Interim report
Page 1
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 1 " Third quarter, 1 July – 30 September 2026 The period, 1 January – 30 September 2026 • Net sales increased by 4 percent to SEK 8,330 million (7,982). • Adjusted EBITA increased by 6 percent to SEK 806 million (759), corresponding to an adjusted EBITA margin of 9.7 percent (9.5). • Operating profit amounted to SEK 620 million (597). • Profit for the quarter amounted to SEK 337 million (348). • Basic/diluted earnings per share were SEK 0.18 (0.19). • Adjusted diluted earnings per share were SEK 0.19 (0.18). • Cash flow from operating activities was SEK 646 million (659). • One platform acquisition was completed, with annual sales of SEK 126 million. Three add-on acquisitions were completed, with combined annual sales of SEK 46 million. • Net sales increased by 3 percent to SEK 25,041 million (24,374). Organic sales growth was 4 percent. • Adjusted EBITA was unchanged, amounting to SEK 2,309 million (2,302), corresponding to an adjusted EBITA margin of 9.2 percent (9.4). Organic EBITA growth was -2 percent. • Operating profit decreased to SEK 1,685 million (1,761). • Profit for the period increased to SEK 887 million (824). • Basic/diluted earnings per share were SEK 0.48 (0.44). • Adjusted diluted earnings per share were SEK 0.54 (0.49). • Cash flow from operating activities was SEK 1,299 million (1,300). • Three platform acquisitions were completed, with combined annual sales of SEK 331 million. Five add-on acquisitions were completed, with combined annual sales of SEK 55 million. Significant events after the end of the period • One platform acquisition was completed, with annual sales of SEK 112 million. One add-on acquisition was completed, with annual sales of SEK 93 million. Amounts in parentheses are for the corresponding period 202 5. 8,330 806 9.7 SEK m, net sales (Q3) SEK m, adjusted EBITA (Q3) %, adjusted EBITA margin (Q3) Key performance measures Oct-Sep Full-year SEK m 2026 2025 ∆% 2026 2025 ∆% 25/26 2025 Net sales 8,330 7,982 4 25,041 24,374 3 33,764 33,097 Adjusted EBITA 806 759 6 2,309 2,302 0 3,124 3,117 Adjusted EBITA margin, % 9.7 9.5 0.2 pp 9.2 9.4 -0.2 pp 9.3 9.4 Operating profit (EBIT) 620 597 4 1,685 1,761 -4 2,315 2,391 Operating margin, % 7.4 7.5 0 pp 6.7 7.2 -0.5 pp 6.9 7.2 Profit for the period 337 348 -3 887 824 8 1,262 1,199 Basic earnings per share, SEK 0.18 0.19 -4 0.48 0.44 10 0.67 0.63 Diluted earnings per share, SEK 0.18 0.19 -4 0.48 0.44 10 0.67 0.63 Adjusted diluted earnings per share, SEK 0.19 0.18 4 0.54 0.49 10 0.74 0.70 Interest-bearing net debt/adjusted RTM EBITDA (12 months), x 2.5 2.4 0.1x 2.5 2.4 0.1x 2.5 2.3 Return on equity, % (12 months) 6.0 5.9 0.1 pp 6.0 5.9 0.1 pp 6.0 5.8 Return on capital employed, % (12 months) 10.1 10.3 -0.2 pp 10.1 10.3 -0.2 pp 10.1 10.2 Cash flow from operating activities 646 659 -2 1,299 1,300 -0 2,451 2,451 Adjusted cash conversion, % 80 80 -1 pp 63 63 0 pp 74 74 Items affecting comparability, EBITA -11 10 -105 -20 -115 -29 Items affecting comparability, profit for the period -11 10 -110 -100 -119 -109 Jan-SepQ3 INTERIM REPORT JANUARY – SEPTEMBER 2026 “Positive development and increased growth capacity” ”
Page 2
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 2 Positive development and increased growth capacity The third quarter results marked another step in the right direction. Sales increased by 4 percent and adjusted EBITA by 6 percent, with improved profitability and positive organic growth in both sales and EBITA. Organic growth and acquisitions both contributed to growth across all business areas. Cash flow from operating activities was in line with the same period last year and continued to be strong on a rolling twelve- month basis. Industry reported a solid quarter, primarily driven by improved results in the businesses outside of Sweden. In Trade, the broader recovery continued, contributing to improved results. In Services, digital services and logistics developed well, and even though demand remained subdued in the construction-related businesses, there are signs of improvement in Sweden. Commercial and operational initiatives across the Group, for example related to sales and efficiency improvements, continued to generate results. It is particularly encouraging that growth was broad-based, with notable improvements in both sales and earnings across a large number of business units. At the same time, market development remains volatile, emphasising the importance of continued efforts to strengthen the business units’ competitiveness, efficiency and profitability. “We enter the final quarter of the year with a positive operational momentum and greater financial flexibility.” The last piece of the balance sheet puzzle A milestone during the quarter was that minority-related liabilities reached a more balanced level ahead of 2027. In recent years, we have improved profitability and cash conversion, optimised the portfolio and reduced leverage. Minority-related liabilities were the last major piece of the puzzle in these efforts. The minority buyouts in subsidiaries will be accretive to earnings per share going forward. It also gives us greater flexibility to allocate capital to growth. After a period in which a significant share of cash flow was used to strengthen the balance sheet, we can now once again invest the majority of it in organic initiatives and acquisitions, while maintaining financial discipline. Organic and acquired growth Organic growth is a prerequisite for reaching our targeted average annual adjusted EBITA growth of 15 percent. It is therefore encouraging to see positive organic EBITA growth for the second consecutive quarter. We are working systematically on various initiatives to increase sales and profitability. Investments in J&D Pierce, a manufacturer of advanced steel structures in the UK, have contributed to strong earnings growth in Industry. In Trade, the merger of businesses into ASHE Sports, a leading Nordic distributor in sports and leisure, is creating economies of scale, just to name a few. In parallel, we continue to invest selectively within our investment themes. Since last year, we have gradually increased the pace, adding well-managed, profitable companies at attractive valuations. The stronger balance sheet allows us to act when good opportunities arise. In October, we acquired Duratec, a distributor of components and systems for analytical and laboratory processes in Germany. The company has a high share of recurring revenue, and its customers are leading industrial companies and research institutions. The acquisition strengthens Trade and aligns well with our health and wellbeing investment theme. In addition, Båstadgruppen, one of Trade’s larger business units, acquired its long-standing partner, Hawedo in the Netherlands. The add-on acquisition strengthens Båstadgruppen’s export platform and offering. Since resuming acquisitions in the third quarter of 2025, we have completed 17 acquisitions, of which 7 are platforms and 10 are add-ons, adding total annual net sales of around SEK 950 million. Looking ahead We enter the final quarter of the year with a positive operational momentum and greater financial flexibility. Global uncertainty related to geopolitics, energy prices, and supply chains persists, but in recent years, our business units have gained significant experience in managing challenging conditions. Our priorities remain unchanged: organic growth, improved profitability and value-creating acquisitions within our investment themes. With the final piece of the balance sheet coming into place, we can allocate a larger share of cash flow to growth. Consequently, we have laid the foundation for sustainable growth and long-term value creation. Christer Hansson, CEO
Page 3
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 3 The Group’s performance THIRD QUARTER 2026 Sales Net sales in the third quarter increased by 4 percent to SEK 8,330 million (7,982), mainly driven by 3 percent organic growth. All three business areas reported organic sales growth, with the main contribution coming from Industry and Services. Acquisitions and exchange rate effects also contributed positively, partly offset by divestments. Earnings Adjusted EBITA increased by 6 percent to SEK 806 million (759) in the third quarter. Earnings in the quarter benefited from acquisitions, organic profit growth for Industry and Trade, and exchange rate effects, partly offset by negative organic profit growth for Services and divestments. Costs of Group operations were higher in the quarter as the comparative quarter was positively impacted by the adjustment of costs for concluded incentive programmes. The adjusted EBITA margin was 9.7 percent (9.5). The margin improvement was mainly driven by the Trade and Industry business areas, partly offset by the higher costs of Group operations. Industry reported an organic profit growth and continued solid demand, especially for the international business units, which have recovered from a weaker 2025. The Trade business area reported higher earnings and an improved margin compared to last year, attributable to a solid recovery for a large part of the business units. Services reported profit growth in the quarter, driven by acquisitions and the performance of the Business Services vertical. The negative organic growth in the quarter was attributable to Infrastructure Services, where the exposure to a continued muted construction sector impacted earnings. Despite continued signs of a cyclical recovery, market conditions remain uncertain, with significant geopolitical unrest, which could negatively impact the overall recovery. Price adjustments, efficiency-enhancing measures and cost control remain priori- tised in all business areas. For more information, see pp. 6–8. Items affecting comparability in EBITA were SEK -11 million (10), mainly comprising capital loss from divestments of business of SEK -7 million, and remeasurement of contingent consider- ations of SEK -2 million. The items in the comparative quarter largely consisted of remeasurement of contingent considerations of SEK 10 million. Operating profit was SEK 620 million (597). The operating margin was 7.4 percent (7.5). Adjusted for items affecting comparability, operating profit was SEK 631 million (587), with an operating margin of 7.6 percent (7.4). Net financial items amounted to SEK -171 million (-138). Net interest expenses were SEK -147 million (-139). The underlying increase is explained by slightly higher market interest rates and lower interest income. The remaining part of net financial items consisted of exchange rate effects and other financial items of SEK -24 million (1). Profit before tax amounted to SEK 449 million (460), where the higher operating profit was offset by higher net financial items. Taxes for the quarter were SEK -112 million (-112). The effective tax rate was 24.9 percent (24.3). Profit for the quarter was SEK 337 million (348). Basic and diluted earnings per share amounted to SEK 0.18 (0.19). Adjusted for items affecting comparability, diluted earnings per share were SEK 0.19 (0.18). Cash flow and investments Cash flow from operating activities was SEK 646 million (659). Changes in working capital impacted cash flow by SEK -92 million (-88). Adjusted cash conversion (adjusted EBITDA after changes in working capital and Capex as a percentage of adjusted EBITDA) was 80 percent (80) in the quarter. Adjusted cash conversion for the past 12-month period was 74 percent (82), which exceeds the target of at least 70 percent. Capex amounted to SEK -127 million (-112), corresponding to 1.5 percent (1.4) of net sales in the quarter. Cash flow from investing activities amounted to net SEK -976 million (-474), of which SEK -133 million (-75) was attributable to net investments in non-current assets, including Capex. Cash flow from business combinations and divestments amounted to SEK -843 million (-400), which includes acquisitions and divestments of minority shares in subsidiaries and payments of contingent considerations for acquisitions in previous years of SEK -739 million (-229). For more information, see note 4, p. 19. NET SALES PER QUARTER ADJUSTED EBITA AND EBITA MARGIN BY QUARTER BREAKDOWN OF SALES BY BUSINESS AREA, Q3 2026 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 MSEK 0% 2% 4% 6% 8% 10% 12% 14% 0 100 200 300 400 500 600 700 800 900 1,000 MSEK 44%28% 28% Industry Services Trade
Page 4
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 4 THE PERIOD, JANUARY-SEPTEMBER 2026 Sales Net sales increased by 3 percent to SEK 25,041 million (24,374) in the first nine months of the year. The increase was driven by Services and Industry, partly offset by divestments in Trade. All business areas reported organic sales growth, supported by a somewhat stronger economy, although geopolitical uncertainty remains. The change in the period was positively affected by organic sales growth of 4 percent, partly offset by exchange rate effects of -1 percent. Earnings Adjusted EBITA for the first nine months amounted to SEK 2,309 million (2,302). The development in operating profit was affected by organic EBITA growth of -2 percent, exchange rate effects of -1 percent, and slightly higher costs of Group operations, while the positive contribution from acquisitions and divestments was 4 percent. The adjusted EBITA margin was 9.2 percent (9.4). The Industry business area reported an improved margin, primarily as a result of stronger market conditions for business units outside of Sweden. This was offset in its entirety by the Services business area, which reported a lower margin, mainly impacted by a cold winter in the first quarter of the year. Subdued demand for business units exposed to the construction sector also had a negative effect, but the business area noted positive signs of a market improvement at the end of the period. Costs of Group operations were also higher in the period as the comparative period was positively impacted by the adjustment of costs for concluded incentive programmes. The Trade business area reported a margin in line with the previous year, with a few business units in health and beauty impacted by challenges in the retail sector, especially in the first six months of the year. Price adjustments, efficiency-enhancing measures and cost control remain priorities in all business areas. For more information, see pp. 6–8. Items affecting comparability in EBITA were SEK -105 million (-20) and mainly comprised capital loss from divestment of business of SEK -83 million (0), remeasurement of contingent considerations of SEK -13 million (-11) and central restructuring costs of SEK -8 million (-9). For more information, see p. 25. Operating profit decreased to SEK 1,685 million (1,761). The operating margin was 6.7 percent (7.2) in the period. Adjusted for items affecting comparability, operating profit was SEK 1,795 million (1,781) with an operating margin of 7.2 percent (7.3). Net financial items amounted to SEK -473 million (-633). Net interest expenses accounted for SEK -424 million (-559), where the corresponding period last year was impacted by one-off costs of SEK -80 million related to the repurchase of bonds. Adjusted for one-off costs, the improvement of net interest expenses was SEK 55 million, owing to lower interest margins. The remaining part of the net financial items consisted of exchange rate effects and other financial items of SEK -48 million (-74). Profit before tax increased to SEK 1,213 million (1,129), driven by improved net financial items. Taxes for the period was SEK -325 million (-305). The effective tax rate was 26.8 percent (27.0). Profit for the period increased to SEK 887 million (824). In the period, basic and diluted earnings per share amounted to SEK 0.48 (0.44). Adjusted for items affecting comparability, diluted earnings per share increased by 10 percent to SEK 0.54 (0.49). Cash flow and investments Cash flow from operating activities was in line with last year and amounted to SEK 1,299 million (1,300). Changes in working capital affected cash flow by SEK -717 million (-784). Higher profit before tax compared to the previous year had a positive effect but was offset by higher income tax paid. The change in working capital during the period was mainly attributable to increased operating receivables and inventory. Adjusted cash conversion (adjusted EBITDA after changes in working capital and Capex as a percentage of adjusted EBITDA) was 63 percent (63) in the period. The adjusted cash conversion for the past 12-month period was 74 percent (82), which is above the target of at least 70 percent. Capex amounted to SEK -441 million (-372), corresponding to 1.8 percent (1.5) of net sales in the period. Cash flow from investing activities amounted to net SEK -1,522 million (-923) in the period, of which SEK -475 million (-338) was attributable to net investments in non-current assets, including Capex. Cash flow from business combinations and divestments amounted to SEK -1,047 million (-585) in the period, which includes acquisitions and divestments of minority shares in subsidiaries and payments of contingent considerations for acquisitions in previous years of SEK -802 million (-392). For more information, see note 4, p. 19. RETURNS Return on average equity was 6.0 percent (5.9), where the improvement was driven by higher profit. Adjusted for items affecting comparability, return on equity was 6.6 percent (6.4). Return on capital employed was 10.1 percent (10.3). FINANCIAL POSITION At the end of the period, the Group’s equity amounted to SEK 21,927 million (20,599 on 31 December 2025). The increase in the period is mainly attributable to the positive profit for the period and positive exchange rate related translation effects recognised in other comprehensive income, primarily offset by dividends and remeasurement of minority options. The equity/assets ratio was 50 percent (50 percent on 31 December 2025). On 30 September, cash and cash equivalents amounted to SEK 1,185 million (SEK 1,332 million on 31 December 2025). In addition, at the end of the period, there was an unutilised credit facility of SEK 2,855 million (SEK 3,180 million on 31 December 2025). Total interest-bearing debt, including leasing and pension liabilities, but excluding future contingent considerations and minority options, increased by SEK 339 million in the quarter. The increase in interest-bearing debt during the quarter is largely explained by new leasing agreements. During the past 12-month period, interest-bearing debt increased by SEK 310 million to SEK 11,865 million. The Group’s interest-bearing net debt increased by SEK 524 million in the quarter and by SEK 228 million in the past 12- month period, to SEK 10,420 million. The change compared to 30 September 2025 is primarily explained by acquisitions and minority buyouts, other investments, buyback of own shares,
Page 5
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 5 dividends and new leasing agreements, offset by strong cash flow from operating activities. Interest-bearing net debt/EBITDA, based on adjusted EBITDA for the past 12-month period (RTM), was 2.5x (2.4). This level is within Storskogen’s target range of 2-3x. The Group’s total net debt decreased by SEK 110 million in the quarter and by SEK 188 million in the past 12-month period, to SEK 11,605 million. Total net debt also includes liabilities for contingent considerations and minority options. Liabilities for contingent considerations and minority options decreased by SEK 634 million in the quarter and by SEK 417 million in the past 12-month period, to SEK 1,185 million. MATURITY STRUCTURE OF THE DEBT PORTFOLIO OTHER INFORMATION RTM (rolling 12 months pro forma) If Storskogen had owned all its subsidiaries as of 30 September throughout the past 12-month period (RTM), and excluded divested subsidiaries for the whole period, the Group would have generated net sales of SEK 33,870 million, adjusted EBITDA of SEK 4,228 million and adjusted EBITA of SEK 3,176 million, corresponding to an adjusted EBITA margin of 9.4 percent. NET SALES BY BUSINESS AREA AND FOR THE GROUP OPERATING PROFIT BY BUSINESS AREA AND FOR THE GROUP SEK m Amount Maturity Margin (+3m Stibor) Bond 1 1,250 H2 2027 3.75% Bond 2 1,250 H2 2028 3.25% Bond 3 1,250 H1 2029 2.90% Bond 4 1,000 H1 2030 2.65% Bank loan 3,626 H2 2028 Revolving credit facility 1,200 H1 2029 Installment contract 331 Other 36 9,943 Oct-Sep Full-year SEK m 2026 2025 ∆% 2026 2025 ∆% 25/26 2025 Services 2,360 2,210 7 7,094 6,719 6 9,608 9,232 Trade 2,332 2,331 0 6,805 6,920 -2 9,473 9,588 Industry 3,648 3,450 6 11,171 10,767 4 14,723 14,319 Operations 8,339 7,991 4 25,071 24,406 3 33,803 33,139 Group operations and eliminations -10 -10 -29 -32 -39 -42 Net sales, Group 8,330 7,982 4 25,041 24,374 3 33,764 33,097 Q3 Jan-Sep Oct-Sep Full-year SEK m 2026 2025 ∆% 2026 2025 ∆% 25/26 2025 Services 252 239 5 684 731 -6 954 1,001 Trade 230 211 9 595 604 -1 823 831 Industry 363 329 10 1,138 1,066 7 1,498 1,426 Group operations -39 -20 -109 -99 -150 -141 Adjusted EBITA 806 759 6 2,309 2,302 0 3,124 3,117 Reversal of adjusted items -11 10 -105 -20 -115 -29 EBITA 795 769 3 2,204 2,282 -3 3,010 3,088 Amortisation and impairment of intangible non-current assets -175 -172 -518 -521 -695 -697 Operating profit, EBIT 620 597 4 1,685 1,761 -4 2,315 2,391 Q3 Jan-Sep
Page 6
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 6 DEVELOPMENT Net sales in the Services business area increased by 7 percent to SEK 2,360 million (2,210) in the third quarter and by 6 percent to SEK 7,094 million (6,719) in the first nine months of year. Acquisitions, organic growth, and exchange rate effects contri- buted positively to the quarter. Organic sales growth was 3 percent in the first nine months. Sales growth in the quarter was driven by both verticals, but primarily by Business Services where demand remains solid, especially in digital services and logistics. Adjusted EBITA increased by 5 percent to SEK 252 million (239) in the third quarter and decreased by 6 percent to SEK 684 million (731) in the first nine months. The adjusted EBITA margin was thus 10.7 percent (10.8) in the quarter and 9.6 percent (10.9) in the first nine months. The quarter was positively affected by acquisitions and exchange rate effects, partly offset by negative organic profit growth. Organic EBITA growth was -16 percent in the first nine months. Several business units remain impacted by global uncertainty. Volatile macroeconomic conditions also contribute to increased cost of materials and fuel, which leads to margin and price pressures. For the current year, however, the margin trend is positive, driven by both a favourable mix effect and improved underlying profitability. Business units with exposure to the construction sector experienced positive signs of improved market conditions, particularly the business units with early cyclical exposure. Nevertheless, demand remained subdued in the quarter, impacting organic profit growth negatively. OUTLOOK The outlook for the last quarter of the year is cautiously optimistic, although uncertain geopolitical and macroeconomic factors affect several business units. TRANSACTIONS IN THE QUARTER During the quarter, three add-on acquisitions were completed: one by Nitro Consult, a company specialising in rock, blasting and vibration engineering, and two by Ockelbo Kabelteknik, a group of companies operating in railway infrastructure. During the quarter, the business units Jacob Lindh and Plåthuset i Mälardalen were integrated into a single business unit, Hallverket Norden. Oct-Sep Full-year SEK m 2026 2025 ∆% 2026 2025 ∆% 25/26 2025 Net sales 2,360 2,210 7 7,094 6,719 6 9,608 9,232 Adjusted EBITA 252 239 5 684 731 -6 954 1,001 Adjusted EBITA margin, % 10.7 10.8 9.6 10.9 9.9 10.8 Average number of employees 3,143 3,147 3,141 Number of business units, end of period 52 54 52 54 52 53 Q3 Jan-Sep NET SALES, SEK M ADJUSTED EBITA MARGIN, % SHARE OF GROUP NET SALES, Q3 2026 NET SALES PER VERTICAL %, Q3 2026 BUSINESS AREA SERVICES 0% 3% 6% 9% 12% 15% 18% 21% 1,800 2,000 2,200 2,400 2,600 2,800 3,000 3,200 3,400 MSEK 28% 56% 44% Infrastructure Services Business Services
Page 7
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 7 DEVELOPMENT Net sales in the Trade business area were unchanged, amounting to SEK 2,332 million (2,331) in the third quarter and decreased by 2 percent to SEK 6,805 million (6,920) in the first nine months of the year. Acquisitions, organic growth, and exchange rate effects contributed positively to the quarter, while divestments had an offsetting effect. Organic sales growth was 2 percent in the first nine months. Adjusted EBITA increased by 9 percent to SEK 230 million (211) in the third quarter and decreased by 1 percent to SEK 595 million (604) in the first nine months. The adjusted EBITA margin was thus 9.9 percent (9.0) in the quarter and 8.7 percent (8.7) in the first nine months. The quarter was positively affected by organic profit growth, acquisitions and exchange rate effects. Organic EBITA growth was -4 percent in the first nine months. Professional Products reported another quarter with sales growth and improved profitability. Several of the vertical’s specialised distribution businesses developed well with continued solid demand in both industrial and professional product segments. Most business units in Consumer Products developed well compared to last year, partly due to stronger consumer confidence. As reported in the first two quarters of the year, a few business units in health and beauty experienced challenges in the retail sector, where Scandinavian customers acted cautiously. This was driven by the customers’ continued focus on working capital efficiency and reducing inventory levels. OUTLOOK The fourth quarter is usually stronger, driven by Black Friday and the Christmas season. However, this also means increased focus on campaigns for the Consumer Products vertical, with some margin pressure as a result. Demand in the Professional Products vertical is expected to remain solid. TRANSACTIONS IN THE QUARTER In the quarter, one platform acquisition was carried out, of Verdant, a Norwegian distributor of premium brands in professional haircare. Oct-Sep Full-year SEK m 2026 2025 ∆% 2026 2025 ∆% 25/26 2025 Net sales 2,332 2,331 0 6,805 6,920 -2 9,473 9,588 Adjusted EBITA 230 211 9 595 604 -1 823 831 Adjusted EBITA margin, % 9.9 9.0 8.7 8.7 8.7 8.7 Average number of employees 1,759 2,096 2,096 Number of business units, end of period 26 25 26 25 26 26 Q3 Jan-Sep BUSINESS AREA TRADE NET SALES, SEK M ADJUSTED EBITA MARGIN, % SHARE OF GROUP NET SALES, Q3 2026 NET SALES PER VERTICAL %, Q3 2026 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 1,600 1,800 2,000 2,200 2,400 2,600 2,800 3,000 MSEK 28% 68% 32% Consumer Products Professional Products
Page 8
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 8 DEVELOPMENT Net sales in the Industry business area increased by 6 percent to SEK 3,648 million (3,450) in the in the third quarter and by 4 percent to SEK 11,171 million (10,767) in the first nine months of the year. Acquisitions, organic growth, and exchange rate effects contributed positively to the quarter. Organic sales growth was 5 percent in the first nine months. Demand remained solid for the project companies within Industrial Technologies and Automation, where sales were positively impacted by previous investments. Adjusted EBITA increased by 10 percent to SEK 363 million (329) in the third quarter and by 7 percent to SEK 1,138 million (1,066) in the first nine months. The adjusted EBITA margin was 10.0 percent (9.5) in the quarter and 10.2 percent (9.9) in the first nine months. The quarter was positively affected by organic profit growth, acquisitions and exchange rate effects. Organic EBITA growth was 8 percent in the first nine months. The business area’s profitability improved year-over-year, primarily driven by Industrial Technologies, where several business units contributed to strong profit growth and improved profitability in the quarter. Profit and profitability increased slightly in Automation and Product Solutions as well, compared with the corresponding period last year. However, in Product Solutions, the exposure to the weaker market in consumer, construction and investment-related segments continued to have a somewhat suppressing effect. The business area continues to focus on increasing sales through improved sales models, increased customer understanding and active pricing, combined with efficient working capital management. OUTLOOK The order book quality is good and in line with the second quarter. External factors continue to create uncertainty, but global trends such as automation, digitalisation and the green transition are expected to continue to support the business area’s development. TRANSACTIONS IN THE QUARTER No transactions were completed in the business area in the quarter. Oct-Sep Full-year SEK m 2026 2025 ∆% 2026 2025 ∆% 25/26 2025 Net sales 3,648 3,450 6 11,171 10,767 4 14,723 14,319 Adjusted EBITA 363 329 10 1,138 1,066 7 1,498 1,426 Adjusted EBITA margin, % 10.0 9.5 10.2 9.9 10.2 10.0 Average number of employees 5,000 4,839 4,855 Number of business units, end of period 36 35 36 35 36 35 Q3 Jan-Sep BUSINESS AREA INDUSTRY NET SALES, SEK M ADJUSTED EBITA MARGIN, % SHARE OF GROUP NET SALES, Q3 2026 NET SALES PER VERTICAL %, Q3 2026 0% 3% 6% 9% 12% 15% 18% 2,200 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 4,000 MSEK 44% 39% 32% 29% Industrial Technologies Automation Product Solutions
Page 9
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 9 Transactions ACQUISITIONS In the third quarter, Storskogen completed one platform acquisition in the Trade business area, and three add-on acquisitions in the Services business area. The companies that were acquired in the quarter had a total of 51 employees, annual sales of approximately SEK 172 million and annual EBITA of approximately SEK 26 million, based on each company’s previous financial year. Platform acquisitions are carried out to broaden and strengthen Storskogen’s position within prioritised investment themes. These companies bring new expertise, complementary offerings and reinforce the Group’s presence in strategically important areas. Add-on acquisitions are carried out to develop and enhance existing business units by adding synergies, scaling well- functioning operations and creating additional profitability and margin expansion over time. For more information on acquisitions completed during the period 1 January – 30 September 2026, see note 4 – Business combinations. Acquisitions completed during January–September 2026: DIVESTMENTS In the first quarter, the Swiss business unit Perfect Hair within the Trade business area was divested. The business unit had sales of SEK 278 million and an adjusted EBITA of SEK -22 million, based on the rolling twelve-month results as of February 2026. The number of employees amounted to 93. No divestments were carried out in the second or third quarter. Capital gain/loss is reported as other operating income/expense in the consolidated income statement. TRANSACTIONS AFTER THE END OF THE PERIOD One platform acquisition was completed in the Trade business area after the end of the quarter, with annual sales of SEK 112 million. One add-on acquisition was completed in the Trade business area after the end of the quarter, with annual sales of SEK 93 million. Total EBITA for these acquisitions was SEK 25 million. Acquisitions Acquisition date Annual net sales, SEK m Number of employees by acquisition Share of capital/votes, % Acquisition type Acquiring business unit Business area Darlington EMS limited, incl. Subsidiaries April 99 70 90.0 Platform - Industry Ådalens Brandskydd & Sotning AB April 4 3 97.5 Add-on SoVent Group Services Kramfors Sotning & Ventilationssanering AB May 5 5 97.5 Add-on SoVent Group Services Safi Equipment & Services pte ltd May 106 90 60.0 Platform - Services Verdant AS July 126 28 100.0 Platform - Trade ProTech Consult AS m dotterbolag July 21 8 85.0 Add-on Nitro Consult Services CC Gruppen AB August 18 9 100.0 Add-on Ockelbo Services Gävle Signal Entreprenad AB August 7 6 70.0 Add-on Ockelbo Services Total 386 219
Page 10
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 10 Other information EMPLOYEES In the period, the Group had an average of 9,983 employees (10,161). Acquisitions in the quarter added 51 new employees. SHARE CAPITAL On 30 September 2026, the number of shares amounted to 1,695 million, divided into 125 million Class A shares, 1,562 million Class B shares, and 9 million Class C shares. The Class B shares include 8.8 million shares which Storskogen repurchased at the end of 2025 and in the first quarter of 2026. The purpose of the repurchases was to optimise Storskogen’s capital structure by decreasing capital to create increased value for Storskogen’s shareholders. The Annual General Meeting on 6 May 2026 resolved to authorise the Board of Directors to repurchase shares to be used to ensure future delivery of shares to participants in current and/or future incentive programmes. The number of shares and votes in Storskogen changed in July as a result of a new issue of 8,632,527 Class C shares within the framework of the incentive program consisting of hurdle shares (Class C shares in Storskogen) implemented by the annual general meeting on 6 May 2026. Share structure on 30 September 2026 For information about Storskogen’s shareholders, see the company website. PARENT COMPANY The Parent Company generated net sales of SEK 2 million (28) in the third quarter. The decrease in net sales in the third quarter was attributable to the transfer of management activities to Storskogen Management AB at the end of the third quarter of 2025. Net sales consist of intra-Group management services, which will mainly be reported in Storskogen Management AB going forward. Profit amounted to SEK 136 million (38) in the quarter. The improved profit compared to the previous year was primarily attributable to positive exchange rate effects on debt receivables from foreign subsidiaries. RELATED-PARTY TRANSACTIONS No significant changes have taken place for the Group or the Parent Company in terms of transactions or relationships with related parties compared with what appears in the Annual Report 2025. EVENTS AFTER THE END OF THE PERIOD One platform acquisition was completed in the Trade business area after the end of the quarter, with annual sales of SEK 112 million. One add-on acquisition was completed in the Trade business area after the end of the quarter, with annual sales of SEK 93 million. Total EBITA for these acquisitions was SEK 25 million. Stockholm, 23 October 2026 Christer Hansson CEO Class of share Number of shares Number of votes Percentage of capital Percentage of votes Class A shares, 10 votes per share 125,001,374 1,250,013,740 7.4 44.5 Class B shares, 1 vote per share 1,561,723,845 1,561,723,845 92.1 55.5 Class C shares, non voting shares 8,632,527 - 0.5 - Total number of shares 1,695,357,746 2,811,737,585 100.0 100.0
Page 11
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 11 REVIEW REPORT Storskogen Group AB (publ), corporate identity number 559223-8694 INTRODUCTION We have reviewed the condensed interim report for Storskogen Group AB (publ) as at September 30, 2026 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of 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 review. SCOPE OF REVIEW We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. CONCLUSION Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company. Stockholm, October 23, 2026 Ernst & Young AB Åsa Lundvall Authorised Public Accountant
Page 12
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 12 Quarterly data SEK m Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Net sales Services 2,360 2,587 2,147 2,514 2,210 2,374 Trade 2,332 2,315 2,158 2,668 2,331 2,349 Industry 3,648 3,967 3,557 3,551 3,450 3,738 Group operations and eliminations -10 -9 -11 -9 -10 -10 Group total 8,330 8,861 7,851 8,723 7,982 8,452 Adjusted EBITA Services 252 267 166 270 239 256 Trade 230 212 153 228 211 225 Industry 363 435 340 360 329 387 Group operations -39 -50 -20 -41 -20 -25 Group total 806 864 639 816 759 843 Adjusted EBITA margin, % Services 10.7 10.3 7.7 10.7 10.8 10.8 Trade 9.9 9.1 7.1 8.5 9.0 9.6 Industry 10.0 11.0 9.6 10.1 9.5 10.4 Group operations - - - - - - Group total 9.7 9.7 8.1 9.4 9.5 10.0 Average number of employees Jan-Sep Jan-Jun Jan-Mar Jan-Dec Jan-Sep Jan-Jun Services 3,143 3,106 3,086 3,141 3,147 3,184 Trade 1,759 1,774 1,800 2,096 2,096 2,079 Industry 5,000 4,999 4,969 4,855 4,839 4,869 Group operations 81 81 81 82 79 80 Group total 9,983 9,960 9,936 10,173 10,161 10,212 Number of business units, end of period 30 Sep 2026 30 Jun 2026 31 Mar 2026 31 Dec 2025 30 Sep 2025 30 Jun 2025 Services 52 53 53 53 54 52 Trade 26 25 25 26 25 25 Industry 36 36 35 35 35 35 Group total 114 114 113 114 114 112
Page 13
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 13 Financial statements CONSOLIDATED INCOME STATEMENT, CONDENSED For more information on items affecting comparability in the report, see the table on p. 25. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, CONDENSED Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 Net sales 8,330 7,982 25,041 24,374 33,764 33,097 Raw materials and consumables -4,648 -4,415 -13,795 -13,102 -18,439 -17,746 Other external expenses -891 -877 -2,675 -2,760 -3,722 -3,807 Personnel costs -1,807 -1,739 -5,770 -5,663 -7,832 -7,725 Other operating income and expense 86 86 188 222 288 322 EBITDA 1,070 1,036 2,989 3,071 4,059 4,141 Depreciation and impairment of tangible assets -275 -267 -786 -789 -1,050 -1,053 EBITA 795 769 2,204 2,282 3,010 3,088 Amortisation and impairment of intangible assets -175 -172 -518 -521 -695 -697 Operating profit (EBIT) 620 597 1,685 1,761 2,315 2,391 Net financial items -171 -138 -473 -633 -646 -806 Profit before tax 449 460 1,213 1,129 1,669 1,585 Income tax -112 -112 -325 -305 -407 -386 Profit for the period 337 348 887 824 1,262 1,199 Profit for the period attributable to: Owners of the parent company 306 316 801 735 1,130 1,063 Non-controlling interests 31 32 86 89 133 136 Basic earnings per share, SEK 0.18 0.19 0.48 0.44 0.67 0.63 Diluted earnings per share, SEK 0.18 0.19 0.48 0.44 0.67 0.63 Q3 Jan-Sep Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 Profit for the period 337 348 887 824 1,262 1,199 Other comprehensive income Items that will not be transferred to the income statement Remeasurements of defined benefit pension plans 8 14 27 20 61 54 Total items that will not be transferred to the income statement 8 14 27 20 61 54 Items that have been or may be transferred to the income statement Exchange differences, foreign operations 318 -215 872 -799 612 -1,058 Gains/losses on holding of derivatives for cash flow hedging 27 14 41 5 51 15 Total items that have been or may be transferred to the income statement 345 -202 912 -794 663 -1,043 Other comprehensive income for the period, net of tax 353 -187 940 -774 724 -989 Comprehensive income for the period 690 160 1,827 50 1,987 210 Comprehensive income for the period attributable to: Owners of the parent company 619 164 1,647 96 1,783 233 Non-controlling interests 70 -4 180 -46 204 -23 Q3 Jan-Sep
Page 14
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 14 CONSOLIDATED BALANCE SHEET, CONDENSED SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets Goodwill 18,778 18,259 18,124 Other intangible assets 4,701 5,036 4,886 Property, plant and equipment 3,765 3,617 3,565 Right-of-use assets 1,723 1,607 1,540 Financial non-current assets 381 248 277 Pension obligation assets 18 12 18 Deferred tax assets 173 148 162 Total non-current assets 29,536 28,926 28,572 Inventories 4,978 4,518 4,382 Trade receivables 4,782 4,304 4,140 Current receivables 3,802 3,424 3,030 Current investments 12 7 0 Cash and cash equivalents 1,185 1,139 1,332 Total current assets 14,760 13,392 12,884 Total assets 44,296 42,318 41,455 Equity and liabilities Total equity 21,927 20,566 20,599 Interest-bearing non-current liabilities 8,406 8,513 8,925 Non-current lease liabilities 1,242 1,152 1,102 Provisions for pensions 193 240 221 Non-interest-bearing non-current liabilities 354 332 380 Provisions 85 76 74 Deferred tax liabilities 1,513 1,567 1,504 Total non-current liabilities 11,793 11,880 12,208 Interest-bearing current liabilities 1,537 1,181 368 Current lease liabilities 504 481 449 Trade payables 2,634 2,570 2,430 Non-interest-bearing current liabilities 5,901 5,641 5,402 Total current liabilities 10,576 9,872 8,649 Total equity and liabilities 44,296 42,318 41,455
Page 15
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 15 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED CONSOLIDATED CASH FLOW STATEMENT, CONDENSED SEK m Owners of the parent Non- controlling interest Total equity Owners of the parent Non- controlling interest Total equity Owners of the parent Non- controlling interest Total equity Equity at the beginning of the period 20,597 3 20,599 20,806 1 20,807 20,806 1 20,807 Total comprehensive income for the period 1,647 180 1,827 96 -46 50 233 -23 210 Dividends paid -185 -53 -238 -169 -82 -251 -169 -90 -258 Transaction costs on issue of shares, after tax -0 - -0 -1 - -1 -1 - -1 Repurchase of own shares -9 - -9 - - - -91 - -91 Contributed capital from issued share options 10 - 10 7 - 7 7 - 7 Share-based payment transactions -4 - -4 -30 - -30 -29 - -29 Change in liability for put options attributable to non-controlling interests -305 692 387 -59 396 337 -178 589 411 Change in ownership of subsidiaries 176 -917 -741 -87 -272 -360 18 -482 -464 Acquisition of business with non-controlling intestest, control obtained - 97 97 - 7 7 - 52 52 Divestment of business with non-controlling interests, control lost - - - - 0 0 - -45 -45 Equity at the end of the period 21,926 1 21,927 20,564 2 20,566 20,597 3 20,599 30 Sep 2026 30 Sep 2025 31 Dec 2025 Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 Profit before tax 449 460 1,213 1,129 1,669 1,585 Adjustment for non-cash items 430 404 1,338 1,396 1,751 1,809 Income tax paid -142 -116 -534 -441 -485 -392 Change in working capital -92 -88 -717 -784 -485 -551 Cash flow from operating activities 646 659 1,299 1,300 2,451 2,451 Net investments in non-current assets -133 -75 -475 -338 -613 -475 Business combinations and divestments -843 -400 -1,047 -585 -1,220 -759 Cash flow from investing activities -976 -474 -1,522 -923 -1,833 -1,233 Treasury shares (repurchase own shares) - - -9 - -100 -91 Dividend to owners of the parent company -0 - -185 -169 -185 -169 Dividends to minority owners -6 -5 -53 -82 -61 -90 Proceeds from borrowings 216 70 702 3,531 851 3,680 Repayment of borrowings -85 -68 -243 -3,836 -721 -4,314 Settlement of derivatives related to financing 101 -46 205 -132 143 -194 Repayment of lease liability -139 -135 -391 -404 -543 -555 Other financing activities 0 -0 9 7 9 6 Cash flow from financing activities 88 -185 34 -1,085 -606 -1,725 Cash flow for the period -241 0 -189 -709 12 -508 Cash and cash equivalents at beginning of period 1,412 1,150 1,332 1,899 1,139 1,899 Exchange rate differences in cash and cash equivalents 15 -11 42 -52 34 -60 Cash and cash equivalents at end of period 1,185 1,139 1,185 1,139 1,185 1,332 Q3 Jan-Sep
Page 16
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 16 Notes NOTE 1 – ACCOUNTING POLICIES, ESTIMATES AND ASSUMPTIONS Accounting policies Storskogen applies International Financial Reporting Standards (IFRS), as admitted by the EU. The Group’s interim report has been prepared in accordance with the relevant sections of the Annual Accounts Act and IAS 34 Interim Financial Reporting. The Parent Company’s interim report has been prepared in accordance with the Annual Accounts Act, Chapter 9: Interim Reporting. The Parent Company applies RFR 2. The same accounting policies and assumptions have been applied for the Group and the Parent Company as in the most recent annual report. New accounting standards The IASB has issued a new standard, IFRS 18, which is effective from 1 January 2027 and replaces IAS 1 Presentation of Financial Statements. The standard sets out the requirements for the presentation and disclosure of information in the financial statements. The main impact is on the income statement, with specific guidance on the classification of certain income and expenses, such as exchange rate effects, and on the presentation of subtotals. On transition, the company will apply the new presentation and disclosure requirements retrospectively to all periods presented. As the standard affects only presentation and disclosure requirements, and not the measurement of items presented in the financial statements, it will have no impact on retained earnings at the date of transition. The company continues to assess the detailed impact that the transition to IFRS 18 will have on the financial statements. No other new or amended standards have had or are expected to have any material effect on the Group. All amounts in this report are expressed in millions of Swedish kronor (SEK m) unless otherwise indicated. Rounding differences may occur. Risks and uncertainties Storskogen’s operations and business units are exposed to risks that may impact the Group. The risks are assessed to be mitigated by the Group’s diversified operations and are managed through the Group’s finance function and operational business. A more in-depth account of the risks that the Group is exposed to can be found in Storskogen’s Annual and Sustainability Report 2025. Geopolitical and macroeconomic unrest, including ongoing conflicts and geopolitical tension in different parts of the world, may have a certain impact on business units through potential disruptions in operations. Continued escalation or proliferation of such events may lead to increased uncertainty in the world, which in turn may potentially affect Storskogen’s results and financial position. Macroeconomic factors such as trade barriers, inflation, sanctions on certain countries, high interest rates, volatile commodity prices and exchange rates, as well as disruptions in distribution and supply chains may also have an impact on the Group’s results. Estimates and assessments The preparation of the report has required management to make assessments, estimates and assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expenses. Actual outcomes may differ from these estimates and assessments. The critical assessments and sources of uncertainty in estimates are the same as in the most recent annual report.
Page 17
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 17 NOTE 2 – ITEMS BY SEGMENT AND BREAKDOWN OF REVENUE Net sales, geographical distribution ITEMS BY SEGMENT AND BREAKDOWN OF REVENUE Net sales, geographical distribution 2026 Jan-Sep, SEK m Services Trade Industry Group operations and eliminations Total Net sales 7,094 6,805 11,171 -29 25,041 Raw materials and consumables -3,347 -4,357 -6,133 42 -13,795 Other expenses and other operating income -2,760 -1,764 -3,602 -130 -8,257 EBITDA 986 685 1,436 -118 2,989 Depreciation and impairment of tangible assets -303 -167 -308 -7 -786 EBITA 683 518 1,128 -125 2,204 Amortisation and impairment of intangible assets -146 -135 -238 - -518 Operating profit (EBIT) 537 383 890 -125 1,685 Net financial items -16 -51 -66 -339 -473 Profit before tax 521 332 824 -464 1,213 Items affecting comparability 1 77 11 16 105 Adjusted EBITA 684 595 1,138 -109 2,309 2026 Jan-Sep, SEK m Services Trade Industry Group operations and eliminations Total Sweden 4,522 3,469 3,117 -29 11,078 Denmark 396 409 273 - 1,077 Finland 81 362 166 - 608 Germany 390 254 1,314 - 1,957 Other countries within the EU 73 486 1,227 - 1,786 Norway 537 954 521 - 2,013 Switzerland 514 130 131 - 775 UK 275 728 1,929 - 2,931 USA 4 3 1,483 - 1,490 Other countries outside the EU 302 11 1,012 - 1,326 Total net sales 7,094 6,805 11,171 -29 25,041 2025 Jan-Sep, SEK m Services Trade Industry Group operations and eliminations Total Net sales 6,719 6,920 10,767 -32 24,374 Raw materials and consumables -3,063 -4,187 -5,885 33 -13,102 Other expenses and other operating income -2,661 -1,950 -3,489 -101 -8,201 EBITDA 994 783 1,393 -100 3,071 Depreciation and impairment of tangible assets -289 -179 -312 -8 -789 EBITA 705 604 1,081 -108 2,282 Amortisation and impairment of intangible assets -151 -134 -235 -0 -521 Operating profit (EBIT) 554 469 846 -108 1,761 Net financial items -19 -89 -39 -485 -633 Profit before tax 535 380 807 -594 1,129 Items affecting comparability 26 0 -15 8 20 Adjusted EBITA 731 604 1,066 -99 2,302 2025 Jan-Sep, SEK m Services Trade Industry Group operations and eliminations Total Sweden 4,356 3,460 3,081 -32 10,865 Denmark 391 316 278 - 984 Finland 66 204 199 - 469 Germany 386 237 1,397 - 2,020 Other countries within the EU 65 523 1,426 - 2,014 Norway 606 1,147 494 - 2,247 Switzerland 479 289 116 - 884 UK 259 722 1,664 - 2,645 USA 7 7 1,294 - 1,308 Other countries outside the EU 103 14 820 - 938 Total net sales 6,719 6,920 10,767 -32 24,374
Page 18
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 18 NOTE 3 – REVENUE FROM CUSTOMER CONTRACTS Net sales by vertical Timing of revenue recognition Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 Business Services 1,033 965 3,154 2,890 4,186 3,922 Infrastructure Services 1,331 1,250 3,953 3,853 5,445 5,345 Intragroup sales within the business area -5 -6 -13 -24 -23 -34 Total, Services segment 2,360 2,210 7,094 6,719 9,608 9,232 Consumer Products 1,579 1,613 4,465 4,633 6,240 6,413 Professional Products 756 722 2,347 2,296 3,245 3,194 Intragroup sales within the business area -2 -3 -6 -9 -12 -19 Total, Trade segment 2,332 2,331 6,805 6,920 9,473 9,588 Automation 1,166 1,130 3,494 3,529 4,675 4,710 Industrial Technologies 1,440 1,325 4,414 4,025 5,748 5,359 Product Solutions 1,047 1,000 3,281 3,235 4,325 4,279 Intragroup sales within the business area -5 -4 -17 -21 -26 -30 Total, Industry segment 3,648 3,450 11,171 10,767 14,723 14,319 Intragroup sales eliminations -10 -10 -29 -32 -39 -42 Total 8,330 7,982 25,041 24,374 33,764 33,097 Q3 Jan-Sep Oct-Sep Full-year SEK m 2026 2025 25/26 2025 Goods and services transferred at a point in time Services 4,955 4,827 6,404 6,276 Trade 6,785 6,898 9,446 9,559 Industry 7,367 8,742 8,007 9,382 Sum goods and services transferred at a point in time 19,108 20,467 23,857 25,217 Goods and services transferred over time Services 2,139 1,891 3,203 2,956 Trade 20 23 27 29 Industry 3,804 2,025 6,716 4,937 Sum goods and services transferred over time 5,963 3,939 9,946 7,922 Group operations and eliminations -29 -32 -39 -42 Total 25,041 24,374 33,764 33,097 Jan-Sep
Page 19
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 19 NOTE 4 – BUSINESS COMBINATIONS Preliminary purchase price allocation for the year Refers to acquisitions completed during the period January to September 2026: Purchase considerations and assessments Purchase considerations for acquisitions in the period totalled SEK 408 million, of which SEK 273 million has been recognised as goodwill, including adjustments of preliminary purchase price allocation from previous years. The impact of business combinations on cash and cash equivalents was SEK -245 million. No material changes were made during the period to the Group’s purchase price allocation for previous years’ acquisitions. The purchase price allocation related to recently completed acquisitions may be adjusted within the measurement period defined by IFRS 3, during which new or corrected information may affect the final purchase price allocation. All acquisitions have been reported using the acquisition method. Total cash flow from business combinations and divestments Cash flow from business combinations and divestments were impacted in their entirety by the following transactions. Goodwill At business combinations where transferred compensation exceeds the fair value of acquired assets and gained liabilities reported separately, the difference is recognised as goodwill. The value of goodwill is primarily justified by anticipated synergies, the value of employee expertise, established processes and organisational structures, a stronger market position, and other future economic benefits that cannot be individually identified and reported separately. Goodwill in the Group is impairment tested as needed, at least annually, for each cash-generating unit. Other identified surplus values Amounts recognised for intangible assets, such as customer relationships, brands, technology, licenses, and inventory have been measured at the discounted value of future cash flows. Other assets that have been identified and recognised at acqui- sitions, in the year or earlier, relate to buildings and inventory. For more info about depreciation times, see the annual report. Acquisition-related expenses Acquisition-related expenses consist of fees to advisers in connection with due diligence. These expenses are recognised as administrative expenses in the income statement. Acquisition- related expenses for acquisitions during the year totalled SEK 5 million (4). Contingent considerations At the time of the transaction, a contingent consideration is measured at fair value by calculating the present value of the likely outcome using a discount rate of 11.4 percent (11.4 percent on 31 December 2025). The likely outcome is based on the Group’s projections for the respective entity and is dependent on future earnings generated by the entity, with a set maximum. The discounted value of unpaid contingent considerations for the period’s acquisitions was SEK 27 million (23), while the total liability recognised for discounted contingent considerations on 30 September 2026 was SEK 99 million (56). Non-controlling interests The Group measures holdings where it does not have a controlling interest at fair value based on full goodwill using the latest known market value, which is defined as the purchase price in respective acquisition. Acquisition-related disclosures The business combinations during the period consist of both asset and share acquisitions. Effect of acquisitions on the consolidated statement of profit or loss for January-September 2026 SEK m Services Trade Industry Total Intangible assets 67 45 37 149 Other non-current assets 27 3 8 39 Inventories 1 15 10 26 Other current assets 33 32 16 80 Cash and cash equivalents 64 5 25 94 Deferred tax assets/tax liabilities -13 -10 -12 -34 Liabilities to credit institutions -24 -4 - -28 Other liabilities -39 -44 -12 -94 Acquired net assets 117 43 73 233 Goodwill 179 56 37 273 Non-controlling interests -86 -1 -11 -97 Purchase price 210 99 99 408 Less cash and cash equivalents in acquired operations -64 -5 -25 -94 Less unpaid contingent consideration -16 -11 - -27 Less paid with shares -41 - - -41 Effect on consolidated cash and cash equivalents 89 83 74 245 SEK m Business combinations -245 Acquisition of minority shares -785 Divestment of minority shares 2 Paid contingent considerations, acquisitions -19 Divestment of operations - Cash flow from business combinations and divestments -1,047 Change in the Group's goodwill, SEK m Opening balance Acquisi- tions Impairment Divest- ments Currency effects Closing balance Goodwill 18,124 273 -5 -6 392 18,778 SEK m Services Trade Industry Total Effect after the acquisition date Net sales 78 33 44 155 Adjusted EBITA 27 3 4 34 Profit for the period 16 -0 1 17 Effect if acquisitions was completed 1 January Net sales 166 108 70 344 Adjusted EBITA 46 6 5 57 Profit for the period 29 1 2 31
Page 20
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 20 NOTE 5 - THE GROUP’S MEASUREMENT OF FINANCIAL ASSETS AND LIABILITIES 1 The total liability measured through OCI amount ed to SEK 4 million (38) and refers to interest rate derivatives. The total liability measured through equity amounts to SEK 1,086 million (1,473) and refers to the Group’s minority option liability. For further information on the assessments and application of accounting principles regarding to the minority option liability, see the 2025 Annual Report. Fair value measurement Fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. The following tables show how financial instruments are measured at fair value in accordance with the fair value hierarchy. The various levels in the hierarchy are defined as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities Level 2 – Input data other than quoted prices included in level 1 that are observable for the asset or liability, either directly (i.e. as price quotations) or indirectly (i.e. originating from price quotations) Level 3 – Input data for the asset or liability that are not based on observable market data (i.e. unobservable input data) Fair value for informational purposes The carrying amounts of assets and liabilities measured at amortised cost are considered an accurate approximation of their fair values. Given the short fixed interest-rate periods and the maturity of the items, calculations indicate that the difference between amortised cost and fair value is not significant. Financial assets, SEK m Financial assets measured at amortised cost Financial assets measured at fair value through profit or loss Financial assets measured at fair value through OCI Total carrying amount Financial assets measured at amortised cost Financial assets measured at fair value through profit or loss Financial assets measured at fair value through OCI Total carrying amount Financial non-current assets 285 75 20 381 227 49 1 277 Trade receivables 4,782 - - 4,782 4,140 - - 4,140 Current receivables 976 20 - 996 871 6 - 876 Current investments - 12 - 12 - 0 - 0 Cash and cash equivalents 1,185 - - 1,185 1,332 - - 1,332 Total 7,229 107 20 7,356 6,569 55 1 6,625 30 Sep 2026 31 Dec 2025 Financial liabilities, SEK m Financial liabilities measured at amortised cost Financial liabilities measured at fair value through profit or loss Financial liabilities measured at fair value through OCI / Equity ¹ Total carrying amount Financial liabilities measured at amortised cost Financial liabilities measured at fair value through profit or loss Financial liabilities measured at fair value through OCI / Equity ¹ Total carrying amount Interest-bearing non-current liabilities 8,402 - 4 8,406 8,911 - 14 8,925 Non-interest-bearing non-current liabilities 44 53 257 354 36 50 294 380 Interest-bearing current liabilities 1,525 12 - 1,537 329 15 24 368 Trade payables 2,634 - - 2,634 2,430 - - 2,430 Non-interest-bearing current liabilities 2,889 46 829 3,764 2,384 25 1,178 3,588 Total 15,493 111 1,090 16,694 14,091 90 1,510 15,692 30 Sep 2026 31 Dec 2025
Page 21
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 21 Level 2 derivatives have been measured at fair value based on data from counterparty. Bonds in level 2 have been valued at fair value via derivation from price quotations. Financial non-current assets in level 3 refer to unlisted shareholdings that are measured based on unobservable market data. The fair value of contingent considerations and minority options has been calculated on the basis of expected outcome against the targets set out in the contracts, using a discount rate of 11.4 percent (11.4 percent on 31 December 2025). Financial assets, SEK m Level 1 Level 2 Level 3 Other ¹ Difference in fair value and book value, related to market quoted bonds Total carrying amount Level 1 Level 2 Level 3 Other ¹ Difference in fair value and book value, related to market quoted bonds Total carrying amount Financial non-current assets - 20 75 285 - 381 - 1 49 227 - 277 Trade receivables - - - 4,782 - 4,782 - - - 4,140 - 4,140 Current receivables - 20 - 976 - 996 - 6 - 871 - 876 Current investments 12 - - - - 12 0 - - - - 0 Cash and cash equivalents 1,185 - - - - 1,185 1,332 - - - - 1,332 Total 1,198 40 75 6,044 - 7,356 1,332 7 49 5,237 - 6,625 31 Dec 202530 Sep 2026 Financial liabilities, SEK m Level 1 Level 2 Level 3 Other ¹ Difference in fair value and book value, related to market quoted bonds Total carrying amount Level 1 Level 2 Level 3 Other ¹ Difference in fair value and book value, related to market quoted bonds Total carrying amount Interest-bearing non-current liabilities - 4,844 - 3,673 -112 8,406 - 4,864 - 4,190 -129 8,925 Non-interest-bearing non-current liabilities - - 310 44 - 354 - - 344 36 - 380 Interest-bearing current liabilities - 12 - 1,525 - 1,537 - 39 - 329 - 368 Trade payables - - - 2,634 - 2,634 - - - 2,430 - 2,430 Non-interest-bearing current liabilities - - 875 2,889 - 3,764 - - 1,204 2,384 - 3,588 Total - 4,855 1,185 10,765 -112 16,694 - 4,903 1,548 9,370 -129 15,692 31 Dec 202530 Sep 2026 1 To enable reconciliation with items in the balance sheet, financial instruments not measured at fair value have been included in ‘Other’. Change in financial liabilities Level 3, SEK m OB Acquisition Paid / Net purchase or sale of minority interests Remeasured / present value Exchange difference CB Contingent considerations 75 27 -19 13 4 99 Minority options 1,473 89 -738 214 48 1,086 Total 1,549 1,185
Page 22
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 22 NOTE 6 – EARNINGS PER SHARE Basic earnings per share is calculated by dividing the net profit for the period attributable to the owners of the Parent Company by the weighted average number of shares outstanding during the period. When calculating diluted earnings per share, the dilution effect of potential shares and the weighted average of the additional shares that would have been outstanding in a conversion of all potential shares are taken into account. In accordance with the Company’s Articles of Association, each share of Class A and Class B carry equal rights to the Company’s assets and profits. PERFORMANCE MEASURES Oct-Sep Full-year SEK 2026 2025 2026 2025 25/26 2025 Earnings per share Basic earnings per share, SEK 0.18 0.19 0.48 0.44 0.67 0.63 Diluted earnings per share, SEK 0.18 0.19 0.48 0.44 0.67 0.63 SEK m Net profit for the period attributable to owners of the parent company Net profit for the period attributable to owners of the parent company 306 316 801 735 1,130 1,063 Number Weighted average number of shares used in calculating earnings per share after dilution Weighted average number of shares, Class A shares 125,001,374 132,001,374 125,001,374 135,482,855 126,615,263 134,476,374 Weighted average number of shares, Class B shares 1,552,962,091 1,554,725,899 1,552,945,071 1,551,491,041 1,552,831,501 1,551,554,470 Total weighted average number of shares 1,677,963,465 1,686,727,273 1,677,946,445 1,686,973,897 1,679,446,764 1,686,030,844 Jan-SepQ3 Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 Net sales 8,330 7,982 25,041 24,374 33,764 33,097 Adjusted EBITDA 1,081 1,026 3,094 3,091 4,174 4,170 Adjusted EBITA 806 759 2,309 2,302 3,124 3,117 Adjusted EBITA margin, % 9.7 9.5 9.2 9.4 9.3 9.4 Operating profit 620 597 1,685 1,761 2,315 2,391 Operating margin, % 7.4 7.5 6.7 7.2 6.9 7.2 Profit before tax 449 460 1,213 1,129 1,669 1,585 Profit for the period 337 348 887 824 1,262 1,199 Working capital 5,416 5,055 5,416 5,055 5,416 5,015 Return on working capital, % (12 months) 57.7 62.3 57.7 62.3 57.7 62.2 Return on equity, % (12 months) 6.0 5.9 6.0 5.9 6.0 5.8 Return on equity, adjusted, % (12 months) 6.6 6.4 6.6 6.4 6.6 6.4 Return on capital employed, % (12 months) 10.1 10.3 10.1 10.3 10.1 10.2 Equity/assets ratio, % 49.5 48.6 49.5 48.6 49.5 49.7 Interest-bearing net debt 10,420 10,192 10,420 10,192 10,420 9,513 Net debt 11,605 11,794 11,605 11,794 11,605 11,061 Debt/equity ratio, x 0.5 0.6 0.5 0.6 0.5 0.5 Interest-bearing net debt/adjusted RTM EBITDA (12 months), x 2.5 2.4 2.5 2.4 2.5 2.3 Interest coverage ratio, x 4.0 3.9 3.7 3.0 3.8 3.2 Average number of employees 9,983 10,161 10,173 Number of employees at end of period 10,688 10,920 10,688 10,920 10,688 10,501 Cash flow from operating activities 646 659 1,299 1,300 2,451 2,451 Adjusted cash conversion, % 79.8 80.4 62.6 62.6 73.7 73.8 Basic earnings per share, SEK 0.18 0.19 0.48 0.44 0.67 0.63 Diluted earnings per share, SEK 0.18 0.19 0.48 0.44 0.67 0.63 Adjusted diluted earnings per share, SEK 0.19 0.18 0.54 0.49 0.74 0.70 Items affecting comparability, EBITA -11 10 -105 -20 -115 -29 Items affecting comparability, profit for the period -11 10 -110 -100 -119 -109 Q3 Jan-Sep
Page 23
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 23 Parent company PARENT COMPANY STATEMENT OF PROFIT OR LOSS, CONDENSED PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME PARENT COMPANY BALANCE SHEET, CONDENSED Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 Net sales 2 28 6 117 6 117 Other external expenses -13 -14 -30 -59 -26 -54 Personnel costs -9 -16 -28 -106 -35 -113 Other operating income and expense 0 0 -0 0 -0 0 Depreciation/Amortisation and impairment of assets 0 -0 -0 -0 0 0 Operating profit -20 -1 -52 -47 -55 -50 Financial income and expenses 191 73 398 23 866 491 Profit after financial items 171 72 346 -25 811 440 Appropriations - -20 - -20 241 220 Tax -35 -14 -80 5 -85 0 Profit for the period 136 38 266 -40 967 660 Q3 Jan-Sep Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 Profit for the period 136 38 266 -40 967 660 Comprehensive income for the period 136 38 266 -40 967 660 Q3 Jan-Sep SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 Assets Intangible assets 0 0 0 Property, plant and equipment 1 1 1 Financial assets 29,422 28,523 29,204 Total non-current assets 29,423 28,524 29,206 Current receivables 5,192 4,455 4,584 Cash and cash equivalents 467 469 775 Total current assets 5,660 4,924 5,359 Total assets 35,083 33,448 34,564 Equity and liabilities Restricted equity 1 1 1 Unrestricted equity 18,726 18,041 18,647 Total equity 18,727 18,041 18,648 Non-current liabilities 8,105 8,284 8,716 Current liabilities 8,251 7,123 7,200 Total equity and liabilities 35,083 33,448 34,564
Page 24
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 24 Definitions of alternative performance measures ALTERNATIVE PERFORMANCE MEASURES Storskogen presents a number of alternative performance measures that are not defined in accordance with IFRS. The Company considers these measures to provide valuable supplementary information to investors and the Company’s management, as they allow an evaluation of trends and the Company’s performance. As not all companies calculate these measures in the same way, they are not always comparable with those used by other companies. These financial measures should therefore not be seen as a replacement for measures defined according to IFRS. A selection of definitions of Storskogen’s alternative performance measures are presented below. More detailed definitions can be found in the latest annual report. In addition, a Factbook with an overview of all alternative performance measures is published in connection with each interim report. RETURN ON EQUITY The purpose is to analyse profitability in relation to equity attributable to the Parent Company shareholders. RETURN ON EQUITY, ADJUSTED The purpose is to analyse profitability in relation to equity attributable to the Parent Company shareholders, adjusted for items affecting comparability. RETURN ON WORKING CAPITAL The purpose is to analyse profitability in relation to working capital. RETURN ON CAPITAL EMPLOYED The purpose is to analyse profitability in relation to capital employed. NET FINANCIAL ITEMS The purpose is to present developments in the Group’s financial activities. Full-year SEK m 25/26 24/25 2025 Profit for the period 1,262 1,211 1,199 Equity (Average of last 12 months) 21,058 20,446 20,540 Return on equity, % 6.0 5.9 5.8 Oct-Sep Full-year SEK m 25/26 24/25 2025 Profit for the period 1,262 1,211 1,199 Reversal of items affecting comparability, profit for the period 119 88 109 Profit for the period, adjusted 1,382 1,299 1,308 Equity (Average of last 12 months) 21,058 20,446 20,540 Return on equity, adjusted, % 6.6 6.4 6.4 Oct-Sep Full-year SEK m 25/26 24/25 2025 Adjusted EBITA 3,124 3,150 3,117 Working capital (Average of last 12 months) 5,416 5,055 5,015 Return on working capital, % 57.7 62.3 62.2 Oct-Sep Full-year SEK m 25/26 24/25 2025 Adjusted EBITA 3,124 3,150 3,117 Capital employed (Average of last 12 months) 31,010 30,626 30,446 Return on capital employed, % 10.1 10.3 10.2 Oct-Sep Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 Interest income 13 20 35 45 51 61 Interest expenses -160 -159 -459 -603 -623 -768 Financial expenses -13 -13 -39 -36 -54 -50 Exchange rate changes and other -10 14 -9 -38 -20 -49 Net financial items -171 -138 -473 -633 -646 -806 Q3 Jan-Sep
Page 25
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 25 ADJUSTED EBITA The purpose is to assess the Group’s operating activities. Adjusted EBITA facilitates comparison of EBITA between periods. ADJUSTED EBITA MARGIN The purpose is to give an indication of profitability in relation to sales. ADJUSTED CASH CONVERSION The purpose is to analyse cash conversion. ADJUSTED DILUTED EARNINGS PER SHARE The purpose is to facilitate comparison of earnings per share between periods. ITEMS AFFECTING COMPARABILITY Exclusion of items affecting comparability facilitates comparison of the profit between periods. Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 EBITA 795 769 2,204 2,282 3,010 3,088 Reversal of items affecting comparability, EBITA 11 -10 105 20 115 29 Adjusted EBITA 806 759 2,309 2,302 3,124 3,117 Q3 Jan-Sep Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 Adjusted EBITA 806 759 2,309 2,302 3,124 3,117 Net sales 8,330 7,982 25,041 24,374 33,764 33,097 Adjusted EBITA margin, % 9.7 9.5 9.2 9.4 9.3 9.4 Q3 Jan-Sep Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 Adjusted EBITDA 1,081 1,026 3,094 3,091 4,174 4,170 Change in working capital -92 -88 -717 -784 -485 -551 Cash flow from net investments in non-current assets defined as Capex -127 -112 -441 -372 -611 -542 Operating cash flow 862 825 1,936 1,935 3,078 3,077 Adjusted EBITDA 1,081 1,026 3,094 3,091 4,174 4,170 Adjusted cash conversion, % 79.8 80.4 62.6 62.6 73.7 73.8 Q3 Jan-Sep 2026 2025 2026 2025 25/26 2025 Net profit for the period attributable to owners of the parent company, SEK m 306 316 801 735 1,130 1,063 Reversal of items affecting comparability, SEK m 11 -10 110 100 119 109 Total 317 306 911 834 1,249 1,172 Total weighted average number of shares after dilution, millions 1,678 1,687 1,678 1,687 1,679 1,686 Adjusted diluted earnings per share, SEK 0.19 0.18 0.54 0.49 0.74 0.70 Oct-SepQ3 Jan-Sep Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 Remeasurement of contingent considerations -2 10 -13 -11 -12 -10 Stamp tax on foreign business combinations -1 0 -2 -0 -5 -3 Central restructuring costs -1 - -8 -9 -8 -9 Capital gain/loss from divestment of business* -7 - -83 - -90 -7 Items affecting comparability, EBITDA -11 10 -105 -20 -115 -29 Impairment of tangible fixed assets - - 0 - 0 - Items affecting comparability, EBITA -11 10 -105 -20 -115 -29 Impairment of intangible fixed assets - - -5 - -5 - Items affecting comparability, EBIT -11 10 -110 -20 -119 -29 One-off items related to refinancing of interest-bearing liabilities, before tax - 0 - -80 - -80 Items affecting comparability, profit for the period -11 10 -110 -100 -119 -109 Q3 Jan-Sep
Page 26
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 26 INTEREST-BEARING NET DEBT Interest-bearing net debt refers to interest-bearing debt minus financial assets, current investments and cash and cash equivalents. The purpose is to provide an alternative measure of the Group’s debt/equity ratio. INTEREST-BEARING NET DEBT/RTM ADJUSTED EBITDA (PAST 12 MONTHS PROFORMA) The purpose is to provide an indication of the Group’s ability to pay its debts. The performance measure gives an indication of the Group’s financial target with regard to net debt in relation to RTM adjusted EBITDA. NET DEBT The measure is used to calculate the Group’s debt/equity ratio. ORGANIC EBITA GROWTH Changes in EBITA, excluding exchange rate translation, acquisition and divestment effects, and adjusted for Group operations, relative to the corresponding period last year. Acquired entities are included in organic EBITA growth once they have been part of the Group for the full comparative period, divested companies are excluded from both periods once they have been divested. Exchange rate translation effects, which are excluded from the organic calculation, refer to translation of the income statement, while transaction effects related to remeasurements in the balance sheet are not excluded. The purpose is to analyse underlying growth in operating profit. ORGANIC NET SALES GROWTH (ORGANIC GROWTH) Changes in net sales, excluding exchange rate translation, acquisition and divestment effects, relative to the corresponding period last year. Acquired entities are included in organic growth once they have been part of the Group for the full comparative period, divested companies are excluded from both periods once they have been divested. The purpose is to analyse underlying growth in net sales. INTEREST COVERAGE RATIO The purpose is to present profit in relation to interest expenses, which is a measure of the Group’s capacity to cover its interest expenses. SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 Interest-bearing liabilities 9,943 9,693 9,293 Lease liabilities 1,746 1,633 1,551 Pension provisions, net 175 228 204 Financial assets -247 -217 -203 Current investments -12 -7 0 Cash and cash equivalents -1,185 -1,139 -1,332 Interest-bearing net debt 10,420 10,192 9,513 SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 Interest-bearing net debt 10,420 10,192 9,513 RTM adjusted EBITDA 4,228 4,234 4,166 Interest-bearing net debt/RTM adjusted EBITDA, x 2.5 2.4 2.3 SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 Interest-bearing liabilities 9,943 9,693 9,293 Lease liabilities 1,746 1,633 1,551 Pension provisions, net 175 228 204 Contingent consideration liabilities 99 56 75 Minority options 1,086 1,546 1,473 Financial assets -247 -217 -203 Current investments -12 -7 0 Cash and cash equivalents -1,185 -1,139 -1,332 Net debt 11,605 11,794 11,061 Oct-Sep Full-year SEK m 2026 2025 2026 2025 25/26 2025 Operating profit 620 597 1,685 1,761 2,315 2,391 Interest income 13 20 35 45 51 61 Operating profit including interest income 632 617 1,720 1,806 2,366 2,452 Interest expenses -160 -159 -459 -603 -623 -768 Interest coverage ratio, x 4.0 3.9 3.7 3.0 3.8 3.2 Q3 Jan-Sep
Page 27
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 27 WORKING CAPITAL The purpose is to analyse the capital tied up in the balance sheet by the Group’s operating activities. The components are calculated as the average for the previous 12-month period. DEBT/EQUITY RATIO The purpose is to show the size of debt in relation to equity, i.e. a measure of capital strength and financial risk. EQUITY/ASSETS RATIO The purpose is to show the proportion of assets that are financed with equity. CAPITAL EMPLOYED The purpose is to track the amount of capital that is employed in operations and financed by shareholders and lenders. All components in the table are calculated as the average for the past 12-month period. AVERAGE NUMBER OF EMPLOYEES The purpose is to present the average number of employees during the period. The average number of employees refers to the average number of employees during the financial year up to the end of the reporting period. Full-year SEK m 25/26 24/25 2025 Inventories 4,637 4,436 4,420 Trade receivables 4,391 4,267 4,195 Other current receivables 2,915 2,706 2,654 Trade payables -2,771 -2,590 -2,584 Other current liabilities -3,755 -3,764 -3,669 Working capital (Average of last 12 months) 5,416 5,055 5,015 Oct-Sep SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 Net debt 11,605 11,794 11,061 Equity 21,927 20,566 20,599 Debt/equity ratio, x 0.5 0.6 0.5 SEK m 30 Sep 2026 30 Sep 2025 31 Dec 2025 Equity 21,927 20,566 20,599 Total assets 44,296 42,318 41,455 Equity/assets ratio, % 49.5 48.6 49.7 Full-year SEK m 25/26 24/25 2025 Total assets 42,718 42,583 42,208 Non-interest-bearing liabilities -8,638 -8,712 -8,546 Provisions -1,814 -1,934 -1,895 Current investments & Cash and cash equivalents -1,256 -1,310 -1,321 Capital employed (Average of last 12 months) 31,010 30,626 30,446 Oct-Sep
Page 28
STORSKOGEN • INTERIM REPORT JANUARY – SEPTEMBER 2026 28 ABOUT STORSKOGEN Storskogen is an international group of businesses across trade, industry and services. With a long-term ownership horizon, Storskogen acquires and develops leading small and medium-sized businesses in selected industries. The company has approximately 10,000 employees and generates net sales of SEK 34 billion. Storskogen is listed on Nasdaq Stockholm. www.storskogen.com MISSION Our mission is to empower businesses to realise their full potential. VISION Our vision is to be the leading international owner of small and medium-sized businesses. . FINANCIAL TARGETS 2025-2027 Adjusted EBITA margin (LTM) >10% Adjusted cash conversion (LTM) >70% Adjusted EBITA growth (CAGR) 15% Interest-bearing net debt/RTM adjusted EBITDA 2.0–3.0x FINANCIAL CALENDAR Year-end Report 2026 10 February 2027 Annual and Sustainability Report 2026 2 April 2027 Interim Report Q1 2027 28 April 2027 Annual General Meeting 2027 29 April 2027 Interim Report Q2 2027 28 July 2027 Interim Report Q3 2027 26 October 2027 CONTACT INFORMATION Andreas Lindblom Head of Investor Relations andreas.lindblom@storskogen.com +46 72-506 14 22 STORSKOGEN GROUP AB (PUBL.) CIN: 559223-8694 Visiting address: Hovslagargatan 3 111 48 Stockholm This report is also published in Swedish. In case of discrepancies between the Swedish and English versions, the Swedish version shall prevail.