MEKO

Quarterly Report • Feb 15, 2023

Year-end report January - December 2022 February 15, 2023

Strong growth and improved cash flow

October 1 - December 31, 2022

• Net sales increased 24 percent to SEK 3,895 M (3,129). Adjusted for the acquisition of Koivunen, net sales increased 10 percent. Organic growth was 5 percent.
• Net sales were positively impacted by 4 percent due to currency effects.
• Adjusted EBIT amounted to SEK 198 M (203) and the adjusted EBIT margin was 5.0 percent (6.3).
• EBIT amounted to SEK 148 M (173) and the EBIT margin was 3.7 percent (5.4). EBIT was negatively impacted in the quarter by items affecting comparability of SEK 22 M (pos: 3), related to restructuring in the Norwegian operations in the Sweden/Norway business area.
• Earnings per share, before and after dilution, amounted to SEK 2.05 (2.09).
• Cash flow from operating activities amounted to SEK 326 M (192).
• Net debt was SEK 3,558 M (2,264) at the end of the period, compared with SEK 3,659 M at September 30.
• The uncertain global situation impacted sales and profitability in the quarter in several of the Group's markets.

January 1–December 31, 2022

• Net sales increased 14 percent to SEK 14,067 M (12,309). Adjusted for the acquisition of Koivunen, net sales increased 7 percent. Organic growth was 3 percent. Net sales were positively impacted by 3 percent due to currency effects.
• Adjusted EBIT amounted to SEK 945 M (1,031) and the adjusted EBIT margin was 6.6 percent (8.2).
• EBIT amounted to SEK 759 M (894) and the EBIT margin was 5.3 percent (7.1). EBIT was negatively impacted in the period by items affecting comparability of SEK 70 M (pos: 3), of which SEK 48 M was related to costs and transaction tax in conjunction with the acquisition of Koivunen and SEK 22 M was attributable to restructuring in the Norwegian operations in the Sweden/Norway business area.
• Earnings per share, before and after dilution, amounted to SEK 8.12 (10.21).
• Cash flow from operating activities amounted to SEK 1,048 M (1,227).
• During the period, the Parent Company Mekonomen AB (publ.) completed its name change to MEKO AB (publ.).
• On July 1, MEKO finalized the acquisition of Koivunen with operations in Finland and the Baltics for a purchase consideration of EUR 131 M and the operations were included in MEKO's financial statements from that date.
• As of the third quarter of 2022, the Group reports according to five business areas: Denmark, Finland, Poland/the Baltics, Sweden/Norway and Sørensen og Balchen (Norway). Comparative figures have been restated.
• Restrictions related to covid-19 affected both the period and the comparative period, but to a varying extent in the different business areas.
• The uncertain global situation impacted sales and profitability in the period in most of the Group's markets, and had a negative impact on cash flow due to the build up of buffer inventory to offset the impact of disruptions in the supply chain.
• The Board of Directors proposes a dividend of SEK 3.30 (3.00) to be paid in two installments, 1.10 in May and 2.20 in November.

SUMMARY OF THE GROUP'S EARNINGS TREND SEK M	Oct-Dec 2022	Oct-Dec 2021	Change, %	Jan-Dec 2022	Jan-Dec 2021	Change, %
Net sales	3 895	3 129	24	14 067	12 309	14
Adjusted EBIT	198	203	-2	945	1 031	-8
EBIT	148	173	-14	759	894	-15
Profit after financial items	95	151	-37	581	759	-23
Profit after tax	120	118	1	477	587	-19
Earnings per share, SEK	2,05	2,09	-2	8,12	10,21	-20
Adjusted EBIT margin, %	5,0	6,3		6,6	8,2
EBIT margin, %	3,7	5,4		5,3	7,1

ADJUSTED EBIT
SEK M	Oct-Dec	Oct-Dec		Jan-Dec	Jan-Dec
	2022	2021	Change, %	2022	2021	Change, %
EBIT	148	173	-14	759	894	-15
Transaction costs related to the acquisition of Koivunen	0	0		-26	0
Transaction tax related to the acquisition of Koivunen	0	0		-22	0
Restructuring costs, Norway	-22	0		-22	0
Payment of AGS health insurance	0	12		0	12
Impairment of associates	0	-8		0	-8
Items affecting comparability, total	-22	3		-70	3
"Other items", material
acquisition-related items 1)	-28	-34		-116	-141
Adjusted EBIT	198	203	-2	945	1 031	-8

1) Other items include material acquisition-related items. Current acquisition-related items pertain to the amortization of surplus values on acquired tangible and intangible assets relating to the acquisitions of FTZ, Inter-Team, Koivunen, MECA and Sørensen og Balchen (Sørensen og Balchen until the end of April 2021 and MECA until May 2022 when this amortization was completed).

CEO comments

Strong growth and improved cash flow

I am pleased with the underlying strength demonstrated by MEKOs performance in the fourth quarter. In a challenging global situation, our organic growth increased while our business model remains stable and generates strong cash flow. We have established a position as market leader in northern Europe and are ramping up our efficiency enhancement efforts. Overall, we have a healthy financial position and can look back on one of our strongest years so far. It is gratifying that the Board can propose a dividend of SEK 3.30 per share for 2022.

Industry leader in northern Europe

MEKO is leading our industry in northern Europe: enabling mobility by providing workshops with spare parts, services and workshop concepts under established brands and with unbeatable logistics and availability. Following the strategic acquisition of Koivunen, we strengthened our position in Finland and also established a position in the Baltics. We now operate in eight markets with 75 million people and 35 million cars, which offers increased opportunities for efficiency improvements and profitable growth. The synergy gains we anticipated in connection with the acquisition of Koivunen are confirmed as planned and will be realized by 2024 as previously communicated.

Solid development in our markets but continuing challenging market conditions in Denmark

The macro environment remained complex in the fourth quarter, with rising inflation, high interest rates and turbulence as a result of the war in Ukraine. Demand continued to be strong in Poland and the Baltics, while Sweden and Finland have shown continued good development. In Norway, conditions have improved, mainly in B2B, while demand in Denmark has been more challenging.

The Group's net sales increased by just over 24 percent to SEK 3,895 M (3,129) in the quarter, of which organic growth was 5 percent. Excluding the acquisition of Koivunen, growth was 10 percent and means MEKO in 2022 achieved its highest level of sales for a single year since the company was founded.

Stable profitability – increased efforts to raise margins

One of MEKO's main strengths is our size. It provides us with significant purchasing power and economies of scale. This helped us to report stable profitability during the year. However, levels were slightly impacted in the fourth quarter due to initiatives to reduce costs and higher purchasing prices. One important measure during the quarter was the discontinuation of nine branches in Norway while retaining availability for our customers – an initiative in line with our strategy to continuously optimize operations.

In the fourth quarter, EBIT amounted to SEK 148 M compared with SEK 173 M in the same quarter of the boom year of 2021. This resulted in an overall EBIT margin of 3.7 percent (5.4). Earnings were impacted by items affecting comparability of SEK -22 M (3) arising from efficiency measures in Norway. Adjusted EBIT amounted to SEK 198 M (203) and the adjusted EBIT margin to 5.0 percent (6.3). The gross margin fell to 42.8 percent (45.4) mainly due to the acquisition of Koivunen, with a generally lower gross margin.

Strong financial position and dividend proposal

Our earnings capacity gives us a solid financial position. It is gratifying that our cash flow in the fourth quarter improved compared with same period of 2021, despite slightly higher working capital. At the end of 2022, our net debt was SEK 3,558 M (2,264), with the increase attributable to the acquisition of Koivunen. This yields net debt in relation to EBITDA of 3.36 times, including 6 months earnings effect from Koivunen – slightly higher than our goal of a debt ratio between 2 and 3. I feel confident that we can reach the target range in 2023, aided by our strong cash flow.

Overall, 2022 was one of the strongest years since MEKO was founded, with our highest ever group revenue and a second best EBIT. We are well positioned in the market. It is also one of the reasons that the Board of Directors has proposed a dividend to shareholders of SEK 3.30 per share to be paid in two installments, 1.10 in May and 2.20 in November.

Leading the transformation toward more sustainable mobility

MEKO has a timeless business model that is driven by the constant need for mobility. There is a consistent demand for properly functioning vehicles, regardless of the technology they use. Electrification is progressing at full speed and MEKO is helping to drive this green transition. Through our special efforts in 2022, we trained workshops and secured the industry's most comprehensive supply of spare parts for electric cars. We welcome electric cars in the same way as petrol and diesel cars.

Taken together, MEKO stands strong in a broader international context than previously. We have major potential to continue to grow and increase our profitability in an enduring manner.

I would like to say a huge thank you to all employees and shareholders for this past year.

Pehr Oscarson President and CEO

THIS IS MEKO

Vision

We enable mobility – today, tomorrow and in the future.

Business concept

We are an international Group that operates and develops business in the automotive aftermarket. We focus on growth, collaboration synergies and driving sustainable and digital development in our industry. Our business concept is timeless and is based on enabling mobility – today, tomorrow and in the future – as technology evolves and vehicles are used in new ways.

We satisfy the need for services and products to vehicle workshops and other companies through our market-leading concepts, distribution network and our efficient logistics chain. Our concepts are directed at private and commercial vehicle owners, for whom we meet vehicle service and maintenance needs.

Business flow

MEKO has a central purchasing function supporting all five business areas: Denmark, Finland, Poland/the Baltics, Sweden/Norway and Sørensen og Balchen (Norway). The supply of goods is mainly from Europe and Asia via leading European suppliers. The business areas conduct wholesale and logistics operations as well as sales through our branch and workshop concepts in each market. Sales to companies account for over 90 percent of Group sales.

GROUP REVENUE

TOTAL REVENUE	Oct-Dec	Oct-Dec		Jan-Dec	Jan-Dec
DISTRIBUTION, SEK M	2022	2021	Change, %	2022	2021	Change, %
Net sales, external
per business area
Denmark	986	902	9	3 689	3 480	6
Finland 1)	327	30		728	111
Poland/the Baltics	813	515	58	2 748	2 091	31
Sweden/Norway 1)	1 559	1 468	6	6 020	5 746	5
Sørensen og Balchen (Norway)	209	207	1	877	873	0
Central functions	2	6	-68	5	7	-26
Total net sales,
Group	3 895	3 129	24	14 067	12 309	14
Other operating revenue	112	89	26	324	243	33
GROUP REVENUE	4 007	3 218	25	14 391	12 552	15

Revenue distribution per country and business area is presented in the table on page 16.

1) Comparative figures have been restated according to new business areas.

GROWTH NET SALES PERCENT		Denmark		Finland		Poland/ the Baltics		Sweden/ Norway		Sørensen og Balchen (Norway)		Group
2022	Q4	Jan-Dec	Q4	Jan-Dec	Q4	Jan-Dec	Q4	Jan-Dec	Q4	Jan-Dec	Q4	Jan-Dec
Organic growth	1,3	0,2	18,3	25,1	21,2	13,4	3,2	1,5	-6,4	-9,5	5,0	2,6
Effect from acquisitions/divestments	0,0	0,6	0,0	0,0	0,0	0,0	1,6	1,0	3,9	4,4	15,5	8,3
Currency effects	7,9	4,8	9,4	6,0	6,2	2,3	1,4	2,1	3,4	5,2	4,3	3,1
Effect, workdays	0,0	0,4	2,1	1,0	-2,0	0,0	0,0	0,2	0,0	0,4	-0,3	0,2
Growth net sales	9,2	6,0	29,7	32,2	25,3	15,8	6,2	4,8	0,9	0,5	24,5	14,3

October 1 - December 31, 2022

Net sales increased 24 percent to SEK 3,895 M (3,129). Adjusted for the acquisition of Koivunen, net sales increased 10 percent. Net sales were positively impacted by currency effects of SEK 134 M. The number of workdays had a slight negative effect on net sales during the quarter, with one day less in Poland, one day more in Finland, and an unchanged number in Denmark, Norway and Sweden compared with the year-earlier period. Organic growth was 5 percent.

January 1–December 31, 2022

Net sales increased 14 percent to SEK 14,067 M (12,309). Adjusted for the acquisition of Koivunen, net sales increased 7 percent. The number of workdays was unchanged in Sweden and Poland, one day more in Denmark and Norway and two days more in Finland for the full-year compared with the year-earlier period. Organic growth was 3 percent.

GROUP PERFORMANCE

October 1 - December 31, 2022

Adjusted EBIT

Adjusted EBIT amounted to SEK 198 M (203) and the adjusted EBIT margin was 5.0 percent (6.3). Currency effects in the balance sheet had a positive impact of SEK 22 M (pos: 8) on adjusted EBIT during the quarter while cost increases resulting from higher inflationary pressure had a negative impact on EBIT. Price increases implemented during the quarter to offset inflation have not yet had full effect.

EBIT

EBIT amounted to SEK 148 M (173) and the EBIT margin was 3.7 percent (5.4). EBIT was negatively impacted in the quarter by items affecting comparability of SEK 22 M (pos: 3), related to restructuring in the Norwegian operations in the Sweden/Norway business area. Currency effects in the balance sheet had a positive impact of SEK 22 M (pos: 8) on EBIT while cost increases resulting from higher inflationary pressure and items affecting comparability had a negative impact on EBIT. Price increases implemented during the quarter to offset inflation have not yet had full effect.

Other earnings

Profit after financial items amounted to SEK 95 M (151). Net interest expense was SEK -48 M (-24) and other financial items amounted to an expense of SEK -5 M (income: 3). Profit after tax amounted to SEK 120 M (118). Earnings per share, before and after dilution amounted to SEK 2.05 (2.09). Tax was positively impacted in an amount of SEK 34 M due to the recognition of a deferred tax asset for tax loss carryforwards in Finland at the amount expected to be utilized following the acquisition of Koivunen OY.

January 1–December 31, 2022

Adjusted EBIT

Adjusted EBIT amounted to SEK 945 M (1,031) and the adjusted EBIT margin was 6.6 percent (8.2). Currency effects in the balance sheet had a negative impact of SEK 16 M (pos: 10) on adjusted EBIT for the period. The change in earnings is primarily attributable to cost increases resulting from high inflationary pressure and currency effects compared with the preceding year. Restrictions related to covid-19 affected both the period and the comparative period, but to a varying extent in the different business areas.

EBIT

EBIT amounted to SEK 759 M (894) and the EBIT margin was 5.3 percent (7.1). EBIT was negatively impacted by items affecting comparability of SEK 70 M (pos: 3), of which SEK 48 M was related to costs and transaction tax for the acquisition of Koivunen and SEK 22 M to restructuring in the Norwegian operations in the Sweden/Norway business area. Currency effects in the balance sheet had a negative impact of SEK 16 M (pos: 10) on EBIT. The change in earnings is primarily attributable to cost increases resulting from higher inflationary pressure, currency effects and items affecting comparability compared with the preceding year. Restrictions related to covid-19 affected both the period and the comparative period, but to a varying extent in the different business areas.

Other earnings

Profit after financial items amounted to SEK 581 M (759). Net interest expense was SEK -135 M (-106) and other financial items amounted to SEK -43 M (-29). Profit after tax amounted to SEK 477 M (587). Net financial items for the full year also include costs arising from the new financing and the early termination of previous financing and interest-rate swaps. Earnings per share, before and after dilution, amounted to SEK 8.12 (10.21). Tax was positively impacted in an amount of SEK 34 M due to the recognition of a deferred tax asset for tax loss carryforwards in Finland at the amount expected to be utilized following the acquisition of Koivunen OY.

FINANCIAL POSITION AND CASH FLOW

Cash flow from operating activities in the fourth quarter amounted to SEK 326 M (192) and for the full year to SEK 1,048 M (1,227). Tax paid amounted to SEK -5 M (pos: 4) for the fourth quarter and SEK 240 M (192) for the full year. Cash and cash equivalents amounted to SEK 741 M (892). For the full year, cash flow was negatively impacted by an increase in inventories due to the build up of buffer inventory to offset disruptions in the supply chain, though this had no major impact on the quarter. The equity/assets ratio was 38 percent (40). Long-term interest-bearing liabilities amounted to SEK 5,392 M (4,177) including a long-term lease liability of SEK 1,020 M (1,181). Current interest-bearing liabilities amounted to SEK 520 M (664) including a current lease liability of SEK 520 M (467). Of the previously received support in connection to the covid-19 pandemic for VAT and employer contributions in Denmark, SEK 22 M remained as of December 31, compared with SEK 21 M at September 30 and SEK 98 M at the end of the previous year. The SEK 22 M in deferred payments will be repaid in the first quarter of 2023 and will then have a negative impact on cash flow and debt/equity ratio.

Net debt amounted to SEK 3,558 M (2,264), representing an increase of SEK 1,294 M compared with the preceding year. The changes to net debt during the year were primarily impacted by acquisitions, operating EBIT, change in working capital, investments and currency fluctuations. During the year, the previous acquisition loan, which was raised in connection with the acquisition of FTZ and Inter-Team in 2018, was repaid in full in an amount of SEK 2,012 M. New lending was secured in an amount of SEK 1,965 M and SEK 1,100 M in the form of a Revolving Credit Facility (RCF) was utilized. MEKO's available cash and unutilized credit facilities totaled approximately SEK 1,261 M at the end of December, compared with SEK 2,004 M at the end of the previous year. The company fulfills fulfills all covenants in the loan agreements as of December 31, 2022.

INVESTMENTS

During the fourth quarter, investments in fixed assets amounted to SEK 202 M (131) including leases of SEK 130 M (86) and during the full year, investments were SEK 540 M (682), with leases of SEK 332 M (509). The investments in leases is mainly related to rental contracts, which are new rental contracts but also extended durations and raised rental charges in existing contracts as well as new car leasing contracts. Other investments are mainly related to workshop profiling, workshop customization, workshop equipment, inventories to branches, warehouses and workshops and IT investments. Depreciation and impairment of tangible fixed assets and right-of-use assets amounted to SEK 193 M (149) for the fourth quarter and SEK 675 M (582) for the full year.

Company and business combinations amounted to SEK 5 M (13) during the fourth quarter and to SEK 1,481 M (36) in the full year, of which SEK 1 M (-) pertained to an estimated supplementary purchase consideration for the fourth quarter and SEK 1 M (2) for the full year. During the quarter, SEK - M (-) was paid in supplementary purchase considerations and SEK 1 M (4) in the full year. Acquired assets totaled SEK 1,441 M (35) and assumed liabilities to SEK 531 M (19) for the full year. In addition to goodwill, which amounted to SEK 206 M (16), surplus values on intangible assets were identified relating to customer relations of SEK 65 M (5), brands of SEK 118 M (-) and buildings and land of SEK 271 M (-) for the full year. The deferred tax liability relating to acquired surplus values amounted to SEK 90 M (3). Acquired non-controlling interests amounted to SEK 19 M (0) in the fourth quarter and SEK 25 M (27) for the full year. Divested non-controlling interests amounted to SEK - M (-) in the fourth quarter and SEK 0 M (0) for the full year. Divested businesses amounted to SEK - M (-) in the fourth quarter and to SEK 17 M (2) in the full year.

ACQUISITIONS AND START-UPS

Fourth quarter

During the quarter, the Sweden/Norway business area acquired a branch in Klippan in southern Sweden.

Earlier in the year

On June 14, 2022, MEKO agreed to acquire all shares in the spare-parts distributor Koivunen OY ("Koivunen") in Finland and the Baltics. The acquisition was completed on July 1, 2022. Payment was made in full in cash for the shares and the total purchase consideration was EUR 131 M, translated at the transaction-date rate to SEK 1,408 M. Koivunen is included in MEKO's financial statements from the acquisition date of July 1, 2022.

Acquisitions also took place in the Sweden/Norway business area with the acquisition of two workshops in Norway, Automobilia i Raufoss and Jan Reime Bil, and two workshops in Sweden, Trondens Bilteknik Örsholmen AB and Din verkstad Syd as well as the oil distributor XOIL Sweden AB in Sweden. The Sørensen og Balchen (Norway) business area acquired one workshop, Solveien Bil AS and the company AutoHiFi AS, which has operations in multimedia accessories for cars. The Group also acquired 20.5 percent of Omnicar AB, which offers mobile car service and digital sales of electric cars in Denmark with expansion planned into Sweden and Norway. These other acquisitions, other than Koivunen, had a marginal impact on consolidated sales and earnings.

Number of branches and workshops

At the end of the period, the total number of branches was 673 (479), of which 438 (401) were proprietary branches. The number of affiliated workshops totaled 4,360 (3,929). See the distribution in the table on page 19.

EMPLOYEES

During the period, the average number of employees was 6,068 (5,182). See the distribution in the table on page 19.

PERFORMANCE BY BUSINESS AREA

As of the third quarter of 2022, the Group reports in five business areas: Denmark, Finland, Poland/the Baltics, Sweden/Norway and Sørensen og Balchen (Norway). Comparative figures have been restated.

BUSINESS AREA DENMARK

DENMARK	Oct-Dec	Oct-Dec		Jan-Dec	Jan-Dec
SEK M	2022	2021	Change, %	2022	2021	Change, %
Net sales, external	986	902	9	3 689	3 480	6
EBIT	41	75	-46	265	352	-25
EBIT margin, %	4,1	8,3		7,2	10,1
No. of branches/of which proprietary				50 / 50	50 / 50
No. of AutoMester				400	404
No. of Hella Service Partner				283	305
No. of Din BilPartner				153	150
No. of CarPeople				72	60
No. of White Label				115	116

The Denmark business area mainly includes wholesale and branch operations in Denmark. The business area is unchanged compared with the previous FTZ business area.

In the fourth quarter, net sales rose 9 percent to SEK 986 M (902), positively impacted by currency effects of SEK 72 M. Organic growth was 1 percent. Sales were initially cautious, but improved in the latter part of the quarter. Development in the quarter is still adversely affected by generally weaker consumer purchasing power.

EBIT amounted to SEK 41 M (75) and the EBIT margin was 4.1 percent (8.3) for the quarter. The fall in earnings is largely attributable to a lower gross margin, combined with clear cost inflation compared with the corresponding quarter in the preceding year. The gross margin weakened compared with the year-earlier quarter, mainly due to higher purchase prices and campaigns to strengthen demand.

In the fourth quarter, the number of workdays was unchanged in Denmark compared with the year-earlier quarter.

BUSINESS AREA FINLAND

FINLAND	Oct-Dec	Oct-Dec		Jan-Dec	Jan-Dec
SEK M	2022	2021	Change, %	2022	2021	Change, %
Net sales, external	327	30	975	728	111	557
EBIT	13	-8	272	22	-29	176
EBIT margin, %	3,9	-24,5		2,9	-25,5
No. of branches/of which proprietary				170 / 15	19 / 1
No. of Mekonomen Bilverkstad				97	78
Number of Fixus				200	-
Number of Top Truck				38	-

The Finland business area mainly includes wholesale and branch operations in Finland. As of the third quarter of 2022, the business area encompasses Mekonomen Finland's operations (previously reported in the MECA/Mekonomen business area) and the acquired Koivunen's operations in Finland. Comparative figures have been restated.

Net sales rose to SEK 327 M (30) in the fourth quarter, with the increase mainly related to the acquired Koivunen's operations in Finland. Currency effects had a positive impact on net sales of SEK 3 M. Organic growth was 18 percent and pertains to Mekonomen Finland's operations. The market trend remained tentative in the Finnish market during the quarter, impacted by generally weaker consumer purchasing power.

EBIT amounted to SEK 13 M (-8) during the quarter and the EBIT margin was 3.9 percent (-24.5). The positive earnings trend was largely attributable to the acquisition of Koivunen and earnings improvements in previous operations.

In the fourth quarter, there was one more workday in Finland compared with the year-earlier quarter.

BUSINESS AREA POLAND/THE BALTICS

POLAND/THE BALTICS	Oct-Dec	Oct-Dec		Jan-Dec	Jan-Dec
SEK M	2022	2021	Change, %	2022	2021	Change, %
Net sales, external	813	515	58	2 748	2 091	31
EBIT	57	31	85	164	102	61
EBIT margin, %	6,8	5,8		5,8	4,7
No. of branches/of which proprietary				131 / 109	85 / 83
Number of Fixus				33	-
No. of Inter Data Service				644	546
No. of O.K. Serwis				287	245

The Poland/the Baltics business area mainly includes wholesale and branch operations in Poland and the Baltics as well as export business. As of the third quarter of 2022, the business area encompasses the previous Inter-Team business area and the acquired Koivunen's operations in Estonia, Latvia and Lithuania.

Net sales increased 58 percent to SEK 813 M (515) in the fourth quarter, mainly due to the acquired operations in the Baltics but also strong growth in Polish operations. Currency effects had a positive impact on net sales of SEK 32 M. Organic growth was 21 percent in the Polish operations, driven by sustained high activity in the Polish market and a strong trend in export markets. Export sales were strongest in Germany, the Czech Republic and Slovakia during the quarter.

EBIT amounted to SEK 57 M (31) during the quarter and the EBIT margin was 6.8 percent (5.8). The earnings trend was largely due to acquired operations in the Baltics in combination with strong growth and an improved gross margin, which more than offset increased costs for personnel, distribution and energy compared with the corresponding quarter of the preceding year.

In the fourth quarter, the number of workdays was one less in Poland compared with the year-earlier quarter.

BUSINESS AREA SWEDEN/NORWAY

SWEDEN/NORWAY	Oct-Dec	Oct-Dec		Jan-Dec	Jan-Dec
SEK M	2022	2021	Change, %	2022	2021	Change, %
Net sales, external	1 559	1 468	6	6 020	5 746	5
EBIT	50	87	-42	383	475	-19
EBIT margin, %	3,1	5,7		6,2	8,1
No. of branches/of which proprietary				256 / 224	259 / 228
No. of Mekonomen Bilverkstad				681	690
No. of MECA Car Service				726	729
No. of MekoPartners				187	191
No. of Speedy				47	43
No. of MECA Tungbil				37	20
No. of AlltiBil				5	7
No. of White Label				93	92

The Sweden/Norway business area mainly includes wholesale, branch, workshop and fleet operations in Sweden and Norway through MECA and Mekonomen operations and a number of smaller operations. As of the third quarter of 2022, the business area encompasses the previous MECA/Mekonomen business area, excluding Mekonomen Finland's operations which are reported in the Finland business area. Comparative figures have been restated.

Net sales for the fourth quarter increased 6 percent to SEK 1,559 M (1,468), of which SEK 982 M (943) in the Swedish operations and SEK 576 M (526) in the Norwegian operations. Currency effects had an positive impact on net sales of SEK 20 M. Organic growth was 3 percent. Activity in the markets remained cautious during the quarter, with solid demand in the Swedish market and clear signs of improvement on the Norwegian market, while still adversely affected by generally weaker consumer purchasing power.

EBIT amounted to SEK 50 M (87) and the EBIT margin was 3.1 percent (5.7) in the fourth quarter. Earnings were negatively impacted by non-recurring costs of SEK -22 M (12), related to planned measures to streamline and optimize availability through the closure of nine branches in Norway. The earnings trend was affected by a slightly lower gross margin, combined with clear cost inflation compared with the year-earlier quarter.

In the fourth quarter, the number of workdays was unchanged in Norway and Sweden compared with the year-earlier quarter.

BUSINESS AREA SØRENSEN OG BALCHEN (NORWAY)

SØRENSEN OG BALCHEN (NORWAY)	Oct-Dec	Oct-Dec		Jan-Dec	Jan-Dec
SEK M	2022	2021	Change, %	2022	2021	Change, %
Net sales, external	209	207	1	877	873	0
EBIT	34	37	-10	160	185	-13
EBIT margin, %	15,9	17,6		18,0	20,9
No. of branches/of which proprietary				66 / 40	66 / 39
No. of BilXtra workshops				262	253

The Sørensen og Balchen (Norway) business area mainly includes wholesale and branch operations in Norway. Sørensen og Balchen (Norway) is business area in the Group with the largest share of direct sales to consumers and is therefore more exposed to the retail trade than the Group as a whole. The business area is unchanged compared with the previous Sørensen og Balchen business area.

Net sales in the fourth quarter amounted to SEK 209 M (207) Currency effects had a positive impact on net sales of SEK 7 M. Organic growth was a -6 percent, impacted by a continued weak trend in the retail trade. The operations have been affected to a higher degree than other segments by generally weak retail market and weaker consumer purchasing power.

EBIT amounted to SEK 34 M (37) and the EBIT margin was 15.9 percent (17.6) for the quarter. The change in earnings was largely attributable to lower volumes, combined with noticeable cost inflation compared with the year-earlier quarter. Gross margin was somewhat strengthened compared with the year-earlier quarter, mainly due to the previously implemented price adjustments.

In the fourth quarter, the number of workdays was unchanged in Norway compared with the year-earlier quarter.

NUMBER OF WORKDAYS PER QUARTER AND COUNTRY

MEKO has limited seasonal effects in its operations. However, the number of workdays affects sales and earnings and extreme summer or winter weather can also impact sales.

WORKDAYS		Q1			Q2			Q3			Q4			Full-year
BY COUNTRY	2022	2021	2020	2022	2021	2020	2022	2021	2020	2022	2021	2020	2022	2021	2020
Denmark	64	63	64	59	59	59	66	66	66	64	64	63	253	252	252
Finland	63	62	63	61	61	60	66	66	66	63	62	63	253	251	252
Norway	64	63	64	59	59	59	66	66	66	64	64	63	253	252	252
Poland	63	62	63	62	61	62	65	66	66	62	63	63	252	252	254
Sweden	63	62	63	60	61	60	66	66	66	64	64	63	253	253	252

SIGNIFICANT RISKS AND UNCERTAINTIES

MEKO is exposed to a number of external, operating and financial risks. All identified risks are monitored continuously and, if necessary, risk-reducing measures are taken to limit the effects. The company conducted an assessment of operating and financial risks and uncertainties which is provided in the 2021 Annual Report. The acquisition if Koivunen has taken place since then and our assessment is that this has not resulted in any new significant risk areas but that currency and interest rate exposure increased as a result of the expanded geographic market and higher debt/equity ratio. The most relevant risk factors are described in the 2021 Annual Report, page 26 and Note 11. For the effect of exchange-rate fluctuations on profit before tax, refer to page 40 of the 2021 Annual Report.

MEKO has, through its Risk and Compliance Committee (RCC), which consists of Group Management and the Group's risk manager, a particular focus on identifying critical changes in the area of risk. The risk manager and CFO maintain frequent dialogues with business area managers to limit the risks and prevent these from occurring. This process is conducted with various stakeholders, the Board and the Audit Committee.

Russia's invasion of Ukraine increased the uncertainties for the global economy, such as disruptions to supply and logistics chains and increased volatility in the energy market, together with a higher rate of inflation. As a consequence of this and the continued risk of the spread of covid-19, there is a risk of further disruptions to supply chains and increased distribution costs.

PARENT COMPANY, "CENTRAL FUNCTIONS" AND "OTHER ITEMS"

The Parent Company's operations mainly comprise Group Management. The Parent Company's earnings after net financial items were SEK -31 M (-24) for the fourth quarter and SEK -510 M (-173) for the full year excluding dividends from subsidiaries of SEK – M (–) in the fourth quarter and SEK 566 M (530) for the full year. The large difference compared with the year-earlier period is mainly due to impairment of participations in the previous operations in Finland. The average number of employees in the Parent Company was 6 (6). During the fourth quarter, MEKO AB sold goods and services to Group companies for a total of SEK 4 M (15), and for SEK 39 M (47) in the full year.

"Central functions" comprise Group-wide functions that also include MEKO AB. Group-wide functions comprise functions that support the Group's work: finance and controlling, risk management and internal audit, sustainability, legal, business development, communication and market, HR and operations, which comprises purchasing, product range, logistics and IT. The units reported in "Central functions" do not reach the quantitative thresholds for separate reporting and the benefits of reporting these segments separately are considered limited for users of financial statements. EBIT for "Central functions" was SEK -19 M (-16) for the fourth quarter and SEK -119 M (-51) for the full year. The largest difference compared with the preceding year pertained to costs attributable to the acquisition of Koivunen.

"Other items" includes acquisition-related items attributable to MEKO AB's direct acquisitions. Current acquisition-related items are amortizations of acquired intangible and tangible assets pertaining to the acquisitions of FTZ, Inter-Team, Koivunen, MECA and Sørensen og Balchen (Sørensen og Balchen until the end of April 2021 and MECA until the end of May 2022 when amortization of these was completed) amounting to SEK -28 M (-34) for the fourth quarter, and SEK -116 M (-141) for the full year.

EVENTS DURING THE PERIOD

During the second quarter, MEKO signed an agreement to acquire Koivunen, the leading provider of automotive spare parts and related services in Finland and Estonia, with operations also in Latvia and Lithuania. The acquisition was completed on July 1. The enterprise value is EUR 122 M (SEK 1,280 M) on a cash and debt-free basis. Thus, MEKO has expanded its current Finnish operations and established itself in the Baltics. Through the expansion, MEKO will have a presence around the Baltic Sea and strengthen its position as Northern Europe's leading player in the automotive aftermarket. The acquisition was completed on July 1, 2022.

Koivunen had net sales of approximately SEK 1,740 M and an EBIT of approximately SEK 98 M during the 2021 financial year. The acquisition was financed in cash through cash and cash equivalents and bank facilities.

On July 1, MEKO signed a new loan agreement of SEK 1,965 M, commencing July 8. The loan replaces earlier financing of EUR 178 M, which was repaid on the same date as the start date for the new loan. The duration of the new agreement is three years with the possibility of an extension of 1 + 1 year.

During the period, the Parent Company Mekonomen AB (publ.) completed its name change to MEKO AB (publ.). The name change was approved by the shareholders at the company's Annual General Meeting on May 20, 2022, with the aim of more clearly reflecting the breadth of the operations and demonstrating that the Group is more than a single important brand.

At MEKO's Annual General Meeting on May 20, 2022, Robert Hanser, Michael Løve, Eivor Andersson, Kenny Bräck, Joseph M. Holsten, Magnus Håkansson and Helena Skåntorp were re-elected as Board members. Robert Hanser was elected Chairman of the Board. For other decisions and documentation, see MEKO's website, www.meko.com.

MEKO and Mobivia Fleet Solutions, part of Mobivia SA, signed a partnership agreement during the third quarter in order to provide fleet customers (customers with a large number of company cars) with a multi-brand fleet solution in Europe. The collaboration offers existing customers and new electric vehicle producers a complete service in the markets of MEKO and Mobivia's networks.

During the second quarter, a long-term, share-based incentive program (LTIP 2022) was launched as resolved by the Annual General Meeting on May 20, 2022. The main motivation for establishing LTIP 2022 is to interlink shareholders' and company management and other key individuals' interests to ensure maximum long-term value generation and to encourage individual share ownership in MEKO.

For a more detailed description of LTIP 2022, refer to information from the AGM on May 20, 2022 at www.meko.com.

On May 20, a strengthened initiative was announced within the Sweden/Norway business area through the building of a new, high-tech automated central warehouse in the Mjøs region of Norway. The new facility is scheduled to be completed in 2025. Earlier in the year, another strengthened initiative was announced that the Group's Denmark business area will also build a new, high-tech automated central warehouse in Odense in Denmark. The new facility is scheduled to be completed in 2024.

On March 10, an announcement was made of the acquisition of 20.5 percent of the Swedish service company Omnicar Holding AB, which provides mobile vehicle service and digital sales of electric cars. Omnicar's services are currently available in Denmark with expansion planned into Sweden and Norway. The acquisition was completed in the second quarter.

COVID-19 AND ITS IMPACT ON FINANCIAL STATEMENTS IN THE FOURTH QUARTER

During the quarter, covid-19 had a limited impact in markets where MEKO conducts business. For further information on this, refer to the section "Financial position and cash flow" and the description of developments given by each business area.

MEKO has continued to carefully monitor the development of covid-19 and any changes to restrictions imposed in the Group's markets. Further measures in addition to those already taken may therefore be needed. We also have continued to focus on the health and safety of our employees, customers and suppliers.

Goodwill

In conjunction with the annual accounts, standard assessments were carried out of the impairment requirement for goodwill and other intangible assets with an indefinite useful life. According to these assessments, there is no indication of impairment for goodwill and other intangible assets with indefinite useful lives as at December 31, 2022.

Reduced employer contributions, sick pay support and short-time working support and support for personnel-related costs

Relief and grants relating to covid-19 had no impact on EBIT for MEKO during the quarter.

Inventories

As of December 31, the effects of the covid-19 pandemic have not had any significant impact on the valuation of inventories. The inventory value has, in addition to the increase arising from the acquired operations in Koivunen, increased due to the substantial rise in buffer inventory during the first quarter and also partially during the second quarter to secure access to spare parts should disruptions remain or deteriorate in logistics flows.

Credit losses

As of December 31, there is no indication of the need to expand credit loss reserves.

Financial position

During the quarter, focus has remained on securing liquidity and cash flow. Liquidity and cash flow during the quarter were favorable, largely thanks to positive earnings, the new financing and, to a lesser extent, continued support in the form of the postponement of VAT and tax payments. In total, the remaining support amounts to approximately SEK 22 M at the end of the quarter and this will be repaid in the first quarter of 2023.

EVENTS AFTER THE END OF THE PERIOD

On February 1, MEKO acquired 70 percent of the leading car accessories company Avant Denmark. Avant Denmark offers the largest range of car accessories to companies and consumers in Denmark. Sales channels include online sales via Biludstyr.dk and via retailers across Denmark. Through the investment, MEKO strengthens its leading position in Denmark further.

ACCOUNTING POLICIES

MEKO applies the International Financial Reporting Standards (IFRS) as adopted by the EU. This interim report was prepared in accordance with the Annual Accounts Act and IAS 34 Interim Financial Reporting. The same accounting policies and measurement methods were applied as in the most recent Annual Report. This interim report consists of pages 1–27 and should be read in its entirety

The Parent Company prepares its accounts in accordance with the Swedish Annual Accounts Act and RFR 2 and applies the same accounting policies and measurement methods as in the most recent Annual Report.

Totals quoted in tables and statements may not always be the exact sum of the individual items because of rounding differences. The aim is that each line should correspond to its source, and rounding differences may therefore arise.

FORTHCOMING FINANCIAL REPORTING DATES

Information Period Date

Interim report January–March 2023 May 16, 2023 Interim report January–June 2023 August 23, 2023 Interim report January–September 2023 November 9, 2023 Year-end report January–December 2023 February 14, 2024

Year-end report January–December 2022 February 15, 2023

ANNUAL GENERAL MEETING

The 2022 Annual General Meeting (AGM) will be held on May 23, 2023 in Stockholm. The Annual Report will be published and available on MEKO's website by April 11 at the latest, 2023.

SHARE DIVIDEND

The Board proposes a dividend of SEK 3,30 (3,00), corresponding to a total dividend of SEK 186 M (169 M). The dividend is proposed to be paid in two installments, 1.10 in May and 2.20 in November.

NOMINATION COMMITTEE

In accordance with the guidelines established at the AGM on May 20, 2022, MEKO has established a Nomination Committee. The Nomination Committee shall prepare and submit proposals to the AGM on May 23, 2023 pertaining to the election of a Chairman of the AGM, the number of Board members and deputy members, the election of a Chairman of the Board and other members to the company's Board of Directors, Board fees, as well as any remuneration for committee work, election of and fees paid to auditors, and guidelines for how the Nomination Committee is to be appointed.

Prior to the 2023 AGM, the Nomination Committee consists of Robert Hanser (LKQ Corporation), Caroline Sjösten (Swedbank Robur Fonder), Thomas Wuolikainen (Fjärde AP fonden) and Kristian Åkesson (Didner & Gerge Fonder AB). MEKO's Board member, Helena Skåntorp, was co-opted to the Nomination Committee. The Nomination Committee has held its first meeting when Robert Hanser was appointed Chairman.

Stockholm, February 15, 2023 MEKO AB (publ), Corp. Reg. No. 556392-1971

Pehr Oscarson President and CEO

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

For further information, please contact: Pehr Oscarson, President and CEO, MEKO AB, Tel +46 (0)8-464 00 00 Åsa Källenius, CFO, MEKO AB, Tel +46 (0)8-464 00 00 Fredrik Sätterström, IRO, MEKO AB, Tel +46 (0)8-464 00 00

This information is such information that MEKO AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation.

The information was submitted for publication, through the agency of the contact person set out above, at 7:30 a.m. on February 15, 2023.

The interim report is published in Swedish and English. The Swedish version is the original version and has been translated into English.

CONSOLIDATED FINANCIAL REPORTS

CONDENSED CONSOLIDATED INCOME	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
STATEMENT, SEK M	2022	2021	2022	2021
Net sales	3 895	3 129	14 067	12 309
Other operating revenue	112	89	324	243
Total revenue	4 007	3 218	14 391	12 552
Goods for resale	-2 230	-1 708	-7 745	-6 709
Other external costs	-552	-430	-1 972	-1 490
Personnel expenses	-839	-703	-3 043	-2 653
Operating profit before depreciation/ amortization and impairment of tangible
and intangible fixed assets (EBITDA)	386	377	1 631	1 699
Depreciation and impairment of tangible fixed assets and
right-of-use assets	-193	-149	-675	-582
Operating profit before amortization and
impairment of intangible
fixed assets (EBITA)	193	229	956	1 117
Amortization and impairment of intangible
fixed assets	-45	-56	-197	-223
EBIT	148	173	759	894
Interest income	7	2	17	9
Interest expenses	-55	-26	-152	-115
Other financial items	-5	3	-43	-29
Profit after financial items	95	151	581	759
Tax	24	-33	-104	-172
PROFIT FOR THE PERIOD	120	118	477	587
Profit for the period attributable to:
Parent Company's shareholders	114	117	454	572
Non-controlling interests	5	1	23	14
PROFIT FOR THE PERIOD	120	118	477	587
Earnings per share before and after dilution, SEK	2,05	2,09	8,12	10,21

CONSOLIDATED STATEMENT OF	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
COMPREHENSIVE INCOME, SEK M	2022	2021	2022	2021
Profit for the period	120	118	477	587
Other comprehensive income:
Components that will not be
reclassified to profit/loss for the year:
– Actuarial gains and losses	-1	0	2	-3
Components that may later be
reclassified to profit/loss for the year:
– Exchange-rate differences from translation of
foreign subsidiaries	156	43	441	154
– Hedging of net investments 1)	-12	-14	-81	-60
– Cash-flow hedges 2)	0	3	22	9
Other comprehensive income, net after tax	142	32	385	100
COMPREHENSIVE INCOME FOR THE PERIOD	262	150	861	687
Comprehensive income for the period attributable to:
Parent Company's shareholders	254	148	833	669
Non-controlling interests	8	2	28	18
COMPREHENSIVE INCOME FOR THE PERIOD	262	150	861	687

1) Loans raised in EUR in conjunction with acquisitions in Denmark hedge the currency risk in the net investment until July 2022 and loans in NOK until the start of the first quarter of 2021 as well as cross-currency swaps entered into in the first quarter of 2021, which hedge net investment in Norway.

The currency translation is recognized in accordance with IFRS 9.

2) Holding of financial interest-rate derivatives for hedging purposes, according to Level 2 measurements defined in IFRS 13.

CONDENSED CONSOLIDATED BALANCE SHEET	December 31	December 31	December 31
SEK M	2022	2021	2020
ASSETS 1)
Intangible fixed assets	5 933	5 394	5 410
Tangible fixed assets	1 076	436	448
Right-of-use assets	1 526	1 651	1 606
Financial fixed assets	136	94	98
Deferred tax assets	19	3	1
Goods for resale	4 147	3 021	2 704
Current receivables	2 195	1 738	1 506
Cash and cash equivalents	741	892	420
TOTAL ASSETS	15 773	13 229	12 193
SHAREHOLDERS' EQUITY AND LIABILITIES 1)
Shareholders' equity	5 926	5 229	4 595
Long-term liabilities, interest-bearing	4 372	2 996	2 743
Long-term lease liabilities	1 020	1 181	1 168
Deferred tax liabilities	501	357	388
Long-term liabilities, non-interest-bearing	20	45	16
Current liabilities, interest-bearing	-	198	611
Current lease liabilities	520	467	432
Current liabilities, non-interest-bearing	3 416	2 757	2 240
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	15 773	13 229	12 193

1) The carrying amounts of financial assets and liabilities are measured at either fair value or a reasonable approximation of fair value.

CONDENSED CONSOLIDATED CHANGES IN	December 31	December 31	December 31
SHAREHOLDERS' EQUITY, SEK M	2022	2021	2020
Shareholders' equity at the beginning of the year	5 229	4 595	4 335
Comprehensive income for the period	861	687	265
Share swap	-23	-20	-18
Acquisition/divestment of non-controlling interests	48	-20	13
Shareholders' contributions from minority shareholders	-	-	2
Dividend to shareholders	-184	-19	-4
Share savings program	-6	7	2
SHAREHOLDERS' EQUITY AT THE END OF THE PERIOD	5 926	5 229	4 595
Of which non-controlling interests	125	55	68

CONDENSED CONSOLIDATED CASH-FLOW Oct-Dec		Oct-Dec	Jan-Dec	Jan-Dec
STATEMENT, SEK M	2022	2021	2022	2021
Operating activities
Cash flow from operating activities before changes in working capital, excluding
tax paid	360	365	1 484	1 617
Tax paid	5	-4	-240	-192
Cash flow from operating activities
before changes in working capital	365	361	1 244	1 425
Cash flow from changes in working capital:
Changes in inventory	-60	-210	-251	-236
Changes in receivables	185	149	-186	-201
Changes in liabilities	-163	-108	241	239
Increase (-)/Decrease (+) working capital	-39	-169	-196	-198
Cash-flow from operating
activities	326	192	1 048	1 227
Cash flow from
investing activities	-65	-49	-1 533	-201
Cash flow from
financing activities	-174	-180	286	-569
CASH FLOW FOR THE PERIOD	88	-38	-199	457
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD	639	924	892	420
Exchange-rate differences in cash and cash equivalents	14	6	49	15
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	741	892	741	892

INFORMATION ABOUT FINANCIAL INSTRUMENTS RECOGNIZED AT FAIR VALUE IN THE BALANCE SHEET

The financial instruments measured at fair value in the balance sheet are shown below. This was carried out by dividing the measurements into three levels, which are described in the 2021 Annual Report, Note 11. All of MEKO's financial instruments measured to fair value are included in Level 2, excluding

supplementary purchase considerations, which are included in Level 3. However, current supplementary purchase considerations do not represent material amounts.

The main methods and assumptions used to determine the fair value of the financial instruments shown in the table below are described in the 2021 Annual Report, Note 11. The financial instruments contained in the interim report are the same as those in the 2021 annual accounts.

CONSOLIDATED DERIVATIVE INSTRUMENTS
MEASURED AT FAIR VALUE IN	December 31	December 31
THE BALANCE SHEET, SEK M	2022	2021
FINANCIAL ASSETS
Derivatives: Cross-currency swaps	-	-
Interest-rate swaps	27	3
Currency hedge	6	-
TOTAL	33	3
FINANCIAL LIABILITIES
Derivatives: Cross-currency swaps	29	14
Interest-rate swaps	-	3
TOTAL	29	17

GROUP´S FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORY, DECEMBER 31, 2022

	Instruments measured at fair value through Income	Financial assets accrued	Financial liabilities accrued	Total		Non-monetary	Total Balance sheet
SEK M	Statement	acquisition value	acquisition value	carrying amount	Fair value	assets & liabilities	summary
FINANCIAL ASSETS
Financial fixed assets	-	81	-	81	81	27	108
Long-term derivative instruments 5)	27	-	-	27	27	-	27
Current derivative instruments 5)	6	-	-	6	6	-	6
Accounts receivable	-	1 278	-	1 278	1 278	-	1 278
Other current receivables	-	-	-	-	-	910	910
Cash and cash equivalents	-	741	-	741	741	-	741
TOTAL	33	2 101	-	2 134	2 134	937	3 072
FINANCIAL LIABILITIES
Bond loans	-	-	1 243	1 243	1 197	-	1 243
Long-term liabilities, interest-bearing 2)3)	-	-	3 100	3 100	3 100	-	3 100
Long-term lease liabilities 4)	-	-	1 020	1 020	-	-	1 020
Long-term liabilities, non-interest-bearing	-	-	-	-	-	16	16
Derivative instruments 5)	29	-	-	29	29	-	29
Supplementary purchase considerations, long-term	3	-	-	3	3	-	3
Current liabilities, interest-bearing 6)	-	-	-	-	-	-	-
Current lease liabilities 4)	-	-	520	520	-	-	520
Accounts payable	-	-	2 192	2 192	2 192	-	2 192
Other current liabilities	-	-	-	-	-	1 222	1 222
Supplementary purchase considerations, short-term	3	-	-	3	3	-	3
TOTAL	35	-	8 074	8 108	6 523	1 238	9 346

1) The carrying amount of the Group's non-market-listed long-term financial instruments measured at amortized cost corresponds

in all material respects to fair value, since the interest rate is on par with prevailing market rates. For the market-listed bond, fair value differs from

the carrying amount since the market value of the bond has changed since it was issued. The carrying amount of the Group's short-term financial instruments

measured at amortized cost corresponds in all material respects to fair value since the discount effect is not material.

2) The amount includes a liability related to share swaps of SEK 42 M.

3) The carrying amount of the Group's long-term liabilities measured at amortized cost corresponds in all material respects to fair value since the interest rate is on par with prevailing market rates.

4) Lease liabilities are recognized at amortized cost and are not assigned a fair value.

5) Derivative instruments used for hedging purposes.

6) The carrying amount of the Group's current liabilities measured at amortized cost corresponds in all material respects to fair value since the discount effect is not material.

QUARTERLY DATA,			2022					2021
BUSINESS AREA	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1
NET SALES, SEK M 1)
Denmark	3 689	986	851	919	933	3 480	902	804	900	874
Finland	728	327	336	32	33	111	30	30	26	25
Poland/the Baltics	2 748	813	786	615	533	2 091	515	571	555	451
Sweden/Norway 2) 3)	6 020	1 559	1 467	1 553	1 441	5 746	1 468	1 352	1 490	1 436
Sørensen og Balchen (Norway)	877	209	216	237	215	873	207	211	239	215
Central functions 2) 4)	5	2	3	0	0	7	6	1	1	1
GROUP	14 067	3 895	3 660	3 357	3 155	12 309	3 129	2 968	3 210	3 001
EBIT, SEK M
Denmark	265	41	58	73	93	352	75	89	92	96
Finland	22	13	21	-7	-6	-29	-8	-7	-7	-7
Poland/the Baltics	164	57	52	38	17	102	31	29	36	6
Sweden/Norway 2) 3)	383	50	130	102	101	475	87	144	149	95
Sørensen og Balchen (Norway)	160	34	39	50	37	185	37	46	57	44
Central functions 2) 4)	-119	-19	-41	-42	-17	-51	-16	-11	-13	-11
Other items 5)	-116	-28	-24	-30	-35	-141	-34	-34	-34	-38
GROUP	759	148	235	185	190	894	173	255	280	186
EBIT MARGIN, %
Denmark	7,2	4,1	6,8	7,9	10,0	10,1	8,3	11,1	10,2	11,0
Finland	2,9	3,9	6,2	-21,3	-16,8	-25,5	-24,5	-23,5	-28,2	-26,2
Poland/the Baltics	5,8	6,8	6,4	6,0	3,0	4,7	5,8	4,9	6,3	1,3
Sweden/Norway 2) 3)	6,2	3,1	8,6	6,5	6,8	8,1	5,7	10,5	9,8	6,5
Sørensen og Balchen (Norway)	18,0	15,9	17,9	20,9	17,0	20,9	17,6	21,5	23,7	20,4
GROUP	5,3	3,7	6,3	5,4	5,9	7,1	5,4	8,5	8,6	6,1
INVESTMENTS, SEK M 6)
Denmark	45	10	15	12	8	38	11	5	6	16
Finland	14	9	4	1	0	7	1	1	2	2
Poland/the Baltics	35	15	9	6	5	23	8	3	6	6
Sweden/Norway 2) 3)	98	30	19	32	16	93	21	16	31	25
Sørensen og Balchen (Norway)	4	2	0	0	2	4	0	1	2	1
Central functions 4)	13	6	3	2	2	7	3	2	1	1
GROUP	208	71	50	53	34	173	45	28	49	51

1) Net sales for each business area pertains to external customers.

2) External operations in ProMeister Solutions are recognized as of 2021 in the Sweden/Norway business area. Comparative figures have been restated.

3) From the third quarter of 2022, Mekonomen Finland is recognized in the Finland business area rather than the previous Sweden/Norway business area. Comparative figures have been restated.

4) Central functions includes Group-wide functions that also include MEKO AB.

5) "Other items" includes acquisition-related items attributable to MEKO AB's direct acquisitions. Current acquisition-related items pertain to amortization of acquired intangible and tangible assets relating to the acquisitions of FTZ, Inter-Team, Koivunen, Sørensen og Balchen and MECA (Sørensen

og Balchen until the end of April 2021 and MECA until the end of May 2022).

6) Investments do not include company and business combinations and exclude leases according to IFRS 16.

REVENUE DISTRIBUTION PER COUNTRY	Oct-Dec
SEK M	2022
Revenue distribution per country		Denmark Finland Estonia			Latvia Lithuania Poland			Norway Sweden	Total
Denmark	986								986
Finland		327							327
Poland/the Baltics	119 30 18 645						813
Sweden/Norway	576							982	1 559
Sørensen og Balchen (Norway)							209		209
Central functions									2
Total net sales, Group									3 895
Other revenue									112
GROUP REVENUE									4 007

Distribution of revenue per country based on the country that generates revenue for each segment.

REVENUE DISTRIBUTION PER COUNTRY	Oct-Dec
SEK M	2021
Revenue distribution per country		Denmark Finland Estonia			Latvia Lithuania Poland			Norway Sweden	Total
Denmark	902								902
Finland	30								30
Poland/the Baltics	- - - 515						515
Sweden/Norway	526							943	1 468
Sørensen og Balchen (Norway)							207		207
Central functions									6
Total net sales, Group								3 129
Other revenue									89
GROUP REVENUE									3 218

Distribution of revenue per country based on the country that generates revenue for each segment.

REVENUE DISTRIBUTION PER COUNTRY	Jan-Dec
SEK M	2022
Revenue distribution per country		Denmark Finland Estonia			Latvia Lithuania Poland			Norway Sweden	Total
Denmark	3 689								3 689
Finland	728
Poland/the Baltics		231	60	36	2 421			2 748
Sweden/Norway							2 308	3 712	6 020
Sørensen og Balchen (Norway)							877		877
Central functions									5
Total net sales, Group							14 067
Other revenue								324
GROUP REVENUE									14 391

Distribution of revenue per country based on the country that generates revenue for each segment.

REVENUE DISTRIBUTION PER COUNTRY	Jan-Dec
SEK M	2021
Revenue distribution per country		Denmark Finland Estonia			Latvia Lithuania Poland			Norway Sweden	Total
Denmark	3 480								3 480
Finland		111							111
Poland/the Baltics		- - - 2 091						2 091
Sweden/Norway	2 182 3 564						5 746
Sørensen og Balchen (Norway)							873		873
Central functions								7
Total net sales, Group							12 309
Other revenue								243
GROUP REVENUE									12 552

Distribution of revenue per country based on the country that generates revenue for each segment.

QUARTERLY DATA		2022		2021							2020
SEK M	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1	FY	Q4	Q3	Q2	Q1
Revenue	14 391	4 007	3 744	3 415	3 226	12 552	3 218	3 013	3 263	3 058	11 763	3 000	2 899	2 947	2 917
EBITDA	1 631	386	462	388	395	1 699	377	455	480	386	1 574	463	421	426	265
EBITDA excl. IFRS 16	1 059	227	311	258	263	1 197	248	330	354	264	1 052	340	287	289	136
Adjusted EBIT	945	198	281	240	225	1 031	203	290	314	224	937	287	270	281	98
EBIT	759	148	235	185	190	894	173	255	280	186	738	260	208	211	59
Net financial items	-178	-53	-56	-42	-27	-134	-21	-30	-37	-46	-141	-13	-41	-17	-71
Profit after financial items	581	95	179	143	163	759	151	225	243	140	596	247	167	194	-11
Tax	-104	24	-46	-41	-42	-172	-33	-53	-55	-32	-150	-60	-40	-46	-3
Profit for the period	477	120	133	102	121	587	118	173	188	108	446	187	127	148	-15
EBITDA margin, %	11	10	12	11	12	14	12	15	15	13	13	15	15	14	9
Adjusted EBIT margin, %	6,6	5,0	7,5	7,0	7,0	8,2	6,3	9,6	9,6	7,3	8,0	9,6	9,3	9,5	3,4
EBIT margin, %	5,3	3,7	6,3	5,4	5,9	7,1	5,4	8,5	8,6	6,1	6,3	8,7	7,2	7,2	2,0
Earnings per share before and after dilution, SEK	8,12	2,05	2,23	1,73	2,11	10,21	2,09	3,02	3,24	1,85	7,67	3,29	2,18	2,49	-0,29
Shareholders' equity per share, SEK	104,0	104,0	99,7	95,6	95,8	92,4	92,4	89,6	86,7	83,7	80,4	80,4	79,1	77,2	76,7
Cash flow per share, SEK	18,8	5,8	8,5	6,9	-2,5	21,9	3,4	8,0	7,2	3,2	28,9	6,6	9,2	11,9	1,1
Return on shareholders' equity, 1) %	8,3	8,3	8,6	9,7	11,7	11,8	11,8	13,6	13,0	12,3	9,8	9,8	7,0	6,8	7,2
Share price at the end of the period	112,6	112,6	91,8	110,0	111,2	157,1	157,1	156,0	141,4	129,1	91,1	91,1	93,3	66,0	44,4

1) The key figures for return on shareholders' equity are calculated on a rolling 12-month basis for each quarter.

KEY FIGURES	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
	2022	2021	2022	2021
Return on shareholders' equity, % 1)	-	-	8,3	11,8
Return on total capital, % 1)	-	-	5,1	6,8
Return on capital employed, % 1)	-	-	6,8	8,8
Equity/assets ratio, %	37,6	39,5	37,6	39,5
Net debt, SEK M	3 558	2 264	3 558	2 264
Net debt/EBITDA excl. IFRS 16 multiple 1)	-	-	3,36	1,89
Net debt incl. IFRS 16/EBITDA, multiple 1)	-	-	3,12	2,30
Gross margin, %	42,8	45,4	44,9	45,5
EBITDA margin, %	9,6	11,7	11,3	13,5
Adjusted EBIT margin, %	5,0	6,3	6,6	8,2
EBIT margin, %	3,7	5,4	5,3	7,1
Earnings per share before and after dilution, SEK	2,05	2,09	8,12	10,21
Shareholders' equity per share, SEK	-	-	104,0	92,4
Cash flow per share, SEK	5,8	3,4	18,8	21,9
Number of outstanding shares at the end of the period 2)	55 793 379	55 983 372	55 793 379	55 983 372
Average number of shares during the period	55 793 379	55 983 372	55 891 711	56 049 728

1) Key figures for return on shareholders' equity/total capital/capital employed and net debt/EBITDA are calculated on a rolling 12-month basis for the

January–December period.

EBITDA includes the acquired operations of Koivunen in only two quarters of the rolling 12-months. Covenant reporting to banks includes pro forma EBITDA for the acquisition.

2) The total number of shares amounts to 56,416,622, of which 79,243 are own shares and 544,000 are secured through equity swap agreements at the end of the period.

NUMBER OF BRANCHES AND	Denmark Dec 31		Finland2) Dec 31		Baltics Dec 31	Poland/the	Sweden/ Norway2) Dec 31		(Norway) Dec 31	Sørensen og Balchen		Group Dec 31
WORKSHOPS	2022	2021	2022	2021	2022	2021	2022	2021	2022	2021	2022	2021
Number of branches Proprietary branches	50	50	15	1	109	83	224	228	40	39	438	401
Partner branches	-	-	155	18	22	2	32	31	26	27	235	78
Total	50	50	170	19	131	85	256	259	66	66	673	479
Number of workshops 1)
AutoMester
Hella Service Partner	400	404	-	-	-	-	-	-	-	-	400	404
Din BilPartner	283	305	-	-	-	-	-	-	-	-	283	305
	153	150	-	-	-	-	-	-	-	-	153	150
CarPeople	72	60	-	-	-	-	-	-	-	-	72	60
INTER DATA SERVICE	-	-	-	-	644	546	-	-	-	-	644	546
O.K. Serwis	-	-	-	-	287	245	-	-	-	-	287	245
Mekonomen Bilverkstad	-	-	97	78	-	-	681	690	-	-	778	768
MECA Car Service	-	-	-	-	-	-	726	729	-	-	726	729
MekoPartner	-	-	-	-	-	-	187	191	-	-	187	191
Speedy	-	-	-	-	-	-	47	43	-	-	47	43
MECA Tungbil	-	-	-	-	-	-	37	20	-	-	37	20
AlltiBil	-	-	-	-	-	-	5	7	-	-	5	7
BilXtra	-	-	-	-	-	-	-	-	262	253	262	253
White Label	115	116	-	-	-	-	93	92	-	-	208	208
Fixus	-	-	200	-	33	-	-	-	-	-	233	0
Top Truck	-	-	38	-	-	-	-	-	-	-	38	0
Total	1 023	1 035	335	78	964	791	1 776	1 772	262	253	4 360	3 929

1) White Label was included as of the first quarter of 2022, the comparative figures for 2021 have been restated. For more information refer to the section "company-specific terms and definitions."

2) Mekonomen Finland's branches and workshops have been transferred to the Finland business area from the Sweden/Norway business area. Comparative

figures for 2021 have been restated.
AVERAGE NUMBER OF EMPLOYEES	Jan-Dec	Jan-Dec
	2022	2021
Denmark	1 144	1 125
Finland2	463	29
Poland/the Baltics	1 793	1 472
Sweden/Norway 3)	2 351	2 254
Sørensen og Balchen (Norway)	285	274
Central functions1)	33	29
Total	6 068	5 182

1) Central functions includes Group-wide functions that also include the Parent Company MEKO AB.

2) Number of employees in Mekonomen Finland transferred to the Finland business area from the Sweden/Norway business area. Comparative figures for

2021 have been restated.

3) Comparative figures for the Sweden/Norway business area have been restated and now show employment rate against previous when the actual number of hours worked was used.

Effects of acquisitions completed in 2022

On June 14, 2022, MEKO agreed to acquire all shares in the spare-parts distributor Koivunen OY ("Koivunen") in Finland and the Baltics. The acquisition was completed on July 1, 2022. Payment was made in full in cash for the shares and the total purchase consideration was EUR 131 M, translated at the transaction-date rate to SEK 1,408 M. The distribution of the total purchase consideration is presented in the table below.

The acquisition of Koivunen fits well with the MEKO strategy to be part of the ongoing consolidation of Europe. The transaction is in line with MEKO's strategy to create value through carefully selected acquisitions, as we have already done in Sweden, Norway, Denmark and Poland. Through the acquisition of Koivunen, MEKO strengthened its position in Finland and also established a strong position in the Baltics. Koivunen is a healthy company with strong brands that will continue to develop its existing brands, partly in Finland in a joint business area with MEKO's previous operations in the country, and partly in the Baltics in a joint business area with MEKO's previous operations in Poland.

The acquisition of Koivunen will increase MEKO's sales by approximately SEK 1,786 M. The acquisition is expected to generate annual synergies of SEK 40 M at least, most of which comprise purchasing synergies, with full effect in 2024. The Group has also increased the number of its branches from just over 450 to around 650 and the number of affiliated workshops from just over 4,000 to more than 4,300.

Koivunen is included in MEKO's financial statements from the acquisition date of July 1, 2022.

In addition to Koivunen, which is recognized separately below, information on corporate acquisitions is provided in aggregate form since each individual acquisition is not deemed to be of such a size as to warrant separate recognition. All other acquisitions were paid in cash. For further information about other acquisitions, refer also to the section Acquisitions and start-ups, page 6.

During the quarter, Koivunen impacted the Group's net sales by SEK 455 M and during the full year by SEK 909 M. Group EBIT was positively impacted by SEK 32 M during the quarter and by SEK 72 M for the full year excluding acquisition costs of SEK 26 M and transaction tax of SEK 22 M and excluding planned amortization of intangible fixed assets identified in connection with the acquisition of SEK 7 M in the quarter and SEK 11 M for the full year. The impact of other acquisitions on consolidated sales and earnings was marginal.

Had Koivunen been acquired on January 1, 2022, the impact on the Group's net sales during the 12-month period January–December 2022 and the impact on EBIT would have amounted to:

SEK M	Koivunen Finland	Koivunen the Baltics	Total
Net sales, external	1 159	627	1 786
EBIT 1)	66	41	107

1) Excluding planned amortization/depreciation of intangible and tangible assets identified in connection with the acquisition.

The total of other acquisitions would have had an insignificant impact on sales and profit had they been implemented at the beginning of the year.

Acquisition-related expenses amounted to SEK 48 M for the full year period of January–December 2022. Acquisition costs are, in all material respects, attributable to the acquisition of Koivunen. These costs are not included in the total purchase consideration in the table below, but are recognized as other expenses in the consolidated income statement.

Below is the acquisition analysis pertaining to acquired operations.

Effects of acquisitions	Koivunen	Koivunen	Other	Total
SEK M	Finland	The Baltics	acquisitions	acquisitions
Value of acquired assets and liabilities
Intangible fixed assets	4	0	-	4
Tangible fixed assets	235	105	2	342
Right-of-use assets	60	6	-	66
Financial fixed assets	2	0	1	3
Deferred tax assets	6	1	0	7
Inventories	435	249	24	708
Current receivables	115	36	14	166
Cash and cash equivalents	48	89	10	146
Long-term liabilities	-40	-4	-	-43
Deferred tax liabilities	-6	-84	-	-90
Current liabilities	-220	-75	-29	-324
Minority interests	6	-79	-3	-75
Acquired net assets	646	245	20	910
Brands	95	23	-	118
Buildings and land	163	108	-	271
Customer relations	39	14	13	65
Goodwill	102	62	42	206
Deferred tax liabilities	-59	-29	-2	-90
Acquired non-controlling interests, surplus value recognized against shareholders' equity			25
Total identifiable net assets and goodwill	986	423	98	1 507
Total purchase consideration	-986	-423	-97	-1 506
– of which, cash portion	-986	-423	-96	-1 504
– of which supplementary purchase considerations entered as a liability	-	-	-1	-1
Cash and cash equivalents in the acquired companies1)	48	89	10	146
Addition of supplementary purchase considerations paid for previous years			-1	-1
Impact on Group's cash and cash equivalents	-938	-334	-87	-1 359

The fair value of the acquired receivables was SEK 176 M.

The brands have an indefinite useful life. The amount for customer relations is SEK 65 M of which SEK 52 M pertains to the acquisition of Koivunen, which has an estimated useful life of 10 years. The other customer relations of SEK 13 M have an estimated useful life of 5 years. In regard to depreciation rules and schedules for other tangible and intangible assets, refer to the 2021 Annual Report.

In addition to the control premium included in the acquisition price, the arising goodwill is primarily attributable to the value of geographical expansion and a stronger market position in Finland. The arising goodwill is also attributable to expected specific synergies in MEKO, new customers and, to a limited extent, the total workforce. These benefits have not been recognized separately from goodwill since they do not meet the criteria for recognition of identifiable intangible assets.

None of the goodwill that arose in connection with the acquisitions is expected to be tax deductible.

FINANCIAL REPORTS, PARENT COMPANY

CONDENSED INCOME STATEMENT FOR	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
THE PARENT COMPANY, SEK M	2022	2021	2022	2021
Operating revenue	11	23	66	78
Operating expenses	-22	-31	-105	-119
EBIT	-12	-8	-39	-41
Net financial items 1)	-19	-16	96	398
Profit after financial items	-31	-24	56	357
Appropriations	127	250	170	250
Tax	-30	-48	0	-17
PROFIT FOR THE PERIOD	67	179	226	590

1) Net financial items include dividends on participations in subsidiaries totaling SEK – M (–) for the fourth quarter and SEK 566 M (530) for the full year.

PARENT COMPANY STATEMENT OF	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
COMPREHENSIVE INCOME, SEK M	2022	2021	2022	2021
Profit for the period	67	179	226	590
COMPREHENSIVE INCOME FOR THE PERIOD	67	179	226	590

CONDENSED BALANCE SHEET FOR THE PARENT COMPANY,	December 31	December 31
SEK M	2022	2021
ASSETS
Fixed assets	10 319	9 210
Current receivables in Group companies	271	252
Other current receivables	34	13
Cash and cash equivalents	391	425
TOTAL ASSETS	11 015	9 900
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' equity	6 277	6 248
Untaxed reserves	197	214
Provisions	4	4
Long-term liabilities	4 370	2 991
Current liabilities in Group companies	114	221
Other current liabilities	53	223
TOTAL SHAREHOLDERS' EQUITY AND LIABILITIES	11 015	9 900

SUMMARY OF CHANGES IN EQUITY FOR THE	December 31	December 31
THE PARENT COMPANY, SEK M	2022	2021
Shareholders' equity at the beginning of the year	6 248	5 670
Comprehensive income for the period	226	590
Dividends	-168	-
Share swap	-23	-20
Share savings program	-6	7
SHAREHOLDERS' EQUITY AT THE END OF THE PERIOD	6 277	6 248

ALTERNATIVE PERFORMANCE MEASURES

MEKO applies the Guidelines on Alternative Performance Measures issued by ESMA*. An alternative performance measure is a financial measure of historical or future financial performance, financial position or cash flows that is not defined or specified in IFRS. MEKO believes that these measures provide valuable supplementary information to company management, investors and other stakeholders in evaluating the company's performance. These alternative performance measures are not always comparable with the measures used by other companies since not all companies calculate these measures in the same way. These should therefore be seen as a supplement to the measures defined according to IFRS. For definitions of key figures, refer to page 26. For relevant reconciliations of the alternative performance measures that cannot be directly read in or derived from the financial statements, refer to the tables below. For historical reconciliations of alternative performance measures, refer also to supplements to the 2016–2021 Annual Reports on our website: http://www.meko.com/sv/alternativa-nyckeltal/.

*The European Securities and Markets Authority.

	RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES
--	----------------------------------------------------

RETURN ON SHAREHOLDERS' EQUITY	Jan-Dec	Jan-Dec
SEK M	2022	2021
Profit for the period (rolling 12-month basis)	477	587
– Less non-controlling interest of profit for the period (rolling 12 months)	-23	-14
Profit for the period excluding non-controlling interest (rolling 12 months)	454	572
– Divided by SHAREHOLDERS' EQUITY ATTRIBUTABLE TO PARENT COMPANY'S
SHAREHOLDERS, average over the past five quarters 1)	5 450	4 856
RETURN ON SHAREHOLDERS' EQUITY, %	8,3	11,8

1) SHAREHOLDERS' EQUITY ATTRIBUTABLE TO	2022				2021				2020
PARENT COMPANY'S SHAREHOLDERS, SEK M	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Shareholders' equity	5 926	5 698	5 403	5 421	5 229	5 071	4 905	4 788	4 595	4 520	4 410	4 375
– Less non-controlling interest of shareholders' equity	-125	-135	-52	-60	-55	-57	-53	-75	-68	-66	-63	-53
SHAREHOLDERS' EQUITY ATTRIBUTABLE
TO PARENT COMPANY'S SHAREHOLDERS	5 801	5 564	5 351	5 361	5 174	5 014	4 852	4 713	4 527	4 454	4 346	4 322
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO
PARENT COMPANY'S SHAREHOLDERS,
average over the past five quarters	5 450	5 293	5 150	5 023	4 856	4 712	4 578	4 472	4 390	4 348	4 297	4 228

RETURN ON TOTAL CAPITAL	Jan-Dec	Jan-Dec
SEK M	2022	2021
Profit after financial items (rolling 12 months)	581	759
– Plus interest expenses (rolling 12 months)	152	115
Profit after financial items plus interest expenses (rolling 12 months)	733	874
– Divided by TOTAL ASSETS, average over the past five quarters 2)	14 283	12 857
RETURN ON TOTAL CAPITAL, %	5,1	6,8

2) TOTAL ASSETS	2022				2021				2020
SEK M	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Total assets	15 773	15 660	13 448	13 304	13 229	13 219	12 787	12 854	12 193	12 693	12 540	12 783
TOTAL ASSETS,
average over the past five quarters	14 283	13 772	13 197	13 079	12 857	12 749	12 613	12 613	12 616	12 803	12 888	12 999

RETURN ON CAPITAL EMPLOYED	Jan-Dec	Jan-Dec
SEK M	2022	2021
Profit after financial items (rolling 12 months)	581	759
– Plus interest expenses (rolling 12 months)	152	115
Profit after financial items plus interest expenses (rolling 12 months)	733	874
– Divided by CAPITAL EMPLOYED, average over the past five quarters 3)	10 761	9 922
RETURN ON CAPITAL EMPLOYED, %	6,8	8,8

3) CAPITAL EMPLOYED	2022				2021				2020
SEK M	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1	Q4	Q3	Q2	Q1
Total assets	15 773	15 660	13 448	13 304	13 229	13 219	12 787	12 854	12 193	12 693	12 540	12 783
– Less deferred tax liabilities	-501	-532	-349	-339	-357	-347	-347	-332	-388	-377	-385	-382
– Less long-term liabilities, non-interest-bearing	-20	-19	-23	-25	-45	-44	-15	-17	-16	-95	-82	-70
– Less current liabilities, non-interest-bearing	-3 416	-3 523	-2 980	-2 720	-2 757	-2 791	-2 551	-2 426	-2 240	-2 627	-2 414	-2 131
CAPITAL EMPLOYED	11 837	11 585	10 095	10 220	10 070	10 037	9 873	10 081	9 549	9 594	9 658	10 201
CAPITAL EMPLOYED,
average over the past five quarters	10 761	10 401	10 059	10 056	9 922	9 827	9 751	9 817	9 839	9 972	10 120	10 263

GROSS MARGIN	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
SEK M	2022	2021	2022	2021
Net sales	3 895	3 129	14 067	12 309
– Less goods for resale	-2 230	-1 708	-7 745	-6 709
Total	1 665	1 421	6 322	5 600
– Divided by net sales	3 895	3 129	14 067	12 309
GROSS MARGIN, %	42,8	45,4	44,9	45,5

EARNINGS PER SHARE	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
SEK M	2022	2021	2022	2021
Profit for the period	120	118	477	587
– Less non-controlling interests' share	-5	-1	-23	-14
Profit for the period attributable to Parent
Company's shareholders	114	117	454	572
– Divided by Average number of shares 4)	55 793 379	55 983 372	55 891 711	56 049 728
EARNINGS PER SHARE, SEK	2,05	2,09	8,12	10,21

SHAREHOLDERS' EQUITY PER SHARE	Jan-Dec	Jan-Dec
SEK M	2022	2021
Shareholders' equity	5 926	5 229
– Less non-controlling interest of shareholders' equity	-125	-55
SHAREHOLDERS' EQUITY ATTRIBUTABLE TO PARENT COMPANY'S SHAREHOLDERS	5 801	5 174
– Divided by number of shares at the end of the period 4)	55 793 379	55 983 372
SHAREHOLDERS' EQUITY PER SHARE, SEK	104,0	92,4

CASH FLOW PER SHARE	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
SEK M	2022	2021	2022	2021
Cash flow from operating activities	326	192	1 048	1 227
– Divided by Average number of shares 4)	55 793 379	55 983 372	55 891 711	56 049 728
CASH FLOW PER SHARE, SEK	5,8	3,4	18,8	21,9

4) AVERAGE NUMBER OF SHARES	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
	2022	2021	2022	2021
Number of shares at the end of the period	55 793 379	55 983 372	55 793 379	55 983 372
– Multiplied by the number of days that the Number of
shares at the end of the period has remained unchanged
during the period	92	92	180	192
Number of shares on another date during the period			55 997 379	56 123 372
– Multiplied by the number of days that the Number of
shares on another date has existed during
the period			53	173
Number of shares on another date during the period			55 983 372
– Multiplied by the number of days that the Number of
shares on another date has existed during
the period			132
– Total divided by the number of days during
the period	92	92	365	365
AVERAGE NUMBER OF SHARES	55 793 379	55 983 372	55 891 711	56 049 728

NET DEBT	December 31	December 31	December 31
SEK M	2022	2021	2020
Long-term liabilities, interest-bearing incl. lease liability	5 391	4 177	3 911
– Less interest-bearing long-term liabilities and provisions for
pensions, leases, derivatives and similar obligations	-1 091	-1 219	-1 202
Current liabilities, interest-bearing incl. lease liability	520	664	1 043
– Less interest-bearing current liabilities and provisions for
pensions, leases, derivatives and similar obligations	-520	-467	-659
– Less cash and cash equivalents	-741	-892	-420
NET DEBT	3 558	2 264	2 673

NET DEBT INCL. IFRS 16	December 31	December 31	December 31
SEK M	2022	2021	2020
NET DEBT	3 558	2 264	2 673
– Plus long-term lease liabilities according to IFRS 16	1 020	1 181	1 168
– Plus current lease liabilities according to IFRS 16	520	467	432
NET DEBT INCL. IFRS 16	5 097	3 911	4 273

EBITDA EXCL. IFRS 16	Oct-Dec	Oct-Dec	Jan-Dec	Jan-Dec
	2022	2021	2022	2021
EBITDA according to income statement	386	377	1 631	1 699
– less change relating to lease expenses in
accordance with IFRS 16	-159	-129	-572	-503
EBITDA excluding IFRS 16	227	248	1 059	1 197

FINANCIAL DEFINITIONS
	Return on shareholders' equity Profit for the period, excluding non-controlling interests, as a percentage of average shareholders' equity attributable to Parent
	Company's shareholders. Average shareholders' equity attributable to Parent Company's shareholders is calculated as
	shareholders' equity attributable to Parent Company's shareholders at the end of the period plus the shareholders' equity for the
	four immediately preceding quarters attributable to Parent Company's shareholders at the end of the periods divided by five.
Return on capital	Profit after financial items plus interest expenses as a percentage of average capital employed. Average
capital	employed is calculated as capital employed at the end of the period plus the capital employed
	for the four immediately preceding quarters divided by five.
Return on total capital	Profit after financial items plus interest expenses as a percentage of average total assets. Average
	total assets is calculated as total assets at the end of the period plus the total assets for the four immediately preceding
	quarters at the end of the periods divided by five.
Gross margin Gross profit	Net sales less costs for goods for resale, as a percentage of net sales. Revenue less cost for goods for resale.
EBIT margin	Operating profit after depreciation/amortization (EBIT) as a percentage of total revenue.
EBITA	Operating profit after depreciation according to plan but before amortization and impairment of intangible fixed assets.
EBITDA	Operating profit before depreciation/amortization and impairment of tangible and intangible fixed assets.
EBITDA excl. IFRS 16	Operating profit before depreciation/amortization and impairment of tangible and intangible fixed assets excl.
	effects of IFRS 16.
EBITDA margin	EBITDA as a percentage of total revenue.
	Shareholders' equity per share Shareholders' equity excluding non-controlling interests, in relation to the number of shares at the end of the period.
Adjusted EBIT	EBIT adjusted for items affecting comparability (see definition under company-specific terms and definitions) and material
	acquisition-related items. Current acquisition-related items pertain to the amortization of acquired intangible and tangible assets
	relating to the acquisitions of FTZ, Inter-Team, Koivunen, MECA and Sørensen og Balchen.
Adjusted EBIT margin	Adjusted EBIT as a percentage of total revenue.
Cash flow per share	Cash flow from operating activities in relation to the average number of shares. Average number of shares
	is calculated as the number of shares at the end of the period multiplied by the number of days that this number existed
	during the period, plus any other number of shares during the period multiplied by the number of days that this or these numbers existed during the period, divided by the number of days during the period.
Cash and cash equivalents	Cash and cash equivalents comprise cash funds held at financial institutions and current liquid investments with a term from
	the date of acquisition of less than three months, which are exposed to only an insignificant risk of fluctuations in value. Cash and cash equivalents are recognized at nominal amounts.
Net debt	Short-term and long-term interest-bearing liabilities for borrowing, i.e. excluding short and long-term lease liabilities, pensions,
	derivatives and similar obligations, less cash and cash equivalents.
Net debt incl. IFRS 16	Short-term and long-term interest-bearing liabilities for borrowing, and long-term and current lease liabilities according to IFRS 16,
	i.e. excluding pensions, derivatives and similar obligations, less cash and cash equivalents.
Organic sales	Net sales adjusted for the number of workdays, acquisitions/divestments and currency effects.
Organic growth	Change in net sales adjusted for the number of workdays, acquisitions/divestments and currency effects.
Earnings per share	Profit for the period excluding non-controlling interests, in relation to the average number of shares. Average number of
	shares is calculated as the number of shares at the end of the period multiplied by the number of days that this number
	existed during the period, plus any other number of shares during the period multiplied by the number of days that this or these numbers existed during the period, divided by the number of days during the period.
Equity/assets ratio	Shareholders' equity including non-controlling interests as a percentage of total assets.
Capital employed	Total assets less non-interest-bearing liabilities and provisions, including deferred tax liabilities.

COMPANY-SPECIFIC TERMS AND DEFINITIONS

Business area	Reportable segment.
Affiliated workshops	Workshops that conduct business under the Group's brands/workshop concepts or are affiliated under a white label.
B2B	Sales of goods and services between companies (business-to-business).
B2C	Sales of goods and services between companies and consumers (business-to-consumer).
DAB products	Car accessories with solutions for receiving digital radio broadcasts. DAB is an abbreviation for Digital Audio Broadcasting.
Proprietary branches Proprietary workshops	Branches with operations in subsidiaries, directly or indirectly majority-owned by MEKO AB. Workshops with operations in subsidiaries, directly or indirectly majority-owned by MEKO AB.
OBP	Proprietary products, such as MEKO's proprietary products ProMeister, Carwise, Kraft, Sakura, Vehcare and ForumLine.
Fleet operations	MEKO's offering to business customers comprising service and repairs of cars, sales of spare parts and
Sales to Customer Group Affiliated workshops	accessories, and tire storage. Sales to affiliated workshops and sales to proprietary workshops.
Sales to Customer Group Consumer Sales to Customer Group Partner branches	Cash sales from proprietary branches to customer groups other than Affiliated Workshops and Other B2B Customers, as well as the Group's e-commerce sales to consumers. Sales to partner branches.
Sales to Customer Group	Sales to business customers that are not affiliated with any of MEKO's concepts, including sales in
Other B2B Customers	Fleet operations.
Items affecting comparability	Events or transactions with significant effects, which are relevant for understanding the financial performance when comparing income for the current period with previous periods, including restructuring programs, expenses
	relating to major legal disputes, impairments and gains and losses from the acquisitions or disposals of
	businesses, subsidiaries, associates and joint ventures or items of a similar nature.
Concept workshops	Affiliated workshops.
LTIP	Long-term Incentive Program.
Mobility	The ability to move from A to B is a fundamental freedom and a driving force in society. Demand is timeless, and independent of the type of vehicle used.
ProMeister	MEKO's proprietary brand for high-quality spare parts with five-year guarantees, and the name of the services we offer affiliated workshops.
Spare parts for cars	Parts that are necessary for a car to function.
Partner branches	Branches that are not proprietary, but conduct business under the Group's brands/branch concepts.
Accessories for cars	Products that are not necessary for a car to function, but enhance the experience or extend use of the car, such as
	car-care products, roof boxes, car child seats, etc.
TSR	Total shareholders return.
Currency effects in the balance sheet	Impact of currency with respect to realized and unrealized revaluations of foreign current non-interest-bearing receivables and liabilities.
Currency transaction effects	Impact of currency with respect to internal sales from Bileko Car Parts AB, and from MECA CarParts AB to each country.
Currency translation effects White Label Other operating revenue	Impact of currency from translation of earnings from foreign subsidiaries to SEK. Workshops that are contract customers but do not conduct business under any of the Group's brands. Mainly comprises rental income, marketing subsidies and exchange-rate gains.
Postal address:	Visiting address: www.meko.com
Box 19542	Solnavägen 4, 11th floor, Stockholm, Sweden
SE-104 32 Stockholm, Sweden	Tel: +46 (0)8 464 00 00
	E-mail: ir@meko.com