Interim report
Page 1
INTERIM REPORT January - June 2026 ■ On June 30, 2026, net asset value after deferred tax amounted to SEK 156.6 billion (SEK 631 per share), compared with SEK 145.5 billion (SEK 587 per share) on December 31, 2025. The corresponding values on August 25, 2026 were SEK 163.9 billion (SEK 661 per share). ■ Consolidated net sales amounted to SEK 15,568 m. (15,631). ■ Profit after financial items amounted to SEK 13,274 m. (6,791) where earnings from participations in associated companies amounted to SEK 8,555 m. (2,539). Profit after financial items excluding unrealized changes in value amounted to SEK 12,405 m. (6,304). ■ Profit after taxes amounted to SEK 12,346 m. (5,943) of which non-controlling interests accounted for SEK 1,025 m. (1,033). ■ Earnings per share attributable to the Parent Company’s shareholders totaled SEK 45.65 (19.79). ■ During the year up to August 25, SEK 1,751 m. were invested in listed shares.
Page 2
2 LUNDBERGS INTERIM REPORT JANUARY-JUNE 2026 NET ASSET VALUE AND CASH FLOW Lundbergs’ net asset value and cash flow (alternative perfor- mance measures) are reported as a supplement to the consoli- dated financial statements prepared in accordance with IFRS (pages 4–8). The net asset value is calculated on the basis of the assets and liabilities included in the Parent Company and in the wholly owned subsidiaries. Cash flow refers to the Parent Company and wholly owned subsidiaries. NET ASSET VALUE On June 30, 2026, net asset value after deferred tax amounted to SEK 156,577 m. (SEK 631 per share), compared with SEK 145,463 m. (SEK 587 per share) at December 31, 2025, see table below. On August 25, 2026, estimated net asset value after deferred tax amounted to SEK 163.9 billion (SEK 661 per share). The proportion of share capital and voting rights and the mar- ket value and acquisition value of the shareholdings are present- ed in the tables on page 3. CASH FLOW During the period, dividends totaling SEK 3,732 m. (3,388) were received. Funds received from L E Lundberg Kapitalförvaltning AB amounted to SEK -124 m. (77). Proceeds from the real estate operation amounted to SEK 619 m. (593). During the period, the Parent Company invested a total of SEK 994 m. in listed shares. The investments consisted of 1,000,000 shares in Alleima for SEK 82 m., 1,000,000 series C shares in Industrivärden for SEK 483 m. and 2,000,000 shares in Indutrade for SEK 429 m. In February and March, 1,000,000 of the Company’s series A shares in Industrivärden were converted into series C shares. During July 2026, 3,000,000 series A shares in Handelsbanken were acquired for SEK 418 m. and 1,000,000 shares in Sandvik for SEK 339 m. A total of SEK 236 m. (203) was invested in the real estate oper- ation. Cash and interest-bearing assets amounted to SEK 1,132 m. (Dec 31, 2025: 572). Interest-bearing liabilities amounted to SEK 5,787 m. (Dec 31, 2025: 6,822). Interest-bearing net debt decreased by SEK 1,596 m. to SEK 4,655 m. (Dec 31, 2025: 6,251). Indebtedness in relation to gross assets (properties and shares) measured at market value amounted to approximately 3% (3). In the following calculation of net asset value, the entire net debt of the Parent Company and the wholly owned subsidiaries (SEK 4,655 m.) has been attributed to Lundbergs Fastigheter. The cash flow is presented on page 3. Management costs for equity management (in the Parent Company and L E Lundberg Kapitalförvaltning AB) amounted to SEK 42 m. (30), which on an annual basis corresponded to 0.06% (0.04) of the market value of the holdings. Composition of net asset value June 30, 2026 December 31, 2025 Shareholding, % Net asset value Net asset value Number of shares Share capital Voting rights SEK m. SEK per share Share of value, % SEK m. SEK m. Share of value, % Alleima 26,200,000 10.5 10.5 2,324 9 1 2,063 8 1 Handelsbanken A 65,000,000 3.3 3.3 9,269 37 6 8,733 35 6 Holmen A 33,244,000 36.7 63.6 9,973 40 10 11,602 47 13 Holmen B 22,000,000 6,701 27 7,797 31 Hufvudstaden A 87,711,335 49.1 88.9 10,490 42 7 10,876 44 8 Hufvudstaden C 7,777,680 930 4 964 4 Husqvarna A 39,400,000 7.8 25.9 1,493 6 1 1,824 7 1 Husqvarna B 5,000,000 189 1 233 1 Industrivärden A 58,100,000 21.8 26.5 31,577 127 32 24,550 99 26 Industrivärden C 35,925,000 19,112 77 14,110 57 Indutrade 99,000,000 27.2 27.2 19,840 80 12 23,319 94 16 Sandvik 42,000,000 3.3 3.3 16,796 68 10 12,625 51 9 Skanska A 6,032,000 5.4 13.0 1,563 6 4 1,522 6 4 Skanska B 16,350,000 4,238 17 4,125 17 Other securities 1,020 4 1 862 3 1 Portfolio 135,516 546 85 125,205 505 85 Lundbergs Fastigheter Value of properties 29,993 29,582 Interest-bearing net debt1 -4,655 -6,251 Other net, including deferred tax2 -540 -477 Lundbergs Fastigheter 24,798 100 15 22,854 92 15 Total market-valued holdings 160,314 646 100 148,059 597 100 Other net, including deferred tax2 -3,738 -15 -2,596 -10 Net asset value after deferred tax 156,577 631 145,463 587 Market value 136,508 559 126,852 512 Price/NAV, % 88 87 Publicly traded assets have been entered at the current market price. Market value for unlisted shares in Hufvudstaden and Skanska is calculated based on the value of the corresponding listed shares in the respective companies. The shareholding proportion is calculated after a deduction for treasury shares. 1) The interest-bearing net debt of the Parent Company and its wholly owned subsidiaries has been attributed in its entirety to Lundbergs Fastigheter, which thereby has net indebtedness of 16% (Dec 31, 2025: 21) of the market value of the properties. 2) Other assets, pr ovisions and liabilities have been entered at carryi ng amounts. No deferred tax on the difference between calculated market value and tax value of the properties is calculated. In accordance with current legislation, no tax is charged for business-related participations.
Page 3
3 LUNDBERGS INTERIM REPORT JANUARY-JUNE 2026 NET ASSET VALUE AND CASH FLOW Shareholdings August 25, 2026 June 30, 2026 December 31, 2025 Percent1 Share capital Voting rights Share capital Voting rights Share capital Voting rights Alleima 10.5 10.5 10.5 10.5 10.1 10.1 Handelsbanken 3.4 3.5 3.3 3.3 3.3 3.3 Holmen 36.7 63.6 36.7 63.6 36.0 63.2 Hufvudstaden 49.1 88.9 49.1 88.9 49.1 88.9 Husqvarna 7.8 25.9 7.8 25.9 7.8 25.9 Industrivärden 21.8 26.5 21.8 26.5 21.6 26.2 Indutrade 27.2 27.2 27.2 27.2 26.6 26.6 Sandvik 3.4 3.4 3.3 3.3 3.3 3.3 Skanska 5.4 13.0 5.4 13.0 5.4 13.0 August 25, 2026 June 30, 2026 December 31, 2025 SEK m. Market value2 Acquisition value3 Market value2 Acquisition value3 Market value2 Acquisition value3 Alleima 3,023 1,127 2,324 1,127 2,063 1,045 Handelsbanken 9,870 5,564 9,269 5,146 8,733 5,146 Holmen 17,802 3,828 16,674 3,828 19,399 3,828 Hufvudstaden 11,506 3,098 11,420 3,098 11,841 3,098 Husqvarna 1,663 1,663 1,682 1,682 2,057 2,057 Industrivärden 50,739 17,604 50,689 17,604 38,660 17,140 Indutrade 24,572 2,981 19,840 2,981 23,319 2,552 Sandvik 16,976 5,445 16,796 5,105 12,625 5,105 Skanska 6,097 2,961 5,801 2,961 5,647 2,961 Other securities 1,003 549 1,020 556 862 474 143,251 44,819 135,516 44,088 125,205 43,404 1) The shareholding proportion is calculated after a deduction for treasury shares. 2) Publicly traded assets have been entered at the current market price. Market value for unlisted shares in Hufvudstaden and Skanska is calculated based on the value of the corresponding listed shares in the respective company. 3) Acquisition value for accounting purposes, where applicable, after impairment losses and write-ups resulting from shareholdings having switched to being recognized as associated companies. Cash flow January - June Full year SEK m. 2026 2025 2025 2024 2023 2022 2021 Dividends Alleima 66 58 58 50 22 Handelsbanken 1,138 930 930 780 480 290 230 Holmen 525 663 663 635 884 635 594 Hufvudstaden 277 267 267 258 258 246 236 Husqvarna 22 22 44 130 131 131 105 Industrivärden 823 731 731 663 611 547 640 Indutrade 304 291 291 276 252 223 174 Sandvik 252 233 233 209 173 162 205 Skanska 313 179 179 123 168 221 210 Other 14 15 19 21 23 23 22 3,732 3,388 3,414 3,146 3,000 2,476 2,415 L E Lundberg Kapitalförvaltning AB -124 77 65 155 64 13 -60 Real estate operations 605 582 1,172 1,126 1,054 957 900 Sales, real estate operations 14 11 21 62 31 99 257 Total assets contributed 4,228 4,058 4,672 4,488 4,149 3,545 3,512 Investments, equity management Alleima 82 267 273 312 Handelsbanken 127 358 197 208 189 85 Hufvudstaden 114 153 Husqvarna 49 49 Industrivärden 483 371 1,728 1,240 733 383 858 Indutrade 429 42 42 Sandvik 303 543 579 468 93 887 Skanska 52 104 994 890 2,720 2,282 1,681 1,143 2,088 Investments, real estate operations 236 203 371 580 576 809 790 Own dividends 1,215 1,141 1,141 1,066 992 930 868 Corporate overheads 21 19 41 40 39 33 32 Taxes paid 179 189 343 237 176 181 142 Financial items 45 61 159 121 111 78 138 Other 165 116 0 93 50 -55 30 Total assets used 2,854 2,619 4,775 4,420 3,625 3,120 4,088 Change in net debt -1,374 -1,439 102 -68 -525 -425 575 Closing net debt 5,610 5,443 6,984 6,882 6,950 7,474 7,900 of which, interest-bearing 4,655 4,586 6,251 6,048 6,159 6,785 7,062
Page 4
4 LUNDBERGS INTERIM REPORT JANUARY-JUNE 2026 REPORT ACCORDIN g TO IFRS gROUP The Group’s operations consist of real estate operations, forest and power operations, the manufacture and sale of paperboard, paper and sawn wood products, as well as equity management (including securities trading). The Group’s operations are described below. Information about the Group’s business sectors (Lundbergs, Holmen and Hufvudstaden) is presented on pages 4, 5 and 8. The Parent Company is described on pages 5 and 9. Sales and earnings Operating profit amounted to SEK 15,568 m. (15,631). Operating profit amounted to SEK 13,618 m. (7,088), of which earnings from participations in associated companies amounted to SEK 8,555 m. (2,539). Unrealized changes in value affected earn- ings by SEK 869 m. (487). Net financial items resulted in an expense of SEK 343 m. (297). Profit after financial items amounted to SEK 13,274 m. (6,791). Profit after tax was SEK 12,346 m. (5,943). Earnings per share attributable to the Parent Company’s shareholders amounted to SEK 45.65 (19.79). Tax The Group’s tax expense amounted to SEK 928 m. (848). Investments Investments are recognized under the different business sectors and the Parent Company below. Shareholders’ equity The Group’s shareholders’ equity increased by SEK 13,286 m. The change mainly comprised profit for the period of SEK 12,346 m., other comprehensive income of SEK 4,322 m., dividends of SEK -2,435 m. and purchase of own shares in Holmen of SEK -946 m. The Group’s shareholders’ equity amounted to SEK 192,352 m. (Dec 31, 2025: 179,067), of which non-controlling interests accounted for SEK 48,930 m. (Dec 31, 2025: 51,280). Financing Interest-bearing net debt increased by SEK 271 m. to SEK 23,475 m. (Dec 31, 2025: 23,204). Interest-bearing liabilities amounted to SEK 25,721 m. (Dec 31, 2025: 25,037) and inter- est-bearing assets to SEK 2,246 m. (Dec 31, 2025: 1,833). The equi- ty/assets ratio was 75% (Dec 31, 2025: 74). The debt/equity ratio was 0.12 (Dec 31, 2025: 0.13). April - June The consolidated net sales amounted to SEK 7,313 m. (7,360). Operating profit amounted to SEK 7,582 m. (2,764). Unrealized changes in value affected earnings by SEK 480 m. (334). For operating profit by business sector, see the table on page 8. Net financial items resulted in an expense of SEK 176 m. (153). Profit after financial items amounted to SEK 7,406 m. (2,611). Profit after tax was SEK 7,032 m. (2,252). Earnings per share attrib- utable to the Parent Company’s shareholders amounted to SEK 26.49 (7.09). Significant risks and uncertainties Risks and uncertainties are described on pages 44-47 and in Notes 34 and 35 of the Annual Report for 2025. BUSINESS SECTORS Lundbergs In this context, Lundbergs is defined as the Parent Company L E Lundbergföretagen AB, its wholly owned subsidiaries and, where appropriate, the subsidiaries’ groups of companies active within real estate operations and equity management operations (securities trading). The operations are divided into two business sectors, Real Estate Operations and Equity Management. Sales and earnings Net sales totaled SEK 2,821 m. (2,462) and operating profit amounted to SEK 11,183 m. (4,811). Real Estate Operations Net sales amounted to SEK 993 m. (958) and operating profit to SEK 801 m. (878). Investments in properties amounted to SEK 135 m. (187), in property projects to SEK 93 m., and in equipment to SEK 6 m. (3). A new residential construction project has been started in Jönköping. An internal valuation was conducted of the real estate portfo- lio at June 30, 2026 by assessing the fair value of each individual property. In total, it is estimated that the fair value amounted to SEK 29,382 m. (Dec 31, 2025: 28,964). CONDENSED CHANGE IN FAIR VALUE Opening fair value 28,964 Investments in properties 135 Investments in real estate projects 93 Unrealized change in value 190 Closing fair value 29,382 The development properties are recognized in the balance sheet at SEK 248 m. (Dec 31, 2025: 246), constituting the lower of acquisition value and net realizable value. The estimated fair value at June 30, 2026 amounted to SEK 612 m. (Dec 31, 2025: 618). Development properties were sold for SEK 14 m. (11). Equity Management Net sales totaled SEK 1,829 m. (1,503) and operating profit amounted to SEK 10,382 m. (3,932). Operating profit includes earnings from participations in associated companies of SEK 8,555 m. (2,538), of which SEK 170 m. (194) refers to Husqvarna, SEK 8,011 m. (2,008) to Industrivärden and SEK 374 m. (336) to Indutrade. During the period, the Parent Company invested a total of SEK 994 m. in listed shares. The investments consisted of 1,000,000 shares in Alleima for SEK 82 m., 1,000,000 series C shares in Industrivärden for SEK 483 m. and 2,000,000 shares in Indutrade for SEK 429 m. In February and March, 1,000,000 of the Company’s series A shares in Industrivärden were converted into series C shares. Net investments in shares amounted to SEK 1,071 m. (802). During July 2026, 3,000,000 series A shares in Handelsbanken were acquired for SEK 418 m. and 1,000,000 shares in Sandvik for SEK 339 m.
Page 5
5 LUNDBERGS INTERIM REPORT JANUARY-JUNE 2026 REPORT ACCORDIN g TO IFRS Holmen Holmen operates in forestry and energy and manufactures cardboard and paper and wood products. Sales and earnings Net sales amounted to SEK 11,105 m. (11,545). Operating profit amounted to SEK 1,516 m. (1,794), correspond- ing to an operating margin of 14% (16). Profit from Holmen’s industries decreased, while profit from hydro and wind power assets increased significantly. Investments Investments in fixed assets amounted to SEK 487 m. (1,069). Hufvudstaden Hufvudstaden’s operations involve the ownership and manage- ment of commercial office and retail properties in central Stock- holm and central Gothenburg. Sales and earnings Net sales totaled SEK 1,642 m. (1,624). Operating profit amounted to SEK 940 m. (503), with the improvement primarily explained by unrealized changes in the value of the property portfolio. Real estate management During the period, SEK 474 m. (546) was invested in existing properties and SEK 3 m. (6) in other fixed assets. An internal valuation of the property portfolio was conducted at June 30, 2026 by assessing the fair value of each individual property. In total, the fair value was estimated at SEK 48,694 m. (Dec 31, 2025: 48,099). CONDENSED CHANGE IN FAIR VALUE Opening fair value 48,099 Investments in properties 474 Unrealized change in value 121 Closing fair value 48,694 PARENT COMPANY The Parent Company is an investment company that manages and develops a number of companies based on long-term, active ownership. Profit after financial items amounted to SEK 3,809 m. (3,724). The result includes dividends totaling SEK 4,202 m. (3,745). During the period, the Parent Company invested a total of SEK 994 m. in listed shares. During July 2026, 3,000,000 series A shares in Handelsbanken were acquired for SEK 418 m. and 1,000,000 shares in Sandvik for SEK 339 m. Significant risks and uncertainties The Parent Company’s risks and uncertainties are described on page 44 and in notes 34 and 35 of the 2025 annual report. Significant related-party transactions No significant related-party transactions occurred during the period. Repurchase of own shares No own shares were repurchased during the year, which means that on June 30, 2026, the company held no shares in treasury. The Annual General Meeting on April 20, 2026 resolved to renew the Board’s authorization to make decisions regarding the repurchase of up to 10% of the company’s shares. ACCOUNTINg PRINCIPLES The interim report for the Group has been prepared in accord- ance with IAS 34, Interim Financial Reporting. Furthermore, the applicable provisions of the Swedish Annual Accounts Act and the Swedish Securities Market Act have been applied. For the Parent Company, the report has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securi- ties Market Act, which is in accordance with the regulations con- tained in RFR 2, Accounting for Legal Entities. The Group’s and the Parent Company’s accounting principles are unchanged compared with the Annual Report for 2025. The stated values in parentheses refer to comparative figures for the corresponding period last year unless otherwise stated. The figures reported have in some cases been rounded off, which means that tables and calculations do not always sum up. The Board of Directors and CEO believes that the interim report provides a fair and accurate impression of the Parent Company’s and the Group’s operations, financial position and earnings, and describes the risks and uncertainties faced by the Parent Company and the companies included in the Group. Stockholm, August 27, 2026 L E Lundbergföretagen AB (publ) Bo Selling Carl Bennet Sofia Frändberg Chair of the Board Board member Board member Louise Lindh Fredrik Lundberg Katarina Martinson Board member Chief Executive Officer Board member Board member Krister Mattsson Sten Peterson Lars Pettersson Board member Board member Board member This interim report has not undergone specific examination by the company’s auditor.
Page 6
6 LUNDBERGS INTERIM REPORT JANUARY-JUNE 2026 REPORT ACCORDIN g TO IFRS Condensed consolidated Income statement Condensed consolidated statement of comprehensive income January - June April - June Full year SEK m. 2026 2025 2026 2025 2025 Net sales, etc. 15,568 15,631 7, 313 7 ,360 28,781 Operating expenses -10,566 -10,827 -5,394 -5,220 -20,732 Depreciation -734 -764 -371 -387 -1,528 Results from participations in associated companies 8,555 2,539 5,654 709 8,372 Change in value of investment properties and derivatives 318 12 97 43 290 Change in value of biological assets 476 498 283 260 895 Operating profit 13,618 7,088 7, 582 2,764 16,077 Result from financial items Financial income 27 23 18 11 58 Financial expense -370 -321 -195 -164 -669 Profit after financial items 13,274 6,791 7,406 2,611 15,465 Tax -928 -848 -373 -358 -1,04 4 Net profit for the period 12,346 5,943 7,032 2,252 14,421 Attributable to: Parent Company's shareholders 11, 32 2 4,909 6,571 1,758 12,079 Non-controlling interests 1,025 1,033 462 494 2,342 12,346 5,943 7,032 2,252 14,421 Earnings per share attributable to Parent Company’s shareholders, SEK (there is no dilution effect) 45.65 19.79 26.49 7.09 48.70 January - June April - June Full year SEK m. 2026 2025 2026 2025 2025 Net profit for the period 12,346 5,943 7,032 2,252 14,421 Other comprehensive income Items that cannot be transferred to profit or loss Revaluation of forest assets -2,204 Financial assets measured at fair value 5,041 1,228 3,590 876 6,153 Revaluation of defined-benefit pension plans 4 -2 -1 -1 223 Tax attributable to items that cannot be transferred to profit or loss -968 -312 -629 -231 -743 Proportion of other comprehensive income in associated companies -8 -2 -2 0 11 4,069 913 2,958 644 3,440 Items that can be transferred to profit or loss Cash flow hedging -10 365 -76 -41 524 Translation difference on foreign operations 78 -137 46 9 -238 Hedging of currency risk in foreign operations -23 96 -14 1 142 Tax attributable to items that can be transferred to profit or loss 7 -95 19 8 -137 Proportion of other comprehensive income in associated companies 202 -285 84 24 -451 253 -56 59 1 -160 Other comprehensive income after tax 4,322 856 3,017 645 3,279 Total comprehensive income 16,669 6,799 10,050 2,898 17,700 Attributable to: Parent Company shareholders 15,608 5,616 9,606 2,419 16,221 Non-controlling interests 1,060 1,183 444 479 1,479 16,669 6,799 10,050 2,898 17,700
Page 7
7 LUNDBERGS INTERIM REPORT JANUARY-JUNE 2026 REPORT ACCORDIN g TO IFRS Condensed consolidated balance sheet Condensed consolidated changes in shareholders’ equity Condensed consolidated cash-flow statements Disclosures required by IAS 34.16A are presented in the financial statements and their related notes, as well as in other parts of the report. June 30, 2026 June 30, 2025 SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO: SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO: SEK m. Parent Company shareholders Non- controlling interests Total shareholders’ equity Parent Company shareholders Non- controlling interests Total shareholders’ equity Opening shareholders' equity 127,786 51,280 179,067 113,733 52,972 166,705 Profit for the period 11,322 1,025 12,346 4,909 1,033 5,943 Other comprehensive income 4,287 35 4,322 706 150 856 Dividends -1,215 -1,219 -2,435 -1,141 -1,524 -2,664 Cancellation of shares in Holmen and Hufvudstaden 1,581 -1,581 Repurchase of shares in Holmen -339 -607 -946 -293 -569 -862 Ownership program in Holmen -1 -2 -4 2 4 6 Changes in Group structure 2 -1 1 10 -29 -19 CLOSINg SHAREHOLDERS’ EQUITY 143,422 48,930 192,352 117,926 52,037 169,964 SEK m. June 30, 2026 June 30, 2025 2025-12-31 ASSETS Intangible fixed assets 591 620 602 Tangible fixed assets 147,959 146,921 146,734 Financial fixed assets 95,199 68,965 81,620 243,749 216,507 228,957 Current assets Properties classified as current assets 248 222 246 Other current assets 13,329 13,332 12,350 13,577 13,554 12,597 TOTAL ASSETS 257,326 230,061 241,553 SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders’ equity attributable to Parent Company shareholders 143,422 117,926 127,786 Shareholders’ equity attributable to non-controlling interests 48,930 52,037 51,280 Total shareholders’ equity 192,352 169,964 179,067 Long-term liabilities (including provisions) 52,030 47,089 48,477 Current liabilities (including provisions) 12,944 13,008 14,010 64,974 60,097 62,487 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 257,326 230,061 241,553 January - June Full year SEK m. 2026 2025 2025 Profit before tax 13,274 6,791 15,465 Adjustments for items not included in cash flow -7,433 -1,161 -6,710 Taxes paid -297 -372 -531 Changes in working capital -157 28 22 Cash flow from operating activities 5,388 5,286 8,247 Acquisition of fixed assets -2,187 -2,700 -6,369 Sale of fixed asets 13 15 24 Cash flow from investing activities -2,174 -2,685 -6,344 Changes in financial receivables and liabilities 597 1,586 3,692 Dividends paid -2,434 -2,665 -2,665 Repurchase of shares Holmen and Hufvudstaden -946 -862 -2,667 Cash flow from financing activities -2,783 -1,942 -1,640 Cash flow during the period 432 660 263 Cash and cash equivalent at the beginning of the year 1,534 1,271 1,271 Cash and cash equivalents at the end of the period 1,966 1,931 1,534
Page 8
8 LUNDBERGS INTERIM REPORT JANUARY-JUNE 2026 REPORT ACCORDIN g TO IFRS June 30, 2026 Dec 31, 2025 SEK m. Level 1 Level 2 Level 31 Total Level 1 Level 2 Level 31 Total Assets Financial investments 32,627 1,563 34,190 27,546 1,522 29,068 Shares in listed companies 1,020 1,020 862 862 Derivatives 547 547 576 576 Total assets 33,647 547 1,563 35,757 28,408 576 1,522 30,506 Liabilities Derivatives 202 202 146 146 Total liabilities 202 202 146 146 1) The value has changed by SEK 42 m. (Dec 31, 2025: 118), which is attributable in its entirety to unrealized value changes and has been recognized in other comprehensive income under Financial assets measured at fair value. Consolidated key figures Financial instruments measured at fair value Information concerning business sectors 1) Net sales in Real Estate Operations comprise service income of SEK 46 m. (43) and sales of development properties of SEK 14 m. (11). Net sales in Equity Management comprise dividends of SEK 1,782 m. (1,415) and share trading of SEK 47 m. (88). Net sales in Holmen are 13% (15) from Forest, 5% (2) from Energy, 19% (19) from Wood Products and 63% (65) from Board & Paper. Net sales in Hufvudstaden comprise sales of goods of SEK 415 m. (435) and service income of SEK 99 m. (92). 2) Refers to investment properties and derivatives in Lundbergs and Hufvudstaden as well as biological assets in Holmen. In accordance with IFRS 7, financial instruments are recognized based on the fair value hierarchy on three levels in accordance with the input data used in the measurement. The measurement of financial investments (shares), and shares in listed companies is based on the listed prices of similar instruments that entail that they are attributable to level one. Input data for measuring derivatives and other financial liabilities has been based on observable market prices, entailing that they are attributable to level two. Series A shares in Skanska are not listed, which is why these are calculated with the same value as on the listed Series B shares. This measurement is in accordance with assumptions that are not based on prices of observable data and is thus attributable to level three. Offsetting of assets and liabilities is not applied in the financial report. June 30, 2026 June 30, 2025 Dec 31, 2025 Shareholders’ equity per share attributable to Parent Company shareholders, SEK 578 476 515 Debt/equity ratio, multiple 0.12 0.12 0.13 Equity/assets ratio, % 75 74 74 January - June Lundbergs Real Estate Operations Lundbergs Asset Management Holmen Hufvudstaden Total SEK m. 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net sales etc1 993 958 1,829 1,503 11,105 11,545 1,642 1,624 15,568 15,631 Operating expenses -379 -370 -13 -102 -9,354 -9,521 -799 -816 -10,545 -10,809 Depreciation -2 -1 -0 -0 -710 -730 -21 -32 -733 -763 Result from participations in Group companies 8,555 2,538 0 1 8,555 2,539 Change in value2 190 291 11 -6 476 498 117 -273 794 510 Profit per business segment 801 878 10,382 3,932 1,516 1,794 940 503 13,639 7,108 Undistributed costs -21 -20 Operating profit 801 878 10,382 3,932 1,516 1,794 940 503 13,618 7,088 April - June Lundbergs Real Estate Operations Lundbergs Asset Management Holmen Hufvudstaden Total SEK m. 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net sales etc1 506 490 349 484 5,632 5,573 827 814 7,313 7,360 Operating expenses -177 -172 61 22 -4,865 -4,656 -402 -405 -5,383 -5,211 Depreciation -1 -1 -0 -0 -360 -370 -10 -16 -371 -386 Result from participations in Group companies 5,654 709 -0 -0 5,654 709 Change in value2 34 126 -1 -9 283 260 64 -74 380 303 Profit per business segment 362 443 6,063 1,206 689 807 479 318 7,593 2,774 Undistributed costs -11 -9 Operating profit 362 443 6,063 1,206 689 807 479 318 7,582 2,764
Page 9
9 LUNDBERGS INTERIM REPORT JANUARY-JUNE 2026 REPORT ACCORDIN g TO IFRS Parent Company, Income statement Parent Company, condensed Statement of comprehensive income Parent Company, condensed Balance sheet January - June April - June Full year SEK m. 2026 2025 2026 2025 2025 Personnel costs -11 -11 -5 -5 -21 Depreciation -1 -1 -0 -0 -1 Other external costs -10 -8 -6 -4 -21 Operating loss -21 -20 -11 -9 -42 Result from financial items Dividends from participations in Group companies 1,252 1,280 450 350 1,280 Dividends from participations in associated companies 1,182 1,065 1,182 1,065 1,065 Dividends from other securities classed as fixed assets 1,768 1,400 318 470 1,400 Interest income 85 82 45 44 162 Interest expense and similar costs -456 -83 3 -39 -178 Profit after financial items 3,809 3,724 1,987 1,881 3,687 Appropriations -268 -195 -24 -12 -92 Profit before taxes 3,542 3,529 1,962 1,869 3,594 Tax -227 -198 -46 -46 -216 Net profit for the period 3,315 3,331 1,917 1,823 3,378 January - June April - June Full year SEK m. 2026 2025 2026 2025 2025 Net profit for the period 3,315 3,331 1,917 1,823 3,378 Other comprehensive income Items that cannot be transferred to profit or loss Financial assets measured at fair value 5,041 1,228 3,590 876 6,153 Tax attributable to other comprehensive income -967 -312 -629 -231 -1,142 4,073 916 2,960 645 5,011 Total comprehensive income for the period 7,388 4,247 4,877 2,468 8,389 SEK m. June 30, 2026 June 30, 2025 2025-12-31 ASSETS Fixed assets Tangible fixed assets 8 9 9 Financial fixed assets 63,562 51,170 57,921 63,570 51,180 57,929 Current assets Current receivables 5,527 5,568 5,279 Cash and bank balances 1,109 1,057 571 6,636 6,626 5,851 TOTAL ASSETS 70,206 57,805 63,779 SHAREHOLDERS’ EQUITY AND LIABILITIES Shareholders' equity 59,839 49,523 53,666 Untaxed reserves 1,414 1,249 1,153 Provisions 3,227 1,430 2,260 Long-term liabilities 4,501 4,002 4,501 Current liabilities 1,225 1,601 2,200 TOTAL SHAREHOLDERS’ EQUITY AND LIABILITIES 70,206 57,805 63,779
Page 10
10 LUNDBERGS INTERIM REPORT JANUARY-JUNE 2026 REPORT ACCORDIN g TO IFRS Alternative Performance Measures In the report alternative performance measures is used to supplement measures defined by IFRS in order to clari- fy the company’s financial position and performance. Aside from net asset value and cash flow on pages 2 and 3, the other alternative performance measures are outlined below. Adjusted profit after financial items Adjusted profit after financial items are reported separately in the statement. The purpose is to increase compari- son between different periods. Items of the earnings that have been adjusted consists of unrealized changes and is shown in the table below. Interest-bearing net debt Interest-bearing net debt is used to illustrate the Group’s financial position and comprises the following components. Definitions The debt/equity ratio is calculated by dividing interest-bearing net debt by total shareholders’ equity. The equity/assets ratio is calculated by dividing total shareholders’ equity by total assets. This information is such information that L E Lundbergföretagen AB (publ) is obliged to publish in accordance with the EU’s Market Abuse Regulation. The information was published by the aforementioned CFO on August 27, 2026 at 12:30 CEST. Forthcoming information November 24, 2026 Interim Report January - September 2026 February 25, 2027 Year End Report 2026 March 2027 Annual Report 2026 Contact Lars Johansson, CFO Fredrik Lundberg, CEO SEK m. June 30, 2026 June 30, 2025 Dec 31, 2025 Long-term financial liabilities 18,547 15,991 16,302 Long-term rights of use 1,117 830 1,130 Pension obligations 138 165 142 Current financial liabilities 5,821 5,561 7,339 Short-term rights of use 98 118 124 Long-term financial receivables -46 -41 -55 Pension assets, net -211 -207 Current financial receivables -23 -16 -37 Cash and cash equivalents -1,966 -1,931 -1,534 Interest-bearing net debt 23,475 20,676 23,204 January - June April - June Full year SEK m. 2026 2025 2026 2025 2025 Profit after financial items 13,274 6,791 7,406 2,611 15,465 Changes in value of investment properties and derivatives -318 -12 -97 -43 -290 Changes in value of biological assets -476 -498 -283 -260 -895 Other changes in value -75 23 -100 -31 2 Adjusted profit after financial items 12,405 6,304 6,925 2,277 14,283
Page 11
LUNDBERGS INTERIM REPORT JANUARY-JUNE 2026 L E Lundbergföretagen AB (publ) PO Box 14048, SE- 104 40 Stockholm Phone +46 8 463 06 00 or +46 11 21 65 00 | E-mail: information@lundbergs.se Corp. Reg. No 556056-8817 | Registered headquarters: Stockholm www.lundbergforetagen.se