Interim report
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1 | Q3 2026Stille AB Interim Report STILLE Interim Report Q3 2026 STILLE röd: Pantone 1935 (#cb003d) CMYK: 0, 100, 65, 15 STILLE grå: Pantone 431 (#71777a) CMYK: 11, 0, 0, 65
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2 | Q3 2026Stille AB Interim Report Continued strong organic growth • Net sales amounted to MSEK 170.6 (138.8), which corresponds to an organic growth of 16.5% (15.2% in constant currencies) and a total growth of 22.9% (21.5% in constant currencies). –Net sales in the Surgical Instruments business unit totaled MSEK 133.8 (105.0), an increase of 27.4%, or 25.9% in constant currencies. Organic growth was 18.9%, or 17.7% in constant currencies. –Net sales in the Surgical Tables business unit totaled MSEK 36.8 (33.7), an increase of 9.2%, or 7.6% in constant currencies. • The gross profit margin was 49.9% (48.8). • EBITDA before non-recurring items amounted to MSEK 33.7 (26.1), corresponding to an EBITDA margin of 19.7% (18.8). • EBIT before non-recurring items amounted to MSEK 24.5 (17.3), corresponding to an EBIT margin of 14.4% (12.5). • Cash flow from operating activities totaled MSEK 34.0 (10.2). • Earnings per share amounted to SEK 2.73 (0.10). NET DEBT/EBITDA1 –0.4 X (–0.3) EBITDA1 33.7 MSEK (26.1) 19.7 % (18.8) NET SALES 170.6 MSEK (138.8) ORGANIC GROWTH 16.5 % (–1.9) 1. Before non-recurring items
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3 | Q3 2026Stille AB Interim Report 2023 2024 2025 2026 Q4 Q1Q 1Q 2 Q 3 Q 4 Q 3Q 2 Q1Q 4 Q 2 Q 3 Q2 Q 3 113.8 127.1 69.2 50.5 56.6 62.6 117.5 102.8 136.8 142.4 122.4 122.0 139.2 146.8 MSEK JUL–SEP 2026 JUL–SEP 2025 JAN–SEP 2026 JAN–SEP 2025 OCT–SEP 2025/2026 JAN–DEC 2025 Net sales 170.6 138.8 536.5 392.7 711.4 567.6 Gross profit, % 49.9 48.8 49.1 50.6 49.3 50.7 EBITDA before non-recurring items 33.7 26.1 108.7 75.7 146.8 113.8 EBITDA before non-recurring items, % 19.7 18.8 20.3 19.3 20.6 20.0 EBITDA 37.7 19.0 112.7 68.6 150.8 106.7 EBITDA, % 22.1 13.7 21.0 17.5 21.2 18.8 EBIT before non-recurring items 24.5 17.3 81.9 51.8 110.4 80.3 EBIT before non-recurring items, % 14.4 12.5 15.3 13.2 15.5 14.2 EBIT 28.5 10.3 85.9 44.7 114.4 73.2 EBIT, % 16.7 7.4 16.0 11.4 16.1 12.9 Profit after tax 24.5 0.9 66.0 25.5 96.3 55.7 Earnings per share, SEK 2.73 0.10 7.35 2.83 10.71 6.20 Equity/assets ratio, % 69.2 65.7 69.2 65.7 69.2 67.2 Net debt/EBITDA1 LTM –0.4 –0.3 –0.4 –0.3 –0.4 0.0 FINANCIAL OVERVIEW EBITDA1 ROLLING 12 MONTHS, GROUP , MSEK 2023 2024 2025 2026 Q2Q1Q4Q 3Q 2Q1Q 4Q 3Q 2Q 1Q 4Q 3Q 2 Q 3 679.6 617.4 567.6 554.0 541.7 559.6 569.9 487.4 429.7 362.2 295.0 279.5 268.9 711.4 NET SALES ROLLING 12 MONTHS, GROUP , MSEK 1. Before non-recurring items
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4 | Q3 2026Stille AB Interim Report Sales in Surgical Tables amounted to MSEK 36.8 (33.7) corresponding to growth of 9.2% (7.6% in constant currencies) driven by both imagiQ3 Legacy and Medstone. After a record quarter in Q2 we were pleased to see the continued robust demand. Building on strong performance The first nine months of 2026 have been very encouraging, with strong growth in both revenue and profitability across the business. Product availability within Surgical Instruments has improved signifi- cantly, strengthening confidence among our partners and customers in our ability to deliver and helping to stimulate future demand. We are increasing the pace of our commercial activi- ties through our direct sales teams and partners around the world, leveraging the full portfolio of the Stille Group. With a net cash position, strengthened margins and improving delivery performance, Stille is in a strong position to take the next step, both organically and through selective acquisitions. I want to thank all our employees and partners for their contributions in bringing us to this point. Malmö, October 23, 2026 ULRIK BERTHELSEN President and CEO We delivered another quarter of strong, profitable growth in Q3. Organic revenue growth was 16.5%, EBITDA before non-recurring items increased by 29%, and our rolling 12-month sales exceeded MSEK 700 for the first time ever. Cash flow from operating activities more than tripled to MSEK 34.0, clearly showing that our growth is translating into cash. For the first nine months, organic growth was around 20% and earnings per share more than dou- b led compared to last year. Solid growth in both business units helped by improved delivery times Sales in Surgical Instruments totalled MSEK 133.8 (105.0) with some positive impact from the acquisi- tion of Surgical Holdings and currency. Comparable figures for the quarter, excluding the effect from acquisitions, are MSEK 124.9 corresponding to organic growth of 18.9% and 17.7% in constant cur- rencies. We made significant progress in the supply situation for Surgical Instruments during the quarter, enabling us to shorten delivery times and reduce backorder levels. Underlying demand remains strong, although reported growth also benefited from the fulfilment of previous backorders. The improvement was driven by more effective supplier management and increased internal production, particularly at S&T in S witzerland. Comments from the CEO Strong performance in Q3 with organic growth of 17% and EBITDA growth of 29% supported by improved delivery times.
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5 | Q3 2026Stille AB Interim Report Surgical perfection. For life. Founded in 1841, Stille AB (publ) is one of the world’s oldest medtech companies. With a focus on the needs of surgeons and patients, the Group develops, manufactures and distributes medtech products that simplify and improve the healthcare process. Over 180 years of premium quality The Stille of today is the result of over 180 years of innovation within health and medical care services. Since its founding by Albert Stille in 1841, the company has manufactured and marketed premium-quality surgical instruments that have made new types of surgery possible and facilitated the work of surgeons. In 1887, Stille also began manufacturing and market- ing surgical tables, and the company is now a market leader in the segment of surgical tables that are used together with C-arms during minimally invasive vas- cular procedures. Surgical perfection and product leadership Stille’s vision is to provide products and solutions that enable perfect surgical procedures: Surgical perfection. For life. Product leadership – achieved, for example, through solid product development in close partnership with leading surgeons – is there- fore central to the company’s operations.
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6 | Q3 2026Stille AB Interim Report Chicago (US) Sales and assembly Torshälla (Sweden) Head office, sales, R&D and production Neuhausen (Switzerland) Sales and production Southend-on-Sea (UK) Sales, service and production Brands associated with the highest quality Surgeons across the world know Stille’s brands thanks to the unique quality of their products. Backed by a strong brand profile, the company has a unique position in the market and good opportunities to further develop its offering and increase its market presence in the segments that are profitable for both the company and its customers. Strong distribution channels and global market presence Stille currently has offices in Sweden, Switzerland, Germany, the UK, the US and the United Arab Emirates. Through these offices, and together with the Group’s robust sales channels, the company’s market presence reaches across large parts of the globe. It is through these partners that the company achieves its market expansion. Karlstein am Main (Germany) Sales and R&D Atlanta (US) Sales Dubai (UAE) Sales
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7 | Q3 2026Stille AB Interim Report Our business units No matter the product portfolio, product leadership and inno- vation have been part of Stille’s business focus since 1841. Today, the operations are divided into two business units: Surgical Tables and Surgical Instruments. Surgical Instruments Precision, durability and feel Precision, durability and feel are characteristic quali- ties of all Stille’s instruments. This has made Stille’s premium instruments both well known and appreci- ated among leading surgeons the world over. The portfolio includes everything from ordinary surgical scissors to unique SuperCut scissors, forceps, clamps and retractors to a broad range of micro instruments. Product development and world-class innovation Stille was founded as a solution to the shortage of product development and innovation in surgical instruments. Since 1841, the company has pursued technological development that has made new types of surgical procedures possible. Stille revolutionized the market, for example, in 1923 as the first company in the world to manufacture its instruments in stain- less steel. In 1982, Stille also invented the SuperCut scissors. In contrast to their predecessors, these scissors had specially designed cutting surfaces – a combination of scissor and knife edges – allowing them to cut with very high precision all the way to the tip. To this very day, STILLE SuperCut is consid- ered by leading surgeons to be the best scissors in the world. Surgical Tables Time-saving multidisciplinary surgical tables Stille’s portfolio of surgical tables is used in a number of different surgical disciplines, including cardiovas- cular surgery, pain management, ERCP and urological procedures. The surgical tables are characterized by their high level of functionality that reduces surgery time and increases the likelihood of a good outcome. This makes them an attractive choice for surgeons and the OR team. Taking minimally invasive development forward Product development is the cornerstone of the busi- ness unit, which is Stille’s vehicle for taking minimally invasive surgery forward. Development of new sur- gical tables always takes place in close collaboration with leading surgeons and our partners. One example is the imagiQ3 Legacy surgical table that was launched in November 2024.
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8 | Q3 2026Stille AB Interim Report KSEK JUL–SEP 2026 JUL–SEP 2025 JAN–SEP 2026 JAN–SEP 2025 JAN–DEC 2025 SURGICAL INSTRUMENTS Revenue 133,763 105,023 412,559 297,249 428,693 EBIT before non-recurring items 20,405 16,838 67,213 48,175 71,722 EBIT before non-recurring items, % 15.3 16.0 16.3 16.2 16.7 SURGICAL TABLES Revenue 36,835 33,731 123,983 95,499 138,936 EBIT before non-recurring items 4,140 509 14,685 3,655 8,616 EBIT before non-recurring items, % 11.2 1.5 11.8 3.8 6.2 TOTAL Revenue 170,598 138,754 536,542 392,748 567,629 EBIT before non-recurring items 24,546 17,347 81,899 51,830 80,338 EBIT before non-recurring items, % 14.4 12.5 15.3 13.2 14.2 Transaction costs — –7,096 — –7,096 –7,096 Non-recurring items 3,995 — 3,995 — — EBIT 28,540 10,251 85,893 44,734 73,242 EBIT, % 16.7 7.4 16.0 11.4 12.9 Net financial items 1,322 1,676 -4,880 –1,312 2,138 Profit before tax 29,862 11,927 81,013 43,422 75,380 Depreciation and amortization are included in operating profit (EBIT). SEGMENT OVERVIEW BRANDS Surgical Instruments STILLE instruments have been manufactured since 1841. Today, they are the only instruments forged from round steel by the company itself. This is a manufactur- ing method that yields exceptional durability and feel. S&T is the leading brand in the global micro instrument market. Since the beginning, these products have enabled the development of microsurgery and are today considered to be the world’s best micro instru- ments. FEHLING offers a broad range of premium products to surgeons, with a focus on demanding specialties such as open and minimally invasive cardiac, thoracic, neuro and spine surgery. SURGICAL HOLDINGS specializes in the develop- ment, distribution and repair of high-quality surgical instruments. Their offering encompasses instruments for general surgery and orthopedics as well as special - ized repair services for surgical instruments, rigid endo- scopes and orthopedic power tools. Surgical Tables imagiQ is the leading brand in the fluoroscopic surgery market. The surgical table is characterized by its unique radiolucency and functionality that reduce both sur- gery time and radiation exposure. In 2024, the third generation, imagiQ3 Legacy, was launched, building on the successful legacy of previous generations combined with imagiQ3 Service Integration, which helps to troubleshoot and diagnose problems remotely. Medstone supplements the product portfolio by being a cost-efficient table for simpler procedures, for example, in pain management and ERCP, where good radiolucency is necessary.
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9 | Q3 2026Stille AB Interim Report Financial summary July–September Net sales Net sales for the third quarter totaled MSEK 170.6 (138.8), positively impacted by acquisition effects of MSEK 8.9 (Surgical Holdings) and by currency translation effects of MSEK +2.1. Comparable figures excluding acquisition effects amounted to sales of MSEK 161.7 (138.8) for the quarter, positively impacted by currency effects of MSEK +1. 8. Sales of Surgical Instruments for the quarter totaled MSEK 133.8 (105.0). Excluding acquisition effects, sales totaled MSEK 124.9 (105.0). The Surgical Tables business unit’s sales for the quarter totaled MSEK 36.8 (33.7). The instru- ment sales in the quarter were better aligned with demand than in the previous year and further supported by a reduc- tion of backorders. Sales of Surgical Tables also showed healthy growth following a very strong second quarter. Earnings Gross profit for the quarter amounted to MSEK 85.2 (67.7), corresponding to a gross profit margin of 49.9% (48.8). Acquisition effects amounted to MSEK +3.6. Excluding the acquisition, the gross profit margin was 50.5%. The gross margin improvement was mainly driven by positive mix impacts. EBIT before non-recurring items for the quarter amounted to MSEK 24.5 (17.3), negatively impacted by currency transla- tion effects of MSEK –0.4. Non-recurring items for the quarter amounted to MSEK 4.0 (–7.1, transaction costs) and included tariff refunds of MSEK 5.2 as well as non-recurring costs of MSEK 1.2 relating to organizational restructuring. EBIT after non-recurring items amounted to MSEK 28.5 (10.3). Consolidated net financial items for the quarter amounted to MSEK 1.3 (1.7), mostly driven by revaluation effects attrib- utable to exchange-rate fluctuations. Profit before tax for the quarter amounted to MSEK 29.9 (11.9). Profit after tax for the quarter amounted to MSEK 24.5 (0.9). Earnings per share amounted to SEK 2.73 (0.10). Tax Tax expense for the quarter totaled MSEK –5.3 (–11.1). As of September 30, 2026, the Group had an accumulated loss carryforward of MSEK 1.2, of which MSEK 0 was directly attributable to the Parent Company. Cash flow Consolidated cash flow from operating activities for the quarter amounted to MSEK 34.0 (10.2). Consolidated cash and cash equivalents at the end of the period totaled MSEK 170.7 (138.5). Financial position The consolidated equity/assets ratio at the end of the quar- ter was 69.2% (65.7). Consolidated equity at the end of the period totaled MSEK 809.8 (692.8). The Group has a bank overdraft facility of MSEK 50.0 (15.0), of which MSEK 0.0 (0.0) had been utilized as of September 30. Investments Net investments in tangible and intangible assets for the quarter totaled MSEK 8.1 (5.1). MSEK 2.5 (0.2) in develop- ment costs for new products has been capitalized. Of capi - talized development costs, MSEK 0.3 (0.1) pertained to capitalized personnel expenses and MSEK 2.2 (0.1) to capi- talized external development costs. Of investments in intangible assets MSEK 3.3 (1.4) relates to MDR readiness. Employees The average number of full-time employees (FTEs) in the Group for the quarter was 232 (188). 239 (217) FTEs were employed in the Group on September 30. The increase is primarily attributable to the acquisition of Surgical Holdings and investments in production capacity. Parent Company Net sales in the Parent Company for the quarter totaled MSEK 45.0 (46.0). Profit after tax for the quarter amounted to MSEK 77.2 (7.0), of which MSEK 70.8 (–) relates to intra-group dividend payments. The balance sheet total was MSEK 891.6 (880.9), of which MSEK 706.6 (559.5) comprised equity.
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10 | Q3 2026Stille AB Interim Report January–September Net sales Net sales for the first nine months totaled MSEK 536.5 (392.7), positively impacted by acquisition effects of MSEK 63.6 (Surgical Holdings) and negatively by currency transla- tion effects of MSEK –11.1. Comparable figures excluding acquisition effects amounted to sales of MSEK 472.9 (392.7) for the first nine months, negatively impacted by currency effects of MSEK –10.6. Sales of Surgical Instruments for the first nine months totaled MSEK 412.6 (297.2). Excluding acquisition effects, sales totaled MSEK 348.9 (297.2). The Surgical Tables busi- ness unit’s sales for the first nine months totaled MSEK 124.0 (95.5). The instrument sales in the first nine months were better aligned with demand than in the previous year and have been further strengthened by a reduction of backorders. Sales of Surgical Tables have grown consider- ably in the first nine months of the year, mainly driven by imagiQ3. Earnings Gross profit for the first nine months amounted to MSEK 263.6 (198.6), corresponding to a gross profit margin of 49.1% (50.6). Acquisition effects amounted to MSEK +27.3. Excluding the acquisition, the gross profit margin was 50.0%. Gross profit in the first nine months, for both Surgi- cal Instruments and Surgical Tables, was negatively impacted by exchange-rate fluctuations. EBIT before non-recurring items for the first nine months amounted to MSEK 81.9 (51.8), negatively impacted by currency translation effects of MSEK –1.0. Non-recurring items for the first nine months amounted to MSEK 4.0 (–7.1, transaction costs) and included tariff refunds of MSEK 5.2 as well as non-recurring costs of MSEK 1.2 relat- ing to organizational restructuring. EBIT after non-recurring items amounted to MSEK 85.9 (44.7). Consolidated net financial items for the first nine months amounted to MSEK -4.9 (-1.3), mostly driven by revalua- tion effects attributable to exchange-rate fluctuations. Profit before tax for the first nine months amounted to MSEK 81.0 (43.4). Profit after tax for the first nine months amounted to MSEK 66.0 (25.5). Earnings per share amounted to SEK 7.35 (2.83). Tax Tax expense for the first nine months totaled MSEK –15.0 (–18.0). As of September 30, 2026, the Group had an accumulated loss carryforward of MSEK 1.2, of which MSEK 0 was directly attributable to the Parent Company. Cash flow Consolidated cash flow from operating activities for the first nine months amounted to MSEK 91.2 (39.5). Consoli- dated cash and cash equivalents at the end of the period totaled MSEK 170.7 (138.5). Financial position The consolidated equity/assets ratio at the end of the period was 69.2% (65.7). Consolidated equity at the end of the period totaled MSEK 809.8 (692.8). The Group has a bank overdraft facility of MSEK 50.0 (15.0), of which MSEK 0.0 (0.0) had been utilized as of September 30. Investments Net investments in tangible and intangible assets for the first nine months totaled MSEK 27.0 (13.6). MSEK 7.2 (2.0) in development costs for new products has been capital - ized. Of capitalized development costs, MSEK 0.9 (0.4) pertained to capitalized personnel expenses and MSEK 6.3 (1.6) to capitalized external development costs. Of invest- ments in intangible assets MSEK 9.8 (8.0) relates to MDR readiness. Employees The average number of full-time employees (FTEs) in the Group for the first nine months was 225 (169). 239 (217) FTEs were employed in the Group on September 30. The increase is primarily attributable to the acquisition of Surgical Holdings and investments in production capacity. Parent Company Net sales in the Parent Company for the first nine months totaled MSEK 162.5 (141.5). Profit after tax for the first nine months amounted to MSEK 131.3 (16.6), of which MSEK 112.4 (–) relates to intra-group dividend payments. The balance sheet total was MSEK 891.6 (880.9), of which MSEK 706.6 (559.5) comprised equity.
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11 | Q3 2026Stille AB Interim Report Disclosures on financial commitments The estimated earnouts in conjunction with the acquisition of S&T AG have been discounted. The appraisal of financial assets and liabilities does not indicate any material differ- ence between carrying amount and fair value. Related-party transactions Stille’s related parties and transactions with related parties are described in Note 10 of the Annual Report. No transac- tions between Stille and related parties that had a material impact on the company’s position and earnings were con- ducted during the quarter. Risks and uncertainties The Group’s and the Parent Company’s material estimates and assessments, risks and risk management are described in Note 4 of the Annual Report. Uncertainties concerning the performance of the global economy, and thereby the economic conditions for Stille’s end customers, could impact future sales volumes. Auditor’s review This report has not been reviewed by Stille’s auditors.
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12 | Q3 2026Stille AB Interim Report SHARE AND OWNERSHIP DATA SEPTEMBER 30, 2026 LARGEST SHAREHOLDERS NUMBER OWNERSHIP SHARE Linc AB 2,056,075 22.9% Impilo AB 2,056,075 22.9% Lannebo Kapitalförvaltning 652,733 7.3% Nordnet Pension Insurance 600,853 6.7% SEB Funds 420,151 4.7% ShapeQ GmbH 418,884 4.7% Avanza Pension 406,948 4.5% Ramhill AB 372,209 4.1% Aktia Asset Management 310,000 3.5% Fondita Fund Management 1 70,000 1.9% Total 7, 463, 928 83.1% Share data provided by Modular Finance AB. Stille’s share is listed on the Nasdaq OMX First North Growth Market under the ticker “STIL”, ISIN code SE0000998650. Eminova Fondkommission AB is the Certified Adviser, +46 (0)8 684 211 10, adviser@eminova.se. SEK 247 SHARE PRICE MSEK 2,219 MARKET CAP STIL OMXSPI -5% 2% SHARE PRICE DEVELOPMENT (JUL 1–SEP 30) SEK 217–274 LOW/HIGH (JUL 1–SEP 30) 2,817 SHAREHOLDERS 8,985,447 SHARES
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13 | Q3 2026Stille AB Interim Report KSEK JUL–SEP 2026 JUL–SEP 2025 JAN–SEP 2026 JAN–SEP 2025 JAN–DEC 2025 Net sales 170,598 138,754 536,542 392,748 567,629 Cost of goods sold –85,414 –71,089 –272,958 –194,127 –279,658 Gross profit 85,184 67,665 263,584 198,621 287,971 Other operating income 2,009 1,492 5,521 3,896 5,654 Selling expenses –45,427 –38,700 –134,696 –109,382 –151,572 Administrative expenses –16,057 –12,587 –50,189 –38,219 –56,608 Transaction costs — –7,096 — –7,096 –7,096 Non-recurring items 3,995 — 3,995 — — Other operating expenses –1,163 –523 –2,321 –3,086 –5,107 EBIT 28,540 10,251 85,893 44,734 73,242 Financial income 2,510 1,369 4,065 1,873 6,338 Financial expenses –1,188 306 -8,945 –3,186 –4,200 Profit before tax 29,862 11,927 81,013 43,422 75,380 Income tax –5,325 –11,063 -14,998 –17,971 –19,680 Net profit for the period 24,537 864 66,015 25,451 55,700 Other comprehensive income Items that may be reclassified to profit or loss: – translation differences in foreign operations 10,927 –7,876 35,031 –32,104 –46,393 COMPREHENSIVE INCOME FOR THE PERIOD 35,464 –7,012 101,046 –6,653 9,307 Earnings per share1 2.73 0.10 7.35 2.83 6.20 1. No dilution Condensed income statement and statement of comprehensive income GROUP
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14 | Q3 2026Stille AB Interim Report KSEK 30 SEP 2026 30 SEP 2025 31 DEC 2025 ASSETS Non-current assets Intangible assets 574,451 510,963 548,172 Tangible assets 96,206 141,015 92,600 Other financial assets 401 — 287 Deferred tax assets 6,607 6,427 5,568 Total non-current assets 677,665 658,405 646,627 Current assets Inventory 200,181 167,608 182,055 Accounts receivable 91,433 76,339 87,972 Current receivables 30,208 14,191 18,935 Cash and cash equivalents 170,710 138,508 118,660 Total current assets 492,532 396,646 407,622 ASSETS 1,170,197 1,055,051 1,054,249 EQUITY AND LIABILITIES Equity attributable to Parent Company shareholders 809,758 692,752 708,712 Non-current liabilities 221,234 239,858 229,720 Current liabilities 139,205 122,441 115,818 EQUITY AND LIABILITIES 1,170,197 1,055,051 1,054,249 Condensed balance sheet GROUP KSEK 30 SEP 2026 30 SEP 2025 31 DEC 2025 Opening balance 708,712 699,405 699,405 Ongoing new share issue, after tax — — — Dividend to shareholders — — — Registered share capital — — — Provision for share premium reserve — — — Change in carrying amount of assets — — — Comprehensive income for the period 101,046 –6,653 9,307 CLOSING BALANCE 809,758 692,752 708,712 Condensed statement of changes in equity GROUP
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15 | Q3 2026Stille AB Interim Report KSEK JUL–SEP 2026 JUL–SEP 2025 JAN–SEP 2026 JAN–SEP 2025 JAN–DEC 2025 OPERATING ACTIVITIES Before change in working capital EBIT 28,540 10,252 85,893 44,734 73,241 Adjustment for non-cash items, etc. 10,174 11,833 27,404 20,351 32,383 Tax paid –4,389 –2,960 –15,541 –16,564 –19,698 Cash flow from operating activities before change in working capital 34,325 19,124 97,756 48,521 85,926 Change in inventory –6,709 –5,281 –10,897 –11,433 –28,785 Change in operating receivables 5,336 –3,961 –9,247 20,563 3,391 Change in operating liabilities 1,015 353 13,609 –18,178 –24,477 Total change in working capital –358 –8,889 –6,535 –9,048 –49,871 Cash flow from operating activities 33,967 10,235 91,221 39,474 36,055 INVESTING ACTIVITIES Acquisition of intangible assets –7,129 –3,721 –18,557 –10,887 –14,191 Acquisition/divestment of tangible assets –978 –1,389 –8,443 –2,696 –6,271 Other external assets — — — — — Acquisition of operations — –83,839 — –83,839 –83,839 Cash flow from investing activities –8,106 –88,949 –27,000 –97,422 –104,301 FINANCING ACTIVITIES Dividend to shareholders — — — — — Repayment of debts –5,820 1,254 –17,284 –14,885 –23,056 New share issue, net — — — — — Loans raised — 59,218 — 59,218 59,218 Cash flow from financing activities –5,820 60,471 –17,284 44,333 36,162 CASH FLOW FOR THE PERIOD 20,041 –18,242 46,937 –13,615 –32,084 Cash and cash equivalents at start of period 149,359 164,510 118,660 158,485 158,485 Translation difference 1,310 –7,760 5,113 –6,361 –7,741 Cash and cash equivalents at end of period 170,710 138,508 170,710 138,508 118,660 Condensed cash flow statement GROUP
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16 | Q3 2026Stille AB Interim Report KSEK JAN–SEP 2026 JAN–SEP 2025 JAN–DEC 2025 Key performance indicators for profit or loss Net sales 536,542 392,748 567,629 Net sales growth, % 36.6 –4.2 –0.4 Gross profit 263,584 198,621 287,971 Gross profit1, % 49.1 50.6 50.7 Depreciation and amortization –26,815 –23,913 –33,460 EBITDA before non-recurring items2 108,714 75,743 113,797 EBITDA before non-recurring items2, % 20.3 19.3 20.0 EBITDA2 112,708 68,647 106,701 EBITDA2, % 21.0 17.5 18.8 EBIT before non-recurring items3 81,899 51,830 80,336 EBIT before non-recurring items4, % 15.3 13.2 14.2 EBIT3 85,893 44,734 73,241 EBIT4, % 16.0 11.4 12.9 Net profit for the period 66,015 25,451 55,700 Earnings per share5, SEK 7.35 2.83 6.20 Comprehensive income after tax 101,046 –6,653 9,307 Key performance indicators for balance sheet Net debt –60,616 –36,058 4,603 Net debt/EBITDA –0.4 –0.3 0.0 Equity/assets ratio6, % 69.2 65.7 67.2 Equity 809,758 692,752 708,712 Equity per share7, SEK 90.12 77.10 78.87 Return on equity8, % 12.8 1.3 3.4 Key performance indicators for cash flow statement Cash flow from operating activities 91,221 39,474 36,055 Other key performance indicators Average number of shares 8,985,447 8,985,447 8,985,447 Number of employees9 225 169 182 Definitions 1. Gross profit as a percentage of sales. 2. Operating profit (EBITDA) before depreciation and amortization. 3. Operating profit (EBIT) comprises profit before financial items and tax. 4. The operating margin (EBIT, %) has been calculated as operating profit (EBIT) expressed as a percentage of net sales for the period. 5. Net profit for the period (profit after tax) in relation to the average number of shares outstanding. 6. The equity/assets ratio has been calculated as equity as a percentage of the total assets in the balance sheet. 7. Equity in relation to the average number of shares outstanding at the end of the period. 8. Return on equity comprises profit/loss after tax, rolling 12 months, as a percentage of weighted equity. 9. Number of employees comprises the average number of employees. Key performance indicators GROUP
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17 | Q3 2026Stille AB Interim Report KSEK JUL–SEP 2026 JUL–SEP 2025 JAN–SEP 2026 JAN–SEP 2025 JAN–DEC 2025 Net sales 44,965 45,992 162,545 141,493 184,981 Cost of goods sold –26,393 –26,842 –95,425 –80,380 –109,910 Gross profit 18,572 19,150 67,120 61,113 75,071 Other operating income 7,963 5,645 23,579 17,831 23,927 Selling expenses –5,651 –6,955 –19,939 –21,991 –26,339 Administrative expenses –13,247 –9,771 –40,122 –29,784 –39,784 Non-recurring items –1,082 — –1,082 — — Other operating expenses –348 –149 –819 –1,147 –4,641 EBIT 6,208 7,920 28,737 26,022 28,233 Financial income1 73,969 8,972 119,275 3,260 7,120 Financial expenses –1,337 –8,096 –10,477 –8,354 –7,902 Profit after financial items 78,839 8,796 137,535 20,928 27,451 Appropriations — — — — –5,948 Profit before tax 78,839 8,796 137,535 20,928 21,503 Tax on profit for the period –1,647 –1,812 –6,206 –4,311 –4,515 NET PROFIT FOR THE PERIOD 77,192 6,984 131,329 16,617 16,988 1. Included in the amounts in 2026 are dividends from subsidiaries amounting to KSEK 70,844 for the quarter and KSEK 112,426 for the period. Condensed income statement PARENT COMPANY KSEK 30 SEP 2026 30 SEP 2025 31 DEC 2025 ASSETS Non-current assets Intangible assets 48,743 43,791 41,044 Tangible assets 6,095 3,922 4,805 Financial assets 683,533 710,091 685,971 Total non-current assets 738,371 757,804 731,820 Current assets Inventory 56,354 55,779 56,292 Accounts receivable 16,935 12,331 14,983 Current receivables 23,327 7,983 6,848 Cash and cash equivalents 56,660 47,033 12,338 Total current assets 153,276 123,126 90,461 ASSETS 891,647 880,930 822,281 EQUITY AND LIABILITIES Equity 706,618 559,451 575,289 Untaxed reserves 21,415 15,467 21,415 Non-current liabilities 74,058 218,309 81,612 Current liabilities 89,556 87,703 143,965 EQUITY AND LIABILITIES 891,647 880,930 822,281 Condensed balance sheet PARENT COMPANY
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18 | Q3 2026Stille AB Interim Report Note 1 | Accounting policies This Interim Report has been prepared in accordance with the International Financial Reporting Standards (IFRS), with the application of IAS 34 Interim Financial Reporting. The consolidated financial statements have been prepared in accordance with IFRS as adopted by the EU as well as recommendation RFR 1 Supplementary Accounting Rules for Corporate Groups. The Parent Company has prepared its accounts in accordance with the Swedish Annual Accounts Act and recommendation RFR 2 Accounting for Legal Entities. The accounting policies and calculation methods remain unchanged compared to the description in the 2025 Annual Report which is available at www.stille.se. No new or changed accounting standards that came into effect on January 1, 2026 had a material impact on Stille. Stille has decided not to apply in advance new standards, amendments or interpretations that have been published but will not come into effect until the fiscal year beginning on or after January 1, 2027.
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STILLE röd: Pantone 1935 (#cb003d) CMYK: 0, 100, 65, 15 STILLE grå: Pantone 431 (#71777a) CMYK: 11, 0, 0, 65 More detailed information available from: Ulrik Berthelsen President and CEO +46 70 033 38 25 ulrik.berthelsen@stille.se Stille AB (publ) Ekbacken 11 SE-644 30, Torshälla +46 8 588 580 00 info@stille.se www.stille.se Financial calendar Year-end Report 2026 February 12, 2027 Annual Report 2026 April 8, 2027 Interim Report Jan–Mar 2027 April 22, 2027 Interim Report Jan–Jun 2027 July 22, 2027 Interim Report Jan–Sep 2027 October 22, 2027 All of the company’s financial reports can be found in their entirety on the company’s website, www.stille.se. This information is information that Stille AB is obligated to make public in accordance with the EU Market Abuse Regulation. The information was submitted for publication on October 23, 2026 at 8:00 a.m. CEST.