Green Landscaping Group

Quarterly Report • May 11, 2023

Q1 | 2023

INTERIM REPORT FOR 1 JANUARY - 31 MARCH

January – March 2023

• Net sales amounted to SEK 1,250 (876) million.
• Growth was 43 percent, of which organic growth amounted to 12 percent.
• EBITA increased by 41 percent to SEK 86 (61) million.
• EBITA margin amounted to SEK 6.9 (7.0) percent.
• Cash flow from operating activities amounted to SEK 221 (148) million.
• Basic earnings per share were SEK 0.63 (0.27).
• Diluted earnings per share were SEK 0.63 (0.27).

* Earnings per share was positively affected by currency revaluations with net SEK 21 (–6) million.

Significant events during the interim period

• There have not been any significant events during the interim period.

Significant events subsequent to the interim period

• A financing agreement was expanded by SEK 500 million in loan facilities.

Key performance indicators

SEK m	Q1 2023	Q1 2022	Change	12-months rolling	Full year 2022
Net sales	1,250	876	43%	5,184	4,810
EBITA	86	61	41%	432	407
EBITA margin, %	6.9	7.0	–0.1	8.3	8.5
Operating profit (loss) (EBIT)	56	39	43%	325	308
EBIT margin, %	4.5	4.4	0.1	6.3	6.4
Earnings before tax (EBT)	45	22	110%	275	251
Cash flow from operating activities	221	148	49%	504	431
Return on equity, %	18	13	5	18	16
Net debt	1,681	1,157	45%	1,681	1,800
Net debt / EBITDA pro-forma, RTM	2.2 times	2.3 times	–0.1	2.2 times	2.4 times
Order backlog	8,091	5,739	41%	8,091	7,762
Basic earnings per share, SEK	0.63	0.27	133%	3.74	3.41
Diluted earnings per share, SEK	0.63	0.27	133%	3.73	3.39
Average number of shares, before dilution	55,394,717	53,086,903	4%	54,444,224	53,873,101

Unless otherwise stated, all comparison figures are for the corresponding period previous year. The alternative key figures and definitions that have been used in this report are described on page 27. Due to rounding, some of the tables and calculations in the report are not always exact.

CEO COMMENTS

Green Landscaping Group continued to make progress in the first quarter. Net sales increased by 43 percent and profitability, expressed as EBITA margin, reached 6.9 percent. In addition to that, we had a record-strong cash flow.

We are successful in an attractive market

Winter conditions prevail in the first quarter, which is low season for many of our companies. The demand for ground maintenance during this time of year is limited, but compensated to some extent by winter and ice removal activities. In every season of the year however, these services are necessary and independent of economic fluctuations. The nature of the market is stable, thereby enabling both us and our customers the ability to make plans that stretch over the long term. Given the level of political, economic and other challenges and crises in the world around us, not least the war in Ukraine, it is comforting to be doing business in a market that is relatively stable and predictable. For landscaping and construction activities however, the conditions are somewhat different and although we approach the high season with high order backlog, the signals we are getting from customers concerning the fall are a bit more uncertain. We monitor the development closely. Over the long term, the macro trends of urbanization, population growth and a general increase in demand for better outdoor environments with a focus on sustainability still prevail.

Green Landscaping Group delivered strong growth also in the first quarter. Net sales increased by 43 percent to SEK 1,250 million. Organic growth was 12 percent, which is attributable to indexation adjustments included in our customer contracts, as well as new agreements that were signed. Our newly acquired companies contributed with 33 percent and changed exchange rates had an impact of –2 percent.

EBITA amounted to SEK 86 (61) million and the EBITA margin was 6.9 (7.0) percent. Many of our subsidiaries are continuing to deliver good results and it is once again particularly satisfying to see the improvement in our handful of Swedish companies that have been struggling with lower profitability for a long time. A change to the mix had a negative impact on profitability in Norway, and the Lithuanian company UAB Stebule has gotten off to an impressive start with us, making a significant contribution to the Finland and Baltic segment. The Group's EBITA margin for the most recent 12 months amounted to 8.3 percent, thus exceeding our financial target of 8 percent.

Cash flow from operating activities was record-strong, amounting to SEK 221 (148) million, which is attributable to our high earnings and lower need for working capital. Net debt has thus declined compared to year-end 2022 and net debt in relation to EBITDA pro-forma RTM amounted to 2.2 (2.3) times, which is well under our financial target of 2.5 times.

"It is once again particularly satisfying to see the improvement in our handful of Swedish companies that have been struggling with lower profitability for a long time"

We benefit from the tougher conditions in the M&A market

Our efforts to bring additional companies into the Group have continued behind the scenes, as we simultaneously have put much effort into making sure that our newest acquisitions get off to a good start with us. It's been much needed, given the intensity of our activities towards the end of last year, when we made 4 acquisitions, and a total of 11 for the full year. The conditions in the acquisition market have changed, stemming in part from higher interest rates than what we've seen in many years and recent turbulence in the finance market. What we've noticed is that many of the competitors we have encountered in the M&A market in recent years are now keeping a lower profile. The decision we made several years ago to take a rather conservative approach with our level of indebtedness is paying off today. We have continuously been able to generate a profit and positive cash flow. We also have strong cash reserves, an increased loan facility and debt to equity level that is the lowest it has been in many years, all of which makes us well equipped to pursue further expansion via acquisitions. We have many exciting candidates on our list and are pursuing a dialog with several of them. We are thus ready, willing and able for all that lies ahead. Given how hard and methodically we have worked to get where we are today, I feel that our position and success, despite all the uncertainty in the surrounding world, is deserved and it offers us the prerequisites for continued growth and success.

Johan Nordström CEO

THE GROUP'S PERFORMANCE

FINANCIAL OVERVIEW	Q1 2023	Q1 2022	Change	RTM	Full year 2022
Net sales, SEK million	1,250	876	43%	5,184	4,810
EBITA, SEK m	86	61	41%	432	407
EBITA margin, %	6.9	7.0	–0.1	8.3	8.5
Return on equity, %	18	13	5	18	16
Average no. of employees	2,512	1,655	35%	2,360	2,145

Net sales

Net sales for the quarter amounted to SEK 1,250 (876) million, which is an increase of 43 percent and of which, acquired companies contributed 33 percent and the contributions from Markbygg Anläggning Väst AB, Aktiv Veidrift AS and Braathen Landskapsentreprenør AS were particularly significant.

Organic growth amounted to 12 percent and it was positively impacted by good demand and indexation of prices due to the high rate of inflation. The first quarter of the year is when the majority of snow and ice removal activities take place. The demand can therefore vary from one region to the next, with significant local differences. Overall, for many of the Group's subsidiaries, the winter season has conformed with what can be expected in a normal year, except for northern Sweden, where snowfall was higher than normal.

Changed exchange rate had an impact of –2 percent on net sales, which is primarily attributable to a weaker NOK currency against SEK.

Earnings

Operating profit increased by 43 percent to SEK 56 (39) million. EBITA also increased by 41 percent and amounted to SEK 86 (61) million, corresponding to a margin of 6.9 (7.0) percent. The overall good demand and successful streamlining efforts has had a positive impact on earnings. To a large extent, it has been possible to compensate for the rising inflation by raising prices in agreements that have indexation clauses. Existing companies increased earnings by 11 percent, while acquired companies contributed 34 percent. Changed exchange rates had an impact of 5 percent, compared to the corresponding period previous year. Several of the companies that were acquired since the second quarter of 2022 have low level of activity during the first quarter, which intensifies the Group's seasonal variation. Transaction costs for acquisitions amounted to SEK 0 (–3) million.

Financial items amounted to SEK –10 (–18) million. The impact on net financial items from interest on loans and lease liabilities was SEK –19 (–6) million, from currency gains/losses the impact was SEK 21 (–6) million, and the impact from discounting the liability for additional consideration was SEK –9 (–2) million. Profit for the period amounted to SEK 34 (14) million, which corresponds to basic earnings per share of SEK 0.63 (0.27). Tax expense for the quarter was SEK –11 (–7) million.

GROWTH	Net sales	EBITA
Q1, %
Organic	12	11
Acquisitions	33	34
Organic and acquisitions	45	45
Currency	–2	–5
Total	43	41
Change compared to the same period last year.

Growth net sales

Cash flow

Cash flow from operating activities amounted to SEK 221 (148) million. The stronger cash flow is primarily attributable to changes in working capital, which contributed SEK 175 (110) million, along with a higher operating profit.

Payments for business combinations for the quarter amounted to SEK –1 (–221) million and investments in intangible assets and PPE amounted to SEK –37 (–15) million.

Cash flow from financing activities amounted to SEK –59 (51) million, of which new loans were SEK 14 (140) million and amortized loans were SEK –28 (–34) million. The amount of amortization on lease liabilities during the quarter was SEK –45 (–31) million.

Depreciation of PPE amounted to SEK –51 (–30) million and amortization of intangible assets amounted to SEK –30 (–22) million.

Financial position

Equity attributable to the Parent Company's shareholders amounted to SEK 1,244 million, which is a decrease of SEK 57 million compared to year-end 2022. Currency revaluation of foreign operations lowered equity in the quarter by SEK 92 million.

Available liquidity amounted to SEK 631 (382) million, which includes cash and cash equivalents, along with bank overdraft of SEK 50 (50) million.

At the rate that the Group acquires companies, the balance sheet total significantly increases between reporting periods. Intangible assets decreased by SEK 89 million compared to yearend 2022, which is primarily a consequence of amortization and currency effects. Intangible assets are primarily comprised of customer relations, brands and goodwill that has arisen from acquisitions. Right-of-use assets increased by SEK 34 million compared to year-end 2022, which is primarily attributable to new leases that have been entered into.

Net debt amounted to SEK 1,681 million, which is a decrease of SEK 119 million compared to year-end 2022, stemming from both amortization and currency effects. Net debt, not including lease liabilities, amounted to SEK 1,197 (at year-end 2022, it was SEK 1,355 million). Indebtedness, expressed as net debt in relation to EBITDA pro-forma RTM amounted to 2.2 (2.3) times.

SEK million Cash flow from current operations

Q1 2023 - Green Landscaping Group AB (publ) 4

SEGMENT

Sweden

Net sales for Segment Sweden increased by 18 percent and amounted to SEK 703 (597) million. Organic growth amounted to 9 percent and it was positively impacted by good demand and indexation of prices due to the high rate of inflation. Snowfall in the northern part of Sweden was higher than normal in many places, which positively impacted demand. For the central and southern regions of Sweden, the demand for winter-related services was essentially in line with a normal season. Acquisitions contributed 9 percent to growth, primarily via Sorex Entreprenad AB.

EBITA increased and amounted to SEK 57 (43) million in the first quarter. The positive profitability trend continued and the EBITA margin increased to 8,1 (7.2) percent. Most companies have continued the trend of gradually improved earnings, but there are still significant differences in profitability from one company to the next. Rising costs due to the high rate of inflation was compensated for via indexation adjustments.

FINANCIAL OVERVIEW	Q1 2023	Q1 2022	Change	RTM	Q1-Q4 2022
Net sales, SEK million	703	597	18%	2,848	2,742
EBITA, SEK m	57	43	33%	206	191
EBITA margin, %	8.1	7.2	0.9	7.2	7.0
Average no. of employees	1,294	1,196	8%	1,406	1,379

GROWTH	Net sales
Q1, %
Organic	9
Acquisitions	9
Organic and acquisitions	18
Currency	0
Total	18

Change compared to the same period last year.

Q1 2023 - Green Landscaping Group AB (publ) 5

SEGMENT

Norway

Net sales for Norway increased substantially and amounted to SEK 500 (270) million. Organic growth amounted to 20 percent and most companies reported good growth figures. High organic growth was attributable to both indexation adjustments motivated by the high rate of inflation, along with new contracts that were won. As in prior quarters, acquisitions were responsible for the majority of growth, with Aktiv Veidrift AS, Braathen Landskapsentreprenør AS, and H&K Sandnes AS contributing the most. Changed exchange rates had an impact on net sales of –6 percent, which is primarily attributable to a weaker NOK currency against SEK. The order backlog remains strong.

EBITA was unchanged and amounted to SEK 37 (37) million. The EBITA margin weakened and amounted to 7.4 (13.5) percent. Companies that have joined the Group since the second quarter of last year have profit margins in line with the Group goal, which has diluted the margin for the segment overall. In addition, some companies also have a low level of activity in the first quarter, which leads to a more prominent seasonal pattern compared to previous years. Exchange rate differences impacted earnings by –6 percent.

FINANCIAL OVERVIEW	Q1 2023	Q1 2022	Change	RTM	Q1-Q4 2022
Net sales, SEK million	500	270	85%	2,081	1,851
EBITA, SEK m	37	37	0	248	248
EBITA margin, %	7.4	13.5	–6.1	11.9	13.4
Average no. of employees	802	397	102%	716	615

GROWTH	Net sales
Q1, %
Organic	20
Acquisitions	71
Organic and acquisitions	91
Currency	–6
Total	85

Change compared to the same period last year.

SEGMENT

Finland and Baltic

Net sales amounted to SEK 47 (10) million, corresponding to a growth rate of 354 percent, of which organic growth was 10 percent. UAB Stebule, which joined the Group in the fall, has performed well and it was responsible for the majority of growth. Exchange rate fluctuations contributed 6 percent, which is primarily attributable to a stronger EUR currency against SEK. The order backlog is stable.

EBITA improved and amounted to SEK –5 (–4) million, with a corresponding margin of –10 (–43) percent. Finnish companies are only involved in winter snow and ice removal services to a limited extent. When assessing a segment's performance, it is important to consider seasonal variation, which is particularly prevalent in the first quarter and the impact of this was heightened by the acquisition of Taimisto Huutokoski Oy, which is a garden center. On the other hand, the Lithuanian company, UAB Stebule, has operations year-round, so its sales and profitability are more evenly distributed across each quarter of the year. Exchange rate differences impacted earnings by 6 percent.

FINANCIAL OVERVIEW	Q1 2023	Q1 2022	Change	RTM	Q1-Q4 2022
Net sales, SEK million	47	10	354%	264	227
EBITA, SEK m	–5	–4	–25%	22	23
EBITA margin, %	–9.8	–42.9	33.1	8.3	9.7
Average no. of employees	399	52	667%	218	131

GROWTH	Net sales
Q1, %
Organic	10
Acquisitions	338
Organic and acquisitions	348
Currency	6
Total	354

Change compared to the same period last year.

Q1 2023 - Green Landscaping Group AB (publ) 7

OTHER INFORMATION

Risks and uncertainties

Operational risks

Operating activities involve several risk factors that could impact the Group's business and financial position. The risks are primarily associated with operating activities such as delivery quality, tendering, and delivery efficiency. Weather is another external risk that could impact earnings. To counter such risks, the company strives to have a mix of agreements with fixed and variable remuneration. It also strives to share the risks with customers and subcontractors.

Because of uncertainties in the world around us and the changed economic circumstances with higher inflation and higher fuel prices, there is a risk of cost increases for the Group. In most of our customer agreements, indexation of prices based on inflation is done. The content of contracts regulates when indexation may occur, typically, on an annual basis. This is why there is a delay between when costs rise and prices are adjusted. Statistics on the expenditure of Swedish municipalities since 2011 show an increase of spending in areas where the Group does business. The variation between years is small and there is no clear correlation between spending levels and business cycles.

Financial risks

Through its operations, the Group is exposed to a variety of financial risks, such as credit risk, market risks (interest rate risk and other price risks) and liquidity risk. The Group's overall risk management is focused on unpredictability in the financial markets and efforts are aimed at limiting the potential negative effects on the Group's financial results.

The Group's financial transactions and risks are managed by the CFO and the Parent Company's other senior executives, along with the board of directors. The Group's overall goal for financial risks is to limit the negative effects on the Group's earnings due to market changes or other factors in the surrounding world.

Changes in the economic situation in 2022 and thus far in 2023 have meant that, in general, credit risk has increased and it is thus being carefully monitored. The majority of the Group's customers are in the public sector in terms of its net sales, thus, the risk of this customer group having difficulty paying is assessed as low.

Market interest rates have risen sharply during the year, and thus also the Group's interest expenses. The Group's performance and decision-making have only been marginally impacted by the higher interest rates.

The Group is exposed to exchange rate fluctuations, primarily the NOK currency, but to a smaller extent, also the EUR relative to SEK. The currency exposure is associated with the foreign subsidiaries' sales, earnings and equity, along with goodwill that has arisen in conjunction with acquisitions. The revenue and expenses of foreign subsidiaries is primarily in their own local currencies, which means that the direct impact of currency fluctuations in the subsidiaries themselves is limited. The percentage of consumables used in the business that are impacted by currency fluctuations is low and thus, thereby only having a limited impact on the Group's position.

The Group is primarily impacted by fluctuations in the NOK currency relative to SEK. Sales for Region Norway during the quarter were SEK 500 (270) million. A change in the exchange rate of 5 percent affects the quarter's sales by approximately SEK 25 (14) million and EBITA by approximately SEK 2 (2) million.

The Group is also affected by EUR fluctuations having to do with the businesses in Finland and Lithuania. Sales for Finland and Lithuania during the quarter were SEK 47 (10) million. A change in the exchange rate of 5 percent affects the quarter's sales by approximately SEK 2 (0) million and EBITA by approximately SEK 0 (0) million.

The corresponding effect on the net assets in the Norwegian subsidiaries (including goodwill that has arisen in conjunction with the acquisitions) of an exchange rate change of 5 percent is approximately SEK 54 million based on carrying amounts at the end of the period. For the Finnish operations, a change in the exchange rate of 5 percent affects assets by approximately SEK 17 million.

Any impact is reported directly in other comprehensive income and does not affect the net profit. The Group does not hedge currencies by buying or selling currency on futures or with other financial instruments.

For more information on the risks and uncertainties, please see the Annual Report and Sustainability Report for 2022.

Significant events after the end of the period

A financing agreement was expanded by SEK 500 million in loan facilities.

Transactions with related parties

There were no significant transactions between Green Landscaping Group and related parties during the period that impacted the company's position and earnings. Besides remuneration to senior executives and some members of the executive management team hold stock options as part of the Group's incentive program, there have not been any other transactions between Green Landscaping Group and related parties.

Parent Company

The Parent Company's net sales for the quarter amounted to SEK 9 (9) million. Operating profit (loss) amounted to SEK –7 (–4) million. Employee benefit expenses and other external costs have risen slightly compared to last year.

Financial items for the quarter amounted to SEK 142 (112) million, of which dividends received were SEK 139 (125) million, interest expenses SEK –25 (–6) million and currency gains/losses were SEK 25 (–6) million.

Financial assets have decreased by SEK 13 million since 31 De-

cember 2022, which is attributable to currency effects. Liabilities have decreased by SEK 49 million since 31 December 2022.

Accounting policies

The interim report was prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report for the Group was prepared in accordance with IAS 34 Interim Financial Reporting and the applicable parts of the Annual Accounts Act (1995:1554), The Parent Company applies the Annual Accounts Act and RFR 2 Accounting for Legal Entities. The Group and Parent Company apply the same accounting policies and calculation methods and assessments as described in the most recent Annual Report. The Parent Company does not apply IFRS 16, which is in accordance with the exception stated in RFR 2. A more detailed description of the Group's accounting principles, along with both new and future standards is reported in the most recently published Annual Report.

Cash pool

Green Landscaping Group AB (publ) is the holder of the Group account. The total amount in the Group account is reported as cash and cash equivalents in the Parent Company. Subsidiaries' share of the Group account is reported as a receivable/payable to Group companies. The Group has granted overdraft of SEK 50 (50) million, which was unutilized at the end of the period.

Seasonality

Operations are affected by seasonal variations. The service offering also varies with each season. During the summer, a full range of ground maintenance services is offered such as cleaning, lawn mowing, pruning, planting, harvesting and road maintenance. Also offered is a wide assortment of planning and construction services for creating outdoor environments. During winter, there is a high volume of snow and ice removal services. Project activities are also carried out during winter, weather permitting. Sales and earnings in any given quarter are affected by the season. For Green Landscaping Group operations, the first quarter of the year is low season. Sales are lower then, which has a negative impact on earnings. The level of activity increases starting in April through December.

Share information

Green Landscaping Group's shares became listed for trading on Nasdaq Stockholm on 16 April 2019. The share has been listed on Nasdaq Stockholm Midcap since year-end 2021.

Incentive programs

The company has three ongoing incentive programs for key employees of the Group.

2020-2023

With full utilization of the program, a maximum of 588,500 shares will be issued (after the rights issue), which would have a maximum total dilutive effect of approximately 1.1 percent. The subscription price for shares that are subscribed to via the warrants is SEK 27.90 per share. The premium per warrant, which has been calculated in accordance with the Black & Scholes model amounted to SEK 2.70. Subscription of shares may occur during the period 22 March 2023 through 16 June 2023. With full utilization of the warrants, the Parent Company's share capital will increase by SEK 41,784.

2021-2024

With full utilization of the program, a maximum of 490,000 shares will be issued (after the rights issue), which would have a maximum dilutive effect of approximately 0.9 percent. The subscription price for shares that are subscribed to via the warrants is SEK 100.40 per share. The premium per warrant, which has been calculated in accordance with the Black & Scholes model amounted to SEK 5.18. Subscription of shares may occur during the period 12 June 2024 through 30 June 2024. With full utilization of the warrants, the Parent Company's share capital will increase by SEK 34,790.

2022-2025

With full utilization of the program, a maximum of 500,000 shares will be issued (after the rights issue), which would have a maximum dilutive effect of approximately 0.9 percent. The subscription price for shares that are subscribed to via the warrants is SEK 87.00 per share. The premium per warrant, which has been calculated in accordance with the Black & Scholes model amounted to SEK 6.77. Subscription of shares may occur during the period 28 March 2025 through 30 June 2025. With full utilization of the warrants, the Parent Company's share capital will increase by SEK 35,500.

Consolidated statement of comprehensive income, in summary

	Jan-March	Jan-March	Jan-Dec
SEK m Note	2023	2022	2022
Net sales 1.2	1,250	876	4,810
Other operating income	7	10	38
Total revenue	1,257	886	4,848
Operating costs
Cost of goods and services sold	–544	–383	–2,263
Other external costs	–176	–131	–639
Costs for remuneration to employees	–399	–278	–1,354
Other operating expenses	–2	–4	–25
Depreciation of PPE	–51	–30	–160
Amortization of intangible assets	–30	–22	–99
Operating profit (loss)	56	39	308
Profit (loss) from financial items
Financial income	27	0	24
Financial expenses	–37	–18	–81
Total income from financial items	–10	–18	–57
Earnings before tax	45	22	251
Tax	–11	–7	–67
PROFIT (LOSS) FOR THE PERIOD	34	14	184
Other comprehensive income:
Items that could be transferred to earnings for the period
Translation gains or losses pertaining to foreign operations	–94	53	51
Total comprehensive income for the period	–60	67	235
	Jan-March 2023	Jan-March 2022	Jan-Dec 2022
Earnings per share
Basic earnings per share, SEK	0.63	0.27	3.41
Diluted earnings per share, SEK	0.63	0.27	3.39
Profit (loss) for the period attributable to the Parent Company's shareholders	35	14	184
Profit (loss) for the period attributable to non-controlling interests	–1	0	0
Total comprehensive income attributable the Parent Company's shareholders	–57	67	235
Total comprehensive income attributable to non-controlling interests	–3	0	0

Consolidated statement of financial position, in summary

SEK m Note	31 March 2023	31 March 2022	31 Dec 2022
Assets
Intangible assets 3	2,301	1,741	2,389
Property, plant and equipment	300	202	298
Right-of-use assets	592	313	558
Financial assets	24	26	25
Total non-current assets	3,216	2,283	3,269
Inventories	86	49	67
Contract assets	138	43	128
Current receivables	784	612	1,084
Cash and cash equivalents	581	332	476
Total current assets	1,589	1,035	1,754
TOTAL ASSETS	4,805	3,318	5,023
Equity and liabilities
Equity attributable to the Parent Company's shareholders	1,244	988	1,301
Equity attributable to non-controlling interests	33		35
Non-current liabilities	2,068	1,341	2,049
Non-current lease liabilities	406	194	355
Contract liabilities	70	53	68
Current lease liabilities	78	58	90
Current liabilities	905	685	1,125
TOTAL EQUITY AND LIABILITIES	4,805	3,318	5,023

Consolidated statement of changes in equity, in summary

		Share premium	Translation	Retained earnings incl. profit/loss for	Total equity attributable to the Parent Company's	Non-controlling
SEK m	Share capital	reserve	reserve	the year	shareholders	interests	Total
Opening balance 2022-01-01	4	907	29	–44	896	0	896
Profit (loss) for the period				14	14		14
Other comprehensive income			53		53		53
Comprehensive income for the period			53	14	67		67
Transactions with owners
Non-cash issue	0	49			49		49
Repurchase of own shares *				–24	–24		–24
Closing balance 2022-03-31	4	956	82	–54	988		988
Profit (loss) for the period				170	170	0	170
Other comprehensive income			–2		–2		–2
Comprehensive income for the period			–2	170	168	0	168
Transactions with owners
Non-cash issue	0	89			89		89
Repurchase of own shares *				–24	–24		–24
Divestment own shares				48	48		48
Exercise of warrants	0	29			29		29
Premiums for warrants		3			3		3
Non-controlling interests arising from the acquisition of subsidiaries						35	35
Closing balance 2022-12-31	4	1,077	80	140	1,301	35	1,336
Opening balance 2023-01-01	4	1,077	80	140	1,301	35	1,336
Profit (loss) for the period				35	35		35
Other comprehensive income			–92		–92	–2	–94
Comprehensive income for the year			–92	35	–57	–2	–59
Closing balance 2023-03-31	4	1,077	–12	175	1,244	33	1,277

* Repurchased own shares have been used as the means of payment for the acquisition of subsidiaries during the financial year and comparison year.

Consolidated cash flow statement, in summary

SEK m Note	Jan-March 2023	Jan-March 2022	Jan-Dec 2022
Operating profit (loss)	56	39	308
Adjustment for depreciation/amortization	81	52	259
Capital gain (loss)	–1	0	–7
Other non-cash items	4	1	16
Interest received	1	0	1
Interest paid	–30	–18	–40
Paid income tax	–65	–36	–82
Cash flow from operating activities before changes in working capital	46	38	456
Change in inventory	–19	–7	14
Change in receivables	272	164	82
Change in current liabilities*	–78	–47	–122
Total change in working capital	175	110	–25
Cash flow from operating activities	221	148	431
Business combinations* 3	–1	–221	–728
Acquisition of PPE	–37	–15	–99
Acquisition of intangible assets	0	0	–3
Sale of non-current assets	0	7	17
Change of financial assets	0		2
Cash flow from investing activities	–38	–229	–811
New loans	14	140	744
Amortization of debt	–28	–34	–100
Amortization of lease liability	–45	–31	–137
Repurchase of own shares	–	–24	–47
Option premiums and option redemptions	–	–	32
Cash flow from financing activities	–59	51	491
Cash flow for the period	124	–30	112
Cash and cash equivalents at the beginning of the period*	476	352	352
Translation difference in cash and cash equivalents	–19	10	12
Cash and cash equivalents at the end of the period	581	332	476

* In the interim report for January-March 2022, paid-out additional consideration of SEK 70 million was reported as a change in current liabilities, which is a component of the cash flow from operating activities. This has now been corrected and reclassified to business combinations, which is a component of the cash flow from investing activities. The effect for the period January-March 2022 is that the cash flow from operating activities was SEK 70 million higher and investments in business combinations increased by SEK 70 million.

Parent Company income statement, in summary

SEK m	Jan-March 2023	Jan-March 2022	Jan-Dec 2022
Net sales	9	9	36
Other operating income	0	0	0
Total operating income	9	9	36
Operating costs
Other external costs	–9	–7	–26
Employee benefit expenses	–7	–6	–23
Operating profit (loss)	–7	–4	–13
Financial items	142	112	–11
Profit (loss) after financial items	135	108	–24
Group contributions made and received	–	–	28
Tax	0	–	–2
PROFIT (LOSS) FOR THE PERIOD	135	108	2

The parent company does not have any items reported as other comprehensive income. Accordingly, total comprehensive income is the same as profit or loss for the period.

Parent Company balance sheet, in summary

SEK m	31 March 2023	31 March 2022	31 Dec 2022
Assets
Intangible assets and PPE	3	0	3
Financial assets	2,947	2,175	2,960
Total non-current assets	2,950	2,175	2,963
Receivables on Group companies	127	27	53
Other current receivables	2	12	6
Cash and cash equivalents	32	44	4
Total current assets	161	83	62
TOTAL ASSETS	3,111	2,258	3,025
Equity and liabilities
Equity	925	750	790
Non-current liabilities	1,790	1,177	1,774
Liabilities to Group companies	290	225	266
Other current liabilities	106	106	195
TOTAL EQUITY AND LIABILITIES	3,111	2,258	3,025

Note 1 Revenue from contracts with customers

SEK m	Jan-March 2023	Jan-March 2022	Jan-Dec 2022
Services transferred over time
Sweden	665	551	2,570
Norway	500	242	1,718
Finland and Baltic	45	10	222
Unallocated amounts and eliminations	–1	–2	–10
Total	1,209	802	4,500
Goods transferred at a specific point in time
Sweden	39	46	172
Norway	0	28	133
Finland and Baltic	2	–	5
Unallocated amounts and eliminations	0	–	–
Total	41	74	310
Total revenue from contracts with customers	1,250	876	4,810

Note 2 Segment reporting

Jan-March 2023	Sweden	Norway	Finland and Baltic	Unallocated amounts and eliminations	Total
Net sales	703	500	47	–1	1,250
Operating expenses	–646	–463	–52	–2	–1,163
EBITA	57	37	–5	–3	86
Amortization of intangible assets	–6	–18	–5	–0	–30
Operating profit (loss)	51	19	–10	–3	56
Goodwill	701	763	203	62	1,729
Property, plant and equipment	234	610	49	0	893
Investments	12	21	4	0	37
Working capital	68	–64	37	–97	–56
Average no. of employees	1,294	802	399	17	2,512

			Finland and	Unallocated amounts and
Jan-March 2022	Sweden	Norway	Baltic	eliminations	Total
Net sales	597	270	10	–2	876
Operating expenses	–554	–233	–14	–12	–814
EBITA	43	37	–4	–14	61
Amortization of intangible assets	–8	–13	–2	–0	–22
Operating profit (loss)	35	24	–6	–14	39
Goodwill	646	530	84	79	1,338
Property, plant and equipment	112	349	49	5	515
Investments	9	8	0	0	17
Working capital	–12	26	5	–31	–12
Average no. of employees	1,196	397	52	20	1,665

Jan-Dec 2022	Sweden	Norway	Finland and Baltic	Unallocated amounts and eliminations	Total
Net sales	2,742	1,851	227	–10	4,810
Operating expenses	–2,551	–1,602	–204	–45	–4,403
EBITA	191	248	23	–55	407
Amortization of intangible assets	–27	–61	–10	–1	–99
Operating profit (loss)	164	187	13	–56	308
Goodwill	698	810	201	62	1,771
Property, plant and equipment	232	578	46	0	856
Investments	34	61	4	0	99
Working capital	58	119	44	–142	79
Average no. of employees	1,379	615	131	21	2,145

Note 3 Business combinations

Green Landscaping Group did not make any acquisitions during the first quarter of 2023. Some minor adjustments have been made to the acquisition analyses for companies acquired in 2022. During 2022, a total of eleven acquisitions were completed in Sweden, Norway, Finland and Lithuania. According to agreements on contingent additional consideration, the Group must make additional cash payments based on future results. Contingent consideration to be paid by the Group based on the future results of current and prior year acquisitions is a maximum of SEK 230 (222) million. Additional consideration is based on the terms in the purchase agreement, the company's knowledge of operations and how the current economic climate is expected to impact them. The values in the table below have been discounted to present value and the liability as of the end of the period amounted to SEK 189 (186) million. The fair value of contingent consideration is at Level 3 of the fair value hierarchy in accordance with IFRS. An assessment has been made of how the valuation of the consideration is impacted by changes in non-observable inputs or the correlation between them. Neither the changes in these nor the correlation has been assessed as having a material impact on the valuation of the consideration. Goodwill of SEK 3 (617) million that has arisen from acquisitions represents future economic benefits, but which have not been identified and are reported separately. Tax deductible goodwill amounts to SEK 38 million (at 31 December 2022, it was SEK 39 million).

Acquisition costs for the quarter amounted to SEK 0 (3) million.

Acquisitions of companies

No acquisitions were made during the first quarter of 2023. The acquisitions from last year are presented below.

Company name	Segment	Consolidated as of
Markbygg Anläggning Väst AB	Region Mid	January 2022	280	60
Rainset OY	Region Finland and Baltic	January 2022	40	13
Hallandsåsens Utemiljö AB	Region South	February 2022	30	18
Glenn Syvertsen AS	Region Norway	February 2022	35	14
Aktiv Veidrift AS and Aktiv Veidrift Utleie AS	Region Norway	May 2022	252	100
Braathen Landskapsentreprenør AS	Region Norway	September 2022	313	19
Sorex Entreprenad AB	Region Stockholm	September 2022	70	3
H&K Sandnes AS and No Dig Vetsfold AS	Region Norway	November 2022	148	50
UAB Stebule	Region Finland and Baltic	November 2022	142	330
Taimisto Huutokoski Oy	Region Finland and Baltic	November 2022	38	30
H.T. Vike AS	Region Norway	December 2022	63	3

Note 3 Business combinations, cont.

Effects of acquisitions

The acquisitions have the following effects on the Group's assets and liabilities. None of the acquisitions made in 2023 or 2022 are individually assessed as being significant, which is why the information on acquisitions is at the overall level.

SEK m	2023-03-31	2022-12-31
Breakdown of the consideration
Cash consideration	–	833
Contingent additional consideration	0	186
Remuneration shares	–	171
Total consideration	0	1,190
Acquired assets and liabilities
Brands	1	128
Customer relations	0	214
Inventories		11
Other fixed assets		213
Net other assets and liabilities	–4	–77
Cash and cash equivalents		195
Deferred tax liability	–0	–75
Minority's share		–35
Net identifiable assets and liabilities	–3	573
Goodwill	3	617
Impact on cash and cash equivalents
Cash consideration (included in cash flow from investing activities)	–	–833
Cash and cash equivalents of acquired companies (included in cash flow from investing activities)	–	195
Settled additional consideration (included in cash flow from investing activities)	–1	–90
Acquisition costs (included in cash flow from operating activities)	0	–19
Total impact on cash and cash equivalents	–1	–747
Impact on net sales and operating profit (loss)
During the holding period
Net sales	–	882
Operating profit (loss)	–	98
As of 1 January
Net sales	–	1,752
Operating profit (loss)	–	191
Additional consideration
Opening amount	186	110
Change for the year	5	4
Added additional consideration	0	171
Reversal of unsettled additional consideration		–9
Paid additional consideration	–1	–90
Closing amount	189	186

KPIS FOR THE GROUP

	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Net sales, SEK million	1,250	1,625	1,176	1,134	876	935	766	774	664
EBITA, SEK m	86	166	89	92	61	84	69	65	15
EBITA margin, %	6.9	10.2	7.6	8.1	7.0	8.9	9.0	8.4	2.2
EBITDA, SEK m	137	226	128	122	91	112	97	93	43
EBITDA margin, %	11	14	11	11	10	12	13	12	7
Working capital, SEK m	–16	171	81	49	–12	21	8	–82	–47
Capital employed, SEK m	3,539	3,612	3,018	2,652	2,477	2,284	1,888	1,908	1,474
Return on capital employed, %	12	11	10	10	10	9	8	7	7
Capital employed, not including goodwill, SEK m	1,810	1,841	1,479	1,254	1,139	1,154	879	899	656
Return on capital employed, not including goodwill, %	25	21	20	20	22	18	16	14	17
Equity attributable to the Parent Company's shareholders, SEK m	1,244	1,301	1,137	1,048	988	896	794	754	479
Return on equity, %	18	16	14	13	13	12	18	16	16
Interest-bearing net debt, SEK m	1,681	1,800	1,561	1,277	1,157	1,036	902	913	954
Net debt, not including lease liabilities, SEK m	1,197	1,356	1,198	1,010	906	770	665	630	738
Gearing ratio, times	1.3	1.3	1.4	1.2	1.2	1.2	1.1	1.2	2.0
Net debt/Proforma EBITDA , RTM, times	2.2	2.4	2.7	2.4	2.3	2.4	2.4	2.3	2.9
Equity/assets ratio, %	27	27	27	29	30	28	30	27	27
Number of shares, in thousands	55,395	54,991	54,091	53,300	53,087	52,332	52,043	47,734	47,729
Average no. of employees	2,236	2,565	2,335	2,029	1,655	1,513	1,922	1,686	1,373

Reconciliation of KPIs not defined in accordance with IFRS

Green Landscaping Group presents certain financial measures in its interim report that are not defined in accordance with IFRS. It is felt that these measures provide valuable, supplementary information to investors and company management. Accordingly, the measures should be regarded as a supplement, rather than a replacement for measures defined in accordance with IFRS. Because Green Landscaping Group's definitions of these measures might differ from other companies' definitions of the same measures, an explanation of how they are calculated is provided below. For more information on the purpose of each measure, please see "Definitions and explanations" at the end of this report.

EBITA	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Operating profit (loss)	56	136	64	69	39	61	48	47	0
Amortization and impairment of intangible assets	30	29	25	23	22	23	21	18	15
Total EBITA	86	166	89	92	61	84	69	65	15

KEY PERFORMANCE INDICATORS

Working capital Inventories	Q1 2023 86	Q4 2022 67	Q3 2022 73	Q2 2022 56	Q1 2022 49	Q4 2021 38	Q3 2021 32	Q2 2021 32	Q1 2021 32
Contract assets	138	128	79	70	43	39	80	79	61
Current receivables	784	1,083	906	778	613	729	510	482	455
Accounts payable - trade	–317	–370	–334	–285	–234	–226	–186	–193	–142
Other liabilities and non-current interest-bearing liabilities	–368	–390	–359	–278	–194	–312	–224	–227	–213
Contract liabilities	–70	–68	–30	–40	–53	–25	–36	–51	–65
Accrued expenses	–268	–279	–254	–251	–235	–221	–168	–205	–175
Total working capital	–16	171	81	50	–12	21	8	–82	–47

Net debt	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Bank overdraft	–	–	–	–	–	–	–23	–27	–5
Liabilities to credit institutions (non-current)	–1,701	–1,747	–1,440	–1,261	–1,161	–1,043	–772	–853	–705
Lease liabilities (non-current and current)	–485	–445	–363	–266	–252	–266	–237	–283	–265
Liabilities to credit institutions (current)	–77	–84	–77	–77	–77	–79	–85	–85	–91
Cash and cash equivalents	581	476	320	327	332	352	215	336	112
Total Net debt	–1,681	–1,800	–1,561	–1,277	–1,158	–1,036	–902	–913	–954

EBITA	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
EBITA for the quarter	86	166	89	92	61	84	69	65	15
Total, last 4 quarters	432	407	325	305	278	232	182	153	134
Total EBITA RTM	432	407	325	305	278	232	182	153	134

Earnings per share	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Profit (loss) for the period attributable to the Parent Company's shareholders	35	77	48	43	14	32	30	36	–6
Average number of shares	55,394,717	54,991,226	54,091,132	53,299,819	53,086,903	52,332,330	52,042,611	47,733,632	47,728,627
Basic earnings per share, SEK	0.63	1.41	0.89	0.81	0.27	0.61	0.58	0.76	–0.14

QUARTERLY OVERVIEW PER SEGMENT

Net sales	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Sweden	703	819	639	687	597	651	553	570	537
Norway	500	711	479	391	270	255	186	205	127
Finland and Baltic	47	101	58	58	10	35	30	0	0
Unallocated amounts and eliminations	–1	–6	1	–3	–2	–6	–2	–1	0
Total net sales	1,250	1,625	1,176	1,134	876	935	766	774	664

EBITA	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	Q1 2021
Sweden	57	76	29	43	43	44	34	30	–3
- EBITA margin, %	8.1	9.2	4.6	6.3	7.2	6.8	6.2	5.3	–0.6
Norway	37	102	59	51	37	47	25	35	17
- EBITA margin, %	7.4	14.3	12.3	13.1	13.5	18.4	13.5	17.2	13.3
Finland and Baltic	–5	15	7	5	–4	5	5	0	0
- EBITA margin, %	–9.8	14.5	12.9	8.8	–42.9	12.8	17.6	–	–
Unallocated amounts and eliminations	–3	–26	–7	–7	–14	–12	4	0	1
Total EBITA	86	166	89	92	61	83	69	65	15
- EBITA margin, %	6.9	10.2	7.6	8.1	7.0	8.9	9.0	8.4	2.2

SHARE AND SHAREHOLDERS

Green Landscaping Group AB (publ) had 4,068 known shareholders as of 31 March 2023. The company has a series of ordinary shares listed on Nasdaq Stockholm.

As of 31 March 2023 there were 55,394,717 registered shares. Market Cap as of 31 March 2023 was SEK 4,625 million compared to SEK 3,518 million on 30 December 2022.

Largest shareholders as of 31 March 2023	No. of shares	% of equity
Salén family via company	8,932,298	16.1%
Byggmästare Anders J Ahlström Holding AB	8,730,123	15.8%
Johan Nordström via company	3,672,997	6.6%
AFA Försäkring	3,554,403	6.4%
AP3, Third Swedish National Pension Fund	2,001,153	3.6%
Capital Group	1,977,759	3.6%
Handelsbanken Fonder	1,414,957	2.6%
Paul Gamme via companies	1,191,154	2.1%
PAM Capital	1,102,000	2.0%
SilverCross Investment Management B.V.	939,494	1.7%
Total, 10 largest shareholders	33,516,338	60.5%
Other shareholders	21,878,379	39.5%
Total	55,394,717	100%

Green Landscaping Group: 23 March 2018 - 31 March 2023, closing price, share, SEK

Under handelsdagen 2018-03-23 och 2018-06-08 omsattes 2,9 respektive 10,1 miljoner aktier.

ASSURANCE

The CEO gives assurance that the interim report provides a true and fair overview of the Group's and Parent Company's operations, financial position and earnings, along with describing the material risks and uncertainties faced by the Parent Company and companies belonging to the Group.

Stockholm 11 May 2023

Johan Nordström President and CEO

The report has not been subject to review by the company's auditors.

OTHER INFORMATION

This report contains information that Green Landscaping Group AB (publ) is required to disclose in accordance with the EU Market Abuse Regulation. The information was made available for publication via the contact person set out below on 11 May 2023 at 07.00 CEST.

Language

In case of any discrepancies or deviations between the English and Swedish versions of this report, the Swedish shall prevail.

Totals and rounding

The totals shown in the tables and calculations are not always exact sum of the various parts due rounding differences. The goal is that each figure should correspond to the source, which is why rounding differences could arise.

More information

Magnus Larsson, Head of Investor Relations, magnus.larsson@glgroup.se, +46 (0) 70 270 52 83

PRESENTATION OF THE REPORT

Green Landscaping Group's CEO Johan Nordström and CFO Carl-Fredrik Meijer will present the report in a teleconference/audiocast on 11 May 2023 at 09:00 CEST. The presentation will be held in English.

If you would like to participate in the webcast, please visit the link below. https://ir.financialhearings.com/green-landscaping-group-q1-2023

If you would like to participate in the teleconference, you will need to register via the link below. Once you have registered, you will receive the phone number and a conference ID for logging in. There are opportunities for asking questions via the teleconference. https://conference.financialhearings.com/teleconference/?id=200755

DEFINITIONS AND EXPLANATIONS

General	All amounts shown in tables are in SEK million, unless otherwise stated. All values in parentheses () are comparison figures for the same period last year, unless otherwise stated.
Key performance indicators	Definition/calculation	Purpose
EBITA	Operating profit (loss) before amortization and impairment of intangible assets.	EBITA is used to gauge the company's operating profitability.
EBITA	Operating profit (loss) before depreciation, amortization and impairment of property, plant and equipment and intangible assets.	EBITDA and EBITA are used together to gauge the company's operating profit ability.
EBITA margin	Operating profit (loss) before depreciation, amortization and impairment of acquisi tion-related intangible assets as a percentage of net sales.	EBITA margin is a measure of operating profitability.
EBITDA margin	Operating profit (loss) before depreciation/amortization and impairment of PPE and intangible assets as a percentage of net sales	EBITDA margin is a measure of operating profitability.
EBT	Earnings before tax.	Earnings before tax provides an overall indication of the profit that was generated before tax.
Adjusted EBITDA pro forma	EBITDA adjusted for nonrecurring items including EBITDA of acquired companies for the current year prior to the acquisition date.	It provides an indication of the position in future periods.
Order backlog	This is the amount of contracts not yet delivered including possible contract exten sions.	It provides an indication of the company's future performance.
Organic growth	Change in fixed currency for comparable units	It shows how current operations are performing.
Working capital	Current assets not including cash and cash equivalents, less current liabilities.	Working capital is used to measure the ability to meet short-term capital require ments.
RTM	Rolling 12-month period, which means cumulative over the last four quarters.	Shows the performance over the last 12 months.
Return on equity	Total earnings RTM in relation to average equity	Shows the company's return on the own ers' investments.
CAGR	Compound Annual Growth Rate. Measures the average annual rate of growth.	Shows growth over several years.
Equity/assets ratio	Equity in relation to total assets	Shows the percentage of assets financed by equity. Facilitates an assessment of the Group's long-term solvency.
Capital employed	Total assets at the end of the period less non interest-bearing operating liabilities and provisions.	Measures capital usage and efficiency.
Capital employed, not including goodwill	Total assets, not including goodwill, at the end of the period less non interest-bear ing operating liabilities and provisions.	Measures capital usage and efficiency.
Return on capital employed, incl./ not incl. goodwill	Operating profit plus financial income for the most recent 12-month period as a percentage of average capital employed not incl./incl. goodwill.	Shows the Group's return, independent of financing.
Net debt	Interest-bearing liabilities less cash and cash equivalents.	Net debt indicates the financial position.
Net debt / proforma EBITDA , RTM	Net debt as a percentage of proforma EBITDA RTM.	Intended to show the financial risk and facilitate an assessment of the level of indebtedness.
Net debt not including lease liabilities	Net debt not including lease liabilities.	Shows the financial position, not including leases.
Gearing ratio	Net debt in relation to equity, including minority interest.	This figure is reported to show our finan cial position.

A home for entrepreneurs

Green Landscaping Group is a home for entrepreneurs. The service areas it is involved in are landscaping and construction, ground maintenance and snow & ice removal.

It is becoming multi-national, with the spirit of small company entrepreneurship by acquiring successful companies with these qualities: skilled in their trade and professionally run, sound values and a track record of high profitability. Entrepreneurial spirit is a central theme in the Green Landscaping family. Once acquired, companies run their business as before, yet with the benefits of a larger group and access to a network of colleagues working in the same field, along with more opportunities to develop on a professional level. They become part of an environment with access to the larger company's resources. As the Group grows and develops, benefits flow to customers, employees and owners alike.

The Group has a long-term perspective and the companies that belong to it have a home here.

Business model

The market for outdoor environments is fragmented and locally anchored, with long-term customer relationships and a high level of repeat business. Companies typically have very strong ties in the communities where they do business and have established working methods and structures over a long period of time, giving them a strong identity. Retaining and continuing to nurture that is

thus a key element of Green Landscaping's decentralized operational model and subsidiaries have full commercial responsibility and great freedom to run the business under their own brand. The model is based on a high level of trust and freedom with responsibility. The Group and region levels exist primarily to support the individual companies. Collaboration between companies in the Group is encouraged, although it happens at their own initiative. Where synergies have been identified, it is also up to the companies themselves whether or not to act on them, if they feel the commercial prerequisites exist.

Green Landscaping Group conducts business in Sweden, Norway and Finland and Lithuania. Green Landscaping's stock became listed on Nasdaq First North under the ticker "GREEN" in March 2018. In April 2019, Green Landscaping changed its marketplace to Nasdaq Stockholm Small cap and in January 2022, it changed once again to Stockholm Mid Cap.

Contact information Financial calendar

COMPANY ADDR4ESS

Green Landscaping Group AB Biblioteksgatan 25 SE-114 35 Stockholm

CORPORATE IDENTITY NUMBER 556771-3465

2023
Annual General Meeting 2023	17 May
Interim Report for January-June 2023	24 August
Interim Report January-September 2023	16 November
2024
Year-end report 2023	15 February