Interim report
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Interim report July–September 2026 troax.com | 1 July–September 2026 Interim report Troax Group AB
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Interim report July–September 2026 troax.com | 2 Continued strong order intake and improved sales July - September Januari - September • Order intake in the quarter increased by 60 percent compared with the same period last year and amounted to 99,7 (62,2 ) MEUR. Adjusted for currency, divestments and acquisitions the order intake was unchanged, compared with the corresponding period. • Sales in the quarter increased by 51 percent compared with the same period last year and amounted to 96,9 (64,2 ) MEUR. Adjusted for currency effects and acquisitions, revenue increased by 5%. • Operating profit before amortisations (EBITA) increased to 15,1 (10,3 ) MEUR. • Operating margin before amortisations (EBITA margin) decreased to 15,6 (16,1 ) percent. • Financial net was -6,5 (-0,9) MEUR. During the quarter, revaluations of contingent consideration had a negative impact on net financial items of 5.3 MEUR. • Profit after tax increased to 7,1 (6,8 ) MEUR despite non-cash revaluations of contingent consideration. • Adjusted earnings per share after dilution amounted to 0,25 (0,12 ) EUR. • Earnings per share after dilution amounted to 0,12 (0,11) EUR. • During the third quarter, one-off costs related to the North American production relocation impacted the reported operating profit by 2,1 MEUR. • Net debt/EBITDA, excluding IFRS 16, incl.pro forma from acquisitions, increased to 3,1 (1,0 ) • Order intake for the period increased by 42 percent compared with the same period in the previous year and amounted to 280,0 (197,0 ) MEUR. Adjusted for currency effects, divestments and acquisitions, order intake increased by 5,0 percent. • Net sales for the period increased by 26 percent compared with the same period in the previous year and amounted to 252,9 (201,2 ) MEUR. Adjusted for currency effects and acquisitions, net sales decreased by 4,0 percent. • Adjusted operating profit (EBITA) increased to 33,2 (29,7 ) MEUR. • The adjusted operating margin (EBITA margin) decreased to 13,1 (14,8 ) percent. • Financial net amounted to -20,2 (-3,6) MEUR. The financial net in the period was affected by revaluations of contingent considerations of 16,3 MEUR. • Profit after tax amounted to 2,8 (13,5 ) MEUR as a result of non-cash revaluations of contingent consideration. • Adjusted earnings per share after dilution amounted to EUR 0,44 (0,33 ). • Reported earnings per share after dilution amounted to EUR 0,05 (0,23). • During the period, one-off costs related to the relocation of North American production impacted reported operating profit by 5,7 MEUR. • Net debt / EBITDA, excluding IFRS 16, incl pro forma from acquisitions, increased to 3,1 (1,0 ). +60% Order intake 15.6% Adjusted EBITA margin 3.1 Net debt / EBITDA
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Interim report July–September 2026 troax.com | 3 January – September Troax Group figures 3 Mths 3 Mths 9 Mths 9 Mths 12 Mths 12 Mths 12 Mths Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Jan-Dec Okt-Sep MEUR 2026 2025 2026 2025 2025 2024 2025/2026 Order intake 99,7 62,2 280,0 197,0 261,4 276,9 344,4 Sales 96,9 64,2 252,9 201,2 262,4 278,5 314,1 Gross profit 35,0 24,4 93,7 76,2 98,2 106,0 115,7 Gross margin, % 36,1 38,0 37,1 37,9 37,4 38,1 36,9 Adjusted operating result EBITA 15,1 10,3 33,2 29,7 36,3 48,2 39,7 EBITA margin, % 15,6 16,1 13,1 14,8 13,8 17,3 12,7 Operating result EBIT 12,1 9,9 23,9 21,5 22,8 45,1 25,1 EBIT margin, % 12,5 15,4 9,5 10,7 8,7 16,2 8,0 Profit after tax 7,1 6,8 2,8 13,5 13,5 31,3 2,7 EBITDA 19,3 13,2 45,1 38,6 49,1 60,1 55,6 EBITDA margin, % 19,9 20,6 17,8 19,2 18,7 21,6 17,7 EBITDA excl IFRS 16 17,4 12,1 39,4 35,3 44,8 55,5 48,9 EBITDA Margin excl IFRS 16 18,0 18,8 15,6 17,5 17,1 19,9 15,6 Net debt / EBITDA (12 months rolling) 3,1 1,0 3,1 1,0 1,7 0,7 3,1 Adjusted earnings per share after dilution in EUR 0,25 0,12 0,44 0,33 0,40 0,56 0,23
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Interim report July–September 2026 troax.com | 4 Comments from the President and CEO Troax Group continued to perform well during the third quarter. We once again reached record levels in both order intake and sales. However, demand trends remained uneven across our regions and segments. The positive development within the warehousing segment, particularly in Europe, continued during the quarter, and our data centre business grew driven by strong demand in both North America and Europe. At the same time, demand from the automotive industry in Europe and Asia, as well as from the construction segment, remained weak. Improved order intake, higher sales and operating profit Despite the mixed demand environment, order intake reached a record level, driven by acquisitions while underlying organic development remained broadly unchanged. Total order intake increased by 60 percent, sales by 51 percent, and we continued to report a positive book-to-bill ratio. Our most recent acquisitions continued to develop positively and delivered solid growth. Sales increased during the third quarter as a result of the strong order intake recorded in the previous quarter. Our order book contains a larger share of medium-sized and large projects with somewhat longer delivery and invoicing cycles. During the quarter, we worked intensively to deliver in line with our customers’ high expectations. Our gross margin was on the weaker side. The main reasons were a less favourable sales mix as well as increased cost pressure, primarily related to materials in Europe and transportation costs across the business. In North America, we increased delivery volumes despite ramp-up challenges related to our new production facility. Even with the higher volumes, the margin improvement was below my expectations , and we need to intensify our efforts. Profitability of 15.6 percent is a step in the right direction, but it is still a result with which I am not fully satisfied. As deliveries continue to increase in Europe and we gradually optimise operations at our North American facility, we must also continue to strengthen our commercial capabilities in order to further improve profitability. Our recent acquisitions and continued investments in our IT environment contributed to higher selling and administrative expenses during the quarter. Organically, underlying costs continue to decline. We still see significant potential to simplify administrative
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Interim report July–September 2026 troax.com | 5 processes, strengthen our sales efforts and realise synergies from our recent acquisitions. Broader offering and new growth opportunities During the quarter, we took important steps to better meet our customers’ needs while also strengthening the Group’s platform for continued growth. Through a more comprehensive offering, clearer positioning and a more consistent go-to-market approach, we are improving our ability to win new business and deepen customer relationships. Our solution portfolio, expanded through flexible barriers, active safety solutions and data centre offerings, is creating new opportunities for growth. In North America, the relocation of production from Chicago to Portland has now been completed, and the focus is on stabilising and optimising operations. The new facility provides increased capacity and improved efficiency, but considerable work remains before its full potential is realised. In Europe, we continue to improve the efficiency of our shelving panel production in Sweden following the transfer from Poland, where we also see opportunities to further strengthen both cost efficiency and capacity. Overall, I remain confident about our development through the remainder of 2026 and into 2027. The fact that customers continue to choose Troax despite an uncertain market environment is an important confirmation of the strength of our offering and that our long-term investments are making a difference. I would like to extend my sincere thanks to all our outstanding employees who contribute every day to creating safer and more productive workplaces around the world, while at the same time laying the foundation for our continued growth and profitability. Martin Nyström President and CEO
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Interim report July–September 2026 troax.com | 6 The Group – summary July – September Order intake for the quarter increased by 60 per cent compared with the corresponding period last year and was 99.7 (62.2) MEUR. Adjusted for currency effects and acquisitions, order intake was unchanged compared to the same period of the previous year. EMEA North reported an increase in order intake, while the remaining regions reported a lower order intake than in the comparative period. Sales amounted to 96.9 (64.2) MEUR, an increase of 51 per cent compared with the corresponding period last year. Adjusted for currency effects and acquisitions, sales increased by 5 per cent. Americas and EMEA North saw an increase in revenue, while other regions reported a decrease in revenue. Adjusted EBITA amounted to 15.1 (10.3) MEUR, corresponding to an EBITA margin of 15.6 per cent (16.1). January – September Order intake was 280.0 (197.0) MEUR, an increase of 42 per cent compared with the corresponding period last year. Adjusted for currency effects and acquisitions, order intake increased by 5 per cent. Americas and EMEA North reported higher order intake than in the corresponding period last year while remaining regions reported lower order intake than in the comparative period. Sales were 252.9 (201.2) MEUR, an increase of 26 per cent compared with the corresponding period last year. Adjusted for currency effects and acquisitions, sales decreased by 4 per cent. All regions reported lower sales than in the corresponding period last year. Adjusted EBITA was 33.2 (29.7) MEUR, corresponding to an EBITA margin of 13.1 per cent (14.8). Financial net Financial net was -6.5 million (-0.9) MEUR in the third quarter of 2026 and -20.2 million (-3.6) MEUR for the period. During the quarter, non-cash revaluations of contingent consideration had a negative impact on financial net of 5.3 MEUR and 16,3 MEUR for the period. Taxes The tax expense was 1.4 (-2.2) MEUR for the third quarter of 2026 and -0.9 (-4.4) MEUR for the period. Net result Net profit for the third quarter of 2026 amounted to 7.1 (6.8) MEUR and 2.8 (13.5) MEUR for the period, impacted by non-cash revaluations of contingent consideration. Cash flow, working capital and net debt Cash flow from operating activities was 9.9 (12.6) MEUR in the third quarter and 25.8 (25.1) MEUR for the period. Net debt was 183.5 (54.3) MEUR at the end of the period. Net debt in relation to EBITDA was 3.1 (1.0), compared with the Company's financial target of less than 2.5. Investments Investments in the third quarter were 5.0 (2.2) MEUR and 58,4 (7.8) MEUR for the period. They mainly relate to shares in subsidiaries and machinery in USA.
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Interim report July–September 2026 troax.com | 7 Regional development Troax Group’s operations are reported as one segment. As secondary information, order intake and sales are reported based on geographical regions. EMEA North · The Nordics, UK and Central Europe EMEA South · South Europe, Middle East and Africa Americas · North and South America APAC · Asia excluding the Middle East Januari - September Sales and orders by market 3 Mths 3 Mths 9 Mths 9 Mths 12 Mths 12 Mths 12 Mths Order intake Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Jan-Dec Okt-Sep MEUR 2026 2025 Diff 2026 2025 Diff 2025 2024 Diff 2025/2026 EMEA North 33,8 29,6 14% 101,1 95,5 6% 129,3 152,3 -15% 134,9 EMEA South 14,8 15,4 -4% 48,0 49,4 -3% 62,5 66,1 -5% 61,1 Americas 7,1 9,2 -22% 38,0 29,0 31% 41,4 43,2 -4% 50,4 APAC 3,5 5,3 -34% 11,4 15,7 -27% 19,8 14,3 38% 15,5 Total organic order intake 59,3 59,5 0% 198,6 189,6 5% 253,0 275,9 -8% 262,0 Currency effect 1,7 -0,9 3% 0,2 -0,7 0% -1,8 0,0 -1% -0,9 Order intake discontinued businesses 0,0 3,2 0% 0,8 6,9 0% 8,5 1,0 3% 2,3 Order intake acquisitions 38,8 0,4 65% 80,5 1,2 42% 1,7 0,0 1% 81,0 Total Order intake 99,7 62,2 60% 280,0 197,0 42% 261,4 276,9 -6% 344,4 3 Mths 3 Mths 9 Mths 9 Mths 12 Mths 12 Mths 12 Mths Total Sales Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Jan-Dec Okt-Sep MEUR 2026 2025 Diff 2026 2025 Diff 2025 2024 Diff 2025/2026 EMEA North 35,9 31,6 14% 96,7 98,4 -2% 131,3 155,7 -16% 129,7 EMEA South 15,4 16,0 -4% 46,3 47,7 -3% 61,1 67,3 -9% 59,7 Americas 10,9 9,3 18% 31,7 32,2 -1% 41,0 40,1 2% 40,5 APAC 2,6 4,9 -48% 10,5 14,7 -29% 19,6 15,4 27% 15,4 Total organic sales 64,8 61,8 5% 185,2 193,0 -4% 253,0 278,5 -9% 245,3 Currency effect -0,8 -0,9 -1% -2,4 -0,7 -1% -1,8 0,0 -1% -3,5 Sales discontinued businesses 0,0 2,8 -1% 1,6 7,6 21% 9,0 0,2 4477% 2,9 Sales acquisitions 32,9 0,5 53% 68,5 1,3 36% 2,2 0,0 1% 69,4 Total Sales 96,9 64,2 51% 252,9 201,2 26% 262,4 278,5 -6% 314,1 Note that organic growth is reported excluding currency effect. Starting with this report, divested operations have been separated from organic operations.
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Interim report July–September 2026 troax.com | 8 The Group – summary Income statement 3 Mths 3 Mths 9 Mths 9 Mths 12 Mths 12 Mths 12 Mths Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Jan-Dec Okt-Sep MEUR 2026 2025 2026 2025 2025 2024 2025/2026 Sales 96,9 64,2 252,9 201,2 262,4 278,5 314,1 Cost of goods sold -61,9 -39,8 -159,1 -125,0 -164,2 -172,5 -198,3 Gross profit 35,0 24,4 93,7 76,2 98,2 106,0 115,7 Sales expenses -13,8 -9,6 -40,0 -30,7 -40,9 -39,8 -50,2 Administrative expenses -7,1 -4,6 -21,8 -15,4 -20,8 -18,9 -27,2 Other operating income and expenses 1,0 0,1 1,2 -0,4 -0,2 0,9 1,4 Adjusted operating result (EBITA) 15,1 10,3 33,2 29,7 36,3 48,2 39,7 Amortizations and items affecting comparability -3,0 -0,4 -9,2 -8,2 -13,5 -3,1 -14,5 Operating result (EBIT) 12,1 9,9 23,9 21,5 22,8 45,1 25,1 Financial income and expenses -6,5 -0,9 -20,2 -3,6 -4,9 -4,3 -21,5 Result after financial expenses 5,7 9,0 3,7 17,9 17,9 40,8 3,6 Taxes 1,4 -2,2 -0,9 -4,4 -4,4 -9,5 -0,9 Net result for the period 7,1 6,8 2,8 13,5 13,5 31,3 2,7 Earnings per share before / after dilution 0,12 € 0,11 € 0,05 € 0,23 € 0,23 € 0,52 € 0,05 € Adjusted earnings per share before / after dilution 0,25 € 0,12 € 0,44 € 0,33 € 0,40 € 0,56 € 0,23 € Number of shares before / after dilution (1000's) 60 000 60 000 60 000 60 000 60 000 60 000 60 000
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Interim report July–September 2026 troax.com | 9 The Group – summary Statement of comprehensive income 3 Mths 3 Mths 9 Mths 9 Mths 12 Mths 12 Mths 12 Mths Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Jan-Dec Okt-Sep 2026 2025 2026 2025 2025 2024 2025/202 6 Net result for the period 7,1 6,8 2,8 13,5 13,5 31,3 2,7 Other comprehensive income: Items that may be reclassified to the income statement Translation differences -1,0 -0,2 -1,0 2,0 3,9 -1,4 0,9 Tax related to items that may be reclassified 0,0 0,0 0,0 0,0 0,0 0,0 0,0 -1,0 -0,2 -1,0 2,0 3,9 -1,4 0,9 Items that will not be reclassified to the income statement 0,0 Actuarial gains and losses on defined-benefit pension commitment 0,0 0,0 0,0 0,0 0,1 0,1 0,1 Tax related to items that may be reclassified 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,0 0,1 0,1 0,1 Other comprehensive income, net of tax -1,0 -0,2 -1,0 2,0 4,0 -1,3 1,0 Total comprehensive income for the period 6,1 6,6 1,9 15,5 17,5 30,0 3,8 EBITDA 3 Mths 3 Mths 9 Mths 9 Mths 12 Mths 12 Mths 12 Mths Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Jan-Dec Okt-Sep 2026 2025 2026 2025 2025 2024 2025/2026 Operating result (EBIT) 12,1 9,9 23,9 21,5 22,8 45,1 25,1 Amortizations and items affecting comparability 3,0 0,4 9,2 8,2 13,5 3,1 14,5 Adjusted operating result (EBITA) 15,1 10,3 33,2 29,7 36,3 48,2 39,7 Depreciations 4,2 2,9 11,9 8,9 12,8 11,9 15,9 EBITDA 19,3 13,2 45,1 38,6 49,1 60,1 55,6
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Interim report July–September 2026 troax.com | 10 The Group – summary Statement of financial position 2026 2025 2025 2024 MEUR 30-sep 30-sep 31-dec 31-dec Assets Intangible assets 178,0 120,8 140,6 120,5 Tangible assets 110,7 80,9 106,8 79,8 Financial fixed assets 9,2 6,9 11,5 10,9 Total fixed assets 297,8 208,6 258,9 211,2 Inventories 38,8 27,3 27,3 29,4 Current receivables 106,2 60,9 73,2 58,6 Cash and cash equivalents 16,9 33,2 39,7 29,5 Total current assets 161,9 121,4 140,2 117,5 TOTAL ASSETS 459,8 330,0 399,1 328,7 Equity and liabilities Equity 164,9 175,3 177,4 180,1 Long-term liabilities and provisions 206,5 103,4 166,8 98,0 Current liabilities 88,4 51,3 54,9 50,6 TOTAL EQUITY AND LIABILITIES 459,8 330,0 399,1 328,7 Net debt 183,5 54,3 104,9 49,8 Statement of changes in equity attributable to the parent company’s shareholders 2026 2025 2025 2024 30-sep 30-sep 31-dec 31-dec Opening balance 177,4 180,1 180,1 172,3 Dividends -14,4 -20,3 -20,3 -20,4 Received option premiums 0,0 0,0 0,1 0,2 Re-purchase of shares 0,0 0,0 0,0 -2,0 Total comprehensive income for the period 1,9 15,5 17,5 30,0 Closing balance 164,9 175,3 177,4 180,1
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Interim report July–September 2026 troax.com | 11 The Group – summary 3 Mths 3 Mths 9 Mths 9 Mths 12 Mths 12 Mths 2026 2025 2026 2025 2025 2024 MEUR Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Jan-Dec Adjusted operating result (EBITA) 15,2 10,3 33,2 29,7 36,3 48,2 Depreciations, interest received and paid, tax paid and adjustments 4,5 1,7 1,4 0,8 0,2 -2,5 Changes in working capital -9,8 0,6 -8,8 -5,4 -6,6 -3,3 Cash flow from operating activities 9,9 12,6 25,8 25,1 29,9 42,4 Investments -5,0 -2,2 -58,4 -7,8 -35,9 -15,9 Cash flow after investing activities 4,9 10,4 -32,6 17,3 -6,0 26,5 Financing activities -2,0 -2,0 10,8 -13,6 16,6 -30,2 Cash flow for the period 2,9 8,4 -21,8 3,7 10,6 -3,7 Cash and cash equivalents at the start of the period 15,0 24,8 39,7 29,5 29,5 33,2 Translation difference in cash and cash equivalents -1,0 0,0 -1,0 0,0 -0,4 0,0 Cash and cash equivalents at the end of the period 16,9 33,2 16,9 33,2 39,7 29,5 During the period, reallocations relating to previous quarters have been made.
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Interim report July–September 2026 troax.com | 12 Parent company – summary Income statement 3 Mths 3 Mths 9 Mths 9 Mths 12 Mths 12 Mths Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Jan-Dec MEUR 2026 2025 2026 2025 2025 2024 Sales 0,0 0,0 0,1 0,2 4,4 1,0 Cost of goods sold 0,0 0,0 0,0 0,0 0,0 0,0 Gross profit 0,0 0,0 0,1 0,2 4,4 1,0 Administrative expenses -3,1 -1,8 -9,9 -5,7 -8,1 -4,0 Other operating income and expenses 0,3 0,0 0,3 -0,1 -0,1 -0,1 Operating result (EBIT) -2,8 -1,8 -9,5 -5,6 -3,8 -3,1 Financial income and expenses -0,3 -0,5 -2,9 5,4 4,9 11,2 Result after financial expenses -3,1 -2,3 -12,4 -0,2 1,1 8,1 Year-end appropriations 0,0 0,0 0,0 0,0 14,2 2,4 Profit before tax -3,1 -2,3 -12,4 -0,2 15,3 10,5 Taxes 0,8 0,5 2,9 1,9 -1,2 -2,2 Net result for the period -2,3 -1,8 -9,5 1,7 14,1 8,3 Statement of comprehensive income Net result for the period -2,3 -1,8 -9,5 1,7 14,1 8,3 Other comprehensive income, net of tax 0,0 0,0 0,0 0,0 0,0 0,0 Total comprehensive income for the period -2,3 -1,8 -9,5 1,7 14,1 8,3
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Interim report July–September 2026 troax.com | 13 Parent company – summary Statement of financial position 30-sep 30-sep 31-dec 31-dec MEUR 2026 2025 2025 2024 Assets Shares in subsidiaries 137,7 87,7 112,7 87,7 Receivables to subsidiaries 22,6 22,2 22,1 24,9 Other long-term receivables 1,1 0,8 1,1 0,9 Total fixed assets 161,4 110,7 135,9 113,5 Receivables to subsidiaries 10,4 0,4 18,1 12,2 Current receivables 3,8 0,2 0,1 0,0 Cash and cash equivalents 0,0 7,6 1,3 6,0 Total current assets 14,2 8,2 19,5 18,2 TOTAL ASSETS 175,6 118,9 155,4 131,7 Equity and liabilities Equity 9,6 20,9 33,5 39,6 Untaxed reserves 0,4 2,6 0,4 2,6 Long-term liabilities and provisions 144,1 80,5 113,1 70,9 Current liabilities 21,4 14,9 8,4 18,6 TOTAL EQUITY AND LIABILITIES 175,6 118,9 155,4 131,7 Cash flow statement 3 Mths 3 Mths 9 Mths 9 Mths 12 Mths 12 Mths 2026 2025 2026 2025 2025 2024 MEUR Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Jan-Dec Operating result (EBIT) -2,8 -1,8 -9,5 -5,6 -3,8 -3,1 Interest paid and received, taxes, adjustments -3,2 -0,7 -6,5 4,7 -11,4 -0,8 Change in working capital 18,9 6,3 23,1 12,8 -11,2 21,0 Cash flow from continuing operations 12,9 3,8 7,1 11,9 -26,4 17,1 0,0 Investments 0,0 0,0 -25,0 0,0 0,0 0,0 Cash flow from investment activities 12,9 3,8 -17,9 11,9 -26,4 17,1 0,0 Cash flow from financing activities -12,9 0,0 16,6 -10,3 21,7 -22,3 Cash flow for the period -0,0 3,8 -1,3 1,6 -4,7 -5,2 Cash and cash equivalents at the beginning of the period 0,0 3,8 1,3 6,0 6,0 11,2 Translation difference 0,0 0,0 0,0 0,0 0,0 0,0 Cash and cash equivalents at the end of the period -0,0 7,6 -0,0 7,6 1,3 6,0
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Interim report July–September 2026 troax.com | 14 Financial targets 2030 Troax Group’s financial targets, connected to the company’s strategic initiatives, are presented below. The financial targets represent forward-looking statements. Forward-looking statements do not guarantee future results or development. The actual outcome may differ materially from what is expressed in the forward-looking statements. Sales growth Achieve revenue of at least EUR 550 million by 2030, corresponding to a compound annual growth rate (CAGR) of at least 15%, using 2025 as the base year. Profitability Maintain an adjusted operating margin (EBITA) of at least 20% over an economic cycle. Capital structure Net debt in relation to EBITDA, excluding temporary deviations, should normally not exceed 2.5x. Dividend policy The aim is to distribute approximately 40-60% of net profit as dividends. The proposed dividend should take into account the Group's long-term growth opportunities, financial position and investment requirements.
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Interim report July–September 2026 troax.com | 15 Other information (cont.) Accounting principles This interim report has been prepared in accordance with IAS 34, Interim Financial Reporting, the Annual Accounts Act and the Swedish Financial Reporting Board recommendation RFR 2, Accounting for Legal Entities. The Accounting principles that have been applied coincide with those accounting principles used for preparing the latest Annual Report. The Annual Report for 2025 is available on www.troax.com. Alternative key ratios In this interim report, Troax presents certain financial measures that are not defined by IFRS, so-called alternative key ratios. The Group believes that these measures provide valuable supplementary information to investors as they enable an evaluation of the company’s results and position. Since not all companies calculate financial measurements in the same way, these are not always comparable to those used by other companies. Investors should consider these financial measures as a complement rather than an IFRS financial statement. Troax uses the following alternative key figures: Organic growth As a large proportion of the Group’s sales take place in currencies other than the reporting currency (Euro), the Group’s sales are evaluated based on its organic sales growth, which enables separate evaluations of the effect of acquisitions / divestments and currency effects. Operating profit before amortisations (EBITA) Earnings before interest, tax, depreciation on acquisition-related intangible fixed assets, acquisition-related costs and income and items affecting comparability. Organic growth including acquired companies 3 Mths 3 Mths 9 Mths 9 Mths 12 Mths 12 Mths 12 Mths Total Sales Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Jan-Dec Okt-Sep MEUR 2026 2025 Diff 2026 2025 Diff 2025 2024 Diff 2025/26 Organic sales / growth 64,8 61,8 5% 185,2 193,0 -4% 253,0 278,5 -9% 245,3 Currency effect -0,8 -0,9 -1% -2,4 -0,7 -1% -1,8 0,0 -1% -3,5 Sales from acquisitions an divested companies 32,9 3,3 53% 70,1 8,9 36% 11,2 0,2 4% 72,3 Total Sales 96,9 64,2 51% 252,9 201,2 26% 262,4 278,7 -6% 314,1
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Interim report July–September 2026 troax.com | 16 Other information (cont.) Income and expenses from acquisitions and items affecting comparability 3 Mths 3 Mths 9 Mths 9 Mths 12 Mths 12 Mths Jul-Sep Jul-Sep Jan-Sep Jan-Sep Jan-Dec Jan-Dec MEUR 2026 2025 2026 2025 2025 2024 EBITA 15,1 10,3 33,2 29,7 36,3 48,2 Amortizations from acquisition- related assets -0,9 -0,9 -2,4 -2,7 -3,6 -3,1 Acquisition costs 0,0 0,3 -1,1 0,3 0,0 0,0 Result from sale of shares in subsidiaries 0,0 0,2 0,0 0,2 0,2 0,0 Other items affecting comparability -2,1 0,0 -5,7 -6,0 -10,2 0,0 Income and expenses from acquisitions and items affecting comparability -3,0 -0,4 -9,2 -8,2 -13,5 -3,1 EBIT 12,1 9,9 23,9 21,5 22,8 45,1 Items affecting comparability primarily relate to costs for the relocation of the factory in the United States . Adjusted earnings per share after dilution Profit after tax excluding amortisations of fixed assets related to surplus values from acquisitions, acquisition-related costs and income and items affecting comparability in relation to the weighted average number of outstanding shares. None of the group’s outstanding call option programs are deemed to result in significant future dilution. Jul-Sep Jul-Sep Jan-Sep Jan-Sep 31-dec 2026 2025 2026 2025 2025 Earnings per share Net income after tax (MEUR) 7,1 6,8 2,8 13,5 13,5 Adjusted earnings per share 0,12 0,11 0,05 0,23 0,23 Adjusted earnings per share Net income after tax (MEUR) 7,1 6,8 2,8 13,5 13,5 Adjustments Items affecting comparability after tax 1,6 - 4,3 4,4 7,6 Aquisition costs after tax 5,3 -0,3 17,4 0,5 Amortization costs after tax 0,9 0,4 1,8 2,2 3,0 Adjusted result after tax (MEUR) 14,8 6,9 26,3 20,1 24,6 Adjusted earnings per share 0,25 0,12 0,44 0,33 0,41 Number of shares 60 000 000 60 000 000 60 000 000 60 000 000 60 000 000
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Interim report July–September 2026 troax.com | 17 Other information (cont.) Net debt / EBIT Troax’s definition of net debt is the sum of interest- bearing liabilities (including leasing liabilities according to IFRS 16 but excluding pension liabilities) less cash and cash equivalents. Net debt is used by Group management to monitor and analyse the debt development in the Group and evaluate the Group’s refinancing needs. Net debt compared with EBITDA provides a key figure for net debt in relation to cash - generating operating results, which gives an indication of the business’ ability to pay its debts. 30-sep 30-sep 31-dec 31-dec Net debt / EBITDA incl IFRS 16 MEUR 2026 2025 2025 2024 Short term loans 0,0 0,0 0,0 0,0 Long term loans 145,8 80,0 114,9 70,0 Holdback and Earn out liabilities 25,2 0,0 0,0 0,0 Pension liabilities 0,0 0,0 0,0 0,0 Liabilities for leases (IFRS 16) 29,5 7,5 29,6 9,3 Total debt 200,4 87,5 144,5 79,3 Cash 16,9 33,2 39,7 29,5 Net debt incl IFRS 16 183,5 54,3 104,9 49,8 12 month rolling EBITDA incl IFRS 16 57,9 53,2 49,1 62,2 Net debt / EBITDA incl IFRS 16 3,2 1,0 2,1 0,8 Net debt excl IFRS 16 154,0 46,9 75,3 40,5 12 month rolling EBITDA excl IFRS 16 50,3 48,8 44,7 55,5 Net debt / EBITDA excl IFRS 16 3,1 1,0 1,7 0,7 Risks and risk management Exposure to risks is a natural part of business operations and this reflects Troax’ approach to risk management. This aims to identify and prevent the occurrence of risks and to limit any damage from these risks. The most significant risks to which the Group is exposes are related to the cyclical impact on demand. For further information, see the Management Report and Note 29 in the Annual Report 2025.
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Interim report July–September 2026 troax.com | 18 Other information (cont.) Seasonal variations Seasonal variations have some impact on Troax business. Sales are normally in general stable between the quarters but can fluctuate between the months in the quarter. Sales can be somewhat lower in the summer months (July–August) and from December to January. In periods of high production, the company normally ties up more money in working capital. Cash is then released from working capital after a high season when manufactured goods are installed and the customer’s receivables paid. Transactions with related parties No significant transactions with related parties have taken place during the period. Re-purchase of shares As of the 30st of September 2026, Troax Group AB (publ) owned 154,668 own shares. Employees At the end of the period the Group had 1 419 (1 137) employees. Significant events after the reporting period On 1 October, Robert Burning assumed the role of CFO. On October 27, 2026, Troax Group launched Beyond Safety, a new brand direction aimed at creating increased customer value and strengthening the Group’s commercial platform. Development in the parent company There is no significant information to report after the quarter. Audit This report has been comprehensively reviewed by the auditors. Business acquisition On 7 January, Troax completed the acquisition of Vichnet, including its subsidiaries. The company, headquartered in Ningbo, China, reported revenues of 26 MEUR and approximately 300 employees (2024). Since its establishment in 2006, Vichnet has achieved profitable growth and today offers a comprehensive range of safety solutions for both the Chinese market and export markets. The purchase consideration amounted to 48.4 MEUR, consisting of a fixed component of 45.4 MEUR paid out during the year and a variable component of 3.0 MEUR. The variable component, initially valued at 3.0 MEUR, has been revalued during the period to its maximum amount, totalling 21.8 MEUR. This revaluation of 18.8 MEUR has been recognised in net financial items. The acquisition analysis summarises the preliminary purchase consideration for the acquisition, as well as the fair values of the acquired assets and assumed liabilities recognised as of the acquisition date. The table does not include the revaluation of the variable component. Assets MEUR Intangible fixed assets 0,1 Tangible fixed assets 3,7 Financial fixed assets 0,1 Inventory 2,5 Accounts receivables 11,7 Other current receivables 0,1 Prepaid expenses 0,8 Cash and cash equivalents 2,5 Total identifiable assets 21,5 Liabilities MEUR Account payables 4,3 Other current liabilities 1,3 Accrued expenses 1,7 Short term bank loans 2,4 Total assumed liabilities 9,8 Acquired net assets 11,7 Purchase price incl. expected additional purchase price 48,4 Goodwill 36,7
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Interim report July–September 2026 troax.com | 19 Signature On behalf of the Board of Directors Hillerstorp, Sweden, 29 October 2026 Martin Nyström President & CEO
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This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail. Auditor’s report To the Board of directors in Troax Group AB (publ), corporate identity number 556916-4030 Introduction We have conducted a limited review of the condensed interim financial information (interim report) for Troax Group AB (publ) as of September 30, 2026, and the nine-month period ending on that date. The board of directors and the managing director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review. The focus and scope of the limited review We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has. Conclusion Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act. Gothenburg, date as of our digital signature Öhrlings PricewaterhouseCoopers AB Johan Malmqvist Authorized Public Accountant
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Interim report July–September 2026 troax.com | 21 Troax as an investment Globally leading and well-positioned for the future Troax Group is the only truly global player in industrial safety. That position has been earned through seven decades of profitable growth, continuous product development and a growing network of local safety experts across more than 40 countries. With this foundation, the Group leads the industry forward – setting new standards for what industrial safety can deliver. Complete, sustainable and Beyond safety The Group has the widest portfolio of safety solutions on the market for customers in manufacturing, warehouse and logistics, storage and data centres. By combining products, systems and services into integrated solutions, the Group takes increasing responsibility across the customer's value chain. This drives higher revenue per customer, strengthens long-term customer relationships and increases the share of recurring business. Based on each customer's needs, the Group delivers both standardised and fully tailored solutions – giving customers operations that are clearly scalable, more sustainable and above all safer. Macrotrends, innovation and acquisitions drive growth The underlying market conditions are favourable. Automation, rising safety requirements and growth in e-commerce and data centres drive structural demand. The Group is well positioned to increase its market shares – particularly in Americas and APAC. A healthy and growing acquisition pipeline adds to this. Organic growth and acquisitions reinforce one another. A clear path to the EBITA target The Group’s long-term target of an adjusted EBITA margin of at least 20% stands firm. Initiatives including supply chain consolidation, increased automation and simplification of the product range are progressing in parallel. These are expected to contribute to gradually improving margins. A strong balance sheet for growth and dividends The Group has a solid financial foundation and a dividend policy of 40–60%of adjusted EPS. That delivers stability for shareholders and the capacity to act on acquisitions, without one excluding the other.
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Interim report July–September 2026 troax.com | 22 __________________________________________________ This information is disclosed by Troax Group AB (publ) pursuant to the EU Market Abuse Regulation. It was submitted for publication through the agency of the contact person stated above at 08:00 CET on 29 October 2026. Troax Group AB (publ) Box 89 SE 335 04 Hillerstorp Phone: +46 (0)370-828 00 www.troax.com Follow Troax Group’s journey on LinkedIn. Interim report presentation The interim results will be presented at a Teams webinar by Martin Nyström, President & CEO, on 29 October 2026 at 11:00 CET. The conference will be held in English. To participate, please register via the link below: https://events.teams.microsoft.com/event/d1e21 74d-2293-4bdb-9a6d-258525286727@3288c4ec- b004-4866-b1a1-dcf4b1d0c9e3 Financial calendar 2026 Year-end report Q4 2026 – 5 February 2027 Interim report Q1 2027 – 21 April 2027 Annual General Meeting – 22 April 2027 Contact Martin Nyström, President and CEO +46 (0)370-828 31 martin.nystrom@troax.com Making safety a driver of long- term performance Troax Group is the global market leader in industrial safety. The Group offers the sector’s most comprehensive product and service portfolio, continuously evolving through sustainable, next-generation innovation. By making industrial safety the foundation of our customers’ performance, Troax Group has delivered profitable growth for seven decades. Troax Group operates in around 40 countries and has approximately 1,400 employees. The head office is located in Hillerstorp, Sweden. In 2025, net sales amounted to approximately 262 MEUR. The Troax share is listed on Nasdaq Stockholm.