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2 T a b l e o f C o n t e n tE X S I T E C H O L D I N G A B w w w . e x s i t e c . s e G r o u p M a n a g e m e n t . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 6 B o a r d o f D i r e c t o r s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 7 T h e Y e a r i n B r i e f . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 A w o r d f r o m t h e C E O . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 S u s t a i n a b i l i t y a t E x s i t e c . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7 M a n a g e m e n t R e p o r t . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 9 M u l t i - Y e a r O v e r v i e w . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 0 R e p o r t s , T h e G r o u p . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 R e p o r t s , P a r e n t C o m p a n y . . . . . . . . . . . . . . . . 3 5 N o t e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 9 D e f i n i t i o n s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 5 T h e r e p o r t h a s b e e n p u b l i s h e d i n b o t h E n g l i s h a n d S w e d i s h . T h i s i s a n u n a u d i t e d t r a n s l a t i o n o f t h e S w e d i s h r e p o r t . S h o u l d t h e r e b e a n y d i s p a r i t i e s b e t w e e n t h e S w e d i s h a n d t h e E n g l i s h v e r s i o n , t h e S w e d i s h v e r s i o n s h a l l p r e v a i l . A n U n u s u a l C o n s u l t i n g C o m p a n y . . 9 E m p l o y e e s & R e c r u i t m e n t . . . . . . . . . . . . . . . . . . . 1 1 5 r e a s o n s t o i n v e s t i n E x s i t e c . . . . . . . . . . 1 5 T h e S h a r e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6 S u s t a i n a b i l i t y O u r B u s i n e s s C o r p o r a t e G o v e r n a n c e F i n a n c i a l R e p o r t s
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3E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e
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A w a r d s a n d R e c o g n i t i o n s V i s m a N e t N o r d i c P a r t n e r o f t h e Y e a r , B u s i n e s s N X T D e a l o f t h e Y e a r , M a r k e t i n g P a r t n e r o f t h e Y e a r r E x s i t e c w a s a w a r d e d t h e p r e s t i g i o u s t i t l e o f V i s m a N e t N o r d i c P a r t n e r o f t h e Y e a r b y V i s m a S o f t w a r e N o r d i c a n d a l s o w o n t h e a w a r d f o r b e s t B u s i n e s s N X T E R P d e a l s a c r o s s a l l t h r e e c o u n t r i e s . A d d i t i o n a l l y , t h e m a r k e t i n g d e p a r t m e n t i n D e n m a r k w a s n a m e d M a r k e t i n g P a r t n e r o f t h e Y e a r . M e d i u s P a r t n e r o f t h e Y e a r & P l a n a c y P a r t n e r o f t h e Y e a r E x s i t e c w a s n a m e d P a r t n e r o f t h e Y e a r b y M e d i u s , r e f l e c t i n g t h e c o m p a n y ’ s s u c c e s s f u l c o l l a b o r a t i o n a n d c o m m i t m e n t w i t h i n a c c o u n t s p a y a b l e a u t o m a t i o n . P l a n a c y a l s o n a m e d E x s i t e c P a r t n e r o f t h e Y e a r , h i g h l i g h t i n g t h e c o m p a n y ’ s s u c c e s s i n b u d g e t i n g a n d f o r e c a s t i n g . E x s i t e c ’ s T r a i n e e P r o g r a m – O n e o f S w e d e n ’ s M o s t A t t r a c t i v e A c c o r d i n g t o U n i v e r s u m A c c o r d i n g t o U n i v e r s u m , E x s i t e c h a s b e e n r e c o g n i z e d a s o n e o f S w e d e n ’ s m o s t a t t r a c t i v e I T e m p l o y e r s , u n d e r s c o r i n g t h e c o m p a n y ’ s c o m m i t m e n t t o d e v e l o p i n g y o u n g t a l e n t . S J F u t u r e T r a v e l e r o f t h e Y e a r – C o m p a n y o f t h e Y e a r E x s i t e c r e c e i v e d t h e a w a r d f o r s u s t a i n a b l e t r a v e l i n 2 0 2 5 a n d h a s c o n s e q u e n t l y w o n a m a j o r m a r k e t i n g c a m p a i g n t h r o u g h S J , w h i c h w i l l b e u t i l i z e d d u r i n g 2 0 2 6 . O t h e r H i g h l i g h t s C a r l A r n e s s o n A p p o i n t e d a s N e w C F O C a r l A r n e s s o n a s s u m e d t h e p o s i t i o n o f C F O i n J a n u a r y , s t r e n g t h e n i n g E x s i t e c ’ s f i n a n c i a l m a n a g e m e n t . N i k l a s E k A p p o i n t e d a s N e w C h i e f E x e c u t i v e O f f i c e r O n M a r c h 3 , N i k l a s E k t o o k o f f i c e a s t h e n e w C E O o f E x s i t e c H o l d i n g A B ( p u b l ) . N i k l a s h a s a n e x t e n s i v e a n d s o l i d b a c k g r o u n d w i t h i n t h e c o m p a n y , w h e r e h e h a s s e r v e d f o r o v e r t e n y e a r s i n v a r i o u s r o l e s , m o s t r e c e n t l y a s h e a d o f E x s i t e c ’ s l a r g e s t b u s i n e s s a r e a , E R P . E x s i t e c E n t e r e d i n t o P a r t n e r s h i p w i t h K o n s o l i d a t o r E x s i t e c A B e n t e r e d i n t o a p a r t n e r s h i p w i t h t h e D a n i s h S a a S c o m p a n y K o n s o l i d a t o r A / S . T h e p a r t n e r s h i p e n a b l e s E x s i t e c t o o f f e r a c l o u d - b a s e d s o l u t i o n f o r g r o u p a c c o u n t i n g t h a t a u t o m a t e s t h e e n t i r e p r o c e s s f r o m d a t a c o l l e c t i o n t o r e p o r t i n g . 6 0 N e w C o l l e a g u e s W e l c o m e d t o E x s i t e c T h e 2 0 2 5 a u t u m n t r a i n e e p r o g r a m w e l c o m e d 6 0 n e w e m p l o y e e s t o E x s i t e c i n S w e d e n , N o r w a y , a n d D e n m a r k . E x s i t e c D e e p e n e d P a r t n e r s h i p w i t h K o n s o l i d a t o r E x s i t e c a s s u m e d r e s p o n s i b i l i t y f o r c u s t o m e r s u c c e s s a n d f i r s t - l i n e s u p p o r t f o r t h e S w e d i s h a n d N o r w e g i a n c u s t o m e r b a s e f r o m i t s p a r t n e r , K o n s o l i d a t o r . E x s i t e c A B D i v e s t e d I T a n d O p e r a t i o n s B u s i n e s s Z e d c o m A B E x s i t e c A B s i g n e d a n a g r e e m e n t t o d i v e s t i t s s u b s i d i a r y Z e d c o m A B t o t h e I T a n d o p e r a t i o n s s p e c i a l i s t I n f r a C o m G r o u p A B . T h e Y e a r i n B r i e f U n d e r 2 0 2 5 f y l l d e E x s i t e c 2 5 å r . D e t t a h a r f i r a t s u n d e r h e l a å r e t m e n s ä r s k i l t p å j u b i l e u m i a u g u s t i . 4E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e
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D u r i n g 2 0 2 5 , w e s t r e n g t h e n e d o u r p o s i t i o n a s a l e a d i n g p a r t n e r i n m o d e r n b u s i n e s s s y s t e m s b y c o m b i n i n g d e e p s y s t e m s e x p e r t i s e w i t h a s t r o n g b u s i n e s s f o c u s . D e m a n d f o r f i n a n c i a l d i g i t a l i z a t i o n r e m a i n e d h i g h , a n d w e s a w h o w i n v e s t m e n t s i n t h e r i g h t s y s t e m s u p p o r t b e c a m e c r u c i a l f o r e n s u r i n g r e g u l a t o r y c o m p l i a n c e , a u t o m a t i n g w o r k f l o w s , a n d e n a b l i n g f a s t e r d a t a - d r i v e n d e c i s i o n - m a k i n g . O u r f o c u s o n s p e c i a l i z e d s o l u t i o n s f o r a c c o u n t s p a y a b l e a u t o m a t i o n a n d p a y r o l l w a s p a r t i c u l a r l y s u c c e s s f u l , n o t o n l y d r i v i n g g r o w t h b u t a l s o p r o v i d i n g o u r c u s t o m e r s w i t h m e a s u r a b l e e f f i c i e n c y g a i n s i n t h e i r d a y - t o - d a y o p e r a t i o n s . A t t h e s a m e t i m e , w e c o n s o l i d a t e d o u r e x p e r t i s e i n c l o u d - b a s e d E R P s o l u t i o n s t h r o u g h a l a r g e n u m b e r o f s u c c e s s f u l m i g r a t i o n s t o V i s m a B u s i n e s s N X T . W i t h t h i s s o l i d f o u n d a t i o n , w e e n t e r 2 0 2 6 w i t h t h e o b j e c t i v e o f f u r t h e r s c a l i n g o u r c l o u d d e l i v e r i e s a n d d e e p e n i n g t h e c o l l a b o r a t i o n w i t h o u r e x i s t i n g c u s t o m e r s . T h e m a r k e t i n 2 0 2 5 w a s c h a r a c t e r i z e d b y a g r a d u a l r e c o v e r y , w h e r e t h e n e e d t o n a v i g a t e u n c e r t a i n t i m e s p l a c e d d e c i s i o n s u p p o r t a t t h e f o r e f r o n t . W e e x p e r i e n c e d s t r o n g g r o w t h w i t h i n o u r o f f e r i n g b a s e d o n M i c r o s o f t ' s B I p l a t f o r m , a s a n i n c r e a s i n g n u m b e r o f o r g a n i z a t i o n s r e a l i z e d t h e v a l u e o f c e n t r a l i z i n g t h e i r d a t a f o r b e t t e r i n s i g h t a n d c o n t r o l . D u r i n g t h e y e a r , w e a l s o b r o a d e n e d o u r p o r t f o l i o w i t h g r o u p c o n s o l i d a t i o n s o l u t i o n s t o m e e t t h e n e e d s o f l a r g e r a n d m o r e c o m p l e x c o r p o r a t e s t r u c t u r e s . A s A I w a s i n t e g r a t e d i n t o o u r a n a l y t i c a l t o o l s , w e w e r e a b l e t o h e l p o u r c u s t o m e r s t r a n s i t i o n f r o m h i s t o r i c a l r e p o r t i n g t o p r o a c t i v e a n a l y s i s . H e a d i n g i n t o 2 0 2 6 , w e f o r e s e e a c o n t i n u e d a c c e l e r a t i o n o f A I - d r i v e n i n s i g h t s , w h e r e w e w i l l p l a y a k e y r o l e i n t r a n s f o r m i n g r a w d a t a i n t o s t r a t e g i c c o m p e t i t i v e a d v a n t a g e s . T i l d a H j e r t b e r g S a r a W a l l b ä c k B u s i n e s s U n i t M a n a g e r E R P B u s i n e s s U n i t M a n a g e r I n s i k t 5E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e
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A Y e a r o f S t a b l e D e v e l o p m e n t a n d F o c u s o n P r o f i t a b i l i t y M a r k e t a n d D e v e l o p m e n t D u r i n g t h e Y e a r T h e m a r k e t s i t u a t i o n i n 2 0 2 5 w a s c h a r a c t e r i z e d b y c o n t i n u e d c a u t i o u s d e m a n d f r o m o u r e x i s t i n g c u s t o m e r s , p a r t i c u l a r l y w i t h i n t h e c o n s u l t i n g b u s i n e s s . A t t h e s a m e t i m e , w e m a i n t a i n e d c o n s i s t e n t l y s t r o n g o r d e r i n t a k e i n n e w s a l e s t h r o u g h o u t t h e y e a r , d e m o n s t r a t i n g t h a t o u r o f f e r i n g r e m a i n s a t t r a c t i v e e v e n i n a m o r e c o n s e r v a t i v e m a r k e t c l i m a t e . O u r a s s e s s m e n t i s t h a t m a n y c u s t o m e r s i n r e c e n t y e a r s h a v e p o s t p o n e d i n v e s t m e n t s i n t h e i r I T s y s t e m s r a t h e r t h a n o p t i n g o u t e n t i r e l y , c r e a t i n g a p e n t - u p d e m a n d t h a t m a y b e r e a l i z e d a s m a r k e t s i g n a l s b e c o m e c l e a r e r . I n t h i s e n v i r o n m e n t , E x s i t e c h a s c o n t i n u e d t o d e v e l o p w i t h a f o c u s o n p r o f i t a b i l i t y , n e w s a l e s , a n d t h e i n t e g r a t i o n o f p r e v i o u s l y c o m p l e t e d a c q u i s i t i o n s . E a r n i n g s P e r f o r m a n c e a n d B u s i n e s s M o d e l U D u r i n g 2 0 2 5 , o u r f o c u s o n p r o f i t a b i l i t y y i e l d e d r e s u l t s , a n d t h e a d j u s t e d E B I T A m a r g i n s t r e n g t h e n e d t o 1 8 ( 1 5 ) % . N e t s a l e s a m o u n t e d t o a t o t a l o f M S E K 8 9 5 ( 8 1 1 ) , c o r r e s p o n d i n g t o g r o w t h o f 1 0 % , o f w h i c h 2 % w a s o r g a n i c . A d j u s t e d E B I T A i n c r e a s e d t o M S E K 1 5 8 ( 1 2 1 ) . T h e m a r g i n i m p r o v e m e n t i s a r e s u l t o f a n i n c r e a s e d s h a r e o f r e c u r r i n g s o f t w a r e r e v e n u e , s o l i d c o s t c o n t r o l , a n d a c o n t i n u e d f o c u s o n d e l i v e r y e f f i c i e n c y . O r g a n i c g r o w t h h a s n o t b e e n a t o u r d e s i r e d l e v e l ; h o w e v e r , a l l s e g m e n t s d e v e l o p e d p o s i t i v e l y d u r i n g t h e y e a r a n d c o n t r i b u t e d t o b o t h g r o w t h a n d i m p r o v e d p r o f i t a b i l i t y . G r o w t h d u r i n g t h e y e a r w a s p r i m a r i l y d r i v e n b y a c q u i s i t i o n s c o m p l e t e d i n 2 0 2 4 . R e c u r r i n g s o f t w a r e r e v e n u e a c c o u n t s f o r a n i n c r e a s i n g s h a r e o f E x s i t e c ’ s n e t s a l e s a n d c o n t r i b u t e s t o e n h a n c e d p r e d i c t a b i l i t y , s t a b i l i t y , a n d p r o f i t a b i l i t y i n t h e b u s i n e s s . T h i s i s p a r t i c u l a r l y v a l u a b l e i n t i m e s o f u n c e r t a i n t y . I n a d d i t i o n t o n e w s a l e s , i t i s c r u c i a l t h a t w e c o n t i n u e t o d e v e l o p a n d r e t a i n o u r e x i s t i n g c u s t o m e r s , c r e a t i n g l o n g - t e r m r e l a t i o n s h i p s a n d e n a b l i n g m u t u a l g r o w t h o v e r t i m e . A c q u i s i t i o n s a n d D i v e s t m e n t s D u r i n g t h e y e a r , w e c a r r i e d o u t a s t r a t e g i c s t r e a m l i n i n g o f t h e b u s i n e s s t h r o u g h t h e d i v e s t m e n t o f t h e I T o p e r a t i o n s b u s i n e s s i n t h e s u b s i d i a r y Z e d c o m A B . T h e a c q u i s i t i o n o f Z e d c o m i n 2 0 2 1 c o n s i s t e d o f t w o p a r t s , w h e r e t h e V i s m a o p e r a t i o n s r e m a i n p a r t o f E x s i t e c , w h i l e t h e I T a n d o p e r a t i o n s b u s i n e s s n o w r e c e i v e s a n e w l o n g - t e r m o w n e r . W e e n t e r e d i n t o a s a l e a g r e e m e n t w i t h I n f r a C o m G r o u p i n D e c e m b e r 2 0 2 5 , a n d t h e t r a n s a c t i o n w a s f i n a l i z e d i n e a r l y 2 0 2 6 f o l l o w i n g a p p r o v a l f r o m t h e I n s p e c t o r a t e o f S t r a t e g i c P r o d u c t s ( I S P ) . T h e d i v e s t m e n t i s i n l i n e w i t h o u r s t r a t e g y t o f o c u s o n c o r e b u s i n e s s a p p l i c a t i o n s , d i g i t a l i z a t i o n , a n d b u s i n e s s s u p p o r t , w h i l e p r o v i d i n g t h e o p e r a t i o n s b u s i n e s s w i t h b e t t e r c o n d i t i o n s t o d e v e l o p u n d e r I n f r a C o m . A w o r d f r o m t h e C E O 6E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e
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D u r i n g 2 0 2 5 , w e c o n t i n u e d t o e v a l u a t e p o t e n t i a l a c q u i s i t i o n s , t h o u g h i n a n u n c e r t a i n m a r k e t , t h e t i m i n g f o r n e w a c q u i s i t i o n s w a s i n s e v e r a l c a s e s n o t o p t i m a l . T o w a r d s t h e e n d o f t h e y e a r , h o w e v e r , w e n o t e d i n c r e a s e d a c t i v i t y i n t h e M & A m a r k e t . M & A r e m a i n s a k e y c o m p o n e n t o f E x s i t e c ’ s l o n g - t e r m s t r a t e g y , a n d o u r a m b i t i o n i s t o c a r r y o u t s e l e c t i v e a c q u i s i t i o n s t h a t c o m p l e m e n t o u r o f f e r i n g a n d s t r e n g t h e n o u r p o s i t i o n o v e r t i m e . E m p l o y e e s a n d O r g a n i z a t i o n E m p l o y e e t u r n o v e r d u r i n g 2 0 2 5 w a s h i g h e r t h a n i n p r e v i o u s y e a r s . C o m b i n e d w i t h a s m a l l e r t r a i n e e p r o g r a m c o m p a r e d t o t h e p r i o r y e a r , t h i s r e s u l t e d i n t h e n u m b e r o f e m p l o y e e s a t y e a r - e n d b e i n g s l i g h t l y l o w e r t h a n t h e y e a r b e f o r e . A t t h e s a m e t i m e , w e h a v e w o r k e d a c t i v e l y t o b a l a n c e o u r c a p a c i t y i n r e l a t i o n t o d e m a n d a n d t o e n s u r e t h e r i g h t e x p e r t i s e f o r t h e f u t u r e . O u r e m p l o y e e s r e m a i n E x s i t e c ’ s m o s t i m p o r t a n t a s s e t , a n d w e m a i n t a i n a c l e a r f o c u s o n c r e a t i n g a s u s t a i n a b l e o r g a n i z a t i o n w i t h s t r o n g c o n d i t i o n s f o r d e v e l o p m e n t a n d e n g a g e m e n t . L o o k i n g A h e a d t o 2 0 2 6 A s w e n o w e n t e r 2 0 2 6 , w e d o s o o n a s t a b l e f o u n d a t i o n a n d w i t h c l e a r p r i o r i t i e s . O u r f o c u s l i e s o n a c c e l e r a t i n g t h e s a l e s o f B u s i n e s s N X T , s c a l i n g o u r M i c r o s o f t o f f e r i n g , a n d i n c r e a s i n g o r g a n i c g r o w t h t h r o u g h s a l e s t o b o t h n e w a n d e x i s t i n g c u s t o m e r s . A l t h o u g h t h e m a r k e t c o n t i n u e s t o b e c h a r a c t e r i z e d b y u n c e r t a i n t y , w e s e e f a v o r a b l e c o n d i t i o n s f o r t a k i n g f u r t h e r s t e p s f o r w a r d . I w o u l d l i k e t o c o n c l u d e b y e x t e n d i n g a s i n c e r e t h a n k y o u t o o u r c u s t o m e r s , p a r t n e r s , a n d e m p l o y e e s f o r t h e i r e x c e l l e n t c o l l a b o r a t i o n d u r i n g t h e y e a r . T o g e t h e r , w e h a v e n a v i g a t e d a c h a n g i n g e n v i r o n m e n t a n d c o n t i n u e d t o d e v e l o p E x s i t e c i n t h e r i g h t d i r e c t i o n . N i k l a s E k 7E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e
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W e e n t e r e d 2 0 2 5 w i t h r e c o r d - s t r o n g d e l i v e r y c a p a c i t y a n d a r o b u s t o r d e r b a c k l o g , p r o v i d i n g u s w i t h a s t a b l e f o u n d a t i o n d e s p i t e a g e n e r a l l y c a u t i o u s m a r k e t w i t h l o n g e r d e c i s i o n - m a k i n g p r o c e s s e s . D u r i n g t h e y e a r , w e o b s e r v e d a c l e a r s h i f t w h e r e c u s t o m e r s m o v e d f r o m d i s c u s s i n g A I t h e o r i e s t o d e m a n d i n g c o n c r e t e , p r a c t i c a l a p p l i c a t i o n s w i t h i n b o t h a p p d e v e l o p m e n t a n d s y s t e m s i n t e g r a t i o n . A s t r a t e g i c m i l e s t o n e d u r i n g t h e f o u r t h q u a r t e r w a s t h e d i v e s t m e n t o f Z e d c o m ' s I T a n d o p e r a t i o n s b u s i n e s s , a d e c i s i o n m a d e t o s t r e a m l i n e o u r o p e r a t i o n s a n d f o c u s w h o l e h e a r t e d l y o n o u r f a s t - g r o w i n g c o r e a r e a s . T h r o u g h t h i s r e f i n e m e n t , w e a r e n o w c r e a t i n g t h e s p a c e t o c o n t i n u e o u r g r o w t h j o u r n e y w i t h i n c u s t o m i z e d s o f t w a r e d e v e l o p m e n t a n d s e a m l e s s e c o s y s t e m s d u r i n g 2 0 2 6 . D u r i n g 2 0 2 5 , i t b e c a m e c l e a r t h a t a u t o m a t i o n a n d d i g i t a l i z a t i o n a r e n o l o n g e r j u s t e f f i c i e n c y t o o l s , b u t n e c e s s a r y c o m p o n e n t s f o r m a i n t a i n i n g q u a l i t y i n f a s t - m o v i n g i n d u s t r i e s . T h e y e a r w a s c h a r a c t e r i z e d b y t h e s u c c e s s f u l i n t e g r a t i o n o f B r i g h t c o m a n d E x s i t e c , w h e r e c o m b i n i n g o u r s t r e n g t h s i n s a l e s a n d t a l e n t m a n a g e m e n t l e d t o d i r e c t p o s i t i v e e f f e c t s o n o r g a n i c g r o w t h . O u r p o s i t i o n w i t h i n e - c o m m e r c e a n d r e t a i l w a s f u r t h e r s t r e n g t h e n e d t h r o u g h n e w p a r t n e r s h i p s , i n c l u d i n g K 3 P e b b l e s t o n e f o r t h e f a s h i o n i n d u s t r y , w h i l e M i c r o s o f t B u s i n e s s C e n t r a l c o n t i n u e d t o e v o l v e a s t h e h u b o f o u r c u s t o m e r s ' o p e r a t i o n s . W e l o o k f o r w a r d t o i n c r e a s i n g o u r p a c e f u r t h e r d u r i n g 2 0 2 6 a n d f u l l y l e v e r a g i n g t h e s y n e r g i e s w e b u i l t u p o v e r t h e p a s t y e a r . E r i c L i n d h o l m S t e f a n S e l v a n d e r B u s i n e s s U n i t M a n a g e r U t v e c k l i n g & D r i f t B u s i n e s s U n i t M a n a g e r M i c r o s o f t E R P 8E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e
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R esellers o f selected so ftw are co m p o n en ts In -h o u se d evelo p ed in teg ratio n s Software & In frastru c tu re S u p p o rtS e rv ic e s 2 5 % 6 3 % 1 2 % C o n fig u ratio n an d cu sto m ized d evelo p m en t T rain in g an d ad viso ry co n su ltin g w o rk T o g e t h e r , w e c r e a t e t h e b e s t p o s s i b l e I T s u p p o r t t h a t m a k e s a r e a l d i f f e r e n c e i n e v e r y d a y w o r k . B y s e l e c t i n g t h e r i g h t c o m p o n e n t s a n d e n s u r i n g t h e y w o r k s e a m l e s s l y t o g e t h e r , w e t a k e r e s p o n s i b i l i t y f o r t h e w h o l e s o l u t i o n . W i t h a f o c u s o n l o n g - t e r m c o m m i t m e n t a n d c o l l a b o r a t i o n , w e g r o w s t r o n g e r t o g e t h e r . A n U n u s u a l C o n s u l t i n g C o m p a n y M a n a g i n g c u s t o m e r s ’ i n t e r n a l t r a n s a c t i o n p r o c e s s e s : s y s t e m s f o r f i n a n c e , o r d e r m a n a g e m e n t , i n v e n t o r y , i n v o i c i n g , p r o c u r e m e n t , a c c o u n t s p a y a b l e , p a y r o l l , a n d f i e l d s e r v i c e M a n a g i n g c u s t o m e r i n t e r a c t i o n : C R M , s u p p o r t / c u s t o m e r s e r v i c e , a n d e - c o m m e r c e D a t a m a n a g e m e n t , d e c i s i o n s u p p o r t , a n d r e p o r t i n g : B u s i n e s s I n t e l l i g e n c e , d a t a w a r e h o u s i n g , i n f o r m a t i o n s e c u r i t y , b u d g e t i n g & p l a n n i n g , a n d s u s t a i n a b i l i t y r e p o r t i n g I n t e g r a t i o n b e t w e e n t h e s y s t e m s a b o v e C o n s u l t i n g s e r v i c e s f o r i m p l e m e n t a t i o n , m a i n t e n a n c e , a n d f u r t h e r d e v e l o p m e n t a r e t a i l o r e d t o m e e t o u r c u s t o m e r s ’ w i d e l y v a r y i n g n e e d s i n t e r m s o f e n g a g e m e n t i n t e n s i t y : f r o m a n h o u r h e r e a n d t h e r e t o l a r g e - s c a l e p r o j e c t s a n d e v e r y t h i n g i n b e t w e e n . F i x e d m o n t h l y s u p p o r t p l a n s p r o v i d e a s s i s t a n c e t o c u s t o m e r s ’ s t a f f w h o u s e t h e s o f t w a r e o n a d a i l y b a s i s . R e c u r r i n g c o n t r a c t - b a s e d l i c e n s e r e v e n u e p r i m a r i l y c o n s i s t s o f m a r g i n f r o m t h e r e s a l e o f s o f t w a r e a n d s o f t w a r e s e r v i c e s f r o m o u r p a r t n e r s , s u p p l e m e n t e d b y a s m a l l e r p o r t i o n o f o u r o w n s t a n d a r d c o m p o n e n t s — m a i n l y i n t e g r a t i o n s — s o l d a s l i c e n s e s . E x s i t e c c r e a t e s v a l u e b y m a n a g i n g a l l p h a s e s o f s e l e c t i n g , i m p l e m e n t i n g , i n t e g r a t i n g , a n d s u p p o r t i n g o u r c u s t o m e r s i n u s i n g w e l l - f u n c t i o n i n g s o f t w a r e o v e r t i m e . T h i s c r e a t e s a w i n - w i n - w i n s i t u a t i o n f o r t h e c u s t o m e r , t h e p a r t n e r , a n d E x s i t e c . O u r o f f e r i n g s a n d e x p e r t i s e r e v o l v e a r o u n d s o f t w a r e a n d s e r v i c e s f o r W e s i m p l i f y e v e r y d a y o p e r a t i o n s f o r o u r c u s t o m e r s . B y s e l e c t i n g w e l l - f u n c t i o n i n g s o f t w a r e f o r m a n y c o m m o n p r o c e s s e s i n m i d - s i z e d c o m p a n i e s a n d p r o v i d i n g s t a n d a r d i z e d i n t e g r a t i o n s b e t w e e n f r e q u e n t l y u s e d s y s t e m s , w e r e d u c e c o m p l e x i t y a n d l o w e r t h e i n i t i a l i n v e s t m e n t f o r t h e c u s t o m e r . W e t a k e l o n g - t e r m r e s p o n s i b i l i t y . B y p r o v i d i n g s u p p o r t f o r d e l i v e r e d s o f t w a r e , m a i n t a i n i n g i n t e g r a t i o n s , a n d c o n t i n u o u s l y e x p l o r i n g n e w s o f t w a r e a n d s e r v i c e s , w e a c t a s a l o n g - t e r m p a r t n e r t o o u r c u s t o m e r s . T h e c o m b i n a t i o n o f r e s e l l i n g p a r t n e r s o f t w a r e o r s o f t w a r e s e r v i c e s , i n - h o u s e c o n s u l t i n g s e r v i c e s f o r i m p l e m e n t a t i o n a n d c u s t o m i z a t i o n , p r o p r i e t a r y s y s t e m i n t e g r a t i o n s , a l o n g w i t h o n g o i n g s u p p o r t , m a i n t e n a n c e , a n d f u r t h e r d e v e l o p m e n t , r e s u l t s i n a r o b u s t m i x o f m u l t i p l e r e v e n u e s t r e a m s . R e v e n u e M o d e l 9E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e
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G e m i n i s a i d 2 0 2 5 m a r k e d a b r e a k t h r o u g h f o r E x s i t e c D e n m a r k , w h e r e , f o l l o w i n g t h e a c q u i s i t i o n o f E C I T ’ s c u s t o m e r b a s e , w e s u c c e s s f u l l y b u i l t a u n i f i e d a n d s t r o n g o r g a n i z a t i o n . T o d a y , w e a r e 5 5 e m p l o y e e s a c r o s s t h r e e o f f i c e s , p r o v i d i n g u s w i t h a n a t i o n w i d e p r e s e n c e a n d m a k i n g u s a n e v e n m o r e r e l e v a n t p a r t n e r f o r D a n i s h g r o w t h c o m p a n i e s . T h e m a r k e t ’ s r e c e p t i o n o f V i s m a B u s i n e s s N X T h a s e x c e e d e d e x p e c t a t i o n s , a s t h e s y s t e m ’ s f i n a n c i a l e n g i n e h a s p r o v e n t o b e e x a c t l y w h a t l a r g e r c o m p a n i e s d e m a n d i n t h e i r d i g i t a l t r a n s f o r m a t i o n . W e h a v e a l s o w o r k e d i n t e n s i v e l y o n i n t e g r a t i n g A I i n t o o u r i n t e r n a l p r o c e s s e s a n d c u s t o m e r p r o j e c t s t o e n h a n c e t h e q u a l i t y o f e v e r y d e l i v e r y . W i t h a s t a b l e o r g a n i z a t i o n a n d a m o d e r n o f f e r i n g , o u r a i m f o r 2 0 2 6 i s t o c a p t u r e f u r t h e r m a r k e t s h a r e a n d c o n s o l i d a t e o u r p o s i t i o n a s D e n m a r k ’ s p r e m i e r E R P p a r t n e r . D u r i n g 2 0 2 5 , w e p l a c e d g r e a t e m p h a s i s o n d e e p e n i n g o u r c o r p o r a t e c u l t u r e a n d c l a r i f y i n g o u r e m p l o y e r b r a n d i n g i n a c o m p e t i t i v e I T s e c t o r . T h e r e s u l t s o f t h e s e e f f o r t s w e r e c l e a r l y r e f l e c t e d i n U n i v e r s u m ' s T a l e n t S u r v e y , w h e r e w e c l i m b e d s i g n i f i c a n t l y i n t h e r a n k i n g s a m o n g b o t h s t u d e n t s a n d p r o f e s s i o n a l s s e e k i n g a w o r k p l a c e c h a r a c t e r i z e d b y d e v e l o p m e n t a n d c o m m u n i t y . B y i n v e s t i n g i n o u r e m p l o y e e s ' g r o w t h , w e h a v e c r e a t e d a n e n v i r o n m e n t w h e r e i n n o v a t i o n a n d w e l l - b e i n g g o h a n d i n h a n d . T h i s r e c o g n i t i o n p r o v i d e s u s w i t h g r e a t e n e r g y a s w e l o o k a h e a d t o 2 0 2 6 , w h e r e w e p l a n t o c o n t i n u e r e c r u i t i n g t h e m a r k e t ' s t o p t a l e n t a n d f u r t h e r d e v e l o p o u r t r a i n e e p r o g r a m t o m e e t f u t u r e e x p e r t i s e r e q u i r e m e n t s . J o h n n y H a n s e n E m m a B i l l e n i u s C E O , E x s i t e c D a n m a r k C H R O 1 0E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e
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G r o w i n g I n t e r e s t A m o n g F u t u r e T a l e n t U I n 2 0 2 5 , E x s i t e c c o n t i n u e d t o a t t r a c t s i g n i f i c a n t i n t e r e s t f r o m t h e t a l e n t o f t h e f u t u r e . A t o t a l o f 8 9 n e w e m p l o y e e s b e g a n t h e i r j o u r n e y a t E x s i t e c d u r i n g t h e y e a r , 6 6 o f w h o m w e r e a d m i t t e d t o E x s i t e c ' s w e l l - k n o w n t r a i n e e p r o g r a m i n S w e d e n a n d N o r w a y . I n t e r e s t r e m a i n e d v e r y h i g h , w i t h o v e r 3 , 5 0 0 a p p l i c a t i o n s f o r t h i s y e a r ’ s t r a i n e e p r o g r a m s s t a r t i n g i n J a n u a r y a n d A u g u s t . T h i s h i g h d e m a n d c o n f i r m s E x s i t e c ' s s t r o n g p o s i t i o n a s a n a t t r a c t i v e e m p l o y e r a m o n g s t u d e n t s a n d r e c e n t g r a d u a t e s . I t e n a b l e s a r i g o r o u s s e l e c t i o n p r o c e s s w h e r e e x p e r t i s e , d r i v e , a n d c u l t u r a l f i t a r e p r i o r i t i z e d . B e y o n d t h e t r a i n e e p r o g r a m , E x s i t e c h a s c o n t i n u e d t o b r o a d e n i t s c o m m i t m e n t t o f u t u r e e x p e r t i s e a c r o s s m a n y d e l i v e r y a r e a s t h r o u g h i n t e r n a l m o b i l i t y . D u r i n g t h e y e a r , n e w e m p l o y e e s w e r e a l s o w e l c o m e d i n t o t a r g e t e d i n i t i a t i v e s f o c u s i n g o n b u s i n e s s p r o c e s s e s a n d s a l e s , a s p a r t o f m e e t i n g t h e l o n g - t e r m n e e d s o f t h e b u s i n e s s a n d s t r e n g t h e n i n g t h e o r g a n i z a t i o n a c r o s s m o r e a r e a s o f e x p e r t i s e . G r o w i n g w i t h E x s i t e c A t E x s i t e c , i n t e r n a l m o b i l i t y m e a n s t h e o p p o r t u n i t y t o d e v e l o p i n m u l t i p l e d i r e c t i o n s — v e r t i c a l l y , h o r i z o n t a l l y , o r d i a g o n a l l y — b y t a k i n g o n r o l e s w i t h d i f f e r e n t r e s p o n s i b i l i t i e s , w i t h i n d i f f e r e n t d e l i v e r y a r e a s , a n d f o c u s i n g o n d i f f e r e n t p r o d u c t s . D u r i n g 2 0 2 5 , m a n y e m p l o y e e s t o o k n e w s t e p s w i t h i n t h e o r g a n i z a t i o n , m o v i n g i n t o r o l e s w i t h g r e a t e r r e s p o n s i b i l i t y , e x p a n d e d l e a d e r s h i p , o r e n t i r e l y n e w a s s i g n m e n t s . D u r i n g t h e y e a r , m o r e w o m e n a l s o s t e p p e d i n t o s e n i o r p o s i t i o n s , a n d w o m e n n o w a c c o u n t f o r 5 0 p e r c e n t o f a l l l e a d e r s h i p r o l e s . A c l e a r e x a m p l e o f E x s i t e c ' s l o n g - t e r m v i e w o n d e v e l o p m e n t i s N i k l a s E k , w h o b e g a n h i s c a r e e r t h r o u g h E x s i t e c ’ s t r a i n e e p r o g r a m i n 2 0 1 5 a n d a s s u m e d t h e r o l e o f C E O i n e a r l y 2 0 2 5 . T h e a p p o i n t m e n t r e f l e c t s t h e o p p o r t u n i t i e s t o g r o w w i t h i n t h e o r g a n i z a t i o n o v e r t i m e a n d h o w i n t e r n a l t a l e n t c a n b e d e v e l o p e d t o t a k e o n l e a d i n g p o s i t i o n s . T o f a c i l i t a t e m o b i l i t y i n a s t r u c t u r e d a n d s e c u r e m a n n e r , t h e H R f u n c t i o n w o r k s c l o s e l y w i t h b u s i n e s s a r e a m a n a g e r s a n d e x e c u t i v e m a n a g e m e n t . F o r e m p l o y e e s , t h i s i n v o l v e s b e i n g o p e n t o c h a n g e , p r o a c t i v e r e g a r d i n g t h e i r c a r e e r a s p i r a t i o n s , a n d v i e w i n g e a c h n e w r o l e a s a n o p p o r t u n i t y f o r c o n t i n u e d l e a r n i n g a n d d e v e l o p m e n t . . I n v e s t m e n t s i n b o t h n e w a n d e x i s t i n g e m p l o y e e s a r e c r u c i a l f o r E x s i t e c ' s l o n g - t e r m d e v e l o p m e n t . B y c o n t i n u o u s l y s t r e n g t h e n i n g t h e o r g a n i z a t i o n w i t h t h e r i g h t e x p e r t i s e , w e c r e a t e t h e c o n d i t i o n s t o r e a c h o u r g r o w t h t a r g e t s , d e l i v e r h i g h q u a l i t y i n o u r c u s t o m e r a s s i g n m e n t s , a n d c o n t r i b u t e t o s u s t a i n a b l e d e v e l o p m e n t w i t h i n t h e I T i n d u s t r y . A c o n s i s t e n t l y s t a b l e a n d w e l l - p l a n n e d i n f l o w o f n e w e m p l o y e e s h a s t h e r e f o r e b e e n a k e y p a r t o f t h e G r o u p ' s g r o w t h s t r a t e g y i n 2 0 2 5 . D u r i n g t h e y e a r , r e c r u i t m e n t t o o k p l a c e a c r o s s a l l p a r t s o f t h e b u s i n e s s , w i t h a c l e a r f o c u s o n f u t u r e g r o w t h a n d s u s t a i n a b i l i t y . E m p l o y e e s & R e c r u i t m e n t - T h e t r a i n e e p r o g r a m i s t h e h e a r t o f o u r t a l e n t s u p p l y . W i t h o v e r 3 , 5 0 0 a p p l i c a n t s , w e a r e a b l e t o s e l e c t t h e t o p t a l e n t s , p r o v i d i n g u s w i t h i m m e n s e f o r w a r d m o m e n t u m . I a m p r o u d t h a t w e a t t r a c t i n d i v i d u a l s w h o n o t o n l y p o s s e s s t h e r i g h t s k i l l s b u t a l s o s h a r e o u r v a l u e s a n d w a n t t o c o n t r i b u t e t o c u s t o m e r v a l u e f r o m d a y o n e . , E m m a B i l l e n i u s , C H R O . – I n t e r n a l m o b i l i t y d o e s n o t o n l y c r e a t e i n d i v i d u a l g r o w t h . W h e n o u r c o l l e a g u e s m o v e b e t w e e n d i f f e r e n t p a r t s o f t h e b u s i n e s s , t h e y b r i n g w i t h t h e m e x p e r i e n c e s , k n o w l e d g e , a n d r e l a t i o n s h i p s t h a t s t r e n g t h e n c o l l a b o r a t i o n a n d c o n t r i b u t e t o a s h a r e d c u l t u r e . , L i n n A l v i n , H R - c h e f E x s i t e c S v e r i g e . 1 1E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e
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E x s i t e c ’ s C u l t u r e A s t r o n g c o r p o r a t e c u l t u r e i s o n e o f E x s i t e c ’ s m o s t c r i t i c a l s u c c e s s f a c t o r s . O u r c u l t u r e i s s h a p e d i n o u r d a i l y w o r k a n d e v o l v e s a s t h e o r g a n i z a t i o n g r o w s . I t i s r o o t e d i n o u r c o r e v a l u e s — f o r w a r d - t h i n k i n g , s i m p l i c i t y , p r o f e s s i o n a l i s m , a n d j o y — w h i c h g u i d e h o w w e c o l l a b o r a t e , m a k e d e c i s i o n s , a n d i n t e r a c t w i t h b o t h c o l l e a g u e s a n d c u s t o m e r s . T h e c u l t u r e i s c r e a t e d b y t h e p e o p l e a t E x s i t e c a n d t h e i r u n i q u e c o n t r i b u t i o n s . E v e r y e m p l o y e e i s a v i t a l p a r t o f t h e w h o l e , a n d w e v i e w a d i v e r s i t y o f e x p e r i e n c e s , p e r s p e c t i v e s , a n d b a c k g r o u n d s a s a s t r e n g t h . A s a g r o w i n g c o m p a n y , o u r c u l t u r e i s n o t s t a t i c ; i t c o n t i n u o u s l y e v o l v e s a s n e w c o l l e a g u e s j o i n t h r o u g h r e c r u i t m e n t a n d a l a r g e i n f l u x o f n e w l y g r a d u a t e d t r a i n e e s . D u r i n g 2 0 2 5 , t h e r e h a s b e e n a c l e a r f o c u s o n o f f i c e l i f e . W e b e l i e v e t h a t a s t r o n g c o r p o r a t e c u l t u r e i s b u i l t w h e n p e o p l e m e e t , c o l l a b o r a t e , a n d w o r k s i d e b y s i d e . B y m a i n t a i n i n g a c o n s c i o u s b a l a n c e b e t w e e n h y b r i d w o r k a n d o f f i c e p r e s e n c e , w e c r e a t e t h e c o n d i t i o n s f o r c o m m u n i t y , l e a r n i n g , a n d a v i b r a n t e x c h a n g e o f c u l t u r e i n o u r e v e r y d a y o p e r a t i o n s . A t E x s i t e c , w e w a n t o u r e m p l o y e e s t o f e e l a t h o m e i n t h e w o r k p l a c e . W e h a v e o f f i c e s t h r o u g h o u t t h e N o r d i c r e g i o n , w h e r e e a c h o f f i c e h a s i t s o w n c h a r a c t e r w h i l e s h a r i n g a s t r o n g c o m m o n c o r p o r a t e i d e n t i t y . O u r w o r k p l a c e s a r e i m p o r t a n t m e e t i n g p o i n t s f o r c o l l a b o r a t i o n , d e v e l o p m e n t , a n d c o m m u n i t y — a c r o s s t e a m s , l o c a t i o n s , a n d n a t i o n a l b o r d e r s . A s p a r t o f o u r l o n g - t e r m c o m m i t m e n t t o g r o w t h a n d p r e s e n c e , w e h a v e m a d e s i g n i f i c a n t i n v e s t m e n t s i n o u r o f f i c e e n v i r o n m e n t s d u r i n g t h e y e a r . I n L i n k ö p i n g , o u r h e a d o f f i c e h a s m o v e d t o a m o r e c e n t r a l a d d r e s s a n d l a r g e r p r e m i s e s t o m e e t o u r a m b i t i o n f o r c o n t i n u e d g r o w t h . I n G o t h e n b u r g , w e h a v e a l s o m o v e d t o l a r g e r o f f i c e s p a c e s t h a t p r o v i d e b e t t e r c o n d i t i o n s f o r a g r o w i n g t e a m a n d a n a c t i v e o f f i c e l i f e . T h r o u g h a t t r a c t i v e a n d p u r p o s e - b u i l t w o r k p l a c e s , w e c r e a t e e n v i r o n m e n t s w h e r e e m p l o y e e s t h r i v e , d e v e l o p , a n d w a n t t o m e e t i n t h e i r d a i l y w o r k . – A s t r o n g c u l t u r e i s c r e a t e d w h e n p e o p l e m e e t , w o r k c l o s e l y t o g e t h e r , a n d s h a r e t h e i r e v e r y d a y l i v e s . T h e o f f i c e i s a n e s s e n t i a l a r e n a f o r c o l l a b o r a t i o n , l e a r n i n g , a n d c o m m u n i t y w i t h i n E x s i t e c , S t u t i M a l h o t r a - G u n r o , H R M a n a g e r E x s i t e c N o r w a y . 1 2E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e
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A n A t t r a c t i v e E m p l o y e r f o r t h e T a l e n t o f t h e F u t u r e D u r i n g 2 0 2 5 , E x s i t e c c o n t i n u e d t o s t r e n g t h e n i t s p o s i t i o n a s a n a t t r a c t i v e e m p l o y e r w i t h i n t h e I T s e c t o r . I n U n i v e r s u m ' s a n n u a l T a l e n t S u r v e y , w h e r e t h o u s a n d s o f s t u d e n t s a n d y o u n g p r o f e s s i o n a l s r a n k t h e i r i d e a l e m p l o y e r s , E x s i t e c c l i m b e d s i g n i f i c a n t l y a c r o s s s e v e r a l c a t e g o r i e s . A m o n g I T s t u d e n t s i n S w e d e n , E x s i t e c t o o k a m a j o r l e a p , m o v i n g f r o m 9 5 t h p l a c e ( 2 0 2 4 ) t o 6 5 t h ( 2 0 2 5 ) . A m o n g y o u n g p r o f e s s i o n a l s , E x s i t e c r e m a i n s s t a b l e a t 9 2 n d p l a c e , w h i l e t h e c o m p a n y m a d e a m a r k e d a d v a n c e m e n t w i t h i n t h e I T c a t e g o r y f o r b o t h y o u n g a n d s e n i o r p r o f e s s i o n a l s — c l i m b i n g f r o m 1 1 0 t h t o 7 5 t h p l a c e . E x s i t e c ’ s a p p e a l a s a n e m p l o y e r w a s a l s o s t r e n g t h e n e d i n N o r w a y d u r i n g t h e y e a r , a s t h e c o m p a n y w a s p r e s e n t e d w i t h t h e " N e w c o m e r o f t h e Y e a r 2 0 2 5 " a w a r d a t S p r i n g b r e t t e t , W e s t e r n N o r w a y ' s l a r g e s t c a r e e r f a i r . – W e a r e i n c r e d i b l y p r o u d t h a t o u r b r a n d c o n t i n u e s t o g r o w s t r o n g e r . T h e s e l e a p s i n t h e r a n k i n g s a r e a t e s t a m e n t t o t h e f a c t t h a t s t u d e n t s a n d p r o f e s s i o n a l s s e e t h e v a l u e i n o u r c u l t u r e a n d w h a t w e o f f e r . T o u s , t h i s i s p r o o f t h a t w e a r e s u c c e e d i n g i n b u i l d i n g a w o r k p l a c e w h e r e p e o p l e w a n t t o b o t h l a u n c h t h e i r c a r e e r s a n d g r o w o v e r t h e l o n g t e r m . , E m m a B i l l e n i u s , C H R O . E x s i t e c ’ s a t t r a c t i v e n e s s a s a n e m p l o y e r i s b u i l t o n c l e a r v a l u e s t h a t p e r m e a t e d a i l y l i f e a n d h o w w e c o l l a b o r a t e , b o t h i n t e r n a l l y a n d w i t h c u s t o m e r s a n d p a r t n e r s . W e e n c o u r a g e c o u r a g e a n d c u r i o s i t y , a n d w e b e l i e v e t h a t d e v e l o p m e n t h a p p e n s w h e n p e o p l e d a r e t o t r y n e w t h i n g s . W e a r e a t o u r b e s t w h e n w e w o r k t o g e t h e r a n d s h a r e k n o w l e d g e , e x p e r i e n c e s , a n d r e s p o n s i b i l i t y . T h r o u g h s i m p l i c i t y i n o u r w o r k f l o w s a n d r e l a t i o n s h i p s , w e c r e a t e t h e c o n d i t i o n s f o r s t r o n g c o l l a b o r a t i o n , w h i l e o u r p a s s i o n f o r d i g i t a l s o l u t i o n s d r i v e s i n n o v a t i o n a n d s u s t a i n a b l e d e v e l o p m e n t f o r o u r c u s t o m e r s a n d s o c i e t y a t l a r g e . 3 5 4 52 2 2 % c a n d i d a t e s a p p l i e d t o t h e p r o g r a m i n t h e N o r d i c s i n t e r v i e w s w e r e c o n d u c t e d p e r w e e k o f a p p l i c a n t s w e r e o f f e r e d a p o s i t i o n T r a i n e e P r o g r a m 2 0 2 4 – R e c r u i t m e n t b y t h e N u m b e r s W e D a r e t o T r y H e r e a t E x s i t e c , w e b e l i e v e i n a n d e n c o u r a g e o n e a n o t h e r . T h a t c r e a t e s t h e f o u n d a t i o n f o r u s t o d a r e t o t r y n e w t h i n g s . W e ’ r e B e t t e r T o g e t h e r W h e t h e r i t ’ s w i t h c o l l e a g u e s , c u s t o m e r s , o r p a r t n e r s — w e ’ r e a t o u r b e s t w h e n w e w o r k t o g e t h e r . W e M a k e a D i f f e r e n c e A t E x s i t e c , w e m a k e a d i f f e r e n c e a n d t a k e r e s p o n s i b i l i t y f o r c r e a t i n g a b e t t e r i n d u s t r y a n d a b e t t e r s o c i e t y . W e K e e p I t S i m p l e S i m p l i c i t y i s a c o r n e r s t o n e i n e v e r y t h i n g w e d o . I t s h a p e s h o w w e a r e a s p e o p l e , h o w w e t r e a t e a c h o t h e r , a n d h o w w e i n t e r a c t w i t h o u r c u s t o m e r s . W e L o v e D i g i t a l S o l u t i o n s D r i v e n b y o u r c u r i o s i t y f o r I T , w e c r e a t e i n n o v a t i v e a n d s u s t a i n a b l e s o l u t i o n s t h a t t r u l y m a k e a d i f f e r e n c e f o r o u r c u s t o m e r s . 1 3E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e
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D u r i n g 2 0 2 5 , w e o b s e r v e d h o w t h e b o u n d a r i e s b e t w e e n e - c o m m e r c e , c u s t o m e r p o r t a l s , a n d E R P s y s t e m s b e c a m e i n c r e a s i n g l y b l u r r e d , p l a c i n g h i g h e r d e m a n d s o n i n t e g r a t e d e n d - t o - e n d s o l u t i o n s . W e r e s p o n d e d t o t h i s b y p a c k a g i n g o u r s e r v i c e s m o r e c l e a r l y a n d o f f e r i n g s t a n d a r d i z e d i n t e g r a t i o n s w i t h s y s t e m s s u c h a s M o n i t o r E R P , w h i c h s i g n i f i c a n t l y s h o r t e n e d l e a d t i m e s f o r o u r c u s t o m e r s . D e s p i t e a c h a l l e n g i n g e c o n o m i c c l i m a t e , t h e w i l l i n g n e s s t o i n v e s t r e m a i n e d h i g h w h e n l i n k e d t o d i r e c t b u s i n e s s v a l u e , s u c h a s c o n v e r s i o n o p t i m i z a t i o n a n d A I - a u t o m a t e d c u s t o m e r s e r v i c e . O u r f o c u s o n d a t a - d r i v e n s a l e s a n d p r o a c t i v e m a n a g e m e n t h a s p r o v e n t o b e e x a c t l y t h e r i g h t s t r a t e g y i n a t i m e o f c h a n g e . I n 2 0 2 6 , w e w i l l c o n t i n u e t o d e v e l o p o u r s c a l a b l e m o d e l s t o h e l p e v e n m o r e c o m p a n i e s m a x i m i z e t h e i r d i g i t a l s a l e s p o t e n t i a l . Å r e t 2 0 2 5 h a r v a r i t e n p e r i o d a v b e t y d a n d e l ö n s a m h e t s f ö r b ä t t r i n g a r o c h s t r a t e g i s k f ö r f l y t t n i n g p å d e n n o r s k a m a r k n a d e n . G e n o m e t t k o n s e k v e n t f o k u s p å a t t ö k a v å r a m a r g i n a l e r o c h e f f e k t i v i s e r a v å r a p r o j e k t l e v e r a n s e r s å g v i e n p o s i t i v r e s u l t a t u t v e c k l i n g s o m a c c e l e r e r a d e u n d e r å r e t s a n d r a h ä l f t . M i g r a t i o n e n t i l l m o l n e t h a r v a r i t d e n e n s k i l t s t ö r s t a d r i v k r a f t e n , d ä r V i s m a s m o l n p l a t t f o r m B N X T n u h a r f å t t e t t s o l i t t f o t f ä s t e o c h b l i v i t e n n y c k e l k o m p o n e n t i v å r t e r b j u d a n d e . K u n d e r n a s f ö r v ä n t n i n g a r p å s ö m l ö s t i l l g å n g t i l l d a t a o c h s t a n d a r d i s e r a d e f l ö d e n f o r t s ä t t e r a t t ö k a , v i l k e t b e k r ä f t a r a t t v å r a i n v e s t e r i n g a r i n o m i n t e g r a t i o n ä r m e r r e l e v a n t a ä n n å g o n s i n . V i g å r i n i 2 0 2 6 m e d e n s t a r k o r d e r b o k o c h e n o r g a n i s a t i o n s o m s t å r r e d o a t t s k a l a u p p v e r k s a m h e t e n y t t e r l i g a r e i t a k t m e d m a r k n a d e n s d i g i t a l a m o g n a d . 1 4E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e M y L j u n g b e r g A n d e r s R a n u m N o r d a h l B u s i n e s s U n i t M a n a g e r D i g i t a l a A f f ä r e r C E O , E x s i t e c N o r g e
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P r o v e n S t r o n g P r o f i t a b i l i t y O v e r t h e p a s t f i v e - y e a r p e r i o d , o u r a v e r a g e a d j u s t e d E B I T A m a r g i n h a s a m o u n t e d t o a p p r o x i m a t e l y 1 7 % . E x s i t e c ' s f i n a n c i a l t a r g e t s a r e t o i n c r e a s e n e t s a l e s b y a t l e a s t 1 5 % p e r y e a r o v e r t i m e a n d f o r a d j u s t e d E B I T A p e r s h a r e t o i n c r e a s e b y a t l e a s t 1 5 % p e r y e a r o v e r t i m e . M a r k e t - L e a d i n g P o s i t i o n i n I T - S u p p o r t i n g S o f t w a r e f o r M i d - S i z e d C o m p a n i e s T h e c o m b i n a t i o n o f a b r o a d a n d h i g h - q u a l i t y o f f e r i n g a n d a m a r k e t - l e a d i n g p o s i t i o n w i t h i n o u r a r e a s o f e x p e r t i s e g i v e s u s a s t r o n g p o s i t i o n i n t h e m a r k e t . W e s e l e c t h i g h - p e r f o r m i n g s o f t w a r e , e n s u r e i t w o r k s w i t h i n t h e c u s t o m e r ' s o p e r a t i o n s , a n d t a k e r e s p o n s i b i l i t y a f t e r d e l i v e r y , a l l o w i n g o u r c u s t o m e r s t o f o c u s o n w h a t t h e y d o b e s t – t h e i r b u s i n e s s a n d t h e i r c u s t o m e r s . T h e s o f t w a r e s o l u t i o n s w e s e l e c t a r e p a r t l y i n d u s t r y - s p e c i f i c b u t m o s t l y i n d u s t r y - a g n o s t i c , w h i c h m e a n s o u r c u s t o m e r s a r e f o u n d a c r o s s m a n y d i f f e r e n t s e c t o r s . A t t r a c t i v e E m p l o y e r w i t h a P o p u l a r T r a i n e e P r o g r a m W e h a v e r u n o u r t r a i n e e p r o g r a m s i n c e 2 0 1 3 , a n d t o d a y i t i s o n e o f S w e d e n ’ s l a r g e s t a n d m o s t p o p u l a r . T h e p r o g r a m i s o n e o f t h e c o r n e r s t o n e s o f o u r g r o w t h j o u r n e y , a n d a p p r o x i m a t e l y 4 0 % o f a l l e m p l o y e e s h a v e c o m p l e t e d t h e t r a i n e e p r o g r a m . F u r t h e r m o r e , a m a j o r i t y o f o u r l e a d e r s h a v e b e e n t r a i n e d t h r o u g h o u r i n t e r n a l l e a d e r s h i p d e v e l o p m e n t p r o g r a m s . I n 2 0 2 5 , w e w e l c o m e d a p p r o x i m a t e l y 7 0 t r a i n e e s a c r o s s S w e d e n , N o r w a y , a n d D e n m a r k . B a l a n c e d R e v e n u e M o d e l w i t h L o w C a p i t a l R e q u i r e m e n t s a n d L o w R i s k E x s i t e c h a s a p p r o x i m a t e l y 5 , 5 0 0 c u s t o m e r s , a n d n o s i n g l e c u s t o m e r a c c o u n t s f o r m o r e t h a n j u s t o v e r 1 % o f o u r r e v e n u e . T h e r e v e n u e m o d e l i s b u i l t o n t h r e e p i l l a r s : s o f t w a r e r e v e n u e , c o n s u l t i n g s e r v i c e s , a n d o n g o i n g s u p p o r t . S o f t w a r e r e v e n u e , w h i c h p r i m a r i l y c o m e s v i a t h e s o f t w a r e c o m p a n i e s t h a t E x s i t e c p a r t n e r s w i t h , i s m a i n l y r e c u r r i n g a n d b a s e d o n S a a S m o d e l s w i t h h i g h c u s t o m e r l o y a l t y a n d l o w i n t e r n a l d e v e l o p m e n t c o s t s . T a k e n t o g e t h e r , t h i s p r o v i d e s a s t a b l e , r e c u r r i n g r e v e n u e b a s e w i t h l o w r i s k . U n d e r l y i n g G r o w t h C o m p l e m e n t e d b y S e l e c t i v e A c q u i s i t i o n s O u r l a n d - a n d - e x p a n d m o d e l m e a n s t h a t w e h e l p n e w c u s t o m e r s w i t h a n i n i t i a l s i g n i f i c a n t b u s i n e s s p r o b l e m a n d s u b s e q u e n t l y g r o w t o g e t h e r o v e r t i m e . I n a d d i t i o n t o o r g a n i c g r o w t h , w e u s e a c q u i s i t i o n s t o m o r e r a p i d l y b r o a d e n o u r c u s t o m e r b a s e , s t r e n g t h e n o u r m a r k e t p o s i t i o n , a n d c r e a t e e c o n o m i e s o f s c a l e . O v e r t h e p a s t t e n y e a r s , w e h a v e c o m p l e t e d m o r e t h a n 1 5 a c q u i s i t i o n s , a n d i n c o m b i n a t i o n w i t h o u r b u s i n e s s m o d e l , t h e a v e r a g e a n n u a l g r o w t h h a s a m o u n t e d t o a p p r o x i m a t e l y 3 0 % s i n c e 2 0 1 3 . F i v e r e a s o n s t o i n v e s t i n E x s i t e c 1 5E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e
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E x s i t e c H o l d i n g A B h a s b e e n l i s t e d o n N a s d a q F i r s t N o r t h G r o w t h M a r k e t s i n c e S e p t e m b e r 1 6 , 2 0 2 0 , u n d e r t h e t i c k e r s y m b o l E X S a n d I S I N c o d e S E 0 0 1 4 0 3 5 7 6 2 . T h e S h a r e T u r n o v e r D u r i n g t h e y e a r , 2 , 1 5 9 , 6 1 6 s h a r e s w e r e t r a d e d , a n d t h e a v e r a g e d a i l y t r a d i n g v o l u m e a m o u n t e d t o 8 , 6 7 3 s h a r e s . T h e t o t a l v a l u e t r a d e d d u r i n g 2 0 2 5 a m o u n t e d t o 2 6 9 M S E K . A t y e a r - e n d , E x s i t e c H o l d i n g A B ’ s m a r k e t c a p i t a l i z a t i o n w a s 2 , 0 5 5 M S E K , a n d t h e s h a r e p r i c e c l o s e d a t 1 5 3 . 0 0 S E K . D u r i n g t h e y e a r , t h e h i g h e s t p r i c e p a i d w a s 1 6 3 . 5 0 S E K ( N o v e m b e r 3 ) a n d t h e l o w e s t p r i c e p a i d w a s 9 8 . 0 0 S E K ( A p r i l 7 ) . S h a r e C a p i t a l A s o f D e c e m b e r 3 1 , t h e s h a r e c a p i t a l a m o u n t e d t o S E K 6 7 1 , 4 9 3 ( 6 7 1 , 4 9 3 ) . T h e n u m b e r o f s h a r e s a t y e a r - e n d w a s 1 3 , 4 2 9 , 8 5 6 ( 1 3 , 4 2 9 , 8 5 6 ) , a n d t h e q u o t i e n t v a l u e p e r s h a r e w a s S E K 0 . 0 5 . A l l s h a r e s c a r r y t h e s a m e v o t i n g r i g h t s a t t h e A n n u a l G e n e r a l M e e t i n g , m e a n i n g o n e s h a r e e n t i t l e s t o o n e v o t e . F u r t h e r m o r e , t h e s h a r e s h a v e e q u a l r i g h t s t o t h e c o m p a n y ' s p r o f i t a n d a s s e t s . D u r i n g 2 0 2 5 , E x s i t e c H o l d i n g A B h a s n o t h e l d a n y t r e a s u r y s h a r e s a n d d o e s n o t h o l d a n y t r e a s u r y s h a r e s a t t h e e n d o f t h e y e a r . S y n t r a n s A B ( C h a i r m a n ) A B G r e n s p e c i a l i s t e n C r e a d e s A B C l i e n s F o n d e r J o h a n K a l l b l a d ( B o a r d M e m b e r ) C a s e K a p i t a l f ö r v a l t n i n g A l c u r F o n d e r A n d r a A P - f o n d e n H u m l e F o n d e r N o r d e a F o n d e r O t h e r s h a r e h o l d e r s 2 4 3 0 1 3 7 1 3 5 5 0 0 0 1 2 8 2 6 1 7 1 2 2 9 9 3 6 9 4 0 0 0 0 6 7 2 5 9 3 5 6 2 6 2 2 5 5 0 3 0 0 5 1 8 2 9 5 3 7 1 0 5 1 3 5 1 7 3 0 5 1 3 4 2 9 8 5 6 1 8 . 1 % 1 0 , . 1 % 9 . 6 % 9 . 2 % 7 . 0 % 5 . 0 % 4 . 2 % 4 . 1 % 3 . 9 % 2 . 8 % 2 6 . 2 % 1 0 0 . 0 % O w n e r s h i p S t r u c t u r e T h e l a r g e s t s h a r e h o l d e r s a s o f D e c e m b e r 3 1 , 2 0 2 5 . D i v i d e n d P o l i c y E x s i t e c ' s o b j e c t i v e i s t o d i s t r i b u t e 2 0 – 4 0 p e r c e n t o f t h e p r o f i t a f t e r t a x , t a k i n g i n t o a c c o u n t t h e C o m p a n y ' s f i n a n c i a l p o s i t i o n , c a p i t a l s t r u c t u r e , a n d f u t u r e g r o w t h o p p o r t u n i t i e s . O r d i n a r y D i v i d e n d T h e B o a r d o f D i r e c t o r s p r o p o s e s a n i n c r e a s e i n t h e d i v i d e n d t o 1 . 9 0 S E K p e r s h a r e ( 1 . 7 5 ) , t o t a l i n g 2 5 . 5 M S E K , w h i c h c o r r e s p o n d s t o 3 0 % o f t h e 2 0 2 5 p r o f i t a f t e r t a x . O w n e r S h a r e s % 1 6E X S I T E C H O L D I N G A B w w w . e x s i t e c . s e 8 5 0 9 0 0 9 5 0 1 0 0 0 1 0 5 0 E x s i t e c J a n F e b M a r A p r M a j J u n J u l A u g S e p O k t N o v D e c 1 0 0 1 1 0 1 2 0 1 3 0 1 4 0 1 5 0 1 6 0 S h a r e P r ic e P e r fo r m a n ce 1 0 1 2 1 0 6 0 O M X S P I E x s i t e c 9 6 4 9 1 6 8 6 8 8 2 0 O M X S P I Exsitec (SEK)
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EXSITEC HOLDING AB www.exsitec.se 17 Sustainability at Exsitec Sustainability is an integrated part of Exsitec’s business, and the Group therefore reports financial and non-financial information in a combined annual report. In line with other parts of the annual report, the sustainability report refers to the Group’s financial year for the period January 1 to December 31, 2025. The Board of Directors of Exsitec Holding AB, corporate identity number 559116-6532 with its registered office in Östergötland County, Linköping Municipality, hereby submits the Sustainability Report in accordance with the provisions in Chapter 6, Sections 10–14 of the Annual Accounts Act (1995:1554) regarding sustainability reporting. The sustainability report covers the Group, the parent company, and Exsitec AB, corporate identity number 556592- 7455. Downstream • Customers, end users at customers • Financing: Shareholders • Society: The world around us, environment • Deliveries: Solutions, services, created value Value chain and stakeholders Upstream • Software and systems: Partners, system providers, cloud services • Financing: Banks, shareholders, capital • Services: Subcontractors, third-party consultants • Hardware and goods: IT equipment, office supplies • Premises including energy: Landlord, energy supplier Own operations • Employees and consultants: Intangible assets, competence development • Working conditions: Corporate culture, benefits • Products/services: Platforms, self-developed software and tools • Exsitec’s brand: Employer branding, marketing, sales activities Exsitec’s stakeholders presented in the list below constitute key examples and are followed up continuously to ensure relevance and appropriate forms for dialogue. Double materiality assessment At the end of 2024, Exsitec conducted a double materiality assessment (DMA) in accordance with the requirements of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS). The purpose of the analysis was to identify sustainability matters that are material from both an impact perspective and a financial perspective, taking into account Exsitec’s operations, value chain, and stakeholder relations. Following the adoption of the EU’s Omnibus simplification package, Exsitec is no longer subject to a mandatory requirement to report in full compliance with ESRS. Sustainability-related risks, impacts, and opportunities remain, however, strategically relevant to the company. During 2025, Exsitec has therefore reviewed and validated the results from the DMA to ensure continued relevance and proportionality, with inspiration from the principles underlying ESRS as well as the voluntary sustainability reporting standard for small and medium-sized enterprises (VSME). The review confirmed that the previously identified material sustainability matters remain relevant based on Exsitec’s business model, size, industry, and geographical presence. The DMA was used as a structured basis for prioritizing sustainability matters within governance, risk management, and reporting, rather than as a compliance exercise. Future use of double materiality assessment The results from the DMA form the basis for Exsitec’s sustainability strategy, priorities within corporate governance, and ESG reporting. The material matters guide the selection of policies, targets, and actions, as well as the focus of the disclosures in this report. Exsitec will continue to regularly review and update the DMA to ensure it is in line with business development, stakeholder expectations, and changing regulatory guidance. Stakeholder Dialogue Customers Customer dialogues, sales meetings, adminis- trative meetings Partners and suppliers Partner meetings, supplier evaluations Shareholders Annual General Meeting, board meetings, annual reports and quarterly reports Employees Employee surveys, performance reviews, intranet, project dialogues, follow-ups Competitors Competitor analyses, industry standards, working groups Society, climate & environment Sponsorship, media, dialogue with industry peers
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EXSITEC HOLDING AB www.exsitec.se 18 Topic Type (Impact / Risk / Opportunity) ESRS Area Sub-topic Materiality trend* Corporate culture Positive impact S1 – Working conditions (Own workforce) Corporate culture Unchanged Trainee program Positive impact S1 – Working conditions (Own workforce) Competence development Unchanged Flexible work Positive impact S1 – Working conditions (Own workforce) Work-life balance Unchanged Diversity, equality and inclusion Positive impact S1 – Equal treatment and opportunities Diversity Unchanged Emissions from energy use Negative impact E1 – Climate change miti- gation Greenhouse gas emissions Increasing Travel-related emissions Negative impact E1 – Climate change miti- gation Greenhouse gas emissions Unchanged Purchased goods and services; generated waste Negative impact E1 – Climate change miti- gation Scope 3 emissions Unchanged Energy consumption from systems Negative impact E1 – Energy Energy consumption Increasing Data breach Negative impact G1 – Business conduct / Cybersecurity Data protection Increasing Opportunity through trainee program Opportunity S1 – Working conditions Talent development Unchanged Local economic development Opportunity S1 – Own workforce / Com- munity Local value creation Unchanged Employee engagement Opportunity S1 – Working conditions Employee engagement Unchanged Robust cybersecurity routines Opportunity G1 – Cybersecurity Information security Increasing Attract and retain talent Risk S1 – Working conditions Talent management Unchanged Cybersecurity incident Risk G1 – Cybersecurity IT security, Operational resilience Increasing Service disruption due to unforeseen events Risk E1 – Energy Operational resilience Increasing Material impact, risks and opportunities As part of the double materiality assessment, Exsitec has identified and assessed actual and potential impacts on society and the environment, as well as sustainability-related risks and opportunities that may affect the company’s financial results, position and future development. Environment The most significant negative environmental impacts are linked to greenhouse gas emissions from energy use in offices, energy consumption in IT systems, business travel, and emissions embedded in purchased goods and services. Energy consumption and system-related emissions have increased in materiality due to the company’s growth and an expanded digital infrastructure. Social responsibility Within the social dimension, the positive effects are primarily linked to corporate culture, trainee programs, diversity, equality and inclusion, as well as flexible working methods. These initiatives contribute to employee development, engagement and equal opportunities. Staff turnover and competence supply remain operational risks, while high employee engagement and structured talent programs represent strategic opportunities that strengthen long-term competitiveness. Corporate governance Cybersecurity and data protection have been identified as areas of increasing materiality. Data breaches and disruptions in access to digital services constitute significant operational and financial risks. At the same time, robust cybersecurity routines and strengthened governance structures provide financial and strategic opportunities by ensuring customer trust and maintaining business continuity. * Exsitec’s assessment of the future materiality of the various areas regarding risk, opportunity and impact
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EXSITEC HOLDING AB www.exsitec.se 19 Material sustainability matters Based on the analysis, the following area was identified as material from an impact perspective: • Equal treatment and opportunities for all (Own workforce) The following areas were identified as doubly material: • Corporate culture • Climate change mitigation • Working conditions (Own workforce) • Cybersecurity • Energy These areas reflect where Exsitec either has a significant impact on people or the environment, is exposed to material risks or opportunities, or where sustainability aspects are closely linked to long-term business development and resilience. Non-material areas The double materiality assessment also showed that a number of sustainability areas are currently not material to Exsitec, based on their limited relevance to the company’s operations, value chain, and risk profile. These areas have been assessed but deprioritized in accordance with the principle of proportionality. These include, among others: • Resource outflows related to products and services • Resource inflows, including resource use • Energy and water-related pollution (air, water, soil, and marine environment) • Waste and microplastics • Hazardous substances and substances of very high concern • Impacts on and dependencies on biodiversity and ecosystems • Climate change adaptation • Water and marine resources • Corruption and bribery • Political engagement and lobbying activities • Protection of whistleblowers • Management of supplier relationships and payment practices • Working conditions, equal treatment, and other work- related rights for workers in the value chain • Affected communities’ civil, political, economic, social, and cultural rights, including the rights of indigenous peoples • Consumer-related matters such as social inclusion, personal safety, information-related impacts, and animal welfare The classification of these areas as non-material does not imply that they are entirely disregarded. Instead, they are monitored at an aggregate level and may be reassessed in future double materiality assessments should Exsitec’s business model, regulatory environment, or risk exposure change. ”At Exsitec, we strive to make sustainability a central part of our daily operations. Through this, we demonstrate our commitment to responsible business practices and continuous improvement. One example is our work to reduce travel emissions, where we have been recognized for our promotion of more sustainable business travel.” - Niklas Ek, CEO Exsitec
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EXSITEC HOLDING AB www.exsitec.se 20 Environmental work and material impact Climate change mitigation As an IT services company, Exsitec is aware that the company’s most significant environmental impact is primarily linked to business travel and the use and management of electronic equipment, as well as purchased goods and services. These areas constitute the main sources of our climate impact and are monitored through key performance indicators to enable well-founded decisions and continuous improvements. Travel is one of the largest contributing factors to Exsitec’s greenhouse gas emissions. To reduce our climate impact, we strategically locate our offices near major train stations to encourage travel by public transport among employees and business partners. Our fleet of company cars prioritizes electric vehicles, and a well-developed digital meeting infrastructure enables remote collaboration, which reduces travel-related emissions. Employee awareness is central to our climate strategy. Through education and internal communication, we support climate-smart decisions in daily operations. In addition, an annual climate challenge engages employees in reducing their private and professional environmental footprint, contributing to a culture characterized by climate responsibility. Digital solutions require extensive electronic equipment, and Exsitec applies a holistic perspective to resource management throughout the IT hardware lifecycle. From procurement to decommissioning, we prioritize energy- efficient and durable units and ensure responsible recycling of equipment taken out of use. This reduces waste, promotes a circular economy, and limits environmental impact related to resource extraction, production, and waste management. Through careful lifecycle management, sustainable procurement routines, and responsible recycling, we actively work towards resource efficiency, reduced waste generation, and increased circularity. Energy In addition to striving for the most efficient energy use possible, Exsitec places great importance on the origin of the energy. Renewable energy sources are a fundamental requirement in our procurement of electricity contracts. As a result, a clear majority of the energy used in our operations comes from clean, renewable energy sources. Environment Energy type Renewable (MWh) Non-renewa- ble (MWh) Total (MWh) Electricity (invoi- ces from electricity supplier) 104.6 6.2 110.8 Greenhouse Gas Emissions (GHG), Exsitec Sweden Totalt (tCO2e) Gross Scope 1 emissions 0.0 Gross Scope 2 emissions (location-based method) 32.0 Gross Scope 2 emissions (market-based method) 30.2 Total gross indirect Scope 3 emissions 1,116.0 1. Purchased goods and services 864.9 2. Capital goods 47.6 3. Fuel- and energy-related activities (not included in Scope 1 or Scope 2) 5.0 4. Waste generated in operations 0.1 5. Business travel 75.3 6. Employee commuting 123.0 Total GHG emissions (location-based method) 1,148.0 Total GHG emissions (market-based method) 1,146.2 Greenhouse gas emissions intensity per net sales tCO2e/MSEK Total GHG emissions (location-based method) per net sales 1.9 Total GHG emissions (market-based method) per net sales 1.9 Disclosure of greenhouse gas emissions and methodology Greenhouse gas emissions intensity per net sales is calculated as total GHG emissions divided by net sales for Exsitec Sweden. The greenhouse gas (GHG) emissions reported in this section have been calculated in accordance with the GHG Protocol Corporate Standard. The reported emissions cover operations in Exsitec Sweden and do not include operations in Norway or the rest of the Nordics. All emissions are reported as carbon dioxide equivalents (CO2e). Scope 2 includes heating, cooling, and electricity consumed in the operations. Emissions are reported according to two methods. Location-based emissions are calculated using national average emission factors for the electricity grid from the Association of Issuing Bodies (AIB, 2025), reflecting the average electricity mix in each country. Market-based emissions are calculated using supplier-specific emission factors and verified renewable energy instruments, such as Renewable Energy Certificates (REC) and Guarantees of Origin (GO). Through the cancellation of these instruments, suppliers confirm that the electricity has been produced exclusively from renewable sources and can be assigned an emission factor of 0 g CO2e/kWh. One of our office premises
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EXSITEC HOLDING AB www.exsitec.se 21 Emissions from business travel are calculated using different methods depending on the mode of transport. For train travel, emissions are based on data from our travel agency and distributors. Air travel is calculated based on the distance of journeys that are not handled via a travel agency. Car travel is calculated distance-based using emission factors from DEFRA 2025. Travel by other modes of transport such as bus, ferry, or taxi is not included in the calculations for the financial year 2025. Employee commuting is based on data collected through an employer survey. Distance to the workplace, average number of days per week working from home is used as a basis in a distance-based calculation method. Emission factors for commuting are sourced from Network for Transport Measures (NTMCalc, 2025), AIB 2025, and DEFRA 2025. The reason several suppliers of emission factors are used is the large variation in modes of transport. Greenhouse gas intensity per net sales is calculated as total GHG emissions according to the location-based and market- based method respectively, divided by net sales for Exsitec’s operations in Sweden. uses electricity from nuclear power; in this case, the supplier provides a verified zero-emission factor for that portion of the electricity, in accordance with the guidance for market- based reporting. Where heating consumption is not measured separately or included in the reported electricity use, energy consumption for heating is estimated using standardized energy intensity values (kWh/m²/year) for newer Swedish office buildings, based on national building energy statistics. Estimated heating energy is calculated based on office area and multiplied by national average emission factors for district heating. Cooling energy is assumed to be included in electricity consumption where applicable. This estimation method is applied consistently over the reporting periods and will be refined as more detailed energy data becomes available. Scope 3 emissions have been assessed based on materiality. Categories assessed as non-material for Exsitec include leased assets, waste management of sold products, investments, use of sold products, downstream transport and distribution, processing of sold products, and franchise operations. Upstream transport and distribution are included in the category of purchased goods and services. Emissions from purchased goods and services and capital goods are calculated based on the company’s costs and activity data. Emission factors are sourced from EXIOBASE 2025, the US Environmental Protection Agency (EPA 2025), and supplier-specific data. To account for currency fluctuations and inflation, cost calculations are based on an average exchange rate for 2025. Due to the cost-based method, the calculated result is higher than what we estimate the actual outcome to be. Instead of presenting data that could be significantly lower, the full data material is reported. Fuel- and energy-related activities are calculated in accordance with the GHG Protocol by including upstream emissions linked to purchased energy. This includes emissions from extraction, production, and transport of fuels and energy, as well as transmission and distribution losses related to purchased electricity, heating, and cooling. Emissions are calculated by multiplying Scope 2 activity data (energy consumption) by relevant upstream emission factors from AIB (2025) and Energiföretagen (2025). Waste generated in operations is calculated using activity data from our waste contractor for one of our offices and supplemented with studies from other offices. Emission factors are sourced from DEFRA 2025.
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EXSITEC HOLDING AB www.exsitec.se 22 Diversity, equality and inclusion at Exsitec In our work, based on care and respect for others, we prioritize social responsibility, which includes equal treatment and opportunities, diversity and inclusion, human rights, working conditions, and personal and professional development. Our policies and methods are designed to ensure non-discrimination and to promote equal opportunities throughout the organization, as well as support health, well-being, and full participation for all. We work actively to ensure fair and equal working conditions and to create a workplace where all employees feel safe and included. Through clear guidelines for working conditions, anti-discrimination, and employee well-being, we create a supportive environment where everyone is given the opportunity to develop and succeed. Since 2013, Exsitec has run what has become the Nordics’ largest trainee program, with a consistently high proportion of female participants. The initiative contributes to creating equal access to career opportunities and strengthens a more inclusive IT industry. In addition to this, we offer further development programs in mentorship and leadership to support continuous competence development and career progression. Good health and strong results go hand in hand. Our initiatives to promote a healthy work environment include clear policies, comprehensive insurance coverage, and flexible working methods, which together contribute to a sustainable balance between work and private life. Employee well-being and physical activity are important factors for increased productivity, reduced absenteeism, and higher engagement. We offer a generous wellness allowance, supplemented with initiatives that encourage and motivate employees to collectively take part in these opportunities, which strengthens both well-being and community. We are also committed to promoting equality and inclusion within the IT sector at large. This includes active work with recruitment, monitoring of key figures for the workforce, and continuous education in equality and inclusion issues. Through collaborations with external organizations and educational institutions focusing on equality or sustainability issues, we contribute to strengthening these values even outside our own operations. We strive to be a role model in the industry by developing a corporate culture characterized by respect, diversity, and inclusion. Every employee should feel appreciated and supported in their long-term development in an inspiring environment. This creates good conditions for everyone to contribute to our common success. Social Responsibility Type of employment Number of employees (FTE) Permanent employment 624 Fixed-term employment 0 Total number of employees 624 Gender Number of employees (FTE) Women 251 Other 373 Total number of employees 624 Country Number of employees (FTE) Sweden 449 Norway 127 Denmark 48 Total number of employees 624 Employee turnover Number of employees (FTE) Number of employees who left during the reporting year 152 Number of employees at the beginning of the reporting year 663 Number of employees at the end of the re- porting year 624 Employee turnover (%) during the reporting period 24% Personal Ovanstående personaldata är beräknad som antal anställda (FTE) vid utgången av räkenskapsåret 2025. The reported employee turnover was affected by an unusually high number of departures among trainees in February 2025, primarily due to external market conditions. Adjusted for these departures, employee turnover was in line with the industry average. Country Number of Trainees 2025 Sweden 66 Norway 6 Category Employees receive a salary equal to or above the applicable minimum wage set directly by national legislation Yes Percentage of employees covered by collective bargaining agreements (%) 0% Average age of male employees 45 Average age of female employees 43 The ratio of women to men at management level during the reporting period was 1:4. The company monitors gender distribution as part of its commitment to equal opportunities and inclusive leadership development.
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EXSITEC HOLDING AB www.exsitec.se 23 During the reporting period, one reportable occupational accident occurred. The incident took place outside the company’s office premises and was handled in accordance with established internal routines. The age distribution reflects a balanced workforce across different career stages, with a majority of employees in the 30–50 age group. Gender distribution is followed up within each age category to support diversity and long-term competence supply. Age Distribution External Staffing Code of Conduct CoverageOccupational accidents The company employs a limited number of self-employed individuals who work exclusively for the company. No hired personnel from external staffing agencies were used during the reporting period. Personnel reporting therefore primarily refers to directly employed workers. The company has adopted a code of conduct and a policy for human rights covering its own workforce. The policy covers key areas such as child labor, forced labor, human trafficking, non-discrimination, prevention of accidents, anti-corruption, cybersecurity, and responsible entrepreneurship. A formal whistleblower function is established for employees. Category Number of reportable work-related accidents during the reporting period 1 Number of hours worked per full-time employ- ee during the reporting period 1,722 Total number of hours worked during the year for all employees during the reporting period 1,074,528 Frequency of reportable work-related acci- dents during the reporting year (%) 0% Number of fatalities due to work-related inju- ries and work-related ill health 0 Age distribution in the workforce Female employ- ees Other employ- ees Total number of employees Under 30 years 95 121 216 30–50 years 120 172 292 Over 50 years 37 80 117 Total 262 373 635 Category Number of employees at year-end Total number of self-employed individuals without employees working exclusively for Exsitec 18 Question Coverage (Yes/No) Does the company have a code of conduct or a policy for human rights covering its own workforce? Yes If yes, does it cover the following areas: Child labor Yes Forced labor Yes Human trafficking Yes Discrimination Yes Prevention of accidents Yes Other (if yes, specify) Bribery and corruption, cybersecurity, business partners Does the company have a whistleblower func- tion for its own workforce? Yes
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EXSITEC HOLDING AB www.exsitec.se 24 Within the framework of responsible entrepreneurship, we manage central aspects of corporate governance, including sustainability reporting, stakeholder relations, business models and strategies, and whistleblower functions. Our governance framework is designed to ensure ethically correct business conduct, accountability, and transparency throughout the operations. Our approach is characterized by a strong commitment to conducting business in a responsible and transparent manner. This includes a high level of openness in reporting, adapted to the nature of the operations and the specific risks and challenges associated with our industry. Transparency and reliability in reporting are fundamental to building trust with investors, customers, and other stakeholders. The Board’s responsibility The Board has the overall responsibility for the oversight of sustainability-related issues, including environmental, social, and corporate governance (ESG) issues. The Board ensures that sustainability work is integrated into Exsitec’s operations to safeguard long-term value creation for shareholders, employees, and society. Sustainability work is integrated into Exsitec’s ordinary governance model to ensure that significant impacts, risks, and opportunities are handled systematically. Internal sustainability work is monitored continuously by the Group management, which reports to the Audit Committee, which among other things reviews the processes’ reliability and regulatory compliance. The Board then has the ultimate responsibility and establishes the double materiality assessment and the company’s strategic direction based on identified trends. The Board has reviewed and approved the results from the double materiality assessment and confirms that the identified material impacts, risks, and opportunities correspond to the company’s most significant sustainability- related issues. Sustainability-related risks, including climate-related risks, cybersecurity risks, and workforce-related risks, are managed as part of the company’s overall risk management process and are discussed regularly at the Board level. Principles for reporting Since autumn 2022, Exsitec has reported in accordance with IFRS. This reporting framework ensures that our financial information is comparable, transparent, and reliable, which is of central importance to investors and other stakeholders. The application of IFRS also facilitates accessibility and comparability for international investors and supports clear and consistent communication of our financial development and position. In accordance with current legislation, we have implemented a whistleblower system that enables both internal and external stakeholders to report serious irregularities or misconduct. The mechanism supports ethical business conduct, early identification of risks, and protection against retaliation, and constitutes a central part of our governance and compliance framework. Corporate Governance Risk management and anti-corruption We place great emphasis on continuous risk management. Through structured processes and clearly defined areas of responsibility, we identify, assess, and manage both financial and non-financial risks. This includes risks linked to regulatory compliance, ethics, sustainability, and business continuity. We work actively to prevent corruption and take a clear stand against child labor through established policies, codes of conduct, and regular training initiatives. These measures aim to promote ethical behavior and ensure that employees and business partners act responsibly and in line with our values. Our two due diligence processes for reviewing and following up on business relationships further contribute to high standards regarding business ethics, integrity, and transparency. Through these efforts, we strive to ensure compliance with applicable laws and regulations, effectively manage governance-related risks, and maintain responsible entrepreneurship throughout the value chain. Corporate culture and trainee program A strong corporate culture is a central part of Exsitec’s governance framework and long-term value creation. Exsitec’s trainee program, established in 2013, has an important role in anchoring the company’s values, ethical standards, and way of working in the organization. By systematically training new employees in line with Exsitec’s governance principles, the program supports responsible growth, reduces risks linked to key competence, and strengthens the organization’s long-term resilience. Cybersecurity Cybersecurity and information security are central parts of Exsitec’s work with responsible entrepreneurship and corporate governance. As an IT services company, Exsitec is aware of the importance of protecting information assets, ensuring continuity in the delivery of services, and maintaining the trust of customers, partners, and other stakeholders. A significant part of the operational responsibility for information and cybersecurity is handled in collaboration with selected technology partners and system providers, whose platforms and infrastructure form the basis for many of our solutions. These partners apply established security standards, controls, and monitoring processes as part of their service delivery. Within Exsitec’s own operations, potential incidents within information and cybersecurity are handled through a structured system for incident reporting. Employees and consultants are obliged to report suspected incidents or deviations, which enables a rapid assessment and appropriate measures. During the 2025 financial year, no reported incidents led to a material impact on the operations, customers, or data integrity, and no incidents required reporting to supervisory or control authorities. Cybersecurity risks are monitored as part of Exsitec’s overall risk management processes, and the company continues to assess controls and responsibility allocation that are appropriate in relation to the business model, the scope of operations, and risk exposure. Information security is also treated in other parts of the annual report where it is relevant, including the section on risk management and operational management.
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EXSITEC HOLDING AB WWW.EXSITEC.SE 25 Auditor’s report on the statutory sustainability report Engagement and responsibility It is the board of directors who is responsible for the statutory sustainability report for the year 2025 on pages 17-24 and that it has been prepared in accordance with the Annual Accounts Act according to the prior wording that was in effect before 1 July 2024. The scope of the audit Our examination has been conducted in accordance with F AR’s standard RevR 12 The auditor’s opinion regarding the statutory sustainability report. This means that our examination of the statutory sustainability report is substantially different and less in scope than an audit conducted in accordance with International Standards on Auditing and generally accepted auditing standards in Sweden. We believe that the examination has provided us with sufficient basis for our opinion. Opinion A statutory sustainability report has been prepared. Linköping 24 March 2026 Öhrlings PricewaterhouseCoopers AB Kristian Lyngenberg Authorized Public Accountant This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. To the general meeting of the shareholders in Exsitec Holding AB, corporate identity number 559116-6532
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EXSITEC HOLDING AB www.exsitec.se 26 Chief Executive Officer since 2025 (hired 2015) Born: 1989 Education: Master of Science in Mechanical Engineering with a specialization in Industrial Engineering and Management from the Institute of Technology at Linköping University. Ongoing assignments: - Holdings in Exsitec: 7 998 shares Niklas Ek Anders Uddenberg Head of Group Growth Initiatives since 2025 (hired 2015) Born: 1984 Education: Master of Science in Industrial Engineering and Management from Linköping University. Ongoing assignments: - Holdings in Exsitec: 8 184 shares Emma Billenius Jonas Boquist Carl Arnesson Chief Human Resources Officer since 2013 Born: 1981 Education: Subject teacher education in Swedish with a focus on upper secondary school at Linköping University. Ongoing assignments: Board member of Redeploy AB and board deputy in Carsoftus Invest AB Holdings in Exsitec: 103 009 shares Chief Operating Officer since 2016 Born: 1973 Education: Master of Science in Physics and Electrical Engineering at KTH Royal Institute of Technology. Ongoing assignments: Board deputy in Boquist Psykoterapi AB. Holdings in Exsitec: 47 092 shares Chief Financial Officer since 2025 Born: 1980 Education: Master’s degree in Business Administration from Linköping University. Ongoing assignments: - Holdings in Exsitec: 1 850 shares Group Management Shareholdings as of 31 December, 2025.
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EXSITEC HOLDING AB www.exsitec.se 27 Board member since 2023 Chairman of the Audit Committee Born: 1966 Education: Bachelor of Economics and journalism education at Stockholm University. Ongoing assignments: Board member of CellaVision AB and Broviken Gruppen AB. Other assignments over the past 5 years: CFO of Addnode Group. Independent in relation to major shareholders. Holdings in Exsitec: - Peter Viberg Chairman since 2017 Chairman of the Remuneration Committee and the Acquisition Committee, and member of the Audit Committee Born: 1963 Education: Master of Science in Physics and Electrical Engineering at Linköping University. Ongoing assignments: Board member and CEO of Syntrans AB, Chairman of the Board of Maskinia AB, Board member of Vita Vonni AB, and Board member of Arkion Solutions AB. Other assignments over the past 5 years: Chairman of the Board of Attentec AB, Shapeline AB and Skyqraft AB. Board member of Wematter AB. Dependent in relation to major shareholders. Innehav i Exsitec: 2 433 137 shares (through company) Ann-Charlotte Jarleryd Christine Ahlstrand Board member since 2023 Born: 1986 Education: Master’s degree in Accounting and Financial Management at the Stockholm School of Economics. Ongoing assignments: General Partner in Course Corrected, board member of Petgood AB and Globhe Drones AB. Other assignments over the past 5 years: Board member of Axel Health AB and Kundo AB. Independent in relation to major shareholders. Innehav i Exsitec: 1 500 shares Erlend Sogn Emil Hjalmarsson Board member since 2022 Born: 1964 Education: Gothenburg School of Economic. Ongoing assignments: Board member in Sportscomputing AB and Subscription Asset AB, AYFIE AS, Rubus Tech AS and ZTL Payments AS Chairman of the Board of Onetwo3 AB. Other assignments over the past 5 years: Managing Director Visma Software AS, Managing Director Visma Real Estate AS. Independent in relation to major shareholders. Holdings in Exsitec: 2 500 shares (through company) Board member since 2023 Member of the Audit Committee and the Acquisition Committee Born: 1989 Education: Master of Science in Engineering from KTH Royal Institute of Technology. Ongoing assignments: Investment Manager at AB Grenspecialisten and Board Member of Boule Diagnostics, Lime Technologies, Trianon and CellaVision AB. Other assignments over the past 5 years: - Dependent in relation to major shareholders. Innehav i Exsitec: 8 700 shares Board of Directors Shareholdings as of 31 December, 2025. Johan Kallblad Board member since 2025 Member of the Remuneration Committee and the Acquisition Committee Born: 1972 Education: M.Sc. in Industrial Engineering and Management from the Institute of Technology at Linköping University. Executive Management Program at Stockholm School of Economics. Ongoing assignments: Board member of Southstreet Invest AB, Gung Group Holding AB and Carasent AB. Other assignments over the past 5 years: Chief Executive Officer of Exsitec Holding AB, and Board member of the East Sweden Chamber of Commerce. Dependent in relation to major shareholders. Holdings in Exsitec: 940 000 shares
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EXSITEC HOLDING AB www.exsitec.se 28 Financial Reports
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EXSITEC HOLDING AB www.exsitec.se 29 Management Report The Board of Directors and the Chief Executive Officer of Exsitec Holding AB, corporate identity number 559116-6532 and with its registered office in Östergötland County, Linköping Municipality, hereby submit the annual report and consolidated financial statements for the 2025 financial year. All amounts are reported in KSEK, Swedish kronor, unless otherwise stated. General information about the operations Exsitec delivers IT support to reduce our customers’ administration, help our customers create insights from their data, retain and acquire new customers, increase their sales and presence through e-commerce and digital marketing, and make support systems accessible to as many users as possible within the customer’s operations. Our vision is to make our customers’ everyday lives more efficient, simpler, and more enjoyable through the best possible IT support for their business. We select high-quality software and cloud services, ensure they work together within the customer’s operations, and take responsibility after the project by offering support, management, and further development of the customer’s IT systems. Net sales and earnings In 2025, net sales amounted to MSEK 895 (811), representing a growth of 10%. Of the increase in sales, +2% was organic growth and the remainder was from acquisitions. Adjusted EBITA amounted to MSEK 158, an increase of +31% compared to MSEK 121 the previous year, resulting in an adjusted EBITA margin of 18% (15%). The margin development is a result of an increased share of recurring revenue from software, good cost control, and a continued focus on efficiency in delivery. Liquidity and financial position As of December 31, 2025, the Group’s cash and cash equivalents amounted to MSEK 54 (26), loans from credit institutions to MSEK 279 (320), a revolving credit facility with an unutilized space amounting to MSEK 132 including an unutilized bank overdraft of MSEK 75 (75), and a conditional option to increase the facility by MSEK 70 (a so-called accordion option). Estimated conditional purchase considerations for completed business and asset acquisitions amounted to MSEK 49 (68). Equity at the end of the period amounted to MSEK 510 (457). Significant events during the financial year • In January 2025, Carl Arnesson took office as the new CFO. • In March 2025, Niklas Ek took office as the new President and CEO. • The 2025 Annual General Meeting resolved on a long- term incentive program for key individuals within the Group. The incentive program started during the third quarter and runs until 2028. • During the month of August, Exsitec welcomed 60 new employees in Sweden, Norway, and Denmark as part of its well-known trainee program. • In September, Exsitec announced a deepened partnership with the Danish SaaS company Konsolidator. The deal is a natural next step in the partnership initiated in April and means that Exsitec takes over full responsibility for delivery, support, and customer relations for Konsolidator’s customers in Sweden and Norway. Through the acquisition, Exsitec strengthens its position as a leading provider of solutions for group accounting in the Nordics. • In December, Exsitec AB signed an agreement to divest the subsidiary Zedcom AB to the IT and operations specialist InfraCom Group AB. The transaction covers only the IT and operations business in Zedcom AB. The part of the business focusing on Visma Net has previously been integrated into Exsitec’s core operations and remains within the Group. Following approval from the Inspectorate of Strategic Products (ISP), the transaction was completed in early February 2026. The purpose of the sale is to streamline Exsitec’s operations toward digitalization, ERP systems, and business- oriented applications. Sustainability reporting Exsitec Holding AB has prepared sustainability reporting inspired by VSME, the voluntary standard for sustainability reporting for small and medium-sized enterprises, which constitutes Exsitec Holding AB’s statutory sustainability report and covers all its subsidiaries. The sustainability report has been prepared to meet the requirements set out in the Annual Accounts Act. The scope and content of the report can be found on pages 17-24. Future development We see good conditions to further develop our operations during 2026, even though the market continues to be characterized by uncertainty. We will prioritize organic growth, further develop our Microsoft offering, and capitalize on the opportunities surrounding Visma Business NXT. The work to integrate and accelerate the acquisitions completed in 2024 will continue. Furthermore, we believe the market for corporate acquisitions has the potential to be even more attractive than in 2025. We are selective and maintain great patience, but hope to continue growing through acquisitions that bring us new customers while also strengthening our offering toward our existing customers.
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EXSITEC HOLDING AB www.exsitec.se 30 2025 2024 2023 2022 2021 Net sales 894 941 811 348 751 273 656 582 460 187 EBITA 158 018 114 722 119 346 97 516 66 604 EBITA % 18% 14% 16% 15% 15% Adjusted EBITA** 158 018 120 643 133 430 91 571 76 548 Adjusted EBITA % 18% 15% 18% 14% 17% Operating margin (%) 14% 11% 13% 12% 12% Profit or loss before tax 110 006 76 189 93 275 73 901 52 985 Earnings per share in SEK, before dilution 6.39 4.40 5.48 4.37 3.26 Earnings per share in SEK, after dilution 6.39 4.40 5.28 4.20 3.13 Return on equity (%) 22% 17% 22% 20% 18% Balance sheet total 1 122 135 1 136 629 805 241 748 795 660 658 Solidity (%) 45% 40% 52% 49% 45% Average number of employees 604 580 522 490 431 2025 2024 2023 2022 2021 Net sales 23 658 22 658 17 025 14 545 6 950 EBITA −3 398 -2 776 -2 537 508 1 084 Profit or loss before tax 32 093 287 3 071 2 954 765 Balance sheet total 439 022 414 751 228 661 231 471 243 124 Solidity (%) 49% 49% 96% 99% 99% Average number of employees 10 9 7 5 1 Multi-Year Overview Multi-year overview, Parent Company Multi-Year Overview, The Group Proposed appropriation of profit or loss The following funds are available to the Annual General Meeting (SEK): The Board of Directors proposes the following distribution: Share premium 356 707 891 Retained profit −182 252 470 Profit or loss for the year 31 575 284 206 030 705 Dividend to shareholders (SEK 1.75 per share) 25 516 726 Carried forward to new account 180 513 979 206 030 705 * Utöver förvärvsrelaterade personalkostnader har även 21 MSEK avsende försäljning av verksamhet i det danska dotterbolaget under 2022 justerats, samt 3,3 MSEK justering för permitteringsstöd 2021.
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EXSITEC HOLDING AB www.exsitec.se 31 Reports, The Group Note 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Operating revenue Net sales 6 894 941 811 348 Other operating income 9 9 989 5 353 Total operating revenue 904 930 816 701 Operating expenses Costs of external subcontractors and direct costs −44 773 −43 390 Merchandise −9 827 −5 403 Other external expenses 7 −90 758 −79 514 Personnel costs 8 −558 930 −530 618 Acquisition-related personnel expenses 34 - −5 921 Other operating expenses 10 −5 811 −3 404 Depreciation and impairments of tangible assets and right-of-use assets 15,17 −36 813 −33 729 Depreciation and impairments of intangible assets 16 −34 168 −24 938 Total operating expenses −781 080 −726 917 Operating profit 123 850 89 784 Financial items Other interest income and similar income items 6 381 2 248 Interest expenses and similar loss items −20 225 −15 843 Net financial items 11 −13 844 −13 595 Profit before tax 110 006 76 189 Income tax 12 −24 213 −17 181 Profit for the year 85 793 59 008 Profit for the year attributable to: Equity holders of the parent company 85 879 59 121 Non-controlling interests −86 −113 Consolidated income statement Earnings per share calculated based on profit or loss for the year attributable to the Parent Company’s shareholders Note 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Weighted average number of shares before dilution 13 429 856 13 405 248 Weighted average number of shares after dilution 13 429 856 13 405 248 Earnings per share in SEK, before dilution 13 6,39 4,40 Earnings per share in SEK, after dilution 13 6,39 4,40 Total comprehensive income for the year attributable to: Equity holders of the parent company 70 960 57 449 Non-controlling interests − 86 − 113 Other comprehensive income 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Profit for the year 85 793 59 008 Items that may be reclassified to profit or loss Translation differences for the year −14 919 −1 672 Other comprehensive income for the year −14 919 −1 672 Total comprehensive income for the year 70 874 57 336
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EXSITEC HOLDING AB www.exsitec.se 32 Consolidated balance sheet Note 2025-12-31 2024-12-31 ASSETS Fixed assets Goodwill 16 518 987 541 889 Other intangible assets 16 223 288 267 021 Tangible fixed assets 15,30 13 528 13 781 Right-of-use assets 17 81 314 75 129 Other long-term receivables 21 1 721 1 874 Deferred tax assets 26 836 790 Total fixed assets 839 674 900 484 Current assets Inventories 18 218 705 Accounts receivable 20 135 034 149 260 Other receivables 21 6 837 5 758 Prepaid expenses and accrued income 22 55 624 53 931 Cash and cash equivalents 23 54 068 26 491 Total current assets excluding assets held for sale 251 781 236 145 Assets held for sale 37 30 680 - TOTAL ASSETS 1 122 135 1 136 629 EQUITY AND LIABILITIES Equity 24 Share capital 671 671 Other contributed capital 356 708 356 708 Reserves −8 495 999 Retained earnings incl. net profit for the year 160 040 97 663 Total equity attributable to Parent Company's shareholders 508 924 456 041 Equity attributable to non-controlling interests 1 211 1 297 Total equity 510 135 457 338 Long-term liabilities Liabilities to credit institutions 25,30 254 544 295 169 Lease liabilities 17 48 437 40 284 Other long-term liabilities 27 42 764 45 422 Deferred tax liabilities 26 39 071 47 645 Total long-term liabilities excluding liabilities held for sale 384 816 428 520 Short-term liabilities Liabilities to credit institutions 25,30 24 857 25 059 Lease liabilities 17 27 948 29 150 Accounts payable 49 168 58 443 Current tax liabilities 8 689 2 732 Other short-term liabilities 28 48 535 64 625 Accruals and deferred income 29 63 219 70 762 Total short-term liabilities excluding liabilities held for sale 222 416 250 771 Liabilities held for sale 37 4 768 - Total liabilities 612 000 679 291 TOTAL EQUITY AND LIABILITIES 1 122 135 1 136 629
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EXSITEC HOLDING AB www.exsitec.se 33 Consolidated statement of changes in equity Attributable to equity holders of the parent company Share capital Other contributed capital Reserves Retained ear- nings including net profit for the year Total Non-controlling interests Total equity Opening balance on 1 January 2024 670 352 759 − 408 61 994 415 015 - 415 015 Profit or loss for the year - - - 59 121 59 121 − 113 59 008 Other comprehensive income - - −1 672 - −1 672 - −1 672 Total comprehensive income - - −1 672 59 121 57 449 − 113 57 336 Transactions with shareholders New issuance 1 3 998 - - 3 999 - 3 999 Issuance expenses - − 49 - - − 49 - − 49 Share-related incentive programme - - 3 079 - 3 079 - 3 079 Dividend - - - −23 452 −23 452 - −23 452 Business combinations with non-controlling interests - - - - - 1 410 1 410 Total transactions with shareholders 1 3 949 3 079 −23 452 −16 423 1 410 −15 013 Closing balance on 31 December 2024 671 356 708 999 97 663 456 041 1 297 457 338 Attributable to equity holders of the parent company Share capital Other contributed capital Reserves Retained ear- nings including net profit for the year Total Non-controlling interests Total equity Opening balance on 1 January 2025 671 356 708 999 97 663 456 041 1 297 457 338 Profit or loss for the year - - - 85 879 85 879 − 86 85 793 Other comprehensive income - - −14 919 - −14 919 - −14 919 Total comprehensive income - - −14 919 85 879 70 960 − 86 70 874 Transactions with shareholders Share-related incentive programme - - 5 425 - 5 425 - 5 425 Dividend - - - −23 502 −23 502 - −23 502 Total transactions with shareholders - - 5 425 −23 502 −18 077 - −18 077 Closing balance on 31 December 2025 671 356 708 −8 495 160 040 508 924 1 211 510 135
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EXSITEC HOLDING AB www.exsitec.se 34 Note 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Cash flow from operating activities Profit before tax 110 006 76 189 Adjustment for items not included in cash flow 36 72 580 67 459 Income tax paid −25 487 −45 574 Cash flow from operating activities before changes in working capital 157 099 98 074 Cash flow from change in working capital Increase/Decrease in operating receivables 3 724 12 643 Increase/Decrease in operating liabilities −8 095 −21 428 Total change in working capital −4 371 −8 785 Cash flow from operating activities 152 728 89 289 Cash flow from investing activities Acquisition of subsidiaries less acquired cash and cash equivalents 33 −16 450 −252 114 Change in long-term receivables 59 − 236 Acquisition of intangible assets 35 −3 304 −28 024 Investments in tangible fixed assets −5 364 −4 768 Cash flow from investing activities −25 059 −285 142 Cash flow from financing activities Borrowings 32 - 246 309 Amortisation of loans 32 −36 008 −20 513 Amortisation of lease liabilities 32 −32 119 −31 417 Dividend to shareholders −23 502 −23 452 Cash flow from financing activities −91 629 170 927 Cash flow for the year 36 040 −24 926 Cash and cash equivalents at beginning of year 26 491 51 351 Exchange rate difference on cash and equivalents −2 082 66 Cash and cash equivalents held for sale at the end of the year 37 −6 381 - Cash and cash equivalents at the end of the year 54 068 26 491 Cash flow disclosures Interest paid −13 195 −8 765 Consolidated cash flow statement
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EXSITEC HOLDING AB www.exsitec.se 35 Note 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Operating income Net sales 40 23 658 22 658 Other operating income 43 17 Total operating income 23 701 22 675 Operating expenses Other external expenses 41 −5 339 −6 446 Personnel costs 42 −21 706 −19 005 Other operating expenses − 54 - Total operating expenses −27 099 −25 451 Operating profit −3 398 −2 776 Financial items 43 Profit/loss from participations in group companies 30 000 - Other interest income and similar income items 12 163 7 509 Interest expenses and similar loss items −9 672 −4 446 Total profit from financial items 32 491 3 063 Year-end appropriations 44 3 000 - Profit before tax 32 093 287 Tax on profit for the year 45 − 518 − 36 Profit for the year 31 575 251 There are no items recognised in other comprehensive income in the Parent Company. Total comprehensive income thus equals profit for the year. Reports, Parent Company Parent Company’s income statement
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EXSITEC HOLDING AB www.exsitec.se 36 Moderbolagets balansräkning Note 2025-12-31 2024-12-31 ASSETS Fixed assets Participations in Group companies 46 360 596 199 900 Receivables from Group companies 14 000 174 500 Total fixed assets 374 596 374 400 Current assets Receivables from Group companies 6 144 22 043 Other receivables 47 96 430 Prepaid expenses and accrued income 48 1 935 1 843 Cash and cash equivalents 49 56 251 16 035 Total current assets 64 426 40 351 TOTAL ASSETS 439 022 414 751 EQUITY AND LIABILITIES Equity Restricted equity Share capital 24, 50 671 671 Reserves 9 220 3 794 Total restricted equity 9 891 4 465 Non-restricted equity Share premium reserve 356 708 356 708 Retained profit or loss −182 252 −159 001 Profit or loss for the year 31 575 251 Total non-restricted equity 206 031 197 958 Total equity 215 922 202 423 Provisions Other provisions 51 33 028 31 741 Total provisions 33 028 31 741 Long-term liabilities Liabilities to credit institutions 132 832 146 933 Total long-term liabilities 132 832 146 933 Short-term liabilities Liabilities to Group companies 52 727 28 461 Accounts payable 884 488 Current tax liabilities 65 - Other short-term liabilities 52 1 005 1 301 Accrued expenses and deferred income 53 2 559 3 404 Total short-term liabilities 57 240 33 654 TOTAL EQUITY AND LIABILITIES 439 022 414 751
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EXSITEC HOLDING AB www.exsitec.se 37 Share capital Reserves Share premium reserve Retained earnings including net profit for the year Total equity Opening balance on 1 January 2024 670 715 352 759 −135 550 218 594 Profit or loss and comprehensive income for the year - - - 251 251 Total comprehensive income - - - 251 251 Transactions with shareholders New issuance 1 - 3 998 - 3 999 Issuance expenses - - − 49 - − 49 Share-related incentive programme - 3 079 - - 3 079 Dividend - - - −23 452 −23 452 Total shareholder transactions 1 3 079 3 949 −23 452 −16 423 Closing balance on 31 December 2024 671 3 794 356 708 −158 750 202 423 Share capital Reserves Share premium reserve Retained earnings including net profit for the year Total equity Opening balance on 1 January 2025 671 3 794 356 708 −158 750 202 423 Profit or loss and comprehensive income for the year - - - 31 575 31 575 Total comprehensive income - - - 31 575 31 575 Transactions with shareholders Share-related incentive programme - 5 425 - - 5 425 Dividend - - - −23 502 −23 502 Total shareholder transactions - 5 425 - −23 502 −18 076 Closing balance on 31 December 2025 671 9 220 356 708 −150 677 215 922 Parent Company’s statement of changes in equity
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EXSITEC HOLDING AB www.exsitec.se 38 Note 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Cash flow from operating activities Profit before tax 32 093 287 Adjustment for items not included in cash flow 54 2 435 748 Income tax paid − 41 −1 608 Cash flow from operating activities before changes in working capital 34 487 − 573 Cash flow from change in working capital Change in short-term operating receivables − 170 −1 306 Change in short-term operating payables − 744 1 332 Total change in working capital − 914 26 Cash flow from operating activities 33 573 − 547 Cash flow from investing activities Change in intra-group receivables 41 255 −76 726 Acquisition of subsidiaries, net of cash acquired - −56 600 Cash flow from investing activities 41 255 −133 326 Cash flow from financing activities Proceeds from borrowings - 146 585 Amortisation of loans −11 057 - Dividend to shareholders −23 502 −23 452 Cash flow from financing activities −34 559 123 133 Cash flow for the year 40 269 −10 740 Cash and cash equivalents at beginning of year 16 035 26 775 Exchange rate difference on cash and equivalents − 53 0 Cash and cash equivalents at the end of the year 56 251 16 035 Parent Company’s cash flow statement
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EXSITEC HOLDING AB www.exsitec.se 39 Note 1. General information These consolidated financial statements cover the Parent Company Exsitec Holding AB, corporate registration number 559116-6532, and its subsidiaries. Exsitec Holding AB is a parent company registered in Sweden, with its registered office in Linköping and address at Storgatan 24, 582 23 Linköping, Sweden. The operations of the Parent Company and its subsidiaries include IT support by providing maintenance, support, and further development of customers’ IT systems. These consolidated financial statements were approved for publication by the Board of Directors on 24 March 2026. Unless otherwise specified, all amounts are stated in thousands of SEK (KSEK). Figures in parentheses refer to the comparative period. Note 2. Summary of important accounting policies This note contains a list of the significant accounting policies applied when these consolidated financial statements were prepared. These policies have been applied consistently for all years presented. The consolidated accounts cover Exsitec Holding AB and its subsidiaries. Basis of Preparation of the Financial Statements The consolidated financial statements of the Exsitec Group have been prepared in accordance with the Swedish Annual Accounts Act, RFR 1 Supplementary Accounting Rules for Groups, and International Financial Reporting Standards (IFRS) and interpretations by the IFRS Interpretations Committee (IFRS IC) as adopted by the EU. The consolidated accounts have been prepared in accordance with the cost method, with the exception of certain financial liabilities measured at fair value. Preparing financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to make judgements in applying the Group’s accounting policies. Areas involving a high degree of judgement, complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 5. New and Amended Standards Not Yet Applied by the Group A number of new standards and interpretations will become effective for financial years beginning on or after 1 January 2026 and have not been applied in the preparation of these financial statements. No published standards or interpretations not yet effective have impacted the Group. Consolidated Financial Statements Subsidiaries Subsidiaries are all entities over which the Group has a controlling influence. Subsidiaries are included in the consolidated financial statements from the date on which control is transferred to the Group. They are excluded from the consolidated financial statements from the date when control ceases. The purchase method is used for accounting for the Group’s business combinations. Intra-group transactions, balance sheet items, and unrealised gains and losses on transactions between Group companies are eliminated. Intra-group losses may indicate impairment and are recognised accordingly in the consolidated financial statements. Where necessary, the accounting policies of subsidiaries have been adjusted to ensure consistency with the Group’s policies. Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker is the function responsible for allocating resources and assessing the performance of the operating segments. In the Group, this function has been identified as the CEO. The CEO of Exsitec evaluates the performance of the business based on the Group’s three operating segments: Sweden, Norway, and Other Nordics. These segments also constitute the Group’s reportable segments. Group management primarily uses adjusted EBITA in the assessment of the Group’s results. Notes
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EXSITEC HOLDING AB www.exsitec.se 40 Translation of Foreign Currency Functional Currency and Reporting Currency The items included in the financial statements of each of the Group’s entities are measured in the currency of the primary economic environment in which the entity operates (functional currency). In the consolidated financial statements, the Swedish krona (SEK) is used. This is the Parent Company’s functional currency and the Group’s reporting currency. Transactions and Balance Sheet Items Foreign currency transactions are translated into the functional currency at the exchange rates prevailing on the transaction date or the date of remeasurement. Exchange gains and losses arising from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currency at the closing rate are recognised in the income statement. Exchange gains and losses related to loans and cash and cash equivalents are recognised in the income statement as financial income or expenses. All other exchange gains and losses are recognised in the item other operating income/expenses in the income statement. Group Companies The results and financial position of all Group companies (none of which have a high-inflation currency as their functional currency) that have a functional currency different from the reporting currency are translated into the Group’s reporting currency as follows: • assets and liabilities for each balance sheet are translated at the closing rate on the balance sheet date; • income and expenses for each income statement are translated at average exchange rates (provided that the average rate is a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, otherwise transactions are translated at the rate on the transaction date); and • all resulting exchange differences are recognised in other comprehensive income. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of that foreign operation and translated at the closing rate on the balance sheet date. Revenue Recognition The Group provides its customers with IT support and process solutions by implementing, configuring, and integrating software into the customer’s environment, and by developing analytics and reports based on customer requirements. In addition to implementation services, Exsitec offers ongoing consulting services in the form of support and software upgrades. Consulting services (such as implementation, configuration, software upgrades, and ongoing support) are typically performed at a fixed hourly rate, and the total price depends on the number of hours purchased by the customer. Revenue from consulting services is recognised over time as the performance obligation is fulfilled, which coincides with the amount Exsitec is entitled to invoice. Support and hosting services (infrastructure), for which the customer pays a fixed amount in exchange for Exsitec’s services, are recognised as revenue on a straight-line basis over the contract period. The software implemented by the Group is supplied by third parties. Exsitec has therefore assessed whether it acts as an agent or principal in the sale of third-party licences (software revenue). As Exsitec does not obtain control of the software before it is transferred to the customer, it is concluded that Exsitec acts as an agent. Revenue from this performance obligation is therefore recognised at the net amount to which the Group is entitled, after deducting the software provider’s remuneration, and is recognised at the beginning of each licence period. Customer contracts do not include any material discounts, penalties, or other forms of variable consideration. Where customers pay in advance, a contract liability arises, which is recognised as deferred income. A receivable is recognised once the performance obligations have been fulfilled, at which point the consideration becomes unconditional (i.e., only the passage of time is required for payment). Interest Income Interest income is recognised using the effective interest method. cont. Note 2
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EXSITEC HOLDING AB www.exsitec.se 41 Current and Deferred Income Tax The tax expense for the period includes current tax calculated on the taxable profit for the period in accordance with applicable tax rates, adjusted for changes in deferred tax assets and liabilities related to temporary differences and unused tax losses. Current tax is calculated based on the tax regulations that have been enacted or substantively enacted at the balance sheet date in the countries in which the Parent Company and its subsidiaries operate and generate taxable income. Management regularly evaluates claims made in tax returns in relation to situations where applicable tax rules are subject to interpretation and assesses whether it is probable that a tax authority will accept an uncertain tax treatment. The Group measures its recognised taxes either based on the most likely amount or the expected value, depending on which method best predicts the outcome of the uncertainty. Deferred tax is recognised on all temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the consolidated accounts. However, no deferred tax liability is recognised upon the initial recognition of goodwill. Nor is deferred tax recognised for temporary differences arising from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting nor taxable profit or loss. Deferred income tax is calculated using the tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax related to temporary differences in investments in subsidiaries is not recognised if the Parent Company is able to control the timing of the reversal of the temporary differences and it is not probable that they will reverse in the foreseeable future. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities, provided there is an intention to settle the balances on a net basis. Current and deferred tax is recognised in the income statement, except when the tax relates to items recognised in other comprehensive income or directly in equity, in which case the tax is also recognised in other comprehensive income or equity, respectively. Leases The Group primarily leases premises and vehicles. Lease agreements are typically written for fixed terms of between 1 and 5 years, with the option to extend in some cases. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to lease and non-lease components based on their relative stand-alone prices. However, for leases of properties where the Group is the lessee, it has elected not to separate lease and non-lease components, instead accounting for them as a single lease component. Terms are negotiated separately for each contract and contain a wide range of provisions. Lease agreements do not contain any specific terms or restrictions, other than that the lessor retains the rights to the pledged leased assets. The leased assets may not be used as collateral for loans. Assets and liabilities arising from lease contracts are initially recognised at present value. Lease liabilities include the present value of the following lease payments: • fixed payments (including in-substance fixed payments), less any lease incentives receivable, • variable lease payments that depend on an index or a rate, initially measured using the index or rate at the commencement date, • amounts expected to be payable by the lessee under residual value guarantees, • the exercise price of a purchase option if the Group is reasonably certain to exercise such an option, and • penalties for terminating the lease, if the lease term reflects that the Group will exercise an option to terminate the lease. If the Group is reasonably certain to exercise an option to extend a lease, lease payments for the extension period are included in the measurement of the lease liability. Lease payments are discounted using the cont. Note 2
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EXSITEC HOLDING AB www.exsitec.se 42 lease’s implicit interest rate. If that rate cannot be readily determined—which is typically the case for the Group’s leases—the lessee’s incremental borrowing rate is used. This is the rate the individual lessee would have to pay to borrow the funds necessary to purchase an asset of similar value to the right-of-use asset, in a similar economic environment, with similar terms and security. The Group is exposed to possible future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they become effective. When adjustments to lease payments based on an index or rate take effect, the lease liability is remeasured and adjusted against the right-of-use asset. Lease payments are allocated between repayment of the liability and interest. Interest is recognised in the income statement over the lease term in a manner that produces a constant periodic interest rate on the remaining balance of the lease liability. Right-of-use assets are measured at cost and include: • the initial measurement of the lease liability, and • any lease payments made at or before the commencement date. The right-of-use assets are depreciated on a straight- line basis over the shorter of the asset’s useful life and the lease term. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the useful life of the underlying asset. Lease payments for short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the lease term. Short-term leases are leases with a lease term of 12 months or less. Leases of low-value assets primarily relate to IT equipment, office equipment, and small office furniture. Extension and termination options The Group’s lease contracts include options to extend or terminate leases. These options are intended to provide flexibility in the management of contracts. Extension or termination options are included in the measurement of the lease asset and liability if it is reasonably certain that they will be exercised. Accounting in subsequent periods The lease liability is remeasured if there are modifications to the lease agreement or changes in the expected cash flows based on the original terms of the contract. Changes to expected cash flows based on original contractual terms may arise when the Group changes its initial assessment regarding the exercise of extension or termination options, when previous assessments regarding purchase options are revised, or when lease payments change due to changes in an index or interest rate. A remeasurement of the lease liability results in a corresponding adjustment to the right-of-use asset. If the carrying amount of the right-of-use asset has already been reduced to zero, any remaining remeasurement is recognised in the income statement. The right-of-use asset is tested for impairment whenever events or changes in circumstances indicate that the asset’s carrying amount may not be recoverable. Business Combinations The purchase method is used for accounting for the Group’s business combinations, regardless of whether the acquisition involves equity interests or other assets. The purchase price for the acquisition of a subsidiary comprises the fair value of: • transferred assets, • liabilities incurred by the Group to the former owners, • shares issued by the Group, • assets or liabilities arising from contingent consideration arrangements, and • any previously held equity interest in the acquiree. Identifiable assets acquired, liabilities assumed, and contingent liabilities assumed in a business combination are, with limited exceptions, initially measured at their fair values on the acquisition date. For each business combination—on an acquisition-by- acquisition basis—the Group determines whether non- controlling interests in the acquiree are recognised at fair value or at the non-controlling interest’s proportionate share of the recognised amount of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred. cont. Note 2
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EXSITEC HOLDING AB www.exsitec.se 43 Goodwill is measured as the excess of: • the consideration transferred, • any non-controlling interest in the acquiree, and • the fair value at the acquisition date of any previously held equity interest in the acquiree (in case the business combination is achieved in stages), over the fair value of the net identifiable assets acquired. If the amount is less than the fair value of the acquired net assets—i.e. in the case of a bargain purchase— the difference is recognised directly in the income statement. If all or part of a purchase consideration is deferred, the future payments shall be discounted to their present value at the acquisition date. The discount rate used is the company’s incremental borrowing rate, which is the rate the company would incur to finance the purchase under similar terms and over a similar period. Contingent considerations are classified either as equity or as a financial liability. Amounts classified as financial liabilities are remeasured at fair value each period. Any gains or losses arising from remeasurement are recognised in the income statement. If a business combination is achieved in stages, previously held equity interests in the acquiree are remeasured to fair value at the acquisition date. Any gain or loss resulting from the remeasurement is recognised in the income statement. Intangible assets Goodwill Goodwill arising from business combinations is included in intangible assets. Goodwill is not amortised but is tested for impairment annually or more frequently if events or changes in circumstances indicate a potential impairment. Goodwill is recognised at cost less any accumulated impairment losses. Upon disposal of an entity, the carrying amount of goodwill is included in the gain or loss recognised. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the cash-generating units or groups of cash-generating units expected to benefit from the synergies of the combination. Each unit or group of units to which goodwill has been allocated represents the lowest level within the Group at which the goodwill is monitored for internal management purposes. Brands and customer relationships All brands and customer relationships have been acquired through business combinations. These are recognised at fair value on the acquisition date. They are considered to have finite useful lives and are recognised at cost less accumulated amortisation and impairment losses. The estimated useful life for brands is 1–5 years, as acquired companies are typically integrated rapidly. The estimated useful life for customer relationships is 10 years. Asset acquisitions Contingent considerations related to asset acquisitions are included in the cost of the acquired asset. The contingent consideration is measured at the fair value of future conditional payments at the acquisition date, and a financial liability is recognised at the same value. In subsequent periods, the financial liability is measured at amortised cost in accordance with IFRS 9. Subsequent changes in the value of the financial liability are recognised as a change in the value of the asset when the change in the value of the contingent consideration is dependent on the use of the asset. Separately acquired intangible assets are recognised at cost. In subsequent periods, they are measured at cost less accumulated amortisation and impairment. The estimated useful life of separately acquired intangible assets is 10 years. Each acquisition is individually assessed to determine whether it qualifies as a business combination or an asset acquisition. If the acquisition involves the transfer of processes, personnel, and systems from the acquiree, it is usually considered a business combination. Otherwise, it is treated as an asset acquisition. cont. Note 2
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EXSITEC HOLDING AB www.exsitec.se 44 Tangible fixed assets Tangible fixed assets are recognised at cost less accumulated depreciation. Cost includes expenditures that are directly attributable to the acquisition of the asset. Depreciation is charged on a straight-line basis over the asset’s estimated useful life, less its estimated residual value. The estimated useful lives are as follows: • Buildings and land: 5–20 years • Equipment, tools, fixtures and fittings: 5–7 years Residual values and useful lives are reviewed at the end of each reporting period and adjusted if necessary. The carrying amount of an asset is immediately written down to its recoverable amount if it exceeds its estimated recoverable amount. Gains or losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the operating result in the income statement. Financial instruments The Group’s financial assets and liabilities consist of the following items: other long-term receivables, trade receivables, cash and cash equivalents, other receivables (part of the item), accrued income, liabilities to credit institutions, trade payables, other liabilities (short- and long-term, part of the item), contingent considerations, and accrued expenses. a) Initial recognition Financial assets and financial liabilities are recognised when the Group becomes a party to the contractual terms of the instrument. Purchases and sales of financial assets and liabilities are recognised on the trade date, which is the date when the Group commits to purchase or sell the asset. Financial instruments are initially recognised at fair value plus, for assets or liabilities not measured at fair value through profit or loss, transaction costs directly attributable to the acquisition or issuance of the financial asset or liability, such as fees and commissions. Transaction costs related to financial instruments measured at fair value through profit or loss are expensed in the income statement. b) Financial assets – Classification and measurement The Group classifies and measures all its financial assets in the category “amortised cost.” The classification of investments in debt instruments depends on the Group’s business model for managing financial assets and the contractual terms of the cash flows. c) Financial liabilities – Classification and measurement The Group classifies and measures its financial liabilities at amortised cost or at fair value through profit or loss. Financial liabilities are classified as current liabilities if they are due within 12 months of the balance sheet date. If they are due later than 12 months, they are classified as non-current liabilities. Financial liabilities at amortised cost After initial recognition, financial liabilities are measured at amortised cost using the effective interest method. Any difference between the amount received (net of transaction costs) and the repayment amount is recognised in profit or loss over the term of the loan. Fees paid for borrowing facilities are recognised as transaction costs to the extent that it is probable that the facility will be used. In such cases, the fee is recognised when the facility is utilised. If it is not probable that the facility will be utilised, the fee is recognised as a prepayment for financial services and is allocated over the term of the commitment. Financial liabilities measured at amortised cost include liabilities to credit institutions, trade payables, other liabilities (short- and long-term, in part), and accrued expenses. Financial liabilities at fair value through profit or loss Financial liabilities measured at fair value are recognised in the balance sheet on the trade date and are measured at fair value both initially and in subsequent remeasurements. All changes in fair value are recognised directly in the income statement under Other operating income or Other operating expenses. Financial liabilities at fair value through profit or loss consist entirely of contingent considerations and are included in the items other long-term and short-term liabilities. d) Derecognition of financial assets and financial liabilities Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or are transferred and the Group has transferred substantially all the risks and rewards of ownership of the asset. cont. Note 2
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EXSITEC HOLDING AB www.exsitec.se 45 Financial liabilities are derecognised when the contractual obligation is discharged or cancelled or expires. When the terms of a financial liability are renegotiated but not derecognised, a gain or loss is recognised in the income statement. The gain or loss is calculated as the difference between the original contractual cash flows and the modified cash flows discounted at the original effective interest rate. e) Set-off of financial instruments Financial assets and liabilities are set off and reported with a net amount in the balance sheet only when there is a legal right to set off the recognised amounts and there is an intention to settle them on a net basis or to realise the asset and settle the liability simultaneously. The legal right must not be dependent on future events and must be legally binding on the company and the counterparty both in the normal course of business and in the event of default, insolvency, or bankruptcy. f) Impairment of financial assets Assets measured at amortised cost are assessed for expected credit losses. The Group recognises a credit loss provision for such expected credit losses at each reporting date. For trade receivables, the Group applies the simplified approach to credit loss provisioning, meaning the reserve corresponds to the expected loss over the entire lifetime of the receivable. To measure expected credit losses, trade receivables are grouped based on shared credit risk characteristics and days overdue. The Group uses forward-looking information for expected credit losses. Expected credit losses are recognised in the consolidated income statement under the item Other operating expenses. Inventories Inventories are measured at the lower of cost and net realisable value. The cost of goods for resale is determined after deduction of discounts. Net realisable value is the estimated selling price in the ordinary course of business less applicable variable selling expenses. Accounts receivable Accounts receivable are initially recognised at the amount that is unconditional. They are subsequently measured at amortised cost using the effective interest method, less any credit loss provision. Cash and cash equivalents Cash and cash equivalents include bank balances in both the balance sheet and the cash flow statement. Share capital Ordinary shares are classified as equity. Transaction costs that are directly attributable to the issue of new shares or options are recognised, net of tax, in equity as a deduction from the issue proceeds. Accounts payable Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. The amounts are unsecured and are usually paid within 30 days. Accounts payable and other liabilities are classified as current liabilities if they fall due within one year (or within the normal operating cycle if longer). If not, they are classified as non-current liabilities. Payables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method. Borrowings Borrowings are initially recognised at fair value, net of transaction costs. Subsequently, borrowings are recognised at amortised cost, and any difference between the amount received (net of transaction costs) and the repayment amount is recognised in profit or loss over the loan term using the effective interest method. Fees paid for loan facilities are recognised as transaction costs for the loan to the extent that it is probable that some or all of the credit facility will be used. In such cases, the fee is recognised when the facility is drawn. If there is no evidence that it is probable the facility will be drawn, the fee is recognised as a prepayment for financial services and amortised over the term of the facility commitment. Borrowings are removed from the balance sheet when the obligations are discharged, cancelled, or otherwise settled. The difference between the carrying amount of a financial liability (or part of a financial liability) that cont. Note 2
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EXSITEC HOLDING AB www.exsitec.se 46 has been extinguished or transferred to another party and the consideration paid, including non-cash assets transferred or liabilities assumed, is recognised in profit or loss. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer payment of the liability for at least 12 months after the end of the reporting period. Employee benefits Short-term employee benefits Liabilities for salaries and remuneration, including non-monetary benefits and paid leave, expected to be settled within 12 months after the end of the financial year are classified as short-term liabilities and recognised at the undiscounted amount expected to be paid when the liabilities are settled. The cost is recognised in the statement of comprehensive income as the services are rendered. The liability is recognised under employee-related liabilities in the consolidated balance sheet. Pension obligations The Group only has defined contribution pension plans. For defined contribution plans, the Group pays contributions to publicly or privately administered pension plans on a statutory, contractual, or voluntary basis. The Group has no further payment obligations once the contributions have been paid. Contributions are recognised as staff costs when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or reduction in future payments will benefit the Group. Warrants The premium received for warrants issued at market price has been recognised in equity as an increase in retained earnings. If a warrant is later exercised to subscribe for shares, the exercise price received is recognised partly in share capital (corresponding to the quota value) and partly in other contributed capital (relating to the premium). As the participants paid market price for the warrants, no cost has been recognised in the income statement. Earnings per share Basic earnings per share Basic earnings per share is calculated by dividing: • profit attributable to the Parent Company’s shareholders • by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per share To calculate diluted earnings per share, the amounts used to calculate basic earnings per share are adjusted by taking into account: • the after-tax effect of dividends and interest expenses on potential ordinary shares, and • the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all potential ordinary shares. Dividends Dividends to the Parent Company’s shareholders are recognised as a liability in the consolidated financial statements in the period in which the dividend is approved by the Parent Company’s shareholders.. Cash flow statement The cash flow statement is prepared using the indirect method. The reported cash flows include only transactions that result in cash inflows or outflows. cont. Note 2
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EXSITEC HOLDING AB www.exsitec.se 47 Note 3. Financial risk management The Group is exposed through its operations to various financial risks, such as market risks (currency risk and interest rate risk), credit risk, liquidity risk, and refinancing risk. The Group strives to minimise any potentially adverse effects on its financial performance. The objectives of the Group’s financial activities are to: • ensure that the Group can meet its payment obligations, • manage financial risks, • ensure access to necessary financing, and • optimise the Group’s net financial result. The Group’s risk management is handled by a central finance department that identifies, evaluates, and hedges financial risks in close cooperation with the Group’s operational units. Currency risk The Group is exposed to currency risks arising from different currency exposures, primarily with respect to trade receivables and trade payables in euro (EUR) and US dollars (USD). The main risk arises from fluctuations in exchange rates affecting receivables or payables when these have originated in a currency other than the respective company’s functional currency. Currency risk also includes contracted payment flows in a currency other than the respective company’s functional currency. To financially hedge future cash flows in foreign currency, the Group may enter into forward foreign exchange contracts. As of the balance sheet date, there were no outstanding forward foreign exchange contracts. The table below shows trade receivables and trade payables in currencies other than the respective companies’ functional currency: Sensitivity analysis – transaction exposure If the Swedish krona had weakened/strengthened by 10% against the EUR, with all other variables held constant, the recalculated profit after tax for the financial year 2025 would have been KSEK 314 (67) lower/higher, mainly due to gains/losses from the translation of trade receivables and payables. If the Swedish krona had weakened/strengthened by 10% against the USD, with all other variables held constant, the recalculated profit after tax for the financial year 2025 would have been KSEK 85 (4) lower/higher, mainly due to gains/losses from the translation of trade receivables and payables. Currency risk also arises from the translation of foreign subsidiaries’ income statements and balance sheets into the Group’s reporting currency, SEK – known as translation exposure. The Group has subsidiaries in Norway, Denmark and Finland, and is therefore exposed to NOK, DKK and EUR. Sensitivity analysis – translation exposure If the Swedish krona had weakened/strengthened by 10% against the NOK as of the balance sheet date, with all other variables held constant, the impact on other comprehensive income and equity would have been KSEK 13 637 (12 895) lower/higher when translating the foreign subsidiaries’ income statements and balance sheets. If the Swedish krona had weakened/strengthened by 10% against the DKK as of the balance sheet date, with all other variables held constant, the impact on other comprehensive income and equity would have been KSEK 2 559 (1 986) lower/higher when translating the foreign subsidiaries’ income statements and balance sheets. If the Swedish krona had weakened/strengthened by 10% against the EUR as of the balance sheet date, with all other variables held constant, the impact on other comprehensive income and equity would have been KSEK 7 932 (8 540) lower/higher when translating the foreign subsidiaries’ income statements and balance sheets. Interest rate risk All liabilities to credit institutions consist of loans in SEK, NOK, and EUR with floating interest rates, which expose the Group to cash flow interest rate risk. The floating rate is based on STIBOR 3M or NIBOR 3M. The Group does not hedge its interest rate risk related to future cash flows. Sensitivity analysis If the interest rates on borrowings as of 31 December 2025 had been 200 basis points higher/lower, with all other variables held constant, the estimated profit after tax for the financial year would have been KSEK 4 796 (2 595) lower/higher, mainly due to higher/lower interest expenses on floating rate borrowings. 2025-12-31 2024-12-31 EUR USD EUR USD Accounts receivable 450 702 171 600 Accounts payable 85 818 97 596
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EXSITEC HOLDING AB www.exsitec.se 48 Credit risk Credit risk arises from cash and cash equivalents held at banks and financial institutions, as well as from customer credit exposures, including outstanding receivables. Only banks and financial institutions with a minimum credit rating of “A” from an independent rating agency are accepted. The Group has no contract assets. Credit risk is managed at Group level, except for credit risk related to outstanding trade receivables, where analysis is performed by each respective Group company. Each Group company is responsible for monitoring and analysing the credit risk for every new customer. The change in the loss allowance during the financial year is specified below: As of 2025-12-31 Receivables not past due Up to 30 days past due 31–60 days past due 61–120 days past due More than 120 days past due Total Gross carrying amount – accounts receivable 116 297 15 933 1 892 594 1 996 136 712 Loss allowance −14 −8 −35 −107 −1 514 −1 678 Net carrying amount – accounts receivable 116 283 15 925 1 857 487 482 135 034 As of 2024-12-31 Receivables not past due Up to 30 days past due 31–60 days past due 61–120 days past due More than 120 days past due Total Gross carrying amount – accounts receivable 128 638 17 395 1 949 1 689 885 150 555 Loss allowance −57 −24 −45 −830 −339 −1 295 Net carrying amount – accounts receivable 128 581 17 371 1 904 859 546 149 260 Where no independent credit rating is available, the customer’s creditworthiness is assessed by evaluating their financial position, historical experience, and other relevant factors. Individual risk limits are determined based on internal or external credit assessments in accordance with limits set by the Board of Directors. The use of credit limits is monitored on a regular basis. No credit limits were exceeded during the reporting period, and management does not expect any losses due to non-payment from counterparties. Historically, the Group has experienced insignificant credit losses. Based on historical data showing very low credit losses, together with a forward-looking assessment, expected credit losses are not significant for any customer. Accounts receivable 2025-12-31 Accounts receivable 2024-12-31 As of 1 January 1 295 1 774 Increase/Decrease of loss allowance, change recognised in profit or loss 1 317 1 014 Accounts receivable derecognised during the year − 934 −1 493 As of 31 December 1 678 1 295 Liquidity and refinancing risk The Group ensures, through prudent liquidity management, that sufficient cash is available to meet the needs of its ongoing operations. At the same time, the Group ensures that sufficient headroom is available under agreed credit facilities to allow for repayment of liabilities as they fall due. Management monitors rolling forecasts of the Group’s liquidity reserve (including unused credit facilities) and cash and cash equivalents based on expected cash flows. These analyses are normally carried out by the operating entities, taking into account the guidelines and limitations established by Group management. The limitations vary between different regions, reflecting the liquidity of the respective markets. The Group also monitors balance sheet-based liquidity measures against both internal and external requirements and ensures access to external financing. Refinancing risk is defined as the risk that the Group may face difficulties in refinancing, that financing may not be available, or only at a higher cost. This risk is mitigated through the Group’s ongoing evaluation of alternative financing solutions. The Group’s borrowings consist of liabilities to credit institutions (Nordea). There is a bank overdraft facility, which was unutilised at each balance sheet date. The borrowings with Nordea are subject to covenants. All covenants were fulfilled on each balance sheet date. Covenants are tested quarterly, and in the event of a breach, Nordea is entitled to renegotiate the terms of all credits and other engagements with all Group companies, or, if no agreement is reached, to immediately terminate all credits and other agreements concluded with companies within the Group. cont. Note 3
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EXSITEC HOLDING AB www.exsitec.se 49 As of 2025-12-31 Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Total Reported value Financial liabilities Liabilities to credit institutions 8 987 26 500 34 670 242 133 - 312 290 279 401 Lease liabilities 7 557 22 672 21 962 28 961 1 515 82 667 76 385 Accounts payable 49 168 - - - - 49 168 49 168 Contingent consideration - 6 351 - 52 964 - 59 315 49 115 Other liabilities 4 251 - - - - 4 251 4 251 Accrued expenses 12 329 - - - - 12 329 12 329 Total financial liabilities 82 292 55 523 56 632 324 058 1 515 520 020 470 649 As of 2024-12-31 Less than 3 months Between 3 months and 1 year Between 1 and 2 years Between 2 and 5 years More than 5 years Total Reported value Financial liabilities Liabilities to credit institutions 10 042 29 574 38 399 298 014 - 376 029 320 228 Lease liabilities 6 151 18 454 26 034 23 356 - 73 994 69 434 Accounts payable 58 443 - - - - 58 443 58 443 Contingent consideration 2 000 20 889 4 830 40 593 - 68 312 68 312 Other liabilities 3 821 - - - - 3 821 3 821 Accrued expenses 12 751 - - - - 12 751 12 751 Total financial liabilities 93 208 68 917 69 263 361 963 - 593 350 532 989 There is an undrawn bank overdraft facility of MSEK 75 as of 2025-12-31 (75). For additional information about the Group’s borrowings and details regarding covenants, see Note 25 Borrowings. The table below analyses the Group’s financial liabilities based on the time remaining on the balance sheet date until the contractual maturity date. The amounts presented in the table are the contractual, undiscounted cash flows. Future cash flows in foreign currencies have been calculated using the exchange rates applicable at the balance sheet date, and future cash flows related to floating interest rates are based on the interest rate prevailing on the balance sheet date. cont. Note 3
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EXSITEC HOLDING AB www.exsitec.se 50 Contingent consideration in connection with business combinations Opening balance on 1 January 2025 61 481 Acquisitions - Payment −16 450 Change in fair value recognised in the statement of comprehensive income −1 492 Exchange rate difference − 775 Closing balance on 31 December 2025 42 764 Contingent consideration in connection with business combinations Opening balance on 1 January 2024 15 752 Acquisitions 53 711 Payment −7 202 Change in fair value recognised in the statement of comprehensive income −462 Exchange rate difference −318 Closing balance on 31 December 2024 61 481 Level 3 inputs for fair value measurement and the measurement process Contingent consideration: The fair value of the contingent consideration arrangement is based on management’s assessment of what is likely to be paid given the terms of the share transfer agreement. Level 3 financial instrumentsCalculation and disclosure of fair value Below is information about financial instruments measured at fair value, based on their classification within the fair value hierarchy. Currently, only financial liabilities in the form of contingent considerations are measured at fair value. The different levels are defined as follows: (a) Level 1 financial instruments Quoted prices (unadjusted) in active markets for identical assets or liabilities. (b) Level 2 financial instruments Observable inputs for the asset or liability other than quoted prices included in Level 1, either directly (i.e. as price quotations) or indirectly (i.e. derived from price quotations). (c) Level 3 financial instruments In cases where one or more significant inputs are not based on observable market information. There are no financial assets measured at fair value in any of the periods. The Group’s financial liabilities measured at fair value consist, in all periods, of contingent considerations classified within Level 3 of the fair value hierarchy. Specific valuation techniques used to measure financial instruments include: Contingent consideration – expected cash flows are estimated based on the terms of the purchase agreement and the company’s knowledge of the business and how the current economic environment is likely to affect it. There were no transfers between levels during the year. cont. Note 3
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EXSITEC HOLDING AB www.exsitec.se 51 Note 4. Management of capital The Group’s objective in respect of capital structure is to safeguard the Group’s ability to continue as a going concern so that it can continue to generate returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. To maintain or adjust the capital structure, the Group can change the dividend paid to shareholders, repay capital to shareholders, issue new shares, or sell assets to reduce liabilities. The Group assesses its capital based on net debt in relation to adjusted pro forma EBITDA. This key metric is calculated as net debt divided by adjusted pro forma EBITDA. Net debt is calculated as total borrowings (comprising the items Long-term liabilities to credit institutions, Short-term liabilities to credit institutions, and short-term contingent considerations) less cash and cash equivalents. Adjusted pro forma EBITDA is calculated as operating profit before depreciation and amortisation of intangible assets and acquisition-related personnel costs. The Group’s strategy is to maintain a balanced capital structure, whereby the debt ratio between net debt and adjusted EBITDA is continuously monitored. The debt ratio at each balance sheet date was as follows: 2025-12-31 2024-12-31 Interest-bearing liabilities Liabilities to credit institutions 279 401 320 228 Short-term contingent considerations 6 350 22 889 Less: cash and cash equivalents −60 450 −26 491 Net debt 225 301 316 626 Adjusted pro forma EBITDA 166 273 141 872 Net debt / Adjusted pro forma EBITDA 1,36 2,23 Note 5. Important estimates and assessments for accounting purposes The Group makes estimates and assumptions about the future. By definition, the accounting estimates resulting from these assumptions will rarely correspond exactly to the actual outcome. The estimates and assumptions that involve a significant risk of material adjustments to the carrying amounts of assets and liabilities within the next financial year are outlined below. Impairment testing of goodwill The Group performs annual impairment testing of goodwill in accordance with the accounting policy described in Note 2. The recoverable amount of the cash-generating units has been determined by calculating value in use. This calculation requires certain estimates to be made. The calculation is based on cash flow projections derived from budgets and forecasts approved by management for the next five years. Cash flows beyond the five-year period are extrapolated using a growth rate of 2% (2). The growth rate applied is consistent with industry forecasts. For each cash-generating unit to which a significant amount of goodwill has been allocated, the key assumptions used in the calculation of value in use are presented below. The discount rate varies between the segments, while the same long-term growth rate has been used for all segments. • Pre-tax discount rate of 11–13% (11) • Long-term growth rate of 2%. Further information is provided in Note 16. Significant estimates and judgements regarding the term of leases When determining the lease term, management considers all available information that provides an economic incentive to exercise an extension option or not to exercise a termination option. Extension options are included in the lease term only if it is reasonably certain that the lease will be extended (or not terminated). This assessment is reviewed if a significant event or change in circumstances occurs that affects the assessment and is within the control of the lessee.
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EXSITEC HOLDING AB www.exsitec.se 52 Note 6. Segment reporting and information on net sales The Group’s Chief Operating Decision Maker is the CEO, who primarily uses adjusted EBITA to assess the performance of the operating segments. The Group’s operations are managed and reported through the three operating segments: Sweden, Norway, and Other Nordics. The operations of all segments offer business-supporting IT to medium-sized companies. Sweden Norway Other Nordic Other/ Eliminations Total, Group Amounts in KSEK 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Net sales, external 603 243 548 164 201 649 203 527 90 049 59 657 - - 894 941 811 348 Net sales, internal 5 653 3 398 602 620 18 31 −6 273 −4 049 0 0 Total net sales 608 896 551 562 202 251 204 147 90 067 59 688 −6 273 −4 049 894 941 811 348 Other income 8 008 5 166 175 170 0 0 1 806 17 9 989 5 353 Total income 616 904 556 728 202 426 204 317 90 067 59 688 −4 467 −4 032 904 930 816 701 Operating costs excluding depreci- ation, amortisation and impair- ment, external −454 702 −412 536 −159 899 −176 682 −65 947 −52 732 −29 551 −26 301 −710 099 −668 250 Operating costs excluding depreci- ation, amortisation and impair- ment, internal −20 440 −20 014 −6 994 −4 449 −1 907 −1 390 29 341 25 853 0 0 Depreciation of tangible fixed assets −24 900 −21 776 −7 831 −7 919 −4 082 −4 034 - - −36 813 −33 729 Total costs −500 042 −454 326 −174 724 −189 049 −71 936 −58 156 − 210 − 448 −746 912 −701 979 EBITA 116 862 102 402 27 702 15 268 18 131 1 532 −4 677 −4 480 158 018 114 722 Depreciation and impairments of intangible assets −34 168 −24 938 Operating profit 123 850 89 784 Other interest income and similar profit/loss items 6 381 2 248 Interest expenses and similar profit/loss items −20 225 −15 843 Total profit from financial items −13 844 −13 595 Profit or loss before tax 110 006 76 189 Income tax −24 213 −17 181 Profit or loss for the year 85 793 59 008 2025 2024 Revenue from customer contracts 894 941 811 348 Other revenue 9 989 5 353 Total revenue 904 930 816 701 Sweden Norway Other Nordic Other/ Eliminations Total, Group Amounts in KSEK 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 EBITA 116 862 102 402 27 702 15 268 18 131 1 532 −4 677 −4 480 158 018 114 722 Acquisition-related personnel expenses - 4 329 - - - 1 591 - - - 5 921 Other exceptional items affecting comparability - - - - - - - - - - Adjusted EBITA 116 862 106 731 27 702 15 268 18 131 3 123 −4 677 −4 480 158 018 120 642
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EXSITEC HOLDING AB www.exsitec.se 53 2025 2024 Advances from customers 14 425 17 542 2025-12-31 2024-12-31 Sweden 541 941 559 649 Norway 177 408 202 535 Denmark 120 325 138 300 Total 839 674 900 484 2025-12-31 2024-12-31 Short-term non-invoiced receivables from customers 36 171 25 037 Contract liabilities – Advances from customers 12 757 14 425 Fixed assets, other than financial instruments, and deferred tax assets based on the physical location of the asset, are set out in the table below: The Group’s contracts either run at a fixed hourly rate or have an expected term of no more than one year. Therefore, the practical expedient in IFRS 15 is applied, and no disclosures are made regarding unfulfilled performance obligations related to these contracts. Assets and liabilities attributable to customer contracts The Group recognises the following assets and liabilities attributable to customer contracts: Short-term non-invoiced receivables from customers are recognised as accrued income in the balance sheet, and contract liabilities are recognised as deferred income in the balance sheet. Revenue recognised in relation to contract liabilities The table below shows the portion of revenue recognised during the financial year that is attributable to contract liabilities. Revenue recognised attributable to contract liabilities that existed at the beginning of the period: Sweden Norway Other Nordic Total, Group 2025 2024 2025 2024 2025 2024 2025 2024 Sweden 546 655 511 460 3 097 3 661 373 122 550 125 515 243 Norway 18 310 19 125 198 059 199 127 819 186 217 188 218 438 Denmark 21 657 7 790 0 12 78 182 55 527 99 839 63 329 Other 16 621 9 789 493 727 10 675 3 822 27 789 14 338 Total Revenue 603 243 548 164 201 649 203 527 90 049 59 657 894 941 811 348 cont. Note 6 Revenue from external customers by country, based on the location of the customers. Sweden Norway Other Nordic Total, Group 2025 2024 2025 2024 2025 2024 2025 2024 Consultancy services 410 049 385 001 96 999 99 842 56 822 41 056 563 870 525 899 Revenue from software 118 483 92 956 81 394 79 108 24 688 12 130 224 565 184 194 Support and infrastructure services 62 290 59 412 21 704 22 140 - - 83 994 81 552 Other 12 421 10 795 1 552 2 437 8 539 6 471 22 512 19 703 Total revenue 603 243 548 164 201 649 203 527 90 049 59 657 894 941 811 348
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EXSITEC HOLDING AB www.exsitec.se 54 Note 7. Auditor’s fees 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 PricewaterhouseCoopers Audit engagement 1 721 1 524 Fees for audit-related services 74 217 Tax consultancy services 105 62 Other services 19 463 Total, PricewaterhouseCoopers 1 919 2 266 Other Auditors Audit engagement 80 169 Fees for audit-related services 0 27 Tax consultancy services - - Other services - - Total, other auditors 80 196 Total auditor’s fees 1 999 2 462 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Remuneration of employees Salaries and remunerations 393 992 373 648 Bonus payment 2 921 4 336 Social security contributions 101 510 96 720 Pension expenses (defined contribution) 30 406 29 503 Total remuneration of employees 528 829 504 207 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Salaries and remunerations Of which bonus payments Salaries and remunerations Of which bonus payments Salaries and remunerations Board members, CEOs and other senior executives 18 114 477 15 883 0 Other employees 378 799 2 444 362 101 4 336 Total salaries and other remunerations 396 913 2 921 377 984 4 336 Note 8. Remuneration of employees, etc. 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Social security contributions Of which pension expenses Social security contributions Of which pension expenses Social security contributions Board members, CEOs and other senior executives 8 078 2 326 6 790 2 537 Other employees 123 838 28 080 119 433 26 966 Total social security contributions 131 916 30 406 126 223 29 503 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Number Of whom women Of whom others Number Of whom women Of whom others Average number of employees with geographic distribution by country Sweden 430 181 249 403 153 250 Denmark 44 5 39 40 4 36 Norway 130 43 87 137 48 89 Total average number of employees with geographic distribution by country 604 229 375 580 206 374
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EXSITEC HOLDING AB www.exsitec.se 55 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Number on the balance sheet date Of whom women Of whom others Number on the balance sheet date Of whom women Of whom others Gender distribution of the Group’s board members and other senior executives (including subsidiaries) Board members 6 2 4 6 2 4 CEO and other senior executives 11 3 8 10 3 7 Total 17 5 12 16 5 11 2024-01-01 - 2024-12-31 Basic salary / board fees Bonus payment Other benefits Pension expenses Total Remuneration and other benefits Chairman of the Board Peter Viberg 436 - - - 436 Board member - Christine Ahlstrand 207 - - - 207 Board member - Per Eriksson 207 - - - 207 Board member - Ann-Charlotte Jarleryd 247 - - - 247 Board member - Erlend Sogn 207 - - - 207 Board member - Emil Hjalmarsson (från maj) 160 - - - 160 Chief Executive Officer Johan Kallblad 3 165 - 4 702 3 871 Other senior executives (3) 3 001 - 77 926 4 004 Total remuneration and other benefits 7 630 - 81 1 628 9 339 cont. Note 8 2025-01-01 - 2025-12-31 Basic salary / board fees Bonus payment Other benefits Pension expenses Total Remuneration and other benefits Chairman of the Board Peter Viberg 483 - - - 483 Board member - Christine Ahlstrand 213 - - - 213 Board member - Per Eriksson (till april) 71 - - - 71 Board member - Emil Hjalmarsson 243 - - - 243 Board member - Ann-Charlotte Jarleryd 293 - - - 293 Board member - Johan Kallblad* 1 586 - 3 330 1 919 Board member - Erlend Sogn 213 - - - 213 Chief Executive Officer Niklas Ek 1 625 162 66 330 2 183 Other senior executives (4) 5 116 - 240 1 224 6 580 Total remuneration and other benefits 9 843 162 309 1 884 12 198 *vd till och med februari 2025, inklusive uppsägningstid, 1 478 KSEK. Styrelseledamot från och med maj 2025, arvode från och med juli, 108 KSEK. Other benefits relate to car benefits. Guidelines Fees to the Chairman and members of the Board of Directors are paid in accordance with the resolution of the Annual General Meeting held on 2025-04-29. No fees have been paid to other board members who receive a salary through employment in any Group company. For executive management, the General Meeting has resolved on the following guidelines for remuneration. Remuneration to the Chief Executive Officer and other senior executives consists of basic salary, variable remuneration, other benefits, pensions, etc. Other senior executives refer to the three individuals who, together with the Chief Executive Officer, comprise Group management. Other senior executives also include business area managers and other key individuals. Pension benefits and other benefits to the Chief Executive Officer and other senior executives are paid as part of the total remuneration.
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EXSITEC HOLDING AB www.exsitec.se 56 Pension (defined contribution plans) The retirement age for the Chief Executive Officer and other senior executives is 65. The pension premium amounts to 4.5% up to 7.5 income base amounts, and 30% of pensionable income thereafter. Salary exchange is available. No pension commitments have been made for board members who do not have permanent employment within any Group company. Severance payment A mutual notice period of six months applies between the company and the Chief Executive Officer. In the event of termination by either the company or the Chief Executive Officer, no severance payment is made. Share-based payments The Annual General Meeting on 28 April 2023 resolved to introduce a performance-based incentive programme aimed at Group management, other senior executives and key individuals in the Group (“LTI 2023”). A number of participants have invested in the company’s shares and thus received performance share rights. The performance shares were valued at the closing price on the start date of 2023-08-25. Provided that the participants retain their performance shares and are still employed at the end of the programme in August 2026, the performance shares may be exchanged for warrants based on the Group’s performance. Upon full exercise of all warrants issued under LTI 2023, up to 60 720 shares (subject to possible recalculation) may be issued, corresponding to a dilution of approximately 0.45% of the total number of shares in the company. At the Annual General Meeting held on 7 May 2024, it was resolved to introduce a performance-based incentive programme aimed at Group management, other senior executives and key individuals in the Group (“LTI 2024”). A number of participants have invested in the company’s shares and thus received performance share rights. The performance shares were valued at the closing price on the start date of 2024-08-25. Provided that the participants retain their performance shares and are still employed at the end of the programme in August 2027, the performance shares may be exchanged for warrants based on the Group’s performance. Upon full exercise of all warrants issued under LTI 2024, up to 60 000 shares (subject to possible recalculation) may be issued, corresponding to a dilution of approximately 0.45% of the total number of shares in the company. The Annual General Meeting on 29 April 2025 resolved to introduce a performance-based incentive programme aimed at Group management, other senior executives and key individuals in the Group (“LTI 2025”). A number of participants have invested in the company’s shares and thus received performance share rights. The performance shares were valued at the closing price on the start date of 2025-08-29. Provided that the participants retain their performance shares and are still employed at the end of the programme in August 2028, the performance shares may be exchanged for warrants based on the Group’s performance. Upon full exercise of all warrants issued under LTI 2025, up to 73 400 shares (subject to possible recalculation) may be issued, corresponding to a dilution of approximately 0.54% of the total number of shares in the company. The table below provides an overview of the potential dilution of the total number of shares in the company as of the balance sheet date if remaining participants in each programme were to exercise their performance shares. cont. Note 8 LTI 2024 According to the resolution of the Annual General Meeting Remaining Number of participants 63 56 Warrants 60 000 47 784 Dilution 0,44% 0,35% LTI 2025 According to the resolution of the Annual General Meeting Remaining Number of participants 63 52 Warrants 73 400 53 400 Dilution 0,54% 0,40% LTI 2023 According to the resolution of the Annual General Meeting Remaining Number of participants 58 45 Warrants 60 720 53 720 Dilution 0,45% 0,40%
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EXSITEC HOLDING AB www.exsitec.se 57 Note 9. Other operating income Note 10. Other operating expenses 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Other operating income Foreign exchange gains 1 217 1 235 Gains from divestment of fixed assets 285 639 Change in fair value of contingent considerations 6 808 2 329 Other income 1 679 1 150 Total other operating income 9 989 5 353 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Other operating expenses Foreign exchange losses −1 788 −1 538 Losses from divestments of fixed assets − 88 − 95 Change in fair value of contingent considerations −3 935 −1 771 Total other operating expenses −5 811 −3 404 Note 11. Financial income and expenses 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Financial income Interest income 1 836 1 598 Other financial income - 32 Exchange rate differences 4 545 618 Total financial income 6 381 2 248 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Financial expenses Interest expenses, liabilities to credit institutions −13 293 −9 438 Interest expenses, lease liabilities −3 174 −3 177 Other financial expenses − 874 −1 572 Exchange rate differences −2 884 −1 656 Total financial expenses −20 225 −15 843 Net financial items −13 844 −13 595 Note 12. Income tax 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Current tax on profit for the year −29 929 −21 371 Adjustments relating to previous years −631 −693 Total current tax −30 560 −22 064 Origination and reversal of temporary differences 6 347 4 884 Total deferred tax 6 347 4 884 Total income tax −24 213 −17 181 Reconciliation between theoretical tax cost and reported tax Tax at Swedish tax rate of 20,6 percent (20,6). 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Profit or loss before tax 110 006 76 189 Income tax calculated at the Swedish tax rate (20.6 percent) −22 661 −15 695 Tax effect of: Non-taxable income 8 874 2 561 Non-deductible costs −9 369 −3 656 Deductible expenses not included in profit or loss 0 10 Effect of changed tax rate 0 0 Previously unrecognised tax losses used during the year 0 302 Difference in foreign tax rates − 426 − 10 Tax attributable to previously reported results − 631 − 693 Income tax −24 213 −17 181 The weighted average tax rate for the Group was 22,0 percent (22,6)
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EXSITEC HOLDING AB www.exsitec.se 58 Note 13. Earnings per share Note 14. Investments in subsidiary undertakings 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Basic earnings per share 6,39 4,40 Diluted earnings per share 6,39 4,40 Performance measures used in the calculation of earnings per share 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Profit attributable to the parent company’s shareholders, KSEK 85 879 59 121 Calculation of weighted average number of shares 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Weighted average number of ordinary shares, used in the calculation of basic earnings per share 13 429 856 13 405 248 Adjustment for calculation of diluted earnings per share: Options - - Weighted average number of ordinary shares and potential ordinary shares, used as denominator for calculation of diluted earnings per share 13 429 856 13 405 248 Country of registration and operation Operation Proportion of ordinary shares held directly by the Parent Company (%) Proportion of ordinary shares held by the Group (%) Exsitec AB Sweden IT consultant 100 100 Exsitec ApS* Denmark IT consultant 100 100 Exsitec AS* Norway IT consultant 100 100 M-flow Finland Oy Finland IT consultant 100 100 Exsitec AB owns in turn: Exsitec Solutions AB Sweden dormant 100 100 Zedcom AB (see note 37 and 38) Sweden IT consultant 100 100 Brightcom Solutions AB Sweden IT consultant 100 100 BizBeat AB Sweden IT consultant 60 60 Exsitec AS owns in turn: Integrasjonspartner Bits AS Norway IT consultant 100 100 Casa Cabo Roig AS Norway property 100 100 Earnings per share are calculated by dividing the profit for the year by the weighted average number of ordinary shares outstanding during the period. The Group had the following subsidiaries on 2025-12-31: * During the year, Exsitec AS and Exsitec ApS were transferred from Exsitec AB to Exsitec Holding AB through an intra-group restructuring.
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EXSITEC HOLDING AB www.exsitec.se 59 Note 15. Tangible fixed assets Note 16. Intangible assets Financial year 2025 Buildings and land Equipment, tools, fixtures and fittings Total Opening carrying amount 5 824 7 957 13 781 Acquisitions during the year - 5 364 5 364 Disposals and retirements - − 88 − 88 Exchange rate differences − 324 − 64 − 388 Reclassifications − 357 357 0 Depreciation for the year − 59 −4 123 −4 182 Assets held for sale - − 959 − 959 Closing carrying amount 5 084 8 444 13 528 Financial year 2024 Buildings and land Equipment, tools, fixtures and fittings Total Opening carrying amount 5 673 6 740 12 412 Acquisitions during the year 420 4 348 4 768 Added through business combinations - 846 846 Disposals and retirements - − 45 − 45 Exchange rate differences − 88 − 72 − 160 Depreciation for the year − 180 −3 860 −4 040 Closing carrying amount 5 824 7 957 13 781 Financial year 2025 Goodwill Customer relations Trade- marks Total Opening carrying amount 541 889 254 777 12 244 808 910 Acquisitions during the year - 2 999 - 2 999 Exchange rate diffe- rences −10 731 −6 424 − 6 −17 161 Amortisation for the year - −31 560 −2 607 −34 167 Assets held for sale −12 171 −6 135 0 −18 306 Closing carrying amount 518 987 213 657 9 631 742 275 Financial year 2024 Goodwill Customer relations Trade- marks Total Opening carrying amount 338 379 139 785 0 478 164 Acquisitions during the year 204 537 138 935 13 465 356 937 Exchange rate diffe- rences −1 027 − 223 − 3 −1 253 Amortisation for the year - −23 720 −1 218 −24 938 Closing carrying amount 541 889 254 777 12 244 808 910 As of 2025-12-31 Goodwill Customer relations Trade- marks Total Cost 518 987 310 908 19 161 849 056 Accumulated amortisation - −97 251 −9 530 −106 781 Carrying amount 518 987 213 657 9 631 742 275 As of 2024-12-31 Goodwill Customer relations Trade- marks Total Cost 541 889 320 468 19 167 881 524 Accumulated amortisation - −65 691 −6 923 −72 614 Carrying amount 541 889 254 777 12 244 808 910 As of 2025-12-31 Buildings and land Equipment, tools, fixtures and fittings Total Cost 5 634 27 045 32 679 Accumulated depreciation − 550 −18 601 −19 151 Carrying amount 5 084 8 444 13 528 As of 2024-12-31 Buildings and land Equipment, tools, fixtures and fittings Total Cost 6 315 22 435 28 750 Accumulated depreciation − 491 −14 478 −14 969 Carrying amount 5 824 7 957 13 781 Impairment testing of goodwill Exsitec monitors goodwill allocated to the three operating segments: Sweden, Norway, and Other Nordics. Goodwill is monitored at the operating segment level. The recoverable amount of goodwill has been determined based on calculations of value in use. Exsitec has assessed that revenue growth, EBITDA margin, discount rate, and long-term growth rate are the key assumptions in the impairment test. Calculations of value in use are based on estimated future cash flows before tax, derived from budgets and forecasts approved by management covering a five- year period. The calculation is based on management’s experience and historical data. The long-term sustainable growth rate for the operating segments has been assessed based on industry forecasts.
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EXSITEC HOLDING AB www.exsitec.se 60 The following amounts relating to leases are recognised in the balance sheet: Added right-of-use assets in 2025 amounted to KSEK 43 925 (45 596). The following amounts relating to leases are recognised in the income statement: No material variable lease payments that are not included in the lease liability have been identified. Contracted investments regarding right-of-use assets at the end of the reporting period that are not yet recognised in the financial statements amount to KSEK 0 (0). The total cash outflow for lease agreements was KSEK 35 798 (35 277). For information on the maturity of the lease liability, see Note 3 Financial risk management. * Discount rate before tax used in the present value calculation of estimated future cash flows. ** Weighted average growth rate used to extrapolate cash flows beyond the forecast period. Sensitivity analysis for goodwill: The recoverable amount exceeds the carrying amount of goodwill by a significant margin. This remains true even under the assumptions that: • the discount rate before tax had been 5 (5) percentage points higher, and • the estimated growth rate used to extrapolate cash flows beyond the five-year period had been 2 (2) percentage points lower. The most significant assumptions, in addition to the discount rate and long-term growth rate, are sales growth and the EBITDA margin. A change of 5 percentage points in these assumptions would not result in any impairment. Note 17. Leases 2025-12-31 2024-12-31 Right-of-use assets Premises 76 559 68 942 Vehicles 4 755 6 187 Total right-of-use assets 81 314 75 129 Goodwill broken down by operating segment 2025-12-31 2024-12-31 Goodwill Sweden 335 567 347 738 Norway 122 552 130 300 Other Nordic 60 868 63 851 Total Goodwill 518 987 541 889 Calculation parameters 2025-12-31 2024-12-31 Discount rate before tax* (Sweden) 11,2% 11,1% Long-term growth rate** (Sweden) 2,0% 2,0% Discount rate before tax* (Norway) 13,2% 11,5% Long-term growth rate** (Norway) 2,0% 2,0% Discount rate before tax* (Other Nordics) 12,3% 11,3% Long-term growth rate** (Other Nordics) 2,0% 2,0% 2025-12-31 2024-12-31 Lease liabilities Long-term 48 437 40 284 Short-term 27 948 29 150 Total lease liabilities 76 385 69 434 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Depreciation of right-of-use assets Premises −28 574 −25 755 Vehicles −4 057 −3 935 Total depreciation of right-of-use assets −32 631 −29 690 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Other Interest expenses (included in financial costs) 3 174 3 177 Expenditure attributable to leases for which the underlying asset is of low value that are not short-term leases (included in Other external expenses) 505 683 Total other 3 679 3 860 Note 18. Inventory The Group’s inventory consists entirely of finished goods and merchandise. Cost of goods is included in the item Merchandise in the income statement and amounts to KSEK 9 827 (5 403). cont. Note 16
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EXSITEC HOLDING AB www.exsitec.se 61 Note 19. Financial instruments by category 2025-12-31 Financial liabilities at fair value through profit or loss Financial assets at amortised cost Summa Financial liabilities in the balance sheet Liabilities to credit institutions (long and short term) - 279 401 279 401 Contingent consideration (inclu- ded in the items other long-term and short-term liabilities) 49 114 - 49 114 Accounts payable - 49 168 49 168 Other short-term liabilities (part of the item) - 4 251 4 251 Accrued expenses - 12 329 12 329 Total financial liabilities in the balance sheet 49 114 345 149 394 263 2024-12-31 Financial liabilities at fair value through profit or loss Financial assets at amortised cost Summa Financial liabilities in the balance sheet Liabilities to credit institutions (long and short term) - 320 228 320 228 Contingent consideration (inclu- ded in the items other long-term and short-term liabilities) 68 311 - 68 311 Accounts payable - 58 443 58 443 Other short-term liabilities (part of the item) - 3 821 3 821 Accrued expenses - 12 751 12 751 Total financial liabilities in the balance sheet 68 311 395 243 463 554 2025-12-31 Financial assets at amortised cost Summa Financial assets in the balance sheet Other long-term receivables 1 721 1 721 Accounts receivable 135 034 135 034 Other short-term receivables (part of the item) 793 793 Accrued income 36 171 36 171 Cash and cash equivalents 54 068 54 068 Total financial assets in the balance sheet 227 787 227 787 2024-12-31 Financial assets at amortised cost Summa Financial assets in the balance sheet Other long-term receivables 1 873 1 873 Accounts receivable 149 260 149 260 Other short-term receivables (part of the item) 846 846 Accrued income 25 037 25 037 Cash and cash equivalents 26 491 26 491 Total financial assets in the balance sheet 203 507 203 507 In addition to the financial instruments specified in the tables (above), the Group has financial liabilities in the form of lease liabilities, which are recognised and measured in accordance with IFRS 16 Leases. Note 20. Accounts receivable 2025-12-31 2024-12-31 Accounts receivable Minus: loss allowance for expected credit losses 136 712 150 555 Total accounts receivable −1 678 −1 295 Summa kundfordringar 135 034 149 260 The fair value of accounts receivable corresponds to the carrying amount, as the discount effect is not material. For a specification of the loss allowance for expected credit losses, see Note 3, Credit risk. Note 21. Other receivables (long and short term) 2025-12-31 2024-12-31 Other long-term receivables Rental deposits 1 721 1 874 Total other long-term receivables 1 721 1 874 2025-12-31 2024-12-31 Other short-term receivables Taxes and charges 6 044 4 912 Other short-term receivables 793 846 Total other short-term receivables 6 837 5 758 2025-12-31 2024-12-31 Opening carrying amount 1 874 1 513 Incoming receivables 17 602 Amortisation, outgoing receivables − 82 − 193 Exchange rate differences − 88 − 48 Closing carrying amount 1 721 1 874
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EXSITEC HOLDING AB www.exsitec.se 62 Note 25. Borrowings 2025-12-31 2024-12-31 Short-term loans with pledged collateral Liabilities to credit institutions (bank loans) 24 857 25 059 Total short-term loans with pledged collateral 24 857 25 059 2025-12-31 2024-12-31 Total borrowings 279 401 320 228 2025-12-31 2024-12-31 Long-term loans with pledged collateral Liabilities to credit institutions (bank loans) 254 544 295 169 Total long-term loans with pledged collateral 254 544 295 169 Liabilities to credit institutions will mature during the period March–September 2029 and bore interest during 2025 at an average annual rate of 4.3 percent (5.3). All loans bear interest at a floating rate. Existing liabilities to credit institutions as of the balance sheet date fall within the framework of the financing arrangement totalling the equivalent of MSEK 412 that the Company has agreed with Nordea. As of the balance sheet date, the unused portion of this facility amounted to MSEK 132, including an overdraft facility of MSEK 75. In addition, there is a conditional option to increase the facility by MSEK 70 (an ”accordion option”). The Group’s borrowings are in SEK, EUR and NOK. For liabilities to credit institutions, collateral has been provided in the form of business mortgages amounting to KSEK 29 361. For additional information, see Note 30 Pledged assets. There are no long-term loans without collateral. Liabilities to credit institutions are subject to pledges to fulfil certain covenants. These covenants are that the ratio between the Group’s net debt and EBITDA shall never exceed 2.75, and that the interest coverage ratio shall not fall below 5. The Group complied with all covenants (loan terms) in 2025 and 2024. The carrying amount of the Group’s borrowings corresponds to fair value, since the interest rate on the borrowings is variable and the credit risk has not changed since the borrowings were contracted. Bank overdraft facility The Group has a granted bank overdraft facility in SEK amounting to KSEK 75 000 (75 000). As of 31 December 2025, KSEK 0 of the granted bank overdraft facility had been utilised (0). Note 24. Share capital and other contributed capital Number of shares Share capital Other contri- buted capital As of 2024-12-31 13 429 856 671 356 708 As of 2025-12-31 13 429 856 671 356 708 As of 2025-12-31, the share capital consists of 13 429 856 (13 429 856) ordinary shares with a quota value of SEK 0.05 (0.05). All shares issued by the Parent Company are fully paid. Note 23. Cash and cash equivalents 2025-12-31 2024-12-31 Bank balances Cash and cash equivalents held for sale at year-end 60 450 26 491 Total cash and cash equivalents −6 381 - Totalt likvida medel 54 068 26 491 Note 22. Prepaid expenses and accrued income 2025-12-31 2024-12-31 Accrued income Accrued contract income 27 541 25 037 Other prepaid expenses 8 630 - Total prepaid expenses and accrued income 19 453 28 894 Totalt förutbetalda kostnader och upplupna intäkter 55 624 53 931 Accrued income consists entirely of short-term receivables in the form of time spent that has not yet been invoiced. Exsitec has no further obligations related to these receivables. For additional information, see Note 6 Segment reporting and net sales. Accrued contract income relates to fixed-price consultancy revenue where the net of earned revenue and invoiced amounts constitutes the item recognised in the balance sheet.
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EXSITEC HOLDING AB www.exsitec.se 63 Note 26. Deferred tax Deferred taxes – net 2025-12-31 2024-12-31 Deferred tax assets 17 800 16 626 Amounts set off against deferred tax liabilities −16 964 −15 836 Closing carrying amount, deferred tax assets 836 790 Deferred tax liabilities 56 035 63 481 Amounts set off against deferred tax assets −16 964 −15 836 Closing carrying amount, deferred tax liabilities 39 071 47 645 Deferred tax liabilities break down as follows: The Group has merger-blocked tax losses totalling KSEK 2 662, which have not been recognised as deferred tax assets. Deferred tax liabilities Trademarks Customer relations Right-of-use asset Total As of 2024-12-31 −2 509 −45 136 −15 836 −63 481 New and terminated leases - - −1 344 −1 344 Recognised in profit or loss 537 5 734 216 6 487 Exchange rate differences − 14 1 053 0 1 039 Total liabilities held for sale - 1 264 - 1 264 As of 2025-12-31 −1 986 −37 085 −16 964 −56 035 Deferred tax assets Tax loss carryforwards Lease liabilities Other Total As of 2024-12-31 - 16 222 404 16 626 New and terminated leases - 1 336 - 1 336 Recognised in profit or loss - - − 140 − 140 Exchange rate differences - - − 22 − 22 As of 2025-12-31 - 17 558 242 17 800 Note 27. Other long-term liabilities Note 28. Other short-term liabilities 2025-12-31 2024-12-31 Other long-term liabilities Contingent consideration business combina- tions 42 764 40 592 Contingent consideration asset acquisitions - 4 830 Total other long-term liabilities 42 764 45 422 2025-12-31 2024-12-31 Other short-term liabilities VAT 23 907 21 941 Personnel-related liabilities (taxes and charges) 14 027 15 974 Contingent consideration business combina- tions - 20 889 Contingent consideration asset acquisitions 6 350 2 000 Other liabilities 4 251 3 821 Total other short-term liabilities 48 535 64 625 Note 29. Accrued expenses and deferred income 2025-12-31 2024-12-31 Accrued expenses and deferred income Accrued interest expenses 0 47 Accrued salaries 7 510 11 577 Accrued holiday pay 22 660 24 575 Accrued social security contributions 7 964 7 388 Deferred income (contract liabilities) 12 757 14 425 Other items 12 328 12 750 Total accrued expenses and deferred income 63 219 70 762 Deferred income consists entirely of advances from customers that are contract liabilities in accordance with the definition in IFRS 15 Revenue from Contracts with Customers. For additional information, see Note 6 Segment reporting and information on net sales.
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EXSITEC HOLDING AB www.exsitec.se 64 Note 30. Pledged assets and contingent liabilities 2025-12-31 2024-12-31 Pledged assets Business mortgages 29 361 29 361 Equipment subject to retention of title 4 755 6 187 Total pledged assets 34 116 35 548 Note 31. Related party transactions Exsitec Holding AB is the ultimate parent company preparing consolidated financial statements. No single party has a controlling influence over Exsitec Holding AB. The company Syntrans AB, which is partly owned by the Chairman of the Board of Exsitec Holding AB, has significant influence over Exsitec Holding AB. In addition to the aforementioned entities, related parties include all subsidiaries within the Group as well as key management personnel in the Group and persons closely associated with them. Transactions are conducted on market terms. No transactions were conducted with related parties during 2024 or 2025. The Group has not made any provisions for doubtful debts attributable to related parties. No security has been provided for the receivables. Receivables from related parties arise mainly from sales transactions and fall due one month after the date of sale. Liabilities to related parties arise mainly from purchase transactions and fall due one month after the date of purchase. See Note 8 Remuneration of employees, etc. for information about the remuneration of senior executives. Non-cash items 2024-01-01 Cash inflow Cash outflow Exchange rate adjustment Remeasurement New leases 2024-12-31 Lease liabilities 55 506 - −31 417 - 10 350 34 995 69 434 Liabilities to credit institutions 95 129 246 309 −20 513 − 697 - - 320 228 Total 150 635 246 309 −51 930 − 697 10 350 34 995 389 662 Non-cash items 2025-01-01 Cash inflow Cash outflow Exchange rate adjustment Remeasurement New leases 2025-12-31 Lease liabilities 69 434 - −32 119 −1 013 −3 842 43 925 76 385 Liabilities to credit institutions 320 228 - −36 008 −4 819 - - 279 401 Total 389 662 - −68 127 −5 832 −3 842 43 925 355 786 Note 32. Changes in liabilities under financing activities
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EXSITEC HOLDING AB www.exsitec.se 65 Note 33. Business combinations Business combinations during the financial year 2025 During 2025, no business combinations were carried out. Business combinations during the financial year 2024 Company Included in operating segments Share acquired Purchase price Net cash outflow Goodwill IntegrasjonsPartner BITS AS Norway 100 % 78 909 58 634 59 635 BizBeat AB Sweden 60 % 2 116 345 1 680 M-flow Finland Oy Other Nordics 100 % 86 925 56 600 49 144 Brightcom Solution AB Sweden 100 % 145 161 129 333 95 170 Acquisition of IntegrasjonsPartner BITS AS On 8 January 2024, Exsitec AS acquired 100% of the shares in IntegrasjonsPartner BITS AS, a company operating in software. Identified surplus values are linked to customer relationships and brands. The table below summarises the purchase price paid for IntegrasjonsPartner BITS AS and the fair value of acquired assets and assumed liabilities recognised on the acquisition date. Amounts in KSEK PURCHASE PRICE Cash and cash equivalents 64 018 Contingent consideration 14 891 Total consideration paid 78 909 F AIR VALUE OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSU- MED Cash and cash equivalents 5 384 Intangible assets (customer relations and brands) 20 293 Tangible fixed assets 877 Other current assets 5 639 Deferred tax liabilities −4 464 Accounts payable and other liabilities −8 454 Total identifiable net assets 19 274 Goodwill 59 635 Amounts in KSEK Cash flow used to acquire subsidiaries, less acquired cash and cash equivalents: Purchase price settled in cash 64 018 Less: Acquired cash and cash equivalents −5 384 Net cash outflow from investing activities 58 634 Goodwill Goodwill is attributable to, among other things, synergies and staffing. No part of the recognised goodwill is expected to be tax deductible. Revenue and performance of acquired business The acquisition of IntegrasjonsPartner BITS AS contributed revenue of KSEK 14 153 and a profit after tax of KSEK 1 840 to the Group for the period October to December 2024. For the period January to December 2024, the business contributed revenue of KSEK 54 552 and a profit after tax of KSEK 8 175. Acquisition-related costs During 2024, acquisition-related costs of KSEK 610 were included in other external expenses in the consolidated statement of comprehensive income and in operating activities in the cash flow statement. Contingent consideration The contingent consideration is determined by profitability and accrues based on IntegrasjonsPartner BITS AS’s EBITDA for 2024. In December 2025, KNOK 15 000 was paid, representing the maximum amount.
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EXSITEC HOLDING AB www.exsitec.se 66 Goodwill Goodwill is attributable to synergies and the workforce. No portion of the recognized goodwill is expected to be tax deductible. Revenue and Profit from the Acquired Business If the acquisition of BizBeat AB had been completed on 1 January 2024, the consolidated pro forma figures for revenue and profit after tax for the period January to December 2024 would have been KSEK 2 035 and KSEK -70, respectively. Acquisition-Related Costs During 2024, acquisition-related costs of KSEK 157 were included in other external expenses in the Group’s statement of comprehensive income and in operating activities in the cash flow statement. Amounts in KSEK Cash flow used to acquire subsidiaries, less acquired cash and cash equivalents: Purchase price settled in cash 2 116 Less: Acquired cash and cash equivalents −1 771 Net cash outflow from investing activities 345 Amounts in KSEK PURCHASE PRICE Cash and cash equivalents 2 116 Total consideration paid 2 116 VERKLIGT VÄRDE PÅ IDENTIFIERBARA FÖRVÄRVADE TILLGÅNGAR OCH ÖVERTAGNA SKULDER Cash and cash equivalents 1 771 Intangible assets (customer relations and brands) 610 Other current assets 272 Deferred tax liabilities −126 Accounts payable and other liabilities −681 Total identifiable net assets 1 846 Non-Controlling Interests 1 410 Goodwill 1 680 Acquisition of BizBeat AB On July 4, 2024, Exsitec AB acquired 60% of the shares in BizBeat AB, a company specializing in consulting services related to CRM systems. The purchase price consists of a cash payment of KSEK 1 002 and a directed new share issue by Exsitec AB in BizBeat AB amounting to KSEK 1 114. The identified excess values are attributed to customer relationships and brands. Non-controlling interests have been measured at fair value. The table below summarizes the consideration paid for BizBeat AB and the fair value of acquired assets and assumed liabilities as recognized on the acquisition date.
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EXSITEC HOLDING AB www.exsitec.se 67 Amounts in KSEK Cash flow used to acquire subsidiaries, less acquired cash and cash equivalents: Purchase price settled in cash 56 828 Less: Acquired cash and cash equivalents −228 Net cash outflow from investing activities 56 600 Goodwill Goodwill is attributable to synergies and the workforce. No portion of the recognized goodwill is expected to be tax deductible. Revenue and Profit from the Acquired Business If the acquisition of M-flow Finland Oy had been completed on 1 January 2024, the consolidated pro forma figures for revenue and profit after tax for the period January to December 2024 would have been KSEK 6 424 and KSEK 424, respectively. Acquisition-Related Costs During 2024, acquisition-related costs of KSEK 1 335 were included in other external expenses in the Group’s statement of comprehensive income and in operating activities in the cash flow statement. Contingent Consideration The contingent consideration is driven by future sales and is based on new sales generated by M-flow Finland Oy during the period July 2024 until December 2027, with an option for extension until December 2028. The contingent consideration is estimated by weighting various scenarios and their associated probabilities, and the nominal value has been discounted to present value based on the expected future payments. According to the projected scenarios, the earn-out to be paid will range between KEUR 1 920 – 7 680. The valuation of the contingent consideration is based on the assumption that the extension option will not be exercised, and the payment is expected to be made on April 30, 2028. Amounts in KSEK PURCHASE PRICE Cash and cash equivalents 56 828 Contingent consideration 30 097 Total consideration paid 86 925 F AIR VALUE OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED Cash and cash equivalents 228 Intangible assets (customer relations and brands) 46 593 Other current assets 1 315 Deferred tax liabilities −9 319 Accounts payable and other liabilities −1 036 Total identifiable net assets 37 781 Goodwill 49 144 Acquisition of M-flow Finland Oy On July 2, 2024, Exsitec Holding AB acquired 100% of the shares in M-flow Finland Oy, a company specializing in the sale of procurement and invoice management systems in the Finnish market. The identified excess values are attributed to customer relationships and trademarks. The table below summarizes the consideration paid for M-flow Finland Oy and the fair value of acquired assets and assumed liabilities as recognized on the acquisition date.
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EXSITEC HOLDING AB www.exsitec.se 68 Note 34. Acquisition-related personnel costs In some of the previously completed acquisitions, there have been considerations contingent on the seller remaining employed by the company. These are therefore not recognized as consideration, but as personnel costs over the term of the contingent consideration. During 2025, the impact on the income statement was KSEK 0 (5 921). No impact on profit or loss is expected for 2026. Amounts in KSEK Cash flow used to acquire subsidiaries, less acquired cash and cash equivalents: Purchase price settled in cash 132 438 Less: Acquired cash and cash equivalents −3 105 Net cash outflow from investing activities 129 333 Goodwill Goodwill is attributable to synergies and the workforce. No portion of the recognized goodwill is expected to be tax deductible. Revenue and Profit from the Acquired Business If the acquisition of Brightcom Solutions AB had been completed on 1 January 2024, the consolidated pro forma figures for revenue and profit after tax for the period January to December 2024 would have been KSEK 60 290 and KSEK 11 900, respectively. Acquisition-Related Costs During 2024, acquisition-related costs of KSEK 544 were included in other external expenses in the Group’s statement of comprehensive income and in operating activities in the cash flow statement. Contingent Consideration The contingent consideration is driven by future growth in recurring revenue until November 2027, with payment scheduled for the first quarter of 2028. The contingent consideration is estimated by weighting various scenarios and their associated probabilities, and the nominal value has been discounted to present value based on the expected future payments. According to the projected scenarios, the earn-out to be paid will range between KSEK 5 000 – 40 000. Amounts in KSEK PURCHASE PRICE Cash and cash equivalents 132 438 Equity Instruments 4 000 Contingent consideration 8 723 Total consideration paid 145 161 F AIR VALUE OF IDENTIFIABLE ASSETS ACQUIRED AND LIABILITIES ASSUMED Cash and cash equivalents 3 105 Intangible assets (customer relations and brands) 57 762 Other current assets 13 757 Deferred tax liabilities −11 899 Accounts payable and other liabilities −12 734 Total identifiable net assets 49 991 Goodwill 95 170 Acquisition of BrightCom Solutions AB On November 6, 2024, Exsitec AB acquired 100% of the shares in Brightcom Solutions AB, a Microsoft partner specializing in the Dynamics 365 Business Central ERP system with a focus on the e-commerce industry. The identified excess values are attributed to customer relationships and brands. The table below summarizes the consideration paid for Brightcom Solutions AB and the fair value of acquired assets and assumed liabilities as recognized on the acquisition date.
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EXSITEC HOLDING AB www.exsitec.se 69 During the year, an acquisition of customer bases was completed. Customer bases are classified as customer relationships, which are described in more detail in Note 16. These are presented below on an aggregated level. The contingent consideration relating to 2024 is determined based on the proportion of the acquired customer base that is still an active customer within the Group as of May 2026. The non-contingent consideration relating to 2025 is scheduled to be paid during 2026. Amounts in KSEK 2025 2024 PURCHASE PRICE Cash and cash equivalents 750 24 584 Non-contingent consideration 2 249 - Contingent consideration - 3 073 Total consideration paid 2 999 27 657 Note 38. Significant events after the end of the period In February 2026, Exsitec Holding AB (publ) announced that Exsitec AB had divested the subsidiary Zedcom AB to InfraCom Group AB after all conditions for the transaction, including approval from the Inspectorate of Strategic Products (ISP), were met. Closing took place on 6 February 2026. The total purchase price amounted to MSEK 31.9, of which MSEK 26.4 was paid in cash on the closing date. The remaining MSEK 5.5 constitutes a contingent consideration based on the business’s recurring revenue during 2026 and 2027. Note 36. Adjustment for non-cash items Note 35. Asset acquisitions 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Adjustment for non-cash items Depreciation, amortisation and impairment 70 981 58 706 Acquisition-related personnel expenses - 5 921 Personnel expense regarding share-related incentive programme 5 402 3 120 Revaluation of contingent consi- derations −1 494 − 558 Disposal of tangible fixed assets 88 110 Exchange gains/losses −2 397 160 Total adjustment for non-cash items 72 580 67 459 Note 37. Assets and operations held for sale Background In December 2025, Exsitec AB signed an agreement to divest the IT operations business in the subsidiary Zedcom AB to the IT and operations specialist InfraCom Group AB. The sale comprises only the IT and operations business in Zedcom AB. The part of the business focusing on Visma Net has previously been integrated into Exsitec’s core operations and remains in the Group. The transaction is part of Exsitec’s strategy to streamline operations towards digitalisation, business systems, and business support. The divestment is expected to be completed during the first quarter of 2026, provided that review and approval are obtained from the Inspectorate of Strategic Products (ISP) in accordance with the Swedish Foreign Direct Investment Review Act (2023:560) (FDI). Classification as held for sale The divested operation primarily comprises customer contracts, goodwill, equipment, and personnel associated with the business. As of 31 December 2025, the assets and liabilities of this operation have been classified as held for sale in accordance with IFRS 5. The operations are part of the Sweden operating segment. Measurement Assets are measured at the lower of their carrying amount and fair value. Depreciation and amortisation of assets within the holding classified as held for sale have ceased as of the date of classification. Amounts in KSEK 2025-12-31 Assets held for sale: Goodwill 12 171 Other intangible assets 6 135 Tangible fixed assets 959 Accounts receivable 4 330 Other current assets 704 Cash and cash equivalents 6 381 Total assets held for sale 30 680 Liabilities held for sale: Deferred tax liability 1 264 Accounts payable 1 838 Other short-term liabilities 1 666 Total liabilities held for sale 4 768 Net assets held for sale 25 912
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EXSITEC HOLDING AB www.exsitec.se 70 Note 39. The Parent Company’s accounting policies The most important accounting policies applied in the preparation of these annual accounts are set forth below. These policies have been applied consistently for all years presented, unless otherwise stated. The Parent Company’s annual accounts are prepared in accordance with RFR 2 Accounting for Legal Entities and the Swedish Annual Accounts Act. In cases where the Parent Company applies different accounting policies from those of the Group, as described in Note 2 of the consolidated financial statements, this is specified below. The annual accounts have been prepared using the cost model. The preparation of financial statements in accordance with RFR 2 requires the use of certain important estimates for accounting purposes. It also requires management to make certain judgements in applying the Parent Company’s accounting policies. Areas that involve a high degree of judgement, are complex, or where assumptions and estimates are of significant importance to the annual accounts are presented in Note 5 in the consolidated financial statements. The Parent Company is exposed through its operations to a wide range of financial risks: market risk (currency risk and interest rate risk), credit risk and liquidity risk. The Parent Company’s overall risk management policy focuses on the unpredictability of financial markets and aims to minimise potential adverse effects on the Group’s financial performance. For more information on financial risks, see Note 3 in the consolidated financial statements. The Parent Company applies different accounting policies than the Group in the following areas: Forms of presentation The income statement and balance sheet follow the format prescribed by the Swedish Annual Accounts Act. The statement of changes in equity follows the Group’s presentation format but includes the columns specified by the Swedish Annual Accounts Act. This also results in differences in terminology compared with the consolidated financial statements, primarily with regard to financial income and expenses and equity. Shareholder contributions and group contributions Group contributions from the Parent Company to subsidiaries and to the Parent Company from subsidiaries are recognised as appropriations. Shareholder contributions are recognised in the Parent Company as an increase in the carrying amount of the share and in the receiving company as an increase in equity. Goodwill Goodwill in the Parent Company consists entirely of goodwill arising in connection with mergers of subsidiaries. The Parent Company does not apply IAS 38 p. 107, which prescribes that intangible assets with indefinite useful life shall not be amortised. Instead, goodwill is amortised in accordance with Ch. 4 Sec. 4 of the Swedish Annual Accounts Act. The amortisation period of goodwill in the Parent Company is 5 years. Financial instruments The Parent Company does not apply IFRS 9. The Parent Company instead applies the items specified in RFR 2 (IFRS 9 Financial instruments, p. 3–10). Financial instruments are measured on the basis of cost. In subsequent periods, financial assets acquired to be held in the short term will be recognised in accordance with the lowest value principle at the lower of cost and market value. Derivative instruments with a negative fair value are recognised at this value. When calculating the net realisable value of receivables recognised as current assets, the impairment testing and loss allowance principles of IFRS 9 shall be applied. For a receivable recognised at amortised cost at Group level, this entails that the loss allowance recognised in the Group in accordance with IFRS 9 should also be recognised in the Parent Company. Leased assets The Parent Company has opted not to apply IFRS 16 Leases, but instead applies RFR 2 IFRS 16 Leases paragraphs 2–12. This choice means that no right-of- use assets or lease liabilities are recognised in the balance sheet; instead, lease payments are recognised as an expense on a straight-line basis over the lease term. Participations in subsidiaries Participations in subsidiaries are measured at cost, less any impairment losses where applicable. Business combinations Contingent considerations attributable to business combinations are classified as provisions, as they are subject to estimates and judgements. They are remeasured at fair value each period, and any change in value is recognised against participations in Group companies. Notes Parent Company
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EXSITEC HOLDING AB www.exsitec.se 71 Note 40. Net sales Note 41. Auditor’s fees The Parent Company has recognised the following amounts attributable to revenue in the income statement: Of the Parent Company’s net sales, 100 percent (100 percent) came from sales to other companies in the Group. 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Net sales Management fee 23 653 22 658 Distribution by segment: Sweden 17 929 17 910 Norway 3 939 3 532 Other Nordics 1 785 1 216 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Öhrlings PricewaterhouseCoopers AB Audit engagement 521 491 Fees for audit-related services 18 119 Tax consultancy services 74 - Other services 19 463 Total, Öhrlings Pricewaterhouse- Coopers AB 632 1 073 Total auditor’s fees 632 1 073 * One of the senior executives was employed by and received a salary from a subsidiary during 2023. For information about remuneration of senior executives, see Note 8 Remuneration of employees, etc. in the notes for the Group. Note 42. Remuneration of employees, etc. 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Remuneration of employees Salaries and remunerations 13 565 11 262 Bonus payment 352 1 438 Social security contributions 4 962 4 477 Pension expenses Defined contribution plans 2 404 2 001 Total remuneration of employees 21 283 19 178 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Salaries, other remunerations and social security contributions Salaries and remu- nerations (of which bonus payments) Social security contributions (of which pension expenses) Salaries and remu- nerations (of which bonus payments) Social security contributions (of which pension expenses) Board members, CEOs and other senior executives 9 171 (162) 5 331 (1 685) 7 710 (0) 4 043 (1 628) Other employees 4 746 (190) 2 035 (719) 4 990 (1 438) 2 434 (373) Total 13 917 (352) 7 366 (2 404) 12 700 (1 438) 6 478 (2 001) 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Average number of employees with geographic distribution by country Number Of whom women Of whom others Number Of whom women Of whom others Sweden 10 4 6 9 4 5 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Gender distribution of the parent company’s board members and other senior executive Number on the balance sheet date Of whom women Of whom others Number on the balance sheet date Of whom women Of whom others Board members 6 2 4 6 2 4 CEO and other senior executives * 5 1 4 4 2 2 Total 11 3 8 10 4 6
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EXSITEC HOLDING AB www.exsitec.se 72 Note 45. Tax on profit for the year 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Current tax Current tax on profit for the year −518 −36 Total current tax −518 −36 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Reported tax Profit or loss before tax 32 093 287 Income tax calculated at the Swedish tax rate of 20.6% (20.6%) −6 611 −59 Tax effect of: Non-taxable income 6 181 0 Non-deductible costs −88 −289 Deductible expenses not included in profit or loss 0 10 Deductible deficit from previous years 0 302 Total recognised tax −518 −36 Note 43. Finansiella poster Note 44. Appropriations 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Interest income and similar items Interest income, Group companies 5 983 6 174 Other interest income 1 641 735 Exchange rate differences 4 539 600 Total interest income and similar items 12 163 7 509 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Appropriations Group contributions received from subsidiaries 3 000 - Total appropriations 3 000 - 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Profit/loss from participations in group companies Dividends 30 000 - Total profit/loss from participa- tions in group companies 30 000 - 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Interest expenses and similar items Interest expenses, Group compa- nies −1 457 −714 Interest expenses, liabilities to credit institutions −5 956 −2 013 Other financial expenses −764 −769 Exchange rate differences −1 495 −950 Total interest expenses and similar items −9 672 −4 446 Total net financial items 32 491 3 063 Book value Name Reg. no Registered office and country of registration and operation Number of shares 2025-12-31 2024-12-31 Exsitec AB 556592-7455 Sweden 245 101 111 331 111 331 Exsitec ApS* 31 171 377 Denmark 118 750 34 691 - Exsitec AS* 984 489 234 Norway 213 014 124 718 - M-flow Finland Oy 3235321-4 Finland 100 89 856 88 569 Total 360 596 199 900 Note 46. Participations in subsidiaries The Parent Company holds shares in the following subsidiaries: * During the year, Exsitec AS and Exsitec ApS were transferred from Exsitec AB to Exsitec Holding AB through an intra-group restructuring.
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EXSITEC HOLDING AB www.exsitec.se 73 Exsitec AB owns in turn: Book value Name Reg. no Registered office and country of registration and operation Number of shares 2025-12-31 BizBeat AB 559383-4863 Sweden 2 955 2 116 BrightCom Solutions AB 556804-3698 Sweden 668 145 289 Exsitec Solutions AB 559225-1085 Sweden 50 000 50 Zedcom AB 556668-0699 Sweden 1 000 31 350 Exsitec AS owns in turn: Book value Name Reg. no Registered office and country of registration and operation Number of shares 2025-12-31 Integrasjonspartner Bits AS 977187761 Norway 117 150 79 489 Casa Cabo Roig AS 998367875 Norway 6 755 6 755 Note 49. Cash and cash equivalentsNote 47. Other receivables Note 48. Prepaid expenses and accrued income Cash and cash equivalents in the cash flow statement comprise the following: Cash and cash equivalents in the cash pool consist of cash and cash equivalents that, through the Parent Company, have been placed in a bank account within a central account system common to the Group. At the 31 December 2025 year-end, utilised credit in the cash pool system amounted to MSEK 0 (see also Note 25). Current receivables from Group companies include MSEK 5 attributable to the cash pool, of which 0 has been offset against the Parent Company’s liabilities to the same Group companies. Current liabilities to Group companies include MSEK 62 attributable to the cash pool, of which MSEK 9 has been offset against the Parent Company’s receivables from the same Group companies. 2025-12-31 2024-12-31 Cash and cash equivalents Bank balances 56 251 16 035 Total cash and cash equivalents 56 251 16 035 2025-12-31 2024-12-31 Prepaid expenses and accrued income Prepaid insurance premiums 49 48 Other prepayments 1 886 1 795 Total prepaid expenses and accrued income 1 935 1 843 2025-12-31 2024-12-31 Other receivables Taxes and charges 96 430 Total other receivables 96 430 Reconciliation of participations in subsidiaries 2025-12-31 2024-12-31 Cost, opening balance 199 900 111 331 Acquisitions during the year 159 409 86 925 Revaluation 1 287 1 644 Shareholder contributions - - Carrying amount 360 596 199 900
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EXSITEC HOLDING AB www.exsitec.se 74 Note 56. Related party transactions Note 55. Pledged assets and contingent liabilities Note 57. Events after the end of the reporting period Exsitec Holding AB is the ultimate parent company of the Group. No single party has a controlling influence over Exsitec Holding AB. The company Syntrans AB, which is partly owned by the Chairman of the Board of Exsitec Holding AB, has significant influence over Exsitec Holding AB. Related parties include the subsidiaries of Exsitec Holding AB as well as key management personnel in the Parent Company and persons closely associated with them. Transactions are conducted on market terms No transactions were conducted with related parties during 2025 or 2024. Remuneration of senior executives is presented in Note 8 and Note 41. The Company has pledged shares in the subsidiaries Exsitec AB and Exsitec AS (see note 46) as collateral for the Group’s combined financing arrangement which, as of the balance sheet date, amounted to MSEK 412 (see note 25). Furthermore, the Parent Company has entered into a guarantee commitment (proprieborgen) for the benefit of the subsidiaries’ external obligations to Nordea. No significant events have occurred after the end of the reporting period. Note 58. Proposed appropriation of profit or loss Note 54. Adjustment for non-cash items The following funds are available to the Annual General Meeting: The Board proposes that the earnings be distributed as follows: Proposed appropriation of profit or loss 2025-12-31 2024-12-31 Share premium reserve 356 708 356 708 Retained earnings −182 252 −159 001 Profit/loss for the year 31 575 251 Total 206 031 197 958 Proposed appropriation of profit or loss 2025-12-31 2024-12-31 Dividend to shareholders 25 517 23 502 Carried forward to new account 180 514 174 456 Total 206 031 197 958 2025-01-01 - 2025-12-31 2024-01-01 - 2024-12-31 Adjustment for non-cash items Personnel expense regarding share-related incentive programme 5 425 748 Exchange gains/losses −2 990 - Total adjustment for non-cash items 2 435 748 Note 53. Accrued expenses and deferred income 2025-12-31 2024-12-31 Accrued expenses and deferred income Accrued salaries 693 1 540 Accrued holiday pay 382 421 Accrued social security contribu- tions 1 048 876 Other accrued expenses 436 567 Total accrued expenses and deferred income 2 559 3 404 Note 52. Other short-term liabilities 2025-12-31 2024-12-31 Other short-term liabilities VAT 328 647 Personnel-related liabilities (taxes and charges) 677 654 Total other short-term liabilities 1 005 1 301 Note 50. Share capital See Note 24 for the Group for information about the share capital of the Parent Company. The provision for the year refers to the contingent consideration in the business combination of M-flow Finland Oy. For more information, see Note 33. Note 51. Provisions Contingent considerations 2025-12-31 2024-12-31 Opening carrying amount 31 741 - Provisions for the year 1 287 31 741 Closing carrying amount 33 028 31 741
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EXSITEC HOLDING AB www.exsitec.se 75 Recurring net revenue from software Revenue from software, for example on SaaS solutions or subscriptions, with a recurring nature. LTM Latest twelve months. EBITA Operating profit before amortization and impairment of intangible assets. EBITA % Operating profit before amortization and impairment of intangible assets as a percentage of net sales. Adjusted EBITA Operating profit before amortization and impairment of intangible assets and less acquisition-related personnel expenses and other exceptional items affecting comparability. The purpose is to show EBITA exclusive of items that would affect the comparability with other periods. Adjusted EBITA % Operating profit before amortization and impairment of intangible assets and less acquisition-related personnel expenses and other exceptional items affecting comparability as a percentage of net sales. Definitions Net sales The undertaking’s main income, invoiced costs, additional income and income adjustments. Organic growth Change in net sales less acquired entities during the past 12 months. Operating margin (%) Operating profit as percentage of net sales. Return on equity (%) Profit or loss after net financial items as a percentage of adjusted equity (equity and untaxed reserves less deferred tax). Balance sheet total The total assets of the company. Equity ratio (%) Adjusted equity (equity and untaxed reserves less deferred tax) as a percentage of the balance sheet total. Number of employees The average number of employees during the financial year.
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EXSITEC HOLDING AB www.exsitec.se 76 The Group’s income statement and balance sheet will be presented to the Annual General Meeting on 29 April 2026 for adoption. The Board of Directors and the CEO assure that the consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and give a true and fair view of the Group’s financial position and re- sults. The Annual Report has been prepared in accor- dance with generally accepted accounting principles and gives a true and fair view of the Parent Company’s financial position and results. The Administration Report for the Group and the Pa- rent Company provides a true and fair overview of the development of the Group’s and the Parent Company’s operations, financial position and results, and describes the significant risks and uncertainties facing the Parent Company and the companies included in the Group. Our audit report was submitted on 24 March 2026. Öhrlings Pricewaterhouse Coopers AB Kristian Lyngenberg Authorized Public Accountant The content of the Annual Report was finalised on 24 March 2026. The Annual Report was digitally signed by all parties on 24 March 2026. Peter Viberg Chairman of the Board Ann-Charlotte Jarleryd Board member Christine Ahlstrand Board member Emil Hjalmarsson Board member Niklas Ek CEO Erlend Sogn Board member Johan Kallblad Board member Signature of The Annual Report
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EXSITEC HOLDING AB WWW.EXSITEC.SE 77 Auditor’s report Report on the annual accounts and consolidated accounts Opinions We have performed an audit of the annual accounts and consolidated accounts of Exsitec Holding AB for year 2025. The annual accounts and consolidated accounts of the company are included on pages 28-76 in this document. In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the parent company as of 31 December 2025 and its financial performance and cash flow for the year then ended in accordance with the Annual Accounts Act. The consolidated accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of the group as of 31 December 2025 and their financial performance and cash flow for the year then ended in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts and consolidated accounts. We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet for the parent company and the group. Basis for Opinions We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions. Other information than the annual accounts and consolidated accounts This document also contains other information than the annual accounts and consolidated accounts and can be found on pages 2-17 and 26-27. The Board of Directors and the Managing Director are responsible for this other information. Our opinion on the annual accounts and consolidated accounts does not cover this other information and we do not express any form of assurance conclusion regarding this other information. In connection with our audit of the annual accounts and consolidated accounts, our responsibility is to read the information identified above and consider whether the information is materially inconsistent with the annual accounts and consolidated accounts. In this procedure we also take into account our knowledge otherwise obtained in the audit and assess whether the information otherwise appears to be materially misstated. If we, based on the work performed concerning this information, conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. To the general meeting of the shareholders of Exsitec Holding AB, corporate identity number 559116-6532
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EXSITEC HOLDING AB WWW.EXSITEC.SE 78 Responsibilities of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of the annual accounts and consolidated accounts and that they give a fair presentation in accordance with the Annual Accounts Act and, concerning the consolidated accounts, in accordance with IFRS Accounting Standards, as adopted by the EU, and the Annual Accounts Act. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts and consolidated accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts and consolidated accounts, the Board of Directors and the Managing Director are responsible for the assessment of the company and group’s ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is however not applied if the Board of Directors and the Managing Director intends to liquidate the company, cease operations or has no realistic alternative to doing any of this. Auditor’s responsibility Our objectives are to obtain reasonable assurance about whether the annual accounts and consolidated accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted auditing standards in Sweden will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these annual accounts and consolidated accounts. A further description of our responsibility for the audit of the annual accounts and consolidated accounts is available on the Swedish Inspectorate of Auditors’ website: www.revisorsinspektionen. se/revisornsansvar. This description is part of the auditor’s report. Report on other legal and regulatory requirements Opinions In addition to our audit of the annual accounts and consolidated accounts, we have also audited the administration of the Board of Directors and the Managing Director of Exsitec Holding AB for year 2025 and the proposed appropriations of the company’s profit or loss. We recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory administration report and that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year. Basis for Opinions We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent of the parent company and the group in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.
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EXSITEC HOLDING AB WWW.EXSITEC.SE 79 Responsibilities of the Board of Directors and the Managing Director The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company and group’s type of operations, size and risks place on the size of the parent company’s equity, consolidation requirements, liquidity and position in general. The Board of Directors is responsible for the company’s organization and the management of the company’s affairs. This includes among other things continuous assessment of the company and group’s financial situation and ensuring that the company’s organization is designed so that the accounting, management of assets and the company’s financial affairs otherwise are controlled in a reassuring manner. The Managing Director shall manage the ongoing administration according to the Board of Directors’ guidelines and instructions and among other matters take measures necessary to fulfill the company’s accounting in accordance with law and handle the management of assets in a reassuring manner. Auditor’s responsibility Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Managing Director in any material respect: • has undertaken any action or been guilty of any omission which can give rise to liability to the company, or • in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion about this, is to assess with reasonable degree of assurance whether the proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company’s profit or loss are not in accordance with the Companies Act. A further description of our responsibility for the audit of the administration is available on the Swedish Inspectorate of Auditors’ website: www.revisorsinspektionen.se/revisornsansvar. This description is part of the auditor’s report. Linköping 24 March 2026 Öhrlings PricewaterhouseCoopers AB Kristian Lyngenberg Authorized Public Accountant This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.