Interim report
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Q3 2026 Interim report January–September Cynca Nordic AB (publ) This report is a translation of the Swedish original. In the event of discrepancies, the Swedish version shall prevail.
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Interim report January – September 2026 2 On September 1, the divestment of Flowa Technology AB and its subsidiaries was completed. The income statement and cash flow statement have been restated in accordance with applicable accounting principles, presenting the companies separately as discontinued operations. The CEO statement and comments focus on the Group’s remaining operations. July - September 2026 » Net sales amounted to SEK 513 (606) million » Operating profit before depreciation attributable to acquired surplus value (EBITA) amounted to SEK 12 (39) million » Adjusted EBITA amounted to SEK 27 (42) million » Operating profit (EBIT) amounted to SEK -16 (5) million » Earnings per share2) before dilution amounted to SEK -0.91 (0.33) » Cash flow from operating activities amounted to SEK -6 (15) million » On July 16, the Parent company chan- ged name to Cynca Nordic AB (publ) and in connection with this, Cynca’s financial targets were updated » On September 1, the divestment of Flowa Technology AB including its subsidiaries was completed for a purchase price of SEK 6.5 billion on a cash and debt-free basis. The capital gain from the divestment was SEK 3,482 million and was presented as result from discontinued operations » During the period, Cynca entered into a new SEK 450 million credit facility and, in connection with this, fully repaid its existing credit facility » On September 18, a dividend of SEK 13.5 per share, as resolved by an Extraordinary General Meeting on September 11, was distributed to sha- reholders. The total dividend amoun- ted to SEK 5,073 million » At the same Extraordinary General Meeting, it was also resolved to carry out a share consolidation on a 10:1 basis, thereby reducing the number of shares from 375,809,468 to 37,580,946. The share consolidation was completed on September 30 January - September 2026 » Net sales amounted to SEK 1,604 (1,946) million » Operating profit before depreciation attributable to acquired surplus value (EBITA) amounted to SEK 58 (106) million » Adjusted EBITA amounted to SEK 82 (115) million » Operating profit (EBIT) amounted to SEK -30 (3) million » Earnings per share2) before dilution amounted to SEK -10.08 (-2.02) » Cash flow from operating activities amounted to SEK 43 (19) million » In the first quarter, Cynca divested GGAL Group including subsidiaries (Niche Products), Østcom (Solutions) and Fibber (Solutions) Cynca in summary SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Net sales 513 606 1,604 1,946 2,255 2,597 EBITA 1) 12 39 58 106 89 136 EBITA margin % 1) 2.4 6.5 3.6 5.4 3.9 5.3 Adjusted EBITA 1) 27 42 82 115 115 149 Adjusted EBITA margin % 1) 5.2 7.0 5.1 5.9 5.1 5.7 EBITA per share before dilution, SEK 1) 0.33 1.04 1.54 2.82 2.36 3.63 Earnings per share before dilution, SEK 2) −0.91 0.33 −10.08 −2.02 −13.88 −5.81 Operating profit (EBIT) −16 5 −30 3 −33 0 Cash flow from operating activities −6 15 43 19 125 100 Financial net debt in relation to adjusted EBITDA, times1) N/A N/A N/A N/A 2,2 N/A 1) See pages 18-19 for definitions and reconciliation of alternative performance measures 2) Attributable to remaining operations and Parent company´s shareholders N/A: the performance measure cannot be calculated fairly.
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Interim report January – September 2026 3 Building a stronger Cynca for the future Revenue decreased by 15% during the quarter, largely as a result of the mea- sures implemented earlier this year. We are discontinuing unprofitable opera - tions, prioritising business with sound profitability and strengthening our ope - rational structures. We are consci- ously moving away from revenue that does not create long-term value. These efforts are expected to continue affec- ting reported growth for another one or two quarters but are essential to achie- ving sustainably higher margins and creating better conditions for profita- ble growth. Organic growth for the quarter amoun- ted to -1%. Market conditions remain challenging, and several of our busi- nesses continue to be affected by pro- jects with unsatisfactory margins. At the same time, we are seeing gradual improvement. An increasing number of companies are reporting stronger order intake, improved project portfolios and a more favourable business mix. These positive signals are emerging across a broader part of the Group and sup- port our assessment that the market has passed its low point and is gradually moving towards recovery. Combined with our internal efficiency measures, this creates the conditions for a clea- rer improvement in earnings over the coming quarters. The pace of change within the Group remains high. We are implementing several initiatives to streamline our ope- rations, strengthen our offering and focus resources on the areas where we see the greatest potential to create long-term value. These measures are progressing according to plan, and we are already seeing improved underlying performance across the majority of our companies. As the negative revenue effects of the transformation gradu- ally subside, we expect these improve- ments to become increasingly visible in the Group’s reported results. We remain committed to our previously communi- cated ambition of returning to a double- digit adjusted EBITA margin within the stated timeframe. Acquisitions will continue to be a natural and important part of Cynca’s growth strategy. We maintain an ongoing dia- logue with potential acquisition can- didates, but our primary focus at pre- sent is to realise the significant profi- tability potential that exists within the current Group. We see the greatest opportunities for new platform acqu- isitions within product-related busi- nesses, where we aim to continue buil- ding strong market positions. In addi- tion, complementary acquisitions within selected niches may broaden our offering and strengthen customer relationships. We enter the final quarter of the year with confidence and a positive view of the outlook for 2027. Uncertainty regar- ding the economic environment, inte- rest rates and the broader market remains, but our ability to create value is not dependent on a rapid market reco- very. The changes we are implementing are gradually strengthening our compe- titiveness and creating the conditions for higher profitability and growth over time. While the transformation entails significant short-term challenges, we are convinced that it is laying the foun- dation for a substantially stronger Cynca, with strong prospects of outper- forming the market over the long term. Conny Ryk CEO, Cynca Nordic AB (publ) The quarter has been characterised by the extensive transformation initiated in connection with the separation of our water operations. We have made several strategically important decisions that have had a short-term impact on revenue and earnings but, at the same time, are laying the foundation for a stronger Cynca with higher profitability, improved growth potential and greater resilience. This is our first interim report as Cynca, and we are in the midst of a transformation that is gradually shaping a more focused and competitive group. Comments by the CEO
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Interim report January – September 2026 4 Net sales Net sales for the quarter amounted to SEK 513 (606) million, representing a decrease of 15% compared with the corre sponding quarter of the previous year. Organically, sales decreased by 1%. Dives ted sales contributed to a decrease of 15%. For the period January-September 2026, net sales amounted to SEK 1,604 (1,946) million. The decrease was attri- butable to divested net sales of 15% and organic growth of -2%. Seasonality Cynca’s operations are affected by seasonality due to weather conditions and the number of working days. The Group’s diversified structure in terms of offering and, to some extent, geo- graphical presence, limits exposure to seasonality to some extent. Earnings EBITA for the quarter amounted to SEK 12 (39) million, corresponding to an EBITA margin of 2.4% (6.5%). Adjusted EBITA amounted to SEK 27 (42) million, corresponding to an adjusted EBITA margin of 5.2% (7.0%). EBIT amounted to SEK -16 (5) million. Extraordinary items that are adjusted in EBITA had impact on the quarter by SEK -14 (-3) million and primarily consisted of restructuring costs. Net financial items for the quarter amounted to SEK -19 (-13) million, of which interest expenses related to loans and lease liabilities amounted to SEK 18 (20) million. Profit for the quarter from continuing operations amounted to SEK -34 (12) million, corresponding to earnings per share attributable to the Parent Company’s shareholders from continuing operations before dilution of SEK -0.91 (0.33). Profit for the quarter for the Group amounted to SEK 3,450 (22) million. The increase was primarily attributa- ble to the capital gain recognised on the divestment of Flowa. For the period January-September 2026, EBITA amounted to SEK 58 (106) million, corresponding to an EBITA mar- gin of 3.6% (5.4%). Adjusted EBITA amounted to SEK 82 (115) million, and EBIT amounted to SEK -30 (3) million. Extraordinary items that are adjusted in EBITA had impact on the period Janu- ary-September 2026 by SEK -24 (-9) million. These items primarily consisted of restructuring costs. Net financial items amounted to SEK -339 (-95) million, of which interest expenses related to loans and lease lia- bilities amounted to SEK 66 (65) million. The change in net financial items was primarily attributable to a capital loss of SEK 257 million related to divestments completed during the year, excluding the divestment of Flowa. Profit for the period from continu- ing operations amounted to SEK -378 (-76) million, corresponding to earnings per share attributable to the Parent Company’s shareholders from continu- ing operations before dilution of SEK -10.08 (-2.02). Profit for the period for the Group amounted to SEK 3,177 (-45) million. Cash flow Cash flow from operating activities amounted to SEK -6 (15) million during the quarter, of which changes in working capital amounted to SEK -14 (-26) million. Operational cash flow amounted to SEK 16 (39) million, corresponding to a cash conversion of 42% (56%). For the period January-September 2026, cash flow from operating acti- vities amounted to SEK 43 (19) million, changes in working capital amounted to SEK 6 (-55) million and operational cash flow amounted to SEK 115 (124) million, corresponding to a cash conversion of 86% (62%). The Group’s working capital varies over the quarters, primarily due to fluctua- tions in items such as work in progress, accounts receivable, and accounts pay- able. The change in working capital during the quarter was mainly driven by decreased operating liabilities, offset by decreased operating receivables. Investments Investments in fixed assets, excluding acquisitions, amounted to SEK 8 (5) mil- lion during the quarter and to SEK 25 (20) million for the period January-Sep- tember 2026. Financial position and liquidity Equity amounted to SEK 1,859 (3,578) million at the end of the period. Cash and cash equivalents amounted to SEK 13 (177) million at the end of the period. Interest-bearing liabilities, including lease liabilities, amounted to SEK 495 (2,093) million at the end of the period. At the end of the period, the Group’s net debt, defined as interest-bearing liabilities less financial receivables, hol - dings of securities and cash and cash equivalents, amounted to SEK 479 (1,914) million. Total contingent consideration liabili- tiy amounted to SEK 0 (24) million at the end of the period. Total liabilities amounted to SEK 1,052 (3,183) million as of 30 September 2026. During the period, Cynca fully repaid its previous credit facility and entered into an agreement with Danske Bank and Swedbank regarding a new unsecured credit facility with a framework amount of SEK 450 million and an accordion option of up to SEK 250 million. As of the end of the period, SEK 200 million of the new credit facility had been utilised. Staff The number of full-time employees in remaining operations as of 30 Septem - ber 2026 amounted to 851 (971). Parent Company Net sales in the Parent Company amounted to SEK 4 (7) million during the quarter. EBIT amounted to SEK -83 (-12) million. Net financial items amoun- ted to SEK 17 (-25) million, of which inte- rest expenses related to external borro- wings amounted to SEK 14 (16) million. The change in net financial items was primarily attributable to higher foreign exchange gains and lower interest Group´s development Comments on the Group´s development refer to the remaining operations unless otherwise is stated.
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Interim report January – September 2026 5 expenses to Group companies. Pro- fit for the quarter amounted to SEK -66 (-37) million. For the period January-September 2026, net sales amounted to SEK 15 (21) million, EBIT amounted to SEK -106 (-34) million and net financial items amoun- ted to SEK 121 (-118) million. Profit for the period amounted to SEK 15 (-147) million. The balance sheet total as of Septem- ber 30, 2026, amounted to SEK 5,552 (7,911) million, of which equity amoun- ted to SEK 184 (5,243) million. Cash and cash equivalents in the Parent Company amounted to SEK 8 (52) million. Segment Niche Products The offering primarily comprises secu- rity-classified systems, containers and fastening solutions. End-customers include private and municipal property owners with a need to adapt their pro- perties to meet increasing environmen- tal and accessibility requirements, as well as public and private customers purchasing products that contribute to reduced energy consumption and cli- mate impact. In connection with the divestment of Flowa Technology AB, MDT Markvaru- huset changed segment affiliation from Flow Technology to Niche Products. Historical figures for the segment have been restated. Net sales for the quarter amounted to SEK 156 (194) million and net sales for the period January-September 2026 amounted to SEK 504 (608) million. The decrease in net sales was primarily attri- butable to a divestment completed during the first quarter of 2026. Adjusted EBITA for the quarter amoun- ted to SEK 20 (31) million, correspon- ding to an adjusted EBITA margin of 12.6% (16.0%). Adjusted EBITA for the period January-September 2026 amounted to SEK 65 (79) million, cor- responding to an adjusted EBITA mar- gin of 13.0% (13.0%). The decrease in net sales is primarily attributable to divestments completed within the segment. In addition, organic growth and profitability were affected by a number of strategic initiatives implemented during the period. These measures are expected to strengthen the segment’s competitiveness, profita- bility and growth prospects over the longer term, and several initiatives are now gradually beginning to contribute positively to performance. Solutions The segment offers renovation of con- crete structures, waterproofing and technical insulation solutions, as well as other installation services. End-custo - mers comprise both public and private customers investing in and maintaining properties and infrastructure, including area security solutions and water and wastewater utility systems. Net sales for the quarter amounted to SEK 360 (413) million and net sales for the period January-September 2026 amounted to SEK 1,104 (1,340) million. Adjusted EBITA for the quarter amoun- ted to SEK 17 (23) million, corresponding to an adjusted EBITA margin of 4.7% (5.6%). Adjusted EBITA for the period January-September 2026 amounted to SEK 47 (69) million, corresponding to an adjusted EBITA margin of 4.3% (5.1%). The decrease in net sales during the quarter was primarily attributable to divestments completed within the seg- ment. Organic growth was positive, supported by increased customer acti- vity and a stronger inflow of inquiries ahead of the end of the year and the beginning of 2027. The market conti- nues to be characterised by a degree of caution, with delayed project starts and lengthy decision-making processes. However, the overall picture is that mar- ket conditions are gradually improving. Other On 16 July, an Extraordinary Gene- ral Meeting resolved to change the Company’s name from Vestum AB (publ) to Cynca Nordic AB (publ). The Extraordinary General Meeting further resolved on the following updated financial targets: » Profit growth: EBITA of SEK 500 mil- lion by 2031, corresponding to SEK 13.3 per share » Profitability: EBITA margin of ≥12% in the medium term » Dividend policy: 30% of adjusted free cash flow (adjusted FCF) » Capital structure: Net debt/EBITDA of ≤2.5x On 1 September, the divestment of Flowa Technology AB, including the subsidiaries Pump Supplies, PDAS, Nor- tech, Dynamic Fluid Solutions, PJT Pum- ping Services, Cheltenham Controls, Scanregn, Pordrän, Filtrena and Norsk Pumpeservice, to Nordic Capital was completed for a purchase price of SEK 6.5 billion on a cash and debt-free basis. All companies formed part of the Flow Technology segment and are recogni- sed as discontinued operations in accordance with IFRS 5. At an Extraordinary General Meeting held on 11 September, a resolution was passed to distribute an extraordinary dividend, which was paid on 18 Septem- ber. The dividend amounted to SEK 13.5 per share, corresponding to a total dist- ribution of SEK 5,073,427,818. At the same Extraordinary General Meeting, it was also resolved to carry out a share consolidation whereby ten shares were consolidated into one share. During the first quarter, GGAL Group and its subsidiaries (Niche Products), Østcom (Solutions) and Fibber (Solu- tions) were divested. Subsequent events No significant events have occurred after the end of the period. Owners The ten largest shareholders as of September 30, 2026, according to Monitor Name Number of shares Share of total Conny Ryk 6,800,000 18% Anders Rosenqvist 3,890,000 10% Nordea Funds 2,558,941 7% Avanza Pension 1,514,485 4% Per-Arne Åhlgren 1,454,692 4% Simon Göthberg 1,383,275 4% Olle Nykvist 1,360,000 4% Olof Andersson 1,353,000 4% Futur Pension 1,087,731 3% DNB Asset Management AS 1,002,707 3% Total of the ten largest shareholders 22,404,831 60% Total of other shareholders 15,176,115 40% Total number of outstanding shares at the end of the period 37,580,946 100%
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Interim report January – September 2026 6 The group´s consolidated income statement in summary SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Remaining operations Net sales 513 606 1,604 1,946 2,255 2,597 Total operating income 513 606 1,604 1,946 2,255 2,597 Materials and purchased services −260 −291 −774 −938 −1,083 −1,246 Other external costs −52 −60 −165 −189 −236 −260 Personnel costs −150 −186 −509 −622 −722 −834 Other operating income 2 4 6 12 11 17 Other operating expenses −16 −3 −28 −10 −32 −14 Total operating expenses and other operating income −476 −536 −1,470 −1,747 −2,061 −2,338 EBITDA 38 70 134 199 195 259 Depreciation excl. acquired surplus value −25 −31 −76 −93 −106 −123 EBITA 12 39 58 106 89 136 Amortisation attributable to acquired surplus value −28 −34 −88 −103 −121 −136 Operating profit (EBIT) −16 5 −30 3 −33 0 Financial items net -19 −13 −339 −95 −463 −220 Earnings before tax −35 −9 −369 −93 −495 −219 Income tax 0 21 −9 17 −25 2 Profit/loss for the period from remaining operations −34 12 −378 −76 −520 −217 Profit/loss from discontinued operations 3,485 10 3,556 31 3,606 81 Profit/loss for the period 3,450 22 3,177 −45 3,086 −136 The profit/loss for the period attributable to: Parent company shareholders 3,450 22 3,177 −45 3,084 −137 Non-controlling interest 0 0 0 0 1 1 Average number of shares during the period, before dilution 37,580,946 37,580,946 37,580,946 37,580,946 37,580,946 37,580,946 Average number of shares during the period, after dilution 37,580,946 38,735,946 37,580,946 37,580,946 37,580,946 37,580,946 The profit/loss per share for the period attributable to: Remaining operations and the Parent company's shareholders, before dilution, SEK −0.91 0.33 −10.08 −2.02 −13.88 −5.81 Remaining operations and the Parent company's shareholders, after dilution, SEK -0.91 0.32 −10.08 −2.02 −13.88 −5.81 Parent company's shareholders, before dilution, SEK 91.81 0.59 84.53 −1.20 82.07 −3.65 Parent company's shareholders, after dilution, SEK 91.81 0.57 84.53 −1.20 82.07 −3.65
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Interim report January – September 2026 7 Consolidated statement of comprehensive income in summary SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Profit/loss for the period 3,450 22 3,177 −45 3,086 −136 Other comprehensive income Exchange differences on translation of foreign operations 41 -53 149 -157 91 −215 Profit/loss on derivatives held for cash flow hedging 2 1 2 −1 3 1 Total other comprehensive income 43 -52 151 -157 94 −214 Total comprehensive income for the period 3,493 -30 3,328 -202 3,180 −350 Total comprehensive income for the period attributable to: Parent company's shareholders 3,493 −29 3,328 −202 3,179 −351 Non-controlling interests 0 0 0 0 1 1 Total comprehensive income attributable to Parent company's shareholders, originated from: Remaining operations 8 −39 -228 −233 -427 −432 Discontinued operations 3,485 10 3,556 31 3,606 81
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Interim report January – September 2026 8 The group´s consolidated balance sheet in summary SEK million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets Intangible assets 1,893 4,680 4,828 Property, plant and equipment 87 197 260 Right of use assets 285 443 457 Financial assets 3 41 3 Deferred tax assets 4 13 11 Other non-current assets 24 4 5 Total non-current assets 2,297 5,378 5,564 Inventories 163 345 328 Accounts receivable 280 582 551 Contract assets 50 67 36 Other current assets 51 60 19 Prepaid expenses and accrued income 58 99 87 Cash and cash equivalents 13 22 177 Assets held for sale - - - Total current assets 615 1,174 1,197 Total assets 2,911 6,552 6,760 Equity and liabilities Equity attributable to owners of the company 1,761 3,706 3,558 Non-controlling interests 99 20 20 Total equity 1,859 3,726 3,578 Non-current provisions 1 14 21 Non-current interest-bearing liabilities 198 1,240 1,621 Non-current lease liabilities 222 336 348 Deferred tax liabilities 151 393 407 Other non-current liabilities 0 8 19 Total non-current liabilities 572 1,991 2,416 Current provisions 1 2 3 Current lease liabilities 75 121 125 Accounts payable 195 289 279 Contract liabilities 20 19 23 Other current liabilities 54 187 125 Accrued expenses and deferred income 135 218 212 Liabilities related to assets held for sale - - - Total current liabilities 480 835 767 Total liabilities 1,052 2,827 3,183 Total equity and liabilities 2,911 6,552 6,760
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Interim report January – September 2026 9 The group´s changes in equity in summary Equity attributable to the Parent company´s shareholders SEK million Share capital Share premium reserve Reserves Retained earnings incl. profit/loss for the period Non- controlling interest Total equity Opening balance as of January 1, 2025 125 4,460 46 -723 22 3,930 Profit/loss for the period - - - -45 0 -45 Other comprehensive income for the period - - -157 - - -157 Transfer to other reserves - - 0 0 - - Cash flow hedges net of tax - - -1 - - -1 Total comprehensive income - - -158 -45 0 -202 Total transactions with owners - 1 - - -3 -2 Closing balance as of September 30, 2025 125 4,461 -112 -768 20 3,726 Equity attributable to the Parent company´s shareholders SEK million Share capital Share premium reserve Reserves Retained earnings incl. profit/loss for the period Non- controlling interest Total equity Opening balance as of January 1, 2026 125 4,461 -161 -868 20 3,578 Correction of previous year (after tax) - - - -2 0 -2 Adjusted balance as of January 1, 2026 125 4,461 -161 -869 20 3,576 Profit/loss for the period - - - 3,177 0 3,177 Other comprehensive income for the period - - 147 2 - 149 Transfer to other reserves - - 3 -3 - - Cash flow hedges net of tax - - 2 - - 2 Total comprehensive income - - 152 3,176 0 3,328 Transactions with owners Dividend to shareholders of the Parent company - - - -5,073 - -5,073 Transactions with minority owners - - - -50 78 29 Sum transactions with owners - - - -5,123 78 -5,045 Closing balance as of September 30, 2026 125 4,461 -9 -2,817 99 1,859
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Interim report January – September 2026 10 The group´s cash flow statement in summary SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Earnings before tax −35 −9 −369 −93 −495 −219 Adjustment for non-cash items 50 58 434 183 596 345 Income tax paid −8 −8 −28 −17 −32 −21 Cash flow from operating activities before changes in working capital 8 41 37 73 68 105 Changes in working capital Change in inventories −4 0 −4 4 5 14 Change in operating receivables 14 −18 −24 −54 26 −5 Change in operating liabilities −23 −8 34 −5 25 −14 Cash flow from changes in working capital −14 −26 6 −55 56 −5 Cash flow from operating activities −6 15 43 19 125 100 Purchase and sale of intangible assets −1 −3 −2 −9 −4 −11 Purchase of property, plant and equipment −7 −2 −23 −11 −24 −12 Purchase of subsidiaries and activities 0 0 0 0 0 0 Divestment of subsidiaries and activities 6,382 5 6,414 559 6,467 611 Proceeds from other financial assets net 2 0 3 0 3 0 Cash flow from investing activities 6,376 0 6,391 538 6,441 587 Net change in borrowings −1,362 −58 −1,437 −418 −1,049 −30 Repayments of lease liabilities −20 −25 −62 −75 −85 −98 Proceeds from capital increase 0 1 −1 −2 −1 −2 Dividend paid to Parent Company’s shareholders −5,073 0 −5,073 0 −5,073 0 Changes in other non-current liabilities 0 0 0 0 0 0 Cash flow from financing activities −6,456 −82 −6,573 −495 −6,208 −130 Net cash flow from remaining operations -86 −67 -139 62 357 557 Cash flow from discontinued operations -54 7 -29 −202 -365 −539 Net cash flow for the period −140 −60 −167 −141 −8 18 SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Cash and cash equivalents at the beginning of the period 151 87 177 174 22 174 Cash flow from the period −140 −60 −167 −141 −8 18 Exchange rate difference in cash and cash equivalents 2 −4 3 −11 −2 −16 Cash and cash equivalents at the period end 13 22 13 22 13 177 Cash flow regarding interest Interest paid −15 −17 −53 −68 −71 −85 Interest received 5 0 6 2 8 4
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Interim report January – September 2026 11 Cynca divides its operations into two segments: Niche Products and Solu- tions. These segments complement each other, both over a business cycle and seasonally. The segments have been recalculated in accordance to IFRS 5, to describe the con tinuing operations. Cost for Group functions refers to group management, IT, legal, M&A and group finance functions. Costs related to ope- rating group functions, have been distri- buted to each segment. All segments recognise revenue both at a point in time and over time. Segment reporting SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Net sales per segment Niche Products 156 194 504 608 711 815 Solutions 360 413 1,104 1,340 1,547 1,784 Eliminations −2 −1 −3 −2 −3 −2 Total net sales 513 606 1,604 1,946 2,255 2,597 The Group’s net sales is attributable primarily to Sweden. During the comparative period, a limited portion of net sales was ge- nerated outside Sweden; however, this was not material to an understanding of the Group’s operations. SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Adjusted EBITA per segment Niche Products 20 31 65 79 88 101 Solutions 17 23 47 69 67 88 Group functions -10 -12 −31 −33 -39 −41 Adjusted EBITA 27 42 82 115 115 149 Adjustments −14 −3 -24 −9 -27 −12 EBITA 12 39 58 106 89 136 Amortisation attributable to acquired surplus values -28 −34 -88 -103 -121 −136 Operating profit (EBIT) -16 5 -30 3 -33 0 Financial items net -19 -13 -339 -95 -463 −220 Earnings before tax -35 -9 −369 −93 -495 −219
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Interim report January – September 2026 12 The parent company´s income statement SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Net sales 4 7 15 21 32 Total net sales 4 7 15 21 32 Other external expenses −78 -10 −91 -24 −30 Personnel costs -8 -9 -27 -29 −38 Other operating income 0 0 0 0 0 Other operating expenses 0 0 −2 0 0 Depreciation 0 −1 −1 -2 −1 Total operating expenses and other operating income -87 −19 -121 -55 −70 Operating profit/loss -83 −12 -106 -34 −37 Financial items net 17 −25 121 -118 847 Appropriations - - - 4 194 Earnings before tax -66 −37 15 -147 1,004 Income tax - - - - −16 Profit/loss for the period -66 −37 15 -147 988 The parent company report on comprehensive income in summary SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Jan-Dec 2025 Profit/loss and total comprehensive income for the period -66 -37 15 -147 988
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Interim report January – September 2026 13 The parent company´s balance sheet SEK million 30 Sep 2026 31 Dec 2025 Assets Intangible assets 2 2 Tangible assets 1 1 Financial assets 5,116 6,256 Non-current intercompany receiveables 361 1,344 Total non-current assets 5,480 7,604 Current intercompany receivables 6 242 Other current receivables 55 11 Prepaid expenses and accrued income 3 3 Cash and cash equivalents 8 52 Total current assets 72 307 Total assets 5,552 7,911 Equity and liabilities Equity attributable to owners of the company 184 5,243 Total equity 184 5,243 Untaxed reserves 156 156 Non-current interest-bearing liabilities 198 1,621 Non-current intercompany liabilities 4,672 0 Total non-current liabilities 4,870 1,621 Current intercompany liabilities 330 876 Accounts payable 3 2 Other current liabilities 2 1 Accrued expenses and deferred income 7 13 Total current liabilities 341 891 Total liabilities 5,211 2,512 Total equity and liabilities 5,552 7,911
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Interim report January – September 2026 14 Accounting principles The consolidated financial statements have been prepared in accordance with Interna tional Financial Reporting Stan- dards (IFRS) issued by the Internatio- nal Accounting Standards Board (IASB) and the interpretations provided by the IFRS Interpretations Committee (IFRIC) that have been adopted by the Euro- pean Commission for use within the EU. The standards and interpretations app- lied are those adopted by the EU. The Group´s interim report has been prepa- red in accordance with IAS 34 Interim Financial Reporting and RFR 1, Supple- mentary Accounting Rules for Groups. The interim report for the Parent Com- pany has been prepared in accordance with the Annual Accounts Act and RFR 2, Accounting for Legal Entities. The interim report uses the same accoun- ting principles and valuation methods as were used in the annual report for 2025. Amounts in tables and calculations can be rounded, which means the stated total amounts are not always an exact sum of the rounded individual amounts. From January 1, 2026, other standards, amendments and interpretations of existing standards that have not yet entered into force or been published by the IASB have also not been applied by the Group. IFRS 5 - Discontinued Operations During the second quarter 2026, Cynca entered into a share purchase agree- ment to divest Flowa Technology AB and its subsidiaries. The divestment was completed on September 1, 2026. The income statement and cash flow sta- tement for the companies are presen- ted as discontinued operations in accor- dance with IFRS 5. The balance sheet for these companies is presented as assets held for sale and liabilities rela- ted to assets held for sale, in accor- dance with IFRS 5. Due to the above, Cynca has recalculated the comparative figures for 2025 relating to the income statement and cash flow statement. The balance sheet has not been restated and reflects the businesses that were held for sale at each respective balance sheet date. Financial assets and liabilities Contingent consideration that is valued at fair value in the balance sheet amounts to SEK 0 (24) million and is classified as level 3 according to the fair value hierarchy. Revaluation of the con- tingent con sideration recorded in ope- rating profit had an effect on the quarter´s result of SEK 0 (0) million. Financial assets in the form of non- current securities holdings valued at fair value in the balance sheet are classified as level 1 according to the fair value hie- rarchy. The non-current securities hol- dings amount to SEK 0 (3) million. Finan- cial assets/liabilities related to derivati- ves that are measured at fair value in the balance sheet are classified as level 2 in the fair value hierarchy. The deriva- tive instruments amount to SEK 3 (1) mil- lion. For assets and liabilities reported at amortised cost, the carrying value corresponds to its fair value since the interest rate is at par with current market interest rates, or because the item is short term. Risks and uncertainties Cynca´s main risk factors consist of mar- ket risks such as changes in the macro economic environment and/or the cur- rent competitive situation. In addition, the Group is exposed to operational risks such as project, customer and quality risks. The Group is also exposed to finan- cial risks such as currency, interest rate, counter-party and credit risks. The geopolitical uncertainty in the Middle East is not expected to have any material direct impact on the Group, but may have an indirect impact on Cynca’s operations. The Group´s interest-bearing liabilities are to some extent exposed to floa- ting interest rates. Increased policy inte- rest rates affect Cynca´s floating interest rates. Cynca strives to, at all times, have a structured and efficient management of financial risks in accordance with the Group´s finance policy. The Parent company is affected by the above risks and uncertainties through its function as owner of the Group´s subsi- diaries. For more information on Cynca´s risks and risk management please refer to the Annual report for 2025. Cynca’s risks and risk management have taken into account the divestments and the resulting changes during the year. Related party transactions During the quarter, the Group disposed of non-controlling interests in certain portfolio companies to key manage- ment and other related parties. The Group retained control of all affected subsidiaries following the transactions. Accordingly, the transactions were recognised directly in equity. For more information on related parties, refer to the annual report for 2025, note 27. Incentive program Cynca has two incentive programs cor- responding to a total of 3,417,000 war- rants. The warrant programs are aimed at senior executives and key people in the Group and the portfolio compa- nies. The warrants have been transfer- red on market terms at a price that was established based on an estimated mar- ket value calculated by an independent valuation institute. In connection with the dividend and the reverse share split, the warrant pro- grammes have been recalculated. The information in the table below is pre- liminary, and the final recalculation is expected to be determined before year-end. Additional information Outstanding program Number of warrants Corresponding number of shares Redemption rate per option (SEK) Redemption period Maximum increase in share capital (SEK) 2023/2026 2,750,000 1,155,000 15.0 1 Dec 2026 - 31 Dec 2026 3,850,006 2025/2028 667,000 286,810 38.0 29 May 2028 - 30 Jun 2028 956,035
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Interim report January – September 2026 15 Discontinued operations During the third quarter 2026, Cynca completed the divestment of Flowa Technology AB and its subsidiaries. All divested companies belonged to the Flow Technology segment. The income statement and cash flow statement for these companies are presented as discontinued operations in accordance with IFRS 5. The income statement and cash flow statement below for the divested portfolio of com- panies, relates to the period up to dis- posal date. The tables below also present the net assets deconsolidated upon disposal and the calculation of the capital gain recognised as a result of the transaction. Profit/loss attributable to discontinued operations, SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Revenue 220 283 928 855 1,251 1,178 Costs -213 -266 -836 -807 -1,119 -1,090 Profit/loss before tax 7 17 92 48 132 88 Income tax -5 -7 -19 -13 -8 -2 Profit/loss from discontinued operations 2 10 74 35 124 86 Gain/loss on sale of operations 3,482 0 3,482 -5 3,482 -5 Total profit/loss from discontinued operations 3,485 10 3,556 31 3,606 81 Attributable to: Parent company shareholders 3,485 10 3,556 31 3,606 81 Profit/loss attributable to Parent company´s shareholders per share, before dilution, SEK 92.72 0.26 94.61 0.82 95.95 2.16 Cash flow from discontinued operations, SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Cash flow from operating activities 29 36 173 131 254 213 Cash flow from investing activities -79 -23 -185 -319 -596 -730 Cash flow from financing activities -4 -6 -16 -15 -23 -22 Total cash flow from discontinued operations -54 7 -29 -202 -365 -539 Impact of the company portfolio on the balance sheet at the point of divestment, SEK million Assets held for sale 3,473 Cash and cash equivalents 166 Total assets 3,639 Liabilities related to assets held for sale -350 Deferred tax liabilities -208 Total liabilities -558 Net assets 3,081 Recognition of capital gain from divestment Cash consideration received 5,804 Deferred consideration 24 Settlement of intercompany balance 810 Net assets deconsolidated -3,081 Transaction costs -76 Capital gain 3,482
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Interim report January – September 2026 16 During the first quarter of 2026, Cynca divested all shares in GGAL Group AB, including subsidiaries (Niche Products), Østcom A/S (Solutions) and Fibber A/S (Solutions). The divested companies have not impacted the result and cash flow during the period. In July 2026, all shares in Paradox Secu- rity AB (Solutions) were divested. The divestments collectively generated a capital loss of SEK 257 million. Divested subsidiaries Impact of the company portfolio on the balance sheet at the point of divestment, SEK million Intangible assets 240 Property, plant and equipment 4 Right of use assets 53 Other non-current assets 1 Current operating assets 103 Cash and cash equivalents 0 Total assets 400 Deferred tax liabilities -14 Non-current lease liabilities -37 Current lease liabilities -17 Current operating liabilities -57 Total liabilities -125 Net assets 275
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Interim report January – September 2026 17 Performance measures SEK million (unless otherwise stated) Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Net sales 513 606 1,604 1,946 2,255 2,597 EBITDA 1) 38 70 134 199 195 259 EBITA 1) 12 39 58 106 89 136 Operating profit/loss (EBIT) −16 5 −30 3 −33 0 EBITA margin % 1) 2.4 6.5 3.6 5.4 3.9 5.3 EBIT margin % −3.0 0.8 −1.9 0.1 −1.4 0.0 Adjusted EBITDA 1) 52 73 158 208 221 271 Adjusted EBITA 1) 27 42 82 115 115 149 Adjusted EBITA margin % 1) 5.2 7.0 5.1 5.9 5.1 5.7 Financial net debt 1) 479 1,633 479 1,633 479 1,914 Financial net debt in relation to adjusted EBITDA 1) N/A N/A N/A N/A 2.2 N/A Operating cash flow 1) 16 39 115 124 223 232 Cash conversion % 1) 42 56 86 62 115 90 Free cash flow 1) −34 −15 −44 −76 11 −21 Free cash flow in relation to adjusted EBITA % 1) −130 −36 −54 −66 10 −14 Number of employees at end of period 1) 851 1,063 851 1,063 851 971 Number of shares issued at the end of the period 37,580,946 37,580,946 37,580,946 37,580,946 37,580,946 37,580,946 Average number of shares during the period, before dilution 37,580,946 37,580,946 37,580,946 37,580,946 37,580,946 37,580,946 Average number of shares during the period, after dilution 37,580,946 38,735,946 37,580,946 37,580,946 37,580,946 37,580,946 EBITA per share, before dilution, SEK 1) 0.33 1.04 1.54 2.82 2.36 3.63 EBITA per share, after dilution, SEK 1) 0.33 1.01 1.54 2.82 2.36 3.63 Adjusted EBITA per share, before dilution, SEK 1) 0.71 1.12 2.17 3.06 3.07 3.95 Adjusted EBITA per share, after dilution, SEK 1) 0.71 1.09 2.17 3.06 3.07 3.95 Earnings per share attributable to remaining operations and Parent company´s shareholders, before dilution, SEK −0.91 0.33 −10.08 −2.02 −13.88 −5.81 Earnings per share attributable to remaining operations and Parent company´s shareholders, after dilution, SEK −0.91 0.32 −10.08 −2.02 −13.88 −5.81 Earnings per share attributable to Parent company´s shareholders, before dilution, SEK 91.81 0.59 84.53 −1.20 82.07 −3.65 Earnings per share attributable to Parent company´s shareholders, after dilution, SEK 91.81 0.57 84.53 −1.20 82.07 −3.65 Free cash flow per share, before dilution, SEK 1) −0.92 −0.40 −1.18 −2.03 0.31 −0.55 1) The performance measure is an alternative performance measure (APM) according to ESMA´s guidelines. For reconciliation of APM´s, see page 19. N/A: The performance mea - sure cannot be calculated fairly.
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Interim report January – September 2026 18 Definitions of alternative performance measures Performance measure Definition Purpose EBITDA Earnings before taxes, financial items and depreciation of tangible and intangible fixed assets and consolidated surplus value. EBITDA is used to measure profit/loss from operating activities, independent of depreciation. Adjusted EBITDA Refers to EBITDA adjusted with adjustment items. Adjusted EBITDA is used by management to measure the underlying earnings development. EBITA Operating profit before amortisation of consolidated surplus values. EBITA is used to measure the underlying operating profit/loss before amortisation of consolidated surplus value from operating activities. EBITA margin EBITA as a percentage of net sales. EBITA margin is used to put the underlying operating profit/loss before amortisation on consolidated surplus value in relation to net sales. Rolling 12 months (R12) Refers to the last twelve months from period end. Rolling 12 months is used to evaluate the latest twelve-month period. Adjustment items Adjustment items refers to acquisition-related transaction costs, revaluation of contingent consideration, restructuring costs and one-time costs. The performance measure is used when calculating adjusted EBITA and adjusted EBITA margin. Adjusted EBITA Refers to EBITA adjusted with adjustment items. Adjusted EBITA is used by management to measure the underlying earnings development. Adjusted EBITA margin Adjusted EBITA as a percentage of net sales. Adjusted EBITA margin is used to put adjusted EBITA in relation to net sales. Financial net debt Non-current and current interest-bearing liabilities (including lease liabilities) less financial receivables, securities holdings and cash and cash equivalents. The performance measure is used to show the size of the debt minus current financial receivables, securities holdings and cash (which in theory could be used to repay loans). Financial net debt in relation to adjusted EBITDA Refers to financial net debt divided by adjusted EBITDA. The performance measure can be used to assess the Group´s financial leverage. Net sales growth Refers to net sales growth for one period compared to the same period prior year. The performance measure is used to follow up the development in net sales between two comparable periods. Organic net sales growth Refers to net sales growth, excluding exchange rate and acquisition effects, compared to same period prior year. Acquired companies are included in organic growth from the point they have comparison figures for the actual period. The performance measure illustrates the underlying net sales development. Operating cash flow EBITDA reduced by net investment in intangible and tangible fixed assets and change in working capital. The performance measure shows the cash flow from operations and is used when calculating cash conversion. Cash conversion Operating cash flow as a percentage of EBITDA. Cash conversion is used to monitor cash generation from operations. Free cash flow Cash flow from operating activities (including taxes and capital costs), reduced by investments in intangible and tangible fixed assets as well as amortisation of lease liabilities. The key figure shows the cash flow that the group can use for dividends, acquisitions, and/or debt repayment. Per share Selected performance measures divided by a weighted average of outstanding shares during the period. Used to display the earnings measures EBITA and Adjusted EBITA per share as well the cash flow measure Free cash flow per share. Free cash flow in relation to adjusted EBITA Refers to free cash flow divided by adjusted EBITA The performance measure is used to measure the proportion of the group´s profit that is converted into free cash flow.
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Interim report January – September 2026 19 Cynca presents a number of perfor- mance measures that are not defined in accordance with IFRS. The Company considers these measures to provide valuable supplementary information to investors and the management as they allow an evaluation of trends and performance. As not all companies cal- culate these measures in the same way, they are not always comparable with those used by other companies. These financial measures should therefore be seen as a complement to the measures defined according to IFRS. Reconciliation of these measures is presented below. For definitions of performance measures, see previous page. Reconciliation of alternative performance measures SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Jan-Dec 2025 Earnings measures (A) Net sales 513 606 1,604 1,946 2,255 2,597 Operating expenses and other income −476 −536 −1,470 −1,747 −2,061 −2,338 (B) EBITDA 38 70 134 199 195 259 Depreciation excl. acquired surplus values −25 −31 −76 −93 −106 −123 (C) EBITA 12 39 58 106 89 136 (C/A) EBITA margin 2.4% 6.5% 3.6% 5.4% 3.9% 5.3% Adjustments items: Acquisition-related transaction costs 0 0 0 0 0 0 Impact on profit/loss from contingent consideration 0 0 0 0 −1 −1 One-time costs 14 3 24 9 28 13 Total adjustments 14 3 24 9 27 12 (D) Adjusted EBITDA 52 73 158 208 221 271 (E) Adjusted EBITA 27 42 82 115 115 149 (E/A) Adjusted EBITA margin 5.2% 7.0% 5.1% 5.9% 5.1% 5.7% (F) Average number of shares during the period, before dilution 37,580,946 37,580,946 37,580,946 37,580,946 37,580,946 37,580,946 (C/F) EBITA per share, SEK 0.33 1.04 1.54 2.82 2.36 3.63 Net sales growth Organic net sales growth −4 N/A −47 N/A N/A N/A Exchange rate effect 0 N/A 0 N/A N/A N/A Net sales from acquired/divested companies −88 N/A −295 N/A N/A N/A Net sales growth −93 N/A −342 N/A N/A N/A Balance measures Non-current interest-bearing liabilities 198 1,240 198 1,240 198 1,621 Lease liabilities 297 457 297 457 297 473 Financial receivables and securities holdings −3 −41 −3 −41 −3 −3 Cash and cash equivalents −13 −22 −13 −22 −13 −177 (G) Financial net debt 479 1,633 479 1,633 479 1,914 (G/D) Financial net debt in relation to EBITDA, times N/A N/A N/A N/A 2.2 N/A Cash flow measures Operating cash flow (B) EBITDA 38 70 134 199 195 259 Change in working capital −14 −26 6 −55 56 −5 Net investment in intangible assets and property, plant and equipment −8 −5 −25 −20 −28 −23 (H) Operating cash flow 16 39 115 124 223 232 (H/B) Cash conversion 42% 56% 86% 62% 115% 90% Free cash flow Cash flow from operating activities −6 15 43 19 125 100 Net investment in intangible assets and property, plant and equipment −8 −5 −25 −20 −28 −23 Repayments of lease liabilities −20 −25 −62 −75 −85 −98 (I) Free cash flow −34 −15 −44 −76 11 −21 (I/F) Free cash flow per share, SEK −0.92 −0.40 −1.18 −2.03 0.31 −0.55 (I/E) Free cash flow in relation to adjusted EBITA −130% −36% −54% −66% 10% −14% N/A: The performance measure cannot be calculated fairly.
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Interim report January – September 2026 20 CEO approval Auditor’s report Cynca Nordic AB (publ), 556578-2496 The CEO ensures that the interim report gives a true and fair view of the Parent Company´s and the Group´s operations, position and results and describes the significant risks and uncertainties faced by the Parent Company and the com- panies that are part of the Group. This report has been subject to review by the company´s auditors. This infor- mation is information that Cynca Nordic AB (publ) is obliged to publish in accor- dance with the EU Market Abuse Regu- lation. The information was provided by the contact person below for publica- tion on 22 October 2026. Introduction We have reviewed the condensed inte- rim financial information (interim report) of Cynca Nordic AB (publ), and its subsi- diaries as of 30 September 2026 and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and pre- sentation of the interim financial infor- mation 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 review. Scope of Review We conducted our review in accor- dance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report 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 is substantially less in scope than an audit conducted in accordance with International Stan- dards on Auditing, ISA, and other gene- rally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accor- dingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swe- dish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company. Stockholm, 22 October 2026 Öhrlings PricewaterhouseCoopers AB Niklas Renström Authorised Public Accountant 2026-10-22 Conny Ryk CEO
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Interim report January – September 2026 21 Upcoming reports Interim report for the fourth quarter 2026 will be published on February 11, 2027 The annual report for 2026 will be published on March 25, 2027 Interim report for the first quarter 2027 will be published on April 15, 2027 The Annual General Meeting 2027 will be held on April 29, 2027 Interim report for the second quarter 2027 will be published on July 12, 2027 Teleconference On October 22, 2026 at 11:00 AM CET Conny Ryk, CEO and Olof Andersson, CFO will present the report and answer questions via a webcasted conference call. The presentation is held in Swedish. Webcasting of the presentation (opportunity for written questions): https://events.inderes.com/cynca/q3-report-2026 Teleconference (opportunity for oral questions): https://events.inderes.com/cynca/q3-report-2026/dial-in The presentation slides used will be available during the webcast and will be published on Cynca´s website, https:// www.cynca.se/investerare/rapporter-och-presentationer/ , before the start of the presentation. For more information, contact: Olof Andersson, CFO: olof.andersson@cynca.se Company address Cynca Nordic AB (publ) E-mail: info@cynca.se Stadsgården 6 Website: www.cynca.se 113 45 Stockholm, Sweden Company information Reg. no.: 556578-2496 Registered office: Stockholm Cynca Nordic´s share is traded under the short name CYNCA on Nasdaq Stockholm Main Market