Interim report
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Q1/2026 Pierce Group AB (publ) 1 PIERCE GROUP AB (publ) Interim report January – June 2026 This is a translation of the Swedish original of Pierce Group’s interim report for the period 1 January – 30 June 2026. In the event of any discrepancies between the two versions, the original Swedish version shall apply.
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Pierce Group AB (publ) 2 January – June 2026 Highlights Adjusted EBIT edges higher despite a challenging WMS transition April - June 2026 ▪ Net revenue increased by 3%, totalling SEK 537 (523) million. In local currencies there was growth of 2%. ▪ EBIT was SEK 32 (26) million, corresponding to an operating margin of 6.0% (4.9%). Adjusted EBIT was SEK 34 (32) million and the adjusted operating margin was 6.4% (6.2%). ▪ Cash flow for the period was SEK 40 (13) million and the cash position at the end of the period was SEK 319 (188) million. ▪ Earnings per share before dilution was 0.44 (0.29) and after dilution, SEK 0.44 (0.29). January – June 2026 ▪ Net revenue increased by 4%, totalling SEK 958 (925) million. In local currencies there was growth of 6%. ▪ EBIT was SEK 28 (11) million, corresponding to an operating margin of 2.9% (1.2%). Adjusted EBIT was SEK 36 (21) million and the adjusted operating margin was 3.8% (2.3%). ▪ Cash flow for the period was SEK 76 (‑108) million and the cash position at the end of the period was SEK 319 (188) million. ▪ Earnings per share before dilution was 0.36 (‑0.14) and after dilution, SEK 0.36 (‑0.14). Apr-Jun Jan-Jun Jul 2025- Jan-Dec SEKm (unless stated otherwise) 2026 2025 2026 2025 Jun 2026 2025 Net revenue 537 523 958 925 1,849 1,816 Growth (%)¹ 3% 15% 4% 14% 6% 12% Growth in local currencies (%)¹ 2% 20% 6% 16% 9% 14% Gross profit 231 229 405 400 778 773 Profit after variable costs¹ ² 118 120 198 196 381 378 Overhead costs¹ -75 -74 -144 -146 -279 -281 EBITDA¹ 41 39 46 40 86 80 EBIT³ 32 26 28 11 46 28 Adjusted EBITDA¹ 43 46 54 50 101 97 Adjusted EBIT¹ ³ 34 32 36 21 61 45 Items affecting comparability¹ -2 -7 -8 -10 -15 -17 Profit/loss for the period 35 23 29 -11 39 -0 Gross margin (%)¹ 43.1% 43.7% 42.3% 43.2% 42.1% 42.6% Profit after variable costs (%)¹ 21.9% 22.8% 20.7% 21.2% 20.6% 20.8% Adjusted EBITDA (%)¹ 8.0% 8.7% 5.7% 5.4% 5.5% 5.3% Adjusted EBIT (%)¹ 6.4% 6.2% 3.8% 2.3% 3.3% 2.5% Cash flow for the period 40 13 76 -108 134 -50 Free cash flow¹ 44 19 85 -94 155 -24 Net debt (+) / Net cash (-)⁴ -315 -188 -315 -188 -315 -235 Earnings per share before dilution (SEK) 0.44 0.29 0.36 -0.14 0.49 -0.01 Earnings per share after dilution (SEK) 0.44 0.29 0.36 -0.14 0.49 -0.01 ¹ Alternative performance measures (APM), see „Financial overview” https://www.piercegroup.com/en/reports-presentations/. ² Variable costs refers, in addition to cost of goods sold, to variable sales and distribution costs. These include direct marketing costs as well as other direct costs and correlate essentially with net revenue. Other direct costs mainly consist of freight, invoicing and packaging. ³ EBIT includes depreciation, amortisation and impairment. ⁴ Net debt refers to the alternative performance measure Net debt excluding IFRS 16.
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Pierce Group AB (publ) 3 Significant events during the reporting period Series C share issue In April 2026, Pierce Group AB (publ) carried out a directed issue of 850,000 Series C shares to Nordic Issuing AB to ensure the delivery of performance shares to participants in the LTIP 2025/2028 performance-based share program. Exercise of long-term incentive program 2023/2026 In June 2026, a total of 199,437 ordinary shares were transferred to participants in the long-term incentive program 2023/2026 (LTIP 2023/2026), in accordance with the resolution adopted by the 2023 Annual General Meeting. To facilitate the transfer, Pierce Group AB (publ) converted 199,437 Series C shares into an equal number of ordinary shares. Following this conversion, the total number of shares is 82,199,100, comprising 79,573,537 ordinary shares and 2,625,563 Series C shares. The total number of votes amounts to 79,836,093.3. Warehouse Management System implemented In June 2026, Pierce Group AB (publ) reached a key strategic milestone with the implementation of a new warehouse management system (WMS) at its central warehouse, marking an important step in the Company’s transformation of its IT infrastructure. The new WMS establishes a scalable platform for future growth and is expected to enhance inventory accuracy and traceability while improving warehouse efficiency over time. The implementation itself progressed largely as planned, although the transition created temporary operational challenges. Fulfilment was paused during the migration, and lower warehouse productivity during the subsequent ramp-up resulted in a shipment backlog equivalent to approximately two days of sales, which carried over into the third quarter. With the new system now in place, the focus is on stabilising warehouse performance and progressively realising the benefits of the investment.
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Q2/2026 Pierce Group AB (publ) 4 CEO comments Our Adjusted EBIT for the second quarter edged higher, amounting to SEK 34 million for the quarter, compared with SEK 32 million in the corresponding quarter last year. Net revenue increased 3 percent to an all-time high of SEK 537 (523) million, or 2 percent in local currencies. This was achieved despite a challenging Warehouse Management System (WMS) transition. Profit after variable costs was SEK 118 (120) million, corresponding to 21.9 (22.8) percent of net revenue, reflecting a somewhat lower gross margin combined with higher outbound freight costs. During the quarter, we implemented our new Warehouse Management System, a major milestone in our strategic development that will provide meaningfully improved warehouse operations once fully ramped up. Deploying a platform of this scale inevitably affects day-to-day operations, and it impacted both our top line and costs during the second quarter. We expect to return to normal productivity and costs at the end of the third quarter. At the end of June, we finalized the rollout of our 13 new localized markets, meaning these markets now have local-language websites, local delivery options, and local payment methods. These new markets have gotten off to a very promising start. Our mountain bike and scooter/moped verticals also continued to develop well. While still relatively small, we see meaningful long-term potential in these new markets and adjacent verticals as we leverage our existing customer base, technology platform and infrastructure to broaden Pierce's addressable market. Our previous e-commerce platform lacked the stability and scalability to support this kind of expansion, so having the new platform in place is an important milestone as it enables growth through expansion both geographically and into new categories. Out of our 16 previously localized markets ("established markets"), we have migrated Belgium and Spain onto our new e-commerce platform. We have experienced a significant temporary sales decline in these markets after migrating them to the new platform, but we expect sales to recover and stabilize over the coming months. During the first months following platform migration, traffic and conversion typically decline as search engines re-index new URLs and page structures. This normally recovers gradually as search engines learn the new site structure. During the third quarter, we will roll out several additional, smaller established markets onto the new platform. The pace of migrating our larger markets will then depend on how these initial migrations, including Belgium and Spain, develop, as we want to safeguard sales during the important November and December trading period. This is later than planned, we had originally expected to complete the rollout during the second quarter. Transformation costs mainly relate to external consultants and temporary parallel license fees during the transition to our new cloud-based systems, and, as they cannot be capitalized, are expensed directly as incurred. During the quarter, transformation costs amounted to SEK 6 (8) million. We expect these costs to decrease gradually during the coming quarters as we stabilize the WMS and continue the rollout of our new e-commerce platform, somewhat later than we previously communicated. We continue to expect Pierce 2.0 to deliver a further annual EBIT improvement of approximately SEK 20–30 million, of which a portion has already been realized through reduced depreciation and amortization, with the remainder to follow as transformation costs are reduced. With this, we are approaching the end of our transformation program, Pierce 2.0. Since the launch in the third quarter of 2023, we have reduced our white-collar workforce by approximately 40 percent, from 256 to 157 FTEs, while the last twelve months net revenue has grown by 17 percent to SEK 1,849 million, and net revenue per white-collar FTE has grown by 90 percent. Over the same period, the last twelve months Adjusted EBIT has improved from SEK -47 million to SEK 61 million. Our financial position remains very strong. Cash at the end of the quarter amounted to approximately SEK 319 million, providing us with significant strategic flexibility. The European motorcycle gear and equipment market remains highly fragmented, and scale advantages are significant. As one of the largest players, the only truly pan-European platform, and the only listed company in the sector, we are well positioned to lead a market consolidation. Our multi-category offering and high private label share create a strong foundation for synergies and value creation, and we see potential to take an active role as opportunities arise. Göran Dahlin CEO, Pierce Group AB (publ) Stockholm, 21 August 2026
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Q2/2026 Pierce Group AB (publ) 5 Performance measures – Group Apr-Jun Jan-Jun Jul 2025- Jan-Dec SEKm (unless stated otherwise) 2026 2025 2026 2025 Jun 2026 2025 Revenue measures Net revenue per geographical area Nordics 182 188 319 319 571 571 Outside the Nordics 355 335 639 606 1,277 1,244 Net revenue 537 523 958 925 1,849 1,816 Growth per geographical area Nordics (%)¹ -3% 11% 0% 13% 3% 10% Outside the Nordics (%)¹ 6% 17% 5% 15% 8% 12% Growth (%)¹ 3% 15% 4% 14% 6% 12% Performance measures Gross margin (%)¹ 43.1% 43.7% 42.3% 43.2% 42.1% 42.6% Profit after variable costs (%)¹ 21.9% 22.8% 20.7% 21.2% 20.6% 20.8% Overhead costs (%)¹ 14.0% 14.1% 15.0% 15.8% 15.1% 15.5% Adjusted EBITDA (%)¹ 8.0% 8.7% 5.7% 5.4% 5.5% 5.3% Adjusted EBIT (%)¹ 6.4% 6.2% 3.8% 2.3% 3.3% 2.5% Earnings per share before dilution (SEK) 0.44 0.29 0.36 -0.14 0.49 -0.01 Earnings per share after dilution (SEK) 0.44 0.29 0.36 -0.14 0.49 -0.01 Other financial measures Cash flow for the period 40 13 76 -108 134 -50 Cash and cash equivalents² 319 188 319 188 319 235 Net debt excluding IFRS 16¹ ² ⁴ -315 -188 -315 -188 -315 -235 Net debt/EBITDA¹ ³ ⁴ -4.7 -3.8 -4.7 -3.8 -4.7 -3.8 Inventory² 505 522 505 522 505 451 Other current operating assets¹ ² 33 31 33 31 33 21 Other current operating liabilities¹ ² -398 -343 -398 -343 -398 -308 Net working capital¹ ² 140 210 140 210 140 163 Operating measures Number of orders (thousands)¹ 496 476 901 848 1,704 1,654 Average order value (AOV) (SEK)¹ 1,082 1,099 1,063 1,091 1,085 1,098 Net revenue from private brands¹ 181 191 317 333 638 654 Active customers last 12 months (thousands)¹ 1,173 1,089 1,173 1,089 1,173 1,133 ¹ Alternative performance measures (APM), see „Financial overview” https://www.piercegroup.com/en/reports-presentations/. ² Measures correspond to each period end. ³ Net debt refers to the alternative performance measure net debt excluding IFRS 16, and EBITDA refers to the measure adjusted EBITDA excluding IFRS 16. ⁴ Positive values refer to net debt, whereas negative values refer to net asset.
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Q2/2026 Pierce Group AB (publ) 6
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Q2/2026 Pierce Group AB (publ) 7 Pierce – Riders in eCommerce Pierce is a leading e-commerce Company that sells motorcycle and snowmobile gear, parts and accessories to riders across Europe. The Company has a unique and wide range of products, which includes several own brands. Sales are conducted through locally adapted websites to serve motocross and enduro riders, customers who ride on traffic-filled roads and snowmobile riders. Pierce is a European company with headquarters in Stockholm, a centralised warehouse in Szczecin, where it also has an office with IT, finance and marketing expert teams, and a customer care function in Barcelona. The Company has approximately 295 employees. Comments to the Group’s profit/loss for the period (Figures in parentheses refer to the equivalent period last year) April - June 2026 Net revenue Net revenue increased by 3 percent to SEK 537 (523) million. In local currencies, revenue grew by 2 percent, reflecting continued underlying business growth. The product categories Offroad and Other reported positive net revenue growth during the period, while Onroad declined slightly. Offroad sales increased by approximately 5 percent, Onroad decreased approximately 1 percent, and the Other category grew by 9 percent. Total net revenue reached an all-time high during the quarter, exceeding the previous record-high quarter in the prior year. In local currencies, Offroad grew by approximately 5 percent, Onroad declined by 2 percent, and the Other category increased by more than 9 percent. Apr-Jun Jan-Jun Jul 2025- Jan-Dec SEKm (unless stated otherwise) 2026 2025 2026 2025 Jun 2026 2025 Offroad 314 298 562 534 1,156 1,129 Onroad 217 220 357 359 615 617 Other 6 6 40 32 78 69 Net revenue 537 523 958 925 1,849 1,816 Gross profit and gross margin Gross profit amounted to SEK 231 (229) million, corresponding to a gross margin of 43.1 (43.7) percent. During the quarter, the Company adjusted pricing to support commercial initiatives, with an expected short-term impact on profitability. Improved efficiency in performance marketing, reflected in lower marketing costs relative to net revenue, largely offset this effect. Inventory levels are currently well aligned with demand, supporting a healthy position throughout the summer season. Continued efforts to enhance inventory quality, including targeted actions to optimize specific areas and reduce overstock, resulted in a net reversal of the provision for obsolete inventory of SEK 12 (‑2) million during the period. The reversal primarily reflects the sale of larger batches of aged inventory at low margins. As these items had already been fully provisioned for, the net effect on gross margin and EBIT from these specific transactions was neutral. Shipping costs for the purchase of goods of SEK ‑21 (‑21) million corresponded to 4.0 (4.0) percent of net revenue. The in-freight cost ratio as a percentage of net revenue remained stable compared with the corresponding period last year. Please see Risks and factors of uncertainty section on page 12 for further details. Operating costs Sales and distribution costs amounted to SEK ‑148 (‑148) million, equivalent to 27.6 (28.2) percent of net revenue. The cost ratio improved by 0.6 percentage points compared with the corresponding period last year, primarily reflecting higher net revenue while sales and distribution costs remained stable in absolute terms. Customer freight costs increased during the period, while depreciation and amortization decreased as expected following the completion of depreciation periods for several major investments made in previous years. Marketing costs, personnel expenses and payment provider fees remained broadly stable as a share of net revenue. 58%41% 1% Q2 2026 Offroad Onroad Other 57% 42% 1% Q2 2025 Offroad Onroad Other
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Q2/2026 Pierce Group AB (publ) 8 Administration costs were SEK ‑52 (‑58) million, equivalent to 9.7 (11.0) percent of net revenue. Excluding items affecting comparability, these costs totalled SEK ‑50 (‑53) million. Included in the above operating costs, but excluding items affecting comparability, overhead costs totalled SEK ‑75 (‑74) million. Overhead costs as a share of net revenue decreased slightly despite a modest increase in absolute terms. The increase was primarily attributable to transformation costs related to the implementation of the Company's new warehouse management system (WMS). During the quarter, an estimated total of SEK 6 (8) million was invested in the transformation of the Company’s IT tech stack, primarily as regards external consultants and the operation of parallel systems during the transition period. This amount excludes costs for internal personnel. Adjusted EBIT and EBIT EBIT totalled SEK 32 (26) million, corresponding to an operating margin of 6.0 (4.9) percent. Items affecting comparability totalled SEK ‑2 (‑7) million, mainly related to share-based payments and compensation associated with the termination of an office lease at one of the company’s locations. Last year, items affecting comparability referred to personnel costs following role changes. Adjusted EBIT was SEK 34 (32) million, equivalent to a margin of 6.4 (6.2) percent. Adjusted EBIT included the accelerated amortisation of trademarks to be discontinued totalling SEK ‑1 (‑2) million. To boost private brand growth, the brand portfolio has been consolidated to focus investments on fewer brands. Several brands have been merged or discontinued. Since the accelerated amortisation commenced in 2023, cumulative accelerated amortisation has amounted to SEK 16 million, including SEK 1 million recognized in the current quarter. Financial items Financial income amounted to SEK 6 (5) million, driven by a positive effect from the revaluation of currency derivatives. In both periods, financial income also included the revaluation of financial balance sheet items and interest income on deposits. Financial expenses amounted to SEK ‑2 (‑8) million and mainly comprised leasing expenses and credit facility fees. In the prior year, financial expenses were also negatively impacted by losses from the revaluation of currency derivatives. Taxes and result for the period Tax totalled SEK ‑1 (0) million and the result for the period was SEK 35 (23) million.
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Q2/2026 Pierce Group AB (publ) 9 January – June 2026 Net revenue Net revenue developed positively with an increase of 4 percent to SEK 958 (925) million. In local currencies the increase was 6 percent, reflecting a continued positive trend and underlying business strength. Gross profit and gross margin Gross profit amounted to SEK 405 (400) million, corresponding to a gross margin of 42.3 (43.2) percent. During the period, the Company adjusted pricing to support commercial initiatives, with an expected short-term impact on profitability. Lower performance marketing costs largely offset this effect. Inventory levels are currently well aligned with demand, supporting a healthy position throughout the summer season. Continued efforts to enhance inventory quality, including targeted actions to optimize specific areas and reduce overstock, resulted in a net reversal of the provision for obsolete inventory of SEK 21 (2) million during the period. The reversal is largely driven by the sale of larger batches of aged inventory at low margins. As these items had already been fully provisioned for, the net impact of these transactions on gross margin and EBIT was limited. Shipping costs for the purchase of goods of SEK ‑40 (‑40) million corresponded to 4.2 (4.4) percent of net revenue. The in-freight cost ratio as a percentage of net revenue decreased slightly by 0.1 percentage point compared to last year. Please see Risks and factors of uncertainty section on page 12 for further details. Operating costs Sales and distribution costs amounted to SEK ‑273 (‑280) million, equivalent to 28.5 (30.3) percent of net revenue, representing an improvement of 1.8 percentage points in the cost ratio. This improvement in the cost ratio was primarily driven by reductions in marketing costs and personnel expenses, which decreased both in absolute terms and relative to net revenue. This was despite an increase in net revenue during the period. Other significant costs, such as fees to payment providers and freight costs to customers, remained broadly stable as a share of net revenue. Depreciation and amortization decreased as expected, reflecting the completion of depreciation periods for several major investments made in previous years. Administration costs were SEK ‑106 (‑110) million, equivalent to 11.1 (11.9) percent of net revenue. Excluding items affecting comparability, these costs totalled SEK ‑98 (‑102) million. Included in the above operating costs, but excluding items affecting comparability, overhead costs amounted to SEK ‑144 (‑146) million. The combination of net revenue growth and reduced overhead costs underscores the scalability of the business model and reflects an improved operating leverage. During the period, an estimated total of SEK 13 (16) million was invested in the transformation of the Company’s IT tech stack, primarily as regards external consultants and the operation of parallel systems during the transition period. This amount excludes costs for internal personnel. Adjusted EBIT and EBIT EBIT totalled SEK 28 (11) million, corresponding to an operating margin of 2.9 (1.2) percent. Items affecting comparability totalled SEK ‑8 (‑10) million and mainly related to a strategic project assessing opportunities for future growth. The project was completed during the period, and its outcomes may support future initiatives. Items affecting comparability also included share-based payments and compensation associated with the termination of an office lease at one of the company’s locations. Last year, items affecting comparability referred to personnel costs following role changes. Adjusted EBIT was SEK 36 (21) million, equivalent to a margin of 3.8 (2.3) percent. Adjusted EBIT included the accelerated amortisation of trademarks to be discontinued totalling SEK ‑2 (‑3) million. To boost private brand growth, the brand portfolio has been consolidated to focus investments on fewer brands. Several brands have been merged or discontinued. Since the accelerated amortisation commenced in 2023, cumulative accelerated amortisation has amounted to SEK 16 million, including SEK 1 million recognized in the current quarter. Financial items Financial income was SEK 8 (7) million, driven by a positive effect from the revaluation of financial balance sheet items and, in both periods, from interest income on deposits. Financial expenses were SEK ‑6 (‑28) million and comprised losses from the revaluation of currency derivatives, leasing expenses and credit facility fees. In the prior year, expenses were also negatively impacted by the revaluation of financial balance sheet items. Taxes and result for the period Tax totalled SEK ‑2 (‑1) million and the result for the period was SEK 29 (‑11) million.
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Q2/2026 Pierce Group AB (publ) 10 Comments to the Group’s cash flow (Figures in parentheses refer to the equivalent period last year) April - June 2026 Cash flow from operating activities amounted to SEK 46 (34) million, driven by improved EBIT and a positive contribution from changes in net working capital. Changes in net working capital contributed SEK 21 (0) million to operating cash flow. The positive development reflects continued inventory optimization and disciplined working capital management. Cash flow from investments totalled SEK ‑2 (‑15) million and mainly related to investments in distribution warehouse equipment. Last year also included the placement of funds for commercial deposits and guarantees. Cash flow from financing activities was SEK ‑4 (‑7) million and consisted of leasing payments and, in the current quarter, trade loan movements. Cash flow for the quarter was SEK 40 (13) million. Cash and cash equivalents at the end of the period totalled SEK 319 (188) million. January – June 2026 Cash flow from operating activities amounted to SEK 74 (‑75) million, reflecting a significant improvement compared to last year, primarily driven by changes in net working capital and improved profitability. Changes in net working capital contributed SEK 49 (‑115) million to operating cash flow. Compared with the prior year, the improvement reflects sustained progress in inventory optimization and continued focus on working capital efficiency. Cash flow from investments totalled SEK 10 (‑18) million, primarily reflecting a release of funds related to commercial deposits and guarantees, partly offset by the purchase of equipment for the distribution warehouse. Cash flow from financing activities was SEK ‑9 (‑14) million and consisted of leasing payments and, this year, of trade loan movements. Cash flow for the period was SEK 76 (‑108) million, reflecting a significant improvement year-on-year and supporting a strong cash position. Cash and cash equivalents at the end of the period totalled SEK 319 (188) million. Comments to the Group’s financial position (Figures in parentheses refer to the equivalent period last year) Net working capital Product availability remains a key driver of growth, customer satisfaction, and retention. Pierce continues to prioritize a strong and accessible assortment, supporting its position as a leading industry specialist with an extensive and attractive product range, competitive pricing, and fast, reliable delivery. Net working capital amounted to SEK 140 (210) million, corresponding to 7.6 (12.1) percent of LTM net revenue of SEK 1,849 (1,740) million. The decrease reflects the Company's continued focus on working capital optimization, particularly through improved inventory management. Inventory amounted to SEK 505 million, a decrease of SEK 18 million. Inventory levels remain well balanced, supporting operational efficiency while ongoing initiatives continue to enhance inventory quality and reduce overstock. Right-of-use assets and leasing liabilities Right-of-use assets amounted to SEK 94 (139) million and leasing liabilities to SEK 94 (136) million. The decrease is primarily attributable to depreciation, lease incentives related to the warehouse and reduced office space, as well as to negative foreign exchange translation effects. Net debt / net asset and credit facility The net cash position at the end of the period amounted to SEK 315 (188) million. Pierce has a credit facility of up to SEK 150 million. No cash amounts were drawn under the facility during the period. However, approximately SEK 46 million of the overdraft facility was utilised for guarantees issued by the bank on behalf of Pierce in favor of suppliers and other counterparties. The credit facility is subject to financial covenants regarding the Group’s leverage ratio and interest coverage ratio. Covenants are reported quarterly. As of 30 June 2026, Pierce was not in breach of the covenants under the current credit facility agreement. Equity The Group’s equity at the end of the period amounted to SEK 700 (658) million. The SEK 41 million increase in equity is primarily attributable to the net profit in the last twelve-month period of SEK 39 million and to share-based compensation of SEK 2 million.
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Q2/2026 Pierce Group AB (publ) 11 The Pierce Share The Pierce share is listed on the Nasdaq Stockholm Small Cap and trades under the ticker symbol PIERCE and ISIN code SE0015658364. On 9 April 2025 a total of 1,025,000 Series C shares were issued through a directed share issue to ensure delivery of performance shares to participants in the LTIP 2024/2027 performance-based share program. Series C shares carry one-tenth of a vote per share and do not entitle the holder to dividends. As the Company holds all issued Series C shares in treasury, the 102,500 votes they carry cannot be represented at any General Meeting. On 13 April 2026 a total of 850,000 Series C shares were issued through a directed share issue to ensure delivery of performance shares to participants in the LTIP 2025/2028 performance-based share program. Series C shares carry one-tenth of a vote per share and do not entitle the holder to dividends. As the Company holds all issued Series C shares in treasury, the 85,000 votes they carry cannot be represented at any General Meeting. On 9 June 2026 199,437 Series C shares were converted to ordinary shares and transferred to participants of the LTIP 2023/2026, in accordance with the resolution adopted by the 2023 Annual General Meeting. As of 30 June 2026, the share capital consisted of 79,573,537 ordinary shares with one vote per share and 2,625,563 series C shares with one-tenth of a vote per share, totalling 82,199,100 shares and 79,836,093 votes, equivalent to a quota value of SEK 0.02. The share price at the beginning of the year was SEK 14.3 and was SEK 9.9 on the last trading day of the period. The number of shareholders was 3,113, of which the largest were Verdane Capital (20.4%), Siba Invest AB (10.8%), Investment AB Garnen (5.3%), Avanza Pension (4.9%) and Alcur Fonder (4.7%). The Company has three ongoing long-term incentive programs – LTIP, for the CEO, Group Management and key employees and a warrant program for the CEO. See the additional information provided below. LTIP 2024/2027 LTIP 2024/2027 was approved by the Annual General Shareholders' Meeting on 17 May 2024, as part of an incentive program in the form of a performance-based share program for the CEO, Group Management and key employees. The program is accounted for in accordance with IFRS 2 which stipulates that the right to receive performance shares shall be expensed as a personnel cost over the vesting period. Provided that specific targets are met, a maximum of 1,025,000 ordinary shares can be issued to the participants for a subscription price of SEK 0.00. The vesting period ends on 17 May 2027 and participants will be awarded ordinary shares in accordance with the Terms and Conditions of the LTIP 2024/2027. LTIP 2025/2028 LTIP 2025/2028 was approved by the Annual General Shareholders' Meeting on 20 May 2025, as part of an incentive program in the form of a performance-based share program for Group Management and key employees. The program is accounted for in accordance with IFRS 2 which stipulates that the right to receive performance shares shall be expensed as a personnel cost over the vesting period. Provided that specific targets are met, a maximum of 850,000 ordinary shares can be issued to the participants for a subscription price of SEK 0.00. The vesting period ends on 20 May 2028 and participants will be awarded ordinary shares in accordance with the Terms and Conditions of the LTIP 2025/2028. LTIP 2026/2029 LTIP 2026/2029 was approved by the Annual General Shareholders' Meeting on 12 May 2026, as part of an incentive program in the form of a performance-based share program for Group Management and key employees. The program is accounted for in accordance with IFRS 2 which stipulates that the right to receive performance shares shall be expensed as a personnel cost over the vesting period. Provided that specific targets are met, a maximum of 925,000 ordinary shares can be issued to the participants for a subscription price of SEK 0.00. The vesting period ends on 12 May 2029 and participants will be awarded ordinary shares in accordance with the Terms and Conditions of the LTIP 2026/2029. Warrant program 2025/2029 Warrant program 2025/2029 was approved by the Annual General Shareholders' Meeting on 20 May 2025, as part of an incentive program in the form of a warrant program for the CEO. The program comprises 800,000 warrants, all of which were subscribed. Each warrant grants the right to subscribe to one (1) ordinary share in the Company. The warrants were subscribed at market value, calculated applying the Black & Scholes model, equivalent to SEK 1 million. The warrants can be exercised from 1 January 2029 – 30 June 2029, at a predetermined share price of SEK 13.5. With full subscription of the warrants, the Company’s share capital can increase with a maximum of SEK 16,000, based on the current quota value. The Company has reserved the right to repurchase warrants if, amongst other circumstances, the Participant’s employment with the Company is terminated. Significant events during the reporting period Series C share issue In April 2026, Pierce Group AB (publ) carried out a directed issue of 850,000 Series C shares to Nordic Issuing AB to ensure the delivery of performance shares to participants in the LTIP 2025/2028 performance-based share program. Exercise of long-term incentive program 2023/2026 In June 2026, a total of 199,437 ordinary shares were transferred to participants in the long-term incentive program 2023/2026 (LTIP 2023/2026), in accordance with the resolution adopted by the 2023 Annual General Meeting. To facilitate the transfer, Pierce Group AB (publ) converted 199,437 Series C shares into an equal number of ordinary shares. Following this conversion, the total number of shares is 82,199,100, comprising 79,573,537 ordinary shares and 2,625,563 Series C shares. The total number of votes amounts to 79,836,093.3. Warehouse Management System implemented In June 2026, Pierce Group AB (publ) reached a key strategic milestone with the implementation of a new warehouse management system (WMS) at its central warehouse, marking an important step in the Company’s transformation of its IT infrastructure. The new WMS establishes a scalable platform for future growth and is expected to enhance inventory accuracy and traceability while improving warehouse efficiency over time. The implementation itself progressed largely as planned, although the transition created temporary operational challenges. Fulfilment was paused during the migration, and lower warehouse productivity during the subsequent ramp-up resulted in a shipment backlog equivalent to approximately two days of sales, which
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Q2/2026 Pierce Group AB (publ) 12 carried over into the third quarter. With the new system now in place, the focus is on stabilising warehouse performance and progressively realising the benefits of the investment. Impact of currency effects In all material aspects, net revenue and the sum of total costs and investments are equivalent to payments received and payments made. Payments received during the last 12-month period in EUR, SEK and NOK accounted for 54, 14 and 10 percent respectively. With regards to payments made, EUR, SEK, USD and PLN accounted for 56, 18, 12 and 9 percent respectively. In order to reduce exposure to effects on earnings and cash flow due to exchange rate fluctuations, the Group utilised currency derivatives for certain currencies, including EUR, PLN and USD. Furthermore, operating assets and operating liabilities in foreign currency are revalued at the end of each month. This revaluation refers primarily to operating liabilities including trade payables. Exchange rate fluctuations arising from revaluations of operating balance sheet items are reported net, primarily as a part of the cost of goods sold. If leasing agreements have been signed in a currency other than the functional currency of each Group company, the leasing liability is revalued at each month-end close. These revaluation effects, as well as the revaluation of financial balance sheet items, are reported in financial net. Employees The average number of employees during the quarter amounted to 295 (303). Of these, 157 (176) were white collar workers in Sweden, Poland and Spain. Seasonal variations As the peak of the motorcycle season occurs in the second quarter, this time of the year generates the highest net revenue level of about 30 percent of total sales. The fourth quarter usually shows the second highest level of net revenue, due to “Black week” and Christmas sales, while the first quarter has the lowest impact on total net revenue, slightly exceeding 20 percent of total sales. Parent Company Pierce Group AB (publ), Corp. ID Number 556967-4392, is the Parent Company in the Pierce Group, and is a public limited liability company with registered office in Stockholm, Sweden. Since 26 March 2021, the Pierce share is listed on the Nasdaq Stockholm, Small Cap. The object of the Parent Company’s business is to own and manage real property and movable property and directly or indirectly, through subsidiaries, carry out sales of equipment, accessories, and spare parts for motorcycles and other vehicles, and carry out other operations consistent therewith. During the quarter, net revenue totalled SEK 6 (8) million and was fully attributable to sales to Group companies. Financial net consisted of interest income from an intercompany loan. The net result before tax for the quarter was SEK 2 (8) million. The Parent Company’s equity at the end of the period was SEK 752 (759) million. The CEO and CFO are employed in the Parent Company. Risks and factors of uncertainty The Group’s operations and results are influenced by various external factors. Pierce Group continues to be primarily exposed to operational risks, including competition, market developments in local markets, the quality of delivered goods, particularly from Asia, inventory and product assortment risks, IT-related risks, and dependency on key individuals and suppliers. A more detailed description of these risks and Pierce Group’s risk management strategy can be found in the Annual Report for 2025. Consumer demand continues to be influenced by the broader macroeconomic environment. While inflationary pressures have moderated compared with previous periods, geopolitical uncertainty, volatile energy prices and evolving global trade conditions continue to affect consumer confidence and the cost environment. Pierce continues to monitor geopolitical developments, including the conflicts in Ukraine and the Middle East, as well as changes in global trade policies and tariff regimes. Although the Group has limited direct exposure to U.S. trade flows, these developments may indirectly affect demand, input costs, freight rates and supply chain stability. The situation remains uncertain, and the Company continues to monitor developments and evaluate measures to mitigate potential impacts on operations and financial performance. As part of its ongoing technology development, including the implementation of business-critical systems, Pierce places particular emphasis on business continuity, cybersecurity and operational resilience. Financial risks include, among other things, currency risks (see previous page), interest rate risks and financing risk. E-commerce is characterised, amongst other things, by a sharp increase in sales during certain campaign periods. If Pierce’s sales do not develop in line with the Group’s expectations during these periods, this may negatively affect both the Company’s results and financial position. Pierce has a credit facility of up to SEK 150 million. No cash amounts were drawn under the facility during the period. However, approximately SEK 46 million of the overdraft facility was utilised for guarantees issued by the bank on behalf of Pierce in favor of suppliers and other counterparties. The credit facility is subject to financial covenants regarding the Group’s leverage ratio and interest coverage ratio. Covenants are reported quarterly. As of 30 June 2026, Pierce was not in breach of the covenants under the current credit facility agreement. For further information, see Note 6. Pierce performs impairment testing of its assets using a discount rate that reflects the prevailing risk-free interest rate. An increase in the risk-free interest rate could result in a higher discount rate and may lead to impairment of assets. Related party transactions During the current period Pierce purchased goods (for resale in its ordinary business) from O’Neal Europe GmbH & Co. KG, a company controlled by Pierce Group AB Board Member Thomas Schwarz, for a price of SEK 9 (9) million. All transactions with this supplier were performed on commercial market terms. For further information regarding related parties see Note 5.
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Q2/2026 Pierce Group AB (publ) 13 Medium to long term financial targets Pierce’s Board of Directors has adopted the following medium to long term financial targets1. Net revenue growth In the medium to long term (3-5 years), organically outgrow the European online market for motorcycle gear, accessories and parts. Adjusted EBIT margin In the medium to long term (3-5 years), achieve an adjusted EBIT margin of 5-8 percent. Capital structure Net debt/EBITDA2 not to exceed 2.0x, subject to temporary flexibility for strategic initiatives. Dividend policy Over the next few years, free cash flows3 are planned to be used for the continued development4 of the Company and thus not distributed to the shareholders. 1 The Board adopted the financial targets in May 2024. 2 Alternative performance measures (APM), see „Financial overview” https://www.piercegroup.com/en/reports-presentations/. 3 Free cash flow refers to cash flow from operating activities and investment activities. 4 Development of the company refers to e.g., investments in IT-hardware, IT-development, expansion of distribution warehouses, marketing, customer acquisition and business and asset acquisitions.
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Q2/2026 Pierce Group AB (publ) 14 Other The interim report was not subject to review by the Company’s auditors. Upcoming financial events 13 November 2026 Interim report January – September 2026 Telephone and web conference in conjunction with the publication of interim report CEO Göran Dahlin and CFO Fredrik Kjellgren will hold a web telephone conference in English on 21 August 2026, 09:00 CEST, in conjunction with the publication of the interim report. To participate via telephone conference, please register via the link below. https://events.inderes.com/pierce-group/q2-report-2026/dial-in After registration, you will be provided with a telephone number and a conference ID to access the telephone conference. You can ask questions verbally via telephone conference. The presentation and conference can be followed via the following web link: https://pierce-group.events.inderes.com/q2-report-2026 The presentation material will be available prior to the start of the conference on Pierce Group’s website via the following web link: https://www.piercegroup.com/en/reports-presentations/ Contact information, Pierce Göran Dahlin, CEO, +46 72 730 31 11 Fredrik Kjellgren, CFO, +46 72 554 95 25 The information was submitted for publication by the above-mentioned contact individuals on 21 August 2026 at 08:00 CEST. The information in this interim report comprises information which Pierce Group AB (publ) is obliged to disclose under the EU Market Abuse Regulation and the Securities Markets Act. Signatures The undersigned hereby confirm that the interim report provides a true and fair view of the Parent Company’s and Group’s operations, financial position and results, and that it describes the significant risks and uncertainties to which the Parent Company and the companies included in the Group are exposed. Stockholm, 21 August 2026 Henrik Theilbjørn Göran Dahlin Chairman of the Board CEO Johannes Gadsbøll Niklas Jarl Board Member Board Member Thomas Schwarz Lottie Saks Board Member Board Member Roger Sandberg Board Member
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Q2/2026 Pierce Group AB (publ) 15 Condensed consolidated statement of profit/loss Apr-Jun Jan-Jun Jul 2025- Jan-Dec SEKm (unless stated otherwise) Note 2026 2025 2026 2025 Jun 2026 2025 Net revenue 3.4 537 523 958 925 1,849 1,816 Cost of goods sold -306 -295 -553 -525 -1,071 -1,043 Gross profit 4 231 229 405 400 778 773 Sales and distribution costs -148 -148 -273 -280 -531 -538 Administration costs -52 -58 -106 -110 -204 -208 Other operating income and expenses 1 2 2 1 3 2 EBIT 4 32 26 28 11 46 28 Financial net 4 -3 2 -21 -4 -28 Profit/loss before tax 4 36 23 31 -10 41 0 Tax -1 0 -2 -1 -2 -1 Profit/loss for the period 35 23 29 -11 39 0 Attributable to shareholders of the parent company 35 23 29 -11 39 0 Earnings per share Earnings per share before dilution (SEK) 0.44 0.29 0.36 -0.14 0.49 -0.01 Earnings per share after dilution (SEK) 0.44 0.29 0.36 -0.14 0.49 -0.01 Average number of shares before dilution (thousands) 79,422 79,374 79,398 79,374 79,386 79,374 Average number of shares after dilution (thousands) 79,454 79,539 79,480 79,374 79,537 79,374 Consolidated statement of comprehensive income Apr-Jun Jan-Jun Jul 2025- Jan-Dec SEKm Note 2026 2025 2026 2025 Jun 2026 2025 Profit/loss for the period 35 23 29 -11 39 0 Items that may subsequently be reclassified to income statement Translation difference 5 7 7 0 -2 -8 Other comprehensive income for the period 5 7 7 0 -2 -8 Comprehensive income for the period and attributable to shareholders of the parent company 40 30 35 -11 38 -9
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Q2/2026 Pierce Group AB (publ) 16 Condensed consolidated statement of financial position Jun 30 Jun 30 Dec 31 SEKm Note 2026 2025 2025 Assets Non-current assets Intangible assets 266 273 268 Property, plant and equipment 11 12 11 Right-of-use assets 94 139 119 Financial assets 6 5 19 19 Deferred tax assets 2 2 2 Total non-current assets 379 444 418 Current assets Inventory 505 522 451 Other current assets 35 33 22 Cash and cash equivalents 319 188 235 Total current assets 858 742 708 Total assets 1,237 1,186 1,126 Equity and liabilities Total equity attributable to shareholders of the parent company 700 658 663 Non-current liabilities Leasing liabilities 67 104 87 Deferred tax liabilities 23 24 23 Provisions 1 0 1 Total non-current liabilities 91 128 111 Current liabilities Liabilities to credit institutions 4 — 0 Leasing liabilities 27 32 30 Trade payables 118 113 145 Other current liabilities 298 255 176 Total current liabilities 447 400 352 Total equity and liabilities 1,237 1,186 1,126
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Q2/2026 Pierce Group AB (publ) 17 Condensed consolidated statement of changes in equity SEKm Share capital Other capital contributions Translation reserve Retained earnings including profit/loss for the year Total equity attributable to shareholders of the Parent Company Opening balance 2025-01-01 2 814 12 -162 666 Profit/loss for the year — — — -11 -11 Share-based compensation — 2 — — 2 Other comprehensive income for the year — — 1 — 1 Total comprehensive income for the year — 2 1 -11 -8 Transactions with shareholders New share issue including issue costs — 0 — — 0 Total — 0 — — 0 Closing balance 2025-06-30 2 816 13 -173 658 SEKm Share capital Other capital contributions Translation reserve Retained earnings including profit/loss for the year Total equity attributable to shareholders of the Parent Company Opening balance 2026-01-01 2 817 7 -162 663 Profit/loss for the year — — — 29 29 Share-based compensation — 1 — — 1 Other comprehensive income for the year — — 7 — 7 Total comprehensive income for the year — 1 7 29 36 Transactions with shareholders New share issue including issue costs — 0 — — 0 Total — 0 — — 0 Closing balance 2026-06-30 2 818 14 -133 700
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Q2/2026 Pierce Group AB (publ) 18 Condensed consolidated statement of cash flow Apr-Jun Jan-Jun Jul 2025- Jan-Dec SEKm 2026 2025 2026 2025 Jun 2026 2025 Operating activities EBIT 32 26 28 11 46 28 Adjustments for non-cash items¹ -7 13 2 35 21 54 Paid interest -1 -2 -4 -4 -7 -7 Realised currency derivatives 0 -2 -2 -2 -6 -6 Received interest 2 1 3 1 3 2 Paid/received tax -1 -1 -2 -2 -3 -4 Cash flow from operating activities before changes in net working capital 25 34 25 39 54 68 Changes in net working capital 21 0 49 -115 93 -70 Cash flow from operating activities 46 34 74 -75 147 -3 Investing activities Investments in non-current assets -2 -1 -3 -4 -6 -7 Paid/received blocked funds 0 -14 13 -14 13 -14 Cash flow from investing activities -2 -15 10 -18 8 -21 Financing activities New share issue including issue costs 0 0 0 0 0 0 Issue of warrants including issue costs — — — — 1 1 Change of liabilities to credit institutions 2 — 3 — 4 0 Repayment of leasing liabilities -6 -7 -12 -14 -26 -27 Cash flow from financing activities -4 -7 -9 -14 -21 -26 Cash flow for the period 40 13 76 -108 134 -50 Cash and cash equivalents at the beginning of period 273 175 235 297 188 297 Exchange rate difference in cash and cash equivalents 7 0 8 -2 -2 -12 Cash and cash equivalents end of period 319 188 319 188 319 235 ¹ Adjustments for non-cash items consist, in all significance, of amortisation and depreciation, including amortisation of discontinued brands, and to changes in current short-term provisions.
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Q2/2026 Pierce Group AB (publ) 19 Condensed Parent Company statement of profit/loss Apr-Jun Jan-Jun Jan-Dec SEKm 2026 2025 2026 2025 2025 Net revenue 6 8 12 12 20 Gross profit 6 8 12 12 20 Administration costs -8 -9 -20 -13 -25 EBIT -2 -1 -8 -1 -6 Financial net 4 8 7 2 -1 Profit/loss after financial items 2 8 -1 1 -7 Appropriations — — — — — Profit/loss before tax 2 8 -1 1 -7 Tax — — — — — Profit/loss for the period 2 8 -1 1 -7 Profit/loss for the period equals comprehensive income for the period. Condensed Parent Company balance sheet Jun 30 Jun 30 Dec 31 SEKm 2026 2025 2025 Assets Non-current assets Shares in group companies 565 566 566 Receivables from group companies 186 192 189 Total non-current assets 752 757 755 Current assets Receivables from group companies 7 9 5 Other current assets 2 2 1 Cash and cash equivalents — — — Total current assets 9 11 6 Total assets 761 768 761 Equity and liabilities Total equity 752 759 752 Current liabilities Liabilities to group companies 0 0 0 Other current liabilities 9 9 8 Total current liabilities 9 9 9 Total equity and liabilities 761 768 761
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Q2/2026 Pierce Group AB (publ) 20 Note 1 - Accounting principles The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU. The Group’s Interim Report has been prepared in accordance with IAS 34 Interim Financial Reporting and the applicable parts of the Swedish Annual Accounts Act. The Interim Report for the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act, Interim reports, and RFR 2 Accounting for legal entities. None of the IFRS or IFRIC interpretations taking effect from January 1, 2026, have had any significant impact on the Group. For the Group and the Parent Company, the same accounting principles, providing the basis for calculations and assessments have been applied in the Annual Report for 2025. For a description of the Group's applied accounting principles, see Note 1 and Note 2 in the Annual Report for 2025. Disclosures in accordance with IAS 34.16A are shown in the financial statements and associated Notes, and are also found on pages 1–13 which form an integral part of this financial report. All amounts in this report are in millions of Swedish kronor (SEKm) unless stated otherwise. Rounding variances may occur. Segment reporting The Group operates as a single business segment. Management monitors the business as a whole and does not allocate resources or assess performance based on separate operating segments. Accordingly, no segment information is presented in these financial statements in accordance with IFRS 8 Operating Segments. Information on future standards None of the IFRS or IFRIC interpretations that are to come into force in 2026 are expected to have any significant impact on the Group. In 2024, the International Accounting Standards Board (IASB) issued a new accounting standard, IFRS 18 “Presentation and Disclosure in Financial Statements”, that will be effective from 1 January 2027 and replace the existing IAS 1 “Presentation of Financial Statements”. IFRS 18 will require companies to revise the structure of the financial statements presented in the external reports, as well as revision of the applied principles for classification of income and expenses including those arising from derivatives and insurance contracts. Pierce Group will carefully evaluate and analyse the impact of the new standard on its accounting policies, systems and processes. The Company will implement the necessary changes to ensure compliance with the new standard well in advance of the effective date of 1 January 2027. Note 2 - Estimations and assessments The preparation of the Interim Report requires that the Company's management make assessments and estimates, as well as assumptions that affect the application of the accounting principles and the reported amounts of assets, liabilities, income and expenses. The actual outcome may differ from these estimates. Changes in estimates are recognised in the period in which the change occurs, if the change affected only that period, or in the period in which the change is made and future periods if the change affects both the current period and future periods. Important estimations and assessments can be found in Note 2 in the 2025 Annual Report. No changes have been made to these estimations and assessments that could have a significant impact on the financial report. Note 3 – Revenue The Group’s revenue consists of the sale of goods via the Group’s websites. Revenue is reported at a given point in time due to the fact that the conditions for control being transferred over time are not met. Geographical area is an important attribute when specifying revenue, and this is presented in the table below. Apr-Jun Jan-Jun Jul 2025- Jan-Dec SEKm 2026 2025 2026 2025 Jun 2026 2025 Sweden 76 78 139 137 259 256 Other Nordics 107 110 180 183 313 315 Outside the Nordics 355 335 639 606 1,277 1,244 Revenue Group 537 523 958 925 1,849 1,816 Note 4 - Financial instruments, fair value Currency derivatives are the only instruments reported at fair value through profit/loss. Other financial instruments are valued at amortised cost in the statement of financial position, and the reported values corresponded in all material respects with the fair value. In accordance with IFRS 13, the currency derivatives are classified as level 2 in the fair value hierarchy. Depending on the market valuation at the reporting date, the instruments are recognised as either assets or liabilities in the balance sheet. The valuation of currency derivatives is based on official market data for exchange rates. At the end of the period, the fair value amounted to SEK 1 (‑6) million and these derivatives were classified as current assets.
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Q2/2026 Pierce Group AB (publ) 21 Note 5 - Related party transaction Other related party transactions During the current period, Pierce purchased goods (for resale in its ordinary business) from O’Neal Europe GmbH & Co. KG, a company controlled by Pierce Group AB Board Member Thomas Schwarz, for SEK 9 (9) million. All transactions with this supplier were performed on commercial market terms. In addition to the above-mentioned related party transactions and remuneration to senior executives, there were no other related party transactions in the current and previous interim periods. See Note 29 in the Annual Report for 2025 for more information. Performance-based share program The Group has three performance-based share programs as a part of an incentive program for certain senior executives and key employees in the Group. See page 11 for further information. Warrant program The Group has a warrant program as a part of an incentive program for the CEO. See page 11 for further information. All transactions are based on market terms and conditions. Note 6 - Pledged assets and contingent liabilities Jun 30 Jun 30 Dec 31 SEKm 2026 2025 2025 To credit institutions for the Group's own liabilities and provisions Deposits for fulfillment of payments 3 3 3 Lease guarantee — 14 13 Paid blocked funds 2 2 2 Total pledged assets 5 19 18 Pierce has a credit facility of up to SEK 150 million. No cash amounts were drawn under the facility during the period, maintaining a positive cash position. However, approximately SEK 46 million of the overdraft facility was utilised for guarantees issued by the bank on behalf of Pierce in favor of suppliers and other counterparties. There is a guarantee granted for the credit facility to credit institutions provided by the Parent Company, Pierce Group AB, for the liabilities of its subsidiary, Pierce AB. The credit facility includes certain financial covenants. See more information under the Risks and factors of uncertainty section, page 12. Pledged assets at the end of the quarter related to deposits paid and blocked funds, with a release of funds associated with commercial deposits and guarantees during the quarter. Note 7 - Significant events after the end of the reporting period No significant events took place after the end of the reporting period.
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Q2/2026 Pierce Group AB (publ) 22 Key financials – quarterly SEKm (unless stated otherwise) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net revenue 369 382 356 456 365 451 401 523 427 464 421 537 Growth (%)¹ -1% -10% 3% 3% -1% 18% 13% 15% 17% 3% 5% 3% Growth in local currencies (%)¹ -9% -15% 2% 2% 1% 19% 12% 20% 20% 7% 10% 2% Gross profit 113 171 162 201 166 195 171 229 171 202 174 231 Profit after variable costs¹ ² 34 80 82 104 82 93 76 120 84 98 80 118 Overhead costs¹ -67 -72 -59 -69 -65 -76 -72 -74 -61 -75 -69 -75 EBITDA¹ -33 -13 23 34 17 10 1 39 19 21 5 41 EBIT³ -47 -45 7 17 0 -5 -15 26 7 10 -4 32 Adjusted EBITDA¹ -32 8 23 35 17 16 4 46 24 24 11 43 Adjusted EBIT¹ ³ -47 -7 7 17 0 1 -11 32 11 13 2 34 Items affecting comparability¹ -1 -38 0 0 0 -6 -4 -7 -4 -2 -6 -2 Profit/loss for the period -61 -49 25 14 -2 -1 -34 23 2 8 -6 35 Gross margin (%)¹ 30.7% 44.7% 45.6% 44.1% 45.5% 43.2% 42.6% 43.7% 40.1% 43.5% 41.3% 43.1% Profit after variable costs (%)¹ 9.3% 20.9% 23.1% 22.7% 22.5% 20.6% 19.0% 22.8% 19.7% 21.2% 19.1% 21.9% Adjusted EBITDA (%)¹ -8.7% 2.1% 6.5% 7.6% 4.6% 3.6% 1.1% 8.7% 5.5% 5.1% 2.7% 8.0% Adjusted EBIT (%)¹ -12.7% -1.9% 2.0% 3.7% 0.0% 0.3% -2.7% 6.2% 2.7% 2.8% 0.5% 6.4% Cash flow for the period -1 61 57 83 -105 32 -120 13 -22 79 36 40 Free cash flow¹ 6 69 64 91 -98 40 -113 19 -18 87 41 44 Net debt (+) / Net cash (-)⁴ -171 -222 -278 -350 -261 -297 -175 -188 -159 -235 -271 -315 Earnings per share before dilution (SEK) -0.77 -0.62 0.32 0.17 -0.03 -0.01 -0.43 0.29 0.03 0.10 -0.08 0.44 Earnings per share after dilution (SEK) -0.77 -0.62 0.32 0.17 -0.03 -0.01 -0.43 0.29 0.03 0.10 -0.08 0.44 ¹ Alternative performance measures (APM), see „Financial overview” https://www.piercegroup.com/en/reports-presentations/. ² Variable costs refers, in addition to cost of goods sold, to variable sales and distribution costs. These include direct marketing costs as well as other direct costs and correlates essentially with net revenue. Other direct costs mainly consist of freight, invoicing and packaging. ³ EBIT includes depreciation, amortisation and impairment. ⁴ Net debt refers to the alternative performance measure net debt excluding IFRS 16.
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Q2/2026 Pierce Group AB (publ) 23 Alternative Performance Measures Financial measures not defined in accordance with IFRS Pierce applies financial measurements in its interim reports which are not defined in accordance with IFRS. The Company believes that these measurements provide valuable supplementary information to investors and the Company’s management. As not all companies calculate Alternative Performance Measures in the same manner, these measures are not always comparable with measures used by other companies. These financial measurements should, therefore, not be seen to comprise a replacement for measures defined according to IFRS. As part of our ongoing efforts to enhance transparency and provide more meaningful insight into the performance of the Company, we have reviewed and updated the set of APMs presented alongside our IFRS financial statements. In line with regulatory guidance and best practices, we aim to present APMs that are relevant, consistent, and tailored to our stakeholders' needs, particularly in the context of our industry. Several previously disclosed measures have been discontinued, as we concluded they provided limited incremental insight into the Company's performance or were no longer relevant. Definitions The interim report contains financial performance measures in accordance with the applied framework for financial reporting, which is based on IFRS. In addition, there are other performance measures and indicators which are used as a supplement to the financial information. These performance measures are applied to provide the Group’s stakeholders with financial information for the purpose of analysing the Group’s operations and goals. The various performance measures applied which are not defined according to IFRS are available on the Company’s website, https://www.piercegroup.com/en/reports-presentations/, under the column “Financial data”.
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Corp. ID number: 556967–4392 Fleminggatan 20 | 112 26 Stockholm | Sweden www.piercegroup.com