===== SIDA 1 ===== Page 1 of 16 Interim Report 1 April–30 June 2023 First quarter (1 April–30 June 2023)  Revenue rose by 2 percent to MSEK 1,228 (1,200).  EBITA increased by 15 percent to MSEK 105 (91) and the EBITA margin improved to 8.6 percent (7.6).  Net profit totalled MSEK 48 (55).  Cash flow from operating activities increased by 127 percent to MSEK 179 (79).  Three acquisitions have been completed, one of which after the end of the period, with total annual revenue of approximately MSEK 160. 3 months Rolling 12 months MSEK Apr–Jun 2023 Apr–Jun 2022 ∆ % 30 Jun 2023 31 Mar 2023 Revenue 1,228 1,200 2 4,777 4,749 EBITA 105 91 15 396 382 EBITA margin, percent 8.6 7.6 8.3 8.0 Profit after financial items 62 70 −11 263 271 Net profit (after taxes) 48 55 −13 207 214 Earnings per share before dilution, SEK 1.70 2.05 7.45 7.80 Earnings per share after dilution, SEK 1.70 2.05 7.40 7.80 P/WC, percent 22 21 Cash flow from operating activities 179 79 127 433 333 Equity/assets ratio, percent 40 39 Number of employees at the end of the period 1,352 1,245 9 1,352 1,348 Unless otherwise stated, comparisons in brackets pertain to the corresponding period in the preceding year. ===== SIDA 2 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 2 of 16 CEO’s comments Good start to the new operating year The first quarter of the operating year was a continued step in the right direction. EBITA in the first quarter increased 15 percent year on year and the EBITA margin rose by 1 percentage point to 8.6 percent. The increase was mainly driven by acquisitions with favourable profitability, an improved product mix and increased operational efficiency. We established concrete targets and activities for each company prior to the new fiscal year, focusing on earnings growth ahead of revenue growth. This contributed to a modest revenue growth of 2 percent in the quarter, with organic revenue declining by 8 percent. Combined with a reduction in working capital, the increase in earnings boosted cash flow from operating activities, which amounted to MSEK 179 during the quarter. Increased market uncertainty Our operations focus on the professional market and the main indicator for the Group´s underlying demand is number of employees in the construction and industrial sectors. Economic uncertainty increased during the quarter, particularly in the construction sector. In the construction sector at our largest markets Sweden and Norway there was a reduction of 6 percent in the number of employees compared to last year. This resulted in weaker demand for several of our companies with end customers in the construction sector. Nonetheless, we are experiencing continued stable demand in the industrial sector, partly due to an increase in the number of employees in industry in the Nordic region. Company-specific activities to increase profitability, earnings, the margin and cash flow Given the increased economic uncertainty and the fact that we still have companies that are not delivering on their financial targets, we have intensified our efforts to improve our working capital efficiency and to continue improving our operating margin, which for some companies means efficiency measures. Our initiated cost savings are gradually taking effect, as evidenced by the continued reduction in like-for-like costs. We are continuing our efforts to improve our working capital efficiency, mainly by reducing inventory levels, which is expected to have a further positive effect on cash flow. Acquisitions of market-leading niche companies will continue We acquired two companies during the first quarter and one additional after the end of the reporting period. Through the acquisition of Tema Norge, we increased our presence in the growing niche of orbital and mechanised welding technology, an area where Tema Norge, together with our company Retco, is growing into a strong position in the Nordic market. During the quarter, we also acquired Elkington, the Swedish leader in floor access hatches for infrastructure and commercial premises projects. After the end of the reporting period, we acquired Itaab, the market leader in metal suspended ceilings in Sweden, mainly installed in public properties. The two most recent acquisitions are part of the Building Materials division and sell to niches in the construction sector that are expected to have underlying growth. The acquisitions provide the Group with annual revenue of approximately MSEK 160 with favourable profitability and based on our capital allocation model - the Focus Model - the focus will be on supporting the companies in their growth journey. Earnings expansion will continue Despite a potentially weaker underlying market, I believe that we have favourable conditions to increase the Group's profitability, margin and cash flow through improvements in our 26 companies and through further acquisitions during the operating year. I therefore strongly believe that Bergman & Beving will continue to deliver on the target established in April 2021 of reaching an operating profit of at least MSEK 500 latest by the 2025/2026 operating year. Stockholm, July 2023 Magnus Söderlind President & CEO ===== SIDA 3 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 3 of 16 Profit and revenue First quarter (1 April–30 June 2023) Revenue rose by 2 percent to MSEK 1,228 (1,200). Revenue decreased by 8 percent organically due to the continued replacement of low-margin transactions in combination with a somewhat weaker market and the negative effect of lower orders in the spring period for ESSVE. Acquired revenue growth amounted to 9 percent and exchange-rate fluctuations had a positive impact of 1 percent on revenue. Economic uncertainty increased during the quarter, particularly in the construction sector where we noted weaker demand for our companies among end customers in the Nordic region, although sales related to repairs, alterations and extensions were more stable. Demand from industrial customers was stable but resellers’ reductions of buffer inventories affected several of the Group’s companies. EBITA for the first quarter increased by 15 percent to MSEK 105 (91) and the EBITA margin improved to 8.6 percent (7.6). Profit after financial items totalled MSEK 62 (70). Financial expenses were negatively impacted by higher interest expenses for bank loans, a higher IFRS 16- related interest expense on a higher lease liability that now includes a new logistics facility and the remeasurement of loans in foreign currency. Net profit amounted to MSEK 48 (55) and earnings per share on a rolling 12-month basis totalled SEK 7.40 (7.70) after dilution. ===== SIDA 4 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 4 of 16 Performance by division 3 months Rolling 12 months MSEK Apr–Jun 2023 Apr–Jun 2022 ∆ % 30 Jun 2023 31 Mar 2023 Revenue Building Materials 393 389 1 1,383 1,379 Workplace Safety 405 411 −1 1,650 1,656 Tools & Consumables 439 410 7 1,781 1,752 Group-wide/eliminations −9 –10 −37 –38 Total revenue 1,228 1,200 2 4,777 4,749 EBITA Building Materials 50 37 35 127 114 Workplace Safety 34 39 -13 147 152 Tools & Consumables 31 17 82 135 121 Group-wide/eliminations −10 –2 −13 –5 Total EBITA 105 91 15 396 382 EBITA margin, percent Building Materials 12.7 9.5 9.2 8.3 Workplace Safety 8.4 9.5 8.9 9.2 Tools & Consumables 7.1 4.1 7.6 6.9 Total EBITA margin 8.6 7.6 8.3 8.0 Performance by division – first quarter Building Materials Building Materials’ revenue increased by 1 percent to MSEK 393 (389). EBITA increased by 35 percent to MSEK 50 (37) and the EBITA margin improved to 12.7 percent (9.5). Demand from construction customers in Sweden and Norway was weaker in the quarter, but new construction customers, which account for a smaller portion of the division’s sales, exhibited considerably lower demand. The earnings increase in the division was mainly related to acquisitions and operational improvements within ESSVE, which continued its positive earnings performance. During the quarter, ESSVE renewed its cooperation agreement with its largest customer in Norway, providing the conditions for ESSVE to further increase its business volume. KGC will expand outside Sweden after signing a new agreement covering Sweden, Norway and Denmark with a Nordic bricklaying and tiling company during the quarter. The division’s latest acquisitions, Kiilax and Elkington, delivered as expected during the quarter. Workplace Safety Revenue in Workplace Safety amounted to MSEK 405 (411). EBITA totalled MSEK 34 (39) and the EBITA margin totalled 8.4 percent (9.5). The decrease in the number of employees in the construction industry in Sweden and Norway, our largest markets, has resulted in weaker demand for personal protective equipment in the construction sector, while demand for personal protective equipment remained stable in industry. At the same time, several of the division’s companies were negatively impacted by customers’ decisions to reduce their buffer inventories, which was also the main reason for the lower earnings. Cresto continued its strong earnings trend with underlying stable demand. Tools & Consumables Tools & Consumables’ revenue increased by 7 percent to MSEK 439 (410). EBITA rose by 82 percent to MSEK 31 (17) and the EBITA margin improved to 7.1 percent (4.1). Demand from resellers in the construction sector was weaker, while demand from resellers in industry was more stable. For the companies in the division, which conduct more direct transactions with industry customers, demand remained strong. Several of the division’s companies continued to report positive trends, and all companies except Luna had an operating margin of more than 10 percent. Luna continued its transition and its underlying positive earnings trend, replacing unprofitable volume products with higher-margin products. During the quarter, Luna ended its collaboration with its external logistics partner and started delivering from the new logistics facility in Ulricehamn, which is expected to provide ===== SIDA 5 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 5 of 16 quality and cost advantages in the long term. The acquired units performed in accordance with, or exceeded, expectations. Group-wide and eliminations Group-wide items and eliminations for the first quarter amounted to MSEK -10 (-2) because running-in costs for the new logistics facility. The Parent Company’s revenue amounted to MSEK 10 (9) and profit after financial items amounted to MSEK 15 (5) for the period. Employees At the end of the period, the number of employees in the Group totalled 1,352, compared with 1,348 at the beginning of the financial year. During the period, 14 employees were gained via acquisitions. Corporate acquisitions On 3 April, Tools & Consumables acquired all of the shares in Tema Norge AS. Tema Norge is a leading player in Norway in orbital welding and mechanised welding technology and generates annual revenue of approximately MSEK 45. On 12 June, the Building Materials division acquired all of the shares in Elkington AB. The company is a leading actor in Sweden in floor access hatches but also sells related products in wall and roof hatches. The company has annual revenue of approximately MSEK 40. Bergman & Beving normally uses an acquisition model with a base consideration and a contingent consideration. The outcome of the contingent consideration depends on the future earnings of the acquired company. Preliminary purchase price allocations for the acquisitions over the past 12 months: Fair value of acquired assets and liabilities MSEK Customer relations, etc. 209 Other non-current assets 9 Other assets 190 Deferred tax liability, net −43 Current liabilities −65 Acquired net assets 300 Goodwill 171 Non-controlling interest −31 Purchase considerations 440 Less: Purchase considerations, unpaid −97 Less: Cash and cash equivalents in acquired companies −70 Net change in cash and cash equivalents −273 The unpaid purchase considerations of MSEK 97 are contingent and are estimated to amount to a maximum of MSEK 97. The contingent considerations will fall due within three years. Acquisition analyses older than 12 months are considered finalised. Acquisition Closing Rev. MSEK* No. of empl.* Division Polartherm, Finland Aug 2022 127 57 Tools & Consumables A.T.E. Solutions, UK Feb 2023 32 17 Tools & Consumables Kiilax, Finland Feb 2023 100 24 Building Materials Tema Norge, Norway Apr 2023 45 8 Tools & Consumables Elkington, Sweden Jun 2023 40 6 Building Materials * Refers to the situation assessed on a full-year basis on the date of acquisition. Considerations of MSEK 6 pertaining to previous years’ acquisitions were paid during the quarter. No remeasurement of contingent considerations was carried out during the period. Profitability, cash flow and financial position Profitability, measured as the return on working capital (P/WC), amounted to 22 percent (22). The return on equity was 9 percent (11). Cash flow from operating activities for the quarter amounted to MSEK 179 (79). Working capital decreased during the quarter by MSEK 39, primarily due to lower inventory levels. Cash flow was charged with net investments in non- current assets of MSEK 18 (11) and MSEK 98 (67) pertaining to acquisitions. The Group’s operational net loan liability at the end of the period amounted to MSEK 1,065 (923), excluding expensed pension obligations of MSEK 485 (529) and lease liabilities according to IFRS 16 of MSEK 433 (364). Cash and cash equivalents, including unutilised granted credit facilities, totalled MSEK 971 (586). Financial income and expenses amounted to MSEK -29 (-12) for the quarter, of which the net expense for bank financing amounted to MSEK -17 (-4) for the quarter. The equity/assets ratio was 40 percent (38). Equity per share increased to SEK 88.55, compared with SEK 84.35 at the beginning of the year. The Swedish tax rate, which is also the Parent Company’s tax rate, was 20.6 percent. The Group’s weighted average tax rate, with its current geographic mix, was approximately 21 percent. ===== SIDA 6 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 6 of 16 Share structure and repurchase of shares At the end of the period, share capital totalled MSEK 56.9 and was distributed by class of share as follows: SHARE STRUCTURE Class of share No. of shares No. of votes % of capital % of votes Class A shares, 10 votes per share 1,062,436 10,624,360 3.9 28.7 Class B shares, 1 vote per share 26,373,980 26,373,980 96.1 71.3 Total number of shares before repurchasing 27,436,416 36,998,340 100.0 100.0 Of which, repurchased Class B shares −798,343 2.9 2.2 Total number of shares after repurchasing 26,638,073 The share price on 30 June 2023 was SEK 172.60. The average number of treasury shares was 829,480 during the period and 798,343 at the end of the period. The average purchase price for the repurchased shares was SEK 87.88 per share. CALL OPTION PROGRAMMES Outstanding programmes No. of options Corresponding no. of shares % of total shares Redemption price Redemption period Call option programme 2020/2024 244,000 244,000 0.9% 99.50 11 Sep 2023–7 Jun 2024 Call option programme 2021/2025 178,000 178,000 0.6% 197.30 16 Sep 2024–12 Jun 2025 Call option programme 2022/2026 210,000 210,000 0.8% 106.10 9 Sep 2025–5 Jun 2026 Call options issued for repurchased shares resulted in an insignificant dilution effect. During the quarter, the 2019/2023 call option programme expired. Events after the end of the period On 6 July 2023, Bergman & Beving acquired all of the shares in Itaab Trading AB. The company will be part of the Building Materials division. Itaab is the leading manufacturer and supplier of metal suspended ceilings in Sweden with annual revenue of approximately MSEK 75. Annual General Meeting The Annual General Meeting (AGM) of Bergman & Beving AB will be held on 24 August 2023 at 4:00 p.m. CEST at IVA Conference Centre, Grev Turegatan 16, Stockholm. The notice of the AGM will be published in July and will be available at www.bergmanbeving.com. Stockholm, 14 July 2023 Magnus Söderlind President & CEO This report has not been subject to special review by the Company’s auditors. Other information Publication This information is information that Bergman & Beving AB (publ) 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 7:45 a.m. CEST on 14 July 2023. ===== SIDA 7 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 7 of 16 Dates for forthcoming financial information  The 2023 AGM will be held on 24 August 2023 at 4:00 p.m. CEST at IVA Conference Centre, Grev Turegatan 16, Stockholm.  Interim Report 1 April–30 September 2023 will be published on 19 October 2023.  Interim Report 1 April–31 December 2023 will be published on 9 February 2024.  Financial Report 1 April 2023–31 March 2024 will be published on 15 May 2024. Contact information Magnus Söderlind, President and CEO, tel: +46 10 454 77 00 Peter Schön, CFO, tel: +46 70 339 89 99 Visit www.bergmanbeving.com to download reports, presentations and press releases. ===== SIDA 8 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 8 of 16 Reporting by quarter 2023/2024 2022/2023 2021/2022 MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Revenue Building Materials 393 382 298 310 389 400 277 288 375 Workplace Safety 405 425 442 378 411 402 452 351 428 Tools & Consumables 439 438 509 395 410 413 444 385 399 Group-wide/eliminations −9 −8 −10 −10 –10 −10 −10 −10 −9 Total revenue 1,228 1,237 1,239 1,073 1,200 1,205 1,163 1,014 1,193 EBITA Building Materials 50 40 11 26 37 29 10 21 34 Workplace Safety 34 29 49 35 39 37 43 29 36 Tools & Consumables 31 35 45 24 17 25 33 31 14 Group-wide/eliminations −10 0 −2 −1 –2 −3 −2 0 −6 Total EBITA 105 104 103 84 91 88 84 81 78 EBITA margin, percent Building Materials 12.7 10.5 3.7 8.4 9.5 7.3 3.6 7.3 9.1 Workplace Safety 8.4 6.8 11.1 9.3 9.5 9.2 9.5 8.3 8.4 Tools & Consumables 7.1 8.0 8.8 6.1 4.1 6.1 7.4 8.1 3.5 Total EBITA margin 8.6 8.4 8.3 7.8 7.6 7.3 7.2 8.0 6.5 ===== SIDA 9 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 9 of 16 Group summary CONSOLIDATED INCOME STATEMENT 3 months Rolling 12 months MSEK Apr–Jun 2023 Apr–Jun 2022 30 Jun 2023 31 Mar 2023 Revenue 1,228 1,200 4,777 4,749 Other operating income 6 3 47 44 Total operating income 1,234 1,203 4,824 4,793 Cost of goods sold −665 –674 −2,618 −2,627 Personnel costs −253 –233 −951 −931 Depreciation, amortisation and impairment losses −66 –55 −243 −232 Other operating expenses –159 -159 -664 −664 Total operating expenses -1,143 –1,121 −4,476 −4,454 Operating profit 91 82 348 339 Financial income and expenses −29 –12 −85 −68 Profit after financial items 62 70 263 271 Taxes −14 –15 −56 −57 Net profit 48 55 207 214 Of which, attributable to Parent Company shareholders 45 54 198 207 Of which, attributable to non-controlling interest 3 1 9 7 EBITA 105 91 396 382 Earnings per share before dilution, SEK 1.70 2.05 7.45 7.80 Earnings per share after dilution, SEK 1.70 2.05 7.40 7.80 Number of shares outstanding before dilution, ‘000 26,638 26,568 26,638 26,575 Weighted number of shares before dilution, ‘000 26,607 26,534 26,577 26,560 Weighted number of shares after dilution, ‘000 26,805 26,622 26,784 26,586 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 months Rolling 12 months MSEK Apr–Jun 2023 Apr–Jun 2022 30 Jun 2023 31 Mar 2023 Net profit 48 55 207 214 Other comprehensive income Remeasurement of defined-benefit pension plans – 78 42 120 Tax attributable to components that will not be reclassified – –16 −9 −25 Components that will not be reclassified to net profit – 62 33 95 Translation differences 61 11 94 44 Fair value changes for the year in cash-flow hedges −3 2 1 6 Tax attributable to components that will be reclassified 1 0 0 −1 Components that will be reclassified to net profit 59 13 95 49 Other comprehensive income 59 75 128 144 Total comprehensive income for the period 107 130 335 358 Of which, attributable to Parent Company shareholders 102 129 323 350 Of which, attributable to non-controlling interest 5 1 12 8 ===== SIDA 10 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 10 of 16 CONSOLIDATED BALANCE SHEET MSEK 30 Jun 2023 30 Jun 2022 31 Mar 2023 Assets Goodwill 1,884 1,687 1,815 Other intangible non-current assets 671 486 604 Tangible non-current assets 145 128 140 Right-of-use assets 435 356 441 Financial non-current assets 6 6 5 Deferred tax assets 35 74 34 Inventory 1,291 1,332 1,360 Accounts receivable 941 953 969 Other current receivables 178 186 161 Cash and cash equivalents 231 212 220 Total assets 5,817 5,420 5,749 Equity and liabilities Equity attributable to Parent Company shareholders 2,289 2,049 2,181 Non-controlling interest 64 18 59 Non-current interest-bearing liabilities 1,377 1,110 1,362 Provisions for pensions 485 529 490 Other non-current liabilities and provisions 239 186 207 Current interest-bearing liabilities 352 389 385 Accounts payable 448 563 487 Other current liabilities 563 576 578 Total equity and liabilities 5,817 5,420 5,749 Operational net loan liability 1,065 923 1,090 CONSOLIDATED STATEMENT OF EQUITY ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS MSEK 30 Jun 2023 30 Jun 2022 31 Mar 2023 Opening equity 2,181 1,915 1,915 Dividend – – −90 Exercise and purchase of options for repurchased shares 6 5 6 Total comprehensive income for the period 102 129 350 Closing equity 2,289 2,049 2,181 ===== SIDA 11 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 11 of 16 CONSOLIDATED CASH-FLOW STATEMENT 3 months Rolling 12 months MSEK Apr–Jun 2023 Apr–Jun 2022 30 Jun 2023 31 Mar 2023 Operating activities before changes in working capital 140 129 400 389 Changes in working capital 39 –50 33 −56 Cash flow from operating activities 179 79 433 333 Investments in intangible and tangible assets −18 –11 −52 −45 Proceeds from sale of intangible and tangible assets 0 0 0 0 Acquisition of businesses −98 –67 −286 -255 Disposal of businesses − − 19 19 Cash flow before financing 63 1 114 52 Financing activities −62 24 −111 −25 Cash flow for the period 1 25 3 27 Cash and cash equivalents at the beginning of the period 220 182 212 182 Cash flow for the period 1 25 3 27 Exchange-rate differences in cash and cash equivalents 10 5 16 11 Cash and cash equivalents at the end of the period 231 212 231 220 Compilation of key financial ratios KEY RATIOS Rolling 12 months MSEK 30 Jun 2023 31 Mar 2023 31 Mar 2022 31 Mar 2021 31 Mar 2020 Revenue 4,777 4,749 4,575 4,311 4,060 EBITDA 591 571 503 426 353 EBITA 396 382 331 271 208 EBITA margin, percent 8.3 8.0 7.2 6.3 5.1 Operating profit 348 339 298 247 189 Operating margin, percent 7.3 7.1 6.5 5.7 4.7 Profit after financial items 263 271 259 212 155 Net profit 207 214 202 166 116 Profit margin, percent 5.5 5.7 5.7 4.9 3.8 Return on working capital (P/WC), percent 22 21 22 20 16 Return on capital employed, percent 8 8 8 7 6 Return on equity, percent 9 10 11 10 7 Operational net loan liability (closing balance) 1,065 1,090 889 697 695 Operational net debt/equity ratio 0.5 0.5 0.5 0.4 0.4 Operational net loan liability/EBITDA, multiple 1.8 1.9 1.8 1.6 2.0 Equity (closing balance) 2,353 2,240 1,932 1,715 1,643 Equity/assets ratio, percent 40 39 36 35 35 Number of employees at the end of the period 1,352 1,348 1,227 1,129 1,083 KEY PER-SHARE DATA Rolling 12 months SEK 30 Jun 2023 31 Mar 2023 31 Mar 2022 31 Mar 2021 31 Mar 2020 Earnings before dilution 7.45 7.80 7.55 6.15 4.30 Earnings after dilution 7.40 7.80 7.50 6.15 4.30 Cash flow from operating activities 16.30 12.55 8.50 14.40 8.25 Equity 88.55 84.35 72.85 64.40 61.10 Share price 172.60 128.40 141.40 121.40 50.30 ===== SIDA 12 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 12 of 16 Parent Company summary INCOME STATEMENT 3 months Rolling 12 months MSEK Apr–Jun 2023 Apr–Jun 2022 30 Jun 2023 31 Mar 2023 Revenue 10 9 38 37 Other operating income – – 0 0 Total operating income 10 9 38 37 Operating expenses −12 –15 −51 −54 Operating loss −2 –6 −13 −17 Financial income and expenses 17 11 53 47 Profit after financial items 15 5 40 30 Appropriations – – 15 15 Profit before taxes 15 5 55 45 Taxes −3 –1 −3 −1 Net profit 12 4 52 44 STATEMENT OF COMPREHENSIVE INCOME 3 months Rolling 12 months MSEK Apr–Jun 2023 Apr–Jun 2022 30 Jun 2023 31 Mar 2023 Net profit 12 4 52 44 Fair value changes for the year in cash-flow hedges −3 2 1 6 Taxes attributable to other comprehensive income 1 0 0 −1 Components that will be reclassified to net profit −2 2 1 5 Other comprehensive income −2 2 1 5 Total comprehensive income for the period 10 6 53 49 BALANCE SHEET MSEK 30 Jun 2023 30 Jun 2022 31 Mar 2023 Assets Intangible non-current assets – 0 – Tangible non-current assets 1 2 2 Financial non-current assets 2,584 2,540 2,583 Current receivables 996 708 1,121 Cash and bank 0 1 1 Total assets 3,581 3,251 3,707 Equity, provisions and liabilities Equity 1,159 1,190 1,144 Untaxed reserves 6 49 6 Provisions 42 40 43 Non-current liabilities 1,256 860 1,283 Current liabilities 1,118 1,112 1,231 Total equity, provisions and liabilities 3,581 3,251 3,707 ===== SIDA 13 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 13 of 16 Notes 1. Accounting policies This Interim Report was prepared in accordance with IFRS and by applying IAS 34, Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Securities Market Act. The Interim Report for the Parent Company was prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Market Act, which conforms to the provisions detailed in RFR 2 Accounting for Legal Entities. The same accounting policies and bases of judgement have been applied in this Interim Report as in the Annual Report for 2022/2023. Disclosures are provided in the financial statements and accompanying notes as well as other sections of the interim report. New or amended accounting standards which take effect in coming periods A number of new and amended IFRS have not yet come into effect and have not been applied in advance in the preparation of this financial statement. The amended IFRS to be applied in the future are not expected to have any material impact on the Group’s financial statements. 2. Revenue per geographic area The Group primarily conducts operations in Sweden, Norway and Finland and revenue presented for the geographic markets is based on the domicile of the customers. 3 months Rolling 12 months MSEK Apr–Jun 2023 Apr–Jun 2022 30 Jun 2023 31 Mar 2023 Sweden 435 471 1,701 1,737 Norway 281 308 1,168 1,195 Finland 148 124 531 507 Other countries 364 297 1,377 1,310 Revenue 1,228 1,200 4,777 4,749 3. Leases Leases under IFRS 16 have the following effect on the consolidated balance sheet or income statement. MSEK 30 Jun 2023 30 Jun 2022 31 Mar 2023 Right-of-use assets 435 356 441 Non-current lease liabilities 292 243 297 Current lease liabilities 141 121 140 3 months Rolling 12 months MSEK Apr–Jun 2023 Apr–Jun 2022 30 Jun 2023 31 Mar 2023 Depreciation of right-of-use assets −37 –33 −139 −135 Interest on lease liabilities −4 –2 −11 −9 IFRS 16 will not affect operational follow-up or follow-up of earnings from the divisions. The increase in right-of-use assets and lease liabilities pertains primarily to the new logistics facility. The new lease gave rise to an increase of MSEK 1 in IFRS 16 interest for the quarter. 4. Risks and uncertainties The uncertain geopolitical situation, the general conditions and inflation have intensified, but have had a marginal impact on the Group to date. Otherwise, no significant changes occurred during the financial year with respect to risks and uncertainties, for either the Group or the Parent Company. For information about these risks and uncertainties, refer to pages 58–61 of Bergman & Beving’s Annual Report for 2022/2023. 5. Transactions with related parties No transactions having a material impact on the Group’s position or earnings occurred between Bergman & Beving and its related parties during the financial year. ===== SIDA 14 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 14 of 16 6. Alternative performance measures Bergman & Beving uses certain financial performance measures in its analysis of the operations and their performance that are not calculated in accordance with IFRS. The Company believes that these performance measures provide valuable information for investors, since they enable a more accurate assessment of current trends when combined with other key financial ratios calculated in accordance with IFRS. Since listed companies do not always calculate these performance measures ratios in the same way, there is no guarantee that the information is comparable with other companies’ performance measures of the same name. Change in revenue Comparable units refer to sales in local currency from units that were part of the Group during the current period and the entire corresponding period in the preceding year. Acquisitions/divestments refer to the acquisition or divestment of units during the corresponding period. 3 months Percentage change in revenue for: Apr–Jun 2023 Apr–Jun 2022 Comparable units in local currency −8 –4 Currency effects 1 2 Acquisitions/divestments 9 3 Total – change 2 1 EBITA Operating profit for the period before impairment of goodwill and amortisation and impairment of other intangible assets in connection with corporate acquisitions and equivalent transactions. 3 months Rolling 12 months MSEK Apr–Jun 2023 Apr–Jun 2022 30 Jun 2023 31 Mar 2023 Operating profit 91 82 348 339 Depreciation and amortisation in connection with acquisitions 14 9 48 43 EBITA 105 91 396 382 EBITDA Operating profit for the period before depreciation/amortisation and impairment losses. 3 months Rolling 12 months MSEK Apr–Jun 2023 Apr–Jun 2022 30 Jun 2023 31 Mar 2023 Operating profit 91 82 348 339 Depreciation, amortisation and impairment losses 66 55 243 232 EBITDA 157 137 591 571 Return on working capital (P/WC) Bergman & Beving’s profitability target is for each unit in the Group to achieve profitability of at least 45 percent, measured as EBITA (P) for the rolling 12-month period as a percentage of average 12 months’ working capital (WC), defined as inventories plus accounts receivable less accounts payable. Rolling 12 months MSEK 30 Jun 2023 30 Jun 2022 31 Mar 2023 EBITA (P) 396 344 382 Average working capital (WC) Inventory 1,398 1,243 1,389 Accounts receivable 904 883 924 Accounts payable −489 –557 −516 Total – average WC 1,813 1,569 1,797 P/WC, percent 22 22 21 ===== SIDA 15 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 15 of 16 7. Other definitions Return on equity1 Net profit for the rolling 12-month period divided by average equity. Return on capital employed Profit after financial items plus financial expenses for the rolling 12-month period divided by the average balance-sheet total less non-interest-bearing liabilities. EBITA margin EBITA for the period as a percentage of revenue. Equity per share1 Equity divided by the weighted number of shares at the end of the period. Cash flow per share Cash flow for the rolling 12-month period from operating activities divided by the weighted number of shares. Operational net loan liability Interest-bearing liabilities excluding lease liabilities and provisions for pensions less cash and cash equivalents. Operational net debt/equity ratio1 Operational net loan liability divided by equity. Earnings per share Net profit attributable to the Parent Company shareholders divided by the weighted number of shares. Operating margin Operating profit for the period as a percentage of revenue. Equity/assets ratio1 Equity as a percentage of the balance-sheet total. Profit margin Net profit after financial items as a percentage of revenue. Weighted number of shares Average number of shares outstanding before or after dilution. Shares held by Bergman & Beving are not included in the number of shares outstanding. Dilution effects arise due to call options that can be settled using shares in share-based incentive programmes. The call options have a dilution effect when the average share price during the period is higher than the redemption price of the call options. 1 Minority shares are included in equity when this performance measure is calculated. ===== SIDA 16 ===== Interim Report 2023/2024 1 April–30 June 2023 Page 16 of 16 Bergman & Beving in brief  Bergman & Beving, founded in 1906, is a Swedish listed corporate group with extensive experience in acquiring and developing leading niche companies from a long-term ownership perspective.  Bergman & Beving’s vision is to be a leading niche supplier of productive, safe and sustainable solutions to companies.  Our decentralised governance model means that we strive for leading positions through organic growth and add- on acquisitions in existing niches and through acquisitions in new niches.  Through our products, we are represented at over 5,000 sales outlets and by distributors in approximately 25 countries.  Our primary market is the Nordic region, which accounts for approximately 75 percent of revenue.  We aim to be a sustainable company where we actively work to create long-term value for society and our shareholders while limiting the impact of our operations on the environment.  The subsidiaries in the Group are operated with decentralised business responsibility, with a focus on simplicity, responsibility and freedom, efficiency, openness and a willingness to change. Our business units: