Interim report
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Interim report Janu ary - September 202 6
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Stockholm Nordtech Group AB | Interim report J anuar y – September 202 6 2 Summary of the perio d Third quarter 202 6 • Net sales amounted to SEK 192.1 million ( 141.6 ), an increase of 36 percent , of which 9 percent was organic growth • Adjusted EBITA increased by 49 percent and amounted to SEK 59.0 million ( 39.5 ) • Adjusted EBITA margin for the period amounted to 31 percent ( 28 ) • Operating profit in creased to SEK 15.0 million ( 8.0 ) , impacted by items affecting comparability of SEK 1 3 . 5 million (6 . 5) • Earnings per share before and after dilution amounted to SEK 0.2 ( 0.0 ) • Cash flow from operating activities amounted to SEK 10.3 million ( 3.0 ) • ROIC + organic growth * amounted to 22 p er cent ( n/a ) • After the end of the quarter, a company with expected annual net sales of appr oximately SEK 20 million was acquired Peri od Jan uary - September 2026 • Net sales amounted to SEK 576.0 million ( 397.6 ), an increase of 45 percent , of which 9 percent was organic growth • Adjusted EBITA increased by 56 percent and amounted to SEK 165.9 million ( 106.6 ) • Adjusted EBITA margin for the period amounted to 29 percent ( 27 ) • Operating profit decreased to SEK 14.2 million ( 20.5 ) , impacted by items affecting comparability of SEK 59 . 5 mil l ion (18.4) • Earnings per share before and after dilution amounted to SEK - 0.2 ( 0.0 ) • Cash flow from operating activities amounted to SEK 111.4 million ( 84.1 ) • ROIC + organic growth* amounted to 22 p er cent ( n/a ) • During the period , two compa nies with annual sales of approximately SEK 47 million w ere acquired (and a fter the end of the period , a company with expected annual net sales of approximately SEK 20 million was acquired ) Fina ncial summary * * This interim report refers to a number of performance measures that are not defined under IFRS. The definitions of these alte rnative performance m easures, as well a s tables showing how they have been calculated, can be found in the section “Alternative Performance Measures” on pages 30 - 40 . * * The key figure is used to measure the Group’s ability to generate a return on invested capital over time. For more informatio n, see page 3 3 . LTM Full-year SEKm 2026 2025 Δ% 2026 2025 Δ% 25/26 2025 Net sales 192.1 141.6 35.7% 576.0 397.6 44.9% 755.5 577.1 Annual Recurring Revenue (ARR) 699.5 583.9 19.8% 699.5 583.9 19.8% 699.5 604.2 Adjusted EBITA 59.0 39.5 49.5% 165.9 106.6 55.6% 218.3 159.0 Adjusted EBITA margin 30.7% 27.9% 2.8 p.p. 28.8% 26.8% 2.0 p.p. 28.9% 27.6% EBITA 45.5 33.0 37.9% 106.5 88.3 20.6% 139.5 121.3 Operating profit 15.0 8.0 87.5% 14.2 20.5 -30.5% 14.4 20.7 Profit/loss for the period 8.5 2.3 261.3% -6.1 0.8 -832.0% -14.8 -7.8 Earnings per share before and after dilution (SEK) 0.2 0.0 221.0% -0.2 0.0 -764.8% -0.4 -0.2 Cash flow from operating activities 10.3 3.0 241.1% 111.4 84.1 32.4% 149.2 121.9 Cash conversion 9.7% -1.6% 11.4 p.p. 86.9% 80.9% 6.0 p.p. 90.2% 86.3% ROIC + Organic growth** 22.2% n/a n/a 22.2% n/a n/a 22.2% 22.5% Adjusted EBITA growth per share 49.9% n/a n/a 49.9% n/a n/a 49.9% 47.8% Return on invested capital (ROIC) 13.6% 11.5% 2.1 p.p. 13.6% 11.5% 2.1 p.p. 13.6% 12.4% Return on capital employed (ROCE) 16.2% 13.5% 2.7 p.p. 16.2% 13.5% 2.7 p.p. 16.2% 14.5% Net debt / Adjusted EBITDA LTM 0.3x 3.4x -3.1x 0.3x 3.4x -3.1x 0.3x 2.5x Jul-Sep Jan-Sep
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Stockholm Nordtech Group AB | Interim report J anuar y – September 202 6 3 Earnings grow faster than sales Our first full quarter as a listed company was strong. Adjusted EBITA increased by 49 percent to SEK 59 million on net sales that increased by 36 percent to SEK 192 million. Organically, earnings also grew faster than sales. That is the scalability of our model, with high gross margins and a cost base that over time grows more slowly than sales. This gives a margin of 31 percent in the quarter (28) and 29 percent for the last twelve months. Organic growth in net sales was 9 percent, in line with previous years' growth of 8 to 10 percent. New customers account for the largest part, followed by increased use among existing customers. ARR amounted to SEK 699 million (584). Since the end of the p revious quarter, ARR has increased by SEK 22 million from growth in the existing companies, and this in the summer quarter, which is normally the weakest for new contracts. Demand remains good. All three segments contribute to organic growth. Nordtech in four numbers Over the last twelve months, adjusted EBITA per share grew by 50 percent. ROIC + organic growth was 22 percent, which shows how value increases in the companies we own. Cash conversion after investments was 90 percent; in the third quarter, cash flow was w eaker, as in previous years, because working capital is tied up over the summer months. Net debt was 0.3x adjusted EBITDA. Those are the four numbers that show whether we succeed over time. Three of them are our financial targets. The systems will do more of the customer's daily work Every autumn we work through the companies' three - year plans together with them. The common denominator is that the systems will do a larger part of the customer's daily work. The majority of the companies already deliver AI functionality. In the plans it moves ever closer to the decision itself. AI proposes, the customer decides, the syst em logs. In a mission - critical process every step has to be correct. That takes the customer's data, the industry's rules and a supplier who stands behind getting it right . With AI - first in development, several companies are modernizing their platforms to an extent that previously could not be justified financially. As we stated in the last report, the majority are expected to be working AI - first by the turn of the year. Good conditions for acquisitions After the end of the quarter we acquired Leasify, lease accounting software, with expected net sales of approximately SEK 20 million for the full year 2026. Leasify becomes an independent company within Business Platforms. Together with Leaseright, Nordtec h thereby has two of the leading businesses in lease accounting, one in the private and one in the public sector. So far this year we have completed three acquisitions, against four to five a year since 2021. We hold to our requirements. In the quarter that meant we chose not to proceed with one acquisition. The pipeline is at least as well filled as a quarter ago. Th e M&A team was strengthened in September as planned. With that and the balance sheet, my assessment is that the conditions for further acquisitions are good. The quarter shows the Nordtech we described ahead of the listing: organic growth, earnings that become cash and acquisitions of the right company at the right price. Ear nings is the highest in a quarter to date, and we are not done. Nils Bergman, CEO and Co - F ounder CEO’s statement “ Strong earnings growth , broad ARR growth from the companies , and a new acquisition after the quarter .”
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Stockholm Nordtech Group AB | Interim report J anuar y – September 202 6 4 Fin ancial targets The Board of Directors of Nordtech adopted the following medium - term financial targets on 11 March , 2026 : • Adjusted EBITA per share * shall increase by approximately 20% per year • ROIC + organic growth above 20% per year over time • Net debt in relation to Adjusted EBITDA below 2.0x • Nordtech intends to prioritize investments in profitable growth over dividends in the medium term 5 0 % 2 2 % 0 . 3 x Adjusted EBITA growth per share ROIC + orga nic growth N et debt / Adjusted EBITDA LTM Target ~20 % Target >20% Target <2 . 0x Adjusted EBITA per share shall increase by approximately 20% per year ROIC + organic growth above 20% per year over time Net debt in relation to Adjusted EBITDA LTM below 2.0x * The key figure is affected by the number of newly issued share s in connection with the IPO on 10 June , 2026 . 48% 57% 53% 50% 2025 Q4 2026 Q1 2026 Q2 2026 Q3 Adjusted EBITA growth per share Financial target 20% 23% 22% 22% 22% 2024 Q4 2025 Q4 2026 Q1 2026 Q2 2026 Q3 ROIC + Organic growth Financial target 3.4 2.5 2.2 0.4 0.3 2025 Q3 2025 Q4 2026 Q1 2026 Q2 2026 Q3 Net debt / Adjusted EBITDA LTM Financial target
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Stockholm Nordtech Group AB | Interim report January – September 202 6 5 Nordtech i n summary Nordtech’s financial performance is continuously monitored through a number of key metrics. Presented below is the quarterly development of annual recurring revenue (ARR), adjusted EBITA and adjusted EBITA margin ( LTM ), as well as ROIC in combination with organic growth – indicators which together highlight the Group’s revenue growth , profitability and capital efficiency. Annual recurring revenue (ARR) Annual recurring revenue (ARR) for the quarter amounted to SEK 699 million ( 584 ), an increase of 20 percent compared with the corresponding quarter last year. Adjusted EBITA LTM Adjusted EBITA LTM for the quarter amounted to SEK 218 million ( 133 ), an increase of 64 percent compared with the corresponding quarter last year. The adjusted EBITA LTM margin for the quarter amounted to 29 percent, an increase of 3 percentage points compared with the corresponding quarter last year. ROIC + organi c growth ROIC + organic growth for the quarter amounted to 22 percent. 375 420 432 467 584 604 652 678 699 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2024 2025 2026 SEKm 133 159 182 199 218 26% 28% 29% 28% 29% Q3 Q4 Q1 Q2 Q3 2025 2026 Adjusted EBITA LTM Adjusted EBITA LTM margin (%) SEKm % 20% 23% 22% 22% 22% Q4 Q4 Q1 Q2 Q3 2024 2025 2026 %
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Stockholm Nordtech Group AB | Interim report January – September 2026 6 F in ancial performance during the quarter Ne t sales Net sales for the third quarter amounted to SEK 192.1 million ( 141.6 ), an increase of 36 percent compared with the corresponding quarte r last year. Organic growth amounted to 9 percent and was mainly volume - driven, largely from new customers and increased usage among existing customers. Acquired growth amounted to 26 percent. Profit EBITA for the third quarter amounted to SEK 45.5 million ( 33.0 ), corresponding to an EBITA margin of 24 percent ( 23 ). Adjusted EBITA amounted to SEK 59.0 million ( 39.5 ), corresponding to an adjusted EBITA margin of 31 percent ( 28 ). The increase in adjusted EBITA is explained by organic growth and contributions from acquisitions. The margin improvement is mainly explained by economies of scale in existing companies, where revenue grew faster than costs. A lower margin in acquired oper ations and one - off costs in one of the segments had an offsetting effect. Items affecting comparability amounted to SEK - 13.5 million ( - 6.5), mainly consisting of remeasurement of contingent considerations of SEK - 10.0 million , driven by strong growth and improved earnings in acquired comp anies , and listing costs of SEK - 2.7 million (for more information, see the section on alternative performance measures , page 3 8 ). Net financial items for the third quarter amounted to SEK - 0.2 million ( - 4.0 ) , where the improvement is explained by lower interest expenses following repayment of debt to credit institute in connection with the listing . Profit/loss for the quarter amounted to SEK 8.5 million ( 2.3 ), a change of SEK 6.1 million compared with the corresponding quarter last year , mainly as a result of the higher operating profit and the improved net financial items. Cash flow Cash flow from operating activities for the quarter amounted to SEK 10.3 million ( 3.0 ). Cash flow before changes in working capital increased to SEK 53.1 million (29.4) as a result of the higher operating profit. As in previous years, the quarter tied up working capital, which reduced cash flow by SEK 42.9 million (26.4). No acquisitions were completed during the quarter. Fin ancial performance during the period Net sales Net sales for the period amounted to SEK 576.0 million ( 397.6 ), an increase of 45 percent compared with the corresponding period last year. Organic growth was 9 percent for the period . The increase was primarily volume - driven and largely attributable to new customers. Acquired growth amounted to 36 percent. Profit EBITA for the period amounted to SEK 106.5 million ( 88.3 ), corresponding to an EBITA margin of 18 percent ( 22 ). Adjusted EBITA amounted to SEK 165.9 million ( 106.6 ), corresponding to an adjusted EBITA margin of 29 percent ( 27 ). The increase in adjusted EBITA is explained by organic growth and contributions from acquisitions. The margin strengthened as a result of economies of scale in existing companies, which was partly offset by a lower margin in acquired operations.
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Stockholm Nordtech Group AB | Interim report January – September 2026 7 Net financial items for the peri o d amounted to SEK - 15.5 million ( - 16.4 ). Profit/loss for the period amounted to SEK - 6.1 million ( 0.8 ), a change of SEK - 7.0 million compared with the corresponding period last year. The negative earnings trend is mainly explained by it e ms affecting comparability of SEK - 59 . 5 million ( - 18 . 4), of which listing costs of SEK - 32.9 million and remeasurement of contingent considerations of SEK - 17.6 million ( f or more information, see the section on alternative performance measures , page 38 ) . Cash flow and financial position Cash flow from operating activities for the period amounted to SEK 111.4 million ( 84.1 ) , where the increase is explained by the higher profit, despite the impact of listing costs of SEK 32.9 million . During the period , Nordtech completed two acquisition s . At the end of the period, the Group’s cash and cash equivalents amounted to SEK 140.5 million ( 126.8 ). Of the revolving credit facility, SEK 100 million was utilized, corresponding to an unutilized amount of SEK 50 0 million. In addition, Nordtech has an unutilized overdraft facility of SEK 30 million (30). Net debt amounted to SEK 76.2 million (509.7), corresponding to 0.3x (3.4x) adjusted EBITDA for the last twelve months. The credit facilities are subject to customary financial covenants regarding, among other things, leverage ratio and interest coverage r atio, which were met during the period.
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Stockholm Nordtech Group AB | Interim report January – September 2026 8 Segment overview Nordtech’s operations are organized into three segments: Operational Solutions, Business Platforms and Public Infrastructure. The segments form the basis for governance, follow - up and resource allocation within the Group. The Group monitors the segments mainly on adjusted EBITA, as this shows the comparability of EBITA over time and reflects the development of the underlying business. Operational solutions The segment comprises eight companies that provide software and digital systems for streamlining, quality assurance and automation of operational workflows. This includes, for example, solutions for production, service, field work, e - commerce and in - store communication, as wel l as function ality that facilitate s resource planning and quality assurance in the customer’s day - to - day operations. Comment s o n the quarter Net sales in the third quarter amounted to SEK 80.6 million ( 54.1 ), corresponding to a total growth of 49 percent. The g rowth came largely from acquired operations, but underlying growth was also good and was driven mainly by new customers. In addition to software revenue, higher service and implementation revenue contributed, while hardware sales were lower in parts of the segment. Recurring revenue for the third quarter amounted to SEK 64.2 million ( 45.6 ), an increase of 41 percent compared with the corresponding quarter last year. The increase is explained by acquired operations and by new contracts in existing companies. Annual recurring revenue (ARR) amounted to SEK 267.6 million ( 227.4 ), an increase of 18 percent, where the net increase during the quarter mainly came from new sales. Adjusted EBITA for the third quarter amounted to SEK 21.5 million ( 15.0 ), an increase of 43 percent compared with the corresponding quarter last year. The increase in adjusted EBITA is driven by contributions from acquisitions and by strengthened profitability in several companies, where growth combined with good cost control gave economies of scale. The adjusted EBITA margin for the same quarter decreased by 1 percentage point, from 28 to 27 percent. The decrease is attributable to costs related to a customer commitment and increased project costs in one of the companies, as well as investments in existing operations. This was largely offset by improved margins in the other companies. LTM Full-year SEKm 2026 2025 Δ% 2026 2025 Δ% 25/26 2025 Net sales 80.6 54.1 49.0% 241.7 140.2 72.4% 319.5 218.0 Whereof recurring revenues 64.2 45.6 40.8% 190.1 113.8 67.0% 251.7 175.4 Annual Recurring Revenue (ARR) 267.6 227.4 17.7% 267.6 227.4 17.7% 267.6 242.2 Adjusted EBITA 21.5 15.0 43.1% 61.9 32.1 92.6% 76.6 46.9 Adjusted EBITA margin (%) 26.7% 27.8% -1.1 p.p. 25.6% 22.9% 2.7 p.p. 24.0% 21.5% Jul-Sep Jan-Sep
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Stockholm Nordtech Group AB | Interim report January – September 2026 9 Business p latforms The segment comprises six companies with systems and platforms for structuring and managing commercial, financial and administrative processes. This includes, among other things, solutions for leasing, payment processing, project management, documentation and other support functions that contribute to consolidated administration of business flows. Comment s o n the quarter Net sales in the third quarter amounted to SEK 64.5 million ( 50.1 ), corresponding to a growth of 29 percent. Th e g rowth was driven by good organic growth in existing companies, mainly through increased usage among existing customers, together with contributions from acquisitions. Recurring revenue for the third quarter amounted to SEK 61.9 million ( 47.6 ), an increase of 30 percent compared with the corresponding quarter last year. Growth comes from increased usage among existing customers and new contracts, as well as from acquired operations. Annual recurring revenue (ARR) amounted to SEK 258.7 million ( 203.3 ), an increase of 27 percent, where the net increase during the quarter mainly came from increased usage among existing customers. Adjusted EBITA for the third quarter amounted to SEK 25.7 million ( 20.0 ), an increase of 29 percent compared with the corresponding quarter last year. Adjusted EBITA increased as a result of organic growth in existing companies with good operating leverage, as well as contributions from acquisitions. The adjusted EBITA margin for the same quarter was unchanged at 40 percent. A lower margin in acquired operations was offset by a strengthened margin in several of the existing companies, which resulted in an unchanged margin for the segment. LTM Full-year SEKm 2026 2025 Δ% 2026 2025 Δ% 25/26 2025 Net sales 64.5 50.1 28.8% 200.5 156.8 27.9% 259.0 215.3 Whereof recurring revenues 61.9 47.6 30.1% 186.8 148.5 25.8% 243.3 205.1 Annual Recurring Revenue (ARR) 258.7 203.3 27.3% 258.7 203.3 27.3% 258.7 210.5 Adjusted EBITA 25.7 20.0 28.6% 77.2 58.0 33.0% 101.3 82.1 Adjusted EBITA margin (%) 39.8% 39.8% -0.1 p.p. 38.5% 37.0% 1.5 p.p. 39.1% 38.1% Jul-Sep Jan-Sep
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Stockholm Nordtech Group AB | Interim report January – September 2026 10 Public i nfrastructure The segment comprises five companies whose products and services are aimed at the public sector and other actors close to society. This includes digital platforms and administration systems that support regulatory compliance, transparent management and stable operation of shared infrastructu re within, for example, municipalities and education. Comments on the quarter Net sales in the third quarter amounted to SEK 47.1 million ( 37.6 ), corresponding to growth of 25 percent. The g rowth came mainly from acquired operations. The underlying development was stable, with increased usage among existing customers and price adjustments implemented in several companies . Recurring revenue for the third quarter amounted to SEK 43.2 million ( 33.8 ), an increase of 28 percent compared with the corresponding quarter last year. Annual recurring revenue (ARR) amounted to SEK 173.2 million ( 153.3 ), an increase of 13 percent, where the net increase during the quarter came from increased usage among existing customers and price adjustments. Adjusted EBITA for the third quarter amounted to SEK 15.9 million ( 14.2 ), an increase of 11 percent compared with the corresponding quarter last year. The increase is mainly explained by contributions from acquired operations and by improved profitability in parts of the existing operations. The a djusted EBITA margin for the same quarter decreased by 4 percentage points, from 38 to 34 percent, as a result of a lower margin in acquired operations. The integration of the asset acquisition led to cost adjustments and one - off costs that had a negative impact on the third quarter . LTM Full-year SEKm 2026 2025 Δ% 2026 2025 Δ% 25/26 2025 Net sales 47.1 37.6 25.4% 134.2 101.0 32.9% 177.5 144.3 Whereof recurring revenues 43.2 33.8 27.8% 121.0 88.7 36.5% 156.8 124.5 Annual Recurring Revenue (ARR) 173.2 153.3 13.0% 173.2 153.3 13.0% 173.2 151.5 Adjusted EBITA 15.9 14.2 11.5% 38.9 33.3 16.9% 50.1 44.4 Adjusted EBITA margin (%) 33.7% 37.9% -4.2 p.p. 29.0% 32.9% -4.0 p.p. 28.2% 30.8% Jul-Sep Jan-Sep
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Stockholm Nordtech Group AB | Interim report January – September 2026 11 Other The share capital of Stockholm Nordtech Group AB (publ . ) as of 30 September 2026, was divided among 52,045,972 (43 , 420 , 320) shares with a quota value of SEK 0.025 (0.025). The shares consist of 50,086,986 ordinary shares (43 , 420 , 320) carrying one vote each, 1,858,612 C1 shares ( - ) carrying one - tenth of a vote each and 100,374 C2 shares ( - ) carrying one - tenth of a vote each. The share has been listed on Nasdaq Stockholm since 10 June 2026 under the ticker NTECH. Largest shareholders at the end of the period At the end of the third quarter, the company had approximately 4 , 900 shareholders. In addition to the largest shareholders, there are, among others, Swedish and Nordic institutions such as SEB, Swedbank Robur, Protean, Nordea, Evli, Handelsbanken, Andra AP - fonden, Folketrygdfondet, Skandia, Pareto and Storebrand. M anagement and the Board of Directors were together the largest shareholder, holding 12 percent of the sha re s . Fund companies and pension managers together owned approximately 19 percent of the shares . F or more information, se e www.nordtechgroup.com Shareholders in the company at the end of the period Number of shares Shares in percent (%) Caspar Callerström 5,640,423 10.8% Tredje AP-fonden 4,518,702 8.7% Avanza Pension 4,417,540 8.5% Berget-Hennet Invest AB 3,650,915 7.0% Tuesday Invest AB 3,553,156 6.8% Österbahr Ventures AB 3,485,831 6.7% Yanno Capital AB 3,370,496 6.5% Pål Hodann 2,669,771 5.1% Åsa Riisberg 2,351,433 4.5% Nils Bergman 2,227,070 4.3% Other 16,160,635 31.1% Total 52,045,972 100.0%
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Stockholm Nordtech Group AB | Interim report January – September 2026 12 Share - based incentive programs In connection with the Company's listing, an extraordinary general meeting held on 1 June 2026 resolved on two long - term incentive programs, the purpose of which is to align the interests of shareholders and employees and to create incentives for the Company's future value growth. Under Management LTIP 2026, 1,858,612 convertible and rede emable series C1 shares were issued to approximately 3 0 participants within group management and other key employees, while Board LTIP 2026 comprises 100,374 series C2 shares directed to the members of the Board of Directors. The participants have acquired the shares at market value, as determined by an indepe ndent valuation institute. Following a resolution by the Board of Directors, the shares may be converted into ordinary shares provided that the share price reaches predetermined hurdle values; shares that are not converted will be redeemed at the quota val ue. The Annual General Meeting adopted remuneration guidelines on 7 May , 2026, regarding remuneration for senior executives. These may include fixed salary, variable cash remuneration (short - term incentive) based on established performance criteria, as well as customary pension and other benefits. Significant risks and uncertainties Nordtech operates in the Nordic market for niche, business - critical B2B software and has a clearly defined acquisition - driven growth model. The Group therefore works in a structured manner to identify, assess and monitor risks related both to the ongoing o perations of the companies and to continued acquisition activity and financing. Risk management is integrated into the decentralized governance model, in which each company has clear responsibility for operational risk management within the framework of Gr oup - wide policies, governing documents and follow - up procedures. The risk factors that are assessed to have the greatest impact on Nordtech are strategic and operational risks related to the development of the individual Group companies in their respective niche markets, including their ability to retain key talent, further develop their offerings and achieve profitable organic growth. In addition, there are risks related to the Group’s acquisition strategy, such as the availability of attractive acquisition targets, accurate risk assessment in connection with acquisitions and successful integration of new companies into Nordtech’s decentralized structure. Furthermore, Nordtech is exposed to IT and information security risks, including cyberattacks, operational disruptions at external cloud providers and requirements to comply with data protection and other sector - specific regulatio ns. The risks described for the Group may also have an indirect impact on the Parent Company. A detailed description of the risks and uncertainties associated with Nordtech can be found in the 2025 Annual Report . Related party transactions During the period, several transactions with related parties were carried out in connection with the company's stock market listing and the preparations it required. The transactions were carried out on market terms and in accordance with the conditions established ahead of the listing. Other than as set out above, no material related party transactio ns occurred during the period. Nomination committee In accordance with the principles adopted by the 2026 Annual General Meeting, the nomination committee ahead of the 2027 Annual General Meeting has been appointed, based on the shareholder structure as of 31 August 2026. The nomination committee consists of Peter Lundkvist (Tredje AP - fonden), Caspar Callerström (Bubble Boy AB), Annika Sigfrid (Wealins S.A.) and David Frykman, Chairman of the Board, and represents 28 percent of the total number of votes in the company. Significant events during the quarter No significant events occurred during the quarter.
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Stockholm Nordtech Group AB | Interim report January – September 2026 13 Significant events after the end of the reporting period On 30 October 2026, Nordtech completed the acquisition of all shares in Leasify, a Swedish provider of cloud - based software for lease accounting under IFRS 16 and K3. Leasify is expected to generate net sales of approximately SEK 20 million in 2026. The company is included in the Business platforms segment. Employees At the end of the period, the Group had 4 07 ( 355 ) employees. Of these, 1 3 0 were women and 2 77 were men. As a result of a harmoni s ed definition of the number of employees within the Group, the number of employees as of 30 June 2026 amounted to 405 (previously reported as 434). Parent company The Parent Company conducts no business operations other than owning and managing the subsidiaries. Net sales for the third quarter amounted to SEK 3.7 million (1.7). Profit before tax for the quarter amounted to SEK - 7.1 million ( - 12.0). At the end of the period, the Parent Company’s equity amounted to SEK 1,385.2 million (899.8).
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Stockholm Nordtech Group AB | Interim report January – September 2026 14 The CEO certifies that this interim report provides a true and fair overview of the Parent Company’s and the Group’s operations, financial position and results, and describes the material risks and uncertainties facing the Parent Company and the companies incl uded in the Group. Nils Bergman CEO and Board Member This interim report has been reviewed by the Company’s auditors. Stockholm, 5 November 2026 Stockholm Nordtech Group AB ( publ.)
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Stockholm Nordtech Group AB | Interim report January – September 2026 15 THIS IS A TRANSLATION FROM THE SWEDISH ORIGINAL Review report Stockholm Nordtech Group AB , corporate identity number 559282 - 0483 To the Board of Directors of Stockholm Nordtech Group AB Introduction We have reviewed the condensed interim report for Stockholm Nordtech Group AB as at 30 September, 2026 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our respo nsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements 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 is substantially less in scope than an audit conducted in accordance with Internat ional Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed 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. Acc ordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with th e Swedish Annual Accounts Act regarding the Parent Company. Stockholm, 5 November 2026 Ernst & Young AB Jakob Wojcik Authorized Public Accountant
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Stockholm Nordtech Group AB | Interim report January – September 2026 16 Fina nc ial information Group statement of profit/loss LTM Full-year SEKm 2026 2025 2026 2025 25/26 2025 Net sales 192.1 141.6 576.0 397.6 755.5 577.1 Other operating income 1.8 3.1 7.3 6.2 8.1 7.0 Total operating income 193.9 144.7 583.3 403.7 763.6 584.1 Capitalised work on own account 5.5 3.3 16.6 9.3 20.1 12.7 Goods for resale -3.4 -3.2 -9.9 -8.9 -13.7 -12.6 Other external expenses -46.5 -39.0 -158.6 -105.0 -209.7 -156.1 Personnel expenses -87.2 -60.6 -283.0 -182.7 -371.2 -270.9 Depreciation and amortisation -37.0 -29.9 -109.0 -81.2 -147.7 -119.9 Other operating expenses -10.3 -7.2 -25.2 -14.8 -27.0 -16.6 Operating profit 15.0 8.0 14.2 20.5 14.4 20.7 Financial income 1.1 0.1 2.2 0.5 2.6 0.8 Financial expenses -1.2 -4.0 -17.7 -16.9 -26.5 -25.6 Profit/loss after financial items 14.8 4.0 -1.2 4.1 -9.4 -4.1 Income tax -6.4 -1.7 -4.9 -3.2 -5.4 -3.7 Profit/loss for the period 8.5 2.3 -6.1 0.8 -14.8 -7.8 Loss for the year attributable to: Equity holders of the parent company 8.5 2.1 -7.2 1.0 -16.0 -7.8 Non-controlling interests 0.0 0.3 1.1 -0.2 1.2 -0.1 Earnings per share Earnings per share before and after dilution (SEK) 0.2 0.0 -0.2 0.0 -0.4 -0.2 Jul-Sep Jan-Sep
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Stockholm Nordtech Group AB | Interim report January – September 2026 17 Group statement of comprehensive i ncome LTM Full-year SEKm 2026 2025 2026 2025 25/26 2025 Profit/loss for the period 8.5 2.3 -6.1 0.8 -14.8 -7.8 Other comprehensive income Items that may be reclassified to profit or loss (net of tax) Exchange differences on translation of foreign operations 4.5 2.7 8.8 0.4 4.5 -4.0 Total other comprehensive income for the period, net of tax 4.5 2.7 8.8 0.4 4.5 -4.0 Total comprehensive income for the period, net of tax 13.0 5.0 2.7 1.2 -10.3 -11.8 Total comprehensive income attributable to: Equity holders of the parent company 13.0 4.8 1.6 1.4 -11.5 -11.7 Non-controlling interests 0.0 0.3 1.1 -0.2 1.2 -0.1 Jul-Sep Jan-Sep
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Stockholm Nordtech Group AB | Interim report January – September 2026 18 Group statement of financial p osition 31 Dec SEKm 2026 2025 2025 Assets Non-current assets Goodwill 961.9 890.6 895.6 Other intangible assets 541.2 589.8 564.7 Property, plant and equipment 7.3 8.1 7.8 Right-of-use asset 34.3 39.6 37.7 Financial fixed assets 0.9 1.4 1.6 Deferred tax assets 0.4 0.4 0.4 Total non-current assets 1,546.0 1,529.9 1,507.8 Current assets Inventories 15.0 12.8 12.8 Trade receivables 122.1 91.0 131.2 Tax receivables 10.7 8.6 5.8 Other current receivables 29.6 26.2 42.2 Prepaid expenses and accrued income 14.5 13.0 15.2 Cash and cash equivalents 140.5 126.8 143.0 Total current assets 332.3 278.4 350.2 Total assets 1,878.3 1,808.4 1,857.9 Equity and liabilities Equity, condensed Equity attributable to equity holders of the parent company 1,266.7 830.4 863.7 Non-controlling interests 17.8 19.0 19.8 Total equity 1,284.5 849.4 883.5 Non-current liabilities Liabilities to credit institutions 98.2 392.7 374.1 Contingent consideration 11.7 37.9 1.6 Put and call options related to non-controlling interests 35.0 33.1 28.1 Other non-current liabilities - 0.1 - Lease liabilities 17.9 22.9 21.8 Deferred tax liability 103.9 112.5 107.3 Total non-current liabilities 266.7 599.2 532.9 Current liabilities Liabilities to credit institutions - 37.0 47.0 Contingent consideration 37.8 42.8 40.9 Put and call options related to non-controlling interests 1.7 55.6 64.7 Lease liabilities 14.3 14.5 14.3 Trade payables 66.9 56.2 40.0 Income tax payable 2.1 5.5 11.6 Other current liabilities 86.1 83.6 78.2 Accrued expenses and prepaid income 118.0 64.5 144.7 Total current liabilities 327.0 359.8 441.5 Total equity and liabilities 1,878.3 1,808.4 1,857.9 30 Sep
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Stockholm Nordtech Group AB | Interim report January – September 2026 19 Group s tatement of changes i n equity SEKm Share capital Other contribute d capital Translation reserve Retained earnings including profit/loss for the year Total equity attributable to equity holders of the parent company Non-controlling interests Total equity Opening equity January 1 2026 1.1 965.7 -1.8 -101.3 863.7 19.8 883.5 Profit/loss for the period - - - -7.2 -7.2 1.1 -6.1 Other comprehensive income for the period Translation differences - - 8.8 - 8.8 - 8.8 Total comprehensive income for the period - - 8.8 -7.2 1.6 1.1 2.7 Transactions with owners of the Group New share issue net of transaction costs 0.2 395.7 - - 395.9 4.4 400.2 Acquisitions of non-controlling interests - - - 5.4 5.4 -7.4 -2.0 Total 0.2 395.7 - 5.4 401.3 -3.0 398.3 Closing equity 30 september 2026 1.3 1,361.4 7.0 -103.0 1,266.7 17.8 1,284.5 Attributable to owners of the parent company Opening equity January 1 2025 1.0 590.6 2.1 -91.4 502.3 18.8 521.1 Profit/loss for the period - - - 1.0 1.0 -0.2 0.8 Other comprehensive income for the period Translation differences - - 0.4 - 0.4 - 0.4 Total comprehensive income for the period - - 0.4 1.0 1.4 -0.2 1.2 Transactions with owners of the Group Shareholder contribution - 328.8 - - 328.8 - 328.8 New share issue net of transaction costs 0.0 - - - 0.0 0.4 0.4 Other - - - -2.1 -2.1 - -2.1 Total 0.0 328.8 - -2.1 326.7 0.4 327.1 Closing equity 30 september 2025 1.0 919.3 2.5 -92.5 830.4 19.0 849.4
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Stockholm Nordtech Group AB | Interim report January – September 2026 20 Group statement of cash f low LTM Full-year SEKm 2026 2025 2026 2025 25/26 2025 Operating activities Operating profit 15.0 8.0 14.2 20.5 14.4 20.7 Adjustment for non-cash items 48.2 34.0 134.3 93.1 178.1 136.9 Interest received 0.1 0.1 0.3 0.2 2.2 2.1 Interest paid -0.9 -3.8 -11.6 -13.7 -17.9 -20.0 Paid tax -9.4 -8.9 -32.8 -30.2 -30.4 -27.9 Cash flow from operations 53.1 29.4 104.4 69.9 146.4 111.8 Cash flow from working capital changes Change in inventories -0.1 1.0 -1.9 -1.2 -2.0 -1.3 Change in operating receivables 1.3 12.4 28.9 51.1 -28.7 -6.5 Change in operating payables -44.1 -39.8 -20.0 -35.6 33.5 17.9 Cash flow from operating activities 10.3 3.0 111.4 84.1 149.2 121.9 Investing activities Business combinations - -329.0 -81.5 -445.7 -91.8 -456.0 Paid contingent considerations -1.6 - -13.6 -6.6 -51.9 -44.9 Purchase of intangible assets -5.5 -3.3 -17.2 -10.5 -21.3 -14.5 Purchase of property, plant and equipment -0.4 -0.3 -1.7 -2.2 -2.1 -2.6 Sale of property, plant and equipment 0.2 - 0.2 - 0.2 - Acquisition of financial assets - 0.1 - -0.6 -0.2 -0.8 Cash flow from investing activities -7.3 -332.5 -113.8 -465.7 -167.1 -518.9 Financing activities New share issue 13.9 - 420.4 0.4 421.1 1.1 Shareholder contribution - 298.3 - 328.8 46.4 375.2 Exercise of put and call options -16.4 - -58.7 - -58.7 - Proceeds from borrowings - 106.0 100.0 165.0 100.0 165.0 Repayment of borrowings - -3.7 -427.9 -11.3 -437.2 -20.5 Payment of principal portion of lease liabilities -6.2 -4.7 -15.8 -12.6 -21.3 -18.1 Other financing activities -2.6 0.0 -20.2 -0.0 -20.2 -0.0 Cash flow from financing activities -11.4 395.9 -2.2 470.3 30.2 502.6 Cash flow for the period -8.4 66.4 -4.6 88.7 12.3 105.6 Cash and cash equivalents at the beginning of the period 147.5 60.5 143.0 38.4 126.8 38.4 Foreign exchange difference 1.3 -0.1 2.1 -0.3 1.4 -0.9 Cash and cash equivalents at the end of the period 140.5 126.8 140.5 126.8 140.5 143.0 Jul-Sep Jan-Sep
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Stockholm Nordtech Group AB | Interim report January – September 2026 21 Note s to the interim fin ancial report Note 1. General information This report covers the Swedish parent company Stockholm Nordtech Group AB (“Nordtech”), corporate registration number 559282 - 0483, and its subsidiaries. The Group’s operations consist of acquiring and developing niche software companies and supporting thei r long - term growth. The parent company is a registered limited liability company with its registered office in Stockholm, Sweden. The address of the head office is Norrlandsgatan 10, 111 43 Stockholm. Note 2. Summary of significant accounting principles The interim financial report has been prepared in compliance with IAS 34 Interim Financial Reporting and applicable sections of the Swedish Annual Accounts Act (1995:1554). The interim report for the parent company has been prepared in accordance with Chapter 9, Interim Reports , of the Swedish Annual Accounts Act and RFR 2, Accounting for Legal Entities . The Group and the parent company have applied the same accounting policies, measurement bases and assessments as in the most recent annual report. For a description of the accounting policies applied, reference is therefore made to the latest published A nnual R eport . A new standard, IFRS 18 Presentation and Disclosure in Financial Statements, becomes effective on 1 January 2027 and will be applied retrospectively. The standard introduces new requirements for the presentation of both the income statement and the statement of cash flows, and introduces disclosures relating to management - defined performance measures bas ed on profit or loss, as well as additional guidance on the aggregation and disaggregation of financial information. Nordtech anticipates that the standard will affect the financial statements primarily through changes to the income statement and the statement of cash flows, as well as impacts on related key performance indicators and requirements for additional note disclosures. As of this interim report, certain items have been presented separately in the Group’s statement of financial position to improve the traceability of key ratios. No other new or amended standards have had, or are expected to have, a material impact on the Group. All amounts are presented in million s of Swedish kronor (SEK million) unless otherwise stated. Rounding differences may occur. Note 3. Significant accounting judgements, estimates and assumptions The preparation of the interim financial report requires management to make judgements, estimates and assumptions that affect the application of accounting principles and the reported amounts of assets, liabilities, income and expenses. Actual outcomes may differ from these estimates and judgements. Changes in estimates are recognised in the period in which the change is made if the change affects only that period, or in the period of the change and future periods if the change affects both the current and future periods. The critical judgements made and the key sources of estimation uncertainty are the same as those described in Note 3 in the latest published Annual Report.
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Stockholm Nordtech Group AB | Interim report January – September 2026 22 Note 4. Operating segments and net sales The Group has identified three operating segments based on the way in which the chief operating decision maker reviews the operations for the purposes of allocating resources and assessing performance. Nordtech’s Chief Executive Officer has been identified as the Chief Operating Decision Maker (CODM). January-September 2026 Operational solutions Business platforms Public infrastructure Segment total Other and eliminations Group total Recurring Revenue 190.1 186.8 121.0 497.8 - 497.8 Professional services 27.6 10.3 12.6 50.4 - 50.4 Hardware 19.7 0.1 - 19.8 - 19.8 Other revenue 4.3 3.0 0.6 7.9 - 7.9 Net sales 241.7 200.1 134.2 576.0 - 576.0 Internal revenue 0.0 0.4 0.0 0.4 -0.4 - Other external expenses -50.5 -52.8 -29.0 -132.3 -26.3 -158.6 Personnel expenses -120.6 -75.2 -69.5 -265.3 -17.7 -283.0 Other operating income/expenses -22.5 -1.6 -2.8 -26.9 -1.1 -27.9 Adjusted EBITA 61.9 77.2 38.9 177.9 -12.0 165.9 Items affecting comparability -13.8 -6.3 -6.0 -26.0 -33.4 -59.5 EBITA 48.1 70.9 32.9 151.9 -45.4 106.5 Amortisation of intangible assets -92.2 Net financial items -15.5 Profit/loss before tax -1.2 January-September 2025 Operational solutions Business platforms Public infrastructure Segment total Other and eliminations Group total Recurring Revenue 113.8 148.5 88.7 351.0 - 351.0 Professional services 7.2 5.4 10.5 23.2 - 23.2 Hardware 11.1 - - 11.1 - 11.1 Other revenue 8.1 2.5 1.8 12.4 - 12.4 Net sales 140.2 156.4 101.0 397.6 - 397.6 Internal revenue - 0.3 - 0.3 -0.3 - Other external expenses -34.3 -42.1 -23.1 -99.5 -5.4 -105.0 Personnel expenses -67.2 -53.7 -51.7 -172.7 -10.0 -182.7 Other operating income/expenses -12.5 -7.6 -0.6 -20.7 -0.9 -21.6 Adjusted EBITA 32.1 58.0 33.3 123.4 -16.8 106.6 Items affecting comparability -5.9 -4.7 -7.7 -18.4 - -18.4 EBITA 26.2 53.3 25.6 105.0 -16.8 88.3 Amortisation of intangible assets -67.8 Net financial items -16.4 Profit/loss before tax 4.1
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Stockholm Nordtech Group AB | Interim report January – September 2026 23 Note 5. Fina ncial instruments Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The table below presents financial instruments measured at fair value based on th e classification in the fair value hierarchy. The different levels are defined as follows: Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities Level 2 - Inputs other than quoted prices in level 1 that are observable for the asset or liability, either directly (i.e. price quotations) or indirectly (i.e. derived from price quotations) Level 3 - Input data for the asset or liability which is not based on observable market data (i.e. unobservable input data) No transfers between levels of the fair value hierarchy occurred during the interim period. Financial assets Measured at fair value through the income statement Measured at amortised cost Total carrying amount Financial fixed assets - 0.9 0.9 Trade receivables - 122.1 122.1 Cash and cash equivalents - 140.5 140.5 Other current receivables - 29.6 29.6 Total - 293.1 293.1 Financial liabilities Liabilities to credit institutions - 98.2 98.2 Contingent consideration 49.5 - 49.5 Put and call options related to non-controlling interests - 36.7 36.7 Trade payables - 66.9 66.9 Total 49.5 201.9 251.4 Measurement of financial assets and liabilities as at 30 September 2026 Financial assets Measured at fair value through the income statement Measured at amortised cost Total carrying amount Financial fixed assets - 1.6 1.6 Trade receivables - 131.2 131.2 Cash and cash equivalents - 143.0 143.0 Other current receivables - 42.2 42.2 Total - 318.0 318.0 Financial liabilities Liabilities to credit institutions - 421.1 421.1 Contingent consideration 42.5 - 42.5 Put and call options related to non-controlling interests - 92.8 92.8 Trade payables - 40.0 40.0 Total 42.5 553.9 596.4 Measurement of financial assets and liabilities as at 31 December 2025
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Stockholm Nordtech Group AB | Interim report January – September 2026 24 Contingent consideration classified as a financial liability is measured at fair value by discounting the expected cash flows using the Group’s discount rate. The valuation is therefore categorised within Level 3 of the fair value hierarchy. Significant unobservable inputs include forecast EBITA and a risk - adjusted discount rate. During the period, unrealised gains relating to contingent consideration held at the end of the reporting period amounted to SEK 0.1 million ( 4.3 ). This amount is recognised as other operating income in the Group’s statement of profit or loss. At the reporting date, a 10 percent change in forecast earnings would impact the fair value of the contingent consideration by SEK 28 . 1 / - 14 . 1 million and ha s a corresponding impact on profit or loss of SEK 28 . 1 / - 14 . 1 million. Other financial assets and liabilities For other financial assets and liabilities, the carrying amounts are considered to be reasonable approximations of fair value. The fair value of liabilities to credit institutions is estimated to be equal to their carrying amounts, as the loans bear floati ng interest rates. Note 6. Business combinations Business combinations during the c urrent reporting period As part of Nordtech’s growth strategy, in which organic growth is complemented by acquisitions, two acquisitions were completed during the period. On 26 January 2026, Nordtech acquired all shares in Idus AB, a Swedish provider of maintenance systems that help organisations monitor and streamline their facilities . On 9 June 2026, the portfolio company Optiplan acquired the Mitt Skolval business from Svensk utbildningsteknologi AB through an asset acquisition. Transaction costs related to acquisitions carried out and recognised in profit or loss amounted to SEK 3.0 million ( 3.7 ). These are recognised in Other external expenses and are classified as items affecting comparability. Financial liabilities at fair value per 30 September 2026 Level 1 Level 2 Level 3 Contingent consideration - - 49.5 Total - - 49.5 Financial liabilities at fair value per 31 December 2025 Level 1 Level 2 Level 3 Contingent consideration - - 42.5 Total - - 42.5 Jan-Sep Jan-Dec Contingent consideration 2026 2025 Opening balance 42.5 51.9 Business combinations 3.2 33.3 Paid -13.6 -44.9 Change in fair value recognised in the income statement 17.3 2.2 Closing balance 49.5 42.5
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Stockholm Nordtech Group AB | Interim report January – September 2026 25 The fair value adjustments relating to intangible assets consist of customer relationships, technology and trademarks. Goodwill is justified by strong profitability in the acquired companies. The acquired goodwill is not tax - deductible. The acquired receiv ables consist mainly of trade receivables and are recognised at fair value, and no impairment has been identified. There is no material difference between the fair value of the trade receivables and their contractual gross amounts. The acquired liabilities consist mainly of trade payables and are measured at fair v alue. The purchase price allocations for acquisitions completed during the period are preliminary, as the Group has not yet received finalised information from the acquired entities. No material changes have been made during the period to the Group’s purchase price allocations related to acquisitions from previous years. The contribution to the Group’s net sales from the acquired entities, from the respective acquisition dates, amounted to SEK 28 . 4 million. The contribution to the Group’s profit after tax for the period amounted to SEK - 3.5 million, and the contribution to the Group’s EBITA amounted to SEK 0.6 million. The acquisitions ’ EBITA for the period is charged with transaction costs . Had all acquired entities been consolidated from 1 January 2026, management estimates that the contribution to net sales for the period would have amounted to SEK 36 . 9 million, contribution to profit for the period to SEK 0. 1 million and EBITA to SEK 5.3 million. In this estimate, transaction costs are excluded. Net assets acquired at the acquisition date Total period Intangible fixed assets 48.3 Other non-current assets 0.2 Right-of-use assets 2.1 Trade receivables and other receivables 7.1 Cash and cash equivalents 29.7 Lease liabilities -2.1 Deferred tax liability -10.0 Non-current liabilities -24.7 Fair value of acquired assets and assumed liabilities, net 50.7 Goodwill 61.8 Total purchase consideration 112.5 Cash portion of consideration 109.3 Contingent consideration 3.2 Put and call option - Total 112.5 Cash flow impact of the acquisition Cash portion of consideration 109.3 Cash acquired -29.7 Total 79.6 Acquisition-related transaction costs -3.0 Net cash outflow 76.5 Fair value
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Stockholm Nordtech Group AB | Interim report January – September 2026 26 Note 7. Related party transaction s During the period, several transactions with related parties were carried out in connection with the company's stock market listing and the preparations it required. The transactions were carried out on market terms and in accordance with the conditions established ahead of the listing. Other than as set out above, no material related party transactio ns occurred during the period. Note 8. Events after the reporting period On 30 October 2026, Nordtech completed the acquisition of all shares in Leasify , a Swedish provider of cloud - based software for lease accounting under IFRS 16 and K3. Leasify is expected to generate net sales of approximately SEK 20 million in 2026. The company is included in the Business platforms segment.
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Stockholm Nordtech Group AB | Interim report January – September 2026 27 Pa rent company income statement LTM Full-year SEKm 2026 2025 2026 2025 25/26 2025 Net sales 3.7 1.7 11.5 5.4 16.3 10.2 Other operating income -0.0 -0.0 0.0 0.0 0.0 0.0 Total operating income 3.7 1.7 11.5 5.4 16.3 10.2 Other external expenses -5.1 -6.9 -38.4 -11.5 -47.9 -21.0 Personnel expenses -5.0 -3.4 -18.2 -10.5 -23.6 -15.9 Depreciation and amortisation -0.1 - -0.2 - -0.2 - Other operating expenses -0.0 - -0.0 -0.0 -0.0 -0.0 Operating profit -6.4 -8.6 -45.2 -16.6 -55.4 -26.8 Dividend from shares in subsidiaries - - 52.1 27.2 52.1 27.2 Financial income 0.8 1.0 2.6 4.6 4.8 6.9 Financial expenses -1.5 -4.3 -15.8 -16.3 -24.8 -25.3 Profit/loss after financial items -7.1 -12.0 -6.3 -1.0 -23.3 -18.0 Appropriations - - - - 58.5 58.5 Profit/loss before tax -7.1 -12.0 -6.3 -1.0 35.2 40.5 Income tax 1.5 - 12.0 - 8.1 -3.9 Profit/loss for the period* -5.6 -12.0 5.7 -1.0 43.3 36.6 *The total comprehensive income for the period is the same as the profit for the period Jul-Sep Jan-Sep
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Stockholm Nordtech Group AB | Interim report January – September 2026 28 Par ent company balance sheet 31 Dec SEKm 2026 2025 2025 Assets Non-current assets Intangible fixed assets 1.0 - 0.6 Investments in group companies 1,602.6 1,354.0 1,403.8 Other non-current receivables 0.1 0.1 0.1 Total non-current assets 1,603.7 1,354.0 1,404.5 Current assets Receivables from Group companies 89.4 81.0 139.8 Current tax assets 7.9 - - Other current receivables 2.3 1.2 1.6 Prepaid expenses and accrued income 1.4 0.9 1.4 Cash and cash equivalents 63.3 81.7 116.9 Total current assets 164.2 164.9 259.7 Total assets 1,767.9 1,518.9 1,664.1 Equity and liabilities Equity Share capital 1.3 1.0 1.1 Fund for development costs 1.0 - 0.6 Restricted equity 2.3 1.0 1.7 Retained earnings including profit/loss for the year 1,382.9 898.8 982.3 Non-restricted equity 1,382.9 898.8 982.3 Total equity 1,385.2 899.8 983.9 Non-current liabilities Liabilities to credit institutions 98.1 395.0 376.1 Total non-current liabilities 98.1 395.0 376.1 Current liabilities Liabilities to credit institutions - 37.0 47.0 Liabilities to Group companies 276.7 181.4 245.7 Trade payables 1.5 3.6 2.5 Current tax liability - 0.1 4.0 Other liabilities 1.4 0.7 0.7 Accrued expenses and prepaid income 4.9 1.3 4.2 Total current liabilities 284.6 224.1 304.1 Total equity and liabilities 1,767.9 1,518.9 1,664.1 30 Sep
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Stockholm Nordtech Group AB | Interim report January – September 2026 29 Key figures LTM Full-year SEKm 2026 2025 2026 2025 25/26 2025 Net sales 192.1 141.6 576.0 397.6 755.5 577.1 Organic growth 9.2% 11.3% 8.6% 10.8% 8.6% 10.1% Acquired net sales growth 26.4% 31.2% 36.5% 24.5% 37.9% 29.7% Recurring Revenue 169.4 127.0 497.8 351.0 651.8 505.0 Organic growth recurring revenue 7.8% 13.1% 9.4% 13.9% 9.3% 12.4% Acquired growth recurring revenue 25.4% 31.3% 32.6% 23.6% 34.4% 28.5% 45.5 33.0 106.5 88.3 139.5 121.3 EBITA margin 23.7% 23.3% 18.5% 22.2% 18.5% 21.0% Adjusted EBITA 59.0 39.5 165.9 106.6 218.3 159.0 Adjusted EBITA growth 49.5% 22.9% 55.6% 34.2% 63.8% 49.9% Adjusted EBITA LTM 218.3 133.3 218.3 133.3 218.3 159.0 Adjusted EBITA margin 30.7% 27.9% 28.8% 26.8% 28.9% 27.6% Adjusted EBITDA 65.5 44.4 182.6 120.1 240.9 178.3 Adjusted EBITDA margin 34.1% 31.3% 31.7% 30.2% 31.9% 30.9% Invested capital 1,673.0 1,563.6 1,673.0 1,563.6 1,673.0 1,563.7 Average invested capital 1,606.1 1,155.0 1,606.1 1,155.0 1,606.1 1,281.8 Return on invested capital (ROIC) 13.6% 11.5% 13.6% 11.5% 13.6% 12.4% Capital employed 1,360.7 1,359.1 1,360.7 1,359.1 1,360.7 1,333.0 Average capital employed 1,347.9 990.3 1,347.9 990.3 1,347.9 1,096.7 Return on capital employed (ROCE) 16.2% 13.5% 16.2% 13.5% 16.2% 14.5% Cash conversion 9.7% -1.6% 86.9% 80.9% 90.2% 86.3% Annual Recurring Revenue (ARR) 699.5 583.9 699.5 583.9 699.5 604.2 ROIC + Organic growth 22.2% n/a 22.2% n/a 22.2% 22.5% Adjusted EBITA LTM per share 4.8 3.2 4.8 3.2 4.8 3.8 Adjusted EBITA growth per share 49.9% n/a 49.9% n/a 49.9% 47.8% Total assets 1,878.3 1,808.4 1,878.3 1,808.4 1,878.3 1,857.9 Equity 1,284.5 849.4 1,284.5 849.4 1,284.5 883.5 Net debt 76.2 509.7 76.2 509.7 76.2 449.5 Net debt / Adjusted EBITDA LTM 0.3x 3.4x 0.3x 3.4x 0.3x 2.5x Cash flow from operating activities 10.3 3.0 111.4 84.1 149.2 121.9 Profit/loss before tax 14.8 4.0 -1.2 4.1 -9.4 -4.1 Jul-Sep Jan-Sep
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Stockholm Nordtech Group AB | Interim report January – September 2026 30 Alternative performance measures Nordtech presents a number of performance measures that are not defined in accordance with IFRS. The Group believes that these provide valuable supplementary information for investors and company management, as they enable an evaluation of trends and the c ompany’s performance. As not all companies calculate these measures in the same way, the measures are not always comparable with those used by other companies. These financial measures should therefore not be considered as a substitute for measures defined in accordance with IFRS. The various alternative performance measures (APMs) applied and not defined in accordance with IFRS are described bel ow. No changes have been made unless otherwise stated . Key ratios Definition Reason for use Net sales growth Change in net sales between periods, in relation to net sales for the corresponding period last year. Total net sales growth is used to track the overall development of net sales between two periods. Organic growth Change in net sales, excluding acquisition and currency effects, in relation to net sales for the corresponding period last year. Acquired businesses are included in organic growth from the first day of the month after they have been part of the Group for twelve months. The impact of currency effects is calculated by translating net sales for the current period using the exchange rates used for the corresponding comparison period. Organic growth is used to track the underlying development of net sales between two periods at constant currency and excluding the impact of acquisitions. Acquired net sales growth Change in net sales driven by acquisitions, in relation to net sales for the corresponding period last year. Acquired businesses are included in acquisition effects during the first twelve months they are part of the Group. Acquired growth is used to track the effect of the acquired business on net sales. Recurring revenue Consists of the recurring revenue the Group receives from providing software to customers under active contracts during the period. Recurring revenue is used to assess the long - term value creation and financial stability of the Group. Share of recurring revenue Recurring revenue for the period, in relation to net sales for the period. The key ratio is used as a supplement to assess the Group’s long - term value creation and financial stability. Organic growth recurring revenue Change in recurring revenue, excluding acquisition and currency effects, in O rganic growth recurring revenue is used to track the development of
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Stockholm Nordtech Group AB | Interim report January – September 2026 31 relation to recurring revenue for the corresponding period last year. Acquired businesses are included in organic growth from the first day of the month after they have been part of the Group for twelve months. The impact of currency effects is calculated by translating recurring revenue for the current period using the exchange rates used for the corresponding comparison period. recurring revenue between two periods at constant currency and excluding the impact of acquisitions. Acquired growth recurring revenue Change in recurring revenue driven by acquisitions, in relation to recurring revenue for the corresponding period of last year. Acquired businesses are included in acquisition effects during the first twelve months they are part of the Group. Acquired growth recurring revenue is used to track the effect of acquired businesses on recurring revenue. Annual recurring revenue (ARR) Annual recurring revenue (ARR) consists of the Group’s annual normalised software revenue from recurring revenue streams. ARR includes fixed subscription for the coming twelve months, and recurring usage - based revenue (e.g., transaction revenue), which is directly attributable to volume. Subscription revenue is calculated base d on the most recent month’s revenue converted to an annual basis and the usage - based revenue is on a rolling twelve months basis based on actual revenue at the end of the period. This key ratio is used to assess the Group’s earning capacity, and predictability of revenue streams, as well as a basis for financial planning and monitoring the development of operations over time. ARR is therefore a key measure for analysing the Group’s long - term value creation and financial stability. The purpose of ARR is to provide a comparable picture of the company’s recurring high - margin revenue base for software over time. ARR - growth Change in ARR in relation to ARR for the corresponding period last year. ARR - growth is used to track the development of annually recurring revenue between two periods. EBITDA Operating profit before depreciation, amortisation and any impairment. EBITDA provides a general picture of the Group’s profitability excluding depreciation and amortisation and any impairments and is a key figure that the Group considers relevant for investors as a complementary to assess the operating profit of the business . EBITDA margin EBITDA in relation to net sales. This key ratio is used to measure the Group’s profitability excluding depreciation and amortisation and any impairment. Adjusted EBITDA EBITDA excluding items affecting comparability. This key ratio increases the comparability of EBITDA over time, as it adjusts for the effect of items affecting comparability that are considered to be of a non - recurring
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Stockholm Nordtech Group AB | Interim report January – September 2026 32 nature and therefore do not reflect the underlying business. Adjusted EBITDA marg in Adjusted EBITDA in relation to net sales. This key ratio is used to measure the Group’s profitability excluding depreciation and amortisation and any impairment, without the effect of items affecting comparability that are considered to be of a non - recurring nature. EBITA Operating profit before amortisation and any impairment of intangible fixed assets. EBITA provides an overall picture of the profit generated by ongoing operations excluding amortisation and impairment of intangible assets and is a measure that the Group considers relevant for investors as a complementary to assess the operating profit of the business. EBITA margi n E BITA in relation to net sales. This key ratio is used to measure the Group’s profitability excluding amortisation and any impairment of intangible fixed assets. Adjusted EBITA EBITA excluding items affecting comparability. This key ratio increases the comparability of EBITA over time, as it adjusts for the effect of items affecting comparability that are considered to be of a non - recurring nature and therefore do not reflect the underlying business. Adjusted EBITA margin Adjusted EBITA in relation to net sales. This key ratio is used to measure the Group’s profitability excluding amortisation and any impairment of intangible fixed assets, without the effect of items affecting comparability that are considered to be of a non - recurring nature. Items affecting comparability (IAC) Refers to items that are reported separately as they are material and affect comparison to the Company’s ordinary core operations. Examples are expenses relating to public listing of shares, revaluations of contingent considerations relating to acquisition s and acquisition - related expenses. IACs adjust for the impact on items that are not considered to reflect the underlying business performance. The IACs are used in the Group’s adjusted measures. Return on capital employed (ROCE) Adjusted EBITA for the last twelve months, in relation to capital employed for the period, calculated as the average of the closing balance of the current quarter and the four preceding quarters. Capital employed is defined as total assets , less cash and cash equivalents and non - interest - bearing liabilities, except for liabilities for put and call The measure is an indication of the Group’s efficiency in the utilisation of capital resources. Nordtech is a relatively young group with rapid growth, mainly driven by acquisitions, which means that the measure may be misleading between years compared wit h other similar companies.
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Stockholm Nordtech Group AB | Interim report January – September 2026 33 options and contingent considerations relating to acquisitions. Return on invested capital (ROIC) Adjusted EBITA for the last twelve months, in relation to invested capital for the period, calculated as the average of the closing balance of the current quarter and the four preceding quarters. Invested capital is defined as total assets , less cash and cash equivalents and non - interest - bearing liabilities, except for liabilities for put and call options and contingent considerations relating to acquisitions. In addition, accumulated historical amortisations attributable to business combinations are reversed. The measure is an indication of the Group’s efficiency in the utilisation of capital resources. Nordtech is a relatively young group with rapid growth, mainly driven by acquisitions, which means that the measure may be misleading between years compared wit h other similar companies. ROIC + Or ganic growth Return on invested capital and organic growth for the last twelve months. This key ratio is used to measure the Group’s ability to generate a return on invested capital over time, both in relation to the evaluation of potential acquisitions, the Group’s segments, and the Group as a whole. The combination of ROIC and organic grow th reflects the Group’s current utilisation of capital resources and its ability to capture future return potential. Net debt Current and non - current liabilities to credit institutions and lease liabilities, liabilities for put and call options, and contingent considerations relating to acquisitions (included in the line item other non - current liabilities), less cash and cash equ ivalents. Net debt includes both interest - bearing and non - interest - bearing liabilities. The key ratio is used as a supplement to assess the possibility of making strategic investments, the possibility of dividends, and to assess the Group’s ability to meet its financial commitments. Net debt / Adjusted EBITDA LTM Net debt in relation to Adjusted EBITDA LTM. LTM is equivalent to the last twelve months. The key ratio is used to demonstrate the Group’s ability to repay its financial liabilities related to its operating activities. Net working capital (NWC) Net working capital consists of current receivables (inventories, trade receivables and other current receivables) less current liabilities (trade payables, other current liabilities and accrued expenses and prepaid income). The key ratio is a measure of the Group’s short - term financial status. Cash conversion Cash flow from operating activities less CAPEX in relation to EBITA. CAPEX is defined as purchase in property, plant and equipment and purchase in intangible assets as stated in the cash flow statement. The key ratio is used to assess the ratio of profit generated by ongoing operations excluding amortisation and impairment of intangible assets between period, converted into cash flow.
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Stockholm Nordtech Group AB | Interim report January – September 2026 34 Adjusted EBITA LTM per share Adjusted EBITA LTM in relation to the weighted average number of shares outstanding. This key ratio is used to assess how the profit generated by the operating activities excluding amortisation and impairment of intangible assets, without the effect of items affecting comparability is distributed among the number of outstanding shares.
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Stockholm Nordtech Group AB | Interim report January – September 2026 35 Reconciliation tables for alternative performance measures LTM Full-year Net sales growth Note 2026 2025 2026 2025 25/26 2025 Net sales, current period (A) SEKm 192.1 141.6 576.0 397.6 755.5 577.1 Net sales, same period last year (B) SEKm 141.6 99.3 397.6 293.9 516.8 413.1 Net sales growth ((A-B)/B) % 35.7% 42.6% 44.9% 35.3% 46.2% 39.7% Jul-Sep Jan-Sep LTM Full-year Organic growth Note 2026 2025 2026 2025 25/26 2025 Net sales, current period (A) SEKm 192.1 141.6 576.0 397.6 755.5 577.1 Acquired net sales (B) SEKm 37.3 31.0 144.9 71.9 195.8 122.8 Currency effects (C) SEKm 0.1 0.1 -0.8 0.0 -1.4 -0.6 Net sales, same period last year (D) SEKm 141.6 99.3 397.6 293.9 516.8 413.1 Total organic growth (A)-(B+C+D)=(E) SEKm 13.1 11.2 34.3 31.7 44.3 41.7 Organic growth (E/D) % 9.2% 11.3% 8.6% 10.8% 8.6% 10.1% Jul-Sep Jan-Sep LTM Full-year Acquired net sales growth Note 2026 2025 2026 2025 25/26 2025 Acquired net sales (A) SEKm 37.3 31.0 144.9 71.9 195.8 122.8 Net sales, same period last year (B) SEKm 141.6 99.3 397.6 293.9 516.8 413.1 Acquired net sales growth (A/B) % 26.4% 31.2% 36.5% 24.5% 37.9% 29.7% Jul-Sep Jan-Sep LTM Full-year 2026 2025 2026 2025 25/26 2025 Annual Recurring Revenue (ARR) (A) SEKm 699.5 583.9 699.5 583.9 699.5 604.2 Jul-Sep Jan-Sep Annual Recurring Revenue (ARR) LTM Full-year 2026 2025 2026 2025 25/26 2025 ARR, current period (A) SEKm 699.5 583.9 699.5 583.9 699.5 604.2 ARR, same period last year (B) SEKm 583.9 375.0 583.9 375.0 583.9 419.9 ARR-growth ((A-B)/B) % 19.8% 55.7% 19.8% 55.7% 19.8% 43.9% ARR-growth Jul-Sep Jan-Sep LTM Full-year 2026 2025 2026 2025 25/26 2025 Recurring revenue, current period (A) SEKm 169.4 127.0 497.8 351.0 651.8 505.0 Net sales, current period (B) SEKm 192.1 141.6 576.0 397.6 755.5 577.1 Share of recurring revenue (A/B) % 88.2% 89.7% 86.4% 88.3% 86.3% 87.5% Jul-Sep Jan-Sep Share of recurring revenue LTM Full-year 2026 2025 2026 2025 25/26 2025 Recurring revenue, current period (A) SEKm 169.4 127.0 497.8 351.0 651.8 505.0 Acquired recurring revenue (B) SEKm 32.3 27.5 114.4 60.3 156.4 102.3 Currency effects recurring revenue (C) SEKm 0.1 0.1 -0.6 0.0 -1.2 -0.5 Recurring revenue, same period last year (D) SEKm 127.0 87.9 351.0 255.1 454.4 358.6 Total organic growth recurring revenue (A)-(B+C+D)=(E) SEKm 10.0 11.5 33.1 35.5 42.2 44.6 Organic growth recurring revenue (E/D) % 7.8% 13.1% 9.4% 13.9% 9.3% 12.4% Jul-Sep Jan-Sep Organic growth recurring revenue
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Stockholm Nordtech Group AB | Interim report January – September 2026 36 LTM Full-year 2026 2025 2026 2025 25/26 2025 Acquired recurring revenue (A) SEKm 32.3 27.5 114.4 60.3 156.4 102.3 Recurring revenue, same period last year (B) SEKm 127.0 87.9 351.0 255.1 454.4 358.6 Acquired growth recurring revenue (A/B) % 25.4% 31.3% 32.6% 23.6% 34.4% 28.5% Jul-Sep Jan-Sep Acquired growth recurring revenue LTM Full-year 2026 2025 2026 2025 25/26 2025 Recurring revenue (A) SEKm 169.4 127.0 497.8 351.0 651.8 505.0 Professional services (B) SEKm 15.5 7.3 50.4 23.2 64.7 37.5 Hardware (C) SEKm 6.2 3.2 19.8 11.1 23.8 15.0 Other (D) SEKm 1.0 4.1 7.9 12.4 15.2 19.6 Net sales (A+B+C+D) SEKm 192.1 141.6 576.0 397.6 755.5 577.1 Revenue split Jul-Sep Jan-Sep LTM Full-year 2026 2025 2026 2025 25/26 2025 Depreciation of tangible assets (A) SEKm -0.7 -0.6 -2.1 -1.7 -2.9 -2.5 Depreciation of right-of-use assets (B) SEKm -5.8 -4.3 -14.6 -11.7 -19.7 -16.7 Amortisation of intangible assets excl. those related to business combinations (C) SEKm -3.9 -3.0 -11.3 -8.3 -17.7 -14.7 Amortisation of intangible assets related to business combinations (D) SEKm -26.7 -22.0 -80.9 -59.5 -107.4 -85.9 D&A split (A+B+C+D) SEKm -37.0 -29.9 -109.0 -81.2 -147.7 -119.9 Jul-Sep Jan-Sep D&A split LTM Full-year 2026 2025 2026 2025 25/26 2025 Operating profit (A) SEKm 15.0 8.0 14.2 20.5 14.4 20.7 (B) SEKm -37.0 -29.9 -109.0 -81.2 -147.7 -119.9 EBITDA (A-B) SEKm 52.0 37.9 123.2 101.7 162.1 140.6 Jul-Sep Jan-Sep EBITDA Depreciation & Amortisation of intangible and tangible assets and right-of-use assets LTM Full-year 2026 2025 2026 2025 25/26 2025 EBITDA (A) SEKm 52.0 37.9 123.2 101.7 162.1 140.6 Net sales, current period (B) SEKm 192.1 141.6 576.0 397.6 755.5 577.1 EBITDA margin (A/B) % 27.1% 26.8% 21.4% 25.6% 21.5% 24.4% Jul-Sep Jan-Sep EBITDA margin LTM Full-year 2026 2025 2026 2025 25/26 2025 EBITDA (A) SEKm 52.0 37.9 123.2 101.7 162.1 140.6 Items affecting comparability (B) SEKm -13.5 -6.5 -59.5 -18.4 -78.8 -37.7 Adjusted EBITDA (A-B) SEKm 65.5 44.4 182.6 120.1 240.9 178.3 Adjusted EBITDA Jul-Sep Jan-Sep LTM Full-year 2026 2025 2026 2025 25/26 2025 Adjusted EBITDA (A) SEKm 65.5 44.4 182.6 120.1 240.9 178.3 Net sales, current period (B) SEKm 192.1 141.6 576.0 397.6 755.5 577.1 Adjusted EBITDA margin (A/B) % 34.1% 31.3% 31.7% 30.2% 31.9% 30.9% Jul-Sep Jan-Sep Adjusted EBITDA margin LTM Full-year 2026 2025 2026 2025 25/26 2025 Adjusted EBITDA, actual quarter -3 (A) SEKm 58.3 30.6 58.3 30.6 58.3 35.0 Adjusted EBITDA, actual quarter -2 (B) SEKm 59.6 35.0 59.6 35.0 59.6 40.7 Adjusted EBITDA, actual quarter -1 (C) SEKm 57.5 40.7 57.5 40.7 57.5 44.4 Adjusted EBITDA, actual quarter (D) SEKm 65.5 44.4 65.5 44.4 65.5 58.3 Adjusted EBITDA LTM (A+B+C+D) SEKm 240.9 150.6 240.9 150.6 240.9 178.3 Jul-Sep Jan-Sep Adjusted EBITDA LTM
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Stockholm Nordtech Group AB | Interim report January – September 2026 37 LTM Full-year 2026 2025 2026 2025 25/26 2025 Operating profit (A) SEKm 15.0 8.0 14.2 20.5 14.4 20.7 Amortisation of intangible assets (B) SEKm -30.5 -25.0 -92.2 -67.8 -125.1 -100.6 EBITA (A-B) SEKm 45.5 33.0 106.5 88.3 139.5 121.3 EBITA Jul-Sep Jan-Sep LTM Full-year 2026 2025 2026 2025 25/26 2025 EBITA (A) SEKm 45.5 33.0 106.5 88.3 139.5 121.3 Net sales, current period (B) SEKm 192.1 141.6 576.0 397.6 755.5 577.1 EBITA margin (A/B) % 23.7% 23.3% 18.5% 22.2% 18.5% 21.0% Jul-Sep Jan-Sep EBITA margin LTM Full-year 2026 2025 2026 2025 25/26 2025 EBITA (A) SEKm 45.5 33.0 106.5 88.3 139.5 121.3 Items affecting comparability (B) SEKm -13.5 -6.5 -59.5 -18.4 -78.8 -37.7 Adjusted EBITA (A-B) SEKm 59.0 39.5 165.9 106.6 218.3 159.0 Adjusted EBITA Jul-Sep Jan-Sep LTM Full-year 2026 2025 2026 2025 25/26 2025 Adjusted EBITA (A) SEKm 59.0 39.5 165.9 106.6 218.3 159.0 Net sales, current period (B) SEKm 192.1 141.6 576.0 397.6 755.5 577.1 Adjusted EBITA margin (A/B) % 30.7% 27.9% 28.8% 26.8% 28.9% 27.6% Jul-Sep Jan-Sep Adjusted EBITA margin LTM Full-year 2026 2025 2026 2025 25/26 2025 Adjusted EBITA, actual quarter -3 (A) SEKm 52.4 26.7 52.4 26.7 52.4 30.9 Adjusted EBITA, actual quarter -2 (B) SEKm 54.3 30.9 54.3 30.9 54.3 36.2 Adjusted EBITA, actual quarter -1 (C) SEKm 52.6 36.2 52.6 36.2 52.6 39.5 Adjusted EBITA, actual quarter (D) SEKm 59.0 39.5 59.0 39.5 59.0 52.4 Adjusted EBITA LTM (A+B+C+D) SEKm 218.3 133.3 218.3 133.3 218.3 159.0 Jul-Sep Jan-Sep Adjusted EBITA LTM LTM Full-year 2026 2025 2026 2025 25/26 2025 Adjusted EBITA, current period (A) SEKm 59.0 39.5 165.9 106.6 218.3 159.0 Adjusted EBITA same period last year (B) SEKm 39.5 32.1 106.6 79.4 133.3 106.1 Adjusted EBITA growth (A-B) SEKm 19.5 7.4 59.3 27.2 85.0 52.9 Adjusted EBITA growth (%) ((A-B)/B) % 49.5% 22.9% 55.6% 34.2% 63.8% 49.9% Jul-Sep Jan-Sep Adjusted EBITA growth LTM Full-year 2026 2025 2026 2025 25/26 2025 Profit/loss for the period (A) SEKm 8.5 2.3 -6.1 0.8 -14.8 -7.8 Income tax (B) SEKm -6.4 -1.7 -4.9 -3.2 -5.4 -3.7 Financial income (C) SEKm 1.1 0.1 2.2 0.5 2.6 0.8 Financial expenses (D) SEKm -1.2 -4.0 -17.7 -16.9 -26.5 -25.6 Operating profit (A-B-C-D) SEKm 15.0 8.0 14.2 20.5 14.4 20.7 Operating profit Jul-Sep Jan-Sep
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Stockholm Nordtech Group AB | Interim report January – September 2026 38 *The item “ P ersonnel expenses related to business combinations ” relates to acquisition - related compensation arrangements that, under IFRS, are classified as remuneration for future services (personnel expenses) and may therefore include the accru al and/or remeasurement of the obligation. The item should not be interpreted as the period’s operating personnel expenses or as an operating cash outflow during the period. The future cash outflow obligation relating to these arrangements is included in the Group’s net debt (as defined by the Grou p) and is therefore reported as part of net debt at the balance sheet date. LTM Full-year 2026 2025 2026 2025 25/26 2025 Listing costs (A) SEKm -2.7 0.9 -32.9 -1.3 -44.5 -12.8 Revaluation of contingent considerations (B) SEKm -10.0 -0.2 -17.6 -2.1 -17.7 -2.2 Revaluation of put and call options related to non- controlling interests (C) SEKm 0.5 -2.0 -2.3 -5.7 -6.4 -9.8 Personnel expenses related to business combinations* (D) SEKm -0.9 -1.9 -3.3 -5.6 -5.1 -7.4 Transaction costs (E) SEKm -0.4 -3.3 -3.3 -3.7 -5.0 -5.4 Items affecting comparability (IAC) (A+B+C+D+E) SEKm -13.5 -6.5 -59.5 -18.4 -78.8 -37.7 Jul-Sep Jan-Sep Items affecting comparability (IAC) LTM Full-year 2026 2025 2026 2025 25/26 2025 (A) SEKm 10.3 3.0 111.4 84.1 149.2 121.9 CAPEX (B) SEKm -5.8 -3.6 -19.0 -12.7 -23.4 -17.1 Purchase of intangible assets SEKm -5.5 -3.3 -17.2 -10.5 -21.3 -14.5 SEKm -0.4 -0.3 -1.7 -2.2 -2.1 -2.6 EBITA (C) SEKm 45.5 33.0 106.5 88.3 139.5 121.3 Cash conversion ((A+B)/C) % 9.7% -1.6% 86.9% 80.9% 90.2% 86.3% Jul-Sep Jan-Sep Cash conversion Purchase of property, plant and equipment Cash flow from operating activities LTM Full-year 2026 2025 2026 2025 25/26 2025 Return on invested capital (ROIC) (A) % 13.6% n/a 13.6% n/a 13.6% 12.4% Organic growth (B) % 8.6% n/a 8.6% n/a 8.6% 10.1% ROIC + Organic growth (A+B) % 22.2% n/a 22.2% n/a 22.2% 22.5% ROIC + Organic growth Jul-Sep Jan-Sep LTM Full-year 2026 2025 2026 2025 25/26 2025 Adjusted EBITA LTM (A) SEKm 218.3 133.3 218.3 133.3 218.3 159.0 Avg no. of outstanding shares (B) # 45,712,328 41,827,480 45,712,328 41,827,480 45,712,328 42,241,840 Adjusted EBITA LTM per share (A/B) SEK 4.8 3.2 4.8 3.2 4.8 3.8 Jul-Sep Jan-Sep Adjusted EBITA LTM per share LTM Full-year 2026 2025 2026 2025 25/26 2025 Adjusted EBITA growth per share (A) % 49.9% n/a 49.9% n/a 49.9% 47.8% Jul-Sep Jan-Sep Adjusted EBITA growth per share
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Stockholm Nordtech Group AB | Interim report January – September 2026 39 31 Dec Net debt 2026 2025 2025 Liabilities to credit institutions (non-current) (A) SEKm 98.2 392.7 374.1 Lease liabilities (non-current) (B) SEKm 17.9 22.9 21.8 Put and call options related to non-controlling interests (C) SEKm 36.7 88.7 92.8 Contingent consideration (D) SEKm 49.5 80.7 42.5 Liabilities to credit institutions (current) (E) SEKm - 37.0 47.0 Lease liabilities (current) (F) SEKm 14.3 14.5 14.3 Less: Cash and cash equivalents (G) SEKm 140.5 126.8 143.0 Net debt (A+B+C+D+E+F-G)SEKm 76.2 509.7 449.5 30 Sep 31 Dec Net debt / Adjusted EBITDA LTM 2026 2025 2025 Net cash (+) / Net debt (-) (A) SEKm 76.2 509.7 449.5 Adjusted EBITDA LTM (B) SEKm 240.9 150.6 178.3 Net debt / Adjusted EBITDA LTM (A/B) x 0.3x 3.4x 2.5x 30 Sep 31 Dec Net working capital 2026 2025 2025 Inventories (A) SEKm 15.0 12.8 12.8 Trade receivables (B) SEKm 122.1 91.0 131.2 Other current receivables (C) SEKm 29.6 26.2 42.2 Prepaid expenses and accrued income (D) SEKm 14.5 13.0 15.2 Trade payables (E) SEKm 66.9 56.2 40.0 Other current liabilities (F) SEKm 86.1 83.6 78.2 Accrued expenses and prepaid income (G) SEKm 118.0 64.5 144.7 Net working capital (A+B+C+D)-(E+F+G) SEKm -90.0 -61.2 -61.6 30 Sep 31 Dec Non-interest bearing liabilities 2026 2025 2025 Put and call options related to non-controlling interests (A) SEKm 36.7 88.7 92.8 Contingent consideration (B) SEKm 49.5 80.7 42.5 Other non-current liabilities (C) SEKm - 0.1 - Deferred tax liability (D) SEKm 103.9 112.5 107.3 Trade payables (E) SEKm 66.9 56.2 40.0 Income tax payable (F) SEKm 2.1 5.5 11.6 Other current liabilities (G) SEKm 86.1 83.6 78.2 Accrued expenses and prepaid income (H) SEKm 118.0 64.5 144.7 Non-interest bearing liabilities (A+B+C+D+E+F+G+H) SEKm 463.3 491.8 517.2 30 Sep 31 Dec Capital employed 2026 2025 2025 Total assets (A) SEKm 1,878.3 1,808.4 1,857.9 Less: Cash and cash equivalents (B) SEKm 140.5 126.8 143.0 Less: Non interest-bearing liabilities (C) SEKm 463.3 491.8 517.2 Addition of: Put and call options related to non- controlling interests (D) SEKm 36.7 88.7 92.8 Addition of: Contingent considerations (E) SEKm 49.5 80.7 42.5 Capital employed (A-B-C+D+E) SEKm 1,360.7 1,359.1 1,333.0 30 Sep
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Stockholm Nordtech Group AB | Interim report January – September 2026 40 31 Dec Average capital employed 2026 2025 2025 Capital employed, actual quarter -4 (A) SEKm 1,359.1 801.1 923.9 Capital employed, actual quarter -3 (B) SEKm 1,333.0 923.9 890.6 Capital employed, actual quarter -2 (C) SEKm 1,334.8 890.6 976.9 Capital employed, actual quarter -1 (D) SEKm 1,351.7 976.9 1,359.1 Capital employed, actual quarter (E) SEKm 1,360.7 1,359.1 1,333.0 Average capital employed (A+B+C+D+E)/5 SEKm 1,347.9 990.3 1,096.7 30 Sep 31 Dec Return on capital employed (ROCE) 2026 2025 2025 Adjusted EBITA LTM (A) SEKm 218.3 133.3 159.0 Average capital employed (B) SEKm 1,347.9 990.3 1,096.7 Return on capital employed (ROCE) (A/B) % 16.2% 13.5% 14.5% 30 Sep 31 Dec Invested capital 2026 2025 2025 Total assets (A) SEKm 1,878.3 1,808.4 1,857.9 Less: Cash and cash equivalents (B) SEKm 140.5 126.8 143.0 Less: Non interest-bearing liabilities (C) SEKm 463.3 491.8 517.2 Addition of: Put and call options related to non- controlling interests (D) SEKm 36.7 88.7 92.8 Addition of: Contingent considerations (E) SEKm 49.5 80.7 42.5 Addition of: Accumulated amortisation of intangible assets related to business combinations (F) SEKm 312.3 204.5 230.7 Invested capital (A-B-C+D+E+F) SEKm 1,673.0 1,563.6 1,563.7 30 Sep 31 Dec Average invested capital 2026 2025 2025 Invested capital, actual quarter -4 (A) SEKm 1,563.6 929.3 1,068.9 Invested capital, actual quarter -3 (B) SEKm 1,563.7 1,068.9 1,053.7 Invested capital, actual quarter -2 (C) SEKm 1,592.9 1,053.7 1,159.3 Invested capital, actual quarter -1 (D) SEKm 1,637.0 1,159.3 1,563.6 Invested capital, actual quarter (E) SEKm 1,673.0 1,563.6 1,563.7 Average invested capital ((A+B+C+D+E)/5) SEKm 1,606.1 1,155.0 1,281.8 30 Sep 31 Dec Return on invested capital (ROIC) 2026 2025 2025 Adjusted EBITA LTM (A) SEKm 218.3 133.3 159.0 Average invested capital (B) SEKm 1,606.1 1,155.0 1,281.8 Return on invested capital (ROIC) (A/B) % 13.6% 11.5% 12.4% 30 Sep
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This is Nordtech Nordtech Group is home to small and medium - sized SaaS companies in the Nordic region. Since our founding in 2021, we have focused on acquiring and nurturing niche software businesses, supporting their long - term growth and development . We combine active ownership with deep, software - focused entrepreneurial expertise to support management teams in driving profitable organic growth, while preserving each company’s unique culture and autonomy through a decentralised structure . Our portfolio consists of profitable B2B software companies with niche solutions, dedicated teams and long - term growth potential. We take a long - term approach and invest in companies with recurring revenues, established market positions and a turnover of S EK 15 - 100 million. By giving each company the space to remain independent and true to its culture, we create the right conditions for sustainable growth. Together we build strong teams, satisfied customers, and successful companies . At Nordtech, we believe in the power of collaboration and shared knowledge. By operating as a family of software companies, we create an environment where each company can thrive and contribute to our shared success . Together, we are elevated . 2 5 a cquisitions since the start
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Fi nancial cal e nd a r Nordtech presents and publishes all reports, annual reports and presentations on the website. There you can also subscribe to mailings of financial information . Year - e nd report 202 7 - 02 - 11 Annual report 2027 - 04 - 0 8 Contact information Stockholm Nordtech Group AB (publ.) Corporate registration number : 559282 - 0483 Norrlandsgatan 10 111 43 Stockholm S weden www. nordtechgroup .com Nils Bergman CEO Per Asplund CFO tel +46 8 502 353 12 This information is such information that Stockholm Nordtech Group AB (publ . ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 5 November 2026 at 0 7 : 45 a.m. CET .