Interim report
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Profoto Holding AB (publ) 1 Interim Report January 1 – September 30, 2026 For information and explanations for alternative performance measures, see pages 20–21. 1) Calculated on the basis of 40 ,000 ,000 ordinary shares, basic and diluted. All amounts are reported in millions of Swedish kronor (SEKm) unless otherwise stated. Rounding differences of SEKm +/−1 may occur when figures are totaled. Figures in parentheses represent the same period in the previous year. 1 Q3 Interim Report January 1 – September 30, 2026 Financial summary July – September 2026 • Net sales totaled SEK 128m (119), an increase of 7.9 percent. Organic growth was 7.7 percent, and the currency effect was 0.2 percent. • EBITDA amounted to SEK 40m (4) and the EBITDA margin to 30.9 percent (3.2). • EBIT amounted to SEK 19m (−57) and the EBIT margin to 14.6 percent (−47.9). • Earnings were positively impacted by a refund of U.S. tariffs of SEK 15m. • Profit for the period amounted to SEK 14m (−48). • Return on operating capital (LTM) was 9.5 percent (14.0). • Cash flow from operating activities amounted to SEK 25m (35). • Earnings per share (basic and diluted)1 amounted to SEK 0.36 (−1.19). Financial summary January – September 2026 • Net sales totaled SEK 419m (454), a decrease of 7.7 percent. Organic growth was −3.0 percent, and the currency effect was −4.7 percent. • EBITDA amounted to SEK 96m (71) and the EBITDA margin was 22.9 percent (15.7). • EBIT amounted to SEK 35m (−22) and the EBIT margin to 8.5 percent (−4.9). • Earnings were positively impacted by a refund of U.S. tariffs of SEK 15m. • Profit for the period amounted to SEK 26m (−30). • Cash flow from operating activities amounted to SEK 56m (113). • Earnings per share (basic and diluted)1 amounted to SEK 0.66 (−0.76). • Net debt amounted to SEK 151m (208), and the net debt/EBITDA LTM ratio was 1.17 (1.45). Sales growth with significant geographic variations: • Sales growth from low levels. • Improved earnings, partly due to a tariff refund. • Strengthened financial position. • LED-panel Profoto ProPanel is progressing as planned. – Anders Hedebark, CEO Net sales LTM SEK 582m (SEK 654m) EBITDA margin LTM 22.1% (21.9%) Adjusted EBIT LTM SEK 51m (77m) EBITDA LTM SEK 129m (SEK 143m) Adjusted EBIT margin LTM 8.8% (11.8%)
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Profoto Holding AB (publ) 2 Interim Report January 1 – September 30, 2026 Adjusted return on operating capital % 100 75 50 25 0 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 20262024 2025 LTM EBIT LTM EBIT-marginal Används väl inte? /AD 152 21% 153 21% GRAF 1 GRAF 2 135 19% Avkastning operativt kapitalLTM EBIT LTM EBIT-marginal 117 17% Sep 2021 67,7% 179 402 886 26,1% 77 12% Dec 2021 92,4% 211 889 010 28,9% 41 7% Mar 2022 85,5% 227 090 352 29,3% 41 7% Jun 2022 79,3% 239 144 477 30,3% 23 4% Sep 2022 81,1% 247 231 337 29,6% 51 9% Dec 2022 84,1% 248 914 288 29,4% Mar 2023 94,0% 265 669 090 30,2% Jun 2023 64,7% 264 709 853 30,2% Sep 2023 56,5% 233 792 237 28,8% Avkastning operativt kapital 32% 179 26,1% 32% 212 28,9% 25% 227 29,3% 21% 239 30,3% 14% 247 29,6% 7% 249 29,4% 7% 266 30,2% 4% 265 30,2% Fill in for current quarter10% 234 28,8% 0% 10% 20% 30% 40% 0 20 40 60 80 100 120 140 160 180 0% 25% 50% Adjusted EBIT and EBIT margin LTM L TM Adjusted EBIT, SEKm L TM Adjusted EBIT margin, % 300 250 200 150 100 50 0 40 30 20 10 0 %SEKm Key ratios, group Jul – Sep 20261 Jul – Sep 2025 Jan–Sep 20261 Jan – Sep 2025 Oct 2025 – Sep 20261 Full Y ear 2025 Net sales, SEKm 128 119 419 454 582 617 Organic growth, % 7.7 −22.6 −3.0 −10.5 −4.8 −10.4 EBITDA, SEKm 40 4 96 71 129 104 EBITDA margin, % 30.9 3.2 22.9 15.7 22.1 16.8 EBITA, SEKm 34 −2 81 54 108 81 EBITA margin, % 26.6 −1.9 19.2 11.9 18.5 13.2 EBIT, SEKm 19 −57 35 −22 51 −6 EBIT margin, % 14.6 −47.9 8.5 −4.9 8.8 −1.0 Adjusted EBIT2, SEKm 19 −10 35 25 51 41 Adjusted EBIT2 margin, % 14.6 −8.4 8.5 5.5 8.8 6.6 Profit/loss for the period, SEKm 14 −48 26 −30 34 −23 Cash flow from operating activities, SEKm 25 35 56 113 94 151 Net debt3, SEKm 151 208 151 208 151 181 Net debt/EBITDA LTM 1.17 1.45 1.17 1.45 1.17 1.74 Adjusted return on operating capital, % 9.5 14.0 9.5 14.0 9.5 7.2 Earnings per share, SEK4 0.36 −1.19 0.66 −0.76 0.84 −0.57 1) Earnings were positively impacted by a refund of US tariffs of SEK 15m. 2) For information and explanations for alternative performance measures, see pages 20–21. 3) A negative amount indicates a positive net cash balance. 4) Calculated on the basis of 40 ,000 ,000 ordinary shares, basic and diluted. Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 20262024 2025 LTM EBIT LTM EBIT-marginal Används väl inte? /AD 152 21% 153 21% GRAF 1 GRAF 2 135 19% Avkastning operativt kapitalLTM EBIT LTM EBIT-marginal 117 17% Sep 2021 67,7% 179 402 886 26,1% 77 12% Dec 2021 92,4% 211 889 010 28,9% 41 7% Mar 2022 85,5% 227 090 352 29,3% 41 7% Jun 2022 79,3% 239 144 477 30,3% 23 4% Sep 2022 81,1% 247 231 337 29,6% 51 9% Dec 2022 84,1% 248 914 288 29,4% Mar 2023 94,0% 265 669 090 30,2% Jun 2023 64,7% 264 709 853 30,2% Sep 2023 56,5% 233 792 237 28,8% Avkastning operativt kapital 32% 179 26,1% 32% 212 28,9% 25% 227 29,3% 21% 239 30,3% 14% 247 29,6% 7% 249 29,4% 7% 266 30,2% 4% 265 30,2% Fill in for current quarter10% 234 28,8% 0% 10% 20% 30% 40% 0 20 40 60 80 100 120 140 160 180 0% 25% 50%
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Profoto Holding AB (publ) 3 Interim Report January 1 – September 30, 2026 Sales growth with significant geographic variations Sales growth from low levels The third quarter showed an improvement compared with the pre- vious year, both in terms of sales and earnings. Net sales totaled SEK 128m (119), representing an organic increase of 7.7 percent. However, this improvement should be viewed in the context of a weak third quarter in 2025, and market conditions remain chal- lenging with intense competition. To address these challenges, we are continuing our efforts to clarify our product offering and refine our marketing strategy for our primary customer groups: Studios, Creators, and Cinema. In Americas, sales totaled SEK 54m (44), representing organic growth of 20.2 percent. The increase is largely attributable to a low comparison base, but we are also seeing positive trends among several major customers. However, the underlying sentiment in the region as a whole remains cautious, particularly in Canada, where sales have been negatively impacted by the ongoing trade con- flict with the U.S. Sales in EMEA increased organically by 14.6 per- cent to SEK 48m (42). In APAC, organic sales decreased by 21.1 percent to SEK 26m (33). During the quarter, we observed a shift within the region. China, which had previously shown stable growth, has weakened as a direct result of lower economic activity in the country, while Japan has demonstrated strength with a cou- ple of large orders in the LED segment. Improved earnings, partly due to a tariff refund EBIT amounted to SEK 19m (−57). The improvement in earnings was driven by higher sales and lower costs, thanks to continued strong cost control. The quarter’s earnings were also positively impacted by a refund of U.S. tariffs totaling SEK 15m. Note that, adjusted for items affecting comparability, EBIT for the prior year was SEK −10m. Strengthened financial position Thanks to stable cash flow and continued cost discipline, our financial position has improved. Net debt relative to EBITDA has decreased to 1.2, down from 1.8 at the end of the second quarter. A strong financial position enables us to take a long-term approach and actively support our sales initiatives. LED-panel Profoto ProPanel is progressing as planned Launch of the Profoto ProPanel is progressing as planned. The product is currently being used in numerous productions around the world, which over time is expected to contribute to increased sales as more professionals gain experience with it in their work. Closing remarks The third quarter represents a step in the right direction, but we have a lot of work ahead of us before we return to a satisfactory level. The market remains challenging, with strong global competi- tion, and we do not expect any rapid change in market sentiment. In summary, Profoto has a strong long-term position, with an attractive product portfolio and continued investment in product development, an organization that has become more efficient, and a financial position that gives us the flexibility to drive growth going forward. Sundbyberg, October 20, 2026 Anders Hedebark President and CEO
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Profoto Holding AB (publ) 4 Interim Report January 1 – September 30, 2026 30 18% 52 26% 17 10% 18 11% -10 -8% 16 10% 17 12% 0,015654 0% 19 15% justerad EBIT justerad EBIT-marginal -20 0 20 40 60 80 100 0% 5% 10% 15% 20% 25% 30% Third quarter, July 1 – September 30, 2026 Net sales Net sales for the third quarter totaled SEK 128m (119), an increase of 7.9 percent compared with the same quarter last year. Organic growth amounted to 7.7 percent, and the currency effect was 0.2 percent. The third quarter shows an improvement compared with the same quarter last year, but this improvement should be viewed in light of weak comparative figures. Market conditions remain challenging, with intense competition. Regions Sales trends varied across the different regions. Sales in EMEA grew organically by 14.6 percent and totaled SEK 48m (42). Sales also increased in Americas, totaling SEK 54m (44), which corresponds to an organic growth of 20.2 percent. The growth is largely attributable to a low basis of comparison, but we are also seeing positive trends among several major customers. Sales in the region was negatively impacted by weak performance in Canada. Sales in APAC declined compared with the same quarter last year and totaled SEK 26m (33), corresponding to an organic growth of −21.1 percent. The decline is attributable to a slowdown in China. For further information on sales by region, see Note 2 on page 17. Operating profit/loss (EBIT) EBIT for the third quarter amounted to SEK 19m (−57), corresponding to an EBIT margin of 14.6 percent (−47.9). During the third quarter of 2025, impairments total- ing SEK 47m were recognized, which had a negative impact on earnings. Adjusted EBIT for the third quarter of 2025 amounted to SEK −10m and the adjusted EBIT margin was −8.4 percent. The improvement in EBIT compared with the previous year is explained by higher sales, lower costs and a refund of US tariffs of SEK 15m. The cost reduction is the result of strong cost control following the cost savings implemented during 2025. Compared with the previous year, personnel costs decreased by SEK 9m and amounted to SEK 31m (40). Other external costs for the quarter amounted to SEK 35m (42). Capitalized work for own account decreased to SEK 6m from SEK 15m in the previous year. Depreciation, amortization and impairment for the quarter totaled SEK 21m (61). The figure was higher for the comparative quarter as it was charged with impairments of intangible assets of SEK 41m. Depreciation and amortization totaled SEK 21m (19), of which SEK 5m (6) was attributable to property, plant and equipment and SEK 15m (13) to intangible assets. Of the amortization of intangi- ble assets, SEK 13m (9) related to amortization of capitalized development expenditure, SEK 2m (4) to amortization of surplus values from acquisitions and SEK 0m (0) to amortization of other intangible assets. Financial items Net financial items were negative and amounted to SEK 0m (3). Interest income amounted to SEK 1m (0), net unrealized foreign exchange gains amounted to SEK 1m (−1), and interest expenses related to lease liabilities and liabilities to credit institutions amounted to SEK 2m (3). Profit for the period and tax expenses Profit for the period amounted to SEK 14m (−48). The tax expense was SEK 4m (−13), of which SEK 7m (−7) was current tax and SEK −3m (−6) was a change in deferred tax. The effective tax rate for the period was 22.6 percent (21.2). Financial overview Sales by region, Jul – Sep 2026 % Americas 42% (37) Sales region 48 EMEA 0,38 54 Americas 0,42 26 APAC 0,20 EMEA 38% (35) Adjusted EBIT and EBIT margin SEKm Adjusted EBIT, SEKm Adjusted EBIT margin, % Net sales by quarter and LTM SEKm SEKm per quarter L TM 60 40 20 0 -20 % 250 200 150 100 50 0 164 734 200 731 164 724 171 700 119 654 163 617 149 601 142 573 128 582 Net sales staplar LTM kurva 0 200 400 600 800 1000 1 2 3 4 5 6 7 8 9 0 50 100 150 200 250 1 2 3 4 5 6 7 8 9 164 734 200 731 164 724 171 700 119 654 163 617 149 601 142 573 128 582 Net sales staplar LTM kurva 0 200 400 600 800 1000 1 2 3 4 5 6 7 8 9 0 50 100 150 200 250 1 2 3 4 5 6 7 8 9 1 000 800 600 400 200 0 (LTM) APAC 20% (28) Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 20262024 2025 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 20262024 2025 Change in net sales, Jul – Sep 2026 % Group EMEA Americas APAC Organic growth 7.7 14.6 20.2 −21.1 Acquisitions − − − − Currency effect 0.2 0.6 1.5 1.3 T otal 7.9 15.2 21.7 −19.8 30 20 10 0 -10 30 18% 52 26% 17 10% 18 11% -10 -8% 16 10% 17 12% 0,015654 0% 19 15% justerad EBIT justerad EBIT-marginal -20 0 20 40 60 80 100 0% 5% 10% 15% 20% 25% 30%
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Profoto Holding AB (publ) 5 Interim Report January 1 – September 30, 2026 First three quarters, January 1 – September 30, 2026 Net sales Net sales for the first three quarters totaled SEK 419m (454), a decrease of 7.7 percent compared with the same period last year. Organic growth was −3.0 percent, and the currency effect was −4.7 percent. Sales during the first three quarters were negatively impacted by challenging market conditions and a tough competitive environment. Following weak sales growth in the first half of the year, sales improved in the third quarter, driven by Americas and EMEA, but this improvement should be viewed in light of weak comparative figures from 2025. Regions Sales trends during the first three quarters varied across regions. Demand was weak in both EMEA and APAC, while Americas showed positive organic growth. In EMEA, organic sales decreased by 9.0 percent to SEK 153m (171). This decline was due to a weak first and second quarter, while the third quarter showed a recovery. In APAC, sales totaled SEK 88m (102), corresponding to organic growth of −10.4 percent. In Americas, sales totaled SEK 179m (181), cor- responding to an organic growth of 4.8 percent, with strong performance in the third quarter contributing positively, while currency effects during the first three quarters had a negative impact on sales of 6.0 percent. For further information on sales by region, see Note 2 on page 17. Operating profit/loss (EBIT) EBIT amounted to SEK 35m (−22), corresponding to an EBIT margin of 8.5 per- cent (−4.9). Adjusted EBIT for the first three quarters of 2025 amounted to SEK 25m and the adjusted EBIT margin was 5.5 percent. The increase in EBIT com- pared with the previous year was an effect of lower costs and the refund of US tariffs of SEK 15m. Personnel costs decreased by SEK 28m and amounted to SEK 102m (130). Other external costs also decreased compared with the same period of the previous year and amounted to SEK 114m (152). Compared with the same period of the previous year, capitalized work for own account decreased from SEK 74m to SEK 23m. Depreciation and amortization totaled SEK 61m (51), of which SEK 15m (17) was attributable to property, plant and equipment and SEK 45m (34) to intangible assets. Of the amortization of intan- gible assets, SEK 37m (22) related to amortization of capitalized development expenditure, SEK 7m (11) to amortization of surplus values from acquisitions and SEK 1m (1) to amortization of other intangible assets. The first three quar- ters of 2025 were also charged with impairments of intangible assets of SEK 41m. Financial items Net financial items were negative and amounted to SEK 3m (13). Interest- income amounted to SEK 1m (1), net unrealized foreign exchange gains amounted to SEK 1m (−6), and interest expenses related to lease liabilities and liabilities to credit institutions amounted to SEK 5m (8). Profit for the period and tax expenses Profit for the period amounted to SEK 26m (−30). The tax expense was SEK 6m (−5), of which SEK 16m (−5) was current tax and SEK −9m (0) was a change in deferred tax. The effective tax rate for the period was 19.4 percent (−13.8). 1) For information and explanations for alternative performance measures, see pages 20–21. Sales region 152,00 EMEA 0,36 179,00 Americas 0,43 87,00 APAC 0,21 Sales by region, Jan – Sep 2026 % Americas 43% (40) EMEA 36% (38) APAC 21% (22) Change in net sales, Jan – Sep 2026 % Group EMEA Americas APAC Organic growth −3.0 −9.0 4.8 −10.4 Acquisitions − − − − Currency effect −4.7 −2.0 −6.0 −3.4 T otal −7.7 −10.9 −1.2 −13.8
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Profoto Holding AB (publ) 6 Interim Report January 1 – September 30, 2026 Financial position and other information Product development and other investments Total expenses for product development and related technology amounted to SEK 15m (20) during the third quarter and SEK 51m (86) for the first three quarters. Of this amount, SEK 6m (13) was capitalized during the third quarter and SEK 23m (74) during the first three quarters. The total book value of capitalized develop- ment expenditure amounted to SEK 212m (224) at the end of the third quarter. Product development expenses expensed during the third quarter totaled SEK 9m (8) and SEK 28m (24) for the first three quarters. The expensed costs primarily related to product maintenance, projects in the feasibility study phase, and proj- ect-wide administrative costs that cannot be attributed to the development of specific products. During the third quarter, IT-related costs totaling SEK 0m (2) were capitalized. The value of acquired technology, customer rela- tionships, and the brand amounted to SEK 24m (30) at the end of the third quarter. During the quarter, SEK 2m (3) was invested in tools and equipment, and SEK 3m (13) was invested during the first three quarters, primarily attributable to ongoing development projects. Working capital, liquidity and cash flow Inventories at the end of the third quarter totaled SEK 163m (148), and accounts receivable totaled SEK 56m (48). Accounts payable totaled SEK 40m (27). Cash flow from operating activities for the third quarter totaled SEK 25m (35). Due to increased working capi- tal tied up, cash flow decreased compared with the previous year, despite improved earnings. Return on operating capital Adjusted EBIT LTM as of September 30, 2026, amounted to SEK 51m (77), while operating capital LTM amounted to SEK 526m (550). Return on operating capital thus amounted to 9.5 percent (14.0). For further information and explanations for alternative performance measures, see pages 20–21. Financial position and liquidity As of September 30, the Group’s equity totaled SEK 375m (342). Cash and cash equivalents totaled SEK 61m (59). The Group had net debt of SEK 151m (208). Interest-bearing liabilities totaled SEK 212m (267). The available and unutilized RCF facility at the end of the third quarter was SEK 120m (75). Lease liabilities totaled SEK 20m (30). Financial targets The Group’s financial targets focus on growth, profitability, and dividend level and are defined as: 1) Net sales growth: Over time, achieve annual organic net sales growth of over 5 percent. 2) Profitability: Achieve an EBIT margin of 20 percent. 3) Dividend Policy: Profoto aims to distribute at least 50 percent of its net profit to its shareholders through cash dividends and/ or share repurchases, while taking into account other factors such as financial position, cash flow, and growth opportunities. Employees The average number of employees during the third quarter of 2026 was 104 (121), of whom 39 (51) were employed by sales sub- sidiaries in China, Japan, the United States, and the Netherlands. Significant events during July – September No significant events occurred during the period. Owners As of September 30, 2026, Profoto had 1 ,587 shareholders, of which the ten largest were: Owners Number of shares % Anders and Helén Hedebark 1 5 252 32 1 38 .1 Conny Dufgran 6 360 000 1 5.9 Herenco Holding AB 4 4 1 1 1 4 8 1 1.0 Aeternum Capital AS 2 789 894 7. 0 Hans Eckerström 2 230 508 5.6 Origo Funds 1 450 000 3.6 Investment AB Spiltan 785 1 1 7 2.0 Nordnet Pension Insurance 689 1 32 1 . 7 Skandia Life Insurance Company 520 328 1 .3 Skandia Funds 4 2 1 1 0 2 1 . 1 The Profoto share Profoto Holding AB (publ) has been listed on the Nasdaq OMX Stockholm Small Cap list since July 1, 2021. The number of shares totals 40 million. A list of the largest shareholders is updated at the end of each month on the company’s website https:/ /investors.profoto.com. Parent company Profoto Holding AB (publ), corporate registration number 556810-9879, is the parent company of the group. The Parent company is a holding company whose sole revenue in the third quarter consisted of management fees of SEK 3.8 mil- lion (5.0) paid to other Group companies, while personnel costs and other external costs related to the management of the Group were recorded as expenses. Operating profit (EBIT) amounted to SEK 0.5m (1.5) for the third quarter. Current assets totaled SEK 6.5m (68.8), and total current liabilities amounted to SEK 8.6m (183.7). The utilized portion of the RCF loan amounted to SEK 130.0m (175.0) and is classified as a noncurrent liability in the third quarter. Other noncurrent liabilities amounted to SEK 130.0m (0.0) at the end of the third quarter.
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Profoto Holding AB (publ) 7 Interim Report January 1 – September 30, 2026 Significant risks and uncertainties Profoto Group is an international group that is exposed to opera- tional risks, industry- and market-related risks, legal and tax risks, financial risks, and sustainability and climate risks. Prevailing market concerns such as inflation, global tariffs and geopolitical conflicts have contributed to uncertainty in the mar- ket, which may have a negative effect on Profoto’s sales and earn- ings and on the value of Profoto’s intangible assets (primarily capi- talized development costs). Ongoing developments regarding tariffs are being closely monitored so that we can adapt as quickly as possible to the changes taking place. Legal risks related to pat- ents are an ongoing risk, and Profoto works actively to defend its rights, although it is difficult to fully protect against infringement. Risk management is a normal part of business operations and helps create added value. Risk management is monitored by management and reported to the board of directors, which bears ultimate responsibility. A more comprehensive description of the risks can be found in the 2025 Annual and Sustainability Report, available at https:/ / investors.profoto.com. 2027 annual general meeting Profoto’s Annual General Meeting will be held on Tuesday, May 11, at Profoto’s offices at Landsvägen 57 in Sundbyberg, at 1:00 p.m. Shareholders who wish to have a matter addressed at the Annual General Meeting must, to ensure that their request is considered, submit such a proposal to the Board of Directors at agm@profoto.com no later than March 23, 2027. Shareholders who wish to submit proposals regarding the Board of Directors, the Chairman of the Board, the Chairman of the Annual General Meeting, or the Nomination Committee in preparation for the next Annual General Meeting may, no later than March 23, 2027, con- tact Profoto’s Nomination Committee via nomination@profoto. com or by mail to Profoto Holding AB (publ), Attn: Nomination Committee, Box 1264, Landsvägen 57, 172 25 Sundbyberg. Cont. Financial position and other information
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Profoto Holding AB (publ) 8 Interim Report January 1 – September 30, 2026 Auditor’s Report Profoto Holding AB (publ.), corporate ID No. 556810-9879 Introduction We have performed a review of the condensed interim financial information (interim report) for Profoto Holding AB (publ.) as of September 30, 2026, and for the nine-month period ended on that date. The Board of Directors and the Chief Executive Officer are responsible for the preparation and presentation of this interim financial information 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. Focus and scope of the review We have performed our review in accordance with International Standard on Review Engagements (ISRE) 2410, “Review of Interim Financial Information Performed by the Company’s Appointed Auditor.” A review consists of making inquiries, primar- ily of those responsible for financial and accounting matters, performing analytical procedures, and carrying out other review procedures. A review has a different focus and a significantly narrower scope compared with the focus and scope of an audit conducted in accordance with ISAs and generally accepted auditing standards. The audit procedures performed during a review do not enable us to obtain sufficient assurance that we are aware of all significant matters that might have been identified had an audit been performed. The opinion expressed based on a review therefore does not provide the same level of assurance as an opinion expressed based on an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the consolidated interim report has not, in all material respects, been prepared for the Group in accor- dance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, October 20, 2026 Öhrlings PricewaterhouseCoopers AB Aleksander Lyckow Certified Public Accountant
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Profoto Holding AB (publ) 9 Interim Report January 1 – September 30, 2026 About Profoto Profoto was founded more than 50 years ago and has since been a world leader in lighting products for professional photographers by driving innovation and raising awareness of how to create bet- ter images through light. We know that light is the indispensable- element in all image creation—regardless of the camera or situa- tion. Creating stunning images is about mastering and shaping light. Our end users are professional photographers and commer - cial customers, including major consumer-focused brands and e-commerce companies. The company currently has sales in approximately 50 countries worldwide. Net revenue in 2025 amounted to SEK 617m, with an adjusted EBIT margin of 7 per- cent. Profoto has 105 employees at its headquarters in Stock- holm and in subsidiaries in the US, Japan, China, and the Nether- lands. Financial calendar Year-End Report 2026 — February 11, 2027 Annual Report 2026 — April 5, 2027 Q1 2027 Interim Report – April 29, 2027 2027 Annual Shareholders Meeting — May 11, 2027 Q2 2027 Interim Report — July 21, 2027 Q3 2027 Interim Report — October 27, 2027 Conference call Profoto Holding AB (publ) will publish its interim report for the third quarter of 2026 on Tuesday, October 20, at 8:00 a.m. At 9:00 a.m. the same day, a webcast conference call will be held, during which President and CEO Anders Hedebark will present the report together with CFO Linus Marmstedt. The presentation will be followed by a Q&A session. The presentation will be conducted in English. If you wish to participate via the webcast, please click the link below. https:/ /profoto.events.inderes.com/q3-report-2026 If you would like to participate via conference call, please register using the link below. After registering, you will receive a phone number and a conference ID to log in to the conference. You will have the opportunity to ask questions verbally during the conference call . https:/ /events.inderes.com/profoto/q3-report-2026/dial-in For more information, please contact Linus Marmstedt, CFO linus.marmstedt@profoto.com +46 (0) 768 08 03 01 Sundbyberg, October 20, 2026 Anders Hedebark President and CEO Other information
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Profoto Holding AB (publ) 10 Interim Report January 1 – September 30, 2026 Consolidated financial statements Consolidated statement of comprehensive income SEKm Note Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full Y ear 2025 Profit/loss for the period 14 −48 26 −30 −23 Other comprehensive income items that may be reclassified to the consolidated statement of profit and loss: Translation differences for the period 1 0 1 2 1 T otal comprehensive income for the period 15 −48 27 −28 −22 Attributable to: Parent Company shareholders 15 −48 27 −28 −22 Consolidated statement of profit and loss SEKm Note Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full Y ear 2025 Net sales 128 119 419 454 617 Other income 2 2 7 3 3 T otal revenue 131 121 426 457 620 Capitalized work for own account 6 15 23 74 84 Goods −32 −44 −137 −162 −219 Other external expenses −35 −42 −114 −152 −196 Personnel expenses −31 −40 −102 −130 −165 Depreciation, amortization and impairment of intangible assets and fixed assets −21 −61 −61 −93 −110 Other operating expenses 0 −5 0 −16 −19 Operating profit/loss (EBIT) 19 −57 35 −22 −6 Financial income and costs Finance income 2 1 4 2 3 Finance costs −2 −4 −7 −15 −20 Profit/loss before tax 19 −61 33 −35 −23 Tax −4 13 −6 5 0 Profit/loss for the period 14 −48 26 −30 −23 Attributable to: Owners of the Parent Company 14 −48 26 −30 −23 Earnings per share before and after dilution1, SEK 0.36 −1.19 0.66 −0.76 −0.57 1) Calculated on the basis of 40 ,000,000 ordinary shares, basic and diluted.
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Profoto Holding AB (publ) 11 Interim Report January 1 – September 30, 2026 Consolidated statement of financial position SEKm Note Sep 30 2026 Sep 30 2025 Dec 31 2025 ASSETS Noncurrent assets Intangible fixed assets 4 Capitalized development costs 212 224 222 Technology, customer assets, and brand 22 30 27 Other intangible assets 33 37 38 Goodwill 130 127 125 T otal intangible assets 397 417 412 Property, plant and equipment Leased assets 24 30 29 Equipment, tools, and installations 34 41 39 Leasehold improvements 1 1 1 T otal tangible assets 59 71 69 Financial assets 3 4 3 Deferred tax assets 30 21 22 T otal noncurrent assets 490 513 506 Inventories 163 148 146 Current receivables Accounts receivable 56 48 75 Current tax assets 8 30 8 Other current assets 9 14 11 Prepayments and accrued income 11 8 8 T otal current receivables 84 100 102 Cash and cash equivalents 61 59 48 T otal current assets 308 307 296 TOTAL ASSETS 798 820 802
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Profoto Holding AB (publ) 12 Interim Report January 1 – September 30, 2026 Consolidated statement of changes in equity SEKm Share premium reserve Translation reserve Other contributed capital Retained earnings, including profit/loss for the period T otal equity Opening balance as of January 1, 2026 1 4 4 340 348 Profit/loss for the period – 0 – 26 26 Total other comprehensive income – 1 – – 1 T otal comprehensive income – 1 – 26 27 Closing balance as of September 30, 2026 1 5 4 366 375 Opening balance as of January 1, 2025 1 3 4 363 370 Profit/loss for the period – – – −30 −30 Total other comprehensive income – 2 – – 2 T otal comprehensive income – 2 – −30 −28 Closing balance as of September 30, 2025 1 5 4 333 342 Cont. Consolidated statement of financial position SEKm Note Sep 30 2026 Sep 30 2025 Dec 31 2025 EQUITY AND LIABILITIES T otal equity 375 342 348 Noncurrent liabilities Liabilities to credit institutions 130 – 150 Other noncurrent liabilities 0 0 0 Lease liabilities 14 22 21 Provisions 5 6 5 Deferred tax liabilities 104 113 104 T otal noncurrent liabilities 254 142 280 Current liabilities Liabilities to credit institutions 62 238 52 Lease liabilities 6 7 7 Provisions 7 7 8 Accounts payable 40 27 48 Current tax liabilities 8 1 4 Other current liabilities 6 7 7 Accrued expenses and deferred income 41 49 49 T otal current liabilities 169 336 174 TOTAL EQUITY AND LIABILITIES 798 820 802
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Profoto Holding AB (publ) 13 Interim Report January 1 – September 30, 2026 Consolidated statement of cash flows SEKm Note Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full Y ear 2025 Cash flow from operating activities Operating profit/loss 19 −57 35 −22 −6 Adjustments for non-cash items: Depreciation, amortization and impairment of noncurrent assets 21 61 61 93 109 Adjustments for other non-cash items 1 3 3 8 8 Interest received 1 0 1 1 0 Interest paid −2 −3 −7 −8 −11 Income tax paid −2 −6 −11 7 21 Cash flow from operating activities before changes in working capital 37 −2 83 80 123 Changes in working capital Decrease (+)/increase (–) in inventories −18 0 −32 13 12 Decrease (+)/increase (–) in accounts receivable 7 36 18 51 27 Decrease (+)/increase (–) in other receivables −3 −2 −1 −7 −5 Decrease (–)/increase (+) in accounts payable 6 4 −4 −25 −5 Decrease (–)/increase (+) in other current liabilities −5 −2 −8 2 1 Cash flow from operating activities 25 35 56 113 151 Investing activities Investments in intangible fixed assets −6 −15 −23 −74 −84 Acquisitions of property, plant , and equipment −2 −3 −2 −14 −16 Investments in other financial assets – 0 – 0 1 Cash flow from investing activities −8 −18 −26 −89 −99 Financing activities Repayment of external loans −7 0 −27 −7 −43 Amortization of lease liability −2 −3 −7 −8 −11 New loans – 5 14 30 30 Cash flow from financing activities −9 2 −20 16 −23 Cash flow for the period 8 18 10 40 29 Cash and cash equivalents at the beginning of the period 52 41 48 21 21 Exchange rate differences in cash and cash equivalents 2 1 3 −2 −2 Cash and cash equivalents at end of period 61 59 61 59 48
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Profoto Holding AB (publ) 14 Interim Report January 1 – September 30, 2026 Parent Company financial statements Parent Company income statement SEKm Note Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full Y ear 2025 Net sales 3.8 5.0 11.3 15.1 16.8 Operating expenses Other external expenses −1.7 −1.6 −5.5 −4.9 −5.8 Personnel expenses −1.5 −1.8 −6.0 −5.7 −8.1 Depreciation, amortization and impairment of intangible and tangible fixed assets −0.1 −0.1 −0.3 −0.3 −0.4 Operating profit/loss (EBIT) 0.5 1.5 −0.4 4.2 2.6 Profit/loss from financial items Income from participations in group companies – −58.5 – −58.5 −58.4 Interest income and similar income items – 1.6 – 7.5 11.5 Interest and similar expenses −5.1 −1.3 −12.0 −3.5 −4.8 Profit after financial items −4.6 −56.7 −12.4 −50.3 −49.1 Group contributions paid and received – – – – −10.6 Profit/loss before tax −4.6 −56.7 −12.4 −50.3 −59.7 Tax on profit/loss for the period 0.9 −0.3 2.8 −1.5 0.4 Profit/loss for the period −3.8 −57.0 −9.7 −51.8 −59.3
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Profoto Holding AB (publ) 15 Interim Report January 1 – September 30, 2026 Parent Company balance sheet SEKm Note Sep 30 2026 Sep 30 2025 Dec 31 2025 ASSETS Noncurrent assets Financial assets Other intangible assets 2.6 2.9 2.8 T otal intangible assets 2.6 2.9 2.8 Financial assets Participations in group companies 158.8 158.8 158.8 T otal financial fixed assets 158.8 158.8 158.8 Deferred tax assets 2.7 2.3 2.5 T otal noncurrent assets 164.0 164.0 164.1 Current assets Current tax assets 3.4 0.0 0.5 Current receivables from group companies 3 2.2 68.4 31.9 Other current receivables 0.0 0.0 0.9 Prepayments and accrued income 0.9 0.4 1.1 T otal current receivables 6.5 68.8 34.3 Cash and cash equivalents 0.0 0.0 0.0 T otal current assets 6.5 68.8 34.3 ASSETS 170.5 232.8 198.4 EQUITY AND LIABILITIES Equity Restricted equity Share capital 0.5 0.5 0.5 T otal restricted equity 0.5 0.5 0.5 Unrestricted equity Share premium reserve 4.1 4.1 4.1 Retained earnings 37.2 96.5 96.5 Profit/loss for the period −9.7 −51.8 −59.3 T otal non-restricted equity 31.6 48.8 41.3 T otal equity 32.1 49.3 41.8 Noncurrent liabilities Liabilities to credit institutions 130.0 – 150.0 T otal noncurrent liabilities 130.0 – 150.0 Current liabilities Liabilities to credit institutions – 175.0 – Accounts payable 0.6 0.3 0.2 Current tax – 0.8 – Current liabilities to group companies 3 – – – Other current liabilities 1.2 1.5 1.3 Accrued expenses and deferred income 6.7 6.0 5.1 T otal current liabilities 8.6 183.5 6.7 TOTAL EQUITY AND LIABILITIES 170.5 232.8 198.4
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Profoto Holding AB (publ) 16 Interim Report January 1 – September 30, 2026 Parent Company cash flow statement SEKm Note Jul−Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full Y ear 2025 Cash flow from operating activities Operating profit/loss 0.5 1.5 −0.4 4.2 2.6 Interest paid −1.0 −1.3 −3.2 −3.4 −7.5 Adjustments for non-cash items Depreciation. amortization and impairment of noncurrent assets 0.1 0.3 – Income tax paid −0.2 −0.1 −2.4 −0.3 3.2 Cash flow from operating activities before changes in working capital −0.6 0.1 −5.7 0.5 −8.2 Changes in working capital Decrease (+)/increase (–) in other receivables 0.2 0.0 1.0 0.0 −1.6 Decrease (–)/increase (+) in accounts payable 0.5 −0.1 0.6 0.2 0.1 Decrease (–)/increase (+) in other current liabilities 0.6 −0.2 1.2 0.6 −0.5 Cash flow from operating activities 0.7 −0.2 −3.1 1.3 −10.2 Investment activities Investments in intangible assets Noncurrent assets – – – – – Acquired subsidiary – – – – – Cash flow from investing activities – – – – – Financing activities Change in intercompany liabilities −0.7 0.2 23.1 −26.3 10.2 Borrowing – – – 25.0 25.0 Repayment of external loans – – −20.0 – −25.0 Warrants – – – – – Dividends to shareholders – – – – – Cash flow from financing activities −0.7 0.2 3.1 −1.3 10.2 Cash flow for the period 0.0 0.0 0.0 0.0 0.0 Cash and cash equivalents at the beginning of the period 0.0 0.0 0.0 0.0 0.0 Cash and cash equivalents at end of period 0.0 0.0 0.0 0.0 0.0
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Profoto Holding AB (publ) 17 Interim Report January 1 – September 30, 2026 Note 3 Related-party transactions Related-party transactions include compensation paid to members of the Board of Directors and other senior executives. Compensation levels are determined on a market-based basis. The Parent company invoices monthly management fees to its subsidiary Profoto AB in the amount of SEK 1.3m (1.7) and to Profoto B.V. in the amount of SEK 0.0m (0.0). The level of the monthly invoicing is determined annually and is based on the Parent company’s group-wide fixed costs. During the third quarter of 2026, the Parent company’s revenue from invoiced management fees totaled SEK 3.8 million (5.0). The Parent company has issued a general guarantee on behalf of its subsidiaries; see Note 5. Parent Company (SEKm) Sep 30 2026 Sep 30 2025 Dec 31 2025 Intra-group receivables 2.2 68.4 31.9 Intra-group liabilities – – – T otal 2.2 68.4 31.9 Notes Note 2 Operating segments and allocation of revenue Profoto Group consists of a single operating segment. Product development, purchasing, manufacturing, and marketing are all managed at the Group level, while sales are conducted in three regions: EMEA, the Americas, and APAC. Internal monthly reviews focus on the Group as a whole, in addition to the geographic sales data presented at levels other than the Group level. SEKm Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full Y ear 2025 EMEA 48 42 153 171 239 Americas 54 44 179 181 245 APAC 26 33 88 102 133 T otal net sales 128 119 419 454 617 Note 1 Accounting principles and general information The consolidated interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Annual Accounts Act. The interim report for the Parent Com- pany has been prepared in accordance with Chapter 9, “Interim Reports,” of the Annual Accounts Act. Information in accordance with IAS 34 is presented not only in the financial statements and their notes but also in the remaining sections of the interim report. The same accounting principles and calculation methods have been applied to the Group and the Parent company as in the most recent annual report. There are no material differences between the fair value and the book value of financial assets or liabilities. New accounting standards introduced in 2026 have not had any significant impact on the Group’s financial statements.
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Profoto Holding AB (publ) 18 Interim Report January 1 – September 30, 2026 Note 4 Intangible fixed assets SEKm Capitalized develop- ment expenditure T echnology, customer assets, and brand Other Intangible assets1 T otal Opening accumulated cost as of January 1, 2026 507 91 73 672 Capitalized development expenditure 23 – – 23 Retirements – – −1 −1 Currency effects – 4 – 4 Closing accumulated cost as of September 30, 2026 530 96 72 698 Opening depreciation/amortization as of January 1, 2026 −236 −53 −35 −325 Depreciation/amortization for the period −34 −7 −6 −47 Retirements – – 1 1 Currency effects 1 −3 – −2 Closing accumulated depreciation/amortization as of September 30, 2026 −269 −63 −40 −371 Opening impairment as of January 1, 2026 −49 −11 – −60 Accumulated impairment as of September 30, 2026 −49 −11 – −60 Book value as of September 30, 2026 212 22 33 267 SEKm Capitalized develop- ment expenditure T echnology, customer assets, and brand Other intangible assets1 T otal Opening accumulated cost as of January 1, 2025 442 103 59 604 Capitalized development expenditure 62 – 12 74 Currency effects −4 −10 – −14 Closing accumulated cost as of September 30, 2025 499 93 72 664 Opening depreciation/amortization as of January 1, 2025 −210 −43 −35 −288 Depreciation/amortization for the period −22 −11 −1 −34 Currency effects 5 2 – 7 Closing accumulated depreciation/amortization as of September 30, 2025 −227 −52 −35 −315 Opening impairment as of January 1, 2025 −19 – – −19 Impairment loss for the period −30 −11 – −41 Accumulated impairment as of September 30, 2025 −49 −11 – −60 Book value as of September 30, 2025 224 30 37 290 Goodwill as of September 30, 2026, amounted to SEK 130 million and increased by SEK 3 million during the quarter due to currency effects. 1) Other intangible assets consist of software and licenses recognized at book values of SEK 30m (software) and SEK 3m (licenses). Cont. Notes
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Profoto Holding AB (publ) 19 Interim Report January 1 – September 30, 2026 Note 6 Pledged assets and contingent liabilities The Parent company has issued a general guarantee on behalf of Profoto AB, 556115-5838. As of the balance sheet date, there are no outstanding liabilities covered by this guarantee . Profoto AB also has an unlimited general guarantee on behalf of its subsidiary, Profoto US Inc. Group SEKm Sep 30 2026 Sep 30 2025 Dec 31 2025 Contingent liabilities Swedish Customs Service 1 1 1 T otal 1 1 1 Note 5 Loans and financial covenants The Group has a multicurrency revolving credit facility (RCF) of SEK 250 million with Svenska Handelsbanken, dated November 17, 2025. The facility matures on November 17, 2028, with an option to request an extension of up to two years, subject to the bank’s approval. As of September 30, 2026, SEK 130 million had been utilized. The amount utilized is reported as a noncurrent lia- bility (September 30, 2025: short-term liability), since the Group has the right to defer payment for more than twelve months after the balance sheet date. The facility is subject to the following financial covenants: • The debt-to-EBITDA ratio (net debt/EBITDA) may not exceed 3.00. For acquisitions with an enterprise value of at least SEK 100 million, this ratio may be temporarily increased to 3.50 during three test periods, on no more than two occasions during the term of the facility. • The interest coverage ratio (EBITDA/net interest expense) must not fall below 5.00. The covenants are tested quarterly, on a rolling 12-month basis. Net debt, EBITDA, and net interest expense are calculated accord- ing to the definitions in the loan agreement. The Group met both covenants in the test conducted in connection with the Q3 report- ing, and there are no circumstances indicating that the Group would have difficulty meeting the covenants within twelve months of the balance sheet date. Cont. Notes
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Profoto Holding AB (publ) 20 Interim Report January 1 – September 30, 2026 Explanations for alternative performance measures Adjusted EBIT margin, % Adjusted EBIT as a percentage of net sales. Shows adjusted operating profit/loss relative to net sales and is a measure of the profitability of the company’s ongoing operations, excluding items affecting comparability . EBITA Operating profit before depreciation and impairment of intangible fixed assets. The objective is to assess underlying operating profit from continuing operations before depreciation/amortization of intangible assets EBIT Profit or loss before financial items and tax. Shows the profit or loss from the company’s operating activities. EBIT margin, % Adjusted EBIT as a percentage of net sales. Shows operating profit/loss in relation to net sales and is a measure of the profita- bility of the company’s operating activities. EBITA margin, % EBITA as a percentage of net sales. The aim is to give an indication of profitability and future investment scope in relation to sales. EBITDA EBITDA (earnings before finance income and costs, taxes, depre- ciation and amortization) is operating profit/loss plus depreciation and amortization. EBITDA provides a picture of the ability of the business to generate resources for investments and payments to financiers (see table below) SEKm Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full Y ear 2025 Operating profit/loss (EBIT) 19 −57 35 −22 −6 Depreciation and impairment of property, plant and equipment 15 55 45 76 87 EBITA 34 −2 81 54 81 Depreciation, amortization and impairment of property, plant and equipment 5 6 16 17 22 EBITDA 40 4 96 71 104 SEKm Jul–Sep 2026 Jul–Sep 2025 Jan–Sep 2026 Jan–Sep 2025 Full Y ear 2025 Net sales 128 119 419 454 617 Operating profit/loss (EBIT) 19 −57 35 −22 −6 Total items affecting comparability – −47 – −47 −47 Restructuring costs – −6 – –6 −6 Impairment of Intangible Assets – −41 – −41 −41 Adjusted operating profit/loss (EBIT) 19 −10 35 25 41 Adjusted EBIT margin, % 14.6 −8.4 8.5 5.5 6.6 To provide a clear understanding of Profoto Group’s ongoing operations and how EBIT would have looked without these items, the company has chosen to report adjusted EBIT excluding items affecting comparability. The table below shows the company’s operating profit excluding items affecting comparability.
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Profoto Holding AB (publ) 21 Interim Report January 1 – September 30, 2026 Net debt/Net cash Interest-bearing liabilities minus cash and cash equivalents. A measure of the company’s financial position. Shows how much cash and cash equivalents would remain if all liabilities were paid off. A negative net figure indicates a positive net cash position. SEKm Sep 30 2026 Sep 30 2025 Liabilities to credit institutions, noncurrent 130 – Other interest-bearing liabilities, noncurrent – – Noncurrent lease liabilities 14 22 Liabilities to credit institutions, current 62 238 Other interest-bearing liabilities, current – – Lease liabilities, current 6 7 Cash and cash equivalents −61 −59 Net debt 151 208 Net debt/EBITDA Net debt to EBITDA ratio for the most recent rolling 12-month period. A measure of financial risk and an indication of repayment capacity. SEKm Sep 30 2026 Sep 30 2025 Net debt 151 208 EBITDA, LTM 129 144 Net debt/EBITDA L TM, ratio 1.17 1.45 Change in net sales The change in net sales for the period consists of an organic growth component, currency effects, and any acquisitions restated using the transaction-based daily average exchange rate for the corre- sponding period of the previous year. Organic growth indicates whether a company is growing or shrinking, assuming constant exchange rates and group structure. % Jul–Sep 2026 Jul–Sep 2025 Organic growth 7.7 −22.6 Currency effect 0.2 −4.9 Change in net sales 7.9 −27.4 Return on equity, % Twelve-month rolling profit as a percentage of average equity, based on opening and closing equity for the past twelve months. Shows the return generated on equity invested in the business. SEKm Sep 30 2026 Sep 30 2025 Profit/loss for the period, LTM 34 13 Equity 375 342 Equity, LTM 359 336 Return on equity, % 9.3 3.9 Operating capital Total assets minus cash and cash equivalents, other interest- bearing assets, and non-interest-bearing provisions and liabilities. Operating capital indicates how much capital the business requires to conduct its core operations. It is primarily used to calculate return on operating capital. SEKm Sep 30 2026 Sep 30 2025 Total assets 798 820 Provisions, long-term −5 −6 Deferred tax liabilities −104 −113 Provisions, short-term −7 −7 Accounts payable −40 −27 Current tax liabilities −8 −1 Accrued expenses and Deferred revenue −41 −49 Other non-interest-bearing liabilities, current −6 −7 Cash and cash equivalents −61 −59 Operating capital 526 550 Adjusted return on operating capital, % Adjusted EBIT for the rolling twelve-month period (LTM) as a percentage of average operating capital, based on opening and closing operating capital for the past twelve months. Return on operating capital shows how effectively the business utilizes the net capital tied up in operations. It reflects the combined effect of the operating margin and the turnover rate of operating capital. This key performance indicator is primarily used to track the Group’s value creation over time. SEKm Sep 30 2026 Sep 30 2025 Adjusted EBIT, LTM 51 77 Operating capital 526 550 Operating capital, LTM 538 550 Return on operating capital, % 9.5 14.0 Cont. Explanations for alternative performance measures
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Profoto Holding AB (publ) 22 Interim Report January 1 – September 30, 2026 Jul–Sep1 Apr–Jun 2026 Jan–Mar Oct–Dec Jul–Sep Apr–Jun 2025 223123 202255Jan–Mar 2024 Oct–Dec Net sales, SEKm 128 142 149 163 119 171 164 200 Organic growth, % 7,7 −14.1 1.0 −9.3 −22.6 −6.7 −4.7 −3.1 EBITDA, SEKm 40 21 36 33 4 36 32 72 EBITDA margin, % 30.9 14.5 24.1 20.0 3.2 21.0 19.2 36.1 Adjusted EBITDA, SEKm 40 21 36 33 9 36 32 67 Adjusted EBITDA margin, % 30.9 14.5 24.1 20.0 7.9 21.0 19.2 33.4 EBITA, SEKm 34 15 31 27 −2 30 26 67 EBITA margin, % 26.6 10.9 20.8 16.8 −1.9 17.8 15.6 33.6 EBIT, SEKm 19 0 17 16 −57 18 17 57 EBIT margin, % 14.6 0.0 11.3 9.8 −47.9 10.5 10.4 28.7 Adjusted EBIT, SEKm 19 0 17 16 −10 18 17 52 Adjusted EBIT margin, % 14.6 0.0 11.3 9.8 −8.4 10.5 10.4 26.0 Profit/loss for the period, SEKm 14 −0 12 7 −48 14 3 43 Net debt, SEKm 151 169 167 181 208 219 211 235 EBITDA LTM, SEKm 129 93 108 104 144 193 207 225 Net Debt/EBITDA LTM 1.17 1.82 1.54 1.74 1.45 1.14 1.02 1.04 Return on equity, % 9.3 −7.6 −3.8 −6.4 3.9 25.7 25.8 31.7 Earnings per share, SEK 0.36 −0.01 0.30 0.18 −1.19 0.36 0.08 1.08 Adjusted return on operating capital, % 9.5 4.0 7.3 7.2 14.0 21.2 25.3 31.9 1) Earnings were positively impacted by a refund of U.S. tariffs of SEK 15m. Performance measure by quarter
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Profoto Holding AB (publ) 23 Interim Report January 1 – September 30, 2026 Definitions Average number of employees Average number of full-time employees during the period. Earnings per share Profit/loss for the period attributable to the Parent company’s common shareholders divided by the weighted average number of outstanding shares during the period. Earnings per share are reported in accordance with IAS 33 Earnings Per Share. LT M The past twelve months, the twelve-month period ending on the respective date. Organic growth Change in net sales for the period compared with the correspond- ing period of the previous year, after adjustments for acquisitions and foreign exchange effects. Parent Company Profoto Holding AB (publ), a corporation governed by Swedish law. Profoto Group/the Group The Group, or Profoto Group, consists of the Parent company and its direct and indirect subsidiaries. These terms are used inter- changeably. Region APAC Oceania and Asia, excluding Russia, Turkey, and the Middle East. Region EMEA Africa, Europe (including Turkey and Russia), and the Middle East. Region Americas Central America, North America, and South America.