INTERIM REPORT JANUARY – JUNE 2025

Reporting period January – June

Net sales increased 9.0 per cent to SEK 13,875 (12,731) million. Organically, net sales grew by 4.1 per cent.
EBITA increased 5.9 per cent to SEK 3,057 (2,886) million.
The EBITA margin was 22.0 (22.7) per cent.
Profit before tax grew 6.4 per cent to SEK 2,313 (2,175) million.
Net profit for the period grew 6.7 per cent to SEK 1,723 (1,615) million.
Earnings per share increased 7.1 per cent till SEK 3.75 (3.50).
Cash flow from operating activities decreased 3.9 per cent to SEK 1,744 (1,815) million.
Seven new businesses were consolidated during the period with total annual net sales of about SEK 800 million.

Reporting period April – June

Net sales increased 3.2 per cent to SEK 6,943 (6,725) million. Organically, net sales grew by 0.5 per cent.
EBITA decreased 2.8 per cent to SEK 1,562 (1,608) million.
The EBITA margin was 22.5 (23.9) per cent.
Profit before tax declined 4.3 per cent to SEK 1,181 (1,234) million.
Net profit for the period decreased 3.8 per cent to SEK 880 (914) million.
Cash flow from operating activities decreased 8.5 per cent to SEK 971 (1,061) million.

Summary of financial performance

	SIX MONTHS				SECOND QUARTER		Rolling 12 months		FULL YEAR
SEK million	2025	2024	change	2025	2024	change		change	2024
Net sales	13,875	12,731	9.0%	6,943	6,725	3.2%	27,282	4.4%	26,137
EBITA	3,057	2,886	5.9%	1,562	1,608	-2.8%	6,088	2.9%	5,917
EBITA margin	22.0%	22.7%	-0.7	22.5%	23.9%	-1.4	22.3%	-0.3	22.6%
Profit before tax	2,313	2,175	6.4%	1,181	1,234	-4.3%	4,592	3.1%	4,454
Net profit for the period	1,723	1,615	6.7%	880	914	-3.8%	3,458	3.2%	3,349
Earnings per share	3.75	3.50	7.1%	1.91	1.98	-3.5%	7.52	3.4%	7.27
Return on capital
employed	20.6%	21.6%	-1.0	20.6%	21.6%	-1.0	20.6%	-0.3	20.9%
Return on capital
employed excl. goodwill	128%	134%	-6.0	128%	134%	-6.0	128%	0	128%

Comments from the CEO

Sales increased 9.0 per cent to SEK 13,875 million (12,731) during the first half of the year, with acquisitions contributing 7.3 per cent and organic growth amounting to 4.1 per cent. Sales increased 3.2 per cent to SEK 6,943 million (6,725) during the second quarter, with acquisitions contributing 7.2 per cent and organic growth amounting to 0.5 per cent. Exchange rate effects had an impact of -2.4 per cent in the first half of the year and -4.4 per cent in the second quarter. The lower organic growth during the second quarter was primarily due to the deteriorating market situation in large parts of Systems Solutions.

During the first half of the year, EBITA increased 5.9 per cent to SEK 3,057 (2,886) million as a result of acquisitions and the EBITA margin amounted to 22.0 (22.7) per cent. During the second quarter, the EBITA margin decreased by 1.4 percentage points to 22.5 (23.9) per cent due to a negative product mix in Demolition & Tools and Systems Solutions as well as negative organic growth in large parts of Systems Solutions. Onward invoicing of surplus materials to customers within the Contract Manufacturing division in Systems Solutions had a negative impact of 0.4 percentage points on the margin during the quarter. Acquisitions contributed positively to profitability.

Earnings per share increased 7.1 per cent to SEK 3.75 (3.50) during the first six months of the year. Cash flow from operating activities decreased 3.9 per cent to SEK 1,744 (1,815) million as a result of higher tied-up capital within the Contract Manufacturing division in Systems Solutions.

During the first half of the year, Lifco consolidated the Swiss company Arnold Deppeler, the German company Fraga Dental and the Swedish company Gestenco International into the Dental business area. The UK company Heavy Duty Parts, the Sammarinese company Italgears, the Dutch company Klemko Group and the Danish company R&T Stainless were consolidated into the Systems Solutions business area. The companies are highly specialised and jointly have sales of about SEK 800 million.

During the first half of the year, Lifco issued two unsecured bonds totalling SEK 1,750 million, and thereby has bonds outstanding totalling SEK 4,500 million. Lifco's financial position remains strong: interest-bearing net debt amounted to 1.3 times EBITDA at 30 June 2025, which is well in line with our target of interest-bearing net debt of a maximum of three times EBITDA. This means that Lifco possesses the financial scope to make additional acquisitions.

Per Waldemarson President and CEO

GROUP PERFORMANCE IN JANUARY – JUNE

Net sales increased 9.0 per cent to SEK 13,875 (12,731) million. Acquisitions contributed 7.3 per cent and organic growth amounted to 4.1 per cent. Exchange rate effects had a negative impact on sales of 2.4 per cent. The Swiss company Arnold Deppeler, the German company Fraga Dental, the Swedish company Gestenco International, the UK company Heavy Duty Parts, the Sammarinese company Italgears, the Dutch company Klemko Group and the Danish company R&T Stainless were consolidated during the period.

EBITA increased 5.9 per cent to SEK 3,057 (2,886) million and the EBITA margin declined 0.7 of a percentage point to 22.0 (22.7) per cent. The decline was focused primarily in the second quarter due to a negative product mix in Demolition & Tools and Systems Solutions as well as reduced organic growth in large parts of Systems Solutions. Acquisitions contributed positively to profitability.

Exchange rate effects had a negative impact on EBITA of 2.2 per cent. During the period, 48 (45) per cent of EBITA was generated in EUR, 17 (18) per cent in SEK, 13 (14) per cent in GBP, 10 (12) per cent in NOK, 5 (4) per cent in DKK, 3 (4) per cent in USD and 4 (4) per cent in other currencies.

Net financial items were SEK -207 (-230) million.

Profit before tax grew 6.4 per cent to SEK 2,313 (2,175) million and net profit for the period increased 6.7 per cent to SEK 1,723 (1,615) million.

Average capital employed excluding goodwill increased SEK 139 million during the period, to SEK 4,771 million at 30 June 2025, compared with SEK 4,632 million at 31 December 2024. EBITA in relation to average capital employed excluding goodwill was 128 per cent, unchanged from year-end.

The Group's net debt increased SEK 1,241 million from 31 December 2024 to SEK 12,835 million at 30 June 2025, of which liabilities related to put/call options for acquisitions increased SEK 117 million to SEK 2,753 million from SEK 2,636 million at year-end. Interest-bearing net debt increased during the six-month period by SEK 1,130 million to SEK 8,880 million, compared to SEK 7,750 million at 31 December 2024.

On 17 February 2025, Lifco issued a bond totalling SEK 1,000 million and on 20 May, Lifco issued a further bond of SEK 750 million. Both were issued within the MTN programme and are unsecured. Lifco thereby has bonds outstanding totalling SEK 4,500 million. In addition to bonds outstanding, Lifco has standard short-term credit facilities.

The net debt/equity ratio as of 30 June 2025 amounted to 0.7, compared to 0.6 at year-end. Net debt in relation to EBITDA was 1.9 (1.9) times compared to 1.8 times at the end of the year. Interestbearing net debt in relation to EBITDA was 1.3 (1.3) times compared to 1.2 times at the end of the year.

Cash flow from operating activities decreased 3.9 per cent to SEK 1,744 (1,815) million during the first half of the year, negatively impacted by higher tied-up capital within the Contract Manufacturing division in Systems Solutions. Cash flow from investing activities was SEK -1,629 (-1,231) million, which was mainly attributable to acquisitions.

GROUP PERFORMANCE IN THE SECOND QUARTER

Sales increased 3.2 per cent to SEK 6,943 (6,725) million in the second quarter. Acquisitions contributed 7.2 per cent and organic growth was 0.5 per cent. Exchange rate effects had a negative impact on sales of 4.4 per cent.

EBITA decreased 2.8 per cent to SEK 1,562 (1,608) million. The EBITA margin decreased by 1.4 percentage points to 22.5 (23.9) per cent due to the impact of Easter on Dental, negative product mix in Demolition & Tools and Systems Solutions as well as reduced organic growth in large parts of Systems Solutions. Onward invoicing of materials to customers within the Contract Manufacturing division in Systems Solutions had a negative impact of 0.4 percentage points on the margin. Acquisitions contributed positively to profitability.

Exchange rate changes had a negative impact on EBITA of 3.8 per cent. During the second quarter, 46 (44) per cent of EBITA was generated in EUR, 18 (18) per cent in SEK, 13 (14) per cent in GBP, 10 (12) per cent in NOK, 6 (4) per cent in DKK, 3 (4) per cent in USD and 4 (4) per cent in other currencies.

Net financial items were SEK -103 (-127) million.

Profit before tax declined 4.3 per cent to SEK 1,181 (1,234) million. Net profit for the period decreased 3.8 per cent to SEK 880 (914) million.

Average capital employed excluding goodwill increased SEK 75 million to SEK 4,771 million at 30 June 2025, compared with SEK 4,696 million at 31 March 2025. EBITA in relation to average capital employed excluding goodwill amounted to 128 per cent at 30 June 2025 and to 131 per cent at 31 March 2025.

The Group's net debt increased from SEK 1,895 million on 31 March 2025 to SEK 12,835 million, of which liabilities related to put/call options for acquisitions increased SEK 210 million to SEK 2,543 million on 31 March 2025.

At the Annual General Meeting on 25 April 2025, the dividend for the 2024 financial year was set at SEK 2.40 (2.10) per share. The total dividend to shareholders for the 2024 financial year was SEK 1,090.1 (953.9) million, and was paid out on 5 May 2025.

Cash flow from operating activities decreased 8.5 per cent to SEK 971 (1,061) million, negatively impacted by higher tied-up capital within the Contract Manufacturing division in Systems Solutions. Cash flow from investing activities was SEK -1,304 (-1,045) million, which was mainly attributable to acquisitions.

FINANCIAL PERFORMANCE – BUSINESS AREAS

Dental

SIX MONTHS				SECOND QUARTER		Rolling 12 months		FULL YEAR
SEK million	2025	2024	change	2025	2024	change		change	2024
Net sales	3,244	3,208	1.1%	1,599	1,639	-2.4%	6,343	0.6%	6,306
EBITA	684	691	-1.1%	344	364	-5.4%	1,300	-0.6%	1,307
EBITA margin	21.1%	21.5%	-0.4	21.5%	22.2%	-0.7	20.5%	-0.2	20.7%

The companies in Lifco's Dental business area are leading suppliers of consumables, equipment and technical service to dentists across Europe, and the business area also has operations in the US. Lifco sells dental technology to dentists in the Nordic countries and Germany, and develops and sells medical record systems in Denmark, Sweden and Germany. The business area also includes a number of manufacturers which produce, inter alia, fitting products for dentures, disinfectants, saliva ejectors, bite registration and dental impression materials, bonding agents and other consumables that are sold to dentists through distributors around the world.

Net sales in Dental increased 1.1 per cent to SEK 3,244 (3,208) million during the first half of the year as the result of acquisitions and organic growth. Sales during the second quarter were somewhat negatively impacted by the Easter falling in the second quarter of 2025 compared with 2024 when Easter fell in the first quarter.

EBITA decreased 1.1 per cent to SEK 684 (691) million during the six-month period and the EBITA margin decreased by 0.4 of a percentage point to 21.1 (21.5) per cent. EBITA was positively impacted by acquisitions. Profitability during the second quarter was impacted by lower sales volumes due to the Easter holiday.

The Swiss company Arnold Deppeler, which manufactures dental instruments, was consolidated from March 2025. The company had net sales of about CHF 3.3 million in 2024 and has 18 employees. The German company Fraga Dental, which sells consumables to dentists in Germany, was consolidated from April 2025. The company reported net sales of about EUR 2.5 million in 2024 and has seven employees. The Swedish company Gestenco International, which operates within the orthodontic sector globally, was consolidated from April 2025. The company had a turnover of about SEK 19 million in 2024 and has seven employees.

SIX MONTHS				SECOND QUARTER		Rolling 12 months		FULL YEAR
SEK million	2025	2024	change	2025	2024	change		change	2024
Net sales	3,414	3,235	5.5%	1,775	1,744	1.7%	6,623	2.8%	6,444
EBITA	861	757	13.7%	445	453	-1.7%	1,645	6.7%	1,542
EBITA margin	25.2%	23.4%	1.8	25.1%	26.0%	-0.9	24.8%	0.9	23.9%

Demolition & Tools

The Demolition & Tools business area develops, manufactures and sells equipment for the infrastructure, demolition and construction industries. The Group is the world's leading supplier in the markets for demolition robots and crane attachments. The Group is also one of the leading global suppliers of forest machinery and excavator attachments. The business area's EBITA margin might fluctuate between quarters due to single, major special orders and changes to the product mix.

Net sales increased by 5.5 per cent to SEK 3,414 (3,235) million in the first half of the year, driven by acquisitions and organic growth.

During the first half of the year, EBITA increased 13.7 per cent to SEK 861 (757) million and the EBITA margin improved 1.8 percentage points to 25.2 (23.4) per cent. Profitability during the second quarter was impacted by a negative mix effect, whereby lower-margin product areas had stronger sales.

	SIX MONTHS				SECOND QUARTER		Rolling 12 months		FULL YEAR
SEK million	2025	2024	change	2025	2024	change		change	2024
Net sales	7,217	6,288	14.8%	3,569	3,342	6.8%	14,316	6.9%	13,387
EBITA	1,603	1,526	5.1%	814	838	-2.8%	3,308	2.4%	3,230
EBITA margin	22.2%	24.3%	-2.1	22.8%	25.1%	-2.3	23.1%	-1.0	24.1%

Systems Solutions

Through its operating units, the Systems Solutions business area operates in industries offering systems solutions. Systems Solutions is divided into five divisions: Contract Manufacturing, Environmental Technology, Infrastructure Products, Special Products and Transportation Products.

Net sales in Systems Solutions increased 14.8 per cent to SEK 7,217 (6,288) million for the first half of the year on the back of acquisitions and organic growth in Contract Manufacturing. Other parts of Systems Solutions reported a negative organic performance in both the first half of the year and the second quarter.

EBITA increased 5.1 per cent in the first half of the year to SEK 1,603 (1,526) million and the EBITA margin declined 2.1 percentage points to 22.2 (24.3) per cent. Acquisitions contributed to the increase in EBITA. Profitability was impacted by weaker markets in large parts of Systems Solutions, which led to lower organic sales. Onward invoicing of surplus material to customers in Contract Manufacturing had a negative impact of 0.9 percentage points on the business area's margin during the second quarter.

Sales for Contract Manufacturing increased over the six-month period, with lower profitability as a result of a negative product mix. The growth rate for the second quarter declined compared to previous periods.

Environmental Technology reported decreased sales with lower profitability in the first six months of the year as a result of lower organic sales. The weaker market conditions intensified during the second quarter.

Net sales and profitability in Infrastructure Products increased during the six-month period, primarily due to acquisitions.

Special Products reported a healthy performance in sales in the first six months of the year as a result of acquisitions. Profitability declined during the six-month period due to lower organic sales.

Transportation Products reported a healthy sales trend in the six-month period as the result of acquisitions. Profitability declined due to lower organic sales, especially in the second quarter.

In the Transportation Products division, the UK company Heavy Duty Parts was consolidated from March 2025, which is a specialist supplier of parts for coaches. The company had net sales of about GBP 11.7 million in 2024 and has 25 employees. Italgears in San Marino, which is a niche manufacturer of drive systems for lifts, was consolidated into the Infrastructure Products division as of April 2025. The company had net sales of about EUR 13.8 million in 2024 and has 17 employees. The Danish company R&T Stainless, which supplies equipment and components to builders of public playgrounds, was consolidated into the Infrastructure Products division as of April 2025. The company had net sales of about DKK 114 million in 2024 and has 12 employees. The Dutch company Klemko Group develops and sells electrical and mechanical installation materials and lighting products under own brands to installers and OEMs, predominantly via wholesalers, and was consolidated into the Infrastructure Products division as of June 2025. The company had net sales of about EUR 19.1 million in 2024 and has 41 employees.

ACQUISITIONS

Consolidated
from month	Acquisitions	Business area	Net sales	Employees
March	Arnold Deppeler	Dental	CHF 3.3m	18
March	Heavy Duty Parts	Systems Solutions	GBP 11.7m	25
April	Fraga Dental	Dental	EUR 2.5m	7
April	Gestenco International	Dental	SEK 19m	7
April	Italgears	Systems Solutions	EUR 13.8m	17
April	R&T Stainless	Systems Solutions	DKK 114m	12
June	Klemko Group	Systems Solutions	EUR 19.1m	41

Lifco consolidated the following acquisitions during the first six months of the year:

Further information on the acquisitions is provided on page 18. The figures for net sales and number of employees refer to estimated annual net sales and the number of employees at the acquisition date.

Taken together, the acquisitions will have a positive impact on Lifco's results and financial position in 2025.

Employees

The average number of employees calculated as full-time equivalents was 7,483 (6,851) for the first half of the year. At the end of the period, the number of employees calculated as full-time equivalents was 7,521 (7,079). Through acquisitions, some 130 employees were added during the first six months of the year.

Events after the end of the reporting period

Consolidation of the Dutch company HedoN Electronic Developments is expected to take place in the third quarter of 2025 in the Systems Solutions business area of the Special Products division. HedoN Electronic Developments is specialised in the design and supply of high precision electronic products, especially for industrial inductive heating applications. In 2024, HedoN reported net sales of approximately EUR 7.4 million. The company has 18 employees. The acquisition, which comprises the majority of the shares, was announced on 3 July 2025.

Consolidation of the Italian company Toppy is expected to take place in the third quarter of 2025 in the Systems Solutions business area of the Transportation Products division. Toppy develops and sells pallet changing systems for the pharmaceutical, food, and beverage industries. In 2024, Toppy reported net sales of approximately EUR 17 million. The company has 50 employees. The acquisition, which comprised the majority of the shares, was announced on 4 July 2025.

Related party transactions

No significant transactions with related parties took place during the period.

2025 Annual General Meeting

The 2025 Annual General Meeting was held on 25 April in Stockholm. The main resolutions of the Meeting were as follows: • The dividend for the 2024 financial year was set at SEK 2.40 per share. The record date for the right to a dividend was set at 29 April 2025, with the payment date at 5 May 2025. • Carl Bennet, Ulrika Dellby, Dan Frohm, Erik Gabrielson, Ulf Grunander, Anna Hallberg, Caroline af Ugglas, Axel Wachtmeister and Per Waldemarson were re-elected members of the Board. Carl Bennet was re-elected Chairman of the Board. • The AGM elected the accounting firm Ernst & Young AB as auditor for the period until the end of the 2026 AGM. The auditor-in-charge is Johan Holmberg. • Fees for the Board and auditors were adopted. • The Board of Directors' remuneration report was approved.

Board members and senior executives have acquired synthetic call options in Lifco

On 26 May 2025, Lifco was informed by the company's main owner, Carl Bennet AB, that Directors and senior executives of Lifco have acquired synthetic call options on shares in Lifco issued by Carl Bennet AB.

Carl Bennet AB made an offer to the Directors appointed by the AGM, with the exception of Carl Bennet and Axel Wachtmeister, and all senior executives in Lifco, a total of 23 individuals, to acquire synthetic call options on shares in Lifco issued by Carl Bennet AB. A total of 428,115 options were acquired at a price equal to the options' market value on the transaction date, based on an external

valuation statement. The total market value of the options on the transaction date was estimated at approximately SEK 22 million.

The synthetic call options refer to Lifco's series Class B shares and have a term of five years. The options can be exercised during the period 1 March 2030 to 31 May 2030. The exercise price is SEK 504.12 per option, which is equal to 128 per cent of the volume-weighted average price paid for Lifco's Class B shares on Nasdaq Stockholm on each trading day during the period 19–23 May 2025. Upon exercise of the option, the holder receives a cash payment from the option issuer equal to the market price of the shares at the time of exercise less the exercise price. The terms of the options contain a cap, which limits the payout for each option to SEK 677.40. The options are not subject to any transfer restrictions.

Lifco has not been involved in the offer, which was provided by Carl Bennet AB to Board members and senior executives on its own initiative. The offer does not incur any costs for Lifco.

Risks and uncertainties

The risk factors which have the biggest impact for Lifco are global macroeconomic factors, the competitive situation, structural changes in the market and general level of economic activity. Lifco is also exposed to financial risks, including currency risks, interest rate risks, credit and counterparty risks.

Lifco is working actively to monitor and continually evaluate sustainability-related risks and their impact on the Group's operations and earnings. The Group has established a governance structure that involves Group management and the Board and works to continually improve the company's sustainability-related activities and minimise related risks. As part of this governance, Group management evaluates the compliance of, for example, the Code of Conduct, occupational injuries, IT security and legal disputes, for every subsidiary on a quarterly basis.

The Parent Company is affected by the above risks and uncertainties in its capacity as owner of the subsidiary companies. For further information on Lifco's risks and risk management, see the 2024 Annual Report.

Accounting policies

The Group's interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. In respect of the Parent Company, the report has been prepared in accordance with the Annual Accounts Act and Recommendation RFR 2 Financial Reporting for Legal Entities of the Swedish Financial Reporting Board. The accounting policies have been applied in accordance with those which are presented in the 2024 Annual Report and should be read in conjunction with these. The total figures in the tables and calculations do not always add up due to rounding differences. The aim is for each row to correspond to its original source and as such, rounding differences can affect the total figures.

This report has not been examined by the company's auditors.

DECLARATION OF THE BOARD OF DIRECTORS

The Board of Directors and Chief Executive Officer warrant and declare that this six-month report gives a true and fair view of the Parent Company's and Group's operations, financial positions and results, and that it describes significant risks and uncertainties faced by the Parent Company and the companies included in the Group. The content of the interim report was confirmed on 14 July 2025.

Enköping, 14 July 2025

Carl Bennet Chairman of the Board Ulrika Dellby Director

Erik Gabrielson Director

Anders Lindström Director, employee representative

Axel Wachtmeister Director

Ulf Grunander Director

Tobias Nordin Director, employee representative

Per Waldemarson President and CEO, Director

Dan Frohm Vice Chairman

Anna Hallberg Director

Caroline af Ugglas Director

FINANCIAL CALENDAR

Report for the third quarter 24 October 2025. Year-end report and report for the fourth quarter 30 January 2026. Annual Report and Sustainability Report 2025 the week starting 17 March 2026.

FURTHER INFORMATION

Media and investor relations: Åse Lindskog, [email protected], telephone: +46 730 24 48 72.

ONLINE PRESENTATION

An online presentation with Per Waldemarson, CEO, and Therése Hoffman, CFO, will take place on Monday, 14 July at 9:00 a.m. CEST. The presentation can be listened to online or by calling in to the telephone conference. Questions can be asked at the telephone conference.

Time: Monday, 14 July at 9:00 a.m. CEST

Link to the presentation:https://lifco.events.inderes.com/q2-report-2025

If you wish to participate at the telephone conference, you can register using the link below. Following registration, you will receive a telephone number and a conference ID to log in to the conference.

Link to register for the telephone conference: https://conference.inderes.com/teleconference/?id=50051763

LIFCO IN BRIEF

Lifco offers a safe haven for small and medium-sized businesses. Lifco's business concept is to acquire and develop market-leading niche businesses with the potential to deliver sustainable earnings growth and robust cash flows. Lifco is guided by a clear philosophy centred on long-term growth, a focus on profitability and a strongly decentralised organisation. The Group has three business areas: Dental, Demolition & Tools and Systems Solutions. At year-end, the Lifco Group consisted of 257 operating companies in 34 countries. In 2024, Lifco reported EBITA of SEK 5.9 billion on net sales of SEK 23.1 billion. The EBITA margin was 22.6 per cent. Read more at www.lifco.se.

This information constitutes information that Lifco AB is required to publish under the EU's Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication through the aforementioned contact person on 14 July 2024, at 7:30 a.m. CEST.

CONDENSED CONSOLIDATED INCOME STATEMENT

	SIX MONTHS			SECOND QUARTER	FULL YEAR
SEK million	2025	2024	change	2025	2024	change	2024
Net sales	13,875	12,731	9.0%	6,943	6,725	3.2%	26,137
Cost of goods sold	-7,819	-7,065	10.7%	-3,910	-3,721	5.1%	-14,548
Gross profit	6,056	5,665	6.9%	3,033	3,004	1.0%	11,589
Selling expenses	-1,548	-1,403	10.3%	-782	-701	11.6%	-3,014
Administrative expenses	-1,892	-1,770	6.9%	-936	-891	5.1%	-3,468
Development costs	-125	-121	3.1%	-58	-66	-11.3%	-254
Other income and expenses	28	34	-17.4%	27	14	95.3%	44
Operating profit	2,520	2,405	4.8%	1,284	1,361	-5.6%	4,896
Net financial items	-207	-230	-10.3%	-103	-127	-18.4%	-442
Profit before tax	2,313	2,175	6.4%	1,181	1,234	-4.3%	4,454
Tax	-590	-560	5.3%	-301	-320	-6.0%	-1,105
Net profit for the period	1,723	1,615	6.7%	880	914	-3.8%	3,349
Profit attributable to:
Parent Company shareholders	1,704	1,589	7.2%	869	900	-3.4%	3,301
Non-controlling interests	20	26	-22.9%	10	14	-27.2%	49
Earnings per share before and after
dilution for the period, attributable to	3.75	3.50	7.1%	1.91	1.98	-3.5%	7.27
Parent Company shareholders
EBITA	3,057	2,886	5.9%	1,562	1,608	-2.8%	5,917
Depreciation of tangible assets	348	326	6.5%	173	168	2.8%	676
Amortisation of intangible assets	12	12	6.0%	6	6	3.3%	25
Amortisation of intangible assets arising from acquisitions	523	470	11.2%	265	237	12.0%	983

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	SIX MONTHS			SECOND QUARTER	FULL
SEK million	2025	2024	change	2025	2024	change	YEAR 2024
Net profit for the period	1,723	1,615	6.7%	880	914	-3.8%	3,349
Other comprehensive income Items which can later be reclassified to profit or loss: Hedge of net investment Translation differences Tax related to other comprehensive income	82 -905 -18	-75 522 17	-210% -273% -208%	31 267 -7	-24 -135 6	-227% -298% -234%	-83 767 20
Total comprehensive income for the	882	2,079	-57.6%	1,169	761	53.8%	4,053
period
Comprehensive income attributable to:
Parent Company shareholders	868	2,051	-57.7%	1,159	747	55.2%	4,002
Non-controlling interests	13	28	-52.1%	10	14	-24.4%	50
	882	2,079	-57.6%	1,169	761	53.8%	4,053

SEGMENT OVERVIEW

Lifco's operations are monitored and evaluated by the CEO and resources are allocated based on information from the three operating segments Dental, Demolition & Tools and Systems Solutions. The defined quantitative limits have been exceeded only by Dental and Demolition & Tools. One further operating segment, Systems Solutions, is presented. This operating segment consists of a merger of those divisions which have similar economic characteristics and which do not individually meet the defined quantitative limits. These divisions are Infrastructure Products, Contract Manufacturing, Environmental Technology, Transportation Products and Special Products.

NET SALES TO EXTERNAL CUSTOMERS

No sales are made between the segments.

		SIX MONTHS		SECOND QUARTER			Rolling 12 months		FULL YEAR
SEK million	2025	2024	change	2025	2024	change		change	2024
Dental	3,244	3,208	1.1%	1,599	1,639	-2.4%	6,343	0.6%	6,306
Demolition & Tools	3,414	3,235	5.5%	1,775	1,744	1.7%	6,623	2.8%	6,444
Systems Solutions	7,217	6,288	14.8%	3,569	3,342	6.8%	14,316	6.9%	13,387
Group	13,875	12,731	9.0%	6,943	6,725	3.2%	27,282	4.4%	26,137

Net sales by significant type of income:

		SIX MONTHS		SECOND QUARTER			Rolling 12 months		FULL YEAR
SEK million	2025	2024	change	2025	2024	change		change	2024
Dental Products	3,244	3,208	1.1%	1,599	1,639	-2.4%	6,343	0.6%	6,306
Machinery and Tools	3,414	3,235	5.5%	1,775	1,744	1.7%	6,623	2.8%	6,444
Infrastructure Products	980	904	8.4%	531	472	12.5%	1,853	4.3%	1,777
Contract Manufacturing	1,752	1,174	49.2%	804	687	17.1%	3,456	20.1%	2,878
Environmental Technology	1,641	1,653	-0.7%	803	851	-5.7%	3,402	-0.3%	3,414
Transportation Products	1,772	1,652	7.2%	902	870	3.7%	3,494	3.5%	3,374
Special Products	1,072	904	18.6%	529	462	14.4%	2,112	8.7%	1,943
Group	13,875	12,731	9.0%	6,943	6,725	3.2%	27,282	4.4%	26,137

EBITA

A breakdown of results by segment is made up to and including EBITA. EBITA is reconciled to profit before tax in accordance with the following table:

		SIX MONTHS		SECOND QUARTER			Rolling 12 months		FULL YEAR
SEK million	2025	2024	change	2025	2024	change		change	2024
Dental	684	691	-1.1%	344	364	-5.4%	1,300	-0.6%	1,307
Demolition & Tools	861	757	13.7%	445	453	-1.7%	1,645	6.7%	1,542
Systems Solutions	1,603	1,526	5.1%	814	838	-2.8%	3,308	2.4%	3,230
Central Group functions	-91	-88	2.7%	-42	-46	-10.2%	-165	1.5%	-162
EBITA before acquisition costs	3,057	2,886	5.9%	1,562	1,608	-2.8%	6,088	2.9%	5,917
Acquisition costs	-14	-11	33.4%	-13	-10	25.0%	-41	9.5%	-38
EBITA	3,043	2,783 2,875	5.8%	1,561 1,549	1,468 1,598	-3.0%	6,059 6,047	2.8%	5,612 5,879
Amortisation of intangible assets arising from acquisitions	-523	-470	11.2%	-265	-237	12.0%	-1,035	5.3%	-983
Net financial items	-207	-230	-10.3%	-103	-127	-18.4%	-419	-5.4%	-442
Profit before tax	2,313	2,175	6.4%	1,181	1,234	-4.3%	4,592	3.1%	4,454

CONDENSED CONSOLIDATED BALANCE SHEET

SEK million	30 Jun 2025	30 Jun 2024	31 Dec 2024
ASSETS
Intangible assets	25,843	23,524	25,400
Tangible assets	3,004	2,931	3,035
Financial assets	451	411	454
Inventories	4,570	4,298	4,256
Accounts receivable - trade	3,858	3,514	3,334
Current receivables	1,101	1,078	894
Cash and cash equivalents	1,210	1,707	1,517
TOTAL ASSETS	40,039	37,462	38,889

EQUITY AND LIABILITIES
Equity	18,053	16,431	18,409
Non-current interest-bearing liabilities incl. pension provisions	4,265	2,859	3,657
Other non-current liabilities and provisions	5,373	5,157	5,403
Current interest-bearing liabilities	7,027	8,131	6,817
Accounts payable - trade	1,961	1,773	1,671
Other current liabilities	3,359	3,112	2,932
TOTAL EQUITY AND LIABILITIES	40,039	37,462	38,889

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Attributable to Parent Company shareholders

SEK million	30 Jun 2025	30 Jun 2024	31 Dec 2024
Opening equity	18,257	15,212	15,212
Comprehensive income for the period	868	2,051	4,002
Change in value, owner transactions	-109	-6	-3
Dividend	-1,090	-954	-954
Closing equity	17,926	16,304	18,257
Equity attributable to:
Parent Company shareholders	17,926	16,304	18,257
Non-controlling interests	127	127	152
	18,053	16,431	18,409

CONDENSED CONSOLIDATED CASH FLOW STATEMENT

	SIX MONTHS		SECOND QUARTER		FULL
					YEAR
SEK million	2025	2024	2025	2024	2024
Operating activities
Operating profit	2,520	2,405	1,284	1,361	4,896
Reversal of depreciation and amortisation	883	808	445	411	1,684
Other non-cash items	53	78	23	32	-31
Interest and financial items, net	-207	-230	-103	-127	-442
Tax paid	-895	-792	-386	-367	-1,571
Cash flow before changes in working capital	2,354	2,269	1,263	1,310	4,535
Changes in working capital
Inventories	-388	-235	-148	-4	53
Current receivables	-544	-278	-76	-202	165
Current liabilities	322	60	-68	-43	-124
Cash flow from operating activities	1,744	1,815	971	1,061	4,630


Acquisition of businesses	-1,410	-975	-1,192	-907	-2,891
Net investment in tangible assets	-205	-233	-103	-120	-409
Net investment in intangible assets	-13	-23	-8	-18	-38
Cash flow from investing activities	-1,629	-1,231	-1,304	-1,045	-3,338

Change interest-bearing liabilities	1,073	754	1,675	1,301	137
Repayments of lease liabilities Change in non-current receivables/liabilities	-162 1	-150 -1	-81 1	-77 0	-310 -3
Dividends paid	-1,090	-954	-1,090	-954	-954
Dividends paid to non-controlling interests	-168	-147	-160	-127	-275
Cash flow from financing activities	-346	-498	345	143	-1,404


Cash flow for the period	-231	87	12	159	-112
Cash and cash equivalents at beginning of	1,517	1,591
period			1,208	1,560	1,591
Translation differences	-75	29	-10	-13	39
Cash and cash equivalents at end of period	1,210	1,707	1,210	1,707	1,517

RESTATED CONSOLIDATED CASH FLOW 2024

At the start of 2024, reporting procedures concerning consolidated cash flow were changed and certain unrealised exchange rate differences were entered on the incorrect row in cash flow in the 2024 Annual Report and in the interim reports. This has been corrected in the table below with these unrealised exchange rate differences now being transferred from the line item "Other non-cash items" to the line item "Translation differences item". Items with the footnote 1 have been adjusted. Adjustments have been made retroactively for all reporting periods.

		Q4	Q3	Q2	Q1
SEK million	2024	2024	2024	2024	2024
Operating profit	4,896	1,350	1,142	1,361	1,044
Reversal of depreciation and amortisation	1,684	431	444	411	397
Other non-cash items1	-31	-118	8	32	46
Interest and financial items, net	-442	-90	-122	-127	-104
Tax paid	-1,571	-346	-432	-367	-426
Cash flow before changes in working capital1	4,535	1,226	1,040	1,310	958

Cash flow from operating activities1	4,630	1,617	1,197	1,061	754

Cash flow from investing activities	-3,338	-1,499	-609	-1,045	-186

Cash flow from financing activities	-1,404	-253	-653	143	-641


Cash flow for the period1	-112	-135	-65	159	-72
Cash and cash equivalents at beginning of	1,591	1,615	1,707	1,560	1,591
period
Translation differences1	39	36	-27	-13	42
Cash and cash equivalents at end of period	1,517	1,517	1,615	1,707	1,560

Restated cash flow

1 Corrected items.

ACQUISITIONS IN 2025

Seven new businesses were consolidated in the first six months of the year. The companies consolidated were the Swiss company Arnold Deppeler, the German company Fraga Dental, the Swedish company Gestenco International, the UK company Heavy Duty Parts, the Sammarinese company Italgears, the Dutch company Klemko Group and the Danish company R&T Stainless.

The purchase price allocation includes all acquisitions consolidated during the first six months of the year.

Acquisition-related expenses of SEK 14 million are included in administrative expenses in the consolidated income statement for the first half of the year. Since the respective consolidation dates, the acquired companies have added SEK 152 million to consolidated net sales and SEK 51 million to EBITA. If the businesses had been consolidated as of 1 January 2025, consolidated net sales for the year would have increased by a further SEK 241 million and EBITA would have increased by a further SEK 75 million.

Acquired net assets

Net assets, SEK million	Carrying	Value	Fair value
	amount	adjustment
Trademarks, customer relationships, licences	0	1,036	1,037
Tangible assets	22	-	22
Inventories, accounts receivable and other
receivables	243	-2	241
Accounts payable and other liabilities1	-171	-280	-451
Cash and cash equivalents	67	-	67
Net assets	161	755	916
Goodwill	-	790	790
Total net assets	161	1,545	1,706

Effect on cash flow, SEK million
Consideration			1,706
Considerations not paid (put/call options)			-229
Cash and cash equivalents in acquired companies			-67
Consideration paid relating to acquisitions from previous years
Total cash flow effect			1,410

¹ Of which SEK 53 million refers to external interest-bearing liabilities.

FINANCIAL INSTRUMENTS

SEK million	30 Jun 2025	30 Jun 2024	31 Dec 2024
Financial assets at amortised cost
Accounts receivable - trade	3,858	3,514	3,334
Other non-current financial receivables	24	23	25
Cash and cash equivalents	1,210	1,707	1,517
Total	5,093	5,243	4,876
Liabilities at fair value
Other liabilities1	2,753	2,632	2,636
Financial liabilities at amortised cost
Interest-bearing borrowings	11,258	10,879	10,357
Accounts payable - trade	1,961	1,773	1,671
Total	15,972	15,284	14,663

¹ Other liabilities classified as financial instruments refer to mandatory put/call options related to non-controlling interests.

The carrying amount is the same as the fair value. Financial instruments at fair value are classified into different levels depending on how fair value is determined. All financial instruments at fair value in the Lifco Group have been classified as level 3, i.e. non-observable inputs. The fair value of short-term borrowings is equal to the carrying amount, as the discount effect is insignificant.

KEY PERFORMANCE INDICATORS

ROLLING TWELVE MONTHS TO	30 Jun 2025	31 Dec 2024	30 Jun 2024
Net sales, SEK million	27,282	27,064	25,019
Change in net sales, %	4.4	6.9	2.3
EBITA, SEK million	6,088	5,917	5,733
EBITA margin, %	22.3	22.6	22.9
EBITDA, SEK million	6,811	6,618	6,407
EBITDA margin, %	25.0	25.3	25.6
Capital employed, SEK million	29,546	28,372	26,486
Capital employed excl. goodwill and other	4,771	4,632	4,291
intangible assets, SEK million
Return on capital employed, %	20.6	20.9	21.6
Return on capital employed excl. goodwill, %	128	128	134
Return on equity, %	19.3	19.5	20.6
Net debt, SEK million	12,835	11,594	11,915
Net debt/equity ratio	0.7	0.6	0.7
Net debt/EBITDA	1.9	1.8	1.9
Interest-bearing net debt, SEK million	8,880	7,750	8,097
Interest-bearing net debt/EBITDA	1.3	1.2	1.3
Equity/assets ratio, %	45.1	47.3	43.9
Number of shares, thousands	454,216	454,216	454,216
Average number of employees, full-time equivalents	7,483	7,115	6,851

CONDENSED PARENT COMPANY INCOME STATEMENT

	SIX MONTHS		SECOND QUARTER		FULL YEAR
SEK million	2025	2024	2025	2024	2024
Administrative expenses	-82	-70	-41	-34	-128
Other operating items1	-1	-	0	-	77
Operating profit	-84	-70	-40	-34	-51
Net financial items2	2,177	1,907	2,060	1,918	2,050
Profit after financial items	2,093	1,837	2,020	1,884	1,999
Appropriations	-	-	-	-	207
Tax	27	46	-1	1	5
Net profit for the period	2,120	1,883	2,018	1,885	2,210

¹ Other operating items include, among other things, invoicing of Group-wide services.

² Net financial items include SEK 2,014 (1,891) million in dividends received during the six-month period.

CONDENSED PARENT COMPANY BALANCE SHEET

SEK million	30 Jun 2025	30 Jun 2024	31 Dec 2024
ASSETS
Financial assets	8,586	9,517	9,520
Current receivables	13,533	11,402	12,525
Cash and cash equivalents	369	375	539
TOTAL ASSETS	22,489	21,294	22,584

EQUITY AND LIABILITIES
Equity	7,045	5,688	6,015
Untaxed reserves	4	-	4
Provisions	20	6	6
Non-current interest-bearing liabilities	3,307	1,738	2,585
Current interest-bearing liabilities	6,698	7,828	6,487
Current non-interest-bearing liabilities	5,415	6,034	7,487
TOTAL EQUITY AND LIABILITIES	22,489	21,294	22,584

DEFINITIONS AND OBJECTIVES

Return on equity	Net profit for the period divided by average equity.
Return on capital employed	EBITA before acquisition costs divided by capital employed.
Return on capital employed excluding goodwill and other intangible assets	EBITA before acquisition costs divided by capital employed excluding goodwill and other intangible assets.
EBITA	EBITA is a measure which Lifco considers relevant for investors who wish to understand the earnings generated after investments in tangible and intangible assets requiring reinvestment but before investments in intangible assets attributable to acquisitions. Lifco defines earnings before interest, tax and amortisation (EBITA) as operating profit before amortisation and impairment of intangible assets arising from acquisitions excluding acquisition costs.
EBITA margin	EBITA divided by net sales.
EBITDA	EBITDA is a measure which Lifco considers relevant for investors who wish to understand the earnings generated before investments in non-current assets. Lifco defines earnings before interest, tax, depreciation and amortisation (EBITDA) as operating profit before depreciation, amortisation and impairment of tangible and intangible assets excluding acquisition costs.
EBITDA margin	EBITDA divided by net sales.
Net debt/equity ratio	Net debt divided by equity.
Net debt	Lifco uses the alternative KPI net debt. Lifco considers that this is a useful additional KPI which allows users of the financial reports to assess the Group's ability to pay dividends, make strategic investments and meet its financial obligations. Lifco defines the KPI as follows: current and non-current liabilities to credit institutions, bonds, interest-bearing pension provisions, liabilities related to put/call options relating to acquisitions as well as lease liabilities less cash and cash equivalents.
Earnings per share	Profit after tax attributable to Parent Company shareholders, divided by the average number of shares outstanding.

Interest-bearing net debt	Lifco uses the alternative KPI interest-bearing net debt. Lifco considers that this is a useful additional KPI which allows users of the financial reports to assess the Group's ability to pay dividends, make strategic investments and meet its financial obligations. Lifco defines the KPI as follows: current and non-current liabilities to credit institutions, bonds as well as interest-bearing pension provisions less cash and cash equivalents.
Equity/assets ratio	Equity divided by total assets (balance sheet total).
Capital employed	Capital employed is a measure which Lifco uses for calculating the return on capital employed and for measuring how efficient the Group is. Lifco considers that capital employed is useful in helping users of the financial reports to understand how the Group finances itself. Lifco defines capital employed as total assets less cash and cash equivalents, interest-bearing pension provisions and non interest-bearing liabilities with the exception of liabilities related to put/call options relating to acquisitions, calculated as the average of the last four quarters.
Capital employed excluding goodwill and other intangible assets	Capital employed excluding goodwill and other intangible assets is a measure which Lifco uses for calculating the return on capital employed and for measuring how efficient the Group is. Lifco considers that capital employed excluding goodwill and other intangible assets is useful in helping users of the financial reports to understand the impact of goodwill and other intangible assets on that capital which requires a return. Lifco defines capital employed excluding goodwill and other intangible assets as total assets less cash and cash equivalents, interest-bearing pension provisions, non-interest-bearing liabilities with the exception of liabilities related to put/call options relating to acquisitions, goodwill and other intangible assets, calculated as the average of the last four quarters.

RECONCILIATION OF ALTERNATIVE KEY PERFORMANCE INDICATORS

The interim report presents alternative key performance indicators for assessing the Group's performance. The primary alternative KPIs presented in this interim report are EBITA, EBITDA, net debt and capital employed. Definitions of the alternative KPIs are presented on pages 21-22.

EBITA compared with financial statements in accordance with IFRS

	SIX MONTHS	SIX MONTHS	FULL YEAR
SEK million	2025	2024	2024
Operating profit Amortisation of intangible assets arising from	2,520	2,405	4,896
acquisitions	523	470	983
EBITA	3,043	2,875	5,879
Acquisition costs	14	11	38
EBITA before acquisition costs	3,057	2,886	5,917

EBITDA compared with financial statements in accordance with IFRS

SEK million	SIX MONTHS 2025	SIX MONTHS 2024	FULL YEAR 2024

Operating profit	2,520	2,405	4,896
Depreciation of tangible assets	348	326	676
Amortisation of intangible assets	12	12	25
Amortisation of intangible assets arising from
acquisitions	523	470	983
EBITDA	3,403	3,213	6,580
Acquisition costs	14	11	38
EBITDA before acquisition costs	3,417	3,224	6,618

Net debt compared with financial statements in accordance with IFRS

SEK million	30 Jun 2025	30 Jun 2024	31 Dec 2024
Non-current interest-bearing liabilities including pension
provisions	3,372	1,960	2,762
Current interest-bearing liabilities	6,718	7,844	6,505
Cash and cash equivalents	-1,210	-1,707	-1,517
Interest-bearing net debt	8,880	8,097	7,750
Put/call options	2,753	2,632	2,636
Lease liability	1,202	1,186	1,207
Net debt	12,835	11,915	11,594

Capital employed and capital employed excluding goodwill and other intangible assets compared with financial statements in accordance with IFRS

SEK million	30 Jun 2025	31 Mar 2025	31 Dec 2024	30 Sep 2024
Total assets	40,039	37,751	38,889	37,603
Cash and cash equivalents	-1,210	-1,208	-1,517	-1,615
Interest-bearing pension provisions	-34	-115	-118	-109
Non-interest-bearing liabilities	-7,941	-7,528	-7,369	-7,333
Capital employed	30,853	28,900	29,885	28,545
Goodwill and other intangible assets	-25,843	-24,204	-25,400	-23,654
Capital employed excluding goodwill
and other intangible assets	5,010	4,696	4,485	4,891

Capital employed and capital employed excluding goodwill and other intangible assets calculated as the average of the last four quarters compared with financial statements in accordance with IFRS

		Q2 2025	Q1	Q4	Q3
SEK million	Average		2025	2024	2024
Capital employed	29,546	30,853	28,900	29,885	28,545
Capital employed excluding goodwill and other intangible
assets	4,771	5,010	4,696	4,485	4,891
	Total
EBITA	6,088	1,562	1,495	1,633	1,398
Return on capital employed	20.6%
Return on capital employed excluding goodwill and other intangible assets	128%

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Lifco

2939_ir_2025-07-14_695c7091-1834-4e2b-9684-0a4c6245b369.pdf