Interim report
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ABOUT HEXPOL HEXPOL is a world-leading polymers group with strong global positions in advanced polymer compounds (Compounding), gaskets for plate heat exchangers (Gaskets and Seals), and wheels made of polymer materials for truck and castor wheel applications (Wheels). Customers are primarily system suppliers to the global automotive and engineering industry, building and construction industry and within sectors as transportation, energy, consumer and cable industry and manufacturers of medical equipment, plate heat exchangers and forklifts. The Group is organized in two business areas, HEXPOL Compounding and HEXPOL Engineered Products. The HEXPOL Group’s sales in 2024 amounted to 20,437 MSEK and the Group has approximately 5,000 employees in fourteen countries. Published on October 24, 2025 JULY – SEPTEMBER 2025 o Sales amounted to 4,692 MSEK (4,977). o EBIT amounted to 688 MSEK (800). o EBIT-margin amounted to 14.7 percent (16,1). o Profit after tax amounted to 465 MSEK (559). o Earnings per share amounted to 1.35 SEK (1.62). o Operating cash flow amounted to 740 MSEK (803). JANUARY – SEPTEMBER 2025 o Sales amounted to 15,070 MSEK (15,743). o EBIT amounted to 2,283 MSEK (2,616). o EBIT-margin amounted to 15.1 percent (16.6). o Profit after tax amounted to 1,604 MSEK (1,867). o Earnings per share amounted to 4.66 SEK (5.42). o Operating cash flow amounted to 1,762 MSEK (1,841). ”Strong cash flow in a market still affected by geopolitical uncertainty” Klas Dahlberg, President and CEO
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 2 Strong cash flow in a market still affected by geopolitical uncertainty During the quarter we saw stable volumes within the Group where the volumes in Europe grew slightly while those in North America decreased. The decreased sales within business area Compounding were mainly affected by currency- and mix effects. The sales within business area Engineered Products were stable and in total for the Group we delivered good cash flow. This is particularly positive as uncertainty in the world remains high. During the quarter we saw a further strengthening of the Swedish krona which has a negative impact for HEXPOL compared to the previous year. In total the third quarter 2025 showed sales of 4,692 MSEK (4,977), including a negative currency effect of 312 MSEK and an EBIT of 688 MSEK (800), including a negative currency effect of 53 MSEK. The EBIT margin amounted to 14.7 percent (16.1). Cash flow amounted to 740 MSEK (803) during the quarter. On a positive note, we continue to see stable demand in Europe and with Engineered Products. The North American market showed a generally lower demand, impacted by financial uncertainty. From an end user perspective, the automotive industry showed continued weak demand, mainly in North America. This was partly offset by increased demand from customers within building and construction and cable compounds. Here the acquisition of Kabkom in Turkey contributes positively. Raw material prices as well as sales prices were stable, both sequentially and compared to the same period last year. In order to strengthen the American organization and take advantage of existing opportunities, we have appointed Ken Bloom, with extensive experience from both the industry and HEXPOL, as interim president of Rubber Compounding Americas. The group’s work with sustainability continues according to plan. We are well on our way to achieving the Group’s goal of reducing carbon dioxide emissions by 75 percent by the end of this year. The work with new goals and strategies is underway and is expected to be completed during the first quarter of 2026. On our capital markets day on November 4 in Stockholm, we will present our strategy with focus on organic growth, M&A, and operational efficiency. The geopolitical unrest in the world remains very high. At the same time, we have a strong business model, strong market positions and we show good resilience in a challenging external situation. We feel well equipped for the challenges and opportunities that lie ahead. Sales 4,692 MSEK EBIT 688 MSEK Cash flow 740 MSEK Klas Dahlberg President and CEO
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 3 Group Summary Key figures Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year Oct 24- MSEK 2025 2024 2025 2024 2024 Sep 25 Sales 4 692 4 977 15 070 15 743 20 437 19 764 EBITA, adjusted 727 834 2 388 2 717 3 384 3 055 EBITA-margin, adjusted, % 15,5 16,8 15,8 17,3 16,6 15,5 EBITA 727 834 2 388 2 717 3 309 2 980 EBITA-margin, % 15,5 16,8 15,8 17,3 16,2 15,1 EBIT, adjusted 688 800 2 283 2 616 3 247 2 914 EBIT-margin, adjusted, % 14,7 16,1 15,1 16,6 15,9 14,7 EBIT 688 800 2 283 2 616 3 172 2 839 EBIT-margin, % 14,7 16,1 15,1 16,6 15,5 14,4 Profit before tax 647 749 2 166 2 487 3 001 2 680 Profit after tax, adjusted 465 559 1 604 1 867 2 308 2 045 Profit after tax 465 559 1 604 1 867 2 220 1 957 Earnings per share, adjusted, SEK 1,35 1,62 4,66 5,42 6,70 5,94 Earnings per share, SEK 1,35 1,62 4,66 5,42 6,45 5,69 Equity/assets ratio, % 59 64 64 Return on capital employed, % R12 14,7 18,4 16,9 Operating cash flow 740 803 1 762 1 841 3 012 2 933
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 4 Group development July – September 2025 Sales The HEXPOL Group’s sales amounted to 4,692 MSEK (4,977) during the third quarter of 2025, a decrease of 6 percent compared with the corresponding quarter previous year. The sales were negatively affected by currency effects of 312 MSEK. Partly offsetting the negative currency effects, sales were positively affected by acquisitions (Piedmont and Kabkom) with 5 percent. We saw negative organic sales development of 4 percent. The HEXPOL Compounding business area’s sales amounted to 4,339 MSEK (4,612), which corresponds to a decrease of 6 percent. Exchange rate changes affected the sales negatively with 290 MSEK. Adjusted for currency effects, the sales amounted to 4,629 MSEK. In addition to the currency effects, the sales were positively affected by acquisitions with 5 percent. The North American market showed a generally lower demand, impacted by financial uncertainty. From an end user perspective, the automotive industry showed continued weak demand, mainly in North America. This was partly offset by increased demand from customers within building and construction and cable compounds. Here the acquisition of Kabkom in Turkey contributes positively. Raw material prices as well as sales prices were stable, both sequentially and compared to the same period last year. The HEXPOL Engineered Products sales were stable during the quarter and amounted to 353 MSEK (365). Exchange rate changes affected the sales negatively with 22 MSEK. Adjusted for currency effects, the sales amounted to 375 MSEK. The operations in Asia developed positively during the quarter. From a geographical perspective the group sales in Americas decreased by 10 percent and in Asia by 6 percent, both compared to the corresponding quarter of the previous year. In Europe, the sales were in line with the corresponding quarter previous year. Earnings EBITA amounted to 727 MSEK (834), which meant a corresponding EBITA margin of 15.5 percent (16.8). EBIT decreased by 14 percent to 688 MSEK (800) compared to the corresponding quarter previous year. Negative currency effects are included with 53 MSEK. The corresponding operating margin amounted to 14.7 percent (16.1). The lower EBIT margin is explained by the sales mix and costs in relation to lower sales. The Group’s net financial items amounted to an expense of 41 MSEK (expense 51). Profit before tax amounted to 647 MSEK (749), profit after tax amounted to 465 MSEK (559) and earnings per share 1.35 SEK (1.62). Sales 4,692 MSEK EBIT 688 MSEK EBIT-margin 14.7%
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 5 Group development January – September 2025 Sales The HEXPOL Group’s sales amounted to 15,070 MSEK (15,743) during the period, including negative currency effects of 615 MSEK. In addition to the negative currency effects, sales were positively affected by acquisitions (Piedmont and Kabkom) with 4 percent, and we saw a negative organic sales development of 4 percent. The HEXPOL Compounding business area’s sales amounted to 13,886 MSEK (14,613) and decreased with 5 percent compared to the corresponding period 2024. The sales were negative affected by currency effects of 571 MSEK. Adjusted for these, the sales amounted to 14,457 MSEK. In addition to the negative currency effects, the sales were positively affected by acquisitions with 4 percent. Sales to automotive-related customers decreased compared to the corresponding period of 2024, affected by lower production rate within the automotive industry in the markets where we are active. At the same time, we saw increased sales to other customer segments such as building and constructions, and the growing segment, cable compounds. Sales- and raw material prices are essentially stable in relation to the corresponding period of the previous year. The HEXPOL Engineered Products sales increased during the period and amounted to 1,184 MSEK (1,130). The sales were negatively affected by currency effects of 44 MSEK. Adjusted for these, the sales amounted to 1,228 MSEK. The operations in Europe and Asia developed positively during the period. From a geographical perspective the group sales in Asia increased by 1 percent compared to the corresponding period of the previous year. In Europe, the sales were in line with the corresponding period previous year, while sales in Americas decreased by 8 percent. Earnings EBITA amounted to 2,388 MSEK (2,717) during the period, which meant a corresponding EBITA margin of 15.8 percent (17.3). EBIT decreased by 13 percent to 2,283 MSEK (2,616) compared to the corresponding period previous year. Negative currency effects are included by 99 MSEK. The corresponding operating margin amounted to 15.1 percent (16,6). The lower EBIT margin is explained by the sales mix and costs in relation to lower sales. The Group’s net financial items amounted to an expense of 117 MSEK (expense 129). Profit before tax amounted to 2,166 MSEK (2,487), profit after tax amounted to 1,604 MSEK (1,867) and earnings per share 4.66 SEK (5.42). Sales 15,070 MSEK EBIT 2,283 MSEK EBIT-margin 15.1%
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 6 Financial overview Equity/assets ratio The equity/assets ratio remains strong at 59 percent (64). The Group’s total assets amounted to 23,921 MSEK (22,664). Net debt amounted to 3,886 MSEK (2,457) whereof 411 MSEK (467) relates to leasing liabilities according to IFRS 16, which gives a net debt/EBITDA of 1.14 (0.62). The Group had the following major credit agreements with Nordic banks as per September 30: - A credit agreement with a limit of 1,500 MSEK due in July 2028 - A credit agreement with a limit of 1,100 MSEK due in February 2027 - A credit agreement with a limit of 1,000 MSEK due in May 2028 - A credit agreement with a limit of 150 MEUR due in May 2028 The Group use commercial papers as part of the company’s financing and as of September 30 they amounted to 4,082 MSEK (2,785). In accordance with IAS1, outstanding volumes are reported in the balance sheet as current liabilities, but since HEXPOL’s bilateral credit agreements also function as back-up facilities for outstanding commercial papers, the financing are mainly of non-current nature. Cash flow The operating cash flow for the Group amounted to 740 MSEK (803) in the quarter and cash flow from operating activities amounted to 732 MSEK (634). For the period January-September the operating cash flow amounted to 1,762 MSEK (1,841) while cash flow from operating activities amounted to 1,387 MSEK (1,546) for the same period. Investments, depreciation and amortisation The Group’s investments amounted to 106 MSEK (133) for the quarter. At the same time, depreciation, amortization and impairment amounted to 144 MSEK (147) whereof 21 MSEK (22) refers to leased assets according to IFRS 16. For the period January-September the investments amounted to 389 MSEK (427). For the same period depreciation, amortization and impairment amounted to 427 MSEK (438) where of 65 MSEK (65) refers to leased assets according to IFRS 16. Tax expenses The Group’s tax expenses amounted to 182 MSEK (190) for the third quarter of 2025, which corresponds to a tax rate of 28.1 percent (25.4). For the period January-September the Group’s tax expenses amounted to 562 MSEK (620) which corresponds to a tax rate of 25.9 percent (24.9). The increased tax rate in the quarter and for the period is driven by a one-off item in the Parent Company, for more information see note 4. Net debt/EBITDA 1.14 Operating cash flow 740 MSEK
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 7 Profitability The return on average capital employed, R12, amounted to 14.7 percent (18.4). The return on shareholders’ equity, R12, amounted to 13.3 percent (15.9). Parent Company The Parent Company’s profit after tax for the third quarter amounted to 48 MSEK (-227). Profit after tax for the period January-September amounted to 103 MSEK (150). The Parent Company’s profit was affected in 2024 by legal restructuring. Shareholders’ equity amounted to 3,899 MSEK (4,717).
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 8 HEXPOL Compounding July – September 2025 During the third quarter of 2025, the sales decreased by 6 percent compared to the corresponding quarter previous year. The sales amounted to 4,339 MSEK (4,612), including negative currency effects of 290 MSEK. Adjusted for currency effects, the sales amounted to 4,629 MSEK. In addition to currency effects, the sales were positively affected by acquisitions (Piedmont and Kabkom) with 5 percent. The North American market showed a generally lower demand, impacted by financial uncertainty. From an end user perspective, the automotive industry showed continued weak demand, mainly in North America. This was partly offset by increased demand from customers within building and construction and cable compounds. Here the acquisition of Kabkom in Turkey contributes positively. Raw material prices as well as sales prices were stable, both sequentially and compared to the same period last year. EBIT decreased during the quarter and amounted to 624 MSEK (735). Negative currency effects are included with 52 MSEK. The corresponding operating margin amounted to 14.4 percent (15.9). The lower EBIT margin is explained by the sales mix and costs in relation to lower sales. January – September 2025 The sales for HEXPOL Compounding decreased during the period by 5 percent and amounted to 13,886 MSEK (14,613). Also, EBIT decreased during the period and amounted to 2,066 MSEK (2,416) at the same time as the corresponding operating margin amounted to 14.9 percent (16.5). The lower EBIT margin is mainly explained by the sales mix and costs in relation to lower sales. HEXPOL Compounding Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year Oct 24- MSEK 2025 2024 2025 2024 2024 Sep 25 Sales 4 339 4 612 13 886 14 613 18 921 18 194 EBIT, adjusted 624 735 2 066 2 416 2 982 2 632 EBIT-margin, adjusted, % 14,4 15,9 14,9 16,5 15,8 14,5 EBIT 624 735 2 066 2 416 2 907 2 557 EBIT-margin, % 14,4 15,9 14,9 16,5 15,4 14,1 Share of the Group’s sales January – September 2025 About HEXPOL Compounding The business area is one of the world’s leading suppliers in development and manufacturing of advanced, high-quality polymer compounds for demanding applications and demanding end users. Customers are manufacturers of polymer products and components who impose rigorous demands on performance and global delivery capacity. The market is global, and the largest end-customer segments are the automotive and engineering industries, followed by the building and construction sector. Other key segments are transportation sector, energy sector, consumer sector, cable industries and manufacturers of medical equipment. 92%
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 9 HEXPOL Engineered Products July – September 2025 The business area’s sales decreased by 3 percent compared to the same quarter previous year and amounted to 353 MSEK (365). Currency effects affected the sales negatively with 22 MSEK. Adjusted for currency effects, the sales amounted to 375 MSEK. EBIT was in line with last year and amounted to 64 MSEK (65) which corresponds to an EBIT margin of 18.1 percent (17.8). Negative currency effects are included with 1 MSEK. Gaskets increased the sales compared to the previous year. The remaining product areas showed slightly lower sales for the same period. The operations in Asia developed positively during the quarter. January – September 2025 The sales for HEXPOL Engineered Products increased during the period by 5 percent to 1,184 MSEK (1,130). EBIT increased during the corresponding period by 9 percent and amounted to 217 MSEK (200) and the corresponding operating margin amounted to 18.3 percent (17.7). HEXPOL Engineered Products Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year Oct 24- MSEK 2025 2024 2025 2024 2024 Sep 25 Sales 353 365 1 184 1 130 1 516 1 570 EBIT 64 65 217 200 265 282 EBIT-margin, % 18,1 17,8 18,3 17,7 17,5 18,0 Share of the Group’s sales January – September 2025 About HEXPOL Engineered Products The business area has operations in a number of niche areas with strong global positions in gaskets for plate heat exchangers (Gaskets and Seals) and wheels of polymer materials for forklifts and material handling (Wheels). The market for gaskets and wheels is global. Gaskets customers include manufacturers of plate heat exchangers and wheel customers are manufacturers of forklifts and castor wheels. 8%
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 10 After the end of the period Significant events No significant events after the end of the period have been reported. Other information Risk factors The Group’s and Parent Company’s business risks, risk management and management of financial risks are described in detail in the 2024 Annual Report. HEXPOL’s global operation entails a risk that the company is affected by events in the global environment, beyond the company’s direct control. Examples of this could be changed geopolitical situations or changes in the supply chain. HEXPOL monitors events in the global environment in order to be able to act quickly in situations that can have a significant impact on HEXPOL. Accounting policies This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting. The Parent Company’s financial statements have been prepared in compliance with the Annual Accounts Act and the Swedish Counsil for Sustainability and the Financial Reporting Board’s recommendation RFR 2, Reporting for Legal Entities. The accounting and measurement policies as well as the assessment bases applied in the 2024 Annual Report have also been applied in this interim report. No new or revised IFRS that came into force in 2025 have had any significant impact on the Group’s financial reports. Alternative Performance Measures (APMs) ESMA (European Securities and Markets Authority) guidelines on alternative performance measures are effective from 2016. HEXPOL presents financial definitions and reconciliations of alternative performance measures in this report. HEXPOL presents alternative performance measures as these provide valuable additional information to investors and the company’s management as they allow evaluation of the company’s performance. Capital market day HEXPOL will hold a capital markets day in Stockholm on November 4, information of the capital markets day is available at www.hexpol.com.
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 11 Personnel The number of employees at the end of the period was 4,981 (5,008). Ownership structure HEXPOL AB (publ.) with Corporate Registration Number 556108-9631 is the Parent Company of the HEXPOL Group. HEXPOL’s Class B shares are listed on Nasdaq Stockholm, Large Cap. HEXPOL AB had approximately 14,200 shareholders on September 30, 2025. The largest shareholder is Melker Schörling AB with 25 percent of the capital and 46 percent of the voting rights. The twenty largest shareholders own 76 percent of the capital and 82 percent of the voting rights. Invitation to presentation of the report A presentation of this report will be held through a webcasted conference call on October 24, 2025, at 02:00 p.m. CET. The presentation, as well as information concerning participation, is available at www.hexpol.com. Number of employees 4,981
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 12 Financial calender HEXPOL AB publish financial information on the following dates: - Year-end report 2025 January 29, 2026 - Interim report January-March 2026 May 4, 2026 - Annual General Meeting 2026 May 4, 2026 - Half-year report 2026 July 20, 2026 - Interim report January-September 2026 October 23, 2026 Financial information is also available in Swedish and English on HEXPOL AB’s website – www.hexpol.com. The interim report January-September 2025 has been subject to a general review by HEXPOL AB’s auditors. Malmö, Sweden October 24, 2025 HEXPOL AB (publ.) Klas Dahlberg President and CEO For more information, please contact: • Peter Rosén, Vice President and CFO Tel: +46 (0)40 25 46 60 Address: Skeppsbron 3 SE-211 20 Malmö, Sweden Corporate Registered Number: 556108–9631 Tel: +46 40-25 46 60 Website: www.hexpol.com This report may contain forward-looking statements. When used in this report, words such as “anticipate”,” believe”, ”estimate”, ”expect”, ”plan” and ”project” are intended to identify forward-looking statements. Such statements could encompass risks and uncertainties pertaining to product demand, market acceptance, effects of economic conditions, impact of competitiv e products and pricing, foreign currency exchange rates and other risks. These forward-looking statements reflect the views of HEXPOL’s management as of the date made with respect to future events but are subject to risks and uncertainties. While all of th ese forward-looking statements are based on estimates and assumptions made by HEXPOL’s management and are believed to be reasonable, they are inherently uncertain and difficult to predict. Actual results and experience could differ materially fro m the forward-looking statements. HEXPOL disclaims any intention or obligation to update these forward-looking statements. This information is information that HEXPOL AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 01:00 p.m. CET on October 24, 2025. This report has been prepared both in Swedish and English. In case of any divergence in the content of the two versions, the Swedish version shall have precedence.
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 13 THIS IS A TRANSLATION FROM THE SWEDISH ORIGINAL Review report HEXPOL AB (publ), corporate identity number 556108-9631 To the Board of Directors of HEXPOL AB (publ) Introduction We have reviewed the condensed interim report for HEXPOL AB (publ) as at September 30, 2025 and for the nine months period then ended, that is found on pages 14 to 23 in this document and includes balance sheet, income statement, statement of changes in shareholders’ equity, cash-flow statement, notes to the financial report and other information for the interim period according to the Swedish Annual Accounts act on page 10. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report 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 Financial Statements 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 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 aspects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Malmö, October 24, 2025 Peter Gunnarsson Karoline Tedevall Authorized Public Accountant Authorized Public Accountant
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 14 Summary financial information Condensed consolidated income statement Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year Oct 24- MSEK 2025 2024 2025 2024 2024 Sep 25 Sales 4 692 4 977 15 070 15 743 20 437 19 764 Cost of goods sold -3 705 -3 897 -11 839 -12 269 -16 063 -15 633 Gross profit 987 1 080 3 231 3 474 4 374 4 131 Selling and administrative cost, etc. -299 -280 -948 -858 -1 202 -1 292 Operating profit 688 800 2 283 2 616 3 172 2 839 Financial income and expenses -41 -51 -117 -129 -171 -159 Profit before tax 647 749 2 166 2 487 3 001 2 680 Tax -182 -190 -562 -620 -781 -723 Profit after tax 465 559 1 604 1 867 2 220 1 957 - of which, attributable to Parent Company shareholders 465 559 1 604 1 867 2 220 1 957 Earnings per share, SEK 1,35 1,62 4,66 5,42 6,45 5,69 Shareholders' equity per share, SEK 40,90 42,20 46,29 Average number of shares, 000s 344 437 344 437 344 437 344 437 344 437 344 437 Depreciation, amortisation and impairment -144 -147 -427 -438 -588 -577 Condensed statement of comprehensive income Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year Oct 24- MSEK 2025 2024 2025 2024 2024 Sep 25 Profit after tax 465 559 1 604 1 867 2 220 1 957 Items that will not be reclassified to the income statement Remeasurements of defined benefit pension plans - - - - 13 13 Items that may be reclassified to the income statement Translation differences -175 -578 -2 011 162 1 205 -968 Comprehensive income 290 -19 -407 2 029 3 438 1 002 - of which, attributable to Parent Company's shareholders 290 -19 -407 2 029 3 438 1 002
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 15 Condensed consolidated balance sheet Sep 30 Sep 30 Dec 31 MSEK 2025 2024 2024 Intangible fixed assets 13 370 12 520 14 284 Tangible fixed assets 3 617 3 612 3 779 Financial fixed assets 5 5 5 Deferred tax asset 139 100 99 Total fixed assets 17 131 16 237 18 167 Inventories 2 098 2 226 2 224 Accounts receivable 2 884 3 001 2 674 Other receivables 487 345 495 Prepaid expenses and accrued income 113 65 91 Cash and cash equivalents 1 208 790 1 233 Total current assets 6 790 6 427 6 717 Total assets 23 921 22 664 24 884 Equity attributable to Parent Company's shareholders 14 089 14 536 15 945 Total shareholders' equity 14 089 14 536 15 945 Interest-bearing liabilities 902 337 350 Other liabilities 399 451 310 Provision for deferred tax 903 829 966 Provision for pensions 61 73 62 Total non-current liabilities 2 265 1 690 1 688 Interest-bearing liabilities 4 197 2 915 3 123 Accounts payable 2 259 2 433 2 557 Other liabilities 327 291 697 Accrued expenses, prepaid income, provisions 784 799 874 Total current liabilities 7 567 6 438 7 251 Total shareholders' equity and liabilities 23 921 22 664 24 884 Condensed consolidated changes in shareholders' equity MSEK Attributable to Parent Company shareholders Total equity Attributable to Parent Company shareholders Total equity Attributable to Parent Company shareholders Total equity Opening equity 15 945 15 945 14 577 14 577 14 577 14 577 Comprehensive income -407 -407 2 029 2 029 3 438 3 438 Dividend -1 449 -1 449 -2 070 -2 070 -2 070 -2 070 Closing equity 14 089 14 089 14 536 14 536 15 945 15 945 Sep 30, 2025 Sep 30, 2024 Dec 31, 2024 Changes in number of shares Total number of Class A shares Total number of Class B shares Total number of shares Number of shares at January 1 14 765 620 329 671 226 344 436 846 Number of shares at the end of the period 14 765 620 329 671 226 344 436 846
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 16 Condensed consolidated cash-flow statement Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year Oct 24- MSEK 2025 2024 2025 2024 2024 Sep 25 Cash flow from operating activities before changes in working capital 718 645 1 956 2 332 2 834 2 458 Changes in working capital 14 -11 -569 -786 -138 79 Cash flow from operating activities 732 634 1 387 1 546 2 696 2 537 Acquisitions Note 3 - - -970 4 -895 -1 869 Cash flow from other investing activities -106 -133 -389 -427 -610 -572 Cash flow from investing activities -106 -133 -1 359 -423 -1 505 -2 441 Dividend - - -1 449 -2 070 -2 070 -1 449 Cash flow from other financing activities -499 -668 1 625 569 790 1 846 Cash flow from financing activities -499 -668 176 -1 501 -1 280 397 Change in cash and cash equivalents 127 -167 204 -378 -89 493 Cash and cash equivalents at January 1 1 119 997 1 233 1 103 1 103 790 Exchange-rate differences in cash and cash equivalents -38 -40 -229 65 219 -75 Cash and cash equivalents at the end of the period 1 208 790 1 208 790 1 233 1 208 Operating cash flow, Group Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year Oct 24- MSEK 2025 2024 2025 2024 2024 Sep 25 Operating profit 688 800 2 283 2 616 3 172 2 839 Other non cash adjustment - - 10 - - 10 Depreciation/amortisation/impairment 144 147 427 438 588 577 Change in working capital 14 -11 -569 -786 -138 79 Sale of fixed assets 0 0 0 0 0 0 Investments -106 -133 -389 -427 -610 -572 Operating Cash flow 740 803 1 762 1 841 3 012 2 933 Other key figures, Group Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full Year Oct 24- 2025 2024 2025 2024 2024 Sep 25 Profit margin before tax, % 13,8 15,0 14,4 15,8 14,7 13,6 Return on shareholders' equity, % R12 13,3 15,9 14,5 Interest-coverage ratio, multiple 15 15 14 14 Net debt, MSEK -3 886 -2 457 -2 235 Sales growth adjusted for currency effects, % 1 -6 0 -8 -7 Sales growth adjusted for currency effects and acquisitions, % -4 -6 -4 -8 -8 Cash flow per share, SEK 2,13 1,84 4,03 4,49 7,83 7,37 Cash flow per share before change in working capital, SEK 2,08 1,87 5,68 6,77 8,23 7,14
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 17 *Financial income and expenses in the Parent company was affected during 2024 by legal restructuring. During the third quarter 2025, HEXPOL AB has identified an accounting error, see note 4. Condensed income statement, Parent Company Full Jul-Sep Jul-Sep Jan-Sep Jan-Sep Year Oct 24- MSEK 2025 2024 2025 2024 2024 Sep 25 Sales 24 22 73 63 77 87 Administrative costs, etc. -46 -31 -138 -68 -89 -159 Operating loss -22 -9 -65 -5 -12 -72 Financial income and expenses* 71 -226 152 140 718 730 Profit after financial items 49 -235 87 135 706 658 Profit before tax 49 -235 87 135 706 658 Tax -1 8 16 15 -40 -39 Profit after tax 48 -227 103 150 666 619 Comprehensive income corresponds to profit after tax Condensed balance sheet, Parent company Sep 30 Sep 30 Dec 31 MSEK 2025 2024 2024 Fixed assets 13 687 13 150 13 053 Current assets 443 163 750 Total assets 14 130 13 313 13 803 Restricted shareholders' equity Share capital 69 69 69 Total restricted shareholders' equity 69 69 69 Non-restricted shareholders' equity Share premiun reserve 619 619 619 Accumulated earnings 3 108 3 879 3 879 Profit after tax Note 4 103 150 666 Total non-restricted shareholders' equity 3 830 4 648 5 164 Total shareholders' equity 3 899 4 717 5 233 Non-current liabilities 3 240 2 712 2 861 Current liabilities 6 991 5 884 5 709 Total shareholders' equity and liabilities 14 130 13 313 13 803
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 18 Notes to the financial reports Note 1 Financial instrument per category and measurement level Sep 30, 2025 MSEK Amortized costs Fair value through profit or loss Measurem. level Total Assets in the balance sheet Non-current financial assets 5 - 5 Accounts receivable 2 884 - 2 884 Cash and cash equivalents 1 208 - 1 208 Total 4 097 - 4 097 Liabilities in the balance sheet Interest-bearing non-current liabilities 580 - 580 Interest-bearing non-current lease liabilities 322 - 322 Liabilities to minority shareholders* 362 3 362 Interest-bearing current liabilities 4 108 - 4 108 Interest-bearing current lease liabilities 89 - 89 Accounts payable 2 259 - 2 259 Other liabilities 327 - 327 Accrued expenses, prepaid income, provisions 784 - 784 Total 8 469 362 8 831 Sep 30, 2024 MSEK Amortized costs Fair value through profit or loss Measurem. level Total Assets in the balance sheet Non-current financial assets 5 - 5 Accounts receivable 3 001 - 3 001 Cash and cash equivalents 790 - 790 Total 3 796 - 3 796 Liabilities in the balance sheet Interest-bearing non-current liabilities 0 - 0 Interest-bearing non-current lease liabilities 337 - 337 Liabilities to minority shareholders* 396 3 396 Interest-bearing current liabilities 2 785 - 2 785 Interest-bearing current lease liabilities 130 - 130 Accounts payable 2 433 - 2 433 Other liabilities 291 - 291 Accrued expenses, prepaid income, provisions 799 - 799 Total 6 775 396 7 171 *Liabilities to minority shareholders are recogniced as other non-current liabilities. Financial assets/liabilities measured at: Financial assets/liabilities measured at:
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 19 Note 2 Non-recurring items in the income statement The costs for 2024 are mainly related to the restructuring carried out in the US. Full Jul-Sep Jul-Sep Jan-Sep Jan-Sep Year MSEK 2025 2024 2025 2024 2024 Costs of goods sold - - - - -11 Administration costs - - - - -61 Other operating expense - - - - -3 Profit before tax - - - - -75 Tax - - - - -13 Profit afer tax - - - - -88
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 20 Note 3 Acquisition Acquisition within TP Compounding In early April 2022 the HEXPOL Group acquired 70 percent of the shares in almaak international GmbH. According to the agreement HEXPOL had an option to acquire the remaining shares (from 2025 and annually thereafter during the period January 1 to March 31), and the sellers had an option to sell their remaining shares to HEXPOL (from 2025 and annually thereafter during the period January 1 to March 31), the commitment was reported as a liability to minority shareholders. The option has now been utilized by the minority owner and HEXPOL has acquired the remaining 30 percent of almaak international GmbH. As of December 31, 2024, the liability was valued at 35 MEUR. Related to this, operating profit has been affected negatively by 10 MSEK and the financial net by 8 MSEK in revaluation effect. The transaction took place on April 9, 2025, and the purchase price amounted to 36,7 MEUR (403 MSEK). Acquisition within Compounding HEXPOL signed an agreement on 18 February 2025 to acquire 80 percent of the shares in Kabkom Kimya Sanayi vs Ticaret Anonim Sirketi (Kabkom). Kabkom was founded in 2011 and has grown to become the largest independent cable compounder in Turkey. The company specializes in high-performance thermoplastic and thermoset cable compounds for the fast growing cable market. Kabkom operates a brand new state of the art manufacturing facility outside Izmir, Turkey with approximately 70 employees and plenty of open capacity. The company has a turnover of some 30 MEUR and a profitability above the HEXPOL Group. The acquisition price amounts to 54 MEUR on a cash and debt free basis and is funded by a combination of bank facilities and cash. The closing has now taken place after regulatory approvals. According to the agreement HEXPOL has an option to acquire the remaining shares (from 2028 and thereafter annually during the period March 1-March 31), and the founders have an option to sell their remaining shares to HEXPOL (from 2028 and thereafter annually during the period March 1-March 31). Kabkom has been consolidated from May 1, 2025. The purchase price allocation is preliminary as the valuation of intangible assets is ongoing, and the preliminary acquisition analysis for intangible assets in the form of customer relationships, trademarks, technology and goodwill and liability to minority may change after the valuation of the subsidiary is completed. Below are details of net assets acquired and goodwill for the above acquisition: Goodwill is attributable to the strategic importance of the acquisition in terms of the increased breadth it adds to the HEXPOL Group’s existing product offering. With this acquisition we broaden the capabilities of the HEXPOL Group in the fast growing wire and cable market and underscores our dedication to expanding our footprint in key global markets and leveraging synergies to drive innovation and growth. The following assets and liabilities were included in the acquisition: MSEK Purchase considerations 754 Fair value of acquired net assets 177 Goodwill 577 MSEK Balance sheet at the time of acquisition Adjust- ment to fair value Fair value Cash and cash equivalents 36 - 36 Accounts receivable 42 - 42 Current assets 76 - 76 Tangible assets 123 - 123 Intangible assets 2 - 2 Deferred tax assets 35 - 35 Non-current liabilities -8 - -8 Accounts payable -41 - -41 Current liabilities -88 - -88 Acquired net assets 177 - 177 Purchase considerations 754 Liabilities to minority shareholders -151 Cash and cash equivalents in acquired operations 36 Change in Group's cash and cash equivalents 567
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 21 Transaction costs for the above acquisition amounted to 4 MSEK and have been reported in the operating profit under administrative expenses. Acquisition within TP Compounding 2024 HEXPOL acquired 80 percent of the shares in the American TP Compounder Piedmont Resin Supply LLC in October 31, 2024. Piedmont has a turnover of some 60 MUSD and a profitability on a similar level to HEXPOL Group. Piedmont operates a well invested manufacturing facility in Cartersville, Georgia, US with some 60 employees and further capacity to grow. The company is an industry leader in technical nylon compounds on the US market and services a variety of customers within automotive, transportation and the furniture industries. The acquisition price amounts to 86 MUSD on a cash and debtfree basis and is funded by a combination of bankfacilities and cash. Pursuant to the agreement, HEXPOL has an option to acquire the remaining shares (from 2028 and thereafter annualy during the period January 1 – January 31 or between July 1 – July 31), and the founders have an option to sell the remaining shares to HEXPOL (from 2028 and thereafter annualy during the period January 1 – January 31 or between July 1 – July 31). The business has been consolidated from November 1, 2024. Since December 31 2024, valuation of acquired assets at fair value has been performed. The changes that have occurd compared to December 31 2024 amounts to: technology and customer relationships have increased by 273 MSEK, deferred tax have increased by 63 MSEK, liability to minority shareholders have increased by 8 MSEK and goodwill has thus decreased by 202 MSEK. The purchase price allocation is preliminary since some information is outstanding. The sales amounted to 8.6 MUSD and profit after tax to an expense of 0.2 MUSD in the period November to December. For the full year 2024, sales were 59.2 MUSD and profit after tax was 5.2 MUSD. Below are details of net assets acquired and goodwill for the above acquisition: Goodwill is attributable to the strategic importance of the acquisition in terms of the increased breadth it adds to the HEXPOL Group’s existing product offering. The acquisition is in line with HEXPOL’s growth strategy and adds new capabilities, application know how and a new customer base to HEXPOL Thermoplastic Compounding in the US. The fair value of the acquired net assets does not contain any estimated value regarding intangible assets. The following assets and liabilities were included in the acquisition: Transaction costs for the above acquisition amounted to 14 MSEK and have been reported in the operating profit under administrative expenses. MSEK Purchase considerations 1 184 Fair value of acquired net assets 359 Goodwill 825 MSEK Balance sheet at the time of acquisition Adjust- ment to fair value Fair value Cash and cash equivalents 30 - 30 Accounts receivable 79 - 79 Current assets 98 - 98 Tangible assets 24 - 24 Intagible assets - 273 273 Deferred tax liability - -63 -63 Accounts payable -74 - -74 Current liabilities -8 - -8 Acquired net assets 149 210 359 Purchase considerations 1 184 Liabilities to minority shareholders -238 Cash and cash equivalents in acquired operations 30 Change in Group's cash and cash equivalents 916
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 22 Note 4 Correction of error in the Parent Company HEXPOL AB During the third quarter of 2025, HEXPOL AB identified and corrected an accounting error related to a dividend from the subsidiary Hexpol Finance UK Ltd. The dividend was decided on February 3 2022, through a distribution in connection with liquidation, but was not settled at that time. A liability of USD 65 million was incorrectly retained in the parent company's balance sheet until August 29 2024, when the dividend was recorded upon completion of the liquidation. As a result, exchange rate fluctuations on the liability affected the parent company's earnings for 2022, 2023, and part of 2024. Apart from the tax effect of SEK 10 million, which impacts the Group’s earnings for the year, this correction does not affect the Group’s income statement or balance sheet. The correction has the following effect (- decrease in equity + increase in equity): Dec 31 Jan 1 MSEK 2024 2024 Current liabilities 10 -645 Net impact on equity -10 645 Financial income and expenses -654 - Tax -1 - Net impact on profit for the year -655 -
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 23 Note 5 Segment reporting and distribution of revenues Quarterly data, Group Sales per business area Full Oct 24- Full MSEK Q1 Q2 Q3 Q1 Q2 Q3 Q4 Year Sep 25 Q1 Q2 Q3 Q4 Year HEXPOL Compounding 4 952 4 595 4 339 4 939 5 062 4 612 4 308 18 921 18 194 5 617 5 354 5 099 4 511 20 581 HEXPOL Engineered Products 429 402 353 373 392 365 386 1 516 1 570 373 373 362 357 1 465 Group total 5 381 4 997 4 692 5 312 5 454 4 977 4 694 20 437 19 764 5 990 5 727 5 461 4 868 22 046 Sales per geographic region Full Oct 24- Full MSEK Q1 Q2 Q3 Q1 Q2 Q3 Q4 Year Sep 25 Q1 Q2 Q3 Q4 Year Europe 2 135 2 111 1 921 2 133 2 117 1 924 1 925 8 099 8 092 2 407 2 208 1 972 1 903 8 490 Americas 2 905 2 572 2 463 2 882 3 009 2 725 2 473 11 089 10 413 3 300 3 221 3 186 2 663 12 370 Asia 341 314 308 297 328 328 296 1 249 1 259 283 298 303 302 1 186 Group total 5 381 4 997 4 692 5 312 5 454 4 977 4 694 20 437 19 764 5 990 5 727 5 461 4 868 22 046 Sales per geographic region HEXPOL Compounding Full Oct 24- Full MSEK Q1 Q2 Q3 Q1 Q2 Q3 Q4 Year Sep 25 Q1 Q2 Q3 Q4 Year Europe 1 950 1 932 1 766 1 977 1 951 1 763 1 760 7 451 7 408 2 231 2 050 1 837 1 756 7 874 Americas 2 780 2 464 2 366 2 755 2 888 2 614 2 355 10 612 9 965 3 189 3 104 3 058 2 533 11 884 Asia 222 199 207 207 223 235 193 858 821 197 200 204 222 823 Group total 4 952 4 595 4 339 4 939 5 062 4 612 4 308 18 921 18 194 5 617 5 354 5 099 4 511 20 581 Sales per geographic region HEXPOL Engineered Products Full Oct 24- Full MSEK Q1 Q2 Q3 Q1 Q2 Q3 Q4 Year Sep 25 Q1 Q2 Q3 Q4 Year Europe 185 179 155 156 166 161 165 648 684 176 158 135 147 616 Americas 125 108 97 127 121 111 118 477 448 111 117 128 130 486 Asia 119 115 101 90 105 93 103 391 438 86 98 99 80 363 Group total 429 402 353 373 392 365 386 1 516 1 570 373 373 362 357 1 465 EBIT per business area Full Oct 24- Full MSEK Q1 Q2 Q3 Q1 Q2 Q3 Q4* Year* Sep 25* Q1 Q2 Q3 Q4* Year * HEXPOL Compounding 761 681 624 837 844 735 566 2 982 2 632 873 883 862 783 3 401 HEXPOL Engineered Products 78 75 64 68 67 65 65 265 282 73 62 68 55 258 Group total 839 756 688 905 911 800 631 3 247 2 914 946 945 930 838 3 659 EBIT-margin per business area Full Oct 24- Full % Q1 Q2 Q3 Q1 Q2 Q3 Q4* Year* Sep 25* Q1 Q2 Q3 Q4* Year * HEXPOL Compounding 15,4 14,8 14,4 16,9 16,7 15,9 13,1 15,8 14,5 15,5 16,5 16,9 17,4 16,5 HEXPOL Engineered Products 18,2 18,7 18,1 18,2 17,1 17,8 16,8 17,5 18,0 19,6 16,6 18,8 15,4 17,6 Group total 15,6 15,1 14,7 17,0 16,7 16,1 13,4 15,9 14,7 15,8 16,5 17,0 17,2 16,6 *Adjusted EBIT for HEXPOL Compounding 2024 2023 2023 2023 2023 2023 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 2025
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 24 Reconciliation alternative performance measures Sales Full Full MSEK Q1 Q2 Q3 Q1 Q2 Q3 Q4 Year Q1 Q2 Q3 Q4 Year Sales 5 381 4 997 4 692 5 312 5 454 4 977 4 694 20 437 5 990 5 727 5 461 4 868 22 046 Currency effects 64 -367 -312 -5 53 -172 29 -95 463 383 247 31 1 124 Sales excluding currency effects 5 317 5 364 5 004 5 317 5 401 5 149 4 665 20 532 5 527 5 344 5 214 4 837 20 922 Acquisitions 170 212 231 36 39 31 102 208 338 128 124 100 690 Sales excluding currency effects and acquisitions 5 147 5 152 4 773 5 281 5 362 5 118 4 563 20 324 5 189 5 216 5 090 4 737 20 232 Sales growth Full Full Jul-Sep Jul-Sep Jan-Sep Jan-Sep Year Year Year % 2025 2024 2025 2024 2024 2020 2019 Sales growth excluding currency effects 1 -6 0 -8 -7 Sales growth excluding currency effects and acquisitions -4 -6 -4 -8 -8 EBITA, adjusted, % Full Jul-Sep Jul-Sep Jan-Sep Jan-Sep Year Oct 24- MSEK 2025 2024 2025 2024 2024 Sep 25 Sales 4 692 4 977 15 070 15 743 20 437 19 764 Operating profit 688 800 2 283 2 616 3 172 2 839 Non-recurring items - - - - 75 75 39 34 105 101 137 141 Total EBITA, adjusted 727 834 2 388 2 717 3 384 3 055 EBITA, adjusted, % 15,5 16,8 15,8 17,3 16,6 15,5 EBITA, % Full Jul-Sep Jul-Sep Jan-Sep Jan-Sep Year Oct 24- MSEK 2025 2024 2025 2024 2024 Sep 25 Sales 4 692 4 977 15 070 15 743 20 437 19 764 Operating profit 688 800 2 283 2 616 3 172 2 839 39 34 105 101 137 141 Total EBITA 727 834 2 388 2 717 3 309 2 980 EBITA% 15,5 16,8 15,8 17,3 16,2 15,1 Capital employed MSEK Mar 31 Jun 30 Sep 30 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Total assets 24 120 24 342 23 921 24 340 23 789 22 664 24 884 24 075 24 806 24 225 22 507 Provision for deferred tax -898 -919 -903 -878 -855 -829 -966 -795 -866 -853 -832 Accounts payable -2 640 -2 456 -2 259 -2 967 -2 936 -2 433 -2 557 -3 316 -3 247 -2 925 -2 737 Other liabilities -655 -293 -327 -309 -300 -291 -697 -375 -449 -405 -438 Accrued expenses, prepaid income, provisions -791 -810 -784 -604 -714 -799 -874 -598 -718 -776 -749 Total Group 19 136 19 864 19 648 19 582 18 984 18 312 19 790 18 991 19 526 19 266 17 751 2023 2024 2024 20232025 2025 Amortisation and impairment of intangible assets Amortisation and impairment of intangible assets
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 25 Return on c apital employed, R12 Full Sep 30 Sep 30 Year MSEK 2025 2024 2024 Average capital employed 19 610 18 657 19 167 Profit before tax 2 680 3 184 3 001 Interest expense 206 241 231 Total 2 886 3 425 3 232 Return on capital employed, % 14,7 18,4 16,9 Interest-coverage ratio, multiple Full Jan-Sep Jan-Sep Year Oct 24- MSEK 2025 2024 2024 Sep 25 Profit before tax 2 166 2 487 3 001 2 680 Interest expense 152 177 231 206 Total 2 318 2 664 3 232 2 886 Interest-coverage ratio, multiple 15 15 14 14 Shareholders' equity MSEK Mar 31 Jun 30 Sep 30 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Shareholders' equity 15 057 13 801 14 089 16 142 14 558 14 536 15 945 14 547 14 848 15 217 14 577 Return on equity, R12 Full Sep 30 Sep 30 Year MSEK 2025 2024 2024 Average shareholders' equity 14 723 14 953 15 295 Profit after tax 1 957 2 374 2 220 Return on equity, % 13,3 15,9 14,5 Net debt Full Sep 30 Sep 30 Year MSEK 2025 2024 2024 Financial assets 5 5 5 Cash and cash equivalents 1 208 790 1 233 Non-current interest-bearing liabilities -902 -337 -350 Current interest-bearing liabilities -4 197 -2 915 -3 123 Net debt -3 886 -2 457 -2 235 Net debt/EBITDA Full Sep 30 Sep 30 Year MSEK 2025 2024 2024 Net debt -3 886 -2 457 -2 235 EBITDA, R12 3 416 3 955 3 760 Net debt/EBITDA, multiple -1,14 -0,62 -0,59 Equity/assets ratio Full Sep 30 Sep 30 Year MSEK 2025 2024 2024 Shareholders' equity 14 089 14 536 15 945 Total assets 23 921 22 664 24 884 Equity/assets ratio, % 59 64 64 202320242025
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INTERIM REPORT HEXPOL AKTIEBOLAG (PUBL) JANUARY – SEPTEMBER 2025 26 Financial definitions Average capital employed Average of the last four quarters capital employed. Average shareholders’ equity Average of the last four quarters shareholders’ equity. Capital employed Total assets less deferred tax liabilities, accounts payable, other liabilities and accrued expenses, prepaid income and provisions. Cash flow Cash flow from operating activities. Cash flow per share Cash flow from operating activities in relation to the average number of shares outstanding. Cash flow per share before changes in working capital Cash flow from operating activities before changes in working capital in relation to the average number of shares outstanding. Earnings per share Profit after tax, in relation to the average number of shares outstanding. Earnings per share excl. adjusted Profit after tax excluding non-recurring items, in relation to the average number of shares outstanding. EBIT Operating profit. EBITA Operating profit, excluding amortisation and impairment of intangible assets. EBITA margin, % Operating profit, excluding amortisation and impairment of intangible assets in relation to sales. EBITA, adjusted Operating profit excluding non-recurring items and amortisation and impairment of intangible assets. EBITA margin, adjusted, % Operating profit excluding non-recurring items and amortisation and impairment of intangible assets in relation to sales. EBITDA Operating profit excluding depreciation, amortisation and impairment of tangible and intangible assets. Equity/assets ratio Shareholders’ equity in relation to total assets. Interest-coverage ratio Profit before tax plus interest expenses in relation to interest expenses. Net debt/EBITDA Non-current and current interest-bearing liabilities less cash and cash equivalents in relation to operating profit excluding depreciation, amortisation and impairment of tangible and intangible assets. Net debt, net cash Non-current and current interest-bearing liabilities less cash and cash equivalents. Non-recurring items Refers to integration- and restructuring costs and other material non-recurring items. Operating cash flow Operating profit excluding depreciation, amortisation and impairment of tangible and intangible assets, less investments incl. new leasing agreements and plus sales of tangible and intangible assets, and after changes in working capital. Operating margin, % Operating profit in relation to the sales. Operating margin, adjusted, % Operating profit excluding non-recurring items, in relation to the sales. Other investing activities Investments and sales of intangible and tangible assets. Operating profit, adjusted Operating profit excluding non-recurring items. Profit margin before tax Profit before tax in relation to the sales. Return on capital employed, R12 Twelve months profit before tax plus twelve months interest expenses in relation to average capital employed. Return on equity, R12 Twelve months profit after tax in relation to average shareholders’ equity. R12 Rolling twelve months average. Sales growth excluding currency effects Sales excluding currency effects compared to the sales for the corresponding year-earlier period. Sales growth excluding currency effects and acquisitions Sales excluding currency effects and acquisitions compared to the sales for the corresponding year- earlier period. Shareholders’ equity per share Shareholders’ equity in relation to the number of shares outstanding at the end of the period.