Lagercrantz Group — Annual Report 2026

May 19, 2026

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YEAR-END REPORT 2025/26

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19.0%
EBITA
margin
Q4
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FOURTH QUARTER (1 JANUARY – 31 MARCH 2026)

• Net revenue increased by 13% to MSEK 2,825 (2,503), where the organic growth amounted to 6%.

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19%
EBT growth
Q4
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• Operating profit (EBITA) increased by 20% to MSEK 536 (446) and the EBITA margin amounted to 19.0% (17.8).

• Profit after financial items (EBT) increased by 19% to MSEK 438 (368).

• Cash flow from operating activities increased by 20% to MSEK 410 (342).

• Profit after taxes increased by 19% to MSEK 364 (307).

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29%
Return on
equity
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12 MONTHS (1 APRIL 2025 – 31 MARCH 2026)

• Net revenue increased by 13% to MSEK 10,609 (9,389), where the organic growth amounted to 3%.

• Operating profit (EBITA) increased by 17% to MSEK 1,923 (1,646) and the EBITA margin amounted to 18.1% (17.5).

MSEK 1,502 cash flow 2025/26

• Profit after financial items (EBT) increased by 17% to MSEK 1,523 (1,298).

• Cash flow from operating activities increased by 14% to MSEK 1,502 (1,322).

• Profit after taxes increased by 18% to MSEK 1,200 (1,019) and earnings per share after dilution increased to SEK 5.81 (4.93).

• Return on equity amounted to 29% (28) and the equity ratio was 35% (34).

• The Board of Directors proposes a dividend of SEK 2,50 (2.20) per share, an increase of 14% compared to previous year.

• During the financial year, eight acquisitions were carried out with total annual revenue of approximately MSEK 1,070.

• After the end of the financial year, another four companies have been acquired with total annual revenue of approximately MSEK 300.

GROUP OVERVIEW	3	months			Financial year	Financial year
Amounts in MSEK	31 Mar 2026	31 Mar 2025		Δ	31 Mar 2026	31 Mar 2025	Δ
Net revenue	2,825	2,503		13%	10,609	9,389	13%
EBITA	536		446	20%	1,923	1,646	17%
EBITA margin, %	19.0	17.8			18.1	17.5
Profit after financial items	438		368	19%	1,523	1,298	17%
Profit after taxes	364		307	19%	1,200	1,019	18%
Earnings per share after dilution, SEK	1.76	1.48		19%	5.81	4.93	18%
Cash flow from operating activities	410		342	20%	1,502	1,322	14%
Return on equity, %			-		29	28
	-
Equityratio,%	35		34		35	34

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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CEO COMMENT

“Purposeful strategy behind strong earnings growth”

Lagercrantz closed a strong financial year, where the positive trend continued also in the final quarter. Profit (EBT) for the full year increased by 17% to MSEK 1,523, which is a new all-time high. The operating margin (EBITA) amounted to 18.1% and earnings per share improved by 18% to SEK 5.81, which also represents new record highs. Cash flow from operating activities amounted to about MSEK 1,500 and continues to provide strong opportunities for future acquisitions.

The past year

Demand during the financial year was good in most of our prioritized areas, particularly in electrification, infrastructure, security and defence, and niche industrial products, while the construction sector continued to be characterised by lower activity. The broad exposure that Lagercrantz has, both geographically and among different segments, ensures a high degree of stability. In a market situation with fluctuating demand, the decentralised model demonstrates its strength where each subsidiary management team can adapt initiatives and measures to the prevailing situation in its specific submarket.

With annual revenue that is now approaching SEK 11 billion and an EBITA margin of 18.1%, we took further steps during the year towards our new ambition of reaching 20% EBITA within 2-3 years. Most of our divisions contributed with strong earnings and improved margins. The return on working capital also continued to develop at a high level.

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Net revenue and profit after net financial items, moving 12 months
16 000 1 600
15 000 1 500
14 000 1 400
13 000 1 300
12 000 1 200
11 000 1 100
10 000 1 000
9 000 900
8 000 800
7 000 700
6 000 600
5 000 500
4 000 400
3 000 300
2 000 200
1 000 100
0 0
Nettoomsättning Resultat efter finansnetto
Net revenue, MSEK
Profit after net financial items, MSEK
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The outcome of the year once again confirms that our strategy is delivering results. With improved profitability combined with effective capital allocation and stable cash flow, we are continuing to grow organically and through acquisitions.

Disciplined strategy and clear business model

Lagercrantz’s successes are the result of a strategy that has been consistently applied over time and executed with discipline. The business concept – to acquire well-run, profitable technology companies and to develop them on a longterm basis – is well-established. The organisational model is based on decentralisation, management by objectives and active ownership without an exit horizon.

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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Each subsidiary works towards clearly-defined earnings and working capital targets within a structure characterised by decentralised decision-making. This creates a high degree of responsibility and drive even in weaker market conditions. As part of our strategy, we are looking for companies with proprietary products where the proportion has continued to rise during the year and has now reached 80%. This contributes to good margins, improved cash flow and better potential for organic growth. The goal is to increase the total profit by at least 15% per year, which corresponds to doubling our profit every 5 years, where about one third should come from organic growth and two thirds from acquisitions. We have essentially succeeded with this during the past 15 years, and also in 2025/26.

During the financial year, we carried out eight acquisitions with total annual revenue of approximately SEK 1.1 billion. In addition, four further acquisitions were completed during April 2026, which together generate annual revenue of approximately MSEK 300. Overall, this year's results confirm the strength of the business model, our financial discipline and our ability to combine profitable growth with a high pace of acquisitions.

Lagercrantz is a successful ‘buy and build’ group, or in other words a ‘business acquirer and business developer’. We continue to see good acquisition opportunities, not least due to the fact that more and more entrepreneurs and familyowned companies are attracted to our ownership model and that awareness of us is increasing outside the Nordic region. Our strong financial position provides good capacity and we are continuing to invest selectively and with a longterm perspective.

Outlook

Looking ahead to the 2026/27 financial year, I am cautiously optimistic about future developments. Although geopolitical uncertainty has increased further and the construction sector is showing limited growth, we perceive that the market situation is generally stable. We continue to implement our strategy with a clear focus on profitable growth, effective capital allocation and long-term value creation.

Finally, I would like to extend a big thank you to all our employees. It is thanks to your commitment, sense of responsibility and your willingness to change that we are experiencing such successful performance.

19 May 2026 Jörgen Wigh President and CEO

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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THE GROUP’S PERFORMANCE

NET REVENUE AND PROFIT

Fourth quarter (January – March 2026)

The overall market situation continued to be stable in the fourth quarter. Businesses with exposure to electrification, infrastructure, security and defence showed a particularly good development, while demand in the construction sector remained weak.

Total order intake for comparable units was slightly higher than invoiced sales during the quarter and increased organically by 5%, adjusted for exchange rate fluctuations, which negatively affected order intake by 3%.

Net revenue in the fourth quarter increased by 13% to MSEK 2,825 (2,503), where acquisitions contributed 11% and the organic growth was 6%. Exchange rate fluctuations impacted net revenue negatively by 4%.

Operating profit (EBITA) increased by 20% to MSEK 536 (446) and the EBITA margin strengthened to 19.0% (17.8), where the Electrify, Control, TecSec and International divisions in particular contributed strong improvements in earnings.

Profit after financial items increased by 19% to MSEK 438 (368), where the increase was explained by both organic growth and acquisitions.

Net financial items amounted to MSEK -39 (-25), of which net interest items amounted to MSEK -38 (-55) and currency translation effects, due to a strong Swedish krona, amounted to MSEK -8 (31).

Profit after taxes increased by 19% to MSEK 364 (307), where the effective tax rate amounted to 17% (17).

The financial year 2025/26 (April 2025 – March 2026)

Demand was good in most of our priority areas during the financial year, with a strong development in electrification, infrastructure, security and defence and in niche industrial products. However, the construction sector continued to be characterised by a lower level of activity. During the financial year, consolidated net revenue increased by 13% to MSEK 10,609 (9,389), where acquisitions contributed 13% and the organic growth was 3%. Exchange rate fluctuations impacted net revenue negatively by 3%.

Operating profit (EBITA) increased by 17% to MSEK 1,923 (1,646) and the EBITA margin strengthened to 18.1% (17.5). The share of proprietary products increased during the financial year to 80% (78%).

Profit after net financial items increased by 17% to MSEK 1,523 (1,298), where the increase was explained by acquisitions and some organic growth. Net financial items amounted to MSEK -171 (-141), of which net interest items amounted to MSEK -161 (-173) and currency translation effects amounted to MSEK -17 (28).

Profit after taxes increased by 18% to MSEK 1,200 (1,019), where the effective tax rate amounted to 21% (21).

Earnings per share after dilution increased by 18% to SEK 5.81 (4.93).

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LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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PERFORMANCE BY DIVISION

	Net revenu	e		Operating profit (EBITA) and operating margin	Operating profit (EBITA) and operating margin
MSEK Electrify Operating margin Control Operating margin TecSec Operating margin Niche Products Operating margin International Operating margin Parent Company/consolidation items	3 months Jan-Mar 2025/26	3 months Jan-Mar 2024/25 588 330 550 642 393 -	Financial year 2025/26 Financial year 2024/25 2,633 2,285 1,340 1,196 2,316 2,171 2,390 2,169 1,931 1,568 - -	3 months Jan-Mar 2025/26 3 months Jan-Mar 2024/25 138 100 21.8% 17.0% 68 59 18.9% 17.9% 96 83 14.4% 15.1% 146 142 22.5% 22.1% 100 69 19.4% 17.6% -12 -7	Financial year 2025/26 Financial year 2024/25 543 387 20.6% 16.9% 228 175 17.0% 14.6% 339 359 14.6% 16.5% 492 479 20.6% 22.1% 358 273 18.5% 17.4% -37 -27
	633
	359
	668
	649
	516
	-
GROUP TOTAL Operating margin Amortisation, intangible assets Financial items	2,825	2,503	10,609 9,389	536 446 19.0% 17.8% -59 -54 -39 -25	1,923 1,646 18.1% 17.5% -229 -207 -171 -141
PROFIT BEFORE TAXES				438 368	1,523 1,298

NET REVENUE AND PROFIT BY DIVISION FOURTH QUARTER

Electrify

The Electrify division’s net revenue increased by 8% to MSEK 633 (588), where 1% was added through acquisitions, 9% organically and -2% currency. Operating profit (EBITA) increased by 38% to MSEK 138 (100), equivalent to an operating margin of 21.8% (17.0).

The market climate was favourable within both electrification and infrastructure. This contributed to yet another strong quarter with good growth and improved margins, which was largely explained by a positive and broad-based organic development.

Improvements in earnings were noted in most of the businesses, with a particularly good performance seen in Elkapsling, Mastsystem, Nordic Road Safety, Elfac and Elpress.

Control

The Control division’s net revenue increased by 9% to MSEK 359 (330), where 10% was added through acquisitions, 3% organically and -4% currency. Operating profit (EBITA) increased by 15% to MSEK 68 (59), equivalent to an operating margin of 18.9% (17.9).

A stable market situation combined with successful acquisitions contributed to a good improvement in earnings and margins during the quarter.

Businesses with exposure to the defence sector, such as CP Cases and Leteng, continued their positive development. Stegborgs and Radonova showed good improvements in earnings during the period while several smaller businesses focused on the construction sector continued to face challenging market conditions.

The recently acquired companies He-Man in the UK and Sweden-based Orax both contributed strong profits.

TecSec

The TecSec division’s net revenue increased by 21% to MSEK 668 (550), where 16% was added through acquisitions, 10% organically and -5% currency. Operating profit (EBITA) amounted to MSEK 96 (83), equivalent to an operating margin of 14.4% (15.1).

Several of the safety & security companies in the division performed well in a continued favourable market climate, particularly Denmark-based ARAS. The division’s largest company, PcP, and the more construction-related businesses – Laurea Group, Door and Joinery, Principal Doorsets and CWL continued to be affected by a challenging market.

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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The company I Holland, which was acquired in November 2025, reported a good start in the division.

Niche Products

The Niche Products division’s net revenue increased by 1% to MSEK 649 (642), where 10% was added through acquisitions, -4% organically and -5% currency. Operating profit (EBITA) increased by 3% to MSEK 146 (142), equivalent to an operating margin of 22.5% (22.1).

Niche Products delivered a stable quarter with good profitability in several of the businesses. Truxor, Waterproof and Sajas delivered clear improvements in earnings compared to the previous year. Meanwhile, Niche Products was challenged by weaker organic growth in several units, including Asept, Tormek and Westmatic, largely due to a weaker development in the US.

The recently acquired Swedish companies Sit Right and Enskede Hydraul have got off to a good start in Lagercrantz.

International

The International division’s net revenue increased by 31% to MSEK 516 (393), where 25% was added through acquisitions, 12% organically and -6% currency. Operating profit (EBITA) increased by 45% to MSEK 100 (69), equivalent to an operating margin of 19.4% (17.6).

The market situation was stable overall and despite negative currency effects, the International division delivered a strong quarter with good growth and improved margins. The marine business Libra in Norway and DP Seals in the UK continued to show a strong performance. After a seasonally strong winter period, the acquisition Epoke in Denmark, along with Friggeråkers Verkstäder, are now entering a period with a lower level of activity. The acquisitions were consolidated for the first time in July 2025, which is why the weaker spring and early summer period will not have an impact until financial year 26/27.

The Group’s net indebtedness, including pension liability of MSEK 55 (55) and lease liability of MSEK 505 (546), amounted to MSEK 4,213 (3,634) at the end of the period.

NEW PROFITABILITY TARGETS

During the third quarter of the financial year, the Board of Directors supported Management’s proposal for updated financial targets. The ambition to double our earnings and reach SEK 2 billion in profit after net financial items within 5 years which was communicated in autumn 2023 remains. In addition, the ambition is now set to reach an operating margin (EBITA) of 20% within 2–3 years and that P/WC should consistently exceed 60% compared to the previous 45%. The latter applies as a target for both existing and acquired businesses.

CASH FLOW AND CAPITAL EXPENDITURES

Cash flow from operating activities increased by 20% to MSEK 410 (342) for the fourth quarter and by 14% to MSEK 1,502 (1,322) for the full year, where the change was mainly explained by higher earnings.

Acquisitions and disposals, including settlement of contingent consideration relating to acquisitions carried out in previous years, amounted to MSEK 0 (417) in the fourth quarter and to MSEK 1,068 (1,131) for the financial year.

Net investments in non-current assets, primarily production equipment, amounted to MSEK 67 (66) for the fourth quarter and to MSEK 238 (160) for the full year.

In September, a dividend was paid of SEK 2.20 (1.90) per share, which was equivalent to MSEK 453 (392).

PROFITABILITY AND FINANCIAL POSITION

Return on equity amounted to 29% (28) and the return on capital employed was 20% (20).

The Group’s metric for return on working capital (P/WC) amounted to 81% (79).

The equity ratio at the end of the period was 35% (34). Equity per share amounted to SEK 21.52 (18.54).

The Group’s operating net debt at the end of the period amounted to MSEK 3,653 (3,033), where the increase was explained by acquisitions.

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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OTHER FINANCIAL INFORMATION

Parent Company and other consolidation items

The Parent Company’s net revenue amounted to MSEK 86 (83) and profit after financial items amounted to MSEK 903 (818) during the financial year. The Parent Company’s equity ratio was 35% (38).

Employees

At the end of the period, the number of employees in the Group was 3,627 (3,124), of whom 396 were added through acquisitions.

Share capital

The share capital amounted to MSEK 49 at the end of the period. The quota value per share amounted to SEK 0.23. Classes of shares were distributed as follows on 31 March 2026:

Classes of shares	Number
A shares	9,775,386
B shares	199,442,847
Repurchased B shares	-3,058,962
Total number of shares after	206,159,271
repurchases

At the end of the period, Lagercrantz Group held 3,058,962 own Class B shares, equivalent to 1.5% of the total number of shares and 1.0% of the votes.

Lagercrantz’s own holdings of repurchased B shares are primarily security for the company’s obligations in outstanding incentive programmes for senior executives.

In October 2025, 800,000 call options with a redemption price of SEK 276.60 were issued in accordance with the resolution of the 2025 AGM. These options were acquired by 92 senior executives at market price for a total of MSEK 22.

During the financial year, repurchases of call options amounted to MSEK 42 (92) and redemption of call options amounted to MSEK 10 (12).

At the end of the period, Lagercrantz had four outstanding call option programmes for a total of 2,744,500 shares:

	Number of
Option	outstanding options*	Redemption
programme		price
2025/29	792,000	276.60
2024/28	796,000	233.90
2023/27	760,000	143.60
2022/26	396,500	131.10
Total	2,744,500

* An option carries the right to purchase one share.

Issued call options on repurchased shares had a dilutive effect of approximately 0.2% of the total number of shares in the company.

ACQUISITIONS

During the financial year, the following acquisitions were completed (including subsidiaries);

		Equity	Annual revenue
Acquisition	Takeover	interest, %	at acquisition date, MSEK	Number of employees	Division
MT Miljøteknik ApS, Denmark	April 2025	90	37	25	Niche Products
AB Orax, Sweden	June 2025	100	50	14	Control
Epoke A/S, Denmark	June 2025	100	360	115	International
Friggeråkers Verkstäder AB, Sweden	July 2025	100	110	40	International
AB Qvintus, Sweden	August 2025	100	25	6	Control
Sit Right AB, Sweden	November 2025	70	90	6	Niche Products
Enskede Hydraul AB, Sweden	November 2025	70	60	5	Niche Products
I Holland Group, UK	November 2025	85	335	185	Tec Sec
			1,067	396

During the 2025/26 financial year, eight companies were acquired. In April 2025, 90% of the shares in Miljøteknik ApS in Denmark were acquired, a leading manufacturer of products for freshwater and wastewater distribution networks. MT Miljøteknik is an add-on acquisition to Wapro in the Niche Products division and generates annual revenue of about MDKK 25.

In June 2025, AB Orax was acquired for the Control division. Orax is a leading product and full-service

supplier, particularly for the management of cemeteries throughout Sweden and generates annual revenue of about MSEK 50.

In June 2025, Epoke A/S in Denmark was acquired for the International division. Epoke is a leading manufacturer of equipment for winter road maintenance equipment and generates annual revenue of about MDKK 240.

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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In July 2025, Friggeråkers Verkstäder AB in Sweden was acquired for the International division. Friggeråkers, under the Falköping brand, is a leading Swedish manufacturer of sand and salt spreaders and generates annual revenue of about MSEK 110.

In August 2025, the Swedish company Qvintus was acquired, which manufactures and supplies instruments for measuring temperature and pressure. The company generates annual revenue of approximately MSEK 25 and is an add-on acquisition to Direktronik.

In November 2025, 70% of the shares were acquired in the two Swedish companies Sit Right and Enskede Hydraul AB, two leading players in products and aftermarket parts for forestry and construction machinery.

The companies generate combined annual revenue of about MSEK 150.

In November 2025, 85% of the shares were acquired in I Holland in the UK, a leading manufacturer of premium tablet compression tools for pharmaceutical tablet manufacturing. The acquisition adds about MSEK 335 in business volume on an annual basis.

as well as options on any minority shares. The outcome of contingent considerations depends on the future results achieved in the companies and has a set maximum level. Not yet paid contingent considerations for acquisitions have a book value of MSEK 336 (390). These fall due for payment within three years and the maximum outcome can be MSEK 460 (600).

Remeasurement of contingent considerations had a net positive effect in the 12-month period of MSEK 30 (37), of which the effect in the fourth quarter was MSEK 17 (21). The effect on earnings is recognised in other operating income and other operating expenses.

During the financial year, MSEK 140 (17) has been paid in contingent consideration for previous acquisitions and MSEK 54 (0) in acquisition of outstanding minority shares.

Transaction costs, including any stamp duty, for the quarter’s acquisitions amounted to MSEK 11 (21) and are reported in the item administrative expenses.

Lagercrantz normally uses an acquisition structure with a fixed purchase price and contingent consideration

Preliminary purchase price allocation

The preliminary purchase price allocations in the table below include MT Miljøteknik ApS, AB Orax, Epoke A/S, Friggeråkers Verkstäder AB, AB Qvintus, Sit Right AB, Enskede Hydraul AB and I Holland Group.

	Carrying
	amount in	Fair value	Fair value
Acquired net assets at time of acquisition(MSEK)	companies	adjustment	consolidated
Intangible non-current assets	26	569	595
Other non-current assets	92	-	92
Inventories	233	-	233
Other current assets	307	-	307
Interest-bearing liabilities	-137	-	-137
Other liabilities	-195	-127	-322
Acquired net assets	326	442	768
Goodwill1)			509
Estimated Purchase price			1,277
Less: cash and cash equivalents in acquired businesses			-153
Less: consideration not yet paid			-245
Effect on the Group’s cash and cash equivalents			879

1) Goodwill is motivated by expected future sales development and profitability and also by the staff included in the acquired companies.

OTHER INFORMATION

Accounting policies

The Interim Report for the Group has been prepared in accordance with IFRS standards as adopted by the EU with application of IAS 34, Interim Financial Reporting . Apart from in the financial statements and

accompanying notes, disclosures according to IAS 34.16A are also presented in other parts of the report. The Interim Report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Markets Act,

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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which is in accordance with the provisions of RFR 2, Accounting for Legal Entities .

The same accounting policies and calculation methods as in the most recent annual report have been applied in the interim report. There are no new IFRS standards or IFRIC interpretations approved by the EU, which are applicable for Lagercrantz.

Significant estimates and judgments

As of the financial year 2025/26, a new assessment is applied to two internal loans in DKK to the Danish holding company. The loans are now classified as financial loans, in order to better reflect the purpose of the financing, whereas they were previously reported as an extended net investment.

This change means that foreign exchange translation effects will henceforth be recognised in the Group’s net financial items, instead of previously in other comprehensive income.

Otherwise, the company applies the significant estimates and judgments, as stated in the annual report for 2024/25.

Alternative performance measures

Lagercrantz presents certain financial metrics in the interim report that are not defined according to IFRS. The company considers that these metrics provide supplementary information to investors and shareholders as they enable evaluation of trends and the company’s performance. They should not be regarded as a substitute for metrics defined according to IFRS.

For definitions and reconciliation tables for the key performance indicators that Lagercrantz uses, see pages 16–17.

Transactions with related parties

Transactions between Lagercrantz and related parties with a significant impact on the company’s financial position and results have not occurred.

the market, customer and supplier dependence, the competitive situation, pandemics, cyber security risks as well as geopolitical uncertainty close to the main markets.

For more information, please see the Risks and uncertainty factors section on pages 36–37 in the 2024/25 Annual Report.

The Parent Company is impacted by the abovementioned risks and uncertainty factors through its capacity as owner of subsidiaries.

Events after the end of the period

No significant events for the company have occurred after the end of the period.

Annual General Meeting 2026

The Annual General Meeting 2026 will be held on 25 August 2026 in Stockholm. Shareholders who wish to have a matter dealt with at the AGM must send a written request in respect of this to the Board no later than 7 July 2026. The Annual Report will be published in July 2026. A notice convening the AGM shall be published on the company’s website not more than six weeks and not less than four weeks before the AGM. Notice of participation in the AGM must be given in accordance with the convening notice.

Election Committee for appointment of directors

An Election Committee has been appointed ahead of the Annual General Meeting 2026. Proposals to the Election Committee from shareholders may be sent to the company for forwarding or may be sent by e-mail to valberedningen@lagercrantz.com. More information is available on www.lagercrantz.com.

Stockholm, 19 May 2026

Jörgen Wigh, President and CEO

Risks and uncertainty factors

Lagercrantz’s results and financial position are affected by a number of internal factors, which Lagercrantz controls and a number of external factors where the possibility to influence the course of events is limited. The most important risk factors for the Group are the economic situation, combined with structural changes in

This report has not been subject to review by the company’s auditors.

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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Quarterly data by division

Net revenue	2025/26	2024/25 2023/24	2024/25 2023/24
MSEK	Q4 Q3 Q2 Q1	Q4 Q3 Q2 Q1 Q4
Electrify Control TecSec Niche Products International Parent Company/consolidation items	633 706 622 672 359 346 317 319 668 630 492 525 649 652 520 569 516 520 506 388 - - - -	588 603 533 561 449
		330 322 281 264 284
		550 572 511 538 517
		642 559 472 495 511
		393 406 375 395 398
		- - - - -
GROUP TOTAL Operating profit (EBITA)	2,825 2,854 2,457 2,473 2025/26	2,503 2,462 2,172 2,253 2,159
		2024/25 2023/24
MSEK	Q4 Q3 Q2 Q1	Q4 Q3 Q2 Q1	Q4
Electrify Control TecSec Niche Products International Parent Company/consolidation items	138 150 132 123 68 61 48 51 96 90 68 84 146 130 102 114 100 90 97 70 -12 -8 -7 -10	100 97 100 90 59 47 34 35 83 92 87 98 142 128 108 100 69 69 66 69 -7 -5 -8 -6	66
			48
			85
			126
			70
			-5
GROUP TOTAL Operating margin (EBITA)	536 513 440 432 2025/26	446 428 387 386 390 2024/25 2023/24	390
%	Q4 Q3 Q2 Q1	Q4 Q3 Q2 Q1 Q4
Electrify Control TecSec Niche Products International	21.8 21.2 21.2 18.3 18.9 17.6 15.1 16.0 14.4 14.3 13.8 16.0 22.5 19.9 19.6 20.0 19.4 17.3 19.2 18.0	17.0 16.1 18.8 16.0 14.7
		17.9 14.6 12.1 13.3 16.9
		15.1 16.1 17.0 18.2 16.4
		22.1 22.9 22.9 20.2 24.7
		17.6 17.0 17.6 17.5 17.6
GROUP TOTAL	19.0 18.0 17.9 17.5	17.8 17.4 17.8 17.1 18.1

Return on working capital

Return on working capital
(P/WC)
%	2025/26 2024/25 2023/24
Electrify Control TecSec Niche Products International	81 66 62
	92 90 75
	80 98 107
	94 83 83
	82 76 76
GROUP TOTAL	81 79 77

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 31 DECEMBER 2025

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Consolidated Income Statement - condensed

MSEK	3 months, Jan-Mar 2025/26 3 months Jan-Mar 2024/25	Financial year 2025/26 Financial year 2024/25
Net revenue Cost of goods sold	2,825 2,503 -1,695 -1,516	10,609 9,389 -6,450 -5,730
GROSS PROFIT Selling expenses Administrative expenses Other operating income and operating expenses	1,130 987 -417 -384 -263 -227 27 17	4,159 3,659 -1,583 -1,448 -937 -811 55 39
PROFIT BEFORE NET FINANCIAL ITEMS* Net financial items	477 393 -39 -25	1,694 1,439 -171 -141
PROFIT AFTER FINANCIAL ITEMS Taxes	438 368 -74 -61	1,523 1,298 -323 -279
NET PROFIT FOR THE PERIOD _ Of which: - amortisation of intangible non-current assets_ arising in connection with acquisitions: OPERATING PROFIT (EBITA) Earnings per share before dilution, SEK Earnings per share after dilution, SEK Weighted number of shares after repurchases, (’000) Weighted number of shares after repurchases adjusted after dilution (’000)* Number of shares at end of period after repurchases (’000)	364 307 -59 -53 536 446 1.77 1.49 1.76 1.48 206,159 206,088 206,526 206,741 206,159 206,088	1,200 1,019 -229 -207 1,923 1,646 5.82 4.95 5.81 4.93 206,124 206,052 206,537 206,553 206,159 206,088

**In view of the redemption price on outstanding call options during the period (SEK 276.60, SEK 233.90, SEK 143.60 and SEK 131.10) and the average share price (SEK 216.49) during the latest 12-month period when the option programmes were outstanding, there was a dilutive effect of 0.20%. For the latest quarter, there was a dilutive effect of 0.18% based on an average share price of SEK 204.07.

Consolidated Statement of Comprehensive Income - condensed

MSEK	3 months Jan-Mar 2025/26 3 months Jan-Mar 2024/25	Financial year 2025/26 Financial year 2024/25
Net profit for the period Items that have been reposted or that may be reposted to net profit for the period: Change in translation reserve Taxes related to the above items Items that cannot be reposted to net profit for the period: Actuarial effects on pensions Taxes attributable to actuarial effects	364 307 63 -163 -2 12 0 3 0 -1	1,200 1,019 -9 -163 3 12 0 3 0 -1
Total other comprehensive income	61 -149	-6 -149
COMPREHENSIVE INCOME FOR THE PERIOD	425 158	1,194 870

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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Consolidated Balance Sheet - condensed

MSEK	31 Mar 2026 31 Mar 2025
ASSETS Goodwill Other intangible assets Property, plant and equipment Financial assets Inventories Trade receivables and contract assets Other current receivables Cash and bank balances	4,214 3,618 2,861 2,488 1,339 1,290 39 32 1,688 1,426 1,799 1,469 500 443 331 456 12,771 11,222 4,436 3,837 3,873 3,418 1,301 1,158 671 672 888 746 1,602 1,391 12,771 11,222 331 456 4,489 4,034
TOTAL ASSETS EQUITY AND LIABILITIES Equity Non-current interest-bearing liabilities Non-interest-bearing liabilities, non-current Current interest-bearing liabilities Trade payables and contract liabilities Other current liabilities
TOTAL EQUITY AND LIABILITIES Interest-bearing assets Interest-bearing liabilities, excl. pension liabilities

Changes in Consolidated Equity - condensed

MSEK	Financial year 2025/26 Financial year 2024/25
Opening balance Comprehensive income for the period Transactions with owners Dividend Dividend to minority shareholders in subsidiaries Redemption and acquisition of options on repurchased shares, net Change in value option liability acquisition	3,837 3,468 1,194 870 -453 -392 -53 -42 -10 -62 -79 -5
Closing balance	4,436 3,837

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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Consolidated Statement of Cash Flows - condensed

SEK million	3 months Jan-Mar 2025/26 3 months Jan-Mar 2024/25	Financial year 2025/26 Financial year 2024/25
Operating activities Profit after financial items Adjustment for items not included in the cash flow Income tax paid	438 368 138 36 -92 -111	1,523 1,298 543 400 -400 -368
Cash flow from operating activities before changes in working capital Cash flow from changes in working capital Increase (-)/Decrease (+) in inventories Increase (-)/Decrease (+) in operating receivables Increase (+)/Decrease (-) in operating liabilities	484 293 -4 -1 -180 -37 110 87	1,666 1,330 -32 67 -208 -4 76 -71
Cash flow from operating activities Investing activities Net investments in businesses Net investments in other non-current assets	410 342 - -417 -67 -66	1,502 1,322 -1,068 -1,131 -238 -160
Cash flow from investing activities Financing activities Dividend to the parent company’s shareholders Dividend to minority shareholders in subsidiaries Transactions with own shares/options Change in loan liability Change in credit facilities and other financing activities	-67 -483 - - - - - -1 -602 381 96 -186	-1,306 -1,291 -453 -392 -53 -42 -10 -62 387 721 -187 -135
Cash flow from financing activities CASH FLOW FOR THE PERIOD Cash and cash equivalents at start of period Exchange difference in cash and cash equivalents Cash and cash equivalents at the end of the period	-506 194 -163 53 490 427 4 -24 331 456	-316 90 -120 121 456 355 -5 -20 331 456

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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Fair value of financial instruments

For all of the Group’s financial assets, fair value is estimated to equal the carrying amount. Liabilities measured at fair value consist of contingent consideration payments and call options on minority interests, which are measured using discounted estimated cash flows and are therefore included in level 3 under IFRS 13.

which are measured using discounted estimated cash flows and are	therefore included in level 3 und
Carrying amount, MSEK	31 Mar 2026 31 Mar 2025
Assets measured at fair value Assets measured at amortised cost	- - 2,024 1,817
TOTAL ASSETS, FINANCIAL INSTRUMENTS Liabilities measured at fair value Liabilities measured at amortised cost	2,024 1,817 331 390 5,863 5,142
TOTAL LIABILITIES, FINANCIAL INSTRUMENTS	6,199 5,532

Change in liability for contingent considerations MSEK	3 months Jan-Mar 2025/26 3 months Jan-Mar 2024/25	Financial year 2025/26 Financial year 2024/25
Opening balance The period’s acquisitions Settled liabilities during the period Remeasurement preliminary purchase price allocation Reversed via the income statement Exchange difference	340 340	390 296 72 158 -140 -17 42 3 -30 -37 -3 -13
	5 117
	1 -
	1 3
	-17 -21
	1 -49
Closing balance	331 390	331 390

Change in put options, MSEK	3 months Jan-Mar 2025/26 3 months Jan-Mar 2024/25	Financial year 2025/26 Financial year 2024/25
Opening balance The period’s acquisitions Settled liabilities during the period Remeasurement preliminary purchase price allocation Remeasurement via equity Exchange difference	504 432 2 - - - - - 78 13 7 -12	433 409 131 23 -54 - - - 79 13 2 -12
Closing balance	591 433	591 433

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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Parent Company Income Statement - condensed

SEK million	3 months Jan-Mar 2025/26 3 months Jan-Mar 2024/25	Financial year 2025/26 Financial year 2024/25
Net revenue Administrative expenses Other operating income and operating expenses	22 21 -43 -31	86 83 -146 -119 - -
	- -
OPERATING PROFIT Finance income Finance costs	-21 -10	-60 -36 1,139 1,048 -176 -194
	407 410
	-36 -87
PROFIT AFTER FINANCIAL ITEMS Change in untaxed reserves Taxes	350 313	903 818 -56 -65 -52 -45
	-56 -65
	-67 -51
NET PROFIT FOR THE PERIOD	227 197	795 708

Parent Company Balance Sheet - condensed

SEK million	31 Mar 2026 31 Mar 2025
ASSETS Property, plant and equipment Financial assets Current receivables Cash and bank balances	1 2 7,491 6,906 1,373 1,260 - -
TOTAL ASSETS EQUITY AND LIABILITIES Equity Untaxed reserves Non-current liabilities Current liabilities	8,865 8,168 3,410 3,080 410 353 2,965 3,188 2,080 1,547
TOTAL EQUITY AND LIABILITIES	8,865 8,168

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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Key performance indicators

In the table below, certain key performance indicators are presented that are not defined according to IFRS, for definition see Key performance indicator definitions.	Financial year
	2025/26 2024/25 2023/24 2022/23 2021/22
Revenue Change in revenue, % EBITDA Operating profit (EBITA) Operating margin (EBITA), % EBIT EBIT margin, % Profit after financial items Profit margin, % Profit after taxes Equity ratio, % Return on working capital (P/WC), % Return on capital employed, % Return on equity, % Net debt (+)/receivables (-), MSEK Net debt/equity ratio, times Operating net debt (+)/receivables (-), MSEK Operating net debt/equity ratio, times Interest coverage ratio, times Number of employees at end of period Revenue outside Sweden, MSEK	10,609 9,389 8,129 7,246 5,482 13.0 15.5 12.2 32.2 34.0 2,284 1,967 1,704 1,451 1,094 1,923 1,646 1,431 1,205 895 18.1 17.5 17.6 16.6 16.3 1,694 1,439 1,256 1,062 781 16.0 15.3 15.5 14.7 14.2 1,523 1,298 1,116 968 741 14.4 13.8 13.7 13.4 13.5 1,200 1,019 877 758 572 35 34 35 37 36 81 79 77 78 79 20 20 20 22 20 29 28 27 29 28 4,213 3,634 2,956 2,327 2,014 0.9 0.9 0.9 0.8 0.9 3,653 3,033 2,438 1,902 1,621 0.8 0.8 0.7 0.6 0.7 9 9 8 8 15 3,627 3,124 2,762 2,425 1,953 7,346 6,397 5,561 4,830 3,559

Key performance indicators per share

In the table below, certain key performance indicators are presented that are not defined according to IFRS, for definition see Key performance indicator definitions.	Financial year
	2025/26 2024/25 2023/24 2022/23 2021/22
Number of shares at end of period after repurchases (’000) Weighted number of shares after repurchases, (’000) Weighted number of shares after repurchases & dilution (’000) Earnings per share before dilution, SEK Earnings per share after dilution, SEK Cash flow from operating activities per share after dilution, SEK Equity per share, SEK Latest price paid per share, SEK	206,159 206,088 205,955 205,930 203,637 206,124 206,052 205,940 204,439 203,547 206,537 206,553 206,227 204,718 204,102 5.82 4.95 4.26 3.71 2.81 5.81 4.93 4.25 3.70 2.80 7.28 6.39 6.43 5.23 2.91 21.52 18.54 16.84 14.61 10.94 198.90 206.40 163.80 129.70 106.80

*Lagercrantz does not recognise minority interests due to the existence of call and put options on the minority interests. For a description of consolidation principles, see page 54 of the 2024/25 Annual Report.

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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Key performance indicator definitions

Return on equity[1]

Net profit for the year after tax as a percentage of average equity (opening plus closing balance for the latest 12-month period, divided by two).

Return on working capital (P/WC)[ 1]

Operating profit (EBITA) as a percentage of average working capital, (opening balance plus closing balance for the latest 12-month period, divided by two), where working capital consists of inventories, trade receivables and contract assets less trade payables and contract liabilities.

Return on capital employed[1]

Profit after financial items, plus financial expenses as a percentage of average capital employed (opening balance plus closing balance for the latest 12-month period, divided by two).

EBITDA[1]

Operating profit before depreciation, amortisation and impairment.

EBIT margin Profit before net financial items as a percentage of net revenue.

Equity per share[1]

Equity divided by the number of outstanding shares on the balance sheet date.

Operating net debt/equity ratio[1]

Interest-bearing provisions and liabilities, excluding pensions and excluding effects of IFRS 16, less cash and cash equivalents and investments in securities, divided by equity plus non-controlling interests.

Change in revenue[1]

Change in net revenue as a percentage of the preceding year’s net revenue.

Organic growth[1]

Changes in net revenue excluding currency effects, acquisitions and disposals compared to the same period of the previous year.

Earnings per share before dilution

Net profit for the year attributable to the parent company’s shareholders in relation to the weighted number of shares outstanding after repurchases.

Earnings per share after dilution

Net profit for the year attributable to the parent company’s shareholders in relation to the weighted number of shares outstanding after repurchases and dilution.

Interest coverage ratio[1]

Profit after financial items plus financial expenses divided by financial expenses.

Operating profit (EBITA)[1]

Cash flow per share after dilution[1]

Cash flow in relation to the weighted number of shares outstanding after repurchases and adjusted for dilution.

Cash flow from operating activities per share[1]

Cash flow from operating activities in relation to the weighted number of shares outstanding after repurchases and adjusted for dilution.

Operating profit before amortisation of intangible non-current assets arising in connection with acquisitions.

Operating margin[1]

Operating profit (EBITA) as a percentage of net revenue.

Debt equity ratio[1]

Interest-bearing liabilities divided by equity, plus non-controlling interests.

Net debt/receivables[1]

Interest-bearing provisions and liabilities, including pension liabilities and including liabilities related to financial leases according to IFRS 16, less cash and cash equivalents and investments in securities.

Net debt/equity ratio[1]

Interest-bearing provisions and liabilities including pension liabilities and including IFRS 16, less cash and cash equivalents and investments in securities, divided by equity plus non-controlling interests.

Operating net debt/receivables[1]

Interest-bearing provisions and liabilities, excluding pensions and excluding liabilities related to financial leases according to IFRS 16, less cash and cash equivalents and investments in securities.

Equity ratio[1]

Equity, plus non-controlling interests as a percentage of total assets. The equity portion of untaxed reserves is included in the parent company’s calculation of the equity ratio.

Capital employed[1]

Total assets, less non-interest-bearing provisions and liabilities.

Profit margin[1]

Profit after financial items, less participations in associated companies as a percentage of net revenue.

1 The key performance indicator is an alternative performance measure according to ESMA’s guidelines.

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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Reconciliation tables for alternative performance measures

	12 months through 31 Mar 2026 31 Mar 2025 31 Mar 2024 31 Mar 2023 1,694 1,439 1,256 1,062 229 207 175 143 1,923 1,646 1,431 1,205 361 321 273 246 2,284 1,967 1,704 1,451 31 Mar 2026 31 Mar 2025 31 Mar 2024 31 Mar 2023 1,923 1,646 1,431 1,205 1,557 1,398 1,268 1,058 1,634 1,421 1,305 1,105 817 747 711 621 2,373 2,071 1,862 1,542 81% 79% 77% 78%
EBITA and EBITDA Group,MSEK
Profit before net financial items according to the quarterly report
Amortisation, intangible non-current assets relating to acquisitions
EBITA
Depreciationofproperty, plantand equipment
EBITDA
Working capital and return on working capital (P/WC) Group,MSEK
EBITA (moving 12 months)
Inventories, annual average (+)
Trade receivables and contract assets, annual average (+)
Trade payables and contract liabilities, annual average (-)
Working capital (annual average)
Return on working capital (P/WC), (%)
Acquired and organic net revenue growth Group,MSEK, %	3 months Jan-Mar 2025/26 3 months Oct-Dec 2025/26 3 months Jul-Sep 2025/26 3 months Apr-Jun 2025/26 3 months Jan-Mar 2024/25
Acquired net revenue growth	291 11% 439 18% 311 14% 232 10% 240 11% 141 6% 51 2% 22 1% 58 3% 105 5% -110 -4% -98 -4% -48 -2% -70 -3% -1 0%
Organic net revenue growth
Exchange rate effects
Total net revenue growth	322 13% 392 16% 285 13% 220 10% 344 16%

Revenue distribution

	Electrify	Electrify	Control	Control	TecSec	TecSec	Niche Products	Niche Products	International	International	Group total	Group total
**Net revenue by product type **	2025/26	2024/25	2025/26	2024/25	2025/26	2024/25	2025/26	2024/25	2025/26	2024/25	2025/26	2024/25
Total net revenue	2,633	2,285	1,340	1,196	2,316	2,171	2,390	2,169	1,931	1,568	10,609	9,389
Of which, share
Proprietary products	78%	78%	69%	66%	77%	77%	93%	94%	75%	67%	80%	78%
Trading	4%	4%	28%	30%	5%	5%	5%	3	24%	32%	11%	12%
Niche production	17%	17%	2%	3%	-	-	1%	2%	-	-	5%	5%
System integration	-	-	-	-	14%	12%	-	-	-	-	3%	3%
Other net revenue	1%	1%	1%	1%	4%	6%	1%	1%	1%	1%	1%	2%
	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%
	Electrify		Control		TecSec		Niche Products		International		Group total
Net revenueper market	2025/26	2024/25	2025/26	2024/25	2025/26	2024/25	2025/26	2024/25	2025/26	2024/25	2025/26	2024/25
Total net revenue, MSEK	2,633	2,285	1,340	1,196	2,316	2,171	2,390	2,169	1,931	1,568	10,609	9,389
Of which
Power & Electricity distribution	44%	45%	8%	11%	2%	2%	10%	12%	6%	7%	16%	17%
Infrastructure	25%	26%	11%	10%	19%	20%	20%	19%	32%	12%	22%	19%
Transportation	4%	4%	8%	3%	7%	8%	31%	26%	32%	38%	16%	15%
Building & Construction – Industry	-	-	2%	4%	21%	23%	9%	10%	2%	2%	7%	9%
Building & Construction –
Commercial	-	-	1%	1%	15%	16%	7%	7%	1%	1%	5%	6%
Building & Construction – Private	-	-	5%	4%	2%	2%	-	-	-	-	1%	1%
Electronics	4%	5%	3%	3%	5%	5%	-	-	16%	21%	5%	6%
Service	-	0%	14%	21%	1%	1%	10%	14%	-	1%	4%	6%
Security	1%	1%	9%	8%	15%	16%	3%	3%	-	2%	6%	6%
Telecommunication	10%	12%	1%	1%	1%	-	-	-	1%	1%	3%	3%
Medical	-	-	2%	2%	9%	3%	-	-	5%	7%	3%	2%
IT	1%	1%	6%	7%	-	-	-	1%	2%	3%	2%	2%
Pulp & paper industry	1%	1%	-	1%	-	-	3%	4%	-	1%	1%	1%
Other	10%	5%	30%	24%	3%	4%	7%	5%	3%	4%	9%	7%
	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%	100%

LAGERCRANTZ GROUP AB (PUBL) INTERIM REPORT 1 APRIL 2025 – 31 DECEMBER 2025

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This information is such information that Lagercrantz Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was originally submitted for publication at 07:40 CET on 19 May 2026.

Reporting dates: 17 July 2026 Interim Report 1 April – 30 June 2026 25 August 2026 Annual General Meeting for the 2025/26 financial year 23 October 2026 Interim Report Q2 1 April – 30 September 2026

For further information please contact: Jörgen Wigh, President and CEO, phone +46 8 700 66 70 Karin Mellegård Djärf, CFO, phone +46 70 290 01 94

Lagercrantz Group AB (publ) Box 3508, 103 69 Stockholm Phone +46 8 700 66 70 Corporate identity number 556282-4556 www.lagercrantz.com

LAGERCRANTZ GROUP AB (PUBL) YEAR-END REPORT 1 APRIL 2025 – 31 MARCH 2026

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