Vestum AB

Quarterly Report • May 3, 2024

INTERIM REPORT JANUARY – MARCH 2024

Vestum AB (publ)

VESTUM Interim report January – March 2024

CONTINUED STRONG CASH FLOW

January – March 2024

• Net sales amounted to SEK 1,240 (1,278) million
• Operating profit before depreciation attributable to acquired surplus value (EBITA) amounted to SEK 86 (127) million
• Adjusted EBITA amounted to SEK 100 (119) million
• Operating profit (EBIT) amounted to SEK 10 (52) million
• Earnings per share2) before and after dilution amounted to SEK -0,09 (0,10)
• Cash flow from operating activities amounted to SEK 196 (132) million
• In January 2024, the divestment of Arctic Infra AB including subsidiaries, which was announced on December 11, 2023, was completed

Subsequent events

• In April, Vestum completed the strategic review that began in August 2023
• In April 2024, Vestum redeemed its SEK 900 mil lion bond, which was set to mature in October 2024, using bank financing and cash resources. In connection with this, Vestum has updated the existing credit facility with Danske Bank, SEB and Swedbank by adding another lender, Svensk Exportkredit, and increased the credit facility framework from SEK 1,200 million to SEK 1,800 million. The increase in the credit facility has been preceded by an amendment to the terms and conditions of Vestum's outstanding bonds 2023/2026. In summary, the refinancing ensures that no credit facilities or bonds are due to mature in 2024 or 2025

8.1 %

Adjusted EBITA margin January - March 2024

151 %

Cash conversion, January - March 2024

2.5x Net financial debt/ EBITDA March 2024, R12

Vestum in summary

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Net sales	1,240	1,278	5,724	5,762
EBITA 1)	86	127	581	623
EBITA margin % 1)	7.0	10.0	10.2	10.8
Adjusted EBITA 1)	100	119	604	622
Adjusted EBITA margin % 1)	8.1	9.3	10.5	10.8
EBITA per share before dilution, SEK 1)	0.23	0.34	1.55	1.66
Earnings per share before/after dilution, SEK 2)	−0.09	0.10	0.08	0.28
Operating profit (EBIT)	10	52	276	318
Cash flow from operation activities	196	132	698	634
Operating cash flow 1)	210	165	869	824
Cash conversion % 1)	151	92	109	98

1) See pages 21-22 for defini tions and reconciliation of alternative performance measures

-

2

This report is a translation of the Swedish original. In the event of discrepancies, the Swedish version shall prevail.

2) Attributable to remaining operations and Parent company´s shareholders

COMMENTS BY THE CEO

The first quarter has resulted in slightly lower net sales and profitability levels compared to the same period last year. Vestum generated net sales of SEK 1,240 million and an adjusted EBITA of SEK 100 million, corresponding to an adjusted EBITA margin of 8.1%. Cash flow continued to develop very strongly, with an operating cash flow of SEK 210 million, equivalent to a cash conversion of 151%. Free cash flow per share grew by 96% during the quarter. The net financial debt remained unchanged of 2.5x, which is within our financial target. The first quarter is seasonally the smallest quarter for Vestum due to weather and the number of working days.

Particularly strong development within the Water segment

Demand for our products and services has generally been slightly lower than the previous year, with organic growth at -3.5%. This was partly influenced by seasonal effects, as Easter fell in March this year compared to April the previous year, as well as strong comparative figures. The difference in results between the first quarter of 2024 and 2023 has been affected by non-recurring items of total SEK 22 million, of which SEK 14 million occurred in the first quarter of 2024. These items are primarily related to restructuring costs associated with office relocation and reorganization in January 2024. The group generated an adjusted EBITA of SEK 100 million in the first quarter, compared to SEK 119 million in the same period last year.

In the Water segment, we offer specialised products that enhance water infrastructure and enable the optimisation of energy and water consumption. The development has been very strong, with organic EBITA growth of 39%, and the EBITA margin reached 19.8%, compared to 17.4% in previous year. This growth was mainly driven by the UK market, where water levels have been high, benefiting our product range. We expect continued positive development within this segment in the coming quarters.

The Services segment offers installations and products that contribute to reducing energy consumption in properties. Demand has continued to decrease, and we are currently at historically low levels. However, the segment maintains stable margins, generating an EBITA margin of 7.8% compared to 8.1% in the previous year. We see glimpses of increased investment willingness towards the second half of 2024 and note that a reduced interest rate would benefit the segment.

In the Infrastructure segment, we provide specialised work in selected parts of the infrastructure where investment needs are significant. Volumes have generally remained stable, but profitability has been lower in certain areas. The segment achieved an EBITA margin of 6.0% compared to 10.4% in the previous year. The lower profitability is partly due to

some operations being between project completion and project start, and partly due to seasonal effects, as well as strong comparative figures. During the quarter, we secured several significant projects related to railway work and urban infrastructure maintenance, and we anticipate a recovery in margins throughout the year.

Our efforts to strengthen cash flow continue, and we achieved robust growth in operating cash flow during the first quarter. Operating cash flow amounted to SEK 210 million, equivalent to a cash conversion of 151%, and over the past twelve months, operating cash flow reached SEK 868 million, corresponding to a cash conversion of 109%. With strong cash flow, we managed, despite lower profits, to reduce the net financial debt including contingent considerations relative to EBITDA from 2.8x to 2.7x between the fourth and first quarter.

Completed strategic review and ready to pursue acquisitions

The strategic review was completed after the quarter's end, and we are now stronger, more specialised, and with a new capital structure featuring a significantly higher proportion of bank financing, ready to once again pursue acquisitions. We are focusing on growing the Water segment and see good opportunities to execute strategically important acquisitions primarily in the UK market.

We continue to see uncertainty regarding the economy, and the focus for 2024 is to continue improving cash flow and maintain profitability at good levels, while acquisitions are expected to contribute to growth.

The long-term demand for our services and products in infrastructure is driven by increased demand for infrastructure investments that meet new and higher requirements for accessibility, capacity, and sustainability. We feel confident in our ability to generate stable profitable growth over time.

Simon Göthberg

CEO, Vestum AB (publ)

ABOUT VESTUM

Vestum consists of more than 60 niche companies with 1,800 employees providing services and products to the infrastructure sector. We specialise in sustainable development and, through our robust presence in the United Kingdom and Scandinavia, have a strong position in the Northern European market.

We develop and acquire niche companies with proven business models, sustainable competitive advantages, and strong local presence within the segments of Water, Services, and Infrastructure. Vestum's business model is based on decentralised governance, strong industry and customer focus, and entrepreneurial drive. Our ambition is to grow and become the leading Northern European industrial group in providing specialised services and products for a sustainable infrastructure.

With a clear focus on business development and sustainability as driving forces, we are developing and constructing a climateadapted, more sustainable, and vital infrastructure that meets the needs of tomorrow. Through long-term commitment and a commitment to acting responsibly throughout the value chain, Vestum contributes to sustainable development and long-term value creation.

Vestum´s share is traded on Nasdaq Stockholm, Mid Cap, with the shortname VESTUM. See further information on page 19, Owners.

Development per quarter

Note: Reported figures are not adjusted according to IFRS 5 1) The decrerase in revenue in Q1 2023 and Q4 2023 is driven by divested operations.

FINANCIAL TARGETS

Vestum´s overall target is to create longterm profitable growth by acquiring and developing high-quality companies with good cash flows and strong market positions

Profit Growth

Vestum´s target in the medium term is to generate an average annual growth in EBITA per share of at least 15.0 percent

Profitability

Vestum´s target in the medium term is to achieve an EBITA margin of at least 12.0 percent

Capital structure

The financial net debt in relation to EBITDA shall be maximum 2.5x

Dividend policy

Vestum´s dividend policy is that all profits and available cash flows will be re-invested in the business and/or used for new acquisitions

²⁰²⁴ VESTUM´S SUSTAINABILITY WORK

Vestum's quarterly reporting describes selected parts of the work being carried out to ensure Vestum achieves its short-term and long-term sustainability goals, as well as providing a picture of Vestum's progress.

Internal sustainability reporting

During the first quarter, Vestum expanded the sustainability reporting conducted internally within the group. Starting this quarter, our companies report their greenhouse gas emissions in scope 1 and scope 2 every quarter, as well as additional selected social metrics. By conducting reporting quarterly, we aim to capture negative trends or potential misreporting at an early stage, enabling us to enhance the quality of our sustainability efforts. Additionally, our goal with more frequent sustainability reporting is to ensure that the data we collect and disclose externally is accurate and fair.

Workplace environment

Regarding work-related injuries, there has been no significant change compared to the corresponding quarter of the previous year. During the first quarter of 2024, the Lost Time Injury Frequency Rate (LTIFR)1) amounted to 2.1. For the same quarter of the previous year, the LTIFR was 2.4. The first quarter tends to be more accident-prone than the other quarters, and many of these accidents, especially slip accidents, are linked to the colder months.

1) Managers in the Vestum Group refers to employees at Group level with personnel or functional responsibilities as well as the CEO and CFO of Vestum´s operating companies. A serious accident refers to work-related accidents that lead to at least one day of medical leave. LTIFR (Lost Time Injury Frequency Rate) refers to the number of accidents that led to at least one day of sick leave per 200,000 hours worked.

Skills recruitment

During the first quarter, we provided 21 internship and apprenticeship positions. In the corresponding quarter of the previous year, we provided 65 internship and apprenticeship positions. This decrease is partly explained by Vestum divesting certain companies that previously offered many internship and apprenticeship positions, and partly by the fact that Vestum's remaining companies have offered fewer internship and apprenticeship positions than the previous year. Vestum's short-term goal is to provide 400 internship and apprenticeship positions between 2023 and 2026. At the end of this quarter, Vestum had provided 157 positions, which indicates that we are aligned with our objective.

Gender equality

Gender distribution as of March 31, 2024

Gender equality

Regarding gender equality, the gender distribution within the group is consistent with the gender distribution reported at the end of the corresponding quarter of the previous year.

SUSTAINABILITY TARGETS

Climate

• By 2026, Vestum shall reduce CO2e-emissions by 25%
• By 2040, Vestum shall have net-zero climate impact

Biodiversity

• By 2026, Vestum shall have mapped its impact on biodiversity
• By 2040, Vestum shall reach net zero impact on biodiversity

Work environment

• By 2026, Vestum shall establish a groupwide structure and culture that both ensures accurate reporting of incidents and accidents, and encourages individual employees to speak up if the workplace is perceived as unsafe
• By 2040, Vestum shall eliminate serious work accidents

Gender equality

• By 2026, at least 35% of Vestum managers shall be female and at least 15% of total employees in the Group shall be female
• By 2040, Vestum shall have an even gender distribution

Skills recruitment

• By 2026, Vestum shall have provided at least 400 internship and appren- tice- ship positions
• By 2040, Vestum shall have provided at least 1,000 internship and apprentice-ship positions

THE VESTUM GROUP´S DEVELOPMENT

Comments on the Vestum Group´s development refer to the remaining operations unless otherwise is stated.

Net sales

The Group's net sales for the first quarter amounted to SEK 1,240 (1,278) million, which is a decrease of 2.9% compared to the same period last year. The organic decrease of net sales was SEK 45 million, 3.5%. Acquired net sales had a positive effect of SEK 6 million, and exchange rate effects was SEK 1 million.

Seasonality

Vestum's activities are affected by seasonality due to weather conditions and number of working days. The Group's diversified struc ture, regarding both market offering and geographical presence, limits exposure to seasonality to some extent.

Earnings

Profit before amortisation and write-downs of acquired surplus value (EBITA) for the first quarter amounted to SEK 86 (127) million which corresponds to an EBITA margin of 7.0% (10.0%). Adjusted EBITA amounted to SEK 100 (119) million which corresponds to an adjusted EBITA margin of 8.1% (9.3%). Operating profit (EBIT) amounted to SEK 10 (52) million.

Extraordinary items that are adjusted in EBITA affected the quarter by SEK -14 (9) million. These consisted of restructuring costs of a one-off nature in form om reorganization and office relocation. Net financials for the first quarter amounted to SEK -47 (-9) million of which interest costs for loans and leasing amounted to SEK 50 (58) million. Other change in net financials refers to decreased exchange rate gains. The periods profit after tax for remaining operations amounted to SEK -35 (39) million, which corresponds to a profit per share attributable to remaining opera tions and the Parent company's shareholders before and after dilution of SEK -0.09 (0.10).

Cash flow

Cash flow from operating activities during the first quarter amounted to SEK 196 (132) million, of which changes in working capital amounted to SEK 78 (1) million. The operating cash flow amounted to SEK 210 (165) million, which cor responds to a cash conversion of 151% (92%). The Group's working capital varies over the quarters, mainly due to fluctuations in the items ongoing projects, accounts receivable and accounts payable. The release in working capital in the first quarter was primarily driven by reduced accounts receivable, which were partially offset by reduced accounts payable.

EBITA SEK million

Net sales per segment, Q1 2024

SEGMENT WATER

The Water segment consists of market-leading niche companies focused on improving water infrastructure. The businesses are characterised by structural growth and specialise in pump technology, irrigation systems, water filters, and drilling equipment.

Our market

Customers in this segment include both public clients in need of water pumping for various infrastructure facilities such as sewage sys tems and water supply, property owners and HVAC (Heating, Ventilation, and Air Condition ing) operators in need of water distribution and wastewater management, and industrial companies requiring water filters, water pumps, and irrigation systems for various applications. A significant portion of the seg ment consists of product sales of water pumps, drilling equipment, water filters, and irrigation systems. By offering pumps and irrigation sys tems that reduce customers' energy consump tion and water usage, Vestum contributes to reducing climate impact and promoting a more sustainable societal development.

Development during the period

Net sales for the first quarter amounted to SEK 215 (176) million.

EBITA for the first quarter amounted to SEK 43 (31) million, corresponding to an EBITA margin of 19.8% (17.4%).

Water delivered strong sales and profitability during the period, mostly driven by the British operations who benefited from extreme weather in form of floods. Water levels remain high, which drives demand for the segment´s products. Sales also grew in the Nordic market.

Net sales Q1 SEK million

215

Earnings development

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Net sales	215	176	777	737
EBITA	43	31	154	142
EBITA-margin %	19.8	17.4	19.9	19.3

%

EBITA margin Q1

19.8

Net sales per quarter SEK million

EBITA per quarter SEK million

²⁰²⁴ SEGMENT SERVICES

The Services segment offers specialised services and products for primarily private and public property owners. The segment has a strong local presence in the Nordic region.

Our market

The product and service offerings primarily consist of installation and maintenance in areas such as HVAC, electricity, ceiling systems, climate control, and technical insulation. The end customers are mainly private and municipal property owners in need of adaptation to meet increased environmental and accessibility requirements, as well as energy efficiency. By offering services and products that reduce customers' energy consumption and climate impact, Vestum contributes to sustainable societal development.

Development during the period

Net sales for the first quarter amounted to SEK 415 (505) million.

EBITA for the first quarter amounted to SEK 32 (41) million, corresponding to an EBITA margin of 7.8% (8.1%).

Demand and profitability in the first quarter was weaker than the same period prior year, driven to some extent by seasonal effects due to earlier Easter in 2024 than 2023, but also by a somewhat weaker market for the segment´s operations.

415

Earnings development

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Net sales	415	505	1,789	1,880
EBITA	32	41	178	187
EBITA-margin %	7.8	8.1	10.0	10.0

%

7.8

EBITA margin Q1

Net sales per quarter SEK million

EBITA per quarter SEK million

SEGMENT INFRASTRUCTURE

The Infrastructure segment offers specialised work within railway, water & sewage, and other infrastructure.

Our market

The segment primarily consists of specialists performing railway services, courtyard reno vations, foundation work, concrete renova tions, as well as product sales of moisture pro tection and sewage treatment systems. The end customers are mainly public clients, but also private entities investing in and maintain ing various parts of the infrastructure. The segment contributes to sustainable societal development through a wide range of ser vices that for example enable transportation with reduced climate impact.

Development during the period

Net sales for the first quarter amounted to SEK 610 (596) million.

EBITA for the quarter amounted to SEK 37 (62) million, corresponding to an EBITA margin of 6.0% (10.4%).

Infrastructure delivered sales in the first quarter in line with the same period prior year. Profitability was partly affected by the fact that some operations were between closing of projects and start of new projects, and partly by seasonality as well as a short-term challenging market development to some extent through increased competition. In the medium term, however, we see a strongly growing market that we look forward to, with confidence, with the segment´s wellequipped operations.

Net sales Q1 SEK million

610

% 6.0

EBITA-marginal Q1

Earnings development

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Net sales	610	596	3,158	3,144
EBITA	37	62	323	349
EBITA-margin %	6.0	10.4	10.2	11.1

596 829 834 886 Q1 -23 Q2 -23 Q3 -23 Q4 -23 Q1 -24610

SEK million

Net sales per quarter

EBITA per quarter SEK million

2024 Investments

The Group's investments during the first quarter excluding acquisitions amounted to SEK 7 (16) million. Paid contingent consideration regarding previous years acquisitions amounted to SEK 11 (33) million in the first quarter.

Financial position and liquidity

Equity at the end of the period amounted to SEK 3,924 (4,057) million. Equity in the Parent company amounted to SEK 4,328 (4,402) million.

The Group's cash and cash equivalents at the end of the period amounted to SEK 457 (345) million.

The interest-bearing liabilities, including lease liabilities, amounted to SEK 2,442 (2,450) at the end of the period. At the end of the quarter, the Group had a net financial debt, defined as interest-bearing liabilities less cash and cash equivalents, of SEK 1,985 (2,105) million. The net financial debt in reported EBITDA was 2.5x.

Total contingent consideration liability amounted to SEK 196 (207) million at the end of the period. The current liability of the total contingent consideration liability amounted to SEK 135 million. For more information, see the section Acquisitions and divestments. Total

liabilities amounted to SEK 4,179 (4,322) million as of March 31, 2024.

At the end of the quarter, Vestum had outstanding bonds of SEK 1,500 million. Bonds of SEK 900 million, due in October 2024 and with a variable interest rate of 3 months' STIBOR plus 415 basis points, were redeemed after the end of the quarter. See further section Significant events after the end of the period. The remaining bonds of SEK 600 million mature in April 2026 and run with a variable interest of 3 months STIBOR plus 637.5 base points.

The bonds are reported in the item Long-term and Short-term interest-bearing liabilities in the balance sheet.

After the end of the period, Vestum updated the existing credit facility with Danske Bank, SEB and Swedbank by adding another lender, Svensk Exportkredit, as well as raised the facility's framework from SEK 1,200 million to SEK 1,800 million. See section Significant events after the end of the period.

Staff

The number of full-time employees for the remaining operations as of March 31, 2024 amounted to 1,733 (1,792) people.

Parent company

The Parent company's net sales during the first quarter amounted to SEK 5 (4) million. Operating profit amounted to SEK -21 (-17) million. Net financial items amounted to SEK -53 (-33) million and consisted of interest costs of SEK 60 million, which are met by increased interest income. Profit for the period amounted to SEK -74 (-50) million and the decrease was mainly due to increased interest expense and costs of one-off nature.

The balance sheet total as of March 31, 2024, amounted to SEK 7,809 (7,586) million, of which equity amounted to SEK 4,328 (4,402) million. Cash and cash equivalents in the Parent Company amounted to SEK 318 (230) million.

Significant event after the end of the period

In April 2024, Vestum redeemed the SEK 900 million bond due in October 2024 with bank financing and cash. In connection with this, Vestum has updated the existing credit facility with Danske Bank, SEB and Swedbank by adding another lender, Svensk Exportkredit, and increased the credit facility framework from SEK 1,200 million to SEK 1,800 million. The increase in the credit facility has been

preceded by an amendment to the terms and conditions of Vestum's outstanding bonds 2023/2026. In summary, the refinancing ensures that no credit facilities or bonds are due to mature in 2024 or 2025

In April 2024, Vestum completed the strategic review which was initiated in August 2023 and completed the divestment of the WeSCbusiness.

Related party transactions

During the period, there were no transactions between Vestum and related parties that had a significant impact on the Company´s financial position or earnings. For more information on related parties, refer to the Annual report for 2023, note 28.

Incentive program

Vestum has three incentive programs corresponding to a total of 9,920,193 warrants. The warrant programs are aimed at senior executives and key people in the Group and the portfolio companies. The warrants have been transferred on market terms at a price that was established based on an estimated market value calculated by an independent valuation institute.

Outstanding program	Number of options	Correspon ding number of shares	Redemption rate per option (SEK)	Redemption period	Maximum increase in share capital (SEK)
2021/2025	3,520,193	3,520,193	70.9	1 jan 2025 - 31 mar 2025	1,161,664
2022/2025	3,650,000	3,650,000	31.4	1 jun 2025 - 31 augusti 2025	1,216,667
2023/2026	2,750,000	2,750,000	6.46	1 dec 2026 31 dec 2026	916,667

THE GROUP´S CONSOLIDATED INCOME STATEMENT IN SUMMARY

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Remaining operations
Net sales	1,240	1,278	5,724	5,762
Total operating income	1,240	1,278	5,724	5,762
Materials and purchased services	−645	−663	−3,053	−3,072
Other external costs	−104	−114	−472	−482
Personnel costs	−347	−336	−1,414	−1,403
Other operating income	10	19	37	47
Other operating expenses	−15	−4	−26	−14
Total operating expenses and other operating income	−1,102	−1,097	−4,928	−4,924
EBITDA	139	180	796	838
Depreciation excl. acquired surplus value.	−52	−53	−215	−215
EBITA	86	127	581	623
Amortisation attributable to acquired surplus value	−76	−75	−305	−304
Operating profit (EBIT)	10	52	276	318
Financial items net	−47	−9	−217	−179
Earnings before tax	−37	43	59	140
Income tax	3	−4	−29	−36
Profit/loss for the period from continuing operations	−35	39	30	104
Profit/loss from operations held for sale and divested operations	−126	−31	−572	−476
Profit/loss for the period	−161	8	−542	−373

The income statement has been recalculated for all periods based on current accounting principles for the operations held for sale and divested operations. See page 17 for accounting principles and page 18 for the income statement in summary for the operations held for sale and divested operations.

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
The profit/loss for the period attributable to:
Parent company shareholders	−161	8	−544	−374
Non-controlling interest	0	0	2	1
Average number of shares during the period, before dilution	375,809,468	372,441,327	375,809,468	374,978,968
Average number of shares during the period, after dilution	378,559,468	372,441,327	376,683,441	375,174,858
Profit/loss attributable to remaining operations and the Parent company's shareholders per share, before dilution, SEK	−0.09	0.10	0.08	0.28
Profit/loss attributable to remaining operations and the Parent company's shareholders per share, after dilution, SEK	−0.09	0.10	0.08	0.28
Profit/loss attributable to Parent company's shareholders per share, before dilution, SEK	−0.43	0.02	−1.45	−1.00
Profit/loss attributable to Parent company's shareholders per share, after dilution, SEK	−0.43	0.02	−1.44	−1.00

Consolidated statement of comprehensive income in summary

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Profit/loss for the period	−161	8	−542	−373
Other comprehensive income
Exchange differences on translation of foreign operations	29	−17	−29	−76
Total comprehensive income for the period	−132	−9	−572	−449
Total comprehensive income for the period attributable to:
Parent company's shareholders	−132	−9	−572	−448
Non-controlling interests	0	0	2	1
Total comprehensive income attributable to Parent company's shareholders, originated from:
Remaining operations	−132	2	−556	−421
Operations held for sale and divested operations	0	−11	−16	−27

THE GROUP´S CONSOLIDATED BALANCE SHEET IN SUMMARY

SEK million	31 Mar 2024	31 Mar 2023	31 Dec 2023
Assets
Intangible assets	5,475	6,296	5,522
Property, plant and equipment	228	269	236
Right of use assets	537	682	520
Financial assets	3	8	3
Deferred tax assets	6	20	6
Other non-current assets	2	1	2
Total non-current assets	6,251	7,276	6,289
Inventories	333	376	318
Accounts receivable	717	821	867
Contract assets	128	246	134
Other current assets	82	62	59
Prepaid expenses and accrued income	130	134	118
Cash and cash equivalents	457	451	345
Assets held for sale	5	635	249
Total current assets	1,853	2,726	2,090
Total assets	8,103	10,002	8,379

SEK million	31 Mar 2024	31 Mar 2023	31 Dec 2023
Equity and liabilities
Equity attributable to owners of the company	3,920	4,490	4,053
Non-controlling interests	4	3	3
Total equity	3,924	4,493	4,057
Non-current provisions	16	18	21
Non-current interest-bearing liabilities	593	2,566	590
Non-current lease liabilities	400	503	392
Deferred tax liabilities	488	565	512
Other non-current liabilities	62	173	61
Total non-current liabilities	1,558	3,826	1,575
Current provisions	2	1	2
Current interest-bearing liabilities	1,305	3	1,334
Current lease liabilities	145	177	135
Accounts payable	392	450	430
Contract liabilities	60	92	81
Other current liabilities	411	358	358
Accrued expenses and deferred income	306	322	293
Liabilities that are directly related to assets held for sale	1	279	114
Total current liabilities	2,621	1,683	2,747
Total liabilities	4,179	5,509	4,322
Total equity and liabilities	8,103	10,002	8,379

²⁰²⁴ THE GROUP´S CHANGES IN EQUITY IN SUMMARY

	Equity attributable to the Parent company´s shareholders
SEK million	Share capital	Share premium reserve	Reserves	Retained earnings incl. profit/loss for the period	Non-controlling interests	Total equity
Opening balance as of 1 January 2023	123	4,335	53	-136	3	4,377
Profit/loss for the period	-	-	-	8	0	8
Other comprehensive income for the period	-	-	-17	-	-	-17
Transfer to other reserves	-	-	-	-	-	-
Total comprehensive income	-	-	-17	8	0	-9
Total transactions with owners	3	123	-	-	-	125
Closing balance as of December 2023	125	4,458	35	-128	3	4,493
Opening balance as of 1 January 2024	125	4,460	-23	-509	3	4,057
Profit/loss for the period	-	-	-	-161	0	-161
Other comprehensive income for the period	-	-	29	-	-	29
Transfer to other reserves	-	-	0	0	-	-
Total comprehensive income	-	-	29	-161	0	-132
Total transactions with owners	-	-	-	-	-	-
Closing balance as of 31 March 2024	125	4,460	5	-670	4	3,924

THE GROUP´S CASH FLOW STATEMENT IN SUMMARY

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Earnings before tax	−37	43	59	140
Adjustment for non-cash items	129	80	581	531
Income tax paid	25	8	−73	−90
Cash flow from operating activities before changes in wor king capital	117	131	567	581
Changes in working capital
Change in inventories	−13	−29	41	25
Change in operating receivables	143	47	50	−46
Change in operating liabilities	−53	−18	39	74
Cash flow from changes in working capital	78	1	131	54
Cash flow from operating activities	196	132	698	634
Purchase and sale of intangible assets	0	0	−6	−6
Purchase aof property, plant and equipment	−7	−16	−52	−62
Purchase of subsidiaries and activities	−11	−159	−200	−348
Divestment of subsidiaries and activities	−1	0	370	371
Proceeds from other financial assets net	0	0	−1	−1
Cash flow from investing activities	−19	−175	111	−45
Proceeds from borrowings	-30	0	-746	-716
Repayments of lease liabilities	−36	−39	−143	−146
Proceeds from capital increase	-	-	2	2
Changes in other non-current liabilities	0	-	0	0
Cash flow from financing activities	−66	−39	−887	−860
Net cash flow from continuing operations	110	−82	−79	−271
Cash flow from operations held for sale and divested operations	2	−23	37	13
Net cash flow for the period	112	−105	−42	−258

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Cash and cash equivalents at the beginning of the period	345	608	451	608
Cash flow from the period	112	−105	−42	−258
Exchange rate difference in cash and cash equivalents	-	−2	2	-
Cash and cash equivalents from operations held for sale	-	−50	44	−6
Cash and cash equivalents at the period ned	457	451	457	345
Cash flow regarding interest
Interest paid	−43	−47	−189	−193
Interest received	4	2	16	14

The cash flow statement has been recalculated for all periods based on current accounting principle for operations held for sale. See page 17 for accounting principles and page 19 for a summarized cash flow statement for the operations held for sale and divested operations.

SEGMENT REPORTING

Vestum divides its operations into three segments: Water, Services and Infrastructure. These three segments complete each other, both over a business cycle and seasonally.

lio company was part of the Vestum Group. The segments have been recalculated in accordance to IFRS 5, to describe the continuing operations.

The tables below only include the financial outcome for the periods in which each portfoCost for Group functions refers to group management, IT, legal, M&A and group finance

functions. Costs related to operating group functions, such as division managers and business control, have been distributed to each segment.

All segment´s have revenue recognition at a point in time, and over time.

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Net sales per geographic market
Sweden	1,007	1,081	4,833	4,907
Other countries	233	197	891	855
Total net sales	1,240	1,278	5,724	5,762

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Net sales per segment
Water	215	176	777	737
Services	415	505	1,789	1,880
Infrastructure	610	596	3,158	3,144
Total net sales	1,240	1,278	5,724	5,762

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
EBITA per segment
Water	43	31	154	142
Services	32	41	178	187
Infrastructure	37	62	323	349
Group functions	−11	−15	−52	−56
Adjusted EBITA	100	119	604	622
Adjustments	−14	9	−22	1
EBITA	86	127	581	623
Amortisation attributable to acquired surplus value	−76	−75	−305	−304
Operating profit (EBIT)	10	52	276	318
Financial items net	−47	−9	−217	−179
Earnings before tax	−37	43	59	140

THE PARENT COMPANY´S INCOME STATEMENT

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Net sales	5	4	17	17
Total operating income	5	4	17	17
Other external expenses	−5	−9	−29	−33
Personnel costs	−8	−12	−41	−45
Other operating income	0	0	0	0
Other operating expenses	−12	0	−15	−3
Depreciation	0	−1	−2	−2
Total operating expenses and other operating
income	−25	−21	−87	−83
Operating profit/loss	−21	−17	−70	−66
Financial items net	−53	−33	−190	−170
Appropriations	-	-	278	278
Earnings before tax	−74	−50	18	42
Income tax	-	-	−33	−33
Profit/loss for the period	−74	−50	−15	9

The Parent company report on comprehensive income in summary

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Profit/loss for the period ant total	-74	-50	-16	9
comprehensive income for the period

THE PARENT COMPANY´S BALANCE SHEET

SEK million	31 Mar 2024	31 Mar 2023	31 Dec 2023
Assets
Intangible assets	2	2	2
Tangible assets	2	8	6
Financial assets	6,098	5,961	6,043
Non-current intercompany liabilities	824	172	734
Total non-current assets	6,925	6,143	6,785
Current intercompany receivables	558	470	565
Other current receivables	4	4	1
Prepaid expenses and accrued income	4	5	5
Cash and cash equivalents	318	316	230
Total current assets	884	795	801
Total assets	7,809	6,938	7,586
Equity and liabilities
Equity attributable to owners of the company	4,328	4,342	4,402
Total equity	4,328	4,342	4,402
Untaxed reserves	99	46	99
Non-current interest-bearing liabilities	593	1,486	590
Other non-current liabilities	171	111	20
Total non-current liabilities	764	1,597	610
Current intercompany liabilities	1,152	768	978
Current interest-bearing liabilities	1,305	-	1,334
Accounts payable	4	7	4
Other current liabilities	126	155	126
Accrued expenses and deferred income	32	23	33
Total current liabilities	2,618	953	2,475
Total liabilities	3,382	2,550	3,085
Total equity and liabilities	7,809	6,938	7,586

ADDITIONAL INFORMATION

ACCOUNTING PRINCIPLES

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the interpretations provided by the IFRS Interpretations Committee (IFRIC) that have been adopted by the European Commission for use within the EU. The standards and interpretations applied are those adopted by the EU. The Group´s interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and RFR 1, Supplementary Accounting Rules for Groups. The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act and RFR 2, Accounting for Legal Entities. The interim report uses the same accounting principles and valuation methods as were used in the annual report for 2023.

Amounts in tables and calculations can be rounded, which means the stated total amounts are not always an exact sum of the rounded individual amounts.

From January 1, 2024, other standards, amendments and interpretations of existing standards that have not yet entered into force or been published by the IASB have also not been applied by the Group.

IFRS 5 - Divested operations and operations held for sale

During the first quarter 2024, the divestment of Arctic Infra AB, including subsidiaries (Infrastructure) were completed.

In 2023, two strategic divestments were executed. During the second quarter 2023, the sale of 20 smaller businesses within the Water segment was completed and during the fourth quarter, the divestment of 100% of the shares in Kvalitetsmark R AB (Infrastructure), Hyrex Holding AB including subsidiaries (Infrastructure), Powerstruc AB (Infrastructure) and Amsler Hiss AB (Services) were completed. In 2023, an agreement was made regarding sale of the WeSC-brand, and the divestment have been completed in April, 2024.

The income statement and cash flow statement for the companies are reported as operations held for sale and divested operations in accordance with IFRS 5.

The balance sheet for the WeSC-business are reported as Assets held for sale and Liabilities that are directly related to assets held for sale, in accordance with IFRS 5.

Due to the above, Vestum has recalculated the comparative figures for 2023 regarding the income statement and cash flow statement. The balance sheet are not recalculated but reflect the businesses that were held for sale at respective balance sheet date.

RISKS AND UNCERTAINTIES

Vestum´s main risk factors consist of market risks such as changes in the macro economic environment and/or the current competitive situation. In addition, the Group is exposed to operational risks such as project, customer and quality risks. The Group is also exposed to financial risks such as currency, interest rate, counter-party and credit risks.

The Group´s interest-bearing liabilities are to some extent exposed to floating interest rates. Increased policy interest rates affect Vestum´s floating interest rates. Vestum strives to, at all times, have a structured and efficient management of financial risks in accordance with the Group´s finance policy.

The Parent company is affected by the above risks and uncertainties through its function as

FINANCIAL ASSETS AND LIABILITIES

Contingent consideration that is valued at fair value in the balance sheet amounts to SEK 196 (207) million and is classified in level 3 according to the fair value hierarchy. The section Acquisitions and divestments presents how fair value is determined. Revaluation of the contingent consideration recorded in operating profit had an effect on the quarter result of SEK 0 (11) million. Financial assets in the form of non-current securities holdings valued at fair value in the balance sheet are classified in level 1 according to the fair value

owner of the Group´s subsidiaries. For more information on Vestum´s risks and risk management please refer to the Annual report for 2023.

hierarchy. The non-current securities holdings amount to SEK 3 (3) million. For assets and liabilities reported at amortized cost, the carrying value corresponds to its fair value since the interest rate is at par with current market interest rates, or because the item is short-term.

²⁰²⁴ ACQUISITIONS AND DIVESTMENTS

No acquisitions were made during the first quarter.

Contingent considerations

In accordance with agreements on contingent considerations, the Group must pay cash compensation linked to future earnings. The maximum non-discounted amount that may be paid to the previous owners amounts to SEK 232 million. The likely outcome of the contingent consideration is based on the Group´s forecast of future development and earnings in each entity. Total contingent consideration liability amounts to SEK 196 million. During 2024, contingent consideration of SEK 11 million was paid. Paid and revalued contingent

consideration had a impact of SEK 0 (11) million on the period´s result, which is reported in Other operating income and Other operating expenses in the income statement. The current part of the liability amounts to SEK 135 million and the likely timing for settlement of this is the second/third quarter of 2024. The fair value of the contingent consideration is at level 3 in the fair value hierarchy. Contingent consideration liability are reported as Other current liabilities and Other non-current liabilities in the balance sheet.

Divested operations and operations held for sale

In 2023, two strategic divestments were made, see further information under Accounting principles. During the first quarter 2024, the divestment of Arctic Infra AB including subsidiaries (Infrastructure), that was announced in the fourth quarter 2023, was completed. Received payment for Arctic Infra AB amounted to SEK 20 million. The sale resulted in a reported realised loss of SEK 131 million.

Operations held for sale refer to the WeSC brand. The divestment is agreed and in April 2024, completed.

The income statement and cash flow statement for these companies are reported as operations held for sale and divested operations in accordance with IFRS 5. The balance sheet for the WeSC-business are reported as Assets held for sale and Liabilities that are directly related to assets held for sale.

Change in contingent consideration liability

SEK million	31 Mar 2024	31 Mar 2023	31 Dec 2023
Opening balance	207	399	399
Acquisitions during period	-	75	75
Paid contingent consideration	-11	-33	-223
Revaluation via operating profit	-	-11	-11
Exchange rate difference	0	0	0
Departs: Operations held for sale	-	-33	-33
Closing balance at period end	196	396	207

Profit/loss attributable to divested operations SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Revenue	2	356	945	1,300
Costs	0	-386	-1,020	-1,406
Profit/loss before tax	2	-31	-74	-106
Income tax	0	0	-5	-5
Profit/loss from divested operations	2	-31	-79	-111
Profit/loss from sales of operations	-128	0	-493	-365
Total profit/loss from divested operations	-126	-31	-572	-476
Attributable to:
Parent company shareholders	-126	-31	-572	-476
Profit/loss attributable to Parent company´s shareholders per share, before dilution, SEK	-0.34	-0.08	-1.52	-1.27

Cash flow from divested operations SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Cash flow from operating activities	2	-8	79	70
Cash flow from investing activities	0	-4	-11	-15
Cash flow from financing activities	0	-11	-31	-42
Total cash flow from divested operations	2	-23	37	13

Impact of the company portfolio on the balance sheet at the point of divestment SEK million

Net assets	151
Total liabilities	-120
Current operating liabilities	-96
Current lease liabilities	-6
Other non-current liabilities	0
Non-current lease liabilities	-7
Deferred tax liabilities	-11
Non-current interest bearing liabilities	0
Total assets	271
Cash and cash equivalents	32
Current operating assets	102
Other non-current assets	0
Right of use assets	13
Property, plant and equipment	5
Intangible assets	119

Balance sheet attributable to operations held for sale SEK million	31 Mar 2024	31 Mar 2023	31 Dec 2023
Non-current assets	5	271	137
Current assets	1	364	111
Non-current liabilities	0	-85	-17
Current liabilities	-1	-194	-96
Net assets	4	356	135

OWNERS

The ten largest shareholders as of March 31 2024, according to Monitor.

Name	Number of shares	Share of total
Conny Ryk	63,541,993	17%
Anders Rosenqvist	30,000,000	8%
Handelsbanken Fonder	24,313,685	6%
Per-Arne Åhlgren	24,199,390	6%
Nordea Fonder	23,288,081	6%
Swedbank försäkring	16,504,694	4%
Simon Göthberg	13,713,164	4%
Olle Nykvist	13,600,000	4%
Olof Andersson	13,530,000	4%
Erkan Sen	13,202,991	4%
Total for the 10 largest shareholders based on no. of shares	235,893,998	63%
Total number of shares, other shareholders	139,915,470	37%
Total number of outstanding shares at the end of the period	375,809,468	100%

²⁰²⁴ PERFORMANCE MEASURES

SEK million (unless otherwise stated)	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Net sales	1,240	1,278	5,724	5,762
EBITDA 1)	139	180	796	838
EBITA 1)	86	127	581	623
Operating profit/loss (EBIT)	10	52	276	318
EBITA margin % 1)	7.0	10.0	10.2	10.8
EBIT margin %	0.8	4.1	4.8	5.5
Adjusted EBITDA 1)	153	171	819	837
Adjusted EBITA 1)	100	119	604	622
Adjusted EBITA margin % 1)	8.1	9.3	10.5	10.8
Financial net debt 1)	1,985	2,798	1,985	2,105
Financial net debt in relation to EBITDA 1)	N/A	N/A	2.5x	2.5x
Financial net debt in relation to adjusted EBITDA 1)	N/A	N/A	2.4x	2.5x
Number of employees at end of period 1)	1,733	1,792	1,733	1,787
Number of shares issued at the end of the period	375,809,468	375,809,468	375,809,468	375,809,468
Average number of shares during the period, before dilution	375,809,468	372,441,327	375,809,468	374,978,968
Average number of shares during the period, after dilution	378,559,468	372,441,327	376,683,441	375,174,858
EBITA per share, before dilution, SEK 1)	0.23	0.34	1.55	1.66
EBITA per share, after dilution, SEK 1)	0.23	0.34	1.54	1.66
Adjusted EBITA per share, before dilution, SEK 1)	0.27	0.32	1.61	1.66
Adjusted EBITA per share, after dilution, SEK 1)	0.27	0.32	1.60	1.66
Earnings per share attributable to remaining operations and Parent company´s shareholders, before dilution, SEK	−0.09	0.10	0.08	0.28
Earnings per share attributable to remaining operations and Parent company´s shareholders, after dilution, SEK	−0.09	0.10	0.08	0.28
Earnings per share attributable to Parent company´s shareholders, before dilution, SEK	−0.43	0.02	−1.45	−1.00
Earnings per share attributable to Parent company´s shareholders, after dilution, SEK	−0.43	0.02	−1.44	−1.00
Operating cash flow 1)	210	165	869	824
Cash conversion % 1)	151	92	109	98
Free cash flow 1)	152	77	496	421
Free cash flow per share, before dilution, SEK 1)	0.41	0.21	1.32	1.12

1) The alternative performance measure (APM) is an alternative performance measure according to ESMA´s guidelines. For reconciliation of APMs, see page 22 N/A: The performance measure cannot be clalculated fairly

DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES

Performance measure	Definition	Purpose
EBITDA	Earnings before taxes, financial items and depreciation of tangible and intangible fixed assets and consolidated surplus value.	EBITDA is used to measure profit/loss from operating activities, independent of depreciation.
EBITA	Operating profit before amortisation of consolidated surplus values.	EBITA is used to measure the underlying operating profit/loss before amortisation of consolidated surplus value from operating activities.
EBITA margin	EBITA as a percentage of net sales.	EBITA margin is used to put the underlying operating profit/loss before amortisation on consolidated surplus value in relation to net sales.
Rolling 12 months (R12)	Refers to the last twelve months from period end.	Rolling 12 months is used to evaluate the latest twelve-month period.
Adjustment items	Adjustment items refers to acquisition related transaction costs, revaluation of contingent consideration, restructuring costs and one-time costs.	The performance measure is used when calculating adjusted EBITDA, adjusted EBITA and adjusted EBITA margin.
Adjusted EBITDA	Refers to EBITDA adjusted with adjustment items.	Adjusted EBITDA is used by management to measure the underlying earnings development.
Adjusted EBITA	Refers to EBITA adjusted with adjustment items.	Adjusted EBITA is used by management to measure the underlying earnings development.
Adjusted EBITA margin	Adjusted EBITA as a percentage of net sales.	Adjusted EBITA margin is used to put adjusted EBITA in relation to net sales.
Financial net debt	Non-current and current interest bearing liabilities (including lease liabilities) less cash and cash equivalents.	The performance measure is used to show the size of the debt minus current cash (which in theory could be used to repay loans).

Performance measure	Definition	Purpose
Financial net debt in relation to EBITDA	Refers to financial net debt divided by EBITDA.	The performance measure can be used to assess the Group´s financial leverage.
Financial net debt in relation to adjusted EBITDA	Refers to financial net debt divided by adjusted EBITDA.	The performance measure can be used to assess the Group´s financial leverage.
Net sales growth	Refers to net sales growth for one period compared to the same period prior year.	The performance measure is used to follow up the development in net sales between two comparable periods.
Organic net sales growth	Refers to net sales growth, excluding exchange rate and acquisition effects, compared to same period prior year. Acquired companies are included in organic growth from the point they have comparison figures for the actual period.	The performance measure illustrates the underlying net sales development.
Operating cash flow	EBITDA reduced by net investment in intangible and tangible fixed assets and change in working capital.	The performance measure shows the cash flow from operations and is used when calculating cash conversion.
Cash conversion	Operating cash flow as a percentage of EBITDA.	Cash conversion is used to monitor cash generation from operations.
Free cash flow	Cash flow from operating activities (including taxes and capital costs), reduced by investments in intangible and tangible fixed assets as well as amortization of lease liabilities.	The key figure shows the cash flow that the group can use for dividends, acquisitions, and/or debt repayment.
Per share	Selected performance measures divided by a weighted average of outstanding shares during the period.	Used to display the earnings measures EBITA and Adjusted EBITA per share as well the cash flow measure Free cash flow per share.

RECONCILIATION OF ALTERNATIVE PERFORMANCE MEASURES

Vestum presents a number of performance measures that are not defined in accordance with IFRS. The Company considers these measures to provide valuable supplementary information to investors and the management as they allow an evaluation of trends and performance. As not all companies calculate these measures in the same way, they are not

always comparable with those used by other companies. These measures should therefore not be regarded as replacing measures that are defined in accordance with IFRS. Reconciliation of these measures is presented below. For definitions of performance measures, see previous page.

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Earnings measures
(A) Net sales	1,240	1,278	5,724	5,762
Operating expenses and other income	−1,102	−1,097	−4,928	−4,924
(B) EBITDA	139	180	796	838
Depreciation excl. acquired surplus values	−52	−53	−215	−215
(C) EBITA	86	127	581	623
(C/A) EBITA margin	7.0%	10.0%	10.2%	10.8%
Adjustments items:
Acquisition-related transaction costs	-	2	-	2
Impact on profit/loss from contingent consideration	-	−11	0	−11
One-time costs	14	0	22	8
Total adjustments	14	−9	22	−1
(D) Adjusted EBITDA	153	171	819	837
(E) Adjusted EBITA	100	119	604	622
(E/A) Adjusted EBITA margin	8.1%	9.3%	10.5%	10.8%
(F) Average number of shares during the period, before dilution	375,809,468	372,441,327	375,809,468	374,978,968
(C/F) EBITA per share, SEK	0.23	0.34	1.55	1.66
Net sales growth
Organic net sales growth	−45	N/A	N/A	183
Exchange rate effect	1	N/A	N/A	7
Nets sales from acquired companies	6	N/A	N/A	409
Net sales growth	−37	N/A	N/A	600

SEK million	Jan-Mar 2024	Jan-Mar 2023	Rolling 12 months	Jan-Dec 2023
Balance measures
Non-current interest-bearing liabilities	593	2,566	593	590
Current interest-bearing liabilities	1,305	3	1,305	1,334
Lease liabilities	544	680	544	526
Cash and cash equivalents	−457	−451	−457	−345
(G) Financial net debt	1,985	2,798	1,985	2,105
(G/B) Financial net debt in relation to EBITDA, times	N/A	N/A	2.5	2.5
(G/D) Financial net debt in relation to adjusted EBITDA, times	N/A	N/A	2.4	2.5
Cash flow measures
Operating cash flow
(B) EBITDA	139	180	796	838
Change in working capital	78	1	131	54
Net investment in intangible assets and property, plant and equipment	−7	−16	−59	−68
(H) Operating cash flow	210	165	869	824
(H/B) Cash conversion	151%	92%	109%	98%
Free cash flow
Cash flow from operating activities	196	132	698	634
Net investment in intangible assets and property, plant and equipment	−7	−16	−59	−68
Repayments of lease liabilities	−36	−39	−143	−146
(I) Free cash flow	152	77	496	421
(I/F) Free cash flow per share, SEK	0.41	0.21	1.32	1.12

N/A: The performance measure cannot be calculated fairly

²⁰²⁴ BOARD OF DIRECTORS AND CEO APPROVAL

The Board of Directors and the CEO ensure that the interim report gives a true and fair view of the Parent Company´s and the Group´s operations, position and results and describes the significant risks and uncertainties faced by the Parent Company and the companies that are part of the Group.

2024-05-03

Conny Ryk Board chairman

Johan Heijbel Board member

Per Åhlgren Board member

Helena Fagraeus Lundström Board member

Siri Hane Board member Anders Rosenqvist Board member

Simon Göthberg

CEO

This report has not been subject to review by the company´s auditors

This information is information that Vestum AB (publ) is obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person below for publication on May 3, 2024 at 07:00 CET

UPCOMING REPORTS

The Annual General Meeting 2024 will be held in May 17, 2024 Interim report for the second quarter 2024 will be published on August 15, 2024 Interim report for the third quarter 2024 will be published on October 25, 2024

TELECONFERENCE

On May 3, 2024 at 11:00 AM CET Simon Göthberg, CEO and Olof Andersson, CFO will present the report and answer questions via a webcasted conference call. The presentation is held in English.

Webcasting of the presentation (opportunity for written questions): https://ir.financialhearings.com/vestum-q1-report-2024/register

Teleconference (opportunity for oral questions): https://conference.financialhearings.com/teleconference/?id=50048446

The presentation slides used will be available during the webcast and will be published on Vestum´s website, https://www.vestum.se/en/ir/financial-reports/, before the start of the presentation.

FOR MORE INFORMATION, CONTACT:

Simon Göthberg, CEO: simon.gothberg@vestum.se Olof Andersson, CFO: olof.andersson@vestum.se

COMPANY ADDRESS

Vestum AB (publ) Kungsgatan 26 111 35 Stockholm E-mail: info@vestum.se Website: www.vestum.se

Company information Org nr 556578-2496 Registered office: Stockholm Vestum´s share is traded under the short name VESTUM on Nasdaq Stockholm Main Market