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1 Interim report January - September 2025 24 October 2025 The Perpetual Owner
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2 Röko in 2025 Source: Company information Note: Based on actual reported information. 1) Reported Adj. EBITA increased 11% for the six-months period in 2025, from MSEK 635 to 708 driven by organic growth and acquisitions, partly offset with negative exchange differences. 2) Net Debt / RTM Adj. EBITDA declined to at 2.1x in September 2025, compared with 2.2x in September 2024, evidencing strong cash generation and organic profit growth. In the 12-months period since 2024-06-30 Röko’s cash flow from acquisitions have been -806 MSEK. Growth in EBITA1 Change in Net Debt / EBITDA2 +11% -0.1x
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3 Financial development MSEK FY2022 FY2023 FY2024 YTD’24 YTD’25 Net sales 4,316 5,614 6,182 4,513 4,776 Organic growth1) 12% 2% 3% 2% 0% o/w FX 4% 4% 1% 0% -3% Adj. EBITA 2) 787 1,047 1,227 889 983 Adj. EBITA margin 18% 19% 20% 20% 21% Net debt / LTM Adj. EBITDA 4.2x 2.2x 2.1x 2.2x 2.1x Acquired growth 81% 11% 7% 6% 4% # people at HQ 7 8 8 8 8 # of companies 22 24 28 26 29 Source: Company information Note:1) Organic growth calculated based on IFRS numbers including currency exchange for companies included in the entire actual period and the reference period; 2) Adj. EBITA, defined as earnings before interest, taxes, and amortization as well as acquisition expenses. Adj. EBITA serves as an approximation for the cash flow before tax, under the assumption that capital expenditures mirror depreciation, which is normally the case, as Röko invests in asset-light businesses; 3) Based on rolling twelve months financials from management accounts for companies that were part of Röko at the end of each respective period Organic growth in local currency +3%
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4 Cash flow and capital efficiency Source: Company information Note: 1) Cash Conversion = Operating cash flow (post CAPEX) / Adj. EBITA; 2) ROCE = LTM EBITA / Average capital employed. 3) Total Capital employed less Goodwill, customer relations and trademarks from acquisitions Cash flow from operations and cash conversion Capital employed and ROCE SEKm YTD 24 YTD 25 Operating cash flow less CAPEX 709 664 Adj. EBITA 889 983 Cash conversion1) 80% 68% SEKm Sep ‘24 Sep ‘25 Equity 5,405 5,528 Interest-bearing debt 858 1,000 Leasing 498 573 Put/call debt for non-controlling shares and earn-out debt 2,468 2,635 (-) Cash and cash equivalents -396 -491 Capital employed 8,843 9,245 Average capital employed 8,433 9,107 LTM Adj. EBITA 1,162 1,321 ROCE, %2) 13.8% 14.5% ROCE (excl. Goodwill), %3) 173% 164% 72% excluding 41 MSEK of costs relating to listing of Röko’s B-share in Nasdaq Stockholm
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5 Appendix
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6 KPIs Source: Company information Note: 1) Including minority debt SEKm YTD 24 YTD 25 Change Net sales 4,513 4,776 6% Adj. EBITA 889 983 11% Adj. EBITA margin, % 20% 21% +1 p.p Adj. EBITDA 1,004 1,110 11% Adj. EBITDA margin, % 22% 23% +1 p.p Capital employed 8,834 9,245 5% Return on capital employed, % 13.8% 14.5% +0.7 p.p Return on equity, % 13.5% 13.1% -0.4 p.p Financial net debt1) 2,931 3,144 7% Interest-bearing net debt 462 509 10% Financial net debt1)/EBITDA LTM 2.2x 2.1x -0.1x Interest-bearing net debt/EBITDA LTM 0.4x 0.3x -0.0x Number of employees, end of the period 1,472 1,596 8%
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7 Profit and loss statement Source: Company information Full-year YTD YTD SEKm 2019 2020 2021 2022 2023 2024 2024 2025 Net sales 23 614 2,083 4,316 5,614 6,182 4,513 4,776 Cost of goods sold -15 -310 -1,293 -2,668 -3,343 -3,543 -2,586 -2,666 Gross profit 8 304 790 1,648 2,271 2,639 1,927 2,110 Selling expenses -5 -109 -203 -474 -843 -940 -687 -728 Administrative expenses -4 -98 -248 -482 -583 -681 -487 -562 Other operating income and expenses -9 -8 -28 -80 -25 -49 -46 -62 Operating profit -11 89 312 612 821 969 706 758 Financial income 0 1 34 101 26 66 47 38 Financial expenses -1 -18 -60 -160 -130 -112 -69 -64 Profit before tax -12 74 286 554 716 923 684 732 Tax 0 -18 -68 -168 -175 -221 -150 -179 Net profit for the period -12 56 217 386 541 702 534 553
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8 Balance sheet Source: Company information December Sep SEKm 2019 2020 2021 2022 2023 2024 2025 ASSETS Fixed assets Intangible assets 955 1,506 3,984 7,339 7,481 8,337 8,298 Tangible assets 197 251 506 747 697 783 817 Other long-term securities and receivables 1 4 14 15 38 31 37 Total non-current assets 1,152 1,761 4,504 8,101 8,216 9,150 9,152 Current assets Inventories 36 86 424 843 874 1,023 1,011 Current receivables 63 146 467 674 785 881 959 Cash and cash equivalents 112 192 290 558 744 421 491 Total current assets 211 424 1,180 2,075 2,403 2,325 2,460 TOTAL ASSETS 1,363 2,186 5,684 10,179 10,619 11,475 11,612 December Sep SEKm 2019 2020 2021 2022 2023 2024 2025 EQUITY AND LIABILITIES Equity Equity attributable to Röko’s shareholders 350 719 1,991 3,653 4,942 5,501 5,528 Total equity 350 719 1,991 3,653 4,942 5,501 5,528 Non-current liabilities Long-term borrowings incl. leasing liabilities 384 160 285 460 416 429 466 Other long-term liabilities, put/call- and earn-out debt 191 368 1,050 2 034 2,346 2,632 2,129 Deferred tax liability 93 146 365 719 742 808 787 Other long-term provisions 0 0 1 4 3 7 12 Total non-current liabilities 668 675 1,702 3 217 3,507 3,875 3,393 Current liabilities Short-term borrowings incl. leasing liabilities 231 538 1,118 2 202 977 726 1,107 Other short-term liabilities, put/call- and earn-out debt 22 122 382 321 276 270 651 Other short-term liabilities 92 133 492 786 916 1,103 933 Total current liabilities 345 792 1,992 3 309 2,169 2,098 2,691 TOTAL EQUITY AND LIABILITIES 1,363 2,186 5,684 10,179 10,619 11,475 11,612
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9 Cash flow statement Source: Company information Note: 1) Includes incentive programs for local management teams in the subsidiaries Full-year YTD YTD SEKm 2019 2020 2021 2022 2023 2024 2024 2025 Operating activities Operating profit -11 89 312 612 821 969 706 758 Adjustment for non-cash items 2 44 107 262 358 404 293 311 Net financial items -1 -14 -26 -67 -106 -58 -45 -44 Paid tax 0 -40 -86 -189 -224 -261 -156 -198 Cash flow from operating activities before changes in working capital -10 79 307 618 848 1,054 798 827 Cash flow from changes in working capital Change in inventory -4 -10 -16 -84 75 -47 -31 43 Change in current assets 7 -8 -62 11 0 31 -19 -90 Change in current liabilities 6 1 19 -30 9 59 15 -63 Cash flow from operating activities -1 62 248 515 932 1,097 763 717 Investing activities Acquisitions -694 -365 -1,735 -2 435 -337 -786 -684 -664 Investments in intangible assets(1) 0 -1 -2 -1 -17 -14 -11 -12 Investments in tangible assets 0 -14 -51 -49 -62 -44 -43 -44 Cash flow from investing activities -695 -381 -1,788 -2,486 -416 -844 -737 -721 Financing activities Shareholder contribution 360 334 1,140 1,421 1,189 3 3 - New loans with credit institutions 448 124 625 1,187 1 736 875 492 Repayment of loans -2 -59 -83 -242 -1,267 -1,077 -974 -92 Payments debt call- and put option 0 0 -49 -9 -182 -148 -91 -108 Other financing activities 0 0 0 -125 -74 -105 -195 -192 Cash flow from financing activities 807 399 1,632 2,231 -334 -592 -382 100 Cash flow for the period 112 80 93 260 183 -338 -356 96 Cash and cash equivalents at the beginning of the period 0 112 192 290 558 744 744 421 Translation differences 0 0 5 8 3 16 8 -27 Cash and cash equivalents at the end of the period 112 192 290 558 744 421 396 491
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10 Overview of acquisitions Röko has made 29 platform acquisitions to date Source: Company information Note: 1) Current ownership; 2) Net sales LFY from the acquisition date (reporting currency); 3) Arboritec acquired a majority stake in Synteko in November 2019; 4) Ekstralys mainly sells to business customers, with 2/3 of revenue from wholesale; 5) Renovotec acquired 100% of the shares in WiFiGear in August 2021 and Jade Solutions in January 2022; 6)Renovotec acquired 80% of Skywire in December 2023; 7) Snowminds acquired 100% of Snowlife in May 2024; 8) ATEMAG acquired 100% of Oppold in August 2025 Year Company Description Business area Country Ownership1) Net sales at acquisition2) H2 2019 Arboritec3) Varnish and floor maintenance products B2B Sweden 100% SEK 30m H2 2019 Hot Screen Heat transfers to work- and sportswear B2B Sweden 58% SEK 94m H2 2019 Addedo Software reseller and finance consulting B2B Sweden 60% SEK 97m H2 2019 Bilomsetningen Spare parts reseller for auto-repair shops B2B Norway 77% NOK 106m H2 2019 Beth’s Beauty Skincare retail and clinics B2C Norway 65% NOK 90m H2 2020 Lundberg Tech Waste handling systems developer B2B Denmark 85% DKK 76m H2 2020 Oppigårds Independent craft brewery B2C Sweden 70% SEK 70m H2 2020 Dan-Form Furniture design B2C Denmark 70% DKK 102m H2 2020 Sixty Stores Multi-channel e-commerce retailer B2C UK 60% GBP 23m H1 2021 Ekstralys E-commerce platform for vehicle lighting4) B2B Norway 60% NOK 81m H1 2021 Renovotec5,6) Rugged hardware distribution B2B UK 75% GBP 22m H1 2021 Rocket Medical Single-use medical devices B2B UK 79% GBP 26m H2 2021 Les Deux Menswear fashion brand B2C Denmark 60% DKK 133m H2 2021 Golf Experten Golf equipment retailer B2C Denmark 80% DKK 134m H2 2021 4x4 A&T Supplier of accessories for 4x4 pickups B2B UK 78% GBP 23m H2 2021 Smit Visual Whiteboard manufacturer B2B Netherlands 75% EUR 17m H1 2022 Brownell Humidity and moisture products B2B UK 70% GBP 9m H1 2022 ETB Tech. IT hardware refurbishment B2B UK 65% GBP 15m H1 2022 Dorsey Supplier of niche construction accessories B2B UK 80% GBP 20m H2 2022 TECCON Manufacturer of electrician products B2B Norway 85% NOK 433m H2 2022 Silk-Ka Design and distribution of artificial flowers B2C Netherlands 80% EUR 15m H2 2022 AJAT Uniforms and student products B2C Denmark 70% DKK 230m H1 2023 Godiva Distributor of bearings and spare parts B2B UK 75% GBP 20m H2 2023 Snowminds7) Provider of ski instructor trainings B2C Denmark 60% DKK 64m H1 2024 Baymax Producer of cleaning products B2B Netherlands 85% EUR 9m H1 2024 ATEMAG8) Developer of CNC aggregates B2B Germany 95% EUR 7m H2 2024 CHP Lubrication for conveyor belts B2B Belgium 97% EUR 9m H2 2024 Pureoptics Optical transceivers and cables B2B France 58% EUR 8m H1 2025 Topa Bathroom Designer of bathroom products B2C Netherlands 85% EUR 20m Segment split – no. of Companies Country split – no. of Companies 19 10 B2B B2C 8 6 4 4 4 1 1 1 UK Denmark Norway Sweden Netherlands Germany Belgium France
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11 Disclaimer The Manager have not conducted any independent review or verification of the information in the Presentation and although eff orts have been made to accurately describe Röko, the Manager disclaims any and all liability for the content being correct, accurate and complete. In addition to information provided in the Presentation, the Manager also disclaims any and all liability for oral and written information that a potential investor may be provided with by the Company. The Manager also di sclaims any and all liability for direct and indirect consequences resulting from decisions which are wholly or partly based on information in the Presentation. Statements in this Presentation, including those regarding the Company's and its industry's possible or assumed future, the C ompany’s business strategies, its expansion and growth of operations, future events, objectives, trend projections and expectations, or other performance of the Company or its industr y, constitute forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, contingencies, uncertainties, assumptions and other factors as they relate to events and depend on circumstances that will or may occur in the future, whether or not outside the control of the Company. No assurance is given that such forward -looking statements will prove to be correct. Prospective investors should not place undue reliance on forward-looking statements. They speak only as at the date of this Presentation and neither the Company nor the Manager undertakes any obligation to update these forward-looking statements. Past performance does not guarantee or predict future performance. Moreover, neither the Company nor the Manager undertakes any obligation to review, update or confirm expectations or estimates or to release any revisions to any forward -looking statements to reflect events that occur or circumstances that arise in relation to the content of this Presentation. The Company and the Manager expressly disclaim any liability whatsoever for such forward-looking statements. This Presentation as well as any other information provided by or on behalf of Röko in connection herewith shall be governed by Swedish law. The courts of Sweden, with the District Court of Stockholm as the first instance, shall have exclusive jurisdiction to settle any conflict or dispute arising out of or in connection with this Presentation or related matters.