BTS Group

Interim / Quarterly Report • Aug 22, 2025

BTS GROUP AB (PUBL)

INTERIM REPORT JANUARY – JUNE 2025

New leadership for BTS North America – strong organic growth in BTS Europe and BTS Other markets

April 1 – June 30, 2025

• • Net sales amounted to MSEK 721 (730). Currency adjusted growth was 7%, whereof 2% was organic.
• • EBITA decreased 23% to MSEK 84 (110).
• • EBITA margin was 11.7 (15.1) %.
• • Profit after tax decreased 35% to MSEK 39 (60).
• • Earnings per share decreased 35% to SEK 2.03 (3.11).

January 1 – June 30, 2025

• • Net sales amounted to MSEK 1,368 (1,348). Currency adjusted growth was 5%, whereof 2% was organic.
• • EBITA decreased 15% to MSEK 143 (169).
• • EBITA margin was 10.5 (12.5) %.
• • Profit after tax amounted to MSEK 65 (114). Excluding reversed provisions of earn-out 2024, the profit after tax decreased 24% to MSEK 65 (85). 1)
• • Earnings per share amounted to SEK 3.35 (5.86). Excluding reversed provision of earn-out 2024, earnings per share decreased 24% to SEK 3.35 (4.39).

"BTS North America implements a new profitability and growth strategy under new leadership – BTS Europe and BTS Other markets showed strong organic growth in the quarter."

Jessica Skon, CEO of BTS Group AB

Outlook 2025

As communicated in a separate press release on August 4, we estimate that the result (EBITA) for 2025 will be worse than in 2024.

FINANCIAL SUMMARY

	Apr–Jun	Apr–Jun	Jan–Jun	Jan–Jun	Jul–Jun	Jan–Dec
MSEK	2025	2024	2025	2024	2024/2025	2024
Net sales	721	730	1,368	1,348	2,821	2,802
Currency adjusted growth	7%	3%	5%	5%	5%	5%
EBITA	84	110	143	169	339	365
EBITA margin	11.7%	15.1%	10.5%	12.5%	12.0%	13.0%
EBIT	65	95	106	138	266	298
EBIT margin	9.0%	13.0%	7.7%	10.2%	9.4%	10.6%
Profit after tax	39	60	65	114	338	387
Profit after tax, excl. reversed earn-out provision 1)	39	60	65	85	171	191
Cash flow from operating activities	–40	–10	–97	17	272	386
Earnings per share, SEK 2)	2.03	3.11	3.35	5.86	17.42	19.93
Earnings per share, SEK, excl. reversed earn-out provision 1) 2)	2.03	3.11	3.35	4.39	8.80	9.84
Net debt (+) / net cash (–)	123	–76	123	–76	123	–282
Number of employees (EOP)	1,1723)	1,099	1,1723)	1,099	1,1723)	1,172

1) During the first quarter 2024, a provision of earn-out related to the earlier acquisition of RLI was reversed, impacting the net financial items positively by MSEK 29 for the first half of the year. For increased comparability, the 2024 profit before and after tax in this interim report is presented, including and excluding this reversal.

2) Before and after dilution of shares.

3) Acquisitions since the end of the second quarter previous year, have brought in 103 new employees.

New leadership for BTS North America – strong organic growth in BTS Europe and BTS Other markets

BTS North America is expected to return to growth in the first half of 2026, after showing negative growth in the second quarter 2025. Our two other operating units showed strong organic growth in the quarter, with BTS Europe growing 31 percent organically, and BTS Other markets growing 19 percent, of which 11 percent were organic.

Our poor second quarter profit results are entirely limited to BTS North America, which reported negative revenue growth of -4 percent, and -8 percent organically. The main reason for the lagging growth in North America is inefficient sales operations. Additionally, the unfavorable USD exchange rate and one-time costs related to severance and legal fees associated with the Sounding Board acquisition contributed to lower results. One-time costs of SEK 14.1 million and SEK 3.5 million due to a weaker USD exchange rate, explains about half of the SEK 36.3 million drop in BTS North America's EBITA result.

A program to get back to growth of revenue and profit in North America has been implemented, with new leadership of BTS North America and a new profitability and growth strategy. We expect to return to growth in North America in the first half of 2026 as the implemented changes gain traction, given the expected market development. The priorities and changes include:

• We reorganized and appointed a new management team headed by me. We added three partners to the NAM leadership team, they lead in AI innovation, business development discipline and global, high-performance culture. Their entrepreneurial spirit will take us forward in a time when its never been more crucial.
• We have increased the number of fulltime sellers and increased the total time we are spending with clients.
• We are prioritizing our core BTS clients, offering them our most differentiated services, and focusing on client budgets where we have the highest win rates.
• Our AI offering, which is continuously innovative, is included in 100% of our client proposals and we are expanding our core AI services.

We have a plan; we have clear personalized targets, and our North American Operation is charged with energy and a strong will to deliver results .

1) "BTS Other markets" includes Italy and Spain. Complete unit affiliation on page 5.

Jessica Skon

The North American market remained weak in the quarter, mainly due to the tariff threats and uncertainty about economic policy. However, our Executive Coaching offer (Boda) and Europe's Q2 performance proves that double digit growth is possible with these market conditions. After the end of the quarter, in late July, we started to see some market movement.

On a positive note, other units performed better in the quarter. BTS Europe continued to win large contracts and showed very strong growth, despite the sluggish market, with some clients delaying decision making or opting for internal solutions.

BTS Other markets also showed strong, double-digit growth in the quarter. The market in Southern Europe1) is showing signs of recovery and the markets in the Middle East, Africa, Latin America and Asia were all strong.

During the quarter, we acquired Nexo, a São Paulo-based consulting firm. The integration is on its way as planned and many of Nexo's clients have expressed great interest in BTS's services and solutions.

Competitive Coaching offering

Another business that is also doing well and has been doing so for eight quarters is Boda and our Executive Coaching. The combination of the continued strong value proposition of our Executive Coaching and our capabilities for scalable, high-quality coaching to first and mid-level leaders thanks to the Sounding Board platform is appreciated by a growing number of customers. Highlights in Q2 include its EBITA result, which grew by 34 percent in local currency in the quarter. Our scaled coaching business, where Sounding Board is integrated, won engagements in three countries in the second quarter. The engagements included a competitive global win as the global coaching provider of choice, providing coaching to the C-Suite all the way to the frontline across their 70 countries. This client will also subscribe directly to our coaching platform for their internal mentoring needs.

AI adoption services and improving the competitiveness of our portfolio, now MUSD 11 in bookings

Within the AI space we maintained our momentum and improved our global reach in the quarter. Bookings of AI related adoption services amounted to MUSD 8 in total so far this year by July 31, which corresponds to a 425 percent increase over the same period in 2024. In addition, our Wonderway Verity platform, which provides AI conversational practice in the BTS simulations and in the flow of work, reached MUSD 3 in bookings for the full year by the end of July, growing 100 percent from Q1 to Q2. In May we launched our self-service option and won our first global clients.

AI improving our internal productivity

AI adoption also helps us work with speed and reduce our costs. The previously communicated phase 1, cost savings of MUSD 5 from the third quarter 2025 and through to the first quarter 2026, is running according to plan. We see further AI adoption picking up across our non-consulting functions and our consulting teams are building new prompts and agents daily.

Outlook 2025

As communicated in a separate press release on August 4, we estimate that the result (EBITA) for 2025 will be worse than in 2024.

Stockholm, August 22, 2025

Jessica Skon

CEO of BTS Group AB (publ)

OPERATIONS

April 1 – June 30, 2025

BTS's second-quarter net sales amounted to MSEK 721 (730). Adjusted for changes in foreign exchange rates, sales increased 7 percent, whereof 2 percent was organic. Growth varied between the units: BTS Europe 31 percent, BTS Other markets 19 percent, BTS North America –4 percent, and APG –21 percent.

EBITA decreased 23 percent in the second quarter to MSEK 84 (110). The EBITA margin was 11.7 (15.1) percent.

EBIT decreased 31 percent in the second quarter to MSEK 65 (95). EBIT margin was 9.0 (13.0) percent. EBIT for the second quarter was charged with MSEK –19 (–16) for amortization of intangible assets attributable to acquisitions and digital investments.

Profit before tax decreased 37 percent to MSEK 55 (87) for the second quarter.

The outcome was affected positively by improved profit in BTS Other markets and BTS Europe, and negatively by lower profit in BTS North America and APG, compared to the same quarter previous year.

January 1 – June 30, 2025

BTS's net sales for the first half of the year amounted to MSEK 1,368 (1,348). Adjusted for changes in foreign exchange rates, the net sales increased 5 percent, whereof 2 percent was organic. Growth varied between the units: BTS Europe 20 percent, BTS Other markets 12 percent, BTS North America –1 percent, and APG –15 percent.

EBITA decreased 15 percent to MSEK 143 (169) in the first half of the year. The EBITA margin was 10.5 (12.5) percent.

EBIT decreased 23 percent to MSEK 106 (138) in the first half of the year. The EBIT margin was 7.7 (10.2) percent. EBIT for the first half of the year was charged with MSEK –37 (–31) for amortization of intangible assets attributable to acquisitions and digital investments.

NET SALES AND EBITA ROLLING 12 MONTHS

NET SALES BY QUARTER

0

20

40

60

80

100

1) Excluding forgiven PPP loan.

EARNINGS AND DIVIDEND PER SHARE

Profit before tax amounted to MSEK 90 (151) for the first half of the year. During the first quarter 2024, a provision of earn-out related to the earlier acquisition of RLI was reversed, impacting the net financial items positively by MSEK 29 for the first half of the year. Excluding the reversed provisions of earn-out, the profit before tax decreased 27 percent to MSEK 90 (123).

The outcome was affected positively by improved profit in BTS Other markets and BTS Europe, and negatively by lower profit in BTS North America, and APG, compared to previous year.

SEGMENT REPORTING

The effects of IFRS 16 are reported as Group adjustments, and do not affect the reporting of the BTS Operating units.

Operating units

BTS North America consists of BTS's operations in the US (excluding APG), Canada, and Switzerland.

BTS Europe consists of operations in France, Germany, the Netherlands, Sweden, and the UK.

BTS Other markets consists of operations in Argentina, Australia, Brazil, China, Costa Rica, India, Indonesia, Italy, Japan, Malaysia, Mexico, Singapore, South Africa, South Korea, Spain, Taiwan, Thailand, and the United Arab Emirates.

APG consists of operations in Advantage Performance Group in the US.

NET SALES JANUARY 1 – JUNE 30, 2025 (2024)

FINANCIAL GOALS

• • A net sales growth 1) of 20 percent, primarily organic.
• • An EBITA margin of 17 percent.
• • An equity ratio that does not fall below 50 percent over extended periods.
• • An ambition to distribute 40–65 percent of profit after tax in the long run.

1) Currency adjusted

OUTCOME PER OPERATING UNIT

Net sales

MSEK	Apr–Jun 2025	Apr–Jun 2024	Jan–Jun 2025	Jan–Jun 2024	Jul–Jun 2024/2025	Jan–Dec 2024
BTS North America	337	385	672	702	1,385	1,415
BTS Europe	132	104	246	207	508	470
BTS Other markets	223	200	387	362	798	773
APG	29	40	63	77	130	144
Total	721	730	1,368	1,348	2,821	2,802

EBITA

MSEK	Apr–Jun 2025	Apr–Jun 2024	Jan–Jun 2025	Jan–Jun 2024	Jul–Jun 2024/2025	Jan–Dec 2024
BTS North America	23.4	59.7	56.1	93.5	151.0	188.2
BTS Europe	19.1	11.8	33.4	21.6	77.5	65.8
BTS Other markets	39.8	36.3	51.4	48.5	106.5	103.7
APG	0.1	0.2	–1.9	–0.2	–2.8	–1.2
EBITA, excluding Group adjustments	82.4	108.0	139.0	163.4	332.1	356.5
Effects of IFRS 16	2.1	2.4	4.1	5.5	6.9	8.3
EBITA	84.5	110.4	143.1	168.9	339.0	364.8

EBITA margin

%	Apr–Jun 2025	Apr–Jun 2024	Jan–Jun 2025	Jan–Jun 2024	Jul–Jun 2024/2025	Jan–Dec 2024
BTS North America	6.9	15.5	8.3	13.3	10.9	13.3
BTS Europe	14.4	11.3	13.6	10.4	15.3	14.0
BTS Other markets	17.9	18.2	13.3	13.4	13.3	13.4
APG	0.2	0.4	–3.0	–0.3	–2.2	–0.8
EBITA margin	11.7	15.1	10.5	12.5	12.0	13.0

Market development

Uncertainty about economic policy and tariff threats contributed to some challenges in North America and Europe in the quarter, but there are still many clients who keep investing. Our clients delayed decision making, froze budgets or changed project scopes. Within Other markets, demand was stronger in most regions. The market in Southern Europe, which is part of BTS Other markets, started to slowly recover.

In general, demand continued to increase strongly for AI support and training to make better use of the technology.

BTS North America

Manufacturing 14% (12%)

Net sales for the second quarter amounted to MSEK 337 (385). Adjusted for changes in foreign exchange rates, revenue decreased 4 percent, whereof –8 percent was organic. EBITA amounted to MSEK 23.4 (59.7), and the EBITA margin was 6.9 (15.5) percent.

Net sales for BTS North America amounted to MSEK 672 (702) in the first half of the year. Adjusted for changes in foreign exchange rates, revenue decreased 1 percent, whereof –7 percent was organic. EBITA amounted to MSEK 56.1 (93.5). The EBITA margin was 8.3 (13.3) percent.

The main reason for the lagging growth in North America in the second quarter has been inefficient sales operations.

The positive trend in the first quarter for the pharma & biotech segment continued in the second quarter, compared to a year ago. The segment represented 30 percent of the client portfolio in BTS North America at the end of the period. Financial services was also a growing industry segment while the energy and FMCG segments lost ground.

In the software and tech segment where we see fast adoption of new AI technology in our space, we have clients who are frustrated that their investment in AI start-ups is yielding low adoption and are asking us to help them. We have other clients choosing to build their own bots and simulations on our platforms, others consulting us on how to build their own AI agents and simulations, and others who are using our in-person simulation experiences to

NET SALES PER INDUSTRY JANUARY 1 – JUNE 30, 2025 (2024)

drive adoption of their AI tech in the flow of work. There is experimentation happening across the industry and our clients are valuing BTS four decades of simulation experience to support.

BTS Europe

Net sales for the second quarter amounted to MSEK 132 (104). Adjusted for changes in foreign exchange rates, revenue increased 31 percent, whereof all was organic. The comparable quarter 2024 was soft for BTS Europe, with negative growth. EBITA amounted to MSEK 19.1 (11.8), and the EBITA margin was 14.4 (11.3) percent.

Net sales for BTS Europe amounted to MSEK 246 (207) in the first half of the year. Adjusted for changes in foreign exchange rates, revenue increased 20 percent, whereof all was organic. EBITA amounted to MSEK 33.4 (21.6). The EBITA margin was 13.6 (10.4) percent.

BTS Europe continued to win large contracts as clients continue to look for fresh, innovative ways to train their leaders and drive change. However, the total number of new opportunities slowed down somewhat in the quarter.

The industry segments remained relatively stable compared to the second quarter last year. Energy clients cut back on their investments while the FMCG segment remained slow. Other industries were more resilient, including financial services and professional services which grew in the quarter.

BTS Other markets

Net sales for the second quarter amounted to MSEK 223 (200). Adjusted for changes in foreign exchange rates, revenue increased 19 percent, whereof 11 percent was organic. EBITA amounted to MSEK 39.8 (36.3), and the EBITA margin was 17.9 (18.2) percent.

Net sales for BTS Other markets amounted to MSEK 387 (362) in the first half of the year. Adjusted for changes in foreign exchange rates, revenue increased 12 percent, whereof 2 percent was organic. EBITA amounted to MSEK 51.4 (48.5). The EBITA margin was 13.3 (13.4) percent.

The integration of the Thailand-based business SEAC was concluded in the quarter, resulting in a more growthoriented organization. More resources were invested in the Middle East and African operations to ensure that growth opportunities are captured while leveraging the BTS portfolio of expertise and solutions. Following the acquisition of Nexo in Brazil, we now use mixed teams in many engagements to ensure both integration and better usage of the resources.

More project wins in the financial services sector across several geographies have positioned BTS as an important partner among these blue-chip organizations. As a result, financial services became the largest industry segment in the quarter. Pharma & biotech as well as energy saw declines while other industry segments were more or less unchanged.

APG

Net sales for the second quarter amounted to MSEK 29 (40). Adjusted for changes in foreign exchange rates, revenue decreased 21 percent, whereof all was organic. EBITA amounted to MSEK 0.1 (0.2), and the EBITA margin was 0.2 (0.4) percent.

Net sales for APG amounted to MSEK 63 (77) for the first half of the year. Adjusted for changes in foreign exchange rates, revenue decreased 15 percent, whereof all was organic. EBITA amounted to MSEK –1.9 (–0.2). The EBITA margin was –3.0 (–0.3) percent.

Widespread economic uncertainty in the quarter caused customers to reduce the scope of projects, delay decision making or doing the work in-house. In response, APG increased its focus on client sales functions and on serving existing clients. Efforts were also made in adjacent spaces that haven't been part of APG's core traditionally, including large events. AI has been incorporated into every proposal with positive early signs as a result.

CASH FLOW

April 1 – June 30, 2025

BTS's cash flow from operating activities for the second quarter amounted to MSEK –40 (–10), whereof the cash flow from changes in working capital amounted to MSEK –119 (–99). The weaker cash flow from operating activities compared to the same period last year pertained mainly to a reduction in current liabilities compared to an increase same period last year.

The cash flow from investing activities for the second quarter amounted to MSEK –47 (–42). Investments in tangible and intangible non-current assets, excluding acquisitions, amounted to MSEK –15 (–7) for the second

quarter. Investments in acquisitions of businesses amounted to MSEK –32 (–35), where MSEK –17 (–18) was attributable to the new acquisition and MSEK –15 (–17) to earn-out payments.

Cash flow from financing activities for the second quarter amounted to MSEK 26 (1). The change between the quarters is attributable to a relatively higher level of new loans during the second quarter 2025.

Total cash flow in the second quarter amounted to MSEK –61 (–50).

January 1 – June 30, 2025

BTS's cash flow from operating activities for the first half of the year amounted to MSEK –97 (17), whereof the cash flow from changes in working capital amounted to MSEK –225 (–118).

The weaker cash flow from operating activities for the period matches BTS's normal seasonal fluctuations, with a weaker first half of the year and a stronger second half. In addition, the operating cash flow for the first quarter of the previous year was higher than normal, due to a substantial part of the fourth quarter's invoicing 2023 were taking place in the end of the quarter, which was collected during the first quarter 2024.

The cash flow from investing activities for the first half of the year amounted to MSEK –150 (–104). Investments in tangible and intangible non-current assets, excluding acquisitions, amounted to MSEK –26 (–15) for the first half of the year. Investments in acquisitions of businesses amounted to MSEK –124 (–89), where MSEK –108 (–18) was attributable to new acquisitions and MSEK –15 (–71) to earn-out payments.

BTS AROUND THE WORLD

BTS is a global professional services firm headquartered in Stockholm, Sweden, with about 1,200 professionals in 38 offices located on six continents.

Total cash flow for the first half of the year amounted to MSEK –247 (–32).

FINANCIAL POSITION

Available cash and cash equivalents amounted to MSEK 389 (516) at the end of the period.

Interest-bearing loans amounted to MSEK 512 (440) at the end of the period. The company had no conversion loans outstanding at the balance sheet date.

Net debt, that is interest-bearing liabilities reduced by liquid funds, amounted to MSEK 123 (–76) at the end of the period, and the net debt ratio for the 12 months period July 2024 to June 2025 was 8 (–6) percent.

BTS's equity ratio was 50 (46) percent at the end of the period.

DEPRECIATIONS AND AMORTIZATIONS

April 1 – June 30, 2025

Depreciation of property, plant and equipment amounted to MSEK –17 (–14) for the second quarter, of which depreciation of right-of-use assets in accordance with IFRS 16 were MSEK –15 (–10).

Amortization of intangible assets amounted to MSEK –19 (–16) for the second quarter, of which amortizations related to acquisitions were MSEK –12 (–9).

January 1 – June 30, 2025

Depreciation of property, plant and equipment amounted to MSEK –36 (–35) for the first half of the year, of which depreciation of right-of-use assets in accordance with IFRS 16 were MSEK –29 (–27).

Amortization of intangible assets amounted to MSEK –37 (–31) for the first half of the year, of which amortizations related to acquisitions were MSEK –22 (–18).

OTHER INFORMATION

Employees

As of June 30, 2025, the number of employees at BTS was 1,172 (1,099). Acquisitions since the end of the second quarter previous year, have brought in 103 new employees. The average number of employees for the first half of the year was 1,175 (1,103).

Parent company

The Parent company's net sales during the first half of the year amounted to MSEK 2.8 (2.6) and profit before tax totaled MSEK 26.0 (43.5). Cash and cash equivalents amounted to MSEK 3.1 (33.1).

Transactions with related parties

A limited number of transactions with related parties, with the exception of transactions between Group companies, have taken place and in that case under prevailing market conditions.

Acquisitions

On May 5, 2025, BTS acquired the business of Nexo Pesquisa e Consultoria Ltda. (Nexo), as previously communicated in

a press release on the same date. The acquisition encompasses all operations including employees, technology, intellectual property, customer relations, brands, and equipment.

Nexo is a consulting company headquartered in São Paulo, Brazil, delivering transformative projects in strategy, innovation, leadership, and culture. By acquiring Nexo, BTS not only increases the Group's footprint in Brazil but also adds significant capabilities in culture and transformation services. Nexo's client base has limited overlap with BTS, creating strong growth potential and synergy opportunities.

The acquisition includes a limited initial cash consideration as well as additional purchase price considerations paid between the years 2026 and 2028, provided the acquired business meets specific targets during this period.

Goodwill consists of expected future synergy effects in the form of an expanded product range and services. Alongside synergy effects, the addition of qualified employees and future profitability components are included in the goodwill item.

Preliminary acquisition calculation ratified at the date of acquisition, translated at the exchange rate per June 30, 2025

MSEK

Tangible assets	0.0
Intangible assets	10.8
Receivables	4.6
Cash and cash equivalents	1.8
Current liabilities	–3.3
Non-current liabilities	–3.6
Identifiable assets	10.3
Goodwill	37.7
Total purchase price	48.0
Estimated additional cash purchase price	–2.2
Provision for conditional purchase price	–28.5
Purchase price paid in cash	17.3

Events after the end of the period

The Board of Directors has revised down the company's outlook for 2025, communicated in a press release on August 4, 2025.

Risks and uncertainties

The Group's material risks and uncertainties include market and business risks, operational risks, and financial risks. Business risks include significant exposure to individual customers or markets, as well as the negative influence of changes in the economy. Operational risks include dependence on key individuals, insufficient skills supply, and an inability to take advantage of intellectual property, as well as if BTS does not meet the stringent quality requirements of its clients. Financial risks mainly relate to

foreign exchange rates and credit risks. Political instability, armed conflicts, protectionism, and geopolitical tensions have increased in recent years. The Global Leadership Team and the Board continuously assess macro-economic trends and geopolitical risks affecting BTS's operations, and develop appropriate action plans accordingly. The management of risks and uncertainties is further described in the 2024 Annual report.

Critical accounting estimates and assumptions

In order to prepare the financial statements in conformity with IFRS accounting standards, Corporate management is required to make estimates and assumptions that affect the application of accounting principles and the recognized amounts of assets, liabilities, revenues, and costs. Estimates and assumptions are based on historical experience, and a number of other factors that are regarded as reasonable under prevailing conditions. Actual outcomes can deviate from these estimates and assumptions. Estimates and assumptions are reviewed regularly.

Accounting policies

The same accounting policies and calculation bases have been applied as in the most recent Annual Report. The interim report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act, which complies with the stipulations of RFR2. The same accounting policies and calculation bases have been applied as in the most recent Annual Report.

Financial calendar

Interim report Jan–Sep 2025 November 12, 2025 Year-end report Jan–Dec 2025 February 20, 2026

The Board of Directors and the CEO declare that the undersigned interim report provides a true and fair overview of the Company's and the Group's operations, their financial position and performance as well as describing material risks and uncertainties facing the Company and other companies in the Group.

Stockholm, August 22, 2025

Henrik Ekelund	Mariana Burenstam Linder
Chairman	Board member
Stefan Gardefjord	Reinhold Geijer
Board member	Board member
Anna Söderblom	Jessica Skon
Board member	CEO

This report has not been reviewed by BTS's auditors.

Contact information

Jessica Skon, CEO	+46 8 587 070 00
Stefan Brown, CFO	+46 8 587 070 62
Michael Wallin, Investor Relations	+46 70 878 80 19

BTS Group AB (publ) Grevgatan 34 SE-114 53 Stockholm, Sweden Phone: +46 8 587 070 00

Company registration number: 556566-7119 For further information, visit www.bts.com

FINANCIAL INFORMATION

GROUP INCOME STATEMENT, SUMMARY

KSEK	Apr–Jun 2025	Apr–Jun 2024	Jan–Jun 2025	Jan–Jun 2024	Jul–Jun 2024/2025	Jan–Dec 2024
Net sales	720,569	729,550	1,367,712	1,348,325	2,821,441	2,802,054
Operating expenses	–618,804	–605,283	–1,189,007	–1,144,287	–2,407,733	–2,363,013
Depreciation of property, plant, and equipment	–17,270	–13,882	–35,633	–35,161	–74,725	–74,253
EBITA	84,495	110,385	143,072	168,876	338,983	364,788
Amortization of intangible assets	–19,406	–15,764	–37,220	–31,076	–72,877	–66,733
EBIT	65,089	94,621	105,852	137,800	266,106	298,055
Net financial items	–10,941	–8,585	–16,939	–15,429	–28,361	–26,851
Reversed provision of earn-out	–	392	–	28,547	167,230	195,677
Associated companies, profit after tax	703	322	836	166	1,373	704
EBT	54,851	86,750	89,749	151,085	406,249	467,584
Estimated tax	–15,358	–26,339	–25,130	–37,374	–68,377	–80,621
Net profit	39,493	60,411	64,619	113,711	337,871	386,963
attributable to the shareholders of the
parent company	39,306	60,411	65,037	113,711	337,822	386,496
Earnings per share, SEK	2.03	3.11	3.35	5.86	17.42	19.93
Number of shares at end of the period 1)	19,396,819	19,396,819	19,396,819	19,396,819	19,396,819	19,396,819
Average number of shares 1)	19,396,819	19,396,819	19,396,819	19,396,819	19,396,819	19,396,819
Dividend per share, SEK						6.10

1) Before and after dilution of shares.

GROUP STATEMENT OF COMPREHENSIVE INCOME

KSEK	Apr–Jun 2025	Apr–Jun 2024	Jan–Jun 2025	Jan–Jun 2024	Jul–Jun 2024/2025	Jan–Dec 2024
Profit for the period	39,493	60,411	64,619	113,711	337,871	386,963
Items that will not be reclassified to profit or loss	–	–	–	–	–	–
Items that may be reclassified to profit or loss
Translation differences in equity	–48,969	–19,355	–167,889	48,477	–132,976	83,390
Translation difference related to net investment in Group foreign operations	–242	–	–13,947	–	–13,947	–
Other comprehensive income for the period, net of tax	–49,211	–19,355	–181,836	48,477	–146,923	83,390
Total comprehensive income for the period	–9,718	41,056	–117,217	162,188	–190,948	470,353
attributable to the shareholders of the parent company	–9,905	41,056	–116,799	162,188	–190,899	469,885

GROUP BALANCE SHEET, SUMMARY

KSEK	30 Jun 2025	30 Jun 2024	31 Dec 2024
ASSETS
Goodwill	1,316,386	1,182,834	1,272,214
Other intangible assets	184,350	160,066	161,728
Tangible assets	176,129	204,177	193,082
Financial assets	30,084	28,416	38,591
Total non-current assets	1,706,949	1,575,493	1,665,615
Trade receivables	502,939	616,632	726,946
Other current assets	387,867	339,355	267,450
Cash and cash equivalents	389,214	515,654	703,332
Total current assets	1,280,020	1,471,641	1,697,729
TOTAL ASSETS	2,986,969	3,047,134	3,363,344

EQUITY AND LIABILITIES
EQUITY	1,490,068	1,409,084	1,664,755
LIABILITIES
Acquisition-related non-current liabilities 1)	192,467	351,551	192,482
Interest-bearing non-current liabilities	402,678	222,500	202,500
Other non-current liabilities	209,024	231,586	224,184
Non-current liabilities	804,169	805,637	619,166
Acquisition-related current liabilities 1)	42,069	17,962	16,497
Interest-bearing current liabilities	109,755	217,624	218,453
Other current liabilities	540,907	596,828	844,471
Current liabilities	692,732	832,413	1,079,422
TOTAL LIABILITIES	1,496,901	1,638,050	1,698,588
TOTAL EQUITY AND LIABILITIES	2,986,969	3,047,134	3,363,344

1) Refers to provisions for conditional purchase price.

GROUP CASH FLOW STATEMENT, SUMMARY

KSEK	Apr–Jun 2025	Apr–Jun 2024	Jan–Jun 2025	Jan–Jun 2024	Jul–Jun 2024/2025	Jan–Dec 2024
Earnings before tax	54,851	86,750	89,749	151,085	406,249	467,584
Adjustments for non-cash items	44,833	29,254	80,458	37,690	156,360	142,139
Adjustment for extraordinary non-cash items	–	–	–	–	–169,426	–197,973
Paid taxes	–19,710	–26,316	–42,769	–53,419	–95,937	–106,587
Cash flow from operating activities	79,974	89,688	127,438	135,355	297,246	305,163
Operating receivables	–112,650	–137,048	7,185	29,709	–21,568	955
Operating liabilities	–6,844	37,690	–231,973	–148,096	–4,041	79,835
Cash flow from changes in working capital	–119,494	–99,358	–224,788	–118,388	–25,609	80,790
Cash flow from operating
activities	–39,520	–9,670	–97,350	16,968	271,636	385,953
Acquisition of business combinations	–32,053	–35,008	–123,730	–89 388	–193,261	–158,919
Acquisition of assets	–14,631	6,648	–25,791	–14,589	–40,753	–29,551
Cash flow from investing activities	–46,684	–41,656	–149,521	–103,976	–234,015	–188,470
Dividend	–59,160	–55,281	–59,160	–55,281	–114,441	–110,562
Net change, interest-bearing liabilities	104,606	66,523	92,778	137,795	73 608	118,624
Other 1)	–19,805	–9,753	–33,586	–27,403	–65,552	–59,370
Cash flow from financing
activities	25,641	1,490	32	55,110	–106,386	–51,308
Cash flow for the period	–60,563	–49,836	–246,838	–31,898	–68,764	146,176
Cash and cash equivalents, opening balance	462,582	570,170	703,332	532,315	515,654	532,315
Translation differences in cash and cash equivalents	–12,806	–4,681	–67,280	15,237	–57,676	24,842
Cash and cash equivalents, closing balance	389,214	515,654	389,214	515,654	389,214	703,332

1) Amortization of lease liabilities, according to IFRS 16.

GROUP CHANGES IN CONSOLIDATED EQUITY

KSEK	30 Jun 2025	30 Jun 2024	31 Dec 2024
Opening balance	1,664,755	1,300,653	1,300,653
Dividend to shareholders	–59,160	–55,281	–110,562
New issue	–	–	–
Other	1,690	1,524	4,311
Total comprehensive income for the period	–117,217	162,188	470,353
Closing balance	1,490,068	1,409,084	1,664,755

PARENT COMPANY'S INCOME STATEMENT, SUMMARY

KSEK	Apr–Jun 2025	Apr–Jun 2024	Jan–Jun 2025	Jan–Jun 2024	Jul–Jun 2024/2025	Jan–Dec 2024
Net sales	950	1,025	2,755	2,640	5,305	5,190
Operating expenses	–127	–2,489	–8,574	61	–10,004	–1,369
EBIT	823	–1,464	–5,819	2,701	–4,699	3,821
Net financial items	35,847	45,374	31,776	40,768	65,925	74,917
EBT	36,670	43,910	25,956	43,469	61,225	78,738
Tax	–	–	–	–	–5,649	–5,649
Net profit	36,670	43,910	25,956	43,469	55,577	73,089

PARENT COMPANY'S BALANCE SHEET, SUMMARY

KSEK	30 Jun 2025	30 Jun 2024	31 Dec 2024
ASSETS
Financial assets	553,567	446,028	446,909
Other current assets	73,630	165,290	139,536
Cash and cash equivalents	3,104	33,053	6,522
TOTAL ASSETS	630,301	644,371	592,967

EQUITY AND LIABILITIES
EQUITY	135,490	194,355	168,694
LIABILITIES
Interest-bearing non-current liabilities	402,500	222,500	202,500
Other non-current liabilities	–	8,223	–
Non-current liabilities	402,500	230,723	202,500
Interest-bearing current liabilities	89,922	217,624	217,305
Other current liabilities	2,389	1,670	4,468
Current liabilities	92,311	219,294	221,773
TOTAL LIABILITIES	494,811	450,017	424,273
TOTAL EQUITY AND LIABILITIES	630,301	644,371	592,967

GROUP CONSOLIDATED KEY RATIOS

KSEK	Apr–Jun 2025	Apr–Jun 2024	Jan–Jun 2025	Jan–Jun 2024	Jul–Jun 2024/2025	Jan–Dec 2024
Net sales	720,569	729,550	1,367,712	1,348,325	2,821,441	2,802,054
EBITA	84,495	110,385	143,072	168,876	338,983	364,788
EBITA margin	11.7%	15.1%	10.5%	12.5%	12.0%	13.0%
EBIT	65,089	94,621	105,852	137,800	266,106	298,055
EBIT margin	9.0%	13.0%	7.7%	10,2%	9.4%	10.6%
Net profit	39,493	60,411	64,619	113,711	337,871	386,963
Net profit margin	5.5%	8.3%	4.7%	8.4%	12.0%	13.8%
Operating capital 1)					1,613,288	1,382,376
Return on operating capital					18%	24%
Return on equity					22%	26%
Equity ratio	50%	46%	50%	46%	50%	49%
Cash flow for the period	–60,563	–49,836	–246,838	–31,898	–68,764	146,176
Cash flow from operating activities	–39,520	–9,670	–97,350	16,968	271,636	385,953
Cash and cash equivalents, at end of the period	389,214	515,654	389,214	515,654	389,214	703,332
Net debt (+) / net cash (–)					123,220	–282,379
Net debt ratio					8%	–19%
Net debt/EBITA					0.31	–0.77
Average number of employees	1,174	1,104	1,175	1,103	1,164	1,131
Number of employees at the end of the period	1,1722)	1,099	1,1722)	1,099	1,1722)	1,172
Revenue for the year per employee					2,424	2,478

1) The calculation includes the item of non-interest-bearing liabilities as of June 30, 2025, amounting to KSEK 984,468 (1,197,927).

2) Acquisitions since the end of the second quarter previous year, have brought in 103 new employees.

NET SALES ACCORDING TO BUSINESS MODEL

	Jan–Jun 2025						Jan–Jun 2024
MSEK	BTS North America	BTS Europe	BTS Other markets	APG	Total	Share of total revenue	BTS North America	BTS Europe	BTS Other markets	APG	Total	Share of total revenue
Programs	417	177	277	53	924	68%	423	136	267	59	885	66%
Development	152	45	90	–	287	21%	178	53	72	0	303	22%
Licenses	85	16	11	10	122	9%	82	15	13	18	128	10%
Other revenue	18	8	8	0	34	2%	19	4	9	0	32	2%
TOTAL	672	246	387	63	1,368	100%	702	207	362	77	1,348	100%

DEFINITIONS

Earnings per share

Earnings attributable to the parent company's shareholders divided by number of shares before dilution.

EBITA

Operating profit before amortization of intangible assets, financial items, and tax.

EBITA margin

EBITA as a percentage of net sales.

EBIT

Operating profit before financial items and tax.

EBIT margin

EBIT as a percentage of net sales.

EBITA/EBIT/EBT/Net profit growth

Percentage change in EBITA/EBIT/EBT/Net profit, in SEK, between two periods.

Equity ratio Equity as a percentage of the total balance sheet.

Net debt Interest-bearing liabilities to credit institutes reduced by liquid funds.

Net debt/EBITA Net debt in relation to EBITA (rolling 12 months).

Net debt ratio Net debt as a percentage of average equity.

Net profit margin Net profit as a percentage of net sales.

Net sales growth/growth

Percentage change in net sales between two periods, adjusted for changes in foreign exchange rates.

Operating capital

Total balance sheet reduced by liquid funds and other interest-bearing assets and reduced by non-interestbearing liabilities.

Return on equity

Net profit (rolling 12 months) as a percentage of average equity.

Return on operating capital

EBIT (rolling 12 months) as a percentage of average operating capital.

ABOUT BTS GROUP AB

BTS is a global professional services firm headquartered in Stockholm, Sweden. BTS has about 1,200 professionals in 38 offices located on six continents. BTS competes in both talent and HR consulting as well as the traditional consulting markets. BTS's services support a broad range of client challenges including top-to-bottom and on-demand leadership development, talent selection and readiness, strategy creation and strategy implementation, as well as culture and broad-scale change. For over 35 years, BTS has been focused on the people-side of change and on powering better performance using proprietary simulation, learning, coaching, and assessment methodologies. We partner with nearly 1,200 organizations, including over 40 of the world's 100 largest global corporations.

BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B.

For more information, please visit www.bts.com.

Strategy made personal.

Inspiring and equipping people and organizations to do the best work of their lives.

www.bts.com