,389 (2,385) million, an increase of 0.2% on the same period the previous year. • Operating earnings (EBIT) totaled SEK 188 (125) million, equating to an operating margin of 7.9% (5.2). • Earnings after tax amounted to SEK 108 (72) million. • Cash flow from operating activities totaled SEK 106 (320) million. • Earnings per share were SEK 4.09 (2.48). • Earnings after tax from discontinued operations amounted to SEK -1,234 (-59) million and includes group impairment of SEK -1,181 million. • Net debt amounted to SEK 782 (1,208) million. Net debt, excluding lease liabilities, totalled SEK 610 (744) million. • The equity/assets ratio was 23.9% (39.0) at the end of the period. The equity/assets ratio, excluding lease liabilities, totaled 25.3% (43.3). Q3 JAN-SEPT 12-MONTH ROLLING FULL YEAR CONTINUING OPERATIONS 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 Net sales 831 590 40.7% 2,389 2,385 0.2% 3,191 3,187 0.1% Gross profit 199 131 68 558 522 36 733 697 36 Earnings before depreciation (EBITDA) 1) 82 26 56 231 167 64 313 249 64 Operating earnings (EBIT) 67 12 55 188 125 63 255 192 63 Operating margin, % 8.1 2.0 6.2 7.9 5.2 2.7 8.0 6.0 2.0 Earnings after tax 31 3 28 108 72 36 153 117 36 Earnings per share before dilution, SEK 1.07 -0.18 1.25 4.09 2.48 1.61 5.75 4.13 1.62 Return on capital employed, % - - - - - - 11.4 6.6 4.8 1) See specification page 19 BULTEN • INTERIM REPORT Q3 2026 2
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CEO’S STATEMENT The quarter in brief It is gratifying that profitability continued to develop positively during the third quarter. Net sales amounted to SEK 831 million, and EBIT to SEK 67 million, corresponding to an operating margin of 8.1 percent. The comparison with the previous year is significantly affected by a production stoppage at a major customer during the third quarter of 2025; the reported increases in sales and earnings should therefore be viewed in this context. For the first nine months of the year, net sales amounted to SEK 2,389 million, on par with the previous year, while EBIT increased to SEK 188 million from SEK 125 million. The nine-month comparison is also impacted by the weak third quarter of 2025. At the same time, profitability has remained stable throughout 2026, with operating margins of 7.6 percent in the first quarter, 8.0 percent in the second, and 8.1 percent in the third. The performance during the year reflects a more favorable business mix, a more competitive cost base, and disciplined operational execution. A more focused portfolio After the quarter, we completed the divestments of our European automotive contract manufacturing business and the automotive contract manufacturing operation in Tianjin, China. Together with the agreed sale of the industrial property in Hallstahammar, these trans - actions are important steps in the Group’s long-term transformation. They create a more focused Group with a stronger earnings mix, lower capital intensity and a higher share of value-creating activities, while releasing capital and resources for prioritised areas of the business. Parts of the European business have been part of Bulten through - out the company’s history of more than 150 years and, together with the Tianjin operation, have built valuable expertise and strong customer relationships. I would like to thank all employees for their commitment and important contributions over the years. The transactions allow us to focus on the continued development of the continuing business, while giving the divested businesses good opportunities to develop further under their new owners. For Bulten, they provide better conditions to invest in established platforms within precision manufacturing and full-service solutions within C-parts. The continuing operations are delivering The continuing operations are already benefiting from the combina - tion of precision manufacturing and full-service C-parts capabilities. Operational improvements, demand for high-precision products and new business wins contributed to the stronger earnings development during the first nine months. Our growing presence in Asia is also bringing us closer to customers and expanding our exposure to markets with attractive long-term demand. We also see attractive opportunities in technology-related applications, including AI infrastructure, where customers need the sourcing, manufacturing, quality assurance and supply-chain capabilities that we bring together. Demand remains softer in parts of the market, but the breadth of our offering and geographic reach provide a sound basis for winning new business. The remaining operations delivered an operating margin of 8.1 percent during the third quarter. In the first nine months of the year, EBIT increased by approximately 50 percent on largely unchanged net sales, demonstrating the stronger earnings profile we have built. The divestments completed after the quarter clarify our strategic direction and make it possible to concentrate resources on an integrated platform for precision manufacturing and full-service solutions within C-parts. Our focus is now on sustaining this improved performance, accelerating profitable growth, and strengthening cash flow. Cash flow and financial position The improvement in earnings was reflected in stronger cash flow before changes in working capital. This increased to SEK 49 million in the quarter from SEK 5 million last year, and to SEK 149 million for the first nine months from SEK 88 million. Reported operating cash flow was SEK 70 million in the quarter and SEK 106 million for the first nine months. Improving cash conversion remains an important priority. Net debt declined to SEK 782 million from SEK 1,208 million a year earlier. Maintaining financial discipline remains important as we develop the continuing operations. Priorities ahead Looking ahead, our priorities are clear: sustain the improvement in profitability, accelerate profitable growth and convert more of our earnings into cash. We will deepen customer relationships, pursue higher-value business and continue expanding our presence in India to increase flexibility and support customers from a broader geographic base. There is more work to do, but the progress during the first nine months gives me confidence in our direction. We enter the next phase with a clearer portfolio, improved performance and the determination to deliver on our priorities. Axel Berntsson President and CEO BULTEN • INTERIM REPORT Q3 2026 3
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BULTEN IN BRIEF – CONTINUING OPERATIONS NET SALES Third quarter Group net sales amounted to SEK 831 (590) million, an increase of 40.7% on the same period the previous year. Adjusted for foreign exchange effects, growth totaled 37.6% for the same period. January – September Group net sales amounted to SEK 2,389 million (2,385), an increase of 0.2 percent compared with the corresponding period of the previous year. Adjusted for currency effects, growth amounted to 0.0 percent for the same period. Net sales 12-month rolling Net sales MSEK MSEK 0 200 400 600 800 1,000 Q3Q2Q1Q4Q3Q2 2025 2026 0 1,000 2,000 3,000 4,000 EARNINGS AND PROFITABILITY Third quarter Group gross profit amounted to SEK 199 million (131), corresponding to a gross margin of 23.9 percent (22.2). Earnings before deprecia - tion and amortization (EBITDA) amounted to SEK 82 million (26), corresponding to an EBITDA margin of 9.9 percent (4.4). Operating profit (EBIT) amounted to SEK 67 million (12), corresponding to an operating margin of 8.1 percent (2.0). Operating profit was impacted by exchange rate fluctuations of SEK -2 million (-2) from the translation of working capital at the closing rate. Group net financial items amounted to SEK -14 million (-7). Financial income of SEK 10 million (11) consisted of interest income of SEK 10 million (11). Financial expenses of SEK -24 million (-18) consisted of interest expenses of SEK -20 million (-16), of which lease interest expenses amounted to SEK -2 million (-2), foreign exchange losses of SEK -1 million (-), and other financial expenses of SEK -3 million (-2). Group profit before tax amounted to SEK 53 million (5), and profit after tax amounted to SEK 31 million (3). January – September The Group gross profit amounted to SEK 558 million (522), corre - sponding to a gross margin of 23.4 percent (21.9). Earnings before depreciation and amortization (EBITDA) amounted to SEK 231 million (167), corresponding to an EBITDA margin of 9.7 percent (7.0). Operating profit (EBIT) amounted to SEK 188 million (125), corre - sponding to an operating margin of 7.9 percent (5.2). Operating profit was impacted by exchange rate fluctuations of SEK -6 million (-9) from the translation of working capital at the closing rate. Group net financial items amounted to SEK -32 million (-28). Financial income of SEK 28 million (36) consisted of interest income of SEK 28 million (36). Financial expenses of SEK -60 million (-64) consisted of interest expenses of SEK -52 million (-52), of which lease interest expenses amounted to SEK -5 million (-5), foreign exchange losses of SEK -2 million (-7), and other financial expenses of SEK -6 million (-5). Group profit before tax amounted to SEK 156 million (97), and profit after tax amounted to SEK 108 million (72). CASH FLOW, WORKING CAPITAL, INVESTMENTS AND FINANCIAL POSITION Third quarter Cash flow from operating activities amounted to SEK 70 million (163). The cash flow effect from the change in working capital amounted to SEK 21 million (158). In total, inventories changed by SEK 39 million (-40) during the period. Current receivables increased by SEK 148 million (94), and current liabilities increased by SEK 166 million (104). Cash flow from investing activities amounted to SEK -10 (-12) million. Investments of SEK 11 million (12) relate to property, plant and equipment. January – September Cash flow from operating activities amounted to SEK 106 million (320). The cash flow effect from the change in working capital amounted to SEK -43 million (232). In total, inventories changed by SEK 17 million (-18) during the period. Current receivables increased by SEK 134 million (171), and current liabilities increased by SEK 86 million (79). Cash flow from investing activities amounted to SEK -20 (-18) million. Investments of SEK 20 million (18) relate to property, plant and equipment. At the end of the period, net debt amounted to SEK 782 million (1,208). Net debt, excluding lease liabilities, amounted to SEK 610 million (744). At the end of the period, the Group’s cash and cash equivalents amounted to SEK 290 million (269). In addition, approved but unuti - lized credit facilities amounted to SEK 301 million (736), resulting in available liquidity for the Group of SEK 591 million (1,005). FINANCING AGREEMENTS Bulten has an agreement with Danske Bank and the Swedish Export Credit Corporation (SEK) regarding a credit facility of approximately SEK 1,140 million. The credit facility was extended at the beginning of the quarter and runs until 2028. The credits are subject to certain loan terms (covenants). All covenants were met during the period. BULTEN • INTERIM REPORT Q3 2026 4
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BULTEN IN BRIEF CONT. DISCONTINUED OPERATIONS As of 9 July 2026, the Group completed negotiations regarding the divestment of its contract manufacturing operations within the automotive industry. As a result, a total impairment charge of approximately SEK 1,181 million was recognized. An agreement was signed on October 1, 2026, for the divestment of the Hallstahammar industrial property. The transactions are expected to have a positive cash flow effect in the fourth quarter corresponding to approximately SEK 545 million. Earnings after tax During the third quarter, earnings after tax from discontinued operations amounted to SEK -158 million (-25). For the period January to September, earnings after tax from discontinued operations amounted to SEK -1,234 million (-59) including a Group impairment charge of SEK -1,181 million. In the previous year, net profit was nega - tively impacted by after-tax costs of SEK -50 million, of which approx - imately SEK -36 million related to the Swedish Customs Authority’s decision on anti-dumping duties on fasteners/fastener blanks imported from China to the EU between 2022 and 2024, and restruc - turing costs of approximately SEK -14 million. BULTEN • INTERIM REPORT Q3 2026 5
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OTHER INFORMATION ACCOUNTING POLICIES The interim report for the Group has been prepared in accordance with IAS 34, Interim Financial Reporting, and the Swedish Annual Accounts Act. The financial reporting for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2, Accounting for Legal Entities. The accounting policies applied are unchanged compared with those described in the 2025 Annual Report, except for IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. As of the end of June, Bulten has assessed that the contract manufacturing operations within the automotive industry constitute assets held for sale and that these operations also meet the criteria to be classified as discontinued operations. Accordingly, the company presents the discontinued operations separately from the continuing operations in the quarterly report. In the balance sheet, the operations are included in the line items Assets held for sale and Liabilities directly associated with assets held for sale. In the income statement, the discontinued operations are presented as Profit/loss from discontinued operations. All amounts are presented in SEK million unless otherwise stated. Amounts in parentheses refer to the corresponding period of the previous year. Please note that rounding differences may occur, meaning that amounts may not always add up when summed. RISKS AND RISK MANAGEMENT Exposure to risks is a natural part of conducting business, and this is reflected in Bulten’s approach to risk management. The purpose is to identify and prevent risks from arising, as well as to limit any potential damage from such risks. The most significant risks to which the Group is exposed relate to market and macroeconomic risks, legal and political risks, IT-related risks, financial risks and force majeure. The global economy is currently characterized by significant uncertainty and a number of political conflicts. This may have consequences for the company’s financial position. Bulten is closely monitoring the global financial situation. For a more detailed description of risks, please refer to Note 5, Risks and risk management, in the 2025 Annual Report. SEASONAL VARIATIONS Bulten has no traditional seasonal variation but the year reflects the customers’ production days, which vary between quarters. Generally speaking, the lowest net sales and operating earnings are seen in the third quarter with the lowest number of production days. The other quarters are relatively even but may vary slightly. CONTINGENT LIABILITIES There were no significant changes in contingent liabilities during the reporting period. TRANSACTIONS WITH RELATED PARTIES There have been no significant transactions between related parties during the reporting period. For further information, please see Note 37 of the 2025 Annual Report. EMPLOYEES – CONTINUING OPERATIONS The average number of employees (FTE) in the Group during the period January 1 – September 30, 2026 was 564 (638). The number of employees on the closing date was 564. PARENT COMPANY Bulten AB (publ) owns, directly or indirectly, all the companies in the Group. The equity/assets ratio was 46.7% (52.1). Equity amounted to SEK 682 (776) million. The Parent Company had eight employees at the end of the period. SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD On October 1, 2026, Bulten completed the divestment of its European contract manufacturing operations for the automotive industry, and on October 16, 2026, the divestment of its contract manufacturing operations in Tianjin, China. Bulten has also entered into an agree - ment to sell the industrial property in Hallstahammar, with the trans - fer of possession scheduled for December 2026. Bulten’s CFO, Anna Åkerblad, has announced that she is leaving her position. The process to recruit a permanent successor has been initiated. No other significant events are to be reported. THE ANNUAL GENERAL MEETING The annual General Meeting will be held in Gothenburg, Sweden on Thursday April 29, 2027. THE NOMINATION COMMITTEE According to an AGM decision, the nomination committee shall comprise four members: one representative for each of the three largest shareholders on the final banking day in September who wishes to appoint a member, and the Chairman of the Board. The three largest shareholders are considered to be the three largest shareholders as registered with Modular Finance AB on the final banking day in September. If any of the three largest shareholders refrains from appointing a member, an offer is made to the next largest shareholder in order. The nomination committee ahead of the 2027 AGM is composed as follows: • Mats Hellström, appointed by Nordea Fonder • Bengt Stillström, appointed by Bengt Stillström • Frank Larsson, appointed by Handelsbanken Fonder • Ulf Liljedahl, Chairman of the Board of Bulten AB Gothenburg, 21 October, 2026 Bulten AB (publ) Axel Berntsson President and CEO BULTEN • INTERIM REPORT Q3 2026 6
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AUDITOR’S REPORT BULTEN AB (PUBL), ORG NO. 556668-2141 This is a translation of the Swedish language original INTRODUCTION We have conducted a review of the summary of financial information (interim report) for Bulten AB (publ) as of September 30, 2026 and the nine-month period leading up to this date. The Board of Directors and the Chief Executive Officer are responsible for preparing and presenting this interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. It is our responsibility to express a conclusion on this interim report based on our review. SCOPE OF REVIEW We have conducted a 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 review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different objective and is substantially less in scope than an audit in line with ISA and other generally accepted auditing standards in Sweden. The review procedures in a review engagement do not enable us to obtain reasonable assurance that we would become aware of all significant matters that might be identified in an audit. The expressed conclusion based on a review does not, therefore, have the same assurance as an expressed conclusion based on an audit. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the interim report has not been prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group and with the Swedish Annual Accounts Act regarding the Parent Company. Gothenburg, October 21, 2026 Öhrlings PricewaterhouseCoopers AB Signature on the Swedish original Johan Palmgren Authorized Public Accountant BULTEN • INTERIM REPORT Q3 2026 7
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VISION We create and deliver the most innovative and sustainable fastener solutions. A STRONGER SOLUTION BULTEN IN BRIEF We produce where we sell, rather than shipping across continents We offer both Bulten-made and purchased products We are a sustainable leader in the fastener industry We have over 150 years of know- how in fastener solutions With more than 150 years of expertise, Bulten is a leading global manufacturer and distributor of fasteners for customers in a range of sectors, from automotive to consumer electronics. Bulten offers both standard products and customized fasteners, as well as related services to meet the specific needs of customers. Bulten has a region-based organizational structure, divided into three regions: Europe, Asia and North America . The map shows the countries where Bulten has significant operations, i.e. manufacturing and/or sales. BULTEN • INTERIM REPORT Q3 2026 8
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FEB MARJANOCT NOV DEC SEPJUL AUGAPR MAY JUN Bulten Share SEK OMXSPI (norm vs BULTEN) 2025 2026 0 20 40 60 80 SHAREHOLDER INFORMATION Source: Monitor by Modular Finance on 30 September 2026. BULTEN’S TEN LARGEST SHAREHOLDERS SHAREHOLDERS NO. OF SHARES SHARE- HOLDING, % Volito AB 5,400,000 25.7 Nordea Funds 1,305,635 6.2 Avanza Pension 1,011,821 4.8 Swedbank Försäkring 453,859 2.2 Bengt Stillström 446,920 2.1 Nordnet Pensionsförsäkring 355,597 1.7 Protean Funds Scandinavia 291,254 1.4 Handelsbanken Fonder 244,032 1.2 Dimensional Fund Advisors 222,789 1.1 KBC Asset Management 187,419 0.9 Total number of shareholders: 9,306 Source: Monitor by Modular Finance on September 30 2026. SHARE PERFORMANCEQ3 JAN-SEPT 12-MONTH ROLLING FULL YEAR SHARE DATA 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 Share price at end of period (price paid). SEK 63.70 53.20 10.50 63.70 53.20 10.50 63.70 51.40 Highest share price during the period (price paid), SEK 71.40 63.70 7.70 71.40 78.80 -7.4 0 71.40 78.80 Lowest share price during the period (price paid), SEK 42.55 52.60 -10.05 39.70 52.60 -12.90 39.70 45.70 Market value at end of period, SEK million 1,340 1,119 221 1,340 1,119 221 1,340 1,081 P/E – – – – – – – -93.60 Yield, % – – – – – – – – Data per share – Continuing operations, SEK Earnings before depreciation (EBITDA) *) 3.91 1.25 2.66 11.00 7.9 8 3.02 14.91 11.88 Operating earnings (EBIT) *) 3.25 0.55 2.70 8.96 5.96 3.00 12.12 9.13 Earnings after net financial items (EAFI) *) 2.52 0.23 2.29 7.41 4.63 2.78 10.27 7.4 8 Earnings for the period *) 1.07 -0.18 1.25 4.09 2.48 1.61 5.75 4.13 Equity *) – – – 33.19 83.97 -50.78 – 82.09 Cash flow from operating activities *) 3.35 7.7 9 -4.44 5.04 15.27 -10.23 – 23.07 Cash flow for the period *) 1.07 -0.78 1.85 -4.83 2.49 -7. 32 – 10.50 Proposed dividend – – – – – – – – Total outstanding ordinary shares. 000 Weighted number during the period *) 20,988.0 20,988.0 – 20,988.0 20,988.0 – 20,988.0 20,988.0 At the end of the period *) 20,988.0 20,988.0 – 20,988.0 20,988.0 – 20,988.0 20,988.0 *) Before dilution. INFORMATION ABOUT INTERIM REPORTS All of Bulten’s reports are available to read and download at bulten.com. Shareholders who are unable to access the reports digitally can order printed copies by contacting Bulten. Our subscription service at bulten.com also enables users to subscribe to Bulten’s reports and press releases by e-mail. BULTEN • INTERIM REPORT Q3 2026 9
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FINANCIAL INFORMATION CONSOLIDATED INCOME STATEMENT Q3 JAN-SEPT 12-MONTH ROLLING FULL YEAR SEK MILLION NOT 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 CONTINUING OPERATIONS Net sales 831 590 241 2,389 2,385 4 3,191 3,187 Cost of goods sold -632 -459 -173 -1,831 -1,863 32 -2,458 -2,490 Gross profit 199 131 68 558 522 36 733 697 Other operating income 0 0 - 1 2 -1 5 6 Selling expenses -82 -64 -18 -217 -204 -13 -287 -274 Administrative expenses -52 -57 5 -152 -187 35 -203 -238 Other operating expenses -5 -3 -8 -13 -8 -5 -6 -1 Share of profit in joint ventures 7 -1 8 11 0 11 13 2 Operating earnings 67 12 55 188 125 63 255 192 Financial income 10 11 -1 28 36 -8 35 43 Financial expenses -24 -18 -6 -60 -64 4 -74 -78 Earnings before tax 53 5 48 156 97 59 216 157 Tax on earnings for the period -22 -2 -20 -48 -25 -23 -63 -40 Earnings after tax continuing operations 31 3 28 108 72 36 153 117 DISCONTINUED OPERATIONS Earnings after tax from discontinued operations 1) -158 -25 -133 -1,234 -59 -1,175 -1,274 -99 Net earnings after tax including discontinued operations -127 -22 -105 -1,126 13 -1,139 -1,121 18 Attributable to Parent Company shareholders -137 -28 -109 -1,149 -6 -1,143 -1,15 4 -11 Non-controlling interests 10 6 4 23 19 4 33 29 Earnings after tax -127 -22 -105 -1,126 13 -1,139 -1,121 18 Earnings per share attributable to Parent Company shareholders Earnings per share, continuing operations SEK 2) 1.07 -0.18 1.25 4.09 2.48 1.61 5.75 4.13 Earnings per share, group total, SEK 2) -6.44 -1.37 -5.07 -54.71 -0.29 -54.42 -54.97 -0.55 Adjusted earnings per share, group total, SEK 2) 3) -0.71 -1.00 0.29 2.05 2.09 -0.04 2.07 2.10 Weighted number of outstanding ordinary shares before dilution, 000 2) 20,988.0 20,988.0 - 20,988.0 20,988.0 - 20,988.0 20,988.0 1) Earnings from discontinued operations are described on page 5 in the report. 2) Both before and after dilution. 3) Non-recurring items comprise the consolidated impairment of discontinued operations, restructuring costs and customs-related costs for 2025. BULTEN • INTERIM REPORT Q3 2026 10
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Q3 JAN-SEPT 12-MONTH ROLLING FULL YEAR SEK MILLION 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 Earnings after tax -127 -22 -105 -1,126 13 -1,139 -1,121 18 Other comprehensive income Items not to be reversed in the income statement Revaluation of defined-benefit pension plans, net after tax – – – – – – 0 0 Items that may later be reversed in the income statement Exchange differences 48 -31 79 124 -186 310 88 -222 T otal comprehensive income -79 -53 -26 -1,002 -173 -829 -1,033 -204 Attributable to Continuing operations 79 -28 107 232 -114 346 241 -105 Discontinued operations -158 -25 -133 -1,234 -59 -1,175 -1,076 -99 T otal comprehensive income -79 -53 -26 -1,002 -173 -829 -1,033 -204 Parent Company shareholders -89 -60 -29 -1,029 -187 -842 -1,069 -227 Non-controlling interests 10 7 3 27 14 13 36 23 T otal comprehensive income -79 -53 -26 -1,002 -173 -829 -1,033 -204 BULTEN • INTERIM REPORT Q3 2026 11
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CONSOLIDATED BALANCE SHEET SEK MILLION 30-09-2026 30-09-2025*) 31-12-2025*) ASSETS Fixed assets Intangible fixed assets 1) 420 594 588 Tangible fixed assets 120 1,175 1,142 Right-of-use assets 92 418 397 Financial assets 70 63 62 Deferred tax assets 13 90 102 T otal fixed assets 715 2,340 2,291 Current assets Inventories 474 1,098 1,004 Current receivables 626 899 863 Cash equivalents 264 269 289 Assets held for sale 982 – – T otal current assets 2,346 2,266 2,156 T otal assets 3,061 4,606 4,447 EQUITY AND LIABILITIES Equity Equity attributable to Parent Company shareholders 697 1,763 1,723 Non-controlling interests 35 34 43 T otal equity 732 1,797 1,766 Long-term liabilities Deferred tax liabilities 9 11 23 Long-term interest-bearing lease liabilities 125 392 356 Other long-term interest-bearing liabilities and provisions 874 1,012 1,009 T otal long-term liabilities 1,008 1,415 1,388 Current liabilities Current lease liabilities, interest-bearing 46 72 84 Other current liabilities, interest-bearing 1 2 1 Other current liabilities, non-interest-bearing 837 1,320 1,207 Liabilities held for sale 437 – – T otal current liabilities 1,321 1,394 1,293 T otal equity and liabilities 3,061 4,606 4,447 1) Of which goodwill SEK 392 (553) (546) million. *) Including discontinued operations for all periods before 30-09-2026. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY JAN-SEPT SEK MILLION 30-09-2026 30-09-2025 2025-12-31 Equity at start of period 1,766 2,053 2,053 Comprehensive income Earnings after tax -1,126 13 18 Other comprehensive income 124 -186 -222 T otal comprehensive income -1,002 -173 -204 Transactions with shareholders Transaction with non-controlling interests -32 -25 -25 Dividend to Parent Company shareholders – -58 -58 T otal transactions with shareholders -32 -83 -83 Equity at end of period 732 1,797 1,766 BULTEN • INTERIM REPORT Q3 2026 12
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CONSOLIDATED CASH FLOW STATEMENT Q3 JAN-SEPT FULL YEAR SEK MILLION 2026 2025 2026 2025 2025 CONTINUING OPERATIONS Operating activities Earnings after financial items 53 5 156 97 157 Adjustments for items not included in cash flow 12 9 40 31 41 Taxes paid -16 -9 -47 -40 -47 Cash flow from operating activities before changes in working capital 49 5 149 88 151 Cash flow from changes in working capital Change in working capital 21 158 -43 232 333 Cash flow from operating activities 70 163 106 320 484 Investing activities Acquisition of intangible fixed assets – -0 – -0 -0 Acquisition of tangible fixed assets -11 -12 -20 -18 -25 Divestment of tangible fixed assets 1 0 1 0 2 Change in financial assets – – -1 – 0 Cash flow from investing activities -10 -12 -20 -18 -23 Financing activities Change in overdraft facilities and other financial liabilities -9 -14 8 -127 -141 -124 Amortization of lease liabilities -11 -8 -27 -25 -33 Dividend to Parent Company shareholders – – – -58 -58 Transactions with non-controlling interests -17 -12 -33 -26 -26 Cash flow from financing activities -37 -168 -187 -250 -241 Cash flow for the period Continuing operations 23 -17 -101 52 220 Q3 JAN-SEPT FULL YEAR SEK MILLION 2026 2025 2026 2025 2025 DISCONTINUED OPERATIONS Cash flow from operating activities 5 20 114 60 -55 Cash flow from investing activities -8 -15 -7 -126 -144 Cash flow from financing activities -11 -10 -33 -32 -43 Cash flow for the period discontinued operations -14 -5 74 -98 -242 Cash flow for the period 9 -22 -27 -46 -22 Change in cash and cash equivalents 9 -22 -27 -46 -22 Cash and cash equivalents at start of financial year 271 297 289 350 350 Exchange rate difference in cash and cash equivalents 10 -6 28 -35 -39 Cash and cash equivalents at end of period 1) 290 269 290 269 289 1) Cash and cash equivalents in the cash flow statement also include cash and cash equivalents presented on the line item Assets held for sale. As a result, cash and cash equivalents according to the cash flow statement do not correspond to the amount presented on the cash and cash equivalents line item in the balance sheet. CONSOLIDATED NET DEBT COMPOSITION SEK MILLION 30-09-2026 30-09-2025*) 2025-12-31*) Long-term interest-bearing liabilities -994 -1,392 -1,351 Provision for pensions -5 -12 -13 Current interest-bearing liabilities -47 -74 -86 Financial interest-bearing receivables 0 1 2 Cash equivalents 264 269 289 Net debt (-) -782 -1,208 -1,159 Less interest-bearing liabilities attributable to lease liabilities 172 464 441 Adjusted net debt (-), (excluding lease liabilities) -610 -744 -718 *) Including discontinued operations for all periods before 30-09-2026. BULTEN • INTERIM REPORT Q3 2026 13
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FIGURES FOR THE GROUP GROUP – CONTINUING OPERATIONS Q3 JAN-SEPT FULL YEAR 2026 2025 2026 2025 2025 Margins EBITDA margin, % 9.9 4.4 9.7 7.0 7.8 EBIT margin (operating margin), % 8.1 2.0 7.9 5.2 6.0 Net margin, % 3.8 0.5 4.5 3.0 3.7 Capital structure Interest coverage ratio, times 3.2 1.3 3.6 2.5 3.1 Earnings per share attributable to Parent Company shareholders Earnings per share - continuing operations, SEK 1.07 -0.18 4.09 2.48 4.13 Earnings per share, group total, SEK -6.44 -1.37 -54.71 -0.29 -0.55 Adjusted earnings per share, total group, SEK 1) -0.71 -1.00 2.05 2.09 2.10 Number of outstanding ordinary shares Weighted number of outstanding ordinary shares before dilution, 000 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 Weighted number of outstanding ordinary shares after dilution, 000 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 GROUP 30-09-2026 30-09-2025*) 2025-12-31*) Capital structure Net debt/ equity ratio, times -1.1 -0.7 -0.7 Equity/ assets ratio, % 23.9 39.0 39.7 Equity/ assets ratio, (excluding lease liabilities, IFRS 16), % 25.3 43.3 44.1 Other Net debt (-), SEK million -782 -1,208 -1,159 Adjusted net debt (-), (excluding lease liabilities), SEK million -610 -74 4 -718 Equity per share attributable to Parent Company shareholder Equity per share before dilution, SEK 33.19 83.97 82.09 Equity per share after dilution, SEK 33.19 83.97 82.09 Number of outstanding ordinary shares Number of outstanding ordinary shares before dilution on the closing date, 000 20,988.0 20,988.0 20,988.0 Number of outstanding ordinary shares after dilution on the closing date, 000 20,988.0 20,988.0 20,988.0 *) Including discontinued operations for all periods before 30-09-2026. 12-MONTH R OLLING FULL YEAR OCT 2025 – SEPT 2026 2025 Profitability ratios Return on capital employed, % 11.4 6.6 Return on capital employed, excluding goodwill, % 14.0 7.9 Return on equity, % -93.8 -0.6 Adjusted return on equity, % 2) 2.2 2.4 Capital structure Capital turnover rate, times 1.2 0.9 Employees continuing operations Net sales per employee, SEK 000 5,658 5,182 Operating earnings per employee, SEK 000 452 311 Average number of full-time employees (FTE) 564 615 DEFINITIONS Definitions of calculated key indicators are unchanged compared to the definitions in the 2025 Annual Report. Other key indicators not in the Annual Report or on page 19 of this interim report are explained below. 1) Adjusted result: Result adjusted for non-recurring items. 2) Adjusted return on equity: Net earnings adjusted for non-recurring items divided by average equity. BULTEN • INTERIM REPORT Q3 2026 14
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QUARTERL Y DATA FOR THE GROUP 2026 2025 GROUP – CONTINUING OPERATIONS Q3 Q2 Q1 Q4 Q3 Q2 Q1 Income statement Net sales 831 779 779 802 590 839 956 Gross profit 199 188 171 175 131 182 209 Earnings before depreciation (EBITDA) 82 76 73 82 26 50 91 EBITDA margin, % 9.9 9.8 9.4 10.2 4.4 6.0 9.5 Operating earnings (EBIT) 67 62 59 67 12 36 77 EBIT margin (operating margin), % 8.1 8.0 7.6 8.4 2.0 4.3 8.1 Earnings after tax 31 38 39 45 3 16 53 Net margin, % 3.8 4.9 5.0 5.6 0.5 1.9 5.5 Cash flow from operating activities 70 26 10 164 163 13 144 investing activities -10 -6 -4 -5 -12 -2 -4 financing activities -37 -109 -41 9 -168 -98 16 Cash flow for the period 23 -89 -35 168 -17 -87 156 Earnings per share attributable to Parent Company shareholders Earnings per share before dilution, SEK 1.07 1.55 1.48 1.65 -0.18 0.44 2.22 Adjusted earnings per share before dilution, SEK 1) 1.07 1.55 1.48 1.65 -0.18 0.44 2.22 Number of outstanding ordinary shares Weighted number of outstanding ordinary shares before dilution, 000 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 1) See definitions on page 14 BULTEN • INTERIM REPORT Q3 2026 15
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QUARTERL Y DATA FOR THE GROUP GROUP – CONTINUING OPERATIONS 30-09-2026 30-06-2026 31-03-2026*) 31-12-2025*) 30-09-2025*) 30-06-2025*) 31-03-2025*) 31-12-2024*) 30-09-2024*) 30-06-2024*) 31-03-2024*) Balance sheet Fixed assets 715 764 2,284 2,291 2,340 2,366 2,361 2,435 2,346 2,353 2,319 Current assets 2,346 2,656 2,169 2,156 2,266 2,467 2,503 2,664 2,677 2,690 2,691 Equity 732 827 1,841 1,766 1,797 1,862 1,907 2,053 1,979 1,969 2,007 Long-term liabilities 1,008 1,013 1,351 1,388 1,415 1,617 1,667 1,671 1,708 1,690 1,631 Current liabilities 1,321 1,581 1,261 1,293 1,394 1,354 1,290 1,375 1,336 1,384 1,372 Other Net debt (-) -782 -822 -1,151 -1,159 -1,208 -1,382 -1,383 -1,394 -1,4 61 -1,338 -1,30 4 Adjusted net debt (-) -610 -657 -712 -718 -74 4 -910 -903 -865 -940 -793 -777 Equity per share attributable to Parent Company shareholders Equity per share before dilution, SEK 33.19 37.37 85.20 82.09 83.97 86.84 88.58 95.64 92.74 91.31 93.51 Number of outstanding ordinary shares Number of outstanding ordinary shares on closing date before dilution, 000 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 Share price Share price at end of period (SEK) 63.70 43.25 43.10 51.40 53.20 60.90 63.30 72.70 67.70 83.50 73.50 *) Including discontinued operations for all periods before 30-06-2026. BULTEN • INTERIM REPORT Q3 2026 16
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GROUP, 12-MONTH ROLLING GROUP – CONTINUING OPERATIONS OCTOBER 2025– SEPTEMBER 2026 JUL Y 2025– JUNE 2026 APRIL 2025– MARCH 2026 JANUARY 2025– DECEMBER 2025 JANUARY 2024– DECEMBER 2024 Income statement Net sales 3,191 2,950 3,010 3,187 3,928 Gross profit 733 665 660 697 900 Earnings before depreciation (EBITDA) 313 257 231 249 430 EBITDA margin, % 9.8 8.7 7.7 7.8 10.9 Operating earnings (EBIT) 255 200 174 192 374 EBIT margin (operating margin), % 8.0 6.8 5.8 6.0 9.5 Earnings after tax 153 125 103 117 268 Net margin, % 4.8 4.2 3.4 3.7 6.8 Employees Net sales per employee, SEK 000 5,658 5,240 5,199 5,182 6,043 Operating earnings per employee, SEK 000 452 355 299 311 575 Average number of full-time employees (FTE) 564 563 579 615 650 Profitability ratios Return on capital employed, % 11.4 8.6 6.2 6.6 12.5 Return on capital employed, (excluding goodwill), % 14.0 10.4 7.4 7.9 14.8 Other Net debt (-)/EBITDA -2.5 -3.2 -5.0 -4.6 -3.2 Adjusted net debt (-)/EBITDA*) -1.9 -2.6 -3.1 -2.9 -2.0 Adjusted net debt (-)/ Adjusted EBITDA**) -2.2 -3.0 -3.6 -3.4 -2.2 *) Adjusted net debt (-): Net debt exclusive lease liabilities **) Adjusted EBITDA: Adjusted for non-recurring items GROUP OCTOBER 2025– SEPTEMBER 2026 JUL Y 2025– JUNE 2026 APRIL 2025– MARCH 2026 JANUARY 2025– DECEMBER 2025 JANUARY 2024– DECEMBER 2024 Return on equity, % -93.8 -80.4 0.5 -0.6 7.1 Adjusted return on equity, % 2) 2.2 2.9 1.7 2.4 7.1 2) See definitions on page 14 BULTEN • INTERIM REPORT Q3 2026 17
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NOTE 1 INCOME – CONTINUING OPERATIONS Bulten is engaged in manufacturing and sales of fasteners. Revenues from product sales are reported at the time the control of the product is transferred to the customer. This usually takes place at the time of delivery to the customer and ownership is transferred. Bulten’s customers are mainly located in Europe, Asia and North America. The table below shows revenue by geographic market based on the location of the customer’s delivery point. The Group has the majority of its income from customers in Europe, but part of the sales is then exported to other markets in the rest of the world. Other income relates to industries out - side the automotive industry, including consumer electronics, as well as the subsidiary Exim Mfr & Enter - prise. INCOME BY CHASSIS/BODY AND POWERTRAIN Q3 JAN-SEPT 12-MONTH ROLLING FULL YEAR SEK MILLION 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 Chassis/body 517 354 163 1,572 1,605 -33 2,055 2,088 Powertrain 65 49 16 209 214 -5 281 286 Other income 249 187 62 608 566 42 855 813 T otal income 831 590 241 2,389 2,385 4 3,191 3,187 INCOME DISTRIBUTED BY INCOME CATEGORY Q3 JAN-SEPT 12-MONTH ROLLING FULL YEAR SEK MILLION 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 Own production 353 247 106 1,039 1,068 -29 1,355 1,384 Outsourced production 443 327 116 1,243 1,234 9 1,702 1,693 Other income 35 16 19 107 83 24 134 110 T otal income 831 590 241 2,389 2,385 4 3,191 3,187 INCOME BY GEOGRAPHIC MARKET Q3 JAN-SEPT 12-MONTH ROLLING FULL YEAR SEK MILLION 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 Sweden - - - - - - - - UK 334 221 113 1,022 1,041 -19 1,344 1,363 Rest of Europe 148 88 60 500 494 6 646 640 China 179 155 24 456 458 -2 671 673 USA 39 43 -4 115 131 -16 149 165 Rest of the world 131 83 48 296 261 35 381 346 T otal income 831 590 241 2,389 2,385 4 3,191 3,187 INCOME BY CUSTOMER GROUP Q3 JAN-SEPT 12-MONTH ROLLING FULL YEAR SEK MILLION 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 OEM Light vehicle 467 298 169 1,485 1,502 -17 1,942 1,959 Tiers 87 105 -18 230 317 -87 327 414 Other income 277 187 90 674 566 108 922 814 T otal income 831 590 241 2,389 2,385 4 3,191 3,187 BULTEN • INTERIM REPORT Q3 2026 18
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RECONCILIATION BETWEEN IFRS AND KEY INDICATORS USED Some of the information in this report used by management and analysts to assess the Group’s development has not been prepared in accordance with IFRS. Management considers that this information makes it easier for investors to analyse the Group’s results and financial structure. Investors should see this information as a complement to, rather than a replacement for, financial reporting in accordance with IFRS. adjusted operating earnings , adjusted ebit – CONTINUING OPERATIONS Q3 JAN-SEPT 12-MONTH ROLLING FULL YEAR SEK MILLION 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 Operating earnings (EBIT) 67 12 55 188 125 63 255 192 Non-recurring items - - - - - - - - Adjusted operating earnings (EBIT) 67 12 55 188 125 63 255 192 ADJUSTED NET EARNINGS – CONTINUING OPERATIONS Q3 JAN-SEPT 12-MONTH ROLLING FULL YEAR SEK MILLION 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 Net earnings 31 3 28 108 72 36 153 117 Non-recurring items – – – – – – – – Adjusted net earnings 31 3 28 108 72 36 153 117 ADJUSTED NET DEBT (EXCLUDING LEASE LIABILITIES ) SEK MILLION 30-09-2026 30-09-2025 2025-12-31 Net debt (-) -782 -1,208 -1,159 Less interest-bearing liabilities attributable to lease liabilities 172 464 441 Adjusted net debt (-), (excluding lease liabilities) -610 -744 -718 When calculating adjusted net debt, interest-bearing debt attributable to lease liabilities is deducted from net debt. This measurement provides a figure for a refined financial structure excluding lease liabilities. ADJUSTED NET SALES – CONTINUING OPERATIONS Q3 JAN-SEPT SEK MILLION 2026 2025 2026 2025 Net sales 831 590 241 2,389 2,385 4 Currency effect, current period -19 - -19 -3 - -3 Adjusted net sales 812 590 222 2,386 2,385 1 When calculating adjusted net sales, net sales are adjusted using currency effects of the current period and, where applicable, with the net sales from acquisitions made. This measurement gives a figure for comparing net sales with the previous year. EARNINGS BEFORE DEPRECIATION, EBITDA – CONTINUING OPERATIONS Q3 JAN-SEPT 12-MONTH ROLLING FULL YEAR SEK MILLION 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 Operating earnings (EBIT) 67 12 55 188 125 63 255 192 Depreciation/ amortization and impairments 15 14 1 43 42 1 58 57 Operating earnings before depreciation (EBITDA) 82 26 56 231 167 64 313 249 When calculating operating earnings excluding depreciation (EBITDA), depreciation, amortisation and impairment charges are added back to operating earnings (EBIT). This measurement provides a figure for operating earnings excluding depreciation which are in turn based on investments. ADJUSTED EARNINGS BEFORE DEPRECIATION, ADJUSTED EBITDA – CONTINUING OPERATIONS Q3 JAN-SEPT 12-MONTH ROLLING FULL YEAR SEK MILLION 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 Operating earnings excluding depreciation (EBITDA) 82 26 56 231 167 64 313 249 Non- recurring items – – – – – – – – Adjusted operating earnings before depreciation (EBITDA) 82 26 56 231 167 64 313 249 BULTEN • INTERIM REPORT Q3 2026 19
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INCOME STATEMENT, PARENT COMPANY Q3 JAN-SEPT 12-MONTH ROLLING FULL YEAR SEK MILLION 2026 2025 2026 2025 OCT 2025 – SEPT 2026 2025 Net sales 3 6 -3 16 18 -2 20 22 Gross profit 3 6 -3 16 18 -2 20 22 Administrative expenses -12 -8 -4 -40 -39 -1 -56 -55 Operating earnings -9 -2 -7 -24 -21 -3 -36 -33 Interest income 0 0 – 0 0 – 0 0 Interest expenses and similar loss items -9 -8 -1 -23 -21 -2 -30 -28 Earnings after net financial items -18 -10 -8 -47 -42 -5 -66 -61 Appropriations – – – – – – – – Earnings before tax -18 -10 -8 -47 -42 -5 -66 -61 Tax on earnings for the period -35 2 -33 -30 8 -38 -28 10 Earnings after tax -53 -8 -45 -77 -34 -43 -94 -51 BALANCE SHEET, PARENT COMPANY SEK MILLION 30-09-2026 30-09-2025 2025-12-31 ASSETS Fixed assets Intangible fixed assets 1 1 1 Tangible fixed assets 4 5 5 Total intangible and tangible fixed assets 5 6 6 Financial assets Participations in Group companies 1,450 1,450 1,450 Other long-term receivables – 1 0 Total financial assets 1,450 1,451 1,450 Deferred tax assets – 27 30 T otal fixed assets 1,455 1,484 1,486 Current assets Current receivables from Group companies 0 0 – Other current receivables 4 6 6 Total current assets 4 6 6 Total assets 1,459 1,490 1,492 EQUITY AND LIABILITIES Equity Restricted equity 110 110 110 Non-restricted equity 572 666 649 Total equity 682 776 759 Long-term liabilities Long-term liabilities to Group companies 761 694 715 Total long-term liabilities 761 694 715 Current liabilities Current liabilities to Group companies – 6 0 Other current liabilities 16 14 18 Total current liabilities 16 20 18 Total equity and liabilities 1,459 1,490 1,492 BULTEN • INTERIM REPORT Q3 2026 20
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Bulten AB (publ) Box 9148, SE-400 93 Göteborg • Visiting address: August Barks Gata 6 A Phone +46 (0)31 -734 59 00 • www.bulten.com FINANCIAL CALENDAR February 10, 2027 Full year report January - December 2026 April 29, 2027 Interim report January - March 2027 July 15, 2027 Half year report January - June 2027 October 28, 2027 Interim report January - September 2027 The reports can be found on the Bulten website at www.bulten.com on their date of publication. CONTAC T Axel Berntsson, President and CEO Phone: +46 (0) 704 739 106 E-mail: axel.berntsson@bulten.com PRESENTATION OF THE REPORT A live presentation for analysts, media and investors will be held on 21 October 2026 at 15:30 CEST, where President and CEO Axel Berntsson and CFO Anna Åkerblad will be commenting on the results. The presentation will be held in English. If you wish to participate via webcast, please use the link: https:/ /www.finwire.tv/webcast/bulten/ q3-2026/ Written questions may be submitted via the webcast. If you wish to participate via teleconference, please dial +46 850 520 017 and use PIN code 892 1598 5732#. You can ask questions verbally via the teleconference. This information is information that Bulten AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 13:30 CEST on October 21, 2026.