MEKO

Quarterly Report • Jul 25, 2025

Interim report January–June 2025

Interim report January–June 2025

Cautious market and further initiatives to increase profitability

April 1–June 30, 2025

• Net sales declined 4 percent to SEK 4,508 M (4,680). Organic growth was -5 percent. Currency effects had a negative impact of 3 percent on net sales.
• EBIT amounted to SEK 91 M (284) and the EBIT margin was 2.0 percent (6.0). EBIT was negatively impacted by items affecting comparability of SEK -84 M (-73).
• Adjusted EBIT declined to SEK 175 M (357) and the adjusted EBIT margin decreased to 3.8 percent (7.5).
• Earnings per share before and after dilution amounted to SEK -0.12 (2.86).
• Cash flow from operating activities amounted to SEK 498 M (698).
• MEKO held its Annual General Meeting on May 15, where all previous board members were re-elected, and Walter Hanley was elected as a new member.
• MEKO successfully completed a bond issue of SEK 1.25 billion with a maturity of 5 years. Compared to the existing, the new bond offers a lower long-term financing cost.

Significant events after the end of the period

• A new cost saving program was launched that will reduce the cost base by SEK 100 M yearly, with full effect from 2026.

January 1–June 30, 2025

• Net sales increased 1 percent to SEK 9,070 M (9,000), with most of the increase attributable to the acquisition of Elit Polska. Organic growth was -3 percent. Currency effects had a negative impact of 2 percent on net sales.
• EBIT amounted to SEK 252 M (431) and the EBIT margin was 2.7 percent (4.7). EBIT was negatively impacted by items affecting comparability of SEK -154 M (-150).
• Adjusted EBIT amounted to SEK 406 M (581) and the adjusted EBIT margin was 4.4 percent (6.4).
• Earnings per share before and after dilution amounted to SEK 0.73 (3.78).
• Cash flow from operating activities amounted to SEK 376 M (984).
• Net debt in relation to EBITDA1) increased to a multiple of 2.7 compared with 2.1 at the beginning of the year.

		Apr-Jun			Jan-Jun		12 months	Full year
SEK M	2025	2024	Δ %	2025	2024	Δ %	Jul-Jun	2024
Net sales	4,508	4,680	-4	9,070	9,000	1	18,116	18,046
EBIT	91	284	-68	252	431	-41	724	902
Adjusted EBIT	175	357	-51	406	581	-30	916	1,091
Profit after financial items	3	216	-99	85	291	-71	420	627
Profit after tax	0	169	-100	53	229	-77	293	469
Earnings per share, SEK	-0.12	2.86	-104	0.73	3.78	-81	4.69	7.74
Cash flow from operating activities	498	698	-29	376	984	-62	768	1,376
Net debt/EBITDA excl. IFRS 16, multiple¹	2.7	2.4		2.7	2.4		2.7	2.1
EBIT margin, %	2.0	6.0		2.7	4.7		3.9	4.9
Adjusted EBIT margin, %	3.8	7.5		4.4	6.4		5.0	5.9

1) EBITDA excluding IFRS 16 calculated on a rolling 12-month basis for the July–June period.

Sales impacted by cautious market – additional measures to reduce costs

The second quarter was marked by continued economic uncertainty and intense competition. This led to weaker sales and lower earnings compared with the corresponding period in 2024. To meet these developments, we are implementing a new cost reduction program that will lower our costs by SEK 100 million annually, with full effect starting in beginning of 2026.

In parallel, we are continuing to strengthen MEKO in the long term by establishing our high-tech central warehouses – a strategic step that paves the way for increased growth.

The international turbulence from the start of the year continued into the second quarter and created new uncertainty about when the economy will improve. Many vehicle owners remained cautious and prioritized only the most essential repairs, with price being particularly decisive. This in turn resulted in competition being intensified to some extent in our markets, which was particularly evident in Denmark and Poland.

At an overall level, year-on-year sales decreased in the second quarter by 4 percent. Organic growth was - 5 percent, and despite the geographic diversification, all business areas experienced varying degrees of a similar development.

Impact on the result – new cost-saving program

We have been increasing our efforts to build a stronger and more profitable MEKO within the initiative "Building a stronger MEKO". This has included extensive cost optimization, which also had a tangible impact. The measures within this initiative have resulted in a positive impact on operating profit of approximately SEK 200 M on an annualized basis. However, we note that the cautious market situation, with a weaker sales trend, is impacting earnings in the second quarter, despite our focus on efficiency improvements. Adjusted EBIT amounted to SEK 175 M in the second quarter, compared with SEK 357 M in the year-earlier quarter.

We are acting immediately in response to this development. We are therefore strengthening our efforts under the "Building a stronger MEKO" initiative with a new cost-reduction program which will reduce our costs by SEK 100 M per year, with full effect starting in beginning of 2026. The cost reductions will lead to fewer positions in administrative and central functions and will affect all levels of MEKO. In addition, we are implementing a number of initiatives to boost sales, both locally and across the Group. These include, among other things, increased price differentiation between customer categories to strengthen loyalty, more exclusive brand products at a wider range of price points to better meet demand for low-cost alternatives, a continued focused effort in the commercial vehicles segment, further development of our leading workshop concepts – and a long list of other measures.

Long-term growth initiatives – and stronger logistics

In parallel with these short-term initiatives, we are focusing on investments to increase our long-term growth. Our high-tech

central warehouses in Denmark, Norway and Finland have been constructed on schedule, and we were able to ensure their successful commissioning during the quarter. In Poland, we completed the relocation to a significantly larger central warehouse without major disruptions. We also finalized preparations and managed to launch our new common ERP system in Poland on July 1 – as the first market in the Group. Once fully implemented, this system will play an important role in our efforts to realize synergies.

These efforts have undoubtedly required a strong focus and have not been without challenges – but we are now very close to concluding an important, strategic strengthening of MEKO's logistics.

Own-brand initiatives – expansion of Mekonomen brand

During the quarter, we also increased our focus on own brands in spare parts and tools – an initiative that is aligned with our strategy for sustainable growth, and which supports profitability. We aim to offer more products in more categories, adapted to more situations. We have identified a clear demand for products under brands such as ProMeister and Kraft, which are appreciated by both car owners and workshop customers.

During the quarter, Poland also became our fourth market for the Mekonomen brand – one of the Nordic region's bestknown brands in all categories. Mekonomen will be the new name of a franchise concept for spare parts wholesalers, operations that were previously run under the name Elit Polska.

Key confirmation of our strategy

We were also strengthened during the quarter by clear, independent confirmations of our position and strategy. In June, we successfully issued new five-year senior bonds for SEK 1.25 billion. There was substantial interest among investors, which we see as a vote of confidence in our business concept. The transaction generated some costs in the quarter but will reduce our long-term financing costs.

Another important confirmation came with the validation of our climate targets from the Science Based Targets initiative, a leading global standard for science-based climate targets. This validation marks an important step in realizing our sustainability strategy.

Overall, we are navigating in a challenging market. We are doing so by taking action in the short term while continuing to make important investments for the future. Not least, we are lifting our logistics to a new level, improving efficiency, increasing availability and creating new opportunities to grow for a long time to come.

Pehr Oscarson President and CEO

This is MEKO

Solid business concept for timeless demand

Our vision is to enable mobility – today, tomorrow and in the future. Our business concept is based on the constant need for transportation by car, regardless of the fuels used to power them or the technology they contain. Our aim is to be the most complete partner for everyone who drives, maintains, or repairs vehicles.

Through our tried-and-tested business concept and geographic expansion, we have established ourselves as the leading player in the independent automotive aftermarket in northern Europe. We operate in eight markets that are home to a total of 70 million people and 35 million cars.

We serve our customers through several well-known brands, all of which are firmly embedded locally. Our strategy of providing several different brands allows us to reach several customer groups with differing needs in our markets.

Approximately 90 percent of our revenue is from B2B customers. A smaller portion, 10 percent, is from sales to private motorists.

The bulk of revenue is from spare parts sales to companies that operate workshops. We sell both to independent workshops with own concepts and to workshops affiliated with one of our successful workshop concepts – for example, Mekonomen, MECA, Fixus and BilXtra.

Another large portion of sales is to spare parts wholesalers and companies that employ us to service and maintain their car fleets.

Our size is one of our greatest strengths, with centralized purchasing being a benefit. Our broad geographic presence also means we can offer the quickest deliveries in the market and the broadest range of products and services in the industry.

Above all, we have the power to help steer the transformation of the industry toward more sustainable mobility. We can see that demand for service and repair of electric cars is growing, and how new behavior patterns are creating new services for modern automotive life. We are making it possible for more people to be part of this shift. This will position us well for continued profitable growth.

Group performance

April 1–June 30, 2025

Net sales

Net sales declined 4 percent to SEK 4,508 M (4,680). Organic growth was -5 percent. Net sales were negatively impacted by currency effects of SEK 156 M. The number of workdays also had a negative impact on net sales for the quarter.

Gross margin

During the quarter, the gross margin was 41.8 percent (42.9). The lower gross margin was mainly attributable to a change in the sales mix with an increased share of sales in the

Poland/the Baltics business area with generally lower margins as well as price pressure in Denmark and Poland.

EBIT

EBIT amounted to SEK 91 M (284) and the EBIT margin was 2.0 percent (6.0). EBIT was negatively impacted by items affecting comparability of SEK -84 M (-73), attributable primarily to SEK - 33 M in ERP project costs and temporarily elevated costs for new central warehouses in the Sweden/Norway, Denmark and Poland/the Baltics business areas of SEK -22 M. The duplication of leases will come to an end during Q4 2025. Other items affecting comparability include integration expenses of SEK -3 M relating to the acquisition of Elit Polska, SEK -3 M in restructuring costs as well as other acquisitionrelated items of SEK -23 M, refer further to Note 2. Currency effects had an impact of SEK -2 M (4) on EBIT for the quarter.

Adjusted EBIT

Adjusted EBIT declined to SEK 175 M (357) and the adjusted EBIT margin decreased to 3.8 percent (7.5). Adjusted EBIT excludes items affecting comparability, refer further to Note 2.

Other earnings

Profit after financial items amounted to SEK 3 M (216). Net interest expense was SEK -83 M (-60) and other financial items SEK -6 M (-9). The increase in interest expenses is primarily attributable to higher lease liabilities. Other financial items for the quarter were affected by one-off costs amounting to SEK 5 million related to the repurchase of bonds. Profit after tax amounted to SEK 0 M (169). Earnings per share before and after dilution amounted to SEK -0.12 (2.86).

Cash flow

Cash flow from operating activities amounted to SEK 498 M (698) for the second quarter where the reduction from previous year mainly is explained by the lower results. Working capital in total contributed positively compared to the yearearlier quarter despite the build-up of inventory in the new central warehouse in Norway. Tax paid amounted to SEK -54 M (-72) for the second quarter.

Investments

During the second quarter, investments in fixed assets amounted to SEK 390 M (100) including leases of SEK 314 M (57). Investments in leases mainly pertained to rental contracts but also to extended lease terms, higher rents in existing contracts and new car leasing contracts. The increase compared to the year-earlier quarter was driven by investments in the automated central warehouses. Other investments mainly related to workshop profiling, workshop customization, workshop equipment, store interior, warehouses and workshops and IT investments. Depreciation

of tangible fixed assets and right-of-use assets amounted to SEK 220 M (183) for the second quarter.

Acquisitions and establishments

During the quarter, two asset-transfer acquisitions were completed. For information on this and previous acquisitions, please refer to Note 6.

Significant events during the quarter

On May 15, MEKO held its Annual General Meeting that resolved to amend section 5 of the Articles of Association whereby the number of Board members shall consist of a minimum of three and a maximum of nine members. All previous board members were re-elected, and Walter Hanley was elected as a new member. Furthermore, a dividend of SEK 3.90 per share was approved in accordance with the Board's proposal.

On May 30, MEKO announced that the company had received approval for its climate targets from the Science Based Targets initiative (SBTi), a leading global standard that ensures companies' emission goals are scientifically sound and aligned with international climate policy. As a further step in integrating sustainability into our core operations, the quarter included active preparations for the CSRD requirements, with a focus on transparency, quality, and traceability in our reporting.

On June 4, MEKO announced the successful issue of senior unsecured bonds of SEK 1.25 billion. The tenor is five years, and the bonds carry a floating interest of 3 months STIBOR plus 215 basis points per annum. The proceeds from the bond issue will be used to finance a tender offer of the existing 2021/2026 bonds, and for general corporate purposes.

Share of net sales per business area, Q2 2025

Net sales and adjusted EBIT (SEK M)

January 1–June 30, 2025

Net sales

Net sales increased 1 percent to SEK 9,070 M (9,000), with most of the increase attributable to the acquisition of Elit Polska. Organic growth was -3 percent. Net sales were negatively impacted by currency effects of SEK 166 M. A lower number of workdays had a negative impact on net sales during the first half of the year.

Gross margin

The gross margin amounted to 42.3 percent (42.9). The lower gross margin was mainly attributable to a change in the sales mix with an increased share of sales in the Poland/the Baltics business area with generally lower margins. Changes in the product and customer mix with a higher share of seasonal products with low margins also impacted performance.

EBIT

EBIT amounted to SEK 252 M (431) and the EBIT margin was 2.7 percent (4.7). During the period, EBIT was negatively impacted by items affecting comparability of SEK -154 M (-150), attributable to SEK -68 M in ERP project costs, temporarily elevated costs for new central warehouses in the Sweden/Norway, Denmark and Poland/the Baltics business areas of SEK -32 M, restructuring costs of SEK -4 M, transaction and integration expenses of SEK -3 M relating to the acquisition of Elit Polska, as well as other acquisitionrelated items of SEK -47 M, refer further to Note 2. During the period, currency effects in the balance sheet had an impact of SEK 8 M (-2) on EBIT.

Adjusted EBIT

Adjusted EBIT declined to SEK 406 M (581) and the adjusted EBIT margin decreased to 4.4 percent (6.4). Adjusted EBIT excludes items affecting comparability, refer further to Note 2.

Other earnings

Profit after financial items amounted to SEK 85 M (291). Net interest expense was SEK -153 M (-126) and other financial items SEK -14 M (-14). The increased interest expenses are primarily explained by larger lease liabilities. Profit after tax amounted to SEK 53 M (229). Earnings per share before and after dilution amounted to SEK 0.73 (3.78).

Cash flow

Cash flow from operating activities amounted to SEK 376 M (984) for the first half of the year. The lower cash flow is mainly due to a lower profit compared to the previous year but has also been affected by increased build-up of inventory in the new central warehouse in Norway. Tax paid amounted to SEK -138 M (-142) for the first half of the year.

Financial position

Cash and cash equivalents amounted to SEK 432 M compared with SEK 607 M at year end. The equity/assets ratio was 33.6 percent (39.1). Long-term interest-bearing liabilities amounted to SEK 6,054 M (4,708), including a long-term lease liability of SEK 2,707 M (1,460). Current interest-bearing liabilities amounted to SEK 1,153 M (618), including a current lease liability of SEK 634 M (609). During the quarter, a senior unsecured bond of SEK 1.25 billion was issued. The proceeds were used to repurchase part of the company's existing bonds, and the remaining funds were invested in the short-term until the remainder of the existing bond is redeemed. Net debt amounted to SEK 2,861 M, compared with SEK (2,602) M at year end.

MEKO's available cash and unutilized credit facilities totaled approximately SEK 2,495 M on June 30, compared with SEK 2,227 M at year end.

Investments

During the first half of the year, investments amounted to SEK 1,917 M (283) including leases of SEK 1,746 M (191). Investments in leases mainly pertained to rental contracts partly due to new rental agreements, and also extended lease terms, higher rents in existing contracts, and new car leasing contracts. Other investments mainly related to workshop profiling, workshop customization, workshop equipment, store interior, warehouses and workshops and IT investments. The increase in leases during the first half of the year pertains to commissioning of new central warehouses and automated supply chains in Denmark, Norway and Finland. Depreciation and impairment of tangible fixed assets and right-of-use assets amounted to SEK 429 M (372) for the first half of the year.

Events after the end of the period

A new cost-saving program has been initiated, which will reduce costs by SEK 100 million per year, with full effect starting in beginning of 2026.The program will result in fewer positions within administrative and central functions and will affect all levels within MEKO.

Employees

During the period, the average number of employees was 6,313 (5,999). the increase was mainly driven by the acquisition of Elit Polska.

Number of branches and workshops

At the end of the period, the total number of branches in the chains was 683 (662), of which 420 (409) were proprietary branches. The number of affiliated workshops totaled 4,692 (4,495).

Seasonal variations and number of workdays

MEKO's business operations and EBIT are affected to some extent by seasonal variations, and major deviations from normal summer or winter weather may also have an impact. Business operations and EBIT are also affected by the number of workdays. The number of workdays for the various reporting periods is impacted by when public holidays and national public holidays occur during different years. See the distribution of workdays in the table on page 11.

Parent Company

The Parent Company's operations mainly comprise Group Management. The Parent Company's profit after financial items amounted to SEK 1,075 M (334) for the second quarter, and SEK 1,296 M (286) for the first half of the year, including dividends of SEK 1,083 M (371) from subsidiaries for the second quarter and SEK 1,364 M (371) the first half of the year.

The average number of employees in the Parent Company was 5 (6). MEKO AB sold services to Group companies for a total of SEK 11 M (9) during the second quarter, and for SEK 22 M (18) for the first half of the year.

Significant risks and uncertainties

MEKO is exposed to risks that could have a material impact on the company. In order to ensure efficient management and a good overview of the risks the business may be exposed to, the Group works in a structured manner to identify, analyze and manage risks using a shared process.

Interim report January–June 2025 July 25, 2025

MEKO has a central Risk Management and Compliance Committee that is responsible for providing guidance and for governing the risk management process. The risks are divided into three main categories: strategic, operational and sustainability related. The Group is also exposed to financial risks.

MEKO is exposed to significant strategic risks, such as changes in consumer behavior, new vehicle technologies, the competitive landscape, automotive engineering expertise and extraordinary external factors in conjunction with an increasingly unstable external environment exasperating uncertainty in the global economy.

MEKO's exposure to significant operational and sustainabilityrelated risks includes retaining and attracting employees, disruptions or outages in the IT environment, risks of cybercrime, risk of damage to central or regional warehouses, risk of shrinkage and in cash handling in operations, risks related to quality assurance of products and services offered under the Group's brands, environmental and climate policy decisions that impact the business, risks concerning a sustainable supply chain, risk of business-related corruption and the risk of new sustainability legislation that places new demands on MEKO.

MEKO's financial risks mainly comprise currency, credit, interest-rate and liquidity risks. For the effect of exchange rate fluctuations on profit before tax, refer to page 27 of the Annual and Sustainability Report 2024 and for a detailed description of financial risks, refer to Notes 12 and 37. For a detailed description of the risk management process and MEKO's strategic, operational and sustainability risks, refer to page 29 of the Annual and Sustainability Report 2024.

Our assessment is that no new material risk areas have been added during the first half of the year.

MEKO's activities involve significant international flows of goods. The bulk of the flows occurs within the European Union and is not currently subject to material customs duties. A minor part of flows involves countries in Asia. Direct imports/exports to North American countries are limited. However, it cannot be excluded that MEKO's suppliers are, in turn, dependent on

global flows of goods, and that these parties may be impacted in the event of expanded trade barriers. The company is monitoring political developments in order to manage any direct or indirect effects of tariffs on the supply chain.

Significant estimates and assessments

MEKO makes a number of estimates and assessments at each closing, the process and impact of which are described in Note 2 of the Annual and Sustainability Report 2024. No new areas have been added. During the first half-year, assumptions concerning right-of-use assets and lease liability had the greatest impact.

Related-party transactions

A description of related-party transactions is available on page 101, Note 34 in the Annual and Sustainability Report 2024. There was no material change in the scope and focus of these transactions during the period.

The share and shareholders

The Parent Company's share has been listed on Nasdaq Stockholm since May 19, 2000, in the Mid Cap segment. On June 30, 2025, the share price was SEK 107.60 (118.60), which corresponds to a total market capitalization of SEK 6,070 M (6,691).

As of June 30, 2025, MEKO had a total of 11,444 shareholders (11,180). The company's three largest shareholders were: LKQ Corporation with 26.6 percent; Swedbank Robur Fonder with 8.9 percent; and Fjärde AP-Fonden with 7.9 percent.

Review of the business areas

Denmark

		Apr-Jun			Jan-Jun		12 months	Full year
SEK M	2025	2024	Δ %	2025	2024	Δ %	Jul-Jun	2024
Net sales	1,003	1,171	-14	2,067	2,282	-9	4,140	4,355
EBIT	14	83	-84	86	149	-42	178	241
EBIT margin, %	1.3	7.0		4.2	6.5		4.3	5.5
Adjusted EBIT	30	92	-68	107	159	-33	199	251
Adjusted EBIT margin, %	2.9	7.9		5.2	7.0		4.8	5.8

The Denmark business area mainly comprises wholesale and branch operations in Denmark, with leading brands such as FTZ, CarPeople and AutoMester.

In May, deliveries began from the new automated central warehouse in Rörup near Odense and the relocation of goods from the previous premises is proceeding according to plan.

High levels of competition and price pressure continued to clearly dominate market developments, which together with weak demand impacted performance in the quarter.

During the second quarter, net sales decreased 14 percent to SEK 1,003 M (1,171), negatively impacted by currency effects. Organic growth amounted to -8 percent, impacted by challenging market conditions and some initial challenges in scaling up operations in the new warehouse.

EBIT declined to SEK 14 M (83) and the EBIT margin weakened to 1.3 percent (7.0) for the quarter. The lower EBIT was mainly attributable to reduced gross profit together with increased depreciation related to the new automated central warehouse. Gross margin declined compared with the year-earlier quarter, as a more favorable product mix could not fully offset lower selling prices. EBIT was charged with nonrecurring items of SEK -16 M (-10) related to extra rental charges as we temporarily have two central warehouses and to restructuring costs. The staff reductions made possible by the automation of the central warehouse will be gradually implemented after the initial adjustments, which means personnel expenses for the quarter exceed the new long-term cost level.

Finland

		Apr-Jun			Jan-Jun	12 months	Full year
SEK M	2025	2024	Δ %	2025	2024	Δ %	Jul-Jun	2024
Net sales	347	397	-13	677	758	-11	1,410	1,491
EBIT	-14	4	n.m.	-35	-13	-169	-25	-3
EBIT margin, %	-3.9	0.9		-5.1	-1.7		-1.8	-0.2
Adjusted EBIT	-14	4	n.m.	-35	-13	-169	-25	-3
Adjusted EBIT margin, %	-3.9	0.9		-5.1	-1.7		-1.8	-0.2

The business area mainly comprises wholesale and branch operations in Finland. In addition to the Fixus customer concept, the country's largest workshop chain, the MEKO brand was given a more prominent position in direct contact with business customers during the first half of the year.

The new automated central warehouse is now operational, and the next step is underway to modernize manual warehouse operations, at the same time as a new regional warehouse opened in Oulo under the MEKO brand.

The market was challenging, with low economic activity continuing to dominate and a cautious approach to spending by car owners. Fierce competition and price pressure impacted performance during the quarter.

Net sales declined 13 percent to SEK 347 M (397) in the quarter, negatively impacted by currency effects. Organic growth was -7 percent impacted by increased competition from low-cost players.

EBIT declined to SEK -14 M (4) during the quarter and the EBIT margin to -3.9 percent (0.9). The decrease in earnings was mainly the result of lower gross profit and slightly higher costs related to the automation of the warehouse and IT. The work continues with efficiency-enhancing measures. The year-on-year gross margin weakened somewhat, due to a slightly less favorable product mix with an increased share of tire sales with lower margins.

Poland/the Baltics

		Apr-Jun			Jan-Jun		12 months	Full year
SEK M	2025	2024	Δ %	2025	2024	Δ %	Jul-Jun	2024
Net sales	1,253	1,013	24	2,522	1,900	33	4,967	4,346
EBIT	-31	22	n.m.	-15	45	-134	8	68
EBIT margin, %	-2.4	2.1		-0.6	2.3		0.1	1.5
Adjusted EBIT	-23	36	-164	-1	60	-101	28	89
Adjusted EBIT margin, %	-1.8	3.5		-0.0	3.1		0.5	2.0

The Poland/the Baltics business area mainly comprises wholesale and branch operations in Estonia, Latvia and Lithuania as well as Poland, which also has an export business.

The relocation to a new central warehouse in Warsaw was completed, doubling capacity and raising service levels in the region. At the end of the quarter, the new ERP system began operating in Poland.

The markets in both Poland and the Baltics have been characterized by weak economic conditions, which has led to a decline in purchasing power and caution among car owners. Intense price competition continued to affect Poland.

Net sales increased 24 percent to SEK 1,253 M (1,013) M for the second quarter, with growth primarily derived from the acquisition of Elit Polska and a positive performance in the Baltics. Organic growth was 1 percent, driven by a solid sales performance in the Baltics. The development in the Polish market was slightly negative, while export activities showed a significant decline due to intense price competition.

EBIT amounted to SEK -31 M (22) during the quarter and the EBIT margin was -2.4 percent (2.1). The lower earnings were mainly due to a lower gross margin as a result of price pressure and higher personnel expenses as a consequence of an increase in regulated minimum wages in Poland. In addition, higher transportation costs also contributed to the lower earnings. EBIT was impacted by SEK -8 M (-14) in items affecting comparability, which related to costs for the integration of Elit Polska, costs for the new central warehouse and project costs for a new ERP system.

Sweden/Norway

		Apr-Jun			Jan-Jun		12 months	Full year
SEK M	2025	2024	Δ %	2025	2024	Δ %	Jul-Jun	2024
Net sales	1,649	1,816	-9	3,303	3,525	-6	6,610	6,832
EBIT	153	214	-29	289	332	-13	624	668
EBIT margin, %	9.0	11.5		8.5	9.2		9.2	9.6
Adjusted EBIT	163	211	-23	305	343	-11	656	693
Adjusted EBIT margin, %	9.6	11.4		9.0	9.5		9.7	9.9

Operations in the Sweden/Norway business area are mainly conducted through the MECA and Mekonomen brands. Revenue is primarily from branches, workshops, wholesale sales and companies requiring service and maintenance of their car fleets.

The new central warehouse in Vestby, near Oslo, began operating in the second quarter and now handles most of the central deliveries to Norwegian customers. In parallel, work began to close the local warehouse in Gjövik and logistics support from the central warehouse in Strängnäs.

As in the other business areas, the markets in both Sweden and Norway continued to be impacted by the uncertain macroeconomic climate during the quarter, which contributed to generally restrained demand.

accounted for SEK 1,058 M (1,141) and Norway for SEK 591 M (674). Organic growth was -6 percent, negatively impacted by generally low activity in the workshops and weak consumer sales. Developments were similar in both markets.

EBIT decreased to SEK 153 M (214) and the EBIT margin was 9.0 percent (11.5) for the second quarter. EBIT for the quarter was impacted by SEK -10 M (3) in items affecting comparability, pertaining to costs related to a new central warehouse in Norway and projects costs for the new ERP system. The deterioration in earnings was primarily attributable to the lower gross profit, while previously implemented efficiency measures in Sweden and Norway had a positive impact. The gross margin was stable since previously implemented price adjustments offset higher purchasing prices.

Sørensen og Balchen (Norway)

		Apr-Jun			Jan-Jun		12 months	Full year
SEK M	2025	2024	Δ %	2025	2024	Δ %	Jul-Jun	2024
Net sales	253	281	-10	497	529	-6	980	1,012
EBIT	46	56	-17	81	94	-14	163	176
EBIT margin, %	18.1	19.8		16.2	17.7		16.4	17.2
Adjusted EBIT	46	56	-17	81	94	-14	163	176
Adjusted EBIT margin, %	18.1	19.8		16.2	17.7		16.4	17.2

The Sørensen og Balchen (Norway) business area mainly focuses on wholesale sales and branch operations through the well-established BilXtra chain. Sørensen og Balchen is the business area in the Group with the largest share of direct sales to consumers.

The development of content in digital channels, together with successful campaigns, led to the positive development in e-commerce development during the quarter. Work also began ahead of the relocation to the new joint central warehouse in Vestby, near Oslo, which will merge all central logistics management for MEKO's operations in Norway. The weak economic conditions have given rise to restraint among consumers, while competition has grown for workshops as a result of more market players.

Net sales decreased 10 percent to SEK 253 M (281) in the second quarter. Organic growth was -3 percent, which was due to reduced volumes to workshops and a continued weak consumer market.

EBIT declined to SEK 46 M (56) and the EBIT margin to 18.1 percent (19.8) for the second quarter. The lower earnings is entirely attributable to lower gross profit. The continued healthy profitability was mainly the result of effective cost control and a relatively high gross margin. The gross margin improved slightly since previously implemented price adjustments offset the negative impact of a weaker NOK and therefore higher purchasing prices.

Central functions

Central functions comprise Group-wide activities that support the Group's work: finance and controlling, risk management and internal audit, sustainability, legal, business development, IT, communication and market, HR and operations, which comprises purchasing, product range and logistics. The units reported in Central functions do not reach the quantitative thresholds for separate reporting and the benefits are considered limited for users of the financial statements. EBIT for Central functions was SEK -54 M (-69) for the second quarter and SEK -107 M (-129) for the first half of the year. The quarter continued to include project costs related to the ERP replacement in the Group.

Number of workdays by country

Number of workdays by	Q 1		Q 2		Q 3		Q 4		Full year
country	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024
Denmark	63	62	60	61	66	66	62	62	251	251
Estonia	62	63	61	63	65	65	63	63	251	254
Finland	62	63	60	61	66	66	63	62	251	252
Latvia	63	63	59	61	66	66	61	61	249	251
Lithuania	62	62	62	62	65	65	63	62	252	251
Norway	63	62	59	60	66	66	62	62	250	250
Poland	62	63	61	61	65	65	62	62	250	251
Sweden	62	63	59	60	66	66	62	62	249	251
Average number of	62	63	60	61	66	66	62	62	250	251

working days

Forthcoming financial reporting dates

Information	Period	Date
Interim report	January–September 2025	Nov 13, 2025
Year-end report	January–December 2025	Feb 12, 2026

The Board of Directors and CEO affirm that this interim report presents a true and fair view of the Parent Company's and the Group's operations, financial position and earnings and describes the significant risks and uncertainties facing the Parent Company and the companies included in the Group.

Stockholm July 25, 2025

MEKO AB (publ), Corp. Reg. No. 556392–1971

Dominick Zarcone Helena Skåntorp Eivor Andersson Chairman Executive Vice Chairman Board member

Marie Björklund Kenny Bräck Walter Hanley Board member Board member Board member

Magnus Håkansson Robert Reppa Jörn Werner Board member Board member Board member

Pehr Oscarson President and CEO

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

For further information, please contact: Pehr Oscarson, President and CEO, MEKO AB, Tel +46 (0)8-464 00 20 Christer Johansson, CFO, MEKO AB, Tel +46 (0)8-464 00 20 Fredrik Sätterström, IRO, MEKO AB, Tel +46 (0)8-464 00 20

This information is such information that MEKO AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Market Act.

The information was submitted for publication, through the agency of the contact person set out above, at 07:30 a.m. on July 25, 2025.

The interim report is published in Swedish and English. The Swedish version represents the original version and has been translated into English.

Condensed consolidated statement of profit or loss

	Apr-Jun		Jan-Jun		12 months	Full year
SEK M	2025	2024	2025	2024	Jul-Jun	2024
Net sales	4,508	4,680	9,070	9,000	18,116	18,046
Other operating revenue	93	79	209	149	563	503
Total revenue	4,601	4,759	9,279	9,149	18,679	18,549
Goods for resale	-2,624	-2,671	-5,233	-5,139	-10,355	-10,260
Other external costs	-658	-603	-1,346	-1,200	-2,672	-2,526
Personnel expenses	-972	-973	-1,946	-1,918	-3,829	-3,801
Depreciation and impairment of tangible fixed assets and right-of
use assets	-220	-183	-429	-372	-845	-788
Amortization and impairment of intangible assets	-35	-44	-73	-89	-255	-271
Operating profit	91	284	252	431	724	902
Interest income	4	11	14	20	36	43
Interest expenses	-87	-71	-167	-146	-310	-290
Other financial items	-6	-9	-14	-14	-29	-29
Profit after financial items	3	216	85	291	420	627
Tax	-3	-46	-32	-62	-128	-158
Profit for the period	0	169	53	229	293	469
Profit for the period attributable to:
Parent Company's shareholders	-7	160	41	212	262	433
Non-controlling interests	7	9	12	17	30	36
Profit for the period	0	169	53	229	293	469
Earnings per share before and after dilution, SEK	-0.12	2.86	0.73	3.78	4.69	7.74
Number of shares issued at end of period, before and after dilution	55,638,761	56,058,761	55,638,761	56,058,761	55,638,761	55,958,761
Average number of shares, before and after dilution	55,899,323	56,002,607	55,928,878	55,995,684	55,946,956	55,980,127

Condensed consolidated statement of profit or loss and other comprehensive income

	Apr-Jun		Jan-Jun		12 months	Full year
SEK M		2024	2025	2024	Jul-Jun	2024
Profit for the period	0	169	53	229	293	469
Other comprehensive income:
Items that cannot be reclassified to profit or loss
– Actuarial gains and losses on defined-benefit pensions	-	-	-	-	-1	-1
Items that have been reclassified or can be reclassified to profit or loss
– Translation differences on translation of foreign operations	127	-68	-228	160	-186	202
– Gain/loss on hedging currency risk in foreign operations	3	-5	11	-2	22	8
– Change in fair value of cash flow hedges	-8	-8	-4	-3	-8	-7
Other comprehensive income, net after tax	123	-81	-221	155	-173	203
Comprehensive income for the period	123	89	-168	383	119	671
Comprehensive income for the period attributable to:
Parent Company's shareholders	112	81	-176	363	91	630
Non-controlling interests	11	8	7	20	28	41
Comprehensive income for the period	123	89	-168	383	119	671

13

Condensed consolidated statement of financial position

	30 June	31 December
SEK M	2025	2024	2024
ASSETS
Intangible assets	5,522	5,811	5,680
Tangible fixed assets	846	760	802
Right-of-use assets	3,314	1,775	1,993
Financial and other fixed assets	122	125	170
Deferred tax assets	60	60	63
Total non-current assets	9,864	8,532	8,709
Inventories	5,104	4,298	5,078
Current receivables	3,100	2,658	2,518
Cash and cash equivalents	432	960	607
Total current assets	8,636	7,916	8,203
TOTAL ASSETS	18,500	16,448	16,911
EQUITY AND LIABILITIES
Shareholders' equity	6,221	6,343	6,619
Total equity	6,221	6,343	6,619
Interest-bearing liabilities	3,347	3,536	3,249
Lease liabilities	2,707	1,284	1,460
Deferred tax liabilities	415	458	486
Other liabilities and provisions	58	25	64
Total non-current liabilities	6,527	5,303	5,259
Interest-bearing liabilities	520	-	9
Lease liabilities	634	556	609
Other liabilities and provisions	4,597	4,246	4,415
Total current liabilities	5,751	4,802	5,033
TOTAL EQUITY AND LIABILITIES	18,500	16,448	16,911

Condensed consolidated statement of changes in equity

	30 June	31 December
SEK M	2025	2024	2024
Equity at the beginning of the year	6,619	6,175	6,175
Comprehensive income for the period	-168	383	671
Share-based remuneration	3	2	7
Dividend to Parent company shareholders	-218	-207	-207
Dividend to non-controlling interests	-15	-19	-19
Acquisition/disposal of non-controlling interests	-	-1	-5
Share swap, Buy-back/sale of own shares	1	9	-3
Equity at end of period	6,221	6,343	6,619
Of which non-controlling interests	159	148	167

Condensed consolidated statement of cash flow

	Apr-Jun		Jan-Jun
SEK M	2025	2024	2025	2024
Operating activities
Profit after financial items	3	216	85	291
Adjustments for items not affecting liquidity	231	287	424	567
Income tax paid	-54	-72	-138	-142
Cash flow from operating activities before changes in working capital	179	430	371	716
Decrease (+) / increase (–) of inventories	-121	125	-63	227
Decrease (+) / increase (–) of receivables	107	43	-110	-201
Decrease (–) / increase (+) of liabilities	333	100	178	242
Cash flow from changes in working capital	319	268	5	268
Cash flow from operating activities	498	698	376	984
Investing activities
Acquisition of subsidiaries/operations, net cash impact	-4	-	-9	-3
Acquisition of tangible fixed assets	-63	-37	-145	-80
Disposal of tangible fixed assets	2	2	3	3
Acquisition of intangible fixed assets	-13	-5	-26	-11
Acquisition of financial assets	-500	0	-500	-0
Disposal of financial assets	1	0	1	0
Other investment activities	-3	-2	2	-5
Cash flow from investing activities	-581	-43	-675	-96
Financing activities
Acquisition/disposal of non-controlling interests	-	-	-	-1
Buy-back/sale of own shares	-5	9	-5	9
Borrowings	1 350	-	1 450	-
Amortization of loans	-808	-101	-808	-101
Amortization of leasing debt	-188	-176	-358	-357
Net change in short-term credit facilities	-	-	-	-
Dividend paid to the Parent company's shareholders	-109	-104	-109	-104
Dividend paid to non-controlling interests	-15	-19	-15	-19
Cash flow from financing activities	225	-391	155	-572
Cash flow for the period	143	265	-144	316
Cash and cash eqvivalents at beginning of period	293	692	607	623
Exchange difference in cash and cash equivalents	-3	3	-31	21
Cash and cash eqvivalents at end of period	432	960	432	960

Condensed income statement for the Parent Company

	Apr-Jun		Jan-Jun		12 months	Full year
SEK M	2025	2024	2025	2024	Jul-Jun	2024
Net sales	11	9	22	18	52	48
Other operating revenue	3	4	5	8	12	15
Total revenue	13	13	27	26	65	63
Other external costs	-11	-9	-22	-20	-78	-75
Personnel expenses	-13	-11	-29	-23	-51	-45
Operating profit	-10	-8	-25	-17	-64	-57
Result from participations in Group companies	1,083	371	1,364	371	1,338	345
Interest income	28	32	47	68	101	121
Interest expenses	-47	-61	-100	-128	-223	-251
Other financial items	22	1	10	-8	0	-18
Profit after financial items	1,075	334	1,296	286	1,152	142
Appropriations	-95	-40	-120	-90	126	157
Profit before tax	980	294	1,176	196	1,279	298
Tax	20	16	37	36	9	8
Profit for the period	1,000	310	1,213	231	1,288	307

Statement of comprehensive income for the Parent Company

	Apr-Jun		Jan-Jun		12 months	Full year
SEK M	2025	2024	2025	2024	Jul-Jun	2024
Profit for the period	1,000	310	1,213	231	1,288	307
Other comprehensive income:	-	-	-	-	-	-
Comprehensive income for the period	1,000	310	1,213	231	1,288	307

Condensed balance sheet for the Parent Company

		30 June
SEK M	2025	2024	2024
ASSETS
Fixed assets	10,827	10,322	10,250
Current receivables from Group companies	496	25	483
Other current receivables	59	84	23
Short-tem investments	500	-	-
Cash and cash equivalents	65	577	197
TOTAL ASSETS	11,947	11,008	10,953
EQUITY, PROVISIONS AND LIABILITIES
Shareholders' equity	7,653	6,587	6,654
Untaxed reserves	160	166	160
Provisions	5	5	5
Long-term interest bearing liabilities	3,330	3,891	3,606
Short-term interest bearing liabilities	518	-	-
Current liabilities to Group companies	122	199	463
Other current liabilities	158	160	64
TOTAL EQUITY, PROVISIONS AND LIABILITIES	11,947	11,008	10,953

Additional disclosures

Note 1. Accounting policies

MEKO applies the International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report was prepared in accordance with the Annual Accounts Act and IAS 34 Interim Financial Reporting. The same accounting policies and measurement methods were applied as in the most recent Annual Report. This interim report consists of pages 1–24 and should be read in its entirety.

The Parent Company prepares its accounts in accordance with the Annual Accounts Act and RFR 2 and applies the same accounting policies and measurement methods as in the most recent Annual Report.

Totals quoted in tables and statements may not always be the exact sum of the individual items because of rounding differences. The aim is that each line should correspond to its source, and rounding differences may therefore arise.

Note 2. Items affecting comparability

Items affecting comparability amounted to SEK -84 M (-73) in the second quarter and SEK -154 M (-150) for the first half of the year.

	Apr-Jun		Jan-Jun		12 months	Full year
SEK M	2025	2024	2025	2024	Jul-Jun	2024
Adjusted EBIT	175	357	406	581	916	1 091
Project costs, ERP	-33	-26	-68	-48	-118	-98
Temporary additional cost for new central warehouses¹	-22	-1	-32	-1	-35	-5
Restructuring costs²	-3	-5	-4	-18	-14	-28
Transaction and integration costs related to the acquisition of Elit
Polska	-3	-14	-3	-14	-7	-17
Impairment Omnicar	-	-3	-	-21	-	-21
Recognition of negative goodwill	-	-	-	-	176	176
Impairment of intangible assets	-	-	-	-	-101	-101
Other acquisition-related items³	-23	-24	-47	-48	-95	-96
Items affecting comparability, total	-84	-73	-154	-150	-193	-189
EBIT	91	284	252	431	724	902

1) Central warehouse costs for the quarter were attributable to Norway SEK -6 M, Denmark SEK -13 M and Poland SEK -3 M.

2) Restructuring costs in the quarter were attributable to Denmark, SEK -3 M.

3)Other acquisition-related items pertained to amortization/depreciation of acquired intangible and tangible assets.

Note 3. Investments

	Apr-Jun		Jan-Jun		12 months	Full year
SEK M	2025	2024	2025	2024	Jul-Jun	2024
Denmark	6	1	20	2	25	7
Finland	14	6	29	12	46	29
Poland/the Baltics	27	9	66	22	120	75
Sweden/Norway	25	24	45	49	81	85
Sørensen og Balchen (Norway)	1	2	5	5	10	9
Central functions	3	2	5	3	10	7
Group	76	43	171	92	292	213
Of which, affecting cash flow	76	43	171	92	292	213

Investments do not include company acquisitions and business combinations and exclude leases according to IFRS 16.

Note 4. Segment reporting

	Apr-Jun		Jan-Jun		12 months	Full year
SEK M	2025	2024	2025	2024	Jul-Jun	2024
Net sales
Denmark	1,018	1,180	2,094	2,300	4,199	4,404
- of which external	1,003	1,171	2,067	2,282	4,140	4,355
- of which internal	15	9	27	18	59	49
Finland	355	409	691	780	1,444	1,532
- of which external	347	397	677	758	1,410	1,491
- of which internal	8	12	14	22	34	42
Poland/the Baltics	1,253	1,013	2,523	1,900	4,970	4,347
- of which external	1,253	1,013	2,522	1,900	4,967	4,346
- of which internal	0	0	1	0	3	1
Sweden/Norway	1,663	1,830	3,327	3,551	6,664	6,888
- of which external	1,649	1,816	3,303	3,525	6,610	6,832
- of which internal	14	15	25	26	54	55
Sørensen og Balchen (Norway)	257	286	506	539	997	1,031
- of which external	253	281	497	529	980	1,012
- of which internal	4	5	9	10	17	19
Eliminations and Central functions¹	-39	-38	-72	-70	-158	-156
Total net sales, Group	4,508	4,680	9,070	9,000	18,116	18,046
Adjusted EBIT
Denmark	30	92	107	159	199	251
Finland	-14	4	-35	-13	-25	-3
Poland/the Baltics	-23	36	-1	60	28	89
Sweden/Norway	163	211	305	343	656	693
Sørensen og Balchen (Norway)	46	56	81	94	163	176
Central functions¹	-27	-43	-51	-63	-103	-115
Adjusted EBIT, Group	175	357	406	581	916	1,091
Reconciliation with profit after financial items
Items affecting comparability	-84	-73	-154	-150	-193	-189
EBIT, Group	91	284	252	431	724	902
Interest income	4	11	14	20	36	43
Interest expenses	-87	-71	-167	-146	-310	-290
Other financial items	-6	-9	-14	-14	-29	-29
Profit after financial items, Group	3	216	85	291	420	627

1) Central functions include Group-wide functions and MEKO AB.

Note 5. Financial instruments recognized at fair value in the balance sheet

MEKO's financial instruments mainly consist of accounts receivable, other receivables, cash and cash equivalents, liabilities to credit institutions, derivative instruments, supplementary purchase considerations, accounts payable and deferred liabilities. The Group's derivative instruments are measured at fair value and included in Level 2. The Group's supplementary purchase considerations are measured at fair value and included in Level 3 and as per June 30, 2025, these amounted to an immaterial amount. All other financial assets and liabilities are carried at amortized cost and carrying amounts approximates fair value, hence not split into levels according to the valuation hierarchy.

Group's derivative instruments measured at fair value in the balance sheet

	30 June	31 December
SEK M	2025	2024	2024
FINANCIAL ASSETS
Cross-currency swaps	6	2	14
Currency hedge	4	1	1
TOTAL	9	3	15
FINANCIAL LIABILITIES
Interest-rate swaps	19	8	13
Currency hedge	1	3	1
TOTAL	19	11	14

Note 6. Acquisitions completed

The Sweden/Norway business area completed the asset-transfer acquisition of a workshop with a total purchase consideration of SEK 3 M and identified net assets of SEK 3 M. Sørensen og Balchen business area completed a minor asset-transfer acquisition in Norway for a total purchase consideration of SEK 1 M as well as SEK 1 M in net identified assets.

Earlier in the year, the Sørensen og Balchen business area completed a minor asset-transfer acquisition in Norway with a total purchase consideration of SEK 1 M and identified net assets of SEK 1 M. Sweden/Norway business area completed an assettransfer acquisition of a workshop in Sollentuna with a total purchase consideration of SEK 4 M and identified net assets of SEK 4 M.

Key ratios

	Apr-Jun		Jan-Jun		12 months	Full year
	2025	2024	2025	2024	Jul-Jun	2024
Organic growth, %	-5	5	-3	8	-1	4
Gross margin, %	41.8	42.9	42.3	42.9	42.8	43.1
Adjusted EBIT margin, %	3.8	7.5	4.4	6.4	5.0	5.9
EBIT margin, %	2.0	6.0	2.7	4.7	3.9	4.9
Net working capital, SEK M¹	3,126	2,724	3,126	2,724	3,126	3,239
Net debt, SEK M	2,861	2,545	2,861	2,545	2,861	2,602
Net debt/EBITDA excl. IFRS 16, multiple²	2.7	2.4	2.7	2.4	2.7	2.1
Net debt/EBITDA incl. IFRS 16, multiple²	3.4	2.5	3.4	2.5	3.4	2.4
Investments, SEK M	76	43	171	92	292	213
Equity/assets ratio, %	33.6	38.6	33.6	38.6	33.6	39.1
Return on total capital, %²	4.2	5.0	4.2	5.0	4.2	5.5
Return on capital employed, %²	5.9	6.8	5.9	6.8	5.9	7.7
Earnings per share before and after dilution, SEK	-0.12	2.86	0.73	3.78	4.69	7.74
Shareholders' equity per share, SEK	109.0	110.5	109.0	110.5	109.0	115.3
Cash flow per share, SEK	8.9	12.5	6.7	17.6	13.7	24.6
Number of outstanding shares at the end of the period³	55,638,761	56,058,761	55,638,761	56,058,761	55,638,761	55,958,761
Average number of shares during the period	55,899,323	56,002,607	55,928,878	55,995,684	55,946,956	55,980,127

1) Total inventories, accounts receivable, accounts payable and other current non-interest-bearing receivables and liabilities, excluding tax assets and liabilities as well as provisions.

2) Calculated on a rolling 12-month basis for the July–June period.

3) The total number of shares amounts to 56,416,622 of which 83,861 were treasury shares and 694,000 were secured through share swaps.

Quarterly information

	2025			2024			2023
SEK M	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Net sales	4,508	4,562	4,650	4,396	4,680	4,320	4,373	4,124	4,292	3,973
EBIT	91	161	127	345	284	146	68	300	304	200
Adjusted EBIT	175	231	189	322	357	224	175	292	270	227
Profit after financial items	3	82	56	279	216	75	20	225	224	114
Profit for the period	0	53	4	235	169	59	6	183	177	84
EBIT margin, %	2.0	3.4	2.7	7.4	6.0	3.3	1.5	7.1	6.8	4.9
Adjusted EBIT margin, %	3.8	4.9	4.0	7.2	7.5	5.1	3.9	6.9	6.2	5.6
Earnings per share before and after dilution, SEK	-0.12	0.85	-0.07	4.03	2.86	0.92	-0.07	3.11	3.03	1.43

	2025		2024			2023
SEK M	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Net sales
Denmark	1,003	1,064	1,124	950	1,171	1,111	1,148	986	1,087	1,046
Finland	347	330	361	371	397	361	354	386	387	335
Poland/the Baltics	1,253	1,269	1,266	1,179	1,013	888	916	921	901	784
Sweden/Norway	1,649	1,653	1,658	1,649	1,816	1,710	1,727	1,589	1,670	1,593
Sørensen og Balchen (Norway)	253	244	239	244	281	247	225	240	246	213
Central functions¹	2	2	3	3	2	3	3	2	2	2
Group	4,508	4,562	4,650	4,396	4,680	4,320	4,373	4,124	4,292	3,973
Adjusted EBIT, SEK M
Denmark	30	77	47	45	92	67	56	53	72	83
Finland	-14	-22	0	10	4	-17	-40	3	12	23
Poland/the Baltics	-23	22	4	25	36	24	51	35	47	26
Sweden/Norway	163	143	129	222	211	131	83	169	118	82
Sørensen og Balchen (Norway)	46	35	38	43	56	38	42	42	47	27
Central functions¹	-27	-25	-29	-23	-43	-20	-17	-10	-26	-15
Group	175	231	189	322	357	224	175	292	270	227
Adjusted EBIT Margin, %
Denmark	2.9	7.3	4.2	4.7	7.9	6.0	4.9	5.4	6.6	8.0
Finland	-3.9	-6.5	0.1	2.6	0.9	-4.6	-11.3	0.7	3.1	6.7
Poland/the Baltics	-1.8	1.7	0.3	2.1	3.5	2.7	5.2	3.7	5.1	3.2
Sweden/Norway	9.6	8.3	7.6	13.2	11.4	7.6	4.6	10.3	6.9	5.1
Sørensen og Balchen (Norway)	18.1	14.1	15.7	17.6	19.8	15.3	18.1	17.4	18.6	12.6
Group	3.8	4.9	4.0	7.2	7.5	5.1	3.9	6.9	6.2	5.6

1) Central functions include Group-wide functions and MEKO AB.

Alternative performance measures

MEKO applies the Guidelines on Alternative Performance Measures issued by ESMA. An alternative performance measure is a financial measure of historical or future financial performance, financial position or cash flows that is not defined or specified in IFRS. The presentation of alternative performance measures is limited as an analysis tool and should not be considered independently or as a substitute for financial metrics prepared in accordance with IFRS.

MEKO believes that these performance measures provide valuable supplementary information to company management, investors and other stakeholders in evaluating the company's performance. These alternative performance measures are not always comparable with performance measures used by other companies since not all companies calculate these performance measures in the same way. Management uses these alternative performance measures to evaluate operating activities compared with previous results, for internal planning and forecasts and to calculate certain performance-related remuneration. MEKO uses alternative performance measures to monitor the Group's financial risk and fulfilment of long-term financial goals. The alternative performance measures also provide a fair view of MEKO's performance and financial position. For relevant reconciliations of the alternative performance measures that cannot be directly read in or derived from the financial statements, refer to the tables below. The alternative performance measure Items affecting comparability is presented in Note 2. For definitions of key figures and historical reconciliations of alternative performance measures, refer the company's website www.meko.com and the Annual and Sustainability Report 2024.

Net sales growth

									Sørensen og
	Denmark			Finland		Poland/ the Baltics		Sweden/ Norway		Balchen (Norway)		Group
%	Q2	Jun	Q2	Jun	Q2	Jun	Q2	Jun	Q2	Jun	Q2	Jun
Organic growth	-8	-7	-7	-7	1	5	-6	-4	-3	-2	-5	-3
Acquisitions/divestments	-	-	-	-	27	30	-	-	-	-	6	6
Currency	-4	-2	-4	-2	-4	-1	-2	-1	-5	-4	-3	-2
Workdays	-2	-	-2	-2	-1	-1	-2	-1	-2	-	-1	-1
Growth net sales	-14	-9	-13	-11	24	33	-9	-6	-10	-6	-4	1

Average number of shares

	Apr-Jun		Jan-Jun		12 months	Full year
	2025	2024	2025	2024	Jul-Jun	2024
Number of shares at the end of the period	55,638,761	56,058,761	55,638,761	56,058,761	55,638,761	55,958,761
- Multiplied by the number of days of unchanged shares
during the period	20	18	20	18	20	173
Number of shares on another date during the period	56,008,761	55,988,761	56,008,761	55,988,761	56,008,761	56,058,761
- Multiplied by the number of days of new shares during the
period	19	73	19	164	19	29
Number of shares on another date during the period	55,999,939	-	55,999,939	-	55,999,939	55,988,761
- Multiplied by the number of days of new shares during the
period	1	-	1	-	1	164
Number of shares on another date during the period	55,958,761	-	55,958,761	-	55,958,761	-
- Multiplied by the number of days of new shares during the
period	51	-	141	-	314	-
Number of shares on another date during the period	-	-	-	-	56,058,761	-
- Multiplied by the number of days of new shares during the
period	-	-	-	-	11	-
- Total divided by the total number of days during the period	91	91	181	182	365	366
Average number of shares	55,899,323 56,002,607			55,928,878 55,995,684	55,946,956	55,980,127

Shareholders' equity per share

	30 June	31 December
	2025	2024	2024
Shareholders' equity	6,221	6,343	6,619
– Less non-controlling interest share of shareholders' equity	-159	-148	-167
Shareholders' equity attributable to Parent company's shareholders	6,062	6,195	6,452
- Divided by number of shares at the end of the period	55,638,761	56,058,761	55,958,761
Shareholders' equity per share	109.0	110.5	115.3

Cash flow per share

	Apr-Jun		Jan-Jun		12 months	Full year
	2025	2024	2025	2024	Jul-Jun	2024
Cash flow from operating activities	498	698	376	984	768	1,376
- Divided by average number of shares	55,899,323 56,002,607		55,928,878 55,995,684		55,946,956	55,980,127
Cash flow per share, SEK	8.9	12.5	6.7	17.6	13.7	24.6

EBITDA excluding IFRS 16

	Apr-Jun		Jan-Jun		12 months	Full year
	2025	2024	2025	2024	Jul-Jun	2024
EBITDA	346	511	753	891	1,823	1,961
- Less lease expenses in accordance with IFRS 16	-195	-164	-381	-334	-755	-707
EBITDA excluding IFRS 16	152	347	372	557	1,069	1,254

Net debt

	30 June		31 December
SEK M	2025	2024	2024
Non-current liabilities, interest-bearing incl. lease liability	6,054	4,821	4,708
– Less interest-bearing non-current liabilities and provisions for pensions, leases, derivatives
and similar obligations	-2,755	-1,317	-1,500
Current liabilities, interest-bearing incl. lease liability	1,153	556	618
– Less interest-bearing current liabilities and provisions for pensions, leases, derivatives and
similar obligations	-635	-556	-618
– Less short-term investments	-525	-	-
– Less cash and cash equivalents	-432	-960	-607
Net debt	2,861	2,545	2,602

Return on total capital

	30 June	31 December
	2025	2024	2024
Profit after financial items (rolling 12 months)	420	536	627
– Plus interest expenses (rolling 12 months)	310	292	290
Profit after financial items plus interest expenses (rolling 12 months)	731	827	916
– Divided by total assets, average over the past five quarters	17,252	16,585	16,577
Return on total capital, %	4.2	5.0	5.5

Return on capital employed

		30 June
	2025	2024	2024
Profit after financial items (rolling 12 months)	420	536	627
– Plus interest expenses (rolling 12 months)	310	292	290
Profit after financial items plus interest expenses (rolling 12 months)	731	827	916
– Divided by capital employed, average over the past five quarters	12,322	12,125	11,830
Return on capital employed, %	5.9	6.8	7.7

Shareholders' equity attributable to Parent Company's shareholders

	2025			2024				2023
SEK M	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Shareholders' equity	6,221	6,331	6,619	6,491	6,343	6,471	6,175	6,376	6,369	6,050
– Less non-controlling interest share of shareholders' equity	-159	-164	-167	-156	-148	-159	-137	-130	-126	-127
Shareholders' equity attributable to Parent company's shareholders	6,062	6,168	6,452	6,335	6,195	6,312	6,038	6,245	6,243	5,923
Shareholders' equity attributable to Parent company's shareholders, average over the past five quarters	6,242	6,292	6,266	6,225	6,207	6,152	6,050	5,955	5,776	5,600

Total assets

		2025		2024			2023
SEK M	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Total assets	18,500	17,465	16,911	16,934	16,448	16,553	16,040	16,728	17,156	16,144
Total assets, average over the past five
quarters	17,252	16,862	16,577	16,540	16,585	16,524	16,368	16,292	15,636	14,866

Capital employed

	2025			2024				2023
SEK M	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1	Q 4	Q 3	Q 2	Q 1
Total assets	18,500	17,465	16,911	16,934	16,448	16,553	16,040	16,728	17,156	16,144
– Less deferred tax liabilities	-415	-431	-486	-460	-458	-428	-426	-449	-496	-498
– Less non-current liabilities, non-interest-bearing	-58	-88	-64	-81	-25	-27	-24	-22	-31	-20
– Less current liabilities, non-interest-bearing	-4,597	-4,082	-4,415	-4,744	-4,246	-4,041	-3,813	-4,028	-3,783	-3,495
Capital employed	13,429	12,864	11,946	11,650	11,719	12,056	11,777	12,229	12,845	12,130
Capital employed, average over the past five
quarters	12,322	12,047	11,830	11,886	12,125	12,208	12,164	12,125	11,698	11,173

Working capital

	30 June		31 December
SEK M	2025	2024	2024
Inventories	5,104	4,298	5,078
Accounts receivable	1,699	1,833	1,278
Other current non- interest bearing receivables	825	772	1,214
Total Working capital assets	7,628	6,904	7,570
Accounts payable	-2,933	-2,550	-3,000
Other current non- interest bearing liabilities	-1,569	-1,630	-1,330
Total Working capital liabilities	-4,502	-4,180	-4,330
Working capital	3,126	2,724	3,239