Interim report
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Indutrade AB (publ.), Reg. no. 556017-9367. Box 6044, SE-164 06 Kista. Visiting address: Raseborgsgatan 9. Tel: +46 (0)8 703 03 00. www.indutrade.com INTERIM REPORT JANUARY – SEPTEMBER 2026 Strong profitable growth Third quarter 2026 13% Sales growth 15.3% EBITA margin • Order intake increased by 16% and amounted to SEK 8,991 million (7,735). For comparable units, the increase was 6%. • Net sales increased by 13% and amounted to SEK 8,871 million (7,846). For comparable units, the increase was 5%. • EBITA increased by 19% to SEK 1,358 million (1,143), corresponding to an EBITA margin of 15.3% (14.6%). • Profit for the quarter increased by 19% to SEK 804 million (674) and earnings per share amounted to SEK 2.21 (1.85). • Cash flow from operating activities amounted to SEK 1,216 million (1,016). Financial overview and key figures MSEK 2026 2025 ∆, % 2026 2025 ∆, % R12 2025 Order intake 8,991 7,735 16% 27,013 24,487 10% 35,209 32,683 Net sales 8,871 7,846 13% 25,922 24,003 8% 34,148 32,229 Book-to-bill, % 101 99 104 102 103 101 EBITA 1,358 1,143 19% 3,750 3,352 12% 4,844 4,446 EBITA margin, % 15.3 14.6 14.5 14.0 14.2 13.8 Operating profit 1,156 974 19% 3,180 2,851 12% 4,098 3,769 Profit before tax 1,034 875 18% 2,849 2,517 13% 3,664 3,332 Net profit for the period 804 674 19% 2,187 1,936 13% 2,813 2,562 Earnings per share before dilution, SEK 2.21 1.85 19% 6.00 5.31 13% 7.72 7.03 Return on capital employed, % 19 19 19 19 19 18 Cash flow from operating activities 1,216 1,016 20% 2,736 2,395 14% 4,331 3,990 Net debt/equity ratio, % 50 48 50 48 50 44 Net debt/EBITDA, times 1.6 1.4 14% 1.6 1.4 14% 1.6 1.4 Q1-Q3Q3
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Q3 2026 Interim report January – September 2026 2 CEO’s message Third quarter Demand continued to improve in the third quarter. Order intake amounted to SEK 9.0 billion (7.7), an increase of 16%, of which 6% was organic. Development was positive in all business areas and the majority of the companies. The increase was largest in companies with customers in medical technology and pharmaceuticals, energy and engineering. The book-to-bill ratio was positive, thus further strengthening the order backlog. Net sales increased 13% to SEK 8.9 billion (7.8), with acquisitions contributing 8% and organic growth 5%. All business areas grew organically, with Process, Energy & Water seeing the strongest development. In Process, Energy & Water, deliveries increased due to the strong order backlog built up in recent quarters, primarily in the energy segment. In Life Science and Industrial & Engineering, the majority of companies developed positively. Development was positive also in Infrastructure & Construction and Technology & Systems Solutions, although from slightly lower levels. EBITA increased 19% to SEK 1.4 billion (1.1), corresponding to an EBITA margin of 15.3% (14.6%). The margin improvement was mainly driven by the strong organic sales growth, as well as positive effects from acquisitions. Thanks to successful pricing efforts, the gross margin remained at a stable high level. The EBITA margin improved in three out of the five business areas compared with the corresponding period in the previous year, with Industrial & Engineering showing the strongest development. Cash flow from operating activities improved and amounted to SEK 1.2 billion (1.0), due primarily to the strong earnings. Despite the good acquisition pace, the debt/equity ratio is low and the Group’s financial position remains very strong. Acquisitions To date this year, we have acquired or signed agreements to acquire 13 companies with combined annual sales totalling SEK 2.1 billion. Acquisition effects on net sales and EBITA increased and amounted to 8% and 10% respectively. Since the end of the quarter, we have announced the acquisition of two life science companies, Euromed and Sinmed, which will strengthen our presence in Poland, as well as Schraner, a German company specialising in fire protection systems. The inflow of acquisition candidates remains high, and our business areas are working to generate more acquisition candidates through the internal network. Our financial position is strong, laying a firm foundation for a continued good acquisition pace moving forward. “Improved demand, strong growth and higher EBITA margin.”
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Q3 2026 Interim report January – September 2026 3 Outlook The strong order backlog and continued high acquisition pace lay a good foundation for upcoming quarters. Some of the growth in order backlog is driven by the major investments in energy being made across Europe, projects that generally have long lead times. There is however remaining uncertainty in the general economy, mainly linked to the geopolitical situation. Several of our companies are well positioned in structurally growing markets, and our decentralised model provides a solid platform for continued, sustainable profitable growth. Bo Annvik, President and CEO “The inflow of acquisition candidates remains high.” Net sales and EBITA margin Average annual growth rate, past five years1) 10% per year Net sales 9% per year EBITA 1) Q3-2026 R12 0% 5% 10% 15% 20% 0 2,000 4,000 6,000 8,000 10,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 21 22 23 24 25 26 Net sales, MSEK EBITA margin, %
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Q3 2026 Interim report January – September 2026 4 Order intake and net sales Sales bridge Order intake Order intake amounted to SEK 8,991 million (7,735), an increase of 16% compared with the corresponding period in the previous year, of which 6% was organic. Order intake for comparable units improved in the majority of the companies. Order intake was 1% higher than net sales. Demand varied between companies but development was positive in most main customer segments, and strongest in companies with customers in medical technology and pharmaceuticals, energy and engineering. Order intake for comparable units increased in all business areas, and most strongly in Life Science. Net sales Net sales amounted to SEK 8,871 million (7,846), an increase of 13%, of which 5% organic. All five business areas and the majority of the companies grew organically. Growth was strongest in Process, Energy & Water, partly thanks to increased deliveries of valves for power generation. Growth, % Order intake Net sales Order intake Net sales Organic 6 5 5 3 Acquisitions 9 8 7 6 Divestments 0 0 0 0 Currency 1 0 -2 -1 Total 16 13 10 8 Q3 2026 Q1-Q3 2026 Order intake and Book-to-bill Net sales & organic growth 7,537 8,462 7,735 8,609 8,991 95 96 105 102 99 100 107 105 101 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 24 25 26 Order intake, MSEK Book-to-bill, % 7,973 8,036 7,846 8,063 8,871 0 2 0 -4 -1 0 0 5 5 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 24 25 26 Net sales, MSEK Organic growth, %
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Q3 2026 Interim report January – September 2026 5 Earnings and return Profit bridge Earnings EBITA for the third quarter amounted to SEK 1,358 million (1,143), an increase of 19% compared with the corresponding period in the previous year. The EBITA margin was 15.3% (14.6%). The gross margin remained strong and improved slightly to 35.8% (35.5%). Industrial & Engineering had the strongest EBITA margin development, primarily due to solid net sales performance for comparable units. Infrastructure & Construction and Life Science also showed positive margin development. In Process, Energy & Water, the EBITA margin was slightly lower than in the corresponding period in the previous year due to a higher proportion of project business with somewhat lower gross margin. Technology & Systems Solutions was impacted by a weak earnings trend in a few companies. Net financial items amounted to SEK -122 million (-99). Tax on profit for the quarter totalled SEK -230 million (-201), corresponding to a tax charge of 22% (23%). Profit for the quarter increased by 19% to SEK 804 million (674). Earnings per share before dilution increased by 19% to SEK 2.21 (1.85). Return Return on capital employed was in line with the corresponding period in the previous year and amounted to 19% (19%). Return on equity amounted to 16% (16%). Q3 2026 Q1-Q3 2026 Growth, % EBITA EBITA Organic 9 5 Acquisitions 10 8 Divestments 0 0 Currency 0 -1 Total 19 12 EBITA & EBITA margin Earnings per share Return on capital employed 1,182 1,094 1,143 1,070 1,358 14.8 14.6 13.6 13.7 14.6 13.3 13.3 14.7 15.3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 24 25 26 EBITA, MSEK EBITA margin, % 1.92 1.71 1.85 1.64 2.21 7.48 7.55 7.64 7.39 7.32 7.03 6.96 7.36 7.72 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 24 25 26 Earnings per share, SEK Earnings per share R12, SEK 24,547 24,208 24,901 26,143 28,708 19 19 19 19 19 18 18 18 19 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 24 25 26 Capital employed, MSEK Return on capital employed, %, 12 months
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Q3 2026 Interim report January – September 2026 6 Balance sheet and cash flow Balance sheet Capital employed at the end of the quarter increased by 15% compared with the corresponding period in the previous year and amounted to SEK 28,708 million (24,901). The increase was primarily due to acquisitions, but working capital for comparable units also contributed somewhat, mainly driven by an increase in trade receivables. Inventories for comparable units also increased slightly. Working capital efficiency was higher than in the corresponding period in the previous year. Equity amounted to SEK 19,134 million (16,801) and the equity ratio was 51% (50%). Cash and cash equivalents totalled SEK 1,254 million (1,891). In addition, there were unutilised credit commitments of SEK 6,293 million (6,291). Interest-bearing net debt showed an increase compared with the corresponding period in the previous year, amounting to SEK 9,574 million (8,100). Cash flow and investments Cash flow from operating activities in the quarter increased compared with the corresponding period in the previous year and totalled SEK 1,216 million (1,016). The improvement was mainly due to higher operating profit. Investments in property, plant and equipment in the quarter amounted to SEK 148 million (123). Company acquisitions and divestments had an impact of SEK -431 million (-426) on cash flow. Financial position The financial position remains strong and the net debt/equity ratio at the end of the quarter was 50% (48%). Interest-bearing net debt/EBITDA was 1.6x (1.4x). Net debt 30 Sep 31 Dec 30 Sep MSEK 2026 2025 2025 Borrowings 7,730 7,399 7,462 Cash and cash equivalents -1,254 -2,393 -1,891 Financial net debt 6,476 5,006 5,571 Lease liabilities 1,818 1,549 1,481 Contingent consideration 959 696 731 Pension obligation 321 305 317 Interest-bearing net debt 9,574 7,556 8,100 Financial net debt/EBITDA¹, times 1.1 0.9 1.0 Interest-bearing net debt/EBITDA¹, times 1.6 1.4 1.4 1) Rolling 12 months Maturity analysis – financing1 1) Pertains to the Parent Company, which is responsible for most of the Group’s financing. Excluding leasing according to IFRS 16. Net debt/equity ratio Cash flow 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 ≤12 mths >12-24 >24-36 >36-48 >48 mths Outstanding debt, MSEK Unutilised credit facilities, MSEK 8,843 7,721 8,100 8,146 9,574 56 49 47 52 48 44 45 55 50 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 24 25 26 Net debt, MSEK Net debt/equity ratio, % 3,545 3,806 3,490 3,529 3,854 1019 1599 644 735 1016 1595 638 882 1216 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 24 25 26 Free operating cash flow (R12), MSEK Cash flow from operating activities, MSEK
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Q3 2026 Interim report January – September 2026 7 Acquisitions Acquisitions announced during the quarter On 7 July, all shares in Albiox Oy, Finland, with annual sales of SEK 30 million, were acquired. Albiox is specialised in cleanroom products, customised solutions for drug-manufacturing, services, and biological media for pharmacies and pharmaceutical manufacturers in the Nordics. The acquisition is an add- on to the Indutrade-owned company Labema in Finland. On 16 July, all shares in Dorte Egelund ApS, Denmark, with annual sales of SEK 30 million, were acquired. Dorte Egelund is a technical trading company specialised in microbiological and related technical solutions to the Danish market. The acquisition is an add-on to the Indutrade-owned company Labema in Finland. On 22 July, all shares in Controlin B.V., Netherlands, with annual sales of SEK 130 million, were acquired. Controlin is a technical trading and application engineering company specialised in energy management, power management and industrial automation components and solutions. The company serves a broad range of industrial end markets, including the marine, infrastructure and utilities sectors. Acquisitions announced in 2026 1) Estimated annual sales and number of employees at the time of acquisition. 2) Completion is expected to take place during Q4 2026. Month acquired Acquisitions Business area Net sales, MSEK¹ Number of employees¹ February Belman A/S Process, Energy & Water 255 142 February CAT Ricambi S.r.l. Industrial & Engineering 320 38 April Axotan AB Life Science 50 7 May PHACOTEC Produkt-Service GmbH Life Science 30 3 May Valveco B.V. Process, Energy & Water 345 86 June Createc GmbH & Co. KG Life Science 250 35 July Albiox Oy Life Science 30 7 July Autek AS Technology & Systems Solutions 170 25 July Dorte Egelund ApS Life Science 30 4 July Controlin B.V. Process, Energy & Water 130 26 October Schraner GmbH Infrastructure & Construction 90 35 – ² Euromed Medical Solutions Sp. z o.o. Life Science 230 40 – ² Sinmed Sp. z o.o. Life Science 130 48 Total 2,060 496
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Q3 2026 Interim report January – September 2026 8 Business areas The Indutrade Group is organised under five business areas: Industrial & Engineering, Infrastructure & Construction, Life Science, Process, Energy & Water and Technology & Systems Solutions. For more information about each business area, please visit: www.indutrade.com Net sales by business area Q3 2026, % EBITA margin by business area, % Industrial & Engineering The order intake for comparable units during the quarter was stronger than in the corresponding period in the previous year, and increased in the majority of the companies. Order intake was 1% lower than net sales. Among the larger countries and regions, sales development was strongest in Sweden, Asia and Germany, and weakest in Denmark. The higher EBITA margin is explained mainly by the increase in net sales for comparable units, as well as positive effects from acquisitions. 25 13 24 24 14 Industrial & Engineering Infrastructure & Construction Life Science Process, Energy & Water Technology & Systems Solutions 15.7 13.3 18.2 15.9 15.114.7 12.4 17.9 16.0 15.9 0.0 5.0 10.0 15.0 20.0 Industrial & Engineering Infrastructure & Construction Life Science Process, Energy & Water Technology & Systems Solutions Q3 2026 Q3 2025 MSEK 2026 2025 ∆, % 2026 2025 ∆, % R12 2025 Order intake 2,186 1,891 16% 6,776 6,120 11% 8,751 8,095 Net sales 2,206 1,918 15% 6,619 5,958 11% 8,685 8,024 EBITA 346 281 23% 1,002 827 21% 1,305 1,130 EBITA margin, % 15.7 14.7 15.1 13.9 15.0 14.1 Q3 Q1-Q3 Growth % Order intake Net sales EBITA Order intake Net sales EBITA Organic 6 5 13 4 4 13 Acquisitions 9 9 10 8 8 9 Currency 1 1 0 -1 -1 -1 Total 16 15 23 11 11 21 Q3 2026 Q1-Q3 2026 1,891 2,030 1,918 2,137 2,206 14.8 13.6 13.4 13.6 14.7 14.7 14.4 15.3 15.7 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 24 25 26 Net sales, MSEK EBITA margin, %
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Q3 2026 Interim report January – September 2026 9 Infrastructure & Construction The order intake for comparable units during the quarter was stronger than in the corresponding period in the previous year, and increased in half of the companies. Order intake was in line with net sales. Among the larger countries, sales development was strongest in Finland and Switzerland, and weakest in the Netherlands and UK. The higher EBITA margin is explained mainly by the increase in net sales for comparable units. Life Science The order intake for comparable units during the quarter was stronger than in the corresponding period in the previous year, and increased in the majority of the companies. Order intake was 4% higher than net sales. Among the larger countries and regions, sales development was strongest in Belgium and Germany, and weakest in Sweden and Asia. The higher EBITA margin is explained mainly by positive effects from acquisitions. MSEK 2026 2025 ∆, % 2026 2025 ∆, % R12 2025 Order intake 1,183 1,133 4% 3,548 3,669 -3% 4,724 4,845 Net sales 1,178 1,137 4% 3,523 3,623 -3% 4,717 4,817 EBITA 157 141 11% 424 394 8% 564 534 EBITA margin, % 13.3 12.4 12.0 10.9 12.0 11.1 Q3 Q1-Q3 Growth % Order intake Net sales EBITA Order intake Net sales EBITA Organic 4 3 11 -1 0 6 Acquisitions 0 0 0 0 0 0 Divestments 0 0 0 -1 -1 3 Currency 0 1 0 -1 -2 -1 Total 4 4 11 -3 -3 8 Q3 2026 Q1-Q3 2026 1,216 1,211 1,137 1,122 1,178 10.8 11.9 10.1 10.3 12.4 11.7 10.5 12.2 13.3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 24 25 26 Net sales, MSEK EBITA margin, % MSEK 2026 2025 ∆, % 2026 2025 ∆, % R12 2025 Order intake 2,195 1,795 22% 6,516 5,467 19% 8,521 7,472 Net sales 2,108 1,837 15% 6,255 5,552 13% 8,189 7,486 EBITA 384 329 17% 1,112 942 18% 1,424 1,254 EBITA margin, % 18.2 17.9 17.8 17.0 17.4 16.8 Q3 Q1-Q3 Growth % Order intake Net sales EBITA Order intake Net sales EBITA Organic 8 5 3 11 6 8 Acquisitions 14 9 13 10 8 11 Currency 0 1 1 -2 -1 -1 Total 22 15 17 19 13 18 Q3 2026 Q1-Q3 2026 1,921 1,873 1,837 1,947 2,108 17.3 15.6 16.3 16.7 17.9 16.1 17.0 18.0 18.2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 24 25 26 Net sales, MSEK EBITA margin, %
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Q3 2026 Interim report January – September 2026 10 Process, Energy & Water The order intake for comparable units during the quarter was stronger than in the corresponding period in the previous year, and increased in half of the companies. Order intake was 1% higher than net sales. Among the larger countries and regions, sales development was strongest in the Nordics and North America, and weakest in Belgium, Switzerland and the UK. The slightly lower EBITA margin is primarily attributable to a higher proportion of project business with somewhat lower gross margin. Technology & Systems Solutions The order intake for comparable units during the quarter was stronger than in the corresponding period in the previous year, and increased in the majority of the companies. Order intake was 2% higher than net sales. Among the larger countries and regions, sales development was weakest in the Netherlands, Asia and Sweden, and weakest in Italy and Germany. The lower EBITA margin is primarily attributable to a weak development in earnings in a few project-oriented companies. MSEK 2026 2025 ∆, % 2026 2025 ∆, % R12 2025 Order intake 2,200 1,840 20% 6,446 5,801 11% 8,323 7,678 Net sales 2,176 1,842 18% 6,033 5,513 9% 7,941 7,421 EBITA 345 295 17% 893 821 9% 1,195 1,123 EBITA margin, % 15.9 16.0 14.8 14.9 15.0 15.1 Q3 Q1-Q3 Growth % Order intake Net sales EBITA Order intake Net sales EBITA Organic 6 6 5 5 3 1 Acquisitions 13 11 11 8 7 8 Currency 1 1 1 -2 -1 0 Total 20 18 17 11 9 9 Q3 2026 Q1-Q3 2026 1,808 1,791 1,842 1,747 2,176 16.2 16.3 13.5 15.1 16.0 15.8 13.0 15.2 15.9 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 24 25 26 Net sales, MSEK EBITA margin, % MSEK 2026 2025 ∆, % 2026 2025 ∆, % R12 2025 Order intake 1,245 1,093 14% 3,777 3,480 9% 4,958 4,661 Net sales 1,217 1,126 8% 3,539 3,405 4% 4,686 4,552 EBITA 184 179 3% 496 510 -3% 681 695 EBITA margin, % 15.1 15.9 14.0 15.0 14.5 15.3 Q3 Q1-Q3 Growth % Order intake Net sales EBITA Order intake Net sales EBITA Organic 6 2 0 5 1 -6 Acquisitions 7 6 5 6 5 5 Currency 1 0 -2 -2 -2 -2 Total 14 8 3 9 4 -3 Q3 2026 Q1-Q3 2026 1,152 1,148 1,126 1,125 1,217 15.9 17.4 14.6 14.4 15.9 16.1 13.2 13.7 15.1 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 24 25 26 Net sales, MSEK EBITA margin, %
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Q3 2026 Interim report January – September 2026 11 January – September in brief Order intake Order intake in the period January – September amounted to SEK 27,013 million (24,487), an increase of 10%. Comparable units increased by 5%, acquisitions contributed 7%, and currency movements had a negative impact of 2%. Net sales Net sales in the period January – September amounted to SEK 25,922 million (24,003), an increase of 8%. Comparable units increased by 3%, acquisitions contributed 6%, and currency movements had a negative impact of 1%. Earnings EBITA in the period January – September amounted to SEK 3,750 million (3,352), an increase of 12%. Comparable units increased by 5%, acquisitions contributed 8%, and currency movements had a negative impact of 1%. The EBITA margin was 14.5% (14.0%). The higher EBITA margin is mainly explained by the organic sales growth, as well as positive effects from acquisitions. Net financial items for the period January – September amounted to SEK -331 million (-334). Tax on profit for the period amounted to SEK -662 million (-581), corresponding to a tax charge of 23% (23%). Profit for the period increased by 13% and amounted to SEK 2,187 million (1,936). Earnings per share before dilution increased by 13% and amounted to SEK 6.00 (5.31). Cash flow Cash flow from operating activities in the period January – September amounted to SEK 2,736 million (2,395). The Group’s net investments in non-current assets, excluding company acquisitions, totalled SEK 369 million (382). Free operating cash flow amounted to SEK 2,367 million (2,013). Investments in company acquisitions amounted to SEK 1,830 million (812). In addition, consideration of SEK 228 million (113) was paid for acquisitions made in previous years. Divestments amounted to SEK 0 million (18). Dividends during the year have had an effect of SEK 1,129 million (1,092) on cash flow. Acquisitions During the period January – September, 10 acquisitions were completed, with combined annual sales of SEK 1,610 million.
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Q3 2026 Interim report January – September 2026 12 Other information Events after the end of the reporting period On 16 October, an agreement was signed to acquire Euromed Medical Solution Sp. z o.o.. On 20 October, an agreement was signed to acquire Sinmed Sp. z o.o.. On 22 October, Schraner GmbH was acquired. For more information, see page 24. The Parent Company The main functions of Indutrade AB are to take responsibility for business development, HR development, sustainability, acquisitions, financing, business control, analysis and communication. The Parent Company’s net sales, which consist entirely of internal invoicing of services, amounted to SEK 15 million (15) in the period January – September. The Parent Company’s financial assets consist mainly of shares in subsidiaries. The Parent Company acquired shares in five companies in the period January – September. The Parent Company has not made any large investments in intangible assets or property, plant and equipment. The number of employees at 30 September was 26 (25). Employees The number of employees at the end of the period was 10,143, compared with 9,850 at the beginning of the year. Risks and uncertainties The Indutrade Group conducts business in some 30 countries, on six continents, through more than 225 companies. This spread, together with a large number of customers in different industries and a large number of suppliers, mitigates the business and financial risks. Besides the risks and uncertainties described in the Indutrade Annual Report for 2025, no additional significant risks or uncertainties are deemed to have arisen or been removed. As the Parent Company is responsible for the Group’s financing, it is exposed to financing risk. The Parent Company’s other activities are not exposed to risks other than indirectly through subsidiaries. A more detailed account of risks that affect the Group and Parent Company can be found in the 2025 Annual Report. Related party transactions There were no transactions between Indutrade and related parties that significantly affected the Company’s financial position and earnings during the period. Accounting principles Indutrade reports in accordance with International Financial Reporting Standards (IFRS Accounting Standards). This interim report has been prepared in accordance with IAS 34 and RFR 1. Disclosures in accordance with IAS 34.16A are presented not only in the financial statements and the accompanying notes, but also in other parts of this interim report. The Parent Company applies RFR 2. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act. In preparing this interim report, the same accounting principles and calculation methods have been applied for the Group and the Parent Company as in the most recent annual report. There are no new IFRSs or IFRIC interpretations adopted by the EU that are applicable to Indutrade or have a significant impact on the Group’s earnings and financial position in 2026. The IFRS accounting standard IFRS 18 comes into force on 1 January 2027. An evaluation of the effects of IFRS 18 is under way. The standard is expected to require some reclassifications in the consolidated income statement. Nomination Committee The following persons have been appointed as members of the Nomination Committee ahead of the 2027 Annual General Meeting: Claes Boustedt, L E Lundbergföretagen AB (Committee Chair); Katarina Martinson, Chair of the Board Indutrade AB; Dick Bergqvist, AMF & AMF Fonder; Erik Brändström, Spiltan Fonder; and Karin Eliasson, Handelsbanken Fonder. Indutrade’s Annual General Meeting will be held in Stockholm on 6 April 2027. Shareholders who wish to submit nominations to the Nomination Committee can do so by e-mailing valberedning@indutrade.com or writing to Indutrade’s postal address. For the Nomination Committee to be able to consider submitted nominations in a constructive manner, these should be in the Committee’s possession by 31 December 2026 at the latest. For more information, please visit: https://www.indutrade.com/about- indutrade/corporate-governance/nomination- committee/.
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Q3 2026 Interim report January – September 2026 13 Financial calendar • 27 January 2027: Year-end report 1 January – 31 December 2026 • 6 April 2027: AGM in Stockholm • 23 April 2027: Interim report 1 January – 31 March 2027 • 16 July 2027: Interim report 1 January – 30 June 2027 • 22 October 2027: Interim report 1 January – 30 September 2027 Stockholm, 23 October 2026 Indutrade AB (publ) Bo Annvik President and CEO This is an unofficial translation of the original Swedish text. In the event of any discrepancy between the English translation and the Swedish original, the Swedish version shall govern. Note This information is such information that Indutrade AB is obliged to make public in accordance with the EU Market Abuse Regulation. The information was submitted for publication on 23 October 2026 at 7.30 a.m. CEST, through the agency of the contact persons set out below. Totals and rounding Totals given in tables and calculations are not always the exact sum of the different parts due to rounding differences. The aim is for each figure to correspond to the source and rounding differences may therefore occur. Further information For further information, please contact: Bo Annvik, President and CEO, tel. +46 (0)8 703 03 00, Jan Öhman, Interim CFO, tel. +46 70 226 75 34. Report webcast: A webcast of the report will be presented on 23 October at 9.30 a.m. CEST via the following link: https://events.inderes.com/indutrade/q3-report-2026 To participate in the presentation by phone and ask questions, please register using the link below. After registration, you will receive a phone number and conference ID to log into the conference call. https://events.inderes.com/indutrade/q3-report-2026/dial-in
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Q3 2026 Interim report January – September 2026 14 Review report To the Board of Directors of Indutrade AB (publ) Corp. id. 556017-9367 Introduction We have reviewed the condensed interim financial information (interim report) of Indutrade AB (publ.) as of 30 September 2026 and the nine-month period then ended. 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 International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information 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 practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, 23 October 2026 KPMG AB Joakim Thilstedt Authorised Public Accountant
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Q3 2026 Interim report January – September 2026 15 Condensed consolidated income statement Consolidated statement of comprehensive income MSEK 2026 2025 2026 2025 R12 2025 Net sales 8,871 7,846 25,922 24,003 34,148 32,229 Cost of goods sold -5,697 -5,064 -16,643 -15,512 -21,956 -20,825 Gross profit 3,174 2,782 9,279 8,491 12,192 11,404 Development costs -99 -88 -293 -279 -392 -378 Selling costs -1,300 -1,218 -3,930 -3,787 -5,256 -5,113 Administrative expenses -619 -500 -1,836 -1,590 -2,373 -2,127 Other operating income and expenses 0 -2 -40 16 -73 -17 Operating profit 1,156 974 3,180 2,851 4,098 3,769 Net financial items -122 -99 -331 -334 -434 -437 Profit before tax 1,034 875 2,849 2,517 3,664 3,332 Income tax -230 -201 -662 -581 -851 -770 Net profit for the period 804 674 2,187 1,936 2,813 2,562 Net profit attributable to: Owners of the parent 804 674 2,186 1,935 2,811 2,560 Non-controlling interests 0 0 1 1 2 2 804 674 2,187 1,936 2,813 2,562 EBITA 1,358 1,143 3,750 3,352 4,844 4,446 Operating profit includes: Amortisation of intangible assets¹ -214 -179 -604 -533 -795 -724 of which attributable to acquisitions -203 -169 -570 -501 -746 -677 Depreciation of property, plant and equipment -267 -253 -771 -748 -1,024 -1,001 Earnings per share before dilution, SEK 2.21 1.85 6.00 5.31 7.72 7.03 Earnings per share after dilution, SEK 2.21 1.85 6.00 5.31 7.72 7.03 ¹Excluding impairment losses Q1-Q3Q3 MSEK 2026 2025 2026 2025 R12 2025 Net profit for the period 804 674 2,187 1,936 2,813 2,562 Other comprehensive income Items that may be reclassified subsequently to profit or loss Fair value adjustment of hedging instruments 25 -4 26 -1 27 0 Tax attributable to fair value adjustments -6 1 -6 0 -6 0 Exchange differences 421 -173 929 -668 615 -982 Items that may not be reclassified to profit or loss Actuarial gains/losses - - - - 6 6 Tax on actuarial gains/losses - - - - -2 -2 Other comprehensive income for the period, net of tax 440 -176 949 -669 640 -978 Total comprehensive income for the period 1,244 498 3,136 1,267 3,453 1,584 Comprehensive income attributable to: Owners of the parent 1,244 498 3,135 1,266 3,452 1,583 Non-controlling interests 0 0 1 1 1 1 Q3 Q1-Q3
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Q3 2026 Interim report January – September 2026 16 Condensed consolidated balance sheet Condensed consolidated statement of changes in equity 31 Dec MSEK 2026 2025 2025 Goodwill 11,623 9,707 9,930 Other intangible assets 5,646 4,777 4,913 Property, plant and equipment 4,945 4,469 4,487 Financial assets 544 245 264 Inventories 5,997 5,182 5,032 Trade receivables 6,044 5,194 4,749 Other receivables 1,618 1,948 1,461 Cash and cash equivalents 1,254 1,891 2,393 Total assets 37,671 33,413 33,229 Equity 19,134 16,801 17,119 Non-current interest-bearing liabilities and pension liabilities 8,031 7,307 7,751 Other non-current liabilities and provisions 1,707 1,423 1,471 Current interest-bearing liabilities 2,797 2,684 2,198 Trade payables 2,387 2,016 1,819 Other current liabilities 3,615 3,182 2,871 Total equity and liabilities 37,671 33,413 33,229 30 Sep Attributable to owners of the parent 31 Dec MSEK 2026 2025 2025 Opening equity 17,114 16,642 16,642 Total comprehensive income for the period 3,135 1,266 1,583 Dividends to shareholders¹ -1,128 -1,091 -1,091 Hedging of incentive programme 11 1 1 Share-based payments -4 -22 -18 Acquisition of non-controlling interests - - -3 Closing equity 19,128 16,796 17,114 ¹ Dividend per share for 2025 (2024) was SEK 3.10 (3.00) Equity, attributable to: Owners of the parent 19,128 16,796 17,114 Non-controlling interests 6 5 5 19,134 16,801 17,119 30 Sep
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Q3 2026 Interim report January – September 2026 17 Condensed consolidated statement of cash flows MSEK 2026 2025 2026 2025 R12 2025 Operating profit 1,156 974 3,180 2,851 4,098 3,769 Non-cash items 520 441 1,407 1,252 1,827 1,672 Interests and other financial items, net -123 -102 -305 -283 -441 -419 Paid tax -192 -222 -754 -854 -997 -1,097 Change in working capital -145 -75 -792 -571 -156 65 Cash flow from operating activities 1,216 1,016 2,736 2,395 4,331 3,990 Net capital expenditures in non-current assets -148 -123 -369 -382 -477 -490 Company acquisitions and divestments -431 -426 -2,058 -907 -2,898 -1,747 Change in other financial assets -1 1 -3 1 0 4 Cash flow from investing activities -580 -548 -2,430 -1,288 -3,375 -2,233 Borrowings/repayment of borrowings, net -620 4 69 -705 94 -680 Repayment of lease liabilities -154 -135 -446 -410 -601 -565 Dividend paid -1 - -1,129 -1,092 -1,129 -1,092 Cash flow from financing activities -775 -131 -1,506 -2,207 -1,636 -2,337 Cash flow for the period -139 337 -1,200 -1,100 -680 -580 Cash and cash equivalents at beginning of the period 1,362 1,568 2,393 3,054 1,891 3,054 Exchange differences 31 -14 61 -63 43 -81 Cash and cash equivalents at end of the period 1,254 1,891 1,254 1,891 1,254 2,393 Free operating cash flow Cash flow from operating activities 1,216 1,016 2,736 2,395 4,331 3,990 Net capital expenditures in non-current assets -148 -123 -369 -382 -477 -490 Free operating cash flow 1,068 893 2,367 2,013 3,854 3,500 Q3 Q1-Q3
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Q3 2026 Interim report January – September 2026 18 Key figures 2026 2025 2025 2024 2023 Rolling 12 months Q3 Q4 Q3 Q4 Q4 Net sales, MSEK 34,148 32,229 32,339 32,544 31,835 Sales growth, % 6 -1 1 2 18 Operating profit, MSEK 4,098 3,769 3,902 4,033 4,158 EBITDA, MSEK 5,917 5,494 5,621 5,720 5,723 EBITA, MSEK 4,844 4,446 4,573 4,689 4,769 EBITA margin, % 14.2 13.8 14.1 14.4 15.0 Net profit for the period, MSEK 2,813 2,562 2,668 2,750 2,866 Capital employed at end of period, MSEK 28,708 24,675 24,901 24,859 22,236 Capital employed, average, MSEK 26,164 24,667 24,670 24,166 23,102 Return on capital employed, % ¹ 19 18 19 19 21 Equity, average, MSEK 17,516 16,570 16,363 15,466 13,759 Return on equity, %¹ 16 15 16 18 21 Interest-bearing net debt at end of period, MSEK 9,574 7,556 8,100 8,206 7,747 Net debt/equity ratio, % 50 44 48 49 53 Net debt/EBITDA, times 1.6 1.4 1.4 1.4 1.4 Equity ratio, % 51 52 50 48 46 Average number of employees 9,938 9,771 9,735 9,563 9,262 Number of employees at end of period 10,143 9,850 9,777 9,699 9,301 Attributable to owners of the parent Key ratios per share Earnings per share before dilution, SEK 7.72 7.03 7.32 7.55 7.86 Earnings per share after dilution, SEK 7.72 7.03 7.32 7.54 7.86 Equity per share, SEK 52.50 46.97 46.10 45.68 39.73 Cash flow from operating activities per share, SEK 11.89 10.95 10.96 11.35 12.33 Free operating cash flow per share, SEK 10.58 9.61 9.58 10.09 10.84 Average number of shares before dilution, '000 364,323 364,323 364,323 364,323 364,323 Average number of shares after dilution, '000 364,351 364,380 364,425 364,443 364,323 Number of shares at end of the period, '000 364,323 364,323 364,323 364,323 364,323 1) Calculated on average capital and equity. Net sales and EBITA margin 10% 11% 12% 13% 14% 15% 0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q3-2026 Full-year R12 Net sales, MSEK EBITA margin average last 5 years, %
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Q3 2026 Interim report January – September 2026 19 Business area performance Net sales, MSEK 2026 2025 2026 2025 R12 2025 Industrial & Engineering 2,206 1,918 6,619 5,958 8,685 8,024 Infrastructure & Construction 1,178 1,137 3,523 3,623 4,717 4,817 Life Science 2,108 1,837 6,255 5,552 8,189 7,486 Process, Energy & Water 2,176 1,842 6,033 5,513 7,941 7,421 Technology & Systems Solutions 1,217 1,126 3,539 3,405 4,686 4,552 Parent company and Group items -14 -14 -47 -48 -70 -71 Total 8,871 7,846 25,922 24,003 34,148 32,229 Q3 Q1-Q3 EBITA, MSEK 2026 2025 2026 2025 R12 2025 Industrial & Engineering 346 281 1,002 827 1,305 1,130 Infrastructure & Construction 157 141 424 394 564 534 Life Science 384 329 1,112 942 1,424 1,254 Process, Energy & Water 345 295 893 821 1,195 1,123 Technology & Systems Solutions 184 179 496 510 681 695 Parent company and Group items -58 -82 -177 -142 -325 -290 Total 1,358 1,143 3,750 3,352 4,844 4,446 Q3 Q1-Q3 EBITA margin, % 2026 2025 2026 2025 R12 2025 Industrial & Engineering 15.7 14.7 15.1 13.9 15.0 14.1 Infrastructure & Construction 13.3 12.4 12.0 10.9 12.0 11.1 Life Science 18.2 17.9 17.8 17.0 17.4 16.8 Process, Energy & Water 15.9 16.0 14.8 14.9 15.0 15.1 Technology & Systems Solutions 15.1 15.9 14.0 15.0 14.5 15.3 15.3 14.6 14.5 14.0 14.2 13.8 Q3 Q1-Q3
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Q3 2026 Interim report January – September 2026 20 Business area performance per quarter Net sales, MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Industrial & Engineering 2,206 2,276 2,137 2,066 1,918 2,010 2,030 Infrastructure & Construction 1,178 1,223 1,122 1,194 1,137 1,275 1,211 Life Science 2,108 2,200 1,947 1,934 1,837 1,842 1,873 Process, Energy & Water 2,176 2,110 1,747 1,908 1,842 1,880 1,791 Technology & Systems Solutions 1,217 1,197 1,125 1,147 1,126 1,131 1,148 Parent company and Group items -14 -18 -15 -23 -14 -17 -17 Total 8,871 8,988 8,063 8,226 7,846 8,121 8,036 2026 2025 EBITA, MSEK Q3 Q2 Q1 Q4 Q3 Q2 Q1 Industrial & Engineering 346 348 308 303 281 274 272 Infrastructure & Construction 157 149 118 140 141 131 122 Life Science 384 397 331 312 329 308 305 Process, Energy & Water 345 321 227 302 295 284 242 Technology & Systems Solutions 184 164 148 185 179 163 168 Parent company and Group items -58 -57 -62 -148 -82 -45 -15 Total 1,358 1,322 1,070 1,094 1,143 1,115 1,094 2026 2025 EBITA margin, % Q3 Q2 Q1 Q4 Q3 Q2 Q1 Industrial & Engineering 15.7 15.3 14.4 14.7 14.7 13.6 13.4 Infrastructure & Construction 13.3 12.2 10.5 11.7 12.4 10.3 10.1 Life Science 18.2 18.0 17.0 16.1 17.9 16.7 16.3 Process, Energy & Water 15.9 15.2 13.0 15.8 16.0 15.1 13.5 Technology & Systems Solutions 15.1 13.7 13.2 16.1 15.9 14.4 14.6 15.3 14.7 13.3 13.3 14.6 13.7 13.6 20252026
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Q3 2026 Interim report January – September 2026 21 Disaggregation of revenue Net sales per geographic market 2026 Industrial & Infrastructure & Process, Energy & Technology & Q3, MSEK Engineering Construction Water Systems Solutions Nordic countries 1,122 569 829 1,127 278 -7 3,918 Other Europe 957 575 1,157 721 524 -4 3,930 Americas 59 20 54 161 248 -2 540 Asia 67 10 57 141 147 -1 421 Other 1 4 11 26 20 0 62 2,206 1,178 2,108 2,176 1,217 -14 8,871 Timing of Industrial & Infrastructure & Process, Energy & Technology & revenue recognition Engineering Construction Water Systems Solutions Over time - 62 95 9 93 0 259 Point in time 2,206 1,116 2,013 2,167 1,124 -14 8,612 2,206 1,178 2,108 2,176 1,217 -14 8,871 2025 Industrial & Infrastructure & Process, Energy & Technology & Q3, MSEK Engineering Construction Water Systems Solutions Nordic countries 1,024 529 779 992 250 -5 3,569 Other Europe 782 572 941 660 496 -7 3,444 Americas 60 17 51 48 222 -1 397 Asia 40 11 55 114 129 -1 348 Other 12 8 11 28 29 - 88 1,918 1,137 1,837 1,842 1,126 -14 7,846 Timing of Industrial & Infrastructure & Process, Energy & Technology & revenue recognition Engineering Construction Water Systems Solutions Over time - 75 79 9 51 -2 212 Point in time 1,918 1,062 1,758 1,833 1,075 -12 7,634 1,918 1,137 1,837 1,842 1,126 -14 7,846 Life Science Life Science Life Science Life Science ¹Parent company and Group items Elim¹ Total Elim¹ Total Elim¹ Total Elim¹ Total
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Q3 2026 Interim report January – September 2026 22 Disaggregation of revenue – continued Net sales per geographic market 2026 Industrial & Infrastructure & Process, Energy & Technology & Q1-Q3, MSEK Engineering Construction Water Systems Solutions Nordic countries 3,462 1,739 2,534 3,227 858 -22 11,798 Other Europe 2,804 1,681 3,322 2,001 1,505 -17 11,296 Americas 178 56 182 377 715 -5 1,503 Asia 164 30 191 352 389 -3 1,123 Other 11 17 26 76 72 0 202 6,619 3,523 6,255 6,033 3,539 -47 25,922 Timing of Industrial & Infrastructure & Process, Energy & Technology & revenue recognition Engineering Construction Water Systems Solutions Over time - 185 314 38 226 -1 762 Point in time 6,619 3,338 5,941 5,995 3,313 -46 25,160 6,619 3,523 6,255 6,033 3,539 -47 25,922 2025 Industrial & Infrastructure & Process, Energy & Technology & Q1-Q3, MSEK Engineering Construction Water Systems Solutions Nordic countries 3,218 1,744 2,420 2,999 807 -21 11,167 Other Europe 2,404 1,765 2,791 1,832 1,497 -19 10,270 Americas 179 57 145 271 660 -4 1,308 Asia 130 35 166 325 352 -3 1,005 Other 27 22 30 86 89 -1 253 5,958 3,623 5,552 5,513 3,405 -48 24,003 Timing of Industrial & Infrastructure & Life Science Process, Energy & Technology & revenue recognition Engineering Construction Water Systems Solutions Over time - 247 238 56 190 -2 729 Point in time 5,958 3,376 5,314 5,457 3,215 -46 23,274 5,958 3,623 5,552 5,513 3,405 -48 24,003 Total Life Science Life Science Life Science ¹Parent company and Group items Elim¹ Total Elim¹ Total Elim¹ Total Elim¹
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Q3 2026 Interim report January – September 2026 23 Acquisitions 2026 Assets and liabilities acquired in 2026 Agencies, trademarks, customer relationships, licences etc. are amortised over a period of 5 to 20 years. Trademarks account for SEK 206 million (10). Indutrade typically uses an acquisition structure with a base consideration and a contingent consideration. Contingent consideration is initially measured at the present value of the likely outcome, which for the acquisitions made during the first nine months of the year amounts to SEK 387 million (179). The assessment is reviewed on an ongoing basis. The contingent consideration payments are due within three years and could amount to a maximum of SEK 590 million (243). If the conditions are not met, the outcome could be in the range of SEK 0–590 million. Transaction costs during the first nine months of the year amount to SEK 18 million (15) and are included in Other operating income and expenses in the income statement. Contingent consideration remeasurements totalled SEK -13 million (149). The effect is recognised in Other operating income and expenses as S EK -15 million (139) and in Net financial items as SEK 2 million (10). The acquisition calculations for Utodas B.V., Optimed Pro-Office, SLT srl, Crane Group Holdings Ltd, Aldax AB, and Scan Auto & Dybbroe Group A/S, which were acquired in the third quarter of 2025, have now been finalised. No material adjustments have been made to the calculations. For other acquisitions, the calculations are preliminary. Indutrade considers acquisition calculations to be preliminary while there is uncertainty with regard to, for example, the outcome of guarantees concerning inventories and trade receivables in the acquisition agreements. Cash flow impact of acquisitions Preliminary purchase price allocations MSEK 2,508 Acquired assets and liabilities Carrying amount Fair value adjustment Fair value Goodwill 14 1,179 1,193 Agencies, trademarks, customer relationships, licences etc. 4 1,051 1,055 Property, plant and equipment 54 54 Financial assets 13 13 Inventories 336 336 Other current assets¹ 368 368 Cash and cash equivalents 248 248 Deferred tax liability -1 -264 -265 Provisions incl. pension obligations -5 -5 Other operating liabilities -489 -489 542 1,966 2,508 ¹Mainly trade receivables Purchase price, incl. contingent consideration totalling SEK 387 million MSEK Purchase price, incl. contingent consideration 2,508 Purchase price not paid -430 Cash and cash equivalents in acquired companies -248 Payments pertaining to previous years' acquisitions 228 Total cash flow impact 2,058
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Q3 2026 Interim report January – September 2026 24 Effects of acquisitions carried out in 2025 and 2026 If all acquired units had been consolidated as from 1 January 2026, net sales for the year up to 30 September would have amounted to SEK 26,526 million, and EBITA would have amounted to SEK 3,852 million. Events after the end of the reporting period On 16 October, an agreement was signed to acquire Euromed Medical Solution Sp. z o.o., Poland, with annual sales of SEK 230 million. Euromed is a technical trading company specialised in diagnostic imaging equipment, primarily ultrasound systems, for healthcare and veterinary applications. On 20 October, an agreement was signed to acquire Sinmed Sp. z o.o., Poland, with annual sales of SEK 130 million. Sinmed is a technical trading company specialised in single-use products and medical consumables. On 22 October, Schraner GmbH, Germany, was acquired, with annual sales of SEK 90 million. Schraner is a specialised manufacturer of fire peripheral solutions and sensors, mainly for the German market. MSEK Business area Q3 Q1-Q3 Q3 Q1-Q3 Industrial & Engineering 172 486 27 76 Infrastructure & Construction - - - - Life Science 169 417 44 103 Process, Energy & Water 208 395 33 68 Technology & Systems Solutions 64 173 8 23 Effect on Group 613 1,471 112 270 Acquisitions carried out in 2025 219 785 43 158 Acquisitions carried out in 2026 394 686 69 112 Effect on Group 613 1,471 112 270 Net sales EBITA
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Q3 2026 Interim report January – September 2026 25 Financial assets and liabilities Financial instruments are measured at fair value, based on the classification of the fair value hierarchy: inputs other than quoted prices that are observable for assets or liabilities [level 2], unobservable inputs [level 3]. There were no transfers between levels 2 and 3 during the period. Contingent consideration is measured at fair value at the acquisition date and remeasured on an ongoing basis thereafter. Reclassification to profit or loss relates to updated assessments of the expected outcome of the terms of the agreement. 30 Sep 2026, MSEK Interest rate swaps and currency forward contracts in hedge accounting Amortised cost Holdings of shares and interests in unlisted companies Contingent consider- ation Financial liabilities measured at amortised cost Total carrying amount Fair value Measurement classification Level 2 Level 3 Level 3 Other shares and interests - - 17 - - 17 17 Trade receivables - 6,044 - - - 6,044 6,044 Other receivables 24 9 - - - 33 33 Cash and cash equivalents - 1,254 - - - 1,254 1,254 Total 24 7,307 17 - - 7,348 7,348 Non-current interest-bearing liabilities - - - 548 7,162 7,710 7,722 Current interest-bearing liabilities - - - 411 2,386 2,797 2,797 Trade payables - - - - 2,387 2,387 2,387 Other liabilities 7 - - - - 7 7 Total 7 - - 959 11,935 12,901 12,913 31 Dec 2025, MSEK Interest rate swaps and currency forward contracts in hedge accounting Amortised cost Holdings of shares and interests in unlisted companies Contingent consider- ation Financial liabilities measured at amortised cost Total carrying amount Fair value Measurement classification Level 2 Level 3 Level 3 Other shares and interests - - 15 - - 15 15 Trade receivables - 4,749 - - - 4,749 4,749 Other receivables 1 26 - - - 27 27 Cash and cash equivalents - 2,393 - - - 2,393 2,393 Total 1 7,168 15 - - 7,184 7,184 Non-current interest-bearing liabilities - - - 460 6,986 7,446 7,504 Current interest-bearing liabilities - - - 236 1,962 2,198 2,208 Trade payables - - - - 1,819 1,819 1,819 Other liabilities 9 - - - - 9 9 Total 9 - - 696 10,767 11,472 11,540 Contingent consideration 30 Sep 31 Dec MSEK 2026 2025 Opening carrying amount 696 816 Acquisitions during the year 387 347 Consideration paid -207 -228 Reclassified via income statement 15 -210 Interest expenses 23 15 Exchange differences 45 -44 Closing carrying amount 959 696
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Q3 2026 Interim report January – September 2026 26 Parent Company condensed income statement Parent Company condensed balance sheet MSEK 2026 2025 2026 2025 R12 2025 Net sales - - 15 15 15 15 Gross profit - - 15 15 15 15 Administrative expenses -43 -34 -128 -119 -167 -158 Other operating income and expenses 0 1 -1 -28 -1 -28 Operating profit -43 -33 -114 -132 -153 -171 Finance income/costs 12 11 7 34 9 36 Profit from investments in Group companies -15 - 1,596 1,420 1,596 1,420 Profit after financial items -46 -22 1,489 1,322 1,452 1,285 Appropriations - - - - 881 881 Income tax 4 1 10 5 -162 -167 Net profit for the period -42 -21 1,499 1,327 2,171 1,999 Amortisation/depreciation of intangible assets and property, plant and equipment 0 0 -1 -1 -2 -2 Q3 Q1-Q3 31 Dec MSEK 2026 2025 2025 Intangible assets 1 1 1 Property, plant and equipment 2 3 3 Financial assets 21,910 19,777 20,225 Current receivables 5,134 3,539 4,549 Cash and cash equivalents 212 942 1,428 Total assets 27,259 24,262 26,206 Equity 12,631 11,547 12,250 Untaxed reserves 1,145 1,046 1,145 Non-current interest-bearing liabilities and pension liabilities 6,209 5,752 6,200 Other non-current liabilities and provisions 0 1 0 Current interest-bearing liabilities 7,157 5,787 6,104 Current non-interest-bearing liabilities 117 129 507 Total equity and liabilities 27,259 24,262 26,206 30 Sep
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Q3 2026 Interim report January – September 2026 27 Definitions Alternative performance measures In this interim report, Indutrade presents alternative performance measures (APMs) that complement the key financial ratios defined under IFRS. The Company believes that these alternative performance measures provide valuable information to stakeholders, as they enable evaluation of the Company's performance, trends and ability to repay debt and invest in new business opportunities and reflect the Group's acquisition-intensive business model. As not all companies calculate these APMs in the same way, they are not always comparable. They should therefore not be regarded as a substitute for the key figures defined under IFRS. Definitions of key figures are presented below, most of which are APMs. Reconciliations of the APMs to the financial statements are available on the Company’s website. Book-to-bill Order intake divided by net sales. Capital employed Equity plus interest-bearing net debt. Earnings per share after dilution Net profit for the period attributable to owners of the parent divided by the average number of shares outstanding after dilution. Earnings per share before dilution Net profit for the period attributable to owners of the parent divided by the average number of shares outstanding. Definition according to IFRS. EBITA Operating profit before amortisation of intangible assets arising in connection with company acquisitions (Earnings Before Interest, Taxes and Amortisation). EBITA is the principal measure of the Group’s earnings. EBITA margin EBITA divided by net sales. EBITDA Operating profit before depreciation and amortisation (Earnings Before Interest, Taxes, Depreciation and Amortisation). Equity per share Equity attributable to owners of the parent divided by the number of shares outstanding. Equity ratio Equity divided by total assets. Free operating cash flow Cash flow from operating activities after net investments in intangible assets and property, plant and equipment, excluding business combinations. Gross margin Gross profit divided by net sales. Interest-bearing net debt Interest-bearing liabilities including pension liability and estimated contingent consideration for acquisitions, less cash and cash equivalents. Net debt/EBITDA Interest-bearing net debt at the end of the period divided by EBITDA on a rolling 12-month basis. Net debt/equity ratio Interest-bearing net debt divided by equity. Net investments Purchases less sales of intangible assets and property, plant and equipment, excluding those included in acquisitions and divestments of subsidiaries and operations. Return on capital employed EBITA calculated on a rolling 12-month basis divided by average capital employed per month. Return on equity Net profit for the period on a rolling 12-month basis divided by average equity per month. Working capital efficiency Working capital in relation to sales on a rolling 12- month basis for comparable units.
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Q3 2026 Interim report January – September 2026 28 Indutrade in brief Indutrade is an international technology and industrial Group currently consisting of more than 225 companies in some 30 countries, mainly in Europe. We work to generate sustainable, profitable growth in a decentralised way by developing and acquiring successful companies managed by passionate entrepreneurs. Our companies develop, manufacture, and sell components, systems and services with significant technical content in selected niches. Our value-based culture, where people make the difference, has been the foundation of our success since the start in 1978. Customers can be found in a wide range of industries, including medical technology and pharmaceuticals, infrastructure and construction, engineering, energy, water/wastewater and food. Financial targets Sales growth Average sales growth shall amount to a minimum of 10% per year over a business cycle. Growth is to be achieved organically as well as through acquisitions. EBITA margin The EBITA margin shall amount to a minimum of 14% per year over a business cycle. Return on capital employed The return on capital employed shall be a minimum of 20% per year on average over a business cycle. Net debt/equity ratio The net debt/equity ratio should normally not exceed 100%. Dividend payout ratio The dividend payout ratio shall range from 30% to 50% of net profit. Net sales per market, %1) Net sales per customer segment, %1) 1) Financial year 2025 8 4 4 5 5 6 7 8 9 10 12 22 0 5 10 15 20 25 Other Eastern Europe Asia North America Switzerland/Austria Germany Norway Finland Denmark Benelux UK/Ireland Sweden 5 2 3 3 3 4 4 6 7 9 16 17 21 0 5 10 15 20 25 Other Pulp/Paper Mining/Steel Automotive aftermarket Food Marine Commercial vechicles Process industry Water/wastewater Energy Engineering Infrastructure/Construction Medical technology/Pharmaceutical Our vision An entrepreneurial world where people make the difference