VBG Group

Interim Report • Jul 17, 2025

Q2 Half-year report January–June 2025

Sustainable industrial solutions for a safer society

Half-year report 2025

Second quarter of 2025

• Consolidated sales decreased 8.8% to SEK 1,362.4 M (1,494.3).
• Organic growth amounted to –5.2% (–0.6), adjusted for acquired sales and currency effects between the years.
• Consolidated operating profit (EBITA) totaled SEK 178.2 M (216.9), with an operating margin (EBITA) of 13.1% (14.5).
• Profit after financial items amounted to SEK 136.6 M (211.6).
• Earnings per share amounted to SEK 4.00 (6.71) before and after dilution.

First half of 2025

• Consolidated sales decreased 10.4% to SEK 2,713.7 M (3,029.3).
• Organic growth amounted to –8.9% (2.7), adjusted for acquired sales and currency effects between the years.
• Consolidated operating profit (EBITA) totaled SEK 355.6 M (476.4), with an operating margin (EBITA) of 13.1% (15.7).
• Profit after financial items amounted to SEK 288.1 M (461.9).
• Earnings per share amounted to SEK 8.58 (14.54) before and after dilution.

Key figures

Group, SEK M	Q2 2025			Q2 2024 Jan–Jun 2025 Jan–Jun 2024 Full-year 2024
Net sales	1,362.4	1,494.3	2,713.7	3,029.3	5,578.9
Operating profit before depreciation/amortization (EBITDA)	209.5	243.3	417.9	526.2	946.1
Operating profit before amortization (EBITA)	178.2	216.9	355.6	476.4	842.7
Operating profit (EBIT)	167.1	209.1	332.9	460.6	795.9
Operating profit after financial items (EBT)	136.6	211.6	288.1	461.9	782.2
Profit after tax	100.0	167.8	214.5	363.6	588.2
Earnings per share, SEK	4.00	6.71	8.58	14.54	23.52
Cash flow from operating activities	83.7	204.9	111.6	349.0	796.4
ROE (cumulative), %	10.8	18.5	10.8	18.5	14.5
ROCE (cumulative), %	11.6	19.8	11.6	19.8	16.3
Equity/assets ratio, %	57.5	62.6	57.5	62.6	63.3
Interest-bearing net debt/EBITDA	n/a	n/a	1.1	0.3	0.5
Average no. of employees	2,147	2,082	2,147	2,082	1,980
Number of shares outstanding ('000)	25,004	25,004	25,004	25,004	25,004

Net sales SEK 1,362 M

Second quarter

Sales growth –8.8%

Operating profit (EBITA) SEK 178.2 M

Operating margin (EBITA)

13.1%

FROM THE PRESIDENT

Order book and acquisitions enable future growth

During the second quarter of the year, net sales decreased by 9% to SEK 1,362 M (1,494) – a reflection of lower demand, primarily in North America. Adjusted for currency effects and acquisitions, the decrease was 5%. The strengthened SEK negatively impacted reported sales by 7.4%.

Despite a macroeconomic environment that remains turbulent and high comparative figures from the strong second quarter of 2024, VBG Group demonstrated financial stamina and good adaptability during the quarter. Through efficient cost control and routine improvements across the business, we maintained healthy gross profit margins.

Operating profit (EBITA) for the quarter amounted to SEK 178 M (217), with an EBITA margin of 13.1% (14.5). Earnings were positively impacted by non-recurring effects totaling SEK 6.2 M. A strengthened SEK resulted in negative translation effects on working capital, with an impact of SEK 5.2 M. Adjusted for these effects, the fall in profitability was primarily a result of lower sales volumes in the wake of sluggish demand, primarily in North America. Late in the quarter, we could see a gradual normalization of volumes on a par with the year-earlier period. Outside Europe and North America, sales increased 16% during the quarter.

Our divisions

Despite challenging market conditions, Truck & Trailer Equipment posted strong earnings in the second quarter. The division's organic sales, adjusted for acquired sales and currency effects, performed positively.

Mobile Thermal Solutions' sales volumes were negatively impacted by demand that remained weak in the compact segment for off-road vehicles, and by lower volumes in the segment for public transportation buses as a result of a major customer winding down its operation in the US. However, order bookings and sales performed well late in the quarter, primarily in North America.

Ringfeder Power Transmission reported a 10% decrease in sales, primarily the result of currency effects. After a cautious start to the year, the sales rate improved late in the quarter.

Three value-creating acquisitions in 2025

2025 started off with VBG Group's acquisition, through Mobile Thermal Solutions, of the Brazilian company Italytec Imex Indústria e Comércio Ltda., a strategically important acquisition that broadens our customer offering and strengthens the Group's footprint in Brazil and South America.

Early in the second quarter, VBG Group acquired, through its Truck & Trailer Equipment division, the Swedish company Ledson Lights AB, which strengthens the Group's position in the accessories and aftermarket segments.

On July 1, 2025, VBG Group took yet another strategic step when Ringfeder Power Transmission acquired the German company M.A.T. Malmedie Antriebstechnik GmbH, one of the world's leading manufacturers of

specialized mechanical coupling technology and Snag Overload Systems (SOS) for industrial applications. This acquisition strengthens the Group's global presence and expands our customer offering while creating growth opportunities in other parts of our product portfolio.

The future

The decision by the administration in the US to extend the pause on trade tariffs continues to promote macroeconomic uncertainty and increase the administrative burden. For VBG Group, the direct effects of the tariffs that were introduced during the second quarter are marginal, as a result of our introduction of price adjustments to offset the cost increases.

With a strong order book in combination with the three strategic acquisitions completed in the first half of 2025 – which are expected to generate approximately SEK 200 M in revenue in the second half of the year – my outlook on the future is positive.

VBG Group is currently a market leader in products and solutions. We are experts in select niches, and through our focused efforts on strategic acquisitions we are continuing to expand our customer base and grow as a global industrial Group.

Thank you for your continued confidence in VBG Group.

Anders Erkén President and CEO, VBG Group

Our acquisitions are delivering in line with expectations

VBG Group – a global industrial Group

VBG Group is a long-term and active owner of successful industrial companies and strong brands. The Group's three divisions – Truck & Trailer Equipment, Mobile Thermal Solutions and Ringfeder Power Transmission – are operated on the basis of high industrial expertise, strong values and financial stability.

• Considerable experience and industrial expertise
• High level of service
• Long-term financial strength
• Leading industrial solutions
• Strong international position and presence
• Broad portfolio of brands in attractive niches

Group

Sales and earnings

Second quarter of 2025

Sales decreased to SEK 1,362.4 M (1,494.3), corresponding to a decline of 8.8% compared with the second quarter of 2024. Adjusted for acquired sales and currency effects, organic growth amounted to –5.2% (–0.6).

Truck & Trailer Equipment's organic growth amounted to 1.7%. Organic growth in Mobile Thermal Solutions amounted to –9.4% and Ringfeder Power Transmission's organic growth was –1.7%.

Consolidated operating profit (EBITA) decreased to SEK 178.2 M (216.9), corresponding to an operating margin of 13.1% (14.5). The lower level of profitability is the consequence of lower sales volumes in the wake of decreased demand, primarily in North America. The operating margin was impacted positively by non-recurring revenue of SEK 13.4 M pertaining to retroactive pandemic subsidies in the US and negatively by consulting expenses of SEK 5.0 M in conjunction with the acquisitions and a reorganization expense of SEK 2.2 M.

Truck & Trailer Equipment's operating margin (EBITA) increased to 16.9% (15.6) and was negatively impacted by SEK 1.0 M in restatement of balance sheet items as a result of the strengthening of the SEK during the quarter, as well as SEK 1.5 M in consulting expenses in conjunction with the acquisition of Ledson Lights AB.

Mobile Thermal Solutions' operating margin (EBITA) decreased to 11.7% (14.3). The operating margin was negatively impacted by lower sales volumes owing in part to demand that remained sluggish, primarily in the compact segment for off-road vehicles, and in part lower volumes in the segment for public transportation buses as a result of a major customer winding down their operation in the US. The operating margin was impacted positively by non-recurring revenue of SEK 11 M pertaining to retroactive pandemic subsidies in the US, and negatively by a reorganization expense of SEK 2.2 M.

Ringfeder Power Transmission's operating margin (EBITA) decreased to 14.1% (15.5) for the quarter as a result primarily of lower sales volumes early in the

quarter as well as variations in product mix between quarters. Operating profit for Ringfeder Power Transmission was impacted positively by non-recurring revenue of SEK 2.4 M pertaining to retroactive pandemic subsidies in the US, and negatively by consulting expenses of SEK 3.5 M in conjunction with the acquisition of M.A.T. Malmedie Antriebstechnik GmbH.

First half of 2025

Sales totaled SEK 2,713.7 M (3,029.3), 10.4% lower compared to the first half of 2024. Adjusted for acquired sales and currency effects, organic growth amounted to –8.9% (2.7). Operating profit (EBITA) decreased to SEK 355.6 M (476.4), corresponding to an operating margin (EBITA) of 13.1% (15.7). The lower level of profitability is the consequence of lower sales volumes in the wake of decreased demand, primarily in North America. Operating profit was impacted positively by retroactive pandemic subsidies of SEK 13.4 M in the US, and negatively by consulting expenses of SEK 5.0 M for acquisitions completed and a reorganization expense of SEK 2.2 M.

Consolidated net interest expense for the first halfyear was SEK –19.3 M (–12.1). The currency effect on foreign-currency denominated financial liabilities amounted to SEK 24.8 M (11.4). Other financial income and expenses amounted to SEK –0.5 M (2.0). Profit after financial items decreased to SEK 288.1 M (461.9) and operating profit after tax decreased to SEK 214.5 M (363.6). Earnings per share totaled SEK 8.58 (14.54) before and after dilution.

Capital expenditures and depreciation/ amortization

The Group's new capital expenditures for the second quarter amounted to SEK 39.7 M (57.1). Total new capital expenditures for the first half-year were SEK 65.0 M (73.5). Depreciation/amortization totaled SEK 42.4 M (34.2) for the second quarter and SEK 85.1 M (65.5) for the first half-year.

Financial position

Profit after tax for the period decreased to SEK 214.5 M (363.6) and other comprehensive income – pertaining to translation differences in foreign currencies – totaled SEK –235.0 M (56.8), which resulted in comprehensive income for the period of SEK –20.6 M (418.4). Dividends paid in 2025 totaled SEK 181.3 M (175.0). Accordingly, consolidated equity decreased to SEK 3,930.9 M during the period (4,132.7 at year-end).

The equity/assets ratio decreased during the period to 57.5% (62.6).

The change in cash and cash equivalents, including currency effects, for the period amounted to SEK –43.6 M (33.6) as a result of lower levels of profitability from operating activities as well as higher levels of tied-up capital, primarily in trade receivables. Cash and cash equivalents totaled SEK 906.1 M at the end of the period (949.7 at year-end). In addition, there were unutilized overdraft facilities of SEK 100.0 M (100.0), which means the Group at the end of June had available liquidity, excluding scope under credit agreements, of SEK 1,006.1 M (1,049.7 at year-end).

The Group's interest-bearing net debt increased SEK 465.8 M during the period to SEK 894.4 M at the end of the period (428.6 at year-end). Purchase considerations paid for acquired operations is the largest factor behind the increase in net debt.

The ratio of consolidated interest-bearing net debt to equity was 0.12 at June 30, 2025 (0.06 at year-end) and the ratio of interest-bearing net debt to consolidated operating profit before depreciation/amortization and impairment (EBITDA on a rolling four-quarter basis) was 1.1 (0.5 at year-end).

Consolidated goodwill increased SEK 242.2 M as a result of acquisitions totaling SEK 233.9 M and currency effects totaling SEK 8.3 M, amounting to SEK 1,565.1 M at the end of the period (1,322.9 at year-end), corresponding to a ratio of 0.40 in relation to equity (0.32 at year-end).

Cash flow

Cash flow from operating activities declined, compared to the year-earlier period, as an effect of lower underlying earnings and higher levels of tied-up capital, primarily in trade receivables, and amounted to SEK 111.6 M (349.0). Investments made during the period totaled SEK 68.6 M (63.3). Consolidated total borrowings and lease liabilities increased SEK 414.7 M (85.5) during the period and the dividend that was distributed in May totaled SEK 181.3 M (175.0), which means that cash flow for the period totaled SEK –10.2 M (25.2).

Personnel

At June 30, 2025, there were 2,162 employees (2,075) in the VBG Group, of which 268 (233) in Sweden. During the first half of 2025, the Group had an average of 2,147 employees (2,082). Of these 267 (236) were active in Sweden. The cost of salaries and social security contributions in the first half-year was SEK 633.2 M (656.0).

Per share data

Earnings per share for the period January–June amounted to SEK 8.58 (14.54). Equity per share was SEK 157.21 at 30 June 2025, compared with SEK 156.75 on the year-earlier date.

The share price at the end of the quarter was SEK 260.00, which corresponds to a market capitalization of SEK 6,501 M, compared with a share price of SEK 484.50 and market capitalization of SEK 12,114 M in the first half of 2024. The number of shareholders decreased by 525 during the period, totaling 11,240 (11,765 at year-end).

GROUP

Sales/Earnings SEK M	Q2 2025	Jan–Jun 2025	Q1 2025	Rolling 12 months	Full-year 2024	Q4 2024	Q3 2024	Q2 2024	Jan–Jun 2024	Q1 2024	Full-year 2023	Q4 2023
Net sales	1,362.4	2,713.7	1,351.3	5,263.3	5,578.9	1,276.6	1,272.9	1,494.3	3,029.3	1,535.0	5,739.8	1,449.9
Operating profit before depreciation/amortization (EBITDA)	209.5	417.9	208.4	837.9	946.1	222.8	197.2	243.3	526.2	282.9	960.8	222.9
Operating profit before amortization (EBITA)	178.2	355.6	177.4	721.8	842.7	194.5	171.8	216.9	476.4	259.5	860.8	217.5
Operating margin (EBITA), %	13.1	13.1	13.1	13.7	15.1	15.2	13.5	14.5	15.7	16.9	15.0	15.0
Operating profit (EBIT)	167.1	332.9	165.8	668.1	795.9	171.2	164.1	209.1	460.6	251.6	827.8	209.0
Operating margin (EBIT), %	12.3	12.3	12.3	12.7	14.3	13.4	12.9	14.0	15.2	16.4	14.4	14.4
Operating profit after financial items (EBT)	136.6	288.1	151.5	608.4	782.2	172.5	147.8	211.6	461.9	250.3	766.3	183.4
Profit after tax	100.0	214.5	114.5	439.0	588.2	112.2	112.3	167.8	363.6	195.8	572.1	129.5
Earnings per share, SEK	4.00	8.58	4.58	17.56	23.52	4.49	4.49	6.71	14.54	7.83	22.88	5.18
Cash flow from operating activities	83.7	111.6	27.9	471.1	796.4	294.0	153.3	204.9	349.0	144.1	722.8	162.7
ROE (cumulative), %	10.8	10.8	11.2	10.8	14.5	14.5	14.5	18.5	18.5	15.1	16.2	16.2
ROCE (cumulative), %	11.6	11.6	12.2	11.6	16.3	16.3	15.8	19.8	19.8	16.3	17.3	17.2
Equity/assets ratio, %	57.5	57.5	60.6	57.5	63.3	63.3	64.4	62.6	62.6	62.5	61.4	61.4
Sales by market SEK M	Q2 2025	Jan–Jun 2025	Q1 2025	Rolling 12 months	Full-year 2024	Q4 2024	Q3 2024	Q2 2024	Jan–Jun 2024	Q1 2024	Full-year 2023	Q4 2023
Sweden	80.2	171.2	91.1	305.9	309.9	72.9	61.8	79.8	175.2	95.4	325.7	81.5
Other Nordic countries	60.2	138.7	78.5	265.2	266.4	67.2	59.4	66.5	139.8	73.3	270.9	66.9
Germany	114.5	238.6	124.1	474.6	523.3	123.9	112.1	132.7	287.3	154.5	552.8	121.3
Other European countries	203.7	394.1	190.3	738.5	786.9	177.4	167.0	216.1	442.5	226.4	949.4	233.8
US	518.2	1,057.0	538.8	2,114.8	2,352.9	524.3	533.5	637.4	1,295.2	657.8	2,552.9	663.9
Rest of North America	186.6	327.9	141.3	645.3	687.4	146.7	170.8	189.7	369.9	180.2	590.8	140.2
Brazil	63.3	115.3	52.0	175.8	128.4	26.8	33.6	35.1	68.0	32.9	145.5	37.0
Australia/New Zealand	43.7	101.3	57.6	182.7	175.0	40.5	40.9	53.3	93.6	40.3	142.5	35.9
China	30.8	50.5	19.7	103.7	86.7	25.8	27.4	20.6	33.6	13.0	57.6	14.2
Rest of world	61.3	119.1	57.8	256.8	262.0	71.2	66.5	63.1	124.3	61.2	151.6	55.2
Group	1,362.4	2,713.7	1,351.3	5,263.3	5,578.9	1,276.6	1,272.9	1,494.3	3,029.3	1,535.0	5,739.8	1,449.9

Operating profit (EBITA), SEK M

Truck & Trailer Equipment

Sales and earnings

Second quarter of 2025

Sales for the quarter increased 2.4% year-on-year to SEK 399.8 M (390.5). Adjusted for acquired sales and currency effects, where the average USD rate between the quarters weakened 9.0% and the EUR – which is a more important currency for the division – weakened 4.6%, organic growth was 1.7%.

Operating profit (EBITA) for Truck & Trailer Equipment increased year-on-year to SEK 67.4 M (61.1) in the second quarter, with an operating margin (EBITA) of 16.9% (15.6). Demand for coupling products remained high. The market for trailer components in Europe stabilized at lower levels during the second quarter of 2025. Earnings in the quarter were impacted negatively by a restatement of balance sheet items totaling SEK 1.0 M as a result of the strengthened Swedish krona, as well as expenses of SEK 1.5 M in conjunction with the acquisition of Ledson Lights AB.

First half of 2025

Sales for the first half-year increased 0.4% year-onyear to SEK 833.0 M (829.5). Adjusted for acquired sales and currency effects, where the average USD rate between the periods weakened 3.4% and the EUR – which is a more important currency for the division – weakened 2.6%, organic growth was 0.2%. Operating profit (EBITA) for Truck & Trailer Equipment decreased year-on-year to SEK 161.0 M (161.7), with an operating margin (EBITA) of 19.3% (19.5).

Earnings were impacted negatively by a restatement of balance sheet items totaling SEK 6.5 M as a result of the strengthened SEK during the first half-year, as well as consulting expenses of SEK 1.5 M in conjunction with the acquisition of Ledson Lights AB.

During the first half-year, the division's working capital increased SEK 86.2 M to SEK 411.4 M (325.2 at year-end). This increase is due largely to the addition of Ledson Lights AB. With the addition of SEK 274.5 M in property, plant and equipment, operating capital amounted to SEK 685.9 M at the end of June (615.8 at year-end). The division's return on operating capital (ROOC) was 52.2% (52.0 at year-end).

Capital expenditures and depreciation/ amortization

Truck & Trailer Equipment's investments in property, plant and equipment during the second quarter totaled SEK 5.8 M (33.3). Total new capital expenditures for the first half-year were SEK 10.5 M (36.6). Depreciation/amortization totaled SEK 12.1 M (9.2) for the second quarter and SEK 24.4 M (20.0) for the first half-year.

Personnel

At June 30, 2025, there were 409 employees (394) in the division. Truck & Trailer Equipment had an average of 415 employees (405) in the first half-year. Personnel costs for the first half-year amounted to SEK 178.6 M (171.8), resulting in a cost per employee of SEK 430.3 thousand (424.3).

Second quarter of 2025

• Sales increased by 2.4% to SEK 399.8 M (390.5).
• Adjusted for acquired sales and currency effects between the years, organic growth increased 1.7%.
• Operating profit (EBITA) increased to SEK 67.4 M (61.1), with an operating margin (EBITA) of 16.9% (15.6).
• In April, Truck & Trailer Equipment acquired Ledson Lights AB. Consulting expenses in conjunction with the acquisition impacted operating profit by SEK 1.5 M.

First half of 2025

• Sales increased by 0.4% to SEK 833.0 M (829.5).
• Adjusted for acquired sales and currency effects between the years, organic growth increased 0.2%.
• Operating profit (EBITA) decreased to SEK 161.0 M (161.7), with an operating margin (EBITA) of 19.3% (19.5).
• In January 2025, Ola Hermansson, the former head of VBG Truck Equipment, was appointed the new Division CEO for Truck & Trailer Equipment.
• In April, Truck & Trailer Equipment acquired Ledson Lights AB. Consulting expenses in conjunction with the acquisition impacted operating profit by SEK 1.5 M.

Main product segments

• Coupling equipment for heavy trucks and trailers
• Automatic tire chains
• Sliding roofs for semitrailers
• Vehicle lighting

TRUCK & TRAILER EQUIPMENT

Sales/Earnings SEK M	Q2 2025	Jan–Jun 2025	Q1 2025	Rolling 12 months	Full-year 2024	Q4 2024	Q3 2024	Q2 2024	Jan–Jun 2024	Q1 2024	Full-year 2023	Q4 2023	Net sales, SEK M
Net sales	399.8	833.0	433.2	1,540.6	1,537.1	367.0	340.7	390.5	829.5	439.0	1,727.7	412.3	500
Operating profit (EBITDA)	77.9	182.0	104.1	333.6	328.9	91.0	60.5	68.6	177.4	108.8	393.2	82.7
Operating profit (EBITA)	67.4	161.0	93.6	296.0	296.7	82.6	52.4	61.1	161.7	100.6	370.3	85.9	400
Operating margin (EBITA), %	16.9	19.3	21.6	19.2	19.3	22.5	15.4	15.6	19.5	22.9	21.4	20.8
Operating profit (EBIT)	65.8	157.7	91.9	289.4	290.1	80.9	50.8	59.4	158.4	99.0	364.2	84.2	300
Operating margin (EBIT), %	16.5	18.9	21.2	18.8	18.9	22.1	14.9	15.2	19.1	22.5	21.1	20.4
ROOC, %	52.2	52.2	51.4	52.2	52.0	52.0	50.6	54.8	54.8	59.1	62.0	62.0	200
Sales by market SEK M	Q2 2025	Jan–Jun 2025	Q1 2025	Rolling 12 months	Full-year 2024	Q4 2024	Q3 2024	Q2 2024	Jan–Jun 2024	Q1 2024	Full-year 2023	Q4 2023	100
Sweden	66.7	143.0	76.4	253.4	258.4	59.6	50.7	66.7	148.1	81.3	273.9	68.4	0
Other Nordic countries	46.3	109.9	63.6	206.6	211.4	51.2	45.5	53.7	114.6	61.0	215.6	54.0
Germany	60.9	127.5	66.5	247.8	276.3	60.3	60.1	72.7	156.0	83.3	319.1	64.0
Other European countries	126.8	250.0	123.3	448.8	446.4	96.2	102.6	112.8	247.6	134.8	591.4	134.7
US	41.8	85.3	43.5	173.4	154.2	55.2	33.0	26.7	66.1	39.4	159.5	49.0
Rest of North America	1.1	3.1	2.1	10.9	17.0	3.4	4.4	3.7	9.2	5.5	21.2	5.5
Australia/New Zealand	32.4	76.7	44.3	126.6	115.9	26.3	23.6	38.7	65.9	27.2	112.6	26.3
China	18.0	25.5	7.5	48.8	29.4	11.3	12.0	6.1	6.1	—	0.3	0.1
Rest of world	6.0	12.0	6.0	24.3	28.1	3.5	8.7	9.4	15.9	6.5	34.2	10.4	120
Truck & Trailer Equipment	399.8	833.0	433.2	1,540.6	1,537.1	367.0	340.7	390.5	829.5	439.0	1,727.7	412.3	100

Operating profit (EBITA), SEK M

Mobile Thermal Solutions

Sales and earnings

Second quarter of 2025

Sales for the second quarter decreased 13.7% yearon-year to SEK 731.8 M (847.5), with North America accounting for the largest decrease. Adjusted for acquired sales and currency effects, where the average USD rate weakened 9.0% compared with the second quarter of the preceding year and the CAD weakened 10.0%, organic growth was –9.4%.

Operating profit (EBITA) for Mobile Thermal Solutions totaled SEK 86.0 M (121.2) and the operating margin (EBITA) decreased to 11.7% (14.3).

Mobile Thermal Solutions was negatively impacted by lower sales volumes owing in part to demand that remained sluggish, primarily in the compact segment for off-road vehicles, but also due to lower volumes for the public transportation bus segment as a result of a major customer winding down their operation in the US. All together, this resulted in lower operating profit (EBITA) and a deterioration in the operating margin (EBITA). During the second quarter, Mobile Thermal Solutions received SEK 11 M in retroactive pandemic subsidies in the US, while simultaneously incurring a reorganization expense of SEK 2.2 M.

First half of 2025

In the first half-year, Mobile Thermal Solutions reported a decrease of 15.7% in sales year-on-year. Sales totaled SEK 1,435.4 M (1,702.3). Adjusted for acquired sales and currency effects – where the average USD rate weakened by 3.4%, and the СAD weakened by 7.6% year-on-year – organic growth was –14.5%.

Operating profit (EBITA) for Mobile Thermal Solutions decreased year-on-year to SEK 163.6 M (250.8) with an EBITA margin of 11.4% (14.7).

Mobile Thermal Solutions was negatively impacted in the first half of 2025 by lower sales volumes as a result of sluggish demand, primarily in the compact segment for off-road vehicles, but also in the public transportation bus segment since, as previously announced, a

major customer is winding down their operation in the US. All together, this resulted in lower operating profit (EBITA) and a deterioration in the operating margin (EBITA).

During the second quarter, Mobile Thermal Solutions received SEK 11 M in retroactive pandemic subsidies while simultaneously incurring a reorganization expense of SEK 2.2 M.

During the first half-year, the division's working capital increased by SEK 14.0 M to SEK 796.2 M (782.2 at year-end) as a result of higher sales. With the addition of SEK 727.7 M in property, plant and equipment, operating capital amounted to SEK 1,523.9 M at the end of June (1,579.6 at year-end).

The division's return on operating capital (ROOC) for the period deteriorated due to increased operating capital – with acquired land in Toronto comprising the major change – in combination with lower earnings, totaling 25.4% (34.8 at year-end).

Capital expenditures and depreciation/ amortization

Investments in property, plant and equipment by Mobile Thermal Solutions in the second quarter amounted to SEK 16.3 M (11.5). New capital expenditures for the first half-year totaled SEK 32.4 M (19.8). The higher level of investment is attributable to investments in machinery in North America.

Depreciation/amortization totaled SEK 18.3 M (18.0) for the second quarter and SEK 36.1 M (33.7) for the first half-year.

Personnel

At June 30, 2025, there were 1,081 employees (1,035) in the division. During the first half-year, Mobile Thermal Solutions had an average of 1,080 employees (1,031). Personnel costs during the first half-year amounted to SEK 302.2 M (332.3), resulting in a cost per employee of SEK 279.8 thousand (322.3).

Second quarter of 2025

• Sales decreased 13.7% to SEK 731.8 M (847.5).
• Adjusted for acquired sales and currency effects between the years, organic growth decreased 9.4%.
• Operating profit (EBITA) totaled SEK 86.0 M (121.2), with an operating margin (EBITA) of 11.7% (14.3).
• Mobile Thermal Solutions received SEK 11 M in retroactive pandemic subsidies in the US.

First half of 2025

• Sales decreased 15.7% to SEK 1,435.4 M (1,702.3).
• Adjusted for acquired sales and currency effects between the years, organic growth decreased 14.5%.
• Operating profit (EBITA) totaled SEK 163.6 M (250.8), with an operating margin (EBITA) of 11.4% (14.7).
• In January, Mobile Thermal Solutions acquired Italytec Imex Indústria e Comércio Ltda.

Main product segments

• Roof-mounted climate control systems
• Cab-mounted climate control systems

MOBILE THERMAL SOLUTIONS

Sales/Earnings SEK M	Q2 2025	Jan–Jun 2025	Q1 2025	Rolling 12 months	Full-year 2024	Q4 2024	Q3 2024	Q2 2024	Jan–Jun 2024	Q1 2024	Full-year 2023	Q4 2023
Net sales	731.8	1,435.4	703.6	2,777.5	3,044.5	635.8	706.3	847.5	1,702.3	854.8	3,161.7	794.8
Operating profit (EBITDA)	99.3	189.7	90.4	373.4	457.6	75.5	108.2	134.1	274.2	140.0	438.2	108.9
Operating profit (EBITA)	86.0	163.6	77.6	323.0	410.1	63.0	96.4	121.2	250.8	129.6	391.1	109.2
Operating margin (EBITA), %	11.7	11.4	11.0	11.6	13.5	9.9	13.6	14.3	14.7	15.2	12.4	13.7
Operating profit (EBIT)	81.0	153.6	72.6	302.9	389.7	58.0	91.4	116.1	240.4	124.3	369.7	103.7
Operating margin (EBIT), %	11.1	10.7	10.3	10.9	12.8	9.1	12.9	13.7	14.1	14.5	11.7	13.1
ROOC, %	25.4	25.4	29.3	25.4	34.8	34.8	40.0	39.4	39.4	36.3	32.3	32.3
Sales by market SEK M	Q2 2025	Jan–Jun 2025	Q1 2025	Rolling 12 months	Full-year 2024	Q4 2024	Q3 2024	Q2 2024	Jan–Jun 2024	Q1 2024	Full-year 2023	Q4 2023
Sweden	11.8	25.2	13.4	46.8	46.6	11.8	9.9	11.9	24.9	13.0	47.8	11.9
Other Nordic countries	13.7	27.7	14.0	55.2	50.4	15.0	12.5	11.5	22.9	11.5	50.5	11.6
Germany	10.2	21.3	11.1	41.8	47.1	10.9	9.6	11.3	26.6	15.3	34.5	8.1
Other European countries	50.1	95.3	45.2	186.7	208.6	44.4	47.0	59.3	117.2	57.9	226.6	52.7
US	418.8	865.8	447.0	1,713.4	1,976.4	398.6	449.0	558.9	1,128.8	569.9	2,190.6	565.9
Rest of North America	182.7	319.7	137.0	624.7	662.6	140.9	164.2	184.3	357.5	173.3	560.1	132.4
China	6.5	12.9	6.3	30.0	30.9	8.0	9.2	6.1	13.7	7.6	27.6	6.8
Rest of world	38.0	67.5	29.5	78.8	22.0	6.2	5.0	4.2	10.7	6.5	24.0	5.5
Mobile Thermal Solutions	731.8	1,435.4	703.6	2,777.5	3,044.5	635.8	706.3	847.5	1,702.3	854.8	3,161.7	794.8

Operating profit (EBITA), SEK M

Ringfeder Power Transmission

Sales and earnings

Second quarter of 2025

Sales for the second quarter decreased 9.4% year-onyear to SEK 230.9 M (255.8). Adjusted for currency effects – where the average USD rate weakened 9.0%, the BRL 14.8% and the EUR 4.6% – organic growth totaled –1.7%.

Operating profit (EBITA) for Ringfeder Power Transmission decreased to SEK 32.6 M (39.6) and the operating margin (EBITA) decreased to 14.1% (15.5). Ringfeder Power Transmission was impacted primarily by lower sales volumes early in the quarter as well as variations in the product mix between the quarters. The sales volume improved by the end of the quarter, as did the operating margin (EBITA). Operating profit was charged a total of SEK 3.5 M during the second quarter for costs in conjunction with the acquisition of M.A.T. Malmedie Antriebstechnik GmbH. The acquisition was completed on July 1, 2025. At the same time, operating profit was impacted positively by non-recurring revenue of SEK 2.4 M pertaining to retroactive pandemic subsidies in the US.

First half of 2025

Sales for the first half-year declined 10.5% year-onyear to SEK 445.4 M (497.5). Adjusted for currency effects – where the average USD rate weakened by 3.4%, the BRL by 17.5% and the EUR by 2.6% year-on- year – organic growth was –5.2%. Operating profit (EBITA) for Ringfeder Power Transmission decreased year-on-year to SEK 46.4 M (74.9) and the operating margin (EBITA) was 10.4% (15.0). During the first half of 2025, Ringfeder Power Transmission was impacted primarily by a weaker sales start as well as variations in the product mix between the quarters.

During the period, the division's working capital increased SEK 17.7 M to SEK 368.9 M (351.2 at yearend). With the addition of SEK 204.0 M in property, plant and equipment, operating capital amounted to SEK 572.9 M at the end of June (559.2 at year-end). The division's return on operating capital (ROOC) for the period increased to 28.3% (33.4 at year-end).

Capital expenditures and depreciation/ amortization

Ringfeder Power Transmission's investments in property, plant and equipment during the second quarter amounted to SEK 17.3 M (12.8). Total new capital expenditures for the first half-year were SEK 21.7 M (17.0). Depreciation/amortization totaled SEK 11.5 M (7.5) for the second quarter and SEK 23.7 M (12.8) for the first half-year.

Personnel

At June 30, 2025, there were 646 employees (636) in the division. During the first half-year, Ringfeder Power Transmission had an average of 642 employees (636). Personnel costs during the first half-year amounted to SEK 133.6 M (134.0), resulting in a cost per employee of SEK 208.1 thousand (210.6).

Second quarter of 2025

• Sales decreased 9.4% to SEK 230.9 M (255.8).
• Adjusted for currency effects between years, organic growth decreased by 1.7%.
• Operating profit (EBITA) decreased to SEK 32.6 M (39.6), with an operating margin (EBITA) of 14.1% (15.5).
• Operating profit was impacted negatively by consulting expenses of SEK 3.5 M in conjunction with the acquisition of M.A.T. Malmedie Antriebstechnik GmbH, which were carried out after the close of the reporting period.

First half of 2025

• Sales decreased 10.5% to SEK 445.4 M (497.5).
• Adjusted for currency effects between years, organic growth decreased 5.2%.
• Operating profit (EBITA) decreased to SEK 46.4 M (74.9), with an operating margin (EBITA) of 10.4% (15.0).
• Operating profit was impacted negatively by consulting expenses of SEK 3.5 M in conjunction with the acquisition of M.A.T. Malmedie Antriebstechnik GmbH, carried out after the close of the reporting period.

• Shaft-hub couplings
• Shaft-shaft couplings
• Friction springs
• Electromagnetic industrial couplings and brakes

11

RINGFEDER POWER TRANSMISSION

Sales/Earnings SEK M	Q2 2025	Jan–Jun 2025	Q1 2025	Rolling 12 months	Full-year 2024	Q4 2024	Q3 2024	Q2 2024	Jan–Jun 2024	Q1 2024	Full-year 2023	Q4 2023	Net sales, SEK M
Net sales	230.9	445.4	214.5	945.2	997.3	273.9	225.9	255.8	497.5	241.7	850.4	242.7
Operating profit (EBITDA)	39.5	60.7	21.2	154.8	179.8	61.9	32.2	46.0	85.5	39.5	147.0	38.2	300
Operating profit (EBITA)	32.6	46.4	13.8	128.4	156.9	54.9	27.1	39.6	74.9	35.3	125.3	31.6	250
Operating margin (EBITA), %	14.1	10.4	6.4	13.6	15.7	20.0	12.0	15.5	15.0	14.6	14.7	13.0
Operating profit (EBIT)	28.1	37.1	9.0	101.4	137.1	38.2	26.1	38.5	72.7	34.2	119.8	30.1	200
Operating margin (EBIT), %	12.2	8.3	4.2	10.7	13.7	14.0	11.5	15.0	14.6	14.1	14.1	12.4	150
ROOC, %	28.3	28.3	30.2	28.3	33.4	33.4	29.8	33.1	33.1	31.3	30.0	30.0	100
Sales by market SEK M	Q2 2025	Jan–Jun 2025	Q1 2025	Rolling 12 months	Full-year 2024	Q4 2024	Q3 2024	Q2 2024	Jan–Jun 2024	Q1 2024	Full-year 2023	Q4 2023	50
Sweden	1.7	3.0	1.3	5.7	4.9	1.5	1.2	1.1	2.2	1.1	4.1	1.3
Other Nordic countries	0.2	1.1	0.9	3.4	4.6	1.0	1.3	0.9	2.3	1.3	4.8	1.3
Germany	43.4	89.8	46.4	185.0	199.8	52.7	42.5	48.7	104.6	55.9	199.1	49.2
Other European countries	26.9	48.7	21.8	103.0	132.0	36.8	17.4	43.9	77.8	33.9	131.5	46.5
US	57.6	106.0	48.4	228.0	222.3	70.5	51.5	51.7	100.3	48.6	202.9	49.0
Rest of North America	2.8	5.1	2.3	9.7	7.8	2.4	2.2	1.8	3.2	1.4	9.5	2.3
Brazil	33.8	62.5	28.7	120.7	123.0	26.0	32.2	33.8	64.9	31.1	136.8	35.3
Australia/New Zealand	10.9	23.8	12.9	54.4	56.9	13.8	16.8	14.3	26.4	12.1	27.6	8.9
China	6.2	12.1	5.9	24.8	26.5	6.5	6.3	8.4	13.8	5.4	29.7	7.3	60
Rest of world	47.3	93.2	46.0	210.5	219.4	62.7	54.6	51.1	102.1	51.0	104.4	41.6
Ringfeder Power Transmission	230.9	445.4	214.5	945.2	997.3	273.9	225.9	255.8	497.5	241.7	850.4	242.7

Operating profit (EBITA), SEK M

Other information

Parent Company

VBG Group AB's operations are focused on managing, developing and coordinating the Group. The assets in the Parent Company consist primarily of shares in subsidiaries and brands. The objective is for the Group's key intangible assets, in the form of brands and other rights, to be gathered in the Parent Company. VBG Group AB focuses on maintaining and securing all the Group's trademarks and rights.

The Parent Company's net sales pertain primarily to intra-Group services and license revenues, which are invoiced in the fourth quarter. Operating loss for the quarter totaled SEK –41.9 M (–36.1). Profit after dividends from Group companies, net financial items and tax totaled SEK 79.1 M (108.6).

Risks and uncertainty factors

The Group's and the Parent Company's significant risks and uncertainty factors include strategic, operational, compliance and financial risks, where the financial risks consist of financing and liquidity risks, interest-rate risk, credit risk and currency risk.

Geopolitical turbulence has increased in the wake of the conflict in the Middle East as well as the macroeconomic headwinds, especially in Europe, with inflation and interest rates that are volatile compared to the last decade as a result. We have noted a global slowdown that has impacted largely all the markets for VBG Group. After the presidential election in the US, the new administration has introduced new tariffs, primarily against China, but has also caused significant turbulence around the world through threats of introducing tariffs against many more countries. Thus far, it is too early to draw any conclusions about the consequences of introducing further tariff hikes.

For a more detailed description of the Group's risks and risk management, refer to VBG Group AB's annual report for 2024.

Financial information 2025/2026

Interim report, nine months 2025	October 28, 2025
Year-end report 2025	February 18, 2026
Interim report, three months 2026	April 27, 2026
Annual General Meeting 2026	May 12, 2026
Half-year report	July 17, 2026
Interim report, nine months 2026	October 27, 2026

Auditor's review

This half-year report is unaudited.

Press releases in the second quarter of 2025

VBG Group AB (publ) publishes
Annual Report 2024	April 1, 2025
VBG Group acquires
Ledson Lights AB	April 4, 2025
Notice of annual general meeting
in VBG Group AB (publ)	April 8, 2025
Invitation to presentation of
VBG Group's Q1 report 2025	April 11, 2025
Interim report January – March 2025	April 28, 2025
VBG Group changes date for
publication of half-year report 2025	April 30, 2025
Resolutions at the AGM
in VBG Group AB (publ) on 13 May 2025	May 13, 2025

For further information, please contact:

Anders Erkén, President and CEO Telephone: +46 521-27 77 88 E-mail: anders.erken@vbggroup.com

Fredrik Jignéus, CFO Telephone: +46 521-27 77 53 E-mail: fredrik.jigneus@vbggroup.com

The Board of Directors and President affirm that the half-year report provides a true and fair view of the company's and the Group's operations, financial position and results, and describes significant risks and uncertainty factors facing the company and the companies included in the Group.

Vänersborg, July 17, 2025 VBG Group AB (publ)

Anders Birgersson Chairman of the Board Peter Augustsson

Louise Nicolin Board member

Anna Stålenbring Board member

Anders Erkén CEO and Board member

Mats R. Karlsson Board member

Board member

Alexander Andersson Employee representative

Cecilia Pettersson Employee representative

Note:

The information is of the type that VBG Group AB is obligated to disclose in accordance with the EU Market Abuse Regulation. The information was submitted for publication in Swedish on July 17.

Outlook for 2025 The company makes no forecast.

Condensed consolidated Income Statement

SEK M	Q2 2025	Q2 2024	Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Net sales	1,362.4	1,494.3	2,713.7	3,029.3	5,578.9
Cost of goods sold	–923.9	–1,001.5	–1,839.9	–2,024.5	–3,773.2
Gross profit	438.5	492.8	873.9	1,004.8	1,805.7
Selling expenses	–115.3	–123.6	–231.3	–229.6	–458.9
Administrative expenses	–116.1	–109.6	–225.1	–217.4	–420.1
Research and development costs	–37.8	–44.8	–78.9	–84.9	–162.9
Other operating income and expenses	–2.2	–5.7	–5.7	–12.3	32.0
Total operating expenses	–271.4	–283.7	–541.0	–544.1	–1,009.8
Operating profit	167.1	209.1	332.9	460.6	795.9
Financial income	37.9	70.9	102.2	157.1	220.8
Financial expenses	–68.4	–68.4	147.0	–155.8	–234.5
Total financial items	–30.5	2.5	44.8	1.3	–13.7
Profit after financial items	136.6	211.6	288.1	461.9	782.2
Income tax	–36.6	–43.8	–73.7	–98.3	–194.0
Profit for the period	100.0	167.8	214.5	363.6	588.2
Profit for the period attributable to Parent Company shareholders	100.0	167.8	214.5	363.6	588.2
Earnings per share	4.00	6.71	8.58	14.54	23.52

Condensed consolidated Other comprehensive income

SEK M	Q2 2025	Q2 2024	Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Other comprehensive income
Profit for the period	100.0	167.8	214.5	363.6	588.2
Items that will not be reversed in the income statement
Effect of translation of defined-benefit pension plans, net after tax	—	—	—	—	–14.4
Items that may later be reversed in the income statement
Translation differences pertaining to foreign operations	–15.2	–46.4	–235.0	54.8	58.0
Other comprehensive income, net after tax	–15.2	–46.4	–235.0	54.8	43.6
Comprehensive income for the period	84.8	121.4	–20.6	418.4	631.8
Comprehensive income for the period attributable to Parent Company shareholders	84.8	121.4	–20.6	418.4	631.8

Consolidated Balance Sheet

SEK M	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Assets
Non-current assets
Intangible assets
Brands, customer relationships and other intangible assets	856.9	947.3	910.7
	1,565.1	1,303.3	1,322.9
	2,422.0	2,250.6	2,233.6
	643.6	258.8	697.5
	234.4	178.9	220.4
	76.9	75.7	84.2
	53.0	41.6	45.0
	200.5	257.9	251.7
	1,208.6	813.1	1,299.0
	—	—	2.5
	66.6	33.4	73.9
	66.6	33.4	76.4
	3,697.3	3,097.1	3,608.9
	450.0	511.3	467.7
	144.6	155.5	135.8
Goodwill Property, plant and equipment Land and buildings Plant and machinery Equipment, tools, fixtures and fittings Construction in progress Right-of-use assets Long-term investments Non-current receivables Deferred tax asset Total non-current assets Current assets Inventories Raw materials and consumables Work in progress Finished products and merchandise Current receivables Trade receivables Current tax assets Other receivables Prepaid expenses and accrued income Current capital expenditures Cash and cash equivalents	389.6	409.5	354.3
	984.2	1,076.3	957.9
	926.0	943.1	738.3
	89.6	52.0	60.3
	150.6	103.4	142.5
	66.2	55.8	52.9
	13.3	17.4	14.1
	1,245.6	1,171.7	1,008.0
	906.1	919.6	949.7
Total current assets	3,135.9	3,167.6	2,915.5
Total assets	6,833.2	6,264.7	6,524.5

SEK M	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Equity and liabilities
Equity
Share capital	65.5	65.5	65.5
Other contributed capital	781.3	781.3	781.3
Reserves	71.9	305.7	306.9
Retained earnings, incl. net profit for the year	3,012.2	2,767.0	2,979.1
Total equity	3,930.9	3,919.4	4,132.7
Non-current liabilities
Provisions for pensions and similar obligations	222.8	206.8	223.6
Deferred tax liability	289.6	227.5	302.7
Other provisions	81.0	109.4	93.9
Lease liability	183.5	240.0	232.0
Liabilities to credit institutions	1,255.3	648.2	862.0
Other non-current liabilities	106.7	24.0	26.1
Total non-current liabilities	2,138.8	1,455.9	1,740.4
Current liabilities
Trade payables	352.7	431.7	240.3
Current tax liabilities	60.1	89.7	79.7
Other liabilities	38.1	71.9	45.6
Lease liability	53.9	58.2	60.7
Accrued expenses and deferred income	258.8	237.9	225.2
Total current liabilities	763.5	889.4	651.5
Total equity and liabilities	6,833.2	6,264.7	6,524.5

Condensed consolidated Changes in Equity

SEK M	Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Opening equity according to balance sheet at December 31	4,132.7	3,676.0	3,676.0
Total comprehensive income for the period	–20.6	418.4	631.8
Dividend	–181.3	–175.0	–175.0
Equity at end of period	3,930.9	3,919.4	4,132.7

Consolidated Cash Flow Statement

SEK M	Q2 2025	Q2 2024	Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Operating activities
Operating profit	167.1	209.1	332.9	460.6	795.9
Depreciation/amortization	42.4	34.2	85.1	65.5	150.2
Gains from divestment of property	—	—	—	—	–9.8
Other items not affecting liquidity	–23.3	–6.4	–39.3	–4.3	–36.1
Interest received, etc.	6.4	13.7	13.5	24.9	37.9
Interest paid, etc.	–14.2	–12.6	–27.0	–28.6	–56.7
Tax paid	–59.0	–68.1	–129.1	–134.5	–157.0
Cash flow before change in working capital	119.5	169.9	236.1	383.8	724.4
Decrease/increase (–) in inventories	0.2	–44.7	–45.1	–7.1	121.8
Decrease/increase (–) in trade receivables	–47.4	27.1	–234.5	–94.6	123.1
Decrease/increase (–) in other current receivables	–15.4	–15.6	–17.9	–27.1	–63.2
Increase/decrease (–) in trade payables	20.8	58.6	140.6	90.0	–107.2
Increase/decrease (–) in other current liabilities	6.0	9.7	32.5	4.1	–2.5
Cash flow from operating activities	83.7	204.9	111.6	349.0	796.4
Investing activities
Investments in intangible assets	–1.2	–0.4	–1.6	–0.4	–3.0
Investments in property, plant and equipment	–28.8	–47.8	–67.0	–57.9	–588.9
Investments in other financial assets	—	–2.2	—	–5.0	–1.5
Divestment of property	—	—	—	—	12.8
Net settlements, business combinations	–66.8	—	–286.6	—	–35.9
Cash flow from investing activities	–96.9	–50.4	–355.2	–63.3	–616.6
Financing activities
Loans raised and changes to existing loans	195.7	–90.8	445.7	–82.4	98.3
Amortization of lease liability	–15.5	5.4	–31.0	–3.2	–47.5
Dividend paid	–181.3	–175.0	–181.3	–175.0	–175.0
Cash flow from financing activities	–1.1	–260.4	233.4	–260.5	–124.3
Cash flow for the year	–14.3	–105.9	–10.2	25.2	55.5
Cash and cash equivalents at start of period	925.2	1,030.4	949.7	885.9	885.9
Translation difference, cash and cash equivalents	–4.8	–4.9	–33.4	8.4	8.2
Cash and cash equivalents at year-end	906.1	919.6	906.1	919.6	949.7
Unutilized overdraft facilities	100.0	100.0	100.0	100.0	100.0
Total cash and cash equivalents available	1,006.1	1,019.6	1,006.1	1,019.6	1,049.7

Key Figures for Group

SEK M	Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Operating margin (EBITA), %	13.1	15.7	15.1
Operating margin (EBIT), %	12.3	15.2	14.3
Profit margin (ROS), %	10.6	15.2	14.0
Return on equity (ROE), %	10.8	18.5	14.5
Return on capital employed (ROCE), %	11.6	19.8	16.3
Equity/assets ratio, %	57.5	62.6	63.3
Interest-bearing net debt/EBITDA	1.1	0.3	0.5
Equity per share outstanding at end of period, SEK	157.21	156.75	165.28
Cash flow from operating activities, per average share outstanding, SEK	4.46	13.96	31.85
Profit per average share outstanding during the period, SEK	8.58	14.54	23.52
Share price at end of period, SEK	260.00	484.50	312.00
Number of employees, average	2,147	2,082	1,980
Number of shares outstanding at end of period ('000)	25,004	25,004	25,004
Number of treasury shares at end of period ('000)	1,192	1,192	1,192

Parent Company Income Statement

SEK M	Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Net sales	—	—	58.8
Administrative expenses	–41.9	–36.1	–69.1
Operating loss	–41.9	–36.1	–10.3
Net financial items	121.8	144.8	135.1
Profit from financial items	79.9	108.6	124.8
Appropriations	—	—	125.0
Tax	–0.8	—	–21.2
Profit for the period	79.1	108.6	228.6

Parent Company Balance Sheet

SEK M	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Property, plant and equipment	1.2	1.0	1.2
Financial assets	2,419.7	2,075.6	2,273.2
Total non-current assets	2,420.9	2,076.6	2,274.4
Receivables	159.7	135.7	304.6
Cash on hand, demand deposits and short-term investments	609.2	451.7	547.4
Total current assets	768.9	587.4	852.0
Total assets	3,189.8	2,664.0	3,126.3
Equity	1,357.3	1,339.5	1,459.4
Untaxed reserves	49.8	24.8	49.8
Provisions	19.5	19.0	19.2
Non-current liabilities	1,254.9	647.5	861.4
Current liabilities	508.3	633.2	736.5
Total equity and liabilities	3,189.8	2,664.0	3,126.3

Notes

1 Accounting policies

2024.

There have been no related party transactions in 2025 that have significantly affected the company's financial position and results. Related party transactions during 2024 are disclosed in Note 8 of the annual report for

This half-year report for the Group has been prepared in accordance with the Annual Accounts Act and IAS 34 Interim Financial Reporting, and for the Parent Company, in accordance with the Annual Accounts Act and recommendation RFR 2, Accounting for Legal Entities. The same accounting policies and calculation methods were applied as in the most recent annual report.

This report may contain rounding differences.

3 Financial income and expenses

SEK M	Q2 2025	Q2 2024	Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Financial income
Interest income from other financial assets	5.5	10.9	11.6	21.3	34.7
Exchange rate differences – income, financial items	31.5	58.0	88.7	132.2	182.8
Other financial income	0.9	2.0	1.9	3.7	3.2
Total financial income	37.9	70.9	102.2	157.1	220.8
Financial expenses
Interest expenses, liabilities to credit institutions	–11.7	–9.5	–22.4	–24.7	–45.0
Exchange rate differences – costs, financial items	–50.9	–53.0	–113.5	–120.8	–164.9
Interest expenses, lease liabilities	–3.2	–3.6	–6.5	–6.5	–13.0
Interest expense, pension provisions	–1.2	–1.1	–2.0	–2.0	–7.4
Other financial expenses	–1.2	–1.2	–2.4	–1.7	–4.3
Total financial expenses	–68.4	–68.4	–146.8	–155.8	–234.5

4 Financial instruments

SEK M	Q2 2025	Q2 2024	Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Financial income
Interest income from other financial assets	5.5	10.9	11.6	21.3	34.7
Total interest income under the effective-rate method	5.5	10.9	11.6	21.3	34.7
Exchange rate differences – income, financial items	31.5	58.0	88.7	132.2	182.8
Other financial income	0.9	2.0	1.9	3.7	3.2
Total	32.4	60.0	90.6	135.9	186.0
Total financial income	37.9	70.9	102.2	157.1	220.8
Financial expenses
Interest expenses, liabilities to credit institutions	–11.7	–9.5	–22.4	–24.7	–45.0
Total interest expenses under the effective-rate method	–11.7	–9.5	–22.4	–24.7	–45.0
Exchange rate differences – costs, financial items	–50.9	–53.0	–113.5	–120.8	–164.9
Interest expenses, lease liabilities	–3.2	–3.6	–6.5	–6.5	–13.0
Interest expense, pension provisions	–1.2	–1.1	–2.0	–2.0	–7.4
Other financial expenses	–1.2	–1.2	–2.4	–1.7	–4.3
Total	–56.6	–58.9	–124.4	–131.0	–189.6
Total financial expenses	–68.4	–68.4	–147.0	–155.8	–234.5
Financial instruments
Trade receivables	926.0	943.1	926.0	943.1	738.3
Other current receivables	150.6	103.4	150.6	103.4	142.5
Cash and cash equivalents	906.1	919.6	906.1	919.6	949.7
Total	1,982.7	1,966.1	1,982.7	1,966.1	1,830.5
Financial liabilities
Liabilities to credit institutions	1,255.3	648.2	1,255.3	648.2	862.0
Earnout	85.0	33.7	85.0	33.7	—
Trade payables	352.7	431.7	352.7	431.7	240.3
Lease liabilities	237.5	298.1	237.5	298.1	292.7
Accrued interest	10.3	9.1	10.3	9.1	10.6
Other liabilities	39.0	37.7	39.0	37.7	45.6
Total	1,979.8	1,458.5	1,979.8	1,458.5	1,451.2

5 Sales and earnings by segment

	Truck	Mobile	Ringfeder
SEK M	& Trailer Equipment	Thermal Solutions	Power Transmission Group-wide		Group
Q2 2025
Net sales	399.8	731.8	230.9		1,362.4
Operating profit (EBIT)	65.8	81.0	28.1	–7.7	167.1
Operating margin, %	16.5	11.1	12.2		12.3
Net financial items				–30.5	–30.5
Profit after financial items					136.6
Q2 2024
Net sales	390.5	847.5	255.8		1,494.3
Operating profit/loss	59.4	116.1	38.5	–5.0	209.1
Operating margin, %	15.2	13.7	15.0		14.0
Net financial items				2.5	2.5
Profit after financial items					211.6

6 Acquisitions

On April 4, 2025, through its Truck & Trailer Equipment division, VBG Group signed a share purchase agreement regarding all shares in Ledson Lights AB. VBG Group took possession of the shares on April 4, 2025.

The acquisition adds approximately SEK 100 M in annual sales to the Group. According to an initial preliminary acquisition plan, the acquisition resulted in consolidated goodwill of SEK 64.3 M. The calculations in the acquisition plan presented are preliminary, pending the final valuation of depreciable assets and goodwill.

	Preliminary acquisition
SEK M	balance
Purchase consideration	103.5
Acquired net assets
Cash and cash equivalents	8.6
Property, plant and equipment	1.4
Intangible assets	0.4
Inventories	25.2
Receivables	15.4
Liabilities	–11.8
Goodwill	64.3
Impact on consolidated cash and cash equivalents
Total purchase consideration	(103.5)

(34.9)
8.6
60.0

7 Events after the close of the reporting period

On July 1, 2025, through its Ringfeder Power Transmission division, VBG Group signed a share purchase agreement pertaining to all shares in the German company M.A.T. Malmedie Antriebstechnik GmbH, one of the world's leading manufacturers of specialized mechanical coupling technology and Snag Overload Systems (SOS) for industrial applications. The acquisition adds approximately SEK 165 M in annual sales to the Group. The purchase consideration totaled SEK 175 M. In addition, an estimated earnout of SEK 115 M may be paid based on the outcome for the average EBITA for financial years 2025 to 2026. The work on preparing an acquisition plan is progressing. Surplus value that is identified will comprise primarily goodwill.

Alternative performance measures

Reconciliation between IFRS and performance measures used

Certain information in this report that is used by Group Management and analysts to assess the Group's performance has not been defined in accordance with IFRS. Group Management believes that this informa tion makes it easier for investors to analyze the Group's earnings performance and financial structure. Investors should view this information as a supplement to, rather than a replacement of, financial reporting in accordance with IFRS.

All key figures are presented in each table in this section except for the three key figures below, which are presented on the pages indicated.

Equity/assets ratio

Equity as a percentage of the balance sheet total. Refer to pages 2, 6 and 17.

Return on capital employed (ROCE)

Profit after financial items plus interest expenses as a percentage of average capital employed, expressed as the balance sheet total less non-interest-bearing liabilities. Refer to page 17.

Return on equity (ROE)

Net profit for the year as a percentage of average equity. Refer to page 17.

Organic growth

Net sales excluding effects of structural changes, meaning acquired or divested operations, and currency effects.

SEK M	Q2 2025		Q2 2024 Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Group
Net sales	1,362.4	1,494.3	2,713.7	3,029.3	5,578.9
Acquired volume (incl. full-year effect from preceding year)	–50.0	–39.7	–71.9	–82.6	–140.1
Currency effect	103.9	–13.1	117.0	–18.8	36.0
Net sales excluding acquisitions and currencies	1,416.3	1,441.6	2,758.9	2,928.0	5,474.8
Organic growth	–78.0	–8.6	–270.4	77.9	–265.0
Organic growth, %	–5.2	–0.6	–8.9	2.7	–4.6
Truck & Trailer Equipment
Net sales	399.8	390.5	833.0	829.5	1,537.1
Acquired volume (incl. full-year effect from preceding year)	–20.2	—	–20.2	—	—
Currency effect	17.4	–2.1	18.6	–3.1	5.1
Net sales excluding acquisitions and currencies	397.0	388.4	831.4	826.4	1,542.2
Organic growth	6.5	–49.5	1.9	–107.3	–185.5
Organic growth, %	1.7	–11.3	0.2	–11.5	–10.7
Mobile Thermal Solutions
Net sales	731.8	847.5	1,435.4	1,702.3	3,044.5
Acquired volume (incl. full-year effect from preceding year)	–29.8	—	–51.7	—	—
Currency effect	65.9	–7.5	72.4	–11.8	19.4
Net sales excluding acquisitions and currencies	767.9	840.1	1,456.1	1,690.5	3,063.9
Organic growth	–79.6	19.6	–246.3	159.3	–97.8
Organic growth, %	–9.4	2.4	–14.5	10.4	–3.1
Ringfeder Power Transmission
Net sales	230.9	255.8	445.4	497.5	997.3
Acquired volume (incl. full-year effect from preceding year)	—	–39.7	—	–82.6	–140.1
Currency effect	20.6	–3.5	26.0	–3.8	11.5
Net sales excluding acquisitions and currencies	251.4	212.6	471.4	411.1	868.7
Organic growth	–4.4	20.7	–26.1	25.9	18.3
Organic growth, %	–1.7	10.8	–5.2	6.7	2.1

ALTERNATIVE PERFORMANCE MEASURES

Operating profit (EBITDA)

Operating profit before depreciation/amortization and impairment.

Group, SEK M	Q2 2025		Q2 2024 Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Operating profit (EBIT)	167.1	209.1	332.9	460.6	795.9
Depreciation/amortization	42.4	34.2	85.1	65.5	150.2
Operating profit (EBITDA)	209.5	243.3	417.9	526.2	946.1

Operating margin (EBITDA)

Operating profit before depreciation/amortization as a percentage of net sales.

Group, SEK M	Q2 2025		Q2 2024 Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Net sales	1,362.4	1,494.3	2,713.7	3,029.3	5,578.9
Operating profit (EBIT)	167.1	209.1	332.9	460.6	795.9
Depreciation/amortization	42.4	34.2	85.1	65.5	150.2
Operating margin (EBITDA), %	15.4	16.3	15.4	17.4	17.0

Operating profit (EBITA)

Operating profit before depreciation/amortization and impairment of intangible assets.

Group, SEK M	Q2 2025		Q2 2024 Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Operating profit (EBIT)	167.1	209.1	332.9	460.6	795.9
Amortization of intangible assets	11.1	7.8	22.7	15.8	46.8
Operating profit (EBITA)	178.2	216.9	355.6	476.4	842.7

Operating margin (EBITA)

Operating profit before depreciation/amortization and impairment of intangible assets, as a percentage of net sales.

Group, SEK M	Q2 2025		Q2 2024 Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Net sales	1,362.4	1,494.3	2,713.7	3,029.3	5,578.9
Operating profit (EBIT)	167.1	209.1	332.9	460.6	795.9
Amortization of intangible assets	11.1	7.8	22.7	15.8	46.8
Operating margin (EBITA), %	13.1	14.5	13.1	15.7	15.1

Gross profit margin

Profit before net financial items as a percentage of net sales.

Group, SEK M	Q2 2025		Q2 2024 Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Net sales	1,362.4	1,494.3	2,713.7	3,029.3	5,578.9
Gross profit	438.5	483.1	873.9	983.5	1,805.7
Gross profit margin, %	32.2	32.3	32.2	32.5	32.4

Profit margin

Profit after financial items as a percentage of net sales.

Group, SEK M	Q2 2025		Q2 2024 Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Net sales	1,362.4	1,494.3	2,713.7	3,029.3	5,578.9
Profit after financial items	136.6	211.6	288.1	461.9	782.2
Profit margin, %	10.0	14.2	10.6	15.2	14.0

Interest-bearing net debt

Interest-bearing loan liabilities and provisions less cash and cash equivalents.

Group, SEK M	Q2 2025		Q2 2024 Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Provisions for pensions			222.8	206.8	223.6
Loans			1,255.3	648.2	862.0
Contingent purchase price consideration			85.0	33.7	—
Lease liability			237.5	298.1	292.7
Bank balances			–906.1	–919.6	–949.7
Interest-bearing net debt	n/a	n/a	894.4	267.3	428.6

Interest-bearing net debt/EBITDA

Interest-bearing loan liabilities as a percentage of operating profit before depreciation/amortization and impairment.

Group, SEK M	Q2 2025		Q2 2024 Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Interest-bearing net debt			894.4	267.5	428.6
EBITDA, RTM			837.9	1,005.1	946.1
Interest-bearing net debt/EBITDA	n/a	n/a	1.1	0.3	0.5

ROOC by division

EBITDA as a percentage of operating capital as below.

SEK M	Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Group
Inventories	984.2	1,076.3	957.8
Trade receivables	926.0	943.1	738.3
Trade payables	–352.7	–431.7	–240.3
Working capital	1,557.5	1,587.7	1,455.8
Property, plant and equipment	1,208.6	813.1	1,299.0
Operating capital	2,766.1	2,400.8	2,754.8
EBITDA, rolling 12 months	837.9	1,005.1	946.1
Average operating capital, four quarter	2,650.0	2,435.5	2,485.7
ROOC, %	31.6	41.3	38.1
Truck & Trailer Equipment
Inventories	263.1	247.8	220.7
Trade receivables	235.6	236.2	167.0
Trade payables	–87.3	–98.1	–62.5
Working capital	411.4	385.9	325.2
Property, plant and equipment	274.5	267.4	290.6
Operating capital	685.9	653.3	615.8
EBITDA, rolling 12 months	333.6	350.0	328.9
Average operating capital, four quarter	638.6	638.2	632.6
ROOC, %	52.2	54.8	52.0

SEK M	Jan–Jun 2025	Jan–Jun 2024	Full-year 2024
Mobile Thermal Solutions
Inventories	496.5	624.0	545.5
Trade receivables	513.7	525.2	380.1
Trade payables	–214.0	–276.8	–143.3
Working capital	796.2	872.5	782.2
Property, plant and equipment	727.7	358.0	797.4
Operating capital	1,523.9	1,230.5	1,579.6
EBITDA, rolling 12 months	373.4	506.1	457.6
Average operating capital, four quarter	1,468.6	1,284.2	1,316.6
ROOC, %	25.4	39.4	34.8
Ringfeder Power Transmission
Inventories	224.6	204.4	191.7
Trade receivables	176.7	174.8	191.2
Trade payables	–32.3	–40.4	–31.6
Working capital	368.9	338.8	351.2
Property, plant and equipment	204.0	184.2	207.9
Operating capital	572.9	523.0	559.2
EBITDA, rolling 12 months	154.8	168.6	179.8
Average operating capital, four quarter	547.0	510.0	537.5
ROOC, %	28.3	33.1	33.4

Addresses

VBG Group

Sweden VBG Group AB (publ) Kungsgatan 57 SE-461 34 Trollhättan Tel +46 521 27 77 00 www.vbggroup.com

Truck & Trailer Equipment

Sweden VBG Group Truck Equipment AB Box 1216 SE-462 28 Vänersborg Tel +46 521 27 77 00

Ledson Lights AB Bangatan 3 SE-265 38 Åstorp Tel +46 42-453 33 30

Germany VBG Group Truck Equipment GmbH Postfach 13 06 55 DE-47758 Krefeld Tel +49 2151 835-0

European Trailer Systems GmbH Im Moerser Feld 1f DE-47441 Moers Tel +49 2841 6070 700

Denmark VBG Group Sales A/S Industribuen 20–22 DK-5592 Ejby Tel +45 64 46 19 19

Norway VBG Group Sales AS Lahaugmoveien 54 2013 Skjetten Tel +47 23 14 16 60

VBG Group is a long-term and active owner of successful indus trial companies and strong brands. With considerable industrial expertise, clear values and financial stability, the Group operates three divisions in 15 countries with just over 2,000 employees. www.vbggroup.com

UK VBG Group Sales Ltd Unit 7, Gemini8 Business Park, UK - Warrington, WA5 7AE Apollo Park, Charon Way Tel +44 1925 23 41 11

Belgium VBG Group Truck Equipment NV Industrie Zuid Zone 2.2 Lochtemanweg 50 BE-3580 Beringen

Tel +32 11 60 90 90 Czech Republic European Trailer Systems S.R.O. Ke Gabrielce 786 CZ-39470 Kamenice nad Lipou Tel +420 565 422 402

US Onspot of North America, Inc. 1075 Rodgers Park Dr North Vernon, IN 47265-5603 Tel +1 800 224 2467

Mobile Thermal Solutions

Sweden Mobile Climate Control Group Holding AB Kungsgatan 57 SE-461 34 Trollhättan Tel +46 521-27 77 00

Mobile Climate Control Sverige AB Sikvägen 9 SE-761 21 Norrtälje Tel +46 521-27 77 00

Germany Mobile Climate Control GmbH Drescherstraße 36 DE-712 77 Renningen

Canada Mobile Climate Control Inc. 7540 Jane St. Vaughan, ON

L4K 0A6 Tel +1 905 482-2750 Mobile Climate Control Inc. 6659 Ordan Drive

Mississauga, ON L5T 1K6 Tel +1 905 482-2750 USA

Mobile Climate Control Corp. 400 S. Salem Church Road York, PA 17408 Tel +1 717 767-6531

Poland Mobile Climate Control Sp. z o.o. Ul. Szwedzka 1 PL-55-200 Oława

Tel +48 71 3013 701

China Mobile Climate Control Manufacturing/Trading Co. Ltd. No.89 (E6) Jinchuan Rd. Zhenhai, Ningbo, 315221

South Africa Mobile Climate Control Africa (Pty) Ltd. Unit 7B, Rinaldo Industrial Park 50 Moreland Drive, Red Hill 4071 Durban Tel +27 31 569 3971

India Mobile Climate Control Thermal Systems India Pvt. Ltd. Plot No. 4B

Road No.2, Phase-I KIADB Industrial Area Narasapura Kolar – 56313, Karnataka

Brazil Italytec Imex Indústria e Comércio Ltda. Av. Tânia Maria Covalenco, 481 Zona Produção Industrial I Nova Odessa, SP Tel +55 19 3471-8777

Ringfeder Power Transmission

Germany Ringfeder Power Transmission GmbH Werner-Heisenberg-Straße 18 DE-64823 Groß-Umstadt Tel +49 6078 9385-0

Ringfeder Power Transmission GmbH Zweibrücker Strasse 104 DE-66521 Neunkirchen Tel +49 6821 866 0

Czech Republic Ringfeder Power Transmission S.R.O. Oty Kovala 1172 CZ-33441 Dobrany Tel +420 377 201 511

US Ringfeder Power Transmission USA Corp. 201 Boston Turnpike Bolton, CT 06043 Tel +1 860 643-1531

Carlyle Johnson Machine, Co. LLC 201 Boston Turnpike Bolton, CT 06043 Tel +1 860 643-1531

India Rathi Transpower Pvt. Ltd. Gat No.144/145, Alandi-Markal Road Pune 412105 Tel +91 02135-698200

Ringfeder Power Transmission India Pvt. Ltd. Falcon Heights, 4th Floor, Plot No. 30, Industrial Estate, Perungudi Chennai–600096 Tel +91 44 2679 1411

China

Kunshan Ringfeder Power Transmission Co. Ltd. No. 406, Jiande Road Zhangpu 215321 Kunshan, Jiangsu Province Tel +86 512 5745 3960

Brazil

Henfel Industria Metalurgica Ltda. Major Hilario Tavares Pinheiro, 3447, Cep 14871 – 300 Jaboticabal, SP Tel +55 16 3209 3422

Poland Ringfeder Power Transmission Sp. z o.o. ul. Szyby Rycerskie 641-909 Bytom Tel +48 32 301 53 00

Australia Rathi Polybond Pty Ltd 9/56 Smith Road Springvale, 3171 Tel +61 3 9558 6922