Interim report
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Q3 Ework Group INTERIM REPORT January–September 2026
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STABLE PROFITABILITY, A CHANGING MARKET THIRD QUARTER 2026 › Net sales decreased by 8.0 percent to SEK 2,750.6 M (2,989.9). › Gross profit decreased by 7.3 percent to SEK 117.5 M (126.7). › Operating profit (EBIT) decreased by 2.7 percent to SEK 27.0 M (27.7). Operating profit adjusted for items affecting comparability amounted to SEK 27.0 M (27.7). › Operating profit (EBIT) in relation to gross profit amounted to 23.0 percent (21.9). › Net financial items improved to SEK –4.0 M (–6.9). › Order intake decreased by 8.9 percent to SEK 2,706 M (2,970). › Earnings per share before/after dilution amounted to SEK 1.04 (0.91). JANUARY–SEPTEMBER 2026 › Net sales decreased by 11.9 percent to SEK 8,903.3 M (10,101.1). › Gross profit decreased by 11.5 percent to SEK 369.1 M (417.0). › Operating profit (EBIT) decreased by 35.4 percent to SEK 69.0 M (106.8). Operating profit adjusted for items affecting comparability amounted to SEK 78.4 M (106.8). › Operating profit (EBIT) in relation to gross profit amounted to 18.7 percent (25.6). › Net financial items improved to SEK –14.0 M (–22.7). › Order intake decreased by 4.9 percent to SEK 10,766 M (11,315). › Earnings per share before/after dilution amounted to SEK 2.47 (3.81). THIRD QUARTER 2026 Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 4 quar- ters, Oct 2025 –Sep 2026 Full year 2025 Net sales, TSEK 2,750,616 2,989,927 8,903,339 10,101,127 12,542,729 13,740,517 Net sales growth, % −8.0 −7.4 −11.9 −12.9 −12.1 −12.8 Gross profit, TSEK 117,497 126,703 369,134 416,979 519,517 567,362 Gross margin, % 4.3 4.2 4.1 4.1 4.1 4.1 EBITDA, TSEK 33,118 38,445 88,633 139,251 136,178 186,796 Operating profit (EBIT), TSEK 26,993 27,731 68,976 106,770 85,129 122,924 EBIT in relation to gross profit, % 23.0 21.9 18.7 25.6 16.4 21.7 Net financial items, TSEK −4,001 −6,855 −13,977 −22,715 −19,011 −27,749 Profit for the period, TSEK 18,033 15,703 42,645 65,867 53,007 76,229 Return on equity, % 33.1 26.8 23.8 32.3 22.6 27.7 Earnings per share before / after dilution, SEK 1.04 0.91 2.47 3.81 3.07 4.41 Order intake, MSEK 2,706 2,970 10,766 11,315 17,350 17,899 Average number of profes- sionals on assignment 8,911 10,373 9,100 10,702 9,459 10,661 Net sales (MSEK) Operating profit, EBIT (MSEK) Order intake (MSEK) 2,751 (2,990) 27 (28) 2,706 (2,970) 0 1,000 2,000 3,000 4,000 5,000 32143214321432143214 0 40 80 120 160 200 32143214321432143214 Quarter SEK m 3.0 3.4 3.8 4.2 4.6 5.0 0 10 20 30 40 50 Net sales Gross margin % Kvartal 2024 2025 20262022 202320212024 2025 20262022 20232021 Mkr Mkr Bruttoresultat EBIT i relation till bruttoresultatet, % 0 2 000 4 000 6 000 8 000 10 000 2625242322262524232226252423222625242322 Kv 1 Kv 2 Kv 3 Kv 4 0 3 000 6 000 9 000 12 000 15 000 2625242322262524232226252423222625242322 Kv 1 Kv 2 Kv 3 Kv 4Kv 1 Kv 2 Kv 3 Kv 4 0 1000 2000 3000 4000 5000 32143214321432143214 0 40 80 120 160 200 32143214321432143214 Kvartal Mkr 3,0 3,4 3,8 4,2 4,6 5,0 0 10 20 30 40 50 Net toomsät tnin g Bruttomarginal % Quarter 2024 2025 20262022 202320212024 2025 20262022 20232021 SEK m Mkr Gross profit EBIT related to gross profit, % 0 2 000 4 000 6 000 8 000 10 000 2625242322262524232226252423222625242322 Kv 1 Kv 2 Kv 3 Kv 4 0 3 000 6 000 9 000 12 000 15 000 2625242322262524232226252423222625242322 Kv 1 Kv 2 Kv 3 Kv 4Kv 1 Kv 2 Kv 3 Kv 4 Net sales & Gross margin, % Gross profit & EBIT in relation to gross profit, % Operating profit (EBIT) not adjusted for items affecting comparability CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS OTHER DISCLOSURES FINANCIAL STATEMENTS Ework Q3 report January–September 2026 2OVERVIEW
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CEO STATEMENT During the third quarter, we continued to strengthen our com- mercial capabilities, streamline operations and develop our offering. After the summer, we noted higher activity and more business opportunities in several markets, but it is still too early to speak of a broad recovery. During the quarter, we also establis- hed the strategic direction for the next three years, focusing on increased competitiveness and long-term profitable growth. The third quarter developed largely in line with our expectations, and we saw a stabilisation in volumes at lower levels than in the earlier quarters of the year. At the same time, gross margin reached its highest level in several years. Following the seasonally quieter summer period, activity levels increased in September and demand strengthened in several markets. The outlook for the final quarter of the year is difficult to assess. Momentum is positive, but the lead times from client dialogue to winning business and placing professionals on assignment are long, meaning that the effect is only seen after some time. We continue to implement the plan for our year of transformation. With strengthened commercial capacity, our focus is now on generating new business, deepening client relationships and gradually increasing our market shares. Higher activity but continued caution in the market Investments in the sales organisation continue to have an effect, reflected in a larger pipeline and increased tender activity in several markets, particularly in Poland, Finland and Denmark. In Norway, net sales increased compared with the corresponding period of the previous year, driven by more professionals on assignment. In Sweden, net sales decreased, but the rate of decline slowed compared with the previous quarter. In Finland and Poland, both net sales and operating profit decreased. In Poland, per- formance was primarily affected by a client agreement that had expired earlier, as communicated in previous quarters. Denmark reported the weakest performance of the quarter, with a significant decrease in net sales and earnings. This was due to continued subdued demand within Banking, Finance and Insurance, Manufac- turing and Life Science. Towards the end of the quarter, a cautious increase in the number of enquiries was noted. During the quarter, we signed several important agreements and deepened existing collaborations with clients such as Husqvarna, Malmö Stad and Telemark Fylkeskommune. One particularly significant step was the expanded collabora- tion with Tetra Pak, which, through a new framework agreement, has appointed Ework as its sole MSP partner (Managed Service Provider) with overall respon- sibility for the provision of external expertise across all competence areas and companies in Sweden. The agreement entails expanded responsibility and dee- pens our partnership with the client. We also took an important step in Germany through an acquisition that gives us access to an AÜG licence. This strengthens our ability to meet more client needs and offer additional delivery models in one of Europe’s largest consulting markets. AI creates a new skills landscape AI continues to change our clients’ businesses and skills needs. Demand for skills in AI, data and cybersecurity is growing faster than demand for any other skills in our market, while the content of many existing roles is changing. Our focus on AI has led to more concrete discussions with clients about future skills needs. Here, Ework can contribute by helping clients move from analysing how roles and tasks are changing to identifying and providing the right skills. As AI reshapes the labour market, we are also seeing increased demand for specia- lised skills, and Ework’s strong network of experts gives us an attractive posi- tion. At the same time, we continue to integrate AI and automation into our own operations to streamline our processes and build a more scalable business. A clear direction for the next phase The adopted strategy is based on the long-term changes shaping the talent supply market. The priorities are clear: develop the offering, strengthen the specialist network, increase scalability and deepen client relationships. With the strategy in place, the focus is now on implementation. In a continuing challenging market, the ability to prioritise appropriately and act with clarity is becoming increasingly important. We are entering the final quarter of the year with a more efficient organisation, increased commercial activity and a clear strategic direction. Although the market remains difficult to assess, our plan remains unchanged. We continue to focus on what we ourselves can influence and build a stronger, more competitive and scalable Ework. Stockholm, 22 October 2026 Daniel Almgren President and CEO OVERVIEW FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS OTHER DISCLOSURES FINANCIAL STATEMENTS Ework Q3 report January–September 2026 3CEO STATEMENT
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GROUP PERFORMANCE Market development and order intake July– September 2026 Demand stabilised somewhat during the third quarter, with more assignment enquiries than in the previous year in several of our markets. At the same time, the market continues to be characterised by geopolitical uncertainty and a strong focus on costs among our clients. Order intake decreased by 8.9 percent to SEK 2,706 M (2,970). Finland increased sharply, while Sweden and Norway decreased somewhat. Denmark and Poland accounted for the largest percentage decreases, with Poland partly affected by the client agreement with a major client that expired, as we reported in previous quarters. Net sales and operating profit (EBIT) July– September 2026 Net sales decreased by 8.0 percent compared with the previous year, driven by lower volumes of professionals on assignment in all markets except Norway. The decline sta- bilised compared with the earlier quarters of the year. The decreased revenue was somewhat offset by higher average prices in several markets. The gross margin amounted to 4.3 percent (4.2), slightly higher than in the third quarter of the previous year. Operating profit (EBIT) decreased slightly to SEK 27.0 M (27.7). The lower operating profit is primarily due to lower revenue during the quarter, partly offset by lower costs and lower depreciation and amortisation. Net sales and operating profit (EBIT) January– September 2026 Net sales decreased by 11.9 percent compared with the previous year, driven by the largest market, Sweden, as well as negative contributions from most other markets. The prolonged economic downturn has led to lower demand and lower business volumes, with some stabilisation towards the end of the period. Order intake during the period decreased by 4.9 percent to SEK 10,766 M (11,315). Norway contributed positively with growth in net sales during the period. The gross margin amounted to 4.1 percent (4.1), in line with the corresponding period of the previous year. Operating profit (EBIT) decreased to SEK 69.0 M (106.8). Operating profit adjusted for items affecting comparabi- lity, relating to restructuring costs of SEK 9.4 M in the first quarter of the year, amounted to SEK 78.4 M (106.8). The decrease in operating profit is mainly due to lower revenue during the period, partly offset by lower costs. FINANCIAL PERFORMANCE Gross profit per industry, Q3 2026 Gross profit per geography, Q3 2026 Professionals on assignment (average), per quarter Order intake, per quarter 0 1000 2000 3000 4000 5000 21432143214321432143 0 40 80 120 160 200 21432143214321432143 Kvartal Mkr 3,0 3,4 3,8 4,2 4,6 5,0 0 10 20 30 40 50 Net toomsät tnin g Bruttomarginal % Kvartal 2024 2025 20262022 202320212024 2025 20262022 20232021 Mkr SEK m Bruttoresultat EBIT i relation till bruttoresultatet, % 0 2,000 4,000 6,000 8,000 10,000 2625242322262524232226252423222625242322 Q1 Q2 Q3 Q4 0 3000 6000 9000 12000 15000 2625242322262524232226252423222625242322 Kv 1 Kv 2 Kv 3 Kv 4Kv 1 Kv 2 Kv 3 Kv 4 0 1000 2000 3000 4000 5000 21432143214321432143 0 40 80 120 160 200 21432143214321432143 Kvartal Mkr 3,0 3,4 3,8 4,2 4,6 5,0 0 10 20 30 40 50 Net toomsät tnin g Bruttomarginal % Kvartal 2024 2025 20262022 202320212024 2025 20262022 20232021 Mkr Mkr Bruttoresultat EBIT i relation till bruttoresultatet, % 0 2000 4000 6000 8000 10000 2625242322262524232226252423222625242322 Kv 1 Kv 2 Kv 3 Kv 4 0 3,000 6,000 9,000 12,000 15,000 2625242322262524232226252423222625242322 Q1 Q2 Q3 Q4 Public sector 23.8% (21.4) Automotive 15.0% (20.3) Manufacturing 22.0% (17.5) Banking, Finance & Insurance 10.8% (12.8) Telecom 8.7% (7.2) Retail 5.1% (4.6) Life Science 3.8% (5.2) Energy 4.0% (1.6) Technology 4.3% (3.7) Consulting services 1.4% (4.4) Other 1.1% (1.3) Sweden 65.7% (64.2) Norway 11.9% (9.8) Poland & Slovakia 12.4% (13.6) Denmark 6.4% (8.5) Finland 3.7% (3.9) OVERVIEW CEO STATEMENT GEOGRAPHIC MARKETS OTHER DISCLOSURES FINANCIAL STATEMENTS Ework Q3 report January–September 2026 4FINANCIAL PERFORMANCE
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GEOGRAPHIC MARKETS Ework’s operating segments comprise six geographical markets: Sweden, Norway, Denmark, Poland & Slova- kia, Finland and Belgium. The results for the third quarter of 2026, the period July–September, are presented below. The aim is to provide a clear picture of how the various geographical markets are developing. Sweden Net sales decreased by 6.1 percent compared with the previous year, as a result of a lower number of professionals on assignment. The decline is concentrated in the Pri- vate sector, while the Public sector was almost unchanged. Segment result increased by 3.0 percent, thanks to lower costs and improved margins in new contracts. Finland Net sales decreased by 18.9 percent, primarily as a result of the agreement with a major client expiring at year-end, which resulted in lower volumes. Segment result de- creased by 45.8 percent, as a result of lower gross profit and increased investments in sales capacity and business development. Order intake increased sharply, and during the quarter Ework was awarded a strategically important framework agreement in the Public sector. Poland & Slovakia Net sales decreased by 27.6 percent and segment result by 40.5 percent, primarily as a result of the agreement with a major client expiring at the turn of the year. Assignment enquiries increased in Poland, with a clear acceleration towards the end of the quarter, and Slovakia continued to show strong development with sharply increased enquiry volumes and an increased number of active contracts. During the quarter, a new col- laboration was initiated with a major financial institution. Denmark Net sales decreased by 24.9 percent, primarily as a result of a lower number of professionals on assignment. Banking, Finance & Insurance, Manufacturing and Life Science remained weak while Telecom performed well. The lower net sales and lower gross profit, partly offset by continued cost control, led to a 66.5 percent decrease in segment result. At the same time, commercial activity improved during the quarter, with a stronger pipeline and more stable demand. Norway Net sales increased by 21.3 percent, mainly driven by a higher number of profes- sionals on assignment with support from Telecom and the Public sector. Segment result decreased marginally, by 1.3 percent, despite higher gross profit, as a result of a slightly higher cost base. During the quarter, a new collaboration was initiated with a large global IT consultancy. Operations in Belgium continue to progress according to plan, and the first professionals are now on assignment, so far on a limited scale. The establishment of operations in Germany and the Netherlands is progressing as planned. Segment result Segment result Segment result Segment result Segment result Net sales Net sales Net sales Net sales Net sales +3.0% vs Q3 2025 –40.5% vs Q3 2025 −1.3% vs Q3 2025 −45.8% vs Q3 2025 –66.5% vs Q3 2025 –6.1% vs Q3 2025 –27.6% vs Q3 2025 +21.3% vs Q3 2025 –18.9% vs Q3 2025 –24.9% vs Q3 2025 SEK 52 M SEK 8 M SEK 7 M SEK 1 M SEK 2 M SEK 1,959 M SEK 213 M SEK 308 M SEK 78 M SEK 202 M OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE OTHER DISCLOSURES FINANCIAL STATEMENTS Ework Q3 report January–September 2026 5GEOGRAPHIC MARKETS
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Financial position and cash flow July–September 2026 Cash flow from operating activities amounted to SEK 102.1 M (–83.2) for the third quarter. Cash flow from investing activities amounted to SEK –5.3 M (–3.9), mainly as a result of continued upgrades to the IT platform. Cash flow from financing activities amounted to SEK –72.8 M (65.9), mainly due to changes in borrowing under the bank credit facility. Net financial items amounted to SEK –4.0 M (–6.9) and consist mainly of interest expenses. Ework has a bank credit facility of SEK 550.0 M (550.0) with accounts receivable as collateral. Ework also has a cash pool where SEK 54.8 M (92.9) had been utilised for working capital financing in Poland as of 30 September 2026. Total unutilised credit at the end of the quarter was SEK 411.7 M (279.8). Cash and cash equivalents amounted to SEK 29.4 M (8.2) as of 30 September 2026. The equity/assets ratio at the same date was 8.0 percent (7.8). Financial position and cash flow January–September 2026 Cash flow from operating activities amounted to SEK 74.3 M (–49.5) for the period. Cash flow from investing activi- ties amounted to SEK –9.4 M (–10.4), primarily as a result of continued upgrades to the IT platform. Cash flow from financing activities amounted to SEK –96.5 M (–59.0) after the payment of a dividend of SEK 69.1 M (121.0) to sharehol- ders in May. Net financial items improved to SEK –14.0 M (–22.7), pri- marily due to reduced foreign currency exposure and lower borrowing. Employees The average number of employees during the third quarter amounted to 272 (273). The average number of employees is calculated based on full-time equivalents excluding pa- rental leave, leave of absence and long-term sick leave. For the period January–September 2026, the average number of employees amounted to 276 (268). Parent Company The Parent Company’s net sales amounted to SEK 1,955.1 M (2,076.3) in the third quarter. Profit after financial items amounted to SEK 21.3 M (25.4), and profit after tax amoun- ted to SEK 16.9 M (23.7). Equity in the Parent Company at the end of the quarter was SEK 151.2 M (169.0) while the equity/assets ratio was 7.3 percent (7.4). Significant risks and uncertainties Ework’s material business risks, for the Group and the Parent Company, consist of reduced demand for professional servi- ces, difficulties in attracting and retaining skilled staff, credit risks, and currency risks. Ework’s risks are impacted by developments in society and the economy as a whole, as well as rising interest rates, inflation, and geopolitical uncertainties. Depending on how these factors develop, they may entail risks of lower demand for professional services. Regulatory decisions and necessary consideration of safety aspects may entail risks of business disruptions, both for Ework’s own employees and for professionals on assignment. Changes in legislation can represent both risks and opportunities in the markets where the company operates. For a more detailed review of significant risks and uncer- tainties, please refer to Ework’s Annual Report. OTHER DISCLOSURES OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS FINANCIAL STATEMENTS Ework Q3 report January–September 2026 6OTHER DISCLOSURES
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Events during the period An Extraordinary General Meeting was held on 2 Septem- ber 2026. The meeting resolved to introduce new warrant programmes for senior executives and Board members and to cancel the incentive programmes adopted at the Annual General Meeting on 28 April 2026. During the quarter, an acquisition in Germany was com- pleted, giving the company access to an AÜG licence. The licence enables additional delivery models in the German market and strengthens the conditions for continued expansion in Europe. For more information, see Note 4 Business combinations. Significant events after the end of the period No significant events have occurred after the end of the period. Share-based incentive programmes At an Extraordinary General Meeting on 2 September 2026, the meeting resolved on the issue of a maximum of 150,000 warrants within the framework of Incentive Programme 2026/2029:3. Each warrant entitles the holder to subscribe for one ordinary share. The subscription price shall correspond to 140 percent of the volume-weighted average price for the company’s share on Nasdaq Stock- holm during the period from 22 July 2026 to 1 September 2026 inclusive. The warrants can be subscribed for during the period from 3 September 2026 to 30 November 2026 inclusive and entitle the holder to subscribe for shares during the period from 1 October 2029 to 31 December 2029 inclusive. The warrants are offered to senior executi- ves in the company and the Group at market value. At the Extraordinary General Meeting on 2 September 2026, the meeting also resolved on the issue of a maximum of 50,000 warrants within the framework of Incentive Pro- gramme 2026/2029:4. Each warrant entitles the holder to subscribe for one ordinary share. The subscription price shall correspond to 140 percent of the volume-weighted average price for the company’s share on Nasdaq Stock- holm during the period from 22 July 2026 to 1 September 2026 inclusive. The warrants can be subscribed for during the period from 3 September 2026 to 30 November 2026 inclusive and entitle the holder to subscribe for shares during the period from 1 October 2029 to 31 December 2029 inclusive. The warrants are offered to Board members Sara Murby Forste and Julia von Mecklenburg Ehrhardt at market value. Annual General Meeting Ework Group AB’s Annual General Meeting will be held on 27 April 2027 at 15.00 at the company’s premises at Sveavägen 15, 111 57 Stockholm. The Nomination Committee for the 2027 Annual General Meeting consists of: • Magnus Berglind, Chairman • Staffan Salén, appointed by Investment AB Arawak • Katarina Salén, appointed by Polhavet AB SHAREHOLDER LIST No difference between capital and votes 30 Sep 2026 Holding % Investment AB Arawak¹ 7,477,759 43.3 Försäkringsaktiebolaget Avanza Pension 2,898,843 16.8 Katarina Salén, privately through family companies 495,962 2.9 Patrik Salén with family and through companies 403,700 2.3 Ålandsbanken Abp (Finland), Swedish branch 376,730 2.2 Daniel Almgren through companies 233,372 1.3 Livförsäkringsbolaget Skandia, mutual 229,364 1.3 Mikael Gunnarsson 218,000 1.3 Handelsbanken Liv Försäkringsaktiebolag 209,487 1.2 Futur Pension Försäkringsaktiebolag 186,099 1.1 Total 12,729,316 73.6 Others 4,557,959 26.4 Total 17,287,275 100.0 1) Staffan Salén and family 86.2 percent. Erik Åfors 13.8 percent. OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS FINANCIAL STATEMENTS Ework Q3 report January–September 2026 7OTHER DISCLOSURES
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CONSOLIDATED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME TSEK Note Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 4 quar- ters Oct 2025– Sep 2026 Full year 2025 Operating income Net sales 1 2,750,616 2,989,927 8,903,339 10,101,127 12,542,729 13,740,517 Total operating income 2,750,616 2,989,927 8,903,339 10,101,127 12,542,729 13,740,517 Operating costs Cost of professionals on assignment −2,633,119 −2,863,224 −8,534,206 −9,684,149 −12,023,212 −13,173,155 Work performed by the company for its own use and capitalised 4,606 4,107 8,682 10,334 9,145 10,797 Other external costs −31,318 −30,072 −85,094 −88,022 −117,153 −120,080 Personnel costs −57,667 −62,293 −204,088 −200,040 −275,331 −271,283 Depreciation and impairment of tangible and intangible assets −6,124 −10,714 −19,657 −32,480 −51,049 −63,872 Total operating costs −2,723,623 −2,962,196 −8,834,363 −9,994,357 −12,457,600 −13,617,593 EBIT 26,993 27,731 68,976 106,771 85,129 122,924 Profit from financial items Net financial items 2 −4,001 −6,855 −13,977 −22,715 −19,011 −27,749 Profit after financial items 22,992 20,876 54,999 84,056 66,118 95,174 Tax −4,960 −5,173 −12,354 −18,189 −13,110 −18,945 Profit for the period 18,033 15,703 42,645 65,867 53,007 76,229 TSEK Note Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 4 quar- ters Oct 2025– Sep 2026 Full year 2025 Other comprehensive income Items that have been or may be reclassified to profit or loss Translation differences on translation of foreign ope- rations for the period 1,829 −902 4,749 −4,234 2,886 −6,097 Other comprehensive income for the period 1,829 −902 4,749 −4,234 2,886 −6,097 Comprehensive income for the period 19,861 14,801 47,394 61,633 55,894 70,132 Earnings per share before dilution (SEK) 1.04 0.91 2.47 3.81 3.07 4.41 after dilution (SEK) 1.04 0.91 2.47 3.81 3.07 4.41 Number of shares outstanding at the end of the reporting period before dilution (in thousands) 17,287 17,287 17,287 17,287 17,287 17,287 after dilution (in thousands) 17,287 17,287 17,287 17,287 17,287 17,287 Average number of shares outstanding before dilution (in thousands) 17,287 17,287 17,287 17,287 17,287 17,287 after dilution (in thousands) 17,287 17,287 17,287 17,287 17,287 17,287 FINANCIAL STATEMENTS OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS OTHER DISCLOSURES Ework Q3 report January–September 2026 8FINANCIAL STATEMENTS
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION TSEK 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets Non-current assets Intangible assets 36,185 55,657 30,768 Property, plant and equipment 890 1,561 1,199 Right-of-use assets 59,554 61,292 36,143 Deferred tax assets 6,752 5,461 6,660 Non-current receivables 4,726 9,726 9,383 Total non-current assets 108,106 133,698 84,152 Current assets Accounts receivable 2,398,992 2,703,789 2,940,931 Tax assets 31,445 15,363 19,113 Other receivables 27,906 40,415 37,197 Prepaid expenses and accrued income 255,795 181,942 81,610 Cash and cash equivalents 29,351 8,182 60,615 Total current assets 2,743,489 2,949,692 3,139,466 Total assets 2,851,595 3,083,389 3,223,619 TSEK 30 Sep 2026 30 Sep 2025 31 Dec 2025 Equity and liabilities Equity 3 Share capital 2,247 2,247 2,247 Other contributed capital 63,877 63,877 63,877 Translation reserve −2,267 −5,153 −7,015 Retained earnings including profit for the period 164,185 180,984 190,689 Total equity 228,044 241,956 249,799 Non-current liabilities Lease liabilities 41,136 37,911 22,080 Total non-current liabilities 41,136 37,911 22,080 Current liabilities Current interest-bearing liabilities 138,262 270,175 156,410 Lease liabilities 17,006 21,264 11,323 Accounts payable 2,171,254 2,324,419 2,676,650 Tax liabilities 3,423 3,992 4,633 Other liabilities 43,075 42,208 44,570 Accrued expenses and deferred income 209,395 141,465 58,155 Total current liabilities 2,582,416 2,803,523 2,951,740 Total equity and liabilities 2,851,595 3,083,389 3,223,619 OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS OTHER DISCLOSURES Ework Q3 report January–September 2026 9FINANCIAL STATEMENTS
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY CONSOLIDATED STATEMENT OF CASH FLOWS TSEK Share capital Other contributed capital Tr anslation reserve Retained earnings including profit for the period Total equity Opening equity 1 Jan 2025 2,247 63,877 −919 236,128 301,334 Total comprehensive income for the period Profit for the period 65,867 65,867 Other comprehensive income for the period −4,234 −4,234 Total comprehensive income for the period −4,234 65,867 61,633 Transactions with the Group’s owners Dividends −121,011 −121,011 Closing equity 30 Sep 2025 2,247 63,877 −5,153 180,984 241,956 Opening equity 1 Oct 2025 2,247 63,877 −5,153 180,984 241,956 Total comprehensive income for the period Profit for the period 10,362 10,362 Other comprehensive income for the period −1,862 −1,862 Total comprehensive income for the period −1,862 10,362 8,500 Transactions with the Group’s owners Other −657 −657 Closing equity 31 Dec 2025 2,247 63,877 −7,015 190,689 249,799 Opening equity 1 Jan 2026 2,247 63,877 −7,015 190,689 249,799 Total comprehensive income for the period Profit for the period 42,645 42,645 Other comprehensive income for the period 4,749 4,749 Total comprehensive income for the period 4,749 42,645 47,394 Transactions with the Group’s owners Dividends −69,149 −69,149 Closing equity 30 Sep 2026 2,247 63,877 −2,267 164,185 228,044 TSEK Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 4 quarters Oct 2025– Sep 2026 Full year 2025 Operating activities Profit after financial items 22,992 20,876 54,999 84,056 66,118 95,174 Adjustment for non-cash items 6,124 10,504 19,657 32,225 50,488 63,057 Income tax paid −4,028 −9,232 −26,188 −35,986 −31,373 −41,171 Cash flow from operating activities before changes in working capital 25,088 22,148 48,468 80,295 85,233 117,060 Cash flow from changes in working capital Increase (−)/Decrease (+) in operating receivables 154,503 237,429 440,075 510,048 287,180 357,153 Increase (+)/Decrease (−) in operating liabilities −77,442 −342,762 −414,209 −639,844 −125,781 −351,415 Cash flow from operating activities 102,150 −83,186 74,334 −49,501 246,633 122,798 Investing activities Acquisition/disposal of property, plant and equipment 0 192 0 −15 6 −9 Investment in intangible assets −4,606 −4,107 −8,682 −10,334 −9,145 −10,797 Investment in subsidiaries −709 0 −709 0 −709 0 Cash flow from investing activities −5,315 −3,915 −9,391 −10,350 −9,848 −10,806 Financing activities Dividend paid to Parent Company shareholders 0 0 −69,149 −121,011 −69,149 −121,011 Amortisation of lease liability −6,268 −5,361 −13,992 −16,697 −20,410 −23,115 Amortisation of/New loans −66,534 71,246 −13,400 78,735 −126,379 −34,244 Cash flow from financing activities −72,802 65,885 −96,541 −58,972 −215,938 −178,369 Cash flow for the period 24,032 −21,216 −31,598 −118,823 20,847 −66,378 Cash and cash equivalents at beginning of period 5,497 29,522 60,615 127,451 8,182 127,451 Exchange rate difference −178 −124 334 −445 323 −458 Cash and cash equivalents at end of period 29,351 8,182 29,351 8,182 29,351 60,615 OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS OTHER DISCLOSURES Ework Q3 report January–September 2026 10FINANCIAL STATEMENTS
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PARENT COMPANY INCOME STATEMENT TSEK Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 4 quarters Oct 2025– Sep 2026 Full year 2025 Operating income Net sales 1,955,125 2,076,271 6,372,785 7,219,588 9,034,884 9,881,687 Work performed by the company for its own use and capitalised 4,606 4,107 8,682 10,334 9,145 10,797 Other operating income 11,310 12,431 34,788 37,278 48,384 50,874 Total operating income 1,971,041 2,092,808 6,416,255 7,267,201 9,092,412 9,943,358 Operating costs Cost of professionals on assignment −1,877,456 −1,996,704 −6,124,437 −6,937,349 −8,680,453 −9,493,364 Other external costs −32,296 −40,391 −98,578 −113,727 −136,436 −151,585 Personnel costs −36,094 −42,129 −136,704 −136,656 −185,054 −185,006 Depreciation, amortisation and impairment of property, plant & equipment and intangible non-current assets −1,356 −5,061 −4,091 −15,573 −29,608 −41,090 Total operating costs −1,947,202 −2,084,284 −6,363,811 −7,203,304 −9,031,551 −9,871,045 EBIT 23,839 8,524 52,444 63,896 60,861 72,313 Profit from financial items Earnings from participations in subsidiaries 0 21,585 14,320 21,585 14,320 21,585 Other interest income and similar items 1,306 356 4,343 6,221 6,091 7,969 Interest expense and similar items −3,839 −5,105 −13,722 −21,123 −19,715 −27,116 Profit after financial items 21,305 25,361 57,385 70,580 61,557 74,752 Tax −4,423 −1,622 −9,245 −10,803 −10,160 −11,718 Profit/loss for the period * 16,882 23,739 48,140 59,776 51,397 63,034 * Profit for the period corresponds to total comprehensive income for the period. OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS OTHER DISCLOSURES Ework Q3 report January–September 2026 11FINANCIAL STATEMENTS
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PARENT COMPANY BALANCE SHEET TSEK Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets Non-current assets Intangible assets 35,462 55,657 30,768 Property, plant and equipment 210 477 312 Other non-current receivables 3,644 8,678 8,357 Participations in Group companies 34,605 34,285 34,340 Total non-current assets 73,920 99,096 73,776 Current assets Accounts receivable 1,602,455 1,893,337 2,187,060 Receivables from Group companies 99,352 142,547 131,383 Tax assets 29,181 14,530 18,119 Other receivables 13 0 475 Prepaid expenses and accrued income 228,874 135,663 45,810 Cash and bank balances 27,572 2,297 55,838 Total current assets 1,987,447 2,188,375 2,438,684 Total assets 2,061,366 2,287,472 2,512,461 TSEK Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 Equity and liabilities Equity 3 Restricted equity Share capital (17,287,275 shares with a quota value of SEK 0.13) 2,247 2,247 2,247 Statutory reserve 6,355 6,355 6,355 Development fund 35,462 55,626 30,768 Total restricted equity 44,064 64,229 39,371 Non-restricted equity Share premium reserve 13,645 13,645 13,645 Retained earnings 45,363 31,314 56,172 Profit for the period 48,140 59,776 63,034 Total unrestricted equity 107,148 104,735 132,850 Total equity 151,212 168,964 172,221 Current liabilities Liabilities to credit institutions 138,262 270,175 156,410 Accounts payable 1,537,440 1,688,304 2,055,021 Liabilities to Group companies 15,302 9,831 65,179 Other liabilities 25,792 25,467 26,653 Accrued expenses and deferred income 193,358 124,731 36,978 Total current liabilities 1,910,155 2,118,508 2,340,240 Total equity and liabilities 2,061,366 2,287,472 2,512,461 OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS OTHER DISCLOSURES Ework Q3 report January–September 2026 12FINANCIAL STATEMENTS
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Accounting policies The consolidated financial statements have been prepared in accordance with IFRS® Accounting Standards (IFRS) as adopted by the EU, the Swedish Annual Accounts Act (ÅRL) and the Swedish Sustainability and Financial Reporting Board’s RFR 1 Supplementary Accounting Rules for Groups. The Parent Company’s financial statements are prepared in accordance with the Annual Accounts Act and RFR 2 Accounting for Legal Entities. The interim report for the period for the Group is prepared in accordance with IAS 34 Interim Financial Reporting and the interim report for the Parent Company is prepared in accordance with the Annual Accounts Act Ch. 9. Disclosures in accordance with IAS 34.16A are presented not only in the financial statements and their accompanying notes, but also in other parts of the interim report. The accounting policies and calculation methods are unchanged from those applied in the 2025 Annual Report. Tables do not always sum up due to rounding differences. IFRS 18 Presentation and Disclosure in Financial Statements is to be applied from 1 January 2027 with retrospective applica- tion. The standard replaces IAS 1 and introduces new require- ments regarding the presentation of the income statement, including a division into defined profit categories and expanded disclosure requirements regarding management performance measures, but it does not affect the recognition or measure- ment of items in the financial statements. An analysis of the standard’s impact on the Group is ongoing. Note 1 Operating segments The Group’s operations are divided into operating segments based on the parts of operations monitored by the Company’s chief operating decision-maker, known as the management approach. As of 2025, the Group monitors the operation based on six segments: Sweden, Norway, Denmark, Poland & Slovakia, Fin- land and Belgium. Operations in Belgium continues to progress according to plan, and the first professionals are now on as- signment, so far on a limited scale. Work to establish operations in the Netherlands and Germany is ongoing. Executive management monitors the earnings generated by the Group’s various segments. Each operating segment has a ma- nager who is responsible for the operations and who regularly reports the outcome of the operating segment’s operations and the need for resources to executive management. The segments are similar in nature and conduct sales of Ework’s total service offering in their respective geographic markets. Each segment has operational responsibility for its income state- ment down to and including the segment’s operating profit. Net sales and operating profit per segment are presented below. Segment earnings do not include central costs for executive management and Group functions (Finance, HR, Marketing & Communication, IT and Legal) and development costs for the digital platform. The accounting policies applied in the segment reporting dif- fer from IFRS with respect to the reporting of the PayExpress payment service, our service that gives professionals the oppor- tunity to be paid faster and more regularly. Income from PayExpress is recognized in segment income. This income is recognized in accordance with IFRS as a reduction of Cost of professionals on assignment, SEK 10 M (9). Segment earnings include costs for the financing solutions that Ework offers its clients through the PayExpress service. These costs are recognized in the Group’s profit or loss according to IFRS as interest expenses within Net financial items, SEK 4 M (4). The earnings effect of the accounting policy IFRS 16 Leases is recognized in Central costs, while segment earnings are charged with lease/rental fees on a straight-line basis over the lease period. Internal pricing between the Group’s various operating seg- ments is set based on the arm’s length principle, i.e., between parties that are independent of each other, well-informed, and with an interest in the transactions being carried out. NOTES Operating segments (MSEK) Sweden Norway Denmark Poland & Slovakia Finland Total seg- ments Differences in accounting policies Eliminations Total IFRS Jul–Sep 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 External income 1,959 2,086 308 254 202 269 213 294 78 96 2,760 2,999 −10 −9 2,751 2,990 Internal income 11 12 1 1 0 0 1 1 0 0 13 14 −13 −14 0 0 Segment result* 52 51 7 7 2 7 8 13 1 3 70 80 4 4 74 85 Central costs −47 −57 Operating profit, EBIT 27 28 Net financial items −4 −4 −4 −7 Profit before tax 23 21 *) of which interest expenses −3 −3 0 0 0 0 −1 −1 0 0 −4 −4 Operating segments (MSEK) Sweden Norway Denmark Poland & Slovakia Finland Total segment Differences in accounting policies Eliminations Total IFRS Jan–Sep 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 External income 6,388 7,240 1,000 815 646 874 631 886 267 317 8,933 10,132 −30 −31 8,903 10,101 Internal income 35 37 2 1 0 1 2 3 0 0 39 42 −39 −42 0 0 Segment result* 151 170 26 21 11 25 21 35 5 9 213 260 12 16 225 276 Central costs −156 −169 Operating profit, EBIT 69 107 Net financial items −12 −16 −14 −23 Profit before tax 55 84 *) of which interest expenses −8 −10 −1 0 −1 −1 −3 −5 0 0 −12 −16 OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS OTHER DISCLOSURES Ework Q3 report January–September 2026 13FINANCIAL STATEMENTS
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Note 2 Net financial items Group, TSEK Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 4 quarters Oct 2025– Sep 2026 Full year 2025 Interest income 38 263 299 1,622 426 1,749 Interest costs −4,409 −6,073 −13,660 −16,282 −17,297 −19,919 Net exchange rate changes 370 −1,045 −616 −8,054 −2,140 −9,579 Net financial items −4,001 −6,855 −13,977 −22,715 −19,011 −27,749 PayExpress payment services (MSEK) Jul–Sep 2026 2025 Income 10 9 Financing cost −4 −4 Result 6 5 PayExpress payment services (MSEK) Jan–Sep 2026 2025 Income 30 31 Financing cost −12 −16 Result 17 15 Note 1 Operating segments (cont.) OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS OTHER DISCLOSURES Ework Q3 report January–September 2026 14FINANCIAL STATEMENTS
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Note 3 Per share data Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 4 quarters Oct 2025–Sep 2026 Full year 2025 Earnings per share before dilution, SEK 1.04 0.91 2.47 3.81 3.07 4.41 Earnings per share after dilution, SEK 1.04 0.91 2.47 3.81 3.07 4.41 Equity per share before dilution, SEK 13.19 14.00 13.19 14.00 13.19 14.45 Equity per share after dilution, SEK 13.19 14.00 13.19 14.00 13.19 14.45 Cash flow from operating activities per share before dilution, SEK 5.91 −4.81 4.30 −2.86 14.27 7.10 Cash flow from operating activities per share after dilution, SEK 5.91 −4.81 4.30 −2.86 14.27 7.10 Number of shares outstanding at end of period before dilution, thousands 17,287 17,287 17,287 17,287 17,287 17,287 Number of shares outstanding at end of period after dilution, thousands 17,287 17,287 17,287 17,287 17,287 17,287 Average number of shares outstanding before dilution, thousands 17,287 17,287 17,287 17,287 17,287 17,287 Average number of shares outstanding after dilution, thousands 17,287 17,287 17,287 17,287 17,287 17,287 Note 4 Business combinations On 10 September 2026, Ework acquired 100 percent of the sha- res in the German company Astor Technik GmbH (Corp. ID No. HRB 111303). The business is dormant. The acquisition creates opportunities to offer a broader service offering in the German market through a so-called AÜG licence and is part of Ework’s long-term growth plan and ambition to further strengthen its position as a leading European player in consultant brokerage and strategic skills supply. The consideration for the acquisition was paid in cash. A preli- minary purchase price allocation was prepared during the third quarter and acquisition-related costs were recognised as an expense in the Group’s profit. Preliminary purchase price allocation: Fair value of consideration transferred TSEK Amount settled in cash 736 Total fair value of consideration transferred 736 Recognised amounts of identifiable net assets Intangible assets 713 Total intangible assets 713 Current receivables 25 Cash and cash equivalents 3 Total current assets 28 Other liabilities 4 Total current liabilities 4 Identifiable net assets 736 Goodwill arising on acquisition 0 Consideration transferred in cash and cash equivalents 736 Cash and cash equivalents acquired 3 Net cash flow on acquisition 733 OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS OTHER DISCLOSURES Ework Q3 report January–September 2026 15FINANCIAL STATEMENTS
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DEFINITIONS OF KEY PERFORMANCE INDICATORS Ework Group utilizes a number of financial measures in interim reports and annual reports that are not defined according to IFRS, known as alternative performance mea- sures, according to ESMA (European Securities and Markets Authority) guidelines. Below are definitions of measures and key performance indicators that appear in inte- rim reports and the annual report. Most of the key performance indicators are consi- dered generally accepted and of such a nature that they are expected to be presented in interim reports and the annual report to convey a picture of the Group’s earnings, profitability and financial position. Key performance indicators Justification Definition Calculation Jul–Sep 2026 Calculation Jan–Sep 2026 Growth Net sales growth The company’s capacity for growth Net sales for the period minus net sales for the comparative pe- riod in relation to net sales for the comparative period. (2,751 − 2,990) / 2,990 = −8.0% (8,903 − 10,101) / 10,101 = −11.9% Earnings Gross profit The company’s capacity for earnings less direct delivery costs Gross profit is defined as operating income from the added value and add-on services that Ework itself provides, as well as income from the services that the professional network provides for clients, less the costs for professionals on assignment. 2,751 − 2,633 = SEK 117 M 8,903 − 8,534 = SEK 369 M Gross margin The company’s profitability in its earnings Gross profit in relation to net sales. 117 / 2,751 = 4.3% 369 / 8,903 = 4.1% EBITDA The company’s profitability before depreciation and amortisation Operating profit before interest, tax, depreciation, amortisa- tion and impairment of intangible and tangible assets. 26,993 + 6,124 = SEK 33,118k 68,976 + 19,657 = SEK 88,633k Operating profit (EBIT) The company’s profitability Operating profit before interest and tax. SEK 26,993k SEK 68,976k Operating profit (EBIT)/ Gross profit The company’s profitability and efficiency in relation to its earnings Operating profit (EBIT) in relation to gross profit. 26,993 / 117,497 = 23.0% 68,976 / 369,134 = 18.7% Return on equity The company’s capital efficiency Profit for the period in relation to average equity during the period. Return on equity is converted to an annual rate for interim reporting. A profitability measure that shows the return during the period on the capital invested in the business by the owners. 18.0*4 / ((208+228)/2) = 33.1% 42.6/3*4 / ((250+228)/2) = 23.8% Earnings per share The company’s ability to generate value for shareholders Profit for the period in relation to the number of shares outstanding be- fore dilution at the end of the period. Defined by IAS 33. 18,033 / 17,287 = SEK 1.04 42,645 / 17,287 = SEK 2.47 Other Order intake The company’s ability to generate new client contracts Theoretical total income for all contracts signed during the period. Each contract is estimated on the basis of hours over the length of the contract (excluding state holidays, vacation, sick leave). Order intake includes income for professionals, i.e., not for add-on services. n.a. n.a. Average number of profes- sionals on assignment The company’s capacity for growth and earnings The number of professionals on assignment at the end of each month divided by the number of months in the period. n.a. n.a. OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS OTHER DISCLOSURES Ework Q3 report January–September 2026 16FINANCIAL STATEMENTS
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Ework Group AB (publ) Sveavägen 15 SE-111 57 Stockholm Tel: +46 (0)8 50 60 55 00 Corp. ID No. 556587-8708 Financial calendar Interim report October–December 2026 19 February 2027 Annual Report 2026 5 April 2027 Interim report January–March 2027 27 April 2027 Annual General Meeting 2027 27 April 2027 Interim report April–June 2027 20 July 2027 Interim report July–September 2027 22 October 2027 Interim report October–December 2027 18 February 2028 Contacts for more information Johanna Estra, CFO investorrelations@eworkgroup.com ASSURANCE The Board of Directors and the Chief Executive Officer certify that the interim report for the third quarter gives a true and fair view of the Parent Company’s and the Group’s ope- rations, position and earnings, and describes the material risks and uncertainties faced by the Parent Company and the companies included in the Group. Stockholm, 22 October 2026 Daniel Almgren President and CEO REVIEW REPORT To the Board of Directors of Ework Group AB (publ), Corp. ID No. 556587-8708. Introduction: We have reviewed the condensed interim financial information (interim report) of Ework Group AB (publ) as of 30 September 2026 and the nine-month period then ended. It is the responsibility of the Board of Directors and the Chief Executive Officer to prepare and present this interim report in accordance with IAS 34 and the 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 International Standard on Review Enga- gements ISRE 2410 Review of Interim Financial Information Performed by the Indepen- dent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISA) and other ge- nerally accepted auditing practices. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might have been identified had an audit been performed. Accordingly, the conclusion expressed based on a review does not provide the same level of assurance as a conclusion expres- sed based on an audit. 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, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, 22 October 2026 KPMG AB Helena Nilsson Authorised Public Accountant OVERVIEW CEO STATEMENT FINANCIAL PERFORMANCE GEOGRAPHIC MARKETS OTHER DISCLOSURES Ework Q3 report January–September 2026 17FINANCIAL STATEMENTS
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ABOUT EWORK GROUP Ework Group is a leading independent intermediary for consultants, helping companies and organisations with flexible skills provision, from individual specialists to project solutions and comprehensive solutions for external expertise. Ework Group was founded in Sweden in 2000 and has a global network of more than 240,000 professionals and specialists, as well as approx- imately 10,000 professionals on assignment. The Group is headquartered in Stockholm and operates in Sweden, Denmark, Norway, Finland, Poland, Slovakia, Belgium, the Netherlands and Germany. The share is listed on Nasdaq Stockholm (EWRK).