Kvartalsrapport Q1 2026

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===== SIDA 1 =====

Interim Report Q1 
JANUARY – MARCH 2026 
Cash flow stable – profitability still challenging 
First quarter: January - March 
• Net sales amounted to SEK 299 million (316) 
• Order intake amounted to SEK  270 million (275) 
• Order backlog amounted to SEK 1,493 million (1,238) 
• Adjusted operating profit (EBITA) amounted to SEK 0 million (-3) 
• Adjusted operating margin amounted to 0.1 percent (-0.9) 
• Profit after tax amounted to SEK 0 million (-30) 
• Adjusted profit after tax amounted to  SEK 1 million (-5) 
• Earnings per share amounted to SEK -0.03 (-1.31) 
• Adjusted earnings per share amounted to SEK 0.01 (-0.24) 
• Operating cash flow amounted to  SEK 32 million (1) 
Events during the quarter and after the end of the quarter 
• Viktor Arvidsson, new CFO Balco Group, has taken up his position during the quarter 
• Jani Backlund, new CEO of Riikku Rakenteet Oy, has taken up his position during the quarter 
 
 
 
jan-mar jan-mar apr-mar jan-dec
MSEK 2026 2025 2025/26 2025
Net Sales 298,8 315,9 1 278,0 1 295,1
Order intake 270,2 275,0 1 532,3 1 537,1
Order backlog 1 492,9 1 238,0 1 492,9 1 523,3
Adjusted operating profit (EBITA) 0,4 -2,7 18,5 15,4
Adjusted operating margin (EBITA), % 0,1 -0,9 1,4 1,2
Net result for the period -0,2 -29,6 -5,5 -35,0
Adjusted net result after tax 0,8 -5,1 -5,0 -10,8
Operating cash flow 31,8 1,2 130,2 99,7
Earnings per share, SEK before dilution -0,03 -1,31 -0,28 -1,55
Earnings per share, SEK after dilution -0,03 -1,31 -0,28 -1,55
Adjusted earnings per share, SEK, before and after dilution 0,01 -0,24 -0,25 -0,50 
"Order intake in line with the comparative quarter, while the order backlog increased by just over 20 percent 
compared to the same period last year. " 
 
"We are seeing increased activity in the renovation segment, but the turmoil in the outside world may affect 
developments going forward." 
 
 
- Camilla Ekdahl, President and CEO

===== SIDA 2 =====

2  | Balco Group Interim Report 1 January - 31 March 2026 
CEO's statement 
Order intake and earnings 
Order intake in the first quarter was on a par with the 
corresponding period last year. In the renovation segment, a 
slight increase was noted, while the new build segment 
developed weaker. The order backlog at the end of the quarter 
was just over 20 percent higher than at the same time last year, 
with growth in both renovation and new build. Order intake in 
Balco Group should be assessed over a longer period of time, 
as it may vary from quarter to quarter depending on the timing 
of larger projects. During the first quarter, no major individual 
projects were booked. Cash flow continued to develop 
positively during the quarter.  
Net sales decreased by five percent during the quarter, of 
which the currency effect had a negative impact of two 
percent. Sales increased in Sweden and Norway, while it 
decreased in Denmark and Finland as a result of lower order 
intake last year. Outside the Nordic region, sales increased.  
The forecast at the end of last year indicated that the first 
quarter would be characterised by lower sales and earnings. 
The subsequent increased uncertainty in the world has delayed 
improved developments. Profitability improved compared 
with the corresponding period last year, but remains well 
below our targets.  
The new build segment had a negative impact on profitability 
during the quarter. At the same time, parts of the renovation 
segment developed weakly in a number of companies as a 
result of lower volumes and lowered forecasts for coverage  
ratio in individual projects.  
We have implemented extensive measures, but the continued 
weak profitability and increased uncertainty in the world mean 
that work on further cost savings and other structural 
measures continues.  
Market 
The level of activity in the renovation segment in Sweden and 
Norway continues to improve, but is still below the levels 
before the outbreak of the Ukraine war. There is a significant 
underlying need for renovation, and we see that projects that 
have been postponed for several years are becoming 
increasingly urgent to implement. The need has not 
disappeared, but only been postponed.  
At the same time, customer dialogues and investment 
decisions are affected by the increased uncertainty in the 
world. All in all, this means a somewhat fragmented market 
picture and some uncertainty about future developments. 
In Denmark, we do not yet see a clear market turnaround, 
although order intake in the first quarter increased compared 
with the previous year. There is activity in the market, but 
decision-making processes and the time to possible project 
start-ups are still protracted. 
 
 
 
The Finnish new build market remains strained and shows no 
clear signs of recovery. There are still a large number of 
unoccupied apartments in the Helsinki area, which has a 
negative impact on new construction. The forecast for the 
renovation segment in Finland has been that p roject activity 
would increase slightly in 2026, which was partly confirmed in 
the first quarter. 
For other markets outside the Nordic region, the market 
situation is considered to be in line with previous assessments. 
In the UK market and in Germany, we continue to see 
significant potential in the new build segment, at the same 
time the competition is high, especially in larger projects. In 
the renovation segment in Germany, we continue to see good 
potential in the customer segments where we have a strategic 
focus. Our Finnish glazing from Riikku helps to broaden our 
offering and strengthens our position by complementing our 
premium products from Balco. 
Outlook 
Our assessment is that the trend of an increased level of 
activity in the renovation market will continue. At the same 
time, the geopolitical turmoil and its impact on material 
prices have contributed to a more subdued view of market 
developments going forward, partly as a result of increased 
inflation risk and thus the risk of higher interest rates. 
The profitability of Balco Group is not yet satisfactory, but the 
remedial work in the companies that do not achieve our 
goals continues with further cost adjustments and 
strengthened project management.  
The Board of Directors and management continuously 
evaluate the company's financial situation in relation to 
future earnings capacity and cash flow. The outcome for the 
first quarter is within the covenant levels defined in the 
waiver received until mid-year. 
 
 
Camilla Ekdahl  
President and CEO

===== SIDA 3 =====

3  | Balco Group Interim Report 1 January - 31 March 2026 
Group development  
 
First quarter: January – March 
Net sales amounted to SEK 299 million (316). Organic growth was -3 percent and 
currency effects were -2 percent. Net sales increased in Sweden and Norway but 
decreased in Finland and Denmark.  
Net sales for the renovation segment decreased to SEK 229 million (236) and net sales 
for the new build segment decreased to SEK 70 million (79). 
Order intake amounted to SEK 270 million (275). Order intake for the renovation 
segment amounted to SEK 211 million (208) and order intake for the new build segment 
amounted to SEK 60 million (67). 
The order backlog amounted to SEK 1,493 million (1,238). The order backlog for the 
renovation segment amounted to SEK 1,048 million (991) and the order backlog for 
the new build segment amounted to SEK 445 million (247).     
Adjusted operating profit (EBITA) amounted to SEK 0 million (-3), corresponding to an 
adjusted operating margin of 0.1 percent (-0.9).  
Items affecting comparability of SEK -1 million (-31) were taken in the quarter linked to 
decided and implemented structural measures in the form of restructuring of the 
organization. 
Net financial items amounted to SEK 2 million ( -4), of which SEK -0.4 million ( -0.4) 
relates to interest expenses related to rights of use (leasing) and SEK 8 million (1) is 
attributable to unrealized currency fluctuations. Interest expenses amounted to SE K -
7 million (-5) 
Profit after tax amounted to SEK 0 million (-30). Adjusted profit after tax amounted 
to SEK 1 million (-5). Earnings per share amounted to SEK -0.03 (-1.31). Adjusted 
earnings per share amounted to SEK 0.01 (-0.24). 
Operating cash flow amounted to SEK 32 million (1). The phases of the projects and 
building permit processes affect the cash flow between the quarters. 
Cash flow from operating activities before changes in working capital amounted to 
SEK -2 million (-25) and cash flow from operating activities after changes in working 
capital amounted to SEK 20 million (-45). 
Cash flow from investing activities amounted to SEK -11 million (-16), of which SEK -1 
million (-2) was replacement investments, SEK 0 million (-4) expansion investments and 
SEK -11 million (-12) reduction of long-term liabilities.  
Cash flow from financing activities amounted to SEK -6 million (-19), with the largest 
item pertaining to changes in leasing. 
Cash flow for the quarter amounted to SEK 3 million (-81).  
Depreciation amounted to SEK -12 million (-12), of which SEK -5 million (-5) relates to 
depreciation related to rights of use (leasing) and SEK -1 million (-1) relates to 
depreciation and amortization of acquired intangible assets. 
 
Net sales by geographic market, MSEK 
    
jan-mar jan-mar apr-mar jan-dec
2026 2025 2025/26 2025
Sweden 138,0             135,7             589,1             586,8            
Other Nordics 114,4             142,5             488,1             516,3             
Other Europe 46,4              37,6               200,8            192,0             
Total net sales 298,8            315,9             1 278,0          1 295,1          
 
 
 
 
Order intake by segment, MSEK 
         
 
Order backlog, MSEK 
 
 
Net sales, MSEK 
 
 
Adjusted operating profit, MSEK 
 
 
Operating cash flow R12, MSEK

===== SIDA 4 =====

4  | Balco Group Interim Report 1 January - 31 March 2026 
Financial position  
Interest-bearing net debt including lease liabilities amounted to SEK 340 million (355). 
Interest-bearing net debt including lease liabilities in relation to adjusted EBITDA 
amounted to 5.5 times (3.9). 
In December 2025, a waiver was obtained and an amendment to the current credit 
agreement, whereby the covenant levels were adjusted until June 2026. 
The Group's equity amounted to SEK 738 million (757).  
The Group's equity/assets ratio was 44 percent (47).  
 
 
Personnel 
The number of full-time employees in Balco Group amounted to 526 (562) as of the end of March 2026. The decrease is due to 
restructuring measures implemented during the past year. 
Parent company 
The Parent Company is headquartered in Växjö and conducts operations directly and through Swedish and foreign subsidiaries. 
The activities of the Parent Company are mainly focused on strategic development, financial management, corporate governance 
issues, board work and banking relations.  
Shares, share capital and shareholders 
As of the end of March 2026, the number of shares in Balco Group AB amounted to 23,021,648 shares, corresponding to a share c apital 
of SEK 138,135,310. The company has one (1) series of shares. Each share entitles the owner to one vote at the general meeti ng. The 
number of shareholders was 4,422. The four largest shareholders were Herenco AB, Ringvägen Venture AB, AB Tuna Holding and 
Swedbank Robur funds. 
 
 
 
Net sales by customer category, MSEK 
  
31-Mar 31-Mar 31-Dec
MSEK 2026 2025 2025
Non-current liabilites to credit institutions 475,1 349,6 475,0
Leasing libabilites non-current 43,2 50,3 43,8
Current liabilities to credit institutions 0,2 0,0 0,2
Leasing libabilities current 19,8 20,0 21,1
Cash and cash equivalents -198,4 -64,7 -190,0
Interest-bearing net debt incl leasing debt 339,9 355,3 350,2
Interest-bearing net debt incl leasing/EBITDA (12 months), times 5,5 x 3,9 x 6,0 x
Equity/assets ratio % 43,5            47,2 42,5
jan-mar jan-mar apr-mar jan-dec
2026 2025 2025/26 2025
Tenant-owner associations 153,0             200,0            737,9             784,8            
Private landlords 22,4              8,5                 56,5              42,7               
Publicly owned companies 17,1                6,2                 41,5               30,6              
Construction companies 106,3             101,2             442,1             437,0            
Total net sales 298,8            315,9             1 278,0          1 295,1          
External interest-bearing net debt in 
relation to EBITDA

===== SIDA 5 =====

5  | Balco Group Interim Report 1 January - 31 March 2026 
Development by segment 
Renovation 
First quarter 
Net sales decreased by 3 percent to SEK 229 million (236). The segment accounted for 77 percent (75) of total sales.  
Order intake amounted to SEK 211 million (208), corresponding to 78 percent (76) of total order intake.  
Adjusted operating profit (EBITA) amounted to SEK 3 million ( -5), corresponding to an adjusted operating margin of 1.2 percent 
(-1.9).  
The order backlog amounted to 1,048 (991), corresponding to 70 percent (80) of the total order backlog. 
 
 
 
New build 
First quarter 
Net sales amounted to SEK 70 million (79). The segment accounted for 23 percent (25) of total sales.  
Order intake amounted to SEK 60 million (67), corresponding to 22 percent (24) of total order intake.  
Adjusted operating profit (EBITA) amounted to SEK -2 million (2), corresponding to an adjusted operating margin of -3.0 percent 
(2.8).  
The order backlog amounted to SEK 445 million (247), corresponding to 30 percent (20) of the total order backlog. 
 
    
jan-mar jan-mar apr-mar jan-dec
Renovation, MSEK 2026 2025 2025/26 2025
Net Sales 228,9 236,4 978,1 985,6
Adjusted operating profit (EBITA) 2,7 -4,6 18,5 11,2
Adjusted operating margin (EBITA), % 1,2 -1,9 1,9 1,1
Order intake 210,6 208,0 1 013,4 1 010,7
Order backlog 1 048,3 991,1 1 048,3 1 059,5
jan-mar jan-mar apr-mar jan-dec
New Build, MSEK 2026 2025 2025/26 2025
Net Sales 69,9 79,4 299,9 309,4
Adjusted operating profit (EBITA) -2,1 2,2 0,7 5,0
Adjusted operating margin (EBITA), % -3,0 2,8 0,2 1,6
Order intake 59,5 67,0 519,0 526,5
Order backlog 444,6 246,9 444,6 463,8

===== SIDA 6 =====

6  | Balco Group Interim Report 1 January - 31 March 2026 
Operations and segment description 
Balco Group is a market  leader in the balcony industry and offers a range of services, from development and manufacturing to 
sale and installation of in-house manufactured open and glazed balcony systems. Balco has a unique method, known as the Balco 
method, for delivering glazed balconies and balcony solutions. The method involves removing existing balconies and replacing 
them with new, larger glazed balconies with a lifesp an of over 90 years, which provides the market's most economical and 
sustainable solution. 
To offer complete and customized solutions in the balcony industry, Balco Group has several subsidiaries that work together to  
offer a complete solution in areas such as the manufacture and delivery of balconies, masonry and tile services, technical solutions 
and façade services such as renovation, window replacement and façade cleaning. Balco Group strives to meet the customer's 
needs and requirements by offering a combination of specialized services and expertise. Balco Group's offering contributes to  
increased quality of life, security and value increase for residents in apartment buildings and provides energy savings of up to  30 
percent. The Group takes full responsibility for the project and guides the customer through the entire process from project 
planning to final inspection and service. 
Segment - Renovation  Segment - New Build 
 
 
 
Brf Ludvigsberg in Sundsvall, Sweden  Joseph Lancaster Nursery in London, UK 
The segment includes the replacement and expansion of 
existing balconies, mainly glazed balconies. The main driver is 
the pent -up need for renovation and the age profile of the 
properties. The offer also includes façade renovation. 
 The segment includes balconies in the construction of multi -
dwelling properties and balcony projects in the maritime 
market. Demand is driven by the pace of new housing 
production. The offering also includes façade work in new 
construction. 
 
Sales development by quarter, MSEK  Operating margin per quarter, % 
 
 
 
Sustainability 
Sustainability is a prerequisite for long-term profitability for Balco Group. By focusing on sustainability, we can create a 
strong brand, increase customer trust and improve our competitiveness in the long term.  
The risk rating according to Sustainalytics was raised/deteriorated marginally to 17.5 (17.2), which means that we are among 
the 5 percent with the lowest risk rating in our industry "Building Products".

===== SIDA 7 =====

7  | Balco Group Interim Report 1 January - 31 March 2026 
 
Other information 
Seasonality 
Balco Group's sales and earnings are partly affected by the timing of orders, seasonal variations and the fact that the gener al meeting 
season in tenant -owner associations normally falls in the second and fourth quarters. Furthermore, the Group is positive ly affected by 
months with many working days and lack of time off, as well as negatively  affected by weather factors where winters with significant 
snowfall mean increased costs.  
Related party transactions 
The related parties consist of the Board of Directors, Group Management and the CEO, partly through ownership in Balco and pa rtly 
through the role of senior executive. The related parties also include the company's largest shareholder, the Hamrin family, which is 
represented on the Board of Directors by Carl-Mikael Lindholm, and during part of the quarter also Skandrenting, which was represented 
on the Board of Directors by Johannes Nyberg. Transactions with related parties are carrried out on a market basis. For further information, 
see the Annual Report 2025 on pages 79 and 99. 
Incentive program  
Balco Group has a long -term incentive program aimed at the company's senior executives and additional key employees, a total of 
approximately 30 employees. The incentive program comprises a maximum of 230,000 warrants in total, which entitles the holder  to 
subscribe for a maximum of the corresponding number of shares. Balco Group's total cost for the incentive program during the term of 
the program is expected to amount to approximately SEK 1 million. The program entails a dilution corresponding to approxim ately 1 
percent of the company's total number of shares. The senior executives of Balco have acquired 60,000 warrants amounting to a total 
value of SEK 248,400. The purpose of the incentive programs is to encourage broad share ownership among Balco Group's  employees, 
facilitate recruitment, retain competent employees and increase motivation to achieve or exceed the company's financial targets. For more 
information, see the Annual Report 2025 on pages 45, 78 and 113.   
Risks and uncertainties  
The Group and the Parent Company are exposed to various types of risks through their operations. The risks can be divided into industry- 
and market-related risks, business-related risks, financial risks, regulatory risks and sustainability risks. Industry - and market-related risks 
include, among other things, changes in demand as a result of a weaker economy or other macroeconomic changes, changed prices for 
raw materials that are central to Balco Group's production, and  changes in competition or price pressure. Business-related risks include 
Balco Group's ability to develop and sell new innovative products and solutions, that the Group is able to attract and retain  qualified 
employees, and that Balco Group's profitability is dependent on the results of the individual projects, i .e. the Group's ability to predict, 
calculate and deliver the projects within set financial frameworks. The financial risks are summarized under currency risk, f inancing and 
liquidity risk, credit risk and interest rate risk. Regulatory risks include, among other things, the impact of political decisions on the business, 
changes in accounting standards, as well as disputes and legal uncertanties. Sustainability-related risks include, for example, changes in 
the surrounding world and the company's climate impact. Balco Group's risks and uncertainties are described on pages 31–36, 42, 51, 59, 
87–88, 91 and 94 of the Annual Report for 2025.  
Outlook 
Balco Group is one of the few complete balcony suppliers on the market that provides customized and innovative balcony solutions on a 
turnkey contract. Balco Group is the market leader in the Nordic region and has a challenger position in the other markets  where the 
Group operates. The market is fragmented and growing throughout Northern Europe. The value of the balcony market in the count ries 
where Balco Group is represented is estimated at just over SEK 40 billion. 
Our assessment is that the trend of an incipient recovery in the renovation market will continue, however, the geopolitical turmoil and 
its impact on material prices may have an inhibiting effect. The recovery in the new build segment is expected to take longer. 
The profitability of Balco Group is still not satisfactory, which is why new cost-cutting programs are being implemented. The Board of 
Directors and management continuously evaluate the company's financial situation against future earnings capacity and cash flow. A 
waiver has been obtained until mid-year with temporarily higher covenants.   
Events during the quarter and after the end of the quarter 
Viktor Arvidsson, new CFO of Balco Group, and Jani Backlund, new CEO of Riikku Rakenteet Oy, have taken up their positions during the 
quarter.

===== SIDA 8 =====

8  | Balco Group Interim Report 1 January - 31 March 2026 
Financial targets 
Revenue growth 
Balco Group´s net sales shall grow by 10 percent annually during a business cycle 
Profitability  
Earnings per share shall grow by 20 percent annually over a business cycle 
Capital structure 
Interest-bearing net debt shall not exceed 2.5 times operating profit before depreciation and amortisation (EBITDA), other than 
temporarily 
Dividend policy  
Balco Group shall distribute 30 –50 percent of profit after tax, taking into consideration the needs of Balco Group's long -term 
growth and prevailing market conditions 
 
 
The interim report has not been subject to a review according to ISRE 2410 by the company's auditors. 
 
This information is information that Balco Group AB is obliged to make public pursuant to the EU Market Abuse Regulation.  
The information was submitted for publication, through the agency of the contact persons set out below, at 13:00 CET on April 27, 2026. 
 
Växjö, 27 April 2026 
Camilla Ekdahl 
President and CEO 
 
 
 
 
 
  
Web conference 
A webcasted conference will be held on April 27, 2026 at 14:00 CET where President and CEO Camilla 
Ekdahl and CFO Viktor Arvidsson will present the report and answer questions.  
To follow the webcast and submit written questions, please use this link:   
https://www.finwire.tv/webcast/balcogroup/q1-2026/ 
 
To participate via telephone conference and to be able to ask oral questions, please dial:  
 
Phone: +46 8 5050 0829 
PIN: 847 3084 7445 # 
For further information, please contact: 
Camilla Ekdahl, President and CEO, Tel: +46 70 606 30 32, camilla.ekdahl@balco.se  
Viktor Arvidsson, CFO and Head of IR, Tel: +46 70 864 92 23, viktor.arvidsson@balco.se   
Calendar 2026/2027  
Annual General Meeting 2026 ......... May 5, 2026 
Interim Report Jan-Jun 2026 ............ July 14, 2026 
Interim Report Jan-Sep 2026 ........... October 26, 2026 
Year-end report 2026.........................  February 8, 2027

===== SIDA 9 =====

9  | Balco Group Interim Report 1 January - 31 March 2026 
Consolidated statement of comprehensive income 
 
 
  
jan-mar jan-mar apr-mar jan-dec
MSEK 2026 2025 2025/26 2025
Net sales 298,8 315,9 1 278,0 1 295,1
Production and project costs -251,0 -310,5 -1 076,1 -1 135,6
Gross profit 47,8 5,3 202,0 159,4
Sales costs -27,4 -27,7 -105,7 -105,9
Administration costs -22,2 -22,6 -84,4 -84,8
Other operating income 0,2 9,8 3,3 12,9
Other operating expenses 0,0 0,0 -0,4 -0,4
Operating profit -1,6 -35,2 14,9 -18,7
Finance income 9,8 2,3 12,2 4,7
Finance costs -8,3 -6,4 -35,4 -33,5
Result before tax -0,1 -39,2 -8,3 -47,5
Income tax -0,1 9,6 2,8 12,5
Net result for the period -0,2 -29,6 -5,5 -35,0
Net result attributable to parent company´s shareholders -0,7 -30,0 -6,4 -35,8
Net result attributable to non-controlling interest 0,5 0,4 0,9 0,8
Net profit for the period -0,2 -29,6 -5,5 -35,0
Other comprehensive income
Items that may later be reclassified to the income statement
Translation differences when translating foreign operations 2,2 -1,6 -11,0 -14,7
Comprehensive income for the period 2,0 -31,2 -16,5 -49,7
Comprehensive income attributable to parent company´s shareholders 1,5 -31,6 -17,4 -50,5
Comprehensive income attributable to non-controlling interest 0,5 0,4 0,9 0,8
Comprehensive income for the period 2,0 -31,2 -16,5 -49,7
Earnings per share, SEK, before dilution -0,03 -1,31 -0,28 -1,55
Earnings per share, SEK, after dilution -0,03 -1,31 -0,28 -1,55
Average number of shares before dilution, thousands 23 022 23 022 23 022 23 022
Average number of shares after dilution, thousands 23 022 23 022 23 022 23 022

===== SIDA 10 =====

10  | Balco Group Interim Report 1 January - 31 March 2026 
Consolidated balance sheet in summary 
 
31-Mar 31-Mar 31-Dec
MSEK 2026 2025 2025
ASSETS
Non-current assets
Intangible assets
Goodwill 528,4 512,9 527,9
Other intangible assets 280,7 274,0 279,9
Total intangible assets 809,2 786,9 807,7
Tangible assets
Right-to-use assets 61,1 68,3 63,0
Property, plant and equipment 204,5 219,6 208,6
Total tangible assets 265,6 288,0 271,6
Financial assets 0,5 1,3 0,5
Deferred tax assets 16,0 8,5 13,9
Total non-current assets 1 091,2 1 084,7 1 093,7
Current assets
Inventory 63,0 60,5 60,8
Accounts receivables 137,9 157,5 184,4
Contract assets 176,3 222,9 180,5
Other current receivables 48,7 43,6 45,1
Cash and cash equivalents 169,4 23,5 158,1
Total current assets 595,3 508,0 628,9
TOTAL ASSETS 1 686,5 1 592,6 1 722,6
EQUITY AND LIABILITES
Equity
Share capital 138,1 138,1 138,1
Other capital contributions 450,8 450,8 450,8
Reserves 5,4 4,9 3,2
Retaind earnings, incl. profit for the year 139,7 158,3 140,4
Equity attributable to Parent Company´s shareholders 734,0 752,2 732,5
Non-controlling interest 4,2 4,4 3,7
TOTAL Equity 738,2 756,6 736,1
LIABILITIES
Non-current liabilites
Liabilities to credit institutions 475,1 349,6 475,0
Leasing liabilities 43,2 50,3 43,8
Other non-current liabilities 1,1 12,9 11,6
Deferred tax liabilities 59,2 64,8 59,0
Total non-current liabilities 578,5 477,6 589,5
Current liabilities
Liabilities to credit institutions 0,2 0,0 0,2
Leasing liabilities 19,8 20,0 21,1
Contract liabilites 86,6 47,5 103,1
Accounts payables 148,6 143,4 157,6
Other current liabilities 114,6 147,5 115,0
Total current liabilites 369,8 358,4 396,9
TOTAL EQUITY AND LIABILITIES 1 686,5 1 592,6 1 722,6

===== SIDA 11 =====

11  | Balco Group Interim Report 1 January - 31 March 2026 
Consolidated changes in Shareholders´ Equity 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
MSEK
 Share 
Capital 
 Addition al 
paid-in 
capital  Reserves 
Retained earnings 
including 
comprehensive 
income for the year
 Non-controlling 
interest  
 Total 
equity 
Opening balance 1 Jan 2025 138,1 450,8 17,9 190,0 4,2 801,1
Comprehensive income for the period
Profit for the period -31,7 0,4 -31,3 
Other comprehensive income for the period -13,0 -0,2 -13,2 
Total comprehensive income for the period -13,0 -31,7 0,2 -44,5 
Transactions with shareholders:
Total transactions with Company owners -0,0 -0,0 
Closing balance 31 Mar 2025 1 3 8 ,1 45 0,8 4,9 1 5 8 ,3 4,4 75 6 ,6
Opening balance 1 Jan 2026 138,1 450,8 3,2 140,4 3,7 736,1
Comprehensive income for the period
Profit for the period -0,7 0,6 -0,1 
Other comprehensive income for the period 2,2 2,2
Total comprehensive income for the period 2,2 -0,7 0,6 2,1
Transactions with shareholders: 0,0 -0,0 -0,0 
Total transactions with Company owners
Closing balance 31 Mar 2026 1 3 8 ,1 45 0,8 5 ,4 1 3 9,7 4,2 73 8 ,2

===== SIDA 12 =====

12  | Balco Group Interim Report 1 January - 31 March 2026 
 
Consolidated cash flow statement in summary 
 
 
  
jan-mar jan-mar apr-mar jan-dec
MSEK 2026 2025 2025/26 2025
Operating activites
Operating profit (EBIT) -1,6 -35,2 14,9 -18,7
Adjustment for non-cash items 11,0 20,2 17,3 26,5
Interest received 1,3 0,9 5,0 4,7
Interest paid -7,8 -6,1 -31,8 -30,1
Income tax paid -4,6 -5,4 -10,7 -11,5
Cash flow from operating activities before changes in working capital -1,8 -25,5 -5,3 -14,1
Changes in working capital
Increase (-)/Decrease (+) in inventories -2,1 3,2 -2,5 2,8
Increase (-)/Decrease (+) in current assets 50,0 -47,4 62,6 -34,8
Increase (+)/Decrease (-) in current liabilities -26,5 24,4 25,0 76,0
Cash flow from operating activities 19,6 -45,2 79,8 15,0
Cash flow from investing activities
Investments in tangible fixed assets -0,3 -3,8 -9,1 -12,6
Investments in intangible fixed assets -0,4 -1,3 -3,3 -4,2
Acquisitions of operations 0,0 0,0 -20,6 -20,6
Changes in other non-current assets/liabilities -10,5 -11,7 -10,5 -11,6
Cash flow from investing activities -11,2 -16,7 -43,5 -49,1
Cashflow from financing activities
Changes in bank loans 0,1 -13,4 127,0 113,6
Changes in leasing -5,7 -5,8 -22,3 -22,4
New warrants issue 0,0 0,0 0,0 0,0
Distributed dividend to non-controlling interest 0,0 0,0 -0,4 -0,4
Cashflow from financing activities -5,6 -19,1 104,3 90,8
Cash flow for the period 2,8 -81,0 140,6 56,8
Cash and cash equivalents at beginning of the period 158,1 103,1 23,5 103,1
Exchange rate differential cash and cash equivalents 8,5 1,4 5,3 -1,8
Cash and cash equivalents at end of the period 169,4 23,5 169,4 158,1

===== SIDA 13 =====

13  | Balco Group Interim Report 1 January - 31 March 2026 
Key ratios 
 
jan-mar jan-mar apr-mar jan-dec
MSEK 2026 2025 2025/26 2025
Net sales 298,8 315,9 1 278,0 1 295,1
Order intake 270,2 275,0 1 532,3 1 537,1
Order backlog 1 492,9 1 238,0 1 492,9 1 523,3
Gross profit 47,8 5,3 202,0 159,4
Adjusted Gross Profit 48,8 33,5 198,5 183,1
EBITDA 10,1 -23,5 61,0 27,4
Adjusted EBITDA 11,3 7,7 61,6 58,0
Operating profit (EBITA) -0,9 -33,8 17,8 -15,2
Adjusted operating profit (EBITA) 0,4 -2,7 18,5 15,4
Operating profit (EBIT) -1,6 -35,2 14,9 -18,7
Adjusted operating profit (EBIT) -0,4 -4,0 15,5 11,9
Gross profit margin, % 16,0 1,7 15,8 12,3
Adjusted gross margin, % 16,3 10,6 15,5 14,1
EBITDA-margin, % 3,4 -7,4 4,8 2,1
Adjusted EBITDA-margin, % 3,8 2,4 4,8 4,5
Operating profit margin ( EBITA), % -0,3 -10,7 1,4 -1,2
Adjusted operating profit margin ( EBITA), % 0,1 -0,9 1,4 1,2
Operating profit margin ( EBIT), % -0,5 -11,1 1,2 -1,4
Adjusted operating profit margin ( EBIT), % -0,1 -1,3 1,2 0,9
Operating cash flow 31,8 1,2 130,2 99,7
Operating cash conversion, % 280,1 16,2 211,2 171,9
Capital employed, R12 1 698,9    1 139,1     1 698,9    1 180,3     
Capital employed, excl goodwill, R12 1 168,9     624,8       1 168,9     654,3       
Equity 734,0       752,2       734,0       732,5       
Interest-bearing net debt incl leasing debt 339,9       355,3       339,9       350,2       
Interest-bearing net debt excl leasing debt 276,9       284,9       276,9       285,3       
Interest-bearing net debt incl leasing/Adjusted EBITDA 12 months, times 5,5           3,9           5,5           6,0           
Interest-bearing net debt excll leasing/Adjusted EBITDA 12 months, times 7,0            4,0           7,0            7,9            
Return on capital employed, % (12 months) 0,9 3,6 0,9 1,0
Return on capital employed, excl goodwill, % (12 months) 1,3 6,6 1,3 1,8
Return on invested capital, % (12 months) -0,8 -3,6 -0,8 -4,8
Equity/assets ratio, % 43,5 47,2 43,5 42,5
Number of full-time employees on the closing date 526 562 526 513
Average number of shares before dilution, thousands 23 022 23 022 23 022 23 022
Average number of shares after dilution, thousands 23 022 23 022 23 022 23 022
Equity per share, SEK 32 33 32 32
Earnings per share, SEK before dilution -0,03 -1,31 -0,28 -1,55
Earnings per share, SEK after dilution -0,03 -1,31 -0,28 -1,55
Adjusted earnings per share, SEK, berfore and after dilution 0,01 -0,24 -0,25 -0,50

===== SIDA 14 =====

14  | Balco Group Interim Report 1 January - 31 March 2026 
Parent company, income statement in summary 
 
 
 
Parent company, balance sheet in summary 
 
 
 
jan-mar jan-mar apr-mar jan-dec
MSEK 2026 2025 2025/26 2025
Net Sales 8,3 6,7 28,4 26,8
Administrative expenses -6,8 -6,4 -26,5 -26,1
Operating profit 1,4 0,3 1,9 0,8
Interest income and similar profit/loss items 5,1 4,9 15,7 15,5
Interest expenses and similar profit/loss items -8,4 -4,3 -31,5 -27,4
Dividend / result from group companies 0,0 0,0 -16,0 -16,0
Profit/loss after financial items -1,9 0,9 -29,9 -27,1
Appropriations 0,0 0,0 -10,8 -10,8
Tax 0,6 -0,2 5,9 5,1
Net profit/loss for the period -1,3 0,7 -34,8 -32,8
I n the Parent Com pany there are no i tem s that are reported as other com prehensi ve i ncom ,  so total  com prehensi ve i ncom e i s consi stent wi th the profi t for the peri od.
31-Mar 31-Mar 31-Dec
MSEK 2026 2025 2025
ASSETS
Non-current assets
Financial assets
Shares in group companies 1 077,5 1 057,0 1 071,7
Other non-current assets 8,4 4,5 8,4
Total non-current assets 1 085,9 1 061,5 1 080,1
Current assets
Receivables from group companies 178,9 211,1 234,2
Other current receivables 17,6 10,5 14,7
Cash and cash equivalents 167,1 18,4 154,6
Total current asstes 363,6 240,0 403,4
TOTAL ASSETS 1 449,5 1 301,5 1 483,5
EQUITY AND LIABILITIES
Equity
Restricted equity 138,1 138,1 138,1
Non-restricted equity 663,9 699,9 666,4
Total Equity 802,1 838,1 804,5
LIABILITIES
Non-current liabilities
Liabilities to credit institutions 475,0 350,0 475,0
Other non-current liabilities 4,4 14,2 14,9
Total non-current liabilities 479,4 364,2 489,9
Current liabilities
Liabilities to group companies 144,0 77,5 165,5
Other current liabilities 24,1 21,8 23,6
Total current liabilities 168,1 99,2 189,1
TOTAL EQUITY AND LIABILITIES 1 449,5 1 301,5 1 483,5

===== SIDA 15 =====

15  | Balco Group Interim Report 1 January - 31 March 2026 
Notes 
Note 1 Accounting principles 
This consolidated interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and applicable provi sions of 
the Annual Accounts Act. The interim report for the Parent Company has been prepared in accordance with RFR 2 and Chapter 9 of the 
Swedish Annual Accounts Act, Interim Report. For both the Parent Company and the Group, accounting principles and calculation bases 
have been applied in the same manner as for the Annual Report 2025, which was prepared in accordance with the International Financial 
Reporting Standards as adopted by the EU and interpretations  thereof. The interim information on pages 1 –8 forms an integral part of 
this financial report. 
Note 2 Business segments 
Balco reports according to the following segments: 
Renovation: includes replacement and expansion of existing balconies as well as installation of new balconies on apartment buildings 
without balconies. The main market driver for the segment is the age profile of the residential property portfolio. 
New Build: includes the installation of balconies in conjunction with the construction of apartment buildings and balcony solutions in the 
maritime area. The segment is mainly driven by the rate of new residential construction.  
 
 
 
  
jan-mar
MSEK 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025
Net sales - External revenue 228,9 236,4 69,9 79,4 - - - - 298,8 315,9
Net sales - Internal revenue - - - - 8,3 6,7 -8,3 -6,7 - -
Total sales 228,9 236,4 69,9 79,4 8,3 6,7 -8,3 -6,7 298,8 315,9
Justerat med 0,933 för IAC som är rapporterat på Dummy I Aaro och 0,317 som är Amortization som är rapporterat på Dummy I Aaro. Även justerat 0,049 för Amortization mellan Renovering och NybyggnationOperating profit (EBIT) 1,0 -30,9 -2,3 -3,7 -0,3 -0,5 - - -1,6 -35,2
Depreciation included with 9,9 9,2 1,8 2,4 - - - - 11,7 11,7
of which amortizarion 0,7 1,3 0,0 0,1 - - - - 0,7 1,3
Items affecting comparison 1,0 25,1 0,2 5,9 - 0,2 - - 1,2 31,1
Adjusted operating profit (EBITA) 2,7 -4,6 -2,1 2,2 -0,3 -0,3 - - 0,4 -2,7
Adjusted operating margin 1,2% -1,9% -3,0% 2,8% - - 0,1% -0,9%
Operating profit (EBIT) 1,0 -30,9 -2,3 -3,7 -0,3 -0,5 - - -1,6 -35,2
Finance income - - - - 9,8 2,3 - - 9,8 2,3
Finance cost - - - - -8,3 -6,4 - - -8,3 -6,4
Justerat med 0,933 för IAC som är rapporterat på Dummy I Aaro och 0,317 som är Amortization som är rapporterat på Dummy I Aaro. Även justerat 0,049 för Amortization mellan Renovering och NybyggnationProfit before tax 1,0 -30,9 -2,3 -3,7 1,3 -4,6 - - -0,1 -39,2
Renovation New Build Group-wide Eliminations Total

===== SIDA 16 =====

16  | Balco Group Interim Report 1 January - 31 March 2026 
Note 3 Reconciliation with IFRS financial statements 
Balco’s financial statements include alternative performance measures, which complement the measures that are defined or specified in 
applicable rules for financial reporting. Alternative performance measures are presented since, as in their context, they provide clearer 
or more in-depth information than the measures defined in applicable rules for financial reporting. The alternative performance 
measures are derived from the Company’s consolidated financial reporting and are not measured in accordance with IFRS. 
 
 
 
 
31-mar 31-mar 31-dec
MSEK 2026 2025 2025
Interest-bearing net debt incl leasing debt
Non-current interest-bearing liabilities 518,3 399,9 518,9
Current interest-bearing liabilities 20,0 20,0 21,3
Cash and cash equivalents -198,4 -64,7 -190,0
Interest-bearing net debt incl leasing debt 339,9 355,3 350,2
Adjusted EBITDA (R12) 61,6 90,0 58,0
Interest-bearing net debt/EBITDA (R12), times 5,5 x 3,9 x 6,0 x
Return on capital employed
Equity 734,0 752,2 732,5
Interest-bearing net debt 339,9 355,3 350,2
Average capital employed 1 125,8 1 161,1 1 113,0
Adjusted operating profit (EBIT), (R12) 15,5 41,3 11,9
Return on capital employed, % 1,4 3,6 1,1
Equity/assets ratio
Equity attributable to owners of the parent company 734,0 752,2 732,5
Total assets 1 686,5 1 592,6 1 722,6
Equity/assets ratio, % 43,5 47,2 42,5

===== SIDA 17 =====

17  | Balco Group Interim Report 1 January - 31 March 2026 
 
jan-mar jan-mar apr-mar jan-dec
MSEK 2026 2025 2025/26 2025
Adjusted operating profit (EBIT)
Operating profit (EBIT) -1,6 -35,2 14,9 -18,7 
Re-structuring costs 1,2 30,9 -16,8 30,3
Acquisition costs 0,0 0,2 17,5 0,3
Adjusted operating profit (EBIT) -0,4 -4,0 15,5 11,9
Operating profit (EBITA)
Operating profit (EBIT) -1,6 -35,2 14,9 -18,7 
Amortization 0,7 1,3 2,9 3,5
Operating profit (EBITA) -0,9 -33,8 17,8 -15,2 
Adjusted operating profit (EBITA)
Adjusted operating profit (EBIT) -0,4 -4,0 15,5 11,9
Amortization 0,7 1,3 2,9 3,5
Adjusted operating profit (EBITA) 0,4 -2,7 18,5 15,4
Adjusted net result
Net result -0,2 -29,6 -5,5 -35,0 
Items affecting comparison after tax 1,0 24,6 0,5 24,2
Adjusted net result 0,8 -5,1 -5,0 -10,8 
EBITDA
Operating profit (EBIT) -1,6 -35,2 14,9 -18,7 
Depreciation and amortization 11,7 11,7 46,1 46,1
EBITDA 10,1 -23,5 61,0 27,4
Adjusted EBITDA
Adjusted operating profit (EBIT) -0,4 -4,0 15,5 11,9
Depreciation and amortization 11,7 11,7 46,1 46,1
Adjusted EBITDA 11,3 7,7 61,6 58,0
Investments, excluding expansions investments
Investments in intangible fixed assets -0,3 -3,8 -9,1 -12,6 
Investments in tangible fixed assets -0,4 -1,3 -3,3 -4,2 
of which expansion investments 0,3 1,7 10,9 12,3
Investments, excluding expansions investments -0,4 -3,3 -1,6 -4,5 
Operating cash flow
Adjusted EBITDA 11,3 7,7 61,6 58,0
Changes in working capital 20,8 -3,1 70,1 46,2
Investments, excluding expansions investments -0,4 -3,3 -1,6 -4,5 
Operating cash flow 31,8 1,3 130,2 99,7
Net Sales excluding acquisitions
Net Sales 298,8 315,9 1 278,0 1 295,1
Acquired net sales 0,0 -24,6 0,0 -24,6 
Net Sales excluding acquisitions 298,8 291,3 1 278,0 1 270,5
Adjusted earnings per share
Net result attributable to parent company´s shareholders -0,7 -30,0 -6,4 -35,8 
Items affecting comparison after tax 1,0 24,6 0,5 24,2
Adjusted earnings per share 0,01 -0,24 -0,25 -0,50

===== SIDA 18 =====

18  | Balco Group Interim Report 1 January - 31 March 2026 
Alternative performance measures 
This interim report contains references to several performance measures. Some of these measures are defined in IFRS, while ot hers are 
alternative measures and are not reported in accordance with applicable financial reporting frameworks or other legislation. The measures 
are used by Balco to help both investors and management to analyze its operations. The measures used in this interim report a re de-
scribed below, together with definitions and the reason for their use. 
Alternative KPIs Definition  Purpose 
Return on equity Profit for the period divided by average equity 
attributable to the parent company's 
shareholders. The average is calculated as the 
average of the opening balance and the 
closing balance for each period. 
The measure shows the return generated on the 
shareholders' capital invested in the company. 
Return on capital employed Adjusted operating profit (EBITA) divided by 
average capital employed. The average is 
calculated as the average of the opening 
balance and the closing balance for each 
period.  
The measure shows the return generated on 
capital employed and is used by Balco to track the 
profitability of the business as the measure refers 
to capital efficiency. 
Return on capital employed 
excluding goodwill 
Adjusted operating profit (EBITA) divided by 
average capital employed excluding goodwill. 
The average is calculated as the average of the 
opening balance and the closing balance for 
each period. 
Balco believes that return on capital employed 
excluding goodwill, together with return on 
employment, shows an overall picture of Balco's 
capital efficiency. 
Gross profit Net sales less production and project costs. Shows efficiency in Balco's operations and 
together with EBIT provides an overall picture of 
the ongoing profit generation and cost picture. 
Gross margin Gross profit as a percentage of net sales. Key figures are used for the analysis of efficiency 
and value creation. 
EBITDA Profit before interest, tax, depreciation and 
amortization. 
Balco believes that EBITDA is a useful measure to 
show the profit generated in operating activities 
and a good measure of cash flow from operating 
activities. 
Interest-bearing net debt in 
relation to adjusted EBITDA 
Interest-bearing external net debt as a share 
of adjusted EBITDA.  
Balco believes that this measure is helpful in 
demonstrating financial risk and that it is a useful 
measure for monitoring the company's level of 
debt. 
Adjusted EBITDA EBITDA adjusted for items affecting 
comparability. For a reconciliation of adjusted 
EBITDA with profit for the period.  
Balco believes that adjusted EBITDA is a useful 
measure to show the profit generated in operating 
activities adjusted for items affecting 
comparability and primarily uses adjusted EBITDA 
when calculating the company's operating cash 
flow and cash conversion. 
Adjusted EBITDA margin Adjusted EBITDA as a share of net sales. Balco believes that the adjusted EBITDA margin is 
a useful measure to show the profit generated in 
operating activities. 
Adjusted operating margin (EBIT) Adjusted operating profit (EBIT) as a share of 
net sales. 
Balco believes that adjusted operating margin 
(EBIT) is a useful measure to show the profit 
generated in operating activities after adjusting 
for non-recurring items. 
Adjusted operating profit (EBIT) Operating profit (EBIT) adjusted for items 
affecting comparability. For a reconciliation of 
adjusted operating profit (EBIT) with profit for 
the period. 
Balco therefore considers adjusted operating 
profit (EBIT) to be a useful measure to show the 
result generated in operating activities and 
primarily uses the measure to calculate return on 
capital employed (see above). 
Adjusted operating margin 
(EBITA) 
Adjusted operating profit (EBITA) as a share of 
net sales. 
Balco believes that adjusted operating margin 
(EBITA) is a useful measure to show the profit 
generated in operating activities after adjusting 
for non-recurring items.

===== SIDA 19 =====

19  | Balco Group Interim Report 1 January - 31 March 2026 
Alternative KPIs Definition  Purpose 
Adjusted operating profit (EBITA) Operating profit (EBITA) adjusted for items 
affecting comparability. For a reconciliation of 
adjusted operating profit (EBITA) with profit 
for the period. 
Balco therefore considers adjusted operating 
profit (EBITA) to be a useful measure to show the 
profit generated in operating activities and 
primarily uses the measure to calculate return on 
capital employed (see above). 
Items affecting comparability Items affecting comparability are significant 
items that are recognized separately due to 
their size or frequency, such as restructuring 
charges, impairments, divestments and 
acquisition costs. 
Balco believes that adjustment for items affecting 
comparability improves the possibility of 
comparison over time by excluding items with 
irregularities in frequency or size. This is to provide 
a more accurate picture of the underlying 
operating profit. 
Operating cash conversion Operating cash flow divided by adjusted 
EBITDA. 
Balco considers this to be a good measure for 
comparing cash flow with operating profit. 
Operating cash flow Adjusted EBITDA increased/decreased with 
changes in working capital and decreased with 
investments, excluding expansion 
investments. 
Balco uses operating cash flow to track the 
development of the business.  
Organic growth Net sales excluding acquired growth in the 
current period divided by net sales in the 
corresponding period last year. 
Organic growth excludes the effects of changes in 
the Group's structure, which enables a comparison 
of net sales over time. 
Interest-bearing net debt Total long - and short -term interest -bearing 
liabilities reduced by cash and cash 
equivalents and interest-bearing receivables.  
Balco believes that net debt is a useful measure to 
show the Group's total debt financing. 
Working capital Current assets, excluding cash and cash 
equivalents and current tax assets, reduced by 
interest-free current liabilities, excluding 
current tax liabilities. 
This measure shows how much working capital is 
tied up in the business and can be put in relation 
to turnover to understand how effectively tied up 
working capital is used. 
Operating margin (EBIT) Operating profit (EBIT) as a share of net sales. Balco believes that operating margin (EBIT) 
together with sales growth and adjusted working 
capital is a useful measure to track value creation 
in the business. 
Operating profit (EBIT) Earnings before interest and tax. Balco believes that operating profit (EBIT) is a 
useful metric to show the profit generated in 
operating activities. 
Operating margin (EBITA) Operating profit (EBITA) as a share of net sales. Balco believes that operating margin (EBITA) 
together with sales growth and adjusted working 
capital is a useful measure to track value creation 
in the business. 
Operating profit (EBITA) Operating profit (EBIT), excluding depreciation 
and amortization of acquired intangible non -
current assets. 
Balco's growth strategy includes acquisitions of 
companies. In order to better illustrate the 
development of the underlying business, 
management has chosen to follow EBITA, which is 
an expression of operating profit before 
depreciation and amortization of acquired 
intangible assets. 
Equity ratio Equity divided by total assets. Balco believes that the equity ratio is a useful 
measure for the company's survival. 
Capital employed Equity increased with interest -bearing net 
debt. 
Capital employed is used by Balco as a measure of 
the Group's overall capital efficiency. 
Capital employed excluding 
goodwill 
Capital employed minus goodwill. Capital employed, excluding goodwill, is used 
together with capital employed by Balco as a 
measure of the company's capital efficiency.

===== SIDA 20 =====

Balco Group in brief 
Balco Group is a market leader in the balcony industry, where we develop, manufacture, sell and 
take responsibility for the installation of our own bespoke  open and glazed balcony systems. 
The Group's customized products contribute to increased quality of life, security and increase d 
value for the residents of apartment buildings. In addition, Balco Group's standardized glazing  
systems generates reduced energy consumption. 
 
526 employees 
 
Balco Group was established in 1987 and is a group 
consisting of producing and selling companies. The 
Group is the market leader in the Nordic region and 
operates in a number of markets in Northern Europe. 
The head office is located in Växjö. A general and 
distinctive feature of the companies in the Group is a 
decentralised and efficient sales process that controls 
the entire value chain – from sales work to installed 
balconies. 
7 markets 
1,278 MSEK net sales R12 
35,000 sqm total production area