===== SIDA 1 ===== October 1 – December 31, 2025 • Net sales amounted to MSEK 710 (796). Currency adjusted growth was –1 %, whereof –5 % was organic. • EBITA decreased 37 % to MSEK 86 (136). • EBITA margin was 12.1 (17.0) %. • Profit after tax decreased 34% to MSEK 55 (84). • Earnings per share decreased 34% to SEK 2.84 (4.30). • Following changes in US tax legislation during 2025, BTS’s North American operations have gained expanded and partially retroactive tax deduction possibilities. These changes have had a significant positive impact on the reported income tax for the year which decreased by approximately MSEK 14, with full impact in the fourth quarter. January 1 – December 31, 2025 • Net sales amounted to MSEK 2,703 (2,802). Currency adjusted growth was 3 %, whereof –1 % was organic. • EBITA decreased 25 % to MSEK 274 (365). • EBITA margin was 10.2 (13.0) %. • Profit after tax amounted to MSEK 133 (387). Excluding reversed provisions of earn-out 2024, the profit after tax decreased 31% to MSEK 133 (191). 2) • Earnings per share amounted to SEK 6.89 (19.93). Excluding reversed provision of earn-out 2024, earnings per share decreased 31% to SEK 6.89 (9.84). 2) FINANCIAL SUMMARY MSEK Oct–Dec 2025 Oct–Dec 2024 Jan–Dec 2025 Jan–Dec 2024 Net sales 710 796 2,703 2,802 Currency adjusted growth –1% 3% 3% 5% EBITA 86 136 274 365 EBITA margin 12.1% 17.0% 10.2% 13.0% EBIT 67 118 200 298 EBIT margin 9.5% 14.8% 7.4% 10.6% Profit after tax 55 1) 84 133 1) 387 2) Profit after tax, excl. reversed earn-out provision 2) 55 82 133 191 Cash flow from operating activities 210 222 213 386 Earnings per share, SEK 3) 2.84 4.30 6.89 19.93 Earnings per share, SEK, excl. reversed earn-out provision 2) 3) 2.84 4.22 6.89 9.84 Net debt (+) / net cash (–) –46 –282 –46 –282 Number of employees (EOP) 1,1394) 1,172 1,1394) 1,172 1) The changes in U.S. tax legislation have had a positive effect on reported income tax of MSEK 14 in BTS’s operations in North America. 2) During 2024, provisions of earn-out related to the acquisitions of RLI (MSEK 29) and Netmind (MSEK 166) were reversed, impacting the net financial items positively by MSEK 194 for the comparable period. 3) Before and after dilution of shares. 4) Acquisitions during the year have brought in 43 new employees. “We expect that Q4 2025 marked a turning point, bringing an end to the quarter-on-quarter decline in results and positioning BTS for renewed momentum into 2026. ” Jessica Skon, CEO of BTS Group AB Outlook 2026 We estimate that the result (EBITA) for 2026 will be better than 2025. Dividend The Board proposes a dividend of SEK 4.40 (6.10) per share to be paid on two occasions in the amount of SEK 2.20 per payment. Q4 BTS GROUP AB (PUBL) YEAR END REPORT JANUARY – DECEMBER 2025 2025 a disappointment, expected to go back to earnings growth in the first quarter 2026 ===== SIDA 2 ===== The past year of 2025 was very disappointing with only a 3 percent increase in total revenues in local currencies, and a 25 percent decline in EBITA. Of the EBITA decline, 60 percent has been caused by adverse currency exchange rates (MSEK 26) and items affecting comparability (MSEK 29) coming from restructuring charges in relation to AI based rationalization and legal fees associated with acquisitions earlier in 2025. 40 percent of the decline is mainly due to lower sales in BTS North America operations. There are three positive things from 2025 that we will bring into 2026 and onwards: 1. BTS Europe and BTS Other markets both delivered topline and bottom-line growth in 2025. BTS Europe grew 10 percent and improved EBITA by 5 percent, BTS Other markets grew 5 percent organically and improved EBITA by 4 percent (in local currencies). 2. The BTS North America turnaround is progressing well, and we anticipate moderate organic revenue growth and improved EBITA in the first quarter, 2026. 3. The AI innovation across our services and our internal workflows are benefitting us in three ways: a. A more competitive portfolio, with bookings from our AI bot technology (Wonderway acquisition) at MUSD 5, during 2025, a quintuple compared to the previous year. b. New services spanning AI adoption and workflow re-invention, with our bookings of AI related adoption services MUSD 14 in 2025, an increase with 690 percent compared to the same period 2024. c. Internal simplification of some of our core workflows with a second wave of AI efficiency improvements leading to further cost reductions of MSEK 24 to be realized across 2026. In 2026, we will bring our new AI tech to the global market while we continue to streamline and simplify our operations. Fourth quarter 2025 Continued weak revenue performance in BTS North America as well as a temporary slowdown in BTS Europe contributed to a weak fourth quarter result. Total revenues dropped by 1 percent and 5 percent organic, in local currencies, while EBITA fell by 29 percent in local currencies. Given the actions we have taken in BTS North America we expect that this quarter will mark the end of the quarter-on-quarter decline in results. BTS North America in a stronger position Net sales for the fourth quarter amounted to MSEK 318 (392). In local currencies revenues decreased with 7 percent and decreased with 13 percent organic. EBITA amounted to MSEK 30.9 (65.7), corresponding to an EBITA margin of 9.7 (16.8) percent. Almost half of the EBITA decline for the full year was due to currency headwinds, severance costs and items affecting comparability, while the remaining decline was 2025 a disappointment, expected to go back to earnings growth in the first quarter of 2026 Jessica Skon BTS Year-end report January 1–December 31, 2025 | 2 ===== SIDA 3 ===== due to the drop in revenues. The first phase of our AI backed efficiency program was launched during the second quarter of 2025 and during the fourth quarter we initialized a second action phase, leading to a restruc- turing charge in the quarter of approximately MSEK 10. However, we have managed to deliver cost reductions of approximately MSEK 24 for the full year. In June we put into place new leadership and a new strategy for BTS North America. It is satisfying that, in the fourth quarter, we managed to increase the net book- ings, increase our deal pipeline and increase our win rates. All in all, we ended the year in a stronger position than a year ago. In 2026, we will continue the strategy of focus- ing on our core business and include our AI innovations across all our proposals. In addition, we will among other things target fast-growing AI companies and look to hire more senior revenue generators. BTS Europe holding up to strong comparable quarter The fourth quarter revenue declined by 1 percent, compared to the strong fourth quarter 2024. The EBITA margin dropped to 15.4 percent due to a change in revenue mix and more development work than deliveries, as well as unfavorable exchange rates. We expect that high win rates in 2025 and many small deals won in the fourth quarter will support performance at the start of 2026, further bolstered by sales and leadership-focused recruitment. BTS Other markets – Growth with mixed development Revenues grew by 10 percent in the fourth quarter, of which organic growth was 6 percent in local currencies. However, market performance was mixed, with good improvements in Southern Europe1), offset by softer conditions in Asia and Southeast Asia. The EBITA margin decreased by 1.5 percentage points to 14.5 percent, primarily driven by challenges in our Asian operations. To address these challenges, we are implementing several strategic measures. These include deploying additional operational support, increased sales capacity and adopting more localized go-to-market approaches. We are also intensifying activities in markets facing macroeconomic headwinds to ensure sustained success despite more difficult conditions. We expect these initiatives to deliver results over the coming two to three quarters. As we look towards 2026, we are proud of our AI innova- tions and energized to bring them to the global market. We have moved fast and believe we are ahead of the com- petition and will continue to innovate internally and with third party partners at pace. We have had two waves of internal AI workflow re-inventions, and we will have a third wave in 2026, all leading to improved profits. We expect BTS Europe and BTS Other markets to continue to deliver revenue and EBITA growth during 2026, and we are looking forward to a first quarter where our biggest unit, BTS North America, delivers growth. Outlook We estimate that the result (EBITA) for 2026 will be better than in 2025. Stockholm, February 20, 2026 Jessica Skon CEO of BTS Group AB (publ) 1) ”BTS Other markets” includes Italy and Spain. Complete unit affiliation on page 5. BTS Year-end report January 1–December 31, 2025 | 3 ===== SIDA 4 ===== 0 600 1,200 1,800 2,400 3,000 Q4Q3Q2Q1 2025 Q4Q3Q2Q1 2024 Q4Q3Q2Q1 2023 Q4Q3Q2Q1 2022 Q4 2021 Net sales, MSEK EBITA, MSEK 1) 1) 1) 0 80 160 240 320 400 OPERATIONS October 1 – December 31, 2025 BTS’s fourth-quarter net sales amounted to MSEK 710 (796). Adjusted for changes in foreign exchange rates, sales decreased 1 percent, whereof –5 percent was organic. Growth varied between the units: BTS Other markets 10 percent, BTS Europe –1 percent, APG –5 percent, and BTS North America –7 percent. EBITA decreased 37 percent in the fourth quarter to MSEK 86 (136). The EBITA margin was 12.1 (17.0) percent. EBIT decreased 43 percent in the fourth quarter to MSEK 67 (118). EBIT margin was 9.5 (14.8) percent. EBIT for the fourth quarter was charged with MSEK –19 (–18) for amortization of intangible assets attributable to acquisitions and digital investments. Profit before tax decreased 50 percent and amounted to MSEK 58 (116) for the fourth quarter. The outcome was affected negatively by lower profit in BTS North America, BTS Europe, BTS Other markets, and same level for APG, compared to previous year. January 1 – December 31, 2025 BTS’s net sales for the full year amounted to MSEK 2,703 (2,802). Adjusted for changes in foreign exchange rates, the net sales increased 3 percent, whereof –1 percent was organic. Growth varied between the units: BTS Europe 10 percent, BTS Other markets 9 percent, BTS North America –1 percent, and APG –17 percent. EBITA decreased 25 percent to MSEK 274 (365) for the year. The EBITA margin was 10.2 (13.0) percent. EBIT decreased 33 percent to MSEK 200 (298) for the year. The EBIT margin was 7.4 (10.6) percent. EBIT for the year was charged with MSEK –74 (–67) for amortization of intangible assets attributable to acquisitions and digital investments. Profit before tax amounted to MSEK 165 (468) for the year. During 2024, provisions of earn-out related to the acquisitions of RLI and Netmind were reversed, impacting 1) Excluding forgiven PPP loan. 1) Excluding forgiven PPP loan. 1) Excluding forgiven PPP loan. 2) Excluding reversed provision of earn-out. 3) Proposed dividend. EBITA BY QUARTER NET SALES BY QUARTER EARNINGS AND DIVIDEND PER SHARE NET SALES AND EBITA ROLLING 12 MONTHS 21 22 23 24 25 25 25 25 21 22 23 24 21 22 23 24 21 22 23 24 Q1 Q2 Q3 Q4 0 100 200 300 400 500 600 700 800 900 MSEK MSEK 21 22 23 24 21 22 23 24 21 22 23 24 21 22 23 24 25 25 25 25 Q1 Q2 Q3 Q4 0 20 40 60 80 100 0 30 60 90 120 150 1) 0 3 6 9 12 25 3)24 2)23 2)2221 1)2019181716151413121110090807060504030201 Earnings per share, SEK Dividend per share, SEK Dividend, % of net profit 0 20 40 60 80 BTS Year-end report January 1–December 31, 2025 | 4 ===== SIDA 5 ===== SEGMENT REPORTING The effects of IFRS 16 are reported as Group adjustments, and do not affect the reporting of the BTS Operating units. Operating units BTS North America consists of BTS’s operations in the US (excluding APG), Canada, and Switzerland. BTS Europe consists of operations in France, Germany, the Netherlands, Sweden, and the UK. BTS Other markets consists of operations in Argentina, Australia, Brazil, China, Costa Rica, India, Indonesia, Italy, Japan, Malaysia, Mexico, Singapore, South Africa, South Korea, Spain, Taiwan, Thailand, and the United Arab Emirates. APG consists of operations in Advantage Performance Group in the US. NET SALES JANUARY 1 – DECEMBER 31, 2025 (2024) BTS North America 50 (51)% APG 4 (5)% BTS Europe 19 (17) % BTS Other markets 28 (27)% Programs 70 (67)% Development 20 (21)% Licenses 7 (10)% Other revenue 3 (2)% Per operating unit By source of revenue AVERAGE GROWTH PER YEAR, 2001–2025 (CAGR) 12% Net sales growth per year 1) 13% EBITA growth per year 1) Currency adjusted FINANCIAL GOALS • A net sales growth 1) of 20 percent, primarily organic. • An EBITA margin of 17 percent. • An equity ratio that does not fall below 50 percent over extended periods. • An ambition to distribute 40–65 percent of profit after tax in the long run. 1) Currency adjusted the net financial items positively by MSEK 194 for the comparable period. Excluding the reversed provisions of earn-out, the profit before tax decreased 39 percent to MSEK 165 (272). The outcome was affected positively by improved profit in BTS Europe, and negatively by lower profit in BTS North America, BTS Other markets, and APG, compared to the same period previous year. BTS Year-end report January 1–December 31, 2025 | 5 ===== SIDA 6 ===== OUTCOME PER OPERATING UNIT Net sales MSEK Oct–Dec 2025 Oct–Dec 2024 Jan–Dec 2025 Jan–Dec 2024 BTS North America 318 392 1,297 1,415 BTS Europe 145 155 500 470 BTS Other markets 218 216 795 773 APG 28 34 111 144 Total 710 796 2,703 2,802 EBITA MSEK Oct–Dec 2025 Oct–Dec 2024 Jan–Dec 2025 Jan–Dec 2024 BTS North America 30.9 65.7 105.7 188.2 BTS Europe 22.4 35.0 65.7 65.8 BTS Other markets 31.6 34.5 99.7 103.7 APG –0.1 –0.1 –3.6 –1.2 EBITA, excluding Group adjustments 84.8 135.1 267.5 356.5 Effects of IFRS 16 1.3 0.6 6.9 8.3 EBITA 86.1 135.7 274.4 364.8 EBITA margin % Oct–Dec 2025 Oct–Dec 2024 Jan–Dec 2025 Jan–Dec 2024 BTS North America 9.7 16.8 8.2 13.3 BTS Europe 15.4 22.6 13.1 14.0 BTS Other markets 14.5 16.0 12.5 13.4 APG –0.4 –0.2 –3.3 –0.8 EBITA margin 12.1 17.0 10.2 13.0 BTS Year-end report January 1–December 31, 2025 | 6 ===== SIDA 7 ===== BTS Europe Net sales for the fourth quarter amounted to MSEK 145 (155). Adjusted for changes in foreign exchange rates, revenue decreased 1 percent, whereof all was organic. EBITA amounted to MSEK 22.4 (35.0), and the EBITA margin was 15.4 (22.6) percent. The fact that BTS Europe’s net sales was in line with last year’s level, despite a strong comparison quarter, was due to a strong development in Germany and France in particular. The main impact on EBITA was due to a change in revenue mix and more development work being done than deliveries, as well as unfavourable exchange rates. Net sales for BTS Europe amounted to MSEK 500 (470) for the year. Adjusted for changes in foreign exchange rates, revenue increased 10 percent, whereof all was organic. EBITA amounted to MSEK 65.7 (65.8). The EBITA margin was 13.1 (14.0) percent. Industry shifts in the quarter were mainly the result of large projects starting and ending rather than a sign of any major industry trends. Sales efforts focused on, among others, the defense sector. BTS Other markets Net sales for the fourth quarter amounted to MSEK 218 (216). Adjusted for changes in foreign exchange rates, revenue increased 10 percent, whereof 6 percent was organic. EBITA amounted to MSEK 31.6 (34.5), and the EBITA margin was 14.5 (16.0) percent. A strong develop- ment in Australia, in addition to southern Europe, contrib- uted to the organic revenue improvement. The acquisition of Nexo in Brazil contributed to the acquired growth. Currency movements and costs for efficiency measures affected the EBITA margin negatively. Net sales for BTS Other markets amounted to MSEK 795 (773) for the year. Adjusted for changes in foreign exchange rates, revenue increased 9 percent, whereof 5 percent was organic. EBITA amounted to MSEK 99.7 (103.7). The EBITA margin was 12.5 (13.4) percent. The financial services segment continued to be an important and growing segment within BTS Other markets, com- prising just over a quarter of the revenue at year end, compared to 18 percent a year ago. Professional services’ share of clients also grew in the quarter, while manufac- turing reversed. APG Net sales for the fourth quarter amounted to MSEK 28 (34). Adjusted for changes in foreign exchange rates, revenue decreased 5 percent, whereof all was organic. EBITA amounted to MSEK –0.1 (–0.1), and the EBITA margin was –0.4 (–0.2) percent. Ongoing contractions in several top accounts continued to weigh on sales, which also affected the EBITA result. Cost management, deliv- ery mix, and lower variable compensation helped mitigate the effects. The decline rate slowed compared to earlier quarters of 2025. Net sales for APG amounted to MSEK 111 (144) for the year. Adjusted for changes in foreign exchange rates, revenue decreased 17 percent, whereof all was organic. EBITA amounted to MSEK –3.6 (–1.2). The EBITA margin was –3.3 (–0.8) percent. F inancial se r vic e s 15 (12) % Energy 10 (14) % M a nuf a c t uring 9 (9) % P h a r ma & biotech 20 (20) % Professional services 9 (9) % Retail & logistics 6 (5) % FMCG 8 (7) % T elec o m 4 (4) % IT, tech & software 10 (11) % Other 9 (8) % M a nuf a c t uring 14% (12%) NET SALES PER INDUSTRY JANUARY 1 – DECEMBER 31, 2025 (2024) Market development The market remained more cautious during the year due to increased uncertainty in the global corporate sector in general. However, we saw some positive signs of an increased demand during the fourth quarter. A significant change during the year has been the increased focus on AI, in particular in North America, where the majority of clients have gone from limited attention early in the year to a strong focus on AI sup- ported services at the end of 2025. We expect this focus to continue to grow during 2026. We have invested in AI innovation during 2025 and built a portfolio of solutions that is ahead of our competitors. BTS North America Net sales for the fourth quarter amounted to MSEK 318 (392). In local currencies revenues decreased by 7 percent, and decreased by 13 percent organic. EBITA amounted to MSEK 30.9 (65.7), and the EBITA margin was 9.7 (16.8) percent. About 40 percent of the EBITA decline is due to items affecting comparability, including costs for rationalizations in our operations and negative currency effects. The remaining 60 percent of the EBITA drop is a result of poor sales performance earlier in 2025. Net sales for BTS North America amounted to MSEK 1,297 (1,415) for the year. Adjusted for changes in foreign exchange rates, revenue decreased 1 percent, and decreased by 6 percent organic. EBITA amounted to MSEK 105.7 (188.2). The EBITA margin was 8.2 (13.3) per- cent. Pharma & biotech continued the trend from the third quarter to gain additional territory and comprised close to a third of the clients in BTS North America on December 31, 2025. The IT, tech & software segment had a share of 16 percent at the end of the year, compared to 23 percent a year ago. This is positive in the sense that we were a little less dependent on large customers at year end. BTS Year-end report January 1–December 31, 2025 | 7 ===== SIDA 8 ===== CASH FLOW October 1 – December 31, 2025 BTS’s cash flow from operating activities for the fourth quarter amounted to MSEK 210 (222), whereof the cash flow from changes in working capital amounted to MSEK 126 (96). The cash flow from investing activities for the fourth quarter amounted to MSEK –17 (–12). Investments in tangible and intangible non-current assets, excluding acquisitions, amounted to MSEK –17 (–6) for the fourth quarter. Investments in acquisitions of businesses amounted to MSEK 0 (–7). Cash flow from financing activities for the fourth quarter amounted to MSEK –8 (–90). The change between the periods is attributable to a higher level of net increase in loans compared to the same period previous year. Total cash flow in the fourth quarter amounted to MSEK 184 (120). January 1 – December 31, 2025 BTS’s cash flow from operating activities for the year amounted to MSEK 213 (386), whereof the cash flow from changes in working capital amounted to MSEK –43 (81). The weaker cash flow from operating activities is mainly due to lower earnings, combined with a relatively smaller increase in operating liabilities compared to the same period last year. In addition, the operating cash flow for the first quarter of the previous year was higher than normal, due to a substantial part of the fourth quarter’s invoicing 2023 were taking place at the end of the quarter, which was collected during the first quarter 2024. The cash flow from investing activities for the year amounted to MSEK –187 (–188). Investments in tangible and intangible non-current assets, excluding acquisitions, amounted to MSEK –58 (–30) for the year. Investments in acquisitions of businesses amounted to MSEK –128 (–159), where MSEK –113 (–89) was attributable to new acquisitions and MSEK –15 (–70) to earn-out payments. Cash flow from financing activities for the year amounted to MSEK –20 (–51). Total cash flow for the year amounted to MSEK 7 (146). FINANCIAL POSITION Available cash and cash equivalents amounted to MSEK 626 (703) at the end of the period. Interest-bearing loans amounted to MSEK 580 (421) at the end of the period. The company had no conversion loans outstanding at the balance sheet date. Net debt, that is interest-bearing liabilities reduced by liquid funds, amounted to MSEK –46 (–282) at the end of the period, and the net debt ratio for the 12 months period January to December 2025 was –3 (–19) percent. BTS’s equity ratio was 46 (49) percent at the end of the period. DEPRECIATIONS AND AMORTIZATIONS October 1 – December 31, 2025 Depreciation of property, plant and equipment amounted to MSEK –18 (–21) for the fourth quarter, of which depre- ciation of right-of-use assets in accordance with IFRS 16 were MSEK –14 (–17). Amortization of intangible assets amounted to MSEK –19 (–18) for the fourth quarter, of which amortizations related to acquisitions were MSEK –11 (–10). BTS AROUND THE WORLD BTS is a global professional services firm headquartered in Stockholm, Sweden, with about 1,100 professionals in 36 offices located on six continents. Sao Paulo Phoenix Mexico City Stockholm Amsterdam Mumbai (2) Dubai London Portsmouth Paris St. Gallen Bilbao Madrid Barcelona Milan Johannesburg Seoul Tokyo Shanghai Taipei Bangkok Kuala Lumpur Singapore Jakarta Melbourne Sydney Cologne San Francisco San Rafael Buenos Aires Chicago Philadelphia Cincinnati New York Toronto BTS Year-end report January 1–December 31, 2025 | 8 ===== SIDA 9 ===== January 1 – December 31, 2025 Depreciation of property, plant and equipment amounted to MSEK –69 (–74) for the year, of which depreciation of right-of-use assets in accordance with IFRS 16 were MSEK –54 (–58). Amortization of intangible assets amounted to MSEK –74 (–67) for the year, of which amortizations related to acquisitions were MSEK –43 (–37). OTHER INFORMATION Employees As of December 31, 2025, the number of employees at BTS was 1,139 (1,172). Acquisitions during the year have brought in 43 new employees. The average number of employees for the year was 1,178 (1,131). Parent company The Parent company’s net sales during the year amounted to MSEK 5.2 (5.2) and profit before tax totaled MSEK 111,4 (78.7). Cash and cash equivalents amounted to MSEK 47.9 (6.5). Transactions with related parties A limited number of transactions with related parties, with the exception of transactions between Group com- panies, have taken place and in that case under prevailing market conditions. Annual General Meeting and proposed dividend The Annual General Meeting will be held on May 21, 2026 at 09.00 am at Hallvarsson & Halvarsson, Malmskillnads- gatan 29, 9th floor, Stockholm, Sweden. The Board proposes a dividend of SEK 4.40 (6.10) per share to the Annual General Meeting for 2025 business year, amounting to 85.3 (118.3) MSEK, disbursed in two payments of SEK 2.20 each. This corresponds to 64 (31) percent of the year’s net profit, and when excluding there- versed provision of earn-out, this corresponds to 64 (62) percent of the year’s net profit. Acquisitions On March 3, 2025, BTS acquired the business of Sounding Board Inc. (Sounding Board), as previously communicated in a press release on the same date. The acquisition encompasses all operations including employees, technol- ogy, intellectual property, customer relations, brands and equipment. Sounding Board is a technology-based business with scalable, high-impact coaching solutions, driving transfor- mational leadership development. Sounding Board’s tech- nology and scalable operating model has increased pro- ductivity within BTS’s current coaching services. Also, the addition of Sounding Board’s coach network has created a combined BTS network of 700 credentialed coaches, with global reach. On May 5, 2025, BTS acquired the business of Nexo Pesquisa e Consultoria Ltda. (Nexo), as previously commu- nicated in a press release on the same date. The acquisi- tion encompasses all operations including employees, technology, intellectual property, customer relations, brands, and equipment. Nexo is a consulting company headquartered in São Paulo, Brazil, delivering transformative projects in strategy, inno- vation, leadership, and culture. By acquiring Nexo, BTS not only increased the Group’s footprint in Brazil but also added significant capabilities in culture and trans- formation services. Nexo’s client base has limited overlap with BTS, which creates strong growth potential and synergy effects. Determining of purchase price allocation The preliminary purchase price allocation regarding the year’s acquisitions of Sounding Board and Nexo have been determined. The acquisition calculations determined at the date of the acquisition translated at the exchange rate on the balance sheet date at December 31, 2025: MSEK Sounding Board Nexo Total Intangible assets 44.3 10.3 54.7 Receivables 10.9 4.5 15.4 Cash and cash equivalents 5.8 1.7 7.5 Current liabilities –44.2 –3.2 –47.4 Non-current liabilities –38.1 –3.5 –41.6 Identifiable assets –21.3 9.9 –11.4 Goodwill 102.9 37.0 139.9 Total purchase price 81.6 46.9 128.5 Provision for conditional consideration –24.4 –27.4 –51.8 Purchase price paid in cash 57.2 19.4 76.7 Goodwill consists of expected future synergy effects in the form of an expanded product range and services. Along- side synergy effects, the addition of qualified employees and future profitability components are included in the goodwill item. The acquisition of Sounding Board includes a limited initial cash consideration as well as additional purchase price considerations paid between 2026 and 2028, pro- vided the acquired business meets specific targets during that period. This provision for conditional consideration is included in the balance sheet items Acquisition-related non-current liabilities at the amount of MSEK 17 and Acquisition-related current liabilities at the amount of MSEK 9. The purchase price can amount to anywhere between MSEK 0 and a maximum of MSEK 193. The acquisition of Nexo includes a limited initial cash consideration as well as additional purchase price consid- erations paid between the years 2026 and 2028, provided the acquired business meets specific targets during this period. This provision for conditional consideration is included in the balance sheet items Acquisition-related non-current liabilities at the amount of MSEK 21 and Acquisition-related current liabilities at the amount of MSEK 9. The purchase price can amount to anywhere between MSEK 0 and a maximum of MSEK 44. BTS Year-end report January 1–December 31, 2025 | 9 ===== SIDA 10 ===== The conditional considerations are measured at fair value on the acquisition date using a discounted cash flow model, reflecting the expected future payments and the time value of money. Subsequent changes in the carrying amount of the conditional consideration, including the unwinding of the discount, are not adjustments to the purchase price or goodwill and are recognized in the Group income statement, in accordance with IFRS 3 and IFRS 9. For the 2025 acquisitions, the interest expense arising from the unwinding of the discount on conditional consideration amounted to MSEK 3 and is recognized within net financial items. Sounding Board and Nexo contributed with MSEK 77 to the Group’s net sales and MSEK 4 to the Group’s profit after tax. If the acquisitions had been completed on Janu- ary 1, 2025, they would have contributed approximately with MSEK 98 to the Group’s net sales, and approximately MSEK 6 to the Group’s profit after tax. No acquisition costs were capitalized but were instead expensed in their entirety. Expenses for completing the acquisitions are included in the Group’s operating expenses for 2025 at the amount of MSEK 14. Events after the end of the period No significant events occurred after the close of the period. Risks and uncertainties The Group’s material risks and uncertainties include market and business risks, operational risks, and financial risks. Business risks include significant exposure to individual customers or markets, as well as the negative influence of changes in the economy. Operational risks include dependence on key individuals, insufficient skills supply, and an inability to take advantage of intellectual prop- erty, as well as if BTS does not meet the stringent quality requirements of its clients. Financial risks mainly relate to foreign exchange rates and credit risks. Political instability, armed conflicts, protectionism, and geopolitical tensions have increased in recent years. The Global Leadership Team and the Board continuously assess macro-economic trends and geopolitical risks affecting BTS’s operations, and develop appropriate action plans accordingly. The management of risks and uncertainties is further described in the 2024 Annual report. Critical accounting estimates and assumptions In order to prepare the financial statements in conformity with IFRS accounting standards, Corporate management is required to make estimates and assumptions that affect the application of accounting principles and the recog- nized amounts of assets, liabilities, revenues, and costs. Estimates and assumptions are based on historical expe- rience, and a number of other factors that are regarded as reasonable under prevailing conditions. Actual out- comes can deviate from these estimates and assump- tions. Estimates and assumptions are reviewed regularly. Accounting policies The year-end report for the Group has been prepared in accordance with IAS 34 Interim Financial Reporting and the applicable provisions of the Swedish Annual Accounts Act. The same accounting policies and calculation meth- ods have been applied as in the most recent annual report. The year-end report for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Financial Reporting Board’s recom- mendation RFR 2 Accounting for Legal Entities. The same accounting policies and calculation methods have been applied as in the most recent annual report. Financial calendar Annual report 2025 April, 2026 Interim report Jan–Mar 2026 May 21, 2026 Interim report Jan–Jun 2026 August 14, 2026 Interim report Jan–Sep 2026 November 6, 2026 Year-end report Jan–Dec 2026 February 19, 2027 Stockholm, February 20, 2026 Jessica Skon CEO This report has not been reviewed by BTS’s auditors. Contact information Jessica Skon, CEO +46 8 587 070 00 Stefan Brown, CFO +46 8 587 070 62 Michael Wallin, Investor Relations +46 70 878 80 19 BTS Group AB (publ) Grevgatan 34 SE-114 53 Stockholm, Sweden Phone: +46 8 587 070 00 Company registration number: 556566-7119 For further information, visit www.bts.com BTS Year-end report January 1–December 31, 2025 | 10 ===== SIDA 11 ===== FINANCIAL INFORMATION GROUP INCOME STATEMENT, SUMMARY KSEK Oct–Dec 2025 Oct–Dec 2024 Jan–Dec 2025 Jan–Dec 2024 Net sales 709,717 796,467 2,703,100 2,802,054 Operating expenses –605,884 –639,510 –2,359,927 –2,363,013 Depreciation of property, plant, and equipment –17,774 –21,239 –68,736 –74,253 EBITA 86,059 135,718 274,437 364,788 Amortization of intangible assets -18,602 –18,112 –74,475 –66,733 EBIT 67,458 117,606 199,962 298,055 Net financial items –9,426 –2,966 –36,119 –26,851 Reversed provision of earn-out – 1,401 – 195,677 Associated companies, profit after tax –109 358 1,124 704 EBT 57,922 116,399 164,967 467,584 Income tax –2,4851) –32,764 –32,4571) –80,621 Net profit 55,438 83,635 132,510 386,963 attributable to the shareholders of the parent company 55,178 83,340 133,649 386,496 Earnings per share, SEK 2.84 4.30 6.89 19.93 Number of shares at end of the period 2) 19,396,819 19,396,819 19,396,819 19,396,819 Average number of shares 2) 19,396,819 19,396,819 19,396,819 19,396,819 Dividend per share, SEK 4.403) 6.10 1) Following changes in US tax legislation during 2025, BTS’s North American operations have gained expanded and partially retroactive tax deduction possibilities. These changes have had a significant positive impact on the reported income tax for the year which decreased by approximately MSEK 14, with full impact in the fourth quarter. 2) Before and after dilution of shares. 3) Proposed dividend. GROUP STATEMENT OF COMPREHENSIVE INCOME KSEK Oct–Dec 2025 Oct–Dec 2024 Jan–Dec 2025 Jan–Dec 2024 Profit for the period 55,438 83,635 132,510 386,963 Items that will not be reclassified to profit or loss – – – – Items that may be reclassified to profit or loss Translation differences in equity –30,611 80,933 –218,817 83,390 Translation difference related to net investment in Group foreign operations –3,123 – –18,069 – Other comprehensive income for the period, net of tax –33,734 80,933 –236,885 83,390 Total comprehensive income for the period 21,704 164,568 –104,375 470,353 attributable to the shareholders of the parent company 21,444 164,273 –103,236 469,885 BTS Year-end report January 1–December 31, 2025 | 11 ===== SIDA 12 ===== GROUP BALANCE SHEET, SUMMARY KSEK 31 Dec 2025 31 Dec 2024 ASSETS Goodwill 1,275,823 1,272,214 Other intangible assets 165,587 161,728 Tangible assets 149,834 193,082 Financial assets 37,152 38,591 Total non-current assets 1,628,395 1,665,615 Trade receivables 647,590 726,946 Other current assets 269,976 267,450 Cash and cash equivalents 625,939 703,332 Total current assets 1,543,505 1,697,729 TOTAL ASSETS 3,171,900 3,363,344 EQUITY AND LIABILITIES EQUITY 1,445,439 1,664,755 LIABILITIES Acquisition-related non-current liabilities 1) 132,216 192,482 Interest-bearing non-current liabilities 502,656 202,500 Other non-current liabilities 185,603 224,184 Non-current liabilities 820,476 619,166 Acquisition-related current liabilities 1) 86,974 16,497 Interest-bearing current liabilities 77,141 218,453 Other current liabilities 741,870 844,471 Current liabilities 905,985 1,079,422 TOTAL LIABILITIES 1,726,461 1,698,588 TOTAL EQUITY AND LIABILITIES 3,171,900 3,363,344 1) Refers to provisions for conditional purchase price. BTS Year-end report January 1–December 31, 2025 | 12 ===== SIDA 13 ===== GROUP CASH FLOW STATEMENT, SUMMARY KSEK Oct–Dec 2025 Oct–Dec 2024 Jan–Dec 2025 Jan–Dec 2024 Earnings before tax 57,922 116,399 164,967 467,584 Adjustments for non-cash items 40,396 40,504 158,874 142,139 Adjustment for extraordinary non-cash items – –3,697 – –197,973 Paid taxes –14,147 –26,859 –67,792 –106,587 Cash flow from operating activities 84,172 126,347 256,050 305,163 Operating receivables –41,891 –38,037 –45,653 955 Operating liabilities 167,507 133,939 2,403 79,835 Cash flow from changes in working capital 125,617 95,902 –43,250 80,790 Cash flow from operating activities 209,788 222,249 212,799 385,953 Acquisition of business combinations – –6,770 –128,265 –158,919 Acquisition of assets –17,351 –5,557 –58,346 –29,551 Cash flow from investing activities –17,351 –12,327 –186,611 –188,470 Dividend –59,160 –55,281 –118,321 –110,562 Net change, interest-bearing liabilities 65,773 –14,253 159,991 118,624 Other 1) –14,956 –20,028 –61,216 –59,370 Cash flow from financing activities –8,343 –89,563 –19,546 –51,308 Cash flow for the period 184,093 120,360 6,642 146,176 Cash and cash equivalents, opening balance 452,101 563,106 703,332 532,315 Translation differences in cash and cash equivalents –10,256 19,866 –84,036 24,842 Cash and cash equivalents, closing balance 625,939 703,332 625,939 703,332 1) Amortization of lease liabilities, according to IFRS 16. BTS Year-end report January 1–December 31, 2025 | 13 ===== SIDA 14 ===== GROUP CHANGES IN CONSOLIDATED EQUITY KSEK 31 Dec 2025 31 Dec 2024 Opening balance 1,644,755 1,300,653 Dividend to shareholders –118,321 –110,562 Other 3,380 4,311 Total comprehensive income for the period –104,375 470,353 Closing balance 1,445,439 1,664,755 PARENT COMPANY’S INCOME STATEMENT, SUMMARY KSEK Oct–Dec 2025 Oct–Dec 2024 Jan–Dec 2025 Jan–Dec 2024 Net sales 1,235 1,265 5,225 5,190 Operating expenses –6,315 2,278 –24,181 –1,369 EBIT –5,080 3,543 –18,956 3,821 Net financial items 99,309 39,687 130,374 74,917 EBT 94,229 43,230 111,418 78,738 Tax –5,380 –5,649 –5,380 –5,649 Net profit 88,849 37,581 106,038 73,089 PARENT COMPANY’S BALANCE SHEET, SUMMARY KSEK 31 Dec 2025 31 Dec 2024 ASSETS Financial assets 561,852 446,909 Other current assets 100,963 139,536 Cash and cash equivalents 47,888 6,522 TOTAL ASSETS 720,703 592,967 EQUITY AND LIABILITIES EQUITY 156,411 168,694 LIABILITIES Interest-bearing non-current liabilities 502,500 202,500 Non-current liabilities 502,500 202,500 Interest-bearing current liabilities 59,454 217,305 Other current liabilities 2,338 4,468 Current liabilities 61,792 221,773 TOTAL LIABILITIES 564,292 424,273 TOTAL EQUITY AND LIABILITIES 720,703 592,967 BTS Year-end report January 1–December 31, 2025 | 14 ===== SIDA 15 ===== GROUP CONSOLIDATED KEY RATIOS KSEK Oct–Dec 2025 Oct–Dec 2024 Jan–Dec 2025 Jan–Dec 2024 Net sales 709,717 796,467 2,703,100 2,802,054 EBITA 86,059 135,718 274,437 364,788 EBITA margin 12.1% 17.0% 10.2% 13.0% EBIT 67,458 117,606 199,962 298,055 EBIT margin 9.5% 14.8% 7.4% 10.6% Net profit 55,438 83,635 132,510 386,963 Net profit margin 7.8% 10.5% 4.9% 13.8% Operating capital 1) 1,399,298 1,382,376 Return on operating capital 13% 24% Return on equity 9% 26% Equity ratio 46% 49% 46% 49% Cash flow for the period 184,141 120,360 6,690 146,176 Cash flow from operating activities 209,836 222,248 212,847 385,953 Cash and cash equivalents, at end of the period 625,939 703,332 625,939 703,332 Net debt (+) / net cash (–) –46,141 –282,379 Net debt ratio –3% –19% Net debt/EBITA –0.17 –0.77 Average number of employees 1,167 1,177 1,178 1,131 Number of employees at the end of the period 1,1392) 1,172 1,1392) 1,172 Revenue for the year per employee 2,295 2,478 1) The calculation includes the item of non-interest-bearing liabilities as of December 31, 2025, amounting to KSEK 1,146,663 (1,277,635). 2) Acquisitions during the year have brought in 43 new employees. NET SALES ACCORDING TO BUSINESS MODEL Jan–Dec 2025 Jan–Dec 2024 MSEK BTS North America BTS Europe BTS Other markets APG Total Share of total revenue BTS North America BTS Europe BTS Other markets APG Total Share of total revenue Programs 860 357 586 94 1,896 70% 850 316 599 111 1,876 67% Development 286 89 159 – 533 20% 351 105 126 – 582 21% Licenses 117 35 25 17 195 7% 177 35 25 33 270 10% Other revenue 34 20 26 0 80 3% 37 14 23 0 74 2% TOTAL 1,297 500 795 111 2,703 100% 1,415 470 773 144 2,802 100% BTS Year-end report January 1–December 31, 2025 | 15 ===== SIDA 16 ===== DEFINITIONS Earnings per share Earnings attributable to the parent company’s shareholders divided by number of shares before dilution. EBITA Operating profit before amortization of intangible assets, financial items, and tax. EBITA margin EBITA as a percentage of net sales. EBIT Operating profit before financial items and tax. EBIT margin EBIT as a percentage of net sales. EBITA/EBIT/EBT/Net profit growth Percentage change in EBITA/EBIT/EBT/Net profit, in SEK, between two periods. Equity ratio Equity as a percentage of the total balance sheet. Net debt Interest-bearing liabilities to credit institutes reduced by liquid funds. Net debt/EBITA Net debt in relation to EBITA (rolling 12 months). Net debt ratio Net debt as a percentage of average equity. Net profit margin Net profit as a percentage of net sales. Net sales growth/growth Percentage change in net sales between two periods, adjusted for changes in foreign exchange rates. Operating capital Total balance sheet reduced by liquid funds and other interest-bearing assets and reduced by non-interest- bearing liabilities. Return on equity Net profit (rolling 12 months) as a percentage of average equity. Return on operating capital EBIT (rolling 12 months) as a percentage of average operating capital. ABOUT BTS GROUP AB BTS is a global professional services firm headquartered in Stockholm, Sweden. BTS has about 1,100 professionals in 36 offices located on six continents. BTS competes in both talent and HR consulting as well as the traditional consulting markets. BTS’s services support a broad range of client challenges including top-to-bottom and on-demand leadership development, talent selection and readiness, strategy creation and strategy implementation, as well as culture and broad-scale change. For 40 years, BTS has been focused on the people-side of change and on powering better performance using proprietary simulation, learning, coaching, and assessment methodologies. We partner with nearly 1,200 organizations, including over 40 of the world’s 100 largest global corporations. BTS is a public company listed on the Nasdaq Stockholm exchange and trades under the symbol BTS B. For more information, please visit www.bts.com. BTS Year-end report January 1–December 31, 2025 | 16 ===== SIDA 17 ===== Strategy made personal. Inspiring and equipping people and organizations to do the best work of their lives. www.bts.com