Interim report
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Creating a safer society Q3 Interim report January–September 2026
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Interim report, third quarter of 2026 Third quarter 2026 • Consolidated sales increased 5.8% to SEK 1,447.2 M (1,367.9). • Organic growth amounted to 5.4% (6.3), adjusted for acquired sales and currency effects between the years. • Consolidated operating profit (EBIT) amounted to SEK 139.6 M (158.3), with an operating margin (EBIT) of 9.6% (11.6). • Workforce-related reorganization expenses of SEK 4.7 M in Mobile Thermal Solutions had a negative impact on consolidated operating profit. • Profit after financial items amounted to SEK 131.9 M (139.5). • Earnings per share amounted to SEK 4.16 (3.87) before and after dilution. Net sales SEK 1,447 M Sales growth 5.8 % Operating profit (EBIT) SEK 140 M Operating margin (EBIT) 9.6 % Key figures Group, SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Net sales 1,447.2 1,367.9 4,304.1 4,081.7 5,394.2 Operating profit before depreciation/ amortization (EBITDA) 188.7 193.4 580.5 611.3 829.6 Operating profit before amortization (EBITA) 152.7 171.3 475.9 526.9 699.4 Operating profit (EBIT) 139.6 158.3 436.9 491.2 650.5 Operating profit after financial items (EBT) 131.9 139.5 406.0 427.6 572.9 Operating profit for the period 104.1 96.7 306.9 311.2 422.1 Earnings per share, SEK 4.16 3.87 12.28 12.44 16.88 Cash flow from operating activities 264.6 135.9 364.4 247.5 531.0 ROE (cumulative), % 9.8 10.5 9.8 10.5 10.6 ROCE (cumulative), % 9.8 11.4 9.8 11.4 11.2 Equity/assets ratio, % 53.8 56.4 53.8 56.4 56.0 Interest-bearing net debt/EBITDA n/a n/a 1.6 1.3 1.2 Average number of employees 2,204 2,131 2,204 2,131 2,150 Average number of shares during the period 25,004 25,004 25,004 25,004 25,004 Number of shares outstanding (‘000) 25,004 25,004 25,004 25,004 25,004 Third quarter Nine months 2026 • Consolidated sales increased 5.4% to SEK 4,304.1 M (4,081.7). • Organic growth amounted to 6.4% (–4.4), adjusted for acquired sales and currency effects between the years. • Consolidated operating profit (EBIT) amounted to SEK 436.9 M (491.2), with an operating margin (EBIT) of 10.2% (12.0). • A provision for restructuring costs of SEK 19.3 M related to the consolidation of production opera - tions to Dobřany, Czech Republic had a negative impact on operating profit (EBIT). • Workforce-related reorganization expenses of SEK 6.8 M in Mobile Thermal Solutions had a negative impact on consolidated operating profit (EBIT). • Profit after financial items amounted to SEK 406.0 M (427.6). • Earnings per share amounted to SEK 12.28 (12.44) before and after dilution. 2 Q3 Interim report January–September 2026
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All divisions supported growth in the Group VBG Group reported organic growth in all of the Group’s divisions and geographic markets during the third quarter. Sales growth was driven by positive performance in several market segments as well as by implemented price adjustments. Net sales amounted to SEK 1,447 M (1,368), corre - spon ding to an increase of 5.8% compared with the year- earlier quarter. Adjusted for currency effects and acquired sales, organic growth amounted to 5.4% (6.3). Sales increased in all of the Group’s divisions and geo- graphic markets: North America, Europe, and Rest of World. Operating profit (EBIT) amounted to SEK 140 M (158), corresponding to an operating margin of 9.6% (11.6) and was negatively impacted by workforce- related reorganization expenses of SEK 4.7 M in Mobile Thermal Solutions. Order bookings for the quarter increased 4.5% compared to the year-earlier quarter. Cash flow from operating activities amounted to SEK 265 M (136). Price adjustments, operational improvements and cost control measures continued during the quarter to offset increased costs relating to tariffs, raw materials, energy and freight. Growth supported by all divisions Truck & Trailer Equipment’s sales increased by 2.8%, driven primarily by continued strong demand in the defense segment. Meanwhile, demand in the trailer segment in Europe performed positively. Mobile Thermal Solutions’ sales increased by 8.3%, driven primarily by robust demand in the off-road segment and improved performance in the European markets. Increased costs for raw materials and freight, higher tariffs and workforce-related reorganizational expenses of SEK 4.7 M negatively impacted profitabil - ity for the quarter. Work on price adjustments and effi - ciency enhancement measures continues to compen - sate for the additional cost increases during the third quarter. The effect of the implemented price adjust - ments comes with a certain time lag in relation to the cost increases. Ringfeder Power Transmission reported the stron - gest quarter in its history in terms of sales, with an increase of 3.3% during the quarter. Demand in all industrial segments was stable, with robust perfor - mance in the defense segment. The product mix and high activity levels led to capacity challenges that impacted efficiency and earnings during the quarter. Focus on operational development The strategic investments continued during the quarter in order to strengthen the Group’s capacity, efficiency and long-term competitiveness. The work on the new Mobile Thermal Solutions production facility in Toronto, Canada, has proceeded as planned, with full production capacity scheduled to be reached as of the second quarter of 2027. During the quarter, I stepped into the role of acting Division Manager for Mobile Thermal Solutions to further strengthen growth in the division. Ringfeder Power Transmission continued the con - struction of its new production facility in Dobřany, Czech Republic. The facility is scheduled to be com- missioned in the third quarter of 2027. The future The business environment is characterized by geopolit - ical and macroeconomic uncertainty. At the same time, we are seeing organic growth in all divisions and geo - graphic markets. Order bookings performed positively, with growth of 4.5% during the quarter, a reflection of stable demand in several segments. We are closely monitoring developments in our busi- ness environment and focusing on price adjustments, cost control, capacity development and operational improvements as well as capitalizing on our order bookings. Our diversified operations and financial position provide us with a platform to continue growing and creating long-term value. Thank you for your continued confidence in VBG Group. Anders Erkén President and CEO, VBG Group Organic growth in all divisions FROM THE PRESIDENT 3 Q3 Interim report January–September 2026
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Divisions Sales, SEK M 380 Operating margin (EBIT), % 16 Operating profit (EBIT), SEK M 62 Average number of employees 427 Sales, SEK M 778 Operating margin (EBIT), % 8 Operating profit (EBIT), SEK M 58 Average number of employees 1,068 Sales, SEK M 289 Operating margin (EBIT), % 9 Operating profit (EBIT), SEK M 27 Average number of employees 699 36 Wholly owned companies 2,204 Average number of employees 14 Countries Global presence, proportion of sales VBG Group – A stable global industrial Group VBG Group is a long-term and active owner of successful industrial companies and brands. The Group comprises three divisions: Truck & Trailer Equipment, Mobile Thermal Solutions and Ringfeder Power Transmission, which are operated on the basis of high industrial expertise, strong values and financial stability. Considerable experience and industrial expertise High level of service Long-term financial strength Leading systems solutions Strong international position and global presence Broad portfolio of brands in attractive niches Europe 33% North America 52 % Rest of world 15% Truck & Trailer Equipment Mobile Thermal Solutions Ringfeder Power Transmission Third quarter 4 Q3 Interim report January–September 2026
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Group Sales and earnings Third quarter of 2026 Sales totaled SEK 1,447.2 M (1,367.9), corresponding to an increase of 5.8% compared with the third quarter of 2025. Adjusted for acquired sales and currency effects, organic growth amounted to 5.4% (6.3). Truck & Trailer Equipment’s organic growth amounted to 2.1%. Organic growth in Mobile Thermal Solutions amounted to 7.9% and for Ringfeder Power Transmis- sion to 3.4%. Consolidated operating profit (EBIT) amounted to SEK 139.6 M (158.3), corresponding to an operating margin (EBIT) of 9.6% (11.6). Operating profit (EBIT) was negatively impacted by a provision of SEK 4.7 M for workforce-related reorganization expenses in Mobile Thermal Solutions as well as by changing tariffs in the US and a continued increase in raw material, energy and freight costs. Truck & Trailer Equipment’s operating margin (EBIT) decreased to 16.2% (17.5) and was impacted by costs for IAA and Elmia, two major biennial trade fairs during the quarter. Mobile Thermal Solutions’ operating margin (EBIT) decreased to 7.5% (9.7). The division’s operating profit (EBIT) was negatively impacted by changing tariffs and increased raw material, energy and freight costs during the quarter while price adjustments that were imple - mented as an offset lagged to some extent. Demand – primarily in the off-road segment – continued to grow in the quarter. The customer and product mix negatively impacted operating profit. Ringfeder Power Transmission’s operating margin (EBIT) was 9.3% (11.1). In terms of sales, the division had the strongest quarter in its history, but was nega - tively impacted by ramp-up costs for expanded capacity as well as an unfavorable product mix. Nine months 2026 Sales amounted to SEK 4,304.1 M (4,081.7), correspond- ing to an increase of 5.4% compared with the first nine months of 2025. Adjusted for acquired sales and cur- rency effects, organic growth amounted to 6.4% (–4.4). Operating profit (EBIT) decreased to SEK 436.9 M (491.2), corresponding to an operating margin (EBIT) of 10.2% (12.0). Operating profit (EBIT) for the first nine months was negatively impacted by higher raw mate - rial, energy and freight costs, changes in US tariffs as well as ramp-up costs associated with expanded capacity. Price adjustments have been implemented to offset increased costs, but there will be some delay before these take full effect. An unfavorable customer and product mix also negatively impacted operating profit. Moreover, operating profit was charged with a provision of SEK 19.3 M for restructuring costs related to consolidation of production operations in Dobřany, Czech Republic The restatement of balance sheet items as a result of currency effects positively impacted oper - ating profit by SEK 3.5 M during the first nine months, compared with a negative impact of SEK 8.3 M during the year-earlier period. The comparative period in 2025 was also positively impacted by SEK 13.4 M in retroac - tive pandemic subsidies in the US, and negatively by SEK 5.0 M in consulting expenses related to completed acquisitions. Consolidated net interest expense for the first nine months of the year amounted to SEK –35.1 M (–32.0). Net interest was impacted primarily by higher levels of borrowing. The currency effect on financial liabilities in foreign currencies amounted to SEK 6.4 M (–30.9), while other financial income and costs amounted to SEK –2.2 M (–0.7). Profit after financial items decreased to SEK 406.0 M (427.6) and profit after tax decreased to SEK 306.9 M (311.2). Earnings per share totaled SEK 12.28 (12.44) before and after dilution. Capital expenditures and depreciation/ amortization The Group’s new capital expenditures for the third quarter amounted to SEK 167.4 M (79.6). Total new capital expenditures for the first nine months of the year amounted to SEK 375.6 M (144.6). The higher level of investment in 2026 pertains largely to the new Mobile Thermal Solutions production facility in Toronto, Canada. Depreciation/amortization for the third quarter totaled SEK 49.1 M (35.1) and totaled SEK 143.6 M (120.1) for the first nine months of the year. Financial position Profit after tax for the first nine months of the year decreased to SEK 306.9 M (311.2). Other comprehen - sive income – relating to translation differences per - taining to foreign operations, amounted to SEK 177.1 M (–267.2), with intangible assets comprising the single largest item. Comprehensive income for the period thus amounted to SEK 484.0 M (44.0). Dividends paid in 2026 totaled SEK 181.3 M (181.3). Consolidated equity thus increased during the period to SEK 4,267.8 M (3,965.1 at year-end). The equity/assets ratio decreased to 53.8% (56.4) during the first nine months of the year. Changes to cash and cash equivalents for the period, including currency effects, totaled SEK –24.8 M (–169.9). Cash and cash equivalents totaled SEK 1,084.0 M at the end of the period (1,108.8 at year- end). In addition, there were unutilized overdraft facili - ties of SEK 100.0 M (100.0), which means the Group at the end of September had available liquidity, excluding scope under credit agreements, of SEK 1,184.0 M (1,208.8 at year-end). The Group’s interest-bearing net debt increased by SEK 258.9 M during the first nine months of the year and amounted to SEK 1,279.1 M at the end of the period (1,020.2 at year-end). The rate of consolidated interest-bearing net debt in relation to consolidated operating profit before depreci - ation/amortization and impairment (EBITDA on a rolling four-quarter basis) was 1.6 (1.2 at year-end). Consolidated goodwill increased SEK 54.2 M as a result of currency effects and amounted to SEK 1,694.5 M at the end of the period (1,640.3 at year-end), corre - sponding to a ratio of 0.40 (0.41 at year-end) in relation to equity. Cash flow Cash flow from operating activities increased com - pared with the year-earlier period as an effect of lower taxes paid and currency effects, and amounted to SEK 364.4 M (247.5). Cash flow from investing activities amounted to SEK –345.9 M (–551.5) during the period. The level of investment in 2026 pertains primarily to the production facility in Toronto, Canada. The high level in 2025 was influenced largely by the three acquisitions that were completed. Consolidated total borrowings and lease liabilities increased SEK 110.6 M (354.6) during the first nine months of the year and the dividend that was distributed in May totaled SEK 181.3 M (181.3), which means that cash flow for the period totaled SEK –52.2 M (–130.6). Personnel At September 30, 2026, there were 2,213 employees (2,188) in the VBG Group, of which 270 (263) in Sweden. During the first nine months of 2026, the number of employees in the Group averaged 2,204 (2,131), of which 271 (255) were working in Sweden. The cost of salaries and social security contributions for the period was SEK 1,016.8 M (944.2). Per share data Earnings per share for the first nine months amounted to SEK 12.28 (12.44). Equity per share was SEK 170.69 at September 30, 2026, compared with SEK 155.78 on the year-earlier date. The share price at September 30 was SEK 313.50, corresponding to a market capitalization of SEK 7,839 M compared with the year-earlier quarter when the share price was SEK 314.40, which yielded a market capitalization of SEK 7,861 M. The number of shareholders decreased by 1,134 during the period, totaling 9,738 (10,872 at year-end). 5 Q3 Interim report January–September 2026
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2025 20262023 2024 Q2 Q2Q3 Q4 Q1 Q3Q1Q4 Q4 Q1 Q2Q3 Q3 Quarterly figures Rolling 4 quarters 0 300 600 900 1,200 1,500 0 1,000 2,000 6,000 5,000 3,000 4,000 Net sales, SEK M 0 50 150 100 250 200 2025 20262023 2024 Q2 Q2Q3 Q4 Q1 Q3Q1Q4 Q4 Q1 Q2Q3 Q3 Quarterly figures Rolling 4 quarters 0 200 400 800 1,000 600 Operating profit (EBIT), SEK M Sales/Earnings SEK M Q3 2026 Jan–Sep 2026 Q2 2026 Q1 2026 Rolling 12 months Full-year 2025 Q4 2025 Q3 2025 Jan–Sep 2025 Q2 2025 Q1 2025 Full-year 2024 Q4 2024 Net sales 1,447.2 4,304.1 1,480.4 1,376.4 5,616.6 5,394.2 1,312.5 1,367.9 4,081.7 1,362.4 1,351.3 5,583.1 1,277.7 Operating profit before depreciation/amortization (EBITDA) 188.7 580.5 183.1 208.7 798.9 829.6 218.3 193.4 611.3 209.5 208.4 899.6 211.2 Operating profit before amortization (EBITA) 152.7 475.9 148.6 174.6 648.4 699.4 172.5 171.3 526.9 178.2 177.4 796.2 182.9 Operating margin (EBITA), % 10.6 11.1 10.0 12.7 11.5 13.0 13.1 12.5 12.9 13.1 13.1 14.3 14.3 Operating profit (EBIT) 139.6 436.9 135.5 161.8 596.3 650.5 159.3 158.3 491.2 167.1 165.8 749.3 159.6 Operating margin (EBIT), % 9.6 10.2 9.2 11.8 10.6 12.1 12.1 11.6 12.0 12.3 12.3 13.4 12.5 Operating profit after financial items (EBT) 131.9 406.0 126.5 147.7 551.4 572.9 145.3 139.5 427.6 136.6 151.5 735.6 160.9 Operating profit for the period 104.1 306.9 89.6 113.2 417.8 422.1 110.9 96.7 311.2 100.0 114.5 541.6 100.7 Earnings per share, SEK 4.16 12.28 3.58 4.53 16.71 16.88 4.44 3.87 12.44 4.00 4.58 21.66 4.02 Cash flow from operating activities 264.6 364.4 7.4 92.4 634.6 531.0 270.2 135.9 247.5 83.7 27.9 797.5 294.3 ROE (cumulative), % 9.8 9.8 9.8 10.8 9.8 10.6 10.6 10.5 10.5 10.8 11.2 14.0 14.0 ROCE (cumulative), % 9.8 9.8 10.2 10.9 9.8 11.2 11.2 11.4 11.4 11.6 12.2 20.7 20.7 Equity/assets ratio, % 53.8 53.8 53.5 55.7 53.8 56.0 56.0 56.4 56.4 57.5 59.4 62.7 62.7 Sales by market SEK M Q3 2026 Jan–Sep 2026 Q2 2026 Q1 2026 Rolling 12 months Full-year 2025 Q4 2025 Q3 2025 Jan–Sep 2025 Q2 2025 Q1 2025 Full-year 2024 Q4 2024 Sweden 86.0 295.9 101.7 108.3 401.5 362.5 105.6 85.7 256.9 80.2 91.1 309.9 72.9 Other Nordic countries 61.0 206.4 71.8 73.6 275.9 265.1 69.5 56.9 195.6 60.2 78.5 266.4 67.2 Germany 134.8 422.6 136.6 151.3 535.8 486.8 113.2 135.0 373.5 114.5 124.1 523.3 123.9 Other European countries 199.7 624.5 213.7 211.2 802.6 749.8 178.1 177.5 571.6 203.7 190.3 791.2 178.5 US 594.6 1,634.0 560.0 479.4 2,123.5 2,093.6 489.5 547.1 1,604.1 518.2 538.8 2,352.9 524.3 Rest of North America 152.9 502.8 185.2 164.7 662.4 650.0 159.6 162.5 490.4 186.6 141.3 687.4 146.7 Brazil 65.5 184.5 62.3 56.7 243.2 243.1 58.7 69.1 184.5 63.3 52.0 128.4 26.8 Australia/New Zealand 38.1 134.7 51.9 44.7 182.2 182.9 47.4 34.1 135.4 43.7 57.6 175.0 40.5 China 31.7 79.2 21.7 25.8 101.5 104.3 22.3 31.5 82.0 30.8 19.7 86.7 25.8 Rest of world 83.0 219.4 75.7 60.7 287.9 256.0 68.5 68.5 187.6 61.3 57.8 262.0 71.2 Group 1,447.2 4,304.1 1,480.4 1,376.4 5,616.6 5,394.2 1,312.5 1,367.9 4,081.7 1,362.4 1,351.3 5,583.1 1,277.7 GROUP 6 Q3 Interim report January–September 2026
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Third quarter of 2026 • Sales increased 2.8% to SEK 380.3 M (370.0). • Adjusted for currency effects and acquired sales between the years, organic growth was 2.1%. • Operating profit (EBITA) decreased to SEK 61.6 M (64.6), with an operating margin (EBITA) of 16.2% (17.5). Nine months 2026 • Sales increased 3.1% to SEK 1,240.2 M (1,203.0). • Adjusted for currency effects and acquired sales between the years, organic growth was 2.2%. • Operating profit (EBIT) increased to SEK 237.1 M (222.3), with an operating margin (EBIT) of 19.1 (18.5). Main product segments • Coupling equipment for heavy trucks and trailers • Automatic tire chains • Sliding roofs for semitrailers • Vehicle lighting Truck & Trailer Equipment Sales and earnings Third quarter of 2026 Sales for the quarter increased 2.8% year-on-year to SEK 380.3 M (370.0). Organic growth adjusted for acquired sales and currency effects amounted to 2.1%. The USD strengthened 1.3% during the period, whereas the EUR – which is a more important currency for the division – weakened 0.2% Operating profit (EBIT) for Truck & Trailer Equipment decreased year-on-year to SEK 61.6 M (64.6) during the quarter, with an operating margin (EBIT) of 16.2% (17.5). Earnings for the quarter were impacted by SEK 4.3 M in costs for IAA and Elmia, two major biennial trade fairs. Demand for coupling products remained stable during the third quarter. During the third quarter of 2026, the market for trailer components in Europe noted a slightly positive trend from low levels. However, the positive performance was offset by lower sales to Turkish customers, as a result of factors including the geopolitical developments in the region. Nine months 2026 Sales for the first nine months of the year increased 3.1% year-on-year to SEK 1,240.2 M (1,203.0). Adjusted for acquired sales and currency effects, organic growth amounted to 2.2%. The average USD rate weakened 5.8% during the period, and the EUR – which is a more important currency for the division – weakened 1.9%. Operating profit (EBIT) for Truck & Trailer Equipment increased year-on-year to SEK 237.1 M (222.3) during the quarter, with an operating margin (EBIT) of 19.1% (18.5). Earnings were impacted positively by a restatement of balance sheet items totaling SEK 4.8 M in the first nine months. Earnings in the comparative period for 2025 were impacted negatively by a restatement of balance sheet items totaling SEK 6.9 M as a result of the strengthened SEK during the first nine months, as well as consulting expenses of SEK 1.5 M in conjunc - tion with the acquisition of Ledson Lights AB. During the first nine months, the division’s working capital increased SEK 57.9 M to SEK 419.1 M (361.2 at year-end). With the addition of SEK 299.5 M in prop - erty, plant and equipment, operating capital amounted to SEK 718.6 M at the end of September (643.7 at year- end). The division’s return on operating capital (ROOC) was 53.9% (53.2 at year-end). Capital expenditures and depreciation/ amortization Truck & Trailer Equipment’s investments in property, plant and equipment during the third quarter totaled SEK 17.6 M (13.1). Total new capital expenditures for the first nine months of the year amounted to SEK 49.3 M (23.6). Depreciation/amortization during the third quarter amounted to SEK 13.8 M (9.1) and totaled SEK 40.7 M (33.5) for the first nine months of the year. Personnel At September 30, 2026, there were 428 employees (416) in Truck & Trailer Equipment. During the first nine months, the number of employees in the division averaged 427 (404). Personnel costs for the first nine months of the year totaled SEK 279.0 M (258.6). 7 Q3 Interim report January–September 2026
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Sales/Earnings SEK M Q3 2026 Jan–Sep 2026 Q2 2026 Q1 2026 Rolling 12 months Full-year 2025 Q4 2025 Q3 2025 Jan–Sep 2025 Q2 2025 Q1 2025 Full-year 2024 Q4 2024 Net sales 380.3 1,240.2 412.3 447.6 1,645.9 1,608.7 405.7 370.0 1,203.0 399.8 433.2 1,537.1 367.0 Operating profit (EBITDA) 75.4 277.9 94.3 108.2 373.7 351.6 95.9 73.7 255.8 77.9 104.1 328.9 91.0 Operating profit (EBITA) 63.1 241.9 82.3 96.4 321.8 307.2 80.0 66.3 227.3 67.4 93.6 296.7 82.6 Operating margin (EBITA), % 16.6 19.5 20.0 21.5 19.6 19.1 19.7 17.9 18.9 16.9 21.6 19.3 22.5 Operating profit (EBIT) 61.6 237.1 80.7 94.9 315.5 300.6 78.3 64.6 222.3 65.8 91.9 290.1 80.9 Operating margin (EBIT), % 16.2 19.1 19.6 21.2 19.2 18.7 19.3 17.5 18.5 16.5 21.2 18.9 22.1 ROOC, % 53.9 53.9 54.4 52.7 53.9 53.2 53.2 53.0 53.0 52.2 51.4 52.0 52.0 Sales by market SEK M Q3 2026 Jan–Sep 2026 Q2 2026 Q1 2026 Rolling 12 months Full-year 2025 Q4 2025 Q3 2025 Jan–Sep 2025 Q2 2025 Q1 2025 Full-year 2024 Q4 2024 Sweden 71.9 249.6 83.9 93.9 341.3 309.1 91.7 74.4 217.5 66.7 76.4 258.4 59.6 Other Nordic countries 45.9 158.2 55.2 57.1 212.3 205.6 54.1 41.6 151.5 46.3 63.6 211.4 51.2 Germany 66.7 214.8 64.8 83.3 275.0 259.0 60.1 71.4 198.9 60.9 66.5 276.3 60.3 Other European countries 120.3 380.0 126.7 133.0 489.8 468.8 109.8 109.0 359.0 126.8 123.3 446.4 96.2 US 36.5 103.5 29.0 37.9 151.0 177.4 47.5 44.6 129.9 41.8 43.5 154.2 55.2 Rest of North America 1.7 4.4 1.1 1.6 6.8 7.4 2.4 1.8 5.0 1.1 2.1 17.0 3.4 Australia/New Zealand 28.1 102.7 40.4 34.2 137.0 130.1 34.2 19.2 95.9 32.4 44.3 115.9 26.3 China 0.5 1.3 0.6 0.1 1.7 26.0 0.4 0.2 25.7 18.0 7.5 29.4 11.3 Rest of world 8.8 25.7 10.4 6.4 31.2 25.2 5.5 7.7 19.7 6.0 6.0 28.1 3.5 Truck & Trailer Equipment 380.3 1,240.2 412.3 447.6 1,645.9 1,608.7 405.7 370.0 1,203.0 399.8 433.2 1,537.1 367.0 TRUCK & TRAILER EQUIPMENT Net sales, SEK M 2025 20262023 2024 Q2 Q2Q3 Q3Q4 Q1Q1Q4 Q4 Q1 Q2Q3 Q3 Quarterly figures Rolling 4 quarters 600 300 900 1,200 1,800 1,500 0 100 200 300 400 500 Operating profit (EBIT), SEK M 0 100 200 400 300 0 20 40 60 120 100 80 2025 20262023 2024 Q2 Q2Q3 Q4 Q1 Q3Q1Q4 Q4 Q1 Q2Q3 Q3 Quarterly figures Rolling 4 quarters 8 Q3 Interim report January–September 2026
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Sales and earnings Third quarter of 2026 Sales for the third quarter increased 8.3% year-on-year to SEK 778.1 M (718.3). Organic growth adjusted for acquired sales and currency effects amounted to 7.9%. The average USD rate strengthened 1.3% compared to the year-earlier quarter, while the CAD weakened by 0.3%. Operating profit (EBIT) for Mobile Thermal Solutions totaled SEK 58.4 M (69.4) and the operating margin (EBIT) decreased to 7.5% (9.7). Operating profit (EBIT) was negatively impacted by a provision of SEK 4.7 M for workforce-related reorganiza - tion expenses. The quarter was impacted by increased costs for tariffs, energy, freight and raw materials as well as by a less favorable product and customer mix. Taken together, this contributed to a lower operating profit (EBIT) and a deterioration in the operating margin (EBIT). Nine months 2026 Mobile Thermal Solutions reported an increase of 3.6% in sales for the first nine months of the year, compared with the year-earlier period. Sales totaled SEK 2,232.2 M (2,153.7). Adjusted for acquired sales and currency effects, organic growth amounted to 8.0%. During the period, the average USD rate weakened 5.8% and the CAD weakened 4.8% year-on-year. Operating profit (EBIT) for Mobile Thermal Solutions decreased year-on-year to SEK 160.7 M (223.0) with an operating margin (EBIT) of 7.2% (10.4). During the first nine months of the year, Mobile Thermal Solutions’ operating profit (EBIT) was charged SEK 6.8 M in workforce-related reorganization expenses, increased costs for tariffs, energy, freight and raw materials, as well as a less advantageous product and customer mix. All together, this resulted in lower operating profit (EBIT) and a deterioration in the operating margin (EBIT). Price Mobile Thermal Solutions adjustments have been implemented to offset these cost increases, but the effect of these will be delayed. During the first nine months of 2025, Mobile Thermal Solutions received SEK 11 M in retroactive pandemic subsidies while simultaneously incurring a workforce-related reorga - nization expense of SEK 2.2 M. During the first nine months, the division’s working capi - tal increased SEK 172.1 M to SEK 893.1 M (721.0 at year- end). With the addition of SEK 1,107.1 M in property, plant and equipment, operating capital amounted to SEK 2,000.2 M at the end of September (1,602.3 at year-end). The division’s return on operating capital (ROOC) for the period deteriorated due to increased operating capital, with acquired land and investment in the new Toronto production facility comprising the major changes in combination with lower earnings, and totaled 15.8% (21.5 at year-end). Capital expenditures and depreciation/ amortization Investments in property, plant and equipment by Mobile Thermal Solutions in the third quarter amounted to SEK 102.7 M (59.2). New capital expenditures for the first nine months of the year totaled SEK 243.2 M (91.7). The higher level of investment in 2026 is attributable to the production facility in Toronto, Canada. Depreciation/amortization for the third quarter totaled SEK 21.2 M (15.6) and totaled SEK 62.7 M (51.8) for the first nine months of the year. Personnel At September 30, 2026, there were 1,072 employees (1,057) in Mobile Thermal Solutions. During the first nine months of the year, the number of employees in the divi - sion averaged 1,068 (1,062). Personnel costs for the first nine months of the year totaled SEK 470.5 M (451.1). Third quarter of 2026 • Sales increased 8.3% to SEK 778.1 M (718.3). • Adjusted for currency effects and acquired sales between the years, organic growth was 7.9%. • Operating profit (EBIT) amounted to SEK 58.4 M (69.4), with an operating margin (EBIT) of 7.5% (9.7). • Workforce-related reorganization expenses of SEK 4.7 M impacted the division’s operating profit (EBIT) negatively. Nine months 2026 • Sales increased 3.6% to SEK 2,232.2 M (2,153.7). • Adjusted for currency effects and acquired sales between the years, organic growth was 8.0%. • Operating profit (EBIT) amounted to SEK 160.7 M (223.0), with an operating margin (EBIT) of 7.2% (10.4). • Workforce-related reorganization expenses of SEK 6.8 M negatively impacted the division’s operating profit (EBIT). Main product segments • Roof-mounted climate control systems • Cab-mounted climate control systems 9 Q3 Interim report January–September 2026
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Sales/Earnings SEK M Q3 2026 Jan–Sep 2026 Q2 2026 Q1 2026 Rolling 12 months Full-year 2025 Q4 2025 Q3 2025 Jan–Sep 2025 Q2 2025 Q1 2025 Full-year 2024 Q4 2024 Net sales 778.1 2,232.2 782.9 671.1 2,872.7 2,794.3 640.6 718.3 2,153.7 731.8 703.6 3,048.7 636.8 Operating profit (EBITDA) 79.6 223.5 71.8 72.1 284.9 336.1 61.4 85.0 274.7 99.3 90.4 411.1 63.8 Operating profit (EBITA) 65.4 181.6 58.1 58.2 222.3 280.5 40.6 76.3 239.9 86.0 77.6 363.6 51.4 Operating margin (EBITA), % 8.4 8.1 7.4 8.7 7.7 10.0 6.3 10.6 11.1 11.7 11.0 11.9 8.1 Operating profit (EBIT) 58.4 160.7 51.1 51.3 194.5 256.7 33.7 69.4 223.0 81.0 72.6 343.2 46.4 Operating margin (EBIT), % 7.5 7.2 6.5 7.6 6.8 9.2 5.3 9.7 10.4 11.1 10.3 11.3 7.3 ROOC, % 15.8 15.8 17.1 19.9 15.8 21.5 21.5 22.5 22.5 25.4 29.3 31.4 31.4 Sales by market SEK M Q3 2026 Jan–Sep 2026 Q2 2026 Q1 2026 Rolling 12 months Full-year 2025 Q4 2025 Q3 2025 Jan–Sep 2025 Q2 2025 Q1 2025 Full-year 2024 Q4 2024 Sweden 12.2 41.0 15.6 13.1 53.1 47.6 12.2 10.2 35.4 11.8 13.4 46.6 11.8 Other Nordic countries 13.8 42.5 14.8 13.9 56.2 53.8 13.7 12.3 40.0 13.7 14.0 50.4 15.0 Germany 8.5 24.5 8.9 7.0 31.8 35.8 7.4 7.1 28.4 10.2 11.1 47.1 10.9 Other European countries 52.6 156.0 52.1 51.3 195.3 181.9 39.3 47.3 142.6 50.1 45.2 212.8 45.5 US 492.9 1,346.0 467.4 385.7 1,724.1 1,680.2 378.1 436.3 1,302.1 418.8 447.0 1,976.4 398.6 Rest of North America 147.7 489.1 180.0 161.4 640.6 630.3 151.5 159.1 478.8 182.7 137.0 662.6 140.9 China 9.2 23.4 9.7 4.6 30.0 25.3 6.6 5.9 18.7 6.5 6.3 30.9 8.0 Rest of world 41.3 109.8 34.4 34.0 141.5 139.3 31.7 40.1 107.6 38.0 29.5 22.0 6.2 Mobile Thermal Solutions 778.1 2,232.2 782.9 671.1 2,872.7 2,794.3 640.6 718.3 2,153.7 731.8 703.6 3,048.7 636.8 MOBILE THERMAL SOLUTIONS Net sales, SEK M 2025 20262023 2024 Q2 Q2Q3 Q4 Q1 Q3Q1Q4 Q4 Q1 Q2Q3 Q3 0 700 1,400 2,800 2,100 3,500 0 200 400 600 800 1,000 Quarterly figures Rolling 4 quarters Operating profit (EBIT), SEK M 0 200 100 300 400 500 0 25 50 75 125 100 2025 20262023 2024 Q2 Q2Q3 Q4 Q1 Q3Q1Q4 Q4 Q1 Q2Q3 Q3 Quarterly figures Rolling 4 quarters 10 Q3 Interim report January–September 2026
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Sales and earnings Third quarter of 2026 Sales for the third quarter increased 3.3% year-on-year to SEK 288.8 M (279.5). Adjusted for acquired sales and currency effects, organic growth amounted to 3.4%. The average USD rate strengthened 1.3% and the BRL 7.5% during the quarter, while the EUR weak - ened 0.2%. Operating profit (EBIT) for Ringfeder Power Trans - mission totaled SEK 26.8 M (31.1) and the operating margin (EBITA) decreased to 9.3% (11.1). In terms of sales, Ringfeder Power Transmission had the strongest quarter in its history, but was negatively impacted by ramp-up costs for expanded capacity as well as an unfavorable product mix. Nine months 2026 Sales for the first nine months of the year increased 14.7% year-on-year to SEK 831.7 M (724.9). Adjusted for acquired sales and currency effects, organic growth amounted to 8.5%. The average USD rate weakened 5.8% and the EUR weakened 1.9% during the period, while the BRL strengthened 3.7% year-on-year. Ringfeder Power Transmission reported good sales growth during the first nine months of the year, driven primarily by higher sales volumes. In terms of earnings, the strong sales performance was offset by ramp-up costs associated with expanded capacity and an unfa - vorable product mix. Operating profit (EBIT) amounted to SEK 64.6 M (68.1), corresponding to an operating margin of 7.8% (9.4). Moreover, profit was charged Ringfeder Power Transmission with a provision of SEK 19.3 M for restructuring costs related to consolidation of production operations in Dobřany, Czech Republic. The division’s working capital increased SEK 66.4 M during the period to SEK 429.3 M (362.9 at year-end). With the addition of SEK 306.3 M in property, plant and equipment, operating capital amounted to SEK 735.6 M at the end of September (599.7 at year-end). The division’s return on operating capital (ROOC) for the period decreased to 25.4% (29.0 at year-end). Capital expenditures and depreciation/ amortization Ringfeder Power Transmission’s investments in property, plant and equipment during the third quarter amounted to SEK 46.2 M (7.0). Total new capital expenditures for the first nine months of the year amounted to SEK 80.8 M (28.8). The higher level of investment in 2026 per - tains largely to the construction of the new production facility in Dobřany, Czech Republic. Depreciation/amortization for the third quarter totaled SEK 13.6 M (10.1) and totaled SEK 38.7 M (33.7) for the first nine months of the year. Personnel At September 30, 2026, there were 703 employees (706) in Ringfeder Power Transmission. During the first nine months of the year, the number of employees in the division averaged 699 (656). Personnel costs for the first nine months of the year totaled SEK 240.2 M (211.0). Third quarter of 2026 • Sales increased 3.3% to SEK 288.8 M (279.5). • Adjusted for currency effects and acquired sales between the years, organic growth was 3.4%. • Operating profit (EBIT) decreased to SEK 26.8 M (31.1), with an operating margin (EBIT) of 9.3% (11.1). Nine months 2026 • Sales increased 14.7% to SEK 831.7 M (724.9). • Adjusted for acquired sales and currency effects between the years, organic growth amounted to 8.5%. • Operating profit (EBIT) decreased to SEK 64.6 M (68.1), with an operating margin (EBIT) of 7.8% (9.4). • During the second quarter, construction permits were received for building a new production facility in Dobřany, Czech Republic, and to consolidate the division’s current production facilities in Neunkirchen, Germany and Dobřany. • A provision for restructuring costs of SEK 19.3 M related to consolidation of production operations to Dobřany, Czech Republic negatively impacted the division’s operating profit (EBIT). Main product segments • Shaft-hub couplings • Shaft-shaft couplings • Friction springs • Electromagnetic industrial couplings and brakes 11 Q3 Interim report January–September 2026
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Sales/Earnings SEK M Q3 2026 Jan–Sep 2026 Q2 2026 Q1 2026 Rolling 12 months Full-year 2025 Q4 2025 Q3 2025 Jan–Sep 2025 Q2 2025 Q1 2025 Full-year 2024 Q4 2024 Net sales 288.8 831.7 285.2 257.7 1,098.0 991.2 266.3 279.5 724.9 230.9 214.5 997.3 273.9 Operating profit (EBITDA) 40.4 103.3 26.2 36.7 169.9 168.4 66.6 41.1 101.9 39.5 21.2 179.8 61.9 Operating profit (EBITA) 31.4 78.0 17.7 28.9 136.0 140.0 58.0 35.6 82.0 32.6 13.8 156.9 54.9 Operating margin (EBITA), % 10.9 9.4 6.2 11.2 12.4 14.1 21.8 12.7 11.3 14.1 6.4 15.7 20.0 Operating profit (EBIT) 26.8 64.6 13.3 24.5 118.1 121.6 53.4 31.1 68.1 28.1 9.0 137.1 38.2 Operating margin (EBIT), % 9.3 7.8 4.7 9.5 10.8 12.3 20.1 11.1 9.4 12.2 4.2 13.7 14.0 ROOC, % 25.4 25.4 26.6 30.1 25.4 29.0 29.0 28.7 28.7 28.3 30.2 33.4 33.4 Sales by market SEK M Q3 2026 Jan–Sep 2026 Q2 2026 Q1 2026 Rolling 12 months Full-year 2025 Q4 2025 Q3 2025 Jan–Sep 2025 Q2 2025 Q1 2025 Full-year 2024 Q4 2024 Sweden 1.9 5.3 2.1 1.3 7.1 5.8 1.8 1.0 4.1 1.7 1.3 4.9 1.5 Other Nordic countries 1.3 5.8 1.8 2.6 7.4 5.7 1.7 3.0 4.1 0.2 0.9 4.6 1.0 Germany 59.7 183.3 62.8 60.9 229.0 191.9 45.7 56.4 146.2 43.4 46.4 199.8 52.7 Other European countries 26.8 88.5 34.8 26.9 117.5 99.0 29.0 21.3 70.0 26.9 21.8 132.0 36.8 US 65.3 184.6 63.6 55.7 248.5 236.0 63.9 66.1 172.1 57.6 48.4 222.3 70.5 Rest of North America 3.5 9.4 4.1 1.7 15.0 12.3 5.7 1.6 6.7 2.8 2.3 7.8 2.4 Brazil 31.9 93.8 33.8 28.1 125.2 128.3 31.4 34.4 96.9 33.8 28.7 123.0 26.0 Australia/New Zealand 9.6 30.0 10.5 10.0 42.1 50.2 12.1 14.3 38.1 10.9 12.9 56.9 13.8 China 22.0 54.5 11.4 21.0 69.8 53.0 15.4 25.5 37.6 6.2 5.9 26.5 6.5 Rest of world 66.8 176.6 60.3 49.4 236.3 208.9 59.7 56.0 149.3 47.3 46.0 219.4 62.7 Ringfeder Power Transmission 288.8 831.7 285.2 257.7 1,098.0 991.2 266.3 279.5 724.9 230.9 214.5 997.3 273.9 RINGFEDER POWER TRANSMISSION Net sales, SEK M 0 0 200 600 800 50 200 150 100 250 300 400 2025 20262023 2024 Q2 Q2Q3 Q4 Q1 Q3Q1Q4 Q4 Q1 Q2Q3 Q3 Quarterly figures Rolling 4 quarters 1,200 1,000 Operating profit (EBIT), SEK M 0 30 60 90 180 120 0 10 30 60 20 15050 40 2025 20262023 2024 Q2 Q2Q3 Q4 Q1 Q3Q1Q4 Q4 Q1 Q2Q3 Q3 Quarterly figures Rolling 4 quarters 12 Q3 Interim report January–September 2026
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Other information Parent Company VBG Group AB’s operations are focused on managing, developing and coordinating the Group. The assets in the Parent Company consist primarily of shares in subsidiaries and brands. The objective is for the Group’s key intangible assets, in the form of brands and other rights, to be gathered in the Parent Company, which focuses on maintaining and securing all the Group’s trademarks and rights. The Parent Company’s net sales pertain primarily to intra-Group services and license revenues, which are invoiced in the fourth quar - ter. Operating loss for the first nine months of the year totaled SEK –68.5 M (–55.4). Profit after dividends from Group companies, net financial items and tax amounted to SEK 73.7 M (65.7). Risks and uncertainty factors The Group’s and the Parent Company’s material risks include strategic risks, operational risks, compliance risks, climate risks and financial risks. The financial risks comprise primarily financing and liquidity risks, interest-rate risk, credit risk and currency risk. The business environment continues to be character - ized by geopolitical turmoil, trade tensions and macroeconomic uncertainty. This has led to increased administrative requirements related to tariff and trade regulations. Changing tariff and trade conditions, as well as currency effects, impact the cost landscape, supply chains and demand in several of the Group’s markets. The Group works in a structured manner with risk management, flexibility in the supplier and produc - tion structure and routine adjustments to pricing and business conditions to compensate for changing exter - nal conditions. For a more detailed description of the Group’s risks and risk management, refer to VBG Group AB’s annual report for 2025. Outlook for 2026 VBG Group makes no forecast. Financial information 2027 Year-end report, January–December 2026 February 17, 2027 Interim report, three months January–March 2027 April 27, 2027 Annual General Meeting 2027 May 12, 2027 Interim report, January–June 2027 July 15, 2027 Interim report, nine months January–September 2027 October 26, 2027 Auditor’s review This interim report has been audited. Press releases issued in the third quarter of 2026 Invitation to presentation of VBG Group’s half-year report, January–June 2026 July 1, 2026 Half-year report January–June 2026 July 17, 2026 VBG Group announces leadership change in the Mobile Thermal Solutions division August 14, 2026 For further information, please contact: Anders Erkén, President and CEO Telephone: +46 521-27 77 88 E-mail: anders.erken@vbggroup.com Fredrik Jignéus, Group CFO Telephone: +46 521-27 77 53 E-mail: fredrik.jigneus@vbggroup.com Vänersborg, October 27, 2026 VBG Group AB (publ) Anders Erkén CEO and Board member Note: The information was submitted for publication in Swedish on October 27, 2026. 13 Q3 Interim report January–September 2026
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Review report Introduction We have reviewed the condensed interim financial information (the interim report) of VBG Group AB (publ) as of September 30, 2026 and the nine-month period then ended. The Board of Directors and the President 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 regarding this interim report based on our review. Aim and scope of review We conducted our review in accordance with the Inter - national Standard on Review Engagements ISRE 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review con - sists of making inquiries, primarily of persons responsi - ble 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 (ISA) and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information has not, in all material respects, been prepared in accordance with IAS 34 and the Annual Accounts Act as regards the Group and in accordance with the Annual Accounts Act as regards the Parent Company. Gothenburg, October 27, 2026 Ernst & Young AB Andreas Mast Authorized Public Accountant VBG Group AB (publ) Corp. ID No. 556069-0751 14 Q3 Interim report January–September 2026
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Condensed consolidated income statement SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Net sales 1,447.2 1,367.9 4,304.1 4,081.7 5,394.2 Cost of goods sold –1,013.9 –940.0 –2,995.9 –2,780.0 –3,697.2 Gross profit 433.3 427.9 1,308.2 1,301.7 1,697.0 Selling expenses –132.6 –126.4 –387.8 –357.7 – 481.1 Administrative expenses –123.2 –106.2 –373.3 –331.3 –429.9 Research and development costs –38.5 –38.8 –118.9 –117.6 –151.9 Other operating income and expenses 0.6 1.8 8.7 –3.9 16.2 Total operating expenses –293.7 –269.6 –871.3 –810.5 –1,046.7 Operating profit 139.6 158.3 436.9 491.2 650.5 Financial income 68.9 37.6 224.2 139.9 171.2 Financial expenses –76.6 –56.4 –255.1 –203.5 –248.8 Total financial items –7.7 –18.8 –30.9 –63.6 –77.6 Profit after financial items 131.9 139.5 406.0 427.6 572.9 Income tax –27.8 –42.8 –99.1 –116.4 –150.9 Profit for the period 104.1 96.7 306.9 311.2 422.1 Profit for the period attributable to Parent Company shareholders 104.1 96.7 306.9 311.2 422.1 Earnings per share 4.16 3.87 12.28 12.44 16.88 SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Other comprehensive income Profit for the period 104.1 96.7 306.9 311.2 422.1 Items that will not be reversed in the income statement Effect of translation of defined-benefit pension plans, net after tax — — — — 15.2 Items that may later be reversed in the income statement Translation differences pertaining to foreign operations 63.9 –25.7 177.1 –267.2 –323.1 Other comprehensive income, net after tax 63.9 –25.7 177.1 –267.2 –307.9 Comprehensive income for the period 168.0 71.0 484.0 44.0 114.1 Comprehensive income for the period attributable to Parent Company shareholders 168.0 71.0 484.0 44.0 114.1 Condensed consolidated other comprehensive income 15 Q3 Interim report January–September 2026
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Condensed consolidated balance sheet SEK M Sep. 30, 2026 Sep. 30, 2025 Dec. 31, 2025 Assets Non-current assets Intangible assets Brands, customer relationships and other intangible assets 959.2 955.9 935.9 Goodwill 1,694.5 1,662.3 1,640.3 2,653.7 2,618.2 2,576.2 Property, plant and equipment Land and buildings 985.5 653.5 771.7 Plant and machinery 299.5 249.3 291.4 Equipment, tools, fixtures and fittings 106.1 85.3 92.0 Construction in progress 117.6 50.9 37.8 Right-of-use assets 209.6 224.6 212.4 1,718.3 1,263.6 1,405.3 Non-current receivables 2.9 2.6 3.0 Deferred tax asset 52.6 47.6 48.9 55.5 50.2 51.9 Total non-current assets 4,427.5 3,932.0 4,033.4 Current assets Inventories Raw materials and consumables 550.6 513.5 405.1 Work in progress 193.1 158.0 151.7 Finished products and merchandise 382.3 371.9 339.2 1,126.0 1,043.4 896.0 Current receivables Trade receivables 1,039.6 892.4 783.2 Current tax assets 96.9 103.8 113.7 Other receivables 104.3 92.2 90.3 Prepaid expenses and accrued income 58.7 57.6 51.7 Current capital expenditures 0.4 0.4 0.4 1,299.9 1,146.4 1,039.3 Cash and cash equivalents 1,084.0 779.8 1,108.8 Total current assets 3,509.9 2,969.6 3,044.1 Total assets 7,937.4 6,901.6 7,077.5 SEK M Sep. 30, 2026 Sep. 30, 2025 Dec. 31, 2025 Equity and liabilities Equity Share capital 65.5 65.5 65.5 Other contributed capital 781.3 781.3 781.3 Reserves 157.5 36.4 –19.5 Retained earnings, incl. net profit for the period 3,263.5 3,011.8 3,137.8 Total equity 4,267.8 3,895.0 3,965.1 Non-current liabilities Provisions for pensions and similar obligations 210.9 227.2 203.6 Deferred tax liability 308.1 302.6 302.4 Other provisions 58.2 73.4 69.4 Lease liability 186.6 201.4 186.9 Liabilities to credit institutions 1,452.6 1,195.9 1,504.8 Other non-current liabilities 179.9 197.5 176.2 Total non-current liabilities 2,396.3 2,198.0 2,443.2 Current liabilities Liabilities to credit institutions 275.5 — — Trade payables 427.7 375.7 239.2 Current tax liabilities 87.9 78.1 59.0 Other liabilities 46.4 44.7 47.2 Lease liability 57.6 58.6 60.1 Accrued expenses and deferred income 378.2 251.5 263.7 Total current liabilities 1,273.3 808.6 669.2 Total equity and liabilities 7,937.4 6,901.6 7,077.5 16 Q3 Interim report January–September 2026
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Condensed consolidated changes in equity Condensed consolidated cash flow statement SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Operating activities Operating profit 139.6 158.3 436.9 491.2 650.5 Depreciation/amortization 49.1 35.1 143.6 120.1 179.1 Other items not affecting liquidity 12.3 –12.2 18.5 –51.5 –53.0 Interest received, etc. 11.8 4.5 21.0 18.0 24.9 Interest paid, etc. –18.0 –13.3 –48.9 –40.3 –56.4 Tax paid/received 5.1 –33.9 –62.0 –163.0 –229.3 Cash flow before change in working capital 199.9 138.5 509.1 374.5 515.8 Decrease/increase (–) in inventories –31.5 –48.2 –172.0 –93.4 41.3 Decrease/increase (–) in trade receivables 63.5 24.6 –197.2 –209.9 –111.5 Decrease/increase (–) in other current receivables 2.2 6.1 –16.0 –11.8 12.0 Increase/decrease (–) in trade payables –10.1 27.6 147.6 168.2 28.0 Increase/decrease (–) in other current liabilities 40.6 –12.7 92.9 19.8 45.4 Cash flow from operating activities 264.6 135.9 364.4 247.5 531.0 Investing activities Investments in intangible assets –24.9 –1.9 –30.9 –3.5 –9.4 Investments in property, plant and equipment –131.6 –45.5 –315.0 –112.6 –307.5 Investments in other financial assets — 13,3 — 13,3 — Net settlements, business combinations — –162.3 — –448.8 –448.8 Cash flow from investing activities –156.5 –196.4 –345.9 –551.5 –765.7 Financing activities Loans raised and changes to existing loans — – 54.1 161.6 391.6 696.1 Amortization of lease liability –17.1 –5.9 –51.0 –36.9 –64.9 Dividend paid — — –181.3 –181.3 –181.3 Cash flow from financing activities –17.1 –60.0 –70.7 173.4 449.9 Cash flow for the period 91.0 –120.5 –52.2 –130.6 215.2 Cash and cash equivalents at start of year 984.0 906.1 1,108.8 949.7 949.7 Translation difference, cash and cash equivalents 9.0 –5.8 27.4 –39.2 – 56.1 Cash and cash equivalents at year-end 1,084.0 779.8 1,084.0 779.8 1,108.8 Unutilized overdraft facilities 100.0 100.0 100.0 100.0 100.0 Total cash and cash equivalents available 1,184.0 879.8 1,184.0 879.8 1,208.8 SEK M Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Opening equity according to balance sheet at December 31 3,965.1 4,032.3 4,032.3 Total comprehensive income for the period 484.0 44.0 114.1 Dividend –181.3 –181.3 –181.3 Equity at end of period 4,267.8 3,895.0 3,965.1 17 Q3 Interim report January–September 2026
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Key figures for Group Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Operating margin (EBITA), % 11.1 12.9 13.0 Operating margin (EBIT), % 10.2 12.0 12.1 Profit margin (ROS), % 9.4 10.5 10.6 Return on equity (ROE), % 9.8 10.5 10.6 Return on capital employed (ROCE), % 9.8 11.4 11.2 Equity/assets ratio, % 53.8 56.4 56.0 Interest-bearing net debt/EBITDA 1.6 1.3 1.2 Equity per share outstanding at end of period, SEK 170.69 155.78 158.58 Cash flow from operating activities, per average share outstanding, SEK 14.57 9.90 21.24 Earnings per average share outstanding during the period, SEK 12.28 12.44 16.88 Share price at end of period, SEK 313.50 314.40 397.60 Number of employees, average 2,204 2,131 2,150 Number of shares outstanding at end of period (‘000) 25,004 25,004 25,004 Number of treasury shares at end of period (‘000) 1,192 1,192 1,192 18 Q3 Interim report January–September 2026
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Condensed Parent Company income statement SEK M Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Net sales — — 59.1 Administrative expenses –68.5 –55.4 –75.7 Operating profit –68.5 –55.4 –16.6 Net financial items 143.7 122.1 110.6 Profit from financial items 75.2 66.7 94.0 Appropriations — — 138.2 Tax –1.5 –1.0 –19.4 Profit for the period 73.7 65.7 212.8 Condensed Parent Company balance sheet SEK M Sep. 30, 2026 Sep. 30, 2025 Dec. 31, 2025 Property, plant and equipment 2.2 1.1 1.2 Financial assets 2,789.6 2,583.8 2,810.0 Total non-current assets 2,791.8 2,584.9 2,811.2 Receivables 391.4 151.3 347.4 Cash and cash equivalents 538.5 469.5 575.2 Total current assets 929.9 620.8 922.6 Total assets 3,721.7 3,205.7 3,733.8 Equity 1,383.5 1,343.9 1,491.0 Untaxed reserves 69.0 49.8 69.0 Provisions 20.7 19.8 20.0 Non-current liabilities 1,428.7 1,190.4 1,479.5 Current liabilities 819.8 601.8 674.3 Total equity and liabilities 3,721.7 3,205.7 3,733.8 19 Q3 Interim report January–September 2026
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Notes 1 Accounting policies This interim report for the Group has been prepared in accordance with the Annual Accounts Act and IAS 34 Interim Financial Reporting, and for the Parent Company, in accordance with the Annual Accounts Act and recommendation RFR 2, Accounting for Legal Entities. The same accounting policies and calculation methods were applied as in the most recent annual report. IFRS 18 becomes effective for financial years beginning on or after January 1, 2027 and will replace IAS 1. IFRS 18 is expected to primarily affect the presentation and disclosures in the financial statements. Efforts are currently under way to determine the impacts on the consolidated financial statements. This report may contain rounding differences. 3 Financial income and expenses SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Financial income Interest income from other financial assets 10.8 3.4 18.7 15.0 20.7 Total interest income under the effective-rate method 10.8 3.4 18.7 15.0 20.7 Exchange rate differences – income, financial items 57.1 33.1 203.2 121.8 146.3 Other financial income 1.1 1.1 2.3 3.1 4.2 Total 58.2 34.2 205.5 124.9 150.5 Total financial income 68.9 37.6 224.2 139.9 171.2 Financial expenses Interest expenses, liabilities to credit institutions –15.0 –10.9 –42.3 –34.4 – 49.1 Total interest expenses under the effective-rate method –15.0 –10.9 –42.3 –34.4 – 49.1 Exchange rate differences – costs, financial items –55.5 –39.0 –196.7 –152.7 –177.7 Interest expenses, lease liabilities –3.1 –4.2 –9.5 –10.6 –13.7 Interest expense, pension provisions –1.0 –1.0 –2.0 –2.1 –2.0 Other financial expenses –2.0 –1.3 –4.5 –3.7 –6.3 Total –61.6 –45.5 –212.8 –169,1 –199.7 Total financial expenses –76.6 –56.4 –255.1 –203.5 –248.8 4 Financial instruments SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Financial instruments Trade receivables 1,039.6 892.4 1,039.6 892.4 783.2 Other current receivables 104.3 92.2 104.3 92.2 90.3 Cash and cash equivalents 1,084.0 779.8 1,084.0 779.8 1,108.8 Total 2,227.9 1,764.4 2,227.9 1,764.4 1,982.3 Financial liabilities Liabilities to credit institutions 1,728.1 1,195.8 1,728.1 1,195.9 1,504.8 Accrued liability, earnout 179.9 177.2 179.9 177.2 173.6 Trade payables 427.7 375.7 427.7 375.7 239.2 Lease liabilities 244.2 260.0 244.2 260.0 247.0 Accrued interest 17.4 7.1 17.4 7.1 7.5 Other liabilities 48.4 40.2 48.4 40.2 47.2 Total 2,645.8 2,056.1 2,645.8 2,056.1 2,219.3 2 Related party transactions There have been no related party transactions in 2026 that have significantly affected the Group’s financial position and results. Related party transactions during 2025 are disclosed in Note 8 of the annual report for 2025. 20 Q3 Interim report January–September 2026
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5 Sales and earnings by segment SEK M Truck & Trailer Equipment Mobile Thermal Solutions Ringfeder Power Transmission Group-wide Group Q3 2026 Net sales 380.3 778.1 288.8 1,447.2 Operating profit/loss (EBIT) 61.6 58.4 26.8 –7.2 139.6 Operating margin (EBIT), % 16.2 7.5 9.3 9.6 Net financial items –7.7 –7.7 Profit from financial items 131.9 Q3 2025 Net sales 370.0 718.3 279.5 1,367.9 Operating profit/loss (EBIT) 64.6 69.4 31.1 –6.8 158.3 Operating margin (EBIT), % 17.5 9.7 11.1 11.6 Net financial items –18.8 –18.8 Profit from financial items 139.5 SEK M Truck & Trailer Equipment Mobile Thermal Solutions Ringfeder Power Transmission Group-wide Group Jan-Sep 2026 Net sales 1,240.2 2,232.2 831.7 4,304.1 Operating profit/loss (EBIT) 237.1 160.7 64.6 –25.5 436.9 Operating margin (EBIT), % 19.1 7.2 7.8 10.2 Net financial items –30.9 –30.9 Profit from financial items 406.0 Jan–Sep 2025 Net sales 1,203.0 2,153.7 724.9 4,081.7 Operating profit/loss (EBIT) 222.3 223.0 68.1 –22.2 491.2 Operating margin (EBIT), % 18.5 10.4 9.4 12.0 Net financial items –63.6 –63.6 Profit from financial items 427.6 NOTES 6 Events after the close of the reporting period No significant events occurred after the close of the period. 21 Q3 Interim report January–September 2026
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Alternative performance measures Reconciliation between IFRS and performance measures used Certain information in this report that is used by Group Management and analysts to assess the Group’s per - formance has not been defined in accordance with IFRS. Group Management believes that this informa - tion makes it easier for investors to analyze the Group’s earnings performance and financial structure. Investors should view this information as a supplement to, rather than a replacement of, financial reporting in accor - dance with IFRS. All key figures are presented in each table in this section except for the three key figures below, which are presented on the pages indicated. Equity/assets ratio Equity as a percentage of the balance sheet total. Refer to pages 2, 6 and 18. Return on capital employed (ROCE) Profit after financial items plus interest expenses as a percentage of average capital employed, expressed as the balance sheet total less non-interest-bearing liabilities. Refer to page 18. Return on equity (ROE) Net profit for the year as a percentage of average equity. Refer to page 18. Organic growth Net sales excluding effects of structural changes, meaning acquired or divested operations, and currency effects. SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Group Net sales 1,447.2 1,367.9 4,304.1 4,081.7 5,394.2 Acquired volume (incl. full-year effect from preceding year) — –106.3 –114.1 –178.2 –281.4 Currency effect –5.2 91.7 151.1 208.7 334.8 Net sales excluding acquisitions and currencies 1,442.0 1,353.3 4,341.0 4,112.2 5,447.5 Organic growth 74.1 80.3 259.4 –190.0 –131.3 Organic growth, % 5.4 6.3 6.4 –4.4 –2.4 Truck & Trailer Equipment Net sales 380.3 370.0 1,240.2 1,203.0 1,608.7 Acquired volume (incl. full-year effect from preceding year) — –27.6 –29.0 – 47.7 –86.9 Currency effect –2.7 11.8 18.2 30.4 50.1 Net sales excluding acquisitions and currencies 377.6 354.2 1,229.4 1,185.7 1,571.8 Organic growth 7.6 13.5 26.3 15.6 34.7 Organic growth, % 2.1 4.0 2.2 1.3 2.3 Mobile Thermal Solutions Net sales 778.1 718.3 2,232.2 2,153.7 2,794.3 Acquired volume (incl. full-year effect from preceding year) — –33.5 –9.0 –85.2 –111.7 Currency effect –2.8 62.5 102.2 134.9 216.9 Net sales excluding acquisitions and currencies 775.3 747.3 2,325.4 2,203.4 2,899.5 Organic growth 57.0 41.0 171.7 –205.3 –145.0 Organic growth, % 7.9 5.8 8.0 –8.5 –4.8 Ringfeder Power Transmission Net sales 288.8 279.5 831.7 724.9 991.2 Acquired volume (incl. full-year effect from preceding year) — –45.2 –76.1 –45.2 –82.7 Currency effect 0.3 17.4 30.6 43.4 67.7 Net sales excluding acquisitions and currencies 289.1 251.8 786.2 723.1 976.2 Organic growth 9.6 25.8 61.3 –0.3 –21.1 Organic growth, % 3.4 11.4 8.5 0.0 –2.1 22 Q3 Interim report January–September 2026
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Operating profit (EBITDA) Operating profit before depreciation/amortization and impairment. Group, SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Operating profit (EBIT) 139.6 158.3 436.9 491.2 650.5 Depreciation/amortization 49.1 35.1 143.6 120.1 179.1 Operating profit (EBITDA) 188.7 193.4 580.5 611.3 829.6 Operating margin (EBITDA) Operating profit before depreciation/amortization as a percentage of net sales. Group, SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Net sales 1,447.2 1,367.9 4,304.1 4,081.7 5,394.2 Operating profit (EBIT) 139.6 158.3 436.9 491.2 650.5 Depreciation/amortization 49.1 35.1 143.6 120.1 179.1 Operating margin (EBITDA), % 13.0 14.1 13.5 15.0 15.4 Operating profit (EBITA) Operating profit before depreciation/amortization and impairment of intangible assets. Group, SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Operating profit (EBIT) 139.6 158.3 436.9 491.2 650.5 Amortization of intangible assets 13.1 13.0 39.0 35.7 48.8 Operating profit (EBITA) 152.7 171.3 475.9 526.9 699.4 Operating margin (EBITA) Operating profit before depreciation/amortization and impairment of intangible assets, as a percentage of net sales. Group, SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Net sales 1,447.2 1,367.9 4,304.1 4,081.7 5,394.2 Operating profit (EBIT) 139.6 158.3 436.9 491.2 650.5 Amortization of intangible assets 13.1 13.0 39.0 35.7 48.8 Operating margin (EBITA), % 10.6 12.5 11.1 12.9 13.0 Gross profit margin Gross profit as a percentage of net sales. Group, SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Net sales 1,447.2 1,367.9 4,304.1 4,081.7 5,394.2 Gross profit 433.3 427.9 1,308.2 1,301.7 1,697.0 Gross profit margin, % 29.9 31.3 30.4 31.9 31.5 Profit margin (ROS) Profit after financial items as a percentage of net sales. Group, SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Net sales 1,447.2 1,367.9 4,304.1 4,081.7 5,394.2 Profit after financial items 131.9 139.5 406.0 427.6 572.9 Profit margin (ROS), % 9.1 10.2 9.4 10.5 10.6 Interest-bearing net debt Interest-bearing loan liabilities and provisions less cash and cash equivalents. Group, SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Provisions for pensions 210.9 227.2 203.6 Loans 1,728.1 1,195.9 1,504.8 Accrued liability, earnout 179.9 177.2 173.6 Lease liability 244.2 260.0 247.0 Cash and cash equivalents –1,084.0 –779.8 –1,108.8 Interest-bearing net debt n/a n/a 1,279.1 1,080.5 1,020.2 Interest-bearing net debt/EBITDA Interest-bearing net debt in proportion to operating profit before depreciation/amortization and impairment. Group, SEK M Q3 2026 Q3 2025 Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Interest-bearing net debt 1,279.1 1,080.5 1,020.2 EBITDA, RTM 798.9 834.1 829.6 Interest-bearing net debt/EBITDA n/a n/a 1.6 1.3 1.2 ALTERNATIVE PERFORMANCE MEASURES 23 Q3 Interim report January–September 2026
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ROOC EBITDA as a percentage of operating capital as below. SEK M Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Group Inventories 1,126.0 1,043.4 896.0 Trade receivables 1,039.6 892.4 783.2 Trade payables – 427.7 –375.7 –239.2 Working capital 1,737.9 1,560.1 1,440.0 Property, plant and equipment 1,718.3 1,263.6 1,405.3 Operating capital 3,456.2 2,823.7 2,845.2 EBITDA, rolling 12 months 798.9 834.1 829.6 Average operating capital, four quarter 3,165.9 2,775.0 2,797.6 ROOC, % 25.2 30.1 29.7 Truck & Trailer Equipment Inventories 261.2 252.8 234.5 Trade receivables 261.4 237.6 197.3 Trade payables –103.5 –86.2 –70.6 Working capital 419.1 404.2 361.2 Property, plant and equipment 299.5 278.8 282.4 Operating capital 718.6 683.0 643.7 EBITDA, rolling 12 months 373.7 346.8 351.6 Average operating capital, four quarter 692.9 653.7 660.7 ROOC, % 53.9 53.0 53.2 SEK M Jan–Sep 2026 Jan–Sep 2025 Full-year 2025 Mobile Thermal Solutions Inventories 606.6 545.7 440.6 Trade receivables 564.0 481.6 406.6 Trade payables –277.4 –242.1 –126.2 Working capital 893.1 785.1 721.0 Property, plant and equipment 1,107.1 761.5 881.3 Operating capital 2,000.2 1,546.6 1,602.3 EBITDA, rolling 12 months 284.9 350.2 336.1 Average operating capital, four quarter 1,807.2 1,556.4 1,562.1 ROOC, % 15.8 22.5 21.5 Ringfeder Power Transmission Inventories 258.3 250.5 220.9 Trade receivables 214.2 199.7 179.2 Trade payables –43.2 –43.3 –37.3 Working capital 429.3 406.8 362.9 Property, plant and equipment 306.3 218.6 236.8 Operating capital 735.6 625.4 599.7 EBITDA, rolling 12 months 169.9 163.8 168.4 Average operating capital, four quarter 669.9 569.8 579.9 ROOC, % 25.4 28.7 29.0 ALTERNATIVE PERFORMANCE MEASURES 24 Q3 Interim report January–September 2026
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VBG Group Sweden VBG Group AB (publ) Kungsgatan 57 SE-461 34 Trollhättan Tel +46 521 27 77 00 www.vbggroup.com Addresses VBG Group is a long-term, active owner of successful industrial companies and brands. The Group’s three divisions – operating in 14 countries with approximately 2,000 employees – are run on a foundation of industrial expertise, strong brands and financial stability. VBG Group AB (publ) www.vbggroup.com Truck & Trailer Equipment Sweden VBG Group Truck Equipment AB Box 1216 SE-462 28 Vänersborg Tel +46 521 27 77 00 Ledson Lights AB Bangatan 3 SE-265 38 Åstorp Tel +46 42453 33 30 Germany VBG Group Truck Equipment GmbH Postfach 13 06 55 DE-47758 Krefeld Tel +49 2151 835 0 European Trailer Systems GmbH Im Moerser Feld 1f DE-47441 Moers Tel +49 2841 6070 700 Denmark VBG Group Sales A/S Industribuen 20–22 DK-5592 Ejby Tel +45 64 46 19 19 Norway VBG Group Sales AS Lahaugmoveien 54 NO-2013 Skjetten Tel +47 23 14 16 60 UK VBG Group Sales Ltd Unit 7, Gemini8 Business Park, UK-Warrington, WA5 7AE Tel +44 1925 23 41 11 Belgium VBG Group Truck Equipment NV Industrie Zuid Zone 2.2 Lochtemanweg 50 BE-3580 Beringen Tel +32 11 60 90 90 Czech Republic European Trailer Systems s.r.o. Ke Gabrielce 786 CZ-39470 Kamenice nad Lipou Tel +420 565 422 402 US Onspot of North America, Inc. 1075 Rodgers Park Dr North Vernon, IN 47265-5603 USA Tel +1 800 224 2467 Mobile Thermal Solutions Sweden Mobile Climate Control Group Holding AB Kungsgatan 57 SE-461 34 Trollhättan Tel +46 521 27 77 00 Mobile Climate Control Sverige AB Sikvägen 9 SE-761 21 Norrtälje Tel +46 521 27 77 00 Germany Mobile Climate Control GmbH Drescherstraße 36 DE-712 77 Renningen Canada Mobile Climate Control Inc. 7540 Jane St. Vaughan, ON CA-L4K 0A6 Tel +1 905 482 2750 Mobile Climate Control Inc. 6659 Ordan Drive Mississauga, ON CA-L5T 1K6 Tel +1 905 482 2750 USA Mobile Climate Control Corp. 400 S. Salem Church Road York, PA 17408 USA Tel +1 717 767 6531 Poland Mobile Climate Control Sp. z o.o. Ul. Szwedzka 1 PL-55-200 Oława Tel +48 71 3013 701 China Mobile Climate Control Manufacturing/Trading Co. Ltd. No. 89 (E6) JinHe Rd. CN-315221 Zhenhai, Ningbo Tel +86 574 863 085 77 Brazil Italytec Imex Indústria e Comércio Ltda. Av. Tânia Maria Covalenco, 481 Zona Produção Industrial I Nova Odessa, SP Brazil Tel +55 19 3471 8777 Ringfeder Power Transmission Germany Ringfeder Power Transmission GmbH Werner-Heisenberg-Straße 18 DE-64823 Groß-Umstadt Tel +49 6078 9385 0 Ringfeder Power Transmission GmbH Zweibrücker Strasse 104 DE-66521 Neunkirchen Tel +49 6821 866 0 M.A.T. Malmedie Antriebstechnik GmbH Dycker Feld 28 DE-42653 Solingen Tel: +49 212 258 110 Czech Republic Ringfeder Power Transmission s.r.o. Oty Kovala 1172 CZ-33441 Dobřany Tel +420 377 201 511 US Ringfeder Power Transmission USA Corp. 201 Boston Turnpike 06043 Bolton, CT USA Tel +1 860 643 1531 Carlyle Johnson Machine, Co. LLC 201 Boston Turnpike 06043 Bolton, CT USA Tel +1 860 643 1531 India Ringfeder Power Transmission India Pvt. Ltd. Gat No.144/145, Alandi-Markal Road Pune 412105 IND Tel +91 02135 698200 Ringfeder Power Transmission India Pvt. Ltd. Falcon Heights, 4th Floor, Plot No. 30, Industrial Estate, Perungudi Chennai 600096 IND Tel +91 44 2679 1411 China Kunshan Ringfeder Power Transmission Co. Ltd. No. 406, Jiande Road Zhangpu 215321 CHN Kunshan, Jiangsu Province Tel +86 512 5745 3960 Brazil Henfel Industria Metalurgica Ltda. Major Hilario Tavares Pinheiro, 3447, Cep 14871–300 Jaboticabal, SP Brazil Tel +55 16 3209 3422 Poland Ringfeder Power Transmission Sp. z o.o. Aleja Rodziny Gürtlerów 81 PL-41-700 Ruda Śląska Tel: +48 32 301 53 00 Australia Ringfeder Power Transmission Australia Pty Ltd 9/56 Smith Road AU-3171 Springvale Tel +61 3 9558 6922 25 Q3 Interim report January–September 2026