Kvartalsrapport Q3 2024

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

Interim Report Q3 
JANUARY – SEPTEMBER 2024  
More than doubled order intake 
Third quarter: July - September 
• Net sales increased by 31 percent to 331 MSEK (253) 
• Order intake increased by 111 percent to 285 MSEK (135) 
• Order backlog increased by 25 percent to 1,329 MSEK 
(1,067) 
• Adjusted operating profit (EBITA) amounted to 17 MSEK 
(15) 
• Adjusted operating margin amounted to 5.0 percent 
(6.0) 
• Net profit after tax amounted to 1 MSEK (6) 
• Earnings per share amounted to -0.03 SEK (0.24) 
• Operating cash flow amounted to -1 MSEK (18) 
The interim period: January– September 
• Net sales increased by 11 percent to 1,031 MSEK 
(925)  
• Order intake increased by 49 percent to 1,017 MSEK 
(682) 
• Adjusted operating profit (EBITA) amounted to 52 
MSEK (74) 
• Adjusted operating margin amounted to 5.0 percent 
(8.0) 
• Net profit after tax amounted to 7 MSEK (40)  
• Earnings per share amounted to 0.12 SEK (1.81) 
• Operating cash flow improved to 81 MSEK (-2) 
 
Events during the quarter and since the end of the quarter 
• Structural change of Riikku's operations and company structure. 
 
 
 
 
 
 
 
 
 
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec
MSEK 2024 2023 2024 2023 2023/24 2023
Net sales 331,0 253,3 1 031,5 925,4 1 321,0 1 214,9
Order intake 285,5 135,1 1 017,2 681,7 1 312,5 977,0
Order backlog 1 328,8 1 066,9 1 328,8 1 066,9 1 328,8 1 073,6
Adjusted operating profif (EBITA) 16,6 15,2 51,5 74,5 66,9 89,8
Adjusted operating margin (EBITA), % 5,0 6,0 5,0 8,0 5,1 7,4
Net profit for the period 0,9 5,6 6,7 39,9 13,3 46,5
Operating cash flow -1,4 18,4 80,8 -2,0 86,4 3,6
Earnings per  share, SEK before dilution -0,03 0,24 0,12 1,81 0,40 2,09
Earnings per share, SEK, after dilution -0,03 0,24 0,12 1,81 0,40 2,09
" During the quarter, Balco AB received a major turnkey project in Borås in Sweden of approximately 60 MSEK. " 
 
" Our newly acquired Finnish company Suomen ohutlevyasennus Oy has been selected as a supplier for several 
major projects during the quarter and so far in October in total of 8 MEUR. “ 
 
- Camilla Ekdahl, President and CEO

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

2  |  Balco Group Interim Report 1 January - 30 September 2024 
Strong increase in order intake  
Both order intake and sales increased during the quarter 
compared to the same period last year. Order intake in-
creased sharply by 111 percent, of which 49 percent was 
organic. Net sales increased by 31 percent, with the entire 
increase in net sales coming from acquisitions. 
Profit and net sales are still affected by the weaker order 
intake last year, but profitability remains stable with an 
adjusted EBITA margin of 5 percent. This is not a level we 
are satisfied with in the longer term but given the slow-
down the market experienced when interest rates and in-
flation increased, we still have stability in our profitability, 
albeit at a level that is too low compared to our target. 
The market situation 
Both the willingness and ability to start renovation pro-
jects have increased due to the continued lowering of in-
terest rates and inflation that  has decreased. Customer 
activity has continued to increase, but the trend of longer 
process times for decisions remains and some of our 
companies are exposed to greater price pressure. This ap-
plies above all to the facade companies in Sweden and 
our balcony company in Denmark.  
The need for renovation is great both for balconies and 
facades and continues to be a fundamental driving force 
for all our companies. The need is reinforced with the new 
EU directive on energy performance for buildings. Balco 
Group will be able to play an important role in future ren-
ovation projects by offering balcony glazing that can pro-
vide energy savings of up to 30 percent. In addition, we 
offer turnkey projects with other energy-saving measures 
such as facade renovations, window replacements, roof 
insulation, installation of solar panels and air -to-air heat 
pumps.  
More new turnkey projects 
Our newly acquired Finnish company Suomen 
ohutlevyasennus Oy has been selected as a supplier for 
several major projects during the quarter and so far in Oc-
tober. The total order value is approximately 8 MEUR, of 
which 1.9 MEUR is included in the order intake for the third 
quarter. The contracts involve a turnkey renovation of the 
façade, windows, doors and balconies for three tenant -
owner associations with a total of nine apartment build-
ings. The balconies will be supplied by our other Finnish 
company Riikku. The projects will start up at the end of 
the year. 
During the quarter, Balco AB received a major turnkey 
project in Borås of approximately 60 MSEK which, in ad-
dition to glazed balconies, includes facade work, drainage 
and upgrading of green areas. Here we have had a long-
standing dialogue with the customer, where we have con-
tinuously supported with financial expertise in the discus-
sions both within the housing association and with banks 
and consultants. 
New innovative solution 
Balco continues to prove to be the leading developer in 
the balcony area with solutions that can provide energy 
savings for the residents. A patent has been applied for 
further development of our solution with air -to-air heat 
pumps. Balco's offer to supply glazed balconies where the 
air-to-air heat pumps are part of the overall offering con-
tinues to attract great interest in the Norwegian market. 
Structural changes 
We are constantly working on optimizing our processes 
and our organization. To achieve the best development 
from our newly acquired Finnish group Riikku, we have 
therefore taken a decision to restructure their operations 
and company structure. This means, among other things, 
that Riikku will create a n additional business area of its 
own in its Finnish operations with focus on renovation, 
while at the same time the Swedish operations for new 
build will be transferred to RK Teknik. 
Prospects 
We are noticing an increase in activity from a low level 
for our balcony companies that work with renovation. 
The entire Group has a strong focus on order intake, but 
we will be cautious about entering into price-pressured 
projects. Net sales and profit will continue to be affected 
in the coming quarters, due to a lower order intake in 
the past year, as well as the lead time from order intake 
until the projects can start up and generate turnover. All 
companies in the Group have a strong focus on costs, 
while at the same time we work to create good long-
term profitability. This means that the coming quarters 
will also have some overcapacity for certain resources in 
the Group. 
 
 
Camilla Ekdahl  
President and CEO

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

3  |  Balco Group Interim Report 1 January - 30 September 2024 
Group development  
 
Third quarter: July – September 
Net sales increased by 31 percent to 331 MSEK (253). Acquired growth was 43 percent, 
currency effect was -4 percent, and organic growth was -8 percent. Net sales for the 
renovation segment amounted to 247  MSEK (225) and net sales for the new b uild 
segment amounted to 84 MSEK (28). 
Order intake increased by 111 percent to 285 MSEK (135). Acquired order intake was 
62 percent and organically order intake increased by 49 percent. The renovation seg-
ment accounted for 250 MSEK (82) and the new build segment accounted for 35 MSEK 
(53). 
The order backlog increased by 25 percent to 1,329 MSEK (1,067). The order backlog 
for the renovation segment amounted to 1,034 MSEK (899) and the order backlog for 
the new build segment increased to 295 MSEK (168). 
Gross profit amounted to 54 MSEK (53), corresponding to a gross margin of 16.2 per-
cent (21.1).  Gross profit includes items affecting comparability of 2 MSEK (0) related to 
restructuring costs. Adjusted gross profit was 56 MSEK (53) and adjusted gross margin 
was 17.0 percent (21.1). The gross margin has decreased due to a different cost struc-
ture in the acquired companies with a lower gross margin than the Group average. In 
addition, the gross margin is affected by low occupancy in the G roup's production 
facilities and in the project organization. 
Sales costs amounted to 25 MSEK (25) and administrative costs amounted to 20 MSEK 
(17). The increase comes from the acquired companies. Items affecting comparability 
of -2 MSEK (-1) were taken in the quarter related to acquisition costs and restructuring 
of the organization. 
Adjusted operating profit (EBITA) amounted to 16 MSEK (15), corresponding to an ad-
justed operating margin of 5.0 percent (6,0).  
Net financial items amounted to -9 MSEK (-5), of which -0.3 MSEK (-0.3) relates to 
interest expenses linked to rights of use (leases) and -1 MSEK (0)
 relates to unrealized 
currency losses. Interest expenses of -6 MSEK (-5) have increased due to increased 
borrowing in connection with completed acquisitions.  
Profit after tax amounted to 1 MSEK (6). Earnings per share amounted to -0.03 SEK 
(0.24). 
Operating cash flow amounted to -1 MSEK (18). The timing of building permits and the 
phases of the projects affect the cash flow between quarters. 
 
 
 
 
  
 
 
 
 
 
 
Order intake per segment, MSEK 
        
 
 
 
Order backlog, MSEK 
 
 
 
 
 
 
 
 
 100
 200
 300
 400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2022 2023 2024
New Build Renovation
 200
 400
 600
 800
1 000
1 200
1 400
1 600
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2022 2023 2024
Order intake 
Q3 2024 
285 MSEK

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

4  |  Balco Group Interim Report 1 January - 30 September 2024 
Interim period: January – September 
Net sales increased by 11 percent to 1,031 MSEK (925). Acquired growth was 34 percent, 
currency effect was -1 percent, and organic growth was -22 percent. Net sales for the 
renovation segment amounted to 719 MSEK (846) and net sales for the new build seg-
ment amounted to 312 MSEK (79). 
Order intake increased by 49 percent to 1,017 MSEK (682). Acquired order intake was 
45 percent and organic order intake increased by 4 percent. The renovation segment 
accounted for 789 MSEK (570) and the new build segment accounted for 228 MSEK 
(112). 
Gross profit amounted to 190  MSEK (195), corresponding to a gross margin of 18.4  
percent (21.1). The gross result includes items affecting comparability of - 6 MSEK (-4) 
related to restructuring costs. Adjusted gross profit was 196 MSEK (199) and adjusted 
gross margin 19.0  percent (21.5). The gross margin has decreased due to a different 
cost structure in the acquired companies with a lower gross margin than the G roup 
average. In addition, the gross margin is affected by low occupancy in the G roup's 
production facilities and in the project organization. 
Sales costs amounted to 90 MSEK (82) and administrative costs amounted to 72 MSEK 
(54). The increase comes from the acquired companies. Items affecting the compara-
bility of -8 MSEK (-3) have been taken so far this year linked to acquisition costs and 
restructuring of the organization. 
Adjusted operating profit (EBITA) amounted to 52 MSEK (74), corresponding to an 
adjusted operating margin of 5.0 percent (8,0).  
Net financial items amounted to - 21 MSEK (-10), of which - 1.1 MSEK (-1.2) relates to 
interest expenses linked to rights of use (leases) and -1 MSEK (0) relates to unrealized 
currency losses. Interest expenses of -17 MSEK (-10) have increased, due to increased 
borrowing in connection with completed acquisitions.  
Profit after tax amounted to 7 MSEK (40), while comprehensive income for the period 
amounted to 9 MSEK (43) after positive currency translation differences. Earnings per 
share amounted to 0.12 SEK (1.81). 
Operating cash flow improved to 81 MSEK (-2). The timing of building permits and the 
phases of the projects affect the cash flow between quarters. 
 
Net sales per customer category, MSEK 
  
 
 
Net sales per geographic market, MSEK  
 
 
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec
2024 2023 2024 2023 2023/24 2023
Tenant-owner associations 180,6 130,5 528,8 599,7 719,4 790,3
Private landlords 20,1 30,1 67,1 79,2 106,4 118,5
Publicly owned companies 14,4 9,1 38,6 40,3 48,9 50,5
Construction companies 116,0 83,6 397,0 206,2 446,3 255,6
Total net sales 331,0 253,3 1 031,5 925,4 1 321,0 1 214,9
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec
2024 2023 2024 2023 2023/24 2023
Sweden 137,8 148,3 439,8 585,8 606,6 752,6
Other Nordics 165,2 63,7 489,9 228,1 571,7 310,0
Other Europe 28,1 41,2 101,8 111,5 142,7 152,3
Total net sales 331,0 253,3 1 031,5 925,4 1 321,0 1 214,9
 
 
 
 
 
Net sales, MSEK 
 
      
 
 
 
Adjusted operating profit, MSEK 
 
    
 
0
300
600
900
1 200
1 500
 100
 200
 300
 400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2022 2023 2024
0
25
50
75
100
125
 10
 20
 30
 40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2022 2023 2024
Operating cash flow 
YTD 
81MSEK 
Net sales 
 R12 
Adjusted operating profit 
 R12

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

5  |  Balco Group Interim Report 1 January - 30 September 2024 
Development per segment 
Renovation 
Third quarter 
Net sales increased by 10 percent to 247 MSEK (225), corresponding to 75 percent (89) of total net sales.  
Order intake increased by 205 percent to 250 MSEK (82), corresponding to 88 percent (61) of total order intake.  
The adjusted operating profit (EBITA) amounted to 15  MSEK (16), corresponding to an adjusted operating margin of 6.0 percent 
(7.1).  
 
Interim period  
Net sales amounted to 719 MSEK (846), corresponding to 70 percent (91) of total net sales.  
Order intake increased by 39 percent to 789 MSEK (570), corresponding to 78 percent (84) of total order intake.  
The adjusted operating profit (EBITA) amounted to 36 MSEK (72), corresponding to an adjusted operating margin of 5.0 percent 
(8.5).  
The order backlog increased by 15 percent to 1,034 (899), corresponding to 78 percent (84) of the total order backlog. 
 
 
 
New build 
Third quarter 
Net sales increased by 198 percent to 84 MSEK (28), corresponding to 25 percent (11) of total net sales.  
Order intake amounted to 35 MSEK (53), corresponding to 12 percent (39) of total order intake.  
The adjusted operating profit (EBITA) amounted to 3 MSEK (1), corresponding to an adjusted operating margin of 3.8 percent (5.1).  
 
Interim period  
Net sales increased by 295 percent to 312 MSEK (79), corresponding to 30 percent (9) of total net sales.  
Order intake increased by 103 percent to 228 MSEK (112), corresponding to 22 percent (16) of total order intake.  
The adjusted operating profit (EBITA) improved to 16 MSEK (3), corresponding to an adjusted operating margin of 5.0 percent 
(4.0).  
The order backlog increased by 75 percent to 294 MSEK (168), corresponding to 22 percent (16) of the total order backlog. 
 
   
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec
Renovation, MSEK 2024 2023 2024 2023 2023/24 2023
Net sales 246,6 225,0 719,5 846,3 961,2 1 088,0
Adjusted operating profit (EBITA) 14,8 15,9 36,2 71,9 48,0 83,8
Adhusted operating margin (EBITA), % 6,0 7,1 5,0 8,5 5,0 7,7
Order intake 250,0 82,0 789,1 569,6 1 058,2 838,7
Order backlog 1 034,4 898,7 1 034,4 898,7 1 034,4 925,5
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec
New Build, MSEK 2024 2023 2024 2023 2023/24 2023
Net sales 84,4 28,3 312,0 79,1 359,8 126,9
Adjusted operating profit (EBITA) 3,2 1,5 15,6 3,1 17,2 4,8
Adhusted operating margin (EBITA), % 3,8 5,1 5,0 4,0 4,8 3,8
Order intake 35,4 53,0 228,1 112,1 254,3 138,3
Order backlog 294,4 168,2 294,4 168,2 294,4 148,1

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

6  |  Balco Group Interim Report 1 January - 30 September 2024 
Financial position and cash flow 
Liquidity and financial position   
Interest-bearing net debt including lease liabilities at the end of interim  period 
amounted to 359  MSEK (223). Pro forma, including 12 months of earnings from ac-
quired companies, i nterest-bearing net debt including lease liabilities in relation to 
adjusted EBITDA was 2.9 times (1.4). 
Interest-bearing net debt excluding lease liabilities amounted to 298  MSEK (153). Pro 
forma, including 12 months of earnings from acquired companies, interest-bearing net 
debt excluding lease liabilities in relation to adjusted EBITDA was 2.8 times (1.1). 
At the end of the interim period, the Group’s equity amounted to 797 MSEK (758).  
The Group’s equity/assets ratio was 49 percent (56).  
 
Cash flow, investments and amortization/depreciation 
For the interim period, cash flow from operating activities amounted to 32  MSEK 
(-44).  
Cash flow from investing activities amounted to - 87 MSEK (-50), of which - 1 MSEK  
(-2) was replacement investments and - 5 MSEK ( -9) expansion investments and  
-81 MSEK (-39) acquisition of shares in subsidiaries.  
Cash flow from financing activities amounted to 93 MSEK (62) with the largest item 
relating to increased utilization of the revolving credit facility. 
Cash flow for the interim period amounted to 38 MSEK (-31).  
Depreciation for the interim period amounted to -39 MSEK (-33), of which -14 MSEK 
(-15) relates to depreciation related to rights of use (lease) and -7 MSEK (-5) relates to 
amortization of acquired intangible assets. 
Parent company 
The Parent Company is headquartered in Växjö and conducts business  directly and 
through Swedish and foreign subsidiaries. The activities of the Parent Company are 
mainly focused on strategic development, financial management, corporate govern-
ance issues, board work and banking relations. 
 
 
30-sep 30-sep 31-dec
MSEK 2024 2023 2023
Non-current liabilities to credit institutions 337,0 174,7 174,2
Leasing liabilities non-current 48,1 54,3 51,2
Current liabilities to credit institutions - 0,4 -
Leasing liabilities current 13,1 14,8 19,0
Cash and cash equivalents -39,4 -21,6 -2,8
Interest-bearing net debt incl leasing debt 358,8 222,6 241,6
Interest-bearing net debt excl leasing debt 297,6 153,5 171,4
Interest-bearing net debt incl. leasing/EBITDA (12 months), 
times
3,3 x 1,5 x 1,9 x
Interest-bearing net debt incl. leasing/EBITDA (proforma) 
(12 months), times
2,9 x 1,4 x 1,9 x
Interest-bearing net debt excl. leasing/EBITDA (12 months), 
times
3,3 x 1,2 x 1,6 x
Interest-bearing net debt excl. leasing/EBITDA (proforma) 
(12 months), times
2,8 x 1,1 x 1,6 x
Equity/assets ratio, % 48,9 57,5 58,9
External interest-bearing net debt  
In relation to EBITDA (proforma)  
 
       
 
 
 
 
    
Operating cash flow R12, MSEK 
 
        
 
 
 
 
 
 
 
 
 
 0,0
 0,5
 1,0
 1,5
 2,0
 2,5
 3,0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
2022 2023 2024
 50
 100
 150
 200
 250
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Equity7assets ratio 
49 %

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

7  |  Balco Group Interim Report 1 January - 30 September 2024 
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 
sales and installation of in-house manufactured open and glazed balcony systems. Balco has a unique method, known as the 
Balco method, to deliver glazed balconies and balcony solutions. The method involves removing existing balconies and replac-
ing them with new, larger, glazed balconies with a lifespan 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 
 
 
 
Sjøsiden Boligpark, Norway  New Road Rainham, UK 
The segment includes the replacement and expansion of exist-
ing balconies, mainly glazed balconies. The main driving force 
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. Demand is driven by the pace of new 
housing production. The offer also includes façade work in 
new construction. 
Sales development per 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. We will continue to work hard to 
incorporate sustainability into all aspects of our business. 
 
Sustainability is a focus area in the construction industry and affects all parts of the value chain. This is especially true of the 
market for balconies where Balco Group operates. Property developers and property owners are demanding economically 
advantageous and climate-smart solutions with a long lifespan.  
 
As an important step in our sustainability work and goal to be a leader in the climate transition in its industry, Balco Group 
has committed to developing short-term and long-term emission reduction targets including net zero targets in line with the 
Science Based Targets initiative (SBTi). 
 
 100
 200
 300
 400
2023
2024
2023
2024
2023
2024
2023
2024
Q1 Q2 Q3 Q4
New Build Renovation
 2,0
 4,0
 6,0
 8,0
 10,0
2023
2024
2023
2024
2023
2024
2023
2024
Q1 Q2 Q3 Q4
New Build Renovation

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

8  |  Balco Group Interim Report 1 January - 30 September 2024 
Other information 
Employees 
The number of full-time employees in Balco Group amounted to 631 (501) as of the end of September 2024. The increase comes from the 
acquired companies Riikku Group Oy and Suomen ohutlevyasennus Oy. 
Seasonality  
Balco's sales and earnings are partly affected by the timing of orders, seasonal variations and the fact that the general meeting season in 
tenant-owner associations normally falls in the second and fourth quarters. Furthermore, the Group is positively affected by months with 
many working days and lack of time off, as well as negatively by weather factors where winters with significant snowfall mean  increased 
costs.  
Shares, share capital and shareholders 
As of the end of September 2024, the number of shares in Balco Group AB amounted to 23,021,648 shares, corresponding to a share 
capital of 138,135,310 SEK. The number of shareholders was 5,025. The five largest shareholders were Familjen Hamrin, Skandrenting AB, 
Lannebo Kapitalförvaltning, Swedbank Robur fonder and AB Tuna Holding. 
Related party transactions 
The related parties consist of the Board of Directors, Group Management and the CEO, partly through ownership in Balco and partly 
through the role of senior executive. The related parties also include the company's largest shareholders, the Hamrin family, which is 
represented on the board by Carl-Mikael Lindholm, and Skandrenting, which is represented on the board by Johannes Nyberg. Transac-
tions with related parties are carried out on a market basis. For further information, see the Annual Report 2023 on pages 79 and 99. 
Incentive program 
Balco Group AB has two long-term incentive programs aimed at the company's senior executives and additional key employees, a total 
of approximately 40 employees. The incentive programs comprise a maximum of 450,000 warrants in total, which entitle the hold er to 
subscribe for a maximum of the corresponding number of shares. Balco's total cost for the incentive programs during the term of the 
programs is expected to amount to approximately 3 MSEK. The programs entail a dilution corresponding to approximately 2 percent of 
the company's total number of shares. The senior executives of Balco have acquired 120,000 warrants amounting to a total valu e of 
549,800 SEK. The purpose of the incentive programs is to encourage broad shareholding among Balco's employees, facilitate recruitment, 
retain competent employees and increase the motivation to achieve or exceed the company's financial targets. For more information, see 
the Annual Report 2023 on pages 76, 78 and 113.   
Risks and uncertainty factors  
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 and financial risks. Industry- and market-related risks include, among other things, changes 
in demand because of a weaker economy or other macroeconomic changes, a changed price picture for raw materials that are central to 
Balco's production, and changes in competition or price pressure. Business -related risks include Balc o's ability to develop and sell new 
innovative products and solutions, that the Group can  attract and retain qualified employees, and that Balco'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 summari zed under financing risk, liquidity risk, credit risk and interest rate risk. Balco's risks and uncertainties are 
described on pages 30–35, 42, 87–88, 91 and 94 of the Annual Report for 2023.  
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 challenging position in other markets where the Group 
operates. The market is fragmented and growing throughout Northern Europe. The value of the balcony market in the countries w here 
Balco Group is represented is estimated at just over 40 billion SEK. 
Balco Group continuously evaluates selective acquisitions that can strengthen our market position in existing markets. The ti ming of 
building permits affects cash flow between quarters. The lower order intake over the past year will affect sales and earnings in the coming 
quarters. We continue to focus on costs and adjust the organization based on changes in occupancy and order intake but retain important 
expertise so that the company is not damaged in the long term.

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

9  |  Balco Group Interim Report 1 January - 30 September 2024 
Financial targets 
Revenue growth  
Balco shall achieve growth of 10 percent per year during a business cycle. 
Profitability  
Earnings per share shall grow by 20 percent per year during a business cycle. 
Capital structure 
Interest-bearing net debt shall not exceed 2.5 times operating profit before depreciation and amortization (EBITDA), other than 
temporarily. 
Dividend policy  
Balco shall distribute 30 -50 percent of profit after tax, taking into consideration the needs for Balco’s long -term growth and 
prevailing market conditions 
 
 
The interim report has been subject to a review of ISRE 2410 by the company's auditors. 
This information comprises such information as Balco Group AB is obliged to publish in accordance with the EU Market Abuse Regulation. The 
information was provided by the contact person below for publication on October 28, 2024, at 13:00 CET. 
 
Camilla Ekdahl 
President and CEO 
 
 
 
 
 
  
Web conference 
A webcast conference call will be held at 14:0 0 CET October 28, 2024, where CEO and President Camilla  
Ekdahl and CFO Michael Grindborn will present the report and answer questions.  
To follow the webcast presentation and send written questions, please use this link:   
https://www.finwire.tv/webcast/balcogroup/q3-2024/  
 
To participate via teleconference and be able to ask questions, call in:  
 
SE: +46 8 5052 0017 
PIN: 835 5857 5016 # 
For more information, please contact: 
Camilla Ekdahl, President and CEO, Tel: +46 70 606 30 32, camilla.ekdahl@balco.se 
Michael Grindborn, CFO and Head of IR, Tel: +46 70 670 18 48, michael.grindborn@balco.se 
Calendar 2024  
Year-end report Jan-Dec 2024 ........ February 10, 2025 
Annual Report 2024 ............................ March 14, 2025 
Interim report Jan-Mar 2025 ............ April 28, 2025 
Annual General Meeting 2025 ......... May 6, 2025 
Interim report Jan-Jun 2025 ............. July 14, 2025 
Interim report Jan-Sep 2025 ............. October 27, 2025

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

10  |  Balco Group Interim Report 1 January - 30 September 2024 
Consolidated statement of comprehensive income 
 
 
  
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec
MSEK 2024 2023 2024 2023 2023/24 2023
Net sales 331,0 253,3 1 031,5 925,4 1 321,0 1 214,9
Production and project costs -277,5 -199,9 -841,6 -730,5 -1 080,7 -969,5
Gross profit 53,6 53,4 189,8 194,9 240,3 245,4
Sales costs -25,5 -25,3 -89,7 -81,5 -116,5 -108,4
Administration costs -19,8 -17,2 -72,4 -54,3 -94,8 -76,7
Other operating income 1,2 1,4 2,2 3,5 9,0 10,3
Other operating expenses -0,0 -0,1 -0,0 -0,2 -0,1 -0,2
Operating profit 9,5 12,3 29,9 62,3 38,0 70,4
Finance income 0,4 0,9 2,7 2,7 3,7 3,7
Finance costs -9,2 -5,8 -23,8 -12,7 -29,2 -18,1
Profit before tax 0,8 7,3 8,8 52,4 12,5 56,0
Income tax 0,2 -1,7 -2,1 -12,4 0,8 -9,5
Net profit for the period 0,9 5,6 6,7 39,9 13,3 46,5
Net result attributable to parent company's shareholders -0,7 5,3 2,7 39,7 8,9 45,9
Net result attributable to non-controlling interest 1,6 0,3 4,0 0,2 4,4 0,6
Net profit for the period 0,9 5,6 6,7 39,9 13,3 46,5
Other comprehensive income
Items that may later be reclassified to the income 
statement
Translation difference when translating foreign 
operations -1,5 -4,5 1,9 3,4 1,9 3,4
Comprehensive income for the period -0,5 1,1 8,7 43,4 15,2 49,9
Comprehensive income attributable to parent company's 
shareholders -2,2 0,8 4,7 43,2 10,8 49,2
Comprehensive income attributable to non-controlling 
interest 1,6 0,3 4,0 0,2 4,4 0,6
Comprehensive income for the period -0,5 1,1 8,7 43,4 15,2 49,9
Earnings per share, SEK, before dilution -0,03 0,24 0,12 1,81 0,40 2,09
Earnings per share, SEK, after dilution -0,03 0,24 0,12 1,81 0,40 2,09
Average number of shares before dilution, thousands 23 022 21 909 22 936 21 909 22 680 21 909
Average number of shares after dilution, thousands 23 022 21 909 22 936 21 909 22 680 21 909

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

11  |  Balco Group Interim Report 1 January - 30 September 2024 
Consolidated balance sheet in summary 
 
 
 
30-sep 30-sep 31-dec
MSEK 2024 2023 2023
ASSETS
Non-current assets
Intangible assets
Goodwill 515,0 485,4 485,2
Other intangible assets 276,6 142,2 142,2
Total intangible assets 791,6 627,6 627,3
Tangible assets
Right-to-use assets 59,0 67,8 70,5
Property, plant and equipment 224,6 162,9 161,9
Total tangible assets 283,6 230,6 232,4
Financial assets 3,6 - -
Deferred tax assets 0,8 0,7 0,3
Total non-current assets 1 079,6 858,9 860,1
Current assets
Inventory 70,7 58,6 51,5
Accounts receivables 179,8 158,6 138,0
Contract assets 207,3 156,2 177,1
Other current receivables 51,5 62,7 37,7
Cash and cash equivalents 39,4 21,6 2,8
Total current assets 548,6 457,8 407,2
TOTAL ASSETS 1 628,2 1 316,7 1 267,2
EQUITY AND LIABILITIES
Equity
Share capital 138,1 131,5 131,5
Other capital contributions 450,8 406,3 406,3
Reserves 13,6 11,7 11,6
Retained earnings, incl. profit for year 191,5 207,0 196,7
Equity attributable to Parent Company’s shareholders 794,0 756,5 746,1
Non-controlling interest 4,6 1,4 1,8
TOTAL EQUITY 798,6 757,9 748,0
LIABILITIES
Non-current liabilities
Liabilities to credit institutions 337,0 174,7 174,2
Leasing liabilities 48,1 54,3 51,2
Other non-current liabilities 36,6 13,8 1,4
Deferred tax liabilities 69,5 42,1 41,7
Total non-current liabilities 491,2 284,9 268,5
Current liabilities
Liabilities to credit institutions - 0,4 -
Leasing liabilities 13,1 14,8 19,0
Contract liabilities 61,0 70,3 50,0
Accounts payables 147,1 101,7 91,0
Other current liabilities 117,1 86,7 90,7
Total current liabilities 338,3 273,9 250,7
TOTAL EQUITY AND LIABILITIES 1 628,2 1 316,7 1 267,2

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

12  |  Balco Group Interim Report 1 January - 30 September 2024 
Consolidated changes in Shareholders’ Equity  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MSEK 
Share 
Capital 
Addition
al paid-in 
capital Reserves 
Retained 
earnings 
including 
comprehensive 
Non-
controlling 
interest 
Total 
equity 
Opening balance 1 Jan 2023 131,5 406,3 8,3 183,7 1,2 731,0
Comprehensive income for the period
Profit for the period - - - 39,7 0,2 39,9
Other comprehensive income for the period - - 3,4 - - 3,4
Total comprehensive income for the period - - 3,4 39,7 0,2 43,3
Transactions with shareholders:
Distributed dividend - - - -16,4 - -16,4
Total transactions with Company owners - - - -16,4 - -16,4
Closing balance 30 Sep 2023 131,5 406,3 11,7 207,0 1,4 757,9
       
Opening balance 1 Jan 2024 131,5 406,3 11,6 196,7 1,8 748,0
Comprehensive income for the period
Profit for the period - - - 2,7 4,0 6,7
Other comprehensive income for the period - - 1,9 - - 1,9
Total comprehensive income for the period - - 1,9 2,7 4,0 8,7
Transactions/ acquisitions/ disposald in holdings without 
control - - - -7,9 -1,2 -9,1
Transactions with shareholders:
New shares issue 6,7 43,5 - - - 50,2
New warrants issue - 0,9 - - - 0,9
Total transactions with Company owners 6,7 44,5 - - - 51,1
Closing balance 30 Sep 2024 138,1 450,8 13,6 191,5 4,6 798,6

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

13  |  Balco Group Interim Report 1 January - 30 September 2024 
Consolidated Cash Flow Statements in summary 
 
 
  
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec
MSEK 2024 2023 2024 2023 2023/24 2023
Operating activities
Operating profit (EBIT) 9,5 12,3 29,9 62,3 38,0 70,4
Adjustment for non-cash items 12,5 8,9 22,9 34,0 27,9 38,9
Interest received 0,7 0,9 2,5 2,7 3,5 3,7
Interest paid -7,5 -5,5 -20,4 -11,5 -25,5 -16,5
Income tax paid -5,7 -7,4 -14,3 -32,4 12,4 -5,8
Cash flow from operating activities before changes in 
working capital 9,5 9,2 20,6 55,1 56,2 90,7
Changes in working capital
Increase (-)/Decrease (+) in inventories -0,0 0,8 -2,0 0,2 5,2 7,4
Increase (-)/Decrease (+) in current assets 22,2 10,0 18,5 7,5 15,3 4,3
Increase (+)/Decrease (-) in current liabilities -51,5 -14,0 -5,2 -106,4 -27,3 -128,5
Cash flow from operating activities -19,8 5,9 31,9 -43,6 49,3 -26,1
Cash flow from investing activities
Investments in intangible fixed assets -1,5 -0,5 -2,5 -3,5 -4,6 -5,6
Investments in tangible fixed assets -0,5 -1,4 -2,9 -6,8 -3,8 -7,7
Acquisitions of operations 0,3 - -80,8 -39,5 -80,8 -39,5
Changes in other non-current assets/liabilities -0,4 - -0,8 - -0,8 -
Cash flow from investing activities -2,0 -1,9 -87,0 -49,8 -90,0 -52,9
Cash flow from financing activities
Changes in bank loans -14,2 -5,0 108,3 94,4 99,7 85,8
Changes in leasing -4,9 -4,0 -15,1 -15,7 -22,8 -23,4
New warrants issue 0,9 - 0,9 0,0 0,9 0,0
Distributed dividend to non-controlling interest -1,2 - -1,2 - -1,2 -
Distributed dividend to parent company's shareholders - - - -16,4 -16,4 -32,9
Cash flow from financing activities -19,3 -9,0 92,9 62,3 60,2 29,6
Cash flow for the period -41,2 -5,0 37,8 -31,1 19,5 -49,4
Cash and cash equivalents at beginning of the period 81,2 27,5 2,8 51,9 21,6 51,9
Exchange rate differential cash and cash equivalents -0,7 -0,9 -1,2 0,8 -1,7 0,4
Cash and cash equivalents at end of the period 39,4 21,6 39,4 21,6 39,4 2,8

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

14  |  Balco Group Interim Report 1 January - 30 September 2024 
Key ratios 
 
 
  
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec
MSEK 2024 2023 2024 2023 2023/24 2023
Net sales 331,0 253,3 1 031,5 925,4 1 321,0 1 214,9
Order intake 285,5 135,1 1 017,2 681,7 1 312,5 977,0
Order backlog 1 328,8 1 066,9 1 328,8 1 066,9 1 328,8 1 073,6
Gross profit 53,6 53,4 189,8 194,9 240,3 245,4
Adjusted Gross Profit 56,2 53,4 195,8 198,7 249,9 252,9
EBITDA 22,4 22,3 69,4 95,7 88,4 114,7
Adjusted EBITDA 27,4 23,5 83,6 102,8 108,2 127,4
Operating profit (EBITA) 11,6 13,9 37,3 67,4 47,0 77,1
Adjusted operating profit (EBITA) 16,6 15,2 51,5 74,5 66,9 89,8
Operating profit (EBIT) 9,5 12,3 29,9 62,3 38,0 70,4
Adjusted operating profit (EBIT) 14,5 13,5 44,2 69,4 57,9 83,0
Gross profit margin, % 16,2 21,1 18,4 21,1 18,2 20,2
Adjusted gross margin, % 17,0 21,1 19,0 21,5 18,9 20,8
EBITDA margin, % 6,8 8,8 6,7 10,3 6,7 9,4
Adjusted EBITDA margin, % 8,3 9,3 8,1 11,1 8,2 10,5
Operating profit margin (EBITA), % 3,5 5,5 3,6 7,3 3,6 7,9
Adjusted operating profit margin (EBITA), % 5,0 6,0 5,0 8,0 5,0 8,4
Operating profit margin (EBIT), % 2,9 4,8 2,9 6,7 2,9 5,8
Adjusted operating profit margin (EBIT), % 4,4 5,3 4,3 7,5 4,4 6,8
Operating cash flow -1,4 18,4 80,8 -2,0 86,4 3,6
Operating cash conversion, % -5,1 78,2 96,6 -2,0 79,8 2,8
Capital employed, average 1 144,0 978,9 1 070,3 906,9 1 066,0 911,2
Capital employed, excl. goodwill, average 629,7 493,4 570,2 435,2 565,8 439,7
Equity, average 793,7 756,1 770,1 743,2 775,3 738,0
Interest-bearing net debt incl leasing debt 358,8 222,6 358,8 222,6 358,8 241,6
Interest-bearing net debt excl leasing debt 297,6 153,5 297,6 153,5 297,6 171,4
Interest-bearing net debt incl. leasing/Adjusted EBITDA 12 
months, times 3,3 1,5 3,3 1,5 3,3 1,9
Interest-bearing net debt excl. leasing/EBITDA (12 months), 
times 3,3 1,2 3,3 1,2 3,3 1,6
Return on capital employed, %, (12 months) 5,1 10,5 5,4 11,3 5,4 9,1
Return on capital employed, excl. goodwill, %, (12 months) 9,2 20,8 10,1 23,6 10,2 18,9
Return on invested capital, %, (12 months) 1,7 8,7 1,7 8,9 1,7 6,3
Equity/assets ratio, % 48,8 57,5 53,2 56,9 52,7 57,6
Number of full-time employees on the closing date 631 501 631 501 631 490
Average number of shares before dilution, thousands 23 022 21 909 22 936 21 909 22 680 21 909
Average number of shares after dilution, thousands 23 022 21 909 22 936 21 909 22 680 21 909
Equity per share, SEK 34,49 34,53 33,57 33,92 34,18 33,68

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

15  |  Balco Group Interim Report 1 January - 30 September 2024 
Parent Company, income statement in summary 
 
 
 
Parent company, balance sheet in summary 
 
 
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec
MSEK 2024 2023 2024 2023 2023/24 2023
Net sales 6,0 6,2 17,8 18,4 25,8 26,4
Administrative expenses -4,5 -3,9 -15,4 -13,3 -26,8 -24,7
Operating profit 1,4 2,3 2,4 5,1 -1,0 1,7
Interest income  and similar profit/loss items 3,1 0,8 7,6 4,0 10,6 6,9
Interest expenses  and similar profit/loss items -5,2 -5,0 -18,2 -14,4 -23,3 -19,4
Dividend / result from group company 4,8 - 277,5 12,7 302,7 37,9
Profit/loss after financial items 4,1 -2,0 269,3 7,3 289,1 27,0
Appropriations - - - - 47,9 47,9
Tax 0,1 0,4 1,7 1,1 -7,2 -7,7
Net profit/loss for the period 4,3 -1,6 271,0 8,4 329,8 67,1
In the Parent Company there are no items that are reported as other comprehensive income, so total comprehensive income is consistent with the profit for the period.
30-sep 30-sep 31-dec
MSEK 2024 2023 2023
ASSETS
Non-current assets
Financial assets
Shares in group companies 1 080,0 745,7 1 458,2
Other non-current assets 3,7 2,9 3,4
Total non-current assets 1 083,7 748,5 1 461,6
Current assets
Receivables from group companies 194,8 154,7 89,7
Other current receivables 17,0 39,1 6,2
Cash and cash equivalents 34,4 14,0 -
Total current assets 246,2 207,8 95,8
TOTAL ASSETS 1 329,9 956,4 1 557,4
EQUITY AND LIABILITIES
Equity
Restricted equity 138,1 131,5 131,5
Non-restricted equity 691,0 333,2 375,5
Total equity 829,1 464,7 507,0
LIABILITIES
Non-current liabilities
Liabilities to credit institutions 324,3 150,0 150,0
Other non-current liabilities 32,2 15,8 10,9
Total non-current liabilities 356,5 165,8 160,9
Current liabilities
Liabilities to credit institutions - - 3,4
Liabilities to group companies 120,7 316,1 874,7
Other current liabilities 23,7 9,8 11,4
Total current liabilities 144,3 325,9 889,6
TOTAL EQUITY AND LIABILITIES 1 329,9 956,4 1 557,4

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

16  |  Balco Group Interim Report 1 January - 30 September 2024 
Notes 
Note 1 Accounting principles 
This summary consolidated interim report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and 
relevant provisions of the Swedish Annual Accounts Act. The interim report for the Parent Company has been prepared in accord ance 
with RFR 2 and Chapter 9, Interim Reports, of the Swedish Annual Accounts Act. For both the Parent Company and the Group, the same 
accounting policies and computation methods have been applied as in the 2023 Annual Report, which was prepared in accordance with 
International Financial Reporting Standards and Interpretations as adopted by the EU. The information on pages 1 -9 relating to the part 
of the year covered by this interim report constitutes an integral part of this financial report. 
Note 2 Financial instruments 
The financial instruments measured at fair value are forward exchange contracts. Financial assets at fair value amounted to 0,0 MSEK (0.7) 
at the end of the period while financial liabilities at fair value amounted to 0,0 MSEK (1.0). The fair values of financial instruments are 
determined using valuation techniques. Market information is used as far as possible when available, while company-specific information 
is used as little as possible. If all key inputs required for the fair valu e measurement of an instrument are observable, the instrument is 
categorized in level 2. Reported value of trade receivables, other receivables, cash and cash equivalents, trade payables and other liabilities 
constitutes a reasonable approximation of fair value. 
Note 3 Business segments 
Balco reports the following segments: 
Renovation: includes replacement and expansion of existing balconies and installation of new balconies on apartment buildings without 
balconies. The segment’s main market driver is the age profile of the residential property portfolio . 
New Build: includes installation of balconies in conjunction with the construction of apartment buildings and balcony solutions in the 
maritime area. The segment is driven mainly by the rate of new residential construction.  
 
Jul-Sep
MSEK 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Net sales – External revenue 246,6 225,0 84,4 28,3 - - - - 331,0 253,3
Net sales – Internal revenue - - - - 6,0 6,2 -6,0 -6,2 - -
Total sales 246,6 225,0 84,4 28,3 6,0 6,2 -6,0 -6,2 331,0 253,3
Operating profit (EBIT) 9,2 14,1 2,4 1,5 -2,2 -3,3 - - 9,5 12,3
Depreciation included with 9,6 9,8 3,4 0,2 - - - - 13,0 10,0
of which amortization 1,6 1,7 0,5 - - - - - 2,1 1,7
Items affecting comparison 3,9 0,2 0,3 - 0,7 1,0 - - 5,0 1,2
Adjusted operating profit (EBITA) 14,8 15,9 3,2 1,5 -1,4 -2,2 - - 16,6 15,2
Adjusted operating margin 6,0% 7,1% 3,8% 5,1% 5,0% 6,0%
Operating profit (EBIT) 9,2 14,1 2,4 1,5 -2,2 -3,3 - - 9,5 12,3
Finance income - - - - 0,4 0,9 - - 0,4 0,9
Finance cost - - - - -9,2 -5,8 - - -9,2 -5,8
Profit before tax 9,2 14,1 2,4 1,5 -10,9 -8,2 - - 0,8 7,3
Jan-Sep
MSEK 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023
Net sales – External revenue 719,5 846,3 312,0 79,1 - - - - 1 031,5 925,4
Net sales – Internal revenue - - - - 17,8 18,4 -17,8 -18,4 - -
Total sales 719,5 846,3 312,0 79,1 17,8 18,4 -17,8 -18,4 1 031,5 925,4
Operating profit (EBIT) 24,7 61,9 11,6 3,0 -6,4 -2,5 - - 29,9 62,3
Depreciation included with 30,0 31,2 9,5 2,2 - - - - 39,5 33,4
of which amortization 4,2 4,9 3,2 0,2 - - - - 7,4 5,1
Items affecting comparison 7,2 5,1 0,9 - 6,1 1,9 - - 14,2 7,0
Adjusted operating profit (EBITA) 36,2 71,9 15,6 3,1 -0,2 -0,6 - - 51,5 74,5
Adjusted operating margin (EBITA) 5,0% 8,5% 5,0% 4,0% 5,0% 8,0%
Operating profit (EBIT) 24,7 61,9 11,6 3,0 -6,4 -2,5 - - 29,9 62,3
Finance income - - - - 2,7 2,7 - - 2,7 2,7
Finance cost - - - - -23,8 -12,7 - - -23,8 -12,7
Profit before tax 24,7 61,9 11,6 3,0 -27,5 -12,5 - - 8,8 52,4
Renovation New Build Group-wide Eliminations Total
TotalRenovation New Build Group-wide Eliminations

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

17  |  Balco Group Interim Report 1 January - 30 September 2024 
Note 4 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 app licable 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. 
 
 
 
30-sep 30-sep 31-dec
MSEK 2024 2023 2023
Interest-bearing net debt incl leasing debt
Non-current interest-bearing liabilities 385,1 229,0 225,4
Current interest-bearing liabilities 13,1 15,1 19,0
Cash and cash equivalents -39,4 -21,6 -2,8
Interest-bearing net debt incl leasing debt 358,8 222,6 241,6
Adjusted EBITDA (R12) 108,2 147,7 127,4
Interest-bearing net debt/EBITDA (R12), times 3,3 1,5 1,9
Interest-bearing net debt excl leasing debt
Interest-bearing net debt incl leasing debt 358,8 222,6 241,6
Leasing liabilities non-current -48,1 -54,3 -51,2
Leasing liabilities current -13,1 -14,8 -19,0
Interest-bearing net debt excl leasing debt 297,6 153,5 171,4
Interest-bearing net debt/EBITDA excl leasing (R12), times
Adjusted EBITDA (R12) 108,2 147,7 127,4
Leasing depreciations (R12) -18,8 -23,9 -20,2
Adjusted EBITDA (R12) excl leasing depreciations 89,5 123,9 107,1
Interest-bearing net debt/EBITDA excl leasing (R12), times 3,3 1,2 1,6
Return on capital employed
Equity 794,0 756,5 746,1
Interest-bearing net debt 358,8 222,6 241,6
Average capital employed 1 066,0 907,8 911,2
Adjusted operating profit (EBIT), (R12) 57,9 102,7 83,0
Return on capital employed, % 5,4 11,3 9,1
Equity/assets ratio
Equity attributable to owners of the parent company 794,0 756,5 746,1
Total assets 1 628,2 1 316,7 1 267,2
Equity/assets ratio, % 48,8 57,5 58,9

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

18  |  Balco Group Interim Report 1 January - 30 September 2024 
 
 
 
  
Jul-Sep Jul-Sep Jan-Sep Jan-Sep Oct-Sep Jan-Dec
MSEK 2024 2023 2024 2023 2023/24 2023
Adjusted operating profit (EBIT)
Operating profit (EBIT 9,5 12,3 29,9 62,3 38,0 70,4
Items affecting comparison
Re-structuring costs 4,2 0,2 8,1 5,1 13,7 10,7
Acquisition costs 0,7 1,0 6,1 1,9 6,2 1,9
Adjusted operating profit (EBIT) 14,5 13,5 44,2 69,4 57,9 83,0
Operating profit (EBITA) - - - - - -
Operating profit (EBIT) 9,5 12,3 29,9 62,3 38,0 70,4
Amortization 2,1 1,7 7,4 5,1 9,0 6,8
Operating profit (EBITA) 11,6 13,9 37,3 67,4 47,0 77,1
Adjusted operating profit (EBITA) - - - - - -
Adjusted operating profit (EBIT) 14,5 13,5 44,2 69,4 57,9 83,0
Amortization 2,1 1,7 7,4 5,1 9,0 6,8
Adjusted operating profit (EBITA) 16,6 15,2 51,5 74,5 66,9 89,8
EBITDA
Operating profit (EBIT) 9,5 12,3 29,9 62,3 38,0 70,4
Depreciation and amortization 13,0 10,0 39,5 33,4 50,4 44,3
EBITDA 22,4 22,3 69,4 95,7 88,4 114,7
Adjusted EBITDA
Adjusted operating profit (EBIT) 14,5 13,5 44,2 69,4 57,9 83,0
Depreciation and amortization 13,0 10,0 39,5 33,4 50,4 44,3
Adjusted EBITDA 27,4 23,5 83,6 102,8 108,2 127,4
Investments, excluding expansion investments
Investments in intangible fixed assets -1,5 -0,5 -2,5 -3,5 -4,6 -5,6
Investments in tangible fixed assets -0,5 -1,4 -2,9 -6,8 -3,8 -7,7
of which expansion investments 1,6 0,4 4,4 4,4 7,0 7,0
Investments, excluding expansion investments -0,4 -1,5 -1,0 -5,9 -1,4 -6,4
Operating cash flow
Adjusted EBITDA 27,4 23,5 83,6 102,8 108,2 127,4
Changes in working capital -28,5 -3,6 -1,8 -98,9 -20,4 -117,4
Investments, excluding expansion investments -0,4 -1,5 -1,0 -5,9 -1,4 -6,4
Operating cash flow -1,4 18,4 80,8 -2,0 86,4 3,6
Net Sales excluding acquisitions
Net Sales 331,0 253,3 1 031,5 925,4 1 321,0 1 214,9
Acquired net sales -109,2 -18,1 -315,7 -58,2 -322,0 -64,6
Net Sales excluding acquisitions 221,8 235,1 715,8 867,2 999,0 1 150,3

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

19  |  Balco Group Interim Report 1 January - 30 September 2024 
Note 5 Acquisition  
On January 22, Balco Group entered into an agreement on and completed the acquisition of all shares in Riikku Group Oy, one of Fin-
land's leading companies in balcony glazing. The acquisition is consolidated from 1 January 2024 and is expected to contribute posi-
tively to earnings per share during the full year 2024.Through the acquisition, Balco Group establishes a strong position in the Finnish 
balcony market and strengthens the range in the new construction segment. The acquisition also strengthens Balco Group's market 
position in the Nordics, in line with the group's long-term strategy. 
Riikku Group Oy was founded in 2005 and is one of Finland's two largest balcony glazing companies. The company mainly works with 
new build, but also sells in the renovation segment. Riikku's head office is in Alavus, Finland and has sales offices in several Finnish cities 
as well as subsidiaries in Sweden, Norway, and Finland. The Riikku Group had a turnover of approximately 40 MEUR in 2023 with an 
operating margin that was slightly lower than Balco Group's. Riikku has a modern and well-invested production facility of approximately 
7,500 m2 in Alavus. Riikku and its subsidiaries will continue to be run by the current management with Joakim Petersen-Dyggve as Man-
aging Director.  
The agreed purchase price amounts to 15 MEUR on a cash and debt-free basis. 3 MEUR will be paid with newly issued shares to Riikku's 
former owners. The remaining 12 MEUR is financed with own cash and was paid half upon entry and half over the next four years with a 
quarter per year. The acquisition calculation is preliminary. 
 
 
On March 6, Balco Group entered into an agreement and completed the acquisition of sixty percent of the shares in Suomen 
ohutlevyasennus Oy, a Finnish general contracting and facade company. The acquisition is consolidated from 1 March 2024 and is ex-
pected to contribute positively to earnings per share during the full year 2024. 
Through the acquisition, Balco Group further strengthens its position on the Finnish market and expands the offer in the renovation 
segment as well as in turnkey and green transformation. Balco Group's latest acquisition Riikku is a major supplier to Suomen Ohutle-
vyasennus and together the two acquisitions lead to the group establishing itself as a leading player in Finland. 
Suomen ohutlevyasennus Oy was founded in 1984 and is a turnkey company with facade renovation as an area of expertise. The pro-
jects mainly include facade renovation with additional insulation and often installation of balcony glazing. Over 90 percent of the com-
pany's turnover comes from the renovation segment, and the customers are tenant-owned associations and construction companies. 
The company is located in Turku, Finland and had a turnover of just over 11 MEUR in 2023 with a higher operating margin than Balco 
Group's for several years. Suomen ohutlevyasennus will continue to be run by co-owners Jukka Stam and Mikko Jokinen. 
The agreed purchase price amounts to 5.4 MEUR for 60 percent of the shares on a cash and debt-free basis. 1.4 MEUR is paid with 
newly issued shares to Suomen ohutlevyasennus’ previous owners. The remaining EUR 4 million is financed with own cash and the ac-
cess was paid. The acquisition calculation is preliminary. 
 
 
The purchase price comprises the following components (MSEK)
Cash payment 78,5
Present value calculated future payments 39,2
Aquired net assets -117,7
Goodwill -
The following assets and liabilities were included in the acquisition (M
Cash and cash equivalents 2,2
Tangible fixed assets 64,3
Intangible assets 104,6
Inventories 15,9
Receivables 84,3
Liabilities -133,8
Deferred tax liabilities -19,8
Acquired net assets 117,7
The purchase price comprises the following components (MSEK)
Cash payment 60,9
Aquired net assets -34,8
Goodwill 26,1
The following assets and liabilities were included in the acquisition (M
Cash and cash equivalents 4,3
Tangible fixed assets 9,8
Intangible assets 44,3
Receivables 11,1
Liabilities -25,4
Deferred tax liabilities -9,3
Acquired net assets 34,8

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

20  |  Balco Group Interim Report 1 January - 30 September 2024 
 
Alternative performance measures 
This interim report contains references to several  performance measures. Some of these measures are defined in IFRS, while others 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 are described 
below, together with definitions and the reason for their use. 
Alternative performance measures Definition Reason for use 
Return on equity Income for the period divided by the average 
shareholder equity for the period. The average  
calculated as the average of the opening balance 
and the closing balance for the period.  
Return on equity shows the return that is generated 
on the shareholders’ capital that is invested in the 
company.  
Return on capital employed Adjusted EBITA as a percentage of average capi-
tal employed for the period. The average  calcu-
lated as the average of the opening balance and 
the closing balance for the period.  
Return on capital employed shows the return that is 
generated on capital employed by the company and 
is used by Balco to monitor profitability as it relates to 
the capital efficiency of the company. 
Return on capital employed ex-
cluding goodwill 
Adjusted EBITA as a percentage of average capi-
tal employed for the period excluding goodwill. 
Average calculated as the average of the opening 
balance and the closing balance for the period. 
Balco believes that return on capital employed ex-
cluding goodwill together with return on capital em-
ployed shows a complete picture of Balco's capital ef-
ficiency. 
Gross income Revenue less production and project costs. Shows the effectiveness of Balco's operations and to-
gether with EBIT provides a complete picture of the 
operating profit generation and expenses. 
Gross margin Gross income as a percentage of net sales. Ratio is used for analysis of the company’s effective-
ness and profitability. 
EBITDA Earnings before interest, tax, depreciation, and 
amortization. 
Balco believes that EBITDA shows the profit generated 
by the operating activities and is a good measure of 
cash flow from operations. 
Interest-bearing net debt relative 
to adjusted EBITDA 
Interest-bearing external net debt divided by ad-
justed EBITDA.  
Balco believes this ratio helps to show financial risk 
and is a useful measure for Balco to monitor the level 
of the company’s indebtedness.  
Adjusted EBITDA EBITDA as adjusted for items affecting compara-
bility. For a reconciliation of adjusted EBITDA to 
income for the period.   
Balco believes that adjusted EBITDA is a useful meas-
ure for showing the company’s profit generated by 
the operating activities after adjusting for items af-
fecting comparability, and primarily uses adjusted 
EBITDA for purposes of calculating the company’s op-
erating cash flow and cash conversion.  
Adjusted EBITDA margin Adjusted EBITDA as a percentage of net sales. Balco believes that adjusted EBITDA margin is a useful 
measure for showing the company’s profit generated 
by the operating activities after non-recurring items. 
Adjusted EBIT margin Adjusted EBIT as a percentage of net sales.  Balco believes that adjusted EBIT margin is a useful 
measure for showing the company’s profit generated 
by the operating activities. 
Adjusted EBIT EBIT adjusted for items affecting comparability. 
For a reconciliation of adjusted EBIT to income for 
the period. 
Balco believes that adjusted EBITA is a useful measure 
for showing the company’s profit generated by the 
operating activities, and primarily uses adjusted EBIT 
for calculating the company’s return on capital em-
ployed.  
Adjusted EBITA margin Adjusted EBITA as a percentage of net sales.  Balco believes that adjusted EBITA margin is a useful 
measure for showing the company’s profit generated 
by the operating activities. 
Adjusted EBITA EBITA adjusted for items affecting comparability. 
For a reconciliation of adjusted EBIT to income for 
the period. 
Balco believes that adjusted EBIT is a useful measure 
for showing the company’s profit generated by the 
operating activities, and primarily uses adjusted EBIT 
for calculating the company’s return on capital em-
ployed.  
Items affecting comparability Items affecting comparability are significant 
items reported separately due to their size or fre-
quency, e.g., restructuring costs, write-downs, di-
vestments, and acquisition costs. 
Balco believes that adjustment for items affecting 
comparability improves the possibility of comparison

===== SIDA 21 =====

21  |  Balco Group Interim Report 1 January - 30 September 2024 
Alternative performance measures Definition Reason for use 
over time by excluding items with irregularity in fre-
quency or size. This is to give a more accurate picture 
of the underlying operating profit. 
Operating cash conversion Operating cash flow divided by adjusted EBITDA. Balco believes this is a good measure for comparing 
cash flow with operating profit. 
Operating cash flow  Adjusted EBITDA increased/decreased with 
changes in net working capital less investments, 
excluding expansion investments.  
Operating cash flow is used by Balco to monitor busi-
ness performance. 
Organic growth Net sales excluding acquired growth current pe-
riod divided by net sales during the correspond-
ing 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 deb 
 
The sum of non -current interest-bearing liabili-
ties and current interest-bearing liabilities.  
Balco believes interest -bearing net debt is a useful 
measure to show the company’s total debt financing.  
Net working capital Current assets excluding cash and cash equiva-
lents and current tax assets less non -interest-
bearing liabilities excluding current tax liabilities. 
This measure shows how much net working capital 
that is tied up in the operations and can be put in re-
lation to sales to understand how effectively net 
working capital tied up in the operations is used. 
EBIT margin EBIT as a percentage of net sales. Balco believes EBIT margin is a useful measure to-
gether with net sales growth and net working capital 
to monitor value creation. 
EBIT Earnings before interest and tax.  Balco believes that EBIT shows the profit generated by 
the operating activities.  
EBITA margin EBITA as a percentage of net sales. Balco believes EBITA margin is a useful measure to-
gether with net sales growth and net working capital 
to monitor value creation. 
EBITA EBIT excluding amortization on acquired intangi-
ble assets.  
Balco's growth strategy includes acquiring compa-
nies. In order to better illustrate the development of 
the underlying business, the management has chosen 
to follow EBITA, which is an expression of the operat-
ing profit before depreciation and write-downs of ac-
quired intangible assets.  
Equity/asset ratio Equity divided on total assets.  Balco believes that equity to asset ratio is a useful 
measure for the company's survival. 
Capital employed Equity plus interest-bearing net debt. Capital employed is used by Balco to indicate the 
general capital efficiency of the company. 
Capital employed excluding good-
will 
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 22 =====

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 sys-
tems. The Group's customized products contribute to enhanced quality of life, security, and 
increased value for residents in multi-occupancy buildings. Furthermore, Balco Group's stand-
ardized glazing systems result in reduced energy consumption. 
 
631 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 Nordics and operates 
in several markets in northern Europe. The head office 
is in Växjö, and the group has approximately 650 em-
ployees. A general and distinctive feature of the com-
panies in the Group is that they control the entire 
value chain - from sales work to installed balcony - 
through a decentralised and efficient sales process.  
7 markets 
1,321 MSEK net sales R12 
35,000 sqm total production area