DORO

Interim / Quarterly Report • Jul 14, 2023

Interim Report January-June 2023 Q2

Quarter 2 2023 in summary

	Doro's net sales amounted to SEK 203.0 million (198.4), an increase with 2.3 percent.	+2.3%
	Gross margin was 40.3 percent (35.6).	Net sales
	EBITDA amounted to SEK 12.8 (15.7), a decrease of 18.5 percent.
	Operating profit (EBIT) amounted to SEK 1.0 million (5.3), corresponding to an operating margin of 0.5 percent (2.7).	0.5% EBIT-margin
	Profit after tax for the period was SEK 1.1 million (4.9) and earnings per share was SEK 0.05 (0.20 ).
	Free cashflow was SEK 13.1 million (34.9).

January-June 2023 in summary

	Doro's net sales amounted to SEK 411.3 million (402.9), an increase with 2.1 percent.	+2.1%
	Gross margin was 38.0 percent (33.8).	Net sales
	EBITDA amounted to SEK 28.0 (30.5), a decrease of 8.2 percent.
	Operating profit (EBIT) amounted to SEK 4.2 million (8.3), corresponding to an operating margin of 1.0 percent (2.1).	1.0%
	Profit after tax for the period was SEK 4.7 million (8.3) and earnings per share was SEK	EBIT-margin

0.19 (0.34 ). Free cashflow was SEK‑1.8 million (20.7).

KEY FIGURES	2023	2022		2023	2022		2022
SEK million	Quarter 2	Quarter 2	%	Jan-Jun	Jan-Jun	%	Full year
Net sales	203.0	198.4	2.3%	411.3	402.9	2.1%	909.5
Net sales growth, %	2.3	-23.8		2.1	-12.2		-12.5
Gross result	81.9	70.6	16.0%	156.4	136.1	14.9%	317.6
Gross margin, %	40.3	35.6		38.0	33.8		34.9
EBITDA	12.8	15.7	-18.5%	28.0	30.5	-8.2%	100.4
EBITDA margin, %	6.3	7.9		6.8	7.6		11.0
EBIT	1.0	5.3	-81.1%	4.2	8.3	-49.4%	55.4
EBIT margin, %	0.5	2.7		1.0	2.1		6.1
Earnings per share, SEK	0.05	0.20	-75.0%	0.19	0.34	-44.1%	1.68
Equity/assets ratio, %	55.4	48.9		55.4	48.9		52.6

Message from the CEO

Investments in the future continue

The second quarter of 2023 continued in the momentum of the first with general European consumer sentiment remaining weak. The challenging economic conditions resulted in reduced household consumption. By the end of May, the EU4 market for elderly phones (France, Germany, Great Britain, and Sweden) had experienced a -12.5% year-on-year value decline.

The technology shift with phasing out of older telecom networks (2G and 3G) and moving to 4G further accelerated in the quarter. All French operators communicated their end-of-life schedule for their 2G and 3G networks and the main operator in France is now also planning to incentivize the shift to 4G products, which Doro is capitalizing on due to our strong positioning in the 4G category. However, in certain markets, especially in the DACH region, 2G products are still in demand. As result hereof, Doro managed to retain good sales of 2G products in these markets during the quarter.

Despite a declining senior phone market, both Doro feature and smart phones sales increased compared to same quarter last year. Overall sales ended up at SEK 203 million, a slight increase of 2% compared to the previous year as fixed line and non-Doro products declined. Our gross margin however improved significantly, reaching 40% due to a favourable product mix, stable USD, and positive freight cost development.

Inventory management remained a priority also this quarter and ended up 35M lower than same quarter last year. This is especially important considering the technology shift, as we need to closely manage the 2G and 3G transition to 4G in the best way while continuing the portfolio optimisation.

In line with our strategy to broaden our offering while maintaining the leadership in senior phones, we continued our investments in developing for the future by further staff hirings within the product management and product development teams. At the same time, we continued working on finding the right channels and marketing for our new innovation products. In terms of marketing we also attended a number of major customer events and fairs across our regions, and we were very pleased to receive an award in France for our Doro Smart watch, from the major senior magazine of the country.

During the quarter we continued the implementation of our new sales activities, for example the rolling out of our end-cap solutions which continued in the Nordics and UK & Ireland, with Germany being next in line. In addition we invested in training sessions and workshop with external sales force and merchandising teams, which are now to visit our key customers' stores during the second half of the year, as seniors still are highly committed to physical store shopping.

Direct-to-consumer business remained a top strategic priority, and with our strengthened e-commerce team we are rapidly increasing our use of digital marketing and sales, as this provides a quicker and more direct way of communicating with consumers. On the digital side we have also during the quarter further invested in a deep dive external analysis of our present capabilities, tools, and platforms, bringing more clarity on how we can grow faster in the online channels going forward.

Our focus on our end-users, the seniors, also continued in the quarter with consumer research and prototyping, as well as improving processes and feedback to ensure that we fully understand the needs and challenges of the seniors.

All these investments in the future are reflected in increased operational costs, which results in a modest EBIT of SEK 1.0 million for the quarter.

Finally, we have increased our focus on our core values, Trust, Ease and Care, and started working across the entire organisation to ensure that these values are behind everything we do, internally as well as externally towards our customers, users, partners etc. We believe that these values are the fundament to developing the right products for our seniors.

Jörgen Nilsson, President and CEO

1) GfK 2022 EU4

QUARTER HIGHLIGHTS

Net sales for the second quarter amounted to SEK 203.0 million (198.4), an increase of 2.3 percent compared to the same period in 2022. The phone market for elderly, both feature and smart device, continues declining by double digits in most of our markets¹. Some of the biggest consumer electronics chains in Sweden and Germany faced financial difficulties, with consequences on their ordering. The quarter was more positive for other channels, such as operators in France, B2B business in Sweden, but also retail in Great Britain. Doro consolidated its position in the 4G category ahead of further expanding the portfolio during the fall.

In the countries and channels where the technology switch has not yet been announced, such as e.g. Germany, we were still very much present with our 2G feature phones. Our latest launched smartphone, the Doro 8200-series, shows a good trend, delivering better sales than earlier devices.

Sales in the Nordics amounted to SEK 56.1 million (44.0), an increase of 27.5 percent. This quarter was significantly better than previous year when we were faced with trying to implement price increases while our customers had large overstocks. The new smartphone device generated higher sales than its predecessor and the increasing part of 4G sales among feature phones contributed to the high turnover, as it increased the share of high-value products. B2B sales were also very good again in this quarter, boosted by Sweden's largest operator switching from copper to digital networks, and proposing Doro's 4G fixed phone for the updating of the devices.

Sales in Western and Southern Europe reached SEK 72.9 million (78.6), a decrease of 7.3 percent. Overall, sales were once again satisfying this quarter given that this is the market decreasing most sharply. Our latest smartphone was launched at the biggest operator with good volume and re-order. The 4G products, especially the clamshell devices, are continuing to increase in feature phone volumes, but we also continued delivering good volume of 2G. We are however actively preparing the phasing out of 2G products in the region, even towards retailers, as the announcement from all the region's operators will obviously impact retail sales as well. Sales in Belgium resumed their regular level this quarter after some time of uncertainty, with a different product mix which is much more favourable for our margin.

Sales in Central and Eastern Europe amounted to SEK 32.9 million (44.0), a decrease of 25.2 percent. The drop in sales compared to last year is mainly explained by a turbulent start for our biggest customer in Germany facing temporary financial challenges. Situation was restored later on with better level of orders during the following months, but the initial hick-up affected the overall sales in the region and also left a dent in the overall Doro sales result. The distribution channel had a good quarter while ecommerce went down somewhat versus previous year, which is in line with the overall e-commerce trend in the DACH region at the moment.

Sales in UK and Ireland amounted to SEK 41.1 million (32.5), an increase of 26.5 percent. There was good momentum in the region, being the only region where the market for elderly phones grew during the quarter. The transition from 2G to 4G at our biggest retail customer was flawlessly executed by our sales and product teams, thus generating high volume for the category during the quarter. Non-direct retails came back quite strong and online sales continued to grow compared to same quarter last year. Some new customers also came on board in Ireland, listing a wide spread of our products. In addition,

we continued to develop our own website during the quarter, with increased range and delivery options, while increasing our investment in online marketing.

2) GfK 2022 EU4

NET SALES PER MARKET	2023	2022		2023	2022		2022
SEK million		Quarter 2 Quarter 2	%	Jan-Jun	Jan-Jun	%	Full year
Nordics	56.1	44.0	27.5	107.8	91.3	18.1	187.1
West and South Europe and Africa	72.9	78.6	-7.3	156.8	145.6	7.7	348.4
Central and Eastern Europe	32.9	44.0	-25.2	69.4		98.0 -29.2	212.5
UK and Ireland	41.1	32.5	26.5	77.3	68.8	12.4	161.6
Other	0.0	-0.8	na	0.0	-0.8	na	-0.2
Total	203.0	198.4	2.3	411.3	402.9	2.1	909.5

Order backlog at the end of the second quarter was SEK 104.5 million, an increase of 20.9 percent compared to the same quarter last year. This is somewhat of a change in the trend as order backlog has been rather low in the past quarters, with customers being cautious in their re-ordering.

The gross margin during the second quarter was 40.3 percent compared to 35.6 percent last year. A large part of this improvement came from the margin on purchased products. Thanks to the US dollar being more stable compared to the Swedish Krona than previous periods, as well as to the fact that our Purchasing Department managed to negotiate better prices, we saw a higher value portfolio which, as a whole, improved our margin on products by five percentage points.

In addition, freight costs were lower this quarter than same quarter last year. Likewise, transport by air – by far the most expensive – remained at a low level during the quarter. The stock depreciation also contributed positively to the margin compared to same quarter previous year and warranty costs remained stable.

EBIT amounted to SEK 1.0 million (5.3) during the second quarter, corresponding to an EBIT margin of 0.5 percent (2.7). The lower EBIT is explained by the gross margin continuously being invested in building for the future, both within product management and development, and sales and marketing. Our R&D team is working on creating our one-platform strategy and, together with the product team, exploring new grounds. These development costs increase our operating expenses for now, as they occur in the early stages of the product development process and thus cannot be capitalized.

KEY FIGURES	2023	2022		2023	2022		2022
SEK million		Quarter 2 Quarter 2	%	Jan-Jun	Jan-Jun	%	Full year
Net sales	203.0	198.4	2.3%	411.3	402.9	2.1%	909.5
Cost of goods and services sold	-121.1	-127.8	-5.2%	-254.9	-266.9	-4.5%	-591.9
Gross profit	81.9	70.6	16.0%	156.4	136.1	14.9%	317.6
Gross margin, %	40.3	35.6		38.0	33.8		34.9
Other operating expenses	-80.9	-65.3	23.9%	-152.2	-127.8	19.1%	-262.2
Operating profit (EBIT)	1.0	5.3	-81.1%	4.2	8.3	-49.4%	55.4
Operating margin (EBIT margin), %	0.5	2.7		1.0	2.1		6.1
Order book	104.5	86.4	20.9%	104.5	86.4	20.9%	67.0
Order intake	237.1	197.9	19.8%	446.9	414.9	7.7%	902.0
Investment product development	8.4	9.5	-11.6%	12.7	14.2	-10.6%	37.8

The result for the period amounted to SEK 1.1 million (4.9) during the second quarter. Net financial items were SEK 0.1 million (0.9). The effective tax rate for the period was 22.9 percent (24.2).

FINANCIAL DEVELOPMENT

Cash flow, investments, and financial position

Cash flow from operating activities during the second quarter was SEK 21.6 million (44.7). The working capital improved during the quarter, even though the improvement was less significant than during the same quarter previous year. Lower inventory released cash while the decrease of accounts payable had the reverse effect. Free cash flow after investments amounted to SEK 13.1 million (34.9). Investments during the period amounted to SEK 8.5 million (9.8).

Cash and cash equivalents totalled SEK 138.3 million (132.5) at the end of the second quarter. At the same time, the equity ratio was 55.4 percent (48.9).

Net cash amounted to SEK 74.9 million at the end of the second quarter, compared with a net cash of SEK 50.0 million at the end of the previous quarter, and a net cash of SEK 41.0 million at the end of the second quarter of 2022.

FREE CASH FLOW (SEK m)

Significant events during the period

No significant events in the period.

Significant events after the period

No significant events after the period.

OTHER INFORMATION

Equity and the Doro share

Doro's share is listed on Nasdaq Stockholm, Small Cap, in the segment Telecom/IT. On 30 June 2023, the number of issued shares was 24.532.500, of which Doro AB holds 206.286 Doro shares. Total equity amounted to SEK 494.8 million (441.3).

Employees

On 30 June 2023, Doro had 113 (113) employees, corresponding to 105 (107) full-time equivalents. Of these employees, 60 (57) were based in the Nordic region, 22 (24) in Central and Eastern Europe, 12 (13) in Western and Southern Europe and Africa, 8 (8) in the United Kingdom and Ireland and 11 (11) in the rest of the world.

Risks

Currently, the global economic situation and the uncertainty surrounding its evolution still pose a risk, especially in our home market where the weak Swedish krona contributes to high inflation and reduced consumer purchasing power. The technology shift with the upcoming closure of 2G and 3G networks as well as the increased technical requirements in connection with the focus on sustainability is a risk, but can also prove to be an opportunity and our development team works continuously to adapt our products and our technology. Cyber security is also a tangible risk that our IT department counteracts through customized security measures.

Other risks are described on pages 32–33 of the Annual Report 2022.

Parent company

The parent company's net sales during the second quarter totalled SEK 187.9 million (187.0). Profit after tax amounted to SEK ‑3.2 million (3.5).

Accounting principles

This interim report has been prepared for the group in accordance with IAS 34. "Interim Financial Reporting." and for the parent company in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board's recommendation RFR 2. "Accounting for legal entities." Government assistance received is reported as other income. The accounting principles and calculation methods applied correspond to those that were used to prepare the most recent annual report.

FINANCIAL REPORTS

GROUP

INCOME STATEMENT	2023	2022	2023	2022	2022
SEK million Doro Group	Quarter 2 Quarter 2		Jan-Jun	Jan-Jun	Full year
Net Sales	203.0	198.4	411.3	402.9	909.5
Cost of goods and services sold	-121.1	-127.8	-254.9	-266.9	-591.9
Gross profit	81.9	70.6	156.4	136.1	317.6
Selling, distribution and marketing expenses	-47.2	-37.1	-86.8	-74.2	-152.5
Research and development expenses	-19.5	-16.0	-38.2	-30.7	-64.4
Administrative expenses	-16.0	-13.8	-30.6	-26.1	-50.9
Other income and expense	1.8	1.6	3.4	3.2	5.6
Total operating expenses	-80.9	-65.3	-152.2	-127.8	-262.2
whereof depreciation and amortization of intangible and tangible fixed assets	-11.8	-10.4	-23.8	-22.2	-45.0
Operating profit/loss before depreciation and amortization (EBITDA)	12.8	15.7	28.0	30.5	100.4
Operating profit/loss after depreciation and amortization (EBIT)	1.0	5.3	4.2	8.3	55.4
Net financial items	0.1	0.9	1.9	2.7	-10.9
Profit/loss before taxes	1.1	6.2	6.1	11.0	44.5
Taxes	0.0	-1.3	-1.4	-2.7	-3.6
Profit/loss for the period	1.1	4.9	4.7	8.3	40.9
Average number of shares, thousands	24 326	24 236	24 326	24 236	24 326
Average number of shares after dilution, thousands*	24 326	24 236	24 326	24 236	24 326
Earnings per share, SEK	0.05	0.20	0.19	0.34	1.68
Earnings per share after dilution, SEK*	0.05	0.20	0.19	0.34	1.68

*The effect of dilution is considered only when the effect on earnings per share is

negative.

STATEMENT OF COMPREHENSIVE INCOME	2023	2022	2023	2022	2022
SEK million Doro Group		Quarter 2 Quarter 2	Jan-Jun	Jan-Jun	Full year
Profit/loss for the period	1.1	4.8	4.7	8.3	40.9
Other comprehensive income to be reclassified to
profit or loss in subsequent periods:
Translation differences	11.9	5.4	13.7	7.6	13.5
Effects from cash flow hedges	0.1	0.2	1.7	3.2	-2.8
Tax on items that may be reclassified to profit or loss	0.0	-0.1	-0.3	-0.7	0.5
Other comprehensive income, total	12.0	5.5	15.1	10.1	11.2
Other comprehensive income related to Parent company's shareholders	13.1	10.3	19.8	18.4	52.1

STATEMENT OF FINANCIAL POSITION	2023	2022	2022
SEK million Doro Group	30-Jun	30-Jun	31-Dec
Non-current assets
Intangible assets	286.9	277.9	285.5
Property, plant and equipment	14.7	18.1	17.4
Financial assets	39.2	52.1	38.6
Deferred tax asset	16.3	13.5	14.2
Current assets
Inventories	192.4	227.8	208.4
Current receivables	206.1	180.9	185.3
Cash and cash equivalents	138.3	132.5	154.4
Total assets	893.9	902.9	903.8
Shareholders' equity attributable to Parent company's shareholders	494.8	441.3	475.0
Long term liabilities, interests-bearing	59.5	87.8	86.3
Long term liabilities, non-interests bearing	45.2	47.8	48.1
Current liabilities, interests-bearing	6.8	7.1	7.3
Current liabilities, non-interests bearing	287.6	318.9	287.1
Total shareholders' equity and liabilities	893.9	902.9	903.8
Financial instruments recognized at fair value in the Balance Sheet	2023	2022	2022
SEK million Doro Group	30-Jun	30-Jun	31-Dec
Exchange rate contracts recorded as current liability	6.1	2.4	14.1
Exchange rate contracts recorded as current receivable	1.4	8.0	0.1

Hybrid loan 38.8 51.6 38.0 Financial instruments recognized at fair value consist of currency forward contracts and are used primarily for hedging purposes and are measured at level 2.

STATEMENT CASH FLOWS	2023	2022	2023	2022	2022
SEK million Doro Group	Quarter 2	Quarter 2	Jan-Jun	Jan-Jun	Full year
EBIT	1.0	5.3	4.2	8.3	55.4
Depreciation according to plan	11.8	10.4	23.8	22.2	45.0
Net paid financial items	0.5	-0.6	0.7	-1.2	-2.2
Unrealized exchange rate differences in cash flow hedges	-0.7	-3.1	-7.5	-1.5	11.9
Income tax paid	-3.5	-6.6	-9.6	-21.1	-25.6
Change in working capital (incl changes in provision)	12.5	39.2	-0.6	28.7	-11.4
Cash flow from current activities	21.6	44.7	11.0	35.3	73.1
Investments in intangible and tangible assets	-8.5	-9.8	-12.8	-14.6	-38.0
Free cash flow before acquisitions	13.1	34.9	-1.8	20.7	35.1
Cash flow from investing activities	-8.5	-9.8	-12.8	-14.6	-38.0
Amortization of debt	-11.8	-1.7	-28.8	-78.7	-82.4
Cash flow from financing activities	-11.8	-1.7	-28.8	-78.7	-82.4
Exchange rate diff in cash and cash equivalents	11.9	8.3	14.5	11.5	22.6
Change in liquid funds	13.2	41.5	-16.1	-46.6	-24.7
Net cash	74.9	41.0	74.9	41.0	63.6
Net debt	-	-	-	-	-

STATEMENT OF CHANGES IN EQUITY	2023	2022	2022
SEK million Doro Group	30-Jun	30-Jun	31-Dec
Opening balance	475.0	422.9	422.9
Total Comprehensive income related to Parent company's shareholders	19.8	18.4	52.1
Closing balance	494.8	441.3	475.0

OTHER KEY FIGURES	2023	2022	2022
SEK million Doro Group	30-Jun	30-Jun	31-Dec
EBITDA	28.0	30.5	100.4
Equity/assets ratio, %	55.4	48.9	52.6
Number of shares at the end of the period, thousands	24 326	24 326	24 326
Number of shares at the end of the period after dilution, thousands*	24 326	24 326	24 326
Equity per share, SEK	20.34	18.14	19.53
Equity per share, after dilution SEK*	20.34	18.14	19.53
Return on average share holders' equity, %	8.0	15.6	9.1
Return on average capital employed, %	12.1	15.2	13.1
Share price at period's end, SEK	15.35	18.20	14.86
Market value, SEKm	373.4	442.7	361.5
*The effect of dilution is considered only when the effect on
earnings per share is negative.

PARENT COMPANY

INCOME STATEMENT	2023	2022	2023	2022	2022
SEK million Parent company	Quarter 2	Quarter 2	Jan-Jun	Jan-Jun	Full year
Net Sales	187.9	187.0	383.5	365.2	808.0
Cost of goods and services sold	-116.5	-120.7	-247.0	-248.8	-543.5
Gross profit	71.4	66.3	136.5	116.5	264.5
Operating expenses	-79.0	-64.7	-146.8	-119.0	-245.4
Operating profit/loss (EBIT)	-7.6	1.6	-10.3	-2.5	19.2
Net financial items	3.5	2.3	18.8	5.6	-7.0
Profit/loss after financial items	-4.1	3.9	8.5	3.1	12.2
Taxes	1.0	-0.3	1.8	-0.5	-6.6
Profit/loss for the period	-3.2	3.5	10.3	2.6	5.6
STMT OF COMPREHENSIVE INCOME	2023	2022	2023	2022	2022
SEK million Parent company	Quarter 2	Quarter 2	Jan-Jun	Jan-Jun	Full year
Profit/loss for the period	-3.2	3.5	10.3	2.6	5.6
Other comprehensive income to be
reclassified to profit or loss in
subsequent periods:
Effects from cash flow hedges	0.1	0.2	1.7	3.2	-2.8
Tax on items that maybe reclassified to	0.0	-0.1	-0.3	-0.7	0.5
profit or loss
Total Result related to Parent company's	-3.1	3.6	11.7	5.1	3.3
shareholders
STATEMENT OF FINANCIAL POSITION			2023	2022	2022
SEK million Parent company			30-Jun	30-Jun	31-Dec
Non-current assets
Intangible assets			47.8	50.9	54.6
Property, plant and equipment			0.7	0.8	0.9
Financial assets			112.4	123.3	110.2
Current assets
Inventories			151.0	179.9	171.5
Current receivables			397.0	375.3	370.7
Cash and cash equivalents			128.3	121.2	142.4
Total assets			837.2	851.4	850.3
Shareholders' equity attributable to Parent company's
shareholders			237.0	227.2	225.3
Provisions			69.9	70.8	72.2
Long-term liabilities			50.0	75.0	75.0
Current liabilities			480.3	478.4	477.8
Total shareholders' equity and liabilities			837.2	851.4	850.3

FINANCIAL DEFINITIONS

Average number of shares after dilution	Average number of shares adjusted with the dilution effect from warrants is calculated as the difference between the assumed number of shares issued at the exercise price and the assumed number of shares issued at average market price for the period.
Earnings per share	Profit/loss after financial items minus tax divided by average number of shares for the period.
Earnings per share, after dilution	Profit/loss after financial items minus tax divided by the average number of shares for the period after dilution.
Number of shares at the end of the period, after dilution	The number of shares at the end of the period adjusted with the dilution effect from warrants is calculated as the difference between assumed number of shares issued at the exercise price and the assumed number of shares issued at the closing market price at the end of the period.
Equity per share	Shareholders' equity at the end of the period divided by the number of shares at the end of the period.
Equity per share, after dilution	Shareholders' equity at the end of the period divided by the number of shares at the end of the period, after dilution.
Net Debt/Net Cash	Cash and bank balances reduced with interest-bearing liabilities.
Market value, SEK m	Share price at period's end times the number of shares at the end of the period.

Use of non-IFRS performance measures

Guidelines on Alternative Performance Measures (APMs) for companies with securities listed on a regulated market within the European Union have been issued by ESMA (the European Securities and Markets Authority). These guidelines apply to APMs disclosed when publishing regulated information on or after July 3, 2016. Reference is made in the interim report to a number of non-IFRS performance measures that are used to help investors as well as management analyse the company's operations. Described below are the non-IFRS performance measures that are used as a complement to the financial information that is reported in accordance with IFRS.

Description of financial performance measures that are not used in IFRS

Non-IFRS perform. measure	Description	Reason for use of measure
Gross Margin %	Net Sales minus Cost of goods	Gross Margin is an important
	and services sold in percentage	measure for showing the
	of Net Sales.	margin before Other
		operating expenses.
Sales growth comparable	Net Sales for the period minus	Sales growth for comparable
entities %	Net Sales for entities acquired	entities shows the Group's
	during the year minus Net Sales	organic growth excluding
	for the corresponding period	acquired businesses.
	last year in percentage of Net

	Sales for the corresponding period last year.
Currency adjusted Sales growth %	Net Sales for the period minus Net Sales for corresponding period last year recalculated using this year's currency exchange rates in percentage of Net Sales for the corresponding period last year recalculated using this year's currency exchange rates.	The measure shows the Sales growth excluding the effect of changes in currency exchange rates between the years.
Equity/assets ratio	Equity expressed as a percentage of total assets.	A traditional measure for showing financial risk, expressing the amount of restricted equity which is financed by the owners.
Return on average shareholders' equity	Profit/Loss rolling twelve months after financial items and tax divided by average shareholders' equity.	Shows from a shareholder perspective the return that is generated on the owners' capital that is invested in the company.
Capital employed	Total assets reduced with non interest-bearing debt and cash and bank balances.	This measure shows the amount of total capital that is used in the operations and is thus one component for measuring the return from operations.
Return on average capital employed	Operating profit/loss rolling twelve months, divided by the quarterly average capital employed excluding cash and bank balances.	This is the central ratio for measuring the return on the capital tied up in operations.

Calculation of financial performance measures that are not defined in IFRS

	2023	2022	2023	2022
	Quarter 2	Quarter 2	30-Jun	30-Jun
Currency adjusted sales growth (MSEK)
Currency adjusted sales growth	-10.2	5.8	0	0
Currency effect	14.8	-67.7	0	0
Reported sales growth	4.6	-61.9	0	0
Capital employed
Total assets	893.9	0.0	893.9	902.9
Non interest-bearing liabilities	332.8	0.0	332.8	366.7
Cash and bank	138.3	0.0	138.3	132.5
Reported capital employed	422.9	0.0	422.8	403.7

CONFIRMATION BY THE BOARD

The board and CEO affirm that this Interim Report provides an accurate overview of the operations, position and earnings of the company and group and that it also describes the principal risks and uncertainty factors faced by the company and its subsidiaries.

This Interim Report has not been reviewed by the Company's auditors.

Malmö, 14 July 2023

Henri Österlund Chairman of the board

Juha Mört Board member

Noora Jayasekara Board member

Fredrik Löthgren Board member

Victor Saeijs Board member

Jörgen Nilsson President & CEO

REPORT DATES

Q3 report, January-September 2023 27 October 2023 Q4 report January-December 2023 15 February 2024

CONTACT

For further information. please contact: Jörgen Nilsson, President and CEO, +46 (0)73 101 28 01 E-post: ir@doro.com

WEBCAST

A video conference call will be held on Friday, 14 July at 9.00 am (CEST) when President and CEO Jörgen Nilsson and CFO Isabelle Sengès will present the report. The videoconference is accessed at Quarterly report meeting (doro.com). The presentation material is available on Doro's financial website Presentations (doro.com).