DORO

Quarterly Report • Nov 26, 2025

January-September ²⁰²⁵ Q3 Interim Report

Quarter 3 2025 in summary

Doro's net sales amounted to SEK 247.7 million (217.7), an increase of 13.8 percent.

Gross margin was 51.4 percent (50.3).

+13.8%

EBITDA amounted to SEK 37.3 million (40.5), a decrease of 7.9 percent.

Net sales

Operating profit (EBIT) amounted to SEK 27.5 million (30.3), corresponding to an operating margin of 11.1 percent (13.9).

51.4%

Profit after tax for the period was SEK 21.9 million (24.2) and earnings per share was SEK 0.90 (0.99).

Gross margin

Free cashflow was SEK‑13.5 million (37.5).

January-September 2025 in summary

Doro's net sales amounted to SEK 700.2 million (619.0), an increase of 13.1 percent.

Gross margin was 50.4 percent (45.8).

+13.1%

EBITDA amounted to SEK 68.9 million (72.8), a decrease of 5.4 percent.

Net sales

Operating profit (EBIT) amounted to SEK 41.4 million (46.0), corresponding to an operating margin of 5.9 percent (7.4).

50.4%

Profit after tax for the period was SEK 25.0 million (44.5) and earnings per share was SEK 1.03 (1.83).

Gross margin

Free cashflow was SEK ‑55.2 million (69.0).

KEY FIGURES	2025	2024		2025	2024		2024
SEK million		Quarter 3 Quarter 3	%	Jan-Sep	Jan-Sep	%	Full year
Net sales	247.7	217.7	13.8%	700.2	619.0	13.1%	882.3
Net sales growth, %	13.8	-20.2		13.1	-9.5		-9.4
Gross result	127.4	109.4	16.5%	352.7	283.3	24.5%	405.3
Gross margin, %	51.4	50.3		50.4	45.8		45.9
EBITDA	37.3	40.5	-7.9%	68.9	72.8	-5.4%	121.8
EBITDA margin, %	15.1	18.6		9.8	11.8		13.8
EBIT	27.5	30.3	-9.2%	41.4		46.0 -10.0%	86.6
EBIT margin, %	11.1	13.9		5.9	7.4		9.8
Earnings per share, SEK	0.90	0.99	-9.1%	1.03		1.83 -43.7%	3.53
Equity/assets ratio, %	56.8	58.5		56.8	58.5		59.4

Message from the CEO

Laying the foundation for connectivity

While ramping up for the last quarter of the year with its many commercial milestones, we are very satisfied to report a stable increase of sales since the beginning of the year as we close September with a growth rate of 13.1% (13.8% for the third quarter isolated). The shift of technology (shutting down of 2G and 3G network) continues to drive the sales of our feature phones, particularly in the UK. The success of our 4G featurephones series Leva has been reinforced during the quarter with the launch of Leva E, a model developed for the retail channels with a different price point but delivering all the same the Doro customer experience in terms of clear sound, alarm button and easy-to-use features.

When it comes to smartphones, we are pleased to see that our latest Aurora series drove sales upward, despite smartphones being a challenging and highly competitive market in our regions. We will now deploy the Aurora range fully across all regions, as we finally received technical validations from all engaged operators during the third quarter.

A lot of focus has been put internally, during these last months, on Doro connect, our network subscription offering. The set-up of our web shop is being remodelled to ensure a better customer journey and to provide a seamless and straightforward process for purchase of both phones and subscriptions. Having in mind our end customers and the complexity that technology sometimes represents, we are working on developing services and processes that we believe are most pertinent to them. An example of what customer service is working on is how to provide assistance in managing number portability, a significant hinder to changing network provider. Another main concern for our users is security and our product office and tech teams are actively working on finding the best services that could be tied to the Doro subscription to provide the maximum security for both users and their relatives when using today's technology.

With Doro's extensive knowledge of the need and wish of seniors, and Xplora's technical and commercial expertise in selling connectivity, we are designing new customer and business propositions which will help our users in their daily life while bringing recurring revenue to our top line. This work has been kicked off during the third quarter and is on-going. This approach, new to Doro with the combination of hardware and mobile connection, will require some testing, adaptability, and creativity to find the best value proposition, but we are looking forward to seeing the results of the first initiatives in a very short future.

Kjetil Fennefoss, Interim CEO

QUARTER HIGHLIGHTS

Net sales for the third quarter amounted to SEK 247.7 million (217.7), an increase of 13.8 percent compared to the same period in 2024. The number of phones (Feature phones and Smartphones) sold during the period amounted to 326 297 (281 012), an increase by 16.1 percent compared to the same period last year (number of sold units is based on shipment date).

Sales in the Nordics amounted to SEK 72.3 million (49.3), an increase of 46.7 percent compared to previous year. Sales last year were affected by the somewhat delayed launch of the 4G Leva products. This range has since then proven to be very successful and represents a large part of the increase of sales in the region. Smartphones showed also a significant increase this quarter, despite an overall declining market.

• West/South Europe
• Central/Eastern Europe
• UK/Ireland

Sales in Western and Southern Europe reached SEK 97.7 million (86.4), an increase of 13.1 percent. The underlying situation in France is similar to the Nordic regions, with significant sales of Leva range this quarter, while the series was not yet available same quarter last year. In addition to the regular Leva series, a version developed more specifically for the retail channels was launched during the quarter, resulting in further growth for the category.

Sales in Central and Eastern Europe amounted to SEK 23.1 million (35.0), a decrease of 34.0 percent. The region is under reconstruction, as we are focusing on moving the fulfilment operations from the IVS subsidiary to our main partner in Czech Republic. Last deliveries from IVS warehouse should take place during the coming quarter and starting Jan 1st, we will have the region aligned with our standard operating model, which will allow a better focus on the main customers.

Sales in UK and Ireland amounted to SEK 54.6 million (47.0), an increase of 16.2 percent. Also in this region the shift to 4G network continues to boost the sales of Feature phones. Thanks to a flexible and proactive supply chain, Doro was able to manage the delivery of high volume of phones, even though not fully anticipated by our customers. The team in UK also succeeded in selling out the previous range of smartphones, paving the way for the new range Aurora which finally got all technical validations from operators.

NET SALES PER MARKET	2025	2024		2025	2024		2024
SEK million		Quarter 3 Quarter 3	%	Jan-Sep	Jan-Sep	%	Full year
Nordics	72.3	49.3	46.7	184.3	145.0	27.1	208.6
West and South Europe and Africa	97.7	86.4	13.1	260.0	253.7	2.5	352.0
Central and Eastern Europe	23.1	35.0	-34.0	75.7	93.8	-19.3	131.5
UK and Ireland	54.6	47.0	16.2	180.2	126.5	42.5	190.2
Total	247.7	217.7	13.8	700.2	619.0	13.1	882.3

At the end of the third quarter, order backlog stood at SEK 137.2 million, an increase of 73.5 percent compared to the same quarter last year.

The gross margin during the third quarter reached 51.4 percent compared to 50.3 percent last year. The mix of our portfolio, with the new ranges Leva and Aurora gradually replacing all other models, and the favourable USD rate resulted in a high margin this quarter again. Other costs impacting the margin, such as freight and warranty, remained stable.

EBIT amounted to SEK 27.5 million (30.3) during the third quarter, corresponding to an EBIT margin of 11.1 percent (13.9). One-time item related to management change as well as costs for setting-up connectivity are included in the operational costs for the quarter. Marketing spendings increased compared to third quarter last year, as commercial activities were then on hold waiting for the launch of the new range but are in line with our yearly marketing investment plan.

The net financial items for the period amounted to SEK 0.6 million (2.0). The effective tax rate for the period was 23.1 percent (21.4). The result for the period amounted to SEK 21.9 million (24.2) during the third quarter.

KEY FIGURES	2025	2024		2025	2024		2024
SEK million		Quarter 3 Quarter 3	%	Jan-Sep	Jan-Sep	%	Full year
Net sales	247.7	217.7	13.8%	700.2	619.0	13.1%	882.3
Cost of goods and services sold	-120.3	-108.3	11.1%	-347.5	-335.7	3.5%	-477.0
Gross profit	127.4	109.4	16.5%	352.7	283.3	24.5%	405.3
Gross margin, %	51.4	50.3		50.4	45.8		45.9
Other operating expenses	-99.9	-79.1	26.3%	-311.3	-237.3	31.2%	-318.7
Operating profit (EBIT)	27.5	30.3	-9.2%	41.4	46.0	-10.0%	86.6
Operating margin (EBIT margin), %	11.1	13.9		5.9	7.4		9.8
Order book	137.2	79.1	73.5%	137.2	79.1	73.5%	77.2
Order intake	282.7	224.1	26.1%	760.2	656.0	15.9%	917.4
Investment product development	3.6	9.4	-61.7%	20.8	25.8	-19.4%	33.9

FINANCIAL DEVELOPMENT

Cash flow, investments, and financial position

Cash flow from operating activities during the third quarter was SEK -9.8 million (46.8). Working capital development was negative, mainly as a result from high inventory. Free cash flow after investments amounted to SEK -13.5 million (37.5). Investments during the period amounted to SEK 3.7 million (9.3).

Cash and cash equivalents totalled SEK 188.7 million (215.0) at the end of the third quarter. At the same time, the equity ratio was 56.8 percent (58.5)

Net cash amounted to SEK 172.3 million at the end of the third quarter, compared with a net cash of SEK 200.2 million at the end of the third quarter of 2024.

Significant events during the period

• On July 6^th, a change of CEO was announced. Julian Read stepped down and Kjetil Fennefoss was appointed interim CEO.

Significant events after the period

• On Oct 8^th, the board of Doro AB, upon request from the main shareholder Xplora technologies AS, called for an Extraordinary General Meeting which took place on Oct 31^st and during which a new board was appointed. The new board consists of Finn Olav R Elde, chairman, and Kristin Hellebust and Tine Wollebekk, members. Fredik Löthgren remains as staff representative.

OTHER INFORMATION

Equity and the Doro share

Doro's share is listed on Nasdaq Stockholm, Small Cap, in the segment Telecom/IT. On 30 September 2025, the number of issued shares was 24.532.500, of which Doro AB holds 150.395 Doro shares. Total equity amounted to SEK 569.4 million (513.3).

Employees

On 30 September 2025, Doro had 125 (114) employees, corresponding to 118 (108) full-time equivalents. Of these employees, 70 (65) were based in the Nordic region, 20 (20) in Central and Eastern Europe, 12 (12) in Western and Southern Europe and Africa, 7 (7) in the United Kingdom and Ireland and 16 (10) in the rest of the world.

Risks

The general global uncertainty, including political decisions in the U.S., tariffs, and geopolitical conflicts, continues to make it difficult to get a clear picture of the future. The market for smartphones and telecom services is under pressure, with declining sales in certain regions, which could affect revenues. Exchange rate fluctuations and increased costs for logistics and technology may put pressure on margins. Regulatory changes and competition from larger players also represent a constant challenge for growth and market share.

Other risks are described on pages 33–34 of the Annual Report 2024.

Parent company

The parent company's net sales during the third quarter totalled SEK 235.8 million (203.4). Profit after tax amounted to SEK 18.7 million (20.1).

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

2025	2024	2025	2024	2024
				Full year
				882.3
-120.3	-108.3	-347.5	-335.7	-477.0
127.4	109.4	352.7	283.3	405.3
-61.2	-45.7	-188.0	-143.1	-193.0
-17.1	-16.3	-49.3	-46.3	-63.9
-21.8	-18.3	-76.3	-51.7	-67.2
0.2	1.2	2.3	3.8	5.4
-99.9	-79.1	-311.3	-237.3	-318.7
-9.8	-10.2	-27.5	-26.8	-35.2
37.3	40.5	68.9	72.8	121.8
27.5	30.3	41.4	46.0	86.6
				15.7
				102.3
				-16.2
				86.1
24 382	24 382	24 382	24 353	24 361
24 382	24 382	24 382	24 353	24 361
0.90	0.99	1.03	1.83	3.53
0.90	0.99	1.03	1.83	3.53
	247.7 0.6 28.1 -6.2 21.9	Quarter 3 Quarter 3 217.7 2.0 32.3 -8.1 24.2	Jan-Sep 700.2 -9.4 32.0 -7.0 25.0	Jan-Sep 619.0 8.7 54.7 -10.2 44.5

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

	2024	2025	2024	2024
		Jan-Sep	Jan-Sep	Full year
	24.2	25.0	44.5	86.1
	-0.9	-16.9	6.5	12.4
3.6	-1.2	0.1	0.9	1.8
-0.7	0.2	0.0	-0.2	-0.4
-0.6	-1.9	-16.8	7.2	13.8
	22.3	8.2	51.7	99.9
		2025 Quarter 3 Quarter 3 21.9 -3.5 21.3

STATEMENT OF FINANCIAL POSITION	2025	2024	2024
SEK million Doro Group	30 Sep	30 Sep	31 Dec
Non-current assets
Intangible assets	273.8	277.2	281.1
Property, plant and equipment	18.0	15.8	14.9
Financial assets	45.8	36.5	43.8
Deferred tax asset	9.4	12.1	11.5
Current assets
Inventories	255.6	163.5	165.6
Current receivables	210.8	157.3	168.7
Cash and cash equivalents	188.7	215.0	260.5
Total assets	1 002.1	877.4	946.1
Shareholders' equity attributable to Parent company's shareholders	569.4	513.3	561.7
Long term liabilities, interests-bearing	12.5	11.1	10.6
Long term liabilities, non-interests bearing	28.2	45.3	48.2
Current liabilities, interests-bearing	7.2	6.9	6.4
Current liabilities, non-interests bearing	384.8	300.8	319.2
Total shareholders' equity and liabilities	1 002.1	877.4	946.1
Financial instruments recognized at fair value in the Balance Sheet	2025	2024	2024
SEK million Doro Group	30 Sep	30 Sep	31 Dec
Exchange rate contracts recorded as current liability	1.9	3.2	0.8
Exchange rate contracts recorded as current receivable	1.1	1.3	3.9
Hybrid loan	45.2	35.7	43.2

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	2025	2024	2025	2024	2024
SEK million Doro Group	Quarter 3 Quarter 3		Jan-Sep Jan-Sep		Full year
EBIT	27.5	30.3	41.4	46.0	86.6
Depreciation according to plan	9.8	10.2	27.5	26.8	35.2
Net paid financial items	0.7	1.1	2.7	3.9	5.2
Unrealized exchange rate differences in cash flow hedges	-3.9	1.3	4.1	0.7	-3.3
Income tax paid	-4.4	-4.5	-19.6	-15.3	-18.8
Change in working capital (incl changes in
provision)	-39.5	8.4	-88.8	33.5	42.5
Cash flow from current activities	-9.8	46.8	-32.7	95.6	147.4
Investments in intangible and tangible assets	-3.7	-9.3	-22.5	-26.6	-35.1
Free cash flow before acquisitions	-13.5	37.5	-55.2	69.0	112.3
Cash flow from investing activities	-3.7	-9.3	-22.5	-26.6	-35.1
Amortization of debt	-1.8	-2.0	-5.5	-5.6	-7.4
Dividends paid	0.0	0.0	0.0	-48.7	-48.7
Sale/repurchase of own shares	0.0	0.0	0.0	1.1	1.1
Cash flow from financing activities	-1.8	-2.0	-5.5	-53.2	-55.0
Exchange rate diff in cash and cash equivalents	-2.4	-0.6	-11.1	5.0	8.9
Change in liquid funds	-17.7	34.9	-71.8	20.8	66.2
Cash and cash equivalents at the end of the period	188,7	215,0	188,7	215,0	260,5
Net cash	172.3	200.2	172.3	200.2	246.9
Net debt	-	-	-	-	-

STATEMENT OF CHANGES IN EQUITY	2025	2024	2024
SEK million Doro Group	30 Sep	30 Sep	31-Dec
Opening balance	561.7	508.9	508.9
Total Comprehensive income related to Parent company's shareholders	8.2	51.7	99.9
Dividends to shareholders	0.0	-48.7	-48.7
Long-term variable compensation plans	-0.5	0.3	0.5
Sale/Repurchase of own shares	0.0	1.1	1.1
Closing balance	569.4	513.3	561.7

OTHER KEY FIGURES	2025	2024	2024
SEK million Doro Group	30 Sep	30 Sep	31-Dec
EBITDA	68.9	72.8	121.8
Equity/assets ratio, %	56.8	58.5	59.4
Number of shares at the end of the period, thousands	24 382	24 382	24 382
Number of shares at the end of the period after dilution, thousands*	24 382	24 382	24 382
Equity per share, SEK	23.35	21.05	23.04
Equity per share, after dilution SEK*	23.35	21.05	23.04
Return on average shareholders' equity, %	11.9	9.8	15.9
Return on average capital employed, %	24.2	21.2	26.4
Share price at period's end, SEK	39.45	33.50	33.9
Market value, SEKm	961.9	816.8	826.5
*The effect of dilution is considered only when the effect on earnings per share is negative.

PARENT COMPANY

INCOME STATEMENT	2025	2024	2025	2024	2024
SEK million Parent company	Quarter 3	Quarter 3	Jan-Sep	Jan-Sep	Full year
Net Sales	235.8	203.4	672.7	583.4	838.1
Cost of goods and services sold	-118.0	-97.3	-338.3	-310.0	-447.6
Gross profit	117.8	106.1	334.4	273.4	390.5
Operating expenses	-100.3	-81.8	-307.8	-246.1	-330.0
Operating profit/loss (EBIT)	17.5	24.3	26.6	27.3	60.5
Net financial items	5.2	1.2	-0.4	17.0	23.3
Profit/loss after financial items	22.7	25.5	26.2	44.3	83.8
Taxes	-4.0	-5.4	-3.4	-6.7	-13.0
Profit/loss for the period	18.7	20.1	22.8	37.6	70.8
STATEMENT OF COMPREHENSIVE INCOME	2025	2024	2025	2024	2024
SEK million Parent company	Quarter 3	Quarter 3	Jan-Sep	Jan-Sep	Full year
Profit/loss for the period		18.7 20.1	22.8	37.6	70.8
Other comprehensive income to be
reclassified to profit or loss in subsequent
periods:
Effects from cash flow hedges		3.6 -1.2	0.1	0.9	1.8
Tax on items that maybe reclassified to profit
or loss	-0.7	0.2	0.0	-0.2	-0.4
Total Result related to Parent company's
shareholders	21.6	19.1	22.9	38.3	72.2
STATEMENT OF FINANCIAL POSITION			2025	2024	2024
SEK million Parent company			30 Sep	30 Sep	31 Dec
Non-current assets
Intangible assets			44.2	42.5	44.1
Property, plant and equipment			0.8	0.7	0.8
Financial assets			120.2	110.4	117.8
Current assets
Inventories			247.6	155.6	157.3
Current receivables			350.4	312.3	330.7
Cash and cash equivalents			160.9	181.4	233.8
Total assets			924.1	802.9	884.5
Shareholders' equity attributable to Parent company's shareholders			312.3	255.8	289.9
Provisions			55.9	70.3	73.3
Long-term liabilities			0.0	0.0	0.0
Current liabilities			555.9	476.8	521.3
Total shareholders' equity and liabilities			924.1	802.9	884.5

NOTES

NOTE 1

Breakdown of operating expenses	2025	2024	2025	2024	2024
SEK million Doro Group	Quarter 3	Quarter 3	Jan-Sep	Jan-Sep	Full year
Personnel expenses*	37.5	31.3	114.2	101.8	136.9
Marketing expenses	22.0	11.4	63.9	31.5	40.7
Other operating expenses**	30.6	26.2	105.7	77.2	105.9
Total	90.1	68.9	283.8	210.5	283.5
Depreciation	9.8	10.2	27.5	26.8	35.2
Total operating expenses incl depr	99.9	79.1	311.3	237.3	318.7

^*Of which SEK 4.3 million for management change in current quarter

^**Of which SEK 1.3 million for set-up of connectivity in current quarter

FINANCIAL DEFINITIONS

Average number of shares after	Average number of shares adjusted with the dilution effect
dilution	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	The number of shares at the end of the period adjusted with
period, after dilution	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 performance measure	Description	Reason for use of the measure
Gross Margin %	Net Sales minus Cost of goods and services sold in percentage of Net Sales.	Gross Margin is an important measure for showing the margin before Other operating expenses.
Sales growth comparable entities %	Net Sales for the period minus Net Sales for entities acquired during the year minus Net Sales for the corresponding period last year in percentage of Net Sales for the corresponding period last year.	Sales growth for comparable entities shows the Group's organic growth excluding acquired businesses.

Currency adjusted Sales growth %	Net Sales for the period minus Net Sales for the 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

	2025	2024	2025	2024
	Quarter 3	Quarter 3	30 Sep	30 Sep
Currency adjusted sales growth (MSEK)
Currency adjusted sales growth	39.6	-50.5	0	0
Currency effect	-9.6	-4.5	0	0
Reported sales growth	30.0	-55.0	0	0
Capital employed
Total assets	1002.1	877.4	1002.1	877.4
Non-interest-bearing liabilities	0.0	0.0	413.0	346.1
Cash and bank	188.7	215.0	188.7	215.0
Reported capital employed	813.4	662.3	400.4	316.3

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.

Malmö, 25 November 2025

Finn Olav R Elde Chairman of the board Tine Wollebekk Board member

Kristin Hellebust Board member

Fredrik Löthgren Board member

Kjetil Fennefoss Interim CEO

Auditor's report

To the Board of Directors in Doro AB (publ), corporate identity number 556161-9429

Introduction

We have conducted a limited review of the condensed interim financial information (interim report) for Doro AB (publ) as of September 30, 2025, and the nine-month period ending on that date. The Board of Directors and the Managing Director are responsible for preparing and presenting this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our limited review.

The focus and scope of the limited review

We have conducted our limited review in accordance with the International Standard on Review Engagements ISRE 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A limited review consists of making inquiries, primarily of persons responsible for financial and accounting matters, performing analytical procedures, and other review procedures. A limited review has a different focus and a significantly smaller scope compared to the focus and scope of an audit conducted in accordance with ISA and generally accepted auditing standards. The review procedures taken in a limited review do not enable us to obtain the assurance that we would become aware of all significant matters that might have been identified in an audit. Therefore, the conclusion expressed based on a limited review does not have the assurance that a conclusion expressed based on an audit has.

Conclusion

Based on our limited review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the group in accordance with IAS 34 and the Annual Accounts Act and for the parent company in accordance with the Annual Accounts Act.

Malmö 25 November 2025

Öhrlings PricewaterhouseCoopers AB

Vicky Johansson Fredrik Aprili

Authorized Public Accountant Authorized Public Accountant

Auditor in charge

This is a translation of the Swedish language original. In the event of any differences between this translation and the Swedish language original, the latter shall prevail.

REPORT DATES

Q4 report January-December 2025 27 February 2026 Q1 report January-March 2026 21 May 2026 Annual General Meeting 2026 21 May 2026

CONTACT

For further information. please contact: Kjetil Fennefoss, Interim CEO E-post: ir@doro.com