FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2026
===== SIDA 1 =====
Interim
Report
Q
1
202
6
1
→
Overview
Comments from
t
he CEO
Financial Development
Segment
I
nformation
Financial
I
nformation
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim Report
January
–
March 2026
===== SIDA 2 =====
Interim
Report
Q
1
202
6
2
→
Overview
Comments from
t
he CEO
Financial Development
Segment
I
nformation
Financial
I
nformation
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
→
INTERIM REPORT JAN
UARY
-
MAR
CH
202
6
“
After another quarter as Acting CEO, our increased
operational focus is having an effect. The quarter shows
clear improvements, and I am proud of the work our
employees are doing in the development we are now driving
forward.
Yesterday we also communicated an in
-
depth
collaboration with our two main banks SEB & Nordea, which
reduces the complexity of our everyday life and at the same
time strengthens the prospects for Humble's financial
position. In parallel, we are working to
establish strong
production ag
reements ahead of the opening of our new
confectionery factory in Skövde during the second half of
the year, where we are also in dialogue with major customers
and brands. Our production capacity, in many cases based
on unique know
-
how and IP, is creating
clear interest in the
market.
"
Noel Abdayem
Acting CEO
Stockholm,
April
2
3
, 202
6
8
%
Organic growth
1,994
Net Sales
-
0.
1
x
Change in
L
everage to NIBD
114
MSEK
Cash flow from operations
1
16
MSEK
EBITA
630
MSEK
Gross profit
MSEK
===== SIDA 3 =====
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Overview
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the CEO
Financial Development
Segment Information
Financial Information
Notes
Alternative
Performance Measures
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Other Information
Interim
Report
Q
1
202
6
3
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STRONG CASH FLOW AND UNDERLYING PROFITABILITY DEVELOPMENT
FINANCIAL INFORMATION
F
IRST
QUARTER
•
Net sales
grew
by
5
% and amounted to
MSEK
1
,
994
(
1,904
).
The change is attributable to organic growth of
8%, acquisitions and divestments of 0% and currency
impact of
-
3%.
•
EBITA amounted to MSEK
116
(
1
15
)
. Currency impact
was MSEK
-
6 and result from divestment of operations
was MSEK
-
6 (0).
•
EBIT amounted to MSEK
70
(
70
).
Currency impact was
MSEK
-
4 and result from divestment of operations was
MSEK
-
6 (0).
•
Cash flow from operating activities amounted to MSEK
114 (70). Cash flow from operating activities includes
repayment of tax deferrals of MSEK
-
44 (
-
45).
•
Profit and loss after tax amounted to MSEK 28 (12).
•
Earnings per share before and after dilution amounted
to SEK 0.06 (0.03).
SIGNIFICANT EVENTS
DURING THE QUARTER
•
On March
12
,
Humble announced that
the Board of
Directors
has
decided to appoint
Anders Fredriksson
as
new CEO
of
Humble Group
.
He will assume his
position no later th
a
n September 14, 2026
.
•
Humble
summons
the Annual General Meeting to be
held on May
6
, 2026.
•
On April 15, Humble announced completed strategic
acquisition of
M. Willumsen AS in Norway
and
divestment of all shares in subsidiaries within LEV
Group that drive physical stores.
Willumsen will be
consolidated from March 1
, 2026
.
AFTER THE QUARTER
•
On
April
15
, Humble a
lso a
nnounced
the
completed
strategic acquisitions of JXPO Limited in UK and
divestments of Performance
.R.u
s AB
,
Limitless Brands
AB
.
These divestment form part of
the strategic review
communicated in September 2025.
•
On April 22, Humble entered into new credit facility
agreement
.
The new facilities consist of a term loan of
MSEK 1,300 and a revolving credit facility of MSEK 700
.
FINANCIAL OVERVIEW
MSEK
Ja n- Ma r
2026
Ja n- Ma r
2025
Apr 2 0 2 5 -
Ma r 2 0 2 6
Ja n- De c
2025
Net sales 1 ,994 1 ,904 5% 8,1 87 8,097
Gross profit 630 61 5 2% 2,560 2,545
Gross margin, % 31 .6% 32.3% - 0.7pp 31 .3% 31 .4%
EBITA 116 115 1% 437 435
EBITA margin, % 5.8% 6.0% - 0.2pp 5.3% 5.4%
EBIT 70 70 1% 250 249
EBIT margin, % 3.5% 3.7% - 0.1 pp 3.1 % 3.1 %
Leverage to NIBD incl contingent consideration 2.5x 2.8x - 0.3x 2.5x 2.6x
Cash flow from operating activities* 114 70 63% 559 51 5
Earnings per share before and after dilution, SEK 0.06 0.03 1 39% 0.07 0.04
See section at the end of the report for definitions and reconciliations of alternative performance measures.
*Includes repayment of tax deferrals of MSEK - 44 (- 45).
===== SIDA 4 =====
Year
-
end Report
Q4 2025
4
Overview
→
Comments from
the CEO
Financial Development
Segment Information
Financial Information
Notes
Alternative
Performance Measures
Glossary and
Other Information
Interim
Report
Q
1
202
6
4
→
COMMENTS FROM THE CEO
Humble Group begins the first quarter of the year with
continued strong growth and an organic sales increase of
8 percent. In an environment characterized by continued
uncertainty and volatility, we see stable demand for our
products, which demonstrates th
e strength of our
portfolio and our ability to consistently meet consumer
needs over time.
The past quarter shows that the shift we previously
initiated is starting to have an effect. We are improving
our results compared to the previous year, delivering
strong cash flow and seeing debt continue to decline. This
is a direct result of the work we
have carried out with
clearer priorities, increased operational discipline and a
focus on capital allocation. We stand firm on the direction
we have chosen and look with confidence to the path
ahead. We expect a gradual improvement during the year,
with c
ontinued development of profitability, cash flow and
a reduction of net debt and leverage.
FINANCIAL PERFORMANCE
Net sales
increased during the quarter to MSEK 1,994,
corresponding to organic growth of 8 percent excluding
currency effects, mainly driven by continued strong
development in the Future Snacking and Quality Nutrition
segments, which are again the strongest performi
ng
segments.
Gross profit
amounted to MSEK 630 (615) with a gross
margin of 31.6 percent (32.3). Currency effects affect gross
profit by MSEK
-
25 and gross margin by
-
0.2 percentage
points during the quarter.
EBITA
amounted to MSEK 116 (115). Our implemented cost
savings
continue according to plan
and are strengthening
the underlying profitability. At the same time, the result is
negatively affected by currency effects and a changed
product mix, which we manage on an ongoing basis, albeit
with a certain lag effect. The reported EBITA figure includes
a capital
loss
of MSEK
-
6 (0) attributable to the divestment
of the store operations within LEV Group and currency
effects of MSEK
-
6, driven by a continued strong Swedish
krona.
Cash flow after change in net working capital
amounted to
MSEK 114 (70), an increase of 63% mainly driven by
disciplined work with the net working capital.
Our net debt
leverage continued to develop positively, and we are now in
line with our financial targets of 2.5x. This means that we are
now gradually shifting our focus from a defensive to a more
focused capital allocation where we can use organically
gen
erated cash flows to drive Humble towards creating
increased shareholder value. That said, we will c
ontinue to
strive to promote debt in balance with our financial targets.
DEVELOPMENT OF OUR FOUR SEGMENTS
Future Snacking
shows continued good demand and
increased sales organically by 1
1
percent. Our confectionery
production shows continued good delivery. The work to
complete the factory construction in Skövde is taking place
in parallel with filling up the order book for the new
production facility.
Sustainable Care
increased sales organically by 2 percent.
Profitability in the segment remains challenging, primarily
explained by Solent continuing to recover from a challenging
market where the effects of a lost customer contract have
not yet been fully mitigated. Afte
r the end of the reporting
period, we have completed a bolt
-
on acquisition of Solent's
existing platform, Jutexpo, which we believe will contribute
to recovery and accelerate growth for the business going
forward.
Quality Nutrition
delivered organic growth of 19 percent
during the quarter. The segment has continued to show
evidence of a fine recovery, with increased volatility in
market prices for whey protein challenging profitability in the
segment in the coming months.
Nordic Distribution
grew 6 percent organically during the
quarter. Easter was early this year, which explains some of
the growth, but the growth is primarily driven by our strong
offering through a well
-
developed store network and a
broad Nordic market presence.
OUTLOOK
AND FOCUS AHEAD
After another quarter as Acting CEO, our increased
operational focus is having an effect. The quarter shows
clear improvements, and I am proud of the work our
employees are doing in the development we are now driving
forward.
Yesterday we also communicated an in
-
depth
collaboration with our two main banks SEB & Nordea, which
reduces the complexity of our everyday life and at the same
time strengthens the prospects for Humble's financial
position. In parallel, we are working to
establish strong
production ag
reements ahead of the opening of our new
confectionery factory in Skövde during the second half of
the year, where we are also in dialogue with major customers
and brands. Our production capacity, in many cases based
on unique know
-
how and IP, is creating
clear interest in the
market.
After the quarter, we have also announced a first part of the
strategic review. We have acquired Willumsen and, after the
end of the quarter, also Jutexpo. Two additional acquisitions
with clear strategic logic and fit to existing platforms. At the
same ti
me, we have completed divestments as part of the
review. Overall, the transactions add approximately MSEK
73 in sales and approximately MSEK 14 in EBIT on an annual
basis, excluding planned synergies, while strengthening the
focus and profitability profile
of the group.
Humble is today a large FMCG group with several
companies operating in different areas. Although we are
broad, we are focused, and we intend to further strengthen
this focus through the strategic work that is underway, with
the goal of creating a more prof
itable, forward
-
looking and
scalable group.
During the quarter, we also announced that Anders
Fredriksson will take office as new CEO by September at the
latest. Anders has a strong background in FMCG, most
recently as CEO of Löfbergs Lila, and before that from
leading roles in, among others, Norrme
jerier. I am very
positive about bringing that experience into Humble's next
phase. As I have previously communicated, I look forward to
continuing to support the company in an operational role
after taking office, as well as a long
-
term owner and, subject
to the approval of the general meeting, as a board member.
Noel Abdayem
Acting CEO
Stockholm,
April 2
3
, 2026
===== SIDA 5 =====
Overview
Comments from
the CEO
→
Financial
Development
Segment
I
nformation
Financial
I
nformation
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
5
→
FINANCIAL DEVELOPMENT
F
I
R
S
T
QUARTER
REVENUES
Net sales
Net sales for the quarter amounted to MSEK
1,994
(
1,904
),
an increase of
5
% compared to the corresponding period
last year. The change is attributable to organic growth of
8
%
,
acquisitions and divestments of 0% and
currency
impact of
-
3
%
.
Gross
profit
The gross profit amounted to MSEK
630
(
615
), resulting in a
gross margin of
31.
6
%, a decrease of
-
0.
7
percentage points
compared to the corresponding period last year. Currency
impact
on
gross profit
was
MSEK
-
25
and gross margin with
-
0.2 percentage points.
EXPENSES
Other external expenses
Other external expenses for the quarter amounted to MSEK
-
26
0
(
-
250
), which corresponded to
1
3
.0
% (
13
.1
%) of net
sales. Sales and marketing expenses amount to MSEK
-
118
(
-
1
17)
, corresponding to an increase of MSEK
-
1
.
Personnel expenses
Personnel expenses for the quarter amounted to
MSEK
-
21
2
(
-
2
1
0
), which corresponded to
1
0.6
% (
1
1.0
%) of
net sales.
Depreciation and amortization
Total depreciation and amortization for the quarter
amounted to MSEK
-
8
7
(
-
81
), which corresponded to a
change of
7
% compared with the corresponding period last
year. Depreciation of right
-
of
-
use assets amounted to MSEK
-
28
(
-
2
5
) for the quarter. Amortization of assets related to
acquisitions, of which a vast majority related to customer
relations, amounted to MSEK
-
31
(
-
3
1
).
Financial expenses
Financial expenses for the period amounted to MSEK
-
4
1
(
-
5
1
). The financial expenses were positively impacted from
improved terms and conditions as a result from the updated
financing structure communicated in July 2025.
Interest expense
from
leasing liabilities amounted
to
MSEK
-
1
0
(
-
8
). For more details, please
see
Note
9
Financial
expenses.
RESULTS
EBITA
EBITA for the quarter amounted to MSEK
116
(1
15
), a change
of MSEK
1
compared with the corresponding period last
year
. Currency impact was MSEK
-
6 and
result from
divestment of L
EV
Groups subsidiaries
was MSEK
-
6 (0).
EBIT
EBIT for the quarter amounted to MSEK
70
(
70
), which
corresponded to a change of MSEK
0
compared with the
corresponding period last year.
Currency impact
on
EBIT
w
as
MSEK
-
4
and result from divestment of
L
EV
Groups
subsidiaries
was MSEK
-
6 (0).
Earnings per share
Profit and loss after tax
amounted to MSEK 28 (12), an
increase
of
1
33
%.
Currency impact on
profit and loss after
tax
was MSEK
-
3.
Earnings per share amounted to SEK
0.0
6
(0.
0
3
).
Other comprehensive income
The
positive
exchange difference in translation of foreign
operations for the period is attributable to the
weakening
of
the Swedish krona against other currencies, with main effect
from GBP
, AUD
, NOK
and EUR.
Efficiency program
In September
202
5
, Humble launched an efficiency
program that expects to provide annual cost savings of
approximately MSEK 80.
The initiatives in the efficiency
program evolves according to plan where the quarter have
incurred restructuring activities to reduce costs and
increase efficiency in personnel
and other external
expenses
.
The
remaining
cost provision
as of March 31,
2026,
amounts
to MSEK
1
4
.
CASH FLOW AND FINANCIAL POSITION
Cash flow
Cash flow from operating activities amounted to MSEK
114
(
70
).
Paid tax impacted by payment of
corporate income tax
due from 2024
with MSEK
-
17.
Cash flow from operations
was
negatively
impacted with MSEK
-
1
from change in net
working capital
, whereof MSEK
-
44
(
-
45)
relates to
repayment of tax deferrals. Adjusted for repayment of tax
deferral, the cash flow from operating activities amounted
to MSEK 158 (115)
, an increase of 37%
. Cash flow from
investing activities amounted to
M
SEK
-
70
(
-
18),
impacted
by in
vestments in
increased production capacity
within
Arena Confectionary and acquisition of
M. Willumsen AS
.
Cash flow from financing activities amounted to MSEK
-
87
(
-
208
).
Financial position
Interest
-
bearing liabilities
amounted
to MSEK
1,6
39
compared with MSEK
1,
6
68
at end of last
quarter
. Net debt
including contingent consideration/Adjusted EBITDA
excluding leasing was
2.
5
x compared with 2.
6
x on
Dec
ember
3
1
, 202
5
.
Adjusted for currency
impact
in liquidity and
profitability, the leverage developed to 2
.
4
x
(2.
7
x.)
===== SIDA 6 =====
Overview
Comments from
the CEO
Financial Development
→
Segment
I
nformation
Financial
I
nformation
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
6
→ SEGMENT
INFORMATION
Companies included in the segments can be found on the Group’s website and for a complete list of the Group's legal entities,
see the Annual Report 202
5
. See section at the end of the report for
definitions and reconciliations of alternative performance measures that are presented in the following tables
.
See not
e
8 for more detail
s.
FUTURE SNACKING
Future Snacking offers healthier options in candy, snacks,
and various food products. By combining innovation, quality,
and taste, Humble aims to remain a leading provider of
better alternatives within confectionary and snack
s
segments. Apart from brands, the segment includes the
confectionary production unit, Arena Confectionary.
Net sales for the quarter increased by
9
%, reaching MSEK
3
39
(
311
). Organic growth amounted to
1
1
% with negative
currency impact
of
-
2
%.
Profitability impacted by invoiced
management fee of MSEK
-
3 (0).
SUSTAINABLE CARE
Sustainable Care offers innovative products in the personal
care and household categories. The segment includes
companies operating across the entire value chain
-
production, branding and distribution. Solent is the largest
subsidiary in the segment, a UK
-
based retail partner with an
international footprint.
Net sales decreased by
-
6
% and amounted to MSEK
5
15
(
54
8
) for the quarter. Organic growth of
2
%, with
currency
impact
of
-
8
%.
Currency impact EBITA with MSEK
-
4
.
Profitability impacted by invoiced management fee of MSEK
-
4 (0).
Future
Snacking
Sustainable
Care
FUTURE SNACKING, MSEK
Ja n- Ma r
2026
Ja n- Ma r
2025
Ne t sa le s 339 3 11
Gross profit 16 7 14 6
Gross margin 49.2% 46.9%
EBITA* 42 25
EBITA margin 1 2.4% 8.1 %
EBIT* 33 17
EBIT margin 9.6% 5.4%
*Includes invoiced management fee of MSEK - 3 (0).
SUSTAINABLE CARE, MSEK
Ja n- Ma r
2026
Ja n- Ma r
2025
Ne t sa le s 5 15 548
Gross profit 19 5 2 14
Gross margin 37.9% 39.1 %
EBITA* 42 64
EBITA margin 8.2% 1 1 .7%
EBIT* 19 38
EBIT margin 3.7% 7.0%
*Includes invoiced management fee of MSEK - 4 (0).
===== SIDA 7 =====
Overview
Comments from
the CEO
Financial Development
→
Segment
I
nformation
Financial
I
nformation
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
7
QUALITY NUTRITION
Quality Nutrition combines contract manufacturing and
strong brands within the categories of sports nutrition, bars,
dietary supplements, and functional beverages. Humble
offers a wide range of products tailored to a growing and
increasingly health
-
conscio
us consumer group.
Net sales increased by
14
% and amounted to MSEK
428
(
3
74
) for the quarter.
The
organic growth
was
1
9
%
,
acquisitions and divestments of
-
2% and currency impact of
-
3%.
Profitability impacted by invoiced management fee of
MSEK
-
3 (0).
NORDIC DISTRIBUTION
Nordic Distribution comprises wholesale and distribution
operations across the Nordic region, with a strong presence
primarily in Sweden. The segment serves as a growth
platform for both the Group’s own brands and external
customers. In addition to the Swe
dish operations, it includes
local distributors in other Nordic countries particularly in
Norway
-
focused on sports nutrition, dietary supplements,
and functional foods.
Net sales increased by
6
%
and amounted to MSEK
7
63
(7
20
)
for the quarter
.
The organic growth was
6
%.
There was no
significant
currency
impact in the segment.
Profitability
impacted by invoiced management fee of MSEK
-
6 (0).
Nordic Distribution
Quality Nutrition
QUALITY NUTRITION, MSEK
Ja n- Ma r
2026
Ja n- Ma r
2025
Ne t sa le s 428 374
Gross profit 13 4 12 5
Gross margin 31 .2% 33.4%
EBITA* 15 20
EBITA margin 3.5% 5.3%
EBIT* 7 13
EBIT margin 1 .7% 3.4%
*Includes invoiced management fee of MSEK - 3 (0).
NORDIC DISTRIBUTION, MSEK
Ja n- Ma r
2026
Ja n- Ma r
2025
Ne t sa le s 763 720
Gross profit 13 7 13 4
Gross margin 1 7.9% 1 8.6%
EBITA* 22 27
EBITA margin 2.8% 3.7%
EBIT* 17 24
EBIT margin 2.2% 3.3%
*Includes invoiced management fee of MSEK - 6 (0).
===== SIDA 8 =====
Overview
Comments from
the CEO
Financial Development
Segment
I
nformation
→
Financial
I
nformation
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
8
→
CONSOLIDATED INCOME STATEMENT
&
STATEMENT OF COMPREHENSIVE INCOME
CONSOLIDATED INCOME STATEMENT, MSEK Note
Ja n- Ma r
2026
Ja n- Ma r
2025
Apr 2 0 2 5 -
Ma r 2 0 2 6
Ja n- De c
2025
Ne t sa le s 8 1,9 9 4 1,9 0 4 8 ,18 7 8 ,0 9 7
Capitalized work on own account 0 1 4 5
Other operating income 10 7 64 61
Raw materials and consumables - 1 ,364 - 1 ,288 - 5,627 - 5,552
Other external expenses - 260 - 250 - 1 ,090 - 1 ,080
Personnel expenses - 21 2 - 21 0 - 892 - 890
Other operating expenses - 1 1 - 1 2 - 57 - 58
EBITDA 15 7 15 1 590 583
Depreciation of tangible assets - 1 2 - 1 1 - 47 - 46
Depreciation of right- of- use assets - 28 - 25 - 1 06 - 1 02
EBITA 116 115 437 435
Amortization and impairment of intangible assets - 1 5 - 1 4 - 59 - 57
Amortization of assets related to acquisitions - 31 - 31 - 1 28 - 1 29
EBIT 70 70 250 249
Profit from shares in associated companies and joint ventures 0 -1 2 2
Financial income 5 2 13 10
Financial expenses 9 - 41 - 51 - 1 84 - 1 94
PROFIT AND LOSS AFTER FINANCIAL ITEMS 34 20 81 67
Income tax -6 -8 - 49 - 51
PROFIT AND LOSS AFTER TAX 28 12 33 16
Profit a nd loss is a ttributa ble to:
Owners of the Parent Company 28 11 34 17
Non- controlling interest 0 0 -1 -1
Tota l 28 12 33 16
Ea rnings pe r sha re be fore dilution 0 .0 6 0 .0 3 0 .0 7 0 .0 4
Ea rnings pe r sha re a fte r dilution 0 .0 6 0 .0 3 0 .0 7 0 .0 4
STATEMENT OF COMPREHENSIVE INCOME, MSEK
Ja n- Ma r
2026
Ja n- Ma r
2025
Apr 2 0 2 5 -
Ma r 2 0 2 6
Ja n- De c
2025
PROFIT AND LOSS AFTER TAX 28 12 33 16
Items that may be reclassified to profit or loss:
Exchange differences in translation of foreign operations 72 - 237 - 29 - 337
COMPREHENSIVE INCOME FOR PERIOD 10 0 - 2 2 5 4 - 3 2 1
The c ompre he nsive inc ome for the pe riod is a ttributa ble to:
Owners of the Parent Company 1 00 - 225 5 - 320
Non- controlling interest 0 0 -1 -1
===== SIDA 9 =====
Overview
Comments from
the CEO
Financial Development
Segment
I
nformation
→
Financial
I
nformation
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
9
→
CONSOLIDATED BALANCE SHEET
-
IN SUMMARY
MSEK Note
3 1 Ma r
2026
3 1 Ma r
2025
3 1 De c
2025
ASSETS
Intangible assets 5,623 5,81 0 5,61 0
Tangible assets 7 354 243 307
Financial assets 88 87 94
Right- of- use assets 546 430 558
Deferred tax assets 44 41 41
Tota l non- c urre nt a sse ts 6 ,6 5 5 6 ,6 11 6 ,6 10
Inventory 1 ,1 23 1 ,1 68 1 ,072
Accounts receivables 560 521 557
Other short- term receivables 7 245 278 21 9
Cash and cash equivalents 294 254 321
Tota l c urre nt a sse ts 2 ,2 2 0 2 ,2 2 1 2 ,16 9
TOTAL ASSETS 8 ,8 7 5 8 ,8 3 2 8 ,7 7 9
EQUITY AND LIABILITIES
Equity
Attributable to Parent Company's shareholder 7 4,988 4,957 4,888
Non- controlling interest -1 0 -1
Tota l sha re holde rs' e quity 4 ,9 8 6 4 ,9 5 7 4 ,8 8 7
Liabilities
Interest- bearing liabilities 10 1 ,531 1 ,380 1 ,480
Contingent considerations 11 9 25 8
Long- term lease liabilities 483 367 485
Deferred tax liabilities 387 41 9 389
Provisions 14 2 24
Other long- term liabilities 57 1 46 95
Tota l long- te rm lia bilitie s 2 ,4 8 1 2 ,3 3 9 2 ,4 8 1
Interest- bearing liabilities 10 1 08 244 1 88
Contingent considerations 11 19 117 19
Current lease liabilities 1 06 97 111
Accounts payable 806 696 71 0
Other short- term liabilities 369 382 383
Tota l short- te rm lia bilitie s 1,4 0 8 1,5 3 6 1,4 11
TOTAL EQUITY AND LIABILITIES 8 ,8 7 5 8 ,8 3 2 8 ,7 7 9
===== SIDA 10 =====
Overview
Comments from
the CEO
Financial Development
Segment
I
nformation
→
Financial
I
nformation
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
10
→
CONSOLIDATED STATEMENT OF CASH FLOW
MSEK
Ja n- Ma r
2026
Ja n- Ma r
2025
Apr 2 0 2 5 -
Ma r 2 0 2 6
Ja n- De c
2025
OPERATING ACTIVITIES
EBIT 70 70 250 249
Adjustment for non- cash items:
Depreciation and Amortization 87 81 339 334
Other items -6 1 20 28
Paid tax - 36 - 1 8 - 1 02 - 85
Ca sh flow from ope ra ting a c tivitie s be fore c ha nge in ne t working c a pita l 115 13 4 507 526
Change in inventories (increase - / decrease + ) - 35 - 46 45 34
Change in short term receivables (increase - / decrease + ) -8 36 - 1 7 27
Change in short term liabilities (increase - / decrease + ) * 42 - 54 24 - 72
Sum of c ha nge in working c a pita l -1 - 6 4 52 - 11
Ca sh flow from ope ra ting a c tivitie s 114 70 559 5 15
INVESTING ACTIVITIES
Acquisition of intangible assets -3 -4 - 1 9 - 20
Acquisition of tangible assets - 55 - 1 4 - 1 53 - 1 1 2
Disposal of subsidaries 1 0 1 0
Acquisition of subsidiaries, acquired business + paid earn- outs - 1 3 0 - 1 1 5 - 1 02
Loan to joint ventures 0 0 -3 -3
Ca sh flow from inve sting a c tivitie s - 7 0 - 18 - 2 8 9 - 2 3 7
FINANCING ACTIVITIES
Share issue funds 0 0 2 2
Costs related to share issues 0 0 -3 -3
Received interest on financing activities 0 1 1 2
Paid interest due to financing activities - 23 - 30 - 1 04 - 1 1 1
New loans 287 95 687 495
Repayment of loans - 31 3 - 242 - 670 - 599
Amortization of lease liability - 39 - 33 - 1 42 - 1 36
Ca sh flow from fina nc ing a c tivitie s - 8 7 - 2 0 8 - 2 3 0 - 3 5 1
De c re a se /Inc re a se in c a sh a nd c a sh e quiva le nts - 4 3 - 15 6 40 - 7 3
Cash and cash equivalents at beginning of period 321 432 254 432
Exchange rate differences 15 - 23 -1 - 38
Ca sh a nd c a sh e quiva le nts a t e nd of pe riod 294 254 294 321
* Include repayment on tax deferral of MSEK - 44 (- 45) and MSEK - 92 for full year 2025.
===== SIDA 11 =====
Overview
Comments from
the CEO
Financial Development
Segment
I
nformation
→
Financial
I
nformation
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
11
→
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
MSEK Note
Sha re
c a pita l
Othe r e quity
c ontribute d
Tra nsla tion
re se rve
Re ta ine d
e a rnings Tota l
Non-
c ontrolling
inte re st
Tota l
sha re holde rs
e quity
Ope ning ba la nc e Ja nua ry 1, 2 0 2 5 7 98 5 ,0 5 8 380 - 3 5 4 5 ,18 2 0 5 ,18 2
Profit and loss after tax 11 11 0 12
Other comprehensive income - 237 - 237 - 237
Tota l c ompre he nsive inc ome - 237 11 - 225 0 - 225
Transaction with owners in their capacity as owners:
Warrants program 0 0 0
Tota l tra nsa c tion with owne rs in the ir c a pa c ity a s owne rs 0 0 0 0
Ending ba la nc e Ma rc h 3 1, 2 0 2 5 98 5 ,0 5 8 14 3 - 3 4 3 4 ,9 5 7 0 4 ,9 5 7
Ope ning ba la nc e Ja nua ry 1, 2 0 2 6 10 0 5 ,0 8 3 42 - 3 3 7 4 ,8 8 8 -1 4 ,8 8 7
Profit and loss after tax 28 28 0 28
Other comprehensive income 72 72 72
Tota l c ompre he nsive inc ome 72 28 1 00 0 1 00
Transaction with owners in their capacity as owners:
Share issue 0 0 0
Tota l tra nsa c tion with owne rs in the ir c a pa c ity a s owne rs 0 0 0 0 0
Ending ba la nc e Ma rc h 3 1, 2 0 2 6 10 0 5 ,0 8 3 114 - 3 0 9 4 ,9 8 8 -1 4 ,9 8 6
Equity a ttributa ble to Pa re nt Compa ny's sha re holde r
===== SIDA 12 =====
Overview
Comments from
the CEO
Financial Development
Segment
I
nformation
→
Financial
I
nformation
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
12
→
CONDENSED PARENT COMPANY INCOME STATEMENT
& BALANCE SHEET
MS EK
3 1 Ma r
2026
3 1 Ma r
2025
3 1 De c
2025
AS S ETS
Intangible assets 3 3 3
Tangible assets 1 1 1
Financial assets 6,991 6,907 6,974
Tota l non- c urre nt a sse ts 6 ,9 9 4 6 ,9 10 6 ,9 7 8
Receivables with group companies 367 298 442
Other short- term receivables 11 30 11
Cash and cash equivalents 10 1 9
Tota l c urre nt a sse ts 388 328 462
TOTAL AS S ETS 7 ,3 8 2 7 ,2 3 9 7 ,4 4 0
EQUITY AND LIABILITIES
Equity
Restricted equity 1 00 98 1 00
Unrestricted equity 4,922 4,769 4,923
Tota l sha re holde rs e quity 5 ,0 2 1 4 ,8 6 7 5 ,0 2 3
P rovisions 37 14 2 41
Liabilities
Interest- bearing liabilities 1 ,524 1 ,372 1 ,473
Liabilities to group companies 0 0 0
Other long- term liabilities 2 5 3
Tota l long- te rm lia bilitie s 1,5 2 6 1,3 7 7 1,4 7 6
Interest- bearing liabilities 1 08 238 1 83
Accounts payable 8 7 8
Liabilities to group companies 665 577 676
Other liabilities 17 31 33
Tota l short- te rm lia bilitie s 798 853 900
TOTAL EQUITY AND LIABILITIES 7 ,3 8 2 7 ,2 3 9 7 ,4 4 0
MS EK
Ja n- Ma r
2026
Ja n- Ma r
2025
Apr 2 0 2 5 -
Ma r 2 0 2 6
Ja n- De c
2025
Net sales 18 16 69 67
Other operating income 2 0 -5 -6
Tota l re ve nue 20 16 64 60
Other external expenses -8 -9 - 49 - 50
Personnel expenses - 1 0 - 1 2 - 66 - 68
Other operating expenses -4 -1 -5 -2
Depreciation and amortization 0 0 -1 -1
OP ERATING P ROFIT (EBIT) -2 -6 - 5 7 - 6 0
Profit from shares in Group companies 0 1 110 112
Financial income and expense 2 - 48 - 65 - 1 1 5
P ROFIT AND LOS S AFTER
FINANCIAL ITEMS
0 - 5 3 - 11 - 6 4
Year- end appropriations 0 0 1 53 1 53
P ROFIT AND LOS S BEFORE
TAX 0 - 5 3 14 2 89
Current taxes -2 0 - 1 3 - 1 1
P ROFIT AND LOS S AFTER TAX -2 - 5 3 12 9 78
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.
===== SIDA 13 =====
Overview
Comments from
the CEO
Financial Development
Segment
I
nformation
Financial
I
nformation
→
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
13
→NOTE
S
NOT
E
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 Inter
pretations Committee
(IFRS IC) as adopted by the EU. The interim report has been
prepared in accordance with IAS 34 Interim Financial
Reporting and applicable regulations in the Swedish Annual
Accounts Act. The interim report for the parent company is
prep
ared in accordance with ÅRL chapter 9.
The financial statements have been prepared according to
cost method except for certain financial assets and liabilities
measured at fair value through profit and loss. Information
according to IAS
34 appears
in addition to the financial
reports and associated notes also in other parts of the interim
report.
In accordance with IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors, Humble corrected errors in
previously issued financial report
s
for
the fourth quarter of
2024. The corrections
that relate
to the fourth quarter of
2024
lead to
new opening balances of 2025
.
See
N
ote
7
for
more information.
The accounting policies adopted are consistent with those of
the Annual
R
eport for the year ended December 31, 202
5
.
New or amended IFRS standards, effective from January 1,
202
6
, have no impact on the result and financial position of
the Group
.
NOT
E
2
–
SIGNIFICANT ACCOUNTING
ESTIMATES AND JUDGEMENTS
The Group makes estimates and assumptions about the
future. The estimates for accounting purposes that result
from this 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 202
5
.
No significant
new assessments and estimates have been made during the
first quarter of 2026 that have entai
led any significant
changes in reported items.
NOTE 3
–
SUBSEQUENT EVENTS
On
April
15, Humble announced completed strategic
acquisitions of JXPO Limited in
UK
and M. Willumsen AS in
Norway, and divestments of
Performance.R.us AB, Limitless
Brands AB and all shares in subsidiaries within LEV Group that
drive physical stores. These divestment form part of the
strategic review communicated in September 2025
. The
acquisition
s
are
not considered material to the Group’s
financial position or results and has therefore not resulted in
any additional disclosures under applicable accountin
g
standards.
T
he estimated accumulated
result
s impact from
the
communicated
d
ivestments amounts to approximately
MSEK 0 after Group adjustments, which will be reported to
approximately
MSEK
-
6 in the first quarter and approximately
MSEK
6 in the second quarter of 2026.
On April 22, Humble entered into new credit facility
agreement. The new facilities consist of a term loan of MSEK
1,300 and a revolving credit facility of MSEK 700.
NOTE 4
–
PARENT COMPANY
Board of Directors has decided to appoint Anders
Fredriksson as new CEO of Humble Group. He will assume his
position no later than September 14, 2026.
No
other
significant event ha
s
occurred in the Parent
Company during the year.
NOTE 5
–
RELATED PARTY TRANSACTION
No transactions with related parties have occurred during
202
6
that had a significant impact. The minor transactions
that have occurred relate
s
to lease agreements regarding
previous owners’ properties. Lease agreements between the
parties are based on an arm’s length principle and on market
terms and conditions.
NOTE 6
–
RISKS AND UNCERTAINTIES
Humble works continuously to identify,
assess
, and manage
risks and exposures
faced by
the Group
’s
subsidiaries. The
Group's financial position and earnings are
influenced
by
various risk factors that
should
be considered when assessing
the Group and its future
performance
. A description of
significant risks and uncertainties
is provided
in the Annual
Report for 202
5
.
At the date of this interim report, geopolitical tensions,
including the ongoing war in Ukraine and the conflict in the
Middle East, remain elevated.
Humble does not have any
direct exposure to the affected regions and therefore does
not currently experience any material direct impact. However,
indirect effects may arise through supply chain disruptions,
volatility in input costs, and changes in global
market
conditions and consumer demand.
Over the past year, the global economic environment has
been characterized by elevated uncertainty, including
evolving trade policies, tariff measures, and increasing
regionalization of supply chains. Humble currently has limited
exposure to the US market
and therefore assesses the
potential direct impact from increased tariffs as limited.
Humble continues to monitor macroeconomic developments
and decisions by authorities that may affect the Group. The
Group is also exposed to volatility in raw material prices,
energy costs, and other input factors, which are monitored
closely
to
enable price adjustments towards customers
where possible and to protect operating margins.
Humble
is exposed to foreign currency risk arising from
transactions and monetary balances denominated in
currencies other than the functional currency, principally GBP,
EUR, and AUD. Exchange rate movements may affect the
Group’s results and financial position.
In addition, risks related
to
interest rate movements, and the
integration of acquired businesses are continuously
assessed.
===== SIDA 14 =====
Overview
Comments from
the CEO
Financial Development
Segment
I
nformation
Financial
I
nformation
→
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
14
NOTE
7
–
RESTATEMENT OF FINANCIALS
Humble restated financial of 2024 in the year
-
end report
of
202
5
.
Comparative figures in this interim report for the
first
quarter
of 2025 have
therefore
been adjusted
.
The correction
in this interim report is
reflected in Tangible assets
,
Other
short
-
term receivables
and
the o
pening balance of
Retained
earnings
in
the
E
quity
. This correction does not affect any KPI
and APM within this report. See more in Note 30 in the Annual
R
eport 2025.
NOTE
8
–
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 and amortization (EBITA) to
assess the performance of the operating segments. The CEO
does not follow up the segm
ents' assets or liabilities for
allocation of resources or assessment of results.
DISCLOSURE OF REVENUE
The Group financials consist of the segments Future
Snacking, Sustainable Care. Quality Nutrition and Nordic
Distribution.
Other refers to Parent company and minor
a
dministrative subsidiaries.
For further information regarding
the segments, please see section Segment
I
nformation.
NOTE 9
–
FINANCIAL EXPENSES
MSEK
Ja n- Ma r
2026
Ja n- Ma r
2025
Apr 2 0 2 5 -
Ma r 2 0 2 6
Ja n- De c
2025
Interest expense related to financing - 25 - 32 86 - 1 1 6
Unwinding of discounting effect -1 -4 25 -7
Interest expense on lease liabilities - 1 0 -8 6 - 34
Exchange rate losses and revaluation effects -2 -3 6 - 1 6
Other interest expenses -4 -4 12 - 21
Tota l fina nc ia l e xpe nse s - 4 1 - 5 1 13 6 - 19 4
NET SALES PER COUNTRY, MSEK
Ja n- Ma r
2026
Ja n- Ma r
2025
Apr 2 0 2 5 -
Ma r 2 0 2 6
Ja n- De c
2025
Sweden 963 91 6 3,91 9 3,871
United Kingdom 289 334 1 ,372 1 ,41 7
Other countries* 382 368 1 ,580 1 ,566
Rest of Nordic 226 1 76 804 754
Australia 1 33 110 51 3 489
Tota l ne t sa le s 1,9 9 4 1,9 0 4 8 ,18 7 8 ,0 9 7
*None of the other countries independently contribute more than five percent of total net sales.
FIRST QUARTER, MSEK 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025
External net sales 31 5 282 509 543 41 1 362 759 71 8 0 0 0 0 1 ,994 1 ,904
Intra- group net sales 25 30 5 5 18 13 4 2 18 1 - 69 - 51 0 0
Ne t sa le s 339 3 11 5 15 548 428 374 763 720 18 1 - 6 9 - 5 1 1,9 9 4 1,9 0 4
Raw materials and supplies - 1 54 - 1 51 - 320 - 332 - 294 - 249 - 597 - 557 0 0 0 0 - 1 ,364 - 1 ,288
Intra- group raw materials and supplies - 1 9 - 1 4 0 -2 -1 0 - 29 - 29 0 0 49 45 0 0
Gross profit 16 7 14 6 19 5 2 14 13 4 12 5 13 7 13 4 18 1 - 2 0 -5 630 6 15
Gross margin, % 49.2% 46.9% 37.9% 39.1 % 31 .2% 33.4% 1 7.9% 1 8.6% 31 .6% 32.3%
EBITA* 42 25 42 64 15 20 22 27 -5 - 2 1 0 0 116 115
EBIT* 33 17 19 38 7 13 17 24 -5 - 2 2 0 0 70 70
Net financial items - 36 - 50
PROFIT AND LOSS AFTER FINANCIAL ITEMS 34 20
EBITA margin, % 1 2.4% 8.1 % 8.2% 1 1 .7% 3.5% 5.3% 2.8% 3.7% 5.8% 6.0%
EBIT margin, % 9.6% 5.4% 3.7% 7.0% 1 .7% 3.4% 2.2% 3.3% 3.5% 3.7%
See section at the end of the report for definitions and reconciliations of alternative performance measures. *Invoiced management fee impacted Future Snacking with MSEK - 3 (0), Sustainable Care with
MSEK - 4 (0), Quality Nutrition with MSEK - 3 (0) and Nordic Distribution with MSEK - 6 (0).
Group e lim.Future Sna c king Susta ina ble Ca re Qua lity Nutrition Nordic Distribution Othe r Tota l
===== SIDA 15 =====
Overview
Comments from
the CEO
Financial Development
Segment
I
nformation
Financial
I
nformation
→
Notes
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
15
NOTE
1
0
–
NET INTEREST
-
BEARING DEBT
Humble's
N
et
I
nterest
-
B
earing
D
ebt
(NIBD)
as of
March
31,
202
6
, is presented in table
to the right
.
The existing credit facility agreement includes terms and
conditions implying that the
NIBD
in relation to LTM Adjusted
EBITDA Proforma excluding leasing must not exceed 3.25x
and that the LTM Adjusted EBITDA in relation to Net Financial
Expenses (as defined in the credit facility agreement) shall not
be less than 4.00x at the end of this period
. These terms and
conditions have been met since the credit facility agreement
was entered in the second quarter of 2023.
Humble received tax deferments of MSEK 260 during the
second quarter 2023. During the third quarter of 2024, the
Group got a 36
-
month instalment plan approved for the tax
deferral, starting payment in February 2025. The Group
repaid MSEK
-
44 (
-
45)
during the
first quarter of
202
6
.
Table to the
right
illustrates the leverage multiple. LTM
Adjusted EBITDA Proforma amounted to MSEK 58
6
(
611
)
excluding leasing. Adjusted NIBD including contingent
consideration in relation to LTM Adjusted EBITDA Proforma
amounts to 2.
5
x (2.
8
x) at the end of this reporting period.
Adjusted for negative exchange rate differences of MSEK
-
1
(
-
17
)
in Cash and cash equivalent
and MSEK
-
2
6
(
-
4
)
in EBITDA,
the currency adjusted NIBD amounted to 2.
4
x
(2.
7
x)
.
NOTE 1
1
–
FINANCIAL INSTRUMENTS
MEASURED AT FAIR VALUE AND LONG
-
TERM
LOAN
The methods and assumptions used by the Group when
calculating the fair value of the financial instruments are
described in Note 4 of the Annual Report 202
5
. Further
information regarding the accounting principles for financial
instruments is provided in Note 2 of the Annual Report 202
5
.
There have been no transfers between fair value hierarchy
levels during the reporting period.
LONG
-
TERM LOANS
As of March 31,
Humble’s credit facility comprise
d
of two term
loans of MSEK
41
and MSEK 1,250, a revolving credit facility of
MSEK 425, and an overdraft facility of MSEK 225 (whereof
available amount at end of period amount to MSEK 12
2
). The
term loans are measured at amortized cost that corresponds
in all essentials to its fair value in the balance sheet.
On April
22, Humble entered into new credit facility agreement. The
new facilities consist of a term loan of MSEK 1,300, a revolving
credit facility of MSEK 475 and an overdraft facility of 225.
The
maturity dates of the
new
credit
facilities are 202
9
with
the
possibility
of extending
it
to
two
year
s
.
CONTINGENT CONSIDERATIONS
The contingent considerations are recognized at fair value
and have been discounted with 9.1% discount rate. The
duration to maturity is presented
below
.
ESTIMATED PAYMENT
PER YEAR
Nomina l
va lue Fa ir va lue
2026 19 19
2027 5 5
2028 5 4
Tota l c ontinge nt
c onside ra tions 29 27
MSEK
3 1 Ma r
2026
3 1 Ma r
2025
3 1 De c
2025
Liability to credit institutions 1 ,639 1 ,624 1 ,668
Cash and cash equivalents - 294 - 254 - 321
Tax deferral 116 207 1 61
Financial asset - 24 - 20 - 24
Ne t Inte re st Be a ring De bt 1,4 3 7 1,5 5 7 1,4 8 3
Contingent consideration 27 1 32 27
Ne t Inte re st Be a ring De bt inc luding c ontinge nt c onside ra tion 1,4 6 5 1,6 8 9 1,5 10
LTM Adjuste d EBITDA Proforma , e xc luding le a sing 586 6 11 585
Leverage to NIBD 2.5x 2.5x 2.5x
Leverage to NIBD incl contingent consideration 2.5x 2.8x 2.6x
Leverage to NIBD incl contingent consideration, excl exchange rate differences 2.4x 2.7x 2.4x
CONTINGENT CONSIDERATION, MSEK
3 1 Ma r
2026
3 1 Ma r
2025
3 1 De c
2025
Ope ning ba la nc e 27 13 9 13 9
New acquisitions 0 0 0
Payments 0 0 - 1 23
Fair value changes that are reported through profit and loss via operating income 0 0 -9
Fair value changes that are reported through profit and loss via operating expense 0 0 16
Interest expenses related to unwinding of discounting effect 1 4 7
Translation differences 0 0 -2
Closing ba la nc e 27 14 3 27
===== SIDA 16 =====
Overview
Comments from
the CEO
Financial Development
Segment
I
nformation
Financial
I
nformation
Notes
→
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
16
→ ALTERNATIVE PERFORMANCE MEASURES
This report includes definitions and key figures that are not clearly defined in ÅRL or International Financial Reporting Sta
ndards (IFRS) but are what the Group management considers to be relevant to users
of the financial report as a supplement for the m
easures of the business's development. These financial measures are not always comparable with the measures used by other com
panies 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.
KEY RATIO DEFINITION REASON FOR USAGE
Orga nic growth Change in net sales adjusted for exchange rate effect and net sales from acquired and divested
subsidiaries during the period.
Measures the Group's sales growth achieved without acquisitions and
currency effects, in order to provide a picture of the actual
development of the underlying business.
Gross Profit Net sales less raw materials and consumables. Shows how much of the revenue remains after deducting the direct
costs of raw materials and consumables, indicating the Group's ability
to generate profit from the core operations.
Gross Ma rgin Gross Profit in relation to net sales. Shows the proportion of revenue that represents gross profit, indicating
the Group's efficiency in production and pricing.
EBITDA Earnings before interest, tax, depreciation, amortization, and impairment. Monitors operational performance and facilitates comparisons of
profitability between different subsidaries and segments.
EBITA Earnings before interest, tax, amortization and impairment on intangible assets. Together with EBITDA, EBITA provides a picture of the profit that is
generated by operating activities.
Ite ms a ffe c ting
c ompa ra bility
Explanation of what the items affecting comparability mainly refer to are presented in Note 1 0 in the
Annual report 2025.
The Group recognizes items affecting comparability to visualise
comparable figures that are adjusted for the items that occur in
historical numbers for various reasons.
Ne t inte re st- be a ring de bt
(NIBD)
Total interest- bearing liabilities less cash and cash equivalents, plus tax deferral included, less short-
term investments to be divested, less financial asset to associated company. Lease liability is not
included.
The Group’s primary management parameter for financing and capital
allocation and are actively employed as part of the group’s financial risk
management strategy.
La st twe lve months
Adjuste d EBITDA proforma ,
e xc luding le a sing
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.
Important key figure for the group, as it is included in the covenant
calculation.
Le ve ra ge to NIBD Net interest- bearing debt in relations to LTM Adjusted EBITDA Proforma, excluding leasing.
The relations are presented with NIBD, NIBD incl contingent consideration and NIBD incl contingent
consideration and excl exchange rate differences.
Important key figure for the group, as it is included in the covenant
calculation.
===== SIDA 17 =====
Overview
Comments from
the CEO
Financial Development
Segment
I
nformation
Financial
I
nformation
Notes
→
Alternative
P
erformance
M
easures
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
17
KEY PERFORMANCE INDICATIORS AND ALTERNATIVE PERFORMANCE MEASURES
SHARES PERFORMANCE MEASURES
ITEMS AFFECTING COMPARABILITY
LTM A
DJUSTED
EBITDA
PROFORMA
MS EK
Ja n- Ma r
2026
Ja n- Ma r
2025
Apr 2 0 2 5 -
Ma r 2 0 2 6
Ja n- De c
2025
Net sales, base 1 ,904 1 ,826 7,785 7,708
Net sales, organic income growth 1 61 71 666 576
Currency impact - 67 6 - 259 - 1 86
Acquisition and divestment -4 1 -5 0
Ne t sa le s 1,9 9 4 1,9 0 4 8 ,18 7 8 ,0 9 7
Orga nic growth, % 8 .5 % 3 .9 % 8 .6 % 7 .5 %
Net sales 1 ,994 1 ,904 8,1 87 8,097
Raw materials and consumables - 1 ,364 - 1 ,288 - 5,627 - 5,552
Gross P rofit 630 6 15 2 ,5 6 0 2 ,5 4 5
Gross Profit 630 61 5 2,560 2,545
Net sales 1 ,994 1 ,904 8,1 87 8,097
Gross Ma rgin, % 3 1.6 % 3 2 .3 % 3 1.3 % 3 1.4 %
EBIT 70 70 250 249
Reversal of depreciation and amortization 87 81 339 334
EBITDA 15 7 15 1 590 583
Net sales, base 1 ,994 1 ,904 8,1 87 8,097
EBITDA ma rgin, % 7 .9 % 7 .9 % 7 .2 % 7 .2 %
EBIT 70 70 250 249
Reversal of amortization 46 45 1 87 1 86
EBITA 116 115 437 435
Net sales, base 1 ,994 1 ,904 8,1 87 8,097
EBITA ma rgin, % 5 .8 % 6 .0 % 5 .3 % 5 .4 %
EBIT 70 70 250 249
Net sales, base 1 ,994 1 ,904 8,1 87 8,097
EBIT ma rgin, % 3 .5 % 3 .7 % 3 .1% 3 .1%
Ja n- Ma r
2026
Ja n- Ma r
2025
Apr 2 0 2 5 -
Ma r 2 0 2 6
Ja n- De c
2025
Average number of shares before
dilution 452,831 ,482 446,575,533 456,1 09,924 449,853,975
EBIT per share, SEK 0.1 6 0.1 6 0 .5 5 0 .5 5
Net sales per share, SEK 4.40 4.26 17 .9 5 18 .0 0
Earnings per share before and after
dilution, SEK 0.06 0.03 0 .0 7 0 .0 4
MS EK
Ja n- Ma r
2026
Ja n- Ma r
2025
Apr 2 0 2 5 -
Ma r 2 0 2 6
Ja n- De c
2025
Acqusition and divestment related
cost and income 7 0 8 1
Revaluation of contingent
considerations accounting 0 0 9 9
Lock- in penalty from acquisition SPA 1 4 7 10
Restructuring 2 8 19 25
Efficiency program* 0 0 39 39
Former CEO** 0 0 12 12
Other 0 6 21 27
Tota l ite ms a ffe c ting
c ompa ra bility 10 18 116 12 4
*For period Jan- Dec 2025, MSEK 29 relates to personnel expense and MSEK 1 1 relates to other
external expenses. ** For period Jan- Dec 2025, MSEK 6 relates to severence pay and MSEK 6
relates to salary.
MSEK
Apr 2 0 2 5 -
Ma r 2 0 2 6
Apr 2 0 2 4 -
Ma r 2 0 2 5
Ja n- De c
2025
Reported EBITDA 590 681 583
Leasing - 1 29 - 1 06 - 1 29
Result from associated companies,divested and
acquired subsidaries 9 5 7
Items affecting comparability 116 31 1 24
LTM Adjuste d EBITDA Proforma , e xc luding
le a sing 586 6 11 585
===== SIDA 18 =====
Overview
Comments from
the CEO
Financial Development
Segment
I
nformation
Financial
I
nformation
Notes
Alternative
P
erformance
M
easures
→
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
18
→ GLOSSARY AND OTHER INFORMATION
GLOSSARY
STAFF AND NUMBER OF EMPLOYEES
The average number of employees in the Group for the
period was
1
,
1
21
(1,
17
0
). The proportion of women in the Group
was
4
6
% (4
6
%).
THE SHARE
The Group’s share with ticker HUMBLE is listed on Nasdaq
Stockholm main market since September
27,
2024. The share
was previously traded on Nasdaq First North Growth Market
since November
12,
2014.
There was no dilution effect for the period in this report due to
the average share price being lower than the exercise price of
outstanding warrants.
Number of shares and votes increased during December
2026
because of
the
issue of C 2025 shares within the
framework of Humble’s incentive program 2025/2028. The
number of shares increased by a total of 3,467,476 shares
with one
-
tenth of a vote per share.
LARGEST SHAREHOLDERS
The ten largest shareholders
on
March
3
1
, 202
6
, are listed in
the table to the right.
GLOSSARY
FMCG
Continge nt c onside ra tion
LTM Short for Last twelve months.
Proforma
FMCG is an industry term and is short for Fast- Moving Consumer Goods.
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.
Present a measure 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.
OWNER SHARES CAPITAL VOTES
Neudi & C:o AB 46,527,089 1 0.27% 1 0.35%
Håkan Roos (RoosGruppen AB) 46,1 34,786 1 0.1 9% 1 0.27%
Protector Forsikring ASA 39,748,795 8.01 % 8.07%
Noel Abdayem (NCPA Capital AB) 29,089,1 32 6.41 % 6.32%
Briarwood Chase Management LLC 24,382,786 5.58% 5.62%
Avanza Pension 23,1 40,482 5.38% 5.43%
Lombard International Assurance S.A. 1 6,21 2,285 3.58% 3.61 %
Movestic Livförsäkring AB 1 6,305,1 03 3.34% 3.34%
DNB Asset Management AS 1 6,029,406 3.32% 3.34%
Jofam AB 1 5,000,000 2.90% 2.90%
Tota l top 10 2 7 2 ,5 6 9 ,8 6 4 5 8 .9 8 % 5 9 .2 5 %
Other shareholders 1 80,261 ,61 8 41 .02% 40.75%
Tota l numbe r of sha re s 4 5 2 ,8 3 1,4 8 2 10 0 % 10 0 %
SHARE INFORMATION
Ja n- Ma r
2026
Ja n- Ma r
2025
Ja n- De c
2025
Number of shareholders end of period 1 4,890 1 7,340 1 5,840
Number of shares outstanding end of period 452,831 ,482 446,575,533 452,831 ,482
Average number of shares before and after dilution 452,831 ,482 446,575,533 449,853,975
===== SIDA 19 =====
Overview
Comments from
the CEO
Financial Development
Segment
I
nformation
Financial
I
nformation
Notes
Alternative
P
erformance
M
easures
→
Glossary and
O
ther
I
nformation
Interim
Report
Q
1
202
6
19
→
BOARD OF DIRECTORS’ APPROVAL
The Board of Directors and the
acting
CEO assure that the interim report gives a true and fair view of the Group's and the Parent Company's operations, position an
d results and describes significant risks
and uncertainties that the Parent Company and the companies included in the Group face.
Stockholm
April
2
3, 2026
Dajana Mirborn
Chairman of the Board
Ola Cronholm
Board member
Henrik Patek
Board member
Pål Bruu
Board member
Sara Berger
Board member
Noel Abdayem
Acting 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
April
2
3, 2026, at the time specified by Humble Group's news distributor
MFN
at the time of publication of this press release.
===== SIDA 20 =====
→
OUR COMPANIES
The
G
roup consists of +40 companies operating in the
fast
-
growing segments of healthy food and snacks,
and sustainable beauty and health.
===== SIDA 21 =====
ABOUT HUMBLE GROUP
Humble is a global FMCG group of fast
-
growing, entrepreneurial companies
specializing in innovative, healthier and more sustainable consumer products.
Humble’s medium
-
term financial targets are:
•
Growth target
–
Average net sales growth of at least 15 percent per year,
primarily driven by organic growth.
•
Profitability target
–
EBIT margin of at least 10 percent.
•
Capital structure
–
Net debt in relation to EBITDA must not exceed 2.5x.
However, the company may, under special circumstances, choose to
exceed this level for shorter periods in connection with acquisitions.
•
Humble’s dividend policy is that the surplus must be distributed to
shareholders when free cash flow exceeds available investments in
profitable growth. Dividends to shareholders require that the capital
structure target is met.
Read more about the Group and its composition on the website.
FINANCIAL CALENDAR
•
Ma
y
6, 2026
–
Annual General Meeting 2026
•
July 17, 2026
–
Interim
R
eport Q2 2026
•
October 21, 2026
–
Interim
R
eport Q3 2026
For financial reports and calendar, see more information on
the Group website.
AUDITORS
BDO
Auditor in charge: Carl
-
Johan Kjellman
Authorized Public Accountant
Email: carl
-
johan.kjellman@bdo.se
CONTACT DETAILS
Noel Abdayem
Acting Chief Executive Officer
Email:
noel.abdayem@humblegroup.se
Johan Lennartsson
Chief Financial Officer
Email: johan.lennartsson@humblegroup.se
HUMBLE GROUP AB
Reg. no. 556794
-
4797
Ingmar Bergmans gata 2, 114 34 Stockholm
www.humblegroup.se