Interim report
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 1 POSITIVE PROFIT TREND DESPITE SALES CHALLENGES INTERIM REPORT JANUARY–SEPTEMBER 2026 Note: This interim report presents information that Midsona AB (publ) is required to publish under the EU Market Abuse Regulation. The interim report was submitted under the auspices of Henrik Hjalmarsson and Niclas Lundin for publication on 22 October 2026 at 08.00 CEST. For further information Henrik Hjalmarsson, CEO +46 768 46 20 46 Niclas Lundin, CFO +46 727 25 90 75 July–September 2026 (third quarter) • Net sales amounted to SEK 910 million (895), corresponding to a change of 1.7 percent (–2.6). The organic change in net sales amounted to –3.7 percent (–0.4). • Gross profit amounted to SEK 263 million (207), corresponding to a margin of 29.0 percent (23.1), and gross profit, before items affecting comparability, amounted to SEK 264 million (257), corresponding to a margin of 29.0 percent (28.7). • Operating profit/loss amounted to SEK 47 million (0), correspond - ing to a margin of 5.2 percent (0.0), and operating profit/loss, before items affecting comparability, amounted to SEK 46 million (45), corresponding to a margin of 5.0 percent (5.0). • Profit/loss for the period amounted to SEK 39 million (–15), corresponding to earnings per share of SEK 0.27 (–0.11) before and after dilution. • Cash flow from operating activities amounted to SEK 57 million (48). January–September 2026 (nine months) • Net sales amounted to SEK 2,673 million (2,697), corresponding to a change of –0.9 percent (–2.5). The organic change in net sales amounted to –2.1 percent (–0.3). • Gross profit amounted to SEK 779 million (717), corresponding to a margin of 29.2 percent (26.6), and gross profit, before items affecting comparability, amounted to SEK 784 million (768), corresponding to a margin of 29.3 percent (28.5). • Operating profit/loss amounted to SEK 164 million (17), correspond- ing to a margin of 6.1 percent (0.6), and operating profit/loss, before items affecting comparability, amounted to SEK 111 million (86), corresponding to a margin of 4.1 percent (3.2). Operating profit/ loss included SEK 53 million (–69) of items affecting comparability, partly as a result of Midsona receiving SEK 64 million of insurance compensation payments under its property insurance, for property damage, and its business interruption insurance, both linked to the fire at the production facility in Castellcir, Spain, in July 2025. • Profit/loss for the period amounted to SEK 133 million (–23), corresponding to earnings per share of SEK 0.91 (–0.16) before and after dilution. • Cash flow from operating activities amounted to SEK 113 million (88). Key figures, Group 1 Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 12 months Full year 2025 Net sales growth, % 1.7 –2.6 –0.9 –2.5 –1.4 –2.6 Organic change in net sales, % –3.7 –0.4 –2.1 –0.3 –1.3 –0.1 Gross margin, before items affecting comparability, % 29.0 28.7 29.3 28.5 29.2 28.5 Gross margin, % 29.0 23.1 29.2 26.6 29.0 27.1 Operating margin, before items affecting comparability, % 5.0 5.0 4.1 3.2 4.3 3.7 Operating margin, % 5.2 0.0 6.1 0.6 5.7 1.6 Earnings per share before and after dilution, SEK 0.27 –0.11 0.91 –0.16 1.14 0.07 Net debt/Adjusted EBITDA (R 12), x 1.0 1.1 Cash flow from operating activities, SEK million 57 48 113 88 254 229 1 Midsona presents certain financial measures in the interim report that are not defined under IFRS. For definitions and reconciliations with IFRS, please refer to pages 20–22 of this interim report and to pages 155–158 of the 2025 Annual Report.
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 2 3RD QUARTER –0.2 percent Organic change in net sales of own consumer brands 5.0 percent Operating margin (EBIT margin), before items affecting comparability 1.0 x Net debt to Adjusted EBITDA Henrik Hjalmarsson, President and CEO A WORD FROM THE CEO Our strategy is guiding us; now we need to accelerate the implementation As I sum up the third quarter, I am pleased with the improved result, but at the same time must conclude that it did not live up to our ambitions. Sales increased and cash flow strengthened compared with the previous year, but the organic performance of our own consumer brands was slightly negative, and profit - ability improved only marginally, mainly driven by product mix. That said, the quarter has clarified where our priorities are yielding results and where we need to take more forceful action. We are seeing positive effects where more progress has been made with implementation, while other parts of the business require a faster pace and clearer focus. Several factors affected the quarter. The extreme heat in large parts of Europe negatively affected consumption patterns during the summer. The costs particularly of packaging and transport rose and impacted the gross margin. Our profit was also burdened by an impairment of accounts receivable in Norway. But even though external factors had a negative impact on the quarter, the way forward lies in what we ourselves can do more forcefully and consistently. The principal explanations can be found in certain areas where we have not come far enough. In North Europe, sales were hampered by delistings, above all of our own brands, by a retailer. In consumer health products, implementation of the strategy has been too slow, while the improvement of the gross margin has been held back by cost increases that have not yet been passed on to the customer. We are now acting to address these challenges. In North Europe, we are strengthening our brands’ offering, which, alongside more effective marketing and cost adjustments, should return the division to profitable growth. In consumer health products, we need to continue developing the offering, as well as our ability to turn ideas into actual business in the right sales channels. The work is under way, although the measures will take varying amounts of time to achieve their full effect. At the same time, we are pleased with the areas where we have already made progress, and the quarter shows distinct differences between our brands. It is clear that our brands perform best when we consistently invest in strong positionings, relevant product development, and clearly differentiated offerings. This confirms our strategic direction. Friggs is a good example of what a clear and differentiated brand positioning can achieve. Despite competition from retailers’ own brands, Friggs is performing very well. A strong positioning in healthy snacks and continuous product development is enabling us to create an offering that consumers recognise and repeatedly choose. Furthermore, it is pleasing to see several of our organic brands, including Helios and Kung Markatta, performing positively. I would also like to mention the newly acquired brand Risenta, which is developing according to plan. Work is now continuing on integrating the brand in order to realise its full potential. By developing and refining the brands, we are creating strong loyalty, allowing us to grow and strengthen our margins over time. “Our investments in strong and differentiated brands are yielding results. Now we need to focus our efforts even more clearly to increase the pace of the strategy implementation.” This development strengthens my belief in the strategic direction, but also shows that we need to implement it more efficiently. We are therefore deepening the review of our brand portfolio, which contains brands with different positionings, development needs, and potential. Our ambition is to build brands with sustainable competitive advantages, and to prioritise more strictly between brands with less differentiation and potential. With our strong local foundation, we are well-equipped to manage a heterogeneous brand portfolio, but capital, marketing and management time should be focused more on the brands and cate - gories that offer the best prospects for profitable growth and long-term value creation. Entirely in keeping with this approach, we continued to invest in marketing for our priority brands during the quarter. This negatively affects the operating margin in the short term, but is valuable for building profitable growth over time. In Spain, our goal is clear. We intend to make the business profitable again, but in a smaller and more efficient format than before the fire. With some small additional investments, and without rebuilding the capacity and infrastructure that was lost in the fire, we are now creating value based on today's conditions, with a focus on profitability and cash flow. In parallel, we are continuing to evaluate more transformative alternatives for the business's long-term direction. It is clear to us which challenges we need to address going forward, and we also know that our funda - mental position is very strong, being based on consumers’ desire to eat in a healthier and more natural way. We will now implement the strategy more consistently, prioritise more clearly, and concentrate our resources on the areas with the best potential to create profitable growth. Henrik Hjalmarsson President and CEO
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 3 0 10 20 30 40 50 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 0 40 80 120 160 200 Mkr Mkr 0 300 600 900 1200 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 0 1000 2000 3000 4000 Mkr Mkr -20 -10 0 10 20 Kontrakts- tillverkning Licensierade varumärken Business-to- business- varumärken Konsument- varumärken –11,2 % –2,2 % –15,7 % – 0,2 % FINANCIAL INFORMATION – GROUP NET SALES OPERATING PROFIT/LOSS, BEFORE ITEMS AFFECTING COMPARABILITY PRODUCT SALES BY TYPE OF BRAND 1 ORGANIC GROWTH OF TYPES OF BRANDS 1 66% (62) 5% (6) 10% (10) 19% (22) Consumer brands Business-to- business brands Licensed brands Contract manufacturing July–September NET SALES Net sales amounted to SEK 910 million (895), a change of 1.7 percent (–2.6). The organic change in net sales amounted to –3.7 percent (–0.4), while structural changes linked to Risenta contributed 4.5 per - cent (0.0) and exchange rate fluc tuations 0.9 percent (–2.2). For the Group's own consumer brands, the organic change in net sales was –0.2 percent (0.7), which was partly due to a weak sales performance in the consumer health products category, where neither product offerings nor marketing efforts were sufficient. Furthermore, organic sales growth was somewhat weak overall for the health foods category. The strong sales performance of some brands could not fully com - pensate for certain challenges by some other brands with subdued sales volumes. The organic products category posted organic growth, despite lower sales volumes for North Europe attributable to a number of retailer delistings and changes in consumption patterns in large parts of Europe caused by the extreme heat over the summer. Warm summer months normally entail lower sales for most product groups as con - sumers prioritise spending on other things. The organic change in net sales for licensed brands was –2.2 percent (–16.2), which was mainly due to a weaker sales performance for brands offering seasonal cold and flu products. For contract manufacturing, the organic change in net sales was –11.2 percent (10.5), as new, profitable contract manufacturing volumes in some geographical markets could not fully compensate for terminated low-margin assignments. GROSS PROFIT Gross profit amounted to SEK 263 million (207), corresponding to a margin of 29.0 percent (23.1), and gross profit, before items affecting comparability, amounted to SEK 264 million (257), corresponding to a margin of 29.0 percent (28.7). The positive margin development was essentially a result of both a more favourable sales mix, with a higher proportion of sales of own consumer brands, which usually have higher margins, and completed complexity reduction in the own product and brand portfolio. This was partly offset by increasing prices for both road and sea transport, as well as certain packaging materials, as a consequence of increasingly high crude oil and energy prices due to the unstable geopolitical situation in the Middle East. Production and inventory costs were significantly better aligned with actual production and inventory volumes in South Europe compared with the previous year, when a large part of the production capacity was destroyed in a fire. Efficiency at some of the Group's other production facilities declined, however, due to decreases in production volumes, as pro - duction and inventory costs could not be properly adjusted to actual production and inventory volumes. The prices of some key raw materials and finished goods began to rise due to droughts in Europe over the summer and, in combination with unfavourable exchange rate fluc - tuations, put the margin in parts of the Group under a certain pressure. However, such price increases have not yet been offset by charges at the next stage. OPERATING PROFIT/LOSS Operating profit/loss amounted to SEK 47 million (0), corresponding to a margin of 5.2 percent (0.0), and operating profit/loss, before items affecting comparability, amounted to SEK 46 million (45), corresponding to a margin of 5.0 percent (5.0). The margin came in at the same level as last year, and was the result of an improved gross margin, together with synergies realised from the implementation of restructuring programmes. This was partly offset by higher selling expenses in some geographical markets, following increased sequen - tial marketing and sales promotion investments in own consumer brands, aimed at profitable growth, in line with the Group's strategic direction. Operating profit/loss was also reduced by unrealised bad debt losses of SEK 3 million. ITEMS AFFECTING COMPARABILITY Operating profit/loss included SEK 1 million (–45) of items affecting comparability. These items consisted of a SEK 7 million insurance compensation payment, SEK –1 million of fire-related additional costs, and SEK –5 million of costs attributable to fraud, all related to South Europe. The fraud has led to a further reinforcement of the internal control environment, and the hope is that most of the loss will be covered by the Group's insurance cover, which is not yet reflected in the accounts, however. In the comparison period, items affecting comparability included in operating profit/loss amounted to SEK –45 million, and were largely attributable to fire-damaged production facilities in South Europe. FINANCIAL ITEMS Net financial items amounted to SEK 2 million (–7). Interest expenses for external loans payable to credit institutions amounted to SEK –4 million (–6) and interest expenses attributable to leases amounted to SEK –1 million (–1). Interest expenses payable to credit institutions decreased due to lower market interest rates. Net translation differences in respect of financial receivables and liabilities in foreign currency amounted to SEK 9 million (0). Other financial items amounted to SEK –2 million (0). PROFIT/LOSS FOR THE PERIOD Profit/loss for the period amounted to SEK 39 million (–15), corre - sponding to earnings per share of SEK 0.27 (–0.11) before and after dilution. Tax on profit/loss for the period amounted to SEK –10 million (–8), of which SEK –13 million (–7) consisted of current tax, and SEK 3 million (–1) of deferred tax. CASH FLOW Cash flow from operating activities amounted to SEK 57 million (48), and improved due to both a slightly stronger cash flow from operating activities before changes in working capital, and an improved change in working capital, which was entirely attributable to an increase in oper- ating liabilities. Both the capital tied up in inventory and operating receivables were in line with the previous year, despite new inventory and invoicing volumes from acquired brand Risenta. Cash flow from investing activities amounted to SEK –5 million (–10), consisting of investments in tangible and intangible assets of SEK –8 million (–10), divestments of tangible assets of SEK 3 million (0), and a change in financial assets of SEK 0 million (0). Cash flow from financing activities was SEK –17 million (–16), consisting of loan repayments amounting to SEK –3 million (–3) and lease liability repayments amounting to SEK –14 million (–13). Cash flow for the period amounted to SEK 35 million (22). 1 Q3 2026 Quarter Rolling 12 months Quarter Rolling 12 months Consumer brands Business-to-business brands Licensed brands Contract manufacturing Q3 Q4 Q1 Q2 Q3 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3 2025 2025 2026 2026 2026 SEK million SEK millionSEK million SEK million
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 4 January–September NET SALES Net sales amounted to SEK 2,673 million (2,697), a change of –0.9 percent (–2.5). The organic growth in net sales amounted to –2.1 percent (–0.3), while structural changes linked to Risenta contributed 1.9 percent (0.0) and exchange rate fluc tuations –0.7 percent (–2.2). For the Group’s own consumer brands, the organic growth in net sales amounted to 0.7 percent (–0.1), driven by strong sales growth in some geographical markets for a number of brands in the organic products category, as a result of both marketing invest - ments and improvements to product ranges. This is despite both lower business volumes for North Europe as a consequence of a number of retailer delistings, and changed consumption patterns due to the heatwaves over the summer in large parts of Europe. The sales performance was weak for the health foods and consumer health products categories – health foods due to challenges experienced by some brands that had lower business volumes, and consumer health products as a result of unusually low deliveries of seasonal goods. The organic change in net sales for licensed brands was –2.0 percent (–16.7), due to lower business volumes for brands offering seasonal cold and flu products. For contract manufacturing, the organic change in net sales amounted to –8.0 percent (12.8), as newly rolled out contract manufacturing volumes won and the expanding of several existing contract manufacturing assignments were not able to fully compensate for both contract manufacturing volumes terminated as a result of the fire at the Spanish production facility, and terminated unprofitable contract manufacturing assignments with too low a margin. GROSS PROFIT Gross profit amounted to SEK 779 million (717), corresponding to a margin of 29.2 percent (26.6), and gross profit, before items affecting comparability, amounted to SEK 784 million (768), corresponding to a margin of 29.3 percent (28.5). The strong margin development was above all a result of good price management, a more favourable sales mix, with a higher proportion of sales of own consumer brands, com - pleted complexity reduction in the own product and brand portfolio as well as good cost control and high efficiency throughout the supply chain at times. Production and inventory costs were also significantly better aligned with actual production and inventory volumes in South Europe during the third quarter compared with the previous year, when a large part of the production capacity was destroyed in a fire. This was offset to some extent, however, by increasing prices for both transport and certain packaging materials as a consequence of the unstable geopolitical situation in the Middle East. The prices of some key raw materials and finished goods began to rise to some extent in the third quarter, partly due to the heatwaves and droughts in Europe over the summer. The product mix within contract manufacturing was also unfavourable at times in some geographical markets. OPERATING PROFIT/LOSS Operating profit/loss amounted to SEK 164 million (17), correspond - ing to a margin of 6.1 percent (0.6), and operating profit/loss, before items affecting comparability, amounted to SEK 111 million (86), corresponding to a margin of 4.1 percent (3.2). The margin improve - ment was driven by the strong gross margin development, in com - bination with lower selling and administrative expenses, as a result of efficiency improvements and synergies realised from restructuring programmes implemented. The margin development was offset, however, by larger sequential marketing and sales promotion invest - ments in own consumer brands, aimed at profitable growth, in some geographical markets, in line with the Group's strategic direction. ITEMS AFFECTING COMPARABILITY Operating profit/loss included SEK 53 million (–69) of items affecting comparability. These items were attributable to South Europe and the fire-damaged production facility, in the form of SEK 64 million of insurance compensation payments, SEK –6 million of fire-related additional costs and the costs of adjusting the organisation to the new business conditions, and SEK –5 million of costs connected with fraud. In the comparison period, operating profit/loss included SEK –69 million of items affecting comparability, of which SEK –5 million was accounted for by restructuring costs aimed at reducing the cost base in the Nordics, SEK –1 million by changes in the management in North Europe, SEK –19 million by a change of President and CEO, and SEK –44 million by costs related to a fire-damaged production facility in South Europe, of which asset impairment losses of SEK –49 million, other additional costs related to the fire of SEK –2 million and an initial insurance compensation payment of SEK 7 million. FINANCIAL ITEMS Net financial items amounted to SEK –9 million (–26). Interest expenses for external loans payable to credit institutions amounted to SEK –13 million (–19) and interest expenses attributable to leases amounted to SEK –3 million (–4). Interest expenses payable to credit institutions decreased, due to lower market interest rates and indebtedness, and more competitive terms for the new financing from June 2025. Net translation differences in respect of financial receivables and liabilities in foreign currency amounted to SEK 10 million (1). Other financial items amounted to SEK –3 million (–4). PROFIT/LOSS FOR THE PERIOD Profit/loss for the period amounted to SEK 133 million (–23), corre - sponding to earnings per share of SEK 0.91 (–0.16) before and after dilution. Tax on profit/loss for the period amounted to SEK –22 million (–14), of which SEK –24 million (–11) consisted of current tax, and SEK 2 million (–3) of deferred tax. The effective tax rate was 14.4 percent (–167.4), and was essentially a consequence of the fact that most of the SEK 64 million of insurance compensation payments recognised as income will be offset by loss carryforwards not capitalised in the consolidated balance sheet. CASH FLOW Cash flow from operating activities improved to SEK 113 million (88), and was entirely attributable to a stronger cash flow from operating activities before changes in working capital, among other things due to insurance compensation payments received. The capital tied up in inventories increased as a consequence of new inventory volumes from the acquired brand Risenta. Operating liabilities increased during the period, due to factors such as renegotiated supplier terms, which was partly offset by increased operating receivables, attributable, among other things, to increased sales. Cash flow from investing activities amounted to SEK –40 million (–25), consisting of investments in tangible and intangible assets of SEK –43 million (–26), of which Risenta trademark rights of SEK –30 million, divestments of tangible assets of SEK 3 million (1), and a change in financial assets of SEK 0 million (0). Cash flow from financing activities was SEK –81 million (–13), consisting of loan repayments amounting to SEK –8 million (–431), lease liability repayments amounting to SEK –41 million (–40), and dividends paid of SEK –32 million (–29). The comparison period also included loans raised totalling SEK 487 million, which, together with loan repayments, were attributable to refinancing. Cash flow for the period amounted to SEK –8 million (50). LIQUIDITY AND FINANCIAL POSITION Cash and cash equivalents amounted to SEK 328 million (193) and there were unused credit facilities of SEK 461 million (463) at the end of the period. The liquidity reserve as a proportion of net sales on a rolling 12-month basis was 21.9 percent (17.9). Net debt amounted to SEK 302 million (433) and stood at SEK 317 million at the end of the previous quarter. The net debt to adjusted EBITDA ratio on a rolling 12-month basis was 1.0 x (1.6), and was 1.0 x at the end of the previous quarter. Shareholders' equity amounted to SEK 3,172 million (2,946) and was SEK 2,933 million at the end of last year. The changes during the year consisted of profit/loss for the period of SEK 133 million, translation differences from the translation of foreign operations of SEK 137 million, share-based payments of SEK 1 million and dividends paid of SEK –32 million. The equity/assets ratio was 67.8 percent (65.6) at the end of the period.
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 5 -50 -40 -30 -20 -10 0 10 Kontrakts- tillverkning Licensierade varumärken Konsument- varumärken –45,3 % –4,3 % 1,9% 0 20 40 60 80 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 0 60 120 180 240 Mkr Mkr 0 200 400 600 800 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 0 700 1400 2100 2800 Mkr Mkr 66%DIVISION NORDICS 1 NET SALES OPERATING PROFIT/LOSS, BEFORE ITEMS AFFECTING COMPARABILITY PRODUCT SALES BY TYPE OF BRAND 2,3 ORGANIC GROWTH OF TYPES OF BRANDS 2,3 1 Earnings and margin measures are before items affecting comparability unless otherwise stated. 2 Q3 2026 3 External product sales 83% (78) 12% (13) 5% (9) Consumer brands Licensed brands Contract manufacturing Quarter Rolling 12 months Quarter Rolling 12 months Consumer brands Business-to-business brands Licensed brands Contract manufacturing Q3 Q4 Q1 Q2 Q3 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3 2025 2025 2026 2026 2026 July–September NET SALES Net sales amounted to SEK 607 million (576), a change of 5.3 percent (–5.4). The organic change in net sales amounted to –3.0 percent (–3.6), while structural changes linked to Risenta contributed 6.9 percent (0.0) and exchange rate fluctuations 1.4 percent (–1.8). For own consumer brands included in external product sales, the organic change was 1.9 percent (–1.0), driven by continued strong sales growth for the organic products category, with increased sales volumes due to the positive impact of marketing and sales promotion investments and improvements to product ranges. Sales growth for the health foods category was some - what weak overall, as a strong sales performance for some large brands could not fully compensate for certain challenges experienced by some other brands with declining business volumes. The sales performance for the consumer health products category was weak, as a consequence of insufficient product offerings and marketing efforts. The organic change for licensed brands was –4.3 percent (–20.0), partly due to lower sales volumes for several brands offering seasonal cold and flu products. For contract manufacturing, the organic change was –45.3 percent (5.3), as a result of terminated unprofitable contract manufacturing assignments. GROSS PROFIT Gross profit amounted to SEK 211 million (201), corresponding to a margin of 34.7 percent (34.8). The gross margin was put under some pressure due, among other things, to a temporary deterioration of price and mix management, as well as increasing prices for both road and sea transport and certain packaging materials, attributable to increased crude oil and energy prices due to the unstable geopolitical situation in the Middle East. However, such price increases have not yet been offset by charges at the next stage. The efficiency of the production facilities was somewhat low, due to a certain decline in production volumes, which meant that produc - tion and inventory costs were somewhat high and not properly adjusted to the lower actual production and inventory volumes. A favourable sales mix, with a higher proportion of sales of own consumer brands, which usually have higher margins, together with reduced complexity in the own product and brand portfolio, partly mitigated the slightly weak margin development. OPERATING PROFIT/LOSS Operating profit/loss amounted to SEK 62 million (65), corresponding to a margin of 10.2 percent (11.4). The lower margin was largely a consequence of the lower gross margin, combined with increased sequential marketing and sales promotion investments in own consumer brands, aimed at profitable growth, in line with the Group's strategic direction. Operating profit/loss was also reduced by unrealised bad debt losses of SEK 3 million. Good cost control and synergies realised from restructuring programmes offset the negative margin development to a certain degree. January–September NET SALES Net sales amounted to SEK 1,722 million (1,707), a change of 0.9 percent (–5.3). The organic change in net sales amounted to –2.0 percent (–3.5), while structural changes linked to Risenta contributed 3.0 percent (0.0) and exchange rate fluc tuations –0.1 percent (–1.8). For own consumer brands included in external product sales the organic change was 1.2 percent (–0.1). The organic products category experienced strong organic growth, due to both increased distribution and increased market shares for most brands following the positive impact of marketing investments and improvements to product ranges. For the consumer health products category, the sales performance was weak, including lower sales volumes of seasonal products, as a result of insufficient product offerings and mar - keting efforts. Several brands in the health foods category had continued strong sales growth, but this could not fully compensate for other brands facing challenges and lower business volumes. The organic change for licensed brands was –4.5 percent (–20.6), and was largely attributable to lower sales volumes for several brands offering seasonal cold and flu products. For contract manufacturing, the organic change was –28.7 per - cent (–1.7), as new, more profitable contracts were unable to compensate for terminated low-margin contract manufacturing assignments. GROSS PROFIT Gross profit amounted to SEK 603 million (585), corresponding to a margin of 35.0 percent (34.3). The improvement in the margin was essentially due to good price management, a favourable sales mix, with a higher propor - tion of sales of own consumer brands, which usually have higher margins, as well as good cost control and high efficiency throughout the supply chain at times. The margin development was to some extent offset, however, by increasing prices for both road and sea transport, and certain packaging materials, as a consequence of increased crude oil and energy prices due to the unstable geopolitical situation in the Middle East. The prices of certain raw materials and finished goods also began to rise in the third quarter due to the heatwaves and droughts in Europe over the summer, along with less favourable exchange rate fluctuations due to a stronger US dollar and euro, which are currencies in which the Group makes large raw material and goods purchases. OPERATING PROFIT/LOSS Operating profit/loss amounted to SEK 154 million (138), corresponding to a margin of 8.9 percent (8.1). The strong margin development was a result of the improved gross margin, together with good cost control and lower selling and administrative expenses, as a result of efficiency improvements, as well as synergies realised from restructuring programmes implemented. The margin development was offset to an extent by increased marketing and sales promotion investments in own consumer brands, aimed at profitable growth. PERCENTAGE NET SALES IN THE GROUP 2 Division Nordics Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 12 months Full year 2025 Net sales 607 576 1,722 1,707 2,340 2,324 Gross profit 211 201 603 585 805 786 Gross margin, % 34.7 34.8 35.0 34.3 34.4 33.8 Operating profit/loss 62 65 154 138 215 198 Operating margin, % 10.2 11.4 8.9 8.1 9.2 8.5 SEK million SEK millionSEK million SEK million
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 6 -20 -15 -10 -5 0 5 Kontrakts- tillverkning Licensierade varumärken Konsument- varumärken –4,6 % –15,7 % –17,3 % 0,0 2,5 5,0 7,5 10,0 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 0 10 20 30 40 Mkr Mkr 0 50 100 150 200 250 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 0 200 400 600 800 1000 Mkr Mkr DIVISION NORTH EUROPE 1 21% (23)58% (54) 21% (23) NET SALES OPERATING PROFIT/LOSS, BEFORE ITEMS AFFECTING COMPARABILITY PRODUCT SALES BY TYPE OF BRAND 2,3 ORGANIC GROWTH OF TYPES OF BRANDS 2,3 23% Consumer brands Business-to- business brands Contract manufacturing Quarter Rolling 12 months Quarter Rolling 12 months Consumer brands Business-to-business brands Licensed brands Contract manufacturing Q3 Q4 Q1 Q2 Q3 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3 2025 2025 2026 2026 2026 1 Earnings and margin measures are before items affecting comparability unless otherwise stated. 2 Q3 2026 3 External product sales PERCENTAGE NET SALES IN THE GROUP 2 Division North Europe Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 12 months Full year 2025 Net sales 212 236 672 707 898 933 Gross profit 35 43 118 128 160 171 Gross margin, % 16.7 18.4 17.5 18.1 17.9 18.3 Operating profit/loss 2 8 15 21 23 30 Operating margin, % 1.1 3.4 2.2 2.9 2.6 3.2 July–September NET SALES Net sales amounted to SEK 212 million (236), a change of –10.2 percent (7.1). The organic change in net sales amounted to –10.3 percent (10.3), while exchange rate fluc tuations contributed 0.1 percent (–3.2). The organic change for own consumer brands included in external product sales amounted to –17.3 percent (7.9), as a con- sequence of both a number of product delistings by a large grocery trade customer, and a change in consumption patterns in July and August due to extreme heat, which caused consumers to prioritise spending on other things. For our own business-to-business brands, the organic change was –15.7 percent (–14.7), and was largely attributable to the ongoing transition to a more profitable business model, in combination with weak demand at times. The organic growth for contract manufacturing was –4.6 percent (25.1), as new contract manufacturing assignments could not fully compensate for terminated assignments. GROSS PROFIT Gross profit amounted to SEK 35 million (43), corresponding to a margin of 16.7 percent (18.4). The lower margin was largely attributable to an unfavourable sales mix, and low efficiency at production facilities due to decreases in production volumes, as production and inventory costs could not be properly adjusted to actual production and inven - tory volumes. There continued to be some shortages due to which raw materials had to be procured outside contractual volumes at higher spot market prices. Furthermore, prices for road and sea transport, as well as gas and packaging materials, rose as a result of higher crude oil and energy prices due to the unstable geopolitical situation in the Middle East. The overall price picture for key raw materials, some other inputs and finished goods was relatively stable, but price levels were still high. OPERATING PROFIT/LOSS Operating profit/loss amounted to SEK 2 million (8), corresponding to a margin of 1.1 percent (3.4). The lower margin was essentially a consequence of the weak gross margin, which could not be com - pensated for by lower selling and administrative expenses. January–September NET SALES Net sales amounted to SEK 672 million (707), a change of –5.1 percent (5.0). The organic growth in net sales amounted to –3.2 percent (7.9), while exchange rate fluc tuations contributed –1.9 percent (–2.9). The organic change for own consumer brands included in external sales was –6.0 percent (2.4), following a decrease in business volumes during the heatwaves over the summer when consumers prioritised spending on other things. A large grocery trade customer also delisted a number of products at the beginning of the third quarter, which could not be compensated for. For own business-to-business brands, the organic change was –9.0 percent (–13.9), as a consequence of the ongoing transition to a more profitable business model. The organic growth for contract manufacturing was 1.8 percent (24.6), as a result of both new and expanded contract manufacturing volumes being able to fully compensate for terminated assignments. GROSS PROFIT Gross profit amounted to SEK 118 million (128), corresponding to a margin of 17.5 percent (18.1). The lower margin was essentially a consequence of an unfavourable sales mix, and the fact that profitable contract manufacturing assignments lost were replaced by new, less profitable contract manufacturing assignments. There were sometimes shortages due to which raw materials had to be procured outside con- tractual volumes at higher spot market prices. Prices for road and sea transport, as well as gas and packaging materials, began to rise during the period due to higher crude oil and energy prices related to the geopolitical instability in the Middle East. Such price increases have not yet been offset by charges at the next stage. Prices for key raw materials, other inputs and finished goods remained relatively stable, but at still high price levels. In the first half of the year, both good cost control and efficiency were maintained at both production facilities and in other parts of the supply chain, along with good customer delivery capacity, which contributed to lower production costs that were better aligned with actual production volumes. In the third quarter, the production facilities’ efficiency deteriorated, due to a decrease in volumes, which resulted in higher production and inventory costs. OPERATING PROFIT/LOSS Operating profit/loss amounted to SEK 15 million (21), corresponding to a margin of 2.2 percent (2.9). The lower margin was a consequence of the weaker gross margin development, which to some extent was offset by good cost control for both selling and administrative expenses. SEK million SEK millionSEK million SEK million
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 7 DIVISION SOUTH EUROPE 1 0 10 20 30 40 50 Kontrakts- tillverkning Licensierade varumärken Konsument- varumärken 40,9 % 11,9% 0,0% Mkr -15 -10 -5 0 5 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 -15 -10 -5 0 5 Mkr 0 30 60 90 120 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 kv 0 0000 0 125 250 375 500 Mkr Mkr 61% (67) 14% (13) 25% (20) Consumer brands Licensed brands Contract manufacturing Quarter Rolling 12 months Quarter Rolling 12 months NET SALES OPERATING PROFIT/LOSS, BEFORE ITEMS AFFECTING COMPARABILITY PRODUCT SALES BY TYPE OF BRAND 2,3 ORGANIC GROWTH OF TYPES OF BRANDS 2,3 Consumer brands Business-to-business brands Licensed brands Contract manufacturing Q3 Q4 Q1 Q2 Q3 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3 2025 2025 2026 2026 2026 11%PERCENTAGE NET SALES IN THE GROUP 2 1 Earnings and margin measures are before items affecting comparability unless otherwise stated. 2 Q3 2026 3 External product sales Division South Europe Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Rolling 12 months Full year 2025 Net sales 99 89 297 308 391 402 Gross profit 18 13 65 56 87 78 Gross margin, % 18.0 15.0 21.8 18.1 22.3 19.5 Operating profit/loss –1 –6 3 –7 3 –7 Operating margin, % –1.4 –6.9 0.9 –2.3 0.8 –1.6 July–September NET SALES Net sales amounted to SEK 99 million (89), a change of 10.2 percent (–7.7). The organic change in net sales amounted to 10.2 percent (–4.9), while exchange rate fluc tuations contributed 0.0 percent (–2.8). The or - ganic growth for own consumer brands included in external sales was 0.0 percent (8.5), but with a continued strong sales performance in the French grocery trade, despite subdued sales volumes in July and August due to the heatwaves, which compensated for the weak sales performance for French health food stores. In the Spanish market, sales growth for own consumer brands was strong, partly due to improved delivery capacity, as third-party suppliers replaced the lost production capacity caused by last year's fire at a production facility. For licensed brands, organic growth was 11.9 percent (22.2), but sales volumes remained relatively low. The organic change for contract manufacturing was 40.9 percent (–35.2), which was largely attributable to new, profitable contract manufacturing assignments in the French geographical market. GROSS PROFIT Gross profit amounted to SEK 18 million (13), corresponding to a margin of 18.0 percent (15.0). The margin improvement was mainly related to production and inventory costs being significantly better aligned with actual production and inventory volumes compared with the previous year, when a large part of the production capacity at a production facility was destroyed in a fire. The product mix within contract manufacturing was also more profitable, but this was offset to an extent by price increases for road transport and certain packaging materials, as a consequence of increasing crude oil and energy prices due to the unstable geopolitical situation in the Middle East. Slightly higher temporary production costs at a production facility, aimed at addressing certain capacity shortages, reduced the gross profit. OPERATING PROFIT/LOSS Operating profit/loss amounted to SEK –1 million (–6), corresponding to a margin of –1.4 percent (–6.9). The margin improvement was essentially a result of the improved gross margin, together with lower selling and administrative expenses following efficiency improvements. January–September NET SALES Net sales amounted to SEK 297 million (308), a change of –3.5 percent (–3.8). The organic change in net sales amounted to –1.6 percent (–1.2), while exchange rate fluc tuations contributed –1.9 percent (–2.6). Organic growth for own consumer brands included in external product sales was 3.3 percent (–1.9), with a strong sales performance in the French grocery trade due to new listings and increased market shares, despite subdued sales volumes during the summer months due to heatwaves. This more than compensated for the weak sales performance in health food stores for own consumer brands. The sales performance for consumer brands in the Spanish market was weak in the first half of the year, as a consequence of a reduced product range after last year's fire at the production facility, but this changed in the third quarter due to an improved delivery capacity, after third-party suppliers replaced some of the previous year's lost pro - duction capacity. For licensed brands, organic growth was 14.2 percent (24.5), but sales volumes remained relatively low. The organic change for contract manufacturing was –15.5 percent (–3.5), as new, profitable assignments in the French market could not compensate for contract manufacturing assignments terminated as a consequence of the fire at the Spanish production facility. GROSS PROFIT Gross profit amounted to SEK 65 million (56), corresponding to a margin of 21.8 percent (18.1). The margin improvement was driven by sequential price increases for own consumer brands, good price management, a favourable sales mix, and a sometimes more profitable product mix in contract manufacturing. Production and inventory costs in the third quarter were also significantly better aligned with actual production and inventory volumes compared with the previous year, when a large part of a produc - tion facility’s production capacity was destroyed in a fire. This was offset, to some extent, by temporary promotional campaign discounts for a brand, and sometimes lower efficiency at the production facilities. Certain capacity constraints at a production facility resulted in a weaker customer delivery capacity, especially during the second quarter. Slightly higher temporary production costs at a production facility, aimed at addressing certain capacity shortages during the third quarter, reduced the gross profit. OPERATING PROFIT/LOSS Operating profit/loss amounted to SEK 3 million (–7), corresponding to a margin of 0.9 percent (–2.3). The margin improvement was essentially driven by the improved gross margin, together with both lower selling and administrative expenses, as a consequence of efficiency improvements. SEK million SEK millionSEK million SEK million
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 8 OTHER INFORMATION Seasonal variations Sales and earnings are affected by seasonal variations. Sales in the first and second quarter are affected by Easter Week, depending on which quarter it occurs in. Easter Week does not benefit sales of the Group’s product groups. Warm summer months normally entail lower sales for most product groups as con sumers prioritise spending on other things. The second quarter of the year is usually the Group’s weakest in terms of sales and profit. The Swedish grocery trade moved their launch window for 2026 from the first quarter to the second quarter, however, which will to some extent have a negative impact on sales in the first quarter and a positive impact in the second quarter. Sales are generally higher in the fourth quarter than in the first three quarters, which is mainly due to seasonally high deliveries of dried fruits and nuts for the Christmas holidays. This is changing though, due to the implementation of rationalisation measures for seasonal Christmas volumes, to both improve profitability and reduce the complexity of the product portfolio. Parent Company Net sales amounted to SEK 61 million (55), and related primarily to the invoicing of services provided internally within the Group. Operating profit/loss amounted to SEK –22 million (–42), while profit/loss before tax amounted to SEK 128 million (–223). The operating profit/loss for the comparison period included items affecting com parability of SEK –19 million related to the change of President and CEO. Profit/loss before tax included a dividend of SEK 117 million, and the comparison period included a SEK –175 million impairment of shares in subsidiaries. Net financial items amounted to SEK 33 million (–6) and consisted of interest income from and interest expenses to subsidiaries of SEK 11 million (17), interest income from and interest expenses to credit institutions of SEK –9 million (–15), translation differences in respect of financial receivables and liabilities in foreign currency of SEK 9 million (–2), translation differences in respect of net investments in subsidiaries of SEK 23 million (–5) and other financial items of SEK –1 million (–1). Cash and cash equivalents, including unutilised credit facilities, amounted to SEK 748 million (608). Borrowing from credit insti tu tions amounted to SEK 486 million (483) at the end of the period. Share - holders’ equity amounted to SEK 2,276 million (2,090) and stood at SEK 2,179 million at the end of the previous year. The changes in shareholders' equity consisted of the profit/loss for the period of SEK 128 million, share-based payments of SEK 1 million and dividends paid of SEK –32 million. On the balance sheet date, there were 21 employees (21). Related parties A share-based incentive scheme, LTI 2026/2028, for Group Manage - ment and other key personnel, was launched during the second quarter of 2026, following a resolution by the 2026 Annual General Meeting. To take part in the scheme, participants have undertaken to hold shares in Midsona themselves. For further information, see Note 7 The share and shareholders on page 19. Apart from this, there were no other significant related-party transactions during the period January–September 2026. Also see Note 31 Related parties on page 143 of the 2025 Annual Report for a description of the Group’s and the Parent Company’s related-party transactions. Risks and uncertainties In its operations, the Group is subject to operational, market, financial and sustainability risks that may affect profits to a greater or lesser extent. There is considerable uncertainty about the impact of the geo - political conflict in the Middle East on both economic activity and inflation. In the short term, energy production in several Middle Eastern countries has sometimes had to be shut down, while the security situation has also led to the suspension of shipping through the Strait of Hormuz, through which some of the world’s energy is transported. The impact on the world economy so far has been a rise in the price of oil and natural gas, but with considerable volatility that could lead to wider disruptions in the financial markets. This has in turn led to rela - tively large price increases for some other inputs. Increasing energy prices have also begun to drive up key interest rates. A protracted conflict in the Middle East could put further upwards pressure on inflation and a drag on growth. In addition, the continued unpredicta - bility of America’s trade policy and foreign policy direction remains a risk factor as the war in Ukraine continues. Uncertainty about future developments therefore remains high and may delay or impede the expected recovery of both the Swedish economy and several other European economies. For a few years of slightly more difficult con - ditions for their personal finances, consumers have changed their purchasing behaviour and prices have become more important, to the detriment of sustainable and healthy products in the higher price segment. This has occasionally led to challenges with regard to demand for some of the Group's own brand product groups, sometimes resulting in a slowdown in sales volumes. In response to the change in consumer behaviour, hard work has been done to develop the customer offering and enhance the range and purchasing experience. Long-term societal trends clearly point to a shift in consumption back towards more sustainable and healthy products, as consumers’ purchasing power improves. Volatile finished goods, raw material, packaging material, energy, gas and transport prices, and fluctuations in major currencies, such as the US dollar and the euro, are an ever present reality for the Group. The geopolitical instability in the Middle East has led to increasing prices for oil, energy and natural gas, which may result, internally, in increased energy costs for production facilities when energy contracts are concluded or extended. Some packaging price increases have had an impact, which applies especially to plastic packaging, and the price level of both road and sea transport has risen as a result of the conflict in the Middle East. Lead times for some raw material deliveries from Asia have also increased due to occasional container shortages. Midsona’s exposure to such container transport is moderate, however. A protracted geopolitical conflict in the Middle East could fuel inflationary pressures, with increased prices for key raw materials. That being said, raw material prices are largely determined by the latest crop and harvest yields, which are still being significantly affected by weather events such as droughts, rainfall and flooding. The risk of crop and harvest failure is increasing, especially for organic produce, for which pesticides are not used against common pests. For key organic raw materials, the focus is particularly on establishing relationships with several parallel suppliers to ensure planned purchase volumes. The prices of several key raw materials stabilised in the last few months of 2025, as harvests generally turned out better than in 2024, which boded well for relatively stable prices for these raw materials in the first half of 2026 too. The heatwaves and droughts over the summer in large parts of Europe have led to smaller harvests of some key raw materials, which has affected prices, with increases in the price of both raw materials and finished goods. However, there is no clear picture of price trends for all of the Group’s key raw materials and finished goods up to the end of the year. That said, the large increases in the price of artificial fertiliser have affected the prices of some key raw materials and, by extension, some finished goods, which Midsona buys, and will buy in the coming months. All in all, exchange rate fluctuations were favourable for the Group as a whole in 2025, especially as the Swedish krona appreciated against both the US dollar and the euro, in which most of the Group’s input and finished goods are purchased, and the euro appreciated against the US dollar. However, the Swedish krona gradually weak - Financial calendar JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Year-end report 2026 2 February 2027 Interim report Jan–March 2027 27 April 2027 Annual General Meeting 2027 4 May 2027 Interim report Jan–Sep 2027 28 October 2027 Interim report Jan–June 2027 16 July 2027
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 9 ened against both the US dollar and the euro during the first nine months of 2026, partly due to the recent escalation of concerns in the financial markets, resulting in higher purchase prices for raw materials, other inputs and finished goods for Midsona. Midsona imports a few raw materials from the US. Any new tariff announcements by the US administration could lead to the imposition of retaliatory tariffs by the EU on US goods, which in such a scenario could have a negative impact on the Group, but to a limited extent. Midsona closely monitors US trade policy and at the same time has alternative suppliers for these raw materials if necessary. Beyond the above, we believe that no new significant risks or uncertainties have arisen since the submission of the 2025 Annual Report. For a detailed account of risks and uncertainties, please see the Risks section of the Directors’ Report on pages 35–39, and Note 28 Financial risk management on pages 140–142 of the 2025 Annual Report. Sustainability Sustainability is a central part of Midsona's vision and strategy. Through the Group's sustainability framework, named A Healthier Tomorrow, material environmental, social and governance matters are being prioritised and monitored on both an annual basis, and a quarterly basis in selected areas, to ensure progress towards set targets. A SAFE WORKPLACE Midsona is strongly focused on pursuing and further developing a “safety first” culture, with an ambition of becoming an accident-free workplace. During the period, health and safety representatives from all of the Group’s operations gathered to continue with the development of common principles and approaches for ensuring a safe workplace. A prerequisite is that all injuries are properly reported, which is a continued priority area. The accident frequency increased over the period, mainly because there were fewer working hours compared with the previous year. At the same time, the number of work-related injuries with lost time was slightly lower than during the corresponding period last year. THE PATH TO NET-ZERO EMISSIONS Midsona's climate target of achieving net-zero emissions throughout the value chain by 2045 is a central part of the Group's strategy. The work being done is focused on increasing energy efficiency, switching to renewable energy in own operations and getting the supply chain on board with the transition. Energy intensity and the share of renewable energy developed in the right direction during the period, compared with the same period of last year. The energy intensity decreased mainly as a result of energy efficiency improvements and changes in the production structure, including the closing of a production line in Germany that has been outsourced. The percentage of suppliers who have committed to science- based climate targets increased significantly during the period, mainly due to a large Midsona supplier joining the Science Based Targets initiative (SBTi). Several suppliers have also had their targets approved by the SBTi, which can be seen in the performance for the period. Key figures, Group Jan–Sep 2026 Jan–Sep 2025 Rolling 12 months Full year 2025 Work-related injuries with lost time, number 1 20 21 26 27 Lost Time Injury Frequency Rate (LTIFR)2 22.5 20.3 21.8 20.2 Energy intensity, MWh/tonne produced 3 0.42 0.52 0.44 0.51 Share of renewable energy, % 3 47.0 38.1 46.8 39.9 Suppliers with approved SBTs, % 4 – – 15.0 11.7 Suppliers with SBT commitments, %4 – – 14.1 1.8 1 A physical injury occurring in the working environment that results in lost time of at least one full working day, and which must be recorded 2 Lost Time Injury Frequency Rate (LTIFR) 3 Includes all the Midsona production facilities 4 Science Based Target (SBT). Approved or committed to in accordance with the Science Based Target Initiative (SBTi), calculated based on purchasing costs for purchased goods and services Significant events in January–September CHANGES TO GROUP MANAGEMENT Niclas Lundin was appointed the new CFO of Midsona. He took up his position on 1 March 2026 and has been a member of Group Management since this date. Beatrice Perlman Ewert (former Director Sustainability) was appointed Director Communication & Sustainability, as a step in further increasing Midsona's capacity to implement its strategy. In her new role, she will lead and develop the Group's communication strategy, in addition to her current responsibility for the sustainability agenda. She took up her new position on 1 April and has been a member of Group Management since this date. INSURANCE COMPENSATION PAYMENTS In March 2026, Midsona received an insurance compensation payment, under its property insurance, of SEK 57 million (EUR 5,380,000), in addition to SEK 7 million (EUR 600,000) that was previously paid in August 2025, for property damage linked to the fire at the production facility in Castellcir in July 2025 The amount paid has been recognised as an item affecting comparability in the January–September 2026 interim report in the same way as the previously paid amount of SEK 7 million (EUR 600,000) was recognised in the January–September 2025 interim report. Midsona also received a SEK 7 million (EUR 576,000) insurance compensation payment in August 2026 under its business interruption insurance, for damage related to the fire at the production facility in Castellcir. The amount paid has been recognised as an item affecting comparability in the January–September 2026 interim report. No further compensation claims are expected under the property and business interruption insurance. ACQUISITION OF BRANDS On 31 March, Midsona concluded an agreement to acquire the rights to the Risenta brand in an asset deal, one of Sweden's best-known healthy food brands. The purchase price amounted to SEK 46 million, excluding acquisition-related costs, and comprised the brand (SEK 30 million), an inventory of finished goods (SEK 12 million) and related production equipment (SEK 4 million). The acquisition of the brand and inventory of finished goods was completed on 1 June, at which time SEK 42 million was paid in cash from available cash and cash equivalents. The relevant production equipment and associated raw materials were acquired in October 2026. Net sales for the brand are expected to amount to approximately SEK 130 million annually, which will mainly be allocated to the Swedish geographical market. The customers are mostly companies in the grocery trade. The acquisition will have a gradually increasing positive impact on both the operating margin and earnings per share. The assets making up the brand and finished goods inventory are recognised in the Midsona Group’s accounts from 1 June 2026, and will be reported in the Nordics operating segment in the segment reporting. The Risenta brand is estimated to have a useful life of 20 years. EXTENSION OF A FINANCING AGREEMENT The financing agreement with Nordea Bank was extended in June for another year on the same terms. Following the extension it will now run until June 2029, with the option of a further one-year extension to June 2030. Other information ACHIEVEMENT OF FINANCIAL TARGETS The three long-term targets are as follows and apply until 2027: • Organic growth averaging 3–5 percent annually. For the 12-month period October 2025–September 2026, the organic change in net sales amounted to –1.3 percent. • EBIT margin (before items affecting comparability) >8 percent. For the 12-month period October 2025–September 2026, the EBIT margin was 4.3 percent, before items affecting comparability. • Net debt/adjusted EBITDA (rolling 12 months) < 2.5x. In September 2026, net debt/adjusted EBITDA (rolling 12 months) was 1.0x. Malmö, 22 October 2026 Midsona AB (publ) BOARD OF DIRECTORS Review by auditor This interim report was subject to review by the company's auditors.
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 10 Introduction We have reviewed the interim report of Midsona AB (publ) for the period 1 January 2026 to 30 September 2026. The Board of Directors and the CEO are responsible for the preparation and presentation of the interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion regarding the interim report based on our review. Scope and focus of the review We conducted our review in accordance with the International Stand - ard on Review Engagements ISRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity . A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is con siderably smaller in scope than an audit conducted in accordance with ISA and other generally accepted auditing standards. The procedures per - formed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Consequently, the conclusion based on a review does not give the same level of assurance as a conclusion based on an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report has not been prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act, for the Group, and with the Swedish Annual Accounts Act, for the Parent Company. Malmö, 22 October 2026 Deloitte AB Jeanette Roosberg AUTHORISED PUBLIC ACCOUNTANT REPORT OF REVIEW OF INTERIM FINANCIAL INFORMATION
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 11 FINANCIAL STATEMENTS SUMMARY CONSOLIDATED INCOME STATEMENT SEK million Note Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Net sales 3.4 910 895 2,673 2,697 3,606 3,630 Expenses for goods sold –647 –688 –1,894 –1,980 –2,561 –2,647 Gross profit 263 207 779 717 1,045 983 Selling expenses –147 –138 –442 –449 –590 –597 Administrative expenses –75 –75 –239 –257 –315 –333 Other operating income 10 8 73 10 74 11 Other operating expenses –4 –2 –7 –4 –9 –6 Operating profit/loss 3 47 0 164 17 205 58 Financial income 10 2 15 5 15 5 Financial expenses –8 –9 –24 –31 –32 –39 Profit/loss before tax 49 –7 155 –9 188 24 Tax on profit/loss for the period –10 –8 –22 –14 –22 –14 Profit/loss for the period 39 –15 133 –23 166 10 Profit/loss for the period is divided between: Parent Company shareholders (SEK million) 39 –15 133 –23 166 10 Earnings per share before dilution attributable to Parent Company shareholders (SEK) 0.27 –0.11 0.91 –0.16 1.14 0.07 Earnings per share after dilution attributable to Parent Company shareholders (SEK) 0.27 –0.11 0.91 –0.16 1.14 0.07 SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Profit/loss for the period 39 –15 133 –23 166 10 Items that have been or may be reclassified to profit/loss for the period Translation differences from the translation of foreign operations for the period 62 –12 137 –70 91 –116 Other comprehensive income for the period 62 –12 137 –70 91 –116 Comprehensive income for the period 101 –27 270 –93 257 –106 Comprehensive income for the period is divided between: Parent Company shareholders (SEK million) 101 –27 270 –93 257 –106 During the quarter, Urtekram Beauty launched the new hair styling range Nordic Hair Styling with Care. The range consists of three innovative products: Anti-Frizz Heat Protection Styling Cream, Strengthening Hair Serum and Salt Water Spray.
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 12 SUMMARY CONSOLIDATED BALANCE SHEET SEK million Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Intangible assets 5 2,883 2,819 2,771 Tangible assets 306 313 292 Non-current receivables 5 5 5 Deferred tax assets 63 72 72 Fixed assets 3,257 3,209 3,140 Inventories 665 667 552 Accounts receivable 381 376 327 Tax receivables 5 5 5 Other receivables 20 14 30 Prepaid expenses and accrued income 31 27 21 Cash and cash equivalents 328 193 316 Current assets 1,430 1,282 1,251 Assets 6 4,687 4,491 4,391 SHAREHOLDERS’ EQUITY Share capital 7 727 727 727 Additional paid-up capital 1,820 1,820 1,849 Reserves 140 49 3 Profit brought forward, including profit/loss for the period 485 350 354 Shareholders’ equity 3,172 2,946 2,933 LIABILITIES Non-current interest-bearing liabilities 565 561 550 Other non-current liabilities 7 14 10 Deferred tax liabilities 304 313 303 Non-current liabilities 876 888 863 Current interest-bearing liabilities 65 65 65 Accounts payable 331 332 261 Tax liabilities 11 10 13 Other current liabilities 42 60 54 Accrued expenses and deferred income 190 190 202 Current liabilities 639 657 595 Liabilities 6 1,515 1,545 1,458 Shareholders’ equity and liabilities 4,687 4,491 4,391 SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY SEK million Share capital Additional paid-up capital Reserves Profit brought forward, including profit/loss for the period Shareholders’ e q u i t y Opening shareholders’ equity, 1 Jan 2025 727 1,849 119 373 3,068 Profit/loss for the period – – – –23 –23 Other comprehensive income for the period – – –70 – –70 Comprehensive income for the period – – –70 –23 –93 Dividend – –29 – – –29 Transactions with the Group’s owners – –29 – – –29 Closing shareholders’ equity, 30 Sep 2025 727 1,820 49 350 2,946 Opening shareholders’ equity, 1 Oct 2025 727 1,820 49 350 2,946 Profit/loss for the period – – – 33 33 Other comprehensive income for the period – – –46 – –46 Comprehensive income for the period – – –46 33 –13 Closing shareholders’ equity, 31 Dec 2025 727 1,820 3 383 2,933 Opening shareholders’ equity, 1 Jan 2026 727 1,820 3 383 2,933 Profit/loss for the period – – – 133 133 Other comprehensive income for the period – – 137 – 137 Comprehensive income for the period – – 137 133 270 Share-based payments, LTI 2026/2028 – – – 1 1 Dividend – – – –32 –32 Transactions with the Group’s owners – – – –31 –31 Closing shareholders’ equity, 30 Sep 2026 727 1,820 140 485 3,172
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 13 SUMMARY CONSOLIDATED CASH FLOW STATEMENT SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Profit/loss before tax 49 –7 155 –9 188 24 Adjustment for items not included in cash flow 25 82 98 190 136 228 Income tax paid –4 –8 –26 –21 –30 –25 Cash flow from operating activities before changes in working capital 70 67 227 160 294 227 CASH FLOW FROM CHANGES IN WORKING CAPITAL Increase (–)/Decrease (+) in inventories –19 –19 –103 –92 –3 8 Increase (–)/Decrease (+) in operating receivables –40 –40 –37 –43 –5 –11 Increase (+)/Decrease (–) in operating liabilities 46 40 26 63 –32 5 Changes in working capital –13 –19 –114 –72 –40 2 Cash flow from operating activities 57 48 113 88 254 229 INVESTING ACTIVITIES Acquisitions of intangible assets 0 –3 –30 –6 –30 –6 Acquisitions of tangible assets –8 –7 –13 –20 –21 –28 Divestments of tangible assets 3 0 3 1 13 11 Change in financial assets 0 0 0 0 1 1 Cash flow from investing activities –5 –10 –40 –25 –37 –22 Cash flow after investing activities 52 38 73 63 217 207 FINANCING ACTIVITIES Loans raised – – – 487 – 487 Repayment of loans –3 –3 –8 –431 –10 –433 Repayment of lease liabilities –14 –13 –41 –40 –55 –54 Dividends paid – – –32 –29 –32 –29 Cash flow from financing activities –17 –16 –81 –13 –97 –29 Cash flow for the period 35 22 –8 50 120 178 CASH AND CASH EQUIVALENTS Cash and cash equivalents at beginning of period 282 171 316 141 193 141 Translation difference in cash and cash equivalents 11 0 20 2 15 –3 Cash and cash equivalents at end of period 328 193 328 193 328 316 SUMMARY INCOME STATEMENT, PARENT COMPANY SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Net sales 20 18 61 55 79 73 Selling expenses 0 0 0 0 –1 –1 Administrative expenses –26 –21 –83 –95 –109 –121 Other operating income 0 0 0 0 0 0 Other operating expenses 0 0 0 –2 0 –2 Operating profit/loss –6 –3 –22 –42 –31 –51 Result from participations in subsidiaries – – 117 –175 173 –119 Financial income 30 8 56 29 63 36 Financial expenses –8 –10 –23 –35 –37 –49 Profit/loss after financial items 16 –5 128 –223 168 –183 Allocations – – – – 49 49 Profit/loss before tax 16 –5 128 –223 217 –134 Tax on profit/loss for the period 0 0 0 0 0 0 Profit/loss for the period1 16 –5 128 –223 217 –134 1 Profit/loss for the period and comprehensive income for the period are the same, as the Parent Company has no transactions that are reported in other comprehensive income.
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 14 SUMMARY BALANCE SHEET, PARENT COMPANY SEK million Note 30 Sep 2026 30 Sep 2025 31 Dec 2025 FIXED ASSETS Intangible assets 13 23 21 Tangible assets 3 4 3 Participations in subsidiaries 2,374 2,393 2,374 Receivables from subsidiaries 387 448 241 Deferred tax assets 1 1 1 Financial assets 2,762 2,842 2,616 Fixed assets 2,778 2,869 2,640 CURRENT ASSETS Receivables from subsidiaries 47 138 179 Other receivables 17 16 16 Cash and bank balances 287 145 266 Current assets 351 299 461 Assets 3,129 3,168 3,101 SHAREHOLDERS’ EQUITY Share capital 7 727 727 727 Statutory reserve 58 58 58 Profit brought forward, including profit/loss for the period and other reserves 1,491 1,305 1,394 Shareholders’ equity 2,276 2,090 2,179 Untaxed reserves 15 21 15 PROVISIONS Liabilities to credit institutions 486 483 482 Other non-current liabilities 0 7 4 Non-current liabilities 486 490 486 LIABILITIES Liabilities to subsidiaries 327 538 391 Other current liabilities 25 29 30 Current liabilities 352 567 421 Shareholders’ equity and liabilities 3,129 3,168 3,101 NOTES TO THE FINANCIAL STATEMENTS NOTE 1. ACCOUNTING PRINCIPLES With regard to the Group, this interim report for January–September 2026 has been prepared in accordance with IAS 34 Interim Financial Reporting and the Annual Accounts Act (ÅRL). In addition to being presented in the financial statements and their notes, disclosures in accordance with IAS 34, p. 16A are also presented in other parts of the interim report. The Parent Company’s accounts are prepared in accordance with the Annual Accounts Act (ÅRL) and recommendation RFR 2 Accounting for Legal Entities , from the Swedish Sustainability and Financial Reporting Board. The statements published by the Swedish Sustainability and Financial Reporting Board concerning listed companies are also applied, meaning that the Parent Company must apply all EU-approved IFRS and statements as far as possible within the framework of the Annual Accounts Act, the Pension Protection Act and taking the relationship between accounting and taxation into account. In the interim report for January–September 2026, the same accounting principles and cal - culation methods were applied as in the last annual report issued for 2025 (Note 1 Accounting principles, pages 124–127). The new standards and the amendments and revisions to standards and new interpretations (IFRIC) that came into effect on 1 January 2026 had no significant impact on the Group’s accounting for the period January–September 2026. Long-term incentive scheme The 2026 Annual General Meeting resolved to introduce a long-term share-based incentive scheme (LTI 2026/2028) for Group Management and other key personnel. See Note 7 The share and shareholders on page 19 for more detailed information about the scheme. NOTE 2. SIGNIFICANT ESTIMATES AND ASSUMPTIONS Preparing the financial statements in accordance with IFRS requires man age ment to make estimates and assumptions that affect the application of the accounting principles and the reported amounts of assets, liabilities, income and expenses. The actual outcome may differ from these estimates and assumptions. During the first nine months of 2026, estimates and assumptions were made as to whether new tax loss carryforwards in some geographical markets should be capitalised as deferred tax assets to be realised through offsetting against future taxable income. Company Manage - ment decided to capitalise tax loss carryforwards from previous years in certain geographical markets, corresponding to the level utilised against the 2026 estimated taxable profit for the period January–September. For some other geographical markets, given short-term earnings capacity forecasts and the levels of already capitalised tax loss carryforwards from previous years, company management decided to hold off on capitalising any new tax loss carry - forwards. At the end of the reporting period, company management assessed the extent to which the targets for the number of performance shares vested and the performance conditions under the long-term share-based incentive scheme had been met. Otherwise, no new significant estimates or assumptions have been made since the publication of the most recent annual report. For a detailed account of the assumptions made by management in the application of IFRS and that have a significant impact on the financial statements, as well as estimates made that could entail significant adjustments to subsequent financial statements, please refer to Note 32 Significant estimates and assumptions on page 143 of the 2025 Annual Report.
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 15 NOTE 3. OPERATING SEGMENTS, GROUP SEK million Nordics North Europe South Europe Group-wide functions Eliminations Group July–September 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net sales, external 604 573 210 234 96 88 – – – – 910 895 Net sales, intra-Group 3 3 2 2 3 1 14 12 –22 –18 – – Net sales 607 576 212 236 99 89 14 12 –22 –18 910 895 Expenses for goods sold –396 –376 –176 –193 –81 –126 – – 6 7 –647 –688 Gross profit 211 200 36 43 18 –37 14 12 –16 –11 263 207 Other operating income/expenses –149 –135 –34 –36 –18 –13 –31 –33 16 10 –216 –207 Operating profit/loss 62 65 2 7 0 –50 –17 –21 0 –1 47 0 Financial items 2 –7 Profit/loss before tax 49 –7 Significant income and expense items reported in the income statement: Items affecting comparability¹ – 0 – 1 –1 44 – 0 – – –1 45 Depreciation/amortisation and impairment 12 12 6 8 4 48 10 11 – – 32 79 Of which impairments – – – – – 44 – – – – – 44 Gross profit, before items affecting comparability 211 200 36 43 18 13 14 12 –16 –11 264 257 Operating profit/loss, before items affecting comparability 62 65 2 8 –1 –6 –17 –21 0 –1 46 45 Average number of employees 325 357 198 200 129 157 22 21 – – 674 735 Number of employees as of the balance sheet date 326 347 196 201 128 146 21 21 – – 671 715 1 For a statement of items affecting comparability, refer to the definitions and reconciliations with IFRS, Group, on pages 20–22. SEK million Nordics North Europe South Europe Group-wide functions Eliminations Group January–September 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Net sales, external 1,713 1,698 669 700 291 299 – – – – 2,673 2,697 Net sales, intra-Group 9 9 3 7 6 9 41 35 –59 –60 – – Net sales 1,722 1,707 672 707 297 308 41 35 –59 –60 2,673 2,697 Expenses for goods sold –1,119 –1,123 –554 –579 –237 –302 – – 16 24 –1,894 –1,980 Gross profit 603 584 118 128 60 6 41 35 –43 –36 779 717 Other operating income/expenses –449 –451 –103 –108 –4 –57 –101 –119 42 35 –615 –700 Operating profit/loss 154 133 15 20 56 –51 –60 –84 –1 –1 164 17 Financial items –9 –26 Profit/loss before tax 155 –9 Significant income and expense items reported in the income statement: Items affecting comparability¹ – 5 – 1 –53 44 – 19 – – –53 69 Depreciation/amortisation and impairment 34 35 20 23 10 59 32 35 – – 96 152 Of which impairments – – – – – 44 – – – – – 44 Gross profit, before items affecting comparability 603 585 118 128 65 56 40 35 –43 –36 784 768 Operating profit/loss, before items affecting comparability 154 138 15 21 3 –7 –60 –65 –1 –1 111 86 Average number of employees 328 370 198 203 134 157 23 20 – – 683 750 Number of employees as of the balance sheet date 326 347 196 201 128 146 21 21 – – 671 715 1 For a statement of items affecting comparability, refer to the definitions and reconciliations with IFRS, Group, on pages 20–22.
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 16 NOTE 4. BREAKDOWN OF INCOME, GROUP SEK million Nordics North Europe South Europe Group July–September 2026 2025 2026 2025 2026 2025 2026 2025 GEOGRAPHICAL AREAS¹ Sweden 264 229 – – – – 264 229 Denmark 95 102 0 0 0 0 95 102 Finland 95 105 – – – 0 95 105 Norway 120 106 0 0 – – 120 106 France 1 0 2 2 57 54 60 56 Spain 5 6 1 2 37 31 43 39 Germany 0 0 184 208 0 0 184 208 Rest of Europe 24 25 23 22 2 2 49 49 Other countries outside Europe 0 0 0 – 0 1 0 1 Net sales 604 573 210 234 96 88 910 895 SALES CHANNEL Pharmacies 64 72 - - - - 64 72 Grocery trade 428 391 92 94 45 35 565 520 Food Service 25 23 41 49 2 2 68 74 Health food stores 36 33 75 89 42 42 153 164 Other specialist retailers 18 21 2 2 - - 20 23 Others 33 33 0 0 7 9 40 42 Net sales 604 573 210 234 96 88 910 895 PRODUCT CATEGORIES Organic products 193 186 209 233 96 88 498 507 Health foods 271 246 - - - - 271 246 Consumer health products 139 140 - - - - 139 140 Services linked to product handling 1 1 1 1 0 0 2 2 Net sales 604 573 210 234 96 88 910 895 TYPES OF BRANDS Own consumer brands 501 445 44 54 59 59 604 558 Own business-to-business brands – – 44 53 – – 44 53 Licensed brands 74 76 – – 13 11 87 87 Contract manufacturing 28 51 121 126 24 18 173 195 Services linked to product handling 1 1 1 1 0 0 2 2 Net sales 604 573 210 234 96 88 910 895 1 Income from external customers is attributable to individual geographical areas according to the country in which the customer is domiciled. The Norwegian brand Helios launched organic apple sauce with rhubarb, and noodles made from 100 percent organic spelt, during the quarter.
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 17 SEK million Nordics North Europe South Europe Group January–September 2026 2025 2026 2025 2026 2025 2026 2025 GEOGRAPHICAL AREAS¹ Sweden 722 699 0 0 – – 722 699 Denmark 290 302 1 0 0 0 291 302 Finland 272 299 – – – 0 272 299 Norway 337 310 0 0 – – 337 310 France 2 2 4 5 176 170 182 177 Spain 15 13 3 4 107 119 125 136 Germany 0 0 584 618 0 0 584 618 Rest of Europe 73 71 77 73 7 8 157 152 Other countries outside Europe 2 2 0 – 1 2 3 4 Net sales 1,713 1,698 669 700 291 299 2,673 2,697 SALES CHANNEL Pharmacies 187 208 – – – – 187 208 Grocery trade 1,199 1,153 273 303 132 128 1,604 1,584 Food Service 74 74 136 153 5 6 215 233 Health food stores 100 100 255 236 130 137 485 473 Other specialist retailers 52 67 4 7 – – 56 74 Others 101 96 1 1 24 28 126 125 Net sales 1,713 1,698 669 700 291 299 2,673 2,697 PRODUCT CATEGORIES Organic products 581 551 668 699 291 299 1,540 1,549 Health foods 736 732 – – – – 736 732 Consumer health products 392 411 – – – – 392 411 Services linked to product handling 4 4 1 1 0 0 5 5 Net sales 1,713 1,698 669 700 291 299 2,673 2,697 BRANDS Own consumer brands 1,406 1,338 155 168 190 188 1,751 1,694 Own business-to-business brands – – 147 165 – – 147 165 Licensed brands 202 211 – – 35 31 237 242 Contract manufacturing 101 145 366 366 66 80 533 591 Services linked to product handling 4 4 1 1 0 0 5 5 Net sales 1,713 1,698 669 700 291 299 2,673 2,697 Friggs launched the Chew range during the quarter, with practical chewable tablets, as well as Triple Magnesium, a new effer - vescent tablet with three different forms of magnesium.
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 18 NOTE 5. INTANGIBLE ASSETS Intangible assets have essentially arisen in connection with business combinations or the acquisition of individual assets. Other intangible assets consist mainly of capitalised software expenditures. SEK million Goodwill Brands Customer relationships Other intangible a s s e t s Total Opening balance, 1 Jan 2025 1,576 1,261 45 25 2,907 Acquisitions/investments – – – 6 6 Amortisation for the period – –15 –13 –7 –35 Translation differences for the period –28 –29 –2 0 –59 Closing balance, 30 Sep 2025 1,548 1,217 30 24 2,819 Opening balance, 1 Oct 2025 1,548 1,217 30 24 2,819 Acquisitions/investments – – – 0 0 Amortisation for the period – –4 –4 –3 –11 Translation differences for the period –23 –14 0 0 –37 Closing balance, 31 Dec 2025 1,525 1,199 26 21 2,771 Opening balance, 1 Jan 2026 1,525 1,199 26 21 2,771 Acquisitions/investments – 30 – 1 31 Amortisation for the period – –13 –11 –8 –32 Translation differences for the period 79 33 1 0 113 Closing balance, 30 Sep 2026 1,604 1,249 16 14 2,883 NOTE 6. MEASUREMENT OF FINANCIAL ASSETS AND LIABILITIES AT FAIR VALUE, GROUP Fair value The carrying amount of non-current receivables, accounts receivable, other non-current liabilities, cash and cash equivalents, other current liabilities, accounts payable and other current liabilities measured at amortised cost constitutes a reasonable approximation of fair value. SEK million 30 Sep 2026 30 Sep 2025 31 Dec 2025 ASSETS Financial instruments measured at fair value via the income statement Other receivables 0 – – Total 0 – – Financial instruments measured at amortised cost Non-current receivables 5 5 5 Accounts receivable 381 376 327 Other receivables 20 14 30 Cash and cash equivalents 328 193 316 Total 734 588 678 Total receivables 734 588 678 LIABILITIES Financial instruments measured at fair value via the income statement Other current liabilities – 1 0 Total – 1 0 Financial instruments measured at amortised cost Non-current interest-bearing liabilities 565 561 550 Other non-current liabilities 7 14 10 Current interest-bearing liabilities 65 65 65 Accounts payable 331 332 261 Other current liabilities 42 59 54 Total 1,010 1,031 940 Total liabilities and provisions 1,010 1,032 940 Disclosures regarding financial instruments measured at fair value through profit or loss for the year The Group held financial instruments in the form of forward exchange contracts recognised at fair value via the consolidated income statement. The valuation was at level 2, in accordance with IFRS 13 Fair Value Measurement . Fair values were based on quotes from brokers. Similar contracts were traded on an active market, and the rates reflected actual trades of comparable instruments. Offset agreements and similar agreements For derivative counterparties, there are ISDA agreements, which mean that derivative items can be reported net under certain conditions. The Group had no derivatives reported net in its consolidated balance sheet. Calculation of fair value The fair value of interest bearing liabilities is calculated based on future cash flows of principal and interest discounted at the current market rate on the balance sheet date. Non-current interest-bearing liabilities essentially have variable interest rates and their fair value therefore basically corresponds to their carrying amount. For current interest-bearing liabilities, no discount is applied, and their fair value essentially corresponds to their carrying amount. For further information about the valuation of financial assets and liabilities, refer to Note 30 Fair value measurement and categorisation of financial assets and liabilities on pages 142–143 of the 2025 Annual Report.
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 19 Shareholders Midsona AB (publ) had 8,795 shareholders (8,634) on 30 September 2026, a change of 1.9 percent compared with the same date last year. The 10 largest shareholders together held 77.1 percent (80.3) of the capital and 76.5 percent (79.5) of the votes. Midsona AB (publ)’s largest shareholder was Stena Adactum AB, whose holding consisted of 69,994,562 B shares (69,994,562) on 30 September 2026, corresponding to 48.1 percent (48.1) of the capital and 46.9 percent (46.9) of the votes. No other shareholders held 10 percent or more of the shares on 30 September 2026. Share turnover and purchase price A total of 9,613,290 A and B shares (3,025,368) were traded during the period July–September 2026. The highest price paid for the B share was SEK 15.50 (8.98), while the lowest price paid was SEK 10.15 (7.66). On 30 September, the last paid price quoted for the B share was SEK 10.30 (7.94), a change of 29.7 percent. Long-term incentive scheme The 2026 Annual General Meeting resolved to introduce a long-term incentive scheme (LTI 2026/2028) for Group Management and other key personnel (20 individuals), which is designed to promote long-term growth in the company’s and the Group’s value, and to increase the alignment of interests between participating individuals and the company’s shareholders. LTI 2026/2028 is a combined share savings scheme and performance-based incentive scheme; to take part, participants must invest in Midsona shares equivalent to a fixed percentage of their fixed salary. Each investment share entitles the participant to one (1) matching share right, which is conditional upon continued employment, and four (4) performance share rights, each of which are subject to the fulfilment of non-market-based performance requirements during the scheme’s term, and to the same employment conditions that apply to the matching share right. The vesting period is three years, commencing on 1 June 2026, and participants may exercise their performance share rights if certain conditions have been met, whereby they will be granted shares in Midsona free of charge. The fair value of the perfor - mance share rights granted will be determined on the grant date and recognised in the profit and loss account over the vesting period, with a corresponding increase in retained earnings. At the end of each reporting period, changes in the number of shares that are expected to be earned and the performance conditions for the scheme will be taken into account. The scheme will result in a maximum of 1,958,064 B shares in Midsona AB upon its expiry in 2029. This corresponds to approximately 1.3 percent of the total number of Midsona AB shares in issue. Social security contributions relating to share-based instruments granted to employees as remuneration for services rendered will be expensed over the periods during which the services are performed. The provision for social security contributions will be based on the fair value of the share rights at the reporting date. The German brand Davert launched 4-Nuss Mischmus, an addition to its organic range of nut butters, and Protein Couscous, dur - ing the quarter. NOTE 7. THE SHARE AND SHAREHOLDERS Listing and trading of shares The share was admitted to the Stockholm Stock Exchange in 1999. The A and B shares are listed and traded on Nasdaq Stockholm, in the Small Cap segment, in the FMCG sector, under the tickers MSON A and MSON B. Number of shares Class A shares Class B shares Total Number of shares, 1 Jan 2025 423,784 145,004,296 145,428,080 Number of shares, 30 Sept 2025 423,784 145,004,296 145,428,080 Number of shares, 1 Oct 2025 423,784 145,004,296 145,428,080 Number of shares, 31 Dec 2025 423,784 145,004,296 145,428,080 Number of shares, 1 Jan 2026 423,784 145,004,296 145,428,080 Number of shares, 30 Sept 2026 423,784 145,004,296 145,428,080 Quotient value per share, SEK 5.00 Share capital on the balance sheet date, SEK 727,140,400 Votes on the balance sheet date, number 149,242,136 Average number of shares, Group (thousands) Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Average during the period 145,428 145,428 145,428 145,428 145,428 145,428 Average during the period, after full dilution 145,708 145,428 145,552 145,428 145,521 145,428
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 20 DEFINITIONS Midsona presents certain financial measures in the interim report that are not defined under IFRS. Midsona believes that these measures provide useful supplementary information to investors and the company’s management as they facilitate the evaluation of the company’s performance. Because not all companies calculate financial measures in the same way, they are not always comparable to the metrics used by other companies. Accordingly, these financial measures should not be considered a substitute for metrics defined under IFRS. For the definition and purpose of each measure that is not defined under IFRS, please see the Definitions section on pages 155–158 of the 2025 Annual Report. The following table presents reconciliations with IFRS. IFRS reconciliations, Group OPERATING PROFIT/LOSS AND OPERATING MARGIN. Operating profit/loss and operating margin, before items affecting comparability SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Operating profit/loss 47 0 164 17 205 58 Items affecting comparability included in operating profit/loss 1,2 –1 45 –53 69 –47 75 Operating profit/loss, before items affecting comparability 46 45 111 86 158 133 Net sales 910 895 2,673 2,697 3,606 3,630 Operating margin, before items affecting comparability 5.0% 5.0% 4.1% 3.2% 4.3% 3.7% 1 STATEMENT OF ITEMS AFFECTING COMPARABILITY SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Restructuring expenses, net – 1 – 25 5 30 Insurance compensation payments related to fire at production facility –7 –7 –64 –7 –64 –7 Impairment of inventory related to fire at production facility – 5 – 5 0 5 Fraud 5 – 5 – 5 – Impairment of tangible assets related to fire at production facility – 44 – 44 0 44 Other costs related to fire at production facility 1 2 6 2 7 3 Items affecting comparability included in operating profit/loss –1 45 –53 69 –47 75 2CORRESPONDING LINE IN THE CONSOLIDATED INCOME STATEMENT SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Expenses for goods sold 1 50 5 51 6 52 Selling expenses 0 0 0 4 4 8 Administrative expenses 0 1 1 20 2 21 Other operating income –7 –7 –64 –7 –64 –7 Other operating expenses 5 1 5 1 5 1 Items affecting comparability included in operating profit/loss –1 45 –53 69 –47 75 ADJUSTED EBITDA. EBITDA, pro forma rolling 12 months, excluding restructuring expenses and other items affecting comparability, and acquisition-related restructuring and transaction expenses SEK million Rolling 12 months Full year 2025 Operating profit/loss 205 58 Amortisation of intangible assets 43 47 Depreciation of tangible assets 86 95 Impairment of tangible assets – 44 EBITDA 334 244 Restructuring costs and other items affecting comparability –47 75 Impairment of tangible assets – –44 Pro forma adjustment 22 – Adjusted EBITDA 309 275 NET DEBT. Interest-bearing provisions and interest-bearing liabilities less cash and cash equivalents including short-term investments SEK million 30 Sep 2026 30 Sep 2025 31 Dec 2025 Non-current interest-bearing liabilities 565 561 550 Current interest-bearing liabilities 65 65 65 Cash and cash equivalents¹ –328 –193 –316 Net debt 302 433 299 ¹ There were no short-term investments equivalent to cash and cash equivalents at the end of the respective period.
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 21 AVERAGE CAPITAL EMPLOYED. Total equity and liabilities less non-interest-bearing liabilities and deferred tax liabilities at the end of the period plus total shareholders’ equity and liabilities less non-interest-bearing liabilities and deferred tax liabilities at the beginning of the period divided by 2 SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Shareholders’ equity and liabilities 4,687 4,491 4,687 4,491 4,687 4,391 Other non-current liabilities –7 –14 –7 –14 –7 –10 Deferred tax liabilities –304 –313 –304 –313 –304 –303 Accounts payable –331 –332 –331 –332 –331 –261 Other current liabilities –53 –70 –53 –70 –53 –67 Accrued expenses and deferred income –190 –190 –190 –190 –190 –202 Capital employed 3,802 3,572 3,802 3,572 3,802 3,548 Capital employed at the beginning of the period 3,669 3,591 3,548 3,660 3,572 3,660 Average capital employed 3,736 3,582 3,675 3,616 3,687 3,604 RETURN ON CAPITAL EMPLOYED. Profit/loss before tax plus financial expenses in relation to average capital employed SEK million Rolling 12 months Full year 2025 Profit/loss before tax 188 24 Financial expenses 32 39 Profit/loss before tax, excluding financial expenses 220 63 Average capital employed 3,687 3,604 Return on capital employed, % 6.0 1.7 LIQUIDITY RESERVE/NET SALES. Cash and cash equivalents and unutilised credit facilities in relation to net sales SEK million Rolling 12 months Full year 2025 Cash and cash equivalents 328 316 Unutilised credit facilities 461 465 Liquidity reserve 789 781 Net sales 3,606 3,630 Liquidity reserve/Net sales, % 21.9 21.5 ORGANIC CHANGE IN NET SALES. Change in net sales year on year, adjusted for translation effects on consolidation and for changes in the Group structure SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Net sales 910 895 2,673 2,697 3,606 3,630 Net sales compared with the corresponding period of the previous year –895 –919 –2,697 –2,766 –3,658 –3,727 Change in net sales 15 –24 –24 –69 –52 –97 Structural changes –40 0 –51 0 –51 0 Changes in exchange rates –8 21 20 60 54 94 Organic change –33 –3 –55 –9 –49 –3 Organic change –3.7% –0.4% –2.1% –0.3% –1.3% –0.1% Structural changes 4.5% 0.0% 1.9% 0.0% 1.4% 0.0% Changes in exchange rates 0.9% –2.2% –0.7% –2.2% –1.5% –2.5% ORGANIC CHANGE IN NET SALES OF OWN BRANDS. Change in net sales of own brands year on year, adjusted for translation effects on consolidation and for changes in the Group structure SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Net sales of own brands 650 611 1,899 1,859 2,529 2,489 Net sales of own brands compared with the corresponding period of the previous year –611 –629 –1,859 –1,925 –2,484 –2,550 Change in net sales of own brands 39 –18 40 –66 45 –61 Structural changes –40 0 –51 0 –51 0 Changes in exchange rates –6 13 9 38 30 59 Organic change for own brands –7 –5 –2 –28 24 –2 Organic change –1.5% –0.8% –0.1% –1.5% 1.0% –0.1% Structural changes 6.5% 0.0% 2.7% 0.0% 2.1% 0.0% Changes in exchange rates 1.2% –2.0% –0.5% –2.0% –1.2% –2.3%
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 22 ORGANIC CHANGE IN NET SALES OF OWN CONSUMER BRANDS. Change in net sales of own consumer brands year on year, adjusted for translation effects on consolidation and for changes in the Group structure SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Net sales of own consumer brands 605 558 1,752 1,694 2,333 2,275 Net sales of own consumer brands compared with the corresponding period of the previous year –558 –565 –1,694 –1,728 –2,260 –2,294 Change in net sales of own consumer brands 47 –7 58 –34 73 –19 Structural changes –40 0 –51 0 –51 0 Changes in exchange rates –7 11 6 33 24 51 Organic change for own consumer brands 0 4 13 –1 46 32 Organic change –0.2% 0.7% 0.7% –0.1% 2.0% 1.4% Structural changes 7.1% 0.0% 3.0% 0.0% 2.3% 0.0% Changes in exchange rates 1.5% –2.0% –0.3% –1.9% –1.1% –2.2% ORGANIC CHANGE IN NET SALES OF OWN BUSINESS-TO-BUSINESS BRANDS. Change in net sales of own business-to-business brands year on year, adjusted for translation effects on consolidation and for changes in the Group structure SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Net sales of own business-to-business brands 45 53 147 165 196 214 Net sales of own business-to-business brands compared with the corresponding period of the previous year –53 –64 –165 –197 –224 –256 Change in net sales of own business-to-business brands –8 –11 –18 –32 –28 –42 Structural changes 0 0 0 0 0 0 Changes in exchange rates 0 2 3 5 5 7 Organic change for own business-to-business brands –8 –9 –15 –27 –23 –35 Organic change –15.7% –14.7% –9.0% –13.9% –10.3% –13.8% Structural changes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Changes in exchange rates 0.2% –2.5% –1.8% –2.3% –2.2% –2.7% ORGANIC CHANGE IN NET SALES OF LICENSED BRANDS. Change in net sales of licensed brands year on year, adjusted for translation effects on consolidation and for changes in the Group structure SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Net sales of licensed brands 87 87 237 242 325 330 Net sales of licensed brands compared with the corresponding period of the previous year –87 –106 –242 –298 –349 –405 Change in net sales of licensed brands 0 –19 –5 –56 –24 –75 Structural changes 0 0 0 0 0 0 Changes in exchange rates –2 2 0 6 3 9 Organic change for licensed brands –2 –17 –5 –50 –21 –66 Organic change –2.2% –16.2% –2.0% –16.7% –6.0% –16.3% Structural changes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Changes in exchange rates 1.6% –1.9% –0.2% –1.9% –0.9% –2.2% ORGANIC CHANGE IN CONTRACT MANUFACTURING NET SALES. Change in contract manufacturing net sales year on year, adjusted for translation effects on consolidation and for changes in the Group structure SEK million Jul-Sep 2026 Jul-Sep 2025 Jan-Sep 2026 Jan-Sep 2025 Rolling 12 months Full year 2025 Contract manufacturing net sales 173 195 533 591 747 805 Contract manufacturing net sales compared with the corresponding period of the previous year –195 –182 –591 –538 –818 –765 Change in contract manufacturing net sales –22 13 –58 53 –71 40 Structural changes 0 0 0 0 0 0 Changes in exchange rates 0 6 11 16 22 27 Organic change for contract manufacturing –22 19 –47 69 –49 67 Organic change –11.2% 10.5% –8.0% 12.8% –6.0% 8.8% Structural changes 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% Changes in exchange rates 0.0% –3.2% –1.8% –3.0% –2.7% –3.5%
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MIDSONA AB (PUBL) • CORPORATE IDENTITY NUMBER 556241-5322 INTERIM REPORT JANUARY–SEPTEMBER 2026 • 23 CONSOLIDATED QUARTERLY DATA SEK million Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Net sales 910 870 893 933 895 865 937 961 919 918 929 1,003 Expenses for goods sold –647 –620 –627 –667 –688 –623 –669 –683 –662 –653 –660 –755 Gross profit 263 250 266 266 207 242 268 278 257 265 269 248 Selling expenses –147 –151 –144 –148 –138 –158 –153 –162 –146 –161 –152 –157 Administrative expenses –75 –84 –80 –76 –75 –89 –93 –79 –78 –82 –80 –84 Other operating income 10 2 61 2 8 –1 2 1 1 0 4 12 Other operating expenses –4 –1 –2 –3 –2 –1 0 –2 –2 0 –3 0 Operating profit/loss 47 16 101 41 0 –7 24 36 32 22 38 19 Financial income 10 4 1 0 2 2 1 1 1 1 2 4 Financial expenses –8 –8 –8 –8 –9 –11 –11 –13 –14 –15 –16 –19 Profit/loss before tax 49 12 94 33 –7 –16 14 24 19 8 24 4 Tax on profit/loss for the period –10 0 –12 0 –8 1 –7 –5 –10 –5 –8 –1 Profit/loss for the period 39 12 82 33 –15 –15 7 19 9 3 16 3 Items affecting comparability Items affecting comparability included in operating profit/loss –1 4 –56 6 45 11 13 – – – – 3 Operating profit/loss, before items affecting comparability 46 20 45 47 45 4 37 36 32 22 38 22 Cash flow from operating activities 57 22 34 141 48 5 35 98 42 –19 21 157 Number of employees as of the balance sheet date 671 687 688 697 715 752 768 764 774 766 777 765 EXCHANGE RATES Average exchange rate Closing day rate SEK Jan-Sep 2026 Jan-Sep 2025 Jan–Dec 2025 30 Sep 2026 30 Sep 2025 31 Dec 2025 DKK 1.4579 1.4882 1.4829 1.5144 1.4776 1.4484 EUR 10.8950 11.1048 11.0677 11.3210 11.0300 10.8180 GBP 12.6216 13.0580 12.9216 13.2073 12.6447 12.4174 NOK 0.9833 0.9484 0.9445 1.0412 0.9446 0.9148 USD 9.3858 9.9537 9.8191 9.9701 9.4089 9.2013 Midsona AB (publ) Corporate identity number: 556241-5322 Visiting address: Dockplatsen 16, Malmö, Sweden Postal address: Box 210 09, SE-200 21 Malmö, Sweden Telephone: +46 40 601 82 00 E-mail: info@midsona.com www.midsonagroup.com