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Pricer Interim / Quarterly Report 2026
3098_10-q_2026-04-23_46960f20-bd30-4939-9050-28b5323af015.pdf
Interim / Quarterly Report
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PRICER
Q1
Interim Report
January – March 2026
The quarter January–March 2026
- Order intake amounted to SEK 465.7 M (457.2).
- Order backlog on March 31 amounted to SEK 390.0 M (597.6).
- Net sales amounted to SEK 487.7 M (528.3).
- Gross profit amounted to SEK 123.3 M (122.9), which corresponds to a gross margin of 25.3 percent (23.3).
- Operating profit (EBIT) amounted to SEK 10.7 M (12.8), which corresponds to an operating margin of 2.2 percent (2.4).
- EBITDA, operating profit before depreciation, amortization and impairment, amounted to SEK 32.7 M (30.7).
- Profit for the quarter was SEK 6.4 M (-5.9).
- Earnings per share (basic and diluted) were SEK 0.04 (-0.04).
| Amounts in SEK M, unless otherwise stated | Q1 2026 | Q1 2025 | Rolling 12 months | FY 2025 |
|---|---|---|---|---|
| Order intake | 465.7 | 457.2 | 1,900.6 | 1,892.1 |
| Net sales | 487.7 | 528.3 | 2,107.3 | 2,147.9 |
| Gross margin, % | 25.3% | 23.3% | 22.6% | 22.2% |
| Operating profit (EBIT) | 10.7 | 12.8 | 48.8 | 50.8 |
| Operating profit before depreciation, amortization and impairment (EBITDA) | 32.7 | 30.7 | 135.4 | 133.3 |
| Items affecting comparability | - | - | 12.4 | 12.4 |
| Operating profit (EBIT) adjusted for items affecting comparability | 10.7 | 12.8 | 61.2 | 63.2 |
| Operating profit before depreciation, amortization and impairment (EBITDA) adjusted for items affecting comparability | 32.7% | 30.7 | 147.8 | 145.7 |
| Operating margin, % | 2.2% | 2.4% | 2.3% | 2.9% |
| Profit/loss for the period | 6.4 | -5.9 | 13.6 | 1.3 |
| Earnings per share, SEK 1) | 0.04 | -0.04 | 0.08 | 0.01 |
1) Earnings per share (basic and diluted).
2
Pricer Interim Report January – March 2026
SEK 488 M
Net sales for the quarter
SEK 11 M
Operating profit for the quarter
25%
Gross margin in the quarter
Pricer in brief
Pricer is a global leader in solutions for automation and communication in physical stores with a focus on driving digitalization and changing the retail trade. With its innovative cloud-based platform Pricer Plaza, the company helps retailers streamline their operations, improve the buying experience, and increase sales. Pricer’s systems for electronic shelf labels and digital signage enable retailers to communicate with their customers, employees and suppliers. Pricer was founded in Sweden in 1991 and is listed on Nasdaq Stockholm.
Vision
Pricer is to be the preferred partner for in-store communication and digitalization.
210
Employees
Strategic priority areas
- Markets: success in selected geographies
- Segment: focus on large chains
- Technology and products: diversified portfolio of future-proof solutions
11
Offices around the world
48+
million
Labels connected to Pricer Plaza
Pricer Interim Report January – March 2026
Comments from the CEO
Improved gross margin and increasingly strong product portfolio
The year started with weak net sales while order intake was in line with the first quarter of last year, but with the highest gross margin since 2020. In addition, cash flow remained strong and net profit improved significantly.
Although the current geopolitical situation continues to impact general market activity, with a cautious approach to making large investments, we can see signs of potential improvement in the North American market.
The need for in-store digitalization has not changed. On the contrary, there are many opportunities for physical stores to adopt a variety of AI solutions by leveraging digital in-store solutions. Our solutions mean that we are well positioned to meet our customers' needs once the market is ready.
Upward trend in most markets
First-quarter net sales were slightly lower than the same quarter in 2025, but were in line with the company's expectations now that Canadian Tire has successfully installed electronic shelf labels in most of its own stores.
In the Nordic market, we saw a successful transition from partner to direct sales, with improved margins and strengthened sales for the first quarter of the year. We also noted a positive trend in the US, partly as a result of the new customer contracts announced in the fourth quarter.
Except for Canada, sales were in line with last year or slightly higher in most of our markets. The increase in the number of stores connected to Plaza increased in the quarter. Furthermore, we are engaged in a number of dialogs with large existing customers about transitioning to Plaza during the current or next year.
In April, we signed a major agreement together with our partner JRTech worth USD 51 M with Canadian company Sobeys, for the next phase of their in-store digitalization. The agreement involves the installation of Pricer's latest electronic shelf label technology and the cloud-based Pricer Plaza platform in an estimated 300-350 stores.
Our exclusive supplier agreement with Carrefour was terminated during the quarter. While this resulted in lower volumes to their centrally managed stores, we are encouraged by a strong positive trend in order intake from independent Carrefour retailers, which increased during the first quarter.
Strong gross profit margin and continued profitability
The company's gross margin strengthened by 2 percentage points to a full 25.3 percent (23.3), which is the highest figure since 2020. This improvement was a result of persistent efforts to reduce production costs, strengthen the product mix with higher Plaza revenue and consolidate the product portfolio.
Operating profit amounted to SEK 10.7 M (12.8) and we turned around last year's net loss into net profit of SEK 6.4 M (-5.9) for the quarter. The increase in operating expenses compared with last year was mainly due to the fact that we increased our marketing costs from attending more exhibitions and that we have now taken over sales in the Nordic market where we had a distributor in 2025. At the same time, the direct sales model in the Nordics had a positive impact on gross profit. Cash flow from operating activities amounted to SEK 52.7 M.
Pricer Interim Report January – March 2026
During the quarter, the company carried out a strategic review of the organization and decided on changes that will reduce operating expenses by approximately SEK 17 M on an annual basis. The cost of the planned review is expected to amount to SEK 9 M and will be recognized as non-recurring costs in the second quarter of 2026, but will yield lower costs in the third and fourth quarters.
Widespread interest in Pricer Avenue
In February, Pricer had an exhibition booth at EuroShop, one of the world's largest retail trade fairs held every three years in Germany. The aim of this exhibition was to position Pricer as an innovation leader by showcasing Pricer Avenue and Pricer Designer, and to raise interest in Pricer among new and existing customers. It was five intense days filled with productive customer meetings and interesting dialogs on the customer experience, in-store communication and how to attract the next generation of shoppers.
Pricer Avenue is now being installed at a limited number of customers where we are working, together with the customer, with some of their selected suppliers to maximize the value of the installation.
During the quarter, Pricer Avenue also won one of the most prestigious industrial design awards, GOOD DESIGN® in the Green Products category.
Well positioned and focus on profitability
Although the market climate remains cautious, we can see strong long-term drivers for our innovative solutions in digitalization and automation of physical retail. Interest in our SaaS platform Pricer Plaza is continuing to grow. Our pilot projects with Pricer Avenue are increasing in number and have attracted widespread interest in several markets. We are in strategic discussions with a large number of potential customers and partners in several markets, and we can see increasing activity primarily in the US.
With an attractive product portfolio, initiatives to promote additional efficiency improvements and an intensified focus on raising profitability, we are well positioned to capitalize on the strong underlying demand as the market rebounds.
Magnus Larsson
President and CEO
"Our solutions mean that we are well positioned to meet our customers' needs once the market is ready."
5 Pricer Interim Report January – March 2026
Market overview
The market for digital in-store solutions, such as electronic shelf labels, is still in an early stage of development but is demonstrating strong structural growth. With a low degree of global penetration, investments have increased – particularly among major retailers in North America and Europe. These investments are deemed to have a domino effect that will drive the pace of global digital growth.
Recent heightened geopolitical and macroeconomic uncertainty has, however, negatively impacted the willingness to invest in retail, leading to longer decision-making processes and some delays in major projects. At the same time, the long-term drivers of market growth have not disappeared.
Several structural trends are fueling the increased need for digitalization. Higher operating costs, difficulties in staffing stores and higher wages are increasing the pressure to improve efficiency in stores. The ability to centrally and automatically update prices in real time leads to significant savings compared with manual procedures.
Consumer behavior is also rapidly evolving. In 2025, Pricer carried out a consumer survey, with responses from 5,000 participants. It showed that consumers value accurate prices, clear promotions and relevant product information at the shelf edge. It also showed that digital shelf communication updated in real time increases trust, facilitates decision-making and improves the in-store shopping experience. These insights confirm the value of intelligent shelf edge solutions to meet growing customer expectations while streamlining store operations.
Several drivers of long-term growth
The market growth is driven by several interlinked factors, all of which contribute to its rapid acceptance and wide appeal:
- Market growth and strategic digitalization
Digitalization is growing quickly in the store environment. Increasing numbers of leading retailers are investing in shelf edge solutions, such as electronic labels and cloud services for price updates. Pricer sees this as a strategic driver for continued growth.
- Rising operational cost pressures
Rising personnel costs and recruitment difficulties are impacting the retail sector. Automating will be necessary to manage costs, enable quick responses and to remain competitive.
- Inventory accuracy and on-shelf availability
Consumers expect products to be on the shelves when they visit a store. Real-time data on inventory levels and rapid replenishment are essential for meeting customer expectations and building loyalty.
- Evolution of in-store experience
The store is an increasingly important part of a chain's omnichannel strategy, where the customer experience is prioritized. As the size of color displays for electronic labels grows, they are becoming communication surfaces for content that creates engagement at the shelf edge.
- Sustainability as a competitive advantage
Smart pricing and inventory management help reduce food waste and improve resource utilization. Sustainability is not only a responsibility. It is an opportunity to create business model and differentiation.
- Tech transformation and personalization
AI, digital signage and camera technology are driving the next step in the evolution of retail. The right technology allows stores to offer more relevant, personalized experiences in real time.
Pricer Interim Report January – March 2026
Financial information
Order intake
First quarter
Order intake for the first quarter amounted to SEK 465.7 M (457.2). Order backlog amounted to SEK 390.0 M (597.6).
Order intake by geographic region
| Amounts in SEK M | Q1 2026 | Q1 2025 | Rolling 12 months | FY 2025 |
|---|---|---|---|---|
| Southern Europe, Middle East & Africa (MEA) and Central & Eastern Europe (CEE) | 236.5 | 224.4 | 838.0 | 825.9 |
| Northern Europe and Asia-Pacific (APAC) | 125.1 | 125.0 | 566.8 | 566.7 |
| Americas | 104.1 | 107.8 | 495.8 | 499.5 |
| Total order intake | 465.7 | 457.2 | 1,900.6 | 1,892.1 |
Net sales and profit/loss
First quarter
Net sales for the quarter amounted to SEK 487.7 M (528.3).
Of net sales, SEK 30.9 M (25.5) was recurring revenue (Plaza and Service and support contracts), an increase of 21 percent.
Gross profit amounted to SEK 123.3 M (122.9), and the gross margin amounted to 25.3 percent (23.3).
Operating expenses amounted to SEK -110.7 M (-102.5) for the quarter. The increase is mainly due to Pricer having its own sales organization in the Nordic region, which was previously handled through a distributor, and the fact that the company have participated in more trade fairs.
Other income and expenses amounted to SEK -1.9 M (-7.6) and refer to currency effects. Operating profit amounted to SEK 10.7 M (12.8), which corresponded to an operating margin of 2.2 percent (2.4).
Order intake
Net sales
Operating profit
7 Pricer Interim Report January – March 2026
Net financial expense for the quarter totaled SEK -3.5 M (-14.0). Financial items consisted of interest expenses of SEK -5.0 M (-6,3), interest income of SEK 0.6 M (2,0), other financial expenses of SEK -1.1 (-0,9)M and exchange rate fluctuations of SEK 1.9 M (-8,8). Tax for the quarter amounted to SEK -0.8 M (-4.7). Tax expenses arise in the foreign subsidiaries and are due to transfer pricing regulations. Profit after tax for the quarter amounted to SEK 6.4 M (-5.9).
Translation differences in other comprehensive income amounted to SEK 9.7 M (-34.6) and consisted of currency revaluation of net assets in foreign subsidiaries.
Net sales and profit/loss
| Amounts in SEK M | Q1 2026 | Q1 2025 | Rolling 12 months | FY 2025 |
|---|---|---|---|---|
| Net sales | 487.7 | 528.3 | 2,107.3 | 2,147.9 |
| Cost of goods sold | -364.4 | -405.4 | -1,630.3 | -1,671.3 |
| Gross profit | 123.3 | 122.9 | 477.0 | 476.6 |
| Gross margin, % | 25.3% | 23.3% | 22.6% | 22.2% |
| Operating expenses | -110.7 | -102.5 | -424.8 | -416.6 |
| Other income and expenses | -1.9 | -7.6 | -3.5 | -9.2 |
| Operating profit | 10.7 | 12.8 | 48.7 | 50.8 |
| Operating margin, % | 2.2% | 2.4% | 2.3% | 2.4% |
Net sales per geographic region
| Amounts in SEK M | Q1 2026 | Q1 2025 | Rolling 12 months | FY 2025 |
|---|---|---|---|---|
| Southern Europe, Middle East & Africa (MEA) and Central & Eastern Europe (CEE) | 158.9 | 176.7 | 809.0 | 826.8 |
| Northern Europe and Asia-Pacific (APAC) | 184.1 | 183.6 | 532.9 | 532.4 |
| Americas | 144.7 | 168.0 | 765.4 | 788.7 |
| Total net sales | 487.7 | 528.3 | 2,107.3 | 2,147.9 |
Cash flow, investments and net debt
Cash flow from operating activities for the quarter amounted to SEK 52.7 M (136.3). The decrease in trade receivables and other current receivables accounted for the main impact on cash flow in the quarter.
Cash flow from investing activities amounted to M -16.5 M (-10.0) for the period and consisted of capitalized development expenditure of SEK -9.0 M (-9.1) regarding product development and investments in property, plant and equipment of SEK -8.3 M (-0.9).
Cash flow from financing activities amounted to SEK -2.9 M (-253,6) and refers to repayment of lease liabilities.
Exchange rate differences in cash and cash equivalents amounted to SEK -0.4 M (-12.7).
Cash and cash equivalents amounted to SEK 341.0 M (349.3) on March 31, 2026. At the end of the period, the Group had net cash of SEK 41.0 M, calculated on interest-bearing liabilities in the form of a SEK 300.0 M public bond and cash and cash equivalents of SEK 341.0 M.
Condensed consolidated cash flow
| Amounts in SEK M | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
|---|---|---|---|
| Cash flow from operating activities before changes in working capital | 31.2 | 13.6 | 103.6 |
| Cash flow from changes in working capital | 21.5 | 122.7 | 56.4 |
| Cash flow from operating activities | 52.7 | 136.3 | 160.0 |
| Cash flow from investing activities | -16.5 | -10.0 | -64.7 |
| Cash flow from financing activities | -2.9 | -253.6 | -262.3 |
| Cash flow for the period | 33.3 | -127.3 | -167.0 |
Pricer Interim Report January - March 2026
Equity
On March 31, 2026, Pricer's holdings of treasury shares amounted to 560,777 (588,384) Class B shares. These shares are held to be able to meet obligations on matching and performance shares under the outstanding performance share plans. The value of the promise is expensed during the vesting period.
For more information about the incentive program, please refer to Note 4 of the 2025 Annual Report.
Issued and outstanding shares, March 31, 2026
| Denominated in 000s of shares | Class A | Class B | Total |
|---|---|---|---|
| Issued at beginning of year | 14 | 163,951 | 163,965 |
| Issued & converted shares during the period | - | - | - |
| Issued at end of period | 14 | 163,951 | 163,965 |
| Of which treasury shares | 561 | 561 | |
| Shares outstanding at end of period | 14 | 163,390 | 163,404 |
Class A shares have five votes and Class B shares have one vote.
Employees
The average number of employees during the first quarter was 204 (194), and the number of employees at the end of the period was 209 (200).
Parent Company
The Parent Company's net sales amounted to SEK 395.5 M (465.5), and loss for the period amounted to SEK -4.6 M (-12.7). The Parent Company's cash and cash equivalents amounted to SEK 133.2 M (244.7) at the end of the quarter.
Risks and uncertainty factors
Pricer's earnings and financial position are affected by various risk factors that must be considered when assessing the Group and the Parent Company and their future potential. These risks apply primarily to the development of the market for not only digital shelf edge labels and systems and large currency fluctuations but also to political factors affecting trade such as import duties. In view of the client structure and the scope of the agreement, a delay in the installations or large fluctuations in exchange rates can have a significant effect in any given quarter. More information regarding risks is available in the 2025 Annual Report; see page 49-50 and Note 20.
The uncertain global situation, marked by multiple ongoing conflicts, is weighing on investment appetite and driving up transportation costs — developments that Pricer continues to monitor closely.
Forecast
No forecast is provided for 2026.
Significant events in the first quarter
- In January, Pricer completed the first pilot installation of the Pricer Avenue™ communication platform. The installation was carried out in partnership with the East of England Co-op, one of the UK's largest cooperative grocery retailers with a 120-store network operating across the East of England. Pricer Avenue™ was launched shortly afterwards at the National Retail Federation (NRF) trade show in New York.
- Pricer has been an exclusive supplier to the Carrefour retail chain for many years. In February, Carrefour decided to introduce an additional supplier for the sourcing of digital in-store solutions based on electronic shelf labels in France. The estimate of the impact on Pricer's gross profit for 2026 is a low single-digit percentage.
Significant events after the end of the reporting period
- In April, Pricer signed a major agreement together with its partner JRTech worth USD 51 M with Canadian company Sobeys, for the next phase of their in-store digitalization. The agreement involves the installation of Pricer's latest electronic shelf label technology and the cloud-based Pricer Plaza platform in an estimated 300-350 stores.
9 Pricer Interim Report January – March 2026
10 Pricer Interim Report January – March 2026
Financial calendar
May 13, 2026
2026 Annual General Meeting
July 16, 2026
Interim Report January–June 2026
October 22, 2026
Interim Report January–September 2026
This interim report has not been reviewed.
This information is information that Pricer AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted through the agency of the contact person mentioned below for publication on April 23, 2026, at 7.00 a.m. CEST.
For more information, please contact:
Magnus Larsson, President and CEO, +46 (0)704 316 851
Claes Wenthzel, CFO, +46 (0)708 620 122
The Board of Directors and CEO hereby certify that this interim report provides a true and fair view of the results of the operations, financial position and performance for the Parent Company and the Group and describes the significant risks and uncertainties to which the Parent Company and other companies in the Group are exposed.
This interim report for Pricer AB (publ) was submitted on the authorization from the Board of Directors to the CEO.
Stockholm, April 23, 2026
Pricer AB (publ)
Magnus Larsson
President and CEO
Financial Reporting
Group
Condensed consolidated income statement
| Amounts in SEK M | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Net sales | 487.7 | 528.3 | 2,147.9 |
| Cost of goods sold | -364.4 | -405.4 | -1,671.3 |
| Gross profit | 123.3 | 122.9 | 476.6 |
| Selling expenses | -56.5 | -52.3 | -196.8 |
| Administrative expenses | -43.4 | -41.0 | -173.1 |
| Research and development costs | -10.8 | -9.2 | -46.7 |
| Other income and expenses | -1.9 | -7.6 | -9.2 |
| Operating profit | 10.7 | 12.8 | 50.8 |
| Financial items | -3.5 | -14.0 | -35.6 |
| Profit/loss before tax | 7.2 | -1.2 | 15.2 |
| Income tax | -0.8 | -4.7 | -13.9 |
| Profit/loss for the period | 6.4 | -5.9 | 1.3 |
| Net profit for the period attributable to: | |||
| Owners of the Parent Company | 6.4 | -5.9 | 1.3 |
Earnings per share
| Amounts in SEK M | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Earnings per share, basic, SEK | 0.04 | -0.04 | 0.01 |
| Earnings per share, diluted, SEK | 0.04 | -0.04 | 0.01 |
| Number of shares outstanding, basic, million | 164.0 | 164.0 | 164.0 |
| Number of shares outstanding, diluted, million | 164.0 | 164.0 | 164.0 |
Consolidated statement of comprehensive income
| Amounts in SEK M | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Profit/loss for the period | 6.4 | -5.9 | 1.3 |
| Items that have been or can be reclassified to profit or loss for the period | |||
| Translation differences | 9.7 | -34.4 | -48.0 |
| Other comprehensive income for the period | 16.1 | -40.3 | -48.0 |
| Comprehensive income for the period | 16.1 | -40.3 | -46.7 |
| Comprehensive income for the period attributable to: | |||
| Owners of the Parent Company | 16.1 | -40.3 | -46.7 |
11 Pricer Interim Report January – March 2026
Condensed consolidated balance sheet
| Amounts in SEK M | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 123.0 | 128.1 | 125.3 |
| Goodwill | 276.2 | 273.8 | 273.0 |
| Property, plant and equipment | 105.0 | 101.7 | 104.5 |
| Right-of-use assets | 50.3 | 54.4 | 53.4 |
| Deposits | 5.0 | 4.7 | 5.0 |
| Deferred tax assets | 54.4 | 53.6 | 53.0 |
| Total non-current assets | 613.9 | 616.3 | 614.2 |
| Inventories | 605.3 | 590.7 | 541.6 |
| Trade receivables | 395.0 | 316.3 | 429.2 |
| Prepaid expenses and accrued income | 49.6 | 41.7 | 22.1 |
| Other current receivables | 145.0 | 187.0 | 190.3 |
| Cash and cash equivalents | 341.0 | 349.3 | 308.1 |
| Total current assets | 1,535.9 | 1,485.0 | 1,491.3 |
| TOTAL ASSETS | 2,149.8 | 2,101.3 | 2,105.5 |
| Amounts in SEK M | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
| --- | --- | --- | --- |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 164.0 | 164.0 | 164.0 |
| Other capital contributions | 616.7 | 617.4 | 616.7 |
| Reserves | 49.5 | 52.5 | 39.8 |
| Retained earnings including profit for the period | 255.7 | 241.5 | 249.3 |
| Equity attributable to the Parent Company's shareholders | 1,085.9 | 1,075.4 | 1,069.8 |
| Liabilities | |||
| Non-current provisions | 27.4 | 26.8 | 27.4 |
| Bond loans | 295.1 | 292.5 | 294.5 |
| Non-current lease liabilities | 39.4 | 42.3 | 41.1 |
| Total non-current liabilities | 361.9 | 361.5 | 363.0 |
| Advances from customers | 7.9 | 17.6 | 4.2 |
| Current liabilities to credit institutions | - | - | - |
| Trade payables | 464.9 | 400.1 | 460.7 |
| Current lease liabilities | 11.0 | 11.5 | 12.1 |
| Other current liabilities | 34.1 | 34.2 | 47.1 |
| Current provisions | 15.6 | 19.1 | 17.2 |
| Accrued expenses and deferred income | 168.5 | 181.9 | 131.4 |
| Total current liabilities | 702.0 | 664.4 | 672.7 |
| Total liabilities | 1,063.9 | 1,025.9 | 1,035.7 |
| TOTAL EQUITY AND LIABILITIES | 2,149.8 | 2,101.3 | 2,105.5 |
| Equity per share, basic, SEK | 6.62 | 6.57 | 6.52 |
| Equity per share, diluted, SEK | 6.62 | 6.57 | 6.52 |
12 Pricer Interim Report January – March 2026
Condensed consolidated statement of changes in equity
| Amounts in SEK M | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
|---|---|---|---|
| Equity at start of period | 1,069.8 | 1,115.7 | 1,115.7 |
| Profit/loss for the period | 6.4 | -5.9 | 1.3 |
| Other comprehensive income for the period | 9.7 | -34.5 | -48.0 |
| Comprehensive income for the period | 16.1 | -40.4 | -46.7 |
| Share-based payment, equity-settled | - | 0.1 | 0.8 |
| Total transactions with owners of the Group | - | 0.1 | 0.8 |
| Equity at end of period | 1,085.9 | 1,075.4 | 1,069.8 |
| Attributable to: | |||
| – Owners of the Parent Company | 1,085.9 | 1,075.4 | 1,069.8 |
Consolidated cash flow
| Amounts in SEK M | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Operating profit | 10.7 | 12.8 | 50.8 |
| Adjustments for non-cash items | 27.6 | 7.0 | 76.9 |
| – of which depreciation and amortization | 22.2 | 17.8 | 80.2 |
| – of which impairment | 2.2 | ||
| – of which accrued cost for employee stock options | 0.1 | ||
| – of which Exchange rate differences/translation differences | 7.2 | -2.7 | 4.1 |
| – of which change in provisions | -1.8 | -8.2 | -9.7 |
| Interest received | - | 2.0 | 5.9 |
| Interest paid | -5.0 | -6.4 | 19.9 |
| Income tax paid | -2.1 | -1.8 | -10.1 |
| Cash flow from operating activities before changes in working capital | 31.2 | 13.6 | 103.6 |
| Cash flow from changes in working capital | |||
| Increase(-)/decrease(+) inventories | -58.3 | 55.6 | 89.1 |
| Increase(-)/decrease(+) trade receivables | 52.9 | 59.0 | -64.2 |
| Increase(-)/decrease(+) other current receivables | 13.2 | -66.0 | -39.5 |
| Increase(+)/decrease(-) trade payables | -17.6 | -19.6 | 32.1 |
| Increase(+)/decrease(-) other current liabilities | 31.3 | 93.8 | 38.9 |
| Cash flow from changes in working capital | 21.5 | 122.7 | 56.4 |
| Cash flow from operating activities | 52.7 | 136.3 | 160.0 |
| INVESTING ACTIVITIES | |||
| Acquisition of intangible assets | -9.0 | -9.1 | -40.9 |
| Acquisition of property, plant and equipment | -8.3 | -0.9 | -23.8 |
| Sales of property, plant and equipment | 0.8 | - | - |
| Cash flow from investing activities | -16.5 | -10.0 | -64.7 |
| FINANCING ACTIVITIES | |||
| Amortization of lease liabilities | -2.9 | -3.0 | -12.3 |
| Non-current liabilities | - | -250.6 | -250.6 |
| Interest paid | - | -5.6 | -19.9 |
| Decrease in treasury shares | - | - | 0.6 |
| Cash flow from financing activities | -2.9 | -253.6 | -262.3 |
| Cash flow for the period | 33.3 | -127.3 | -167.0 |
| Cash and cash equivalents at start of period | 308.1 | 489.2 | 489.2 |
| Exchange rate differences in cash and cash equivalents | -0.4 | -12.7 | -14.1 |
| Cash and cash equivalents at end of period | 341.0 | 349.3 | 308.1 |
| Unutilized bank facilities | 150.0 | 150.0 | 150.0 |
| Available funds at end of period | 491.0 | 499.3 | 458.1 |
13 Pricer Interim Report January – March 2026
Parent Company
Condensed Parent Company income statement
| Amounts in SEK M | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Net sales | 395.5 | 465.5 | 1,842.7 |
| Cost of goods sold | -324.9 | -394.0 | -1,578.8 |
| Gross profit | 70.6 | 71.5 | 263.9 |
| Selling expenses | -26.9 | -21.9 | -79.3 |
| Administrative expenses | -32.9 | -30.1 | -126.3 |
| Research and development costs | -11.3 | -9.6 | -44.4 |
| Other income and expenses | -2.5 | -7.5 | -7.2 |
| Operating profit | -3.0 | 2.4 | 6.7 |
| Net financial expense | -2.9 | -13.4 | -33.5 |
| Loss before tax | -5.9 | -11.0 | -26.8 |
| Income tax | 1.3 | -1.7 | -2.6 |
| Loss for the period | -4.6 | -12.7 | -29.4 |
Parent Company statement of comprehensive income
| Amounts in SEK M | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Loss for the period | -4.6 | -12.7 | -29.4 |
| Other comprehensive income for the period | - | - | - |
| Items that have been or can be reclassified to profit or loss for the period | - | - | - |
| Other comprehensive income for the period | - | - | - |
| Comprehensive income for the period | -4.6 | -12.7 | -29.4 |
Pricer Interim Report January – March 2026
Condensed Parent Company balance sheet
| Amounts in SEK M | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 123.0 | 128.1 | 125.3 |
| Property, plant and equipment | 103.1 | 99.1 | 102.5 |
| Financial assets | |||
| Participations in Group companies | 10.6 | 10.6 | 10.6 |
| Receivables from Group companies | 183.6 | 182.1 | 184.5 |
| Deposits | 4.2 | 4.2 | 4.2 |
| Deferred tax asset | 52.7 | 51.9 | 51.3 |
| Total financial assets | 251.1 | 66.7 | 250.6 |
| Total non-current assets | 477.2 | 476.0 | 478.4 |
| Current assets | |||
| Inventories | 434.1 | 341.8 | 349.4 |
| Current receivables | |||
| Trade receivables | 112.8 | 88.4 | 81.7 |
| Receivables from Group companies | 257.5 | 162.1 | 322.2 |
| Other current receivables | 141.4 | 182.8 | 177.8 |
| Prepaid expenses and accrued income | 20.8 | 36.3 | 18.6 |
| Total current receivables | 532.5 | 469.7 | 600.3 |
| Cash and bank balances | 133.2 | 244.7 | 150.3 |
| Total current assets | 1,099.8 | 1,238.3 | 1,100.0 |
| TOTAL ASSETS | 1,577.0 | 1,532.3 | 1,578.4 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Restricted equity | |||
| Share capital | 164.0 | 164.0 | 164.0 |
| Statutory reserve | 104.8 | 104.8 | 104.8 |
| Legal reserve for internally generated development expenditure | 123.0 | 49.8 | 125.3 |
| Total restricted equity | 391.8 | 318.7 | 394.1 |
| Non-restricted equity | |||
| Share premium reserve | 194.3 | 193.7 | 194.3 |
| Retained earnings | 139.5 | 242.0 | 166.6 |
| Loss for the period | -4.6 | -12.7 | -29.4 |
| Total non-restricted equity | 329.2 | 423.0 | 331.5 |
| Total equity | 721.0 | 741.7 | 725.6 |
| Amounts in SEK M | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
| --- | --- | --- | --- |
| Provisions | |||
| Non-current provisions | 17.3 | 17.9 | 17.9 |
| Total provisions | 17.3 | 17.9 | 17.9 |
| Non-current liabilities | |||
| Bond loans | 295.1 | 292.5 | 294.5 |
| Non-current liabilities to Group companies | 0.1 | 0.1 | 0.1 |
| Total non-current liabilities | 295.2 | 292.6 | 294.6 |
| Current liabilities | |||
| Advances from customers | 0.4 | - | 0.2 |
| Current liabilities to credit institutions | - | - | - |
| Trade payables | 452.1 | 390.0 | 453.2 |
| Liabilities to Group companies | 30.8 | 18.1 | 28.5 |
| Other current liabilities | -1.8 | 2.4 | 1.3 |
| Current provisions | 15.5 | 19.0 | 17.2 |
| Accrued expenses and deferred income | 46.5 | 50.5 | 39.9 |
| Total current liabilities | 543.5 | 480.0 | 540.3 |
| TOTAL EQUITY AND LIABILITIES | 1,577.0 | 1,532.2 | 1,578.4 |
Condensed Parent Company statement of changes in equity
| Amounts in SEK M | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
|---|---|---|---|
| Equity at start of period | 725.6 | 754.3 | 754.3 |
| Comprehensive income for the period | -4.6 | -12.7 | -29.4 |
| Decrease in treasury shares | - | - | - |
| New issue | - | - | - |
| Share-based payment, equity-settled | - | 0.1 | 0.7 |
| Equity at end of period | 721.0 | 741.7 | 725.6 |
15 Pricer Interim Report January – March 2026
Notes
Note 1 Accounting policies
This interim report for the Group was prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Annual Accounts Act. The interim report for the Parent Company was prepared in accordance with the Annual Accounts Act, Chapter 9 and RFR 2, Accounting for Legal Entities, which has been issued by the Swedish Corporate Reporting Board. The same accounting policies and bases for calculation were applied for the Group and the Parent Company as in the latest annual report, except for the changed accounting policies described below.
Note 2 Revenue from contracts with customers
Breakdown of revenue
| Amounts in SEK M | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Revenue from goods | 440.1 | 485.3 | 1,966.5 |
| Revenue from services | 16.7 | 17.5 | 72.3 |
| Recurring revenue | 30.9 | 25.5 | 109.1 |
| - of which Plaza | 13.8 | 11.3 | 48.1 |
| - of which service and support contracts | 17.1 | 14.2 | 61.0 |
| Total | 487.7 | 528.3 | 2,147.9 |
The company has allocated discounts proportionally for all performance obligations in the agreement except for when there is observable proof that the entire discount refers to one or several, but not all, performance obligations.
Note 3 Financial instruments
For financial instruments measured at amortized cost – trade receivables, other current receivables and cash and cash equivalents, liabilities to credit institutions, trade payables, lease liabilities, and other current interest-free liabilities – the fair value is assessed to correspond to the carrying amount. The fair values of other non-current and current liabilities are not assessed to deviate substantially from their carrying amounts. Bond loans relate to a bond of SEK 300 M that was issued in December 2024 via Nordea. The bond has a three-year term with a variable interest rate (equivalent to STIBOR 3m +4.00%). The covenant linked to the bond is reported every quarter and relates to the company's interest coverage ratio.
Financial instruments measured at amortized cost
| Amounts in SEK M | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 |
|---|---|---|---|
| Loan and trade receivables | 874.5 | 850.8 | 911.5 |
| Total financial assets | 874.5 | 850.8 | 911.5 |
| Liabilities to credit institutions | |||
| Bond loans | 295.1 | 292.5 | 294.5 |
| Lease liabilities | 50.4 | 52.3 | 53.2 |
| Current liabilities | 468.8 | 407.7 | 464.1 |
| Total financial liabilities | 814.3 | 752.5 | 811.8 |
Note 4 Incentive Program 2025
The Annual General Meeting held on May 23, 2025 resolved to approve the proposal presented for the introduction of an incentive program in the form of an option program covering certain senior executives and key personnel. The program entails that employees within the Pricer Group are offered to acquire warrants at market value calculated according to the Black-Scholes valuation model. Each warrant entitles the warrant holder to subscribe to one new Class B share in the company at a subscription price corresponding to 130 percent of the volume-weighted average price of the company's Class B share on Nasdaq Stockholm. For more detailed information regarding the incentive programme, please refer to the notice of the Annual General Meeting and the minutes from the meeting.
Note 5 Related party transactions
Significant related party transactions are described in Note 23 of the consolidated financial statements in the 2025 Annual Report. No related party relationships changed, and no significant transactions took place with related parties that materially affect the Group's or Parent Company's financial position or earnings compared with the description in the 2025 Annual Report.
16 Pricer Interim Report January – March 2026
Note 6 Pledged assets and contingent liabilities
Floating charges (chattel mortgages) are a type of general collateral in the form of an undertaking to the bank. The Parent Company and Pricer Inc. have guarantees issued to the customs authorities.
Pledged assets and contingent liabilities
| Amounts in SEK M | Group | Parent Company | ||||
|---|---|---|---|---|---|---|
| Mar 31 2026 | Mar 31 2025 | Dec 31 2025 | Mar 31 2026 | Mar 31 2025 | Dec 31 2025 | |
| Pledged assets | ||||||
| Floating charge | 300.0 | 300.0 | 300.0 | 300.0 | 300.0 | 300.0 |
| Pledged cash and cash equivalents | 0.8 | 0.8 | 0.8 | - | - | - |
| Pledged shares in subsidiaries | 289.0 | 257.7 | 271.1 | 0.8 | 0.8 | 0.8 |
| Total | 589.8 | 557.7 | 571.9 | 300.8 | 300.8 | 300.8 |
| Contingent liabilities | ||||||
| Swedish Customs | 3.2 | 3.3 | 3.1 | 0.3 | 0.3 | 0.3 |
| Total | 3.2 | 3.3 | 3.1 | 0.3 | 0.3 | 0.3 |
Note 7 Consolidated statement of comprehensive income
| Amounts in SEK M | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|
| Profit/loss for the period | 6.4 | 10.7 | 32.2 | -35.7 | -5.9 |
| Translation differences | 9.7 | -12.1 | -4.2 | 2.6 | -34.4 |
| Other comprehensive income for the period | 16.1 | -12.1 | -4.2 | 2.6 | -34.4 |
| Comprehensive income for the period | 16.1 | -1.4 | 28.0 | -33.1 | -40.3 |
| Comprehensive income for the period attributable to: | |||||
| Owners of the Parent Company | 16.1 | -1.4 | 28.0 | -33.1 | -40.3 |
Note 8 Earnings per share
| Amounts in SEK M | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|
| Earnings per share, basic, SEK | 0.04 | 0.07 | 0.20 | -0.22 | -0.04 |
| Earnings per share, diluted, SEK | 0.04 | 0.07 | 0.20 | -0.22 | -0.04 |
| Number of shares outstanding, basic, million | 164.0 | 164.0 | 164.0 | 164.0 | 164.0 |
| Number of shares outstanding, diluted, million | 164.0 | 164.0 | 164.0 | 164.0 | 164.0 |
17 Pricer Interim Report January – March 2026
Alternative performance measures
| Alternative performance measures | Definition |
|---|---|
| Performance ratios | |
| EBITDA | Operating profit excluding depreciation on tangible and intangible assets. |
| Adjusted EBIT/EBITDA | EBIT/EBITDA adjusted for non-recurring items. |
| Change adjusted for exchange rate fluctuations/change in local currency | Relationship between the period's profit/loss and the comparative period's profit/loss translated using the period's exchange rates. |
| Gross profit | Net sales less cost of goods sold. |
| Operating expenses | Refers to selling expenses, administrative expenses and R&D expenses that are included in operating activities. |
| Items affecting comparability | Expenses of a non-recurring nature that are not part of operating activities, such as personnel costs related to restructurings. |
| Operating expenses adjusted for costs affecting comparability | Operating expenses minus items affecting comparability. |
| Operating profit | Profit before financial items and tax. |
| Rolling 12 months | Financial KPIs and metrics based on the past twelve months. |
| Margin ratios | |
| Gross profit margin | Gross profit as a percentage of net sales. |
| Operating margin | Operating profit as a percentage of net sales. |
| Capital and financial ratios | |
| Equity/assets ratio | Equity as a percentage of total assets. |
| Net debt | Total borrowing and lease liabilities less cash and cash equivalents. |
| Alternative performance measures | Definition |
| --- | --- |
| Return metrics | |
| Equity per share, before/after dilution | Equity attributable to owners of the Parent Company divided by the weighted number of shares before/after dilution on the balance sheet date. The dilutive effect can arise from the company's outstanding warrants or performance share plans. |
| Earnings per share, before/after dilution | Profit for the period attributable to owners of the Parent Company divided by the average number of shares outstanding before/after dilution during the period. The dilutive effect can arise from the company's outstanding warrants or performance share plans. |
| Equity per share, before/after dilution | Equity before and after dilution in relation to the average number of outstanding shares. The average number of outstanding shares is calculated as the average of the total number of shares outstanding at the end of the last four quarters. The metric shows equity in relation to the average number of outstanding shares. |
| Other metrics | |
| --- | --- |
| P/S ratio | Share price in relation to the company's net sales. |
| Net sales growth | Shows the percentage increase in the company's net sales during a given period compared with a previous period. |
| Order intake | The value of binding customer orders, invoiced service contracts and call-off under framework agreements. Does not include the anticipated future value of framework agreements. |
| Change in order intake adjusted for exchange rate fluctuations | Relationship between the period's order intake and the comparative period's order intake translated using the period's exchange rates. |
| Order backlog | The value of incoming orders that have not yet been invoiced. |
| Recurring revenue | Recurring revenue is the value of the provision of an ongoing contracted service or good over a contractual term, which is automatically renewed or extends beyond the next 12 months. |
18 Pricer Interim Report January – March 2026
Group key ratios
The Pricer Group presents some metrics that are not defined in accordance with IFRS (alternative performance measures). These metrics are used by management to assess the financial and operational development of the Group. Management believes that these alternative performance measures provide useful information about the Group's financial and operational development. However, these metrics are not necessarily comparable to similar metrics presented by other companies. The alternative performance measures thus have limitations as an analytical tool and should not be considered alone or as a substitute for the financial metrics presented in accordance with IFRS.
| Amounts in SEK M | Q1 2026 | Q1 2025 | FY 2025 |
|---|---|---|---|
| Operating expenses | |||
| Selling expenses | -56.5 | -52.3 | -196.8 |
| Administrative expenses | -43.4 | -41.0 | -173.1 |
| Research and development costs | -10.8 | -9.2 | -46.7 |
| Operating expenses | -110.7 | -102.5 | -416.6 |
| Net sales | 487.7 | 528.3 | 2,147.9 |
| of which recurring revenue | 30.9 | 25.5 | 109.1 |
| Gross profit | 123.3 | 122.9 | 476.6 |
| Gross profit margin, % | 25.3 | 23.3 | 22.2 |
| Operating profit | 10.7 | 12.8 | 50.8 |
| Operating margin, % | 2.2 | 2.4 | 2.4 |
| Equity/assets ratio | |||
| Total assets | 2,149.8 | 2,101.3 | 2,096.9 |
| Equity | 1,085.9 | 1,075.4 | 1,069.8 |
| Equity/assets ratio, % | 50.5 | 51.1 | 51 |
| Equity per share, before/after dilution | |||
| Number of outstanding shares, millions | 164.0 | 164.0 | 164.0 |
| Equity | 1,085.9 | 1,075.4 | 1,069.8 |
| Equity per share, SEK | 6.62 | 6.57 | 6.52 |
| Earnings per share, before/after dilution | |||
| Average number of outstanding shares, millions | 164.0 | 164.0 | 164.0 |
| Profit/loss for the period | 6.4 | -5.9 | 1.3 |
| Earnings per share, SEK | 0.04 | -0.04 | 0.01 |
19 Pricer Interim Report January – March 2026
PRICER
Pricer AB
Box 6302
SE-102 35 Stockholm
Street address: Hälsingegatan 47
SE-113 31 Stockholm
CIN: 556427-7993
www.pricer.com