Kvartalsrapport Q1 2023

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INTERIM REPORT 
JANUARY – MARCH 2023

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INTERIM REPORT 
JANUARY – MARCH 2023 
 
Humble Group AB Interim Report January – March 2023    
Stockholm, 4 May 2023 
INTENSE FIRST QUARTER WITH FOCUS ON OPERATIONS
Financial information  
First quarter 
• Net sales amounted to 1 592 MSEK (873). 
• EBITDA amounted to 156 MSEK (64). 
• Adjusted EBITDA amounted to 147 MSEK (113). 
• EBITA amounted to 130 MSEK (47). 
• Adjusted EBITA amounted to 121 MSEK (95). 
• EBIT amounted to 85 MSEK (14). 
• Adjusted EBIT amounted to 76 MSEK (62). 
• Adjusted EBIT per share amounted to 0,25 SEK (0,25). 
• Cash flow from operating activities amounted to 183 
MSEK (9). 
• Earnings per share before and after dilution amounted to 
-0,01 SEK (-0,12). 
 
 
Significant events 
During the first quarter 
• Humble Group has completed the acquisitions of Privab 
Ystad, Privab Trollhättan, Privab Grossisterna AB and 
Napame Holding AB.
 
After the quarter 
• Humble Group has given notice of the annual general 
meeting to be held on Friday May 19, 2023. 
• Peter Werme, chairman of the board, has informed the 
nomination committee that he is not available for re-
election as either board member or chairman of the 
board at the annual general meeting 2023.
Financial overview
Last Twelve 
M onths Full year
MSEK 2023 2022 Apr 2022 - 
Mar 2023 2022
Net sales 1  592 873 5 520 4 800
Gross profit 484 297 1 72 0 1  532
Gross margin 30% 34% 3 1% 32%
EBITDA 15 6 64 596 504
Adjusted EBITDA 14 7 113 586 551
EBITA 13 0 47 502 4 19
Adjusted EBITA 12 1 95 492 466
EBIT 85 14 328 257
Adjusted EBIT 76 62 3 18 304
Adjusted EBIT per share before dilution (SEK) 0,25 0,25 1,0 7 1,0 7
Earnings per share before and after dilution (SEK) -0,01 - 0 ,12 -0,03 - 0 ,13
Cash flow from operating activities 18 3 9 429 255
See page 21 for definition and calculation of key ratios
First quarter
Humble Group is a leading FMCG Group  
 comprising 47+ entrepreneurial driven entities, with 
focus on health and well-being in a sustainable way

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| SUMMARY 
 
Humble Group AB Interim Report January – March 2023  3 
INTENSE FIRST QUARTER WITH 
FOCUS ON OPERATIONS 
Seasonally, the first quarter is the weakest for our operations. 
Nevertheless, we have had a good start to the year and we have 
begun to see the effects of our work to improve operational 
efficiency in the group. We have continued to have high demand for 
our products and have maintained strong organic growth. We 
reached a net turnover of SEK 1,592 million (SEK 873 million) and an 
adjusted EBITDA of SEK 147 million (SEK 113 million), which 
corresponds to a margin of 9.2 percent. Although some of the 
companies have had some challenges in adapting to the tough 
market environment with high inflation and volatility, I am pleased 
with several of the group-wide initiatives that we have put in place 
to support our entrepreneurs. We are already starting to see the 
results from the work to improve cash flow and we will continue to 
prioritize actions that contribute to strengthening our liquidity and 
balance sheet. All in all, I have a positive view of 2023 and the 
opportunities that exist by growing the group with our attractive 
brands, innovations, and products. 
Operational focus  
During the quarter, we continued with the strategically important 
work of defending and strengthening our gross profit margins. We still 
have a way to go in order to reach the historically normal levels from 
before the shipping and inflation crisis. At the same time, I am 
convinced that the work we are doing will benefit us going forward 
and that with the right activities we have good possibilities to reach an 
even higher profitability margin than what has been standard for our 
companies in previous years. 
Our objective is to optimize the group's working capital structure in 
order to convert the group's profit generation and assets into cash 
flow more quickly. It is of course challenging to reduce the working 
capital with the strong growth that many of our businesses have, but 
in the long term we should be able to reduce our inventory levels and 
become more efficient in the dynamics between accounts receivable 
and accounts payable. 
The work to realize synergies within the operating segments 
continues. Quality Nutrition and Future Snacking have developed well 
during the quarter and we see great potential in acting on exciting 
business opportunities within both segments. One of the initiatives 
within Quality Nutrition, which we call Arena Nutrition, involves 
gathering the segment's commercial expertise under one and the 
same umbrella. In this way, it will be easier to attract new customers 
and offer an overall solution as a full-service supplier in sports 
nutrition. We are already starting to see the effect of the initiative and 
I am convinced that it is a model that we will be able to use in other 
areas of the group. 
Within Future Snacking, we have carried out several successful 
launches. Pändy is the latest example in the group, whose sugar-
reduced sweets have received strong listings in Sweden and rank high 
in the top lists of online pharmacies. It is proof that the concepts work 
and are gaining wider acceptance among modern consumers.  
During the quarter, we completed the acquisition of a production 
property in Borås, which enables La Praline Scandinavia to keep long-
term production within the group. We are today the owner of 15 
properties that our manufacturing units produce in. Through a 
possible divestment of such properties, we have the flexibility to 
refine the group's focus and strengthen the balance sheet going 
forward if we desire to. 
The Sustainable Care segment has performed a stable quarter with 
continued growth in most of the subsidiaries. In some of the 
companies that offer premium products, we have noticed to some 
extent price sensitivity among the consumers. In general, however, we 
have managed to handle the challenges well through, among other 
things, strategic price and packaging adjustments. We continuously 
evaluate how we can strengthen the product offering and supplement 
with white-label and price fighters to create an attractive overall mix 
for our retailers. 
For the Nordic Distribution segment, we have noted a certain margin 
pressure, where the transfer of increased input prices has not been 
executed at the desired rate. We work continuously to ensure long-
term sustainable gross margins. The segment has performed very well 
historically and I feel confident that we will be successful in regaining 
the margin in the long term. We have several exciting ongoing synergy 
projects where we see an opportunity to consolidate sales force and 
centralize resources for increased efficiency. 
During the quarter, we completed the previously communicated 
strategic acquisitions of the Privab companies and we are now fully 
focusing on developing the cooperation between the various units. 
We are also reviewing how we can further develop the group's 
distribution and channel strategy from a strategic perspective to 
become a comprehensive partner for both our internal and external 
brands. The goal is for us to be the preferred partner for brands to 
collaborate with in order to achieve successful distribution in the 
Nordics. 
Outlook 
Consolidation of the operations is proceeding according to plan. With 
the slower pace of acquisitions, we can dedicate additional resources 
to optimize value creation for all our companies. In general, we have 
noted a change in behaviour among some of our suppliers in recent 
weeks, where many of the price increases that characterized the 
entire 2022 are now conspicuous by their absence. To the contrary, 
we see potential for a reverse development in the market with 
reduced purchase prices. This would mean that we can maintain a 
stable price position with our customers and at the same time be able 
to strengthen profitability going forward. 
The work on the list change is progressing well and we have several 
exciting projects at group level to further enhance our sustainability 
development and follow-up. The challenging market climate is of 
course difficult to navigate, but we continue to work intensively 
towards our goal of growing Humble into the FMCG group of the 
future. 
Simon Petrén  
CEO Humble Group 
Stockholm, May 4, 2023.

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| CONSOLIDATED DEVELOPMENT 
 
Humble Group AB Interim Report January – March 2023  3 
HUMBLE GROUP’S FINANCIAL DEVELOPMENT
FIRST QUARTER 
REVENUES 
Net sales 
Net sales for the quarter amounted to 1 592 MSEK (873), an 
increase of 82 % compared to the corresponding period last year. 
The change is attributable to completed business acquisitions of 
67 %, organic growth for the wholly owned companies in both 
periods of 14 % and currency impact was  
2 %. Net sales proforma increased with 21 %, where organic 
growth proforma amounted to 20 % and currency impact was  
1 %.  
 
EXPENSES 
Other external expenses 
Other external expenses for the quarter amounted to -208 MSEK 
(-114), which corresponded to 13 % (13) of net sales. Other 
external expenses were positively impacted by IFRS 16 Leasing 
with MSEK 15. Acquisition related costs for the quarter amounted 
to -3 MSEK (-0).  
 
Personnel expenses 
Personnel expenses for the quarter amounted to -183 MSEK were 
(-141), which corresponded to 11 % (16) of net sales. Personnel 
expenses was negatively impacted by employment-linked 
consideration (stay-on-bonuses and lock-in penalties) of -12 MSEK 
(-38). Remaining increase is mainly explained by additional 
employees in the Group through the acquired subsidiaries. For 
more details, please refer to Note 5 Items affecting comparability. 
 
Depreciation and amortisation 
Total depreciation and amortisation for the quarter amounted to -
71 MSEK (-50), which corresponded to a change of 42 % compared 
with the corresponding period last year. Depreciation of right-of-
use assets amounted to -14 MSEK  
(-10) for the quarter. Amortisation of intangible assets related 
from acquisitions, whereof vast majority related to customer 
relations, amounted to -36 MSEK (-28). 
 
 
RESULTS 
EBITA 
EBITA for the quarter amounted to 130 MSEK (47), which 
corresponded to a change of MSEK 83 compared with the 
corresponding period last year. The impact on EBITA from 
depreciation of right-of-use assets amounted to -14 MSEK  
(-10). EBITA was also positively impacted by revaluation of 
contingent considerations of total 31 MSEK (1). Adjusted EBITA 
amounted to 121 MSEK (95). For more details, please refer to 
Note 5 Items affecting comparability. 
 
EBIT 
EBIT for the quarter amounted to 85 MSEK (14), which 
corresponded to a change of 508 % compared with the 
corresponding period last year. Net effect from IFRS 16 Leasing to 
EBIT for the quarter amounted to 1 MSEK (1). 
 
CASH FLOW 
Cash flow from operating activities 
Cash flow from operating activities amounted to 183 MSEK (9). 
Cash flow from operations was positively impacted by net working 
capital release of 82 MSEK (-60). The Group has during the quarter 
continued the work with several strategic initiatives to optimize 
the net working capital usage going forward. 
 
FINANCIAL POSITION 
Financial expenses  
Interest expenses for the period amounted to -84 MSEK (-51). Of 
the total interest expenses, -52 MSEK (-33 MSEK) is related to 
bond financing. Interest expense related to unwinding of 
discounting effect of contingent considerations presented at fair 
value amounted to -18 MSEK (3). Such interest expense has no 
cash effect in the quarterly result.  
CHANGE IN NET SALES  
 
 
 
MSEK 2023 2022 Organic 
Growth Currency Acquisitions Total 
change
Consolidated net sales               1  592 873 118 14                 587                  719  
Change in % 14 % 2% 67% 82%
Proforma net sales (all companies) 1  828 1  508 299 21 -                320
Change in % 20% 1% -                2 1%
First quarter whereof change attributable to

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| SEGMENT INFORMATION 
 
Humble Group AB Interim Report January – March 2023  5 
SEGMENT REPORT - FUTURE SNACKING 
SEGMENT OVERVIEW 
Future Snacking strives to offer cutting edge, healthier and 
sustainable food & snacking products that challenge traditional 
foods and snacks. Our Future Snacking companies are driven by 
the passion for innovative concepts and aim to contribute to a 
more sustainable consumer society where health and well-being is 
at the centre without compromising taste, quality or feel. 
 
Humble Groups functional food and “Better-for-you” products 
include sugar- and calorie reduced, vegan and vitamin enriched 
products that benefit the consumer. Global megatrends with 
shifting demographics, changing lifestyles, the food industry 
environmental impact, politics and digitalisation drive the shift in 
consumer awareness and behaviours. Humble Groups mission is 
clear, to become the frontrunner in delivering high-quality food & 
snacking products that align with the future consumers demands. 
 
SALES AND PROFITABILITY 
Net sales for the Future Snacking segment amounted to 238 MSEK 
(148) during the quarter, a total increase of 61 % compared to the 
corresponding period last year. The growth among the brands in 
the segment was mainly driven by new product launches and 
innovations as well as continued international and domestic 
expansion of existing brands. True Gum had a strong organic 
growth and gained market positions through new listings at major 
retailers in Germany. Moreover, the brands have gained stronger 
distribution with retailers thanks to partnership with the Nordic 
Distribution segment. The production companies have continued 
to expand their product offering with their own brands and via 
additional contract manufacturing to external parties. EBITDA for 
the quarter amounted to 23 MSEK (10), with an EBITDA margin of 
9 % (7).  
 
For further financial information of the Group, refer to Note 4 
Segment information and disclosure of revenue. Companies 
included in the segment can be found in Note 31 in the Annual 
report 2022 and in Note 8 Business combination in this interim 
report.
 
 
 
 
MSEK 2023 2022
Net sales 238 14 8
Raw material and consumables - 13 6 - 77
Gross profit 10 2 71
Gross margin 43% 48%
EBITDA 23 10
EBITDA in relation to net sales 9% 7%
EBIT 6 -1
EBIT in relation to net sales 3% 0%
PROFIT AND LOSS AFTER FINANCIAL ITEM S 4 -3
Profit and loss after financial items in relation to net sales 2% - 2%
First quarter

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| SEGMENT INFORMATION 
 
Humble Group AB Interim Report January – March 2023  6 
SEGMENT REPORT - SUSTAINABLE CARE 
SEGMENT OVERVIEW 
Sustainable Care consists of a diverse range of brands, distributors 
and producers of personal-care and household products. Their 
categories encompass skincare, oral care, haircare as well as 
hygiene products, among others. The companies in the segment 
are committed to meet the growing demand for sustainable and 
eco-friendly products and by doing so, contribute to an 
environmentally sound planet. 
 
SALES AND PROFITABILITY 
Net sales for the Sustainable Care segment amounted to 484 
MSEK (396) during the quarter, a total increase of 22 % compared 
to the corresponding period last year. The growth among the 
brands was mainly line extensions and improved distribution in 
existing markets. Some of the brands have started to gain 
additional distribution through partnering with subsidiaries in the 
Nordic Distribution segments, where the full potential is far from 
materialised. The production companies have expanded their 
product offering with new innovations and where several 
investments have been made to secure additional growth and 
production capabilities. Solent continued to show a stable organic 
growth driven by new listings and new customer acquisitions. In 
general, we note an increased price sensitivity for companies with 
greater exposure to premium priced products, although 
profitability has been maintained through strategical pricing- and 
packaging adjustments. We are continuously evaluating how the 
product offering can be tailored with additional white label 
products and price fighters to create an attractive product 
portfolio mix.  
 
EBITDA for the quarter amounted to 65 MSEK (33), with an 
EBITDA margin of 13 % (8), which was negatively impacted by high 
freight prices from Asia, weak SEK and GBP, restructuring cost 
related to the Naty factory move, as well as raw material volatility. 
 
For further financial information of the Group, refer to Note 4 
Segment information and disclosure of revenue. Companies 
included in the segment can be found in Note 31 in the Annual 
report 2022 and in Note 8 Business combination in this interim 
report.  
 
 
 
MSEK 2023 2022
Net sales 484 396
Raw material and consumables - 3 17 -244
Gross profit 16 7 15 3
Gross margin 34% 39%
EBITDA 65 33
EBITDA in relation to net sales 13 % 8%
EBIT 33 4
EBIT in relation to net sales 7% 1%
PROFIT AND LOSS AFTER FINANCIAL ITEM S 32 -8
Profit and loss after financial items in relation to net sales 7% - 2%
First quarter

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| SEGMENT INFORMATION 
 
Humble Group AB Interim Report January – March 2023  7 
SEGMENT REPORT - QUALITY NUTRITION 
SEGMENT OVERVIEW 
Quality Nutrition comprises has both brands and manufacturers of 
sports nutrition and ingredients. These subsidiaries are devoted to 
providing top-quality nutrition products and supplements that are 
designed to help both athletes and ordinary consumers increase 
performance and health in their daily lives. With the help of their 
research and development functions they create continuously 
improved products while maintaining a strong focus on 
sustainability. The Quality and Nutrition segment is poised to take 
advantage of the growing demand for sport nutrition products, 
while contributing to a healthier and more sustainable future.  
 
SALES AND PROFITABILITY 
Net sales for the Quality Nutrition Care segment amounted to 345 
MSEK (134) during the quarter, an increase of 157 % compared to 
the corresponding period last year. The growth among the brands 
is mainly attributed to BodyScience, which has had a fantastic 
start from becoming part of the Group in August 2022. The 
company has grown significantly through new innovations, 
additional channel segments and higher distribution. The other 
brands in the segments have sustained strong growth through 
additional distribution and launches of new products as well as 
cooperation with the Nordic Distribution segment. The production 
facilities have been gathered in a group initiative “Arena 
Nutrition” where we on a group level are able to supply our 
biggest customers with a full range assortment of high quality and 
well tasting products. With Ewalco taking on the leading flag, we 
believe it will be a driver of organic growth in the coming years.  
 
EBITDA for the quarter amounted to 55 MSEK (17), with an 
EBITDA margin of 16 % (13). The profitability was slightly 
negatively affected by an increased market price volatility for 
some raw materials and ingredients. Even though we expect a 
drop in sales prices in some products going forward, the volatility 
in market prices enables Humble to maintain some margin before 
the full decrease have been transformed in the value chain.  
 
For further financial information of the Group, refer to Note 4 
Segment information and disclosure of revenue. Companies 
included in the segment can be found in Note 31 in the Annual 
report 2022 and in Note 8 Business combination in this interim 
report.  
 
 
 
MSEK 2023 2022
Net sales 345 13 4
Raw material and consumables -253 -97
Gross profit 91 36
Gross margin 26% 27%
EBITDA 55 17
EBITDA in relation to net sales 16 % 13 %
EBIT 42 12
EBIT in relation to net sales 12 % 9%
PROFIT AND LOSS AFTER FINANCIAL ITEM S 41 12
Profit and loss after financial items in relation to net sales 12 % 9%
First quarter

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| SEGMENT INFORMATION 
 
Humble Group AB Interim Report January – March 2023  8 
SEGMENT REPORT - NORDIC DISTRIBUTION 
SEGMENT OVERVIEW 
Since the inception of Humble Groups journey, the core strategy 
has been to cover the full value chain including distribution. The 
Nordic Distribution segment encompasses a network of 
wholesalers and distributors located in the Nordic region. The 
companies within Nordic Distribution have a deep understanding 
of local markets and consumer preferences. By leveraging the 
strengths of these local partners, Humble Group can offer a 
comprehensive range of FMCG products that cater to the diverse 
preferences in the Nordic region. 
 
SALES AND PROFITABILITY 
Net sales for the Nordic Distribution segment amounted to 526 
MSEK (195) during the quarter, an increase of 170 % compared to 
the corresponding period last year. The growth can be seen in all 
of the companies across the segment, increasing volume and 
adding new products to the stores and channels. Additionally, 
many of the subsidiaries have incorporated the portfolio of other 
Humble subsidiary brands, driving additional growth via group 
synergies. The EBITDA-margin has been lowering in many of the 
companies due to high price volatility and freight prices, which has 
but pressure on the profitability. The companies see strong 
potential to recover the margin in the coming years to normalized 
levels pre-2022.  
 
EBITDA for the quarter amounted to 22 MSEK (12), with an 
EBITDA margin of 4 % (6), which was slightly negatively affected by 
a margin pressure due to some delay in the transferring of 
increased purchase prices to customers.  
 
For further financial information of the Group, refer to Note 4 
Segment information and disclosure of revenue. Companies 
included in the segment can be found in Note 31 in the Annual 
report 2022 and in Note 8 Business combination in this interim 
report.  
 
 
 
 
MSEK 2023 2022
Net sales 526 19 5
Raw material and consumables -402 - 15 9
Gross profit 12 4 36
Gross margin 24% 19 %
EBITDA 22 12
EBITDA in relation to net sales 4% 6%
EBIT 14 7
EBIT in relation to net sales 3% 4%
PROFIT AND LOSS AFTER FINANCIAL ITEM S 11 7
Profit and loss after financial items in relation to net sales 2% 3%
First quarter

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| OTHER INFORMATION 
 
Humble Group AB Interim Report January – March 2023  9 
OTHER INFORMATION
ABOUT HUMBLE GROUP 
Humble Group is a leading FMCG Group with a focus on health 
and well-being. The Group comprises 47 operating entities at the 
day of this report. Humble Group has set financial targets that the 
Group shall reach 16 billion SEK in net sales proforma and 1.9 
billion SEK in Adjusted EBITA proforma by the end of 2025. The 
company has an organic growth target at minimum 15% year over 
year and a NIBD / Adjusted EBITDA proforma below 2.5x.  
 
Read more about the Group and its composition on 
www.humblegroup.se
 
 
STAFF AND NUMBER OF EMPLOYEES 
On Group level 
At the end of the reporting period, the number of employees in 
the Group was 1 067 (665). The number of full-time positions 
(FTE) corresponded to 1 053 (620) employees for the period. The 
proportion of women in the Group for the quarter was 49 % (47 
%).  
 
Parent company 
The average number of employees in the Parent Company during 
the first quarter was 20 (24), with 26 % (25 %) being women. 
 
RISKS AND UNCERTAINTIES 
Humble Group works continuously to identify, evaluate, and 
manage risks and exposures that the Group companies face. The 
Group's financial position and earnings are affected by various risk 
factors that must be considered when assessing the company and 
its future earnings. A description of significant risks and 
uncertainties can be found in the Annual Report for 2022. There 
has been no material change in material risks and uncertainties 
since the annual report was published.  
 
PARENT COMPANY 
During the first quarter, the parent company fulfilled the 
acquisition of Napame Holding AB, Aktiebolaget Cool & Candy AB, 
Skövde Snabbgross AB and Privab Grossisterna AB. No other 
significant events have occurred during the first quarter.  
 
BUSINESS MARKET CONDITION UPDATE  
Humble Group does not have any exposures towards neither 
Russia nor Ukraine, and as such do not note any direct effects 
from the ongoing war. Even though it is difficult to quantify the 
exact effects, Humble notices the indirect effects from the war 
driven by rapidly increased inflation and market interests’ rates 
with a following change in consumer consumption patterns. 
Humble monitor the market development closely to ensure we 
position our product mix in best possible way to meet any 
potential changes in market or consumer behaviour. Further on, 
the increased market price volatility regarding raw material prices 
are monitored closely to enable transition of price increases to 
customers in all material aspects and to a protect stable operating 
margins.  
 
RELATED PARTY TRANSACTION 
No transactions with related parties have occurred during 2023 
that had a significant impact. The minor transactions that have 
occurred relates to lease agreements of previous owners’ 
properties. Lease agreements between the parties are based on 
an arms length’s perspective and on market terms and conditions. 
 
FINANCIAL CALENDAR 
The interim report for the period April-June 2023 will be published 
on July 25, 2023.  
 
For financial reports and calendar, see more detailed information 
on our website www.humblegroup.se
 
 
CERTIFIED ADVISOR 
FNCA Sweden AB 
Email: info@fnca.se
 
 
AUDITORS 
BDO Mälardalen 
Auditor in Charge: Carl-Johan Kjellman,  
Authorised Public Accountant  
Email: carl-johan.kjellman@bdo.se

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| THE SHARE 
 
Humble Group AB Interim Report January – March 2023  10 
THE SHARE  
 
THE SHARE 
The company’s share with ticker HUMBLE has been listed on 
Nasdaq First North Growth Market since 12 November 2014. 
 
NUMBER OF SHARES  
At the end of the reporting period, the total number of shares was 
306 550 555 (250 822 124), which entitles to one vote each. All 
shares are of the same share class. The number of outstanding 
warrants amounted to 3 320 000. For the period January - Mars 
2023, the average number of shares before dilution and average 
number of shares after dilution amounted to 302 212 531 and 
305 532 531 respectively. 
 
TRADE IN THE SHARE  
First quarter 
The total liquidity in the share during the first quarter amounted 
to 569 MSEK (1 845). The number of transactions for the same 
period amounted to 60 113 (117 246). The average volume per 
transaction amounted to 9 457 SEK (15 736). The average volume 
per trading day amounted to 9 MSEK (29).  
 
LARGEST SHAREHOLDERS 
The ten largest shareholders per Mars 31, 2023, are listed below: 
 
 
 
DATA PER SHARE 
An overview of share development, turnover and result per share is presented below.  
 
 
 
Owner Shares V otes
Håkan Roos (RoosGruppen AB) 30 983 300 10 ,11%
Noel Abdayem (NCPA Holding AB) 27 91 7 627 9 ,11%
Neudi & C:o AB 1 8 908 001 6 ,17%
Avanza Pension 1 6 81 5 794 5, 49%
Thomas Petrén (Seved Invest AB) 1 2 570 000 4, 1 0%
Capital Group 1 1  368 627 3 ,71%
Futur Pension 7 51 3 372 2, 45%
Creades AB 7 026 870 2, 29%
Caldas Capital 6 572 1 29 2, 1 4%
Simon Petrén 6 21 6 200 2, 03%
Total top 10 1 45 891  920 47 ,59%
Other shareholders 1 60 658 635 52, 41 %
Total number of shares 306 550 555 1 00%
Full year
2023 2022 2022
Low price (SEK) 6 ,11 1 6,00 9,01
High price (SEK) 11,4 5 28,85 28,85
Closing price previous period (SEK) 9,77 28,00 28,00
Closing price current period (SEK) 6,71 1 8,80 9,77
Share price development during period (%) - 3 1% -33% - 67%
Trading volume in the share (MSEK) 569 1  845 4 223
Number of transactions in the share 6 0  113 117 2 4 6 347 1 33
Average volume per trading day (MSEK) 8,9 29,3 16 ,7
Average volume per transaction (SEK) 9 457 1 5 736 12  16 6
Number of shareholders* 23 743 23 746 24 080
Number of shares outstanding* 306 550 555 250 822 1 24 301  274 580
Average number of shares before dilution 302 21 2 531 249 950 502 284 1 51  901
Average number of shares after dilution 305 532 531 251  436 21 8 286 81 8 625
Net sales per share** 5,27 3,49 17,5 1
EBITDA per share** 0,52 0,26 1,5 3
Adjusted EBITDA per share** 0,49 0,45 1,70
EBIT per share** 0,28 0,06 0,94
Adjusted EBIT per share** 0,25 0,25 1,0 7
Earnings per share -0,01 - 0 ,12 - 0 ,13
* End of period, ** SEK before dilution
First quarter

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| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January – March 2023  11 
GROUP INCOME STATEMENT 
 
Last Twelve 
M onths Full year
Amount in MSEK N ote 2023 2022 Apr 2022 - 
Mar 2023 2022
Net sales 1  592 8 73 5 520 4 800
Capitalised work on own account 20 17 88 85
Other operating income 81 18 322 259
Raw materials and consumables - 1 10 8 - 576 -3 800 -3 268
Other external expenses -208 - 114 - 737 -644
Personnel expenses - 18 3 - 14 1 -667 -625
Other operating expenses -39 - 12 - 13 0 - 10 3
EBITDA 15 6 64 596 504
Items affecting comparability 5 -9 48 - 10 47
ADJ USTED EBITDA 14 7 113 586 551
Depreciation of tangible fixed assets - 12 -8 -41 -37
Depreciation of right-of-use assets - 14 - 10 -53 -48
EBITA 13 0 47 502 4 19
ADJ USTED EBITA 12 1 95 492 466
Amortization of intangible fixed assets -9 -5 -39 -35
Amortisation of fixed assets related to acquisitions -36 -28 - 13 5 - 12 8
EBIT 85 14 328 257
ADJ USTED EBIT 76 62 3 18 304
Profit from shares in associated companies 0 -2 -3 -4
Financial income 2 7 9 14
Financial expenses -84 -51 -298 -265
PROFIT AND LOSS AFTER FINANCIAL ITEM S 3 -32 36 1
Income tax -6 2 -45 -37
PROFIT AND LOSS AFTER TAX* -3 -30 -9 -36
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences in translation of foreign operations 35 7 16 2 13 5
COMPREHENSIVE INCOME FOR PERIOD* 31 -23 15 3 99
Earnings per share before dilution -0,01 - 0 ,12 -0,02 - 0 ,13
Earnings per share after dilution -0,01 - 0 ,12 -0,02 - 0 ,13
*Profit and loss after tax and Total Comprehensive Income for the period are attributable in their entirety to the shareholdes of the parent company
First quarter

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| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January – March 2023  12 
GROUP BALANCE SHEET - IN SUMMARY 
Full year
Amount in MSEK Note 2023 2022 2022
ASSETS
Fixed assets
Intangible assets 6 093 4 885 5 995
Tangible fixed assets 406 250 372
Financial assets 71 56 75
Total fixed assets 6 570 5 1 91 6 441
Right-of-use assets 14 0 10 3 15 1
Deferred tax assets 27 49 26
Current assets
Inventory 1  031 596 982
Accounts receivables 644 453 683
Other short-term receivables 239 177 234
Cash and cash equivalents 440 262 380
Total current assets 2 354 1  488 2 279
TOTAL ASSETS 9 091 6 832 8 897
EQUITY AND LIABILITIES
Equity
Share capital 67 55 66
Unregistered share capital 0 0 0
Other equity contributed 4 1 69 3 347 4 1 31
Retained earnings - 12 9 -283 - 16 1
Total shareholders equity 4 1 07 3  119 4 036
Long-term liabilities
Interest-bearing liabilities 9 1 9 16 1 712 1 9 16
Contingent considerations 9 407 654 433
Long-term lease liabilities 97 65 10 0
Deferred tax liabilities 5 10 409 502
Other long-term liabilities 117 65 79
Total long-term liabilities 3 047 2 905 3 029
Short-term liabilities
Interest-bearing liabilities 9 678 203 621
Contingent considerations 9 384 45 347
Current lease liabilities 47 37 49
Accounts payable 607 351 550
Other current liabilities 221 171 265
Total short-term liabilities 1  937 807 1  832
TOTAL EQUITY AND LIABILITIES 9 091 6 832 8 897
March, 31

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January – March 2023  14 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 
 
 
Amount in MSEK
Share 
capital
Unregistered 
share capital
Other equity 
contributed
Exchange 
rate 
d
ifferences
Retained 
Earnings
Total 
shareholders 
e
quity
Opening balance J anuary 1 , 2022 54 1 3 31 5 43 -302 3  110
Net income for period -30 -30
Other comprehensive income 7 7
Total comprehensive income 0 0 0 7 -30 -23
Transaction with owners in their capacity as owners:
Share issue 1 -1 32 32
Ongoing share issue 0
Transaction costs -1 -1
Share-based benefits 1 1
Total transaction with owners in their capacity as owners 1 -1 31 0 0 32
Ending balance March 31 , 2022 55 0 3 347 49 - 332 3  119
Opening balance J anuary 1 , 2023 66 0 4 1 31 177 -338 4 036
Net income for period -3 -3
Other comprehensive income 35 35
Total comprehensive income 0 0 0 35 -3 31
Transaction with owners in their capacity as owners:
Share issue 1 36 37
Ongoing share issue 0
Transaction costs 3 3
Share-based benefits -1 -1
Total transaction with owners in their capacity as owners 1 0 38 0 0 39
Ending balance March 31 , 2023 67 0 4 1 69 2 12 -341 4 1 07

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January – March 2023  15 
GROUP CASH-FLOW STATEMENT 
 
 
Full year
Amount in MSEK 2023 2022 2022
O
PERATING ACTIVITIES
Profit and loss after financial items 3 -32 1
Adjustement for non-cash items
 Depreciation and Amortisation 71 50 247
Other items 34 55 15 5
Paid tax -7 -5 -33
Cash flow from operating activities before change in net working capital 10 1 69 3 71
CHANGE IN WORKING CAPITAL
Change in inventories (increase - /  decrease +  ) - 11 - 74 - 10 1
Change in short term receivables (increase - /  decrease +  ) 80 32 74
Change in short term liabilities (increase - /  decrease +  ) 14 - 18 -88
Sum of change in working capital 82 -60 - 116
Cash flow from operating activities* 18 3 9 255
INVESTING ACTIVITIES
Acquisition of capitalised development costs -20 - 17 -84
Acquisition of intangible assets 0 0 -6
Acquisition of tangible assets - 13 - 10 -57
Consideration paid, net of acquired cash* -63 - 12 2 -901
Cash flow from investing activities -96 - 14 9 -1  048
FINANCING ACTIVITIES
Share issue funds 0 0 530
Costs related to share and bond issues 0 0 - 12
Paid premium for share incentive program 0 0 2
Proceeds from bond 0 0 300
Paid interest -58 -40 - 15 4
New loans 46 13 1 769
Amortization of loans -4 - 10 1 -629
Amortization of lease liability - 14 - 10 -52
Cash flow from financing activities -30 -20 753
Decrease/ Increase in cash and cash equivalents 57 - 16 0 -41
Cash and cash equivalents at beginning of period 380 420 420
Exchange rate differences 3 2 -1
Cash and cash equivalents at end of period 440 262 380
*Include paid empoyee-related compensation of 76 MSEK paid in March 2022. 
First quarter

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January – March 2023  16 
INCOME STATEMENT - PARENT COMPANY 
 
Last Twelve 
M onths Full year
Amount in MSEK
2023 2022 Apr 2022 - 
Mar 2023 2022
Net sales 1 1 20 21
Other operating income 3 0 4 1
Total revenue 4 1 24 22
Capitalised work on own account 0 2 6 9
Other external expenses -3 -3 -20 -20
Personnel expenses - 10 -9 -50 -48
Other operating expenses 0 0 -1 -1
EBITDA - 10 -8 -40 -38
Depreciation and amortisation of fixed tangible 
and intangible assets 0 0 0 0
OPERATING PROFIT (EBIT) - 10 -8 -40 -38
Profit from shares in subsidiaries and associated companies 0 0 0 0
Interest income 1 4 10 13
Interest expenses - 75 -33 - 272 -230
PROFIT AND LOSS AFTER FINANCIAL ITEM S -84 -38 -302 -256
Received dividends from subsidiaries 0 0 52 52
Year-end appropriations 0 0 10 0 10 0
PROFIT AND LOSS BEFORE TAX -84 -38 - 15 0 - 10 4
Current taxes 0 0 - 16 - 16
PROFIT AND LOSS AFTER TAX -84 -38 - 16 7 - 12 0
In the parent company, there are no items that are reported as other comprehensive income, which is why total comprehensive income corresponds to the year's result.
First quarter

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January – March 2023  17 
PARENT COMPANY BALANCE SHEET – IN SUMMARY 
 
Full year
Amount in MSEK 2023 2022 2022
ASSETS
Fixed assets
Intangible fixed assets 1 1 1
Tangible fixed assets 1 1 1
Financial fixed assets 6 967 5 499 6 920
Total fixed assets 6 969 5 500 6 922
Current assets
Inventory 0 0 0
Accounts receivables 0 0 0
Receivables with group companies 240 85 287
Other short-term receivables 11 10 13
Cash and cash equivalents 10 7 1
Total current assets 261 10 3 301
TOTAL ASSETS 7 230 5 603 7 222
EQUITY AND LIABILITIES
Equity
Restricted equity 67 55 66
Unrestricted equity 3 839 3  176 3 880
Total shareholders equity 3 907 3 231 3 946
Provisions 791 699 786
Long term liabilities
Interest-bearing liabilities 1  823 1 5 10 1  826
Other long-term liabilities 28 29 33
Total long-term liabilities 1  851 1  539 1  859
Short-term liabilities
Interest-bearing liabilities 594 119 571
Accounts payable 3 6 7
Liabilities to group companies 54 6 24
Other liabilities 31 3 29
Total short-term liabilities 682 13 4 631
TOTAL EQUITY AND LIABILITIES 7 230 5 603 7 222
March, 31

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January – March 2023  16 
NOTES AND PERFORMANCE MEASUREMENTS 
NOTE 1 – ACCOUNTING PRINCIPLES 
The consolidated financial statements have been prepared in accordance with the Swedish Annual Accounts Act, RFR 1 Supplementary 
Accounting Rules for Groups and International Financial Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations 
Committee (IFRS IC) as adopted by the EU. The interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the 
Swedish Annual Accounts Act. The financial statements have been prepared according to cost method except from certain financial assets and 
liabilities measured at fair value through profit and loss.  
The accounting policies adopted are consistent with those of the Annual report for the year ended December 31, 2022. New or amended IFRS 
standards, effective from January 1, 2023, have no impact on the result and financial position of the Group. 
NOTE 2 - SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 
The Group makes estimates and assumptions about the future. The estimates for accounting purposes that result from these will, by 
definition, rarely correspond to the actual result. The estimates and assumptions that entail a significant risk of significant adjustments in 
reported values for assets and liabilities in this interim report correspond to those describe in Note 3 in the Annual report 2022. No significant 
new assessments and estimates have been made during the first quarter of 2023 that have entailed any significant changes in reported items. 
NOTE 3 – SUBSEQUENT EVENTS 
Humble Group has given notice of the annual general meeting to be held on Friday May 19, 2023. Peter Werme, chairman of the board, has 
informed the nomination committee that he is not available for re-election as either board member or chairman of the board at the annual 
general meeting 2023.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January – March 2023  17 
NOTE 4 – SEGMENT INFORMATION AND DISCLOSURE OF REVENUE 
The Group's chief operating decision maker is the chief executive officer (CEO), who primarily uses a measure of earnings before interest, tax, 
depreciation and amortisation (EBITDA) to assess the performance of the operating segments. The CEO does not follow up the segments' 
assets or liabilities for allocation of resources or assessment of results.  
 
For further information regarding the segments, please refer to page 5-8. The Group financials consists of below combined segments:  
 
 
 
 
2023, MSEK
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Net sales
Revenue from sales to external customers 238 484 345 526 1  592
Raw material and consumables - 13 6 - 3 17 -253 -402 - 1 10 8
Gross profit 10 2 16 7 91 12 4 484
Gross margin, % 43% 34% 26% 24% 30%
EBITDA 23 65 55 22 -9 15 6
EBITDA in relation to net sales 9% 13 % 16 % 4% 10 %
EBIT 6 33 42 14 - 11 85
EBIT in relation to net sales 3% 7% 12 % 3% 5%
PROFIT AND LOSS AFTER FINANCIAL ITEM S 4 32 41 11 -84 3
P&L after financial items in relation to net sales 2% 7% 12 % 2% 0%
* Other refers to Parent company and minor administrative entities
2022, MSEK
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Net sales
Revenue from sales to external customers 14 8 396 13 4 19 5 873
Raw material and consumables - 77 -244 -97 - 15 9 - 576
Gross profit 71 15 3 36 36 0 297
Gross margin, % 48% 39% 27% 19 % 34%
EBITDA 10 33 17 12 -8 64
EBITDA in relation to net sales 7% 8% 13 % 6% 7%
EBIT -1 4 12 7 -9 14
EBIT in relation to net sales 0% 1% 9% 4% 2%
PROFIT AND LOSS AFTER FINANCIAL ITEM S -3 -8 12 7 -38 -32
P&L after financial items in relation to net sales -2% -2% 9% 3% -4%
* Other refers to Parent company and minor administrative entities

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January – March 2023  18 
NOTE 5 – ITEMS AFFECTING COMPARABILITY 
Humble Group recognises items affecting comparability to EBITDA 
to visualise comparable figures that are adjusted for the items 
that occur in historical numbers for various reasons. Explanation 
of what the items affecting comparability mainly refer to are 
presented in Note 10 in the Annual report 2022. Humble has not 
adjusted for any items related to extraordinary freight costs 
during 2023. The main adjustment item during the period was 
related to revaluation of contingent considerations of MSEK -31 
and employee-related compensation and lock-in penalties of 
MSEK 12.  
NOTE 6 – PROFORMA FINANCIALS 
Humble Group is a fast-growing FMCG group with an adopted strategy to grow both organically and through acquisitions. To illustrate the 
Group's scope at the date of publication of this interim report, Humble present a proforma on the key financials from the income statement. 
The proforma financials have not been adjusted for intercompany sales. Such transactions would theoretically have occurred if the subsidiary 
would have been part of Humble Group for the presented periods. The purpose is to visualise how the Group's financial position and results 
would have looked like on Mars 31 2023, if the companies acquired during the year, or where acquisition agreements have been 
communicated, would have been consolidated with the existing part of the Group.  
 
Besides the subsidiaries where Humble Group have completed the closing of the acquisitions and where full consolidation of accounts take 
place, below proforma financials include during the quarter completed acquisitions of Privab Trollhättan, Privab Ystad, Privab Grossisterna and 
Napame Holding AB. The closing of these four acquisitions took take place during March 2023.  
 
NOTE 7 - NET INTEREST-BEARING DEBT 
Humble Group's net interest-bearing debt as of March 31, 2023, is 
presented in table to the right. Adjusted EBITDA Proforma 
amounted to 669 MSEK. Net Interest-bearing debt in relation to 
Adjusted EBITDA proforma amounts to 3,4x at the end of this 
reporting period.  
 
MSEK 2023 2022
Acqusition related cost                     5                     3 
Revaluation of earn-outs -31 -1
Employee-related compensation 
and lock-in penalties 12 38
Surplus value in inventory 0 3
Donations 0 2
Restructuring 5 4
Total adjustment items -9 48
First quarter
March, 31 March, 31
MS
EK 2023 2022
Interest-bearing liabilities
Bond financing debt 1 823 15 10
Liability to credit institutions 771 405
Lease liabilities 14 4 10 2
Total interest-bearing liabilities 2 738 2 01 7
Cash and cash equivalents -440 -262
Net Interest Bearing Debt (NIBD) 2 298 1 75 5
MSEK
Proforma 
2023
Proforma 
2022
Proforma 
2021
Proforma 
Q1  2023
Proforma 
FY 2022
Proforma 
Q1  2022
Net sales 1  828 1  508 1 18 3 7 048 6 728 5 799
EBITDA (Swedish GAAP) 15 5 13 4 94 576 555 544
Items affecting comparability (Swedish GAAP) -24 20 29 26 69 14 4
ADJUSTED EBITDA (Swedish GAAP) 13 1 15 4 12 3 602 624 688
Change in Items Affecting Comparability due to IFRS 16 15 14 67 67 54
ADJUSTED EBITDA (IFRS) 14 7 16 9 13 7 669 691 742
First quarter Last Twelve M onths

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January – March 2023  19 
NOTE 8 – BUSINESS COMBINATIONS 
BUSINESS COMBINATIONS 2023 
 
The acquisitions are presented on an aggregated level, as the relative amounts of the individual acquisitions are not deemed to be material. 
 
Acquisitions 
During first quarter of 2023, the parent company acquired 100% 
of four subsidiaries. The subsidiaries have operations within 
distribution and manufacturing. Identified excess values are linked 
to Customer relationship and listing of 11 MSEK, Trademark and 
brands of 20 MSEK, and Deferred tax liability of 26 MSEK. 
Significant estimate: contingent consideration 
Two of the total acquisitions made during 2023 have an 
agreement of contingent considerations of total 32 MSEK. These 
considerations are due to payment within 0-3 years. The potential 
undiscounted amount payable under the agreements amount to 
52 MSEK for cumulative EBITDA. The fair value of the contingent 
consideration was 32 MSEK at the initial recognition and is 
estimated by calculating the present value of the future expected 
cash flows at the end of the accounting period. The estimates are 
based on a weighted average cost of capital as discount rate of 
11,02 %. 
Employment linked consideration 
No employment linked consideration is related to the acquisitions 
carried out during 2023.  
Revenue and profit contribution 
The acquisition of the subsidiaries contributed with net sales of 60 
MSEK to the Group for the period from the acquisition date to end 
of March 2023. The subsidiaries also contributed with an EBITDA 
of 2 MSEK during the same period. If the subsidiaries would have 
been consolidated from January 1, 2023, the Group's income 
statement would present additional net sales of 135 MSEK and 
EBITDA of 8 MSEK. 
Acquisition-related costs 
Acquisition-related costs of 3 MSEK are included in the statement 
of profit and loss and in operating cash flows in the statement of 
cash flows.  
 
Summary of distribution of purchase price, PPA – IFRS 
Subsidiary Acquisition date Sh ares and votes Segment Vertical Country
Napame Holding AB 2023-03-01 1 00%Future snacking Distribution Sweden
Aktiebolaget Cool & Candy AB 2023-03-1 5 1 00%Nordic Distribution Distribution Sweden
Skövde Snabbgross AB 2023-03-1 5 1 00%Nordic Distribution Distribution Sweden
Privab Grossisterna AB 2023-03-1 5 1 00%Nordic Distribution Distribution Sweden
MSEK
Total 
acquisition 
Q1 , 2023
Goodwill 0
Customer relationships and listings 11
Trademarks and brands 20
Other fixed assets 0
Total fixed assets 15 1
Inventory 39
Accounts receivable 27
Liquid funds 20
Other current receivables 0
Total current assets 93
TOTAL ASSETS 245
Deferred taxes 26
Other provisions 0
Total provisions 26
Total long term liabilities 19
Accounts payable 41
Other current liabilities 0
Total current liabilities 53
TOTAL LIABILITIES 98
NET ASSETS 14 6
Cash 75
Share issue 40
Contingent consideration 32
Deferred payment 0
Total Purchase price 14 6

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January – March 2023   20 
NOTE 9 – FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE 
The levels in the fair value hierarchy are defined as follows: 
Financial instrument level 1 
Quoted market prices (unadjusted) in active markets for identical 
assets or liabilities. 
Financial instrument level 2 
Observable data for the asset or liability other than quoted prices 
included in level 1, either directly (i.e. as price quotations) or 
indirectly (i.e. derived from price quotations). 
Financial instrument level 3 
When one or more of the significant inputs is not based on 
observable market data.  
 
The Group's financial assets measured at fair value through profit 
and loss consists of Other long-term securities, which are 
classified as level 1 in the fair value hierarchy. 
 
The Group's financial liabilities measured at fair value through 
profit and loss consists of Contingent consideration, which are 
classified as level 3 in the fair value hierarchy. 
 
There have been no transfers between fair value hierarchy levels 
during the reporting period. 
 
FAIR VALUE DISCLOSURE OF BOND LOANS 
The Group also has financial instruments in the form of two senior 
bond loans with a total credit line of 2,000 MSEK that are not 
measured at fair value in the balance sheet: 
 
- 300 MSEK was issued on January 5, 2021 (2021-2024), has a 
fixed interest rate of 9.50 % 
- 1,500 MSEK was issued on July 21, 2021 (2021-2025), has a 
variable interest rate (STIBOR 3m + 8.25 %) 
 
For the bond loan 2021-2025, the measurement at amortised cost 
corresponds in all essentials to its fair value because the interest 
rate is variable and as the credit risk has not changed significantly.  
 
The fair value of the bond loan 2021-2024 has been calculated by 
using cash flows discounted at a current interest rate. The bond 
loan is classified as level 3 in the fair value hierarchy as 
unobservable data has been used, including own credit risk. The 
carrying amount of the bond loan 2021-2024 for 2023 are 300 
MSEK (300 MEK), whereas the fair value of the loan amount to 
276 MSEK (260 MSEK).  
 
CONTINGENT CONSIDERATIONS  
The total contingent consideration to be paid are generally 
conditioned by significant financial performance improvements, 
which usually is measured to certain pre-determined EBITDA-
levels by the subsidiary to be reached. The nature of the payments 
is generally a subject for Humble Group to decide, with a majority 
to be paid in cash but can also be paid with newly issued shares. 
This has a potential positive impact of the Groups cash flow and 
long-term net debt.  
 
The mechanics behind the additional purchase prices differ 
between the various acquisitions and the Group's commitments 
also extend over a longer time horizon. The provision in the 
consolidated balance sheet is presented at a higher level and 
constitutes a valuation of management's best assessment of the 
expected future cash flow. This assessment is made on a 
subsidiary-based level and is revalued regularly. The contingent 
considerations are recognised at fair value and have been 
discounted with 11,02% discount rate. The duration to maturity is 
presented below. 
 
INPUT USED IN RECURRING LEVEL 3 FAIR VALUE 
MEASUREMENTS AND VALUATION TECHNIQUES 
The contingent considerations in the Group have been calculated 
based on the nominal value of the best estimate of the expected 
outcome on the date of the acquisition. The estimate is based on 
management's assessment of the probable amount to be paid 
given the terms of the share transfer agreement. The fair value of 
the contingent considerations has been calculated based on an 
interest rate corresponding to the remaining term until payment 
at each reporting date. During 2023, -18 MSEK (3) in interest 
income was recognised as finance expenses regarding expenses 
related to contingent considerations.  
 
Estimated payments per year Nominal value Fair value
2023 391 384
2024 288 255
2025 172 13 7
2026 20 14
Total contingent considerations 871 791
Contingent consideration, MSEK 2023 2022
Opening balance, Jan 1                 780 737
New acquisitions 32 6
Payments -8 -9
Revaluation -31 -32
Interest expenses related to unwinding of discounting effect 18 0
Translation differences 0 -1
Closing balance, Mars 31 791 699
March, 31

===== SIDA 22 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January – March 2023  21 
DEFINITIONS AND CALCULATIONS ON KEY RATIO 
This report includes definitions and key figures that are not clearly defined in ÅRL or International Financial Reporting Standards (IFRS) but are 
what the company management considers to be important measures of the business's development, whereupon they are defined below. 
Net Sales 
The operation’s main income, invoiced costs, side income and 
income corrections.  
Gross Profit  
Net sales less raw materials and consumables.  
Gross Profit is calculated as 1 592 – 1 108 = 484 MSEK. 
Gross Margin 
Gross Profit in relation to net sales.  
Gross Margin is calculated as 484 / 1592 = 30 %. 
 
EBITDA  
Earnings before payment of interest and tax as well as operational 
depreciation and amortisation of tangible and intangible fixed 
assets and depreciation and amortisation on acquisition-related 
surplus values.  
Adjusted EBITDA 
Earnings before payment of interest and tax as well as 
depreciation of tangible and intangible fixed assets, adjusted for 
items that are deemed to be of a non-recurring nature and 
therefore not recurring for operating activities. Adjusted EBITDA 
margin is Adjusted EBITDA divided by total revenue. 
Adjusted EBITDA is calculated as 156 – 9 = 147 MSEK.  
EBITA 
Earnings before payment of interest and tax as well as 
amortisation of intangible fixed assets and amortisation on 
acquisition-related surplus values. EBITA-margin is EBITA in 
relation to net sales. 
Adjusted EBITA 
Earnings before payment of interest and tax as well as 
amortisation of intangible fixed assets and amortisation on 
acquisition-related surplus values, adjusted for items that are 
deemed to be of a non-recurring nature and therefore not 
recurring for operating activities. Adjusted EBITA margin is 
Adjusted EBITA divided by total revenue. 
Adjusted EBITA is calculated as 130 – 9 = 121 MSEK. 
EBIT 
Earnings before payment of interest and tax. 
Adjusted EBIT 
Earnings before payment of interest and tax adjusted for items 
that are deemed to be of a non-recurring nature and therefore 
not recurring for operating activities. Adjusted EBIT margin is 
Adjusted EBIT divided by total revenue. 
Adjusted EBIT is calculated as 85 - 9 = 76 MSEK. 
Net interest bearing debt 
Total interest-bearing liabilities less cash and cash equivalents. 
Net interest-bearing debt is calculated as 2 738 – 440 = 2 298 
MSEK. 
Organic growth in net sales 
Change in net sales adjusted for exchange rate effect and net sales 
from acquired companies during the period.  
Organic growth in net sales is calculated as 118 / 873 = 14 %. 
Contingent consideration 
Deferred purchase price payments that are contingent upon 
future performance of an acquired subsidiary. The consideration 
can be paid in both cash and shares and are presented to fair 
value based on management’s best estimate of the occurrence of 
future payments. 
Average number of employees (FTE) 
Shows the average number of employees during the period and is 
calculated as the number of employees multiplied by the 
employment rate in relation to the standard time for full-time 
work. 
 
FMCG 
FMCG is an industry term and is short for Fast Moving Consumer 
Good. 
Proforma 
Humble Group is a fast-growing FMCG Group with an adopted 
strategy to grow both organically and through acquisitions. To 
illustrate the Group's scope at the date of publication of this 
interim report, Humble present a proforma on the income 
statement. The purpose is to visualise how the Group's financial 
position and results would have looked like on March 31, 2023, if 
the companies acquired during the year, or where acquisition 
agreements have been communicated, had been consolidated 
with the existing part of the Group.

===== SIDA 23 =====

| THE BOARD OF DIRECTORS’ APPROVAL 
 
Humble Group AB Interim Report January – March 2023   22 
BOARD OF DIRECTORS’ APPROVAL 
The Board of Directors and the CEO assure that the interim report gives a true and fair view of the Group's and the Parent Company's 
operations, position and results and describes significant risks and uncertainties that the Parent Company and the companies included in the 
Group face. 
 
 
Stockholm May 4, 2023 
 
 
 
  Peter Werme   Ola Cronholm  
  Chairman of the Board 
 
 
 
  Dajana Mirborn   Henrik Patek 
 
 
 
 
  Hans Skruvfors   Björn Widegren 
 
 
 
  Simon Petrén 
  Chief Executive Officer 
 
 
 
 
 
 
 
This report has not been subject to review by the company's auditor. 
 
This information is such that Humble Group AB is obliged to publish in accordance with the EU regulation on market abuse.  
The information was submitted for publication on May 4, 2023, at 08:00 CET.

===== SIDA 24 =====

| CONTACT US  
 
Humble Group AB Year-End Report January – March 2023 
Company Registration Number 556794-4797 
Headquarters 
Klara Norra Kyrkogata 29 
111 22 Stockholm 
info@humblegroup.se 
www.humblegroup.se 
+4608 613 28 88 
 
 
 
 
 
Johan Lennartsson  
Chief Financial Officer 
johan.lennartsson@humblegroup.se 
 
Simon Petrén  
Chief Executive Officer 
simon.petren@humblegroup.se 
 
Noel Abdayem  
Vice President & COO Brands 
noel.abdayem@humblegroup.se 
 
Marcus Stenkil  
Head of Merger & Acquisitions 
marcus.stenkil@humblegroup.se 
 
Kristoffer Zinn 
Head of analytics 
kristoffer.zinn@humblegroup.se