Interim report
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PIXELFOX Pixelfox ab (publ) pixelfox group ab pixelcart ab pixelapps inc Q22026 PixelFox AB (Publ) 559134-5813 Published 2026-08-03
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PixelFox AB (Publ) Summary of the Period Multi-year overview, Group Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Net sales (SEK million) 31,3 18,5 75,3 34,8 86,8 EBITDA (SEK million) 0,5 0,9 1,7 2,7 5,1 Profit/loss after financial items (SEK million) -0,2 10,8 2,1 12,0 12,9 T otal assets (SEK million) 21,7 23,9 21,7 23,9 24,4 Equity ratio (%) 86,9% 90,1% 86,9% 90,1% 91,4% Earnings per share (SEK) 0,00 0,30 0,06 0,33 0,35 Multi-year overview, Pare n t c ompa n y Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Net sales (SEK million) 1,5 0,9 3,0 1,5 3,4 EBITDA (SEK million) 0,0 0,4 0,0 0,5 1,0 Profit/loss after financial items (SEK million) 0,0 0,3 0,2 0,5 6,2 T otal assets (SEK million) 21,5 17,8 21,5 17,8 26,8 Equity ratio (%) 95,2% 90,3% 95,2% 90,3% 96,5% Earnings per share (SEK) 0,00 0,01 0,00 0,01 0,28 T urnover EBITDA 31.3 0.5 Q2 2026 Significant events during the period AI platform for ad production - Rendera launched in beta version The Annual General Meeting resolved to re-elect board members Stefan Vilhelmsson and Mathias Palmqvist. Christer Haglund had declined re-election. Robin Bäcklund was elected as a new board member. Stefan Vilhelmsson was re-elected as Chairman of the Board. Significant events after the period . No significant events after the period. 2 (19) Q2
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PixelFox AB (Publ) CEO’s Statement The second quarter of 2026 was characterized by continued growth in the Group's revenue compared to the same period last year. During the period, we completed the distribution of shares in Servana AB and launched the beta version of our AI platform Rendera, two concrete steps in our strategy to build and distribute value to our shareholders. The Group remains debt-free, which provides stability and flexibility in our continued work. During the quarter, we launched Rendera in beta version. Rendera is our AI- based platform for automated production of digital advertising material. The platform makes it possible to go from a product or web link to finished ads in a short time. Using AI, the brand, product and target audience are analyzed to generate ad concepts adapted for channels such as TikT ok, Reels, Shorts and Y ouT ube. Rendera is a clear example of how we work to build scalable digital products with commercial potential, and we look forward to taking the platform further during the autumn. During the quarter, the distribution of shares in Servana AB was also completed. Through the distribution, ownership in Servana has been spread to PixelFox shareholders, creating conditions for the company's continued development as an independent business. The distribution is a concrete example of how we work according to our model: identifying and developing assets, realizing value, and letting that value benefit our shareholders. At the same time, we continue to actively contribute to Servana's development, which we believe benefits all shareholders over time. In Q2 2026, the Group's net revenue amounted to SEK 31.3 million (SEK 18.5 million) compared to Q2 2025, an increase of approximately 69%. EBITDA amounted to SEK 0.5 million. The revenue growth confirms that demand in our businesses remains strong and that the positive development we saw during 2025 and the first quarter has continued into the second quarter. During the period, we have at the same time incurred costs for the development and launch of new products. Our focus going forward is to strengthen the gross margin and continue building profitability, without losing the momentum we have built in sales. The Company's retail operations are conducted under several established brands and have been digitalized through proprietary platforms. The operations are profitable and cash-generating and form the financial foundation that enables us to invest in new products and platforms without depending on external capital. Combined with our debt-free balance sheet, this means we can maintain discipline in our capital allocation, where capital is to be allocated to investments and projects where we assess the risk-adjusted return as attractive, rather than letting capital remain passive on the balance sheet. Outlook Going forward, our focus is on continuing to develop the businesses and assets where we see the greatest potential. T aking Rendera from beta towards commercial launch will be a central part of that work during the second half of the year. At the same time, we continue to evaluate strategic opportunities and investments that can strengthen the Group's structure and contribute to long- term shareholder value. Our financial position, with a debt-free balance sheet, allows us to act when the right opportunities arise. The revenue development shows that the foundation is strong, and our ambition is to convert growth into continued value creation, both in PixelFox and in the assets and companies we engage in. Robin Bäcklund CEO 3 (19) Q2
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PixelFox AB (Publ) 5 (x) Q2Q1
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PixelFox AB (Publ) Operations PixelFox is a technology-driven corporate group that combines operational activities with strategic investments. The foundation of the company’s model is the Group’s inherited and established retail and bullion trading operations, which have been digitalised and optimised through proprietary technology and contribute stable cash flows and financial strength for continued expansion. Building on this foundation, PixelFox develops and provides digital services for e-commerce companies, with a focus on SaaS, automation, analytics and sales optimisation. By combining technology, data and industry expertise, the company creates solutions that enable efficiency improvements and scalable growth. PixelFox also conducts strategic investments through acquisitions, minority holdings and active asset management. The combination of technical expertise, operational experience and financial flexibility creates the conditions for continuous development, integration and refinement of services and business models. Vision PixelFox’s vision is to establish a leading position in technology-driven commerce and digital services, where innovation, commercial development and customer experience are at the core. By combining smart capital allocation, stable cash flows and advanced technology, the company aims to help shape the future of commerce and enable sustainable growth. 5 (19) Business Idea PixelFox’s business concept is to create a scalable ecosystem within e- commerce and digital commerce technology through proprietary digital initiatives, strategic investments and acquisitions of complementary companies. The offering includes digital services, platforms and SaaS solutions designed to promote efficiency, growth and long-term profitability. PixelFox combines technical expertise, operational experience and financial resources to identify, develop and further refine businesses and concepts that strengthen the Group as a whole. By leveraging cash flows from the Group’s established, inherited B2C and retail operations, PixelFox ensures a stable financial base, enabling continuous investments in new projects, technical improvements and business development within the technology segment, which constitutes the company’s strategic growth focus. This approach, where financial stability, entrepreneurship and product innovation work together, positions the company as an expansive and forward-looking player. Q2
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PixelFox AB (Publ) Group Brands & Services Group Structure The Parent Company of the Group, PixelFox AB (publ), has three wholly owned subsidiaries: Pixelfox Group AB, Pixelcart AB and W & IT Solutions AB. PixelApps International, Inc. (USA) is a wholly owned subsidiary of Pixelfox Group AB. In accordance with Chapter 7, Section 5 of the Swedish Annual Accounts Act (ÅRL), Servana AB is excluded from consolidation and is recognised as a financial non-current asset (financial fixed asset). 559134-5813 PixelFox AB (Publ) PixelFox Group AB 559335-1157 PixelCart AB 559206-2458 W & I T S olutions AB 559056-4059 PixelApps International 559206-0874 Brands The PixelFox Group currently operates four brands and services. Among these are two B2B SaaS solutions and W&IT, which targets the consumer market. By strategically sharing technology and customer insights across business areas, the Group works purposefully to optimize customer value and strengthen its market position. PixelFox B2B - SaaS W&IT B2C - Bullion/Retail/Trading Island Upsell B2B - SaaS R ende ra B2B - SaaS 6 (19) Q2
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PixelFox AB (Publ) Financial Overview Multi-year overview, Group Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Net sales (SEK million) 31,3 18,5 75,3 34,8 86,8 EBITDA (SEK million) 0,5 0,9 1,7 2,7 5,1 Pro fi t / loss after fi nancial items (SEK million) -0,2 10,8 2,1 12,0 12,9 T otal assets (SEK million) 21,7 23,9 21,7 23,9 24,4 Equity ratio ( % ) 86,9 % 90,1 % 86,9 % 90,1 % 91,4 % Earnings per share (SEK) 0,00 0,30 0,06 0,33 0,35 Multi-year overview, P arent co m pany Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Net sales (SEK million) 1,5 0,9 3,0 1,5 3,4 EBITDA (SEK million) 0,0 0,4 0,0 0,5 1,0 Pro fi t / loss after fi nancial items (SEK million) 0,0 0,3 0,2 0,5 6,2 T otal assets (SEK million) 21,5 17,8 21,5 17,8 26,8 Equity ratio ( % ) 95,2 % 90,3 % 95,2 % 90,3 % 96,5 % Earnings per share (SEK) 0,00 0,01 0,00 0,01 0,28 Insiders as of 2025-06-30 Robin Bäcklund Chief Executive Officer & Board Member Stefan Vilhelmsson Chairman of the Board Mathias Palmqvist Board Member Financial Calendar NOV 22 2026- 11 -2 4 Interim Report Q 3 2026 F EB 25 202 7 -02-2 5 Interim Report Q 4 2026 F EB 25 202 7 -05-2 6 Annual Report 2026 MA Y 22 202 7 -06-2 4 A G M 2027 As of 2025-06-30, the company has 36 318 531 shares outstanding. This report has not been reviewed by the company’s auditor. Information MA Y 22 AUG 22 202 7 -05-2 2 Interim Report Q 1 2027 202 7 -0 8 -2 2 Interim Report Q 2 2027 7 (19) Q2
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PixelFox AB (Publ) Group Income Statement Multi-year overview, Group Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Net sales 31 324 960 18 469 018 75 257 432 34 790 591 86 751 668 Other income 66 070 6 763 73 446 24 578 57 998 Operating income 31 391 030 18 475 781 75 330 878 34 815 169 86 809 666 Operating expenses Raw materials and consumables -28 299 781 -15 337 494 -68 201 934 -27 944 361 -72 634 066 Other external expenses -1 003 077 -997 089 -2 199 553 -1 883 811 -4 284 022 Personnel expenses -1 600 529 -1 266 181 -3 232 678 -2 258 051 -4 746 991 Depreciation and impairment of equipment and goodwill -601 668 -601 801 -1 203 336 -1 218 833 -2 422 169 Other operating expenses 0 -823 0 -890 -890 Operating expenses -31 505 055 -18 203 388 -74 837 501 -33 305 946 -84 088 138 Operating profit/loss -114 025 272 393 493 377 1 509 223 2 721 528 Pro fi t / loss from fi nancial in v estments Pro fi t / loss from shares in group companies 0 18 706 376 0 18 706 376 18 706 376 Pro fi t / loss from other securities and recei v ables held as non-current assets 0 -8 142 857 1 598 015 -8 142 857 -8 347 537 Other interest income and similar pro fi t / loss items 26 376 45 85 276 74 3 751 I nterest expenses and similar pro fi t / loss items -64 940 -26 178 -67 676 -55 849 -196 718 - 38 56 4 10 5 37 38 6 1 615 615 10 50 7 744 10 165 87 2 P rofit/loss a f ter financial items -152 589 10 809 779 2 108 992 12 016 967 12 887 400 T ax on pro fi t / loss for the period 0 0 0 0 -28 570 P rofit/loss f or t h e perio d -152 589 10 809 779 2 108 992 12 016 967 12 858 830 E arnings per s h are 0 , 00 0 , 30 0 , 06 0 , 33 0 , 35 8 (19) Q2
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PixelFox AB (Publ) Group Balance Sheet ASSETS 2026-06-30 2025-06-30 2025-12-31 Non-current assets Intangible non-current assets Goodwill 4 529 892 6 776 044 5 652 968 T rademarks, licences and platforms 346 217 506 737 426 477 4 876 109 7 282 781 6 079 445 Financial non-current assets Other long-term holdings of securities 6 908 674 10 858 713 10 858 713 Other long-term receivables 821 203 891 421 203 7 729 877 10 859 604 11 279 916 T otal non-current assets 12 605 986 18 142 385 17 359 361 Current assets Inventories, etc. Finished goods and merchandise 3 986 195 3 209 642 4 427 474 3 986 195 3 209 642 4 427 474 Short-term receivables T rade receivables 86 494 0 1 321 C urrent ta x receivables 58 542 86 954 27 852 Other receivables 1 697 011 741 704 1 670 430 P repaid e x penses and accrued income 326 847 842 408 320 280 2 168 894 1 671 066 2 019 883 C ash and bank 2 933 486 845 809 631 754 T otal current assets 9 088 575 5 726 517 7 079 111 T O T AL ASSE T S 21 694 561 23 868 902 24 438 472 9 (19) Q2
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PixelFox AB (Publ) Group Balance Sheet EQUITY AND LIABILITIES Equity Share capital Other contributed capital Other equity including profit/loss for the year T otal equity Non-current liabilities Other liabilities Current liabilities T rade payables Liabilities to associated companies Other liabilities A ccrued e x penses and deferred income T O T AL EQUI T Y AND LIABILI T IES 2026-06-30 1 634 334 50 632 255 -33 424 653 18 841 936 0 0 651 326 201 850 570 349 1 429 100 2 852 625 21 694 561 2025-06-30 1 634 334 50 637 255 -30 777 641 21 493 948 1 277 825 1 277 825 162 689 195 335 308 723 430 382 1 097 129 23 868 902 2025-12-31 1 634 334 50 632 255 -29 930 449 22 336 140 71 208 71 208 475 365 196 828 511 499 847 432 2 031 124 24 438 472 10 (19) Q2
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PixelFox AB (Publ) Statement of Changes in Group Equity Other equity incl. net result for the year Opening balance 2025-01-01 New share issue Change in Group composition T ranslation differences Profit/loss for the year Closing balance 2025-12-31 Change in Group composition Distribution T ranslation differences Profit/loss for the period Closing balance 2026-06-30 Share capital 1 553 977 80 357 0 0 0 1 634 334 0 0 0 0 1 634 334 Other contributed capital 49 217 612 1 414 643 0 0 0 50 632 255 0 0 0 0 50 632 255 -42 818 359 0 3 654 25 426 12 858 830 -29 930 449 182 -5 593 054 -10 324 2 108 992 -33 424 653 T otal 7 953 230 1 495 000 3 654 25 426 12 858 830 22 336 140 182 -5 593 054 -10 324 2 108 992 18 841 936 11 (19) Q2
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PixelFox AB (Publ) Group Cash Flow Statement (SEK) Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Operating activities Profit/loss after financial items -152 589 10 809 779 2 108 992 12 016 967 12 887 400 Adjustments for items not included in cash flow 653 113 -9 934 031 -404 822 -9 289 780 -7 880 834 500 524 875 748 1 704 170 2 727 187 5 006 566 Income tax paid -15 345 -15 927 -30 690 -31 328 -796 Cash flow from operating activities before changes in working capital 485 179 859 821 1 673 480 2 695 859 5 005 770 Changes in working capital Change in inventories 1 069 311 -1 146 558 441 279 -1 912 114 -3 129 946 Change in operating receivables -229 180 -597 588 -163 321 -447 481 -857 535 Change in operating liabilities -182 748 -512 569 750 294 6 392 940 387 Cash flow from operating activities 1 142 562 -1 396 894 2 701 732 342 656 1 958 676 Investing activities Ac q uisition of financial non-current assets -400 000 0 -400 000 0 -625 700 Cash flow from investment activities -400 000 0 -400 000 0 -625 700 F inancing activities S hare issue costs 0 0 0 0 -5 000 Change in loans 0 0 0 0 -1 199 375 Cash flow from fi nancing activities 0 0 0 0 -1 204 375 N et cash flow for the perio d 742 562 -1 396 894 2 301 732 342 656 128 601 Cash an d cash e qu ivalents at the beginning of the perio d 2 190 924 2 242 703 631 754 503 153 503 153 Cash an d cash e qu ivalents at the en d of the perio d 2 933 486 845 809 2 933 486 845 809 631 754 12 (19) Q2
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PixelFox AB (Publ) Parent Company Income Statement Multi-year overview, Parent company Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Net sales 1 500 000 900 001 3 000 000 1 500 001 3 400 001 Other operating income 66 070 5 786 73 446 5 786 39 205 Operating income 1 566 070 905 787 3 073 446 1 505 787 3 439 206 Operating expenses Other external expenses -246 552 -228 374 -457 385 -437 641 -977 935 Personnel expenses -1 281 014 -318 365 -2 613 189 -542 108 -1 510 050 Operating expenses -1 527 566 -546 739 -3 070 574 -979 749 -2 487 985 Operating profit/loss 38 504 359 048 2 872 526 038 951 221 Profit/loss from financial investments Profit/loss from shares in gro u p companies 0 0 164 482 0 5 428 572 Other interest income an d similar profit/loss items 87 34 149 34 86 I nterest expenses an d similar profit/loss items -86 -23 138 -153 -50 252 -180 747 1 -2 3 10 4 16 4 478 -50 21 8 5 2 47 9 11 P rofit/loss a f ter financial items 38 505 335 944 167 350 475 820 6 199 132 A ppropriations 0 0 0 0 4 100 000 P rofit/loss f or t h e perio d b e f ore tax 38 505 335 944 167 350 475 820 10 299 132 P rofit/loss f or t h e perio d 38 505 335 944 167 350 475 820 10 299 132 E arnings per s h are 0 , 00 0 , 01 0 , 00 0 , 01 0 , 28 13 (19) Q2
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PixelFox AB (Publ) Parent Company Balance Sheet ASSETS 2026-06-30 Non-current assets Financial non-current assets Shares in group companies 15 083 000 Other long-term holdings of securities 1 570 Other long-term receivables 883 15 085 453 T otal non-current assets 15 085 453 Current assets Short-term receivables Receivables from group companies 6 082 206 Other receivables 930 Prepaid expenses and accrued income 48 710 6 131 846 Cash and bank 268 357 T otal current assets 6 400 203 T O T AL ASSE T S 21 485 656 2025-06-30 15 083 000 1 570 891 15 085 461 15 085 461 2 468 000 2 559 42 000 2 512 559 195 390 2 707 949 17 793 410 2025-12-31 15 083 000 1 570 883 15 085 453 15 085 453 11 410 778 1 785 72 950 11 485 513 253 772 11 739 285 26 824 738 14 (19) Q2
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Parent Company Balance Sheet EQUITY AND LIABILITIES 2026-06-30 Equity Share capital 1 634 334 T otal equity 1 634 334 Unrestricted equity Share premium reserve 46 672 255 Retained earnings -28 011 003 Profit/loss for the period 167 350 18 828 602 T otal equity 20 462 936 Non-current liabilities Other liabilities 0 0 Current liabilities T rade payables 158 204 L iabilities to group companies 57 200 Other liabilities 394 312 A ccrued e x penses and deferred income 413 004 1 022 720 T O T AL EQUI T Y AND LIABILI T IES 21 485 656 PixelFox AB (Publ) 2025-06-30 2025-12-31 1 634 334 1 634 334 1 634 334 1 634 334 46 677 255 46 672 255 -32 717 081 -32 717 081 475 820 10 299 132 14 435 994 24 254 306 16 070 328 25 888 640 1 156 772 0 1 156 772 0 1 648 2 686 90 979 57 200 185 150 473 783 288 533 402 429 566 310 936 098 17 793 410 26 824 738 15 (19) Q2
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PixelFox AB (Publ) Statement of Changes in Parent Company Equity Share premium reserve Profit/loss for the period Opening balance 2025-01-01 T ransfer of prior year’s result New share issue Profit/loss for the year Closing balance 2025-12-31 T ransfer of prior year’s result Profit/loss for the year Closing balance 2026-06-30 Share capital 1 553 977 0 80 357 0 1 634 334 0 0 1 634 334 45 257 612 0 1 414 643 0 46 672 255 0 0 46 672 255 Retained earnings -35 421 856 2 704 775 0 0 -32 717 081 10 299 132 0 -22 417 949 2 704 775 -2 704 775 0 10 299 132 10 299 132 -10 299 132 167 350 -5 425 704 T otal 14 094 508 0 1 495 000 10 299 132 25 888 640 0 167 350 20 462 936 16 (19) Q2
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PixelFox AB (Publ) Parent Company Cash Flow Statement (SEK) Q2 2026 Q2 2025 H1 2026 H1 2025 2025 Operating activities Profit/loss after financial items 38 505 335 944 167 350 475 820 6 199 132 Adjustments for items not included in cash flow 0 22 953 -164 482 45 558 88 169 38 505 358 897 2 868 521 378 6 287 301 Income tax paid 0 0 0 0 0 Cash flow from operating activities before changes in working capital 38 505 358 897 2 868 521 378 6 287 301 Changes in working capital Change in operating receivables 51 188 -142 034 -74 905 -396 728 -5 269 682 Change in operating liabilities 102 265 -88 233 86 622 -50 280 319 508 Cash flow from operating activities 191 958 128 630 14 585 74 370 1 337 127 Financing activities S hare issue costs 0 0 0 0 -5 000 Change in loans 0 0 0 0 -1 199 375 Cash flow from fi nancing activities 0 0 0 0 - 1 204 375 N et cash flow for the perio d 191 958 128 630 14 585 74 370 132 752 Cash an d cash e qu ivalents at the beginning of the perio d 76 399 66 760 253 772 121 020 121 020 Cash an d cash e qu ivalents at the en d of the perio d 268 357 195 390 268 357 195 390 253 772 17 (19) Q2
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PixelFox AB (Publ) Additional Disclosures Accounting Principles Accounting method (K3 principle): The consolidated financial statements have been prepared in accordance with the acquisition method. This means that the acquired subsidiaries’ assets and liabilities have been recognised at the fair value that formed the basis for determining the purchase price of the shares. The difference between the purchase price and the acquired company’s equity is recognised as goodwill. The Group’s equity comprises the Parent Company’s equity and the portion of the subsidiaries’ equity that has arisen after these companies were acquired. The Share The Company’s share is available for trading on NGM Nordic SME under the short name PIXEL and ISIN code SE0013409273. Risks There are several risks that may affect the Company’s operations and results. The Company mitigates many of the internal risks by strengthening the Group’s internal procedures, but there are external factors that the Group cannot influence. Investors should exercise caution when investing and should always form an overall view of the Company before making an investment in the Company. Due to rounding, figures presented in this interim report may in some cases not add up exactly to the totals and percentages may differ from the exact percentages. Employees The Company has five employees at the end of the period. Non-Current Assets Non-current assets are measured at cost less accumulated depreciation and any impairments. Intangible and tangible non-current assets are recognised at cost less accumulated depreciation and any impairments. Straight-line depreciation is applied to the depreciable amount (cost less estimated residual value) over the assets’ useful lives as follows: fixtures and fittings, tools, installations and goodwill: 5 years. Rounding Due to rounding, figures presented in this interim report may in some cases not add up exactly to the totals and percentages may differ from the exact percentages. Depreciation and Impairments The result for the second quarter of 2026 was charged with depreciation of SEK -601 668 related to the Group’s platforms and goodwill amortisation. The Group’s depreciable assets have arisen through acquisitions. Depreciation of the assets and goodwill is recognised on a straight-line basis over a period of five years. Equity As of 30 June 2026, consolidated equity amounted to SEK 18,841,936 (SEK 21,493,948). The Parent Company's equity amounted to SEK 20,462,936 (SEK 16,070,328) as of 30 June 2026. 18 (19) Q2
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PIXELFOX Pixelfox ab (publ) pixelfox group ab pixelcart ab pixelapps inc Q22026 PixelFox AB (Publ) 559134-5813 Published 2026-08-03 Box 16416 103 27 Stockholm Sverige ir@wearepixelfox.com