===== SIDA 1 ===== Interim Report 1 April–30 June 2025 First quarter (1 April–30 June 2025) ❖ Revenue rose by 5 percent to MSEK 1,319 (1,253). ❖ EBITA increased by 9 percent to MSEK 130 (119) and the EBITA margin improved to 9.9 percent (9.5). ❖ Net profit increased to MSEK 60 (58). ❖ Cash flow from operating activities totalled MSEK 182 (187). ❖ Four acquisitions have been completed, one of which after the end of the period, with total annual revenue of approximately MSEK 300. ❖ Earnings per share for the most recent 12-month period amounted to SEK -1.80 before and after dilution, compared with SEK -1.95 for the 2024/2025 financial year. Adjusted earnings per share1) amounted to SEK 8.20 after dilution. ❖ The competition authorities in Sweden, Finland and Norway approved the divestment of Skydda companies to Ahlsell, which took over as owner after the end of the period. 1) Adjusted for reversal of impairment of goodwill, MSEK 270, on 31 March 2025. Unless otherwise stated, comparisons in brackets pertain to the corresponding period in the preceding year. 3 months Rolling 12 months MSEK Apr–Jun 2025 Apr–Jun 2024 ∆ % 30 Jun 2025 31 Mar 2025 Revenue 1,319 1,253 5 5,038 4,972 EBITA 130 119 9 496 485 EBITA margin, percent 9.9 9.5 9.8 9.8 EBIT 103 100 3 132 129 EBIT margin, percent 7.8 8.0 2.6 2.6 Adjusted EBIT1) 103 100 3 402 399 Adjusted EBIT margin, percent1) 7.8 8.0 8.0 8.0 Profit after financial items 76 74 3 29 27 Net profit (after taxes) 60 58 3 -38 -40 Earnings per share before dilution, SEK 2.10 1.95 -1.80 -1.95 Earnings per share after dilution, SEK 2.05 1.95 -1.80 -1.95 Adjusted earnings per share after dilution, SEK1) 2.05 1.95 8.20 8.05 P/WC, percent 32 31 Cash flow from operating activities 182 187 -3 504 509 Equity/assets ratio, percent 31 32 Number of employees at the end of the period 1,448 1,339 8 1,448 1,403 ===== SIDA 2 ===== Interim Report 2025/2026 1 April–30 June 2025 2 (22) CEO’s comments Increased profit despite a challenging market The first quarter of the operating year resulted in continued improvements in earnings, higher profitability and stronger cash flow despite the fact that demand in the construction and industrial segments remained weak. EBITA increased by 9 percent to MSEK 130 (119) and the EBITA margin improved to 9.9 percent (9.5). We have now improved our earnings for 22 consecutive quarters, which in my opinion proves the strength of our business model and the initiatives of our companies. Revenue rose by 5 percent, primarily due to acquisitions. Higher acquisition-related amortisation and unchanged net financial items meant that profit before tax increased 3 percent to MSEK 76 (74). Working capital continued to decrease organically. Together with improved earnings, this led to a strong trend in profitability (P/WC), which increased to 32 percent (27). Cash flow from operating activities totalled MSEK 182 (187). Strategic divestment strengthens focus The divestment of Skydda’s Nordic operations to Ahlsell was completed after the end of the quarter. Now that Ahlsell is the new owner of Skydda, we see good opportunities to increase volumes from our product companies in the area of personal protective equipment. Skydda’s operations outside the Nordic region will not be affected by the transaction and will remain an important channel for our product companies. Initially, the divestment results in an EBITA shortfall of around MSEK 45 but will strengthen the group’s long-term conditions. The earnings will be substituted by high-quality acquisitions, which will further make us reach the targets MSEK 500 EBIT and 10 percent operating margin, albeit with a few quarters delay compared to what has previously been communicated. Acquisition pace continues – focus on niche growth companies Three acquisitions were conducted during the quarter. Following our acquisition of Mann & Co we are now, together with our companies Germ and Sandberg, a market leader in Sweden when it comes to fluid handling equipment. Through our acquisition of 97 percent of the UK company Raintite, which specialises in PVC-laminated steel products for roof applications such as guttering, we expanded our offering within commercial construction-related solutions. We established ourselves in the growing control and measurement systems niche for the oil, gas, chemical and aviation industries through the acquisition of Ontec in Finland. After the end of the quarter, we acquired H C Coils in the UK, which offers bespoke industrial heat exchangers for customers in, for example, the processing or pharmaceutical industries. Collectively, these companies have annual revenue of approximately MSEK 300, with good profitability and attractive growth prospects. The focus going forward for these units is therefore to drive growth while retaining profitability. Our focus on acquiring product companies means that we have reached our interim target of 75 percent proprietary products – a gratifying milestone. Overall, we see good opportunities to acquire high-quality niche technology companies that meet our criteria for acquisition. We have the scope to continue conducting acquisitions, thanks to a strong balance sheet and access to cash and cash equivalents. Well equipped to create long-term value growth While certain segments of the market are cautious, we draw strength from our decentralised model, with companies that act independently within clear financial frameworks. We are continuing to streamline operations in addition to improving the sales mix and investing where we see potential for profit growth. Our broad exposure to various product and customer segments, combined with structured capital allocation and an active acquisition agenda, makes us well positioned to continue to create profit and profitability growth over time. Stockholm, July 2025 Magnus Söderlind President & CEO ===== SIDA 3 ===== Interim Report 2025/2026 1 April–30 June 2025 3 (22) Profit and revenue First quarter (April–June 2025) Revenue rose by 5 percent to MSEK 1,319 (1,253). Acquired revenue growth amounted to 11 percent. Exchange-rate fluctuations had a negative impact of 3 percent on revenue. Revenue decreased by 3 percent organically. The previous quarter’s trend of weak demand in the Nordic construction sector continued. While our companies that deliver to industrial customers saw varying demand, demand from the manufacturing sector in the Nordic region was somewhat weaker overall. EBITA for the first quarter increased by 9 percent to MSEK 130 (119) and the EBITA margin increased to 9.9 percent (9.5). This improvement was primarily due to earnings contributions from acquired companies. Despite a weaker market, several companies made positive contributions. Profit after financial items amounted to MSEK 76 (74). Net profit amounted to MSEK 60 (58). 1 228 1 094 1 187 1 214 1 253 1 144 1 264 1 311 1 319 Q1 2023/2024 Q2 Q3 Q4 Q1 2024/2025 Q2 Q3 Q4 Q1 2025/2026 REVENUE MSEK 105 107 110 116 119 120 121 125 130 Q1 2023/2024 Q2 Q3 Q4 Q1 2024/2025 Q2 Q3 Q4 Q1 2025/2026 EBITA MSEK 70% 72% 74% 75% 30% 28% 26% 25% 31 Mar 2023 31 Mar 2024 31 Mar 2025 30 Jun 2025 REVENUE PER TYPE OF BRAND ROLLING 12 MONTHS Own proprietary brands Other brands 36% 35% 36% 35% 25% 24% 21% 21% 11% 11% 11% 13% 3% 5% 8% 9% 25% 25% 24% 22% 31 Mar 2023 31 Mar 2024 31 Mar 2025 30 Jun 2025 REVENUE PER COUNTRY ROLLING 12 MONTHS Sweden Norway Finland The UK Other countries ===== SIDA 4 ===== Interim Report 2025/2026 1 April–30 June 2025 4 (22) Performance by division 3 months Rolling 12 months MSEK Apr–Jun 2025 Apr–Jun 2024 ∆ % 30 Jun 2025 31 Mar 2025 Revenue Core Solutions 464 388 20 1,626 1,550 Safety Technology 434 416 4 1,676 1,658 Industrial Equipment 427 457 -7 1,763 1,793 Group-wide/eliminations -6 -8 -27 -29 Total revenue 1,319 1,253 5 5,038 4,972 EBITA Core Solutions 55 45 22 171 161 Safety Technology 35 34 3 138 137 Industrial Equipment 45 46 -2 208 209 Group-wide/eliminations* -5 -6 -21 -22 Total EBITA 130 119 9 496 485 Depreciation, amortisation and impairment in connection with acquisitions -27 -19 -364 -356 Operating profit 103 100 132 129 Financial income and expenses -27 -26 -103 -102 Profit before taxes 76 74 29 27 EBITA margin, percent Core Solutions 11.9 11.6 10.5 10.4 Safety Technology 8.1 8.2 8.2 8.3 Industrial Equipment 10.5 10.1 11.8 11.7 Total EBITA margin 9.9 9.5 9.8 9.8 * IFRS 16 does not affect operational follow-up or follow-up of earnings from the divisions. Core Solutions First quarter (April–June 2025) Core Solutions’ revenue rose by 20 percent to MSEK 464 (388). EBITA increased by 22 percent to MSEK 55 (45) and the EBITA margin was 11.9 percent (11.6). Demand from customers in the construction sector in the Nordic region remained stable, but low. ESSVE compensated for weak demand by continuing to deliver on new customer contracts in Norway as well as Sweden. The division’s Finnish companies noted somewhat improved demand, albeit from a previously low level. However, the division’s UK company enjoyed good demand. The higher earnings were mainly attributable to acquisitions. Safety Technology First quarter (April–June 2025) Safety Technology’s revenue rose by 4 percent to MSEK 434 (416). EBITA increased by 3 percent to MSEK 35 (34) and the EBITA margin was 8.1 percent (8.2). While demand increased for several of the division’s companies, the market remained relatively weak. Cresto continued to experience good demand based on global wind power customers’ need for rescue equipment and increased demand for training in the US. The newly acquired company Ontec delivered according to expectations. Industrial Equipment First quarter (April–June 2025) Industrial Equipment’s revenue amounted to MSEK 427 (457). EBITA amounted to MSEK 45 (46) and the EBITA margin was 10.5 percent (10.1). As before, demand for companies varied depending on their end markets. Luna and Teng Tools, which sell to resellers, faced weak demand. Polartherm, which ===== SIDA 5 ===== Interim Report 2025/2026 1 April–30 June 2025 5 (22) manufactures mobile heaters, also experienced continued low demand, primarily from construction customers and rental companies in Europe. At the same time, demand for the newly acquired companies in the UK was strong. Group-wide expenses and eliminations Group-wide items and eliminations for the first quarter amounted to MSEK -5 (-6). The Parent Company’s revenue amounted to MSEK 12 (10) and profit after financial items amounted to MSEK 12 (10) for the first quarter. Employees At the end of the period, the number of employees in the Group totalled 1,448, compared with 1,403 at the beginning of the financial year. During the period, 36 employees were added to the Group via acquisitions. Divestment On 27 March, an agreement was signed with Ahlsell to divest the Nordic operations of the subsidiary Skydda. The decision to divest Skydda was based on the assessment that Skydda will have better conditions for successful growth with Ahlsell as its owner. The proceeds from the sale will be used to acquire highly profitable niche technology companies, in line with Bergman & Beving’s acquisition strategy and financial targets. For the last 12 months, Skydda had combined revenue of approximately MSEK 550 and underlying EBITA of approximately MSEK 45. The divested operations are valued at MSEK 300, excluding a possible additional purchase consideration amounting to a maximum of MSEK 80. Skydda’s operations outside the Nordic region, with annual revenue of approximately MSEK 175, are not included in the transaction and will remain part of Bergman & Beving since they are an important sales channel for Bergman & Beving’s product companies active in personal protective equipment. The divestment was contingent on approval from the competition authorities in Sweden, Finland and Norway, which was received during the quarter. An impairment of goodwill of MSEK 270 related to the divestment was recognised in the fourth quarter of 2024/2025. The estimated restructuring cost in the subsequent periods is expected to amount to approximately MSEK 70. Ahlsell took over as owner on 1 July 2025. Refer to the section Events after the end of the period. A summary of the assets and liabilities that are deemed to be assets held for sale under IFRS 5 is presented in the table below. Assets held for sale MSEK 30 Jun 2025 Goodwill 200 Other non-current assets 12 Deferred tax assets 1 Inventory 87 Accounts receivable 71 Cash and bank 82 Other current assets 3 Assets held for sale 456 Non-current liabilities 2 Provisions for pensions 32 Accounts payable 6 Other current liabilities 36 Liabilities held for sale 76 In the consolidated balance sheet as of 30 June, the assets and liabilities of the Skydda companies are classified according to the above categories. The original categorisation was used when calculating performance measures, since the Skydda companies were part of Bergman & Beving for the entire quarter. ===== SIDA 6 ===== Interim Report 2025/2026 1 April–30 June 2025 6 (22) Corporate acquisitions On 4 April 2025, Division Safety Technology acquired all of the shares in Ontec Oy. Ontec Oy is a leading company providing certified control and measurement systems for oil, gas, chemical and aviation industries with annual revenue of approximately MSEK 45. On 16 April 2025, Division Core Solutions acquired 97 percent of the shares in Raintite Trading Ltd, a leading manufacturer of PVC-laminated steel products used in roof applications such as guttering. The company has annual revenue of approximately MSEK 90. On 15 May 2025, Germ AB, a company in Division Industrial Equipment, acquired all of the shares in Mann & Co AB, a leading supplier of hoses and couplings for fluid handling applications. The company has annual revenue of approximately MSEK 30. 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: * Refers to the situation assessed on a full-year basis on the date of acquisition. Goodwill is based on the expected future sales trend and profitability of the acquired companies. The unpaid purchase considerations of MSEK 129 are contingent and are estimated to amount to a maximum of MSEK 178. The majority of the contingent considerations will fall due within three years. Acquisition analyses older than 12 months are considered finalised. Considerations of MSEK 2 (7) pertaining to previous years’ acquisitions were paid during the period. Remeasurements of contingent considerations had a positive effect of MSEK 6 (-) on the period. The effect on earnings is recognised in Other operating income. Acquisition-related transaction costs for the year’s acquisitions, which are recognised in other operating expenses in the income statement, amounted to MSEK 1 (0). Remeasurements of option liabilities related to minority interests were performed during the period, which had an impact of MSEK 4 (-) on the equity of majority shareholders. Fair value of acquired assets and liabilities, MSEK Total Customer relations, etc. 396 Other non-current assets 29 Other assets 309 Deferred tax liability, net -88 Other operating liabilities -78 Acquired net assets 568 Goodwill 316 Non-controlling interest -4 Purchase considerations 880 Less: Purchase considerations, unpaid -129 Less: Cash and cash equivalents in acquired companies -172 Net change in cash and cash equivalents -579 Acquisition Closing Rev. MSEK* No. of empl. * Division Maskinab, Sweden Apr 2024 35 3 Industrial Equipment Spraylat, UK Jul 2024 40 15 Core Solutions Levypinta, Finland Oct 2024 180 23 Core Solutions Collinder, Sweden Dec 2024 60 23 Safety Technology Ovesta, Finland Dec 2024 35 16 Core Solutions Labsense, Finland Dec 2024 35 6 Industrial Equipment Ontec, Finland Apr 2025 45 12 Safety Technology Raintite Trading, UK Apr 2025 90 18 Core Solutions Mann & Co, Sweden May 2025 30 6 Industrial Equipment ===== SIDA 7 ===== Interim Report 2025/2026 1 April–30 June 2025 7 (22) Profitability, cash flow and financial position Profitability, measured as the return on working capital (P/WC), amounted to 32 percent (27). The return on equity was -2 percent (9), but adjusted for the impairment of MSEK 270 the return was 10 percent (9). Cash flow from operating activities for the quarter totalled MSEK 182 (187). Working capital decreased by MSEK 37 during the period, mainly as a result of lower inventory. Cash flow was impacted by net investments in non- current assets of MSEK 14 (16) and MSEK 261 (35) pertaining to acquisitions. The Group’s operational net loan liability at the end of the period amounted to MSEK 1,412 (962), excluding expensed pension obligations of MSEK 516 (553) and lease liabilities of MSEK 454 (429). Cash and cash equivalents, including unutilised granted credit facilities, totalled MSEK 1,092 (1,077). The performance measures are calculated with the Skydda companies’ original categorisation of balance- sheet items. Financial income and expenses amounted to MSEK -27 (-26) for the quarter, of which the net expense for bank financing was MSEK -16 (-19). The equity/assets ratio was 31 percent (37). Equity per share amounted to SEK 77.25, compared with SEK 74.00 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 23 percent. 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 1,060,656 10,606,560 3.9 28.7 Class B shares, 1 vote per share 26,375,760 26,375,760 96.1 71.3 Total number of shares before repurchasing 27,436,416 36,982,320 100.0 100.0 Of which, repurchased Class B shares -668,543 2.4 1.8 Total number of shares after repurchasing 26,767,873 The share price on 30 June 2025 was SEK 292.00. The number of treasury shares averaged 683,943 during the period and amounted to 668,543 at the end of the period. The average purchase price for the repurchased shares was SEK 87.88 per share. Call options issued for repurchased shares resulted in an immaterial dilution effect. In the first quarter of the year, the 2021/2025 call option programme expired. CALL OPTION PROGRAMMES Outstanding programmes No. of options Corresponding no. of shares % of total shares Redemption price Redemption period Call option programme 2022/2026 210,000 210,000 0.8 106.10 9 Sep 2025–5 Jun 2026 Call option programme 2023/2027 250,000 250,000 0.9 181.10 9 Sep 2026–4 Jun 2027 Call option programme 2024/2028 250,000 250,000 0.9 378.30 10 Sep 2027–2 Jun 2028 ===== SIDA 8 ===== Interim Report 2025/2026 1 April–30 June 2025 8 (22) Events after the end of the period On 1 July, Ahlsell took over as owner of Skydda’s operations in Sweden, Finland and Norway and, as of this date, Skydda i Sverige AB, Skydda Suomi Oy and Skydda Norge AS are no longer consolidated into Bergman & Beving. On 15 July, Division Core Solutions acquired all of the shares in H C Coils Ltd. The company is a leading manufacturer of bespoke heat exchangers used within temperature regulation, air conditioning and cooling. H C Coils is based in Fareham, UK, with over 70 employees and revenue of approximately MGBP 10. Annual General Meeting The Annual General Meeting (AGM) of Bergman & Beving AB will be held on Thursday, 28 August 2025, 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, 16 July 2025 Magnus Söderlind President & CEO This report has not been reviewed by the Company’s auditors. Other information Publication The information in this report is such 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 16 July 2025. Dates for forthcoming financial information ❖ The 2025 AGM will be held on 28 August 2025 at 4:00 p.m. CEST at IVA Conference Centre, Grev Turegatan 16, Stockholm. ❖ Interim Report 1 April–30 September 2025 will be published on 22 October 2025 ❖ Interim Report 1 April–31 December 2025 will be presented on 4 February 2026 ❖ Financial Report 1 April 2025–31 March 2026 will be published on 13 May 2026 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 9 ===== Interim Report 2025/2026 1 April–30 June 2025 9 (22) Reporting by quarter 2025/2026 2024/2025 2023/2024 MSEK Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Revenue Core Solutions 464 455 373 334 388 349 322 346 393 Safety Technology 434 439 441 362 416 412 433 354 405 Industrial Equipment 427 417 464 455 457 459 441 402 439 Group-wide/eliminations -6 0 -14 -7 -8 -6 -9 -8 -9 Total revenue 1,319 1,311 1,264 1,144 1,253 1,214 1,187 1,094 1,228 EBITA Core Solutions 55 51 26 39 45 46 17 37 50 Safety Technology 35 34 40 29 34 23 40 19 34 Industrial Equipment 45 45 63 55 46 51 57 50 31 Group-wide/eliminations -5 -5 -8 -3 -6 -4 -4 1 -10 Total EBITA 130 125 121 120 119 116 110 107 105 EBITA margin, percent Core Solutions 11.9 11.2 7.0 11.7 11.6 13.2 5.3 10.7 12.7 Safety Technology 8.1 7.7 9.1 8.0 8.2 5.6 9.2 5.4 8.4 Industrial Equipment 10.5 10.8 13.6 12.1 10.1 11.1 12.9 12.4 7.1 Total EBITA margin 9.9 9.5 9.6 10.5 9.5 9.6 9.3 9.8 8.6 ===== SIDA 10 ===== Interim Report 2025/2026 1 April–30 June 2025 10 (22) Group summary CONSOLIDATED INCOME STATEMENT 3 months Rolling 12 months MSEK Apr–Jun 2025 Apr–Jun 2024 30 Jun 2025 31 Mar 2025 Revenue 1,319 1,253 5,038 4,972 Other operating income 7 3 35 31 Total operating income 1,326 1,256 5,073 5,003 Cost of goods sold -695 -659 -2,654 -2,618 Personnel costs -287 -267 -1,101 -1,081 Depreciation, amortisation and impairment losses -84 -74 -593 -583 Other operating expenses -157 -156 -593 -592 Total operating expenses -1,223 -1,156 -4,941 -4,874 Operating profit 103 100 132 129 Financial income and expenses -27 -26 -103 -102 Profit after financial items 76 74 29 27 Taxes -16 -16 -67 -67 Net profit/loss 60 58 -38 -40 Of which, attributable to Parent Company shareholders 56 52 -48 -52 Of which, attributable to non-controlling interest 4 6 10 12 EBITA 130 119 496 485 Earnings per share before dilution, SEK 2.10 1.95 -1.80 -1.95 Earnings per share after dilution, SEK 2.05 1.95 -1.80 -1.95 Number of shares outstanding before dilution, ‘000 26,768 26,710 26,768 26,747 Weighted number of shares before dilution, ‘000 26,753 26,708 26,739 26,728 Weighted number of shares after dilution, ‘000 27,010 26,948 26,998 27,001 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 3 months Rolling 12 months MSEK Apr–Jun 2025 Apr–Jun 2024 30 Jun 2025 31 Mar 2025 Net profit/loss 60 58 -38 -40 Other comprehensive income Remeasurement of defined-benefit pension plans – - 23 23 Tax attributable to components that will not be reclassified – - -5 -5 Components that will not be reclassified to net profit – - 18 18 Translation differences 27 -14 -65 -106 Fair value changes for the year in cash-flow hedges 0 0 0 0 Tax attributable to components that will be reclassified 0 0 0 0 Components that will be reclassified to net profit 27 -14 -65 -106 Other comprehensive income 27 -14 -47 -88 Total comprehensive income for the period 87 44 -85 -128 Of which, attributable to Parent Company shareholders 82 37 -93 -138 Of which, attributable to non-controlling interest 5 7 8 10 ===== SIDA 11 ===== Interim Report 2025/2026 1 April–30 June 2025 11 (22) CONSOLIDATED BALANCE SHEET MSEK 30 Jun 2025 30 Jun 2024 31 Mar 2025 Assets Goodwill 1,867 2,037 1,924 Other intangible non-current assets 1,068 786 917 Tangible non-current assets 165 156 158 Right-of-use assets 443 427 430 Financial non-current assets 12 4 9 Deferred tax assets 58 58 58 Total non-current assets 3,613 3,468 3,496 Inventory 1,071 1,127 1,157 Accounts receivable 871 925 987 Other current receivables 187 165 149 Cash and cash equivalents 428 340 348 Assets held for sale 456 – – Total current assets 3,013 2,557 2,641 Total assets 6,626 6,025 6,137 Equity and liabilities Equity attributable to Parent Company shareholders 1,954 2,145 1,871 Non-controlling interest 112 111 107 Total equity 2,066 2,256 1,978 Non-current interest-bearing liabilities 1,849 1,330 1,586 Provisions for pensions 484 553 523 Other non-current liabilities and provisions 590 442 522 Total non-current liabilities 2,923 2,325 2,631 Current interest-bearing liabilities 521 401 476 Accounts payable 514 479 538 Other current liabilities 526 564 514 Liabilities held for sale 76 – – Total current liabilities 1,637 1,444 1,528 Total equity and liabilities 6,626 6,025 6,137 CONSOLIDATED STATEMENT OF EQUITY ATTRIBUTABLE TO PARENT COMPANY SHAREHOLDERS MSEK 30 Jun 2025 30 Jun 2024 31 Mar 2025 Opening equity 1,871 2,108 2,108 Dividend – - -102 Exercise and purchase of options for repurchased shares -3 0 11 Option liabilities, acquisitions1) 4 – -12 Other changes to non-controlling interests – - 4 Total comprehensive income for the period 82 37 -138 Closing equity 1,954 2,145 1,871 1) Refers to the change in value for the year and additional put options issued in connection with acquisitions of partly owned subsidiaries. The minority shareholders are entitled to sell shares to Bergman & Beving. The option price is based on the expected future financial performance of the acquired operations. ===== SIDA 12 ===== Interim Report 2025/2026 1 April–30 June 2025 12 (22) CONSOLIDATED CASH-FLOW STATEMENT 3 months Rolling 12 months MSEK Apr–Jun 2025 Apr–Jun 2024 30 Jun 2025 31 Mar 2025 Operating activities before changes in working capital1) 145 143 507 505 Changes in working capital 37 44 -3 4 Cash flow from operating activities 182 187 504 509 Investments in intangible and tangible assets -15 -17 -61 -63 Proceeds from sale of intangible and tangible assets 1 1 2 2 Acquisition of businesses -261 -35 -628 -402 Cash flow from investing activities -275 -51 -687 -463 Dividend, Parent Company shareholders – - -102 -102 Borrowings 296 4 645 353 Repayment of loans 0 -55 -25 -80 Repayment of leases -40 -37 -156 -153 Other financing activities1) -7 -1 1 7 Cash flow from financing activities 249 -89 363 25 Cash flow for the period 156 47 180 71 Cash and cash equivalents at the beginning of the period 348 296 340 296 Cash flow for the period 156 47 180 71 Exchange-rate differences in cash and cash equivalents 6 -3 -10 -19 Cash and cash equivalents at the end of the period2) 510 340 510 348 1) Adjusted pension classification in comparative figures. 2) Cash and cash equivalents at the end of the period also include Cash and cash equivalents under the item Assets held for sale. ===== SIDA 13 ===== Interim Report 2025/2026 1 April–30 June 2025 13 (22) Compilation of key financial ratios KEY FINANCIAL RATIOS Rolling 12 months MSEK 30 Jun 2025 31 Mar 2025 31 Mar 2024 31 Mar 2023 31 Mar 2022 Revenue 5,038 4,972 4,723 4,749 4,575 EBITDA 725 712 656 571 503 EBITA 496 485 438 382 331 EBITA margin, percent 9.8 9.8 9.3 8.0 7.2 Adjusted EBIT1) 402 399 372 339 298 Adjusted EBIT margin, percent1) 8.0 8.0 7.9 7.1 6.5 EBIT 132 129 372 339 298 EBIT margin, percent 2.6 2.6 7.9 7.1 6.5 Profit after financial items 29 27 261 271 259 Net profit/loss -38 -40 201 214 202 Profit margin, percent 0.6 0.5 5.5 5.7 5.7 Return on working capital (P/WC), percent 32 31 26 21 22 Return on capital employed, percent Return on equity, percent 3 -2 3 -2 9 9 8 10 8 11 Operational net loan liability (closing balance) 1,412 1,278 1,057 1,090 889 Operational net debt/equity ratio 0.7 0.6 0.5 0.5 0.5 Operational net loan liability/EBITDA excl. IFRS 16, multiple 2.5 2.3 2.1 2.5 2.3 Equity (closing balance) 2,066 1,978 2,213 2,240 1,932 Equity/assets ratio, percent 31 32 37 39 36 Number of employees at the end of the period 1,448 1,403 1,340 1,348 1,227 The performance measures are calculated with the Skydda companies’ original categorisation of balance-sheet items. KEY PER-SHARE DATA Rolling 12 months SEK 30 Jun 2025 31 Mar 2025 31 Mar 2024 31 Mar 2023 31 Mar 2022 Earnings before dilution -1.80 -1.95 7.15 7.80 7.55 Earnings after dilution -1.80 -1.95 7.15 7.80 7.50 Adjusted earnings before dilution1) 8.30 8.15 7.15 7.80 7.55 Adjusted earnings after dilution1) 8.20 8.05 7.15 7.80 7.50 Cash flow from operating activities 18.85 19.05 23.85 12.55 8.50 Equity 77.25 74.00 83.00 84.35 72.85 Share price 292.00 290.00 209.50 128.40 141.40 1) Adjusted for reversal of impairment of goodwill, MSEK 270, on 31 March 2025. ===== SIDA 14 ===== Interim Report 2025/2026 1 April–30 June 2025 14 (22) Parent Company summary INCOME STATEMENT 3 months Rolling 12 months MSEK Apr–Jun 2025 Apr–Jun 2024 30 Jun 2025 31 Mar 2025 Revenue 12 10 45 43 Other operating income – – - - Total operating income 12 10 45 43 Operating expenses -16 -16 -59 -59 Operating loss -4 -6 -14 -16 Financial income and expenses 16 16 65 65 Profit after financial items 12 10 51 49 Appropriations – - 16 16 Profit before taxes 12 10 67 65 Taxes -2 -2 0 0 Net profit 10 8 67 65 STATEMENT OF COMPREHENSIVE INCOME 3 months Rolling 12 months MSEK Apr–Jun 2025 Apr–Jun 2024 30 Jun 2025 31 Mar 2025 Net profit 10 8 67 65 Fair value changes for the year in cash-flow hedges 0 0 0 0 Taxes attributable to other comprehensive income 0 0 0 0 Components that will be reclassified to net profit 0 0 0 0 Other comprehensive income 0 0 0 0 Total comprehensive income for the period 10 8 67 65 BALANCE SHEET MSEK 30 Jun 2025 30 Jun 2024 31 Mar 2025 Assets Tangible non-current assets 1 1 1 Financial non-current assets 2,835 2,552 2,467 Current receivables 1,907 1,326 1,940 Cash and bank 1 1 1 Total assets 4,744 3,880 4,409 Equity, provisions and liabilities Equity 1,093 1,121 1,087 Provisions 42 43 42 Non-current liabilities 1,749 1,239 1,444 Current liabilities 1,860 1,477 1,836 Total equity, provisions and liabilities 4,744 3,880 4,409 ===== SIDA 15 ===== Interim Report 2025/2026 1 April–30 June 2025 15 (22) 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. Assets and liabilities held for sale It is Bergman & Beving’s assessment that the criteria for recognising assets and liabilities held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations were met as of the balance-sheet date with regard to the divestment of Skydda i Sverige AB, Skydda Suomi Oy and Skydda Norge AS. This classification principle will be applied as of the first quarter of 2025/2026. The criteria for discontinued operations were deemed not to have been met. In other respects, the same accounting policies and bases of judgement have been applied in this Interim Report as in the Annual Report for 2024/2025. Disclosures are provided in the financial statements and accompanying notes as well as other sections of the interim report. New or amended accounting standards The additions and amendments to standards applicable during the year are not assessed to have any material impact on the financial statements. The amended IFRS to be applied in the future are not expected to have any material impact on the Group’s financial statements. ===== SIDA 16 ===== Interim Report 2025/2026 1 April–30 June 2025 16 (22) 2. Revenue per geographic area The Group primarily conducts operations in Sweden, Norway, Finland and the UK. Revenue presented for the geographic markets is based on the domicile of the customers. 3 months Rolling 12 months MSEK Apr–Jun 2025 Apr–Jun 2024 30 Jun 2025 31 Mar 2025 Sweden 440 453 1,748 1,761 Norway 278 270 1,076 1,068 Finland 185 112 629 556 UK 137 96 461 420 Other countries 279 322 1,124 1,167 Revenue 1,319 1,253 5,038 4,972 3. Leases Leases under IFRS 16 have the following effect on the consolidated balance sheet or income statement. MSEK 30 Jun 2025 30 Jun 2024 31 Mar 2025 Right-of-use assets 443 427 430 Right-of-use assets under Assets held for sale 6 - - Non-current lease liabilities 295 285 282 Current lease liabilities 153 144 154 Lease liabilities under Liabilities held for sale 6 - - 3 months Rolling 12 months MSEK Apr–Jun 2025 Apr–Jun 2024 30 Jun 2025 31 Mar 2025 Depreciation of right-of-use assets -41 -38 -163 -160 Interest on lease liabilities -5 -4 -19 -18 IFRS 16 will not affect operational follow-up or follow-up of earnings from the divisions. ===== SIDA 17 ===== Interim Report 2025/2026 1 April–30 June 2025 17 (22) 4. Fair value of financial instruments 30 Jun 2025 31 Mar 2025 MSEK Carrying amount Level 2 Level 3 Carrying amount Level 2 Level 3 Derivative hedging instruments 0 0 - 1 1 – Total financial assets at fair value per level 0 0 - 1 1 – Derivative hedging instruments – – – - - - Contingent considerations 227 - 227 184 – 184 Total financial liabilities at fair value per level 227 - 227 184 – 184 Financial instruments measured at fair value are presented in the table above. Derivatives belong to Level 2 of the fair value hierarchy. Derivatives that comprise foreign-exchange forward contracts are measured at fair value by discounting the difference between the contracted forward rate and the forward rate that can be contracted on the balance-sheet date for the remaining contract period. Contingent considerations regarding acquired operations are classified in Level 3, meaning that measurement is based on the expected future financial performance of the acquired operations as assessed by management. No transfers between Level 2 and Level 3 took place during the period. For the Group’s other financial assets and liabilities, the fair value is estimated to be equal to the carrying amount. 5. Risks and uncertainties While the uncertain geopolitical situation, increased protectionism, general conditions and inflation remain unchanged, they have had a minor impact on the Group to date. During the period, no other significant changes occurred with respect to risks and uncertainties for the Group or the Parent Company. For information about these risks and uncertainties, refer to pages 40– 43 of Bergman & Beving’s Annual Report for 2024/2025. 6. 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 period. Contingent considerations, MSEK 30 Jun 2025 31 Mar 2025 Opening balance 184 172 Acquisitions for the year 51 86 Purchase consideration paid -2 -57 Revaluation of preliminary purchase price allocations – - Reversal through profit or loss -6 -17 Exchange-rate differences 0 0 Closing balance 227 184 ===== SIDA 18 ===== Interim Report 2025/2026 1 April–30 June 2025 18 (22) Definitions Return on equity1, 2 Net profit for the rolling 12-month period divided by average 12-month equity. Return on equity measures, from an ownership perspective, the return generated by the owners’ invested capital. Return on working capital (P/WC)1 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. P /WC is used to analyse profitability and is a measure that encourages high EBITA and low working capital requirements. Bergman & Beving’s profitability target is for each unit in the Group to achieve profitability of at least 45 percent. Refer to the reconciliation table on page 20. Return on capital employed1 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. Return on capital employed shows the Group’s profitability in relation to externally financed capital and equity. EBITA1 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. EBITA is used to analyse profitability generated from operating activities. Refer to the reconciliation table on page 20. EBITA margin1 EBITA for the period as a percentage of revenue. The EBITA margin is used to show the profitability ratio of operating activities. EBITDA1 Operating profit for the period before depreciation/amortisation and impairment losses. EBITDA is used to analyse profitability generated from operating activities. The Group also uses EBITDA excluding depreciation of right-of-use assets. Refer to the reconciliation table on page 20. Equity per share1, 2 Equity divided by the weighted number of shares at the end of the period. Equity per share measures the amount of equity attributable to each share and is presented to facilitate the analyses and decisions of investors. Change in revenue for comparable units1 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. Used to analyse the underlying sales growth driven by changes in volume, range and prices for similar products and services between different periods. Refer to the reconciliation table on page 20. Cash flow per share1 Cash flow for the rolling 12-month period from operating activities divided by the weighted number of shares. ===== SIDA 19 ===== Interim Report 2025/2026 1 April–30 June 2025 19 (22) The measure is used to enable investors to easily analyse the size of the surplus from operating activities that is generated per share. Operational net loan liability1 Interest-bearing liabilities excluding lease liabilities and provisions for pensions less cash and cash equivalents. Operational net loan liability is used to follow the debt trend and to analyse the Group’s total debt excluding lease liabilities and provisions for pensions. Refer to the reconciliation table on page 21. Operational net debt/equity ratio1, 2 Operational net loan liability divided by equity. Operational net debt/equity ratio measures, from an ownership perspective, the relationship between operational net loan liability and the owners’ invested capital. Refer to the reconciliation table on page 21. Profit after financial items1 Profit before taxes for the period. Used to analyse operational profitability including financial activities. Earnings per share Net profit attributable to the Parent Company shareholders divided by the weighted number of shares. Operating profit1 Operating income less operating expenses. Also referred to as EBIT . The measure is used to describe the Group’s earnings before interest and taxes. Operating margin1 Operating profit for the period as a percentage of revenue. Also referred to as EBIT margin. The measure is used to state the percentage of revenue remaining to cover interest and tax as well as to generate profit after the company’s costs have been paid. Equity/assets ratio1, 2 Equity as a percentage of the balance-sheet total. The equity/assets ratio is used to analyse financial risk and shows the proportion of assets that are financed through equity. Profit margin1 Net profit after financial items as a percentage of revenue. Profit margin is used to assess the Group’s profit generation before tax and shows the proportion of revenue that the Group may retain in profit before taxes. Weighted number of shares Average number of shares outstanding before or after dilution. Shares held by the company 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) The performance measure is an alternative performance measure in accordance with ESMA’s guidelines 2) Minority shares are included in equity when this performance measure is calculated ===== SIDA 20 ===== Interim Report 2025/2026 1 April–30 June 2025 20 (22) Reconciliation tables 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 3 months Percentage change Apr–Jun 2025 Apr–Jun 2024 Comparable units in local currency -3 -7 Currency effects -3 0 Acquisitions/divestments 11 9 Total – change 5 2 EBITA 3 months Rolling 12 months MSEK Apr–Jun 2025 Apr–Jun 2024 30 Jun 2025 31 Mar 2025 Operating profit 103 100 132 129 Depreciation, amortisation and impairment in connection with acquisitions 27 19 364 356 EBITA 130 119 496 485 EBITDA 3 months Rolling 12 months MSEK Apr–Jun 2025 Apr–Jun 2024 30 Jun 2025 31 Mar 2025 Operating profit 103 100 132 129 Depreciation, amortisation and impairment losses 84 74 593 583 EBITDA 187 174 725 712 Depreciation of right-of-use assets -41 -38 -163 -160 EBITDA excl. IFRS 16 146 136 562 552 Return on working capital (P/WC) Rolling 12 months MSEK 30 Jun 2025 30 Jun 2024 31 Mar 2025 EBITA (P) 496 452 485 Average working capital (WC) Inventory 1,176 1,231 1,176 Accounts receivable 899 885 888 Accounts payable -517 -455 -504 Total – average WC 1,558 1,661 1,560 P/WC, percent 32 27 31 The performance measures are calculated with the Skydda companies’ original categorisation of balance-sheet items. ===== SIDA 21 ===== Interim Report 2025/2026 1 April–30 June 2025 21 (22) Operational net loan liability and operational net debt/equity ratio MSEK 30 Jun 2025 30 Jun 2024 31 Mar 2025 Financial net liabilities 2,892 2,284 2,585 Pensions -516 -553 -523 Lease liabilities -454 -429 -436 Cash and cash equivalents -510 -340 -348 Operational net loan liability 1,412 962 1,278 Equity 2,066 2,256 1,978 Operational net debt/equity ratio 0.7 0.4 0.6 The performance measures are calculated with the Skydda companies’ original categorisation of balance-sheet items. ===== SIDA 22 ===== Interim Report 2025/2026 1 April–30 June 2025 22 (22) 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 70 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: