Rejlers

Quarterly Report • Apr 24, 2025

INTERIM REPORT REJLERS AB JANUARY—MARCH 2025

"WE ARE INCREASING SHAREHOLDER VALUE THROUGH A MORE EFFICIENT, GROWING AND MORE LEARNING REJLERS."

JANUARY—MARCH

• Net sales increased by 9.6% to SEK 1,201.3 million (1,096.0)
• Organic sales growth increased to 8.7% (1.0)
• EBITA increased to SEK 102.5 million (98.3) and the EBITA margin amounted to 8.5% (9.0), affected by one working day less compared to previous year
• Operating profit (EBIT) increased to SEK 86.9 million (83.7), impacted by acquisition expenses of SEK 0.0 million (0.5)
• Net financial items amounted to SEK –4.3 million (–3.1)
• Net profit after tax increased to SEK 65.4 million (64.4)
• Earnings per share before dilution increased to SEK 2.96 (2.91) and after dilution to SEK 2.96 (2.91)

KPI	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Net sales, SEK million	1,201.3	1,096.0	4,430.7
Organic growth excluding exchange rate effects, %	8.7	1.0	4.8
EBITA, SEK million	102.5	98.3	352.3
EBITA margin, %	8.5	9.0	8.0
Items affecting comparability, SEK million	-	-	10.0
Operating profit/loss (EBIT), SEK million	86.9	83.7	288.2
Profit/loss after tax, SEK million	65.4	64.4	221.8
Earnings per share before dilution, SEK	2.96	2.91	10.03
Earnings per share after dilution, SEK	2.96	2.91	10.03
Cash flow from operating activities, SEK million	49.8	91.6	407.7
Net debt/EBITDA rolling 12 mos.1), multiple	1.12	1.24	1.20

1) Net debt/EBITDA rolling 12 mos. excl. IFRS 16 Leases is 0.8.

STATEMENT BY THE PRESIDENT AND CEO

EBITA EXCEEDS 100 MILLION SEK AGAIN

The start of 2025 was strong for Rejlers, with 9.6 per cent growth in the first quarter, of which 8.7 per cent was organic. EBITA increased to 102.5 (98.3) MSEK, despite one less working day in the quarter and an uncertain market. This marks yet another record for a first quarter.

We are growing with good profitability

Rejlers continues to grow with good profitability. Sales for the first quarter increased to SEK 1,201.3 million (1,096.0) and EBITA for the quarter increased to SEK 102.5 million (98.3), another record for a first quarter. We achieved profit growth of 4 per cent compared to the corresponding period last year. This was despite one less working day, which was estimated to reduce EBITA by approximately SEK 15–18 million, and result in a negative margin effect of just over one percentage point. The EBITA margin amounted to 8.5 (9.0) per cent. Behind these strong figures are both a good utilisation rate and generally higher fees.

Our largest markets are performing well

Demand for Rejlers' services has remained strong in energy and infrastructure, and also fairly good in industry. The construction and property industry however continued to be challenging during this quarter. In our two largest markets, Sweden and Finland (which includes our rapidly growing operations in the United Arab Emirates), we saw good results for the quarter, with an EBITA margin of 9.7 per cent in Finland and 9.9 per cent in Sweden. In Norway, our smallest market, despite greater exposure to the construction and property industry, profitability increased compared to the previous quarter. This was due to measures implemented at the end of 2024, increased efficiency and one working day more than previous year. Under the leadership of the new Country Manager Ragnar Holtan, intensive efforts continue to restore profitability and growth in line with our financial goals.

We are raising the bar even higher

Since 2018, Rejlers has been executing a strategy focused on 2025. We have predominately met the targets we set back then including doubling our sales, achieving an adjusted operating profit over ten times higher and increasing our earnings per share by nearly 1,100 per cent. On the 27th of March we therefore launched an updated strategy and new long-term targets focused on 2030. We are now raising the bar even higher and aim to double Rejlers' sales once again, over the next five years, to more than SEK 8 billion. Other targets include continued increased

"Because we have a strong balance sheet, we are looking for our next large acquisition. The search has already begun."

profitability, high organic growth, greenhouse gas emission reductions and a warm and successful corporate culture.

Both organic growth and more acquisitions

We will achieve the high ambitions of our updated strategy by making Rejlers a catalyst for our clients' progress in three focus areas: energy transition, industry transformation and future proofing communities. Based on our continuous learning, we will continue to meet our clients' needs in a changing environment and thereby achieve the highest organic growth in the industry. And because we have a strong balance sheet, we are, at the same time, looking for our next large acquisition. The search has already begun, and we are focusing primarily on the energy and infrastructure sectors in Finland, Sweden or Norway to drive our acquisition growth.

Some personal reflections

In times of uncertainty in both geopolitics and global trade, it is perhaps more important than ever to maintain a solid foundation based on a strong corporate culture. At Rejlers, we have achieved a warm and successful culture that enables all of us to learn every day. This culture has guided us in the development of our updated strategy, which has also been shaped through internal exercises and discussions with hundreds of employees, helping ensure it is strongly embedded throughout the Group. This is something that feels very typical of Rejlers to me. Now let's go!

Stockholm 24 April, 2025 Viktor Svensson

OUR SUSTAINABLE BUSINESS STRATEGY

With an updated strategy focused on 2030 and new ambitious targets, Rejlers is adapting to a changing world to ensure our customers progress towards tomorrow's sustainable society.

Rejlers' sustainable business strategy 2030 sets a clear direction for how we create long-term value — for our clients, our people and the world around us. Rooted in our vision Home of the Learning Minds, the strategy brings together ambitious climate targets, strong financial targets, and a people-first culture. As we grow, we aim to lead the industry in organic growth while maintaining a culture where collaboration, curiosity and continuous learning thrive.

By 2030, Rejlers aims to:

• Achieve an EBITA margin of at least 10%
• Reach a turnover of SEK 8 billion or more
• Become number one in the industry in terms of organic growth
• Reach a 10/10 rating in our internal culture index
• Reduce absolute scope 1 and 2 greenhouse gas emissions by 42% (2023–2030) and reach net-zero emissions across the entire value chain by 2050.

These targets are interlinked — because we believe profitability, sustainability and culture go hand in hand.

To achieve our targets, the strategy is centred on Rejlers' three focus areas; energy transition, industry transformation and future-proofing communities.

By combining deep technical expertise with a forward-leaning mindset, we act as a catalyst for our clients' transformation — and play an active role in shaping a more sustainable and resilient society.

FINANCIAL SUMMARY GROUP DEVELOPMENT

JANUARY—MARCH 2025

Income and profit

Net sales increased to SEK 1,201.3 million (1,096.0), an increase of 9.6 per cent compared to the year-before period. Organic growth excluding exchange rate fluctuations was 8.7 per cent (1.0).

EBITA increased to SEK 102.5 million (98.3) and the EBITA margin was 8.5 per cent (9.0). EBITA is negatively affected by one working day less compared to previous year and a lower utilisation ratio, and positively affected by higher fees. Operating profit (EBIT) increased to SEK 86.9 million (83.7) and the operating margin was 7.2 per cent (7.6). EBIT is impacted by acquisition expenses of SEK 0.0 million (0.5), which are recognised in the income statement under acquisition-related items. Also refer to the note "Acquisition-related items" on page 15.

The quarter's net financial items amounted to SEK –4.3 million (–3.1), negatively impacted by present value calculation of supplemental purchase considerations. Interest expenses according to IFRS 16 amounted to SEK –1.8 million (–1.5).

The tax expense for the quarter amounted to SEK –17.2 million (–16.2), corresponding to an effective tax rate of 20.8 per cent (20.1). Profit after tax for the quarter increased to SEK 65.4 million (64.4). Earnings per share before dilution increased to SEK 2.96 (2.91) and after dilution to SEK 2.96 (2.91).

Cash flow and financial position

During the period, the Group generated a cash flow from operating activities of SEK 49.8 million (91.6) including effects of IFRS 16 Leases. The change in working capital was positively impacted by a decrease in accounts receivable, although the positive change was greater in the previous year, and negatively impacted by an increase in accrued income and a decrease in short-term liabilities. Consolidated cash and cash equivalents, including utilised overdraft facilities of SEK –8.0 million (0,0), at the end of the period amounted to SEK 61.5 million, compared with SEK 68.6 million as of 31 December 2024.

Interest-bearing liabilities decreased by SEK 31.2 million since 31 December 2024 to SEK 639.1 million at the end of period. During the period, SEK 13.8 million was repaid on all loans. Interest-bearing liabilities with regard to IFRS 16 Leases amounted to SEK 301.9 million and decreased by SEK 14.0 million compared with 31 December 2024. Current interest-bearing liabilities to credit institutions amounted to SEK 332.1 million compared with SEK 349.5 million at 31 December 2024 and non-current liabilities to credit institutions amounted to SEK 0 million compared with SEK 0 million at 31 December 2024. During the fourth quarter, all liabilities to credit institutions were renegotiated and run for 12 months in the future to the end of January 2026 to achieve an effective interest level.

Net debt amounted to SEK 577.6 million, compared with SEK 601.7 million as of 31 December 2024. The ratio of net debt to EBITDA rolling 12 months amounted to 1.1 at the end of the period compared with 1.2 at 31 December 2024. The ratio of net debt to EBITDA rolling 12 months excluding IFRS 16 Leases amounted to 0.8 compared with 0.8 at 31 December 2024. The equity/assets ratio amounted to 53.1 per cent compared with 52.4 per cent on 31 December 2024. Equity per share was SEK 88.8 at the end of the period compared to SEK 87.6 as of 31 December 2024. The Group's overdraft facility in Danske Bank of SEK 250.0 million (200.0) is utilised in an amount of SEK –8.0 million (0.0).

FINANCIAL SUMMARY GROUP DEVELOPMENT

Investments

Investments in property, plant and equipment amounted to SEK 4.5 million (4.5), mainly related to equipment and IT equipment. Investments in intangible assets, mainly attributable to the development of IT platforms, amounted to SEK 2.1 million (3.9). Investments in subsidiaries and businesses amounted to SEK 0.5 million (0), attributable to payments of supplemental purchase amounts. Depreciation and amortisation amounted to SEK 58.2 million (50.4), of which SEK 34.4 million (28.5) was related to IFRS 16 Leases.

Utilisation

The utilisation amounted to 79.0 per cent (79.2).

Employees

At the end of the period, the number of employees was 3,282 (3,170). There were 3,131 full-year employees (3,063).

Parent Company

Net sales in the Parent Company during the period amounted to SEK 13.1 million (10.5), which mainly pertains to invoiced management fees to subsidiaries. The Parent Company's operating profit/loss amounted to SEK –13.1 million (–10.8), negatively impacted by higher Group-wide expenses. Cash and cash equivalents at the end of the period amounted to SEK –8.0 million (i.e., the utilised overdraft facility), compared with SEK –12.1 million at 31 December 2024. Equity amounted to SEK 787.8 million at the end of the period compared with SEK 792.5 million as of 31 December 2024.

Seasonal variations

Rejlers is affected by seasonal variations and calendar effects. The respective quarters are relatively comparable over the years, but are affected by minor calendar effects, such as when in time Easter occurs. Sales are normally higher in the first and fourth quarters and lower in the second and third quarter. Similar seasonal variations occur in all geographic markets.

The Share

The total number of shares in Rejlers AB is 22,106,849, of which 1,749,250 Class A shares (ten votes per share) and 20,357,599 Class B shares (one vote per share).

Cash flow from operating activities

Number of employees at end of period

SIGNIFICANT EVENTS

New strategy and targets for 2030

Rejlers presented an updated sustainable business strategy focused on 2030 with long-term targets for profitability, turnover, growth, culture and climate. The strategy centres around our three focus areas: energy transition, industry transformation and future proofing communities – with our customers, employees and the world around us at the core.

Rejlers and AECOM win contract for Trafikverket

Rejlers and AECOM have jointly been awarded a assignment by the Swedish Transport Administration as part of the Southeast Link – a strategic initiative to strengthen the rail network in southern Sweden. The assignment involves designing a new meeting track on the Blekinge Coastal Railway, between Olofström and Mörrum in Karlshamn municipality.

Framework agreement with Mer Sweden regarding charging infrastructure

Rejlers has entered into a one-year framework agreement with extension option, with fast-growing Mer Sweden. The agreement covers inspection services to ensure quality and safety in the expansion of Mer's charging infrastructure in Sweden. Mer Sweden is part of the European Mer Group, owned by Statkraft.

Rejlers part of alliance contract with Kajave

Rejlers, together with Destia and Maanrakennus Ohtamaa, has won an alliance contract with Finnish electrical network operator Kajave, a part of the Loiste Group. The contract includes construction, design and maintenance of Kajave's western distribution network in Northern Ostrobothnia and Kainuu. Contract runs for four years with a three-year extension option.

Framework agreement with Region Uppsala

Rejlers has signed a framework agreement with Swedish Region Uppsala for services across multiple disciplines and areas of expertise for construction and renovation projects. The aim is to ensure efficient and high-quality planning and execution of the region's construction projects. The agreement runs for two years with the possibility of extension.

HVAC and electrical design for Espoo House

The city of Espoo, Finland, has chosen Rejlers for electrical design and HVAC for Espoo House, a construction project focusing on innovative technology and sustainability. Rejlers will ensure the building's technical solutions meet the highest standards for energy efficiency, comfort and safety. Estimated construction start in 2026, operational in 2029.

BUSINESS OVERVIEW

REJLERS SWEDEN

Rejlers Sweden reported strong earnings for the first quarter of 2025. Sales increased by 8.8 per cent to SEK 742.1 million (682.0) and EBITA increased to SEK 73.7 million (73.6) despite a varied market. The margin was 9.9 per cent (10.8), negatively affected by having one working day less compared to previous year.

Rejlers Sweden had stable growth during the quarter, driven by good demand in the defence sector and infrastructure, and continued stability in energy and industry, especially the chemicals and process industries. Despite a varied market, our diversified client base and ability to switch between market segments contribute to a good order volume. Combined with higher fees and targeted sales efforts, these are the main drivers of Rejlers Sweden's strong earnings.

The Buildings division reports good earnings thanks to higher fees compared with the previous year, while utilisation was slightly lower. During the quarter, the division signed a framework agreement with Region Uppsala, which has already led to several new projects. In addition, the organisation has been adapted to promote greater collaboration both within the division and with the other divisions.

The Connected Energy division, formerly Energy & Telecom, is continuing to develop well, even if the clients' challenges linked to rising costs led to changing priorities and delayed project starts. The on-going transformation of the energy market continues to create large demand, with driving forces such as the conversion of the power system and investments in main, regional and local power grids. The division has had good development and growth, with increased business in nuclear power, among other areas.

The Industry division had a stable start to the year with good development in the defence, steel, chemicals and water industries. Rejlers' offering to the forestry industry shows signs of recovery with several projects won during the quarter, while the mining industry is still somewhat hesitant. The reorganisation carried out at the end of 2024, where the business areas Defence & Civil Security and Digital Solutions were integrated into the Industry division, has already yielded results. This change has created clear synergies, especially in the defence sector and in relation to clients in the process industry.

The Infrastructure division began the year with high efficiency and has won several major new projects. To strengthen profitability, which does not meet our financial targets, steps are being taken to adapt costs and to win business with new clients. During the quarter, the projects concerning the Railway Plan for the North Bothnia Line – Southern and Northern Piteå began, which is expected to contribute to higher and more stable utilisation throughout the year. The division also sees growing demand for Rejlers' unique services in advanced measurements for tunnel contractors and the mining industry, including clients such as LKAB.

SWEDEN

Net sales Sweden SEK 742.1 M EBITA Sweden SEK 73.7 M

KPI	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Net sales, SEK million	742.1	682.0	2,720.8
EBITA, SEK million	73.7	73.6	246.3
EBITA margin, %	9.9	10.8	9.1
Operating profit/loss, SEK million	65.7	66.5	212.8

REJLERS FINLAND

Rejlers Finland reported a strong first quarter of 2025 with high organic growth. Sales increased by 14.4 per cent to SEK 385.0 million (336.6) and EBITA increased to SEK 37.2 million (31.8). The margin was 9.7 per cent (9.4) negatively affected by one working day less compared to previous year.

In a cautious market environment, Rejlers Finland has managed to deliver good profitability by focusing on sales, higher fees and efficiency. The market is expected to remain challenging with tough competition. Long-term demand is driven by the green transition, fossil-free energy production, innovative energy storage solutions and electrification. Rejlers Finland has strengthened its position by successfully taking on major industrial projects that support the customers' sustainable transition.

The Buildings division reported a satisfactory first quarter. HVAC engineering and building energy management has a strong market while the market continued to be challenging within architecture and structural engineering. During the quarter, the division secured several new assignments, among them an extensive laboratory renovation as well as two expansion assignments for Turku University Hospital.

The Industry division reported a very strong first quarter in a challenging market characterised by tough competition. The division won deals within the energy segment, for example power plant modifications. The division also successfully delivered product development projects for the defence industry. Growth is expected within the defence industry sector, and the division remains engaged in ongoing defence-related projects.

The Infrastructure division made a stable quarter. The division secured a key framework agreement with Finnish Transport Infrastructure Agency, which was re-tendered at the beginning of the year. In addition, the Finnish Transport Infrastructure Agency ordered an option within the Kupittaa-Turku railway project agreement.

The Sustainable Energy Solutions division delivered a satisfactory first quarter, relying on a steady volume of framework agreements. Within the Networks business area, electrical metering services performance was strong, telecom revenues were stable, and power grids faced slightly lower demand due to the winter season. During the first quarter, the Networks business area won an alliance contract with Finnish electricity network operator Kajave, as well as two significant power line projects. The business area Technical management consulting successfully delivered several projects.

Rejlers Abu Dhabi reported another strong quarter. During the period, Rejlers Abu Dhabi secured new engineering contracts and one new long-term framework agreement. The market in the United Arab Emirates is expected to remain strong in 2025.

FINLAND

EBITA

Net sales Finland SEK 385.0 M EBITA Finland SEK 37.2 M

KPI	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Net sales, SEK million	385.0	336.6	1,429.2
EBITA, SEK million	37.2	31.8	144.3
EBITA margin, %	9.7	9.4	10.1
Operating profit/loss, SEK million	31.3	26.1	120.7

REJLERS NORWAY

Rejlers Norge reported higher earnings for the first quarter of 2025. Sales increased by 13.3 per cent to SEK 91.8 million (81.0) and EBITA increased to SEK 4.8 million (3.3), thanks to implemented cost savings, higher efficiency and having one working day more compared to previous year.

The Norwegian market is still characterised by diversified demand. Despite low activity in the construction sector and an unchanged interest rate situation, the market potential for Rejlers Norway is deemed to be good. Focus is on increasing the share of large projects, strengthening internal cooperation and capitalising on our collective specialist expertise within the Group. Among the on-going key projects that reflect this focus are the electrification initiative Yggdrasil and the CCS project for Northern Lights. Energy, electrification, water purification, carbon capture and the development of new power sources are central driving forces in the market and projects in these areas involve every division in Rejlers Norway. Under the leadership of the new Country Manager Ragnar Holtan, intensive efforts continue to restore profitability and growth in line with our financial goals.

The Buildings division shows slight positive growth. Challenges remain in the market, including sharp competition in procurements. The division has a significant impact on the earnings of Rejlers Norway and is in a transition phase to meet long-term market changes and strengthen profitability.

The Industry & Energy division has good growth with good earnings, mainly driven by the Industry business area, with projects in electrification and carbon management. The projects are larger with longer delivery times, which contributes to a long-term approach and a stable utilisation. For example, a new EPCI project began during the quarter. The Energy business area had stable order bookings from existing clients while efficiency and fees need to increase to achieve higher profitability.

The Inspection division continues to deliver stable earnings, mainly through long-term projects. Electrical Safety is deemed to continue to have large market potential, and the division plans to grow through new recruitment.

The Infrastructure division maintains stable profitability, mainly driven by longterm agreements in the railway area, including the Østfold Line. In order to meet the expected increase in demand, new employees are being recruited. During the quarter, the division also signed an agreement regarding detailed engineering for E6 Roterud–Storhove.

NORWAY

EBITA

Net sales Norway SEK 91.8 M EBITA Norway SEK 4.8 M

KPI	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Net sales, SEK million	91.8	81.0	317.5
EBITA, SEK million	4.8	3.3	–3.7
EBITA margin, %	5.2	4.1	–1.2
Items affecting comparability, SEK million	-	-	10.0
Operating profit/loss, SEK million	3.0	1.6	–10.7

OTHER INFORMATION

Accounting policies

These financial statements have been prepared in accordance with IAS 34, as published by the International Accounting Standards Board (IASB) and interpretations from the Interim Financial Reporting Interpretations Committee (IFRIC) as adopted by the EU. The Parent Company's reports are prepared in accordance with the Annual Accounts Act and RFR 2, Accounting for Legal Entities. The Group applies the same accounting policies as described in Note 2 in the Annual Report for 2024 and no new standards, or other IFRS or IFRIC interpretations, which have not yet entered into effect or entered into effect during the financial year, are expected to have any material impact on the Group.

Financial instruments

Conditional supplemental purchase amounts attributable to business combinations are measured at fair value and amounted to SEK 47.2 million as of 31 March 2025, compared with SEK 48.2 million as of 31 December 2024, reported in the balance sheet. The decrease mainly pertains to paid supplemental purchase considerations of SEK 0.5 million (8.3). The supplemental purchase amount is mainly determined based on future sales growth and earnings for the next two to three years. A recognised liability is estimated based on the assessed likelihood of an outcome. The liability is calculated at fair value according to level 3 and adjustments to supplemental purchase amounts are recognised in the income statement under net financial items. Increases in liabilities as a result of the revaluation of supplemental purchase amounts through changed assumptions and discounting effects are recognised as expenses in net financial items and amounted to SEK 1.4 million (0) accumulated. Reductions in liabilities resulting from revaluation of supplemental purchase amounts due to changes in assumptions are recognized as income within net financial items and amount to SEK 0.0 million (0) accumulated. In terms of other financial assets and liabilities, no material changes have occurred regarding the measurement at fair value since the 2024 annual report. Fair value essentially matches the carrying amounts.

Risks and uncertainty factors

Through its operations, the Group is subject to various financial risks, such as market risk (comprehensive foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management involves striving for minimal unfavourable effects on financial position and performance. The Group's business risks and risk management as well as financial risks are described in detail in the annual report for 2024.

Business combinations

In acquisitions, these usually complement Rejlers' offering and customers and are therefore expected to increase sales in both the acquired companies and Rejlers. As the companies are often run with relatively small overhead and administration, synergies on the cost side are small. In the long term, certain cost synergies may arise thanks to, among other things, moving to shared premises. The goodwill arising from the acquisitions consists mainly of human capital, i.e. the knowledge and experience the consultants in the acquired company add, and is not expected to be deductible. Goodwill also consists of the synergies the acquisitions entail, such as broader offers, new customers, new regions and new joint assignments. Hence, the majority of the acquired company's intangible assets are attributable to goodwill.

Related party transactions

Transactions with related parties are described in Note 30 in the Annual Report for 2024. The scope and focus of these transactions did not substantially change during the period.

Pledged assets and contingent liabilities

Pledged assets and contingent liabilities are essentially unchanged compared with the previous year.

Future-oriented information

All future-oriented statements in this report are based on the company's best assessment at the time of publication. As with all forecasts, such assumptions contain risks and uncertainties that may mean that the actual outcome is different than the expected development.

The undersigned provides assurance that this interim report provides an accurate overview of the operations, position and earnings of the Group and the Parent Company, and that it also describes the principal risks and sources of uncertainty faced by the Parent Company and the companies within the Group.

Stockholm, 24 April 2025, Rejlers AB (publ).

Viktor Svensson President and CEO

The interim report has not been reviewed by the company's auditor.

The information in this interim report is such that Rejlers AB (publ) is obliged to publish under the EU Market Abuse Directive. The information was submitted by the aforementioned contact person for publication on 24 April 2025 at 1:00 P.M. CEST. This report is also available in Swedish. The English version is a translation of the Swedish original. If there are any differences, the Swedish version takes precedence.

GROUP

CONDENSED INCOME STATEMENT

Amount SEK million	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Net sales	1,201.3	1,096.0	4,430.7
Other income	2.4	4.0	16.5
Personnel expenses	–751.7	–715.6	–2,823.5
Other external expenses	–307.3	–251.4	–1,122.3
Participations in associated company earnings	0.4	0.6	1.0
EBITDA	145.1	133.6	502.4
Depreciation/amortisation and impairment of non-current assets1)	–42.6	–35.3	–150.1
EBITA	102.5	98.3	352.3
Acquisition-related items2)	–15.6	–14.6	–64.1
Operating profit/loss (EBIT)	86.9	83.7	288.2
Financial income	7.3	7.6	53.1
Financial expenses	–11.6	–10.7	–48.9
Profit/loss after net financial items	82.6	80.6	292.4
Tax	–17.2	–16.2	–70.6
Profit for the period	65.4	64.4	221.8
Attributable to the Parent Company's shareholders	65.4	64.4	221.8
Attributable to shareholders without a controlling influence	-	-	-
Average number of shares	22,106,849	22,106,849	22,106,849
Number of shares at end of period	22,106,849	22,106,849	22,106,849
Number of shares after dilution	22,106,849	22,106,849	22,106,849
Earnings per share before dilution, SEK, remaining operations	2.96	2.91	10.03
Earnings per share after dilution, SEK, remaining operations	2.96	2.91	10.03

1) Impairment and depreciation of property, plant and equipment and amortisation of intangible assets excluding goodwill and those related to acquisitions

2) Impairment and amortisation of goodwill and intangible assets related to acquisitions, and acquisition expenses

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

Amount SEK million	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Profit for the period	65.4	64.4	221.8
Items that may be reclassified to the income statement
Translation differences of foreign operations, net after tax	–39.4	20.7	15.7
Items that will not be reclassified to the income statement
Revaluation of net pension provisions	-	-	–3.0
TOTAL OTHER COMPREHENSIVE INCOME	–39.4	20.7	12.7
COMPREHENSIVE INCOME FOR THE PERIOD	26.0	85.1	234.5
Attributable to the Parent Company's shareholders	26.0	85.1	234.5

CONSOLIDATED BALANCE SHEET

Amount SEK million	31 March 2025	31 March 2024	31 Dec 2024
Assets
Non-current assets
Intangible assets
Capitalised expenditures for program development	33.6	28.1	36.2
Customer values	404.2	457.9	427.6
Goodwill	1,463.5	1,461.5	1,489.4
Total intangible assets	1,901.3	1,947.5	1,953.2
Property, plant and equipment
Rights of use	312.0	263.1	326.8
Equipment, tools, fixtures and fittings	52.4	51.6	53.7
Total property, plant and equipment	364.4	314.7	380.5
Financial assets
Participations in associated companies	11.5	8.7	8.3
Non-current securities held as non-current assets	8.4	15.5	14.1
Other non-current receivables	21.0	40.1	20.1
Total financial assets	40.9	64.3	42.5
Deferred tax asset	4.6	12.3	4.3
Total non-current assets	2,311.2	2,338.8	2,380.5
Current assets
Current receivables
Trade receivables	661.9	667.8	726.0
Current tax assets	84.5	56.9	78.6
Other receivables	34.7	34.3	27.1
Prepaid expenses and accrued income	545.9	436.9	418.2
Total current receivables	1,327.0	1,195.9	1,249.9
Cash and cash equivalents	61.5	84.3	68.6
Total current assets	1,388.5	1,280.2	1,318.5
TOTAL ASSETS	3,699.7	3,619.0	3,699.0

CONSOLIDATED BALANCE SHEET, CONT.

Amount SEK million	31 March 2025	31 March 2024	31 Dec 2024
EQUITY AND LIABILITIES
Equity
Share capital	44.2	44.2	44.2
Other capital contributed	829.4	829.4	829.4
Reserves	11.9	59.3	51.3
Accumulated profit including profit for the year	1,077.3	954.0	1,011.9
Total equity attributable to Parent Company shareholders	1,962.8	1,886.9	1,936.8
Equity attributable to shareholders without a controlling influence	-	-	-
Total equity	1,962.8	1,886.9	1,936.8
Non-current liabilities
Liabilities to credit institutions	178.6	150.9	192.0
Lease liabilities	105.7	113.3	109.2
Convertible debentures	5.1	2.6	4.9
Deferred tax liability	63.1	75.1	66.1
Pension provisions	352.5	341.9	372.2
Other liabilities
Total non-current liabilities	332.1	398.2	349.5
Lease liabilities	123.3	102.4	123.9
Trade payables	173.7	161.6	182.7
Current tax liabilities	72.2	53.6	57.6
Other liabilities	228.8	236.1	229.0
Accrued expenses and deferred income	454.3	438.3	447.3
Total current liabilities	1,384.4	1,390.2	1,390.0
TOTAL EQUITY AND LIABILITIES	3,699.7	3,619.0	3,699.0

CONDENSED CHANGES IN EQUITY

Amount SEK million	31 March 2025	31 March 2024	31 Dec 2024
Equity at start of period	1,936.8	1,801.8	1,801.8
Comprehensive income for the period	26.0	85.1	234.5
Changes attributable to transactions with the owners
Dividends	-	-	–99.5
Total changes attributable to transactions with the owners	-	-	–99.5
Equity at end of period	1,962.8	1,886.9	1,936.8
Attributable to the Parent Company's shareholders	1,962.8	1,886.9	1,936.8
Total	1,962.8	1,886.9	1,936.8

CONDENSED CASH FLOW STATEMENT

Amount SEK million	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Cash flow from operating activities before changes in operating capital and tax paid	143.0	129.0	473.0
Tax paid	–10.0	–28.8	–101.9
Change in working capital	–83.2	–8.6	36.6
Cash flow from operating activities	49.8	91.6	407.7
Cash flow from investing activities	–7.0	–16.7	–107.7
Cash flow from financing activities	–47.4	–51.0	–291.8
Cash flow for the period	–4.6	23.9	8.2
Cash and cash equivalents at start of period	68.6	59.2	59.2
Exchange rate differences in cash and cash equivalents	–2.5	1.2	1.2
Cash and cash equivalents at end of period	61.5	84.3	68.6

NET INDEBTEDNESS

Amount SEK million	31 March 2025	31 March 2024	31 Dec 2024
Non-current lease liability	178.6	150.9	192.0
Current liabilities, credit institutions	332.1	398.2	349.5
Current lease liability	123.3	102.4	123.9
Pension provisions	5.1	2.6	4.9
Cash and cash equivalents	–61.5	–84.3	–68.6
Total	577.6	569.8	601.7

ACQUISITION-RELATED ITEMS

Amount SEK million	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Impairment and amortisation of goodwill and intangible assets related to acquisitions, remaining operations	–15.6	–15.1	–62.1
Acquisition expenses	-	0.5	–2.0
Total	–15.6	–14.6	–64.1

PARENT COMPANY

CONDENSED INCOME STATEMENT

Amount SEK million	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Sales	13.1	10.5	44.2
Personnel expenses	–14.4	–12.6	–42.4
Other external expenses	–11.8	–8.4	–36.0
Depreciation	–0.3	–0.3	–1.2
Profit/loss from participations in associated companies	0.3	-	0.2
Operating profit/loss	–13.1	–10.8	–35.2
Net financial items	7.2	1.5	85.4
Profit/loss after net financial items	–5.9	–9.3	50.2
Tax	1.2	1.9	–10.4
Profit/loss after tax	–4.7	–7.4	39.8

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

Amount SEK million	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Profit after tax for the period	–4.7	–7.4	39.8
Other comprehensive income	-	-	-
Total comprehensive income for the period	–4.7	–7.4	39.8

BALANCE SHEET – PARENT COMPANY

Amount SEK million	31 March 2025	31 March 2024	31 Dec 2024
Assets
Non-current assets
Capitalised expenditures for program development	1.9	2.2	2.2
Ongoing projects	2.7	1.4	2.4
Total intangible assets	4.6	3.6	4.6
Property, plant and equipment
Equipment, tools, fixtures and fittings	0.1	0.3	0.2
Total property, plant and equipment	4.7	3.9	4.8
Financial assets
Participations in associated companies	0.0	0.0	0.0
Participations in Group companies	620.8	637.4	620.8
Other non-current receivables from Group companies	184.8	211.3	221.3
Other non-current receivables	7.0	6.8	5.6
Total financial assets	812.6	855.5	847.7
Total non-current assets	817.3	859.4	852.5
Current assets
Current receivables
Receivables from Group companies	443.8	455.7	479.8
Other receivables	-	0.4	2.0
Current tax assets	4.3	4.0	2.0
Prepaid expenses and accrued income	9.6	3.5	5.7
Total current receivables	457.7	463.6	489.5
Cash and cash equivalents	-	38.4	-
Total current assets	457.7	502.0	489.5
TOTAL ASSETS	1,275.0	1,361.4	1,342.0

BALANCE SHEET – PARENT COMPANY, CONT.

Amount SEK million	31 March 2025	31 March 2024	31 Dec 2024
Equity
Restricted equity
Share capital	44.2	44.2	44.2
Statutory reserve	29.6	29.6	29.6
Total restricted equity	73.8	73.8	73.8
Non-restricted equity
Accumulated profit or loss	–110.7	–51.0	–150.5
Share premium account	829.4	829.4	829.4
Profit for the year	–4.7	–7.4	39.8
Total non-restricted equity	714.0	771.0	718.7
Total equity	787.8	844.8	792.5
Untaxed reserves	-		–
Liabilities
Non-current liabilities
Other non-current liabilities	5.3	21.0	5.1
Total non-current liabilities	5.3	21.0	5.1
Current liabilities
Trade payables	2.4	3.8	3.1
Overdraft facility	8.0	-	12.1
Liabilities to Group companies	322.5	295.8	372.5
Liabilities to credit institutions	122.0	173.5	132.0
Other liabilities	13.2	10.3	11.1
Accrued expenses and deferred income	13.8	12.2	13.6
Total current liabilities	481.9	495.6	544.4
TOTAL EQUITY AND LIABILITIES	1,275.0	1,361.4	1,342.0

SEGMENT OVERVIEW

Amount SEK million	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Net sales
Sweden	742.1	682.0	2,720.8
Finland	385.0	336.6	1,429.2
Norway	91.8	81.0	317.5
Group wide	–17.6	–3.6	–36.8
Consolidated total	1,201.3	1,096.0	4,430.7
EBITA
Sweden	73.7	73.6	246.3
Finland	37.2	31.8	144.3
Norway	4.8	3.3	–3.7
Group wide	–13.2	–10.4	–34.6
Consolidated total	102.5	98.3	352.3
EBITA margin, %
Sweden	9.9	10.8	9.1
Finland	9.7	9.4	10.1
Norway	5.2	4.1	–1.2
Consolidated total	8.5	9.0	8.0
EBIT
Sweden	65.7	66.5	212.8
Finland	31.3	26.1	120.7
Norway	3.0	1.6	–10.7
Group wide	–13.1	–10.5	–34.6
Consolidated total	86.9	83.7	288.2
Net financial items	–4.3	–3.1	4.2
Profit/loss before tax	82.6	80.6	292.4
Number of employees
Sweden	1,859	1,808	1,857
Finland	1,219	1,150	1,214
Norway	194	202	200
Group wide	10	10	10
Consolidated total	3,282	3,170	3,281

INCOME

Amount SEK million	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Income
Sweden	742.1	682.0	2,720.8
of which Fee income	685.1	536.5	2,454.1
of which Other income	57.0	145.5	266.7
Finland	385.0	336.6	1,429.2
of which Fee income	384.2	330.1	1,414.1
of which Other income	0.8	6.5	15.1
Norway	91.8	81.0	317.5
of which Fee income	90.3	71.5	298.5
of which Other income	1.5	9.5	19.0
Consolidating adjustments	–17.6	–3.6	–36.4
of which Fee income	–17.6	–3.6	–36.8
of which Other income	-	-	-
Consolidated total	1,201.3	1,096.0	4,430.7
of which Fee income	1,142.0	934.5	4,129.9
of which Other income	59.3	161.5	300.8

Fees: fee income Rejlers employees and fee income sub-consultants Other fees: fees from expenses, materials and other

GROWTH

Amounts in %	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Organic
Sweden	6.9	2.8	4.8
Finland	14.8	0.1	6.9
Norway	15.8	–17.5	–3.2
Total	8.7	1.0	4.8
Acquired
Sweden	1.9	15.1	4.9
Finland	-	0.6	0.5
Norway	-	11.6	10.2
Total	1.2	10.1	3.9
Currency effect
Sweden	-	-	-
Finland	–0.4	0.7	–0.4
Norway	–2.4	–3.2	–2.1
Total	–0.3	0.0	–0.3
Total growth
Sweden	8.8	18.0	9.7
Finland	14.4	1.5	7.0
Norway	13.3	–9.1	4.9
Total	9.6	10.5	8.4

KEY PERFORMANCE INDICATORS

Beginning in the second quarter of 2016, Rejlers has applied the new European Securities and Markets Authority (ESMA) guidelines for Alternative Performance Measures. In brief, an alternative performance measure is a financial measure over historical or future earnings trends, financial position or cash flow that are not defined or specified in IFRS. To support the analysis by company management and other stakeholders of the Group's development, Rejlers presents certain key performance indicators that are not defined in IFRS. Company management believes that this

information facilitates an analysis of the Group's development. These additional measurements are supplementary information to IFRS and do not replace key performance indicators defined in IFRS. Rejlers' definitions of measurements not defined in IFRS may differ from other companies' definitions. Definitions and calculations of key performance indicators that cannot be reconciled against new items in the income statement and balance sheet are found on the company's website, www.rejlers.com.

IFRS key performance indicators	Jan–Mar 2025	Jan–Mar 2024	Jan–Dec 2024
Earnings per share before dilution, SEK	2.96	2.91	10.03
Earnings per share after dilution, SEK	2.96	2.91	10.03
Average number of shares	22,106,849	22,106,849	22,106,849
Number of shares at the end of the period	22,106,849	22,106,849	22,106,849
Key performance indicators
Growth
Organic growth, %	8.7	1.0	4.8
Acquired growth, %	1.2	10.1	3.9
Currency effect, %	–0.3	0.0	–0.3
Profit/loss
Adjusted EBITA, SEK million	102.5	98.3	362.3
Adjusted EBITA margin, %	8.5	9.0	8.2
Items affecting comparability, SEK million	-	-	10.0
EBITA, SEK million	102.5	98.3	352.3
EBITA margin, %	8.5	9.0	8.0
Operating profit/loss (EBIT), SEK million	86.9	83.7	288.2
Operating margin, %	7.2	7.6	6.5
Key performance indicators per employee
Sales per full-year employee, SEK thousand	383.7	357.8	1,433.9
Operating profit/loss per full-year employee, SEK thousand	27.8	27.3	93.3
Balance sheet
Net indebtedness, SEK million	577.6	569.8	601.7
Net debt/EBITDA, rolling 12 month, multiple	1.12	1.24	1.20
Equity/assets ratio, %	53.1	52.1	52.4
Equity per share at the end of the period, SEK	88.8	85.4	87.6
Return on equity, %	4.3	4.7	15.6
Return on capital employed, %	3.7	4.0	13.4
Other
Dividend per share, SEK	-	-	4.5
Number of full-year employees	3,131	3,063	3,090
Number of employees at end of period	3,282	3,170	3,281
Utilisation, %	79.0	79.2	79.3

EXPLANATION, DEFINITION AND CALCULATION OF KEY PERFORMANCE INDICATORS

Key performance indicators	Explanation	Definition	Calculation Q1 2025
Growth
Organic growth, %	The company's capacity to grow with existing resources	Change in net sales in local currency compared with year-before period, excluding acquired companies	95.5/1,096.0=8.7%
Acquired growth, %	The company's capacity to grow with acquisitions	Change in net sales in local currency in acquired companies, compared with year-before period	13.2/1,096.0=1.2%
Currency effect, %	The company's growth due to currency	Change in net sales attributable to currency effects	–3.4/1,096.0=-0.3%
Profit/loss
Adjusted EBITA, SEK million	A measure of the company's operating and underlying profit/ loss excluding items affecting	EBITA excluding items affecting comparability
Adjusted EBITA margin, %	comparability Measure of the efficiency in the company	Adjusted EBITA/Net sales	102.5 102.5/1,201.3=8.5
Items affecting comparability, SEK million	It clarifies the development of the underlying operations and improves the comparison between different periods	Income and expenses that are not expected to arise on a regular basis in operating activities	-
EBITA, SEK million	A measure of operating and cash generating profit/loss	EBIT with the reversal of acquisition related items	86.9+15.6=102.5
EBITA margin, %	Measure of the efficiency in the company	EBITA/Net sales	102.5/1,201.3=8.5
Operating profit/loss (EBIT), SEK million	A measure of operating profit/ loss excluding financial items, i.e., regardless of debt	EBITA less acquisition-related items	102.5–15.6=86.9
Operating margin, %	Measure of the efficiency in the company	EBIT/Net sales	86.9/1,201.3=7.2
Key performance indicators per employee
Sales per full-year employee, SEK thousand	Measure of the efficiency in the company	Net sales/Number of full year employees	1,201.3/3,131=383.7
Operating profit/loss per full-year employee, SEK thousand	Measure of the efficiency in the company	Operating profit/Number of full year employees	86.9/3,131=27.8
Balance sheet
Net indebtedness, SEK million	Measure of the company's payment capacity and credit risks	Current and non-current interest bearing liabilities and pension liabilities less cash and cash equivalents	See note above
Net debt/EBITDA, rolling 12 month, multiple	Measure of the company's payment capacity and credit risks	Net debt/EBITDA, past 12 months	577.6/(502.4-133.6+145.1)=1.12
Equity/assets ratio, %	A measure of the percentage of assets financed with equity	Equity/Total assets	1,962.8/3,699.7=53.1
Equity per share at the end of the period, SEK	A measure of the company's efficiency and an indication of the share's value	Equity/number of shares at the end of the period	1,962.8/22,106,849=88.8
Return on equity, %	A measure of the company's capital efficiency	Profit/loss before tax/Average Equity	82.6/((1,962.8+1,886.9)/2)=4.3
Return on capital employed, %	A measure of the company's financing through equity and other capital subject to interest	EBIT including financial income/ Average capital employed (=Equity including interest-bearing liabilities)	(86.9+7.3)/(1,962.8+577.6)=3.7
Other
Dividend per share, SEK	A measure of the company's efficiency and value creation for the shareholders	-	-
Number of full-year employees	A measure of the employees' total work volume	Total hours in attendance/ standard time	-
Number of employees at end of period	A measure of the company's ability to recruit	The number of employees at the end of the period regardless of degree of employment	-
Utilisation, %	Measure of the efficiency in the company	Debited time/Total time in attendance	-

REJLERS AB (PUBL)

Corp. ID no. 556349-8426 | Box 30233 | SE-104 25 Stockholm Tel +46-771-78 00 00 | Fax +46-8-654 33 39 | www.rejlers.com/se

CALENDAR

Interim Report January–June 2025 15 July 2025 Interim Report January–September 2025 23 October 2025 Year-end Report January-December 2025 5 February 2026

FOR MORE INFORMATION, PLEASE CONTACT

Viktor Svensson, President and CEO Tel. +46-70-657 20 26 e-mail: viktor.svensson@rejlers.se

Anna Jennehov, CFO Tel. +46-73-074 06 70 e-mail: anna.jennehov@rejlers.se