Interim report
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JANUARY-SEPTEMBER Strategic acquisitions and strong organic growth for Medical Solutions INTERIM REPORT 2026 THIRD QUARTER OF 2026 IN BRIEF Sales increased to SEK 2,500 million (2,342) Operating profit (EBITA) was SEK 254 million (281) EBITA margin of 10.2% (12.0) Profit after tax was SEK 172 million (215) Earnings per share, basic and diluted, totaled SEK 0.64 (0.80) Cash flow from operating activities increased to SEK 332 million (301) FIRST NINE MONTHS OF 2026 IN BRIEF Sales increased to SEK 7,311 million (7,190) Operating profit (EBITA) was SEK 761 million (829) EBITA margin of 10.4% (11.5) Profit after tax was SEK 522 million (626) Earnings per share, basic and diluted, totaled SEK 1.94 (2.32) Cash flow from operating activities increased to SEK 844 million (752) Sustained strong financial position
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2 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Group highlights Q3 Q3 Q1 - Q3 Q1 - Q3 Full year SEK million unless otherwise specified Note 2026 2025 2026 2025 R12M 2025 Net sales 1 2,500 2,342 7,311 7,190 9,583 9,462 Operating profit (EBITDA) 388 420 1,153 1,224 1,520 1,591 Operating profit (EBITA) 254 281 761 829 997 1,065 EBITA margin, % 10.2 12.0 10.4 11.5 10.4 11.3 Operating profit (EBIT) 2 242 272 729 799 954 1,024 Profit after financial income and expense 2 224 257 676 773 886 983 Profit after tax 172 215 522 626 673 777 Earnings per share, basic and diluted, SEK 3 0.64 0.80 1.94 2.32 2.50 2.88 Cash flow from operating activities 332 301 844 752 1,154 1,062 Net investm. affecting cash fl., excl. acq. and disposals 191 183 517 642 663 788 Financial net debt in relation to adjusted EBITDA, times 1.0 0.5 Return on capital employed, % 12.4 14.1 12.4 14.2 Return on shareholders’ equity, % 11.8 14.4 11.8 14.1 Equity/assets ratio, % 53 59 53 60 Net financial liabilities, excl. pension & lease liabilities 1,537 928 1,537 756 See definitions of IFRS measures and alternative performance measures on page 18. Including a non-recurring item in Q3 2026 of SEK -8 million in operating profit (EBITDA/EBITA/EBIT) and SEK -7 million in profit after tax. Including a non- recurring item in Q3 2025 of SEK 18 million in operating profit (EBITDA), SEK 7 million in operating profit (EBITA/EBIT) and SEK 6 million in profit after tax. This document is a translation from Swedish. In the event of any difference between this version and the Swedish original, the latter shall prevail. Anders Björklund, President and CEO, Nolato AB Comments from the CEO Group sales increased by 7% in the third quarter. Adjusted for acquisitions and currency effects, organic growth was 3% in a persistently challenging business environment. However, we have a diversified customer portfolio and production on three continents, which generally gives us good resilience. Nevertheless, we are temporarily affected by higher prices for input goods, which was partly a reason for the EBITA margin declining to 10.2%. In the Medical Solutions business area, which accounted for 59% of Group revenues, sales increased by 12% in the third quarter. Organic growth reached a full 9%, thanks to solid demand in most of our market areas. However, the EBITA margin decreased by 0.8 percentage points to 11.3%, which is due partly to the ramp-up of major projects in both Hungary and the United States, and partly to the aforementioned price increases for input goods. Investments in expan- sion to support future growth are proceeding according to plan at several of our existing facilities. Net sales for the Engineered Solutions business area decreased by 3% in the quarter, adjusted for currency and acquisitions. It is encouraging that our operations in Materials grew by as much as 27%, adjusted for currency, driven by high volumes for data centers, satellites and the aerospace and defense industry. Materials is now the largest market area within Engineered Solutions, contributing robust profitability. Nonetheless, the EBITA margin for Engineered Solutions decreased by 0.8 percentage points to 10.8%. This was due in part to a sharp decline in the Automotive market area caused by model changes among customers, as well as generally low demand, and also a negative impact from higher prices for input goods before they can be passed on to customers. Nolato continuously optimizes its business portfolio to strengthen its position in areas where we can combine technical expertise, close customer relationships and industrial scale in a global market. Through the recently completed acquisitions of Unitron and Qualtech, Nolato is strengthening its capacity in electronics-intensive medical technology, systems integration and advanced manufacturing. The acquisitions broaden Nolato’s offering by adding development expertise and manufacturing of complete systems – including elec- tronics – which strengthen Nolato’s presence in attractive, regulated segments and provide means for taking on greater responsibility in customers’ value chains. The acquisitions, which were consolidated as of September, contribute approximately SEK 600 million on an annual basis, with an EBITA margin in line with that of the Group. Nolato’s financial position remains very strong, with net liabilities in relation to operating profit (EBITDA) of 1.0x at the end of the third quarter, providing us with continued financial flexibility.
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3 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Third quarter 2026 • Group sales totaled SEK 2,500 million (2,342) which, adjusted for currency and acquisitions, was an increase of 3% • Completion of previously announced acquisitions of Qualtech and Unitron, as well as the sale of the Romanian operations • Operating profit (EBITA) was SEK 254 million (281) • The EBITA margin, adjusted for acquisition costs, was 10.5% (11.7) • Cash flow from operating activities increased to SEK 332 million (301) Sales Group sales totaled SEK 2,500 million (2,342). Adjusted for currency and acquisitions, this was a 3% increase. The two acquisitions, which were previously announced, have been consolidated since September 1 and account for SEK 56 million of Group sales. Medical Solutions sales rose by 12%, amounting to SEK 1,469 million (1,311). Adjusted for currency and acquisitions, this is an increase of as much as 9%, thanks to growth for most market areas. Above all, growth was strong in the Drug delivery market area thanks to increased volumes of several newer products. The major customer project in the Hungarian operations, which has been communicated previously, has proceeded according to plan. New customer projects in the United States also progressed well and according to plan in the quarter. In vitro diagnostics (IVD) also exhibited strong growth, with newer products accounting for most of the increase. The Surgery segment reported stable volumes following an extended period of inventory adjustments, while Continence care had a weaker quarter. The acquisitions of the Dutch company Uni- tron and part of the Irish company Qualtech are included in the quarter on a one-month basis and have been successfully completed; the majority of their sales is included in the Drug delivery market area. Engineered Solutions sales totaled SEK 1,040 million (1,035) – a decrease of 3% adjusted for currency and acquisitions. The Consumer electronics market area, which primarily includes smart home and audio products, showed stable sales volumes. Automotive declined sharply due to lower demand and the impact of model changes among custom- ers. Hygiene continued to see inventory adjustments and lower sales, although volumes have stabilized sequentially. The market area Other grew; it now includes the majority of the business area’s share of the acquisition of Irish company Qualtech, which contributed on a one-month basis in the quarter. Operations within Materials generated sharply increased volumes com- pared with the same period last year. Adjusted for currency, sales rose by a full 27%. All customer segments exhibited growth, and in particular, shipment volumes for data centers/satellites, aerospace/defense, and the automotive sector increased significantly. Strong organic growth of 9% for Medical Solutions Sales SEKm Business areas’ share of sales Medical Solutions - Sales by market areas Engineered Solutions - Sales by market areas Endoscopy & general surgery 19% (21) Drug delivery 19% (18) In vitro diagnostics 18% (17) Pharmaceutical packaging 11% (10) Continence care 11% (13) Cardiology 7% (6) Other 15% (15) Materials 23% (18) Automotive 17% (22) Hygiene 14% (15) Consumer electronics 13% (14) Other 33% (31) 2,150 2,200 2,250 2,300 2,350 2,400 2,450 2,500 2,550 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3 Medical Solutions 59% (56) Engineered Solutions 41% (44)
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4 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Profit Operating profit (EBITA) increased to SEK 166 million (159) for Medical Solutions, while Engineered Solutions saw a decrease to 112 million (120). Overall, the Group’s operating profit (EBITA) was SEK 254 million (281). A one-time item of SEK 8 million for acquisition costs has been charged to Group profit. In the previous year, there was a positive one- time item of SEK 7 million net related to an insurance claim. Adjusted for these items, the Group’s operating profit (EBITA) was SEK 262 million (274). The EBITA margin for Medical Solutions was 11.3% (12.1). Strong growth in newer products that have not yet reached planned volumes – but which account for a relatively sizeable share of resources and thus costs designed for higher sales – had a negative impact on the margin. For Engineered Solutions, the margin was 10.8% (11.6). Price increases for raw materials, driven by higher oil prices, have had a sustained nega- tive impact before being passed on to customers, although the effect is sequentially lower than in the previous quarter. There was also an effect from model changes within Automotive leading to lower sales, as the cost structure has been adapted for higher volumes. These effects are partially offset by a favorable product mix, with a larger share of Materials contributing positively. Overall, the Group’s adjusted EBITA margin was 10.5% (11.7). Operating profit (EBIT) was SEK 242 million (272). Profit after net financial income/expense was SEK 224 million (257). Profit after tax was SEK 172 million (215). Earnings per share, basic and diluted, totaled SEK 0.64 (0.80). The effective tax rate was 23.2% (16.3) in the quarter. Cash flow from operating activities rose to SEK 332 million (301) in the third quarter. The lower profit has reduced cash flow before changes in working capital. Working capital requirements declined compared with the previous year and the change for the period was SEK +10 million (-68). Net investments affecting cash flow, excluding acquisitions, increased somewhat to SEK 191 million (183). In addition, SEK 463 million has been invested for acquisitions, excluding acquired cash and cash equiva- lents. Cash flow after investments, excluding acquisitions, was SEK 141 million (118). Operating profit (EBITA): Earnings before financial income and expense, taxes and amortization of intangible assets arising from acquisitions. Sales, operating profit (EBITA) and EBITA margin by business area Sales Sales EBITA EBITA EBITA marg. EBITA marg. SEK million Q3/2026 Q3/2025 Q3/2026 Q3/2025 Q3/2026 Q3/2025 Medical Solutions 1,469 1,311 166 159 11.3% 12.1% Engineered Solutions 1,040 1,035 112 120 10.8% 11.6% Intra-Group adjustments, Parent Co. -9 -4 -24 2 Group total 2,500 2,342 254 281 10.2% 12.0% Operating profit (EBITA) SEKm EBITA margin Business areas’ share of operating profit (EBITA) Earnings per share SEK 210 220 230 240 250 260 270 280 290 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3 9.0% 9.5% 10.0% 10.5% 11.0% 11.5% 12.0% 12.5% 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3 Medical Solutions 60% (57) Engineered Solutions 40% (43) 0.00 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3
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5 NOLATO AB NINE-MONTH INTERIM REPORT 2026 First nine months 2026 Sales and earnings Group sales amounted to SEK 7,311 million (7,190) in the first nine months of 2026. Adjusted for currency and acquisitions, this was a 3% increase. Medical Solutions sales amounted to SEK 4,202 million (4,062); adjusted for currency and acquisitions, this was an increase of 6%. Engineered Solutions sales amounted to SEK 3,130 million (3,137), and were un- changed adjusted for currency and acquisitions. The Group’s operating profit (EBITA) was SEK 761 million (829). Adjusted operating profit (EBITA) was SEK 769 million (822). Overall, the Group’s EBITA margin was 10.4% (11.5). The adjusted EBITA margin was 10.5% (11.4). Operating profit (EBIT) was SEK 729 million (799). Profit after net financial income/expense was SEK 676 million (773). Net financial income/expense has been affected by generally higher interest rates, financing of completed acquisitions and currency effects. Profit after tax was SEK 522 million (626). Earnings per share, basic and diluted, were SEK 1.94 (2.32). The effective tax rate has normalized and was 22.8% (19.0). Return on capital employed was 12.4% for the last 12 months (14.2% for the 2025 calendar year). Return on equity was 11.8% for the last 12-month period (14.1% for the 2025 calendar year). Business areas’ share of sales Business areas’ share of operating profit (EBITA) Sales by geographic markets Medical Solutions 57% (56) Engineered Solutions 43% (44) Sweden 10% (11) Hungary 13% (13) Other Europe 37% (35) Asia 10% (9) USA 28% (28) Other North America 1% (1) Rest of World 1% (3) Medical Solutions 60% (59) Engineered Solutions 40% (41)
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6 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Medical Solutions sales totaled SEK 4,202 million (4,062); adjusted for currency and acquisitions, sales grew by 6%. Growth has been robust in most market areas, especially in the third quarter, when organic growth was as high as 9%. Above all, growth was strong in the Drug delivery market area thanks to increased volumes of several newer products. The major customer project in the Hungarian operations, which has been communicated previously, has proceeded according to plan. Additional capacity will be installed, approved and fine- tuned with a view to gradually increasing delivery capacity in line with the previously communicated schedule. New customer projects in the United States have also progressed well and according to plan. In vitro diagnos- tics (IVD) also exhibited strong growth, with newer products accounting for most of the increase. Surgery exhibited stable volumes after an extended period of inventory adjustments. The acquisitions of the Dutch company Unitron and part of the Irish company Qualtech are included in the period on a one-month basis and have been successfully completed, with the majority of their sales being included in the Drug delivery market area. Operating profit (EBITA) for Medical Solutions was SEK 487 million (500). The EBITA margin for Medical Solutions was 11.6% (12.3). Strong growth in newer products that have not yet reached planned volumes – but which account for a relatively sizeable share of resources and thus costs designed for higher sales – had a negative impact on the margin. Further- more, price increases for raw materials, driven by higher oil prices, had a certain negative impact in the second quarter in particular, before being passed on to customers. Sales for the last twelve-month period increased to SEK 5,516 million, compared with SEK 5,376 million for the 2025 calendar year. The EBITA margin for the last twelve-month period was 11.6%, compared with 12.1% for the 2025 calendar year. Medical Solutions - Sales and profit Q1 - Q3 Q1 - Q3 SEK million 2026 2025 Sales 4,202 4,062 Operating profit (EBITA) 487 500 EBITA margin (%) 11.6% 12.3% Operating profit (EBIT) 465 478 Medical Solutions - Sales SEKm Medical Solutions - EBITA SEKm & EBITA margin % Medical Solutions - Sales by market areas 1,200 1,250 1,300 1,350 1,400 1,450 1,500 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3 10.8 11.0 11.2 11.4 11.6 11.8 12.0 12.2 145 150 155 160 165 170 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3 Endoscopy & general surgery 20% (21) Drug delivery 18% (17) In vitro diagnostics 18% (16) Continence care 12% (13) Pharmaceutical packaging 11% (11) Cardiology 7% (6) Other 14% (16)
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7 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Engineered Solutions - Sales and profit Q1 - Q3 Q1 - Q3 SEK million 2026 2025 Sales 3,130 3,137 Operating profit (EBITA) 330 344 EBITA margin (%) 10.5% 11.0% Operating profit (EBIT) 320 336 Engineered Solutions sales totaled SEK 3,130 million (3,137). Adjusted for currency and acquisitions, sales were unchanged. The Consumer electronics market area had stable volumes, with good demand for smart home and audio products in particular. Automotive declined sharply, particularly in the third quarter, due to lower demand and the impact of model changes among customers. Hygiene continued to see inventory adjustments and lower sales, although volumes stabilized sequentially at the end of the period. The market area Other grew, particularly in the third quarter; it now includes the majority of the business area’s share of the acquisition of Irish company Qualtech, which contributed on a one-month basis in the period. Operations within Materials generated sharply increased volumes compared with the same period last year. Adjusted for currency, sales increased by a full 20%. All customer segments exhibited growth and, in particular, shipment volumes for data centers/satellites and aerospace/ defense increased significantly. Operating profit (EBITA) for Engineered Solutions was SEK 330 million (344). The EBITA margin for Engineered Solutions was 10.5% (11.0). Price increases for raw materials, driven by higher oil prices, had a negative impact before being passed on to customers, particularly in the second and third quarters. There was also an effect from model changes within Automotive leading to lower sales, as the cost structure has been de- signed for higher volumes, particularly in the third quarter. These effects are partially offset by a favorable product mix, with a larger share of Materials contributing positively. Sales for the last twelve months amounted to SEK 4,094 million, com- pared with SEK 4,101 million for the 2025 calendar year. EBITA margin for the last twelve-month period was 10.4%, compared with 10.7% for the 2025 calendar year. Engineered Solutions - Sales SEKm Engineered Solutions - EBITA SEKm & EBITA margin % Engineered Solutions - Sales by market areas 900 920 940 960 980 1,000 1,020 1,040 1,060 1,080 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3 9.0 9.5 10.0 10.5 11.0 11.5 12.0 0 20 40 60 80 100 120 140 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3 Materials 21% (18) Automotive 20% (23) Hygiene 13% (15) Consumer electronics 12% (11) Other 34% (33)
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8 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Cash flow Cash flow from operating activities rose to SEK 332 million (301) in the third quarter. The lower profit has reduced cash flow before changes in working capital. Working capital requirements declined compared with the previous year and the change for the period was SEK +10 million (-68). Net investments affecting cash flow, excluding acquisitions, increased somewhat to SEK 191 million (183). In addition, SEK 463 million has been invested for acquisitions, excluding acquired cash and cash equiva- lents. Cash flow after investments, excluding acquisitions, was SEK 141 million (118). On an accumulated basis after the first nine months, cash flow from operating activities was SEK 844 million (752). The lower profit has reduced cash flow before changes in working capital. Working capital requirements declined compared with the previous year and the change for the period was SEK -109 million (-258), which had a positive impact. Net investments affecting cash flow, excluding acquisitions, decreased to SEK 517 million (642). In particular, Medical Solutions’ expansion in Hun- gary has seen a slower pace of investment during the period, as most of the investment has already been paid for. In addition, SEK 463 million has been invested for acquisitions, excluding acquired cash and cash equivalents. Cash flow after investments, excluding acquisitions, was SEK 327 million (110). Including acquisitions, cash flow after investments was SEK -136 million (110). Financial position Cash and bank balances increased to SEK 584 million (531), and interest-bearing financial liabilities to credit institutions amounted to SEK 2,121 million (1,459). Net financial liabilities thus amounted to SEK 1,537 million (928), and relative to adjusted EBITDA, it was 1.0x (0.5). There are also interest-bearing pension liabilities of SEK 188 million (196) and interest-bearing lease liabilities of SEK 255 million (192). Shareholders’ equity was SEK 5,971 million (5,465). The equity/assets ratio fell to 53% (59). Cash flow after investments, excluding acquisitions and disposals SEKm Net financial liabilities SEKm & equity/assets ratio % Financial position Sep Sep Dec SEK million 2026 2025 2025 Interest-bearing liabilities, credit institutions 2,121 1,459 1,238 Cash and bank 584 531 482 Net financial liabilities 1,537 928 756 Interest-bearing pension liabilities 188 196 190 Net financial liabilities, incl. pension liabilities 1,725 1,124 946 Lease liabilities 255 192 216 Net financial liabilities, including pension & lease liabilities 1,980 1,316 1,162 Working capital 1,726 1,468 1,471 As a percentage of sales (average) (%) 16.7 15.0 14.6 Capital employed 8,535 7,312 7,176 Return on capital employed (average) (%) 12.4 14.1 14.2 Shareholders’ equity 5,971 5,465 5,532 Return on shareholders’ equity (average) (%) 11.8 14.4 14.1 0 20 40 60 80 100 120 140 160 180 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3 0 10 20 30 40 50 60 70 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2025 2025 2026 2026 2026 Q3 Q4 Q1 Q2 Q3
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9 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Personnel The average number of employees during the period was 5,755 (5,461). Events after the balance sheet date On October 1, the sale of Nolato Romania was completed; see also the press release dated June 29, 2026. No other significant events have occurred since the end of the period, although geopolitical tensions are, of course, also affecting Nola- to’s business and its customers. It is not currently possible to foresee the extent of this or how long it is likely to continue, nor is it possible to quantify its effects on the Group. Significant risks and uncertainty factors The Group’s and Parent Company’s business risks and risk management, as well as the management of financial risks, are described on pages 60–62 and in Note 29 on pages 154–157 of the 2025 annual report. No events of material significance occurred in the period that materially affect or change these descriptions of the Group’s and Parent Company’s risks and their management. Seasonal effects Nolato does not experience any significant seasonal variations. However, the third quarter can be adversely affected by the vacation period falling in this quarter, both for Nolato and its customers. Ownership and legal structure Nolato AB (publ), Swedish corporate identity number 556080-4592, is the Parent Company of the Nolato Group. Nolato’s Class B shares are listed on Nasdaq Stockholm in the Large Cap segment, where they are included in the Industrials sector. There were 14,220 shareholders at 30 September. The largest owners are Nordea Fonder with 12%, the Hamrin family with 10%, the Jorlén family and the Boström family with 9% each, Handelsbanken Fonder with 7% and Fjärde AP-fonden with 5%, of the capital. The Parent Company For the Parent Company, which has no operating activities, sales amounted to SEK 80 million (74). Earnings after financial items amounted to SEK 157 million (243) due to lower profit from investments in Group companies and lower net financial income/expense. Contingent liabilities totaled SEK 131 million (130).
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10 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Accounting and valuation principles The interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish Annual Accounts Act. Publication of this interim report is subject to the Swedish Securities Market Act. The consolidated accounts have been prepared according to the same principles as in the most recent annual accounts, as set out in the Annual Report 2025. IASB and the IFRS Interpretations Committee have issued new stan- dards and statements that apply to financial years starting on or after January 1, 2026. There are no plans for the early application of new or amended standards for future application. None of the standards or interpretations published by IASB are expected to have a material impact on the Group or Parent Company’s financial statements. In February 2026, the EU approved the new standard, IFRS 18 Presen- tation and disclosure in financial statements, which will take effect on January 1, 2027. Nolato has begun the process of analyzing and identi- fying any effects the standard may have on its financial statements. The interim report for the Parent Company has been prepared in accor- dance with Chapter 9 of the Swedish Annual Accounts Act. Nomination Committee In accordance with a decision at Nolato’s AGM, the largest sharehold- ers in terms of the number of votes at the end of September 2026 have appointed the following individuals as members of Nolato’s Nomination Committee ahead of the 2027 AGM: Henrik Jorlén, chairman (Jorlén family), Gun Boström (Boström family), Lovisa Hamrin (Hamrin family), Katarina Hammar (Nordea Fonder) and Anna Sundberg (Handelsbanken Fonder). Shareholders who would like to submit proposals to the Nomination Committee can contact the chairman of the Nomination Committee, Henrik Jorlén, by e-mail at henrik.jorlen@gmail.com or by regular mail at Kommendörsgatan 4, 269 77 Torekov, Sweden. Annual General Meeting The Annual General Meeting will be held on May 4, 2027. Financial information schedule • 2026 year-end report: February 8, 2027 • Three-month interim report 2027: May 4, 2027 • 2027 Annual General Meeting: May 4, 2027 • Six-month interim report 2027: July 16, 2027 • Nine-month interim report 2027: October 27, 2027 • 2027 year-end report: February 8, 2028 Torekov October 29, 2026 Nolato AB (publ) Anders Björklund, President and CEO Contact Anders Björklund, President and CEO, telephone +46709 315340. Per-Ola Holmström, Executive Vice President and CFO, telephone +46705 763340. Prior to publication this information constituted inside information that Nolato AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was issued for publication by the above contact persons on October 29, 2026 at 7:45 a.m. CET. This report has not been audited by the Com- pany’s auditors. Webcast conference call on October 29 In connection with the interim report, Nolato will hold a webcast conference call in English at 8:45 a.m. CET. Nolato will be represented by President and CEO Anders Björklund and CFO Per-Ola Holmström, who will present the interim report and answer questions. Information regarding telephone numbers and website is available at: https://www.finwire.tv/webcast/nolato/q3-2026/ The presentation will be available at: www.nolato.com/en/IR after publication of the interim report. The webcast will be available at the same address after the live broadcast.
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11 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Consolidated income statement - condensed Q3 Q3 Q1 - Q3 Q1 - Q3 Full year SEK million unless otherwise specified Note 2026 2025 2026 2025 R12M 2025 Net sales 1 2,500 2,342 7,311 7,190 9,583 9,462 Cost of goods sold -2,044 -1,925 -5,984 -5,876 -7,840 -7,732 Gross profit 456 417 1,327 1,314 1,743 1,730 Selling expenses -64 -53 -182 -175 -242 -235 Administrative expenses -138 -130 -406 -386 -539 -519 Other operating- income and expenses, net -12 38 -10 46 -8 48 -214 -145 -598 -515 -789 -706 Operating profit 2 242 272 729 799 954 1,024 Financial income and expense 2 -18 -15 -53 -26 -68 -41 Profit after financial income and expense 2 224 257 676 773 886 983 Tax -52 -42 -154 -147 -213 -206 Profit after tax 172 215 522 626 673 777 All earnings are attrib. to the Parent Co.’s shareh. Depreciation/amortization reg. non-current assets -144 -148 -424 -425 -566 -567 Earnings per share, basic and diluted, SEK 3 0.64 0.80 1.94 2.32 2.50 2.88 Number of shares at the end of the period, bef. dil. 269,380,942 269,377,080 269,380,942 269,377,080 269,380,942 269,377,080 Number of shares at the end of the period, after dil. 269,380,942 269,377,080 269,380,942 269,377,080 269,380,942 269,392,677 Average number of shares, before dilution 269,379,977 269,377,080 269,379,977 269,377,080 269,379,397 269,377,080 Average number of shares, after dilution 269,380,942 269,377,080 269,380,942 269,377,080 269,382,517 269,380,199 At the end of the period, the Group had two incentive programmes, see note 4. Consolidated comprehensive income Q3 Q3 Q1 - Q3 Q1 - Q3 Full year SEK million 2026 2025 2026 2025 R12M 2025 Profit after tax 172 215 522 626 673 777 Other comprehensive income Items that cannot be transferred to profit for the period Revaluations of defined benefit pension plans — 5 5 50 9 54 Tax attrib. to items that cannot be transferred to profit — -1 — -9 -1 -10 — 4 5 41 8 44 Items that have been converted or can be converted into profit for the period Translation differences on translation of foreign operations 125 -49 375 -539 280 -634 Changes in the fair value of cash flow hedges -1 -2 -6 4 -5 5 Tax attrib. to changes in the fair value of cash flow hedges — — 1 -1 1 -1 124 -51 370 -536 276 -630 Other comprehensive income, net of tax 124 -47 375 -495 284 -586 Total comp. inc. for the period attrib. to the Parent Co.’s shareh. 296 168 897 131 957 191 Financial instruments are measured at fair value in the statement of financial position, pursuant to measurement hierarchy Level 2.
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12 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Consolidated balance sheet - condensed Sep Sep Dec SEK million 2026 2025 2025 Assets Non-current assets Non-current intangible assets 2,761 2,224 2,172 Property, plant and equipment 3,493 3,187 3,152 Rights of use 247 185 209 Non-current financial assets 2 2 2 Other non-current receivables 3 2 2 Deferred tax assets 22 13 21 Total non-current assets 6,528 5,613 5,558 Current assets Inventories 1,298 1,081 1,086 Accounts receivable 2,057 1,662 1,600 Other current assets 715 441 556 Cash and bank 584 531 482 Total current assets 4,654 3,715 3,724 Total assets 11,182 9,328 9,282 Shareholders' equity and liabilities Shareholders' equity 5,971 5,465 5,532 Liabilities and provisions Long-term liabilities and provisions 1,529 1,871 1,322 Deferred tax liabilities 297 232 272 Current liabilities and provisions 3,385 1,760 2,156 Total liabilities and provisions 5,211 3,863 3,750 Total shareholders' equity and liabilities 11,182 9,328 9,282 Interest-bearing/non-interest-bearing liabilities and provisions: Interest-bearing liabilities and provisions 2,564 1,847 1,644 Non-interest-bearing liabilities and provisions 2,647 2,016 2,106 Total liabilities and provisions 5,211 3,863 3,750 Financial instruments are measured at fair value in the statement of financial position, pursuant to measurement hierarchy Level 2. Derivative assets are included in other current assets at 6 11 9 Derivative liabilities are included in current liabilities and provisions at 16 21 5
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13 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Changes in consolidated shareholders’ equity - condensed Sep Sep Dec SEK million 2026 2025 2025 Shareholders’ equity at the beginning of the period 5,532 5,738 5,738 Total comprehensive income for the period 897 131 191 Dividends -458 -404 -404 Share warrants included in incentive programmes — — 7 Shareholders’ equity at the end of period attrib. to Parent Co’s shareholders 5,971 5,465 5,532 At the end of the period, the Group had two incentive programmes, see note 4. Consolidated cash flow statement - condensed Q3 Q3 Q1 - Q3 Q1 - Q3 Full year SEK million 2026 2025 2026 2025 R12M 2025 Cash flow from oper. activities bef. changes in working cap. 322 369 953 1,010 1,253 1,310 Changes in working capital 10 -68 -109 -258 -99 -248 Cash flow from operating activities 332 301 844 752 1,154 1,062 Cash flow from investment activities -654 -183 -980 -642 -1,126 -788 Cash flow before financing activities -322 118 -136 110 28 274 Cash flow from financing activities 407 -57 191 -184 -15 -390 Cash flow for the period 85 61 55 -74 13 -116 Cash and cash equivalents at the beginning of the period 482 476 482 672 672 Exchange rate difference in liquid assets 17 -6 47 -67 -74 Cash and cash equivalents at the end of the period 584 531 584 531 482 Note 1 - Revenue January - September - 2026 January - September - 2025 Full year - 2025 SEK million Group Elim. Med. Sol. Eng. Sol. Group Elim. Med. Sol. Eng. Sol. Group Elim. Med. Sol. Eng. Sol. Total 7,311 -21 4,202 3,130 7,190 -9 4,062 3,137 9,462 -15 5,376 4,101 Europe 4,363 -5 2,364 2,004 4,303 -2 2,220 2,085 5,649 -3 2,956 2,696 Sweden 759 -5 124 640 824 -1 104 721 1,086 -3 142 947 Hungary 919 — 562 357 944 — 532 412 1,246 — 752 494 Other Europe 2,685 — 1,678 1,007 2,535 -1 1,584 952 3,317 — 2,062 1,255 North America 2,147 — 1,673 474 2,081 — 1,645 436 2,737 — 2,162 575 USA 2,048 — 1,642 406 1,979 — 1,613 366 2,609 — 2,119 490 Other North America 99 — 31 68 102 — 32 70 128 — 43 85 Asia 730 -16 117 629 677 -7 100 584 909 -12 133 788 Rest of World 71 — 48 23 129 — 97 32 167 — 125 42 The above table essentially covers products transferred at a specific date. For the first nine months of the year, the Group recognised increased provision of impaired trade receivables of SEK 5 million. Impairment losses are recognised in the cost of goods sold.
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14 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Note 2 - Reconciliation of consolidated income before tax Q1 - Q3 Q1 - Q3 Full year SEK million 2026 2025 R12M 2025 Operating profit (EBIT) Medical Solutions 465 478 611 624 Engineered Solutions 320 336 411 427 Group adjustments, Parent Company -56 -15 -68 -27 Consolidated operating profit (EBIT) 729 799 954 1,024 Financial income and expense (not distrib. by business areas) -53 -26 -68 -41 Consolidated profit before tax 676 773 886 983 Including a non-recurring item of SEK -8 million in operating profit in Q3 2026. Including a non-recurring item of SEK 7 million in operating profit in Q3 2025. The non-recurring items have been recognised at Group level and has therefore not affected the earnings of the business areas. Note 3 - Earnings per share (IFRS measures/alternative performance measures) Q3 Q3 Q1 - Q3 Q1 - Q3 Full year SEK million 2026 2025 2026 2025 R12M 2025 Profit after tax 172 215 522 626 673 777 Average number of shares, before dilution 269,379,977 269,377,080 269,379,977 269,377,080 269,379,397 269,377,080 Basic earnings per share (SEK) 0.64 0.80 1.94 2.32 2.50 2.88 Non-recurring items 7 -6 7 -6 7 -6 Adjusted profit after tax 179 209 529 620 680 771 Adjusted basic earnings per share (SEK) 0.66 0.78 1.96 2.30 2.52 2.86 Average number of shares, after dilution 269,380,942 269,377,080 269,380,942 269,377,080 269,382,517 269,380,199 Diluted earnings per share (SEK) 0.64 0.80 1.94 2.32 2.50 2.88 Adjusted diluted earnings per share (SEK) 0.66 0.78 1.96 2.30 2.52 2.86 Number of shares at the end of the period, before dilution 269,380,942 269,377,080 269,380,942 269,377,080 269,380,942 269,377,080 Number of shares at the end of the period, after dilution 269,380,942 269,377,080 269,380,942 269,377,080 269,380,942 269,392,677 Note 4 - Incentive programmes Sep Sep Dec 2026 2025 2025 Incentive Programme 2022/2028 Series 2022/2026 Redemption 15/12/2025 - 15/06/2026 with subscription price SEK 57.80 57.80 Maximum new class B shares 1,685,000 1,685,000 Series 2023/2027 Redemption 15/12/2026 - 15/06/2027 with subscription price SEK 59.20 59.20 59.20 Maximum new class B shares 1,750,000 1,750,000 1,750,000 Series 2024/2028 Redemption 15/12/2027 - 15/06/2028 with subscription price SEK 68.00 68.00 68.00 Maximum new class B shares 1,525,000 1,525,000 1,525,000 Incentive Programme 2025/2031 Series 2025/2029 Redemption 15/12/2028 - 15/06/2029 with subscription price SEK 72.60 72.60 Maximum new class B shares 1,260,000 2,660,000 1,260,000 Series 2026/2030 Redemption 15/12/2029 - 15/06/2030 with subscription price SEK Maximum new class B shares 2,660,000 2,660,000 2,660,000 Series 2027/2031 Redemption 15/12/2030 - 15/06/2031 with subscription price SEK Maximum new class B shares 2,660,000 2,660,000 2,660,000 Maximum new class B shares in the programmes 9,855,000 12,940,000 11,540,000
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15 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Including any non-recurring items. Quarterly data (summary) Note Year Q1 Q2 Q3 Q4 Full year IFRS measures Operating profit (EBIT) (SEK million) 2 2026 250 237 242 2 2025 260 267 272 225 1,024 2024 227 234 224 228 913 Earnings per share, basic & diluted (SEK) 3 2026 0.67 0.63 0.64 3 2025 0.74 0.79 0.80 0.56 2.88 2024 0.60 0.63 0.61 0.61 2.44 Alternative performance measures Net sales (SEK million) 1 2026 2,357 2,454 2,500 1 2025 2,453 2,395 2,342 2,272 9,462 2024 2,442 2,439 2,401 2,382 9,664 Operating profit (EBITDA) (SEK million) 2026 387 378 388 2025 401 403 420 367 1,591 2024 374 383 371 388 1,516 Operating profit (EBITA) (SEK million) 2026 260 247 254 2025 271 277 281 236 1,065 2024 238 245 235 240 958 EBITA margin (%) 2026 11.0 10.1 10.2 2025 11.0 11.6 12.0 10.4 11.3 2024 9.7 10.0 9.8 10.1 9.9 Profit after financial income and exp. (SEK million) 2026 232 220 224 2025 252 264 257 210 983 2024 209 215 209 215 848 Profit after tax (SEK million) 2026 181 169 172 2025 199 212 215 151 777 2024 162 169 164 163 658 Net financial liabilities, excluding pension- 2026 737 1,055 1,537 and lease liabilities (SEK million) 2025 757 1,038 928 756 756 2024 1,026 1,107 913 671 671 Including a non-recurring item in Q3 2026 of SEK -8 million in operating profit (EBITDA/EBITA/EBIT) and SEK -7 million in profit after tax. Including a non-recurring item in Q3 2025 of SEK 18 million in operating profit (EBITDA), SEK 7 million in operating profit (EBITA) and SEK 6 million in profit after tax. Five-year overview 2025 2024 2023 2022 2021 IFRS measures Operating profit (EBIT) (SEK million) 1,024 913 657 867 1,333 Basic earnings per share (SEK) 2.88 2.44 1.61 2.59 4.32 Diluted earnings per share (SEK) 2.88 2.44 1.61 2.59 4.32 Alternative performance measures Net sales (SEK million) 9,462 9,664 9,546 10,774 11,610 Operating profit (EBITA) (SEK million) 1,065 958 701 908 1,369 EBITA margin (%) 11.3 9.9 7.3 8.4 11.8 Profit after financial income and expense (SEK million) 983 848 616 875 1,401 Profit after tax (SEK million) 777 658 435 697 1,160 Cash flow after investments, excl. acq. and disposals (SEK million) 274 743 446 8 446 Return on capital employed (%) 14.2 12.3 9.0 12.8 22.8 Return on shareholders' equity (%) 14.1 12.2 8.1 13.6 28.0 Net financial liabilities, excl. pension- & liabilities (SEK million) 756 671 895 708 51 Equity/assets ratio (%) 60 59 56 54 47 Dividend per share (SEK) 1.70 1.50 1.50 1.90 1.90 Average number of employees 5,491 5,837 5,732 6,627 8,669
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16 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Quarterly data (summary) Year Q1 Q2 Q3 Q4 Full year Alternative performance measures Cash flow from operating activities (SEK million) 2026 225 287 332 2025 135 316 301 310 1,062 2024 136 434 327 480 1,377 Cash flow from operations per share 2026 0.84 1.07 1.23 before dilution (SEK) 2025 0.50 1.17 1.12 1.15 3.94 2024 0.50 1.61 1.21 1.78 5.11 Net investments affecting cash flow, excluding 2026 -193 -133 -191 acquisitions and disposals (SEK million) 2025 -271 -188 -183 -146 -788 2024 -230 -98 -136 -172 -636 Cash flow after investments, excluding acquisitions 2026 32 154 141 and disposals (SEK million) 2025 -136 128 118 164 274 2024 -92 336 191 308 743 Cash flow after investments, excl. acquisitions and 2026 0.12 0.57 0.52 disposals per share before dilution (SEK) 2025 -0.50 0.48 0.44 0.61 1.02 2024 -0.34 1.25 0.71 1.14 2.76 Cash conversion (%) 2026 44 48 51 2025 76 51 41 27 27 2024 57 70 68 86 86 Return on total capital (%) 2026 10.8 10.2 9.6 2025 9.9 10.4 11.0 11.0 11.0 2024 7.4 7.7 8.9 9.5 9.5 Return on capital employed (%) 2026 14.0 13.3 12.4 2025 12.7 13.4 14.1 14.2 14.2 2024 9.5 9.9 11.5 12.3 12.3 Return on operating capital (%) 2026 14.9 14.3 13.4 2025 13.9 14.5 15.2 15.2 15.2 2024 10.2 10.9 12.5 13.5 13.5 Return on shareholders’ equity (%) 2026 13.7 12.9 11.8 2025 12.7 13.6 14.4 14.1 14.1 2024 8.5 8.9 10.7 12.2 12.2 Shareholders’ equity per share, before 2026 22 21 22 dilution (SEK) 2025 21 20 20 21 21 2024 21 20 20 21 21 Closing share price Nolato B (Nasdaq Stockholm) 2026 47.74 48.65 54.50 2025 56.95 57.90 58.90 61.80 61.80 2024 47.84 57.50 55.90 54.20 54.20 Average number of employees 2026 5,607 5,692 5,755 2025 5,405 5,522 5,461 5,491 5,491 2024 5,552 5,956 5,766 5,837 5,837
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17 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Quarterly data business areas Note Year Q1 Q2 Q3 Q4 Full year Alternative performance measures Net sales (SEK million) Medical Solutions 1 2026 1,345 1,388 1,469 1 2025 1,397 1,354 1,311 1,314 5,376 2024 1,355 1,365 1,355 1,359 5,434 Engineered Solutions 1 2026 1,020 1,070 1,040 1 2025 1,058 1,044 1,035 964 4,101 2024 1,087 1,077 1,046 1,033 4,243 Group adjustments, Parent Company 1 2026 -8 -4 -9 1 2025 -2 -3 -4 -6 -15 2024 — -3 — -10 -13 Group total 1 2026 2,357 2,454 2,500 1 2025 2,453 2,395 2,342 2,272 9,462 2024 2,442 2,439 2,401 2,382 9,664 Operating profit (EBITA) (SEK million) Medical Solutions 2026 159 162 166 2025 171 170 159 153 653 2024 140 149 145 152 586 Engineered Solutions 2026 108 110 112 2025 107 117 120 95 439 2024 103 108 103 95 409 Group adjustments, Parent Company 2026 -7 -25 -24 2025 -7 -10 2 -12 -27 2024 -5 -12 -13 -7 -37 Group total 2026 260 247 254 2025 271 277 281 236 1,065 2024 238 245 235 240 958 EBITA margin (%) Medical Solutions 2026 11.8 11.7 11.3 2025 12.2 12.6 12.1 11.6 12.1 2024 10.3 10.9 10.7 11.2 10.8 Engineered Solutions 2026 10.6 10.3 10.8 2025 10.1 11.2 11.6 9.9 10.7 2024 9.5 10.0 9.8 9.2 9.6 Group total 2026 11.0 10.1 10.2 2025 11.0 11.6 12.0 10.4 11.3 2024 9.7 10.0 9.8 10.1 9.9 Depreciation/write-downs/amortization (SEK million) Medical Solutions 2026 -92 -95 -98 2025 -91 -88 -88 -94 -361 2024 -90 -93 -91 -93 -367 Engineered Solutions 2026 -45 -47 -46 2025 -50 -48 -49 -47 -194 2024 -57 -56 -56 -67 -236 Group adjustments, Parent Company 2026 -1 — — 2025 — — -11 -1 -12 2024 — — — — — Group total 2026 -138 -142 -144 2025 -141 -136 -148 -142 -567 2024 -147 -149 -147 -160 -603 Including a non-recurring item in operating profit of SEK -8 million in Q3 2026. Including a non-recurring item in operating profit of SEK 7 million which includes an impairment of fixed assets of SEK -11 million in Q3 2025. The non-recurring items have been recognized at Group level and has therefore not affected the earnings of the business areas.
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18 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Definitions - IFRS measures Earnings per share Earnings for the period that are attributable to the parent com- pany’s owners divided by the average number of outstanding shares. Operating profit (EBIT) Earnings before financial income and expense and taxes. Definitions - Alternative performance measures Nolato presents certain financial measures in this report that are not defined according to IFRS. Nolato considers that these measures provide valuable supplementary information for investors and company management, as they enable an assessment of trends and the company’s performance. Since not all companies calculate financial measures in the same way, these are not always comparable to measures used by other companies. These financial measures should not therefore be regarded as substitutes for measures defined according to IFRS. Average number of shares The average basic number of shares comprises the parent com- pany’s weighted average number of outstanding shares during the period. After dilution, a weighted average of the shares that may be issued under the ongoing share warrant programme is added, if they are in-the-money, but only insofar as the average listed share price for the period exceeds the subscription price of the warrants. Cash flow after investments, excl. acquisitions and disposals per share Cash flow after investing activities excl. acquisitions and dispos- als, divided by the average number of shares. Cash flow from operating activities per share Cash flow from operating activities, divided by the average num- ber of shares. Debt/equity ratio Interest-bearing liabilities and provisions divided by shareholders’ equity. EBITA margin Operating profit (EBITA) as a percentage of net sales. Equity/assets ratio Shareholders’ equity as a percentage of total capital in the bal- ance sheet. Financial net debt in relation to adjusted operating profit (EBITDA) Interest-bearing short- and long-term liabilities, excl. net provi- sions for pensions and leasing, with a deduction for cash and cash equivalents, divided by R12M EBITDA adjusted for any non-recurring items. Net financial assets/liabilities Interest-bearing liabilities from credit institutions less interest-bear- ing assets. Operating profit (EBITA) Earnings before financial income and expense, taxes and amorti- zation of intangible assets arising from acquisitions. Operating profit (EBITDA) Earnings before financial income and expense, taxes and depre- ciation/amortization. Profit margin Profit after financial income and expense as a percentage of net sales. Return on capital employed Profit after financial income and expense, plus financial expenses as a percentage of average capital employed. Capital employed consists of total capital less non-interest-bearing liabilities and provisions. Return on operating capital Operating profit as a percentage of average operating capital. Operating capital consists of total capital less non-interest-bearing liabilities and provisions, less interest-bearing assets. Return on shareholders’ equity Profit after tax as a percentage of average shareholders’ equity. Return on total capital Profit after financial income and expense, plus financial expenses as a percentage of average total capital in the balance sheet. Forward-looking information Some of the items reported relate to future events and actual outcomes may differ materially. In addition to those factors explicitly com- mented on, other factors may also materially affect the actual outcome, such as economic conditions, exchange rates and interest rate levels, political risks, competition and pricing, product development, commercialisation and technical difficulties, supply problems and customer credit losses.
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19 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Alternative performance measures Q3 Q3 Q1 - Q3 Q1 - Q3 Full year SEK million unless otherwise specified Note 2026 2025 2026 2025 R12M 2025 Operating profit (EBITDA) 388 420 1,153 1,224 1,520 1,591 Non-recurring items 8 -18 8 -18 8 -18 Adjusted operating profit (EBITDA) 396 402 1,161 1,206 1,528 1,573 Operating profit (EBIT) 2 242 272 729 799 954 1,024 Reversal of amortization of intangible assets arising in connection with acquisitions 12 9 32 30 43 41 Operating profit (EBITA) 254 281 761 829 997 1,065 Non-recurring items 8 -7 8 -7 8 -7 Adjusted operating profit (EBITA) 262 274 769 822 1,005 1,058 EBITA margin (%) 10.2 12.0 10.4 11.5 10.4 11.3 Adjusted EBITA margin (%) 10.5 11.7 10.5 11.4 10.5 11.2 Profit after financial income and expense 2 224 257 676 773 886 983 Non-recurring items 8 -7 8 -7 8 -7 Adjusted profit after financial income and expense 232 250 684 766 894 976 Profit margin (%) 9.0 11.0 9.2 10.8 9.2 10.4 Adjusted profit margin (%) 9.3 10.7 9.4 10.7 9.3 10.3 Profit after tax 172 215 522 626 673 777 Non-recurring items 8 -7 8 -7 8 -7 Tax on non-recurring items -1 1 -1 1 -1 1 Adjusted profit after tax 179 209 529 620 680 771 Alternative performance measures Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 SEK million unless otherwise specified 2026 2026 2026 2025 2025 2025 2025 2024 2024 Profit after financial income and exp., roll. 12 months 886 919 963 983 988 Financial expense, rolling 12 months 61 58 55 55 49 Adj. profit after financial inc. and exp., roll. 12 months 947 977 1,018 1,038 1,037 Total capital, at the end of period 11,182 10,036 9,746 9,282 9,328 9,324 9,413 9,688 9,476 Average total capital, last 5 quarters 9,915 9,543 9,419 9,407 9,446 Return on total capital (%) 9.6 10.2 10.8 11.0 11.0 Adj. profit after financial inc. and exp., roll. 12 months 947 977 1,018 1,038 1,037 Capital employed, at the end of period 8,535 7,624 7,451 7,176 7,312 7,207 7,301 7,510 7,366 Average capital employed, last 5 quarters 7,620 7,354 7,289 7,301 7,339 Return on capital employed (%) 12.4 13.3 14.0 14.2 14.1 Operating profit (EBIT), rolling 12 months 954 984 1,014 1,024 1,027 Capital employed, at the end of period 8,535 7,624 7,451 7,176 7,312 7,207 7,301 7,510 7,366 Cash and bank, at the end of period 584 482 452 482 531 476 568 672 718 Operating capital, at the end of period 7,951 7,142 6,999 6,694 6,781 6,731 6,733 6,838 6,648 Average operating capital, latest 5 quarters 7,113 6,869 6,788 6,755 6,746 Return on operating capital (%) 13.4 14.3 14.9 15.2 15.2 Profit after tax, rolling 12 months 673 716 759 777 789 Shareholders' equity, at the end of period 5,971 5,675 5,848 5,532 5,465 5,297 5,561 5,738 5,315 Average shareholders' equity, latest 5 quarters 5,698 5,563 5,541 5,519 5,475 Return on shareholders' equity (%) 11.8 12.9 13.7 14.1 14.4
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20 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Acquisitions M&M Qualtech Nolato has acquired the Irish company M&M Qualtech, which is projected to have annual sales of approximately SEK 385 million in 2026, with robust profitability. The company, which is based in Galway, Ireland, has 200 employees and will operate under the name Nolato Qualtech and be headed by the current management team. Approximately three-fifths of the operations are reported in the Engineered Solutions business area, and the remainder in Medical Solutions. M&M Qualtech’s operations include printed circuit board manufacturing, cable assemblies, testing, procurement and box builds of turn- key products. M&M Qualtech also brings an attractive presence in Galway – one of Europe’s leading medical technology clusters. The region features a concentration of international medtech companies, specialized expertise and an advanced industrial ecosystem. With presence in Galway, Nolato is moving closer to both existing and potential customers within medical and is enhancing its means to grow its business in a segment where proximity, quality, and technical collaboration are key competitive factors. In addition to its medical technology customer base, M&M Qualtech also provides Nolato with a platform in selected security and defense-related applications. Demand for robust, reliable, and proven electronic solutions is on the rise in this sector, and M&M Qualtech’s expertise in electronics manufacturing, testing and quality assurance is well-suited to meet these requirements. This paves the way for expansion into segments where Nolato’s industrial strengths and high quality standards can generate further added value for customers. Nolato has acquired 99% of the shares/voting rights in M&M Qualtech for SEK 284 million, with a closing date/acquisition date of August 31, 2026, and has obtained controlling interest. The company is consolidated as of September 1. Under the share transfer agreement, both Nolato and the minority shareholder hold options whereby the remaining shares will be acquired by Nolato. The Group has there- fore recognized a financial liability equal to the present value of the expected future purchase consideration for the remaining interest. Consequently, no holding, but rather a controlling interest has been recognized in the acquisition analysis. The fair value of the contin- gent purchase consideration has been determined based on projected EBITDA for the financial years 2026 and 2027 and amounts to approximately SEK 145 million. Regardless of the outcome of the options, Nolato will own 100% of the shares by the end of 2028. The acquisition analysis is preliminary. The determination of fair values – primarily for intangible assets, working capital, deferred taxes and contingent considerations – is still ongoing. Any adjustments will be recognized within the measurement period, which is a maximum of twelve months from the acquisition date. Acquisition value, goodwill and cash flow effects Acquisition value Acquisition value (cash paid) 284 Acquisition value (present value of the expected future contingent consideration) 145 Less fair value of acquired net assets (according to spec. below) -192 Goodwill 237 Goodwill arising in connection with the transaction consists of synergies that are expected to be achieved as a result of increased sales volumes for the Nolato Group to customers in the Engineered Solutions and the Medical Solutions business areas. Also, however, through improved purchasing terms from external suppliers and other collaboration at various levels in both business areas. Net assets Balance sheet at time of acquisition Adjustment to fair value Fair value Non-current intangible assets — 96 96 Property, plant and equipment 22 — 22 Rights of use 18 — 18 Current assets 144 — 144 Cash and cash equivalents 22 — 22 Other non-current financial liabilities -13 — -13 Deferred tax liabilities — -14 -14 Other current financial liabilities -5 — -5 Other current liabilities -78 — -78 Net assets acquired 110 82 192 Non-current intangible assets in the form of customer relationships are estimated to amount to SEK 96 million and will be amortized for accounting purposes over a period of 10 years. Gross value, fair value and the value expected to be settled for the balance sheet item ‘Trade receivables’ are all SEK 69 million. Acquisition expenses of SEK 6 million were expensed as other operating expenses. Cash flow effects Cash paid, acquisition value 284 Less acquired cash and cash equivalents -22 Net cash flow from acquisition 262
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21 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Acquisitions (continue...) Unitron Nolato has acquired the Dutch company Unitron, which is projected to have annual sales of approximately SEK 200 million in 2026, with robust profitability. The company has over 100 employees at its plants in the Netherlands, Belgium and North America. The company will operate under the name Nolato Unitron and will be headed by the current management. The business is reported within the Medical Solutions business area. The acquisition of Unitron strengthens Nolato’s medical technology offering through expertise in electronics-intensive products, regula- tory support, development-centric manufacturing, complex assembly and traceability. Unitron gives Nolato better opportunities for earlier involvement in customers’ product development and for providing support throughout the entire process – from design and industria- lization to scaled-up production of complete products. This is particularly relevant in applications in which polymers, mechanical compo- nents, electronics and regulatory requirements must work together in an integrated solution. Nolato has acquired 100% of the shares/voting rights in Unitron for SEK 204 million, with a closing date/acquisition date of September 1, 2026, and has obtained controlling interest. The company is consolidated as of September 1. The acquisition analysis is preliminary. The determination of fair values – primarily for intangible assets and deferred taxes – is still ongoing. Any adjustments will be recognized within the measurement period, which is a maximum of twelve months from the acquisition date. Acquisition value, goodwill and cash flow effects Acquisition value Acquisition value (cash paid) 204 Less fair value of acquired net assets (according to spec. below) -103 Goodwill 101 Goodwill arising in connection with the transaction consists of synergies that are expected to be achieved primarily as a result of increased sales volumes for the Nolato Group to customers in the Medical Solutions business area. Also, however, through improved purchasing terms from external suppliers and other collaboration at various levels in both business areas. Net assets Balance sheet at time of acquisition Adjustment to fair value Fair value Non-current intangible assets — 40 40 Property, plant and equipment 13 — 13 Rights of use 19 — 19 Current assets 99 — 99 Cash and cash equivalents 3 — 3 Other non-current financial liabilities -15 — -15 Deferred tax liabilities — -10 -10 Other current financial liabilities -4 — -4 Other current liabilities -42 — -42 Net assets acquired 73 30 103 Non-current intangible assets in the form of customer relationships are estimated to amount to SEK 40 million and will be amortized for accounting purposes over a period of 10 years. Gross value, fair value and the value expected to be settled for the balance sheet item ‘Trade receivables’ are all SEK 36 million. Acquisition expenses of SEK 5 million were expensed as other operating expenses. Cash flow effects Cash paid, acquisition value 204 Less acquired cash and cash equivalents -3 Net cash flow from acquisition 201
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22 NOLATO AB NINE-MONTH INTERIM REPORT 2026 Parent Company income statement - condensed Q3 Q3 Q1 - Q3 Q1 - Q3 Full year SEK million 2026 2025 2026 2025 R12M 2025 Net sales 26 26 80 74 109 103 Selling expenses -2 -2 -7 -5 -9 -7 Administrative expenses -32 -21 -90 -67 -120 -97 Other operating income 1 6 6 20 12 26 Other operating expenses -13 -9 -39 -33 -56 -50 Operating profit/loss -20 — -50 -11 -64 -25 Profit/loss from participations in Group companies — — 214 241 221 248 Financial income 11 14 28 41 48 61 Financial expenses -13 -11 -35 -28 -50 -43 Profit/loss after financial income and expense -22 3 157 243 155 241 Appropriations — — — — 351 351 Tax 1 -1 6 5 -72 -73 Profit/loss after tax -21 2 163 248 434 519 Depreciation is included — — — — — — Transactions with related parties Services sold 26 26 80 74 109 103 Services bought -8 -8 -28 -25 -43 -40 Interest income 11 11 28 32 37 41 Interest expenses — — -1 -1 -5 -5 Profit/loss from participations in Group companies — — 214 241 221 248 Parent Company balance sheet - condensed Sep Sep Dec SEK million 2026 2025 2025 Assets Intangible fixed assets 1 2 2 Financial assets 4,651 4,080 4,055 Deferred tax assets 7 11 7 Total non-current assets 4,659 4,093 4,064 Current assets Other receivables 519 443 696 Cash and bank 77 55 50 Total current assets 596 498 746 Total assets 5,255 4,591 4,810 Shareholders' equity and liabilities Shareholders' equity 2,449 2,474 2,745 Liabilities and provisions Untaxed reserves 411 351 411 Other provisions 13 12 10 Long-term liabilities 1,209 1,621 1,113 Current liabilities 1,173 133 531 Total liabilities and provisions 2,806 2,117 2,065 Total shareholders' equity and liabilities 5,255 4,591 4,810 Transactions with related parties Receivables from related parties on balance sheet day 1,120 1,018 1,321 Payables to related parties on balance sheet day 404 290 403 None of the company’s Board members or senior executives currently have, or have previously had, any direct or indirect involvement in any business transaction with the company which is, or was, of an unu- sual character in terms of its conditions. Nor has the Group issued any loans, pledged any guarantees or entered into any surety arrangements for any of the company’s Board members or senior executives.
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Nolato aims to be the customer’s first choice of innovative partner in sustainable design and production. Nolato’s business model Nolato’s business model is based on two decentralized business areas, which with their own decision-making and shared ambitions endeavour to fulfil our vision and the financial and sustainable goals. In this way, secure workplaces are created for employees and value is generated for the owners. With solid experience and broad expertise, close, long-term, and innovative partnerships are established and developed with customers. With well-developed and leading technology, broad development and de- sign expertise, qualified project management, and highly efficient production, added value is created with minimal climate impact for both customers and owners. Nolato’s shared core values - Professional, Well organized, Responsible - inform all aspect of our business and are central to the sustainable development strategy. VISION Nolato AB (publ), Nolatovägen 32, SE-269 78 Torekov, Sweden Tel. +46 431 442290 Fax +46 431 442291 Corp. id. number 556080-4592 E-mail: info@nolato.com, www.nolato.com Nolato is a Swedish group with operations in Europe, Asia and North America. We develop and manufacture products in polymer materials such as plastic, silicone and thermoplastic elastomers (TPE) for leading customers within medical technology, pharma- ceuticals, consumer electronics, telecom, automotive, hygiene and other selected industrial fields. Our offering spans the entire value chain - from solutions-oriented development focused on sustainability to product delivery. Nolato’s shares are listed on Nasdaq Stockholm Exchange in the Industrials sector of the Large Cap segment. www.nolato.com