Interim report
Page 1
Quarterly Report January – September 2026
Page 2
02 Integrated solutions worldwide Elanders is a global logistics company offering a broad service range of integrated solutions within supply chain management. The business is mainly operated through two business areas Supply Chain Solutions and Print & Packaging Solutions. The Group has approximately 7,000 employees and operates in around 20 countries on four continents. The most important markets are China, Germany, Singapore, Sweden, the UK and the USA. The customers are divided into six segments according to their respective business; Automotive, Electronics, Fashion, Health Care, Industrial and Other. This document is a translation of the Swedish original. In the event of any discrepancies between this translation and the Swedish original, the latter shall prevail. Further information can be found on Elanders’ website www.elanders.com or requested via e-mail info@elanders.com. Questions concerning this report can be addressed to: Florian Beck President and Group CEO Phone: +46 31 750 07 50 Åsa Vilsson Group CFO Phone: +46 31 750 07 50 Elanders AB (publ) (Company ID 556008-1621) Flöjelbergsgatan 1 C 431 37 Mölndal, Sweden Phone: +46 31 750 00 00 This information is information that Elanders AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 11:00 CET on 23 October 2026. Contents 03 Summary 04 Comments by the CEO 05 Group 08 Parent company 09 Other information 11 Declaration of the Board 11 Auditor’s report 12 Consolidated financial statements and notes 27 Parent company’s financial statements 29 Financial definitions NETTOOMSÄTTNING, MKR 0 1,000 2,000 3,000 4,000 Q3 2026 Q3 2025 Q3 2024 Q3 2023 Net sales, MSEK 0 100 200 300 400 500 600 Q3 2026 Q3 2025 Q3 2024 Q3 2023 EBIT, MKR Operating cash flow excl. acquisitions, MSEK 0 50 100 150 200 250 Q3 2026 Q3 2025 Q3 2024 Q3 2023 EBITA, MKR 0 4 8 12 16 20 Adjusted EBITA Adjusted EBITA, MSEK Adjusted EBITA margin, % 0 50 100 150 200 250 Q3 2026 Q3 2025 Q3 2024 Q3 2023 EBITA, MKR 0 4 8 12 16 20 %
Page 3
03 Elanders Q3 2026Summary Financial overview January – September Third quarter Last 12 months Full year 20252026 2025 2026 2025 Net sales, MSEK 8,737 9,148 3,052 2,872 11,790 12,201 EBITDA, MSEK 1,385 1,270 447 433 1,932 1,817 EBITDA excl. IFRS 16, MSEK 530 394 158 150 796 660 EBITA adjusted, MSEK 1) 2) 563 510 210 210 830 776 EBITA margin adjusted, % 1) 2) 6.4 5.6 6.9 7.3 7.0 6.4 EBITA, MSEK 1) 495 324 145 129 741 570 EBITA margin, % 1) 5.7 3.5 4.8 4.5 6.3 4.7 Result before tax adjusted, MSEK 2) 141 74 74 67 269 203 Result after tax adjusted, MSEK 2) 83 38 40 45 147 103 Earnings per share adjusted, SEK 2) 2.25 0.98 1.08 1.21 4.02 2.75 Result before tax, MSEK 73 –111 9 –14 180 –4 Result after tax, MSEK 34 –95 –5 –11 82 –48 Earnings per share, SEK 3) 0.88 –2.80 –0.20 –0.38 2.17 –1.52 Operating cash flow excl. acquisitions, MSEK 1,447 1,323 565 316 1,790 1,667 Cash conversion, % 104.5 104.2 126.3 73.0 92.7 91.7 Free cash flow, MSEK 974 852 405 163 1,164 1,043 Free cash flow per share, SEK 27.54 24.11 11.45 4.60 32.93 29.49 Net debt, MSEK 7,895 8,205 7,895 8,205 7,895 7,989 Net debt excl. IFRS 16, MSEK 3,792 3,813 3,792 3,813 3,792 3,774 Net debt/EBITDA ratio RTM adjusted, times 4) 4.3 4.4 4.3 4.4 4.3 4.4 1) EBITA refers to operating result plus amortization of assets identified in conjunction with acquisitions. 2) One-off items have been excluded in the adjusted measures. 3) Earnings per share before and after dilution. 4) Net debt/EBITDA ratio RTM adjusted is calculated on a rolling twelve-month period (RTM) and excludes IFRS 16 effects, one-off items and adjusted for proforma results for acquisitions. January – September 2026 Net sales amounted to MSEK 8,737 (9,148), which corre- sponded to an organic growth of three percent compared to the same period last year, excluding acquisitions and dis- continued operations, and using unchanged exchange rates. Excluding the Air & Sea business, the organic growth was three percent. Adjusted EBITA increased to MSEK 563 (510), correspond- ing to an improvement of eleven percent. Adjusted EBITA margin increased to 6.4 (5.6) percent. Operating profit was impacted by one-off items of MSEK –68 (–185) which mainly referred to structural measures within Print & Packaging Solutions. One-off items in the correspond- ing period were attributable to structural measures within both business areas. Adjusted result before tax increased to MSEK 141 (74). Adjusted result after tax increased to MSEK 83 (38), equiva- lent to SEK 2.25 (0.98) per share. Operating cash flow adjusted for purchase prices for acqui- sitions increased to MSEK 1,447 (1,323). Operating cash flow including acquisitions amounted to MSEK 1,447 (1,305). Cash conversion amounted to 104 (104) percent, excluding purchase prices for acquisitions. Free cash flow per share increased to SEK 27.54 (24.11). Net debt decreased by MSEK 93 to MSEK 7,895 compared to MSEK 7,989 at the beginning of the year. Excluding effects from IFRS 16, net debt increased by MSEK 18 to MSEK 3,792 compared to MSEK 3,774 at the beginning of the year. Third quarter 2026 Net sales increased to MSEK 3,052 (2,872), which corre- sponded to an organic growth of six percent compared to the same period last year, excluding acquisitions and discontinued operations, and using unchanged exchange rates. Excluding the Air & Sea business, the organic growth was four percent. Adjusted EBITA amounted to MSEK 210 (210) which equaled an adjusted EBITA margin of 6.9 (7.3) percent. Operating profit was impacted by one-off items of MSEK –65 (–80) which mainly referred to structural measures within Print & Packaging Solutions. One-off items in the correspond- ing period were mainly attributable to structural measures within Supply Chain Solutions. Adjusted result before tax increased to MSEK 74 (67). Adjusted result after tax amounted to MSEK 40 (45), equiva- lent to SEK 1.08 (1.21) per share. Operating cash flow adjusted for purchase prices for acquisi- tions increased to MSEK 565 (316). Operating cash flow including acquisitions amounted to MSEK 565 (316). Cash conversion increased to 126 (73) percent, excluding purchase prices for acquisitions. Free cash flow per share increased to SEK 11.45 (4.60). As of 1 September 2026, Florian Beck assumed the position as Group President and CEO.
Page 4
04 Comments by the CEO During the quarter, we saw good utilization and volumes in all regions and customer segments which together with several new customer wins and secured contracts resulted in the Group’s organic growth of six percent compared with the corresponding period last year. Challenges in the Automotive industry and the ongoing global memory chip shortage affected our business in Europe, Asia, and the US. By securing new businesses and identifying other opportunities, the negative effects could be offset, which further contributed to the favorable development during the quarter. Especially encouraging was the development in the US and the UK, where overcapacity is impacting the busi- ness, but we could see improvement through new customers and an increase in demand. The operating cash flow for the third quarter increased compared to last year, driven by reduced working capital and continued focus on cash generation. As a result, the Group’s cash conversion improved to 126 (73) percent. Within the business area Supply Chain Solutions, sales increased across all customer segments, contributing to a strong organic growth of seven percent. Adjusted for higher freight rates within the Air & Sea business, which are still affected and inflated by the conflict in the Middle East, organic growth amounted to five percent. Growth was mainly driven by Europe and Asia although the US, as well as the UK, also delivered organic growth. A positive development was the performance within our customer segments Automotive, Health Care, and Electronics where we were able to generate growth through existing customers and new business in challenging market conditions. The business area Print & Packaging Solutions had another challenging quarter and reported lower result with organic net sales in line with last year. Weak utilization in Germany from the Automotive customer segment continued to be the main challenge. To strengthen future profitability and adapt our cost base to current market conditions, we are implementing further struc- tural measures in Germany that are expected to generate annual cost savings of approximately MSEK 57. We have also renegoti- ated an important long-term customer contract, securing improved commercial terms and pricing. We are intensifying the speed of shifting towards more online and digital print, as well as pub- lishing, where we can see an increasing demand and a growing customer base. Our commitment and work toward the Group’s climate targets progressed according to plan. During the third quarter, our subsidiaries have continued to work on their respective transition plans, which will be the foundation for the ongoing efforts to reduce climate impact and achieve the Group’s long- term climate targets. As I take on my new role as Group CEO, I am encouraged by the Group’s performance during the quarter, particularly our ability to generate growth in a complex economic environment. Our global footprint, flexible business model, and diversified customer base provides us with a solid foundation, which makes me cau- tiously optimistic about going into 2027. I look forward to working together with the organization and global leadership to strengthen the Group’s offering further, unlock efficiencies, and continue to deliver value for our customers and shareholders in the years ahead. Mölndal, 23 October 2026 Florian Beck President and Group CEO The third quarter was characterized by organic growth across all regions and customer segments. The improvement was driven by our largest business area Supply Chain Solutions, which delivered organic growth of seven percent and achieved an adjusted EBITA margin exceeding eight percent.
Page 5
05 Elanders Q3 2026 Net sales and result — January – September Net sales declined by MSEK 411 to MSEK 8,737 (9,148) compared to the same period last year. Excluding exchange rate fluctuations, discontinued operations and acquisitions, the organic growth amounted to three percent. Despite a challenging market environment characterized by geopolitical uncertainty, ongoing supply chain disruptions and continued weakness in the automotive industry, demand improved towards the end of the period. This resulted in organic growth in the third quarter across all customer segments and geographical regions, demonstrating the resilience of the Group’s diversified business model and global customer base. Europe, the Group’s largest geographical market, continued its positive development during the period, with growth strengthen- ing further in the third quarter. The Americas also reported stronger growth towards the end of the period. Higher freight rates within the Air & Sea business continued to contribute positively to net sales. The Automotive customer segment, as well as the strategically important customer segment Health Care, delivered strong organic growth. The customer segment Other also reported favorable development, driven by new customers and increased demand from existing customers. Growth within Electronics moderated toward the end of the period due to continued shortages of advanced memory chips, which affected parts of the industry and disrupted customer supply chains. Despite these challenges, the Group was able to offset the lower volumes through growth in other service areas within Electronics. The strategic structural measures initiated last year, together with actions taken to align capacity with current demand levels, continued to progress according to plan during the period. Combined with improved sales and higher utilization, these initiatives contributed to adjusted EBITA increasing to MSEK 563 (510). As a result, the adjusted EBITA margin improved to 6.4 (5.6) percent. Including one-off items, EBITA increased from MSEK 324 to MSEK 495 compared with the same period last year. One-off items amounted to MSEK –68 (–185). This year’s one-off items are mainly related to structural measures implemented within business area Print & Packaging Solutions. Last year’s one-off items reflected structural measures implemented within both business areas. The Group’s cash conversion amounted to 104 (104) percent. The result continued to be burdened by high interest expenses as a consequence of the net debt. While net debt was reduced by amortization, it was impacted negatively by a weaker Swedish krona during the period. — Third quarter Net sales increased by MSEK 180 to 3,052 (2,872) compared to the same period last year. Excluding exchange rate fluctuations, discontinued operations and acquisitions, organic net sales increased by six percent. Adjusted EBITA remained unchanged, amounting to MSEK 210 (210), corresponding to an adjusted EBITA margin of 6.9 (7.3) percent. The result of the quarter includes one-off items amounting to MSEK –65 (–80), which relates to structural measures implemented within business area Print & Packaging Solutions. Last year’s one-off items referred to structural measures within Supply Chain Solutions. The Group’s cash conversion improved to 126 (73) percent during the quarter. Despite increased receivables as a result of higher sales, working capital decreased, which contributed to improved operating cash flow during the quarter. Group Net sales — Organic growth January – September Third quarter Full year 2025MSEK 2026 2025 2026 2025 Comparison period 9,148 10,369 2,872 3,598 14,143 Exchange rate fluctuations –279 –308 16 –146 –537 Discontinued operations/businesses –412 –597 — –438 –1,020 Acquisitions — 30 — — 30 Organic change 280 –346 164 –142 –415 Current period 8,737 9,148 3,052 2,872 12,201 Organic growth, % 3.1 –3.3 5.7 –3.9 –2.9
Page 6
06 Group Supply Chain Solutions Elanders is one of the world’s leading companies in global solutions for supply chain management. A wide range of services are offered within the business area Supply Chain Solutions, including both taking responsibility for and optimizing customers’ material and product flows. The net sales for the business area increased organically by seven percent during the third quarter compared to the corre- sponding period last year. Adjusted for higher freight rates within the Air & Sea freight forwarding business, net sales increased organically by five percent. Demand was particularly strong within the customer segments Automotive, Health Care and Other, all of which delivered double-digit organic growth. Growth was driven by both increased volumes from existing customers as well as contributions from new customer wins. The growth within Electronics moderated in the quarter compared with the previous quarters this year, due to disrupted customer supply chains caused by the ongoing shortage of advanced memory chips. All regions reported organic growth during the quarter. Europe, the Group’s largest market, continued to strengthen its positive development, and growth in the Americas accelerated as demand improved across several customer segments. In Asia, growth moderated due to the ongoing shortage of advanced memory chips, however, demand from new and existing customers in other service areas more than offset this develop- ment, allowing the region to maintain growth. The positive development within Life Cycle Management in the UK also continued during the quarter. While demand improved, with growth returning across all customer segments and regions, overcapacity remains within certain logistics operations. The footprint reduction measures announced earlier this year, including the option to exit a number of major lease agreements in the UK and the US during late 2026 and 2027, together with improving market conditions in both markets, are expected to enhance capacity utilization, reduce the cost base and further strengthen profitability. The planned capacity adjustments will not constrain future growth, as the remaining footprint provides ample capacity to support continued organic expansion. The strategic structural measures implemented in the previous year continued to generate positive effects during the quarter. These measures, combined with growth within all the customer segments and in all regions, resulted in an increase in adjusted EBITA to MSEK 204 (183). At the same time, the adjusted EBITA margin improved to 8.2 (7.9) percent. The quarter’s one-off items were MSEK 0 (–80). Last year’s one-off items mainly referred to structural measures in Germany. The increasing complexity of global supply chains continues to drive demand for integrated logistics solutions. As customers seek greater resilience, flexibility and visibility across their supply chains, Elanders is well positioned to create value through its global footprint, technology-enabled solutions and ability to manage complex logistics flows. By combining logistics, transportation and supply chain services across multiple regions, the Group helps customers optimize operations, reduce complexity and improve efficiency, creating a competitive advantage for both customers and Elanders. These trends are expected to support the Group’s long-term growth and profitability. Key figures — Supply Chain Solutions January – September Third quarter Last 12 months Full year 20252026 2025 2026 2025 Net sales, MSEK 7,073 7,402 2,490 2,307 9,407 9,737 EBITDA, MSEK 1,314 1,145 468 367 1,754 1,585 EBITA adjusted, MSEK 1) 2) 532 453 204 183 731 651 EBITA margin adjusted, % 1) 2) 7.5 6.1 8.2 7.9 7.8 6.7 EBITA, MSEK 1) 535 324 204 102 713 502 EBITA margin, % 7.6 4.4 8.2 4.4 7.6 5.2 Cash conversion, % 94.8 133.4 108.9 105.0 94.5 122.4 Average number of employees 5,410 5,741 5,329 5,679 5,465 5,714 1) EBITA refers to operating result plus amortization of assets identified in conjunction with acquisitions. 2) One-off items have been excluded in the adjusted measures. Supply Chain Solutions — share of net sales (Last 12 months) 79% Supply Chain Solutions — share of EBITA (Last 12 months) 92%
Page 7
07 Elanders Q3 2026 Print & Packaging Solutions The business area Print & Packaging Solutions offers cost-effective and innovative solutions for printed material and packaging, adapted to both local and global needs. The business area’s net sales remained organically unchanged in the third quarter compared to the corresponding period last year. Demand remained challenging during the third quarter, particularly within the Automotive customer segment that is affected by weak market conditions, especially in Germany. The customer segment Other maintained its positive development during the quarter, primarily driven by the online print business, as well as publishing which reported an improvement compared with the corresponding period last year. The Industrial customer segment returned to organic growth during the third quarter after several quarters of decline. Furthermore, the positive development in the Americas continued, with the region reporting double-digit organic growth and improved profitability. The consolidation initiatives and cost measures implemented during the previous year continued to deliver positive effects. However, weaker demand, particularly in Germany, continued to impact the result negatively. To improve profitability and align the cost base with current market conditions, the Group has initiated additional structural measures in Germany and Poland during the quarter. In addition, a key long-term customer contract was successfully renegotiated, which will result in improved pricing and commercial conditions. Together with the growth within online print and publishing, the structural measures are expected to strengthen the business area’s competitiveness and profitability going forward. Adjusted EBITA declined compared to the corresponding period last year and amounted to MSEK 17 (36). The adjusted EBITA margin amounted to 2.9 (6.0) percent. One-off items for the quarter amounted to MSEK –59 (0) and relates to the structural measures initiated in Germany and change of management in Poland. The current market situation within print continues to be characterized by uncertainty, which creates short-term challenges. At the same time, opportunities for growth remain, especially within the areas of online print and publishing-related production, where demand for flexible and digitally integrated solutions is increasing. Key figures — Print & Packaging Solutions January – September Third quarter Last 12 months Full year 20252026 2025 2026 2025 Net sales, MSEK 1,752 1,838 592 593 2,499 2,585 EBITDA, MSEK 106 155 –5 75 213 262 EBITA adjusted, MSEK 1) 2) 61 88 17 36 129 156 EBITA margin adjusted, % 1) 2) 3.5 4.8 2.9 6.0 5.2 6.0 EBITA, MSEK 1) –4 31 –42 36 64 99 EBITA margin, % –0.2 1.7 –7.1 6.0 2.6 3.8 Cash conversion, % 3) 132.0 96.4 n/m 8.7 100.2 85.1 Average number of employees 1,081 1,153 1,081 1,064 1,086 1,139 1) EBITA refers to operating result plus amortization of assets identified in conjunction with acquisitions. 2) One-off items have been excluded in the adjusted measures. 3) Cash conversion is not presented for the quarter as EBITDA was negative and the measure is therefore not considered meaningful. Print & Packaging Solutions — share of net sales (Last 12 months) 21% Print & Packaging Solutions — share of EBITA (Last 12 months) 8% Group
Page 8
08 Group | Parent company Important events during the period — Changes in Group Management During the period, Magnus Nilsson informed the Board of Directors of his decision to step down as Group President and CEO and resign from his position on the Board of Directors. Magnus has served as President and CEO of Elanders for 17 years. Florian Beck succeeded him as Group President and CEO on 1 September 2026. Prior to his appointment, Florian served as CEO of LGI, the Group’s largest subsidiary, and was a member of the Group Management Team. Florian has been part of the Group for over ten years and has a solid background in contract logistics and business development. He will continue in his role as CEO of LGI alongside his responsibilities as Group President and CEO until Christian Berlin assumes the position of CEO of LGI during the first quarter of 2027. — Structural measures Print & Packaging Solutions To improve profitability and align the cost base with current market conditions, the Group has initiated structural measures within the business area Print & Packaging solutions. The struc- tural measures refer to operations in Germany and Poland and incurred one-off costs of MSEK 59, which referred to severance pay provisions and other restructuring costs, impacting the result in the third quarter. The measures are expected to result in annual cost savings of approximately MSEK 57. — Global developments Geopolitical tensions, regional conflicts and evolving trade policies continue to create unpredictability in the global business environment. Developments in the Middle East have contributed to volatility in energy markets, increased transportation costs and periodic disruptions to global supply chains. In addition, strong demand for memory chips, driven by investments in artificial intelligence and data centers, has led to supply constraints of memory chips affecting the Electronics customer segment in certain regions. Elanders’ diversified customer base, global presence and flexible operating model help mitigate these risks and maintain operational efficiency and profitability. The Group continuously monitors market development and remains prepared to adapt its operations as required by changing market conditions. Investments and depreciation — January – September Net investments for the period amounted to MSEK 56 (113), of which purchase prices for acquisitions accounted for MSEK 0 (18). Depreciation, amortization and write-downs amounted to MSEK 949 (1,022). — Third quarter Net investments for the period amounted to MSEK 23 (20), of which purchase prices for acquisitions accounted for MSEK 0 (0). Depreciation, amortization and write-downs amounted to MSEK 316 (328). Financial position, cash flow and financing — January – September Excluding purchase prices for acquisitions, the operating cash flow amounted to MSEK 1,447 (1,323). Including acquisitions, the operating cash flow for the period was MSEK 1,447 (1,305). Net debt decreased by MSEK 93 to MSEK 7,895 compared to MSEK 7,989 at the beginning of the year. Currency exchange rate effects increased net debt by MSEK 412 and changes in the lease liability decreased net debt by MSEK 332. Working capital contributed to a decrease of MSEK 145. On a rolling twelve- month basis, the net debt/EBITDA ratio was 4.1, compared with 4.4 at the beginning of the year. Excluding effects from IFRS 16, net debt increased by MSEK 18 to MSEK 3,792 compared to MSEK 3,774 at the beginning of the year. Exchange rate fluctuations increased the net debt by MSEK 191 while working capital decreased net debt by MSEK 122 during the period. Excluding IFRS 16 effects, the net debt/ EBITDA ratio was 4.3 on a rolling twelve-month basis, excluding one-off items and adjusted for proforma results for acquisitions, in comparison to 4.4 at the beginning of the year. During the first quarter, the Group entered into an amend- ment agreement to the existing credit facility. To comply with the bank agreement, two financial covenants must be met. One relates to the net debt/EBITDA ratio, which is calculated excluding IFRS 16 effects, but adjusted for pro forma results from acquisitions and non-recurring items. The second covenant requires a minimum level of available liquidity. Both covenants were met as of the balance sheet date. The covenants are continuously monitored and are reported to the banks on a quarterly basis. If the covenants are not met, the lenders may require early repayment of the loans, which would then be reclassified as current liabilities. In such a case, the Group has the option to apply for a formal waiver, which would mean that the loans do not become immediately due. The company con- siders the likelihood of not meeting the covenants as low. Interest-bearing liabilities subject to the covenants amounted to MSEK 4,671 as of 30 September 2026, compared with MSEK 4,536 at the beginning of the year. — Third quarter Excluding purchase prices for acquisitions, the operating cash flow amounted to MSEK 565 (316). Including acquisitions, the operating cash flow for the period was MSEK 565 (316). Personnel — January – September The average number of employees during the period was 6,502 (6,905), whereof 160 (166) in Sweden. At the end of the period the Group had 6,397 (6,712) employees, whereof 161 (162) in Sweden. — Third quarter The average number of employees during the quarter was 6,422 (6,754), whereof 159 (164) in Sweden. Parent company The parent company has provided intragroup services. The average number of employees during the period was 11 (11) and at the end of the period the number of employees was 11 (11).
Page 9
09 Elanders Q3 2026 Other information Elanders’ offer Elanders offers integrated and customized solutions for handling all or part of the customers’ supply chain. The Group can take complete responsibility for complex and global deliveries that may include purchasing, storage, configuration, production, distribution, assembly, installation and retrieval management. The offer also includes order management solutions, payment flows and after market services on behalf of the customers. The services are provided by business-minded employees who, with their expertise and aided by intelligent IT solutions and AI technology, contribute to developing the customers’ offers. These offers are often totally dependent on efficient product, component and service flows as well as traceability and information. In addition to the offer to the B2B market, the Group also sells reused and refurbished IT-related products via its own brand Reuseit and photo products via the brands fotokasten and myphotobook directly to consumers. Goal and strategy The goal for Elanders is to be a leader in global end-to-end solutions in supply chain management and to be the best at meeting customers’ demands on efficiency and delivery, with sustainability in focus. Elanders helps customers with their business-critical processes, locally and globally, through integrated and customized solutions for managing all or parts of their supply chains. At the same time, the customers’ climate footprint is reduced through optimization of both material and product flows. Elanders has a particular focus on advanced logistics solutions with a large portion of value-added services. The Group develops its customers’ business in cooperation with them, strengthens their competitiveness and makes their supply chain more sustainable. Optimal managing of the supply chain makes an operation both more cost-efficient and sustainable through reduced resource consumption in production, warehous- ing and transportation. Elanders strives to have a balanced mix of customers in terms of both geographies and industries. This is done with the aim of reducing the effect of fluctuations in individual markets as well as of general business cycles. The Group wants to be a strategic business partner to its customers and support them in developing further. Risks and uncertainties Elanders divides risks into business risks (customer concentra- tion, operational risk, risks in operating expenses, contracts and disputes), financial risks (currency, interest, financing/liquidity and credit risk) as well as circumstantial risks (business cycle sensitivity, wars and conflicts, pandemics and increased demands in a changing world). These risks, together with a sensi- tivity analysis, are described in detail in the Annual and Sustainability Report for 2025. The rapid expansion of artificial intelligence and ongoing investments in data centers have increased global demand for memory chips, resulting in supply constraints for certain components and extended lead times across parts of the value chain. This has, to some extent, affected the Electronics customer segment in certain regions where the Group operates. The global business environment continues to be character- ized by unpredictability driven by geopolitical tensions, regional conflicts, and evolving trade policies. Developments in the Middle East have contributed to increased volatility in energy markets, higher transportation and operating costs, and recurring disruptions to global supply chains. In addition, changing trade regulations, tariffs, and sourcing strategies continue to influence customers’ demand patterns, inventory levels, and distribution networks. While these factors may affect economic growth, consumer confidence, and industrial activity in certain regions, Elanders’ diversified customer base, global presence, and flexible operating model help mitigate uncertainty and limit the associated risks. The Group continuously monitors market developments and, when necessary, adjusts capacity, resource allocation, and cost structures to maintain operational efficiency, meet customers’ resilience requirements, and safeguard profitability. Efforts to reduce greenhouse gas emissions Elanders can use its business model and global presence for the benefit of both a reduced climate footprint and increased profitability. On behalf of customers, Elanders manages and optimizes flows of both raw materials and components as well as finished products. Through a broad service portfolio and geographical spread, Elanders can offer customized logistics solutions close to the customer’s busi ness and the end customer. In this way, the customer can reduce emissions, not least in their transport systems, and at the same time optimize costs. As a partner to the customer, Elanders can further make visible the emissions in the customer’s value chain and offer alternative solutions aimed at where the customer has its greatest impact and needs. Elanders has committed to targets regarding reduction of generated greenhouse gas (GHG) emissions. The GHG reduction targets are both short and long term. — Year 2030 – Reducing greenhouse gas emissions in its own operations (scope 1 and 2) by 50 percent, compared to the base year 2021. For the value chain (scope 3), emissions will be reduced by 25 percent by 2030, compared to the base year 2022. — Year 2050 – The long-term target is to achieve net-zero emissions across all scopes. For a detailed report on the Group’s emissions and performance, reference is made to Elanders’ Annual and Sustainability Report for 2025. Seasonal variations The Group’s net sales, and thereby income, are affected by seasonal variations. Historically the fourth quarter has been somewhat stronger than the other quarters. Events after the balance sheet date Besides what has been described in this report, no other major events have taken place after the balance sheet date.
Page 10
10 Other information Forecast No forecast is given for 2026. Nomination committee for the Annual General Meeting 2027 The nomination committee for the Annual General Meeting on 21 April 2027 is as follows: — Carl Bennet, Chairman of the nomination committee and contact, represents Carl Bennet AB. — Dan Frohm, Chairman of the Board. — Anders Oscarsson, Svolder AB. — Anna Magnusson, Fourth Swedish National Pension Fund. — Anna Strömberg, Carnegie Funds. Shareholders who would like to submit proposals to Elanders’ 2027 nomination committee, can contact the nomination committee by e-mail at valberedning@elanders.com or by mail: Elanders AB, Att: Nomination committee, Flöjelbergsgatan 1 C, SE-431 37 Mölndal, Sweden. Annual General Meeting 2027 Elanders AB’s Annual General Meeting will be held on 21 April 2027, Södra Porten Konferenscenter, Flöjelbergsgatan 1 C, Mölndal, Sweden. Shareholders wishing to have a matter addressed at the Annual General Meeting can submit their proposal to Elanders’ Board Chairman by e-mail: arsstamma@elanders.com, or by mail: Elanders AB, Flöjelbergs- gatan 1 C, SE-431 37 Mölndal, Sweden. To ensure inclusion in the notice and thus in the Annual General Meeting’s agenda, proposals must be received by the company not later than 26 February 2027. Financial calendar — Fourth quarter 2026 26 January 2027 — Annual and Sustainability Report 2026 22 March 2027 — First quarter 2027 21 April 2027 — Annual General Meeting 2027 21 April 2027 — Second quarter 2027 15 July 2027 — Third quarter 2027 19 October 2027 Conference call In connection with issuing the report on the third quarter 2026, Elanders will hold a press and analysts conference call on 23 October 2026, at 15:00 CET, hosted by Florian Beck, President and Group CEO, and Åsa Vilsson, Group CFO. We invite fund managers, analysts and the media to participate in the conference call. To join, register your details using the registration link below. Once registered, you will receive a separate email containing dial in number(s) and PINs. Register for the conference call here. — Agenda 14:50 Conference number is opened 15:00 Presentation of quarterly results 15:20 Q&A 16:00 End of the conference During the conference call a presentation will be held. To access the presentation, please use this link: https://www.elanders. com/investors/presentations/ — Access recording The conference call will be recorded and will be available until 25 January 2027. Call the preferred telephone number stated in the link below, followed by 4890601#. Dial-in numbers for the recording can be found here Keypad controls can be found here
Page 11
11 Elanders Q3 2026 Declaration of the Board The Board of Directors together with the President of Elanders AB (publ) hereby declares that this report for the third quarter gives a true and fair view of the parent company’s and Group’s operations, financial position and result and describes significant risks and uncertainties that the parent company and companies within the Group are facing. Mölndal, 23 October 2026 Dan Frohm Chairman Carl Bennet Vice chairman Ulrika Dellby Eva Elmstedt Erik Gabrielson Anna Hallberg Johan Trouvé Irene Planting Martin Schubach Florian Beck President and Group CEO Auditor’s report Elanders AB (publ) corp. reg. no. 556008-1621 Introduction We have reviewed the condensed interim financial information (interim report) of Elanders AB as of 30 September 2026 and the nine-months period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information 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 accordance 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 Standards on Auditing, ISA, and other generally 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. Accordingly, 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 Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company. Mölndal, 23 October 2026 Ernst & Young AB Andreas Mast Authorized Public Accountant
Page 12
12 Consolidated financial statements and notes Condensed income statements January – September Third quarter Last 12 months Full year 2025MSEK Note 2026 2025 2026 2025 Net sales 2 8,737 9,148 3,052 2,872 11,790 12,201 Cost of products and services sold –7,147 –7,522 –2,515 –2,293 –9,656 –10,030 Gross profit 1,590 1,627 537 579 2,134 2,171 Sales and administrative expenses –1,205 –1,416 –418 –488 –1,540 –1,751 Other operating income 72 66 20 23 93 86 Other operating expenses –22 –27 –7 –8 –29 –35 Operating result 2, 5 436 249 131 105 658 471 Net financial items –363 –360 –122 –118 –478 –475 Result before tax 73 –111 9 –14 180 –4 Income tax –39 16 –15 2 –99 –44 Result for the period 34 –95 –5 –11 82 –48 Result for the period attributable to: — parent company shareholders 31 –99 –7 –13 77 –54 — non-controlling interests 3 4 2 2 5 6 Earnings per share, SEK 1) 0.88 –2.80 –0.20 –0.38 2.17 –1.52 Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358 35,358 Outstanding shares at the end of the period, in thousands 35,358 35,358 35,358 35,358 35,358 35,358 1) Earnings per share before and after dilution.
Page 13
13 Elanders Q3 2026 Condensed statements of comprehensive income January – September Third quarter Last 12 months Full year 2025MSEK 2026 2025 2026 2025 Result for the period 34 –95 –5 –11 82 –48 Items that will not be reclassified to the income statement Remeasurements after tax 0 0 0 0 3 3 Items that will be reclassified to the income statement Translation differences after tax 274 –437 97 –42 187 –524 Hedging of net investment abroad after tax –58 109 –22 15 –36 131 Other comprehensive income 216 –328 75 –27 154 –390 Total comprehensive income for the period 250 –423 70 –39 236 –437 Total comprehensive income attributable to: — parent company shareholders 248 –427 69 –41 232 –444 — non-controlling interests 2 4 1 2 4 7 Condensed statements of cash flow January – September Third quarter Last 12 months Full year 2025MSEK Note 2026 2025 2026 2025 Result before tax 73 –111 9 –14 180 –4 Adjustments for items not included in cash flow 922 1,101 355 351 1,202 1,380 Paid tax –111 –112 –37 –37 –149 –150 Cash flow from operating activities before changes in working capital 884 878 327 301 1,233 1,227 Changes in working capital 145 69 101 –120 20 –56 Cash flow from operating activities 1,029 947 428 181 1,254 1,171 Net investments in intangible and tangible assets –55 –94 –23 –18 –89 –128 Acquired and divested operations 4 — –18 — — — –18 Change in long-term receivables 0 –1 0 –1 0 –1 Cash flow from investing activities –56 –113 –23 –20 –90 –147 Amortization of borrowing debts 6 –186 –127 –77 –41 –238 –179 Amortization of lease liabilities 6 –733 –758 –249 –246 –967 –991 New loans 6 — — — — — — Other changes in long- and short-term borrowing 6 43 234 –5 17 69 259 Dividend to shareholders –74 –147 — — –81 –153 Cash flow from financing activities –950 –797 –331 –270 –1,217 –1,065 Cash flow for the period 24 36 75 –109 –53 –41 Cash and cash equivalents at the beginning of the period 936 1,138 942 1,146 1,032 1,138 Translation difference 90 –142 33 –5 71 –161 Cash and cash equivalents at the end of the period 1,050 1,032 1,050 1,032 1,050 936 Consolidated financial statements and notes
Page 14
14 Consolidated financial statements and notes Condensed statements of financial position 30 Sep. 31 Dec. 2025MSEK Note 2026 2025 Assets Goodwill 4,896 4,730 4,642 Intangible assets 1,099 1,123 1,083 Tangible assets 709 820 778 Right-of-use assets 3,871 4,167 3,978 Other fixed assets 629 573 603 Total fixed assets 11,203 11,413 11,085 Inventories 491 388 409 Accounts receivable 2,671 2,185 2,300 Other current assets 686 547 523 Cash and cash equivalents 6 1,050 1,032 936 Total current assets 4,899 4,152 4,168 Total assets 16,102 15,566 15,252 Equity and liabilities Equity Share capital 354 354 354 Other contributed capital 1,276 1,276 1,276 Other reserves 480 328 263 Retained earnings 1,536 1,542 1,591 Equity attributable to parent company shareholders 3,645 3,499 3,482 Equity attributable to non-controlling interests 27 29 25 Total equity 3,672 3,528 3,508 Liabilities Non-interest-bearing long-term liabilities 307 305 348 Lease liabilities, long-term 6 3,150 3,488 3,330 Other interest-bearing long-term liabilities 3, 6 4,506 4,583 4,453 Total long-term liabilities 7,963 8,377 8,131 Accounts payable 1,696 1,066 1,217 Other non-interest-bearing short-term liabilities 1,482 1,430 1,255 Lease liabilities, short-term 6 973 936 914 Other interest-bearing short-term liabilities 6 317 229 228 Total short-term liabilities 4,467 3,661 3,613 Total equity and liabilities 16,102 15,566 15,252
Page 15
15 Elanders Q3 2026 Note 2 — Segment reporting The Group has defined two operating segments which are the same as the two business areas Supply Chain Solutions and Print & Packaging Solutions. The reporting is consistent with the internal reporting provided to the highest executive decision-maker in the Group, the Chief Executive Officer of the Elanders Group. The operations within each operating segment have similar economic characteristics and resemble each other regarding the nature of their products and services, production processes and customer types. Sales between segments take place on market terms and have been eliminated in the Group’s total sales. No allocation of financial items is made by operating segment. Net sales per segment January – September Third quarter Last 12 months Full year 2025MSEK 2026 2025 2026 2025 Supply Chain Solutions 7,073 7,402 2,490 2,307 9,407 9,737 Print & Packaging Solutions 1,752 1,838 592 593 2,499 2,585 Group functions 38 36 13 12 51 49 Eliminations –126 –129 –43 –41 –167 –170 Group net sales 8,737 9,148 3,052 2,872 11,790 12,201 Operating result per segment January – September Third quarter Last 12 months Full year 2025MSEK 2026 2025 2026 2025 Supply Chain Solutions 478 252 190 79 634 408 Print & Packaging Solutions –7 27 –42 34 60 94 Group functions –36 –31 –16 –9 –36 –31 Group operating result 436 249 131 105 658 471 Note 1 — Accounting principles The interim report for the Group has been prepared in accord- ance with the Swedish Annual Accounts Act and IAS 34 Interim Financial Reporting, and for the Parent Company in accordance with the Swedish Annual Accounts Act and the Swedish Finan- cial Reporting Board’s recommendation RFR 2 Accounting for Legal Entities. The accounting principles, including important estimations and assessments as well as calculation methods, are consistent with those presented in Elanders’ Annual and Sustainability Report for 2025. The Group is preparing for the adoption of IFRS 18 Pres- entation and Disclosure in Financial Statements, which becomes effective on 1 January 2027. IFRS 18 is primarily expected to result in changes to the presentation and disclosure require- ments in the financial statements. The Group is still assessing the detailed impact that the transition to IFRS 18 will have on its financial statements. Condensed statements of changes in equity January – September Third quarter Last 12 months Full year 2025MSEK 2026 2025 2026 2025 Opening balance 3,508 4,102 3,614 3,571 3,528 4,102 Dividend to parent company shareholders –74 –147 — — –74 –147 Dividend to non-controlling interests — — — — –7 –7 Change in fair value of put and call option to acquire non-controlling interest –12 –4 –12 –4 –12 –4 Total comprehensive income for the period 250 –423 70 –39 236 –437 Closing balance 3,672 3,528 3,672 3,528 3,672 3,508 Equity attributable to: — parent company shareholders 3,645 3,499 3,645 3,499 3,645 3,483 — non-controlling interests 27 29 27 29 27 25 Consolidated financial statements and notes
Page 16
16 Consolidated financial statements and notes Note 2 — Segment reporting (cont.) Disaggregation of revenue Revenue has been divided into geographic markets, main revenue streams and customer segments since these are the categories the Group uses to present and analyze revenue in other contexts. Revenue for each category is presented per reportable segment. The Group’s customer contracts are easy to identify and products and services in a contract are largely connected and dependent on each other, and therefore part of an integrated offer. Main revenue streams are presented based on the internal names used in the Group. Sourcing and procurement services refer to the purchase and procurement of products for custo- mers as well as handling the flows connected to these products. Freight and transportation services refer to revenue from freight and transportation with our own trucks as well as pure freight forwarding. Other supply chain services such as fulfilment, kitting, warehousing, assembly and after sales services are presented under Other contract logistics services. Other work/ services refer to pure print services and other services that do not fit into any of the first three categories. Intra-group invoicing regarding group functions is reported net in net sales to group companies. January – September Supply Chain Solutions Print & Packaging Solutions Total MSEK 2026 2025 2026 2025 2026 2025 Total net sales 7,073 7,402 1,752 1,838 8,825 9,240 Less: net sales to group companies –56 –56 –31 –36 –87 –92 Net sales 7,017 7,346 1,720 1,802 8,737 9,148 Supply Chain Solutions Print & Packaging Solutions Total MSEK 2026 2025 2026 2025 2026 2025 Customer segments Automotive 845 1,151 277 349 1,122 1,500 Electronics 2,346 2,334 15 43 2,361 2,377 Fashion 2,074 2,171 22 26 2,096 2,197 Health Care 419 392 35 43 454 435 Industrial 714 712 409 418 1,123 1,130 Other 620 586 961 923 1,581 1,509 Net sales 7,017 7,346 1,720 1,802 8,737 9,148 Main revenue streams Sourcing and procurement services 939 984 — — 939 984 Freight and transportation services 1,656 1,889 — — 1,656 1,889 Other contract logistics services 4,135 4,216 181 170 4,316 4,386 Other work/services 287 258 1,539 1,632 1,826 1,890 Net sales 7,017 7,346 1,720 1,802 8,737 9,148 Geographic markets Europe 4,563 4,881 1,453 1,530 6,016 6,411 Asia 1,173 1,179 23 24 1,196 1,203 North and South America 1,270 1,277 239 243 1,509 1,520 Other 11 9 5 5 16 15 Net sales 7,017 7,346 1,720 1,802 8,737 9,148
Page 17
17 Elanders Q3 2026 Note 2 — Segment reporting (cont.) Third quarter Supply Chain Solutions Print & Packaging Solutions Total MSEK 2026 2025 2026 2025 2026 2025 Total net sales 2,490 2,307 592 593 3,082 2,901 Less: net sales to group companies –20 –18 –10 –11 –30 –29 Net sales 2,470 2,289 582 583 3,052 2,872 Supply Chain Solutions Print & Packaging Solutions Total MSEK 2026 2025 2026 2025 2026 2025 Customer segments Automotive 331 265 73 112 404 377 Electronics 750 725 4 13 754 738 Fashion 736 723 8 8 743 731 Health Care 155 127 10 11 165 138 Industrial 260 258 130 122 390 380 Other 238 190 357 318 595 508 Net sales 2,470 2,289 582 583 3,052 2,872 Main revenue streams Sourcing and procurement services 290 271 — — 290 271 Freight and transportation services 654 513 — — 654 513 Other contract logistics services 1,435 1,421 60 58 1,495 1,480 Other work/services 90 84 522 525 612 608 Net sales 2,470 2,289 582 583 3,052 2,872 Geographic markets Europe 1,633 1,512 486 498 2,118 2,010 Asia 366 344 9 7 375 351 North and South America 467 429 86 76 553 505 Other 4 3 2 2 6 5 Net sales 2,470 2,289 582 583 3,052 2,872 Consolidated financial statements and notes
Page 18
18 Consolidated financial statements and notes Note 2 — Segment reporting (cont.) Last 12 months and full year 2025 Supply Chain Solutions Print & Packaging Solutions Total MSEK Last 12 months Full year 2025 Last 12 months Full year 2025 Last 12 months Full year 2025 Total net sales 9,407 9,737 2,499 2,585 11,906 12,322 Less: net sales to group companies –75 –75 –42 –46 –116 –121 Net sales 9,333 9,662 2,457 2,539 11,790 12,201 Supply Chain Solutions Print & Packaging Solutions Total MSEK Last 12 months Full year 2025 Last 12 months Full year 2025 Last 12 months Full year 2025 Customer segments Automotive 1,077 1,383 398 470 1,475 1,853 Electronics 3,117 3,105 21 50 3,139 3,155 Fashion 2,810 2,907 38 42 2,848 2,949 Health Care 539 513 42 50 581 562 Industrial 978 977 576 584 1,554 1,561 Other 811 777 1,382 1,344 2,193 2,121 Net sales 9,333 9,662 2,457 2,539 11,790 12,201 Main revenue streams Sourcing and procurement services 1,236 1,281 — — 1,236 1,281 Freight and transportation services 2,188 2,421 — — 2,188 2,421 Other contract logistics services 5,519 5,600 242 230 5,761 5,830 Other work/services 389 360 2,215 2,309 2,605 2,669 Net sales 9,333 9,662 2,457 2,539 11,790 12,201 Geographic markets Europe 6,069 6,387 2,112 2,189 8,181 8,576 Asia 1,560 1,565 30 31 1,590 1,596 North and South America 1,690 1,697 308 312 1,998 2,009 Other 14 12 7 7 21 19 Net sales 9,333 9,662 2,457 2,539 11,790 12,201
Page 19
19 Elanders Q3 2026Consolidated financial statements and notes Note 3 — Financial assets and liabilities measured at fair value The financial instruments recognized at fair value in the Group’s report on financial position consist primarily of contingent considerations related to acquisitions, conditional put and call options regarding non-controlling interests and a minor part of derivatives. Contingent considerations and mandatory put/call options are measured at fair value within level 3, which means that valu- ation has been made based on inputs that are not observable in the market. Contingent considerations are recognized as financial liabilities and at fair value on the acquisition date. Contingent considerations are remeasured at each reporting period with any change recognized in profit or loss for the year. Contingent con- siderations are based on performance targets as agreed between the sellers and Elanders. The fair value of contingent considera- tions amounted to MSEK 2 at the beginning of the year. During the first quarter, the contingent consideration was remeasured and the liability is no longer outstanding as of 30 September 2026. Mandatory put/call options related to acquisitions of non- controlling interests are initially recognized as a financial liability at the present value of the strike price applicable at the period where the option can first be exercised. Changes in fair value for these liabilities are recognized in equity. Mandatory put/call options are based on performance targets as agreed between the sellers and Elanders. As of 30 September 2026, the fair value of mandatory put/call options amounts to MSEK 82, compared with MSEK 65 at the beginning of the year. The increase is attributable to the remeasurement of a put/call option as well as exchange rate fluctuations. At the end of the period, the entire amount was recognized as a current liability. The derivatives consist of forward contracts and are used for hedging purposes and are measured at fair value within level 2. Valuation at fair value of forward contracts is based on published forward rates on an active market. Derivatives for hedging purposes are recognized at fair value and are presented under other current assets and non-interest-bearing current liabilities. Changes in the value of cash flow hedges are reported under other comprehensive income until the hedged item is recorded in the income statement. Any result on hedge instruments attributable to the effective part of the hedge are recorded as equity under hedge provisions. Any result on hedge instruments attributable to the ineffective part of the hedge are recorded in the income statement. The hedge reserve for forward exchange contracts is less than MSEK 1 both as of 30 September 2026, and the comparison periods. The fair value of other financial assets and liabilities valued at their amortized purchase price is estimated to be equivalent to their book value. Note 2 — Segment reporting (cont.) Net sales per quarter 2026 2025 MSEK Third quarter Second quarter First quarter Fourth quarter Third quarter Second quarter Customer segments Automotive 404 366 353 353 377 550 Electronics 754 848 759 778 738 805 Fashion 743 691 662 752 731 714 Health Care 165 147 142 127 138 144 Industrial 390 353 380 431 380 350 Other 595 516 469 612 508 481 Net sales 3,052 2,921 2,765 3,053 2,872 3,044
Page 20
20 Consolidated financial statements and notes Note 4 — Acquisitions and divestments of operations Elanders has not made any acquisitions or divestments of oper- ations during January – September 2026. — Reuseit In October 2020 and March 2021, respectively, Elanders acquired 70 percent of the Renewed tech companies Azalea IT as well as Reuseit Sweden AB and Reuseit Finance AB. The acquisitions included a mandatory option to purchase the remaining shares in 2024 and 2025. During the first half of 2025, the remaining shares were acquired and the acquisition was completed. The shares were acquired for MSEK 18, which corresponded to the recognized liability for the put/call option. Note 5 — Transactions with related parties The transactions between subsidiaries have taken place with normal business terms and at market prices. Intercompany transactions and balances have been eliminated in the consoli- dated financial statements and are therefore not reflected in the Group’s figures. The following transactions with related parties have occurred during the period: — One of the members of the Board, Erik Gabrielson, is a partner in the law firm Vinge, which provides the company with legal services. — The Group leases a property in a subsidiary, where the property is wholly owned by a person who has significant influence in the subsidiary in question. Note 6 — Consolidated interest-bearing net debt January – September Third quarter Last 12 months Full year 2025MSEK 2026 2025 2026 2025 Interest-bearing long-term liabilities 7,656 8,072 7,656 8,072 7,656 7,783 Interest-bearing short-term liabilities 1,290 1,165 1,290 1,165 1,290 1,141 Less: cash and cash equivalents –1,050 –1,032 –1,050 –1,032 –1,050 –936 Net debt 7,895 8,205 7,895 8,205 7,895 7,989 Net debt at the beginning of the period 7,989 9,112 8,021 8,224 8,205 9,112 Translation difference 412 –612 174 –118 242 –782 Acquired and divested operations — — — — — — Changes with cash effect –902 –702 –405 –158 –1,089 –888 Changes with no cash effect 397 407 105 257 537 547 Net debt at the end of the period 7,895 8,205 7,895 8,205 7,895 7,989
Page 21
21 Elanders Q3 2026 Note 7 — Key figures for the Group Quarterly data 2026 Q3 2026 Q2 2026 Q1 2025 Q4 2025 Q3 2025 Q2 2025 Q1 2024 Q4 2024 Q3 Net sales, MSEK 3,052 2,921 2,765 3,053 2,872 3,044 3,232 3,774 3,598 EBITDA, MSEK 447 472 466 547 433 459 378 531 699 EBITDA excl. IFRS 16, MSEK 158 187 184 266 150 172 72 227 405 EBITA adjusted, MSEK 210 181 172 267 210 167 133 247 237 EBITA margin adjusted, % 6.9 6.2 6.2 8.7 7.3 5.5 4.1 6.6 6.6 EBITA, MSEK 145 177 173 246 129 149 46 195 375 EBITA margin, % 4.8 6.1 6.2 8.1 4.5 4.9 1.4 5.2 10.4 Operating result, MSEK 131 154 150 222 105 124 20 168 348 Operating margin, % 4.3 5.3 5.4 7.3 3.7 4.1 0.6 4.4 9.7 Result before tax, MSEK 9 31 32 107 –14 3 –101 41 214 Result after tax, MSEK –5 16 23 48 –11 1 –85 –14 188 Earnings per share, SEK 1) –0.20 0.42 0.65 1.29 –0.38 0.01 –2.43 –0.49 5.25 Operating cash flow, MSEK 565 535 348 343 316 486 503 535 218 Cash flow from operating activities per share, SEK 12.11 11.45 5.55 6.34 5.12 9.99 11.66 12.26 3.40 Depreciation and write-downs, MSEK 316 318 316 324 328 335 358 363 351 Net investments, MSEK 23 19 14 34 20 22 72 80 93 Goodwill, MSEK 4,896 4,791 4,714 4,642 4,730 4,793 4,791 5,088 4,930 Total assets, MSEK 16,102 15,702 15,482 15,252 15,566 15,937 15,897 17,067 16,504 Equity, MSEK 3,672 3,614 3,604 3,508 3,528 3,571 3,778 4,102 3,939 Equity per share, SEK 103.08 101.48 101.22 98.49 98.97 100.24 106.10 115.33 110.52 Net debt, MSEK 7,895 8,021 8,223 7,989 8,205 8,224 8,250 9,112 8,925 Net debt excl. IFRS 16, MSEK 3,792 3,857 3,876 3,774 3,813 3,777 3,686 4,031 4,046 Capital employed, MSEK 11,567 11,635 11,827 11,496 11,733 11,795 12,028 13,214 12,864 Return on total assets, % 2) 4.1 4.7 4.4 6.2 3.1 3.1 1.9 4.4 8.8 Return on equity, % 2) -0.8 1.7 2.6 5.2 –1.5 0.0 –8.8 –1.7 19.3 Return on capital employed, % 2) 4.5 5.3 5.1 7.7 3.6 4.2 0.6 5.1 10.8 Debt/equity ratio 2.2 2.2 2.3 2.3 2.3 2.3 2.2 2.2 2.3 Equity ratio, % 22.8 23.0 23.3 23.0 22.7 22.4 23.8 24.0 23.9 Interest coverage ratio 3) 1.4 1.4 1.3 1.0 0.9 1.4 1.4 1.6 1.9 Number of employees at the end of the period 6,397 6,435 6,541 6,708 6,712 6,832 6,983 7,175 7,217 1) There is no dilution. 2) Return ratios have been annualized (the result has been recalculated to correspond to the result for a 12 month period). 3) Interest coverage ratio calculation is based on the last 12 month period. Consolidated financial statements and notes Note 5 — Transactions with related parties The transactions between subsidiaries have taken place with normal business terms and at market prices. Intercompany transactions and balances have been eliminated in the consoli- dated financial statements and are therefore not reflected in the Group’s figures. The following transactions with related parties have occurred during the period: — One of the members of the Board, Erik Gabrielson, is a partner in the law firm Vinge, which provides the company with legal services. — The Group leases a property in a subsidiary, where the property is wholly owned by a person who has significant influence in the subsidiary in question.
Page 22
22 Consolidated financial statements and notes Note 7 — Key figures for the Group (cont.) Five year overview — January – September 2026 2025 2024 2023 2022 Net sales, MSEK 8,737 9,148 10,369 10,292 10,875 EBITDA, MSEK 1,385 1,270 1,666 1,399 1,403 EBITA adjusted, MSEK 563 510 632 638 635 EBITA margin adjusted, % 6.4 5.6 6.1 6.2 5.8 EBITA, MSEK 495 324 698 556 666 EBITA margin, % 5.7 3.5 6.7 5.4 6.1 Result after tax, MSEK 34 –95 197 156 347 Earnings per share, SEK 1) 0.88 –2.80 5.48 4.32 9.42 Cash flow from operating activities per share, SEK 29.11 26.77 27.78 35.97 18.96 Equity per share, SEK 103.08 98.97 110.52 109.00 105.72 Return on equity, % 2) 1.2 –3.7 6.6 5.3 12.5 Return on capital employed, % 2) 5.0 2.8 6.4 5.8 8.1 Operating margin, % 5.0 2.7 6.0 4.7 5.5 Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358 1) There is no dilution. 2) Return ratios have been annualized (the result has been recalculated to correspond to the result for a 12 month period). Five year overview — Third quarter 2026 2025 2024 2023 2022 Net sales, MSEK 3,052 2,872 3,598 3,253 3,979 EBITDA, MSEK 447 433 699 500 466 EBITA adjusted, MSEK 210 210 237 211 224 EBITA margin adjusted, % 6.9 7.3 6.6 6.5 5.6 EBITA, MSEK 145 129 375 211 216 EBITA margin, % 4.8 4.5 10.4 6.5 5.4 Result after tax, MSEK –5 –11 188 66 115 Earnings per share, SEK 1) –0.20 –0.38 5.25 1.83 3.10 Cash flow from operating activities per share, SEK 12.11 5.12 3.40 12.04 7.08 Equity per share, SEK 103.08 98.97 110.52 109.00 105.72 Return on equity, % 2) –0.8 –1.5 19.3 6.7 12.1 Return on capital employed, % 2) 4.5 3.6 10.8 6.7 7.4 Operating margin, % 4.3 3.7 9.7 5.8 4.8 Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358 1) There is no dilution. 2) Return ratios have been annualized (the result has been recalculated to correspond to the result for a 12 month period).
Page 23
23 Elanders Q3 2026Consolidated financial statements and notes Note 7 — Key figures for the Group (cont.) Five year overview — Full year 2025 2024 2023 2022 2021 Net sales, MSEK 12,201 14,143 13,867 14,974 11,733 EBITDA, MSEK 1,817 2,197 1,967 1,940 1,468 EBITA adjusted, MSEK 776 879 927 966 658 EBITA margin adjusted, % 6.4 6.2 6.7 6.5 5.6 EBITA, MSEK 570 893 820 940 641 EBITA margin, % 4.7 6.3 5.9 6.3 5.5 Result before tax, MSEK –4 278 398 666 482 Result after tax, MSEK –48 183 258 487 331 Earnings per share, SEK 1) –1.52 4.99 7.02 13.29 9.12 Cash flow from operating activities per share, SEK 33.12 40.04 50.39 31.27 30.07 Equity per share, SEK 98.49 115.33 108.50 108.46 92.67 Dividends per share, SEK 2.10 4.15 4.15 4.15 3.60 Return on total assets, % 3.6 5.1 6.5 11.6 6.3 Return on equity, % –1.5 4.5 6.5 13.0 10.4 Return on capital employed, % 4.0 6.1 6.4 8.3 8.5 Net debt/EBITDA ratio RTM, times 4.4 4.1 4.2 3.7 3.6 Net debt/EBITDA ratio RTM excl. IFRS 16, times 5.7 4.0 3.9 2.8 3.3 Debt/equity ratio, times 2.3 2.2 2.1 1.9 1.6 Equity ratio, % 23.0 24.0 24.7 26.6 28.0 Average number of shares, in thousands 35,358 35,358 35,358 35,358 35,358 1) There is no dilution.
Page 24
24 Consolidated financial statements and notes Note 8 — Reconciliation alternative performance measures Alternative performance measures are financial measures used to assess the Group’s performance and position. These measures cannot be directly derived from the financial reports and are intended to facilitate the analysis of the Group’s development. They should be seen as a complement to the financial reporting according to IFRS and may differ from measures used by other companies. Elanders applies ESMA’s guidelines on Alternative Performance Measures. For purposes and further definitions of the alternative performance measures, please refer to page 29. Reconciliation of alternative performance measures — Financial overview January – September Third quarter Last 12 months Full year 2025MSEK 2026 2025 2026 2025 Operating result 436 249 131 105 658 471 Depreciation, amortization and write-downs 949 1,022 316 328 1,274 1,346 EBITDA 1,385 1,270 447 433 1,932 1,817 Operating result excl. IFRS 16 321 149 94 72 510 337 Depreciation, amortization and write-downs excl. IFRS 16 208 245 64 78 286 323 EBITDA excl. IFRS 16 530 394 158 150 796 660 Operating result 436 249 131 105 658 471 Amortization of assets identified in conjunction with acquisitions 59 76 14 24 83 99 EBITA 495 324 145 129 741 570 Adjustments for one-off items 68 185 65 80 89 206 EBITA adjusted 563 510 210 210 830 776 EBITA margin, % 5.7 3.5 4.8 4.5 6.3 4.7 EBITA margin adjusted, % 6.4 5.6 6.9 7.3 7.0 6.4 Cash flow from operating activities 1,029 947 428 181 1,254 1,171 Net financial items 363 360 122 118 478 475 Paid tax 111 112 37 37 149 150 Net investments –56 –113 –23 –20 –90 –147 Operating cash flow 1,447 1,305 565 316 1,790 1,648 Adjustment for acquired and divested operations — 18 — — — 18 Operating cash flow excl. acquisitions 1,447 1,323 565 316 1,790 1,667 Cash conversion, % 104.5 104.2 126.3 73.0 92.7 91.7
Page 25
25 Elanders Q3 2026 Note 8 — Reconciliation alternative performance measures (cont.) Reconciliation of alternative performance measures — Financial overview (cont.) January – September Third quarter Last 12 months Full year 2025MSEK 2026 2025 2026 2025 Cash flow from operating activities 1,029 947 428 181 1,254 1,171 Net investments in intangible and tangible assets –55 –94 –23 –18 –89 –128 Free cash flow 974 852 405 163 1,164 1,043 Free cash flow margin, % 11.1 9.3 13.3 5.7 9.9 8.5 Free cash flow per share, SEK 27.54 24.11 11.45 4.60 32.93 29.49 Amortization of lease liabilities –733 –758 –249 –246 –967 –991 Free cash flow after amortization of lease liabilities 240 94 155 –83 197 51 Average total assets 15,762 15,800 15,902 15,751 15,634 15,663 Average cash and cash equivalents –946 –1,084 –996 –1,089 –944 –1,047 Average non-interest-bearing liabilities –3,139 –2,864 –3,305 –2,898 –3,059 –2,853 Average capital employed 11,677 11,852 11,601 11,764 11,631 11,763 Annualized operating result 581 332 525 419 658 471 Return on capital employed, % 5.0 2.8 4.5 3.6 5.7 4.0 Reconciliation of alternative performance measures — EBITA adjusted January – September Third quarter Last 12 months Full year 2025MSEK 2026 2025 2026 2025 Supply Chain Solutions 535 324 204 102 713 502 Print & Packaging Solutions –4 31 –42 36 64 99 Group functions (incl. eliminations) –36 –31 –16 -9 –36 –31 EBITA 495 324 145 129 741 570 Supply Chain Solutions –2 129 — 80 18 150 Print & Packaging Solutions 65 57 59 — 65 57 Group functions (incl. eliminations) 6 — 6 — 6 — Adjustments of EBITA 68 185 65 80 89 206 Supply Chain Solutions 532 453 204 183 731 651 Print & Packaging Solutions 61 88 17 36 129 156 Group functions (incl. eliminations) –30 –31 –11 –9 –30 –31 EBITA adjusted 563 510 210 210 830 776 Specification of one-off items Restructuring costs, Supply Chain Solutions — 113 — 76 — 113 Revaluation of additional consideration, Supply Chain Solutions –2 — — — –2 — Restructuring costs, Print & Packaging Solutions 56 57 54 — 56 57 Other items affecting comparability, Supply Chain Solutions — 16 — 4 20 36 Other items affecting comparability, Print & Packaging Solutions 9 — 5 — 9 — Other items affecting comparability, Group functions 6 — 6 — 6 — Total 68 185 65 80 89 206 Consolidated financial statements and notes
Page 26
26 Note 8 — Reconciliation alternative performance measures (cont.) Reconciliation of alternative performance measures — Net debt 30 Sep. 31 Dec. 2025MSEK 2026 2025 Interest-bearing long-term liabilities 7,656 8,072 7,783 Interest-bearing short-term liabilities 1,290 1,165 1,141 Less: cash and cash equivalents –1,050 –1,032 –936 Net debt 7,895 8,205 7,989 Net debt/EBITDA ratio RTM, times 4.1 4.6 4.4 Interest-bearing long-term liabilities excl. IFRS 16 4,514 4,608 4,474 Interest-bearing short-term liabilities excl. IFRS 16 328 238 236 Less: cash and cash equivalents –1,050 –1,032 –936 Net debt excl. IFRS 16 3,792 3,813 3,774 Net debt/EBITDA ratio RTM excl. IFRS 16, times 4.8 6.1 5.7 EBITDA excl. IFRS 16 RTM adjusted 885 858 866 Net debt/EBITDA ratio RTM adjusted, times 1) 4.3 4.4 4.4 1) Net debt/EBITDA ratio RTM adjusted is calculated on a rolling twelve-month period (RTM) and excludes IFRS 16 effects, one-off items and adjusted for proforma results for acquisitions. Consolidated financial statements and notes
Page 27
27 Elanders Q3 2026 Parent company’s financial statements Condensed income statements January – September Third quarter Last 12 months Full year 2025MSEK 2026 2025 2026 2025 Net sales 38 36 13 12 51 49 Operating expenses –74 –67 –29 –21 –87 –81 Operating result –36 –31 –16 -9 –37 –32 Net financial items –81 113 –43 8 60 253 Result before tax –116 82 –59 –1 23 221 Income tax 25 –16 8 1 16 –25 Result for the period –91 66 –51 0 39 196 Condensed statements of comprehensive income January – September Third quarter Last 12 months Full year 2025MSEK 2026 2025 2026 2025 Result for the period –91 66 –51 0 39 196 Other comprehensive income — — — — — — Total comprehensive income for the period –91 66 –51 0 39 196 Condensed balance sheets 30 Sep. 31 Dec. 2025MSEK 2026 2025 Assets Fixed assets 6,879 6,773 6,638 Current assets 621 389 431 Total assets 7,500 7,162 7,069 Equity, provisions and liabilities Restricted equity 686 686 686 Unrestricted equity 1,088 1,123 1,254 Provisions 5 11 3 Long-term liabilities 4,445 4,448 4,326 Short-term liabilities 1,276 894 800 Total equity, provisions and liabilities 7,500 7,162 7,069
Page 28
28 Condensed statements of changes in equity January – September Third quarter Last 12 months Full year 2025MSEK 2026 2025 2026 2025 Opening balance 1,940 1,890 1,825 1,809 1,809 1,890 Dividend –74 –147 — — –74 –147 Total comprehensive income for the period –91 66 –51 0 39 196 Closing balance 1,774 1,809 1,774 1,809 1,774 1,940 Parent company’s financial statements
Page 29
29 Elanders Q3 2026 Financial definitions Profit and yield measures Definition Purpose EBIT Earnings before interest and taxes; operating result. EBIT is used to analyze the profitability generated by operating activities. EBITA Earnings before interest, taxes and amor - tization; operating result (EBIT) plus amor - ti zation of assets identified in conjunction with acquisitions. The key figure is used to assess the Group’s operational profitability before accounting for financing costs, taxes and amortizations of assets identified in conjunction with acquisitions. EBITA adjusted Earnings before interest, taxes and amor - ti zation; operating result (EBIT) plus amor - ti zation of assets identified in conjunction with acquisitions adjusted for one-off items. EBITA adjusted reflects the profitability of the underlying business and enables comparisons between different reporting periods. EBITDA Earnings before interest, taxes, depreciation and amortization; operating result (EBIT) plus depreciation, amortization and write-downs of intangible assets and tangible fixed assets. EBITDA is used to evaluate the profitability generated by the operating activities without taking into account financing costs, taxes or depreciation and amortization. EBITDA excl. IFRS 16 RTM adjusted EBITDA excl. IFRS 16 RTM adjusted is calcu - lated as the company’s reported EBITDA during the last twelve-month period (RTM) excluding IFRS 16 effects, one-off items and adjusted for proforma results for acquisitions. The key figure is used to calculate the ratio of net debt to adjusted EBITDA RTM, which is to be reported in accordance with the Group’s credit agreement. Operating margin Operating result (EBIT) in relation to net sales. The key figure is used to measure the Group’s profitability in its core operations. Return on capital employed (ROCE) Operating result (EBIT) in relation to average capital employed. The key ratio measures how effectively the group utilizes its capital to generate profit. Return on equity (ROE) Result for the year in relation to average equity. Return on equity is a measure of the Group’s profitability and indicates the return on the capital invested by the owners. Return on total assets (ROA) Operating result (EBIT) plus financial income in relation to average total assets. Return on total assets measures the Group’s ability to generate profitability in relation to the capital available. Capital measures Definition Purpose Cash conversion Operating cash flow, excluding considerations paid for acquisitions, in relation to EBITDA. This ratio reflects the Group’s ability to generate cash flow in relation to EBITDA. Capital employed Total assets less cash and cash equivalents and non-interest bearing liabilities. The key figure is used to describe the total amount of capital used in the group to generate revenue. Debt/equity ratio Net debt in relation to reported equity, including non-controlling interests. The debt-to-equity ratio indicates the extent to which the company’s operations are financed through debt compared to equity. Equity ratio Equity, including non-controlling interests, in relation to total assets. The ratio provides a view of the proportion of total assets that have been financed by equity. The key ratio measures the Group’s financial stability and its long-term solvency. Free cash flow Cash flow from operating activities and investing activities, excluding acquisitions and divestment of operations. The key figure shows the Group’s ability to generate cash flows that can be utilized for future growth, debt repayment or distributed to shareholders. Free cash flow margin Free cash flow in relation to net sales. The result provides an indication of how effectively the Group converts revenue into cash flow. Interest coverage ratio Operating result (EBIT) plus interest income divided by interest costs. The key figure is used to assess the Group’s ability to meet its interest expenses on borrowed funds and helps investors and analysts evaluate the company’s financial stability and level of risk. Net debt Interest bearing liabilities less cash and cash equivalents. The key ratio provides an indication of the company’s solvency.
Page 30
30 Financial definitions Share-related measures Definition Purpose Average number of shares Weighted average number of shares out - standing during the period. Average number of shares is used to calculate earnings per share and other financial ratios, giving investors a better understanding of the Group’s value and performance. Earnings per share Result for the period attributable to parent company shareholders divided by the average number of shares. The key figure makes it possible to compare different groups during a reporting period as well as to make comparisons between different reporting period for the same group. Other metrics Definition Purpose Average number of employees (FTE) The number of employees converted to full- time equivalents (FTE) at the end of each month divided by number of months. — One-off items Significant income/one-off items in operating profit. Significant income/expenses affecting compara- bility between accounting periods. These items include, but are not limited to, revaluations of additional considerations, restructuring costs, acquisition-related costs and disputes. Operating cash flow Cash flow from operating activities and investing activities, adjusted for paid taxes and financial items. Indicates the cash flow from the Group’s core business. Organic growth Change in net sales between two reported periods, adjusted for currency effects, discontinued operations and acquisitions. This key performance indicator is used to analyze the underlying sales growth and to enable comparability between periods. RTM Rolling twelve months. RTM makes it possible to continuously compare full-year outcomes and to identify changes and trends at an earlier stage.
Page 32
For this Quarterly report, we have used the 100 percent recycled paper Nautilus Classic, which is an uncoated paper quality with an off-white surface. The quality is made from 100 percent recycled fiber raw material.