Interim report
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1 · Goodbye Kansas Group AB (publ) | Q2 2026 Goodbye Kansas Studios produced a cinematic announcement trailer for Control Resonant. Goodbye Kansas Group • Interim Report • January – June 2026 2
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2 · Goodbye Kansas Group AB (publ) | Q2 2026 Second quarter April 1 – June 30, 2026 • Growth in Net sales 52% vs Q2 2025, 15% vs Q1 2026 • Net sales amounted to SEK 65.6 million (43.1), up SEK 22.5 million versus same period last year • Order intake amounted to SEK 57.5 million (23.7), an increase of 143 percent versus same period last year. • The order book amounted to SEK 50.1 million (17.5) at the end of the quarter, up SEK 32.6 million or 186 percent versus same period last year. • Gross profit amounted to SEK 49.0 million (32.2), up SEK 16.8 million versus same period prior year. • Operating profit before depreciation and amortiza - tion (EBITDA) amounted to SEK 5.7 million (-12.4), up SEK 18.1 million versus same period prior year. • Operating profit (EBIT) amounted to SEK 5.3 million (-12.8), up SEK 18.1 million versus same period last year. • Profit before tax amounted to SEK 4.9 million (-13.1), up SEK 18.0 million vs. same period prior year. • Earnings per share before dilution amounted to SEK 0.13 (-1.17) and after dilution SEK 0.13 (-1.17). • Cash and cash equivalents amounted to SEK 10.2 million (3.1) as of June 30, 2026. • The Group’s net debt, long-term liabilities and short- term interest-bearing liabilities minus cash and cash equivalents, amounted to SEK 5.5 million (7.9) as of June 30, 2026. First half-year January 1 – June 30, 2026 • Growth in Net sales 38% vs H1 2025, 42% vs H2 2025 • Net sales amounted to SEK 122.5 million (88.5), up SEK 34.0 million versus same period last year. • Order intake amounted to SEK 68.3 million (83.0), a decrease of 18 percent versus same period last year. • The order book amounted to SEK 50.1 million (17.5) at the end of period, up SEK 32.6 million or 186 percent versus same period last year. • Gross profit amounted to SEK 93.5 million (70.2), up SEK 23.3 million versus same period prior year. • Operating profit before depreciation and amortiza - tion (EBITDA) amounted to SEK 7.9 million (-15.5), up SEK 23.4 million versus same period prior year. • Operating profit (EBIT) amounted to SEK 7.0 million (-16.3), up SEK 23.3 million versus same period last year. • Profit before tax amounted to SEK 7.1 million (-18.6), up SEK 25.7 million vs. same period prior year. • Earnings per share before dilution amounted to SEK 0.19 (-0.56) and after dilution SEK 0.19 (-0.56). • Cash and cash equivalents amounted to SEK 10.2 million (3.1) as of June 30, 2026. • The Group’s net debt, long-term liabilities and short- term interest-bearing liabilities minus cash and cash equivalents, amounted to SEK 5.5 million (7.9) as of June 30, 2026. Summary Goodbye Kansas Studios produced an in-game cinematic for Destiny 2: The Edge of Fate
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3 · Goodbye Kansas Group AB (publ) | Q2 2026 SUMMARY Significant events during the second quarter • On April 1, 2026, Goodbye Kansas Group announced the order of a significant Visual Effects (VFX) contract for an upcoming international independent feature film. The project, which the production company has described as “one of the most ambitious projects we’ve ever undertaken,” will showcase the studio’s world-leading expertise in high-fidelity creature work and emotive storytelling. • On April 10, 2026, Goodbye Kansas Group announced a prestigious contract for the end-to-end production of a high-fidelity cinematic trailer for an upcoming AAA game title. This project represents a signifi - cant expansion of the company’s global footprint, successfully broadening our operational reach and diversifying its international portfolio. • On May 21, 2026, Goodbye Kansas announced a major order to produce high-fidelity in-game cine - matics for a highly anticipated upcoming title based on a globally recognised entertainment IP. The order value amounts to approximately SEK 26 million, with final delivery expected during Q4 2026. Significant events after the period • On July 27, 2026, Goodbye Kansas announced it signed a new project within the Experiential business segment, marking the start of a strategic relationship with a new international client. The project represents a key win for Goodbye Kansas, validating its capabili - ties in delivering high-fidelity immersive content. “Goodbye Kansas Group” or the “Company” refers to Goodbye Kansas Group AB (publ), org. No. 559019-7462, including its subsidiaries. The Board of Directors and CEO of Goodbye Kansas Group hereby report the Interim Report for the second quarter 2026. All figures and comments relate to the Group and values are given in SEK million with values for the corresponding period last year in brackets, unless otherwise stated.
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4 · Goodbye Kansas Group AB (publ) | Q2 2026 CEO comments Carsten Myhill Dear shareholders, Q2 represented another positive step for Goodbye Kansas. Q1 marked the return to profitability. Q2 shows that this was not a one-off. The first half of the year shows material year-over-year improvement across all principal financial indicators, with continued positive EBITDA momentum compared with the same period last year. Our focus remains clear: to turn Goodbye Kansas’ creative and technical strengths into a sustainably profitable company that creates long-term shareholder value. Profitability remains the priority The year-to-date improvement in profitability is not the result of one single action. In a project-based business, client timing and production schedules can vary between quarters. That makes cost discipline, project control, clearer focus and a disciplined approach to pricing, scoping, resourcing and delivery especially important. Growth matters, but growth alone is not enough. We will continue to focus on projects where client value, pricing, resource planning and delivery model are aligned from the start. This is how we support sustainable margins over time and build a stronger company. Business area development Our business continues to develop across Games, Animation, VFX and Experiential. Games remains the engine of Goodbye Kansas. The value of our games work also extends beyond one business area. The standards required in high-end cinematics, performance capture, digital humans, animation and real-time workflows strengthen the capabilities we bring into the wider business. Games is therefore not only a revenue driver. It gives us the capabilities and credibility to expand Goodbye Kansas into adjacent areas. The market continues to evolve quickly. Clients are looking for partners that can combine creative quality, technical depth and reliable delivery. That plays to our strengths. As a specialist partner serving the vast global games services market, Goodbye Kansas does not need a large share of that market to build a profit - able business. We need to win the right projects, with the right clients, where our capabilities can make the greatest difference. In VFX, our approach remains selective and prof - itability-focused. We will pursue work where creative complexity, client value and project economics align with our strengths. VFX remains an important part of
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5 · Goodbye Kansas Group AB (publ) | Q2 2026 CEO COMMENTS our offering, but we will not chase volume where the commercial conditions do not support our financial objectives. The Experiential market segment represents a signif - icant growth opportunity for Goodbye Kansas. It allows us to apply our visual storytelling, real-time technol - ogy, digital human expertise and high-fidelity content capabilities in new commercial contexts, including immersive and location-based experiences. Importantly, this is not a disconnected new initiative. It is a way to build from the technology platform, creative talent and production expertise we already have. We have also taken meaningful steps with strategic partners in this area, supporting our belief that Goodbye Kansas can be a relevant creative and technical partner in a growing experiential market. The case study in this report provides further context on why we see Experien - tial as a natural extension of Goodbye Kansas’ existing strengths, and as an opportunity for long-term profitable growth. Across all business areas, sales pipeline conversion remains a key priority. Clearer business-area ownership is designed to bring commercial opportunity, resourc - ing and delivery accountability closer together, helping us convert qualified opportunities into profitable work more consistently. Productisation and Freya Goodbye Kansas remains primarily a project-based business. That is our foundation, and it remains the core of what we do. At the same time, one of our long-term priorities is to explore how parts of our creative and technical expertise can be shaped into more scalable tools and offerings. Productization is not about moving away from our core business. It is about building on it. Project Freya is an example of this work: a facial animation solution based on Goodbye Kansas’ creative and technical expertise, designed to address a major production challenge by helping clients create high-qual- ity facial animation in a way that can be more efficient, consistent and scalable. We are approaching this work in a disciplined and client-led way. Project Freya is now in active validation with selected key partners, and the soft launch is being prepared in parallel. The ambition is to support revenue opportunities that are more scalable over time than tradi- tional project work. Together, the formation of a dedicated Experiential business unit and the continued development of Project Freya show how Goodbye Kansas can build on existing strengths while remaining focused on profitability, com- mercial discipline and client value. Looking ahead The first half strengthens our confidence in achieving profitability for the full year. We will continue to balance that objective with selective investment in growth areas that can strengthen the company over time. Q2 was another positive step. Our focus in the second half of the year is clear: maintain financial discipline, convert the sales pipeline into profitable projects, and deliver the creative and technical quality required by the world’s most prestigious entertainment companies. Carsten Myhill CEO Goodbye Kansas Group AB
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6 · Goodbye Kansas Group AB (publ) | Q2 2026 Key figures Group In the consolidated financial statements, the parent company and its subsidiaries’ operations are consolidated up to and including June 30, 2026. The Group’s operations are mainly conducted through its subsidiary Goodbye Kansas Production, which offers visual content for film, TV and computer games. Group Relations SEK Thousands 2026 Q2 2025 Q2 2026 Jan-Jun 2025 Jan-Jun 2025 Full year Order intake 57,536 23,685 68,276 83,015 255,888 Total order book 50,127 17,538 50,127 17,538 104,319 Net Sales 65,598 43,145 122,468 88,530 174,956 Total Revenue 65,986 43,268 123,942 88,867 180,387 Gross Profit 48,970 32,210 93,450 70,185 140,782 EBITDA 5,742 –12,407 7,898 –15,521 –28,624 Number of employees, average 124 140 122 118 119 Balance sheet total 45,317 38,050 45,317 38,050 50,378 Net debt, (+debt/-claim) 5,544 7,886 5,544 7,886 2,939 Cash liquidity 94% 75% 94% 75% 77% Equity ratio –52% –59% –52% –59% –59% Equity per share, SEK* –0,63 –0,67 –0,63 –0,67 –0,80 Earnings per share, SEK - Before dilution* 0,13 –1,17 0,19 –0,56 –0,94 - After dilution* 0,13 –1,17 0,19 –0,56 –0,94 Number of shares end of period 37,488,228 33,023,137 37,488,228 33,023,137 37,488,228 Number of shares end of period after full dilution 37,488,228 33,023,137 37,488,228 33,023,137 37,488,228 * Comparative figures for earnings per share have been adjusted to reflect the reverse share split 100:1 resolved at the Annual General Meeting on January 30, 2024.
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CASE Goodbye Kansas is forming a dedicated Experiential business unit to tap into the rapid growth of location-based, digitally enhanced entertainment. Experiential storytelling bridges physical space with digital world-building. It can encompass everything from venue-scale projection mapping and spatial audio to interactive museum exhibits and real-time digital human performances. Global phenomena such as the Las Vegas Sphere and London’s ABBA Voyage demonstrate the cultural footprint of this category. Goodbye Kansas is already deploying its own pipeline in the sector, bringing world-class visual effects to high-profile cultural and heritage destinations internationally. It is a natural extension of the strengths that have built Goodbye Kansas’ reputa - tion across games, film, television and visual effects: high-end visual storytelling, real-time production, digital characters, cinematic environments and complex technical delivery. The opportunity has developed through business development activity and the strength of Goodbye Kansas’ portfolio. A growing market for immersive experiences Audience behaviour is changing. People are increasingly willing to travel and pay for memorable experiences, and venues are investing in richer digital layers to compete for attention and create stronger visitor engagement. McKinsey has reported that 52 percent of Gen Z travellers say they splurge on expe - riences when travelling. Industry research also indicates that 73 percent of audiences are willing to travel for compelling expe - riences, while high-tech, content-driven experiential formats are projected to grow at approximately 20 percent CAGR through 2030, reaching an estimated USD 9–10 billion globally. For Goodbye Kansas, the opportunity is focused. The company does not need to own venues, manufacture hardware or operate attractions. Its role is to create the high-quality digital and narrative layer: the story, characters, worlds and moving images that shape how audiences experi - ence and remember a space. EXPERIENTIAL: BUILDING A NEW GROWTH AREA FROM EXISTING STRENGTHS 7 · Goodbye Kansas Group AB (publ) | Q2 2026 Audiences everywhere want stories they can step into, not just watch, and venues worldwide are investing to bring them in. Experiential is where our craft meets physical space, and we’re building worlds, characters and moments that turn a venue into a destination, delivered at the standard our clients know us for. ” La-Râ Hinckeldeyn Senior Producer & Experiential Business Development
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CASE Why Goodbye Kansas has the right to win Experiential projects often require large- scale, high-resolution content, careful technical planning and strong creative direction. They require artistry, production discipline and technology working together. That is familiar territory for Goodbye Kansas, and it is a territory in which the company has won many awards over the years. The company already creates digital humans, creatures, cinematic environ - ments and real-time content for some of the world’s most prestigious entertainment companies. Games remains the engine of Goodbye Kansas, but it is also more than a revenue driver. The visibility and quality of our games work create credibility in adjacent markets. Experiential is a clear example of this: a growth opportunity opened by the repu - tation, talent and technology already built inside the studio. Creating a dedicated business unit gives this opportunity clearer ownership, faster decision-making and a more focused com - mercial approach. It allows Goodbye Kansas to engage earlier, shape opportunities more proactively and build repeat relationships with partners and clients over time. Leadership and focus The Experiential business unit will be led with senior strategic guidance from Thomas Lindgren, board member and former interim CEO of Goodbye Kansas. Thomas brings extensive experience from building and scaling businesses in games and digital entertainment, and has long a understand - ing of how Goodbye Kansas’ capabilities can translate into new profitable markets. La-Râ Hinckeldeyn plays a central role in developing the Experiential business unit, bringing direct experience from immersive and experiential projects at The Mill in New York, as well as six years at Goodbye Kansas producing real-time and cinematic content for global clients. Her combination of pro - duction expertise, client-facing experience and understanding of complex real-world experiences makes her an important driving force as the unit begins actively building its market position. With the support of the wider business unit team, they provide both strategic direction and hands-on production expertise. Building from the platform we already have The strategic logic is simple: Goodbye Kansas is not building Experiential from scratch. The company is building from its existing platform of talent, technology, pro - duction pipelines and client credibility. The ambition is to become a trusted partner for high-end experiential content, focusing on projects where storytelling, digital content and visual quality define the audience experience. Experiential gives Goodbye Kansas a way to pursue long-term profitable growth while staying close to what the company already does best. 8 · Goodbye Kansas Group AB (publ) | Q2 2026 Experiential is a natural growth opportunity for Goodbye Kansas since it brings together capabilities we already have: visual storytelling, real-time technology, digital characters, envi- ronments and complex production delivery. A dedicated business unit gives us the focus to build this area properly, in a focused and profitable manner, and pursue the opportunities with com- mercial discipline. ” Thomas Lindgren Board member & VP Experiential
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9 · Goodbye Kansas Group AB (publ) | Q2 2026 Financial performance Second quarter, April 1 – June 30, 2026 Sales and earnings Net sales for the quarter amounted to SEK 65.6 million (43.1), partly stemming from the order intake and order book build up during second half of 2025 together with the contract announced 10th of April for the end-to- end production of a high-fidelity cinematic trailer for an upcoming AAA game title. Gross profit amounted to SEK 49.0 million (32.2), largely volume driven. In relative terms the margin was affected slightly negatively by the project portfolio mix, resulting from an increased share of VFX projects and increased activity in the Mocap studio during the quarter. EBITDA amounted to SEK 5.7 million (-12.4). The improvement in profitability compared to the same quarter last year largely reflects the increased net sales, supported by operational discipline and continued cost control, keeping the operational expenses lower compared to same quarter last year. The operating result is weighed positively by SEK 0.4 million (0.1) in foreign exchange results on operating items due to fluctuation between SEK and USD/EUR during the quarter. EBIT amounted to SEK 5.3 million (-12.8). The result includes depreciation of property, plant and equipment of SEK -0.5 million (-0.4). The exchange rate impact on net financial items during the quarter was unchanged compared to SEK -0.1 million same quarter last year. Earnings per share before dilution amounted to SEK 0.13 (-1.17) and after dilution amounted to SEK 0.13 (-1.17). Net sales for the gaming vertical amounted to SEK 52.2 million (28.0), thus accounting for 80 percent of the Group’s net sales for the quarter. Experiential vertical accounted for zero percent of net sales, VFX services accounted for 20 percent of net sales and other services accounted for zero percent of net sales. Most of the revenues are billed in USD and EUR. Investments During the quarter, investments were made in tangible fixed assets to a value of SEK 0.1 million (0.0). The Group continues to invest in its product devel- opment in digital humans, where the cost during the quarter has been taken directly to profit and loss via internal resources utilized. Cash and cash equivalents Total net cash flow in the second quarter amounted to SEK -1.6 million (-9.4). Cash flow from operating activities during the quarter amounted to SEK -7.4 million (-10.6), where operations generated cash of SEK 4.7 million, however offset by negative working capital cash flow of SEK -12.1 million. The negative swing in working capital compared to year-end is largely related to the effect on the balance sheet from our method percentage of completion in revenue recognition, where work completed is accounted from the balance sheet item prepayments from customers and work in progress. Cash flow from investing activities for the quarter amounted to SEK -0.1 million (0.0). Cash flow from financing activities amounted to SEK 5.9 million (1.2) for the quarter. With increased treasury activities, the company raised short-term funding of SEK 8.6 million from professional investors, whilst at the same time further reduced our debt to government and other lenders by repayments of short-term loans and government tax deferrals given during Covid-19 by in total SEK 2.7 million. The Group’s closing cash position as of June 30, 2026, amounted to SEK 10.2 million (3.1). First half-year January 1 – June 30, 2026 Sales and earnings Net sales for the first half-year amounted to SEK 122.5 million (88.5), stemming from the strong order intake and order book build up during second half of 2025 and won contracts in second quarter. Gross profit amounted to SEK 93.5 million (70.2), largely volume driven. In relative terms the margin was affected somewhat negatively by the project portfolio mix, resulting from an increased share of VFX projects and increased activity in the Mocap studio during the period. EBITDA amounted to SEK 7.9 million (-15.5). The improvement in profitability compared to the same period last year largely reflects the increased net sales, supported by operational discipline and continued cost control, keeping the operational expenses lower compared to same period last year. The operating result is also weighed positively by SEK 1.2 million (0.3) in
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10 · Goodbye Kansas Group AB (publ) | Q2 2026 foreign exchange results on operating items due to fluc- tuation between SEK and USD/EUR during the period. EBIT amounted to SEK 7.0 million (-16.3). The result includes depreciation of property, plant and equipment of SEK -0.9 million (-0.8). The exchange rate impact on net financial items during the period amounted to SEK 0.9 million (-1.7). The result stems mainly from revaluation of intra-group balance sheet items. Earnings per share before dilution amounted to SEK 0.19 (-0.56) and after dilution amounted to SEK 0.19 (-0.56). Net sales for the gaming vertical amounted to SEK 101.6 million (70.3), thus accounting for 83 percent of the Group’s net sales for the first half year. Experiential vertical accounted for zero percent of net sales, VFX services accounted for 17 percent of net sales and other services accounted for zero percent of net sales. Most of the revenues are billed in USD and EUR. Investments During the period, investments were made in tangible fixed assets to a value of SEK 0.2 million (2.4). The Group continues to invest in its product devel- opment in digital humans, where the cost during the quarter has been taken directly to profit and loss via internal resources utilized. Cash and cash equivalents Total net cash flow in the first half year was unchanged compared to negative outflow of SEK 14.4 million in the same period last year. Cash flow from operating activities during the period amounted to SEK -2.5 million (-12.0). Cash flow from investing activities for the quarter amounted to SEK -0.1 million (-2.4). Cash flow from financing activities amounted to SEK 2.6 million (0.0) for the period, stemming from treasury activities where we have been active in securing working capital funding from professional investors of SEK 8.6 million during the period. We continued to reduce our interest-bearing debt by SEK 6.0 million in repayments of short-term loans, other debts and government tax deferrals given during Covid-19. The Group’s closing cash position as of June 30, 2026, amounted to SEK 10.2 million (3.1). Employees The average number of employees in the Group was 122 (118) during the period. The increase is fully attributed to the change in UK off-payroll working legislation (IR35), where we the new rules temporarily increase the number of employees in UK. Comments on the balance sheet and financing At the end of Q2, the order book amounted to SEK 50.1 million (17.5). While this was lower than the record level reported at the end of Q4 2025, it was approximately 182 percent higher than the level reported at the end of same period last year. The increase in order intake during the second quarter is supporting the increased levels of trade receivable at the end of period, amounting to SEK 18.4 million (6.7). The Group’s non-current interest-bearing liabilities amount to SEK 0.8 million (4.2) and current liabilities amount to SEK 62.1 million (50.2), where current liabilities in work-in-progress from revenue recognition in projects amount to SEK 1.7 million (0.0). The increase in current liabilities between the periods is mainly attributed to the increase in current interest-bearing liabilities, described further down. The decrease in non-current interest-bear- ing liabilities is large due to the Group continues to follow the established installment plan for repayment of Covid-19 deferrals regarding taxes and fees to the Swedish Tax Agency and this debt decreased by SEK 1.8 million in total during the first half year. The current interest-bearing liabilities amount to SEK 14.9 million (6.9), where the increase from same period last year partly is attributed to the new loan of SEK 5 million taken with a Swedish credit institution during fourth quarter last year. We also actively work with a network of professional investors where we source short- term working capital needs via debt financing, contrib- uting with SEK 6.8 million net to the increase in current interest-bearing liabilities. The Group has repaid SEK 4.2 million of its interest-bearing loans during the first half year. Cash and cash equivalents amounted to SEK 10.2 million (3.1) on June 30, 2026. The cash liquidity ratio improved compared with the same period last year as well as year-end, primarily due to the decrease in current liabilities. At the balance sheet date, the Group’s equity amounted to SEK -23.6 million (-22.3). This is an improve- ment in equity from year-end with twenty seven percent, in absolute terms SEK 6.3 million, reflecting the group’s emerging ability to generate profit. Albeit, with equity improving, the key performance indicator equity/assets ratio shows negative 52 percent. This broadly reflects the total assets being kept balanced and reduced rather than the equity situation has been worsening since year-end. Management and the Board assess that if the positive sales trend continues and financial targets are achieved, the business has sufficient financing for its ongoing working capital needs. FINANCIAL PERFORMANCE
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11 · Goodbye Kansas Group AB (publ) | Q2 2026 Risks and uncertainties The Group’s operations are conducted through Goodbye Kansas Production, and it is dependent on achieving a certain level of capacity utilization to ensure profitability. The profitability of the business is therefore affected by, among other things, varying demand in the market for studio services from customers in the film and TV industry and the gaming industry. If a commercial launch of a project is delayed or results in lower revenues than estimated, it can have a material negative effect on the company’s earnings and financial position. Access to production resources, both in terms of key employees with cutting-edge expertise and general access to freelance resources or equivalent, may vary, depending on the economic situation in the industry and in general, which may affect the Group’s production capacity. The competitive situation for Goodbye Kansas Produc- tion is also affected by technology developments, both in general and competitors’ resources and abilities in the technical areas. Global availability of different types of financial support and grants drives investments and customer preferences towards local markets, especially in VFX, which affects demand – such support systems show major changes continuously, which also creates a certain unpredictability over time. Most of the revenues are billed in USD and EUR. Fluctuations in exchange rates (especially in USD) have a significant impact on profitability. Taking the risks and uncertainties outlined into account, it is the view of the Board of Directors and management that if the positive sales trend continues for the company, and the financial targets are achieved, the business is deemed to be on the trajectory of delivering long-term sustainable profitability, and as such have suffi- cient financing for its ongoing working capital needs. Accounting and valuation principles The quarterly report has been prepared in accordance with the Annual Accounts Act (ÅRL) and BFNAR 2012:1 (K3). Applied accounting and valuation principles are unchanged compared to the financial statements for 2024. Share The Goodbye Kansas Group share (with ticker GBK) is listed on Nasdaq First North Growth Market and is traded with ISIN code SE0020179158. Bergs Securities AB is the company’s Certified Adviser From 1 January 2026. On June 30, 2026, the number of shares amounted to 37,488,228 distributed among approximately 5,800 shareholders. Report calendar Interim Report, Q3 2026 November 20, 2026 Interim Report, Q4 2026 February 26, 2027 Interim Report, Q1 2027 May 21, 2027 All of the company’s reports and the annual report are available on goodbyekansasgroup.com Review This report has not been reviewed by the company’s auditor. Stockholm, July 29, 2026 Board of Directors Goodbye Kansas Group AB (publ) FINANCIAL PERFORMANCE
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12 · Goodbye Kansas Group AB (publ) | Q2 2026 Income Statement Group SEK Thousands 2026 Q2 2025 Q2 2026 Jan-Jun 2025 Jan-Jun 2025 Full year Revenue Net sales 65,598 43,145 122,468 88,530 174,956 Own work capitalized - - - - 864 Other operating income 388 123 1,474 337 4,567 Total revenue 65,986 43,268 123,942 88,867 180,387 Cost of goods sold Cost of goods sold –17,016 –11,058 –30,492 –18,682 –39,605 Gross profit 48,970 32,210 93,450 70,185 140,782 Operating expenses Other external costs –10,795 –12,425 –23,664 –24,904 –50,538 Employee benfit expense –31,501 –30,576 –59,404 –58,341 –113,822 Other operating expenses –932 –1,617 –2,484 –2,461 –5,046 Earnings before depreciation and amortization (EBITDA) 5,742 –12,407 7,898 –15,521 –28,624 Depreciation and amortization –481 –436 –947 –792 –1,673 Earnings before interest and tax (EBIT) 5,261 –12,843 6,951 –16,313 –30,297 Financial items Foreign currency translation profit/loss 6 –101 911 – 1,682 – 1,779 Financial income 1 0 1 1 30 Financial expenses –406 –176 –745 –572 –3,070 Earnings before tax (EBT) 4,863 –13,120 7,118 –18,566 –35,116 Taxes - - - - - Net income 4,863 –13,120 7,118 –18,566 –35,116
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13 · Goodbye Kansas Group AB (publ) | Q2 2026 Balance sheet Group SEK Thousands Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 ASSETS Non-current assets Intangible assets Capitalized development costs 864 - 864 Trade marks 27 94 62 Total intangible assets 891 94 925 Tangible assets Property, plant and equipment 2,396 3,644 3,142 Total tangible assets 2,396 3,644 3,142 Total non-current assets 3,287 3,738 4,067 Current assets Current receivables Work in progress - 7,970 - Accounts receivables 18,354 6,710 25,902 Current tax claim 3 4 3 Other receivables 1,976 5,745 1,392 Prepaid expenses and accrued income 11,529 10,800 8,866 Total current receivables 31,862 31,230 36,163 Cash and bank balances Cash and cash equivalents 10,168 3,082 10,148 Total cash and cash equivalents 10,168 3,082 10,148 Total current assets 42,030 34,312 46,311 TOTAL ASSETS 45,317 38,050 50,378
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14 · Goodbye Kansas Group AB (publ) | Q2 2026 Balance sheet cont. Group SEK Thousands Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 EQUITY AND LIABILITIES Equity Restricted equity Share capital 3,749 3,302 3,749 Total restricted equity 3,749 3,302 3,749 Non-restricted equity Other capital/premium reserves 494,949 487,328 494,961 Retained earnings –522,324 –512,910 –528,641 Total non-restricted equity –27,375 –25,582 –33,680 Total equity –23,626 –22,280 –29,931 Provisions Provisions 6,000 6,000 6,000 Total provisions 6,000 6,000 6,000 Non-current liabilities Other long-term liabilities 816 4,150 2,473 Total non-current liabilities 816 4,150 2,473 Current liabilities Current interest-bearing liabilities 14,896 6,818 10,614 Prepayments from customers 1,693 - 28,695 Accounts payable 22,857 24,405 15,055 Other current liabilities 7,872 7,096 5,047 Accrued expenses and prepaid income 14,809 11,861 12,425 Total current liabilities 62,127 50,180 71,836 TOTAL EQUITY AND LIABILITIES 45,317 38,050 50,378
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15 · Goodbye Kansas Group AB (publ) | Q2 2026 Cash flow statement Group SEK Thousands 2026 Q2 2025 Q2 2026 Jan-Jun 2025 Jan-Jun 2025 Full year Operating activities Profit before tax 4,863 –13,120 7,118 –18,566 –35,116 Adjustments for non-cash items 327 1,000 550 1,258 4,672 Income tax paid –499 0 –982 –13 –1,841 Cash flow from operating activities before changes in working capital 4,691 –12,120 6,686 –17,321 –32,285 Cash flow from changes in working capital Change in inventories 14,611 –17,229 27,002 -4,642 3,329 Change in accounts receivables –10,359 7,899 7,611 –2,749 –22,000 Change in other current receivables –240 –2,377 –3,090 –1,104 4,787 Change in accounts payable 10,149 11,735 7,749 17,712 1,335 Change in other current liabilities –26,270 1,463 –48,425 –3,871 29,522 Total cash flow from operating activities –7,418 –10,628 –2,467 –11,975 –15,312 Investment activities Acquisitions of tangible assets –78 –17 –161 –2,381 –2,734 Cash flow from investing activities –78 –17 –161 –2 ,381 –3,598 Financial activities Rights issue, cost of conversion* - - - - 7,561 Proceeds from borrowings 8,650 1,750 8,650 1,750 20,592 Repayment of borrowings –2,780 –550 –6,025 –1,794 –16,554 Cash flow from financing activities 5,870 1,200 2,625 -44 11,599 Exchange-rate differences cash and cash equivalents 21 27 23 -14 -36 Total cash flow –1,605 –9,418 20 –14,413 –7,347 Cash and cash equivalents at beginning of the period 11,773 12,499 10,148 17,495 17,495 Cash and cash equivalents at the end of the period 10,168 3,082 10,168 3,082 10,148 * Values after rights issue costs.
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16 · Goodbye Kansas Group AB (publ) | Q2 2026 Changes in Equity Group SEK Thousands Share capital Non- registered capital Other contributed capital Other equity incl. retained earnings Equity attribut- able to parent company Total equity Balance at January 1, 2025 2,191 - 426,954 –448,187 –19,042 –19,042 Profit/loss for the period –35,116 –35,116 –35,116 Rights issue 1,558 7,483 9,041 9,041 Rights issue, convertible debentures 15,000 15,000 15,000 Rights issue expenses –1,480 –1,480 –1,480 Translation differences 1,666 1,666 1,666 Balance at December 31, 2025 3,749 - 447,957 –481,637 –29,931 –29,931 Balance at January 1, 2026 3,749 - 447,957 –481,637 –29,931 –29 931 Profit/loss for the period 7,118 7,118 7,118 Adjustment, other contributed capital 46,992 –46,992 - - Translation differences –814 –814 –814 Balance at June 30, 2026 3,749 - 494,949 –522,324 –23,626 –23 626
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17 · Goodbye Kansas Group AB (publ) | Q2 2026 Income statement Parent company SEK Thousands 2026 Q2 2025 Q2 2026 Jan-Jun 2025 Jan-Jun 2025 Full year Revenue Net sales 6,507 4,138 13,205 8,275 16,551 Other operating Income 19 16 36 61 132 Total revenue 6,526 4,154 13,241 8,336 16,683 Operating expenses Other external costs –4,721 –4,674 –10,870 –9,871 –20,706 Employee benefit expenses –1,382 –1,406 –1,852 –2,769 –4,334 Other operating expenses - –1 - –5 –5 Earnings before depreciation and amortization (EBITDA) 423 –1,927 518 –4,309 –8,362 Depreciation and amortization –110 –122 –219 –227 –438 Earnings before interest and tax (EBIT) 314 –2,049 299 –4,536 –8,800 Financial items Financial income - - - - 10 Financial expenses –277 –159 –461 –546 –2,050 Earnings before tax (EBT) 37 –2,208 –163 –5,082 –10,840 Taxes - - - - - Net income 37 –2,208 –163 –5,082 –10,840
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18 · Goodbye Kansas Group AB (publ) | Q2 2026 Balance sheet Parent company SEK Thousands Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 ASSETS Non-current assets Intangible assets Brands 28 94 61 Total intangible assets 28 94 61 Tangible assets Property, plant and equipment 473 1,011 658 Total tangible assets 473 1,011 658 Financial assets Shares in group companies 51,380 42,865 51,355 Total financial assets 51,380 42,865 51,355 Total non-current assets 51,881 43,971 52,074 Current assets Current receivables Receivables to Group companies 7,070 15,717 4,246 Current tax claim - - - Other receivables 57 2,687 - Prepaid expenses and accrued income 3,375 3,195 3,491 Total current receivables 10,502 21,599 7,737 Cash and bank balances Cash and cash equivalents 4,582 808 399 Total Cash and cash equivalents 4,582 808 399 Total current assets 15,084 22,407 8,136 TOTAL ASSETS 66,965 66,378 60,210
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19 · Goodbye Kansas Group AB (publ) | Q2 2026 Balance sheet cont. Parent company SEK Thousands Jun 30, 2026 Jun 30, 2025 Dec 31, 2025 EQUITY AND LIABILITIES Equity Restricted equity Share capital 3,749 3,302 3,749 Total restricted equity 3,749 3,302 3,749 Non-restricted equity Premium reserves 494,949 487,327 494,961 Retained earnings –458,326 –447,486 –447,485 Profit/loss for the year –163 –5,082 –10,840 Total non-restricted equity 36,461 34,760 36,636 Total equity 40,210 38,062 40,385 Provisions Provisions 6,000 6,000 6,000 Total provisions 6,000 6,000 6,000 Non-current liabilities Non-current interest-bearing liabilities 816 4,150 2,473 Total non-current liabilities 816 4,150 2,473 Current liabilities Interest-bearing debt 11,896 6,818 5,614 Accounts payable 5,599 7,261 4,546 Liabilities to Group companies 1,351 - - Other liabilities 585 2,601 190 Accrued expenses and prepaid income 508 1,487 1,002 Total current liabilities 19,939 18,167 11,352 TOTAL EQUITY AND LIABILITIES 66,965 66,378 60,210
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20 · Goodbye Kansas Group AB (publ) | Q2 2026 Cash flow statement Parent company SEK Thousands 2026 Q2 2025 Q2 2026 Jan-Jun 2025 Jan-Jun 2026 Full year Operating activities Profit/loss after financial items 37 –2,208 –163 –5,082 –10,840 Adjustments for non-cash items 108 676 218 575 2,195 Income tax paid –234 33 -351 - –677 Cash flow from operating activities before changes in working capital –89 –1,499 –296 –4,507 –9,322 Cash flow from changes in working capital Change in accounts receivables –6,824 327 –2,824 3,460 14,931 Change in other current receivables 625 –1,131 59 –2,563 –172 Change in accounts payable 774 1,906 1,053 2,625 -89 Change in other current liabilities 2,586 958 1,603 357 –4,537 Cash flow from the operating activities –2,928 561 –405 –628 811 Investment activities Acquisition of intangible assets - 18 - –174 –174 Contributions to Group companies –25 –3,040 –25 –3,040 –11,530 Cash flow from investment activities –25 –3,022 –25 –3,214 –11,704 Financial activities Rights issue, cost of conversion* - - –12 - 7,561 Proceeds from borrowings 8,650 1,750 8,650 1,750 15,592 Repayment of borrowings –1,793 –549 –4,025 –1,793 –16,554 Cash flow from financial activities 1,201 18,659 –43 54,561 54,122 Total cash flow 3,904 –1,260 4,183 –3,885 –4,294 Cash and cash equivalents at beginning of the period 679 2,068 399 4,693 4,693 Cash and cash equivalents at the end of the period 4,582 808 4,582 808 399 * Values are stated after transaction costs.
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21 · Goodbye Kansas Group AB (publ) | Q2 2026 Changes in Equity Parent company SEK Thousands Share capital Other capital/ premium reserves Other equity incl. retained earnings Equity attribut- able to parent company Total equity Balance at January 1, 2025 2,191 473,958 -440,266 -7,220 28,663 Profit/loss for the period -10,840 -10,840 Disposition by decision at AGM: - To be balanced in a new account -7,220 7,220 - Rights issue, convertible debentures 1,111 13,889 15,000 Rights issue 447 8,596 9,043 Rights issue expenses -1,481 -1,481 Balance at December 31, 2025 3,749 494,962 -447,486 -10,840 40,385 Balance at January 1, 2026 3,749 494,962 -447,486 -10,840 40,385 Profit/loss for the period -163 -163 Disposition by decision at AGM: - To be balanced in a new account -10,840 10,840 - Rights issue expenses -12 -12 Balance at June 30, 2026 3,749 494,950 -458,326 -163 40,210