Addtech AB

Quarterly Report • Feb 7, 2024

INTERIM REPORT 1 APRIL - 31 DECEMBER 2023

THIRD QUARTER (1 OCTOBER - 31 DECEMBER 2023)

• Net sales increased by 7 percent and amounted to SEK 4,960 million (4,653).
• Operating profit before amortisation of intangible non-current assets (EBITA) increased by 7 percent and amounted to SEK 674 million (630) corresponding to an EBITA margin of 13.6 percent (13.5).
• Operating profit increased by 5 percent and amounted to SEK 564 million (536) corresponding to an operating margin of 11.4 percent (11.5).
• Profit after tax increased by 4 percent and amounted to SEK 401 million (387) and earnings per share before/after dilution amounted to SEK 1.45 (1.40).

PERIOD (1 APRIL - 31 DECEMBER 2023)

• Net sales increased by 11 percent and amounted to SEK 14,928 million (13,447).
• Operating profit before amortisation of intangible non-current assets (EBITA) increased by 18 percent and amounted to SEK 2,097 million (1,782) corresponding to an EBITA margin of 14.0 percent (13.3).
• Operating profit increased by 18 percent and amounted to SEK 1,777 million (1,507) corresponding to an operating margin of 11.9 percent (11.2).
• Profit after tax increased by 13 percent and amounted to SEK 1,240 million (1,093) and earnings per share before/after dilution amounted to SEK 4.45 (3.90). For the latest twelve month period earnings per share before dilution amounted to SEK 6.10 (5.10) and after dilution to SEK 6.10 (5.05).
• Return on working capital (P/WC) amounted to 68 percent (65).
• Return on equity amounted to 29 percent (31) and the equity ratio amounted to 38 percent (35).
• Cash flow from operating activities amounted to SEK 1,894 million (1,100). For the latest twelve month period, cash flow per share from operating activities amounted to SEK 10.05 (5.25).
• Since the start of the financial year nine acquisitions have been completed, with total annual sales of about SEK 800 million.

Group Summary		3 months			9 months			Rolling 12 months
	31 Dec	31 Dec		31 Dec	31 Dec		31 Dec	31 Mar
SEKm	2023	2022	∆	2023	2022	∆	2023	2023
Net sales	4,960	4,653	7%	14,928	13,447	11%	20,195	18,714
EBITA	674	630	7%	2,097	1,782	18%	2,855	2,540
EBITA-margin %	13.6	13.5		14.0	13.3		14.1	13.6
Profit after financial items	516	492	5%	1,604	1,394	15%	2,215	2,005
Profit for the period	401	387	4%	1,240	1,093	13%	1,701	1,554
Earnings per share before dilution, SEK	1.45	1.40		4.45	3.90		6.10	5.55
Earnings per share after dilution, SEK	1.45	1.40		4.45	3.90		6.10	5.55
Cash flow from operating activities per
share, SEK	-	-		-	-		10.05	7.10
Return on equity, %	29	31		29	31		29	32
Equity ratio, %	38	35		38	35		38	36

Comparisons in parentheses refer to the corresponding period of the previous year, unless stated otherwise.

CEO´S COMMENTS

THIRD QUARTER - STABLE AT A HIGH LEVEL

We summarise a stable quarter with continued high demand. Overall sales increased by 7 percent, 2 percent of which was organic. Our focus on increased added value, a favourable product mix and good acquisition outcomes, gave EBITA growth of 7 percent with a strengthened EBITA margin of 13.6 percent (13.5). Cash flow strengthened over the quarter and we welcomed three new profitable companies, with strong niche positions, into the Group. Despite a challenging international situation, our entrepreneurial companies again showed their strength.

MARKET TREND

Overall, the business situation remained stable. The market remained strong for infrastructure products for national and regional power grids, as well as for products and solutions for the defence industry. Sales development in the electronics, engineering and building and installation segments was stable overall, and it was good in the process industry. Demand in the medical industry and special vehicles weakened slightly from high levels. In the forest industry, the willingness to invest in new projects remained at a low level, while aftermarket demand weakened. From a geographical perspective, the market situation was stable in Sweden while it weakened in Finland and Denmark but was strong in Norway. In our principal markets outside Nordic region, the business situation was weaker for our companies operating in the Benelux and DACH regions primarily due to strong comparison figures, while it remained strong in the UK.

Cash flow from continuing operations strengthened, amounting to SEK 744 million (576) for the quarter, driven by continued earnings growth, good operating margins, as well as measures for the more efficient management of working capital. By means of a clear focus among our companies, inventory levels fell over the period and P/WC increased from already high levels to 68 percent.

ACQUISITIONS

Our strong balance sheet and generally positive view of the acquisitions market mean that we are continuing to fill and process our replete pipeline with attractive acquisition candidates in all business areas. Over the financial year to date, we have completed nine acquisitions representing combined annual sales SEK 800 million. Acquired in the third quarter were Control Cutter AS of Norway, which provides technical solutions for decommissioning of oil and gas wells, BV Technology A/S of Denmark, which offers customized production solutions for the automation industry and Kemic Vandrens A/S of Denmark, which is a leading supplier of water purification solutions and equipment. All three bring considerable added technical value and superior profitability in line with our strategy.

OUTLOOK

On an overarching level, we see continued high customer activity, while there is a certain variation between segments and within them. The strength of our strategic positions and well-diversified portfolio of entrepreneurial niche companies means that we are well equipped and, despite the the varying market situation, we strengthened our order book over the quarter. The quality of our well-filled order books, combined with our strong financial position and capacity to capture potential through rapid adaptation to market changes, cause me to perceive favourable conditions for continued value growth.

Niklas Stenberg President and CEO

GROUP DEVELOPMENT

Sales development

Net sales in the Addtech Group increased in the third quarter by 7 percent to SEK 4,960 million (4,653). The organic growth amounted to 2 percent and acquired growth amounted to 4 percent. Exchange rate changes affect net sales positively with 1 percent, corresponding to SEK 55 million.

Net sales in the Addtech Group during the period increased by 11 percent to SEK 14,928 million (13,447). The organic growth amounted to 3 percent and acquired growth amounted to 5 percent. Exchange rate changes affect net sales positively with 3 percent, corresponding to SEK 440 million.

Profit development

EBITA in the third quarter amounted to SEK 674 million (630), representing an increase of 7 percent. Operating profit increased during the quarter by 5 percent to SEK 564 million (536) and the operating margin amounted to 11.4 percent (11.5). Net financial items amounted to SEK -48 million (-44) and profit after financial items increased by 5 percent to SEK 516 million (492).

Profit after tax increased by 4 percent to SEK 401 million (387) corresponding to earnings per share before/after dilution of SEK 1.45 (1.40).

EBITA for the period amounted to SEK 2,097 million (1,782), representing an increase of 18 percent. Operating profit increased during the period by 18 percent to SEK 1,777 million (1,507) and the operating margin amounted to 11.9 percent (11.2). Net financial items were SEK -173 million (-113) and profit after financial items increased by 15 percent to SEK 1,604 million (1,394).

Profit after tax for the period increased by 13 percent to SEK 1,240 million (1,093) and the effective tax rate amounted to 23 percent (22). Earnings per share before/after dilution for the period amounted to SEK 4.45 (3.90). For the latest twelve month period, earnings per share before dilution amounted to SEK 6.10 (5.10) and after dilution to SEK 6.10 (5.05).

Net sales and EBITA margin, rolling 12 months

DEVELOPMENT IN THE BUSINESS AREAS

AUTOMATION

Net sales in Automation in the third quarter amounted to SEK 868 million (877) and EBITA amounted to SEK 104 million (105). Net sales during the period increased by 7 percent to SEK 2,627 million (2,448) and EBITA increased by 9 percent to SEK 327 million (301).

Market

The business situation was stable for the Automation business area as a whole in the third quarter. Demand was stable in the mechanical industry and increased somewhat in the process industry, while it was weak in medical technology. The companies operating in defence had the strongest market situation.

ELECTRIFICATION

Net sales in Electrification increased in the third quarter by 1 percent to SEK 1,007 million (1,001) and EBITA amounted to SEK 112 million (118). Net sales during the period increased by 6 percent to SEK 3,060 million (2,888) and EBITA increased by 6 percent to SEK 379 million (358).

Market

On the whole, the Electrification business area had a stable business situation in the third quarter. The market situation was favourable in electronics production and vehicle electrification and was strong in defence. Demand was also stable in data and telecommunications, as well as in energy, while it was weak in building and installation, medical technology, electronics and the mechanical industry. Revaluations of contingent purchase considerations affected profit negatively by about SEK 2 million, with restructuring costs having a further impact of about SEK 3 million.

ENERGY

Net sales in Energy increased in the third quarter by 3 percent to SEK 1,306 million (1,267) and EBITA increased by 1 percent to SEK 171 million (169). Net sales during the period increased by 7 percent to SEK 4,031 million (3,774) and EBITA increased by 12 percent to SEK 541 million (484).

Market

In the third quarter, the Energy business area had a positive business situation and stable demand at a high level. The business situation was strong for infrastructure products for updating and building out national and regional power grids, while, on the whole, it was stable in building and installation, as well as in the mechanical industry. In the build-out of fiber optic networks, the market situation was weak, while it was positive for units operating in niche products for electricity distribution and somewhat improved in wind power. The revaluation of contingent purchase considerations affected profit for the quarter negatively by about SEK 3 million.

INDUSTRIAL SOLUTIONS

Net sales in Industrial Solutions increased in the third quarter by 13 percent to SEK 906 million (802) and EBITA increased by 26 percent to SEK 188 million (148). Net sales during the period increased by 16 percent to SEK 2,664 million (2,299) and EBITA increased by 36 percent to SEK 539 million (395).

Market

The business situation was favourable for the Industrial Solutions business area as a whole over the quarter. For the companies exposed to the forest and sawmill industries, sales were very good, with favourable operating margins. Demand for new projects improved somewhat from low levels. The market situation was stable in waste and recycling, while it was weak in the mechanical industry, as well as in special vehicles. The business area was affected positively by an unrealised exchange rate gain of about SEK 11 million over the quarter.

PROCESS TECHNOLOGY

Net sales in Process Technology increased in the third quarter by 23 percent to SEK 878 million (713) and EBITA increased by 26 percent to SEK 119 million (94). Net sales during the period increased by 25 percent to SEK 2,565 million (2,057) and EBITA increased by 31 percent to SEK 355 million (272).

Market

For the Process Technology business area as a whole, the business situation was favourable in the third quarter. Sales in the process industry were highly favourable, particularly in oil and gas, as well as for the companies operating in energy and the marine segment, while sales of components and solutions for the aftermarket and services decreased. The market situation was stable in medical technology and the mechanical industry, while it was weak in the forestry industry and special vehicles.

OTHER FINANCIAL INFORMATION

Profitability, financial position and cash flow

The return on equity at the end of the period was 29 percent (31) and return on capital employed was 22 percent (21). Return on working capital P/WC (EBITA in relation to working capital) amounted to 68 percent (65).

At the end of the period the equity ratio amounted to 38 percent (35). Equity per share, excluding non-controlling interest, totalled SEK 20.75 (17.70). The Group's net debt at the end of the period amounted to SEK 4,543 million (4,586), excluding pension liabilities of SEK 249 million (264). The net debt/equity ratio, calculated on the basis of net debt excluding provisions for pensions amounted to 0.7 (0.9).

Cash and cash equivalents consisting of cash and bank equivalents and approved but non-utilised credit facilities amounted to SEK 1,762 million (1,622) at 31 December 2023.

Cash flow from operating activities amounted to SEK 1,894 million (1,100) during the period. Company acquisitions and disposals including settlement of contingent consideration regarding acquisitions implemented in previous years amounted to SEK 1,121 million (1,135). Investments in non-current assets totalled SEK 138 million (100) and disposal of non-current assets amounted to SEK 15 million (5). Repurchase of treasury shares amounted to SEK 0 million (31) and repurchase of call options amounted to SEK 32 million (58). Exercised and issued call options totalled SEK 45 million (41). Dividend paid to the shareholders of the Parent Company totalled SEK 674 million (485), corresponding to SEK 2.50 (1.80) per share. The dividend was paid out in the second quarter.

Employees

At the end of the period, the number of employees was 4,146 compared to 3,911 at the beginning of the financial year. During the period, completed acquisitions resulted in an increase of the number of employees by 191. The average number of employees in the latest twelve month period was 4,041.

Ownership structure

At the end of the period the share capital amounted to SEK 51.1 million.

	Number of	Number of	Percentage of	Percentage of
Class of shares	shares	votes	capital	votes
Class A shares, 10 votes per share	12,885,744	128,857,440	4.7%	33.1%
Class B shares, 1 vote per share	259,908,240	259,908,240	95.3%	66.9%
Total number of shares before repurchases	272,793,984	388,765,680	100.0%	100.0%
Repurchased class B shares	-3,057,192		1.1%	0.8%
Total number of shares after repurchases	269,736,792

Addtech has four outstanding call option programmes for a total of 2,505,480 shares. Call options issued on repurchased shares entail a dilution effect of about 0.1 percent during the latest twelve month period. Addtech's own shareholdings fully meet the needs of the outstanding call option programmes.

Outstanding	Number of	Corresponding number of	Proportion of total	Exercise price per	Exercise price per
programme	options	shares	shares	option	share	Expiration period
2023/2027	674,500	674,500	0.2%	221.00	221.00	7 Sep 2026 - 9 Jun 2027
2022/2026	825,910	825,910	0.3%	180.10	180.10	8 Sep 2025 - 10 Jun 2026
2021/2025	768,070	768,070	0.3%	214.40	214.40	9 Sep 2024 - 11 Jun 2025
2020/2024	59,250	237,000	0.1%	538.10	134.53	4 Sep 2023 - 5 Jun 2024
Total	2,327,730	2,505,480

Acquisitions and disposals

During the period 1 April to 30 September 2023 the following acquisitions were completed; Electrum Automation AB, Sweden, was acquired to become part of the Electrification business area. S. Tygesen Energi A/S, Denmark, was acquired to become part of the Energy business area. Feritech Global Ltd., Great Britain, and Darby Manufacturing Ltd., Canada, were acquired to become part of the Industrial Solutions business area. INDAG Maschinenbau GmbH, Germany, and Clyde Holding Ltd., Great Britain, were acquired to become part of the Process Technology business area.

On 31 October, 89 percent of the shares in Control Cutter AS, Norway, was acquired to become part of the Industrial Solutions business areas. Control Cutter provides leading technical solutions to the global offshore market for the decommissioning of oil and gas wells. Through its patented solutions the company offers efficient, safe and reliable conductor recovery and subsea cutting. The company has 18 employees and sales of around NOK 160 million.

On 13 November, BV Teknik A/S, Denmark, was acquired to become part of the Automation business area. BV Teknik designs and builds customized production solutions and other high-tech equipment for the automation industry with focus on medical technology. The company has 24 employees and sales of around DKK 55 million.

On 19 December, an agreement to acquire 80 percent of the shares in Kemic Vandrens A/S, Denmark, was signed to become part of the Process Technology business area. Kemic is a leading supplier of water purification plants and solutions. The company offers design and construction of new-builds, mobile waterworks as well as renovation and service agreements, primarily towards Danish industrial customers and water utilities. The company has 20 employees and sales of around DKK 60 million. The closing took place on 3 January.

The purchase price allocation calculations for the acquisitions completed during the period 1 April - 31 December 2022 have now been finalised. No significant adjustments have been made to the calculations. Acquisitions completed as of the 2022/2023 financial year are distributed among the Group's business areas as follows:

			Net
		Acquired	sales,	Number of
Acquisitions 2022/2023	Closing	share, %	SEKm*	employees*	Business Area
Intertrafo Oy, Finland	April, 2022	100	30	15	Energy
Electric Control Systems Automation AS,
Norway	April, 2022	100	75	31	Process Technology
Impulseradar Sweden AB, Sweden	April, 2022	88	80	27	Industrial Solutions
C.K. Environment A/S, Denmark	May, 2022	100	40	14	Process Technology
Arruti Group, Spain	June, 2022	100	280	90	Energy
Gotapack International AB, Sweden	July, 2022	100	25	5	Process Technology
Allied Insulators Ltd., Great Britain	August, 2022	100	75	15	Energy
Advanced Valve Solutions B.V.,
Netherlands	December, 2022	100	140	27	Process Technology
MCS Europe Group B.V., Netherlands	January, 2023	100	75	19	Automation
Drivhuset AB, Sweden	January, 2023	100	35	7	Industrial Solutions
			Net
		Acquired	sales,	Number of
Acquisitions 2023/2024	Closing	share, %	SEKm*	employees*	Business Area
INDAG Maschinenbau GmbH, Germany	April, 2023	90	55	40	Process Technology
Clyde Holding Ltd., Great Britain	April, 2023	100	150	49	Process Technology

Feritech Global Ltd., Great Britain May, 2023 90 55 21 Industrial Solutions Electrum Automation AB, Sweden June, 2023 100 80 22 Electrification Darby Manufacturing Ltd., Canada June, 2023 100 50 14 Industrial Solutions

Control Cutter AS, Norway October, 2023 89 160 18 Industrial Solutions BV Teknik A/S, Denmark November, 2023 100 85 24 Automation Kemic Vandrens A/S, Denmark January, 2024 80 95 20 Process Technology

S. Tygesen Energi A/S, Denmark June, 2023 100 75 3 Energy

^* Refers to assessed condition at the time of acquisition on a full-year basis.

If all acquisitions which have taken effect during the period had been completed on 1 April 2023, their impact would have been an estimated SEK 555 million on Group net sales, about SEK 110 million on operating profit and about SEK 80 million on profit after tax for the period.

Addtech normally employs an acquisition structure comprising basic purchase consideration and contingent consideration. The outcome of contingent purchase considerations is determined by the future earnings reached by the companies and is subject to a fixed maximum level. Of considerations not yet paid for acquisitions during the financial year, the discounted value amounts to SEK 244 million. The contingent purchase considerations fall due for payment within four years and the outcome is subject to a maximum of SEK 304 million.

Transaction costs for acquisitions that resulted in an ownership transfer during the period, amounted to SEK 25 million (8) and are reported under Selling expenses.

Revaluation of contingent consideration had a negative net effect of SEK -5 million (+23) during the period. The impact on profits is reported under Other operating income and Other operating expenses, respectively.

According to the preliminary acquisitions analyses, the assets and liabilities included in the acquisitions were as follows, during the period:

Fair value
SEKm	31 Dec 2023	31 Dec 2022
Intangible non-current assets	644	491
Other non-current assets	125	36
Inventories	131	143
Other current assets	371	342
Deferred tax liability/tax asset	-163	-111
Other liabilities	-256	-148
Acquired net assets	852	753
1) Goodwill	638	485
2) Non-controlling interests	-84	-28
3) Consideration	1,406	1,210
Less: cash and cash equivalents in acquired businesses	-186	-128
Less: consideration not yet paid	-250	-140
Effect on the Group's cash and cash equivalents	970	942

¹⁾ Goodwill is justified by expected future sales trend and profitability as well as the personnel included in the acquired companies.

Parent Company

Parent Company's net sales during the period amounted to SEK 71 million (62) and profit after financial items was SEK -4 million (-64). Net investments in non-current assets were SEK 0 million (0). The Parent Company's financial net debt was SEK 142 million (595) at the end of the period.

²⁾ Non-controlling interests have been measured at fair value, which entails that goodwill is also reported for non-controlling interests.

³⁾ The consideration is stated excluding transaction costs for the acquisitions.

OTHER DISCLOSURES

Accounting policies

The interim report has been prepared in accordance with IFRS as adopted by the EU, with IAS 34 Interim Financial Reporting being applied. Apart from in the financial statements and their accompanying notes, disclosures in accordance with IAS 34.16A also appear in other parts of the interim report. The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act and the Securities Market Act, which is in accordance with the provisions of RFR 2 Accounting for Legal Entities.

In the interim report, the same accounting principles and bases of calculation have been applied as in the most recent annual report. There are no new IFRS or IFRIC pronouncements endorsed by the EU that are applicable for Addtech or that have a significant impact on the Group's result of operations and position in 2023/2024.

Alternative performance measures

The Company presents certain financial measures in the interim report that are not defined according to IFRS. The Company believes that these measures provide valuable supplemental information to investors and the Company's management as they allow for evaluation of trends and the Company's performance. Since all companies do not calculate financial measures in the same way, they are not always comparable to measures used by other companies. These financial measures should therefore not be considered to be a replacement for measurements as defined under IFRS. For definitions and reconciliation tables of the performance measures that Addtech uses, please see page 18-21.

Risks and factors of uncertainty

Addtech's profit and financial position, as well as its strategic position, are affected by a number of internal factors under Addtech's control and by a number of external factors over which Addtech has limited influence. The risk factors of greatest significance to Addtech are the economic situation, or other events affecting the economy, such as the worldwide COVID-19 pandemic, as well as geopolitical conflicts, such as Russia's invasion of Ukraine, in combination with structural changes and the competitive situation.

Please see section Risks and uncertainties (page 59-61) in the annual report for 2022/2023 for further details.

The Parent Company is indirectly affected by the above risks and uncertainty factors due to its role in the organisation.

Transactions with related parties

No transactions between Addtech and related parties that have significantly affected the Group's or the parent company's position and its earnings have taken place during the period.

Seasonal effects

Addtech's sales of high-tech products and solutions in the manufacturing industry and infrastructure are not subject to major seasonal variations. The number of production days and customers' demand and willingness to invest can vary over the quarters.

Nomination committee

The 2023 Annual General Meeting authorised the Board Chairman to establish a nomination committee for upcoming elections to the Board, by appointing members among representatives of the five shareholders who controlled the largest number of votes in the Company at 31 December 2023, to serve on the nomination committee. In accordance with the above, the committee comprises these appointed members: Anders Börjesson (appointed by Tisenhult Invest AB), Henrik Hedelius (appointed by Tom Hedelius), Marianne Nilsson (appointed by Swedbank Robur Fonder), Leif Almhorn (appointed by SEB Investment Management) and Per Trygg (appointed by Lannebo Fonder). Information on how to contact the committee is available on the Addtech website.

Events after the end of the period

No events requiring reporting have occurred after the end of the period.

Stockholm February 7, 2024

Niklas Stenberg

President and CEO

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

FURTHER INFORMATION

Publication

This information is information that Addtech AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 8.15 a.m. CET on 7 February 2024.

Future information

2024-05-16 Year-end report 1 April 2023 - 31 March 2024

2024-07-12 Interim report 1 April - 30 June 2024

2024-08-22 Annual General Meeting 2024 will be held at IVA, Grev Turegatan 16, Stockholm at 4.00 p.m.

The Group's annual report for 2023/2024 will be published on Addtech's website in July 2024.

For further information, please contact:

Niklas Stenberg, President and CEO, +46 8 470 49 00 Malin Enarson, CFO, +46 705 979 473

BUSINESS AREA

Net sales by business area		2023/2024		2022/2023
Quarterly data, SEKm	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Automation	868	862	897	962	877	810	761
Electrification	1,007	1,029	1,024	1,149	1,001	958	929
Energy	1,306	1,297	1,428	1,355	1,267	1,256	1,251
Industrial Solutions	906	835	923	937	802	709	788
Process Technology	878	863	824	875	713	690	654
Group items	-5	-7	-7	-11	-7	-5	-7
Addtech Group	4,960	4,879	5,089	5,267	4,653	4,418	4,376

EBITA by business area		2023/2024			2022/2023
Quarterly data, SEKm	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Automation	104	114	109	126	105	105	91
Electrification	112	137	130	143	118	126	114
Energy	171	172	198	176	169	159	156
Industrial Solutions	188	194	157	190	148	115	132
Process Technology	119	124	112	125	94	91	87
Group items	-20	-14	-10	-2	-4	-14	-10
EBITA	674	727	696	758	630	582	570
Depr. of intangible non-current assets	-110	-109	-101	-98	-94	-93	-88
– of which acquisitions	-104	-101	-96	-91	-88	-87	-84
Operating profit	564	618	595	660	536	489	482

Net sales		3 months		9 months		Rolling 12 months
SEKm	31 Dec 2023	31 Dec 2022	31 Dec 2023	31 Dec 2022	31 Dec 2023	31 Mar 2023
Automation	868	877	2,627	2,448	3,589	3,410
Electrification	1,007	1,001	3,060	2,888	4,209	4,037
Energy	1,306	1,267	4,031	3,774	5,386	5,129
Industrial Solutions	906	802	2,664	2,299	3,601	3,236
Process Technology	878	713	2,565	2,057	3,440	2,932
Group items	-5	-7	-19	-19	-30	-30
Addtech Group	4,960	4,653	14,928	13,447	20,195	18,714

EBITA and EBITA-margin			3 months				9 months				Rolling 12 months
		31 Dec 2023 31 Dec 2022			31 Dec 2023		31 Dec 2022		31 Dec 2023		31 Mar 2023
	SEKm		% SEKm	%	SEKm		% SEKm	%	SEKm		% SEKm	%
Automation	104	11.9	105	12.0	327	12.4	301	12.3	453	12.6	427	12.5
Electrification	112	11.2	118	11.7	379	12.4	358	12.4	522	12.4	501	12.4
Energy	171	13.1	169	13.4	541	13.4	484	12.8	717	13.3	660	12.9
Industrial Solutions	188	20.6	148	18.5	539	20.2	395	17.2	729	20.2	585	18.1
Process Technology	119	13.5	94	13.2	355	13.8	272	13.2	480	14.0	397	13.5
Group items	-20		-4		-44		-28		-46		-30
EBITA	674	13.6	630	13.5	2,097	14.0	1,782	13.3	2,855	14.1	2,540	13.6
Depr. of intangible non
current assets	-110		-94		-320		-275		-418		-373
– of which acquisitions	-104		-88		-301		-259		-392		-350
Operating profit	564	11.4	536	11.5	1,777	11.9	1,507	11.2	2,437	12.1	2,167	11.6

DISAGGREGATION OF REVENUE

Net sales by the customer's				3 months
geographical location				31 Dec 2023
				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Sweden	209	256	315	267	178	-	1,225
Denmark	166	65	222	8	140	0	601
Finland	153	110	89	193	88	-	633
Norway	56	80	254	61	121	-	572
Other Europe	256	443	352	233	263	-	1,547
Other countries	27	53	74	142	86	-	382
Group items	1	0	0	2	2	-5	-
Total	868	1,007	1,306	906	878	-5	4,960

Net sales by the customer's				9 months
geographical location				31 Dec 2023
				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Sweden	632	778	971	784	519	-	3,684
Denmark	501	197	686	25	408	0	1,817
Finland	465	332	274	567	258	-	1,896
Norway	171	244	784	180	354	-	1,733
Other Europe	774	1,346	1,087	686	769	-	4,662
Other countries	81	160	228	418	249	-	1,136
Group items	3	3	1	4	8	-19	-
Total	2,627	3,060	4,031	2,664	2,565	-19	14,928

Net sales by the customer's				3 months
geographical location	31 Dec 2022
				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Sweden	199	269	332	284	161	-	1,245
Denmark	173	84	286	9	120	0	672
Finland	152	107	96	140	98	0	593
Norway	53	91	222	33	110	-	509
Other Europe	259	393	260	189	150	-	1,251
Other countries	40	55	70	147	71	-	383
Group items	1	2	1	0	3	-7	-
Total	877	1,001	1,267	802	713	-7	4,653

Net sales by the customer's				9 months
geographical location		31 Dec 2022
				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Sweden	556	776	990	813	466	-	3,601
Denmark	483	244	852	25	346	1	1,951
Finland	424	310	287	402	282	0	1,705
Norway	146	261	661	95	317	-	1,480
Other Europe	724	1,133	773	541	434	-	3,605
Other countries	111	159	209	422	204	-	1,105
Group items	4	5	2	1	8	-20	-
Total	2,448	2,888	3,774	2,299	2,057	-19	13,447

3 months 31 Dec 2023

				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Building & Installation	41	68	254	25	24	-	412
Data & Telecommunications	40	41	91	0	1	-	173
Electronics	60	254	54	2	5	0	375
Energy	43	151	606	8	149	-	957
Vehicles	57	163	14	321	48	-	603
Medical technology	146	115	7	5	52	-	325
Mechanical industry	227	87	74	91	113	-	592
Forestry & Process	89	15	23	298	293	-	718
Transport	37	19	132	56	143	-	387

Other 127 94 51 98 48 - 418 Group items 1 0 0 2 2 -5 - Total 868 1,007 1,306 906 878 -5 4,960

9 months
31 Dec 2023

		Net sales per customer's segment
--	--	----------------------------------	--

				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Building & Installation	122	207	782	75	71	-	1,257
Data & Telecommunications	120	123	282	1	3	-	529
Electronics	181	772	167	8	13	0	1,141
Energy	130	458	1,871	22	436	-	2,917
Vehicles	174	495	42	943	141	-	1,795
Medical technology	443	350	22	14	153	-	982
Mechanical industry	687	264	229	269	330	-	1,779
Forestry & Process	270	46	71	876	855	-	2,118
Transport	112	57	407	164	416	-	1,156
Other	385	285	157	288	139	-	1,254

3 months

Net sales per customer's segment

31 Dec 2022
Industrial	Process	Group
Solutions	Technology	items

				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Building & Installation	26	57	233	21	12	-	349
Data & Telecommunications	40	51	109	0	0	-	200
Electronics	65	195	60	3	8	0	331
Energy	63	147	595	6	91	-	902
Vehicles	53	154	14	292	45	-	558
Medical technology	145	172	14	5	50	-	386
Mechanical industry	254	86	74	81	109	-	604
Forestry & Process	92	12	37	250	228	-	619
Transport	36	18	104	61	119	-	338
Other	102	107	26	83	48	0	366
Group items	1	2	1	0	3	-7	-
Total	877	1,001	1,267	802	713	-7	4,653

Group items 3 3 1 4 8 -19 - Total 2,627 3,060 4,031 2,664 2,565 -19 14,928

9 months

Net sales per customer's segment

	31 Dec 2022

				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Building & Installation	74	165	695	59	35	-	1,028
Data & Telecommunications	112	148	325	1	1	-	587
Electronics	182	562	178	10	22	1	955
Energy	174	426	1,772	16	263	-	2,651
Vehicles	149	444	41	836	130	-	1,600
Medical technology	405	496	43	15	145	-	1,104
Mechanical industry	708	248	221	233	313	-	1,723
Forestry & Process	257	34	110	717	657	-	1,775
Transport	99	52	309	173	343	-	976
Other	284	308	78	238	140	0	1,048
Group items	4	5	2	1	8	-20	-
Total	2,448	2,888	3,774	2,299	2,057	-19	13,447

CONSOLIDATED INCOME STATEMENT, CONDENSED

		3 months		9 months	Rolling 12 months
	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Mar
SEKm	2023	2022	2023	2022	2023	2023
Net sales	4,960	4,653	14,928	13,447	20,195	18,714
Cost of sales	-3,389	-3,238	-10,246	-9,426	-13,911	-13,091
Gross profit	1,571	1,415	4,682	4,021	6,284	5,623
Selling expenses	-757	-671	-2,169	-1,891	-2,871	-2,593
Administrative expenses	-240	-233	-724	-652	-994	-922
Other operating income and expenses	-10	25	-12	29	18	59
Operating profit	564	536	1,777	1,507	2,437	2,167
as % of net sales -	11.4	11.5	11.9	11.2	12.1	11.6
Financial income and expenses	-48	-44	-173	-113	-222	-162
Profit after financial items	516	492	1,604	1,394	2,215	2,005
as % of net sales -	10.4	10.6	10.7	10.4	11.0	10.7
Income tax expense	-115	-105	-364	-301	-514	-451
Profit for the period	401	387	1,240	1,093	1,701	1,554
Profit for the period attributable to:
Equity holders of the Parent Company	387	374	1,199	1,053	1,641	1,495
Non-controlling interests	14	13	41	40	60	59
Earnings per share before dilution, SEK	1.45	1.40	4.45	3.90	6.10	5.55
Earnings per share after dilution, SEK	1.45	1.40	4.45	3.90	6.10	5.55
Average number of shares after repurchases,
'000s	269,662	269,521	269,598	269,554	269,590	269,557
Number of shares at end of the period, '000s	269,737	269,565	269,737	269,565	269,737	269,565

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, CONDENSED

	3 months		9 months		Rolling 12 months
	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Mar
SEKm	2023	2022	2023	2022	2023	2023
Profit for the period	401	387	1,240	1,093	1,701	1,554
Components that will be reclassified to profit for
the year
Cash flow hedges	-7	13	-7	2	-8	1
Foreign currency translation differences for the
period	-273	105	-58	302	-48	312
Components that will not be reclassified to profit
for the year
Actuarial effects of the net pension obligation	-40	-32	-24	44	14	82
Other comprehensive income	-320	86	-89	348	-42	395
Total comprehensive income	81	473	1,151	1,441	1,659	1,949
Total comprehensive income attributable to:
Equity holders of the Parent Company	76	456	1,113	1,393	1,602	1,882
Non-controlling interests	5	17	38	48	57	67

CONSOLIDATED BALANCE SHEET, CONDENSED

SEKm	31 Dec 2023	31 Dec 2022	31 Mar 2023
Goodwill	4,544	3,900	3,935
Other intangible non-current assets	2,709	2,378	2,377
Property, plant and equipment	1,276	1,130	1,179
Other non-current assets	64	69	80
Total non-current assets	8,593	7,477	7,571
Inventories	3,262	3,385	3,326
Current receivables	3,354	3,409	3,768
Cash and cash equivalents	859	587	606
Total current assets	7,475	7,381	7,700
Total assets	16,068	14,858	15,271
Total equity	6,059	5,148	5,573
Interest-bearing provisions	249	264	218
Non-interest-bearing provisions	724	582	633
Non-current interest-bearing liabilities	3,766	3,648	3,617
Non-current non-interest-bearing liabilities	20	9	18
Total non-current liabilities	4,759	4,503	4,486
Non-interest-bearing provisions	100	73	87
Current interest-bearing liabilities	1,636	1,525	1,096
Current non-interest-bearing liabilities	3,514	3,609	4,029
Total current liabilities	5,250	5,207	5,212
Total equity and liabilities	16,068	14,858	15,271

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED

SEKm	31 Dec 2023	31 Dec 2022	31 Mar 2023
Opening balance	5,573	4,259	4,259
Exercised, issued and repurchased options	13	-17	-17
Repurchase of treasury shares	-	-31	-31
Dividend, ordinary	-674	-485	-485
Dividend, non-controlling interests	-48	-34	-34
Change, non-controlling interests	73	28	28
Option debt, acquisition	-29	-13	-96
Total comprehensive income	1,151	1,441	1,949
Closing balance	6,059	5,148	5,573

CONSOLIDATED CASH FLOW STATEMENT, CONDENSED

	3 months			9 months	Rolling 12 months
	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Mar
SEKm	2023	2022	2023	2022	2023	2023
Profit after financial items	516	492	1,604	1,394	2,215	2,005
Adjustment for items not included in cash flow	197	156	630	522	815	707
Income tax paid	-119	-122	-312	-335	-451	-474
Changes in working capital	150	50	-28	-481	126	-327
Cash flow from operating activities	744	576	1,894	1,100	2,705	1,911
Net investments in non-current assets	-54	-33	-123	-95	-211	-183
Acquisitions and disposals	-404	-153	-1,121	-1,135	-1,190	-1,204
Cash flow from investing activities	-458	-186	-1,244	-1,230	-1,401	-1,387
Dividend paid to shareholders	-	-	-674	-485	-674	-485
Repurchase of own shares/change of options	44	30	13	-48	13	-48
Other financing activities	-310	-409	274	799	-363	162
Cash flow from financing activities	-266	-379	-387	266	-1,024	-371
Cash flow for the period	20	11	263	136	280	153
Cash and cash equivalents at beginning of period	867	572	606	437	587	437
Exchange differences on cash and cash
equivalents	-28	4	-10	14	-8	16
Cash and cash equivalents at end of period	859	587	859	587	859	606

FAIR VALUES ON FINANCIAL INSTRUMENTS

		31 Dec 2023	31 Mar 2023
	Carrying			Carrying
SEKm	amount	Level 2	Level 3	amount	Level 2	Level 3
Derivatives - fair value, hedge instruments	3	3	-	9	9	-
Derivatives - fair value through profit	10	10	-	9	9	-
Total financial assets at fair value per level	13	13	-	18	18	-
Derivatives - fair value, hedge instruments	9	9	-	3	3	-
Derivatives - fair value through profit	20	20	-	38	38	-
Contingent considerations - fair value through profit	393	-	393	295	-	295
Total financial liabilities at fair value per level	422	29	393	336	41	295

The fair value and carrying amount are recognised in the balance sheet as shown in the table above.

For quoted securities, the fair value is determined on the basis of the asset's quoted price in an active market, level 1.

As of the reporting date the Group had no items in this category.

For currency contracts and embedded derivatives, the fair value is determined on the basis of observable market data, level 2.

For contingent considerations, a cash-flow-based valuation is performed, which is not based on observable market data, level 3.

For the Group's other financial assets and liabilities, fair value is estimated to be the same as the carrying amount.

Contingent considerations	31 Dec 2023	31 Mar 2023
Opening balance	295	349
Acquisitions during the year	241	150
Adjustments through profit or loss	5	-40
Consideration paid	-162	-192
Interest expenses	12	11
Exchange differences	2	17
Closing balance	393	295

KEY FINANCIAL INDICATORS

	12 months ending
	31 Dec 2023	31 Mar 2023	31 Dec 2022	31 Mar 2022	31 Mar 2021
Net sales, SEKm	20,195	18,714	17,363	14,038	11,336
EBITDA, SEKm	3,227	2,872	2,616	2,077	1,501
EBITA, SEKm	2,855	2,540	2,299	1,803	1,251
EBITA-margin, %	14.1	13.6	13.2	12.8	11.0
Operating profit, SEKm	2,437	2,167	1,943	1,501	989
Operating margin, %	12.1	11.6	11.2	10.7	8.7
Profit after financial items, SEKm	2,215	2,005	1,808	1,433	937
Profit for the period, SEKm	1,701	1,554	1,418	1,117	729
x Working capital	4,215	3,855	3,543	2,618	2,416
Return on working capital (P/WC), %	68	66	65	69	52
Return on equity, %	29	32	31	30	23
Return on capital employed, %	22	22	21	20	15
Equity ratio, %	38	36	35	34	35
x Financial debt, SEKm	4,792	4,325	4,850	4,061	3,134
Debt / equity ratio, multiple	0.8	0.8	0.9	1.0	0.9
Financial debt / EBITDA, multiple	1.5	1.5	1.9	2.0	2.1
Net debt excl. pensions, SEKm	4,543	4,107	4,586	3,747	2,798
Net debt, excl. pensions / equity ratio, multiple	0.7	0.7	0.9	0.9	0.8
Interest coverage ratio, multiple	9.3	13.7	15.8	22.4	15.8
x Average number of employees	4,041	3,781	3,663	3,317	3,068
Number of employees at end of the period	4,146	3,911	3,861	3,556	3,133

KEY FINANCIAL INDICATORS PER SHARE

				12 months ending
SEK	31 Dec 2023	31 Mar 2023	31 Dec 2022	31 Mar 2022	31 Mar 2021
Earnings per share before dilution	6.10	5.55	5.10	4.00	2.60
Earnings per share after dilution	6.10	5.55	5.05	3.95	2.60
Cash flow from operating activities per share	10.05	7.10	5.25	4.15	5.60
Shareholders' equity per share	20.75	19.25	17.70	14.60	11.95
Share price at the end of the period	221.40	192.30	148.70	182.00	130.00
Average number of shares after repurchases, '000s	269,590	269,557	269,543	269,400	269,051
Average number of shares adjusted for repurchases
and dilution, '000s	269,713	269,723	269,698	270,346	269,969
Number of shares outstanding at end of the period,
'000s	269,737	269,565	269,565	269,528	269,275

For definitions of key financial indicators, see page 18-20.

PARENT COMPANY INCOME STATEMENT, CONDENSED

	3 months		9 months		Rolling 12 months
	31 Dec	31 Dec	31 Dec	31 Dec	31 Dec	31 Mar
SEKm	2023	2022	2023	2022	2023	2023
Net sales	24	21	71	62	92	83
Administrative expenses	-40	-32	-111	-88	-139	-116
Operating profit/loss	-16	-11	-40	-26	-47	-33
Interest income and expenses and similar items	13	-3	36	-38	783	709
Profit after financial items	-3	-14	-4	-64	736	676
Appropriations	-	-	-	-	338	338
Profit before taxes	-3	-14	-4	-64	1,074	1,014
Income tax expense	0	2	-1	12	-68	-55
Profit for the period	-3	-12	-5	-52	1,006	959
Total comprehensive income	-3	-12	-5	-52	1,006	959

PARENT COMPANY BALANCE SHEET, CONDENSED

SEKm	31 Dec 2023	31 Dec 2022	31 Mar 2023
Intangible non-current assets	1	1	1
Property, plant and equipment	0	0	0
Non-current financial assets	5,714	4,794	5,503
Total non-current assets	5,715	4,795	5,504
Current receivables	1,168	1,452	1,698
Cash and bank balances	132	0	-
Total current assets	1,300	1,452	1,698
Total assets	7,015	6,247	7,202
Restricted equity	69	69	69
Unrestricted equity	434	90	1,100
Total equity	503	159	1,169
Untaxed reserves	391	302	391
Provisions	14	13	14
Non-current liabilities	3,461	3,300	3,410
Current liabilities	2,646	2,473	2,218
Total equity and liabilities	7,015	6,247	7,202

DEFINITIONS

Return on equity¹ ²

Earnings after tax divided by equity. The components are calculated as the average of the last 12 months.

Return on equity measures the return generated on owners' invested capital.

Return on working capital (P/WC)¹

EBITA divided by working capital.

P/WC is used to analyse profitability and is ^a measure that encourages high EBITA and low working capital requirements, see the reconciliation table on page 21.

Return on capital employed¹

Profit after financial items plus financial expenses as a percentage of capital employed. The components are calculated as the average of the last 12 months.

Return on capital employed shows the Group's profitability in relation to externally financed capital and equity, see the reconciliation table on page 21.

EBITA¹

Operating profit before amortisation of intangible assets.

EBITA is used to analyse the profitability generated by operating activities, see reconciliation table on page 21.

EBITA-margin¹

EBITA as a percentage of net sales.

EBITA-margin is used to show the degree of profitability in operating activities.

EBITDA¹

Operating profit before depreciation and amortisation.

EBITDA is used to analyse the profitability generated by operating activities, see reconciliation table on page 21.

Equity per share¹

Equity divided by number of shares outstanding at the reporting period's end.

This measures how much equity is attributable to each share and is published to make it easier for investors to conduct analyses and make decisions.

Financial net debt¹

The net of interest-bearing debt and provisions minus cash and cash equivalents.

Net debt is used to monitor changes in debt, analyse the Group indebtedness and its ability to repay its debts using liquid funds generated from the Group's operating activities if all debt fell due for repayment today and any necessary refinancing.

Financial net debt/EBITDA¹

Net financial debt divided by EBTIDA.

Net financial debt compared with EBITDA provides ^a performance measure for net debt in relation to cash-generating earnings in the business, i.e. it gives an indication of the business' ability to repay its debts. This measure is generally used by financial institutions to measure creditworthiness.

Financial items¹

Financial income minus financial costs.

Used to describe changes in the Group's financial activities.

Acquired growth¹

Changes in net sales attributable to business acquisitions compared with the same period last year.

Acquired growth is used as ^a component to describe the change in consolidated net sales in which acquired growth is distinguished from organic growth, divestments and exchange rate effects, see reconciliation table on page 21.

Cash flow from operating activities per share¹

Cash flow from operating activities, divided by the average number of outstanding shares after repurchase.

This measure is used so investors can easily analyse the size of the surplus generated per share from operating activities.

Net investments in non-current assets¹

Investments in non-current assets minus sales of non-current assets.

This measure is used to analyse the Group's investments in renewing and developing property, plant and equipment.

Net debt excluding pensions¹

The net of interest-bearing debt and provisions excluding pensions minus cash and cash equivalents.

A measure used to analyse financial risk, see reconciliation table on page 21.

Net debt excluding pensions/ equity ratio¹ ²

Net debt excluding pensions divided by shareholders' equity.

A measure used to analyse financial risk, see reconciliation table on page 21.

Organic growth¹

Changes in net sales excluding currency effects, acquisitions and divestments compared with the same period last year. Organic growth is used to analyse underlying sales growth driven by change in volumes, product range and price for similar products between different periods, see reconciliation table on page 21.

Profit after financial items¹

Profit/loss for the period before tax.

Used to analyse the business' profitability including financial activities.

Earnings per share (EPS)

Shareholders' share of profit for the period after tax, divided by the weighted average number of shares during the period.

Earnings per share (EPS), diluted

Shareholders' share of profit for the period after tax, divided by the weighted average number of shares during the period, adjusted for the additional number of shares in the event of outstanding options being used.

Interest coverage ratio¹

Earnings after net financial items plus interest expenses and bank charges divided by interest expenses and bank charges.

This performance indicator measures the Group's capacity through its business operations and financial income to generate ^a sufficiently large surplus to cover its financial costs, see reconciliation table on page 21.

Working capital¹

Working capital (WC) is measured through an annual average defined as inventories plus accounts receivable less accounts payable.

Working capital is used to analyse how much working capital is tied up in the business, see reconciliation table on page 21.

Operating margin¹

Operating profit as a percentage of net sales.

This measure is used to specify the percentage of sales that is left to cover interest and tax, and to provide ^a profit, after the company's costs have been paid.

Operating profit¹

Operating income minus operating expenses.

Used to describe the Group's earnings before interest and tax.

Debt/equity ratio¹ ²

Financial net liabilities divided by equity.

A measure used to analyse financial risk.

Equity ratio¹ ²

Equity as a percentage of total assets.

The equity/assets ratio is used to analyse financial risk and show the percentage of assets that are funded with equity.

Capital employed¹

Total assets minus non-interest-bearing liabilities and provisions.

Capital employed shows the size of the company's assets that have been lent out by the company's owners or that have been lent out by lenders, see reconciliation table on page 21.

Outstanding shares

Total number of shares less treasury shares repurchased by the Company.

¹The performance measure is an alternative performance measure according to ESMA's guidelines.

²Minority interest is included in equity when the performance measures are calculated.

RECONCILIATION TABLES ALTERNATIVE PERFORMANCE MEASURES

EBITA and EBITDA								12 months ending
Addtech Group, SEKm			31 Dec 2023		31 Mar 2023		31 Dec 2022		31 Mar 2022		31 Mar 2021
Operating profit according to Interim report				2,437			2,167	1,943		1,501		989
Amortization, intangible assets (+)					418		373		356	302		262
EBITA					2,855		2,540	2,299		1,803		1,251
Depreciation, tangible assets (+)					372		332		317	274		250
EBITDA					3,227		2,872	2,616		2,077		1,501
Working capital and return on working capital
(P/WC)								12 months ending
Addtech Group, SEKm				31 Dec 2023		31 Mar 2023		31 Dec 2022		31 Mar 2022		31 Mar 2021
EBITA (12 months rolling)					2,855	2,540		2,299		1,803		1,251
Inventory, yearly average (+)					3,412	3,154		2,907		2,058		1,722
Accounts receivables, yearly average (+)					3,051		2,876	2,660		2,078		1,756
Accounts payables, yearly average (-)					-2,248		-2,175	-2,024		-1,518		-1,062
Working capital (average)					4,215		3,855	3,543		2,618		2,416
Return on working capital (P/WC) (%)					68%		66%		65%	69%		52%
Acquired- and organic growth
		31 Dec	3 months	31 Dec		31 Dec	9 months	31 Dec		12 months 31 Dec		31 Mar
Addtech Group		2023		2022		2023		2022		2023		2023
Acquired growth (SEKm,%)	194	(4%)	385	(11%)	641	(5%)	1,243	(12%)	1,053	(6%)	1,655	(12%)
Organic growth (SEKm,%)	58	(2%)	507	(14%)	400	(3%)	1,674	(17%)	1,212	(7%)	2,486	(17%)
Divestments (SEKm,%)	-	(-)	-	(-)		- (-)		- (-)		- (-)	-	(-)
Exchange rate effect (SEKm,%)	55	(1%)	175	(5%)	440	(3%)		408 (4%)	567	(3%)	535	(4%)
Total growth (SEKm,%)	307	(7%)	1,067	(30%)	1,481	(11%)	3,325	(33%)	2,832	(16%)	4,676	(33%)
Interest coverage ratio								12 months ending
Addtech Group			31 Dec 2023		31 Mar 2023 31 Dec 2022		31 Mar 2022		31 Mar 2021
Profit after financial items, SEKm					2,215		2,005	1,808		1,433		937
Interest expenses and bank charges, SEKm (+)					267		158		122	67		63
Total					2,482		2,163	1,930		1,500	1,000
Interest coverage ratio, multiple					9.3		13.7 15.8			22.4		15.8
Net debt excl. pensions and net debt excl.
pensions/equity ratio								12 months ending
Addtech Group				31 Dec 2023		31 Mar 2023		31 Dec 2022		31 Mar 2022		31 Mar 2021
				4,792			4,325		4,850 4,061		3,134
Financial net debt, SEKm											-336
Pensions, SEKm (-)					-249		-218		-264	-314
Net debt excluding pensions, SEKm					4,543		4,107	4,586		3,747
Equity, SEKm					6,059		5,573	5,148		4,259
Net debt to Equity ratio (excluding pensions),
multiple					0.7		0.7		0.9	0.9		2,798 3,450 0.8
Capital employed and return on capital employed								12 months ending
Addtech Group, SEKm				31 Dec 2023		31 Mar 2023		31 Dec 2022		31 Mar 2022
Profit after financial items					2,215		2,005	1,808		1,433
Financial expenses (+)					316		210		206	152
Profit after financial items plus financial expenses					2,531		2,215	2,014		1,585
Total assets, yearly average (+)					15,811		14,280	13,490		11,001
Non-interest-bearing liabilities, yearly average (-)					-3,795		-3,581	-3,325		-2,705		31 Mar 2021 937 93 1,030 9,309 -2,153
Non-interest-bearing provisions, yearly average (-)					-766		-655		-607	-485		-413
Capital employed					11,250		10,044	9,558		7,811		6,743

Return on capital employed, % 22% 22% 21% 20% 15%

This is Addtech

Addtech is a Swedish, listed technical solutions group that combines the flexibility and speed of a small company with the resources of a large company. We acquire, own and develop independent subsidiaries that sell various high-tech products and solutions to customers, primarily within the manufacturing industry and infrastructure. With in-depth expertise in a number of different niches, our subsidiaries generate added technical, financial and sustainable value for customers and suppliers alike, thus helping increase the efficiency and competitiveness of all involved. We currently own more than 150 companies in about 20 countries, and have a long history of sustainable, profitable growth.

Our vision

We are to be the leader in value-creating technical solutions for a sustainable tomorrow, perceived as the most skilled and long-term partner of our customers, suppliers and employees.

Business concept in brief

Addtech offers high-tech products and solutions for companies in the manufacturing and infrastructure sectors. Addtech contributes with added technical and financial value by being a skilled and professional partner for customers and manufacturers.

We build shareholder value through:

• our 150 subsidiaries and their capacity to generate earnings growth
• corporate governance that ensures the companies achieve even better results and development
• acquisitions that bring in new employees, customers and suppliers

ADDTECH AB (PUBL.) Org.nr: 556302-9726, Box 5112, 102 43 Stockholm, Visiting address: Birger Jarlsgatan 43 Tel: +46 8 470 49 00, info@addtech.com