Prevas — Earnings Release 2024

Feb 11, 2025

Year-End Report 2024

Prevas is reporting the highest sales figures in its history for both the full year and the last " quarter of the year.

4.75SEK

PROPOSED DIVIDEND PER SHARE

8.2%

GROWTH IN TURNOVER, FOURTH QUARTER

7.5%

EBITA MARGIN*, FOURTH QUARTER

PROFIT PER SHARE AFTER DILUTION, FOURTH QUARTER

The period in brief

October – December 2024

• Net turnover amounted to SEK 432.0 million (399.3), an increase of SEK 32.7 million and 8.2 percent.
• The operating profit EBITA* amounted to SEK 32.6 million (45.0), giving an EBITA margin* of 7.5 percent (11.3). The quarter was one working day shorter than the corresponding period of the previous year, which affected the operating profit EBITA* negatively by approximately SEK 5 million. The EBITA margin* amounted to 10% for the quarter, considering the calendar effect and the elimination of segment Finland's impact on revenue and earnings.
• The operating profit EBIT adjusted for acquisition-related items was SEK 32.5 million (44.9), resulting in an adjusted EBIT margin of 7.5 percent (11.3). EBIT amounted to SEK 28.7 million (42.4), giving an EBIT margin of 6.6 percent (10.6). EBIT was negatively affected by acquisition-related items by SEK 3.8 million (2.6).
• Profit after tax amounted to SEK 23.9 million (31.4).
• Profit per share before dilution was SEK 1.81 (2.42) and after dilution was SEK 1.81 (2.42).
• The cash flow from operating activities amounted to SEK 53.3 million (41.2).

Significant events during the financial year

• In April 2024, it was announced that Prevas had entered into an agreement to acquire approximately 92 percent of the Finnish company NMAC Group Oy, the parent company of the Enmac Group ("Enmac"). Regulatory approval was granted at the end of June, with an effective date of July 1, 2024. For more information about the acquisition, refer to the press release on the company website prevas.se.

January – December 2024

• Net turnover amounted to SEK 1,586.6 million (1,482.6), an increase of SEK 104.0 million and 7.0 percent.
• The operating profit EBITA* amounted to SEK 148.9 million (172.3), giving an EBITA margin* of 9.4 percent (11.6). There were the same number of working days in this period as in the corresponding period of the previous year. The EBITA margin* amounted to 10% after eliminating the impact of segment Finland on revenue and earnings.
• The operating profit EBIT adjusted for acquisition-related costs was SEK 148.2 million (171.8), resulting in an adjusted EBIT margin of 9.3 percent (11.6). EBIT amounted to SEK 122.6 million (162.4), giving an EBIT margin of 7.7 percent (11.0). EBIT was negatively affected by acquisition-related items by SEK 25.5 million (9.4).
• Profit after tax amounted to SEK 92.3 million (120.9).
• Profit per share before dilution was SEK 7.13 (9.28) and after dilution was SEK 7.13 (9.23).
• The cash flow from operating activities amounted to SEK 136.8 million (164.5).
• The Board proposes a dividend of SEK 4.75 per share (4.75).

* See page 21 for more information about key ratios.

• On October 1, 2024, Prevas acquired 75 percent of the shares in Design-People, a Danish company at the forefront of industrial and digital product design. The acquisition have had a marginal impact on Prevas' profit per share during the current fiscal year, and for this reason no acquisition analysis is presented in this report. For more information about the acquisition, see the press release dated September 16, 2024.

The period in brief CEO's comments Prevas in brief Sustainability Financial Information

Summarizing a strong 2024 in the sector in a cautious market

We are now summing up 2024, a year in which our long-term business model and operating capacity have been tested, bearing in mind a cautious market. Our decentralized, agile strategy is well established at Prevas and has proven to be strong, even in this more challenging year. We have delivered a strong year for our industry, with Prevas' sales growing to SEK 1,586.6 million (approximately 7%), with an EBITA of SEK 148.9 million (9.4%) and a strong cash flow of SEK 136.8 million.

During the year, we have also delivered on our long-term plan of becoming a Nordic design and development house thanks to a major platform acquisition in Finland, where we have acquired a company that has proven good delivery capacity over many years. Acquiring the right companies that contribute with cutting-edge expertise or that complement our business is important. Most important of all, however, is the ability to successfully integrate these acquisitions into Prevas and, alongside our new colleagues, to draw up a joint plan to grow together. I note with confidence that the integration of our major acquisition in Finland (Enmac Oy) has proceeded according to plan during the quarter. Our

focus has been to build the new Nordic Prevas and draw up a joint plan for future growth and profit. Our committed work has yielded excellent results, and our Nordic team is already working intensively together on exciting new deals.

Prevas is reporting the highest sales figures in its history for both the full year and the last quarter. Turnover in the fourth quarter increased by 8 percent to SEK 432.0 million, and in 2024 as a whole, total sales growth amounted to approximately 7 percent.

We delivered an EBITA for the quarter of SEK 32.6 million (45.0) and an EBITA margin of 7.5 percent (11.3). Sales and EBITA were affected by a lower activity rate and a negative calendar effect, as the quarter was one day shorter compared to the fourth quarter of the previous year, which corresponds to approximately SEK 5 million.

The cash flow from operating activities was strong, amounting to SEK 53.3 million (41.2). Profit per share after dilution was SEK 1.81 (2.42). The Board of Directors is proposing an unchanged dividend compared to the previous year, at SEK 4.75 per share.

Continued adaptation to challenging market

The market has remained challenging at the end of the year and we continue to take measures to strengthen our margins, both by reducing the number of employees in regions with weak demand and by growing and recruiting in regions with good demand. We are focusing on sales-promoting activities, while at the same time having a clear focus on costs.

Regarding Finland, we have followed our plan aimed at increasing our margins and we are now witnessing improvements in terms of trends, which resulted in a slight gain for the fourth quarter. We are seeing positive signs in the Finnish market, and it is pleasing to note that our clear market focus is yielding results. We signed a number of orders during the quarter, including a major project for the defense sector worth approximately SEK 30 million, a major commitment in the field of pipe design for approximately SEK 10 million, and an order for a charging system for electrified ferries worth approximately SEK 5 million. Our Finnish operation also entered into a framework agreement with an internationally leading steel manufacturer, which we estimate will contribute sales of approximately SEK 5 million per year over the next three years.

We look forward to our Finnish colleagues making a strong contribution to increased profitability in 2025, as well as to more synergies between our markets and customer segments.

Stable starting position for 2025

Prevas has made major strategic strides in 2024, and now has a strong Nordic platform through the acquisitions of Enmac in Finland and Design People in Denmark. Our strategy of continuing to grow both organically and through acquisitions in all our markets still stands. With 1,100 employees in Sweden, Norway, Denmark and Finland, we are starting from a strong position as we head into 2025.

I am looking forward to continuing Prevas' journey of growth in 2025. We have the Nordic region's leading team that, with a passion for advanced technology, is helping to solve the world's challenges. We are working tenaciously to achieve our financial targets and strengthen our long-term success.

Hello Possibility – Hello 2025!

Västerås, February 11, 2025

Magnus Welén, CEO Prevas AB

" Prevas has made major strategic strides in 2024, and now has a strong Nordic platform.

Prevas in brief

Prevas is an innovative development house with a focus on product and production development, where ingenuity is at the center. We use great technical expertise and business understanding to help our customers within widely differing industries to gain greater benefits from the technological advances of our time. Good for people, the planet and profits.

We offer a comprehensive range of services and solutions tailored to meet the ever-changing needs of modern industries. With a focus on innovation, technology and expertise, we help companies optimize and streamline their operations, develop their products, improve productivity and achieve sustainability.

	EBITA margin*	Growth in turnover	Net liabilities/EBITDA	Dividends
Financial targets	The EBITA margin shall rise to at least 12% over time.	The growth in turnover shall occur qualitatively and over time reach at least 10% per year, including acquisitions.	Net liabilities/EBITDA R12 shall not exceed 2 over time.	The long-term dividend level shall amount to 40-60% of Prevas' profit after tax.
me Outco	7.5% The margin for the quarter is lower compared to the corre sponding quarter last year.	8.2% Growth in turnover for the quarter comes from acquisi tions made in 2024.	0.88 Net liabilities/EBITDA R12 for the quarter.	66% The Board of Directors proposes a dividend of SEK 4.75 per share for 2024, resulting in a dividend level of 66% of Prevas' profit after tax.
me Historical outco	% 20 15 10 2022 5 2023 2024 0 Q1 Q2 Q3 Q4	% 25 20 15 10 2022 5 2023 2024 0 Q1 Q2 Q3 Q4	2 1 0 2022 2023 2024 -1 Q1 Q2 Q3 Q4	% 60 50 40 30 20 10 0 2020 2021 2022 2023 2024

* See page 21 for more information about key ratios.

Hello Possibility

We solve problems. Many people would say that we do so with different technical solutions - and that is correct. But ingenuity is perhaps even more important. That's what Prevas is really about. Together seeing things that others do not. About opportunities.

Vision & Purpose

Ingenuity will save the world.

Mission

We co-create technological advancement for the betterment of all; people, planet and profit.

Values

At Prevas we summarize our values with the acronym BOAT - Business Driven, Open Minded, Active and Team Player.

Employee Promise Home of Ingenuity.

Industries and customers

Products &

quickly on the market.

Industry breakdown, 2024

Engineering

The engineering industry is changing through investments in competence and initiatives in sustainability, digitalization, and automation. We are well positioned with our industry experience and creative approach to technological innovations.

Life science

manufacturing products.

Our focus includes biotechnology, medical technology and pharmaceuticals. We know the rules and regulatory requirements and how to effectively develop and bring products to market. In addition, we also provide solutions for devices Product development integrates advanced electronics, design, software and sustainability aspects. Prevas offers the technical expertise and business understanding to be able to launch customers' products

Defense The Nordic defense industry supplies the

global market with world leading products, solutions and services. Prevas' experience and expertise match the defense industry's requirements for advanced technology, reliability and environmental durability.

Energy

The energy industry has a crucial role to play in making the Nordic region climate neutral. As a strategic expertise partner for the energy and electric power sector, Prevas is at center stage when the sustainable energy systems of the future are developed.

Automotive & transportation

The automotive and transportation industries are affected by several trends, including electrification, autonomy, digitalization, and resource efficiency. Prevas has long experience in delivering smart solutions and is a reliable development partner. to continue to be involved in developing the fossil-free steelmaking of the future. Our offerings include, among other things, solutions for business management, energy efficiency, automation and environmental monitoring.

Steel & Minerals

For Prevas, it is important

Telecoms Prevas has extensive services in mobile important expertise in radio-related functions. Prevas also supplies central solutions for product traceability and tools for managing

experience of consulting networks and contributes equipment to telecom companies.

Sustainability

Prevas and sustainability in brief

The basis of our work with sustainability is being an attractive employer and responsible business partner. This is a prerequisite for us to be able to contribute to sustainable solutions, services and products and to be relevant to our customers. Our ambition is to attract the best talents to ensure that we are as competitive tomorrow as we are today. We strongly believe that much good can be done with technology, thanks to human ingenuity, creativity and innovation.

Focus

• Our customers should feel that we at Prevas create increased value.
• We will actively develop as a team and as individuals.
• We will actively contribute to a climate-neutral world.
• We will increase revenues and profits.

Prevas' sustainability work can be linked to several of the UN's Sustainable Development Goals.

You can read more in the 2023 Annual and Sustainability Report on pages 20-21.

Ingenuity will save the world

Prevas' vision is to do good by combining ingenuity and advanced technology. We have demonstrated this during the year through the assignments we carry out for our world-leading customers.

In Finland, we have developed a solution to automate the charging of electrified ferries. An expanded order means that we will be delivering an additional system in 2025. We are also working to streamline maintenance. In 2025, we have been entrusted with improving the efficiency of maintenance processes for rail freight transport and supporting the transition from remedial to preventive maintenance – an approach that contributes to both environmentally friendly and efficient transport in the Nordic region. To achieve this, we are working with Hexagon EAM to deliver a tailored solution.

For Viobac AS, we have developed an advanced medical device that uses UV light to reduce bacterial growth in urinary catheters. This solution has the potential to reduce hospital infections, cut costs and save lives. We will be continuing to work on the second generation of this product in 2025.

Another example is our software designed to optimize heating in steel mills. It improves the quality of the steel, reduces energy requirements and lowers CO2 emissions – a solution that benefits both the environment and the economy. The software is already in use in the majority of steel mills in the Nordic region, and has also been supplied to customers in Europe, including Spain.

We are looking ahead with the conviction that ingenuity will save the world!

Financial information

Group

Turnover

October - December

Net turnover amounted to SEK 432.0 million (399.3), an increase of SEK 32.7 million and 8.2 percent. The increase in sales can be attributed to acquisitions made in 2024, accounting for 14 percent, and a decrease from organic growth totaling approximately -6 percent.

The number of working days amounted to 62 (63). Net turnover per employee amounted to SEK 447 thousand (457).

January - December

Net turnover amounted to SEK 1,586.6 million (1,482.6), an increase of SEK 104.0 million and 7.0 percent. The increase in sales derives from acquisitions made in 2023 and 2024.

The number of working days amounted to 251 (251). Net turnover per employee amounted to SEK 1,761 thousand (1,744).

Profit/loss

October - December

Operating profit before depreciation and write downs EBITDA* amounted to SEK 44.0 million (54.2), which gives an EBITDA margin* before depreciation/amortization and write downs of 10.2 percent (13.6).

The operating profit EBITA* amounted to SEK 32.6 million (45.0), giving an EBITA margin* of 7.5 percent (11.3). Sales and EBITA* were affected by a lower activity rate and a negative calendar effect. The EBITA margin* amounted to 10% for the

quarter, considering the calendar effect and the elimination of segment Finland's impact on revenue and earnings.

The operating profit EBIT amounted to SEK 28.7 million (42.4), giving an EBIT margin of 6.6 percent (10.6). EBIT was negatively affected by acquisition-related items by SEK 3.8 million (2.6). EBIT adjusted for acquisition-related items was SEK 32.5 million (44.9), resulting in an adjusted EBIT margin of 7.5 percent (11.3). Acquisition-related costs are reported in the income statement under the headings Other external costs SEK 0.4 million (0.4), Personnel expenses SEK 0.4 million (0.4), and Amortization of intangible fixed assets SEK 3.0 million (1.8). Operating expenses have increased, which can mostly be explained by expenses arising from companies acquired in 2023 and 2024.

Net financial items have been positively affected by the revaluation of additional considerations by SEK 4.9 million (2.8). Net financial items have also been affected by increased interest expenses of SEK -2.5 million attributable to loans taken out in connection with the acquisition of Enmac and the revaluation of financial items by SEK -0.9 million.

The tax expense amounted to SEK -4.7 million (-13.1), corresponding to a tax rate of 16.4 percent (29.4). During the period, the tax rate has been positively affected by the revaluation of additional considerations. The tax amount totaled SEK 1 million. In the corresponding quarter of the previous year, synthetic options had a negative impact on the tax rate. Synthetic options increased taxes by SEK -3.6 million.

* See page 21 for more information about key ratios.

Net turnover, MSEK

Profits after tax amounted to SEK 23.9 million (31.4).

The quarter had one workday less compared to the corresponding quarter of the previous year, which affected the operating results EBITDA, EBITA and EBIT by approximately SEK -5 million.

January - December

Operating profit before depreciation and write downs EBITDA* amounted to SEK 190.4 million (207.1), which gives an EBITDA margin* before depreciation/amortization and write downs of 12.0 percent (14.0).The operating profit EBITA* amounted to SEK 148.9 million (172.3), giving an EBITA margin* of 9.4 percent (11.6). The EBITA margin* amounted to 10% after eliminating the impact of segment Finland on revenue and earnings.

The operating profit EBIT amounted to SEK 122.6 million (162.4), giving an EBIT margin of 7.7 percent (11.0). EBIT was negatively affected by acquisition-related items by SEK 25.5 million (9.4). EBIT adjusted for acquisition-related costs was SEK 148.2 million (171.8), resulting in an adjusted EBIT margin of 9.3 percent (11.6). Acquisition-related costs are reported in the income statement under the headings Other external costs SEK 14.3 million (0.9), Personnel expenses SEK 1.5 million (1.5) and Amortization of intangible fixed assets SEK 9.7 million (7.0). Operating expenses have increased, which can mostly be explained by expenses arising from companies acquired in 2023 and 2024.

Net financial items have been positively affected by the revaluation of additional considerations by SEK 6.2 million (2.8). Net financial items have also been affected by increased interest expenses of SEK -5.0 million attributable to loans taken out in connection with the acquisition of Enmac. Net financial items in the previous year included costs for synthetic options of SEK -3.2 million.

Tax expense amounted to SEK -28.0 million (-39.0), corresponding to a tax rate of 23.3 percent (24.4). During the period, the tax rate has been positively affected by the revaluation of additional considerations. The tax amount totaled SEK 1.3 million. The transaction cost for acquisitions has affected tax by SEK -3.0 million. Synthetic options had a negative impact on the tax rate of SEK -3.6 million last year.

Profits after tax amounted to SEK 92.3 million (120.9).

There were the same number of workdays in the year as in the previous year.

Cash flow, cash and cash equivalents and financing

October - December

The cash flow from operating activities for the quarter amounted to SEK 53.3 million (41.2). The improvement in cash flow compared with the same quarter of the previous year was reflected in working capital, primarily through reduced customer receivables (SEK 12 million) and increased accounts payable (SEK 11 million). A calendar effect compared to the same quarter of the previous year, which mainly affected the timing of supplier payments, contributed to the positive outcome.

Financing activities have been impacted by amortizations carried out on loans taken out in connection with the acquisition of Enmac, amounting to SEK -18.4 million. The overdraft facility, which was not utilized at the end of the quarter, has had an impact on cash flow of SEK -10.5 million.

Available cash and cash equivalents at the end of the quarter amounted to SEK 43.8 million (112.3). The overdraft facility of SEK 100 million (0) was not utilized.

* See page 21 for more information about key ratios.

53.3MSEK

CASH FLOW FROM OPERATING ACTIVITIES FOURTH QUARTER

Prevas' customer satisfaction during the quarter was 8.5 (scale from 1 to 10).

January - December

The cash flow from operating activities amounted to SEK 136.8 million (164.5).

Due to the acquisition of Enmac, and to facilitate future acquisitions, the company raised loans of SEK 132 million and EUR 6 million on July 1st 2024, and signed an overdraft facility of SEK 100 million at the end of June. The new loans have not entailed any additional covenants. In connection with the acquisition, a final amortization of an external loan with Enmac of SEK 72.8 million was made.

Subscription to new shares and warrants through the warrant programs LTI 2021/2024 and LTI 2024/2027 has had a positive impact on cash flow of SEK 5.9 million.

During the year, a dividend of SEK 62.6 million (58.4) was paid.

Available cash and cash equivalents at the end of the year amounted to SEK 43.8 million (112.3). The overdraft facility of SEK 100 million (0) was not utilized.

It is the judgment of the Board that Prevas has a financing situation appropriate for the company's future planning.

Financial position

Equity at year-end for the Group amounted to SEK 703.1 million (639.6), which gives an equity ratio of 48.9 percent (60.3). Equity attributable to owners of the parent company amounted to SEK 50.43 (47.46) per share before dilution and SEK 50.43 (47.22) per share after dilution.

Right of use assets increased to SEK 158.2 million (53.7), which was mainly explained by the acquisition of Enmac and the revaluation of terms of use for premises during the year.

Prevas' balance sheet remains strong after the acquisition of Enmac and net liabilites/EBITDA was assessed as being well below our target of 2 in the coming quarter.

Employees

The average number of employees during the fourth quarter amounted to 967 (874), of which 719 (758) were in Sweden, 75 (72) in Denmark, 127 (0) in Finland, 20 (18) in other segments and 26 (26) were centrally employed. The number of employees at the end of the quarter was 1,086 (915). The proportion of female employees was 18.8 percent (20.5).

Investments

October - December

During the quarter, the Group's investment in fixed assets amounted to SEK 3.5 million (0.2), of which SEK 1.9 million (0.2) covered machinery, inventory and improvements to the property of others, and SEK 1.6 million (0) refers to intangible assets.

January - December

During the year, the Group's investment in fixed assets amounted to SEK 8.7 million (4.4), of which SEK 7.1 million (4.4) covered machinery, inventory and improvements to the property of others, and SEK 1.6 million (0) refers to intangible assets.

Significant events during and after period

On July 1, 2024, Prevas acquired 91.5 percent of the Finnish company NMAC Group Oy, the parent company of the Enmac Group ("Enmac"). Regulatory approval was given at the end of June with an effective date of July 1, 2024. Enmac has a strong position in the Finnish market in growth areas such as energy, industrial automation and process industry, with approximately 200 employees and a turnover of EUR 23 million in 2023. The acquisition, which is Prevas' first in Finland, establishes a Nordic group with operations in Sweden, Norway, Denmark and Finland. The acquisition enables future market synergies and is in line with Prevas' growth strategy.

Acquired shares are valued at SEK 214.1 million as of the closing date and payment was made in cash. The purchase

The period in brief CEO's comments Prevas in brief Sustainability Financial Information

price was financed by acquisition loans of SEK 132 million and EUR 6 million and available liquid funds. In addition to the reported purchase price there are conditions for additional considerations. For more information about the acquisition, see page 22 and refer to the press release on the company website prevas.se.

During the third quarter, Prevas entered into an agreement to acquire 75 percent of the shares in Design-People, a Danish company that is at the forefront of industrial and digital product design. The effective date was October 1, 2024. For more information about the acquisition, refer to the press release on the company website prevas.se dated September 16, 2024.

Operational strength key ratios, projects in time

Customer satisfaction, delivery precision and warranty work are continuously metered as part of the company's certified quality system. Since starting in 1985, Prevas has had a very high number of satisfied customers and uniquely high quality ratings regarding delivery precision and warranty. Prevas' customer satisfaction during the quarter was 8.5 (scale from 1 to 10).

The Parent Company

October - December

Turnover amounted to SEK 209.1 million (222.3) and the profit after financial items amounted to SEK 12.8 million (21.0).

Sales and EBITA were affected by a lower activity rate and a negative calendar effect, as the quarter had one workday less compared to the fourth quarter of the previous year.

The revaluation of additional considerations had a positive impact on profit from shares in Group companies of SEK 4.9 million (2.8).

Interest expenses attributable to loans taken out in connec tion with the acquisition of Enmac have affected financial expenses by SEK -2.5 million. The revaluation of financial items has been affected by SEK -0.9 million.

January - December

Turnover amounted to SEK 821.6 million (837.9) and the profit after financial items amounted to SEK 72.5 million (84.0).

Profit from shares in Group companies has been positively affected by the revaluation of additional considerations by SEK 6.2 million (2.8). In the corresponding period of the previous year, dividends from subsidiaries were included in the amount of SEK 5.5 million net.

Interest expenses attributable to loans taken out in connec tion with the acquisition of Enmac have affected financial expenses by SEK -5.0 million. The previous year included costs for synthetic options of SEK -3.2 million.

Risks and uncertainty factors

Prevas is relatively unaffected by the aggressive and terrible invasion of Ukraine, which has resulted in so much human suffering. Prevas has no employees, partners or customer assignments in Russia or Ukraine. Other aspects such as inflation, problems with transport, raw goods, materials and semiconductor components create overall uncertainty for the future and especially for our customers. These are risks that are difficult to assess, and Prevas' strategy to address them is to be as adaptable and dynamic a company as possible.

The market remains strong in areas such as automation, electrification, energy and the defense industries and work with sustainability. In other areas Prevas can see a more normalized market compared to previous report periods.

Prevas has a good influx of assignments, enquiries and other opportunities. Prevas experiences a competitive labor market where it is important to work actively with employer branding. In order to both retain staff and to attract new employees to Prevas. Prevas has worked for a number of years to establish itself as an attractive employer. A job that turned out well. The fact that Prevas is seen as an attractive employer with exciting assignments and development opportunities will continue to be important factors in the future.

Ever greater requirements for information security. With the digitalization of society, the risk of confidential data being stolen, disseminated to unauthorized persons and thus causing damage is increasing. Prevas works actively with systematic information security, which means continuously working preventively, and adapting the protection based on the organization's needs and risks.

It is Prevas' assessment that the risks are generally unchanged during 2024. More information about Prevas' risks and their management can be found in the Annual Report for 2023. It is the company's evaluation that the risks are the same as for the parent company.

Transactions with affiliated bodies

Any transactions of this type were reported in the 2023 Annual Report under note 27 and are largely attributable to purchases and sales between companies within the group. There are corresponding transactions in 2024.

Accounting principles

This year end report has been prepared in accordance with IAS 34 Interim reports. The group report has been prepared in accordance with International Financial Reporting Standards, IFRS, as adopted by the EU, and where relevant Swedish legislation regarding annual reports. The parent company accounts have been prepared in accordance with the Annual Accounts Act and recommendation RFR 2 Accounts for legal entities. The same reporting principles and calculation methods have been used in this report as in the most recent annual report. No other changes to other standards have affected the report in 2024.

Financial instruments

Reported value of liquid funds, account receivables, generated but unbilled income, interest bearing liabilities and suppliers' liabilities are considered to make up an approximation of the actual value of these receivables and liabilities.

Proposed dividend

The Board proposes to the Annual General Meeting that a dividend be issued of SEK 4.75 per share (4.75).

The Chief Executive Officer certifies that the Year end report gives a fair and true overview of the company's and group's operations, financial position and results and describe any significant risks and uncertainties facing the company and the companies that make up the group.

Västerås, February 11, 2025 Prevas AB (publ)

Magnus Welén, CEO Prevas AB

Financial Calendar

Interim report Jan–March 2025, May 6, 2025. Interim report Jan–June 2025, July 17, 2025. Interim report Jan–Sep 2025, Oct 24, 2025. Year-end report 2025, Feb 10, 2026.

Annual General Meeting 2025

Prevas AB's Annual General Meeting, Västerås, May 14, 2025.

Annual and sustainability report

Intended publication week 16, 2025.

This information is such that Prevas AB (publ) is required to make public in accordance with EU regulations to prevent market abuse and the Securities Market Act.

The information was submitted for publication, through the agency of the contact persons set out on this page, at 8:30 a.m. CET on February 11, 2025.

This financial report has not been subject to inspection by the company's auditors. This interim report has been prepared in Swedish and translated into English. In the event of any discrepancies between the Swedish original and the translation, the Swedish shall have precedence.

Contact

Magnus Welén, CEO +46 (0)21-360 19 00, +46 (0)70-593 44 57 magnus.welen@prevas.se

Helena Burström, CFO +46 (0)21-360 19 00, +46 (0)72-201 11 14 helena.burstrom@prevas.se

Condensed statements of profit/loss The Group

Condensed statement of comprehensive income

The Group

SEK thousand	Q4 2024	Q4 2023	Full year 2024	Full year 2023
Profits for the period Items that will be later implemented in the period's profit/loss;	23,907	31,412	92,261	120,941
Exchange differences on translating foreign operations	4,780	-2,581	5,273	-1,182
Total earnings for the period after tax	28,687	28,831	97,534	119,759
Total earnings for period attributable to parent company owners	28,153	28,291	96,642	117,013
Total earnings for period attributable to non-controlling interests	534	540	892	2,746

SEK thousand	Q4 2024	Q4 2023	Full year 2024	Full year 2023
Net turnover	432,007	399,281	1,586,626	1,482,639
Other operating income	50	19	517	38
Other external expenses	-122,372	-116,563	-463,618	-427,353
Personnel expenses	-266,449	-229,323	-949,020	-850,679
Amortization intangible fixed assets	-3,137	-1,948	-10,384	-7,496
Amortization right of use assets	-9,973	-8,240	-37,075	-31,372
Depreciation tangible fixed assets	-1,409	-875	-4,416	-3,420
Operating profit, EBIT	28,717	42,351	122,630	162,357
Financial net	-113	2,127	-2,325	-2,397
Profit after financial items	28,604	44,478	120,305	159,960
Income tax	-4,697	-13,066	-28,044	-39,019
Profits for the period	23,907	31,412	92,261	120,941
Profit for period attributable to parent company owners	23,373	30,872	91,369	118,195
Profit for period attributable to non-con trolling interests	534	540	892	2,746
Profit per share before dilution, SEK	1.81	2.42	7.13	9.28
Profit per share after dilution, SEK	1.81	2.42	7.13	9.23

Condensed balance sheet in summary The Group

SEK thousand Dec 31 2024 Dec 31 2023 Goodwill 669,940 405,626 Other intangible fixed assets 48,172 32,107 Tangible fixed assets 15,105 10,256 Rights-of-use assets 158,166 53,710 Deferred tax asset 37,647 2,973 Financial fixed assets 36 2,327 Total fixed assets 929,066 506,999 Inventory 3,485 13,179 Current receivables 460,436 427,860 Cash and cash equivalents 43,813 112,328 Total current assets 507,734 553,367 TOTAL ASSETS 1,436,800 1,060,366

SEK thousand	Dec 31 2024	Dec 31 2023
Equity attributable to owners of parent company	646,504	604,517
Equity attributable to non-controlling interests		35,130
Equity	703,056	639,647
Deferred tax liability	79,863	38,886
Provisions	3,140	2,324
Long-term non-interest bearing liabilities	4,501	6,657
Long term interest bearing liabilities	246,120	26,329
Total non-current liabilities	333,624	74,196
Overdraft facility	–	–
Current interest bearing liabilities	89,666	46,421
Other current liabilities	310,453	300,102
Total current liabilities	400,119	346,523
TOTAL LIABILITIES AND EQUITY		1,060,366

The period in brief CEO's comments Prevas in brief Sustainability Financial Information

Changes in equity in summary The Group

SEK thousand	Full year 2024	Full year 2023
Opening balance	639,647	566,733
Total of total earnings for period attributable to parent company owners Total of total earnings for period attributable to	96,642	117,013
non-controlling interests	892	2,746
Changes in ownership attributable to non-con trolling interests	22,668	11,372
Dividend attributable to non-controlling interests	-2,139	-1,132
Issue shares/warrants, LTI 2021/2024, LTI 2023/2026 and LTI 2024/2027	5,846	231
Dividends	-60,500	-57,316
Closing balance	703,056	639,647
Equity attributable to owners of parent company	646,504	604,517
Equity attributable to non-controlling interests	56,552	35,130

Condensed cashflow analysis

The Group

SEK thousand	Q4 2024	Q4 2023	Full year 2024	Full year 2023
OPERATING ACTIVITIES
Profit after financial items	28,604	44,478	120,305	159,960
Adjustments for items not included in cash flow	9,260	8,021	45,872	32,022
Paid income tax	-10,788	-9,657	-53,343	-43,661
Cash flow from operating activities before change to working capital	27,076	42,842	112,834	148,321
Changes to inventories	-621	-3,900	10,422	-11,454
Changes to operating receivables	-1,547	-18,674	42,140	17,977
Changes to operating liabilities	28,406	20,955	-28,627	9,604
Cash flow from operating activities	53,314	41,223	136,769	164,448
INVESTMENT ACTIVITIES Acquisition of business and shares excluding cash and cash equivalents	-2,269	-10,228	-190,748	-10,601
Investment in intangible fixed assets	-1,571	–	-1,571	–
Investment in tangible fixed assets	-1,951	-150	-7,120	-4,423
Cash flow from investment activities	-5,791	-10,378	-199,439	-15,024

SEK thousand	Q4 2024	Q4 2023	Full year 2024	Full year 2023
FINANCING ACTIVITIES
Amortization of lease liabilities Acquisition of shares from non-controlling	-9,732	-7,712	-35,001	-30,890
interests	–	–	–	-6,800
Dividends Issue shares/warrants,	–	–	-62,639	-58,448
LTI 2021/2024, LTI 2023/2026 and LTI 2024/2027	356	–	5,846	231
Divestment of financial assets Repayment, stockholder contribution holding	1,234	–	1,234	–
without controlling interests	-145	–	-145	–
Change of overdraft facility	-10,504	–	–	–
Repayment of loans	-18,357	-11,250	-116,284	-22,500
Take up of loans	–	–	199,946	–
Cash flow from financing activities	-37,148	-18,962	-7,043	-118,407
Cash flow for the period	10,377	11,883	-69,711	31,017
Cash and cash equivalents at start of period Exchange differences on cash and cash	33,247	101,504	112,328	82,665
equivalents Cash and cash equivalents, end of	191	-1,059	1,198	-1,354
period	43,813	112,328	43,813	112,328

Quarter overview

The Group

	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022
Net turnover, MSEK	432.0	351.9	395.6	407.1	399.3	311.4	377.7	394.3	389.7	283.4	335.3	315.6
EBITA profit/loss*, MSEK	32.6	26.5	36.2	53.5	45.0	31.8	35.7	59.7	52.8	33.3	35.2	45.4
EBITA margin*, %	7.5	7.5	9.2	13.2	11.3	10.2	9.5	15.1	13.6	11.7	10.5	14.4
EBIT profit/loss, MSEK	28.7	17.9	31.8	44.2	42.4	29.3	33.0	57.8	50.5	31.8	33.6	43.3
EBIT margin, %	6.6	5.1	8.0	10.9	10.6	9.4	8.7	14.7	13.0	11.2	10.0	13.7
Number of workdays	62	66	60	63	63	65	59	64	64	66	60	63
Number of employees at end of period	1,086	1,082	899	902	915	888	899	887	882	859	843	781
Number of employees, average	967	948	854	865	874	835	847	837	808	776	789	752
Net turnover/employee, TSEK	447	371	463	471	457	373	446	471	482	365	425	420
Equity ratio, %	48.9	48.3	58.2	60.9	60.3	60.8	59.0	59.3	56.9	60.8	56.3	59.7
Profit/share before dilution, SEK	1.81	0.75	2.02	2.56	2.42	1.74	1.92	3.20	2.74	1.94	2.16	2.47
Profit/share after dilution, SEK	1.81	0.75	2.01	2.54	2.42	1.73	1.90	3.18	2.74	1.94	2.16	2.46
Equity/share before dilution, SEK	50.43	48.28	47.78	50.20	47.46	45.22	43.57	46.04	42.99	40.17	38.14	39.41
Equity/share after dilution, SEK	50.43	48.28	47.57	49.96	47.22	44.94	43.22	45.67	42.88	40.17	38.14	38.22

* See page 21 for more information about key ratios.

Operating segments

October – December 2024 October – December 2023

SEK thousand	Sweden	Denmark	3) Finland	Other	Corporate and eliminations Total Group		SEK thousand	Sweden	Denmark	Other	Corporate and eliminations	Total Group
Sales to external customers	319,068	42,826	54,362	15,751	Group –	432,007	Sales to external customers	348,876	35,768	14,637	Group –	399,281
Other operating income	2	–	48	–	–	50	Other operating income
Sales to other segments	878	136	–	–	-1,014	–	Sales to other segments	266	67	196	-528	–
Personnel expenses	-200,380	-23,882	-34,721	-7,286	-179	-266,449	Personnel expenses	-200,018	-22,216	-7,089	–	-229,323
EBITDA profit/loss2)	29,090	464	218	2,277	1) 11,945	43,994	EBITDA profit/loss2)	25,697	-1,061	481	1) 29,036	54,153
Amortizations/depreciations	-4,120	-129	-1,332	-29	1) -8,908	-14,519	Amortizations/depreciations	-4,812	-24	-47	1) -6,181	4) -11,064
Acquisition-related items					-759	-759	Acquisition-related items				-738	-738
EBITA profit/loss2)	27,920	403	69	2,249	1,972	32,612	EBITA profit/loss2)	24,892	-1,086	435	20,796	45,037
EBIT profit/loss	24,970	335	-1,114	2,249	-1,324	28,717	EBIT profit/loss	20,885	-1,086	435	22,117	42,350
Financial items	2,240	209	-820	298	-2,039	-112	Financial items	-419	598	284	1,664	2,128
Profit after financial items						28,604	Profit after financial items					44,478

1) Leasing according to IFRS 16 that is applied at group level is not recorded by the different segments.

2) See page 21 for more information about key ratios.

3) Following the acquisition of Enmac, Finland is a new segment as from July 1, 2024.

4) Amortization of intangible assets has been redistributed across the various segments.

3)

Operating segments

January – December 2024

SEK thousand	Sweden	Denmark	3) Finland	Other	Group- Corporate and eliminations Total Group		SEK thousand	Sweden	Denmark	Other	Group Corporate and eliminations Total Group
Sales to external customers	1,276,171	160,505	91,029	58,921	–	1,586,626	Sales to external customers	1,262,531	157,698	62,409	–	1,482,640
Other operating income	2		515	–		517	Other operating income
Sales to other segments	3,173	413	–	22	-3,608	–	Sales to other segments	442	471	623	-1,537	–
Personnel expenses	-767,691	-91,582	-62,006	-27,741	–	-949,020	Personnel expenses	726,798	-94,119	-29,762	–	-850,679
EBITDA profit/loss2)	132,789	9,867	-1,007	6,933	1) 41,774	190,356	EBITDA profit/loss2)	151,806	10,446	11,363	1) 33,437	207,053
Amortizations/depreciations	-15,466	-193	-2,655	-133	-33,428 1)	-51,876	Amortizations/depreciations	-14,958	-132	-194	-27,005 1)	4) -42,288
Acquisition-related items					-15,851	-15,851	Acquisition-related items				-2,408	-2,408
EBITA profit/loss2)	128,927	9,742	-1,304	6,800	4,699	148,865	EBITA profit/loss2)	148,712	10,314	11,170	2,065	172,261
EBIT profit/loss	117,323	9,674	-3,662	6,800	-7,505	122,630	EBIT profit/loss	136,848	10,314	11,170	4,025	162,357
Financial items	2,720	785	-1,729	1,144	-5,244	-2,325	Financial items	2,471	484	729	-6,081	-2,397
Profit after financial items						120,305	Profit after financial items					159,960

January – December 2023

1) Leasing according to IFRS 16 that is applied at group level is not recorded by the different segments.

2) See page 21 for more information about key ratios.

3) Following the acquisition of Enmac, Finland is a new segment as from July 1, 2024.

4) Amortization of intangible assets has been redistributed across the various segments.

Sales to external customers by segment

Sectors	Sweden	Denmark	Finland	Other	Total Group
Energy	33,963	12,859	3,113	1,127	51,062
Automotive and transport	29,471	149	–	–	29,620
Defense	37,592	861	10,938	–	49,391
Life science	44,149	8,663	–	413	53,225
Products and units	32,044	8,414	1,578	–	42,036
Steel and minerals	25,975	–	5,691	1,276	32,942
Telecoms	20,769	484	–	–	21,253
Engineering	64,547	8,019	29,791	4,151	106,508
Other	30,558	3,377	3,251	8,784	45,970
Total	319,068	42,826	54,362	15,751	432,007

January – December 2024 January – December 2023

Sectors	Sweden	Denmark	Finland	Other	Total Group
Energy	110,850	43,656	6,112	5,065	165,683
Automotive and transport	121,970	551	–	–	122,521
Defense	165,115	1,953	13,643	–	180,711
Life science	182,431	42,135	–	1,695	226,261
Products and units	127,411	36,035	3,317	–	166,763
Steel and minerals	114,111	–	9,460	4,356	127,927
Telecoms	87,501	810	–	–	88,311
Engineering	254,782	26,243	52,635	18,881	352,541
Other	112,000	9,122	5,862	28,924	155,908
Total	1,276,171	160,505	91,029	58,921	1,586,626

October – December 2024 October – December 2023

Sectors	Sweden	Denmark	Other	Total Group
Energy	25,748	10,935	1,503	38,186
Automotive and transport	38,461	164	–	38,625
Defense	36,586	1,330	–	37,916
Life science	57,251	10,440	1,064	68,755
Products and units	41,592	6,296	–	47,888
Steel and minerals	26,373	–	893	27,266
Telecoms	26,654	614	–	27,268
Engineering	68,514	5,956	3,871	78,341
Other	27,047	397	7,592	35,036
Total	348,226	36,132	14,923	399,281

Sectors	Sweden	Denmark	Other	Total Group
Energy	74,856	58,425	8,084	141,365
Automotive and transport	116,985	518	-	117,503
Defense	123,802	5,338	-	129,140
Life science	209,102	37,576	3,161	249,839
Products and units	131,642	25,083	-	156,125
Steel and minerals	98,460	-	2,900	101,360
Telecoms	105,281	1,990	-	107,271
Engineering	254,397	19,259	18,098	291,754
Other	146,954	9,711	31,017	187,682
Total	1,261,479	157,900	63,260	1,482,639

Key ratios The Group

SEK thousand	Q4 2024	Q4 2023	Full year 2024	Full year 2023
EBITDA margin* before depreciation/
amortization and write downs	10.2%	13.6%	12.0%	14.0%
EBITA margin*	7.5%	11.3%	9.4%	11.6%
EBIT margin	6.6%	10.6%	7.7%	11.0%
Operating margin	6.6%	11.1%	7.6%	10.8%
Average number of shares outstanding, thousand
before dilution	12,885	12,737	12,821	12,737
after dilution	12,885	12,801	12,821	12,801
Profit per share before dilution, SEK	1.81	2.42	7.13	9.28
Profit per share after dilution, SEK	1.81	2.42	7.13	9.23
Equity per share before dilution, SEK			50.43	47.46
Equity per share after dilution, SEK			50.43	47.22
Equity ratio			48.9%	60.3%
Return on capital employed			14.5%	23.8%
Return on equity			13.7%	20.1%
Average number of employees	967	874	901	850
Number of workdays	62	63	251	251
Net turnover per employee, SEK thousand	447	457	1,761	1,744
Turnover per employee, SEK thousand	447	457	1,762	1,744

Definitions of key ratios, see pages 79-80 in Prevas annual report 2023 and calculations on the website www.prevas.se/rapporter.

Acquisition-related items The Group

SEK thousand	Q4 2024	Q4 2023	Full year 2024	Full year 2023
Amortization of acquisition-related intangible assets	-3,040	-1,834	-9,677	-7,025
Transaction costs	-384	-363	-14,351	-908
Costs of future services received	-375	-375	-1,500	-1,500
Acquisition-related items	-3,799	-2,572	-25,528	-9,433

* The definition of EBITDA and EBITA were adjusted in Q1 2024 for the purpose of improving analysis of the operating activities between periods. Acquisition related items and write downs of intangible assets are no longer included in EBITDA and EBITA. Write downs of acquisition related intangible assets and revaluing and present value calculation of contingent considerations have, as previously, no impact on EBITDA and EBITA. See our definition of EBITDA and EBITA on the website at www.prevas.se/rapporter.

Acquisitions The Group

On July 1, 2024, Prevas acquired 91.5 percent of the Finnish company NMAC Group Oy, the parent company of the Enmac Group ("Enmac"). Regulatory approval was given at the end of June with an effective date of July 1, 2024. Enmac has a strong position in the Finnish market in growth areas such as energy, industrial automation and process industry, with approximately 200 employees and a turnover of EUR 23 million in 2023. The acquisition, which is Prevas' first in Finland, establishes a Nordic group with operations in Sweden, Norway, Denmark and Finland. The acquisition enables future market synergies and is in line with Prevas' growth strategy.

Acquired shares were valued at SEK 214,107 thousand as of the closing date and payment was made in cash. Additional considerations based on future results are linked to the acquisition. At the time of acquisition, additional considerations have been valued at zero. The purchase price was financed by acquisition loans of SEK 132 million and EUR 6 million and available cash and cash equivalents. In connection with the acquisition, goodwill of SEK 242,612 thousand arose as a difference between the consideration transferred and the fair value of the net assets acquired. Goodwill relates mainly to human capital in the form of employee skills and revenue synergies, as more combinations of solutions can be offered to customers, as well as some cost synergies. Goodwill is not expected to be tax deductible. Transaction costs related to the acquisition amounted to SEK 13,188 thousand. The transaction costs were recognized as an expense in the consolidated income statement under the category Other external costs. In connection with the acquisition, Prevas paid off a loan that Enmac had with an external bank amounting to SEK 72,802 thousand. The acquisition had an impact on cash flow of SEK -61,509 thousand.

Enmac constitutes a new segment, Finland, which was added during the third quarter of 2024. For more information about the quarter, see page 19, Operating segments. If the acquisition had taken place on January 1, 2024, sales for segment Finland would have amounted to SEK 202,468 thousand, EBITA to SEK -500 thousand and profit/loss after tax for the period would have been affected by SEK -9,568 thousand. The difference between EBITA and profit/loss after tax is made up in part of goodwill amortization, financial items and tax.

	Actual value
Acquired net assets at the point of acquisition
Intangible Assets	29,477
Tangible fixed assets	2,103
Current receivables	42,236
Prepaid costs and accrued revenue	5,275
Inventory	695
Cach and cash equivalent	25,628
Equity attributable to non-controlling interests	-19,775
Long term interest bearing liabilities	-61,656
Current interest bearing liabilities	-5,365
Deferred tax liability	-4,483
Accounts payable and other operating liabilities	-42,640
Identified net assets	73,223

	Actual value
Goodwill	242,612
Total purchase price	214,107
Purchase price consists of:
Cash	214,107
Contingent considerations	–
Total purchase price	214,107
The impact of the acquisition on the Group cashflow
Cash part of purchase price	-214,107
Cash (acquired)	25,628
Net	-188,479
Loan acqusitions for financing of the acquisition	199,772
Net cash inflow	11,293
Installment loans Enmac	-72,802
Net cash outflow including installment loans, Enmac	-61,509
Cash flow, financing activities	199,772
Cash flow, investment activities	-188,479

Condensed statements of profit/loss The Parent Company

SEK thousand	Q4 2024	Q4 2023	Full year 2024	Full year 2023
Net turnover	209,062	222,333	821,588	837,928
Other operating income	–	–	–	19
Other external expenses	-80,005	-81,908	-300,972	-303,526
Personnel expenses	-114,560	-113,924	-434,818	-436,929
Amortization intangible fixed assets	-2,779	-3,872	-11,123	-11,145
Depreciation tangible fixed assets	-431	-299	-1,259	-1,140
Operating profit, EBIT	11,287	22,330	73,416	85,207
Profit from shares in Group companies	4,850	364	6,318	5,697
Interest income and similar profit items	1,261	660	5,378	2,663
Interest costs and similar profit items	-4,585	-2,369	-12,619	-9,578
Profit after financial items	12,813	20,985	72,493	83,989
Tax allocation reserve	-20,600	-23,500	-20,600	-23,500
Income tax	2,593	-4,134	-11,945	-18,152
Profits for the period	-5,194	-6,649	39,948	42,337

Condensed balance sheet in summary

The Parent Company

SEK thousand	Dec 31 2024	Dec 31 2023
Intangible fixed assets	25,237	34,789
Tangible fixed assets	2,209	2,735
Financial fixed assets	594,726	326,853
Deferred tax asset	885	–
Inventory	731	673
Current receivables	237,952	234,533
Cash and Bank	12,806	93,771
Total assets	874,546	693,354

SEK thousand	Dec 31 2024	Dec 31 2023
Restricted equity Non-restricted equity	42,178 229,148	41,807 244,226
Equity	271,326	286,033
Untaxed reserves	93,100	72,500
Provisions	1,827	13,904
Long-term non-interest bearing liabilities	–	–
Long term interest bearing liabilities	129,882	–
Current interest bearing liabilities	50,230	22,500
Other short term liabilities	328,181	298,417
Total liabilities and Equity	874,546	693,354

Invitation to presentation of Prevas' year end report 2024

A press and analyst presentation will be held on Tuesday, February 11 at 9:30 a.m. CET, which can be followed via webcast https://www.finwire.tv/webcast/prevas/q4-2024/.

About Prevas

Prevas is an innovative development house with a focus on product and production development, where ingenuity is at the center. We use great technical expertise and business understanding to help our customers within widely differing industries to gain greater benefits from the technological advances of our time. Good for people, the planet and profits. Prevas was founded in 1985 and currently has 1,100 employees in Sweden, Finland, Denmark and Norway. Prevas has been listed on NASDAQ Stockholm since 1998. For more information about Prevas, visit www.prevas.se.

Prevas AB Org. no. 556252-1384 Box 4 • Glödgargränd 14 • SE-721 03 Västerås info@prevas.se • +46 21-360 19 00 • www.prevas.com