===== SIDA 1 ===== INTERIM REPORT FIRST QUARTER • JANUARY – MARCH 2024 ===== SIDA 2 ===== FIRST QUARTER • Net sales amounted to SEK 1,533 (1,387) million, an increase of 10.5% on the same period the previous year. • Operating earnings (EBIT) totaled SEK 116 (116) million, equating to an operating margin of 7.5% (8.4). • Earnings after tax amounted to SEK 74 (79) million. • Order bookings amounted to SEK 1,299 (1,356) million, a decrease of -4.2% on the same period the previous year. • Cash flow from operating activities totaled SEK 123 (196) million. • Earnings per share were SEK 3.22 (3.56). • On January 22 Anders Nyström, Bulten’s President and CEO of five years, announced that he would be leaving the company. On February 9, Board member Christina Hallin stepped in as Interim President and CEO until someone permanent has been appointed. • To achieve the strategic ambitions on the markets where Bulten operates and further increase innovative power, the organization was restructured at the beginning of the quarter. The new interdisciplinary regional structure is divided into three regions – Europe, Asia, and North America – which were given responsibility for sales, manufacturing and financial results. There were also adaptations to the company’s engineering resources, in order to enhance product development and innovation. • On March 15, Michael Richards was appointed President Region Asia. He took up his post on April 1, and is a member of Bulten’s Executive Management Team. Good sales and sequentially improved operating margin JAN-MAR 12-MONTH ROLLING FULL YEAR SEK MILLION 2024 2023 APRIL 2023– MARCH 2024 2023 Net sales 1,533 1,387 10.5% 5,903 5,757 2.5% Gross profit 318 283 35 1,003 968 35 Earnings before depreciation (EBITDA) 163 160 3 422 419 3 Operating earnings (EBIT) 116 116 0 230 230 0 Operating margin, % 7.5 8.4 -0.9 3.9 4.0 -0.1 Adjusted operating earnings (EBIT) 1) 116 116 0 243 243 0 Adjusted operating margin, % 7.5 8.4 -0.9 4.1 4.2 -0.1 Earnings after tax 74 79 -5 122 127 -5 Adjusted earnings after tax 74 79 -5 135 140 -5 Earnings per share before dilution, SEK 3.22 3.56 -0.34 4.56 4.89 -0.33 Adjusted earnings per share before dilution, SEK 3.22 3.56 -0.34 5.17 5.51 -0.34 Return on capital employed, % – – – 8.2 8.1 0.1 Adjusted return on capital employed, % – – – 8.5 8.5 – 1) See specification page 17. Q1 2024 Net sales SEK 1,533 MILLION (1,387) 10.5% Operating earnings SEK 116 MILLION (116) Operating margin 7. 5 % (8.4) In brackets Q1 2023. BULTEN • INTERIM REPORT Q1 2024 2 ===== SIDA 3 ===== CEO’S STATEMENT A smooth start and a bottom line heading the right way I will soon have been in the role of Interim President and CEO of Bulten for three months. It has been a smooth, inspiring start thanks to an efficient handover from Anders Nyström and a great introduction from colleagues around the company. I am pleased to see the operating margin has improved on the three previous quarters, and it is satisfying too that our customer mix in automotive, along with sales in new customer groups, is contributing to stable growth. It is also worth noting that we have now had two consecutive quarters with sales in excess of SEK 1.5 billion. Improved capacity despite repercussions Again this quarter, our main priority has been to reduce the produc - tion backlog in Europe, which is adding extra costs. We have not yet caught up but have made good progress, and this can be seen in the improved operating margin. There are two main reasons for this delay in achieving our goal. At the beginning of the year, a hardening furnace in Poland broke down. The damage proved to be so extensive that repair was not feasible. We are sure that our insurance will cover the majority of the related added costs that may arise. Furthermore, new production equipment in Sweden took longer than planned to start up. On a positive note, we are now back in a more normal production situation again. In particular, we have successfully engaged suppliers in manufacturing more basic products, so that we can now focus on producing more complex products in our own facilities. Positive effects of the new organizational structure and better cost control In communicating the new organizational structure last quarter, we explained how this would establish a stronger market presence. It also provides enhanced responsibility and decision-making powers to more senior executives, making us more agile and competitive. One example can be seen in the work of region Europe. In short time they have made serious progress by drafting an action plan of prioritized activities, so that they can focus more on results both in manufacturing and in working with the market. Our new President Region Asia took up his post recently, and this is key in developing our operations there, both in our wholly owned units and joint venture companies. The team in North America has focused during the quarter on how they can grow organically with more business, especially in automotive. In addition, work has continued at newly acquired Exim & Mfr Enterprise to assess new markets. The year began with good sales and a sequentially improved operating margin. It is clear that efforts following the capacity challenges in Europe and the launch of a new regional organizational structure, combined with closer cost control, are starting to have an effect on financial results. We have also introduced greater control over our costs through - out the Group. The focus is on prioritizing and de-prioritizing what we do, avoiding overlap in areas of responsibility, and being more restrained in appointing new corporate staff functions. Focus on margins and the main business As I mentioned at the outset, it is pleasing to see an improved operat - ing margin, although our ambition is to raise it even further. It is good to see new customer groups making a positive contribution to the operating margin, but we need to concentrate even more on our main business which focuses on the automotive industry. We are now – especially in our largest market, Europe – working to improve results and margins, through the more efficient use of machinery in production and more efficient processes in both sales and production planning. Finally, I would like to emphasize that while growth may not be as high up on the agenda as improved margins, it is positive to see a market that remains stable. Christina Hallin, Interim President and CEO Q1 2024 Net sales SEK 1,533 MILLION (1,387) 10.5% Operating earnings SEK 116 MILLION (116) Operating margin 7. 5 % (8.4) In brackets Q1 2023. BULTEN • INTERIM REPORT Q1 2024 3 ===== SIDA 4 ===== BULTEN IN BRIEF ORDER BOOKINGS AND NET SALES First quarter Order bookings amounted to SEK 1,299 (1,356) million, a decrease of -4.2% on the corresponding period the previous year. Group net sales amounted to SEK 1,533 (1,387) million, an increase of 10.5% on the same period the previous year. Adjusted for foreign exchange effects and acquisition, growth totaled 6.2% for the same period. MSEK MSEK 0 400 800 1,200 1,600 Q1Q4Q3Q2Q1Q4Q3Q2Q1 0 1,000 2,000 3,000 4,000 5,000 6,000 2022 2023 2024 Net sales 12-month rolling Net sales EARNINGS AND PROFITABILITY First quarter The Group’s gross profit was SEK 318 (283) million, corresponding to a gross margin of 20.7% (20.4). Earnings before depreciation and amortization (EBITDA) amounted to SEK 163 (160) million, corre - sponding to an EBITDA margin of 10.7% (11.6). Operating earnings (EBIT) totaled SEK 116 (116) million, equating to an operating margin of 7.5% (8.4). Operating earnings were affected by exchange rate fluctuations of SEK 3 (-1) million when converting working capital at the closing day rate. Net financial items for the Group amounted to SEK -17 (-9) million. Financial income of SEK 10 (2) million comprises interest income of SEK 5 (2) million and currency gains of SEK 5 (-) million. Financial expenses of SEK -27 (-11) million include interest expenses of SEK -25 (-8) million, of which interest expenses for leases total SEK -3 (-3) million, currency loss of SEK - (-2) million and other financial expenses amounted to SEK -2 (-1) million. The Group’s profit before tax amounted to SEK 99 (107) million and profit after tax was SEK 74 (79) million. CASH FLOW, WORKING CAPITAL, INVESTMENTS AND FINANCIAL POSITION First quarter Cash flow from operating activities totaled SEK 123 (196) million. The effect on cash flow of the change in working capital amounted to SEK -15 (73) million. Inventories changed during the period by SEK 22 (-47) million. Current receivables decreased by SEK -43 (-30) million and current liabilities decreased by SEK -77 (-5) million. Cash flow from investing activities amounted to SEK -39 (-40) million. Investments of SEK 39 (37) million relate to property, plant and equipment. On the closing date, net debt amounted to SEK 1,304 (780) million. Net debt, excluding lease liabilities, totaled SEK 777 (277) million. Consolidated cash equivalents amounted to SEK 442 (392) million at the end of the period. In addition to cash equivalents, the Group also had approved but unused overdraft facilities of SEK 539 (811) million, which means that the Group’s liquidity amounted to SEK 981 (1,203) million. FINANCING AGREEMENTS Bulten is primarily financed through Svenska Handelsbanken via a credit facility totaling SEK 1,300 million. The credit facility runs up until the end of June 2025. There is also a financing agreement with Danske Bank with credit totaling EUR 12 million. In connection with the acquisition of Exim in the summer of 2023, Bulten signed a financing agreement with t he Swedish Export Credit Cooperation (SEK) of SEK 275 million. The credit facilities are associated with c ertain covenants. All covenant conditions with financiers were met during the year. BULTEN • INTERIM REPORT Q1 2024 4 ===== SIDA 5 ===== OTHER INFORMATION ACCOUNTING POLICIES This interim report has, for the Group, been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The financial reporting for the Parent Company has been prepared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for legal entities, issued by the Swedish Financial Reporting Board. The accounting policies applied are unchanged compared to those outlined in the 2023 Annual Report. During 2024, Bulten has started to apply hedge accounting related to EUR exposure in foreign operations. The hedging instrument consists of a euro-loan. The meaning of this application is that the currency effects regarding both the foreign operations and the euro loan are reported in other comprehensive income. Additional information regarding the financial effects of hedge accounting will be provided in the annual report for 2024. All amounts in SEK million unless otherwise stated. Figures in parentheses refer to the previous year. Some figures are rounded, so amounts might not always appear to match when added up. RISKS AND RISK MANAGEMENT Exposure to risk is a natural part of a business and this is reflected in Bulten’s approach to risk management. This aims to identify and prevent risks from occurring, and to limit any damage resulting from these risks. The most significant risks for the Group relate to market and macroeconomic risks, legal and political risks, IT-related risks, financial risks, and force majeure. The global economy is highly unstable at this time, with high inflation, high interest rates, various political conflicts and other disrupting factors. This could have consequences for the company’s financial situation. Bulten closely monitors the global financial situation. For a more detailed description of risks, please see Note 5 Risks and risk management in the 2023 Annual Report. SEASONAL VARIATIONS Bulten has no traditional seasonal variation but the year reflects the customers’ production days, which vary between quarters. Generally speaking, the lowest net sales and operating earnings are seen in the third quarter with the lowest number of production days. The other quarters are relatively even but may vary slightly. CONTINGENT LIABILITIES There were no significant changes in contingent liabilities during the year. TRANSACTIONS WITH RELATED PARTIES There have been no significant transactions between related parties during the reporting period. For further information, please see Note 38 of the 2023 Annual Report. EMPLOYEES The average number of employees (FTE) in the Group during the period January 1 – March 31, 2024 was 1,877 (1,574). The biggest change is attributable to Exim & Mfr Enterprise. The number of employees on the closing date was 1,962. PARENT COMPANY Bulten AB (publ) owns, directly or indirectly, all the companies in the Group. The equity/assets ratio was 64.5% (69.7). Equity amounted to SEK 951 (1,036) million. There were no cash or cash equivalents on the closing date. The Parent Company had seven employees at the end of the period. SIGNIFICANT EVENTS AFTER THE END OF THE REPORTING PERIOD There are no significant events to report. AUDITOR’S REVIEW This interim report has not been reviewed by the company’s auditors. Gothenburg, April 25, 2024 Bulten AB (publ) Christina Hallin Interim President and CEO BULTEN • INTERIM REPORT Q1 2024 5 ===== SIDA 6 ===== Countries where Bulten has significant operations, such as manufacturing. Bulten’s sales organisation is represented in more countries than those marked above. Bulten was founded in 1873, and has since developed into one of the largest suppliers of fasteners to the international automotive industry, as well as other customer groups such as consumer electronics. Today, we have around 1,900 employees worldwide and are headquartered in Gothenburg, Sweden. Our offering extends from a wide range of standard products to adapted fasteners manufactured to the customers’ specific needs. With our Full Service Provider concept (FSP), our customers can either leave total responsibility for fasteners to us, which means that we take care of development, sourcing, logistics and service, or choose just certain parts of the concept. The share (BULTEN) is listed on Nasdaq Stockholm. BULTEN IN BRIEF VISION We create and supply the most innovative and sustainable fastening solutions. MISSION With 150 years of expertise in fasteners, we continue to deliver not just fasteners, but also complete solutions. Our experienced, dedicated employees help customers worldwide to succeed in everything from product design to production, procurement and service. It is in our nature to constantly expand our customer offering. By driving innovation and actively seeking collaboration with other innovative companies, we can add new functionality and new services to our offering. We are strongly committed to sustainability and cost efficiency. We continuously improve our products and our value chain, in order to retain our leading position in the industry when it comes to the lowest possible carbon footprint and use of natural resources. Wherever we operate, we endeavor to make a positive contribution to the community. Sustainability is a natural part of who we are and of our business model. BUSINESS CONCEPT We continuously deliver market leading fastening solutions that meet customer requirements on efficiency, quality, price and sustainability. With clear objectives, global presence, responsible conduct and the latest in technology and innovation, we are the company that makes a difference, and creates the greatest benefit for the customer. CORE VALUES GOAL 2024 Enhanced offering, including leadership in sustainability and innovation Net sales SEK 5 billion CAGR 10% Operating margin >8% ROCE >15% BULTEN • INTERIM REPORT Q1 2024 6 ===== SIDA 7 ===== BULTEN’S TEN LARGEST SHAREHOLDERS SHAREHOLDERS N O . O F SHARES SHARE- HOLDING, % Volito AB 5,100,000 24.2 Nordea Funds 1,160,386 5.5 Handelsbanken Fonder 1,084,537 5.2 Unionen 800,000 3.8 Avanza Pension 730,109 3.5 Carnegie Fonder 580,432 2.8 Dimensional Fund Advisors 549,306 2.6 Nordnet Pensionförsäkring AB 485,921 2.3 HC Capital Advisors GmbH 383,545 1.8 Swedbank Försäkring 356,384 1.7 Total number of shareholders: 12,627 Source: Monitor by Modular Finance on 31 March 2024 Bulten Share SEK OMXSPI (norm vs BULTEN) 0 20 40 60 80 1 00 120 Feb MarJanOct Nov DecSepJul AugApr May Jun 2023 2024 SHARE PERFORMANCEJAN-MAR 12-MONTH ROLLING FULL YEAR SHARE DATA 2024 2023 APRIL 2023– MARS 2024 2023 Share price at end of period (price paid). SEK 73.50 88.20 -14.70 73.50 80.00 Highest share price during the period (price paid). SEK 81.10 89.10 -8.00 110.20 110.20 Lowest share price during the period (price paid). SEK 63.70 59.50 4.20 59.60 59.50 Market value at end of period. SEK million 1,546 1,856 -310 1,546 1,683 P/E – – – – 16.35 Yield. % – – – – 3.13 Data per share. SEK Earnings before depreciation (EBITDA) *) 7.78 7.6 4 0.14 20.12 19.98 Adjusted earnings before depreciation (EBITDA) *) 7.78 7.6 4 0.14 20.74 20.59 Operating earnings (EBIT) *) 5.50 5.54 -0.04 10.95 10.98 Adjusted operating earnings (EBIT) *) 5.50 5.54 -0.04 11.56 11.59 Earnings after net financial items (EAFI) *) 4.71 5.08 -0.37 8.99 9.37 Earnings for the period *) 3.22 3.56 -0.34 4.56 4.89 Adjusted earnings for the period *) 3.22 3.56 -0.34 5.17 5.51 Equity *) 93.51 90.11 3.40 – 85.88 Cash flow from operating activities *) 5.86 9.32 -3.46 – 16.81 Cash flow for the period *) 4.23 -2.87 7.10 – -4.91 Proposed dividend – – – – 2.50 Total outstanding ordinary shares. 000 Weighted number during the period *) 20,988.0 20,988.0 – 20,988.0 20,988.0 At the end of the period *) 20,988.0 20,988.0 – 20,988.0 20,988.0 *) Before dilution. SHAREHOLDER INFORMATION INFORMATION ABOUT INTERIM REPORTS All of Bulten’s reports are available to read and download at bulten.com. Shareholders who are unable to access the reports digitally can order printed copies by contacting Bulten. Our subscription service at bulten.com also enables users to subscribe to Bulten’s reports and press releases by e-mail. Source: Monitor by Modular Finance on 31 March 2024 BULTEN • INTERIM REPORT Q1 2024 7 ===== SIDA 8 ===== FINANCIAL INFORMATION CONSOLIDATED INCOME STATEMENT JAN-MAR 12-MONTH - ROLLING FULL YEAR SEK MILLION NOTE 2024 2023 APRIL 2023– MARS 2024 2023 Net sales 1 1,533 1,387 146 5,903 5,757 Cost of goods sold -1,215 -1,104 -111 -4,900 -4,789 Gross profit 318 283 35 1,003 968 Other operating income 7 2 5 14 9 Selling expenses -106 -87 -19 -415 -396 Administrative expenses -106 -82 -24 -363 -339 Other operating expenses -0 -2 2 -12 -14 Share of profit in joint ventures 3 2 1 3 2 Operating earnings 116 116 0 230 230 Financial income 10 2 8 49 41 Financial expenses -27 -11 -16 -90 -74 Earnings before tax 99 107 -8 189 197 Tax on earnings for the period -25 -28 3 -67 -70 Earnings after tax 74 79 -5 122 127 Attributable to Parent Company shareholders 68 75 -7 96 103 Non-controlling interests 6 4 2 26 24 Earnings after tax 74 79 -5 122 127 Earnings per share attributable to Parent Company shareholders Earnings per share before dilution, SEK 3.22 3.56 -0.34 4.56 4.89 Adjusted earnings per share before dilution, SEK 3.22 3.56 -0.34 5.17 5.51 Earnings per share after dilution, SEK 3.22 3.56 -0.34 4.56 4.89 Weighted number of outstanding ordinary shares before dilution, 000 20,988.0 20,988.0 – 20,988.0 20,988.0 Weighted number of outstanding ordinary shares after dilution, 000 20,988.0 20,988.0 – 20,988.0 20,988.0 BULTEN • INTERIM REPORT Q1 2024 8 ===== SIDA 9 ===== CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME JAN-MAR 12-MONTH ROLLING FULL YEAR SEK MILLION 2024 2023 APRIL 2023– MARCH 2024 2023 Earnings after tax 74 79 -5 122 127 Other comprehensive income Items not to be reversed in the income statement Revaluation of defined-benefit pension plans, net after tax – – – -2 -2 Items that may later be reversed in the income statement Exchange differences 94 17 77 30 -47 Total comprehensive income 168 96 72 150 78 Attributable to Parent Company shareholders 160 92 68 124 56 Non-controlling interests 8 4 4 26 22 Total comprehensive income 168 96 72 150 78 BULTEN • INTERIM REPORT Q1 2024 9 ===== SIDA 10 ===== CONSOLIDATED BALANCE SHEET SEK MILLION 31-03-2024 31-03-2023 31-12-2023 ASSETS Fixed assets Intangible fixed assets 1) 630 233 614 Tangible fixed assets 1,093 987 1,047 Right-of-use assets 502 476 482 Financial assets 58 60 56 Deferred tax assets 36 15 37 Total fixed assets 2,319 1,771 2,236 Current assets Inventories 1,075 912 1,053 Current receivables 1,174 1,147 1,223 Cash equivalents 442 392 340 Total current assets 2,691 2,451 2,616 Total assets 5,010 4,222 4,852 EQUITY AND LIABILITIES Equity Equity attributable to Parent Company shareholders 1,963 1,891 1,803 Non-controlling interests 44 32 35 Total equity 2,007 1,923 1,838 Long-term liabilities Deferred tax liabilities 11 6 13 Long-term interest-bearing lease liabilities 459 440 442 Other long-term interest-bearing liabilities and provisions 1,161 317 777 Total long-term liabilities 1,631 763 1,232 Current liabilities Current lease liabilities, interest-bearing 67 64 64 Other current liabilities, interest-bearing 59 352 398 Other current liabilities, non interest-bearing 1,246 1,119 1,320 Total current liabilities 1,372 1,535 1,782 Total equity and liabilities 5,010 4,222 4,852 1) Of which goodwill SEK 583 (224) (568) million. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY JAN-MAR SEK MILLION 31-03-2024 31-03-2023 31-12-2023 Equity at start of period 1,838 1,825 1,825 Comprehensive income Earnings after tax 74 79 127 Other comprehensive income 94 17 -49 Total comprehensive income 168 96 78 Transactions with shareholders Transaction with non-controlling interests – – -20 Non-controlling interests arising from the acquisition of subsidiary 1 2 7 Dividend to Parent Company shareholders – – -52 Total transactions with shareholders 1 2 -65 Equity at end of period 2,007 1,923 1,838 BULTEN • INTERIM REPORT Q1 2024 10 ===== SIDA 11 ===== CONSOLIDATED CASH FLOW STATEMENT JAN-MAR FULL YEAR SEK MILLION 2024 2023 2023 Operating activities Earnings after financial items 99 107 197 Adjustments for items not included in cash flow 59 45 154 Taxes paid -20 -29 -107 Cash flow from operating activities before changes in working capital 138 123 244 Cash flow from changes in working capital Change in working capital -15 73 109 Cash flow from operating activities 123 196 353 Investing activities Acquisition of intangible fixed assets -1 0 -2 Acquisition of tangible fixed assets -39 -37 -148 Divestment of tangible fixed assets 1 1 3 Acquisition of shares in subsidiaries – -4 -512 Cash flow from investing activities -39 -40 -659 Financing activities Change in overdraft facilities and other financial liabilities 25 -196 353 Amortization of lease liabilities -20 -20 -78 Dividend to Parent Company shareholders – – -52 Transactions with non-controlling interests – – -20 Cash flow from financing activities 5 -216 203 Cash flow for the period 89 -60 -103 Cash flow for the period 89 -60 -103 Cash and cash equivalents at start of period 340 451 451 Exchange rate difference in cash and cash equivalents 13 1 -8 Cash and cash equivalents at end of period 442 392 340 CONSOLIDATED NET DEBT COMPOSITION SEK MILLION 31-03-2024 31-03-2023 31-12-2023 Long-term interest-bearing liabilities -1,605 -740 -1,204 Provision for pensions -15 -17 -15 Current interest-bearing liabilities -125 -416 -462 Financial interest-bearing receivables 1 1 1 Cash equivalents 442 392 340 Net debt (-) -1,304 -780 -1,340 Less interest-bearing liabilities attributable to lease liabilities 526 504 506 Adjusted net debt (-), (excluding lease liabilities) -777 -277 -834 BULTEN • INTERIM REPORT Q1 2024 11 ===== SIDA 12 ===== FIGURES FOR THE GROUP GROUP JAN-MAR FULL YEAR 2024 2023 2023 Margins EBITDA margin, % 10.7 11.6 7.3 Adjusted EBITDA margin, % 3) 10.7 11.6 7.5 EBIT margin (operating margin), % 7.5 8.4 4.0 Adjusted EBIT margin (operating margin), % 3) 7.5 8.4 4.2 Net margin, % 4.8 5.7 2.2 Adjusted net margin, % 3) 4.8 5.7 2.4 Capital structure Interest coverage ratio, times 4.6 10.3 3.6 Earnings per share attributable to Parent Company shareholders Earnings per share before dilution, SEK 3.22 3.56 4.89 Adjusted earnings per share before dilution, SEK 3) 3.22 3.56 5.51 Earnings per share after dilution, SEK 3.22 3.56 4.89 Number of outstanding ordinary shares Weighted number of outstanding ordinary shares before dilution, 000 20,988.0 20,988.0 20,988.0 Weighted number of outstanding ordinary shares after dilution, 000 20,988.0 20,988.0 20,988.0 GROUP 31-03-2024 31-03-2023 31-12-2023 Capital structure Net debt/ equity ratio, times -0.6 -0.4 -0.7 Equity/ assets ratio, % 40.1 45.6 37.9 Equity/ assets ratio, (excluding lease liabilities, IFRS 16), % 44.7 51.7 42.2 Other Net debt (-), SEK million -1,304 -780 -1,340 Adjusted net debt (-), (excluding lease liabilities), SEK million -777 -277 -834 Equity per share attributable to Parent Company shareholders Equity per share before dilution, SEK 93.51 90.11 85.88 Equity per share after dilution, SEK 93.51 90.11 85.88 Number of outstanding ordinary shares Number of outstanding ordinary shares before dilution on the closing date, 000 20,988.0 20,988.0 20,988.0 Number of outstanding ordinary shares after dilution on the closing date, 000 20,988.0 20,988.0 20,988.0 12-MONTH ROLLING FULL YEAR APRIL 2023 – MARCH 2024 APRIL 2022 – MARCH 2023 2023 Profitability ratios Return on capital employed, % 8.2 11.2 8.1 Adjusted return on capital employed, % 1) 8.5 11.9 8.5 Return on capital employed, (excluding leasing, IFRS 16), % 8.9 12.6 8.7 Adjusted return on capital employed, (excluding leasing IFRS 16), % 9.4 13.5 9.2 Return on capital employed, excluding goodwill, % 9.3 12.1 9.2 Return on equity, % 5.0 9.7 5.7 Adjusted return on equity, % 2) 5.6 10.7 6.5 Capital structure Capital turnover rate, times 1.7 1.7 1.4 Employees Net sales per employee, SEK 000 3,145 3,067 3,451 Operating earnings per employee, SEK 000 123 195 138 Average number of full-time employees (FTE) 1,877 1,574 1,668 DEFINITIONS Definitions of calculated key indicators are unchanged compared to the definitions in the 2023 Annual Report. Other key indicators not in the Annual Report or on page 17 of this interim report are explained below. 1) Adjusted return on capital employed: Earnings before financial expenses adjusted for non-recurring items as a percentage of average capital employed. 2) Adjusted return on equity: Net earnings adjusted for non-recurring items divided by average equity. 3) Adjusted result: Result adjusted for items affecting comparability. BULTEN • INTERIM REPORT Q1 2024 12 ===== SIDA 13 ===== QUARTERL Y DATA FOR THE GROUP 2024 2023 2022 SEK MILLION Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Order bookings 1,299 1,582 1,566 1,476 1,356 1,437 1,033 1,289 1,134 Income statement Net sales 1,533 1,576 1,378 1,416 1,387 1,339 1,095 1,006 1,034 Gross profit 318 258 210 217 283 245 187 189 205 Adjusted gross profit 3) 318 258 210 217 283 254 187 189 205 Earnings before depreciation (EBITDA) 163 87 77 95 160 148 91 84 32 EBITDA margin, % 10.7 5.6 5.6 6.7 11.6 11.0 8.3 8.3 3.1 Adjusted Earnings before depreciation (EBITDA) 3) 163 87 82 103 160 159 91 94 115 Adjusted EBITDA margin, % 3) 10.7 5.6 5.9 7.2 11.6 11.9 8.3 9.3 11.1 Operating earnings (EBIT) 116 33 31 50 116 103 47 41 -11 EBIT margin (operating margin), % 7.5 2.1 2.3 3.5 8.4 7.6 4.3 4.1 -1.1 Adjusted Operating earnings (EBIT) 3) 116 33 36 58 116 114 47 51 72 Adjusted EBIT margin (operating margin), % 3) 7.5 2.1 2.6 4.0 8.4 8.5 4.3 5.0 7.0 Earnings after tax 74 30 -25 43 79 73 18 22 -39 Net margin, % 4.8 1.9 -1.8 3.0 5.7 5.5 1.6 2.2 -3.8 Adjusted earnings after tax 3) 74 30 -20 51 79 82 18 32 44 Adjusted Net margin, % 3) 4.8 1.9 -1.5 3.6 5.7 6.2 1.6 3.1 4.3 Cash flow from operating activities 123 89 20 46 196 250 -27 -19 94 investing activities -39 -27 -559 -33 -40 -72 -69 -50 -75 financing activities 5 -87 597 -91 -216 -9 145 131 -100 Cash flow for the period 89 -25 58 -78 -60 169 49 62 -81 Earnings per share attributable to Parent Company shareholders Earnings per share before dilution, SEK 3.22 1.00 -1.49 1.82 3.56 3.01 0.65 0.88 -1.90 Adjusted earnings per share before dilution, SEK 3) 3.22 1.00 -1.25 2.20 3.56 3.45 0.65 1.32 2.07 Number of outstanding ordinary shares Weighted number of outstanding ordinary shares before dilution, 000 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 3) See definition on page 12. BULTEN • INTERIM REPORT Q1 2024 13 ===== SIDA 14 ===== QUARTERL Y DATA FOR THE GROUP SEK MILLION 31-03-2024 31-12-2023 30-09-2023 30-06-2023 31-03-2023 31-12-2022 30-09-2022 30-06-2022 31-03-2022 Balance sheet Fixed assets 2,319 2,236 2,264 1,842 1,771 1,768 1,706 1,472 1,421 Current assets 2,691 2,616 2,676 2,491 2,451 2,588 2,369 2,124 1,988 Equity 2,007 1,838 1,901 1,988 1,923 1,825 1,749 1,699 1,650 Long-term liabilities 1,631 1,232 1,243 671 763 880 878 607 506 Current liabilities 1,372 1,782 1,796 1,674 1,535 1,651 1,448 1,290 1,253 Other Net debt (-) -1,304 -1,340 -1,422 -812 -780 -925 -1,081 -777 -648 Adjusted net debt (-) -777 -834 -882 -301 -277 -411 -569 -446 -319 Equity per share attributable to Parent Company shareholders Equity per share before dilution, SEK 93.51 85.88 88.54 92.99 90.11 85.72 82.11 79.96 77.45 Number of outstanding ordinary shares Number of outstanding ordinary shares on closing date before dilution, 000 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 20,988.0 Share price Share price at end of period (SEK) 73.50 80.00 69.70 99.40 88.20 59.50 53.20 64.00 65.10 BULTEN • INTERIM REPORT Q1 2024 14 ===== SIDA 15 ===== GROUP, 12-MONTH ROLLING SEK MILLION APRIL 2023– MARCH 2024 JANUARY 2023– DECEMBER 2023 OCTOBER 2022– SEPTEMBER 2023 JULY 2022– JUNE 2023 APRIL 2022– MARCH 2023 JANUARY 2022– DECEMBER 2022 OCTOBER 2021– SEPTEMBER 2022 JULY 2021– JUNE 2022 APRIL 2021– MARCH 2022 Income statement Net sales 5,903 5,757 5,520 5,237 4,827 4,474 4,088 3,757 3,661 Gross profit 1,003 968 955 932 904 826 749 702 689 Adjusted gross profit 3) 1,003 968 963 941 913 835 749 702 689 Earnings before depreciation (EBITDA) 422 419 480 494 483 355 297 280 292 EBITDA margin, % 7.2 7.3 8.7 9.4 10.0 7.9 7.3 7.4 8.0 Adjusted earnings before depreciation (EBITDA) 3) 435 432 503 513 504 459 390 372 375 Adjusted EBITDA margin, % 3) 7.4 7.5 9.1 9.8 10.4 10.3 9.5 9.9 10.2 Operating earnings (EBIT) 230 230 300 316 307 180 125 109 122 EBIT margin (operating margin), % 3.9 4.0 5.4 6.0 6.4 4.0 3.1 2.9 3.3 Adjusted operating earnings (EBIT) 3) 243 243 324 335 328 284 218 201 206 Adjusted EBIT margin (operating margin), % 3) 4.1 4.2 5.9 6.4 6.8 6.3 5.3 5.4 5.6 Earnings after tax 122 127 170 213 192 74 33 32 47 Net margin, % 2.1 2.2 3.1 4.1 4.0 1.7 0.8 0.9 1.3 Adjusted earnings after tax 3) 135 140 192 230 211 176 126 124 130 Adjusted net margin, % 3) 2.3 2.4 3.5 4.4 4.4 3.9 3.1 3.3 3.5 Employees Net sales per employee, SEK 000 3,145 3,451 3,398 3,302 3,067 2,841 2,600 2,361 2,220 Operating earnings per employee, SEK 000 123 138 184 199 195 114 80 68 74 Average number of full-time employees (FTE) on closing date 1,877 1,668 1,625 1,586 1,574 1,575 1,572 1,591 1,649 Profitability ratios Return on capital employed, % 8.2 8.1 9.1 11.8 11.2 6.3 4.5 4.4 5.3 Adjusted return on capital employed, % 1) 8.5 8.5 9.8 12.5 11.9 9.9 7.9 8.1 8.7 Return on capital employed, (excluding leasing, IFRS 16), % 8.9 8.7 10.3 13.1 12.6 7.0 5.0 4.9 6.0 Return on capital employed, (excluding goodwill), % 9.3 9.2 10.4 12.8 12.1 6.8 4.9 4.8 5.9 Adjusted return on capital employed, excluding goodwill, % 1) 9.7 9.6 11.2 13.5 13.0 10.7 8.5 9.0 9.8 Return on equity, % 5.0 5.7 8.1 10.5 9.7 3.2 1.0 1.1 2.3 Adjusted return on equity, % 2) 5.6 6.5 9.3 11.4 10.7 9.1 6.5 6.7 7.4 Other Net debt (-)/EBITDA -3.1 -3.2 -3.0 -1.6 -1.6 -2.6 -3.6 -2.8 -2.2 Adjusted net debt (-)/EBITDA*) -1.8 -2.0 -1.8 -0.6 -0.6 -1.2 -1.9 -1.6 -1.1 Adjusted net debt (-)/ Adjusted EBITDA**) -2.2 -2.4 -2.1 -0.7 -0.6 -1.1 -1.8 -1.4 -1.0 *) Adjusted net debt (-): Net debt exclusive lease liabilities. **) Adjusted EBITDA: Adjusted for non-recurring items. BULTEN • INTERIM REPORT Q1 2024 15 ===== SIDA 16 ===== INCOME BY GEOGRAPHIC MARKET JAN-MAR 12-MONTH - ROLLING FULL YEAR SEK MILLION 2024 2023 APRIL 2023– MARCH 2024 2023 Sweden 168 173 -5 653 658 Germany 56 96 -40 277 317 UK 508 388 120 1,750 1,630 Poland 13 12 1 49 48 Rest of Europe 403 429 -26 1,618 1,644 China 188 164 24 885 861 USA 84 67 17 299 282 Rest of the world 113 58 55 372 317 Total income 1,533 1,387 146 5,903 5,757 INCOME BY CUSTOMER GROUP JAN-MAR 12-MONTH - ROLLING FULL YEAR SEK MILLION 2024 2023 APRIL 2023– MARCH 2024 2023 OEM Light vehicle 969 947 22 3,622 3,600 OEM Heavy commercial vehicle 141 144 -3 541 544 Tiers 260 193 67 1,057 990 Other income 163 103 60 683 623 Total income 1,533 1,387 146 5,903 5,757 NOTE 1 INCOME Bulten is engaged in manufacturing and sales of fasteners. Revenues from product sales are reported at the time the control of the product is transferred to the customer. This usually takes place at the time of delivery to the customer and ownership is transferred. Bulten’s customers are mainly in the automotive industry in Europe, Asia and North America. The table below refers to income by geographic market where the customer’s delivery point is located. The Group has the major of its income from customers in INCOME BY CHASSIS /BODY AND POWERTRAIN JAN-MAR 12-MONTH - ROLLING FULL YEAR SEK MILLION 2024 2023 APRIL 2023– MARCH 2024 2023 Chassis/body 1,151 1,100 51 4,349 4,298 Powertrain 219 184 35 872 837 Other income 163 103 60 682 622 Total income 1,533 1,387 146 5,903 5,757 INCOME DISTRIBUTED BY INCOME CATEGORY JAN-MAR 12-MONTH - ROLLING FULL YEAR SEK MILLION 2024 2023 APRIL 2023– MARCH 2024 2023 Own production 881 809 72 3,442 3,370 Outsourced production 602 542 60 2,295 2,235 Other income 50 36 14 166 152 Total income 1,533 1,387 146 5,903 5,757 Europe, but part of the sales is then exported to other markets in the rest of the world. Customers are mainly manufacturers of light vehicles but also heavy commercial vehicles and other suppliers, so-called tiers. For heavy commercial vehicles, most of the deliveries are for critical fasteners for engines. Of the total sales, the majority goes to the chassis/body. Other income refers to other industries outside the automotive industry, such as consumer electronics and the affiliated company Exim Mfr & Enterprise. BULTEN • INTERIM REPORT Q1 2024 16 ===== SIDA 17 ===== RECONCILIATION BETWEEN IFRS AND KEY INDICATORS USED Some of the information in this report used by company managers and analysts to assess the Group’s development is not produced in accordance with IFRS. Company managers consider that this information makes it easier for investors to analyze the Group’s results and financial structure. Investors should see this information as a complement to, rather than a replacement for, financial reporting in accordance with IFRS. ADJUSTED NET SALES JAN-MAR SEK MILLION 2024 2023 Net sales 1,533 1,387 146 Acquisition -59 – -59 Currency effect, current period -2 – -2 Adjusted net sales 1,472 1,387 85 When calculating adjusted net sales, net sales are adjusted using currency effects of the current period and, where applicable, with the net sales from acquisitions made. This measurement gives a figure for comparing net sales with the previous year. EARNINGS BEFORE DEPRECIATION, EBITDA JAN-MAR 12-MONTH - ROLLING FULL YEAR SEK MILLION 2024 2023 APRIL 2023– MARCH 2024 2023 Operating earnings (EBIT) 116 116 0 230 230 Depreciation/ amortization and impairments 47 44 3 192 189 Operating earnings before depreciation (EBITDA) 163 160 3 422 419 When calculating operating earnings excluding depreciation (EBITDA), depreciation and impairments are returned to operating earnings (EBIT). This measurement provides a figure for operating earnings excluding depreciation which are in turn based on investments. ADJUSTED EARNINGS BEFORE DEPRECIATION, ADJUSTED EBITDA JAN-MAR 12-MONTH - ROLLING FULL YEAR SEK MILLION 2024 2023 APRIL 2023– MARCH 2024 2023 Operating earnings excluding depreciation (EBITDA) 163 160 3 422 419 Non- recurring cost – – – 13 13 Adjusted operating earnings before depreciation (EBITDA) 163 160 3 435 432 adjusted operating earnings , adjusted ebit JAN-MAR 12-MONTH - ROLLING FULL YEAR SEK MILLION 2024 2023 APRIL 2023– MARCH 2024 2023 Operating earnings (EBIT) 116 116 0 230 230 Non-recurring cost – – – 13 13 Adjusted operating earnings (EBIT) 116 116 0 243 243 ADJUSTED NET EARNINGS JAN-MAR 12-MONTH - ROLLING FULL YEAR SEK MILLION 2024 2023 APRIL 2023– MARCH 2024 2023 Net earnings 74 79 -5 122 127 Non-recurring cost – – – 13 13 Adjusted net earnings 74 79 -5 135 140 ADJUSTED NET DEBT (EXCLUDING LEASE LIABILITIES ) SEK MILLION 31-03-2024 31-03-2023 31-12-2023 Net debt (-) -1,304 -780 - 1,340 Less interest-bearing liabilities attributable to lease liabilities 526 504 506 Adjusted net debt (-), (excluding lease liabilities) -777 -277 -834 When calculating adjusted net debt, interest-bearing debt attributable to lease liabilities is deducted from net debt. This measurement provides a figure for a refined financial structure excluding lease liabilities. BULTEN • INTERIM REPORT Q1 2024 17 ===== SIDA 18 ===== INCOME STATEMENT, PARENT COMPANY JAN-MAR 12-MONTH ROLLING FULL YEAR SEK MILLION 2024 2023 APRIL 2023– MARCH 2024 2023 Net sales 7 5 2 22 20 Gross profit 7 5 2 22 20 Administrative expenses -16 -12 -4 -48 -44 Operating earnings -9 -7 -2 -26 -24 Interest income 0 – 0 0 0 Interest expenses and similar loss items -6 -2 -4 -14 -10 Earnings after netfinancial items -15 -9 -6 -40 -34 Appropriations – – – – – Earnings before tax -15 -9 -6 -40 -34 Tax on earnings for the period 3 2 1 7 6 Earnings after tax -12 -7 -5 -33 -28 BALANCE SHEET, PARENT COMPANY SEK MILLION 31-03-2024 31-03-2023 31-12-2023 ASSETS Fixed assets Intangible fixed assets 0 0 0 Tangible fixed assets 7 2 7 Total intangible and tangible fixed assets 7 2 7 Financial assets Participations in Group companies 1,450 1,450 1,450 Other long-term receivables – 0 – Total financial assets 1,450 1,450 1,450 Deferred tax assets 10 2 7 Total fixed assets 1,467 1,454 1,464 Current assets Current receivables from Group companies 0 26 1 Other current receivables 7 7 7 Cash and cash equivalents – 0 – Total current assets 7 33 8 Total assets 1,474 1,487 1,472 EQUITY AND LIABILITIES Equity Restricted equity 110 110 110 Non-restricted equity 841 926 853 Total equity 951 1,036 963 Long-term liabilities Long-term liabilities to Group companies 483 434 496 Total long-term liabilities 483 434 496 Current liabilities Current liabilities to Group companies 19 0 0 Other current liabilities 21 17 13 Total current liabilities 40 17 13 Total equity and liabilities 1,474 1,487 1,472 BULTEN • INTERIM REPORT Q1 2024 18 ===== SIDA 19 ===== Bulten Group is a leading global manufacturer and distributor of fasteners to the automotive industry, as well as other industries such as consumer electronics. The offering extends from a wide range of standard products to specially adapted fasteners. With Bulten’s Full Service Provider concept (FSP), customers can entrust all their fastener needs to the company, including development, sourcing, logistics and service. Bulten was founded in 1873, has approximately 1,900 employees around the world and is headquartered in Gothenburg, Sweden. Exim & Mfr Enterprise has been part of Bulten Group since 2023. Net sales in 2023 totaled SEK 5,757 million. The share (BUL TEN) is listed on Nasdaq Stockholm. Bulten AB (publ) Box 9148, SE-400 93 Göteborg • Visiting address: August Barks Gata 6 A Phone +46 (0)31 -734 59 00 • www.bulten.com This information is information that Bulten 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 person set out above, at 13:30 CEST on 25 April 2024. In March, Michael Richards was appointed President Region Asia. He took up his post on April 1, and is a member of Bulten’s Executive Management Team. FINANCIAL CALENDAR July 10, 2024 Half year report January - June 2024 October 22, 2024 Interim report January - September 2024 February 6, 2025 Full year report January - December 2025 The reports can be found on the Bulten website at www.bulten.com on their date of publication. CONTAC T Ulrika Hultgren, SVP Corporate Communications & IR Phone: +46 727-47 17 58 E-mail: ulrika.hultgren@bulten.com PRESENTATION OF THE REPORT A live presentation for analysts, media and investors will be held on April 25, at 15.30 PM CEST, where Interim President and CEO Christina Hallin and CFO Anna Åkerblad will be commenting the result. The presentation will be held in English. If you wish to participate via webcast, please use the link: https:/ /ir.financialhearings.com/bulten-q1-report-2024. Via the webcast you are able to ask written questions. If you wish to participate via teleconference, please register on the link: https:/ /conference.financialhearings.com/teleconference/?id=50049092. After registration you will be provided phone numbers and a conference ID to access the conference. You can ask questions verbally via the teleconference.