Interim report
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1 Interim report January– September 2026 Q3’26
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2 3 m Jul-Sep 2026 3 m Jul-Sep 2025 9 m Jan-Sep 2026 9 m Jan-Sep 2025 12 m Jan-Dec 2025 Acq. Adj. R12* Net sales, TSEK 597,150 353,837 1,817,569 1,128,127 1,595,179 2,640,864 Organic growth net sales, % 19.9% 2.7% 17.3% 3.4% 4.9% - EBITA, TSEK 81,128 42,783 269,191 117,047 164,030 408,986 EBITA margin, % 13.6% 12.1% 14.8% 10.4% 10.3% 15.5% Adjusted EBITA, TSEK 83,294 42,783 254,227 117,047 166,012 396,004 Adjusted EBITA, % 13.9% 12.1% 14.0% 10.4% 10.4% 15.0% Adjusted EBITA growth, % 94.7% 18.0% 117.2% 47.1% 49.2% - Operating profit (EBIT), TSEK 70,067 37,819 238,112 102,520 143,778 360,202 Operating margin, % 11.7% 10.7% 13.1% 9.1% 9.0% 13.6% Operating cash flow, TSEK 69,698 44,652 243,622 110,447 170,011 342,469 Cash conversion in relation to EBITA 86% 104% 91% 94% 104% 84% Equity ratio, % 62% 55% 62% 55% 50% 62% Net debt, TSEK 80,140 218,200 80,140 218,200 442,511 80,140 Financial net debt, TSEK -26,125 146,200 -26,125 146,200 354,816 -26,125 Leverage ratio -0.1 0.8 -0.1 0.8 1.0 -0.1 Return on capital employed, % 19.0% 14.0% 19.0% 14.0% 15.9% 19.0% Earnings per share before and after dilution, SEK 0.75 0.54 3.55 1.36 2.06 - Earnings per share before and after dilution, SEK 0.75 0.54 3.55 1.36 2.06 - For definition of alternative performance measures, see page 26 * Rolling 12 values including newly acquired companies as if they had been part of the Group for 12 months. Report January – September 2026 Earnings development and KPI’s 2Interim report January - September 2026 • Net sales for the nine -month period amounted to SEK 1,817.6 million (1,128.8), of which organic growth amounted to 17.3%. • EBITA increased by 130.0% and amounted to SEK 269.2 million (117.0), corresponding to a margin of 14.8% (10.4%). • Adjusted EBITA amounted to SEK 254.2 million (SEK 117.0 million), an increase of 117.2% and corresponding to a margin of 14.0% (10.4%). During the nine-month period, EBITA was adjusted for IPO costs of SEK 19.5 million and capital gain of SEK 34.5 million related to the sale of Svensk Fordonsladdning AB. • Operating profit (EBIT) amounted to SEK 238.1 million (102.5), an increase of 132.2%. • Operating cash flow amounted to SEK 243.6 million (SEK 110.4 million), corresponding to a cash conversion in relation to EBITA of 90.6% (94.4%). • As a result of a new issue and refinancing of bank loans during the nine -month period, the company had a net cash position at the end of the period. • Earnings per share before and after dilution amounted to SEK 3.55 (1.36). The period (1 Jan – 30 Sep 2026)Third quarter (1 Jul – 30 Sep 2026) • Net sales for the quarter amounted to SEK 597.2 million (SEK 353.8 million), of which organic growth amounted to 19.9%. • EBITA increased by 89.6% and amounted to SEK 81.1 million (SEK 42.8 million), corresponding to a margin of 13.6% (12.1%). • Adjusted EBITA amounted to SEK 83.3 million (42.8), an increase of 94.7% and corresponding to a margin of 13.9% (12.1%). During the quarter, EBITA was adjusted for listing costs of SEK 2.2 million. • Operating profit (EBIT) amounted to SEK 70.1 million (SEK 37.8 million), an increase of 85.3%. • Operating cash flow amounted to SEK 69.7 million (SEK 44.7 million), corresponding to a cash conversion in relation to EBITA of 85.9% (104.3%). • At the end of the quarter, the company had a net cash. • Earnings per share before and after dilution amounted to SEK 0.75 (0.54).
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3 Report January– September 2026 3Interim report January - September 2026 Events during the period Development of sales and profitability Tången 0,0% 2,0% 4,0% 6,0% 8,0% 10,0% 12,0% 14,0% 16,0% 0 100 000 200 000 300 000 400 000 500 000 600 000 700 000 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Net sales Adjusted EBITA, % • During the quarter, Göfast Gruppen, a company in the business area Service Solutions, won a major seven-year contract for construction services to Göteborg Energi. • In August, Tången acquired 70.4% of the shares in Select Telecom AB. The company is part of the Service Solutions business area. • In September, Tången acquired 75% of the shares in Indikator – Institutet för kvalitetsindikatorer Fenix AB. The company is part of the Service Solutions business area. • Two properties that were added through company acquisitions were divested in July as part of Tången's strategy to focus its ownership on operating companies. Tången's companies have continued to operate in the premises.
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4 Comments from the CEO Another strong quarter for Tången We can conclude another strong quarter for Tången. Sales grew by almost 20% organically and profitability improved to 13.9%, with all business areas contributing and delivering above expectations. Our operations with exposure to the infrastructure, energy and marine sectors continue to develop very strongly. The development is driven by public infrastructure investments, the need for exhaust gas cleaning and rising oil prices, which are increasing the willingness to invest in the energy sector. We see good order intake on a broad front and good organic growth with improved margins in several of our operations. It is encouraging that the strength is broad- based, providing clear evidence of the quality of our companies. Acquisitions that broaden our Service Solutions business During the quarter, we continued our acquisition journey with two acquisitions in the business area Service Solutions, through Select Telecom and Indikator. The acquisitions are a clear step in our strategy to broaden the service offering in the business area and thereby create more legs to stand on with exposure to new market segments where we see conditions for high margins and strong cash flows. After the end of the reporting period, Tången has grown with another company. In October, we add Compab to the Industrial Technology business area. The company is a leading supplier of complete combustion and boiler plants for e.g. energy and district heating plants. Our focus is now firmly on integrating and developing our acquired businesses, while continuing to identify attractive companies that are a good fit for Tången. For us, it is the combination of new acquisitions and the development of existing businesses that creates the conditions for long- term and profitable growth. Results in line with financial targets create conditions for continued growth We continue to deliver on our financial targets. At the end of September, it feels particularly good that we are meeting or exceeding our targets. This confirms that our way of working is effective and that the analysis we make in connection with acquisitions have been sound. During the year, most of our companies developed positively, in terms of growth, margin and cash flow, contributing to a significant improvement in our key ratios. Good profitability development and a strong cash flow create the conditions for return on capital employed, which is a particularly important metric for us. It demonstrates our ability to develop our businesses and at the same time use capital efficiently. Together with our strong balance sheet, this gives us financial flexibility to continue to invest in our existing businesses and carry out 4-6 acquisitions per year. In other words, we are continuing on the path that has been successful for Tången. Positive foundation for the future Looking ahead, we remain confident. We see positive signs across most of our operations, a healthy order intake and continued good activity in several of our markets. At the same time, parts of our business, not least in infrastructure and surface treatment, have seasonal variations. Overall, we expect the Group’s profitability in the fourth quarter to remain at a similar level to the current quarter. Our view on the underlying development is positive. We enter the end of the year with healthy operations, a strong financial position and good conditions to continue to generate profitable growth. Our focus remains firm: to develop our businesses, create long-term value and to make good companies become great. Nina Bergman, CEO Tången Industrikapital AB ( publ) Interim report January - September 2026
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5 Group performance For profit and cash flow, comparative figures refer to the corresponding period last year. Net sales Net sales amounted to SEK 597.2 million (353.9) for the quarter, an increase of SEK 243.3 million compared to the previous year, of which acquired sales amounted to SEK 165.6 million and organic growth of SEK 70.3 million, corresponding to 19.9% considering acquisitions and currency. Organic sales growth in the quarter was driven by the Regulatory Expertise and Service Solutions business areas. In both business areas, several companies increased sales compared with the previous year, driven by strong demand for products in energy, exhaust gas cleaning, data centers, defense and construction services. In addition to organic growth, several of the companies acquired during the past year also developed positively and increased sales compared with the previous year. Net sales for the nine-month period amounted to SEK 1,817.6 million (1,128.1), an increase of SEK 689.4 million compared to the previous year, of which acquired sales amounted to SEK 490.9 million and organic growth of SEK 195.3 million, respectively. Organic growth, excluding acquisitions and currency impact, was 17.3%. Results Operating profit (EBIT) increased to SEK 70.1 million (37.8) in the quarter, corresponding to a growth of 85.3%. The operating margin was 11.7% (10.7). EBITA increased to SEK 81.1 million (42.8) in the quarter, corresponding to a growth of 89.6%. The EBITA margin was 13.6% (12.1). Adjusted EBITA increased to SEK 83.3 million (42.8) in the quarter, corresponding to growth of 94.7%. The adjusted EBITA margin was 13.9% (12.1). The adjustments relate to costs for the IPO and amounted to SEK 2.2 million in the third quarter. The increase in adjusted EBITA is mainly explained by acquisitions, which contributed SEK 32.9 million, while organic growth was SEK 7.6 million, corresponding to 17.8%. In addition to driving growth in EBITA, the acquired companies contributed to an increase in the total margin. The organic growth in adjusted EBITA during the quarter is explained by increased sales in combination with good cost control in all business areas. A majority of the Group's companies improved their margins, while organic growth in absolute terms was largely driven by some of the larger companies, such as Malux and Göfast. In addition to organic improvements, adjusted EBITA increased through companies acquired during the past year, several of which contributed to a higher EBITA margin. In the Industrial Technology business area, EBITA and margins increased strongly compared with the previous year, driven by acquisitions. Companies in this business area that were acquired during the year also showed strong organic development, even though they are not included in the Group's organic key ratios. The positive development in the third quarter can be summed up to good demand, good cost control and in some cases some major deliveries that had a positive impact on the key figures. Several companies have strong order books where high demand is expected to continue. The companies acquired during the year will continue to drive growth in the fourth quarter, although organic growth is expected to be lower as the fourth quarter of 2025 was positively impacted by a large delivery with high margins in Malux. The fourth quarter is usually also the seasonally weakest in the Industrial Technology business area due to the decline in demand for paint products and machinery for road maintenance during the winter months. Operating profit (EBIT) for the nine-month period increased to SEK 238.1 million (102.5), corresponding to a growth of 132.2%. The operating margin was 13.1% (9.1). EBITA increased to SEK 269.2 million (117.0) during the nine- month period, corresponding to a growth of 130.0%. The EBITA margin was 14.8% (10.4). Adjusted EBITA for the nine-month period increased by SEK 137.2 million compared with the previous year and amounted to SEK 254.2 million (117.0), corresponding to a margin of 14.0% (10.4). Adjusted EBITA refers to EBITA adjustments for items related to the stock exchange listing of SEK 19.5 million and capital gain on the divestment of the associated company Svensk Fordonsladdning AB, which generated SEK 34.5 million in the first quarter. The increase in adjusted EBITA is mainly explained by acquisitions, which contributed SEK 109.6 million, while organic growth was SEK 27.4 million, corresponding to 23.4%. Net financial items Net financial items were SEK -13.6 million (-3.0) in the quarter. The change in net financial items compared to the previous year is mainly explained by provisions for earn-outs related to a previous acquisition. The company in question developed positively during the quarter, which is why provisions have increased. For the nine-month period, net financial items were SEK - 10.3 million (-15.1). The improved net financial items are explained by exchange rate gains. The impact of earn-outs had a limited net effect for the nine-month period. Income tax For the Group, the weighted tax rate for the quarter was 25.1% compared to 22.7% in the previous year. For the nine-month period, the weighted tax rate was 18.1% compared to 22.4% in the previous year. The lower tax rate is mainly due to non-taxable income such as capital gains on the sale of shares in associated companies and non-taxable financial income. Interim report January - September 2026
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6 Group performance continued Cash flow and investments Operating cash flow amounted to SEK 69.7 million (44.7), corresponding to 86.3% (104.4%) cash conversion in relation to EBITA. The reduced cash conversion is explained by a strong increase in sales in the third quarter compared to last year, which had a negative impact on working capital. Net investments in tangible and intangible assets during the quarter amounted to a net amount of SEK -3.0 million (-2.1). Acquisitions of businesses impacted cash flow by SEK -90.2 million (-0.4) during the quarter. During the quarter, acquisitions of Select Telecom and Indikator were carried out at the same time as two companies containing properties were divested in line with Tången's strategy of focusing ownership on operating companies. At the time of the sale, lease agreements were entered into for premises in the properties. The sale of properties had a positive cash flow effect of SEK 32.6 million. Cash flow from financing activities was SEK -36.8 million in the quarter, mainly impacted by amortisation of loans of SEK -23.1 million and amortisation of lease liabilities of SEK -14.6 million. Operating cash flow for the nine-month period amounted to SEK 243.6 million (110.4), corresponding to 90.6% (94.4) cash conversion in relation to EBITA. Cash conversion for the period was in line with the previous year, although somewhat negatively affected in 2026 by higher working capital. Net investments in tangible and intangible assets during the nine-month period amounted to a net amount of SEK -7.7 million (-8.0). During the period, acquisitions of businesses had a net impact of SEK -253.4 million (-42.1), while divested operations resulted in positive cash flow effects of SEK 78.9 million. During the nine-month period, five company acquisitions were completed at the same time as a minority stake of 20% in Svensk Fordonsladdning and five properties were divested. Cash flow from financing activities was SEK 64.4 million in the period, impacted by a new share issue of SEK 379.0 million net issue costs, raising of new loans of SEK 220.0 million, amortisation of loans of SEK -524.6 million and amortisation of lease liabilities of -42.0. Financial position For financial position, comparative figures refer to 31 December 2025. Equity at the end of the period amounted to SEK 2,003 million (1,382). Total assets amounted to SEK 3,253 million (2,780), corresponding to an equity ratio of 62% (50). During the nine-month period, the share capital increased from SEK 25 thousand to SEK 562 thousand through a bond issue of SEK 475 thousand, a new share issue totaling SEK 400.0 million, which increased the share capital by SEK 60 thousand, and a non-cash issue that increased the share capital by SEK 2 thousand. From the new share issue, costs of SEK 16.7 million net after tax have been booked against equity. Equity has been affected by SEK -6.8 million through revaluation of put and call options related to minority stakes in acquired companies. Debt decreased during the nine-month period as a result of the net share issue of SEK 379.0 million carried out at the IPO. At the end of the period, the company had a net debt of SEK -80.1 million (-218.2). Adjusted for lease liability for premises in accordance with IFRS 16, net cash amounted to SEK 26.1 million (-146.2). Liabilities to credit institutions at the end of the period amounted to SEK 272.7 million (588.2) and relate to acquisition loans. The loans were refinanced in connection with the IPO and at the end of the period relate to a term loan. Loans have decreased as debt has been amortised. Overall, the Group has not used any of the available overdraft facilities through the common cash pool during the period. Lease liabilities amounted to SEK 178.4 million (154.9), where the increased lease liability is explained by contracts that have been added in connection with acquisitions and sale and lease back agreements that have been added in connection with the sale of properties. Other long-term liabilities consist of estimated earn-outs in acquisitions and debt related to put and call options in subsidiaries with minority shareholders. Cash and cash equivalents at the end of the period amounted to SEK 599.2 million (SEK 459.5 million), where the increase is explained by the new share issue during the second quarter as well as capital raised and borrowed during the year. The cash in combination with credit facilities is intended to be used for future acquisitions in line with Tången's strategic plan. Cash and cash equivalents at the beginning of the quarter amounted to SEK 620.8 million, which means that a large part of the quarter's acquisitions have been paid for with funds generated during the period. At the end of the period, the Group's goodwill amounted to SEK 990.0 million (740.7) and trademarks, customer relations and other intangible assets amounted to SEK 565.6 million (499.2), of which the increase in goodwill is related to acquisitions. Tangible fixed assets amounted to SEK 341.9 million (378.2), of which right-of-use assets accounted for SEK 169.9 million (148.6). Interim report January - September 2026
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7 Other information Significant risks and uncertainties The Group's growth strategy is largely based on acquisitions, which entails risks related to the identification, implementation and integration of acquired companies. There is a risk that acquired businesses will not develop in line with expectations in terms of profitability, growth or cash flow, or that synergies will not be realised according to plan. Furthermore, the Group may be affected by increased competition for attractive acquisition targets, which may lead to higher valuations and lower future returns. Acquisitions also entail financial risks linked to financing, goodwill impairments and increased complexity in governance and reporting. For a more complete presentation of risks affecting the Group and the Parent Company, please refer to the Annual Report 2025. Personnel The average number of employees during the period was 706 compared to 541 for the same period last year. Parent company The parent company's business consists primarily of owning shares in subsidiaries. The Parent Company's profit for after financial items amounted to SEK 0.9 million (SEK 2.7 million) for the quarter. The Parent Company's equity ratio was 99% (98%) . Related party transactions No transactions with related parties took place during the period. Events after the end of the period In October, 80% of the shares in Compab Energiteknik AB were acquired. The company is a leading supplier of complete combustion and boiler plants for e.g. energy and district heating plants. Closing is expected to take place at the end of October. Other This report has been reviewed by the Company's auditors. The interim report is prepared in Swedish and English. The Swedish interim report takes precedence. Interim report January - September 2026 Financial targets During the second quarter of 2026, the Board of Directors of Tången adopted the following financial targets over a medium-term period (3-5 years). In addition to the financial targets, the Board of Directors intends to propose a dividend corresponding to at least 10% of the previous year's profit after tax. * Acquisition -adjusted R12 adjusted EBITA in relation to capital employed for the most recent period. Leverage level measured as acquisition-adjusted EBITDA in relation to net financial debt >18% >20% >14% <2x Acquisition-adjusted return on capital employed* Annual growth in adjusted EBITA Adjusted EBITA margin 19.0% Q3’26 103% Q3’26 13.9% Q3’26 Neg. Q3’26 Target Outcome
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8 Business area Regulatory Expertise ALUWAVE CELAB DEC MARINE MALUX STT EMTEC TRINORTH About the business area Regulatory Expertise consists of companies operating in niches where regulatory requirements, certification standards and expectations for documentation are of significant importance. Market Drivers • Increased regulations • Electrification and technological development • Environmental requirements Customers • Industry • Defence and security • Public transport • Emergency responders COMPANIES IN THE BUSINESS AREA Interim report January - September 2026 Share of Group sales in the quarter * Adjusted for capital gain from the sale of Svensk Fordonsladdning . 43% Business area development Sales for Regulatory Expertise increased by 56.2% in the quarter to SEK 253.8 million compared to SEK 162.5 million last year. EBITA increased 80.3% to SEK 49.8 million compared to SEK 27.6 million last year. The increase in sales in the business area compared to last year is explained by the companies acquired during the past year Celab, DEC Marine and Trinorth, which also contributed to a higher EBITA margin. In addition to the acquired increase, the business area also grew organically, mainly through Malux and STT Emtec in the quarter. Sales developed positively in the third quarter, where demand in exhaust gas cleaning, critical communications and underwater electronics remained high. Furthermore, Malux continued to see strong sales to the energy sector while delivering major projects related to train communication, which had a positive impact on both sales and EBITA margin. In total, the EBITA margin increased to 19.6%, mainly due to acquired companies that were added. Several of the companies in Regulatory Expertise have strong order books and continue to see good demand, but where delivery timing varies and uncertainty in incoming deliveries has an impact. Demand for lighting fixtures had a negative impact on Aluwave in the quarter, while sales to the energy and aerospace sectors were stable. In the fourth quarter, low organic EBITA growth is expected as a result of the previous year being strongly impacted by a single delivery with a high margin. SEK'000 3 m Jul-Sep 2026 3 m Jul-Sep 2025 9 m Jan-Sep 2026 9 m Jan-Sep 2025 12 m Jan-Dec 2025 Net sales 253,758 162,455 779,053 547,622 740,482 EBITA 49,803 27,616 182,191 82,817 118,898 EBITA, % 19.6% 17.0% 23.4% 15.1% 16.1% Adjusted EBITA* 49,803 27,616 147,695 82,817 118,898 Adjusted EBITA*, % 19.6% 17.0% 18.5% 15.1% 16.1%
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9 ELFCON GÖFAST GRUPPEN INDIKATOR NT SMIDESTEKNIK SELECT TELECOM SJUNTORP About the business area Service Solutions consists of companies that offer business services with a high level of technical expertise. All companies have recurring customers and business models that provide stability over time. Market Drivers • Continuous operation and uptime • Increased public expenditure • Integrated service and service offerings Customers • Port and terminal operations • Public housing • Infrastructure contractors • State, county councils and private companies COMPANIES IN THE BUSINESS AREA Business area Service Solutions Interim report January - September 2026 SEK'000 3 m Jul-Sep 2026 3 m Jul-Sep 2025 9 m Jan-Sep 2026 9 m Jan-Sep 2025 12 m Jan-Dec 2025 Net sales 222,543 138,450 646,747 412,307 601,499 EBITA 25,672 15,419 67,250 29,529 48,694 EBITA, % 11.5% 11.1% 10.4% 7.2% 8.1% Share of Group sales in the quarter 37% Business area development Sales for the business area Service Solutions increased by 60.7% in the quarter to SEK 222.6 million compared to SEK 138.5 million last year. EBITA increased 66.5% to SEK 25.7 million compared to SEK 15.4 million last year. The business area Service Solutions continued to grow strongly in the third quarter. The year-on-year growth is mainly organic, driven by Göfast Gruppen and Elfcon. NT Smidesteknik, which was acquired in the second quarter, had some impact on total sales but contributed more to the improved EBITA margin. During the quarter, acquisitions of Select Telecom and Indikator were completed. Through these acquisitions, the business area's offering is expanded to also include services outside the industrial segment. The financial impact from the acquisitions during the quarter was limited. The EBITA margin in Service Solutions was 11.5% for the quarter, an improvement that is explained by increased operational efficiency in several of the companies and higher margins in acquired companies. The business area is expected to continue to grow, driven partly by acquired companies and partly by high activity in construction services. During the quarter, Göfast Gruppen won a seven- year contract for construction services with Göteborg Energi, which, together with existing contracts for service and maintenance of public housing, among other things, provides good conditions for continued growth in 2027.
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10 NSI SWEMCO WESTCOMP About the business area Industrial Technology consists of companies offering niche products and services that are characterized by a high level of technical specialization to industrial customers. Market drivers • Investments in infrastructure • Local suppliers • Increased defence expenditure Customers • Manufacturing industry • Road and infrastructure contractors • Electronic industry COMPANIES IN THE BUSINESS AREA Business area development Sales for Industrial Technology increased 127.1% in the quarter to SEK 119.1 million compared to SEK 52.5 million last year. EBITA increased 285.4% to SEK 14.6 million compared to SEK 3.8 million last year. The change in business area Industrial Technology’s sales and EBITA from the previous year is mainly explained by the acquisitions of Swemco and Westcomp at the end of 2025. In addition to the increase in sales and EBITA, the acquisitions contribute to a higher EBITA margin and more consistent sales over the year. The development in the third quarter was good for the business area. As in previous quarters, activity was high at Swemco, which has seen very strong demand for machinery for road maintenance during the year. Westcomp, which was acquired in the fourth quarter of 2025, had a strong quarter after previously being negatively affected by component shortages and longer delivery times. Several of the companies continue to see good demand, but the fourth quarter is seasonally weak for the Industrial Technology business area, with lower activity in road maintenance as well as weaker demand for products in paint and surface treatment. In October, Compab was acquired, which becomes part of the business area. Compab is a leading supplier of complete combustion and boiler plants. Business area Industrial Technology Interim report January - September 2026 SEK'000 3 m Jul-Sep 2026 3 m Jul-Sep 2025 9 m Jan-Sep 2026 9 m Jan-Sep 2025 12 m Jan-Dec 2025 Net sales 119,104 52,453 388,526 166,677 251,341 EBITA 14,620 3,794 56,080 13,890 11,649 EBITA, % 12.3% 7.2% 14.4% 8.3% 4.6% Share of Group sales in the quarter 20%
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11 Acquired companies during the quarter Employees: 20 Headquarters: Växjö Turnover: SEK 60 million Ownership: 70.4% Business area: Service Solutions Offering Communication and technology solutions for companies with services in areas such as AI – telephony, PBX solutions and connected services Customers • Private companies in all industries SELECT TELECOM At Tången Creates a strong offering of communication services with a high proportion of returning customers. Interim Report January - September 2026 Employees: 15 Headquarters: Gothenburg Turnover: SEK 60 million Ownership: 75% Business area: Service Solutions Offering Qualified services in survey design, data collection and statistical analysis Customers • Municipalities, regions and county councils • University • Media and communication INDIKATOR At Tången Will be a niche service company in surveys with services in design, data collection, question construction, statistics and analysis.
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12 The undersigned assures that the interim report provides a fair overview of the Group's and the Parent Company's operations, position and results, and describes significant risks and uncertainties faced by the Parent Company and the companies that are part of the Group. Gothenburg, October 28, 2026 Nina Bergman, CEO Per Skånberg Eric Odkrans Margareta Alestig Johnson Mikael Ludvigson The report has been reviewed by the company's auditors. Financial calendar Year -end report Jan -Dec 2026 – 5 February 2027 Interim Report Jan -Mar 2027 – 28 April 2027 Half -year report Jan -Jun 2027 – 20 July 2027 Interim report Jan -Sep 2027 – 29 October 2027 Contact information Nina Bergman, CEO Nina.bergman@tangenik.se +46 706 93 63 35 Per Andersson, CFO Per.andersson@tangenik.se +46 709 39 53 27 Interim report January - September 2026
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13 SEK'000 3 m Jul-Sep 2026 3 m Jul-Sep 2025 9 m Jan-Sep 2026 9 m Jan-Sep 2025 12 m Jan-Dec 2025 Net sales 597,150 353,837 1,817,569 1,128,127 1,595,179 Other operating income 3,348 1,363 12,171 6,032 9,069 Total revenue 600,498 355,200 1,829,740 1,134,159 1,604,248 Operating expenses Direct costs -319,317 -181,032 -987,915 -596,429 -851,408 Other external expenses -58,013 -35,429 -161,129 -111,060 -154,833 Personnel costs -119,268 -80,558 -377,754 -264,835 -376,260 Other operating expenses -1,547 -801 -6,746 -1,621 -3,133 Share of profit in associated companies - 709 34,326 518 5,024 Amortisation of intangible non-current assets -11,061 -4,963 -31,079 -14,527 -20,252 Depreciation of tangible fixed assets -21,225 -15,306 -61,331 -43,684 -59,609 Operating profit 70,067 37,819 238,112 102,520 143,778 Financial income 8,150 1,485 28,581 6,004 18,942 Financial expenses -21,759 -4,483 -38,859 -21,133 -29,533 Net financial items -13,609 -2,998 -10,279 -15,130 -10,591 Profit before taxes 56,458 34,821 227,833 87,391 133,186 Income tax expenses -14,173 -7,905 -41,223 -19,593 -29,997 Profit for the period 42,285 26,916 186,610 67,798 103,189 Earnings per share before and after dilution, SEK 0.75 0.54 3.55 1.36 2.06 Earnings per share after dilution, SEK 0.75 0.54 3.55 1.36 2.06 Consolidated Income Statement in summary Consolidated statement of comprehensive income SEK'000 3 m Jul-Sep 2026 3 m Jul-Sep 2025 9 m Jan-Sep 2026 9 m Jan-Sep 2025 12 m Jan-Dec 2025 Profit for the period 42,285 26,916 186,610 67,798 103,189 Other comprehensive income (items that are or may be reclassified subsequently to the income statement) Translation differences 11,514 -1,333 24,484 -9,945 -15,958 Other comprehensive income for the period 11,514 -1,333 24,484 -9,945 -15,958 Total comprehensive income for the period 53,829 25,583 211,094 57,853 87,231 Interim report January - September 2026
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14 SEK'000 Sep 2026 Sep 2025 Dec 2025 Intangible non-current assets Goodwill 990,002 399,181 740,674 Trademarks 190,372 53,898 158,110 Customer relationships 350,774 91,897 314,172 Other intangible fixed assets 24,483 27,668 26,885 1,555,630 572,644 1,239,841 Tangible fixed assets Buildings and land 103,289 157,485 156,264 Machinery and other technical equipment 22,427 26,836 25,436 Equipment, tools and installations 46,237 30,706 47,860 Right-of-use assets 169,945 114,144 148,621 341,899 329,170 378,181 Shares in associated companies - 14,262 18,768 Other financial assets 22,544 13,018 13,494 Deferred tax assets - 1,187 2,145 Total fixed assets 1,920,073 930,282 1,652,429 Current assets Inventories 254,044 164,142 225,299 Trade receivables 373,303 221,611 393,771 Current tax receivables 9,703 673 1,479 Other current receivables 9,472 6,430 4,050 Prepaid expenses and accrued income 86,851 51,057 43,918 733,373 443,912 668,517 Cash and cash equivalents 599,188 223,069 459,496 Total current assets 1,332,562 666,981 1,128,013 Total assets 3,252,635 1,597,263 2,780,442 Consolidated statement of Financial Position in summary Interim report January - September 2026
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15 Consolidated statement of Financial Position in summary SEK'000 Sep 2026 Sep 2025 Dec 2025 Equity Share capital 562 25 25 Other capital contributions 1,633,249 730,023 1,215,066 Reserves 14,563 -3,851 -9,921 Retained earnings 354,706 142,947 176,858 Non-controlling interests - 9,830 - Total equity 2,003,080 878,975 1,382,029 Non-current liabilities Deferred tax liabilities 147,949 48,339 139,305 Liabilities to credit institutions 223,460 216,602 446,465 Lease liabilities 124,395 83,046 108,292 Provisions 23,594 33,860 27,809 Other non-current liabilities 226,924 - 134,282 Total non-current liabilities 746,323 381,846 856,153 Current liabilities Liabilities to credit institutions 49,212 78,213 141,734 Lease liabilities 54,029 37,063 46,562 Trade payables 174,842 87,042 132,698 Advances from customers 9,212 6,254 2,601 Current tax liabilities 301 5,428 3,610 Other current liabilities 81,384 54,936 109,214 Accrued expenses and deferred income 134,253 67,505 105,840 Total current liabilities 503,233 336,442 542,260 Total equity and liabilities 3,252,635 1,597,263 2,780,442 Interim report January - September 2026
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16 Consolidated report on Changes i Equity in summary SEK’000 Share capital Other capital contributions Reserves Retained earnings including profit for the period Non- controlling interests Total Opening balance 1 January 2025 25 596,694 6,037 98,154 8,045 708,955 Profit for the period - - - 64,943 2,855 67,798 Other comprehensive income for the period - - -9,888 - -57 -9,945 Total comprehensive income for the period - - -9,888 64,943 2,798 57,853 Transactions with non-controlling interests - - - -150 652 502 Acquisition - - - - -427 -427 Shareholder contributions - 133,329 - - - 133,329 Dividends - - - -20,000 -1,238 -21,238 Closing balance 30 Sep 2025 25 730,023 -3,851 142,947 9,830 878,975 Opening balance 1 January 2026 25 1,215,066 -9,921 176,858 - 1,382,029 Profit for the period - - - 186,610 - 186,610 Other comprehensive income for the period - - 24,484 - - 24,484 Total comprehensive income for the period - - 24,484 186,610 - 211,094 Bond issue 475 - - -475 - - New share issue 60 399,940 - - - 400,000 Non-cash issue 2 - - -2 - - Issue costs, net after tax - -16,706 - - - -16,706 Option premiums - 2,827 - - - 2,827 Revaluation of put/call options related to non- controlling interests - - - -6,760 - -6,760 Shareholder contributions - 32,123 - - - 32,123 Dividends - - - -1,527 - -1,527 Closing balance 30 Sep 2026 562 1,633,249 14,563 354,705 - 2,003,080 Interim report January - September 2026
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17 SEK’000 3 m Jul-Sep 2026 3 m Jul-Sep 2025 9 m Jan-Sep 2026 9 m Jan-Sep 2025 12 m Jan-Dec 2025 Cash flow from operating activities Result after financial items 56,458 34,821 227,833 87,391 133,186 Adjustment for non-cash items 48,608 18,772 67,351 60,791 66,985 Taxes -16,958 -7,167 -57,631 -20,281 -23,850 Cash flow from operating activities before changes in working capital 88,109 46,426 237,553 127,901 176,321 Changes in working capital -15,420 368 13,740 -9,485 3,492 Cash flow from operating activities 72,689 46,795 251,293 118,416 179,813 Cash flow from investing activities Acquisition of tangible and intangible fixed assets -4,496 -3,323 -14,877 -11,770 -16,599 Proceeds from sale of tangible fixed assets 1,505 1,180 7,206 3,802 6,797 Acquisition of subsidiaries -90,205 -355 -253,346 -42,118 -498,356 Divested operations 32,575 150 78,920 150 5,386 Cash flow from investing activities -60,621 -2,348 -182,097 -49,936 -502,772 Cash flows from financing activities Shareholder contribution - 69,652 23,005 133,329 480,961 Dividends -263 -954 -1,527 -21,238 -21,402 New share issue - - 378,959 - - Option premiums 1,625 - 2,827 - - Proceeds from loans and borrowings - - 220,000 8,400 327,634 Repayment of loans -23,104 -18,736 -524,556 -54,185 -79,046 Payment of lease liabilities -14,580 -10,978 -41,965 -32,228 -44,087 Change in operating financing 11 130 - -9,610 -9,408 Change in non-current receivables -517 1,659 7,677 3,032 2,376 Cash flows from financing activities -36,828 40,773 64,420 27,500 657,028 Cash flow for the period -24,760 85,220 133,616 95,980 334,070 Cash and cash equivalents at the beginning of the period 620,785 137,884 459,496 128,080 128,080 Effect of translation differences in cash and cash equivalents 3,163 -35 6,076 -991 -2,654 Cash and cash equivalents at the end of the period 599,188 223,069 599,188 223,069 459,496 Consolidated cash flow statement in summary Interim report January - September 2026
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18 The preparation of the interim report requires management to make assessments and estimates and to make assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual outcomes may differ from these estimates and judgements. The critical assessments and sources of uncertainty in the estimates in 2026 are generally the same as those described in the 2025 Annual Report. NOTE 1 Accounting principles Notes This interim report covers the Swedish parent company Tången Industrikapital AB (publ), corporate identity number 559270-7664, hereinafter referred to as Tången, with its registered office in Gothenburg, Sweden, and its subsidiaries (the consolidated financial statements). The address of the head office is Drottninggatan 26, 411 14 Gothenburg. NOTE 2 Estimates and judgements This interim report has been prepared in accordance with the applicable parts of the Annual Accounts Act and IAS 34 Interim Financial Reporting. The Interim Report for the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act, Interim Report. In addition to the financial statements and related notes, disclosures pursuant to IAS 34.16A are also disclosed in other parts of the interim report. For the Group and the Parent Company, the same accounting principles and calculation bases have been applied as in the most recent Annual Report. During the period, the Group has made acquisitions with put and call options where there have also been conditions linked to continued employment. The option liability is reported at the present value of the estimated exercise amount. The part of the remuneration that is dependent on continued employment is reported and expensed as personnel costs over the vesting period. At the same time, a liability is built up in the balance sheet during the vesting period. During the period, the Group carried out a sale-and- lease back transaction regarding property. In connection with the divestment of real estate companies where the Group enters into a lease agreement for the divested property, the leasing agreement is reported in accordance with IFRS 16. When the transaction meets the criteria for a sale, a right-of-use asset and a corresponding lease liability are recognized. Any gain/loss attributable to the transferred right of use is recognised in the profit and loss in connection with the divestment. There are no new IFRS accounting standards or IFRIC statements adopted by the EU that are applicable to Tången, or have a material effect on the Group's earnings and position in 2026. The new standard IFRS 18 "disclosures in financial statements" will enter into force on 1 January 2027. An investigation is underway to assess how this new standard will affect the financial statements. All amounts in this report are stated in thousands of Swedish kronor (thousands) unless otherwise stated. Rounding may occur in tables and counts, with the result that the stated totals are not always an exact sum of the rounded partial amounts. Interim report January - September 2026
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19 NOTE 3 Segment and distribution of net sales Notes Jul-Sep 2026 SEK’000 Regulatory Expertise Industrial Technology Service Solutions Central and eliminations Total Net sales 253,758 119,104 222,543 1,745 597,150 EBITDA 60,258 17,435 34,198 -9,539 102,353 EBITA 49,803 14,620 25,672 -8,967 81,128 EBITA-margin, % 19.6% 12.3% 11.5% 13.6% Amortisation of intangible non-current assets -11,061 Net financial items -13,609 Profit before taxes 56,458 Jul-Sep 2025 SEK’000 Regulatory Expertise Industrial Technology Service Solutions Central and eliminations Total Net sales 162,455 52,453 138,450 480 353,837 EBITDA 34,517 5,721 22,483 -4,632 58,089 EBITA 27,616 3,794 15,419 -4,046 42,783 EBITA-margin, % 17.0% 7.2% 11.1% 12.1% Amortisation of intangible non-current assets -4,963 Net financial items -2,998 Profit before taxes 34,821 Jan-Sep 2026 SEK’000 Regulatory Expertise Industrial Technology Service Solutions Central and eliminations Total Net sales 779,053 388,526 646,747 3,242 1,817,569 EBITDA 213,098 64,479 91,473 -38,528 330,522 EBITA 182,191 56,080 67,250 -36,330 269,191 EBITA-margin, % 23.4% 14.4% 10.4% 14.8% Amortisation of intangible non-current assets -31,079 Net financial items -10,279 Profit before taxes 227,833 Jan-Sep 2025 SEK’000 Regulatory Expertise Industrial Technology Service Solutions Central and eliminations Total Net sales 547,622 166,677 412,307 1,521 1,128,127 EBITDA 103,500 19,394 50,372 -12,534 160,731 EBITA 82,817 13,890 29,529 -9,189 117,047 EBITA-margin, % 15.1% 8.3% 7.2% 10.4% Amortisation of intangible non-current assets -14,527 Net financial items -15,130 Profit before taxes 87,391 Jan-Dec 2025 SEK’000 Regulatory Expertise Industrial Technology Service Solutions Central and eliminations Total Net sales 740,482 251,341 601,499 1,856 1,595,179 EBITDA 146,450 19,723 76,689 -19,222 223,639 EBITA 118,898 11,649 48,694 -15,211 164,030 EBITA-margin, % 16.1% 4.6% 8.1% 10.3% Amortisation of intangible non-current assets -20,252 Net financial items -10,591 Profit before taxes 133,186 Interim report January - September 2026
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20 Jul-Sep SEK’000 Regulatory Expertise Indutrial Technology Service Solutions Central and eliminations Total Net sales by geographical area: 2026 2025 2026 2025 2026 2025 2026 202 5 2026 2025 Sweden 102,224 57,871 87,373 20,917 212,840 129,270 1,745 467 404,183 208,524 Finland 27,862 24,429 23,898 23,747 525 775 -17 13 52,268 48,964 Norway 40,994 34,352 5,688 6,181 165 47 17 - 46,864 40,581 Other EU countries 40,416 30,166 1,651 1,585 5,106 8,181 - - 47,173 39,932 Other non-EU countries 42,261 15,637 494 23 3,908 177 - - 46,663 15,837 Total 253,758 162,455 119,104 52,453 222,543 138,450 1,745 480 597,150 353,837 Revenue Types: Revenue from sales of goods 234,536 160,641 119,104 52,453 36,502 29,167 -2,649 - 387,492 242,261 Revenue from services 19,222 1,814 - - 185,730 109,283 5,768 - 210,721 111,097 Rental income - - - - 312 - -1,374 480 -1,062 480 Total 253,758 162,455 119,104 52,453 222,543 138,450 1,745 480 597,150 353,837 Jan-Sep SEK’000 Regulatory Expertise Indutrial Technology Service Solutions Central and eliminations Total Net sales by geographical area: 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Sweden 345,784 191,494 267,640 67,146 612,817 378,473 3,225 1,482 1,229,467 638,595 Finland 74,374 75,389 84,526 75,010 869 1,884 - 39 159,768 152,322 Norway 132,292 126,201 20,027 20,125 455 882 17 - 152,791 147,207 Other EU countries 105,960 103,357 14,225 4,356 24,113 25,186 - - 144,298 132,899 Other non-EU countries 120,644 51,181 2,108 41 8,493 5,882 - - 131,245 57,104 Total 779,053 547,622 388,526 166,677 646,747 412,307 3,242 1,521 1,817,569 1,128,127 Revenue Types: Revenue from sales of goods 727,062 540,221 388,526 166,677 138,163 82,847 -2,649 - 1,251,102 789,745 Revenue from services 51,992 7,401 - - 508,272 329,460 6,203 37 566,467 336,897 Rental income - - - - 312 - -312 1,484 - 1,484 Total 779,053 547,622 388,526 166,677 646,747 412,307 3,242 1,521 1,817,569 1,128,127 Net sales are attributable to external income from agreements with customers. Sales of services are recognised as revenue over time, other income is recognised at one point in time. NOTE 3 Segment and distribution of sales, cont Noter Interim report January - September 2026 Jan-Dec 2025 SEK’000 Regulatory Expertise Industrial Technology Service Solutions Central and eliminations Total Net sales by geographical area: Sweden 266,877 132,124 557,135 1,856 957,992 Finland 102,245 88,238 2,801 - 193,285 Norway 168,279 26,180 1,343 - 195,802 Other EU countries 135,797 4,789 30,001 - 170,588 Other non-EU countries 67,284 10 10,218 - 77,512 Total 740,482 251,341 601,499 1,856 1,595,179 Revenue Types: Revenue from sales of goods 730,540 251,341 84,571 - 1,066,452 Revenue from services 9,943 - 516,928 -206 526,664 Rental income - - - 2,062 2,062 Total 740,482 251,341 601,499 1,856 1,595,179
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21 NOTE 4 Acquisitions On February 27, 2026, Tången acquired 95% of the shares in Promea Plåtslageri AB. The company is a subsidiary of Göfast Gruppen within the business area Service Solutions. Promea performs all types of sheet metal work, construction work and roof and facade service. The company is headquartered in Gunnilse in Gothenburg and had sales of SEK 47 million in 2025 and has 21 employees. On March 24, 2026, Tången acquired 91% of the shares in Trinorth Solutions AB. The company is a niche company within the Regulatory Expertise business area. Trinorth is a complete system supplier for public transport in the Nordic region and offers smart solutions around ticket information, child safety, fleet management and camera surveillance. The company is headquartered in Sundsvall and had sales of SEK 28 million in 2025 and seven employees. On April 30, 2026, Tången acquired 70% of the shares in Skövde Redovisningsbyrå AB. The acquisition was made to be able to offer Tången's subsidiaries high-quality accounting services. Skövde Redovisningsbyrå will continue to work with other customers in addition to Tången's companies. On May 15, 2026, Tången acquired 80% of the shares in NT Smidesteknik AB. The company manufactures load-bearing steel structures and secondary forgings, such as frames, beams, stair railings and platforms. The company also performs service, maintenance and subcontracting. The company is headquartered in Järfälla and will be part of the Service Solutions business area. During the financial year May 2025 – April 2026, the company had sales of SEK 63 million and has 29 employees. On August 31, Tången acquired 70.4% of the shares in Select Telecom AB, a provider of communication and technology solutions for Swedish companies. The company is part of the Service Solutions business area. The company is headquartered in Växjö and had sales of approximately SEK 60 million in 2025 and has 20 employees. On September 8, Tången acquired 75% of the shares in Indikator – Institutet för kvalitetsindikatorer Fenix AB. The company is part of the Service Solutions business area. The company offers qualified services in survey design, data collection, question construction, statistics and analysis for customers in both the public and private sectors. Indikator has a turnover of around SEK 60 million and 15 employees. The head office is in Gothenburg. In the purchase price allocations, estimated additional purchase price (earn-out) has been considered based on agreements. The total purchase price includes part of the consideration for reinvestment in the parent company in respect of acquisitions prior to the IPO. The acquired goodwill is attributable to the company's expected future earning capacity and the competence of its personnel. No part of the goodwill is expected to be tax deductible. None of the above-mentioned acquisitions is assessed as a single material acquisition and is therefore not specified separately in the table below. Total cash flow from business combinations is also affected by the adjustment of the purchase price for previous years' acquisitions of SEK -68.8 million. Transaction costs for the nine month period amounted to SEK 2,7 (0.9) million and are included in other external costs in the income statement. Interim report January - September 2026 The item total remuneration includes estimated variable remuneration based on future profitability. Estimated future compensation is reported under the item other long-term liabilities and other current liabilities. 30 September 2026 SEK’000 Total acquisitions Intangible assets non-current 93,520 Tangible fixed assets 22,840 Inventories 3,996 Current receivables 46,083 Cash and cash equivalents 48,089 Deferred tax -18,649 Provisions and non-current liabilities -12,631 Current liabilities -58,035 Acquired net assets 125,214 Purchase price 240,981 Additional purchase price 58,068 Put/call options 47,656 Total remuneration 346,705 Acquired net assets 125,214 Goodwill 221,492 Cash flow from acquisition of subsidiaries Purchase price -240,981 Less reinvestment 8,348 Unsettled purchase price - Cash and cash equivalents in acquired companies 48,089 Total cash flow from acquisitions -184,544 Impact of acquisitions on consolidated profit and loss Net sales 78,663 Operating profit 16,562 Impact if the acquisitions had occurred at the beginning of the financial year Net sales 109,178 Operating profit 24,017
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22 NOTE 5 Financial assets and liabilities 30 Sep 2026 SEK’000 Financial assets and liabilities measured at fair value through equity Financial assets and liabilities measured at fair value through profit/loss Financial assets and liabilities measured at amortised cost Total fair value Financial assets Additional purchase price - 17,500 - 17,500 Non-current receivables - - 5,044 5,044 Trade receivables - - 373,303 373,303 Cash and cash equivalents - - 599,188 599,188 Other current assets - 1,264 - 1,264 Total - 18,764 977,535 996,299 Financial liabilities Liabilities to credit institutions - - 272,672 272,672 Lease liabilities - - 178,424 178,424 Additional purchase price - 156,008 - 156,008 Put/call options attributable to non-controlling interests* 91,416 - - 91,416 Trade payables and other interest-bearing liabilities - - 174,842 174,842 Total 91,416 156,008 625,938 873,363 * Put/call options issued to non-controlling interests are related to agreements that give the minority owner the right to sell and Tången the right to acquire the holding in the company to Tången at a future time when the option can be exercised. The amount to be paid if the option expires is initially recorded at discounted present value as a financial liability. Thus, Tången does not report any non -controlling interest within the framework of equity. Instead, the liability is continuously revalued with the Group's best assessment of the expec ted outcome and the change is reported directly against equity. Interim report January - September 2026 30 Sep 2025 SEK’000 Financial assets and liabilities measured at fair value through equity Financial assets and liabilities measured at fair value through profit/loss Financial assets and liabilities measured at amortised cost Total fair value Financial assets Non-current receivables - - 13,018 13,018 Trade receivables - - 221,611 221,611 Cash and cash equivalents - - 223,069 223,069 Total - - 457,698 457,698 Financial liabilities Liabilities to credit institutions - - 294,815 294,815 Lease liabilities - - 120,109 120,109 Additional purchase price - 36,581 - 36,581 Trade payables and other interest-bearing liabilities - 1,565 87,042 88,607 Total - 38,146 501,966 540,112
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23 SEK’000 Additional purchase price Put/Call options Opening balance 2026-01-01 107,282 38,500 Additional liabilities during the period 55,568 49,354 Settled liabilities during the period -10,000 -3,198 Contractual adjustment of acquisitions -15,000 - Revaluation through profit/loss 658 - Revaluation through equity - 6,760 Closing balance 2026-09-30 138,508 91,416 NOTE 5 Financial assets and liabilities , cont Reported financial assets consist of financial assets measured at amortised cost such as trade receivables. Financial assets also consist of addtional purchase prices/repossessions relating to acquisitions/sales of companies, valued at fair value through profit or loss. Financial liabilities mainly consist of long - and short -term liabilities to credit institutions, trade payables measured at amortised cost and, where applicable, additional purchase prices relating to business or asset acquisitions measured at fair value through profit or loss. In addition, there is liability relating to put/call options in companies with minority shareholders, which are calculated at present value and revalued over equity. Fair value When the Group values financial instruments at fair value, fair value is determined based on a valuation hierarchy. For Tången, this mainly applies to the value of agreed additional purchase price relating to business or asset acquisitions in terms of reported values in the balance sheet as well as call/put options in companies with minority owners. Fair value has been assessed as the most likely outflow based on estimated earnings development. The different levels are defined as follows: • Level 1: Quoted prices (unadjusted) on active markets for identical assets or liabilities. This category includes the value of short -term investments made by the company. • Level 2: Observable data for the asset or liability other than quoted prices included in Level 1, either directly (as price quotes) or indirectly (derived from price quotes). This category includes all cases in which information is required to be disclosed regarding the fair value of interest -bearing assets and liabilities that are reported at their accrued cost in the balance sheet. • Level 3: Data for the asset or liability that is not based on observable market data. Tången reports its commitments regarding additional purchase price and put/call options in accordance with this level. The table below presents a reconciliation of changes in exposures linked to additional purchase price that may give rise to both repossession and additional payment. Furthermore, changes in the values of put/call options in respect of non -controlling interests, valued at level 3, are shown. Interim report January - September 2026 The liability for additional purchase price is reported as other long -term liabilities amounting to SEK 135,508 thousand (95,782), other short -term liabilities SEK 20,500 thousand (11,500) and other long -term receivables amounting to SEK 17,500 thousand ( -).
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24 SEK'000 3 m Jul-Sep 2026 3 m Jul-Sep 2025 9 m Jan-Sep 2026 9 m Jan-Sep 2025 12 m Jan-Dec 2025 Net sales - - - - - Other operating income - 1 2,502 1 1 Total revenue - 1 2,502 1 1 Operating expenses Other external expenses -3,200 -31 -19,379 -115 -2,478 Personnel costs -2,220 - -8,313 - -1,327 Other operating expenses -1 - -7 - -3 Operating profit -5,422 -30 -25,198 -114 -3,807 Financial income and expenses 6,342 2,807 17,416 8,615 12,405 Profit/loss after financial items 920 2,777 -7,782 8,501 8,598 Appropriations - - - - -798 Profit/loss before tax 920 2,777 -7,782 8,501 7,800 Income tax - - - - - Profit/loss for the period 920 2,777 7,782 8,501 7,800 Parent Company - Tången Industrikapital AB (publ) SEK'000 Sep 2026 Sep 2025 Dec 2025 Assets Shares in subsidiaries 76,892 63,068 63,068 Long-term receivables, Group companies 556,961 409,508 555,127 Current receivables, Group companies - 81 7,800 Tax assets 297 - - Other receivables 474 6 33 Cash and cash equivalents 1,009,413 256,400 606,965 Total assets 1,644,036 729,063 1,232,993 Equity and liabilities Equity 1,625,432 723,923 1,206,683 Untaxed reserves 625 625 625 Long-term liabilities, Group companies 12,632 - 13,354 Current liabilities, Group companies 1,689 1,600 10,257 Tax liabilities - 404 404 Other current liabilities 3,658 2,511 1,668 Total equity and liabilities 1,644,036 729,063 1,232,993 Parent Company’s Financial Position in summary Parent Company’s Income Statement in summary Interim report January - September 2026
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25 Interim report January - September 2026 Translation from the Swedish original Review report To the Board of Directors of Tången Industrikapital AB (publ) Corp. id. 559270-7664 Introduction We have reviewed the condensed interim financial information (interim report) of Tången Industrikapital AB (publ) as of 30 September 2026 and the nine-month 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 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 International Standard on Review Engagements ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information 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 practices and consequently does 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, for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Göteborg, October 28, 2026 KPMG AB Filip Larsson Authorized Public Accountant
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26 Definitions Return on capital employed Acquisition -adjusted R12 adjusted EBITA in relation to capital employed for the most recent period. EBITDA Earnings before interest, taxes, depreciation and amortisation. EBITDA excl. leasing EBITDA, reduced by operating lease expenses attributable to premises, according to IFRS16. EBITA Earnings before interest, taxes and amortisation. EBITA-growth Change in EBITA compared to the same period last year. EBITA-margin EBITA as a percentage of net sales. EBIT-margin Operating profit (EBIT) in relation to net sales, expressed as a percentage. Financial net debt Net debt excluding lease liabilities in accordance with IFRS 16 relating to lease agreements for premises. Acquisition -adjusted Shows performance measures such as if we owned the current company for 12 months. Adjusted EBITA EBITA, excluding items affecting comparability. Items affecting comparability Items in the income statement that are not attributable to the underlying performance of the business. Cash conversion in relation to EBITA Cash flow from operating activities less net investments in non -current assets in relation to EBITA. Net debt Long- and short-term interest-bearing liabilities, lease liabilities, liabilities for a dditional purchase price and put/call options, as well as pension liabilities reduced by cash and cash equivalents, short -term investments and interest -bearing financial fixed assets. Operating cash flow Cash flow from operating activities including net investments in non -current assets. Organic adjusted EBITA growth Change in adjusted EBITA adjusted for currency effects and acquired and divested EBITA, compared to the same period last year. Acquired companies are included in organic EBITA when they have been part of Tången for 12 months. Organic net sales growth Change in net sales adjusted for currency effects and net sales acquired and divested, compared to the same period last year. Acquired companies are included in net sales when they have been part of Tången for a period of 12 months. Earnings per share, before dilution Profit after tax divided by weighted average number of outstanding shares during the period. Earnings per share, diluted Profit after tax divided by weighted average number of outstanding shares during the period, plus the number of shares that would have been issued as an effect of ongoing incentive programs. Leverage ratio (indebtedness) Financial net debt in relation to acquisition-adjusted adjusted EBITDA, excl. leases, for the last twelve-month period. Equity ratio Equity in relation to total assets, expressed as a percentage. Capital employed Equity plus net debt. Interim report January - September 2026
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27 3 m Jul-Sep 2026 3 m Jul-Sep 2025 9 m Jan-Sep 2026 9 m Jan-Sep 2025 12 m Jan-Dec 2025 Net sales, TSEK 597,150 353,837 1,817,569 1,128,127 1,595,179 Growth net sales, % 68.8% 18.2% 61.1% 36.9% 36.6% Organic growth net sales, % 19.9% -10.6% 17.3% -1.8% 4.9% Acq. adjusted net sales, TSEK 2,640,864 1,513,328 2,640,864 1,513,328 2,115,108 EBITDA, TSEK 102,353 58,089 330,522 160,731 223,639 EBITDA, % 17.1% 16.4% 18.2% 14.2% 14.0% Adjusted EBITDA, TSEK 104,519 58,089 315,558 160,731 225,621 Acq. adjusted adj EBITDA, TSEK 480,727 210,963 480,727 210,963 365,118 Acq. adjusted adj EBITDA excl IFRS16, TSEK 447 643 185,258 447 643 185,258 337,921 EBITA, TSEK 81,128 42,783 269,191 117,047 164,030 EBITA, % 13.6% 12.1% 14.8% 10.4% 10.3% Adjusted EBITA, TSEK 83,294 42,783 254,227 117,047 166,012 Adjusted EBITA, % 13.9% 12.1% 14.0% 10.4% 10.4% Adjusted EBITA growth, % 94.7% 18.0% 117.2% 47.1% 49.2% Organic adjusted EBITA growth, % 17.8% -34.5% 23.4% -31.3% -13.3% Acq. adjusted adjusted EBITA, TSEK 396,004 153,387 396,004 153,387 290,291 Acq. adjusted adjusted EBITA, % 15.0% 10.1% 15.0% 10.1% 13.7% Operating profit (EBIT), TSEK 70,067 37,819 238,112 102,520 143,778 Operating cash flow, TSEK 69,698 44,652 243,622 110,447 170,011 Cash conversion in relation to EBITA, % 86% 104% 91% 94% 104% Acq. adjusted operating cash flow, TSEK 342,469 163,471 342,469 163,471 224,048 Acq. adjusted cash conversion in relation to EBITA, % 84% 107% 84% 107% 78% Equity ratio, % 62% 55% 62% 55% 50% Net debt, TSEK 80,140 218,200 80,140 218,200 442,511 Financial net debt, TSEK -26,125 146,200 -26,125 146,200 354,816 Leverage ratio -0,1 0,8 -0,1 0,8 1.0 Capital employed, TSEK 2,083,220 1,097,175 2,083,220 1,097,175 1,824,540 Return on capital employed, % 19.0% 14.0% 19.0% 14.0% 15.9% Average number of employees 706 541 706 541 535 Earnings per share before and after dilution, SEK 0.75 0.54 3.55 1.36 2.06 Earnings per share after dilution, SEK 0.75 0.54 3.55 1.36 2.06 Average number of shares outstanding 56,176,467 50,000,000 52,511,311 50,000,000 50,000,000 Weighted average number of shares outstanding after dilution 56,180,278 50,000,000 52,511,311 50,000,000 50,000,000 Key figures - Group Interim report January - September 2026
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28 Reconciliation of alternative performance measures In the interim report, Tången presents key performance indicators that complement the financial measures defined in accordance with IFRS, so-called alternative performance measures, APMs. Tången believes that these key performance indicators provide valuable information to stakeholders as they enable evaluation of the Group's performance, trends, debt repayment ability, investment in new business opportunities and reflect the Group's acquisition- intensive business model. Since not all companies calculate financial ratios in the same way, these are not always comparable. They should therefore not be seen as a substitute for key performance measures defined in accordance with IFRS. Below are reconciliations and an account of sub-components included in the alternative performance measures used in this report. Reconciliation is made against the most directly reconcilable item, subtotal, or total stated in the financial statements for the corresponding period. EBITDA, EBITA and Operating profit (EBIT) The purpose is to measure the result from operating activities, regardless of depreciation of tangible and intangible fixed a ssets. EBITA is the main performance measure of the business. Jul-Sep Jan-Sep Jan-Dec SEK’000 2026 2025 2026 2025 2025 EBITDA 102,353 58,089 330,522 160,731 223,639 Depreciation of tangible fixed assets -21,225 -15,306 -61,331 -43,684 -59,609 EBITA 81,128 42,783 269,191 117,047 164,030 Amortisation of intangible non-current assets -11,061 -4,963 -31,079 -14,527 -20,252 EBIT (operating profit) 70,067 37,819 238,112 102,520 143,778 EBITDA excl. leasing The purpose is to measure the result from operating activities, independent of depreciation and amortisation and adjustments for leasing in accordance with IFRS 16. Jul-Sep Jan-Sep Jan-Dec SEK’000 2026 2025 2026 2025 2025 EBITDA 102,353 58,089 330,522 160,731 223,639 Leasing adjustment IFRS 16 EBITDA -8,979 -6,704 -26,167 -20,002 -26,920 EBITDA excl. leasing 93,374 51,385 304,355 140,729 196,719 EBITA-margin and EBIT-margin The purpose is to give an indication of profitability in relation to sales. Jul-Sep Jan-Sep Jan-Dec SEK’000 2026 2025 2026 2025 2025 Net sales 597,150 353,837 1,817,569 1,128,127 1,595,179 EBITA 81,128 42,783 269,191 117,047 164,030 EBITA-margin, % 13.6% 12.1% 14.8% 10.4% 10.3% EBIT 70,067 37,819 238,112 102,520 143,778 EBIT-margin, % 11.7% 10.7% 13.1% 9.1% 9.0% Interim report January - September 2026
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29 Reconciliation of alternative performance measures, continued Interim report January - September 2026 Organic net sales growth, % The purpose is to describe the Group's growth in net sales adjusted for acquired and divested businesses as well as currency effects. Jul-Sep Jan-Sep Jan-Dec SEK’000 2026 2025 2026 2025 2025 Net sales, current period 597,150 353,837 1,817,569 1,128,127 1,595,179 Net sales, same period last year 353,837 299,358 1,128,127 823,840 1,168,120 Net sales, growth 243,313 68.8% 54,479 18.2% 689,442 61.1% 304,287 36.9% 427,059 36.6% Of which acquisitions 165,559 46.8% 86,070 28.8% 490,912 43.5% 325,949 39.6% 391,971 33.6% Of which divestment - - - - - - -7,139 -0.9% -7,139 0.1% Of which currency 7,292 2.1% - - 3,219 0.3% - - -14,128 -1.2% Of which organic net sales growth 70,462 19.9% -31,591 -10.6% 195,311 17.3% -14,523 -1.8% 56,355 4.9% Organic adjusted EBITA growth, % The purpose is to describe the Group's growth in adjusted EBITA adjusted for acquired and divested businesses and currency ef fects. Jul-Sep Jan-Sep Jan-Dec SEK’000 2026 2025 2026 2025 2025 Adjusted EBITA, current period 83,294 42,783 254,227 117,047 166,012 Adjusted EBITA, same period last year 42,783 36,247 117,047 79,594 111,231 Adjusted EBITA, growth 40,511 94.7% 6,536 18.0% 137,180 117.2% 37,453 47.1% 54,781 49.2% Of which acquisitions 32,855 76.8% 19,056 52.6% 109,586 93.6% 61,315 77.0% 65,371 58.8% Of which divestment - - - - - - 1,090 1.4% 1,090 1.0% Of which currency 56 0.1% - - 164 0.1% - - 3,298 3.0% Of which organic adjusted EBITA growth 7,600 17.8% -12,520 -34.5% 27,430 23.4% -24,952 -31.3% -14,978 -13.3% Adjusted EBITDA and adjusted EBITA The purpose is to assess the Group's operational activities. Adjusted EBITDA/EBITA facilitates comparisons between periods. Jul-Sep Jan-Sep Jan-Dec SEK’000 2026 2025 2026 2025 2025 Reversal of items affecting comparability: - - Costs related to IPO 2,166 - 19,532 - 1,982 Profit on sale of shares in Svensk Fordonsladdning AB 0 - -34,496 - - Reversal of items affecting comparability 2,166 - -14,964 - 1,982 EBITDA 102,353 58,089 330,522 160,731 223,639 Reversal of items affecting comparability, EBITDA 2,166 - -14,964 - 1,982 Adjusted EBITDA 104,519 58,089 315,558 160,731 225,621 Adjusted EBITDA margin, % 17.5% 16.4% 17.4% 14.2% 14.1% EBITA 81,128 42,783 269,191 117,047 164,030 Reversal of items affecting comparability, EBITA 2,166 - -14,964 - 1,982 Adjusted EBITA 83,294 42,783 254,227 117,047 166,012 Adjusted EBITA margin, % 13.9% 12.1% 14.0% 10.4% 10.4%
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30 Reconciliation of alternative performance measures, continued Interim report January - September 2026 Acquisition -adjusted net sales The purpose is to show net sales as if acquired companies had been part of the Group for a full year. Sep Dec SEK’000 2026 2025 2025 Net sales, R12 2,284,622 1,472,410 1,595,179 Acquisition adjustment: - Adjustment of acquired companies 356,243 40,917 519,929 Total acquisition adjustment 356,243 40,917 519,929 Total acquisition-adjusted net sales 2,640,864 1,513,328 2,115,108 Acquisition -adjusted adjusted EBITDA The purpose is to show adjusted EBITDA as if acquired companies had been part of the Group for a full year. Sep Dec SEK’000 2026 2025 2025 EBITDA, R12 393,430 204,755 223,639 Items affecting comparability -12,982 - 1,982 Acquisition adjustment: - Adjustment of acquired companies 96,038 4,191 137,953 - Adjustment of transaction costs acquired companies 4,240 2,017 1,544 Total acquisition adjustment 100,278 6,208 139,497 Total acquisition-adjusted adjusted EBITDA 480,727 210,963 365,118 Acquisition -adjusted adjusted EBITA The purpose is to show adjusted EBITA as if acquired companies had been part of the Group for a full year. Sep Jan-Dec SEK’000 2026 2025 2025 EBITA, R12 316,174 148,662 164,030 Items affecting comparability -12,982 - 1,982 Acquisition adjustment: - Adjustment of acquired companies 88,572 2,708 122,735 - Adjustment of transaction costs acquired companies 4,240 2,017 1,544 Total acquisition adjustment 92,812 4,726 124,279 Total acquisition-adjusted adjusted EBITA 396,004 153,387 290,291 Acquisition -adjusted adjusted EBITDA, excl. leases The purpose is to show acquisition -adjusted adjusted EBITDA independent of depreciation and adjustments for leasing of leased premises in accordance with IFRS 16. Sep Dec SEK’000 2026 2025 2025 Acquisition-adjusted adjusted EBITDA, R12 480,727 210,963 365,118 Leasing costs, rental premises -33,084 -25,705 -27,197 Total acquisition-adjusted adjusted EBITDA, excl. leases 447,643 185,258 337,921
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31 Reconciliation of alternative performance measures, continued Operating cash flow and cash conversion The purpose is to analyse the Group's cash conversion from operating activities. Jul-Sep Jan-Sep Jan-Dec SEK’000 2026 2025 2026 2025 2025 Cash flow from operating activities 72,689 46,795 251,293 118,416 179,813 Net investments in tangible and intangible fixed assets -2,991 -2,143 -7,671 -7,969 -9,802 Operating cash flow 69,698 44,652 243,622 110,447 170,011 EBITA 81,128 42,783 269,191 117,047 164,030 Cash conversion , % 86% 104% 91% 94% 104% Interim report January - September 2026 Net debt and Financial net debt The purpose is to assess the Group's ability to meet its financial commitments. The purpose of financial net debt is to assess the indebtedness excluding leases as these have a different maturity structure. Sep Dec SEK’000 2026 2025 2025 Interest-bearing liabilities 275,974 297,548 614,817 Lease liabilities 178,424 120,109 154,854 Liabilities for additional purchase price 138,508 36,581 107,282 Liabilities for put/call options 91,416 - 38,500 Cash and cash equivalents -599,188 -223,069 -459,496 Interest-bearing financial assets -4,994 -12,969 -13,446 Net debt 80,140 218,200 442,511 Lease liabilities, premises -106,265 -72,000 -87,695 Financial net debt -26,125 146,200 354,816 Acquisition -adjusted operating cash flow and cash conversion The purpose is to show operating cash flow and cash conversion as if acquired companies had been part of the Group for a full year. Jul-Sep Jan-Dec SEK’000 2026 2025 2025 Operating cash flow R12 303,186 168,049 170,011 Acquisition adjustment: - Adjustment of acquired companies 39,283 -4,578 54,037 Acquisition-adjusted operating cash flow 342,469 163,471 224,048 Acquisition-adjusted EBITA R12 408,986 153,387 288,309 Acquisition-adjusted cash conversion , % 84% 107% 78%
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32 Equity ratio The purpose is to show what proportion of the assets are financed with equity. Sep Sep Dec SEK’000 2026 2025 2025 Equity 2,003,080 878,975 1,382,029 Total assets 3,252,635 1,597,263 2,780,442 Equity ratio, % 62% 55% 50% Capital employed The purpose is to be able to follow the capital used in the business and financed by owners and lenders. Sep Sep Dec SEK’000 2026 2025 2025 Equity 2,003,080 878,975 1,382,029 Net debt 80,140 218,200 442,511 Capital employed 2,083,220 1,097,175 1,824,540 Reconciliation of alternative performance measures, continued Interim report January - September 2026 Return on capital employed The purpose is to show the return generated in relation to the capital financed by owners and lenders. Sep Sep Dec SEK’000 2026 2025 2025 Acquisition-adjusted adjusted EBITA 396,004 153,387 290,291 Capital employed 2,083,220 1,097,175 1,824,540 Return on capital employed, % 19.0% 14.0% 15.9% Indebtedness The purpose is to be able to follow a measure used by lenders to assess the ability to pay. Sep Sep Dec SEK’000 2026 2025 2025 Financial net debt -26,125 146,200 354,816 Acquisition-adjusted adjusted EBITDA excl. leases 447,643 185,258 337,921 Leverage ratio -0.1 0.8 1.0
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