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Beijer Electronics Group
Interim Report • Jul 15, 2025
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Interim Report
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Ependion AB Interim Report January—June 2025
Investing in a secure and connected world
Increased order intake and improved earnings in an uncertain market
Second quarter
- Order intake increased by 16 percent to SEK 558 million (483), adjusted for currency effects and acquisitions it increased by 17 percent.
- Net sales decreased by 5 percent to SEK 561 million (588), adjusted for currency effects and acquisitions it decreased by 7 percent.
- EBIT increased to SEK 61.6 million (60.1).
- EBIT margin strengthened to 11.0 percent (10.2).
- Profit after tax was SEK 30.3 million (39.8).
- Earnings per share were SEK 0.99 (1.37).
- Free cash flow increased to SEK 62.4 million (60.1).
- The Westermo business entity completed the acquisition of the technology company Welotec.
- A directed new share issue of SEK 300 million was carried out to partially finance the acquisition.
First half-year
- Order intake increased by 10 percent to SEK 1,109 million (1,010), adjusted for currency effects and acquisitions it increased by 10 percent.
- Net sales decreased by 7 percent to SEK 1,106 million (1,187), adjusted for currency effects and acquisitions it decreased by 8 percent.
- EBIT amounted to SEK 110.8 million (134.6).
- EBIT margin was 10.0 percent (11.3).
- Profit after tax amounted to SEK 62.3 million (91.0).
- Earnings per share reached SEK 2.09 (3.14).
- Free cash flow amounted to SEK 50.1 million (51.8).
Comments from the CEO, Jenny Sjödahl
"During the second quarter of 2025, Ependion's order intake, EBIT and cash flow improved in a market that continued to be affected by significant uncertainty regarding the conditions for international trade. We see the stable development of the Group's business despite this as a clear sign of strength.
At the same time, the period was characterized by a high level of activity for both business entities, with Westermo's acquisition of the German technology company Welotec and Beijer Electronics' launch of the next generation of operator panels in the X3 family as particularly important future investments with a view to achieving the Group's financial targets.
Order intake for the second quarter increased by 16 percent to 558 MSEK, with all focus segments contributing to the positive development. Adjusted for currency effects, the increase was 22 percent. Excluding the acquisition of Welotec, which is included in the Group's accounts from June, order intake increased by 11 percent. For the Westermo business entity, order intake increased by 22 percent to 360 MSEK, with organic order growth of 15 percent. For the Beijer Electronics business entity, order intake increased by 5 percent to 200 MSEK. At the end of the period, the Group's order backlog amounted to 1,101 MSEK, of which Westermo accounted for 965 MSEK and Beijer Electronics for 136 MSEK.
The stronger Swedish krona and the general weakening of the US dollar are having a noticeable impact on the Group. EBIT in the quarter was affected by -9 MSEK and the comparative figures for order intake and sales were negatively affected by approximately 5 percentage points.
Net sales decreased by 5 percent to 561 MSEK for the period. However, because of strengthened gross margins, savings and great restraint with current costs, Ependion's EBIT increased to 62 MSEK, which gave an EBIT margin of 11.0 percent. For the Westermo business entity, EBIT increased to 54 MSEK with an EBIT margin of 15.1 percent. Beijer Electronics' EBIT amounted to 19 MSEK with an EBIT margin of 9.2 percent, which was lower than for the corresponding period last year but better than the last two quarters. The Group's cash flow increased to 62 MSEK for the period.
Ependion's product development expenditure amounted to 14.3 percent of the Group's revenue in the quarter due to large future-oriented investments in organic growth. At the same time, development expenditure is expected to decrease in the second half of 2025, when Beijer Electronics' intensive work on launching a completely new generation of operator panels enters a calmer phase.
During the quarter, the development of the Group's sustainability work continued. Our updated materiality analysis has been approved by the Board and now forms the basis for preparations for 2025 reporting according to upcoming regulations. Within the social dimension, we are strengthening our work along the entire value chain – from a focus on human rights and increased community engagement to internal training efforts.
In Beijer Electronics, we continue to implement the new, more focused strategy. As expected, the phasing out of lower-margin products has had an effect in the form of increased gross margins, which together with the cost reduction implemented at the beginning of the year provides the basis for performance and profitability improvements when volumes increase.
In Westermo, we are continuing to invest in building an even stronger business with a broader offering for our focus segments and a greater global presence. The establishment in India, which is proceeding according to plan, is an important investment for growth. The acquisition of Welotec, which was presented in April and completed in June, also represents a significant milestone. The purchase price of 35.2 MEUR was partly financed with a directed new share issue of 300 MSEK that was subscribed without a discount, which gives Ependion the financial strength to continue to explore opportunities for complementary acquisitions. Welotec has a strong position in the energy
"During the second quarter, order intake, EBIT and cash flow improved. We see the stable development of Ependion's business despite the prevailing uncertainty as a clear sign of strength."
segment with a focus on the digitalization of the electricity grid and contributes with new technology in Edge Computing, which complements Westermo's offering and strengthens the conditions for increasing the growth rate. The integration of Welotec was initiated during the period and we are already seeing that a stronger joint offering is meeting a positive response in the market.
While we see increased order intake in the period, the uncertainty that has characterized the global economy for a long time remains. Tariffs and trade barriers have only had a limited financial impact on the Group in the quarter, but we are closely monitoring developments. Westermo's products are currently exempt from the announced import tariffs in the US, while Beijer Electronics has increased prices to compensate.
Ependion is well positioned in attractive markets. The strategic investments and continuous improvements we are driving make us well equipped for the future. In the medium and long term, our prospects for profitable growth are very good given the structural growth in our focus segments. In the short term, uncertainty remains. In times of uncertainty, we focus on what we can influence. We balance cost discipline with strategic future investments and are focused on creating value, regardless of market conditions."
The Group's second quarter
The Group's order intake increased by 16 percent to 558 MSEK (483) in the second quarter of 2025. Organically, the order intake rose by 11 percent. Adjusted for currency effects and acquisitions, order intake increased by 17 percent. Order intake increased for both business units. The order backlog amounted to 1,101 MSEK (1,092) at the end of the quarter.
The Group's sales decreased by 5 percent to 561 MSEK (588) during the period. Organically, sales declined by 11 percent. Adjusted for currency effects and acquisitions, sales decreased by 7 percent. Both Westermo and Beijer Electronics decreased sales compared to the corresponding period last year, excluding acquisitions.
The Group's EBITDA increased to 108.8 MSEK (103.7). Depreciation and amortization amounted to 47.2 MSEK (43.7). EBIT increased to 61.6 MSEK (60.1), corresponding to an EBIT margin of 11.0 percent (10.2). EBIT was affected by negative currency effects of 9.3 MSEK. Total development expenditure amounted to 80.1 MSEK (81.5). This corresponded to 14.3 percent (13.8) of the Group's sales. Net financial items were -16.2 MSEK (-10.1). The increase is mainly due to currency effects. Profit before tax amounted to 45.4 MSEK (50.0). Profit after estimated tax amounted to 30.3 MSEK (39.8). Profit per share after estimated tax was 0.99 SEK (1.37).
The Group's first half of the year
The Group's order intake increased by 10 percent to 1,109 MSEK (1,010) during the first half of 2025. Organically, the order intake rose by 8 percent. Adjusted for currency effects and acquisitions, the increase was 10 percent. The Group's sales decreased by 7 percent to 1,106 MSEK (1,187). Organically, sales declined by 10 percent. Adjusted for currency effects and acquisitions, sales decreased by 8 percent. Both Westermo and Beijer Electronics' sales decreased. The Group's EBITDA decreased to 205.6 MSEK (220.8). Depreciation and amortization increased to 94.8 MSEK (86.3). EBIT was 110.8 MSEK (134.6), corresponding to an EBIT margin of 10.0 percent (11.3). Total development expenditure amounted to 153.4 MSEK (156.7). This corresponded to 13.9 percent (13.2) of the Group's sales. Net financial items were -20.8 MSEK (-19.7). Profit before tax amounted to 90.0 MSEK (114.9). Profit after estimated tax amounted to 62.3 MSEK (91.0). Profit per share after estimated tax was 2.09 SEK (3.14).
| Sales, MSEK | EBIT, MSEK | EBIT margin, % | Sales, MSEK | EBIT, MSEK | EBIT margin, % | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter 2 | 6 mth. | |||||||||||
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Westermo | 354.2 | 336.5 | 53.6 | 44.5 | 15.1 | 13.2 | 675.0 | 700.2 | 104.1 | 99.9 | 15.4 | 14.3 |
| Beijer Electronics | 207.7 | 253.0 | 19.2 | 29.6 | 9.2 | 11.7 | 433.4 | 489.4 | 34.4 | 61.0 | 7.9 | 12.5 |
| Intra-group sales | -1.1 | -1.1 | -2.6 | -2.7 | ||||||||
| Group adjustments | ||||||||||||
| and parent company | -11.2 | -14.0 | -27.7 | -26.3 | ||||||||
| Ependion Group | 560.8 | 588.4 | 61.6 | 60.1 | 11.0 | 10.2 | 1,105.8 | 1,186.9 | 110.8 | 134.6 | 10.0 | 11.3 |
Business entity net sales and EBIT
Group order intake
första kolumnen The bars and left-hand scale indicate quarterly order intake. The curve and right-hand scale show rolling four quarter order intake.
13,700 13,400 14,400 10,400
11,200 12,500 andra kolumnen 12,400 10,200 10,300 11,300 9,000 11,000 00,000 00,000 "Strengthened gross margins, savings and great restraint with current costs increased Ependion's EBIT to SEK 62 million with an EBIT margin of 11.0 percent."
13,100 13,000 Jenny Sjödahl, President and CEO
12,700 11,900 10,900 11,100 10,200
00,000 00,000
Group net sales
The bars and left-hand scale indicate quarterly net sales. The curve and right-hand scale show rolling four quarter net sales.
Group EBIT
The bars and left-hand scale indicate quarterly EBIT. The solid curve and right-hand scale show rolling four quarter EBIT margin, the dashed curve and right-hand scale show quarterly EBIT margin.
Westermo
Business entity
1116,375 1264,921 1381,682 1443,994 335,033 367,501 379,541 361,919 staplar heldragen höger kolumn For Westermo, order intake and earnings developed positively in the second quarter of 2025, both compared to the corresponding period last year and compared to the immediately preceding period. Order intake increased to 360 MSEK; excluding acquisitions, order intake increased to 337 MSEK. The development was positive for the focus segments train and trackside – and in all regions. Westermo's products have been exempted from import duties in the US and order intake increased in the US market. The unit in India also developed positively during the period.
1472,722 1441,674 1331,336 1316,635 1273,672 1291,464 363,761 336,453 269,203 347,218 320,798 354,245 Sales increased to 354 MSEK, however, sales excluding acquisitions decreased to 316 MSEK due to the weaker order intake during most of last year. Thanks to strengthened gross margins and good cost control, Westermo increased EBIT to 53.6 MSEK with an EBIT margin of 15.1 percent. The result for the period has been charged with acquisition-related costs of 2.5 MSEK.
000,000 000,000 000,000 000,000 1311,127 1492,583 1470,152 1421,647 1376,254 streckad vänster An important event in the quarter was the completion of the acquisition of Welotec, which has been part of Westermo since June. The company will function as Westermo's technology centre within Edge Computing and offers robust and certified industrial computers for, for example, real-time optimization, cybersecurity and virtualization. The integration was kicked off during the period with a focus on maximizing sales synergies in the energy segment, where Welotec has a strong position and good customer contacts in the rapidly growing market for digitalization of electricity grids. An important joint marketing activity was participation in the energy trade fair CIRED in London in early June.
1174,121 1159,570 1236,784 During the period, Westermo carried out important launches of new and updated products, the single most important of which was the new Lynx Redundancy Box,
1243,171 1308,402
which complements the business entity's offering in the digitalization of energy infrastructure. During the period, Westermo received silver status in the Ecovadis sustainability survey with a score of 76/100. This places the business entity among the top 15 percent, demonstrating a clear and systematic strategy for sustainability.
Net sales, Westermo
The bars and left-hand scale indicate quarterly net sales. The solid curve and right-hand scale show rolling four quarter net sales, the dashed curve shows rolling four-quarter order intake.
0000,000 0000,000 "For Westermo, the acquisition of Welotec and the establishment in India means that we are building an even stronger business with a broader offering for our focus segments and a greater global presence."
Jenny Sjödahl, President and CEO
Second quarter
Order intake increased by 22 percent to 360 MSEK (294). Excluding acquisitions, order intake increased by 15 percent to 337 MSEK. Sales increased by 5 percent to 354 MSEK (336). Excluding acquisitions, sales decreased by 6 percent to 316 MSEK. EBITDA amounted to 77.6 MSEK (67.0). Depreciation and amortization were 24.0 MSEK (22.6). EBIT increased to 53.6 MSEK (44.5), corresponding to an EBIT margin of 15.1 percent (13.2).
First half-year
Order intake increased by 12 percent to 676 MSEK (605). Excluding acquisitions, order intake increased by 8 percent to 654 MSEK. Sales decreased by 4 percent to 675 MSEK (700). Excluding acquisitions, sales decreased by 9 percent to 637 MSEK. EBITDA increased to 152.2 MSEK (144.8). Depreciation and amortization were 48.0 MSEK (44.9). EBIT amounted to SEK 104.1 million (99.9). This corresponded to an EBIT margin of 15.4 percent (14.3).
Beijer Electronics streckad
staplarna
291,354 272,143
Business entity
1053,694 969,005 891,524 845,590 832,642 789,062 806,931 823,478 833,869 000,000 241,109 228,261 236,392 253,028 224,615 232,285 225,707 207,656 000,000 During the second quarter of 2025, Beijer Electronics' order intake increased by 5 percent to 200 MSEK, with demand strengthening both in the marine segment and in the manufacturing industry segment. The increase was driven by a clear upturn in the Asian markets, not least China, while Europe developed stably and North America declined. The order booking rate for the core product HMI: s continued to increase with an upturn of 23 percent for the period, fully in line with the business entity's strategy for a more focused, growing and profitable business.
1205,975
Höger kolumn
000,000 1204,757 1159,762 1095,192 1032,867 977,905 958,791 942,296 heldragen vänster kolumn 000,000 Beijer Electronics' sales decreased to 208 MSEK for the second quarter, which is largely because deliveries of previously phased-out products with lower margins have essentially ceased. EBIT decreased to 19.2 MSEK with an EBIT margin of 9.2 percent, which is lower than for the comparison period but better than for the immediately preceding quarter. As expected, the gross margin has strengthened in the quarter through a focus on products with strong customer value and high technological sophistication. The cost reduction implemented in the first quarter of 2025 reduces costs and has also contributed to strengthening the margin. Overall, this is expected to have a positive impact on the result as the business entity's volumes increase.
946,320 935,635 890,263 000,000 000,000 During the period, Beijer Electronics has focused on the most extensive development project in the company's history: the new generation of HMIs. The X3 series is now complete with models adapted for marine, industrial and demanding environments that combine high safety, userfriendliness and broad certification. This means that the most intensive development phase is over and that product development expenditure will decrease during the second half of 2025. During the period, many customers have ordered X3
panels for internal tests and the new generation is receiving good reviews from customers in terms of user-friendliness and smooth conversion. The predecessor X2, which has so far generated accumulated sales of approximately 4 000 MSEK, continues to be sold in alongside the X3 series to ensure a smooth transition to the new generation.
Net sales, Beijer Electronics
The bars and left-hand scale indicate quarterly net sales. The solid curve and right-hand scale show rolling four quarter net sales, the dashed curve shows rolling four-quarter order intake.
"Beijer Electronics' gross margin has been strengthened in the quarter through a focus on products with strong customer value and high technological sophistication."
Jenny Sjödahl, President and CEO
Second quarter
Order intake increased by 5 percent to 200 MSEK (190). Sales decreased by 18 percent to 208 MSEK (253). EBITDA decreased to 40.0 MSEK (48.0). Depreciation and amortization were 20.8 MSEK (18.4). EBIT decreased to 19.2 MSEK (29.6), which corresponded to an EBIT margin of 9.2 percent (11.7).
First half-year
Order intake increased by 7 percent to 435 MSEK (408). Sales decreased by 11 percent to 433 MSEK (489). EBITDA decreased to 76.3 MSEK (97.2). Depreciation and amortization increased to 42.0 MSEK (36.3). EBIT decreased to 34.4 MSEK (61.0) with an EBIT margin of 7.9 percent (12.5).
Other financial information
The Group's investments including capitalized development expenses and acquisitions amounted to 487 MSEK (151) during the first half of the year, of which 381 MSEK relates to the acquisition of Welotec GmbH and 14 MSEK an additional purchase price for Smart HMI. The amount for 2024 includes the investment in Blu Wireless of 46 MSEK. Cash flow from operating activities was 165 MSEK (179). Equity amounted to 1,596 MSEK (1,250) as of June 30, 2025, strengthened by the new share issue carried out during the period. The equity ratio was 51.5 percent (46.8). Cash and cash equivalents amounted to 169 MSEK (165). Net debt was 780 MSEK (746). The average number of employees was 851 employees (865).
LTI program
In accordance with the decision of the 2024 Annual General Meeting, a share-based incentive program, LTI 2024/2027, has been implemented. With the support of the issuance authorization within the framework of the program, the Board of Directors decided in April 2025 to issue 54,000 Class C shares based on the estimated outcome under the program. The issue was directed to a financial institution and was immediately repurchased by the company. The repurchased Class C shares are intended to be converted into ordinary shares upon delivery to the participants in 2027, in accordance with the terms of the incentive program.
The Board also decided in April 2025 to convert 189,608 of the company's own Class C shares into a corresponding number of ordinary shares to effect the transfer of ordinary shares to the participants in LTI 2022/2025 and the transfer of ordinary shares on Nasdaq Stockholm for cash flow hedging of social security contributions linked to LTI 2022/2025.
After the repurchase of Class C shares and conversion into ordinary shares, the number of shares amounted to 29,398,214, of which 29,239,633 ordinary shares and 158,581 Class C shares, corresponding to a total of 29,255,491.1 votes.
Significant events
New share issue
On May 15, 2025, Ependion's board of directors, supported by authorization from the Annual General Meeting on May 13, 2025, resolved on a directed new share issue of 2,912,622 ordinary shares at a subscription price of SEK 103.00 per share. The issue raised approximately SEK 300 million before transaction costs for the company and was directed to several Swedish and international institutional investors and existing shareholders, including Stena Adactum AB, Svolder AB and Nordea Funds AB.
The purpose of the new share issue was to partially finance the acquisition of Welotec GmbH. The subscription price corresponded to the closing price of the company's share on May 15, 2025 and was determined through an accelerated bookbuilding procedure led by Danske Bank. The issue resulted in an increase in the number of shares in the company from 29,398,214 to 32,310,836, corresponding to an increase in the number of shares of approximately 10 percent.
Acquisition of Welotec GmbH
During the period, Ependion's business entity Westermo completed an acquisition of all shares in Welotec, headquartered in Laer, Germany. Through the deal, Westermo strengthens its position in the fast-growing energy segment and gains access to complementary technology within Edge Computing. Welotec will function as Westermo's technology centre for Edge Computing, enabling synergies in sales and product development. The company has approximately 70 employees and reported sales of approximately 24 MEUR in 2024 with an EBIT margin of 13.4 percent.
Financial targets
The Group's financial targets consist of three targets for growth, profitability and dividend. The growth target means annual organic growth of at least ten percent. Acquired growth is added. The profitability target means that the Group shall achieve an operating margin of at least 15 percent. The Group shall be a dividend-paying company.
Outlook for 2025
Ependion operates in attractive markets with good underlying growth and, in the mid-term, has good prospects for reaching both the growth and profitability targets. Investments in societally important infrastructure such as railways, shipping and energy are increasing. The Group balances cost discipline with strategic future investments that focus on creating value. In the short term, however, geopolitical and economic uncertainty remains, which is why the near-term outlook is difficult to assess.
Malmö, Sweden, 15 July 2025 Jenny Sjödahl President and CEO
Statement of Assurance
The Board of directors and the CEO certify that the half- year report provides a fair and true overview of the parent company's and the Group's business, position and results as well as de scribes the significant risks and uncertainty factors faced by the parent company and the companies included in the Group.
This Report has not been subject to review by the company's auditors.
For more information, please contact: President and CEO Jenny Sjödahl, tel +46 (0)725 89 60 80 or EVP and CFO Joakim Laurén, tel +46 (0)703 35 84 96
Malmö, Sweden, 15 July, 2025
Jenny Sjödahl President and CEO
Peter Nilsson Chairman of the Board Johan Wester Board member
Lars Eklöf Board member
Karin Gunnarsson Board member
Jonas Hård Board member
Per Allmér Board member
The Group's Financial Reports
Consolidated Income Statement in summary
| SEK 000 | Quarter 2 2025 |
Quarter 2 2024 |
6 mth. 2025 |
6 mth. 2024 |
Full year 2024 |
|---|---|---|---|---|---|
| Net sales | 560,756 | 588,355 | 1,105,812 | 1,186,876 | 2,258,125 |
| Cost of goods sold | -265,882 | -290,601 | -514,997 | -589,605 | -1,110,418 |
| Gross profit | 294,874 | 297,754 | 590,815 | 597,271 | 1,147,707 |
| Sales expenses | -84,180 | -86,134 | -168,583 | -170,779 | -341,299 |
| Administration expenses | -86,537 | -91,797 | -178,991 | -179,810 | -341,181 |
| Research and development expenses | -63,278 | -57,397 | -124,908 | -116,208 | -219,514 |
| Other operating revenue and operating expenses | 750 | -2,349 | -7,544 | 4,097 | 5,194 |
| Operating profit | 61,629 | 60,077 | 110,789 | 134,571 | 250,907 |
| Financial income/expense | -16,202 | -10,052 | -20,811 | -19,674 | -44,465 |
| Profit before tax | 45,427 | 50,025 | 89,978 | 114,897 | 206,442 |
| Tax | -15,149 | -10,250 | -27,689 | -23,866 | -49,439 |
| Profit for the period | 30,278 | 39,775 | 62,289 | 91,031 | 157,003 |
| Attributable to equity holders of the parent | 30,278 | 39,772 | 62,289 | 91,265 | 158,009 |
| Attributable to non-controlling interests | 3 | -234 | -1,006 | ||
| Basic earnings per share, SEK | 0.99 | 1.37 | 2.09 | 3.14 | 5.45 |
Statement of Comprehensive Income
| SEK 000 | Quarter 2 2025 |
Quarter 2 2024 |
6 mth. 2025 |
6 mth. 2024 |
Full year 2024 |
|---|---|---|---|---|---|
| Profit for the period | 30,278 | 39,775 | 62,289 | 91,031 | 157,003 |
| Actuarial gains and losses | -8,060 | -5,779 | -855 | -8,837 | -17,230 |
| Net investment hedge effects | -7,674 | 3,231 | 5,437 | -4,572 | -7,740 |
| Change in fair value of equity instruments | 112 | -2,176 | -3,015 | ||
| Translation differences | 32,169 | -16,290 | -64,717 | 35,853 | 61,972 |
| Comprehensive income for the period | 46,825 | 20,937 | -22 | 113,475 | 190,990 |
| Attributable to equity holders of the parent | 46,825 | 21,013 | -22 | 113,683 | 191,996 |
| Attributable to non-controlling interests | -76 | -208 | -1,006 |
Consolidated Balance Sheet in summary
| SEK 000 | June 30, 2025 | June 30, 2024 | Dec. 31, 2024 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Intangible assets | 1,711,975 | 1,314,702 | 1,374,111 |
| Property, plant and equipment | 104,118 | 96,648 | 105,150 |
| Right-of-use assets | 131,906 | 97,723 | 144,502 |
| Financial fixed assets | 110,970 | 101,298 | 107,667 |
| Total fixed assets | 2,058,969 | 1,610,371 | 1,731,430 |
| Current assets | |||
| Inventories | 392,323 | 437,354 | 396,301 |
| Accounts receivable | 409,986 | 412,265 | 381,599 |
| Other receivables | 66,159 | 56,376 | 69,348 |
| Cash and cash equivalents | 169,081 | 165,352 | 178,053 |
| Total current assets | 1,037,549 | 1,071,347 | 1,025,301 |
| Total assets | 3,096,518 | 2,681,718 | 2,756,731 |
| EQUITY AND LIABILITIES | |||
| Equity attributable to equity holders of the parent | 1,595,824 | 1,250,224 | 1,331,895 |
| Equity attributable to non-controlling interests | 4,403 | ||
| Total equity | 1,595,824 | 1,254,627 | 1,331,895 |
| Long-term liabilities | |||
| Borrowings | 444,652 | 447,635 | 430,476 |
| Lease liabilities | 84,410 | 59,352 | 97,497 |
| Other long-term liabilities | 197,498 | 169,518 | 195,663 |
| Deferred tax liabilities | 111,049 | 96,592 | 106,902 |
| Total long-term liabilities | 837,609 | 773,097 | 830,538 |
| Current liabilities | |||
| Borrowings | 209,945 | 227,192 | 126,697 |
| Lease liabilities | 48,686 | 39,526 | 48,212 |
| Accounts payable | 165,656 | 149,332 | 154,411 |
| Other liabilities | 238,798 | 237,944 | 264,978 |
| Total current liabilities | 663,085 | 653,994 | 594,298 |
| Total equity and liabilities | 3,096,518 | 2,681,718 | 2,756,731 |
Consolidated Statement of Changes in Equity and Number of Shares
| SEK 000 | June 30, 2025 | June 30, 2024 | Dec. 31, 2024 |
|---|---|---|---|
| Attributable to equity holders of the parent | |||
| Opening balance, 1 January | 1,331,895 | 1,159,082 | 1,159,082 |
| New share issue after deducting for transaction expenses | 292,166* | -150 | -276 |
| Re-purchase of treasury shares | -18 | -34 | -34 |
| Sale of treasury shares | 4,913 | 3,089 | 3,089 |
| Dividend | -36,312 | -28,941 | -28,941 |
| Share-based payment | 3,202 | 3,495 | 6,979 |
| Comprehensive income | -22 | 113,683 | 191,996 |
| Closing balance, shareholders' equity | 1,595,824 | 1,250,224 | 1,331,895 |
| Attributable to non-controlling interests | |||
| Opening balance, 1 January | 4,611 | 4,611 | |
| Divestment of a jointly owned subsidiary | -3,605 | ||
| Comprehensive income | -208 | -1,006 | |
| Closing balance, shareholders' equity | 4,403 |
*A share issue of SEK 300 million was carried out to finance a business acquisition, with associated transaction costs of SEK 7.6 million. In addition, a share issue under the LTI program was completed in the amount of SEK 18 thousand, with related issuance costs of SEK 218 thousand.
The number of ordinary shares amounts to 32,152,25 and the number of Class C shares amounts to 158,581.
Consolidated Cash Flow Statement in summary
| SEK 000 | Quarter 2 2025 |
Quarter 2 2024 |
6 mth. 2025 |
6 mth. 2024 |
Full year 2024 |
|---|---|---|---|---|---|
| Cash flow from operating activities before | |||||
| changes in working capital | 66,045 | 85,528 | 165,127 | 185,717 | 379,966 |
| Changes in working capital | 53,431 | 43,729 | -132 | -6,481 | 79,540 |
| Cash flow from operating activities | 119,476 | 129,257 | 164,995 | 179,236 | 459,506 |
| Cash flow from investments in tangible and | |||||
| intangible assets | -46,664 | -57,887 | -92,297 | -106,448 | -224,217 |
| Cash flow from acquisition of subsidiary and | |||||
| investment in other companies | -381,451 | -46,271 | -395,802 | -46,271 | -49,565 |
| Cash flow from divestment of subsidiary | -2,550 | ||||
| Cash flow from other investing activities | 1,011 | 300 | 1,060 | 1,583 | 715 |
| Cash flow from investing activities | -427,104 | -103,858 | -487,039 | -151,136 | -275,617 |
| Cash flow from new share issue | 292,166 | -150 | 292,166 | -150 | -276 |
| Cash flow from interest-bearing liabilities* | 70,812 | 25,862 | 80,778 | 15,460 | -133,700 |
| Dividend paid | -36,312 | -28,941 | -36,312 | -28,941 | -28,941 |
| Cash flow from other financing activities | 4,895 | 3,054 | -1,824 | 3,054 | 3,054 |
| Cash flow from financing activities | 331,561 | -175 | 334,808 | -10,576 | -159,863 |
| Cash flow for the period | 23,933 | 25,224 | 12,764 | 17,525 | 24,026 |
| Cash and cash equivalents at beginning of year | 140,664 | 142,561 | 178,053 | 142,486 | 142,486 |
| Exchange difference in cash and cash equivalents | 4,484 | -2,433 | -21,736 | 5,341 | 11,541 |
| Cash and cash equivalents at end of year | 169,081 | 165,352 | 169,081 | 165,352 | 178,053 |
| Free cash flow | 62,380 | 60,138 | 50,132 | 51,761 | 187,372 |
| *of which amortization of lease liabilities | -11,443 | -11,533 | -23,626 | -22,611 | -48,632 |
Notes to the financial statements in summary
Note 1
General information
Ependion AB (the "Company"), Corp. Id. No. 556025-1851, is a company with its registered office in Malmö, Sweden. This consolidated interim report for the Group (the "Interim Report") for the period January–June 2025 includes the Company and its subsidiaries, referred to jointly below as Ependion. The Group's consolidated accounting currency is SEK. All amounts are presented in thousands of SEK (SEK 000), unless otherwise stated.
Note 2
Accounting principles
Ependion's consolidated accounts are prepared in accordance with IFRS® Accounting Standards and with the same accounting principles as described in the Financial Statement for 2024.
Reporting for the Parent follows the Swedish Annual Accounts Act and RFR 2 Reporting for Legal Entities.
Ependion's Interim Report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish Annual Accounts Act. Disclosures in accordance with IAS 34.16A are provided not only in the financial statements and related notes but also in other parts of the Interim Report. The Interim Report for the parent company has been prepared in accordance with the Swedish Annual Accounts Act's chapter 9, Interim Reporting.
Related party transactions have taken place to the same extent as in the previous year and the accounting policies described in the Financial Statement for 2024 apply.
Ependion uses a number of financial key ratios that are not defined in the accounting regulations used by the company, so-called alternative performance measures (APM). For definitions of financial key figures, see pages 20 of this report.
Note 3
Risks and uncertainties
Ependion is an international group and as such, it is exposed to several strategic, business and financial risks. Risk management is therefore an important process relative to the goals set by the Group. Throughout the Group, efficient risk management routines are an ongoing process within the framework of the Group's operational management and a natural part of the continual follow-up of activities.
Risk management within Ependion starts with an assessment in the business entity teams where the material risks to the business are continuously identified, followed by an assessment of the likelihood of the risks materializing and their potential impact on the Group. Once the material risks have been identified and assessed, decisions are made on activities to eliminate or reduce the risks.
In addition to the risks and uncertainties described in Ependion's Annual Report for 2024, pages 87 and 127-128, the ongoing risk management has not resulted in additional risks or uncertainties.
Consolidated Key Financial Ratios
| June 30, 2025 | June 30, 2024 | Dec. 31, 2024 | |
|---|---|---|---|
| EBIT margin, % | 10.0 | 11.3 | 11.1 |
| Profit margin, % | 5.6 | 7.7 | 7.0 |
| Equity ratio, % | 51.5 | 46.8 | 48.3 |
| Equity per share before dilution, SEK | 53.5 | 43.0 | 45.8 |
| Basic earnings per share, SEK | 2.09 | 3.14 | 5.45 |
| Diluted earnings per share, SEK | 2.07 | 3.11 | 5.38 |
| Return on equity after tax, % | 9.0 | 14.8 | 12.6 |
| Return on capital employed, % | 9.8 | 13.6 | 12.1 |
| Return on net operating assets, % | 12.8 | 18.3 | 16.2 |
| Financial net debt in relation to EBITDA | 1.4 | 1.3 | 1.2 |
| Average number of employees | 851 | 865 | 861 |
Note 5
Reconciliation of Consolidated Net Debt
| SEK 000 | June 30, 2025 | June 30, 2024 | Dec. 31, 2024 |
|---|---|---|---|
| Borrowings | 654,597 | 674,827 | 557,174 |
| Pension provisions | 161,473 | 137,788 | 156,974 |
| Liabilities attributable to right-of-use assets | 133,096 | 98,878 | 145,708 |
| Total interest-bearing liabilities | 949,166 | 911,493 | 859,856 |
| Total cash and cash equivalents | 169,081 | 165,352 | 178,053 |
| Net debt | 780,085 | 746,141 | 681,803 |
Note 6
Financial assets valued at fair value
The Group's financial assets, in the form of long-term securities holdings for unlisted shares, are reported at fair value under level 3, i.e., determined based on inputs that are not observable in the market.
The fair value valuation is done by discounting future cash flows with a discount rate based on comparable
yield requirements for comparable companies and financial instruments. The table below presents a reconciliation between the opening and closing balance of the assets included in level 3.
| SEK 000 | June 30, 2025 | June 30, 2024 | Dec. 31, 2024 |
|---|---|---|---|
| Opening balance | 46,389 | ||
| Investments | 46,271 | 49,380 | |
| Reported in other comprehensive income | -2,741 | -2,991 | |
| Closing balance | 43,648 | 46,271 | 46,389 |
Allocation of Net Sales
| SEK 000 | Quarter 2 2025 |
Quarter 2 2024 |
6 mth. 2025 |
6 mth. 2024 |
Full year 2024 |
|---|---|---|---|---|---|
| Net sales by geographical market | |||||
| Nordics | 121,684 | 113,395 | 239,413 | 225,224 | 416,245 |
| Rest of Europe | 270,984 | 284,453 | 508,692 | 582,894 | 1,077,199 |
| Americas | 70,581 | 76,373 | 149,056 | 149,488 | 313,480 |
| Asia | 96,949 | 112,128 | 206,866 | 225,321 | 446,676 |
| Rest of world | 558 | 2,006 | 1,785 | 3,949 | 4,525 |
| Total Group | 560,756 | 588,355 | 1,105,812 | 1,186,876 | 2,258,125 |
| Net sales by category | |||||
| Operator panels and accessories | 167,314 | 195,902 | 351,279 | 380,083 | 746,690 |
| Network equipment | 312,881 | 310,667 | 584,316 | 638,883 | 1,192,667 |
| Edge computing | 11,895 | 11,895 | |||
| Software | 7,157 | 7,308 | 14,489 | 17,482 | 35,699 |
| Servicing and other services | 11,958 | 20,647 | 26,907 | 31,832 | 57,865 |
| Third-party products | 49,551 | 53,831 | 116,926 | 118,596 | 225,204 |
| Total Group | 560,756 | 588,355 | 1,105,812 | 1,186,876 | 2,258,125 |
| Net sales by segment | |||||
| Train | 124,889 | 128,028 | 228,498 | 255,334 | 449,428 |
| Trackside | 29,422 | 40,691 | 61,484 | 95,046 | 190,019 |
| Energy | 99,998 | 91,253 | 220,592 | 227,680 | 447,510 |
| Manufacturing | 108,876 | 100,825 | 196,341 | 192,705 | 370,525 |
| Marine | 80,586 | 76,780 | 157,395 | 130,203 | 275,136 |
| Other | 116,985 | 150,778 | 241,502 | 285,908 | 525,507 |
| Total Group | 560,756 | 588,355 | 1,105,812 | 1,186,876 | 2,258,125 |
Operating Segments
| Quarter 2 | Quarter 2 | 6 mth. | 6 mth. | Full year | |
|---|---|---|---|---|---|
| SEK 000 | 2025 | 2024 | 2025 | 2024 | 2024 |
| TOTAL GROUP | |||||
| Order intake | 558,359 | 482,756 | 1,108,992 | 1,010,272 | 2,038,885 |
| of which acquired order intake (%) | 4.0 | 2.0 | |||
| Net sales | 560,756 | 588,355 | 1,105,812 | 1,186,876 | 2,258,125 |
| of which acquired net sales (%) | 6.8 | 3.4 | |||
| EBITDA | 108,822 | 103,737 | 205,565 | 220,824 | 427,473 |
| Depreciation | -47,193 | -43,660 | -94,777 | -86,253 | -176,565 |
| EBIT | 61,629 | 60,077 | 110,789 | 134,571 | 250,907 |
| EBIT margin, % | 11.0 | 10.2 | 10.0 | 11.3 | 11.1 |
| Investments in intangible and tangible assets | 47,011 | 57,887 | 92,644 | 106,448 | 224,217 |
| of which capitalized development expenditure | 42,447 | 47,398 | 80,446 | 85,645 | 183,656 |
| Product development expenditure, % | 14.3 | 13.8 | 13.9 | 13.2 | 13.9 |
| Backlog | 1,100,766 | 1,091,619 | 1,025,728 | ||
| of which acquired order backlog (%) | 8.4 | ||||
| WESTERMO | |||||
| Order intake | 359,524 | 294,293 | 676,191 | 604,574 | 1,236,784 |
| of which acquired order intake (%) | 6.3 | 3.3 | |||
| Net sales | 354,245 | 336,453 | 675,042 | 700,214 | 1,316,635 |
| of which acquired net sales (%) | 10.7 | 5.6 | |||
| EBITDA | 77,633 | 67,048 | 152,156 | 144,803 | 288,734 |
| Depreciation | -23,996 | -22,596 | -48,040 | -44,926 | -89,860 |
| EBIT | 53,638 | 44,452 | 104,116 | 99,878 | 198,874 |
| EBIT margin, % | 15.1 | 13.2 | 15.4 | 14.3 | 15.1 |
| Investments in intangible and tangible assets | 25,817 | 30,772 | 49,457 | 55,262 | 108,200 |
| of which capitalized development expenditure | 22,278 | 22,436 | 41,909 | 39,116 | 82,944 |
| Product development expenditure, % | 14.8 | 15.1 | 14.8 | 14.0 | 14.3 |
| Backlog | 964,847 | 856,107 | 882,495 | ||
| of which acquired order backlog (%) | 9.6 | ||||
| BEIJER ELECTRONICS | |||||
| Order intake | 199,979 | 189,589 | 435,394 | 408,457 | 806,931 |
| Net sales | 207,656 | 253,028 | 433,363 | 489,420 | 946,320 |
| EBITDA | 39,941 | 48,021 | 76,336 | 97,225 | 182,861 |
| Depreciation | -20,776 | -18,432 | -41,951 | -36,257 | -76,850 |
| EBIT | 19,165 | 29,589 | 34,385 | 60,968 | 106,010 |
| EBIT margin, % | 9.2 | 11.7 | 7.9 | 12.5 | 11.2 |
| Investments in intangible and tangible assets | 21,098 | 26,703 | 40,791 | 50,424 | 112,731 |
| of which capitalized development expenditure | 20,169 | 24,962 | 38,537 | 46,529 | 100,712 |
| Product development expenditure, % | 12.9 | 11.8 | 12.1 | 11.6 | 12.9 |
| Backlog | 135,919 | 235,512 | 143,233 | ||
| PARENT COMPANY AND GROUP ADJUSTMENT | |||||
| Order intake (elimination) | -1,144 | -1,126 | -2,593 | -2,758 | -4,830 |
| Net sales (elimination) | -1,144 | -1,126 | -2,593 | -2,758 | -4,830 |
| EBITDA | -8,752 | -11,333 | -22,927 | -21,204 | -44,122 |
| Depreciation | -2,421 | -2,632 | -4,786 | -5,070 | -9,855 |
| EBIT | -11,174 | -13,965 | -27,712 | -26,275 | -53,977 |
| Investments in intangible and tangible assets | 96 | 412 | 2,396 | 762 | 3,286 |
Welotec GmbH
On June 2, 2025, Ependion, through its business entity Westermo, acquired 100 percent of the shares and votes in the German company Welotec GmbH. Through the acquisition, Westermo strengthens its position in the fast-growing energy segment and gains access to complementary technology within Edge Computing. Welotec will function as Westermo's technology centre for Edge Computing, enabling synergies in sales and product development.
Welotec has approximately 70 employees and reported a turnover of approximately 24 MEUR in 2024, with an EBIT margin of 13.4 percent. Ependion assesses that the company has the capacity to contribute in line with the Group's financial targets. The purchase price was paid in cash and amounted to 382 MSEK. In addition to this, there was a cash settlement of working capital of 5.6 MSEK and a currency effect from forward contract of 1.8 MSEK. The total cash payment therefore amounted to 389.5 MSEK. There is a contingent purchase price linked to the acquisition that is dependent on future earnings.
The acquisition was completed shortly before the end of the reporting period.
Due to the short time that has elapsed since the acquisition, the acquisition analysis is preliminary. The Group has therefore not yet allocated any identifiable surplus values linked to the acquisition. The entire difference between the purchase price and the book value of the acquired company's net assets has therefore been initially allocated to goodwill. The contingent purchase price has not yet been able to be measured at a reliable fair value as of the reporting date and has therefore been initially reported at zero. The value of the contingent purchase price will be determined in connection with the completion of the acquisition analysis and will then affect goodwill.
The purchase price has been financed with funds from the directed new share issue that was completed on May 15, 2025, and through an acquisition loan of 9 MEUR. Transaction costs are reported continuously in the consolidated income statement under the item administrative expenses and amount to 4.8 MSEK as of June 30, 2025. Welotec is included in the consolidated and Westermo accounts from June 2, 2025. If Welotec had been consolidated in the group from the beginning of the financial year, the acquisition is estimated to have contributed sales of approximately 149 MSEK for the period January–June 2025. Since the acquisition date, Welotec has contributed sales of 38 MSEK.
| SEK 000 | 2025 |
|---|---|
| The purchase price consists of: | |
| Cash consideration for shares | 382,043 |
| Cash settlement of working capital (net) | 5,644 |
| Currency effects from forward contract | 1,784 |
| Contingent consideration* | |
| Total purchase price | 389,471 |
| *The fair value of the contingent consideration has not been estimated as of June 30, 2025. |
|
| Acquisition-related costs | 4,800 |
| Impact of the acquisition on the Group's cash flow: |
|
| Cash portion of purchase price | -389,471 |
| Acquisition-related costs | -4,800 |
| Cash (acquired) | 12,819 |
| Cash flow from investing activities | -381,452 |
| Loan to finance the acquisition | 97,205 |
| New share issue (net of transaction costs) | 292,366 |
| Cash flow from financing activities | 389,571 |
| Net cash inflow | 8,119 |
| Recognized amounts of acquired assets and assumed liabilities |
|
| Licenses | 4,421 |
| Other intangible assets | 271 |
| Property, plant and equipment | 1,433 |
| Financial non-current assets | 349 |
| Current assets | 66,625 |
| Cash and cash equivalents | 12,819 |
| Current liabilities | -33,063 |
| Non-current liabilities | -1,671 |
| Total acquired net assets | 51,184 |
| Goodwill* | 338,287 |
| Total | 389,471 |
Parent Company Financial Reports
Parent Company Income Statement in summary
| SEK 000 | Quarter 2 2025 |
Quarter 2 2024 |
6 mth. 2025 |
6 mth. 2024 |
Full year 2024 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Net sales | 10,079 | 10,048 | 20,157 | 20,095 | 40,189 |
| Administration expenses | -20,725 | -23,152 | -45,622 | -45,180 | -92,637 |
| Operating profit | -10,646 | -13,104 | -25,465 | -25,085 | -52,448 |
| Financial income/expense | 63,617* | -5,032 | 51,075* | -6,937 | 37,166** |
| Profit before tax | 52,971 | -18,136 | 25,610 | -32,022 | -15,282 |
| Appropriations | 54,931 | ||||
| Tax | -412 | 3,714 | 3,962 | 5,894 | -2,008 |
| Profit for the period | 52,559 | -14,422 | 29,572 | -26,128 | 37,641 |
*Includes received dividend from subsidiary of SEK 57 million.
** Includes received dividend from subsidiary of SEK 47 million.
Parent Company Balance Sheet in summary
| SEK 000 | June 30, 2025 | June 30, 2024 | Dec. 31, 2024 |
|---|---|---|---|
| ASSETS | |||
| Fixed assets | |||
| Intangible and tangible assets | 11,048 | 8,000 | 9,765 |
| Other financial assets | 1,598,020 | 1,197,746 | 1,205,978 |
| Total fixed assets | 1,609,068 | 1,205,746 | 1,215,743 |
| Current assets | |||
| Receivables from group companies | 41,485 | 43,742 | 113,375 |
| Other receivables | 16,832 | 15,694 | 20,771 |
| Cash and cash equivalents | 66 | 66 | |
| Total current assets | 58,317 | 59,502 | 134,212 |
| Total assets | 1,667,385 | 1,265,248 | 1,349,955 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Restricted equity | 16,996 | 17,536 | 16,007 |
| Non-restricted equity | 632,742 | 270,537 | 339,659 |
| Total equity | 649,738 | 288,073 | 355,666 |
| Current liabilities | |||
| Liabilities to credit institutions | 444,652 | 447,635 | 430,476 |
| Provisions | 23,534 | 23,647 | 23,647 |
| Liabilities to Group companies | 353,211 | 296,054 | 409,674 |
| Total long-term liabilities | 821,397 | 767,336 | 863,797 |
| Current liabilities | |||
| Liabilities to credit institutions | 177,079 | 190,884 | 92,861 |
| Other liabilities | 19,171 | 18,955 | 37,631 |
| Total current liabilities | 196,250 | 209,839 | 130,492 |
| Total equity and liabilities | 1,667,385 | 1,265,248 | 1,349,955 |
Financial definitions
Ependion presents a number of financial measures in Annual and Interim Reports that are not defined according to IFRS, but are consistent with how investors and the company's management measure the company's financial performance. Ependion considers that these metrics offer valuable additional information to investors and the company's management as they enable evaluation of trends and the company's performance. These alternative performance measures should not be viewed as a substitute for financial information presented in accordance with IFRS, but rather as a complement. The supplementary alternative performance measures stated in this report may differ in their computation methods from similar measures used by other companies. Reconciliations of alternative performance measures can be found on Ependion's website: https://www.ependion.com/en/investors/alternative-performance-measures
Average
Average values are calculated as the mean value in the relevant reporting period and corresponding item in the comparative period 12 months earlier.
Average number of employees
Average number of employees during the year based on working hours. Excludes contracted staff.
Basic earnings per share
Net income after tax, attributable to the parent company's shareholders, in relation to the weighted number of outstanding shares.
Capital employed
Equity plus interest-bearing liabilities.
Earnings per share after dilution
Earnings per share after dilution is calculated by adjusting the weighted average number of shares by the estimated number of shares from incentive programs. Incentive programs are included in the dilution calculation from the end of each program.
EBIT
Net sales less operating expenses.
EBITDA
EBIT excluding depreciation and amortization on tangible assets (including right-of-use assets) and intangible assets.
EBIT margin
EBIT in relation to net sales.
Equity ratio Equity in relation to total assets.
Equity per share before dilution
Equity attributable to the parent company's shareholders divided by the number of shares.
Financial net debt in relation to EBITDA
Interest-bearing liabilities, excluding net provisions for pensions, less cash and cash equivalents and investments in securities, divided by rolling 12-month EBITDA, adjusted for restructuring costs and acquired EBITDA.
Free cash flow
Cash flow from operating activities, cash flow from investing activities excluding cash flow from acquisitions of subsidiaries and investments in other companies, as well as amortization of lease liability.
Net debt
Interest-bearing liabilities less cash and cash equivalents and short-term investments.
Net operating assets
Equity plus interest-bearing liabilities less financial assets.
Operative cash flow
Cash flow from operating activities.
Order backlog
The total value of customer orders received by the Group that have not yet been delivered.
Order intake
Net sales less the difference between opening and closing order backlog.
Product development expenditure
Expenditure related to product development work, such as personnel costs, external consultancy fees, and other external costs. This also includes expenses that are capitalized as assets in the balance sheet.
Product development expenditure in relation
to net sales
Product development expenditure in relation to net sales.
Profit margin
Profit after tax in relation to net sales.
Return on capital employed
Profit before tax plus financial expenses for the past 12 months in relation to average capital employed.
Return on equity after tax
Profit after tax for the past 12 months in relation to average equity.
Return on operating capital
EBIT for the past 12 months in relation to average operating capital.
Working capital
Current assets less current liabilities.
Ependion AB
Ependion AB is an expansive global technology group delivering digital solutions for secure control, management, visualization and data communication for industrial applications in environments where reliability and high quality are critical factors. The Group's customers include some of the world's leading companies. Ependion consists of independent business entities with total sales of 2.3 billion SEK in 2024 and 950 employees. The company is listed on Nasdaq Stockholm Main Market's Mid Cap-list under the ticker EPEN.
More Information
You can subscribe for financial information on Ependion via e-mail. Subscribe easily at our website, www.ependion.com. If you have any questions about Ependion, please call +46 (0)40 35 84 00, or send an email: [email protected].
Financial Calendar
22 EPENDION Q2 2025
| 21 October 2025 Nine-month Interim report |
|---|
| 26 January 2026Financial Statement |
| 28 April 2026Three-month Interim Report |
| 12 May 2026Annual General Meeting |
| 15 July 2026 Six-month Interim Report |
| 23 October 2026 Nine-month Interim Report |
Head office Ependion AB Box 426, Stora Varvsgatan 13a 201 24 Malmö, Sverige Corp. ID. no. 556025-1851 www.ependion.com | +46 40 35 84 00