Interim report
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BOKSLUTSKOMMUNIKÉ 2025 Strong growth and improved earnings Refer to the Group´s financial targets on page 19. 1 APRIL –30 JUNE 2026 • Net sales increased to SEK 2,049 million (1,841), up 11.3 percent. Organic growth totalled 9.8 percent (9.1) • Net sales from spectacles subscriptions increased 16.6 percent (8.2) • The gross margin increased to 73.6 percent (73.1) • EBIT increased to SEK 290 million (267) and the EBIT margin was 13.9 percent (14.2) • Cash flow from operating activities increased to SEK 435 million (413) • Net debt amounted to SEK 3,180 million (3,040) at the end of the period, compared with SEK 2,975 million at year-end 2025. Synsam’s share buy-back programme has increased net debt by SEK 200 million in 2026 • Profit after tax increased to SEK 192 million (114) • Earnings per share before and after dilution increased to SEK 1.35 (0.79) 1 JANUARY –30 JUN E 2026 • Net sales increased to SEK 3,821 million (3,549), up 7.7 percent. Organic growth totalled 7.8 percent (10.8) • Net sales from spectacles subscriptions increased 11.4 percent (10.3) • The gross margin increased to 74.6 percent (73.6) • EBIT increased to SEK 476 million (441) and the EBIT margin increased to 12.3 percent (12.2) • Cash flow from operating activities increased to SEK 808 million (723) • Profit after tax increased to SEK 323 million (201) • Earnings per share before and after dilution increased to SEK 2.27 (1.39) EVENTS AFTER THE END OF THE PERIOD • After the end of the period, 761,000 own shares in Synsam have been purchased for SEK 42 million under the previously communicated share buy-back programme with the aim of adjusting the company’s capital structure Organic growth, quarter EBIT margin, quarter Organic growth, LTM EBIT margin, LTM +9.8% +13.9% +9.7% +12.0% Q2 2026 Interim report Synsam
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INTERIM REPORT Q2 202 6 2 (41) FINANCIAL PERFORMANCE MEASURES NET SALES AND EBIT MARGIN PER QUARTER Jul-Jun Jan-Dec MSEK 2026 2025 Δ% 2026 2025 Δ% 25/26 2025 Net sales 2,049 1,841 11.3 3,821 3,549 7.7 7,337 7,065 Organic growth, %¹ 9.8 9.1 7.8 10.8 9.7 11.4 Gross margin, %¹ 73.6 73.1 74.6 73.6 74.7 74.2 EBITDA¹ 513 470 9.2 913 844 8.1 1,757 1,689 EBITDA margin, %¹ 24.6 25.0 23.5 23.4 23.5 23.5 EBITA¹ 326 299 9.0 544 506 7.6 1,029 991 EBITA margin, %¹ 15.7 15.9 14.0 14.0 13.8 13.8 EBIT 290 267 8.4 476 441 8.0 897 862 EBIT margin, % 13.9 14.2 12.3 12.2 12.0 12.0 Profit after tax 192 114 68.4 323 201 60.7 576 454 Earnings per share before and after dilution, SEK² 1.35 0.79 71.4 2.27 1.39 63.9 4.03 3.14 Cash flow from operating activities 435 413 5.3 808 723 11.8 1,352 1,266 Cash flow from operating activities/EBITDA, %¹ 84.7 87.8 88.5 85.6 76.9 75.0 Net debt/Adjusted EBITDA¹ n/a n/a 1.81 1.89 1.81 1.76 Q2 Jan-Jun ¹For information on the calculation of these alternative performance measures, refer to pages 31-36. The performance measure net debt/Adjusted EBITDA is calculated based on a rolling 12-month basis for January-June. Since no items affecting comparability were reported for 2026 or the preceding year, adjusted EBITDA corresponds with EBITDA, and the related margins also correspond with each other. ²For information on the change in the number of shares and the average number of shares, refer to the section “Other financial information” on page 29. 0% 5% 10% 15% 20% 25% 30% 35% 0 100 200 300 400 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2021 2022 2023 2024 2025 2026 Net Sales, MSEK EBIT margin, %
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INTERIM REPORT Q2 202 6 3 (41) The second quarter delivered proof of Synsam’s strength. We reported strong growth, improved EBIT and sustained strong cash flow, while in parallel we continued to advance our market positions. Organic growth was 9.8 percent and like-for-like growth 8.0 percent, with the Erling Haaland partnership generating considerable attention for Synsam as a whole and our offering. EBIT increased 8.4 percent to SEK 290 million (267). This performance demonstrates the strength of our business model and our ability to translate growth into improved earnings. A number of factors distinguished the second quarter: • Strong development in subscriptions and the cash business, with continued growth for Synsam Lifestyle and a positive development in cash sales. • Organic growth in all markets, with a stronger EBIT margin in our two largest markets, Sweden and Norway. • Increased capacity and availability through Synsam EyeView, which continues to support customer value and growth. • Continued innovation and new product categories, with strong development for smart glasses. • Successful store expansion, with eight new establishments during the quarter and a continued rapid path to profitability for new stores. • Partnership with Erling Haaland, which generated considerable attention for Synsam and our offering. Continued strong development in subscriptions and the cash business Net sales from the Synsam Lifestyle spectacles subscription increased 16.6 percent during the quarter. At the end of the quarter, approximately 782,000 (approximately 730,000) customers had spectacles subscriptions, an increase of 7.1 percent compared with the previous year. The total number of subscription customers for spectacles and contact lenses amounted to approximately 931,000 (approximately 871,000) on 30 June 2026. The subscription business remains a key driver of stable, profitable growth and supports high levels of customer loyalty and long-term customer relationships. The cash business also reported a positive development, with an increase in net sales of 5.6 percent compared with the corresponding quarter last year. Positive organic growth in all markets All of our markets reported positive organic growth during the quarter. In Sweden, Synsam further strengthened its market position. Organic growth totalled 8.9 percent and the gross margin and EBIT margin also improved. Synsam EyeView contributed to increased availability and supported growth during the period. We also strengthened our market position in Norway, with organic growth of 10.0 percent. Both the gross margin and the EBIT margin improved and Synsam EyeView again made a positive contribution to availability and growth. Finland once again reported a quarter with strong growth. Organic growth totalled 13.9 percent in a market where competition remains intense. In Denmark, organic growth was positive and amounted to 8.8 percent. CEO The quarter was marked by strong growth, favourable profitability, an increased market share in the Nordic region, and a high level of innovation comment
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INTERIM REPORT Q2 202 6 4 (41) Similar to the first quarter, growth was positively impacted by the changes to the handling of returns in Lifestyle. Our action programme to strengthen profitability in Denmark is continuing, and initiatives include the launch of a pilot project to develop additional forms of Synsam Lifestyle. Innovation that strengthens growth and customer value Innovation is a key part of Synsam’s strategy and an important tool to increase accessibility, enhance the customer experience and create new growth opportunities. One area that is developing rapidly is smart glasses, where the sales trend remains strong. Smart glasses combines traditional eyewear with new AI-based technology and is still in the early stages of development. Synsam has established a strong position in this area in the Nordic region, and we see promising opportunities as the technology and its use cases evolve. Synsam EyeView allows us to increase optician capacity and to offer our customers eye examinations at more convenient times, including evenings and weekends. During the second quarter, 20 percent of all eye examinations in Sweden were conducted using Synsam EyeView. The corresponding share in Norway was 21 percent. During the quarter, Synsam Lifestyle celebrated its tenth anniversary. Starting as one of Synsam’s many innovations, Synsam Lifestyle has evolved into a key part of our business and now includes approximately 782,000 spectacles subscription customers. Lifestyle has transformed customers attitudes to consuming eyewear and eye health, and is a clear example of how innovation, customer focus and long-term relationships can create customer value and profitable growth. A decade after its launch, we continue to refine our offering for new customer groups and to meet future needs. Furthermore, our contact lens subscriptions have provided added value for our customers. The partnership with the football star Erling Haaland has generated widespread attention and helped us to reach new target groups. Continuing expansion through new establishments During the second quarter, Synsam established eight new stores. We have thereby established 82 stores since the beginning of 2024 and are well aligned with our goal of 90 new stores during the 2024–2026 period. During the third quarter, we plan to establish an additional two to four stores. Our new stores are quickly achieving profitability, which reflects the strength of our concepts and our well-developed method for analysis, location selection and establishment. We continue to see strong potential for further expansion in the Nordic region. Focus on sustainable and profitable growth We are well-positioned to continue to create long- term value for both customers and shareholders through our scalable business model, strong market positions and clear focus on customer value and execution. Håkan Lundstedt President and CEO Catarina in Bollnäs, our longest active subscription
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INTERIM REPORT Q2 202 6 5 (41) Financial performance Group net sales 1 APRIL –30 JUN E 2026 Net sales increased 11.3 percent to SEK 2,049 million (1,841). Organic growth amounted to 9.8 percent (9.1) and like-for-like growth to 8.0 percent (5.6). Acquisitions impacted the Group’s sales in the quarter by SEK 13 million, corresponding to 0.7 percentage points, of which the positive impact on sales from directly owned stores was SEK 19 million and the negative impact on sales from franchise stores was SEK -6 million. Currency translation effects impacted net sales positively by SEK 15 million, corresponding to 0.8 percentage points. Net sales from the Synsam Lifestyle spectacles subscription increased 16.6 percent to SEK 1,104 million (947), with increases noted across all segments. The active customer base for Synsam Lifestyle subscriptions increased by approximately 12,000 customers during the quarter to approximately 782,000 customers (approximately 730,000), up 7.1 percent compared with the same period last year. Synsam Lifestyle’s quarterly churn rate is a measure used to express the share of customers who terminated their spectacles subscriptions. The churn rate for the second quarter was 3.05 percent (2.91) Synsam Lifestyle’s quarterly churn rate in the three markets with the same model, meaning excluding Denmark, was 2.71 percent (2.66). Net sales from the cash business increased 5.6 percent to SEK 944 million (894), of which net sales from Synsam Group’s contact lens subscriptions increased to SEK 117 million (108) and net sales from Synsam Group’s online sales increased to SEK 116 million (92). The active customer base for Synsam Group’s contact lens subscriptions amounted to approximately 224,000 customers (approximately 210,000) on 30 June 2026, up 6.8 percent. 1 JANUAR Y–30 JUN E 2026 Net sales increased 7.7 percent to SEK 3,821 million (3,549). Organic growth amounted to 7.8 percent (10.8) and like-for-like growth to 6.0 percent (7.2). Acquisitions impacted the Group’s sales in the first half of the year by SEK 14 million, corresponding to 0.4 percentage points, of which the positive impact on sales from directly owned stores was SEK 21 million and the negative impact on sales from franchise stores was SEK -7 million. Currency translation effects impacted net sales negatively by SEK -20 million, corresponding to -0.6 percentage points. Net sales from the Synsam Lifestyle spectacles subscription increased 11.4 percent to SEK 2,089 million (1,875), with increases noted across all segments. Net sales from the cash business increased 3.4 percent to SEK 1,733 million (1,675), of which net sales from Synsam Group’s contact lens subscriptions increased to SEK 228 million (206) and net sales from Synsam Group’s online sales increased to SEK 180 million (144). Share of net sales per segment and Other and central functions during the quarter Organic growth (%) per quarter Share of total net sales, LTM Q2 2026, Synsam Lifestyle Sweden 49.3% Denmark 15.9% Norway 20.3% Finland 12.0% Other and central functions 2.6% 0% 5% 10% 15% 20% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Organic growth in own stores Financial target (8-12%) Organic growth LTM 60 43 51 52 54 0% 20% 40% 60% 80% 100% SE DK NO FI Total Synsam Lifestyle
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INTERIM REPORT Q2 202 6 6 (41) Total net sales External net sales per segment and Other and central functions Like-for-like growth1 Growth1 Active customer base Synsam Lifestyle (thousands), at the end of the period Jan-Dec Breakdown, MSEK 2026 2025 Δ% 2026 2025 Δ% 2025 Synsam Sweden 1,009 915 10.2 1,882 1,733 8.6 3,467 Synsam Denmark 325 302 7.6 609 587 3.8 1,143 Synsam Norway 416 360 15.6 759 697 8.9 1,365 Synsam Finland 245 217 12.8 463 410 12.9 851 Other and central functions 53 47 14.4 108 122 -11.3 238 Group, total 2,049 1,841 11.3 3,821 3,549 7.7 7,065 Q2 Jan-Jun % Sweden Denmark Norway Finland Group Apr-Jun 2026 7.2 8.8 7.3 10.2 8.0 Jan-Jun 2026 6.0 6.7 4.9 12.0 6.0 ¹For information on the calculation of alternative performance measures, refer to pages 31-36. 2026 % MSEK % MSEK Organic growth 9.8 180 7.8 277 Acquisitions 1.0 19 0.6 21 Currency 0.8 15 -0.6 -20 Franchise -0.4 -7 -0.2 -6 Total growth 11.3 207 7.7 272 Jan-Jun ¹For information on the calculation of alternative performance measures, refer to pages 31-36. Q2 419 449 478 511 542 572 595 620 645 667 683 703 718 730 741 756 770 782 0 100 200 300 400 500 600 700 800 900 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022 2023 2024 2025 2026 Synsam Lifestyle quarterly churn rate Lifestyle sales (%-share) per quarter 3.04% 3.05% 2.17% 1.86% 2.04% 2.28% 2.33% 2.51% 2.60% 2.69% 2.84% 2.91% 2.88% 2.97% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Extension Evergreen New Sales Lifestyle Cash Other
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INTERIM REPORT Q2 202 6 7 (41) Group earnings 1 APRIL –30 JUNE 2026 Gross profit The gross margin for the second quarter increased to 73.6 percent (73.1). The improvement in the second quarter of 2026 from the corresponding quarter last year pertains to Sweden, Norway and Other and central functions driven by such factors as the sales mix, for example an increase in the share of Synsam Lifestyle subscription extensions, reduced discounts and operational improvements in the ordering process. EBIT EBIT rose to SEK 290 million (267) and the EBIT margin was 13.9 percent (14.2). The earnings performance was a result of increased sales and a higher gross margin, which was partially offset by the large number of new establishments in 2024 and 2025. Depreciation for the quarter increased as a result of a higher pace of greenfield expansion during previous quarters. Additional earnings information Profit before tax rose to SEK 200 million (147) and profit after tax increased to SEK 192 million (114). Net financial items improved to SEK -90 million (-120) for the second quarter. For further information about net financial items, refer to Note 3 Financial income and expenses on page 27. The Group’s tax expense totalled SEK -8 million (-33), corresponding to an effective tax rate of 4 percent (22). In 2026, one of the companies in the Group received a positive ruling from the Swedish Tax Agency regarding historical interest deductions. Consequently, several companies in the Group, including the Parent Company Synsam AB (publ) have corrected previous income tax returns for the years 2020–2024 and adjusted Group contributions and provisions to the tax allocation reserve for 2025. During the second quarter of 2026, the total positive tax effect at the Group level for previous years was SEK 35 million, consisting of a reduction in income tax of SEK 6 million and a reduction in deferred tax of SEK 28 million. For the Parent Company, Synsam AB (publ), the total positive tax effect for previous years was SEK 48 million. Changes to Group contributions and a reduction in provisions to the tax allocation reserve total SEK -228 million. Non-capitalised loss carryforwards had a negative impact on tax during the period. Earnings per share per quarter, SEK 0.00 0.20 0.40 0.60 0.80 1.00 1.20 1.40 1.60 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026
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INTERIM REPORT Q2 202 6 8 (41) 1 JANUAR Y–30 JUN E 2026 EBIT EBIT rose to SEK 476 million (441) and the EBIT margin increased to 12.3 percent (12.2). The earnings performance was a result of increased sales and a higher gross margin, which was partially offset by the large number of new establishments in 2024 and 2025. Depreciation for the period increased as a result of a higher pace of greenfield expansion during the previous quarters. Additional earnings information Profit before tax rose to SEK 364 million (262) and profit after tax increased to SEK 323 million (201). Net financial items amounted to SEK -112 million (-179). For further information about net financial items, refer to Note 3 Financial income and expenses on page 27. The Group’s tax expense totalled SEK -41 million (-61), corresponding to an effective tax rate of 11 percent (23). In 2026, one of the companies in the Group received a positive ruling from the Swedish Tax Agency regarding historical interest deductions. Consequently, several companies in the Group, including the Parent Company Synsam AB (publ) have corrected previous income tax returns for the years 2020–2024 and adjusted Group contributions and provisions to the tax allocation reserve for 2025. During the first half of 2026, the total positive tax effect at the Group level for previous years was SEK 40 million, consisting of a reduction in income tax of SEK 11 million and a reduction in deferred tax of SEK 28 million. For the Parent Company, Synsam AB (publ), the total positive tax effect for previous years was SEK 48 million. Changes to Group contributions and a reduction in provisions to the tax allocation reserve total SEK -228 million. Non-capitalised loss carryforwards had a negative impact on tax during the period and in the year-earlier period.
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INTERIM REPORT Q2 202 6 9 (41) Jan-Dec MSEK 2026 2025 Δ% 2026 2025 Δ% 2025 EBITDA per segment Synsam Sweden 240 203 17.9 425 371 14.4 760 Synsam Denmark 36 35 3.3 53 59 -9.8 121 Synsam Norway 88 73 19.9 112 105 6.5 156 Synsam Finland 0 1 n/a -7 -4 n/a -9 Other and central functions -74 -45 62.6 -107 -90 18.9 -165 Total EBITDA 290 267 8.4 476 441 8.0 862 Net financial items -90 -120 -112 -179 -272 Profit before tax 200 147 35.8 364 262 39.0 590 Income tax -8 -33 -41 -61 -136 PROFIT FOR THE PERIOD 192 114 68.4 323 201 60.7 454 Q2 Jan-Jun
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INTERIM REPORT Q2 2026 10 (41) Cash flow OPERATING ACTIVITIES Cash flow from operating activities before changes in working capital increased to SEK 415 million (401) for the quarter and to SEK 764 million (643) for the first half of the year. Cash flow from operating activities after changes in working capital increased to SEK 435 million (413) for the second quarter and to SEK 808 million (723) for the first half of the year. Income taxes paid totalled SEK -40 million (-39) for the quarter and SEK -90 million (-131) for the first half of the year. INVEST ING ACTIVITIES Investments in tangible and intangible non-current assets amounted to SEK 108 million (93) for the second quarter and SEK 186 million (183) for the first half of the year. Refer to “Other financial information” on page 29 and “Reconciliation of alternative performance measures” on pages 31–36. Businesses were acquired for a total of SEK 36 million (3) during the quarter and SEK 36 million (3) for the first half of the year. FINAN CING ACTIVITIES Cash and cash equivalents totalled SEK 648 million (575) at the end of the period. Cash and cash equivalents on 31 December 2025 totalled SEK 600 million. Exchange rate differences in cash and cash equivalents amounted to SEK -2 million (-1) for the quarter and SEK 43 million (1) for the first half of the year. During the second quarter, own shares were repurchased for SEK 29 million (0) and for SEK 86 million (102) for the first half of the year. Repayment of lease liabilities in the second quarter of 2026 amounted to SEK 93 million, compared with SEK 148 million in the first quarter of 2026, due to a higher proportion of prepaid rents in the first quarter of 2026. Dividends of SEK 256 million (260) were paid to Synsam’s shareholders during the second quarter.
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INTERIM REPORT Q2 2026 11 (41) Financial position Loans from financial institutions amounted to SEK 2,741 million (2,793), compared with SEK 2,718 million on 31 December 2025, with no current liabilities during either period. Unutilised credit lines amounted to SEK 728 million (678), compared with SEK 728 million on 31 December 2025. Lease liabilities totalled SEK 912 million (817), compared with SEK 796 million on 31 December 2025. Net debt totalled SEK 3,180 million (3,040) at the end of the period and SEK 2,975 million on 31 December 2025. If net debt had been calculated not taking IFRS 16 Leases in account, it would have amounted to SEK 2,284 million (2,237). As of the balance sheet date, cash and cash equivalents linked to holding accounts with financial institutions for the repurchase of shares as collateral for the share buy-back programme were pledged in an amount of SEK 171 million (0). Share repurchases of SEK 86 million (102) took place during the first half of the year, of which SEK 56 million had no impact on net debt during the period since a corresponding amount was pledged and reversed in the calculation of net debt as of 31 December 2025. In total, share repurchases together with cash and cash equivalents pledged for share repurchases had a negative impact on net debt of SEK 200 million (102) during the first half of the year. Net debt was also negatively impacted in the second quarter by a dividend of SEK 256 million (260) paid to Synsam’s shareholders. Currency effects on loans from financial institutions increased net debt by SEK 12 million (19) during the quarter and by SEK 22 million (-19) for the first half of the year.
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INTERIM REPORT Q2 2026 12 (41) Acquisitions and establishments 12 new stores were opened during the first half of the year and two limited companies with three franchise stores were acquired. The acquisitions had an insignificant impact on the Group’s sales and earnings, see also Note 7 Acquisitions and establishments. Nine stores were closed/merged and two franchise stores were discontinued. See below and the table on page 30 for information on changes in the store portfolio in the quarter and period by segment. SECOND QUARTER Eight directly owned stores were opened during the second quarter. Six stores were closed/merged and two limited companies with three franchise stores were acquired. Synsam Sweden opened five new stores during the second quarter. Stores have opened in Olofström, Oxelösund, Mönsterås and in Ekerö. NK Eyewear & Optics also opened in Gothenburg. Two limited companies with three franchise stores were acquired in Örebro. Synsam Uddevalla Outlet was closed/merged. In Synsam Norway, two new stores opened: one in Lillehammer and one in Hegdehaugsvein. In Other and central functions, audiologist clinics in Östersund, Falun, Visby, Växjö and Karlstad were closed. At the same time, a new audiologist clinic opened in Kiruna. No changes were made to the store portfolio in Synsam Denmark and Synsam Finland during the second quarter. Number of stores and omniconcept The total number of stores at the end of the quarter was 604 (598), of which 584 (573) were directly owned stores. For information about the number of stores per segment, refer to pages 27 and 30. Synsam has created an integrated omni-concept that weaves together Synsam’s digital and physical sales and service channels to provide the best product and service offering and purchasing and service experience for customers. 1 Refer to page 19 for events after the end of the period. Important events during the quarter1 • During the quarter, the Group acquired two limited companies with three franchise stores in Örebro, the companies have been part of Synsam Group since 1 April 2026. The acquisitions had an insignificant impact on the Group’s sales and earnings. • Synsam’s Annual General Meeting was held on 22 April 2026. The Annual General Meeting resolved to reelect Peter Törnquist, Håkan Lundstedt, Kenneth Bengtsson, Ann Hellenius, Terje List, Anna Omstedt and Petra Axdorff. Peter Törnquist was also reelected as Chairman of the Board, and Deloitte AB was reelected as auditor for the period until the end of the next Annual General Meeting. • A dividend of SEK 1.80 per share was also approved by the Annual General Meeting. The Annual General Meeting also resolved to introduce a new long-term incentive programme (LTIP 2026) for the company’s Group management and other selected key individuals. The Meeting also resolved to reduce the share capital by SEK 18,067 by cancelling the 2,550,748 own shares acquired between August 2025 and February 2026 to adjust the company’s capital structure. The total number of shares subsequently amounts to 145,313,746. In conjunction with this, a decision was made to increase the share capital by an equivalent amount through a bonus issue. • During the quarter, Synsam announced an exclusive, strategic partnership with the global star Erling Haaland. The partnership includes the launch of a collection of eyewear, sunglasses and sports eyewear with a sales period of approximately two years. The partnership also marks Synsam’s launch of online sales in select European markets. • The Board of Directors of Synsam AB (publ) has resolved, with the support of the authorisation granted by the Annual General Meeting held on 22 April 2026, on the purchase of own shares to adjust the company’s capital structure. Own shares can be acquired from 1 June 2026 until 26 February 2027 for a maximum amount of SEK 200 million. 524,445 shares corresponding to an amount of SEK 29 million were repurchased in the second quarter of 2026. • A total of 542,062 shares were allocated for LTIP 2023 on 10 June 2026.
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INTERIM REPORT Q2 2026 13 (41) Performance per segment Synsam Group comprises four segments: Sweden, Denmark, Norway and Finland. The segments include the sales derived from the various geographic markets, excluding sales that belong to Other and central functions, and the costs directly attributable to these sales. Certain costs are decided at the Group level and are therefore not included in the individual segments, including certain marketing expenses and other central activities and functions, such as the treasury, finance and IT functions. These costs are recognised in Other and central functions. Net sales from external customers come from sales of goods (primarily sales of spectacles, sunglasses and contact lenses) as well as eye examinations (services) and revenue from Synsam Lifestyle. Net sales in the segments are also specifically monitored for Synsam Lifestyle.
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INTERIM REPORT Q2 202 6 14 (41) Synsam Sweden The increase in sales in the second quarter of 2026 was due to both Synsam Lifestyle subscriptions and the cash business. During the quarter, five stores were established, a store merger was carried out and three franchise stores were acquired. Of the total number of eye examinations carried out in the second quarter, 20 percent were performed using Synsam EyeView, which supported growth during the period. The gross margin improved in the second quarter, partly due to the sales mix. The EBIT margin improved in the second quarter as a result of increased sales and a stronger gross margin. The churn rate for Synsam Lifestyle decreased to 2.72 percent (2.74) in the second quarter and amounted to 2.72 percent in the first quarter of 2026. Net sales for the quarter increased 10.2 percent. Organic growth was 8.9 percent (10.9) and like-for- like growth was 7.2 percent (8.6). EBITDA rose to SEK 323 million (276) and EBIT increased to SEK 240 million (203). Net sales and EBIT margin Number of stores per quarter Sweden Growth 2026 % MSEK % MSEK Organic growth 8.9 81 7.7 134 Acquisitions 2.0 19 1.2 21 Currency - - - - Franchise -0.7 -6 -0.4 -7 Total growth 10.2 94 8.6 148 Q2 Jan-Jun Jul-Jun Jan-Dec MSEK 2026 2025 Δ% 2026 2025 Δ% 25/26 2025 Net sales, Synsam Lifestyle 597 536 11.4 1,130 1,024 10.3 2,162 2,057 Net sales, Cash 412 379 8.6 752 709 6.0 1,453 1,410 Net sales, external 1,009 915 10.2 1,882 1,733 8.6 3,616 3,467 Organic growth, % 8.9 10.9 7.7 9.8 10.2 11.4 Gross profit 773 691 11.9 1,452 1,301 11.6 2,784 2,633 Gross margin, % 76.3 75.1 76.9 74.7 76.7 75.6 EBITDA 323 276 16.7 590 516 14.3 1,133 1,059 EBITDA margin, % 31.9 30.1 31.2 29.7 31.2 30.4 EBIT 240 203 17.9 425 371 14.4 813 760 EBIT margin, % 23.7 22.1 22.5 21.4 22.4 21.8 Number of stores/of which, directly owned 273 / 256 268 / 247 273 / 256 268 / 247 273 / 256 270 / 249 Q2 Jan-Jun 0% 5% 10% 15% 20% 25% 30% 0 200 400 600 800 1,000 1,200 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Net Sales, MSEK EBIT margin, % 228 234 235 240 241 247 248 249 249 256 23 23 23 22 22 21 21 21 20 17 0 50 100 150 200 250 300 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2026 Directly owned Franchise
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INTERIM REPORT Q2 202 6 15 (41) Synsam Denmark Organic growth was also positive in the second quarter of the year, in an intensely competitive and weaker consumer market. Changes to the handling of returns under the Lifestyle subscription service in Denmark had a positive impact of 3.9 percentage points on organic growth and a negative impact of 4.1 percentage points on the gross margin in the quarter. The Danish Credit Agreement Act was amended on 1 July 2023, impacting credit rating assessments for customers of the Danish Lifestyle offering. The measures taken include the introduction of Lifestyle Cash, where the customer receives the benefits of the Lifestyle solution without making partial payments, as well store upgrades and expanding the assortment. We also launched a pilot project to develop additional forms of Synsam Lifestyle. The churn rate for Synsam Lifestyle for the second quarter was 5.35 percent (4.38), a decrease from 5.60 percent in the first quarter of 2026. Net sales for the quarter increased 7.6 percent. Organic growth amounted to 8.8 percent (-3.9) and like-for-like growth to 8.8 percent (-6.4). DKK currency effects had a negative impact of SEK -3 million on net sales in the quarter. EBITDA for the quarter increased to SEK 64 million (63) and EBIT increased to SEK 36 million (35). Net sales and EBIT marginal Number of stores per quarter Danmark Growth 2026 % MSEK % MSEK Organic growth 8.8 26 6.9 40 Acquisitions - - - - Currency -1.2 -3 -3.1 -18 Franchise 0.0 0 0.0 0 Total growth 7.6 23 3.8 22 Q2 Jan-Jun Jul-Jun Jan-Dec MSEK 2026 2025 Δ% 2026 2025 Δ% 25/26 2025 Net sales, Synsam Lifestyle 146 113 29.0 278 243 14.3 500 465 Net sales, Cash 179 189 -5.2 332 345 -3.7 665 678 Net sales, external 325 302 7.6 609 587 3.8 1,165 1,143 Organic growth, % 8.8 -3.9 6.9 -2.8 3.6 -1.4 Gross profit 232 226 2.6 434 443 -2.0 851 860 Gross margin, % 71.4 74.8 71.2 75.5 72.8 75.0 EBITDA 64 63 1.9 109 115 -4.9 230 236 EBITDA margin, % 19.9 21.0 18.0 19.6 19.7 20.6 EBIT 36 35 3.3 53 59 -9.8 115 121 EBIT margin, % 11.1 11.6 8.7 10.0 9.9 10.6 Number of stores/of which, directly owned 114 / 113 117 / 115 114 / 113 117 / 115 114 / 113 115 / 113 Q2 Jan-Jun 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 50 100 150 200 250 300 350 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Net Sales, MSEK EBIT margin, % 112 112 113 113 114 115 115 113 113 113 2 2 2 2 2 2 2 2 1 1 0 20 40 60 80 100 120 140 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2026 Directly owned Franchise
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INTERIM REPORT Q2 202 6 16 (41) Synsam Norway The increase in sales in the second quarter of 2026 was due to both Synsam Lifestyle subscriptions and the cash business. Two new stores were opened during the quarter. Of the total number of eye examinations carried out in the second quarter, 21 percent were performed using Synsam EyeView, which supported growth during the quarter. The gross margin increased in the second quarter, partly as a result of the sales mix. The EBIT margin improved in the second quarter as a result of a stronger gross margin, but was offset by planned marketing initiatives. The churn rate for Synsam Lifestyle amounted to 2.63 percent (2.61) in the second quarter and amounted to 2.52 percent in the first quarter of 2026. Net sales for the quarter increased 15.6 percent. Organic growth amounted to 10.0 percent (11.7) and like-for-like growth to 7.3 percent (7.0). NOK currency effects had a positive impact of SEK 21 million on net sales in the quarter. EBITDA rose to SEK 123 million (102) and EBIT increased to SEK 88 million (73). Net sales and EBIT margin Number of stores per quarter Norway Growth 2026 % MSEK % MSEK Organic growth 10.0 36 7.2 50 Acquisitions - - - - Currency 5.8 21 1.7 12 Franchise -0.1 0 0.0 0 Total growth 15.6 56 8.9 62 Q2 Jan-Jun Jul-Jun Jan-Dec MSEK 2026 2025 Δ% 2026 2025 Δ% 25/26 2025 Net sales, Synsam Lifestyle 204 168 21.3 381 339 12.4 729 687 Net sales, Cash 213 192 10.6 378 358 5.7 698 678 Net sales, external 416 360 15.6 759 697 8.9 1,427 1,365 Organic growth, % 10.0 11.7 7.2 15.8 8.7 13.1 Gross profit 293 247 18.8 543 491 10.6 1,017 965 Gross margin, % 70.3 68.3 71.3 70.3 71.0 70.5 EBITDA 123 102 20.1 180 164 9.9 290 273 EBITDA margin, % 29.4 28.3 23.7 23.5 20.2 20.0 EBIT 88 73 19.9 112 105 6.5 163 156 EBIT margin, % 21.0 20.2 14.8 15.1 11.4 11.4 Number of stores/of which, directly owned 138 / 136 132 / 130 138 / 136 132 / 130 138 / 136 136 / 134 Q2 Jan-Jun 0% 5% 10% 15% 20% 25% 30% 35% 40% 0 50 100 150 200 250 300 350 400 450 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Net Sales, MSEK EBIT margin, % 119 120 125 129 130 130 132 134 134 136 2 2 2 2 2 2 2 2 2 2 0 20 40 60 80 100 120 140 160 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2026 Directly owned Franchise
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INTERIM REPORT Q2 202 6 17 (41) Synsam Finland The increase in sales in the second quarter of 2026 was due to both Synsam Lifestyle subscriptions and the cash business. Synsam has been the third largest player in Finland since 2024 and continues to advance its position and capture market share. The gross margin fell slightly in the second quarter, as a result of the sales mix. The EBIT margin was negatively impacted in the second quarter as a result of a weaker gross margin and higher personnel costs. The churn rate for Synsam Lifestyle amounted to 2.76 percent (2.25) in the second quarter and to 2.42 percent in the first quarter of 2026. Net sales for the quarter increased 12.8 percent. Organic growth was 13.9 percent (16.6). Like-for-like growth in the quarter was 10.2 percent (8.6). EUR currency effects had a negative impact of SEK -2 million on net sales in the quarter. EBITDA amounted to SEK 31 million (33) and EBIT amounted to SEK 0 million (1). Net sales and EBIT marginal Number of stores per quarter Finland Growth 2026 % MSEK % MSEK Organic growth 13.9 30 16.1 66 Acquisitions - - - - Currency -1.1 -2 -3.2 -13 Franchise - - - - Total growth 12.8 28 12.9 53 Jan-Jun Q2 Jul-Jun Jan-Dec MSEK 2026 2025 Δ% 2026 2025 Δ% 25/26 2025 Net sales, Synsam Lifestyle 129 108 18.9 245 208 17.8 473 436 Net sales, Cash 116 109 6.7 219 203 7.9 431 415 Net sales, external 245 217 12.8 463 410 12.9 904 851 Organic growth, % 13.9 16.6 16.1 20.8 20.9 23.8 Gross profit 174 155 12.0 330 293 12.9 640 602 Gross margin, % 70.8 71.3 71.2 71.2 70.7 70.7 EBITDA 31 33 -6.2 54 58 -7.7 114 118 EBITDA margin, % 12.5 15.0 11.6 14.2 12.6 13.9 EBIT 0 1 n/a -7 -4 n/a -12 -9 EBIT margin, % 0.0 0.6 -1.4 -1.0 -1.3 -1.1 Number of stores/of which, directly owned 75 / 75 72 / 72 75 / 75 72 / 72 75 / 75 73 / 73 Q2 Jan-Jun -20% -10% 0% 10% 20% 30% 40% 0 20 40 60 80 100 120 140 160 180 200 220 240 260 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2023 2024 2025 2026 Net Sales, MSEK EBIT margin, % 59 62 64 67 68 72 72 73 75 75 0 10 20 30 40 50 60 70 80 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2026 Directly owned Franchise
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INTERIM REPORT Q2 202 6 18 (41) Other information Material risks and uncertainties The company has reviewed and assessed its operational and financial risks as well as its uncertainties, which are presented in the 2025 Annual Report. For a complete report on the risks deemed to impact the Group, refer to the 2025 Annual Report. RISKS RELATED TO TH E CURRENT GEOPOLITICAL SITUATION Synsam has no direct or indirect exposure to Russia or Ukraine. Aside from the impact this conflict had on the business environment in general, it has not had any material financial impact on Synsam. Synsam is not directly affected by the US-Iran conflict. Synsam is monitoring the geopolitical and international security situation as well as the macroeconomic developments arising due to higher energy prices. Synsam is not significantly impacted by increased tariffs on trade with the US. INFLATION The rising inflation around the world has impacted Synsam in the form of higher costs. Synsam is continuing to take action to ensure profitability. Parent Company Synsam AB (publ), corporate identity number 556946-3358, is the Parent Company of the Group. The Parent Company’s operations comprise the ownership and management of shares in subsidiaries and certain management activities. The Parent Company’s revenue for the second quarter amounted to SEK 5 million (5) and to SEK 8 million (9) for the first half of the year. The Parent Company’s loss after financial items amounted to SEK -75 million (-85) for the quarter and to SEK -152 million (-81) for the first half of the year. Net financial items in the second quarter were negatively impacted by exchange-rate effects of SEK -16 million (-19) and SEK -45 million (positive: 30) for the first half of the year. The total positive tax effect for previous years was SEK 48 million for the quarter and the first half of the year. Changes to Group contributions and a reduction in provisions to the tax allocation reserve total SEK -228 million for the quarter and the first half of the year. Refer to pages 7 and 8. Other and central functions External net sales for Other and central functions primarily comprise online sales in Ai Eyewear and synsam.com, sales at Synsam Hearing stores, sales of goods from the central warehouse to Synsam’s franchise stores and a central component of sales for Synsam Lifestyle. External net sales for Other and central functions amounted to SEK 53 million (47) for the second quarter. EBITDA for Other and central functions for the quarter totalled SEK -28 million (-5) and EBIT amounted to SEK -74 million (-45). Internal inventory gains for the central warehouse and the production unit are recognised in Other and central functions and had an impact of SEK -34 million (-21) on EBITDA for the quarter. Synsam Group’s production and innovation centre in Östersund had a positive effect of SEK 5 million (1) on EBITDA for the quarter.
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INTERIM REPORT Q2 202 6 19 (41) Employees The average number of full-time equivalent employees during the quarter was 4,505, of whom 3,716 were women (4,180, of whom 3,443 were women). The corresponding figure for full-year 2025 was 4,229, of whom 3,471 were women. Events after the end of the period • After the end of the period, 761,000 own shares in Synsam have been purchased for SEK 42 million under the previously communicated share buy-back programme with the aim of adjusting the company’s capital structure. Financial targets • Growth rate – Synsam Group targets annual organic growth of 8–12% in the medium term, depending on the pace of greenfield expansion • Profitability – Synsam Group targets an annual EBIT margin of 12–15% in the medium term • Investments – Synsam Group targets an annual investments / net sales ratio of 3% in the medium term, excluding acquisitions • Captial structure – Synsam Group targets a net debt / adjusted EBITDA ratio of 2.5x, excluding temporary deviations • Dividend policy – Synsam Group aims to pay dividends of 40–60% of the net profit for the year
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INTERIM REPORT Q2 202 6 20 (41) Assurance of the Board The Board of Directors and the CEO certify that this interim report provides a fair overview of the operations, financial position and earnings of the Parent Company and the Group and describes the material risks and uncertainties facing the Parent Company and the Group companies. Stockholm, 20 August 2026 Synsam AB (publ) 556946-3358 Peter Törnquist Håkan Lundstedt Petra Axdorff Chairman of the Borad President and CEO Board member Kenneth Bengtsson Ann Hellenius Terje List Board member Board member Board member Anna Omstedt Board member This report has not been reviewed by the company´s auditors.
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INTERIM REPORT Q2 202 6 21 (41) Financial statements Condensed consolidated income statement and statement of other comprehensive income Jan-Dec MSEK 2026 2025 2026 2025 2025 Net sales 2,049 1,841 3,821 3,549 7,065 Other operating income 33 36 61 63 135 Total revenue 2,081 1,877 3,882 3,612 7,200 Goods for resale -541 -495 -970 -937 -1,821 Other external expenses -243 -205 -452 -396 -805 Personnel costs -784 -708 -1,547 -1,435 -2,886 EBITDA 513 470 913 844 1,689 Depreciation of tangible non-current assets -187 -170 -368 -339 -698 EBITA 326 299 544 506 991 Amortisation of intangible non-current assets -36 -32 -68 -65 -128 EBIT 290 267 476 441 862 Financial income 74 84 178 170 321 Financial expenses -164 -204 -291 -350 -593 Profit before tax 200 147 364 262 590 Income tax -8 -33 -41 -61 -136 PROFIT FOR THE PERIOD 192 114 323 201 454 Other comprehensive income Items that have been or may be reclassified to profit/loss for the period: -Translation differences for the period, foreign subsidiaries 33 50 119 -18 -116 COMPREHENSIVE INCOME FOR THE PERIOD 226 164 442 183 338 Profit for the period attributable to Parent Company shareholders 192 114 323 201 454 Comprehensive income for the period attributable to Parent Company shareholders 226 164 442 183 338 Earnings per share before and after dilution, SEK¹ 1.35 0.79 2.27 1.39 3.14 Q2 Jan-Jun ¹For information on the change in the number of shares and the average number of shares, refer to the section “Other financial information” on page 29.
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INTERIM REPORT Q2 202 6 22 (41) Condensed consolidated statement of financial position Condensed consolidated statement of changes in equity 31 Dec MSEK 2026 2025 2025 ASSETS Intangible non-current assets 4,376 4,385 4,273 Tangible non-current assets 810 815 778 Right-of-use assets 928 827 807 Financial non-current assets 43 35 46 Deferred tax assets 96 85 85 Total non-current assets 6,252 6,147 5,989 Inventories 1,092 874 893 Accounts receivable 275 260 249 Current receivables 237 205 214 Cash and cash equivalents 648 575 600 Total current assets 2,251 1,913 1,956 TOTAL ASSETS 8,503 8,059 7,945 EQUITY AND LIABILITIES Equity¹ 2,552 2,382 2,436 Non-current loans from financial institutions 2,741 2,793 2,718 Non-current lease liabilities 508 432 417 Other non-current liabilities, interest-bearing 34 34 33 Deferred tax liabilities 487 499 515 Non-current liabilities, non interest-bearing 15 14 15 Total non-current liabilities 3,785 3,771 3,697 Current lease liabilities 404 385 379 Other current liabilities, interest-bearing - - 1 Accounts payable 723 649 545 Other current liabilities, non-interest-bearing 1,039 872 888 Total current liabilities 2,166 1,906 1,812 TOTAL EQUITY AND LIABILITIES 8,503 8,059 7,945 30 Jun 31 Dec MSEK 2026 2025 2025 Equity at beginning of year 2,436 2,555 2,555 Dividends -256 -260 -260 Share savings program 15 7 10 Repurchase of own shares -86 -102 -206 Comprehensive income for the period 442 183 338 EQUITY AT END OF PERIOD¹ 2,552 2,382 2,436 ¹At the end of the reporting period on 30 June 2026, the share capital amounted to SEK 1 million (1), additional paid-in capital to SEK 4,306 million (4,306), the translation reserve to SEK 115 million (94) and retained losses including the results for the period to SEK -1,870 million (-2,019). Equity is entirely attributable to Parent Company shareholders. 30 Jun
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INTERIM REPORT Q2 202 6 23 (41) Condensed consolidated statement of cash flows Jan-Dec MSEK 2026 2025 2026 2025 2025 Operating activities Profit before tax 200 147 364 262 590 Adjustments for other non-cash items 31 90 54 108 49 Depreciation and amortisation 223 202 436 403 827 Income taxes paid -40 -39 -90 -131 -191 Cash flow from operating activities before changes in working capital 415 401 764 643 1,274 Cash flow from changes in working capital: Change in inventories -111 -29 -175 -82 -115 Change in operating receivables 81 270 -26 335 311 Change in operating liabilities 50 -229 245 -173 -204 Increased (-) / Decreased (+) funds tied up in working capital 20 12 44 80 -8 Cash flow from operating activities 435 413 808 723 1,266 Investments in intangible non-current assets -27 -9 -39 -21 -41 Investments in tangible non-current assets -81 -84 -147 -163 -276 Other investing activities -34 -3 -34 -3 -1 Cash flow from investing activities -143 -95 -220 -186 -318 Repurchase of own shares -29 - -86 -102 -206 Amortisation of debts to credit institutions - -2,697 - -2,697 -2,747 Amortisation of leasing liabilities -93 -108 -241 -212 -435 Borrowings - 2,790 - 2,890 2,890 Dividends -256 -260 -256 -260 -260 Cash flow from financing activities -378 -275 -582 -382 -759 CASH FLOW FOR THE PERIOD -86 43 5 155 190 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 736 533 600 420 420 Exchange rate differences in cash and cash equivalents -2 -1 43 1 -9 CASH AND CASH EQUIVALENTS AT END OF PERIOD 648 575 648 575 600 Q2 Jan-Jun
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INTERIM REPORT Q2 202 6 24 (41) Condensed Parent Company income statement Parent Company comprehensive income statement Condensed Parent Company balance sheet Jan-Dec MSEK 2026 2025 2026 2025 2025 Operating income 5 5 8 9 18 Operating expenses -13 -12 -19 -12 -33 EBIT -8 -7 -10 -3 -15 Financial items -67 -77 -142 -78 -132 Loss after financial items -75 -85 -152 -81 -147 Appropriations¹ -228 - -228 - 297 Profit/Loss before tax -302 -85 -380 -81 150 Income tax ¹ 48 - 48 - -64 PROFIT/LOSS FOR THE PERIOD -255 -85 -332 -81 87 Q2 Jan-Jun ¹The total positive tax effect for previous years was SEK 48 million in Q2 2026. Changes to Group contributions and a reduction in provisions to the tax allocation reserve total SEK -228 million in Q2 2026. Refer to pages 7 and 8. Jan-Dec MSEK 2026 2025 2026 2025 2025 Profit/Loss for the period -255 -85 -332 -81 87 COMPREHENSIVE INCOME FOR THE PERIOD -255 -85 -332 -81 87 Q2 Jan-Jun 31 Dec MSEK 2026 2025 2025 ASSETS Non-current assets 6,928 6,927 6,927 Current receivables 424 168 424 Cash and cash equivalents 171 0 56 TOTAL ASSETS 7,522 7,095 7,407 EQUITY AND LIABILITIES Restricted equity 1 1 1 Non-restricted equity 1,994 2,586 2,652 Total equity 1,996 2,587 2,653 Untaxed reserves 53 28 131 Non-current liabilities 3,186 3,212 3,136 Other current liabilities 2,278 1,260 1,471 Accrued expenses and deferred income 10 8 16 TOTAL EQUITY AND LIABILITIES 7,522 7,095 7,407 30 Jun
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INTERIM REPORT Q2 2026 25 (41) Notes Note 1 Accounting policies Synsam Group applies the International Financial Reporting Standards (IFRS) adopted by the EU. This interim report has been prepared pursuant to IFRS, applying IAS 34 Interim Financial Reporting. The same accounting policies and calculation methods that were used for the 2025 Annual Report have been applied. No new standards, changes or interpretations of existing standards applied from 1 January 2026 are assessed to have had any material impact on the Group’s earnings or financial position. This interim report consists of pages 1–41 and should be read in its entirety. Disclosures according to IAS 34.16A are also presented in other sections of this interim report in addition to the financial statements and associated notes. The Parent Company prepares its accounts in accordance with the Swedish Annual Accounts Act and RFR 2 and applies the same accounting policies and valuation methods as in the most recent Annual Report. The Parent Company does not apply IFRS 16 Leases in accordance with the exception in RFR 2.
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INTERIM REPORT Q2 202 6 26 (41) Note 2 Segment information QUARTERLY DATA , SEGMENT S AND OTHER AND CENTRAL FUN CTIONS MSEK Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 NET SALES Synsam Sweden 1,009 873 3,467 905 829 915 818 3,091 806 715 820 750 Synsam Denmark 325 285 1,143 268 288 302 286 1,198 288 290 329 292 Synsam Norway 416 343 1,365 326 343 360 337 1,260 316 316 342 287 Synsam Finland 245 218 851 220 221 217 193 710 181 180 195 154 Other and central functions 53 54 238 66 51 47 75 176 40 58 38 39 GROUP 2,049 1,773 7,065 1,784 1,731 1,841 1,708 6,435 1,631 1,559 1,723 1,521 Of which, net sales Synsam Lifestyle Synsam Sweden 597 532 2,057 556 477 536 488 1,798 484 395 468 452 Synsam Denmark 146 132 465 105 117 113 130 557 133 139 144 141 Synsam Norway 204 177 687 177 171 168 171 621 166 152 159 143 Synsam Finland 129 116 436 121 107 108 99 354 99 88 89 78 Other and central functions 29 27 122 36 24 22 40 82 20 36 14 12 GROUP 1,104 985 3,767 996 897 947 928 3,411 902 809 875 824 Of which, net sales Cash Synsam Sweden 412 340 1,410 349 352 379 330 1,293 323 320 352 298 Synsam Denmark 179 153 678 162 171 189 156 642 155 152 185 151 Synsam Norway 213 166 678 148 172 192 166 640 149 164 182 144 Synsam Finland 116 102 415 98 113 109 94 356 82 93 105 76 Other and central functions 25 27 117 30 27 25 35 94 20 22 24 28 GROUP 944 788 3,298 788 835 894 780 3,024 728 750 848 697 EBITDA Synsam Sweden 323 267 1,059 286 258 276 240 980 259 222 241 257 Synsam Denmark 64 45 236 48 72 63 52 294 61 74 89 70 Synsam Norway 123 57 273 59 51 102 62 242 49 53 92 47 Synsam Finland 31 23 118 24 36 33 26 76 14 20 29 13 Other and central functions -28 7 2 10 1 -5 -4 3 3 11 18 -28 Total EBITDA 513 400 1,689 426 418 470 375 1,595 387 381 469 358 Depreciation and amortisation of tangible and intangible non-current assets -223 -213 -827 -212 -212 -202 -201 -777 -201 -194 -194 -188 EBIT Synsam Sweden 240 185 760 206 182 203 168 711 189 155 175 191 Synsam Denmark 36 17 121 20 43 35 24 191 33 48 64 45 Synsam Norway 88 25 156 29 21 73 32 131 19 25 65 20 Synsam Finland 0 -7 -9 -9 4 1 -6 -46 -18 -11 -2 -15 Other and central functions -74 -34 -165 -31 -44 -45 -45 -167 -38 -30 -28 -71 Total EBIT 290 186 862 215 207 267 174 819 186 187 275 171 Net financial items -90 -22 -272 -52 -42 -120 -59 -326 -74 -96 -63 -93 Profit before tax 200 164 590 163 165 147 115 493 112 91 212 77 2024 2025 2026
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INTERIM REPORT Q2 202 6 27 (41) Note 3 Financial income and expenses Note 4 Financial instruments Disclosures on financial instruments measured at fair value. The Synsam Group’s financial instruments are recognised and measured at amortised cost or at fair value through profit or loss. Measurement at fair value takes place by dividing the measurements into three levels. Synsam does not have any financial instruments measured at fair value. The existing financial instruments are of the same character and belong to the same measurement categories as those described in the 2025 Annual Report. The fair value of financial instruments essentially corresponds to the carrying amount since they either have short maturities or, in the case of financial instruments with longer maturities, variable interest or other terms that enable the repayment of liabilities without additional fees. No hedge accounting is applied. The carrying amount of accounts receivable, other receivables, cash and cash equivalents, accounts payable and other liabilities constitutes a reasonable approximation of the fair value. MSEK Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 EBITDA margin, % Synsam Sweden 31.9 30.5 30.4 31.5 31.0 30.1 29.2 31.5 32.0 30.8 29.4 34.1 Synsam Denmark 19.9 15.8 20.6 17.9 25.1 21.0 18.2 24.6 21.3 25.5 27.1 23.9 Synsam Norway 29.4 16.7 20.0 18.0 14.8 28.3 18.3 19.2 15.6 16.6 27.1 16.5 Synsam Finland 12.5 10.6 13.9 10.7 16.4 15.0 13.3 10.7 7.9 11.3 14.7 8.3 GROUP 24.6 22.2 23.5 23.2 23.9 25.0 21.6 24.5 23.3 24.1 26.9 23.3 EBIT margin, % Synsam Sweden 23.7 21.2 21.8 22.7 21.9 22.1 20.5 22.9 23.4 21.4 21.3 25.4 Synsam Denmark 11.1 5.9 10.6 7.3 14.8 11.6 8.3 15.9 11.5 16.6 19.5 15.5 Synsam Norway 21.0 7.2 11.4 8.9 6.3 20.2 9.6 10.3 6.2 8.0 19.1 7.1 Synsam Finland 0.0 -3.0 -1.1 -4.2 1.9 0.6 -2.9 -6.5 -9.9 -6.3 -1.2 -9.7 GROUP 13.9 10.4 12.0 11.7 11.8 14.2 10.0 12.6 11.2 11.8 15.8 11.1 Number of stores per quarter, Group Directly owned stores 584 579 578 576 573 562 560 547 538 526 Franchise stores 20 23 25 25 25 26 26 27 27 27 Total 604 602 603 601 598 588 586 574 565 553 For further information about the segments, refer to pages 13-17. 2026 2025 2024 Jan-Dec MSEK 2026 2025 2026 2025 2025 Financial income Exchange rate gains¹ - - 33 - 0 Interest income, Synsam Lifestyle Leasing 70 74 130 147 275 Interest income, other external 4 12 15 24 45 Total 74 85 178 170 321 Financial expenses Exchange rate losses¹ -16 -44 - -43 - Interest expenses, credit institution -24 -38 -54 -73 -141 Credit expenses, Synsam Lifestyle Leasing -113 -103 -212 -201 -396 Interest expenses, IFRS 16 Leases -10 -10 -21 -21 -40 Other financial expenses -2 -10 -4 -13 -16 Total -164 -206 -291 -350 -593 Net financial items -90 -120 -112 -179 -272 Q2 Jan-Jun ¹The group's currency exchange differences regarding accounts receivable and accounts payable are reported in the financial net.
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INTERIM REPORT Q2 202 6 28 (41) Note 5 Related-party transactions The long-term incentive programme approved in 2026 (LTIP 2026) has terms that are essentially the same as previous programmes. The nature and scope of other related-party transactions that took place during the period are also in line with the description in the 2025 Annual Report. Note 6 Events after the end of the period For information on events after the end of the period, refer to page 19. Note 7 Acquisitions and establishments For information on acquisitions and establishments during the period, refer to page 12. Business combinations On 1 April 2026, the company acquired 100 percent of Holmqvist Optik i Örebro AB and 100 percent of Holmquist Optik Örebro Syd AB, a Swedish franchise with three Synsam stores in Örebro, referred to below as the Örebro companies. The total purchase consideration amounted to SEK 41 million and was paid in full in cash by 30 June 2026. Acquired assets amounted to SEK 27 million, acquired liabilities totalled SEK 26 million and equity amounted to SEK 1 million. The acquisition analysis shows that acquired surplus values amounted to SEK 40 million and have been allocated to goodwill, SEK 32 million, and to customer relations, SEK 8 million, net of deferred tax. This goodwill is not expected to be tax deductible. The acquisition is expected to have a positive impact on Synsam, including increased Lifestyle sales and operational improvements. The acquisition is recognised in the cash flow for the Group in an amount of SEK 36 million, corresponding to the net of the amount paid and the cash received and is included in “Other investing activities”. Acquisition costs have amounted to SEK 1 million. The impact on the Group’s net sales from the acquisition of the Örebro companies amounted to SEK 13 million in the second quarter of 2026, with earnings before net financial items of SEK 1 million. The Örebro companies are recognised in Segment Sweden. Note 8 Provision for tax dispute One of the subsidiaries in the Group has an ongoing tax dispute with the Swedish Tax Agency related to the deductibility of intra-Group interest for the 2014 and 2015 income-tax returns. At the end of the second quarter of 2026, a provision corresponding to the reconsideration decision was reserved for a total of SEK 52.8 million, plus penalty interest. The legal process is ongoing, and Synsam’s assessment is that the provision is sufficient to fully cover the dispute and the remaining risk pertains to a possible liquidity flow in the event that the subsidiary loses the tax dispute. The Group is also engaged in a tax dispute in Finland regarding VAT and arrears for the tax years 2015 and 2016. The legal process is ongoing, and it is expected that an unfavourable outcome would have only a slightly negative impact on the Group.
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INTERIM REPORT Q2 2026 29 (41) Other financial information QUARTERLY DATA PERFORMANCE MEASURES MSEK Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2 Q1 Total revenue 2,081 1,801 7,200 1,834 1,753 1,877 1,735 6,522 1,659 1,583 1,744 1,536 EBIT 290 186 862 215 207 267 174 819 186 187 275 171 Net financial items -90 -22 -272 -52 -42 -120 -59 -326 -74 -96 -63 -93 Profit before tax 200 164 590 163 165 147 115 493 112 91 212 77 Income tax -8 -34 -136 -40 -35 -33 -28 -127 -37 -26 -44 -21 Profit for the period 192 131 454 123 130 114 87 366 76 66 168 56 EBIT margin, % 13.9 10.4 12.0 11.7 11.8 14.2 10.0 12.6 11.2 11.8 15.8 11.1 Investmens/net sales, %¹ 5.4 4.6 4.6 4.2 3.5 5.2 5.5 6.0 6.9 6.0 6.1 4.8 Investments¹ 111 82 325 75 61 95 94 385 113 94 106 73 Maintenance investments 64 59 209 50 38 54 67 198 55 52 54 37 Expansion investments 21 16 95 20 18 36 21 163 53 40 38 31 Strategic investments 25 6 21 5 5 6 5 24 5 1 13 4 Earnings per share, SEK ² 1.35 0.92 3.14 0.85 0.90 0.79 0.60 2.48 0.51 0.44 1.14 0.38 ²For information on the change in the number of shares and the average number of shares, refer to the following table “Performance measures.” ¹Investments in this table exclude acquisitions but include leases for tangible non-current assets, such as cars and optical equipment. However, these have not been included in the Group's cash flow as cash flow from investing activities 2026 2025 2024 Jan-Dec MSEK 2026 2025 2026 2025 2025 Sales measures Net sales 2,049 1,841 3,821 3,549 7,065 Net sales growth, % 11.3 6.9 7.7 9.4 9.8 Organic growth, % 9.8 9.1 7.8 10.8 11.4 Earnings measures EBIT 290 267 476 441 862 Margin measures Gross margin, % 73.6 73.1 74.6 73.6 74.2 EBIT margin, % 13.9 14.2 12.3 12.2 12.0 Cash flow measures Cash flow from operating activities 435 413 808 723 1,266 Cash flow from operating activities / EBITDA, % 84.7 87.8 88.5 85.6 75.0 Investments/net sales, % 5.4 5.2 5.0 5.3 4.6 Capital structure Net debt 3,180 3,040 3,180 3,040 2,975 Net debt/Adjusted EBITDA ² n/a n/a 1.81 1.89 1.76 Equity/assets ratio, % 30.0 29.6 30.0 29.6 30.7 Return Return on equity, %² n/a n/a 23.1 13.8 18.4 The share Number of shares at end of period ¹ 141,980,111 144,513,242 141,980,111 144,513,242 142,818,140 Average number of shares during the period ¹ 141,994,156 144,513,242 142,126,930 144,985,094 144,430,488 Earnings per share before and after dilution, SEK ¹ 1.35 0.79 2.27 1.39 3.14 Q2 Jan-Jun ²The performance measures net debt/Adjusted EBITDA and Return on equity is calculated based on a rolling 12-month basis for January-June. Since no items affecting comparability were reported for 2026 or the preceding year, adjusted EBITDA corresponds with EBITDA. ¹The total number of shares at the end of the period amounts to 145,313,746, of which 3,333,635 are repurchased shares in own custody. During the second quarter of 2026, the share capital was reduced by SEK 18,067 through the cancellation of the 2,550,748 own shares acquired between August 2025 and February 2026 in order to adjust the Company's capital structure. The total number of shares then amounts to 145,313,746. At the same time, a corresponding increase in the share capital was made through a bonus issue. During the second quarter, 542,062 shares were also allocated under LTIP 2023, and 524,445 shares were repurchased in accordance with the previously communicated 2026 share buy-back programme, with the aim of adjusting the Company’s capital structure..
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INTERIM REPORT Q2 2026 30 (41) NUMBER OF STORES AVERAGE NUMBER OF EMPLOYEES 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Directly owned 584 573 256 247 113 115 136 130 75 72 4 9 Franchise 20 25 17 21 1 2 2 2 - - - - Total 604 598 273 268 114 117 138 132 75 72 4 9 Group 30 Jun Finland Other and central functions 30 Jun 30 Jun 30 Jun 30 Jun 30 Jun Sweden Denmark Norway Change in number of stores Apr-Jun 2026 Group Sweden Denmark Norway FinlandNumber of stores at the beginning of the period 602 269 114 136 75 8 New stores 8 5 - 2 - 1 Acquisition franchise 3 3 - - - - Terminated franchise -3 -3 - - - - Closed stores/Mergers¹ -6 -1 - - - -5 Total, net change 2 4 - 2 - -4 Number of stores at the end of the period 604 273 114 138 75 4 ¹Merger into taking over store. Other and central functions Change in number of stores Jan-Jun 2026 Group Sweden Denmark Norway FinlandNumber of stores at the beginning of the period 603 270 115 136 73 9 New stores 12 6 - 3 2 1 Acquisition franchise 3 3 - - - - Terminated franchise -5 -4 -1 - - - Closed stores/Mergers¹ -9 -2 - -1 - -6 Total, net change 1 3 -1 2 2 -5 Number of stores at the end of the period 604 273 114 138 75 4 ¹Merger into taking over store. Other and central functions 2026 of whom, women 2025 of whom, women Synsam Sweden 2,163 1,841 1,997 1,695 Synsam Denmark 563 462 583 484 Synsam Norway 892 724 839 684 Synsam Finland 535 475 446 391 Other and central functions 351 214 315 189 Total 4,505 3,716 4,180 3,443 Average number of employees during the period, full-time equivalents (FTEs). Q2 Q2
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INTERIM REPORT Q2 2026 31 (41) Reconciliation of alternative performance measures Synsam applies the ESMA Alternative Performance Measures Guidelines. An alternative performance measure is a financial measure of a company’s past or future earnings performance, financial position or cash flow that is not defined in accordance with IFRS. Detailed calculations of the following alternative performance measures are presented below: organic growth, like-for-like growth, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, EBITA, adjusted EBITA, EBITA margin, adjusted EBITA margin, gross profit, gross margin, the churn rate for Synsam Lifestyle, net debt and investments. These alternative performance measures are used by the management to monitor the Group’s operations. Synsam is of the opinion that these performance measures provide valuable supplementary information to enable management, investors and other stakeholders to assess the company’s performance. EBIT provides information about the Group’s operating profitability. EBITDA and EBITA also provide information about the Group’s operating profitability but before the non-cash items of depreciation and amortisation of tangible and intangible non-current assets with respect to EBITDA and before amortisation of intangible noncurrent assets with respect to EBITA. Adjusted EBITDA and Adjusted EBITA provide better information about the Group’s capacity to generate adjusted measures do not include items affecting comparability. Gross profit is a performance measure that shows the Group’s profit in the form of total revenue less costs for goods for resale. Organic growth provides information about the Group’s capacity to generate growth through its concepts, excluding acquisitions, currency effects and franchise sales, but including the opening of new stores. Like-for-like growth provides information about the Group’s capacity to generate growth in comparable stores. Churn rate, Synsam Lifestyle is an important tool for measuring customer loyalty in the subscription business. Net debt provides the most relevant information concerning the Group’s financial position and is also included as a component of the Group’s financial targets. Investments provide information about the types of investments the Group makes and a reconciliation against cash flow and are also a component of the Group’s financial targets. The investment target is relevant for Synsam Group, since significant investments have been made in recent years and since they have a significant impact on Synsam Group’s cash flows. For reconciliations of the alternative performance measures for full-year 2025, see complete reconciliations and detailed calculations in Synsam’s year-end report for 2025 (pages 29–34) on our website https://www.synsamgroup.com/en/investor- relations/reports-and-presentations/ Organic growth, % Apr-Jun 2026 Group Sweden Denmark Norway Finland Net sales growth 11.3 10.2 7.6 15.6 12.8 Net effect of acquisitions ¹ -1.0 -2.0 - - - Currency -0.8 - 1.2 -5.8 1.1 Franchise stores 0.4 0.7 0.0 0.1 - Organic growth 9.8 8.9 8.8 10.0 13.9 ¹Adjustment for acquisitions where the sales of the acquired businesses are deducted from sales for the current year. Organic growth, % Apr-Jun 2025 Group Sweden Denmark Norway Finland Net sales growth 6.9 11.7 -8.2 5.5 11.5 Net effect of acquisitions ¹ -0.3 -0.7 - - - Currency 2.6 - 4.4 6.0 5.1 Franchise stores 0.0 -0.1 0.0 0.1 - Organic growth 9.1 10.9 -3.9 11.7 16.6 ¹Adjustment for acquisitions where the sales of the acquired businesses are deducted from sales for the current year.
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INTERIM REPORT Q2 2026 32 (41) Organic growth, % Jan-Jun 2026 Group Sweden Denmark Norway Finland Net sales growth 7.7 8.6 3.8 8.9 12.9 Net effect of acquisitions ¹ -0.6 -1.2 - - - Currency 0.6 - 3.1 -1.7 3.2 Franchise stores 0.2 0.4 0.0 0.0 0.0 Organic growth 7.8 7.7 6.9 7.2 16.1 ¹Adjustment for acquisitions where the sales of the acquired businesses are deducted from sales for the current year. Organic growth, % Jan-Jun 2025 Group Sweden Denmark Norway Finland Net sales growth 9.4 10.4 -5.3 10.9 17.7 Net effect of acquisitions ¹ -0.3 -0.7 - - - Currency 1.7 - 2.6 4.6 3.1 Franchise stores 0.0 0.0 0.0 0.2 0.0 Organic growth 10.8 9.8 -2.8 15.8 20.8 ¹Adjustment for acquisitions where the sales of the acquired businesses are deducted from sales for the current year. Like-for-like growth, % Apr-Jun 2026 Group Sweden Denmark Norway Finland Net sales growth 11.3 10.2 7.6 15.6 12.8 Franchise stores 0.4 0.7 0.0 0.1 - Net effect of acquisitions ¹ -1.0 -2.0 - - - Adjustments for stores not open for 12 months -1.8 -1.7 0.0 -2.7 -3.6 Currency -0.8 - 1.2 -5.8 1.1 Like-for-like growth 8.0 7.2 8.8 7.3 10.2 ¹Adjustment for acquisitions where the sales of the acquired businesses are deducted from sales for the current year. Like-for-like growth, % Apr-Jun 2025 Group Sweden Denmark Norway Finland Net sales growth 6.9 11.7 -8.2 5.5 11.5 Franchise stores 0.0 -0.1 0.0 0.1 - Net effect of acquisitions ¹ -0.3 -0.7 - - - Adjustments for stores not open for 12 months -3.5 -2.3 -2.6 -4.7 -7.9 Currency 2.6 - 4.4 6.0 5.1 Like-for-like growth 5.6 8.6 -6.4 7.0 8.6 ¹Adjustment for acquisitions where the sales of the acquired businesses are deducted from sales for the current year. Like-for-like growth, % Jan-Jun 2026 Group Sweden Denmark Norway Finland Net sales growth 7.7 8.6 3.8 8.9 12.9 Franchise stores 0.2 0.4 0.0 0.0 - Net effect of acquisitions ¹ -0.6 -1.2 - - - Adjustments for stores not open for 12 months -1.8 -1.8 -0.2 -2.3 -4.1 Currency 0.6 - 3.1 -1.7 3.2 Like-for-like growth 6.0 6.0 6.7 4.9 12.0 ¹Adjustment for acquisitions where the sales of the acquired businesses are deducted from sales for the current year. Like-for-like growth, % Jan-Jun 2025 Group Sweden Denmark Norway Finland Net sales growth 9.4 10.4 -5.3 10.9 17.7 Franchise stores 0.0 0.0 0.0 0.2 - Net effect of acquisitions ¹ -0.3 -0.7 - - - Adjustments for stores not open for 12 months -3.7 -2.5 -2.3 -5.1 -8.9 Currency 1.7 - 2.6 4.6 3.1 Like-for-like growth 7.2 7.3 -5.1 10.7 11.9 ¹Adjustment for acquisitions where the sales of the acquired businesses are deducted from sales for the current year.
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INTERIM REPORT Q2 2026 33 (41) EBITDA Apr-Jun 2026, MSEK Group Sweden Denmark Norway Finland EBIT 290 240 36 88 0 -74 Amortisation of intangible assets -36 -1 0 0 0 -36 Depreciation of tangible assets -187 -82 -28 -35 -31 -10 EBITDA 513 323 64 123 31 -28 Other and central functions EBITDA margin Apr-Jun 2026, % Group Sweden Denmark Norway Finland EBIT margin 13.9 23.7 11.1 21.0 0.0 Amortisation of intangible assets -1.8 -0.1 0.0 0.0 0.0 Depreciation of tangible assets -9.0 -8.1 -8.7 -8.4 -12.5 EBITDA margin 24.6 31.9 19.9 29.4 12.5 EBITDA Apr-Jun 2025, MSEK Group Sweden Denmark Norway Finland EBIT 267 203 35 73 1 -45 Amortisation of intangible assets -32 -1 0 0 0 -31 Depreciation of tangible assets -170 -72 -28 -29 -31 -10 EBITDA 470 276 63 102 33 -5 Other and central functions EBITDA margin Apr-Jun 2025, % Group Sweden Denmark Norway Finland EBIT margin 14.2 22.1 11.6 20.2 0.6 Amortisation of intangible assets -1.7 -0.1 0.0 0.0 0.0 Depreciation of tangible assets -9.1 -7.9 -9.3 -8.0 -14.4 EBITDA margin 25.0 30.1 21.0 28.3 15.0 EBITDA Jan-Jun 2026, MSEK Group Sweden Denmark Norway Finland EBIT 476 425 53 112 -7 -107 Amortisation of intangible assets -68 -1 0 0 0 -66 Depreciation of tangible assets -368 -163 -56 -68 -60 -21 EBITDA 913 590 109 180 54 -20 Other and central functions EBITDA margin Jan-Jun 2026, % Group Sweden Denmark Norway Finland EBIT margin 12.3 22.5 8.7 14.8 -1.4 Amortisation of intangible assets -1.8 -0.1 0.0 0.0 0.0 Depreciation of tangible assets -9.5 -8.7 -9.2 -8.9 -13.0 EBITDA margin 23.5 31.2 18.0 23.7 11.6 EBITDA Jan-Jun 2025, MSEK Group Sweden Denmark Norway Finland EBIT 441 371 59 105 -4 -90 Amortisation of intangible assets -65 -2 0 0 0 -62 Depreciation of tangible assets -339 -143 -56 -58 -62 -19 EBITDA 844 516 115 164 58 -9 Other and central functions EBITDA margin Jan-Jun 2025, % Group Sweden Denmark Norway Finland EBIT margin 12.2 21.4 10.0 15.1 -1.0 Amortisation of intangible assets -1.8 -0.1 0.0 0.0 -0.1 Depreciation of tangible assets -9.4 -8.2 -9.6 -8.3 -15.2 EBITDA margin 23.4 29.7 19.6 23.5 14.2
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INTERIM REPORT Q2 2026 34 (41) EBITA Apr-Jun 2026, MSEK Group Sweden Denmark Norway Finland EBIT 290 240 36 88 0 -74 Amortisation of intangible assets -36 -1 0 0 0 -36 EBITA 326 240 36 88 0 -38 Other and central functions EBITA margin Apr-Jun 2026, % Group Sweden Denmark Norway Finland EBIT margin 13.9 23.7 11.1 21.0 0.0 Amortisation of intangible assets -1.8 -0.1 0.0 0.0 0.0 EBITA margin 15.7 23.8 11.2 21.0 0.0 EBITA Apr-Jun 2025, MSEK Group Sweden Denmark Norway Finland EBIT 267 203 35 73 1 -45 Amortisation of intangible assets -32 -1 0 0 0 -31 EBITA 299 204 35 73 1 -14 Other and central functions EBITA-marginal apr-jun 2025, % Koncern Sverige Danmark Norge Finland EBIT-marginal 14,2 22,1 11,6 20,2 0,6 Avskrivning av immateriella tillgångar -1,7 -0,1 0,0 0,0 0,0 EBITA-marginal 15,9 22,2 11,6 20,3 0,6 EBITA Jan-Jun 2026, MSEK Group Sweden Denmark Norway Finland EBIT 476 425 53 112 -7 -107 Amortisation of intangible assets -68 -1 0 0 0 -66 EBITA 544 426 53 112 -7 -41 Other and central functions EBITA margin Jan-Jun 2026, % Group Sweden Denmark Norway Finland EBIT margin 12.3 22.5 8.7 14.8 -1.4 Amortisation of intangible assets -1.8 -0.1 0.0 0.0 0.0 EBITA margin 14.0 22.6 8.7 14.8 -1.4 EBITA Jan-Jun 2025, MSEK Group Sweden Denmark Norway Finland EBIT 441 371 59 105 -4 -90 Amortisation of intangible assets -65 -2 0 0 0 -62 EBITA 506 373 59 106 -4 -28 Other and central functions EBITA margin Jan-Jun 2025, % Group Sweden Denmark Norway Finland EBIT margin 12.2 21.4 10.0 15.1 -1.0 Amortisation of intangible assets -1.8 -0.1 0.0 0.0 -0.1 EBITA margin 14.0 21.5 10.0 15.1 -1.0 Gross profit Apr-Jun 2026, MSEK Group Sweden Denmark Norway Finland Net sales 2,049 1,009 325 416 245 53 Other operating income 33 3 0 1 0 29 Total revenue 2,081 1,012 325 417 245 82 Goods for resale -541 -239 -93 -124 -72 -14 Gross profit 1,540 773 232 293 174 68 Other and central functions
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INTERIM REPORT Q2 2026 35 (41) Gross margin Apr-Jun 2026, % Group Sweden Denmark Norway Finland Net sales, MSEK 2,049 1,009 325 416 245 53 Goods for resale, MSEK -541 -239 -93 -124 -72 -14 Total, MSEK 1,507 770 232 293 173 39 Gross margin 73.6 76.3 71.4 70.3 70.8 73.3 Other and central functions Gross profit Apr-Jun 2025, MSEK Group Sweden Denmark Norway Finland Net sales 1,841 915 302 360 217 47 Other operating income 36 3 0 1 0 32 Total revenue 1,877 919 302 361 217 79 Goods for resale -495 -228 -76 -114 -62 -15 Gross profit 1,383 691 226 247 155 64 Other and central functions Gross margin Apr-Jun 2025, % Group Sweden Denmark Norway Finland Net sales, MSEK 1,841 915 302 360 217 47 Goods for resale, MSEK -495 -228 -76 -114 -62 -15 Total, MSEK 1,347 688 226 246 155 32 Gross margin 73.1 75.1 74.8 68.3 71.3 68.6 Other and central functions Gross profit Jan-Jun 2026, MSEK Group Sweden Denmark Norway Finland Net sales 3,821 1,882 609 759 463 108 Other operating income 61 6 0 1 1 53 Total revenue 3,882 1,887 610 760 464 161 Goods for resale -970 -435 -175 -218 -134 -9 Gross profit 2,912 1,452 434 543 330 152 Other and central functions Gross margin Jan-Jun 2026, % Group Sweden Denmark Norway Finland Net sales, MSEK 3,821 1,882 609 759 463 108 Goods for resale, MSEK -970 -435 -175 -218 -134 -9 Total, MSEK 2,851 1,447 434 542 330 99 Gross margin 74.6 76.9 71.2 71.3 71.2 91.6 Other and central functions Gross profit Jan-Jun 2025, MSEK Group Sweden Denmark Norway Finland Net sales 3,549 1,733 587 697 410 122 Other operating income 63 6 0 1 0 55 Total revenue 3,612 1,739 587 698 411 177 Goods for resale -937 -438 -144 -207 -118 -29 Gross profit 2,676 1,301 443 491 293 148 Other and central functions Gross margin Jan-Jun 2025, % Group Sweden Denmark Norway Finland Net sales, MSEK 3,549 1,733 587 697 410 122 Goods for resale, MSEK -937 -438 -144 -207 -118 -29 Total, MSEK 2,613 1,295 443 490 292 92 Gross margin 73.6 74.7 75.5 70.3 71.2 76.1 Other and central functions
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INTERIM REPORT Q2 2026 36 (41) Churn Jan-Dec % 2026 2025 2025 Active customer base at beginning of period, thousands 770 718 703 Departing customers, thousands 23 21 84 Churn rate, % 3.05 2.91 11.94 Q2 Churn, excl. Denmark Jan-Dec % 2026 2025 2025 Active customer base at beginning of period, thousands 669 611 597 Departing customers, thousands 18 16 66 Churn rate, % 2.71 2.66 11.00 Q2 Net debt 31 Dec MSEK 2026 2025 2025 Loans from financial institutions 2,741 2,793 2,718 + Lease liabilities 912 817 796 + Bank guarantees 4 5 5 - Cash and cash equivalents -648 -575 -600 + Pledged cash and cash equivalents¹ 171 - 56 Net debt 3,180 3,040 2,975 ¹As of the balance sheet date, cash and cash equivalents linked to holding accounts with financial institutions for the repurchase of shares as collateral for the ongoing share buy-back program were pledged and were therefore added back in the calculation of net debt. Q2 Investments Jan-Dec MSEK 2026 2025 2026 2025 2025 Maintenance investments 64 54 123 121 209 Expansion investments 21 36 38 57 95 Strategic investments 25 6 32 11 21 Investments, excluding acquisitions but including leasing 111 95 193 189 325 Leasing of tangible non-current assets, not affecting cash flow -3 -3 -7 -6 -8 Total investments, intangible and tangible non-current assets 108 93 186 183 317 Other investment activities, financial non-current assets including acquisitions 34 3 34 3 1 Total investments, affecting cash flow 143 95 220 186 318 Q2 Jan-Jun
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INTERIM REPORT Q2 2026 37 (41) Definitions Financial definitions Return on equity1 Gross margin1 Profit/loss for the period as a percentage of average equity. Average equity is calculated as total equity for the five most recent quarters divided by five. Net sales less the cost of goods for resale as a percentage of net sales. Gross profit1 Total revenue less the cost of goods for resale. EBIT margin1 EBIT as a percentage of total revenue. EBITA1 EBIT after depreciation of tangible non-current assets, including right-of-use assets, but before amortisation of intangible non-current assets. Adjusted EBITA1 EBITA adjusted for items affecting comparability. EBITA margin1 EBITA as a percentage of total revenue. EBITDA1 EBIT before depreciation of tangible non-current assets, including right-of-use assets, and amortisation of intangible non-current assets. Adjusted EBITDA1 EBITDA adjusted for items affecting comparability. EBITDA margin1 EBITDA as a percentage of total revenue. Equity per share1 Equity in relation to the number of shares at the end of the period. Investments/net sales1 Investments, excluding acquisitions, as a percentage of the Group’s net sales. Investments include leases for tangible non-current assets, such as cars and optical equipment. Net debt1 Loans from financial institutions plus lease liabilities plus bank guarantees less capitalised borrowing costs less cash and cash equivalents plus any pledged cash and cash equivalents. Items affecting comparability1 In order to improve comparability and clarify the development of the underlying operations between years, different performance measures are presented excluding items affecting comparability. Items affecting comparability refer to major items that impact comparability insofar as they do not recur with the same regularity as other items. These items include, for example, restructuring costs due to a major change in the operations, transaction costs and related costs in conjunction with acquisitions, divestments or changes in ownership, and impairment of non-current assets. In addition, owner-related expenses that would not exist in a new ownership structure have been recognised as items affecting comparability since 2014. Costs related to restructuring or changes to the operations may pertain to a period of several years, provided they are included in a clearly defined project with a start and end date. Like-for-like growth1 Growth in net sales adjusted for, in the Group, the sales of recently opened stores in the current year for the months in which these stores were not open in the preceding year and for currency, franchise stores and acquisitions. Cash and cash equivalents Cash and cash equivalents includes cash, cash equivalents and bank deposits. Organic growth1 Organic growth in directly owned stores: Growth in net sales adjusted for the net effect of acquisitions, currency and franchise stores and items affecting comparability that impact net sales. Earnings per share Profit/loss for the period in relation to the average number of shares. The average number of shares is calculated as the number of shares at the end of the period multiplied by the number of days this number existed during the period plus any other number of shares during the period multiplied by the number of days this number existed during the period. The total is then divided by the number of days during the period. Equity/assets ratio1 Equity as a percentage of total assets. 1 Alternative performance measures.
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INTERIM REPORT Q2 2026 38 (41) Company-specific glossary and definitions Accumulated number of Lifestyle subscriptions ordered Accumulated number of Lifestyle subscriptions ordered since the Lifestyle offering started. This is a gross measure and does not include the effect of terminated subscriptions, but pertains to unique customers, meaning that individuals who have terminated their subscriptions and later ordered again are not counted twice. Ai Ai complements Synsam’s current customer offering by clearly addressing a younger target group with high demands in terms of flexibility, availability and choice. Active customer base The number of Lifestyle subscription customers including Lifestyle subscription customers in franchise stores, excluding cancelled orders and customers who terminated their orders within 30 days, or 40 days in Sweden (right of withdrawal). Frames Synsam EyeView Frames for spectacles and sunglasses. Software and hardware, in combination with changes to processes and ways of working, for carrying out eye examinations, which increase optician capacity and improve customer accessibility. Facing fee Facing fee refers to payments from certain suppliers for the products included in Synsam Group’s central range, which are displayed on store shelves. Flagship Stores Flagship Stores are Synsam’s largest stores. They are centrally and attractively located in so- called AAA locations in major cities. They have a floor space of at least 400 square metres, offer approximately 3,000–5,000 different products and are fully equipped, modern eye health centres. Flagship Stores offer a range of more exclusive products that cannot be found in other Synsam stores. Customers have access to a complete optical retail and eye health range. Franchise stores Stores that are not directly owned but operate under the Group’s brands/store concepts. Glass The glass used for spectacles or sunglasses, with or without corrective properties. House Brands Brands designed in house. Investments1 Investments, excluding acquisitions, are divided into maintenance investments, strategic investments and expansion investments, with maintenance investments pertaining to the maintenance of operating activities, and also include investments related to moving stores. Strategic investments pertain to investments related to strategic initiatives, including but not limited to the refurbishment of the majority of stores to reflect Synsam’s new concept and investments in new IT systems to support the strategic plan. Expansion investments pertain to investments related to the establishment of new stores, referred to as greenfields. Lifestyle Cash Synsam Lifestyle subscriptions in Denmark that are sold without partial payments. Revenue from Lifestyle Cash is recognised as a normal sale of goods. Contact lens subscriptions A contact lens subscription is a contract involving recurring purchases with the right to terminate the contract at the latest one week before the next delivery. Contact lenses LTIP Contact lenses that are placed directly on the eye. Long-term incentive programme that allows members of Group management and other select key individuals to participate in shareholding in Synsam. Market share Share of the optical retail market, based on external market information in Sweden and management’s assessment in other countries. Net sales, Cash Cash sales comprises net sales from the categories of in-store sales, contact lens subscriptions and online sales, meaning all net sales aside from Synsam Lifestyle spectacles subscriptions. Online sales Sales to end customers that are carried out entirely online where delivery takes place directly to end customers. However, online sales of contact lens subscriptions are categorised as contact lens subscriptions, i.e. not as online sales. Synsam Lifestyle quarterly churn rate1 The number of customers in Synsam Group who terminated their Lifestyle subscriptions during the quarter divided by the active customer base in Synsam Group at the beginning of the quarter.
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INTERIM REPORT Q2 2026 39 (41) Synsam Lifestyle annual churn rate1 Synsam Hearing The number of customers in Synsam Group who terminated their Lifestyle subscriptions during the year divided by the active customer base in Synsam Group at the beginning of the year. Synsam Hearing includes hearing exams and the opportunity to try out hearing aids in selected stores. Synsam Lifestyle Spectacles subscription and related services, including both Synsam Lifestyle and Profil Optik Lifestyle. Synsam Megastores Synsam Megastores are one step down from Flagship Stores in terms of size but are larger than regular stores. Megastores are situated in highly attractive areas for optical retail stores in the local market, known as AA locations. Megastores have a broader range, approximately 2,700 different products compared with regular stores that have about 1,000 different products, and extra rooms for eye examinations. Synsam Outlet Synsam Outlet stores offer a smaller, simpler business concept. The stores are part of Synsam’s ability agenda and primarily offer second-hand and recycled spectacles from Synsam’s Lifestyle subscriptions and recycling boxes. Eye examinations Examination of the customer’s eyesight to identify potential visual defects, changes in visual defects or eye diseases. Total number of eye examinations Total number of eye examinations that can be performed by opticians. 1 Alternative performance measures.
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INTERIM REPORT Q2 2026 40 (41) Synsam Group’s House Brands
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WEB BROADCAST Synsam will present the interim report through a web broadcast at 7:30 a.m. (CEST) on 21 August at www.synsamgroup.com. CONTA CT For further information, please contact: Håkan Lundstedt, President and CEO Synsam AB (publ), tel: +46 (0)8 619 28 60 Per Hedblom, CFO Synsam AB (publ), tel: +46 (0)8 619 28 60 Frida Leim, Head of Investor Relations Synsam AB (publ), tel +46 (0)8 619 28 60 FINAN CIAL CALENDER Information Period Date Interim report January - September 2026 12 November 2026 Year-end report January - December 2026 18 February 2027 Annual General Meeting 21 April 2027 Interim report January - March 2027 13 May 2027 Interim report January - June 2027 20 August 2027 Interim report January - September 2027 18 November 2027 Year-end report January – December 2027 18 February 2028 ANNUAL GENERAL MEETING The 2026 Annual General Meeting will be held on 21 April 2027 in Stockholm. Notice will be published well ahead of the meeting. The 2026 Annual Report will be published on Synsam Group’s website no later than 25 March 2027. SYNSAM GROUP IN BRIEF Synsam is a leading and profitable lifestyle company in optical retail and eye health in the Nordics. The Group conducts its operations in local stores in Sweden, Denmark, Norway and Finland as well as online/omnichannel in each of these countries. Stores are operated both as directly owned stores and by franchisees, which also exist in the Faroe Islands. The stores in Sweden, Norway and Finland are operated under the Synsam brand and under the Profil Optik brand in Denmark, except Synsam Outlets which are always operated under the Synsam brand. Synsam has a unique offering of eye examinations, spectacles, sunglasses, sports spectacles, smart glasses, contact lenses and accessories in optical retail as well as spectacles subscriptions and related services under the name Synsam Lifestyle. Synsam offers a mix of well-known external brands as well as House Brands. VISION We are the leading and most able lifestyle company in optical retail and eye health. BUSINESS CONCEPT We are a customer-driven and able lifestyle company that offers affordable eyewear, fashion and eye health solutions for the whole family through unique and innovative concepts for all moments of life. Synsam AB (publ) Postal address: Box 30153 SE-104 25 Stockholm Street address: S:t Eriksgatan 60, Stockholm Tel: +46 (0) 8 619 28 60 E-mail: info@synsam.com www.synsamgroup.com This information is such that Synsam AB (publ) is obligated to disclose in accordance with the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact person set out above, at 7:30 a.m. (CEST) on 21 August 2026. This interim report is published in Swedish and English. The Swedish version represents the original version and has been translated into English.