Prevas — Interim / Quarterly Report 2025

May 6, 2025

Interim Report January – March 2025

Continued growth and " stronger market position.

GROWTH IN TURNOVER FIRST QUARTER

8.3%

OPERATING MARGIN, EBITA FIRST QUARTER

2 Interim Report January – March 2025

The period in brief 5.8%

January – March 2025

• Net turnover amounted to SEK 430.7 million (407.1), an increase of SEK 23.6 million and 5.8 percent. The increase in turnover relates in its entirety to acquired turnover, which amounted to 11.9 percent for the quarter.
• The operating profit EBITA amounted to SEK 35.6 million (53.5), giving an EBITA margin of 8.3 percent (13.2). The EBITA margin amounted to 10.4 percent, adjusted for calendar effects (approximately SEK 5 million) and excluding the Finland segment, whose revenue and earnings were not part of Prevas during the corresponding period last year.
• EBIT amounted to SEK 32.0 million (44.2), giving an EBIT margin of 7.4 percent (10.9). EBIT was negatively affected by acquisition-related costs by SEK 3.5 million (9.2).
• Profit after tax amounted to SEK 23.1 million (33.3).
• Profit per share before dilution was SEK 1.75 (2.56) and after dilution was SEK 1.75 (2.54).
• The cash flow from operating activities amounted to SEK 32.2 million (27.1).

Significant events during and after the period

• In April, Prevas entered into an agreement regarding the acquisition of 80 percent of OIM Sweden AB. OIM Sweden, which is based in Malmö and has approximately 40 employees, is a leading player within product development. The acquisition is conditional upon regulatory approval, which may take one to two months. The acquisition is expected to be completed in the beginning of the third quarter of 2025. The transaction will have a marginal impact on Prevas' earnings per share during the 2025 financial year. More information about the acquisition is published on the website (www.prevas.se) under press information.
• Prevas AB's Annual and Sustainability Report and Remuneration Report for the 2024 financial year are available on the company's website, prevas.se.

PROFIT PER SHARE AFTER DILUTION FIRST QUARTER

Continued growth and stronger market position

During the quarter, Prevas increased its turnover to SEK 430.7 million (approx. 6 percent) and delivered an EBITA of SEK 35.6 million (8.3 percent) with a strong cash flow of SEK 32.2 million. The result was affected by a lower utilization rate and a negative calender effect equivalent to approximately SEK 5 million. Profit per share after dilution was SEK 1.75.

It is pleasing to note that our focused sales work is having an impact, despite the fact that the market remains cautious. We have entered into a number of strategically important deals during the quarter, from major EAM projects and automation projects to development assignments. At the same time, we are continuing to grow within both consultancy services and commitments for customers within defense and energy, which is proof of our expertise and the level of trust we have built up. In order to meet demand and further strengthen our position, we are now investing in extended strategic sales resources, with particular focus on continue growth in the defense sector.

In parallel with this, we are working conscientiously to secure our profitability. In regions were there is less demand, we

have taken measures including capacity adaptations and a clear focus on costs. During the quarter, we have also welcomed new managers in locations where we can see opportunities to both strengthen profitability and develop our business.

We have not yet seen any direct impact from the global situation and the altered customs rules, but we are aware that several of our customers are being affected. At the same time, we are prepared and have both the expertise and the capacity to act quickly should the situation change.

Improved margin and increased order book in Finland

Profitability has improved in Finland during the first quarter, which is a consequence of our focus on sales in combination with operational activities. One clear indication is the fact that we signed orders worth approximately SEK 90 million in Finland during the first quarter, and we are also seeing a good start to the second quarter.

Our team in Finland are experts in the field of engagement projects, and we are now launching projects that will be delivered towards the end of 2025 and during 2026. In parallel with our long-term investments and assignments, we are working actively to grow within traditional consulting operations, which is an important aspect when it comes to ensuring a good activity rate in the short term as well. Our Finnish team will play an important role in strengthening our profitability in 2025, although it may take longer than we had wanted. We are looking forward to more synergies and exciting business collaborations.

Continued strategic development through the acquisition of OIM Sweden AB

Prevas has made significant strategic advances during the previous year, and now has a strong Nordic platform through the acquisitions of Enmac in Finland. We are continuing with our strategy of growing both organically and through acquisitions on all our markets. After the end of the period, we have entered into an agreement regarding the acquisition of 80 percent of OIM Sweden AB, assuming regulatory approval. OIM Sweden, which is based in Malmö, is a development house that focuses on the development of medical

instruments and devices. It has around 40 employees and a turnover of approximately SEK 40 million. Alongside our existing operations in Malmö and Lund, we are now building the region's strongest development house, with around 120 employees and cutting-edge offerings within product development, advanced testing and measurement systems, as well as user experience.

I am proud of being able to work together with the Nordic region's leading team which, with its passion for advanced technology, is helping to solve the world's challenges. The entire team is working conscientiously to achieve our financial goals and strengthen our long-term success.

Hello Possibility – Hello OIM!

Västerås, May 6, 2025

Magnus Welén, CEO Prevas AB

" It is pleasing to note that our focused sales work is having an impact, and we have entered into a number of strategically important deals during the quar-

ter.

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, 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 debt/EBITDA	Dividends
Financial goals	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 debt/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	8.3 %	5.8 %	0.84	66 %
	The margin for the quarter is lower compared to the corre sponding quarter last year.	The growth in turnover during the quarter is derived from acquisitions made in 2024.	Net debt/EBITDA R12 for the quarter.	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 2023 5 2024 2025 0 Q1 Q2 Q3 Q4	% 25 20 15 10 2023 5 2024 2025 0 Q1 Q2 Q3 Q4	2 1 0 2023 2024 2025 -1 Q1 Q2 Q3 Q4	% 60 50 40 30 20 10 0 2020 2021 2022 2023 2024

Hello Possibility

We solve problems. Many people would say that we do so with different technical solutions - and that is correct. But innovation 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 &

customers' products quickly on the market.

We have a very broad customer base with carefully selected customers in different industries – from start-ups, small and medium-sized companies to global companies. The five largest customers in the first quarter were Saab, Ericsson, Hitachi, Sandvik and ABB, which together account for less than a quarter of our sales.

Industry breakdown, Q1 2025

Engineering

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

Life science 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 devices Product development integrates advanced electronics, design, software and sustainability aspects. Prevas offers the technical expertise and business understanding to be able to launch

also provide solutions for manufacturing 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

developed.

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

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 automation and is a reliable development partner.

Telecoms

Prevas has extensive experience of consultancy services in mobile networks and contributes important expertise in radio-related functions. Prevas also supplies central solutions for product traceability and tools for managing equipment to telecom companies.

Steel & Minerals For Prevas, it is important 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.

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 experience 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 revenue and profit.

Prevas's sustainability work can be linked to several of the UN's global objectives.

You can read more about our sustainability work in the 2024 Annual and Sustainability Report, on pages 19–38.

Ingenuity will save the world

Sustainability is more than a goal – it is part of our driving force to do good. By combining cuttingedge technical expertise with genuine curiosity and creativity, we are creating solutions that contribute to a more sustainable world.

We collaborate with companies in an number of sectors in order to develop smart systems and products that will improve both people's lives and our shared future. Our projects range from energy efficiency and resource optimization to preventive maintenance and technical medical innovations – always with a clear focus on creating genuine benefit for people, planet and profitability.

Our efforts have led to solutions that are automating the charging of electric ferries, improving the efficiency of transport, and improving the health of patients through innovative technical devices. At the same time, we are developing software that is reducing energy consumption and emissions in industrial processes – technology that is already being used by leading players in the Nordic region and across Europe.

We are looking to the future with confidence. For us, it is a given that sustainable development starts with courageous ideas and close collaboration. That's why we are continuing to make a difference – one project, one solution, one idea at a time.

Hello Possibility.

Financial information

Group

Turnover

January - March

Net turnover amounted to SEK 430.7 million (407.1), an increase of SEK 23.6 million and 5.8 percent. The increase in turnover attributable to acquisitions made in 2024 amounted to 11.9 percent.

The number of working days amounted to 62 (63). Net turnover per employee amounted to SEK 435 thousand (471).

Profit/loss

January - March

Operating profit before depreciation/amortization and write downs EBITDA amounted to SEK 47.2 million (62.4), which gives an EBITDA margin before depreciation/amortization and write downs of 11.0 percent (15.3).

The operating profit EBITA amounted to SEK 35.6 million (53.5), giving an EBITA margin of 8.3 percent (13.2). Turnover and EBITA were affected by a lower utilization rate and a negative calendar effect. Taking into account that the quarter contained one working day less compared to the same period previous year, the EBITA margin amounted to 9.3 percent. If the impact of the Finland segment on revenue and earnings is also eliminated, in addition to the calendar effect, the EBITA margin amounted to 10.4 percent.

The operating profit EBIT amounted to SEK 32.0 million (44.2), giving an EBIT margin of 7.4 percent (10.9). EBIT was negatively affected by acquisition-related costs by SEK 3.5 million (9.2). Acquisition-related costs are reported in the income statement under the headings Other external costs SEK 0.1 million (7.0), Personnel expenses SEK 0.4 million (0.4) and Amortization of intangible fixed assets SEK 3.0 million (1.8). Operating expenses have fallen, which can primarily be explained by a lower acquisition-related costs compared to the corresponding period in the previous year. The increase in personnel costs was mainly attributable to the operations in Finland, which were acquired on July 1, 2024.

Compared to the corresponding period in the previous year, net financial items have been affected by increased interest expenses of SEK -2.3 million resulting from loans taken out in connection with the acquisition of Enmac, as well as SEK -1.3 million in respect of items linked to right of use assets, reduced interest income of SEK -0.8 million and positive currency effects amounting to SEK 1.4 million.

The tax expense amounted to SEK -6.5 million (-11.2), equivalent to a tax rate of 22.1 percent (25.1). The relatively high tax rate in the quarter and the corresponding period previous year can mainly be explained by costs that are not tax deductible. The comparative quarter in 2024 was mainly Net turnover, MSEK

EBITA, MSEK EBITA Margin, %

affected by non-deductible transaction costs related to Enmac.

Profits after tax amounted to SEK 23.1 million (33.3).

The period was one working day shorter than the corresponding period of the previous year, which affected the operating profit/loss, EBITDA, EBITA and EBIT negatively by approximately SEK 5 million.

Cash flow, cash and cash equivalents and financing

January - March

Cash flow from operating activities for the quarter amounted to SEK 32.2 million (27.1). The improvement in cash flow from operating activities compared with the corresponding period in the previous year was reflected in part through a reduction in tax paid of SEK 8.8 million. Adjustments for items not included in cash flow included increased depreciation and amortization (SEK 4 million) and increased unrealized exchange differences (SEK 3.5 million) compared with the corresponding period in the previous year. The improvement in working capital can also be explained in part by reduced customer receivables of SEK 9.3 million and reduced other current receivables of SEK 11 million. Working capital was negatively impacted by lower operating liabilities compared with the corresponding period in the previous year, primarily as a result of reduced prepayments from customers.

Financing operations have been affected by repayments made on loans taken out in connection with the acquisition of Enmac in 2024, amounted to SEK -12.4 million. In the previous year, the final calendar day in March fell on a weekend, which is why the repayment on earlier loans was not made until the

first, subsequent working day of April 2024, and consequently did not affect cash flow in the corresponding quarter.

Available cash and cash equivalents at the end of the quarter amounted to SEK 48.9 million (130.1). The overdraft facility of SEK 100 million (0) was not utilized.

Financial position

Equity at the end of the quarter for the Group amounted to SEK 708.7 million (675.2), giving an equity ratio of 50.3 percent (60.9). Equity attributable to owners of the parent company amounted to SEK 50.67 (50.20) per share before dilution and SEK 50.67 (49.96) per share after dilution. Right of use assets increased to SEK 146.3 million (48.8), which was mainly explained by the acquisition of Enmac and the revaluation of terms of use for premises at the end of the previous year.

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

Employees

The average number of employees in the first quarter was 990 (865), of whom 727 (749) were in Sweden, 76 (72) in Denmark, 143 (n/a) in Finland, 20 (17) in other segments and 24 (27) centrally. The number of employees at the end of the quarter was 1,053 (902). The proportion of female employees was 20.6 percent (19.7).

Investments

January - March

During the quarter, the Group's investments in fixed assets amounted to SEK 1.9 million (2.2), of which SEK 1.3 million

32.2MSEK

CASH FLOW FROM OPERATING ACTIVITIES FIRST QUARTER

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

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

(2.2) related to machinery, inventory, and improvements to leased property, and SEK 0.6 million (0) related to intangible assets.

Significant events during and after period

In April, Prevas entered into an agreement regarding the acquisition of 80 percent of OIM Sweden AB (556849-9411). The acquisition is conditional upon regulatory approval, which may take one to two months. The acquisition is expected to be completed in the beginning of the third quarter of 2025. The transaction will have a marginal impact on Prevas' earnings per share during the 2025 financial year, and no acquisition analysis will therefore be presented. More information about the acquisition is published on the website (www.prevas.se) under press information.

Prevas AB's Annual and Sustainability Report and Remuneration Report for the 2024 financial year are available on the company's website, prevas.se.

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

January - March

Turnover amounted to SEK 222.2 million (222.1) and the profit after financial items amounted to SEK 17.3 million (25.6).

Turnover and EBITA were affected by a lower utilization rate and a negative calendar effect, as the quarter contained one working day less compared to the first quarter previous year.

Interest expenses increased by SEK -2.3 million compared with the corresponding quarter previous year. This increase was attributable to loans taken out in connection with the acquisition of Enmac. The impact of the revaluation of loans and currency holdings in foreign currencies had a positive net effect of SEK 1.6 million (0.1) during the quarter.

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.

We have not yet seen any direct impact from the global situation and the altered customs rules, but we are aware that several of our customers are being affected. At the same time, we are prepared and have both the expertise and the capacity to act quickly should the situation change.

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 2025. More information about Prevas' risks and their management can be found in the Annual Report for 2024. It is the company's evaluation that the risks are the same for the parent company.

Transactions with affiliated bodies

Any transactions of this type were reported in the 2024 Annual Report under note 26 and are largely attributable to purchases and sales between companies within the Group. There is corresponding transactions in 2025.

Accounting principles

This interim 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 2025.

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.

Any contingent consideration to be transferred by the Group is reported at fair value at the acquisition date. Subsequent changes in the fair value of a contingent consideration classified as an asset or liability are reported in the income statement as financial income/expense.

The Chief Executive Officer certifies that the Interim 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, May 6, 2025 Prevas AB (publ)

Magnus Welén, CEO Prevas AB

Financial calendar

Interim report Jan–June 2025, July 17, 2025. Interim report Jan–Sept 2025, October 24, 2025. Year-end report 2025, February 10, 2026.

Annual General Meeting 2025

Prevas AB's Annual General Meeting, Västerås, May 14, 2025. See www.prevas.se/arsstamma for more information.

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. CEST on May 6, 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	Q1 2025	Q1 2024	Full year 2024
Profit for the period Items that will be later implemented in the period's profit/loss;	23,095	33,275	92,261
Exchange differences on translating foreign operations	-17,420	2,304	5,273
Comprehensive income for the period after tax	5,675	35,579	97,534
Comprehensive income for period attributable to parent company owners	6,395	34,858	96,642
Comprehensive income for period attributable to non-controlling interests	-720	721	892

SEK thousand	Q1 2025	Q1 2024	Full year 2024
Net turnover	430,666	407,087	1,586,626
Other operating income	91	–	517
Other external expenses	-115,522	-121,061	-463,618
Personnel expenses	-268,483	-230,990	-949,020
Amortization intangible fixed assets	-3,155	-1,958	-10,384
Amortization right of use assets	-10,321	-7,990	-37,075
Depreciation tangible fixed assets	-1,294	-863	-4,416
Operating profit, EBIT	31,982	44,225	122,630
Financial net	-2,338	223	-2,325
Profit before tax	29,644	44,448	120,305
Income tax	-6,549	-11,173	-28,044
Profit for the period	23,095	33,275	92,261
Profit for period attributable to parent company owners	22,595	32,554	91,369
Profit for period attributable to non-controlling interests	500	721	892
Profit per share before dilution attributable to parent company shareholders, SEK	1.75	2.56	7.13
Profit per share after dilution attributable to parent company shareholders, SEK	1.75	2.54	7.13

Condensed balance sheet in summary The Group

SEK thousand	Mar 31 2025	Mar 31 2024	Dec 31 2024
Goodwill	654,615	406,062	669,940
Other intangible fixed assets	44,445	30,159	48,172
Tangible fixed assets	14,985	11,384	15,105
Rights-of-use assets	146,325	48,823	158,166
Deferred tax asset	36,678	12,492	37,647
Financial fixed assets	67	2,907	36
Total fixed assets	897,115	511,827	929,066
Inventory	3,007	11,088	3,485
Current receivables	460,057	455,980	460,436
Cash and cash equivalents	48,867	130,064	43,813
Total current assets	511,931	597,132	507,734
TOTAL ASSETS	1,409,046	1,108,959	1,436,800

SEK thousand	Mar 31 2025	Mar 31 2024	Dec 31 2024
Equity attributable to owners of parent company	652,900	639,375	646,504
Equity attributable to
non-controlling interests	55,831	35,851	56,552
Equity	708,731	675,226	703,056
Deferred tax liability	77,696	48,783	79,863
Provisions	1,875	2,994	3,140
Long-term non-interest bearing liabilities	4,358	8,705	4,501
Long-term interest bearing liabilities	221,553	19,671	246,120
Total non-current liabilities	305,482	80,152	333,624
Current interest bearing liabilities	85,830	48,688	89,666
Other current liabilities	309,003	304,892	310,453
Total current liabilities	394,833	353,580	400,119
TOTAL LIABILITIES AND EQUITY	1,409,046	1,108,959	1,436,800

Changes in equity in summary

The Group

SEK thousand	Q1 2025	Q1 2024	Full year 2024
Opening balance	703,056	639,647	639,647
Total comprehensive income for the period
attributable to parent company owners	6,395	34,858	96,642
Total comprehensive income for period attribut
able to non-controlling interests	-720	721	892
Changes in ownership attributable to non-con
trolling interests	–	–	22,668
Dividend attributable to
non-controlling interests	–	–	-2,139
Warrant program	–	–	5,846
Dividends	–	–	-60,500
Closing balance	708,731	675,226	703,056
Equity attributable to owners of parent company	652,899	639,375	646,504
Equity attributable to non-controlling interests	55,832	35,851	56,552

Condensed cashflow analysis

The Group

	Q1	Q1	Full year		Q1	Q1	Full year
SEK thousand	2025	2024	2024	SEK thousand	2025	2024	2024
ONGOING OPERATIONS				FINANCING ACTIVITIES
Profit before tax	29,644	44,448	120,305	Amortization of lease liabilities	-6,804	-7,687	-35,001
Adjustments for items not included in cash flow	20,193	10,873	49,746	Dividends	–	–	-62,639
Paid income tax	-12,439	-21,269	-53,343	Issue shares/warrants,
Interest paid	-1,557	925	-3,874	LTI 2021/2024, LTI 2023/2026 and LTI 2024/2027	–	–	5,846
Cash flow from operating activities				Divestment of financial assets	–	–	1,234
				Repayment of stockholder contribution,
before change to working capital	35,841	34,977	112,834	non-controlling interests	–	–	-145
Changes to inventories	391	2,113	10,422	Repayment of loans	-12,360	–	-116,284
Changes to operating receivables	-338	-20,709	42,140	Take up of loans	–	–	199,946
				Cash flow from financing activities	-19,164	-7,687	-7,043
Changes to operating liabilities	-3,718	10,689	-28,627
Cash flow from ongoing operations	32,176	27,070	136,769	Cash flow for the period	11,083	17,174	-69,711
				Cash and cash equivalents at start of period	43,813	112,328	112,328
INVESTMENT ACTIVITIES Acquisition of business and shares excluding cash and				Exchange differences in cash and cash equivalents	-6,029	562	1,198
cash equivalents	–	–	-190,748	Cash and cash equivalents at end of period	48,867	130,064	43,813
Investment in intangible fixed assets	-625	–	-1,571
Investment in tangible fixed assets	-1,304	-2,209	-7,120
Cash flow from investment activities	-1,929	-2,209	-199,439

Quarter overview

The Group

	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Net turnover, MSEK	430.7	432.0	351.9	395.6	407.1	399.3	311.4	377.7	394.3
EBITA profit/loss*, MSEK	35.6	32.6	26.5	36.2	53.5	45.0	31.8	35.7	59.7
EBITA margin*, %	8.3	7.5	7.5	9.2	13.2	11.3	10.2	9.5	15.1
EBIT profit/loss, MSEK	32.0	28.7	17.9	31.8	44.2	42.4	29.3	33.0	57.8
EBIT margin, %	7.4	6.6	5.1	8.0	10.9	10.6	9.4	8.7	14.7
Number of workdays	62	62	66	60	63	63	65	59	64
Number of employees at end of period	1,053	1,086	1,082	899	902	915	888	899	887
Number of employees, average	990	967	948	854	865	874	835	847	837
Net turnover/employee, TSEK	435	447	371	463	471	457	373	446	471
Equity ratio, %	50.3	48.9	48.3	58.2	60.9	60.3	60.8	59.0	59.3
Profit/share before dilution, SEK	1.75	1.81	0.75	2.02	2.56	2.42	1.74	1.92	3.20
Profit/share after dilution, SEK	1.75	1.81	0.75	2.01	2.54	2.42	1.73	1.90	3.18
Equity/share before dilution, SEK	50.67	50.43	48.28	47.78	50.20	47.46	45.22	43.57	46.04
Equity/share after dilution, SEK	50.67	50.43	48.28	47.57	49.96	47.22	44.94	43.22	45.67

*) The definitions 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. The key ratios for 2023 have been recalculated. See our definitions of EBITDA and EBITA on the website at www.prevas.se/rapporter.

Operating segments

January – March 2025 January – March 2024

SEK thousand	Sweden	Denmark	3) Finland	Other	Corporate and eliminations	Total Group
Sales to external customers	326,397	40,874	47,580	15,816	Group –	430,666
Other operating income	–	–	95	–	-4	91
Sales to other segments	27,706	4	–	49	-27,758
Personnel expenses	-204,394	-23,648	-32,240	-7,826	-375	-268,484
EBITDA profit/loss	30,877	2,619	534	1,614	1) 11,560	47,204
Amortizations/depreciations	-3,943	-24	-1,265	-35	-9,501	-14,769
Acquisition-related items					-453	-453
EBITA profit/loss	29,766	2,528	411	1,579	1,306	35,589
EBIT profit/loss	26,934	2,528	-731	1,579	1,673	31,982
Financial items	-62	43	-697	314	-1,936	-2,338
Profit after financial items						29,644

January – March 2024
----------------------	--	--	--

	Total Group	SEK thousand	Sweden	Denmark	Other	Corporate and eliminations	Total Group
		Sales to external customers	353,215	37,478	16,394	Group –	407,087
		Other operating income
		Sales to other segments	551	55	22	-628
		Personnel expenses	-202,086	-21,790	-6,739	-375	-230,990
1)		EBITDA profit/loss	46,583	3,774	3,511	1) 8,531	62,399
1)		Amortizations/depreciations	-3,755	-21	-37	1) -6,998	2) -10,811
		Acquisition-related items				-7,363	-7,363
		EBITA profit/loss	45,833	3,753	3,474	486	45,037
		EBIT profit/loss	42,828	3,753	3,474	-5,830	44,225
		Financial items	396	241	242	-656	223
		Profit after financial items					44,448

January – December 2024

SEK thousand	Sweden	Denmark	3) Finland	Other	Corporate and eliminations	Total Group
Sales to external customers	1,276,172	160,505	91,029	58,921	–	1,586,626
Other operating income	2	–	515			517
Sales to other segments	3,173	413	–	22	-3,608
Personnel expenses	-767,691	-91,582	-62,006	-27,741	–	-949,020
EBITDA profit/loss	132,789	9,867	-1,007	6,933	1) 41,774	190,356
Amortizations/depreciations	-15,466	-193	-2,655	-133	1) -33,428	-51,876
Acquisition-related items					-15,851	-15,851
EBITA profit/loss	128,927	9,742	-1,304	6,800	4,699	148,865
EBIT profit/loss	117,323	9,674	-3,662	6,800	-7,505	122,630
Financial items	2,720	785	-1,729	1,144	-5,244	-2,325
Profit after financial items						120,305

1) Leasing according to IFRS 16 that is applied at Group level is not recorded by the different segments. 2) Amortization of intangible assets has been redistributed across the different segments. 3) With the acquisition of Enmac, Finland is a new segment from July 1, 2024.

Sales to external customers by segment

January – March 2025 January – March 2024

Industries	Sweden	Denmark	Finland	Other	Total Group
Energy	34,957	11,899	2,902	1,312	51,070
Automotive and transport	27,957	70	–	–	28,027
Defense	47,578	3,021	10,087	98	60,784
Life science	46,264	10,121	–	443	56,828
Products and units	30,985	7,651	952	–	39,588
Steel and minerals	24,554	–	4,140	834	29,528
Telecoms	22,030	852	–	–	22,882
Engineering	63,386	5,268	28,120	4,298	101,072
Other	28,686	1,992	1,379	8,830	40,887
Total	326,397	40,874	47,580	15,815	430,666

Industries	Sweden	Denmark	Other	Total Group
Energy	27,406	10,553	1,382	39,340
Automotive and transport	36,476	266	–	36,742
Defense	40,801	424	–	41,225
Life science	55,398	11,151	499	67,048
Products and units	38,254	8,935	–	47,189
Steel and minerals	33,402	–	837	34,239
Telecoms	24,406	252	–	24,659
Engineering	68,738	5,205	6,253	80,196
Other	28,334	692	7,423	36,449
Total	353,215	37,478	16,394	407,087

January – December 2024

Industries	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

Key ratios The Group

SEK thousand	Q1 2025	Q1 2024	Full year 2024
EBITDA margin before depreciation/amortiza
tion and write downs	11.0%	15.3%	12.0%
EBITA margin	8.3%	13.2%	9.4%
EBIT margin	7.4%	10.9%	7.7%
Operating margin	6.9%	10.9%	7.6%
Average number of shares outstanding, thousand
before dilution	12,885	12,737	12,821
after dilution	12,885	12,797	12,821
Profit per share before dilution, SEK	1.75	2.56	7.13
Profit per share after dilution, SEK	1.75	2.54	7.13
Equity per share before dilution, SEK	50.67	50.20	50.43
Equity per share after dilution, SEK	50.67	49.96	50.43
Equity ratio	50.3%	60.9%	48.9%
Return on capital employed	3.7%	6.3%	14.5%
Return on equity	3.3%	5.1%	13.7%
Average number of employees	990	865	901
Number of workdays	62	63	251
Net turnover per employee, SEK thousand	435	471	1,761
Turnover per employee, SEK thousand	435	471	1,762

Definitions of key ratios, see pages 56–57 in Prevas's 2024 annual report and calculations on the website www.prevas.se/rapporter.

Acquisition-related items The Group

SEK thousand	Q1 2025	Q1 2024	Full year 2024
Amortization of acquisition-related intangible assets	-3,016	-1,844	-9,677
Transaction costs	-78	-6,988	-14,351
Costs of future services received	-375	-375	-1,500
Acquisition-related items	-3,469	-9,207	-25,528

20 Interim Report January – March 2025

Condensed statements of profit/loss The Parent Company

SEK thousand	Q1 2025	Q1 2024	Full year 2024
Net turnover	222,168	222,143	821,588
Other operating income	–	–	–
Other external expenses	-85,939	-77,596	-300,972
Personnel expenses	-115,135	-115,243	-434,818
Amortization intangible fixed assets	-2,772	-2,782	-11,123
Depreciation tangible fixed assets	-297	-300	-1,259
Operating profit, EBIT	18,025	26,222	73,416
Profit from shares in Group companies	-250	-173	6,318
Interest income and similar profit items	6,061	1,096	5,378
Interest costs and similar profit items	-6,515	-1,501	-12,619
Profit after financial items	17,321	25,643	72,493
Tax allocation reserve	–	–	-20,600
Income tax	-4,449	-6,093	-11,945
Profit for the period	12,872	19,550	39,948

Condensed balance sheet in summary

The Parent Company

SEK thousand	Mar 31 2025	Mar 31 2024	Dec 31 2024
Intangible fixed assets	23,091	32,006	25,237
Tangible fixed assets	1,942	2,713	2,209
Financial fixed assets	592,158	327,194	594,726
Deferred tax asset	857	–	885
Inventory	452	781	731
Current receivables	233,619	249,941	237,952
Cash and Bank	21,498	112,869	12,806
Total assets	873,617	725,504	874,546

SEK thousand	Mar 31 2025	Mar 31 2024	Dec 31 2024
Restricted equity Non-restricted equity	42,178 242,020	41,807 263,776	42,178 229,148
Equity	284,198	305,583	271,326
Untaxed reserves	93,100	72,500	93,100
Provisions	1,268	14,449	1,827
Long-term non-interest bearing liabilities	114,934	–	–
Long-term interest bearing liabilities	–	–	129,882
Current interest bearing liabilities	49,274	22,500	50,230
Other short term liabilities	330,843	310,472	328,181
Total liabilities and Equity	873,617	725,504	874,546

Invitation to the presentation of Prevas' interim report January – March 2025

A press and analyst presentation will be held on Tuesday, May 6 at 9.30 a.m. CEST, which can be followed via webcast https://www.finwire.tv/webcast/prevas/q1-2025/.

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, please 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.se