Interim report
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Third quarter 2026 1 January – 30 September 2026 • Net sales increased 19.8% to MSEK 1,514.3 (1,264.5), of which organic growth amounted to 14.8%. • Adjusted EBITA increased 41.6% to MSEK 199.9 (141.1), corresponding to an adjusted EBITA margin of 13.2% (11.2). • Profit for the period amounted to MSEK 80.2 (–153.7). • Diluted earnings per share for continuing operations amounted to SEK 0.70 (–1.48). • Cash flow from operating activities amounted to MSEK 88.3 (132.6). • The Group’s cash and cash equivalents and unutilized credit facilities amounted to MSEK 493.8 (290.6) on September 30, 2026. • Net sales increased 15.2% to MSEK 4,349.2 (3,776.4), of which organic growth amounted to 14.2%. • Adjusted EBITA increased 46.2% to MSEK 442.5 (302.7), corresponding to an adjusted EBITA margin of 10.2% (8.0). • Profit for the period amounted to MSEK 160.1 (–147.4). • Diluted earnings per share for continuing operations amounted to SEK 1.41 (–1.45). • Cash flow from operating activities amounted to MSEK 345.4 (237.8). Significant events during and after the quarter • On August 17, the Board of Pamica Group decided to appoint Joacim Lindoff as President and CEO, effective August 19, 2026. Former CEO Jan-Olof Svensson has taken on a new role as head of the Group’s acquisition activities and was elected a member of the Board of Pamica Group at an Extraordinary General Meeting on September 23. • After the end of the reporting period, the Board of Directors resolved to cancel the Group’s share savings programme for senior executives. The decision will result in a one-off cost of approximately MSEK 7.9, which will be recognized as an item affecting comparability in the fourth quarter of 2026. The cost is non-cash and will not affect cash flow. The shares issued under the programme are intended to be redeemed at their original subscription price. The Board intends to propose a new incentive programme on market terms for senior executives no later than at the 2027 Annual General Meeting. Interim report J an - S ep 202 6 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 24-26. Reconciliation tables for alternative performance measures are presented on pages 27-29. 2) Includes discontinued operations. R12M FY Continuing operations 2026 2025 Δ% 2026 2025 Δ% 25/26 2025 Net sales1), MSEK 1,514.3 1,264.5 20% 4,349.2 3,776.4 15% 5,687.0 5,114.2 Organic net sales growth, % 14.8 -0.3 15 pp 14.2 -2.0 16.1 pp 13.6 1.9 EBITA, MSEK 173.9 111.5 56% 403.5 263.2 53% 455.0 314.7 Adjusted EBITA, MSEK 199.9 141.1 42% 442.5 302.7 46% 575.4 435.6 Adjusted EBITA margin, % 13.2 11.2 2 pp 10.2 8.0 2.2 pp 10.1 8.5 Organic adjusted EBITA growth, % 18.7 22.6 -3.9 pp 28.8 -5.6 34.4 pp 35.7 10.7 EBIT1), MSEK 149.7 -111.0 235% 332.8 -2.4 13729% 365.0 29.7 EBIT margin, % 9.9 -8.8 18.7 pp 7.7 -0.1 7.7 pp 6.4 0.6 Profit for the period1), MSEK 80.2 -153.7 152% 160.1 -147.4 209% 131.5 -175.9 Diluted earnings per share continuing operations1), SEK 0.70 -1.48 148% 1.41 -1.45 197% 1.20 -1.68 Return on capital employed2), % 12.1 7.4 4.6 pp 12.1 7.4 4.6 pp 12.1 9.2 Return on equity2), % 5.4 -19.1 24.5 pp 5.4 -19.1 24.5 pp 5.4 -6.8 Cash flow from operating activities1)2), MSEK 88.3 132.6 -33.4% 345.4 237.8 45% 544.2 436.7 Leverage ratio, x 2.91 3.65 -0.74x 2.91 3.65 -0.74x 2.91 3.08 Q3 Jan-Sep
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Pamica Group AB | Interim report January-September 2026 2 CEO’s comments During the third quarter, our company groups continued to develop steadily, in line with recent quarters. In several of our markets, we are seeing improved market conditions, and where challenges remain, our companies are managing them well and seizing the opportunities that arise. Developments in defense and security are particularly encouraging. This area accounts for a significant share of the Group’s net sales and continues to generate good business opportunities over both the short and long term. Net sales increased by just under 20% in the quarter, of which organic growth was 14.8%. Organic growth is a central part of our strategy, and the quarter’s performance strengthens our ability to continue growing profitably going forward. The Industry segment performed well in the quarter and continues to benefit from positive market trends, primarily in defense, infrastructure, and our B2C operations. I would particularly like to highlight Micropol, which is well positioned to grow within its market niche. The Services segment is also showing stable growth. Efficiency programs are underway in a couple of the segment’s company groups, and we are now beginning to see the results. The remaining company groups are largely developing according to plan. Sappa is a good example of this and is also well positioned to take an active role in the ongoing consolidation of its market. Adjusted EBITA increased by 41.6% compared with the same quarter last year. The increase was driven by strong organic growth, continued good cost control, and proactive pricing adjustments in response to the uncertain geopolitical situation. The adjusted EBITA margin improved from 11.2% in Q3 2025 to 13.2% in Q3 2026. On a rolling twelve-month basis, the margin now exceeds 10%. Both segments improved their profitability, with Industry reaching an adjusted EBITA margin of 14.7% (13.3%) and Services 13.1% (10.2%). We see good opportunities to improve both net sales and profitability in the coming quarters, while recognizing that the comparative figures will be more demanding. We will continue to invest in sales and customer development where the growth potential is clear. Cash flow and financial position We continue to focus on improving cash flow. Cash flow from operating activities amounted to MSEK 88.3 (132.6) in the quarter. The decrease compared with the previous year was mainly driven by seasonal working capital build-up. We see good potential going forward, and this is important for our ability to pursue an active acquisition agenda. At the end of Q3 2026, our leverage ratio stood at 2.91x, a clear improvement from 3.65x in Q3 2025. The improvement was mainly driven by strong earnings performance and positive cash flow generation. Acquisitions Alongside organic growth, we continue to pursue our acquisition agenda as a high priority. Since the beginning of the quarter, we have strengthened our M&A organization, enabling us to accelerate the identification of add-on acquisitions for our existing company groups. We are also working to identify new platform acquisitions that meet our acquisition criteria. During the quarter, we participated in a number of acquisition processes. We chose to withdraw from some of these, as the companies did not meet our criteria. At the same time, active discussions are ongoing regarding both add-on acquisitions and new platforms, and we see good opportunities to complete some of these in the coming quarters. Strategic review and continued focus on profitability The Board and management are continuing their work to clarify our future opportunities. This includes preparing the company for a potential stock market listing, so that we are well positioned when the right opportunity arises. During the quarter, Jan-Olof Svensson, founder of Pamica and CEO for the past ten years, was elected to the Board of Directors of Pamica Group. This will enable him to continue contributing to Pamica’s long-term development, with a particular focus on acquisitions. In the coming quarters, Jan-Olof will also serve as Head of M&A, in accordance with an established succession plan. We are continuing our work to stabilize and structure the Group for profitable growth. Market conditions have improved in many respects, supporting our companies in executing their plans. At the same time, the business environment remains changeable and difficult to predict, which our companies are addressing with good foresight. We believe that both net sales and earnings can continue to grow in the final months of the year, despite Q4 2025 having been a strong quarter. Joacim Lindoff CEO Pamica Group AB
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Pamica Group AB | Interim report January-September 2026 3 Financial performance, Group Third quarter 2026 The Group’s net sales amounted to MSEK 1,514.3 (1,264.5), corresponding to an increase of 19.8%. Of reported net sales, acquired operations contributed MSEK 84.6 in the current quarter, while divested operations contributed MSEK 29.7 in the comparative quarter. The Group’s organic net sales growth, adjusted for acquired and divested operations and currency effects, amounted to MSEK 182.2, corresponding to organic growth of 14.8%. Adjusted operating profit before acquisition-related amortization and impairment (adjusted EBITA) amounted to MSEK 199.9 (141.1), corresponding to an adjusted EBITA margin of 13.2% (11.2). Of reported adjusted EBITA, acquired operations contributed MSEK 25.3 in the current quarter, while divested operations contributed MSEK –5.1 in the comparative quarter. Adjusted EBITA was adjusted for items affecting comparability of MSEK –26.0 (–29.7), attributable primarily to IPO preparations and reorganization and restructuring. 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 27.4, corresponding to growth of 18.7%. Operating profit, EBIT, amounted to MSEK 149.7 (–111.0), corresponding to an EBIT margin of 9.9% (–8.8). Operating profit includes items affecting comparability totalling MSEK –26.0 (– 29.7). 1 January – 30 September 2026 The Group’s net sales amounted to MSEK 4,349.2 (3,776.4), corresponding to an increase of 15.2%. Of reported net sales, acquired operations contributed MSEK 181.3 in the current period, while divested operations contributed MSEK 116.4 in the comparative period. The Group’s organic net sales growth, adjusted for acquired and divested operations and currency effects, amounted to MSEK 518.5, corresponding to organic growth of 14.2%. Adjusted EBITA amounted to MSEK 442.5 (302.7), corresponding to an adjusted EBITA margin of 10.2% (8.0). Of reported adjusted EBITA, acquired operations contributed MSEK 46.9 in the current period, while divested operations contributed MSEK –6.2 in the comparative period. Adjusted EBITA was adjusted for items affecting comparability of MSEK –39.0 (–39.5), attributable primarily to IPO preparations and reorganization and restructuring. The Group’s organic adjusted EBITA growth, adjusted for acquired and divested operations and currency effects, amounted to MSEK 89.1, corresponding to growth of 28.8%. Operating profit, EBIT, amounted to MSEK 332.8 (–2.4), corresponding to an EBIT margin of 7.7% (–0.1). Operating profit includes items affecting comparability totalling MSEK –39.0 (– 39.5). Pamica Group: Net sales, R12M, MSEK Pamica Group: Adjusted EBITA, R12M, MSEK 0 1,000 2,000 3,000 4,000 5,000 6,000 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Net Sales 0% 2% 4% 6% 8% 10% 0 200 400 600 800 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Adjusted EBITA Margin, %
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Pamica Group AB | Interim report January-September 2026 4 Financial performance, segment Industry Third quarter 2026 Net sales amounted to MSEK 685.8 (504.1), corresponding to an increase of 36.0%. Of reported net sales, acquired operations contributed MSEK 56.5 in the current quarter, while divested operations contributed MSEK 29.7 in the comparative quarter. The segment's organic net sales growth, adjusted for acquired and divested operations and currency effects, amounted to MSEK 145.7, corresponding to an organic growth of 30.7%. Adjusted operating profit before acquisition-related amortization and impairment (adjusted EBITA) amounted to MSEK 100.6 (67.3), corresponding to an adjusted EBITA margin of 14.7% (13.3). Of reported adjusted EBITA, acquired operations contributed MSEK 5.1 in the current quarter, while divested operations contributed MSEK –5.1 in the comparative quarter. Adjusted EBITA was adjusted for items affecting comparability of MSEK 2.7 (–4.1), attributable primarily to a gain on a bargain purchase. Items affecting comparability in the comparative period are attributable primarily to reorganization and restructuring. The segment's organic adjusted EBITA growth, adjusted for acquired and divested operations and currency effects, amounted to MSEK 22.0, corresponding to organic growth of 30.4%. 1 January – 30 September 2026 The segment's net sales amounted to MSEK 2,093.7 (1,678.4), corresponding to an increase of 24.7%. The segment's organic growth amounted to MSEK 418.9, corresponding to organic net sales growth of 26.8%. Adjusted EBITA amounted to MSEK 301.6 (199.2), corresponding to an adjusted EBITA margin of 14.4% (11.9). Adjusted EBITA was adjusted for items affecting comparability of MSEK 7.1 (–6.7), attributable primarily to a reversal of impairment of right-of-use assets and a gain on a bargain purchase. Items affecting comparability in the comparative period are attributable primarily to reorganization and restructuring. The segment's organic adjusted EBITA growth in the period amounted to MSEK 83.4, corresponding to organic growth of 40.6%. Industry: Net Sales, R12M, MSEK Industry: Adjusted EBITA, R12M, MSEK 0 1,000 2,000 3,000 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Net Sales 0% 5% 10% 15% 20% 0 100 200 300 400 500 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Adjusted EBITA Margin, % 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-September 2026 5 Financial performance, segment Services Third quarter 2026 Net sales amounted to MSEK 828.8 (759.5), corresponding to an increase of 9.1%. Of reported net sales, acquired operations contributed MSEK 28.1 in the current quarter. The segment's organic net sales growth, adjusted for acquired operations and currency effects, amounted to MSEK 37.6, corresponding to organic growth of 5.0%. Adjusted operating profit before acquisition-related amortization and impairment (adjusted EBITA) amounted to MSEK 108.7 (77.2), corresponding to an adjusted EBITA margin of 13.1% (10.2). Of reported adjusted EBITA, acquired operations contributed MSEK 20.1 in the current quarter. Adjusted EBITA was adjusted for items affecting comparability of MSEK –12.8 (–3.3), attributable primarily to reorganization and restructuring. The segment's organic adjusted EBITA growth, adjusted for acquired operations and currency effects, amounted to MSEK 11.5, corresponding to organic growth of 14.9%. 1 January – 30 September 2026 The segment's net sales amounted to MSEK 2,255.6 (2,093.8), corresponding to an increase of 7.7%. The segment's organic growth amounted to MSEK 103.8, corresponding to organic net sales growth of 5.0%. Adjusted EBITA amounted to MSEK 174.7 (120.2), corresponding to an adjusted EBITA margin of 7.7% (5.7). Adjusted EBITA was adjusted for items affecting comparability of MSEK –29.3 (–10.6), attributable primarily to reorganization and restructuring. The segment's organic adjusted EBITA growth in the period amounted to MSEK 22.8, corresponding to organic growth of 19.0%. Services: Net Sales, R12M, MSEK Services: Adjusted EBITA, R12M, MSEK 0 1,000 2,000 3,000 4,000 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Net Sales 0% 2% 4% 6% 8% 0 50 100 150 200 Q4 Q1 2024 Q2 Q3 Q4 Q1 2025 Q2 Q3 Q4 Q1 2026 Q2 Q3 Adjusted EBITA Margin, % 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 129.
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Pamica Group AB | Interim report January-September 2026 6 Other financial information Financial position and liquidity The Group’s total assets on September 30, 2026 amounted to MSEK 6,757.3 (5,898.5). The Group’s equity on September 30, 2026 amounted to MSEK 2,632.7 (2,279.5). The Group’s cash and cash equivalents and unutilized credit facilities on September 30, 2026 amounted to MSEK 493.8 (290.6). Cash flow and investments Cash flow from operating activities in the third quarter amounted to MSEK 88.3 (132.6). Changes in working capital contributed negatively in the third quarter by a total of MSEK –110.3 (10.4). Cash flow from operating activities in the period January– September amounted to MSEK 345.4 (237.8). Changes in working capital contributed negatively in the period by a total of MSEK – 68.3 (–47.6). Cash flow from investing activities in the third quarter amounted to MSEK –26.1 (–16.0), of which the net liquidity effect from acquisitions and divestments contributed MSEK –3.5 (–1.2). Cash flow from investing activities in the period January–September amounted to MSEK –69.5 (–84.2). 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 4 Business combinations. Cash flow from financing activities in the third quarter amounted to MSEK –45.5 (–136.3), of which repayment of liabilities for earn- outs and minority options amounted to MSEK –114.4 (–12.0). Cash flow from financing activities in the period January–September amounted to MSEK –333.1 (–249.2), of which repayment of liabilities for earn-outs and minority options amounted to MSEK –136.7 (–44.8). Net financial items Net financial items for the third quarter amounted to MSEK –50.7 (–41.0). Of total net financial items, MSEK –46.7 (–40.1) related to the net of interest expenses and interest income, MSEK 2.6 (–1.1) to the net of exchange rate gains and losses and MSEK –6.6 (0.1) to the net of remeasurement of earn-outs. Other items in net financial items amounted to MSEK 0.0 (0.1). Net financial items for the period January–September amounted to MSEK –118.2 (–126.4). Of total net financial items, MSEK –131.5 (–123.7) related to the net of interest expenses and interest income, MSEK 7.3 (–3.3) to the net of exchange rate gains and losses and MSEK –0.1 (0.0) to the net of remeasurement of earn- outs. Other items in net financial items amounted to MSEK 6.1 (0.5). 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. On July 15, Pamica Group acquired 4.9% of the shares in the subsidiary Special Group Ätran Holding AB (SKAB) from minority shareholders. The purchase consideration amounted to MSEK 113.9, and in connection with the acquisition, the previously reported liability for the minority option was settled. On September 25, the subsidiary Nordic Access Group AB acquired the remaining shares in ScaffSense AB, which was previously reported as an associated company. The purchase consideration amounted to MSEK 4.0. For information on acquisitions completed during the period, see Note 4 on page 20. Parent Company The Parent Company's net sales in the period January– September amounted to MSEK 32.1 (25.0), operating profit to MSEK –54.8 (–39.3) and profit for the period to MSEK –102.3 (–247.1). Profit for the period was charged with an impairment of shares in the Group company Alfa Scandinavia Holding AB of MSEK –60.0. 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-September 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/ Pamica is currently evaluating the effects of the introduction of IFRS 18. The standard is expected to mainly affect the presentation and disclosure requirements in the financial statements, particularly the statement of comprehensive income, the statement of cash flows and disclosures on alternative performance measures. 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. Disputes The summons application to which Pamica Group's business group Delta of Sweden Aktiebolag was previously subject has ended during the quarter without any financial impact on Delta of Sweden. The parties have reached a commercial agreement that also includes a future supply relationship, which is expected to contribute to continued business development and strengthen the commercial opportunities of continued cooperation between MGA Entertainment and Delta of Sweden. 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 third quarter, Pamica Group reported net sales of MSEK 0.0 for the sale of management services to Pamica 5 AB. In the period January–September, 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 4, Business combinations, on page 20. Employees The average number of employees in the period January– September amounted to 2,289 (2,292). The proportion of women was 38% (41). 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 4 Business combinations on page 20 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 17. On August 17, the Board of Pamica Group decided to appoint Joacim Lindoff as President and CEO, effective August 19, 2026. Former CEO Jan-Olof Svensson has taken on a new role as head of the Group’s acquisition activities and was elected a member of the Board of Pamica Group at an Extraordinary General Meeting on September 23. Significant events after the end of the reporting period After the end of the reporting period, the Board of Directors resolved to cancel the Group’s share savings programme for senior executives. The decision will result in a one-off cost of approximately MSEK 7.9, which will be recognized as an item affecting comparability in the fourth quarter of 2026. The cost is non-cash and will not affect cash flow. The shares issued under the programme are intended to be redeemed at their original subscription price. The Board intends to propose a new incentive programme on market terms for senior executives no later than at the 2027 Annual General Meeting.
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Pamica Group AB | Interim report January-September 2026 8 The Board’s assurance The Board of Directors and the CEO assure that this interim report for the January–September 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, October 29, 2026 Tomas Franzén Chairman of the Board Ulrika Saxon von Essen Board member Johan Ryding Board member Jan Klippvik Board member Jan-Olof Svensson Board member Lina Stolpe Board member Ulrika Valassi Board member Joacim Lindoff CEO This report has been reviewed by Pamica Group AB’s auditors.
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Pamica Group AB | Interim report January-September 2026 9 Review report To the Board of Directors of Pamica Group AB (publ) Corp. id. 559374-3643 Introduction We have reviewed the condensed interim financial information (interim report) of Pamica Group AB (publ) as of 30 September 2026 and the nine-month 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 Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information 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 International Standards on Auditing and other generally accepted auditing practices and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, 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, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm 29 October 2026 KPMG AB Jonas Eriksson Authorized Public Accountant
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Pamica Group AB | Interim report January-September 2026 10 Financial statements Consolidated statement of profit or loss and other comprehensive income *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. R12M FY MSEK 2026 2025 2026 2025 25/26 2025 Continuing operations Net sales 1,514.3 1,264.5 4,349.2 3,776.4 5,687.0 5,114.2 Other operating income 18.8 7.2 53.6 27.6 64.0 38.0 1,533.1 1,271.7 4,402.9 3,804.0 5,751.0 5,152.2 Capitalized work on own account 3.6 0.9 11.7 3.6 13.3 5.2 Raw materials and consumables -708.0 -586.2 -2,021.7 -1,734.9 -2,615.7 -2,328.9 Other external expenses -187.2 -165.2 -548.5 -477.2 -725.6 -654.3 Personnel costs -386.1 -347.0 -1,223.2 -1,130.7 -1,640.2 -1,547.6 Other operating expenses -9.1 -4.4 -24.6 -28.8 -69.9 -74.1 Share of results of associates -0.3 -0.1 -1.3 -1.9 -2.0 -2.6 EBITDA 246.0 169.5 595.3 434.2 711.0 549.9 Depreciation/amortization and impairment -72.1 -58.1 -191.8 -171.0 -256.0 -235.2 EBITA 173.9 111.5 403.5 263.2 455.0 314.7 Depreciation/amortization and impairment of acquisition-related surpluses -24.1 -87.5 -70.7 -129.6 -90.0 -148.9 Impairment of goodwill 0.0 -135.0 0.0 -136.1 0.0 -136.1 EBIT 149.7 -111.0 332.8 -2.4 365.0 29.7 Financial income and expenses Net financial items -50.7 -41.0 -118.2 -126.4 -171.7 -179.9 Profit before tax 99.1 -152.0 214.6 -128.8 193.3 -150.2 Tax -18.8 -1.7 -54.5 -18.5 -61.7 -25.8 Profit for the period from continuing operations 80.2 -153.7 160.1 -147.4 131.5 -175.9 Discontinued operations Profit for the period from discontinued operations, net after tax 0.0 0.0 0.0 13.7 0.0 13.7 Profit for the period 80.2 -153.7 160.1 -133.6 131.5 -162.2 Other comprehensive income Translation differences, foreign operations 19.4 -1.2 28.5 -11.6 17.5 -22.7 Total other comprehensive income 19.4 -1.2 28.5 -11.6 17.5 -22.7 Comprehensive income for the period 99.7 -154.9 188.6 -145.2 149.0 -184.8 Profit for the period from continuing operations and discontinued operations attributable to: Parent Company shareholders 79.0 -154.9 155.2 -137.6 131.0 -161.7 Non-controlling interests 1.2 1.1 5.0 3.9 0.5 -0.5 Profit for the period 80.2 -153.7 160.1 -133.6 131.5 -162.2 Comprehensive income for the period attributable to: Parent Company shareholders 98.3 -156.1 183.4 -149.1 148.3 -184.2 Non-controlling interests 1.4 1.1 5.2 3.9 0.7 -0.6 Comprehensive income for the period 99.7 -154.9 188.6 -145.2 149.0 -184.8 Basic earnings per share continuing operations, SEK 0.71 -1.48 1.42 -1.45 1.21 -1.68* Diluted earnings per share continuing operations, SEK 0.70 -1.48 1.41 -1.45 1.20 -1.68* Basic earnings per share including discontinued operations, SEK 0.71 -1.48 1.42 -1.32 1.21 -1.55* Diluted earnings per share including discontinued operations, SEK 0.70 -1.48 1.41 -1.32 1.20 -1.55* Average number of shares, '000 110,728 104,460 109,263 104,460 108,084 104,482 Jan-SepQ3
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Pamica Group AB | Interim report January-September 2026 11 Consolidated statement of financial position 31 Dec MSEK 2026 2025 2025 Assets Intangible assets 4,063.4 3,768.6 3,962.7 Property, plant and equipment 247.3 247.1 222.8 Right-of-use assets 746.5 486.3 485.6 Participations in associates 1.6 7.1 7.3 Other participations 28.1 6.0 22.2 Non-current receivables 14.4 9.6 16.2 Deferred tax assets 28.8 18.1 11.6 Total non-current assets 5,130.0 4,542.7 4,728.4 Inventories 581.9 505.5 474.7 Current tax assets 8.6 9.7 18.5 Accounts receivable 726.3 625.6 624.5 Prepaid expenses and accrued income 101.6 123.2 104.9 Contract assets 30.3 20.8 28.1 Other receivables 31.9 16.3 42.3 Cash and cash equivalents 146.8 54.6 200.1 Total current assets 1,627.3 1,355.7 1,493.1 Total assets 6,757.3 5,898.5 6,221.5 Equity Share capital 0.7 0.7 0.7 Other contributed capital 3,037.9 2,786.3 2,926.5 Reserves 6.1 -11.1 -22.2 Retained earnings including net profit for the year -435.3 -517.8 -544.2 Equity attributable to Parent Company shareholders 2,609.4 2,258.0 2,360.8 Non-controlling interests 23.3 21.5 17.1 Total equity 2,632.7 2,279.5 2,378.0 Liabilities Non-current interest-bearing liabilities 1,552.0 1,649.1 1,738.2 Non-current lease liabilities 548.9 345.4 337.4 Non-current earn-out liabilities 0.0 0.8 14.6 Non-current minority option liabilities 76.3 39.5 31.9 Other non-current liabilities 9.7 8.3 7.9 Provisions 6.4 7.1 5.6 Deferred tax liabilities 286.7 250.4 268.0 Total non-current liabilities 2,480.0 2,300.6 2,403.7 Current interest-bearing liabilities 224.7 25.7 25.8 Current lease liabilities 204.3 150.6 158.7 Current earn-out liabilities 10.7 1.1 18.3 Current minority option liabilities 0.0 92.3 109.7 Accounts payable 505.0 399.4 374.6 Current tax liabilities 37.2 53.5 73.3 Other current liabilities 156.4 136.2 172.6 Accrued expenses and deferred income 327.3 273.7 310.8 Contract liabilities 179.0 185.9 196.1 Total current liabilities 1,644.6 1,318.4 1,439.8 Total liabilities 4,124.6 3,618.9 3,843.5 Total equity and liabilities 6,757.3 5,898.5 6,221.5 30 Sep
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Pamica Group AB | Interim report January-September 2026 12 Consolidated statement of cash flows Statement of cash flows from discontinued operations R12M FY MSEK 2026 2025 2026 2025 25/26 2025 Operating activities Profit before tax continuing operations 99.1 -152.0 214.6 -128.8 193.3 -150.2 Profit before tax discontinued operations 0.0 0.0 0.0 13.9 0.0 13.9 Adjustments for non-cash items - Depreciation/amortization 96.2 79.5 262.4 234.5 345.9 318.0 - Unrealized exchange differences 4.6 -0.7 9.0 -5.3 14.2 -0.2 - Capital gain/loss 0.4 -0.3 -3.8 -1.2 33.5 36.0 - Impairment of goodwill 0.0 135.0 0.0 136.1 0.0 136.1 - Other impairments 0.0 66.1 0.0 66.1 0.0 66.1 - Revaluation of earn-outs 6.6 -0.1 0.1 -0.0 17.3 17.2 - Change in accrued interest 5.0 2.0 13.0 25.0 20.5 32.5 - Discontinued operations 0.0 0.0 0.0 -18.6 -0.0 -18.6 - Other adjustments 2.1 2.1 2.6 5.8 0.2 3.3 Income tax paid -15.5 -9.2 -84.4 -41.9 -83.2 -40.8 Increase (-)/Decrease (+) in inventories -50.1 -8.8 -66.5 16.1 -44.7 37.8 Increase (-)/Decrease (+) in operating receivables 11.6 21.8 -56.7 -49.5 -75.0 -67.8 Increase (+)/Decrease (-) in operating liabilities -71.9 -2.6 55.0 -14.2 122.4 53.3 Cash flow from operating activities 88.3 132.6 345.4 237.8 544.2 436.7 Investing activities Acquisition of property, plant and equipment -20.7 -11.4 -65.3 -39.9 -78.3 -52.9 Divestment of property, plant and equipment 1.8 0.4 12.4 4.3 17.3 9.2 Acquisition of intangible assets -4.0 -2.9 -18.1 -13.0 -26.8 -21.7 Acquisition of subsidiaries/operations, net liquidity effect -4.0 -1.2 0.8 -29.1 57.6 27.7 Divestment of subsidiaries/operations, net liquidity effect 0.4 0.0 0.7 -2.8 0.7 -2.8 Acquisition and divestment of other financial assets 0.4 -0.8 0.0 -3.7 0.1 -3.6 Cash flow from investing activities -26.1 -16.0 -69.5 -84.2 -29.4 -44.1 Financing activities New share issue/warrants 12.6 0.6 12.6 0.4 12.6 0.4 Increase/decrease in overdraft facilities / credit facilities 115.1 -65.5 15.3 -62.8 -144.7 -222.8 Shareholders' contributions received 0.0 0.0 0.0 0.0 0.0 0.0 Borrowings 0.0 -0.0 0.0 3.3 243.1 246.4 Amortization of debt -5.8 -21.3 -91.9 -30.4 -217.5 -156.0 Repayment of lease liability -52.6 -38.1 -132.1 -114.9 -175.9 -158.7 Amortization of debt for earn-out and minority options -114.4 -12.0 -136.7 -44.8 -136.7 -44.8 Acquisition of non-controlling interests -0.2 0.0 -0.2 0.0 -0.2 0.0 Dividends paid -0.1 0.0 -0.1 0.0 -0.1 0.0 Cash flow from financing activities -45.5 -136.3 -333.1 -249.2 -419.4 -335.5 Cash flow for the period 16.7 -19.6 -57.2 -95.6 95.4 57.0 Cash and cash equivalents at the beginning of the period 128.6 73.8 200.1 150.6 54.6 150.6 Exchange differences in cash and cash equivalents 1.5 0.5 3.9 -0.4 -3.3 -7.5 Cash and cash equivalents at the end of the period 146.8 54.6 146.8 54.6 146.8 200.1 Jan-SepQ3 R12M FY MSEK 2026 2025 2026 2025 25/26 2025 Net cash flow from operating activities 0.0 0.0 0.0 -2.1 0.0 -2.1 Net cash flow from investing activities 0.0 0.0 0.0 -3.0 0.0 -3.0 Net cash flow from financing activities 0.0 0.0 0.0 -1.1 0.0 -1.1 0.0 0.0 0.0 -6.2 0.0 -6.2Total net cash flow Jan-SepQ3
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Pamica Group AB | Interim report January-September 2026 13 Consolidated statement of changes in equity, condensed 31 Dec MSEK 2026 2025 2025 Opening equity attributable to Parent Company shareholders 2,360.8 2,416.1 2,416.1 Comprehensive income Profit/loss for the period 155.2 -137.6 -161.7 Other comprehensive income for the period 28.3 -11.5 -22.5 Comprehensive income for the period 183.4 -149.1 -184.2 Transactions with owners Warrants, net 2.0 0.4 0.4 Shareholders' contributions Offset issue 3.8 3.8 Non-cash issue 100.8 147.9 New issue 10.6 Capital contribution, associates -0.6 -0.6 Acquisition of shares in subsidiaries from non-controlling interests, existing controlling interest -0.1 -0.1 -0.1 Sale of shares in subsidiaries to non-controlling interests, control previously held -0.0 -0.0 Remeasurement of non-controlling interest options for the period -49.1 -12.4 -22.3 Transactions with non-controlling interests -1.2 0.1 -0.1 Share-based payments 2.1 Total transactions with owners 65.1 -9.0 129.0 Closing equity attributable to Parent Company shareholders 2,609.4 2,258.0 2,360.8 Opening equity attributable to non-controlling interests 17.1 17.8 17.8 Profit/loss for the period 5.0 3.9 -0.5 Other comprehensive income for the period 0.3 -0.0 -0.1 Comprehensive income for the period 5.2 3.9 -0.6 Dividends paid -0.1 Shareholders' contributions 0.0 0.0 Acquisition of shares in subsidiaries from non-controlling interests, existing controlling interest -0.1 -0.2 -0.2 Sale of shares in subsidiaries to non-controlling interests, control previously held 0.0 0.0 Non-controlling interest options, future acquisitions from non-controlling interests Transactions with non-controlling interests 1.2 -0.1 0.1 Closing equity attributable to non-controlling interests 23.3 21.5 17.1 Closing total equity 2,632.7 2,279.5 2,378.0 30 Sep
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Pamica Group AB | Interim report January-September 2026 14 Parent Company income statement Jan-Sep Jan-Sep MSEK 2026 2025 Net sales 32.1 25.0 Other operating income 0.0 0.1 32.1 25.1 Other external expenses -45.1 -40.4 Personnel costs -41.8 -24.0 Other operating expenses -0.0 -0.0 EBIT -54.8 -39.3 Net financial items -47.5 -207.9 Profit/loss after financial items -102.3 -247.1 Profit before tax -102.3 -247.1 Tax 0.0 0.0 Profit for the period and comprehensive income for the period -102.3 -247.1
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Pamica Group AB | Interim report January-September 2026 15 Parent Company balance sheet MSEK 2026 2025 Assets Non-current assets Financial assets Participations in Group companies 3,136.4 2,898.6 Receivables from Group companies 1,386.6 1,207.1 Total financial assets 4,523.1 4,105.7 Total non-current assets 4,523.1 4,105.7 Current assets Accounts receivable 0.9 4.2 Receivables from Group companies 955.6 749.1 Other receivables 0.0 0.2 Prepaid expenses and accrued income 3.5 24.7 Total current receivables 960.0 778.2 Cash and bank balances 90.9 7.3 Total current assets 1,050.9 785.5 Total assets 5,574.0 4,891.3 MSEK 2026 2025 Equity and liabilities Equity Restricted equity Share capital 0.7 0.7 Unrestricted equity Retained earnings -934.2 -672.0 Share premium reserve 4,006.2 3,746.9 Profit for the period -102.3 -247.1 Total equity 2,970.3 2,828.4 Untaxed reserves 5.6 0.4 Total untaxed reserves 5.6 0.4 Non-current liabilities Non-current interest-bearing liabilities 1,549.3 1,438.6 Total non-current liabilities 1,549.3 1,438.6 Current liabilities Current interest-bearing liabilities 0.0 0.0 Accounts payable 8.3 2.6 Current tax liabilities 3.3 1.0 Liabilities to Group companies 984.5 587.3 Other liabilities 1.7 3.1 Accrued expenses and deferred income 50.9 29.9- - Total current liabilities 1,048.8 623.8- - Total equity and liabilities 5,574.0 4,891.3 30 Sep 30 Sep
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Pamica Group AB | Interim report January-September 2026 16 Note 1 – Key performance indicators R12M FY 2026 2025 2026 2025 25/26 2025 Net sales, MSEK 1,514.3 1,264.5 4,349.2 3,776.4 5,687.0 5,114.2 Net sales growth, % 19.8 7.0 15.2 14.7 13.3 12.8 Organic net sales growth, % 14.8 -0.3 14.2 -2.0 13.6 1.9 Adjusted EBITA, MSEK 199.9 141.1 442.5 302.7 575.4 435.6 Adjusted EBITA margin, % 13.2 11.2 10.2 8.0 10.1 8.5 Organic adjusted EBITA growth, % 18.7 22.6 28.8 -5.6 35.7 10.7 EBIT, MSEK 149.7 -111.0 332.8 -2.4 365.0 29.7 EBIT margin, % 9.9 -8.8 7.7 -0.1 6.4 0.6 Return on equity, % 5.4 -19.1 5.4 -19.1 5.4 -6.8 Return on capital employed, % 12.1 7.4 12.1 7.4 12.1 9.2 Equity ratio, % 39.0 38.6 39.0 38.6 39.0 38.2 Cash flow from operating activities, MSEK 88.3 132.6 345.4 237.8 544.2 436.7 Leverage ratio, x 2.91 3.65 2.91 3.65 2.91 3.08 Q3 Jan-Sep
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Pamica Group AB | Interim report January-September 2026 17 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. Comparative figures have been restated to reflect the new segment structure. MSEK Industry Services Group op. elim. Pamica Group Industry Services Group op. elim. Pamica Group Continuing operations Net sales 685.8 828.8 -0.3 1,514.3 504.1 759.5 0.9 1,264.5 Other operating income 12.8 6.0 -0.0 18.8 3.2 4.0 -0.0 7.2 698.6 834.8 -0.3 1,533.1 507.4 763.5 0.9 1,271.7 Capitalized work on own account 1.8 1.8 0.0 3.6 0.7 0.2 0.0 0.9 Raw materials and consumables -332.7 -375.5 0.1 -708.0 -237.6 -348.7 0.1 -586.2 Other external expenses -86.6 -87.2 -13.4 -187.2 -63.8 -82.1 -19.3 -165.2 Personnel costs -143.4 -231.2 -11.5 -386.1 -121.4 -218.6 -7.0 -347.0 Other operating expenses -6.8 -2.3 -0.0 -9.1 -2.6 -1.8 -0.0 -4.4 Share of results of associates -0.3 0.0 0.0 -0.3 -0.4 0.2 0.0 -0.1 EBITDA 130.7 140.4 -25.1 246.0 82.2 112.7 -25.4 169.5 Depreciation, amortization and impairment -27.3 -44.5 -0.3 -72.1 -19.0 -38.8 -0.3 -58.1 EBITA 103.4 95.9 -25.4 173.9 63.2 73.9 -25.7 111.5 Items affecting comparability -2.7 12.8 15.9 26.0 4.1 3.3 22.3 29.7 Adjusted EBITA 100.6 108.7 -9.5 199.9 67.3 77.2 -3.4 141.1 Adjusted EBITA margin 14.7 13.1 n.a. 13.2 13.3 10.2 n.a. 11.2 Depreciation/amortization and impairment of acquisition-related surpluses -24.1 -87.5 Impairment of goodwill 0.0 -135.0 Operating profit / EBIT 149.7 -111.0 Net financial items -50.7 -41.0 Profit before tax 99.1 -152.0 MSEK Industry Services Group op. elim. Pamica Group Industry Services Group op. elim. Pamica Group Continuing operations Net sales 2,093.7 2,255.6 -0.1 4,349.2 1,678.4 2,093.8 4.1 3,776.4 Other operating income 32.7 20.9 -0.0 53.6 13.2 14.3 0.1 27.6 2,126.4 2,276.5 -0.1 4,402.9 1,691.7 2,108.1 4.3 3,804.0 Capitalized work on own account 4.7 7.0 0.0 11.7 2.7 0.9 0.0 3.6 Raw materials and consumables -1,046.3 -975.5 0.2 -2,021.7 -821.9 -913.3 0.2 -1,734.9 Other external expenses -259.2 -276.2 -13.0 -548.5 -203.3 -255.0 -18.8 -477.2 Personnel costs -435.4 -751.1 -36.8 -1,223.2 -401.1 -705.7 -23.9 -1,130.7 Other operating expenses -18.0 -6.6 -0.0 -24.6 -19.1 -9.7 -0.0 -28.8 Share of results of associates -1.4 0.1 0.0 -1.3 -1.0 -0.9 0.0 -1.9 EBITDA 370.8 274.1 -49.7 595.3 248.1 224.4 -38.3 434.2 Depreciation, amortization and impairment -62.2 -128.7 -0.9 -191.8 -55.6 -114.8 -0.7 -171.0 EBITA 308.7 145.3 -50.5 403.5 192.5 109.6 -39.0 263.2 Items affecting comparability -7.1 29.3 16.8 39.0 6.7 10.6 22.3 39.5 Adjusted EBITA 301.6 174.7 -33.8 442.5 199.2 120.2 -16.6 302.7 Adjusted EBITA margin 14.4 7.7 n.a. 10.2 11.9 5.7 n.a. 8.0 Depreciation/amortization and impairment of acquisition-related surpluses -70.7 -129.6 Impairment of goodwill 0.0 -136.1 Operating profit / EBIT 332.8 -2.4 Net financial items -118.2 -126.4 Profit before tax 214.6 -128.8 Q3 2025 Jan-Sep 2026 20252026
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Pamica Group AB | Interim report January-September 2026 18 MSEK Industry Services Group op. elim. Pamica Group Industry Services Group op. elim. Pamica Group Continuing operations Net sales 2,772.3 2,914.5 0.3 5,687.0 2,357.0 2,752.7 4.5 5,114.2 Other operating income 36.7 27.4 -0.0 64.0 17.2 20.7 0.1 38.0 2,808.9 2,941.8 0.3 5,751.0 2,374.2 2,773.4 4.6 5,152.2 Capitalized work on own account 5.6 7.6 0.0 13.3 3.7 1.5 0.0 5.2 Raw materials and consumables -1,357.1 -1,258.8 0.2 -2,615.7 -1,132.6 -1,196.5 0.2 -2,328.9 Other external expenses -329.8 -359.6 -36.1 -725.6 -273.9 -338.4 -41.9 -654.3 Personnel costs -581.9 -1,008.9 -49.4 -1,640.2 -547.6 -963.4 -36.6 -1,547.6 Other operating expenses -60.3 -9.0 -0.6 -69.9 -61.3 -12.2 -0.6 -74.1 Share of results of associates -2.1 0.1 0.0 -2.0 -1.7 -0.8 0.0 -2.6 EBITDA 483.4 313.2 -85.7 711.0 360.7 263.5 -74.3 549.9 Depreciation, amortization and impairment -83.5 -171.3 -1.2 -256.0 -76.9 -157.3 -1.0 -235.2 EBITA 399.9 141.9 -86.9 455.0 283.8 106.2 -75.3 314.7 Items affecting comparability 33.5 42.0 44.9 120.4 47.2 23.2 50.4 120.9 Adjusted EBITA 433.5 183.9 -42.0 575.4 331.0 129.4 -24.9 435.6 Adjusted EBITA margin 15.6 6.3 n.a. 10.1 14.0 4.7 n.a. 8.5 Depreciation/amortization and impairment of acquisition-related surpluses -90.0 -148.9 Impairment of goodwill 0.0 -136.1 Operating profit / EBIT 365.0 29.7 Net financial items -171.7 -179.9 Profit before tax 193.3 -150.2 2025 FY 25/26 R12M
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Pamica Group AB | Interim report January-September 2026 19 Note 3 – Net sales The breakdown of revenue by geographic market and by product and service area is presented in the table below. Group items refer to Pamica Group AB and eliminations. The geographic breakdown of sales is based on the customers’ domicile. No single customer accounts for 10 percent or more of the Group’s total revenue. The Group consists of companies in many different industries with diversified operations, delivering both products and services. Most services are delivered over time and products are sold at a point in time. The geographic breakdown of net sales for the comparative period has been adjusted compared with information previously published in the 2025 Annual Report, partly due to a more detailed geographic classification and partly due to a renewed review of customers’ geographic domicile in one of the Group’s subsidiaries. In addition, rental income in the Services segment has been reclassified from products and services transferred at a point in time and over time, respectively, to rental income. The adjustments have no impact on the Group’s total net sales. Net sales Q3, MSEK 2026 2025 2026 2025 2026 2025 2026 2025 Geographic market Sweden 293.3 201.1 586.7 552.0 -0.2 0.9 879.7 754.0 Norway 124.7 94.6 68.4 72.1 0.0 0.0 193.1 166.7 Denmark 23.8 30.1 57.6 33.7 0.0 0.0 81.3 63.7 Other Europe 93.1 63.4 30.0 20.0 0.0 0.0 123.0 83.5 Asia and Australia 33.1 29.6 5.0 5.1 0.0 0.0 38.1 34.8 North America 110.6 79.3 29.5 35.9 0.0 0.0 140.1 115.2 Africa 0.0 0.0 49.3 37.5 0.0 0.0 49.3 37.5 Other countries 7.3 6.0 2.4 3.2 0.0 0.0 9.7 9.2 Total geographic market and total operating segments 685.8 504.1 828.8 759.5 -0.3 0.9 1,514.3 1,264.5 Product/service area Sales at a point in time (products and services) 663.5 493.9 121.3 133.2 -0.1 -0.1 784.8 627.0 Sales over time (products and services) 10.4 8.4 702.0 620.3 -0.2 1.0 712.2 629.7 Rental income 11.9 1.8 5.4 5.9 0.0 0.0 17.3 7.8 Total product/service area 685.8 504.1 828.8 759.5 -0.3 0.9 1,514.3 1,264.5 Net sales Jan-Sep, MSEK 2026 2025 2026 2025 2026 2025 2026 2025 Geographic market Sweden 922.3 668.8 1,780.9 1,641.2 0.0 4.3 2,703.3 2,314.3 Norway 387.2 328.5 135.2 143.9 0.0 0.0 522.3 472.3 Denmark 76.9 112.0 105.8 80.6 0.0 -0.1 182.7 192.5 Other Europe 260.3 223.0 70.0 58.9 0.0 0.0 330.3 281.9 Asia and Australia 86.8 83.8 10.3 12.4 0.0 0.0 97.1 96.2 North America 337.8 247.2 64.5 76.5 0.0 0.0 402.4 323.7 Africa 0.0 0.0 81.7 69.6 0.0 0.0 81.7 69.6 Other countries 22.4 15.1 7.1 10.8 0.0 0.0 29.5 25.9 Total geographic market and total operating segments 2,093.7 1,678.4 2,255.6 2,093.8 -0.1 4.1 4,349.2 3,776.4 Product/service area Sales at a point in time (products and services) 2,061.4 1,638.1 462.3 447.6 -0.3 -0.4 2,523.4 2,085.4 Sales over time (products and services) 14.4 35.6 1,776.2 1,638.3 0.3 4.5 1,790.8 1,678.5 Rental income 18.0 4.7 17.0 7.8 0.0 0.0 35.0 12.6 Total product/service area 2,093.7 1,678.4 2,255.6 2,093.8 -0.1 4.1 4,349.2 3,776.4 Group op. elim. Pamica Group Industry Services Group op. elim. Pamica Group Industry Services Net sales FY, MSEK Geographic market Sweden Norway Denmark Other Europe Asia and Australia North America Africa Other countries Total geographic market and total operating segments Product/service area Sales at a point in time (products and services) Sales over time (products and services) Rental income Total product/service area -0.5 0.0 4.5 2,894.6 17.6 5,114.2 2,290.4 6.2 2,357.0 604.7 11.5 2,752.7 5,114.2 637.8 251.8 370.1 82.6 123.3 4.5 76.0 16.3 94.5 17.1 2,752.7 0.0 0.0 0.0 0.0 0.0 2,357.0 2,175.2 187.4 103.6 450.5 148.3 294.1 977.5 3,157.3 358.1 21.4 452.6 38.6 0.0 -0.1 60.4 2,136.5 5.0 2,202.0 0.0 82.6 2025 2025 2025 2025 107.1 4.6 Industry Services Group op. elim. Pamica Group
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Pamica Group AB | Interim report January-September 2026 20 Note 4 – Business combinations The table below shows the acquisition analysis for the business combinations completed during the reporting period. 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, Aluhak would, up until the acquisition date, 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. Other acquisitions refer to the acquisition of the remaining shares in ScaffSense AB, which was previously reported as an associated company. The acquisition was completed on September 25 by the subsidiary Nordic Access Group AB for a purchase consideration of MSEK 4.0. The acquisition resulted in a gain on a bargain purchase of MSEK 2.8, reported under Other operating income. The acquisition has not had any material impact on the Group’s earnings or financial position. No significant difference has been identified between the fair value of accounts receivable and the gross contractual amounts. Goodwill is mainly justified by future earnings capacity, growth and synergies, as well as the expertise of the employees. Transaction costs are reported under Other external expenses in the consolidated income statement. MSEK Aluhak Other acquisitions Total Purchase consideration Cash and cash equivalents 0.0 4.0 4.0 Non-cash issue (2,396,197 shares) 100.8 100.8 Total purchase consideration 100.8 4.0 104.8 Fair value of previously held interest in associate 6.8 6.8 Total acquisition value 100.8 10.8 111.6 Recognized amounts of identifiable net assets Property, plant and equipment 10.4 0.4 10.8 Intangible assets 52.2 14.4 66.6 Non-current receivables 0.6 0.6 Inventories 40.5 0.1 40.6 Accounts receivable 28.6 28.6 Other current assets 5.5 0.1 5.6 Cash and cash equivalents 4.7 0.0 4.7 Interest-bearing liabilities -56.3 -56.3 Other non-current liabilities -16.0 -16.0 Current liabilities -58.0 -1.6 -59.6 Total identifiable net assets 12.3 13.6 25.8 Goodwill 88.5 88.5 Gain from bargain purchase -2.8 -2.8 Transaction costs 0.3 0.1 0.4
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Pamica Group AB | Interim report January-September 2026 21 Note 5 – Measurement of financial assets and liabilities The Group’s financial assets are measured at amortized cost, with the exception of shares and participations, which are recognized at fair value. The Group’s financial liabilities are classified at amortized cost, with the exception of minority options and earn-outs, which are recognized at fair value. 30 Sep 2026 MSEK Financial assets measured at amortised cost Financial liabilities measured at amortised cost Measured at fair value (Level 3) through profit or loss Measured at fair value (Level 3) through other comprehensive income Measured at fair value (Level 3) through equity Total carrying amount Financial assets Shares and participations 22.4 5.7 28.1 Accounts receivable 726.3 726.3 Accrued income 32.0 32.0 Cash and cash equivalents 146.8 146.8 Total financial assets 905.0 0.0 22.4 5.7 0.0 933.1 Financial liabilities Interest-bearing liabilities Liabilities to credit institutions 3.7 3.7 Bond loans 1,435.6 1,435.6 Lease liabilities 753.2 753.2 Other interest-bearing liabilities 337.4 337.4 Total interest-bearing liabilities 0.0 2,529.9 0.0 0.0 0.0 2,529.9 Non-interest-bearing liabilities Accounts payable 505.0 505.0 Earn-outs 10.7 10.7 Minority options 76.3 76.3 Other non-current and current liabilities 31.9 31.9 Total non-interest-bearing liabilities 0.0 536.9 10.7 0.0 76.3 623.9 Total financial liabilities 0.0 3,066.8 10.7 0.0 76.3 3,153.8
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Pamica Group AB | Interim report January-September 2026 22 Shares and participations Shares mainly consist of a preference share in Logiwaste, and participations mainly consist of participations in tenant-owner associations. Changes in the value of shares are recognized through profit or loss, and participations in tenant-owner associations are recognized through other comprehensive income. Fair value is based on unobservable inputs and is classified in level 3 of the fair value hierarchy. Fair value is determined using a valuation model based on discounting of forecast future cash flows. The cash flows are based on the company’s assessment of the underlying company’s future development, expected exit, profit-sharing mechanisms and probability-weighted scenarios. Earn-outs Fair value is normally calculated based on the company’s EBITDA or EBITA (according to terms agreed between the parties), usually within a range with a floor and a ceiling, multiplied by a valuation multiple. If a company does not reach the agreed floor, no earn-out is payable. Each quarter, a probability assessment of the liability in nominal amount for future payment is performed, as well as a present value calculation by discounting based on the acquired entity’s discount rate. Minority options The company has made an accounting policy choice for these minority options and recognizes changes in fair value through equity. Fair value is normally calculated based on an agreed earnings measure multiplied by a valuation multiple, adjusted for the net debt of the entity. Each quarter, a probability assessment of the liability in nominal amount for future payment is performed, as well as a present value calculation by discounting based on the acquired entity’s discount rate. 30 Sep 2025 MSEK Financial assets measured at amortised cost Financial liabilities measured at amortised cost Measured at fair value (Level 3) through profit or loss Measured at fair value (Level 3) through other comprehensive income Measured at fair value (Level 3) through equity Total carrying amount Financial assets Shares and participations 6.0 6.0 Accounts receivable 625.6 625.6 Accrued income 38.0 38.0 Cash and cash equivalents 54.6 54.6 Total financial assets 718.2 0.0 0.0 6.0 0.0 724.2 Financial liabilities Interest-bearing liabilities Liabilities to credit institutions 263.5 263.5 Bond loans 1,181.0 1,181.0 Lease liabilities 496.1 496.1 Other interest-bearing liabilities 230.3 230.3 Total interest-bearing liabilities 0.0 2,170.9 0.0 0.0 0.0 2,170.9 Non-interest-bearing liabilities Accounts payable 399.4 399.4 Earn-outs 1.9 1.9 Minority options 131.8 131.8 Other non-current and current liabilities 24.1 24.1 Total non-interest-bearing liabilities 0.0 423.5 1.9 0.0 131.8 557.2 Total financial liabilities 0.0 2,594.4 1.9 0.0 131.8 2,728.1 Earn-outs 30 Sep Minority options 30 Sep MSEK 2026 2026 Opening balance 32.9 Opening balance 141.6 Additions 0.0 Additions 0.0 Paid -22.3 Exercised -114.4 Remeasurement of earn-outs 0.1 Remeasurement of minority options (through equity) 49.1 Closing balance 10.7 Closing balance 76.3 Of which: Of which: Non-current earn-outs 0.0 Non-current liabilities 76.3 Current earn-outs 10.7 Current liabilities 0.0 10.7 76.3
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Pamica Group AB | Interim report January-September 2026 23 Note 6 – 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. FY Income statement, discontinued operations, MSEK 2026 2025 2026 2025 2025 Net sales 0.0 0.0 0.0 0.9 0.9 Other operating income 0.0 0.0 0.0 18.6 18.6 0.0 0.0 0.0 19.5 19.5 Capitalized work on own account 0.0 0.0 0.0 0.0 0.0 Raw materials and consumables 0.0 0.0 0.0 -0.7 -0.7 Other external expenses 0.0 0.0 0.0 -3.1 -3.1 Personnel costs 0.0 0.0 0.0 -1.1 -1.1 Other operating expenses 0.0 0.0 0.0 -0.1 -0.1 Share of results of associates 0.0 0.0 0.0 0.0 0.0 EBITDA 0.0 0.0 0.0 14.4 14.4 Depreciation/amortization and impairment 0.0 0.0 0.0 0.0 0.0 EBITA 0.0 0.0 0.0 14.4 14.4 Depreciation/amortization and impairment of acquisition-related surpluses 0.0 0.0 0.0 0.0 0.0 Impairment of goodwill 0.0 0.0 0.0 0.0 0.0 EBIT 0.0 0.0 0.0 14.4 14.4 Net financial items 0.0 0.0 0.0 -0.5 -0.5 Profit before tax 0.0 0.0 0.0 13.9 13.9 Tax 0.0 0.0 0.0 -0.2 -0.2 Profit for the period 0.0 0.0 0.0 13.7 13.7 Comprehensive income for the period 0.0 0.0 0.0 13.7 13.7 31 Dec Statement of financial position, discontinued operations, MSEK 2026 2025 2025 Assets held for sale Intangible assets 0.0 0.0 0.0 Property, plant and equipment 0.0 0.0 0.0 Right-of-use assets 0.0 0.0 0.0 Financial assets 0.0 0.0 0.0 Current assets 0.0 0.0 0.0 Total assets held for sale 0.0 0.0 0.0 Liabilities attributable to assets held for sale Non-current liabilities 0.0 0.0 0.0 Current liabilities 0.0 0.0 0.0 Total liabilities attributable to assets held for sale 0.0 0.0 0.0 FY Statement of net cash flows, discontinued operations, MSEK 2026 2025 2026 2025 2025 Net cash flow from operating activities 0.0 0.0 0.0 -2.1 -2.1 Net cash flow from investing activities 0.0 0.0 0.0 -3.0 -3.0 Net cash flow from financing activities 0.0 0.0 0.0 -1.1 -1.1 Total net cash flow 0.0 0.0 0.0 -6.2 -6.2 Q3 Jan-Sep 30 Sep Q3 Jan-Sep
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Pamica Group AB | Interim report January-September 2026 24 Definition of alternative 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 Net sales growth Growth in net sales in relation to net sales for the comparative period. Indicates the net sales of the operations for the period compared with the preceding period. Organic net sales growth Growth in net sales adjusted for the net effects of acquisitions, divestments and currency translation effects from foreign operations, with the reporting period translated at the exchange rates of the comparative period. Acquisitions are included 12 months after they are consolidated. Divested operations are excluded from the comparative 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/amortization and impairment of property, plant and equipment, intangible assets (excluding goodwill) and rights-of-use assets, and depreciation/amortization and impairment of acquisition-related surpluses and impairment of goodwill. 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 EBITDA 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. M&A adjusted EBITDA Adjusted EBITDA adjusted for acquisitions and divestments to reflect the subsidiaries within the Group at the balance sheet date. Shows the company’s underlying earnings capacity, excluding items affecting comparability and regardless of the timing of acquisitions and divestments, capital structure and tax situation. The measure is also intended to facilitate comparisons with other companies in the same industry. EBITDA margin EBITDA as a percentage of net sales. Shows the profitability of the business in relation to net sales, regardless of capital structure and tax situation, and is intended to facilitate comparisons with other companies in the same industry.
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Pamica Group AB | Interim report January-September 2026 25 Adjusted EBITDA margin Adjusted EBITDA as a percentage of net sales. Shows the underlying profitability of the business in relation to net sales, excluding items affecting comparability and regardless of capital structure and tax situation. The measure is also intended to facilitate comparisons with other companies in the same industry. EBITA Operating profit before impairment of goodwill as well as depreciation/amortization and impairment of acquisition-related 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 EBITA 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) Profit/loss for the period before profit/loss for the period from discontinued operations, net after tax, tax and net financial items. Shows the Company’s earnings capacity regardless of its capital structure and tax situation. The measure is intended to facilitate comparisons between periods and with other companies in the same industry. EBIT margin Operating profit (EBIT) as a percentage of net sales. Shows the profitability of the business in relation to net sales, regardless of capital structure or tax situation. The measure is also intended to facilitate comparisons with other companies in the same industry. Organic adjusted EBITA growth Growth in adjusted EBITA adjusted for the net effects of acquisitions, divestments and currency translation effects from foreign operations, with the reporting period translated at the exchange rates of the comparative period. Acquisitions are included 12 months after they are consolidated. Divested operations are excluded from the comparative period to reflect continuing operations and ensure comparability between periods. Shows the organic earnings capacity of the operating activities compared with the previous period, excluding effects of acquisitions, divestments and currency translation effects. The measure is intended to facilitate comparison with previous periods and other companies in the same industry. Return on equity Profit for the period attributable to the Parent Company’s owners R12M divided by average equity, for the last five quarters, 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 calculated as averages for the last five quarters. Capital employed shows how much capital is used in the operations and is thus one
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Pamica Group AB | Interim report January-September 2026 26 component of measuring the return on capital employed. Return on capital employed Adjusted EBITA (including discontinued operations) R12M as a percentage of capital employed. 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, analyse the Group’s indebtedness and the Group’s ability to repay its liabilities using cash and cash equivalents. Leverage ratio Net debt in relation to M&A adjusted EBITDA for the last 12 months. Shows the group’s 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 analyse financial risk and shows the share of the assets that is financed by equity. Operating cash flow Adjusted EBITDA less net investments in intangible assets and property, plant and equipment and cash flow statement effect from changes in working capital. Working capital consists of inventories and operating receivables less operating liabilities. Operating cash flow is used to monitor the cash flow generated from operating activities. Cash conversion Operating cash flow as a percentage of Adjusted EBITDA for the same period. Shows the proportion of adjusted EBITDA that is converted into operating cash flow and is used to monitor how efficiently the Group manages ongoing investments and working capital. Net working capital (NWC) Net working capital (NWC) consists of inventories and operating receivables (accounts receivable, prepaid expenses and accrued income, contract assets and other receivables) less operating liabilities (accounts payable, other current liabilities, accrued expenses and deferred income and contract liabilities). Net working capital (NWC) is a measure of the Group's short-term financial status. 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-September 2026 27 Reconciliation tables R12M FY MSEK 2026 2025 2026 2025 25/26 2025 Net sales growth Net sales, previous period 1,264.5 1,182.3 3,776.4 3,291.2 5,020.2 4,534.9 Net sales, current period 1,514.3 1,264.5 4,349.2 3,776.4 5,687.0 5,114.2 Net sales growth, % 19.8 7.0 15.2 14.7 13.3 12.8 Organic net sales growth Net sales, previous period 1,264.5 1,182.3 3,776.4 3,291.2 5,020.2 4,534.9 Net sales, current period 1,514.3 1,264.5 4,349.2 3,776.4 5,687.0 5,114.2 Total acquired net sales 84.6 97.1 181.3 583.8 181.3 583.8 Total divested net sales - 29.7 0.0 116.4 22.8 139.3 Currency effects 12.6 -5.7 -10.6 -19.0 -41.6 -50.0 Organic net sales 1,417.0 1,143.5 4,178.5 3,095.2 5,524.5 4,441.1 Organic net sales, adjusted comparative period 1,234.8 1,146.4 3,660.0 3,156.9 4,861.9 4,358.8 Organic net sales growth, % 14.8 -0.3 14.2 -2.0 13.6 1.9 Organic net sales growth, MSEK 182.2 -2.9 518.5 -61.8 662.6 82.3 Items affecting comparability Industry Restructuring and reorganization 0.0 2.4 -0.0 5.0 0.2 5.1 Disputes 1.7 1.7 1.7 Impairment of right-of-use assets 3.1 3.1 Reversal of impairment of right-of-use assets -0.1 -3.3 -3.3 Capital gains/losses -0.0 -1.1 36.2 37.3 Bargain purchase gain -2.8 -2.8 -2.8 Acquisition-related items 0.1 0.1 0.1 Industry total -2.7 4.1 -7.1 6.7 33.5 47.2 Services Restructuring and reorganization 12.7 3.3 27.3 10.5 37.5 20.7 Impairment of right-of-use assets 2.4 2.4 Capital gains/losses 0.1 0.1 0.1 Acquisition-related items 0.1 0.1 Other 2.0 2.0 Services total 12.8 3.3 29.3 10.6 42.0 23.2 Group items Restructuring and reorganization -0.0 0.0 -0.0 0.0 5.0 5.0 IPO 16.0 20.7 16.0 20.7 36.9 41.7 Capital gains/losses 0.5 0.5 Acquisition-related items 0.8 1.3 0.5 Other 1.6 1.6 1.2 2.8 Group items total 15.9 22.3 16.8 22.3 44.9 50.5 Items affecting comparability, total 26.0 29.7 39.0 39.5 120.4 120.9 Operating margin, EBIT margin Net sales 1,514.3 1,264.5 4,349.2 3,776.4 5,687.0 5,114.2 Operating profit, EBIT 149.7 -111.0 332.8 -2.4 365.0 29.7 Operating margin, EBIT margin, % 9.9 -8.8 7.7 -0.1 6.4 0.6 EBITDA Operating profit, EBIT 149.7 -111.0 332.8 -2.4 365.0 29.7 Depreciation, amortization and impairment incl. goodwill impairment 96.2 280.6 262.4 436.6 345.9 520.1 EBITDA 246.0 169.5 595.3 434.2 711.0 549.9 Net sales 1,514.3 1,264.5 4,349.2 3,776.4 5,687.0 5,114.2 EBITDA margin, % 16.2 13.4 13.7 11.5 12.5 10.8 Adjusted EBITDA EBITDA 246.0 169.5 595.3 434.2 711.0 549.9 Items affecting comparability 26.1 29.7 42.3 39.5 118.1 115.4 Adjusted EBITDA 272.0 199.2 637.6 473.7 829.1 665.3 Total acquired and divested adjusted EBITDA 20.6 59.7 M&A adjusted EBITDA 849.7 724.9 Net sales 1,514.3 1,264.5 4,349.2 3,776.4 5,687.0 5,114.2 Adjusted EBITDA margin, % 18.0 15.8 14.7 12.5 14.6 13.0 Q3 Jan-Sep
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Pamica Group AB | Interim report January-September 2026 28 R12M FY 2026 2025 2026 2025 25/26 2025 EBITA Operating profit, EBIT 149.7 -111.0 332.8 -2.4 365.0 29.7 Depreciation/amortization and impairment of acquisition-related surpluses and goodwill 24.1 222.5 70.7 265.6 90.0 285.0 EBITA 173.9 111.5 403.5 263.2 455.0 314.7 Net sales 1,514.3 1,264.5 4,349.2 3,776.4 5,687.0 5,114.2 EBITA margin, % 11.5 8.8 9.3 7.0 8.0 6.2 Adjusted EBITA EBITA 173.9 111.5 403.5 263.2 455.0 314.7 Items affecting comparability 26.0 29.7 39.0 39.5 120.4 120.9 Adjusted EBITA 199.9 141.1 442.5 302.7 575.4 435.6 Net sales 1,514.3 1,264.5 4,349.2 3,776.4 5,687.0 5,114.2 Adjusted EBITA margin, % 13.2 11.2 10.2 8.0 10.1 8.5 Organic adjusted EBITA growth Adjusted EBITA 199.9 141.1 442.5 302.7 575.4 435.6 Total acquired EBITA 25.3 10.8 46.9 67.5 46.9 67.5 Total divested EBITA 0.0 -5.1 0.0 -6.2 -0.1 -6.3 Currency effects 1.0 -0.8 -2.4 -1.9 -4.0 -3.5 Organic adjusted EBITA 173.6 136.2 398.0 243.3 532.5 377.9 Organic adjusted EBITA, adjusted comparative period 146.2 111.1 308.9 257.8 392.5 341.3 Organic adjusted EBITA growth, % 18.7 22.6 28.8 -5.6 35.7 10.7 Organic adjusted EBITA growth, MSEK 27.4 25.1 89.1 -14.5 140.1 36.5 Return on equity, incl. discontinued operations Profit for the period attributable to Parent Company shareholders, R12M 131.0 -464.3 131.0 -464.3 -161.7 Equity attributable to Parent Company shareholders, annual average per quarter 2,410.2 2,434.2 2,410.2 2,434.2 2,365.8 Return on equity, % 5.4 -19.1 5.4 -19.1 -6.8 Capital employed Total equity 2,632.7 2,279.5 2,632.7 2,279.5 2,378.0 Equity, five-quarter average 2,430.6 2,452.8 2,430.6 2,452.8 2,384.9 Net debt 2,470.2 2,250.0 2,470.2 2,250.0 2,234.4 Net debt, five-quarter average 2,335.6 2,348.4 2,335.6 2,348.4 2,305.1 Capital employed, annual average per quarter 4,766.2 4,801.2 4,766.2 4,801.2 4,690.0 Return on capital employed, incl. discontinued operations Adjusted EBITA, R12M 575.4 356.8 575.4 356.8 431.1 Capital employed, annual average per quarter 4,766.2 4,801.2 4,766.2 4,801.2 4,690.0 Return on capital employed, % 12.1 7.4 12.1 7.4 9.2 Net debt Non-current and current interest-bearing liabilities 1,776.7 1,674.8 1,776.7 1,674.8 1,764.0 Non-current and current lease liabilities 753.2 496.1 753.2 496.1 496.1 Non-current and current earn-outs 10.7 1.9 10.7 1.9 32.9 Non-current and current non-controlling minority options 76.3 131.8 76.3 131.8 141.6 Cash and cash equivalents -146.8 -54.6 -146.8 -54.6 -200.1 Net debt 2,470.2 2,250.0 2,470.2 2,250.0 2,234.4 Leverage ratio M&A adjusted EBITDA, R12M 849.7 617.3 849.7 617.3 724.9 Net debt 2,470.2 2,250.0 2,470.2 2,250.0 2,234.4 Leverage ratio, x 2.91 3.65 2.91 3.65 3.08 Equity ratio Total assets 6,757.3 5,898.5 6,757.3 5,898.5 6,221.5 Total equity 2,632.7 2,279.5 2,632.7 2,279.5 2,378.0 Equity ratio, % 39.0 38.6 39.0 38.6 38.2 Q3 Jan-Sep
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Pamica Group AB | Interim report January-September 2026 29 R12M FY 2026 2025 2026 2025 25/26 2025 Operating cash flow Adjusted EBITDA 272.0 199.2 637.6 473.7 829.1 665.3 Cash flow from changes in working capital -110.3 10.4 -68.3 -47.6 2.7 23.3 Net investments in intangible and tangible fixed assets -23.0 -13.9 -71.0 -48.7 -87.8 -65.4 Operating cash flow 138.8 195.6 498.3 377.4 744.0 623.2 Cash conversion Adjusted EBITDA 272.0 199.2 637.6 473.7 829.1 665.3 Operating cash flow 138.8 195.6 498.3 377.4 744.0 623.2 Cash conversion, % 51.0 98.2 78.2 79.7 89.7 93.7 Working capital Inventories 581.9 505.5 581.9 505.5 474.7 Accounts receivable 726.3 625.6 726.3 625.6 624.5 Prepaid expenses and accrued income 101.6 123.2 101.6 123.2 104.9 Contract assets 30.3 20.8 30.3 20.8 28.1 Other receivables 31.9 16.3 31.9 16.3 42.3 Accounts payable -505.0 -399.4 -505.0 -399.4 -374.6 Other current liabilities -156.4 -136.2 -156.4 -136.2 -172.6 Accrued expenses and deferred income -327.3 -273.7 -327.3 -273.7 -310.8 Contract liabilities -179.0 -185.9 -179.0 -185.9 -196.1 Working capital 304.3 296.4 304.3 296.4 220.4 Q3 Jan-Sep
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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 October 29, 2026 at 10:00 a.m. CET, 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/q3-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/q3- report-2026/dial-in. Financial calendar Year-end report 2026, January–December (Q4) 2027-02-16 Publication of Annual Report 2026 2027-04-27 Interim report, January–March (Q1) 2027-05-04 Annual General Meeting 2027 2027-05-26 Interim report, January–June (Q2) 2027-08-25 Interim report, January–September (Q3) 2027-11-05 Contact details Joacim Lindoff, CEO, +46 734 24 47 99, joacim.lindoff@pamica.se Louise Ankarcrona, CFO, +46 703 09 48 52, louise.ankarcrona@pamica.se Malin Paradis, IR, +46 703 49 26 06, malin.paradis@pamica.se Pamica Group AB Kristian IV:s väg 3 302 50 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 2026-10-29, 07:00 CET.