Strong organic growth and continued focus on increased long-term profitability

1 APRIL–30 JUNE 2025

Net sales increased to SEK 1,841 million (1,723), up 6.9 percent. Organic growth totalled 9.1 percent (9.5)
Net sales from spectacles subscriptions increased 8.2 percent (15.1)
The gross margin was 73.1 percent (74.3)
EBITDA¹ rose to SEK 470 million (469) and the EBITDA margin was 25.0 percent (26.9)
EBITA amounted to SEK 299 million (312) and the EBITA margin was 15.9 percent (17.9)
EBIT amounted to SEK 267 million (275) and the EBIT margin was 14.2 percent (15.8)
Cash flow from operating activities amounted to SEK 413 million (435)
Net debt amounted to SEK 3,040 million (2,753) at the end of the period, compared with SEK 3,002 million at year-end 2024. Synsam signed agreements for five-year loan facilities to refinance existing loans.
Profit after tax amounted to SEK 114 million (168)
Earnings per share before and after dilution totalled SEK 0.79 (1.14)

1 JANUARY–30 JUNE 2025

Net sales increased to SEK 3,549 million (3,244), up 9.4 percent. Organic growth totalled 10.8 percent (8.7)
Net sales from spectacles subscriptions increased 10.3 percent (13.4)
The gross margin was 73.6 percent (74.9)
EBITDA¹ rose to SEK 844 million (828) and the EBITDA margin was 23.4 percent (25.2)
EBITA amounted to SEK 506 million (518) and the EBITA margin was 14.0 percent (15.8)
EBIT amounted to SEK 441 million (446) and the EBIT margin was 12.2 percent (13.6)
Cash flow from operating activities increased to SEK 723 million (653)
Profit after tax amounted to SEK 201 million (224)
Earnings per share before and after dilution totalled SEK 1.39 (1.52)

EVENTS AFTER THE END OF THE PERIOD

• Synsam's board of directors has decided to initiate a share buyback with the aim of adjusting the Company's capital structure.

¹ Refer to the Group's financial targets on page 18. Since no items affecting comparability were reported for 2025 or the preceding year, adjusted EBITDA corresponds with EBITDA, and the related margins also correspond with each other.

FINANCIAL PERFORMANCE MEASURES

		Q2			Jan-Jun			Jul-Jun Jan-Dec
MSEK	2025	2024	Δ%	2025	2024	Δ%	24/25	2024
Net sales	1,841	1,723	6.9	3,549	3,244	9.4	6,740	6,435
Organic growth, %¹	9.1	9.5		10.8	8.7		10.4	9.2
Gross margin, %¹	73.1	74.3		73.6	74.9		74.6	75.3
EBITDA¹	470	469	0.1	844	828	2.0	1,612	1,595
EBITDA margin, %¹	25.0	26.9		23.4	25.2		23.5	24.5
EBITA¹	299	312	-4.1	506	518	-2.3	945	957
EBITA margin, %¹	15.9	17.9		14.0	15.8		13.8	14.7
EBIT	267	275	-2.8	441	446	-1.0	814	819
EBIT margin, %	14.2	15.8		12.2	13.6		11.9	12.6
Profit after tax	114	168	-32.2	201	224	-10.4	342	366
Earnings per share before and after dilution, SEK²	0.79	1.14	-30.7	1.39	1.52	-8.8	2.34	2.48
Cash flow from operating activities	413	435	-5.2	723	653	10.7	1,003	933
Cash flow from operating activities/EBITDA, %¹	87.8	92.8		85.6	78.9		62.2	58.5
Net debt/Adjusted EBITDA¹	n/a	n/a		1.89	1.78		1.89	1.88

¹For information on the calculation of these alternative performance measures, refer to pages 29-34. The performance measure net debt/Adjusted EBITDA is calculated based on a rolling 12-month basis for January-June. Since no items affecting comparability were reported for 2025 or the preceding year, adjusted EBITDA corresponds with EBITDA, and the related margins also correspond with each other.

²For information on the change in the number of shares and the average number of shares, refer to the section "Other financial information" on page 27.

NET SALES AND ADJUSTED EBITDA MARGIN PER QUARTER

comment Strong development in Sweden, Norway and Finland

CEO's

Synsam is continuing to take important steps forward in combining customer focus, innovation and eye health to ensure sustainable growth and high profitability. During the second quarter of 2025, we completed several strategic initiatives that further strengthened our customer offering and our position in the Nordic market. It is gratifying to note that three of four countries strengthened their EBITDA margin in the quarter. The EBITDA margin for the Group amounted to 25.0 percent, which is lower compared with the year-earlier period, mainly due to a lower EBITDA margin in Denmark where we continue to take action. Organic growth for the Group during the quarter was 9.1 percent, in a market in which consumers generally continued to refrain from spending.

Continued good development in subscriptions and the cash business

Net sales from the Synsam Lifestyle spectacles subscription increased 8.2 percent during the quarter. The number of Lifestyle customers amounted to approximately 730,000 (approximately 667,000) at the end of the quarter and the churn rate for the second quarter was 2.91 percent. We have overall high levels of customer satisfaction and loyalty among our subscription customers. As of 30 June 2025, the total number of subscription customers (those who have either a Lifestyle subscription or a contact lens subscription) amounted to approximately 871,000 (approximately 799,000). Net sales from the cash business also grew during the quarter, up 5.4 percent.

Continued fluctuations in market conditions

In Sweden, Synsam further increased its market share, with organic growth of 10.9 percent in the second quarter, and reported a stronger gross margin and EBITDA margin. The implementation of Synsam EyeView, which is now complete, made a positive contribution to organic growth.

Organic growth also improved in Norway during the quarter and amounted to 11.7 percent in parallel with a stronger EBITDA margin. The implementation of EyeView, which was completed at year-end, also contributed to this result.

Finland had a strong quarter, with organic growth of 16.6 percent in a highly competitive market. In parallel, Finland successfully delivered an improved gross margin and EBITDA margin for the quarter.

Organic growth in Denmark was negative in the second quarter. The change in credit legislation impacts new sales of Lifestyle subscriptions and since the first quarter of this year also extensions. We continue to take action in Denmark by upgrading our stores and expanding our product range and by customising our customer offering.

Innovative focus areas

An important milestone was reached during the quarter when Synsam EyeView was fully implemented in Sweden. Synsam EyeView has also been fully implemented in Norway since year-end. This is an important part of our technology development strategy, increasing our capacity and availability while strengthening our customer offering in eye health. The solution is expected to have a positive impact on optician capacity and costs for consultant opticians and to lead to a reduction in temporary extra costs associated with the implementation phase. Of the total eye examinations in Sweden during the second quarter, 14 percent were carried out using Synsam EyeView. The corresponding share in Norway was 20 percent.
As the leading optical retailer in the Nordics, Synsam sees a clear trend: customers want more than just vision correction – they are seeking products that fit their lifestyle. Smart glasses meet this need like no product has before, transforming regular eyewear or sunglasses into a connected lifestyle tool that simplifies everyday life. Synsam is witnessing increasing demand from consumers worldwide for products that combine style, function and digital innovation and after the end of the period, Synsam has taken the next step in innovation, customer experience and future vision solutions with the launch of smart glasses. With smart glasses you can, for example, take photos, make video recordings and live-streaming - completely hands-free, access Meta AI assistant that can translate text in real time, identify objects, make recommendations and answer questions, as well as get access to WhatsApp, Messenger and Instagram for effortless communication and entertainment. This launch is yet another step in Synsam's vision for the future of optics – where technology, eye health, and style come together to create a better everyday life for the customer.

During the quarter, Synsam launched a new premium concept with the opening of NK Eyewear & Optics in Stockholm. By offering a unique combination of luxury brands, clinical expertise and cutting-edge fashion, a new luxury destination in optical retail is established. The store stocks more than 1,400 optical frames from the world's most exclusive brands in eyewear, sunglasses and sports eyewear.
Synsam established 11 new stores in the Group during the second quarter. Between three and five new stores will be established in the third quarter.

Our focus is on creating profitable growth through innovative solutions and by meeting our customers' needs while ensuring cost-effectiveness in our operations. By making it easier for people to access eye care and high-quality products, in a market largely driven by medical needs, we are ensuring profitable growth for many years to come. Synsam's journey continues.

Håkan Lundstedt President and CEO

Financial performance

Group net sales

1 APRIL–30 JUNE 2025

Net sales increased 6.9 percent to SEK 1,841 million (1,723). Organic growth amounted to 9.1 percent (9.5) and like-for-like growth to 5.6 percent (6.8). Acquisitions impacted sales in the quarter by SEK 6 million, corresponding to 0.3 percentage points. Currency translation effects impacted net sales negatively by SEK -45 million, corresponding to -2.6 percentage points.

Net sales from the Synsam Lifestyle spectacles subscription increased 8.2 percent to SEK 947 million (875), with the Sweden, Norway and Finland segments contributing to this increase.

The active customer base for Synsam Lifestyle subscriptions increased by approximately 12,000 customers during the quarter to approximately 730,000 customers (approximately 667,000), up 10 percent compared with the previous year. Synsam Lifestyle's quarterly churn rate is a measure used to express the share of customers who terminated their spectacles subscriptions. The churn rate for the second quarter was 2.91 percent (2.51).

Net sales from the cash business increased 5.4 percent to SEK 894 million (848), of which net sales from Synsam Group's contact lens subscriptions increased to SEK 108 million (107) and net sales from Synsam Group's online sales increased to SEK 92 million (77). The active customer base for Synsam Group's contact lens subscriptions amounted to approximately 210,000 customers (approximately 193,000) on 30 June 2025, up 9 percent.

1 JANUARY–30 JUNE 2025

Net sales increased 9.4 percent to SEK 3,549 million (3,244). Organic growth was 10.8 percent (8.7) and like-for-like growth was 7.2 percent (6.0). The effect of acquisitions is deemed to have had an impact of about SEK 11 million on sales, corresponding to 0.3 percentage points. Currency translation effects impacted net sales negatively by SEK -56 million, corresponding to -1.7 percentage points.

Net sales from the Synsam Lifestyle spectacles subscription increased 10.3 percent to SEK 1,875 million (1,699), with the Sweden, Norway and Finland segments contributing to this increase.

Net sales from the cash business increased 8.4 percent to SEK 1,675 million (1,545), of which net sales from Synsam Group's contact lens subscriptions amounted to SEK 206 million (212) and net sales from Synsam Group's online sales increased to SEK 144 million (118).

Share of net sales per segment and Other and central functions during the quarter

Total net sales

External net sales per segment and Other and central functions

		Q2		Jan-Jun			Jan-Dec
Breakdown, MSEK	2025	2024	Δ%	2025	2024	Δ%	2024
Synsam Sweden	915	820	11.7	1,733	1,570	10.4	3,091
Synsam Denmark	302	329	-8.2	587	620	-5.3	1,198
Synsam Norway	360	342	5.5	697	628	10.9	1,260
Synsam Finland	217	195	11.5	410	349	17.7	710
Other and central functions	47	38	21.6	122	78	56.3	176
Group, total	1,841	1,723	6.9	3,549	3,244	9.4	6,435

Like-for-like growth¹

%	Sweden	Denmark	Norway	Finland	Group
Apr-Jun 2025	8.6	-6.4	7.0	8.6	5.6
Jan-Jun 2025	7.3	-5.1	10.7	11.9	7.2
¹For information on the calculation of alternative performance measures,

refer to pages 29-34.

Growth1

	Q2		Jan-Jun
2025	%	MSEK	%	MSEK
Organic growth	9.1	156	10.8	352
Acquisitions	0.3	6	0.3	11
Currency	-2.6	-45	-1.7	-56
Franchise	0.0	1	0.0	-2
Total growth	6.9	118	9.4	305

¹For information on the calculation of alternative performance measures, refer to pages 29-34.

Active customer base Synsam Lifestyle (thousands), at the end of the period

Synsam Lifestyle quarterly churn rate

Lifestyle sales (%-share) per quarter

Group earnings

1 APRIL–30 JUNE 2025

EBIT before depreciation and amortisation of tangible and intangible non-current assets (EBITDA)

EBITDA rose SEK 1 million to SEK 470 million (469), corresponding to an EBITDA margin of 25.0 percent (26.9). The earnings performance for the quarter was a result of the effects impacting the gross margin as well as a large number of new establishments in 2024.

Gross profit

The gross margin for the second quarter was 73.1 percent (74.3). The gross margin decreased in the second quarter of 2025 compared with the year-earlier quarter, partially as a result of lower gross profit in Other and central functions.

EBIT before amortisation of intangible non-current assets (EBITA)

EBITA amounted to SEK 299 million (312) and the EBITA margin was 15.9 percent (17.9). The earnings trend was due to the same factors that impacted EBITDA. Depreciation for the quarter increased slightly as a result of a higher pace of greenfield expansion.

Additional earnings information

EBIT amounted to SEK 267 million (275) as a result of the same factors that impacted EBITA. The EBIT margin was 14.2 percent (15.8).

Profit before tax amounted to SEK 147 million (212) and profit after tax to SEK 114 million (168).

Net financial items amounted to SEK -120 million (-63) for the second quarter. Following the refinancing of the Group's bank loans in the second quarter, the remaining capitalised costs of approximately SEK 9 million related to previous financing were expensed in the second quarter of 2025 and are recognised as financial items. For further information about net financial items, refer to Note 3 Financial income and expenses on page 26.

The Group's tax expense totalled SEK -33 million (-44), corresponding to an effective tax rate of 22 percent (21).

1 JANUARY–30 JUNE 2025

EBIT before depreciation and amortisation of tangible and intangible non-current assets (EBITDA)

EBITDA rose SEK 17 million to SEK 844 million (828), corresponding to an EBITDA margin of 23.4 percent (25.2). The earnings performance was a result of the effects impacting the gross margin as well as a large number of new establishments in 2024.

EBIT before amortisation of intangible non-current assets (EBITA)

EBITA amounted to SEK 506 million (518) and the EBITA margin was 14.0 percent (15.8). The earnings trend was due to the same factors that impacted EBITDA. Depreciation increased slightly as a result of a higher pace of greenfield expansion.

Earnings per share per quarter, SEK

Additional earnings information

EBIT amounted to SEK 441 million (446) as a result of the same factors that impacted EBITA. The EBIT margin was 12.2 percent (13.6).

Profit before tax amounted to SEK 262 million (289) and profit after tax to SEK 201 million (224).

Net financial items amounted to SEK -179 million (-156). For further information about net financial items, refer to Note 3 Financial income and expenses on page 26.

The Group's tax expense totalled SEK -61 million (-65), corresponding to an effective tax rate of 23 percent (22). Non-capitalised loss carryforwards had a negative impact on tax.

		Q2		Jan-Jun			Jan-Dec
MSEK	2025	2024	Δ%	2025	2024	Δ%	2024
EBITDA per segment
Synsam Sweden	276	241	14.6	516	498	3.6	980
Synsam Denmark	63	89	-29.1	115	159	-27.7	294
Synsam Norway	102	92	10.5	164	140	17.3	242
Synsam Finland	33	29	14.4	58	41	41.1	76
Other and central functions	-5	18	-127.7	-9	-11	16.7	3
Total EBITDA	470	469	0.1	844	828	2.0	1,595
Depreciation of tangible non
current assets	-170	-157		-339	-310		-639
Total EBITA	299	312	-4.1	506	518	-2.3	957
Amortisation of intangible non
current assets	-32	-37		-65	-72		-138
EBIT	267	275	-2.8	441	446	-1.0	819
Net financial items	-120	-63		-179	-156		-326
Profit before tax	147	212	-30.6	262	289	-9.5	493
Income tax	-33	-44		-61	-65		-127
PROFIT FOR THE PERIOD	114	168	-32.2	201	224	-10.4	366

Cash flow

OPERATING ACTIVITIES

Cash flow from operating activities before changes in working capital increased to SEK 401 million (375) for the quarter and SEK 643 million (620) for the first half of the year. Cash flow from operating activities after changes in working capital amounted to SEK 413 million (435) for the second quarter and SEK 723 million (653) for the first half of the year. The quarter's change in operating receivables of SEK 270 million and operating liabilities of SEK -229 million is mainly due to a change in the invoicing approach, from gross to net, regarding one of the Group's largest suppliers. Income taxes paid totalled SEK -39 million (-18) for the quarter and SEK -131 million (-73) for the first half of the year.

INVESTING ACTIVITIES

Investments in tangible and intangible non-current assets amounted to SEK 93 million (104) for the second quarter and SEK 183 million (175) for the first half of the year. Refer to "Other financial information" on page 27 and "Reconciliation of alternative performance measures" on pages 29–34. Businesses were acquired for a total of SEK 3 million (0) during the quarter and SEK 3 million (8) for the first half of the year; refer to the section "Acquisitions and establishments."

FINANCING ACTIVITIES

Cash and cash equivalents totalled SEK 575 million (543) at the end of the period. Cash and cash equivalents on 31 December 2024 totalled SEK 420 million. Exchange rate differences in cash and cash equivalents amounted to SEK -1 million (10) for the quarter.

Synsam's loan facilities were refinanced at the end of the second quarter. Existing bank loans of SEK 2,697 million, under a previous loan facility, were repaid and Synsam signed agreements for five-year loan facilities to refinance existing loans. These new loan facilities comprise multicurrency term loan facilities of SEK 2,500 million and a revolving loan facility of SEK 1,000 million, of which SEK 300 million had been utilised by the end of the period. The loans are payable in full upon maturity and run for five years. The banking group consists of Danske Bank, Nordea and Swedbank.

In the first half of the year, own shares were repurchased for SEK 102 million (36). During the second quarter of 2025, dividends of SEK 260 million (266) were paid to Synsam's shareholders.

FINANCIAL POSITION

Loans from financial institutions amounted to SEK 2,793 million (2,516), of which SEK 0 million (468) were current liabilities, compared with SEK 2,608 million on 31 December 2024, of which SEK 0 million were current liabilities. Unutilised credit lines amounted to SEK 678 million (940), compared with SEK 390 million as of 31 December 2024. Lease liabilities totalled SEK 817 million (770), compared with SEK 806 million on 31 December 2024. Net debt totalled SEK 3,040 million (2,753) at the end of the period and SEK 3,002 million on 31 December 2024. If net debt had been calculated not taking IFRS 16 Leases into account, it would have amounted to SEK 2,237 million (1,996) and to SEK 2,209 million at year-end. Shares were repurchased for SEK 102 million (36) during the first half of the year. Net debt was also negatively impacted in the second quarter by a dividend of SEK 260 million (266) paid to Synsam's shareholders. Currency effects on loans from financial institutions increased net debt by SEK 19 million (decrease: 12) during the quarter.

Acquisitions and establishments

16 directly owned stores were opened during the first half of the year and the operations of one former franchisee were acquired. One store was merged with another store and three stores were closed. The acquired operations had only a marginal impact on the Group's sales and earnings.

See below and the table on page 28 for information on changes in the store portfolio in the quarter and period by segment.

SECOND QUARTER

11 directly owned stores were opened during the second quarter and the operations of one former franchisee were acquired. One store was merged with another store during the period.

Synsam Sweden opened six new stores during the second quarter: a new Synsam Megastore in Malmö, a new Synsam Outlet in Visby, the launch of a new premium concept with NK Eyewear & Optics in Stockholm, and new stores in Strömsund, Arninge and Kisa. The former franchise store Synsam Mora was purchased and became a wholly owned Synsam store during the quarter. At the same time, the Södertälje Outlet was merged with the Södertälje Megastore.

In Synsam Denmark, a new store opened in Fredriksberg during the second quarter.

In Synsam Finland, four new stores opened in Tampere, Oulu, Lisalmi and Kerava.

In Other and central functions and in Synsam Norway, there were no changes in the store portfolio during the second quarter.

Number of stores and omniconcept

The total number of stores at the end of the quarter was 598 (565), of which 573 (538) were directly owned stores.

For information about the number of stores per segment, refer to pages 25 and 28.

Synsam has created an integrated omni-concept that weaves together Synsam's digital and physical sales and service channels to provide the best product and service offering and purchasing and service experience for customers.

Important events during the year1

SECOND QUARTER

• Synsam's Annual General Meeting was held on 23 April 2025. The Annual General Meeting resolved to reelect Peter Törnquist, Håkan Lundstedt, Kenneth Bengtsson, Ann Hellenius, Terje List, Gustaf Martin-Löf, Christoffer Sjøqvist, Anna Omstedt and Petra Axdorff. Peter Törnquist was also reelected as Chairman of the Board, and Deloitte AB was reelected as auditor for the period until the end of the next Annual General Meeting.

A dividend of SEK 1.80 per share was also approved by the Annual General Meeting. The Annual General Meeting also resolved to introduce a new long-term incentive programme (LTIP 2025) for the company's Group management and other selected key individuals.

The Meeting also resolved to reduce the share capital by SEK 14,910 by cancelling the 2,135,506 own shares acquired in the first quarter of 2025 to adjust the Company's capital structure. The total number of shares subsequently amounts to 147,864,494. In conjunction with this, a decision was made to increase the share capital by an equivalent amount through a bonus issue.

Synsam Finland was named Service Concept of the Year by Nordic Commercial Spaces & Communities at the NCSC Finland Awards 2025.
During the quarter, a new premium concept within Synsam Group's brand portfolio was introduced when NK Eyewear & Optics opened at the iconic NK department store in Stockholm. By offering a unique combination of luxury brands, clinical expertise, and cutting-edge fashion, NK Eyewear & Optics has positioned itself as a new luxury destination in optical retail.
Synsam's loan facilities were refinanced at the end of the quarter. Synsam signed agreements for five-year loan facilities to refinance existing loans. These new loan facilities comprise multicurrency term loan facilities of SEK 2,500 million and a revolving loan facility of SEK 1,000 million. The banking group consists of Danske Bank, Nordea and Swedbank. The new agreements are expected to lead to lower future financing costs.

¹ Refer to page 18 for events after the end of the period.

• In June, CVC Capital Partners (CVC) completed the sale of its remaining shareholding, corresponding to approximately 16.5 percent of the share capital and votes in Synsam. Following the sale, CVC no longer holds any shares in Synsam. Following the sale, CVC's Board representatives Christoffer Sjøqvist and Gustaf Martin-Löf left the Board. The Board of Directors will remain quorate and continue its work as before.

FIRST QUARTER

Synsam opened a flagship store in central Copenhagen on 21 January. The store is Denmark's largest optical retail store with the widest range of branded frames. The Profil Optik by Synsam flagship store is one of the Group's most impressive establishments and a destination for anyone looking for style, quality and innovation in optical retail.
In accordance with the decision from the Board of Directors of Synsam AB (publ), with the support of the authorisation granted by the Annual General Meeting held on 26 April 2024, 2,135,506 own shares in Synsam have been

purchased for SEK 102 million in accordance with the previously communicated share buy-back programme with the aim of adjusting the company's capital structure.

Synsam was once again ranked as the most sustainable optical retail chain in Sweden. When Sustainable Brand Index™ 2025 presented its annual brand survey, it was clear that Swedish consumers still consider Synsam an industry leader in sustainability.
To meet growing volumes, Synsam's new, expanded e-commerce warehouse opened during the quarter in Spånga, north of Stockholm. The premises also include Synsam's second-hand workshop for the circular second-hand offering. This new warehouse space totals 2,700 square metres, twice as much as the previous premises, enabling more efficient logistics, higher capacity and better customer service throughout the Nordic region.

Performance per segment

Synsam Group comprises four segments: Sweden, Denmark, Norway and Finland. The segments include the sales derived from the various geographic markets, excluding sales that belong to Other and central functions, and the costs directly attributable to these sales. Certain costs are decided at the Group level and are therefore not included in the individual segments, including certain marketing expenses and other central activities and functions,

such as the treasury, finance and IT functions. These costs are recognised in Other and central functions.

Net sales from external customers come from sales of goods (primarily sales of spectacles, sunglasses and contact lenses) as well as eye examinations (services) and revenue from Synsam Lifestyle. Net sales in the segments are also specifically monitored for Synsam Lifestyle.

Synsam Sweden

The increase in sales in the second quarter of 2025 was due to both Synsam Lifestyle subscriptions and the cash business. Six new stores were established during the quarter.

The gross margin strengthened during the quarter compared with the same quarter last year, partially due to the sales mix and supplier negotiations.

The EBITDA margin improved in the second quarter as a result of increased sales and a stronger gross margin. Synsam EyeView is now fully implemented in Sweden and is expected to have a positive impact on both optician capacity and costs for consultant opticians going forward and to lead to a reduction in temporary extra costs associated with the implementation phase.

Approximately 198 thousand eye examinations were carried out in Sweden during the second quarter, of

which approximately 27 thousand (corresponding to 14 percent) with Synsam EyeView.

During the second quarter, the churn rate for Synsam Lifestyle amounted to 2.74 percent (2.32).

Net sales for the quarter increased 11.7 percent. Organic growth was 10.9 percent (8.4) and like-forlike growth was 8.6 percent (6.5). EBITDA rose to SEK 276 million (241).

Growth		Q2	Jan-Jun
2025	%	MSEK	%	MSEK
Organic growth	10.9	89	9.8	153
Acquisitions	0.7	6	0.7	11
Currency	-	-	-	-
Franchise	0.1	1	0.0	0
Total growth	11.7	96	10.4	164

		Q2 Jan-Jun		Jul-Jun	Jan-Dec
MSEK	2025	2024	Δ%	2025	2024	Δ%	24/25	2024
Net sales, Synsam Lifestyle	536	468		1,024	920		1,903	1,798
Net sales, Cash	379	352		709	650		1,352	1,293
Net sales, external	915	820	11.7	1,733	1,570	10.4	3,254	3,091
Organic growth, %	10.9	8.4		9.8	9.5		8.5	8.3
Gross profit	691	604	14.4	1,301	1,192	9.2	2,472	2,363
Gross margin, %	75.1	73.5		74.7	75.7		75.5	76.0
EBITDA	276	241	14.6	516	498	3.6	998	980
EBITDA margin, %	30.1	29.4		29.7	31.6		30.5	31.5
Number of stores/of which, directly owned	268 / 247	257 / 234		268 / 247	257 / 234		268 / 247	262 / 240

Net sales and adjusted EBITDA margin

Number of stores per quarter Sweden

Directly owned Franchise

Synsam Denmark

Organic growth was negative in the second quarter of the year, in a deeply competitive and weaker consumer market. The Danish Credit Agreement Act was amended on 1 July 2023, impacting credit rating assessments for customers of the Danish Lifestyle offering. The application of regulations as a result of this credit legislation means that in addition to new sales, extensions will also be affected as of the first quarter of 2025. Various measures have been taken, including the introduction of Lifestyle Cash, which offers customers the benefits of the Lifestyle solution without making partial payments. In addition, we are upgrading our stores and expanding our store offering. One new store was established during the quarter.

The gross margin strengthened during the quarter, partially due to the sales mix and supplier negotiations.

During the second quarter, the churn rate for Synsam Lifestyle amounted to 4.38 percent (3.50).

Net sales for the quarter decreased 8.2 percent. Organic growth amounted to -3.9 percent (1.8) and like-for-like growth to -6.4 percent (1.8). DKK currency effects had a negative impact of SEK -14 million on net sales in the quarter. EBITDA for the quarter amounted to SEK 63 million (89).

Growth	Q2		Jan-Jun
2025	%	MSEK	%	MSEK
Organic growth	-3.9	-13	-2.8	-17
Acquisitions	-	-	-	-
Currency	-4.4	-14	-2.6	-16
Franchise	0.0	0	0.0	0
Total growth	-8.2	-27	-5.3	-33

		Q2		Jan-Jun			Jul-Jun	Jan-Dec
MSEK	2025	2024	Δ%	2025	2024	Δ%	24/25	2024
Net sales, Synsam Lifestyle	113	144		243	285		514	557
Net sales, Cash	189	185		345	335		651	642
Net sales, external	302	329	-8.2	587	620	-5.3	1,165	1,198
Organic growth, %	-3.9	1.8		-2.8	-0.3		0.7	2.0
Gross profit	226	244	-7.3	443	469	-5.5	883	908
Gross margin, %	74.8	73.9		75.5	75.4		75.8	75.7
EBITDA	63	89	-29.1	115	159	-27.7	250	294
EBITDA margin, %	21.0	27.1		19.6	25.6		21.5	24.6
Number of stores/of which, directly owned	117 / 115	114 / 112		117 / 115	114 / 112		117 / 115	115 / 113

Net sales and adjusted EBITDA margin

Number of stores per quarter Denmark

Directly owned Franchise

Synsam Norway

The increase in sales in the second quarter of 2025 was due to both Synsam Lifestyle subscriptions and the cash business. The implementation of Synsam EyeView also contributed to growth during the quarter.

Approximately 72 thousand eye examinations were carried out in Norway during the second quarter, of which approximately 14 thousand (corresponding to 20 percent) with Synsam EyeView.

The gross margin decreased slightly in the second quarter compared with the previous year, partially as a result of planned stronger campaigns and the sales mix.

The EBITDA margin for the second quarter improved compared to the previous year, despite a somewhat lower gross margin, in part as a result of the cost programmes introduced in 2023, which have resulted in increased efficiency and thereby lower operating expenses as a share of sales.

During the second quarter, the churn rate for Synsam Lifestyle amounted to 2.61 percent (2.48).

Net sales for the quarter increased 5.5 percent. Organic growth amounted to 11.7 percent (10.7) and like-for-like growth to 7.0 percent (8.8). NOK currency effects had a negative impact of SEK -21 million on net sales in the quarter. EBITDA rose to SEK 102 million (92).

Growth	Q2		Jan-Jun
2025	%	MSEK	%	MSEK
Organic growth	11.7	40	15.8	99
Acquisitions	-	-	-	-
Currency	-6.0	-21	-4.6	-29
Franchise	-0.1	0	-0.2	-2
Total growth	5.5 19		10.9	69

	Q2		Jan-Jun			Jul-Jun	Jan-Dec
MSEK	2025	2024	Δ%	2025	2024	Δ%	24/25	2024
Net sales, Synsam Lifestyle	168	159		339	302		657	621
Net sales, Cash	192	182		358	326		672	640
Net sales, external	360	342	5.5	697	628	10.9	1,329	1,260
Organic growth, %	11.7	10.7		15.8	7.6		13.8	9.6
Gross profit	247	237	4.3	491	448	9.6	956	913
Gross margin, %	68.3	69.4		70.3	71.3		71.6	72.2
EBITDA	102	92	10.5	164	140	17.3	266	242
EBITDA margin, %	28.3	27.1		23.5	22.2		20.0	19.2
Number of stores/of which, directly owned	132 / 130	122 / 120		132 / 130	122 / 120		132 / 130	131 / 129

Net sales and adjusted EBITDA margin

Number of stores per quarter Norway

Directly owned Franchise

Synsam Finland

The increase in sales in the second quarter of 2025 was due to both Synsam Lifestyle subscriptions and the cash business. Synsam has been the third largest player in the Finnish market since the fourth quarter of 2024 and continues to advance its position. Four stores opened during the quarter.

The gross margin strengthened during the quarter compared with the same quarter last year, partially due to the sales mix, reduced discounts and supplier negotiations.

The EBITDA margin improved in the second quarter as a result of increased sales and a stronger gross margin.

During the second quarter, the churn rate for Synsam Lifestyle amounted to 2.25 percent (1.88).

Net sales for the quarter increased 11.5 percent. Organic growth was 16.6 percent (24.3). Like-for-like growth in the quarter was 8.6 percent (11.1). EUR currency effects had a negative impact of SEK -10 million on net sales in the quarter. EBITDA rose to SEK 33 million (29).

Growth		Q2	Jan-Jun
2025	%	MSEK	%	MSEK
Organic growth	16.6	32	20.8	73
Acquisitions	-	-	-	-
Currency	-5.1	-10	-3.1	-11
Franchise	-	-	-	-
Total growth	11.5	22	17.7	62

		Q2			Jan-Jun		Jul-Jun	Jan-Dec
MSEK	2025	2024	Δ%	2025	2024	Δ%	24/25	2024
Net sales, Synsam Lifestyle	108	89		208	167		395	354
Net sales, Cash	109	105		203	182		377	356
Net sales, external	217	195	11.5	410	349	17.7	772	710
Organic growth, %	16.6	24.3		20.8	23.2		19.8	20.8
Gross profit	155	130	19.1	293	238	22.7	540	486
Gross margin, %	71.3	66.8		71.2	68.4		69.7	68.2
EBITDA	33	29	14.4	58	41	41.1	93	76
EBITDA margin, %	15.0	14.7		14.2	11.9		12.0	10.7
Number of stores/of which, directly owned	72 / 72	62 / 62		72 / 72	62 / 62		72 / 72	67 / 67

Net sales and adjusted EBITDA margin

Number of stores per quarter Finland

Directly owned Franchise

Other information

Material risks and uncertainties

The company has reviewed and assessed its operational and financial risks as well as uncertainties, which are presented in the 2024 Annual Report. For a complete report on the risks deemed to impact the Group, refer to the 2024 Annual Report.

RISKS RELATED TO THE CURRENT GEOPOLITICAL SITUATION

Synsam has no direct or indirect exposure to Russia or Ukraine. Aside from the impact this conflict had on the business environment in general, it has not had any material financial impact on Synsam. Synsam is monitoring the geopolitical and international security situation.

Synsam is not significantly impacted by increased tariffs on trade with the US.

INFLATION

The rising inflation around the world has impacted Synsam in the form of higher costs. Synsam is continuing to take action to ensure profitability.

Parent Company

Synsam AB (publ), corporate identity number 556946-3358, is the Parent Company of the Group. The Parent Company's operations comprise the ownership and management of shares in subsidiaries and certain management activities. The Parent Company's revenue for the second quarter amounted to SEK 5 million (4). The Parent Company's loss after net financial items amounted to SEK -85 million (-41) for the quarter. Net financial items in the second quarter were negatively impacted by exchange-rate effects of SEK -19 million (10).

Other and central functions

External net sales for Other and central functions primarily comprise sales in the Ai Eyewear webshop, Synsam Hearing stores, sales of goods from the central warehouse to Synsam's franchise stores and a central component of sales for Synsam Lifestyle. External net sales for Other and central functions amounted to SEK 47 million (38) for the second quarter.

EBITDA for Other and central functions totalled SEK -5 million (18) for the quarter. Internal inventory gains for the central warehouse and the production unit are recognised in Other and central functions and had an impact of SEK -21 million (4) on EBITDA for the quarter. Synsam Group's production and innovation centre in Östersund had a positive effect of SEK 1 million (-2) on EBITDA for the quarter.

Capital Markets Day

On 24 September 2025, Synsam will hold a Capital Markets Day for institutional investors, analysts and financial media. The Capital Markets Day will be held in Stockholm at Västra Trädgårdsgatan 19. The event will begin at 1:00 p.m. and is expected to run until 4:30 p.m. The purpose of the Capital Markets Day is to offer in-depth insights into Synsam Group's key strategic focus areas and provide an update on the Group's long-term strategy. Presentations will be given by senior executives from the Group, and participants will have the opportunity to ask questions. The event will be conducted in Scandinavian languages, with real-time English translation, and will also be broadcast digitally. More information and a link to register your interest in taking part are available on Synsam's website.

Financial targets

Growth rate – Synsam Group targets annual organic growth of 8-12 percent in the medium term, depending on the pace of greenfield expansion
Profitability Synsam Group targets an annual adjusted EBITDA margin of 25 percent or more in the medium term, depending on the pace of greenfield expansion
Capital structure Synsam Group targets a net debt / adjusted EBITDA ratio of 2.5x, excluding temporary deviations
Dividend policy Synsam Group aims to pay dividends of 40-60 percent of the net profit for the year

Employees

The average number of full-time equivalent employees during the quarter was 4,180, of whom 3,443 were women (3,641, of whom 2,968 were women). The corresponding figure for full-year 2024 was 3,739, of whom 3,059 were women.

Events after the end of the period

• Synsam is launching smart glasses – connected AI eyewear that combines style, vision and smart technology. Synsam is taking the next step in innovation and customer experience by launching smart glasses – the groundbreaking Ray-Ban

Meta eyewear – in 200 stores across the Nordics. This launch marks the beginning of a new era where style, vision correction, and smart technology are being combined in one seamless product.

Second-hand products are available in all Synsam Group's stores. Synsam is taking the next big step towards a more circular business model as the Group's range of second-hand frames and sunglasses becomes available in all stores throughout the Nordic region. By bringing circularity to almost 600 stores, we are making it easier than ever for customers to make a more sustainable choice, without compromising on style or quality.
The Board of Directors of Synsam AB (publ) has resolved, with the support of the authorization granted by the Annual General Meeting held on 23 April 2025, on the purchase of own shares to adjust the company's capital structure. Own shares can be acquired from 25 August 2025 until 27 Febuary 2026 for a maximum amount of SEK 160 million.

Assurance of the Board

The Board of Directors and the CEO certify that this interim report provides a fair overview of the operations, financial position and earnings of the Parent Company and the Group and describes the material risks and uncertainties facing the Parent Company and the Group companies.

Stockholm, 21 August 2025 Synsam AB (publ) 556946-3358

Peter Törnquist Håkan Lundstedt Petra Axdorff Chairman of the Board President and CEO Board member

Kenneth Bengtsson Ann Hellenius Terje List Board member Board member Board member

Anna Omstedt Board member

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

Financial statements

Condensed consolidated income statement and statement of other comprehensive income

		Q2	Jan-Jun		Jan-Dec
MSEK	2025	2024	2025	2024	2024
Net sales	1,841	1,723	3,549	3,244	6,435
Other operating income	36	20	63	35	87
Total revenue	1,877	1,744	3,612	3,279	6,522
Goods for resale	-495	-443	-937	-813	-1,591
Other external expenses	-205	-177	-396	-351	-711
Personnel costs	-708	-654	-1,435	-1,288	-2,624
EBITDA	470	469	844	828	1,595
Depreciation of tangible
non-current assets	-170	-157	-339	-310	-639
EBITA	299	312	506	518	957
Amortisation of intangible
non-current assets	-32	-37	-65	-72	-138
EBIT	267	275	441	446	819
Financial income	84	84	170	163	326
Financial expenses	-204	-147	-350	-319	-652
Profit before tax	147	212	262	289	493
Income tax	-33	-44	-61	-65	-127
PROFIT FOR THE PERIOD	114	168	201	224	366
Other comprehensive income
Items that have been or may be
reclassified to profit/loss for the period:
-Translation differences for the period,
foreign subsidiaries	50	-4	-18	32	17
COMPREHENSIVE INCOME FOR THE PERIOD	164	164	183	256	383
Profit for the period attributable to Parent Company shareholders	114	168	201	224	366
Comprehensive income for the period attributable to Parent Company shareholders	164	164	183	256	383
Earnings per share before and after dilution, SEK¹	0.79	1.14	1.39	1.52	2.48

¹For information on the change in the number of shares and the average number of shares, refer to the section "Other financial information" on page 27.

Condensed consolidated statement of financial position

	30 Jun	31 Dec
MSEK	2025	2024	2024
ASSETS
Intangible non-current assets	4,385	4,548	4,498
Tangible non-current assets	815	722	787
Right-of-use assets	827	794	818
Financial non-current assets	35	34	37
Deferred tax assets	85	74	71
Total non-current assets	6,147	6,173	6,211
Inventories	874	784	832
Accounts receivable	260	559	607
Current receivables	205	157	175
Cash and cash equivalents	575	543	420
Total current assets	1,913	2,043	2,033
TOTAL ASSETS	8,059	8,216	8,244
EQUITY AND LIABILITIES
Equity¹	2,382	2,478	2,555
Non-current loans from financial institutions	2,793	2,048	2,608
Non-current lease liabilities	432	423	432
Other non-current liabilities, interest-bearing	34	45	46
Deferred tax liabilities	499	508	516
Non-current liabilities, non interest-bearing	14	9	8
Total non-current liabilities	3,771	3,032	3,610
Current loans from financial institutions	-	468	-
Current lease liabilities	385	347	374
Other current liabilities, interest-bearing	-	0	0
Accounts payable	649	1,022	812
Other current liabilities, non-interest-bearing	872	867	893
Total current liabilities	1,906	2,705	2,079
TOTAL EQUITY AND LIABILITIES	8,059	8,216	8,244

Condensed consolidated statement of changes in equity

	30 Jun	31 Dec
MSEK	2025	2024	2024
Equity at beginning of year	2,555	2,516	2,516
Dividends	-260	-266	-266
Share savings program	7	8	7
Repurchase of own shares	-102	-36	-85
Comprehensive income for the period	183	256	383
EQUITY AT END OF PERIOD¹	2,382	2,478	2,555

¹At the end of the reporting period on 30 June 2025, the share capital amounted to SEK 1 million (1), additional paid-in capital to SEK 4,306 million (4,306), the translation reserve to SEK 94 million (127) and retained losses including the results for the period to SEK -2,019 million (-1,955). Equity is entirely attributable to Parent Company shareholders.

Condensed consolidated statement of cash flows

	Q2		Jan-Jun	Jan-Dec
MSEK	2025	2024	2025	2024	2024
Operating activities
Profit before tax	147	212	262	289	493
Adjustments for other non-cash items	90	-13	108	22	58
Depreciation and amortisation	202	194	403	382	777
Income taxes paid	-39	-18	-131	-73	-107
Cash flow from operating activities
before changes in working capital	401	375	643	620	1,220
Cash flow from changes in working capital:
Change in inventories	-29	-14	-82	-69	-118
Change in operating receivables	270	51	335	-67	-132
Change in operating liabilities	-229	23	-173	169	-38
Increased (-) / Decreased (+) funds tied up in	12	60	80	33	-288
working capital
Cash flow from
operating activities	413	435	723	653	933
Investments in intangible non-current assets	-9	-18	-21	-27	-42
Investments in tangible non-current assets	-84	-86	-163	-148	-335
Other investing activities	-3	-1	-3	-11	-21
Cash flow from
investing activities	-95	-105	-186	-187	-398
Repurchase of own shares	-	-	-102	-36	-85
Amortisation of debts to credit institutions¹	-2,697	-	-2,697	-	-470
Amortisation of leasing liabilities	-108	-100	-212	-205	-401
Borrowings ¹	2,790	-	2,890	-	550
Dividends	-260	-266	-260	-266	-266
Cash flow from
financing activities	-275	-366	-382	-506	-672
CASH FLOW FOR THE PERIOD	43	-36	155	-40	-137

CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD	533	568	420	582	582
Exchange rate differences in cash and cash
equivalents	-1	10	1	1	-25
CASH AND CASH EQUIVALENTS AT END OF PERIOD	575	543	575	543	420

¹Refinancing of Synsam's loan facilities took place at the end of the quarter. Borrowings are reduced for loan expenses.

Condensed Parent Company income statement

		Q2		Jan-Jun
MSEK	2025	2024	2025	2024	2024
Operating income	5	4	9	9	17
Operating expenses	-12	-8	-12	-19	-38
EBIT	-7	-4	-3	-11	-20
Financial items	-77	-37	-78	-115	-216
Loss after financial items	-85	-41	-81	-126	-236
Appropriations	-	-	-	-	131
Loss before tax	-85	-41	-81	-126	-105
Income tax	-	-	-	-	-12
LOSS FOR THE PERIOD	-85	-41	-81	-126	-117

Parent Company comprehensive income statement

		Q2	Jan-Jun	Jan-Dec
MSEK	2025	2024	2025	2024	2024
Loss for the period	-85	-41	-81	-126	-117
COMPREHENSIVE INCOME FOR THE PERIOD	-85	-41	-81	-126	-117

Condensed Parent Company balance sheet

	30 Jun	31 Dec
MSEK	2025	2024	2024
ASSETS
Financial non-current assets	6,927	6,927	6,927
Current receivables	168	53	163
Cash and cash equivalents	0	0	0
TOTAL ASSETS	7,095	6,980	7,090
EQUITY AND LIABILITIES
Restricted equity	1	1	1
Non-restricted equity	2,586	3,063	3,022
Total equity	2,587	3,064	3,023
Untaxed reserves	28	9	28
Non-current liabilities	3,212	2,462	3,025
Other current liabilities	1,260	1,436	1,000
Accrued expenses and deferred income	8	8	14
TOTAL EQUITY AND LIABILITIES	7,095	6,980	7,090

Note 1 Accounting policies

Synsam Group applies the International Financial Reporting Standards (IFRS) adopted by the EU. This interim report has been prepared pursuant to IFRS, applying IAS 34 Interim Financial Reporting. The same accounting policies and calculation methods that were used for the 2024 Annual Report have been applied. No new standards, changes or interpretations of existing standards applied from 1 January 2025 are assessed to have had any material impact on the Group's earnings or financial position.

This interim report consists of pages 1–39 and should be read in its entirety. Disclosures according to IAS 34.16A are also presented in other sections of this interim report in addition to the financial statements and associated notes.

The Parent Company prepares its accounts in accordance with the Swedish Annual Accounts Act and RFR 2 and applies the same accounting policies and valuation methods as in the most recent Annual Report. The Parent Company does not apply IFRS 16 Leases in accordance with the exception in RFR 2.

Note 2 Segment information

QUARTERLY DATA, SEGMENTS AND OTHER AND CENTRAL FUNCTIONS

MSEK Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 FY FY NET SALES Synsam Sweden 915 818 3,091 806 715 820 750 2,835 739 676 751 Synsam Denmark 302 286 1,198 288 290 329 292 1,181 277 284 322 Synsam Norway 360 337 1,260 316 316 342 287 1,175 276 308 307	Q1 670 298 284 125 34





Synsam Finland 217 193 710 181 180 195 154 590 154 155 156
Other and central functions 47 75 176 40 58 38 39 124 33 27 30
GROUP 1,841 1,708 6,435 1,631 1,559 1,723 1,521 5,905 1,479 1,450 1,566	1,411
Of which, net sales
Synsam Lifestyle
Synsam Sweden 536 488 1,798 484 395 468 452 1,586 435 370 403	378
Synsam Denmark 113 130 557 133 139 144 141 558 123 133 150	152
Synsam Norway 168 171 621 166 152 159 143 546 139 142 130	135
Synsam Finland 108 99 354 99 88 89 78 290 80 79 70	62
Other and central functions 22 40 82 20 36 14 12 28 4 4 8	12
GROUP 947 928 3,411 902 809 875 824 3,008 780 729 760	739
Of which, net sales
Cash
Synsam Sweden 379 330 1,293 323 320 352 298 1,250 304 306 348	292
Synsam Denmark 189 156 642 155 152 185 151 623 154 150 172	146
Synsam Norway 192 166 640 149 164 182 144 629 137 166 177	149
Synsam Finland 109 94 356 82 93 105 76 299 74 76 86	64
Other and central functions 25 35 94 20 22 24 28 96 29 23 22	21
GROUP 894 780 3,024 728 750 848 697 2,897 699 721 806	672
EBITDA
Synsam Sweden 276 240 980 259 222 241 257 895 252 223 224	196
Synsam Denmark 63 52 294 61 74 89 70 281 51 69 81	79
Synsam Norway 102 62 242 49 53 92 47 236 48 61 83	45
Synsam Finland 33 26 76 14 20 29 13 14 25 22 75	13
Other and central functions -5 -4 3 3 11 18 -28 -46 -18 -5 -8	-15
Total EBITDA 470 375 1,595 387 381 469 358 1,440 348 373 401	318
Depreciation and
amortisation of tangible and
intangible non-current assets -202 -201 -777 -201 -194 -194 -188 -744 -187 -190 -183	-185
EBIT 267 174 819 186 187 275 171 696 161 184 218	133
-120 -59 -326 -74 -96 -63 -93 -281 -69 -68 -55 Net financial items	-89
Profit before tax 147 115 493 112 91 212 77 415 92 115 164	45
2025 2024 2023
MSEK Q2 Q1 FY Q4 Q3 Q2 Q1 FY Q4 Q3 Q2	Q1
EBITDA margin, %

EBITDA margin, %
Synsam Sweden	30.1	29.2	31.5	32.0	30.8	29.4	34.1	31.5	34.1	32.8	29.7	29.2
Synsam Denmark	21.0	18.2	24.6	21.3	25.5	27.1	23.9	23.7	18.3	24.5	25.1	26.5
Synsam Norway	28.3	18.3	19.2	15.6	16.6	27.1	16.5	20.1	17.4	19.6	26.9	15.7
Synsam Finland	15.0	13.3	10.7	7.9	11.3	14.7	8.3	12.6	9.2	16.4	14.0	10.4
GROUP	25.0	21.6	24.5	23.3	24.1	26.9	23.3	24.1	23.2	25.2	25.3	22.3
Number of stores per quarter, Group
Directly owned stores	573	562		560	547	538	526		517	511	504	504
Franchise stores	25	26		26	27	27	27		30	31	32	33
Total	598	588		586	574	565	553		547	542	536	537

For further information about the segments, refer to pages 12-16.

Note 3 Financial income and expenses

		Q2	Jan-Jun	Jan-Dec
MSEK	2025	2024	2025	2024	2024
Financial income
Exchange rate gains¹	-	15	-	-	-
Interest income, Synsam Lifestyle Leasing	74	74	147	145	283
Interest income, other external	12	10	24	18	43
Total	85	99	170	163	326
Financial expenses
Exchange rate losses¹	-44	-	-43	-4	-36
Interest expenses, credit institution	-38	-44	-73	-85	-167
Credit expenses, Synsam Lifestyle Leasing	-103	-105	-201	-203	-396
Interest expenses, IFRS 16 Leases	-10	-10	-21	-20	-40
Other financial expenses²	-10	-3	-13	-7	-13
Total	-206	-162	-350	-319	-652
Net financial items	-120	-63	-179	-156	-326

¹The group's currency exchange differences regarding accounts receivable and accounts payable are

reported in the financial net.

²As a consequence of the refinancing of the Group's bank loans in the second quarter, the remaining capitalized costs related to previous financing of approximately SEK 9 million have been expensed in the second quarter 2025.

Note 4 Financial instruments

Disclosures on financial instruments measured at fair value

The Synsam Group's financial instruments are recognised and measured at amortised cost or at fair value through profit or loss. Measurement at fair value takes place by dividing the measurements into three levels. Synsam does not have any financial instruments measured at fair value.

The existing financial instruments are of the same character and belong to the same measurement categories as those described in the 2024 Annual

Report. The fair value of financial instruments essentially corresponds to the carrying amount since they either have short maturities or, in the case of financial instruments with longer maturities, variable interest or other terms that enable the repayment of liabilities without additional fees. No hedge accounting is applied. The carrying amount of accounts receivable, other receivables, cash and cash equivalents, accounts payable and other liabilities constitutes a reasonable approximation of the fair value.

Note 5 Related-party transactions

The nature and scope of the related-party transactions that took place during the period are in line with the description in the 2024 Annual Report.

Note 7 Acquisitions and establishments

For information on acquisitions and establishments during the period, refer to page 10.

Note 8 Provision for tax dispute

One of the subsidiaries in the Group has an ongoing tax dispute with the Swedish Tax Agency related to the deductibility of intra-Group interest for the 2014 and 2015 income-tax returns. At the end of the second quarter of 2025, a provision corresponding to the reconsideration decision was reserved for a total of SEK 52.8 million, plus penalty interest. The legal process is ongoing, and Synsam's assessment is that the provision is sufficient to fully cover the

dispute and the remaining risk pertains to a possible liquidity flow in the event that the subsidiary loses the tax dispute.

Note 6 Events after the end of the period

refer to page 18.

For information on events after the end of the period,

The Group is also engaged in a tax dispute in Finland regarding VAT and arrears for the tax years 2015 and 2016. The legal process is ongoing, and it expected that an unfavourable outcome would have only a slightly negative impact on the Group.

Other financial information

QUARTERLY DATA

		2025			2024					2023
MSEK	Q2	Q1	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1
Total revenue	1,877	1,735	6,522	1,659	1,583	1,744	1,536	5,985	1,497	1,479	1,584	1,425
EBITDA	470	375	1,595	387	381	469	358	1,440	348	373	401	318
EBITA	299	206	957	219	220	312	205	850	200	222	257	171
EBIT	267	174	819	186	187	275	171	696	161	184	218	133
Net financial items	-120	-59	-326	-74	-96	-63	-93	-281	-69	-68	-55	-89
Profit before tax	147	115	493	112	91	212	77	415	92	115	164	45
Income tax	-33	-28	-127	-37	-26	-44	-21	-105	-30	-25	-24	-25
Profit for the period	114	87	366	76	66	168	56	311	61	90	140	19
EBITDA margin, %	25.0	21.6	24.5	23.3	24.1	26.9	23.3	24.1	23.2	25.2	25.3	22.3
EBITA margin, %	15.9	11.9	14.7	13.2	13.9	17.9	13.4	14.2	13.3	15.0	16.2	12.0
EBIT margin, %	14.2	10.0	12.6	11.2	11.8	15.8	11.1	11.6	10.7	12.4	13.8	9.4
Investments, excluding acquisitions ¹	95	94	385	113	94	106	73	259	76	49	54	79
Maintenance investments	54	67	198	55	52	54	37	166	48	24	45	50
Expansion investments	36	21	163	53	40	38	31	75	25	20	6	24
Strategic investments	6	5	24	5	1	13	4	18	4	5	3	5
Earnings per share, SEK ²	0.79	0.60	2.48	0.51	0.44	1.14	0.38	2.08	0.41	0.61	0.94	0.13

¹Investments in this table include leases for tangible non-current assets, such as cars and optical equipment. However, these have not been included in the Group's cash flow as cash flow from investing activities.

²For information on the change in the number of shares and the average number of shares, refer to the following table "Performance measures."

PERFORMANCE MEASURES

		Q2		Jan-Jun	Jan-Dec
MSEK	2025	2024	2025	2024	2024
Sales measures
Net sales	1,841	1,723	3,549	3,244	6,435
Net sales growth, %	6.9	10.0	9.4	9.0	9.0
Organic growth, %	9.1	9.5	10.8	8.7	9.2
Earnings measures
EBITDA	470	469	844	828	1,595
EBITA	299	312	506	518	957
EBIT	267	275	441	446	819
Margin measures
Gross margin, %	73.1	74.3	73.6	74.9	75.3
EBITDA margin, %	25.0	26.9	23.4	25.2	24.5
EBITA margin, %	15.9	17.9	14.0	15.8	14.7
EBIT margin, %	14.2	15.8	12.2	13.6	12.6
Cash flow measures
Cash flow from operating activities	413	435	723	653	933
Cash flow from operating activities / EBITDA, %	87.8	92.8	85.6	78.9	58.5
Capital structure
Net debt	3,040	2,753	3,040	2,753	3,002
Net debt/Adjusted EBITDA ²	n/a	n/a	1.89	1.78	1.88
Equity/assets ratio, %	29.6	30.2	29.6	30.2	31.0
Return
Return on equity, %²	n/a	n/a	13.8	14.9	14.5
The share
Number of shares at end of period ¹	144,513,242	147,823,748	144,513,242	147,823,748	146,648,748
Average number of shares during the period ¹	144,513,242	147,651,634	144,985,094	147,691,525	147,657,015
Earnings per share before and after dilution, SEK ¹	0.79	1.14	1.39	1.52	2.48

¹The total number of shares at the end of the period amounts to 147,864,494, of which 3,351,252 are repurchased shares in own custody. During the second quarter of 2025, the share capital was reduced by SEK 14,910 through the cancellation of the 2,135,506 own shares acquired in the first quarter of 2025 in order to adjust the Company's capital structure. The total number of shares then amounts to 147,864,494. At the same time, a corresponding increase in the share capital was made through a bonus issue.

²The performance measures net debt/Adjusted EBITDA and Return on equity is calculated based on a rolling 12-month basis for January-June. Since no items affecting comparability were reported for 2025 or the preceding year, adjusted EBITDA corresponds with EBITDA.

NUMBER OF STORES

	Group 30 Jun		Sweden 30 Jun		Denmark 30 Jun		Norway 30 Jun		Finland 30 Jun		Other and central functions 30 Jun
	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024	2025	2024

Directly owned	573	538	247	234	115	112	130	120	72	62	9	10
Franchise	25	27	21	23	2	2	2	2	-	-	-	-
Total	598	565	268	257	117	114	132	122	72	62	9	10

Change in number of stores						Other and central
Apr-Jun 2025	Group	Sweden	Denmark	Norway	Finland	functions
Number of stores at the beginning of the
period	588	263	116	132	68	9
New stores	11	6	1	-	4	-
Acquisition franchise	1	1	-	-	-	-
Terminated franchise	-1	-1	-	-	-	-
Closed stores/Mergers¹	-1	-1	-	-	-	-
Total, net change	10	5	1	-	4	-
Number of stores at the end of the period	598	268	117	132	72	9

¹Merger into taking over store.

Change in number of stores						Other and central
Jan-Jun 2025	Group	Sweden	Denmark	Norway	Finland	functions
Number of stores at the beginning of the period	586	262	115	131	67	11
New stores	16	7	2	1	5	1
Acquisition franchise	1	1	-	-	-	-
Terminated franchise	-1	-1	-	-	-	-
Closed stores/Mergers¹	-4	-1	-	-	-	-3
Total, net change	12	6	2	1	5	-2
Number of stores at the end of the period ¹Merger into taking over store.	598	268	117	132	72	9
AVERAGE NUMBER OF EMPLOYEES				Q2 of whom,		Q2 of whom,
				2025 women	2024	women

AVERAGE NUMBER OF EMPLOYEES

		Q2		Q2
		of whom,		of whom,
		women	2024	women
Synsam Sweden	1,997	1,695	1,771	1,503
Synsam Denmark	583	484	552	442
Synsam Norway	839	684	696	561
Synsam Finland	446	391	366	314
Other and central functions	315	189	256	148
Total	4,180	3,443	3,641	2,968

Average number of employees during the period, full-time equivalents (FTEs).

Reconciliation of alternative performance measures

Synsam applies the ESMA Alternative Performance Measures Guidelines. An alternative performance measure is a financial measure of a company's past or future earnings performance, financial position or cash flow that is not defined in accordance with IFRS. Detailed calculations of the following alternative performance measures are presented below: organic growth, like-for-like growth, EBITDA, adjusted EBITDA, EBITDA margin, adjusted EBITDA margin, EBITA, adjusted EBITA, EBITA margin, adjusted EBITA margin, gross profit, gross margin, the churn rate for Synsam Lifestyle, net debt and investments. These alternative performance measures are used by the management to monitor the Group's operations. Synsam is of the opinion that these performance measures provide valuable supplementary information to enable management, investors and other stakeholders to assess the company's performance. EBIT provides information about the Group's operating profitability. EBITDA and EBITA also provide information about the Group's operating profitability but before the non-cash items of depreciation and amortisation of tangible and intangible non-current assets with respect to EBITDA and before amortisation of intangible noncurrent assets with respect to EBITA. Adjusted EBITDA and Adjusted EBITA provide better information about the Group's capacity to generate

earnings than EBITDA and EBITA since the adjusted measures do not include items affecting comparability. Gross profit is a performance measure that shows the Group's profit in the form of total revenue less costs for goods for resale. Organic growth provides information about the Group's capacity to generate growth through its concepts, excluding acquisitions, currency effects and franchise sales, but including the opening of new stores. Like-for-like growth provides information about the Group's capacity to generate growth in comparable stores. Churn rate, Synsam Lifestyle is an important tool for measuring customer loyalty in the subscription business. Net debt provides the most relevant information concerning the Group's financial position and is also included as a component of the Group's financial target. Investments provide information about the types of investments the Group makes and a reconciliation against cash flow.

For reconciliations of the alternative performance measures for full-year 2024, see complete reconciliations and detailed calculations in Synsam's year-end report for 2024 (pages 30–35) on our website

https://www.synsamgroup.com/en/investorrelations/reports-and-presentations/

Organic growth, %
Apr-Jun 2025	Group	Sweden	Denmark	Norway	Finland
Net sales growth	6.9	11.7	-8.2	5.5	11.5
Net effect of acquisitions ¹	-0.3	-0.7	-	-	-
Currency	2.6	-	4.4	6.0	5.1
Franchise stores	0.0	-0.1	0.0	0.1	-
Organic growth	9.1	10.9	-3.9	11.7	16.6