Addtech AB

Interim / Quarterly Report • Oct 23, 2025

INTERIM REPORT 1 APRIL - 30 SEPTEMBER 2025

SECOND QUARTER (1 JULY - 30 SEPTEMBER 2025)

• Net sales increased by 6 percent and amounted to SEK 5,450 million (5,127).
• Operating profit before amortisation of intangible non-current assets (EBITA) increased by 11 percent and amounted to SEK 844 million (764) corresponding to an EBITA margin of 15.5 percent (14.9).
• Operating profit increased by 11 percent and amounted to SEK 707 million (640) corresponding to an operating margin of 13.0 percent (12.5).
• Profit after tax increased by 12 percent and amounted to SEK 499 million (446) and earnings per share before/after dilution amounted to SEK 1.80 (1.60).

PERIOD (1 APRIL - 30 SEPTEMBER 2025)

• Net sales increased by 7 percent and amounted to SEK 11,289 million (10,565).
• Operating profit before amortisation of intangible non-current assets (EBITA) increased by 11 percent and amounted to SEK 1,766 million (1,595) corresponding to an EBITA margin of 15.6 percent (15.1).
• Operating profit increased by 10 percent and amounted to SEK 1,493 million (1,353) corresponding to an operating margin of 13.2 percent (12.8).
• Profit after tax increased by 13 percent and amounted to SEK 1,061 million (941) and earnings per share before/after dilution amounted to SEK 3.80 (3.40). For the latest twelve month period earnings per share before/after dilution amounted to SEK 7.40 (6.45).
• Return on working capital (P/WC) amounted to 77 percent (72).
• Return on equity amounted to 29 percent (28) and the equity ratio amounted to 38 percent (36).
• Cash flow from operating activities amounted to SEK 1,336 million (1,195). For the latest twelve month period, cash flow per share from operating activities amounted to SEK 10.55 (9.70).
• Since the start of the financial year, three acquisitions have been completed, with combined annual sales of about SEK 465 million.

Group Summary		3 months			6 months			Rolling 12 months
	30 Sep	30 Sep		30 Sep	30 Sep		30 Sep	31 Mar
SEKm	2025	2024	∆	2025	2024	∆	2025	2025
Net sales	5,450	5,127	6%	11,289	10,565	7%	22,520	21,796
EBITA	844	764	11%	1,766	1,595	11%	3,436	3,265
EBITA-margin %	15.5	14.9		15.6	15.1		15.3	15.0
Profit after financial items	655	575	14%	1,383	1,219	13%	2,679	2,515
Profit for the period	499	446	12%	1,061	941	13%	2,060	1,940
Earnings per share before dilution, SEK	1.80	1.60		3.80	3.40		7.40	7.00
Earnings per share after dilution, SEK	1.80	1.60		3.80	3.40		7.40	7.00
Cash flow from operating activities per
share, SEK	-	-		-	-		10.55	10.05
Return on equity, %	29	28		29	28		29	29
Equity ratio, %	38	36		38	36		38	38

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

CEO´S COMMENTS

SECOND QUARTER - HIGH DEMAND AND GOOD EARNINGS GROWTH

Our strong positions in attractive technical niches, combined with good performance among the companies, created conditions for continued profitable growth in the second quarter. With a high level of customer activity overall, and a favourable business climate, total sales rose by 6 percent. Of this, 4 percent was organic growth, with approximately half being related to particularly strong project outcomes in Industrial Solutions. EBITA increased by 11 percent to SEK 844 million (764) the margin strengthened to 15.5 percent (14.9). Cash flow strengthened and we welcomed one new niched technical company to the Group. On 1 October, our new, strengthened organisation came into effect, now comprising six business areas with clear and ambitious strategies for future growth.

MARKET TREND

Overall, the market situation was favourable in the second quarter, although variations remained both between and within customer segments and geographies. Demand for infrastructure products for national and regional networks was, as expected, slightly lower during the quarter, although customers' underlying investment plans remain extensive. Demand for products and solutions for the defence industry remained strong. The market situation in the medical technology, electronics and engineering and process industries segments was generally stable, while the market for special vehicles continued to develop favourably over the quarter. Order intake increased slightly from low levels in the sawmill industry, although the underlying market situation remained weak, as was also the case in data and telecom, as well as in building and installation. From a geographical perspective, the market situation was good in Sweden and Denmark, stable in Norway, and weak in Finland. In our principal markets beyond the Nordic region, the business situation was strong in the UK, while it was weak in Benelux and, on the whole, stable in DACH.

Cash flow from operating activities strengthened from already high levels and amounted to SEK 859 million (593) in the quarter, driven mainly by continued earnings growth and favourable development in working capital. P/WC increased to 77 percent (72).

ACQUISITIONS

We retain our positive stance regarding the acquisition market and are working methodically to build and process our pipeline with successful and well-managed companies. Over the financial year, we supplemented our operations with a total of three acquisitions, adding about SEK 465 million in annual sales with good profitability. In the second quarter, we completed our acquisition of Innovatek OS of Germany, which develops and manufactures customised cooling systems for industrial applications. As always, the pace of acquisitions varies throughout the year, and with a strong financial position and a well-filled pipeline of high-performing companies, we expect to conduct acquisitions according to plan over the financial year, both in the Nordic region and other strategically selected markets.

OUTLOOK

Uncertainty regarding the development of the general market situation means that we continue to see hesitation in certain customer segments, particularly concerning larger project and investment decisions. Given the resilience of our well-diversified portfolio of agile and entrepreneurial companies, combined with a well-filled order book and a high level of customer activity overall, the outlook for the upcoming quarters is favourable.

Based on our ambitious goal of doubling earnings every five years and of further improving our opportunities to capture future growth potential, we established an additional business area in the third quarter and added a few new business units. By scaling up the business organisation and giving several skilled and committed Addtech employees increased responsibilities, we are well prepared for continued profitable growth in existing niches while also expanding into attractive new niche segments.

Niklas Stenberg President and CEO

GROUP DEVELOPMENT

Sales development

Net sales in the Addtech Group increased in the second quarter by 6 percent to SEK 5,450 million (5,127). The organic growth amounted to 4 percent and acquired growth amounted to 4 percent. Exchange rate changes affect net sales negatively with 2 percent, corresponding to SEK 121 million.

Net sales in the Addtech Group during the period increased by 7 percent to SEK 11,289 million (10,565). The organic growth amounted to 3 percent and acquired growth amounted to 7 percent. Exchange rate changes affect net sales negatively with 3 percent, corresponding to SEK 306 million.

Profit development

EBITA in the second quarter amounted to SEK 844 million (764), representing an increase of 11 percent. Operating profit increased during the quarter by 11 percent to SEK 707 million (640) and the operating margin amounted to 13.0 percent (12.5). Net financial items amounted to SEK -52 million (-65) and profit after financial items increased by 14 percent to SEK 655 million (575).

Profit after tax for the period increased by 12 percent to SEK 499 million (446) corresponding to earnings per share before/after dilution of SEK 1.80 (1.60).

EBITA for the period amounted to SEK 1,766 million (1,595), representing an increase of 11 percent. Operating profit increased during the period by 10 percent to SEK 1,493 million (1,353) and the operating margin amounted 13.2 percent (12.8). Net financial items were SEK -110 million (-134) and profit after financial items increased by 13 percent to SEK 1,383 million (1,219).

Profit after tax for the period increased by 13 percent to SEK 1,061 million (941) and the effective tax rate amounted to 23 percent (23). Earnings per share before/after dilution for the period amounted to SEK 3.80 (3.40). For the latest twelve month period, earnings per share before/after dilution amounted to SEK 7.40 (6.45).

Net sales and EBITA margin, rolling 12 months

DEVELOPMENT IN THE BUSINESS AREAS

AUTOMATION

Net sales in Automation in the second quarter amounted to SEK 801 million (837) and EBITA amounted to SEK 87 million (100). Net sales during the period amounted to SEK 1,656 million (1,747) and EBITA amounted to SEK 174 million (217).

Market

For the Automation business area as a whole, the market situation was favourable in the second quarter. Demand was very good for companies supplying the defence industry and strengthened in medical technology, while it was stable overall in the energy, engineering and process industries. The business situation was weak overall, with the sales trend, combined with non-recurring costs for restructuring measures of approximately SEK 10 million, negatively impacting earnings and the operating margin. The revaluation of contingent purchase considerations affected profit for the quarter positively by about SEK 2 million.

ELECTRIFICATION

Net sales in Electrification in the second quarter amounted to SEK 1,066 million (1,069) and EBITA increased by 12 percent to SEK 156 million (141). Net sales during the period amounted to SEK 2,196 million (2,188) and EBITA increased by 7 percent to SEK 311 million (291).

Market

The market situation was favourable for the Electrification business area in the second quarter, with strong demand in electronics, defence, energy and engineering, while demand was weak in medical technology and stable in special vehicles. Overall, the business situation was stable and the operating margin increased thanks to an improved product mix.

ENERGY

Net sales in Energy increased in the second quarter by 7 percent to SEK 1,559 million (1,452) and EBITA increased by 19 percent to SEK 255 million (214). Net sales during the period increased by 14 percent to SEK 3,328 million (2,911) and EBITA increased by 30 percent to SEK 555 million (426).

Market

The Energy business area had a favourable business situation in the second quarter with a good sales increase. Demand for infrastructure products for the rebuilding and expansion of national and regional grids declined as expected during the quarter, particularly in Sweden, although customers' underlying investment plans remain extensive. The market situation was weak in building and installation, while demand was favourable for niche products in electrical power distribution, as well as in traffic safety. Demand was also stable in wind power and the engineering industry, as well as for products and solutions for data centres. The revaluation of contingent purchase considerations affected profit for the quarter by about SEK -2 million.

INDUSTRIAL SOLUTIONS

Net sales in Industrial Solutions increased in the second quarter by 29 percent to SEK 1,093 million (847) and EBITA increased by 24 percent to SEK 222 million (179). Net sales during the period increased by 22 percent to SEK 2,206 million (1,815) and EBITA increased by 19 percent to SEK 469 million (395).

Market

Overall, the second quarter was very good for the Industrial Solutions business area, where sales increased substantially, related to a large extent to very good project outcomes in the subsea and sawmill markets. The overall market situation in the sawmill industry remained weak, although demand increased from low levels during the quarter. The market situation was also highly favourable in special vehicles, with the exception of forestry and construction machinery, while it was stable in waste and recycling, as well as in the engineering industry.

PROCESS TECHNOLOGY

Net sales in Process Technology increased in the second quarter by 1 percent to SEK 936 million (929) and EBITA increased by 1 percent to SEK 136 million (135). Net sales during the period amounted to SEK 1,914 million (1,916) and EBITA increased by 1 percent to SEK 281 million (278).

Market

On the whole, the Process Technology business area experienced a favourable market position in the second quarter, although conditions varied between market segments. The market situation was strong for companies in the process industry, primarily in oil and gas, as well as in energy. Demand was also good in the marine segment and special vehicles, while it was stable in medical technology, engineering and forestry. Overall, sales were stable, with the negative effects of postponed project deliveries which were offset by strong contributions from acquisitions. The revaluation of contingent purchase considerations affected profit for the quarter positively by about SEK 4 million.

OTHER FINANCIAL INFORMATION

Profitability, financial position and cash flow

The return on equity at the end of the period was 29 percent (28) and return on capital employed was 22 percent (22). Return on working capital P/WC (EBITA in relation to working capital) amounted to 77 percent (72).

At the end of the period the equity ratio amounted to 38 percent (36). Equity per share, excluding non-controlling interest, totalled SEK 24.95 (22.55). The Group's net debt at the end of the period amounted to SEK 5,411 million (5,391), excluding pension liabilities of SEK 263 million (271). The net debt/equity ratio, calculated on the basis of net debt excluding provisions for pensions amounted to 0.8 (0.8).

Cash and cash equivalents consisting of cash and bank equivalents and approved but non-utilised credit facilities amounted to SEK 2,774 million (1,948) at 30 September 2025.

Cash flow from operating activities amounted to SEK 1,336 million (1,195) during the period. Company acquisitions and disposals including settlement of contingent consideration regarding acquisitions implemented in previous years amounted to SEK 411 million (865). Investments in non-current assets totalled SEK 75 million (122) and disposal of non-current assets amounted to SEK 3 million (16). Repurchase of call options amounted to SEK 71 million (73). Exercised and issued call options totalled SEK 5 million (11). During the second quarter, dividend of SEK 3.20 (2.80) per share was paid, totalling SEK 864 million (755).

Employees

At the end of the period, the number of employees was 4,650 compared to 4,470 at the beginning of the financial year. During the period, completed acquisitions resulted in an increase of the number of employees by 132. The average number of employees in the latest twelve month period was 4,495.

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	12,864,384	128,643,840	4.7%	33.1%
Class B shares, 1 vote per share	259,929,600	259,929,600	95.3%	66.9%
Total number of shares before repurchases	272,793,984	388,573,440	100.0%	100.0%
Repurchased class B shares	-2,907,092		1.1%	0.7%
Total number of shares after repurchases	269,886,892

In accordance with a resolution of the August 2025 AGM, about 150 members of management were offered the opportunity to acquire 1,000,000 call options on repurchased Class B shares. In total, 761,575 options were subscribed for. Addtech has four outstanding call option programmes for a total of 2,431,180 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	Proportion of
programme	options	number of shares	total shares	Exercise price	Expiration period
2025/2029	761,575	761,575	0.3%	392.70	5 Sep 2028 - 8 Jun 2029
2024/2028	639,925	639,925	0.2%	388.80	6 Sep 2027 - 9 Jun 2028
2023/2027	674,500	674,500	0.2%	221.00	7 Sep 2026 - 9 Jun 2027
2022/2026	355,180	355,180	0.1%	180.10	8 Sep 2025 - 10 Jun 2026
Total	2,431,180	2,431,180

Acquisitions and disposal

During the period, 1 April to 30 June 2025 the following acquisitions were completed; AMP Power Protection Ltd., Great Britain, was acquired to become part of the Electrification business area. Novatech Analytical Solutions Inc., Canada was acquired to become part of the Process Technology business area.

On 25 September innovatek OS GmbH, Germany, was acquired to become part of the Electrification business area. Innovatek develops and produces customized cooling systems for industrial applications. The company's products and solutions, which also include control- and monitoring technology, are primarily sold to customers in E-mobility, Medical Technology, and Microscopy. The company has 52 employees and sales of around EUR 12 million.

The purchase price allocation calculations for the acquisitions completed during the period 1 April - 30 September 2024 have now been finalised. No significant adjustments have been made to the calculations. Acquisitions completed as of the 2024/2025 financial year are distributed among the Group's business areas as follows:

		Acquired	Net
			sales,	Number of
Acquisitions 2024/2025	Closing	share, %	SEKm*	employees*	Business Area
Novomotec GmbH, Germany	April, 2024	100	80	9	Electrification
Cell Pack Solutions Ltd., Great Britain	April, 2024	90	75	30	Electrification
GoDrive AS, Norway	April, 2024	100	75	5	Industrial Solutions
Nuova Elettromeccanica Sud S.p.A., Italy	June, 2024	100	160	32	Energy
C. Gunnarssons Verkstads AB, Sweden	July, 2024	89	200	45	Industrial Solutions
Analytical Solutions and Products B.V.,
Netherlands	July, 2024	100	140	20	Process Technology
Romani Components S.r.l., Italy	July, 2024	80	125	23	Automation
PGS Tec GmbH, Germany	October, 2024	85	80	15	Process Technology
Unilite A/S, Denmark	November, 2024	100	325	78	Energy
Nanosystec GmbH, Germany	November, 2024	100	90	20	Electrification
Coel Motori S.r.l., Italy	January, 2025	100	90	24	Industrial Solutions
ROSHO Automotive Solutions GmbH,
Germany	February, 2025	80	150	24	Industrial Solutions
			Net
		Acquired	sales,	Number of
Acquisitions 2025/2026	Closing	share, %	SEKm*	employees*	Business Area
AMP Power Protection Ltd., Great Britain	April, 2025	100	70	20	Electrification
Novatech Analytical Solutions Inc., Canada	April, 2025	90	260	60	Process Technology
innovatek OS GmbH, Germany	September, 2025	100	135	52	Electrification

^* 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 2025, their impact would have been an estimated SEK 220 million on Group net sales, about SEK 22 million on operating profit and about SEK 15 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 period, the discounted value amounts to SEK 97 million. The contingent purchase considerations fall due for payment within two years and the outcome is subject to a maximum of SEK 114 million.

Transaction costs for acquisitions that resulted in an ownership transfer during the period amounted to SEK 8 million (14) and are reported under Selling expenses.

Revaluation of contingent consideration had a positive net effect of SEK 21 million (-11) 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	30 Sep 2025	30 Sep 2024
1) Intangible non-current assets	224	494
Other non-current assets	4	81
Inventories	56	183
Other current assets	123	436
Deferred tax liability/tax asset	-59	-133
Other liabilities	-101	-316
Acquired net assets	247	745
2) Goodwill	225	497
3) Non-controlling interests	-16	-83
4) Consideration	456	1,159
Less: cash and cash equivalents in acquired businesses	-45	-257
Less: consideration not yet paid	-97	-148
Effect on the Group's cash and cash equivalents	314	754

¹⁾ Intangible assets refer to goodwill related to acquired customer and supplier relationships.

Parent Company

Parent Company's net sales during the period amounted to SEK 57 million (55) and profit after financial items was SEK -16 million (21). Net investments in non-current assets were SEK 0 million (0). The Parent Company's financial net debt was SEK 99 million (119) at the end of the period.

²⁾ Goodwill is justified by expected future sales trend and profitability as well as the personnel included in the acquired companies.

³⁾ Non-controlling interests have been measured at fair value, which entails that goodwill is also reported for non-controlling interests.

⁴⁾ 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 2025/2026.

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 of the performance measures that Addtech uses, please see page 18-20. Reconciliation tables for alternative performance measures are available on the website www.addtech.com.

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 geopolitical situation, in combination with structural changes and the competitive situation.

Please see section Risks and risk management (page 33-35) in the annual report for 2024/2025 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.

Events after the end of the period

On 1 October, a reorganization was implemented with the aim of strengthening the conditions for continued profitable growth. The new organization will consist of six business areas with clear niche strategies. The first interim report according to the new structure and with changed comparative figures will be for the third quarter.

Affirmation

The Board of Directors and the President deem that the interim report on the first six months gives a true and fair picture of the Company's and the Group's operations, position and earnings, and describes the significant risks and uncertainty factors to which the Company and the Group are exposed.

Malin Nordesjö Charman of the Board Henrik Hedelius Director Ulf Mattsson Director

Fredrik Börjesson Director Annikki Schaeferdiek Director Niklas Stenberg Director and President

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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out below, at 8.15 a.m. CET on 23 October 2025.

Future information

2026-02-05 Interim report 1 April - 31 December 2025 2026-05-20 Year-end report 1 April 2025 - 31 March 2026 2026-07-14 Interim report 1 April - 30 June 2026

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	2025/2026			2024/2025
Quarterly data, SEKm	Q2	Q1	Q4	Q3	Q2	Q1
Automation	801	855	930	920	837	910
Electrification	1,066	1,130	1,159	1,072	1,069	1,119
Energy	1,559	1,769	1,637	1,599	1,452	1,459
Industrial Solutions	1,093	1,113	1,042	968	847	968
Process Technology	936	978	991	930	929	987
Group items	-5	-6	-9	-8	-7	-5
Addtech Group	5,450	5,839	5,750	5,481	5,127	5,438

EBITA by business area	2025/2026			2024/2025
Quarterly data, SEKm	Q2	Q1	Q4	Q3	Q2	Q1
Automation	87	87	106	105	100	117
Electrification	156	155	157	129	141	150
Energy	255	300	264	245	214	212
Industrial Solutions	222	247	208	195	179	216
Process Technology	136	145	155	122	135	143
Group items	-12	-12	-10	-6	-5	-7
EBITA	844	922	880	790	764	831
Depr. of intangible non-current assets	-137	-136	-137	-129	-124	-118
– of which acquisitions	-129	-128	-127	-121	-116	-111
Operating profit	707	786	743	661	640	713

Net sales		3 months		6 months	Rolling 12 months
SEKm	30 Sep 2025	30 Sep 2024	30 Sep 2025	30 Sep 2024	30 Sep 2025	31 Mar 2025
Automation	801	837	1,656	1,747	3,506	3,597
Electrification	1,066	1,069	2,196	2,188	4,427	4,419
Energy	1,559	1,452	3,328	2,911	6,564	6,147
Industrial Solutions	1,093	847	2,206	1,815	4,216	3,825
Process Technology	936	929	1,914	1,916	3,835	3,837
Group items	-5	-7	-11	-12	-28	-29
Addtech Group	5,450	5,127	11,289	10,565	22,520	21,796

EBITA and EBITA-margin		3 months					6 months		Rolling 12 months
	30 Sep 2025		30 Sep 2024		30 Sep 2025		30 Sep 2024		30 Sep 2025		31 Mar 2025
	SEKm		% SEKm	%	SEKm		% SEKm	%	SEKm		% SEKm	%
Automation	87	10.8	100	12.0	174	10.5	217	12.4	385	11.0	428	11.9
Electrification	156	14.7	141	13.2	311	14.2	291	13.3	597	13.5	577	13.1
Energy	255	16.3	214	14.8	555	16.7	426	14.6	1,064	16.2	935	15.2
Industrial Solutions	222	20.2	179	21.1	469	21.2	395	21.8	872	20.7	798	20.9
Process Technology	136	14.5	135	14.5	281	14.7	278	14.5	558	14.6	555	14.5
Group items	-12		-5		-24		-12		-40		-28
EBITA	844	15.5	764	14.9	1,766	15.6	1,595	15.1	3,436	15.3	3,265	15.0
Depr. of intangible non
current assets	-137		-124		-273		-242		-539		-508
– of which acquisitions	-129		-116		-257		-227		-505		-475
Operating profit	707	13.0	640	12.5	1,493	13.2	1,353	12.8	2,897	12.9	2,757	12.6

DISAGGREGATION OF REVENUE

Net sales by the customer's				3 months
geographical location				30 Sep 2025
				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Sweden	194	281	422	429	138	-	1,464
Denmark	155	73	302	12	150	-	692
Finland	120	96	76	110	80	0	482
Norway	71	88	230	61	121	-	571
Germany	47	228	58	42	65	-	440
Great Britain	4	46	140	53	66	-	309
Other Europe	184	152	239	156	140	-	871
Other countries	25	101	91	229	175	-	621
Group items	1	1	1	1	1	-5
Total	801	1,066	1,559	1,093	936	-5	5,450
Net sales by the customer's				6 months
geographical location				30 Sep 2025
				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Sweden	401	578	901	865	282	-	3,027
Denmark	319	150	646	24	308	-	1,447 991
Finland	248	198	161	221	163	0
Norway	147	180	491	124	247	-	1,189
Germany	97	470	125	85	132	-	909
Great Britain	9	96	298	107	134	-	644
Other Europe	381	314	509	315	287	-	1,806
Other countries	51	208	195	463	359	-	1,276
Group items	3	2	2	2	2	-11
Total	1,656	2,196	3,328	2,206	1,914	-11	11,289
Net sales by the customer's				3 months
geographical location				30 Sep 2024
				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Sweden	227	302	358	283	145	-	1,315
Denmark	153	79	244	8	172	-	656
Finland	123	104	125	129	83	0	564
Norway	60	80	241	73	147	-	601
Germany	45	232	50	16	49	-	392
Great Britain	4	39	144	53	56	-	296
Other Europe	195	168	199	140	165	-	867
Other countries	28	63	91	144	110	-	436
Group items	2	2	0	1	2	-7
Total	837	1,069	1,452	847	929	-7	5,127
Net sales by the customer's				6 months
geographical location				30 Sep 2024
				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Sweden	474	619	717	606	300	-	2,716
Denmark	319	161	488	18	354	-	1,340
Finland	257	213	250	278	171	0	1,169
Norway	125	164	484	157	302	-	1,232
Germany	93	474	100	33	102	-	802
	9	81	289	114	116	-
Great Britain	408	345	399	300	340	-	609 1,792
Other Europe
Other countries Group items	59 3	129 2	183 1	307 2	227 4	- -12	905

3 months 30 Sep 2025

				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Building & Installation	37	77	250	39	14	-	417
Data & Telecommunications	27	59	137	0	0	-	223
Electronics	48	252	45	5	3	-	353
Energy	39	154	778	8	163	-	1,142
Vehicles	45	147	9	352	36	-	589
Medical technology	109	123	13	6	82	-	333
Mechanical industry	249	97	112	162	70	-	690
Forestry & Process	100	10	30	313	399	-	852
Transport	27	22	94	114	137	-	394
Other	119	124	90	93	31	0	457
Group items	1	1	1	1	1	-5	-
Total	801	1,066	1,559	1,093	936	-5	5,450

	6 months
Net sales per customer's segment	30 Sep 2025

				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Building & Installation	78	160	535	80	28	-	881
Data & Telecommunications	56	120	292	0	1	-	469
Electronics	100	519	96	11	7	-	733
Energy	79	319	1,661	16	333	-	2,408
Vehicles	92	302	19	711	74	-	1,198
Medical technology	225	253	28	12	168	-	686
Mechanical industry	515	199	238	326	143	-	1,421
Forestry & Process	207	21	63	631	815	-	1,737
Transport	55	46	202	230	280	-	813
Other	246	255	192	187	63	0	943
Group items	3	2	2	2	2	-11	-
Total	1,656	2,196	3,328	2,206	1,914	-11	11,289

3 months

Net sales per customer's segment

				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Building & Installation	45	62	239	39	25	-	410
Data & Telecommunications	36	44	143	1	1	-	225
Electronics	43	251	57	2	4	-	357
Energy	53	141	689	9	166	-	1,058
Vehicles	51	155	18	268	35	-	527
Medical technology	106	146	7	2	77	-	338
Mechanical industry	226	96	98	113	81	-	614
Forestry & Process	99	29	30	264	375	-	797
Transport	32	20	87	71	135	-	345
Other	144	123	84	77	28	0	456
Group items	2	2	0	1	2	-7	-
Total	837	1,069	1,452	847	929	-7	5,127

6 months

Net sales per customer's segment

				Industrial	Process	Group	Addtech
SEKm	Automation	Electrification	Energy	Solutions	Technology	items	Group
Building & Installation	94	127	480	83	53	-	837
Data & Telecommunications	75	91	286	1	2	-	455
Electronics	90	515	114	6	8	-	733
Energy	111	288	1,381	20	342	-	2,142
Vehicles	107	317	36	573	72	-	1,105
Medical technology	222	299	13	4	158	-	696
Mechanical industry	471	196	196	242	167	-	1,272
Forestry & Process	206	59	61	565	774	-	1,665
Transport	67	41	174	153	279	-	714
Other	301	253	169	166	57	0	946
Group items	3	2	1	2	4	-12	-
Total	1,747	2,188	2,911	1,815	1,916	-12	10,565

CONSOLIDATED INCOME STATEMENT, CONDENSED

		3 months		6 months		Rolling 12 months
	30 Sep	30 Sep	30 Sep	30 Sep	30 Sep	31 Mar
SEKm	2025	2024	2025	2024	2025	2025
Net sales	5,450	5,127	11,289	10,565	22,520	21,796
Cost of sales	-3,684	-3,494	-7,614	-7,172	-15,246	-14,804
Gross profit	1,766	1,633	3,675	3,393	7,274	6,992
Selling expenses	-796	-742	-1,629	-1,537	-3,288	-3,196
Administrative expenses	-277	-260	-568	-518	-1,140	-1,090
Other operating income and expenses	14	9	15	15	51	51
Operating profit	707	640	1,493	1,353	2,897	2,757
as % of net sales -	13.0	12.5	13.2	12.8	12.9	12.6
Financial income and expenses	-52	-65	-110	-134	-218	-242
Profit after financial items	655	575	1,383	1,219	2,679	2,515
as % of net sales -	12.0	11.2	12.2	11.5	11.9	11.5
Income tax expense	-156	-129	-322	-278	-619	-575
Profit for the period	499	446	1,061	941	2,060	1,940
Profit for the period attributable to:
Equity holders of the Parent Company	484	437	1,028	917	2,003	1,892
Non-controlling interests	15	9	33	24	57	48
Earnings per share before dilution, SEK	1.80	1.60	3.80	3.40	7.40	7.00
Earnings per share after dilution, SEK	1.80	1.60	3.80	3.40	7.40	7.00
Average number of shares after
repurchases, '000s	269,887	269,809	269,877	269,807	269,864	269,829
Number of shares at end of the period,
'000s	269,887	269,809	269,887	269,809	269,887	269,862

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME, CONDENSED

	3 months		6 months			Rolling 12 months
	30 Sep	30 Sep	30 Sep	31 Sep	30 Sep	31 Mar
SEKm	2025	2024	2025	2024	2025	2025
Profit for the period	499	446	1,061	941	2,060	1,940
Items that may later be reversed in the
income statement
The period's translation differences when
translating
foreign operations	-97	-72	55	-133	-288	-476
Items that may not be reversed in the
income statement
Revaluations of defined-benefit pension
plans	-	-24	-	-24	5	-19
Other comprehensive income	-97	-96	55	-157	-283	-495
Comprehensive income for the period	402	350	1,116	784	1,777	1,445
Total comprehensive income attributable
to:
Equity holders of the Parent Company	391	345	1,081	766	1,729	1,414
Non-controlling interests	11	5	35	18	48	31

CONSOLIDATED BALANCE SHEET, CONDENSED

SEKm	30 Sep 2025	30 Sep 2024	31 Mar 2025
Assets
Non-current assets
Goodwill	5,774	5,164	5,527
Other intangible non-current assets	3,166	3,005	3,182
Property, plant and equipment	1,459	1,489	1,447
Other non-current assets	72	81	79
Total non-current assets	10,471	9,739	10,235
Current assets
Inventories	3,353	3,308	3,260
Current receivables	3,854	3,903	3,850
Cash and cash equivalents	1,015	1,032	1,168
Total current assets	8,222	8,243	8,278
Total assets	18,693	17,982	18,513
Equity and liabilities
Equity
Equity attributable to Parent Company
shareholders	6,731	6,087	6,627
Non-controlling interests	446	379	436
Total equity	7,177	6,466	7,063
Liabilities
Non-current liabilities
Non-current interest-bearing liabilities	5,039	5,300	4,902
Provisions for pensions	263	271	262
Deferred tax liabilities	929	837	924
Non-current non-interest-bearing liabilities	27	23	37
Total non-current liabilities	6,258	6,431	6,125
Current liabilities
Current interest-bearing liabilities	1,387	1,123	1,284
Current non-interest-bearing liabilities	3,685	3,827	3,871
Provisions	186	135	170
Total current liabilities	5,258	5,085	5,325
Total liabilities	11,516	11,516	11,450
Total equity and liabilities	18,693	17,982	18,513

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY, CONDENSED

SEKm		1 Apr - 30 Sep 2025			1 Apr - 30 Sep 2024			1 Apr 2024 - 31 Mar 2025
		Non			Non			Non
	Parent	control		Parent	control		Parent	control
	Company	ling	Total	Company	ling	Total	Company	ling	Total
	shareholders	interests	equity	shareholders	interests	equity	shareholders	interests	equity
Opening balance	6,627	436	7,063	5,974	504	6,478	5,974	504	6,478
Exercised, issued and
repurchased options	-66	-	-66	-62	-	-62	-34	-	-34
Dividend, ordinary	-864	-32	-896	-755	-29	-784	-755	-33	-788
Change, non-controlling
interests	-13	7	-6	197	-114	83	229	-66	163
Option debt,
acquisition	-34	-	-34	-33	-	-33	-201	-	-201
Total comprehensive
income	1,081	35	1,116	766	18	784	1,414	31	1,445
Closing balance	6,731	446	7,177	6,087	379	6,466	6,627	436	7,063

CONSOLIDATED CASH FLOW STATEMENT, CONDENSED

		3 months		6 months	Rolling 12 months
	30 Sep	30 Sep	30 Sep	30 Sep	30 Sep	31 Mar
SEKm	2025	2024	2025	2024	2025	2025
Operating activities
Profit after financial items	655	575	1,383	1,219	2,679	2,515
Adjustment for items not included in cash flow	244	243	501	494	967	960
Income tax paid	-155	-171	-330	-248	-784	-702
Cash flow from operating activities before changes
in working capital	744	647	1,554	1,465	2,862	2,773
Changes in working capital	115	-54	-218	-270	-12	-64
Cash flow from operating activities	859	593	1,336	1,195	2,850	2,709
Investing activities
Net investments in non-current assets	-38	-43	-72	-106	-162	-196
Acquisitions and disposals	-153	-420	-411	-865	-1,148	-1,602
Cash flow from investing activities	-191	-463	-483	-971	-1,310	-1,798
Financing activities
Dividend paid to Parent Company shareholders	-864	-755	-864	-755	-864	-755
Repurchase of own shares/change of options	-70	-62	-66	-62	-38	-34
Other financing activities	264	610	-80	854	-619	315
Cash flow from financing activities	-670	-207	-1,010	37	-1,521	-474
Cash flow for the period	-2	-77	-157	261	19	437
Cash and cash equivalents at beginning of period	1,023	1,129	1,168	798	1,032	798
Exchange differences in cash and cash equivalents	-6	-20	4	-27	-36	-67
Cash and cash equivalents at end of period	1,015	1,032	1,015	1,032	1,015	1,168

FAIR VALUES ON FINANCIAL INSTRUMENTS

		30 Sep 2025			31 Mar 2025
	Carrying			Carrying
SEKm	amount	Level 2	Level 3	amount	Level 2	Level 3
Derivatives - fair value through profit	3	3	-	10	10	-
Total financial assets at fair value per level	3	3	-	10	10	-
Derivatives - fair value through profit	5	5	-	14	14	-
Contingent considerations - fair value through profit	454	-	454	451	-	451
Total financial liabilities at fair value per level	459	5	454	465	14	451

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	30 Sep 2025	31 Mar 2025
Opening balance	451	360
Acquisitions during the year	97	231
Adjustments through profit or loss	-21	-11
Consideration paid	-80	-129
Interest expenses	8	19
Exchange differences	-1	-19
Closing balance	454	451

KEY FINANCIAL INDICATORS

					12 months ending
	30 Sep 2025	31 Mar 2025	30 Sep 2024	31 Mar 2024	31 Mar 2023
Net sales, SEKm	22,520	21,796	20,616	20,019	18,714
EBITDA, SEKm	3,883	3,692	3,437	3,245	2,872
EBITA, SEKm	3,436	3,265	3,032	2,860	2,540
EBITA-margin, %	15.3	15.0	14.7	14.3	13.6
Operating profit, SEKm	2,897	2,757	2,566	2,426	2,167
Operating margin, %	12.9	12.6	12.4	12.1	11.6
Profit after financial items, SEKm	2,679	2,515	2,314	2,183	2,005
Profit for the period, SEKm	2,060	1,940	1,793	1,691	1,554
x Working capital	4,448	4,312	4,223	4,219	3,855
Return on working capital (P/WC), %	77	76	72	68	66
Return on equity, %	29	29	28	28	32
Return on capital employed, %	22	22	22	22	22
Equity ratio, %	38	38	36	39	36
x Financial debt, SEKm	5,674	5,280	5,662	4,668	4,325
Debt / equity ratio, multiple	0.8	0.7	0.9	0.7	0.8
Financial debt / EBITDA, multiple	1.5	1.4	1.6	1.4	1.5
Net debt excl. pensions, SEKm	5,411	5,018	5,391	4,427	4,107
Net debt, excl. pensions / equity ratio, multiple	0.8	0.7	0.8	0.7	0.7
Interest coverage ratio, multiple	11.6	9.6	8.5	8.7	13.7
x Average number of employees	4,495	4,341	4,215	4,109	3,781
Number of employees at end of the period	4,650	4,470	4,342	4,175	3,911

KEY FINANCIAL INDICATORS PER SHARE

				12 months ending
SEK	30 Sep 2025	31 Mar 2025	30 Sep 2024	31 Mar 2024	31 Mar 2023
Earnings per share before dilution	7.40	7.00	6.45	6.05	5.55
Earnings per share after dilution	7.40	7.00	6.45	6.05	5.55
Cash flow from operating activities per share	10.55	10.05	9.70	9.55	7.10
Shareholders' equity per share	24.95	24.55	22.55	22.15	19.25
Share price at the end of the period	305.20	292.80	304.20	243.80	192.30
Average number of shares after repurchases, '000s	269,864	269,829	269,755	269,634	269,557
Average number of shares adjusted for repurchases
and dilution, '000s	270,222	270,332	270,056	269,761	269,723
Number of shares outstanding at end of the period,
'000s	269,887	269,862	269,809	269,779	269,565

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

PARENT COMPANY INCOME STATEMENT, CONDENSED

	3 months		6 months		Rolling 12 months
	30 Sep	30 Sep	30 Sep	30 Sep	30 Sep	31 Mar
SEKm	2025	2024	2025	2024	2025	2025
Net sales	28	27	57	55	114	112
Administrative expenses	-41	-34	-82	-70	-152	-140
Operating profit/loss	-13	-7	-25	-15	-38	-28
Profit from participations in Group companies	-	-	-	-	800	800
Interest income and expenses and similar items	15	26	9	36	7	34
Profit after financial items	2	19	-16	21	769	806
Appropriations	-	-	-	-	230	230
Profit before taxes	2	19	-16	21	999	1,036
Income tax expense	-1	-5	2	-6	-37	-45
Profit for the period	1	14	-14	15	962	991
Total comprehensive income	1	14	-14	15	962	991

PARENT COMPANY BALANCE SHEET, CONDENSED

SEKm	30 Sep 2025	30 Sep 2024	31 Mar 2025
Assets
Non-current assets
Intangible assets	0	1	0
Property, plant and equipment	0	0	0
Financial non-current assets	6,643	6,731	8,095
Total non-current assets	6,643	6,732	8,095
Current assets
Current receivables	1,271	1,415	1,448
Cash and bank balances	27	24	11
Total current assets	1,298	1,439	1,459
Total assets	7,941	8,171	9,554
Equity and liabilities
Equity
Restricted equity	69	69	69
Unrestricted equity	500	439	1,443
Total equity	569	508	1,512
Untaxed reserves	350	374	350
Provisions
Provisions for pensions and similar obligations	13	14	13
Liabilities
Non-current liabilities	4,371	4,733	4,287
Current liabilities	2,638	2,542	3,392
Total equity and liabilities	7,941	8,171	9,554

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.

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.

EBITA¹

Operating profit before amortisation of intangible assets.

EBITA is used to analyse the profitability generated by operating activities.

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.

Equity per share, excluding non-controlling interest¹

Equity excluding non-controlling interest 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.

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.

Net debt excluding pensions/ equity ratio¹ ²

Net debt excluding pensions divided by shareholders' equity.

A measure used to analyse financial risk.

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.

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.

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.

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.

Outstanding shares

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

Profit margin 1

Profit after financial items as a percentage of net sales.

The profit margin illustrates how much profit the company generates on each SEK in sales after all costs including financial expenses have been paid.

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.

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