Kvartalsrapport Q1 2024

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===== SIDA 1 =====

INTERIM REPORT 
JANUARY – MARCH 2024

===== SIDA 2 =====

INTERIM REPORT 
JANUARY – MARCH 2024 
Humble Group AB Interim Report January - March 2024   
Stockholm, May 2, 2024 
STRONG DEMAND AND IMPROVED PROFITABILITY 
Financial information 
First quarter 
• Net sales amounted to MSEK 1,838 (1,592), an increase
with 15% compared to the corresponding period last year.
The organic growth for the period was 11%.
• EBITA amounted to MSEK 133 (130). 
• EBIT amounted to MSEK 86 (85). 
• Adjusted EBITA amounted to MSEK 128 (102), an increase
with 25% compared to the corresponding period last year. 
• Cash flow from operating activities amounted to MSEK 60
(183). 
• Profit and loss after tax amounted to MSEK 23 (-3). 
• Earnings per share before and after dilution amounted to
SEK 0.05 (-0.01). 
Significant events 
During the first quarter 
• Humble Group completes the sale of all shares in Bayn
Production AB as part of the Groups long-term strategy
to streamline the operations. 
• Humble Group creates a joint company together with
the creators of “Babblarna”, a well-known brand for
families in Sweden. 
After the quarter 
• Humble Group completes the second part of the sale of
properties, which is structured as a sale and leaseback
transaction.
• Humble Group summons to the annual general meeting
to be held on May 22, 2024.
• The election committee has proposed re-election of the
existing board members as well as election of Noel
Abdayem as a new board member, who is also an
existing member of the senior executive team. 
Financial overview 
Humble Group is a leading FMCG Group  
 comprising 47+ entrepreneurial driven entities, with 
focus on health and well-being in a sustainable way  
Last Twelve 
M onths Full year
MSEK 2024 2023 Apr 2023 - 
Mar 2024 2023
Net sales 1  838 1  592 7 295 7 050
Gross profit 566 485 2 21 0 2 1 29
Gross margin 3 1% 30% 30% 30%
EBITDA 15 7 15 6 660 659
Adjusted EBITDA 15 2 12 8 640 6 17
EBITA 13 3 13 0 550 547
Adjusted EBITA 12 8 10 2 531 505
EBIT 86 85 3 18 3 18
Adjusted EBIT 81 58 299 276
Cash flow from operating activities 60 18 3 965 1  088
Earnings per share before dilution (SEK) 0,05 -0,01 -0,22 -0,28
See page 24 for definition and calculation of key ratios
First quarter

===== SIDA 3 =====

| SUMMARY 
 
Humble Group AB Interim Report January - March 2024  3 
“I’m very excited about the 
several ongoing initiatives, that 
will continue to fuel our growth.” 
STRONG DEMAND AND 
IMPROVED PROFITABILITY 
 
We begin 2024 with stable growth in the group, where net sales 
amounted to SEK 1,838 million (1,592), a total increase of 15 
percent, of which 11 percent constitute organic growth. 
Considering that we had a negative calendar effect of 
approximately -4 percent as a result of the early Easter, we feel 
satisfied with the development in the various segments. The 
work to strengthen the profitability has begun to yield results 
and the adjusted EBITA margin strengthened from 6 percent to 7 
percent, where adjusted EBITA increased by 25 percent to SEK 
128 million (102). The cash flow from operating activities 
developed well and amounted to SEK 127 million (102). The 
change in working capital negatively affected the free cash flow, 
as a result of strategic investments in inventory before price 
increases and rising cocoa prices at some of the distribution 
companies. The gross margin has continued to develop in the 
right direction and amounted to 31 percent (30). The relative 
increase was greater, as we did not fully consolidate all the 
Privab companies during the comparison period, which have a 
lower gross margin than the rest of the group. Humble has a 
good momentum and we have a positive view of the 
development going forward, with a focus on continued 
expansion and growth. 
 
Operations  
We have a consistent positive development in our business areas 
and our team is doing an outstanding job of positioning the group 
for increased growth going forward. Strategic initiatives aimed at 
expanding market presence and improving product offerings 
continues to develop and we are excited for the autumn, when we 
will begin to see the impact of scale-up in the factories as well as 
the results of the larger product launches that will be rolling out. 
 
Within Future Snacking, we have continued to expand 
internationally, with a strong response from new chains and 
customers. Our international launch of sugar-reduced sweets has 
performed better than expected and we are continuously 
mapping the possibilities for faster expansion. As a result of strong 
demand, we have had some challenges in producing products at 
the required pace. It is one of our highest priorities internally to 
address and we are doing everything we can to ensure a 
continuous supply of goods. True Gum affected the segment 
negatively by SEK -18 million, due to high comparative figures 
from last year, which was exceptionally strong. With several 
promising product launches and an improved recipe for our 
chewing gum, we look forward to these initiatives reaching the 
market. 
 
In Quality Nutrition, we have similar challenges to those in the 
Future Snacking segment. Demand for bars, powders and the 
upcoming energy drink production is sky high. All the extra 
capacity that will be available during the year is already pre-
booked by external customers and our own brands. Now it's about 
maximizing the production flow in the factories. The success  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
within the BodyScience brand is particularly noticeable, which is 
expanding strongly and has quickly taken a market-leading  
position in Australia. We also recently launched a Swedish 
innovation in the form of a soft bar, where we have already  
started manufacturing the products in the group's new bar factory 
by exporting our recipe knowledge to Australia. The product also 
won the prize for protein bar of the year 2024 by Nutrition 
Warehouse in April and the chains appreciate the new innovation 
on the market. 
 
For the Sustainable Care segment, Solent is a locomotive. It is the 
group's largest company that increased net sales by 14 percent 
and strengthened profitability by 34 percent. We see a return to 
growth at several of the premium brands and have a clear trend 
shift in the form of organic growth and improved margins at the 
subsidiaries that previously had a tough time. With completed 
investments and strengthened management, I am convinced that 
we have laid the foundations for a recovery to previous levels. 
 
The distribution segment shows satisfactory growth, but the result 
is still dragged down by costs related to the integration processes. 
We are approaching the final phase of consolidating the Privab 
companies and have now directed our focus to improving the 
gross margin, through joint purchases and a more efficient pricing 
strategy. Given that we sell a lot of chocolate confectionery 
products where we import in USD and EUR, we have had an 
inventory tie-up that constitutes a significantly higher percentage 
of the sales increase than normal. With high inventory turnover 
and seasonally larger quarters ahead, our assessment is that there 
are good conditions to free up the tied-up capital and thus get 
down to a lower working capital level relative to turnover.

===== SIDA 4 =====

| SUMMARY 
 
Humble Group AB Interim Report January - March 2024  3 
Results 
The quarter marked a significant improvement in our profitability, 
which is a testament to the strength of our business model. We 
have not yet received the full benefit of the investments and 
consequent cost increases that scaling up in the factories has 
entailed. It is an effect that will be showcased when the extended 
shift runs are in full use. We have increased our marketing 
investments, which are thoughtful strategic decisions aimed at 
promoting growth in the coming years. With the strong product 
reception from the market that we have, it is important that we 
continue to invest for long-term returns. 
 
The gross margin has strengthened compared to the comparison 
period, despite a negative consolidation effect of the Privab 
companies. It remains a high-priority area for the group and there 
are many improvement measures that remain to be implemented. 
We still have some accounting technical costs from the IFRS 
transition that drag down the net financial result, but still 
generated a profit after tax of SEK 23 million during the first 
quarter. As these items gradually roll out, our assessment is that 
we are facing a strong improvement of the KPI going forward. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outlook 
There is great optimism in the group. We are starting to get 
through the tough time that the margin pressure of the last two 
years entailed and we have an operational focus on ensuring the 
effective implementation of all the strategic initiatives that are 
underway. The second quarter has started strongly and if we 
manage to get the increased capacity in the factories and roll out 
the major product launches that are in the pipeline, we are in for 
an exciting autumn. 
The process with changing trading market is proceeding according 
to plan and we are now well into the process, where it should not 
be too long before we make the step up to the main market. With 
the new capital structure in place, amortization of debt and lower 
interest costs, we see that our room for action to invest in 
continued growth is increasing. Of course, it is important to be 
vigilant on future challenges that may arise in a troubled 
environment, but with the degree of maturity we established 
during last year's consolidation period, we are better equipped 
than ever to take on the gigantic market that is out there. 
 
 
Simon Petrén  
CEO Humble Group 
Stockholm, May 2, 2024

===== SIDA 5 =====

| CONSOLIDATED DEVELOPMENT 
 
Humble Group AB Interim Report January - March 2024  4 
HUMBLE GROUP’S FINANCIAL DEVELOPMENT
FIRST QUARTER 
REVENUES 
Net sales 
Net sales for the quarter amounted to MSEK 1,838 (1,592), an 
increase of 15% compared to the corresponding period last year. 
The change is attributable to completed business acquisitions of 
3%, organic growth for the wholly owned subsidiaries in both 
periods of 11% and currency impact was 1%.  
 
Capitalized work on own account 
As the Group has develop from being a technology focused 
business to a broader FMCG group, as well as the industry 
transition into a faster product life cycle turnover, the Group has 
updated its assessment and judgement for the criteria regarding 
the application of accounting principles in regard to capitalized 
work on own account. This implies a significant change going 
forward of the recognised revenue from capitalized work on own 
account from Q1, 2024. For Q1 2024 the amount was 1 MSEK (20). 
 
EXPENSES 
Other external expenses 
Other external expenses for the quarter amounted to MSEK  
-242 (-208), which corresponded to 13% (13) of net sales. 
Acquisition related costs for the quarter amounted to MSEK  
0 (-3).  
 
Personnel expenses 
Personnel expenses for the quarter amounted to MSEK -198  
(-183), which corresponded to 11% (11) of net sales. Personnel 
expenses were negatively impacted by consideration linked to 
employment (stay-on-bonus and lock-in penalties) of MSEK  
-8 (-12). Remaining increase is mainly explained by additional 
employees in the Group through the acquired subsidiaries. For 
more details, please refer to Note 7 Items affecting comparability. 
 
Depreciation and amortization 
Total depreciation and amortization for the quarter amounted to 
MSEK -71 (-71), which corresponded to a change of 0% compared 
with the corresponding period last year. Depreciation of right-of-
use assets amounted to MSEK -17 (-14) for the quarter. 
Amortization of assets related to acquisitions, of which a vast 
majority related to customer relations, amounted to  
MSEK -36 (-36).  
 
Financial expenses  
Financial expenses for the period amounted to MSEK -63  
(-84). Interest expense related to unwinding of discounting effect 
of contingent considerations and other liabilities presented at fair 
value amounted to MSEK -19 (-18). Such interest expense has no 
cash effect in the quarterly result.  
For more details, please refer to Note 5 Financial expenses. 
RESULTS 
EBITA 
Adjusted EBITA amounted to MSEK 126 (102), which 
corresponded to a change of MSEK 24 or 24% for the period. 
EBITA for the quarter amounted to MSEK 131 (130), which 
corresponded to a change of MSEK 1 compared with the 
corresponding period last year. For more details, please refer to 
Note 7 Items affecting comparability. 
 
EBIT 
Adjusted EBIT amounted to MSEK 79 (58), which corresponded to 
a change of MSEK 21 or 36% for the period. EBIT for the quarter 
amounted to MSEK 84 (85), which corresponded to a change of 
MSEK -1 compared with the corresponding period last year.  
 
CASH FLOW 
Cash flow from operating activities 
Cash flow from operating activities amounted to MSEK 60 
(183). Cash flow from operations was negatively impacted by net 
working capital increase, mainly in inventory of MSEK -67 (82). The 
Group continue the work with several strategic initiatives to 
optimize the net working capital usage going forward.

===== SIDA 6 =====

| SEGMENT INFORMATION 
 
Humble Group AB Interim Report January - March 2024  5 
 
SEGMENT REPORT - FUTURE SNACKING 
SEGMENT OVERVIEW 
Our commitment to cutting-edge, sustainable snacks and assorted 
eats challenges conventional options, prioritizing health without 
compromising taste, quality, or experience. The segment is 
estimated to hold over 90% share in sugar-free and healthier 
candy offerings across the Nordics. 
 
Driven by a passion for innovation, our subsidiaries leverage high 
technological barriers, limiting competitors' market entry. Our 
leading brands enjoy strong recognition in the innovative space, 
setting us apart in the industry. Apart from our brands, we serve 
as a flexible, solutions-oriented contract manufacturer for Nordic 
market players, ensuring agility and responsiveness in meeting 
their needs. 
 
Humble Group's vision: to be the leading provider of high-quality 
sugar-reduced and confectionary snacks.  
 
SEGMENT UPDATE 
The most significant events and initiatives for the segment during 
the quarter comprise, among others:  
 The sales trajectory for confectionery and snacks 
remains robust with a positive momentum. Notably, 
Pändy has secured further new listings in existing, and 
new, markets.  
 True Gum continues to expand and has secured new 
listings. Despite this growth, the company encountered 
challenging comparable figures due to isolated 
extraordinary effects in Q1 2023 of -18 MSEK, which had 
a significant effect on the segment growth. 
 The Tweek production move to Grahns Konfektyr, 
arising from the divestment of Bayn Production, has 
faced certain challenges and caused delays.  
 The integration of MCN and Tweek into FCB has 
progressed effectively. 
 Continued capacity restraints in Arena Confectionary. 
Results from initiatives is expected to take effect in Q2-
Q3 2024. We continue to see further potential in 
utilizing coordination of capabilities and resource 
planning for maximised output.  
 Soya received B-Corp certification.  
 
SALES AND PROFITABILITY 
Net sales decreased with 0% and amounted to MSEK 237 (238) 
during the quarter. Adjusted for True Gum and divestment of 
Bayn Production, the total growth was 11%. Adjusted EBITDA for 
the quarter amounted to MSEK 29 (26), with an Adjusted EBITDA 
margin of 12% (11). For further financial information of the Group, 
please 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 9 Business combination 
in this interim report.
FUTURE SNACKING
Amount in MSEK 2024 2023
Net sales 237 238
Raw material and consumables - 13 2 - 13 6
Gross profit 10 4 10 2
Gross margin 44% 43%
EBITDA 43 23
Items affecting comparability - 14 4
Adjusted EBITDA 29 26
Adjusted EBITDA in relation to net sales 12 % 11%
EBITA 35 13
Adjusted EBITA 21 17
Adjusted EBITA in relation to net sales 9% 7%
EBIT 25 6
Adjusted EBIT 11 10
Adjusted EBIT in relation to net sales 5% 4%
First quarter

===== SIDA 7 =====

| SEGMENT INFORMATION 
 
Humble Group AB Interim Report January - March 2024  6 
 
SEGMENT REPORT - SUSTAINABLE CARE 
SEGMENT OVERVIEW 
Sustainable Care encompasses a wide range of brands, 
distributors, and manufacturers that cover multiple categories 
across organic household, personal care, beauty, and oral hygiene 
products. These entities unite to address the increasing demand 
for eco-friendly and sustainable products that promote a healthier 
planet and align with consumer preferences for environmentally 
conscious choices. 
 
The companies within the segment share a common goal of 
meeting the increasing demand for sustainable and eco-friendly 
products. By prioritizing sustainability, they actively contribute to 
creating a healthier and environmentally conscious planet. Their 
commitment to offering sustainable options aligns with the 
growing consumer preference for environmentally friendly 
choices. Through their collective efforts, the Sustainable Care 
segment is dedicated to make a positive impact on both personal 
well-being and the planet as a whole.  
 
Humble Group's vision: a modern personal- and home care retail 
partner. 
 
SEGMENT UPDATE 
The most significant events and initiatives for the segment during 
the quarter comprise, among others: 
 
 
 Solent, the largest entity in the segment, delivered two-
digit topline growth with an improved profitability 
margin. Solent continues to showcase its role as a 
dynamic retail partner for the Group’s brands.  
 The Humble Co. US continued to perform well with top-
line growth and an improved gross margin. This 
combined with a leaner operations team, the entity has 
recovered to a sound profitability level for the quarter. 
 The reorganization in Naty, alongside the implemented 
cost-efficiency programme, has started to show result 
and Naty has now recovered to a sound profitability 
level.  
 The operational strategic development initiative in 
Fancystage is progressing as planned.  
 
SALES AND PROFITABILITY 
Net sales increased with 8% and amounted to MSEK 522 (484) 
during the quarter. Adjusted EBITDA for the quarter amounted to 
MSEK 62 (52), with an Adjusted EBITDA margin of 12% (11). For 
further financial information of the Group, please 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 9 Business combination in this interim 
report. 
 
 
 
SUSTAINABLE CARE
Amount in MSEK 2024 2023
Net sales 522 484
Raw material and consumables -336 - 3 17
Gross profit 18 6 16 7
Gross margin 36% 34%
EBITDA 66 65
Items affecting comparability -3 - 13
Adjusted EBITDA 62 52
Adjusted EBITDA in relation to net sales 12 % 11%
EBITA 61 58
Adjusted EBITA 57 45
Adjusted EBITA in relation to net sales 11% 9%
EBIT 36 33
Adjusted EBIT 32 20
Adjusted EBIT in relation to net sales 6% 4%
First quarter

===== SIDA 8 =====

| SEGMENT INFORMATION 
 
Humble Group AB Interim Report January - March 2024  7 
 
SEGMENT REPORT - QUALITY NUTRITION 
SEGMENT OVERVIEW 
Quality Nutrition is dedicated to delivering premium nutritional 
products and supplements for athletes and the everyday 
consumer, focusing on enhancing well-being, performance, and 
health. With several highly recognized brands in innovative 
spaces, the segment set industry standards and holds a unique 
market positioning in the nutrition category. 
 
Our full-service offering across product categories and scalable 
production ensure adaptability, while serving as a flexible, 
solutions-oriented contract manufacturer for European market 
players. Through Arena Nutrition, we provide Nordic market 
players with a local sourcing alternative for a comprehensive 
range of nutritional ingredients, further enhancing our 
commitment to sustainability and quality.  
 
Humble Group's vision Nordics: Leading Business to Business 
supplier of sport nutrition products.  
Humble Group's vision Australia: A sports nutrition powerhouse.  
 
SEGMENT UPDATE 
The most significant events and initiatives for the segment during 
the quarter comprise, among others: 
 Body Science received an award for “Best New Protein 
Bar for 2024” relating to its newly launched soft bar. The 
product launch is a result of a close  
 
 
 
collaboration between Bars Production in Gråbo, Bars 
Production Australia and Body Science. This signifies our 
ability to utilize cross-subsidiary competences and 
resources to develop, manufacture and distribute 
competitive products in a fast-paced manner.  
 Continued progress in the implementation of drink 
production line at Habo, Sweden site. First trials are still 
expected by end of H1 2024.  
 Manufacturing units under Arena Nutrition are 
experiencing high demand. Increased shifts and 
streamlining measures have been, and are currently 
being, implemented to solve short-term capacity 
restraints. Additional production lines and further 
strategic initiatives are underway to ensure we can meet 
long-term demand and growth.   
 Several new product innovations with cross-subsidiary 
collaborations are progressing well.   
 
SALES AND PROFITABILITY 
Net sales increased with 13% and amounted to MSEK 389 (345) 
during the quarter. Adjusted EBITDA for the quarter amounted to 
MSEK 39 (33), with an Adjusted EBITDA margin of 10% (10). For 
further financial information of the Group, please 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 9 Business combination in this interim 
report. 
 
 
QUALITY NUTRITION
Amount in MSEK 2024 2023
Net sales 389 345
Raw material and consumables -267 -253
Gross profit 12 2 91
Gross margin 3 1% 26%
EBITDA 34 55
Items affecting comparability 5 -22
Adjusted EBITDA 39 33
Adjusted EBITDA in relation to net sales 10 % 10 %
EBITA 28 50
Adjusted EBITA 33 28
Adjusted EBITA in relation to net sales 8% 8%
EBIT 21 42
Adjusted EBIT 26 20
Adjusted EBIT in relation to net sales 7% 6%
First quarter

===== SIDA 9 =====

| SEGMENT INFORMATION 
 
Humble Group AB Interim Report January - March 2024  8 
 
SEGMENT REPORT - NORDIC DISTRIBUTION 
SEGMENT OVERVIEW 
Ever since its inception, Humble Group has pursued a 
comprehensive strategy that encompasses the entire value chain, 
including distribution. Within the Nordic Distribution segment, a 
network of wholesalers and distributors operates across the 
Nordic region. These companies possess extensive knowledge of 
local markets and consumer preferences.  
 
Leveraging the expertise of our Nordic Distribution subsidiaries, 
Humble are poised to deliver an extensive range of FMCG 
products that are tailored to the diverse tastes and preferences 
prevalent in the region. This collaborative strategy underscores 
our commitment to effectively addressing the unique demands of 
the local market and ensuring a comprehensive product portfolio 
that resonates with our valued customers.  
 
Humble Group's vision:
 Number 1 distribution partner for healthy 
and sustainable brands.  
 
SEGMENT UPDATE 
The most significant events and initiatives for the segment during 
the quarter comprise, among others: 
 Slightly weaker margin levels across the segment, mainly 
due to prices increases from suppliers. As a result of the 
development in prices, several subsidiaries have made 
larger purchases to hedge against further negative 
spikes. 
 Focus remains on improving the gross margin, which in 
our view is the most essential factor to increase 
 
 
bottom-line results in a highly margin sensitive industry.   
 Freight and logistics centralisation project is progressing 
and is expected to contribute to an improved gross 
margin further down the line once we can fully capitalize 
on the benefits.   
 Implementation of new IT infrastructure across several 
subsidiaries are well underway, although integration 
projects of this magnitude take time.  
 A private label offering project has been initiated where 
we aim to coordinate our distribution access points and 
split up customers to ensure that we can offer 
competitive pricing and optimized logistic solutions to 
our Nordic customers.  
 
SALES AND PROFITABILITY 
Net sales increased with 31% and amounted to MSEK 691 (526) 
during the quarter. Adjusted EBITDA for the quarter amounted to 
MSEK 34 (25), with an Adjusted EBITDA margin of 5% (5). For 
further financial information of the Group, please 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 9 Business combination in this interim 
report. 
 
 
 
 
 
NORDIC DISTRIBUTION
Amount in MSEK 2024 2023
Net sales 691 526
Raw material and consumables -536 -402
Gross profit 15 4 12 4
Gross margin 22% 24%
EBITDA 31 22
Items affecting comparability 3 3
Adjusted EBITDA 34 25
Adjusted EBITDA in relation to net sales 5% 5%
EBITA 24 19
Adjusted EBITA 27 21
Adjusted EBITA in relation to net sales 4% 4%
EBIT 18 14
Adjusted EBIT 22 17
Adjusted EBIT in relation to net sales 3% 3%
First quarter

===== SIDA 10 =====

| OTHER INFORMATION 
 
Humble Group AB Interim Report January - March 2024  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 SEK 16 billion in net sales proforma and SEK 1.9 
billion in Adjusted EBITA proforma by the end of 2025. The Group 
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 
The average number of employees in the Group for the year was 
1,146 (1,067). The proportion of women in the Group for the full 
year was 45% (49).  
 
Parent company 
The average number of employees in the Parent Company during 
the year was 20 (20), with 29% (26) being women. 
 
RISKS AND UNCERTAINTIES 
Humble Group works continuously to identify, evaluate, and 
manage risks and exposures that the Group subsidiaries face. The 
Group's financial position and earnings are affected by various risk 
factors that must be considered when assessing the Group and its 
future earnings. A description of significant risks and uncertainties 
can be found in the Annual Report for 2023.  
 
At the time of this interim report being published the war 
between Russia and Ukraine, as well as the renewed flare-up of 
the long-standing war in Israel and Gaza is still ongoing. Humble 
Group does not have any exposures towards these countries, and 
as such do not note any direct effects from the ongoing wars. 
Even though it is difficult to quantify the exact effects, the Group 
notices the indirect effects from the wars driven by increased 
inflation and rising interest rates with a following change in 
consumer consumption patterns. The Group monitors the market 
development closely to ensure that Humble positions its product 
mix in best possible way to meet any potential changes in market 
or consumer behaviour. Furthermore, the increased market price 
volatility regarding raw material prices as well as development of 
the freight crisis is monitored closely to enable transition of price 
increases to customers in all material aspects and to a protect 
stable operating margins. 
 
PARENT COMPANY 
Humble Group AB divest all shares in Bayn Production AB for a 
total purchase price of MSEK 7.7.  
 
No other significant events occurred in Humble Group AB during 
the first quarter. 
 
RELATED PARTY TRANSACTION 
No transactions with related parties have occurred during 2024 
that had a significant impact. The minor transactions that have 
occurred relate to lease agreements regarding previous owners’ 
properties. Lease agreements between the parties are based on 
an arms length’s perspective and on market terms and conditions. 
 
PROPOSED APPROPRIATION OF PROFITS 
The Board of Directors proposes that no dividend will be paid for 
the financial year 2023. 
 
FINANCIAL CALENDAR 
The interim report for the period April-June 2024 will be published 
on July 24, 2024.  
 
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 
Auditor in Charge: Carl-Johan Kjellman,  
Authorised Public Accountant  
Email: carl-johan.kjellman@bdo.se

===== SIDA 11 =====

| THE SHARE 
 
Humble Group AB Interim Report January - March 2024  10 
THE SHARE  
 
THE SHARE 
The Group’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 
443,544,543 (306,550,555), which entitles to one vote each. All 
shares are of the same share class. The number of outstanding 
warrants amounted to 7,420,000 (3,320,000). For the period 
January - March 2024, the average number of shares before 
dilution and average number of shares after dilution amounted to 
443,544,543 and 450,964,543 respectively. 
 
TRADE IN THE SHARE  
First quarter 
The total liquidity in the share during the quarter amounted to 
MSEK 394 (569). The number of transactions for the same period 
amounted to 41,044 (60,113). The average volume per transaction 
amounted to SEK 9,499 (9,457). The average volume per trading 
day amounted to MSEK 6 (9).  
 
LARGEST SHAREHOLDERS 
The ten largest shareholders per March 31, 2024, are listed below:  
 
DATA PER SHARE 
An overview of share development, turnover and result per share is presented below.  
 
Owner Shares Votes
Neudi & C:o AB 46 435 778 1 0,47%
Håkan Roos (RoosGruppen AB) 46 029 975 1 0,38%
Capital Group 28 000 000 6,31 %
Noel Abdayem (NCPA Capital AB) 27 927 095 6,30%
Alta Fox Capital 26 021  235 5,87%
Creades AB 1 8 1 36 470 4,09%
Nordnet Pensionsförsäkring 1 5 049 770 3,39%
DNB Asset Management AS 1 3 1 39 502 2,96%
Thomas Petrén (Seved Invest AB) 1 2 570 000 2,83%
DNB Asset Management SA 1 0 672 661 2,41 %
Total top 10 243 982 486 55,01 %
Other shareholders 1 99 562 057 44,99%
Total number of shares 443 544 543 1 00%
Full year
2024 2023 2023
Low price (SEK) 9.02 6 .11 5.94
High price (SEK) 12 .17 11.4 5 11.6 9
Closing price previous period (SEK) 11.3 8 9.77 9.77
Closing price current period (SEK) 9.45 6.71 11.3 8
Share price development during period (%) - 17% - 3 1% - 67%
Trading volume in the share (MSEK) 394 569 1,74 8
Number of transactions in the share 41 ,044 6 0 ,113 1 81 ,662
Average volume per trading day (MSEK) 6 9 7.0
Average volume per transaction (SEK) 9,599 9,457 9,621
Number of shareholders* 1 9,397 23,743 20,670
Number of shares outstanding* 443,544,543 306,550,555 443,544,543
Average number of shares before dilution 443,544,543 302,21 2,531 377,360,692
Average number of shares after dilution 450,964,543 305,532,531 383,21 9,322
Net sales per share (SEK)** 4 .14 5.27 1 8.68
Adjusted EBITDA per share (SEK)** 0.34 0.42 1.75
Adjusted EBITA per share (SEK)** 0.29 0.34 1.5 5
Adjusted EBIT per share (SEK)** 0 .18 0 .19 0.94
EBIT per share (SEK)** 0 .19 0.28 0.00
Earnings per share (SEK) 0.05 -0.01 -0.22
See page 24 for definition and calculation of key ratios.
* End of period, **Before dilution
First quarter

===== SIDA 12 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  11 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 
 
Last Twelve 
M onths Full year
Amount in MSEK Note 2024 2023 Apr 2023 - 
Mar 2024 2023
Net sales 4 1 ,838 1 ,592 7,295 7,050
Capitalized work on own account 1 20 64 83
Other operating income 45 81 226 262
Raw materials and consumables - 1,2 72 - 1,10 8 -5,085 -4,921
Other external expenses -242 -208 -885 -851
Personnel expenses - 19 8 - 18 3 -805 - 790
Other operating expenses - 15 -39 - 15 1 - 174
EBITDA 7 15 7 15 6 660 659
Depreciation of tangible fixed assets -7 - 12 -42 -47
Depreciation of right-of-use assets - 17 - 14 -68 -64
EBITA 7 13 3 13 0 550 547
Amortization of intangible fixed assets - 11 -9 -85 -83
Amortization of assets related to acquisitions -36 -36 - 14 7 - 14 6
EBIT 7 86 85 3 18 3 18
Profit from shares in associated companies and joint ventures -1 0 1 1
Financial income 9 2 20 13
Financial expenses 5 -63 -84 - 372 -393
PROFIT AND LOSS AFTER FINANCIAL ITEM S 31 3 -33 -61
Income tax -8 -6 -47 -45
PROFIT AND LOSS AFTER TAX* 23 -3 - 79 - 10 6
Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange differences in translation of foreign operations 15 3 35 12 4 6
COMPREHENSIVE INCOME FOR PERIOD* 176 31 45 - 10 0
Earnings per share before dilution 0.05 -0.01 -0.22 -0.28
Earnings per share after dilution 0.05 -0.01 -0.22 -0.28
*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

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  12 
GROUP BALANCE SHEET - IN SUMMARY 
 
December, 31
Amount in MSEK Note 2024 2023 2023
ASSETS
Non-currenct assets
Intangible assets 6 098 6 093 6 01 3
Tangible fixed assets 19 0 406 19 1
Financial assets 10 1 71 99
Right-of-use assets 295 14 0 299
Deferred tax assets 29 27 29
Total non-current assets 6  713 6 737 6 631
Current assets
Inventory 1  068 1  031 983
Accounts receivables 550 644 561
Other short-term receivables 230 239 2 11
Cash and cash equivalents * 356 355 401
2 204 2 269 2 1 57
Assets classified as held for sale 6 12 5 0 12 9
Total current assets 2 329 2 269 2 287
TOTAL ASSETS 9 043 9 006 8 91 8
EQUITY AND LIABILITIES
Equity
Share capital 98 67 98
Other equity contributed 5 028 4 1 69 5 028
Retained earnings -80 - 12 9 -256
Equity attributable to Parent Company's shareholder 5 045 4 1 07 4 869
Long-term liabilities
Interest-bearing liabilities 8 1 2 10 1 9 16 1 19 7
Contingent considerations 10 15 5 407 16 5
Long-term lease liabilities 256 97 258
Deferred tax liabilities 477 5 10 474
Provisions 16 28 17
Other long-term liabilities 15 89 18
Total long-term liabilities 2 1 30 3 047 2 1 29
Short-term liabilities
Interest-bearing liabilities * 8 202 593 253
Contingent considerations 10 338 384 336
Current lease liabilities 67 47 67
Accounts payable 653 607 652
Other short-term liabilities 574 221 568
1  834 1  852 1 8 76
Liabilities directly associated with assets classified as held for sale 6 34 0 43
Total short-term liabilities 1  868 1  852 1 9 19
TOTAL EQUITY AND LIABILITIES 9 043 9 006 8 91 8
March, 31
*In connection with the refinancing of group capital structure during the third quarter 2023, the presentation of the Group Cash pool account changed which resulted in the 
cash and cash equivalents as well as short term interest liabilities have been restated for 2303. The change amount to -85 MSEK in for first quarter in 2023.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Year-end Report January - December 2023  13 
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY  
 
 
Amount in MSEK
Share 
capital
Other equity 
contributed
Translation 
reserve
Retained 
earnings
Total 
shareholders 
equity
Opening balance J anuary 1 , 2023 66 4,1 31 177 -338 4,036
Net income for period -3 -3
Other comprehensive income 35 35
Total comprehensive income 35 -3 31
Transaction with owners in their capacity as owners:
Share issue 1 36 37
Transaction costs 3 3
Warrants program -1 -1
Total transaction with owners in their capacity as owners 1 38 39
Ending balance March 31 , 2023 67 4,1 69 2 12 -341 4,1 07
Opening balance J anuary 1 , 2024 98 5,028 18 3 -439 4,869
Net income for period 23 23
Other comprehensive income 15 3 15 3
Total comprehensive income 15 3 23 176
Transaction with owners in their capacity as owners:
Warrants program 0 0
Total transaction with owners in their capacity as owners 0 0 0 0 0
Ending balance March 31 , 2024 98 5,028 335 - 4 16 5,045
Equity attributable to Parent Company's shareholder

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  14 
GROUP CASH-FLOW STATEMENT 
 
The Group received deferred tax support during the second quarter of 2023 recognized as short-term liabilities. This had a positive one-time effect on the cash 
flow from operating activities of MSEK 260.
Last Twelve 
M onths Full year
Amount in MSEK
2024 2023 Apr 2023 - 
Mar 2024 2023
OPERATING ACTIVITIES
Profit and loss after financial items 31 3 -33 -61
Adjustment for non-cash items
 Depreciation and Amortization 71 71 341 341
Other items 42 34 3 12 304
Paid tax - 18 -7 -65 -54
Cash flow from operating activities before 
change in net working capital
12 7 10 1 556 529
CHANGE IN WORKING CAPITAL
Change in inventories (increase - /  decrease +  ) - 70 - 11 -32 27
Change in short term receivables (increase - /  decrease +  ) 10 80 12 1 19 0
Change in short term liabilities (increase - /  decrease +  ) -7 14 320 341
Sum of change in working capital -67 82 409 558
Cash flow from operating activities 60 18 3 965 1  088
INVESTING ACTIVITIES
Acquisition of intangible assets -6 -20 -97 - 112
Acquisition of tangible assets - 13 - 13 -49 -49
Acquisition of financial assets 1 0 1 0
Disposal of subsidaries 6 0 113 10 7
Acquisition of subsidiaries, acquired business +  paid earn-outs 0 -63 -306 -369
Cash flow from investing activities - 12 -96 -338 -423
FINANCING ACTIVITIES
Share issue funds 0 0 875 875
Costs related to share and bond issues -2 0 - 113 - 111
Bond financing 0 0 -1  800 -1  800
Paid interest due to financing activities -31 -58 - 18 8 - 2 16
New loans 5 4 1  547 1  546
Repayment of loans -51 -4 - 871 -823
Amortization of lease liability -20 - 14 - 78 - 72
Cash flow from financing activities -99 - 72 -627 -601
Decrease/ Increase in cash and cash equivalents -50 14 -1 64
Cash and cash equivalents at beginning of period 401 338 355 338
Exchange rate differences 5 3 1 -1
Cash and cash equivalents at end of period 356 355 356 401
Deployable cashflow* -2 78 406 486
*See page 24 for definition and calculation
First quarter

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  15 
INCOME STATEMENT - PARENT COMPANY 
 
Last Twelve 
M onths Full year
Amount in MSEK
2024 2023 Apr 2023 - 
Mar 2024 2023
Net sales 0 1 44 44
Other operating income 0 3 -1 1
Total revenue 0 4 42 46
Capitalized work on own account 0 0 0 0
Other external expenses -8 -3 -34 -29
Personnel expenses -9 - 10 -42 -43
Other operating expenses 0 0 -1 -1
Depreciation and amortization of fixed tangible and intangible assets 0 0 0 0
OPERATING PROFIT (EBIT) - 17 - 14 - 77 - 74
Profit from shares in Group companies 0 0 10 6 10 6
Interest income 16 1 49 34
Interest expenses -52 - 75 -332 -355
PROFIT AND LOSS AFTER FINANCIAL ITEM S -53 -88 -254 -289
Year-end appropriations 0 0 96 96
PROFIT AND LOSS BEFORE TAX -53 -88 - 15 8 - 19 3
Current taxes 0 0 -5 -5
PROFIT AND LOSS AFTER TAX -53 -88 - 16 3 - 19 8
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 17 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  16 
PARENT COMPANY BALANCE SHEET – IN SUMMARY 
 
December, 31
Amount in MSEK Note 2024 2023 2023
ASSETS
Non-current assets
Intangible fixed assets 2 1 2
Tangible fixed assets 3 1 3
Financial fixed assets 6,948 6,967 6,967
Total non-current assets 6,953 6,969 6,972
Current assets
Accounts receivables 17 0 2
Receivables with group companies 14 4 240 269
Other short-term receivables 35 11 24
Cash and cash equivalents 1 10 4
Total current assets 19 7 261 298
TOTAL ASSETS 7,15 0 7,230 7,269
EQUITY AND LIABILITIES
Equity
Restricted equity 98 67 98
Unrestricted equity 4,584 3,839 4,637
Total shareholders equity 4,682 3,907 4,735
Provisions 500 791 507
Long term liabilities
Interest-bearing liabilities 1,19 1 1 ,823 1,18 9
Liabilities to group companies 9 0 15
Other long-term liabilities 12 28 11
Total long-term liabilities 1,2 12 1 ,851 1,2 15
Short-term liabilities
Interest-bearing liabilities 201 594 253
Accounts payable 7 3 12
Liabilities to group companies 5 11 54 506
Other liabilities 37 31 41
Total short-term liabilities 757 682 8 12
TOTAL EQUITY AND LIABILITIES 7,15 0 7,230 7,269
March, 31

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  17 
NOTES 
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, 2023. New or amended IFRS 
standards, effective from January 1, 2024, 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 4 in the Annual report 2023. The 
management has made assessments and estimates continuously throughout the first quarter of 2024, where the main estimates relate to 
contingent considerations. See Note 10 for more information.  
As the Group has develop from being a technology focused business to a broader FMCG group, as well as the industry transition into a faster 
product life cycle turnover, the Group have updated its assessment and judgement for the criteria regarding the application of accounting 
principles in regard to capitalized work on own account. This implies a significant change going forward of the recognised revenue from 
capitalized work on own account from Q1, 2024. To achieve a relevant comparison with previous period and to reflect the updated assessment 
of accounting principles, capitalized work on own account have been included in the adjustments for the comparative period. See Note 7 for 
more information.  
On December 1st the Group announced its intention regarding sale of real estates as a sale and leaseback transaction. The first part of the sale 
took place on December 15th, thus a right-of-use asset is measured at the proportion of the previous carrying amount of the asset that relates 
to the right of use retained by the Group. The associated assets for the second part of the sale are presented as assets held for sale in the 
financial statement. Quantitative information is presented in Note 6. 
NOTE 3 – SUBSEQUENT EVENTS 
On April 17th, Humble Group completes the second part of the sale of properties, which is structured as a sale and leaseback transaction. The 
associated assets are presented as assets held for sale and balance sheet. See Note 6 for more information. All calculated figures from the sale 
are preliminary at the time of publication of this interim report and final figures will be determined in connection with the settlement of the 
closing transaction. The right-of-use assets from the sale are estimated at SEK 75 million and the leasing debt SEK 77 million. Estimated profit 
of SEK 3 million refers to the rights transferred to the buyer.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  18 
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 adjusted earnings before 
interest, tax, depreciation, and amortization (Adjusted 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:  
 
 
 
 
 
First quarter 2024, amount in MSEK
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Net sales** 237 522 389 691 1  838
Raw material and consumables - 13 2 -336 -267 -536 - 1 2 72
Gross profit 10 4 18 6 12 2 15 4 566
Gross margin, % 44% 36% 3 1% 22% 3 1%
EBITDA 43 66 34 31 - 17 15 7
Items affecting comparability (note 5) - 14 -3 5 3 4 -5
Adjusted EBITDA*** 29 62 39 34 - 13 15 2
Adjusted EBITDA in relation to net sales 12 % 12 % 10 % 5% 8%
EBITA 35 61 28 24 - 17 13 3
Adjusted EBITA 21 57 33 27 - 13 12 8
Adjusted EBITA in relation to net sales 9% 11% 8% 4% 7%
EBIT 25 36 21 18 - 15 86
Adjusted EBIT 11 32 26 22 - 11 81
Adjusted EBIT in relation to net sales 5% 6% 7% 3% 4%
*Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers, ***See Note 5 for reconciliation to Profit before tax
First quarter 2023, amount in MSEK
Future 
Snacking
Sustainable 
Care
Quality 
Nutrition
Nordic 
Distribution Other* Total
Net sales** 238 484 345 526 1 ,592
Raw material and consumables - 13 6 - 3 17 -253 -402 0 - 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
Items affecting comparability (note 5) 4 - 13 -22 3 1 -28
Adjusted EBITDA*** 26 52 33 25 -8 12 8
Adjusted EBITDA in relation to net sales 11% 11% 10 % 5% 8%
EBITA 13 58 50 19 -9 13 0
Adjusted EBITA 17 45 28 21 -8 10 2
Adjusted EBITA in relation to net sales 7% 9% 8% 4% 6%
EBIT 6 33 42 14 - 11 85
Adjusted EBIT 10 20 20 17 -9 58
Adjusted EBIT in relation to net sales 4% 4% 6% 3% 4%
*Other refers to Parent company and minor administrative entities, **Revenue from sales to external customers, ***See Note 5 for reconciliation to Profit before tax

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  19 
 
 
 
 
NOTE 5 – FINANCIAL EXPENSES 
 
 
Net sales per country
Last Twelve 
M onths Full year
Amount in MSEK
2024 2023 Apr 2023 - 
Mar 2024 2023
Australia 118 84 457               423 
China 41 31 202 19 3
Denmark 22 20 82 80
Finland 31 26 112 10 8
Germany 65 77 260 272
Norway 78 70 272 264
Portugal 47 36 178 16 7
Sweden 923 789 3,630 3,496
United Kingdom 3 14 256 1 ,224 1,16 6
USA 27 30 12 3 12 6
Other countries* 172 173 754 755
Total net sales 1 ,838 1 ,592 7,295 7,050
*None of the other countries independently contribute more than one percent of total net sales.
First quarter
Non-current assets of the segments December, 31
Amount in MSEK 2024 2023 2023
Australia 391 338 386
Sweden 3 431 3 584 3 467
United Kingdom 1  556 1  509 1  485
Portugal 642 645 624
Other countries 561 563 541
Total countries 6 581 6 639 6 503
Fixed assets not specified by country* 13 3 98 12 8
Total fixed assets 6  713 6 737 6 631
March, 31
Last Twelve 
M onths Full year
Amount in MSEK
2024 2023 Apr 2023 - 
Mar 2024 2023
Interest expense related to financing -30 -55 - 18 8 - 2 13
Unwinding of discounting effect - 19 - 18 - 69 -69
Interest expense on lease liabilities -5 -2 - 13 - 10
Exchange rate losses and revaluation effects -3 -4 - 10 - 11
Costs related to refinancing of bond 0 0 - 78 - 78
Other interest expenses -5 -5 - 14 - 13
Financial expenses -63 - 84 - 372 -393
First quarter

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  20 
NOTE 6 – ASSETS HELD FOR SALE 
On December 1st,, 2023, the Group announced its intention 
regarding sale of real estates as a sale and leaseback transaction. 
The first part of the sale took place on December 15th. On April 
17th the second part of the sale was completed. The associated 
assets for the second part of the sale amount to MSEK 125 and are 
presented as assets held for sale in the financial statement. 
Property related loans are presented as liabilities directly 
associated with assets classified as held for sale. The assets are 
part of the segments Future Snacking and Quality Nutrition.  
 
NOTE 7 – ITEMS AFFECTING COMPARABILITY 
Humble Group recognizes 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 11 in the 
Annual report 2023. The main adjustment item during the quarter was related to revaluation of contingent considerations of MSEK 25 (31). As 
the Group has develop from being a technology focused business to a broader FMCG group, as well as the industry transition into a faster 
product life cycle turnover, the Group have updated its assessment and judgement for the criteria regarding the application of accounting 
principles in regard to capitalized work on own account. This implies a significant change going forward of the recognised revenue from 
capitalized work on own account from Q1, 2024. To achieve a relevant comparison with previous period and to reflect the updated assessment 
of accounting principles, capitalized work on own account have been included in the adjustments for the comparative period. 
 
 
March, 31
2024
Tangible fixed assets
Buildings and land 12 5
Total Assets 12 5
Interest-bearing liabilities -34
Total Liabilities -34
NET ASSETS 91
Last Twelve 
M onths Full year
Amount in MSEK
2024 2023 Apr 2023 - 
Mar 2024 2023
Adjusted EBITDA 15 2 12 8 640 6 17
Acqusition related cost and income 0 -5 -4 -8
Revaluation of contingent considerations accounting* 25 31 45 51
Lock-in penalty from acquisition SPA* -8 - 12 -41 -45
Restructuring -9 -5 -35 -32
Gain on sale of real estate 0 0 9 9
Capitalised development costs* 0 19 60 79
Other -3 0 - 15 - 12
EBITDA 15 7 15 6 660 659
Depreciation -24 -26 - 110 - 112
EBITA 13 3 13 0 550 547
Amortization -47 -45 -232 -229
EBIT 86 85 3 18 3 18
Finance net -54 -82 -351 - 379
EBT 31 3 -33 -61
*These items have no cash flow impact 
First quarter

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  21 
 
NOTE 8 – NET INTEREST-BEARING DEBT 
Humble Group's net interest-bearing debt as of March 31, 2024, is presented in table below. During 2023, Humble Group carried out a 
directed share issue and raised MSEK 849 in cash net of transactional costs, of which MSEK 450 was used to amortize its revolving credit facility 
in June 2023.  
 
Humble Group received tax deferments of MSEK 260 during the second quarter 2023. In accordance with IFRS Accounting principles, this has 
been recognized as other short-term liability. The tax deferment got extended one year from September 2023 with the possibility for 
extension for up to one additional year. 
 
Table below illustrates the leverage multiple adjusted for inclusion of earnout considerations, sale and leaseback, and tax deferral. Twelve 
month Adjusted EBITDA Proforma amounted to MSEK 652 excluding capitalized work on own account. Net Interest-bearing debt in relation to 
last twelve months Adjusted EBITDA proforma amounts to 2,1x at the end of this reporting period. 
 
Last Twelve 
M onths Full year
Amount in MSEK 2024 2023 Apr 2023 - 
Mar 2024 2023
EBITDA 15 7 15 6 660 659
Items affecting comparability -5 - 28 -20 -42
Adjusted EBITDA 15 2 12 8 640 6 17
EBITA 13 3 13 0 550 547
Items affecting comparability -5 - 28 -20 -42
Adjusted EBITA 12 8 10 2 531 505
EBIT 86 85 3 18 3 18
Items affecting comparability -5 - 28 -20 -42
Adjusted EBIT 81 58 299 276
First quarter
December, 31
Amount in MSEK 2024 2023 2023
Interest-bearing liabilities
Bond financing debt 0 1 ,823 0
Liability to credit institutions excluding liabilites related to assets held for sale (property financing) 1,4 12 771 1 ,450
Lease liabilities 323 14 4 325
Total interest-bearing liabilities 1,73 5 2, 738 1,775
Cash and cash equivalents -356 - 440 -401
Net Interest Bearing Debt (NIBD) 1,3 79 2, 298 1,3 74
March, 31
Amount in MSEK
March, 31
LTM  Adj. 
EBITDA 
proforma*
Leverage 
Multiple
Net Interest Bearing Debt (NIBD) 1 3 79 652 2 ,1x
Lease Liabilities and EBITDA impact -323 -81
Proforma properties sale and leaseback (SLB) ongoing process -99 - 11
Tax deferral 260
Financial fixed assets (Shares held for sale) -26
Net Interest Bearing Debt (NIBD-Leasing+ Tax Deferrals) 1 19 1 560 2 ,1x
Earnout present value 493
Net Interest Bearing Debt (NIBD+ EO-Leasing+ Tax Deferrals) 1  684 560 3,0x
*Application of accounting principles for Capitalised work on own account has been updated. 
Refer to note 2 Significant accounting estimates and judgements for further details.

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  22 
NOTE 9 – BUSINESS COMBINATIONS
BUSINESS COMBINATIONS 2024 
No acquisition has been made during the first quarter of 2024.  
BUSINESS COMBINATIONS 2023 
 
 
During first quarter of 2023, the Parent Company acquired 100% 
of four subsidiaries. The acquisitions are presented on an 
aggregated level, as the relative amounts of the individual 
acquisitions are not deemed to be material.  
The subsidiaries have operations within distribution and 
manufacturing. Identified excess values are linked to Goodwill 
MSEK 61, Customer relationship and listing of MSEK 11, 
Trademark and brands of MSEK 21, Buildings and lands of MSEK 9 
and Deferred tax liability of MSEK 12. 
Significant estimate: contingent consideration 
Two of the total acquisitions made during 2023 have an 
agreement of contingent considerations of total MSEK 32. These 
considerations are due to payment within 0-3 years. The potential 
undiscounted amount payable under the agreements amount to 
MSEK 39 for cumulative EBITDA. The fair value of the contingent 
consideration was MSEK 32 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 
MSEK 63 to the Group for the period from the acquisition date to 
end of March 2023. The subsidiaries also contributed with an 
EBITDA of MSEK 2 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 MSEK 62 
and EBITDA of MSEK 4. 
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 Shares and votes Segment Vertical Country
Napame Holding AB 2023-03-01 1 00%Future snacking Manufacturing 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
March, 31
Total acquisition, amount in MSEK 2024
Goodwill 61
Customer relationships and listings 11
Trademarks and brands 21
Other fixed assets 51
Total fixed assets 14 4
Inventory 39
Accounts receivable 27
Liquid funds 20
Other current receivables 8
Total current assets 93
Total asset 237
Deferred taxes 12
Other provisions 0
Total provisions 12
Total long term liabilities 19
Accounts payable 41
Other current liabilities 0
Total current liabilities 41
Total liabilities 72
Net assets 16 5
Cash 75
Share issue 40
Contingent consideration 32
Deferred payment 0
Total purchase price 14 6

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

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  23 
NOTE 10 – 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 LONG TERM LOANS 
During the third quarter of 2023, Humble Group refinanced its 
bond obligations of MSEK 1 800 in total, and replaced this with 
two Term loans of total MSEK 1 350 and one revolving credit 
facility of total MSEK 300.  
 
The new term loans are measured at amortized cost that 
corresponds in all essential to its fair value in the balance sheet.  
 
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 recognized at fair value and have been 
discounted with 9,6% 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 the first quarter, MSEK -19 (-18) in 
interest income was recognized as finance expenses regarding 
expenses related to contingent considerations.  
 
Estimated payments per year Nominal value Fair value
2024 343 338
2025 15 5 14 0
2026 17 15
Total contingent considerations 5 15 493
December, 31
Contingent consideration, amount in MSEK 2024 2023 2023
Opening balance, January 1               501  780 7 80
New acquisitions 0 32 32
P
ayments 0 -8 -320
Fair value changes that are reported through profit and loss via operating income -34 -68 - 19 9
Fair value changes that are reported through profit and loss via operating expense 9 37 14 7
Interest expenses related to unwinding of discounting effect 19 18 60
Translation differences -2 0 -2
Closing balance, December 31 493 791 501
March, 31

===== SIDA 25 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  24 
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 Group management considers to be relevant to users of the financial report as a supplement for the measures of the business's 
development. These financial measurements are not always comparable with the measures used by other companies since not all companies 
calculate such financial measures in the same way. Accordingly, these financial measures are not to be regarded as a replacement for 
measures defined according to IFRS. The calculations relate to period January-March 2024. 
Gross Profit  
Net sales less raw materials and consumables.  
Gross Profit is calculated as 1,838 –1,272 = MSEK 566. 
Gross Margin 
Gross Profit in relation to net sales.  
Gross Margin is calculated as 566 / 1,838 = 31%. 
 
EBITDA  
Earnings before interest, tax, depreciation, amortization, write-
down and depreciation and amortization on acquisition-related 
surplus values.  
Adjusted EBITDA 
Earnings before interest, tax, depreciation, amortization, write-
down, and amortization on acquisition-related surplus values, 
adjusted for items affecting comparability. Adjusted EBITDA 
margin is Adjusted EBITDA in relation to net sales. Adjusted 
EBITDA per share is Adjusted EBITDA divided by average number 
of shares before dilution. 
Adjusted EBITDA is calculated as 157 - 5 = MSEK 152.  
Adjusted EBITDA margin is calculated as 152 / 1,838 = 8%. 
Adjusted EBITDA per share is calculated as MSEK 152 / 
443,544,543 = SEK 0.34. 
EBITA 
Earnings before interest, tax, amortization, write-down, and 
amortization on acquisition-related surplus values. EBITA-margin 
is EBITA in relation to net sales. 
Adjusted EBITA 
Earnings before interest, tax, amortization, write-down, and 
amortization on acquisition-related surplus values, adjusted for 
items affecting comparability. Adjusted EBITA margin is Adjusted 
EBITA in relation to net sales. Adjusted EBITA per share is Adjusted 
EBITA divided by average number of shares before dilution. 
Adjusted EBITA is calculated as 133 - 5 = MSEK 128. 
Adjusted EBITA margin is calculated as 128 / 1,838 = 7% 
Adjusted EBITA per share is calculated as MSEK 128 / 
443,544,543= 0.29 SEK. 
Adjusted EBIT 
Earnings before interest and tax, adjusted for items affecting 
comparability. Adjusted EBIT margin is Adjusted EBIT in relation to 
net sales. Adjusted EBIT per share is Adjusted EBIT divided by 
average number of shares before dilution. 
Adjusted EBIT is calculated as 86 - 5 = MSEK 81. 
Adjusted EBIT margin is calculated as 81 / 1,838 = 4% 
Adjusted EBIT per share is calculated as MSEK 81 / 443,544,543 
=SEK 0.18. 
Net interest-bearing debt 
Total interest-bearing liabilities and lease liabilities, less cash and 
cash equivalents.  
Net interest-bearing debt is calculated as  
1,412 + 323- 356 = MSEK 1,379. 
Organic growth in net sales 
Change in net sales adjusted for exchange rate effect and net sales 
from acquired and divested subsidiaries during the period.  
Organic growth in net sales is calculated as (241 – 58 – 8) / 1,592 = 
11%. 
Deployable cash flow 
The amount of cash remaining from operating activities after 
deduction of cash flow from investing activities, plus acquisition of 
subsidiaries (net cash effect), less paid interest, less amortization 
of lease liability, less tax deferrals. 
Deployable cash flow is calculated as 60 – 12 + 0 - 31 - 20 = MSEK -
2. 
 
Last twelve months Adjusted EBITDA proforma 
Adjusted EBITDA proforma present the accumulated EBITDA 
before intra group eliminations in all entities in the group where 
an agreement of acquisition or divestment have been entered at 
the date of this report, adjusted for items affecting comparability.

===== SIDA 26 =====

| FINANCIAL INFORMATION 
 
Humble Group AB Interim Report January - March 2024  25 
GLOSSARY 
FMCG 
FMCG is an industry term and is short for Fast Moving Consumer 
Good. 
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. 
 
LTM 
Short for Last twelve months. 
Proforma 
Present the income statement before intra group eliminations in 
all entities in the group where an agreement of acquisition or 
divestment have been entered. The purpose is to visualise how 
the Group's financial position and results would have looked like 
at the date of this report if the companies acquired during the 
year, or where acquisition agreements have been communicated 
had been consolidated with the existing part of the Group for 
twelve months. 
 
 
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 2, 2024 
 
 
  Dajana Mirborn    Ola Cronholm  
  Chairman of the Board 
 
 
 
  Henrik Patek   Pål Bruu 
 
 
 
 
  Sara Berger    
 
 
 
  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 2, 2024, at the time specified by Humble Group's news distributor Cision at the time of 
publication of this press release.

===== SIDA 27 =====

| CONTACT US  
 
Humble Group AB Interim Report January -March 2024 
Company Registration Number 556794-4797 
Headquarters 
Ingmar Bergmans gata 2 
114 34 Stockholm 
info@humblegroup.se 
www.humblegroup.se 
+468 613 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  
Chief Operating Officer 
marcus.stenkil@humblegroup.se 
 
Kristoffer Zinn 
Chief Analytics Officer 
kristoffer.zinn@humblegroup.se