Interim report
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A quarter with strong sales and profitability –we continue to deliver on our strategy Interim report January-September 2026
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Silex | Interim report Q3 2026 2 July-September 2026 Net sales amounted to SEKm 413 (339), a growth of 21.7% (33.9%) Currency-adjusted growth amounted to 22.0% (43.9%) Operating profit (EBIT) amounted to SEKm 148 (108), an EBIT margin of 35.8% (31.9%) Adjusted EBIT amounted to SEKm 148 (110), an adjusted EBIT margin of 35.8% (32.3%) Net Profit amounted to SEKm 130 (81) Earnings per share after dilution amounted to SEK 1.12 (0.85) Cash flow from operating activities amounted to SEKm 145 (30) January-September 2026 Net sales amounted to SEKm 1,181 (982), a growth of 20.2% (15.8%) Currency-adjusted growth amounted to 28.0% (20.2%) Operating profit (EBIT) amounted to SEKm 410 (251), an EBIT margin of 34.7% (25.5%) Adjusted EBIT amounted to SEKm 416 (265), an adjusted EBIT margin of 35.2% (27.0%) Net Profit amounted to SEKm 337 (179) Earnings per share after dilution amounted to SEK 3.05 (1.98) Cash flow from operating activities amounted to SEKm 380 (184) Net debt amounted to SEKm -961 (102) Significant events during the quarter On July 7, Silex entered into an agreement to acquire a semiconductor CMOS fab in Pennsylvania, USA. The acquisition is expected to be completed around the turn of the year 2027/2028. The purchase price amounted to USD 40 million, of which USD 10 million was paid in advance at the time of signing the agreement. The fab will be converted into a MEMS fab. Significant events after the end of the period Silex has submitted a filing to the Committee on Foreign Investment in the United States (CFIUS) regarding the planned acquisition of the semiconductor fab in Pennsylvania, USA. Karin Rosenthal has been appointed the new CFO and will assume the position in November 2026. Financial overview1 1 The table includes both IFRS measures and Alternative Performance Measures (APMs). Definitions and reconciliations of APMs are presented in Note 10. Net sales, profit for the period and earnings per share are not APMs. 2 Comparative periods have been adjusted to reflect the 10:1 share split registered on 26 March 2026. Oct–Sep Jan-DecSEKm2026 2025 2026 2025 R12 2025Net sales413 339 1,181 982 1,584 1,385Total growth, %21.7% 33.9% 20.2% 15.8% 16.5% 13.0%Currency-adjusted growth, %22.0% 43.9% 28.0% 20.2% 24.8% 19.0%EBITDA180 139 504 344 652 493Operating profit (EBIT)148 108 410 251 526 368EBIT margin, %35.8% 31.9% 34.7% 25.5% 33.2% 26.5%Adjusted EBIT148110416265548397Adjusted EBIT margin, %35.8% 32.3% 35.2% 27.0% 34.6% 28.7%Net profit 130 81 337 179 427 269Earnings per share before dilution, in SEK²1.18 0.85 3.24 1.98 4.17 2.91Earnings per share after dilution, in SEK²1.12 0.85 3.05 1.98 3.92 2.91Cash flows from operating activities145 30 380 184 546 353Investment in tangible fixed assets79 71 205 158 240 195Operating cash flow66 -41 175 26 306 159Return on capital employed (ROCE), %22.4% 22.5% 22.4% 22.5% 22.4% 20.2%Net debt-961 276 -961 276 -961 102Net debt/EBITDA, x-1.5 0.5 -1.5 0.5 -1.5 0.2Equity ratio, %76.3% 61.6% 76.3% 61.6% 76.3% 63.8%Jul-SepJan-Sep SEKm413 Net sales, quarter R12: 1,584 MSEK +21,7% Growth, quarter R12: 16.5% +35,8% EBIT margin, quarter R12: 33.2%
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Silex | Interim report Q3 2026 3 Silex delivered strong sales and profitability in the third quarter. Net sales increased by 21.7 percent to SEK 413 million. This reflects our strong global market position and our ability to manufacture advanced MEMS technology that meets customers’ increasing demands. The EBIT margin was 35.8 percent (31.9 percent). Since the change of ownership in the summer of 2025, we have secured a significant number of development contracts, strengthening the foundation for our continued growth. The IPO earlier this year has further enhanced our commercial opportunities, while our establishment in the USA is creating new opportunities to expand into new industries together with both existing and new customers. Continued strong growth in the market One of Silex’s strengths is that MEMS technology is needed across many different industries, making us less dependent of developments in individual technology trends and sectors. During the year, we have seen the strongest growth in Telecom and Life Science markets. Developments in Telecom, particularly optical circuit switches (OCS) and photonics, have continued to generate business, driven by the rapid expansion of data centers and the need for higher bandwidth and greater energy efficiency. In OCS, where Silex manufactures MEMS for several leading players, we are seeing growing interest from hyperscalers and a gradual transition from development projects to commercial deployments. OCS currently accounts for approximately 30 percent of Silex’s total net sales. Life Science, the fastest growing market, currently accounts for approximately 20 percent of total net sales, with a large share coming from production customers, while we have also gained many new development customers. U.S. establishment is progressing according to plan In early July, Silex entered into a binding agreement with U.S. semiconductor manufacturer Onsemi to acquire a semiconductor CMOS fab in Mountain Top, Pennsylvania, USA. The transaction is expected to close around the turn of the year 2027/2028 and is subject to customary closing conditions, including approval from the Committee on Foreign Investment in the United States (CFIUS). Through the acquisition, Silex will establish manufacturing capacity in the U.S., bringing us closer to our largest customers. Together with the IPO in May this year, this establishment also opens opportunities for Silex to engage with customers in new industries. During the quarter, we began planning for the conversion of the U.S. facility into a MEMS fab, an important step in building capacity and easing the production load on our operations in Sweden. At the same time, we initiated product qualification activities for MEMS devices that will be manufactured in the U.S. fab in the future. The total investment requirement remains in line with the previously communicated plan and is estimated to approximately SEK 1.6 billion by 2030. The objective is for the fab to reach break-even at the EBIT level between 2029 and 2030 and, by 2034, achieve revenue and profitability levels comparable to those recorded in 2025 at Silex’s Swedish 200 mm fab. Expansion in Järfälla, Sweden In parallel with the establishment in the U.S., we continue to invest in our Swedish operations. During the quarter, we began expanding the cleanroom area at our Järfälla facility to meet growing demand. At the same time, we strengthened the organization by recruiting approximately 30 engineers during the third quarter. Delivering on our strategy Overall, the quarter demonstrates that Silex continues to deliver on the goals and plans we have set. We continue to grow our existing business while pursuing strategic initiatives that strengthen our ability to continue expansion. With a leading position in the MEMS market, scalable production capacity and a strong financial position, we are well positioned to meet the demand we see from both existing and new customers. Our strong performance during the quarter was made possible by our employees, whose expertise and commitment drive Silex forward every day. I would therefore like to extend my sincere thanks to the entire organization for your contribution. I would also like to thank our shareholders for your support and confidence in Silex, which provides us with a strong foundation for the continued development of the company. Edvard Kälvesten President and CEO, Silex Microsystems AB (publ) CEO comments A quarter with strong sales and profitability – we continue to deliver on our strategy
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Silex | Interim report Q3 2026 4 Group performance July-September 2026 Net sales The Group’s net sales amounted to SEKm 413 (339) for the quarter, an increase of SEKm 74, or 21.7% (33.9%), compared with the same period last year. Currency adjusted growth amounted to 22.0% (43.9%). The increase in net sales was driven by higher sales from both development and production projects, with the largest contribution from development projects. Demand for new development projects remained strong among both existing and new customers. The change of ownership last year and the IPO have contributed to increased visibility and a higher inflow of new development projects. Net sales from development projects increased by SEKm 44 compared with the same quarter last year, while the contribution from production projects was SEKm 30. Performance during the quarter was broadly in line with the trend seen in the previous quarter. Continued strong demand for AI and optical circuit switches drove an increase in net sales of SEKm 74, or 68.3%, in the Telecom end market. The Life Science and Medical end market continued to show strong growth, with net sales increasing by SEKm 30, or 67.9%. Net sales in the Industrial and Automotive end market decreased by SEKm 22, or 24.6% as well as net sales in the Consumer end market declined by SEKm 9, or 9.0%. These developments reflect fluctuations between periods in sales resulting from changes in the product mix. Geographically, growth continued to be driven primarily by North America, where net sales increased by SEKm 64, or 33.9%, compared with the corresponding quarter last year. Net sales to European customers increased by SEKm 6, or 5.9% and sales to customers in Asia increased by SEKm 11, or 28.4%. Net sales to the rest of the world decreased by SEKm 7, or 63.0%. North America is the Company’s largest market and an important part of its long-term growth strategy, as also reflected in the planned acquisition of a semiconductor fab in Pennsylvania, USA. Other operating income Other operating income amounted to SEKm 44 (13) for the quarter, of which SEKm 14 (12) was related to rental income from external tenants at the Järfälla facility. The remaining SEKm 30 (1) was related to unrealized foreign exchange gains from the revaluation of balance sheet items, primarily due to the strengthening of the USD against the SEK. The positive effect is explained by the fact that approximately 60– 70% of Silex’s net sales are invoiced in USD. Operating expenses Operating expenses amounted to SEKm 310 (244), an increase of SEKm 65 compared with the corresponding quarter last year. Costs increased across all expense categories as a result of the growing business. Raw materials and supplies increased by SEKm 12 due to higher business volumes, while personnel expenses increased by SEKm 19, primarily as a result of a larger workforce. Other external expenses increased by SEKm 22, reflecting an overall increase in resource requirements as the business expands. Other operating expenses included unrealized foreign exchange losses from the revaluation of balance sheet items, amounting to SEKm 19 (7). Operating profit (EBIT) Operating profit (EBIT) amounted to SEKm 148 (108), corresponding to an EBIT margin of 35.8% (31.9%). Adjusted for non-recurring items, EBIT amounted to SEKm 148 (110), corresponding to an adjusted EBIT margin of 35.8% (32.3%). The quarter included no non-recurring items, while the corresponding period last year was negatively impacted by SEKm 2 related to activities in connection with the IPO and the change of ownership in the previous year. The positive EBIT development was primarily driven by increased net sales, a favorable product mix, and revenue growth exceeding the increase in operating expenses. EBIT was also positively impacted by unrealized foreign exchange effects from the revaluation of balance sheet items, amounting to a net gain of SEK 12 (-7). Net sales, SEKm Operating profit (EBIT) and EBIT margin, SEKm 02004006008001 0001 2001 4001 6001 800050100150200250300350400450Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32024 2025 2026Net salesNet sales, R120.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0%020406080100120140160Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32024 2025 2026Operating profit (EBIT)Operating profit, R12
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Silex | Interim report Q3 2026 5 Net financial items Net financial items amounted to SEKm 17 (-2) for the quarter. Financial income amounted to SEKm 20 (2). Interest income on bank deposits amounted to SEKm 6 (1), reflecting the higher cash balance following the share issue in connection with the stock market listing. In addition, unrealized foreign exchange gains of SEKm 13 (1) arose from the revaluation of bank account balances in foreign currencies. Financial expenses amounted to SEKm -4 (-5) and consisted mainly of interest expenses on lease liabilities and borrowings from credit institutions. Net Profit Profit before tax amounted to SEKm 164 (106). Income tax expense for the period amounted to SEKm 34 (25), corresponding to an effective tax rate of 21.0% (23.2%). Profit for the quarter amounted to SEKm 130 (81), an increase of SEKm 48 compared with the corresponding quarter last year. Earnings per share before dilution amounted to SEK 1.18 (0.85), while earnings per share after dilution amounted to SEK 1.12 (0.85). Cash flow Cash flow from operating activities amounted to SEKm 145 (30) for the quarter. Cash flow from operating activities before changes in working capital amounted to SEKm 153 (137), primarily driven by higher EBIT. Cash flow from changes in working capital amounted to SEKm -8 (-107). The improvement compared with the corresponding quarter last year was mainly driven by a positive cash flow impact from trade receivables, reflecting increased payments from customers. Cash flow from investing activities amounted to SEKm -173 (-71). Of this, SEKm 79 (71) related to investments in tangible fixed assets to expand capacity and capabilities at the existing facility in Järfälla. In addition, SEKm 94, corresponding to USD 10 million, related to an advance payment for the planned acquisition of the semiconductor fab in Pennsylvania, USA. Cash flow from financing activities amounted to SEKm -19 (-295) and consisted of repayments of lease liabilities and loans amounting to SEKm 19 (20). Cash flow in the same period last year was affected by a dividend payment of SEKm 250 and the repurchase of warrants amounting to SEKm 25. For further information on the repurchase of warrants, see Note 7. Cash flow for the quarter amounted to SEKm -47 (-336). Cash flow was affected by an advance payment of SEKm 94 related to the planned acquisition of the semiconductor fab in Pennsylvania, USA. Excluding this payment, cash flow for the quarter amounted to SEKm 47. January-September 2026 Net sales The net sales for the Group amounted to SEKm 1,181 (982) for the period, an increase of SEKm 199, corresponding to a growth of 20.2% (15.8%). Currency adjusted growth amounted to 28.0% (20.2%). Net sales growth continued to be driven by strong demand for development projects from both existing and new customers. Development projects accounted for 48.5% (42.0%) of the net sales and increased by SEKm 161 compared with the corresponding period last year. The change of ownership last year and the IPO this year have contributed to an increased inflow of new customers and development projects. At the same time, net sales from production projects increased by SEKm 38 and accounted for 51.5% (58.0%) of net sales. Growth remained positive across several of the Company’s end markets. Performance in the Telecom end market was strong, driven by continued high demand for AI and optical circuit switches. Net sales in the Telecom end market increased by SEKm 114, or 36.9%, compared with the corresponding period last year. The Life Science and Medical end market also contributed significantly to growth, with a net sales increase of SEKm 82, or 64.0%, driven by both new customer projects and higher volumes in existing projects. Net sales in the Consumer end market increased by SEKm 23, or 7.8%, while the Industrial and Automotive end market declined by SEKm 20, or 7.7%, reflecting changes in the product mix. North America remained the Group’s largest and most important market, accounting for the majority of net sales growth during the period. Net sales in North America increased by SEKm 178, or 33.4%, compared with the corresponding period last year. The region accounted for 60.4% (54.4%) of the Group’s total net sales, further highlighting the importance of the planned establishment of a manufacturing facility in the US. Net sales in Europe increased by SEKm 20, or 6.5%, and in Asia by SEKm 6, or 5.8%, while sales to the rest of the world declined slightly. Net sales by product category for the nine- month period Net sales by geographic region for the nine- month period Net sales by industry for the nine-month period 49%51%DevelopmentProduction60%29%10%1%North AmericaEuropéAsiaOther20%18%27%36%Industry andautomotive industryLife science andmedical technologyConsumer electronicsTelecommunication
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Silex | Interim report Q3 2026 6 Other operating income Other operating income amounted to SEKm 94 (41) for the period, of which SEKm 40 (38) related to rental income from external tenants at the Järfälla facility. The remaining SEKm 53 (3) related to unrealized foreign exchange gains arising from the revaluation of balance sheet items, primarily due to the strengthening of the USD against the SEK. The positive effect is explained by the fact that approximately 60–70% of Silex’s net sales are invoiced in USD. Operating expenses Operating expenses amounted to SEKm 865 (773) for the period, an increase of SEKm 93 compared with the corresponding period last year. Raw materials and supplies increased by SEKm 34 due to higher net sales. The continued expansion of the business, including a larger workforce, also contributed to increases in personnel expenses and other external expenses of SEKm 51 and SEKm 39, respectively. At the same time, other operating expenses decreased by SEKm 32 due to lower unrealized foreign exchange losses arising from the revaluation of balance sheet items, which amounted to SEKm 9 (42). Operating profit (EBIT) EBIT amounted to SEKm 410 (251) for the period, corresponding to an EBIT margin of 34.7% (25.5%). Adjusted for non-recurring items of SEKm 7 (14), adjusted EBIT amounted to SEKm 416 (265), corresponding to an adjusted EBIT margin of 35.2% (27.0%). The non-recurring items for the current period related to consulting expenses in connection with the IPO, while those in the comparative period related to the IPO and the change of ownership. The increase in the EBIT margin for the period was primarily driven by higher net sales relative to the increase in operating expenses, as well as a favorable product mix. EBIT was also positively impacted by unrealized foreign exchange effects from the revaluation of balance sheet items, amounting to a net gain of SEKm 44 (-39). Net financial items Net financial items amounted to SEKm 18 (-18) for the period. Financial income amounted to SEKm 29 (6), of which SEKm 12 (6) related to interest income on bank deposits. The increase in interest income was primarily due to higher cash balances following the share issue in connection with the stock market listing. In addition, unrealized foreign exchange gains of SEKm 16 were recognized from the revaluation of bank account balances in foreign currencies. Financial expenses amounted to SEKm 11 (24). Interest expenses on lease liabilities and borrowings from credit institutions amounted to SEKm 11 (14), with the decrease primarily attributable to gradually declining lease liabilities. The comparative period was also negatively affected by unrealized foreign exchange losses of SEKm 10 arising from the revaluation of bank account balances in foreign currencies. Net Profit Profit before tax amounted to SEKm 427 (233). Income tax expense for the period amounted to SEKm 90 (54), corresponding to an effective tax rate of 21.1% (23.2%). Profit for the period amounted to SEKm 337 (179), an increase of SEKm 158 compared with the corresponding period last year. Earnings per share before dilution amounted to SEK 3.24 (1.98), while earnings per share after dilution amounted to SEK 3.05 (1.98). Cash flow Cash flow from operating activities amounted to SEKm 380 (184) for the period. Cash flow from operating activities before changes in working capital amounted to SEKm 372 (337), primarily driven by the higher EBIT. Cash flow from changes in working capital amounted to SEKm 8 (-153). The improvement compared with the corresponding period last year was mainly attributable to increased advance payments from customers and a more favorable development in trade receivables due to higher payments received from customers. Cash flow from investing activities amounted to SEKm -299 (-158). Of this, SEKm 205 (158) related to investments in tangible fixed assets to further expand capacity and production capabilities at the Järfälla facility. During the period, an advance payment of SEKm 94, corresponding to USD 10 million, was also made in connection with the Cash flow from operating activities, SEKm Investments in tangible fixed assets, SEKm 0100200300400500600050100150200250Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32024 2025 2026Cash flows from operating activitiesNet cash flows from operating activities, R12020406080100Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32024 2025 2026Investment in tangible fixed assets
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Silex | Interim report Q3 2026 7 planned acquisition of the semiconductor fab in Pennsylvania, USA. Cash flow from financing activities amounted to SEKm 904 (-339) and was primarily affected by the share issue in connection with the stock market listing in May. Gross proceeds from the share issue amounted to SEKm 1,000, with share issue costs of SEKm 39, resulting in net proceeds of SEKm 961. Repayments of lease liabilities and loans amounted to SEKm 57 (64). The decrease was mainly attributable to investments being financed to a greater extent through available cash rather than leasing. Cash flow in the comparative period was affected by a dividend payment of SEKm 250 and the repurchase of warrants amounting to SEKm 25 (see Note 7). Cash flow for the period amounted to SEKm 985 (-313) and was primarily driven by net proceeds of SEKm 961 from the share issue in connection with the stock market listing. This strengthened the Group’s financial position and its ability to continue further expansion. Financial position The Group’s non-current assets amounted to SEKm 1,443 (1,331). The increase compared with the end of the previous year was primarily attributable to investments in machinery and equipment, as well as construction in progress related to the continued capacity expansion. Construction in progress amounted to SEKm 235 (169) at the end of the period, while machinery and other technical facilities amounted to SEKm 380 (314). Current assets amounted to SEKm 2,111 (915) and mainly consisted of inventories of SEKm 235 (222), trade receivables of SEKm 415 (325), and cash and cash equivalents of SEKm 1,269 (266). Other current receivables amounted to SEKm 127 (38) at the end of the period. This included an advance payment of USD 10 million, corresponding to SEKm 100, made during the quarter in connection with the planned acquisition of the semiconductor fab in Pennsylvania, USA. The increase in trade receivables was primarily attributable to higher net sales and a greater proportion of invoicing towards the end of the period, resulting in more receivables not yet being due for payment at the end of the period. The increase in cash and cash equivalents was mainly attributable to the net proceeds of SEKm 961 from the share issue in connection with the IPO in May. Equity amounted to SEKm 2,711 (1,433). During the period, the Company registered 9,743,450 Class C shares as part of its long-term incentive program, increasing share capital by SEKm 0.5. The registration represented a reclassification within equity, as the proceeds were received in 2025. Equity also increased as a result of the share issue in connection with the IPO in May. As part of the listing, 12,345,679 new ordinary shares were issued, increasing share capital by SEKm 1. Gross proceeds from the share issue amounted to SEKm 1,000 and after share issue costs of SEKm 39, equity increased by SEKm 961. The total number of ordinary shares in Silex Microsystems AB (publ) at the end of the period was 109,832,429. The equity ratio at the end of the period was 76.3% (63.8%). Non-current and current liabilities amounted to a total of SEKm 843 (813). Interest-bearing loans and lease liabilities decreased to SEKm 307 (367) as a result of repayments during the period, while no new loans were raised. The increase in total liabilities was primarily attributable to higher advance payments from customers, which amounted to SEKm 172 (104), partially offset by the decrease in interest- bearing liabilities. Net debt, defined as interest-bearing liabilities, less cash and cash equivalents, amounted to SEKm -961 (102) at the end of the period. The change was primarily attributable to increased cash and cash equivalents following the net proceeds of SEKm 961 from the new share issue. Net debt/EBITDA amounted to -1.5x (0.2x). In connection with the IPO in May, the Company entered into a revolving credit facility (RCF) agreement of SEKm 750 to finance its continued expansion plans. The facility remained undrawn as of the balance sheet date. Cash and cash equivalents, SEKm Net debt, SEKm 02004006008001 0001 2001 400Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32024 2025 2026Cash and cash equivalents at the end of the period-1 200-1 000-800-600-400-2000200400Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32024 2025 2026Net debt
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Silex | Interim report Q3 2026 8 Segment performance The segments defined by Silex are MEMS and Other. The MEMS segment is the Group's primary segment and comprises the Group's production and sale of MEMS. The Other segment comprises the Group's real estate operations. The Group's real estate operations consist of ownership of the buildings and land in Järfälla where the Group's headquarters and manufacturing facility are located. The Group has two external tenants. July-September 2026 Segment MEMS Net sales for the MEMS segment amounted to SEKm 413 (339) for the quarter, corresponding to the Group’s total net sales, as described in the previous section. Growth in the segment was 21.7% (33.9%). Other operating income for the MEMS segment amounted to SEKm 34 (4) for the quarter. The change was primarily attributable to higher unrealized foreign exchange gains arising from the revaluation of balance sheet items, amounting to SEKm 30 (1). Operating expenses amounted to SEKm 307 (242), an increase of SEKm 65, reflecting the continued expansion of the segment. EBIT for the MEMS segment amounted to SEKm 140 (101), corresponding to an EBIT margin of 33.9% (29.9%). Segment Other Other operating income for the Other segment amounted to SEKm 39 (36) for the quarter and consisted entirely of rental income, of which SEKm 25 (23) related to intra-group rental income from the parent company. Operating expenses amounted to SEKm 31 (29) and consisted of other external expenses of SEKm 26 (24), relating to property-related costs such as operations and maintenance, and depreciation of SEKm 5 (5). The increase in property-related costs is mainly explained by higher operating expenses, which are mostly billed to tenants and therefore also contribute to higher rental income. EBIT for the Other segment amounted to SEKm 8 (7). January-September 2026 Segment MEMS Net sales for the MEMS segment amounted to SEKm 1,181 (982) for the period, corresponding to the Group’s total net sales, as described in the previous section. Growth in the segment was 20.2% (15.8%) Other operating income for the MEMS segment amounted to SEKm 64 (14) for the period. The change was attributable to higher unrealized foreign exchange gains arising from the revaluation of balance sheet items, amounting to SEKm 53 (3). Operating expenses amounted to SEKm 856 (764), an increase of SEKm 92, reflecting the continued expansion of the segment. EBIT for the MEMS segment amounted to SEKm 390 (232), corresponding to an EBIT margin of 33.0% (23.6%). Segment Other Other operating income for the Other segment amounted to SEKm 113 (106) for the period and consisted entirely of rental income, of which SEKm 73 (68) related to intra-group rental income from the parent company. Operating expenses amounted to SEKm 93 (87) and consisted of other external expenses of SEKm 78 (73), relating to property-related costs such as operations and maintenance, and depreciation of SEKm 15 (15). The increase in property-related costs is mainly explained by higher operating expenses, which are mostly billed to tenants and therefore also contribute to higher rental income. EBIT for the Other segment amounted to SEKm 20 (19). Parent company The Group’s parent company, Silex Microsystems AB (publ), corporate identity number 556591–5385, with its registered office in Järfälla, comprises the majority of the Group’s operational activities included in the MEMS segment. Net sales and result The Parent Company’s net sales amounted to SEKm 1,181 (982) for the nine-month period, corresponding to the Group’s net sales. EBIT amounted to SEKm 375 (208). Profit for the period amounted to SEKm 319 (155), representing more than a doubling compared with the corresponding period last year. Financial position The Parent Company’s total assets amounted to SEKm 2,996 (1,664). Equity amounted to SEKm 2,238 (980). The Parent Company’s liabilities and untaxed reserves amounted to SEKm 758 (684). Sustainability Silex strives to be a safe and attractive workplace that promotes employee well-being and prevents both physical and mental ill health. We take a long-term approach and continuously work to improve our operations. We also actively seek solutions to reduce our environmental impact. Our Code of Conduct sets out the values and principles that govern Silex's relationships with employees, customers, suppliers, shareholders and other stakeholders. The Code of Conduct is complemented by the company’s policies, underlying procedures and instructions. For further information on Silex’s sustainability work, please refer to the Directors’ Report in the 2025 Annual Report.
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Silex | Interim report Q3 2026 9 Other information Silex’s share On May 7, 2026, the shares of Silex Microsystems AB (SILEX) were listed on Nasdaq Stockholm, Mid Cap. The offer price in the IPO was SEK 81 per share. The closing price on the last trading day of September was SEK 170 per share. The new share issue in connection with the IPO amounted to SEKm 1,000 before transaction costs of SEKm 39. Equity increased by SEKm 961 and 12,345,679 new ordinary shares were issued. The total number of shares at the end of the period amounted to 119,575,879, of which 109,832,429 were ordinary shares and 9,743,450 were Class C shares. Ordinary shares carry one (1) vote per share and entitle the holder to dividends, while Class C shares carry one-tenth (0.1) of a vote per share and do not entitle the holder to dividends. Number of employees The number of employees at the end of the period was 535 (456), of whom 531 (453) were employed by the Parent Company. The increase compared with the previous year was attributable to the continued expansion of the business. Owners Ten largest shareholders: Source: Modular Finance Other Unless otherwise stated, all information in this report relates to the Group. Comparative figures in parentheses refer to the corresponding period of the previous year. Comparative figures in parentheses for balance sheet items refer to the end of the previous financial year. This report has been prepared in both Swedish and English. In the event of any discrepancies between the Swedish and English versions, the Swedish version shall prevail. Financial reports and press releases are published on the Company's website www.silexmicrosystems.com. This interim report has been reviewed by the Company’s auditors. Järfälla, November 4, 2026 Edvard Kälvesten Board member President & CEO About Silex Silex’s vision Silex Microsystems is a world-leading developer and manufacturer of MEMS semiconductors. The company’s advanced microchips combine mechanical and electronic components, enabling measurement, control and motion with extreme precision. Its customers include some of the world’s most prominent technology companies, using the technology in a wide range of applications — from medical technology and cloud services to the development of autonomous vehicles. Silex Microsystems was founded over 25 years ago and today has more than 500 employees. The company’s headquarters and production facility are located in Järfälla, Stockholm. The Company's shares have been listed on Nasdaq Stockholm since 7 May 2026. For more information, please visit www.silexmicrosystems.com and follow Silex Microsystems on LinkedIn. To be the natural partner for the industry’s leading visionaries and companies by continuously advancing MEMS technology and manufacturing. As of 30 September 2026 Capital % Votes %Bure Equity AB (publ)31.4% 33.9%Creades AB (publ)9.3% 10.0%Sai Microelectronics Inc9.1% 9.8%TomEnterprise Private AB4.7% 5.2%Aktiebolag Grenspecialisten4.3% 4.6%Edvard Kälvesten3.4% 2.0%Third Swedish National Pension Fund3.2% 3.4%SEB pensionsstiftelse3.2% 3.4%Salénia AB3.2% 3.4%Tham Special Investment AB3.2% 3.4% Trading venue Nasdaq Stockholm Ticker SILEX ISIN SE0028000190 LEI-kod 549300Y2GKW0KQ2I5O12 Share price at 2026-09-30 SEK 170 Market cap. 2026-09-30 SEKb 18,7
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Silex | Interim report Q3 2026 10 Quarterly overview – Group Performance measures by quarter1 1 The table includes both IFRS measures and Alternative Performance Measures (APMs). Definitions and reconciliations of APMs are presented in Note 10. Net sales, profit for the period and earnings per share are not APMs. 2026 2025 2024SEKmQ3Q2Q1 Q4 Q3 Q2 Q1 Q4 Q3Net salesNet sales413 393 375 403 339 309 334 377 253Total growth, %21.7% 27.3% 12.3% 6.8% 33.9% 3.4% 12.7% 27.1% -7.2%Currency-adjusted growth, %22.0% 31.8% 30.5% 16.5% 43.9% 12.3% 7.8% 28.3% -4.7%EBITDA180 165 159 149 139 87 118 184 83Operating profit (EBIT)148 134 128 117 108 56 87 151 56EBIT margin, %35.8% 34.0% 34.2% 29.0% 31.9% 18.1% 26.0% 39.9% 21.9%Adjusted EBIT148 136 133 132 110 63 92 164 59Adjusted EBIT margin, %35.8% 34.5% 35.4% 32.8% 32.3% 20.3% 27.7% 43.4% 23.1%Net profit 130 105 103 90 81 37 61 123 45Balance sheetNet debt-961 -979 14 102 276 -40 -38 16 164Net debt/EBITDA, x-1.5 -1.6 0.0 0.2 0.5 -0.1 -0.1 0.0 0.4Capital employed3,019 2,913 1,875 1,801 1,687 1,900 1,883 1,843 1,880Return on capital employed (ROCE), %22.4% 20.2% 21.8% 20.2% 22.5% 18.2% 18.4% 17.8% 14.9%Equity2,711 2,586 1,526 1,433 1,302 1,495 1,458 1,394 1,439Equity ratio, %76.3% 74.0% 64.2% 63.8% 61.6% 64.1% 64.6% 61.5% 65.1%Cash flowCash flows from operating activities145 123 112 167 30 70 84 192 69Investment in tangible fixed assets79 98 28 35 71 66 22 17 28Operating cash flow66 25 84 131 -41 5 62 176 40Equity dataNumber of shares at the end of the period, thousands109,832 109,832 97,487 97,487 97,487 88,200 88,200 88,200 88,200Average number of shares before dilution, thousands109,832 104,948 97,487 97,487 95,367 88,200 88,200 88,200 88,200Average number of shares after dilution, thousands115,769 111,498 97,487 97,487 95,367 88,200 88,200 88,200 88,200Earnings per share before dilution, in SEK1.18 1.00 1.05 0.92 0.85 0.42 0.69 1.40 0.51Earnings per share after dilution, in SEK1.12 0.94 1.05 0.92 0.85 0.42 0.69 1.40 0.51Share price at the end of the period, in SEK170 201 - - - - - - -Net sales by geographic areaNorth America253 240 219 216 189 170 175 206 125Europe106 116 116 121 100 97 121 71 80Asia49 31 34 60 38 35 35 94 45Other geographical areas4 6 6 6 12 7 4 6 3Total net sales413 393 375 403 339 309 334 377 253Net sales by product categoryDevelopment projects182 201 191 202 138 140 134 140 75Production projects231 192 185 200 201 168 200 237 178Total net sales413 393 375 403 339 309 334 377 253Net sales by end marketIndustrials & Automotive66 75 95 117 88 73 95 145 104Life Science & Medical73 71 66 47 44 42 42 50 38Consumer90 112 111 124 99 94 97 108 59Telecom183 134 104 115 109 100 99 75 53Total net sales413 393 375 403 339 309 334 377 253
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Silex | Interim report Q3 2026 11 Auditor’s report Silex Microsystems AB (publ) org nr 556591-5385 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Silex Microsystems AB as of September 30, 2026, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Stockholm, November 4, 2026 Öhrlings PricewaterhouseCoopers AB Erik Bergh Authorized Puplic Accountant This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.
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Silex | Interim report Q3 2026 12 Group financial statements Condensed consolidated income statement 1 Comparative periods have been adjusted to reflect the 10:1 share split registered on 26 March 2026. Condensed consolidated statement of comprehensive income 1 Total comprehensive income for the period is attributable in its entirety to the shareholders of the parent company. Oct–Sep Jan-DecSEKmNote2026 2025 2026 2025 R12 2025Net sales3,44133391,1819821,5841,385Other operating income3 44 13 94 41 99 58Total revenue 457 352 1,275 1,024 1,683 1,443Raw materials and supplies-65-54-186-152-224-190Other external expenses-84-61-240-201-363-324Personnel expenses-110 -91 -336 -285 -434 -383Depreciation and amortization-32 -31 -94 -93 -126 -125Other operating expenses-19 -7 -9 -42 -10 -54Total operating expenses3-310 -244 -865 -773 -1,157 -1,075Operating profit3148 108 410 251 526 368Net financial items5 17 -2 18 -18 12 -24Profit before income tax 164 106 427 233 538 344Income tax-34 -25 -90 -54 -111 -75Net profit 130 81 337 179 427 269Profit for the period attributable to:The shareholders of the parent company13081337179427269Earnings per share before dilution, in SEK1.18 0.85 3.24 1.98 4.17 2.91Earnings per share after dilution, in SEK1.12 0.85 3.05 1.98 3.92 2.91Average number of shares before dilution, thousands¹109,83295,367104,13490,615102,45992,347Average number of shares after dilution, thousands¹115,76995,367110,58490,615108,90892,347Number of shares at the end of the period, thousands¹109,832 97,487 109,832 97,487 109,832 97,487 Jul-SepJan-Sep Oct–Sep Jan-DecSEKm2026 2025 2026 2025 R12 2025Net profit 130 81 337 179 427 269Other comprehensive income:Items that can later be reclassified to the statement of profit or loss:Exchange differences on translation of foreign operations0-01-21-2Changes in fair value of cash flow hedges-5-0-215-27-1Other comprehensive income for the period, net after tax -5 -1 -20 3 -27 -3Total comprehensive income for the period¹ 125 81 317 182 400 266Jul-SepJan-Sep
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Silex | Interim report Q3 2026 13 Condensed consolidated balance sheet SEKmNote2026-09-30 2025-09-30 2025-12-31AssetsNon-current assetsIntangible assets0 0 0Buildings and land452 411 439Machinery and other technical facilities380 324 314Equipment, tools, fixtures and fittings20 18 20Construction in progress235 171 169Right of use asset330 380 369Deferred tax assets26 9 20Total non-current assets 1,443 1,315 1,331Current assetsInventory235 204 222Trade receivables415 400 325Derivatives6 - 18 12Other current receivables127 34 38Prepaid expenses and accrued income65 34 52Cash and cash equivalents1,269 110 266Total current assets 2,111 799 915Total assets 3,555 2,114 2,246Equity and liabilitiesEquity attributable to the parent company’s shareholdersShare capital6 5 5Other paid-in capital1,513 506 553Reserves27 53 47Retained earnings including net profit for the period1,165 738 827Total equity 2,711 1,302 1,433Non-current liabilitiesNon-current lease liabilities 71 119 106Liabilities to credit institutions6 165 184 179Derivatives6 - 2 1Deferred tax liabilities111 94 111Total non-current liabilities 347 399 397Current liabilitiesCurrent lease liabilities53 65 64Liabilities to credit institutions6 18 18 18Trade payables81 63 87Advances from customers172 136 104Derivatives6 19 - 0Other current liabilities58 51 60Accrued expenses and prepaid income96 80 82Total current liabilities 496 414 415Total equity and liabilities 3,555 2,114 2,246
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Silex | Interim report Q3 2026 14 Condensed consolidated statement of changes in equity 1 The increase in share capital during 2026 relates to 9,743,450 Class C shares issued during 2025, for which cash proceeds of SEKm 48 were received in 2025. The change in 2026 represents a reclassification of SEKm 0,5 from other contributed capital to share capital and has no impact on total equity. 2 The new share issue in connection with the IPO, comprising 12,345,679 new ordinary shares, raised SEKm 1,000 before transaction costs of SEKm 39. The net increase in equity amounted to SEKm 961. 3 Equity is attributable to the shareholders of the parent company. Condensed consolidated cash flow statement SEKmNote2026-09-30 2025-09-30 2025-12-31Opening balance 1 January 1,433 1,394 1,394Net profit 337 179 269Other comprehensive income for the period, net after tax-20 3 -3Total comprehensive income for the period 317 182 266Non cash share issue at par value7 - 500 500Repurchase of warrants7 - -525 -525Dividends to shareholders- -250 -250New share issue (C shares)¹7 - - 48New share issue²961 - -Closing balance³ 2,711 1,302 1,433Oct–Sep Jan-DecSEKmNote2026 2025 2026 2025 R12 2025Operating activities Cash flows from operating activitiesOperating profit148 108 410 251 526 368Interest received6 1 12 6 13 7Interest paid-3 -4 -10 -14 -14 -17Adjustments for non-cash items19 39 51 133 142 224Income taxes paid-17 -8 -90 -39 -103 -45Net cash flows from operating activities before changes in working capital 153 137 372 337 564 536Cash flows from changes in working capitalIncrease(-)/decrease(+) in inventories-3 -13 -12 -13 -31 -31Increase(-)/decrease(+) in trade receivables98 -59 -52 -136 -33 -118Increase(-)/decrease(+) in other operating receivables-20 -21 7 3 -17 -20Increase(+)/decrease(-) in trade payables-45 9 -11 23 14 48Increase(+)/decrease(-) in operating liabilities-38 -23 76 -29 49 -62Net cash flows from changes in working capital -8 -107 8 -153 -18 -183Cash flows from operating activities 145 30 380 184 546 353Investing activitiesInvestment in tangible fixed assets-79 -71 -205 -158 -240 -195Disposal of tangible fixed assets- 0 - 0 0 0Advance payment for acquisition-94 - -94 - -94 -Net cash flows from investing activities -173 -71 -299 -158 -334 -195Financing activitiesNew share issue- - 961 - 961 -Amortization of lease liability-14 -16 -43 -51 -59 -66Dividends paid- -250 - -250 - -250Repurchase of warrants7 - -25 - -25 - -25Repayment of liabilities to credit institutions-5 -5 -14 -14 -18 -18Proceeds from C-shares7 - - - - 48 48Net cash flows from financing activities -19 -295 904 -339 932 -311Cash flow for the period -47 -336 985 -313 1,144 -153Cash and cash equivalents at the beginning of the period1,305 445 266 434 110 434Currency exchange differences in cash10 1 18 -11 15 -15Cash and cash equivalents at the end of the period 1,269 110 1,269 110 1,269 266 Jul-SepJan-Sep
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Silex | Interim report Q3 2026 15 Parent company financial statements Condensed parent company income statement 1 Net profit for the period is attributable to the shareholders of the parent company. Condensed parent company statement of comprehensive income 1 Total comprehensive income for the period is attributable to the shareholders of the parent company. Oct–Sep Jan-DecSEKmNote2026 2025 2026 2025 R12 2025Net sales413 339 1,181 982 1,584 1,385Other operating income42 4 72 14 68 21Total revenue 454 343 1,253 996 1,652 1,406Raw materials and supplies-65 -54 -186 -152 -224 -190Other external expenses-115 -86 -314 -277 -461 -425Personnel expenses-106 -87 -327 -276 -421 -370Depreciation and amortization-15 -14 -42 -41 -55 -54Other operating expenses-18 -7 -9 -42 -10 -54Total operating expenses -319 -248 -878 -788 -1,172 -1,092Operating profit 135 95 375 208 481 314Net financial items 19 1 27 -5 25 -8Income after financial items 155 97 402 203 505 306Appropriations- - - - -83 -83Profit before income tax 155 97 402 203 422 223Income tax-32 -23 -83 -48 -84 -49Net profit ¹ 122 74 319 155 338 174Jul-SepJan-Sep Oct–Sep Jan-DecSEKm2026 2025 2026 2025 R12 2025Net profit 122 74 319 155 338 174Other comprehensive income:Items that can later be reclassified to the statement of profit or loss:Changes in fair value of cash flow hedges-5 -0 -21 5 -27 -1Other comprehensive income for the period, net after tax -5 -0 -21 5 -27 -1Total comprehensive income for the period¹ 117 73 298 160 311 173Jul-SepJan-Sep
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Silex | Interim report Q3 2026 16 Condensed parent company balance sheet SEKm2026-09-30 2025-09-30 2025-12-31AssetsNon-current assetsIntangible assets0 0 0Machinery and other technical facilities376 318 308Equipment, tools and installations18 18 16Construction in progress206 114 141Investments in group companies266 266 266Deferred tax assets19 4 14Total non-current assets 885 721 746Current assetsInventory235 204 222Trade receivables400 400 325Current receivables from group companies171 29 7Other current receivables26 50 49Prepaid expenses and accrued income49 40 57Cash and cash equivalents1,230 106 258Total current assets 2,111 830 918Total assets2,9961,5501,664Equity and liabilitiesEquityRestricted equityShare capital6 5 5Ongoing share issue- - 0Statutory reserve39 39 39Total restricted equity 45 44 45Non-restricted equityShare premium reserve1,482 474 522Fair value reserve-15 13 7Retained earnings406 232 232Net profit 319 155 174Total unrestricted equity 2,193 874 935Total equity 2,238 918 980Untaxed reservesAccumulated excess depreciation241 253 241Tax allocation reserve95 - 95Total untaxed reserves 336 253 336Non-current liabilitiesLiabilities to credit institutions8 16 14Deferred tax liabilities- 4 2Total non-current liabilities 8 20 16Current liabilitiesLiabilities to credit institutions8 8 8Trade payables67 54 72Liabilities to Group companies36 51 21Advances from customers160 136 104Other current liabilities69 41 53Accrued expenses and prepaid income74 68 74Total current liabilities 414 359 332Total equity and liabilities 2,996 1,550 1,664
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Silex | Interim report Q3 2026 17 Notes Note 1. Accounting principles This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The Group’s financial statements have been prepared in accordance with the Swedish Annual Accounts Act and the International Financial Reporting Standards issued by the IASB (“IFRS Accounting Standards”) and interpretations from the IFRS Interpretations Committee (IFRS IC) as adopted by the EU. The parent company’s financial statements have been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities, issued by the Swedish Corporate Reporting Board. The accounting policies applied in the preparation of this interim report are consistent with those presented in the 2025 Annual Report. The Group makes estimates and judgments about the future. Accounting estimates resulting from these judgments will rarely correspond to the actual outcome and may have both positive and negative effects on the Group's financial statements. For further information on estimates and judgments, please refer to Note 4 in Silex's 2025 Annual Report. All amounts are stated in millions of Swedish kronor (SEKm) unless otherwise indicated. Where an underlying figure has been rounded to zero, this is presented as 0 SEKm. Rounding differences may occur in totals of +/-1 SEKm. Operating segments The segments defined by Silex are MEMS and Other. The MEMS segment comprises the Group’s production and sales of MEMS. The Other segment comprises the Group’s real estate operations. The Group’s net sales are derived entirely from the MEMS segment, while revenue from the Other segment is reported under Other operating income. Revenue from the Other segment relates to rental income from the real estate operations. The performance measures used for the segments are net sales (for MEMS), Other operating income, operating expenses and operating profit. Net financial items are not allocated to the segments. Assets and liabilities are monitored only at the Group level. Revenue from contracts with customers Silex disaggregates net sales into three different categories: geographic regions, product categories and end market. These categories are regularly reviewed by the CEO. The Group’s net sales are derived entirely from the MEMS segment. All of the Group’s revenue is recognized at the point in time when control of the respective product or service is transferred to the customer, which occurs upon delivery. For further information, please refer to Note 2 in Silex Microsystems’ 2025 Annual Report. Adoption and effects of new and revised standards and interpretations in 2026 None of the published standards and interpretations that are mandatory for the Group for the 2026 financial year have had any material impact on the Group’s financial statements. Adoption and effects of new and revised IFRS standards and interpretations in 2027 or later The Group intends to apply IFRS 18 as from the 2027 financial year and will not early adopt the standard. The implementation process is ongoing but has not yet been completed; accordingly, not all effects have been identified or quantified. IFRS 18 will be applied for the first time in the interim report for the period ending 31 March 2027 and in the Annual Report for the 2027 financial year, with restated comparative figures. Based on the current assessment, the standard is primarily expected to affect presentation and disclosures, including the categories and subtotals in the income statement, the classification of interest and dividends in the statement of cash flows, and new disclosure requirements relating to management-defined performance measures (MPMs). The quantitative effects cannot currently be reasonably estimated and are expected mainly to relate to reclassifications and expanded disclosures. Note 2. Risks and uncertainties Silex is a manufacturing company with international operations. The Group is exposed to a number of risk factors that may have a negative impact on its established objectives. Operational risks that may affect Silex include disruptions in production or the supply chain due to, for example, shortages of raw materials or labour. This may result in increased costs for the Group as well as delayed deliveries to Silex’s customers. However, Silex actively works with procurement planning and workforce planning to mitigate these risks. Silex is also exposed to financial risks such as inflation, raw material costs, exchange rate fluctuations and interest expenses. Revenues are primarily generated in USD and EUR, while costs mainly arise in SEK; accordingly, the Group continuously monitors currency flows and, when necessary, enters into hedging arrangements. Changes in interest rates may impact earnings, as certain borrowings carry variable interest rate. Credit risk related to customers is considered limited due to the Group's credit assessment procedures, advance invoicing and diversified exposure across geographies and end markets, despite a concentrated customer base. The geopolitical situation, including the political climate in the United States and ongoing conflicts, such as the war in Ukraine and conflicts in the Middle East, may affect global markets and, consequently, Silex's operations. The United States is Silex’s most important market and the geopolitical development is therefore closely monitored. Silex has no operations in Russia or Ukraine and only limited customer exposure in the Middle East. For further information on the Group's risks and risk management, please refer to the Directors' Report and Note 3 in Silex's 2025 Annual Report.
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Silex | Interim report Q3 2026 18 Note 3. Segments The MEMS segment comprises the Group’s production and sales of MEMS. The Other segment comprises the Group’s real estate operations. Revenue and expenses between the segments are recognized on an arm’s length basis and eliminated upon consolidation under the line item Eliminations. Internal sales between the segments relate to internal rental income from the real estate company and the recharging of personnel costs from the MEMS segment to the Other segment. 1 In the Other segment, operating expenses for the nine-month period consisted of other external expenses of SEKm 78 (73) and depreciation of SEKm 15 (15). Oct–Sep Jan-DecSEKm202620252026 2025 R12 2025Net salesMEMS413 339 1,181 982 1,584 1,385Total net sales 413 339 1,181 982 1,584 1,385Other operating revenueMEMS34 4 64 14 61 21Other39 36 113 106 149 142Elimination-29 -27 -84 -79 -110 -105Total other operating income441394 42 99 58Operating expensesMEMS-307 -242 -856 -764 -1,144 -1,063Other¹-31 -29 -93 -87 -123 -118Elimination29 27 84 79 110 105Total operating expenses -310 -244 -865 -773 -1,157 -1,075Operating profitMEMS140 101 390 232 501 343Other8 7 20 19 26 24Total operating profit148108410 251 526 368Net financial items17 -2 18 -18 12 -24Profit before income tax 164 106 427 233 538 344 Jul-SepJan-Sep
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Silex | Interim report Q3 2026 19 Note 4. Net sales The Group’s net sales are entirely attributable to the MEMS segment. Net sales by geographic area Net sales by product category Net sales by end market Note 5. Net financial items Oct–Sep jan-decSEKm2026 2025 2026 2025 R12 2025North America253 189 713 535 929 751Europe106 100 338 317 459 438Asia49 38 114 108 174 167Other geographical areas4 12 16 23 22 29Total 413 339 1,181 982 1,584 1,385Jul-SepJan-SepOct–Sep jan-decSEKm202620252026 2025 R12 2025Development projects182 138 573 412 775 614Production projects231 201 608 570 808 771Total 413 339 1,181 982 1,584 1,385Jul-SepJan-SepOct–Sep jan-decSEKm2026 2025 2026 2025 R12 2025Industrials & Automotive66 88 236 256 353 373Life Science & Medical73 44 210 128 257 175Consumer90 99 313 290 437 414Telecom183 109 422 308 536 423Total 413 339 1,181 982 1,584 1,385Jul-SepJan-SepOct–Sep Jan-DecSEKm2026 2025 2026 2025 R12 2025Financial incomeInterest income on bank deposits6 1 12 6 13 7Exchange rate differences13 1 16 - 13 -Other financial income0 1 1 0 1 0Total financial income 20 2 29 6 27 7Financial expensesInterest expenses on lease liabilities-2 -2 -5 -7 -7 -9Interest expense to credit institutions-2 -2 -6 -7 -7 -8Exchange rate differences- - - -10 - -14Other financial expenses-0 -0 -0 -0 -0 -0Total financial expenses -4 -5 -11 -24 -15 -31Net financial items17-218 -18 12 -24Jul-SepJan-Sep
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Silex | Interim report Q3 2026 20 Note 6. Financial instruments The Group’s financial assets and liabilities, with the exception of derivatives, are measured at amortized cost. For these assets and liabilities, with the exception of long-term and short-term liabilities to credit institutions, fair value is estimated to correspond to carrying amount as the effect of discounting is not material. The Group's non-current and current liabilities to credit institutions carry variable interest rates. As of 30 September 2026, the fair value of these liabilities amounted to SEKm 184 (198), compared with a carrying amount of SEKm 184 (197). Financial assets and liabilities measured at fair value consist of derivatives. All derivatives are classified as Level 2 in the fair value hierarchy, meaning that fair value is determined using valuation techniques that, to the greatest extent possible, are based on market data, while company-specific inputs are used to as limited an extent as possible. For further information on carrying amounts and fair values of financial instruments, please refer to Note 3 in Silex’s 2025 Annual Report. Note 7. Incentive programs Repurchase of warrants 2024/2025 In June 2024, Silex Microsystems AB issued warrants to key employees through Silexpartners AB, to which the warrants were issued. The warrants were issued at fair value, determined using the Black-Scholes valuation model, and vested immediately. The cash payment, corresponding to the fair value of the warrants, was recognized by Silex Microsystems AB as an increase in other contributed capital during 2024. As part of the change in ownership completed in July 2025, Silex Microsystems AB acquired all shares in Silexpartners AB, a company with no operations or assets. The acquisition was completed in two stages for a total purchase consideration of SEKm 525, of which SEKm 25 was paid in cash and SEKm 500 was settled through a share issue at par value of 928,463 shares (SEK 0.50 per share). In the first stage, Silex Microsystems AB acquired 1,190 shares in Silexpartners AB through a cash payment of SEKm 25. In the second stage, the remaining 23,810 shares in Silexpartners AB were acquired through the share issue, whereby the shareholders of Silexpartners AB contributed their shares as non-cash consideration. The total purchase consideration of SEKm 525 was recognized as a repurchase of previously issued and vested warrants, resulting in a reduction of other contributed capital. No effect was recognized in the income statement, as the purchase consideration corresponded to the fair value of the warrants at the repurchase date. The share premium relating to the non-cash share issue at par value of SEKm 500 was recognized as an increase in other contributed capital. Upon completion of the repurchase, the programme was terminated and, accordingly, no warrant remains outstanding. 1 Prices have been adjusted for the 10:1 share split registered on 26 March 2026. Long-term incentive programme (LTIP) 2025/2028 Silex Microsystems AB's long-term incentive programme for employees ("LTIP") was approved at the extraordinary general meeting held on 12 November 2025. LTIP 2025 comprises a maximum of 974,868 Class C shares. A total of 974,345 Class C shares were issued in January 2026 and were paid for by the participants with their own funds during 2025. Following the 10:1 share split carried out in March 2026, the total number of Class C shares at the end of the period amounted to 9,743,450. The subscription price per Class C share amounted to SEK 4.951 determined using the Black-Scholes valuation model. The valuation was based on an assumed market value of SEK 53.851 per ordinary share. During 2025, the Group's equity increased by SEKm 48 as a result of the subscription proceeds from the Class C shares. As the participants paid market value for the Class C shares, the share issue was recognized directly in equity, and no expense was recognized in the income statement. Class C shares will carry one-tenth (0.1) of a vote per share, do not entitle holders to dividends and may, following a decision by the Board of Directors, be converted into ordinary shares provided that the share price of the Company’s ordinary shares reaches at least SEK 71.851 at a point in time occurring no later than the fourth quarter of 2028. Class C shares that are not converted will be redeemed without consideration. The Company's IPO resulted in the potential dilutive effect of the Class C shares being taken into account in the calculation of diluted earnings per share from the date of listing. Upon full conversion of all Class C shares, a maximum of 9,743,450 new ordinary shares may be issued, corresponding to a maximum potential dilution of 8.1%. Note 8. Related party transactions Related party transactions are described in Note 33 of the 2025 Annual Report. The scope and nature of these transactions have not changed materially during the period. Note 9. Acquisitions Silex has conducted an analysis of the planned acquisition of the semiconductor fab in Pennsylvania, USA, and has concluded that the transaction should be accounted for as an asset acquisition upon completion, which is expected around the turn of 2027/2028. Acquisition-related costs of SEKm 18 have been capitalized and recognized under prepaid expenses and accrued income pending completion of the acquisition.
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Silex | Interim report Q3 2026 21 Note 10. Definitions and calculations of performance measures Silex presents certain alternative performance measures (APMs) in its reports that are not defined in accordance with IFRS. Silex presents these measures as the company believes they provide valuable supplementary information to investors and management by facilitating the evaluation of the company’s performance. As not all companies calculate financial measures in the same way, these measures are not always comparable with measures used by other companies and should therefore not be considered a substitute for measures defined in accordance with IFRS. Definitions of performance measures Performance measures Definitions Reason for use of the measure Total growth Net sales current period in relation to net sales previous period. Total growth is used to measure Company’s sales performance over time. Currency-adjusted growth Net sales for the period recalculated using the previous period’s average exchange rates. Currency-adjusted growth is used to evaluate the true performance of the Company’s sales by eliminating the impact of currency effects. EBITDA Operating profit before depreciation and amortization. EBITDA provides an indication of the profit generated by operating activities and serves as a complement to operating profit. Operating profit (EBIT) Operating profit (EBIT) before net financial items and income tax. EBIT is used to provide potential investors and analysts compare the Company’s profitability with companies across industries, without influence of financing and tax structures. EBIT-margin EBIT as a percentage of net sales. Operating margin enables comparisons of the Company’s profitability regardless of capital structure or tax situation. Adjusted EBIT EBIT adjusted for non-recurring items. Enables comparison of operating profit between periods by excluding non-recurring items that affect comparability. Adjusted operating profit is a measure that the Group considers relevant for understanding earnings generation before items affecting comparability. Adjusted EBIT margin Adjusted EBIT as a percentage of net sales. Adjusted EBIT margin excludes the effect from non- recurring items, which enables a comparison of the underlying business over time Non-recurring items Significant items beyond ordinary operations that are relevant for understanding the group's financial performance when comparing the results of the period with previous periods. Items that have been reported as non-recurring in one period are consistently reported in subsequent periods, with any reversal of these items also reported as non-recurring items. Enables comparison of performance measures without non-recurring items. Operating cash flow Cash flow from operating activities including cash flow from investing activities, excluding cash flows from acquisitions and divestments of businesses. The measure represents the cash flow generated by the underlying operations. It is used to illustrate the resources available to the Group to repay debt, pay dividends to shareholders, or finance acquisitions and growth. Capital employed Total equity plus interest-bearing liabilities. Capital employed is a measure which the Company uses for calculating the return on capital employed and for measuring the Company’s financial leverage and overall financial health. Return on capital employed (ROCE) Operating profit for the rolling 12-month period, divided by the average of opening and closing capital employed. Return on capital employed is a measure used to assess how efficiently the Company uses its capital to generate value. Net debt Interest-bearing debt less cash and cash equivalents. Net interest-bearing debt provides insight in the Company's ability to manage its debts. Net debt/EBITDA Net debt in relation to EBITDA for the rolling 12-month period. The measure provides an overview of the Company’s ability to service its debt relative to EBITDA.
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Silex | Interim report Q3 2026 22 Equity ratio Equity in relation to total assets. Equity ratio is used to provide insight into the proportion of the Company’s total assets that are financed by the Company’s shareholders. R12 R12 shows the company’s performance over the past 12 months. Used to measure results or performance measures over the past 12 months. Earnings per share before and after dilution Profit attributable to the owners of the parent company divided by the weighted average number of ordinary shares outstanding before and after dilution. Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding for the assumed conversion of all potential ordinary shares with a dilutive effect. Used to measure the company’s earnings per share.
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Silex | Interim report Q3 2026 23 Calculation of performance measures Oct–Sep Jan-DecSEKm2026 2025 2026 2025 R12 2025Total growthNet sales current period413 339 1,181 982 1,584 1,385Net sales previous period339 253 982 849 1,360 1,226Total growth, %21.7%33.9%20.2% 15.8% 16.5% 13.0%Currency-adjusted growthNet sales current period413 339 1,181 982 1,584 1,385Adjustment for currency fluctuations1 25 76 37 113 74Currency-adjusted net sales4143651,257 1,020 1,697 1,459Net sales previous period339 253 982 849 1,360 1,226Currency-adjusted growth, %22.0%43.9%28.0%20.2%24.8%19.0%EBITDA Operating profit (EBIT)148 108 410 251 526 368Depreciation and amortization32 31 94 93 126 125EBITDA180139504 344 652 493EBIT marginOperating profit (EBIT)148 108 410 251 526 368Net sales413 339 1,181 982 1,584 1,385EBIT margin, %35.8%31.9%34.7% 25.5% 33.2% 26.5%Adjusted EBITOperating profit (EBIT)148 108 410 251 526 368Non-recurring items- 2 7 14 22 29Adjusted EBIT148110416 265 548 397Adjusted EBIT marginAdjusted EBIT148 110 416 265 548 397Net sales413 339 1,181 982 1,584 1,385Adjusted EBIT margin, %35.8%32.3%35.2% 27.0% 34.6% 28.7%Non-recurring itemsConsulting costs in connection with IPO/change of ownership- 2 7 14 22 29Total non-recurring items - 2 7 14 22 29Operating cash flowCash flows from operating activities 145 30 380 184 546 353Investment in tangible fixed assets 79 71 205 158 240 195Other items in investing activities - 0 - 0 0 0Operating cash flow 66 -41 175 26 306 159Capital employedEquity 2,711 1,302 2,711 1,302 2,711 1,433Non-current lease liabilities 124 184 124 184 124 170Liabilities to credit institutions 184 202 184 202 184 197Capital employed 3,019 1,687 3,019 1,687 3,019 1,801Return on capital employed (ROCE)Operating profit, R12 526 402 526 402 526 368Capital employed, beginning of the period 1,687 1,880 1,687 1,880 1,687 1,843Capital employed, end of the period 3,019 1,687 3,019 1,687 3,019 1,801Return on capital employed (ROCE) 2,353 1,783 2,353 1,783 2,353 1,822Return on capital employed (ROCE), % 22.4% 22.5% 22.4% 22.5% 22.4% 20.2%Net debtNon-current lease liabilities 124 184 124 184 124 170Liabilities to credit institutions 184 202 184 202 184 197Cash and cash equivalents -1,269 -110 -1,269 -110 -1,269 -266Net debt -961 276 -961 276 -961 102Net debt/EBITDANet debt -961 276 -961 276 -961 102EBITDA, R12 652 528 652 528 652 493Net debt/EBITDA, x -1.5 0.5 -1.5 0.5 -1.5 0.2Equity ratioEquity 2,711 1,302 2,711 1,302 2,711 1,433Total assets 3,555 2,114 3,555 2,114 3,555 2,246Equity ratio, %76.3%61.6%76.3% 61.6% 76.3% 63.8% Jul-SepJan-Sep
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Financial calendar Year-end report 2026 18 February 2027 Annual report 2026 24 March 2027 Interim report Q1 2027 28 April 2027 Annual General Meeting 25 May 2027 A webcast will be held on 4 November 2026 at 10:00. Link to the event: https://portals.qbrick.com/fa3f58e9 The report is available on the company´s website: silexmicrosystems.com Additional information Edvard Kälvesten, President & CEO Tel. +46 8 580 249 00 edvard.kalvesten@silex.se Maria Engström, CFO and Head of IR Tel. +46 8 580 249 00 maria.engstrom@silex.se