Seafire AB

Quarterly Report • Aug 23, 2024

Interim Report April – June 2024

Strong cash flow in a continued challenging market

Net sales decreased by 8 percent to SEK 264 (288) million, and adjusted EBITA amounted to SEK 18 (26) million in Q2. Borö-Pannan was severely impacted by weak demand and inventory adjustments in the supply chain for heat pumps. Excluding Borö-Pannan, the Group's sales and earnings were in line with the same period in the previous year. Strong cash flow of SEK 40 million from operating activities after changes in working capital.

Unless stated otherwise, the figures in this report concern continuing operations.

Q2 2024

• Net sales amounted to SEK 264 (288) million, -8 percent compared with the same period in 2023, of which organic growth accounted for -8 percent
• Adjusted EBITA amounted to SEK 18 (26) million, corresponding to a margin of 7 (9) percent
• EBITA amounted to SEK 25 (22) million, corresponding to a margin of 9 (7) percent
• Operating profit/loss (EBIT) amounted to SEK -16 (15) million, impacted by goodwill impairment of SEK 35 million
• Basic and diluted earnings per share amounted to SEK -0.65 (-0.32³ )
• Cash flow from operating activities was SEK 40 (6) million

The period January – June 2024

• Net sales amounted to SEK 482 (541) million. Growth amounted to -11 percent, of which organic growth for comparable entities amounted to -13 percent compared with the same period in 2023
• Adjusted EBITA amounted to SEK 24 (50) million, corresponding to a margin of 5 (9) percent
• EBITA amounted to SEK 30 (37) million, corresponding to a margin of 6 (7) percent
• Operating profit/loss (EBIT) amounted to SEK -18 (24) million, impacted by goodwill impairment of SEK 35 million
• Basic and diluted earnings per share amounted to SEK -0.77 (-0.85³ )
• Cash flow from operating activities was SEK 39 (-24) million

Significant events during and after the reporting period

• Following impairment testing, Seafire recognized a goodwill impairment of SEK 35 million in its subsidiary Borö-Pannan in the second quarter
• On August 1, Daniel Repfennig took over the role of President and CEO of Seafire

FINANCIAL SUMMARY¹

	Q2	Q2	Jan–Jun	Jan–Jun	R12	Full year
SEK million	2024	2023	2024	2023	2024	2023
Net sales	264	288	482	541	941	1,000
Gross margin2	44%	45%	45%	46%	45%	46%
Operating expenses, proportion of net sales2	36%	36%	38%	37%	39%	38%
EBITA2	25	22	30	37	74	81
EBITA margin2	9%	7%	6%	7%	7%	8%
Adjusted EBITA2	18	26	24	50	46	72
Adjusted EBITA margin2	7%	9%	5%	9%	3%	7%
Operating profit (EBIT)	-16	15	-18	24	-29	13
Basic and diluted earnings per share, SEK3	-0.65	-0.32	-0.77	-0.85	-1.63	-1.72
Cash flow from operating activities3	40	6	39	-24	143	80
Net debt/adjusted EBITDA pro forma R12, times	2.7	2.7	2.7	2.7	2.7	2.2

1) The comparative figures have been restated. See Note 8 for more information.

2) Alternative performance measures. See Note 9 for reconciliation with financial reports in accordance with IFRS.

3) Comparative figures including discontinued operations.

THE CEO'S COMMENTS ON Q2

Dear shareholders,

It is an honor to have been entrusted with leading and developing Seafire going forward. I would like to take this opportunity to thank Jacob Persson for an excellent job as acting CEO the past seven months; the Group is in a stable condition, and several important activities have been initiated and completed.

During the second quarter, we saw improvements in organic growth, earnings and cash flow compared with the first quarter. The improvement stems from positive seasonal effects and implemented measures. Net sales decreased by 8 percent and adjusted EBITA by 31 percent compared with 2023. The decline in net sales and earnings is entirely attributable to weak development for Borö-Pannan, while we noted a degree of stabilization in our other subsidiaries. However, the market situation and demand remains weak, and this is expected to continue into the third quarter. In a challenging market, our strong cash flow of SEK 40 million from operating activities is satisfactory; this development is supported by effective management of working capital.

Net sales decreased by 8 percent, the decline was entirely organic. Weak economic conditions continue to have a negative impact on demand for several of our subsidiaries. Borö-Pannan's development was very weak, and net sales for the quarter decreased by 60 percent. The weak performance is mainly market driven rather than company specific, which is further underpinned by weak performance for other participants in the heat pump value chain. Excluding Borö-Pannan, consolidated net sales in the second quarter of 2024 were in line with the previous year. In the quarter, the situation stabilized for Bara Mineraler and Pexymek in the seasonally important second quarter, following a very weak Q1. A positive development was noted in Nordbutiker, which has executed well during the important high season.

The gross margin remained relatively stable, as in the first quarter, amounting to 44 (45) percent. A change in the product mix, with a higher proportion of sales in the product companies, is the primary reason for the slightly decreasing gross margin in the quarter.

Adjusted EBITA decreased to SEK 18 (26) million in the second quarter, corresponding to a margin of 7 (9) percent. Excluding Borö-Pannan, adjusted EBITA in the second quarter was in line with the previous year. The intensive work in the first quarter 2024 to launch measures to reduce cost in our subsidiaries had an increased positive effect in the

second quarter, and half of the subsidiaries saw an increase in earnings compared with Q2 2023.

Cash flow was strong, and cash flow from operating activities after changes in working capital totaled SEK 40 million, partly fueled by seasonal effects but also an increased focus on inventory management and CAPEX restraint. The debt ratio (net debt/adjusted EBITDA) was 2.7x at the end of the quarter; a decline from 2.8x at the end of the first quarter.

Following impairment testing, it was decided to recognize an impairment loss of SEK 35 million on acquisition goodwill related to Borö-Pannan. Borö-Pannan has an attractive offering and operates in a market with positive drivers and future prospects – Seafire retains its positive view of Borö-Pannan's long-term potential. However, we conclude that the acquisition was completed at a valuation that cannot be justified given current conditions and outlook, conclusions which calls for a write-down. As already mentioned, efforts to restore Borö-Pannan's profitability, also at a lower level of demand, are executed with full power.

The outlook for the second half of 2024 remains uncertain, and we have not yet seen indications of improved demand in our subsidiaries. The third quarter is usually Seafire's second strongest quarter of the year, after Q2. Q3 has begun with lower demand, as July 2024 was weaker than July 2023. We are monitoring developments closely and are prepared to respond should we see any further weakening in the economy.

Our clear priority in the short term is to support improvements in earnings and cash flows in our subsidiaries, and to ensure that we are well positioned for an improved macro environment, while remaining ready to take action if the recovery is delayed.

In the near future, I look forward to travelling to meet our dedicated and talented leaders and colleagues in our subsidiaries. These conversations will be instrumental in our efforts to develop the Parent Company's support and offering to our subsidiaries, and in the long term provide key insights in refining Seafire's strategy. We will come back to this topic in the coming year.

Finally, I would like to wish our shareholders a good end to the summer and productive start to the autumn; I look forward to sharing my further reflections with you in future reports.

Daniel Repfennig President and CEO

THE GROUP'S PERFORMANCE¹

Net sales

Q2

During the quarter, net sales decreased by 8 percent to SEK 264 million, compared with SEK 288 million for the same period in the previous year. As no acquisitions have been made since Q2 2023, the decline in sales was entirely organic. The negative growth is mainly attributable to weak demand for the subsidiary Borö-Pannan.

The period January – June

During the period, net sales decreased by -11 percent to SEK 482 million, compared with SEK 541 million for the same period in the previous year. Organic growth, excluding acquired companies, was -13 percent compared with the same period in 2023. All subsidiaries, apart from Nordbutiker and Åkerstedts Verkstad, showed negative growth.

Gross margin

Q2

The gross margin amounted to 44 (45) percent during the quarter. The decline in the gross margin is largely attributable to a change in the product mix, with product companies constituting a larger portion of sales than in

the comparative figure. The period January – June

The gross margin amounted to 45 (46) percent during the period. The subsidiaries successfully implemented measures including price adjustments, and continued to fend off fluctuating exchange rates with subsequent changes in purchase prices. Changes in product mix, with a lower proportion of sales of their own products, had a negative impact on the gross margin.

Earnings

Q2

The Group's operating profit/loss (EBIT) amounted to SEK -16 (15) million during the quarter. The negative development is due to a decline in EBITA primarily from Borö-Pannan, combined with goodwill impairment of SEK 35 million as a result of changes in market conditions and prospects for Borö-Pannan. Operating profit before amortization attributable to acquired surplus values (EBITA) amounted to SEK 25 (22) million. Items affecting comparability of SEK 7 (-4) million, for the year attributable to contingent consideration remeasurement, had a positive impact on earnings. Profit after tax amounted to SEK -28 (-13) million.

The period January – June

The Group's operating profit/loss (EBIT) amounted to SEK -18 (24) million during the period. The weak development is explained by negative organic growth combined with difficulties in adapting the cost structure to lower demand. In addition, financial performance was negatively affected by goodwill impairment of SEK 35 (0) million. Operating profit before amortization attributable to acquired surplus values (EBITA) amounted to SEK 30 (37) million. Items affecting comparability of SEK 6 (-13) million, for the year mainly attributable to contingent consideration remeasurement, had a positive impact on earnings. Profit after tax amounted to SEK -33 (-36).

Net financial items and tax

Q2

Net financial items amounted to SEK -9 (-6) million during the quarter. Interest and finance costs amounted to SEK -6 (-7) million and currency fluctuations amounted to SEK -3 (1) million. Tax for the period amounted to SEK -3 (1) million.

The period January – June

Net financial items for the period amounted to SEK -13 (-39) million. Interest and finance costs amounted to SEK -12 (-41) million and currency fluctuations amounted to SEK -2 (0) million. Interest income and finance income amounted to SEK 1 (2) million. The improvement in net financial items is a direct result of the completion of refinancing in Q1 2023, which considerably reduced the Group's interest expenses. Tax for the period amounted to SEK -2 (2) million.

SEK million	Q2 2024	Q2 2023	Jan–Jun 2024	Jan–Jun 2023	R12 2024	Full year 2023
Net sales	264	288	482	541	941	1,000
EBITDA	32	29	44	51	103	110
EBITA	25	22	30	37	74	81
Adjusted EBITA	18	26	24	50	46	72
EBIT	-16	15	-18	24	-29	13

Summary of financial performance measures

Effect of items affecting comparability on the income statement

	Q2	Q2	Jan– Jun	Jan– Jun
SEK million	2024	2023	2024	2023
Other income (contingent consideration remeasurement)	7	-	7	-
Other external expenses (acquisitions, change of listing and refinancing)	-	-4	-	-13
Personnel costs (recruitment of new CEO)	-	-	-1	-
Effect on EBITDA & EBITA	7	-4	-6	-13

Financial development

SEK million

Cash flow

Q2

Cash flow from operating activities, including changes in working capital, amounted to SEK 40 (6) million, primarily as a result of positive cash flow from lower inventory levels. Cash flow from investing activities amounted to SEK -5 (-3) million, as a result of increased investments in property, plant and equipment. Cash flow from financing activities amounted to SEK -24 (-14) million, with the increase due to the repayment of bank overdraft facilities. Total cash flow for the quarter amounted to SEK 11 (-11) million.

The period January – June

Cash flow from operating activities, including changes in working capital, amounted to SEK 39 (-24) million, primarily as a result of positive cash flow from lower inventory levels. Cash flow from investing activities amounted to SEK -7 (-87) million, primarily as a result of investments in property, plant and equipment. The acquisition of Borö-Pannan was implemented in the comparative period. Cash flow from financing activities amounted to SEK -18 (-290) million, as a result of utilization of the overdraft facility and repayments of loans and lease liabilities. In the comparative period, refinancing was carried out which involved the repayment of bond loans and arrangement of secured bank financing. Total cash flow for the period amounted to SEK 14 (-401) million.

Investments

Q2

Cash flow from investing activities during the quarter amounted to SEK -5 (-3) million, which is mainly attributable to investments in property, plant and equipment.

The period January – June

Cash flow from investing activities during the period amounted to SEK -7 (-87) million, which is mainly attributable to investments in property, plant and equipment. The acquisition of Borö-Pannan was implemented in the comparative period.

Financing

Interest-bearing liabilities at the end of the period amounted to SEK 223 (344) million and including lease liabilities, SEK 253 (378) million. Of the liabilities, SEK 223 (344) million were liabilities to credit institutions and SEK 30 (34) million were lease liabilities. Contingent consideration amounted to SEK 5 (44) million, of which contingent consideration due within 12 months amounted to SEK 5 (10) million. The Group's net debt, as defined in order to calculate the bank loan's covenant, amounted to SEK 199 (321) million, while net debt/adjusted EBITDA R12 pro forma amounted to 2.7x (2.7x).

The tax deferral amounted to SEK 89 (23) million, which must be repaid by the end of 2027. Cash and cash equivalents amounted to SEK 60 (67) million at the end of the period. SEK 2 million of the outstanding tax deferral was amortized during the quarter. After the end of the quarter, applications were submitted for amortization plans regarding the tax deferrals granted in September 2023. These applications include an amortization amount of SEK 12 million to be paid every six months, with the first payment due in March 2025. The amortization plans extend up until September 2027.

Adjusted net debt, including leases, all contingent consideration and tax deferrals, amounted to SEK 288 (378) million, which gives adjusted net debt/adjusted EBITDA R12 pro forma of 3.9x (3.1x).

1) For definitions, see Note 9. The comparative figures have been restated to include the contingent consideration liability.

Net debt, Net debt/Adjusted EBITDA pro forma R12

SEK million	Jun 30 2024	Jun 30 2023	Full year 2023
Interest-bearing liabilities	223	344	234
Lease liabilities	30	34	37
Contingent consideration due within 12 months	5	10	5
Less: cash and cash equivalents	-60	-67	-46
Net debt	199	321	230
Adjusted EBITDA R12	74	120	104
Net debt/Adjusted EBITDA pro forma R12, times	2.7	2.7	2.2

Adjusted net debt including deferral from the Swedish Tax Agency and all contingent consideration, adjusted net debt/adjusted EBITDA pro forma R12

SEK million	Jun 30 2024	Jun 30 2023	Full year 2023
Net debt	199	321	230
Outstanding deferral from the Swedish Tax Agency and contingent consideration due for payment after 12 months	89	57	99
Adjusted net debt	288	378	329
Adjusted EBITDA R12	74	120	104
Adjusted net debt/Adjusted EBITDA pro forma R12, times	3.9	3.1	3.2

BUSINESS AREAS

Industrial components

The Industrial components business area offers products and solutions to companies within a number of market niches – paints, fans, construction materials and the production of sheet metal components for customers within a wide range of sectors. The business area includes Bara Mineraler, Borö-Pannan, DOFAB, Färg-In, Kenpo Sandwich, Pexymek, Thor Ahlgren and Åkerstedts. For more information about the business area, see Note 4.

			Jan–	Jan–		Full
	Q2	Q2	Jun	Jun	R12	year
SEK million	2024	2023	2024	2023	2024	2023
Net sales	161	196	306	368	618	680
Gross profit	77	90	143	170	283	310
Gross margin, %	48%	46%	47%	46%	46%	46%
Operating expenses*	-56	-61	-111	-115	-218	-222
Proportion of net sales, %	35%	31%	36%	31%	35%	33%
EBITA*	17	25	24	47	52	75
EBITA margin, %	11%	13%	8%	13%	8%	11%

* Earnings exclude the management fee payable to the Parent Company, which is distributed between the subsidiaries based on net sales.

Q2

During the quarter, net sales fell by 18 percent to SEK 161 million, compared with SEK 196 million for the same quarter in the previous year. The trend was particularly weak in Borö-Pannan, for which net sales declined by 60 percent as a result of low demand in the heat pump market. Åkerstedts Verkstad, Bara Mineraler and Thor Ahlgren all saw sales rise compared with the corresponding quarter in the previous year, while the remaining companies showed negative growth compared with the second quarter of 2023.

The gross margin increased to 48 (46) percent compared with the same quarter the previous year. The gross margin was positively affected by a changed product mix, with a higher proportion of sales consisting of own products than in the same period in the previous year.

During the quarter, operating profit before amortization and impairment attributable to acquired surplus values, EBITA, amounted to SEK 17 (25) million, which corresponds to an EBITA margin of 11 (13) percent. Borö-Pannan's poor sales performance had a substantial negative impact on earnings. Despite the decline in sales, DOFAB saw an improvement in earnings, mainly linked to reduced costs. Åkerstedts Verkstad and Thor Ahlgren also showed improved EBITA compared with the corresponding quarter in the previous year, while Bara Mineraler and Färg-In had a stable earnings performance. The remaining subsidiaries had a lower EBITA than the corresponding period in the previous year.

The period January – June

During the period, net sales decreased by 17 percent to SEK 306 million, compared with SEK 368 million for the same period in the previous year. Organic growth, excluding companies acquired during the year, was -13 percent compared with the same period in 2023. Acquired growth amounted to 2 percent during the period. All companies apart from Åkerstedts Verkstad showed negative growth compared with the same period in 2023; the decline in net sales was particularly significant in Borö-Pannan.

The gross margin was relatively stable during the period compared with the same period in the previous year. The gross margin was positively affected by a changed product mix, with a higher proportion of sales consisting of own products than in the same period in the previous year.

During the period, operating profit before amortization and impairment attributable to acquired surplus values, EBITA, amounted to SEK 24 (47) million, equivalent to an EBITA margin of 8 (13) percent. Borö-Pannan exhibited a significant decline in profit compared with the previous year. Despite the decline in net sales, DOFAB and Thor Ahlgren showed an improved EBITA from the corresponding period in the previous year, mainly linked to reduced costs. Åkerstedts Verkstad also had improved EBITA compared with the corresponding period in the previous year, while the remaining companies had a lower EBITA than the corresponding period in the previous year.

Products¹

The Products business area offers products and solutions to companies within a number of market niches – lightweight electric vehicles, software sales, glasses and monitoring equipment for customers within a wide range of sectors. The business area includes Hedén, Ludafarm, Nordbutiker, OPO Scandinavia and SolidEngineer. For more information about the business area, see Note 4.

			Jan–	Jan–		Full
	Q2	Q2	Jun	Jun	R12	year
SEK million	2024	2023	2024	2023	2024	2023
Net sales	101	90	174	168	323	312
Gross profit	40	38	74	75	138	136
Gross margin, %	39%	42%	42%	45%	43%	44%
Operating expenses*	-32	-33	-62	-65	-122	-124
Proportion of net sales, %	31%	37%	36%	38%	38%	40%
EBITA*	7	3	9	8	12	8
EBITA margin, %	7%	4%	5%	5%	4%	3%

* Earnings exclude the management fee payable to the Parent Company, which is distributed between the subsidiaries based on net sales.

Q2

During the quarter, net sales increased by 12 percent to SEK 101 million, compared with SEK 90 million for the same quarter in the previous year. Nordbutiker experienced strong sales growth compared with the corresponding quarter in the previous year, while the remaining companies showed stable or negative sales growth compared with the second quarter in 2023. Hedén, whose operations have been discontinued since the fourth quarter of 2023, had net sales of SEK 1 million during the second quarter of 2023.

The gross margin decreased to 39 percent compared with 42 percent in the same period in the previous year. The gross margin was negatively affected by a changed proportion of sales between the subsidiaries in the segment.

During the quarter, operating profit before amortization and impairment attributable to acquired surplus values, EBITA, amounted to SEK 7 (3) million, which corresponds to an EBITA margin of 7 (4) percent. Despite the decline in net sales, SolidEngineer showed an improved EBITA from the corresponding quarter in the previous year, mainly linked to reduced costs. Nordbutiker also had a positive earnings trend compared with Q2 2023. The remaining companies either had similar or lower EBITA compared with the corresponding period in the previous year.

The period January – June

During the period, net sales increased by 4 percent to SEK 174 million, compared with SEK 168 million for the same period in the previous year. Nordbutiker increased its net sales compared with the corresponding period in the previous year, while the remaining companies showed stable or negative net sales growth compared with the same period in 2023. Hedén, whose operations have been discontinued since the fourth quarter of 2023, had net sales of SEK 3 million during the same period in the previous year.

The gross margin declined by 3 percentage points compared with the same period in the previous year. The gross margin was negatively affected by a changed proportion of sales between the subsidiaries in the segment.

During the period, operating profit before amortization and impairment attributable to acquired surplus values, EBITA, amounted to SEK 9 (8) million, equivalent to an EBITA margin of 5 (5) percent. Despite the decline in net sales, SolidEngineer showed an improved EBITA from the corresponding period in the previous year, mainly linked to reduced costs. Nordbutiker also showed a positive EBITA trend compared with the corresponding period in 2023. The remaining companies had lower EBITA compared with the corresponding period in the previous year.

OTHER INFORMATION

Auditor's review

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

Related party transactions

No transactions took place during the quarter between Seafire and its related parties that had a material impact on the company's position or earnings.

Share information

At the end of the reporting period, the number of shares in the Company was 42,846,569. All shares are of the same type and afford the same voting rights. As of June 30, 2024, the largest shareholders were Creades with approx. 19% of the shares, Protector Forsikring with approx. 17%, and Movestic Livförsäkring with just under 10%.

Since May 11, 2023, the Company's shares have been listed on Nasdaq Stockholm and are traded under the ticker 'SEAF'. Before this date, the shares had been listed on Nasdaq First North Growth Market since July 25, 2019. The smallest trading unit is one (1) share. The closing price of the share on June 30, 2024 was SEK 6.78 per share, which corresponds to a market value of approximately SEK 290 million.

About Seafire

Seafire is a company group founded in 2016 with the aim of creating growth through the acquisition of profitable companies and developing these through active and long-term ownership.

Seafire creates value by being an active owner with a decentralized operational model and independent subsidiaries. Long-term strategies are based on development of the business model, broadening of the market and service and product development, and are executed alongside new initiatives within sales and marketing. This boosts the growth and profitability of the acquired companies.

Seafire always acquires a majority of the shares in any company.

Seafire operates in two business segments: Industrial components and Products. During the period, the Group had eight subsidiaries within Industrial components and four subsidiaries operating within Products. At the end of the period, the Group had a total of 305 employees, of whom 71 were women. For more information about Seafire's subsidiaries, visit www.seafireab.com.

Financial calendar

Interim report 3 2024	November 6, 2024	08.00 CET
Year-end report 2024	February 24, 2025	08.00 CET

Contact details

Daniel Repfennig Chief Executive Officer +46 (0)70 200 89 41 daniel.repfennig@seafireab.com

Seafire AB (publ) Mäster Samuelsgatan 9, 111 44 Stockholm Corporate identity number 556540-7615 www.seafireab.com

DECLARATION BY THE BOARD OF DIRECTORS

The Board of Directors and CEO hereby declare that this interim report gives a true and fair view of the Group's operations, financial position and performance, and describes the material risks and uncertainties facing the Group.

Stockholm, August 23, 2024

Anders Hillerborg Chairman of the Board

Sonny Mirborn Marcus Söderberg Stina Wollenius Board member Board member Board member

Daniel Repfennig Chief Executive Officer

CONDENSED CONSOLIDATED INCOME STATEMENT¹

	Q2	Q2	Jan–	Jan–	R12	Full
SEK million	2024	2023	Jun 2024	Jun 2023	2024	year 2023
Operating income
Net sales	264	288	482	541	941	1,000
Other income	10	2	13	4	51	42
Total operating income	274	290	495	545	992	1,042
Change in work in progress	-6	-16	-17	-35	-62	-80
Merchandise	-141	-143	-247	-259	-458	-470
Other external expenses	-36	-39	-69	-79	-136	-146
Personnel costs	-57	-63	-115	-120	-228	-233
Other operating expenses	-2	-	-3	-1	-5	-3
Depreciation, amortization and impairment	-48	-14	-62	-27	-132	-97
Total operating expenses	-290	-275	-513	-521	-1,021	-1,029
Operating profit/loss	-16	15	-18	24	-29	13
Finance income	1	3	3	5	10	12
Finance costs	-10	-9	-16	-44	-43	-71
Profit/loss before tax	-25	9	-31	-15	-62	-46
Taxes	-3	1	-2	2	-8	-4
Profit/loss from continuing operations	-28	10	-33	-13	-70	-50
Profit/loss from discontinued operations	-	-23	-	-23	-	-23
Profit/loss for the period	-28	-13	-33	-36	-70	-73

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME¹

			Jan–	Jan–		Full
SEK million	Q2 2024	Q2 2023	Jun 2024	Jun 2023	R12 2024	year 2023
Profit/loss for the period, continuing operations	-28	-10	-33	-13	-70	-50
Profit/loss for the period, discontinued operations	-	-23	-	-23	-	-23
Profit/loss for the period	-28	-13	-33	-36	-70	-73
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Translation differences	-	-	-	-	-	-
Other comprehensive income after tax	-	-	-	-	-	-
Comprehensive income for the period	-28	-13	-33	-36	-70	-73
Comprehensive income for the period attributable to:
Parent Company shareholders	-28	-13	-33	-36	-70	-73

EARNINGS PER SHARE¹

	Q2	Q2	Jan– Jun	Jan– Jun	R12	Full year
SEK million	2024	2023	2024	2023	2024	2023
Basic earnings per share, SEK	-0.65	-0.32	-0.77	-0.85	-1.63	-1.72
Average number of shares before dilution2	42,847	42,847	42,847	42,800	42,847	42,823
Diluted earnings per share, SEK	-0.65	-0.32	-0.77	-0.85	-1.63	-1.72
Average number of shares after dilution2	43,749	43,949	43,749	43,902	43,785	43,725

1) The comparative figures have been restated. See Note 8 for more information.

2) Average number of shares in thousands

CONDENSED CONSOLIDATED BALANCE SHEET¹

SEK million	Jun 30	Jun 30	Dec 31
	2024	2023	2023
Non-current assets
Goodwill	623	701	658
Other intangible assets	57	75	67
Property, plant and equipment	140	144	141
Right-of-use assets	31	35	38
Deferred tax assets	-	-	-
Other financial assets	4	4	4
Total non-current assets	855	959	908
Current assets
Inventories	202	237	230
Trade receivables	96	128	92
Tax assets	25	22	10
Other current receivables	7	12	9
Prepaid expenses and accrued income	43	48	44
Cash and cash equivalents	60	67	46
Total current assets	433	514	431
TOTAL ASSETS	1,288	1,473	1,339
Equity
Share capital	7	7	7
Other contributed capital	851	851	851
Retained earnings, including profit for the period	-174	-104	-141
Total equity	684	754	717
Non-current liabilities
Deferred tax liabilities	42	45	45
Non-current liabilities to credit institutions	172	214	193
Non-current lease liabilities	15	18	19
Other non-current liabilities	19	31	28
Total non-current liabilities	248	308	285
Current liabilities
Current liabilities to credit institutions	41	41	41
Advances from customers	4	5	3
Trade payables	64	68	61
Current tax liabilities	11	8	6
Utilized bank overdraft facilities	10	90	-
Current lease liabilities	15	16	18
Other current liabilities	109	70	105
Accrued expenses and deferred income	102	113	103
Total current liabilities	356	411	337
Total liabilities	604	719	622
TOTAL EQUITY AND LIABILITIES	1,288	1,473	1,339

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY¹

SEK million	Share capital	Other contributed capital	Retained earnings, including profit for the period	Total equity
Opening balance, Jan 1, 2023	7	847	-68	786
Comprehensive income for the period	-	-	-36	-36
Transactions with shareholders
New share issue	-	4	-	4
New share issue expenses	-	-	-	-
Incentive program	-	-	-	-
Closing balance, Jun 30, 2023	7	851	-104	754

SEK million	Share capital	Other contributed capital	Retained earnings, including profit for the period	Total equity
Opening balance, Jan 1, 2024	7	851	-141	717
Comprehensive income for the period	-	-	-33	-33
Transactions with shareholders
New share issue	-	-	-	-
New share issue expenses	-	-	-	-
Closing balance, Jun 30, 2024	7	851	-174	684

	Q2	Q2	Jan– Jun	Jan– Jun	R12	Full year
SEK million	2024	2023	2024	2023	2024	2023
Cash flow from operating activities
Profit/loss before tax					-62
of which interest received	-25	-14	-31	-38	2	-69
of which interest paid	-	-	-	2	-22	4
Adjustment for non-cash items	-5	-7	-10	-42	110	-54
Tax paid	48	42	61	51	-13	100
Cash flow from operating activities	-6	-11	-15	-20		-18
before changes in working capital
	17	17	15	-7	34	12
Cash flow from changes in working capital
Change in inventories	22	12	26	14	33	21
Change in current receivables	16	5	-	-10	62	52
Change in current liabilities	-15	-28	-2	-20	13	-5
Cash flow from change in working capital	23	-11	24	-16	108	68
Cash flow from operating activities	40	6	39	-24	143	80
Cash flow from investing activities
Business combinations	-	-	-	-81	-	-81
Investments in property, plant and equipment	-4	-3	-6	-5	-10	-9
Investments in intangible assets	-1	-	-1	-1	-2	-2
Divestment of financial assets	-	-	-	-	-	-
Cash flow from investing activities	-5	-3	-7	-87	-12	-92
Cash flow from financing activities
New share issue
New share issue expenses	-	-	-	-	-	-
Proceeds from borrowings	-	-	-	-1	-	-1
Repayment of borrowings	- -10	- -	- -20	250 -620	- -41	250 -641
Change in bank overdraft facilities	-10	-10	10	90	-80	-
Repayment of lease liabilities	-4	-4	-8	-9	-17	-18
Cash flow from financing activities
	-24	-14	-18	-290	-138	-410
Total cash flow	11	-11	14	-401	-7	-422
Cash and cash equivalents at start of period	49	78	46	468	67	468
Translation differences	-	-	-	-	-	-
Cash and cash equivalents at end of period	60	67	60	67	60	46

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS¹

1) Including discontinued operations. See Note 5 for condensed statement of cash flows for divested operations. The comparative figures have been restated. See Note 8 for more information.

CONDENSED PARENT COMPANY INCOME STATEMENT
-------------------------------------------	--	--	--	--

	Q2	Q2	Jan– Jun	Jan– Jun	R12	Dec 31
SEK million	2024	2023	2024	2023	2024	2023
Net sales	-	-	-	-	-	-
Other income	4	5	8	10	19	21
Total operating income	4	5	8	10	19	21
Other external expenses	-4	-4	-6	-12	-12	-18
Personnel costs	-2	-3	-5	-6	-15	-16
Depreciation and amortization	-	-	-	-	-	-
Total expenses	-6	-7	-11	-18	-27	-34
Operating profit/loss	-2	-2	-3	-9	-7	-13
Finance income	1	1	1	3	4	6
Finance costs	-35	-24	-40	-58	-102	-120
Profit/loss before tax	-36	-25	-42	-64	-105	-127
Group contributions	-	-	-	-	20	20
Income tax	-	-	-	-	-	-
Profit/loss for the period	-36	-25	-42	-64	-85	-107

CONDENSED PARENT COMPANY BALANCE SHEET

SEK million	Jun 30 2024	Jun 30 2023	Dec 31 2023
Property, plant and equipment	1	1	1
Receivables from Group companies	963	1,068	1,019
Financial assets	23	23	23
Total non-current assets	987	1,092	1,043
Receivables from Group companies	31	120	84
Other current receivables	1	-	-
Prepaid expenses and accrued income	1	1	1
Cash and cash equivalents	56	63	43
Total current assets	89	185	128
TOTAL ASSETS	1,076	1,277	1,171
Share capital	7	7	7
Other contributed capital	883	882	883
Retained earnings, including profit for the period	-276	-191	-235
Total equity	614	698	655
Non-current liabilities to credit institutions	170	210	190
Other non-current liabilities	-	24	7
Total non-current liabilities	170	234	197
Current liabilities to credit institutions	40	40	40
Utilized bank overdraft facilities	10	90	-
Trade payables	4	1	2
Liabilities to Group companies	226	186	260
Other current liabilities	9	26	11
Accrued expenses and deferred income	3	2	6
Total current liabilities	292	345	319
Total liabilities	462	579	516
TOTAL EQUITY AND LIABILITIES	1,076	1,277	1,171

NOTES

Note 1. Accounting policies

Seafire AB (publ) applies International Financial Reporting Standards (IFRS) as adopted by the European Union. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provisions of the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with Chapter 9 of the Annual Accounts Act. Information in accordance with IAS 34.16A is disclosed both in the financial statements and their associated notes and elsewhere in the interim report. The accounting policies are consistent with the policies that were applied in the previous financial year. For more information on these, see Note G1 in the Group's 2023 Annual Report. The interim report should be read together with the 2023 Annual Report. Preparation of financial statements in accordance with IFRS requires Group management to make accounting judgments, estimates and assumptions that affect the application of the accounting policies and the carrying amounts of assets, liabilities, income and expenses. The actual outcome may differ from these estimates and judgments. For information on the Company's critical judgments and sources of uncertainty, see the Group's 2023 Annual Report.

Discontinued operations

On June 9, 2023, subsidiary Lingua Communications Nordic AB filed for bankruptcy following the discovery of gross embezzlement. The case is accounted for in accordance with IFRS 5, which means that the subsidiary has been excluded from the relevant individual lines in the consolidated income statement and its net income is instead reported as "Profit/loss from discontinued operations". The statement of cash flows was reported including the discontinued operations. The balance sheet as at June 30, 2024, and the income statement for the period do not contain any balances related to the subsidiary. For more information, see Note 5.

Note 2. Risks and uncertainties

For a description of the Group's material risks and uncertainties, see the detailed statement in the 2023 Annual Report. No material new or changed risks or uncertainties have been identified since the publication of the 2023 Annual Report. The Parent Company's risks are covered by the description presented for the Group. The effects of the war in Ukraine and the war between Israel and Hamas are such that the Company is unable to make reasonable advance assessments of the effects on the Company's operations and financial performance. Higher inflation and higher prices of input goods will impact demand for goods and services provided by Seafire's subsidiaries. Furthermore, higher interest rates could impact future financing costs and discount rates in connection with the valuation of assets and liabilities. In order to manage the increase in financing costs, Seafire secured long-term bank financing during Q1 2023 and significantly reduced its interest expenses. Goodwill is continually monitored for impairment as a result of the changes in macroeconomic factors. The Board of Directors assists management in the ongoing monitoring of the performance of the business in this context in order to rapidly and effectively manage any risks and situations that could arise.

			Jan–	Jan–		Full
Net sales by geographical area	Q2	Q2	Jun	Jun	R12	year
SEK million	2024	2023	2024	2023	2024	2023
Sweden	192	215	348	387	700	739
Nordic region (excl. Sweden)	43	43	76	84	137	145
Europe (excl. Nordic region and Sweden)	28	29	57	66	100	109
World (excl. Europe, Nordic region and Sweden)	1	1	1	4	4	7
Total net sales	264	288	482	541	941	1,000
Amount recognized as revenue			Jan–	Jan–		Full
	Q2	Q2	Jun	Jun	R12	year
SEK million	2024	2023	2024	2023	2024	2023
Revenue from service contracts (revenue over	13	15
time)			25	29	53	57
Revenue recognized at a point in time	251	273	457	512	888	943

Note 3. Revenue from contracts with customers¹

Note 4. Segment reporting¹

Seafire's operations are divided into two segments: Industrial components and Products. Group management has adopted these segments based on the information considered by the chief operating decision-maker, i.e. the CEO. The operations are divided on the basis of a sales and product content perspective. During the reporting period, no customer accounted for more than ten (10) percent of the Group's net sales.

The Industrial components segment comprises Bara Mineraler, Borö-Pannan, DOFAB, Färg-In, Kenpo Sandwich, Pexymek, Thor Ahlgren and Åkerstedts Verkstad. The Products segment comprises Hedén, Ludafarm, Nordbutiker, OPO and SolidEngineer. For more information about these subsidiaries, visit www.seafireab.com. In addition to the business segments, the tables also include central costs and Group-wide adjustments. IFRS adjustments are the Group's IFRS-related accounting adjustments, e.g. attributable to leases or goodwill impairment. Central costs refers to the holding company with Group-wide costs (financing costs, insurance costs, etc.). Liabilities and goodwill are not included in segment reporting.

		Industrial components		Products Central costs		Group adjustments		Group
SEK	Q2 2024	Q2 2023	Q2 2024	Q2 2023	Q2 2024	Q2 2023	Q2 2024	Q2 2023	Q2 2024	Q2 2023
million Net sales	161	196	101	90	-	-	1	2	264	288
Other	3	2	1	-	-	-	7	-	10	2
income Total	164	198	102	90	-	-	8	2	274	290
income Gross	77	90	40	38	-	-	-	1	117	129
profit Gross margin	48%	46%	39%	42%	-	-	-	45%	44%	45%
Operating	-56	-61	-32	-33	-6	-8	-	-	-94	-102
expenses % of net sales	35%	31%	31%	37%	-	-	-	-	36%	36%
EBITA	17	25	7	3	-6	-8	7	1	25	21
EBITA	10%	13%	7%	4%	-	-	88%	40%	9%	7%
margin Amortization of intangible assets							-41	-6
Operating profit (EBIT)							-16	15
Net financial items							-9	-6
Profit/loss before tax								-25	9
Tax on profit								-3	1
Profit/loss for the period, continuing operations								-28	10

	Industrial components		Products		Central costs		Group adjustments		Group
	Jan–	Jan–	Jan–	Jan–	Jan–	Jan–	Jan–	Jan–	Jan–	Jan–
SEK million	Jun 2024	Jun 2023	Jun 2024	Jun 2023	Jun 2024	Jun 2023	Jun 2024	Jun 2023	Jun 2024	Jun 2023
Net sales	306	368	174	168	-	-	2	5	482	541
Other income	4	3	1	1	-	-	8	-	13	4
Total income	310	371	175	169	-	-	10	5	495	545
Gross profit	143	170	74	75	-	-	1	2	218	247
Gross margin	47%	46%	42%	45%	-	-	50%	45%	45%	46%
Operating	-111	-115	-62	-65	-11	-20	-	-	-184	-199
expenses % of net sales	36%	31%	36%	38%	-	-	-	-	38%	37%
EBITA	24	47	9	8	-11	-20	8	2	30	37
EBITA margin	8%	13%	5%	5%	-	-	400%	40%	6%	7%
Amortization of intangible assets									-48	-13
Operating profit (EBIT)								-18	24
Net financial items								-13	-39
Profit/loss before tax									-31	-15
Tax on profit								-2	2
Profit/loss for the period, continuing operations								-33	-13

Note 5. Discontinued operations

On June 9, 2023, subsidiary Lingua Communications Nordic AB filed for bankruptcy following the discovery of gross embezzlement. As the subsidiary operated as an independent business segment within the Group and Seafire has decided to discontinue its involvement in the translation industry in connection with the bankruptcy, it has been decided to account for the subsidiary as a discontinued operation in accordance with IFRS 5. This approach means that the subsidiary has been excluded from the individual lines in the consolidated income statement and its net income is instead recognized under "Profit/loss from discontinued operations". The consolidated statement of cash flows includes a comprehensive statement of cash flows, including the discontinued operations. There are no balances relating to the subsidiary in the balance sheets of the Group after the bankruptcy application.

The Group effects that arose as a result of the discontinuation are presented below. Profit and loss and cash flow information for the discontinued operation relates to the period up to and including the discontinuation date.

Profit/loss attributable to	Q2	Q2	Jan– Jun	Jan– Jun	R12	Full year
discontinued operations	2024	2023	2024	2023	2024	2023
Net sales	-	-	-	17	-	17
Operating expenses	-	-	-	-17	-	-17
Embezzlement costs	-	-25	-	-25	-	-25
EBITDA	-	-25	-	-25	-	-25
Depreciation and amortization	-	-	-	-	-	-
EBITA	-	-25	-	-25	-	-25
Impairment	-	-	-	-	-	-
EBIT	-	-25	-	-25	-	-25
Appropriations	-	-	-	-	-	-
Profit/loss before tax	-	-25	-	-25	-	-25
Income tax	-	-	-	-	-	-
Group effect
-of which goodwill impairment	-	-19	-	-19	-	-19
-of which reversal of contingent consideration	-	3	-	3	-	3
recognized as a liability
of which result from bankruptcy.	-	18	-	18	-	18
Profit/loss attributable to discontinued operation	-	-23	-	-23	-	-23

Balance sheet on bankruptcy application, June 2023

Property, plant and equipment	-
Current operating assets	6
Total assets	6
Current operating liabilities	25
Total liabilities	25
Net liabilities	19

			Jan–	Jan–	R12	Full
	Q2	Q2	Jun	Jun		year
Cash flow from discontinued operation	2024	2023	2024	2023	2024	2023
From operating activities	-	-1	-	2	-	2
From investing activities	-	-	-	-	-	-
From financing activities	-	1	-	1	-	1
Total cash flow	-	-	-	3	-	3

Note 6. Fair value of financial instruments

			Classification according to valuation hierarchy
			1		2		3
	Jun 30	Jun 30	Jun 30	Jun 30	Jun 30	Jun 30	Jun 30	Jun 30
SEK million	2024	2023	2024	2023	2024	2023	2024	2023
Assets
Currency derivatives	-	-	-	-	-	-	-	-
Liabilities
Currency derivatives	1	-	1	-	-	-	-	-
Contingent consideration	5	44	-	-	-	-	5	44

Financial liabilities at fair value by level in the valuation hierarchy

The fair value and carrying amount are recognized in the balance sheet in accordance with the table above. For listed securities, the fair value is determined based on the asset's quoted price in an active market, level 1. The fair value of foreign exchange contracts and embedded derivatives is determined based on observable market inputs, level 2. For contingent consideration, a cash flow-based measurement is carried out which is not based on observable market inputs, level 3.

Note 7. Contingent consideration

Contingent consideration is variable, based on the companies' earnings growth, and is determined based on future earnings growth for each company, based on management's best assessment and forecasts. Contingent consideration is recognized at fair value. Reversed contingent consideration is recognized on the line Other income, and contingent consideration remeasurement due to changed discounting is recognized on the line Finance costs.

	Jan–	Jan–	Jan–
	Jun	Jun	Dec
SEK million	2024	2023	2023
Opening balance	12	30	30
Acquisitions during the year	-	24	21
Reversed in income statement	-7	-2	-28
Consideration paid	-	-8	-18
Interest expenses	-	-	7
Closing balance	5	44	12

Note 8. Correction of error

In the interim report for Q3 2023, Seafire corrected the purchase price allocation for the acquisition of SolidEngineer AB as explained below.

After consulting with external parties and reviewing the completed purchase price allocation for the acquisition of SolidEngineer AB, Seafire has concluded that the final purchase price allocation prepared by the Group and audited by the Group's auditors is incorrect by a material amount and needs to be corrected. The correction means that revenue from sold but not executed service contracts prior to completion on April 1, 2022 is recognized in the purchase price allocation and balance sheet as deferred revenue, in accordance with IFRS 15 Revenue from Contracts with Customers, and then recognized as revenue prospectively over the term of the service agreement. The corrections did not have any effect on cash flow.

The Group has corrected the purchase price allocation prepared in connection with the acquisition of SolidEngineer AB (which was completed on April 1, 2022) as follows:

Goodwill	SEK 13 million
Prepaid expenses	SEK 20 million
Deferred tax liabilities	SEK 3 million
Deferred income	SEK 36 million

	Q1		Q1	Q2		Q2
SEK million	2023	Corr.	2023	2023	Corr.	2023
Net sales	250	2	252	286	2	288
Other income	2	-	2	2	-	2
Total operating income	252	2	254	288	2	290
Change in work in progress	-19	-	-19	-16	-	-16
Merchandise	-114	-1	-115	-142	-1	-143
Other external expenses	-40	-	-40	-39	-	-39
Personnel costs	-57	-	-57	-63	-	-63
Other operating expenses	-1	-	-1	-	-	-
Depreciation, amortization and impairment	-13	-	-13	-14	-	-14
Total operating expenses	-244	-1	-245	-275	-1	-276
Operating profit/loss	8	1	10	14	1	15
Finance income	2	-	2	3	-	3
Finance costs	-37	-	-37	-8	-	-8
Profit/loss before tax	-26	1	-25	8	1	9
Taxes	1	-	1	1	-	1
Profit/loss from continuing operations	-25	1	-24	9	1	10
Profit/loss from discontinued operations	-	-	-	-23	-	-23
Profit/loss for the period	-25	1	-24	-14	1	-13

	Mar 31		Mar 31	Jun 30		Jun 30
SEK million	2023	Corr.	2023	2023	Corr.	2023
Goodwill	706	13	720	688	13	701
Other intangible assets	120	-	120	110	-	110
Property, plant and equipment	145	-	145	144	-	144
Financial assets	3	-	3	3	-	3
Total non-current assets	975	13	988	946	13	959
Inventories	249	-	249	237	-	237
Trade receivables	145	-	145	128	-	128
Tax assets	19		19	26	-	26
Other current receivables	4	-	4	8	-	8
Prepaid expenses and accrued income	48	6	54	43	5	48
Cash and cash equivalents	78	-	78	67	-	67
Total current assets	543	6	549	510	5	515
TOTAL ASSETS	1,518	19	1,537	1,455	18	1,473
Share capital	7	-	7	7	-	7
Other contributed capital	849	-	849	849	-	849
Warrants	2	-	2	2	-	2
Retained earnings, including profit for the period	-100	9	-91	-114	10	-104
Total equity	758	9	767	744	10	754
Non-current liabilities
Deferred tax liabilities	48	-1	47	46	-1	45
Other non-current liabilities	409	-	409	393	-	393
Total non-current liabilities	456	-1	455	439	-1	438
Current liabilities
Advances from customers	6	-	6	5	-	5
Trade payables	77	-	77	69	-	69
Current tax liabilities	8	-	8	8	-	8
Current lease liabilities	17	-	17	16	-	16
Other current liabilities	89	-	89	71	-	71
Accrued expenses and deferred income	107	12	119	104	9	113
Total current liabilities	304	12	316	273	9	282
Total liabilities	760	10	770	711	8	719
TOTAL EQUITY AND LIABILITIES	1,518	19	1,537	1,455	18	1,473

Note 9. Alternative performance measures¹

In this interim report Seafire presents certain financial measures that are not defined under IFRS. These are referred to as alternative performance measures. The Company believes that these APMs provide valuable additional information for stakeholders and investors, as they offer a different perspective on financial performance and financial position.

The table below contains definitions of Seafire's performance measures. The calculation is shown separately below.

Non-IFRS measures	Description	Purpose
Organic growth, %	Increase in net sales in the period adjusted for acquisitions and divestments/Net sales in the comparative period.	This performance measure is used in connection with analyses of underlying growth in revenue driven by comparable entities between different periods.
Acquired growth, %	Increase in net sales from acquisitions in the period/Net sales in the comparative period.	This performance measure is used to monitor the proportion of the increase in the Company's sales that is generated through acquisitions.
Gross profit	Net sales less cost of sold goods/services sold.	Gross profit is used to analyze the manufacturing and sales process and cost efficiency.
Gross margin	Gross profit expressed as a percentage of net sales in the period.	The gross margin is used to monitor the gross contribution after direct expenses for goods and services.
Operating expenses	Personnel costs and other external expenses	Used to summarize indirect cost base development relative to net sales.
EBITDA	Operating profit before depreciation, amortization and impairment.	EBITDA is a measure that is used to monitor operational performance and facilitates comparisons of profitability between different companies and sectors.
Adjusted EBITDA	Operating profit before depreciation, amortization and impairment after the elimination of items affecting comparability.	Items affecting comparability are adjusted to facilitate a fair comparison between two comparable time periods and to show the underlying trend in operational performance excluding non-recurring items.
Adjusted EBITDA pro forma R12	Operating profit before depreciation, amortization and impairment after the elimination of items affecting comparability for the previous 12 months, including the outcome of completed acquisitions	This performance measure is determined in relation to net debt in order to monitor developments in the Company's level of indebtedness.
EBITA	Operating profit before depreciation, amortization and impairment attributable to acquired surplus values.	Together with EBITDA, EBITA provides a picture of the profit that is generated by operating activities.
Adjusted EBITA	Adjusted operating profit before amortization and impairment of intangible assets and acquired surplus values, after the elimination of items affecting comparability.	Items affecting comparability are adjusted to facilitate a fair comparison between two comparable time periods and to show the underlying trend in operational performance excluding non-recurring items.
Adjusted EBITA margin	EBITA result expressed as a percentage of net sales during the period.	The EBITA margin is used to monitor the profitability of the business.
Items affecting comparability	Transaction-related costs, restructuring costs, purchase consideration remeasurement, capital gains on the sale of businesses and non-current assets, as well as other income and expenses considered to be non recurring in nature.	Items affecting comparability represent income and expenses that are not attributable to the underlying performance of the business.

Net debt	Interest-bearing liabilities less interest-bearing receivables less cash and cash equivalents.	This performance measure is an indicator of the Company's level of indebtedness and is used by the Company to assess the scope to fulfill financial obligations.
Organic growth	Increase in net sales in the period adjusted for acquisitions and divestments divided by net sales in the comparative period.	This performance measure is used in connection with analyses of underlying growth in revenue driven by comparable entities between different periods.
Pro forma	Outcome for the period adjusted to include the outcome of acquisitions for the previous 12 months.	Used to facilitate comparisons between full year periods by adjusting for the full-year effect of completed acquisitions.

Calculations of the alternative performance measures are presented in the tables shown below.

Calculation of organic growth

			Jan–	Jan–	R12	Full
	Q2	Q2	Jun	Jun		year
Percentage points	2024	2023	2024	2023	2024	2023
Organic growth	-8%	-13%	-13%	-4%	-14%	-5%
Acquired growth	-	18%	2%	31%	-7%	22%
Recognized growth	-8%	5%	-11%	27%	-21%	17%
			Jan–	Jan–	R12	Full
SEK million	Q2 2024	Q2 2023	Jun 2024	Jun 2023	2024	year 2023
Net sales, base Net sales, income growth	288 -24	274 -36	541 -68	425 -15	967 -95	851 -42

EBITA and adjusted EBITA

			Jan–	Jan–	R12	Full
	Q2	Q2	Jun	Jun		year
SEK million	2024	2023	2024	2023	2024	2023
EBIT	-16	15	-18	24	-29	13
Reversal of amortization and impairment attributable to acquired surplus values	41	7	48	13	103	68
EBITA	25	22	30	37	74	81
Items affecting comparability	-7	4	-6	13	-28	-9
Adjusted EBITA	18	26	24	50	46	72

EBITDA and adjusted EBITDA

		Jan–	Jan–	R12	Full
					year
2024	2023	2024	2023	2024	2023
					13
48	14	62	27	132	97
32	29	44	51	102	110
-7	4	-6	13	-28	-9
25	33	38	64	74	101
	Q2 -16	Q2 15	Jun -18	Jun 24	-29

Items affecting comparability

					Full year
2024	2023	2024	2023	2024	2023
-	1	-	5	2	7
-	3	-	8	-	8
-7	-	-7	-	-35	-28
-	-	1	-	5	4
-7	4	-6	13	-28	-9
	Q2	Q2	Jan– Jun	Jan– Jun	R12

Adjusted EBITDA pro forma R12

			Jan–	Jan–	R12	Full
	Q2	Q2	Jun	Jun		year
SEK million	2024	2023	2024	2023	2024	2023
EBITDA R12	102	118	102	118	102	110
Items affecting comparability	-28	-12	-28	-12	-28	-9
Adjusted EBITDA R12	74	106	74	106	74	101
Acquired companies	-	14	-	14	-	3
Adjusted EBITDA pro forma R12	74	120	74	120	74	104

Net debt, Net debt/Adjusted EBITDA pro forma R12

	Q2	Q2	Jan– Jun	Jan– Jun	R12	Full year
SEK million	2024	2023	2024	2023	2024	2023
Interest-bearing liabilities	223	344	223	344	223	234
Lease liabilities	30	34	30	34	30	37
Contingent consideration due within 12 months	5	10	5	10	5	5
Less: cash and cash equivalents	-60	-67	-60	-67	-60	-46
Net debt	199	321	199	321	199	230
Adjusted EBITDA R12	74	120	74	120	74	104
Net debt/Adjusted EBITDA pro forma R12, times	2.7	2.7	2.7	2.7	2.7	2.2

Adjusted net debt including deferral from the Swedish Tax Agency and all contingent consideration, adjusted net debt/adjusted EBITDA pro forma R12

	Q2	Q2	Jan– Jun	Jan– Jun	R12	Full year
SEK million	2024	2023	2024	2023	2024	2023
Net debt	199	321	199	321	199	230
Outstanding deferral from the Swedish Tax Agency and contingent consideration due for
payment after 12 months	89	57	89	57	89	99
Adjusted net debt	288	378	288	378	288	329
Adjusted EBITDA R12	74	120	74	120	74	104
Adjusted net debt/Adjusted EBITDA pro forma R12, times	3.9	3.1	3.9	3.1	3.9	3.2