Interim report
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Second quarter 2026 1 January – 30 June 2026 Net sales increased 18.1% to MSEK 1,568.0 (1,328.1), of which organic growth amounted to 16.8%. Adjusted EBITA increased 49.4% to MSEK 171.0 (114.4), corresponding to an adjusted EBITA margin of 10.9% (8.6). Profit for the period amounted to MSEK 88.6 (41.6). Diluted earnings per share for continuing operations amounted to SEK 0.79 (0.38). Cash flow from operating activities amounted to MSEK 172.3 (105.6). The Group’s cash and cash equivalents and unutilized credit facilities amounted to MSEK 590.6 (244.2) on June 30, 2026. Net sales increased 12.9% to MSEK 2,835.0 (2,511.9), of which organic growth amounted to 13.9%. Adjusted EBITA increased 50.1% to MSEK 242.6 (161.6), corresponding to an adjusted EBITA margin of 8.6% (6.4). Profit for the period amounted to MSEK 79.9 (20.1). Diluted earnings per share for continuing operations amounted to SEK 0.70 (0.03). Cash flow from operating activities amounted to MSEK 257.1 (105.2). Significant events during and after the reporting period On May 26, Pamica Group acquired all shares in Pamica 5 Invest 2 AB, the owner of Aluhak Gruppen AS, in accordance with a resolution by the Annual General Meeting that was held the same day. Pamica Group has changed the classification of segments in the Group. Effective as of the second quarter of 2026, the companies in the previous segments Industry and Innovations are included in a single segment named the Industry segment. The Services segment is unchanged. For further information about the segments and segment reporting, refer to pages 4, 5 and 16. On August 17, the Board of Pamica Group decided to appoint Joacim Lindoff as President and CEO, effective August 19, 2026. This appointment follows Jan-Olof Svensson, founder of Pamica and its CEO since inception, deciding to take on a new role as head of the Group’s acquisition activities and, subject to a resolution at an upcoming general meeting, to accept the Nomination Committee’s proposal to become a member of the Board of Pamica Group. Interim report Jan-Jun 2026 Pamica Group AB Summary of performance 1) Financial metrics defined according to IFRS. Definitions and explanations of the use of alternative performance measures are presented in the table on pages 19-20. Reconciliation tables for alternative performance measures are presented on page 21. 2) Includes discontinued operations. R12MFYContinuing operations20262025Δ%20262025Δ%25/262025Net sales1), MSEK1,568.0 1,328.118%2,835.0 2,511.913%5,437.2 5,114.2Organic net sales growth, %16.8 -2.819.6 pp13.9 -2.916.8 pp18.7 1.9EBITA, MSEK160.1 110.445%229.6 151.751%392.6 314.7Adjusted EBITA, MSEK171.0 114.449%242.6 161.650%516.6 435.6Adjusted EBITA margin, %10.9 8.62.3 pp8.6 6.42.1 pp9.5 8.5Organic EBITA growth, %34.6 -8.643.1 pp37.9 -27.064.9 pp38.6 10.7EBIT1), MSEK136.6 89.153%183.1 108.669%104.2 29.7EBIT margin, %8.7 6.72 pp6.5 4.32.1 pp1.9 0.6Profit for the period1), MSEK88.6 41.6113%79.9 20.1297%-102.4 -162.2Diluted earnings per share continuing operations1), SEK0.79 0.38106%0.70 0.031948%-0.97 -1.68Return on capital employed2), %11.0 6.94.1 pp11.0 6.94.1 pp11.0 9.2Return on equity2), %-4.3 -11.47.1 pp-4.3 -11.47.1 pp-4.3 -6.8Cash flow from operating activities1)2), MSEK172.3 105.663%257.1 105.2144%588.5 436.7Net debt/adjusted proforma EBITDA R12M, x3.05 3.82-0.77x3.05 3.82-0.77x3.05 3.08Q2Jan-Jun
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Pamica Group AB | Interim report January-June 2026 2 CEO’s comments Following the trend we saw in the first quarter, market conditions for our business groups remained stable and, in many cases, were positive. We also saw that the management teams of each company focused on implementing their plans, enabling Pamica to continue to perform well in Q2, with the business groups establishing a solid basis for profitable growth in the quarters ahead. Net sales for Q2 increased 18.1%, with organic growth of 16.8%. Positive organic growth in our business groups is a key prerequisite for future development, and this favorably impacted our performance for the entire quarter. Looking at the segments, we can see that Industry is continuing on its current path and leveraging positive market trends, mainly in the defense and infrastructure sectors, as well as in B2C. We are also seeing healthy growth in the Services segment, for example, our companies that offer household-related services performed well during the quarter. It was also particularly gratifying for this segment to see that the increase in sales generated high growth in profitability, in addition to the efficiency initiatives carried out over the past few quarters. Based on healthy sales growth, strict cost control and our ability to adjust pricing in response to fluctuations in logistics and the supply of materials, we can report adjusted EBITA of MSEK 171.0 for the quarter, an increase of 49.4% compared with the same quarter last year. The adjusted EBITA margin was thus 10.9%, compared with 8.6% in Q2 2025, and on a R12M basis, we are now at 9.5%. Both segments reported solid profitability growth, with Industry at 14.5% (12.7%) and Services at 8.6% (6.6%). We are continuing to make regular efficiency and pricing improvements across all business groups, which will provide a solid foundation for a positive profitability trend over the next few quarters. Cash flow and financial position Cash flow from operating activities amounted to MSEK 172.3 (105.6) for the quarter. We can see that our intensified focus in this area is generating good results, and the companies’ management teams are clearly committed to making further improvements. This area still has some room for improvement that will enhance the flexibility of our important acquisition strategy. Based on this higher EBIT and the sustained strong cash flow trend, we significantly reduced our leverage ratio during the quarter. Measured as the relation of net debt to adjusted proforma EBITDA R12M, the leverage ratio amounted to 3.05x at the end of the quarter, compared with 3.82x in Q2 2025. This was achieved despite the short-term negative impact of integrating acquisitions. Acquisitions We are continuing to pursue our acquisition agenda very actively. Our key focus is on identifying suitable add-on acquisitions for our existing business groups and in parallel with this seeking to find new platforms that meet our strict acquisition criteria. We have good awareness of potential acquisition targets in both areas and believe that this pipeline is well-suited to meet the requirements for continuing to build up Pamica for the future. As previously announced, we acquired Aluhak Gruppen during the quarter. With this acquisition, which will be integrated into Nordic Access Group (formerly Solideq), we are continuing to create an end-to-end supplier in both Sweden and Norway in aluminum scaffolding and construction hoists. Strategic overview and continued focus on profitability As announced in the previous interim report, the Board of Directors has initiated a strategic overview of opportunities for the company. We are now actively exploring the possibilities of an initial public offering and also making the necessary preparations for this. This process is fully underway and we intend to provide a more detailed timeline in the second half of the year. As part of this process, we carried out an analysis of the resources that are essential at the Group level under our decentralized organizational model. Based on this, we have implemented a number of organizational changes aimed at further enhancing the use of resources, while ensuring sound corporate governance and structure. After the end of the quarter, Jan-Olof Svensson, founder of Pamica and its dynamic CEO since inception, decided to step down as CEO in order to devote his full attention to supporting our strategically important acquisition efforts instead. He will also be nominated by the Nomination Committee to join the Board at the next Annual General Meeting. The Board has entrusted me, after working as COO for the last year, with taking over the reins and, together with all my colleagues at Pamica, continuing to develop the business with a focus on the growth and entrepreneurship of our business groups. To summarize, we have made good progress this quarter in our efforts to stabilize and structure the Group for continued profitable growth. Our companies are effectively implementing their plans and capitalizing on a market climate that has improved in many respects. Based on this, we expect continued stable performance for the remainder of 2026. Joacim Lindoff CEO Pamica Group AB
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Pamica Group AB | Interim report January-June 2026 3 Financial performance, Group Second quarter 2026 The Group’s net sales amounted to MSEK 1,568.0 (1,328.1), corresponding to an increase of 18.1%. Of reported net sales, acquired operations contributed MSEK 66.4 in the current quarter, while divested operations contributed MSEK 41.4 in the comparative quarter. The Group’s organic net sales growth, adjusted for acquired and divested operations and currency effects, amounted to MSEK 216.7, corresponding to organic growth of 16.8%. Adjusted operating profit before acquisition-related amortization and impairment (adjusted EBITA) amounted to MSEK 171.0 (114.4), corresponding to an adjusted EBITA margin of 10.9% (8.6). Of reported adjusted EBITA, acquired operations contributed MSEK 18.3 in the current quarter, while divested operations contributed MSEK 0.1 in the comparative quarter. Adjusted EBITA was adjusted for other items affecting comparability of MSEK –10.7 (–4.1), attributable primarily to ongoing reorganization and restructuring and for acquisition-related items affecting comparability of MSEK –0.3 (0.0) and a gain on disposal of MSEK 0.2 (0.0). The profitability increased in both the Industry and Services segments compared to the same quarter last year. The Group’s organic adjusted EBITA growth, adjusted for acquired and divested operations and currency effects, amounted to MSEK 39.5, corresponding to growth of 34.6%. Operating profit, EBIT, amounted to MSEK 136.6 (89.1), corresponding to an operating margin of 8.7% (6.7). Operating profit includes items affecting comparability, specified above, totaling MSEK –10.9 (–4.1). 1 January – 30 June 2026 The Group’s net sales amounted to MSEK 2,835.0 (2,511.9), corresponding to an increase of 12.9%. Of reported net sales, acquired operations contributed MSEK 96.7, while divested operations contributed MSEK 86.8 in the comparative period. The Group’s organic net sales growth, adjusted for acquired and divested operations and currency effects, amounted to MSEK 336.3, corresponding to organic growth of 13.9%. Adjusted operating profit before acquisition-related amortization and impairment (adjusted EBITA) amounted to MSEK 242.6 (161.6), corresponding to an adjusted EBITA margin of 8.6% (6.4). Of reported adjusted EBITA, acquired operations contributed MSEK 21.7 in the period, while divested operations contributed MSEK 0.0 in the comparative period. Adjusted EBITA was adjusted for other items affecting comparability of MSEK –16.6 (–9.9), acquisition-related items affecting comparability of MSEK –0.8 (0.0), a reversal of impairment of right-of-use assets of MSEK 3.1 (0.0) and a gain on disposal of MSEK 1.2 (0.0). Other items affecting comparability are in both periods attributable primarily to reorganization and restructuring. The Group's organic adjusted EBITA growth, adjusted for acquired and divested operations and currency effects, amounted to MSEK 61.7, corresponding to growth of 37.9%. Operating profit, EBIT, amounted to MSEK 183.1 (108.6), corresponding to an operating margin of 6.5% (4.3). Operating profit includes items affecting comparability, specified above, totaling MSEK –13.0 (–9.9). Pamica Group: Net sales, R12M, MSEK Pamica Group: Adjusted EBITA, R12M, MSEK 01,0002,0003,0004,0005,0006,000Q3 Q4 Q12024Q2 Q3 Q4 Q12025Q2 Q3 Q4 Q12026Q2Net sales0%2%4%6%8%10%0200400600Q3 Q4 Q12024Q2 Q3 Q4 Q12025Q2 Q3 Q4 Q12026Q2Adjusted EBITAMargin, %
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Pamica Group AB | Interim report January-June 2026 4 Financial performance, segment Industry Second quarter 2026 Net sales amounted to MSEK 777.2 (607.1), corresponding to an increase of 28.0%. Of reported net sales, acquired operations contributed MSEK 46.9 in the current quarter, while divested operations contributed MSEK 41.4 in the comparative quarter. The segment's organic net sales growth, adjusted for acquired and divested operations and currency effects, amounted to MSEK 168.0, corresponding to an organic growth of 29.7%. Adjusted operating profit before acquisition-related amortization and impairment (adjusted EBITA) amounted to MSEK 113.0 (77.0), corresponding to an adjusted EBITA margin of 14.5% (12.7). Of reported adjusted EBITA, acquired operations contributed MSEK 7.3 in the current quarter, while divested operations contributed MSEK 0.1 in the comparative quarter. Adjusted EBITA was adjusted primarily for a gain on disposal of MSEK 0.2 (0.0) and for other items affecting comparability, attributable to reorganization and restructuring, of MSEK 0.0 (– 1.6). The segment's organic adjusted EBITA growth, adjusted for acquired and divested operations and currency effects, amounted to MSEK 29.5, corresponding to organic growth of 38.3%. 1 January – 30 June 2026 The segment's net sales amounted to MSEK 1,407.9 (1,174.3), corresponding to an increase of 19.9%. The segment's organic growth amounted to MSEK 273.1, corresponding to organic net sales growth of 25.1%. Adjusted EBITA amounted to MSEK 201.0 (131.9), corresponding to an adjusted EBITA margin of 14.3% (11.2). Adjusted EBITA was adjusted for a reversal of impairment of right-of-use assets of MSEK 3.1 (0.0), a gain on disposal of MSEK 1.2 (0.0) and other items affecting comparability of MSEK –0.1 (–2.6) attributable to reorganization and restructuring. The segment's organic adjusted EBITA growth in the period amounted to MSEK 61.4. Industry: Net sales, R12M, MSEK Industry: Adjusted EBITA, R12M, MSEK 01,0002,0003,000Q3 Q4 Q12024Q2 Q3 Q4 Q12025Q2 Q3 Q4 Q12026Q2Net sales0%5%10%15%20%0100200300400500Q3 Q4 Q12024Q2 Q3 Q4 Q12025Q2 Q3 Q4 Q12026Q2Adjusted EBITAMargin, % The companies in the Industry segment primarily consist of niche businesses with unique and scalable offerings and/or patented technologies. Most of these companies develop, manufacture and/or market customized solutions and systems that are often created in close cooperation with customers. Absortech, Alltronic, Artex, SKAB, Nordic Access Group (formerly Solideq), Delta, Stapp, Micropol and Waboba are included in the segment, which in 2025 reported net sales of MSEK 2,357 and an adjusted EBITA of MSEK 331.
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Pamica Group AB | Interim report January-June 2026 5 Financial performance, segment Services Second quarter 2026 Net sales amounted to MSEK 790.7 (719.5), corresponding to an increase of 9.9%. Of reported net sales, acquired operations contributed MSEK 19.6 in the current quarter. The segment's organic net sales growth, adjusted for acquired operations and currency effects, amounted to MSEK 50.1, corresponding to organic growth of 7.0%. Adjusted operating profit before acquisition-related amortization and impairment (adjusted EBITA) amounted to MSEK 67.8 (47.3), corresponding to an adjusted EBITA margin of 8.6% (6.6). Of reported adjusted EBITA, acquired operations contributed MSEK 11.0 in the current quarter. Adjusted EBITA was adjusted primarily for other items affecting comparability, attributable primarily to reorganization and restructuring, of MSEK –10.7 (–2.5). The segment's organic adjusted EBITA growth, adjusted for acquired operations and currency effects, amounted to MSEK 10.0, corresponding to organic growth of 21.2%. 1 January – 30 June 2026 The segment's net sales amounted to MSEK 1,426.8 (1,334.3), corresponding to an increase of 6.9%. The segment's organic growth amounted to MSEK 66.2, corresponding to organic net sales growth of 5.0%. Adjusted EBITA amounted to MSEK 65.9 (43.0), corresponding to an adjusted EBITA margin of 4.6% (3.2). Adjusted EBITA was adjusted primarily for other items affecting comparability, attributable to reorganization and restructuring, of MSEK –16.5 (– 7.2). The comparative period was adjusted for acquisition-related items of MSEK –0.1. The segment's organic adjusted EBITA growth in the period amounted to MSEK 11.3. Services: Net sales, R12M, MSEK Services: Adjusted EBITA, R12M, MSEK 01,0002,0003,000Q3 Q4 Q12024Q2 Q3 Q4 Q12025Q2 Q3 Q4 Q12026Q2Net sales0%2%4%6%8%10%050100150200Q3 Q4 Q12024Q2 Q3 Q4 Q12025Q2 Q3 Q4 Q12026Q2Adjusted EBITAMargin, % The companies in segment Services are service companies with strong positions in specific niches. Alfa Mobility, Beans in Cup, HTSM, PPP, IM Vision, Houser Group and Sappa are included in the segment. In 2025, the segment reported net sales of MSEK 2,753 and an adjusted EBITA of MSEK 130.
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Pamica Group AB | Interim report January-June 2026 6 Other financial information Financial position and liquidity The Group’s total assets on June 30, 2026 amounted to MSEK 6,715.9 (6,177.6). The Group’s equity on June 30, 2026 amounted to MSEK 2,523.0 (2,436.0). The Group’s cash and cash equivalents and unutilized credit facilities on June 30, 2026 amounted to MSEK 590.6 (244.2). Cash flow and investments Cash flow from operating activities in the second quarter amounted to MSEK 172.3 (105.6). Changes in working capital contributed positively in the second quarter by a total of MSEK 0.4 (–17.2). Cash flow from operating activities in the period January–June amounted to MSEK 257.1 (105.2). Changes in working capital contributed positively in the period by a total of MSEK 42.0 (– 58.0). Cash flow from investing activities in the second quarter amounted to MSEK –22.3 (–21.2), of which the net liquidity effect from acquisitions and divestments contributed MSEK 5.0 (–2.4). Cash flow from investing activities in the period January–June amounted to MSEK –43.4 (–68.3). The net liquidity effect from acquisitions is mainly attributable to the acquisition of Pamica 5 Invest 2 AB, owner of Aluhak Gruppen AS. For more information on the impact of acquired companies on cash flow, see Note 3 Business combinations. Cash flow from financing activities in the second quarter amounted to MSEK –131.6 (–66.5), of which repayment of liabilities for contingent consideration and minority options amounted to MSEK –22.3 (–22.8). Cash flow from financing activities in the period January–June amounted to MSEK –287.5 (–112.9), of which repayment of liabilities for contingent consideration and minority options amounted to MSEK –22.3 (–32.8). Net financial items Net financial items for the second quarter amounted to MSEK – 40.9 (–41.8). Of total net financial items, MSEK –44.2 (–41.5) related to the net of interest expenses and interest income, MSEK 1.0 (–0.9) to the net of exchange rate gains and losses and MSEK –3.7 (0.0) to the net of remeasurement of contingent considerations. Other items in net financial items amounted to MSEK 6.0 (0.5). Net financial items for the period January–June amounted to MSEK –67.6 (–85.4). Of total net financial items, MSEK –84.9 (– 83.5) related to the net of interest expenses and interest income, MSEK 4.7 (–2.1) to the net of exchange rate gains and losses and MSEK 6.5 (–0.1) to the net of remeasurement of contingent considerations. Other items in net financial items amounted to MSEK 6.0 (0.3). Acquisitions and divestments On May 26, Pamica Group acquired all shares in Pamica 5 Invest 2 AB, owner of Aluhak Gruppen AS, in accordance with a resolution passed at the Annual General Meeting held on the same day. The consideration in the transaction consisted of newly issued shares through a non-cash issue in accordance with the resolution of the Annual General Meeting, amounting to 2,396,197 shares, corresponding to MSEK 100.8. For information on acquisitions completed during the second quarter of 2026, see Note 3 on page 17. Parent Company The Parent Company's net sales in the period January–June amounted to MSEK 20.5 (16.8), operating profit to MSEK –29.3 (– 13.5) and profit for the period to MSEK –21.0 (–6.8). The Parent Company's net sales consist of intra-group services and sales of management services to a related party, see further information under the heading Related party transactions on the next page.
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Pamica Group AB | Interim report January-June 2026 7 Other disclosures Accounting policies This condensed 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. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Swedish Annual Accounts Act, Interim Report. The same accounting policies and measurement bases have been applied for the Group and the Parent Company as in the most recent annual report. Disclosures in accordance with IAS 34.16A are presented not only in the financial statements and related notes, but also in other sections of the interim report. For further information on the Group's accounting policies, see the 2025 Annual Report. The Annual Report is published at https://www.pamica.se/en/investors/financial-reports-and- presentations/ Risks and uncertainties Pamica Group is exposed to risks, in particular the general economic climate and prevailing market conditions, which may affect the operations of the business groups as well as the Group's investment activities and how well acquired companies develop. The complete risk analysis is presented in the Group's 2025 Annual Report on page 22 and on pages 79–80. Ongoing disputes As previously announced, Pamica Group's subsidiary Delta of Sweden Aktiebolag has been served with a summons application filed against the company in the United States by MGA Entertainment. The amount in dispute amounts to MUSD 12.4. Delta of Sweden has requested that the US court dismiss MGA Entertainment's claim on the grounds of lack of jurisdiction. At the same time, the parties are engaged in advanced discussions regarding a possible settlement through a non-binding letter of intent. The discussions are progressing well and may in time lead to a binding agreement. If the parties reach a binding agreement, or if the court decides to dismiss the claim, the legal proceedings will end. Against this background, the risk of the proceedings having a material financial impact on Delta of Sweden is assessed as low. There are otherwise no material disputes to report. Transactions with related parties Pamica Group has an agreement with the related company Pamica 5 AB under which Pamica Group sells management services to Pamica 5 at market-based pricing. In the second quarter, Pamica Group reported net sales of MSEK 0.4 for the sale of management services to Pamica 5 AB. In the period January–June, net sales for the sale of management services to Pamica 5 AB amounted to MSEK 0.7. As of the balance sheet date, outstanding receivables amount to MSEK 0.7. On May 26, Pamica Group acquired all shares in Pamica 5 Invest 2 AB, the owner of Aluhak Gruppen AS. The related party Pamica 5 AB was one of the sellers and received MSEK 82.4 of the total purchase consideration of MSEK 100.8. The consideration was settled in full through a non-cash share issue comprising 2,396,197 newly issued shares in Pamica Group AB, of which 1,959,130 shares were issued to Pamica 5 AB. The transaction was carried out on market terms and was approved by the Annual General Meeting on May 26, 2026. The acquisition analysis is presented in Note 3, Business combinations, on page 17. Employees The average number of employees in the period January–June amounted to 2,286 (2,271). The proportion of women was 39% (42). Significant events during the reporting period On May 26, Pamica Group acquired all shares in Pamica 5 Invest 2 AB, owner of Aluhak Gruppen AS, in accordance with a resolution passed at the Annual General Meeting held on the same day. See the section Acquisitions and divestments on page 6 and Note 3 Business combinations on page 17 for further information. Pamica Group has changed the Group's segment structure. From the second quarter of 2026, the companies in the former Industry and Innovations segments are included in a single segment – referred to as the Industry segment. The Services segment is unchanged. Further information on segments and segment reporting is presented on pages 4, 5 and 16. Significant events after the end of the reporting period On August 17, the Board of Pamica Group decided to appoint Joacim Lindoff as President and CEO, effective August 19, 2026. This appointment follows Jan-Olof Svensson, founder of Pamica and its CEO since inception, deciding to take on a new role as head of the Group’s acquisition activities and, subject to a resolution at an upcoming general meeting, to accept the Nomination Committee’s proposal to become a member of the Board of Pamica Group. For further information, see the press release published on August 17.
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Pamica Group AB | Interim report January-June 2026 8 The Board’s assurance The Board of Directors and the CEO assure that this interim report for the January–June 2026 period provides a true and fair view of the company’s and the Group’s operations, financial position and results and describes the significant risks and uncertainties faced by the company and the companies included in the Group. Halmstad, August 26, 2026 Tomas Franzén Chairman of the Board Ulrika Saxon von Essen Board member Johan Ryding Board member Jan Klippvik Board member Lina Stolpe Board member Ulrika Valassi Board member Joacim Lindoff CEO This report has not been reviewed by Pamica Group AB’s auditors.
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Pamica Group AB | Interim report January-June 2026 9 Financial statements Consolidated income statement * The calculation is based on profit for the period attributable to parent company shareholders, instead of comprehensive income for the period attributable to parent company shareholders as presented in the 2025 Annual Report. Previously reported earnings per share amounted to –1.89 for continuing operations and –1.76 including discontinued operations. R12MFYMSEK202620252026202525/262025Continuing operationsNet sales1,568.0 1,328.1 2,835.0 2,511.9 5,437.2 5,114.2Other operating income14.3 9.5 34.8 20.4 52.4 38.0 1,582.41,337.62,869.82,532.35,489.75,152.2Capitalized work on own account4.2 1.3 8.1 2.7 10.6 5.2Raw materials and consumables-720.1 -600.8 -1,313.7 -1,148.7 -2,493.9 -2,328.9Other external expenses-201.9 -164.8 -361.3 -311.9 -703.7 -654.3Personnel costs-434.0 -395.6 -837.2 -783.6 -1,601.2 -1,547.6Other operating expenses-6.2 -9.0 -15.5 -24.4 -65.2 -74.1Share of results of associates -0.6 -0.5 -1.0 -1.8 -1.8 -2.6EBITDA223.9168.2349.3264.6634.5549.9Depreciation/amortization and impairment-63.8 -57.9 -119.7 -112.9 -241.9 -235.2EBITA160.1110.4229.6151.7392.6314.7PPA-related depreciation/amortization and impairment-23.5 -21.2 -46.5 -42.1 -153.3 -148.9Impairment of goodwill0.0 -0.1 0.0 -1.1 -135.0 -136.1 EBIT136.689.1183.1108.6104.229.7Financial income and expensesNet financial items-40.9 -41.8 -67.6 -85.4 -162.1 -179.9---Profit before tax95.747.3115.523.2-57.8-150.2Tax-7.1 -5.6 -35.7 -16.8 -44.6 -25.8Profit for the period from continuing operations88.641.779.96.4-102.4-175.9Discontinued operationsProfit for the period from discontinued operations, net after tax0.0 -0.1 0.0 13.7 0.0 13.7Profit for the period88.641.679.920.1-102.4-162.2Other comprehensive incomeTranslation differences, foreign operations1.6 0.0 9.1 -10.3 -3.1 -22.5Total other comprehensive income1.60.09.1-10.3 -3.1 -22.5Comprehensive income for the period90.241.689.09.8-105.6-184.7Profit for the period from continuing operationsand discontinued operations attributable to:Parent Company shareholders86.4 40.0 76.1 17.3 -102.9 -161.7Non-controlling interests2.1 1.5 3.7 2.8 0.4 -0.5Profit for the period88.641.679.920.1-102.4-162.2Comprehensive income for the period attributable to:Parent Company shareholders88.0 40.1 85.1 7.0 -106.1 -184.1Non-controlling interests2.2 1.5 3.9 2.8 0.5 -0.6Comprehensive income for the period90.241.689.09.8-105.6-184.7Basic earnings per share continuing operations, SEK0.79 0.38 0.70 0.03 -0.97 -1.68*Diluted earnings per share continuing operations, SEK0.79 0.38 0.70 0.03 -0.97 -1.68*Basic earnings per share including discontinued operations, SEK0.79 0.38 0.70 0.17 -0.97 -1.55*Diluted earnings per share including discontinued operations, SEK0.79 0.38 0.70 0.17 -0.97 -1.55*Average number of shares, '000108,996 104,460 108,530 104,460 106,517 104,482 Jan-JunQ2
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Pamica Group AB | Interim report January-June 2026 10 Consolidated statement of financial position 31 Dec MSEK202620252025AssetsIntangible assets 4,063.4 3,991.2 3,962.7Property, plant and equipment 242.8 251.4 222.8Right-of-use assets 759.7 509.2 485.6Participations in associates 8.2 6.2 7.3Other participations 28.1 6.0 22.2Non-current receivables 15.3 9.8 16.2Deferred tax assets 25.4 17.8 11.6Total non-current assets5,142.94,791.54,728.4Inventories 531.6 496.5 474.7Current tax assets 10.9 8.1 18.5Accounts receivable 720.8 640.1 624.5Prepaid expenses and accrued income 106.9 133.8 104.9Contract assets 41.0 17.9 28.1Other receivables 33.1 15.9 42.3Cash and cash equivalents 128.6 73.8 200.1Total current assets1,573.01,386.11,493.1Assets held for sale0.00.00.0Total assets6,715.96,177.66,221.5EquityShare capital 0.7 0.7 0.7Other contributed capital 3,027.3 2,782.5 2,926.5Reserves -13.2 -9.9 -22.2Retained earnings including net profit for the year -512.8 -357.7 -544.2Equity attributable to Parent Company shareholders2,502.02,415.62,360.8Non-controlling interests21.020.417.1Total equity2,523.02,436.02,378.0LiabilitiesNon-current interest-bearing liabilities 1,439.3 1,695.0 1,738.2Non-current lease liabilities 563.9 364.1 337.4Non-current earn-out liabilities 0.0 13.0 14.6Non-current minority option liabilities 71.9 125.9 31.9Other non-current liabilities 9.3 8.4 7.9Provisions 7.9 7.8 5.6Deferred tax liabilities 284.9 268.3 268.0Total non-current liabilities2,377.22,482.42,403.7Current interest-bearing liabilities 221.3 61.2 25.8Current lease liabilities 204.5 153.8 158.7Current earn-out liabilities 4.1 1.1 18.3Current minority option liabilities 114.4 0.0 109.7Accounts payable 478.4 384.0 374.6Current tax liabilities 34.5 40.8 73.3Other current liabilities 179.5 149.5 172.6Accrued expenses and deferred income 356.3 307.5 310.8Contract liabilities 222.7 160.8 196.1Total current liabilities1,815.61,258.71,439.8Liabilities attributable to assets held for sale0.00.40.0Total liabilities4,192.93,741.63,843.5Total equity and liabilities6,715.96,177.66,221.5 30 Jun
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Pamica Group AB | Interim report January-June 2026 11 Consolidated statement of cash flows Statement of cash flows from discontinued operations R12MFYMSEK202620252026202525/262025Operating activitiesProfit before tax continuing operations95.7 47.3 115.5 23.2 -57.8 -150.2Profit before tax discontinued operations0.0 -0.1 0.0 13.9 0.0 13.9Adjustments for non-cash items- Depreciation/amortization87.3 79.0 166.2 155.0 329.2 318.0- Unrealized exchange differences1.6 -3.8 4.3 -4.7 8.8 -0.2- Capital gain/loss-1.5 -0.5 -4.2 -0.9 32.7 36.0- Impairment of goodwill0.0 0.1 0.0 1.1 135.0 136.1- Other impairments0.0 0.0 0.0 0.0 66.1 66.1- Revaluation of earn-outs3.7 -0.0 -6.5 0.1 10.5 17.2- Change in accrued interest4.2 2.7 8.0 23.0 17.4 32.5- Discontinued operations0.0 2.6 0.0 -18.6 -0.0 -18.6- Other adjustments-0.3 1.9 0.6 3.7 0.2 3.3Income tax paid-18.9 -6.3 -68.8 -32.7 -77.0 -40.8--Increase (-)/Decrease (+) in inventories-1.7 20.5 -16.4 24.8 -3.4 37.8Increase (-)/Decrease (+) in operating receivables-55.2 -46.4 -68.4 -71.2 -64.9 -67.8Increase (+)/Decrease (-) in operating liabilities57.3 8.6 126.8 -11.6 191.7 53.3Cash flow from operating activities172.3105.6257.1105.2588.5436.7Investing activitiesAcquisition of property, plant and equipment-23.3 -13.7 -44.6 -28.5 -69.0 -52.9Divestment of property, plant and equipment2.1 1.9 10.6 3.8 16.0 9.2Acquisition of intangible assets-5.9 -4.8 -14.1 -10.1 -25.7 -21.7Acquisition of subsidiaries/operations, net liquidity effect4.7 -0.0 4.7 -27.9 60.3 27.7Divestment of subsidiaries/operations, net liquidity effect0.3 -2.4 0.3 -2.8 0.3 -2.8 Acquisition and divestment of other financial assets-0.2 -2.2 -0.4 -2.8 -1.1 -3.6 Cash flow from investing activities-22.3 -21.2-43.4 -68.3-19.2-44.1Financing activitiesNew share issue/warrants0.0 -0.0 0.0 -0.2 0.6 0.4Increase/decrease in overdraft facilities / credit facilities0.3 -8.3 -99.7 2.7 -325.3 -222.8Shareholders’ contributions received0.0 0.0 0.0 0.0 0.0 0.0Borrowings-0.0 3.3 0.0 3.3 243.1 246.4Amortization of debt-66.8 -0.7 -86.1 -9.1 -232.9 -156.0Repayment of lease liability-42.8 -38.1 -79.5 -76.8 -161.3 -158.7Amortization of debt for earn-out and minority options-22.3 -22.8 -22.3 -32.8 -34.3 -44.8Dividends paid0.0 0.0 0.0 0.0 0.0 0.0Cash flow from financing activities-131.6 -66.5-287.5 -112.9-510.1-335.5Cash flow for the period18.418.0-73.9-75.959.157.0Cash and cash equivalents at the beginning of the period108.9 53.9 200.1 150.6 73.8 150.6Exchange differences in cash and cash equivalents1.2 1.9 2.3 -0.9 -4.3 -7.5Cash and cash equivalents at the end of the period128.673.8128.673.8128.6200.1 Jan-JunQ2 R12MFYMSEK202620252026202525/262025Net cash flow from operating activities0.0 1.5 0.0 -2.1 0.0 -2.1Net cash flow from investing activities0.0 -2.6 0.0 -3.0 0.0 -3.0Net cash flow from financing activities0.0 0.0 0.0 -1.1 0.0 -1.10.0-1.20.0-6.20.0-6.2Total net cash flowJan-JunQ2
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Pamica Group AB | Interim report January-June 2026 12 Consolidated statement of changes in equity, condensed 31 Dec MSEK202620252025Opening equity attributable to the shareholders of the parent company2,360.82,416.12,416.1Comprehensive incomeProfit for the period 76.1 17.3 -161.7 Other comprehensive income for the period 9.0 -10.3 -22.5 Comprehensive income for the period85.17.0-184.2Transactions with the group's shareholdersWarrants, net -0.2 0.4Offset issue 3.8Non-cash issue 100.8 147.9Capital contributions, associates -0.6 -0.6Acquisition of shares in subsidiaries from non-controlling interests, existing controlling interest -0.1 -0.1Sales of shares in subsidiaries to non-controlling interests, existing controlling interest -0.0 -0.0Revaluation of minority options for the period -44.7 -6.5 -22.3Transactions with non-controlling interests 0.1 -0.1Total transactions with the group's shareholders56.1-7.5129.0Closing equity attributable to the shareholders of the parent company2,502.02,415.62,360.8Opening equity in non-controlling interests 17.117.817.8Profit for the period 3.7 2.8 -0.5Other comprehensive income for the period 0.1 -0.0 -0.1Comprehensive income for the period3.92.8-0.6Shareholder's contributions 0.0 0.0Acquisition of shares in subsidiaries from non-controlling interests, existing controlling interest -0.2 -0.2Sales of shares in subsidiaries to non-controlling interests, existing controlling interest 0.0 0.0Transactions with non-controlling interests -0.1 0.1Closing equity in non-controlling interests 21.020.417.1Total equity2,523.02,436.02,378.0 30 Jun
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Pamica Group AB | Interim report January-June 2026 13 Parent Company income statement Jan-JunJan-JunMSEK20262025Net sales20.5 16.8Other operating income0.0 0.1 20.516.9Other external expenses-19.6 -13.4Personnel costs-30.3 -17.0Other operating expenses-0.0 -0.0 EBIT-29.3-13.5Net financial items8.4 6.7Profit/loss after financial items-21.0-6.8Profit before tax-21.0-6.8Appropriations0.0 0.0Tax0.0 0.0Profit for the period and comprehensive income for the period-21.0-6.8
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Pamica Group AB | Interim report January-June 2026 14 Parent Company balance sheet MSEK2026 2025 AssetsNon-current assetsFinancial assetsParticipations in Group companies 3,082.6 3,130.6Receivables from Group companies 1,386.6 1,207.1Total financial assets4,469.24,337.7Total non-current assets4,469.24,337.7Current assetsAccounts receivable 0.0 0.0Receivables from Group companies 747.9 738.0Other receivables 0.0 0.7Prepaid expenses and accrued income 5.1 50.2Total current receivables753.0788.9Cash and bank balances 75.1 0.0Total current assets828.1788.9Total assets5,297.45,126.6MSEK2026 2025 Equity and liabilitiesEquityRestricted equityShare capital 0.7 0.7Unrestricted equityRetained earnings -938.3 -672.7Share premium reserve 3,995.6 3,743.1Profit for the period -21.0 -6.8Total equity3,037.03,064.3Untaxed reserves 5.6 0.4Total untaxed reserves5.60.4Non-current liabilitiesNon-current interest-bearing liabilities 1,430.9 1,482.2Total non-current liabilities1,430.91,482.2Current liabilitiesCurrent interest-bearing liabilities 0.0 19.5Accounts payable 4.6 2.6Current tax liabilities 3.3 1.0Liabilities to Group companies 772.5 519.7Other liabilities 2.8 5.9Accrued expenses and deferred income 40.8 30.9--Total current liabilities823.9579.7--Total equity and liabilities5,297.45,126.6 30 Jun30 Jun
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Pamica Group AB | Interim report January-June 2026 15 Note 1 – Key performance indicators R12MFY202620252026202525/262025Net sales, MSEK1,568.0 1,328.1 2,835.0 2,511.9 5,437.2 5,114.2Net sales growth, %18.1 16.1 12.9 19.1 10.1 12.8Organic net sales growth, %16.8 -2.8 13.9 -2.9 18.7 1.9Adjusted EBITA, MSEK171.0 114.4 242.6 161.6 516.6 435.6Adjusted EBITA margin, %10.9 8.6 8.6 6.4 9.5 8.5Organic EBITA growth, %34.6 -8.6 37.9 -27.0 38.6 10.7EBIT, MSEK136.6 89.1 183.1 108.6 104.2 29.7EBIT margin, %8.7 6.7 6.5 4.3 1.9 0.6Return on equity, %-4.3 -11.4 -4.3 -11.4 -4.3 -6.8Return on capital employed, %11.0 6.9 11.0 6.9 11.0 9.2Equity ratio, %37.6 39.4 37.6 39.4 37.6 38.2Cash flow from operating activities, MSEK172.3 105.6 257.1 105.2 588.5 436.7Net debt/adjusted proforma EBITDA R12M, x3.05 3.82 3.05 3.82 3.05 3.08Q2Jan-Jun
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Pamica Group AB | Interim report January-June 2026 16 Note 2 – Segment reporting Pamica Group monitors net sales and adjusted EBITA per segment. From the second quarter of 2026, the companies in the former Industry and Innovations segments are included in a single segment – referred to as the Industry segment. The Services segment is unchanged. Industry ServicesGroup op. elim. Pamica Group Industry ServicesGroup op. elim. Pamica Group Continuing operationsNet sales777.2 790.7 0.1 1,568.0 607.1 719.5 1.5 1,328.1Other operating income7.1 7.2 -0.0 14.3 4.1 5.3 0.1 9.5784.4797.90.11,582.4611.2724.81.61,337.6Capitalized work on own account1.4 2.8 0.0 4.2 1.1 0.2 0.0 1.3Raw materials and consumables-390.7 -329.4 0.0 -720.1 -299.3 -301.4 0.0 -600.8 Other external expenses-100.4 -103.6 2.1 -201.9 -70.9 -90.9 -3.1 -164.8 Personnel costs-156.3 -265.6 -12.0 -434.0 -141.8 -245.7 -8.2 -395.6 Other operating expenses-4.0 -2.1 -0.0 -6.2 -5.9 -3.1 -0.0 -9.0 Share of results of associates-0.5 -0.1 0.0 -0.6 -0.3 -0.2 0.0 -0.5 EBITDA133.899.9-9.9223.994.183.8-9.6168.2D&A and impairment-20.7 -42.8 -0.3 -63.8 -18.7 -38.9 -0.2 -57.9 EBITA113.157.2-10.2160.175.444.8-9.9110.4Items affecting comparability-0.2 10.7 0.3 10.9 1.6 2.5 0.0 4.1Adjusted EBITA113.067.8-9.8171.077.047.3-9.9114.5Adjusted EBITA-margin14.5 8.6 n.a. 10.9 12.7 6.6 n.a. 8.6Industry ServicesGroup op. elim. Pamica Group Industry ServicesGroup op. elim. Pamica Group Continuing operationsNet sales1,407.9 1,426.8 0.3 2,835.0 1,174.3 1,334.3 3.3 2,511.9Other operating income19.9 15.0 -0.0 34.8 10.0 10.3 0.1 20.41,427.81,441.70.32,869.81,184.31,344.63.42,532.3Capitalized work on own account2.9 5.2 0.0 8.1 2.0 0.7 0.0 2.7Raw materials and consumables-713.7 -600.1 0.1 -1,313.7 -584.3 -564.5 0.1 -1,148.7 Other external expenses-172.6 -189.1 0.4 -361.3 -139.5 -172.9 0.5 -311.9 Personnel costs-291.9 -519.9 -25.3 -837.2 -279.6 -487.0 -16.9 -783.6 Other operating expenses-11.2 -4.3 -0.0 -15.5 -16.4 -8.0 -0.0 -24.4 Share of results of associates-1.1 0.1 0.0 -1.0 -0.6 -1.1 0.0 -1.8 EBITDA240.2133.6-24.5349.3165.9111.7-12.9264.6D&A and impairment-34.9 -84.2 -0.6 -119.7 -36.6 -76.0 -0.4 -112.9 EBITA205.349.4-25.1 229.6129.335.7-13.3151.7Items affecting comparability-4.3 16.5 0.8 13.0 2.6 7.3 0.0 9.9Adjusted EBITA201.065.9-24.3242.6131.943.0-13.3161.6Adjusted EBITA-margin14.3 4.6 n.a. 8.6 11.2 3.2 n.a. 6.4Industry ServicesGroup op. elim. Pamica Group Industry ServicesGroup op. elim. Pamica Group Continuing operationsNet sales2,590.6 2,845.2 1.5 5,437.2 2,357.0 2,752.7 4.5 5,114.2Other operating income27.0 25.4 -0.0 52.4 17.2 20.7 0.1 38.02,617.62,870.61.55,489.72,374.22,773.44.65,152.2Capitalized work on own account4.6 6.0 0.0 10.6 3.7 1.5 0.0 5.2Raw materials and consumables-1,262.0 -1,232.0 0.2 -2,493.9 -1,132.6 -1,196.5 0.2 -2,328.9Other external expenses-307.1 -354.6 -42.0 -703.7 -273.9 -338.4 -41.9 -654.3Personnel costs-559.9 -996.3 -45.0 -1,601.2 -547.6 -963.4 -36.6 -1,547.6Other operating expenses-56.1 -8.5 -0.6 -65.2 -61.3 -12.2 -0.6 -74.1Share of results of associates-2.2 0.3 0.0 -1.8 -1.7 -0.8 0.0 -2.6EBITDA435.0285.5-85.9634.5360.7263.5-74.3549.9D&A and impairment-75.2 -165.6 -1.2 -241.9 -76.9 -157.3 -1.0 -235.2 EBITA359.8119.9-87.1392.6283.8106.2-75.3314.7Items affecting comparability40.4 32.4 51.3 124.0 47.2 23.2 50.4 120.9Adjusted EBITA400.1152.3-35.9516.6331.0129.4-24.9435.6Adjusted EBITA-margin15.4 5.4 n.a. 9.5 14.0 4.7 n.a. 8.5 2025 2025FYJan-Jun2026202525/26R12M2026Q2
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Pamica Group AB | Interim report January-June 2026 17 Note 3 – Business combinations The table shows the acquisition analysis for the business combination completed during the second quarter of 2026. On May 26, Pamica Group acquired all shares in Pamica 5 Invest 2 AB, owner of Aluhak Gruppen AS. The total consideration amounted to MSEK 100.8 and consisted of newly issued shares through a non-cash issue. The completed business combination added cash and cash equivalents of MSEK 4.7 to the Group, and in connection with the closing, existing interest-bearing and other non-current liabilities of MSEK 66.5 were repaid, which is reported as amortization of debt in the Group's statement of cash flows. If the acquisition had been completed on January 1, 2026, it would have contributed net sales of MSEK 68.5, adjusted EBITDA of MSEK 8.4, adjusted EBITA of MSEK –1.4 and profit for the period of MSEK –9.8. Aluhak Purchase consideration Cash and cash equivalents 0.0 Non-cash issue (2,396,197 shares) 100.8 Total purchase consideration 100.8 Recognized amounts of identifiable net assets Property, plant and equipment 10.4 Intangible assets 52.2 Non-current receivables 0.6 Inventories 40.5 Accounts receivable 28.6 Other current assets 5.5 Cash and cash equivalents 4.7 Interest-bearing liabilities -56.3 Other non-current liabilities -16.0 Current liabilities -58.0 Total identifiable net assets 12.3 Goodwill 88.5 Transaction costs 0.3
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Pamica Group AB | Interim report January-June 2026 18 Note 4 – Discontinued operations During the first quarter of 2024, the Board of Directors of Pamica Group decided to wind down the operations of the sub-group Safe Solutions. In accordance with IFRS 5, Safe Solutions has since then been reported as a discontinued operation in the Group's financial statements. The remaining operations constitute Continuing operations. Comments and figures relate to Continuing operations unless otherwise stated. Comparative figures have been restated. The following tables show assets held for sale, liabilities attributable to assets held for sale, the income statement for discontinued operations and a summarized cash flow statement for discontinued operations. FYIncome statement, discontinued operations, MSEK20262025202620252025Net sales0.0 0.0 0.0 0.9 0.9Other operating income0.0 -2.6 0.0 18.6 18.6 0.0-2.60.019.519.5Capitalised work on own account0.0 0.0 0.0 0.0 0.0Raw materials and consumables0.0 0.0 0.0 -0.7 -0.7Other external expenses0.0 0.0 0.0 -3.1 -3.1Personnel costs0.0 0.0 0.0 -1.1 -1.1Other operating expenses0.0 0.0 0.0 -0.1 -0.1Share of results of associates 0.0 0.0 0.0 0.0 0.0EBITDA0.0-2.60.014.414.4Depreciation/amortization and impairment0.0 0.0 0.0 0.0 0.0EBITA0.0-2.60.014.414.4PPA-related depreciation/amortization and impairment0.0 0.0 0.0 0.0 0.0Impairment of goodwill0.0 0.0 0.0 0.0 0.0EBIT0.0-2.60.014.414.4Net financial items0.0 2.5 0.0 -0.5 -0.5Profit before tax0.0-0.10.013.913.9Tax0.0 0.0 0.0 -0.2 -0.2Profit for the period0.0-0.10.013.713.7Comprehensive income for the period0.0-0.10.013.713.731 DecStatement of financial position, discontinued operations, MSEK202620252025Assets held for saleIntangible assets0.0 0.0 0.0Property, plant and equipment0.0 0.0 0.0Right-of-use assets0.0 0.0 0.0Financial assets0.0 0.0 0.0Current assets0.0 0.0 0.0Total assets held for sale0.00.00.0Liabilities attributable to assets held for saleNon-current liabilities0.0 0.1 0.0Current liabilities0.0 0.3 0.0Total liabilities attributable to assets held for sale0.00.40.0FYStatement of net cash flows, discontinued operations, MSEK20262025202620252025Net cash flow from operating activities0.0 1.5 0.0 -2.1 -2.1Net cash flow from investing activities0.0 -2.6 0.0 -3.0 -3.0Net cash flow from financing activities0.0 0.0 0.0 -1.1 -1.1Total net cash flow0.0-1.20.0-6.2-6.2 Q2Jan-Jun 30 Jun Q2 Jan-Jun
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Pamica Group AB | Interim report January-June 2026 19 Definition of performance measures The definitions below include performance measures that are not defined in accordance with IFRS (alternative performance measures). Guidelines on alternative performance measures for companies with securities listed on a regulated market in the EU have been issued by the European Securities and Markets Authority (ESMA). Alternative performance measures track historical or future financial performance, financial position or cash flows, but exclude or include amounts that would not be adjusted in the same way in the most comparable measure defined under IFRS. Management uses alternative performance measures to monitor the underlying performance of the Group's operations and believes that the alternative performance measures, together with the measures defined in accordance with IFRS, help investors to understand the Group's performance from period to period and may facilitate comparison with similar companies, but are not necessarily comparable with measures with similar names used by other companies. The company believes that the alternative performance measures provide useful and supplementary information for investors. Performance measures Definition Explanation Organic net sales growth Growth in net sales adjusted for the net effects of acquisitions, divestments and currency fluctuations. Acquisitions are included 12 months after they are consolidated. Divested operations are excluded from the comparison period to reflect continuing operations and ensure comparability between periods. Indicates the net sales of the operations for the period compared with the preceding period, excluding acquired growth, divestments and currency effects. Items affecting comparability Items affecting comparability are larger items that affect comparability in that they do not recur with the same regularity as other items. Acquisition-related costs are included in items affecting comparability. In order to present the comparability and highlight the performance of the underlying operations between the periods, various profit and margin measures are presented excluding items affecting comparability. EBITDA Operating profit/loss before depreciation and impairment of property, plant and equipment and intangible assets. Shows the earnings capacity of the company regardless of its capital structure and tax situation and is intended to be compared with other companies in the same industry. Adjusted EBITDA Operating profit before depreciation and impairment of property, plant and equipment and intangible assets, adjusted for items affecting comparability. Shows the earnings capacity of the company regardless of its capital structure and tax situation and is intended to be compared with other companies in the same industry. EBITDA margin EBITDA as a percentage of net sales. Shows the earnings capacity of the company regardless of its capital structure and tax situation and is intended to be compared with other companies in the same industry. Adjusted EBITDA margin Adjusted EBITDA as a percentage of net sales. Shows the earnings capacity of the company regardless of its capital structure and tax situation and is intended to be compared with other companies in the same industry. EBITA Operating profit before impairment of goodwill as well as amortization and impairment of acquired surpluses. Shows the earnings capacity of the company regardless of its capital structure and tax situation and is intended to be compared with other companies in the same industry. Adjusted EBITA Operating profit before impairment of goodwill as well as amortization and impairment of acquired surpluses, adjusted for items affecting comparability. Shows the earnings capacity of the company regardless of its capital structure and tax situation and is intended to be compared with other companies in the same industry. EBITA margin EBITA as a percentage of net sales. Shows the earnings capacity of the company regardless of its capital structure and tax situation and is intended to be compared with other companies in the same industry. Adjusted EBITA margin Adjusted EBITA as a percentage of net sales. Shows the earnings capacity of the company regardless of its capital structure and tax situation and is intended to be compared with other companies in the same industry. Operating profit (EBIT) Operating profit after amortization/depreciation and impairment of property, plant and equipment and intangible assets. Enables comparisons of profitability regardless of capital structure or tax situation. EBIT margin Operating profit (EBIT) as a percentage of net sales. Enables comparisons of profitability regardless of capital structure or tax situation. Organic EBITA growth Adjusted EBITA in comparable units. The effects of acquisitions, divestments and exchange rate changes are excluded. Acquisitions are included 12 months after they are consolidated. Divested operations are excluded from the comparison period to reflect continuing operations and ensure comparability between periods. Shows the organic earnings capacity of the operating activities and is intended to be compared with other companies in the same industry.
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Pamica Group AB | Interim report January-June 2026 20 Performance measures Definition Explanation Return on equity Profit for the period attributable to Parent Company’s owners divided by average equity per quarter attributable to the Parent Company’s owners. Return on equity measures, from an owner’s perspective, the return generated on the owners’ invested capital. Capital employed Total Equity and Net Debt reported as annual average per quarter. Capital employed shows how much capital is used in the operations and is thus one component of measuring the return on the operations. Return on capital employed Adjusted EBITA including discontinued operations as a percentage of capital employed. The components are calculated on the annual average per quarter. Return on capital employed shows the Group’s profitability in relation to externally financed capital and equity. Net debt Non-current and current interest-bearing liabilities, non-current and current lease liabilities, non-current and current earn-outs as well as non-current and current minority options less cash and cash equivalents. Net debt is used to monitor the trend in liabilities, analyze the Group’s indebtedness and the Group’s ability to repay its liabilities using cash and cash equivalents. Net debt/adjusted proforma EBITDA R12M Net debt in relation to adjusted proforma EBITDA for the last 12 months. Adjusted proforma EBITDA for the last 12 months includes the EBITDA for the last 12 months of the companies that are part of the Group on the balance sheet date. Net debt in relation to adjusted EBITDA for the last 12 months provides a measure for net debt in relation to cash-generating earnings in the operations and thus provides an indication of the ability of the operations to pay its liabilities. The measure is used by financial institutions to measure creditworthiness. Equity ratio Total equity as a percentage of total assets. Equity ratio is used to analyze financial risk, and shows the share of the assets that is financed by equity. R12M Refers to the last 12 months. Enables comparisons with calendar years in interim reports.
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Pamica Group AB | Interim report January-June 2026 21 Reconciliation tables R12MFY202620252026202525/262025Organic net sales growthNet sales, preceding period1,328.11,143.72,511.92,108.94,938.04,534.9Net sales, current period1,568.01,328.12,835.02,511.95,437.25,114.2Total acquired net sales 66.4235.196.7486.7193.8583.8Total divested net sales 0.041.40.086.852.5139.3Effects from change in currency -1.9-12.8-23.2-13.3-59.9-50.0Organic net sales 1,503.41,064.42,761.51,951.75,250.94,441.1Organic net sales, adjusted comparative period 1,286.71,094.72,425.12,010.64,773.44,358.8Organic net sales growth, % 16.8-2.813.9-2.918.71.9Organic net sales growth, MSEK 216.7-30.3336.3-58.9477.582.3EBIT marginNet sales1,568.01,328.12,835.02,511.95,437.25,114.2EBIT136.689.1183.1108.6104.229.7EBIT margin, %8.76.76.54.31.90.6Adjusted EBITDA EBIT 136.6 89.1183.1 108.6 104.229.7D&A and impairment, incl. impairment of goodwill 87.3 79.1166.2 156.0 530.3 520.1 EBITDA 223.9 168.2 349.3 264.6 634.5 549.9 Items affecting comparability11.0 4.1 16.2 9.9 121.7 115.4 Adjusted EBITDA 234.9 172.3 365.5 274.5 756.3 665.3 Adjusted EBITA and adjusted EBITA marginEBIT136.6 89.1183.1 108.6 104.229.7D&A and impairment, acquired surplus and goodwill23.5 21.246.5 43.1 288.3 285.0 EBITA160.1 110.4 229.6 151.7 392.6 314.7 Items affecting comparability10.9 4.1 13.0 9.9 124.1 120.9 Adjusted EBITA171.0 114.4 242.6 161.6 516.6 435.6 Net sales1,568.01,328.12,835.02,511.95,437.25,114.2Adjusted EBITA margin, % 10.98.68.66.49.58.5Organic EBITA growthEBITA160.1 110.4 229.6 151.7 392.6 314.7 Items affecting comparability10.9 4.1 13.0 9.9 124.1 120.9 Adjusted EBITA171.0 114.4 242.6 161.6 516.6 435.6 Total acquired EBITA18.327.721.756.732.567.5Total divested EBITA0.00.10.0-1.1-5.2-6.3Effects from change in currency -1.1-1.3-3.4-1.1-5.9-3.5Organic EBITA153.8 87.9224.4107.1495.2377.9Organic EBITA, adjusted comparative period114.3 96.2162.7146.7357.4341.3Organic EBITA growth, %34.6-8.637.9-27.038.610.7Organic EBITA growth, MSEK39.5-8.261.7-39.6137.836.5Return on equity, incl. discontinued operationsProfit for the period attributable to parent company shareholders, R12M-102.9-286.6-102.9-286.6-102.9-161.7Equity attributable to parent company shareholders, annual average per quarter2,371.5 2,505.7 2,371.5 2,505.7 2,371.5 2,370.8 Return on equity, %-4.3-11.4-4.3-11.4-4.3-6.8Return on capital employed (ROCE), incl. discontinued operationsAdjusted EBITA, R12M516.6 335.4 516.6 335.4 516.6 431.1 Total equity2,523.0 2,436.0 2,523.0 2,436.0 2,523.0 2,378.0 Equity, average last five quarters2,391.3 2,522.2 2,391.3 2,522.2 2,391.3 2,390.0 Net debt2,490.8 2,340.32,490.8 2,340.3 2,490.8 2,234.5Net debt, average last five quarters2,309.6 2,352.8 2,309.6 2,352.8 2,309.6 2,306.3Capital employed, annual average per quarter4,700.9 4,875.0 4,700.9 4,875.0 4,700.9 4,696.3 Return on capital employed (ROCE), %11.0 6.9 11.0 6.9 11.0 9.2 Equity ratioTotal equity2,523.02,436.02,523.02,436.02,523.02,378.0Total assets6,715.96,177.66,715.96,177.66,715.96,221.5Equity ratio, %37.639.437.639.437.638.2Net debt/adjusted proforma EBITDA R12MNon-current and current interest-bearing liabilities1,660.61,756.21,660.61,756.21,660.61,764.0Non-current and current lease liabilities768.4517.9768.4517.9768.4496.1Non-current and current earn-out liabilities4.114.14.114.14.132.9Non-current and current minority option liabilities186.3125.9186.3125.9186.3141.6Cash and cash equivalents-128.6-73.8-128.6-73.8-128.6-200.1Net debt2,490.82,340.32,490.82,340.32,490.82,234.5Adjusted proforma EBITDA, R12M815.9612.3815.9612.3815.9724.9Net debt/adjusted proforma EBITDA R12M, x3.053.823.053.823.053.08 Jan-JunQ2
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Pamica Group acquires and develops small and medium-sized companies together with successful entrepreneurs, making them successful in the long term and thus adding value and prosperity. The Group has a long-term ownership horizon with high ambitions for growth – through organic growth and add-on acquisitions and by acquiring new business groups. Webcast in connection with publication of interim report On August 27, 2026 at 10:00 a.m. CEST, CEO Joacim Lindoff and CFO Louise Ankarcrona will present the report and answer questions. If you wish to listen via the webcast, please register using the following link: https://pamica.events.inderes.com/q2-report-2026. It is not possible to ask written or oral questions via the webcast. If you wish to ask oral questions via the telephone conference, please register using the following link: https://events.inderes.com/pamica/q2- report-2026/dial-in. Financial calendar Interim report January–September Q3 2026 2026-10-29 Contact details Joacim Lindoff, CEO, +46 734 24 47 99, joacim.lindoff@pamica.se Louise Ankarcrona, CFO, +46 703 094 852, louise.ankarcrona@pamica.se Johan Hähnel, IR, +46 706 056 334, johan.hahnel@pamica.se Pamica Group AB Kronobränneriet 302 42 Halmstad Sweden www.pamica.se Corp. Reg. No. 559374-3643 About Pamica This information is information that Pamica Group 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 at 2026-08-27, 07:00 CEST.