Slides
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1 Interim report January - September 2026 23 October 2026 The Perpetual Owner
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2 First nine months 2026 Source: Company information Note: Based on actual reported information. 1) Reported Adj. EBITA increased 30% for the first nine months in 2026, from MSEK 983 to 1,275 driven by acquisitions and organic growth but with negative exchange differences. 2) Net Debt / LTM Adj. EBITDA increased to 2.6x in September 2026, compared with 2.1x in September 2025, driven by the five acquisitions as well as negative exchange rate fluctuations (that normalized towards the end of the period). Growth in EBITA1 Change in Net Debt / EBITDA2 +30% +0.5x ▪ Exchange rate fluctuations had -2% impact on net sales in the period ▪ Increase in leverage driven by five acquisitions in the period
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3 2026 Financial development Source: Company information Note: 1) Operating cash flow less capex (investments in tangible). Growth was +27% in the nine months excluding MSEK 41 of costs relating to listing of Röko’s B-share in Nasdaq Stockholm that impacted the 2025 numbers. 2. Five acquisitions with a combined annual net sales of MSEK 1,543 were completed and consolidated during the first nine months, of which one acquisition with annual net sales of MSEK 294 in the third quarter. Jul - Sep Jan - Sep SEKm 2025 2026 Change 2025 2026 Change Net Sales 1,518 2,180 44% 4,776 6,078 27% Adj. EBITA 275 433 57% 983 1,275 30% Adj. EBITA margin 18% 20% +2 pp 21% 21% +0 pp Operating Cash flow less CAPEX(1) 204 305 50% 680 914 34% Organic net sales growth 2% 9% 3% 6% FX differences -4% 2% -3% -2% Adj. EBITA growth 8% 57% 11% 30% Annual net sales acquired(2) 111 294 165% 395 1,543 291%
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4 Growth last three years Source: Company information Note: Based on actual reported information. Reported Adj. EBITA increased 30% for the period in 2026, from MSEK 983 to 1,275 driven by acquisitions and organic growth but with negative exchange differences. LTM growth compared with FY25 is 20%. SEKm (unless otherwise stated) FY23 FY24 FY25 CAGR Sep'26 LTM EBITA (LTM) 1,047 1,227 1,339 1,631 Organic EBITA growth 9% 4% 6% n.a. Acquired EBITA growth 8% 10% 9% n.a. FX EBITA growth 0% -4% -2% -2% EBITA Growth 17% 9% 13% 20% Net Debt / Adj EBITDA 2.2x 2.1x 2.0x 2.6x EBITA growth of 17% p.a. since 2023, after negative FX of 2%
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5 Financial development Source: Company information Note:1) Organic growth calculated based on IFRS numbers in local currency 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) ROCE = LTM Adj. EBITA / Average CE. 4) EBITA from acquisitions in the year since the date of consolidation and impact from acquisitions in year-1 if they would have been consolidated 1 Jan Year-1. For 2022 operating profit has been used instead of Adj. EBITA, meaning that the acquired growth in 2023 is slightly understated. Only provided for full year. 5) Cash Conversion = Operating cash flow (post net tangible CAPEX) / Adj. EBITA. SEKm FY 2022 FY 2023 FY 2024 FY 2025 YTD 2025 YTD 2026 Net sales 4,316 5,614 6,182 6,452 4,776 6,078 - Of which organic growth 1) 8% -2% 2% 2% 3% 6% Adj. EBITA 2) 787 1,047 1,227 1,339 983 1,275 - Of which organic growth 9% 4% Adj. EBITA margin 18% 19% 20% 21% 21% 21% ROCE 3) 12.7% 13.1% 14.4% 14.8% 14.5% 15.5% Net debt / LTM Adj. EBITDA 4.2x 2.2x 2.1x 2.0x 2.1x 2.6x Acquired growth 4) 24% 8% 10% Cash conversion 5) 59% 83% 85% 77% 69% 72%
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6 Cash flow and capital efficiency Source: Company information Note: 1) Cash Conversion = Operating cash flow (post net tangible CAPEX) / Adj. EBITA. For 2025 Cash Conversion was 73% excluding 41 MSEK of costs relating to listing of Röko’s B-share in Nasdaq Stockholm ; 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 SEKm YTD'25 YTD'26 Operating cash flow less CAPEX 680 914 Adj. EBITA 983 1,275 Cash conversion 1) 69% 72% Capital employed and ROCE SEKm Sep'25 Sep'26 Equity 5,528 6,352 Interest-bearing debt 1,000 2,638 Leasing 573 767 Put/call debt for non-controlling shares and earn-out debt 2,635 2,798 (-) Cash and cash equivalents -491 -594 Capital employed 9,245 11,961 Average capital employed 9,107 10,545 LTM Adj. EBITA 1,321 1,631 ROCE, % 2) 14.5% 15.5% ROCE (excl. Goodwill), % 3) 164% 145%
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7 5 acquisitions YTD 2026 Source: Company information IT Lasers for dentistry and veterinary 11 MEUR Diode and erbium lasers for dentists and veterinary with global sales NO Golf equipment retailer 250 MNOK Market leading golf equipment retailer in Norway (Röko owns Golf Experten in Denmark since 2021) UK Building products 15 MGBP Market leader in access panels and door canopies in the UK NL Food display products 64 MEUR Market leader in chicken rotisseries and supplier of food display products IT Cycling comfort products 27 MEUR Market leader in precision pads for cyclists and ancillary products Net salesDescriptionCountry Detailed information
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8 Appendix
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9 KPIs Source: Company information Note: 1) Including minority debt SEKm YTD Sep 25 YTD Sep 26 Change Net sales 4,776 6,078 27% Adj. EBITA 983 1,275 30% Adj. EBITA margin, % 21% 21% +0 pp LTM Adj. EBITA 1,321 1,631 23% Adj. EBITDA 1,110 1,436 29% Adj. EBITDA margin, % 23% 24% +0 pp Capital employed 9,245 11,961 29% Return on capital employed, % 14.5% 15.5% +1.0pp Return on equity, % 13.1% 14.6% +1.5pp Financial net debt 1) 3,144 4,842 54% Interest-bearing net debt 509 2,044 302% Financial net debt 1) / EBITDA LTM 2.1x 2.6x +0.5x Interest-bearing net debt / EBITDA LTM 0.3x 1.1x +0.8x Number of employees, end of the period 1,596 1,906 19%
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10 Profit and loss statement Source: Company information Full-year YTD YTD SEKm 2019 2020 2021 2022 2023 2024 2025 2025 2026 Net sales 23 614 2,083 4,316 5,614 6,182 6,452 4,776 6,078 Cost of goods sold -15 -310 -1,293 -2,668 -3,343 -3,543 -3,567 -2,666 -3,344 Gross profit 8 304 790 1,648 2,271 2,639 2,884 2,110 2,735 Selling expenses -5 -109 -203 -474 -843 -940 -985 -728 -868 Administrative expenses -4 -98 -248 -482 -583 -681 -781 -562 -789 Other operating income and expenses -9 -8 -28 -80 -25 -49 -68 -62 -45 Operating profit -11 89 311 612 821 969 1,051 758 1,033 Financial income 0 1 34 101 26 66 49 38 28 Financial expenses -1 -18 -60 -160 -130 -112 -90 -64 -143 Profit before tax -12 74 286 554 716 923 1,010 732 918 Tax 0 -18 -68 -168 -175 -221 -254 -179 -257 Net profit for the period -12 56 217 386 541 702 755 553 661 Earnings per share attributable to parent company shareholders (SEK)* neg 4.15 16.12 28.60 38.78 47.33 51.52 37.65 45.20
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11 Balance sheet Source: Company information December Sep SEKm 2019 2020 2021 2022 2023 2024 2025 2026 Fixed assets Intangible assets 955 1,506 3,984 7,339 7,481 8,337 8,354 10,539 Tangible assets 197 251 506 747 697 783 818 1,130 Other long-term securities and receivables 1 4 14 15 38 31 40 76 Total non-current assets 1,152 1,761 4,504 8,101 8,216 9,150 9,212 11,745 Current assets Inventories 36 86 424 843 874 1,023 1,035 1,515 Current receivables 63 146 467 678 785 881 924 1,356 Cash and cash equivalents 112 192 290 558 744 421 407 594 Total current assets 211 424 1,180 2,079 2,403 2,325 2,365 3,465 TOTAL ASSETS 1,363 2,186 5,684 10,180 10,619 11,475 11,577 15,210 Equity Equity attributable to Röko's shareholders 350 719 1,991 3,653 4,942 5,501 5,515 6,352 Total equity Non-current liabilties Long-term borrowings incl. leasing liabilties 384 160 285 460 416 429 470 656 Other long-term liabilties, put/call- and earn-out debt 191 368 1,050 2,034 2,346 2,632 2,293 2,335 Deferred tax liability 93 146 365 719 742 808 788 991 Other long-term provisions 0 0 1 4 3 7 13 42 Total non-current liabilties 668 675 1,702 3,217 3,507 3,875 3,564 4,024 Current liabilties Short-term borrowings incl. leasing liabilties 231 538 1,118 2,202 977 726 950 2,749 Other short-term liabilities, put/call- and earn-out debt 22 122 382 321 276 270 484 694 Other short-term liabilties 92 133 492 786 916 1,103 1,065 1,390 Total current liabilities 345 792 1,992 3,309 2,169 2,098 2,499 4,833 TOTAL EQUITY AND LIABILITIES 1,363 2,186 5,684 10,180 10,619 11,475 11,577 15,210
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12 Full-year YTD YTD SEKm 2019 2020 2021 2022 2023 2024 2025 2025 2026 Operating activities Operating profit -11 89 312 612 821 969 1,051 758 1,033 Adjustment for non-cash items 2 44 107 262 358 404 422 311 371 Net financial items -1 -14 -26 -67 -106 -58 -56 -44 -75 Paid tax 0 -40 -86 -189 -224 -261 -319 -198 -286 Cash flow from operating activities before working capital -10 79 307 618 848 1,054 1,097 827 1,044 Change in inventory -4 -10 -16 -84 75 -47 53 43 -54 Change in current assets 7 -8 -62 11 0 31 -51 -90 -25 Change in current liabilities 6 1 19 -30 9 59 -26 -63 9 Cash flow from operating activities -1 62 248 515 932 1,097 1,073 717 973 Acquisitions -694 -365 -1,735 -2,435 -337 -786 -944 -672 -1,972 Investments in intangible assets(1) 0 -1 -2 -1 -17 -14 -14 -12 -7 Investments in tangible assets 0 -14 -51 -49 -62 -44 -55 -37 -60 Cash flow from investing activties -695 -381 -1,788 -2,486 -416 -844 -1,013 -721 -2,039 Shareholder contribution 360 334 1,140 1,421 1,189 3 - - - New loans with credit institutions 448 124 625 1,187 1 884 589 492 3,200 Repayment of loans -2 -59 -83 -242 -1,267 -1,226 -330 -92 -1,688 Payments debt call- and put option 0 0 -49 -9 -182 -148 -148 -108 -107 Other financing activities 0 0 0 -125 -74 -105 -144 -192 -171 Cash flow from financing activities 807 399 1,632 2,231 -334 -592 -33 100 1,234 Cash flow for the period 112 80 93 260 183 -338 27 96 168 Cash and cash equivalents at the beginning of the period 0 112 192 290 558 744 421 421 407 Translation differences 0 0 5 8 3 16 -41 -27 19 Cash and cash equivalents at the end of the period 112 192 290 558 744 421 407 491 594 Cash flow statement Source: Company information Note: 1) Includes incentive programs for local management teams in the subsidiaries
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13 Overview of acquisitions Source: Company information Note: 1) Ownership 2025-12 or at acquisition date; 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 61% 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 90% 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 80% 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 80% 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 85% 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 100% 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 58% 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 H2 2025 ITIB Machinery Corrugated plastic machinery B2B Italy 75% EUR 18m H1 2026 Lambda Lasers for dentists and veterinarians B2B Italy 86% EUR 11m H1 2026 Golfshopen Golf equipment retail B2C Norway 80% NOK 250m H1 2026 ABP Access panels and door canopies B2B UK 85% GBP 15m H1 2026 Fri-Jado Chicken rotisseries and food display products B2B Netherlands 93% EUR 64m H2 2026 CyTech Advanced comfort products for cyclists B2C Italy 99% EUR 27m Segment split – no. of Companies Country split – no. of Companies 23 12 B2B B2C 9 6 5 5 4 3 1 1 1 UK Denmark Norway Netherlands Sweden Italy Germany Belgium France
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14 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 Man ager also disclaims 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.