Interim report
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HMS Networks 1 Interim report: January - September 202 6 Hardware Meets Software ™ Third quarter • Order intake increased by 29% to SEK 1,104 m (855). Organically, order intake increased by 22% • Net sales increased by 15% to SEK 1,024 m (894). Organically, net sales increased by 6% • EBITA reached SEK 280 m (242), equal to a 27.4% (27.1) margin • EBIT reached SEK 253 m (213), equal to a 24.7% (23.9) operating margin • Profit after tax totaled SEK 164 m (164) and basic earnings per share were SEK 3.27 (3.26) • Profit after tax adjusted for amortization of excess values from acquisitions (adjusted profit after tax) totaled SEK 192 m (192) and adjusted basic earnings per share were SEK 3.82 (3.83) • Cash flow from operating activities amounted to SEK 333 m (258) • Public tender offer for ROBOT S.A. First nine months • Order intake increased by 23% to SEK 3,191 m (2,601). Organically, order intake increased by 15% • Net sales increased by 14% to SEK 2,987 m (2,627). Organically, net sales increased by 11% • EBITA reached SEK 810 m (615), equal to a 27.1% (23.4) margin • EBIT reached SEK 728 m (526), equal to a 24.4% (20.0) operating margin • Profit after tax totaled SEK 482 m (363) and basic earnings per share were SEK 9.60 (7.23) • Profit after tax adjusted for amortization of excess values from acquisitions and non-recurring items (adjusted profit after tax), totaled SEK 546 m (451) and adjusted basic earnings per share were SEK 11.24 (8.98) • Cash flow from operating activities amounted to SEK 916 m (646) • Minority investment in AI company Ekkono • Acquisition of Molex’s industrial communications business Order intake Q 3 + 29 % Net sales Q 3 + 15 % EBITA - margin Q 3 27 % This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish original, the latter shall prevail.
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2 CEO Comments A QUARTER WITH REVENUE EXCEEDING SEK 1 BILLION The market continued to develop favorably during the quarter, and for the first time HMS surpassed the milestone of SEK 1 billion in quarterly revenue. Order intake amounted to SEK 1,104 million (855), corresponding to organic growth of 22%. In addition to the general improvement in the industrial economy, where the global purchasing managers’ index reaching its highest level since 2022 during the quarter, investments in data centers and the semiconductor industry continued to support our growth. We also see that the increased cost pressure in the component market is broadening and now extends beyond memory components to include printed circuit boards and other components. Concerns over longer lead times and upcoming price increases led some customers to place order in advance. We estimate that the combined positive effect of these orders amounted to approximately SEK 70 million during the quarter, primarily within the Industrial Network Technology (INT) division. Revenue reached SEK 1,024 million (894), representing growth of 15%, of which 6% was organic. INT and New Industries (NI) are the primary drivers of this growth. The gross margin amounted to 62.7% (64.1). Higher component prices and tariffs, which now affect a broader share of our product portfolio, had a negative impact on the gross margin. At the same time, higher volumes and favorable currency effects contributed positively. We continue to invest in our organization, with a focus on strengthening development capabilities and building competence within AI. Operating expenses totaled SEK 391 million (362), corresponding to an organic increase of 6%. The strong revenue performance laid the foundation for a new record EBITA of SEK 280 million (242), corresponding to an EBITA margin of 27.4% (27.1). Cash flow also remained strong, amounting to SEK 333 million (258), partly driven by temporary improvements in working capital. This contributed to reducing net debt in relation to EBITDA excluding IFRS 16 to 1.52x (2.77x), further strengthening our position for continued growth. CONTINUED POSITIVE DEVELOPMENT IN ASIA AND RECOVERY IN EUROPE Asia continued to perform positively, with organic order intake growth exceeding 40% during the quarter. Both China and Japan delivered solid growth. In Japan, several customers resumed ordering after several quarters of restrained purchasing activity. In Europe, the broad-based recovery continued following weaker comparison years in 2024 and 2025, resulting in organic order growth of approximately 20%. The strategically important DACH region developed in line with this trend. The order intake also grew in North America by just under 10% during the quarter, despite strong comparables from the previous year. HIGHER COMPONENT COSTS AND BROADER TARIFFS PUT PRESSURE ON THE GROSS MARGIN We have previously reported rising component prices. Initially, these increases were primarily related to memory components, where prices have risen several hundred percent due to strong demand from, among other things, data centers. We now see cost increases spreading to areas such as printed circuit boards and passive components. In addition, tariff regulations governing trade between Europe and the United States, and not least between Canada and the United States, changed during the summer. Several product categories that were previously exempt are now subject to tariffs, negatively affecting HMS. To offset these cost increases, HMS informed customers during the quarter of price increases that will take effect on January 1, 2027. As a result, the gross margin is expected to remain under pressure during the fourth quarter and potentially into 2027 until the new pricing has had full effect. PUBLIC TENDER OFFER WITHIN NEW INDUSTRIES During the quarter, HMS announced a public tender offer for the Spanish company Robot S.A. Robot is a well-established provider of sensors, room controllers, and building automation systems, with a particular focus on the hospitality sector. The company’s offering of improved indoor climate and reduced energy consumption aligns well with HMS’s building automation business. At the time of the announcement, shareholders representing more than 77% of the shares had already committed to accepting the offer. HMS expects to complete the transaction before the end of 2026. Robot is a good fit with the building automation business within the New Industries division, where the company will be integrated following the completion of the transaction. CONTINUED PROGRESS IN INFORMATION SECURITY During the quarter, HMS achieved global ISO/IEC 27001 certification, an important recognition of our long-term commitment to information security. The certification strengthens customer confidence in our solutions and confirms that we operate in accordance with internationally recognized cybersecurity standards. As regulatory requirements increase and customer expectations continue to rise, we view this as an important competitive advantage and a natural part of our offering. OUTLOOK Demand has remained solid and broad-based across our major markets so far this year. At the same time, rising component prices, new trade tensions, and geopolitical uncertainty in the Middle East contribute to a degree of uncertainty regarding future market developments. Despite these factors, many of our industrial customers continue to execute their investment plans and business activities, and we remain positive about the medium-term growth potential. In the longer term, we believe that the trend towards a more regionalized industrial production landscape in North America, Europe, China, and Southeast Asia will drive increased demand for automation, digitalization, and industrial communication, a development that benefits HMS. Through continued investments in product development, innovation, and sales, we see good opportunities to win new customers and grow with existing ones. Creating profitable growth, both organically and through acquisitions, remains our priority. Richard Skog, Chief Operating Officer, discusses improvements at the company's recently renovated manufacturing facility in York, Pennsylvania, USA, with President and CEO Staffan Dahlström.
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3 Order intake, net sales and earnings THIRD QUARTER Order intake increased by 29% to SEK 1,104 m (855). Currency translation effects on order intake during the quarter did not have a material impact (-47). Organically, order intake increased by 22%, and acquired growth was 7%. Net sales increased by 15% to SEK 1,024 m (894). Currency translation effects amounted to SEK 13 m (-39). Organically, net sales increased by 6%, and acquired growth was 7%. Gross profit amounted to SEK 642 m (573), corresponding to a gross margin of 62.7% (64.1). During the quarter, the Group recognized a refund of previously paid U.S. import tariffs following a U.S. court ruling, which had a positive impact of SEK 3 m on gross profit. Underlying gross margin was 62.4%. Operating expenses amounted to SEK 391 m (362). Operating expenses include amortization of excess values of SEK 28 m (29). Organically, operating expenses increased by SEK 18 m, corresponding to 6%. EBITDA amounted to SEK 325 m (281), corresponding to an EBITDA margin of 31.8% (31.4). Depreciation, amortization and write-down amounted to SEK 73 m (68). EBITA amounted to SEK 280 m (242), corresponding to an EBITA margin of 27.4% (27.1). EBIT amounted to SEK 253 m (213), corresponding to an EBIT margin of 24.7% (23.9). Currency translation effects have affected operating profit by SEK 10 m (-1). Net financials were SEK -42 m (-26), mainly consisting of interest expenses of SEK -20 m (-28) and currency translation effects of SEK -22 m (1), primarily related to intercompany balances. Profit before tax was SEK 210 m (187). Profit after tax amounted to SEK 164 m (164) and earnings per share were SEK 3.27 (3.26). Profit after tax adjusted for amortization of excess values from acquisitions (adjusted profit after tax) totaled SEK 192 m (192) and adjusted earnings per share were SEK 3.82 (3.83). 1 Up to and including 2025, the KPI includes currency translation effects related to the order book 2 Earnings per share adjusted for amortization of excess values from acquisitions and non-recurring items Quarterly data for the Group Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Order Intake (SEK m) 1,104 979 1,108 854 855 816 930 893 677 Organic % 22 15 10 3 22 8 12 2 -8 Acquisition % 7 5 15 4 11 9 89 92 50 Currency translation effects %¹ 0 0 -6 -10 -7 -11 -4 16 -4 Order backlog 727 686 612 604 696 728 736 703 605 % of LTM Net sales 21 18 17 17 20 19 21 20 17 Net Sales (SEK m) 1,024 991 971 951 894 843 890 807 792 Organic % 6 12 15 23 8 -5 -17 -33 -30 Acquisition % 7 6 5 4 10 9 59 40 31 Currency translation effects % 1 -1 -10 -9 -5 -5 2 0 -1 Gross margin (%) 62.7 63.8 62.4 63.0 64.1 61.8 63.0 62.6 63.5 EBITA (MSEK) 280 266 264 264 242 167 205 136 190 EBITA (%) 27.4 26.8 27.2 27.7 27.1 19.8 23.1 16.9 24.0 EBIT (SEK m) 253 238 237 236 213 138 175 106 163 EBIT (%) 24.7 24.0 24.4 24.8 23.9 16.4 19.6 13.2 20.6 Earnings per share (SEK) 3.27 3.10 3.24 1.44 3.26 1.67 2.29 1.49 1.89 Adjusted earnings per share (SEK)² 3.82 3.65 3.78 4.07 3.83 2.24 2.91 2.08 2.42
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4 FIRST NINE MONTHS Order intake increased by 23% to SEK 3,191 m (2,601). Currency translation effects amounted to SEK -55 m (-152). Organically, order intake increased by 15%, and acquired growth was 9%. Net sales increased by 14% to SEK 2,987 m (2,627). Currency translation effects amounted to SEK -84 m (-65). Organically, net sales increased by 11%, and acquired growth was 6%. Gross profit amounted to SEK 1,881 m (1,654), corresponding to a gross margin of 63.0% (63.0). Operating expenses amounted to SEK 1,167 m (1,135). Operating expenses include amortization of excess values of SEK 82 m (88). Organically, operating expenses increased by SEK 57 m, corresponding to 6%. Operating income was positively impacted by SEK 6 m due to divestment of a subsidiary. EBITDA amounted to SEK 937 m (731), corresponding to an EBITDA margin of 31.4% (27.8). Depreciation, amortization and write-down amounted to SEK 209 m (205). EBITA amounted to SEK 810 m (615), corresponding to an EBITA margin of 27.1% (23.4). EBIT amounted to SEK 728 m (526), corresponding to an EBIT margin of 24.4% (20.0). Currency translation effects have affected operating profit by SEK -17 m (5). Net financials were SEK -110 m (-83), mainly consisting of interest expenses of SEK -58 m (-95) and currency translation effects of SEK -54 m (12), primarily related to intercompany balances. Profit before tax was SEK 618 m (443). Profit after tax amounted to SEK 482 m (363) and earnings per share were SEK 9.60 (7.23). Profit after tax adjusted for amortization of excess values from acquisitions (adjusted profit after tax) totaled SEK 564 m (451) and adjusted earnings per share were SEK 11.24 (8.98). Order intake Net sales EBITA The graph shows order intake per quarter in bars with the scale on the left axis. The line shows order intake for the latest 12-month period with the scale on the right axis. The graph shows quarterly net sales in the bars with the scale on the left axis. The line represents net sales for the latest 12-month period with the scale on the right axis. The graph shows EBITA per quarter. The bars refer to the scale on the left axis. The line represents EBITA for the latest 12-month period, with the scale on the right axis. 0 400 800 1,200 1,600 2,000 2,400 2,800 3,200 3,600 4,000 4,400 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Order intake per quarter Order intake LTM SEK m SEK m 0 400 800 1,200 1,600 2,000 2,400 2,800 3,200 3,600 4,000 4,400 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Net sales per quarter Net sales LTM SEK m SEK m 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 0 50 100 150 200 250 300 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 EBITA per quarter EBITA LTM SEK m SEK m
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5 The Industrial Data Solutions division (IDS) ensures that data from industrial equipment can be transferred to IT systems securely. Customers can collect, process and visualize data from sensors and machines, providing a better overview and easier decision-making. Data can be provided remotely via the internet, as well as via internal systems and machine displays on site. HMS is a market leader in remote access and data connectivity for machines. FINANCIAL OVERVIEW THIRD QUARTER Reported order intake amounted to SEK 404 m (410), corresponding to a decrease of 1%, while organic growth declined by 3%. Net sales increased by 2% to SEK 448 m (439), with organic growth of 2%. The division delivered a somewhat softer performance compared with the Group’s other businesses, primarily due to the absence of larger project orders. In addition, the corresponding quarter last year was strong in terms of both order intake and sales. The division continues to have significant exposure to North America, where demand from the data center segment and its associated value chain constitutes an important part of the business. At the same time, the high exposure to the U.S. market creates sensitivity to changes in tariff regulations. Tariff-related effects continued to impact the division during the quarter, not least as a result of the revised tariff rules affecting Canada that came into effect during the period. Price adjustments to mitigate these effects were communicated during the quarter and will take effect from the beginning of 2027. FIRST NINE MONTHS During the first nine months, order intake increased by 3% to SEK 1,286 m (1,251), corresponding to organic growth of 5%. Net sales increased by 6% to SEK 1,312 m (1,233), while organic growth amounted to 12%. SEK m Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 LTM 2026 Q1-Q4 2025 Order intake 404 410 1,286 1,251 1,660 1,626 Net sales 448 439 1,312 1,233 1,793 1,714 EBITA 113 117 341 255 479 393 EBITA (%) 25.2 26.6 26.0 20.7 26.7 22.9 Industrial Data Solutions Solutions to connect, secure, diagnose and visualize data in industrial applications Share of the Group’s net sales, Q3 2026 Share of the Group’s EBITA, Q3 2026 Net sales break‑down by market, Q3 2026 44 % 40 % EMEA, 24% APAC, 12% Americas, 64%
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6 The Industrial Network Technology division (INT) facilitates real-time communication between devices, machines and systems in industrial automation. The products connect different communication technologies – wired or wireless. There are many different industrial communication protocols depending on geographic market and segment. FINANCIAL OVERVIEW THIRD QUARTER Order intake increased by 94% to SEK 468 m (241), corresponding to 70% organic growth. The division reported increased demand across all geographic markets compared with the same period last year. Strong demand from the semiconductor industry and the data center segment continued to support the division’s performance, particularly within the recently acquired Molex business. During the quarter, order intake also included approximately SEK 70 m of orders brought forward, driven by uncertainty regarding future lead times and announced price increases. Adjusted for these orders brought forward, organic order intake growth amounted to 45%. Net sales amounted to SEK 341 m (246), an increase of 38%, corresponding to organic growth of 16%. FIRST NINE MONTHS During the first nine months, order intake increased by 68% to SEK 1,244 m (741), corresponding to organic growth of 39%. Net sales increased by 30% to SEK 1,008 m (773), while organic growth amounted to 16%. SEK m Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 LTM 2026 Q1-Q4 2025 Order intake 468 241 1,244 741 1,516 1,013 Net sales 341 246 1,008 773 1,270 1,035 EBITA 108 70 307 210 348 289 EBITA (%) 31.7 28.4 30.5 27.1 27.4 27.9 Industrial Network Technology Technology for communication, control and security in industrial devices Share of the Group’s net sales, Q3 2026 Share of the Group’s EBITA, Q3 2026 Net sales break‑down by market, Q3 2026 33 % 39 % EMEA, 42% APAC, 28% Americas, 30%
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7 The New Industries division (NI) consists of two areas, Building Automation and Vehicle Communication. Building Automation delivers communication solutions that are designed for buildings, such as air conditioning, lighting, heat pumps, meters, etc. Building automation is a rapidly growing market, where HMS enjoys excellent growth opportunities for the future. Vehicle Communication solves challenges for, among other things, communication between test stations and vehicles, simulation tools and remote monitoring of heavy vehicles such as loaders and excavators. FINANCIAL OVERVIEW THIRD QUARTER Reported order intake amounted to SEK 232 m (204), corresponding to an increase of 14%. Organic growth amounted to 11%. Net sales increased by 12% to SEK 234 m (209), while organic growth reached 14%. Following a somewhat softer first half of 2026, the Building Automation business developed positively during the third quarter, with Europe serving as the primary growth driver. Vehicle Communications also delivered solid growth in both Asia and North America. In Europe, however, development remained more muted, primarily due to exposure to the European automotive industry. During the quarter, HMS announced a public offer for the Spanish company Robot S.A. Robot is a well-established provider of sensors, room controllers, and building automation systems, with a particular focus on the hospitality sector. The company’s value proposition, improved indoor climate and reduced energy consumption, fits well with HMS’s activities within building automation. Following completion of the transaction, Robot will be integrated into the division. FIRST NINE MONTHS During the first nine months, order intake increased by 8% to SEK 661 m (610), corresponding to organic growth of 8%. Net sales increased by 7% to SEK 667 m (621), while organic growth amounted to 11%. SEK m Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 LTM 2026 Q1-Q4 2025 Order intake 232 204 661 610 868 817 Net sales 234 209 667 621 874 828 EBITA 58 55 161 147 208 193 EBITA (%) 24.7 26.4 24.2 23.6 23.8 23.3 New Industries Industrial communication for niche applications in growing industries Share of the Group’s net sales, Q3 2026 Share of the Group’s EBITA, Q3 2026 Net sales break‑down by market, Q3 2026 23 % 21 % EMEA, 62% APAC, 15% Americas, 23%
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8 C ash flow, investments and financial position THIRD QUARTER Cash flow from operating activities before changes in working capital amounted to SEK 284 m (233). Changes in working capital were SEK 49 m (24), related to a temporary increase in accounts payable. Cash flow from operating activities was thereby SEK 333 m (258). Cash flow from investing activities amounted to SEK -44 m (-24) and mainly refers to investments in intangible and tangible assets of SEK -42 m (-24), primarily related to increased product development activities across the Group. Cash flow from financing activities amounted to SEK -264 m (-200), primarily consisting of changes in interest-bearing liabilities with SEK -242 m (-182). Amortizations of lease liabilities were SEK -18 m (-17). Cash flow for the third quarter amounted to SEK 24 m (33). FIRST NINE MONTHS Cash flow from operating activities before changes in working capital amounted to SEK 851 m (504). Changes in working capital were SEK 65 m (142), related to a temporary increase in accounts payable and an increase in inventory. Cash flow from operating activities was thereby SEK 916 m (646). Cash flow from investing activities amounted to SEK -190 m (-88) and mainly refers to investments in intangible and tangible assets of SEK -177 m (-88). A significant portion of these investments relate to the acquisition of Molex’s industrial communication business, increased product development activities across the Group and production investments in the United States. Investments and changes in financial assets were SEK -16 m (0) and mainly refer to the acquisition of a minority stake in the Swedish AI-company Ekkono. In addition, investments in subsidiaries amounted to SEK -6 m (-) while divestment of subsidiaries amounted to SEK 9 m (-). Cash flow from financing activities amounted to SEK -739 m (-519), primarily consisting of dividends paid to shareholders of SEK -248 m (-4). Interest-bearing liabilities decreased by SEK -366 m (-463). Payments of acquisition-related liabilities amounted to SEK -74 m (0). Moreover, amortizations of lease liabilities were SEK -51 m (-51). Cash flow for the first nine months amounted to SEK -12 m (39). Cash and cash equivalents and net debt Cash and cash equivalents amounted to SEK 74 m (101), and unutilized credit facilities amounted to SEK 1,191 m (600). Net debt decreased by SEK 543 m over the past twelve months, driven by a strong cash flow, and amounted to SEK 2,031 m (2,574). Net debt primarily consists of external loans of SEK 1,742 m (2,238). Furthermore, net debt includes lease liabilities of SEK 239 m (246), debt corresponding to expected exercise price on option of SEK 119 m (112), and acquisition-related debt of SEK 5 m (80). The financial position strengthened and the net debt to EBITDA (for the last twelve months) ratio decreased to 1.62x (2.81x), including proforma from acquisitions. The net debt to equity ratio was 52% (75), and the equity to asset ratio was 56% (50). 1 The KPI includes pro forma EBITDA from acquisitions. Fair value of financial instruments The HMS’ financial instruments consist of deposits, long-term securities holdings, accounts receivable, other receivables, derivative instruments, cash and cash equivalents, option debt, acquisition-related debt, debt to credit institutions, and accounts payable. Descriptions of each category and the valuation techniques applied for the different levels are shown on pages 158-163 under Note 21 in the Annual Report for 2025. No transfers occurred between any of the levels during the period. Currency derivatives used for hedging purposes are measured at fair value based on inputs corresponding to level 2. As of September 30, 2026, forward contracts with positive market values amounted to SEK 0.5 m, compared to SEK 26.3 m as of September 30, 2025. As of 30 September 2026, forward contracts with negative market values amounted to SEK 54.7 m compared to SEK 0.9 m as of September 30, 2025. Long-term securities holdings are measured at fair value corresponding to level 3. Other financial assets and liabilities are measured at accrued amortized cost. Net debt, SEK m 2026-09-30 2025-09-30 2025-12-31 Interest-bearing liabilities 1,742 2,238 2,011 Option debt 119 112 110 Debt related to acquisitions 5 80 78 Less: Cash and cash equivalents -74 -101 -89 Net debt excl. IFRS 16 1,792 2,329 2,109 Lease liabilities 239 245 245 Net debt 2,031 2,574 2,354 Net debt/EBITDA LTM¹ 1.62 2.81 2.28 Net debt /EBITDA LTM excl. IFRS 16¹ 1.52 2.77 2.21
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9 The HMS Networks share HMS Networks AB (publ) is listed on NASDAQ OMX Stockholm, in the Large Cap segment under the Telecommunications sector. The total number of shares at the end of the period amounted to 50,318,868, where 124,852 shares were held in treasury. A breakdown of the company’s owner-ship structure can be found on the company’s website (www.hms-networks.com). Share saving program The company has four ongoing share saving programs. According to decisions at the company’s annual general meetings, permanent employees are offered the opportunity to save shares in HMS through an annual share saving program. The company has committed, subject to specified criteria being met, to provide participants in the program with up to two performance shares in HMS for each saved share. As of September 30, 2026, the total number of shares saved in ongoing programs amounted to 63,632 (67,352). On December 31, 2025, the share savings program 2022-2025 was concluded. During the first quarter of 2026, 9,518 performance shares were distributed free of charge to the remaining participants. Shares held in treasury were used for the allocation. The parent company The parent company’s operations primarily focus on Group-wide management and financing. Apart from the Group’s CEO, the company has no employees. The operating profit for the first nine months amounted to SEK 0 m (0). Dividend from subsidiaries was received with SEK 19 m (1,025). The profit after tax for the first nine months was SEK 19 m (1,025). Cash and cash equivalents amounted to SEK 3 m (3), and external borrowing does not exist. Related party transactions No material transactions with related parties have occurred during the period. Contingent liabilities There have been no changes in the group’s contingent liabilities, further described on page 172 under Note 36 in the 2025 annual report. Significant events On 11 September 2026, HMS announced a public offer to acquire all shares in the Spanish company ROBOT S.A., a well-established provider of sensors, room controllers, and building automation systems with a strong focus on the hospitality sector. The offer represents an enterprise value of approximately EUR 21 m, and at the time of the announcement, shareholders representing more than 77% of the shares had already committed to accepting the offer. The acquisition is expected to strengthen HMS's Building Automation offering within the New Industries division by complementing the existing portfolio with room control and building automation solutions. The transaction is expected to be completed before the end of 2026, subject to the satisfaction of the relevant closing conditions. Subsequent events No events that are to be considered significant have occurred after the end of the period until the signing of this interim report. Outlook Demand has remained solid and broad-based across HMS’ major markets so far this year. At the same time, rising component prices, new trade tensions, and geopolitical uncertainty in the Middle East contribute to a degree of uncertainty regarding future market developments. Despite these factors, many of the industrial customers continue to execute their investment plans and business activities, and the company remains positive about the medium-term growth potential. In the longer term, HMS believes that the trend towards a more regionalized industrial production landscape in North America, Europe, China, and Southeast Asia will drive increased demand for automation, digitalization, and industrial communication, a development that benefits HMS. Through continued investments in product development, innovation, and sales, the company sees good opportunities to win new customers and grow with existing ones. Creating profitable growth, both organically and through acquisitions, remains the priority. Risk management HMS is exposed to general business and financial risks in its operations. These risks have been comprehensively described in the company’s annual report for 2025, and under the section Outlook. Additionally, no significant risks are considered to have emerged.
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10 Nomination committee In accordance with principles adopted at a prior HMS’ Annual General Meeting, the following persons have been assigned to be a part of the Nomination Committee: Helene Mellquist, Investment AB Latour, representing 26% of the shares, Staffan Dahlström representing 12% of the shares, Sophie Larsén, AMF Fonder representing 8% of the shares, Patrik Jönsson, SEB Investment Management AB representing 5% of the shares, and Charlotte Brogren, Chairman of the Board. The Nomination Committee has appointed Helene Mellquist as its Chairman. Shareholders who wish to present proposals to HMS’ Nomination Committee may do so by e-mail to: valberedningen@hms.se or in writing to: HMS Networks AB, Att: Nomination Committee, Box 4126, SE 300 04 Halmstad, Sweden no later than January 8, 2027. Accounting policies HMS prepares its consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) adopted by the EU. The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The parent company applies RFR 2 Accounting for Legal Entities and the Swedish Annual Accounts Act. The accounting principles applied conform to those described in the 2025 Annual Report. New or revised IFRS standards or other IFRIC interpretations that have come into effect after January 1, 2026, have not had any effect on the group’s financial reports as of September 30, 2026. HMS is currently assessing the impact of IFRS 18 Presentation and Disclosure in Financial Statements, issued by the IASB, on its financial reporting. The standard will be effective for reporting periods beginning on or after January 1, 2027. HMS applies the European Securities and Markets Authority’s (ESMA) guidelines for alternative performance measures (metrics not defined under IFRS). Due to rounding, totals presented in the tables may not always correspond to the sum of the individual line items. Each line item and total are presented and rounded in accordance with its underlying source data. As totals are calculated using exact amounts prior to rounding, the aggregation of rounded line items may result in differences compared with the reported totals.
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11 HMS in short STRATEGIES GROWTH STRATEGY – HMS’ growth strategy is a combination of organic growth and acquisitions. Expansion in existing markets is made through a continuously improved and expanded product offering. This is combined with a high level of service and active investments in new sales channels. New markets are addressed with innovative and targeted solutions. DEVELOPMENT STRATEGY – HMS’ core competence is the broad and deep knowledge of industrial ICT (Information & Communication Technology). PRODUCT STRATEGY – HMS products consist of both hardware and software for Industrial ICT. The products are developed, marketed, and sold by three divisions, each focused on specific markets and target groups. • Industrial Data Solutions (IDS) develops products for handling data in industrial environments. Machine builders, system integrators, and end users (such as factories or water treatment plants) use these products to make machines connected for remote service and data access, visualize and monitor machines, and build industrial network infrastructures. • Industrial Network Technology (INT) develops products that connect industrial devices to various industrial networks. These products are often integrated into other products such as robots and drives for real-time communication and control. This multi- network connectivity enables customers to sell their products globally, regardless of country or industry, without having to consider network connectivity. • New Industries (NI) focuses on industrial communication for niche applications in growing segments, primarily building automation and vehicle communication. The expanding offering for industrial security is also part of New Industries. PRODUCTION STRATEGY – Flexible low volume production in own factories in Halmstad, Nivelles, Igualada, York and Darmstadt are combined with high volume production in Europe, North Amarica and Asia in close collaboration with carefully selected subcontractors. MARKETING STRATEGY – HMS markets its solutions to several customer segments in the industrial value chain. Device manufacturers and machine builders are offered solutions that are tightly integrated into the customer’s application. System integrators and end users are offered flexible infrastructure products that solve all kinds of communication problems in industrial applications. HMS’ most important market is factory automation, but other important markets are energy and infrastructure, transport, and logistics, and building automation. SALES STRATEGY – HMS combines direct sales from own sales offices with sales through distribution. HMS has sales offices in key markets in more than 20 countries, complemented by a network of distributors and solution partners in more than 50 countries. BUSINESS MODEL HMS has developed its business models by packaging technology into targeted solutions for each targeted customer group, which is also the basis for HMS’s divisions. The INT division focuses on device manufacturers and machine builders, and signs long-term framework agreements, so-called Design-Wins. This model is characterized by a relatively long sales cycle and design phase during which HMS’ solutions are integrated into the customer’s application, ensuring long-term revenue. The close collaboration gives HMS clear insight into the customer’s future needs. The IDS and NI divisions targets system integrators and end users with a more traditional business model characterized by a short sales cycle and manufacturing based on customer orders or short- term forecasts. This sale is often handled by local distributors who are supported by HMS’ sales and marketing organization. Financial calendar • The year-end report 2026 will be presented on January 28, 2027 • The interim report for the first quarter of 2027 will be presented on April 15, 2027 • The Annual General Meeting 2027 will be held on April 20, 2027 • The interim report for the second quarter of 2027 will be presented on July 13, 2027 Conference call OCTOBER 21 , 2026 (09:00 CE S T) President and CEO Staffan Dahlström and CFO Joakim Nideborn present the third quarter 2026. For link to the webcast, go to: https://www.hms-networks.com/hms-for-shareholders Halmstad October 21, 2026 Staffan Dahlström Chief Executive Officer Further information can be obtained by: Staffan Dahlström, CEO, +46 (0)35 17 29 01, Joakim Nideborn, CFO, +46 (0)35 710 6983 This information is such that HMS Networks AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the contact persons set out above, at 07.30 CE ST on October 21, 2026.
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12 Report of review of i nterim financial information INTRODUCTION We have reviewed the condensed interim financial information (interim report) of HMS Networks AB (publ) as of September 30, 2026, and the nine-month period then ended. The board of directors and the CEO are responsible for the preparation and presentation of the interim financial information in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. SCOPE OF REVIEW We conducted our review in accordance with the International Standard on Review Engagements ISRE 2410, Review of Interim Report Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, ISA, and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, regarding the Group, and with the Swedish Annual Accounts Act, regarding the Parent Company. Halmstad October 21, 2026 Öhrlings PricewaterhouseCoopers AB Johan Palmgren Authorized Public Accountant
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13 Consolidated income statement in summary Consolidated statement of comprehensive in come in summary SEK m Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 LTM 2026 Q1-Q4 2025 Net sales 1,024 894 2,987 2,627 3,937 3,577 Cost of goods and services sold -382 -321 -1,106 -972 -1,458 -1,325 GROSS PROFIT 642 573 1,881 1,654 2,479 2,253 Selling expenses -150 -142 -446 -433 -597 -584 Administrative expenses -126 -117 -376 -337 -473 -434 Research and development expenses -88 -72 -262 -245 -349 -332 Other operating income 2 3 14 7 19 12 Other operating expenses -28 -31 -84 -120 -116 -153 OPERATING PROFIT 253 213 728 526 964 762 Financial income and expenses -42 -26 -110 -83 -139 -112 Results from associated companies 0 0 0 0 0 0 PROFIT BEFORE TAX 210 187 618 443 825 650 Income tax -46 -24 -136 -80 -271 -215 PROFIT FOR THE PERIOD 164 164 482 363 554 435 Attributable to: Parent company shareholders 164 164 482 363 554 435 Non-controlling interests - 0 0 1 0 0 Earnings per share regarding profit attributed to parent company shareholders: Basic (SEK) 3.27 3.26 9.60 7.23 11.04 8.66 Diluted (SEK) 3.26 3.26 9.58 7.21 11.02 8.65 SEK m Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 LTM 2026 Q1-Q4 2025 Profit for the period 164 164 482 363 554 435 Other comprehensive income Items that may be reclassified subsequently to income statement: Cash flow hedges -26 -3 -86 39 -80 45 Hedging of net investments -41 19 -98 175 -51 222 Translation differences 142 -53 400 -639 294 -745 Income tax attributable to the items above 3 0 7 7 5 5 Other comprehensive income for the period, net of tax 79 -36 224 -417 169 -472 Total comprehensive income for the period 243 128 706 -54 724 -37 Attributable to: Parent company shareholders 243 128 706 -54 724 -37 Non-controlling interests - 0 0 1 0 0
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14 Consolidated balance sheet in summary SEK m 2026-09-30 2025-09-30 2025-12-31 ASSETS Goodwill 4,158 3,953 3,870 Other intangible assets 850 871 842 Property, plant and equipment 212 163 176 Right-of-use 249 251 251 Deferred tax assets 68 63 63 Interest in associates 13 14 14 Other non-current assets 32 18 15 Total non-current assets 5,581 5,332 5,231 Inventories 614 717 652 Trade receivables 550 442 462 Other current receivables 186 262 165 Cash and cash equivalents 74 101 89 Total current assets 1,423 1,521 1,369 TOTAL ASSETS 7,005 6,853 6,600 EQUITY AND LIABILITIES Equity attributed to parent company shareholders 3,933 3,454 3,476 Non-controlling interests - 2 2 Total equity 3,933 3,456 3,477 Liabilities Interest-bearing liabilities 1,457 1,622 1,809 Non-interest-bearing liabilities 127 117 114 Lease liabilities 165 176 176 Deferred tax liabilities 201 158 172 Other provisions 4 20 4 Total non-current liabilities 1,954 2,094 2,275 Interest-bearing liabilities 285 616 202 Non-interest-bearing liabilities 2 75 74 Lease liabilities 74 69 68 Trade payables 232 154 153 Other provisions 5 9 6 Other liabilities 519 381 344 Total current liabilities 1,118 1,303 847 TOTAL EQUITY AND LIABILITIES 7,005 6,853 6,600
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15 Consolidated cash flow statement in summary Consolidated changes of equity in summary 1 During 2026, HMS paid a dividend of SEK 241 m (-) to its shareholders. In addition, the subsidiary Owasys paid a dividend of SEK 6 m (4) to non-controlling interests 2 During the second quarter of 2026, HMS divested its entire shareholding in the subsidiary PEAK-System Technik France SARL SEK m Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 LTM 2026 Q1-Q4 2025 Cash flow from current operations before changes in working capital 284 233 851 504 1,055 709 Change in working capital 49 24 65 142 92 169 Cash flow from operating activities 333 258 916 646 1,148 877 Acquisition of subsidiaries - - -6 - -6 - Divestment of subsidiaries - - 9 - 9 - Investments in intangible fixed assets -27 -19 -122 -50 -142 -70 Investments in tangible fixed assets -15 -5 -55 -38 -80 -63 Disposal of tangible assets 0 - 0 - 0 - Other investments -3 0 -16 0 -18 -2 Cash flow from investing activities -44 -24 -190 -88 -237 -135 Borrowings and repayments of borrowings, net -242 -182 -366 -463 -546 -644 Dividend to shareholders -4 -2 -248 -4 -248 -4 Amortization of lease liabilities -18 -17 -51 -51 -67 -67 Other financing items -1 0 -74 -0 -74 -0 Cash flow from financing activities -264 -200 -739 -519 -935 -715 Cash flow for the period 24 33 -12 39 -24 27 Cash and cash equivalents at the beginning of the period 47 70 89 74 101 74 Exchange rate effects 3 -2 -3 -12 -2 -11 Cash and cash equivalents at the end of the period 74 101 74 101 74 89 SEK m 2026-09-30 2025-09-30 2025-12-31 Opening balance at January 1 3,476 3,504 3,504 Total comprehensive income for the period 706 -54 -37 Cost of share-based renumeration 8 7 9 Option -9 2 4 Dividend¹ -247 -4 -4 Closing equity attributed to the parent company’s shareholders 3,933 3,454 3,476 Opening non-controlling interests at January 1 2 1 1 Total comprehensive income for the period 0 1 0 Disposal of subsidiary² -2 - - Closing non-controlling interest - 2 2 Total equity 3,933 3,456 3,477
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16 Key ratios 1 The KPI includes proforma from acquisitions 2 Earnings per share adjusted for amortization of excess values from acquisitions and non-recurring items SEK m Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 LTM 2026 Q1-Q4 2025 Revenue growth Change in net sales (%) 14.6 13.0 13.7 16.6 14.7 16.9 Profitability Gross margin (%) 62.7 64.1 63.0 63.0 63.0 63.0 EBITDA (MSEK) 325 281 937 731 1,237 1,030 EBITDA (%) 31.8 31.4 31.4 27.8 31.4 28.8 EBITA (MSEK) 280 242 810 615 1,074 878 EBITA (%) 27.4 27.1 27.1 23.4 27.3 24.5 EBIT (SEK m) 253 213 728 526 964 762 EBIT (%) 24.7 23.9 24.4 20.0 24.5 21.3 Return Return on capital employed (%) - - - - 17.1 13.0 Return on shareholder’s equity (%) - - - - 15.2 12.7 Financial strength Net debt/EBITDA LTM¹ - - - - 1.62 2.28 Net debt/equity ratio 0.52 0.75 0.52 0.75 0.52 0.68 Equity/assets ratio (%) 56.1 50.4 56.1 50.4 56.1 52.7 Capital turnover rate - - - - 0.58 0.51 Stock data Equity per share (SEK) 76.01 67.55 73.84 68.11 72.84 68.35 Cash flow from operating activities per share (SEK) 6.63 5.13 18.25 12.87 22.86 17.48 Earnings per share (SEK) 3.27 3.26 9.60 7.23 11.04 8.66 Adjusted earnings per share (SEK)² 3.82 3.83 11.24 8.98 15.32 13.06 Total number of shares (average, thousands) 50,319 50,319 50,319 50,319 50,139 50,319 Holding of own shares (average, thousands) 125 134 127 139 129 138 Total outstanding shares (average, thousands) 50,194 50,184 50,192 50,180 50,190 50,181 Personal data Average number of employees (FTE) 1,150 1,067 1,137 1,068 1,120 1,068 Female employees (%) 32.0 30.7 31.1 30.3 31.1 30.4 Female managers (%) 27.0 24.2 26.4 24.7 26.2 25.0
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17 Quarterly data 1 The 2024 figures have been restated in accordance with the new divisional structure and include pro forma data from acquisitions. Net sales by division, SEK m Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Industrial Data Solutions¹ 448 445 418 481 439 377 418 395 399 Industrial Networks Technology 341 334 332 263 246 269 257 246 275 New Industries¹ 234 212 220 207 209 197 215 192 190 Total 1,024 991 971 951 894 843 890 832 864 Net sales by region, SEK m Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Americas 444 444 409 430 390 333 366 328 332 APAC 186 141 146 116 122 128 124 120 112 EMEA 394 405 415 405 382 382 401 359 348 Total 1,024 991 971 951 894 843 890 807 792 Income statement in summary, SEK m Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Net sales 1,024 991 971 951 894 843 890 807 792 Gross profit 642 633 606 598 573 521 561 505 503 Gross margin (%) 62.7 63.8 62.4 63.0 64.1 61.8 63.0 62.6 63.5 EBITA 280 266 264 264 242 167 205 136 190 EBITA (%) 27.4 26.8 27.2 27.7 27.1 19.8 23.1 16.9 24.0
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18 Parent company’s income statement in summary Parent company’s balance sheet in summary SEK m Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 LTM 2026 Q1-Q4 2025 Net sales 6 7 21 20 29 29 Gross profit 6 7 21 20 29 29 Administrative expenses -6 -7 -21 -20 -29 -29 Operating profit - - 0 - 0 - Profit from interest in Group companies - - 19 1,025 19 1,025 Interest income/expenses and similar items 0 0 0 0 24 24 Profit before tax 0 0 19 1,025 42 1,049 Income tax - - - - -5 -5 Profit for the period 0 0 19 1,025 37 1,043 SEK m 2026-09-30 2025-09-30 2025-12-31 ASSETS Financial assets 1,727 1,727 1,727 Total financial assets 1,727 1,727 1,727 Receivables from Group companies 1,779 1,985 2,011 Other current receivables 4 2 2 Cash and cash equivalents 3 3 4 Total current assets 1,785 1,990 2,017 TOTAL ASSETS 3,512 3,717 3,744 EQUITY AND LIABILITIES Equity 3,498 3,701 3,721 Current liabilities Trade payables 0 0 2 Other liabilities 14 16 21 Total current liabilities 14 16 23 TOTAL EQUITY AND LIABILITIES 3,512 3,717 3,744
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19 Economic Definitions ADJUSTED PROFIT AFTER TAX Profit after tax attributable to the shareholders of the parent company adjusted for amortization of excess values from acquisitions and non-recurring items ADJUSTED BASIC EARNING PER S HARE Share of adjusted profit after tax attributable to the shareholders of the parent company in relation to the average number of shares outstanding. AVERAGE NUMBER OF OUTSTANDING SHARES The average number of registered shares less repurchased own shares that are held as treasury shares. BASIC EARNINGS PER SHARE Profit after tax attributable to the shareholders of the parent company in relation to the average number of shares outstanding. BOOK - TO - BILL Order intake in relation to net sales. Shows future development of net sales. CAPITAL TURNOVER RATE Net sales in relation to average balance sheet total. CASH FLOW FROM OPERATING ACTIVITIES PER SHARE Cash flow from operating activities in relation to the average number of shares outstanding. DILUTED EARNINGS PER SHARE Profit after tax attributable to the shareholders of the parent company in relation to the average number of shares outstanding plus the average number of shares that are added upon conversion of the outstanding number of convertibles and options. EBIT Operating profit including amortization and depreciation of intangible and tangible assets and before net financials and tax. EBIT MARGIN EBIT in relation to net sales. EBITA Operating profit excluding amortization of excess values from acquisitions. EBITA MARGINAL EBITA in relation to net sales. EBITDA Operating profit excluding amortization and depreciation of intangible and tangible assets. EBITDA MARGIN EBITDA in relation to net sales. EQUITY PER SHARE Equity attributable to the shareholders of the parent company in relation to the average number of shares outstanding at the end of the period. EQUITY/ASSETS RATIO Shareholders’ equity in relation to the assets total. FINANCIAL ASSETS Non-current and current financial receivables plus cash and cash equivalents. LTM Last twelve months. NET DEBT Non-current and current interest-bearing liabilities plus contingent consideration and option liability less financial interest-bearing assets and cash and cash equivalents. NET DEBT/EQUITY RATIO Net debt in relation to Shareholders’ equity. NUMBER OF SHARES OUTSTANDING The number of registered shares, less repurchased own shares which are held by the company. ORGANIC CHANGE Change in order intake, net sales, and operating expenses excluding increase attributable to acquisitions, translated at the previous year’s exchange rates and calculated as a percentage of the previous year’s figures. Amounts from acquired companies are included in the calculation of organic change from the end of the first month that falls 12 months after the acquisition date. RETURN ON CAPITAL EMPLOYED Profit after financial income in relation to the average capital employed. RETURN ON SHAREHOLDER’S EQUITY Profit after tax attributable to the shareholders of the parent company in relation to average of Shareholder’s equity. WORKING CAPITAL Current assets less cash and cash equivalents and current liabilities calculated on average values. For further key ratios, see the latest published annual report on the company’s websiteshttps://www.hms-networks.com/
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20 Alternative KPIs HMS presents certain financial measures in the interim report that are not defined under IFRS. The company believes these measures provide valuable supplementary information to investors and management, enabling evaluation of relevant trends and the company’s performance. Due to variations in calculation methods among companies, these financial measures may not always be comparable to those used by other companies. Therefore, these financial measures should not be considered a substitute for measures defined under IFRS, unless otherwise stated. As of 2026, HMS applies EBITA and EBITDA as key performance measures to monitor and evaluate the business in a fair and representative manner. Previously reported periods included adjusted EBIT and adjusted EBITDA, which excluded transaction costs, integration costs and restructuring costs. The purpose of this change is to simplify performance monitoring and to increase transparency and comparability over time and with other companies in the industry. Adjusted profit after tax is used to enable a consistent monitoring of the Group’s performance in line with the EBITA metric. Accordingly, profit after tax is adjusted for amortization of excess values from acquisitions. Where applicable, adjustments are also made for non-recurring items, for which further disclosures are provided in the report for the period in which they arise. For a description of the performance measures, see Economic definitions on page 19. EBITA AND EBITDA 1 Excluding amortization of excess values from acquisitions ADJUSTED PROFIT AFTER TAX 1 In connection with the Group’s acquisition of Red Lion in 2024, the Group elected to apply Section 338(h)(10). The application resulted in a non-recurring tax effect of SEK 104 m during the last quarter of 2025. SEK m Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 LTM 2026 Q1-Q4 2025 EBIT 253 213 728 526 964 762 Amortization of excess values from acquisitions 28 29 82 88 110 116 EBITA 280 242 810 615 1,074 878 Depreciation of tangible assets 10 8 28 24 36 32 Depreciation of right-of-use assets 18 17 50 50 66 66 Amortization of intangible assets¹ 18 14 46 43 58 55 Impairment of intangible assets 0 - 3 - 3 - EBITDA 325 281 937 731 1,237 1,030 Net sales 1,024 894 2,987 2,627 3,937 3,577 EBITA (%) 27.4 27.1 27.1 23.4 27.3 24.5 EBITDA (%) 31.8 31.4 31.4 27.8 31.4 28.8 SEK m Q3 2026 Q3 2025 Q1-Q3 2026 Q1-Q3 2025 LTM 2026 Q1-Q4 2025 Profit after tax attributed to parent company shareholders 164 164 482 363 554 435 Amortization of excess values from acquisitions 28 29 82 88 110 116 Non-recurring items¹ - - - - 104 104 Adjusted profit after tax 192 192 564 451 769 655 Earnings per share (SEK) 3.27 3.26 9.60 7.23 11.04 8.66 Adjusted earnings per share (SEK) 3.82 3.83 11.24 8.98 15.32 13.06 HMS mission “We enable valuable data and insights from industrial equipment allowing our customers to increase productivity and sustainability.” Box 4126, 300 04 Halmstad Phone: +46 35 17 29 00 info@hms-networks.com www.hms-networks.com