Interim report
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Interim report 2026 January – September
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INTERIM REPORT JANUARY – SEPTEMBER 2026 Idun’s net sales increased by 26.1% and EBITA grew by 36.5% in the quarter. Organic sales growth amounted to 11.1%, and EBITA increased organically by 10.9%. Earnings per share adjusted for goodwill increased to SEK 5.0 (3.6) in the quarter and rose by 24. 2% on a rolling twelve-month basis to SEK 16.5 (13.3). Third quarter 2026 • Net sales increased by 26.1% to SEK 657 million (521). Organic growth was 11.1% • Gross profit amounted to SEK 380 million (306) • EBITDA amounted to SEK 116 million (86) • EBITA amounted to SEK 101 million (74). The EBITA margin amounted to 15.3% (14.1%). Organic EBITA growth was 10.9% • EBITA attributable to Idun’s ordinary shareholders amounted to SEK 84 million (64) • Earnings per share adjusted for goodwill after dilution amounted to SEK 5.0 (3.6) • Cash flow from operating activities amounted to SEK 38 million (33) • Prident has completed a minor add -on acquisition of Safety Reflector Finland Oy, with revenues of approximately SEK 5–6 million. First nine months 2026 • Net sales increased by 17.8% to SEK 1,983 million (1,683). Organic growth was 5.2% • Gross profit amounted to SEK 1,170 million (1,017) • EBITDA amounted to SEK 330 million (276) • EBITA amounted to SEK 287 million (241). The EBITA margin amounted to 14.5% (14.3%). Organic EBITA growth was 0.4% • EBITA attributable to Idun’s ordinary shareholders amounted to SEK 237 million (200) • Earnings per share adjusted for goodwill after dilution amounted to SEK 13.7 (11.0) • Cash flow from operating activities amounted to SEK 170 million (158) • Idun has acquired 90.1% of the shares in Mouldex Sweden AB (“Mouldex”), a leading Swedish service and aftermarket company focusing on service, spare parts, and refurbishment and upgrading of machinery for the sawmill industry. Revenues amount to approximat ely SEK 40 million with good profitability. • Idun has acquired 85% of the shares in Anders & Gunilla Bennarsten Service AB (“AGB”), a leading Swedish company within service, calibration and repair of press tools. Revenues amount to approximately SEK 30 million with good profitability. • Idun has acquired 85% of the shares in Nordbergs Tekniska AB (“Nordbergs”), a leading Swedish distributor of highly specialized technical engineering plastics. Revenues amount to approximately SEK 77 million with good profitability. • Idun has increased its ownership in Norotec (micronutrients for grain growers, sister company to LMI) from 65% to 77.5%. • Idun has exercised its right to voluntary early redemption of its outstanding senior unsecured bond loan with ISIN SE0019175720 and a total outstanding amount of SEK 220 million. In connection with this, Idun has also increased its revolving credit facilit y from SEK 450 million to SEK 670 million. As of 30 September 2026, SEK 345 million was utilized and SEK 325 million was undrawn, contributing to continued financial flexibility for future investments. The company estimates that the early redemption, toget her with the financing replacing the bonds, will reduce interest expenses by approximately SEK 8 million over the coming twelve months, starting 1 July 2026. • A couple of smaller add-on acquisitions were also completed by Stegaföretagen. Rolling twelve months • Net sales increased by 15.5% to SEK 2,598 million (2,250). Organic growth was 5.0%
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• Gross profit amounted to SEK 1,537 million (1,363) • EBITDA amounted to SEK 418 million (363) • EBITA amounted to SEK 362 million (314). The EBITA margin amounted to 13.9% (14.0%). Organic EBITA growth was 0.9% • EBITA attributable to Idun’s ordinary shareholders amounted to SEK 299 million (258) • Earnings per share adjusted for goodwill after dilution amounted to SEK 16.5 (13.3) • Cash flow from operating activities amounted to SEK 243 million (243) Events after the reporting period • Nothing to report Live presentation of Idun’s interim report for the third quarter of 2026 During the presentation, CEO Henrik Mella and CFO Oskar Samuelsson will comment on the results. After the presentation, a Q&A session will follow, moderated by Carl Korsheden, analyst at DNB Carnegie. The presentation will be held in English. A recording of the presentation will be available on Idun’s website under Investors / Presentations. Date: 23 October 2026 Start time: 11:00 CEST How to Join: Access the digital presentation via the following link: https://access.dnbcarnegie.com/companies/1397/live. After registering, you will be directed straight to the live broadcast.
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Financial overview and key figures Jul-Sep Jul-Sep Jan-Sep Jan-Sep RTM Jan-Dec Jan-Dec MSEK 2026 2025 2026 2025 2026 2025 2024 Net sales 657 521 1,983 1,683 2,598 2,298 2,192 Gross profit 380 306 1,170 1,017 1,537 1,384 1,312 Gross margin (%) 57.8% 58.7% 59.0% 60.4% 59.2% 60.2% 59.9% EBITDA 116 86 330 276 418 364 356 EBITDA-margin (%) 17.6% 16.5% 16.6% 16.4% 16.1% 15.9% 16.2% EBITA 101 74 287 241 362 316 308 EBITA attributable to Idun’s ordinary shareholders 84 64 237 200 299 262 237 EBITA-margin (%) 15.3% 14.1% 14.5% 14.3% 13.9% 13.7% 14.1% Profit for the period attributable to the Parent Company’s shareholders 22 15 57 48 63 54 31 Profit for the period adjusted for goodwill 58 41 158 128 190 160 128 Number of employees 1,021 961 1,008 937 1,002 942 924 Equity ratio (%) 35.7% 35.7% 35.7% 35.7% 35.7% 35.9% 36.1% Cash flow from operating activities 38 33 170 158 243 231 256 Net debt 1,049 720 1,049 720 1,049 873 665 Net debt attributable to Idun’s ordinary shareholders 1,032 701 1,032 701 1,032 847 652 Average number of shares (million) 11.5 11.5 11.5 11.5 11.5 11.5 10.9 Number of shares at end of the period (million) 11.5 11.5 11.5 11.5 11.5 11.5 11.5 Earnings per share before dilution (SEK) 2.0 1.3 5.0 4.2 5.5 4.7 2.8 Earnings per share adjusted for goodwill before dilution (SEK) 5.1 3.6 13.7 11.1 16.6 13.9 11.7 Earnings per share after dilution (SEK) 1.9 1.3 4.9 4.2 5.4 4.7 2.8 Earnings per share adjusted for goodwill after dilution (SEK) 5.0 3.6 13.7 11.0 16.5 13.9 11.6 This interim report has been prepared in Swedish kronor (SEK). Unless otherwise stated, all amounts are presented in millions of kronor (MSEK). Figures in parentheses refer to the corresponding period in the prior year. Comparative figures in parentheses r elating to rolling twelve-month (RTM) refer to the twelve -month period from 1 October 2024 to 30 September 2025, which is not presented as a separate column in the tables. Percentage changes and key ratios are calculated on unrounded underlying data. Due t o rounding, minor deviations may occur, and tables therefore do not always sum exactly. The above amounts and calculations are not pro forma; acquired operations are consolidated from the closing date of each resp ective investment. As Idun applies K3 and not IFRS, significant amortization of goodwill arises in the Group. Under K3, goodwill from acquisitio ns is amortized on a straight-line basis, unlike IFRS, where only impairment testing is performed. Since most of Idun’s peers repor t according to IFRS, Idun has chosen to present results adjusted for goodwill amortization to facilitate comparison with other IFRS-reporting companies. Because there is co-ownership among key individuals and, in some cases, former owners in Idun’s group companies, the portion of EBITA and net debt attributable to Idun’s ordinary shareholders is presented as supplementary information. This addition is made to facilitate valuation of Idun’s ordinary shares.
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CEO’S MESSAGE Idun delivered a strong third quarter, driven by both organic and acquired growth. Net sales grew by 26% to SEK 657 million (521) and operating profit (EBITA) increased by 36.5% to SEK 101 million (74), resulting in an EBITA margin of 15.3% (14.1%). Earnin gs per share (adjusted for goodwill, after dilution) rose by 42% to SEK 5.0 (3.6). During the third quarter, we saw a growing share of our group companies gradually beginning to experience more stable market conditions. Organically, net sales increased by 11.1% and EBITA by 10.9%, which we are pleased with. It is also gratifying to note that, for the first time, we exceeded SEK 100 million in EBITA in a single quarter. The gross margin decreased by one percentage point to 57.8%, driven by a somewhat lower average gross margin in the businesses added over the past 12 months. The EBITA margin strengthened to 15.3% (14.1%). Cash flow from operating activities and goodwill -adjusted earnings per share increased (by 16% and just over 40%, respectively, in the period). After a weaker second quarter, organic development strengthened in the third quarter. Performance varies between individual quarters, but we view the long -term development with confidence, grounded in what are overall very strong businesses with skilled an d committed leaders. It is our conviction that the strong alignment of interests created by Idun’s relatively unique and extensive co -ownership model – at group company, Parent Company and Board level alike – further enhances the opportunities for earnings growth in the Group. Fredahl Rydéns (manufactures coffins and urns) delivered yet another strong quarter in terms of both sales and earnings, and here we are now seeing, among other things, results from our earlier investment in a new handle line. Ståthöga MA Teknik (maintenance for heavy industry) also performed well in the period, mainly thanks to a number of projects within composite treatment of water and wastewater facilities rather than a broader recovery in heavy -industry maintenance. We also note that all group companies added during the year have started their journeys with Idun in an excellent way, with good results. As always, there are at the same time some companies facing more of an uphill climb. Within Culina, we are seeing fewer public tenders for commercial kitchens, and we are having to respond both on the cost side and by shifting towards other customer catego ries. Within the LMI companies, Interagro Skog has experienced a setback in products for protection against wildlife browsing damage, and sales of products against root rot have not yet caught up after a weaker second quarter. We do, however, assess the effects as predominantly temporary and believe that they should be correctable. Our financing costs continue to decrease since, as previously reported, at the end of June we carried out an early redemption of our last outstanding bond of SEK 220 million. During the quarter, Prident completed a minor add -on acquisition of the niche Fin nish reflector company Safety Reflector, which has good profitability and a good fit with Prident’s product range specifically within reflectors. The broad entry of AI into our everyday lives is undeniably a transformative shift, both for business and for society at large. As an industrial group, we at Idun view the opportunities this opens up very positively overall, and work is under way relatively broadly to streamline various processes with the help of AI, both at the Parent Company and in the group companies. We have a positive view of the future development of the group companies, both in the short term and into 2027. Even though there are always company-specific challenges related to operations or demand, the overall picture at present is that the economy is gradually improving and that our group companies are well positioned to capture the opportunities that will arise in a stronger economy. Idun Industrier has a strong financial position and we continue to see numerous interesting investment opportunities. Henrik Mella, CEO
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FINANCIAL DEVELOPMENT OF THE GROUP Net sales During the third quarter, the Group’s net sales increased by 26.1% to SEK 657 million (521). Organic growth for comparable companies was 11.1%, corresponding to SEK 58 million. The increase attributable to acquisitions was SEK 78 million. The organic growth should be seen against a weak comparison period. During the first nine months of the year, the Group’s net sales amounted to SEK 1,983 million (1,683), representing an increase of 17.8%. Organic growth in companies owned throughout the entire comparison period was 5.2%, corresponding to SEK 86 million. T he increase attributable to acquisitions was SEK 214 million. For the rolling twelve-month period, the Group’s net sales increased by 15.5% to SEK 2,598 million (2,250). Organic growth for comparable companies was 5.0%, corresponding to SEK 111 million. The increase attributable to acquisitions was SEK 237 million. Results During the third quarter, the Group’s EBITA increased by 36.5% to SEK 101 million (74). Organic EBITA growth amounted to 10.9%, corresponding to SEK 9 million, while acquisitions contributed SEK 19 million. Fredahl Rydéns, Ståthöga MA Teknik and Triton accounted for a large part of the positive organic EBITA development in the quarter. Fredahl Rydéns continues a longer positive earnings trend, and Ståthöga MA Teknik had a large number of projects driving profitability. Project volumes may vary between quarters. Interagro Skog and Culina, among others, performed weaker. Parent Company costs increased by SEK 1 million. The gross margin decreased in the quarter to 57.8% (58.7%). The decrease is mainly explained by the newly acquired companies having a lower gross margin than the rest of the Group, while at the same time having a higher EBITA margin. During the first nine months of the year, the Group’s EBITA increased to SEK 287 million (241), corresponding to an increase of 19.4%. The EBITA margin amounted to 14.5% (14.3%). Acquired companies 0 50 100 150 200 250 300 350 400 0 500 1,000 1,500 2,000 2,500 3,000 Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3 2019 2020 2021 2022 2023 2024 2025 2026 EBITA MSEK Net sales MSEK Net sales, RTM EBITA, RTM - 100 200 300 400 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 RTM 2026 EBITA MSEK 1,000 2,000 3,000 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 RTM 2026 Net sales MSEK
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had a positive impact of SEK 46 million and companies owned throughout the entire comparison period had a positive impact of SEK 1 million. Organic EBITA growth amounted to 0.4%. Parent Company costs were essentially unchanged. For the rolling twelve -month period, the Group’s EBITA increased by 15.3% to SEK 362 million (314). Acquired companies contributed positively by SEK 45 million and comparable companies contributed positively by SEK 3 million. Organic EBITA growth was 0.9% for comparable companies. Parent Company costs were essentially unchanged. The acquisition contribution of SEK 45 million, on net sales of SEK 237 million, corresponds to a higher EBITA margin than for the rest of the Group. Tax on profit for the period corresponds to approximately 21% of profit after financial items, adding back amortization of goodwill and customer relationships. The reported effective tax rate is significantly higher because these amortization charges are not tax deductible. Balance sheet As of 30 September 2026, the Group’s total assets amounted to SEK 2,560 million (2,267), with comparative figures in parentheses referring to 30 September 2025. Cash and cash equivalents amounted to SEK 71 million (291). Trade receivables amounted to SEK 3 86 million (318) and inventories amounted to SEK 506 million (401). Total equity amounted to SEK 915 million (810), of which SEK 1 million (1) was share capital. The equity ratio amounted to 35.7% (35.7%). The Group’s long-term liabilities amounted to SEK 973 million (878). Current liabilities amounted to SEK 552 million (475), of which SEK 186 million (152) were trade payables. Cash flow Cash flow from operating activities after changes in working capital during the period amounted to SEK 38 million (33). Cash flow was affected by higher tax paid, SEK -36 million (-14). The increase is partly explained by newly acquired companies now being included in the Group, but tax payments were also temporarily high and are expected to return to a more normal level. Working capital increased, among other things, as accrued but not yet invoiced revenue rose by SEK 31 million during the quarter to SEK 5 7 million, attributable to ongoing projects. The capital tied up in these projects is considered temporarily high and is expected to decrease as the projects are invoiced and paid. Cash flow from investing activities amounted to SEK -11 million ( -42) and c onsisted mainly of investments in fixed assets during the period, and of investments in subsidiaries and fixed assets during the comparison period. During the period, cash flow from financing activities amounted to SEK -34 million (-16) and mainly consisted of loan repayments. Total cash flow for the period amounted to SEK -7 million (-25). Cash flow from operating activities after changes in working capital during the first nine months of the year amounted to SEK 170 million (158). Cash flow from investing activities amounted to SEK -297 million (-169) and consisted mainly of investments in subsidiaries and fixed assets during the period and the comparison period. During the first nine months of the year, cash flow from financing activities amounted to SEK 40 million ( -93) and mainly consisted of new borrowings and dividends paid during the p eriod and loan repayments and dividends paid during the comparison period. Total cash flow for the first nine months of the year amounted to SEK -87 million (-104). Cash flow from operating activities after changes in working capital for the rolling twelve -month period amounted to SEK 243 million (243). Cash flow from investing activities amounted to SEK -514 million (-311) and consisted mainly of investments in subsidiaries and fixed assets during the rolling twelve-month period and in the comparison period. For the rolling twelve -month period, cash flow from financing activities amounted to SEK 48 million ( -32). Total cash flow for the rolling twelve -month period amounted to SEK - 223 million ( -100). For the rolling twelve -month period, the negative cash flow is mainly attributable to completed acquisitions. Net debt and financing The chart below shows the Group’s total net debt as of 30 September 2026. At the end of the period, the Group’s net debt amounted to SEK 1,049 million, a decrease of SEK 21 million during the quarter. At the
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end of the period, cash and cash equivalents amounted to SEK 71 million. Net debt also includes provisions for contingent consideration of SEK 28 million. The provision increased by SEK 6 million during the quarter. The increase is recognized against goodwill and therefore does not affect profit, apart from slightly higher goodwill amortization going forward. Net debt in relation to EBITDA amounted to approximately 2.5x at the end of the period. Of the acquisitions completed during the past twelve months, a pproximately SEK 115 million in net sales and SEK 30 million in EBITDA remain to be reflected in rolling twelve months. Including this EBITDA amount, net debt corresponds to approximately 2.3x EBITDA. Interest expense decreased to SEK 12 million (13) in the quarter. The decrease is mainly explained by the bond having been redeemed early and replaced with bank financing. The reported leverage ratio of approximately 2.5x is not adjusted on a pro forma basis. Acquired businesses are consolidated from the closing date of each respective investment, and it takes twelve months before a full year of EBITDA is included in rolling twelve-month (RTM) EBITDA. The EBITDA used in the calculation excludes a positive net revaluation effect of SEK 12 million for periods ending December 2 023 through September 2024. Investments during the past twelve months • On 28 September 2026, Idun, through Prident Management AB, acquired 65% of the shares in Safety Reflector Finland Oy (“Safety Reflector”). Safety Reflector develops and sells reflectors. Revenues amount to approximately SEK 5–6 million on an annual basis with good profitability. • On 26 June 2026, Idun acquired 85% of the shares in Nordbergs Tekniska AB (“Nordbergs”), a leading Swedish distributor of highly specialized technical engineering plastics. Revenues amount to approximately SEK 77 million with good profitability. • On 8 May 2026, Idun acquired 85% of the shares in Anders & Gunilla Bennarsten Service AB (“AGB”), a leading Swedish company within service, calibration and repair of press tools. Revenues amount to approximately SEK 30 million with good profitability. • On 26 January 2026, Idun acquired 90.1% of the shares in Mouldex Sweden AB (“Mouldex”), a leading Swedish service and aftermarket company focusing on service, spare parts, and refurbishment and upgrading of machinery for the sawmill industry. Revenues amou nt to approximately SEK 40 million with good profitability. • On 15 December 2025, Idun acquired 80% of the shares in Trikåby AB, Sweden’s leading manufacturer of knitted technical textiles and jersey fabrics. In recent financial years, the company has generated revenues of just over SEK 130 million with good profitability. • On 5 November 2025, Idun, through Eugen Wiberger AB, acquired 100% of the shares in MEAB Stainless AB (“MEAB”). MEAB holds a prominent position in the Swedish market for stainless, acid -resistant fasteners. MEAB generates revenues of just over SEK 30 milli on on an annual basis with good profitability. • A couple of smaller add-on acquisitions were also completed by Stegaföretagen.
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IDUN’S BUSINESS AREAS Idun’s 22 group companies are organized into two business areas: Manufacturing and Service & Maintenance. The business areas’ share of Idun’s net sales and earnings For the rolling twelve-month period* * The business areas’ shares are not calculated pro forma for acquisitions made during the past twelve months. The difference between the business areas’ combined EBITA and the Group’s EBITA relates to Parent Company costs. Manufacturing The Manufacturing business area comprises the group companies operating primarily within the manufacturing industry, with production in Sweden or abroad. Group companies within this business area include Intermercato – machine accessories, LMI – micronutrients and forest protection, Prident – promotional products, including sports water bottles, Kjellbergs – actuators, Sjöbergs – workbenches and related products, TURAB – production and service of hydropower turbines, BIA – water treatment products, Wiberger – machine components, Culina Products – stainless steel interiors and equipment for commercial kitchens and restaurants, 2B – industrial components, Fredahl Rydéns – products for the funeral industry, Trikåby – manufacturer of knitted technical textiles and jersey fabrics, and Nordbergs – distributor of highly specialized technical engineering plastics. Net sales during the third quarter amounted to SEK 398 million (324) and EBITA amounted to SEK 66 million (53). Net sales for the first nine months of the year amounted to SEK 1,256 million (1,067) and EBITA amounted to SEK 203 million (168). Net sales for the rolling twelve-month period amounted to SEK 1,621 million (1,404) and EBITA amounted to SEK 243 million (207). During the past twelve months, Idun has acquired MEAB, Trikåby, Nordbergs and Safety Reflector within the Manufacturing business area. MEAB, Trikåby, Nordbergs and Safety Reflector have been consolidated in the Group’s financial statements from 5 November 2025, 15 December 2025, 26 June 2026 and 28 September 2026, respectively. Jul-Sep Jul-Sep Jan-Sep Jan-Sep RTM Jan-Dec Jan-Dec MSEK 2026 2025 2026 2025 2026 2025 2024 Net sales 398 324 1,256 1,067 1,621 1,432 1,339 Growth 23% 10% 18% 7% 15% 7% 7% EBITDA 77 62 234 193 284 243 223 EBITDA-margin (%) 19% 19% 19% 18% 18% 17% 17% EBITA 66 53 203 168 243 208 189 EBITA-margin (%) 17% 17% 16% 16% 15% 15% 14% Service & Maintenance The Service & Maintenance business area comprises, as the name suggests, group companies that are wholly or predominantly engaged in service and maintenance services. The companies within this business area include Stegaföretagen, which provides full -service solutions within vehicle washing; EKAB, which offers service and preventive maintenance of electrical power facilities (primarily high-voltage switchgear); 62% 38% Net sales SEK 2,598 million Manufacturing Service & Maintenance 63% 37% EBITA SEK 388 million Manufacturing Service & Maintenance
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Better Business, which provides compliance services, age verification, mystery shopping and security - related services; Ståthöga MA Teknik, which delivers maintenance services for heavy industry; P&L Nordic, which develops learning and competence management tools for industrial companies and vocational upper secondary education; ILEMA, which conducts air emission measurements and analysis of air and flue gas emissions; Triton, which provides service, maintenance and manufacturing of industrial rollers; Mould ex, which offers service, spare parts, as well as refurbishment and upgrading of machinery for the sawmill industry; and AGB, a service partner for press tools used by plumbing and HVAC technicians. Net sales in the third quarter amounted to SEK 259 million (197), and EBITA amounted to SEK 41 million (26). Sales within Service & Maintenance increased during the quarter, driven by both acquisitions and organic growth. Organically, both sales and EBITA increased, mainly driven by Ståthöga MA Teknik, which had many projects in the quarter, as well as Triton and Stegaföretagen. Stegaföretagen had a stronger quarter than the previous year, with higher wash volumes and EBITA growth within car wash in Sweden and Finland, while work to strengthen profitab ility within installation and service continues. Net sales for the first nine months of the year amounted to SEK 727 million (616), and EBITA amounted to SEK 104 million (92). For the rolling twelve-month period, net sales amounted to SEK 977 million (846), and EBITA amounted to SEK 145 million (132). During the past twelve months, Idun has acquired Mouldex and AGB within the Service & Maintenance business area. Mouldex and AGB have been consolidated in the Group’s financial statements from 26 January 2026 and 8 May 2026, respectively. During the past t welve months, Stegaföretagen, within the Service & Maintenance business area, has acquired EcoSign skyltar i Sverige AB and JoMi System AB. The companies are consolidated in the Group’s income statement and balance sheet as of 29 January 2026 and 19 February 2026, respectively. Jul-Sep Jul-Sep Jan-Sep Jan-Sep RTM Jan-Dec Jan-Dec MSEK 2026 2025 2026 2025 2026 2025 2024 Net sales 259 197 727 616 977 866 853 Growth 31% -3% 18% -1% 16% 2% 5% EBITDA 45 29 116 102 160 146 154 EBITDA-margin (%) 18% 15% 16% 17% 16% 17% 18% EBITA 41 26 104 92 145 132 141 EBITA-margin (%) 16% 13% 14% 15% 15% 15% 17% Parent Company The Parent Company comprises the central costs of the Parent Company, Idun Industrier AB (publ), and related activities, as well as other non-operational items that arise within the Group. Idun’s Parent Company costs mainly consist of salaries and related expenses for personnel at the Parent Company level, which forms the Group’s central investment organization, conducts due diligence processes in connection with investments, represents the Group on the boards of its subsidiaries, and also includes the Grou p’s central finance function. Idun performs the vast majority of due diligence and investment -related work with its own staff, which, in the company’s view, strengthens continuity and comparability in analysis, improves the quality of decision -making, and is more cost -effective than using external consultants. For the rolling twelve-month period, EBITA amounted to SEK -25 million ( -25). The Parent Company’s total assets amounted to SEK 1,501 million (1,397) and liabilities to SEK 949 million (854). Equity amounted to SEK 552 million, corresponding to an equity ratio of 36.8%. Expected future development and significant risks and uncertainties A strong focus and a high market share within one or a few niches are distinguishing features shared by Idun’s group companies and key elements of our investment philosophy. High market shares often also imply an offering that is difficult for competitors to replicate. Our goal is to continue acquiring new group companies and completing add -on acquisitions for existing group companies, while our existing group companies continue to develop well. Management and the Board of Directors assess that the risks an d
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uncertainties that could significantly affect expected future development are primarily related to political and macroeconomic conditions, which are discussed below. Idun’s main risk factors consist of market risks, such as changes in the general macroeconomic environment and geopolitical conflicts. Furthermore, the Group is exposed to operational risks, such as customer, supplier, and quality risks. The Group is also exposed to financial risks, including currency, interest rate, and credit risks. Management continuously monitors developments and evaluates risks related to the markets and demand for the group companies in order to take measures when necessary. The ongoi ng wars bring — in addition to the human tragedy — significant uncertainty to the global environment. However, the Idun Group’s direct risks related to ongoing wars and conflicts, as well as tariff disputes and trade wars, are limited. Given the higher -than-normal level of uncertainty in our external environment, but also as we continue to see many opportunities for acquisition -driven growth of successful small and medium -sized companies with strong market positions in their respective niches, it is reassur ing that the Idun Group maintains good liquidity.
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OTHER INFORMATION Share capital As of the date of this report, Idun has two share classes, A and B shares. The A shares are unlisted, and the B shares have been listed on Nasdaq First North Growth Market since 25 March 2021. The number of outstanding shares at the end of the period and as of the date of this report amounts to 11,512,373 shares, divided into 3,110,240 A shares and 8,402,133 B shares. As of the end of the reporting period, there were outstanding warrants entitling the holder to subscribe for 83,500 B shares, distributed as follows: 28,400 of series 2024/2027 1; 3,000 of series 2024/2027 2 (both with an exercise price of SEK 260.68); 18,600 of series 2025/2028 1; 2,000 of series 2025/2028 2 (both with an exercise price of SEK 428.07); 27,500 of series 2026/2029 1; and 4,000 of series 2026/2029 2 (both with an exercise price of SEK 364.16). As of 30 September 2026, the warrants of series 2024/2027 1 and 2 resulted in a dilution effect of 0.27%. Other outstanding warrants do not give rise to any dilution effect as of 30 September 2026. Financial Calendar Year-end report 2026 – 26 February 2027 (changed from 5 March 2027) Annual report 2026 – 25 March 2027 Interim report January – March 2027 – 23 April 2027 Annual General Meeting – 5 May 2027 Interim report January – June 2027 – 19 August 2027 Interim report January – September 2027 – 26 October 2027 Year-end report 2027 – 25 February 2028 Statement The Board of Directors and the CEO hereby certify that this interim report provides a true and fair view of the Parent Company’s and the Group’s operations, financial position, and performance, and describes the material risks and uncertainties facing the Company and the companies included in the Group. This interim report has not been reviewed by the Company’s auditor. Stockholm, 23 October 2026 Adam Samuelsson Chairman of the Board Ludwig Andreen Board Member Christina Fagerberg Board Member Carin Jobson Board Member Johan Lindqvist Board Member Gunnar Tindberg Board Member Henrik Mella CEO For further information, please contact: Henrik Mella, CEO, henrik.mella@idun.com, +46 (0)70 660 63 40 Oskar Samuelsson, CFO, oskar.samuelsson@idun.com, +46 (0)70 966 13 25 Idun Industrier AB (publ) Corporate identity number 556924–7009 Kungsgatan 37 SE-111 56 Stockholm www.idun.com Idun’s Certified Adviser is Avanza Bank AB, ca@avanza.se, +46 (0)8 562 250 00
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FINANCIAL REPORTS Consolidated income statement Jul-Sep Jul-Sep Jan-Sep Jan-Sep RTM Jan-Dec Jan-Dec MSEK 2026 2025 2026 2025 2026 2025 2024 Net sales 657 521 1,983 1,683 2,598 2,298 2,192 Other operating income 3 2 8 8 12 12 16 660 523 1,991 1,691 2,610 2,310 2,208 Operating expenses Raw materials and supplies -141 -101 -413 -336 -541 -464 -473 Goods for resale -139 -116 -408 -338 -532 -462 -422 Other external costs -89 -66 -272 -231 -362 -321 -299 Personnel costs -175 -152 -566 -502 -754 -690 -655 Depreciation of tangible fixed assets -15 -12 -43 -35 -56 -48 -47 Amortization of intangible fixed assets -43 -32 -121 -95 -153 -127 -125 Other operating expenses 0 -2 -2 -8 -3 -9 -3 Operating profit 58 42 166 146 209 189 184 Financial items Other interest income and similar items 1 1 3 4 5 6 8 Interest expenses and similar items -12 -13 -41 -47 -56 -62 -75 Profit after financial items 47 30 128 103 158 133 117 Income tax -18 -12 -51 -40 -65 -54 -67 Deferred tax 0 1 1 5 -5 -1 11 Profit for the period 29 19 78 68 88 78 61 Attributable to: Parent Company’s shareholders 22 15 57 48 63 54 31 Non-controlling interests 7 4 21 20 25 24 30 EBITA attributable to Idun’s ordinary shareholders 84 64 237 200 299 262 237 Profit for the period adjusted for goodwill 58 41 158 128 190 160 128
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Consolidated balance sheet 30 Sep 30 Sep 31 Dec 31 Dec MSEK 2026 2025 2025 2024 Assets Fixed assets Intangible fixed assets 998 692 872 755 Tangible fixed assets 450 441 441 417 Deferred tax assets 29 29 29 29 Other long-term receivables 7 5 6 5 Total fixed assets 1,484 1,167 1,348 1,206 Current assets Inventories 506 401 427 403 Trade receivables 386 318 342 316 Accrued but not invoiced income 57 45 35 18 Current tax receivables 14 - - - Other receivables 13 11 18 13 Prepaid expenses and accrued income 29 34 31 30 Cash and cash equivalents 71 291 154 396 Total current assets 1,076 1,100 1,007 1,176 Total assets 2,560 2,267 2,355 2,382 Shareholders’ equity and liabilities Share capital 1 1 1 1 Other contributed capital 520 521 521 522 Retained earnings including profit for the year 129 87 86 90 Equity attributable to Parent Company shareholders 650 609 608 613 Non-controlling interests 265 201 237 247 Total equity 915 810 845 860 Provisions Provisions for deferred tax 87 76 82 80 Other provisions 33 28 34 32 Total provisions 120 104 116 112 Long-term liabilities Bond loan - 220 220 470 Liabilities to credit institutions 964 651 663 437 Other liabilities 9 7 8 8 Total long-term liabilities 973 878 891 915 Current liabilities Liabilities to credit institutions 119 108 106 107 Deferred income 4 3 8 5 Trade payables 186 152 145 124 Current tax liabilities - 6 21 25 Other liabilities 101 77 83 87 Accrued expenses and prepaid income 142 129 140 147 Total current liabilities 552 475 503 495 Total equity and liabilities 2,560 2,267 2,355 2,382
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Consolidated cash flow statement Jul-Sep Jul-Sep Jan-Sep Jan-Sep RTM Jan-Dec Jan-Dec MSEK 2026 2025 2026 2025 2026 2025 2024 Operating activities Operating profit 58 42 166 146 209 189 184 Adjustments for items not included in cash flow 58 44 165 130 209 174 171 Interest received 1 1 3 4 5 6 8 Interest paid -12 -13 -41 -47 -56 -62 -75 Taxes paid -36 -14 -87 -60 -93 -66 -57 Cash flow from operating activities before changes in working capital 69 60 206 173 274 241 231 Cash flow from changes in working capital Change in inventories -10 -5 -30 5 -28 7 -5 Change in trade receivables -1 7 -19 3 -24 -2 -3 Change in other operating receivables -23 -21 -12 -28 -4 -20 11 Change in trade payables 4 11 25 26 9 10 18 Change in other operating liabilities -1 -19 0 -21 16 -5 4 Cash flow from operating activities 38 33 170 158 243 231 256 Investing activities Investments in intangible fixed assets -2 -3 -4 -4 -4 -4 -7 Investments in tangible fixed assets -7 -18 -35 -54 -55 -74 -45 Sales of tangible fixed assets 1 0 1 0 7 6 1 Change in financial fixed assets -1 -1 -1 1 -1 1 1 Investments in subsidiaries -2 -20 -241 -107 -445 -311 -165 Settlement of contingent consideration - - -19 -8 -19 -8 -7 Sale of subsidiaries / divestment to minority - 0 2 3 3 4 2 Cash flow from investing activities -11 -42 -297 -169 -514 -386 -220 Financing activities New share issue and subscription of warrants 0 0 -1 -1 -1 -1 201 Issue costs - - - - - - -8 Change in long-term loans -32 -14 75 -38 89 -24 25 Change in short-term loans -1 -1 10 -11 9 -12 -74 Dividends paid -1 -1 -44 -43 -49 -48 -60 Cash flow from financing activities -34 -16 40 -93 48 -85 84 Cash flow for the period -7 -25 -87 -104 -223 -240 120 Cash and cash equivalents at the beginning of the period 77 316 154 396 291 396 276 Cash flow for the period -7 -25 -87 -104 -223 -240 120 Exchange rate difference in cash and cash equivalents 1 0 4 -1 3 -2 0 Cash and cash equivalents at the end of the period 71 291 71 291 71 154 396
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Consolidated changes in equity Other Retained Non- Share- contributed Revaluation- earnings incl. controlling MSEK capital equity reserve profit for the year interest Total Opening balance as of 1 January 2025 1 522 5 85 247 860 Dividend -11 -31 -42 New share issue and warrants 1 1 Repurchase of warrants -2 -2 Transactions with minority interests -35 -43 -78 Minority interest from acquisition 8 8 Exchange differences -5 0 -5 Profit for the year 48 20 68 Closing balance as of 30 September 2025 1 521 5 82 201 810 Opening balance as of 1 January 2026 1 521 5 81 237 845 Dividend -13 -31 -44 New share issue and warrants 1 1 Repurchase of warrants -2 -2 Transactions with minority interests -2 0 -2 Minority interest from acquisition 37 37 Exchange differences 1 1 2 Profit for the year 57 21 78 Closing balance as of 30 September 2026 1 520 5 124 265 915 Parent Company income statement Jul-Sep Jul-Sep Jan-Sep Jan-Sep RTM Jan-Dec Jan-Dec MSEK 2026 2025 2026 2025 2026 2025 2024 Net sales - - - - 1 1 1 - - - - 1 1 1 Operating expenses Other external costs -2 -2 -6 -7 -8 -9 -7 Personnel costs -5 -4 -14 -13 -18 -17 -15 Operating profit -7 -6 -20 -20 -25 -25 -21 Financial items Profit from participations in group companies - 1 27 25 -28 -30 13 Profit from participations in associated companies 13 - 18 2 18 2 10 Other interest income and similar items 5 6 17 14 22 19 7 Interest expenses and similar items -10 -12 -36 -37 -47 -48 -46 Profit after financial items 1 -11 6 -16 -60 -82 -37 Appropriations - - - - 93 93 62 Income tax 2 2 8 9 -11 -10 -6 Deferred tax - - - - 1 1 5 Profit for the period 3 -9 14 -7 23 2 24
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Parent Company balance sheet 30 Sep 30 Sep 31 Dec 31 Dec MSEK 2026 2025 2025 2024 Assets Fixed assets Shares in group companies 855 665 740 666 Shares in associated companies and jointly controlled entities 19 19 19 19 Deferred tax asset 23 23 23 23 Receivables from group companies 350 - 370 - Other long-term receivables 2 1 2 1 Total fixed assets 1,249 708 1,154 709 Current assets Receivables from group companies 233 449 195 181 Current tax receivables 13 4 - - Other receivables 2 2 2 1 Prepaid expenses and accrued income 4 8 5 4 Cash and cash equivalents - 226 66 303 Total current assets 252 689 268 489 Total assets 1,501 1,397 1,422 1,198 Equity and liabilities Equity Restricted equity Share capital 1 1 1 1 Revaluation reserve 5 5 5 5 Unrestricted equity Share premium reserve 520 521 521 522 Retained earnings 12 23 23 11 Profit for the year 14 -7 2 24 Total equity 552 543 552 563 Long-term liabilities Bond loan - 220 220 470 Liabilities to credit institutions 758 467 454 - Other long-term liabilities - - - 1 Total long-term liabilities 758 687 674 471 Current liabilities Liabilities to credit institutions 55 55 55 - Trade payables 0 0 0 0 Liabilities to group companies 134 109 123 156 Current tax liabilities - - 15 5 Other liabilities 1 2 1 1 Accrued expenses and prepaid income 1 1 2 2 Total current liabilities 191 167 196 164 Total equity and liabilities 1,501 1,397 1,422 1,198
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NOTES Accounting principles This interim report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Accounting Standards Board’s general guidelines BFNAR 2012:1 Annual Report and Consolidated Financial Statements (K3). The accounting and valuation principles applied are unchanged compared with the most recently issued annual report. The Company’s accounting principles are described in the most recently issued annual report. Seasonal variations In certain group companies, there are clear seasonal variations; however, at the Group level, there are currently no significant seasonal variations. Related party transactions During the period, Idun has not entered into any related party transactions that have materially affected the Group’s financial results or position. For more information about related parties, please refer to the Annual Report for 2025, Note 31 — Related party transactions. Estimates and assumptions Estimates and assumptions are evaluated continuously and are based on historical experience and other factors, including expectations of future events that are considered reasonable under current circumstances. There are no significant sources of uncertainty in estimates or assumptions as of the date of this report that are deemed to entail a significant risk of material adjustment to the reported values of assets and liabilities within the next twelve months. Definitions Gross profit – Net sales and other operating income less the cost of raw materials and supplies, and goods for resale. Gross margin (%) – Gross profit as a percentage of net sales. EBITDA – Earnings before net financial items, taxes, and depreciation, amortization and impairment of tangible and intangible fixed assets. EBITDA-margin (%) – EBITDA as a percentage of net sales. EBITA – Earnings before net financial items, taxes, and amortization and impairment of intangible fixed assets. EBITA attributable to Idun’s ordinary shareholders – EBITA attributable to the Parent Company’s shareholders. EBITA-margin (%) – EBITA as a percentage of net sales. Profit for the period adjusted for goodwill – Profit for the period attributable to the Parent Company’s shareholders, adjusted by adding back the Parent company shareholders’ share of amortization of goodwill and customer relationships, adjusted for deferred tax. Number of employees – Average number of employees during the period. Average number of shares – Average number of outstanding shares during the period. Equity ratio (%) – Total equity as a percentage of total assets. Net debt – Long-term and short -term interest -bearing liabilities and provisions for contingent consideration, less cash and cash equivalents.
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Net debt attributable to Idun’s ordinary shareholders – Long-term and short -term interest -bearing liabilities and provisions for contingent consideration, less cash and cash equivalents, attributable to the Parent Company’s shareholders. Earnings per share before dilution – Profit for the period attributable to the Parent Company’s shareholders divided by the average number of outstanding shares during the period. Earnings per share after dilution – Profit for the period attributable to the Parent Company’s shareholders divided by the average number of outstanding shares during the period, adjusted for potential dilutive shares from issued options. Earnings per share adjusted for goodwill before dilution – Profit for the period attributable to the Parent Company’s shareholders, adjusted by adding back the Parent Company shareholders’ share of amortization of goodwill and customer relationships, adjusted for deferred tax, divided by the average number of outstanding shares during the period. Earnings per share adjusted for goodwill after dilution – Profit for the period attributable to the Parent Company’s shareholders, adjusted by adding back the Parent Company shareholders’ share of amortization of goodwill and customer relationships, adjusted for deferred tax, divided by the average number of outstanding shares during the period, adjusted for potential dilutive shares from issued options.