Seafire AB

Interim / Quarterly Report • Aug 21, 2025

Interim report 1 April – 30 June 2025

Stabilized net sales and measures delivering results

Net sales increased by 1 percent to SEK 266 (264) million, and adjusted EBITA was SEK 19 (18) million in Q2. SolidEngineer and Nordbutiker showed strong development and account for most of the increase in profitability. It is pleasing to see initiatives to strengthen gross margins is continuing to deliver results. Cash flow was strong at SEK 30 (40) million. Extended financing agreement and a value-creating real estate transaction are increasing the Group's financial flexibility.

Q2 2025

• Net sales amounted to SEK 266 (264) million, an increase of 1 percent compared with the same period in 2024, of which organic growth accounted for 1 percent
• Adjusted EBITA amounted to SEK 19 (18) million, corresponding to a margin of 7 (7) percent
• EBITA was SEK 15 (25) million, corresponding to a margin of 6 (9) percent
• Operating profit/loss (EBIT) amounted to SEK 9 (-16) million
• Basic and diluted earnings per share amounted to SEK 0.04 (-0.65)
• Cash flow from operating activities was SEK 30 (40) million, affected by a tax deferral repayment of SEK -3 (- 2) million.

Significant events during and after the reporting period

• The financing agreement with a major Nordic bank was extended in May by one year (to Q1 2027), with new covenant levels.
• On July 14, Seafire's subsidiary Pexymek entered into an agreement concerning a divestment of the real estate company Mastöret Fastighet AB. Read more on page 8.
• On August 18, Per Bodén took up the role of CFO, while Keivan Cherloo took up the role of COO at Seafire.

The period January – June 2025

• Net sales amounted to SEK 473 (482) million, -2 percent compared with the same period in 2024, of which organic growth accounted for -2 percent
• Adjusted EBITA amounted to SEK 25 (24) million, corresponding to a margin of 5 (5) percent
• EBITA was SEK 21 (30) million, corresponding to a margin of 4 (6) percent
• Operating profit/loss (EBIT) amounted to SEK 9 (-18) million
• Basic and diluted earnings per share amounted to SEK -0.13 (-0.77)
• Cash flow from operating activities was SEK 9 (39) million, affected by a tax deferral repayment of SEK -16 (- 3) million.

FINANCIAL SUMMARY	Q2	Q2	Jan–Jun	Jan–Jun	R12	Full year
	2025	2024	2025	2024	2025	2024
Net sales, SEK million	266	264	473	482	896	905
Gross margin1	46%	44%	47%	45%	46%	45%
Operating expenses, proportion of net sales1	38%	36%	40%	38%	40%	38%
EBITA, SEK million1	15	25	21	30	33	42
EBITA margin1	6%	9%	5%	6%	4%	5%
Adjusted EBITA, SEK million1	19	18	25	24	43	42
Adjusted EBITA margin1	7%	7%	5%	5%	5%	5%
Operating profit (EBIT), SEK million	9	-16	9	-18	-78	-105
Basic and diluted earnings per share, SEK	0.04	-0.65	-0.13	-0.77	-2.47	-3.12
Cash flow from operating activities, SEK million	30	40	9	39	15	45
Net debt/adjusted EBITDA pro forma R12, times	2.9	2.7	2.9	2.7	2.9	3.0

See 1

1) Alternative performance measures. See Note 8 for reconciliation with financial reports in accordance with IFRS.

THE CEO'S COMMENTS ON Q2

Net sales during Q2 amounted to SEK 266 (264) million, corresponding to growth of 1 percent, which means the first quarter of organic growth for the Group since Q1 2023. Adjusted EBITA during the quarter amounted to SEK 19 million (7 percent), slightly up on the previous year (SEK 18 million, 7 percent).

Stable net sales

Five of twelve subsidiaries showed growth during the quarter which began weakly, affected by the global trade turbulence that led to a cautious attitude among the subsidiaries' customers. The market improved at the end of the quarter and ten of twelve subsidiaries recorded growth in June. Borö-Pannan showed signs of recovery compared with a weak comparative quarter, and SolidEngineer also showed strong growth. Nordbutiker's net sales decreased by 8 percent, mainly as a result of a very weak April, when consumer confidence was at a record low, but the recovery in June proved to be strong. For the subsidiaries within the construction sector and the ROT/renovation, an increase in activity levels was apparent among customers, along with a more positive future outlook, and our assessment is that we have now reached a plateau from which we can grow.

Improved results driven by implemented measures

The focus on profitability is continuing and delivered effects during the quarter. During Q2, the gross margin improved by two percentage points to 48 (46) percent and seven of twelve companies showed improvement. Of particular note is Nordbutiker, which increased its gross margin by 5 percentage points as a result of active work on procurement and pricing, thereby improving its earnings despite lower net sales. SolidEngineer showed strong earnings growth driven by good cost control under new leadership. The cost base is stable, and we need growth and further gross margin improvement in order to drive earnings growth. We are reviewing and discontinuing unprofitable business, which is expected to increase margins, reduce tied-up capital and release resources for areas where we want to grow.

Strong cash flow, extended financing agreement and value-creating real estate transaction

Cash flow from operating activities was strong during Q2 at SEK 30 (40) million. The comparative period was positively affected by the reduction in excess stock within Nordbutiker. The process of reducing our working capital structurally is continuing. At the end of the quarter, net debt amounted to SEK 208 (199) million, while the debt ratio (net debt/EBITDA) amounted to 3.8x including the tax deferral, and 2.9x excluding it. In May, Seafire extended the existing financing agreement with a major Nordic bank by a further year (to Q1 2027). The extension entails amended covenants and unamended (good) commercial terms and conditions.

In July, Pexymek signed an agreement to divest its production real estate to Logistri. The valuation is attractive, and we consider it good capital allocation to create flexibility for investments in the core business and add-on acquisitions.

"Measures delivers results in both P&L and balance sheet. Initiatives to strengthen margins are continuing. Extended financing agreement and impending real estate sale increases the Group's financial flexibility."

New management team and governance model

In August, Per Bodén and Keivan Cherloo took up their new roles as CFO and COO respectively. In Per and Keivan, we are taking onboard individuals with strong profiles and a strategic perspective combined with an interest in entrepreneurship and operational issues. We have also implemented the final stages of the previously communicated changes to our governance model in order to accelerate business development; board work is being simplified and, in connection with this, we have thanked external board members in subsidiaries for their service.

Strong and motivated leaders and employees in subsidiaries are key to Seafire's success. During the year, we have concluded and begun a number of successions. We are pleased to be able to attract strong new leaders. It is also pleasing to see broad participation in Seafire's warrant program approved by the AGM - a fully subscribed program is testament of the belief among key personnel in the Group's potential going forward.

Future prospects – further uncertainty, some optimism

The economic situation remains uncertain, with considerable turbulence in the global economy. Seafire is primarily exposed to the Swedish economy which has long been weak. We began the year with a hypothesis of a gradual strengthening of the economy, the timing of which has gradually been pushed forward. Whether a strong June is a sign of a turning point is as yet unclear, but we are seeing increasing activity levels among the customers of subsidiaries, which will hopefully translate into increased business volumes going forward. We continue to work actively to drive profitability and cash flow, and are continuing to work on potential additional acquisitions. The most important piece in the puzzle - great people - is in place and I look forward to an active fall with the team and its new members. I would like to thank all the Group's employees for their hard work so far this year, as well as the shareholders for your continued commitment to Seafire.

Daniel Repfennig President and CEO

THE GROUP'S PERFORMANCE

Net sales

Q2

During the quarter, net sales increased by 1 percent to SEK 266 million, compared with SEK 264 million during the same period in the previous year. As no acquisitions have been made since Q1 2023, the increase in net sales was entirely organic. This positive development is mainly attributable to strong demand in SolidEngineer and Borö-Pannan's markets.

The period January – June

During the period, net sales decreased by 2 percent to SEK 473 million, compared with SEK 482 million during the same period in the previous year. As no acquisitions have been made since Q1 2023, the decline in net sales was entirely organic. This negative development is mainly attributable to weak demand in Ludafarm and DOFAB, while strong demand in SolidEngineer and Borö-Pannan partly offset the negative development.

Gross margin

Q2

The gross margin amounted to 46 (44) percent during the quarter. The increase in the gross margin is due to implemented measures, including price adjustments and procurement negotiations. Nordbutiker is the main driver behind the improved margin.

The period January – June

The gross margin was 47 (45) percent during the period. The increase in the gross margin is due to implemented measures, including price adjustments and procurement negotiations, and a change in business mix.

Profit

Q2

The Group's operating profit (EBIT) amounted to SEK 9 (-16) million during the quarter. The subsidiaries showed mixed development, with seven of twelve companies increasing their operating profit (EBIT). The comparative quarter was negatively affected by impairment of goodwill amounting to 35 MSEK. Operating profit before amortization attributable to acquired surplus values (EBITA) amounted to SEK 15 (25) million. Items affecting comparability had a negative effect of SEK - 4 (7) million on earnings. Items affecting comparability for the quarter are mainly attributable to termination costs for personnel and recruitment costs; for the comparative quarter, items affecting comparability were attributable to reversed contingent consideration. Profit/loss after tax amounted to SEK 2 (-28) million.

The period January – June

The Group's operating profit/loss (EBIT) amounted to SEK 9 (-18) million during the period. The subsidiaries showed mixed development, with seven of twelve companies increasing their operating profit (EBIT). Operating profit before amortization attributable to acquired surplus values (EBITA) amounted to SEK 21 (30) million. Items affecting comparability had a negative effect of SEK -4 (6) million on earnings. Profit/loss after tax amounted to SEK -6 (-33) million.

Net financial items and tax

Q2

Net financial items for the quarter amounted to SEK -6 (-9) million. Interest and finance costs amounted to SEK -6 (-6) million, while currency fluctuations were SEK 0 (-3) million. Tax for the quarter amounted to SEK -2 (-3) million.

The period January – June

Net financial items for the period amounted to SEK -13 (-13) million. Interest and finance costs amounted to SEK -11 (-12) million, currency fluctuations were SEK -2 (-2) million, and interest and finance income was SEK 0 (1) million. Tax for the period amounted to SEK -1 (-2) million.

Summary of financial performance measures

	Q2	Q2	Jan–Jun	Jan–Jun	R12	Full year
SEK million	2025	2024	2025	2024	2025	2024
Net sales	266	264	473	482	896	905
EBITDA	22	32	35	44	62	71
Adjusted EBITDA	26	25	39	38	72	71
EBITA	15	25	21	30	33	42
Adjusted EBITA	19	18	25	24	43	42
EBIT	9	-16	9	-18	-78	-105

Effect of items affecting comparability on the income statement

	Q2	Q2	Jan– Jun	Jan– Jun	R12	Full year
SEK million	2025	2024	2025	2024	2025	2024
Other income (contingent consideration	-	7	-	7	-	7
remeasurement)
Merchandise (impairment of inventory)	-	-	-	-	-1	-1
Other external expenses (restructuring)	-4	-	-4	-1	-6	-3
Other operating expenses (disposal of equipment)	-	-	-	-	-3	-3
Effect on EBITDA & EBITA	-4	7	-4	6	-10	0

Financial performance SEK million

Cash flow

Q2

Cash flow from operating activities, including changes in working capital, amounted to SEK 30 (40) million, of which a tax deferral of SEK 3 (2) million was repaid. Cash flow from investing activities amounted to SEK -1 (-5) million, as a result of investments in property, plant and equipment. Cash flow from financing activities amounted to SEK -14 (-24) million, with the increase due to the repayment of bank loans. Total cash flow for the quarter amounted to SEK 15 (11) million.

The period January – June

Cash flow from operating activities, including changes in working capital, amounted to SEK 9 (39) million, of which a tax deferral of SEK 16 (3) million was repaid. Cash flow from investing activities amounted to SEK -3 (-7) million, as a result of investments in intangible assets and property, plant and equipment. Cash flow from financing activities amounted to SEK -28 (-18) million, with the decrease due to the repayment of bank loans. Total cash flow for the period amounted to SEK -22 (14) million.

Investments

Q2

Total cash flow from investing activities during the quarter amounted to SEK -1 (-5) million, which is attributable to investments in property, plant and equipment.

The period January – June

Cash flow from investing activities during the period amounted to SEK -2 (-7) million, which is mainly attributable to investments in property, plant and equipment and intangible assets.

Financing

Interest-bearing liabilities at the end of the period amounted to SEK 212 (223) million, and including lease liabilities SEK 243 (253) million. Of the liabilities, SEK 212 (223) million were liabilities to credit institutions and SEK 31 (30) million were lease liabilities. Contingent consideration amounted to SEK 0 (5) million, of which contingent consideration due within 12 months amounted to SEK 0 (5) million. The Group's net debt, as defined in order to calculate the bank loan's covenant, amounted to SEK 208 (199) million, while net debt/adjusted EBITDA R12 pro forma amounted to 2.9x (2.7x).

During the quarter, Seafire extended its financing agreement with a major Nordic bank, regarding the existing credit facility of up to SEK 270 million in total. Among other things, the extended agreement entails an extension by 12 months (to Q1 2027) and an amended level for covenants.

Tax deferral amounted to SEK 68 (89) million, which must be repaid by the end of September 2027. A tax deferral repayment amounts to approx. SEK 16 million during the remainder of 2025, of which approx. SEK 13 million will be repaid during Q3. Cash and cash equivalents amounted to SEK 35 (60) million at the end of the period.

Adjusted net debt, including leases, all contingent consideration and the tax deferral, amounted to SEK 276 (288) million, which gives an adjusted net debt/adjusted EBITDA R12 pro forma of 3.8x (3.9x).

Net debt, Net debt/Adjusted EBITDA pro forma R12

	Jun	Jun	Full
	30	30	year
SEK million	2025	2024	2024
Interest-bearing liabilities	212	223	233
Lease liabilities	31	30	39
Contingent consideration due within 12 months	-	5	-
Less: cash and cash equivalents	-35	-60	-57
Net debt	208	199	215
Adjusted EBITDA R12	72	74	71
Net debt/Adjusted EBITDA pro forma R12, times	2.9	2.7	3.0

Adjusted net debt including deferral from the Swedish Tax Agency and all contingent consideration, adjusted net debt/adjusted EBITDA pro forma R12

	Jun 30	Jun 30	Full year
SEK million	2025	2024	2024
Net debt	208	199	215
Outstanding deferral from the Swedish Tax Agency and contingent consideration due for payment after 12 months	68	89	85
Adjusted net debt	276	288	300
Adjusted EBITDA R12	72	74	71
Adjusted net debt/Adjusted EBITDA pro forma R12, times	3.8	3.9	4.2

BUSINESS AREAS

Industrial components

The Industrial components business area offers products and solutions to companies within a number of market niches – paints, fans, construction materials and production of sheet metal components for customers within a wide range of sectors. The business area includes Bara Mineraler, Borö-Pannan, DOFAB, Färg-In, Kenpo Sandwich, Pexymek, Thor Ahlgren and Åkerstedts. For more information about the business area, see Note 4.

	Q2	Q2	Jan–Jun	Jan–Jun	R12	Full year
SEK million	2025	2024	2025	2024	2025	2024
Net sales	164	161	301	306	577	582
Gross profit	76	77	139	143	260	264
Gross margin, %	46%	48%	46%	47%	45%	45%
Operating expenses1	-56	-56	-109	-111	-206	-208
Proportion of net sales, %	34%	35%	36%	36%	36%	36%
EBITA1	15	17	21	24	35	39
EBITA margin, %	9%	11%	7%	8%	6%	7%
Adjusted EBITA1	15	17	21	25	28	32
Adjusted EBITA-margin	9%	11%	7%	8%	5%	5%

1 Earnings exclude the management fee payable to the Parent Company, which is distributed between the subsidiaries based on net sales.

Q2

Net sales for the quarter increased by 2 percent to SEK 164 million, compared with SEK 161 million for the same quarter in the previous year. With the exception of Bara Mineraler and Kenpo Sandwich, all subsidiaries reported higher net sales during Q2 compared with the same period of 2024. Borö-Pannan, which had a very weak 2024, particularly during Q2, showed strong growth during Q2 (52 percent) and we are seeing signs of stabilization. Kenpo Sandwich, which supplies sandwich panels to the transport and other sectors, had a challenging quarter, with net sales down 21 percent. Demand is at a low level historically.

The gross margin showed a decline and amounted to 46 (48) percent. This reduction is explained by a change in the business mix.

During the quarter, operating profit before amortization and impairment attributable to acquired surplus values (EBITA) amounted to SEK 15 (17) million, corresponding to an EBITA margin of 9 (11) percent. The comparative figure was positively affected by revaluation of earn-out amounting to SEK 7 million.

The period January – June

During the period, net sales decreased by 2 percent to SEK 301 million, compared with SEK 306 million during the same period in the previous year. Bara Mineraler, Åkerstedts, Borö-Pannan and Pexymek all increased their net sales during the first half of 2025 compared with the same period in 2024, while other companies saw a decrease in net sales. Kenpo Sandwich, which supplies sandwich panels to the transport sector, had a challenging period, with net sales down 19 percent. Borö-Pannan, which had a very weak 2024, saw a recovery during the first half of the year (16 percent), and we are seeing signs of stabilization.

The gross margin was stable and amounted to 46 (47) percent.

During the quarter, operating profit before amortization and impairment attributable to acquired surplus values (EBITA) amounted to SEK 21 (24) million, corresponding to an EBITA margin of 7 (8) percent. The comparative figure was positively affected by revaluation of earn-out amounting to SEK 7 million.

Products

The Products business area offers products and solutions to companies within a number of market niches – lightweight electric vehicles, software sales, eyewear and monitoring equipment for customers within a wide range of sectors. The business area includes Luda.Farm, Nordbutiker, OPO Scandinavia and SolidEngineer. For more information about the business area, see Note 4.

	Q2	Q2	Jan–Jun	Jan–Jun	R12	Full year
SEK million	2025	2024	2025	2024	2025	2024
Net sales	101	101	171	174	315	318
Gross profit	45	40	81	74	148	140
Gross margin, %	45%	39%	47%	42%	47%	44%
Operating expenses1	-33	-32	-63	-62	-122	-121
Proportion of net sales, %	33%	31%	37%	36%	39%	38%
EBITA1	11	7	16	9	22	15
EBITA margin, %	11%	7%	9%	5%	7%	5%
Adjusted EBITA	11	7	16	9	24	17
Adjusted EBITA-margin, %	11%	7%	9%	5%	8%	5%

1 Earnings exclude the management fee payable to the Parent Company, which is distributed between the subsidiaries based on net sales.

Q2

During the quarter, net sales amounted to SEK 101 million, on a par with the same quarter in the previous year. SolidEngineer and Ludafarm saw positive growth in net sales compared with the corresponding quarter in the previous year, while Nordbutiker and OPO Scandinavia had a negative impact on development in the segment.

The gross margin increased to 45 percent, compared with 39 percent during the same period in the previous year. The change is attributable to implemented price increases and a change in business mix.

During the quarter, operating profit before amortization and impairment attributable to acquired surplus values (EBITA) amounted to SEK 11 (7) million, corresponding to an EBITA margin of 11 (7) percent. The higher gross margin, combined with cost restraint, is driving the improvement in financial performance.

The period January – June

During the period, net sales decreased by 2 percent to SEK 171 million, compared with SEK 174 million during the same period in the previous year. SolidEngineer and OPO Scandinavia saw positive growth in net sales compared with the corresponding quarter in the previous year, while Nordbutiker and Ludafarm had a negative impact on development in the segment.

The gross margin increased to 47 percent, compared with 42 percent in the same period in the previous year. The change is attributable to price increases, implemented measures and a change in business mix.

During the period, operating profit before amortization and impairment attributable to acquired surplus values, EBITA, amounted to SEK 16 (9) million, corresponding to an EBITA margin of 9 (5) percent. The higher gross margin, combined with cost restraint, is driving the improvement in financial performance.

OTHER INFORMATION

Auditor's review

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

Long-term incentive program

The AGM held on April 24 decided, in accordance with the Board's proposal, to adopt a long-term incentive program for certain managers within the Seafire Group, through which warrants will be issued free of charge to the Company, which will then transfer the warrants to the participants at the warrants' market value.

The allocation of warrants is conditional on the participants, on registration for participation in the program, owning the number of shares in the Company that corresponds to 10 or 20 percent of the number of shares they can be allocated within the framework of the program, based on their participant category.

The program has been fully subscribed, which means that a total of 960,000 warrants have been issued to enable allocation, which corresponds to approx. 2.2 percent of the shares outstanding in the Company. Shares can be subscribed for with the support of warrants during a period of one week which will commence on the day after the Company publishes the interim report for Q1 in the 2028 financial year, and during a period of one week which will commence on the day after the Company publishes its interim report for Q2 in the 2028 financial year.

Significant events after the end of the quarter

On July 14, Seafire's subsidiary Pexymek entered into an agreement concerning the divestment of the real estate company Mastöret Fastighet AB to the listed real estate company Logistri Fastighets AB (publ). The consideration for 100% of the shares in Maströret Fastighets AB provisionally amounts to approx. SEK 37 million, while the underlying real estate value amounts to SEK 39 million. The transaction is expected to be completed during Q3 2025.

On August 18, Per Bodén took up the role of CFO, while Keivan Cherloo took up the role of COO at Seafire. Former business area manager Anders Martinsson left Seafire at the end of the quarter.

Related party transactions

There were no transactions between Seafire and its related parties that had a material impact on the Company's position or earnings during the quarter.

Share information

At the end of the reporting period, the number of shares in the Company was 42,846,569. All shares are of the same type and afford the same voting rights. As of June 30, 2025, the largest shareholders were Creades with approx. 19% of the shares, Protector Forsikring with approx. 17%, and Movestic Livförsäkring with approx. 14%.

Since May 11, 2023, the Company's shares have been listed on Nasdaq Stockholm and are traded under the ticker 'SEAF'. Before this date, the shares had been listed on Nasdaq First North Growth Market since July 25, 2019. The smallest trading unit is one (1) share. The closing price of the share on June 30, 2025 was SEK 5.24 per share, which corresponds to a market value of approximately SEK 225 million.

About Seafire

Seafire is a company group founded in 2016 with the aim of creating growth through the acquisition of profitable companies and developing these through active and long-term ownership.

Seafire creates value by being an active owner with a decentralized operational model and independent subsidiaries. Longterm strategies are based on development of the business model, broadening of the market and service and product development, and are executed alongside new initiatives within sales and marketing. This boosts the growth and profitability of the acquired companies. Seafire always acquires a majority of the shares in any company.

Seafire operates in two business segments: Industrial components and Products. During the period, the Group had eight subsidiaries within Industrial components and four subsidiaries operating within Products. At the end of the period, the Group had a total of 297 employees, of whom 69 were women. For more information about Seafire's subsidiaries, visit www.seafireab.com.

Financial calendar

Interim report 3 2025	November 6, 2025	08:00
Year-end report 2025	February 20, 2026	08:00

Contact details

Daniel Repfennig Chief Executive Officer +46 (0)72,200 89 41 daniel.repfennig@seafireab.com Seafire AB (publ) Mäster Samuelsgatan 9, 111 44 Stockholm Corporate identity number 556540-7615 www.seafireab.com

DECLARATION BY THE BOARD OF DIRECTORS

The Board of Directors and CEO hereby declare that this interim report gives a true and fair view of the Group's operations, financial position and performance, and describes the material risks and uncertainties facing the Group.

Stockholm, August 21, 2025

Anders Hillerborg

Chairman of the Board

Sonny Mirborn Marcus Söderberg Stina Wollenius Board member Board member Board member

Daniel Repfennig Chief Executive Officer

CONDENSED CONSOLIDATED INCOME STATEMENT

SEK million	Q2 2025	Q2 2024	Jan–Jun 2025	Jan–Jun 2024	R12 2025	Full year 2024
Operating income
Net sales	266	264	473	482	896	905
Other income	2	10	5	13	13	21
Total operating income	268	274	478	495	909	926
Change in work in progress	-1	-6	2	-17	-14	-23
Merchandise	-143	-141	-255	-247	-484	-476
Other external expenses	-35	-36	-68	-69	-128	-129
Personnel costs	-65	-57	-121	-115	-225	-219
Other operating expenses	-2	-2	-1	-3	-6	-8
Depreciation, amortization and impairment	-13	-48	-26	-62	-140	-176
Total operating expenses	-259	-290	-469	-513	-987	-1,031
Operating profit/loss	9	-16	9	-18	-78	-105
Finance income	0	1	2	3	5	7
Finance costs	-6	-10	-15	-16	-31	-32
Profit/loss before tax	4	-25	-5	-31	-104	-130
Taxes	-2	-3	-1	-2	-3	-4
Profit/loss for the period	2	-28	-6	-33	-107	-134

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Q2	Q2	Jan–Jun	Jan–Jun	R12	Full year
SEK million	2025	2024	2025	2024	2025	2024
Profit/loss for the period	2	-28	-6	-33	-107	-134
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Translation differences	-	-	-	-	-	-
Other comprehensive income after tax	-	-	-	-	-	-
Comprehensive income for the period	2	-28	-6	-33	-107	-134
Comprehensive income for the period attributable
to:
Parent Company shareholders	2	-28	-6	-33	-107	-134

EARNINGS PER SHARE

	Q2	Q2	Jan–Jun	Jan–Jun	R12	Full year
SEK million	2025	2024	2025	2024	2025	2024
Basic earnings per share, SEK	0.04	-0.65	-0.13	-0.77	-2.47	-3.12
Average number of shares before dilution1	42,847	42,847	42,847	42,847	42,847	42,847
Diluted earnings per share, SEK	0.04	-0.65	-0.13	-0.77	-2.47	-3.12
Average number of shares after dilution1	42,847	42,847	42,847	42,847	42,847	42,847

1) Average number of shares in thousands.

CONDENSED CONSOLIDATED BALANCE SHEET

SEK million	Jun 30	Jun 30	Dec 31
	2025	2024	2024
Non-current assets
Goodwill	536	623	536
Other intangible assets	37	57	47
Property, plant and equipment	133	140	138
Right-of-use assets	30	31	38
Financial assets	3	4	3
Total non-current assets	739	855	762
Current assets
Inventories	192	202	198
Trade receivables	100	96	78
Current tax assets	22	25	12
Other current receivables	12	7	10
Prepaid expenses and accrued income	36	43	37
Cash and cash equivalents	35	60	57
Total current assets	397	433	392
TOTAL ASSETS	1,136	1,288	1,154
Equity
Share capital	7	7	7
Other contributed capital	851	851	851
Retained earnings, incl. profit/loss for the period	-280	-174	-275
Total equity	578	684	583
Non-current liabilities
Deferred tax liabilities	36	42	39
Non-current liabilities to credit institutions	131	172	152
Non-current lease liabilities	15	15	21
Other non-current liabilities	55	19	61
Total non-current liabilities	237	248	273
Current liabilities
Current liabilities to credit institutions	41	41	41
Advances from customers	8	4	5
Trade payables	64	64	50
Current tax liabilities	9	11	4
Utilized bank overdraft facilities	40	10	40
Current lease liabilities	16	15	17
Other current liabilities	45	109	46
Accrued expenses and deferred income	98	102	95
Total current liabilities	321	356	298
Total liabilities	558	604	571
TOTAL EQUITY AND LIABILITIES	1,136	1,288	1,154

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

SEK million	Share capital	Other contributed capital	Retained earnings, incl. profit for the period	Total equity
Opening balance, Jan 1, 2024	7	851	-141	717
Comprehensive income for the period	-	-	-33	-33
Transactions with shareholders
New share issue	-	-	-	-
New share issue expenses	-	-	-	-
Closing balance, Jun 30, 2024	7	851	-174	684

SEK million	Share capital	Other contributed capital	Retained earnings, incl. profit for the period	Total equity
Opening balance, Jan 1, 2025	7	851	-275	583
Comprehensive income for the period	-	-	-6	-6
Transactions with shareholders
New share issue	-	-	-	-
New share issue expenses	-	-	-	-
Closing balance, Jun 30, 2025	7	851	-280	578

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

SEK million	Q2 2025	2024	Q2 Jan–Jun Jan–Jun 2025	2024	2025	R12 Full year 2024
Cash flow from operating activities
Profit/loss before tax	4	-25	-5	-31	-104	-130
of which interest received	-	-	-	-	1	1
of which interest paid	-4	-5	-7	-10	-12	-15
Adjustment for non-cash items	14	48	28	61	144	177
Tax paid	-5	-6	-11	-15	-7	-11
Cash flow from operating activities
before changes in working capital	13	17	12	15	33	36
Cash flow from changes in working capital
Change in inventories	13	22	7	26	11	30
Change in current receivables	-6	16	-22	-	-	22
Change in current liabilities	10	-15	12	-2	-29	-43
Cash flow from change in working capital	17	23	-5	24	-18	9
Cash flow from operating activities	30	40	9	39	15	45
Cash flow from investing activities
Investments in property, plant and equipment	-1	-4	-2	-6	-10	-14
Investments in intangible assets	-	-1	-1	-1	-2	-2
Cash flow from investing activities	-1	-5	-3	-7	-12	-16
Cash flow from financing activities
New share issue	-	-	-	-	-	-
New share issue expenses	-	-	-	-	-	-
Proceeds from borrowings	-	-	-	-	-	-
Repayment of borrowings	-10	-10	-20	-20	-41	-41
Change in bank overdraft facilities	-	-10	-	10	30	40
Repayment of lease liabilities	-4	-4	-8	-8	-17	-17
Cash flow from financing activities	-14	-24	-28	-18	-28	-18
Total cash flow	15	11	-22	14	-25	11
Cash and cash equivalents at start of period	20	49	57	46	60	46
Translation differences	-	-	-	-	-	-
Cash and cash equivalents at end of period	35	60	35	60	35	57

CONDENSED PARENT COMPANY INCOME STATEMENT

	Q2		Q2 Jan–Jun Jan–Jun			R12 Full year
SEK million	2025	2024	2025	2024	2025	2024
Net sales	-	-	-	-		-
Other income	5	4	10	8		18
Total operating income	5	4	10	8		18
Other external expenses	-3	-4	-4	-6		-9
Personnel costs	-6	-2	-10	-5		-11
Depreciation and amortization	-	-	-	-		-
Total expenses	-9	-6	-14	-11		-20
Operating profit/loss	-4	-2	-4	-3		-2
Finance income	0	1	1	1		2
Finance costs	-4	-35	-9	-40		-58
Profit/loss before tax	-8	-36	-12	-42		-58
Group contributions	-	-	-	-		6
Income tax	-	-	-	-		-2
Profit/loss for the period	-8	-36	-12	-42		-54

CONDENSED PARENT COMPANY BALANCE SHEET

SEK million	Jun 30 2025	Jun 30 2024	Dec 31 2024
Property, plant and equipment	1	1	0
Receivables from Group companies	953	963	953
Financial assets	22	23	22
Total non-current assets	976	987	976
Receivables from Group companies	47	31	62
Other current receivables	2	1	1
Prepaid expenses and accrued income	2	1	1
Cash and cash equivalents	34	56	54
Total current assets	85	89	118
TOTAL ASSETS	1,061	1,076	1,094
Share capital	7	7	7
Other contributed capital	883	883	883
Retained earnings, incl. profit/loss for the period	-301	-276	-289
Total equity	589	614	601
Non-current liabilities to credit institutions	130	170	150
Other non-current liabilities	-	-	0
Total non-current liabilities	130	170	150
Current liabilities to credit institutions	40	40	40
Utilized bank overdraft facilities	40	10	40
Trade payables	1	4	1
Liabilities to Group companies	255	226	258
Other current liabilities	0	9	1
Accrued expenses and deferred income	6	3	3
Total current liabilities	342	292	343
Total liabilities	472	462	493
TOTAL EQUITY AND LIABILITIES	1,061	1,076	1,094

NOTES

Note 1. Accounting policies

Seafire AB (publ) applies International Financial Reporting Standards (IFRS) as adopted by the European Union. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act. Information in accordance with IAS 34.16A is disclosed both in the financial statements and their associated notes and elsewhere in the interim report. The accounting policies are consistent with the policies that were applied in the previous financial year. For more information on these, see Note G1 in the 2024 Consolidated Annual Report. The interim report should be read together with the 2024 Annual Report. Preparation of financial statements in accordance with IFRS requires Group management to make accounting judgments, estimates and assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expenses. The actual outcome may differ from these estimates and judgments. For information on the Company's critical judgments and sources of uncertainty, see the Group's 2024 Annual Report.

Note 2. Risks and uncertainties

For a description of the Group's material risks and uncertainties, see the detailed statement in the 2024 Annual Report. No material new or changed risks or uncertainties have been identified since the publication of the 2024 Annual Report. The Parent Company's risks are covered by the description presented for the Group. The effects of the war in Ukraine and the conflict in the Middle East are such that the Company is unable to make reasonable advance assessments of the effects on the Company's operations and financial performance. The Company's management and Board are monitoring developments in the ongoing trade and tariffs dispute between the USA and the rest of the world. Seafire has very limited exposure to the American market, but can be indirectly affected by changes in consumer behavior. Higher inflation and higher prices of input goods will impact demand for goods and services provided by Seafire's subsidiaries.

Note 3. Revenue from contracts with customers

Net sales by geographical area SEK million	Q2 2025	Q2 2024	Jan–Jun 2025	Jan–Jun 2024	R12 2025	Full year 2024
Sweden	202	192	346	348	658	660
Nordic region (excl. Sweden)	40	43	77	76	144	143
Europe (excl. Nordic region and Sweden)	22	28	48	57	89	98
World (excl. Europe, Nordic region and Sweden)	2	1	2	1	5	4
Total net sales	266	264	473	482	896	905
Amounts recognized as revenue	Q2	Q2	Jan–Jun	Jan–Jun	R12	Full year
SEK million	2025	2024	2025	2024	2025	2024
Revenue from service contracts (revenue over	13	13	25	25
time)					50	50
Revenue recognized at a point in time	253	251	448	457	846	855
Total	266	264	473	482	896	905

Note 4. Segment reporting

Seafire's operations are divided into two segments: Industrial components and Products. Group management has determined these segments based on the information considered by the chief operating decision-maker, i.e. the CEO. The operations are divided on the basis of a sales and product content perspective. During the reporting period, no customer accounted for more than ten (10) percent of the Group's net sales.

The Industrial components segment comprises Bara Mineraler, Borö-Pannan, DOFAB, Färg-In, Kenpo Sandwich, Pexymek, Thor Ahlgren and Åkerstedts Verkstad. The Products segment comprises Ludafarm, Nordbutiker, OPO and SolidEngineer. For more information about these subsidiaries, visit www.seafireab.com. In addition to the business segments, the tables also include central costs. Central costs refers to the holding company with Group-wide costs (financing costs, insurance costs, etc.). Liabilities and goodwill are not included in segment reporting.

	Industrial components		Products		Central costs		Group
	Q2	Q2	Q2	Q2	Q2	Q2	Q2	Q2
SEK million	2025	2024	2025	2024	2025	2024	2025	2024
Net sales	164	161	101	101	-	-	266	264
Other income	2	3	1	1	-	-	2	10
Total income	166	164	102	102	-	-	268	274
Gross profit	76	77	45	40	-	-	121	117
Gross margin	46%	48%	45%	39%	-	-	46%	44%
Operating expenses	-56	-56	-33	-32	-10	-6	-100	-94
% of net sales	34%	35%	33%	31%	-	-	38%	36%
EBITA	15	17	11	7	-10	-6	15	25
EBITA margin	9%	10%	11%	7%	-	-	6%	9%
Adjusted EBITA	15	17	21	25	-6	-6	19	18
Adjusted EBITA-margin	9%	11%	7%	8%	-	-	7%	7%
Amortization and impairment of intangible assets							-6	-41
Operating profit (EBIT)							9	-16
Net financial items							-5	-9
Profit/loss before tax							4	-25
Tax on profit							-2	-3
Profit/loss for the period, continuing operations					2	-28

	Industrial components		Products		Central costs		Group
	Jan–	Jan–	Jan–	Jan–	Jan–	Jan–	Jan–	Jan–
	Jun	Jun	Jun	Jun	Jun	Jun	Jun	Jun
SEK million	2025	2024	2025	2024	2025	2024	2025	2024
Net sales	301	306	171	174	-	-	473	482
Other income	4	4	2	1	-	-	5	13
Total income	305	310	173	175	-	-	478	495
Gross profit	139	143	81	74	-	-	220	218
Gross margin	46%	47%	47%	42%	-	-	47%	45%
Operating expenses	-109	-111	-63	-62	-16	-11	-188	- -184
% of net sales	36%	36%	37%	36%	-	-	40%	38%
EBITA	21	24	16	9	-16	-11	21	30
EBITA margin	7%	8%	9%	5%	-	-	5%	6%
Justerad EBITA	21	25	16	9	-12	-10	25	24
Justerad EBITA-marginal	7%	8%	9%	5%	-	-	5%	5%
Amortization and impairment of intangible assets							-12	-48
Operating profit (EBIT)							9	-18
Net financial items							-14	-13
Profit/loss before tax							-5	-31
Tax on profit							-1	-2
Profit/loss for the period, continuing operations						-6	-33

Note 5. Fair value of financial instruments

			Classification according to valuation hierarchy
			1		2		3
	Jun 30	Jun 30	Jun 30	Jun 30	Jun 30	Jun 30	Jun 30	Jun 30
SEK million	2025	2024	2025	2024	2025	2024	2025	2024
Assets
Currency derivatives	-	-	-	-	-	-	-	-
Liabilities
Currency derivatives	0	1	-	-	0	1	-	-
Contingent consideration	-	5	-	-	-	-	-	5

Financial liabilities at fair value by valuation hierarchy level

The fair value and carrying amount are recognized in the balance sheet in accordance with the table above. For listed securities, the fair value is determined based on the asset's quoted price in an active market, level 1. The fair value of foreign exchange contracts and embedded derivatives is determined based on observable market inputs, level 2. For contingent consideration, a cash flow-based measurement is carried out which is not based on observable market inputs, level 3.

Note 6. Contingent consideration

Contingent consideration is variable, based on the companies' earnings growth, and is determined based on future earnings growth for each company, based on management's best assessment and forecasts. Contingent consideration is recognized at fair value. Reversed contingent consideration is recognized on the line Other income, and contingent consideration remeasurement due to changed discounting is recognized on the line Finance costs.

	Jan–Jun	Jan–Jun	Jan–Dec
SEK million	2025	2024	2024
Opening balance	-	12	12
Acquisitions during the year	-	-	-
Reversed in income statement	-	-7	-7
Consideration paid	-	-	-5
Interest expenses	-	-	-
Closing balance	-	5	-

Note 7. Alternative performance measures

In this interim report Seafire presents certain financial measures that are not defined under IFRS. These are referred to as alternative performance measures. The Company believes that these APMs provide valuable additional information for stakeholders and investors, as they offer a different perspective on financial performance and financial position.

The table below contains definitions of Seafire's performance measures. The calculation is shown separately below.

Non-IFRS measures	Description	Purpose
Organic growth, %	Increase in net sales in the period adjusted	This performance measure is used in
	for acquisitions and divestments/Net sales	connection with analyses of underlying growth
	in the comparative period.	in revenue driven by comparable entities
		between different periods.
Acquired growth, %	Increase in net sales from acquisitions in the	This performance measure is used to monitor
	period/Net sales in the comparative period.	the proportion of the increase in the Company's
Gross profit	Net sales less cost of goods/services sold.	sales that is generated through acquisitions. Gross profit is used to analyze the
		manufacturing and sales process and cost
		efficiency.
Gross margin	Gross profit expressed as a percentage of	The gross margin is used to monitor the gross
	net sales in the period.	contribution after direct expenses for goods
		and services.
Operating expenses	Personnel costs and other external	Used to summarize indirect cost base
	expenses.	development relative to net sales.
EBITDA	Operating profit before depreciation,	EBITDA is a measure that is used to monitor
	amortization and impairment.	operational performance and facilitates
		comparisons of profitability between different
		companies and sectors.
Adjusted EBITDA	Operating profit before depreciation,	Items affecting comparability are adjusted to
	amortization and impairment after the	facilitate a fair comparison between two
	elimination of items affecting comparability.	comparable time periods and to show the
		underlying trend in operational performance
		excluding non-recurring items.
Adjusted EBITDA	Operating profit before depreciation,	This performance measure is determined in
pro forma R12	amortization and impairment after the	relation to net debt in order to monitor
	elimination of items affecting comparability	developments in the Company's level of
	for the previous 12 months, including the	indebtedness.
	outcome of completed acquisitions.
EBITA	Operating profit before amortization and impairment attributable to acquired surplus	Together with EBITDA, EBITA provides a picture of the profit that is generated by operating
	values.	activities.
Adjusted EBITA	Adjusted operating profit before	Items affecting comparability are adjusted to
	amortization and impairment of intangible	facilitate a fair comparison between two
	assets and acquired surplus values, after the	comparable time periods and to show the
	elimination of items affecting comparability.	underlying trend in operational performance
		excluding non-recurring items.
Adjusted EBITA	EBITA expressed as a percentage of net	The EBITA margin is used to monitor the
margin	sales during the period.	profitability of the business.
Items affecting	Transaction-related costs, restructuring	Items affecting comparability represent
comparability	costs, purchase consideration	income and expenses that are not attributable
	remeasurement, capital gains on the sale of	to the underlying performance of
	businesses and non-current assets, as well	the business.
	as other income and expenses
Net debt	considered to be non-recurring in nature. Interest-bearing liabilities less interest	This performance measure is an indicator of the
	bearing receivables less cash and cash	Company's level of indebtedness and is used by
	equivalents.	the Company to assess the scope to fulfill
		financial obligations.

Organic growth	Increase in net sales in the period adjusted for acquisitions and divestments divided by net sales in the comparative period.	This performance measure is used in connection with analyses of underlying growth in revenue driven by comparable entities between different periods.
Pro forma	Outcome for the period adjusted to include the outcome of acquisitions for the previous 12 months.	Used to facilitate comparisons between full year periods by adjusting for the full-year effect of completed acquisitions.

Calculations of the alternative performance measures are presented in the tables shown below.

Calculation of organic growth

			Jan–	Jan–		Full
	Q2	Q2	Jun	Jun	R12	year
Percentage points	2025	2024	2025	2024	2025	2024
Organic growth	1%	-8%	-2%	-13%	-5%	-10%
Acquired growth	-	-	-	2%	-	1%
Recognized growth	1%	-8%	-2%	-11%	-5%	-10%

	Q2	Q2	Jan– Jun	Jan– Jun	R12	Full year
SEK million	2025	2024	2025	2024	2025	2024
Net sales, base	264	288	482	541	942	1,000
Net sales, income growth	2	-24	-9	-68	-46	-104
Total organic growth	1%	-8%	-2%	-13%	896	-10%

EBITA and adjusted EBITA

			Jan–	Jan–		Full
	Q2	Q2	Jun	Jun	R12	year
SEK million	2025	2024	2025	2024	2025	2024
EBIT	9	-16	9	-18	-76	-105
Reversal of amortization and impairment attributable to acquired surplus values	6	41	12	48	111	147
EBITA	15	25	21	30	33	42
Reversal of items affecting comparability	4	-7	4	-6	10	0
Adjusted EBITA	19	18	25	24	43	42

EBITDA and adjusted EBITDA

			Jan–	Jan–		Full
	Q2	Q2	Jun	Jun	R12	year
SEK million	2025	2024	2025	2024	2025	2024
EBIT	9	-16	9	-18	-76	-105
Reversal of depreciation, amortization and impairment of property, plant and equipment and intangible assets	13	48	26	62	140	176
EBITDA	22	32	35	44	62	71
Reversal of items affecting comparability	4	-7	4	-6	10	0
Adjusted EBITDA	26	25	39	38	72	71

Items affecting comparability

			Jan–	Jan–Jun		Full
	Q2	Q2	Jun		R12	year
SEK million	2025	2024	2025	2024	2025	2024
Disposal of machinery and equipment	-	-	-	-	-3	-3
Impairment due to inventory obsolescence	-	-	-	-	-1	-1
Contingent consideration remeasurement	-	7	-	7	-	7
Restructuring costs	-4	-	-4	-1	-6	-3
Items affecting comparability	-4	7	-4	6	-10	0

Adjusted EBITDA pro forma R12

			Full
	Q2	Q2	year
SEK million	2025	2024	2024
EBITDA R12	62	102	71
Items affecting comparability	10	-28	0
Adjusted EBITDA R12	72	74	71
Acquired companies	-	-	-
Adjusted EBITDA pro forma R12	72	74	71

Net debt, Net debt/Adjusted EBITDA pro forma R12

			Full
	Q2	Q2	year
SEK million	2025	2024	2024
Interest-bearing liabilities	172	223	233
Lease liabilities	31	30	39
Contingent consideration due within 12 months	-	5	-
Less: cash and cash equivalents	-35	-60	-57
Net debt	208	199	215
Adjusted EBITDA R12	72	74	71
Net debt/Adjusted EBITDA pro forma R12, times	2.9	2.7	3.0

Adjusted net debt including deferral from the Swedish Tax Agency and all contingent consideration, adjusted net debt/adjusted EBITDA pro forma R12

			Full
	Q2	Q2	year
SEK million	2025	2024	2024
Net debt	208	199	215
Outstanding deferral from the Swedish Tax Agency and	68	89	85
contingent consideration due for payment after 12 months
Adjusted net debt	276	288	300
Adjusted EBITDA R12	72	74	71
Adjusted net debt/Adjusted EBITDA pro forma R12, times	3.8	3.9	4.2